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ftnanrial"'
ronicb
([ommeirtctl §
X^
COPYRIGHTED IN 1939 8Y WILLIAM 8.
vol.149.
DANA COMPANY,
NEW YORK.
'^^'ov^ytr300"-
BROOKLYN
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879,
AT THE POST OFFICE AT NEW YORK, NEW YORK, UNOER THE ACTOF MARCH 3,
no. 3881.
new york, november 11, 1939
chase
the
TRUST
BANK
COMPANY
1879.
bank
national
OF THE CITY OF NEW
YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
Member Federal
Deposit Insurance
Corporation
N E W
respondent bank service
is
a
traditional
policy of
the Chase National Bank.
YOR K
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Chase
service with
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Hallgarten & Co
cor-
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Corporation
STATE
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AND
NEW YORK
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Chicago
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and
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in
dealers
Government, State, County and
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and other investment securities.
The
FUNDAMENTAL
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CORPORATION
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Company
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II
The Commercial & Financial
Chronicle
That Question
Nov.
11,
Taking Stock
of
a
Happy Days Roll Onward, Leading Up the Golden Year
5 J
Whether
Tennyson had in mind things spiritual or
things financial, the fact remains that
corporations
and individuals have
and
taking stock
habit of casting a balance
a
at the end of the year.
We suggest that this is
of your
a
graphic audit that
you
forms
to take stock
should
be
over-insurance,
CONSULT
YOUR
a
An audit will show what
discontinued,
and
by
sure
have the complete coverage
business demands.
your
good time
property insurance and make
risk
of
prevent
of
waste
under-insurance.
AGENT
OR
YOUR
BROKER
U. S. F. & G.
UNITED
STATES FIDELITY AND
GUARANTY COMPANY
with which is
affiliated
FIDELITY & GUARANTY FIRE
CORPORATION
HOME
OFFICES: BALTIMORE
Notices
CottonTo All Holders Of
CITY OF
Friendship—
INVERNESS,
FLORIDA, Bonds
You
are
hereby advised that R. E.
Crummer &
Company have been
appointed Fiscal Agents for the
Advertising
exclusive
A
large part of the cotton business is done
through personal friendship—the same sort
of mutual faith which
is necessary to
every
business.
the
ness
purpose
of refinancing
outstanding bonded indebted¬
of
the
City of Inverness,
Florida.
A
"Plan
been
BUT—did
you ever stop to think of the
large
part played by consistent
publicity in devel¬
oping the initial introduction?
An
advertisement
help
you
form
in
new
the
"Chronicle"
friendships
among
will
the
people constituting the "backbone" of the
World's Cotton
Industry.
copy
of
Composition"
has
adopted by the City, and
thereof, with appurtenant
papers,
will
be
promptly
upon request to the
R.E CRUMMER &
COMPANY,
Fiscal Agent for
City of Inverness, Florida,
First National Bank
Chicago, Illinois.
mailed
undersigned.
Building,
1939
IV
Diitmereia
Vol.
149
NOVEMBER 11,
No. 3881
1939
CONTENTS
Editorials
The Financial Situation
.3014
Big and Little Neutrals
.3027
After California and Ohio?
.3029
Comment and Review
Capital Flotations in October
Text of
Week
Neutrality Act of 1939
the
on
European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
-.3019
...
Course of the Bond Market
3024 & 3065
...
Indications of Business Activity.
Week
on
the New York Stock
Week
on
the New York Curb
3029
3037
Exchange....._
Exchange
-
—
3017
....3064
News
Current Events and Discussions
3048
Bank and Trust
3064
General
3107
Company Items
Corporation and Investment News
Dry Goods Trade
3139
State and
3140
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
.3071 & 3073
Sinking Fund Notices
3067
Dividends Declared
3067
Auction Sales
.3067
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations-.3074 & 3084
New York Curb
3074
Exchange—Stock Quotations
_3C90
New York Curb
Exchange—Bond Quotations.
Other Exchanges—Stock and Bond Quotations..
..3096
Canadian Markets—Stock and Bond Quotations
..3100
3094
Over-the-Counter Securities—Stock & Bond Quotations .3103
Reports
Foreign Bank Statements
Course of Bank
Clearings.
Federal Reservfc Bank Statements
...3048 & 3071
General Corporation and Investment News.
—3107
Commodities
The Commercial Markets and the
Cotton
Breadstuff s
Published Every
Crops.__
3129
3132
_
_
_
.3136
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
President and Treasurer; 'William D. Riggs, Business Manager.
208 South La Salle Street (Telephone State 0613).
London—
Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter
June 23 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions in United States and Possessions, $18.00
per year
$10.00 for 6 months; in Dominion of Canada, $19.50jper year, $10-75 for 6 months.
South and Central America, Spain, Mexico and
Cuba
$21 50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12 50 for 6 months.
Transient display advertising matter, 45 cents per agate Jine.
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.
Edwards &
The Financial Situation
surrounded
FOR some weeks after the observation in Europe
early this autumn, war broke out
often
the
form
heard that
for
the
were
tunes of
was
so far as its reverberations in this
country
concerned, the situation then existing should be
compared not with the late
the spring
of 1914, but with
summer
of 1915, when the first shock to
cial system
ian
finan¬
our
What
election
future
to
all
results
this
next
disclose,
portends
autumn
but the
in
remains
political
for¬
the Wilson Administration and of Wilson-
closely similar
policies in
1914
had passed and American industry had
himself.
of
through 1916
structive.
are
circumstances
from
highly suggestive, if not in¬
,vv.
.
.
..
i
begun to feel the stimula¬
orders
of
tion
"The New
the
from
1914-1916
An
belligerents in the World
War and of
here which
other
Due
tle
indirectly owed
Europe. But lit¬
by little,
as
between the situation
and
this
in
for
now
matter
obtaining at
during
have
and
until
It
was as
September
folly to expect
$1
not
ent
to
ignore
of
quarter of
ence a
last
particulars
two
months is
during
strikingly simi¬
of the World War.
weeks
result.
sively
been
reminiscent
of
around
its
history repeating itself
faithfully
as
national
politics,
after
facts
of
to
move
cautiously,
dismal
the
spects
very
war
til
had
all of the basic factors of
Unless
experience
are
or
turned
three
badly
awry,
months
public
domestic
have
attention
hand
consequence
of the
managers
in
from
the first
have
President
and
half
here
and
the
with
measure
in
the
all
the
year,
strengthened
fanatical
whom
he
New
has
and
un¬
months of the year
elapsed. Yet in these
months the industrial
at
was
business
kept
worse.
in
trade very
a
steadily
Enterprise
low ebb and
most
lines
of
much depressed,
with the railroad carrying
interest prostrate."
a
brief account of
adverse
political
con¬
points abroad, the review turned to conditions
long
virtually
of
dismal
of
much
were
greatly
advisers
large
very
re¬
ditions
observers
away
other
in
business
the events of the past
questions which
foreground throughout
ahd Min
all
state¬
did not burst forth
After
virtually
the
indeed,
—
growing
men
me.
entire
Any
how¬
the year was a
one
situation
the
the
hap¬
year.
narrative,
seven
seven
meddlers.
dominates
first
readiest to
throughout. The flame of
which,
nearly
na¬
contemplation
requires
ever,
We have spent our business lives
in the in¬
so
That
occupies
ment that
taking
get from the experienced
coun¬
magnitude,
comes
truthful
industry and seeking all the help
can
in
penings of the
dustry and I think are fully qualified to deal
with the problems of the United States
Steel
Corporation.
This should, but
unfortunately in all prob¬
ability will not, silence
the
Washington
in the field of
situation.
vital
the
the
the
colos¬
of the incidents and
all, is today the force
which
two
have
and advice I
impres¬
1916, but nowhere is
year
the
the steel
during much of the
course
/
into consideration
during the past six
has
are
for
appalling in
so
mind in any
prolonged depression through which
we have been
passing.
While we sincerely desire to
provide con¬
stant
and regular
employment for our em¬
ployees, I cannot recommend following any
untried theory in this
important and complex
business in
attempting to accomplish this
The behavior of the stock
market
These
else,
Europe.
place and
great,
three
or
prevailed.
the
history,
war on a
necessarily
low that,
improve the distressing conditions which
have
lar to that of the first two
years
so
At every point we have done our best to
cooperate with the Government in the efforts
to
past
been
of
memorable, beyond
and
ture
able,
the march of events
the
been
of
"Fi¬
1914 will always
of
event,
proximate average of 60,000 men employed be¬
yond the strict needs of the business avail¬
September.
some
ability.
have
annual
sal scale among
tries
We have spread the work in
poor years and
by this means have been able to keep an ap¬
The truth of the matter
is that in
customers
our
Sarajevo
summer
Review"
outbreak of
had, only a meager
profit has been made during this nine-yedr
period.
it would have been
ago as
dividend of
our
its
everything
general public whom we serve.
We
our
duty to work with and protect
that the price of steel has
with the volume we have
century
a
are
the
remarked that "in
quite consistent, as well as substantial, since
1930, except in three years, should indicate
experi¬
our
one
was
1914 the "Chronicle"
year
stock¬
common
each of these groups to the best of
The mere fact that our losses
unwise at pres¬
as
nancial
corporation.
And finally—I do
them last—there
put
feel it is
repetition of events, yet it
would be
having received only
share, paid in 1937,
per
and the
exact
an
In
remain
lean time of it since
1931, the
holders
true last
that it would be the part
1914.
220,000 stockholders, most of whom have had
it is today
as
before
the year
a
present and the immediate
future.
our
it
as
day, had begun to
incident in the
the thousands of sup-
pro¬
"The
full, if rather bitter,
an
ply dealers and shopkeepers, large and small,
in the cities, towns and
villages where our
plants are located.
Then
there
are
the
guide to the
as a
are
man¬
His
by the New Dealers
of that
the
"reform
a
1913.
Freedom,"
bear
workers have invested their
our
Close behind them
experience of 1914-
1917 at all
New
fruit
keenly
recalled that
embodying
called
antidote:
feel
savings in shares of stock of
out of fashion to refer
gone
to the
provide
in
gram,
For this type
Corporation should
40,000 of
some
im¬
it has
now
House with
date"
responsibilities
to
235,000 workers whose daily bread depends
upon
our
decisions.
You
must
remember,
pressed the minds of ob¬
servers,
Steel
We
time
more
be.
be
Wilson entered the White
of prices in various in¬
course
should
effective
War
World
the
more
any
that
difficulty in forming opinions
what the
to
States
throughout the world, and
that
the fact
to
will
It
of lighthearted meddling the
following formal state¬
ment to
the Temporary National Economic
Committee by the President of the United
country,
that
little
dustries
passed, the dissimilarities
existing
have
to
time has
as
doubtless
Antidote
they must
bear little or no
responsibility for results and
to the further circumstance that
they are not
sufficiently informed to appreciate the prob¬
lems involved,
Washington officials appear
buying
its existence to the state of
affairs in
Freedom,"
developments
of
the
year
at
various
at
home, saying that "in the United States, the mis¬
guided attempts of the Administration at Washing¬
ton
to carry
through
a
scheme of radical legislation
intended to revolutionize business methods served to
disturb confidence and to
intensify the depression in
trade.
The Administration had the
previous October
revised the tariff in radical
fashion, and the result of
that
revision, along with 1913's short crops,
was
to
"
Volume
The Commercial & H inancial Chronicle
149
completely disorganize
foreign trade,
our
that
so
3015
ent Administration.'
Instead, the voters elected the
exports decreased and imports heavily increased, turn¬
Republican candidate by what
ing the balance of trade against the United States in
largest plurality
several months where in the
previous year
in that district.
strongly in favor of this country.
it had been
This, obviously,
ever
given
In November
gressional election.
facilitated the tremendous gold
exports which were
conclusive proof of the
the
before there
ume even
general European
sioned
serious
the remotest
was
This
war.
of large vol¬
were
dislocation
of
war,
of
thought of
course,
a
occa¬
foreign trade the
our
last five months of the year,
much-vaunted
and
was
war
of the year.
worth at that unfortunate
during the first six months
our
merchandise imports,
compared with the first six months of 1913, in¬
as
creased
our
from
$879,586,905
to
while
$980,916,082,
merchandise exports were reduced from $1,146,-
317,078
to
against
$1,027,716,626.
an excess
In
other
words,
of merchandise exports in the first
six months of 1913 of
$266,730,173, the
first half of 1914
only $46,800,544, and in
of the
ally
months,
on
was
already stated, the
as
as
in the
excess
excess was
some
actu¬
the side of imports.
"At the
same
tory.
in
were
a
desperate
obtained
through the
it was,
The
291.
194,
any
further,
a
Congress had
kept in continuous session since the previous
April and really wanted to be released.
many
constituted the President's
Mr. Wilson
legislative
He
But
program.
A Trade Com¬
Omnibus Anti-Trust Bill contain¬
vicious and objectionable features
many
finally put
very
applied the lash and
compelled Congress to do his bidding.
an
It had
features of the bills that
obdurate.
was
mission Bill and
ing
so as
complications in
already sufficiently trying.
relish, too, for
were
the statute books, and business in
upon
on
and
were
the other hand, elected
19), and
Independent
one
Socialist."
one
If,
new
against the existing 124, and 7 Progressives
as
now, we
we
little
Republicans,
As
elected to the
were
House, where in the existing Congress there
beseeched the President to desist from carry¬
been
overwhelming defeat.
only 232 Democrats
ness men
introduce any additional
the Democratic Party
war,
would have gone down to
time very
situation
vote, and it was plain that,
a very narrow
In these circumstances merchants and busi¬
ing his scheme of hostile legislation
quality of sterling
a
period in the world's his¬
except for the advantage which the Administration
paired.
to
of peace,
Nevertheless, the Democrats saved Congress
by only
plight—their earnings shrinking and their credit im¬
not
popular estimation because of its de¬
cause
also gained seats (as against
time the railroads
sanguine than before.
had served to raise the Ad¬
ministration in
The fact, therefore, is significant that
direct appeal to the elec¬
a
but it was certainly not
responsible for the situation existing in the first half
the
general Con¬
popular dissatisfaction with
more
even
The outbreak of the
votion to
a
policies of the Administration.
Again the President made
torate
came
This furnished convincing and
the feature of the year
and which
said to be the
was
Congressional candidate "
a
find
turn to the troubled but for most of the
active and profitable
less
and
less
1915 and 1916,
years,
attention
being paid to the
troublesome legislation that had been placed upon
the statute books in
1913 and
indeed, to legislation of
domestic
of
the
situation, and
any
more
1914, less and less,
type bearing upon the
and
to the course
more
in which
catastrophic struggle
Europe
was
engaged and to the impetus that it had given to
American
the
rights
each
were
we
neutral. The Administration
as a
a
elected
a
reason
of
a
grew
that he
sense
our
stronger
President who
"political accident" (in the
only by
to
course,
having in maintaining
month, and finally, in 1916,
really
of
industry and trade—and,
difficulties
was
was
serious division in the
the future will have to be conducted in accordance
opposing forces) succeeded in persuading the country
therewith.
to reelect
The
disturb the
European
war
situation, but business
and enterprise and energy
with confidence at
blow
was
came
was
in further to
lame and halt,
crippled and
paralyzed,
low ebb, long before this final
a
received from the other side of the
ocean.
to
him, albeit by
national figure
a
It has often been said that the "slogan" to
tige.
the effect that "he
kept
phase of the
that
We doubt if the
it discriminated
against manufacturing and general
thus be indicated.
business and in favor of labor and
that
sense
will be
labor also got.
were
was
agriculture, and in
permanently disturbing.
privileges and exemptions
freedom from the
legislation
Special
extended to labor by
operation of the Anti-Trust Law and
exemption in the matter of court
cedure with respect to
pro¬
the issuance of injunctions, &c."
the very eve
But the
autumn
Consequences
public had begun to tire of all this by the
ued the review,
"reflected dissatisfaction
of the electorate with radical
and
with
hostile
the
course
on
the part
policies of legislation
so
generally pursued
against the railroads and against corporate and busi¬
ness
was
As
interests.
Washington
was
manifest
curred
to
as
fill
a
District of New
far
as
the
Administration
at
concerned, the spirit of discontent
early
as
April.
vacancy
Jersey.
An election then
oc¬
in the 7th Congressional
President Wilson took
par¬
ask for the election of the Democratic
candidate with the view of having the people of that
ticular pains to
district 'show their
judgment with regard to the
pres-
explanation is
simple
as
as
out of.
of
war
I say this
neutrality is
but I
of the
kind,
of
or
kind, that
any
emphasis
has such
war now
a
a
scale that
society of nations, not
by insistence,
upon
keep
later becomes in¬
sooner or
We must have
not
can
not because I want it to be over,
position of neutrals
suddenly,
on
because I believe that the business
over;
this, that
mean
would
President Wilson had almost
involves the world that the United States
tolerable.
of 1914, and "the election results," contin¬
out of war" was respon¬
of the election solemnly asserted that
"this is the last
the
Political
us
sible.
The most serious
new
slim margin, in preference
a
of high standing and great pres¬
by
not
any
hostile
the demand, but by the demonstra¬
tion of the needs of the time the nations of the world
must
get together and say, 'Nobody can hereafter be
neutral
peace
as
for
respects the
an
The world's peace
sanction.'
if the fundamental
but it
that I
order
ought to be disturbed
rights of humanity
ought not to be disturbed for
can
to
think
after be
ready
her
of, and America
indicate at
the fundamental
exert
disturbance of the world's
object which the world's opinion cannot
any
rate
rights of
man.
as a
whole
in
are
any
was
invaded,
other thing
established in
one
government
America must here¬
member of the family of nations to
force, moral and physical, to the
3016
TAe Commercial 6 Financial Chronicle
assertion of those
rights throughout the round globe."
The statement attracted wide attention at the time
and should
have served
as
warning of things to
a
President Wilson's reelection and the
support
come.
he received in
Congress
the remarkable
rather to be attributed to
are
prosperity that had
into exist¬
come
blotting out memories of the unsound legislation
sponsored and to the rather gen¬
ence,
that he had earlier
eral doubt of the wisdom of
establishing
Adminis¬
an
we
have
now
sion,
Nov.
Securities and Ex¬
a
change Commission, and heaven knows how
other agencies,
and other
organizations to control,
with, penalize,
of
to list here under which this vast
functions.
It is
sad but
a
revealing commentary
tage of the experience that the troubled world situa¬
man
is inclined to smile with amusement
haps
even
during the previous two
had provided Mr.
years
Wilson and his advisers.
It is
perfectly evident that these
today at work and
serious
results.
factors
same
tending to produce the
are
are
same
President Roosevelt's political chickens had
apparently been
their
an
home to roost,
way
as
had
President
Wilsorys, when the World War intervened
in
The
1014.
the
that descended upon
war
early autuinn of this
year
is
now
Europe in
intervening to
at least for the time being, the New Deal from
save,
the consequences of its blunders.
of
ences,
There
differ¬
are
of them possibly of substantial
course, some
political importance.
President
he determine to become
existing that the
Roosevelt,
should
candidate again to succeed
a
himself, would be obliged to
carry
whatever burden
the radicalism of that
same
tendency to ignore
the
to forget vital domestic issues,
or
inclination to
same
President, the
international matters,
keep attention focused upon
and the same disposition to
slight fundamental factors in view of the sharply
re¬
vived state of business.
furnish the vehicle for the
war
and which
era
Whatever all this may
it is
bank credit
of
tended
it
as
illiquid.
which
even
our
deadly serious business in 1939.
that President Wilson
business
are
1916,
or
The difficulties
placed in the path of legitimate
ever
a
have obstructed real progress for the past half dozen
American industry and trade have been able
years.
somehow to survive six and
a
half years of President
Roosevelt and his New Deal.
They have sustained
serious
injury from which at best they will require
to recover, but they are still alive and
many years
blood
still
flows
vigorously
The risk of further
since
1933
sidered.
any so
measure
be
was
The
or
of
early return to
our
five years
or
of President Roosevelt's
any
con¬
no
commonsense
national affairs, war
contemplation of the certain
of another four
or no
consequences
of President Roosevelt
policies is enough to make
dispassionate and informed individual shudder,
even
should
the
Administration
succeed
in
its
ex¬
pressed determination to prevent this country from
becoming embroiled in Europe's wars—and of course
there is
no
reason
to
suppose
that it would
surely succeed in this latter laudable effort
other
regime
more
constructive
more
than
regarding
an¬
home
affairs.
Commission
dustry
to
and
President Wilson's Federal Trade
the
Interstate
Commerce
Com¬
through which hostility to the railroad in¬
was
chiefly expressed in those earlier
on a
of course,
use
ex¬
history and certainly as
due to "excess reserves"
our
so
Unprecedented national
proportions.
long
apparently
still
are
on
that is true there is
as
making
even
solid and sound
the in¬
no
likeli¬
start in getting our
a
footing.
It is conceivable,
that, should foreign buying here develop
large proportions, American industry and trade will
again
to
appear
move
forward vigorously despite
all the obstacles that have been
placed in their path
notwithstanding others which
come
have
are
if the New Deal managers are
their
that the
but nothing is
way;
more
quite certain
permitted to
certain than
adjustments which ultimately must be made
in any event
would in that
doubly difficult.
case prove
By far the most dangerous effect the European
war
has
so
far had upon
this country is found in the
degree in which it is serving to turn
all
our
attention from
this, and is thus threatening greatly to defer the
day when
ney
shall begin the long and arduous jour¬
we
back to "saving commonsense" in the
of
ment
our
manage¬
public affairs.
Federal Reserve Bank Statement
DUE principally to another increase of bank¬
000,000 in currency circulation, official $57,ing statistics this week reflect
the available credit
years,
resources
tary gold stocks advanced
record
set
a
further decline in
of the
country.
Mone¬
$33,000,000 to another
high of $17,132,000,000, but this failed to off¬
the
currency
item completely.
Excess
reserve
deposits of member banks with the Federal Reserve
banks receded
cially
of
$30,000,000, and
Wednesday
were
night
estimated offi¬
$5,350,000,000.
Open market operations by the regional banks were
as
at
continued, with the obvious aim of reducing the
bulge occasioned by the market support of Septem
ber.
Treasury securities in the portfolio receded
$34,000,000 to $2,686,819,000.
ings
In addition
mission
banks
in
badly
as
but
expressed only in astronomical figures,
hood whatever of
veins.
far experienced depends in
upon an
us,
so common
is, however, much too great to be
in the management
war.
their
Ultimate escape from disaster much worse,
indeed, than
small
through
impositions of the type
today still plagues
technical basis for further expansion of al¬
most incredible
nothing compared with those that
as
move¬
period and the post¬
war
banking system is
Furthermore,
can
there is
to
have been in 1915
general inflationary
today with business making but relatively slight
and
Serious Business
was
In 1916 the Federal Reserve
ment that characterized the
crease—and
return of lost confidence in the
in any
one
day compared with that of this
history.
our
thing.
same
as
system was just getting fully under way, and was to
deficits continue and
distressingly similar to that of 1915 and 1916, the
or per¬
troublesome to business—so mild
there is in the tradition against a third term, for one
But the general political drift of the times is
at,
to find himself puzzled by, the character¬
way
period in
upon
business
average
ization of the Wilson Administration
Same Factors at Work Now
numerous
bureaucracy
the situation
now
meddle
manage,
(and) subsidize various branches
or
business, and provisions of law far too
even
many
governmentally owned corporations,
tration at that critical time which had not the advan¬
tion
1939
Commis¬
Federal Communications
a
Maritime Commission,
a
12,
declined
precisely
380,000, bond holdings
by
were
Discount bill hold¬
$34,000,000
to
$125,-
off $2,000,000 to $1,313,-
942,000, and note holdings advanced $2,000,000 to
$1,247,497,000.
some
In
view of the short maturity of
Treasury bond issues, it is quite possible that
Volume
tlie
The Commercial & Financial Chronicle
149
exchange of $2,000,000 bonds for notes has little
significance.
The demand side of the credit picture
had
been
3017
ginned, which is 85% of the total
forecast.
In
1938, 11,943,000 bales
currently shows little change from week to week.
and the ten-year
In the statement week ended last
crop
harvested
were
bales.
local
of
Wednesday night
reporting member banks showed
f2,000,000 in business loans
to
Loans to brokers on
security
$5,000,000 to $467,000,000.
$1,674,000,000.
collateral
receded
The
offset
almost
cash, and total
moved
eral
entirely by
Reserve notes in
actual
circulation
increased
Total deposits
with
Reserve banks declined
$77,600,000 to
$4,817,094,000, with the account variations consist¬
drop in member banks
a
Treasury general
622,000;
reserve
$11,748,660,000;
to
account by $1,408,000
an
moved
$347,-
The reserve'
to 85.9% from 85.6%.
up
regional
475,000.
to
the
increase of other de¬
posits by $3,462,000 to $322,911,000.
by the
of
drop of foreign bank balances by $14,-
a
650,000 to $456,231,000, and
ratio
deposits by
decline
a
banks
increased
Discounts
$227,000 to
Industrial advances declined
$6,-
also
vances
ad¬
Crop Report
crop
to
corn
estimate of
earlier in
month earlier 58,646,000 bushels
a
2,591,063,000
bushels.
the month
improvement in the
age
Private
issued
crop
forecasts
since Oct. 1, but their
estimate of 2,555,000,000 bushels
lower than the Government's
increase is not very
crop
supply available this
somewhat
However, the
particularly, to the total
season
which
now
2,906,750,000 bushels last
average
year and a 10-year
(1928-37) of less than 2,500,000,000 bushels.
last
crop
year
amounted
to
2,542,238,000
bushels.
Estimates
revised
of
after
remains
at
other
the
Oct.
average
indicated
larger in
issued
duce
report, and
wheat crop,
was
yesterday.
substantial,
Canada is
all wheat
compared
is
was
now
reported
which also
expected to
as
as
has been set for this
exported
bales
it is
including
rubber.
in its
of Nov.
1,
In
How¬
year.
under the
Government
compared with 3,326,840
abroad of
And
2,420,000 bales, not
bartered
bales
600,000
for
British
addition, the Department of Agriculture,
Sept. 28 report
the cotton situation, esti¬
on
the
in
current
might
season
reach
8,000,000 bales.
Should these figures
reduction
a
of
be realized there would result
about
2,500,000 bales
However, the effect
in
domestic
world stocks would
on
the amount consumed abroad rather than
on
purchased.
this year is expected to average
pounds just under the 1938 yield of
235.8 pounds and substantially greater than the
190.8 pounds per acre averaged in the ten-year
period 1928-37.
yield
per acre
234.1
about
The New York Stock Market
market, with all
SPOTTY and uncertain conditions prevailed this
week
on
the New York stock
attention still centered
its
possible
on
the European war and
effects upon the American economy.
Adoption late last week of the neutrality legislation
for which Mr. Roosevelt called
session
provoked
the
But
some
Congress into special
buying of low-priced stocks.
high-priced issues were soft in most ses¬
sions, liquidation centering especially upon a few
steel and aircraft stocks and similar "war babies."
The
European scene was confused, and in our finan¬
markets
cial
quite the same
The peace move
flected.
conditions
from
assassination, caused much
to whether the war
as
actually will
re¬
conference
Allied
for
this
To
the
adjustment
fundamental
into the
was
question whether, if the war continues,
buying really will develop on
were
of European
uncertainty
might keep American industry active.
sults
wonderment
move
stage or will end soon in some sort of gen¬
pro¬
crop
were
by Holland and Belgium,
together with the narrow escape of Chancellor Hit¬
affairs.
a
scale that
Election
re¬
partly reassuring and partly disconcert¬
ing, and not much could be gleaned from the trend
closed
crop at 11,845,000 bales,
slight reduction from the 11,928,000 bales forecast
as
the
consumption
eral
THE report of the cotton crop as of Nov. Wednes¬
by the Department of Agriculture last 1, issued
stantially final, for
season
was
Government Cotton Report
as
and
mated, rather optimistically perhaps, that domestic
even
the carry¬
be regarded
immediate
in the year ended July 31 last.
resulted sales
have
in this
The report may
the
years exports
subsidy's operation, August and September, there
violent
equivalent to ordinary home requirements.
month earlier.
would
reported that during the first two months of the
expec¬
day, places the current
in
cotton
export subsidy program,
ler
449,058,000 bushels.
much
of
and 11,346,393 in the 1937-38
added the
previously noted, probably the entire
export in
with
the 10-
1
478,965,000 bushels in comparison with
as
not
which earlier reports
the Dominion's report,
will be available for
over
as
so
are
930,801,000 bushels and
tations of two months earlier of
And,
crops
of 752,952,000 bushels.
The Canadian
had
1
739,445,000 bushels
the 1938 harvest of
year
major grain
there
consumption,
in prospect, viz. 10,187,086 in the 1938-39
an
be about 3,151,387,000 bushels, compared
appears to
The
more
be
to
were
with respect to
aver¬
important in proportion to the
domestic
with
was
figure.
expected
or,
had
reports suggesting
year,
export goal of 6,000,000 to 6,500,000 bales
an
ever,
The
issued
domestic
position
the amount
THE report of crops,afternoon, increased the
yesterday based on Nov. 1 conditions,
crop
consumption aggregated less than the amount of the
depend
Government
past two years
future; for in both of the previous
stocks.
$57,000 lower at $9,966,000.
were
statistical
$57,000 to
$11,623,000, while commitments to make such
13,800,000
average was
be little likelihood of improvement in the
crop year
the Federal
ing of
and
exports
crop now
Fed¬
the
repeated in the current
decrease of other
a
$35,709,000 to $4,817,094,000.
$65,004,000
record of
of the regional institutions
reserves
only $3,817,000 to $15,191,237,000.
up
the
appear to
Treasury in Washington deposited $19,004,000 gold certificates with the regional banks,
raising their holdings to $14,858,210,000. But this
was
If
increase
an
1928:1937
a
a
sub¬
10,085,260 bales
off-year balloting.
The market, finally,
was
Tuesday and again will suspend operations
today, for the annual observance of Armistice Day.
Turnover in
somewhat
Stock
A
the
the four sessions of the
over
the
1,000,000 mark,
on
week ranged
the New York
Exchange.
good deal of speculative interest developed in
cheaper stocks of companies that might conceiv-
The Commercial 6 Financial Chronicle
3018
t
ably receive large orders for
materials, in the
war
event of continuance and intensification of the
flict between
Germany and the Allies.
this group met some
of the week
now
Such
Motor
lower.
even
liquidation during the sessions
ending.
ord volume failed to
companies.
con¬
Such issues
especially in demand last Saturday, but
were
Nov.
11,
1939
>
Steel production at
a rec¬
help the stocks of the related
issues
shares
were
better
were
marked
maintained, not¬
sharply
and
for
transactions
final
when
amounted to
short session in about a month.
a
ket leaders
completed
were
1,423,620 shares, the heaviest turnover
were
tion centered
Known
mar¬
shunned during the day, and atten¬
chiefly around low-priced war issues,
profits in this group running to 1% points, while
other groups
some
With the Election
lost ground.
Day holiday in prospect on Tuesday, the share
ket
Monday was mainly given
on
mar¬
to profit-
over
withstanding crippling strikes at important plants.
taking, thus bringing in its wake generally lower
High-priced aircraft stocks
prices.
but
some
for
the
of the
week
helped by
marked downward,
were
low-priced issues held quite well,
as
whole.
a
Railroad
shares
were
increased Pennsylvania RR. dividend,
an
but many
issues nevertheless fell in the liquidating
movement.
Reports of rather heavy selling of Amer¬
ican securities from Amsterdam unsettled
ket in the later sessions of the
our
mar¬
week, and it is not
Some armament stocks ran counter to the
and moved ahead.
trend
This
largely true of
was
modestly-priced motor shares, based on reports that
small
companies in this field were going to convert
portion of their plants to the production of imple¬
a
ments of
Activity
war.
not lacking in aircraft
was
shares, but unlike some of the motor stocks, losses
reflected
were
at
close.
the
The
afoot
movement
to be denied that the favorite American investment
being conducted through the medium of Belgium
media of Netherlands holders
and
well-rated
some
hard hit.
were
utility stocks hardly
But
affected
were
at all.
The listed bond market reflected
lowed
the uncertain
United States
levels.
lent
good tone in
a
downward
for
States at the
California
and
been
were
virtually
bonds movements
kets
were
good
at
former
throughout, for
supply of
Europe.
inquiry
conditions
Best-grade listed
demand
no
municipal
issues
new
In foreign dollar
sharp at times, with gains
were
in
agricultural staples
held
defeated in both
equally prominent.
reported
drought
in
started in
war
and losses
Ohio
election, Tuesday.
corporate bonds
since the
equities.
Counter-market dealers reported excel¬
securities, after pension plans
has
of
course
Treasury securities held around previ¬
demand
there
the
The commodity
for wheat,
owing
Southwest,
uncertain.
were
figures.
mar¬
but
Base
to
other
metals
Officially approved ster¬
ling transactions in the foreign exchange market
were
at the fixed rates of the Bank of
so-called "free"
England, but
sterling dipped sharply
on
reported
efforts of neutrals to take their funds out of Lon¬
don.
tire
Movements otherwise
market
made
was
were
small, but the
nervous
by
the
en¬
sterling
touched
New
York
Stock
high levels for the
new
new
low
levels.
On
Exchange 51 stocks touched
stocks touched
at
York
Exchange
Stock
the
Exchange
New
stocks
five stocks
York
Curb
the
York
Stock
remained
unchanged
Exchange the sales at
on
Friday, 1,094,390 shares.
the
New
fresh
York
Curb
303,040
194,045 shares;
on
Exchange the sales
shares;
on
Monday,
Wednesday, 192,380 shares;
Thursday, 221,755 shares, and
on
on
more
into the market
on
hour
reached
to avail
to
benefit most by
Trading volume in the
approximately
occa¬
were
as
display
Thursday
wave.
more
than two
the market approached the final hour of
Opening
bit lower, equities rallied to
a
firmness around
some
weakness
time, but again
noon
showed
occasional
prices.
At two o'clock heavy selling which origi¬
nated in Amsterdam
to
markets
our
violate
both
should she
as
.Dutch
Belgian
stage an offensive campaign.
reigned for
a
Friday and
failed
in
borders
Confusion
period of 10 minutes, and then sub¬
day's low levels.
on
break
that Germany would
and
sided, leaving prices at the finish at
which
the
gained momentum and spread
fears grew
the
to
up
to
or
close to the
Weakness featured early dealings
was
followed
overcome
up
by
some
recovery
previous losses.
Some
equities reporting gains for the day included Inter¬
national Mercantile
Marine, Curtiss Aircraft, Con¬
tinental Motors and Electric Boat.
compared with the closing
week,
final
lower.
quotations
General
against 41%
on
of N.
J. at
at
on
yesterday
Electric
closed
Friday of last
were
definitely
yesterday
at
39
Friday of last week; Consolidated
30% against 31%; Columbia
6% against 7%; Public Service
39% against 39%; International Har¬
62
against 63; Sears, Roebuck & Co. at
82% against 85%; Montgomery Ward & Co. at 54%
against 54%; Woolworth at 39% against 41%, and
American Tel. & Tel. at
168% against 168%.
Western Union closed
at
on
yesterday at 28% against
Friday of last week; Allied Chemical & Dye
173% against 176; E. I. du Pont de Nemours at
177
against 180%; National Cash Register at 15%
16%; National Biscuit at 23 against 23%; Texas
Saturday of last week
neutrality law.
Declines
Friday, 161,725
themselves of the profits to be
gleaned from moder¬
revised
numerous
on
war
against 16; National Dairy Products at 16 against
haste than discretion
plunged
ately-priced stocks that stand
on
war.
liquidation forced stocks down
trading.
Gulf
-Buyers with
first
acted
on
shares.
our
to the world
thus
ranged to two points, aircraft and steel issues
points
29%
were
Saturday last
of
bearing the brunt of the selling
Gas & Electric at
the
on Saturday last were 1,423,620
Monday, 1,266,290 shares; on Wednesday,
1,068,410 shares; on Thursday, 1,199,630 shares, and
On
outbreak
Edison Co. of N. Y. at
on
half-day session
shares;
on
peace
and
mostly of a fractional nature, but here and there
losses
vester
the New
the
high levels and 13
1%.
On
bring
Tuesday,
on
Call loans
new
low levels.
new
year and
51
since
sions
As
the
touched
New
light
issues that has manifested itself
gyrations.
On
to
Wednesday to curb the upward tendency of
best-grade obligations, while speculative issues fol¬
ous
the Netherlands to
came
960,000 shares,
at
Sulphur at 33% against 35%; Continental Can
42% against 44%;
Eastman Kodak at 163%
against 163%; Standard Brands at 5% against 5%;
Westinghouse Elec. & Mfg. at 111% against 114%;
Lorillard at
23% against 22%; Canada Dry at 15
against 15%;
Schenley Distillers at 13% against
14%, and National Distillers at 23% against 24%.
The Commercial & Financial Chronicle
Volume
149
In
rubber
the
closed
last
group,
Goodyear Tire & Rubber
yesterday at 25 against 27%
Friday of
on
week; B. F. Goodrich at 19% against 21%, and
United States Rubber at 39
against 41%.
closed
Pennsyl¬
yesterday at 24% against 25 on
Friday of last week; Atchison Topeka & Santa Fe
at
12%c., the close
close
against 23 1/16 pence per ounce the
yesterday at 34%c., the close on Friday
of last week.
matter of
In the
against 21%; Union Pacific at 101 against 102;
Southern Pacific at .16
$3.99% the close
18% against 20%, and Northern Pacific at 10%
on
transfers
on
yesterday at $3.89 against
Friday of last week, and cable
on
yesterday at 2.21c. against
Paris closed
2.26%c. the close
against 11%.
foreign exchanges, cable trans¬
closed
London
fers
at
In Lon¬
Friday of last week, and spot silver in New
on
York closed
28% against 31%; New York Central at 19%
against 17%; Southern Ry.
closed yesterday at
Friday of last week.
on
price of bar silver closed yesterday at 23%
pence per ounce
Railroad shares ruled lower this week.
vania RR.
Domestic copper
of last week.
don the
3019
Friday of last week.
on
Substantial recessions occurred in steel stocks the
at 70
against 76%
Steel at
European Stock Markets
United States Steel closed yesterday
present week.
Friday of last week; Crucible
on
43% against 48%; Bethlehem Steel at 84%
STOCK markets in the leading European finan¬
reflect, this week, the
cial centers continued to
against 90%, and Youngstown Sheet & Tube at 49%
against 53%.
upon
that the
influence
the motor group,
In
Auburn Auto closed yester¬
day at 3% against 3% on Friday of last week; Gen¬
Motors
eral
at
55
against 54%; Chrysler at 87%
against 89%; Packard at 3% against 3%, and Hupp
Motors at
on
necessarily brings to bear
war
The curious stalemate
all phases of finance.
Front, the attempted assassination
the Western
of Herr
Hitler, and the diplomatic moves for peace
all tended to evoke
waiting attitude in the securi¬
a
War
ties markets.
borrowing still is in its initial
stages, moreover, and it is evident that huge sums
1% against 1%.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 47% against 48%
on
Friday of last
eventually must be diverted to such
if the
A
continues.
war
war
week; Shell Union Oil at 13 against 14%, and At¬
but
Commons, Tuesday,
duced in the London House of
lantic
Refining at 23% against 24.
the
Among
closed
stocks,
copper
Anaconda
yesterday at 32 against 34%
American
week;
Smelting
&
Copper
Friday of last
on
Refining
51%
at
against 54%, and Phelps Dodge at 40%
against
42%.
aviation
the
In
group,
Curtiss-Wright
yesterday at 11% against 11%
on
closed
Friday of last
Trade
and industrial reports
week, but the question
whether
where
were
the
sustained if Allied
indication
industrial
and
of
asked
was
every¬
on a
92.5% of capacity against 91.0% last
any
and 61.0% at this time
Correlating the steel rate with the in¬
capacity during recent years, it appears
that actual volume of
production currently exceeds
previous figure of our history.
electric power
Monday, owing to the cheering news
noted last
was
of the American
neutrality measure, but the gains
and
maintained
not
not
even
stirred by the
2,207,444,000 kwh. in the corresponding week of last
Car loadings of revenue freight for the week
805,862 cars, according to the Asso¬
to Nov. 4 totaled
ciation of American Railroads,
this representing
a
bombing of the Munich
Hitler had departed
beer hall from which Chancellor
a
few minutes before the
Production of
against 2,538,779,000 kwh. in the previous week and
The Ber¬
quiet course throughout and
lin Boerse held to its
was
levels yesterday repre¬
small changes in quotations.
American
for the week to Nov. 4 was reported
by Edison Electric Institute at 2,536,765,000 kwh.
year.
to drift
unemployment rosters had increased
British
sented only
crease
prices tended
An announcement on Thursday
99,710 in the last month, to 1,430,638, did not help
the market.
On the Paris Bourse some brisk buying
buying fails to develop here
ago,
securities,
that
good rate of activities will be
month
The Lon¬
stimulated early in the
week, however, by the neutrality legislation in the
United States.
After an initial spurt in gilt-edged
today was estimated by American Iron and Steel
a
as
Stock Exchange was
don
Institute at
week, 88.6%
given
was
vast amounts needed for a modern war.
were
last year.
indicated that
not unfavor¬
Steel production for the week ending
huge scale.
it
No
to methods for raising the
spokesman
merely established machinery for borrowing.
slowly downward.
week, and Douglas Aircraft at 80% against 86%.
able this
Government
a
requirements,
loan bill was intro¬
place was wrecked.
Neutrality
PLANNED and foreseen, effected in the neutral
ling, are the changes but nevertheless start:
of
attitude
now
the United
States toward the conflict
raging in Europe, owing to the passage by Con¬
Nov. 3 of the amendment to the existing
gress on
neutrality legislation desired by President Roose¬
The
law
promptly
placed in effect
decline of 28,234 cars from the previous week, but a
velt.
gain of 132,895 cars over the similar week of 1938.
through signature by the President last Saturday,
As
indicating the
kets,
the
closed
course
closed
on
on
mar¬
Chicago
December
corn
at Chicago
yesterday at 50%c. against 50%c. the close
war
proclamation finding
in existence and
is neutral.
American
A combat
ships
may
mitted circumstances
a
state
declaring that this country
area
was
outlined to which
not travel, save in certain per¬
by previous arrangement. The
December oats at Chicago
yesterday at 36% against 36%c. the close
fect, and at the same time the belligerent countries
received
Friday of last week.
The
and the issuance of a
of
was
cash-and-carry provisions of the law went into ef¬
Friday of last week.
closed
in
yesterday at 88%c. against 87%c. the close
Friday of last week.
on
of the commodity
December option for wheat
new
spot price for cotton here in New York closed
yesterday at 9.36c. against 9.02c. the close on Fri¬
day of last week.
The spot price for rubber yester¬
day was 20.60c. against
20.40c. the close on Friday
this
in
of
again the ordinary privilege of purchasing
country "arms, munitions and implements
war," which they must transport in their
other than American bottoms.
the
changes effected by the
own or
Thfcse, in brief, are
measure,
and
repercus-
3020
The Commercial &
sions of all sorts
them
rapidly began to develop.
endeavors to
are
financial Chronicle
Among
satisfaction, for if the conflict really
registry, not¬
shift to other
nitely the United States might become
ably to the Panamanian flag, important fleets of
of
American
In
the
merchant
combat
zone
ships, since
is
now
The United
flag vessels under Panamanian
registry,
and
tion clear last
made
Saturday in
the
shipping regula¬
special statement
a
companying the neutrality proclamation.
far south
as
the
as
Canary Islands.
laid down in the law and there is
the matter.
set out
the
By proclaiming
the
war
in which the
area
This
combat
of
in
the
on
the
north
Spain so close to the Spanish coast as to
danger of attack unlikely.
It also takes in
the waters
the
It
around
Great
Britain, Ireland
and
adjacent islands, including the English Channel.
takes in
the
whole North
Norwegian Coast to
takes
in
all
waters.
cannot
In
to
nor
the
point south of Bergen.
a
the
up
It
Baltic
Sea and
its
dependent
substance, therefore, American ships
now
Mediterranean
all
and
Black
ports, belligerent
Africa south
to
of
the
statement
over
prohibited
refer¬
merous
months
were
army
from
a
notice, Monday, that
and navy officers
traveling in
provisions of the
the
and
on
consular
duty,
combat
are
zone
on
to
as
to
were
measure
negotiating still
airplanes.
attractive, all
more
Probably because
Allied
are
change in
our
In
the
fig¬
conjectures
material
It
orders
appears,
to be established
Governments,
lihood the activities will
center
b£ing.
war
United States.
indeed, that buying agencies
time
other contracts
sorts of unofficial
$1,000,000,000 of
heard, here in the
the
gained far
were made by
France for the
transportation of nu¬
airplanes for which they had contracted
before, and agents of those Governments
the British and French
for
of
the
crew,
The newest de¬
seizure
returning
Ordered
the
through the
vessel
to
as
the
by the Russian authorities
Murmansk, late in October, in the
condition
she entered that port, the
same
City of Flint
crept down the Norwegian Coast within the threemile
limit, with the German prize
taking the ship into
tion
by
of
port
Haugesund,
and
the
the vessel
in
the German
man
and
veiled threats
some
a
Haugesund.
made that the vessel,
sea
abandoned.
the Ger¬
after putting out
On Thursday the ship began to
Haugesund, in order to
complications, and the original
was
After
Norwegian Governments,
were
list, might be harmed at
from
crew.
controversy developed
admittedly carried contraband under
unload cargo at
regime
and released
crew
charge of its American
incident, last Saturday,
which
intent upon
Norwegian
promptly interned the German
between
crew
German port where adjudica¬
a
maritime court might take place. In vio¬
Norwegian orders the ship put in at the
a
lation of
Incidents
avoid any
voyage to
of
this
England
sort
will, of
become improbable under the changed neu¬
trality measure, as will the many British and
course,
French seizures and examinations of American
side
which
the
French
by
but in all like¬
mainly
Britain
and
on
airplanes,
France
the
neutrality laws occasioned intense
the
State
Department in
European combat
zone,
ves¬
Washington
and
ships might seize American
British and
vessels
in neutral trade to the
Mediterranean
do
Arrangements promptly
reported to be
is
leave
raider and
German prize
a
however, to end the interna¬
controversy about
or
engaged
elsewhere.
Peace Move
FROM Tuesday Countries for Europewhich gained
the Low appeal of
there issued
on
a
an
peace,
respectful hearing in the three nations which have
been locked in
warfare since the start of
September.
King Leopold of Belgium and Queen Wilhelmina of
Holland
joined their voices in
and
for American
ure
Murmansk, Russia, by
faithfully has been listing. But they will not be
impossible, for the City of Flint was seized far out¬
by
Although the shipping regulations would
appear
important than the change to a "cashand-carry" supply of war materials to
belligerents,
Britain
German
Cordell Hull
aug¬
to be far more
attention.
That American
case.
a
Secretary of State
belligerent ships, unless specially authorized
so
by the Department.
the latter
seized by
sels
citizens, except diplomatic
and
with
the operation
totally unexpected de¬
a
area, where there
necessity.
agents
his
was
ships in the combat
mented the proclamation
American
likewise
open;
latitude of the Canaries."
discretionary authority
of American
is
are
or
Mr. Roosevelt concluded
ences
Seas
neutral, in the Pacific or
dependent waters, and all ports
Indian Oceans and
in
to
and
ports in Sweden, Denmark, Netherlands or Bel¬
gium, nor to Baltic ports. All neutral
ports in the
vessel,
United States.
they cannot proceed to any ports in
Ireland,
any part of Norway south of
Bergen; nor to
any
extraordinary interest, with respect to
neutrality,
simple expedient
this
or
zone
purchase here, which the Reich also
velopments promise,
tional
proceed to any ports of
France, Great
Germany. This is by statute. By procla¬
Britain
mation
of
Sea, running
seas.
attacked
was
partial offset to the freedom of
a
continued its fantastic adventures.
American
coast of
all
taken to
or
This is
takes
area
Bay of Biscay, except waters
make
merchant
operations of
to make navigation
appear
ships dangerous.
whole
actual
change
velopment in the City of Flint
combat area, I have
a
of
American
discretion in
no
source
shipping from the defined combat
material
Also
ac¬
English the chief result is this," he said, "from
now
on, no American ships may go to
belligerent
Africa
indefi¬
vital
enjoys without the ability to exercise it.
"In plain
ports, British, French and German, in Europe
rages
a
unneutral act in itself, although from
an
certainly offers
war
Roosevelt
1939
viewpoint of that belligerent the withdrawal of
American
six
similarly.
President
Germany the legislative
the
to be
are
11,
supply to those countries, which control the
savagely as
eight of its American'
tankers of the Standard Oil Co. of IS1. J.
transferred
through
passage
prohibited.
States Lines proposed to place
Nov.
British
man
a
proposal to the
King, the President of France
Chancellor
countries
equitable
est of all
be
that
utilized
the
in
and the Ger¬
good offices of the two
the
endeavor
to
seek
an
Like everything else in this strang¬
wars, the appeal promptly was made the
peace.
subject of endless conjecture, and perhaps the only
conclusion left unstated
the Low Countries
tarian
for the
sive
impulses.
were
was
that the monarclis of
animated by sheer humani¬
The wild guesses
appeal ranged from fear of
as
a
to the
reasons
German offen¬
through the territory of the two nations, to
hints of unknown Nazi
means of
making war and a
German diplomatic stroke to which the
good Queen
Volume
and
The Commercial & Financial Chronicle
149
King lent themselves.
the Allied
on
tion
that
Reich
troops
European War
The able propagandists
side worked and
overworked the
about
are
neutrality of Holland and Belgium.
dissembling propagandists
110-
The equally
the German side
on
F^UROPE'S shadowy half-military and half-diploJZj matic war produced some fresh surprises this
the
violate
to
week,
others
declared that if it fails the fault will rest with the
ern
Allies.
the
apparently will receive the
peace move
sideration that it
of them disconcerting for the adherents
some
of pacific solutions of international
ex-
pressed surprise at the peace move, and promptly
The
3021
were
Front
of
was
conflicts, while
The "fighting"
reassuring.
on
nature to tax the
a
compilers of official war reports, who naturally
must consider domestic sentiments when
con-
unquestionably deserves, notwith-
the West-
ingenuity of
their communiques.
Only brief reports
they issue
were
issued
standing surface indications that it has little real
throughout the week, and they indicated to the dis-
support in Britain and France, and perhaps only a
cerning that nothing occurred
lukewarm
tered artillery bombardments.
appeal for the warring Nazis.
King Leo-
pold and his Foreign Minister, Henri Spaak, jour-
neyed to The Hague for conversations which
ceded
the
countries
sent
"At this hour of
world, before the
Front in all its
duty
our
to
the
three
warring
violence,
"Some time ago the
equitable
It
peace.
to
seems
bellig-
circumstances it is difficult for them to
in
contact
order
other.
As the
state
to
greater precision
and
their
bring them
nearer
one
good offices.
our
spirit of friendly understanding, to
agreement.
an
This, it
have to fulfill for the
seems to us,
good of
interest of the whole world.
be
French force composed of airplanes of American
all
though
hope
In this
appeal
some
rulers promptly
kan
a
durable
with
plainly the initiative of the Netherlands and BelBelgian
spokesman said recently, the Low Countries
tween the Devil and the
deep blue sea,
be-
are
110
great
damage
about
Dispatches
«
a
the
en-
German
done.
airplanes
military
the
activities
were
probably of less significance than the various indi-
associated themselves, but it
As
outnumbered
Other reports of aerial
week.
offer will
of the Scandinavian and Bal-
gian monarchs which is significant.
squadron
dropped propaganda leaflets over Paris, early in the
we
peace."
an
gagements indicated that honors were about even,
means at
our
German
the
French three to one.
a
peoples and in the
our
We
planes shot down
equal number of German aircraft, it appeared, al-
If this
is the task
Nine French
manufacture.
we
accepted and that thus the first step will be taken
toward establishment of
is
use
in the
war
reports of last Monday, which indicated that a Gersquadron was attacked successfully by a small
disposal for ascertainment of the elements of
our
The
man
an-
agreeable to them, we are ready, in
raiders reported to have
sea
air went in favor of the French, according to Paris
sovereigns of the two neutral States
ready to offer them
should prove
is being made by the German
slipped through the British patrol.
into
come
re-
It would not seem, however, that
progress
submarines and the
standpoints with
having good relations with all their neighbors
are
significant
that in the present
us
probability of compensating gains,
any
ter this important pressure by submarine sinkings
reasonable and well-founded basis of
a
military
the British blockade of Germany
sea
of merchant craft.
parties declared they would not be unwilling
examine
every
mained effective, and the Reich continued to coun-
voices," the
our
greater inclina-
On the
have the conviction that
we
again to raise
once
no
offensive that
an
ap-
their side of the border, and
rials, beyond
the Western
on
in
engage
scat-
save
expert maintains would be costly in men and mate-
anxiety for the whole
breaks out
war
communication stated.
erent
of
tion to
telegram of the greatest sincerity and
a
earnestness.
it is
heads
the
to
on
land,
German forces
the French and British showed
pre-
After long discussions, the two
appeal.
monarchs
parently remained
on
cations of diplomatic moves for peace, and of disaffection within the Reich.
The well-considered
en-
deavor of Queen Wilhelmina of Holland and King
Leopold of Belgium for restoration of peace may
well prove of the utmost importance.
interest
was
an
Also of great
apparent attempt at Munich, late
that all
Wednesday, to assassinate Chancellor Adolf Hitler
be-
and his many close associates of the Nazi regime,
ginning to experience all the deprivations and in-
The attempt at assassination failed, it seems, only
conveniences
because of
their
powerful neighbors
of
are
and
war,
at
war.
have
the
disquieting realization that their lands
at
run
should deem that
the enemy.
pression
not
was
in
the
as
response
not
move
to rule
out the
Lon-
somewhat
Neville
a
a
London
speech prepared by Prime
Chamberlain.
Germany
appear
The
"stiff-necked
to know only the
language of force, the British spokesman said.
impression
was
as
nega-
Thursday through the British
Exchequer, who read at
Mayor's luncheon
men" who govern
a
is
But formal
to the appeal.
problem, and
made
Chancellor of the
Minister
success.
immediately began consultations
on
answer was
worded
so
peace
Paris
to their views
Lord
over
overcoming
conveyed informally that the
were
possibility of
five
be
may
military commanders
likely to be crowned with
and
additionally
suitable method of
a
are
In London, Paris and Berlin the im-
statements
don
if the
moment
any
now
They
conveyed, however, that the
The'
response
a
last-minute change in the scheduled
celebration of the anniversary
of the Beer Hall
Putsch which marked the first move by Herr Hitler
for ascendancy in the Reich.
Pressed by affairs of
State, Herr Hitler concluded his address to his old
Nazi
comrades earlier than
anticipated.
Eleven
minutes after he left the Munich gathering place a
time bomb
exploded in an areaway above the Beer
Hall, and the falling debris killed seven Nazis, while
injuring scores of others.
No prominent Nazis
were
The German
Government attributed the bomb explosion to for-
killed, according to Berlin reports.
eign machinations, and posted a handsome reward
for identification and capture of the culprits.
London the tendency was to blame
In
the Nazis them-
selves, who were said in the British capital to be
seeking an excuse for relentless "total war" against
Great Britain.
More likely than either explanation,
of Chancellor Adolf Hitler will be awaited to the
however, is the
Netherlands-Belgian
tents set the time bomb which almost destroyed
ciation
was
move,
for which great
expressed in London.
appre-
Herr Hitler.
simple
one
that German malcon-
'
The Commercial & Financial Chronicle
3022
Propaganda offensives
while
the
whether
armies
they
From British
nated
France
in
will
ever
carried
were
rested
and French
the
sources
daily that German forces
moves
region of the smaller countries.
fight.
to
upon
report
through Holland and Belgium in the effort to
whelm
their
In the Low Countries
nervousness
prevailed, and
day the authorities
a
Thurs¬
on
said to be taking all sorts
were
precautions against German attacks.
flooded part
of the frontier
creased its armed forces
Holland
and Belgium in¬
area
steadily.
As against such
however, must be placed the joint
moves,
over¬
opponents.
good deal of
of
ema¬
about to plunge
are
assurance
Molotoff, made
added
nothing to the international debate.
revolution.
It
claims
powerful surrounding countries.
sible
importance
mans
for any
hasty preparations by the Ger¬
are
offensive
reported
by the Allied troops
moves
through neutral regions.
German
workmen
were
frantically hastening the completion of
as
defensive
Also of pos¬
extensions
of
their
Westwall, along the
border of Holland to the North
Sea, and it
seems
difficult to collate such accounts with the number¬
less
rumors
from Great Britain and France that the
Reich is about to violate the
Countries.
other
neutrality of the Low
Amsterdam reports of
Thursday,
hand, indicated that border clashes
curred between German and Hutch
fatalities
on
had
the
oc¬
forces, with two
occasioned
by Nazi forays.
The actual
situation thus remains obscure and not in the least
comforting
for
the
Netherlands
and
appeared
of
sort
some
small
and
anxious
in
to
a
War
were
more
pressure
front.
sides
were
statements
of the
time conditions.
Allied
and
German
In his Munich address
accused
so
Italian
press
made it
affection for
no
Moscow,
apparent rapprochement
German interests
Because of such
hostilities
in
the Balkans
consideration, fears of
slowly
WINTRY weather once again activities of the
military is occasioning a
Wednes¬
on
long war waged by Japan against China, and chief
the British
of
con¬
in
stalemate
the
interest centers around the
diplomatic
to
military
perfectly comprehensible to London.
The
repetition of the declara¬
tion which preceded the German invasion
of Poland.
on
previous occasions, the German Fuehrer
clear
that he
but for the
ise
war
entertains
with
no
five years in
prepared
made
enmity for France,
England he said that
advance.
the Reich
In
London,
Foreign Secretary Lord Halifax declared on Tues
day that the British war aim is to establish the
rule of law in international
relations and end the
"insane
its
armed
rivalry" which brought Europe to
present pass.
Speaking in behalf of Prime Min¬
ister
Neville
of the
Chamberlain,
Thursday,
Exchequer Sir John Simon said
diminishing.
are
Far East
actions
it
peace
able to supply the Reich with foodstuffs and raw
materials.
ing to the exhausting conflict.
As
be¬
can
that these countries will remain
and asserted that the rejection of
his "peace overtures" will be followed
by
was an exact
re¬
war¬
of
war
phrase used
Balkan
served, finally, by the maintenance of
Balkans,
Belgian
icy coldness characteristic
day, Chancellor Hitler
tinuing the
the
on
Other
points of unrest,
united and peaceful
a
Germany and Russia.
best be
are
introduced by
was
for
official
The
notwithstanding the
in the
concern
countries
settlements.
evident that Rome harbors
tween
point of
a
said to be focal
reassuring note
ports of Italian
Balkan
Finland,
sovereignty
regain territories allotted to Rumania
States also
but
undisturbed
neighboring
for
World
the
of
Rumania remained
regimes.
Official
adjustment of Russian
country may eventuate, with
assured
confusion,
inter¬
celebrated their 1917.
Russia in nominal control of the Gulf of
Finland
Nego¬
were
Thursday, however, that
on
compromise
the
on
Finland
and
the Russians
while
rupted
Russia
between
tiations
otherwise.
satisfactory with all three of
typically forensic speech in Mos¬
a
including the United States, but that demonstration
matic
are
The Russian Soviet
Monday, against all the capitalist countries,
cow,
and
relations
1939
spokesman, Premier and Foreign Commissar Y. M.
by Queen Wilhelmina and King Leopold that diplo¬
the
11,
by Russia, Germany and Italy in the vast
furiously,
wondered
on
and
be called
Nov.
Chancellor
that the Al¬
lied position is
tion that the
relinquish
them
moves
There is
no
relat¬
indica¬
invading Japanese militarists intend
of the Chinese territory taken by
any
in the conflict.
Chinese Nationalist
It is
equally clear that the
regime headed by Generalissimo
Chiang Kai-shek intends to continue indefinitely the
struggle against the
an
early
move
All signs point to
aggressors.
by the Japanese to establish
a
puppet-
regime at Nanking under the nominal leadership of
the
pliable Wang Ching-wei, who formerly
ciated
with
Chiang Kai-shek.
overshadowed
are
ican
United
by the uncertainties of the Amer¬
Russian
and
was asso¬
But such incidents
attitudes.
States Ambassador
unfortunate effects upon
Blunt
warnings
by
Joseph C. Grew of the
American sentiment of the
Japanese activities in China
are
said to have been
greatly strengthened by the recent
pact with Turkey and the repeal of the American
Grew
embargo
Department made it clear that the conversations
on
war
deavored to
a
material
shipments.
He also
depict the Russo-German agreement
defeat for. the Reich.
peace move will be
ined, although little hope
In
a
speech
on
was
submarine
announced
been
by
an
that
Wednesday, First Lord
menace
the
is
being
British
duly
held out for
miralty Winston Churchill declared
man
as
Admitting that this is "the
strangest of all wars," the speaker asserted that
Netherlands-Belgian
en¬
exam¬
success.
of the Ad¬
that
the Ger¬
overcome,
submarine
the
hut he
Oxlev had
destroyed, at
some unspecified previous date,
accidental explosion.
Eastern
Europe
was
relatively calm this week,
while Finland and the Balkan States
awaited fresh
reiterated late
did
upon
not
States,
week, in
a
formal call by Mr.
the Tokio Foreign Office.
imply
but
accepted
last
economic
assurances
as more
of
pressure
this
The State
by the
sort need
United
not
be
than formal declarations required
by the peaceful relations between Washington and
Tokio.
The
nounced
the
fact stands out
trade
treaty
placed this country in
pressure
a
that
with
Washington de¬
Japan
and
thus
position to apply economic
when the pact lapses next January. Soviet-
Japanese affairs have been clouded in mystery of
late, but it appears that huge war supplies were
rushed
to
China
by the Russians by the overland
route, and the prospects for the Japanese invaders
are
none
too
pleasant.
Volume
3023
The Commercial & Financial Chronicle
149
market rate is nominal at 2J^% and
Paris the open
Venezuelan Trade Pact
in Switzerland at
RECIPROCAL trade treaty Venezuela between
negotiations
States
the
and
United
were
con¬
Monday with the signature, in Caracas,
cluded last
twenty-second pact of this nature arranged
of the
under the program
of lowered trade barriers initi¬
The latest
treaty in the series is notable mainly because it
lowers by half the United States import tariff on
ated
by Secretary of State Cordell Hull.
petroleum, which is the chief export item
Other concessions
zuela.
sist
of Vene¬
by the United Staets con¬
principally of the usual binding on the free list
agricultural and other products which already
of
duty-free.
into this country
come
The halving of
merely a meas¬
ure
designed to increase trade, the State Depart¬
ment indicates.
By stimulating the importation of
Venezuelan oil, our own reserves will be spared from
"wasteful production," it was stated.
It is antici¬
pated that the duty reduction will be generalized
when the new treaty goes into effect on Dec. 16, and
the
import duty on petroleum is not
Colombian and Mexican
in
on
oil presumably will come
the same terms with
Venezuelan oil.
The ap¬
propriateness of extending this benefit of a reduc¬
tion of the y2c. a gallon tax to ^c. a gallon seems
the case of Mexico, at
contains a proviso, on the
decidedly questionable, in
The
least.
new
treaty
hand, that the total imports
other
must not exceed
tries
from all coun¬
5% of the crude petroleum
processed in United
States refineries.
Concessions made
by Venezuela to
States cover a wide range,
the United
the duty reduction
on oil, which accounts for the great bulk of Vene¬
zuelan
exports.
The Latin American republic
agreed to reduce its import duties on, or to bind on
its free list, numerous articles of American manu¬
facture, such as wheat flour, oatmeal, prepared
milk, lard, lumber, iron and steel products, auto¬
motive products and accessories, radios, refrigera¬
tors, engines, pharmaceutical products and paints.
It was explained by the State Department that the
important to this country than
the
rates
Present
banks.
Central Banks
any
the
at
rates
leading
Effect
Date
Established
Rate
Argentina..
334
Mar.
4
July
Country
Aug. 29 1939
2
Hungary
4
3
Aug. 29 1935
Nov. 28 1935
434
India
7
Italy
434
May 18 1936
*•««
234
Bulgaria
6
July
6 1939
Aug. 15 1935
Canada
234
Mar. 11 1935
Chile
3
Dec.
16 1936
4~
Java
4
July
18 1933
5
3
Jan.
1 1936
334
Norway
4
Jan.
2 1937
5
Poland
Colombia
Treaties currently are unde^
negotiation with Argentina, Chile and Uruguay, it
appears.
But the Czechoslovak pact has been nulli¬
fied
a
as
result of the German occupation of that
country, while the
Canada
are
restrictions
treaties with Great Britain and
affected to some extent by the war-time
imposed in such countries.
agreement is the eleventh concluded
zuelan
Latin American
trade
dinary
with
countries, which present an extraor¬
opportunity
that the leading
locked in battle and
now
European countries again are
unable to continue their usual trade
are
The Vene¬
relations.
vakia
Danzig
3
Jan.
14 1937
Lithuania..
6
July
15 1939
m
May 28 1935
434
4 34
Sept. 21 1939
334
434
Deo.
...
IN LONDON open market discount against ll/% on
Friday
1 3-16%, as rates for short
bills
are
on
8-16% for three-months'
Friday of last week.
call at London on Friday was M-1%. At
Friday of last week, and 1
bill,
as
against 1 3-16—134% on
Money on
4
7
5
17 1937
534
Oct.
9 1939
434
Portugal...
4
Aug. 11 1937
434
Eire
3
June
30 1932
3>*
Rumania
3 34
May
5 1938
434
England
2
Oct.
26 1939
3
SouthAirica
334
May
15 1933
434
Estonia
434
Oct.
1 1935
5
Spain...
5
July
15 1935
5
Finland
4
Deo.
3 1934
434
Sweden
Dec.
1 1933
3
France
2
Jan.
2 1939
234
Switzerland
234
134
Nov. 25 1936
2
4
Sept. 22 1932
5
Yugoslavla.
5
Feb.
6
Jan.
4 1937
7
Denmark
Germany
.
.
_
_
Greece
Bank of
..
634
1 1935
England Statement
THE Bank's return for of £406,000 in note cir¬
shows
expansion the week ended Nov. 8
an
culation which
partly offset by a gain of £73,203
was
in
gold holdings, with the result that the reduction
in
reserves
culation
with
amounted to
Notes in cir¬
£333,000.
aggregate £528,372,000 in comparison
now
£482,690,443
However, due to a
a year ago.
deposits, the proportion of reserves
net reduction in
deposit liabilities rose to 32.0% from
to
31.5% a
27.9%.
earlier; last year the proportion was
£10,727,000 while other
deposits increased
Public
deposits fell off £14,458,173.
£12,942,983
was
Of the latter amount,
from bankers accounts, and £1,515,-
Government securities
190, from other accounts.
and other securities, £292,237.
other securities was the result of
decreased £3,090,000
The reduction in
decreases of £181,900 in
£110,337,
discounts and advances, and
Bank rate was not
The
in securities.
Below we show the different
comparisons for several years:
changed from 2%.
items with
BANK OF
ENGLAND'S COMPARATIVE STATEMENT
Nov. 9,
1938
Nov. 8,
Nov.
Nov.
10,
Nov.
11,
13,
1935
1936
1937
,
£
•528,372 000 482,690,443 485,573, 284 446,622,473 401,449,420
15,937,418 30,678 962 14,915,895 15,808,545
21,267 000
143,336 220 145,001,863 127,003 172 139,627,226 129,566,858
92,886,752
98,040,567
90,908, 990
318 109,497,834
Bankers' accounts. 101,859
35,504,029 36,094, 182 41,586,659 36,700,106
41,476, 902
Other accounts
165
80,433,337 83,474,999
Government securs.. 102,246, 164 101,571,164 103,908,
27.374, 411
32,082,020 29,155, 697 28,914,099 23,736,716
Other securities.....
Public
.
deposits-
_
'
Reerve notes &
coin
Coin and bullion
8,412, 836
20,742, 861
8,627,829
20,286,270
62,951,165
42,361, 993
52,756, 000
1,128, 19f 327,706,541 327,935, 277 249,573,638
5,451, 503
11,103,015
21,922, 908
DFct. & advances.
fecuritles
20,979,005
45,016,098
Proportion of reserve
to
27.9%
2%
32.0%
liabilities.
2
Bank rate..
168s. 84s.
Gold vol. per fi^e oz_
26.9%
2%
U Hd. 84s.
11 Hd. 84s.
40.70%
2%
11,105,268
12,631,448
55,927,263
197,376,68338.47%
•
2%
Il34d. 84s.
11 Hd.
Bank of France Statement
THE statement for the week ended Nov. 2 showed
large increase in note circulation, namely
a
which raised the total out¬
record high of 146,592,000,000
francs; the previous high, 146,149,298,350 francs,
2,213,000,000 francs,
standing to
was
in
a
new
recorded in the statement dated Sept. 7.
French
francs.
istered
Notes
totaled 110,557,115,350
commercial bills discounted reg¬
loss of
1,498,000,000 francs and creditor
circulation
a
a
year
current accounts of
Foreign Money Rates
5
6 1936
3.29
Japan
Czechoslo¬
Other deposits
general.
334
3.65
Apr.
Morocco
_.
Circulation
in
Rate
3
Belgium
zuelan
gram,
vious
3~
1 1935
imports, and also is the
of the reciprocal trade treaty pro¬
Date
Established
Holland
1 1936
Batavla
Pre¬
Effect
Nov. 10
vious
Nov. 10
£
known the status
are
Rate in
Pre¬
Rate in
Country
supplies about one-half of Venezuela's
principal market for Vene¬
products, other than petroleum. Under the
treaty announced last Monday the situation with
respect to petroleum presumably will be rectified.
The State Department also took occasion to make
centers
shown in the table which follows:
1939
United States
*
'
THEREdiscount no of
have been changes during the week in
of the foreign central
week
but plainly will be less
1%.
>.
Discount Rates of Foreign
ago
730,000,000 francs.
The Bank's
gold holdings remained unchanged at 97,266,047,756
francs.
The proportion of gold on hand to sight
liabilities fell off to
last year.
59.80%, compared with 40.71%
An increase appeared in bills abroad of
6,000,000 francs, in advances against securities'of
87,000,000 francs
and in temporary advances to
3024
State
The Commercial & Financial Chronicle
of[2,300,000,000~francs.
different items
BANK
OF
Below
we
furnish the
withjcomparisons for previous
and
Francs
a
Nov.
1939
Francs
No change
French commercial
3, 1938
Nov. 4,
Francs
1937
to
Credit current accts
Temp. advs. with¬
c
out lntl to State..
Propor'n of gold
Figures
Course of
4-2,300.000.000 27,772,000,000 48,133,649,244
26,918,460,497
closed.
STERLING since Thursday been last week. On
exchange has of under renewed
pressure
The range
on
—0 55%
59.*0%
40.71%
market
51.27%
entry of non-interest-bearing loans to the State.
p Revaluation of the Bank's gold (at 27.5 mg. gold 0.9 fine
per franc)
decree of Nov. 13, 1938, was effected in the statement of
Nov. 17,
tween
The official
nominal,
was no
and
rates
was
to the Election
York
unchanged.
Day closing.
Official
There
London
week, owing
Call loans
par,
the New
on
New York
months'
quoted.
in
rates
unofficially quoted at 78.50.
the
and buyers; Amsterdam
1% Dutch cents premium to parity; Brussels par to
four
datings.
centimes
premium to
discount;
on the
was
ruling quotation all through the week for both
renewals.
continues quiet.
up
The
for
time
Rates continued nominal
90 days and
to
market
the
new
money
at
1%%
1 %% for four to six months'
maturities.
The market for
prime commercial paper
has been quiet this week.
The volume of business
has been fair but
scarce.
high class
Ruling
rates
paper
is still comparatively
%%@ 1%
are
for
all
maturities.
Discount Rates of the Federal Reserve
Banks
rates
recent advances
in the
on
schedule of rates
now
are
following is the
requirements furnished whatever demand there
Federal Reserve Bank
Effect
Dale
on
Nov. 10
Boston..
1
New York
Sept.
1
Aug.
Philadelphia
Cleveland
Richmond
Atlanta
_
Chicago
_
St. Louis
....
Minneapolis
Kansas City
Dallas
San Francisco.
*
Advances
on
IX
IX
IX
*IX
*ix
*1X
IX
*1X
*1X
IX
'
Previous
Established
Sept.
May
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1,
27,
4,
11,
27,
21,
21,
into dollars.
1937
1935
1937
1937
1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
2
particularly true of
of
light and prime bills have been
change in rates.
in poor
including 90 days
not
subject to
restraint.
There
seems
purchases of
to be
war
a
general belief that the heavy
by Great Britain will
materials
operate
to
depress sterling in the long
of
foreign exchange
smaller
than
at
this
dealings
time.
The
run.
was
Under
perhaps
normal
conditions of trading
sterling is at its firmest from the
end of August until about the middle of
January.
days it has been evident that British
tionalization of privately owned
sales were evidently conducted
O
9
0
expert operators
0
2
the Bank of
2
in such
a
foreign assets.
by
a
small group of
centered in London,
England.
na¬
The
doubtless at
Liquidation has been effected
limited and cautious
way as to cause the
security values and of the
sterling rate quoted in the New York market. Never¬
supply.
theless such sales have been
the pressure on the
When
There
as
re¬
of New York for
are
are
balances
and regu¬
minimum disturbance of
Dealers' rates
ported by the Federal Reserve Bank
sterling
London rules
through
2
O
THE market for prime bankers' acceptancesbeen
has
been quiet this week.
Transactions have
be
0
Bankers' Acceptances
bills up to and
to
Owners
authorities have been selling American stocks in the
New York market which were obtained
Government
no
seems
contend with the
For several
IX
IX
obligations bear a rate of 1%, effective
Sept. 1, 1939,
Chicago; Sept. 16, 1939, Atlanta, Kansas
City and Dallas; Sept. 21. 1939. St. Louis.
has been
This
interests.
have to
Rate
1939
1937
was.
Many individuals and corporations who have held
sterling balances now think it wise to convert pounds
<
Rate in
the future
steady though not greatly increased flow of offerings.
Demand lagged far behind the
supply. Commercial
never
RESERVE BANKS
thin market,
a
over
volume
in effect for the various
classes
RATES OF FEDERAL.
in
Concern
pound in the light of expected heavy purchases
from the United States
by Great Britain brought a
shown
of paper at the different Reserve
banks:
DISCOUNT
Sept. 15.
of the
banks;
Government obligations
The
centimes
principal
foreign exchange market. On
lations, whereas dollar balances
no changes this week
of the Federal Reserve in the
footnote to the table.
three
Thursday the pound touched $3.77
the lowest since
Japanese
THERE have been
rediscount
Zurich
par.
Continued weakness in the
pound is the
Money Rates
DEALINGExchange from day toloan rates
in detail with call day, 1%
Stock
and
foreign exchange
delivery have been fixed by
as follows:
New York, % cent
premium to
compared with spot rate; Paris parity with
as
feature of this week's
loans
forward
spot rate for both sellers
Exchange held at 1% for all dealings,
loans were
1%% for maturities to 90 days,
1%% for four to six
S3.98% and
change in the past several
no
market for one-month
the discount bill sale
as
consummated late last
S3.77 and S3.99,
York
The Italian lira is
than
more
between
of between
range
of be¬
range
The range for
exchange rates fixed by the Bank of
New
Berlin is not
Stock
and time
and
remained
Treasury financing,
of the week
hardly
a
cables, 4.02-4.04; Paris checks,
176-177; Amsterdam, 7.52-7.58; Canada, 4.43-4.47.
Bankers' bill and
was
a
been
England have shown
usual
trading
paper
$3.76% and S3.98% for
compared with
$4.00a week ^tgo.
MONEY market dealings in Newthis week, owing
York were even
than
Day suspension.
has
compared with
Money Market
restricted
between
S3.98% and $4.00 last week.
weeks:
to the Election
been
cable transfers
under the
1938; prior to
that date and from June 30, 1937, valuation had been at the
rate of 43 mg.
gold 0.9
fine per franc; previous to that time and
subsequent to Sept. 26, 1936, the value
was 49 mg. per franc, and before
Sept. 26, 1936, there were 65.5 mg. of gold to
the franc.
New York
has
was
this week in the New York free
bankers' sight bills,
b Includes bills discounted abroad,
c In
the process of revaluing the Bank's gold under the decree of
Nov. 13, 1938, the
three entries on the Bank's books representing
temporary advances to the State
were wiped out and the unsatisfied balance of such loans
was transferred to a new
commercial
Sterling Exchange
Tuesday, Election Day, the New York market
as
more
%% for bills running from 1
days.
Francs
of Oct. 12, 1939.
Includes bills purchased In France,
a
The bill buying rate of the New
11,373,000,000 13,808,358,279 9,553,262,230
91,000,000
750,881,385
946,000,000
3,663,000,000 4,049.261.133 4,003,508,575
4-2,213,000,000 146592 000,000 110,557,115,3.50 91,891,193,150
—730,000,000 16,063,000,000 26,534,942,985 16,944,657,679
hand to sleht Hab.
*
90
97.266,047,756 55,808,329,304 55,805,022,187
*39,391,821
18,012,825
17,534,902
bills discounted., —1,498,000,000
b Bills bought abr'd
4-6,000,000
Adv. against secure.
4-87,000,000
Note circulation
9-16% asked.
York Reserve Bank is
Jot Week
1939
7-16% asked; for bills running for four months, 9-16%
%% asked; for five and six months, %% bid
Changes
Nov. 2,
11,
bid and
years:
FRANCE'S COMPARATIVE STATEMENT
Gold holdings
Credit bals. abroad,
Nov.
%% bid and
British
foreign
the outbreak of the war,
into the
A
largely responsible for
pound this week.
assets
were
mobilized
holders turned them
at
over
custody of agents of the British Government.
large part of the sales represents securities long held
Volume
The Commercial &
149
in this market for British individual and
here the agents
dollars, which
these
of
where
deposit for their account
transferred to the account of the
are
England
Federal
the
at
Bank,
Reserve
Great
will hasten to
Britain
place huge pur¬
Such orders directly and in¬
directly connected with
requirements, which are
war
coming to light, would seem to represent
orders
dispatches from Washington, London, and
Paris indicate
ordinate
Paris
Britain and France
that
United States
their
London
and
have
plan to
co¬
buying, though both
their
own
purchasing or¬
ganizations.
The British organization is officially
designated
the British Supply Board in Canada
as
conducted, the effect
strengthen the dollar and weaken the
buying operations
must
However cautiously these
United States.
and the
be
to
may
be
6 the Chancellor of the
John Simon,
introduced
to borrow additional
Exchequer, Sir
national loans resolution
a
in the House of Commons
empowering the Treasury
funds not to exceed £250,000,-
000, to be used for the purchase of supplies
and to
the
Chancellor
will
soon
ask
thorization of additional loans to aggregate
than
for
au¬
not less
Sir John Simon said that the
£750,000,000.
resolution asked for powers
similar to those granted
under the War Loans Act of the World War.
The
requested loan would enable citizens to make modest
contributions
through national savings certificates.
The Chancellor also stated that he had decided to
discontinue
ments of the
publication
of the
semi-annual state¬
position of the British Exchange Equal¬
general business situation in Great Britain is
marked
showing
improvement.
One
surprising
development of the first month of the war was the
rise of
13.9% in retail sales in September, as com¬
pared with September, 1938. This increase, which
followed an increase of 6.4% in August, was due to
higher prices, but mainly to buying in anticipation of
further
price advances, and to the rush to obtain
materials
and
evacuation of
ing.
clothing
necessitated
by
blackout,
population, and possible early ration¬
Analysis of the trade returns shows a severe
reduction in luxury
Britain's foreign
trade returns for September
gave
Accounts contain.no
Imports de¬
clined 33.4%, compared with September, 1938 and
with a 24% decline in the first month of the World
War.
Exports dropped 42%, against 45% in 1914.
In exports the largest declines occurred in vehicles,
machinery, iron and steel, cotton and wool.
Since September, however, London authorities
assert, foreign trade has improved because of improve¬
ment in the shipping position through the organiza¬
tion of convoys and the acceleration of the process of
analysis by sources and destinations.
are
expected to show a
September.
assistance
extensive
and
loans
ments
total
in
was a mere
much less important
The October export figures
marked advance over those
fraction of their
Sterling bills then ruled
1914.
today they play
in international trade, but
supreme
a
however,
August,
The extent of
exchange.
account of bills of
on
banking houses
to
heavy outstanding commit¬
because of
such liabilities,
Treasury
England in the form of
credits
guaranteed
the
by
given
was
authorities to the Bank of
role.
The London security
with Government issues
market has been ruling firm,
a feature.
Industrial shares
higher, but despite the generally improved tone,
volume of transactions is extremely limited.
are
the
index
reaching 90.5
the Bank of
bill
In the London
England's buying price.
money
Two-months
%%-l%.
is
bills 1 7-32%, four9-32%, and six-months bills 1 9-16%.
1 %%,
are
months bills 1
three-months
Canadian exchange presents no new
of
those
on
gold bar price continues at 168s.,
call
market
which
prices,
84.2, has been steadily advancing,
Nov. 7.
on
London
The
stock
London
of
11 stood at
Oct.
The
weeks.
recent
features from
Exchange
Foreign
Control Board at Ottawa has fixed exchange rates as
United States dollar buying
follows:
10% premium,
selling 11% premium; sterling buying 4.43, selling
4.47. In the New York free market Montreal funds
ranged during the week between a discount of 13
and a discount of 10J4%The
of gold imports and exports
which
taken from the weekly statement
of the
figures
are
United States Department
the week ended Nov.
GOLD
AND IMPORTS,
EXPORTS
of Commerce and cover
1:
OCT. 26-N0V.
1, INCLUSIVE
Exports
Imports
*$3,563,098
16,413,994
Refined bullion and coin
Total
.
_
_
-
,
.—
Detail of Refined Bullion and
$608
$19,977,092
Ore and base bullion
$606
Coin Shipments—
$2,990,321
Netherlands
3,202,139
United Kingdom..
Canada
-
Mexico
•-
British India
—
—
-
205,447
1,267,601
952,954
—
150,480
543,366
-
♦Chiefly $612,589 from
Chile; $571,031, Peru; $572,434, Hongkong,
$1,301,190, Philippine Islands.
Gold held under earmark at the Federal Reserve
during the week ended Nov. 1 by
Referring to
in the
under
...
1,604,277
5,497,409
Hongkong...
Japan
New Zealand
only a general survey position.
for
definitely passed,
Australia,.
spending.
granting export licenses.
present war upon the
of the
compared with the position in 1914 the dis¬
turbance has been slight.
Only a few weeks ago
follow
ization Fund.
The
since the end of 1918.
ever
impact
and
bills
refund maturing securities.
Doubtless
first
Reuters
pound in the New York market.
On Nov.
clearing banks
had the
have
houses
discount
Bank of England and the London
support of the
The
seen
The
market.
generally,
already tentatively placed.
Press
This is
position.
bill
Britain
that
possibility
banking position of London has
country by the British Government.
chasing orders here.
there is hardly any
will regain its pre-1914
by the condition of the London
improve in coming months,
may
for goods bought
pay
banking circles in London it is considered doubt¬
ful if
now
on
presumed that from time to time
they become available to
in this
In
placed
It is
deposits
Bank
they sell
of the British Government receive
are
in New York.
However, the foreign trade position of Great Britain
institutional
In return for the securities which
account.
3025
Financial Chronicle
banks was reduced
$19,141,302.
day-to-day rates sterling exchange
New York free market on Saturday last was
pressure
previous close.
cable transfers
pressure on
in
limited trading and
off from
Bankers' sight was S3.96^g@S3.98%;
were S3.963^@S3.99.
On Monday
the pound continued.
The
range was
$3.9334@$3.96ZA for bankers' sight and $3.93%@
$3.96^8 for cable transfers.
On Tuesday, Election
Day, the New York market was closed.
On Wednes¬
The
range was S3.90}^@$3.95J^ for bankers' sight and
$3.90%@$3.95% for cable transfers. On Thursday
day sterling continued easy in limited trading.
.
•
3026
the
The Commercial & Financial Chronicle
market
sight
was
S3.89%.
under
was
severe
Banked
pressure.
$3.76%@$3.88%; cable transfers $3.77@
On Friday the dollar continued in demand.
The range was
$3.81@$3.89 for bankers' sight and
tions
Friday
on
were
for cable transfers.
Commercial sight bills finished at
$3.85%; 60-day bills at S3.84; 90-day bills at $3.83%;
days) at S3.84, and sevenday grain bills at $3.83%.
Cotton and grain for
documents for payment (60
at
this
Britain and the
belgas
are
was
on
York free
market.
Pressure on sterling was
Thursday and Friday of last week, and
increased on Saturday, and became intensified
each
fell to
on
succeeding day until
a
Of
Ninety-day
at
176-177, against 176-177
sight bills
Paris closed
on
on
on
on
Friday
Friday of last week.
the French center finished
2.20% and cable transfers at 2.21, against 2.26%
2.26%.
Antwerp belgas closed at
16.11 for
sight bills and 16.11 for cable transfers,
against 16.67 and 16.67.
Italian lire closed at 5.05
for bankers'
sight bills and 5.05 for cable transfers,
against 5.05 and 5.05. Berlin marks are not quoted
in New
on
York,
Poland.
is exchange on Czechoslovakia
nor
Exchange
Thursday the pound
in the New York market
move
of
sterling, the franc
followed, reaching
Thursday of 2.12% cents, compared with
a
low
on
(nominal), against 0.73% (nominal).
Exchange
against
closed
(nominal).
2.00
at
or
Bucharest closed at 0.73%
on
Finland
on
low of 13.77.
With each downward
*
dollar, due
an
quoted in New York at around 36 points
In New York
the pound in the
francs,
last year.
discount from the basic cable rate.
and
pressure on
over
United States.
The London check rate
this week in terms of the United States
On
estimated
12,857,000,000 francs is owed to
Great
banker's
New
57,718,000,000
is
1,175,000,000 francs
public debt
FRENCH owing to the fixed official rate established
pound francs, while steady in terms of the
renewed
debt
public
increase of
by the Bank of England authorities, declined sharply
entirely to the extreme
are
1,329,000,000 francs.
The
at
Exchange
1939
decreased receipts due to the business crisis.
the debt side the national defense costs
payment closed at S3.85%.
Continental and Other Foreign
11,
does not take into account mobilization expenditures
or
$3.81%@$3.89% for cable transfers.
Closing quota¬
$3.88% for demand and S3.89
Nov.
(nominal),
on
2.03
Greek exchange closed at 0.72% (nomi¬
nal), against 0.74% (nominal).
—♦—
an average
rate
throughout the greater part of September and
October of 2.26% cents.
Transactions
market
are
in
rates
so
in
entirely to the
the
in
York
market
pressure on
must
sterling.
quarters that the current
some
foreign exchange
inconsiderable that the
New
the
francs
•
low
current
be
ascribed
It is thought in
course
of
exchange
points to the probability of further devaluation of
the
European currencies.
The financial position of France does not
justify immediate
has
now
more
seem
for the currency.
concern
gold than at
any
to
France
time since the last
official devaluation of the franc.
capital from abroad since the outbreak of the
war
at
6,000,000,000 francs, excluding securities, gold,
and foreign exchange
repatriated, but not sold or
converted into francs.
The
1940
French
Ministry of Finance has drafted the
budget, estimates which
are
of
war
Holland
guilder.
Amsterdam
to
are
pound.
the
This is especially true of the
According to informed quarters
interests
have been heavy sellers of
sterling and buyers of dollars in the past few weeks.
In
the
New
York free
market on Nov. 8,
90-day
quoted at 35 points discount from the
spot rate.
The Government has asked authority to
increase by 200,000,000
guilders ($106,200,000 at
guilders
were
current
exchange
loans
emergency
rates)
its
permissible
defense
for
limit
expenditures.
for
This
would
Most reliable estimates from Paris place the influx
of
EXCHANGE on the countries neutral reflect the
during
1914-1918
inclined
weakness of the
to be submitted to
lift the limit from
300,000,000 guilders to
500,000,000 guilders ($265,500,000).
Bankers' sight on Amsterdam finished
53.08%, against 53.11
on
Friday at
Friday of last week; cable
on
transfers at 53.08%,
against 53.11; and commercial
sight bills at 52.97, against 53.00. Swiss francs closed
at 22.43 for checks and at 22.43 for
cable
against
22.43% and 22.43%.
transfers,
Copenhagen checks
debate and vote in the Chambers of Parliament
early
It would seem that the French Govern¬
finished at 19.32 and cable transfers at
19.32, against
19.32 and 19.32.
Checks on Sweden closed at 23.83
has decided to allow its full
powers to expire
Nov. 30 without employing them to cover next
year's
while checks
in December.
ment
revenues
There
will
and expenditures.
are
proximately
covered
transfers at
apparently to be two budgets.
concern
civil
expenditures
70,000,000,000
by taxation.
francs,
which
to
ap¬
will
The second will involve
be
war
It is provisionally estimated that this
budget will amount to approximately 100,000,000,000 francs and according to present plans will be
met entirely by loans.
war
The
.
Belgian
ruled
16.73
this
currency
week
continues
between
under
16.10
touched in
August of around 17.75.
pressure
cents
cents, which compares with the
and
high points
The pressure
on
the
belga is attributed to renewed apprehension of
neutrality violation.
The
1940
Belgian national debt is rising. The ordinary
Belgian budget published on Nov. 5 estimated
receipts at
11,656,000,000 Belgian francs and
penditures at 11,633,000,000 francs.
23.83, against 23.82 and 23.82;
Norway closed
on
ex¬
The estimate
at 22.73 and cable
22.73, against 22.72 and 22.72.
The first
amounting
expenditures.
and
and cable transfers at
*
EXCHANGE on the South American countries
presents
features
those
no
weeks.
from
new
It is evident that
Exchange Control boards
their currencies in close
States
dollar
tuations in
and
are
all the
are
of recent
South American
endeavoring to keep
alignment with the United
less
influended
by the fluc¬
sterling.
According to advices from Buenos Aires
by the Argentine Information Bureau
received
at New
York,
clearings in Argentina during October were the
highest shown for any October during the past five
years. The statement issued by the Central Bank of
bank
Argentina
pesos
pesos
for
placed
clearings
compared
at
3,575,677,600
with
3,412,610,500
in September.
Rio de Janeiro
Brazil
bank
October,
has
dispatches
purchased
an
a
few days ago said that
additional
$3,000,000 of
Volume
The Commercial & Financial Chronicle
149
gold from the United States and that further
chases
are
Reports
pur¬
that by the end of the
of Brazil purposes to own
Francisco
of
Dos
Santos, Exchange Director of the
Brazil, said that the
United
$3,000,000 of gold
States
September
in
$3,000,000 bought in November
chased with the bank's
the
ing
on
that
fact
Bank did not take
own
the
were
pur¬
notwithstand¬
resources,
Morgenthau-Sousa
Costa
advantage of them in these earlier
transactions.
Argentine
paper pesos
closed
on
Friday at 29.78 for
sight bills and at 29.78 for cable transfers,
free market
or
23.05@23.10, against 23.50. Brazilian milreis
quoted at 5.10, against 5.10.
quoted
(official),
5.19
at
by Americans of hard-won neutral
majority of
of
the
are
Chilean exchange is
Peru is
5.19.
against
nominally quoted at 19.00, against 19.00.
achieved
whether the
legislation,
unilateral
by
From
the
law,
the
as
helpful
foreign
accordance
policy is
our
the
with
strengthening
found
However, they do not altogether reflect
sterling.
the
sharp decline in sterling in terms of the dollar
the various units
held
are
relatively steady because
of the fixed London rates.
The
Japanese
attached to the dollar and recent
Japanese funds from
partially responsible
least
is
yen
now
heavy transfers of
dollars
sterling to
at
as
for
the
held
are
pressure
on
sterling.
23.45, against 23.45
on
yen
checks yesterday
Friday of last week.
were
Hong¬
kong closed at 24%, against 25.00; Shanghai at 8.35,
against 8%; Manila at 49.90, against 49.90; Singapore
at
47%, against 47%; Bombay at 30.32,
against
30.35; and Calcutta at 30.32, against 30.35.
Gold Bullion in
becoming
rights
"to
statutory rate, 84s. ll%d.
the
in
principal European banks
dates of most recent statements,
special
cable
yesterday
for the
shown
per
as
the
with
that
(Friday);
are
corresponding dates in the previous
four years:
The
1938
£
£
1937
1936
£
1935
£
foreign
international
of
£
*570,528
327,706,541
327,935,277
293,728,237
3,006,950
293,710,643
Spain
c63,667,000
87,323,000
249,573,638
391,871,164
1,815,850
88,092,000
Italy
a23,400,000
25,232,000
42,575,000
42,575,000
112,887,000
47,491,000
law.
104,714,000
98,553,000
Implicitly
set forth in the Act, 011 the other
as
of international law
rules
the fundamental
as
neutrality policy of the United States, and there is
in it
acknowledgment, implied
no
the law cannot be
otherwise, that
On the contrary, the preamble
particular nation.
takes the
or
changed by unilateral action of a
position that the United States retains all
rights,
it has
though
restricted
privileges
by this legislation
nationals
its
of its
none
by expressly
own
rights and
those of any of its nationals, under
or
international
expressly
and
law,
all the
reserves
rights and privileges to which it and its nationals
entitled
the
under
position raises
tive
a
law
of
taken
United
law, as
particularly
and
legislation,
action
thereunder,
States
and
would
law
This
nations."
The effect of this restric¬
question.
nationals
its
depend
would the effect
the
course
of
the neutral rights of
on
on
under
inter¬
the rulfes of that
of the disclaimer that
49,066,000
96,494,000
by
wars
by multilateral agreements.
preamble
national
328,601,513
b3,843,450
this
hand, does not contain any express recognition of
the
1939
Banks of—
of
risk
citizens."
our
by
us
comparisons
in
involved
the
preamble recognized that those rules can only
be modified
are
reported to
the
at
policy of neutrality is in accordance
rules
fine ounce)
of respective
law,"
restating
of neutrals
diminish
stating that it "waives
British
international
Thus, according to the Bloom bill preamble, our
voluntarily
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
com¬
of neutrality "in
one
States stands for
the
advisable
it
neutral
European Banks
as
practicable time," in the meantime it has
fundamental
the
Closing quotations for
Representatives
of
rules
while "the United
and
Act
the
prefacing the
one
affecting the defense of the
not
wars
States
United
restricting the rights of
to
so,
That preamble recited that
pleted it last summer.
pound,
legally affixed
the
as
Bloom bill when the House of
in
of
preamble
Nation
are
he
if
and,
point of view of those interested in
international
earliest
of these currencies
out
us
can
provisions of the Act will influence its
EXCHANGE affected by theEastern countries the
is
adversely on the Far
depreciation in
as many
tending to keep
as
Whether that result
attainment, remain to be seen.
and
—4—
people
our
Judging
comment, it is supported by the
present war.
adopted is not
against 29.78 and 29.78. The unofficial
was
the exercise
from most of the
agreement allowed the Bank certain privileges, the
bankers'
Neutrality Act of 1939, with its restrictions
rights, has become the law of the land.
purchased from the
and the
The
the Bank
year
$12,000,000 of gold in the
United States.
Bank
Big and Little Neutrals
contemplated this month and in December.
are
3027
England...
France
Germany
.
_
2,502,800
197,376,683
570,581,858
3,303,650
90,329,000
Netherlands
92.949,000
63,667,000
25,232,000
123,420,000
Nat. Belg..
102,974,000
94,802,000
Switzerland
95,782,000
114,928,000
78,269,000
80,766,000
46,707,000
Sweden
35,300,000
32,816,000
6,537,000
26,036,000
24,243,000
21,349,000
6,500.000
6,547,000
8,205,000
6,602,000
any
such rights had been waived.
As it is
6,555,000
6,666,000
6,553,000
6,603,000
thereby
Denmark
.
.
Norway
6,602,000
Total week.
760,253,491 1,094,048.728 1,063,538,720 1,044,297,652 1,132,998,191
Prev. week.
written, there appears to be in the preamble
implication that the United States
such
itself
would agree
a
question.
Pursuant to
the
Currency and Bank
Notes Act, 1939, the Bank of England
statements for March 1, 1939 and since have carried the gold holdings of the Bank
at the market value current as of the statement date. Instead of the
statutory prlc e
which was formerly the basis of value.
On the market price basis (168s. per fine
reported holdings of £1,128,195 equivalent, however, to only
about £570,528 at the statutory rate (84s. llj^d. per fine ounce), according to
our calculations.
In order to make the current figure comparable with former
the
ounce)
Bank
periods as well as with the figures for other countries In the tabulation,
English holdings in the above in statutory pounds.
a
Amount held
Bank
of
rencies."
Dec. 31,
Germany
c
As
sequent to Aug.
of
1938, latest figures available,
Includes
"deposits held abroad"
April 30,
and
we
show
b Gold holdings of the
"reserves
1938, latest figure available.
Also
in
first
foreign
situation
sub¬
1, 1936.
The value of gold held by the Bank of France Is presently calculated. In accordance
with the decree of Nov. 13,
1938, at the rate of 27.5
gold, 0.9 fine, equals one
franc; previously and subsequent to July 23, 1937, gold in the Bank was valued at
43
mg.
gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
prior to Sept. 26,1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7,9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold In the Bank of France is now Just about £1; when there were 43 mg.
mg.
49 mg. to the franc;
gold to the franc the rate was about 190 francs to the £1; when 49 mg., about 165
per £1; when 65.5 mg., about 125 francs equaled £1.
rancs
other
nations
different when reservations,
is
disclaimers,
are
multilateral treaties.
included
in
bilateral
Then, when the treaties
ratified
by the nations concerned they
to have
or
or
are
accepted all stipulated reservations.
Should this
United
will
war
end without
are
assumed
participation by the
States, it is probable that much of the credit
cur¬
report
The
waiver
an
decide for
is problematic.
760.721,222 1,092.492,374 1,061.618,683 1,044,138,843 1,137,155,545
*
Whether
can
be
given the
new
Act.
It is true that
our
people have not much confidence in adherence to
international law
out
and
of
war.
wish
forced
it
as
a
means
of
keeping neutrals
Many view that opinion with regret,
were
possible for this country, rein¬
by the views of
a
large popular majority, to
3028
take
a
have
The Commercial & Financial Chronicle
strong neutral stand based
long
prevailed.
Now
formally displayed
our
exercise
neutral
that
the
be
to
of
certain
Thus it may prove more difficult for
entrench
ourselves
with
the
moral
support
potentialities in the domain of force in
protect whatever position
Recent events
indicate
we
that,
Norway's
course
law
as
the
full
ing
seem
course
affected
will assume
neutral
While
have appeared, it does
be said
of
Russia's
authorities, who interned the German
two
days
The
crew.
taken
had
been
established
ship seaworthy, and overlooking
should not have taken
with
legal principles when
the
prize
necessary
the
provides that:
treaty
weather,
leave
its
as
entry
must
the
two later it
or
the
vessel,
repairs had
neutrals in
been
maritime
warfare
as
to
brought into
at
once.
Should it fail to
must
with its officers and
crew,
intern
the
stand
prize crew."
employ the
The
means at
United
Russia and
Germany were all parties to
Therefore, provided the facts were
with
the
ing
a
see
by
outlying
known
passage
that the
islands
as
conditions
compliance
would
be
vessel accompanied her.
lack of charts to make it
safe for her to
well
as
Norwegian port of Haugesund for
a
authorized
Norway
by
international
not
purpose
acted
above-mentioned
treaty, interning the prize
releasing the vessel, including the Amer-
and
crew
lean sailors.
One of
our
leading
newspapers had this editorial
comment to make with respect to this
episode:
"In
the meantime Norway's action will be hailed here as
friendly gesture by
a
count
There is, of
trals.
as
a
an
nation which Americans
old
and
course, a distinct
They have
common
cherished
fellowship
are
friend.
among neu-
interests which
are
in
direct conflict with the interests of the
belligerents,
Hut the motivating factor behind Norway's friendly
was
rather the deep-seated
wegian people.
are
sense
of fairness
ingrained in the Nor-
It is such qualities which entitle
Norway, and indeed all Scandinavia, to rank
most highly civilized
portion of the globe."
as
the
This tribute to Norway is well
deserved, and the
attribution of the real motive close to the truth. It
be
misread
attempt to
war
promptly and firmly under Sections 21 and 22 of
the
stated,
lack of cooperation with
the efforts of our
Ambassador to ascertain the
condition of the American
crew,
a cloud
appears to have been cast on Russia's
entire
end of the transaction.
To
many it seemed that
law,
as
the Soviet Government's
that strict
Norwegian
a
conditions, the ship interrupted its journey through
Norwegian territorial waters and anchored at the
as
damage to her machinery but
ship had
When, in breach of those
will, however, be unfortunate if
given by the German Government for her
"unsea-
How-
through the Leed
as a guarantee
action
the
constitut¬
which the
required,
treaty,
inconsistency between
and
pass
States,
initial and the final
steps taken in this matter by
the Soviet
authorities, and the fact that the reason
as
law.
the "Inner Leed."
under
complied with, and
were
to
friendly gesture to
a
Just
to Germany,
neutral in
crew, under conditions
been permitted to enter and
other small
go
a
in order to safeguard Norway's neutrality, to
However, in view
not
as
international
down the coast within Norwegian territorial waters
protected
duty as a neupermitting the repairs to be made, and then
requiring the prize crew to depart with the vessel.
was
of
Norway permitted the prize
should teach
the
lessons
It is not
us.
tral in
worthiness"
rights
rules
territorial
firm and consistent
a
that
Russia acted in accordance with her
of the
Norwegian
her duties and
to
as
accordance
and respect for law which
obey, the neutral Power
and
into
or
its
disposal to release it
moved
action
If it does
not, the neutral
leave
Flint
unseaworthiness, stress
provisions. It must
the circumstances which
justified
are at an end.
order it
of
1907,
relating to the
"A prize may only be
or want of fuel
soon
of
proud to
(No. 13)
neutral port on account of
of
was
fact, under The Hague Convention
rights and duties of
a
than
-
Article 21 of
contrast, Norway, from the moment that the
waters, seems to have taken
accordance
to depart with
crew
after the
day
a
effected.
In
more
two to determine whether such
the Soviet Government acted in
apparently
by these
so later in releasing the
given for the latter action
case,
allowed
This
crew.
brought into port for repair of
Assuming that repairs were neces-
fact that it
or
or
action
that it
was
machinery.
hour
an
on
was
sary to make the
the
the
reason
by the Russians
that the vessel
In
ever,
evening of Oct. 23 by the German prize crew,
ship was "temporarily" held > by the Russian
authorities
and consistent from the start,
definitely specified, the chief being that the trip
could
same
with
deprived of the moral authority
should be uninterrupted, to take the City of Flint
in this matter.
inconsistent
was
it would have had if her position had been clear
clean-cut appli-
on a
by multilateral agreements.
the
case
Taken into the Russian harbor of Murmansk
her
release the prize
as
principles of international
facts may not
yet
that
a
rights and
in the City of Flint
been, from the start, based
cation to the facts of the
prize
well
sia to act under Article 23, nevertheless the latter's
final decision
City
in the last war,
as
position in the matter of
duties.
was
as
Article 23 of the above-mentioned
treaty, which the United States had, however, ex-
order
take.
may
it will be the smaller nations which
the
to
pressly refused to accept when ratifying the treaty,
on
legal position, and we may have to depend
completely than otherwise might be necessary
more
the
prize court,
a
crew, pursuant to
not
are
Russia
While Germany did not succeed in persuading Rus-
on our
firm
action of
our
clear
a
has
we
insisting
to, induce
others
to
to
in
endeavoring
was
1939
sequester the ship indefinitely pending the ultimate
well be
may
that
assume
overseriously
convenience.
of
rights, it
Germany
thus
11,
recognition of such rights does not suit their
when
us
have
we
willingness to restrict
belligerents will
taken
rules which
on
that
Nov.
friendship for
as
us
that
standing
firmly,
established
of
To do
us.
which
the
will
so
experience
because of any special
Norway took this action,
they did in the last
nations
people hail this
our
war,
Norway and the
Northwestern
resolutely,
and
Europe
impartially
principles of international law
as
are
on
their
best, if not their only, safeguard from involvement
in this war.
They
lent"
can
afford neither the luxuries of "benevo-
neutrality
rights, temporary
nor
or
the
release
of
otherwise, such
any
neutral
as some
of the
great neutral Powers favor in spite of the fact that
neither
course lends
any support, moral or otherwise, to the smaller neutrals in the campaign they
Volume
The Commercial & Financial Chronicle
149
are
waging to have powerful and perhaps desperate
belligerents punctiliously respect the war-time rules
of
the law of nations.
to
join the smaller neutrals in
Since
have decided
we
firm stand
a
that
it
affords
divert the taxes of
not
as
all
on
is
cates
3029
in
extensive
opportunity to
region to the
one
those of the State of New York to
Arkansas
Mississippi.
or
of another,
uses
expenditures
is,
It
moreover,
apposite rules of international law, except in pious
subtle method of
preamble disclaimers, let
ing the support of multitudes of voters who
in
not be too complacent
us
applauding smaller and weaker countries obliged
by stress Of circumstances to live
all
those rules
rigorously.
also, deep though
resolution, to
"common
tween
enthusiasm
our
refrain from
interests"
and
neutrals" until
to and enforce
up
It will be just
are
A
clear
amply
references to
making
power
fellowship
be¬
ready to act accord-
ingly.
California and
lars
in
in
voters
scarcely
them to
vide
Ohio
have
tax
have
gone
preposterous
citizens
some
gratuities for
spoken.
on
record
a
two-to-
four
every
against the
heavily in order to
interstate and foreign commerce, possess all
Organized
almost any
ished
The emphatic
proved
their deluded followers
the
crusade
merely
in
sovereignty.
completely refutes
superior
is
argument that they are
any
of income.
source
a
In fact, that argument
utterly invalid.
The objects of State and Federal taxation
the taxpayers
same,
the
are
the
are
individuals and
same
re¬
con¬
corporations, their ability to
pay
from
fact that demand
from
the
other.
comes
But
the
is not altered by
one
government
Legislatures
re¬
of Ar-
3036)
on page
proposals from x>ublic dis¬
highly
it
inherent
(Continued
propaganda
have used
taxation
the
for
cause
in
profitable,
as
a
are
impover¬
or
and
Arthur Thompson &
neither
of income
source
at all
of
support
plan to subsidize the aged
has
those who
of
pro¬
popular action of last Tuesday finally
the entire series of
to taxes
as
ernment, at the preesnt time, upon import duties
or
cussion.
imports.
upon
relatively slight reliance of the Federal Gov¬
gratulation, but it would be premature to consider
moves
not available
revenue
separate States is excise taxes
powers
submitted to
jection of these ridiculous schemes is
that the
its only source of
taxing-
delegated and lim¬
States, with the single limitation
"Thirty Dol¬
proposal
others.
many
a
should
The
The
California, and three in
less
proposition
rejection.
the
Every Thursday" has been rejected by
vote
one
Ohio
either
of
insure
to
of the United States is
to the
upon
After California and Ohio?
statement
suffice
ited power;
The
'
suppose
outside the field of taxa¬
are
tion.
well,
as
they themselves
be for their
may
"distinct
we
that
a
enlarging tax exactions by enlist¬
nor
Specialists in
likely to abandon
because the
voters
of
WILLIAM ST.,
52
NEW YORK CITY
few
a
Han-2-3950
separate States have decided,
even
Co.
United States Government Securities
Teletype NY-1-2670
by great majori¬
ties, that such distributions cannot safely be under¬
taken
by their taxpayers.
The field supplied
those who would like to receive
those who
eral
would be
the
pleased to foist
gen¬
as
contributions to finance continued
be
obtained
these
and the
public
and,
long
agitation
several
States, the interested advocates of
the
to
Federal
citizens"
Government and to Con¬
ently refused to support any plan for old-age gratui¬
ties that differs from the
or
he
that is confined
one
argument
that
of his
own
invention
by State boundaries, and neither
his followers will be
nor
rejection
likely to overlook the
by
the
States
points
directly towards the Treasury of the United States
as
at
the
unfailing
Already the Government
recourse.
Washington has entered the field, utilizing its
taxing
to
power
States to
set
up
entice,
by subsidies, the several
systems of old-age and disability
pensions exceeding in cost the amounts their legis¬
lators are willing to impose in taxation on their
own
citizens, and it is necessary to anticipate the
fail, those of the Nation
inexhaustible.
even
velt.
before
Such
his
whole
a
can
are
contention
first election
Basically, of
that the
Governments
for
week.
three
course,
it rests
be greater
was
advanced
upon
than the
the belief
sum
of its
parts, and its chief attraction to its discerning advo¬
selling
have
continued,
medium
many
lower.
moderately
fluctuated
Kansas
bonds
improved fractionally during
City Terminal 4s, 1960, were up
dropping 3 to 62%.
this
trend
Finance
ment
the
around
% at 108%.
Medium-grade rails also participated in the advance.
and
Spec¬
ground, Delaware & Hudson 4s, 1943,
Boston & Maine bonds
advanced
on
that
news
Corporation has conditioned
a
the
counter to
ran
Reconstruction
loan
on
readjust¬
a
Boston & Maine 5s, 1967, advanced 5% points
plan.
44%, while the 4%s, 1961, at 44 gained 8% points.
to
high-grade utilities have
Although
the greater part
noticeable and
marked
during
time
of the week, the tendency to advance was
issues, such as Consumers Power
numerous
3%, 1966; Northern States Power 3%s, 1967, and Rochester
Gas
&
Electric
current
31/4s,
1969,
California
move.
the elections.
established
highs
new
for
the
utilities also advanced following
Pacific Telephone & Telegraph
C S^s, 1966,
gained 1% points for the week, closing at 107%, and South¬
ern
California
Edison
3%s,
Lower grades have been
1960,
advanced
1%
109%.
to
uncertain and speculations drifted
lower.
Mixed
changes
bonds
this
shown
gains,
Oil
conv.
week.
2%s,
have
showed
Liggett
&
have
been
the
Petroleum
including
the
a
Myers
lower,
among
with
Lorillard
industrial
obligations
convertibles,
strengthening
and
rule
company
1948, excepted.
been
re¬
by President Roose¬
as
Chesapeake & Ohio 4%s, 1992, lost % at 120%,
issues
abundant and
have been
well
as
weeks.
railroad
High-grade
the
market
rails
lower-grade
grades
revival of the claim that where local and State
sources
level
bond
advancing,
ulative rail issues lost
The interesting Dr. Townsend has persist¬
gress.
States
same
the
grades
and
and
cease.
in
trends
high
grades,
can
expected that from California and Ohio
pensions to the so-called "senior
turn
as
misguided, the promotion of
illusory schemes will not
It is to be
Recent
with
United
relatives is too rich to be left untilled
will
the
upon
taxpayers the cost of maintaining their elderly
from the
The Course of the Bond .Market
by
gratuities and
the
have
Continental
Steel company convertible
the
stock
tendency,
5s.
market.
High
particularly
Declines
of
the
several
points have been observed among low-grade issues, notably
the
Hudson
Coal
International
5s, 1962, down 2% points at 36, and the
Mercantile
Marine
6s,
1941, which
lost
4%
points at 57%.
Political
developments in Western
Europe affecting the
position of the Lower Countries brought fresh unsettlement
3030
into
The Commercial & Financial Chronicle
the foreign bond
market.
Belgian bonds lost
several
points,
and the rest of the European list reacted sympa¬
thetically, although the extent of the decline has been in¬
significant.
Italian
issues sold lower
on
bonds
balance.
MOODY'S
{Based
U.
8.
1939
Govt.
iJCLuy
DQTlUrO
All
120
continued
firm,
PRICES
a
firm under¬
issues,
Japanese
such
bonds
moved
t
MOODY'S
120 Domestic
bg Ratings
All
Corporate by Groups*
A
BOND
120
1939
YIELD
baa
RR.
P.
U.
lnd.
120 Domestic
Averages
Aaa
Corp
Aa
A
Baa
RR.
3.79
4.88
4.46
3.17
3.80
4.86
3.19
3.80
4.84
Exchan ge Clos ed
3.03
3.20
3.82
4.83
119.47
116.00
1C3.74
86.21
92.43
110.63
114.30
105.22
Nov. 10
3.71
119.92
3.01
116.00
3.17
103.56
80.50
92.43
110.83
114.61
9
105.22
3.71
119.47
115.57
2.99
103.60
86.78
92.59
110.63
114.30
8
3.71
3.01
Stock
0- 112.09
Exchan ge Clos ed
105.04
119.03
115.35
103.20
86.92
92.43
110.43
4— 112.02
113.89
0
105.04
3.72
103.02
87.07
92.69
110-43
113.08
4
3.72
8— 112.02
119.03
104.85
118.60
115.14
115.35
t
Corporate by Groups
105.22
112.95
averages
by Ratings
9- 113.08
8„
AVERAGES
Mr
lit
Nov. 10- 112.94
7-
moderately.
limits.
narrow
120 Domestic Corporate
Domes
Tln4ltt
Aa
of the better-
gained
fBased on Individual Closing Prices)
tit
Aaa
within
some
1939
given in the following tables:
HC
Corp.*
bonds, and
Argentines,
the
as
11,
Moody's computed bond prcies and bond yield
are
ijuiiy
Averages
Nov.
South American
in
Average Yields)
on
120 Domestic Corporate *
Domes-
grade
but Australian
There has been
BOND
current
7
Stock
3.03
3.21
3.83
4.82
P.
U.
lnd.
3.43
3.25
4.46
3.42
3.24
4.45
3.43
3.25
4.46
3.44
3.27
4.45
3.44
3.28
102.84
86.92
92.43
2— 112.84
113.68
3
104.85
118.60
3.73
115.14
103.02
3.05
3.20
86.78
3.84
92.43
4.83
4.46
110.24
3.45
113.27
3.28
1- 113.00
2
104.67
118.38
3.73
114.91
3.05
102.66
3.21
86.78
3.83
92.43
4.84
4.46
110.04
3.45
113.07
3.30
1
3.74
3.06
3.22
3.85
4.84
4.46
3.46
3.31
Weekly—
110.24
j
Weekly—
Oct. 27—_
Oct. 27— 112.62
104.30
117.94
114.09
102.48
86.92
92.69
109.24
20- 112.84
112.66
103.74
117.29
113.48
101.76
86.50
91.97
4.45
108.60
3.50
13- 110.77
111.84
102.48
2
115.78
111.43
3.79
3.11
100.53
3.29
85.79
3.90
91.20
4.86
4.49
107.30
3.53
3.37
0— 109.90
110.04
101.68
13
114.51
3.80
110.24
3.18
99.66
3.39
85.52
3.97
91.05
4.91
4.54
100.17
3.60
3.46
Sept .29— 110.38
108.85
101.06
114 09
6
109.44
3.91
3.24
99.31
3.45
4.02
4.93
4.55
3.66
3.52
108.93
100.18
98.28
84.55
101.06
112.80
114.09
108.66
15— 110.60
109.44
99.14
85.24
22-
85.24
91.06
105.41
3.76
3.08
3.26
3.86
4.83
3.33
107 88
Sept.29
3.20
3.49
90.29
4.95
104.48
4.65
106.92
22
3.99
3.32
3.53
91.20
,
4.10
5.00
105.22
4.60
108.08
3.75
3.62
15
3.94
3.26
3.49
4.05
4.95
100.17
4.54
108.40
3.71
3.56
8
3.94
3.22
3.49
4.01
5.02
108.46
4.58
111.23
3.60
3.54
1
3.85
3.07
3.32
5.09
4.61
8— 111.26
101.06
114.93
109.44
99.83
84.28
90.59
1- 114.04
102.66
118.10
112.80
101.41
83.33
90.14
'
3.94
4.04
3.92
3.70
3.54
3.67
3.40
114.85
104.48
84.69
91.66
110.24
18-
110.63
113.89
105.98
121.49
103.56
Aug. 25
3.75
117.29
2.97
3.17
3.85
86.78
93.21
4.99
111.43
4.51
3.27
110.79
115.35
3.45
i
106.64
121.49
18
118.16
3.67
2.92
3.11
103.74
87.21
3.80
93.69
4.84
111.43
4.41
100.73
11
3.20
117.12
116.00
3.39
121.72
3.64
118.16
103.93
2.92
3.07
87.49
3.79
4.81
94.17
111.64
4.38
3.39
115.78
3.17
4
3.63
2.91
3.07
Aug. 25..
-
4~~.
July 28— 117.47
21- 117.07
14-
116.99
120.37
110.00
102.66
100.73
121.72
118.38
103.93
87.64
3.78
94.01
4.79
4.35
111.64
116.00
3.38
3.18
106.64
121.94
118.38
28
3.03
2.91
103.38
3.06
87.36
3.78
93.69
4.78
111.64
116.00
4.36
3.38
3.17
100.17
122.17
21
3.64
117.94
2.90
103.02
3.06
86.64
3.81
93.06
4.80
111.64
4.38
115.78
3.38
14
3.66
2.89
3.08
3.83
4.85
4.42
3.38
3.18
7
3.69
2.88
3 09
3.88
4.90
4.48
3.40
30
3.18
3.72
2.91
3.11
3.90
4.95
4.52
3.43
3.21
7-
110.82
105.60
122.40
117.72
102.12
85.93
92.12
111.23
June 30—
110.43
115.78
105.04
121.72
117.29
101.76
85.24
91.51
110.63
115.14
117.29
102.48
85.93
92.43
110.83
July
23-
117.13
105.41
121.49
10-
June
3.17
110.80
115.14
105.22
23
121.27
117.07
3.70
2.92
102.12
85.79
3.86
92.12
4.90
4.46
110.63
3.42
117.34
114.93
3.21
9•
105.41
121.27
16
3.71
110.86
2.93
102.00
3.12
86.21
3.88
92.59
4.91
4.48
110.83
3.43
117.61
114.72
3 22
2-
9
105.22
121.04
116.64
3.70
102.84
2.93
85.52
3.13
3.85
4.88
4.45
3.42
3.23
91.97
3.11
111.23
114.30
2
120.82
3.71
116.43
2.94
102.12
84.55
91.05
110.83
19..
116.97
113.68
103.50
120.69
May 26
3.75
115.78
2.95
3.15
101.06
83.46
3.88
5.00
89.84
4.55
110.43
3.42
116.37
113.27
3.28
12„
104.11
19
120.37
3.80
116.43
2.96
101.70
3.18
83.73
3.94
90.59
5.08
110.24
4.63
3.44
5-
115.78
113.48
3.30
103.56
12
120.14
3.77
115.78
2.97
101.23
3.15
83.06
3.90
89.99
5.06
4.58
3.45
5
102.84
112.80
3.29
115.41
109.84
May 20.. 116.98
Apr. 28..
104.48
119.47
115.35
100.53
82.40
89.40
109.24
21.. 115.13
112.25
102.60
119.03
114.93
100.53
82.40
89.10
14-
114.76
109.05
119.03
114.72
100.18
81.61
88.05
0-
108.66
114.85
102.84
114.72
100.70
82.00
89.40
108.85
119.25
116.14
102.30
84.83
91.51
109.24
112.80
2.98
3.18
3.93
5.11
4.62
.3.47
3.32
3.20
3.97
5.16
4.66
3.50
3.35
3.03
3.22
3.97
5.16
4.58
3.51
14
3.35
3.87
3.03
3.23
3.99
5.22
4.71
3.53
6
3.84
3.02
3.23
3.96
5.14
4.66
3.52
Mar. 31
3.34
3.78
3.02
3.21
3.91
4.98
4.52
3.50
3.32
2.99
3.21
3.88
4.91
4.47
3.48
3.30
104.48
119.92
115.14
102.12
85.79
92.28
17-
114.04
109.04
104.67
113.27
119.92
24-
3.75
114.93
102.30
86.07
92.43
109.64
113.27
17
3.74
114.79
105.22
114.93
102.84
87.21
93.53
3..
113.59
110.04
If 4.48
113.68
114.72
102.30
85.52
91.97
113.38
109.64
113.48
103.38
114.30
101.06
84.14
90.14
17- 113.30
109.05
113.27
103.38
119.69
3„
113.16
Jan. 27..
112.59
Feb.
;
2.99
3.22
24
3.87
4.89
2.97
3.22
3.84
4.81
4.39
3.46
3.28
3.75
2.98
3.23
3.87
4.93
4.49
3.48
3.29
3.81
3
119.69
3.37
3.71
10
120.14
Feb. 24..
10.. 113.21
3 25
3.01
114.70
120.37
3.40
3.80
Apr. 28—
24-
10..
4.49
3.85
112.45
103.93
4.93
3.84
111.84
119.25
Mar.31_. 114.85
3.84
21——
112.25
102.30
3.14
3.00
3.25
3.94
5.03
4.61
3.51
3.30
4.46
3.48
3.30
114.30
101.23
83.87
89.99
109.05
113.27
103.20
17
119.69
3.81
114.09
3.00
3.25
101.06
3.93
83.60
89.69
5.05
4.62
108.85
112.45
3.51
10
3.30
102.84
119.47
3.82
113.68
3.00
100.88
3.26
3.94
5.07
4.64
3.52
3.29
83.19
89.10
108.00
101.94
113.48
3
119.03
3.84
113.07
3.01
99.83
3.28
3.95
82.00
87.93
5.10
4.68
107.88
113.86
3.29
103.20
27
3.53
20- 113.18
119.69
3.89
113.48
3.03
101.06
3.31
4.01
83.87
5.19
89.55
4.76
108.66
113.48
3.32
102.60
20
3.57
13- 112.93
119.47
3.82
113.07
3.00
3.29
100.53
3.94
83.06
89.10
5.05
4.65
112.95
107.88
113.27
13
3.53
102.48
119.25
3.85
112.25
3.01
100.53
3.31
3.97
5.11
88.80
107.69
4.68
4.57
112.86
6
3.30
High 1939 117.72
83.06
100.92
122.40
118.60
3.86
3.02
3.35
104.11
3.97
94.33
4.70
111.84
116.21
3.58
3.32
Low 1939 108.77
87.78
5.11
100.00
112.45
High 1939
108.27
4.00
3.34
3.55
81.09
4.10
87.93
5.20
3.70
111.43
3.62
3.64
118.60
100.54
Low
101.70
104.30
4.76
High 1938 112.81
98.28
100.18
2.88
3.05
82.27
3.77
88.30
107.11
4.77
4.34
112.05
3.16
112.45
High 1938
3.37
88.80
102.00
4.70
3.34
89.10
3.85
62.76
4.68
71.15
6.98
96.11
Low
6.11
104.30
4.23
8.76
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
3.94
3.90
3.47
4.00
5.20
4.80
3.64
3.38
6—
Low
1
1938 109.58
Yr
A (7"
Nov .10*38 112.46
2 Yrs.Ago
Jan.
1
101.06
117.72
109.84
100.00
81.87
87.35
106.54
111.64
Nov.10'371108.02
1939
1938
Year
Aon—
Nov. 10,1938—
2 Years Ago—
3.29
lb
96.94
114.51
108.46
96.28
75.35
86.50
98.97
106.54
Nov. 10, 1937—
4.18
3.24
3.54
4.22
5.73
4.86
4.06
3.64
These prices are computed from
average yields on the basis of one "typical" bond (4%
coupon, maturing In 30 years), and do not purport to show
level or the average movement of
either the average
actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative
levels and the relative movement of
yield averages, the latter being the truer
picture of the bond market.
11 The latest complete list of bonds used In
computing these indexes was published In the Issue of Aug. 19,1939,
page 1080.
*
The
Capital
Flotations
in
and for the
'fhe
state
new
of
the
United
issues market in October remained in
the
lethargy in which it found
itself in
same
September, in
spite of the steady improvement in the bond
market, evi¬
denced by declining yields.
The figure of total
corporate
financing in the month, $175,513,584, can not be taken to
indicate the improvement that
comparison with the $90,194,150 for September would
suggest, for of October's aggregate,
$141,582,000 represents two issues, New York
Telephone
Co.3%s and New York Power & Light Corp. 3%s,
nego¬
tiations for the sale of which were
concluded in September,
but actual consummation of which was
delayed until October
by the necessity of awaiting approval of
public authorities.
The bulk of corporate sales was
through private place¬
ment, $155,957,000 (eight issues)
being disposed of by that
means
and only $19,556,584
(10 issues) through public
offerings.
The amount offered to the
public exceeded the
$8,839,150 so offered in September, but in that month no
issues risked public
reception until the 18th of the month, and
so the month's
aggregate actually represents operations of the
last two weeks of the month.
Prominent
among
the
publicly-placed issues were two
issues, one of the Atchison Topeka
$8,000,000, the other of the Wheeling
& Lake Erie Ry. for
$1,200,000; both issues carry a 2lA%
coupon and mature serially, 1940 to 1949.
The only other
public offerings of any size were a
$6,250,000 investment
railroad equipment trust
& Santa Fe Ry. for
debenture issue and a
$2,000,000 preferred stock issue..
By far the largest part of October's
corporate issues were
for the purpose of
retiring securities already outstanding;
only
$18,200,021 was for new capital
purposes, in comparison
with $16,019,150 in
September and $63,921,610 a year
ago.
Municipal financing, unlike the
corporate, underwent a
substantial measure of improvement in
October, offerings in
the month totaling
$51,567,405, compared with only $23 865,498 in September and $69,908,600 in
August.
The gain
is much less marked,
however, on a year-to-year
trust
States
During the Month of
Ten Months of the Calendar
comparison
basis.
October's total
October
Year 1939
was
about half
the amount
of th
corresponding month of 1938, while September's was only
about one-third; however, in
every other month of 1939
with the exception of
February, municipal financing was in
greater volume than in the same month of last
year.
Aside from the operations of the United
States Treasury
itself, the Farm Loan and Government Agencies
group car¬
ried out the most extensive
financing operations in October.
The total of
$510,959,000 for this division consists chiefly of
$204,243,000
$275,866,000
Commodity
Credit
Corporation notes and
Corporation notes,
principal and interest by the United
Reconstruction
both guaranteed
States Treasury.
as
to
Finance
The CCC issue
went to retire
a
like amount
of notes held
by the public, while the proceeds of the RFC
issue were
principally for the purpose of reimbursing the
United States Treasury for funds
previously advanced to
the RFC.
Treasury Financing During Month of October, 1939
Public
financing operations of the Treasury in October,
aggregating $1,066,226,556, were in the greatest volume since
last March, and included the
refunding of $515,210,900 of
the $526,232,500 series B
l^% notes due next Dec. 15.
It
had been expected that this
refunding would have been under¬
taken in September, but because of unsettled
market condi¬
tions then prevailing, induced
by the state of affairs abroad,
the operation was
postponed at that time.
Treasury raised new money
by the sale in the market of its own securities, other than
United States Savings bonds.
Two of the weekly bill offer¬
ings were for amounts in excess of maturities and
by this
means the
Treasury acquired $99,337,000.
This sum, to¬
gether with $49,831,656 from the sale of "baby bonds,"
resulted in a total cash gain of
$149,168,656.
The Treasury
also added to its cash resources
through the public sale of
For the first time this
year, the
Reconstruction Finance Corporation
notes, out of the pro¬
ceeds of which it was able to retire the
$243,047,627 (as of
Volume
3031
The Commercial & Financial Chronicle
149
June 30,
1939) RFC series Q notes which it held.
Thus,
nearly $400,000,000 "new money" accrued to the Treasury
through its October financing.
There was a substantial improvement in the market for
governments in October, the average price of United States
bonds rising, according to Moody's compilation, from 109.57
on Oct. 2 to 113.21 on Oct.
24; at the month's close the price
Type of
FINANCING DURING
TREASURY
STATES
OF
MONTES
2
91-day Treas. bills
91-day Treas. bills
101,030,000
100.429,000
100,429,000
Treas. bills
100,104,000
Aug. 23
91-day Treas. bills
100,858,000
Aug. 30.^
91-day
Treas. bills
100,403,000
73,169,481
100,104,000
100,858.000
100,403,000
Aug.
9
Aug. 16
Aug.
Amount
Date
100.046,000
100,046,000
100,726,000
47,234,254
100,726,000
448,471,254
401,237,000
91-day Treas. bills
100,548,000
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
1% Treasury notes
U. S. Savings bonds
100,198,000
150,279,000
150,159,000
100,548,000
100,198,000
100,861,000
73,169,481
100,358,000
91-day
Oct.
Treas. bills
U. S. Savings bonds
total.
Ill
Oct.
18
25
5
91
days
282,433,000
100,563,000
91
days
259.665.000
100,392,000
99.997
19
91
days
299,680,000
99.996
July
20 July
26
91
days
240,195,000
100,861,000
100,240,000
89,165,148
89,165,148
1
100,107,000
47,234,254
47,234,254
99.995
75
2
91
days
275,391,000
101,030,000
99.995
»
149,168,656
6,524,677,700
829,123,422
INTERGOVERNMENT
9
91
days
100,429,000
99.992
91
days
100,104.000
99.992
91
days
218,404.000
100,858,000
99.989
Aug. 25 Aug. 30
91
days
320,012,000
100.403,000
99.981
*0.042%
*0.076%
Aug 1-31 Aug.
10 years
73,169,481
73,169,481
75
*2.90%
%
1,401,880,000
613,844,000
*0.032%
Aug. 18 Aug. 23
$
2,015,724,000
First 6 months total
Net Issued
Retired
$
*0.032%
256,175,000
242,224,000
FINANCING
Issued
*0.022%
3 Aug.
~4~9~,831*656
917,057,900
1939
27 Aug.
49,418,000
49,919,000
7,353,801,122
Total 10 mos
491,221,148
total
100,240,000
515,210,900
515,210,900
49,831,656
1,066,226,556
October total
*0.014%
*0.012%
*0.015%
*0.019%
*2.90%
99.996
12
1
Oct.
4,771,888,683
10 years
4
Nov.
6 July
July
100,358,000
100,107,000
Treas. bills
91-day
91-day Treas. bills
91-day Treas. bills
Oct.
14 July
1
502,824,000
6...
Sept.
Yield
Price
July
July
73,169,481
575,993,481
Sept.27...
of the "Chronicle"
July
Jly 1-31 July
Savings bonds
Sept. 20...
$
$
June 27 July
U. S.
1
Sept.
Amount
Accepted
total
months
91-day
August total-
TEN
89,165,148
101,030,000
Sept. 1-30.
Applied for
Date
First 6
89.165,148
89,165,148
171.)
1939, page
Dated
100,240,000
100,861,000
U. S. Savings bonds
402,056,000
Oct.
Offered
Treas. bills
91-day
100,392,000
491.221,148
Aug.
1939
(Detailed figures for the first six months appeared in the issue
dated July 8.
1
470,385,883
100,563,000
100,392,000
100,861,000
100,240.000
Sept.13...
FIRST
THE
4,301,502,800
100,563,000
July total.
financing activities in the first ten months of 1939:
UNITED
26
«uly
Treasury notes, series B 1944, were offered Oct.
23, solely on an exchange basis, for series B 1939 maturing
Dec. 15, 1939.
As already noted, the offer resulted in the
issuance of $515,210,900 new notes and the retirement of a
similar amount of old ones, leaving $11,021,600 of the old
notes to be paid off at maturity.
"Baby bond" sales in the first ten months of 1939 have
aggregated $729,786,422, compared with $466,846,411 in
the same period of 1938.
In the tabulations which follow we outline the Treasury's
19
july
The 1%
12
July
Indebtedness
Refunding
4,771,888,683
total
5
July
Accepted
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
First 6 months
July
New
Total Amount
Security
Dated
113.14.
was
OF FUNDS
USE
Aug.
Aug. 10 Aug. 16
Augu st
1
6
91
days
322,135,000
100,358,000
91
days
340,813,000
100,107,000
99.960
91
days
480,166,000
100,046,000
99.968
Sept. 22 3ept. 27
91
days
548,014,000
100,726,000
99.979
Sep 1-30 Sept.
10 years
47,234,254
47,234,254
1
75
162,288,000
17,449,000
148,288,000
129,000,000
1,200,000
127,800,000
51,100,000
2,738,000
48,362,000
180,100,000
3,938,000
176,162,000
August—
*0.108%
♦0.159%
*0.125%
*0.082%
*2.90%
99.973
8 3ept.13
114,000,000
3,449,000
165,737,000
July total.
Sept. 15 Sept. 20
Sept.
14,000,000
165,737*666
Notes
575,993,481
total
Aug. 30 Sept.
July—
Certificates.
Certificates.
Notes
August
total.
•
4
91
11
91
Sept. 29 Oct.
Oct.
6 Oct.
September—
448,471,254
Septe mber to tal
days
331,978,000
100,548,000
100,198,000
days
434,910,000
99.991
13 Oct.
18
91
days
495,049,000
150,279,000
25
91
days
517,705,000
99.993
Oct.
23 Nov,
1 52 Yi mths
515,210,900
49,831,656
150,159,000
515,210,900
years
Octo ber tota 1
Total
*
10
1
j.
rate on
x31,069,000
100
75
Certificates.
12,000,000
5,500,000
Notes
43,000,000
3,474,000
6,500,000
39,526,000
total.
October—
1,066,226,556
55,000,000
a
and slightly above par
above par down to 99.999
$385,000 at par; balance at 99.999.
bank discount
basis,
x
At
8,974,000
46,026,000
2,459,561,000
1,506,310,000
953,251,000
October total.
7,353,801,122
mos.
Average
49,831,656
74.069,000
September
*0.033%
*0.027%
1%
*2.90%
99.992
20 Oct.
10
xl2,069,000
43,000,000
*0.022%
Oct.
1
xl9,000,000
55.069.000
Notes
*0.036%
99.995
Oct.
Oct 1-31 Oct.
19,000,000
43,000,000
Certificates
*
par
certificates and notes; certificates sold to
and Unemployment Trust Fund, and notes to
sales of special series
Comprises
y
At fractionally under par; bids ranged from slightly
Adjusted Service Certificate Fund
c
96% at par and 4% at 99.999.
Old Age Reserve
a
Account, Railroad Retirement Account, Civil Service Retirement
Fund, Foreign Service Retirement Fund, Canal Zone Retirement Fund, Alaska
Railroad Retirement Fund, Postal Savings System and
Federal Deposit Insurano
Below we present a tabulation of figures since January,
1937, showing the different monthly amounts of corporate
financing as revised to date. Further revision of the 1938, as
well as the 1939 figures, will undoubtedly be necessary from
time to time, particularly as additional private financing is
Corporation,
brought to light in annual reports and other places.
SUMMARY OF CORPORATE FIGURES
BY MONTHS. 1939,
$
February
5,926,032
23,570,572
March
52,979.191
January
Refunding
$
10,386,300
136,115,000
46,688,660
1938 AND 1937
*1937
*1938
*1939
New Capital
Excess of retirements.
x
comprehensive tables on the succeeding pages we
compare the October and ten months figures with those
for the corresponding periods in the four years preceding,
thus affording a five-year comparison.
In the
Total
$
Total
Refunding
Refunding
%
Total
$
New Capital
New Capital
$
$
$
203,646,962
240,020,551
181,055,483
300,241,439
$
16,312,332
159,685,572
46,364,596
40,851,910
4,141,400
50.505,996
62,224,590
103.076,500
99,667,851
23,995.213
58.643,000
82,638,213
96,594,477
154,587,030
139,243,338
236,220.709
390,424,845
624,722,996
1,015,147,841
78,433,361
88,128,403
92,220,363
155,373,179
167,530,198
176,230,935
431,501,646
394,607,681
320,298,821
82,475,795
193,189,960
275,665,755
111.211,719
125,008,990
78,160,042
21,740,443
30,241,064
181,749,350
259,909,392
11,683,361
66,750.000
161,502,000
37.574,800
25,691.650
63,266.450
251,798,424
183,242,443
282,039,488
202,315,995
98,791,000
301,106,995
79,401,795
83,010,572
276,128,467
595,049,774
725,191,323
251,574.156
191,232,650
442.806,806
438,540,834
774,262,779
130,141,549
335,721,945
Second quarter
1,000,857,078
362,785.875
316,241.640
679,027,515
828,965,679
1,789,410,620
Six
788,239,734
960.444,941
212,617,344
50,139,246
25,894,844
16,019,150
180,438.079
230,577,325
185,820.831
343,357,485
90,194.150
130,275,506
127,013,570
84,937,241
55,545,325
317,462,641
74,175,000
211.140,930
338.154.500
65,135,600
150.072.841
81,745,046
50,872,836
113,745,862
68.130,628
67,194.072
39,385,636
139,875,674
108,066.908
153,131,498
92,053,240
572,075,720
664,128,960
342,226.317
331,821,855
674.048,172
246,363,744
648.063,495
1,353,075,687
1.075,329,423
First quarter
April
May
June
months
'
July—
August
September
Third quarter
401.073,980
1,115,155,177
2,190,484,600
138,539,000
37,208.768
304,670,584
1,360,315,454
1,664,986,038
18,200,021
157,313,563
175,513,584
63,921,610
43.520.873
274,237,144
338.158,754
235,493,300
151,222,673
295.037,575
66,986,500
36,088,768
46,607,622
71,552,600
107,701,800
59,544.275
20,852,269
67,459,791
166,986,758
617,432,244
784,419,002
149,682,790
93,524,769
243,207,559
871,998.950
Nine months
October
1,265.495.739
2,137.494,689
1,225,012,213
1,208,679,946
2.433.692.159
November.
December
Fourth quarter
Twelve months
*
154.710,236
-
705,012.192
Revised.
1,120,000
,
in previous issues of the,'Chronicle," t&e following changes have been made: (1) January, 1939—Added to New Capl
Manufacturing, 99,000 shares at par ($1), Timm Aircraft Corp. common stock; total amount, $99,000.
Offered by G. Brashears
& Co.
(2) April, 1939—Added to New Capital, "Long-term Bonds and Notes," Land, Buildings, &c., $1,000,000 Arrowhead Springs Corp. 5% debentures, due serially,
Feb. 15, 1959-1968.
Offered at par by the corporation.
(3) April, 1939—Added to New Capital, "Common Stock," Land, Buildings, &c., 10,000 shares (no par)
stock of Arrowhead Springs Corp.; total amount, $100,000.
Offered by the corporation at $10 per share.
(4) May, 1939—Added to New Capital, "Long-term Bonds and
Notes," Investment Trust, Trading, Holding, &c., $500,000 Affiliated Fund, Inc., 4H% 10-year convertible debs, due 1949.
Offered at 100 and int. by Lord, Abbett & Co.
(5) July, 1939—Added to Refunding, "Long-term Bonds and Notes," Public Utilities, $4,971,000 Bridgeport Hydraulic Co. 1st mtge. 3^% bonds, series I, due July
placed privately.
(6) July, 1939—Deducted from Refunding, "Preferred Stocks," Public Utilities, $1,305,500 Wisconsin Gas & Electric Co. 4
preferred stock (par
(7) July, 1939—Added to New Capital, "Common Stock, "Other Industrial and Manufacturing, 212,500 shares common stock (par $1) Barkley-Grow
Corp.;
amount. $425,000,
Offered to shareholders at $2 per share.
(8) July, 1939—Added to New Capital, $50,537; added to Refunding, $249,463, "Long-term Bonds and
Other Industrial and Manufacturing, $300,000 Read Machinery Co., Inc., 1st mtge. 10-year 4^8, 1948 (with warrants).
Offered at 99 and int. by Stern Bros. & Boyce.
(9) July, 1939—Added to New Capital, "Common Stock," Miscellaneous, 20,000 shares capital stock (no par), Seven Up Bottling Co. of Los Angeles, Inc.:
$200,000.
Offered by R.N. Gregory & Co. at $10 per share.
(10) August, 1939—Added to Refunding, "Long-term Bonds and Notes," Public Utilities, $2,165,000
Electric Light Co., St. AJbans, Vt., 1st mtge. 3H% bonds, series D, 1961, placed privately.
(11) August, 1939—Added to New Capital, "Investment Trust, Trading
NOTE—In addition to the revisions already noted
tal, "common stock," Other Industrial and
capital
Aircraft
Holding, &c., $500,000
total amount,
Public
and
100 and int. by Lord, Abbett & Co. (12) December, 1938—Deducted
Affiliated Fund, Inc., 4^% 10-year convertible debs., due 1949.
Offered at
Bonds and Notes," Public Utilities, $15,000,000 Cities Service Gas Co. 1st
from Refunding, "Long-term
1, 1974,
$100)
total
Notes,"
mtge. pipe line bonds.
23,740 17,241961,379.286
Total
25.39,2 38.961,50 71,86.0344,98,0 368,120.76
Refunding 163,90475 "107.5946
Capital 70.S352 1,540",0 1,379,286
73,0281 15,0 0 59,289,0231,70, 0 14S,61834
New
381,40.86
1,0 ,0 83,194067
Refunding 249,3250 187 8,60 3,9 6,0
271,56 0
1,0 ,0 4,9 1,954
Capital 59,2140 13,42,452 1,54 14 15,0 0
138,590 34,0 028,097 04,80,0 205,73609
New
17,60 20,9,0
Total
1937
Refundi g 71,52 0
Total
Refunding
$
30 ,0 0 718,754
35,190 1,950, 0
8
Total
531,254
30 ,0 0 187,50
Capital 61,48 10 1,950, 0
17,05 0 3~,150",6O 1,306,584
1939
COORPFATE,
COIRSUPTNHIAEED
175,13584 510,95 0 51,6740 1,50,0 739,5 98
Total
Refundi g
157,20638
42,925
GORNUEPFIW
157,3 563 235,09 0 9,73,2641,50,0 403,679827
SUM ARY Capit l 13,78632 3,107, 5 1,306,584
CAHARNTDE
18,20 21 275,86.0 41,7941 35,86012
New
30 ,0 0
2, 54,06
OCTBER anonteds. anonteds. _ anoteds ;G governmt-Gacie,_s.♦&Municpatl—Ses,Poesin ifnunclodtse
16,19,56 2,014,0 3~,403",0
-
"87,50
1,957",0 42,60 ,184812,50
Capit l 4,925,0 32,04650
6,10 , 0 1,0 ,0 1,976,0
46,0750
~
New
240, 0
24"O,6
20.~6b0.6
2,140 2558"0,'702",6,712,0 4, 54, 6 I,5~6"O~6 ~"~58~07~, 271,56 0
4,594,21 49, 639 6 9,150, 0 5, 85,90 4,259,07 48,2 3,684812,50 4,760, 0 37",694",21 109,8536
69,660
20,69 0 21,306 084,64,0 27,46 1,0 ,0 4,230, 0
16,3810 52,617.50
240, 0
1~,"7~O"6 73,0281
4,681,7 2 72,087.96 9,150, 0264.8,40 10,9710 512,86748",812,50 6,320, 0 37,18l"712 381,40 86
71,52 0
Ref
63,92160 102,986019 16,907629
New
17,60
350, 0
l",670", 0 2,91 ,286 10,"069"00,5 ,0 0 "102,78 4,689, 63
16,19,56 3,971,07 416",*80"43",812,50
«-^
»
•-
6,523,56 4,760, 0 32",~5'0 ",6 59, 2140
21,306 084,6 0 6,40,6 1,0 ,0 4,230, 0
15,701946 169,53"86 5,706,53 ~"I3~2",6 4,"O~"O,0 179,3241
"
249,3250
unding 16,3810 52,61750
1937
274,3714 32,8620 2,18,10 59,280.4
~
$
"
"102",78 1, 46, 98
70,83,52
-
240, 0
20,6 0, 0
9 ,0 0
30 ,0 0
000
"99".
Total
4,0 ,0 1,540, 050, 0
35,190
Refundi g
259,68" 90
1, 0 , 0 "120",0 12,8 70
2,90 , 0 l",420",6 37,1 30
61,48 10
New
Total
1939
30 ,0 0
30 ,0 0 45~0 6
20,69 0 4,925,0 32,04650 26,940 1,0 ,0 1,976,0
71,52 0
9 ,0 0
undi g
Ref
Capit l
9,20 , 0 148,570 6,40 , 0 "650",0 0 6,250, 0
147,05178
3,40 , 0 "568",920 6,250, 0
9,20 , 0 1,50 ,28 3,0 ,0 "81",080
30 ,0 0
30 ,0 0 450",0 0
718,754
1,50 , 0 2,6 8,754
286.Yo~6
4,718,754 0001,540, 050, 0 1,50 , 0 38,15 74
531,254
259,68 96
1,631,254 12"O,6 12,8 70
300
274,3 14
~
187,50
1,50 , 0 2,137,50 i,21064 1, 3,087,50 30 ,0 01,420, 0 37,1 30 1,50 , 0 63,92160
3,0 ,0
17,05 0
1,456. 84 4, 56, 84 9,20 , 0 148,570 9,40 , 0 "0560 6 6,250, 0 1,456, 84 175, 3584
"
42,925
157,20638
23,78632
New
6,9850
531,254
273,0589
Capit l 19, 1 0
1938
279,650
138,59.0
2, 54,6
I
38,15 74 32,86 105,6719 76.187, 31
273,0589
10 ,0 0
3,543, 65 "350",0 0
l",670", 0 18,621 32 180.643~965.0 ,0 102,78 10,3964 8 "482",0 0 4".b o",6 1,7 0, 0 25,39 2
15,701,946
9,150, 0247,6890 7,0 ,0 6, 75,0 6~,320~,6 32,50 . 0 309,1390
Capital 9,150 5.85,90 2,302,0
YEARS
FYIEVARS
1938
$
$
New
SFTMOAHFCNEIRVBER
FGOOFRLVAEMEFRIUIGNNTNAMMOCDHFPCTR,LEGBR
bSotfamruFnoatyiiGecnehgpodsdvlersnymal.
Total
15,"701,946 "l~0~2~,78S1. 46, 98
163,90.475
8
6,98650 26,54.0 3,0,0 96,8320
New
4,0 ,0
Refundi g 24,083" 0 4,698,0 l5~,"005l", 10,'5600",
1936
71,52 0 34,0 01,51,590 1.50,0 108,940
46,0750 240, 0 20,9 0 60 ,0 0
Capital
132,0 0
5
553607, ",
Nero
109,8536 78,20,13 18.0S749
240, 0 60 ,0 0
Capital l.O .OG 5,0 0
8
27,50845
$
1936
153,81946
$
Refundi g
1935
465,9 3
309,1390 31,60,452 ,47,514 15,0 0
Total
--
164,9
179,3241 23,96150 12,57013,78,0 219,658.932
s
1935
10 .0 0
2.0 5,0 ,0 9,250",0 "482,6 0 40",bo0". 23.74,0
$
Total
42,925
2,957,0 5
147,05178
3,4 2,9 5 568",920 6,250, 0
"
1,456, 81 4,13,659 9,20 , 0 1,50 ,28 5,9 7,0 5
sT.oso
157.3 ,563
1.456, 84 18,20.21
OCTBER Noatneds •_&cop,manufctres oi amannufdctrig &c :ht&roalddicinngg,, BNooantdess —.&cop.manufctres oie maannufdctrig &c— ht&roalddicinngg,, &coper,manuft acesori- maannufcdtrig &c._ th&roalddiincngg,, — &coper,mnuft acesori— amannufcdtrig &c ht&roalcddi—inngg,, securit
OF Domestic— Lbonog-ntedrmsShort-emPrefstroeckdComstocoknCandi — Lbonogn-tedrmsShort-em_PrefstorcekdComstocokn-foreign— Lbonogn-tedrsmShort-emPrefstorcekdComstocokn corpate toal fTdighueoreses OFMONTH
BLoongn-TdermsRailroads utiles sctoeall,,Equipment andindustral buildngs,RuberShipingtrust,Miscelanous Short-TemRailroads utiles. sctoeall,,Equipment andindustrial buildngs,RuberShipingtrust,Miscelanous Stocks—»Railroads utiles sctoeall,,EquipmentMoatnordsindustrial buildngs,RuberShipingtrust,iscelanous Total-— Railroads utiles sctoeall,,Eqxipment andindustrial buildngs,RuberShipingtrust,Miscelanous corpate
Corp ateCan dian foreign Loaann USntaiteeds
MONTH
Other
Total
Grand
OtherFarm
*
Total
Public Iron, Motors Other Land,
Oil
Inv.
Total
Public Iron, Motors Other Land,
Oil
Inv.
Total
Public Iron,
Other Land,
Oil
Inv.
M
Total
Public Iron, Motors Other Land,
Oil
Inv.
o
3
o
o
O
c
n>
Refundi g 1,4 761 39,2450 65,03 746
Capit l 247, 5329 8,45,0 35,01 0 12,573.206
30,543 5 109,7620 65,06215 1,738,0 1,07 950
New
3,251860 54,70 235,70 64 163,5032 38,0 0 15,0 "6
Refundig
8 623,7596018,705073,8453418,357289 8,0 ,0 105706",
CIapit l
New
1937
1,509 0 82,40 458,631 279,06149
2,390 6
1,42359
New
1938
Capit l
Total
FGCOOVRREPRENIMGANTT,,
62,50
1,69234 1
25917,80 ,758,0 1,20,80 531,254
Refundi g
New
1939
1,63952
721, 10 3,542,0 34,85245 8,75,76
8,250 134,0 36,014 0 769, 861 4,80 0
62,50
1,476508 76,810 149,23.40 58,41682 79,50 0
768,93 02
1,840962
425,80 691,78316 5,236,0
1937
6,0 ,0 39,2450 20,71946 13,7620 1.20,
19,37180 65,03 746 123,8960 92,0586 18,076 2".4 I',6 173,40 635 106,28 50 5,792,0 4,0 ,0 3,1580 1,54602917
247, 5329
6,0 ,0 2,485,0
8,4 5,0 1,785,2 0 7,549, 20 102,78 6,40 248 5,075,0
26,7056 47,583206 51,73 20 54,19310 95,30425 1,602"78 52,94 13 9,23,750 1,78,0 26,70 30,543 5
70,4390 1,5734 0 327,0 23, 0 176,825 264,0 19,5 0 "bo" ,5 187,950" 3,271860 30, 0 1,850, 0 2,0 ,0
8~.125~. 5 4,50,0 245,0 0 7, 50, 5 54,70 45,21" 63 12,857 26 7,462,40 4,85,0 215,36 08 31,70234 50 ,0 0 3,509,3 5 1,9250 81,349653 41,372 96
2, 12,5 245,0 0
New
Total
1938
b
18,70 50 2,768,35 6,59,726 7,462,40 3,961 0 142,9745 1,58 94 50 ,0 0 1o5,92o5,46,17362 237,01823 230,567 85 79,4 501 15.63,974 9,58,950 3,961,0 18,4198 41,72913 9,072,0 "555ob",1,9250 20,7305 87,6 283
9 .0 0
82,40 91,28 394 95, 1753 467,50 12,7345 271,0857 167,4 802 3,176,9 0 95,8308 73,52460 351,8690 793,61 94 29,076.53 1,567,50 23,4 53 40,3740 318,7203 3,056 0 3,826,90 349,0 173, 803 2,390 6
35.90,
80 ,0 0
36,82390 86,31025 54,9109 162,850 62,07"581 12,0675 "6582"0 , 26,391859 351,72 906 125,09 0 653,78295 9,067149 162,850 4,934,60 10,53469 148,5 76 23,780 682,50 29,52359
1,8670
1,509 0
67,50 0 2,417 0,325 956,38 73 1,950 5,28346,70
8,250 157,3 60 1,50 0
CONOGRRPEUFAPWTIE
35,90 45,61 08 4,978142 40,6 54 304,650 12,7345 209,3189 46,38037 2,49",490 69,1 79 3S5.802694
750, 0
25.93,0 9 ,10 95 13,507 129,60 21,0 0 18,6950 95,0 0 4,O ",0 2,790, 0 1,63952. 2,0 ,0 150, 0 1,40,0
2,0 ,0 6.30 , 0 3,541, 25 1,36 ,92 36,79 32 862,50
890, 0
Refundi g 10, 0 89. 5 4,52,0 38,91825 32,689305 12,47860 57,82 0
Capit l 15,930 239,5034 148,950
Neiv
750, 0 120, 0 21 ,0 0
917,805
90,178 5 178,30695 5,690, 0 37,130 4",0 ",60 1,90,0 721, 10 2,0 .0
30,0 0
1,67 ,0 2,758,0
349,0
143,52679 1,42359
3,541, 25 1,36 ,92 35,08"618 862,50
10 ,0 0 2,734,520
45,0476 25,930 1,0541,620 15,6239 16,lp9372 13,26 50 18,6950 95,0 0 4,10,0 7,524,520 1,69.234 1
20,30
1,73 54
323,0 0 3,542,0
1, 89,0
26,70 139,84 09 130, 964 1,40,650 18,49 53 298, 061 70,26537 9,678,0 3,14,90
1,734,054 10, 0 760,389 5 5,302, 0 40,815 79 351,2,90 3 2,47860 57,82 0 2,587,30 92,30 69
10 ,0 0 2,714,2 0
43,670 92 15,930 245.061,75 10,3219^ 93,793180,362195 5,690, 0 37,130 4,10,014,937,20 768,93 802
125,
11
Total
213,90
52,0 0 76,810 13,6 10 2,0 ,0 2,680 60,4S516 ,275,0 10 ,0 0 213,90 9,347,60 207,681 2 10,730 1, 607,4 106,5 0 .680", 123, 7 16 27,350 9,85,0 21,"065, 6 123,9 60 1,8409.62
5 0, 0
62,7920 217,0 9,75,0 21,05 0 62.075,0 1,5608 9,50 0 5,260, 0 9,0 ,0
10,5730 97,1 30 103,5 0
"2
'
1939
Refundi g 31, 80 935,17 048 94,0 0 27,0 16 16,72 53 6,042,9 0 19,05 0 42, 50 1,372 53 9,50 0 3,80 0
CAHANR DTE Capitl 69,4350 4,01825 8,60.0
Staneds
9 ,0 0
89102 ,4 32,04187 ,08950 1, 0 , 0 5,765,40 87,4 612 123,89750 9,678,0 650, 0 "25"0,506 38, 450 710,89714 4,350, 0 2,76,08 60 ,0 0 1,940, 0
760,
31,,86911,88
2326149,87635 1,540 8.12 6,49752 0,73450 523,90 218,475 92 58,47321 1,27 0 3,509,30 74,36" 5 2,854362,1
101369346,0 4,9 0 32,85 , 0 , 0 10,7 0 126,5 0 15,24 0 3,056 0 650, 0 "250",5 6 41,58 0 5,80 , 0 37.50, 60 ,0 2,740, 0
Refundi g 123,6490 532,89 13 4,076 50 4,934",60 38,67 8 27,3480 23,780 3,20 ,50 798,16 51 1,450, 0 34,573920
Capital
730,4 .90 1,6204 63 342,05726 30,68240 4,85,0 40,31758 30,2 .34 20,34 0 4,109,30 1,9250 27,049653 3,7420956
7",50",5 35,76250 42, 6" 28 6,198,0 523.90 73,1 36 1,4379 3",509",35 35,176"5 17, 0973
'
1,5762901 1,492680",35 3,17.40 2
Capit l
20, 0 5,0 ,0 2,45,0 6,0 ,0
New
1,6543 8
5832,7065 9,20 924,30 79,035.42 450, 0 2,10^36728
1,4 761
Capital 215,6785 7,2586 108,9428 2,496,50 39,642 23,958037 8,327,0 "bo ",5 156,29"435 631,75960 15,0 0 1,250
1,8793 186
238,70963 4,510, 0 21,53148 5,07649
46,0180 12,68952 175,6430 983,25 196 23,1.920 14,"03,78 26,34578 15,70 7.510, 0 4,0 ,0 59,85 0 1,849570 2
2526148,7635 1,4972534 18,9 72 0,73450 137, 256 40, 1963 1,27 0 31,42b"57 2,641 8 0 15,0 0 60 ,0 2,0 ,0 8,125, 5 2,87,50
Refundi g
Total
CO
6",0 ",5 47,30 2,487196 21,3 920 102,78 17,60 248 5,075,0
$
871,049 ,0 0,62 5 5,236.0 3,546170
92,3069 623,470 108, 49
Rcf
SOUMFARY
3,250, 0 13270 ", 0 598,47263 3, 0 , 0
$
CO
2.20,b"5a*5,0,0 . O6,0 ,5 4,730, 06",01,0
1,6892 50
$
3.68, 21
365,18
unit g 1,237 5 72.30, 0 127, 629 79,50 0
New
10 ,0 0
1936
YFGoftevrhdaromngumnicpll.eysFOETM3IUSFTSINNAVCHOAHDR1ESR.D,
YFOE3TFMLFAMNIIUACOVHADNR1RCSRPDM.GL
Capit l 710,89714 45,61 08 194,8 065 190, 8629
6,30 , 0 36,05 25 9,287,021
4,0 ,0 7, 4 ,0
Total
871,860, 5,0 0 134,0 0 231,04 0 17,31 5 1,50.0 1,80953 2
Refundi g 798,16 51 36,82390 263,57906 8,14280
Total
123,8960 8 ,39 40 19,2456 2,41,0 159. 8,635 10,28 50 5,792,0
Refundi g
$
CO
13
4,0 ,0 7,84 ,0
87,6 283 21,90 0 638,07 540 1,57,0 1,5492 ,83
$
E3
New
2,85436 1 48,0 0 5,0 0 32,19860 317.42,3 1,750, 0 3,5987 25
I
Total
1935
403,742 956 8,0 0 5,0 0 34,09860 95,0 82 3,25,0 5,1479 08
2,6148 0 35,76250 16,8320 15,30743 30, 0
1936
£3
Capital 51,7320 52,37406 87,543 5,0,0 4,05685 4,218,750 1,78,0
1,5460291776,0 0 8",5 20 317,8029 8,208,0 2,836590
Total
ft)
!*3
175,6430 940,7680 237,0 0 7",941",6 204,15 0 14.50, 7,510, 0
Total
o
O
So
*1
CP
751,84970 2 6,0 0 98,317260 973,869107 9.46.0 3,907 2,5fl
$
1935
o
3
r&
Vo
1,6892 50 47,30 10,4576 12,573206
Total
3
3
•»*
New
9,6 ",0
50, .0 r2,30 0 126,47 96
408,1 3
1,53,571 128,091480 40,6380 94,0 27,435129 170,2653 6,942,90 19,05 0 93,76051
1,0652.84
2,50,0 4,510, 0 5,468,304 2,0 ,0 2,680" 6o 60,4.03 1,275,0 10 ,0 0 213,90 7,812.035 79,58 642 69,4350 50,9465 1,50 2",680,56 95,78257 56,48 7 3,852,08 213,90 02,060",30,162035 32,870.65
5 0, 0
35,742184 5,37 47 3,72,08 2,0 ,0 19,850 238,70963 1,460
EO3NCD1T. notes notes. notes. governmt.- acis,&_t Posein fbiuncoltdayinsee O3C1T. Notes— &c. manufctrig &holdcing, Notes- - manufctrig &hocld—ing, manufctrig &holdcin—g, manufctrig &holdcing,
boanndds stock stock boands stock stock foreign— boands stock stock corpateGovernmt Goavntd,♦Municpal—Stes, - dnot MENONDTHS LBonoga-nTedrmsRailroads utiles. cscotopeall,,,Equmipanmufectnrte,s anodi indaustrl b&uildcngs, ttrraudsintg,,Miscelanous SBhoorat-nTedmsRailroads utiles&scotoepall,,,Efaqcmutiupamrene-unst aacnordie indaustrl &buildcngs, ttrraudsintg,,Miscelanous Railroads utiles&ccsootpeall,,,Eqmuainpufmcterenst anodi indaunstrdl - &buildcngs, ttrraudsintg,,Miscelanous Railroad—s utiles&cscotopeal,l,,Eqmuainpufmcterenst anodi_ indausntrdl b&uildcngs, ttrraudsintg,,Miscelanous cseocrupritate
1Grtoanadl
Com on Com on Total
MONTHS Corpate— Domestic— Long-term Short-emPref red Com on Candi— Long-termShort-em Prefred OtherLong-term Short-em Pref red CandianOfortehiergn Loan USntaiteeds Tfighuersees
Total
Total
*
10
1,5762901
Farm
10
Public Iron, Motors Other Land, Rub er
Oil
Ship ing ,Inv.
Public Iron, Motors Other Oil. Land, Rub er
Ship ingInv.
Stocks—
Total
Public Iron, Mot rs Other Land,Rub er
Oil
Ship ingInv.
Total—
Public Iron, Motors Other Land, Rub er
Oil
Ship ingInv.
Total
The Commercial & Financial Chronicle
3034
Nov.
DETAILS OF NEW CAPITAL FLOTATIONS DURING
BONDS
1939
(Preferred stocks of a stated par value are taken at par, while preferred
no par value and all classes of common stock are
computed at
offering prices.)
OCTOBER, 1939
LONG-TERM
11,
STOCKS
stocks of
AND
NOTES (ISSUES
THAN FIVE YEARS)
MATURING
their
LATER
INDUSTRIAL AND
OTHER
RAILROAD
MANUFACTURING
*$1,000,000 Champion Paper & Fibre Co. 10,000 shares of 6% cumu¬
lative preferred stock, par $100.
Purpose, construction of
mill.
Price, par.
Sold to Time, Inc.
$8,000,000 Atchison Topeka & Santa Fe Ry. 2)4% serial equipment
trust certificates due 1940-1949.
Purpose, finance purchase
of equipment.
Priced to
yield from 0.40%
to
2.40%,
according to maturity.
Offered by The First Boston Corp.;
F. 8. Moseley & Co.; Kean, Taylor & Co.; R. W.
Pressprich
& Co.; Estabrook & Co.; The Illinois
Co., and The Wis¬
2,000,000 National Automotive Fibres, Inc., 200,000 shares of 6%
cumul. convertible pref. stock (par $10).
Purpose, refund
pref. stock ($42,925), pay RFC promissory note ($1,300,000);
balance added to cash fund of company.
Price, $11 per share.
consin Co.
Offered by Reynolds <fc'Co.; Schwabacher & Co.; Laurence M.
Co.; Hemphill, Noyes & Co.; A. C. Allyn & Co.;
Cray, McFawn & Petter; Ball, Coons & Co.; Burr & Co.,
Inc., and Grubbs, Scott & Co.
1,200,000 Wheeling & Lake Erie Ry. 2)4% equip, trust certificates,
series F, due 1940-1949.
Purpose, purchase new equipment.
Priced to yield from 0.40% to 2.00%, according to
maturity.
Offered by McMaster, Hutchinson & Co., The Milwaukee
Co. and Field, Richards & Shepard, Inc.
Marks &
$3,000,000
MISCELLANEOUS
$9,200,000
"*
PUBLIC
$177,000 Butler's, Inc., Atlanta, Ga., 6,000 shares of pref. stock,
6% cumul. stock (par $25), and 12,000 shares of common
stock (par $1).
Purpose, acquisition of stock of constituent
Offered in units of 1 pref. share and 2 common
company.
shares at $29.50 per unit, by R. S. Dickson & Co., Inc., and
UTILITIES
*$275,000 Caribou Water Light & Power Co. 1st mtge. 314% bonds,
series A, due
1964.
Purpose, refund $155,000 1st mtge.
bonds and $120,000 7%
promissory note.
Sold privately
at 105 to John Hancock Mutual Life Insurance Co.
Kirchofer & Arnold, Inc.
*66,582,000 New York Power & Light Corp. 1st mtge. %%% bonds,
due 1964.
Purpose, refunding.
Sold privately, on a yield
basis of 3)4%, to Metropolitan Life Insurance
Co., New
York Life
Co.,
ance
Assurance
Insurance Co., Northwestern Mutual Life Insur¬
Prudential Insurance Co. of America, Sun Life
Co.
of Canada,
Co.,
surance
Mutual
407,970 Canada Dry Bottling Co. of Florida, Inc., 67,995 share*
common
($5 par) stock.
Purpose, new capital.
Price, $6
per share.
Offered by Courts & Co., Childress & Co., Leedy,
Wheeler & Co., The Equitable Co. and J. H. Hilsman &
Co., Inc.
Massachusetts Mutual Life In¬
Life Insurance Co. of New York,
Insurance Co., Penn Mutual Life In¬
Life Insurance Co., Provident Mutual
871,614 Family Loan Society, Inc., 48,423 shares of common stock,
no
par.
Purpose, finance expansion of business.
Price,
$18 per share. ^Offered to common stockholders, not under¬
Mutual
Benefit
Life
Co., Aetna
Life Insurance
Co.
of Philadelphia,
Connecticut Mutual
Life Insurance Co. and State Mutual Life Insurance Co. of
Worcester.
surance
written.
$1,456,584
*75,000,000 New
York Telephone Co. 25-year refunding mortgage
3%% series O bonds, due 1964.
Purpose, refunding.
Sold
FARM
frivately at 99)4 to Metropolitan Life Ins. Co., Prudential
Co.
of America, Equitable
Life Assurance Society,
ns.
Mutual
Life Ins.
Co.
of New
York,
Northwestern
LOAN
AND
GOVERNMENT
AGENCY
ISSUES
$204,243,000 Commodity Credit Corporation 1% notes, series E, dated
«
1
Nov. 2, 1939; due Nov. 15, 1941.
Purpose, refunding.
Price, par.
Offered by Secretary of the Treasury.
Mutual
Life Ins. Co., John Hancock Mutual Life Ins.
Co., New
York Life Ins. Co., Mutual Benefit Life Ins.
Co., Provident
Mutual Life Ins. Co. of Philadelphia.
■328,900,000 Federal Intermediate Credit Banks %% debentures dated
*6,700,000 Northwestern Electric Co. 1st mtge. bonds, 4% series,
due 1969.
Purpose, refunding ($5,314,718). extensions and
improvements, &c. ($1,385,282).
Price, $100.
Sold pri¬
vately to Equitable Life Assurance Society of the U. 8.,
Sun Life Assurance Co. of Canada, Massachusetts Mutual
Life Ins. Co., Oregon Mutual Life Ins. Co.
275,866,000 Reconstruction Finance Corporation 1% notes, series S,
dated Nov. 10, due July 1, 1942.
Purpose, to retire notes
held by U. 8. Treasury.
Price, par.
Offered by the U. S.
Treasury Department on behalf of the RFC;
500,000 Union Detroit Joint Stock Land Bank 2)4% bonds dated
Oct. 1, 1939; due Oct. 1, 1944; optional Oct. 1, 1941.
Pur¬
pose, refunding.
Price, par.
Offered by R. K. Webster
& Co. and Kidder, Pea
body & Co.
400,000 Virginia-Carolina Joint Stock Land. Bank 1)4% bonds
dated Nov. 1, 1939; due Nov. 1, 1942.
Purpose, refunding.
Price, 100.
Offered by R. K. Webster & Co., Inc., and
Kidder, Peabody & Co.
1,050,000 Virginian Joint Stock Land Bank 2% bonds dated Nov. 1,
1939; due Nov. 1, 1942.
Purpose, refunding.
Price, 100.
Offered by Kidder, Peabody & Co.
Nov.
$148,557,000
LAND, BUILDINGS, &c.
$110,000 Congregation
Mich., 1st ref.
of
the
Resurrection Parish,
Lansing*
serial 2)4. 3)4- 3H and 4% bondsPurpose, refunding ($28,920), retire notes,
mtge.
due 1940-1951.
liquidate cost of construction of new school, &c.
Priced at
100y% to 101 and int., according to maturity.
Offered by
B. O. Ziegler & Co.
250,000 Marquette University 4% notes, due Dec. 15, 1951.
Pur¬
pose, refunding.
Offered by Dempsey-Tegeler & Co.
290,000 Spring Hill College, Mobile, Ala., 1st & ref. 4% real estate
bonds, due Oct. 1, 1951.
Purpose, refunding.
Offered by
Dempsey-Tegeler & Co.
$650,000
INDUSTRIAL AND
$530,000 Hayes Industries, Inc., 84,800 shares of common stock
(par $1).
Price,
$6.25 per share.
Offered
by Brown,
Schlessman, Owen & Co. and Van Grant & Co.
1,879,100 Liggett & Myers Tobacco Co., 19,780 shares of common
MANUFACTURING
stock.
Price at
market
(approximtaely $95 per share).
Offered by Dillon, Read & Co.
550,000 Motor Transit Co. 1st mtge. 6)4% income bonds, due Jan. 1,
1952.
Price, $69.
Offered by Lester & Co.
550,000 South Bend Lathe Works, 25,000 shares (par $5) capital
stock.
Price
at
market
(approximately $22 per share).
Offered by Ames, Emerich & Co., Inc., and Paul H. Davis
Ins. Co. and Sun Life Assurance Co. of Canada.
*3,000,000 (W. F.) Hall Printing Co. 1st mtge. & coll. trust bonds.
4% series, due Oct. i, 1954.
Purpose, refunding.
Sold
& Co.
frivately to Equitable 3)4%Assurance SocietyMarch 1, 1948.
nterchemical Corp. Life
debentures, due of theU. S.
Sold
1,750,000 U. S. Truck Lines, Inc., of Delaware, 175,000 shares of
capital stock (par $1).
Price, $10 per share.
Offered by
Otis & Co.; Blyth & Co., Inc.; Paine, Webber A
Co.; Hayden,
Miller & Co.; McDonald-Coolidge & Co.; Curtiss, House &
Co.; First Cleveland Corp.; Merrill, Turben & Co.;, and
Maynard H. Murch & Co..
privately.
$6,400,000
INVESTMENT TRUSTS,
par.
ISSUES NOT REPRESENTING NEW FINANCING
■
_
*$3,000,000 Freeport Sulphur Co. 3% 20-year sinking fund debentures,
due Sept. 1, 1959.
Purpose, general working capital.
Price,
100)4 and interest.
Sold
privately to Metropolitan Life
Purpose, refunding.
months.
Purpose, refunding.
Price,
Offered by Charles R. Dunn, New York.
10
mature
$510,959,000
•
OTHER
1;
slightly above
TRADING AND HOLDING COMPANIES
$6,250,000 Affiliated Fund, Inc., 4% 10-year convertible debentures,
due Jan. 1, 1949.
Purpose, refunding.
Price, 100 and int.
Offered by Lord, Abbett & Co., Inc.
$5,259,100
*
Indicates privately placed issue.
Text of Joint Resolution Enacted by
Congress Under Title of "Neutrality Act of
1939"—Approved by President Roosevelt on Nov. 4
The adoption by Congress on Nov. 3 of the
"Neutrality
Act of 1939," in the form of a joint
resolution, was noted
in these columns Nov. 4,
page 2903, and further reference
to the final action by Congress on the
legislation, as well
as
to its
approval by President Roosevelt
elsewhere
in
in
another
these
item
columns
in
this
issued by the President
into effect of the
today.
issue to
We
the
Nov. 4, appears
are also referring
on
several proclamations
Nov. 4, incident to the carrying
on
legislation which revokes the embargo
on arms and
provides a cash-and-carry basis for the sale of
munitions to European belligerents. In one of his
proclama¬
tions the President defines the
European combat area from
new
which American vessels
restrictions
anew
the
resolution
and
on
United
of
Aug.
Sept. 14, 1935,
1937
page
were
31,
1935, was given in our issue of
1672, and amendments thereto in 1936
referred
to in
page
3077.
these columns Feb.
1216, and March 7, 1936,
page
new
Act),
22, 1936,
1937,
page 1564, and May 8,
The resolution of Jan.
8, 1937 (repealed
was
issue
our
of Jan.
9, 1937,
page
RESOLUTION—No.
[CHAPTER
J.
JOINT
To preserve the
neutrality and
Whereas
between
the
foreign
54—SEVENTY-SIXTH
TWO—SECOND
[H.
the
the
Res.
peace
States,
States
and
desiring
also
preserve
to
its
avoid
neutrality in
involvement
therein,
the
States
its
law
waives
nationals,
and
of
of
people:
of
none
under
privileges
its
rights
own
international
which
to
law,
and
it
its
nations; and
hereby expressly
interests
the restric¬
and
rights
the
or
the right to repeal,
reserves
Therefore be it
the
its
modify
Resolved
by
this
joint resolution
the
the
Senate
or
security
peace,
and
House
of
other
any
welfare
or
domestic
of
the
Representatives
legislation
United
of
the
States
United
State of America in Congress
assembled,
Proclamation
Section 1.
current
(a)
of
State
a
the
of
War Between Foreign States
That whenever the President,
shall find that there exists
resolution,
foreign States, and that it is
the Congress by con¬
or
state
a
of
between
war
the security
necessary to promote
or
preserve
of the United States or to protect the lives of citizens of the
States, the President shall issue a proclamation naming the States
and he shall, from time to time, by proclamation, name other
peace
United
involved;
States
as and when
they may become involved in the
(b) Whenever the state of war which shall have
to
issue
.ceased
proclamation
any
to
exist
shall revoke
with
such
under
respect to
the
the
President
authority of this section shall have
State named
any
war.
caused
in
such
proclamation,
he
proclamation with respect to 6ueh State.
Commerce with States Engaged in Armed
Conflict
Sec.
under
any
2.
(a)
the
any
Whenever
authority of
American
vessel
tion,
the
President shall
Section
to
carry
1
(a)
any
it
have
shall
passengers
issued
thereafter
or
any
a
be
articles
proclamation
unlawful
or
for
materials
State named in such proclamation.
section
years,
or
violation
wars
all
in
and
five
secure
of
any
under
the United
or
shall
of
or
both.
association,
shall
be
violate
any
of
than
more
Should
each
liable
$50,000
the
officer
of
Section
provisions
to
the
1
(a)
it
or
violation
or
of
imprisoned
be
director
by
subsection
shall
have
issued
thereafter
upon
for not
corporation,
a
thereof
penalty herein
(c) Whenever the President shall
authority
the
regulations issued thereunder shall,
any
thereof, be fined not
of the United States and to
their interests.
of
reserves
entitled
are
(b) Whoever
and
desiring to
those
change
this
306]
joint resolution;
doing the United States
so
or
expressly
Whereas
to
CONGRESS]
SESSION]
RESOLUTION
safety of its citizens
United
by
its nationals by domestic legislation
upon
this
in
privileges,
nationals
194.
"Neutrality Act
of 1939," as approved bv
President Roosevelt Nov.
4, 1939, at 12 :G4 p. m., follows:
"
[PUBLIC
Whereas
or
and
by the
given in
The text of the
tions set out
barred, and in another he places
are
the use of ports and territorial waters
States, exclusive of the Canal Zone, by sub¬
marines of belligerent countries.
The "Neutrality Act of
1939" repeals the joint resolution of
Aug. 31, 1935, as
amended, and the joint resolution of Jan. 8, 1937.
The
of
voluntarily imposes
(a)
of
conviction
more
than
organiza¬
participating in
the
prescribed.
a
be
proclamation
unlawful
to
under
export
the
or
Volume
transport,
The Commercial &
149
attempt
or
to export
transport,
or
tion,
any
until
all
foreign
some
corporation,
government,
national.
or
articles
the
to
cause
or
to
institution, association, partnership,
a bill of lading under which title
exported or transported passes to a
agency,
of
Issuance
materials
or
be
to
State named in such
any
delivery of such articles or
to a carrier, shall constitute a transfer of all right, title, and
interest therein within the meaning of this subsection.
The shipper of
such articles or materials shall be required to file with the collector of
foreign
unconditionally
purchaser
the
upon
materials
the
port
under
from
oath
which
through
or
he
that
they
be exported a declaration
of this subsection
to
are
complied with the requirements
has
title, and interest in such articles or
material, and that he will comply with such rules and regulations as shall
be promulgated from time to time.
Any such declaration so filed shall
with
transfer
respect to
right,
of
claim of any citizen of the United
such articles or materials, if such
citizen had knowledge of the filing of such declaration; and the exporta¬
tion
or
transportation of any articles or materials without filing the
be
conclusive
a
States
of
estoppel against
right,
declaration
title,
any
interest
in
violation.
with
the
sale
materials
of
No
loss
conclusive
a
claim
such citizen
any
estoppel
transportation
articles of materials, shall be made the basis of
States.
articles or materials included
in shipments which
are subject to restrictions under the provisions of
this joint resolution, and on vessels carrying such shipments shall not be
deemed an American interest therein, and no insurance policy issued on
such articles or materials, or vessels, and no loss incurred thereunder or
by the owners of such vessels, shall be made the basis of any claim put
forward by the Government of the United States.
(e) Whenever any proclamation issued under the authority of Section 1
(a) shall have been revoked with respect to any State the provisions of
this section shall thereupon cease to apply with respect to such State,
except as to offenses committed prior to such revocation.
(f) The provisions of subsection (a) of this section shall not apply to
transportation by American vessels on or over lakes, rivers, and inland
waters bordering on the United States, or to transportation by aircraft on
or over
lands bordering on the United States; and the provisions of sub¬
section (c) of this section shall not apply (1) to such transportation of
any
articles or materials other than articles listed in a proclamation
referred to in or issued under the authority of Section 12 (i), or (2) to
(d) Insurance written by underwriters on
of
bordering on the United States
listed in a proclamation
Section 12 (i); and the
other transportation on or over lands
any
articles
any
referred
the authority of
issued under
or
of subsections
provisions
the
materials other than articles
or
in
to
(c) of this section shall not apply to
(a~) and
in this subsection and subsections
referred to
transportation
under
issued
listed
are
operation and maintenance.
in connection with their
vehicles
(a) and (c) of this section shall not
The provisions of subsections
(g)
apply to transportation by American vessels
(other than aircraft) of mail,
articles or materials (except articles or materials listed
in a proclamation referred to in or issued under the authority of Section
12 (i))
(1) to any port in the Western Hemisphere south of 35 degrees
north latitude, (2) to any port in the Western Hemisphere north of 35
or
passengers,
any
66 degrees west longitude,
degrees north latitude and west of
port
the Pacific or Indian Oceans, including the
on
(3) to any
China Sea, the Tasman
Sea, and any other dependent
waters of either of such oceans, seas, or bays, or (4)
to any port on the
Atlantic Ocean or its dependent waters south of 30 degrees north latitude.
the
Bay
The
exceptions
the Arabian
Bengal, and
of
Sea,
this subsection shall not apply to any such
combat area as defined in Section 3 which
in
contained
port which is included within a
applies to such vessels.
The provisions of subsections (a) and
(h)
by aircraft of mail, passengers, or any articles or
(except articles or materials listed in a proclamation referred
issued under the authority of Section 12 (i)) (1) to any port
materials
in
to
(c) of this section shall not
to transportation
apply
or
Indian
Oceans, including the China Sea, the Tasman Sea, the Bay of Bengal, and
the Arabian Sea, and any other dependent waters of either of such oceans,
seas,
or
bays.
The exceptions contained in this subsection shall not
apply to any such port which is included within a combat area as defined
in
in
(h)
section
(1)
shall,
apply,
before departing from a port or
with the collector of customs of the port
of the United .States, file
diction
departure,
if there is no such collector at such port then with the
customs, a sworn statement (1) containing a complete
or
collector of
nearest
all
list
of
and
the
articles
the
(2)
be unloaded
to
materials
and
addresses
and
names
materials, and
are
(g)
sub¬
from the juris¬
American vessel to which the provisions of subsections
apply, and every neutral vessel to which the provisions of
Every
(i)
of
to any port on the Pacific or
(2)
or
applies to such aircraft.
which
3
Section
and
Hemisphere,
Western
the
carried
cargo
as
the consignees
of
by such
vessel,
of all such articles and
stating the ports at which such articles and materials
and the ports of call of such vessel.
All transporta¬
of this section shall
regulations as the President
shall prescribe; but no loss incurred in connection with any transportation
excepted under the provisions of subsections (g), (h), and (1) of this
tion
be
referred to
subject
of
(j)
(f),
restrictions,
United
the
(g),
rules,
(h), and (1)
and
of any claim put forward by the Govern¬
States.
Whenever all proclamations issued
shall have been revoked,
(a)
under the authority of Section 1
the provisions of subsections
(f), (g), (h),
of this section shall expire.
(k) The provisions of this section shall not apply to the current voyage
any American
vessel which has cleared for a foreign port and has
(i),
of
such
shall be made the basis
section
ment
to
subsection
in
advance
from
of
(1)
a
port or
from the jurisdiction of
the date of enactment of this joint
the United States fn
resolution, or (2) any
proclamation issued after such date under the authority of Section 1
of this joint resolution; but any such vessel shall proceed at its own
such
the
The combat areas so defined may be made
aircraft, or both.
(b) In case of the violation of any of the provisions of this section by
any American vessel, or any owner or officer thereof, such vessel, owner,
or
officer shall be fined not more than $50,000 or imprisoned for not
through
such combat area.
any
apply to surface vessels
to
either
vessel
of
or
such
its
cargo
(a)
connection with any
after either of such dates shall be made the basis
dates,
and
no
any
loss incurred
claim put forward by the Government
or
Should the owner of such vessel be a
each officer or director participat¬
ing in the violation shall be liable to the penalty hereinabove prescribed.
In case of the violation
of this section by any citizen traveling as a
than
more
five
both.
or
years,
corporation, organization, or association,
fined not more than $10,000 or im¬
both.
(c) The President may from time to time modify or extend any proc¬
lamation issued under the authority of this section, and when the con¬
ditions which shall have caused him to issue any such proclamation shall
have ceased to exist he shall revoke such proclamation and the provisions
of this section shall thereupon cease to apply, except as to offenses com¬
such
passenger,
may
passenger
be
prisoned for not more than two years, or
mitted
prior to such revocation.
American Red Cross
Sec.
The
4.
of Section
provisions
2
(a) shall not prohibit the trans¬
by vessels under charter or other direction
Red
Cross, proceeding under safe conduct
portation
American
and control of the
granted by States
proclamation issued under the authority of Section 1 (a), of
American Red Cross personnel, medical personnel, and medical
named in any
officers and
Travel
5.
Sec.
(a)
the
under
for the
clothing,
and
food,
supplies,
on
issued a
(a) it shall thereafter be
the President shall have
Whenever
authority
relief of human suffering.
of Belligerent States
Vessels
proclamation
unlawful for
vessel of any State named
except in accordance with such rules and regulations
of
Section 1
citizen of the United States to travel on any
any
in
such
proclamation,
as
may
be prescribed.
(b) Whenever
1
proclamation issued under the authority of Section
revoked with respect to any State the provisions
cease to apply with respect to such State,
any
have been
shall
(a)
of
section shall
this
thereupon
committed prior to such revocation.
except as to offenses
Arming
of American Merchant
Vessels Prohibited
President shall have issued a
Whenever the
6.
Sec.
proclamation under
unlawful, until such
proclamation is revoked, for any American vessel, engaged in commerce
with any foreign State to be armed, except with small arms and ammu¬
nition therefor, which the President may deem necessary and shall publicly
designate for the preservation of discipline aboard any such vessel.
authority of Section
the
1
(a), it shall thereafter be
Financial
Transactions
proclamation
unlawful for
any person within the United States to purchase, sell, or exchange bonds,
securities, or other obligations of the government of any State named in
such proclamation, or of any political subdivision of any such State, or
of any person acting for or on behalf of the government of any such State,
or political
subdivision thereof, issued after the date of such proclamation,
or
to make any loan or extend any credit
(other than necessary credits
accruing in connection with the transmission of telegraph, cable, wireless
and telephone services)
to any such government, political subdivision, or
person.
The provisions of this subsection shall also apply to the sale by
any person within the United States to any person in a State named in any
such proclamation of any articles or materials listed in a proclamation
referred to in or issued under the authority of Section 12 (i).
(b) The provisions of this section shall not apply to a renewal or
adjustment of such indebtedness as may exist on the date of such proc¬
the President shall have issued a
authority of Section 1 (a), it shall thereafter be
7.
Sec.
(a)
the
under
Whenever
lamation.
knowingly violate any of the provisions of this sec¬
regulations issued thereunder shall, upon conviction thereof,
more
than $50,000 or imprisoned for hot more than five
(c) Whoever shall
tion
fined
be
not
the violation be by a
Should
both.
or
years,
or
of any
or
association, each officer or director
shall
be
liable to
the penalty herein
corporation, organization,
violation
thereof participating in the
prescribed.
proclamation issued under the authority of Section 1
with respect to any State the provisions of
thereupon cease to apply with respect to such State,
(d) Whenever any
shall have been revoked
(a)
this
section
shall
to offenses committed
except as
prior to such revocation.
Solicitation and Collection
of Funds and
Contributions
shall have issued a proclamation
under the authority of Section 1 (a), it shall thereafter be unlawful for
any person within the United States to solicit or receive any contribution
for or on behalf of the government of any State named in such proclama¬
tion or for or on behalf of any agent or instrumentality of any such State.
(b) Nothing in this section shall be construed to prohibit the solicita¬
tion or collection of funds and contributions to be used for medical aid
and assistance, or for food and clothing to relieve human suffering, when
such
solicitation or collection of funds and contributions is made on
behalf of and for use by any person or organization which is not acting
for or on behalf of any such government, but all such solicitations and
collections
of
funds
and contributions shall
be in accordance with
and subject to such rules and regulations as may be prescribed.
(c) Whenever any proclamation issued under the authority of Section 1
(a) shall have been revoked with respect to any State the provisions of
this section shall thereupon cease to apply with respect to such
State,
except as to offenses committed prior to such revocation.
Sec.
8.
(a)
Whenever the President
American
Sec.
9.
This
joint
resolution
Republics
States,
Restrictions
in
Sec.
neutral,
have
10.
on
12) shall not apply to
against a non-American State or
is not cooperating with a non-
(except Section
American republic engaged in war
provided the American republic
American State or States in such war.
any
risk
of the United States.
(1) The provisions of subsection (c) of this section shall not apply to
the transportation
by a neutral vessel to any port referred to in sub¬
section (g) of this section of any articles or materials (except articles or
materials listed
in a proclamation referred to in or issued under the
authority of Section 12 (i)) so long as such port is not included within a
combat area as defined in Section 3 which applies to American vessels.
of
of
rules
and (1)
departed
after
citizen
citizens
of
define
such
under
(g) and
listed in a proclamation referred to in or
the authority of Section 12 (i) if the articles or materials
to be used exclusively by American vessels, aircraft, or other
(h) of any articles or materials
so
except
Whenever
of the United States so requires, he shall, by
combat areas, and thereafter it shall be unlawful,
and regulations as may be prescribed, for any
United States or any American vessel to proceed into or
protection
proclamation,
with the exportation or
forward by the Government of the United
put
in connection
(1)
(a)
the
under
the
the President shall have issued a proclamation
authority of Section 1 (a), and he shall thereafter find that
3.
interest in any such articles
title, and
right,
in connection
(2)
or
by
incurred
transfer of
or
such copyrighted
any
any
be
shall
claim of any citizen of the United States of right, title, or
articles or materials, if such citizen had knowledge of
such
such
or
in
subsection
this
by
required
against
any
interest
or
Sec.
Areas
Combat
v
be exported or
proclama¬
articles or materials (except copyrighted articles or materials)
right, title, and interest therein shall have been transferred to
transported, from the United States to
3035
Financial Chronicle
Use of American Ports
(a) Whenever, during any war in
which the United States is
the President, or any person thereunto authorized by him, shall
to believe that any vessel, domestic or foreign, whether requir¬
cause
ing clearance or not, is about
to carry out of a port or from
the jurisdic¬
war,
of Jhe United States, fuel, men, arms, ammunition, implements of
supplies, dispatches, or information to any warship, tender, or supply
ship
of
tion
Section
named
a
State
1
(a), but the
in a proclamation issued under the authority of
evidence is not deemed sufficient to justify for-
3036
The Commercial & Financial Chronicle
bidding the departure of the vessel as provided for by Section
1, title V,
chapter 30, of the Act approved June 15, 1917 (40 Stat.
217, 221;
U. S. C., 1934
edition, title 18, sec. 31), and if, in the President's
judg¬
ment, such action
and
foreign
will
States,
to
serve
to
or
maintain
the
protect
between
peace
commercial
the
United
interests
made
United
from
the jurisdiction
United
States,
proper,
conditioned
supplies,
ship,
the
information,
supply
or
sureties,
ship
or
of
such
he
as
the
men,
named
in
shall
deem
of
to
any
war¬
and
issued
(a).
or
departing
with
ditioned
in
from
the
sufficient
that
of
the
United
sureties,
States
for
Act
a
of
time
Feb.
regulations with respect
to
necessary
at
Sec.
11.
of
use
Whenever,
the
the
marines
ports
between
peace
and
the
of
any
find
of
the
United
of
to
enter
a
shall
S.
C.,
title
the
as
in
which
the
8,
a
United
the
and
foreign
and
States,
its
shall
the territorial
the
to
exist,
section
he
shall
shall
caused
revoke
him
his
the
and
issue
his
proclamation
to
cease
apply,
States
Board
of
Munitions
There is hereby
(hereinafter referred
the
the
(a)
to
as
and
the
to
protect
to
or
United
his
the
States
14.
this
have
offenses
be
shall
register
and
a
with
place
list
manufactures,
and
Sec.
the
business, and places
the
arms,
imports,
of
ammunition,
business
and
Control
shall
term
of
in
the
United
inplements of
States,
which
war
two
of
(d) It shall be unlawful for
any
States
to
listed
in
any
for
the
other State,
section
and
having submitted
to
is
(f)
have
of
registeied
would
United
under
as
and
the
Licenses shall
licenses
which
war
where
be
in
listed
the
Section
considered
be
to
register
any
or
such
shall
or
of
a
if
as
For
cludes
the
States
of
shall
the
May
and
be
purposes
1,
1937
implements
effect
if
as
issued
may be necessary and proper
joint resolution; and he may
on him by this joint
resolution
as
this
agencies,
or
he shall direct.
as
vessel belonging to
any
foreign
of
use
State
to
period
a
or
operat¬
flag of
the
markings,
or
vessel.
of three months
the United
the
use
distinctive signs
any
States
the
(a) of t-his section
right to enter the ports
except in
of
cases
force
majeure.
Penalty Provision
than
more
$10,000,
imprisoned
or
not
more
both.
the purposes of
"United
of
in
a
geographical
"person" includes
well
as
capable
The
as
natural
a
"vessel"
of
being
term
any aircraft
used
a
partnership,
description of watercraft
every
as
association,
company,
"American
a
of
means
registered
vessel"
transportation
"Stated shall
(f)
The term
"citizen"
United
whole
States,
in
or
of
part
and
subsection
existing
(a)
shall
citizens
of
air¬
under,
on,
documented,
the United
or
and
States.
government, and country.
individual owing allegiance to
include any
of
under
of this
vessel
any
and
include nation,
partnership,
a
means
licensed, under the laws
or
The term
or
person.
means
(e)
organized
in¬
sense,
Columbia.
The term
(d)
in
used
water.
over
the
when
States and Territories, the insular
possessions of the
(including the Philippine Islands), the Canal Zone, and the
(c) The term
craft
this joint resolution—
States",
several
corporation,
company,
the
the
United
laws
of
association
or
States,
the
and
United
in
composed
any
States
corporation
defined
as
section.
Separability of Provisions
Sec.
17.
If any
of the provisions of this joint resolution, or the
applica¬
thereof to any person or
circumstance, is held invalid, the remainder
the joint
resolution, and the application of such provision to other
tion
of
persons
or
Sec.
notify the
implements
this
ammunition,
to
in
circumstances,
18.
There
time, out of
amounts
the
as
any
shall
of
affected
thereby.
is
hereby authorized
in
money
this
of
of
any
to
the Treasury
be
appropriated
from
time
to
not otherwise appropriated, such
the provisions and accomplish
out
carry
joint resolution.
Repeals
Sec.
19.
The
resolution
mitted
and
joint
of
resolution
Jan.
penalties,
8,
1937,
forfeitures,
of
Aug.
31,
1935,
as
amended,
hereby repealed;
are
liabilities
or
but
incurred
of either
suant
with
of
joint resolutions
or
of any
the
same
effect
as
if
such
20.
This
joint
or
of
for violations
regulation issued pur¬
prosecuted, in the
same
and
manner
joint resolutions had not been repealed.
Short
Sec.
rule
the
com¬
either
joint resolution
proceedings
such
thereto may be commenced and
and
offenses
under
such joint resolutions
prior to the date of encatment of this
be prosecuted and punished, and suits and
may
resolution
Title
mav
be
cited
as
the
"Neutrality
Act
1939".
Approved, Nov.
im¬
4,
1939, 12:04
p.
m.
under
attempt to
or
the
arms,
am¬
After California and Ohio?
such
under
this section
of
by
the
State,
records
arms,
shall
shall
joint
to
be
the
any
maintain,
person
manufacture
Secretary of State
resolution
which
not
or
of
ammunition,
cases
ammunition,
this
shall
and
or
for
imple¬
prescribe.
provided for, except in
of arms,
treaty
United
issued;
but
of
to
any
export
other
States
a
valid
who
persons
or
implements
or
or
authority of Section
is
law
a
import
of
war
of
party,
license
the
in
issued
2 of the
joint resolution of Aug. ^31
1935
5 of the joint resolution
of Aug. 31,
1935, as amended, shall be
to be a valid license
be
not
be necessary to
may
purposes
joint
joint
or
issued
or
to import,
or
Secretary of
exportation
issued
licenses
arms,
State,
any
permanent
export
violation
States,
cases
the
in
Secretary of State
herein
as
and
which
for
war
2237,
force
recommenda¬
upon
articles
of
ammunition,
full
American
an
be fined not
or
The term
proclamation, without
Secretary of State the name of the purchaser
having obtained a license therefor.
required
importation,
ments
war
the inspection of the
designated by him, such
persons
export,
persons
sale
the
the terms of sale and
(e) All
subject to
or
implements of
period
referred
other
any
first
of
In
16.
(a)
of
proclamation
a
same
authority of subsection (i) of this
section,
import, to the United States from
or
terms
Appropriations
to export, or attempt to
export,
person
the
munition,
have
any
to make
or
same
for
years,
he
certificate
registration, free of charge, which shall remain valid
until the date
expiration of the original certificate.
Every person required to register
under the provisions of this
section shall
pay a registration fee of $100.
Upon receipt of the required registration
fee, the Secretary of State shall
issue a registration
certificate valid for five
years, which shall be renew¬
able for further periods of
five years upon the
payment for each renewal
of a fee of
$100; but valid certificates of registration
(including amended
certificates) issued under the
authority of Section 2 of the joint resolu¬
tion of Aug.
31, 1935, or Section 5 of the joint resolution
of Aug. 31,
1935, as amended, shall, without
payment of any additional registration
fee, be considered to be valid certificates of
registration issued under this
war
of
Numbered
"arms,
or
of
and shall remain valid
had not been enacted.
issued
in
Definitions
of
plements of
the
from time to time, promulgate such rules
may,
jurisdiction
denied
15.
Sec.
consist
executive officer
ammunition,
the United
and
include
upon
than
committed
which he exports,
imports, or manufactures; and upon such notifica¬
tion the
Secretary of State shall issue to such person an amended
from
shall
the
proclaim
list
a
implements
authority conferred
officers, or agency
or
exports.
or
war
resolution
time
the provisions of
thereon,
conviction, shall
this
under the
authority of subsection (i)
exporter, importer, manufacturer, or dealer,
Secretary of State his name, or business
Every person required to register under this
Secretary of State of any change in the arms,
subsection,
ammunition,
purchaser
every case of the violation of any of the provisions of this
or of any rule or
regulation issued pursuant thereto where
specific penalty is not herein provided, such violator or
violators,
a
an
(c)
of
data
joint resolution
the
name,
of
of
the
ceased
of
Munitions
The Board
be Chairman
the
General
(b)
National
"Board").
of
any
territorial waters of
Board
a
to
and
not inconsistent with law,
issued
or
section, whether/as
principal
July 3
and
any arms,
proclamation referred to in
of
and
arms,
Board
(b) Any vessel violating the provisions of subsection
or
to
or
who engages in the business of
manufacturing, export¬
ammunition, or implements of war listed in a
person
importing
in
the
of
The
purchaser and
(a) It shall be unlawful for
under
shall
the
judgment,
provisions
to
the
proclamation
President
any power
Sec.
ing
promote
promulgate such rules and regulations with
regard to the enforcement of
this section as he
may deem necessary to carry out its
provisions.
The
Board shall be convened
by the Chairman and shall hold at least one
meeting a year.
or
trade
name
license.
the sub¬
the
(b) Every
of
the
of
is revoked,
maintain
Secretary of the Treasury, the Secretary of
War, the
Secretary of the Navy, and the Secretary of Commerce.
Except as other¬
wise provided in this
section, or by other law, the administration of this
section is vested in the
Secretary of State.
The Secretary of State shall
ing,
3
other reports trans¬
are
Unlawful Use of the American Flag
is
by
or
in
as
Control
established
Secretary of State, who shall
Board;
out
carry
District
12.
the
it
through such officer
the
on
serve to
proclamation
except
time
defining
until
The
13.
33
revocation.
National
Sec.
control
such
hereby authorized to
subject to such limita¬
Whenever,
to
resolution.
Jan.
on
as
who shall
person
authority of this subsection.
United
thereupon
prior to such
prescribe.
may
the
any
name
from
issue
may
placed
citizens,
of
the
exercise
make
waters
the
is
but
1834),
shall,
United States
States
foreign State will
States,
have
any
joint
Congress
be
executive department,
from
be distributed
including
ammunition,
section;
Stat.
war"
to
168).
sec.
United
of
waters
Board
arms,
indicating that the
restrictions
States and
President
which
to
shall
such license.
and regulations,
remain
Vessels
special
United
or
been
not
war
Regulations
in command.
Merchant
the
port
with
war,
including
the
Sec.
con¬
permitted under
33, the President
depart therefrom, except under such conditions
tions
conditions
of
under
proclamation thereof,
it shall thereafter be unlawful for
any such submarine or armed merchant
vessel
officer,
any
of
be considered of value in the determination
may
under
The President
this
of
States,
proper,
vessel
that
(U.
war
that
States
by
report
a
before
deem
such
than
United
the
to
shall
on
person
Armed
territorial
United
interests
security
he
Section
or
armed merchant vessels of
or
commercial
the
shall
of
made
under any
tion
the
and
as
connected
sale
considered
owner,
domestic,
or
time, issued pursuant to Section
of said
to
during
President
bond
a
1917
of such owner, master,
Submarines
neutral,
to
foreign
as
arrived
5,
of
(i)
landing of such seamen as he deems
departure either on such vessel or another vessel
insure their
the expense
give
longer period
Notwithstanding the provisions
such
to
amount
who
seaman
vessel,
any
such
amended from
as
Immigration
of
States,
in
alien
no
the" United
regulations,
command
States
implements
or
Such reports shall contain such information
by the Board
hereunder,
(50
in
person
this joint resolution had
register under the provisions of this
implements
made
war.
require the
or
1939
reports a list of all persons required to register under the provisions
of this joint resolution, and full information
concerning the licenses issued
(c) Whenever the President shall have issued a proclamation under Sec¬
tion 1 (a) he may, while such
proclamation is in effect,
master,
11,
such
any person thereunto authorized by him, shall
that a vessel, domestic or
foreign, in a port of the United States,
previously departed from a port or from the jurisdiction of the United
States during such war and delivered
men, fuel, supplies, dispatches, in¬
formation, or any part of its cargo to a warship, tender, or
supply ship
of a State named
in a proclamation
issued under the
authority of Sec¬
tion
1
(a), he may prohibit the departure of such vessel
during the
the
the United
of
Congress.
questions
terms
find
of
to
collected
fuel,
has
duration
failed to
mitted
any
proclamation
a
if
as
ammunition,
of each year, copies of which shall
or
of the cargo,
part
any
amount
deliver
not
State
a
authority of Section 1
(b) If the President,
in
will
period
arms,
(h) The Board shall make
the United
that the vessel
dispatches,
tender,
under
with sufficient
behalf
on
have
thereof, before departing from a
States, to give a bond to the
of
Nov.
same
independent establishment of the Government
or
and its citizens, or to
promote the security or neutrality of the
United States, he shall have the
power, and it shall be his duty, to require
the owner, master, or person in command
or
the
(g) No purchase of
States
port
for
valid
enacted.
States
the
of
remain
under
this
subsection,
and
shall
(Concluded from,
kansas
and
taxes upon
page
Mississippi have
3029)
110
power
to impose
citizens of New England and New York
(except when they
own tangible property within
States), and if it is desired to levy taxes in
more
populous and highly industrialized regions
those
the
of Hp
East and North to be expended for
old-age
pensions
sources
or
otherwise in
of taxation
Government
lias
are
less
sections
where
local
re¬
ample, only the Federal
authority to make the exactions.
Volume
in
that
those
and in that
sense,
of
sources
of
Federal
the
tion
House of
fact
Northern
can
have been
New York,
that
it would
one
day be so construed as to permit taxa¬
supply funds to citizens
tion within their borders to
expenditures in distant communities are
and
States
never
might
in other
regions.
If the Senators or
This inescapable
or
ought to be uppermost in the minds of every
Eastern
Constitution of the United
recognize
Massachusetts, or Virginia, at all suspected that it
regularly and consistently cast in favor of measures
which thus divert their resources.
to
accepted had the people of, let us say,
greater than
Representatives of the regions thus taxed
to finance
of the
fail
only, are the re¬
The truth of this assertion
State.
any
sense
Government
obvious, yet the votes in the Senate and the
seems
3037
The Commercial & Financial Chronicle
149
would
voter, and of all voters in
Representatives from
any
district, the residents and industries of
be
excessively
taxed
to
State
which
supply funds
for
the
gratuitous distributions elsewhere, choose to sup¬
anticipated proposals to enlarge Federal pensions
port measures for old-age or other pensions, they
should do so with full knowledge that their con¬
communities
industrialized
the
to
aged
in
ance
everywhere,
when
to the disabled make their appear¬
or
No
Congress.
stituents
who possesses the least
one
comprehend the real effect of such dis¬
their resources.
tributions in the diversion of
knowledge of the discussions which led to the adop¬
Indications of Business Activity
THEJSTATE
TRADE—COMMERCIAL EPITOME
OF
This is the ninth consecutive
falling off for the week, the undercurrent of business activity
is holding strong.
The encouraging fact in connection with
Although reports from some industries show a slight
that
is
rise
sustained
the
American
industry
it
not
is
to date has
based
on
war
European
orders.
reaped little benefit from
war,
the exception of
in view
overtures and threats of Germany to soon
operations that may involve Belgium
of peace
large-scale
start
war
Holland.
and
Business
activity showed a leveling off during the past
week, according to the "Journal of Commerce," their latest
figure receding to 107.8 for the week ended
business index
with a revised figure of 108.5 for the
Nov. 4, as compared
preceding week and a high of 109.3 two weeks ago. According to this source, all components of the index were slightly
lower this week, with the exception of steel production and
automotive output.
The outstanding
factor in
the present steel situation is
the continued urgent demand for hurrying shipments,
Age" comments.
rolling schedules
"Iron
Some steel companies have had to upset
in order to accommodate customers who
plants would have to shut down unless
have said that their
they could get steel, it is stated.
Such an urgent need for
steel is said to be at variance with the commonly accepted
beliefs that there is reckless buying to
build up inventories.
horizontal increases in steel prices for the
No
first quarter
by the trade, in view of the fact that the
atmosphere created by statements of Government spokesmen at the opening of the steel hearings by the Temporary
National Economic Committee is not propitious for such
expected
are
"Iron Age"
changes,
adjustments
and
pipes,
says
in its current summary.
Some
such products as tin plate, galvanized sheets
on
may
be forthcoming, it is stated.
"It is becom-
ing increasingly clear that Government pressure by suasion
by ukase will seek to prevent inflationary tenden-
and not
inventories and wages in an effort to soften
cies in prices,
the shock of transition to normal
the trade periodical states.
Additional fachave a bearing on price decisions are:
shall arrive,"
which
tors
next,
labor
for
should
probability of substantial earnings in this quarter and
regardless of price changes; the restlessness of
The
the
conditions whenever peace
as
a
shown
wage
by
a
increase;
demand on one independent company
the failure of steel scrap prices to
the least of all, the
continue their recent advance, and not
possibility that there will be an easing in the heavy demand
for
steel
the
time after the
some
first of the year.
electric light and power industry of
United States for the week ended Nov. 4 amounted to
Production
by
the
2,536,765,000 kwh., an increase of 14.9% over the output
for the comparable 1938 period, according to figures reyesterday by the Edison Electric Institute.
Output
for the latest week was 2,014,000 kwh. below the previous
leased
week's
all-time
high
of 2,538,779,000 kwh.
and 329,321,000
2,207.444,000 kwh. for the week ended Nov. 5,
kwh. above the
1938.
Engineering construction awards for the
to
the Election
over
the
short week due
Day holiday total $53,603,000, a 44% gain
corresponding 1938 week, "Engineering News-Rec-
The current week's awards bring
increase of 11%
over the
$2,343,931,000 reported for the corresponding 45period last vear.
Private awards for the week are
285% h'gher than in the week a year ago, due to the
increased volume of industrial and commercial buildings,
ord" reported vesterday.
the 1939 total
to date to $2,613,957,000. an
Public construction is
While car loadings of revenue freight for the week ended
last Saturday were reported by the Association of American
Railroads today to have dropped to 805,862 cars from the
total in the preceding week of 834,096 cars, the gain over
the corresponding period a year ago was 132,895 cars, or
a recent survey has revealed.
With
substantial orders for airplanes and trucks
placed with American manufacturers by British and French
agents, there has been little from the belligerents that
could be regarded as having played a substantial part in
the current uptrend of domestic business.
The European
situation is fraught with the greatest uncertainty, especially
the
week that private awards have
topped their respective 1938 values.
7% above a year ago.
Friday Night, Nov. 10, 1939.
•
19.7%. The loss for the week was equal to 3.4%.
The voluine of bank clearings for the latest week was
curtailed by the Election Day holiday. However, the total
for the country went above that for the corresponding 1938
period for the first time in the past four weeks.
Total
clearings for 22 leading cities of the United States for the
five days ended with Wednesday, Nov. 8, according to Dun
& Bradstreet, Inc., amounted to $5,076,906,000, an increase
of 15% compared with the $4,414,529,000 for the same fiveday week a year ago.
For the short period just ended
clearings dropped $764,774,000 below the amount recorded
for the previous full week. A like comparison for the two
similar weeks of 1938, however, revealed a much greater
decrease, amounting to $1,620,014,000. New York transactions exceeded the 1938 figure for the first time in six
weeks.
The aggregate of $2,920,209,000 compared with
$2,635,719,000 last year, a gain of 10^8%. Outside of New
York, the turnover was equal to $2,156,697,000, against $1,778,810,000 a year ago, giving a rise of 21.2%.
Sales of Sears, Roebuck & Co. for the period from Oct. 9
to Nov. 5, 1939, amounted to $62,061,487, compared with
$47,874,046 in the corresponding period of 1938, an increase
of 29.6%, the company reported today. Sales for the 40
weeks ended Nov. 5 aggregated $486,754,353, against $393,
346,146 in the corresponding 1938 period, a gain of 23.7%.
Despite continued inactivity at Chrysler plants, automobile production maintained its steady rise this week, Ward's
Reports said today. Production was estimated at 86,200
units, compared with 82,690 last week and 86,094 a year
ago.
A leveling off was noted, however, Ward's said,
Meanwhile Nash reported retail sales during October totaled
4,311 units, a 162% gain over October, 1938. Truck sales
by General Motors increased 297% during the third period
of October.
Retail trade, stimulated by Election Day activity, moved
up to a new seasonal peak in the current week, Dun &
Bradstreet, Inc., reported today. Gain of volume over the
corresponding week of last year was estimated by the credit
agency at 10% to 17%, largest for any week thus/far this
year. Besides the increase in retail transactions a steady
flow of orders into wholesale markets and a better than
seasonal record for industrial activity characterized the
business record of the week, the agency's review said,
"Trade sentiment, cheered by the strong trend in consumer
buying during recent wreeks, apparently inclined to greater
optimism over sales trends for the remainder of the year,
it was reported. "Nevertheless, an attitude of caution in
respect to further commitments was apparent both in wholesale trading and in the primary commodity and stock
markets."
^
.
.
The outstanding feature of the weather continues to be
the Midwestern drought, which is still unrelieved by substantial rains. In large areas there has been no materially
helpful rainfall since around the 20th of August, making
unprecedented fall shortages of moisture in many localities.
Precipitation during the week, much of it in the form of
snow in the high elevations and more northern sections,
brought a fairly good supply of moisture rather generally
to the Northeastern and Middle Atlantic States, while eonditions in the Ohio Valley are mostly rather favorable from
preceding rains. Also, recent falls have been helpful in the
extreme lower Mississippi Valley, while conditions are still
>
favorable in much of the Great Basin of the West. Otherwise there is a general need of moisture, most urgent in the
3038
The Commercial & Financial Chronicle
Southern
Great Plains.
The weather of the week
characterized by abnormally low
temperatures over
The movement of the index is
Fri.,
Sat.,
Mon.,
Tue8.,
Wed.,
Thurs.,
Fri.,
sleet fell inland in the wake of the
gale.
The snowfall in
York ranged from three to nine inches.
The New
York City hrea has been
enjoying fine cool weather
New
*
the week ended Nov. 4
preceding week, 76.7
a
77.6 compared with 77.7 in the
was
month ago,
and 72.9 a year ago,
based on the 1926-1928
average as 100.
The highest point
reached by the index this
year was 77.8, in the week of Oct.
21.
The year's low point was
70.3, recorded in the middle
of August. The Association's
announcement, dated Nov. 6,
to say:
A decline in foodstuff
prices was
in the
all-commodity index. The
largely responsible for last week's drop
farm product index remained
unchanged
and the average for all
commodities except farm products and
high point for the year.
the
foods
rose
The only group index to decline
during
week, in addition to the food price
average, was that representing the
prices of metals, with price recessions in
silver and tin more than
offsetting a
slight rise in steel scrap.
Moderate increases in the fuel and
miscellaneous
commodity indexes took them
burlap and silk
to
new
resulted
Twenty-four price series included
advanced; in the preceding
high points for the
in
The fertilizer material index
a
small
also
was
rise
in
Higher
year.
the
textile
price
fractionally higher.
in the index declined
during the week
week there were 33 declines and 20 ad¬
vances; in the second preceding week there
21 declines and 35
advances;
were
Per Cent
Latest
Preced'o
Week
Group
below
the preceding week,
but
Oct.
1939
Foods
1939
74.7
Year
Ago
28,
oa.
1,323
of merchandise less than carload
decrease of 191
cars
cars
Coal loading amounted to
Grain
2,702
and
grain
159,476 cars,
products
cars below the
Ago
Nov. 5,
1938
7,
1939
1938.
In
37,530
ceding week, but
an
increase of 794
a
but
an
preceding week, and
an increase of
5,854
cars
Southwestern, reported
1938
2,256,717
Four weeks in March
2,302,464
2,297,388
2,390,412
Five weeks in April
2,832,248
Four weeks in January
Four weeks in February
Four weeks in May
Four weeks in June
weeks in
July
70.7
2,155,536
2,649,970
2,185,822
2,170,778
2,861,821
2,392,071
3,243,511
62.8
64.7
Four weeks in October
49.9
48.8
48.3
Week ended Nov. 4
61.1
59.9
59.2
65.4
64.1
73.3
672,967
2,962,219
3.794,249
3,100,590
4,013,282
3,156,533
728,765
25.654,754
33,031,248
47.7
65.6
2,689,161
3,844,358
3,374,943
805,862
Five weeks in September
63.8
1937
2,714,449
2,763,457
2,986,166
3,712,906
3,098,632
2,222,939
2,371,893
2,483,189
3,214,554
63.8
81.6
80.5
78.4
72.9
59.4
Total
2,842,632
28,606,472
75.6
88.0
76.9
Metals
93.9
94.1
93.9
Building materials
87.4
87.4
85.3
Chemicals and drugs
81.5
93.5
93.5
93.8
Fertilizer materials
Fertilizers.
93.6
73.0
72.9
73.9
70.5
77.3
77.3
Farm machinery
77.2
77.7
95.0
95.0
95.0
97.2
77.6
77.7
76.7
The first 18 major railroads to
report for the week ended
Nov. 4, 1939 loaded a total of
376,482 cars of revenue freight
on their own
lines, compared with 386,379 cars in the pre¬
ceding week and 317,595 cars in the seven days ended Nov. 5,
1938.
A comparative table follows:
72.9
All groups combined
90.9
REVENUE
FREIGHT LOADED AND RECEIVED
(Number of Cars)
Loaded
on
FROM
Own Lines
Prices
Advanced
Slightly
Week
in
Ended Nov. 4,
According to "Annalist"
During the week ended "Nov. 4
commodity prices ad¬
vanced
fractionally with the "Annalist" index closing at 81.9
Nov. 4, a rise of three-tenths of
and the highest since
on
ment issued Nov. 6.
It
was
a
point during the week
mid-October, according to
A year
ago
an announce¬
prices stood at 78.9% of the
further announced:
Wheat led last week's rise
as
Corn
were stagnant.
Cotton moved in a narrow
speculative items, such as
hides, silk, copper and rubber
lost ground or held firm
at best.
Gasoline prices were advanced for
the
fifth time since the end of
August.
more
"ANNALIST" WEEKLY INDEX
OF WHOLSALE
COMMODITY PRICES
Nov. 4,
Textile products
Fuels
Metals
Building materials
Chemicals..
Miscellaneous
All commodities
Atchison Topeka & Santa Fe
Ry_
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
1939
Oct. 28,
1939
Nov. 5, 1938
77.6
76.7
71.9
71.8
77.1
87.2
Nov.
5,
1938
23,673
37,245
22,552
27,406
18,751
19,520
15,617
30.003
22,854
13,324
13,909
10,064
18,155
19,204
21,865
17,296
21,716
19,869
8,829
9,124
8,111
16,369
16,998
15,974
11,714
12,485
10,458
3,182
3,352
3,326
1,524
1,294
1,703
1,718
4,579
1,937
1,428
2,268
2,231
2,114
4,264
2,944
2,953
2,794
4,277
Missouri Pacific RR
New York Central Lines
6,289
9,317
6,619
9,568
6,375
8,245
16,393
16,552
14,252
9,629
9,907
8,826
45,467
44,244
37,314
44,080
45.775
40, L8
6,469
6,954
12,397
28,745
5,224
22,530
11,409
27,250
4,186
77.353
56.024
5,244
47,288
5,378
73,877
New York Chicago & St. Louis
Ry
Norfolk & Western Ry
49,553
37,532
6,882
Total
6,907
9,721
5,797
6,302
6,308
5,480
7,445
7,625
5,496
7,939
7,672
6,193
32,505
33,004
29,979
9,326
9,239
8,355
5,911
RR
Southern Pacific Lines
Wabash Ry--.
6,358
5,501
8,959
9,311
8,152
376.482 386,379 317,595 225,040 233.473 193,665
TOTAL LOADINGS AND RECEIPTS
78.1
99.2
72.3
85.8
87.1
77.4
76.5
71.3
Weeks Ended—
69.3
85.8
CONNECTIONS
97.7
72.3
FROM
(Number of Cars)
84.2
99.0
81.9
81.6
79.8
Nov. 4,
1939
Chicago Rock Island & Pacific Ry_
Illinois Central System
St. Louis-San Francisco Ry
Total
Moody's Commodity Index
Slightly Lower
Moody's Daily Commodity Index closed at
162.7 this
Friday, representing a slight decline from the
level of 163.1
a
week ago.
Individual price changes were
unimportant,
1939
59.4
87.9 :
4, Oct. 28,
1939
36,992
issouri-Kansas-Texas RR
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie
1938
28.814
Gulf Coast Lines
72.5
77.3
1939
23.075
M
drought reports.
4, Oct. 28. Nov. 5, Nov.
1939
International Great Northern RR
speculators bought on
improved but other grains
Farm products
Food products
Nov.
CONNECTIONS
Received from Connections
Weeks Ended—
Weeks Ended—
Commodity
week
increases compared with the corresponding week in
1937.
48.9
7.1
The
above the
All districts reported increases
compared with the corresponding week in
1938.
All districts, except the Centralwestern and
Five
1.3
range.
cars
above the corresponding
in 1938.
Four weeks in August
88.1
below
cars
increase of 33,480 cars above the
corresponding
Coke loading amounted to 12,121
cars, an increase of 446
72.4
6.1
also
corresponding week
decrease of 149
week in 1938.
55.3
77.2
cars
Ore loading amounted to 56,976 cars, a decrease of
5,087 cars below the
preceding week,
74.4
*88.6
of
grain and
the preceding week, but an incease of
9,042 cars above the corresponding
53.7
Miscellaneous commodities-
Wholesale
decrease
week in 1938.
53.8
Textiles
100.0
a
Districts alone,
above the
cars
Forest products loading totaled 37,380 cars
Livestock
1926 base.
cars,
decrease of 1,930 cars below the
in 1938.
Cotton
.3
a
the Western
2,677
75.3
*81.9
below
Live stock loading amounted to 19,839
cars, a decrease of 571 cars below
the preceding week, but an increase of 687 cars
above the corresponding
week in 1938.
In the Western Districts alone, loading of live stock
for the
week of Nov. 4 totaled 16,327 cars, a decrease of
489 cars below the pre¬
64.5
Fuels
of
ase
cars
grain products loading for the week of Nov. 4, totaled
21,564 cars, a de¬
crease of 1,741 cars below the
preceding week, and a decrease of
52.4
64.9
159,157
below the corresponding week in 1938.
Grains
.3
totaled
decrease of 5,392
a
loading totaled
preceding week, and
corresponding week in
62.6
Farm products
.3
freight
the preceding week, but an increase of
31,413 cars above the corresponding
week in 1938.
Fats and Oils
8.2
lot
below the preceding week, but an incr
above the corresponding week in 1938.
Cottonseed oil
10.8
increase of 53,026 cars above the
an
1939
Month
Week
Nov. 4,
Total Index
17.3
172.8
138.4
coi
WEEKLY WHOLESALE COMMODITY
PRICE INDEX
Complied by the National Fertilizer Association
23.0
—
corresponding week in 1938.
Association
25.3
130.1
Low—Aug. 15
The Association further reported:
cars
Commodity Prices Dropped Slightly During
Nov. 4 According to National
Fertili¬
Each Group
Bears to the
152.9
19.7% above the
Loading
slight decline took place last week in the general
level
of wholesale
commodity prices, according to the index com¬
piled by The National Fertilizer Association.
This index in
and 22
162.4
161.8
162.7
Nov. 9
Nov. 10
167.4
144.7
1938 High—Jan. 10
Low—June 1
1939 High—Sept. 22
*
—
Miscellaneous freight loading totaled 323,383
cars, a decrease of 14,588
A
for
7
week.
Week Ended
prices
8--
164.5
Holiday.
cars, a
average.
Nov.
Nov.
follows:
as
Two weeks ago, Oct. 27
Month ago, Nov. 10
Year ago, Nov. 10
cars or
Seattle. 42 to 53.
to a new
6
163.1
163.4
...163.7
132,895
responding week in 1938 and an
increase of 77,097 cars or
10.6% above the same week in
1937.
Loading of revenue freight for the week of Nov. 4
was a decrease of 28,234 cars or
3.4% below the preceding
predicted for Saturday night
Sunday.
Overnight at Boston it was 29 to 41 degrees;
Baltimore,
32 to 54;
Pittsburgh, 39 to 48; Portland, Me., 26 to 38;
Chicago, 45 to 60; Cincinnati, 45 to 60; Cleveland, 42 to 47;
Detroit, 45 to 53; Milwaukee, 42 to 54; Charleston, 36 to
67;
Savannah, 42 to 66; Dallas, 65 to 68; Kansas
City, Mo.,
42 to 72; Oklahoma
City, 43 to 68; Salt Lake City, 23 to 49,
on
Nov.
3
Loading of revenue freight for the week ended Nov. 4
totaled 805,862 cars, the Association of American Railroads
announced on Nov. 9.
This was an increase
of
and
went
4
Revenue Freight Car Loadings in Week Ended Nov.
4,
1939, Total 805,862 Cars
The weather today was fair and
moderate, temperatures
ranging from 35 degrees to 61 degrees. ' The forecast is
for rain late tonight and
extending up to forenoon on Satur¬
day.
Clear and colder weather to follow in the afternoon.
Much lower temperatures are
zer
Nov.
Nov.
during
of the week.
Wholesale
1939
in cotton.
the
eastern
and
11,
except for the decline in steel scrap and hogs, and the advance
was
half of the
country, above normal wrarmth in the
West, and a general absence of precipitation,
except in the
Northeast and far Northwest. A
gale rolled up the Atlantic
Coast during the
early part of the week, but moved out to
sea without
causing any real damage.
Heavy snows and
most
Nov.
Oa. 28,1939
Nov. 5, 1938
.Not available
35,567
14,239
37,267
14,640
31,969
12,893
49,806
51,907
44,862
for separate roads and
systems for the week ended Oct. 28,
1939.
During this period 98 roads showed increases when
compared with the same week last year.
Volume
REVENUE
LOADED
FREIGHT
AND
FROM
RECEIVED
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED OCT. 28
Total Revenue
from Connections
1939
Southern District— (Concl.)
Mobile & Ohio
1,327
1,687
7,792
1,813
222
214
11,558
2,406
9,578
1,788
32
30
57
44
1,400
Chicago Indianapolis & Louisv.
1,290
4,984
8,627
1,412
5,228
10,500
2,227
9,075
7,215
1,870
7,274
6,555
Central Indiana
Central Vermont
Delaware & Hudson
5,877
10,909
...
Delaware Lackawanna & West
560
634
631
153
140
2,153
2,272
1,452
2,929
336
334
301
14,418
4,910
Grand Trunk Western
12,732
4,775
12,666
5,204
183
142
1,481
8,145
1,548
9,127
2,392
4,115
2,185
37,314
9,589
1,453
2,791
4,610
2,312
43,956
10,103
2,784
5,562
2,290
Lehigh Valley
Maine Central
Monongahela
Montour
2,746
12,342
6,762
1,784
1,061
6,790
14,923
7,851
2,199
1,633
7,497
2,494
206
1,922
Lehigh & Hudson River.
Lehigh <fc New England
2,019
232
260
5,144
4,937
7,304
6,987
6,308
51
33
12,397
710
322
481
439
383
444
265
261
1,304
888
958
2,051
1,406
672
574
625
1,004
894
6,358
5,218
5.767
6,065
4,122
9,311
4,102
8,323
2,973
Pittsburgh & Shawmut
Pittsburgh Shawmut & North..
Rutland
3,458
168,873
141,463
156,098
179,500
150,578
543
454
400
1,049
737
37,245
5,980
29,010
31,500
3,732
19,520
2,630
15,459
1,692
Akron Canton & Youngstown.
Ohio
Bessemer &
Lake Erie
16,484
1,157
3,437
4,548
14,677
773
756
8,583
20,754
9,311
22,129
422
441
459
182
218
189
1,025
799
113,747
102,553
112,670
76,078
65,100
21,096
2,781
21,418
4,153
13,407
1,052
8,924
18,339
19,478
2,657
21,978
4,262
7,606
1,147
5,806
12,485
3,145
9,124
3,908
10,625
21,838
4.174
6.175
I
Winston-Salem
Southbound
Total..
& North Western
Great Western
Milw. St. P. & Pacific.
St. P. Minn. & Omaha.
Duluth Mlssabe & I. R
3,599
6
Minn. St. Paul <fc S. S. M
545
186
176
16,517
3,014
2,606
741
721
659
544
Pacific
979
2,464
323
357
303
1,742
1,312
1,301
100,065
106,291
52,231
42,941
23,673
3,247
24,803
3,131
27,746
3,488
6,619
2.653
7,001
2,353
370
459
528
69
97
19,204
1,930
13,068
3,091
1,721
19,334
1,932
14,032
9,568
8,591
724
604
9,285
2,957
1,643
2,534
5i282
5,666
20,862
1,843
14,171
3,216
1,824
5,905
3.654
3,419
894
794
897
26
26
1,325
1,992
1,187
1,716
1,542
1,684
1,873
1,979
1,202
1.655
1,234
1,288
447
563
381
360
1,501
1,684
120
111
641
751
968
505
340
17
99
442
0
0
26,350
26,079
24,046
6,042
5,349
532
515
566
1,429
22,130
21,677
21,356
9,844
1,129
10,165
Central Western District—
Bingham & Garfield
Chicago
Chicago
Chicago
Chicago
Burlington & Quincy.
& Illinois Midland
Rock Island & Pacific
6
19
15
13,415
10,927
667
610
380
41
50
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver City
243
265
48
154
104
136
37
34
839
862
1,043
57,203
Union
Co
(Pittsburgh).
64,355
West
19,568
5,945
14,198
8,177
9,900
2,716
42
38
30
0
0
4,556
3,154
3,383
7,281
5,285
171,972
124,268
138,695
123,749
95,007
Virginia Northern
Western
1,301
12,487
2,544
1,312
38,393
15,790
2,933
1,704
49,553
680
1,437
77,353
14,573
18,439
Long Island
Maryland
& Eastern Illinois
Colorado & Southern
Illinois
Terminal
Missouri-Illinois
Nevada
Northern
North Western Pacific
Peoria & Pekin Union
Southern Pacific
(Pacific)
Toledo Peoria & Western
Union Pacific System
Total.
4,028
149
1,868
127,169
Total.
325
290
70
2,101
2,078
3,687
2,573
239
Spokane Portland & Seattle...
1,479
6,631
Valley
91
2,420
2,296
2,376
6,920
11,917
6,565
11,788
1,674
International
Spokane
270
LIgonier
324
4,626
558
1,987
7,787
12,284
Minneapolis & St. Louis
1,507
5,507
Cumberland & Pennsylvania..
472
14,944
2,660
Lake Superior <fc Ishpeming
7,821
47
152
242
8,215
715
Central RR. of New Jersey
Cornwall
636
5,932
3,110
7,843
3,395
480
Green Bay & Western
Northern
2,915
26,512
Great Northern
334
Reading
5,504
,
Northwestern District—
Chicago
Chicago
Chicago
Chicago
1,699
Pennsylvania System
1,146
9,200
....
Cambria & Indiana
Buffalo Creek & Gauley
Penn-Reading Seashore Lines.
2,430
23,817
Seaboard Air Line
Southern System..
Tennessee Central
Atch. Top. & Santa Fe System
Alton
Alleghany District—
Baltimore &
365
1,840
5,789
Total.
347
1,389
5,458
Wheeling & Lake Erie
428
1,312
4,226
10,226
6,436
Wabash
387
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South.
6,907
Pittsburgh & West Virginia
401
Duluth South Shore & Atlantic.
6,954
7,993
N. Y. Chicago & St. Louis
430
24
Pere Marquette
New York Ontario & Western.
2,252
38
Pittsburgh & Lake Erie
44,244
10,586
1,322
N. Y. N. H. & Hartford
2,410
2,752
1,527
45,775
13,576
39,708
11,247
1,676
9,863
5,766
5,184
New York Central Lines
2,187
2,836
1,562
931
Detroit & Toledo Shore Line...
Erie
1,940
2,930
1,094
Nashville Chattanooga & St. L_
Norfolk Southern
2,571
Detroit <fc Mackinac
Detroit Toledo & Ironton
1,903
3,030
1,703
Richmond Fred. <fc Potomac
634
1,177
7,353
1,812
39
Maine
1938
1939
Piedmont Northern
669
1,733
Bangor & Aroostook
&
1,090
727
1,402
8,440
Ann Arbor
1937
1938
1939
Eastern District—
from Connections
Freight Loaded
Railroads
1938
1939
1937
1938
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
Boston
3039
The Commercial & Financial Chronicle
149
2,897
1,432
8.704
1,490
580
469
659
15
8
1,683
1,906
2,101
2,422
2,949
130,633
131,262
136,528
60,813
57,752
Utah
Western Pacific
Pocahontas District—
30,003
Norfolk & Western...
28,745
5,080
Virginian
24,801
23,704
24,841
4,737
13,909
5,378
1,048
10,103
4,633
4,705
53,210
Chesapeake & Ohio
53,284
20,335
15,694
23,706
958
Total.
Southwestern District—
284
219
215
172
148
Atl. & W. P.—W. RR. of Ala..
839
774
790
1,663
1.466
Coast._
597
563
619
992
833
10,138
4,118
8,212
1,073
3,866
3,865
4,366
2,699
400
361
482
Atlanta Birmingham &
265
0
233
3,090
2,077
1,524
1,316
2,231
2,082
303
165
260
982
1,905
1,831
2,476
2,202
2,043
1,200
1,862
1,484
Kansas Oklahoma & Gulf
Kansas City
Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas.
2,003
1,665
251
a
a
a
Charleston & Western Carolina
1,289
1,370
421
534
391
317
Missouri-Kansas-Texas
151
177
468
472
Missouri Pacific.
671
705
•960
778
Quanah Acme & Pacific
137
246
207
130
109
39
Central of Georgia
5,352
3,202
1,067
2,384
654
Atlantic Coast Line
36
42
109
84
St. Louis-San Francisco
924
8,463
3,252
8,031
5,552
7,918
2,880
7,768
9,881
944
3,733
8,546
5,012
2,500
3,349
4,405
2,158
2,9^8
5,686
6,472
3,663
3,183
152
212
256
63
60
19
30
18
35
43
57,874
55,769
38,709
35,197
1,425
Clinclifield
Columbus &
245
3,361
2,113
2,125
International-Great Northern.
Southern District—
345
403
0
3,352
1,718
Fort Smith & Western x
Gulf Coast Lines
Alabama Tennessee & Northern
197
148
192
Burlington-Rock Island
63,828
Total.
448
Greenville
Durham & Southern
201
Florida East Coast
Galnsville Midland
I
1
1,003
Georgia
1,805
25,218
24,817
Gulf Mobile & Northern
Illinois Central System
Louisville <fc Nashville
1,801
1,473
1,793
371
392
509
476
1,602
24,556
1,838
1,440
27,463
23,361
12,650
6,005
1,178
10,860
280
Georgia & Florida!
943
.
21,484
5,256
Macon Dublin & Savannah
200
179
169
636
166
166
206
272
275
442
279
359
ia059
740
Midland
630
702
866
324
303
220
158
245
329
292
4,579
16,594
4,550
15,682
5,460
18,134
2,953
9,907
2,642
9,169
Valley
Missouri & Arkansas
St. Louis
Lines.
Southwestern
Texas & New Orleans
Texas & Pacific
Wichita Falls & Southern
Wetherford M. W. & N. W
473
Mississippi Central
.
Litchfield & Madison
Note—Previous year's figures
October
Engineering
revised.
Construction
Almost
Awards
* Previous figures,
Up
x
Discontinued Jan. 24, 1939.
17%—Private
Double Year Ago
weekly average since June, 1937.
They are entirely responsible for the October gains, increas¬
ing 71% over a month ago, and 86% over a year ago.
The
high volume of industrial buildings, almost four times
greater than October last year and more than double that
of last month, are the primary cause of the private con¬
highest
the
struction increase.
Public awards
6% lower than in September and 23%
Of the public total, State and municipal
are
below Oct., 1938.
a
Decreases
in streets and roads, 17%; public
building and large-scale private housing,
Geographically,
South
is
90%
South and
64,458 I
Included in Louisiana & Arkansas, effective July 1, 1939.
are
62%, and sewerage,
Heavy engineering construction awards for October, $245,062,000, are 17% higher than in September, and 4% above
the volume for October, 1938, as reported by "Engineering
News-Record."
Private awards average $26,932,000 for each week in
October,
Total.
buildings, 49%; commercial
7%; bridges, 12%; waterworks,
11%.
Middle Atalntic reports a
higher,
West of Mississippi,
19% gain over September;
5%, and Far West, 144%.
59 and 37%, in
Far West also record increases over last year,
Middle West is 5% above a year ago.
that order.
New Capital
New capital for
decrease of
construction purposes for October totals $54,474,000, a
74% from a year ago.
This month's financing is made up of
Housing Authority loans for low-rent slumprojects, $21,568,000 in State and municipal bonds, $3,937,000
$28,684,000 in United States
clearance
in corporate
security issues, $253,000 in Reconstruction
tion loans for
Finance Corpora¬
public improvements, and $32,000 in RFC loans for private
construction.
New
construction
decrease
of
financing for
1939 to date totals $2,251,042,000, a
33% from the volume reported for the corresponding
period
last year.
18% under a month ago, and 35% under a year ago; while
Federal is 36 and 23% higher, respectively, than last month
is
and last year.
Values of awards for the three months are:
Wholesale Commodity Prices
Week Ended Nov, 4,
October, 1938
September, 1939
October, 1939
(4 Weeks)
(4 Weeks)
(4 Weeks)
Private
$58,026,000
$63,077,000
$107,727,000
Public
177,872,000
141,522,000
146,260,000
137,335,000
113,366,000
92,438,000
36,350,000
32,894,000
44,897,000
$235,898,000
$209,337,000
$245,062,000
State and
municipal
Federal
Total
—
The current
month's total brings the construction volume for
1939 to
$2,235,658,000 reported for the 10Of this volume, $717,533,000 is private, 3%
$2,510,314,000, a 12% gain over the
month
period
above 1938,
last
year.
and $1,792,781,000 is public, 16% above a year ago.
The current month's awards in the various
classes of construction show
month in industrial buildings of 104% commercial build¬
and large-scale private housing, 68%; waterworks, 17%; sewerage, 5%;
earthwork and drainage, 65%.
Losses are in streets and roads, 14%;
gains over last
ings
and
public buildings, 0.1%; bridges,
Comparisons
with
Oct.,
9%, and unclassified construction, 24%.
1938, show increases in industrial buildings,
289%; earthwork and drainage, 38%,
and unclassified construction, 46%.
Increased Slightly During
According to Bureau of Labor
Statistics' Index
The Bureau of Labor Statistics' index advanced
fractionally
during the week ended Nov. 4 primarily because of continued
increased prices for textiles, housefurnishing goods, and
building materials, according to an announcement made
Nov. 9 by Commissioner Lubin.
"Six of the 10 major com¬
modity group indexes advanced during the week," Mr.
Lubin said.
"One remained unchanged, and three showed
declines.
Except for the 1.0% decline for hides and leather
products and the 0.6% increase for miscellaneous commodi¬
ties, the changes in all cases were less than 0.5%.
The
general level now stands at 79.3% of the 1926 average."
Mr. Lubin added:
Higher average prices for farm products, scrap steel, raw silk, raw
and crude rubber contributed to the 0.3%
jute,
advance in raw material prices.
The index for semi-manufactured articles declined 1.2%
because of lower
3040
The Commercial & Financial Chronicle
prices for leather, bar silver, chinawood oil,
turpentine, and woolen yarns.
The index for finished products rose
DATA
FOR
RECENT
Nov.
WEEKS
(THOUSANDS
OF
11, 1939
KILOWATT-HOURS)
0.1%.
The group of "all commodities other than farm
products"
ural)
was
unchanged
and
that
for
products and foods" (industrial)
"all
(non-agricult¬
other
than
Percent
and
eggs,
Week Ended
In the foods group increases
of the index
1939
Dairy products and
1
July
July
July
counterbalanced decreases and resulted in
remaining unchanged.
meats
July
2,300,268
Aug. 12
for
silk,
raw
advanced
Aug. 19
silk
housefurnishing goods.
lor
materials
materials
aged
yarns,
serge
suiting,
topcoating,
was
0.1%
lower and
chemicals
drugs
cattle feed, and
down
were
paper
0.3%.
(1926—100)
Percentages Changes from
Oct.
Oct.
28,
1939
7,
1939
Nov.
Aug.
26,
Oct. 28,
5,
1938
to
1939
Oct. 7,
to
Aug. 26
to
Nov.
4, Nov. 4, Nov. 4,
1939
1939
1939
All commodities
2,048,360
+ 11.8
2.214,775
2.154,218
+ 10.4
2.280.792
+ 13.7
2,469.689
2.465.230
2,139,142
2,154,449
2.182,751
2,265,748
2.275.724
1.436.440
1.464,700
1,423 977
1.476.442
1,490,863
1,499,459
+ 14.3
Oct.
7
2,214,097
+ 12.6
2.280.065
2,276,123
2,281,636
1,507,503
1,528,145
Oct.
28
2,226,038
+ 14.0
2,254,947
1,533,028
1,798,633
1,824,160
4
2.536+6*
2.207.4<M
4-1 + O
o, 902 4*1
1.*25.410
1
Nov.
74.8
77.3
+ 0.1
+ 0.4
+ 6.0
61.1
67.2
+ 0.4
72.3
72.3
+ 1.0
+ 10.6
the value of
Foods
72.9
66.7
72.9
0.0
—0.8
occurred
92.6
95.3
—1.0
—0.8
75.6
75.2
+ 8.4
+ 12.7
73.8
67.4
65.9
+ 0.6
+2.4
74.7
74.6
+ 12.2
74.8
73.2
75.2
+ 0.1
——0.1
96.2
96.3
95.1
+ 2.0
93.5
95.3
—0.1
+ 1.2
+2.9
91.8
89.7
90.0
Chemicals and drugs
+ 0.1
+ 1.4
77.7
77.9
77.9
74.2
76.3
—0.3
Housefurnishing goods
——0.3
89.6
89.3
+ 4.7
89.1
87.0
87.1
Miscellaneous
+ 0.3
+0.6
77.9
77.4
77.1
73.1
72.4
Raw materials
+ 0.6
72.3
+ 1.0
72.1
+6.6
71.7
66.2
70.7
+0.3
+ 0.8
+ 9.2
76.2
—1.2
—1.9
+ 10.1
+3.8
Semi-manufactured articles-
81.9
82.9
83.5
74.4
Finished products
All commodities other
82.6
82.5
82.3
79.3
81.0
+ 0.1
+ 0.4
in
81.9
81.7
77.8
79.5
0.0
+ 0.2
+ 5.3
than
other
than
farm products and foods..
new
PERCENTAGE
CHANGES
IMPORTANT
84.2
IN
SUBGROUPS
83.7
80.4
81.2
WHOLESALE
FROM
Increases
+ 0.2
PRICE
OCT. 28
TO
+ 0.8
+ 5.0
INDEXES
residential
NOV.
1939
4,
5.9
Increases (Continued)
Other building materials
Dairy products
amounted
based
Cotton goods
Grains
0.3
2.6
Clothing
;.
residential
new
on
only
August
$9,328,000.
received
reports
September
having
an aggregate
During the first 9 months of 1939, permits
buildings valued
at
were issued in
$1,579,759,000,
buildings showed
new
an
increase
of
34%
non-residential buildings showed
a
1.6
Fruits and vegetables
Other foods
Meats
0.5
Leather..
Shoes
0.5
The announcement from the
Paint and paint
materials...
Chemicals
Department of Labor
Furniture
0.4
0.4
Furnishings...
0.3
Cereal products
Woolen and worsted goods
All Cities
New residential
Group Estimates October Sales
at
33.7%
+ 17.8%
+ 9.6%
Additions, alterations, repairs
337,670
industry's operations,
The Association estimated the
industry's October volume
at 337,670 units.
On the basis of this
estimate, the indus¬
try's operations in October were 56.8%
higher than the cor¬
responding month last year.
The Association's
report is summarized as follows: October,
October,
1938,
1,000
All Cities
Total
Permits
units.
States
issued
Of
The Edison Electric Institute in its
current weekly
report
estimated that production of
electricity by the electric light
and power
industry of the United States for the week ended
Nov. 4, 1939, was
2,536,765,000 kwh.
The current week's
output is 14.9% above the output of the
corresponding week
of 1938, when
production totaled 2,207,444,000 kwh.
The
output for the week ended Oct.
28, 1939, was estimated
these, 2,841
over
the like
year ago.
September
were
Housing Authority.
were
percentage
—23.8%
+ 33.4%
—7.8%
—7.5%
provided
for
23,443
family-dwelling
in projects under the jurisdiction of the
United
August permits provided for 30,809 units, of
in USHA projects.
change in the permit valuation from
class of construction, is
given below for the same
All CUies
New residential
New non-residential
3.4%
+ 19.8%
+ 11.3%
Total
+
Compared with Sept., 1938, there
1938
by
Excl. N. Y. City
+
Additions, alterations, repairs
of
Sept.,
2,049 cities.
Change from Sept. 1938 to Sept., 1939
Class of Construction
to
increase of 14.0%
during
Excl. N. Y. City
—10.0%
Additions, alterations, repairs
The
1939, 14.9%
or over:
—24.7%
+ 30.0%
—12.3%
New residential
New non-residential.
+
4,
37.0%
Change from Aug. to Sept., 1939
Class of Construction
whkh 8,317
Electric Output for Week Ended
Nov.
Above a Year Ago
+
+ 53.4%
+ 13.1%
The percentage of change from
August to September, 1939 in the permit
valuation of the various classes of
building construction is indicated in the
following table for 2,049 cities having a population of
con¬
November, 1939, issue of "Automobile Facts,"
publication of the Automobile Manufacturer's Association.
+ 28.4%
+ 24.3%
New non-residential
0.3
An increase of
75.3% in motor vehicle shipments was indi¬
cated for the month of October as
compared with September,
in the
preliminary estimate of the
192,672;
Excl. N. Y. City
+
0.4
Units
a
con¬
0.5
Total
week
The
Chan ge from First 9 Mos. of 1938
to First 9 Months
of 1939
0.5
Iron and steel
an
new
Class of Construction
1.0
0.5
2,538,779,000 kwh.,
period.
tinued:
1.7
0.5
be
this
gain of 18%, while addi¬
a
rise of 10%.
1.8
Drugs and pharmaceuticals
1939,
over
24%
value of
1,8
....
Lumber
September,
The
period of 1938
Livestock and poultry
1.5
0.9
1939, 337,670;
215,286.
are
cities reporting
an increase of
compared with the corresponding period of 1938.
residential
These data
.
Statistics from 2,049
population of 59,890,000.
4.9
Other farm products
Crude rubber
tained in the
building-permit valua¬
by the Bureau of Labor
The changes occurring between the first 9 months
of 1939 and the like
are indicated below, by class of
construction:
Decreases
Hides and skins
Paper and pulp..
a
of
$28,583,000, while in September it
was
Total
decrease of 10%, as compared with
August
a
to the Bureau for
2.5
Car-Makers
building and additions,
The fall-off in the dollar volume
o.l
2.4
2.2
to
cities of the United States
0.3
2.7
Other textile products.
Coke
of
was
tions, alterations and repairs owed
Cattle feed
Silk and rayon
volume
building
value of these awards in
tion showed
value of
OF
dollar
caused primarily by a decrease in the value
of contracts awarded for United States
Housing Authority projects.
The
as
84.4'
815.749
a gain of 30% in
non-residential building but decreases of 25% and
12%
new
the
alterations, and repairs, respecitvely.
+ 4.2
81.9
commodities
1.806.403
As compared with August, September
permits showed
+3.0
farm products
1.819.276
A gain of 20% in permit valuations for new non-residential
buildings over the corresponding month of last year featured
the building-permit reports for
September, Secretary of
Labor Frances Perkins reported on Oct. 28.
"The gain was
caused primarily by increases in the dollar volume of fac¬
tory, public utility, and commercial building," Miss Perkins
said.
"The value of new residential
buildings increased 3%
and the value of
additions, alterations, and repairs increased
11%.
The total volume of building construction was 10%
higher than in Sept., 1938."
Secretary Perkins added:
79.0
All
1.506,219
Permit Valuations for New Non-Residential
Buildings
Gained 20% Over Last Year,
According to Secre¬
tary of Labor Perkins—Total Volume of Building
Construction Was 10% Higher
66.8
93.0
+ 14.4
2.494,630
2,493,993
2,538,779
79.2
93.1
+ 15.5
14
67.2
Hides and leather products.. 104.4 105.5 105.2
2,304,032
21
79.3
Building materials..
1,440,386
1,426,986
1,415,122
1,431,910
2.289.960
2,444,371
2,448,888
67.5
.
+ 9.4
9
Farm products
Textile products
Fuel and lighting materials..
Metals and metal products.
2,154,276
2.258,776
and pulp showed marked
1939; (2) important changes in subgroup indexes from Oct.
28 1o Nov. 4, 1939.
1939
2.320.982
2,261,725
2.300,547
Average
of commodities for the past two weeks, for Oct. 7,
1939, Aug. 26, 1939 and Nov. 5, 1938 and the
percentage
changes from Oct. 28, Oct. 7, and Aug. 26, 1939, to Nov. 4,
4,
2,294,713
+ 9.7
2.256.335
+ 9.9
Oct.
groups
Nov.
+ 10.3
+ 11.8
Oct.
following tables show (1) index numbers for the main
Commodity Croups
+ 10.7
2,134,057
2,148.954
+ 10.1
2.093,907
2,367,646
2.354.750
Sept. 16
increases.
The
2,138.517
2,084,763
2.115,847
2,133,641
2,357,203
Sept. 30
Average prices of fuel and lighting
and
2,298,005
2
Sept. 23
because of increased lumber prices, the index for building
0-1% above a w +k ago.
Metals and metal products aver¬
prices of crude rubber,
2.096.266
+ 11.5
Sept.
0.1%.
were up
Principally
1,723.428
1,592,075
1,711,625
1,727.225
1,723,031
1,724,728
1,729,667
1,733,110
1.750,056
1,761.594
1,674,588
1,806.259
1,792,131
1,777,854
+ 10 5
Aug. 26
fractionally and other
men's suits, and fibres caused the textile
products index to rise 0.5%.
Fractional increases for both furnishings and furniture resulted in a
minor
advance
1,456,961
1,341,730
1,415,704
1.433.993
+ 14.2
Sept.
for shoes
leather products remained unchanged.
prices
-
5
Aug.
prices for hides, skins,
Advancing
2,238,268
2,014,702
1,881,298
2,325.085
2.333.403
29
prices
1929
2.084,457
2.077.956
__
22
July
Average
1932
2.324.181
2,294.588
2,341,822
8
15
higher and cereal products and fruits and vegetables were lower.
After advancing steadily for the past two months, the index for
hides and
leather products decreased 1.0% because of lower
leather.
1937
from
1938
were
and
1938
sweet potatoes more than offset
lower average prices for livestock, cotton, lemons,
oranges, and wool and
caused an advance of 0-4% in the index for farm
products.
the level
Change
1939
farm
0 2% during the week
rose
Sharp rises in prices for grains,
commodities
was an
.
+ 17.9%
+ 11-6%
+ 14.0%
9.7%
+
15.0%
increase of 0.1% in the number
family-dwelling units provided.
The data collected by the Bureau of Labor
Statistics include contracts
by Federal and State governments in addition to private and
municipal construction.
For Sept., 1939 Federal and State construction
awarded
Major Geographic
Week Ended
Regions
Nov. 4, 1939
Week Ended
Oct. 28, 1939
Week Ended
Week Ended
Oct. 21, 1939
Oct. 14, 1939
amounted to
to
$17,859,000; for Aug. 1939, to $31,914,000, and for Sept., 1938,
$18,051,000.
New England
Middle Atlantic
13.9
14.1
12.3
13.9
14.6
Central Industrial
11.8
11.3
18.3
13.2
17.7
ing projects: In Burlington, N. J., for
15.8
8.8
18.7
8.7
7.5
000,000; in Buffalo, N. Y., for an auditorium to
8.9
West Central
Southern States
14.0
16.0
Rocky Mountain
10.3
15.9
16.1
12.8
16.5
9.6
20.4
8.2
9.6
7.0
14.9
14.0
12.6
14.3
Pacific Coast
Total United States.
x
Reflects hurricane condition in 1938.
Permits
were
issued during September for the following
important build¬
a gas
and electric plant to cost $10-
cost approximately $2,060,000: in New York City—in the Borough of the Bronx, for
apartment
houses to cost $850,000 and a city
hospital to cost $850,000: in the Borough
of
Brooklyn, for one-family dwellings
ment houses to cost over
to
cost
$3,392,000, and for
a
nearly
$576,000.
pumphouse to
for apart
cost
$1,033,-
000: in the Borough of Manhattan, for apartment houses to cost
$1,400,000
and for a school to cost
$1,000,000; in the Borough of Queens, for one
Volume
family dwellings
cost
The Commercial & Financial Chronicle
149
to cost
Philadelphia,
in
Pittsburgh, Pa., for
$442,000;
over
$748,000, for
cost over
in
Pa.,
for
one-family
dwellings
to
111.,
for
$930,000;
nearly
dwellings
one-family
nearly
cost
to
school to cost $3,000,000, and for stores and warehouses to
a
$361,000; in Evanston, 111., ror
111., for
a
a
$357,000;
over
$3,254,000 and for
Ohio,
Cincinnati,
in
$487,000;
cost approximately
disposal plant to
cost
to
dwellings to cost
for
family
one
$370,000; in Cleveland, Ohio, for one-family dwel¬
over
lings to cost $388,500 and for school additions to cost over $408,000;
in
Columbus, Ohio, for one-family dwellings to cost approximately $331,000;
in
Youngston, Ohio, for school buildings (o cost
olis,
Minn., for
one-family
dwellings
to
over
$511,000; in Minneap¬
approximately $440,000,
cost
$780,000; in Baltimore, Md„ for one-family dwellings
and
New Orleans, La., for a Regional
cost ove-
to
hospital to cost nearly $370,000; in
$587,000: in Charlotte, N. C., for a
Research Laboratory and Service building
$1,143,000; in Houston, Tex., for one-family dwellings to cost over
$763,000 and for apartment houses to cost nearly $1,198,000; in Alameda,
Calif., for
119
Shipments
79
111
125
Orders
64
96
99
according to reports to the National Lumber Manufacturers
Association from regional associations covering the opera¬
tions of representative softwood and hardwood mills.
The
reports further showed:
storehouse and
a
plant building to cost over $845,000; in
power
week, production, as reported by 3% fewer mills, was
with the preceding
3%
19% below production.
Shipments were 5% above output.
production for the 43 weeks of the year to date was 16% above correspond¬
ing weeks of 1938; shipments were 17 %
business
new
dwellings
San Francisco, Calif.,
one-family
dwellings
to
$667,000; in Albany, Calif., for a
over
$440,000, and in Seattle, Wash., for
$537,000.
approximately
cost
Calif., for
$817,000; in Burbank,
cost
cost nearly
onefamily dwellings to
Contracts
were
lot
September for the following USHA housing projects:
awarded during
Boston, Mass.,
over
J., for two housing
$3,286,000; in Trenton, N.
to cost
projects to cost
in
to cost
Research Laboratory to
$1,740,000; in Washington, D. C., to cost $1,360,000;
Atlanta, Ga., to cost nearly $780,000; in Baltimore, Md., to cost over
$1,123,000. and in Charlotte. N. C., to cost over $1,000,000.
THE
WITH
GETHER
OF
UNITED
T"E
SEPTEMBER,
NUMBER
OF
IN 2,049 IDENTICAL CITIES IN NINE REGIONS
NEW DWELLINGS,
BY
SHOWN
AS
STATES.
ISSUED,
PERMITS
1939
For the 43 weeks of 1939
10% above, and shipments 6% above output.
was
1939, 510 mills produced 245,219,000
During the week ended Oct. 28,
combined;
hardwoods
and
softwoods
of
shipped
271,467,000 feet;
mills, 527; production, 251,961,000 feet; shipments,
were
week ended Oct. 28, 1939, by 433 soft¬
Lumber orders reported for the
below the production of the
188,183,000 feet; or 20%
wood mills totaled
Shipments as reported for the same week were 246,274,000
mills.
same
Production was 235,631,000 feet.
feet, or 5% above production.
Reports from 93 hardwood mills give new business as 9,623,000 feet, or
Shipments as reported for the same week were
above production.
0.4%
Production was 9,588,000 feet.
production of 425 identical
233,444,000 feet, and a year ago it was 205,958,000
11,871,000 feet, or 24% above production.
week's
softwood
mills
was
Oct.
ending
(week
1939)
28,
feet; shipments were respectively 243,622,000
186,254,000 feet,
received
orders
feet, and 207,589,000,feet; and
In the case of
205,817,000 feet.
and
and a year ago
hardwoods, 81 identical mills reported production last week
6,958,-
8,034,000 feet and 5,325,000 feet; shipments 10,849,000 feet, and
Percentage
Permit
of
Sept., 1939
Percentage
Families
Change from—
Valuation,
Cities
No. of
Change from—
No.
Geographic Division
Provided
Aug.,
Aug.,
New England
136
Middle
Atlantic...
525
East North Central.
457
West North Central
183
South Atlantic
246
East South Central.
19,055,780
4,395,439
13,076,134
1,340,496
81
West South Central
$7,337,230
21,878,553
123
97
Mountain
201
Pacific
5,521,393
1,940,621
12,722,136
Sert.,
1938
1938
Sept.,' 39
—24.7
+ 0.1
—23.9
+ 3.4
23,443
—3.7 + 142.5
1,898
—33.2
5,294
—23.2
—43.8
4,164
1,242
3,951
—32.0
+ 35.8
—6.3
We give
Oct.
ended
+ 15.9
—30.5
+ 27.0
—7.0
+ 21.5
—21.8
+ 60.5
—1.5 + 182.0
—74.8
+ 1.3
582
—66.3
—28.9
+ 12.3
1,865
—28.6
+ 5.5
—6.2
—2.0
617
—7.9
—15.8
—6.8
3,830
—14.3
An
and Repairs)
Population
Percentage
Permit
Valuation.
(Census
of 1930)
Valuation,
Sept.,
Sent.,
1938
1938
+ 19.8 174,009,436
New England
2,649,927
+ 67.8
—38.7
21,569,238
+ 53.4 + 294.3
51,430,663
37,939,185
11,777,284
21,056,018
—10.0
12,176,401
Mid. Atlantic
12,625,424
South
Atlantic
E. So. Central
W. So
Central
Mountain
+ 35.9
+ 1.0
4,741,099 + 109.3 + 143.2
—55.5
4,761,778
+ 15.4
1,034,407 —20.3 —40.4
+ 21.6
3,401,507
+ 45.8
—27.4
—41.4
+ 22.3
970,990
6,199,182
Pacific
—40 7
38,439
33,648
878.947
957,778
871,197
26,474
weeks ended Oct. 28, 1939, as reported by
Production during the four
3,145,844
10,141,982
3,900,668
22,441,391
+ 9.7 59,890,085
+ 4.1
+ 29.4
—3.3
+ 13.3 18,504,413
5,495,549
—18.7
+ 31.6 14,729,986
+ 24.9
—11.6
+66.0
—59.7
—19.3
—16.7
+ 11.1
—5.8
—10.4
4,471,578
5,116,636
1,959,089
3,153,748
1,225,827
—8.0
—21.7
5.233,259
—3.9
Soft¬
10% above that of corresponding weeks of 1938.
was
1939
was
9% above that of the same weeks of 1938 and
during the same period of 1937.
16% above production of the 1938 period.
Shipments during the four weeks ended Oct.
+ 30.0
W. No. Central
28,524
879,740 1,040,290
30,814
these mills,
837,549
850,423
7% above the record of comparable mills
$
57,953,552
E. No. Central
1938
1939
919,339
995,917
44,373
853,266
964,838
Hardwood output was
divisions..
Orders Received
1938
1939
1938
934,024
.
wood production In
Aug.,
1939
Sept., 1939
$
All
1939:
Shipments
Production
1939
Total lumber.
Change from—
Percentage
Change from—
1939
ended Oct., 28,
(In 1,000 Feet)
Hardwoods
(.Including Alterations
Aug.,
mills reported as follows to the National Lumber
of 494
average
Trade Barometer for the four weeks
—2.9
Total Building Construction
Sept., 1939
Four
During
1939
Manufacturers Association on Nov. 7:
—5.7
Buildings
Permit
28,
+ 70.4
—25.0
New Non-Residential
Division
Oct.
herewith data on identical mills for four weeks
28, 1939 as reported by the National Lumber
Softwoods
Geographic
Ended
Lumber
of
Shipments
Weeks
+ 16.2
—22.0
and
Production
Sent.,
1939
for
1939
2,049 187,267,782
All divisions
feet.
000 feet and orders 8,805,000 feet and 8,845,000
New Residential Buildings
feet;
258,145,000
Revised figures for the preceding week
orders 227,610,000 feet.
Last
BUILDING CONSTRUCTION, TO¬
FAMILIES PROVIDED FOR IN
OF
VALUATION
1—PERMIT
TABLE
above the shipments, and new orders
20% above the orders of the 1938 period.
were
booked orders of 197,806,000 feet.
onefamily
New business
Reported
13% less.
less; new orders,
less, shipments were 5%
was
feet
apartment houses to cost approximately $815,000; in
Compared
decline of 32% and 2% respectively.
business and shipments
Long Beach, Calif., for one-family dwellings to cost over $419,000; in Los
Regional
Percent of 1938
99
Angeles, Calif., for one-family dwellings to cost over $2,434,000 and for
for
Percent of 1937
1929
70
__
Compared with the average of the preceding 10 weeks, reported lumber
in
$1,309,000;
approximately
cost
to
office building to cost $450,000; in Washington, D. C., for
one-family dwellings to cost approximately $1,194,000 and for a school
cost
Percent of
Production,
production of the week ended Oct. 28, 1939, showed increase of 1%; new
Minnesota
of
an
library to cost $770,000; in Miami, Fla., for one-family dwellings to cost
to
follows:
years was as
Omaha,
University
over
week ended Oct. 28,
during the
movement
buildings to cost $610,000, and for a memorial building at the
for school
Neb., for
The lumber
1939, in relation to the seasonal weekly averages of prior
Regional Research Laboratory to cost $885,000; in Rock
sewage
buildings
Weekly Report of the Lumber Movement, Week Ended
Oct. 28, 1939
college building to cost $500,000;
a
Detroit, Mich., for one-family dwellings to cost
factory
cost
extension to the Tuberculosis hospital to cost
an
Chicago,
in
Peoria, 111., for
Island.
in
houses to
$1,585,000 and for apartment
nearly
$3,193,000; in Menands, N. Y., for apartment houses to cost $487,000;
in
3041
those of corresponding
28, 1939, were 18% above
weeks of 1938, softwoods showing gain of 17% and
hardwoods, gain of 56%.
four weeks ended Oct. 28,
Orders received during the
1939 were 10%
Softwood orders
weeks of 1938.
those of corresponding
above
1939
in
10% above those of similar period of 1938 and 29% above the same
were
with
Hardwood orders showed gain of 14% as compared
weeks of 1937.
corresponding weeks of 1938.
On
1939, gross stocks as reported by 421 softwood mills were
Oct. 28,
production (three
3,538,768 M feet, the equivalent of 100 days' average
year average
1936-37-38), as compared with 3,931,874 M feet on Oct. 29,
1938, the equivalent of 111 days' average production.
Bank Debits Two Per cent
Debits
to
individual
Higher Than Last Year
accounts,
as
reported by banks in
leading cities for the week ended Nov., 1 aggregated $9,488,000,000,
-
17% above the total reported for the
or
production.
pre-
ceding week and 2% above the total for the corresponding
maintained
been
Rises Again with
Says Canadian
Production
Industrial
Canadian
Trend Toward Conservative Buying,
Aggregate debits for the 141 cities for which
has
softwood mills were
26 days' average production, compared
Oct. 29, 1938, the equivalent of 14 days' average
with .502,944 M feet on
week of last year.
total
1939, unfilled orders as reported by 419
On Oct. 28,
919,203 M feet, the equivalent of
Bank of Commerce
separate
a
since
industrial
Canadian
again rose markedly by
production
Jan., 1919 amounted to.
$8,760,000,000, compared with $7,407,000,000 the pre¬
ceding week and $8,635,000,000 the week ended Nov. 2 of
mid-October, the advance of 8% being slightly greater than
that recorded a month earlier, said A. E. Arseott, General
last year.
These figures are as reported on Nov.
Board of Governors of the Federal Reserve
his
by the
monthly review
FEDERAL
RESERVE
DISTRICTS
Nov. 1,
1939
Oct. 25. 1939
tracted to
Nov. 2,
1938
1—Boston
17
$529,147,1X10
$474,326,000
$557,772,000
2—New York
15
4,450,761,000
3,419,922.000
4,443,622,000
18
457,558,000
404,897.000
449,123.000
4—Cleveland
25
602,432,000
549,772.000
558,025.000
5—Richmond
24
329,528.000
317,205,000
319.169.0C0
6—Atlanta
26
250,237.000
244,750,000
235,548,000
41
;
and
war
has
September,
1,124,222,000
269,434.000
262,152.000
1,224,471,000
249.672,000
184,221,000
157,960,000
180,050,000
greatly
10—Kansas City.
28
261,189,000
267,223,000
260,180,000
sources
11—Dallas
18
207.918,000
218,703.000
191,529,000
12—San Francisco
29
673.200.000
662,413,000
666,369,000
274
$9,487,985,000
*8.103.545,000
*9.335.530.000
their
at
wave
is
from
clear
are
in
their
in
a
the
forward
to
with
recently
that
urgent,
the
strong
Government
that
demand
conflict,
therefore
the
show
of
these
requirements
for
war
authorities
no
movement
upward
weight
the
under
while
and
prolonged
command and
or
purposes.
contrast
weakened
it
purchases
of
immediate
all
prices,
increase
Apart
Total
for
supplies
military
Moreover, it has
for some time to come.
generally recognized that the supplies of most raw materials
have
Furthermore,
1,272,360,000
17
_
signs of more conservative
impressed with the fact that production of certain goods
are
sufficient
16
7—Chicago
are
by
public requirements
Commodity
9—Minneapolis
8—St. Louis
who
outrun
become fairly
arc
Already there
by month.
manufacturers and traders who have rebuilt or con¬
rebuild, inventories which were at subnormal levels prior to the
Center
Incl.
3—Philadelphia
month
policies
buying
Federal Reserve District
not reasonably be expected to
expansion of such proportions should
continue
Week Ended—
No. of
of
continued:
An
SUMMARY BY
Bank of Commerce, Toronto, in
Canadian business.
The summary
Manager of the Canadian
6, 1939,
System.
for
materials
have
in
stocks.
some
will
numerous
disposition to concentrate
buy hurriedly.
recent
stimulus
buying by
to
general
manufacturers
and
business
traders
resulting
from
a
beyond their sea-
3042
sonal
The Commercial & Financial Chronicle
needs, expansive
fected
the
national
tinue, and to
marked
a
influences
decrease
if
nearly $4,000,000
cline
enduring character
have
influences may be expected
overbalance, reactionary elements,
not to
to
af¬
con¬
6uch
as
for civil industrial goods and the
current
October construction awards, totalling $14,500,000,
less than those in October 1938, the sharpest de¬
the "business"
being in
than
more
more
orders
in
decline in construction.
were
a
These
economy.
offset,
of
double those of
a
Industrial awards
category.
however,
were,
year ago.
Rayon Production in Third Quarter 12% Above 1938
Period—United States' Output Totaled
77,800,000
Pounds
Production
of rayon filament yarn registered a substan¬
gain during the third quarter of the year, according
to figures compiled by
"Rayon Organon," published by the
Textile Economics Bureau, Inc., New York.
United States
production of rayon filament yarn for the quarter ended
Sept. 30 aggregated 77,800,(XX) pounds, an increase of 6%
tial
compared with the 73,000,000 pounds produced in the June
quarter and a gain of 12% compared with the
output of
69,400,000 pounds
The
Bureau
The
further
increase
in
labor
quarter
difficulties.
13%
was
acetate yarn
Viscose
greater
production
Shipments of
rayon
97,100,000 pounds
This
reported
production
divisions, whereas acetate
yarn
of
produced in the third
as
output
yarn
and
than
cupra
was
yarn
reported
yarn
which amounted
to
the
viscose
a
and
output
for
the
for
June
the
September
quarter,
at
30 aggregated
Sept.
30,
pounds.
surplus
drop of
a
60% compared with stocks of 32,600,000 pounds reported on June 30.
Production of staple fiber established a new
high record for all time
during the September quarter.
Production for
the quarter
aggregated
14,700,000 pounds, exceeding the former high of
11^600,000 pounds pro¬
duced during the second quarter of the
year by 28%.
The "Organon"
points out that although imports of rayon
staple fiber during the third
quarter remained at the
10,000,000-pound level, the total staple fiber
available for consumption reached a new
high of 24,700,000 pounds.
October shipments of
rayon yarn totaled 34,100,000
with
1938.
only
pounds
32,900,000
Yarn
poundB
stocks
9,400,000
in
held
pounds
September and
by producers
(about
a
one
the end
at
week's
Yarn shipments for the first 10
months
pounds, which
1938,
or
compares
increase of
an
Petroleum
and
with
of
October
supply),
on
of
226,200,000
compared
25,100,000 pounds in
already low level of 13,000,000 pounds held
October,
amounted
decline
a
from
to
the
Sept. 30.
1939
have totaled 292,400,000
pounds in the same period of
29%.
Its
Mines, told
members of the special subcom¬
mittee of the House Interstate and
Foreign Commerce Com¬
mittee in
Washington on Nov. 7.
The Committee also heard
Mr.
Breakey tell of the
recent
discoveries of oil fields,
which, when considered in conjunc¬
tion with
flexibility" in production
within
the
out that there
no
are
orderly production, he pointed
oil-producing States which
several major
proration laws.
actions.
Spotlight
Admiral
news
of the week furnished from
the House sub¬
hearings was Wednesday's statement
by Rear
H. A.
Stuart, director of the Naval Petroleum Re-
se^Y.e®' that today's present naval
sufficient
oil reserves are "far from
"With the prospect of a ma¬
tonnage of the United States Navy dur¬
for future needs.
terial increase in the
ing the next few
years," he declared, "the
Navy Department
surveyed its present petroleum
reserves
with a view
toward
determining their adequacy with respect to the
Navy's
has
probable future fuel oil
requirements.
,
the
^his_survey has disclosed
lands
that the petroleum content of
comprising the Navy's petroleum
the Navy's future
needs.
the Navy has been
extremely anxious
from sufficient for
son,
present
reserves
is far
For this
to
add
rea¬
to
its
petroleum reserves
any other proved or potential
oil lands which he
found suitable for oil
reserves," he con¬
tinued.
A jump of more
than 500% in the
Navy's annual
consumption of oil would result should
we become involved
"J a
than
Reduction of the excise tax on crude oil from Venezuela
the new reciprocal trade agreement
signed between that
country and the United States, effective Dec. 16, next,
in
provisionally, is in line with the Administration's petroleum
policies, well-informed Washingtonians con¬
tended after the news of the
sharp slash in duties on this
conservation
South American oil had become known.
Under the terms
the agreement, the excise tax imposed
of
upon imports of
foreign oils was cut in half to ]/i per cent a gallon on amounts
up to 5% of the total quantity of crude petroleum processed
in refineries in continental/United States
during the preceding
calendar year.
cubing from 9,000,000
50,000,000 barrels.
'
Representative William A. Cole, head of the House sub¬
handling the probe of the oil industry, and Gov¬
ernor Leon C.
Phillips of Oklahoma will be the guest speakers
at the 20th annual
meeting of the American Petroleum In¬
stitute which is scheduled to start
Monday (Nov. 13) in
Chicago.
The final program, disclosed late this week by the
Institute, lists Paul G. Hoffman, President of the Studebaker Corp., and Axtell J.
Byles, the A. P. I.'s head, as
speakers on opening day, in addition to the two leading
political figures shown.
Little change in daily
average crude oil production was
shown during the initial November
period, according to the
mid-week report of the American Petroleum Institute.
The
3,501,350-barrel total was up 2,805 barrels from the previous
week
but under
barrels to
more
the
3,620,000 barrels
in the net
average
daily
as
estimated market demand of
forecast
by the United
States
Texas accounted for all of the
expansion
gain for the nation.
A gain of 38,450 barrels in
daily average production of
crude oil in Texas lifted the total to
1,289,350 barrels, while
Louisiana's gain of 4,250 barrels lifted
output there to 269,100
Illinois continued to recede from the record
barrels.
highs
recently set,
decline of 14,050 barrels last week paring the
daily average output to 326,350 barrels.
A drop of 13,950
a
barrels
in Kansas as month-end
pinchbacks were brought
into play cut production in the Sunflower State to
173,250
barrels.
Oklahoma was off.
Stocks of crude oil, domestic and
foreign, held in the United
States during the week ended Oct. 28 were
up 1,326,000 bar¬
rels over the previous
period to a figure of 230,453,000
barrels,
according to the Nov. 4 report of the United States Bureau
of Mines.
Domestic crude oil stocks were up 1,430,000 bar¬
rels, partially offset by a slump of 104,000 barrels in avail¬
able supplies of foreign crude oil.
There
were
no
crude oil
price changes.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford. Pa
52.40
Eldorado, Ark., 40
51.03
Lima (Ohio Oil Co.)
1.26
Rusk, Texas, 40 and
Corning, Pa
1.02
Darat Creek
1.03
Michigan crude
Sunburst, Mont
1.22
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
1.05
Illinois
.95
Western
Kentucky
Mid-Cont't, Okla., 40 and above.«
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
REPINED
Enactment of the legislation
currently before the Com¬
mittee would
probably affect every oil field in the
country,
H. C. Miller, senior
petroleum engineer of the Bureau of
Mines, testified, but he added that he could not
say 'Svhether
it would be
any easier for a Federal commissioner
to enforce
some of these
things than it is for the States." In this con¬
nection he pointed out that
Federal regulations on the
spac¬
ing of wells within a field would
probably be as difficult to
enforce as those of the
States and would result in
innumerable
court
committee
on
tion bill (the measure on which the House
group is now hold¬
ing meetings—Ed. note) should not be enacted by Congress
because "it goes way too far and is too drastic." Mr.
Disney
will appear before the subcommittee later this month.
industry.
The "law of capture"
system was severely criticized
by the
Federal oil expert as
making "orderly production" difficult.
While the proration
systems which have been
adopted by
several States have bolstered
still have
was asked
by Secretary of the
Thursday to endorse legislation to create
Federal standards of oil conservation, citing his belief that
State Oil Control agencies were not doing a
complete job of
preventing waste.
"I must stress the need for legislation
which will assure adequate protection
against avoidable
waste of the oil resources of our
nation," he said.
A day earlier, Representative
Westley A. Disney said in
Washington that he believed the Cole petroleum conserva¬
steadily improving refining methods, have
brought
"increased
1939
The House subcommittee
Interior Ickes
Bureau of Mines.
Products—United States "Unaf¬
fected" by Change in
Europe—Navy's Oil Reserves
Deficient, House Group Hears—Crude Oil Produc¬
tion Steady—Crude Oil
Inventories Gain
Aoy change in the general petroleum picture
resulting from
the European war can
easily be met by American producers,
H. A. Breakey, chief economist of
the Petroleum Division of
the Bureau of
11,
committee
production of 77,800,000
pounds
while
period.
same
further substantial reduction in
only 13,000,000
cupra
seriously restricted because
during the quarter ended Sept.
compared with this
1938.
of
7:
in
dropped 11% during the
increased demand resulted in
stocks
on Nov.
all reported
was
quarter
Nov.
1.20
1.03
1.25
1.22
1.24
.75
PRODUCTS—EXCISE TAX
MARKETERS—SOHIO
1.02
over
PARES
CUT
PLEASES
GASOLINE
FUEL
OIL
PRICES—LUBRI¬
CATING OILS MOVE HIGHER—MOTOR FUEL
INVENTORIES
RISE
Fuel oil marketers in the local and
expressed themselves
as
nearby marketing points
greatly pleased over the 50% reduc¬
tion in the import tax on Venezuelan crude oil
and fuel oil
under the United States-Venezuelan
reciprocal trade treaty,
which becomes effective in a little over a month.
Standard Oil Co. of Ohio on Nov. 8 reduced both the service
station and tank wagon prices of
gasoline in Cuyahoga County.
Under the new price schedule, which went into effect the
following day, service station prices have been
cut
13^ cents
a
gallon, with tank
car quotations easing off 1 cent a
gallon.
Continued strength in lubricating oil continued to feature
the refined products' markets as a whole.
Mid-Continent
prices, aided by a gain of more than 150% in shipments dur¬
ing September, have steadily moved into higher brackets,
with gains this week
running around 2 cents a gallon.
The
western Pennsylvania market also
improved, prices there
being raised 3 cents a gallon.
Stocks of finished and unfinished
gasoline were up 602,000
barrels during the week ended Nov. 4, the American Petro¬
leum Institute report disclosed.
The figure stood at 73,262,000 barrels, which is more than
10,000,000 barrels above
"normal" levels for this time of the
year.
Refinery opera¬
were
off 1.4 points, running at
82.1% of capacity.
Daily average runs of crude oil to stills were off 55,000 barrels
tions
to
3,465,000 barrels.
Representative price changes follow:
Nov. 8—Sobio
reduced service station and tank wagon prices of gasoline
m cents and 1 cent, respectively, in Cuyahoga
County, effective the fol¬
lowing day.
Volume
U,
The Commercial & Financial Chronicle
149
New York—
.08H-.08H
8ocony-Vac.
.06>£-.07
.08X-.08%
Shell
New Orleans..
.07 >£-.08
Gulf ports
East'n
$.05
Chicago
RlchOll(Cal) .08H--08H
Warner-Qu.
(Thousands of Barrels)
.04J£-.05J£
$.07 >£-.08
Gulf
T.Wat.Oil.
-.05 >£
.06 >£-.07
-.05 >£
Tulsa
Texas
I North Texas
1939
$.0511
Los
Fuel Oil, F.O.B. Refinery or
Orleans.$.05>£-.05>£
iNew
|
.03>£-.05
Angeles..
Total
F.O.B. Refinery
.$.04
-.04)4
.04
Tulsa
Bunker C
$1,151
$1.00
$1.00-1.25
1.45
Phila., Bunker C
I Chicago—
I
New York
z
Brooklyn
zNot
$.17
Total California
.17
I
.17
the
13,567
116,941
610.8
19,922
167,876
4.2
4.1
93
1,033
348.1
317.8
2,558.
62,747
4.7
4.4
90
794
732
168.5
101.8
4,821
44,168
45,689
14.1
17.4
547
4,217
4,258
176.1
49,968
49,223
124.6
5,511
698
23.3
16.9
1,038
7,007
1,295
43.1
35.9
1,316
12,078
11,138
7,277
242.5
177.4
7,865
69,053
70,980
1,894
...
63.2
67.9
1,576
16,687
14,068
504
16.8
17.0
418
4,309
3,722
101.1
56.4
2,883
26,891
26,524
434
14.5
14.2
406
3,754
8.6
277
2,359
2,492
57.9
3,067
109.1
65.1
3,603
27,711
31,519
31,766
3,274
Seminole
8.2
83.6
6,805
7,409
236.9
14,079
47.0
47.5
1,377
12,707
13,353
344.6
241.2
9,430
90,219
7,390
246.3
136.6
5,899
57,960
12,353
West Texas
113.9
419.5
10,337
Texas—Gulf coast
226.8
1,409
Total Oklahoma
104,859
85,360
53,646
116,064
17,803
8,624
75,226
356,723
2,830
4,275
9,955
record
preliminary figures indicate no further
of August.
Arkansas and Texas,
Of the six
"shut-down"
411.7
201.6
64.9
39.2
11,669
1,847
812
27.1
16.5
945
7,423
9,196
306.5
174.8
8,023
42,033
1,401.1
809.9
37,813
76,604
364,452
Rest of State
Total Texas
West Virginia
2,678
12.8
13.3
480
4,020
51.3
47.2
64.1
60.5
1,268
1,748
11,615
15,635
12
0.4
0.2
7
60
59
108,168 3,605.6 2,608.6
98,516
923,361
911,633
Total Wyoming
Other,
315
10.0
9.7
382
Rest of State
of the gain in output, nearly 4,000,000 barrels of crude were
withdrawn from stocks.
290
17,387
133,884
1,539
1,921
Wyoming—Salt Creek.
States, only two,
increased their output over the average in July.
59,773
119,003
1,946
East Texas
California's output gained slightly but Michigan fell back
31,818
70,300
12,586
Rest of State....
Pennsylvania
Rodessa
gain in October.
3,841
247
2,507
Oklahoma—Oklahoma City
However,
10,619
3,034
Panhandle
about 30,000 barrels above August.
615.4
15,690
25,516
128,217
189,407
1,073
14,238
5,284
*
this record may hold for some time as
a
Total United States
14,230
Factors of importance in this decline in stocks were
a
gain of 45,000 barrels in daily average crude runs to stills, and a
gain of
Final figures,
b Includes Mississippi,
Missouri, Tennessee, and Utah.
1,000,000 barrels in exports.
Refined Products
yields of gasoline and distillates were unchanged from August at
The
1.4%, reflecting the strengthened demand for the product.
,
The demand for motor fuel continued to exceed average expectations both
The domestic demand in September
in the domestic markets and in exports.
Con¬
49,347,000 barrels, or 7% above the demand in September, 1938.
conditions, exports of motor fuel held
sidering shipping
up
well, being
4,232,000 barrels, or well ahead of last September.
The gain in
domestic
distillate demand over a year ago was moderate but the
for residual fuel oil
demand
exports of
was
The domestic and
15%.
up
both increased over a year ago and
demands for lubricating oils
export
paraffin wax, used extensively in munitions, reached 30,193,000
pounds, the highest since December, 1931.
According to the Bureau of Labor Statistics,
the price index for petroleum
products in September, 1939, was 53.3, compared with 51.7 in August
The
and
The crude-oil capacity represented
by the data in this report was 4,154,000
barrels, hence the operating ratio was
85%, compared with 84% in August
Petroleum
American
estimates
that
the
average gross
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Nov. 4 totaled 694,000 barrels, a
daily
average
of 99,143 barrels, compared with a daily average of 177,429
28 and 171,500 barrels daily for
barrels for the week ended Oct.
September, 1938.
Institute
crude oil production for the week ended
Nov. 4, 1939, was 3,501,350 barrels.
This was a rise of
2,850 barrels from the output of the previous week, but
the current week's figure was below the 3,620,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during November.
Daily average pro¬
duction for the four weeks ended Nov. 4, 1939, is estimated
at 3,621,400 barrels.
The daily average output for the
week ended Nov. 5, 1938, totaled 3,628,550 barrels.
Fur¬
ther details, as reported by the Institute, follow:
daily
This was the first gain in the index since May.
56.4 in September, 1938.
and 79% in
Daily Average Crude Oil Production for Week Ended
Nov. 4 Rises 2,850 Barrels
The yield of residual fuel oil increased
and 12.3%, respectively.
45.1%
was
2,771
427.5
Montana
September the production of crude oil com¬
record of 348,100 barrels, or
a
85.9
432.0
423
Louisiana—Gulf coast
Illinois continued to hold the spotlight, its daily average rising to a new
about
86.1
12,900
23,233
Ohio..
petroleum report
15-day shutdown, the daily
average rising to 3,605,600 barrels, or virtually 1,000,000
barrels above the average in August.
The report further
In spite
1,679
New York
The U. S. Bureau of Mines in its latest
its
45.2
11,618
5,056
New Mexico
1939
from
45.0
Rodessa
Crude Petroleum and Petroleum Products, September,
disclosed:
19,984
141
Michigan
recovered from
13,530
14,802
126
Total Louisiana
pletely
14,938
1,905
10,443
Rest of State
that in
13,852
1,721
52.2
Kentucky
including 2% city sales tax.
states
1,557
45.8
18,463
Kansas
$.174
.1851 Chicago
Boston
43.3
52.3
Indiana..
$.1661 Buffalo
| Newark...
a
1,912
62.5
2,583
Illinois
Gasoline, Service Station, Tax Included
1938
1,086
59.4
Colorado
$.02>£-.03
Tulsa
I
$.053
28-30 D
164
12,962
Rest of State
|
2.5
1,349
Wilmington
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
27 plus
$.04
3.1
1,874
Long Beach
1.651
Diesel
1939
Average Average
1,569
Total Arkansas
I New Orleans C;
| California 24 plus D
1938
1,781
Rest of State
Terminal
Sept.,
93
Arkansas—Rodessa
California—Kettleman Hills
N. Y. (Bayonne)—
Jan. to Sept.
Aug.,
Daily
Daily
Kerosene, 41-43 Water White, Tank Car,
(Bayonne)
1939
September,
.07 >£-.08
New York—
z
PETROLEUM BY" STATES AND
PRINCIPAL FIELDS
Other Cities—
New York—
Std.Oil N.J.$.06>£-.07
3043
OF CRUDE
PRODUCTION
S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
the four
weeks ended Nov. 4.
DEMAND
AND
SUPPLY
OF ALL OILS
There
(Thousands of Barrels)
were no
receipts of California oil at Atlantic and Gulf Coast ports
for the week Ended Nov. 4 compared with a daily average of 35,000 bar¬
rels, for the week ended Oct. 28 and 22,857 barrels daily for the four weeks
Jan. to
Sept.,
1939
Aug.,
1939
Sept.,
1938
a
Sept.,
1939
Jan. to
ended Nov. 4.
Sept.,
1938
Reports received from refining companies owning 86.2% of the 4,394,000
a
barrel estimated daily potential refining capacity of the United States, in¬
dicate that the industry as a
New Supply—
Domestic production:
Daily average
—•
3,382
3,339
4,167
36,557
210
150
1,639
38,125
1,207
84,475
102,833
961,557
950,965
3,751
Total production
3,284
3,400
112,525
Benzol-a
2,609
4,132
Dally average.
Natural gasoline
80,865
3,606
_
98,516
923,361
911,633
108,168
225
Crude petroleum
2,725
3,428
3,522
3,483
basis,
whole ran to stills, on a Bureau of Mines'
3,465,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries,
bulk terminals, in transit and in
week, 73,262,000 barrels of finished and un¬
The total amount of gasoline produced by all com¬
pipe lines as of the end of the
finished
gasoline.
panies is estimated to have been
DAILY AVERAGE
Imports b:
Crude petroleum:
11,880,000 barrels during the week.
CRUDE OIL PRODUCTION
(Figures in Barrels)
531
159
3,777
2,116
2,346
1,415
20,579
16,384
1,230
2,068
2,028
14,576
15,431
541
717
635
5,433
5,484
117,380
Receipts for domestic use
552
2,553
Receipts in bond
90,158
107,070 1006,102
990,380
a
Refined products:
Receipts in bond
Four
B. of M.
2,908
3,569
3,685
36,736
3,320
39,043
Week
dll,590
126,894
110,390 1045,143
978,790
4,135
4,093
Dally average-
3,680
from
Ended
Ended
Allow¬
Eov. 4,
Nov. 4,
ables
1939
Nov. 5,
1938
429,000
169,000
Kansas
429,000
170,600
6,925
5,969
5,577
Refined products
10,797
ell,429
9,487
+ 9,950
East Central Texas—
+ 1,850
84,800
East Texas
396,100
+ 600
444,200
Southwest Texas
192,050
—1,050
210,800
+ 8,250
210,750
223,800
e53,828
46,150
411,901
4,436
4,187
8,229
8,655
42,846
91,857
389,812
38,994
26,012
23,041
232,512
208,931
1,963
2,127
17,205
68
719
791
433
—
Still gas
844
636
5,071
2,983
20,457
18,695
1,576
1,097
6,986
6,783
5,925
5,577
49,492
171
Losses
Coastal Texas
1,444,000 cl396225 1,289,350 + 38,450 1,378,000 1,655,000
Total Texas
49,648
211
131
1,677
1,338
3,621
Miscellaneous
2,867
674
18,544
65,000
204,100
North Louisiana
Coastal Louisiana
106,325 el09,496
66,000
76,850
199,100
191,550
259,000
Total Louisiana
94,326
899,267
3,294
831,410
—
258,994
269,100
+ 4,250
265,100
268,400
57,000
68,865
66,800
+ 900
65,700
49,200
—14",050
J 194,150
800
Mississippi...
303;000
326,350
500
3,178
3,045
106,000
102,250
—850
Michigan
3,532
331,500
103,050
63,000
62,250
—1,700
62,950
54,250
Wyoming
3,544
Daily average.
63,000
57,650
—4,450
62,850
48,950
16,000
4,000
17,100
3,400
—100
17,200
—500
3,650
4,000
115,850
+ 100
114,450
103,700
Illinois
Eastern (not incl.
Stocks—
Crude petroleum:
234,555
Refined products
-
234,555
282,756
14,253
17,535
14,085
17,535
Colorado
6,624
8,159
8,159
260,896
262,738
268,137
5,891
260,896
522,094
576,587
515,427
576,587
128
157
135
161
111,000
New Mexico
d
Total east of Calif.. 3,024,000
Total all oils
Days' supply.
—
596,000
California
Total United States
Final figures,
b From Coal Economics Division,
c Imports
of crude
.
3,620,000
2,893,750
e599,000
607,600
3,501,3.50
+ 1,950 3,002,300 2,972,450
+ 900
619,100
656,100
+ 2,850 3,621,400 3,628,550
as re¬
ported to Bureau of Mines: all other imports and exports from Bureau of Foreign
Domestic Commerce,
d Increase,
e Revised.
ana
13,100
268,137
125
111.).
Montana
515,427
Natural gasoline
282,756
5,891
California
238,479
14,085
Refinable in United States
a
—700
+ 4,950
16,440
Arkansas—;.
Total domestic demand
109,400
518,450
298,850
267,750
4,121
3,532
1,072
5,609
Road oil
79,900
31,650
15,859
73
79,998
3,326
Asphalt
266,600
218,5.50
85,400
116
Coke
82,500
85,650
29,800
232,800
—200
2,207
Wax
144,600
66,200
27,300
26,514
Lubricants
437,000
174,850
West Central Texas...
4,638
9,271
Residual fuel oils
422,500
North Texas
49,347
Motor fuel
—6,150
bl73,250 —13,950
b409,600
59,989
West Texas
Gas oil and distillate fuels
1939
87,391
55,147
90,731
Domestic demand:
Kerosene
Week,
77,100 + 13,100
82,050
+ 5,950
Panhandle Texas
Crude petroleum
Previous
3,585
3,828
Exports b:
Heavy in
Weeks
Ended
Calcu¬
{Nov.)
Oklahoma
Demand—
Total demand
Change
Stale
Require¬
1
3,628
6,667
—
3,913
124,047
Daily average
Increase In stocks, all oils
-
Week
lated
ments
Receipts for domestic use
Total new supply, all oils
a
These
are
Bureau of Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined in its
detailed forecast for the month of
The Commercial & Financial Chronicle
3044
November.
Ah
requirement*,
may
be supplied either from
stocks,
from
or
new
production, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to determine the amount of
new crude
to be produced.
b Oklahoma and Kansas figures are for week ended 7 a. m. Nov. 1,
This Is the net
c
best available
basic allowable for the month of November obtained from the
and takes Into consideration ordered shutdowns for 11
sources
days
during the month, namely Nov. 1, 4, 5, 11, 12, 15, 18, 19, 25, 26, and 30.
d Official November allowable figure not received at time of
publication,
e Recommendation of Central Committee of California Oil Producers.
Note—The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE
RUNS
STILLS
TO
AND
PRODUCTION
ENDED
NOV.
OF
GASOLINE.
WEEK
1939
4,
OF
COMMERCIAL
CLUDING
Daily Refining
Capacity
Crude Runt
to Stills
Percent
IN¬
Percent of Change
Inc. Natural
Average
Operated
blended
100.0
576
93.7
Oct.
1,
Sept. I,
1939
July 1,
Oct.
1,
1939 d
392
1939
From
From
Previous
1938
Year
Ago
1,635
Appalachian
Indiana, Illinois/Kentucky.
Oklahoma, Kansas, Missouri
149
85.9
99
77.3
615
90.2
506
91.2
2,143
419
81.6
268
78.4
*990
Inland Texas
316
50.3
99
62.3
483
1,055
90.0
864
Texas Gulf
COAL.
YARDS
Refineries
Dally
Reporting
615
--
BITUMINOUS
Quarter
Rate
East Coast..
OF
RETAIL
Production
at
Percent
STOCKS
STOCKS IN
Gasoline
District
Potential
11, 1939
At the increased daily rate of consumption in
September, there was enough coal available for 35 days'
requirements.
The sharp rise in the demand for coal
during September
caused a drop of 53.3% in the stocks of coal unbilled in ears
at the mines or in classification
yards as compared with
July 1.
Stocks on the upper lake docks are
growing rapidly in
anticipation of the close of the navigation season.
SUMMARY
(Figures In Thousands of Barrels of 42 Gallons Each)
Nov.
Oct. 1, 1938.
Consumers'
Stk.a
Industrial, net tons 30.229,000 27,424,000 22,761,000 29,377,000
Retail dealers, net
+ 32.8
+ 2.9
7,130,000
+ 58.4
—6.0
36,929,000 33,624,000 26,991,000 36,507,000
35.0 days
37.6 days
33.5 days
40.7 days
+ 36.8
+ 1.2
+4.5
—14.0
1,630,000
—53.3
—51.0
tons
6,700,000
90.9
2,805
Total tons
Louisiana Gulf
179
97.8
148
84.6
299
Days supply
North Louisiana A Arkansas
100
55.0
39
70.9
111
Rocky Mountain
California...
118
54.2
29
45.3
199
828
90.0
482
64.7
1,397
6,200,000
4,230,000
Coal in Transit—
Unbilled loads _b_.
798,000
1,659,000
1,710,000
Superior..
5,212,000
5,878,000
+ 68.5
—11.3
2,347,000
4,668,000
2,013,000
3,094,000
Lake Michigan..
1,159,000
7,559,000
6,681,000
4,253,000
2,592,000 + 102.5
8,470,000
+ 77.7
—10.8
Stocks
lake
on
docks _c—
Reported
86.2
3,110
Estimated unreported
82.1
Lake
10,454
1,426
355
Total
•Estimated total U. 8.:
4, 1939
4,394
28, 1939
4,394
Nov.
Oct.
3,465
3,520
•U.S.B.of M.Nov. 4, 1938
11,880
12,232
*3,244
yll,2l0
*
Estimated Bureau of Mines' basis,
a
Is
a
Coal in bins of householders is not included.
data,
Superior and
left bank of Lake Michigan
on
FINISHED
AND
FUEL OIL,
ENDED
GA80LINE
NOV.
AND
Racine and
as
Kenosha,
d Subject to revision.
Stocks of bituminous coal held by industrial consumers continued to rise
GAS
AND
1939
4.
far south
Industrial Bituminous Coal
report gasoline production.
UNFINISHED
WEEK
as
Wis., but not including Chicago and Waukegan, 111.
November, 1938, dally average,
y This
November, 1938, daily
112% reporting capacity did not
average.
STOCKS OF
Figures for retailers from sample
b Coal in cars unbilled at mines or in classification
yards as reported to Asso¬
c Covers all commercial American docks
on Lake
ciation of American Railroads,
week's production based on the U. 8. Bureau of Mines
*
—9.5
in
September,
advance of
(Figures in Thousands of Barrels of 42 Gallons Each)
1939.
10.2%
On
over
which ranged
crease
Oct.
Sept.
1
they
stood
Each
1.
from 2.7%
at
30,229,000 net tons,
consumer
group shared
for class I railroads
to
an
in the in¬
17.9% for general
manufacturing plants.
Slock of Finished and
Stocks of Gas Oil
Slocks of Residual
Unfinished Gasoline
and Distillates
Fuel Oil
District
Total
Al Terms.
plants held enough coal for 36 days' supply.
At
in Transit
At
In Transit
Refineries
and in
Refineries
and in
INDUSTRIAL STOCKS AND CONSUMPTION OF BITUMINOUS COAL
IN
THE UNITED STATES, EXCLUDING RETAIL YARDS
At Terms,
Total
Finished
Finished
and
Unfin'd
East Coast
Pipe Lines
Pipe Lines
18,073
Ind., 111., Ky
Okla., Kan., Mo
Inland Texas
19,013
7,179
6,848
2,639
294
143
323
10,798
4,002
945
2,852
6,105
1,742
37
2,746
Texas Gulf
No. La. & Arkansas
Purchasing Agents.)
Sept., 1939
"711
7,786
976
25
2,103
307
340
244
11
979
134
14,563
7,774
Reported
U.
63,000
68,112
T.807
28,108
5.050
5,150
22", 281
60,825
825
S.
4,1939...
68,050
73,262
10,527
85,159
27,457
Byproduct coke
72,660
a29,l90
63,596
69,303
32,922
a87(579
+ 5.7
248,000
...
Coal-gas retorts.c
4,337,000
229,000
357,000
8,940,000
4,224,000
30,229,000
27,424,000
4,027,000
3,842,000
5,517,000
117,000
5,177,000
+6.6
69,000
+ 69.6
766,000
+6.5
—8.0
6,492,000
719,000
128,000
547,000
6,880,000
6,075,000
24,983,000
23,437,000
+ 6.6
258,000
157,000
238,000
103,000
+52.4
399,000
10,540,000
27,265
-
Total Industrial stocks.
Industrial Consumption by—
Electric power utilities.a
120,343
*
Byproduct coke ovens_b
Beehive coke ovens.b
1
Steel and rolling mills.c
Coal-gas retorts.c
Gasoline
131,000
Cement mills.b
Production for
Month of September
The production of natural gasoline increased in
September,
according to a report prepared by the Bureau of
Mines for Harold L. Ickes, Secretary of the Interior.
The
1939,
503,000
Other industrials.d
7,430,000
Railroads (class I).e
Total industrial consumption.
Coal mine fuel
Bunker fuel, foreign trade
average in September was 5,785,000 gallons, compared
4,606,000 gallons in August, 1939.
The large gain
raised production higher than it was
prior to the 15-day
The
outstanding increases
were
in east Texas,
Panhandle, and Texas Gulf districts.
Stocks
gallons
on
continued
to
decrease
Sept. 30, 1939.
and
totaled
247,442,000
This
was 30,786,000 gallons less
reported for August, 1939, and 95,256,000 gallons less
than on hand Sept. 30, 1938.
than
PRODUCTION
AND
STOCKS OF NATURAL
GASOLINE
(In Thousands of Gallons)
Days
59 days
Byproduct coke ovens
Sept. 30. 1939
a
Jan.to
Coal-gas retorts
57 days
Cement mills
Aug. 31, 1939
Sept.,
Aug.,
Sept.,
Sept.,
At
1939
1939
1939
1938
At
Plants
Refin¬
db Ter¬
Refin¬
minals
eries
minals
24 days
4",492
1,195
34,531
Kansas.
4,552
62,770
Louisiana
8,275
Arkansas
2,122
Rocky Mountain
7,414
4(019
48". 168
48,554
672
9,247
2,352
25,281 322,768 351,642
1,103
10.290
•*(40=
924
5*,507
361
5,334
544
3.654
30,180
3,990
84
2.150
43,751 505,757 508,270
7,133 65,359
70,793
1,967
19,106
18,602
5,922
96.022
41,899
20 days
40 days
+ 20.0
22 days
—9+
36 days
36 days
Collected
c
by
Federal
Collected by
Power Commission,
b Collected
Bituminous Coal Division,
by
U.
+ 7.5
0.0
8.
Bureau
Total
Dally avge.
48,193
collected jointly by National Association of Purchasing Agents and Bitumonous Coal
Division from a selected list of 2,000 representative manufacturing plants.
The
reporting
estimate,
e
chiefly large
are
Collected
consumers
Association
by
of
and afford
American
satisfactory basis for
a
Railroads.
Includes
power¬
electric
power
house, shop, and station fuel.
Industrial Anthracite
Stocks, consumption, and days' supply of anthraciie
at
following table:
ANTHRACITE
AT
ELECTRIC
OTHER
POWER
INDUSTRIAL
UTILITIES,
PLANTS
RAILROADS.
AND
(NET TONS)
106,680
84
1,125
168
504
392
378
5,166
4.740
81,270
88,200
Percent of Change
2.102
50,293 457,044 494,203
1,957
3,520
'/
175
59,708
4,129
5,363
65.013
1.297
.
September
August,
June,
September
From
From
1939 d
1939
1939
1938
Previous
Year
Ago
173,544 142,800 1535394 1601250 107.310 140,112 114,912
163,296
5,785
4,606
5,624
5.865
4,132
3.400
36.557
38.125
138
110
134
140
Elec. Power Utilities
Stocks, end of month.
Total (thousands
barrels)
Daily avge.
of
d Estimates based on reports
Quarter
California
of
0.0
+ 3.6
43 days
2.899
3(234
—4.3
20 days
39,963
40,231
3.890
—3 3
utilities, class I railroads, and general manufacturing plants are shown in
7.938
"
Supply
Railroads (class I)
& Ter¬
7,602
Oklahoma
Texas.
At
eries
East coast
Plants
1
+8.4
Other Industrials
Mines,
At
+6.9
23 days
55 days
22 days
concerns
Jan. to
+ 2.3
+ 8.0
61 days
34 days
34 days
Steel and rolling mills
a
Stocks
Supply Days
Days Supply, End of Month, al—
Electric power utilities
Total Industrial
Production
Appalachian
111., Mich., Ky..
1
+ 4.8
Additional Known Consumption-
daily
with
shutdown.
+ 2.7
+ 10.2
/
1938...
Estimated Bureau of Mines' basis,
a For
comparability with last year these
figures must be Increased by stocks "At Terminals, &c.," in California
district.
Natural
+8.3
+ 11.8
+ 17.9
27,457
a87,52l
10,527
10,372
Mines
of
+ 5.5
+ 10.4
542,000
_b
ovens
Cement mills -b
2,420
a28,933
67,373
B.
7,500,000
5,632,000
573,000
utilities_a
power
Railroads (class I).e
28, 1939...
♦Nov. 4,
Net Tons
7,912,000
6,220,000
Slocks, End of Month, at—
Electric
♦Est. total U. 8.:
Nov.
of change
630
437
Other industrials_d
Oct.
Percent
(Revised)
Net Tons
1,864
Steel and rolling mills .c
Est. unreported
Aug., 1939
"*279
2,500
13,469
Mountain..
of
(Preliminary)
397
5,366
906
Louisiana Gulf
Association
34
1,496
264
Rocky
4,556
9,679
8,372
2,156
California
(Determined Jointly by F. G. Tryon, Market Service Reports Unit, Bituminous
Division, and Thomas W. Harris Jr., Chairman, Coal Committee, National
Coal
5,593
2,344
10,321
5,791
1,304
-
Appalachian..
Industrial consumption of bituminous coal in the month of
September,
1939, exceeded that for August by 6.6%.
At the September rate, industrial
a
_
Consumed dur'g month
2,55c
3,336
2.736
3,888
Days supply, end of mo.
Railroads (Class 1) b
Stocks, end of month.
.
Consumed dur'g month
Days supply, end of
Stocks of Bituminous Coal
on
Hand
Oct.
1
The Bituminous Coal Division of the U. S.
Department of
the Interior reported that stocks of
bituminous coal in the
hands of industrial consumers and retail
yards increased sub¬
stantially during the third quarter of 1939 and on Oct. 1
36,929,000 net tons.
This represents an advance of
36.8% over July 1, 1939, and is also 1.2% above the level for
stood at
Other
Ind.
mo.
1,185,397 1,206,468 1,242,902 1,302,934
189,573
184,651
178,573
173,183
188 days
129,162
106,950
36 days
203 days
116,797
100,967
36 days
209 days
81,655
101,070
24 days
226 days
160,916
93,690
52
days
—4.6
—9.0
+ 6.2
+ 9.5
—10.0
—16.8
+ 58.2
—19.7
+ 5.8
+ 14.2
+ 50.0
—30.8
Consumers
(Selected representative
plants.c)—
Stocks, end of month
236,639
232,227
246,390
245,911
—3.6
—3.4
Consumed during mo.
87,755
90,557
87,796
99,450
0.0
—11.8
—3.6
+ 9.5
Days supply,
month
a
can
end of
..
81
days
79 days
84 days
74 days
Collected by Federal Power Commission,
b Collected by Association of Ameri¬
Railroads.
c 85 firms reported for August and September, 1939, 93 firms
for
June,
1939, and 97 firms for September,
1938.
d Subject to revision.
Volume
The Commercial & Financial Chronicle
149
United
Domestic Anthracite and Coke
dealers have increased since July 1, 1939.
DOMESTIC ANTHRACITE AND COKE
550 tons
Percent of Change
1939
Retail
Stock*,
265
+ 9.7
+ 3.5
TONNAGE
558,638 2,120,835 + 109.8
—44.7
1939
From
Previous
Year
Ago
1,
1938
tons or
Se¬
lected Dealers—
Anthracite, net tons
Anthracite,
days
+ 5.2
+ 26.2
—33.8
+ 6.8
+ 17.3
380,108
455,856
463,231
479,636
sup¬
ply.a
59
Coke, days supply.a
57 days
70 days
104 days
days
51,271
47,926
58,852
56,220
Coke, net tons...
44 days
71 days
48 days
47 days
_
Anthracite in producers'
Institute,
c
b Courtesy
in preceding month,
Calculated at rate of deliveries to customers
a
OF
SHIPMENT8
PRODUCTS
STEEL
OF
BY
MONTHS
Year 1935
Year 1936
Year 1937
Year 1938
Year 1939
534.055
Month
1,149,918
1,133,724
518,322
474,723
789,305
572,199
601,972
465,081
767,910
701,459
723,165
478.057
733.433
441,570
676,309
Subject to revision.
February
582,137
721,414
676.315
March
668.056
783,552
April
979,907
May.:
591,728
598,915
June
578.108
886,065
July
547,794
August
950,851
923,703
September
624,497
614,933
October
686,741
1,007,417
November
681,820
661,515
882,643
1,414,399
1.343,644
1.304,039
1,268,550
1,186,752
1,107,858
1,047,962
792,310
587,241
1,067,365
489,070
694,204
Yearly adjustment. —(23,750)
—(40,859)
—(77,113)
+(30,381)
Total for year
10.784,273
12,748,354
6,655.749
January
Weekly Coal Production Statistics
Coal Division of the U. S. Department of
The Bituminous
the Interior in its current
weekly coal report stated that the
production of soft coal in the week ended Oct. 28 is
estimated at 10,425,000 net tons.
This shows little change
from the preceding week, and holds the average for the past
five weeks at a rate approximately two million tons above
thatofor the corresponding period of 1938.
Production in the
total
corresponding week of 1938 was estimated at 8,650,000 tons.
The U.S. Bureau of Mines reported that the production of
Pennsylvania anthracite for the week of Oct. 28 is estimated
at 1,134,000 tons, a decrease of 60,000 tons from the week of
Oct. 21, but an increase of 254,000 tons in comparison with
the
week of 1938.
same
PRODUCTION OF SOFT COAL
ESTIMATED UNITED STATES
Oct. 28, Oct. 21, Oct. 29,
1938
1939
1939
-
and correspond¬
b Sum of 43 full weeks ended. Oct. 28,1939,
and 1929.
c Subject to current revision.
production of lignite,
ing 43 weeks of 1938
PENNSYLVANIA ANTHRACITE AND
OF
PRODUCTION
ESTIMATED
1,742
BEEHIVE
COKE
(In Net Tons)
Calendar Year to Date
Week Ended
Oct.
Oct.
28,
Penn.
1938
19 39
1938
1939
1939
Dally average._
11,567
710,800
10,850
710,100
2,766
13,900
2,317
65,100
2,763
b Excludes colliery fuel,
in the three years.
WEEKLY
ESTIMATED
proximately 10,000,000 tons, or 14% less than
the industry operated at full capacity.
An average of 1,217,567 gross tons of ingots was
weekly during October, as against 988,624 gross
week in September and 701,125 gross tons per
in 1939,
produced
tons per
week in
PRODUCTION OF OPEN-HEARTH
1938,
AND BESSEMER STEEL
TO OCTOBER.
1939
on
of the
Calculated Monthly
Tons)
estimates are based on railroad carloadlngs and river ship¬
subject to revision on receipt of monthly tonnage reports from district
of final annual returns from the operators.)
(The current weekly
Week Ended
14, Oct. 22, Oct. 23, Oct. 19,
1939
1938'
1937
1929
Oct. 21, Oct.
1939
Avge.
1923
3
3
305
291
227
264
369
398
90
92
61
112
131
88
—.—
162
171
134
178
*
s
»
200
217
1
1
1
1,001
847
1,178
1,258
1,558
383
Indiana
363
275
351
390
116
77
93
76
152
126
172
149
761
857
1,008
764
188
171
203
306
238
38
38
27
34
55
35
8
10
7
10
16
28
84
82
83
80
72
28
32
37
53
58
—
Michigan
—
Montana
New Mexico
83
85
90
«42
89
550
535
452
542
561
817
Pennsylvania bituminous
2,530
2,575
1,861
2,235
3,000
3,149
113
118
130
128
110
109
19
Tennessee
18
18
20
22
90
109
121
98
107
89
369
375
310
334
265
51
44
46
44
68
2,212
2,268
1,688
1,931
2,175
702
494
560
764
805
131
Northern _b
136
151
156
170
184
s6
«4
Total bituminous
11,354
11,310
1
*
Other western States.c
coal
Pennsylvania anthracite.d
Total, all coal
*
_
10,450
10,430
8,140
9,680
1,194
1,224
864
1,184
1,895
2.974.246
50.78
2.922.875
48.32
3,125,288
53.35
659,791
728.505
4.29
693,297
May
June
*
4.43
4.29
9,022.409
50.79
693,498
13.01
18,590.780
52.63
718,623
25.87
3,162.534
3,763.418
52.40
715,505
4.42
August
62.22
849.530
4.43
September
4,231,310
72.41
988.624
4.28
Third quarter.
11.157.262
62.23
849,763
13.13
Nine months
29.748.042
55.86
762,770
39.00
5,393,821
89.17
1,217,567
4.43
First six months
-
October
IW8—
1,734,165
29.17
1,697,452
31.63
March.
2,004,204
33.72
391,459
424,363
452,416
4.43
February..
5,435,821
31.50
422.692
12.86
January
First quarter
4.00
4.43
April--
1,919,042
33.34
447.329
4.29
May
1,800,877
1,632,843
30.30
406,519
4.43
28.36
380.616 *
5,352,762
30.66
411,434
13.01
10,788,583
31.08
417.031
25.87
July
1,974,317
33.29
446,678
4.42
August
2,537,102
42.68
572,709
4.43
September
2,647.129
; 46.09
618,488
4.28
7,158,548
40.63
545,205
13.13
•
June
4.29
11,654
9,004
10,864
13,249
Second quarter
First six months
Third quarter
1,968
11,644
13.278
17,947,131
34.29
460,183
39.00
October
3,105,985
52.25
701,125
4.43
November
3.558,363
61.81
829,455
4.29
December.;
3,130,746
52.79
708,314
4.42
Fourth
9,795,094
55.55
745,441
13.14
39.65
532,072
52.14
Nine months
Virginian; K, & M.; B. C. & G.;
md on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest of State, insluding the Panhandle District and Grant, Mineral, and Tucker counties, c In•ludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
mthraclte from published records of the Bureau of Mines,
e Average weeklyr ate
or entire month.
• Alaska, Georgia, North Carolina, and South Dakota Included
vith "other western States."
* Less than 1,000 tons.
Includes operations on
April
1.488
735
—
Washington
Wyoming
12.86
231
51
Utah
Virginia—Southern.a
744.041
26
Texas
Virginia
54.49
836
Dakota
Ohio
4.43
9,568.371
quarter
82
27
Western
4.00
768,707
161
953
193
Kentucky—Eastern
4.43
747,162
56.30
520
81
151
950
Maryland
716,558
54.72
s
93
.
Missouri
52.48
2,988,649
3,405.370
s
1,048
Carolina
Illinois
3.174.352
—
July....
2
Alaska
......
(Gross Tons)
e
2
Georgia and North
Month
of Capacity
1939—
January
Second quarter
Oct.
State
Colorado
Weeks in
Tons
First
«
and State sources or
Oklahoma.
Number of
Production
Per Cent
March
BY STATES
COAL,
OF
PRODUCTION
Alabama
Calculated
Production
Gross
February
(In Thousands of Net
a
During the past month the steel industry operated at an
of 89.17% of capacity, which compares with 72.41%
in September and 52.25% in October a year ago.
In May,
1929, when the industry's annual ingot capacity was ap¬
5,600,300
21,791
coal, and coal shipped by truck from authorized
c Adjusted to make comparable the number
Includes washery and dredge
West
May, 1929 when 5,286,246
average
MONTHLY
of working days
North and South
was
Weekly
69,400
Kansas and
previous record month
836,000 40,743,000 35,729,000 55.622,000
United States total
Iowa
Record
tons were produced.
INGOTS—JANUARY,
Beehive Coke—
Arkansas and
gross
880,000 42,887,000 37,609,000 59,938,000
148,900
237,400
169,800
176,000
1,134,000 1,194,000
ments and are
on
reports of companies which in 1938 made 98.67%
open-hearth and 99.90% of the Bessemer ingot production)
199,000
189,000
Daily average..
Comm'l prod't'n.b 1,077,000 1,134,000
operations,
679,653
c
Anthracite
fuel.a
1,218.445
5,393,821 gross tons of open hearth and Besse¬
mer steel ingots was produced during October, the highest
monthly total on record, the American Iron and Steel In¬
(Calculations based
Total, incl. colliery
a
1929
c
Output Highest
985.030
963,287
October of last year.
Oct. 29,
21,
October Steel
803,822
577,666
Steel ingot output in October was 28% greater than Sep¬
tember output of 4,231,310 gross tons and was 74% above
the total of 3,105,985 gross tons produced in October, 1938.
1929
1938
c
8,650 304,392 268,565 435,028
1,708
1,056
1,200
1,442
10,450
10,425
1,738
fuel.
Daily average._
1939
7,347,649
961,803
558,634
A total of
The
Year to Date b
Calendar
Week Ended
Bituminous Coal a—
December
984,097
677.994
stitute announced Nov. 7.
(In Thousands of Net Tons)
Total, including mine
FOR
INDICATED
YEARS
1,172,298 1,129,005
storage yards.b
Anthracite
shipped.
—15.7
July 1,
1939
c
were
The October shipments compare
with 985,030 tons infthe
preceding month in 1938 (October), an increase of 555,258
83.7%.
For the year 1939 to date, shipments were 8,076,972 tons
compared with 5,251,511 tons in the comparable period of
1938, an increase of 2,825,461 tons or 53.8%.
In the table below we list the figures by months since
January, 1935:
Sept. 1,
1,
Oct.
From
Quarter
Oct.
Shipments Highest
Corporation
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
October, 1939, amounted to 1,218,545 tons.
This is the
highest figure for any month since June, 1937, when 1,268,-
and the stocks of coke will
last for 59 days.
SUMMARY OF STOCKS OF
Steel
Since June, 1937
At the current rate of deliveries,
the anthracite stocks constitute 47 days' supply
States
retail
Stocks of anthracite and coke in the yards of 265 representative
3045
the N. <fe W.; C. & O.;
quarter
Total
27,742,225
Note—The percentages of
capacities of 1,365,401
1939 are calculated on weekly
tons based on annual capacities as of Dec. 31, 1938
capacity
gross
operated
in
The Commercial <£ Financial Chronicle
3046
follows: Open-hearth and Bessemer Ingots, 71,191,994 gross tons and In 1938
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
as
Apr.
3
54.7%
May 29
10
52.1%
June
5
-54.2%
July
July
17
60.9%
June
12
53.1%
Aug.
Apr. 24
+
48.6%
47.8%
June
19
55.0%
May
Again Frown
93%—Government Spokesmen
47.0%
45.4%
48.5%
and
July
July
May 22
by ukase will seek to prevent inflationary tendencies in prices,
inventories and wages in an effort to soften the shock of transition to normal
of substantial
hearings, the factors which
important bearing on price decisions
earnings
this
in
24
Sept. 18
Sept. 25
79.3%
59.3%
7
60.1%
Oct.
2
87.5%
Aug. 14
62.1%
Oct.
9
88.6%
60.6%
Oct.
Aug. 21-—62.2%
83.8%
16
90.3%
Aug. 28
63.0%
Oct.
23
90.2%
Sept.
4
58.6%
Oct.
30
91.0%
Sept. 11
70.2%
Nov.
6
92.5%
Daily
and
average
attained in
output was 116,990 tons, 22.1% larger than in September
Production for the first ten months
75.5% higher than a year ago.
totaled 24,038,418 tons, a gain
of 67%
188 blast furnaces active Oct. 31
stacks
ever
within 7% of the all-time high established in May, 1929.
was
was a
the 1938 period.
over
Since the
net gain of 19 over the number of
30, a further increase in
operating Sept.
indicated for
is
output
November.
Also indicative of the steel industry's haste to enlarge raw material sup¬
plies is the October movement of 9,201,249 tons of Lake Superior iron
from
upper
This was the largest total for
lake ports.
ore
the month since
1926 and 154% more than was shipped a year ago.
Meanwhile, steelmaking still is edging upward slightly, last week being
In addition to the influence of the TNBC
an
1939
31
Pig iron production in October soared to the best level
that month and
conditions whenever p. ace shall arrive.
likely to have
38.5%
10
49.7%
17——56.4%
11.
1939—
"Steel" of Cleveland in its summary of the iron and steel
markets on Nov. 6, stated:
Government pressure by suasion
not
3
July
15
Age" in its issue of Nov. 9 stated the atmosphere
created by the statements of Government spokesmen .at the
opening of steel hearings by the Temporary National Eco¬
nomic Committee in Washington is not propitious for the
advancing of steel prices for the first quarter.
Hence
opinion in the trade leans more strongly than a week ago to
the belief that there will be no horizontal increases, but
possibly some "adjustments" on certain products, par¬
ticularly tin plate, galvanized sheets and pipe.
The "Iron
Age" further reported:
52.2%
June 26.._.-54.3%
8
May
The "Iron
It is becoming increasingly clear that
1
•May
Steel Price Increases
on
1939—
Apr.
Apr.
tons.
Steel Operations Still at
Nov.
1939—
1939—
and the
quarter
are: The
next
are
probability
regardless
of price
changes: the restlessness of labor as shown by the demand upon
in¬
one
1
up
point to 93%
establish another
to
record for
new
Additional plants have reached their capacity limit.
is
weekly tonnage.
Theoretical capacity
being exceeded by some steel works, but shutdowns of open-hearth furn¬
for repairs occasionally are retarding operations elsewhere.
aces
dependent company for a wage increase; the failure of steel scrap prices to
Continued postponement of first quarter price announcements and grow¬
continue their recent advance, and, not the least of all. the possibility that
ing belief among steel buyers that advances for that period will be neither
there will be
an
easing in the heavy demand for steel
some
time after the
first of the year.
Meanwhile, the outstanding factor in the present steel situation is the
continued urgent demand for the hurrying of shipments.
who have said that vheir plants
could get steel.
Such
would be shut down
need for steel is
urgent
an
at
are
Some steel com¬
panies have had to upset rolling schedules in order to accommodate custo¬
mers
sweeping nor large have been without major influence
still
unless they
soon
variance with
com¬
are
question.
Strictly speculative
going into
buyers'
bought
tonnage
few months is
regarded as small.
of certain articles manufactured from steel
doubt
to the movement
as
of all of the finished articles that
consumer
are
easing of the
an
buying
pace
generally may not be advanced.
for second quarter reservations,
Iievision
demand
as
August.
of the
the ultimate
being produced.
Current steel orders are largely for first quarter
been
to
In a few instances
but mills
are
Neutrality Act has had
have asked
consumers
no
appreciable effect
on
steel
Temporary delays in shipping
At the
time, stocks
same
being expanded.
are
Potential export business has been
factor in
a
buyers' decision to anticipate future needs in order to avoid delayed de¬
liveries,
but
steelmakers
been
have
users' requirements before
unwilling to go that far ahead.
Steel export trade has subsided to about the level of last
yet.
of
Effect of the embargo repeal on steel demand for domestic requirements
has yet to be determined.
delivery, but there has
in view of the possibility that prices
a
anticipation
Some additions to inventories have been
necessitated by heavier operations of consumers.
some
inventories is
in
higher prices and without indicated need for the material within the next
This does not appear to be true so far as the fabricators of steel products
concerned, but there is
Mills
products
some
growing steadily.
Extent of current steel shipments
moot
monly accepted beliefs that there is a reckless building up of inventories.
are
shipments.
on
being pressed for delivery, and first quarter orders for
disposed
ficult
to
accommodate
to
domestic
loading books with foreign orders.
Buyers not already protected by prior
coverage find it
place business in most products
for
increasingly dif¬
delivery before next
This is particularly true of bars and flat-rolled steel.
year.
Pipe and structural
be caused by the necessity of
shape producers face less serious delivery problems, while plates still are
obtaining foreign bottoms to send steel into proscribed zones, but ample
space is expected to be available within a week or two.
available at the higher price instituted by some makers a number of weeks
may
ship
October
was
a
record-breaking month in steel product
and established
on
near-records in
was
some collateral activities.
Last month's output of ingots
5,393,821 gross tons, exceeding the previous alltime record of 5,286,246
tons
in
over
the
Lake
May,
1929.
This
October total
Superior iron
proportions, totaling
1926
and
the
was
last
ore
for
over
September and 74%
year.
tons, the
month
any
business
appearing
in
equipment
and
record-breaking
largest October
movement since
ago,
largest
November and
since
1937.
The
monthly
was 10,811,380 tons in August, 1937.
production for the current week is estimated at 93%, un¬
changed from last week.
Operations have declined temporarily at Cleve¬
Steel Ingot
highest total since 1929.
land and
Rail orders the past two months
because few roads
most
were
entered the
market
for
buying occurred the first quarter of this
increase of about 20%
,
in
1940 rail needs compared with
points to 97%.
The
steel
production,
scrap
markets
are
weaker.
scrap, owing to more
Age"
to
composite price has declined, following a slight rise last week,
$20.63, almost back to its level at the end of September.
scrap
THE "IRON
AGE"
Nov. 7, 1939, 2.236c. a Lb.
One week ago
2.236c.
One month ago-2.236c.
-
One year ago..
2.286c.
3
2.236c.
May 16
May 17
2.211c.
Oct.
2.512o.
Mar.
1936
2.249c.
Dec.
1935
2.062c.
Oct.
1934
2.118c.
1933
1.953c.
8
9
2.249c.
28
2.016c.
Mar. 10
1
2.056c.
Jan.
Apr. 24
1.945c.
Jan.
2
Oct.
1.792c.
May
2
3
Based
on
2
average for basic Iron at Valley
furnace and
foundry iron
at Chicago,
Valley,
and
Philadelphia,
20.61
Southern iron at Cincinnati.
Buffalo,
High
$22.61
Sept. 19
J938-.
19.61
July
6
Mar.
20.25
Feb.
16
19.73
Nov. 24
18.73
Aug. 11
18.84
1935
1934
Nov.
17.83
May 14
9
5
17.90
May
1
16.90
Jan.
27
16.90
1933...
Dec.
5
13.56
Jan.
3
.' .1939, $20.63
a
One year ago
1
/Based on No. 1 heavy melting steel
$20.96{
quotations at Pittsburgh, Philadelphia,
22 081
and Chicago.
14 50[
High
522.50
Oct.
1938
June
June
Dec.
10.33
Mar. 13
9.50
Sept. 25
Aug.
6.75
Jan.
Steel
10
8
Unchanged
90, Buffalo at 93,
uneventful but generally steady, with the price com¬
An advance of $10 a ton in ferromanganese
leading seller has yet to be followed by other interests.
Steel ingot
at
production for the week ended Nov. 6, is placed
93% of capacity according to the "Wall Street Journal" of
Nov.
9.
weeks.
This
with 91% in the two preceding
reported:
'
compares
The "Journal" further
U. S. Steel is estimated at
91%, against 89>6% in the week before and
89% two weeks
The
ago.
Leading independents
following table gives
a
are
credited with 94%, com¬
comparison of the percentage of production
with the nearest corresponding
approximate changes,
week of previous years, together with the
in points, from the week immediately preceding:
Industry
1939
93
U.S. Steel
+2
1938
58
+4
1937
47
—5
1936
7434
91
1935
1932
19
5434
40
+
34
+
34
68
52 34
2734
2534
1931
30
1930
43
+
Independents
134
+ 334
—3
—
94
+ 234
6034
+ 434
53
H
—7
79 34
+ 134
42
—334
—
+
63
23 34
3034
+ 1
2634
—3
23
18
34
—4
—
1934
34 34
+ 134
2834
4734
34
—4
34
—43*
+1
41
34
-
—3
1929
73
—434
75
—5
72
—3
83 34
334
80
—5
85
—3
1927.
67
+1
71
+2
64
Institute
on
Nov.
Apr. 29
6
3
an¬
that
that
year ago.
This represents an increase of 1.5
points, or 1.6%
from the estimate for the week ended Oct.
30, 1939.' Weekly
indicated rates of steel operations since Oct. 3, 1938, follow*
at
80.
9
telegraphic reports which it had received
operating rate of steel companies having
97% of the steel capacity of the industry will be
92.5% of
capacity for the week beginning Nov. 6,
compared with
91.0% one week ago, 88.6% one month ago, and
61.0% one
indicated
are
at
Nov. 10
12.67
12.25
The American Iron and
taking
7
12.91
Dec. 21
13.00
^
nounced
11.00
May 16
13.42
-
1933
t
Mar. 30
17.75
$14.08
Nov. 22
21.92
1937
1936
boats,
1928.
Low
3
i5.oo
1935
one
1933
Gross Ton
One week ago
One month ago.-*
Scrap markets
1934
Steel Scrap
Nov.
cargo
100 at Detroit.
Youngstown at 92, Wheeling at 93, Cleveland
Sept. 12
June 21
23.25
*
1936
week's
Low
$20.61
23.25
1937
Last
pared with 9134 % in the two previous weeks.
22.61
1939
few months.
more
Pittsburgh, 1 point to 91 at Chicago,
Pennsylvania, 10 points to 100 in New England,
8
Mar.
Pig Iron
$22.61
two
2 points to 90 at Cincinnati and 5 points to
by
Jan.
One month ago
One year ago—2
placed
posite unchanged at $20.83.
These products represent
85%. of the United States output.
High
Low
2.286c.
Gross Ton
has
Gains included 2 points to 93% at
on steel bars, beams, tank
plates,
wire, rails, black pipe, sheets, and hot
2.512c.
a
commission
rolled strips.
1938
Nov. 7. 1939, $22.61
One week ago..
is
headed by 12,093 tons for a Chicago filtration
plant.
2 points to 80 in eastern
Based
1939
1937
were
maritime
Birmingham at 94 and St. Louis
Finished Steel
orders
All steelmaking districts operated at unchanged or higher rates last week.
were
COMPOSITE PRICES
An
year.
1939
5,400 tons of steel for hull and superstructure.
At Pittsburgh the No. 1
heavy melting steel price is off $1 and railroad
plentiful offerings, is $2 to $2.50 lower.
The "Iron
year
until
Relatively heavy demand continues for structural shapes and concrete
reinforcing bars.
Pending tonnage in the latter is large compared with
bar awards
94% and the Buffalo district has risen five
a
1939 requirements
shown in recent purchases by 20 leading carriers.
the scant mill capacity still open for the next
high
Last
Most leading roads now have
has gamed another point to
continued
material.
substantially larger than
Birmingham because of open-hearth furnace repairs and are also
slightly lower in St. Louis and New England, but the rate at Pittsburgh
Despite
track
week's freight car orders exceeded 5,000 and brought awards for the first
ten months to the
of almost
were
in the past two decades
movement
Railroads figure prominently in the upturn in steel consumption, with
additional
covered future rail needs, additional purchases lately totaling 31,000 tons.
shipments also
9,201,249
largest
gain of 28%
a
ago.
Non-Ferrous
Metals—Copper Buying Improves on Re¬
peal of Arms Embargo—Lead and Zinc Quiet
"Metal and Mineral Markets" in its issue of Nov. 9
re¬
ports that revision of neutrality legislation was followed by
increased activity in copper, but the volume of business in
other metals held at about the
October
eased
zinc
statistics
were
same
rate
as
in recent weeks.
highly favorable.
Tin prices
prospects of larger supplies.
during the week on
Quicksilver was unsettled.
France has arranged to obtain
large supplies of copper from South America and Africa.
The publication further reported:
Volume
The Commercial & Financial Chronicle
149
week,
of 120,565 tons on Nov. 1 in comparison with 105,525 on
Oct. 1.
The United States Steel Corp. blew in five furnaces,
embargo and nervousness over the premium
independent producers blew in 10, and four merchant stacks
Copper
Domestic buying of copper was on a larger scale during the last
owing to repeal of the
obtaining
on
arms
News that
metal in the outside market.
spot and near-by
South America and the Bel¬
France is to obtain copper in quantity from
gian Congo exerted comparatively little influence on the price structure.
It
reported that the French authorities have obtained what amounts
was
150,000 tons of copper for delivery at the rate of
to an option on
tons
monthly
the first half of next year.
over
averaged around 12Hc., f.a.s. American ports.
of traders, has removed
much uncertainty
25,000
The price is said to have
This deal, in the opinion
the disposition of important
over
foreign production outside of the British Empire group.
Sales in the domestic market
bulk of this business
The large mine operators took care of
brought
high
as
of 12Hc.,
Outside metal
Valley.
The tight situation prevailing in spot and
13c.
as
the basis
on
week totaled 16,826 tons, against
for last
11,932 tons in the preceding week.
the
near-by
Labor trouble at the
relieved in another month.
metal will probably be
Perth Amboy refinery has added to shipping difficulties.
Export sales covering November-December-January business were booked
during the week at
for
3047
As
of close to 13c., f.a.s. American ports.
an average
Furnaces
regarded as too obscure.
in
blown
Harriet
A
included:
No furnaces
DAILY
were
blown out
or
banked.
In
Venezuelan trade agreement,
the
STATES
BY
SINCE
MONTHS
1935—GROSS
1,
JAN.
even
though oil is dutiable
1936
1937
1938
1939
Demand for lead continued satisfactory during the holiday
entered the market for
a
More
are
expected to be
55,404
Amboy plant, but produc¬
35,400
103,584
43.497
108,876
74,331
64,138
76,009
38,767
112,866
83,686
49,041
85,800
48,193
95,952
117,019
66,203
116,317
113,679
93,311
66,891
July
the
contract
September.
Smelting &
of the American
basis
Refining Com¬
12
51,458
100,305
83,658
75,666
mos. average
«.
«
-
-
«
PRODUCTION
Zinc
Business booked in the
common
week totaled 3,848 tons, against
during the
same
first-of-the-month
period,
1,768 tons in the preceding week.
8,388
tons.
October
The
(covering all grades) from 95,615 tons at the end of September to
excellent, but exerted no influence on prices.
1939
business
was
May
8, against 53.575c. earlier in the week.
Late November
48Mc., January at 47c. and Feb¬
6
7,873,026
Half year
the
1,298,268
1,452,487
47.74c.
Procurement
Division of the Treasury opened bids on
The lowest bidders were: Caswell, Strauss & Co., Inc., New York
hill & Co., Inc., New York, 51c. on 400,000 lb.
Awards
not
are
of Grade A tin for six months'
expected to be made before Nov. 16.
The world's visible supply
31,168 tons
month previous.
a
States is concerned
110,281
2,356,270
1,201,785
21,213
20,818
2,695,813
2,878,556
3,627,590
1,493,995
1,680,435
2,052,284
2,269.983
20.628
6,088
October
21,949
23,944
630
3,621
13,156
2,210.728
19,197
18.782.236
173,791
December
x
(stocks in
99%,
was
These totals do not include charcoal pig iron,
October
The visible supply so far as the United
warehouses,
on
docks and afloat) increased
13,494 tons at the end of September, to 23,886 tons at the end of
tin,
Year
follows;
nominally as
Nov.
2d, 52.000c.;
Production
PRICES
OF
METALS
and Shipments of
The American Zinc Institute on Nov. 6
ZINC
SLAB
STATISTICS
(ALL GRADES)—1929-1939
(Tons of 2,000 Pounds)
("E. & M. J." QUOTATIONS)
Retorts
(a)
Produced
Electrolytic Copper
Shipped
Stock at
During
Zinc
Lead
Straits Tin
During
Period
End
Period
Dom.,Refy. Exp., Refy.
New York
New York
St. Louis
Year
2
12.275
12.700
53.575
5.50
5.35
6.50
Nov.
3.....
12.275
12.950
53.000
5.50
5.35
6.50
12.950
5.50
52.250
of
Period
Average
Shipped
Operat¬
Retorts
for
Export
ing End
During
of Period
Period
Unfilled
Orders
End
of
Period
St. Louis
Nov.
12.275
Slab Zinc
released the fol¬
lowing tabulation of slab zinc statistics:
3d,
51.000c.; 4th, 51.000c.; 6th, 50.000c.; 7th, holiday; 8th, 49.500c.
DAILY
Included In pig iron figures.
y
This compares with
October.
Chinese
14,546
91,491
of tin at the end of October stood at 38,206
long tons, according to the Commodity Exchange.
from
18,607
13,341
16,617
1,120,000 lb. of Grade B tin for three months' delivery; Tut-
on
delivery.
7,888
20,205
August
November
pig tin.
21,194
July
September
46He.
Nov.
12,522,369
February
March
April.
Straits tin for spot delivery was quoted
offered at 493^c., December at
ruary at
On
Nov.
on
2,118,451
1,376,141
1,255,024
1,062,021
January
done in tin as prices for spot and future Straits
eased further during the week.
was
22,388
16,008
11,518
1,429,085
2,175,423
2,060,187
2.394.615
2.066,177
1.717.616
June
The price continued at 6J^c., St. Louis.
Tin
A fair week's
1938
20,805
18,665
1938
1939
Stocks were re¬
Prime Western zinc was offered more freely for
Oct. 31.
on
January forward shipment.
51c.
67,556
Ferromanganese y
Pig Iron x
sta¬
were
tin
67,950
(.GROSS TONS)
Ship¬
duced
at
56,816
59,216
63,820
68,864
FERROMANGANESE
AND
IRON
PIG
COKE
tonnage of usual
which included quite a
involved
material,
OF
grades of zinc during the last calendar
tistics
72,405 tons
51,570
5.35c., St. Louis.
pany, and at
ments
48,075
87,475
91,010
96,512
98,246
100,485
56,015
remained unchanged at 5.5 c., New York, which was also
settling
114,104
71,314
August
October..
December
The quotation
57,098
70,615
November
tion of refined metal has not started.
55.449
55,713
69,184
June
46,854
the trade not
60,000 tons for that month.
57.448
65,816
80,125
85,432
86,208
Half year
October, and shipments in the
over
have returned to work at the Perth
men
113,055
May
45,871
40.480
Cable makers
6,079 in the previous week.
have curtailed filling of orders during
industry, therefore,
week, with
good volume of metal.
The strike at the Perth Amboy lead refinery is believed by
to
46,367
68,539
47,656
62,886
107,115
111,596
73,578
77,246
April
February
Lead
1935
65,351
103,697
46,100
70,175
January
March
only under the excise taxes imposed under the Revenue Act.
sales totaling 5,560 tons, against
TONS
Japan, Russia and
•
concluded last week, the Stat eDe-
50%,
THE UNITED
AVERAGE PRODUCTION OF COKE PIG IRON IN
France figured prominantly in the week's transactions.
partment lowered the import duty on oil
furnace, Wick-
wire-Spencer Steel Co.; one Palmerton, New Jersey Zinc
Co.; one Swede, Alan Wood Steel Co.; one Duquesne, one
Edgar Thomson, one Isabella, one Farrell, one Gary,
Carnegie-Illinois SteeL Corp.; one Monongahela, National
Tube Co.; one Aliquippa, Jones & Laughin Steel Corp.;
one Midland, Pittsburgh Crucible Steel Co.; one Monessen,
Pittsburgh Steel Co.; one Cambria, Bethlehem Steel Co.;
one Sharpsville, Pittsburgh Coke & Iron Co.; one Martin's
Ferry, Wheeling Steel Corp.; one Federal and one Zenith,
lnterlake iron Corp.; one Iroquois, Youngstown Sheet &
Tube Co., and one Colorado, Colorado Fuel & Iron Co.
February forward metal, few sellers appeared anxious to name a price.
The outlook for next year is
blown in.
were
5.35
6.50
Nov.
4
Nov.
6
12.275
12.950
52.250
5.50
5.35
6.50
Nov.
7
Holiday
Holiday
Holiday
Holiday
Holiday
Holiday
12.275
12.950
51.000
5.50
5.35
6.50
12.275
12.908
52.415
5.50
5.35
6.50
1929
631.601
Year
1930
504.463
Year
1931
300.738
602,601
436,275
314,514
218,517
344,001
75,430
6,352
18,585
196
57,999
31,240
68,491
143,618
47,769
26,651
129,842
41
19,875
23,099
18,273
124,856
105,560
170
239
21,023
27,190
23,653
15,978
119,830
148
32,944
28,887
30,783
83,758
59
38,329
32,341
44,955
0
42,965
37,915
51,186
78,626
65,333
0
48,812
45,383
48,339
20
18,560
8,478
Average
.
.
•
4 are:
Domestic copper f.o.b.
12.783c.; Straits tin, 53.888c.; New York lead,
34.750c.
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
Average
refinery,
1932
213,531
1933
324,705
Year
1934
366,933
Year
1935
Year
Nov. 8
Year
Year
1936
431.499
623,166
Year
1937
589,619
352,663
465,746
561,969
569,241
January..
48,687
24,931
88,532
42,423
44,623
45,400
February.
41,146
21,540
108,138
0
39,267
41,644
March
43,399
33,528
0
36,466
38,923
38,891
29,023
April
38,035
20,806
0
34,691
35,321
27,069
May
37,510
0
31,525
33,818
23,444
June
30,799
24,628
29,248
118,009
135,238
148,120
149,671
0
26,437
28,071
July
33.825
146,208
0
25,596
25,805
41,785
39.350
August
30,362
32,296
36,507
29,767
29,805
32.328
43,582
141,997
130,743
0
September
0
31,555
30,940
40,435
October...
36.740
43,355
124,128
0J
32,427
31,912
,40,736
♦28,411
November.
40,343
43,693
120,778
prices lor calendar week ended Nov.
12.275c.; export copper,
5.500c.; St. Louis lead, 5.350c.; St. Louis zinc, 6.500c.: and silver,
pound..
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries: tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that is.
delivered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business, owing to the European War, most sellers are
1938
36,243
*31,509
38,793
38,510
♦33,683
126,769
*28,312
35,621
♦32,131
*33,398
Total for year.
456,990
Monthly avge.
38,083
395,554
32,963
January
44,277
42,639
128,407
39,500
39.365
39.828
128,192
♦34,321
39,459
*33.905
March.
45,084
45,291
127,985
38,251
39,379
*34,172
April
43,036
40,641
130,380
38,763
38,617
*33,312
33,332
May
42,302
39,607
133,075
36,331
♦31,381
38,041
June
39,450
37,284
135,241
36,291
♦31,067
July
39,669
43.128
131,782
35,491
August
40,960
49,928
122,814
September
42,225
69,424
95,615
October
50,117
73,327
72,405
December.
34,583
1939
and three months £230.
♦
October
Pig Iron Output Approaches 1929 Highs
The Nov. 9 issue of the "Iron
Age" reports production of
coke
pig iron in October totaled 3,627,590 gross tons, com¬
pared with 2,878,556 tons in September.
On a daily basis
October showed a gain of 21.9% over that in September,
from 95,952 tons to 117,019 tons in October, which was the
highest daily rate since August, 1929, when it was 121,151
tons.
The rate of operation last month was 85.9% of the
industry's capacity, as compared with 70.4% in September.
There were 188 furnaces in blast on Nov. 1, a gain of 19
over the 169 in blast on Oct. 1.
The number in blast was
highest since Nov. 1, 1929, when there were 203 furnaces
operating.
The 188 furnaces were producing iron at the rate
the
40,280
,40,829
*34,186
39,613
*33,324
the usual table of daily London
prices is not available.
However, prices on standard tin
were
given as follows: Nov. 2, 3, 6, 7 and 8, spot £230,
39,354
♦34,183
Due to the European war
for the present,
45,345
February
restricting offerings to f.a.s. transactions, dollar basis.. Quotations,
reflect this change in method of doing business.
30,554
39,191
34,179
29,987
38,447
29,314
29,250
*32,131
36,331
35,874
49,379
*30,468
♦31,107
35,865
*30,746
34,443
35,416
44,773
*29,376
*30,350
33,655
37,729
♦32,825
43,109
♦37,877
•
Equivalent retorts computed on 24-hour basis,
in total shipments.
a
93,116
*30,751
41.366
79,539
*36,169
Export shipments are included
The Commercial & Financial Chronicle
3048
Nov.
11,
1939
Current Events and Discussions
The Week with the
balances
bank
decreased
reserves
Federal
Reserve
Nov.
During the week ended
member
bank
Reductions
in
8
$65,000,000.
arose
Banks
in
reserve
member
holdings of "Other securities:" a decrease of $209,000,000 in reserve
balances with Federal Reserve banks; decreases of
$165,000,000 in demand
deposits-adjusted and $93,000,COO in
and
from increases of $57,000,000 in money
in
circulation, and $13,000,000 in Treasury cash, and a de¬
of $44,000,000 in Reserve bank credit, offset in part
by increases of $33,000,000 in gold stock and $3,000,000 in
Treasury currency and a decrease of $11,000,000 in nonmember
deposits and other Federal Reserve accounts.
be
to
000
of member banks
reserves
Nov. 8
on
approximately $5,350,000,000,
for
the
estimated
were
decrease of $30,000,-
a
week.
securities, direct and guaranteed; holdings of bills decreased
$34,000,000 and of bonds $2,000,000, whlie holdings of notes
increased $2,000,000.
The statement in full for the week ended Nov. 8 will be
found on pages 3072 and 3073.
Increase
(+)
Decrease
or
Nov. 8.
1939
Nov
$
discounted
Treasury
notes increased
S.
Govt,
Nov. 9,
1, 1939
1938
$28,000,000 in the Chicago district and $165,000,000 at all reporting mem¬
banks.
Deposits credited to domestic banks increased $53,000,000
in New York
City, $10,000,000 each in the Richmond and Chicago districts,
$9,000,000 in the St. Louis district and $102,000,000 at all reporting mem¬
ber banks.
Deposits credited to foreign banks declined $78,000,000 in
New York City and
$93,000,000 at all reporting member banks.
A summary of the
principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Nov. 1, 1939. follows:
Increase
direct
—2,000,000
2.687,000,000
(not
-34,000,000
+123,000,000
Loans and Investments—total
-10,000,000
4,310,000,000
317,000,000
+ 18,000,000
1—1,000,000
+418,000,000
—30,000,000
603,000,000
+ 10,000,000
—125,000,000
512,000,000
1,184,000,000
+ 2,000,000
+ 4,000,000
+ 20,000,000
36,000,000
+ 4,000,000
—74,000,000
1,559,000,000
+ 5,000,000
cultural loans
2,721,000,000
17.132,000,000
—44,000,000
+152,000,000
+ 33.000,000
+ 3.041,000,000
2,935,000,000
...
Gold stock
+ 3,000,000
+180,000,000
Treasury currency
Other
loans lor
purchasing
carrying securities
reserve
balances.....11,749,000,000
loans
Treasury
bills
667,000,000
notes...
United States bonds
—65,000.000
+3,203.000.000
7,409,000,000
+ 57,000,000
+ 645,000.000
+ 13,000,000
-474,000,000
Obligations guaranteed by
States Government..
348,000,000
—1,000,000
-230,000,000
Other securities..
Treasury deposits with F. R. bank..
Non-member deposits and other Fed¬
eral Reserve accounts..
1,020,000,000
-11,000.000
+230.000,000
New York
5,858,000,000
Federal
Demand
the
Reserve
System for the New York City member
banks and also for the
Chicago member banks for the cur¬
rent week, issued in advance of full statements of
the mem¬
ber banks, which will not be available until the
coming
Monday:
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN
CENTRAL
1939
%
Loans and
Investments—total..
Chicago9,
1938
$
Nov.
8,
1939
$
Nov. 1,
1939
$
$
Nov.
9,
1938
$
8,771
8,679
7,765
2,955
2,960
2,080
570
2,086
2,939
561
520
loans.........
1,67*
1,672
1,425
395
Open market paper
Loans to brokers and dealers In
383
341
115
117
139
18
18
20
securities
467
472
574
25
Other loans for purchasing or
carrying securities
27
31
170
180
199
67
67
67
Loans—total....
Commercial,
Industrial
agricultural
114
Treasury
Treasury
114
118
14
14
11
26
24
92
loans
373
376
413
51
52
bills
"f>0
,515
notes
844
462]
835]
2,923
(102
1250
123]
250]
952
(667
6o7j
Loans to banks
Other
1,930
and
Real estate loans
United States bonds...
2,149
Obligations
guaranteed
by
United States Government...
2.161 j
4,000,000]
+546,000,000
—33,000,000
+ 28,000,000
-209,000,000
+2,769,000,000
—29,000,000
+ 21,000,000
+39,000,000
+645,000,000
18,556,000,000
5,349,000,000
—165,000,000
+ 2,790,000,000
—2,000,000
+ 94,000,000
537,000,000
—1,000,000
—3,000,000
7,954,000,000
+ 102,000,000
727,000.000
deposits—adjusted
deposits
Domestic
—93,000,000
—1,000,000
+1,735,000,000
+ 252,000,000
Foreign banks
1,132
1,121
1,192
1,145
1.C89
333
Reserve with Fed. Res. banks...
329
327
5,486
5,560
3,735
1,133
1.127
and
Germany
Hague
74
71
42
40
36
After
Unexpected
Meeting
The
at
King Leopold III of Belgium and Queen Wilhelmina of
the Netherlands, at a
meeting at The^ Hague on Nov. 7,
offered peace mediation to the
warring countries of Germany,
France and Great Britain. They sent a
joint message to the
three Governments, after
King Leopold had traveled un¬
expectedly to The Hague by automobile. King Leopold and
Queen Wilhelmina on Sept. 1 had offered to mediate the
European crisis, and the offer was accepted by Poland,
Great Britain, France and Germany, but there were no
further developments after
Germany began her campaign in
The
latest offer
received in all the
was
Nations, where it was generally declared that there
hope of successful mediation at this time.
warring
was
little
The text of the
telegram sent to the British King, the
President of France, and the German
Chancellor, is given
below:
839
85
—2,000,000
King of Belgium and Queen of Holland Offer to Mediate
in European War—Send
Message to France, Britain
Poland.
Other securities
banks
Borrowings
RESERVE CITIES
1939
Assets—
+ 552,000,000
+ 6,000,000
United States Government deposits
Inter-bank deposits:
(In Millions of Dollars)
——New York City
Nov. 8, Nov. 1, Nov.
+
2,232,000,000
3,291,000,000
9,885,000,000
458,000,000
3,111,000,000
Reserve with Fed. Res. banks..
Cash in vault
Time
Below is the statement of the Board of Governors of
+ 44,000,000
38,000,000]
14.000,000]
Liabilities—
City and
Chicago—Brokers' Loans
^
+
—59,000,000
United
Balances with domestic banks
Returns of Member Banks in
+
2,159,000,000
...
2,263.000,000
Money In circulation
Treasury cash
+1,320,000,000
+194,000,000
42,000,000
or
Loans to banks..
Other
Treasury
Member bank
+
In
Real estate loans..
Total Reserve bank credit
S
+ 71,000,000
securities
—3,000,000
16,000,000
$
22,728,000,000
8,521,000,000
paper
Loans to brokers and dealers
+ 34.000,000
12.000,000
(- -)
Nw. 2,1938
Commercial, Industrial and agri¬
Including
*10,000.000 conirnit'ta—Nov. 8).
Other reserve bank credits..
Decrease
or
Oct. 25,1939
$
Open-market
and
(+ )
Since
Nov. 1,1939
—1,000,000
advances
Holdings of
reporting member banks.
Holdings of "Other securities'* declined
$29,000,000 in New York City and $33,000,000 at all member banks.
Demand deposits-adjusted declined $144,000,000 in New York
City,
I,oans—total
%
6,000,000
securities,
guaranteed
Industrial
banks.
$21,000,000 in New York City and $14,000,000
all
at
Assets—
*
bought
TJ.
banks,
banks.
Holdings of United States Treasury bills increased $15,000,000 in New
York City and $38,000,000 at all reporting member
(—)
Since
Bills
foreign
Commercial, industrial and agricultural loans increased $9,000,000 in
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Bills
to
to domestic
ber
The principal change in holdings of bills and securities was
net decrease of $34,000,000 in United States Government
a
deposits credited
deposits credited
New York City and $18,000,000 at all
reporting member banks.
crease
Excess
increase of $102,000,000 in
an
Cash in vault
Balances with domestic banks..
793
158
156
131
71
72
75
242
247
207
377
Other assets—net
372
437
48
48
51
Liabilities—
Demand
Time
duty
8,265
United States Govt,
deposits...
8,212
6.607
1,811
1,818
1,573
666
666
598
500
500
466
49
114
63
3.440
2,538
874
871
648
Foreign banks
49
3,416
Inter-bank deposits:
Domestic banks...
651
398
12
12
7
259
338
~"l6
"~15
"~17
Borrowings
..I..
account.
266
1,480
62
682
3
.
Other liabilities
63
1,480
1,487
269
269
256
unwilling to examine
a
reasonable and
have declared they would
well-founded
It
seems to
come
of
Member
Banks
of
the
Federal
Reserve
As explained
System for the Preceding Week
above, the statements of the New York and
Chicago member banks
are given out on
Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same
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
In the
compiled.
following will be found
the comments of the Board
of Governors of the Federal
Reserve System
respecting the
returns of the entire
body of reporting member banks of the
Federal Reserve System for the week
ended with the close
of business Nov. 1:
The condition statement of
weekly reporting member banks in 101 lead¬
ing cities shows the following principal changes for the
week ended Nov. 1:
Increases of $18,000,000 in
commercial, industrial and agricultural loans
and $38,000,000 in
holdings of Treasury bills, and a decrease of
$33,000,000
on
our
basis for
an
not
be
equitable
and
us
bring them
As
that in the present circumstances it is difficult for them to
into contact in order to state their standpoints with
greater precision
nearer one
the sovereigns
their neighbors
we
another.
of two
are
we
States having good
neutral
ready to offer them
are
our
standing to ascertain the elements of
This, it
seems to us,
is the task
we
an
relations
good offices.
disposed to facilitate by every
posal that they might care to suggest to us and in
Returns
breaks out
T»
peace.
agreeable to them
Complete
war
have the conviction that it is
we
once again to raise our voice,
Some time ago the belligerent parties
deposits—adjusted
deposits
Capital
At this hour of anxiety for the whole world, before the
the Western Front in all Its violence,
a
with
If this
means
all
were
at our dis¬
spirit of friendly under¬
agreement to be arrived at.
have to fulfil for the good of
our
peoples
and in the interest of the whole world.
We hope our offer will be accepted and that thus the first
step will be taken
toward establishment of a durable peace.
WILHELMINA.
LEOPOLD.
The Hague, Nov. 7.
♦
United
States
Freighter City of Flint Released to
by Norwegian Authorities—Ger¬
Prize
Crew
Interned
by
Norway—Reich
American
man
Crew
Protest Is Dismissed—Vessel Goes from
to
The
Haugesund
Bergen
American
freighter City of Flint, which had been
German vessel and taken in command by a
German prize crew in October, was returned to her American
crew on Nov. 4 by the
Norwegian Government, after the
ship had put into the Norwegian port of Haugesund.
The
captured by
a
Volume
German prize crew, which
the
on
that
excuse
had brought the vessel into port
of the American
one
seamen was
ill,
coordinate Great Britain's
was
Norwegian authorities.
The German Govern¬
protested to Norway against this action, but Norway
rejected the protest, contending that by bringing the freighter
into a neutral port for a second time, Germany had violated
the Neutrality Convention of 1907.
The freighter later
this week went to Bergen, Norway, manned by its American
crew of 40.
On Nov. 9 United Press accounts from Bergen
ment
which Wallace
dress of the Commission in New York
by the British Consulate General as 25 Broadway.
the United States as soon as possible, Capt.
Joseph A. Gainard said today.
City of Flint was referred to in the "Chroni¬
cle" of Nov. 4, page 2895.
United Press advices of Nov. 4
from Haugesund announced release of the vessel as follows:
Seizure of the
The German crew was taken from the 4,936-ton ship here
of the Norwegian
and interned
Admiralty, which charged the Nazi seamen
with twice violating Norway's neutrality.
The prize crew was
interned after a Norwegian warship had fired a warn¬
ing shot across the bow of the City of Flint in an effort to
Haugesund Harbor.
♦
of Flint will unload its cargo here and sail for
The American freighter City
keep her out of
e
E^The prize of the blockade war on the high seas was snatched from the
Germans, when only about 400 miles from German land, after a strange
of more than 4,000 miles up into the Arctic Circle
voyage
placed through the Canada War Supply Board, of
Campbell is chairman.
The temporary ad¬
City was announced
will be
Nov. 9
reported:
orders
purchases in the two countries was
7 by the Ministry of Supply.
According to United Press London advices of Nov. 7, orders
in the United States will be placed through a British Pur¬
chasing Commission in charge of Arthur B. Purvis, Director
General of United States Purchases, and orders in Canada
and back with the
Odd-Lot Trading on New York Stock
Week Ended Nov. 4
Securities
The
a
a
mission.
STOCK
DEALERS
.
,
The
the Baltic,
Skagerrak entrance to
announced that:
officers and men prepared to steam out of Nor¬
today.
wegian waters some time
There
Swastika, would head for Manchester or one
the
sea-raiding Deutschland ran her
contraband carrier.
Dollar vaiue
Customers' total sales
take the ship into
if she was "unseaworthy."
sail.
.
demanded that the Russians release the
,
Customers' total sales
Because the City
and permitted
\
Gainard, in conference with Norwegian authorities,
...
of Flint's'expected journey to her original British ports
the blockade area it was
that British warships might provide some sort of a convoy for her
protection.
>"
There also
Short sales.
might unload his cargo listed as contraband and leave
legal decision is made,
being allowed representation in the hearing.
Norway until a formal Norwegian
bond in
with Germany
A United Press
protest
dispatch of Nov. 5 from Oslo described the.
to
as'
Norway and the Norwegian reply
follows:
The Norwegian
Government tonight formally rejected Germany's protest
demanding return of the
American steamer City of Flint and release of her
interned Nazi prize crew
with a statement that Germany had violated the
convention of 1907.
Hague Neutrality
Government's answer, in the form of a diplomatic note,
The Norwegian
revealed that after internment
wegians had refused a
of the Nazi prize crew at Haugesund the Nor¬
German request that the City of Flint be detained at
Haugesund pending Norwegian-German
negotiations.
the Norwegian
Government issued a statement tracing in detail the City of Flint case and
explaining why the ship was handed over to the United States.
.
.
.
The Norwegian Government's statement disclosed that the commander
of the German prize crew had put into Haugesund, south of Bergen, Fri day
."
■
In connection with
the rejection of the German protest
[Nov. 3J and dropped anchor after having been warned
warships accompanying him that the prize ship must
coast
by the Norwegian
proceed down the
without halting.
The German
commander was said to have told the Nor wegian
received orders from Berlin to remain in
that he had
heading through the
Norway had no
authorities
Haugesund, instead of
Skaggerak into the Baltic toward a German port.
.
.
said that
alternative but to intern the Nazi prize crew and free the
The Norwegian
ship under
__
240
—
139,800
Other sales.b
.....
140,040
Total sales
—
Round-lot purchases by
Number of shares
dealers
:—........
253,620
.....
exempt" are reported with "other sales,"
b Sales to otfset customers' odd-lot orders, and sales to liquidate a
which Is less than a round lot are reported with "other sales."
Sales marked "short
Short Interest on New
long position
Government's rejection of the German protest
articles of the Hague convention.
...
decided to intern the Nazi prize crew for putting into
Hauges¬
und in violation of Norwegian neutrality, the German Government asked
that the City of Flint be held in port at Haugesund pending German-Nor¬
wegian negotiations to determine its disposition.
The Norwegian authori¬
ties replied that, under international law, they could not agree to such a
When it was
York Stock Exchange
Decreased
During October
possibility that Captain Gainard, for the sake of the
was a
safety of his crew,
German
27,257,347
will take her through the heart of
of destination
believed
—
Number of shares:
a
will decide his course.
17,611
862,178
879,789
Round-lot sales by dealers
had been turned back to the German prize crew
.
.....
Dollar value
claims under the 1907 International Hague
but the Soviets ignored the demand and on Oct. 27 announced
This morning Captain
32,707
Customers' short sales...
disputing Germany's
that the ship
32,132
......
Number of shares:
took the City of Flint into the North Russian
The United States Government
convention,
575
....... —.
Customers' other sales.a.
Customers' other sales .a.
under international law, they were permitted to
neutral port
(customers' sales):
Number of orders:
down in the Atlantic and seized her as a
Murmansk on Oct. 23, claiming that her engines needed repairs,
and that,
in
1,005,678
34,493,427
......
.....................
Odd-iot purchases by dealers
...
The German prize crew
it
35,962
.....J
.......
Customers' short sales,...
United Kingdom ports for which she was headed when
the other
ship,
(customers' purchases).
Number of orders-..
that the City of Flint, again flying the Stars and
reports
were
Stripes instead of the Nazi
to
Total
Odd lot sales by dealers
Number of shares.............
(the vessel) had no sufficient cause for anchoring the Norwegian
and set the ship free.
Captain Gainard and his
a
EXCHANGE
1939
understood that immediately after regaining command of his ship
was
port of
ACCOUNT OF ODD-LOT
THE NEW YORK STOCK
for Week
after interning the German prize crew at
authorities decided to intern the prize crew
of
ON
Week Ended Nov. 4,
incidents of the European
this southwestern port less than 115 miles from the
It
AND SPECIALISTS
ODD-LOT
THE
TRANSACTIONS FOR
.
Norwegian Admiralty,
As she
Commission made public
summary
series of current figures being published by the Com¬
Figures for the previous week ended Oct. 28 were
reported in our issue of Nov. 4, page 2896. The figures are
based upon reports filed with the Commission by the odd-lot
dealers and specialists.
ing
fcfcThe wanderings of the ship under command of the German crew after
her capture in the Atlantic on Oct. 9 by the Nazi pocket battleship Deutschland had constituted one of the most dramatic
and Exchange
Exchange During
for the week ended Nov. 4 of complete
figures showing the volume of stock transactions for the
odd-lot account of all odd-lot dealers and specialists who
handle odd lots on the New York Stock Exchange, continu¬
Nov. 9
Nazi Swastika flying from its mast.
war.
London Nov.
in
announced
interned by
on
3049
The Commercial & Financial Chronicle
149
of the close of business on the
compiled from information ob¬
tained by the New York Stock Exchange from its members
and member firms, was 523,226 shares compared with 570,516
shares on Sept. 29, both totals excluding short positions
carried in the odd-lot accounts of all odd-lot dealers, the
Exchange announced Nov. 9.
As of the Oct. 31 settlement
date, the total short interest in all odd-lot dealers' accounts
was 72,478 shares, compared with 74,056 shares on Sept. 29.
The Exchange's announcement further said ;
Of the 1,230 individual stock issues listed on the Exchange on Oct. 31 <
there were 26 issues in which a short interest of more than 5,000 shares
The short interest
Oct. 31
existing
as
settlement date, as
existed, or in which a
change in the short position
of more than 2,000 shares
occurred during the month.
The number
of issues in which a
1939, exclusive
483
on
In
short interest was reported as
of odd-lot dealers' short
of Oct. 31,
position, was 465. compared
with
Sept. 29.
the following
tabulation is shown the short
interest
existing at the opening of the last business day of each month
from Sept. 30, 1937 to Nov. 30, 1937; the figures since Dec.
31, 1937, are shown as of the close of business on the last
day of each month.
1939—
1938
1937—
967,593
Sept. 30
Nov.
29........1,214,082
30
1,184,215
Dec.
3i........1,051,870
Oct.
1938—
Jan.
31...
Feb.
28
1,222,005
1,141,482
May 31
June
29--..--.Aug. 31.
Sept. 30
Oct.
28
Nov. 29.
Mar.
31
1,097,858
Dec. 30
Apr.
29
1,384,113
Jan.
*
1,343,573
30......-.1,050,164
July
31
Feb,
28........
Mar. 31
833,663
729,480
588,345
Apr.
669,530
587,314
500,961
447,543
July
28
May 31
June 30.
Aug.
31.
31
Sept. 29
Oct
31
536,377
529,559
*662,313
667,804
651,906
481,599
435,273
570.516
523,226
Revised.
request.
We
also
quote from another
Nov. 7, from
United Press dispatch of
Bergen, Norway:
Mrs. J. Borden
Harriman, United States Minister to
Norway, announced
conferences with Capt. Joseph A. Gainard of the
freighter City of Flint and with the Norwegian Admiralty that information
regarding disposition of the freighter and the cargo would be released in
tonight after day-long
Washington.
had not backed down in its rejection
German prize crew which seized the ship be
released was indicated by the departure, under military guard, of the Ger¬
mans tor internment in 306-year-old
Kongsvinger Castle, near the Swedish
That the
of
Norwegian Government
Germany's demand that the
border.
Britain
^
Establishes
Purchasing Commission to Co¬
United States and Canada
ordinate Buying in
Creation
of
British Supply
known as the
Board in Canada and the United States to
a
central organization to be
Member
Trading
on
Curb Exchanges
New York Stock and New York
During Week Ended Oct. 21
Exchange Commission made public
10) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended Oct. 21, continuing a
series of current figures being published weekly by the Com¬
mission.
Short sales are shown separately from other sales
in the New York Stock Exchange figures.
Trading on the Stock Exchange for the account of members
during the week ended Oct. 21 (in round-lot transactions)
The
Securities and
yesterday (Nov.
totaled 2,917,465 shares, which
transactions on the Exchange
compares
amount was 21.54% of total
of 6,775,360 shares. This
with member trading during
ended Oct. 14 of 1,397,175 shares, or
the previous week
20.64% of total trading
3050
The Commercial & Financial Chronicle
of
3,384,530 shares.
On the New York Curb Exchange
member trading during the week ended Oct. 21 amounted to
387,830 shares, or 19.47% of the total volume on that
Exchange of 995,810 shares; during the preceding week trad¬
ing for the account of Curb members of 214,995 shares was
18.81% of total trading of 571,640 shares.
The figures for the week ended Oct. 14 were
given in our
Nov.
As of the close of business
on
Oct.
31, 1939, there
aggregating $52,452,462,417, par value listed
change, with
a total market value of
11,
1939
1,395 bond issues
were
the New York Stock
on
Ex¬
$47,621,245,885.
On Sept. 30 there were 1,389 bond issues
aggregating
152,466,235,827 par value listed on the Exchange with a total
market value of $46,430,860,982.
In the following table, listed bonds are classified
by govern¬
mental and industrial groups with the aggregate market value
and average price for each.
issue of Nov. 4, page 2895.
In making available the data
for the week ended Oct. 21, the Commission said:
j
The
data published are based upon weekly reports filed with
the New
York Stock Exchange and the New York Curb
Exchange by their respective
members.
These reports are classified as follows:
Oct.
31, 1939
Sept. 30, 19391
Market
New
York
New
Total number of reports received
1. Reports showing transactions as specialists
U. S. Govt. (lncl. States,
101
United Stales Companies—
Autos and accessories
64
the
floor
Reports showing
floor
Chemical
106
Building
25,643,253
544
Electrical equipment manufacturing..
Food
The number of reports in the various classifications
may total
number of reports received because, at
times,
TOTXL ROUND-LOT
more
single report
SALES
ON
NEW
YORK
than
Total
86.87
42,619,441
83.20
9,027,096
44.93
94.37
9,124,480
47.961,842
92.97
121,987,178
60.04
57.62
115,512,461
643,861,013 102.90
74,364,845 97.41
14,435,608 82.70
Paper and publishing
Railway operating and holding com¬
panies & equipment manufacturers.
EX¬
Textile
8,801,230
Gas and electric (operating)
Cent
round-lot sales:
Short sales
Gas and electric
Per
a
6,546,000
6,775.360
Total sales
__
Business and office equipment
Shipping service—
Shipbuilding and operating
Leather and boots
229,360
Other sales.b_.
they
registered—Total
purchases
42,279,236 124.11
44.09
74.67 13,405,470,938
48.91
11,403,090,498
73.90
45,93
53.92
748,352,667
50.08
P0.79 46,430,860,982
13,647,451,537
Foreign government
1,492,645,166
Foreign cos., (lncl. Cuba and Canada).
797,623,758
112,420
88.50
99.83
1
47.621,245,885
731,950
The
Total purchases and sales
on
1,494,090
the floor—Total purchases
11.03
537,680
Short sales
following table, compiled by
gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
43,350
444,520
Other sales.b
Market
487,870
Total purchases and sales
1,025,550
Other transactions initiated off the floor-Total
purchases
7.57
May l...._
2.94
Short sales
July
30
Aug. 31....
Oct.
31
Price
%
31
%
45,441,652,321
47,053,034,224
Nov. 30
90.34
91.27
1939—
89.70
Jan.
31
88.68
Feb.
28
85.71
Mar.
29
46,958,433,389
47,471,484,161
48.351,945,186
48,127,511,742
87,78
May 31
48,920,968.566
92.92
88.98
June
92.08
87.82
42,346,644,435
43,756,515,009
44,561.109,796
44,182,833,403
44,836,709,433
45,539.192,999
Sept. 30
1,481,300
...
1
June 30
397,825
purchases
1—__
June
216,345
90.11
89.26
Dec.
1
Apr.
196,045
Total purchases and sales..
42,109,154,661
Mar. 1
Average
1938—
I
42,782,348,673
42,486,316,399
42,854.724,055
41,450.248,311
42,398,688,128
1
Feb.
20,300
Total sales
%
Market
Value
1938—
Jan.
181,480
Short sales
Other sales.b
Price
1937—
Dec. 1
us,
1
Average
Value
Total sales.
Apr.
1
30
91.03
91.85
91.80
91.56
July
89.40
31
Aug. 31
48,570,781,615
49,007,131,070
47,297,289,186
90.59
89.08
Sept. 30
46.430.860,982
88.50]
90.67
Oct..
47.621,245.885
90.79
90.19
31
93.15
176 070
Other sales.b
1,260^095
SEC
Total sales
J...
Total purchases and sales
2,917,465
21.54
(SHARES)
21, 1939
Total for
Per
Week
Cent
a
995,810
B. Round-lot transactions for account of
members:
1. Transactions of specialists in stocks
in which
they
Total
245,555
on
the
i
floor—Bought
12.33
Total.
83,745
4.20
31,270
Sold
Reports
Based
Census
on
of
The Securities and
public six
more
of
a
Exchange Commission
series of reports based
on
on a
Nov. 9 made
Work Projects
Administration study now known as the Survey of American
Listed Corporations.
The current reporls contain a sum¬
mary of selected data on the following six industry
groups
composed of corporations registered under the Securities
Exchange Act of 1934: Manufacturers of Textiles, CottonWool; Manufacturers of Rayon Yarn; Manufacturers of Silk
These summaries contain
essentially the same information
the first 44 reports of this series which have been
as
47,375
36,370
Other transactions initiated off the
floor-—Bought
More
and Rayon Textiles Not
Producing Yarn; Hosiery Manu¬
facturers; Manufacturers of Apparel Other Than Hosiery
and Footwear; and Miscellaneous Textile
Manufacturers.
!
are
110,060
135,495
2. Other transactions initiated
Six
American Listed Corporations
ROUND-LOT
STOCK
SALES
ON
THE
NEW
YORK
CURB
EXCHANGE AND STOCK
TRANSACTIONS FOR ACCOUNT OF MEM¬
Week Ended Oct.
Issues
1,436,165
TOTAL
3.
111,558,874
34,412,175
619,530
Other transactions Initiated
Sold
40,943,816 120.19
43.79
Total United States companies
762,140
Total sales.
BERS *
49.73
34,965,490 102.19
All listed bonds.
4. Total—Total
212,009,113
97.06
1,062,115,398
98.69
269,125,088
56.30
18,191,250
94.50
14,888,159
52.76
64.12
14,710,883
513,212 100.53
66.75
110,784.410
59.53
are
Short sales...
3.
93.46
3,140,823,111 102.88
518.636 101.59
U.S. companies operating abroad
Miscellaneous businesses
Other sales.b.
2,
99.71
8,633,850
95.27
14,018,131
15,313,215
Tobacco
B. Round-lot transactions for account of
members, except for
the odd-lot accounts of odd-lot dealers and
specialists:
1. Transactions of specialists In stocks In which
Rr,*
6.342,979,367
688,590,934
3,250.803,294 106.65
217,371,480 99.51
1,100,690,855 102.27
275,057,844 57.54
18,720,625 97.25
(holding)
Communication (cable, tel. & radio)
Miscellaneous utilities
45.41
598,126,098 100.28
73,669,109
96.38
14,048,582
80.49
6,261,613,710 58.85
695,168,949 101.05
Steel, Iron and coke
21, 1939
Total for
Week
A.
44,499,261
50,339,902
Petroleum
may
STOCK
78.01
Land and realty
Machinery and metals
Mining (excluding Iron)
CHANGE AND ROUND-LOT STOCK
TRANSACTIONS FOR ACCOUNT
OF MEMBERS * (SHARES)
Week Ended Oct.
77,390,488 104.56
Retail merchandising
THE
89.08
36,975,589 106.99
224,758,375 99.15
76,745,969 101.66
Amusements
classification.
one
STOCK
a
79.28
232,170,766 102.40
Rubber and tires
those of the specialist.
the
17,027,242
91.78
90,952,044 103.30
66,729,839
23,249,920
37,056,413 107.23
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
carry entries in more than
16,911,959 92.44
92,376,104 104.98
90.44
67,755,263
-
469
no transactions
Note—On the New York Curb Exchange the round-lot transactions of
specialists
In stocks In which they are registered are not
strictly comparable with data
as
$
308
.....
dealer as well
Price1
cities, &c.)_. 31,783,625,424 106.74 30,873,946,879 103.68
Financial
Reports showing other transactions Initiated off the
4.
Aver.
$
791
297
on
Value
Exchange
1,070
203
2. Reports showing other transactions Initiated
Price
Curb
-
3.
Market
Value
Yorl
Stocl
Exchange
Aver.
27,260
released,
but, unlike the first 18 reports, they have not been printed
quantity and, therefore, are not available for free dis¬
tribution.
They are, however, open to public inspection
and use at all the regional offices of the SEC.
in
Total.
58,530
2.94
Registration
188,705
199,125
Sold.
Under
387,830
Odd-lot
^transact Ions for account of specialists—Bought.
19.47
87,084
51,894
_.
Total...
138,978
<ierr? "membera" Includes
partners,
Including special
.
®
To*;.al share8 In
transactions.
partners.
members*
all Exchange members, their firms
transactions
as
per
cent
and
their
of twice total round-lot
SuwSJJ^i^g ^.es® Percentages, the total of members' transactions la compared
S mimwS1
r°und-4lot)v°lume on the Exchange for the reason that the total
.
23
7 transactions Includes both
volume Includes only sales.
rules are Included
purchases and sales, while the
Exchange
Tk iCh
aire ®xemDted
with "other sales."
«
from restriction by the
Market Value of Bonds
Listed
Exchange Oct.
The New York Stock
bonds listed
Issues
Act
Totaling
Became
Commission's
On Nov. 3 the Securities and
$35,181,000
During
Effective
on
on
on
New York Stock
Above Sept. 30
Exchange issued the following an¬
showing the total market value of
Exchange Oct. 31:
Nov. 8
the
31
Exchange Commission made
public an analysis of security registrations which became
effective under the Securities Act of 1933
during September.
The analysis, prepared
by the Research and Statistics Sec¬
tion of the Trading and
Exchange Division, disclosed that
during September, 1939,
new securities totaling $35,181,000
declared fully effective.
This compared with $277,487,000 in August, 1939, and with $125,207,000 for
Sep¬
tember, 1938.
In its announcement the SEC further stated:
were
Financial and investment companies accounted for the
major portion of
securities proposed for sale by issuers, the amount for such
companies being
$18,606,000,
or
75%
of the total.
represented securities of
nouncement
New
September
Total
C.
of
Securities
A
considerable
part
of this amount
single registrant, Affiliated Fund, Inc., which
registered $17,940,000 of securities, of which $12,153,000 was
proposed for
sale.
In
the
manufacturing
only $2,632,000,
Fixed
a
or
industry,
10-6% of the total,
interest-bearing securities
the
was
next
most
important
group,
proposed for sale by issuers.
aggregated
$11,600,000,
or
46.8%
of
the total.
Included in this amount was
$10,000,000 of long-term secured
bonds consisting entirely of a bond issue of
Affiliated Fund, Inc., and $1,600,000 of long-term unsecured bonds.
Common stocks with
$10,480,000,
Volume
or
The Commercial &
149
Preferred stocks totaled
42.2% of the total, were next in importance.
$1,936,000, or 7.8%, and certificates of participation
conversion
reserved for
other
of securities proposed for sale by
After the deduction of $8,293,000 of securities
posed for sale.
be issued in exchange for
and $624,000 of securities to
securities, there remained
$24,816,000
Of this amount, only $340,000 represented issues
issuers.
The total compensation to be
$128,000,
and distributing expenses
This comparatively high cost
reflected the large proportion of investment company issues
egistered during September.
of issuing and distribut¬
Net proceeds accruing to issuers, after payment
Of this amount, $12,062,000, or 53.3%,
the purchase of securities, as a result of the preponderance
ing expenses, were $22,635,000.
was to
be used for
of investment
A total of $5,398,000, or
company issues.
be used for repayment
of indebtedness, while $3,570,000, or
23.8%, was to
15.8%, was to
be utilized for new money purposes.
magnitude of investment company
Largely because of the comparative
financing
during
74.7% of the
$18,529,000 of securities, or
September,
through agents.
Securities to be offered through
amounted to only $3,259,000, or 13.1%, and securities to be
total, was to be offered
underwriters
offered directly
two
holders represented only 3.6% of the total.
these statistics of effective
registrations for September
reorganization and exchange issues
valued at $775,000.
These
merchandising
Excluded from
were
Issues to
$3,028,000, or 12.2%.
by issuers amounted to
be offered to security
issues consisted of voting trust
certificates for issuers in the
became effective covering
the guarantee by the Argentine Republic of $10,309,000 principal amount of
bonds of the Province of Santa Fe, no value being assigned in this case.
field.
In
addition, one registration statement
TYPES OF SECURITIES
INCLUDED IN 15 REGISTRATION STATEMENTS
EFFECTIVE DURING SEPTEMBER, 1939
FULLY
BECAME
THAT
ated in
the
those
United
range
foreign
through their own exports to
countries
States
foreign competition
itself,
Influences
Restraining
$2,053,amounting to
equivalent to 8.8% of gross proceeds.
of flotation
The Survey goes on to say:
in neutral countries will be stimulated
products
competition and by the purchasing power cre¬
the belligerents. In
will decline, leaving a wider
of demand to be supplied by domestic products.
decline of
the
by
American
for
of new ventures.
With other expenses
0.5% of gross proceeds, total issuing
or
Demand
paid underwriters and agents was
000, or 8.3% of total gross proceeds.
were
principal sources from which these re¬
of the
one
quirements must be filled."
Securities registered
$1,448,000, of which $1,233,000 was pro¬
for the account of others totaled
contains
situation
the
"But
caution, and that these
of
finished products in the face
been a matter of deliberate policy
in this country.
Manufacturers in many lines appear to have chosen to
accept a reduced spread between costs and selling prices.
This policy of
restraint has been fostered by Government officials, who apparently look
with favor on rising prices of certain basic commodities, particularly of
farm products, as contributing to the balanced price structure considered
the comparative stability of prices of
least,
rising quotations for raw materials has
of
essential
business
to
recovery.
Issues
1914.
Long-term unsecured bonds
Short-term unsecured bonds
Face amount instalment
ingly, will be diminished rather than increased.
"The enormous world supplies of some commodities,
1*600", 000
1,600,000
*5
a
Conditions
4,163,034
1,600
443,098
2
1
_
1,936,420
20,465,058
800,000
$35,180,978
Securities
Gross Amt. of
of Securities,
Gross Ami.
Less Securities Reserved
Proposed for Sale by
for Conversion
Issuers
Type of Security
Sept.,
Amount
Sept.,
1938
1938
38.6
0.3
$10,000,000
40.3
0.2
1,600*666
5.9
5l" 3
1,600*000
6*5
54*5
Short-term unsec. bonds.a.
Face amt. inatal, ctfs
1,936*420
7.2
7.2
1,*9*36*420
*7*8
12,171,640
45.3
19.6
10,479,971
42.2
14.9
800,000
3.0
21.6
800,000
3.2
22.9
$26,887,560 100.0
Ctfs. of partic., ben.
closer control than they were in the past.
of the Government extends into
power
to
$10,379,500
100.0
$24,816,391 100.0
some
of
fields
int„&c
7.5
Liquidation
During the month of September, 1939, the
Securities having maturity of three years or
less are classified as
"short-term"
TYPES
announcement went on to say:
offsets allowed, to depositors and other
OF
MENT
SECURITIES INCLUDED IN ONE REGISTRATION STATE¬
REORGANIZATION AND EXCHANGE* ISSUES THAT
FOR
DURING SEPTEMBER, 1939
#
No.
Type of Security
_
of
Issues
Sept., 1938
Sept., 1939
lections from all sources
T-ong-tArrn Rwnirpd hnnrln
Short-term secured bonds.b
Data as to results
of the receiverships finally closed during
the month are as
follows:
INSOLVENT NATIONAL BANKS
Face amount Instalment
Name and Location
certificates
--
beneficial interest, &c
_
..
to
Total
to All
Liabilities Claimants
$1,059,405
104.86
109.4
12-17-31
444,301
90.72
78.6
Peoples Nat. Bank, Monmouth, III —
Plttslield Nat. Bank, Pittsfield, Me—
10-26-33
Oakland, Md
Athol, Mass.
Bank, St. Louis, Mo..
First Nat. Bank, Lima, Mont
First Nat. Bank, Branchville, N.J
Westside Nat. Bank, West Paterson,
xl2 -5-33
7-19-34
574,884
1,955,221
997,735
1,303,052
5,876,600
46,220
$775,000
1 -6-34
826,036
96.48
95.5
9-22-33
84.93
65.
70.66
43.92
111
First National Bank, Momence,
*775*,000
$5,378,000
111—
Garrett Nat. Bank,
be Issued in exchange for
Refers to securities to
market value
1-
Millers River Nat. Bank,
or
South Side Nat.
of Santa Fe.
Trust Co. of New
8 -4-33
8-19-33
Nat.
92.61
106.3
94.4
91.71
107.66
90.54
87.69
106.26
107.26
106.05
109.25
Philadelphia. Pa..
Kingwood,
11 -3-33
6-23-31
141,889
58.02
44.35
Newburg, W. Va.
10-30-31
202.807
66.46
57.7
-
Kingwood
Need of Caution Seen by Guaranty
3-34
95.99
291,437
378,204
N. J
Lehigh Nat. Bank,
+
Bank,
W. Va
of Belligerent Countries
for War Supplies—Discussing Cost to Belligerents,
Says That in Event of Long War Financing Must
Be
Through Inflationary Device of Credit Ex¬
First National Bank,
pansion
Secretary of Treasury
York
in
Meeting
Needs
x
Shareholders' agent elected to
of principal
continue liquidation after payment by receive
and Interest in full to creditors.
Morgenthau Leaves Problem of
Limit Up to Congress—Will
Within Limit
Until January—
Raising Federal Debt
Increasing recognition is being given to the fact that the
actual and prospective economic dislocations due to the war
have adverse as well as favorable implications with respect
Stay
Probably
Comments
on
Loans
to
Small Business
probable demand for American commodities, not only
the long run but even for the nearer future, says the
Secretary of the Treasury Morgenthau told his press con¬
ference on Nov. 9 that the matter of raising the present
the
$45,000,000,000 limit on the public debt was up to Congress.
Mr. Morgenthau added that "if we get up to the debt limit,
I won't draw checks for a penny more."
In reporting the
Secretary's remarks, Associated Press Washington advices
to the
Guaranty Trust Company
of New York in discussing
commodity prices in the United States in
of The Guaranty Survey, published Oct. 30.
The
effects of war on
its
Offsets
X12-13-33
Canton Nat. Bank, Canton,
*2
.
existing securities, a Repre¬
1-3 of face value where market was not available,
b Securities having a maturity of three years or less are classified as "short-term"
securities,
c In addition one registration statement became effective covering the
guaranty by the Argentine Republic of $10,309,000 principal amount of bonds
in
Declared
Alio toed
c2
Province
Dividend
bursem'ts
Failure
Total
of the
Total Die-
Including
_
Voting trust certificates..
*
Per Cent
bursements
of
of Bank
__
Certificates of deposit
sents actual
Per Cent
Date
_
Certificates of partic.,
SEPT., 1939
Total Dis¬
—
__
Common stock
LIQUIDATED AND FINALLY CLOSED
SOLVENCY DURING THE MONTH OF
$5,378,800
Tlong-term unsecured bonds
Short-term unsecured bonds _b
Preferred stock
of all active receiverships during
amounted to $3,060,154.
OR RESTORED TO
.
including offsets allowed.
Dividend distributions to all creditors
of liquidation
paid to unsecured
Total
of total col¬
of 96.90% of all claims proved.
of these receiverships averaged 5.39%
of liquidation
the month of September, 1939,
Approx. Market Value a
.
amounted to $14,097,791, or an average
of total liabilities, while dividends
of 97.22%
creditors amounted to an average
costs
BECAME FULLY EFFECTIVE
liquidation of
completed and the affairs
of such receiverships finally closed, it was announced Oct. 17
by Preston Delano, Comptroller of the Currency.
The
return
securities.
Banks
13 insolvent National banks was
creditors of these 20 receiverships,
a
normal and necessary readjustments.
of 13 Receiverships of National
Completed During September
Total disbursements, including
Warrants or rights
Total.
exerted but that it will be extended
is not that control will not be
point where it interferes with
a
100.0
Common stock
a
The regulatory
financial markets, credit resources,
production and distribution.
Various groups, public
and private, are aware of the dangers of inflation and of unbalanced price
relationships and will probably use their best efforts to prevent such
developments as are deemed undesirable.
The greatest danger in this con¬
ject to much
nection
1939
Sept.,
Short-term secured bonds.a
Preferred stock
or
general large-scale need for plant expansion.
"Moreover, in this country, as well as abroad, price movements are sub¬
rise to
Gross
Sept.,
1939
Long-term unsecured bonds
absorb several millions of unemployed
begins to tax the capacity of our industrial system,
it
before
to give
Percent
Percent
Gross
Amount
Long-term secured bonds..
industry is vastly greater than it was
force.
Demand must be strong
workers
suggest that a general advance
The unused capacity of American
in 1914, and the same is true of the
enough to put this great reserve of
obstacles.
encounter
labor
and
23
....
...
would
prices
this country also
in
conditions
productive equipment to work and to
"134",300
12
participation, beneficial Interest, &c_
such as grains and
barrier to sustained price increases.
It is
significant that the price of wheat in this country has lost part of the
advance registered in the first few days of the war; yet the domestic price
is still far above the world level, and without an export subsidy wheat
could not be sold abroad at present quotations.
.
.
.
have already proved
cotton,
even
Common stock
Total
$10,379,500
a
certificates
Warrants or rights
Amount
Face Ami.
10,550,000
"i
_
Preferred stock
Certifs. of
or
_
.
.
.
geared to military requirements, their demand for foreign
supplies will be highly selective and will be confined as far as possible to
absolute necessities.
Their demand for many American products, accord¬
nations
ring
in
2
Long-term secured bonds
Short-term secured bonds.a
larger supplies of essential
With the economies of the war¬
belligerents entered the war with much
"The
materials than they had in
"Certain
of No. of Units
indicate the
clearly
elements are gaining wide recognition is
sufficiently attested by the more hesitant price tendencies that have fol¬
lowed the initial burst of speculative enthusiasm.
In some instances, at
need
Securities
Type of SecurUy
that
elements
many
Domestic
Gross Amount of
No.
help, and the United
supplies can be met only with outside
States is
$800,000, or 3.2%.
that 15 statements covering 23 issues became effective
The analysis shows
during September in the gross amount of $35,181,000.
3051
Financial Chronicle
issue
Survey points out
that "unless the present war
ends rather
quickly it will cost the belligerent nations much more than
can be raised by taxes and by borrowing the current savings
of Nov. 9 continued:
A long war must be financed, by the infla-,
tionary device of credit expansion."
It also observes that
"the imperative needs of belligerent governments for war
reach the limit,
of the
people.
$41,168,960,554, would
least a few
months—until Congress meets again and has a chance to do something
about the situation.
Pressed by reporters as to whether he desired ConHe
declined to
estimate when
the debt, now
but said he would not be worried about it for at
3052
The Commercial & Financial Chronicle
gress to raise
the debt limit, the Secretary declined to answer flatly,
but
hoped Congress would "keep it regular and legal."
Discussing other questions, Mr. Morgenthau said there would be no
Treasury financing for at least ten days because he and Mrs. Morgenthau
were leaving this afternoon for a rest in Arizona.
.
.
paying this low interest rate
Reporters
Democrat,
asked for
of
New
his
As the short term notes, which are exempt from Federal taxes and usually
from State taxes and are non-callable, approach the date of
maturity, the
.
York,
for
USHA
top limit for such loans.
views
on
proposal
new
a
Government
aid
Senator Mead
loans
on
not
"It
to
seems
exceeding
business
was
the principal
entirely different problem."
an
strongly in favor of
and interest
of interest to be
method of enabling small
some
It
under construction contract.
In these latter situations the local
total
$4,300,000
Charleston, S. C
Charleston, W. Va
Chicago, 111....
District of Columbia.
Macon, Ga
__
1,410,000 New Orleans, La
1,700,000 Peoria, 111
3,465,000 Philadelphia, Pa
1,500,000 Pittsburgh, Pa..
_
Louisville, Ky
Commenting
portals
of
the
on
new
public housing
this
expect
milestone in
method
new
the
the
to
long-range plan of throwing
vast
of short
of
stores
term
idle
an
important
movement.
authority's
announcement
describing
taxes and in
most
cases
non
the
offering
the
(b) funds for the purchase of land for
purchase of land
has
not
been approved
contracts
with
There
are
now
297
pro¬
133 local housing authorities in 27
Hawaii and
Puerto
Rico,
The
United
Housing Authority has made loan contracts, totaling $521,317,000
to
the plans for issuing these notes
made
was
issue of Nov. 4, Page 2905.
our
Proceeds from
also be exempted from
the sale of this short
Housing Authorities
State taxes.
of
$3,618,674,000
Received
to
Offering of
$250,000,000 of 1% Notes of
RFC—$275,866,000
Accepted
Secretary
Nov.
term
paper
will be
used
by Local
F
(1) To refund cash already advanced to the Local
Authority by the USHA
under loan contracts approved
by the President and to pay accrued interest
thereon.
(2) The balance of the proceeds over and above that issued for such
re¬
funds and interest, will be used for
defraying the costs connected with con¬
struction of the low-rent
housing projects.
The total amount of cash
already advanced
which will be
Total
Approximate
Total to
Amount of
Be Raid to
Be Repaid
able for Cost of
Accrued Int.
USHA
Construction
$2,789,000.00
J32.819.17
1,186,000.00
789,000.00
1,887,000.00
Charleston, 8. C
Charleston, W. Va..
Chicago
12,197.34
13,538.00
District of Columbia.
Louisville, Ky
Macon, Ga
$3,618,740,000 tendered to the offering, Secretary
Morgenthau said, $275,866,000 was accepted.
Reference
to the offering appeared in our issue of Nov.
4, page 2899.
Subscriptions and allotments were divided among the
several Federal Reserve districts and the
Federal
850,677.61
2,395,909.33
4,604,090.67
351,097.24
6,143.288.07
347,000.00
4,097.24
6,055,000.00
88,288.07
Peoria, 111
815,000.00
3,736,000.00
3,586,000.00
47,911.59
3,783,911.59
66,618.57
3,652,618.57
13,575.80
$26,320,000.00
soon
thority.
Therefore, the
as
funds
are
648,902.76
3,456,711.93
2,171,424.20
5,116,088.41
4,147,381.43
828,575.80
8411,295.59 $26,731,295.59 $22,943,704.41
USUA loans bear interest at either 3
accrue as
or
return of funds
already advanced and the
interest money during the remainder
of the
construction
use
period
$
financing
lines:
to make it
possible for local
au¬
borrow
funds during the construction
period at interest rates
which represent
only a small fraction of the rates which the
USHA is re¬
quired to charge.
In order to obtain these low
interest rates for shortterm
borrowings, it is necessary for the local
authority to offer a security
which is very attractive.
USHA loan contract with
a
cash advances
on
on
a
the
local housing authority is
approved,
loan
automatically become available.
Federal loans which in the
past
accriie
as
soon
as
funds
are
deposited
to
an
Reserve
as
they
are
as
314%
needed
to pay
specified date.
in
which
to
the local authority is
the amount of its loan advance
to the local
4,402,000
Dallas
San
59,696,000
4,811,000
247,500,000
18,663,000
Fran¬
Treasury
86,792,000
7,802,000
35,220,000
76,222,000
5,940,000
1,250,000
94,000
3,618,674,000
Total
275,866,000
Tenders of $366,310,000
Received to Offering of $100,000,000
of
91-Day
Treasury
Bills—$100,320,000
Accepted at Average Rate of 0 017%
Secretary of the Treasury Morgenthau announced on
Nov. 3 that the tenders to the
offering last week of $100,thereabouts, of 91-day Treasury bills totaled
$366,310,000, of which $100,320,*00.0 was accepted at an
or
rate of 0.017%.
The Treasury bills are dated
Nov. 8 and will mature on Feb.
7, 1940.
Reference to the
average
offering appeared in our issue of Nov. 4, page 2899.
The following regarding the
accepted bids to the offering
is from Secretary
Mo~genthau's announcement of Nov. 3:
Total applied for
Total accepted
$366,310,000
100,320,000
i
Range of accepted bids:
High
100.000
_____
—
99.994
Average price
99.996
(28% of the amount bid for
Equivalent rate approximately
Equivalent rate approximately
at the low price was
accepted.)
0.024%
0.017%
Offering of $100,000,000, or Thereabouts, of 91Day Treasury Bills—To Be Dated Nov. 15, 1939
Tenders
to a new offering of
$100,000,000, or thereabouts,
91-day Treasury bills were invited on Nov. 10 by Secre¬
tary of the Treasury Morgenthau.
The tenders will be
of
received
at the
Federal Reserve banks, or the branches
thereof up to 2 p. m. (EST), Nov.
13, but will not be re¬
ceived at the Treasury Department,
Washington.
The
bills, which will be sold on a discount basis to the highest
bidders, will be sold dated Nov. 15 and will mature on
Feb. 14, 1940; on the
maturity date the face amount of the
bills will be payable without interest.
There is a maturity
of a similar issue of bills on Nov. 15 in amount of
$100,-
104,000.
In
his
announcement
of
the
offering Secretary
They (the bills) will be issued in bearer form only, and in
of $1,000,
$10,000, $100,000, $500,000 and
denominations
No
tender
for
tender must be in
irrevocable, the
local authority
offering the lowest rate of interest.
Experience in a test of the market shortly before the
outbreak of War has
shown that short term
money was obtained under a similar
plan at a little
less than
H of 1%.
This means that during the
construction
period,
amounts
or
$1,000,000
(maturity value).
*
On the basis of this
commitment, which is
issues short term paper to
public bidders
4,017,000
56,813,000
Morgenthau also said:
provisiors of loan
contracts, it will forward
Bank of the district
authorization
on a
52,033,000
cisco
460,900,000
$
Minneapolis
Kansas City
8,845,000
Chicago
plan, after the USHA has
approved requisitions for ad¬
in compliance with
Federal
or
the credit of the local
housing authority, it is preferable that
funds be advanced
new
Inasmuch
has been either 3
rather than in one
lump sum.
Under the
Allotted
of
being undertaken by these local authorities
operates along
these
financing is
Subscriptions
Received
$
15,938,000
136,525,000
14,024,000
19,585,000
Atlanta
St. Louis
New
The USHA also announced that
the short term
the interest
_
follows:
Total
Subscriptions
District
$
209,255,000
1,814,510,000
Philadelphia
184,934,000
Cleveland
257,111,000
Richmond..
111,658,000
New York..
as
Total
Reserve
A Uotted
Boston
_
Federal
Subscriptions
Received
Treasury
will
substantial savings to the local authorities.
to
Total
Subscriptions
Low
3M% and the interest begins to
placed to the credit of the Local Housing Au¬
The purpose of
temporary
Total
Reserve
District
000,000,
649,322.39
New Orleans, La
Philadelphia.
Pittsburgh
Corporation.
Of the
Avail¬
$1,478,180.83
215,163.25
898,802.66
1,564,462.00
14,322.39
109,090.67
4,495,000.00
......
Balance
$2,821,819.17
1,194,836.75
801,197.34
1,900,538.00
8,836.75
635,000.00
the
to
the Treasury Morgenthau announced on
subscription and allotment figures with
offering last week of $250,000,000 of 1%
by the USHA to the Local
refunded, together with interest,
Advances to
Atlanta, Ga
of
final
the
notes of series 3 of the Reconstruction Finance
follows:
City
6
respect
They will be
for two purposes:
Housing Authorities involved
Tenders
callable, wholly exempt from Federal
offered to bidders who will have the
option of designating the interest rate,
denomination of the notes, and the
incorporated bank or trust company in
which they will be paid.
located,
which
development cost of around $770,000,000.
Reference
in
open
private capital.
financing to be
development of the public housing
The short term notes will be
authority
on
States, the District of Columbia,
plan, Mr. Straus stated:
said:
the
requisition covering
with these local authorities, to defray 90% of the cost of their
projects.
7,800,000
On this $50,000,000 alone, it is estimated
there will be savings in project
costs of around $1,000.000 because of the
very low interest charges involved.
On that basis there should be a
potential saving in project costs of more than
$15,000,000 on the entire present USHA program.
vances
development
States
3,000,000
be offered by various housing
regular schedule each four to six weeks, the
a
This is the initial step in the USIIA's
to
a
The current USHA slum-clearance and low-rent housing program
provides
for projects to rehouse approximately 160,000 low-income families
at
a
8,900,000
that similar short-term notes in
are
further stated:
was
by the USHA.
9,600,000
_
under construction contract and
not
any
$1,000,OCX)
__
It
authority submits
of $50,000,000 will
groups
authorities on
USHA said.
begins
the amount
cut
requisition does not include: (a) funds for construction of any development
7,000,000
Present expectations
"When
This will
the needs of the entire program for a period of six
months, except that its
jects under USHA loan
thorities
loans it has made.
on
was
pated in the initial offering:
Atlanta. Ga
mean
in
paid by the local authority as part of the carrying charges
cipate in financing public low-rent slum-clearance housing
projects was offered for public sale by 11 Local Housing
Authorities on Nov. 8.
Announcement of the proposed
offering was made by Nathan Straus, Administrator of the
United States Housing Authority on Nov. 5.
Local Housing Authorities in the
following cities partici¬
low
These funds
pointed out in the announcement that while temp¬
private financing is intended primarily for those pro¬
jects for which construction contracts have been approved,
it may aLo be used for local programs consisting of more than
one development even
though not all the developments are
4 to 6 Weeks
s as
by directing the
Bank.
orary
'The first $50,000,000 issue of six-month
s-matuiity Temp¬
orary Loan Notes designed to enable private capital to parti¬
The
Reserve
to get "credit at reasonable rates of interest."
men
$60,000,000 Issue of Temporary Loan
Notes Maturing in 6 Months—11 Local Authorities
Participate—Similar Offerings to be Made Every
I
of the local authority,
Federal
during construction.
USHA Offers First
the
the
In all of these cases, where advances have already been made, the pro¬
ceeds from the sale of the short term paper will be used to repay the USHA
me," the Treasury head said, "the limit should be $25,000.
He added that he
of Federal funds in
turn will be used to retire the outstanding local loans.
$1,000,000.
Above that figure we have
honor the requisition
will
deposit
by
its money instead of the higher rate which
on
the Government is required by law to charge.
Turning to the subject of small business loans he proposed that $25,000
a
11, 1939
ranging usually from 6 to 18 months, the local housing authority will be
said he
instead of $1,000,000, be set as
Nov.
on
an
amount
less
than
multiples of $1,000.
$1,000
will
be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal
places,
e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash
deposit from
and trust
ment
incorporated banks
companies and from responsible and recognized dealers in invest¬
securities.
Tenders from others must be accompanied
by a deposit
Volume
The Commercial & Financial Chronicle
149
"
of 10% of the face amount of Treasury
are
accompanied by
bank
an express
incorporated
Immediately after the closing hour for receipt of tenders on Nov.
13,
1939, all tenders received at the Federal Reserve banks or branches thereof
up
be opened and public announcement of the
to the closing hour will
acceptable prices will follow
as soon as
possible thereafter, probably on the
the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
Payment at the price offered for Treasury bills allotted must be
The Secretary of the Treasury expressly reserves
following morning.
made at the Federal Reserve banks in cash or other immediately
funds
Nov.
on
available
be exempt,
The Treasury bills will
principal and interest, and any
as to
from all
taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
gain from the sale or other disposition thereof will also be exempt,
shall be allowed
deduction, or otherwise recognized, for the purposes
a
as
herereafter imposed by the United States or any of its
of any tax now or
of the violation of any of the provisions of this section by any
case
American vessel, or any owner or officer thereof, such vessel, owner, or
officer shall be fined not more than $50,000 or imprisoned for not more than
five years, or both.
Should the owner of such vessel be a corporation,
organization,
association, each
or
possessions.
be fined not more than $10,000 or imprisoned for not more
passenger may
than two years, or both.
The President may from time to time modify or extend any pro¬
clamation issued under the authority of this section, and when the con¬
ditions which shall have caused him to issue any such proclamation shall
have ceased to exist he shall revoke such proclamation and the provisions
"(c)
of this section shall thereupon cease to
mitted prior to such revocation."
And Whereas it is further
acting under and by virtue of the authority
of their
as
may
surface vessel or
a
And I do hereby
Roosevelt Following
Signing of "Neutrality Act of 1939"—Reffirm U. S.
Neutrality, Define Combat Areas and Bar Sub¬
marines of Belligerents from Territorial Waters of
the United States
signing by President Roosevelt on Nov. 4 of the newly
"Neutrality Act of 1939," is noted in another item
in this issue, and we are also giving under a separate head,
the text of the new legislation which repeals the embargo
on shipments
to belligerents of arms and ammunitions in
other than American vessels, and placing sales of such arms
to belligerents on a cash-and-carry basis. With the signing
of the bill the President issued three proclamations,—one
reaffirming the neutrality of the United States in the Euro¬
pean war, another defining combat areas, and a third pro¬
hibiting anew submarines of the belligerents from American
The
enacted
territorial waters.
following is the text of the neutrality proclamation
President Roosevelt:
under such rules and regulations
be prescribed, for any citizen of the United States or any
vessel, whether
citizens
that there be defined a combat area through
States requires
into which it shall be unlawful, except
'reclamations Issued by President
conferred on me
by the said joint resolution, do hereby find that the protection of
or
issue.
States
Therefore, I, Franklin D. Roosevelt, President of the United
Now,
of America,
and this notice
prescribe the terms of the Treasury bills and govern the conditions
The
apply, except as to offenses com¬
provided by section 13 of the said joint resolution
"The President may, from time to time, promulgate such rules and
regulations, not inconsistent with law as may be necessary and proper to
carry out any of the provisions of this joint resolution; and he may exercise
any power or authority conferred on him by this joint resolution through
such officer or officers, or agency or agencies, as he shall direct."
of the United
Circular No. 418, as amended,
Treasury Department
issued by
officer or director participating in the
violation shall be liable to the penalty hereinabove prescribed.
In case of
the violation of this section by any citizen traveling as a passenger, such
that
1939.
15,
(b) In
bills applied for, unless the tenders
guaranty of payment by an
trust company.
or
3053
an
American
aircraft, to proceed.
define such combat area as follows:
navigable waters within the limits set forth hereafter.
at the intersection of the North Coast of Spain with the
meridian of 2 degrees 45 minutes longitude west of Greenwich;
Thence due north to a point in 43 degrees 54 minutes north latitude;
Thence by rhumb line to a point in 45 degrees 00 minutes north latitude;
20 degrees 00 minutes west longitude;
Thence due north to 58 degrees 00 minutes north latitude;
Thence by a rhumb line to latitude 62 degrees north, longitude 2 degrees
All
the
Beginning
east;
Thence
by rhumb line to latitude 60 degrees north, longitude 5 degrees
east;
Thence due east to the mainland of Norway;
coastline of Norway, Sweden, the Baltic Sea and de¬
Germany, Denmark, the Netherlands, Belgium,
gpain to the point of beginning.
Thence along the
pendent waters thereof,
France and
hereby enjoin upon all officers of the United States,
And I do
with the execution of the laws thereof, the utmost
ment any
charged
diligence in preventing
in bringing to trial and punish¬
violations of the said joint resolution and
offenders against the same.
exercise
made
effective by this my proclamation issued thereunder, wh ch is not specifi¬
cally delegated by Executive order to some other officer or agency of this
hereby delegate to the Secretary of State the power to
And I do
authority conferred on me by the said joint resolution as
any power or
such rules and regulations not
Government, and the power to promulgate
inconsistent with law as may be necessary and proper
to carry out any
of
its provisions.
Proclamation
Poland:
and
of
United
the
of
State
a
Zealand
Between
War
Kingdom,
and
the
India,
Union
Germany
and
France:
Australia, Canada, New
In
Whereof, I have hereunto set my hand and
Witness
Done at the city
By the President of the United Slates of America—A
'■
Proclamation
1 of the joint resolution of Congress approved Nov.
Whereas section
of
by concurrent resolution,
between foreign States, and that
"That whenever the President, or the Congress
shall find that there exists a state of war
the security or preserve the peace of the United
States or to protect the lives of citizens of the United States, the President
shall issue a proclamation naming the States involved; and he shall, from
time to time, by proclamation, name other States as and when they may
become involved inthewar."
FRANKLIN D. ROOSEVELT
By the President:
HULL; Secretary of State.
CORDELL
it is necessary to promote
The President's
proclamation barring submarines of foreign
belligerents from United States
Ports
of
Use
provided by section 13 of the said joint resolution
or
Territorial
Submarines
that
time to time, promulgate such rules and regu¬
be necessary and proper to carry
of the provisions of this joint resolution; and he may exercise any
power or authority conferred on him by this joint resolution through such
officer or officers, or agency or agencies, as he shall direct."
By the President of the
"The President may, from
of the United States
of America, acting under and by virture of the authority conferred on me
by the said joint resolution, do hereby proclaim that a state of war un¬
happily exists between Germany and France; Poland: and the United King¬
dom, India, Australia, Canada, New Zealand and the Union of South Africa,
Therefore. J, Franklin D. Roosevelt, President
and that it is necessary to promote
the security and preserve the peace ot
United States and to protect the Jives of citizens
the
And
I do hereby enjoin upon
with the execution of the
laws thereof, the utmost diligence in preventing
violations of the said joint resolut on and
any
of the United States.
all officers of the United States, charged
in bringing to trial and punishment
offenders against the same.
and proper to carry out any of its
do
Africa; and to Canada.
hand and caused the Seal of
November, in the year
Lord Nineteen Hundred and Thirty-Nine, and of the Independence
United States of America the One Hundred and Sixty-Fourth.
of Washington this fourth day of
FRANKLIN D. ROOSEVELT
By the President:
CORDELL HULL: Secretary of State.
The
make proclamation thereof, it shall thereafter be; un¬
submarine or armed merchant vessel to enter a port
of the United States or to depart therefrom, except
such conditions and subject to such limitations as the President may
President's proclamation defining the
as
combat areas;
follows:
Definition
By the President
of
Combat
Areas
America—A Proclamation
resolution of Congress approved Nov. 4,
of the United States of
3 of the joint
Whereas section
1939, provides as
under
im to issue his proclamation have ceased to exist, he
Erescribe. Whenever, in his judgment, the conditionsshall revoke his pro¬
which have caused
of this section shall thereupon cease to
offenses committed prior to such revocation."
clamation and the provisions
except as to
apply,
Poland;
India, Australia, Canada, New Z( aland, and the
Whereas the United States
Now, Therefore,
of America,
the foregoing
of war between Germany and France;
wmuw*
combat areas, and
ou
*■- -—
v"r"i—
thereafter it shall be unlawful, except under such rules
be prescribed, for any citizen of the United States
and regulations as may
American vessel to proceed into or
The combat areas so
aircraft, or both.
through any such combat area.
surface vessels or
defined may be made to apply to
of the United States
by virtue of the authority vested in me by
provision of section II of the Joint Resolution approved Nov. 4,
acting under and
of the ports
mote the
proclamation find that special restrictions
and territorial waters of the
security of the
United States;
unlawful
Poland; or the United Kingdom,
India, Australia, Canada, New Zealnd, or the Union of South Africa
to
enter ports or territorial waters of the United States, exclusive of the Canal
Zone, except submarines of the said belligerent States which are forced into
such ports or territorial waters ot the United States by force majeure;
and in such cases of force majeure, only when such submarines enter ports
or territorial waters of the United States while running on the surface with
cohning tower and superstructure above water and flying the flags of the
foreign belligerent States of which they are vessels.
Such submarines may
depart from ports or territorial waters of the United States only while
running on the surface with conning tower and superstructure above water
and flying the flags of the foreign belligerent States of which they are vessels.
for any
declare and prcckim that it shall hereafter be
submarine of France; Germany;
And I do
ons
hereby enjoin upon all officers of the United States,
charged
laws thereof, the utmost diligence in preventing
of the said jo nt resolution, and
under, and
mo
of America is neutral in such war;
I, Franklin D. Roosevelt, President
placed on the
United States, exclusive of the
Canal Zone, by the submarines of a foreign belligerent State, both com¬
mercial submarines and submarines which are ships of war, will serve to
maintain peace between the United States and foreign States, to protect
the commercial interests of the United States and its citizens, and to pro¬
use
violat
of citizens
any
shall
the territorial waters
with the execution of the
follows:
authority
or
and
States,
or
And I do further
of America to be affixed.
Done at the City
reads
United States is neutral, the
lawful for any such
1939, do by this
hereby revoke my proclamations Nos.
Witness Whererf, I have hereunto set my
our
Resolution approved Nov. 4, 1939, pro¬
during any war in which the
Kingdom,
the United States
of
States
Africa;
2349 , 2354 and 2360
issued on Sept. 5, 8, and 10, 19.39, respectively, in regard to the export
of arms, ammunition, and implements of war to France; Germany; Poland:
and the United Kingdom, India, Australia and New Zealand; to the Union
of the
"Whenver,
Union of South
provisions.
In
United States by
President shall find that special restrictions placed on the use of the ports
territorial waters of the United States by the submarines or armed
merchant vessels of a foreign State, will serve to maintain peace between the
United States and foreign States, or to protect the commercial interests of
the United States and its citizens, or to promote the security of the United
and the United
inconsistent with law as may be necessary
of South
of the
Belligerent
and
exercise
hereby delegate to the Secretary of State the power to
cally delegated by Executive order to some other officer or agency of this
Government, and the power to promulgate such rules and regulations not
I
Foreign
vides:
authority conferred on me by the said joint resolution, as made
by this my proclamation issued thereunder, which is not specifi¬
And I do
And
territorial waters, follows:
Waters
United States of America—A Proclamation
Whereas there exists a state
any power or
effective
of
Whereas section II of the Joint
lations, not inconsistent with law as may
out any
Now,
of the Independence
Hundred and Sixty-Fourth, at
3 p. m.
1939, provides in part as follows:
And Whereas it is further
States of America the One
United
the
of Washington this fourth day of November, in the year
Nineteen Hindred and Thirty-Nine, and
of our Lord
4,
caused the Seal of
States of America to be affixed.
the United
South Africa
of
in bringing to trial and
this
my
proclamation issued there¬
punishment any offenders against the
same.
And I do hereby revoke my
18,
Proclamation No. 2371 issued by me on Oct.
1939, in regard to the use of ports or
States
territorial waters of the United
by submarines of foreign belligerent States.
3054
The Commercial & Financial Chronicle
This proclamation shall continue in
full force and effect unless and until
modified, revoked or otherwise terminated, pursuant to law.
In Witness
Whereof, I have hereunto set my
of the United States of America to be
affixed.
hand and caused the Seal
day of November, in the
Thirty-Nine, and ot the Indepen¬
30
30th.
Day will celebrate both
FRANKLIN D.
Very sincerely
United
States
A similar
bat
Areas
Not
in
Which
United
States
Vessels
Operate Under Law
Besides the several proclamations issued
by him
the enactment of the
Neutrality Act of 1939,
May
following
of which
one
defines the combat areas in the
European war, President
Roosevelt on Nov. 4 issued the
following statement
that
upon
which
proclamation,
the
enlarging
further explaining
actual
operations of the war
navigation of American ships dangerous."
"the
area
in
make
appear
to
has
Into
Statement by the President
The
revised
Neutrality law has been signed and
In plain English, the chief
result is this.
ships
or
From
a
now
on,
no
American
Africa
belligerent ports, British, French and
German, in Europe
far south as the Canary Islands.
This is laid down in the law
as
and there is
no
discretion in the matter.
By proclaiming
operations of the
a
This combat
ous.
combat
'
I have set out the
area
area
in which the actual
war
appear to make navigation of American
ships
area takes in the
whole
danger¬
Bay of Biscay, except waters
the north coast of Spain so close to
the Spanish coast as to make
danger
of attack
unlikely.
It also takes in all the waters around
Great Britain,
Ireland and the adjacent islands
Including the English Channel. It takes in
the whole North Sea,
running up the Norwegian coast to a
point South of
Bergen.
It takes in all of the Baltic
Sea and its dependent waters.
In substance,
therefore, American ships cannot now proceed to
any ports
in France, Great Britain
or Germany.
This is by statute.
By proclama¬
tion they cannot proceed to
any ports in Ireland, or to
any port in Norway
south of Bergen; nor to
any ports in Sweden,
Denmark,
on
Netherlands
Belgium,
nor to Baltic ports.
Black Seas
or
All neutral ports in the
Mediterranean and
are
open; likewise all ports,
belligerent or neutral, in the Pacific
and Indian Oceans and
dependent waters, and all ports in Africa south
of
the latitude of the
Canaries, (30
deg. N).
I have discretion to
permit, within the spirit of the law, American
ship¬
ping to operate in the combat
areas, where there is necessity.
It is intended
by regulation to provide that
ships and citizens who are now in combat
areas
may get out of them; and for
the minimum of
necessary official,
relief and other similar
travel which must go on in such
areas.
It is also
intended
to
provide that
vessels
which cleared for combat
areas
before
the Act and proclamation
became effective shall be allowed
to
complete
their voyages.
Combat
areas
now
areas may
change with circumstances
safe become
become safe.
dangerous,
In this case the
areas
W Coastwise American
shipping is
between American Republics
or
and it may
that areas
or
now
not affected
Bermuda
by the bill,
or any
be found that
troubled may later
will be changed to fit
the situation.
nor is
shipping
of the Caribbean
Islands.
In the main,
shipping between the United States and Canada
is also not
affected.
Senate,
Washington, D. C.
*
the
on
President Roosevelt
success of his neutrality program,
Nov. 3 remarked that he was
very
on
glad "that the bill has restored the historic position of the
neutrality of the United States."
Detailing the action incident
resolution special advices from
"Herald Tribune" said in part:
to the signing of the
joint
Washington to the New York
The Presidential action, by which the
neutrality Act of 1939, which
Congress debated for six weeks in a special session
ending Friday night,
was put
into full effect, began with the signing
ceremony at the White
House at 12:04 o'clock, and was not
completed until Secretary of State
Cordell Hull affixed his signature to the combat-area
proclamation at 4:30
...
Present at the signing of the Act
Secretary Hull and
Alben
may go to
ROOSEVELT.
letter, addressed to the Speaker of the House,
Commenting
effect
combat
D.
read in the House.
was
o'clock.
gone
today; and I have also, under it, issued a proclamation
defining
area, described in latitude and longitude.
as
the
The Honorable Vice-President of the United States
CORDELL HULL: Secretary of State.
by President Roosevelt Incident to New
Neutrality Legislation Bearing on European Com¬
and
yours,
FRANKLIN
ROOSEVELT
Statement
Thanksgivings—the 23d
:
■
dence of the United States of America the One
Hundred and Sixty-Fourth.
By the President:
11, 1939
the third of January next, I extend to you in the
meantime my best wishes
for a happy Thanksgiving and a Merry Christmas.
May I add that I
hope those members from States whose Governors have set Nov.
Thanksgiving
Done at the city of
Washington this fourth
year of our Lord Nineteen Hundred and
Nov.
W.
were
Vice-President John N. Garner,
Congressional leaders.
seven
of' Kentucky;
Barkley,
Senate Majority Leader
Senate
Minority Leader Charles L.
McNary of Oregon; Senator Pittman, Senator James W.
Byrnes, Demo¬
crat, of South Carolina; House Majority Leader Sam
Rayburn of Texas;
Representative Sol Bloom, Democrat, of New York, Chairman of the
House
Foreign Affairs Committee, and Representative Patrick
Boland, of Penn¬
sylvania, Democratic House whip.
Senator Warren W. Austin,
Republican, of Vermont, embargo-repeal
advocate; House Minority Leader Joseph W. Martin
Jr., of Massachusetts,
and Representative James W.
Wadsworth, Republican, of New York,
also a strong
embargo-repeal supporter, had been invited but were unable
to attend.
>
.
.
Earlier in the day,
the
Maritime
Secretary Hull, after
Commission and
details of the proclamations
"I
am
a
conference with officials of
several
were
department heads, at which the
discussed, issued a statement as follows:
naturally gratified with the basic changes made in the
so-called
neutrality legislation.
Throughout
this year the Executive
Department
has urged the prompt enactment of
these basic changes, and
prior to the
outbreak of the war, plead with all nations
to preserve peace and refrain
from war.
"I desire to repeat with emphasis what
I have consistently said herefirst and most sacred task is to
keep our country
secure and at
peace, and that it is my firm belief that we
shall succeed in
this endeavor.
I am satisfied that the new Act will
greatly assist in this
before to the effect that
our
undertaking."
.
.
It
noted in Associated Press
(Washington) accounts
that the Senate on Nov. 3
adopted the final draft of the
neutrality bill by a vote of 55 to 24; the House shortly after¬
ward by 243 to 172.
The Senate then voted, 46 to 25, to
adjourn and the House similarly acted, by a vote of 223 to
was
189,
both
ballots
being largely along party lines.
The
formally at 6.35 p. m. when the House also
adjourned sine die. The special session convened at the call
session ended
of President Roosevelt to consider
revision of the
neutrality
Sept. 21, and his special message delivered
convening of the session was given in our issue of
Sept. 23, page 1817; the opening of the session was referred
to in the same
issue, page 1841.
The action of Congress on Nov. 3 in
adopting the con¬
laws, opened
on
with the
President Roosevelt
Signs
Neutrality Measure Follow¬
ing Its Adoption by
Congress—Repeals Arms Em¬
bargo and Establishes
Cash-and-Carry Basis for
Sale
of
Munitions to European
Belligerents—
Adjournment of Congress
The
new
neutrality legislation became operative on Nov.
signed the joint resolution,
4, when President Roosevelt
enacted under
Final
the
title
of
the
Congressional
"Neutrality Act of 1939."
action was recorded on Nov.
3, when,
noted in these columns a
week ago (page
2903) both
the Senate and House
adopted the report of the joint con¬
ference Committee which
adjusted the differences between
the House measure
passed last June and that
adopted by
the Senate on Oct. 27.
With the legislation
disposed of the
special session of Congress
adjourned.
The newly enacted
as
was
legislation repeals the
embargo^ on
shipments of arms and
ammunition, (in other than American
ships) and plans sales of arms to
belligerents on a cash-andcarry basis.
Following his action in affixing his signature
to the
legislation, the President placed the provisions of the
new law into effect
by issuing three proclamations.
One of
these declared the
neutrality of the United States in the
European war.
The second
repeated the prohibition an¬
nounced on Oct. 18
against the entrance of belligerent sub¬
marines
into United States
ports and territorial waters.
The third
proclamation defined
European combat zones from
which American
shipping is forbidden under the new law.
These proclamations
are given elsewhere
in this issue.
The
President also (Nov.
4) issued a statement on the combat
area
designation, and on Nov. 6
Secretary of State Hull
issued a series of
cans
in
the
this issue.
regulations,
war
one
governing travel by Ameri¬
areas—all of which
are
noted elsewhere *in
day of the adjournment of
Congress on Nov. 3
President Roosevelt addressed
the following communication
to ^Vice-President
Garner, which was read to the Senate:
The White
House, Washington Nov. 3, 1939.
My Dear Mr. Vice-President: As it seems
probable
session of
world events will not make it
necessary to have any other
extraordinary session—and therefore, in anticipation of
seeing
new
legislation
to preserve this
country's neutrality works like this:
preserve
the peace and security of the United
States.
If he finds it
will, the follow¬
ing provisions will go into effect:
Arms Sales—Repeals the
present embargo and permits
belligerents for cash.
Forbids American ships to
arms
sales
to
carry arms to any belli¬
gerent port in any part of the
world.
Shipping—Bars
American vessels from
transporting supplies or pas¬
belligerent ports, with the following exceptions: Ports in
the
to
sengers
South Atlantic south of the 35th
Parallel; New Brunswick and Nova Scotia
the Bay of Fundy; the
Pacific, Indian Oceans and
on
the
dependent waters;
China, Tasman and Arabian Seas, and the Bay of
Bengal; permits inland
by rail, air or water to Canada.
Neutral ships also are
transportation
granted these
Title
same
exemptions.
Transfer—Forbids
until shipper has filed
been
transferred
tional.
within
the
some
of any materials to
export
a sworn
belligerent
a
State
statement with port collectors that title has
foreign government, corporation agency
However, shipments
included
on a
to
or
to individuals or private companies at
exempted
areas
in the shipping section
can
na¬
ports
be made
normal trade basis, without previous transfer of
title.
Combat
Areas—Empowers the President
to establish
danger
zones around
either
beUigerent or neutral ports, including the areas
exempted in the
shipping sections, into which American ships could not go.
Financial Transactions—Prohibits the
purchase, sale or exchange in
this country of bonds, securities
obligations of belligerents; forbids United
or
States
citizens to make loans or extend
credit to any belligerent State, or
its agency; forbids solicitation of funds for
belligerents except for medical
aid, food and clothing to relieve suffering.
American Ports—Authorizes the President to restrict the
by belligerents' submarines
or
armed
merchant
use
of American
vessels.
(He also
could require the owners of any vessels to
post bond against carrying fuel,
arms,
men,
supplies or information to any belligerent warship and could
intern any ship which violated this provision.)
Travel—Forbids
Americans
to
travel
on
belligerent
ships,
with
minor
exceptions.
that this extraordinary
Congress will be brought to
adjournment within a few
hours,
may I extend through you to the
Members of the Senate
my congratulations
and good wishes?
I hope that
The
The President or Congress can find
that a state of war exists.
After this
finding, the President determines whether operation of the
Act will
ports
On the
i
ference report was noted in these columns Nov.
4, page 2903.
Summarizing the features of the new legislation, Associated
Press advices from
Washington Nov. 3 said:
you all on
Merchant Vessels—Makes it unlawful for
to be
armed, except with small
they
were
an
American merchant vessel
arms.
American Republics—Law would not
apply to American nations unless
co-operating with non-American States in
Munitions Board—Continues
a
war, as
the board and empowers
manufacture and export of arms through licenses.
Canada is.
it to control the
Volume
The Commercial & Financial Chronicle
149
Penalties—Violation
be punishable
violations
by
of the
shipping
a maximum fine of
other sections by
or
The text of the Act is given
issue.
Decision
Proposal
on
Lines
and
under
a
two
would
sections
years' imprisonment.
separate head in this
Vessels
9
S.
U.
of
Panamanian
to
Registry Deferred by Presi¬
dent
Roosevelt
and
Secretary
Hull—Maritime
Commission Had Given Tentative Approval
Plans
transfer to
to
Panamanian
registry eight
nine
or
vessels of the United States Lines which had been in trans-
Atlantic
week,
service
after
delayed,
were
President
least
at
Roosevelt
this
temporarily,
and
Secretary of State
to have expressed opposition to the
suggestion. Mr. Hull on Nov. 7 said that he had given a
dissenting opinion to the Maritime Commission, while
President Roosevelt, at a press conference in his Hyde
Park, N. Y. home, said that he had halted the transfer
pending a determination that the ships were not important
Hull
both
were
United States and Venezuela Conclude New
Reciprocal
Trade Agreement—Replaces Provisional Commer¬
cial Pact in Force Since
The State
that
Transfer
to
transfer
title
$50,000 and five years' imprisonment,
$10,000 fine and
said
3055
the
May, 1938
Department at Washington announced Nov. 6
United
States
and
had
Venezuela
concluded
a
reciprocal trade agreement.
The new Venezuelan agree¬
ment, which was signed at Caracas Nov. 6, is the 22nd con¬
cluded by the United States and the 11th
with
Latin
American countries.
When this pact becomes effective on
Dec. 16 about 60% of American
foreign trade, it is stated,
will be regulated by reciprocal
agreements.
The new treaty
provides for a 50% reduction by the United States in the
import tax on crude petroleum and fuel oil not to exceed 5%
of the total quantity processed in refineries of continental
United States.
In
reporting the agreement, Washington Associated Press
advices of Nov. 6 said:
The
State
schedules
Department disclosed
of
concessions
will
the
that
enter
general
provisions
provisionally into
force
on
and the
Dec.
16,
pending ratification of the agreement by the Venezuelan Government.
The agreement will enter into force 30
days after exchange of the instru¬
ment of ratification of the Venezuelan
Government and the
proclamation
the national defense and that the transaction was not
intended to stifle American competition with foreign com¬
of the
panies serving Latin-American ports. Meanwhile, John M.
Franklin, President of the United States Lines, issued a
denial that his company was seeking to evade the Neutrality
The
"Concessions, including bindings'(keeping tariff rates at their present
figures), obtained from Venezuela cover such important American exports
Law.
iron
to
Associated Press Washington advices of Nov. 7 quoted
Secretary Hull in part as follows:
United
The
manian
States
Lines
applied for
registry nine ships which had
After
permission
been
Pana¬
transfer to
to
trans-Atlantic service.
in
member of the commission had said yesterday that the transfer
one
had been approved, the full commission issued after
statement saying that it was
a
late night session a
deferring final action, pending
investigation
an
At his press conference, Mr. Hull recalled that yesterday he had told the
Maritime Commission there
was
no
question of foreign policy involved in
the transfer, but that his opinion was given in the absence of virtually any
of the facts.
application of the United
States
Lines
some
for
of the facts pertaining to
the
transfer of registry had since
him, he did not feel favorably impressed with them.
The transfer of registry would permit the vessels to operate in the Euro¬
combat
zone,
something they may not do
as
American flag ships under
the neutrality law.
Mr. Hull said that when facts about the
application came to
he assumed an attitude of opposition to the
proposal.
to
Felix Belair Jr., in a dispatch of Nov. 7 from
the New York "Times," in referring to the
the President
ydn
his attention
Hyde Park
remarks of
the proposal, said in part:
on
a press conference,
.
,
.
the President said the transaction had no
bearing on the neutrality of the United States.
If there
war
was
danger of the United States becoming involved in the
any
the Maritime Commission would not have consented to the transaction,
but that danger did not exist today, the President said.
He indicated that
final
approval of the arrangement
under which the
would fly the flag of Panama had merely been delayed pending a
liners
determination
of
the
questions
of
the
national
and
defense
foreign
competition.
seemed
It
Roosevelt.
It
to that
country as wheat flour, oatmeal, prepared milks, hog lard, lumber,
and steel products, automotive
products and accessories, radios,
refrigerators, engines, pharmaceutical products and paints.
These products
represented in 1938 about 36% of total United States
exports to Venezuela,
or about $19,000,000 out of
$52,000,000.
"Concessions granted to Venezuela include a reduction of
50%
The other concessions granted to Venezuela consist chiefly of guar¬
anties of continued duty-free
entry on fuel oil used for vessel bunkers and
on a
list of tropical or semi-tropical
year.
products
evident
transaction
from
Mr.
Roosevelt's
explanation
of the situation
He said that although the Federal agency approved
yesterday, it
met
last
night and told the
owners
of the
ships to "hold everything" pending final confirmation.
dispatch to the New York "Sun" last night, Phelps
its
Washington correspondent,
reporting
the
President as declaring that he did not know when a final
decision on the issue might be expected said that the President
told correspondents at his regular press conference that he
was working to devise some plan which would not involve a
mere transfer of the ships to a foreign flag while leaving the
title to the ships wholly in the hands of American interests.
a
Adams,
Mr. Adams' advices to the "Sun" also said in part:
This was seen as leaving
be expected to
the door
open to an
outright sale of the vessels,
be of
any great practical value at the conclusion of the war.
At the same time, the President revealed that he was devoting his efforts
today to an attempt to soften the economic blow which the neutrality act
inflicted upon
the
seamen
who will be
beached
as
the result
of the
cessation of operations of some 25 to 35 American flag vessels which formerly
operated routes between American ports and terminals in the
war zone,
and
which can no longer do so under the terms of the newly enacted statute.
Washington dispatch Nov. 7 to the New York
"Journal of Commerce" we take the following:
a
are now
in effect will constitute about
Trade
relations
between
the
In declaring that the United
States Lines
was
that the
continue to serve
transfer of registry
was
not
attempting to evade
sought
so
the company could
American shippers and keep the business it had built up
of service to Britain and France.
stressed
the
four
conditions
which
the
new
Commission laid
That the ships be available for immediate return to the American
flag'
if required by the commission.
That the eight vessels involved be continued in their present services.
That no American seamen be employed on the ships and that no
American citizen be carried on them.
4
That the commission s operating differential subsidy agreement with
the line be so amended as to exclude payment on the North Atlantic service
in which the ships were operated.
2
3*
that there would be no difficulty in meeting these con¬
He held that the company would have no difficulty in getting
foreign crews for the ships
and in answer to C. I. O. protests against the
proposed action pointed out that no American sailors would lose their jobs
because they have none on the ships to lose if they are laid up under the
neutrality law.
have
been
Reference to the extension of this provisional
pact.
House
Committee
New
on
Legislation
Tax
Until
Revision
Next
Defers
Session
of
Action
on
Congress
The subcommittee of the House
mittee, which
was
Ways and Means Com¬
called upon at the last regular session of
Congress to make a study of internal revenue taxation
during adjournment, held its first formal meeting on Nov. 7
with John W. Hanes,
Undersecretary of the Treasury, and
other members of the Treasury's tax staff.
The subcom¬
mittee adjourned subject to the call of Chairman Jere
Cooper of Tennessee who, according to United Press advices
from Washington on Nov. 7, told
reporters that it is im-
required
or
offered.
It
new tax
legislation will
added that he asked four
was
members of his group to keep in close touch with the
Treasury
and its study staff so that the committee can act
expedi¬
tiously if and when it is called
upon
later.
In
indicating that final determination of the question
Congress should be asked to pass another tax bill
year was postponed by the subcommittee until the
convening of the regular session of Congress in January,
advices Nov. 7 from the Washington bureau to the New
whether
next
York "Journal of Commerce" stated:
Two
1.
factors
are
said
have
to
governed
the subcommittee's
action
as
now
The Treasury Department plans to submit additional
reports
between
and January for consideration of the Committee which are
intended to
throw more light upon the feelings of business toward the bill
passed last
year
2-
and further changes which
are
felt should be made in the tax structure.
It is impossible td tell at this
program
time the size of the national defense
which Congress will be asked by the Administration
session or whether the
cover costs
President feels that
to enact next
bill will be necessary to
tax
a
of this program.
In the
advices Mr.
same
Cooper
quoted
was
as
saying
in part:
"Pursuant
the
to
and
the
mit
their views
on
subcommittee's
Treasury
tax
spread, wholesome
have
instructions,
the
been
staff
law and procedure.
response.
To
date
on
of
the
special
join*
prob¬
the public to sub¬
This invitation elicited wide¬
the
Treasury has conferred with
approximately 300 persons representing business groups, individual com¬
panies, labor organizations, agricultural groups, charitable organizations,
Moreover, about 1,000 other
have submitted their views in writing.
munications
material.
the
Treasury
has
persons and groups
From these conferences and
gathered
a
large
amount
of
com¬
constructive
The work of digesting this information for
presentation to the
subcommittee will necessarily require some time.
"Therefore,
as
continue the tax
analyzed
and
no
Chairman, I called a meeting of the subcommittee to
study and to receive the preliminary report on material
thus far.
This
recommendations
terial will continue.
Mr. Franklin said
ditions.
60% of total
agreement pending a more comprehensive commercial agree¬
ment appeared in our issue of
May 20, 1939, page 2985.
universities and others.
Maritime
down for its approval of the transfer, which were as follows:
1.
countries
two
collaborating
lems, and in addition the Treasury Department invited
either the "spirit or the letter of the neutrality law," President Franklin
He
a
regulated by a provisional commercial agreement since
May, 1938, and this agreement is now supplanted by the
committee
Seeks to Stay in Business
in 20 years
is
follows:
all of which are more than 17 years old and none of which would normally
insisted
Venezuela
Department asserted that "upon entry into force of the agreement
with Venezuela, our trade with that nation and the other
19 countries with
which trade agreements
ossible to say at this time whether
From
which
of
The
e
has
in the
import tax on crude petroleum and fuel oil on an annual quota of imports
not in excess of 5% of the total
quantity of crude petroleum processed in
refineries in the continental United States
during the preceding calendar
transfer of registry.
In
force until
State Department's announcement said:
that he expected the Maritime Commission to give its final consent to the
the
will remain in
United States trade with the world."
The Secretary of State added that as
pean
by President
agreement
15, 1942.
supplier.'
of all the facts.
come to
Dec.
report
will
will
not
cover
be submitted.
all
of the special studies
The work of digesting
ma¬
At the direction of the
subcommittee, subsequent
re¬
ports will cover not only a more complete summary of tax views
presented
by the public, but also special studies conducted by the staff of the
joint
committee and the
Treasury."
Recommendations for the tax revision made
by the
Merchants' Association of New York, were referred to in our
3056
The Commercial & Financial Chronicle
issue of Oct. 21, page
2443, and in furtherance of the request
by Undersecretary of the Treasury Hanes for suggestions
the New York Stock Exchange submitted
recommendations,
as noted in these columns Oco.
28, page 2614.
On Nov. 9 a 7-point program of tax law revision to
"help
to restore capital
goods industries of the country to a sound
The corporation
land
suit
a
various C.
has pending in
asking
I. O.
Nov.
1939
Federal Court at Cleve¬
$7,500,000 damages
unions and
II,
officials.
from
In
I.
C.
O.
and
the suit Republic
charges that allegedly illegal strike acts lost the company
it to expend "large sums" for its
pro¬
business and forced
tection.
basis"
was submitted to
Undersecretary of Treasury Hanes
by William J. Kelly, Chicago steel manufacturer and
president of the Machinery and Allied Products Institute.
This is learned from Washington advices to the New York
"Journal of Commerce," which also stated in
part:
Regulations
in Furtherance of New Neutrality Act
by Secretary Hull Governing Restricted
Travel
by United States Citizens—Regulations
Respecting Carrying of Small Arms by American
Ships—Rules Affecting Contributions for Use in
Belligerent Countries]
Issued
Mr. Kelly proposed, in response to the
request made generally last sum¬
by Mr. Hanes for views of business leaders on needed changes in the
mer
tax
that:
structure,
1. The present two-year limitation
not less than five years, or
industry to
2.
fully before
recover
The capital gains
net loss carryover be extended
on
to
for such longer i>eriod that may be required for
taxes are
be changed
tax
Secretary of State Hull,
imposed.
flat rate of 12J^%
to a
privilege granted to the taxpayer to carry
with the
capital losses for
over
period
a
of three years.
3.
and
Industries
be allowed
equipment
Estate
should
make
to
replacement
by
"adequate reserves" for depreciation
revising
taxes
the
law
give
to
realistic
more
and surtaxes of individuals in the
higher income brackets
be lowered to permit freer flow of risk capital.
.5.
Congress should
6.
Corporation income taxes should'be established
7.
The prohibition against
"v
the capital stock and excess profits tax.
remove
filing consolidated
on
flat rate basis.
a
returns
should
be
elimi¬
nated from the present law.
Mr.
Kelly indicated
tax revision
in accordance with the proclamations issued various
tions governing the restricted travel
by Americans
regula¬
on
vessels
of
recognition of the obsolescence factor in industrial maintenance.
4.
In addition to the President's proclamations incident to
the carrying out of th6 provisions of the
Neutrality Act of
1939 (the so-called joint resolution),
that
there
is
great
for sustaining activity in
opportunity
through
Federal
capital goods lines
belligerents, the carrying of small arms on American ves¬
sels engaged in commerce with foreign States and the solicita¬
tion and collection of contributions for
use in France, Ger¬
Poland, the United Kingdom, India, Australia,
Canada, New Zealand and the Union of South Africa.
The
regulations prescribed by Secretary Hull were summarized as
follows in a Washington dispatch Nov. 6 to the Baltimore
many,
"Sun":
By authority of the Presidential proclamations making the new
Neu¬
trality statute effective, Cordell Hull, Secretary of State, tonight prescribed
regulations governing travel by Americans in combat areas.
Under these regulations—
Federal
Court Orders
6,000
Strikers
Republic Steel Corp. to Rehire
Pay $7,500,000 Lost Wages—
and
Appeal Likely
Holders of American passports issued or validated
subsequent to last
Sept. 4 are permitted to travel into and through combat areas until further
regulations are issued.
American
The
The
Republic Steel Corp. lost its fight Nov. 8 before the
Third Circuit Court of
aside
order
an
recting it
of
Apijeais at Philadelphia to have set
the National
reinstate about
to
Labor
5,000
Relations
Board di¬
employees dismissed
in
the "Little Steel" strike of 1937 and pay them "lost"
wages
estimated at $7,500,000.
By a unanimous verdict tlie
in
court,
opinion written by Judge Albert B. Maris, upheld
point in the Board's order except for modifying it to
an
every
exclude 40
additional
strikers from
the
reinstatement
pro¬
vision.
Steel
Workers
Organizing
Committee,
Congress of Industrial Organizations.
than
rather
the
C.
an
affiliate
of
the
Upon the company,
I. O., it. put the blame for the
strike,
Republic plants at Youngstown, Canton,
which affected the
Massilon, Warren and Cleveland.
Concurring in Judge Maris's opinion were Judges John
Biggs, Jr. and William Clark. Judge Francis Biddle, former
President of the National Labor Board, did not
participate
in the case.
In addition to its broad affirmation of the Board's
order,
the court asserted that the "Little Steel" strike could
not
be classified
as
sitdown, and therefore did
a
not fall
under
the Supreme Court ruling that sit-down strikers were
liable
to the loss of their jobs.
The strike, it held, did not result
from Republic's refusal to sign a
union contract, as the
corporation contended, but from its attempts to prevent the
S. W.
0. C. from organizing.
The opinion of the Court says in
part:
"The
Board
stantial
found
factor in
campaign
its
crush
to
that
the
underlying
precipitation
the
of
cause
the
strike
May 25 and 26, 1937,
on
and
a
sub¬
Republic's
was
union
by means of the unfair labor practices in
the Board found Republic had
engaged prior to the strike and which
have already described.
which
we
"We
think
this
finding
is
supported
by
the
evidence,
and
must
be
refusal
to
sustained.
"It
is
that
true
the
strike
precipitated
was
by
Republic's
sign the union contract, and thus to recognize the union
agent for its members.
"It
is
by the
not
to
raise
wages
or
improve
working
was
conditions,
sought
for"*it
but solely to put an end to the warfare between
Republic which had resulted from the latter'6 unfair labor
union and
practices.
"What
was
sought
form of declaration and agreement by Republic
that it would not continue those
practices, but would recognize and not
interfere with the right of its
employees to become members of the union.
"It is thus seen that the
proposal to sign the contract was but a phase
was
a
*
of the
the
to
union's
struggle against Republic's unfair labor practices, and that
to sign was but one more indication that it
proposed
continue those practices.
latter's
refusal
"The union contract in such
the
employer's acceptance of
cannot
say
case
the
that the refusal is the
doubtless its
remain
a
the
acceptance
unfair
the proffered
would
labor
this becomes
union.
cause
If
peace
the
of the
have averted
practices
covenant of
as
which
contract
is
refused,
ensuing strike,
it.
the
merely the symbol of
The
causes
employer by
even
of
his
the
of
Republic Steel Corp. officials according to Cleveland ad¬
they would appeal the decision to the
Supreme Court.
In a statement designated
only as coming from the corporation, it said:
have
not
yet received
adverse,
we
Court.
the
violence
company
a
copy of the decision, but to the extent
intend to appeal to the United States
Supreme
as
soon
men
to return
as
possible.
to
involved in the strike, it has been the
policy
work all except those who were
guilty of
As
a
result of this policy all but
few have returned to work at the present time."
a
area
port
commissioned
charter
May Carry Small Arms
Earlier, the Secretary prescribed that American ships engaged in com¬
merce with foreign States may
carry "such small arms and ammunition"
their masters may deem "indispensable for the
preservation of discipline
aboard the vessels."
American
and
naval
diplomatic and consular officers and their staffs, and military
officers
and
personnel with their families may travel on bel¬
ligerents' ships if the public service requires it.
Other American citizens may go on the
ships or airplanes of belligerent
countries moving in combat areas only under
specific authorizations from
the Secretary of State in each case.
j
Collections Regulated
Strict regulations governing
tions for medical
Hull.
Secretary
the solicitation and
collection of contribu¬
other aid in warring countries also
or
Their
severity
plaints registered in the past
appeared
over the
to
answer
were
some
prescribed by
of
the
com¬
handling of such contributions during
the Spanish Civil War.
;
It is prescribed in these regulations that
any person or group desiring to
in solicitations,
engage
Power
or
whether
an
agent
not, shall register at the State
instrument of
or
belligerent
a
Department.
In registration applications complete information
must be given regarding
local chapters or other affiliations,
and, after permission is granted for
solicitations:
Soliciting agencies may not ask or collect contributions without
having
in their possession a notice from the
Secretary of State, though their in¬
dividual agents do not have to carry such a
paper.
All registrants must maintain for
inspection complete records of all
transactions in which they engage.
Monthly sworn statements of registrants, containing information
sought
by the State Department, must be filed.
No registration will be accepted until after
sented that a proposed solicitor has
organized
satisfactory evidence is
pre¬
an "active and
responsible"
governing body that will serve without compensation, and that the
funds
will be handled by a "competent and
trustworthy" Treasurer.
No contributions may be solicited on a
"commission" basis.
If funds
are raised by giving
entertainments, the expenses of putting them on
may
not exceed 30% of estimated
gross receipts.
Penalty Provided
agencies
registration
makes
to
Red Cross,
complete reports
the duplication that
issued
fail
which
observe
these
regulations
will
be
denied
status.
As the American
to the
under
a
statute
standing for many years,
Secretary of War, it was exempted from
would be entailed by its inclusion in
the regulations
today.
Technical and equally exhaustive regulations
governing clearance of for¬
eign and American flag vessels and following
minutely the provisions of
the Neutrality Act were issued late
today by Harry L.
Hopkins, Secretary
of Commerce.
Secretary
restricted
Hull's regulations (issued Nov. 6)
governing
by Americans on vessels of belligerents
travel
follow:
Regulations
Under
Section
5
of the Joint Resolution of Congress
Approved
Nov. 4, 1939
Section
relatively
5
as
of the
joint
resolution
of
Congress approved
Nov.
4,
of the
1939,
follows:
"(a) Whenever the President shall have issued a proclamation
the authority of Section 1 (a) it shall thereafter be
unlawful for
United
under
any citizen
States to
travel on any vessel of
any State named in such
proclamation, except in accordance with such rules and regulations as
may
prescribed.
"(b) Whenever any proclamation issued under the
authority of Sec¬
tion 1 (a) shall have been revoked with respect to
any State the
provisions
of this section shall thereupon cease to
apply with respect to such State,
except as to offenses committed prior to such revocation."
Section
"With reference to the
of
combat
American vessel which, by arrangement with appropriate authorities,
to evacuate citizens in
imminent danger, or is under
or control of the American Red Cross with safe
conduct granted by
belligerent States.
is
provides
indicates that he will continue."
vices Nov. 8 said that
"We
a
Saturday.
strike
United States
that it may be
and
we
though
refusal
into
apply to the
to any
Those
equally true, however, that the signing of the contract
union
of any American vessel that cleared for
not
Nor does the proclamation apply to ships of the United States
Navy or
the Coast Guard when they go into combat areas in the line of
duty.
Exemptions from the restrictions of the proclamation also are extended
the bargaining
as
purported to do neither,
the
before last
proceed
areas
provisions
current voyage
as
It directed the Republic to dis-establish
corporation-domi¬
nated unions and refrain from any
attempt to wreck the
holders now in such areas may
until further regulation.
of the Presidential proclamation do
passport
through combat
"In
15 of the said joint resolution provides as
every
resolution
or
case
follows:
of the violation of any of the provisions of this
joint
rule or regulation issued pursuant thereto where a
of any
specific penalty is not
herein
provided,
conviction, shall be fined not more than
than two years, or both."
such
violator
$10,000,
or
or
violaters,
imprisoned not
upon
more
Volume
The Commercial &
149
On November 4, 1939, the President
France;
Canada, New Zealand
of section 1 of the said
to
the
those countries
the
United
President
Why are these things so while billions
dollars, yours and mine, raised by taxation are being poured out with
a
lavish hand by Government?
The plain truth is that we are suffering from a tax depression, or tax
strangulation—the richest and most advanced country in the world is in
a
position where it is being taxed into a condition that is without parallel
provides as follows:
in
may,
proclamation of November 4,
The President's
the
vides in
for the purpose of
governmental activities, but today we are
staggering under a burden of excessive and abnormal taxes—hundreds of
them hidden and unrecognized—that has caused business to drop to a low
level and that is progressively having more serious effects on our daily
joint resolution pro¬
Taxes
the Secretary of State the power to exercise
authority conferred upon me by the said joint resolution, as
"And I do hereby delegate to
any power or
of its provisions."
the
and of the President's pro¬
the Secretary of
1939, which are quoted above,
clamation of November 4,
State announces the following
regulations:
requires.
^
,
$20
citizens may travel on vessels of France, Germany,
the United Kingdom, India, Australia, Canada, New Zealand
and the Union of South Africa, provided, however, that travel on or over
the North Atlantic Ocean, north of 35 degrees north latitude and east of
66 degrees west longitude or on or over other waters adjacent to Europe
or over the Continent of Europe or adjacent islands Bhall not be permitted
except when specifically authorized by the Secretary of State in each case.
or
bearing on the carrying of
prescribed that—
Secretary Hull, in regulations
arms by American vessels,
small
of those provisions of the law
In pursuance
mation of Nov.
4, 1939, which are
CEA
and
arms
Issues
Report
on
Trading Through
Commodity
Every commodity exchange under
the jurisdiction of the
Commodity Exchange Administration has adopted rules
which if effectively enforced will prevent commodity coun¬
deceiving their clients, said the
Commodity Exchange Administration in a report entitled
"Trading for Others in Commodity Futures," issued Oct. 26.
An announcement regarding the report said:
This report, which was written by Royce A. Wight, an assistant econo¬
mist working under the supervision of Dr. Blair Stewart, sets forth the
findings of an investigation of 4,488 accounts which were controlled by
3,257 individuals other than the owners, open on the books of 243 futures
commission merchants.
It showed that many commodity counselors had
adopted practices such as allocating orders among customers hours or
even
days after they had been executed, closing out profitable trades
while unprofitable trades were held open,
and not notifying customers
selors from misleading and
unrealized
the
losses
in
an
relatively
showed
trolled
10
more
or
managed by commodity counselors
losses.
"Of a total of 16 counselors who
accounts each during the first eight months of
large
con¬
1937,
their clients; only one made profits,"
the report reveals.
"The average client had less than one chance in 20
of profiting from trading through commodity counselors," it is stated.
Among the subjects covered by this report are the distribution of con¬
trolled accounts, qualifications of commodity counselors, methods of promo¬
tion, methods of control, nature of trading, and regulation of commodity
counselors.
Copies may be obtained free from the Commodity Exchange
Administration in Washington or from any of its field offices.
15
lost
money
for
a
majority of
Suffering
of the Dime Savings Bank of
Brooklyn and former President of the American Bankers
Association, speaking over Radio Station WJZ on Nov. 6
in the "What Helps Business Helps You" campaign, said
that
"we are suffering from a tax depression,
or tax
strangulation—the richest and most advanced country in
the world is in a position where it is being taxed into a
condition that is without parallel in our history."
The address of Philip A. Benson, released by the Mer¬
Philip A. Benson, President
chants Association
As
we
of New York, follows:
look out on the world
tonight what different scenes confront us!
again with the tragic conflict of war,
democratic nation of the world—while at peace and
Europe, torn
with
great
internal problems
that must be
and America, the most
resolved to remain so—
faced with intelligence and
courage.
human endeavor.
individual who has furnished 6ome
of its capital; whether you sit at the desk of management,
operate a
machine, serve in a shop, a store or an office, or if you guide the destinies
of a home.
Because you, all of you, are part of it, you must unite in a
determination that business must be kept sound and healthy and enabled
Business
You are
includes
within
its
scope
practically every
part of it whether you are an
Americans.
America had long been facing
an
economic situation that grew out of the dislocation caused by the last
war.
War again brings complications—its repercussions will be felt here
and will add to our problems.
These conditions touch the welfare of every
man, woman and child.
They loom so great that only a united nation can
face them.
Business, labor, capital, management and government must
cooperate with renewed faith and vigor to meet the challenge.
We all know that business has had serious difficulties and much remains
subnormal.
These difficulties will continue, in spite of whatever wartime
business may develop, until definite steps are taken to correct them.
Why
is business in the doldrums ?
Why is private capital unwilling to take the
to
move
Before
forward for the good of all
the
outbreak of the present war,
pay
way
national income
him.
to reduce taxes and help business and
yourself is to cut
government spending.
The burden of excessive taxation is
stifling business and raising the cost of living.
Let us unite in a demand
that government spending be reduced!
"Whal Helps Business Helps You."
tax
question is your question.
Sept. 30,
Report of Operations of RFC Feb. 2, 1932, to
Authorized—$2,268,679,014 Canceled—$7,610,877,072 Disbursed for
Loans and Investments—$5,673,249,978 Repaid
of
1939—Loans
$13,438,108,918
of
commitments
and
the
Reconstruction
Corporation in the recovery program during Sep¬
tember amounted to $108,202,560,
rescissions of previous
authorizations and commitments amounted to $31,107,883,
Finance
making
authorizations through
total
of
Emil
$13,438,108,918,
announced
Sept. 30,
Schram,
Chairman
the RFC,
of
This latter amount includes a total
Oct. 19.
on
1939, and
end of the month
$1,069,313,842 authorized for other governmental agencies
$1,800,000,000 for relief from organization through
Sept. 30, 1939.
Authorizations aggregating $12,377,379 were
canceled or withdrawn during September, Mr. Schram said,
of
and
cancellations
total
making
679,014.
rowers
and
withdrawals
of
$2,268,-
A total of $786,653,992 remains available to bor¬
and to banks in the purchase of preferred stock,
and debentures.
During September $23,disbursed for loans and investments and
$9,909,211 was repaid, making total disbursements through
Sept. 30, 1939, of $7,610,877,072 and repayments of $5,673,249,978 (approximately 74.54%).
Chairman Schram con¬
capital
674,032
tinued
notes
was
:
three banks and trust com¬
liquidation) in the amount of $669,125.
Can¬
withdrawals of loanB to banks and trust companies (includ¬
During September loans were authorized to
(including those in
panies
and
cellations
those in liquidation) amounted to $466,249 ; $92,520 was disbursed
$1,227,433 repaid.
Through Sept. 30, 1939, loans have been authorized
ing
and
banks
7,540
to
and
(including those in receivership)
Of this amount $511,261,489 has been with¬
remains available to borrowers, and $2,023,891,901
Of this latter amount $1,914,869,842, approximately
companies
trust
aggregating $2,553,527,999.
$18,374,609
drawn,
disbursed.
been
has
94.6%,
that
of
Radio Broadcast, Says We Are
from Tax Strangulation
Benson, in
Philip A.
only
on
The
account.
overwhelming majority of accounts
The
been before, increasing from
billions in 1938.
More money
tentative commitments outstanding at the
Counselors
of
The
down
to 13 y2
by the tax collector today and there is less
which to
with
7 billions in 1923
Authorizations
engaged in commerce with foreign States may carry
ammunition as the masters of these vessels may
deem indispensable for the preservation of discipline aboard the vessels.
small
over
demanded
»is
of State
American vessels
such
prices paid for everything they buy.
retail
the
in
Recent studies show that • the group of
Today taxes are higher than they have ever
something
the following regulations:
announces
the pocketvoters earning
actually pays taxes of more than $100 a year.
They did not
were paying $100 because it is paid in many hidden taxes
they
and of the President's procla¬
quoted above, the Secretary
suffering.
more
excessive taxation is one that directly affects
one.
every
week
a
know
_
American
Other
less
This question of
of
business pays—the less
decent living standards—and
business has with which to develop and expand.
This
goods produced and consumed, reduced pay rolls, more
have to maintain
individuals,
money
in
included
consular officers and their families, members
and American military and naval officers
and personnel and their families may travel pursuant to orders on vessels
of France, Germany, Poland, or the United Kingdom, India, Australia,
Canada, New Zealand and the Union of South Africa if the public service
going up steadily—and the more taxes
as
unemployment and
American diplomatic and
of their staffs and their families,
Poland,
less
results
books
of those provisions of the law
In pursuance
•
are
we,
money
.
made effective by this my proclamation issued thereunder, which is not speci¬
fically delegated by Executive order to some other officer or agency of this
Government,,and the power to promulgate such rules and regulations
not inconsistent with law as may be necessary and proper to carry out
any
questions normal taxes,
the label
worth
citizen
lives and welfare.
follows:
part as
history.
our
No
defraying normal and necessary
1939, issued pursuant to
1 of the above-mentioned
provisions of section
Why are jobs scarce and
enterprises?
new
of
from time to time promulgate such rules and
regulations, not inconsistent with law as may be necessary and proper
to carry out any of the provisions of this joint resolution; and he may
exercise any power or authority conferred on him by this joint resolution
through such officer or officers, or agency or agencies, as he shall direct.""
"The
in
investment
people out of work?
million
ten
Kingdom,
quoted above.
Section 13 of the said joint resolution
involved in
risks
issued a proclamation in respect to
India, Australia,
and the Union of South Africa under the authority
joint resolution, thereby making effective in respect
provisions of section 5 of the said joint resolution
and
Poland;
Germany;
3057
Financial Chronicle
been
has
includes
repaid.
$7,090,306
Only $8,168,840 is owing by open banks, and
one mortgage and trust company.
from
During September authorizations were made to purchase preferred stock
three banks and trust companies in the aggregate amount of $499,600,
withdrawals amounted to $50,000.
and cancellations and
authorizations
1939,
Through Sept. 30,
have been made for the purchase of preferred
stock,
6,784 banks and trust companies aggre¬
gating $1,346,005,934 and 1,123 loans were authorized in the amount of
$48,327,755 to be secured by preferred stock, a total authorization for
. preferred stock, capital notes and debentures of 6,862 banks and trust
companies of $1,394,333,689; $170,700,587 of this has been withdrawn
and
$59,478,600 remains available to the banks when conditions of
capital
notes
and debentures of
authorizations have been met.
During
of
September loans were
closed
two
banks
amounted
drawals
in
to
authorized for distribution to depositors
the amount
$466,249,
$618,125, cancellations and with¬
of
disbursements
amounted to $92,529, and
repayments amounted to $1,056,554.
Through Sept. 30, 1939, loans have
been authorized for distribution to depositors of 2,776 closed banks aggre¬
$1,341,185,786; $333,240,750 of this amount has been withdrawn
remains available to the borrowers; $989,107,228 has
disbursed, and $937,230,275, approximately 94.7%, has been repaid.
gating
and
been
$18,837,809
authorizations to finance drainage, levee and irri¬
authorizations in the amount of
Through Sept. 30,
1939, loans ' have been authorized to refinance 641 drainage, levee and
irrigation districts aggregating $144,262,427, of which $31,793,165 has
been
withdrawn,
$24,585,882 remains available to the borrowers, and
$87,883,380 has been disbursed.
Under the provisions of Section 5 (d), which was added to the Recon¬
During September the
gation
districts were increased $277,500,
$13,614 were
struction
1938,
withdrawn and $106,947 was disbursed.
Finance Corporation Act
78
loans
to
June 19,
during September.
celed or withdrawn during September.
loans
to
mortgage
1934, and amended April
13,
industry, aggregating $36,745,134, were authorized
Authorizations in the amount of $8,557,765 were can¬
loan
companies
Through Sept. 80, 1939, including
to
assist
business
and
industry
in
with the National Recovery Administration program, the
Corporation has authorized 6,775 loans for the benefit of industry aggre¬
gating $383,392,242.
Of this amount $86,234,471 has been withdrawn
and
$115,969,168 remains available to the borrowers.
In addition, the
cooperation
Corporation agreed to purchase participations amounting to $3,271,567 in
to 47 businesses during September, and similar authorizations aggre¬
loans
gating $14,535,339
were
withdrawn.
Through Sept. 30, 1939, the Corp'o-
3058
The Commercial & Financial Chronicle
has
ration
authorized
aggregating
been
$107,182,081
withdrawn
and
of
to
public
withdrawals
agreed
1,612
$04,861,725
During September six
ized
has
or
for
to
loans
have
$548,484,190;
176,975
been
the
$43,388,841
of this
available
remains
amount
the
to
to
bursed and $305,019,660 has been
of
which
of
$29,389,875
projects.
has
$141,000.
lias
amount
borrowers;
were
amounted
been
projects
to
$11,-
bursed
1939,
table
and
has
collected
aggregate
tion
of
at
later
a
Works is
in
listed
report
date,
such
part
of
the Federal
as
securities
having
and
repay¬
from Feb. 2, 1932, to Sept. 30, 1939:
Disbursements
(lncl.
Railroads (Including receivers)
Mortgage loan companies
receivers)...1,977,766,601.78 1,872,142,624.19
650,206,461.06
546,181,656.67
387,236,000.00
173,243,640.72
120,355,829.50
90,693,209.81
23,173,504.87
600,095.79
Building and loan associations (lncl. receivers).
Insurance companies
Joint Stock Land banks
State funds for insurance of deposits of public
moneys...
......
-
-
distributors for payment of pro¬
Total loans under Section 5..
to
Secretary
of
......4
Agriculture to
purchase
cotton
Loans for refinancing drainage, levee and
irriga¬
tion districts
Loans to
of
public school
teachers'
salaries
authorities for
and
for
3,300,000.00
87,883,380.22
by
earthquake,
and other catastrophes
396,918,374.01
22,303,500.00
305,019,660.34
property
fire, tornado,
flood
Loans to aid In financing the sale of agricultural
surpluses In foreign markets
Loans to business enterprises—
12,003,055.32
4,534,128.94
on and purchases of assets of closed
banks.
Loans to mining businesses
Loans to finance the carrying and orderly market¬
47,224,586.66
193,627,270.44
46,125,298.79
4,804,200.00
27,353,692.97
63,528,451.58
42,727,217.34
2,052,887.55
767,716,962.21
18,822,365.49
ing of agricultural commodities and livestock:
Commodity Credit Corporation
Other
Loans to Rural Electrification Administration...
Total loans.excl.of loans secured by
Purchase
of
preferred stock,
2,425.46
pref.Stock.5,758,318,860.78 4,574,654,417.38
capital
notes
and
debentures of banks and trust companies (in¬
cluding $18,063,730 disbursed and $11,581,314.33 repaid on loans secured by pref.
stock)..1,104,154,501.56
Purchase of stock of the RFC
Mortgage Co
Purchase of stock of the Fed. Nat.
Mtge. Assn..
Loans secured by preferred stock of insurance
companies
(Including
$100,000
disbursed
the purchase of preferred stock)
for
....
Total
Federal
Emergency
Administration
34,475,000.00
1,234,629,501.56
of
597,411,355.48
25,000,000.00
11,000,000.00
Public
Works security transactions.
617,928,709.49
Total
7,741,642.86
605,152,998.34
493,442,562.12
7,610,827,071.83 5,673,249,977.84
Allocations to Governmental agencies under
pro¬
visions of existing statutes:
Capital stock of Home Owners' Loan Corp...
Capital stock of Federal Home Loan banks..
Loan (now Land Bank) Commissioner
Farm
200,000,060.00
124,741,000.00
Fanners...
To create mutual mortgage Insurance
fund..
For other purposes
Sec. of Agricul. for crop loans to farmers
(net)..
Governor of the Farm Credit Administration for
revolving fund to
provide
capital
for
duction credit corporations
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
Purchase of capital stock (lncl.
$39,500,000
held in revolving fund)
Expenses—Prior
Since May 26, 1933
Administrative.
Administrative expense—1932 relief
Total allocations to governmental
agencies..
Administrator
Under Emergency
Appropriation Act—1935...
Under Emergency Relief
on
41,300
26,807
535,800
139,909
53,960
549,000
13,200
Carolina Cllnchfleld & Ohio Ry.
(Atlantic Coast Line and Louis¬
ville & Nashville, lessees)—
Central of Georgia Ry. Co
14,150,000
Central RR. Co. of N. J
Charles City Western Ry. Co
Chicago & Eastern HI. RR. Co..
3,124,319
500,000
140,000
5,916,500
Chleago& North Western RR. Co 46,589,133
Chicago Great Western RR.Co..
1,289,000
Chlc.Gt. West. RR.
Co.(trustee).
150,000
Chic. Milw. St.P. & Pac. RR. Co.
Chic. Mllw. st .P. & Pae. RR. Co.
(Trustee)
Chic. No. Shore & Milw. RR. Co.
Chicago R. I. & Pac. Ry. Co...
Cincinnati Union Terminal Co..
Colorado & Southern Ry. Co
Columbus & Greenville Ry. Co.
Copper Range RR.
12,000,000
3,840,000
1,150,000
13,718,700
10,398,925
29,504,400
60,000
-
Co
Del. Lackawanna <fc Western
Ry.
Denver <fc Rio Grande W.RR.Co
Denver & Rio Grande W.RR.Co.
14,150,000
3.124,319
464,299
140,000
35,701
36,000
155,632
4,338.000
1.000
500,000
11,500,000
537
3,840,000
2,098,925
3,840.000
1,150,000
13,718,700
8,300,000
8,300,000
29,450,800
1,561,133
150,000
53.600
60,000
53,500
2,000,000
838
150,000
5 3~ 500
2,000,000
219,000
8,081,000
500.000
1,800,000
16,582,000
1,800,000
71,300
582,000
627*075
627,675
227,434
8,176,000
1,800,000
Denver <fc Salt Lake West.KR.Co.
3,182,150
Erie RR. Co..
16,582,000
Eureka Nevada Ry. Co
464,299
5,916,500
46,588,133
1,289,000
53,500
8,300,000
220,692
10,000
3,182,150
3,000
3,000
717,075
227.434
8,176,000
90,000
15,000
Gainesville Midland RR. Co
Gainesville Mldl'd Ry.
15,000
78,000
10,539
lb" 539
Fla. E. Coast Ry. Co.
(receivers)
Ft.Smith &
W.Ry.Co.(receivers)
Ft. Worth & Den.
City Ry. Co—
78~666
Galv. Houston & Hend. RR.
Co.
Galveston Terminal Ry. Co
3,183,000
3.183", 000
546,000
Georgia & Fla.RR.Co. (receivers)
354,721
546,000
354,721
6,000,000
Great Northern Ry. Co
Green County RR. Co
105,422,400
Lehigh VaUey RR. Co
Litchfield & Madison Ry. Co
Louisiana & Arkansas
Ry. Co
Maine Central RR. Co
Maryland & Penna. RR. Co
Meridian & Bigbee River
99,422,400
22,667
35,290,000
6,000,000
13,915
520,000
120.000
1.000,000
9,278.000
8,500,000
13,915
13,915
620,000
35,312,667
10,278,000
800,000
*350,000
2,550,000
200,000
520,000
800,000
800,000
2,550:666
2,550,000
3,000
197,000
50,000
744,252
985,000
Ry. Co.
Minn. St. P.& S.S.Marie
Ry. Co.
Mississippi Export RR. Co
Missouri-Kansas-Texas RR. Co.
Missouri Pacific RR. Co
Missouri Southern RR. Co
Mobile & Ohio RR. Co
Mobile & Ohio RR.
1,729,252
6,843,082
6.843,082
100,000
5,124,000
100,000
5,124,000
23,134,800
99,200
785,000
3,000,000
RR..,
17,000
Pittsburgh & W. Va. RR. Co.—
4,975,207
Puget Sound & Cascade Ry. Co.300,000
St. Louis-San Fran.
Ry. Co
7,995,175
St. Louis-Southwestern
Ry. Co._ 18,790,000
Salt Lake & Utah RR.
(receivers)
200,000
Salt Lake & Utah RR.
Sand Springs Ry. Co
Corp..
—
99,200
Co„_I
Ry.Co.(receiv)
Southern Pacific Co.—
Southern Ry. Co
Sumpter Valley Ry. Co
Tennessee Central Ry. Co
27,499,000
222
600,066
28,906:600
28,906"666
3,000,000
117,750
3,000,000
17,000
4,975,207
300,000
7,995,175
18,672,250
4,366,000
Represents
a
interest.
809,888
12,000
758,600
300,000
2,805,175
18,672.250
c320"666
44,000,000
50,905,000
22,000,000
17,909,132
100,000
5,147,700
100,000
147,700
766:660
1.200,000
500,000
5,147,700
I 23,231,583
18.200.000
200,000
400,000
162,600
965,000
640,000
100,000
108,740
700,000
30,000
45,000
785,000
25,000
400,000
1,300,000
640,000
45,200,000
51,405,000
99,200
1,070,599
27,499,000
18,200,000
7,699,778
162,600
Savannah <fc Atlanta Ry,
Seaboard Air Line
100,000
2,309,760
785,000
1,070,599
—
Pere Marquette
Ry. Co
Pioneer & Fayette
06,843,082
23,134,800
Co.(receivers)
1,070,599
Murfreesboro-NashvilleRy.Co-.
25,000
New York Central RR.
Co
b32,499,000
N. Y. Chic. & St. L. RR.
Co
18,200,000
N.Y.N.H.& Hartford RR.Co7,700,000
Norf. South. RR. Co.
(receivers)607,000
Pennsylvania RR. Co
29,500.000
1.111,000
700,000
200,000
162,600
108.740
30,000
6,000
30,000
39,000
39,000
22,602,383
823,800
1,403,000
13,502,922
4,366,000
13,502,922
3,600,000
750,000
22,525
750,000
400,000
22,525
22,525
764,021,217 106,893,556 650,206,461 216,521,814
guarantee; In addition the Corporation also
guaranteed the pay¬
The loan to
Minneapolis St. Paul & Sault Ste. Marie
Ry. Co. (The Soo Line)
secured by Its
bonds, the Interest on which was guaranteed
by the Canadian
Pacific Ry. Co. and when the
"Soo Line" went into
bankruptcy, we sold the balance
due on the loan to the
Canadian Pacific, receiving
$662,245.50 In cash and Canadian
Pacific Ry. Co.'a notes for
$5,500,000, maturing over a period of 10
years, $350,000
of which matured and was
paid on Feb.
40,500,GOO .CO
97,000,000.00
20,000,000.00
b Includes
299,984,999.00
1, 1939.
a
$5,000,000 guarantee; In addition the
Corporation also guaranteed
the payment of Interest.
c
Represents securities sold, the
payment of principal and Interest is
guaranteed
by the Corporation.
In addition to the
above loans authorized the
Corporation
approved, in principle, loans in the amount of
$106,768,601 upon the performance of
specified conditions.
lias
al7,159,232.30
499,999,011.22
500.000.CCO.00
1,799,984,010.22
Committee Appointed
Rate—Department
to
Study Minimum Rail
of
Labor
Names
Twelve Headed by F. P. Graham
17,159,232.30
33,177,419.82
—
41,300
11.069,437
53,960
a
Grand total
10382 144,426.70
a5690,409,210.14
Does not Include $5,150,000
represented by notes of the
Canadian Pacific Ry.
Co., which were accepted In payment for the
balance due on loan made to
the
Minneapolis St. Paul <fe Sault Ste. Marie Ry. Co.
a In addition to the
repayments of funds disbursed for
relief under the
Emergency
Relief and Construction Act of 1932, the
Corporation's notes have been
canceled
In tin amount of $2,717,108,122.57,
equivalent to the balance of
the amount dis•
41,300
Buffalo Union-Carolina RR
Carlton & Coast RR. Co
ment of
notes Issued for funds for
allocations
and relief advances
12,201.300
14,600
90,000
was
500,000,000.00
Total for relief
95,343.400
2,500,000
127,000
11,069.437
Boston & Maine RR
*
Appropriation Act,
1935
Interest
10,000,000.00
66,546,074.55
115,000,000.00
938,105,924.83
For relief—To States
directly by Corporation
To States on certification of
Federal Relief
95,358,000
275,000
Birmingham &, So'eastern RR.Co.
Totals
44,500,000.00
3,108,278.64
13,868,002.92
115,696.87
126,871.85
to May 27, 1933
637,508
459,757
400,000
Western Pac. RR. Co.
(trustees).
Wichita Falls & Southern RR
.Co.
Wrightsville & Tennille RR
145,000,000.00
2,600,000.00
55,000,000.00
pro¬
Stock—Commodity Credit Corporation
Baltimore & Ohio RR. Co. (note)
400,000
Wabash Ry. Co.
(receivers)
Western Pacific RR. Co
for loans to:
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to
farmers.
Federal Housing Administrator:
634,757
400,000
Texas Okla. & Eastern RR.
Co..
Texas & Pacific Ry. Co
Texas Southern-Eastern
RR. Co.
Tuckerton RR. Co
Secretary of the Treasury to purchase:
$
(receivers)-.
(trustee)
767,716,902.21
19,644,491.78
146,500,000.00
Loans
Repaid
$
Ashley Drew & Northern Ry. Co.
Ann Arbor RR. Co.
Gulf Mobile & Northern RR.
Co.
Illinois Central RR. Co
22,450.000.00
of
4,380,952.75
out¬
self-liquidating construc¬
Loans for repair and reconstruction
3,300,000.00
Disbursed
127,000
(receivers)
,011,121,241.35 3,312,912,172.75
payment
refinancing
standing indebtedness
Loans to aid in financing
tion projects
damaged
14,718.06
719,675.00
-
cessing tax
Loans
$
Fredericksburg <fe North. Ry. Co.
Agricultural Credit corporations
Fishing Industry
Credit unions
or
Withdrawn
127,000
275,000
2,500,000
634,757
(trustees)
....
Livestock Credit corporations
Federal Intermediate Credit banks.
or
13,064,631.18
12,971,698.69
9,250,000.00
5,562,956.89
362,094.15
584,119.21
14,718.06
Regional Agricultural Credit corporations
*211,371,814.08
403,792,439.97
387,236,000.00
173,243,640.72
116,868,735.47
86,944,615.12
19,502,185.02
13,064,631.18
12,971,598.69
9,250,000.00
5,643,618.22
......
Federal Land banks
Processors
$
Aberdeen & Rockflsh RR. Co—
Ala. Tenn.& Northern RR.
Corp.
Alton RR. Co
Repayments
$
Loans under Section 5:
Banks and trust companies
an
Emergency Administra¬
follows disbursements
as
ments for all purposes
Canceled
Authorized
$
position to deliver from time to time.
a
Authorizations
dis¬
repaid.
value of $27,261,000
par
Public
The
sold
or
to and repaid by each, are shown in the
following
(as of Sept. 30, 1939), contained in the report:
$108,-
been
During September the Corporation purchased from the Federal
Emergency
Administration
of
Public
Works
two
blocks
(two issues)
of securities
having a par value of $2,003,500 and sold securities having par value of
$141,650 at a premium of $8.75.
The Corporation also collected
maturing
Public
Works
Administration
securities having
par
value of $432,165.
Through Sept. 30, 1939, the Corporation has purchased from the Federal
Emergency Administration of Public Works 4,129 blocks (3,071
issues)
of securities having par value of
$653,843,049.
Of this amount, securities
having par value of $475,342,521 were sold at a premium of
$13,540,538.
Securities having a par value of $151,206,419 are still held.
In addition,
the Corporation has agreed with the Administrator to
purchase, to be held
and
1939
drawn
aggregating
withdrawn
$396,918,374
and
30,
Through Sept.
11,
The loans authorized and authorizations canceled or with¬
for each railroad, together with the amount dis¬
author¬
Cancellations
disbursements
Nov.
burned for allocations to other governmental agencies and for relief
by direction of
Congress and the interest paid thereon, pursuant to provisions of an Act (Public
No. 432) approved Feb. 24. 1938
participations
$25,179,854
self-liquidating
on
of
available.
self-liquidating
$1,667,795,
authorized
purchase
businesses,
577,679, and repayments amounted
305
the
remains
loans in
agencies
amounted
to
Wage
Group of
Appointment of a committee of 12 members to
study a
minimum wage for the railroad
industry was announced
Nov. 2 by the
Wage and Hour Division of the Department of
Labor.
The committee, headed
by Frank P. Graham,
President of the
University of North Carolina, is authorized
to investigate conditions in
the industry and to recommend
the highest minimum
wage rate (up to 40 cents an
hour)
which will net
substantially curtail employment.
It was
stated in special advices to the
New York "Times" Nov. 2
Volume
that
The Commercial & Financial Chronicle
149
the railroad
industry employs about 1,200,000 wagemost of whom are above the wage minima set by
the Fair Labor Standards Act.
but, according to the division,
earners,
widely scattered areas,
railroads
eastern
that
say
approximately
workers
100,000
now
receive less than 40 cents hourly.
The committee includes the
Dakotas to Arizona.
early
following:
As
summer.
Texas and from the
of the
result
a
two
at various times
emergencies,
than
more
since
115,000
expected to increase considerably unless the drought is broken in the
Reference to the President's conference with Congressmen
made in our issue of Oct. 28, page 2618.
San Francisco.
employees—George Wright, General Vice-President,
International
near
future.
Spencer, University of Chicago, Chicago; Oscar K. Cushing, attorney,
For
ranging from New York to
Floods have occurred in Western Tennessee, North¬
Mississippi, Alabama, and Western Florida
farm families already are in urgent need of Federal
aid, and the distress is
For the public—Charles S.
Johnson, Fisk University, Nashville; William
H.
3059
Serious drought conditions have developed during the last two months in
was
Brotherhood of Firemen and
ers,
Oilers, Roundhouse and Railway Shop Labor¬
Chicago; T. C. Carroll, Vice-President, Brotherhood of Maintenance-
of-Way
Employees,
Umatilla,
Fla.;
H.
A.
Bacus,
Research
Director,
Senator
McNamara,
of
Eastern
President,
Railways,
Southern
ecutive Secretary,
Assistant
to
the
New
York;
C.
D.
Mackay,
Assistant
Vice-
Railway System, Washington; Edward Murrin, Ex¬
Association of Western Railroads, Chicago; J. H. Huntt,
President, American Shortline Railroad Association,
Washington.
Railroad
Legislation—
to Buy
Group
Carriers
to
Senator
Harry S. Truman addressed
luncheon
a
at the
Nov. 3, sponsored
on
by the New York State Unit of the National Conference of
Investors,
told
the
the problems of the country's railroads.
on
He
that legislation would not be sufficient to
group
improve
Authorized
249
Pending
on
RFC Make Loans
New York State Chamber of Commerce
the position of the roads; that more traffic was
basic need, and he expressed the belief that the roads
the
RFC
Have
to
Own Securities Discussed Before Invetors
Vice-President,
Hotel and Restaurant Employees, International
Alliance, Washington.
For employers—E. J. McClees, Executive
Secretary, Bureau of Informa¬
tion
Truman
Bill
Brotherhood of Railway and Steamship Clerks, Freight
Handlers, Express
and Station Employees,
Cincinnati; James
from
6,943 Loans Aggregating $1,416,122,19, 1938 to Nov. 4, 1939—5,929 of
Feb.
These Loans
Totaling $302,137,137 Were to Business
Since the Reconstruction Finance Corporation resumed
lending during February 1938, it has authorized 6,943 loans
aggregating $1,426,122,249.16, the RFC announced Nov. 7.
5,929 of these loans aggregating $302,137,136.61 were to
business including $23,020,854.84 later taken up by banks.
Banks participated in these business loans to the extent of
$70,127,851.30 making
a
total of $349,244,133.07 loans to
business.
The Federal National Mortgage Association has bpught
35,786 Federal Housing Authority insured mortgages aggre¬
gating $144,233,736.71 and has commitments to buy 1,886
additional mortgages aggregating $8,399,797.77.
It has
authorized 12 large scale housing loans aggregating $2,925,500.
AUTHORIZATIONS
FROM
FEB.
19,
1938, TO NOV. 4,
1939,
No. of
INCLUSIVE
Amount
Authorized
Loans
lation
8
$531,782.50
banks
109
Loans to building and loan associations
21,140,902.95
9,652,205.25
61
*
could
be
getting it.
revised
He felt, however, that regu¬
the benefit
to
that with this in mind he
of
sponsoring
was
the
a
and
carriers
bill (Senate Bill
2009), codifying the Interstate Commerce Act, and combin¬
ing regulation of railroads, water carriers and motor car¬
riers
under
Air
law;
one
bill because of
the
earners
are
excluded
from
the
law relating to their operations,
recent
which he said should be permitted to
enjoy
an
experimental
period.
Robert E.
Smith, Chairman of the Investors Conference,
told the gathering of the efforts made to pass a bill embody¬
ing the proposals contained in the so-called
Graham Plan,
17, 1939, page 3624.
The
plan, in substance, provides that the Reconstruction Finance
Corp. make loans to railroads with which to buy their own
mentioned in
these columns
June
bonds outstanding, under par, thereby
reducing the fixed
charges of the road.
A bill containing such proposals was
recently introduced in Congress, although not enacted.
In
the
general
discussion
which
followed,
Robert
T.
Swaine, of the law firm of Cravath, deGersdorf, Swaine &
Wood, took exception to the bill as introduced in that, as
he
Loans to open banks
Loans to aid in the reorganization or liquidation of closed
the verge of
were on
contended,
bonds bought in by the railroads would not
be retired but would be
Also, in
deposited to secure the RFC loans.
of bankruptcy, he said, the present bill would
RFC in a creditor's position with a claim of the
case
Loans to insurance companies
2
1,432,891.91
leave the
Loans to Joint stock land banks
8
3,571,786.45
amount of the
Loans to Federal National Mortgage Association
3
100,000,000.00
52
244,715,582.30
5,929
Loans to railroads
Loans to business
Loans to mortgage loan companies
19
302,137,136.61
14,170,531.67
Loans for mining, milling or smelting of ores
26
125,000.00
sented institutional investors.
2,862,600.00
1
deposited bonds instead of the smaller amount
actually loaned to the railroad.
Mr. Swaine said he repre¬
Loan
self-liquidating
to
project,
under
Section
201-a,
Emergency Relief and Construction Act of 1932
Loans to public bodies under Section 5d, as amended...
Commitments to Commodity Credit Corporation..
Other loans for financing of agricultural commotitles or
123
196,753,702.81
5
212,250,000.00
4
35,210,000.00
49,647,473.21
4,670,008.16
Livestock.
Loans to the RFC Mortgage Company
6
198
Loans to drainage, levee and irrigation districts
Loans to public
2
Loan to Rural E ectrlfication Administration
129,500.00
1
school districts
1
87
102,015,700.00
13
1,638,900.00
285
13,366,545.34
6,943
Loan on
Loans
100,000,000.00
100,000.00
81,416,122,249.16
preferred stock of an insurance company
subscriptions for preferred stock of banks
on
Purchases of debentures of banks
Purchases of securities from PWA
It
explained that this feature of the bill had been
was
included at the request of the RFC, and that it was hoped
that it might be omitted prior to its enactment.
Mr. Smith
said that
objections to the bill
on
the ground that it might
result in speculative abuses were overcome by the fact that
the method which would be pursued by the RFC In advanc¬
ing funds would be to have bonds bought from the public
tenders to the RFC; it would be provided that
through
tenders
the
would
have to
outstanding bonds
aggregate
specified proportion of
a
the loan would not be advanced.
or
Senator Truman recited the declaration of policy as con¬
tained in Senate Bill 2009 and quoted from certain sections
of the Bill, to demonstrate that the legislation was fair to
all forms of
Federal Agencies Complete Plan for Aiding Victims in
First,
Drought and Flood Stricken States
transportation.
He said:
understood,
"It
The
Department of Agriculture announced on Nov. 7
agencies have completed a joint plan for
meeting drought and flood emergencies which have affected
more than 115,000 farm families in 34 States.
The plan was
drafted at the request of President Roosevelt, after con¬
sultation with Congressmen from the most seriously stricken
States.
Loans, direct relief, and emergency food supplies
will be provided for these needy families by the Farm Se¬
curity Administration, the Farm Credit Administration, the
Disaster Loan Corporation, and the Federal Surplus Com¬
modities Corporation, beginning immediately.
Funds of
the first three agencies available for emergency use total
$33,500,000.
In addition, FSCC expects to increase con¬
siderable its shipments of surplus foodstuffs into the dis¬
tressed areas.
The Department's announcement added:
that four Federal
The Farm Security
Administration has available $8,500,000 for emergency
gency
crops
crop
or
and feed loans to farmers who can give a first lien on their
hereby
recognize
FCA operations.
The Disaster Loan Corporation has
available not more than $5,000,000
for loans to eligible farm borrowers in those counties
bama, Florida, and Tennessee which have been
in
Mississippi, Ala¬
stricken by floods during
Legal limitations restrict its operations to the flood area.
recent months.
The other agencies,
however, are free to operate in both flood and drought
regions.
the
national
we
believe
to
as
be easily
transportation policy
of
increase its shipments of
the Federal Surplus Commodities Corporation will
surplus foodstuffs to drought and flood States for
transportation and among the several
establishment
services,
and
without
maintenance
unjust
of
carriers; to
reasonable
discriminations,
charges
undue
for
preferences
encourage
all
advantages,
or destructive competitive
practices; and to encourage fair wages
equitable working conditions established through collective bargaining:
the end of insuring the development and preservation of a national
to
transportation system adequate at all times to meet most economically and
efficiently the full needs of the commerce of the United States, of the
Postal Service, and of the national defense."
in Section 6 of the Senate Bill, making it unlawful for common
by whatever form to unjustly discriminate against any particular
Second,
carriers
person,
company,
firm,
etc.,
or
any
particular description of traffic, it is
provided:
"That this section shall not be construed to
disadvantage by a motor
or
common
apply to discrimination, preju¬
carrier
water
or a
common
carrier
to the traffic of any
other carrier of whatever description: Provided jwther,
classifications, rates, charges, rules, regulations and
water carrier in respect of water transportation from those
That differences
practices
of
a
by
a
deemed
any
tion
unfair
1
or
this
of
in
the
rail carrier with respect to rail transportation shall not be
unjust discrimination, prejudice, or disadvantage, or
constitute
to
destructive competitive practice
within
the
meaning of
factors,
forms of aid.
or
.
of
adequate
send examiners into the
and
Alabama, for the review
under honest,
Rock, Arkansas; Nashville, Tennessee; and Jacksonville, Florida, also will
work.
rates
on
the
movement
ice.
to
the
When
charges
of
traffic by
power
to
other
the carrier
forjvjiich the rates
The Disaster Loan Corporation is arranging to
Its present offices in Birmingham, Alabama; Little
of
and
are prescribed; to the need in the public
efficient transportation service
by such carrier
carriers at the lowest cost consistent with the
flood area, and will open an office in Montgomery,
of loan applications.
effect
to the
carriers
or
sec¬
Act."
Third, in the rate-making rule, Section 30, it is provided:
"It shall be the duty of the Commission in the exercise of its
prescribe just and reasonable rates, to give due consideration,
interest,
.
the
transportation
or
unfair
or
and
distribution through the Public Welfare Department to supplement other
.
the
preserve the inherent advantages of each ; to promote safe,
economical, and efficient service and foster sound economic con¬
ditions in
among
As the need develops,
assist in this
be
to
and
adequate,
in effect
livestock. Security of this type is required by the law governing
declared
to provide for fair and impartial regulation of all modes of
transportation subject to the provisions of this Act, so administered as to
dice,
The Farm Credit Administration will provide up to $20,000,000 for emer¬
is
Congress
rehabilitation loans and direct relief to farm families which cannot obtain
adequate help from any other source.
in the declaration of policy, so worded
it is provided:
need
used
revenue
sufficient
to
furnishing of such service;
enable
such
carrier
or
carriers
serv¬
in
this
section
large
may
enjoy the benefit and economy afforded by each
and all
the public at
of
economical, and efficient management, to provide such
the
term
'rates'
means
rates, fares, and
regulations and practices relating thereto.
In order that
The Commercial & Financial Chronicle
3060
carriers
or
shall permit each type of carrier
such rates maintain a compensatory
reduce
to
rates
the carrier
to
long
so
carriers
or
as
taking into consideration
after
and all other elements entering into the cost to
the
service
the carrier
overhead
carriers for
or
rendered."
*
Factors
Gold
States
United
Affecting
Movement
Contrasted with 1914—United States Then
Now
Debtor,
Creditor
James
W.
Young, Director, Bureau of Foreign and Do¬
Commerce,
Nov. 8 described the sharp contrast
mestic
between movements of gold
during the last few months and
of the World War in 1914.
at the time of the outbreak
Up until very recent weeks, he pointed out, gold was
flowing into the United States from European countries
on an unprecedented scale, whereas in June and July, 1914,
the United States suffered heavy gold losses to Europe.
Mr. Young said:
The movement of
gold to Europe in 1914 began in May and followed
of American securities by
of
The combined effects of the sale
balance, from foreign countries.
on
merchandise
European investors, the slight, but unusual
imports over
which' appeared in April,
exports
excess
and the
topical seasonal rise in net payments to foreigners for services (e. g., by
American travelers) forced the shipment of gold for the purpose of making
with
settlements
other
countries.
Monthly net gold exports during the
period from May through July, inclusive, averaged $30,000,000—
high rate of outflow for pre-war times and in the aggregate
a
very
substantial
a
compared with the amount of gold available for export.
sum as
Late in July, European liquidation of American securities became panicky
and gave rise to further heavy engagements of
turning back
on
gold for export.
"With the
Aug. 4 of the German liner Kronprinzessm Cecilie, carrying
$12,000,000 of gold consigned to London, gold shipments came temporarily
As
to an end.
a
consequence, even
The strike of
Hall.
in
against
drawing
extraordinary
of credit,
letters
United States Government sent the U.
obtained
relief
of
means
through
shipment,
the
S. S. Tennessee with $2,750,000 in
gold for the various embassies in Europe.
Other
factors
States, then
served
to
accentuate
difficult
a
situation.
The
At the
same
time,
disruption of shipping interrupted the seasonal export of cotton and
other
products which under normal circumstances would have served
create London balances.
branch In Ottawa, at
were
accepted
as
the equivalent
$22,000,000
rose to
jumped to $50,000,000 in October.
Borg-Warner Strike at Muncie Ends
Strikes
the Warner Gear Corp. factory and Muncie
Foundry, subsidiaries of Borg-Warner Corp., ended Nov. 5
with the signing of an agreement by the company and
United Automobile Workers (C.I.O.) officials of Local 287.
Both plants were reopened on Nov. 6.
Between 250 and 300 foundry workers struck Oct. 10 in a
jurisdictional dispute with an American Federation of Labor
patternmakers' union which held a contract with the com¬
pany.
On Oct. 30 approximately 2,500 employees in the
Warner Gear's three plants staged a sympathy strike. ^
A previous reference to the Borg-Warner strike appeared
in our issue of Nov. 4, page 2911.
were
being
The closing of the Stock Exchange at the end of July stopped
further European liquidation of American securities.
products began
to
abroad in
move
volume,
Then,
the normal
gold which
course
of 1915
The influences
as
on
balance, in
contrasted with net losses of $166,000,000 in 1914.
affecting gold movements in recent years and in 1939
strikingly different from those which prevailed in 1914.
the United States
country,
Net exports
In December, there began the inflow of
bring $420,000,000 to the United States,
was to
balance
creditor and is at the
now
time
same
Then
occupies the position of
a
a
net debtor
a
principal net
refuge for European and other foreign
capital.
The heavy movement of gold into the country, beginning early in
1934, had added more than $7,000,000,000 to monetary gold stocks by the
end of 1938.
exceeded
Up until 1938, during which the merchandise exports greatly
imports, the inflow of gold
of capital
was
related primarily to
the influx
funds from abroad rather than to the net result of trade and
service transactions between the United States and the rest of the world.
In 1939, the foreign trade of the United States continued to show month
by month
a
consistent balance of exports.
Furthermore, far from with¬
drawing funds from the United States, foreigners
dollar balances and
missions.
A conference in the offices of the State Meditation
Board failed to settle the walkout called by the union.
Mr. Jack Buttler, secretary of the independent
group
announced
were
building
up
maintaining their holdings of American securities.
their
As
a
that
be
drivers
800
which the union is
in four
seeking to
directed
to
other
strike
if
In
The Transport Workers
the strike campaign.
of the taxicab
called
In
Union,
any
C. I. O. affiliate, divorced itself from
a
a statement issued
division, the C. I. O.
group
strike and warned them
by Eugene P. Connolly, director
informed its members that it had
"resist all
to
the net
10 months of 1939, imports of gold Into the United
almost $3,000,000,000.
addition
during the
Against this amount
must
be
period to goid held in this country
under earmark for foreign account, which amounted to more than $400,000,000.
were
Even with this offset, however, net receipts of gold afrom broad
The T. W.
of which
U. is sole collective bargaining representative for workers in
their
cut
commissions
threatened at that time,
to
42M
per
cent
Together with additions from other sources, they raised the total gold
John
L.
President Roosevelt
Confers
Lewis
on
with
William
Labor
Green and
Peace
Nov. 9 again appealed to leaders
of the American Federation of Labor and
Congress of Indus¬
on
trial
Organization to settle their labor dispute.
separately at the White House with
John L. Lewis, C. 1.0. leader, and William
Green, President
of the A. F. of L., but when
they left there was no indication
The President talked
that Mr. Roosevelt's latest effort in his
two-year
to restore
it
was
campaign
harmony in the labor movement had succeeded,
in Associated Press
Washington advices of
stated
Nov. 9, which also said:
Mr. Lewis
.
.
"That's all I
was
.
dent, although he did
say
non-committal about his
chat
with
the Presi¬
that the conference embraced labor peace.
do for you today," he told
newspaper men who pressed
him with inquiries as to whether the
long-postponed conferences were soon
to
.
can
be resumed.
Mr.
more
talkative.
was no
hurdle
Corporation, said it
had been agreed last Spring that the 45
per cent rate was to be maintaned
during the period of the World's Fair and
after Nov.
was
to
ready to
far
as we were
concerned," Mr. Green
resume negotiations whenever the peace committee of
the C. I.
O. is ready to meet us."
^ Last
month
conventions
of
the
the
President
two
to
42^
per
cent
1.
*
•
specifically that the
that the company's
decision
to
Mr. Butler, the union's
go
back to the pre-Fair
rate had been made without notice to the union in the midst of
for
a
new
negotiations
The old contract expired Oct. 31.
agreement.
Chairman Eccles of Federal Reserve
System in Address
at St.
Louis Advocates Additional Taxes to Meet
Added Costs of Armament Program and Reduce
Government
Deficit
address at St. Louis on Nov. 9 Marriner S. Eccles,
Chairman of the Board of Governors of the Federal Reserve
an
System expressed it as his judgment that "the time is here,
overdue, to take certain steps that will increase
domestic consumption, diminish the pressure of idle funds
on
the investment markets, and
begin to close the gap
if it is not
between Government income and
outgo."
"My longer
objective" he said "would be to sustain existing investment
and pave the way for as much new investment as can be
profitably undertaken. That is in the interest of the banking
system, the insurance companies and all other fiduciary insti¬
tutions—looking beyond them, it is to the interest of all
those whose savings are at stake."
Mr. Eccles went on to
say in part:
We
some
are
hearing
today
proposals
that
the
Government
should
reduce
of the present expenditures, particularly for agricultural benefits and
for work relief, in order that funds for
without
armament costs on
an
an
expanded armament program may
increased deficit
or
an
increase in
In my
taxes.
out
sent
labor
messages
to
the
annual
of
to those of the low income groups
foreign
or
who would profit the
domestic expenditures for armament, who
are
the
least able to bear the costs and whose increased purchasing power is essential
to our
organizations appealing for
peace; this was reported in our issue of Oct. 14, page 2305.
revert
Milton Kallenbrun, a spokesman for the Cornell employes, retorted that
there was no clause in the old contract that stated
least
are
was
allowed
opinion, it would be unfair, and unsound economically, to pass increased
as
said.
"We
A strike
The pay cut was the only issue in the walk-out called
by the independent
Louis Levine, president of the Cornell Cab
be provided
Green was
"I told him there
1.
for adjustment of the situation.
union.
In
Roosevelt
Nov.
but the union agreed to defer action in response
to a plea from the State Mediation Board that "reasonable time" be
holdings of the United States above $17,000,000,000 at the end of October-
President
provoke
same
much larger in the first 10 months of 1939 than in any previous calendar
year.
to
the city's two largest taxi fleets, the Parmelee and Terminal
Systems, both
increase would be wiped out when the Fair closed.
During the first
efforts
unauthorized action."
secretary, added
States aggregated
with
reporting the strike, the 4'New York Times" of Nov. 9,
beyond the outbreak of the European
set
fleets
said in part:
result, gold was moving into the United States in large quantities up to and
war.
taxi
closed shop agreements
the
companies reduced
renew
commissions.
not
are
Strike in New York
on
strike
against the Cornell Cab Corp. was called on
Nov. 8, by the Independent Taxicab Workers Union of
New York, an unaffiliated group, in protest against a cut
from 45 per cent to 423^ per cent in the commission wage
for drivers.
The employees charged that their contract
with the Cornell Cab Corp., which expired on Oct. 31,
contained no provision for the reduction in driver's com¬
American
as
export
reappeared and became substantial before the end of the year.
of gold in November were small.
at
Taxi Drivers Out
A
would
Meanwhile, the conditions responsible for the loss of gold
removed.
a
and thus removed the hazard of transportation by
Exports of gold, which were $18,000,000 in August,
in September, and
to
On Aug. 12, the Bank of England established
which gold deposits
of delivery in London,
sea.
the
United
net debtor country on both long-term and short-term account,
faced with heavy maturing obligations in London.
was
the
a
arbitrator.
as
though gold had been released for export,
For lack of ordinary
measures.
than 200 bus drivers of the Green Bus
Mr. Palmieri acted
Many American travelers in Europe, stranded by the temporary
difficulty
more
According to Mr. Palmieri, the new contract provides for
one week vacation a year with pay and a minimum rate of
pay for all employees of 55 cents an hour.
The agreement
will last for two years. It was signed by Lawrence Buckner,
secretary of the Bus company, and Charles H. Clark,
international vice-president of the Amalgamated Association
of Street Electric Railway and Motor Coach Employees of
America.
In order to be effective, it must first be ratified
by representatives of Local 1179 of the union.
United States banks were obliged to defer payment on their commitments in
London.
1939
Lines, Inc., in Queens, was ended Nov. 4, after four days
of negotiations, according to an announcement by Edmund
Palmieri, Mayor F. H. LaGuardia's law secretary.
The
conferences were concluded successfully on Nov. 4, at City
a
period of four successive years during which the United States had gained
gold,
11,
Queens Bus Drivers' Strike Ends
of transportation, the Commission
type
return
Nov.
economic welfare.
Instead, in
course
our
ow
of
my
opinion,
we
should follow the unpopular, bur
imposing additional taxation in order
armament
income
necessary,
to meet the added costs of
piVgram and to reduce the deficit, without sacrificing the
groups
whose sustained
and
increasing
purchasing
power
is
Volume
needed
to sustain and
increase
tion should be levied,
groups
lating.
Accordingly, additional taxa¬
production.
not alone upon war profits, but upon
those income
of
relatively undertaxed among whom the greatest proportion
now
savings that
time, I favor increasing domestic purchasing power
same
decreasing consumption taxes.
Mr. Eccles' address
.
was
by
.
delivered upon the occasion
of the
the Federal Reserve Bank
forward by him "was sum¬
Associated Press accounts from
25th anniversary of the opening of
of St. Louis, and the program put
marized
St.
follows
as
by
Louis Nov. 9:
Reduce exemptions which
1.
and family heads earning less
2.
Increase tax rates
3.
Increase
income
tax
corporations
on
to take away
a
amounts"
by large corporations.
5.
and
Reduce
It is observed in the Bulletin that "the
taxes, such as the
consumer
excises on automobiles, gasoline
huge accumulation
of gold in the United States has created a serious problem,
the solution of which cannot readily be foreseen."
"The
problem," it says, "has two distinct aspects; namely, credit
control in the United States and the outlook for continuing
gold as a basis for currency and credit and a means for mak¬
ing international payments."
In discussing the outlook for gold, the Bulletin stated that:
Gold
is
because
still
in
demand
as
means
a
of settling international accounts,
adequate and widely accepted substitute for this function has
no
Even those countries which have abandoned the gold
yet been found.
standard and whose international trade is conducted largely on a barter basis
is
In only a few countries, however,
doing their utmost to acquire gold.
gold used
The United States Treasury,
basis for currency and credit.
as a
in the continuation of gold, in
is obviously vitally interested
both of its functions as well
as
maintaining
the price of the metal.
that they
much better.
Adjust social security and unemployment insurance taxes so
6.
will
recognized foreign Government or foreign central bank
a
with $17,000,000,000 of gold in its possession,
tickets.
theater
with the exception of gold earmarked or
nationalized,
was
the Bank for International Settlements.
are
"rainy day reserves" piled up in "excessive
on
or
as
profits."
Put extra taxes
4.
earning from $5,000 to $50,000.
owner,
held in trust for
enable single men earning less than $1,000
than $2,500 to escape Federal income taxes.
on persons
"normal"
the
share of "war
of the
profitable outlet today are now accumu¬
unable to find
are
At the
3061
The Commercial & Financial Chronicle
149
not
exceed benefit payments, at least
until times are
Newark Refuse Workers Strike
Collection of refuse in the
Gold Problem
Dean
to
Aggravated by Eurcpean War According
Madden
of
Institute of
International
Finance—Says Future of Gold as Monetary
Depends
United
Metal
Conditions After War and Attitude of
States
Toward
Bringing
About Better
on
Distribution of Gold
The
outbreak
of the
European war has aggravated the
gold problem and raised the question of the fate of gold as a
monetary metal according to a bulletin., entitled, "The
European War and the Gold Problem," issued Nov. 6 by
Dean John T. Madden, Director of the Institute of Inter¬
national Finance of New York University.
The bulletin
states that "the war shattered the hope that sooner or later a
portion of the large gold stock held by the
United States Treasury would be withdrawn as a result of
repatriation of capital."
"Instead," it states, "the dollar
balances and investments in the United States acquired by
considerable
foreigners in exchange for the gold shipped to the United
States will most probably be transferred to American ac¬
counts in payment of goods purchased during the war."
According to the Bulletin "the future of gold as a monetary
metal will depend not only upon economic and political
conditions prevailing in the world after the war but also to a
considerable extent upon the attitude adopted by the United
States Government and the willingness of this country to aid
in
bringing about
a
city of Newark, New Jersey,
population of several hundred thousand came to a
standstill on Nov. 9, when 750 employes in the Department
of Street Cleaning went on strike. James Murphy, president
of the Construction and Transportation Workers Local 958,
C.I.O. affiliate gave the order to strike. The city employes
are members of the union which has been seeking a shorter
work week and higher wages for union members of the
department.
Dispatches to the New York "Times" from Newark, N. J.
Nov. 9, said:
with
Negotiations
been active in trying to
Murphy,
which produces over 52% of the total annual
world
expected to cooperate in the endeavor of at least
international balances.
international gold
certain conditions would
The following are the indispensable pre¬
retaining for gold the function of settling
to
the
standard
possibility of reestablishing some kind of
with
prospects
for
its
brought about first.
have to be
maintenance,
requisites:
(a)
Confidence that lasting national and
international political stability
will prevail;
(b)
Free movement of credit and capital in response to
differences in
interest rates;
(c)
government
commodities, services, and labor,
deemed to be necessary they must not be prohibitive;
and
have
Mayor Meyer O. Ellenstein, who has
reach a compromise, attempted this afternoon to
would
and city officials.
revoke the strike call
not
without
Mr.
assurances
officials that negotiations for the dpmands of the union will
be taken under immediate consideration.
The city officials said they could not give such assurances because of an
empower
Counsel's office
the Corporation
opinion from
that
State laws
did not
city officials to negotiate contracts with labor unions.
At Mayor Ellenstein's suggestion, Mr. Murphy said he would refer the
dispute
lieved
the Newark Labor Relations Board tomorrow,
to
a
when it is be¬
solution will be found.
Golden Gate International
Esposition at San Francisco
Reported Offering Loan to En¬
Closes—Creditors
able Reopening in
The
1940—President Roosevelt Said
Favor Reopening
Golden
1939
Gate
International
Exposition on
Bay closed on Oct. 30, and,
according to the San Francisco "Chronicle" of Nov. 1
creditors of the Exposition made a united move on Oct. 31
toward reopening the Fair for a four-month's period in 1940
by proferring a definite financial arrangement for considera¬
tion of the Exposition management.
The paper from which
we quote also said in part:
Treasure Island in San Francisco
And
strongly in support of a
President Roosevelt, who
reopening was
expressed the hope that San Francisco Bay would blaze again next
Free international interchange of
and wrhere tariffs are
(d)
and the municipal
union
conference of union leaders
a
however,
from the city
to
The British Empire
As
the strike at
avert
states:
output of gold may be
between the
been in progress for several months.
It likewise
better distribution of gold."
a
with
Pledging
year
greater show.
an even
favor,
his
the
President
revealed
personal reason
a
why
he
hoped for a 194C edition on Treasure Island.
Absence of excessive unilateral international payments.
If, as a result of the present war,
the world should establish these pre¬
has a future as a monetary metal.
On the other
hand, if, as a result of the war, the impediments on the international move¬
ment of credit, capital, and goods should be increased, then there is little
requisites, then gold
hope for the restoration of
In part ,a
So long as
tion funds in
gold to its traditional position.
the operation of the stabiliza¬
the various countries which became parties to the Tripartite
relative stability of the currencies, and the currencies
Britain and the United States, the leading industrial and trading
not
legally, were actually on a gold basis.
although subject to upward and
downward revision within legally stipulated limits, has remained un¬
changed since February, 1934.
Furthermore, the gold market in London
was free and the acquisition and holding of gold by individuals and cor¬
The price
of gold in the United States,
prohibited.
Hence, the pound sterling was in fact
freely exchangeable into gold, with the important qualification that since
the Bank of England after Sept. 21, 1931, was no longer obligated to sell
porations
were not
price, the owner of a sterling balance could not
of gold the balance would purchase in the market.
gold at the fixed statutory
know the exact amount
from acquiring and
their dollar balances
into pounds and buy and store gold in London.
Hence, despite the fact
that np leading country had retained the legal provisions for the con¬
vertibility of its paper money into the yellow metal, the free gold market
in London, in conjunction with the fixed gold price of the United States
Treasury, the exchange equalization funds, the Tripartite Agreements,
and the sterling bloc constituted a modified gold standard which functioned
satisfactorily under the changed political and economic conditions of the
Residents in the United
holding gold in the
States, while prohibited by law
country, could readily convert
With the declaration
abolished gold as a
of a state of war by Great Britain
and France on
of gold in the world was changed.
Both countries have
basis of currency and credit and have set aside their gold
abroad. The exportation of gold from Great
Britain, except by permission of the Government, was prohibited, and
persons'resident in the United Kingdom are required to offer for sale to the
Treasury any gold at their disposal at prices to be determined by the
Treasury.
Foreigners may, at their option, either apply to the Bank of
England for a license to export their gold or sell the gold to the Bank and
apply for an allotment of foreign exchange.
This action was less drastic
than the measures taken by the United States Government in 1933 when
all gold held in the United States, irrespective of citizenship and residence
reserves
the
behind
But
entire
for making payments
was
an
offer to lend the
program
was
a
of the men
background
w
of civic
pride that
ho put up the money to make
possible to get some of their money back.
the expressed
upon
entire country, wants
belief that
San Francisco, Calif., the
the Exposition to live for another season.
So, in keeping with this conviction, the creditors moved to appoint a
efforts of all organizations
committee of five to serve in co-ordinating the
interested in bringing about a 1940 Fair.
The
deavor to launch an
with the
work
small and large creditors alike—will
committee—representing
Dan
intensive drive to raise the necessary funds.
London committee—1940 Exposition
with the Chamber of Commerce,
en¬
It will
Incorporated—
the public utilities, banks, all civic and
bodies.
service
In Associated Press advices from San Francisco Oct. 30 it
a total of 147,674 persons paid admissions on
day, bringiug the attendance for its 254 days of
operation to 10,496,203. These advices also said:
was
stated that
the closing
The closing
ance
on
Feb.
day figure was considerably higher than the 128,697 attend¬
18, the opening day, but far below that of Oct. 8, when the'
exposition's all-time daily record of 187,730 was set.
Whether the exposition will be reopened next year appeared today to
depend on the wishes of creditors, who have their choice of dividing up
approximately $500,000 in ready
season's operations
cash now,
or
gambling that another
would enable the exposition to pay off in full its $4,-
606,914 of debts.
The amount of unpaid
tion filed an action in
last few years.
Sept. 3, the status
feature of the creditors' plan
stood equably with the desire
They acted
peacetime conditions prevailed,
countries of the world, while
vital
The most
the Fair
the Bulletin also stated:
Agreement maintained
of Great
He wants to visit here next year.
Exposition $500,000 to be used in defraying reopening costs.
debts
was
disclosed
on
Oct. 20, when the exposi¬
Federal Bankruptcy Court under recent laws providing
for consolidation of debts,
settlement under court
and forbidding filing of collection suits, pending
direction.
Opening of the exposition last February was reported in
1099 and 1111.
these columns Feb. 25, pages
Death of
.
Major J.
R. Lynch—Served in the House of
Representatives for Three Terms
Major John Roy Lynch,
Negro slave before the Civil War,
Congress as a Representative
Mississippi, died at his home in Chicago, on Nov. 2.
a
who later served three terms in
from
3062
He
The Commercial & Financial Chronicle
92 years old.
The following regarding his career is
from the New York "Herald Tribune" of Nov. 3:
was
A native of Concordia Parish, La., Major Lynch moved to Adams
Miss., in 1863 and
was elected to the
from Adams County and two years later he
term he served as
He
County,
was
Msississippi Legislature
re-elected.
In his second
of
Representative of the
the
was a
1884
delegate.
he
was
member
a
of
was
May
17,
1889, Major Lynch
the
Republican
Treasury Department for the Navy Department.
pacity for four
In 1896 he
years.
was
in 1897 he was admitted to the bar in
He served in that
admitted to the
he
the
traveled
of
Mississippi bar and
of
the
in
the
in
Wharton
1935
leave
Firms
tion
Announcement was made Nov. 8 of the consolidation of
Whitehouse & Co. and Dyer, Hudson &
Co., member firms
of the New York Stock
Exchange, effective Jan. 1, 1945.
Delmhorst of Whitehouse & Co.; H. Kierstede
Hudson,
Hudson, Gray MacW. Bryan, John L. Moore and
and
E.
Dyer,
V.
E.
Hudson
&
Pearl will
Co.
J.
continue
Norman
special
as
of
serves
Social
absence
of
School of
the
possi¬
research
he
the
the
terms
months,, and
and
Pennsylvania
Commerce
of
to
the
the grade of full
to
of
graduate
this
then
at¬
pursue
appointed instructor in
was
Finance
by step
of
Under
several
University of
1924
of
step
as
one
of the
fin¬
University
Professor
of
faculty of social sciences
of four directors of the American
from
the
Vice-President
undertaking
of
the
of
a
Institute of
Society and
years
Academy
National Bureau of Economic Research.
sole adviser
as
of
nomic
for
Science, and is Secretary of the Advisory Conference
member
W.
C. Alan
In
Chairman
purpose
E.
Exchange, Arthur
Delmhorst, Benjamin P. Phyfe, Edward P. Field, William
Gay, Francis X. Lauro, Joseph F. Wixted and Berton
the
research
on
City Bankers in the United States.
the
Whitehouse
investigate
to
University.
ing 1936 he acted
The combined firm will be known as
Whitehouse, Hudson &
Co. and will have its main office at 1
Wall St., New York
City.
Partners of the new firm will be Charles R.
Gay,
former President of the New York Stock
of
and
North America.
America
of
School
rose
and
Financial Research
on
Austin
in
...
Professor James
Washington.
Exchange Firms of Whitehouse & Co.
Dyer, Hudson & Co. to Merge on Jan. 1—Con¬
solidation Brings Together Two of Oldest
Member
V.
brought to
was
.
North
Pennsylvania, and
ca¬
and
Walter
British subject.
a
institute to conduct economic
an
.
School
postgraduate work.
Finance
New York Stock
J.
in
Graduate
of Political and
C.
.
gating economic conditions
award
ance
appointed fourth auditor of the
was
1903, and is
University, and
reorganization
temporary
National Committee from Mississippi.
On
its
ia
the
of
to serve as the Director of the
year
he took his degree in 1923 at the London School of Economics,
engaged as a member of the staff of Barclay's Bank in London.
December, 1923, he won the Sir Ernest Cassell Fellowship in Economics,
award granted by the University of London for the
purpose of investi¬
tended
1884, 1888, 1892 and
For four years after he
convention
staff
1939
was
In
of
undertake
to
London
in
the
of
fundamental nature.
a
an
He served two terms and was elected for a third
From 1871 until 1889 he was chairman of the
Republican Execu¬
tive Committee of the State of
Mississippi.
chairman
bom
was
member
a
September of this
11,
After
he
6th Mississippi District.
At the Republican National Conventions of
1872,
now
Nov.
bility of establishing in Canada
in 1881.
1900 Major Lynch
James
Commerce,
Speaker of the House of Representatives.
In 1872 Major Lynch was elected to
Congress as
is
McGill in
six years later was appointed justice of the peace in the
In November, 1869, he
county.
Professor
to the Association
the
First
National
Bank
Reserve
was
For the session 1937-38 he
University of Pennsylvania, to
Dur¬
of
granted
occupy
the posi¬
of
Chicago for the
study of the Chicago money market.
He is a
Marine Engineers, a Fellow of the
Royal Eco¬
member of the National Liberal Club in London.
a
In
from 1935 to 1937 he held the post of Executive Vice-President
of the Economists
National
Committee
Monetary Policy. '
He has written and had published
many books.
T.
Wilson
Council
Named
of
on
Director
American
of
Bankers
Public
Relations
Association
Appointment of William T. Wilson as Director of the Pub¬
lic Relations Council of the American
Bankers Association
was announced Nov. 3
by Robert M. Hanes, President of the
Association
and
President of the
Wachovia
Bank
&
Trust
partners of the new firm.
In addition to four
memberships in the New York Stock
Exchange the firm will also hold memberships in the New
York Curb Exchange, the New York
Cotton Exchange, the
New York Produce
Exchange, the
was established two
years ago for the purpose of coordinat¬
ing and developing the various activities of the Association
in the public relations field.
It consists of 12 bankers active
Inc., and the Chicago Board of Trade.
staff whose work
Commodity Exchange,
The announcement
goes on to state:
Branch offices of the
new
firm will
be maintained in
Auburn, Brooklyn,
Syracuse and Utica, N. Y.; Stamford and
Waterbury, Conn.; Cleveland,
Norfolk, Harrisburg and Wilmington, together with
local branches in the
Empire State building and the Roosevelt and
Sherry-Netherland hotels.
Present correspondents of Whitehouse & Co.
in Baltimore,
Buffalo, Detroit,
Philadelphia, San Francisco, Toronto, Vancouver and
other
Canadian
points will also be continued.
The merger
brings together
Exchange, Whitehouse
two of the oldest member firms of
the Stock
& Co. having been founded
with the grandfather of J. Norman
Whitehouse
record reveals that on Jan.
111 years ago in 1828,
as one
of the founders.
The
1, 1828, Edward Whitehouse and his brother-inlaw, Oswald Cammann, established the
investment firm of Cammann and
Whitehouse, the firm being members of the
later became the New York Stock
Exchange.
On Oct. 27, 1833 the founder's
*
Association
which
35
years
first son, J. Henry Whitehouse was
born,
destined to be the dean of the New
York Stock Exchange for
nearly 16
years.
In 1835 Cammann &
Whitehouse became Cammann, Whitehouse
& Co., Edward Whitehouse
joining the New York Stock and Exchange
Board on Nov. 17 of that
year.
In 1852, J. Henry Whitehouse
admitted to the
partnership, its
came to
Wall Street and in 1855 he
was
name being changed to E.
Whitehouse,
For the almost unbelievable
period of 72 years he carried
on.
His life in Wall Street
spanned 3 major American wars, several
panics
and the advance of his
country to a position of world influence.
Fifteen
years after his admittance to the
firm, its name became Whitehouse & Co.
In 1880, when the firm was in
its 53rd
Son & Morrison.
year, J. Norman
of J.
Henry Whitehouse, began his Wall Street
years of
service, is
a
1911, Charles R. Gay,
joined the New York Stock
now
a
today, after 59
senior partner of Whitehouse
Exchange and
merged with that of Whitehouse & Co.
Nashville, Tenn., in the
dissolved and
career and
son
special partner.
In
founded in
Whitehouse,
Feb.
on
&
1, 1919, his firm
In 1935 the firm of Pearl &
same year
as
Edward P. Field and
Joseph F.
Whitehouse & Co.,
Wixted
were
Co.,
was
Co.,
Hudson, who founded
years, became
a
the firm which
bore his
name
for
so
Dyer, Hudson
changed
&
Co., the senior partner becoming General
George R.
death, the firm has continued with H. Kierstede Hudson
and C. Alan Hudson
as the senior
partners.
Before becoming a member of
the firm of
Dyer, Hudson & Co., Gray MacW. Bryan was a
senior member
of the firm of
Bryan, Pennington & Colket.
Dyer.
Since his
As has been the
policy of both firms, the new firm will continue to do
strictly commission business.
Dr.
Frank
C. James Named President
Chancelior of McGill
Appointment
economist,
as
of
and
a
Vice-
UniversityProfessor Frank C.
James, distinguished
Principal and Vice-Chancellor of McGill Uni¬
versity, Montreal, was announced on Nov. 1
by the Board
of Governors.
Dr. James, who became
University this
autumn
associated with the
Director of the School of Com¬
Jan. 1 next, when he will
as
merce, will take office on
Dr. Lewis W. Douglas who
succeed
resigned to accept the Presidency
Insurance Co. of New York.
In his
statement regarding Professor James*
appointment (as pub¬
lished in the Montreal "Gazette"
of Nov. 2), Sir Edward
Beatty, Chancellor of McGill University, said in
part:
of
the
Mutual
Life
The
Public
Relations
Council
public relations work and six executives of the A. B. A.
Mr.
Wilson
lias been associated with the A. B. A.
since
He has served as Assistant Director of its
ad¬
vertising department and as public relations
representative
in the field
assisting banks with their publicity programs.
early 1933.
In addition to
coordinating and developing A. B. A.
publicity
activities, the Council aims to assist local bankers associa¬
tions with their
public relations programs.
Members of the
Public Relations Council are:
Samuel N. Pickard,
President, National Manufacturers Bank,
Neenah,
Wis., Chairman; William T. Wilson, New
York, N. Y., Director; F. W.
Blalock, Executive Vice-President, Fulton National
Bank, Atlanta, Ga.;
D. Porter
Dunlap, Vice-President, Bank of America N. T. & S.
A., San
Francisco, Cal.; S. H. Fifield, Assistant
Vice-President, Barnett National
Bank, Jacksonville, Fla.; Ralph M.
Eastman, Vice-President, State Street
Trust Company,
Boston, Mass.; F. Lee Major,
Vice-President, The Boat¬
men's National
Bank, St. Louis, Mo.; Wiley R.
Reynolds, President, First
National
tary,
Bank
Harry
C.
Pittsburgh,
in
Palm
Beach,
Palm Beach,
Fla.; L. F. Scarboro, Secre¬
Denver, Colo.; George O. Vass, ViceCashier, The Riggs National Bank,
Washington, D. C.;
Wehrheim, Peoples-Pittsburgh Trust Co., Lawrenceville
Colorado
President
Bankers
Association,
and
Pa.; Frank M.
National Bank, New
York, N.
Staff members: Alden B.
Branch,
Totton,
Second
Vice-President,
The
Chase
Y.
Baxter, Advertising Manager of
"Banking";
Lester Gibson,
Director, News Bureau; William A.
Irwin, Associate Edu¬
cational Director, A.
I. B.; William R.
Kuhns, Editor of "Banking";
Merle E. Selecman, Director of
Advertising Department; J. R. Dunkerley,
Assistant Secretary,
Savings Division, A. B. A., Secretary.
G. T. Newell Placed in
Nomination for
of American Institute of
Vice-Presidency
Banking
Daniel F.
member of the New York Stock
name was
C.
touches this field.
S. N. Pickard, Presi¬
dent of the Manufacturers National Bank
at Neenah, Wis.,
and President last
year of the Wisconsin Bankers Associa¬
tion, is Chairman of the Council.
many
Exchange in August, 1874
and continued as a
member until his death in 1921.
His firm was one of
the first to establish offices
and wire connections outside New
York City.
He was a specialist in the
common and preferred stocks and
also dealt in
odd lots of the American
Sugar Co., the first industrial stock to be listed
on the
Exchange.
He was known as a "Harriman"
broker and was an in¬
timate friend of Jay
Gould, H. O. Havermeyer, George Arents and other
famous operators of those
years.
After his death the firm
to
in
Winston-Salem, N.
was
admitted to
partnership.
C.I.
Co.,
O'Meara, President
of the American
of the New York
Chapter
Institute of Banking, and Assistant Vicethe Public National Bank and
Trust Co. of
New York, announced Nov. 1
that George T.
Newell, VicePresident of the Manufacturers Trust
Co., has been placed
President of
in
nomination for the
Vice-Presidency of the National
Institute for election at the Boston
convention in
1940.
Leroy S. Clark, of the Marine Midland Trust
Co.,
chosen Chairman
of the
campaign committee.
members of this committee
Vice-Chairman, J. Stanley Brown, Chemical Bank & Trust
Vice-Chairman, William A. Ten Eick Jr., Chase National
George C. Bisset Jr., Bank of Manhattan
Co.
John A. Elbe, the Lincoln
Savings Bank of Brooklyn.
Arthur Gardner, Bankers Trust
Co.
Alfred Inge, Federal Reserve Bank of
New York.
Richard W. Kaiser, Bank of New
York.
Henry R. Kinsey, Williamsburgh Savings Bank.
John H.
Kohler, City Bank Farmers Trust Co.
H. Miller Lawder, Irving Trust
Co.
John T. Madden, Manufacturers
Trust Co.
Adrian M.
Massie, the New York Trust Co.
Daniel F. O'Meara, the Public National Bank
& Trust Co.
O'Neill, the National City Bank.
William G. F. Price, the National
City Bank.
Daniel Schmeidler, Brooklyn Trust Co.
J. Vincent
Clinton W. Schwer, the Chase
National Bank.
Robert W. Sparks, the Bowery
Frank M.
Savings Bank.
Totten, the Chase National Bank.
Arthur C. Vogt,
Guaranty Trust Co.
of New York.
was
The other
are:
Co.
Bank.
Volume
The Commercial & Financial Chronicle
149
Trust Research Week, Sponsored by American Bankers
Association, Held in Kansas City Present Week
Trust Research Week, one of a series of educational con¬
ferences
the trust business being conducted throughout
under the sponsorship of the American Bankers
Association, was held in Kansas City, Mo., this week, Nov.
on
the country
6-10.
The
week's
activities,
the
under
auspices
of
the
Kansas City Chapter of the American Institute of Banking,
featured
and
a
of business
than for any like month in the decade of the
1930's, the United States Building and Loan League, Chicago,
reported on Nov. 4. A total of $89,732,000 was loaned to
home owners in September, making it the third highest
month of the year.
The League's announcement went on
to
The third
second
arms
issue of Oct.
28,
page
Annual
at
Meeting of
York, Nov. 15
in New
2629,
of
either
Newton
Boards—Action
Taken
for the Great Lakes
Region, member of its executive com¬
mittee, and foriper president of the Chicago Real Estate
Board, was elected President of the Association for the year
1940 at the 32nd annual convention at Los
Angeles, which
A reference to the
meeting and some of the
a week ago, page 2909.
President at the opening
Oct. 24, E. L. Ostendorf stated that "present in¬
addresses appeared in our issue of
addressing the Association
session
on
as
creasing real estate activity is no war boom."He added that
"we would have had this improvement at this time if there
had been no war.
Indeed, so sound is the foundation for
present realty recovery that not even a European war can
stop it." He likewise said:
From all parts of the country our member boards are
news
concerning the real estate market.
units this year,
sending
We will build 300,000
with a total value of $1,000,000,000.
us
new
good
family
This is the spear-
Other types of real estate activity are. good.
point of the advance.
We
have every reason to view the next months with optimism and confidence.
Officers elected with Mr. Farr as President of the Asso¬
ciation and to be inducted into office with him in
January
were
the
new
homes,
This type of financing con¬
beginning of 1939 the associations
by associations
had approximately $4,000,-
000,000 in mortgage loans outstanding.
Analysis of the September loans and the purpose for which they were
made follows:
Estimated Trails Made
by All Associations
Percent
in the United States
of Total
Purpose
New construction
31.04
$27,854,000
6.18
5,544,000
Home
Repair and modernization
purchase..
31,367,000
Refinancing
16,021,000
17.85
8,946,000
9.97
34.96
.
$89,732,000
following:
Real Estate Appraisers
HOLC to Offer Course for
1
brief
A
which
Vice-
President of the National Association of Real Estate Boards
In
loaned to people acquiring
by buying them.
or
these
as
During the first three quarters
says.
Conven¬
at
Carr, head of Farr & Co., Chicago,
closed Nov. 4.-
$125,-
days.
At the
L. Ostendorf
C.
added, Mr. Theobald
Association
Angeles—Increasing Real Estate Activ¬
ity Not Influenced by European War, According
E.
The first
was
ago.
by building them
these
we gave a
National
Vice-
Assistant
stitutes nearly two-thirds of the amounts being disbursed
tion in Los
to
years
loans are
Other purposes
President
Estate
Real
Theobald,
than the like period of 1938 and about $27,000,000 more than
more
of the current year, $466,287,000 was
♦
Farr Elected
of
D.
lending in 1939 amounted to $723,898,000, which
two
of
list of the
speakers who are scheduled to address the annual meeting of
the Academy of Political Science, which will be held at the
Hotel Astor, New York City, on Nov. 15.
The meeting,
devoted to the topic of "The Effect of the War on America's
Idle Men and Idle Money," will hear an address
by Miss
Dorothy Thompson, columnist, radio commentator and
author, at the dinner meeting instead of Jesse H. Jones,
Federal Loan Administrator.
Gen. Hugh S. Johnson, radio
and editorial commentator, is the other
speaker at the
dinner meeting.
C.
A.
to
Complexion of the loan portfolios in the associations is changing
Dorothy Thompson to Speak
Academy of Political Science
N.
according
It totalled $269,942,000, which is within $1,200,-
000,000
new
our
1937,
nine months'
the Association.
In
of
000 of the post-depression peak quarter two and a half years ago.
employees of trust institutions by Gilbert T. Stephenson,
of The Graduate School of
Banking.
Both the
educational
quarter's volume of loans was the highest for any since the
quarter
President of the League.
Director
are
say:
*
series of addresses and interviews with officers
Graduate School and the Institute
3063
will
include
evolved
tices
in
all
the
training
estate appraisers,
real
post-graduate course for
improved procedures and prac¬
appraisers
$3,000,000,000
the
in
operations of the Home Owners' Loan Corporation, involv¬
ing more than a million properties, was announced Oct. 21
by Donald H. McNeal, Deputy General Manager in charge
of
appraisal and Reconditioning for the Corporation. Three
schools will be held in every State where sufficient
day
interest is shown in the program,
For the past
study and research into appraisal data approved
intensive
outside
both
within
and
them
into
series of
a
conferences
the
Corporation, and
translated
discussions.
Technical
lectures
been
have
constructive
such
according to Mr. McNeal.
several months HOLC experts have made an
held
results
in
that
and
several
cities
it
decided
was
them throughout the country.
Mr. McNeal
The conferences we are planning will be as broad
include
will
calculating
tion ;
explanations
various
program
a
of
of physical,
forms
of
schedule
possible.
They
reproduction
estimating
functional
to
said:
costs;
as
and
economic
deprecia¬
for analysis of local neighborhood conditions and trends ;
of
demonstration
methods
of
and produced
the
use
the
of
capitalization approach,
and the relation
price to value.
The
tions
principles evolved in HOLD appraisals are applicable to all opera¬
in
real
the
estate
and
field.
mortgage
We
feel
independent
the
much out of our conferences as employees of
HOLC, and we believe the Corporation, as a public service, should
make available to the entire profession all the information and techniques
appraiser
get just
can
as
the
Regional Vice-Presidents:
Central Atlantic Region—Philip W. Kniskern,
Philadelphia, Pa.
South Central Region—Cyrus Crane Willmore,
St. Louis, Mo.
Northwest
Great
Region—David B.
Lakes
Simpson,
Portland,
Region—John W. Galbreath,
Southeast Region—Bethel T.
it
Ore.
has
171st
Hunt, Memphis, Tenn.
New England Region—Parker Webb,
G. Hewitt, New
Haven, Conn.
Syracuse, N. Y.
Stewart, Louisville, Ky.
James F. Gilson,
Pittsburgh, Pa.
Hobart C. Brady, Wichita, Kans.
Franck C. Owens, Atlanta, Ga.
Ford S. Barrett Jr.,
Spokane, Wash.
Lovell Turner, Dallas, Texas
The Association at
action
as
J
general sessions of the convention took
follows:
It considered the important problem arising in many cities out of changes
operating to destroy the usefulness of and the values existing in business
districts, and initiated a nation-wide program for the preservation of the
attractiveness and utility of the country's business districts.
It asked for a re-study of mortgage foreclosure laws of the various States
and for
amendment
It asked
to
for modification of the National
Housing Act
so
as
to
make
(a) that any further operations of the United States Housing
in slum or
original intention of the Act,
blighted
areas
in accordance with the
(b) that wherever feasible, development of
properties acquired in slum areas be directed to rehabilitation of existing
buildings, (c) that only those be accomodated in these projects who are in
the lowest income group,
taxes on
and (d) that these projects be required to pay
the same basis as privately owned real property.
+.
San Francisco
Dr.
Will
Durant
to
of the founding of the Chamber of
commercial
Savings, Building and Loan Associations Loaned 25.2%
More Money in September Than Year Ago—Total
$89,732,000 Was Third Highest Month This Year
Lending 25.2% more money this past September than they
did a year earlier, the savings, building and loan associations
for the fourth consecutive month achieved a larger volume
Margin Clerks' Association to Be Formed
Address First Meeting
—Stock Exchange Officials
*
First
first
were
steps
toward
forming what is
believed to be the
Margin Clerks Association outside of New York City
taken
Nov.
of 34 San Franthe Stock Exchange Institute.
4, when representatives
*cisco brokerage firms met in
The purpose
of the organization will be to provide a means
centralizing ideas on brokerage credit and to promote
uniformity among margin clerks. The business of complying
of
with
Security and
and Stock
of
and
expected to attend Ihe dinner.
between houses now in existence and new construction.
Authority be located
Connecticut
provisions for deficiency judgments.
the same terms, so that parity in financing opportunity shall obtain
It urged
Celebrate
organization of its kind in the country, will be celebrated
Thursday (Nov. 16) with a banquet at the WaldorfAstoria hotel, New York City. The speakers will be Governor
Raymond E. Baldwin of Connecticut who will talk on "A
Friendly Government," and Dr. Will Durant, noted author,
whose
topic is "The Crisis in American Civilization."
Richard W. Lawrence, President of the Chamber ,will be
toastmaster.
The committee in charge of arrangements is
headed by Jeremiah Milbank and the other members are
John M. Davis, Thomas W. Lamont, Thomas H. Mclnnerney and Nelson A. Rockefeller.
Among the invited guests
are officials of the State and City governments, representa¬
tives of the Army and Navy and presidents of leading cham¬
bers of commerce in the State.
About 750 persons, including
leaders in the fields of banking, insurance and industry, are
possible the insurance of mortgages whether on existing or new dwellings
upon
to
next
Salt Lake City, Utah.
Donald T. Pomeroy,
Commerce
Commerce of the State of New York, the oldest
1942):
J. Burrows Johnson, New Orleans, La.
A. Joseph
of
The 171st anniversary
Wanless, Springfield, 111.
New Members of the Board of Directors (terms expiring Dec. 31,
F. Orin Woodbury,
of
Chamber
Speak
Southwest Region—Charles B. Shattuck, Los Angeles, Calif.
Amos
State
Anniversary at Banquet Nov. 16—Governor
Baldwin
Boston, Mass.
North Central Region—George Walker, Des Moines, Iowa.
Treasurer: Charles S.
York
New
Columbus, Ohio.
developed.
Exchange
Commission, Federal Reserve
Exchange margin rules is
a
complex one, and the
proposed organization it is expected will be useful in pro¬
viding a means of self-regulation of this phase of the bro¬
kerage business.
An announcement in the matter further
said:
The
initiative
in
forming
the
organization
was
taken
by
Robert
M.
Douglas, Auditor of the San Francisco Stock Exchange, who also undertook
The Commercial & Financial Chronicle
3064
Senior Margin Clerks Section of New York in
possibility of eventual formation of a national
correspondence with the
a
order
to
investigate
association.
present
were
such
for
present
the
William R. Bacon, President of the Exchange,
Mr. Douglas and
guest speakers at the meeting and commented on the need
as
few informal suggestions.
Also
Tolman of the SEO and Zeno Yames of
and offered a
organization
an
guests were Leland I.
as
the Federal Reserve Bank.
Wendell
M.
Witter k Co., representing a temporary
Bacon and Mr.
nominating com¬
mittee, composed of Melvin Duncan, Calvin E. Duncan & Co., Chairman;
Ray Ninnis, Bacon k Co.; Philip Shatz, Edwin D. Berl k Co.; H. A.
Bangert, Keyston & Co.; Jack Dicks, Mason Brothers; and a constitution
committee, composed of Richard Studer, Coons, Milton & Co., Chairman;
George Newman, Strassburger k Co.; Samuel L. Conlon, Eastland, Douglass
k Co.; James Coulter, Davis, Skaggs k Co.; and William G. Vogel, Max I.
of
The meeting adjourned after the selection
Koshland
will
The committees
Co.
&
Albany, N. Y., on Nov. 6. They are: Addison
Keim, Executive Vice-FTesident of the Bank, who suc¬
ceeds the late Randall J. LeBoeuf, and Edward S. Rooney, a
member of the law firm of Cooper, Erving & Savage.
He
C.
takes the
place
the Board of the late Edward J. O'Connel
on
*
meeting scheduled for
at a
report
a
increase in the capital stock of the Genesee Trust
Batavia, N. Y., from $100,000, consisting of 4,000
proved
an
of
Co.
value of $25 each, to $173,500, made up
of the par
shares
follows:
as
(1) $73,500 par value of preferred stock divided into
♦
InstituteXto
Begin
Winter Term Nov. 13
Stock
Winter educational
will
San
of the
term
13, it
announced Nov. 0 by Madelaine Lapham, Director of
Institute.
Three course have been scheduled,
Stock
Francisco
the
Exchange
Institute
in her
Nov.
open
of the Brokerage Office,
Miss Lapham pointed out
Exchange Procedure, The Work
and Analysis of Common Stocks.
that while similar courses have
announcement
been
given in the past, special features have been introduced this
that
term
will
be
of
practical
Courses
brokerage business.
interest to persons
in
the
to Institute members
are open
value of $25. each.
newly organized Jarratt Bank at Jarratt, Va., on Oct.
acquired by the Bank of South side Virginia, the
head office of which is at Carson, Va.
The enlarged insti¬
25
was
has
tution
$91,000;
of
capital
a
operated as a branch of the consolidated institution, and is
known as The Bank of Southside Virginia, Jarratt, with
Assistant Cashier of the enlarged bank, as
S. Temple, an
L.
Other branches of the Bank
Manager.
ginia
The
B.
officers
C.
J.
J.
are:
F. Jarratt,
It.
ABOUT
TRUST
BANKS,
COMPANIES,
&c
President of General Foods Corp., was
Director of Chemical Bank & Trust Co., New York
Nov. 9.
Mr. Francis is a Director of numerous
a
on
corporations, including many subsidiaries of General Foods
Corp., and is a Director and former President of the Asso¬
ciated
Grocery
served in
Manufacturers
America.
of
lie
has
also
advisory capacity with Governmental agencies,
industrial adviser to the National Recovery
an
having been
an
Administration in 1935 and
cil
the
of
also
in
U.
the
philanthropic
1937
in
a member of the Advisory Coun¬
Department of Commerce in 1930.
Active
S.
Francis served
tals
as
and
and
charitable
member
a
organizations,
Temple,
Burrow,
and
G.
M.
the
of
executive
committee
of
At the regular
meeting of the Board of Directors of The
appointed Assistant Vice-President; and Robert L.
Hoguet Jr. and George C. Scott were appointed Assistant
Cashiers.
Mr. Havens was formerly an Assistant Cashier.
was
The National City Bank of New York yesterday
(Nov. 10)
celebrated the 25th anniversary of the opening of its Buenos
Aires Branch, the first to be established by an American
national bank
in the
foreign field.
Passage of the Federal
Reserve Act, in December 1913, provided that national banks
might "establish branches in foreign countries for the fur¬
therance of foreign commerce of
required
States."
to
do
Following
senior officers
so,
this
as
the United
fiscal
the
National
United
City
sent
lay the groundwork for
units and
as a result of this study,
Argentine capital as the
location of the first foreign outpost.
Further details were
given in the bank's announcement as follows:
overseas
determined
Original headquarters
ated
the
National
Vice-Presidents;
Scarborough,
a
learned
need
for
to
select
were
larger
and
City's Buenos Aires
more
Martin, but steady growth
modern
Branch moved
facilities
into
and
10
years
magnificent
a
cre¬
ago
build¬
new
ing at San Martin and Bartolome Mitre Streets, in the heart of the business
and banking district.
A handful of employees, with two officers, were
sufficient to carry on the work of the Branch in
1914; today, with two
sub-branches,
at
Plaza
Once
and
it
is
position to enter
The
business for himself.
further said:
paper
Mr.
Wilson,
formerly
active head of
Mr.
receiver
for several
the Ionia bank Jan.
Wilson's
Jesse W.
1, 1938.
County
Ionia
No
successor
banks,
became
has been named
post.
Tapp, Agricultural Economist for the Bank of
American National Trust & Savings Association (head office
San Francisco, Cal.) has been appointed a Vice-President
the
institution, it
announced Nov.
was
America
he
7 by L. M. Gian-
Mr. Tapp went to the Bank of
last April
direct from Washington, D. C., where
been associated with the Department of Agri¬
He joined the Department of Agriculture in 1920,
had long
culture.
for
and
eight
years
was
engaged
in
economic
and
farm
management activities for the Government.
From 1928 to
1933 he was engaged in investment analysis work in New
York City, and rejoined the Department of Agriculture in
Washington in March, 1933.
During the ensuing six years
he served
as President of the Federal
Surplus Commodities
Corporation, as Director of the Commodity Credit Corpora¬
tion, as Director of the Federal Crop Insurance Corporation,
and
as
ment
Assistant Administrator of the Agricultural
Adjust¬
Administration.
F.^ Patterson, General Manager of the Bank of Nova
Scotia, was elected President of the Canadian Bankers As¬
sociation at the annual general meeting on Nov. 9
according,
to Canadian Press advices from Montreal
on
that date.
the
Calle St.
on
"Michigan Investor"
Clyde N. Wilson, Executive Vice-President of
County National Bank at Ionia, Mich., has
his
resigned
to
the
that
Ionia
the
of
issue
recent
States, and to
of
agent
development,
to South America to
organization of
was
Board;
«
From
of
National City Bank of New York held Nov. 8, A. V. Havens
it
the
III, Assistant Cashiers.
nini, the bank's President.
if
Chairman of
President; W. D. Prince, George R. Walters,
C.
Mr.
member-at-large for the United Hospi¬
a
Community Welfare in 1934-30.
act,
of Southside Vir¬
maintained at Stony Creek and Prince George, Va.
are
Clarence Francis,
City,
undivided
Elmore, Cashier, and Thomas E. Fenner, Jr., J. K.
Jarratt, M. L. Finney, L. S. Temple, and Thomas E. Fenner
ITEMS
elected
surplus and
of $60,000; total deposits of $1,200,000, and total
resources of $1,400,000.
The acquired bank is now being
profits
II.
the general public.
and
divided into 4000 shares of the
(2) $100,000 par value of common stock
par
The
Exchange
Stock
in the
First classes
was
9800 shares of the
value of $7.50 each;
par
4
Francisco
San
Nov. 1 ap¬
York State Banking Department on
The New
17.
Nov.
1939
Trust Co. of
organ¬
the meeting and introduced Mr.
opened
11,
,
Joost, Dean
izing committee,
Douglas.
Nov.
Flores,
officers
THE
CURB
MARKET
Curb stocks have been unsettled during most of the
presen
week.
There were some gains among the
preferred issues in
the public utility section and some modest advances in the
industrial specialties, but with few exceptions the
changes
were small and without
special significance. Aircraft shares
have been weak and there has been little attention
the mining and metal issues.
Oil stocks have been
Argentina; Rio de Janeiro, Pernambuco, Santos (Agency) and Sao Paulo,
Brazil; Santiago and Valparaiso, Chile; Bogota and Medellin, Colombia;
Lima, Peru; Montevideo, Uruguay, and Caracas, Venezuela.
Supervisor of
given to
quiet and
merchandising shares have moved within a narrow channel.
Steel stocks were generally lower due to
profit taking and the
aluminum issues have, as a rule, moved
moderately higher.
Mixed price changes were
apparent during the greater part
of the two hours session on
Saturday, and while the general
tendency was toward higher levels, there were a goodly
National
number of
maintain
National
24
and
Opening of the Buenos Aires Branch and its attendant
runner
more
for
other
were
South
American
branches and
the
in
seven
employees
countries of the continent.
These
success,
was
following
established, giving the bank representation,
facilities, in
245
City's representation in Argentina.
with
are
years
full
located at
fore¬
12
banking
Rosario,
City's activities in Argentina is Leo D. Welch and Buenos Aires
Manager is Ralph H. Thomson.
All of the bank's overseas banking organ¬
ization, in Europe, the Far East, the Caribbean and in South America are
under the direction of
Joseph II.
t
Durrell, Senior Vice-President.
Tlie Directors of Sterling National Bank
New York, have
appointed Edward J. Block
of the bank.
*
& Trust Co., of
a
Vice-President
City, it is learned from the Department's "Weekly Bulletin"
of Nov. 3.
From the
two
Albany "Times-Union" of Nov. 7. it
directors
were
elected
to
the
Board
of
is learned
the
First
active
came
to
a
stocks
close.
on
the
side of
The transfers
the decline
as
the
unusually heavy,
climbing up to approximately 303,000
shares against 87,000 on the
preceding Saturday.
Public
utilities preferred stocks were
moderately active and a
number of prominent issues moved upward and in several
the volume
instances
were
of sales
new
tops for the year "were established.
Aviation
the net gains were small.
Steel
issues were in demand at
higher prices and considerable
interest was apparent in the industrial
specialties. Aluminum
stocks had a field day and advanced to their best
prices of the
year.
Oil shares were quiet. Among the advances registered
shares
The Societe Generale Pour Favoriser Le
Developpement
Du Commerce Et De L'lndustrie En
France, Paris, France,
has applied to the New York State
Banking Department for
permission to establish an agency at 15 Broad St., New York
that
market
were
stronger but
at the end of the session were Aluminum
Co. of America, 1
point to 143; Midvale Co., 4% points to 111%; Montgomery
Ward A, 2% points to 163; Todd
Shipyards, 2% points to
71; and Singer Manufacturing Co., 1% points to 155%.
Price movements were generally toward
higher levels on
Monday.
There were some w^eak spots scattered through
Volume
The Commercial &
149
the list but they made little impression on the upward swing.
Public utility stocks continued to attract moderate specu¬
lative attention and the industrial specialties in many cases
recorded substantial gains.
Aviation shares failed to main¬
tain
the
modest gains of
Oil stocks
the previous session and again
worked lower.
Standard
Oil
were
down with the exception of
the downside. Aircraft stocks moved lower
with the rest of the list, Lockheed leading the decline with a
drop of 1% points to 30%.
Other losses were Todd Ship¬
yards, 3 points to 68; Quaker Oats, 3% points to 115; Jones
& Laughlin Steel, 1% points to 38%; Sherwin-Williams, 2
points to 92; and New Jersey Zinc, 1% points to 68%.
Declining prices again dominated the trading on Thursday
and with the exception of a few selected public utility
pre¬
ferred stocks, recessions were in evidence in every section
group were on
Aircraft shares
down, and while some were
unchanged the group, as a whole, was below the preceding
close. Aluminum issues were off, Aluminum Co. of America
slipping back 3% points to 136% and Aluminium Ltd. de¬
clined 1 point to 102. Public utilities attracted some specu¬
lative attention and climbed upward under the leadership of
Minnesota Power & Light $7 pref. which surged ahead 6
points to 92. Industrial specialties were down and so were
the steel stocks.
There were occasional movements against
the trend but these were largely among the slow moving
shares and the gains were largely fractional.
Stocks were irregularly lower on Friday following the
brisk selling pace of the preceding day.
There were some
strong spots scattered through the fist, but the market
weakened as the day progressed and several of the leaders
cancelled part of their early advances. American Cyanamid
B was one of the strong spots as it climbed upward 2 points
to 31%.
Aluminum Co. of America was also higher by 3%
points at 140.
The transfers dropped to approximately
162,000 shares against 222,000 on Thursday. As compared
with Friday of last week prices were generally lower,
Aluminum Co. of America closing last night at 140 against
142 on Friday a week ago, American Cyanamid B at 31%
against 31%, Bell Aircraft at 24 against 26%, Cities Service
at 5% against 6, Creole Petroleum at 24 against 25, Electric
Bond & Share at 8% against 9%, Fairchila Aviation at 11 %
against 12%, Fisk Rubber Corp. at 9% against 10%, Ford
of Canada A at 18% against 18%, Gulf Oil Corp. at 40%
against 42%, Humble Oil (new) at 65% against 68%,
International Petroleum at 21% against 22%, Lake Shore
Mines at 24% against 27%, Lockheed Aircraft at 30%
against 33%, New Jersey Zinc at 67 against 69%, Sherwin
Williams Co. at 93 against 97 and United Gas pref. at 90
against92%.
DAILY
The
price of silver per ounce (in cents) in the United
the same days has been:
States
on
Wed.,
Tues.,
Mon.,
Sat.,
Nov. 4
Thurs.,
Fri„
Nov. 9
Nov. 8
Nov. 7
Nov. 6
Nov, 10
3434
3434
3434
3434
35
71.10
71.10
71.10
71.10
71.10
BarN.Y.(for'n) 3434
U. S. Treasury
(newly mined) 71.10
of
Kentucky which worked into new high
ground at 19%. Prominent on the side of the advance were
American Potash & Chemical, 2 points to 90; Quaker Oat;
pref., 3% points to 146%; Singer Manufacturing Co., 1
point to 156%; Toledo Edison, 1% points to 111%; Nehs
Corp., 2% points to 46; Midvale Co., 1% points to 113,
Texas Power & Light pref., 3% points to 107; Ohio Edison,
1 point to 105%; Great Atlantic & Pacific Tea Co. 1st
pref.i
1% points to 132%; and General Outdoor Advertising pref.,
3% points to 80.
The New York Curb Exchange, the New York Stock
Exchange and the commodity markets were closed on Tues¬
day Nov. 7, General Election Day.
Lower prices prevailed all along the line on Wednesday.
There were some modest gains during the opening hour but
most of these were canceled as share prices worked lower.
In
the public utility list a small group of preferred stocks
registered fractional gains and there was some buying in the
industrial specialties, but most of the changes in the latter
of the list.
3065
financial Chronicle
TRANSACTIONS
AT
were
THE
NEW YORK
Stocks
CURB
EXCHANGE
FOREIGN EXCHANGE RATES
Pursuant to the
requirements of Section 522 of the Tariff
Act of
1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
FOREIGN
record for the week just passed:
a
EXCHANGE
CERTIFIED
RATES
FEDERAL
BY
RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1930
NOV. 4,
1939, TO NOV. 10, 1939, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
New York
Unit
NOV. 4
Nov. 6
Nov. 7
Nov. 8
Nov. 9
Europe—
$
S
$
$
$
$
Belgium, belga
.166455
.166812
.165212
,lu4042
.161971
a
a
a
a
Bulgaria,
ley
Czechoslo Via. koruna
Greece, drachma
a
a
a
.192771
.192812
.192812
3.923055
3.817500
3.849722
.018733
.018600
.018766
.022329
.022256
.021617
.021818
.401000*
.401050*
.401660*
.401333*
.007342*
.007285*
.007242*
.007258*
3.936250
•
.018666
.022511
Germany, reichsmark
a
a
.192980
a
.192983
Denmark, krone
Engl'd, pound sterl'g 3.968055
.019175
Finland, markka
France, franc
Nov. 10
a
.007330*
a
.176016*
.176016*
.050456
.050456
.050440
.050433
.630877
.530750
.530700
.530694
.530712
.227083
.220957
.226800
,226937
a
a
a
a
.036266
.030133
.035933
.035566
.035975
.007090*
.007100*
.007090*
.007090*
.101750*
.101750*
.101750*
.101750*
.238016
Poland, zloty..
Portugal, escudo
Rumania, leu
a
.050456
a
Hungary, pengo.
Italy, lira
Netherlands, guilder.
Norway, krone
.238033
.237825
.237900
.237855
.224200
.224160
.224144
.224105
.224111
.022631*
.022631*
.022631*
.022606*
a
Spain, peseta
Sweden, krona
Switzerland. franc.
Yugoslavia, dinar...
_
.
a
a
.226837
.101750*
HOLI¬
Asia—
China—
DAY
Chefoo (yuan) dol'r
Hankow (yuan) dol
Shanghai (yuan) dol
Tientsin (yuan) dol.
a
a
a
a
.082500*
.089333*
a
a
a
a
a
.090791*
a
.081791*
.080833*
a
a
a
a
a
Hongkong, dollar.
British India, rupee.
.247466
.245900
.244975
.238541
.239733*
.302131*
.302078*
.301964*
.301714*
.301714*
Japan, yen...
.234255
.234412
.234412
.234412
.234412
Straits Settlem'ts, dol
Australasia-
.405000
.466800
.464900
.458750
.459800
3.122500
3.040833
3.069583
Australia, pound.... 3.161250 3.138750
New Zealand, pound. 3.174062* 3.151502*
3.135625* 3.053750* 3.081250*
Africa—
3.960000
i
3.97500C
3.973000
3.975000
.893359
Union South Africa, 4 3.960000
j
.892421
.888281
.879140
North America—
.893281
Canada, dollar.
Cuba,
1
b
b
peso
b
:
.
b
b
.205233*
.205066*
.205733*
.205433*
.206666*
.891093
.890937
.890150
.885625
.876562
Argentina, peso
.297700*
.297700*
.297733*
.297733*
Brazil, milrels official
.080580*
.060580*
.000580*
.060580*
.060580*
.050160*
.050460*
.050460*
.0-0460*
.051700*
.051740*
.060320*
.051740*
Mexico, peso
Newfoundl'd, dollar.
South America—
"
"
free..
.297733*
.051700*
.051700*
export-
.040000*
.040000*
.0*0000*
.0*0000*
.040000*
Colombia, peso
Uruguay, peso contr.
.571000*
.571725*
.671525*
.571725*
.671725*
Chile, peso—official.
"
"
b
*
Nominal rate,
a
b
b
b
b
Non-controlled
b
b
b
b
b
No rates available,
COURSE
b Temporarily omitted.
BANK
OF
CLEARINGS
clearings this week will show an increase compared
with a year ago.
Preliminary figures compiled by us based
upon telegraph advices from the chief cities of the country
indicate that for the week ended today (Saturday, Nov. 11)
clearings from all cities of the United States for which it
is possible to obtain weekly clearings will be 3.9% above
those for the corresponding week last year.
Our preliminary
total stands at $4,134,252,016, against $3,978,706,151 for
the same week in 1938.
At this center there is a gain for the
week ended Friday of 23.6%.
Our comparative summary
Bank
for the week follows:
Bonds (Pat Value)
{Number
Week Ended
Stares)
Domestic
Foreign
Corporate
Clearings—Returns bj Telegraph
Week Ending A ov. 10
Total
303,040
Monday...
$917,000
$3,000
$29,000
$949,000
194,045
Saturday
Tuesday.;
Foreign
Government
of
Nov. 10. 1939
1.128,000
10,000
HOLIDAY
29.000
1,167,000
30,000
35,000
1,721,000
Boston
1,686,000
1.203,000
New York
Chicago
.
.
.
192,380
1.656,000
Thursday
221,755
1 589.000
42,000
54,000
Friday...
161.725
1.160.000
24.000
19,000
St.
-
_
1.072.945
Total...
$0.450 000
$166,000
$101,000
$6,725,000
-
Sales at
Jan. 1 to Nov, 10
1939
Exchange
*
+ 58.8
56,721,731
+ 61.7
40,700,826
49,386,907
+ 46.6
34,773,012
+ 55.7
$2,376,575,965
760,390,470
+ 33.8
$3,142,966,441
835,739,710
+ 31.5
$4,134,252,016
Pittsburgh
Cleveland
+ 81.0
46,100,000
73,120,000
.
Eleven cities,
1,072,945
1,132,900
39,198,040
40.345,241
$6,450,000
$383,940,000
3,787,000
$297,814,000
109,000
$7,501,000
71,000
160.000
88,000
8,991,000
$0,725 000
$7,660,000
$393,718,000
Other cities,
five days....
five days
-
*
-
Foreign corporate.
6.114,000
Total all cities, five days
AH cities, one day......
Total all cities for week
Total
$3,978,706,151
+ 3.9
+ 24.6
$309,099,000
—
Bondg
Foreign government
+ 57.8
5,771.000
Stocks— No. of shares.
Domestic
+ 50.9
1938
1939
1938
+ 54.1
+ 37.2
46.217,237
91.719.001
68,493,759
77,908,305
54,134,000
Baltimore............
New York Curb
+ 23.6
+ 53.4
$4,134,252,016
Holiday
.......
Detroit
Week Ended Nov. 10
Cent
$3,179,655,621
954,596,396
Trills
San Francisco....
$1,651,641,590
150,626,093
174,000,000
141,282,569
267,000,000
193,823,872
83,670,490
73.200.000
110,309,000
Philadelphia
Wednesday
1938
$1,917,911,086
241,426,048
Kansas City...
....
Per
1939
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
ENGLISH
FINANCIAL MARKET—PER
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The
as
Sat.,
Mon.,
Tues.,
Wed.
Thurs.,
FH.,
Nod. 4
Nov. 6
Nov. 7
Nov, 8
Nov. 9
Nov. 10
23 l-16d.
168s.
£68 H
23 7-16d.
108s.
Closed
Gold, p. fine oz. 168s.
Consols, 2 H%Closed
British 3)4%
Silver, per oz..
W. L
British 4%
1960-90
Closed
£10534
233*d.
2334d.
168s.
168s.
168s.
£67 34
£0834
£10534
£08
£91H
£9234
Closed
2334d.
£9134
£10534
£10534
£9134
£105
them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
furnish
of the week in all
cases
has to be estimated.
In the elaborate detailed statement, however,
which we
able to give final and complete
results for the week previous—the week ended Nov. 4.
For
that week there was a decrease of 5.3%, the aggregate of
clearings for the whole country having amounted to $6,490,118,545, against $6,165,242,344 in the same week in 1938.
present further below,
we are
The Commercial & Financial Chronicle
3066
Nov.
11,
1939
Outside of
this city there was an increase of
9.8%, the
clearings at this center having recorded a gain of
only 1.9%.
We group the cities according to the Federal
Reserve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show an increase of 2.2%, in the Boston
Reserve District of 10.2%, and in the Philadelphia Reserve
District of 5.4%.
In the Cleveland Reserve District the
totals are larger by 18.3%, in the Richmond Reserve District
by 5.5%, and in the Atlanta Reserve District by 5.2%.
In the Chicago Reserve District the totals record an
improve¬
ment of 8.4%, in the St. Louis Reserve District of
8.7%, and
in the Minneapolis Reserve District of
6.3%.
The Kansas
City Reserve District enjoys a gain of 15.5%, the Dallas
Reserve District of 15.8% and the San Francisco Reserve
District of 13.7%.
In the following we furnish a summary by Federal Reserve
bank
Week Ended Nov. 4
Clearings atInc. or
1939
1938
*
Seventh Feder al Reserve D istrict—Chic ago—
Mich.—AnnArbor
352,989
459,733
98,961,982
2,854,929
108,652,870
Detroit
Grand
3,670,493
Rapids.
Lansing
Wayne
1,806,096
1,778,767
Indianapolis...
21,840,000
3,984,152
1,590,672
1,088,037
19,303,000
1,360,993
4,506,145
21,844,210
1,477,724
10,784,055
3,534,912
Springfield
399,084
314,450,825
1,792,559
4.199.380
1,346,556
1.447.381
293,112,512
1,327,142
3,989,283
1,039,365
1,335,072
508,351,934
South Bend
1,781,450
Terre Haute
6,053,596
Wis.—Milwaukee
21,594,625
1,440,327
la.—Ced. Rapids
Des Moines..
Sioux
11,760,784
City-..
111.—B1 oomlngto n
Chicago.
Decatur...
Peoria
j
SUMMARY OF BANK CLEARINGS
—23.2
+ 9.8
+ 28.6
468,982,571
Ind.—Ft'
Rockford
■.'
1936
,%
Total (18 cities)
districts:
1937
Dec
426,611
128,786,922
3,298,715
+ 13.5
2,406,248
+ 63.5
1,390,681
19,767,000
1,595,032
+ 13.1
+ 30.9
381,216
89,078,289
3,234,016
1,558,010
1,129,879
18,626,000
1,503,639
+34.3
5,613,637
4,782,040
—1.1
22,270,712
1,416,627
10,253,176
3,527,450
411,205
20,232,567
311,931,472
1,173,878
310,986,222
4,198,214
1,195,237
4,850,597
—2.5
+ 9.1
+ 12.7
—3.3
412,805
+ 7.3
+ 35.1
+ 5.3
1,173,755
9,437,576
3,478,771
360.844
904,530
+8.4
1,638,690
1,138,258
1,367,618
+8.4
521,301,507
474,223,827
+ 29.6
Inc.or
Week Ended Nov. 4, 1939
Federal
1939
1938
Dec.
1937
$
$
%
S
Reserve Dlsts.
1st
Boston
341,416,953
309,932,836
2d
New York_.13
"
3,761,789,557
3,681,352,766
+10.2
+-2.2
3d
PhiladelphlalO
"
439,127,226
416,744,655
+ 5.4
4th
Cleveland..
12 cities
1936
%
293,602,653
310,141,168
3,320,465,730
3,608,028,941
355,473,111
350,806,049
5
"
332,893,346
281,338,215
277.063,953
Richmond—
6
"
158,149,593
149,891,524
150,584,731
10
"
173,133,235
152,660,667
7th
18
"
508,351,934
468,982,571
+ 8.4
521,301,507
8th
St. Louis...
4
"
159,095,821
Minneapolis
36,470,333
+ 1.6
33,787,240
86,500,000
34,609,474
23,954,938
+27.4
25,180,584
29,484,925
734,000
550,000
+33.5
657,000
619,000
159,095,821
146,375,271
+ 8.7
147,524,824
151,213,399
474,223,827
9th
85,400,000
147,768,231
Chicago
90,800,000
37,042,302
30,519,519
Tenn.—Memphis
133,939,354
Atlanta
+ 18.3
-+5.5
164,606,418
+ 5.2
292,040,355
6th
6th
Eighth Federa 1 Reserve Dis trlct—St. Lo Ui8—
Mo.—St. Louis..
Ky .—Louisville..
+8.7
146,375,271
147,524,824
111.— Jacksonville
x
Quincy
Total (4cities).
+ 6.3
87,900,000
x
151,213,399
7
"
118,636,913
111,634,530
+6.3
111,051,463
10th Kansas CitylO
11th Dallas
6
99,344,809
"
153,844,207
133,248,173
+ 15.5
135,636,312
131,522,270
"
76,683,081
66,214,564
+ 15.8
68,406,553
12th San Fran...11
62,039,042
"
266,996,679
234,920.821
+ 13.7
245,334,570
235,367,763
-5.3
5,794,082,476
5,961,458,826
-9.8
2,595,540,319
2,487,544,087
—9.4
434,941,157
Total
113 cities
We
-.32 cities'
add
now
our
6,165,242,344
2,855,812,933
Outside N. Y. City
Canada.
6,490,118,545
2,800,077,423
421,331,606
465,083,243
1
Ninth Federal
525,337,994
figures for each city separately for the four
S.
74,062,312
64,432,402
—0.4
2,460,348
820,515
783,970
+25.2
25,722,849
2,576,093
687,452
873,311
25,259,530
2,315,528
612,067
726,099
3,882,910
3,177,801
+22.2
3,143,398
2,421,752
118,636,913
111,634,530
+ 6.3
111,051,463
99,344,809
D.—Aberdeen
Mont.—Billings
905,012
981,552
.
Helena
Total (7 cities).
Neb.—Fremont.
Inc. or
Dec.
+ 13.0
N. D.—Fargo
Tenth Federal
Clearings at1938
—43.9
Paul
Reserve Dis trlct—Kans
101,870
122,709
3,136,458
33,819,514
.
Hastings
1937
1936
Lincoln
Omaha
Flrst
%
Federal
646,101
2,274,649
295,595,655
934,188
Portland
Mass.—Boston..
Fall
River
Lowell
776,747
New Bedford.
603,285
+ 7.1
—1.6
2,311,918
268,638,355
850,819
631,425
+ 9.8
717,146
2,323,743
254,000,334
1,096,440
+ 23.0
679,867
+ 10.0
682,303
2,200,669
272,133,768
1,023,926
+ 27.4
1,051,478
1,048,883
4,449,091
+ 4.1
Haven
+ 0.4
4,426,555
2,398,731
11,477,143
11,298,946
12,704,310
+2.5
5,725,691
4,529,149
+26.4
4,517,817
4,209,791
10,919,500
+21.1
N.H.—Manches'r
10,537,100
10,064,000
547,104
—1.3
476,299
567,620
Total (12 cities)
341,416,953
309,932,836
+ 10.2
293,602,653
310,141,188
Feder al Reserve D istrict—New
York-
N.
Y.—Albany
13,103,492
1,374,114
36,000.000
411,784
7,779,007
+ 68.4
1,139,326
30,000,000
541,033
+ 20.0
—23.9
843,599
636,240
+ 32.6
3,634,305,612 3,565,164,921
9,004,854
8,114,471
Syracuse
5,072,445
4,498,542
Westchester Co
4,341,151
4,645,219
Conn.—Stamford
5,467,770
4,562,782
N. J.—Montclalr
669,316
574,013
Newark..
22,033,508
20,458,318
Northern N. J.
29,161,912
33,238,894
+ 1.9
__
Buffalo
Elmira
Jamestown
New
Total (13 cities) 3,761,789,557
3,681,352,766
356,163
597,109
+ 11.0
—6.5
3,767,581
+ 19.8
+ 16.6
4,837,298
565,456
+ 7.7
—12.3
20,547,870
32,487,327
2,551,256
4,303,047
529,638
20,504,744
32,292,493
1,119,050
+ 31.9
426,000,000
1,546,706
404,000,000
1,777,417
2,379,562
"
Scranton
2,722,689
Wllkes-Barre..
1,012,118
1,292,499
3,650,200
Total (10 cities)
Cincinnati
Cleveland
Columbus
Mansfield..
...
Youngstown...
Pa.—Pittsburgh
Total (7 cities)
_
_
Fifth Federal
W.Va.—Hunt'ton
439,127,226
638,608
608,040
+ 23.3
504,491
+ 3.5
*490,000
353,143
1,411,512
+ 5.4
—13.0
397,713
1,296,790
341,000,000
1,582,567
+ 14.4
2,284,626
+ 7.2
—24.6
1,450,744
1,728,572
1,513,101
3,427,700
+ 6.5
4,589,000
355,473,111
350,806,049
416,744,655
+ 5.4
1,732,981
56,221,815
+ 20.7
58,420,078
92,882,360
+ 20.7
89,820,639
10,631,600
1,734,309
+3.8
+ 3.0
11,880,300
1,922,043
2,156,239
+ 41.1
2,235,639
134,503,425
115,978,911
+ 16.0
125,572,191
332,893,346
281,338,215
Reserve Dist rict
547,594
+ 48.4
+ 18.3
158,149,593
149,891,524
+ 5.5
Sixth Federal
Tenn.—Knoxvllle
Nashville
Ga.—Atlanta
Augusta
Macon
4,200,231
20,335,682
60,800,000
1,382,524
Fla.—Jacks'nville
1,203,329
18,009,000
24,050,019
Mobile
2,133,860
Miss.—Jackson..
Vicksburg
La.—New Orleans
(10cities)
2,189,465
Fort
1,558,536
46,144,425
6,547,443
—4.7
1,614,153
50,484,710
8,165,648
3,398,000
1,136,725
3,607,317
+ 15.8
68,406,553
62,039,042
—6.9
3,395,722
87,788,705
2,709,544
637,069
790,584
District—Da lias—
1,488,032
51,150,201
Wichita Falls..
76,683,081
_
+ 12.7
7,048,566
2,599,000
931,855
2,996,910
60,403,721
7.731,448
3,003,000
1,010,428
2,856,884
Worth
Total (6 cities)
Reserve
1,677,600
Dallas
+ 9.7
66,214,564
Twelfth Feder al Reserve'D istrict—San
W ash.—Seattle..
38,418,207
1,304,907
32,447,508
17,682,302
3,742,247
3,297,459
4,311,167
+ 15.5
+8.4
Franci
+ 17.1
—0.5
Santa Barbara.
3,117,726
1,380,681
1,311,239
28,282,914
14,316,130
3,890,308
3,579,976
143,859,261
2,815,950
1,627,101
2,419,401
2,429,760
266,996,679
234,920,821
Ore.—Portland.
.
Utah—8. L. City
Calif.—L'g Beach
Pasadena
San
Francisco
163,186,241
.
San Jose
Grand
(10 citle)
total
cities)
+ 6.0
71,651,375
—4.2
28,702,423
150,584,731
18,211,494
+ 11.7
+28.2
1,225,361
15,459,000
21,135,279
1,761,986
+ 3.1
—1.8
+ 16.5
+ 13.8
+ 21.1
x
3,759,342
17,462,451
53,700,000
1,230,115
1,146,905
16,658,000
18,494,881
1,643,604
x
SCO—
36,483,165
1,316,217
31,888,887
1,319,515
28,298,483
—0.4
33,239,594
14,984,974
3,985,324
3,915,312
143,775,000
3,539,468
1,676,608
2,418,908
144,771,131
2,821,775
1,457,582
2,126,623
+ 13.7
245,334,570
235,367,763
+ 14.7
+ 23.5
—3.8
—7.9
+ 13.4
+ 10.7
—15.1
15,237,807
3,637,549
3,808,411
+ 5.3 5,794,082,476 5,981,458,826
2,855,812,933 2,600,077,423
+ 9.8 2,595,540.319 2,487,544,087
Week Ended Nov. 2
Clearings at—
Inc. or
1939
1938
Dec.
1937
$
Canada-
%
%
5
145,543,451
102,730,065
71,509,621
Winnipeg
Vancouver
Quebec.
2,833,932
125,183,712
Halifax.
Hamilton
Victoria
7,901,561
1,859,494
1,725,706
277,063,953
311,367
2,676,000
40,413,371
1,263,997
63,492,952
25,781,667
2,874,844
4,900,967
Regina
8,274,602
418,966
22,636,697
6,437,699
3,072,967
5,817,759
10,060,899
7,389,982
Calgary
20,911,853
4,836,380
2,877,611
Edmonton
1,015,068
161,014,231
138,995,392
61,916,079
20,942,634
21.147,777
Ottawa
"
~
~
Brandon
2,006,771
1,887,053
2,788,177
4,531,963
6,631,405
1936
S
—9.6
142,433,100
169,304,738
—26.1
178,077,234
71,478,956
+ 0.1
131,683,373
55,323,697
22,184,935
—6.6
26,698,060
—24.9
6,927,126
2,872,374
+ 15.5
—6.4
21,466,917
28,723,917
7,504,755
2,603,508
+ 27.0
—21.5
6,595,461
5,492,513
5,300,583
6,300,780
—7.3
2,106,275
—8.6
2,028,450
+ 3.1
2,157,348
1,922,821
3,122,780
+ 24.8
3,406,918
4,836,818
4,831,955
—26.6
507,596
+8.1
5,288,256
5,053,033
451,700
643,912
2,072,759
—2.0
815,639
Saskatoon.
2,009,441
1,769,444
+ 13.6
1,644,571
Moose Jaw
894,600
926,895
993,608
+ 4.5
"—3.1
743,669
Brantford
856,317
1,024,910
1,146,614
1,060,302
Fort William
133,939,354
747,823
570,815
763,141
926,285
832,527
+ 11.3
980,789
New Westminster
721,765
351,750
561,967
+28.4
813,280
792,212
414,249
671,880
—15.1
350,372
+ 4.9
763,991
Leth bridge
Medicine
—2.6
809,911
3,384,727
6,490,118,545 6,165,242,344
Outside NewYork
London
+ 12.2
+ 8.9
3,594,000
(113
St. John
292,040,355
411,553
2,862,000
45,696,104
1,261,276
+ 13.7
59,000,000
1,078,630
x
3,314,267
15,727,389
57,100,000
1,393,288
1,195,653
14,474,000
19,284,190
1,610,108
Hat
222,532
—4.2
224,586
42,200,969
220,130
—3.3
38,340,783
33,448,206
173,133,235
164,606,418
+ 5.2
152,660,667
905,476
678,850
—4.9
Kitchener
1,497,554
1,298,026
+ 15.4
739,595
1,351,339
Windsor
2,759,769
2,734,446
+ 0.9
3,215,195
303,361
703,922
683,681
1,370,413
"2,842,471
Prince Albert
457,296
392,468
+ 16.5
427,395
457,867
Moncton
837,088
976,821
—14.3
637,362
683,184
—6.7
1,018,788
654,615
894,154
Kingston
Chatham
641,168
647,979
—1.1
1,183,319
Sarnia
435,807
480,445
—9.3
512,585
502,501
1,136,343
1,016,829
+ 11.8
842,680
952,272
421,331,606
465,083,243
—9.4
434,941,157
525,337,994
Peterborough
704,997
Sherbrooke
645,289
x
213,136
40,805,454
147,768,231
+ 18.1
32,808,182
Yakima
Montreal
2,449,469
56,789,628
77,255,444
11,536,700
Reserve Dist rict—Atlant
Ala.—Birm'ham
Total
920,869
•Richm ond—
Total (6cities).
C.'—Charleston
131,522,270
Toronto
2,571,101
67,850,340
112,101,061
11,039,800
1,785,875
3,041,744
D.C.—Washing'n
Md.—Baltimore.
135,636,312
Eleventh Fede ral
Texas—Austin
3,445,000
+ 33.3
S.
+ 15.5
1,595,269
2,469,115
944,221
410,915
2,447,000
48,019,965
1,121,752
73,312,739
24,579,153
Richmond
133,248,173
+ 24.1
+ 10.8
338,000,000
1,714,743
2,783,000
52,301,730
1,258,499
77,707,025
23,551,745
Va.—Norfolk
Total (10 cities)
Total
Feder al Reserve D istrict—Clev eland—
Ohio—Canton
153,844,207
492,333
Pueblo
+2.3 3,320,465,730 3,608,028,941
473,582
_
583,485
3,198,542,167 3,493,914,739
+ 12.8
1,476,160
York.
N. J.—Trenton.
573,128
879,583
9,158,229
1,136,033
30,500,000
736,258
7,949,832
3,869,187
—19.1
Chester
Reading
12,464,928
1,177,149
31,600,000
8,545,011
4,478,242
440,330
Lancaster
Philadelphia
Fourth
+ 20.6
484,275
457,357
Bethlehem
+ 38.1
3,081,327
La.—Shreveport.
Reserve Dist rlct—Philad
elphia
Pa.—Altoona
31,054,390
1,825,116
528,958
530,487
107,300,154
—8.7
Stockton
York
Rochester
Third Federal
—0.7
—30.8
121,433
139,059
3,060,648
732,481
Mo.—Kan. City.
St. Joseph
Colo.—Col. Spgs.
Galveston
Blnghamton
99,116
144,626
2,720,823
29,966,687
2,339,734
13,224,400
540,181
Second
+ 25.3
4,304,110
2,723,954
13,026,944
R.I.—Providence
City
+ 16.6
—12.2
469,989
2,736,089
Springfield
Worcester
3,577,431
2,413,839
3,911,493
92,019,747
3,064,548
678,431
617,002
*
821,375
as
87,355
139,729
2,502,956
34,068,793
2,465,554
3,673,345
86,471,091
2,779,905
1,705,367
3,351,994
..
Wichita..
1,303,507
4,631.801
_
Conn.—Hartford
New
Kan.—Topeka
Reserve Dist rict—Boston
Me.—Bangor
+ 3.6
+ 10.3
3,986,048
years:
Week Ended Nov. 4
1939
6,644,492
68,865,795
28,881,609
3,724,570
77,815,870
28,778,397
2,548,602
Minneapolis
St.
detailed statement showing last week's
Reserve Dis trlct—Minne apolis-
Minn.—Duluth..
Sudbury
Total (32
*
cities)
Estimated,
x
No figures available.
666,304
610,236
Volume
The Commercial & Financial Chronicle
149
REDEMPTION
CALLS
AND
FUND
SINKING
The date indicates the redemption
or
last date for making tenders, and the page number gives
the
given in the "Chronicle":
were
Company and Issue—
Budd Realty Corp. 1st mtge. 6s
Nov. 14
1 '40
Dec.
1
Dec.
1
Caterpillar Tractor Co. 5% preferred stock
Nov. 25
♦Athens Ry. & Electric Co. 1st mtge. 5s
Jan.
Buckeye Steel Castings Co., prior preferred stock
Colon Development Co., Ltd., 6% pref. stock
♦Connecticut Ry. & Lighting Co. 1st & ref. 4Hs
Creameries of America, Inc., 10-year debs
Fairbanks, Morse & Co. 4% debentures
General Refractories Co. 3H% bonds
Dec.
1
Jan. 1 '40
Dec.
1
Dec.
1
Jan
1, '40
Apr. 1 *40
Nov. 30
*
Nov. 13
Jan.
1,'40
Dec. 15
-
German-Atlantic Cable Co. 1st mtge. 7s
(Edward) Hines Lumber Co. 1st mtge. bonds
International Paper Co. 1st & ref. 5s
Kresge Foundation Co. 4% coll. trust notes
Lexington Utilities Co., preferred stock
Midi RR.
Dec.
4% bonds
2959
3108
2964
2964
1018
2507
Further details and record of past
dividend payments in many cases are
in
given under the
name
News
Department" in the week when declared.
our
The dividends announced this week are:
Abbotts Dairies, Inc.
Share
Company
25c
(quar.)
Alaska-Pacific Salmon Co., preferred (s.-a.)
Alabama Water Service Co. $6 pref. (qu.)
—
Albany & Vermont Ry. (irregular)
2977
2236
West Penn Power Co.—
25c
25c
m
6% preferred (quar.)
American Box Board, preferred (quar.)
American Capital Corp., prior pref. (quar.)
American Gas & Electric Co. (quar.)
-
*1H
40c
Announcements this week,
x
Volume 148.
AUCTION
The following securities were
of the current week:
sold at auction
on
Wednesday
$ per Share
"
Machine Tool Co.,
Baush
1
.........
;
72 Real Estate Improvement Trust, par
288
1
...—...
$100
$3 lot
$2] lot
common
250 Geo. Lawley <fc Sons Corp
530 lot
and 15 preferred, par $100.
-52 lot
21 Costilla Estates Development common; $600 1st lien ctf.; $465.18 7% 2nd
45 Lawrence Dye Works common
lien ctf.; $$,538.52 6%
3rd lien ctf.; 14-15000 5% 4th lien ctf
$2 lot
Tenmle Tours, Inc., common, par $5; 810 6% pref., par $10; demand
note for $1,317.44, dated March 15, 1937, signed by Temple Tours, Inc.-$20 lot
63H
$
Mass.. par $10
per
Share
44
2,336 The Batopilas Mining Co., par $20, and $1,000 1st mtge. 6s, ctf. dep..$l H lot
1 2-10 Sierra Pacific Power Co. common, par $15
21
Co. 1st pref. B. par $25
20 Saco Lowell Shops, preferred A, par $20.
40 Jefferson Union Co. 7% preferred, par $100.
25 Heywood Wakefield
50 Rhode Island
Public Service $2 pref.,
125 Central Oil Co., par $25. and 150
ferred, par $10
1
Boston
Athenaeum,
par
$300
par
14 H
5
$27 H
32%
-
United States Trust Co., Boston, pre¬
$2,040 lot
201
10
Per Cent
Bonds—
100 & int.
BANKS
following information regarding National hanks is
from the office of the Comptroller of the Currency, Treasury
Department:
The
STOCK INCREASED
Nov. 15
Jan.
Jan.
Nov. 30
Dec.
East St. Louis, East St. Louis,
$100,000
From $200,000 to $300,000
111.
St. Louis, East St. Louis,
Oct. 30—First National Bank at East
From $300,000 to $400,000
111.
$35,000 to $50,000
Osborn, Ohio.
From
Dec.
Nov. 17
Dec.
Nov. 17
Dec.
Dec.
Nov.
Nov. 10
Nov.
Nov. 10
15c
Nov.
National
Bank,
Stewartville,
Minn.
20,000
Dec.
75c
Nov.
10c
Dec.
Nov. 16
Nov. 16
Oct. 31
Nov. 14
75c
Dec.
Nov. 22
30c
Dec.
$1
51H
Dec.
Nov. 20
Nov. 18
Amount
First National Bank at Swayzee, Ind. ' Common
stock,$27,750; preferred stock, $22,250
$50,000
Effective, Sept. 30, 1939.
Liquidating Agent, Earl Reasoner,
Nov. 1—The
of the
liquidating bank.
State Bank, Swayzee,
Succeeded by, Grant County
Ind.
Nov. 16
Dec.
50c
Dec.
Nov. 30
Nov. 20
Dec.
Dec.
Nov. 13
75c
•
Brown Shoe Co
$1
Buckeye Pipe Line Co
Bullock's, Inc
Butler Water Co.
Nov.
Dec.
Dec.
t$lH
Boston Wharf
Bright (T. G.) & Co. (quar.)
Preferred (guar.)
50c
%l%
t$2.173
J30c
7% preferred (quar.)
Byers (A. M.) Co., preferred
Canada Vinegars Ltd. (quar.)
Canadian Cottons, Ltd., (quar.)
Canfield Oil Co
hncc
si
—R.
E.
Swart
department
&
Co.,
Inc.,
du Pont & Company, has
that George Sloan
has joined the
of their New York office.
are grouped
in two separate tables.
In the
bring together all the dividends announced the
week.
Then we follow with a second table in which
we
current
Nov. 30
Dec. 18
Dec.
Dec.
Dec.
18
Nov.
Nov.
Dec.
Nov. 15
Dec.
Nov. 15
Dec.
Nov. 17
Dec.
Nov. 15
Nov.
Nov. 13
tSl
Dec.
Nov. 20
tsi
Dec.
Nov. 20
3c
Nov.
40c
;
Central Surety & Insurance (quar.)
Chicago Corp., preferred
City of New Castle Water Co. 6 % pref. (qu.)
Nov.
Dec.
Nov, 15
Oct. 31
Nov. 15
75c
SIH
_
75c
Coca-Cola Co
Year-end dividend
Class A (s.-a.)
S2H
SIH
$23.40
Coca-Cola international Corp. common
Class A (s.-a.)
$3
50c
Colgate-Palmolive-Peet (extra)
25c
Collins & Aikman
Preferred
SIH
(quar.)
Columbia Broadcasting class A & B
45c
Compressed Industrial Gases
25c
Diversified
non-cum.
Standard
6
Dec.
Dec.
Dec.
Dec.
Nov. 20
Dec.
1
Dec.
1
Dec.
1
Dec.
Dec.
1
Dec.
Dec.
1
Nov. 21
Dec.
Dec.
Dec.
Dec.
Dec.
Nov. 21
Nov. 21
Nov. 24
Nov. 30
Securities—
37Hc
preferred (semi-annual)
Consolidated Paper Co
Continental Assurance Co.
25c
Dec.
Dec.
15 Nov. 30
1 Nov. 20
(Chic., 111.) (qu.)
50c
Dec. 30 Dec.
15
Continental Can Co., $4H preferred (quar.)
Continental Casualty (Chicago) (quar.)
sih
Jan.
2 Dec.
11
30c
Dec.
1 Nov. 15
30c
Dec.
Dec.
Dec.
15 Nov. 15
20c
Copperweld Steel Co. (quar.)
5% cum. conv.
Creole Petroleum
62 He
25c
preferred (quar.)
25c
Extra
Crum & Forster Insurance Shares A & B
(quar.)
(quar.)
Cushman's Sons, Inc., 7% preferred
Dayton Power & Light 4 H % preferred (quar.)
Deposited Bank Shares of N. Y. series A (s.-a.)
Payable in stock
A and B preferred
_
_
.
30c
SIH
t$l H
SIH
2H%
25c
Dominion Coal Co., preferred (quar.)
Eagle-Picher Lead (resumed)
Preferred (quar.)
Eastern Utilities Assoc. (quar.)
Eastman Kodak Co. (quar.)
Preferred (quar.)
38c
20c
%IH
;
50c
SIH
SIH
Dec.
Dec.
1
10 Dec.
1
10 Dec.
15 Nov. 30
15 Nov. 30
Nov. 30 Nov. 17
Nov. 30 Nov. 17
Dec.
1 Nov. 20
Dec.
1 Nov. 20
Jan.
2 Nov. 15
Nov. 30 Nov. 17
Jan.
2 Dec. 15
Dec.
8 Nov. 24
Jan.
1 Dec.
Nov. 15 Nov.
Jan.
2 Dec.
15
9
5
Jan.
2 Dec.
Dec.
Dec.
Dec.
1 Nov. 20
1 Nov. 20
5
East St. Louis & Interurban Water Co.—
SIH
SIH
(quar.j.
6% preferred (quar
20c
Electrolux Corp. (final)
El Paso Electric (Dela.) 7% preferred
A (quar.).
6% preferred B (quar.)
$6 preferred (quar.)
Empire Capital Corp. class A (quar.)__
SIH
SIH
SIH
10c
5c
Jan.
15 Nov. 15
Dec. 29
Jan.
Dec.
15
15
Jan. 15
Nov. 30
Nov. 30
29
Dec. 29
Nov. 15
Nov. 15
on com.
SIH
pref. (quar.)
class A and B
A & B in
com.
Dec.
Dec.
1 Nov. 15
1 Nov. 18
40c
Extra stk. div.
1 Oct.
Dec.
40c
7% preferred (quar.)..
Fajardo Sugar of Porto Rico
Federal Compress & Warehouse Co. (quar.)
Federal Light & Traction Co.,
Finance Co. of Amer. (Bait.),
Nov.
50c
Dec.
SIH
Esmond Mills,
15c
6Hc
SI H
SI H
5H % cumulative preferred (quar.)
Firestone Tire & Rubber, preferred
(quar.)
A (quar.)
pf.(qu.)_
1 Nov. 15
1 Nov. 15
16 Nov. 25
Dec. 15 Dec.
5
Dec. 15 Dec.
5
Nov. 15 Nov.
6
Nov. 15 Nov.
6
Dec. 12 Nov. 16
Dec.
Jan.
Dec.
Nov. 15
50c
Nov.
1 Oct.
Dec.
Dec.
1 Nov. 10
1 Nov. 10
1 Nov. 20
1 Nov. 20
15 Nov. 29
15 Nov. 29
SI H
$1H
*
50c
—
Dec.
40c
Extra
Gulf States Utilities, $6 pref. (quar.)
$5H preferred (quar.)
Feb.
8
stock.
Corp. (irregular)
(quar.)
Great Northern Paper
5c
35c
S1H
Great Atlantic & Pacific Tea
Preferred
Dec.
37 He
SI H
SI H
$5 preferred (quar
or common
12
Dec.
2Hc
(quar.)
General Shareholding, preferred (quar.)
Option div. cash
1 Nov. 15#
Nov. 30 Nov. 20
Dec. 22 Dec. 12
Dec.
1 Nov. 15
25c
(quar.)
cum. conv.
1 Nov. 18
Dec. 22 Dec.
87 He
7%
S1H preferred (quar.)
General Motors Corp
26
A & B
at the ratio of 1 sh. for each 25 shs.
Goodall Securities
Dividends
Nov. 15
Dec.
8c
*
I.
DIVIDENDS
first
Dec.
S3H
Central Illinois Public Service $6 preferred
Frankenmuth Brewing
Extra.
announce
1
Nov. 10
Nov. 15
Dec. 15
Dec. 15
%IH
Gen. Acceptance Corp.
joined the staff of Mackay & Co. in the statistical department.
sales
Dec.
Dec.
Dec.
50c
7% preferred (quar.)
Central Eureka Mining
NOTICES
formerly with F.
Nov. 24
Dec.
sih
<$1 M
tSl
6% preferred (quar.)
Catawissa RR. Co. 5% 2nd preferred (s.-a.)
Carman & Co., Inc., class A
Class A (quar.)
Celluloid Corp. 1st partic. preferred
—
Meredith,
Nov. 30
Jan.
7% preferred (quar.)
B.
Nov. 22
Jan.
Canadian Internat'l Investment Trust, 5% pref.
Canadian Wineries Ltd
Ford Motor Co. of Canada A & B
—Spencer
Nov. 20
Dec.
1
Dec.
Nov.
t$l
Bornot, Inc., class A
Florida Power Corp. 7 % preferred
CURRENT
Dec.
s
(qu.)
Extra
VOLUNTARY LIQUIDATION
care
5
30c
Extra
15,000
-
-
Stewartville
From $35,000 to $55,000
Oct. 31—The
100,000
-
Oct. 31—The First National Bank of Osborn,
9
15
15c
Packing Co. (special)
Belden Mfg. Co
Bendix Aviation Corp
Bird & Son, Inc., 5%preferred (quar.)
Birmingham Water Works Co. 6% pref.
Boott Mills (quar.)
7% preferred
Ami. ot Inc.
Oct. 28—First National Bank at
Nov. 15
Dec.
Dominguez Oil Fields
COMMON CAPITAL
Dec.
Dec.
75c
_
$5,000 Southbrldge Water Supply Co. 5s, Sept. 30, 1957, reg
NATIONAL
Nov. 20
Dec. 15
Nov.
7
Nov. 15
Nov.
20c
8c
Extra
—
5 units Wiggin Terminals
Dec.
Jan.
25c
6% preferred (quar.)
(final)
Bankers National Investing cl. A &B
Preferred (quar.)
Barlow & Seelig Mfg__
Class A (quar.)
Beaux Arts Apartments, preferred initial
Beau Brummell, Inc_
$2H
Stocks
13 Newton Trust Co., Newton,
Dec.
Feb.
(quar.)
Atlas Press Co.
Consolidated
By R. L. Day & Co., Boston:
Shares
Nov.
Jan.
American Thread, preferred (s.-a.)__
Atlanta Gas Light, preferred
Atlas Corp
6% preferred
By Crockett & Co., Boston:
Stocks
Nov. 15
Nov. 15
Nov. 20
Nov.
1
Dec.
1*
Dec.
1*
Dec.
$1H
12 He
Preferred (quar.)
Central Tube
Sulloway Hosiery Mills common
25 North Terminal Inc.. $5 preferred
Dec.
Dec.
Central Arkansas Public Service Corp.
SALES
10
Holders
25c
Extra
Beech-Nut
When
Payable of Record
Dec.
Aluminum Co. of Amer., preferred
Preferred (quar.)
1/40 751
1, *40 751
1
2711
Nov. 22
3128
Nov. 24
1492
Feb.
Feb.
Dec.
-
-
Shares
50c
S1H
$1H
Allis-Chalmers Mfg. Co
Extra
2695
1
Per
Name of
3111
Nov. 22
2697
Dec.
1
2698
♦National Gypsum Co. 4H% debentures
Dec.
4
3120
Nashville Railway & Light Co. 1st mtge. 5s
Jan. 1 1940 1184
♦New York Chicago & St. Louis RR. 1st mtge. bonds—Nov. 28
3120
New York City Omnibus Corp. prior lien bonds
Jan. 1 '40
2699
New York Power & Light Corp. 1st mtge 4 Hs
Nov. 30
298]
New York Shipbuilding Corp., 1st mtge. 5s
Nov. 24
2981
New York State Elec. & Gas Corp. 1st mtge. 5s
Jan.
1
421
Nineteen Hundred Corp. class A common stock
Nov. 15
2091
Paris-Orleans RR. 6% bonds
Dec.
1
2701
Peninsular Telephon Co., 7% preferred stock.
Nov. 15
1335
Pennsylvania Glass Sand Corp. 1st mtge. 4Hs
Dec.
1
2984
Pennsylvania Water & Power Co. 1st mtge. 4Hs
Dec.
2
2984
Phelps Dodge Corp. 3H% debs
Dec. 15
2702
Philip Morris & Co., Ltd., Inc., 5% pref. stock
Dec.
1
2980
Port Henry Light, Heat & Power Co. 1st mtge. 5s
Feb.
1, '40 2984
♦Portland General Electric Co. 1st mtge. 5s
—Dec.
8
3122
Power Securities Corp. coll. trust bonds
Dec.
1
2985
Servel, Inc., 7% preferred stock
Dec. 30
2705
(Robert) Simpson Co. Ltd. 1st mtge. 5s
Jan
x3388
(Robert) Simpson Co., Ltd., 1st mtge. 6s
Jan. 1 '40 Z3388
Snang Chalfant Co 5% bonds
Nov. 14
1930
United Biscuit Co. of America, preferred stock
Jan. 15, '40 2990
United States Cold Storage Co. 1st mtge. 6s
Jan.
1, '40 2990
U. S. Steel Corp. 10-year 3H% debs
.—Dec.
1
1708
Viking Pump Co. preferred stock...
—.—Dec. 15
2385
Watauga Power Co. 6% bonds
Dec.
1
2710
7% pref. stock
6% pref. stock
West Virginia Pulp & Paper Co. 4H% bonds——
♦Whitaker Paper Co. 1st mtge. 7s
Woodward Iron Co., 5% income bonds...
com¬
"General Corporation and Investment
pany
2684
2971
2973
2687
2975
2976
Morristown & Erie RR. Co. 1st mtge. 6s
National Acme Co. 1st mtge. 4Hs
♦
previously announced, but which
Page
DUe
Alleghany Corp. 20-year coll. trust bonds
dividends
we
Below will be found a list of bonds, notes and preferred
stocks of corporation called for redemption, together with
sinking fund notices.
the
have not yet been paid.
NOTICES
location in which the details
show
3067
Dec.
S1H
SIH
Dec.
Dec.
26
The Commercial & Financial Chronicle
3068
When
Name of
Compart*
$13*
Dec.
Dec.
50c
Dec.
8734c
Harbison-Walker Refractories
Preferred
(guar.)
Hobarfc Mfg. Co.. class A (quar.)..
Holt (Henry) & Co., preferred A
$134
3734 c
15c
Nov. 15 i
Nov. 16
Nov. 16
Jan.
6
Jan.
Dec.
Nov. 17
Dec.
$2
Jan.
Nov. 10
Nov. 20
Nov. 15
Nov. 22
Nov. 20
Nov. 20
Dec. 11
50c
Homestake Mining (monthly)
Dec.
Dec.
Nov.
3734c
$13*
Hooven & Allison Co., 5% preferred (quar.)
Hoover Ball & Bearing
Dec.
30c
Payable in U. 8. funds.
Island Mountain Mines
Dec.
tlX
$134
Huntington Water Co., 7% pref. (quar.)
6% preferred (quar.)
Illinois Central KK. leased line (s.-a.)
International Nickel Co. (Can.)
Dec.
Dec.
1
Per
17c
$13*
Dec.
Dec.
Dec.
15c
—
Nov.
Dec.
50c
Extra
Dec.
1
Dec.
41
„
W abash-H arrison
1
Dec.
1
Nov. 20
Nov.
4
50c
West Virginia Water Service Co., $6 pref.
Western Cartridge 6% pref. (quar.)
Dec.
Dec.
Nov. 20
Dec.
Dec.
Nov. 24
Nov. 24
Nov.
Nov.
25c
$1
(qu.)
Western Public Service preferred A
preferred
Dec.
t50c
$1
—
Walker & Co., class A
Walker (H.) Gooderham & Worts (quar.)
Preferred (quar.)
—,,
West Coast Oil preferred
Whiting Corp.. 634%
Dec.
Dec.
Dec.
Nov.
60c
25c
(guar.)
Holders
Payable of Record
(quar)
1
6
Jan.
Dec.
15
Nov.
Oct.
31
Dec.
$134
$134
t3734c
$154
$134
Nov. 15
Nov.
Oct.
25
Dec.
Nov. 20
10c
Jan.
5c
Jan.
Nov. 23
Nov. 23
10c
Jan.
Dec.
15
(quar.)_
Kellogg Co. (final)
Kellogg & Sons (irregular)
Key West Electric Co.. preferred._
Preferred
Virginia Coal & Iron Co. (quar.)
11, 1939
When
Share
of Company
Viking Pump Co. (special)
'
Nov. 25
Nov. 10
Jan.
3734c
-
Name
Williams port Water $6 preferred (quar.)
Dec.
Dec.
Jantzen Knitting Mills, 5% preferred (quar.)
Kansas Power Light & Gas
Preferred (quar.)
Kaufmann Dept. 8tores, pref.
Holders«
Payable of Record
Hanley (James) Co., 7% preferred (quar.)
Hanna (M. A.) Co., $5'cum. pref. (quar.)_
Nov.
1
Nov. 22
Nov. 24
40c
Dec.
t$l X
Dec.
Nov..15
Wright-IIar greaves Mines (quar.)
Extra
Interim.
—
Below
1
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
Lane Wells Co. (quar.)
Lanston Monotype Machine
25c
Dec.
50c
Nov.
Nov. 29
Nov. 20
Lee Mercantile
Le Tourneau (G. R.), Inc.
25c
Nov.
Nov.
25c
Dec.
Nov. 15
Dec.
Nov. 20
Dec. 15
Acme Steel Co.
Dec.
Aetna Ball Bearing Mfg. (quar.)__
(quar.)
Lexington Water Co., 7% preferred (quar.).
Life & Casualty Insurance of Tennessee
Manischewitz (B.) Co., preferred, (quar.)
Marathon Paper Mills
Mayflower Petroleum (semi-annual)
Mead Corp., $6 preferred A (quar.)
$5 34 preferred B (quar.)...
Michigan Steel Tube Products
$15*
13c
Middle States Petroleum Corp., class
Class B
3
Nov.
1
Nov. 15
Dec.
Nov. 15
Dec.
Nov. 28
Aluminium,
Dec.
Dec.
29*
Nov.
Nov. 18
*'$1
Dec.
Dec.
Dec.
Dec.
$1
Dec.
Nov. 20
50c
Dec.
Dec.
Nov.
Nov.
40c
Dec.
Nov. 14*
$15*
$134
Nov.
Nov. 14*
Nov.
Nov.
$1
«.
Newmarket Mfg. Co. (final)
New Mexico Gas Co..
Nov.
Nov.
9
Nov.
Nov.
9
50c
Dec.
Nov. 15
Dec.
Nov. 22
$1
Dec.
Dec.
Nov. 24
Nov.
Dec.
Nov. 15
Nov. 18
$134
Dec.
1 Nov. 20
581-3c
6% preferred (monthly)
5% preferred (monthly)
Ontario Mfg. Co.
(final)
Dec.
1 Nov. 15
Dec.
50c
412-3C
(liquidating)
Dec.
1 Nov. 15
1 Nov. 15
50c
Dec.
1 Nov. 20
$634
Package Machinery (quar.)
Jan.
$1
$15*
10c
$1.34
42c
20
Dec.
Dec.
35c
Dec.
21 Nov. 10
Dec.
21 Nov. 10
70c
75c
50c
■_
41 2-3c
Dec.
Dec.
1 Nov. 15
1 Nov. 21
23 Dec.
2
1 Nov. 17
Dec.
1 Nov. 17
9
20 Dec.
Dec.
1 Nov. 16
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec.
I Nov. 15
85c
1 Nov. 20
Nov.
1 Oct.
20
15c
Dec.
26 Dec.
15
83*c
stockI(quar.)
Dec.
t$l
Dec.
Dec.
26 Dec.
15
26 Dec.
16
25c
50c
50c
$154
$4
3734c
4
Nov. 20 Nov.
Dec. 15 Dec.
6
Dec. 30 Dec. 15
Dec.
Nov. 24
Dec.
Nov. 17
Nov. 20
25c
Nov.
Nov. 13
25c
$2
Nov.
Jan.
Nov.
7
Dec. 18
Dec. 18
Jan.
Dec.
18
I_~
8% deb. A (qu.)
$134
$15*
$154
„
Dec.
Jan.
__I~
_
Preferred (quar.)
South American Gold & Platinum
Co
Spear & Co. 1st & 2d pref.
(quar.)
Spencer Kellogg & Sons, Inc
Standard Coosa Thatcher Co
Standard Dredging
Corp., $1.60 pref.
Standard Oil Co. of Ohm
(quar.)__
Special
Preferred (quar.)
Sterling Products, Inc. (quar.)
Dec.
Nov.
Dec.
1
Nov. 18
Nov. 17
70c
(quar.)
Simonds Saw & Steel
Soundview Pulp Co_
Dec.
Dec.
2c
_
Jan.
25c
t20c
_
Dec.
Nov. 25
25c
Nov. 15
Nov. 14
$154
Dec.
Nov. 17
40c
Dec.
Nov. 24
Nov.
Dec.
Nov.
1
Nov. 20
Nov. 30
10c
^
3734c
(quar.).I
40c
25c
Dec.
50c
Dec.
$13*
I
95c
Storkline Furniture (quar.)
Extra
1234c
1234c
_____
2
Preferred (quar.)_
II_I
Sylvania Industrial (quar.)__
Jan.
Dec.
68 He
25c
25c
$15*
(quar.)
$15*
Nov. 30
Dec. 30
Nov.
Nov. 15
Nov. 18
Nov.
Nov. 18
Dec.
Extra
Terre Haute Water
Works'7"%"preferred YquljlI
Thew Shovel Co.,
7% preferred
Roofing Co. (quar.)__
Nov. 15
Nov.
Nov.
$134
.IIIIIIIIIII
Sunrav Oil Co
Dec.
Dec.
1
Jan.
Dec.
15
Nov.
Nov. 11
Nov.
Dec.
Dec.
Nov. 11
Nov. 20
Dec.
1
25c
Preferred (quar.)_
Preferred (quar.)
Dec.
Nov. 25
Nov. 25
Dec.
$134
58 l-3c Dec.
50c
Dec.
41 2-3c Dec.
50c
Dec.
pref. (monthly)
6% preferred (monthly).
5% preferred (monthly)
'"'II
Underwood Elliott Fisher Co
United States Gypsum Co.
(quar.)
Extra
■
Nov. 25
Dec.
35c
_
Timken Roller Bearing Co.
Toledo Edison Co. 7
%
Dec.
35c
Extra
"
50c
$134
Dec.
$15*
-IIIIIIIIIII
111111Z"
Dec.
Nov. 17
Nov. 15
Nov. 15
Nov. 15
Dec.
1*
Dec.
Dec.
5
5
Jan.
Dec.
30c
Nov.
Oct.
31
10c
United States Loan
(Phila.) (semi-ann.)
31
5
—
Union Tank Car Co.
(quar.)
Extra
Oct.
Dec.
Dec.
1
Dec.
Dec.
8*
30c
common.
.
IK
III"
Extra
(quar.)
__'
Dec.
Dec.
1 Nov. 18
10c
50c
Dec.
50c
Co., Inc.,
preferred
Nov.
$134
6%
United States Potash,
pref. (quar.)III
United States Rubber Co.
8% non-cum. 1st nref
For the year of 1939.
Dec.
1 Nov. 17
1 Nov. 17
$154
Dec.
1 Nov. 17
1 Nov. 18
-
Preferred
Dec.
Ltd
(quar.)
Nov. 10
Dec. 15
Dec. 15
Dec.
13*
Nov. 15
Nov. 15
Dec.
1
Nov. 15
Nor.
Jan.
Jan.
15c
Nov. 24
Nov. 15
tlx
Dec.
50c
Aluminum Mtg. Co.. Inc. (quar.)
7% preferred (quar )
American Arch Co. (irregular)
Dec.
$!»-*
—
American Auotmobile Insurance Co
Dec.
50c
.
Dec.
Dec
15
d»c
15
Nov. 18
Dec.
1
25c
Corp., $3 preferred (quar.).
$234 preferred (quar.)
$2 preferred (quar.)
American Home Products Corp. (mo.)
Monthly
American Investments (III.) (quar.)
Nov.
Oct.
25
$1
tlX
t$6
American General
Dec.
$1
American Can Co. (quar.)
Common (quar.)
American Envelope Co. 7% pref. A (quar.)
American Felt Co., 6% preferred
Nov.
Oct.
25*
Dec.
Nov. 25
Nov.
Nov.
75c
1
Nov. 15
50c
Dec.
Dec.
Dec.
20c
Dec.
20c
Jan.
Dec.
60c
Dec.
25c
Dec.
Nov. 15
Nov. 17
.,$134
Dec.
Dec.
Nov.
6234c
-
American Metal Co
Preferred (quar.)
s
American Meter Co
75c
American News Co
25c
Nov. 15
Nov. 15
Nov. 14*
14*
Nov. 17
Nov. 29
Nov.
6
American Paper Goods Co.—
7% preferred (quar.)
American
$15*
Dec.
$15*
Dec.
15 Dec.
5
Radiator & Standard Sanitary—
Preferred
(quar.)
American Re-Insurance Co. (N. Y.) (quar.)
American Rolling Mill, 4 34% preferred
American
Nov.
40c
Dec.
t$134
Smelting & Refining Co. (quar.)
Nov. 27
Nov.
3
Nov. 15
3
50c
Nov.
Nov.
Dec.
Dec.
Nov.
35c
15c
Nor.
Oct.
$1
American Tobacco Co., com. & com. B (quar.)._
Archer-Daniels-Midland
Nov.
25c
American Stores Co
Dec.
Dec.
Dec.
Dec.
1
Nov.
8
Nov. 20
Nov. 15
$13*
Argo Oil (semi-annual)
Armstrong Cork Co. (quar.)
_
Interim
25c
Armstrong Rubber, A. &B.
Corp., 7% preferred
Associated Dry Goods Corp. 6% 1st pref. (qu.)_
Associated Telep. & Teleg. Co. 7% 1st pref
$6 1st preferred
Astor Financial Corp., 1st pref. (semi-annual)..
Atlantic Refining Co
$1
Artloom
Atlas Powder Co
Baltimore Radio Show (quar.)
*
Dec.
$334
$134
Dec.
Belding-CorticeUi, Ltd. (quar.)
Preferred (quarterly)
Belding Heminway Co. (increased)
Bensonburst National Bank (Brooklyn, N. Y.)__
Best & Co., Inc
Bethlehem Steel
Nov. 10
1
Nov.
42c
Nov.
Nov.
1
5
3734c
Dec.
Dec.
25c
Dec.
Dec.
Nov. 21
Nov. 30
Nov. 15
Dec.
15c
Dec.
$13*
Nov.
Nov.
25c
Nov.
Dec.
Nov.
Nov.
Nov. 10
Nov. 24
Dec.
Nov. 20
Dec.
Nov. 15
Dec. 15
15c
40c
$134
t5c
t75c
$1
$15*
20c
75c
40c
$1
5% preferred (quar.).
20
Nov.
5c
Beattie Gold Mines (interim)
Beaunit Mills, Inc.. $134 cum. conv. pref
8
Nov. 10
Nov. 20
49c
$134
6% preferred (quar.)
Bankers & Shippers Insurance (N. Y.) (qu.)
Barber Asphalt Corp
Barnsdall Oil Co. (reduced)
Bastian-Blessing Co
Beacon Mfg., preferred (quar.)
18
$134
Silverwood Dairies, Ltd., cum.
part. pref__._-_
Simon (Wm.) Brewery
1st
23 Dec.
$15*
Rich's, Inc. (extra)
;
634% preferred (quar.)
Rollins Hosiery Mills, Inc.
(Del.)'(final)
Roxy Theatre, Inc., pref. (quar.)
St. Joseph Water Co.
6%^preferred (quar.):
Van Raalte
15
3%
Reliance Electric & Engineering
Rex Hide
-
1 Dec.
18 Nov. 18
1 Nov. 20
Dec. 26 Nov. 24
Dec.
1 Nov. 30
Nov. 30 Nov. 20
Dec.
Prosperity Co., preferred (quar.)
.3*
Public Electric Light Co. 6% pref.
(quar.)
Public Service of Colorado,
7% pref, (monthly). 58 l-3c
734 % debenture B (quar.)
7% debenture C (quar.)
634% debenture!) (quar.)
Seaboard Oil Co. (Del.)
(quar.)
1 Nov. 20
tlX
Prentice Hall (quar.)
Preferred (quar.)..
Saco-Lowell Shops
Preferred A'& B
(guar.).
Savannah Electric & Power Co.,
Dec.
8
Dec.
...
6% preferred (monthly)
5% preferred (monthly)
Purity Bakeries Corp. (final)
Reed (C.A.) Co. $2 preferred A
Reed Drug Co. common
Dec.
38c
....
Stock dividend of 2%
Dec.
50c
Peninsular Telephone
—
Nov. 15 Nov.
50c
Pennsylvania RR
Pennsylvania State Water 86 pref. (quar.)
Penroad Corp. (resumed)
Peoples Telephone (Butler, Pa.) 6% pref. (quar.)
Philippine Long Distance Telephone (monthly).
Monthly
Pittsburgh Bessemer & Lake Erie, pref. (s.-a.)__
Pittsburgh Coke & Iron pref. (quar.)
Pittsburgh Plate Glass
E xtra
Nov. 20
J40c
$3
$15*
6% preferred (quar.)..
Tilo
9
J15c
Ohio Public Service Co.,
7% pref. (monthly)
conv.
8
c
$134
Ogilvie Flour Mills, preferred
(quar.)
Ohio Associated Telephone Co.
class A
1
4
10c
6% cumul. conv. preferred (semi-annual)
Newport Electric Corp
Nipissing Mines
North American Aviation, Inc
Northern Empire Mines
(irregular).
Northland Greyhound Lines, Inc
cum.
16
(guar.)
Allied Laboratories
29*
Tan.
25c
Murphy (G. C.) (quar.)
Muskegon Piston Ring Co
Jan.
10c
Allied Kid Co.
Dec.
Dec.
Dec.
$15*
1234c
(quar.)
Allied Stores Corp., 5% pref. (quar.)
63c
Plymouth Oil Co. (quar.)
Allegheny Ludlum Steel, pref. (quar.)
Nov.
Dec.
$1 %
25c
A
Nashua Gummed & Coated
Paper Co
National Biscuit Co. (quar.)
Preferred (quar.)
75c
25c
Nov.
Holders
Payable of Record
25c
(quar.)
Extra
4c
Preferred (quar.)
Muncie Water Works Co.. 8%
pref. (quar.).
35c.
20
When
Share
Company
$134
Motor Finance Corp. (quar.)
Otis Co.
Tan.
Jan.
Nov.
—
Per
Name of
6
25c
Jan.
Jan.
Nov.
Dec.
Nov.
Dec.
Jan.
Nov. 15
6
Nov. 10
Oct.
Dec.
31
15
Nov.
1
Dec.
Oct.
29
25
8
Dec.
8
Dec.
,
Dec.
Jan.
7% preferred (quar
\)„
Bigelow-Sanford Carpet
Preferred (quar.)
Birmingham Gas. preferred (quar.)
Blauner's, preferred (quar.)
Bliss & Laughlin
Nov. 14
Nov. 14
Dec.
8734c
Dec.
75c
Nov.
$1
Nor.
3734c
$134
Nov.
Nov. 20
Nov.
1
Nov. 15
Also stock div. of 34 sh. of com. stk. on each
share of common stock outstanding.
Bloch Bro. Tobacco (quar.)
Preferred
(quar.)
Blue Ridge Corp. $3 preferred (quar.)
Stock
75c
cash.
Boston Fund, Inc.
quar.)
Bourjois, Inc., $25* preferred (quar.)
Bower Roller Bearing
Brewing Corp. of America (quar.)
Bristol-Myers Co. (quar.)
Brockway Motor Co., Inc. (initial)
Brooklyn Edison (quar.)
Nov.
Nov.
Dec.
6
Bros
Preferred
5%
.
8
Dec.
Dec.
I
>Jov. 24
of
4
Nov.
4
8
Dec.
rate
Nov.
Nov.
8
Nov. 10
Oct. 14
Dec.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Oct. 31
Nov. 15
Oct. 31
Nov.
3
Dec.
Nov. 15
Nov.
Oct. 31
Nov. 30
Nov. 30
Dec.
Dec.
Dec.
Dec.
(quar.)
stock div. at
Nov.
1
Nov. 24
Nov. 10
Dec.
Dec.
(quar.)
common
Nov. 10
Nov. 20
Nov.
6
Nov.
tl234c
11234c
t$l 34
Carey (Philip) Mfg., 6% preferred
Carolina Telep. & Teleg. Co. (quar.)
Celanese Corp. of America, common
$2
50c
Nov. 30
Nov. 28
Nor.
Nov.
Nov.
Dec.
Nov.
1
Nov.
6
Dec. 14
Nov. 17
Dec.
Jan.
Dec.
Nov. 17
Dec. 15
Dec. 15
Nov.
Dec.
1
1 share for
40 shares held
cum.
Dec.
Nov. 20
Nov. 10
Nov.
preferred (quar.)
Canadian Malartlc Gold Mines, Ltd
Canadian Oil Cos. (quar.)
Extra
cum.
31
Nov.
1
Dec.
1
Nov. 15
Dec.
Dec.
Byers (A. M.) Co. 7% preferred
Calgary & Edmonton Corp
California Packing Corp., 5% preferred
Calhoun Mills (resumed)
California Water Service preferred (quar.)
Campbell, Wyant & Cannon Foundry Co
Canada & Dominion Sugar Co., Ltd.—
New (quar.)
Canada Iron Foundry, 6% preferred
Canada Wire & Cable, class A (quar.)
Class B (interim)
Preferred
Oct.
Nov.
Burlington Mills
Burroughs Adding Machine
Butler Bros, (interim)
7%
7%
Nov.
Nov.
Nov.
Brooklyn Teleg. & Messenger Co. (quar.)
Brooklyn Union Gas
Buck Hill Falls (quar.)
Buckeye Pipe Line Co
Bunker Hill & Sullivan Min. & Concent*g
A
Nov. 10
Dec. 20
Dec.
Dec.
Extra
«untf
Dec.
Dec.
or
prior preferred (quar.)
1st partic. preferred (s.-a.)
83
Volume
Caterpillar Tractor
50c
Central Vermont Public Service $6 pref. (quar.)_
Chain Belt Co
25c
25c
Extra
Chambersburg Engineering Co
Champion Paper & Fibre pref (quar.)
Charis Con?
Chartered Investors, pref. (quar.)
Clear Springs Water Service $6 preferred
Clearfield & Mahoning RR. (semi-ann.)
Chester Water Service $5)$ preferred (quar.)
Chicago Mail Order Co
Chicago Yellow Cab
nindnnatl Union Terminal 5% prei. (quar.)
Clark Equipment Co
Cleveland Builders Realty Co
Cleveland & Pittsburgh 7% gtd.
$15$
15c
$15$
t$15$
$15$
$15$
3
3
4
Nov. 15 Nov.
2 Dec. 20
Jan.
25c
Dec.
50c
10c
875$c
50c
—
125$c
$15$
1 Nov. 20
1 -1-40 Dec.
18
26
Dec. 23 Dec. 15
Dec.
1 Nov. 10
Nov. 15 Oct.
Dec.
1 Nov. 10
Nov. 15 Oct. 24
5
Jan.
I Dec.
1 Nov. 15
15
30c
5% cum preferred (quar.)
6% cum. preference (quar.)
Columbia Pictures Corp. $254
Commonwealth
con v.
International
'
pref
Dec.
25c
Extra
Columbia Gas & Electric 6% cum. pref. A (qu.)_
Dec.
1 Nov.
Nov. 15 Oct.
Nov. 15 Oct.
Nov. 15 Oct.
20
Nov. 15 Nov.
1
$15$
$15$
$15$
345$c
20
20
4c
Nov. 15 Oct. 14
Dec.
1 Nov. 15
65c
Corp
Nov. 15 Oct. 28
Dec.
1 Nov. 15
Nov. 15
Dec.
Commonwealth Utilities Corp. 65$% pf. C (qu.)
Community Public Service (increased)
Compania Swift International (quar.)
Coniarum Mines, Ltd
Connecticut Lt. & Power Co. 65$ % pref. (qu.)
Connecticut Power Co. (quar.)
50c
6c
—
Connecticut River Power Corp. 6% pref. (qu.)
Consolidated Cigar Corp., 7% pref
Consolidated Edison Co. of N. Y., Inc
—
$15$
625$c
$15$
$15$
Dec.
Nov. 15
Dec.
Nov. 15
Dec.
Nov. 15
Dec.
Nov. 15
Consolidated Oil Corp. (quar.)
20c
Container Corp. of American
Continental Can Co. (year-end div.,
Continental Cushion Spring
25c
15 Nov. 10
14
Nov. 15 Oct.
6
Nov. 20,Nov.
50c
Nov. 15 Oct.
50c
final)
Nov. 15 Oct.
Nov. 15 Oct.
5c
(guar.)
■
Crane Co., 5% conv. pref. (quar.)..
Creameries of America. Inc., pref. (quar.)
$15$
$15$
875$c
2c
Cress on Consolidated Gold Mines
Crown Cork & Seal Co., Inc., $2J$ pref. (quar.)
Crown Cork & Seal Co., Ltd. (quar.)
Crown Drug Co
565$c
40c
5c
435$c
$15$
Preferred
Crown Zellerbach Corp.. $5 cum. pref. (qu.)
Crum & Forster pref. (quar.)
$2
$15$
Cuneo Press, Inc., pref. (quar.)
Curtis Manufacturing Co. (monthly)
Preferred
25c
31
15 Dec. 30
1
15 Dec.
Dec.
1 Nov. 10
31
Nov. 15 Oct
Dec. 15 Nov. 30*
Dec.
Nov. 15 Nov. 10
Dec.
15 Dec.
Nov. 15 Nov.
Dec.
l'Nov.
Dec. 26 Dec
Dec. 15 Dec.
Nov. 18 Nov.
Dec.
75c
Dec.
20 Nov.
5
6
15
15
1
8
20
15
35c
(qu.)
Detroit Gasket & Mfg. 6% preferred (quar.)
Detroit Hillsdale & South Western RR. (s.-a.)
Dec.
1 Nov. 20
10c
30c
Nov. 20 Oct. 20
Dec.
1 Nov. 15
$2
30c
common
Jan.
Dec.
5 Dec. 20
1 Nov. 10
25c
—
Dexter Co
Participating preferred
Dec.
1 Nov.
1 Nov. 15
$15$
(quar.).
Denver Union Stock Yards Co. 65$ % pref.
Detroit Motorbus Co. (liquidating)
Diamond Match Co.
1
30
31
Jan.
$15$
Co., $7 pref. (quar.)
Curtis Publishing
Deere & Co
Dec.
1
75c
fa.-a.)
Nov
10
1-1-40 ?-10-4n
Pepper Co
30c
Nov. 15 Oct. 31
Dec
1 Nov. 18
Dome Mines Ltd.
50c
Jan,
$15$
Co. 5% preferred (quar.)
(increased quar.)
(quar )
Dominion & Anglo Investment Ltd.—
Diem & Wing Paper
-
Nov. 15 Oct.
25c
25
Nov. 15 Nov.
5c
Extra
Preferred
Dec.
5c
Corporate Investors, class A (quar.)
Cosmos Imperial Mills, Ltd. (quar.).
Dr
$15$
5% preferred (quar.)
Ltd. (quar.)
Dec.
20 Dec. 30
1, Nov. 15
31
Dominion Bridge.
30c
Nov. 15 Oct.
Dominion Bridge (quar.)
30c
S3
75c
Nov. 15' Oct. 31
Nov. 20 Nov. 10
1
Nov. 15 Nov.
$15$
$15$
$15$
Nov. 15 Nov.
1
Dec.
1 Nov. 10
Douglas
Aircraft Co., Inc
Dow Chemical
Co
Preferred (quar.)
Eastern Shore Public Service, pref. (quar.)
$6 preferred (quar.)
Eaton Mfg. Co
Electric Boat Co
El Paso Natural Gas, 7% pref. (quar.)
Dec.
1 Nov. 10
30c
40c
Nov. 15 Oct.
20c
Nov. 15 Oct.
35c
Jan.
75c
Dec.
Corp. (quar.)
Extra
Emporium Cap well
4^% preferred A (quar.1_.
Equity Corp.. $3 conv. pref. (quar.)
.
_
1 Nov. 18
Dec.
Empire & Bay State Telep. (quar.)
Employers Reinsurance
8
Nov. 25 Nov.
Dec.
8 Nov. 22*
50c
1 Nov. 20
31
31
2 Dec. 22
One. 21
1-2-40
Exolon Co
10c
Dec.
1 Nov. 15
Nov. 15 Nov.
4
8
Nov. 15 Nov.
Faber, Coe & Gregg (quar.)
Fairbanks Morse & Co
50c
Dec.
1 Nov. 15
25c
Dec.
Dec.
1 Nov. 10
1 Nov. 10
15c
Nov. 29 Nov. 15
$1.20
Ewa Plantation
25c
Extra
Falstaff Brewing (quar.)—
Extra
.
20c
3c
Preferred (semi-annual)
Fansteel Metallurgical Corp. pref.
$1*$
(quar.)
Federal Bake Shops (semi-annual)
25c
5% preferred (semi-annual)
Fire Association of Philadelphia
75c
Nov. 29 Nov. 15
Apr.
1 Mar. 18
Dec. 30 Dec.
Dec. 30 Dec.
15
9
9
Dec.
18 Dec.
1
Nov. 15 Nov.
Nov. 25 Nov. 15
Dec.
Jan.
Inland Steel Co
Nov. 15 Oct.
Nov. 16 Oct.
Dec.
Nov. 10
Nov.
1
Nov. 17
Dec.
Dec. 30 Dec. 20
Nov. 15
Jan.
1 Dec. 20
Dec. 30 Dec. 22
Nov. 21 Nov. 10
Nov. 15 Oct.
Dec.
Nov. 15 Oct. 20
Dec.
1 Nov. 10
Dec.
1 Nov. 14
Dec.
i Jan.
|
Dec.
Nov. 20 Nov. 10
1 Dec. 15
Jan.
Dec.
Jan.
Dec.
1
Nov. 20 Nov.
Nov. 15 Oct. 31
29 Dec. 19
1
Nov. 20 Nov.
1
Dec. 12 Dec.
Dec.
Dec.
Dec.
1 Nov. 15
4
Nov. 15 Nov.
Dec.
(quar.)
75c
General Box Co. (semi-annual)
—
Extra
General Cigar Co., pref. (quar.)
General Finance, pref. (semi-ann.)
General Foods Corp. (quar.)
Extra
,—v—
General Instrument (initial).
General Outdoor Advertising Co., class A
Preferred (quar.)
General Steel Wares preferred
Globe Democrat Publishers, preferred (quar.)__
Gold & Stock Teleg. (quar.)
Golden Cycle (quar.)
Goodyear Tire & Rubber Co
$5 convertible preferred (quar.)
Gorham Mfg
W.) Co
Granby Consol. Mining. Smelting & Power Co..
Graton & Knight Co. $1.80 prior preferred (s.-a.)
Great Lakes Dredge & Dock (quar.)
Gossard (H.
Extra
Greenfield Tap & Die Corp.. $6 pref.
Co. 7% preferred (quar.)
Gunnar (G. M.)
(Chas.) & Co., 7% preferred (quar.)
Hackensack Water Co. (semi-annual)
Preferred (quar.)
Hale Bros. Stores (quar.)
Hallnor Mines (irregular)
Hamilton Watch preferred (quar.)
Gurd
Hancock Oil (Calif.) class
Class A & B (extra)
A & B (quar.)
Dec.
Dec.
Nov. 14
Nov. 14
Nov. 15
Dec.
2c
2c
General American Co. (quar.)
Griggs Cooper &
Dec.
Dec.
Dec.
3 c
50c
25c
15c
$1
15$%
$154
$15$
$15$
$1
25c
$15$
20 Dec.
20 Dec.
1
1
1 Nov. 15
Nov. 25; Nov. 25
Nov. 15 Oct. 27
Nov. 15 Oct. 27
.Jan.
15 Dec. 15
Nov. 15 Nov.
Nov. 15 Nov.
6
6
Nov.
1
(Nov. 15
Dec.
1 Nov. 20
Dec.
2 Dec. 30
11 Nov. 30
Dec.
15 Nov. 15
Dec.
15|
Jan.
Nov. 15
50c
Nov. 15 Nov.
50c
9
Nov. 20i Nov.
Dec.
1 Nov. 15
Nov. 15 Oct. 31
25c
90c
25c
25c
$3
$15$
3c
$15$
75c
435$c
25c
Nov. 15 Nov.
Nov. 15 Nov.
Nov. 15 Nov.
1
Dec.
Dec.
Dec
Dec.
Dec.
Lord & Taylor. 1st pref.
Dec.
Lunkenheimer Co., pref.
—
fj>$
361
--
(s.-a.).
Corp.
.
(semi-annual)
1
Nov. 15 Nov.
1
Dec.
1 Nov. 14
Dec. 31 Dec. 11
Dec.
1 Nov. 15
18c
Dec.
$15$
Dec.
50c
Dec.
25c
Dec.
Jan.
Mar.
June
-
Sept.
Jan.
——•—
Dec.
1 Nov. 15
1 Nov. 17
1 Nov. 15
1 Nov. 15
1 Nov.
2 Nov.
1 Feb.
1
1 May
3 Aug.
15 Jan.
1 Nov. 10
Dec.
1
Nov. 10
1
Nov. 10
Nov. 15 Noc.
Nov. 15 Nov.
Extra
Comm. Co.
Nov. 25 Nov.
Dec.
2 Nov.
Ordinary registered (interim)
for ord. reg. (interim)
1
3
Dec. 15 Nov. 30
Dec.
9 Nov. 15
Maryland Fund, Inc. (quar.)
Masonite Corp—
Nov. 15 Nov. 10
Dec.
1 Nov. 15
Navigation Co. (quar.)
May Dept. Stores Co. (quar.)...
Meadville Telephone Co. (quar.)
Meier & Frank, Inc. (quar.)
Mercantile Acciptanc (Calif.), 6%
20
Dec.
Dec.
Extra
Am. dep. rec.
4
Nov.
Nov. 30 Nov. 17
4
Nov. 15 Nov.
1
Nov. 15 Nov.
Manufacturers Casualty Insurance
Nov. 15 Nov.
Nov. 15 Nov.
1
Dec.
6 Dec.
1
Dec.
1 Nov. 15
Dec.
—
Nov.
Jan.
Dec.
Petroleum Corp
Nov. 20
1
Dec. 26
Dec.
Nov. 20
Dec.
5% preferred (quar.).
Minneapolis-Honeywell Regulator
Preferred B (quar.)
Nov. 20
Dec.
$5.10 preferred (quar.)
Mississippi Power Co. $7 pref. (quar.)
$6 preferred (quar.)
Moody's Investors' Service pref. (quar.)
Monmouth Consol. Water Co. $7 pref. (qu.)
Monroe Loan Society, pref. (quar.)
5 Dec.
Nov. 15 Oct. 31
I
Dec. 15 Dec.
(qu.)
(semi-annual)
Minneapolis Gas Light (Del.) 6% pref. (quar.)
5 5$% preferred (quar.)
1
1
Dec.
pref. (qu.) —
5% preferred (quar.)
Mercantile Stores Co., Inc., 7% pref.
Merchants Petroleum
Mickelberry's Food Products
Mid-Continent
2
1
Nov. 15 Oct.
Dec.
Mines (quar.)
Midland Grocers preferred
31
1 Dec. 18
1 Nov. 27
Dec.
4
15 Nov.
Nov. 15 Nov. 10
Nov. 3<> Nov 29
Extra
2
2 Jan.
Dec.
Nov
MacMillan Co
Marconi International Marine
1 Nov. 20
Nov. 20
1
Jan.
Nov. 15 Oct. 31
Nov. 15 Oct. 31
Jan.
2 Dec. 15
preferred (quar.).
preferred (quar
Quarterly
Quarterly
Quarterly
Mc Watte re Gold Mines (quar)
Macy (R. H.) & Co
Madison Square Garden
Magnln (I.) & Co., preferred (quar.)
Managed Investment, Inc. (quar.)
Manhattan Shirt Co
1 Nov. 10
1 Nov. 10
23
4
Nov. 15 Nov.
(quar.)
Lynch & A bington Teleg.
Lynch Corp
9 Aug. 24
9 Nov. 24
1 -2-40
(Quarterly)
County Gas & Electric
1 Nov. 10
2 Dec. 15
Dec.
$1>$
(quar.)
(quar.)
Ludlow Mfg. Assoc
Lumbermen's Insurance (Phila.)
3
Nov. 14
Dec. 30 Dec. 20
Nov. 15 Oct. 27
Dec. 22 Nov. 22
-
2
Nov. 15 Oct.
Jan.
Nov. 14
Nov. 14
6
Jan.
preferred (quar.)
Extra
Loose-Wiles Biscuit Co.,5% pref.
Matson
Nov. 14
Nov. 27 Nov.
Lindsay Light & Chemical
Link Belt Co. (quar.)
Preferred (quar.)
Little Miami RR.. original capital (quar.)
Special guaranteed (quar.)
Loblaw Groceterias A and B (quar.)
A and B (extra)
Lock Joint Pipe (monthly)
Loew's, Inc., $6H cumul. pref. (quar.)
Lone Star Gas (year-end div.)
Longhorn Portland Cement Co.—
Bank of Jersey City (quar )
Bank (Toms River, N. J.) (qu.)
(M. H.) Co. (quar.)
Fitz Simons & Connell Dredge & Dock
50c
Nov.
Dec.
Dec. 30 Dec
25c
14
31
Nov ."§
...
1%
25c
Dec.
2
15
Dec.
Extra...
McClatchy Newspaper. 7% pref. (quar.)..
Extra
9
1 Nov. 15
1 Nov. 15
Dec.
Dec.
Mclntyre Porcupine
Freeport Sulphur (quar.)
17
Nov. 15 Nov.
Dec.
20
20
Dec.
Jan.
Dec.
20
Jan.
Dec.
Dec. 20
Feb.
Lexington Utilities Co. $63$ pref. (quar.)
Life Savers Corp
Special
Liggett & Myers Tobacco (quar.)
Nov. 15 Oct.
s7m
Nov. 10
Dec.
Dec.
Nov. 15 Oct.
—
Nov. 10
Dec.
Jan.
Nov. 15 Oct.
Nov. 15 Oct.
First National
Nov. 21
I
Dec.
1 Nov. 10*
Nov. 25 Nov. 10
Jan.
$1
Fishman
15 Nov. 29
1 Dec. 15
...
50c
First National
2 Dec. 15
1 Nov. 10
1 Nov. 15
Nov. 22 Nov. 10
Nov. 15 Oct. 31
Nov. 15 Oct. 31
Dec.
8 Nov. 20
Lehigh Portland Cement pref. (quar.)
Leitch Gold Mine, Ltd. (quar.)
First $7
First $6
1
Dec.
6% preferred (quarl)
7% preferred (quar.)
K W Battery Co. (quar.)
Lake Seuperior District Power Co.:
7% cum. preferred (quar.)
6% cum. prefened (quar.)
;
Lake of the Woods Milling 7 % pref. (quar.)
20c
23
2 Dec. 27
Nov. 15
Nov. 20
2 Dec. 30
6
Nov. 15 Nov.
Nov. 27 Nov. 10
Extra
Firemen's Insurance (Newark) (s.-a.)
Extra
1 Nov.
Jan.
—
5% refunding partic.
31
8 Sept. 27
1-2-40 Dec. 30
1
Nov. 15 Nov.
(quar.)
Katz Drug Co. (quar.)
Preferred (quar.)
Kemner-Thomas. 7% special pref (quar.?..
Kendall Co. cum. & partic. pref., ser. A (qu.)..|
Kennedy's, Inc
Kentucky Utilities Co., Jr. pref. (quar.)..
Keystone Custodian Fund B-2 (s.-a.)
Klein (D. Emil) Co
Knickerbocker Fund..
Kresge (S. S.) Co
Kroger Grocery & Baking Co
Luzerne
Nov. 15
Dec.
Preferred
Common B
Nov. 15
Dec.
Kansas City Southern Ry., pref..
Kansas Pipe Line & Gas Co
Extra
Nov. 15
Dec.
Dec.
Jaeger Machine Co
Jackson (Byron) Co
(quar)
Nov. 15
Dec.
Ry. & Lt. 7% pref. (qu.)
Jefferson Lake Oil
3
25
26
Dec. 29 Dec. 19
International Harvester Co., pref. (quar.).
International Ocean Telegraph (quar.)
International Railways of Central Amer., pref_-|
International Shoe Co. (extra)
International Teleg. (Maine) semi-annual)
Iron Fireman Mfg. Co
(quar )
1
15*
6
Nov. 12 Nov.
Nov. 24 Nov. 14
;-.
Land is Machine Co
1
4
2 Dec.
Nov. 15 Nov.
(quar.)
Hershey Chocolate Corp. (quar.)
Preferred (quar.)
Hiawatha Oil & Gas pref. A (quar.)
Hibbard. 8pencer, Bartlett & Co. (monthly)—
Monthly
Hires (Chas. E.) Co. class A (quar.)
Holophane Co
Horn (A. C.) Co. 7% non-cum. partic. pref.(qu.)
6% non-cum. 2d partic. pref. (quar.)—..
Horn & Hardart (N. Y.), pref. (quar.)
Howey Gold Mines (irregular)
Hudson Bay Mining & Smelting.
Hussman-Ligonier Co. pref. (quar.)
Huston (Tom) Peanut Co
Preferred (semi-annual)
Huttig Sash & Door Co. pref. (quar.)
Idaho Maryland Mines (monthly)
Illuminating & Power Securities Corp.—
7% preferred (quar.)
Imperial Chemical Industries (interim;
Imperial Life Assuranre (Can > (quar )
Indiana Associated Telephone $6 pref. (quar.)__|
Indiana Pipe Line Co
Ingersoll-Rand Co
Ironwood & Bessemer
15j Dec.
Nov. 15 Nov.
Nov. 15 Nov.
Co
Hercules Powder Co., preferred
1 Dec. 15
1
Nov. 15 Nov.
1
Dec.
1 Nov.
Jan.
4
Nov. 15 Nov.
Dec.
1 Nov. 10
$1W
(quar.)
4% guaranteed (quar.)
Colgate-Palmolive-Peet (quar.)
Preferred (quar.)
Columbia Brewing Co. (resumed, quar.)
Hawaiian Commercial & Sugar
Hazel-Atlas Glass Co
25c
■ -
Holders
of Record
Hartford Times, Inc. (irregular)
Havana Electric & Utilities, preferred
Nov. 15 Oct. 31
3
Nov. 15 Nov.
Nov. 15 Nov.
Nov. 13 Nov.
Company
Hammond Instrument, pref. (quar.)
Hart-Carter Co. $2 conv. pref. (quar.).
Nov. 25 Nov. 15
Nov. 15 Oct. 31
1
Dec.
1 Nov.
tlH
Name of
Payable of Record
75c
(quar.)
Cedars Rapids Mfg. & Power (quar.)
Central Ohio Light & Power, pref. (quar.)
Per
Share
Holders
When
Per
Share
Nome of Company
3069
& Financial Chronicle
The Commercial
149
Nov. 20
4
Nov. 20 Nov.
Dec.
1 Nov. 20
Jan.
2 Dec. 20
Jan.
2 Dec.
Nov. 15 Nov.
"
34)$c
20
1
1
Nov. 15 Nov.
Dec.
1 Nov. 29
3070
The Commercial & Financial Chronicle
Per
Name of
Company
Share
Monsanto Chemical Co., $4)4 pref. A
(s.-a.)—J
Preferred B (a.-a.)
Moore (Wm R.) Dry Goods (quar.)—
Moran Towing Corp. 7% cum. partic. pf.
Morse Twist Drill & Machine Co
Dec.
Dec.
1
1
2-2-40
Dec.
1
Nov. 15
Dec. 29
(qu.)_|
Motor Finance Corp. $5 pref.
(quar.)
(Quarterly).
1
Nov. 29
Mountain Fuel Supply
Mueller Brass Co. (year-end)
Muskogee Co., 6% cumul. pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref.
(quar.)
Dec.
Dec. 28
(quar.)..
Neptune Meter 8% preferred (quar.)
Newberry (J. J.) Realty Co. 5% pref. (qu.)
New England Public Service—
$7 prior lien preferred
$6 prior lien preferred
New Jersey Zinc
,
Jan.
Dec.
Dec.
Preferred (quar.)..
1900 Corporation, class A (quar.>—
Class B
Preferred (quar.)
Northam Warren preferred (quar.)
Northeastern Water & Electric, preferred
Northern Pipe Line Co....
Dec.
Dec.
(quar.)
Pacific Lighting Corp.
(quar.).
Park-Wilshire
_.
(quar.)
(semi-annual)
Pemigewasset Valley RR. (s-a.)
Pender (David) Grocery, class A
(quar.).
Peninsula Grinding Wheel Co.
(resumed)-.
Peninsular Telep. $1.40 preferred A
Pref. A (quar.)
Dec.
Feb.
Nov. 15
Dec.
1
Dec.
1
Nov. 20
Extra
.
1-4-40 12-10-39
$1H
35c
Stock dividend
Pollock Paper & Box, 7%
pref. (quar.).
Poor & Co. class A
Portland & Ogdensburg
Ry., gtd. (qu.)-.
Potash Co. of America
Potomac Electric Power
6% pref. (quar.).
„
2%l
%1H
t$2
50c
25c
$1)4
5)4% preferred (quar.)
llH
Procter & Gamble Co
Extra
Public Service of New
50c
.
Jersey $5 pref. (quar.)
1
(quar.)
(quar.)
(monthly)
(monthly)
Oats Co. pref. (quar.)
State Oil
Refining
Power (quar.)
Brewing, partic. A
25c
$1K
50c
50c
$1)4
50c
25c
Dec.
Ian.
Dec.
Dec.
1 Nov. 20
2 Dec. 15
1 Nov. 15
1 Nov. 15
Nov. 15 Oct.
Nov. 15 Oct.
Dec. 15 Nov.
Dec. 15 Nov.
25
25
15
15
Dec. 15 Nov. 15
Nov. 15 Oct. 16
Dec. 15 Nov. 15
Nov. 29 Nov
1
Dec. 15 Nov. 29
Nov. 15 Oct. 24
15c
Dec.
15c
Class B
Ralston Steel Car $5 preferred
$5 preferred
Dec.
9 Dec.
7
Dec.
Dec.
Dec.
Dec.
Nov.
Nov.
Nov.
20 Dec.
20 Dec.
15
llif
(quar.)
Reading Co. 1st pref. (quar.)
60c
Reliance Steel Corp. pref.
(quar.)
Republic Insurance Co. (Texas)
(quar.)
87)4c
30c
6854c
t$4)4
$154
Republic Petroleum
pref. (quar.)
Republic Steel 6% prior pref. A
Reynolds Metals Co. 5)4 % cum. conv.
pref
Reynolds (R. J.) Tobacco Co.
(quar.,
interim)__|
50c
50c
25c
15c
(resumed)
lc
Rochester Button Co
$1)4 div. pref. (quar.)
37 He
Rochester Gas & Electric
6% pref. C & D (qu.)-|
$1)4
5% preferred E (quar.)
$1)4
Holland Paper Co.
(quar.)
12c
Extra
10c
Preferred (quar.)
Royalty Income Shares, series A.
Rubinstein (Helena), Inc
Safety Car Heating & Lighting Co., Inc.
Safeway Stores, Inc
Stock div. of 2-100ths of a sh. of
5% pref.
for each sh. of com. stock held.
5% preferred (quar.)
6% preferred (quar.)
7% preferred (quar.)
St. Louis Bridge Co. 6% 1st pref.
(s.-a.)
3% 2nd preferred (s.-a.).
Nov. 15 Nov.
4
Dec. 21 Nov. 10
Dec. 21 Nov. 10
Dec. 15 Dec. 15
Dec.
1 Nov. 15
$1)4
29c
75c
$1)4
9 Dec.
7
15
14 Nov. 22
1 Nov. 24
25 Nov. 10
15 Nov.
4
15 Nov.
1
Jan.
2 Dec. 20»
Nov. 15 Oct. 25
Nov.15 Oct. 25
Dec. 15 Dec.
1
Dec. 15 Dec.
1
Dec. 11 Dec.
1
Dec.
Dec.
1 Nov. 18
1 Nov. 10
Dec.
1 Nov. 10
Nov. 15 Nov.
4
Nov. 15 Nov.
4
Dec.
1 Nov. 15
Nov. 25 Oct. 30
Nov. 15 Nov.
1
Dec. 15 Dec.
Dec. 20 Dec.
1
5
stk.|
Dec.
Dec.
1
Dec.
12 Dec.
12 Dec.
5
5
5
15
15
Dec.
1 Nov. 15
Dec.
1 Nov. 16
Dec. 15
1-3-4"
$1H
Dec. 30
Nov. 15
Nov. 15
Dec.
1
Nov. 15
Nov. 17
Nov. 28
Dec.
1
22c
75c
$1V*
50c
10c
10c
40c
37Hc
6% preferred series B (quar.)
Nov. 15
Nov. 15 Oct. 20
37Hc
3734c
Dec.
Nov.
Dec.
Nov.
Dec.
Nov. 20
Nov. 15
Oct. 31
Dec. 14
Oct. 31
Dec.
1
40c
(quar.)
$2
lc
Dec.
Nov.
Nov.
$1)4
Dec.
40c
Dec.
Dec.
1
Nov. 15
Nov. 15
40c
Dec.
25c
Dec.
25c
Dec.
50c
Dec.
25c
Standard Oil Co. (N. J.) (s.-a.)
Extra
Dec.
25c
Extra
cap.
Dec.
Nov. 15
Nov. 15
Nov. 15
stk. of 3 shs. for each
15 Nov. 15
Standard Wholesale Phosphate & Acid Works.
5
15 Dec.
4
15 Nov.
1
15 Nov.
15 Oct. 30
1 Nov. 15
_
Stanley Works 5% pref. (quar.)
Stein (A.) & Co.
(quar.).
Stone & Webster, Inc. (resumed)
Strawbridge & Clothier prior pref. (guar.)
Stromberg Carlson Telep. Mfg. prer. (quar.)—Preferred
4
Nov. 15
Nov. 15
200 shs. $25 par value
Sun Oil Co.
31
Nov. 15
Oct. 16
Nov.
3
Nov. 14
20c
—
Sovereign Investment (quar.)
Spiegel, Inc.,$4)4% conv. pref. (quar.)
Stamford Water Co. (quar.)
Standard Brands. Inc., $4)4 pref. (quar.)
Standard Cap & Seal Corp.
(quar.)—
Preferred (quar.)
Standard Oil Co. (Calif.) ( quar.)
Standard Oil Co. of Indiana (quar.)
payable in
Dec. 15
Oct. 20
Oct.
$1)4
Southern California Water Co. 6 % pref.
(qu.)
Southern Canada Power (quar.)
Southwestern Portland Cement, 8% pf.
1 Nov. 13
15 Nov. 25
1 Nov. 10
(quar.)
(quar.)
-
Superior Oil Co. (Calif.) (quar.)
Quarterly
20 Nov. 10
—
20 Feb.
Quarterly
10
20 May 10
1 Nov. 15
Swift International Co. dep. ctfs__„
Sylvanite Gold Mines (quar.)
30 Nov. 18
15 Oct. 30
Tampa Electric (quar.)
Preferred A (quar.)
Texas Gulf Producing Co
Texas Pacific Coal & Oil (quar.)
Tex-O-Kan Flour Mills Co. 7%
preferred
15 Oct.
30
15 Nov. 17
1 Nov. 10
1 Nov. 15
Thatcher Mfg. Co. pref.
(quar.)
Tide Water Assoc. Oil Co
Tobacco Products Export Corp
Toburn Gold Mines
15 Oct.
31
liNov. 10
15'Nov.
1
22 Oct.
21
22 Oct.
Extra
21
Toronto Elevators, Ltd., 5)4% Pref.
(quar.)
7 Nov. 23
Trane Co. preierred
(quar.)
Common
(quar.)
1 Nov. 25
15 Nov.
15 Dec.
5)4% preferred (quar.)
1
15 Dec.
15 Dec.
Troy & Greenbush RR. Assoc. (s.-a.)
Truax-Traer Coal 6% pref.
(monthly)
5
1
5
Union Electric Co. (Mo.), pref.
(quar.)
Union Gas Co. of Canada (quar.)
United Aircraft Corp
United Biscuit Co. of America
15 Nov. 20
1
15 Dec.
1 Nov. 14
Preferred (quar.)
United Chemicals preferred
United Engineering & Foundry Co
Preferred (quar.)
United Gas Corp., $7 preferred
1 Nov. 10
14 Nov.
3
14 Nov.
3
1 Nov. 10
15 Oct.
1 Jan.
United Gas Improvement preferred
(quar.)
Common (quar.)
United Gold Equities of Can. standard shs
United Light & Railways. 7% prior
pref. (mo.)..
7% prior prefened (monthly)
S.
1
15 Dec.
1 Nov. 15
2 Dec. 15
1 Nov. 15
15 Oct. 31
1 Nov. 18
.
common..
5
15 Dec.
20 Nov. 29
20 Nov. 29
1 Dec.
16
1 Nov. 18
(quar.)
United States Steel Corp. pref.
(auar.)
United States Sugar pref.
(quar.)
Preferred (quar.).
20 Nov.
3
15 Jan.
5
15 Apr.
15 July
Preferred (quar.).
Universal Insurance Co. (quar.)
Upper Michigan Power & Bight—
6% preferred (quar.)..
5
5
1 Nov. 15
2-1-40
1-29-40
Nov. 20 Nov. 15
Dec.
2 Nov. 18
—
Vagabond Coach Mfg. (resumed)
Vanadium-Alloys Steel Co
Vapor Car Heating Co., 7% pref.
(quar.)
Vick Chemical Co.
(quar.)
•>ec.
Dec.
Dec.
Extra
Vogt Manufacturing
Walgreen Co. (quar.)
Preferred (quar.)
Warren Foundry & Pipe
(quar.)
Extra
Washington Ry. & Electric Co
Went worth Mfg., preferred
(quar.)—
Wesson Oil & Snowdrift Co., Inc.—
Conv. preferred (quar.)
West Jersey & Seashore RR. guaranteed
(s.-a.)_
West Michigan Steel
Foundry $154 pref. (quar.)
West Penn Electric Co. 6%
pref. (quar.)
7% preferred (quar.)West Virginia Pulp & Paper Co.
pref. (quar.)—
Westlnghouse Air Brake Co
Westinghouse Electric & Mfg
Participating preferred (quar.)
9
■
i
>ec
1
1 Nov. 15
1 Nov. 15
Dec.
1 Nov. 15
Dec. 20 Nov. 20
Dec. 15 Nov. 15
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Nov. 30 Nov. 15
Nov. 15 Nov.
1
Nov. 15
Nov. 15
Nov. 15
Oct. 20
Oct. 20
Nov.
1
Nov. 15
Nov.
8
8
Nov.
Westvaco Chlorine Products (quar.)
Nov. 10
Nov. 10
Nov.
6
Dec. 16
Oct. 30
Extra
Wheeling Electric Co. 6% preferred (quar.)
Whitaker Paper Co. 7% pref. (quar.)
White (S. S.) Dental Mfg. Co
Whitman (William) preferred
(quar.)
Dec.
Will & Baumer Candle Co., Inc
16
Nov.
Wood
#
15
10 Dec. 20
_
United States Pipe & Foundry Co.
(extra)
United Stages Pipe A Foundry Co.
(quar.)
United States Playing Card
United States Plywood Corp. pref.
(Alan) Steel 7% preferred
Woolworth (F. W.) Co. (quar.)
Woolworth, Ltd., Am. dep. rec. pref. (s.-a.)
Worcestre Salt Co. 6% pref.
(quar.)
Wrigley (Wm.) Jr. Co. (quar.)
Quarterly
Wurlitzer (Rudolph) Co
15
1 Nov. 15
2 Dec.
(s.-a.)
Petroleum,
17
22 Nov. 29
2 Dec.
United New Jersey RR. & Canal
(quar.)
United States Electrid Light & Power Shares B
United States Gas Co. conv. pref.
U.
31
22 Nov. 29
6.36% prior preferred (monthly)..
6.36% prior preferred (monthly)
6 % prior preferred (monthly)
6 % prior preferred (monthly)
Nov.
5
Nov. 18
Nov. 15
Nov.
1
Nov. 20 Nov.
1
Dec.
1 Nov. 15
Pittsburgh Bessemer & Lake Erie RR., pref
Pitts. Ft. Wayne & Chic.
Ry. 7% pref. (quar.)_.|
Pittsburgh Suburban Water Service Co.$534 preferred (quar.)
Plymouth Oil Co. (quar.)
6
1
Nov. 13 Nov.
4
Dec.
1 Nov. 20
Dec.
5 Nov. 20
Dec.
1 Nov. 12*
Dec.
1 Nov. 15
Dec.
8 Nov. 25
Dec.
1 Nov.
3
Phoenix Acceptance
Corp., class A (quar.)
Phoenix Hosiery Co. 7%
pref
Pillsbury Flour Mills, Inc. (quar.)
Pitney-Bowes Postage Meter (quar.)
Rice Ranch Oil Co.
17
Nov. 15 Nov.
Dec. 15 Dec.
_
Preferred (quar.,
interim)
Rheem Mfg. Co.
(quar.)
Extra
Jan.
_
Pennsylvania Electric Switch A (quar.).
Peoples Drug Stores
Pfaudler Co. 6% preferred
(quar.)
Philadelphia Germantown & Norristown
Philadelphia Suburban Water Co. pref. (quar.)Philip Morris & Co.pref. (quar.)
Phelps Dodge Corp. (year-end)
Phillips Petroleum Co
Rainier
Nov. 10
Nov. 10
Dec.
Nov. 27
Nov. 15 Oct. 26
Nov.16 Nov. 4
Nov. 15 Nov.
4
Penmans Ltd. (quar.)
Quaker
1
Dec.
Preferred
Quaker
Quebec
1
1 Nov.
Nov.15 Nov.
3
Dec. 20 Nov. 24
Dec. 20 Nov. 24
Nov. 15 Oct. 30
Dec.
1 Nov. 15
Jan.
2 Dec. 15
Nov. 14 Nov.
3
Nov. 15 Oct. 31
Nov. 15 Oct. 31
Nov. 16 Oct. 20
Dec.
Nov. 15
Dec.
Nov. 15
(quar.)
preferred
preferred
preferred
preferred
1 Nov.
Dec.
Pacific Gas & Electric 6%
pref. (quar.).
5)4% preferred (quar.).
7%
8%
6%
6%
6
Nov. 15 Nov.
6
Dec.
1 Nov.
6
Dec.
1 Nov. 17
Dec. 20 Dec.
6
Owens-Illinois Glass Co
Oxford Paper Co. $5 preferred
Pacific & Atlantic
Telegraph (s.-a.)
Pacific Fire Insurance Co.
Parker Pen Co.
Parker Rust-Proof Co.
Nov. 20
Nov. 20
Nov. 20
Nov. 15 Nov.
Otis Elevator Co
_
Nov. 15
11 Nov. 10
11 Nov. 10
1 Nov. 15
25c
Skelly OU Co
Sonotone Corp
A div.
Dec.
%\%
Sherwin-Williams
Preferred (quar.)
1
Dec.
Dec.
75c
$3 prior preferred (quar.)
Servel, Inc
Pref. (quar.)
7% preferred
Shawinigan Water & Power Co
South American Gold & Platinum
Nov. 20
Dec. 16
4 Dec. 20
1 Nov. 14
Jan.
75c
20c
Secord (Laura) Candy Shops (quar.)
Second Investors Corp., (R. I.)
South Bend Lathe Works (quar.)
Southern California Edison (quar.)
Southern California Edison Co., Ltd.—
16
Nov. 27 Nov. 15
Nov. 15 Nov.
9
Nov. 15 Nov.
6
Nov. 15 Oct. 31
$1K
Extra
16
1
30
1 Nov. 10
1 Nov. 17
Dec.
Nov. 25
Dec.
1
Dec.
1
Dec.
1
Dec.
1
Jan.
2
_
40c
Sears. Roebuck & Co
31
2 Dec. 30
14 Nov. 24
1 Nov. 10
Dec.
(quar.)|
Northwest Bancorporation
Northwestern Public 8ervice Co. 7% cum.
pref..|
7% cum. preferred (quar.)
6% cumulative preferred
6% cumulative preferred (quar.)
Northwestern Teleg. (semi-annual)
Norwalk Tire & Rubber, pref.
(quar.)..
Nova Scotia Light & Power
6% pref. (quar.).
Oahu Sugar Co.
(monthly)
Occidental Insurance Co.
(quar.)
Ohio Power Co. 6% preferred
(quar.)
Okonite Co., 6% pref. (quar.)
Omar, Inc., 6% preferred (quar.)
Ontario & Quebec Ry.
(s.-a.)
5% debentures (s.-a.)
Ontario Steel Products
pref. (quar.)
Preferred
Oct. 26
Dec. 16
Nov. 18
Nov. 17
Nov.
9
Nov. 10
Dec
21
Nov. 16 Nov.
1
Nov. 15 iNov.
1
Nov.15 Oct. 31
Dec. 15 Nov. 20
Dec. 22 Dec.
4
Nov. 11 Oct. 31
Dec.
1 Nov. 15
Nonquitt Mills (quar.)
Noranda Mines, Ltd. (interim)
Norfolk & Western Ry. (quar.)
40c
Dillon Co
Seaboard Surety Co
Nov. 15
Dec. 15 Dec.
1
Dec. 15 Dec.
1
Dec.
9 Nov. 20
(semi-annual)
Light & Power (qu.).|
50c
75c
Scotten
2-2-40
Nov. 15 Oct.
Dec.
1 Nov.
Dec. 15 Dec.
Dec.
1 Oct.
Nov. 15 Nov.
Dec.
1 Nov.
of Record
San Carlos Milling Co., Ltd
Savage Arms Corp
Nov. 10
Dec.
,
1939
Holders
Nov. 10
4
1 Nov. 10
Dec. 15 Nov. 14
Nov. 29 Nov. 14
Dec. 15 Nov. 20
Nov. 15 Oct. 31
11,
Name of Company
Nov. 15 Nov.
--
New York Mutual Teleg.
New York & Queens Elec.
8
Nov. 22
Dec.
1
Nashawena Mills (resumed)
National Automotive Fibres, new pref.
(Initial).
National Biscuit Co
Preferred (quar.)
National Container (Del.)..
National Casket Co
National Credit Co. (Bait., Md.) class A
(qu.)...
National Gypsum Co. $4H conv. pref.
(qu.)___
National Lead Co. preferred A (quar.)
National Power & Light Co., common
,
When
Holders
PayableI of Record
Nov.
8
7
Nov. 10
Nov. 3
Nov. 6
Nov. 20
Nov.
—
Dec. 20
Nov. 20
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the
deduction of
a
tax o 5
case of non-residents of Oaaada
%of the amount of such dividend will be made.
Volume
The Commercial & Financial Chronicle
149
Condition of the Federal Reserve Bank of
New
Weekly Return of the New York City
Clearing House
York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Nov.
8, 1939,
in comparison with the
previous week and the
date last year:
The
weekly
Assets—
STATEMENT
Nov. 1. 1939
OF
MEMBERS
$
$
reserves
•
Secured
by U. S. Govt,
direct and guaranteed
Bank of Manhattan Co.
20.000,000
National City Bank..
Chem Bank A Trust Co.
77,500,000
S.
500,000
3,867,000
39,229,000
51,655 ,000
4,165,000
41,568,000
2,359,000
7,000,000
80,314,100 el,017,850 ,000
14,019 ,000
2,492,000
124,216 ,000
9,303,600
372,999 ,000
27,939,400
94,831 ,000
8,463,900
89,143 ,000
9,768,900
518,909,000
915,777,500 13,011,259,000
680,723,000
42,139,000
21,000,000
1,800,000
2,600,000
Corn Exch Bank Tr Co.
Flrst National Bank
15,000,000
Irving Trust Co
50,000,000
1,983! 000
1.984,000
3,632,000
10,000,000
Continental Bk & Tr Co.
4,000,000
Chase National Bank
416,243.000
393,960,000
50,413,000
250,391,000
370,360,000
Fifth Avenue Bank
Bankers Trust Co
194,671,000
6,000,000
5,000,000
New York Trust Co
847,812,000
860,616,000
815,422,000
851,653,000
17,000
3,306,000
116,931,000
8,888,000
864,399,000
64,000
Bank premises
Other assets
579,729 000
a2,007,198 000
666,430 000
61,910,496 000
606,679 000
cl,012,629 ,000
283,940 000
5,564,000
1,448,000
2,960,000
29,342,000
2,125,000
821,870,000
17,000
12,500,000
7,000,000
Comm'l Nat Bk A Tr Co
Pubilo Nat Bk A Tr Co.
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected items
4.236.000
175,120,000
8,888,000
22,193.000
22,393,000
Totals.
51,710,000
3,472,000
126,559,000
*
9,808,000
As per official reports: National,
Sept. 30,
1939; State, Sept. 30,
1939; trust
companies, Sept. 30, 1939.
15,451,000
Includes
Total assets
25,000,000
Title Guar A Trust Co..
Marine Midland Tr Co..
securities,
direct and guaranteed
206,853 000
622,249 ,000
53,486 000
d2,693,091 ,000
90,000,000
Manufacturers Trust Co
Cent Hanover BkATr Co
414,607,000
393,642,000
39,563,000
Govt,
Average
100,270,000
Guaranty Trust Co
direct and guar¬
Bills
U.
Deposits,
Average
603,866 000
20,000,000
2,278,000
322,000
216,000
Notes
Total
Time
Deposits,
17,256,000
60,443,000
164,629,000
5,249,000
68,142,000
107,391,000
57,154,000
27,711,000
2,278,000
1,525,000
....
HOUSE
Net Demand
13,807,900
26,340,200
61,343,500
56,267,700
183,072,800
39,241,400
72,071,900
20,516,700
109,153,700
53,103,000
4,380,800
134,328,200
1,857,000
Total bills discounted
U. S. Govt, securities,
anteed:
Bonds
6,000,000
249,000
1,608,000
Bills bought In open market....
Industrial advances
CLEARING
%
obligations.
275,000
YORK
Undivided
Members
Other bills discounted
City
THURSDAY. NOV. 9. 1939
Surplus and
Capital
7,080,840,000 7,170,493.000 4,858,125,000
Bills discounted:
York
Profits
•
Clearing House
6,998,030,000 7.084,774,000 4,754,358,000
874,000
1,197,000
1,345,000
81,613,000
102,893,000
84,374,000
.......
NEW
THE
$
rrom
Bank of New York
Total
OF
CLOSE OF BUSINESS
Nov. 9,1938
*
New
by the
Friday afternoon is given in full below:
on
ASSOCIATION AT
on hand and due
United States Treasury.*
Redemption fund—F. R. notes
Other cashf
issued
statement
Clearing House
corresponding
Nov. 8, 1939
Gold certificates
3071
8,084,028,000 8.245,346,000 5,835,349,000
6 (Oct.
deposits
in
17) $76,911,000;
foreign
branches
follows:
as
(Oct.
a
$258,300,000;
25)
(Nov. 9) $2,096,000; e (Oct. 18) $15,518,000.
c
Lxaouities—
F. R. notes In actual circulation
Deposits—Member bank
reserve aco't..
U. 8. Treasurer—General account....
Foreign bank
Other deposits
...
Total deposits
Deferred availability Items
Other liabilities, inel. accrued dividends.
991,040.000
1,205,831,000 1,202,765,000
6,139,740,000 6.256.122,000 4,252,888,000
115,452,000
112,045,000
101,027,000
160,645,000
168,062,000
78,266,000
225,066,000
161.571,000
218,646,000
THE
LONDON
STOCK
EXCHANGE
Quotations of representative stocks
each
6,640,903,000 6,754.875,000 4,593,752,000
128,241,000
115,583,000
166,223,000
1,582,000
1,477.000
1,438,000
received by cable
as
day of the past week:
Capital
7,963,899,000 8,125.340,000 5,714,471,000
50,914.000
52,463,000
7,457,000
9,295,000
Total liabilities and capital accounts..
of
total
to
reserve
on
50,903,000
Central Min A Invest.
52,463,000
7,457,000
51,943,000
9.174,000
10,288,000
7,744,000
Nov. 10
deposit
m
-
-
—
-
42/9
«» ~
De
Beers
£6%
and
w
Co
J
m+m,
mm
Closed
"7/9"""
67/3
8/-
m
90.1%
87.0%
14/1%
14/3
118/9
£10%
Rand Mines.
116,000
1,885 000
1.934,000
or a
bank's
3,505,000
own
£10%
£13
95/7%
United
97/6
£34%
86/6
Molasses
16/25/3
24/9
83/1%
15/6
24 /6
17/1H
15/9
25/-
VIckers
17/4 %
Wltwatersrand
West
Treasury
Areas..
under the provisions of the Gold Reserve Act of 1934.
£13
97/6
£35 %
87/6
Swedish Match B
certificates given by the United States Treasury for the gold taken
from the Reserve oanks when the dollar
was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates
being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the
118/1%
£10%
£6%
£10%
£36 %
£36 %
Shell Transport
over
£10%
...
Royal Dutch Co
Reserve bank notes.
'
65/7/6
14/1%
7/9
14/1%
*. «.«.
£13%
Rolls Royce
Federal
*
£7
Rio Tinto
vances
-
29/7%
20/9
Imp Tob of G B A I_.
London Mid Ry
36,COO
-
41/3
£5%
66/6
14 /3
Hudsons Bay Co
90.2%
42/6
30/4%
£6
£6%
67/—
Electric A Musical Ind
purchased
41/3
30/9
30/10%
30/4%
42/3
92/6
£48%
£11%
£49
£48%
£12
£12%
.
Ford Ltd
bills
42/7 %
92/6
£47%
Courtaulds 8 A Co
8,084.028,000 8,245,346,000 5,835,349,000
t "Other cash" does not include Federal Reserve notes
are
Fri.,
Nov. 9
Cons Goldfields of 8 A.
foreign correspondents
Commitments
to
make Industrial ad¬
These
Thurs.,
42/6
50,912,000
for
x
Wed.,
Nov. 8
Boots Pure Drugs
Distillers
F. R. note liabilities combined
liability
Tues.,
Nov. 7
Cable A W ord
Other capital accounts.
Contingent
Mon.,
Nov. 6
British Amer Tobacco-
Accounts—
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b).
Ratio
Sat.,
Nov. 4
Total liabilities
£3%
£39,c
£3%
£37,,
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101
leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve
System
upon
immediately preceding which
the figures for the latest week
we
appears
also give the figures of New York
in
our
department of "Current Events and Discussions
Chicago reporting member banks for
ana
Commencing with the statement of May 19, 1937, various changes were made In the breakdown of loans
described in
an announcement
of the Federal Reserve Bank of New York of
April 20, 1937,
as
as
a
week later.
reported In this statement, which
were
follows:
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers In securities located in New York
City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
bought in open market" under the revised caption "open market paper," Instead of In "all other loans," as formerly.
Subsequent to the above announcement, It was made known that the new items "commercial, industrial and agricultural loans" and "other loans",
cial paper
would each be segregated as "on securities" and "otherwise secured and unsecured."
A
more
detailed explanation of the revisions was
published In the May 29,1937, Issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON NOV.
Federal
Reserve
Districts—
Toted
ASSETS
Boston
Loans and Investments—total
Phila.
$
S
Cleveland Richmond
S
Atlanta
Chicago
St. Louis
$
%
$
$
(In Millions of Dollars)
Minneap. Kan. City
$
%
Dallas
San Fran.
I
%
Commercial, Indus, and agricul. loans
secure.
22,728
1,192
9,530
1,153
1,881
688
615
3,148
696
409
665
538
2,213
8,521
4,310
605
3,312
423
677
260
308
884
335
193
286
273
965
287
1,786
198
253
117
168
519
203
103
175
182
319
317
..
Loans—total
Open market paper
Loans to brokers and dealers In
New York
$
$
1,1939
65
123
25
6
13
4
33
7
3
16
2
20
603
26
476
20
20
2
4
31
4
1
3
2
14
512
21
237
31
26
15
12
77
13
8
10
14
48
81
201
55
173
39
32
9
26
22
385
69
55
51
13
22
Other loans for purchasing or carrying
securities.
—
24
1
3
1
1
124
465
93
196
73
87
115
53
667
—
bills
Treasury notes
United States bonds
19
462
m
9
4
8
127
3
•
1
3
„
1
178
M
-
-
•«-
«.
2,159
55
894
38
211
182
38
434
54
33
83
53
84
5,858
338
2,343
324
589
127
97
929
138
112
99
82
680
2,232
45
securities
Reserve with Federal Reserve Bank..
116
1,208
94
67
26
52
50
170
3,291
Obligations guar, by U. 8. Govt
Other
52
1
1,559
1,184
Loans to banks
Treasury
109
36
Real estate loans
Other loans
130
1,311
274
279
67
96
486
99
45
132
58
314
9,885
490
5,692
423
535
185
48
119
68
1,414
220
99
189
133
386
288
458
141
92
17
43
20
12
71
11
6
14
10
21
Balances with domestic banks
3,111
164
199
220
357
218
206
546
187
117
336
277
284
Other assets—net
1,258
82
477
100
103
38
46
82
23
16
23
30
238
18,556
1,196
8,830
925
1,314
478
387
2,611
474
308
532
464
1,037
5,249
236
1,042
281
731
202
189
941
191
119
145
137
1,035
537
14
67
52
42
28
40
111
20
3
23
30
107
7,954
331
3,531
411
441
311
277
1,157
351
150
422
267
305
727
27
653
8
1
1
1
13
689
19
265
14
-16
33
10
20
6
7
3
4
292
3,728
246
1,602
222
374
96
94
408
95
59
102
86
344
Cash In vault
'•
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic
banks.-
Foreign banks
1
Borrowings
Other
Capital
liabilities
22
Ml.
-
accounts
......
The Commercial & Financial Chronicle
3072
Nov.
11,
1939
Weekly Return of the Board of Governors of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Nov. 9,
The following was
showing the condition of the 12 Reserve banks at the close of business
for the
System
Wednesday.
on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
as a
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
week last year.
Reserve note statement
Reserve Agents
returns
The comments oj the Board of Governors of the Federal Reserve System .upon the
and the Federal Reserve banks.
for the latest week appear in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
Nov.
Three Ciphert (000) Omitted
8,
1939
%
Oct.
Oct.
18,
1939
$
S
11.
Oct. 4,
14,570,719
339.046
15,003,107
14,964,287
7,344
332,383
15,111,366
15,049,890
15.030,375
993
1,082
1,572
4,541
1,331
5,183
1,277
4.758
5,472
4,784
5,623
6,514
6.749
6,356
498
548
344,281
15,191,237
15.187,920
15,157,417
1,091
5,384
1,180
5,068
6,475
6,248
5,751
•
reserves
?
S
5
14,656,717
9,005
325,153
9,777
9,
1938
14,621,718
8,288
334,281
14.696,217
14,769,20f
8,920
Nov.
Sept. 13,
1939
1939
%
14,725,715
8,987
315.194
14,839,206
8,846
339,868
14,804,210
9,139
323,888
20.
Sept.
1939
$
$
27,
Sept.
1939
1939
415
14,858,210
Redemption fund (Federal Reserve notes)
Total
Oct. 25,
1939
1,
1939
$
A8SETS
Gold ctfs. on hand and due from U. S. Treas. x.
Other cash
Nov.
NOV. 8, 1939
11,317,698
8,288
9,071
324,422
351,798
14.909,429
11,678.567
969
1,556
4,680
4,619
5,697
3,120
5,588
7,253
7,800
548
545
546
545
Bills discounted:
Secured
8. Government obligations
fully guaranteed..
by
U.
direct and
Other bills discounted
—
Total bills discounted........
-
Bills bought In open market.........
.
-
.
l~l".023
11.680
"l"l^ 763
11,787
11,803
11,841
11,644
11.667
11,617
15,163
1,313,942
1,247,497
1,315,942
1,245,497
159.380
1,315,942
1,245,497
174,320
1,315.942
1,245,497
1,315,942
1,164,565
223,457
242,370
1,308,616
1,245,497
272,370
1,268,800
1,245,497
186.820
1,315,942
1,245,497
203,457
1,315,942
1,245,497
125,380
309,420
612,123
2,686,819
2.720,819
2,735,759
2,748.259
2,704,890
2,784,896
2,803,809
2,826,483
2,823,717
2,564,015
2,704,917
Industrial advances
2,738.747
2,753.273
2.766,084
2,783,711
2,804,034
2,822,357
2.844.283:
2.843.133
-
United States Government securities, direct and
guaranteed:
Bonds
Notes
Bills
Total
U.
8
Govt,
securities,
securities
787,327
direct and
guaranteed
Other
1,245,497
.
Total bills and securities
2,587,523
I
Gold held abroad
Due frora
-
......
.
47
47
22,133
716,496
42,037
69,492
18,607,318
banks
20,844
/ 0,073
forciga
18,776,872
.
Federal Reserve notes of other banks......
Uncollected Items.,
Bank
578,163
...........
42,037
premises
Other assets
Total assets
226
""*176
178
177
20,583
20.799
21,513
666,514
42.082
646,638
720,313
42.087
20,836
007,630
42,082
42,140
42,159
68,663
71,118
68,951
67,889
66,771
26,389
733,764
42,156
77,469
18.814,269
18,635,504
18,632,715
18.603.106
18,659.504
18,632,527
""308
47
23,385
23,185
662,257
802,576
42,108
69,436
18.707,923
.
"""176
176
22,447
556,371
4<,203
49,544
14,938,831
LIABILITIES
Federal Reserve notes In actual circulation
Deposits—Member banks'
4,817,094
4,743.717
4,756,457
4,757,812
4,732,133
4.683.726
4,677,608
4,678,992
4,355,754
11,813,664
349,030
470,881
319,449
11,950,446
326,003
11.906,847
11,739,156
403,635
11,671,664
11,621,338
11,525.708
8,546,166
469,127
551,890
11,549,309
618,613
615,386
577,766
466,137
309.403
467,580
495,787
285,554
450.076
305,296
218,033
312,482
12,953,024
690,547
4,453
United States Treasurer—General account..
4,781.385
11,748,660
347,622
562,106
reserve account....
Foreign banks
456,231
Other
322,911
414,705
444,207
272,874
283,540
297,400
12,968,221
644,088
4,147
12.954,229
12,896,466
9,654,44 7
704,124
575,025
3,815
12,944,721
622,759
4,970
12,949,263
682,167
3,935
12.884,298
641,620
4,371
12,916,331
4,278
3,894
6,243
4,658
18,259,077
18.429,234
18.360,173
18,466,871
18,288,101
18,285,762
18,256,176
18,312,932
18,285,825
14,589,884
135,597
149,152
27,204
135.580
135,557
149,152
135,569
149,152
135 501
135.460
135,506
135,497
134,003
147,739
27,264
27,683
35,642
35,426
35,077
27,264
35,003
149,152
27,264
149,152
27,264
35,413
149,152
27.264
135,511
149,152
27,264
35,777
149,152
27,264
36,228
34.650
34,789
39,522
18,607,318
18,776,872
18,707,923
18,814,269
18,635,504
18.632,715
18,603,106
18,659,504
18,632,527
14,938,831
85.9%
85.6%
85.6%
85.3%
85.3%
85.2%
85.1%
84.9%
84.8%
83.4%
101
Total deposits
101
101
101
101
101
101
101
324
10,023
10,156
10,236
10,328
10,278
10,517
10,806
10,919
13,318
5,353
12,875,424
Deferred availability items..
y
Other liabilities, incl
accrued dividends
Total liabilities
CAPITAL
(Section 7)
Surplus (Section 13 b)
y
Other capital accounts
.
Total liabilities and capital accounts
Ratio of total
reserves
752,250
633,483
303,913
ACCOUNTS
Capital paid In
Surplus
349,137
418,898
deposits
to deposits and
bills
27,264
Federal
Reserve note liabilities combined
Contingent
liability on
foreign correspondents
149,152
purchased
for
"9*966
Commitments to make Industrial advances
'
"
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
1.594
16-30 days bills discounted
31-60 days bills discounted
315
3,361
61-90 days bills discounted
Over 90 days bills discounted
1
1.385
404
2.451
1,287
4,406
297
288
237
168
173
251
3 609
3,539
296
353
500
456
647
530
130
207
307
3,455
3,547
3,372
3,509
1,788
367
812
621
425
225
159
161
152
163
161
583
6,475
6,248
5,751
5,623
6,514
6,749
6.356
232
Total bills discounted
2,316
125
578
393
1-15 days bills bought In open market
16-30 days bills bought In open market.
31-60 days bills bought In open market
61-90 days bills bought In open market
Over 90 days bills bought In open market..
1,255
515
255
124
3
""*99
99
223
74
967
5,588
7,253
149
"""255
115
"140
140
23
93
264
153
135
267
315
83
93
93
2,164
7,800
23
198
"
"
.
Total bills bought in open market..
415
498
548
548
545
546
545
*1^577
1*585
1,442
1,442
1,395
1,406
1.366
1,448
1,317
1,338
73
98
343
310
120
133
239
220
208
"
1-15 days industrial advances..
16-30 days Industrial advances.
31-60 days Industrial advances
61-90 days Industrial advances
308
1,245
Over 90 days industrial advances
891
408
419
407
395
481
483
380
947
436
700
1,115
1,113
1,191
1,191
560
551
506
463
8,292
8,406
8,455
8,503
8,690
8,716
8,998
8,965
9,206
12,107
11,623
11,680
11,763
11,787
11.803
11,841
11,644
11,667
11,617
15,163
48,675
76,705
54,675
69,280
35,425
48,940
27,440
54,675
210,453
29,137
48,940
125,380
36,637
67,050
95,810
27,440
123,955
38,913
29,137
48,913
48,675
182,453
36,637
82,715
38,913
110,523
78,077
174,968
210,453
2,561*439
2,455,691
2,45*5,691
2,455,691
141,173
2,455.691
182.453
2,561,439
2,455,691
2,448,365
125,380
2,514,297
2,006.867
2,686,819
2,720,819
2,735,759
2,748,259
2,764,896
2,784,896
2,803,809
2,826,483
2,823,717
2,564,015
5,102,403
285,309
5,069,242
5,060.802
5,002,399
4,991,190
4.994,680
275,268
270,266
307.464
317.078
4,983,108
304,116
4,616,904
317.085
5,060,226
303,769
5.033,080
287,857
4,817,094
4,781,385
4,743,717
4.756,457
4,757,812
4,732.133
4.683,726
4,677,608
4,678,992
4,355,754
5,177,000
2,346
5,166,000
5.164,000
5,162,000
5.138,000
5,108.000
5.101.000
4.683,000
1,626
1,557
2,440
2,406
2.022
5,104.000
1,172
5,066,000
2,132
2,792
6,936
5.168,132
5,165,626
5.163,557
5.140,440
5,110.406
5.103.022
5.105.172
5.068.792
4.689.936
Total Industrie1 advances....
U.S. Govt, securities, direot and guaranteed:
1-15 days
16-30 days..
31-00 days
61-90 days
105,748
Over 90 days
97,615
175,847
Total U.S. Government securities, direct
and guaranteed
Total other
securities...",...
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
In actual circulation
261,150
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Goid ctfs.
hand and due from U. S. Treas..
on
By eligible paper
United States Government securities
Total
*
x
collateral
"Other cash" does not include Federal Reserve notes.
These
cents on
are
Jan.
certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to
59.06
31, 1934, these certificates being worth less to the
extent of the difference, the difference itself having
been appropriated as profit by the Treasury under
provision* of the Gold Reserve Act of 1934.
With the statement of Jan. 4, 1939 two new Items appeared, "Other liabilities. Including accrued dividends,
and "Other capital accounts."
The total of these
two Items corresponds exactly to the tetal of two Items formerly in the statement but now excluded, via.: "All other liabilities.'
md "Reserve for contingencies **
The
y
statement <or Nov. 9, 1938 has
been revised
on
the
new bads and Is shown
accordingly.
Volume
The Commercial dr Financial Chronicle
149
3073
Weekly Return of the Board, of Governors of the Federal Reserve System {Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS
CLOSE
AT
OF BUSINESS
NOV. 8,
1939
Three Ciphers (000) Omitted
Federal Reserve A sent at—
Gold
Total
Boston
New York
PhUa.
ASSETS
%
%
%
$
certificates
on
band
and
I
Atlanta
Chicago
S
Minneap. Kan. CUy
St. Louis
$
$
I
S
Dallas
San Fran.
$
%
S
due
from United States Treasury
14,858,210
914,681
788,293
9,139
323,888
1,383
480
256
322
905
825
321
539
406
27,422
20,646
20,595
18,123
43,054
13,421
9,938
18,124
16,288
872,328
1,431
24,984
15,191,237
Redemption fund—Fed.
850,142 6,998,030
1,074
1,197
29,680
81,613
880,896 7,080,840
817,098
935,807
410,161
299,815 2,572,243
439,978
258,514
353,670
243,472
898,743
249
30
168
81
65
74
75
135
60
19
50
1,608
321
477
362
170
433
156
147
1,321
98
291
Res. notes..
Other cash *
Total
Cleveland Richmond
reserves
389,310
281,370 2,528,284
425,732
3.35,007
248,255
226,778
'
Bills discounted:
8ecured by U 8. Govt, obligations,
direct and guaranteed
1,091
Other bills discounted....
5,384
Total bills discounted
85
6,475
85
1,857
351
645
443
235
507
231
282
1,381
117
341
11,623
1,501
1,984
3,145
337
1,003
663
444
7
812
161
512
1,054
Bonds...
1,313,942
95,100
136,807
143,630
129,889
49,765
136,366
46,979
44,603
9,075
13,055
6,368
5,002
13,705
4,209
35,119
33,342
3,361
56,065
125,380
107,163
10,770
44,107
41,875
57,998
90,291
66,739
63,365
52,417
1,247,497
414,607
393,642
39,563
112,869
Notes
5,534
4,483
107,570
102,131
10,205
2,686,819
194,466
847,812
230,802
279,751
136,472
107,184
293,701
90,191
71,812
118,597
96,065
219,966
2.704.917
196,052
851,653
234,298
280,733
137,918
108,082
294,652
90,429
72,906
120,139
96,694
221,361
47
3
18
5
4
Industrial advances
U. 8. Govt, securities, direct & guar.
BIIIb
Total
U.
8.
Govt,
securities,
direct and guaranteed
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected
2
2
1
6
See
1
a
20,844
688
3,306
670
1,546
2,884
1,745
2,228
1,974
578,163
items
59,100
116,931
37,844
-64,648
53,541
25,657
86,379
29,054
3,871
2,251
6,988
2,188
1,088
18,553
1,501
1,894
440,310 2,966,367
565,875
354,450
Bank
premises
42,037
2,898
8,888
4,594
5,894
2,557
2,041
Other
assets
70,073
4,572
22,392
6,044
7,736
4,125
2,968
18,607,318 1,144,209 8,084,028 1,100,553 1,296,368
611,188
Total assets.
.
4
1,422
545
2,748
30,246
26,709
29,501
3,119
1,266
3,157
2,886
2,443
5,837
371,130 1,161,351
511,483
LIABILITIES
F. R. notes In actual circulation
4,817,094
400,231 1,205,831
337,704
448,301
225.247
160,585 1,051,487
189,408
138,706
180,503
84,186
394,905
11,748,660
602,868 6,139,740
20,318
115,452
609,704
291,428
202,943 1,673,756
16,756
51,049
16,086
55,612
304,310
11,628
260,998
221,024
11,581
5,330
13,329
7,474
155,452
19,398
10,571
5,329
13,328
4,812
627,053
27,357
33,165
26,175
241,987 1,785,747
Deposits:
Member bank reserve account.....
U. 8. Treasurer—General account..
Foreign
Other
225,066
17,151
659,384
34,225
42,743
12,631
663,261 6,640,903
690,374
748,983
322,742
336,741
190,750
289,441
250,745
713,750
115,583
1,582
39,496
65,766
48,123
24,798
83,744
28,929
15,721
31,216
24,975
27,406
447
428
127
195
429
175
135
185
120
272
18,259,077 1,120,199 7,963,899 1,068,021 1,263,478
596,239
427,565 2,921,407
555,253
345,312
501,345
347,622
456,231
bank
deposits
Total
12,875,424
562,106
56,349
4,453
Total liabilities
18,937
160,645
6,996
322,911
deposits.....
33.079
358
44,582
6,904
19,763
4,647
6.202
14,017
13,328
1,098
360,026 1,136,333
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
135,597
9,383
50,914
12,115
149,152
10,083
52,463
27.264
2,874
13,696
4,416
36,228
1,670
7,457
9,295
13,797
14,323
5,107
4,561
13,804
4,019
4,983
5,630
22,666
4,685
1,007
713
1,429
545
2,922
3,153
1,001
3,763
3,293
1,566
1,841
7,061
1,373
2,068
4,303
3,613
1,141
1,080
18,607,318 1,144,209 8,084,028 1,100,553 1,296,368
611,188
440,310 2,966,367
565,875
364,456
511,483
371,130 1,161,351
410
63
667
3,273
.......
Other capital accounts
....
484
9,966
•
2,305
923
1,934
"Other cash" does not Include Federal Reserve notes,
a
1,356
856
78
22
4,051
10,621
3,892
1,266
9,965
2,121
2,311
1,895
Less than $500.
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
held
New York
PhUa.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
$
%
%
%
$
$
S
%
5,102,403
Minneap. Kan. CUy
$
San Fran
Dallas
$
%
$
236,425
143,753
189,276
91,676
11,178
172,178 1,081,875
30,388
11,593
200,249
19,620
10,841
5,047
8,773
7,490
447,454
52,549
400,231 1,205,831
337.704
448,301
225,247
100,585 1,051,487
189,408
138,706
180,503
84,186
394,905
5,177.000
440.000 1,305,000
85
418
360,000
471,000
240,000
174,000 1,090,000
203,000
135
145,500
190,000
94,500
464,000
185
1,192
5,179,346
as
467,921
10,332
2,346
by Agent
427,162 1,290,398
26,931
84,567
354,030
285,309
4,817,094
In actual circulation
Collateral
Boston
$
Federal Reserve notes:
440,085 1,305,418
360,030
203,135
145,685
191,192
94,500
464,000
security
for notes issued to banks:
Gold certificates
band and due
on
from United States Treasury
Eligible paper
Total collateral
United States
Rates
quoted
30
301
471,000
240,301
174,000 1,090,000
Treasury Bills—Friday, Nov. 10
Bid
PARIS
THE
for discount at purchase.
are
BOURSE
Quotations of representative stocks
Asked
Bid
Asked
each day
Thurs.
Fri.,
Nov, 15 1939.
Nov. 22 1939.
Nov. 29 1939.
0.05%
6 1939.
3 1940
Jan.
10 1940
0.05%
......
Jan.
0.05 yc
Jan.
17 1940
0.05%
Jan.
24 1940
Dec. 13 1939.
0.05%
Jan.
31 1940
20 1939.
0.05%
Feb.
7 1940
Dec.
........
........
Dec.
Dec, 27 1939.
Banque de
Wed.,
Nov. 7
Nov. 8
Francs
Francs
Francs
6,900
817
810
369
369
17.200
17,010
585
580
1,475
1,465
475
550
515
679
188
705
687
198
195
194
194
192
*
440
454
450
1.360
Canal de Suez cap..
1,365
1,392
6,695
798
360
17.220
Cle Distr. d'Electrlcite
Citroen B
Quotations for United States Treasury Notes—Friday,
Nov. 10
Figures after decimal pcmit represent
or
one
more
32ds of
point.
—
Comptoir Natlonale d'Escompte
Coty 8 A
Courrieres
Credit Commercial de France...
Credit
Lyonnals
1
Int.
Rate
Maturity
Bid
Dec. 15 1939...
1H%
100.3
VI ar. 15 1940
1 H%
101.5
Asked
Dec.
101.7
101.14
101.24
101.26
Dec.
15 1942...
101.31
102.1
June
15 1943...
Sept. 15 1942...
102.7
IH%
Mar. IS 1942...
101.12
15 1940—
Asked
Bid
1 H%
15 1941...
"575
077
1.242
803
80*
24
1,950
1,241
103.17
104 25
2%
102.09
103.19
104 27
Lyon (P L M)
NordRy
Pathe
Capital.
Pechlney
—
490
*
*
*
*
690
*
*
*
*
*
**,
178
****
432
*
*
197
1«%
Mar. 15 1941...
June
IH%
15 1941
102
102 2
Dec.
1
H%
IH%
IH%
1%
15 1943...
104 8
101.27
101.19
101 21
100.22
100.24
99.25
Mar. 15,1944...
June
104.6
101.25
99.27
15 1944—
*
*
*
*
STOCK
EXCHANGE
538
*
»
653
1,235
■*
m
827
*
*
804
820
....
*
*
*
'
f.918
1*955
72.30
71.90
*
*
*
81.30
81.70
*
*
*
*
107.60
106.95
p.
*
**
2,095
2,090
2,058
'*
*
*
*
1,650
43
1,680
1,644
^
^
^
^
Soctete Generale Fonclere
*
-
*
*
1.060
U35
1,128
548
549
550
*
«*
4X%
5%. 1920
Saint Gobaln C & C
m
'
'
Cie
Schneider <fc
-—
Marseillaise
44
76
Wagon-Li ts.
75
398
399
39
Union d'Electrlcite
79
380
Tubize Artificial Silk pref
BERLIN
251
*
** *
+ ***
*
72.10
81.95
107.50
3%
Rentes, Perpetual
Soclete
THE
1,365
*m*
Soclete Lyonnalse...
Dec. 15 1940...
560
1,425
*.* *
<m
804
"800
16,610
**
****
1.264
Llquide
336
*
*****
675
Closed
*
*
-*
572
677
L'Air
Rate
Maturity
567
Kuhlmann
June
*
'*
Energie Electrlque du Littoral..
758
*****
Energle Electrique du Nord
Int.
Nov. 9
Francs
0,700
7,000
590
-
Banque de I'Unlon Parlslenne
Cie Generale d'Electrlclte
a
Tues.,
Nov. 6
Francs
1,510
France
Banque de Paris et Des Pays Baa
0.05%
Mon.,
Nov. 4
Francs
0.05%
0.05%
Sat.,
Nov. 3
0.05%
0.05%
0.05%
0.05%
cable
received by
as
of the past week:
41
42
70.65
79.65
106.00
2,070
1.550
45
1.085
**
*****
*
*
*
*
****
648
07
374
39
Closing prices of representative stocks as received by cable
each day
of the past week:
Nov.
Nov.
4
6
Nov.
Nov.
8
on.
7
9
Nov.
10
United
States
Government
Securities
on
the
New
-Per Cent of Par
Allgemeine Elektrlzltaets-Gesellschaft (6 %) 116
Berliner Kraft u. Licht (8%)
150
110
Relcbsban (German Rys. pf. 7%). 124
110
124
Dresdner Bank (6%)
Fatbenlndustrle I. G. (7%)
iteicbsbank (8%)
(8 %)
Veretnlgte Stablwerke (Q%)
Siemens & Haiske
103
159
180
199
93
103
159
180
199
93
150
110
109
124
124
125
103
103
103
lo9
"
159
158
180
page.
199
94
93
at
the
New
York
Stock
199
94
Transactions
Daily, Weekly and Yearly—See page 3089.
180
199
.
Exchange—See following
105
180
-
York Stock
151
105
110
_
115
105
.
115
150
150
105
Commerz-und Prlvat-Bank A. G. (6%)
Deutsche Bank (6%)
Deutsche
116
105
116
.
Stock
and^BondJAverages—See
page
3089.
Exchange.
3074
Nov.
11, 1939
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
in computing the range for the year.
account is taken of such sales
■
United States Government Securities
Below
furnish
the New York Stock
on
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
a
Daily Record of U. S. Bond Prices Nov. 4
Nov. 6
Nov. 8
Nov. 7
Nov. 9
(High
117.19
(Low.
117.19
117.26
118
[Close
117.19
118.6
118
Total tales in <1,000 units...
5
Treasury
4 MS, 1947-62
118.6
118
Nov. 10
Dally Record of U. S. Bond Prices
118.4
Treasury
Nov. 6
Nov. 4
Nov. 8
Nov. 7
103.24
I
103.22
103.24
1
3
103.10
103.18
103.24
103.9
103.18
103.18
103.9
103.18
103.24
113.8
3
113.10
113.14
(Low.
[Close
113.8
113.18
113.15
Total sales in <1,000 units...
15
QI0&6
113.18
7
[High
Total tales in <1,000 units...
113.20
2m«. 1958-63
26
ww
„
1
2
103.9
103.23
103.25
103.20
103.4
103.8
103.21
103.19
103.10
103.4
103.8
103.21
103.19
103.10
3
7
16
112.28
113.2
[Close
112.28
113.2
Total sales in <1,000 units...
113.2
[High
107.11
<1,000 units...
1
Low.
107.10
3Ms. 1946-66
112.28
WW--
2Mb, 1945
10
1
56
107.11
[High
102.27
102.19
| Low.
102.27
102.19
Iciose
102.27
102.19
Total sales in <1,000 units...
3
1
3Ms. 1940-43
Total sales in <1,000 units...
[High
| Low.
[High
106.1
[Close
106.1
/
104.19
104.19
104.19
104.19
[Close
104.19
104.19
104.19
2
1
1
109
3MS, 1943-47
HOLI
103.16
103.10
Low.
103
103
103.7
103.16
103.10
103
109.6
DAY
Low.
Close
1
105.9
[High
Low.
105.11
105.7
dose
•105.7
-
18
1
103.20
103.12
HOLI¬
103.20
103.12
DAY
103.3
103.20
1
Low.
103.10
Sf..
[Close
103.10
105.7
Total sales in <1,000 units...
1
Federal Farm Mortgage
3 Ms, 1944-64
1
/High
109.1
109.9
109.10
109.1
109.5
109.8
109.10
____
12
....
High
Low.
109.10
Low.
3 Ms, 1943-46
Close
109.1
109.9
Total sales in <1,000 units...
i
3MB, 1944-46
Low.
109.16
109.17
109.16
109.16
109.17
109.19
109.16
1
5
1
8
107.6"
106.31
[High
3s, 1944- 49
2
109.19
109.8
109.7
Total sales in <1,000 units...
109.10
4
109.17
109.8
109.7
Close
Total sales in <1,000 units
109.10
4
109.8
109.7
High
Low.
107~.3~
107.8"
106.31
107.6
107.5
107.3
106.31
■
107.6
107.8
107.3
Total sales in <1,000 units...
35
3
[High
105.10
105.10
Low.
3s. 1942-47
105.10
105.10
105.10
105.10
3
4
4
*6
High
109.4
109.14
109.24
109.18
Low
109.4
109.14 -109.24
109.18
Close
Total sales in <1,000 units...
Close
3 Mb, 1946-49
109.4
109.14
109.24
109.18
[High
104.21
1
1
20
Low.
104.21
Total sales in <1,000 units...
2Mb, 1942-47
109.19
[High
3 MB, 1949-52
I
[High
Total sales in <1,000 units..
105.7
103.12
5
103.10
•
105.7
105.11
105.11
—
5
103.3
Total sales in <1,000 units...
109.8
103.10
103.16
103.17
9
103.3
•
2s, 1947.
3Ms, 1941
103.1
4
[High
109.8
109.6
2Mb, 1949-53
2Mb, 1950-52
<1,000 units...
8
103.17
[High
109.8
109
[Close
n
109.6
109
[High
| Low
105.27
103.3~
Close
Total sales in <1,000 units...
104.19
Total sales in <1,000 units...
105.24
1
10~3~"
104.19
3 Ms, 1941-43
105.27
(Low.
2MB. 1948
----
35
106.1
Total sales in <1,000 units...
Total sales
w-
103.4"
(High
| Low.
[Close
n
w
mm~m
(Low.
2Mb, 1960-65
Total sales
103.18
103.18
5
103.8
103.8
Total sales in <1,000 units...
17
113.8
[High
j Low.
4s, 1944-64
103.12
[High
2Mb. 1956-59
118.4
5
103.12
(Low.
[Close
118.4
6
Nov. 10
Nov. 9
103.18
103.12
103.8
[High
Low.
I Close
Total sales in <1.000 units...
109.19
Close
«.
2
em
M
«•
104.21
M
— —
w
109.19
9
Total sales in <1.000 units...
1
106.24
106.16
[High
108.11
108.28
108.26
Low.
106.13
106.16
106.16
106.14
Low.
108.11
108.28
Close
106.13
[Close
108.26
106.18
106.16
106.14
108.11
108.26
Total sales in <1.000 units...
7
10
6
3s. 1946-48
Total sales in <1,000 units...
Low.
5
107.8
107.8
Close
■
108.28
2
(High
3s, 1951-65.-
Home Owners' Loan
107.8
107.24
107.20
107.12
107.24
107.12
Close
Total sales in <1,000 units...
7
3
3
[High
104.29
104.31
104.23
104.20
104.8
104.9
104.16
104.22
104.8
104.15
104726
104.25
104.15
8
6
48
9
19
[High
107.6
Low.
107.6
[Close
107.6
Total sales in <1,000 units...
107.11
w.
107.18
-
107.10
-
2
107.11
2
7
106.11
5
106.6
106.6
106.6
106.6
15
2
104.7
104.21
Low.
104.7
104.21
104.29
104.7
United States
104.21
104.29
*1
1
United States
2
100.4
100.3
100.4
100
-
100.3
31
100.4
2
5
....
J Cash sale.
sales
of
coupon
were:
109.10 to 109.10
105.6
to 105.6
...109.8
to 109.8
109.18 to 109.18
104.29
[Close
4
100
t Deferred delivery sale.
[High
2MB, 1951-64
104.5
1
Treasury 3Ms, 1943-1947
2 Treasury
3Ms, 1941
1 Treasury
3Ms, 1943-1945
1 Treasury
3Ms, 1944-1946....
106.6
Low.
Close
Total sales in <1,000 units...
104.5
104.7
100.3
above table includes only
Transactions in registered bonds
bonds.
104.5
lob""
*
Note—The
107.11
107.18
w.-
WW
104.5
104.5
3
*
[Close
Odd lot sales,
1
104.5
104.7
Total sales in $1,000 units...
*
106.14
104.7
Low.
107.14
107.16
107.10
4
[High
2MB. 1948-51
1Mb, 1945-47
104.15
(Close
Total sales in <1,000 units...
2Ms, 1945-47
104
107.14
104.11
"
104
107.19
[High
(Low..
-
104
Low.
2Mb, 1942-44-
107.19
106.15
(High
5
107.19
5
Total sales in <1,000 units...
2Mb. 1956-60
Hlgb
3s, series A, 1944-52.--
Total sales in $1,000 units...
10
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous
page
New York Stock Record
LOW
AND
Saturday
per
6434
share
6434
*136!2 141
13s
*4234
1%
48
Nov. 7
Nov. 8
$ per share
64i2
*137
IV
*4234
5434
95s
2ll2
20i8
6958
21i2
20l2
20l2
20i8
6034
58
934
IV
IV
7
9
IV
678
IV
13g
16
1634
I4I4
1414
I8X4
1438
1534
1334
24
24V
$ per share
65ip
IV
91?
IV
1
IV
7h
73g
7
1%
IV
155g
14i2
138
1434
1338
I3I4
*1634
215s
*9i2
18V
2334
*13
Election
10
175l2 179V
143S
14
16'V
278
65V
65V
21U
21V
39V
3934
10V
10
14
66V
10i8
*653s
42
41
16
16
1584
2l2
*63
20i2
38
23U
175
4H2
17
17M
174
*1358
1034
*653s
14
10
Day
14
10M
1334
17i2
2234
234
17
234
1634
64V
63U
21
203s
38V
38
173
1414
14
10U
67l2
41V
1534
284
1634
6312
20&8
3914
2H4
22 lg
66
2&8
17
64i4
37l2
39
12i8
49-V
12 V
12l4
1219
12
50
5018
*45
23
20i8
50
this day.
16
20
1258
no sales on
14
1712
16i8
50
Bid and asked prices:
1
13s
1538
I3i2
I3i2
16i2
4034
127g
2134
1834
56i2
7i8
10i8
10
17334
13i2
1334
*13i2
1334
9i2
10
*65i2 66I4
39i8
40i2
*1558
16
2i2
2l2
*16i8
I8I4
*9i2
173
62
62
*1918
38
H78
*4 5
t In receivership.
40
600
138
1434
I3i2
1314
176
1
Lowest
Par
Abbott Laboratories...No
par
20
4,800
7
14
5,300
5218
U8
1578
2l2
50
*2034
18l2
54i4
I6I4
Shares
9i8
9
7V
40
125s
5218
42~
1978
385g
12
497s
Range for Previous
On Basis of 100-Share Lots
Year 1938
EXCHANGE
4M%
44,900
1
10i8
63
144
"42"
914
934
1612
6478
*133
53
21
13M
14
50
*
48
a;13t2
1334
66
64
li2
I9I4
7
Closed-
140
5719
15i4
$ per share
65i4
19M
Stock
1334
share
55
Exchange
IV
16
*1712
23i4
19
*5234
58
1038
258
*41
59
1414
*16
rli2
203«
1334
*16
140
9
18M
6634
ver
6412
21
1438
43
$
914
1334
4234
54
Range Since Jan. 1
.
Week
2liz
20
58l4
14
*6514
Nov. 10
9l8
IV
STOCKS
NEW YORK STOCK
the
Nov. 9
213s
1934
21
*14
10
48
54
55
Sales
for
$ per share
*4234
CENT
Friday
.
66U
*13712 140
rli2
15S
48
NOT PER
Thursday
65
141
14V
10
934
17612 178
14
SHARE,
Wednesday
54
678
PRICES—PER
Tuesday
54
1
SALE
Nov. 6
Nev. 4
$
HIGH
Monday
900
1,500
7,300
1,400
15,300
5,900
6,900
1,000
900
5,600
600
700
1,300
12,800
700
1,900
500
600
1,400
2,800
1,900
170
Dei. delivery.
...100
No par
Acme Steel Co
Adams Express
No
25
Adams-Mlllls
par
No par
Address-Multlgr Corp
10
Air Reduction Ino
No par
Air Way El Appliance.-No
par
Alaska Juneau Gold Min.__10
Allegheny Corp
No par
5M % Pf A with $30 war. 100
6M % pf A with $40 war. 100
SM% pf A without wai.100
$2.50 prior
conv
pref.No par
Alghny Lud Stl Corp..No
par
Allen Industries Inc
Allied Chemical &
par
1
Dye.No
Allied Kid Co
5
Allied Mills Co Inc
Allied Stores Corp
100
6,000
pre!
Abraham <fc Straus
400
2,400
conv
Rights
No par
No par
5% preferred
100
Allls-Chalmers Mfg
No
Alpha Portland Cem_.No
Amalgam Leather Co Ino
6% conv preferred
Amerada Corp
No
par
par
1
$
per
Highest
share
$
53
April
120
Apr 10
13s
33'2
31i2
6*2
Oct 25
Apr 8
Mar 31
Aug 24
19
Bept ~
1578Sept
45M Apr
«4 Jan 30
6i2 Sept
5g July
8
1
June 29
14
Apr 8
6»4 Apr 11
151i2 Apr 10
10
Apr 10
9i2 Apr
6
Apr
5412 Apr
28
Apr
1234 Apr
lx4June
10
11
11
29
12
par
50
par
16
Am Airlines Inc
Aug 21
Apr 11
Apr 26
10
26
Juna 29
American Bank Note
6% preferred
10
n
Chem(Del)— No
New stock,
r
Cash Bale,
934 Sept
50
x
Ex-dlv.
;
45
Oct 19
per
share
36M Feb
1195s July
Highest
>
per
share
61
Nov
12334
Oct
30x4 Mar
45
Oct
56X2 Oct 26
18
62
Jan
lH2Sept 12
24
Oct
27i2 Jan
6M Mar
I4i2 Mar
16V Mar
30
Aug
68
40
May
677i Nov
li4Septl3
58 Mar
158 July
133s Feb
25
Mar
3
5
Sept 27
June
3
8M Mar
8ept 27
78 Mar
20X2 Sept 27
18i4 Sept 26
1284 July
6i4 June
2
18
Jan
Sept 27
23X2 Sept 27
28i4 Jan 4
1178 Oct 23
200i2Sept 11
l478Sept 11
15i8 Sept 8
113a Jan
3
5
15S
Jan
78
Jan
Mar
17X4
Jan
5i2 June
7«4 June
145g Sept
178s
Jan
4i2 Mar
124
Mar
7
Mar
21i2 Nov
29»4 Nov
1414 Aug
197
1234
Oct
Oct
8V Mar
1478 July
4i2 Mar
13X2 Nov
y
1
71
38
197g Jan
5
3414 Mar
III4 Apr
li4 Mar
6
10
Mar
24
Jan
74X2 Sept 11
24x2 Sept 13
55
May
78
July
22
Dec
28*2
4034 Oct 30
1734 jan 3
10
Mar
23M July
60
"
..
.50
Am Agrlc
share
71i2Sept 19
149X2 Sept 30
l5g NOV 6
10
-
534 Aug 24
4X2 Aug 24
4i2 Sept
per
Lowest
46V
Apr
63
Aug 22
483s Jan
33gSept
21
Ex-rlghts.
Sept
Jan
6
Mar
70i8
Oct
5534
Oct
20
Oct
3M
Called for redemption.
Oct
Oct
Nov
Volume
LOW
AND
New York Stock
149
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Record-Continued—Page
Sales
CENT
STOCKS
NEW
for
Saturday
Monday
Tuesday
Thursday
Friday
the
Nov. 4
Wednesday
Nov. 6
Nov. 7
Nov. 8
Nov. 9
Nov. 10
$ per share
$ per share
$ per share
$ per share
YORK
Shares
$ per share
7%
7%
50%
5012
13312
108i2 108%
*131
*167
175
3678
5712
23i2
*111
58%
2334
1234
*82
365s
*56
8
1234
1234
8234
*82
3i8
6
*4*2
2i2
27
2*4
255g
734
734
7*2
22l2
215s
2434
25
170%
166
166
168
168
200
35
33
34
12,000
39
35%
56%
22%
115
8%
8%
12%
*36
54
55
22%
52
52%
111
119
119
121
600
*8
16
*8
16
8
8%
8%
8
7%
*8%
8%
12%
11%
11%
82
82
3
3%
3
*5
6
*5
*5
2%
l",206
28%
7,900
$7 preferred
No par
7%
7%
1,100
87 2d preferred A
No par
|
22%
23%
5,100
23%
24%'
24%
25
2,900
86 preferred
No par
Amer Hawaiian SS Co.....10
6%
6%'
36%|
7,500
American Hide fe
36
27
7%
7%
8
22*4
2334
678
21%
22%
24%
6%
22%
24
38
36%
53%
54%
54%
2%
*22%
2%
23
2%
29
8%
6
6%
6%
36
"
Amer & For'n Power
200
54%
5412
238
2334
7i2
2%
2334
22i2
7%
678
678
7
7
6%
6%
26
27i2
253s
2534
25%
25%
23%
25%
23%
24
66
65
66
64
64%
62
62
900
1434
1478
14%
14%
14%
14%
14
14%
7,900
4*4
478
4%
25%
4%
4%
4%
4%
25%
4%
25%
14%
4t4
26l4
1538
4i4
26%
26
265s
6%
26%
*108
115
*108
115
*110
115
23
23
23
23
23
23
514
5034
43
105s
4934
4134
10*4
5
5012
42l2
1012
153
153
147
1978
20%
*78%
12l2
79%
12*2
1212
13
375s
38*8
54l2
5434
13914 I39l4
*66
67
*141
478
144
49%
42
42%
41%
10%
10
42%
10%
10%
155
1234
3734
5312
*150
3734
54
139l2 13912
6612
67
144
3434
*90i4
9078
81
6%
125s
*8978
612
13
92l2
12%
52l4
834
1318
53%
9*4
*40
12%
50%
51%
140% *138% 139
67%
67%
67%
11,100
400
Amer Smelting & Refg. No par
Preferred
100
700
American
*141
*40
45
34%
144
*142
33%
12%
35
33
16%
24
89%
12%
*15%
16%
168% 169%
35%'
79
Stock
33%
80%
81
81
145
145
6
Exchange
*89
45
50
48%
*38
Day
34
32%
44%
22%
22
22
114
114
16
16
3
*33%
34
10012 100*2
6*2
*48
49%
2%
2%
2%
33%
*33
33 34
100% 100%
6*8
*48
101
6%
43
22
*14
33%
101
48
*50
33%
100%
6
6%
50
2%
48
49
Am Water Wks & Elec.No par
American Woolen
48%
49%
2,500
8%
8%
10,100
22%
11%
9%
9%
9%
*74
80
*76
9%
9%
77
*75%
77
9
8%
76%
*72%
*70
79
*70
*34%
36%
*91%
30
94
31%
*92
29%
62%
62%
62%
25
25*2
24%
24%
25%
109%
*108
107
18
17%
108%
834
46*2
8%
8%
46%
46%
64
65
64%
64%
123
123
8*2
*45%
7
7*2
1834
5
3
20%
9%
1934
7%
7%
3*4
*234
*18*2
8%
123% 123%
*6%
7%
8
18%
18%
18
7%
7
8%
8%
18%
17%
7%
6%
18%
6%
8%
20%
65%
*20%
20%
*20%
67
67
*65-%
17%
68%
17%
*65%
67%
65%
17%
2:16%
15
*25
14%
15
25%
25%
*113
114
*112% 114
27%
27%
*27%
27%
107% 107% *106% 108%
32
32
*117
122
Q
9
0
*55
60
*55
32%
21%
33%
21%
*54%
55%
41
41
91
17*2
17*2
114% 115
30%
31
88%
122
35
35
30%
•
31%
29%
24%
27
31
9%
10
8
191,000
17% 24,000
634
11,700
31
122
*9%
9%
*9%
50
3,800
900
50
21%
21
21%
3,300
55
55
55%
55%
55%
55%
41
39%
*83%
40%
86%
17%
17%
115
11534
39
40
81®4
17%
84%
17%
2934
34%
34%
6%
5
-
preferred
60
No par
5% conv preferred
100
Atlas Tack Corp
No par
J Auburn Automobile.. No par
|
100
11434 11434
29
29%
21%
21%
12%
1234
33
50
100
10
No par
preferred
bYt%
Barnsdall OH Co
50
—...6
Bayuk Cigars Inc
No
1st preferred
par
100
25
600
1,200
40,500
2,800
1,200
1,000
1,300
4,500
Bendlx
Creamery
No par
50
20
Aviation
priorpf82.50dlr ser'38No par
Best A Co
-No par
Bethlehem Steel
(Del).No par
5% preferred
20
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
Blaw-Knox Co
No par
33%
800
Bliss & Laughlin Inc
18
*17%
17%
170
*50
55
Bloomlngdale Brothers. No par
Blumenthal A Co pref
100
30%
27%
28%
a
5834 Mar
130
Apr
3% Mar
6
Mar
68
Apr
3% Mar
88% Aug
Oct
91%
152
Dec
9% Nov
16% Nov
91
Aug
7% July
23% Mar
45
4% Mar
25
Mar
43
21
May
29
Mar
Nov
9%
Oct
July
42% Oct
6434 Oct
21% Aug
27% Aug
3
IO84 Mar
8
97
Apr
113%
6
10
Mar
20%
3% Sept 26
2
Mar
4% July
31% Aug
834 April
21
1% Apr 11
Apr 21
May
9
358 Aug 24
3334 Apr 11
Sept
37
Sept 11
20
Apr
105
June 20
82
Mar
Jan
Jan
95
5% April
July
72
4
60
Jan
65
Jan 23
Oct
7
28% Mar
4
24% Mar
94% Jan
59% Dec
5% Mar
2% Mar
Sept
68
73
103%
3% Mar
Mar 15
60
Mar 31
50
Oct
Oct
6
6
8«4 Sept
3l34Sept 6
7% Sept 6
5% Apr 11
13
10% Oct 27
Mar
July 20
10%
72
Nov
3
4
Mar
252
May
Jan
13
Nov
9
Dec
77% Dec
12% Nov
75
Aug
10
26,200
Pet, delivery,
Boeing Airplane Co
n New stock,
r
Cash sale,
5
5
z
4
22% Mar
44% Nov
9
40
May
72
Jan
Jan
3
14
Mar
30
Dec
2684 Sept 11
2484 Oct 2
110%June 6
9% July 21
43% Apr 8
50
Aug 23
116
Sept 11
48% Aug
7
4%
6%
1784
101%
684
38«4
Mar
Mar
Mar
Apr
Mar
Mar
71
Sept 12
36
Mar
June 15
127
Jan 11
105
Jan
8
Sept 11
5% Sept 12
3% Jan 6
30% Jan 5
9% Nov 4
21% Sept 27
Jan
884
5
434 Sept 1
April
65
July 3
10% Aug 24
6
Apr 8
24% Apr 11
11% Sept 27
3012 Jan 4
11% Aug 24
15% Apr 10
19% Jan
19
Nov
Jan
6% Aug 23
26
Dec
Mar
9% Aug 24
18% Sept 1
104% Apr 12
7
April
87
Jan 11
21
Jan
5
13
Jan
5
33
Feb 28
4
8% July
14%
Jan
27% July
109% Aug
9% Jan
48% Aug
68
Nov
126% Dec
Nov
Apr
2% June
8
6%
Jan
2
5%
684
Dec
Dec
4%
Mar
12% Mar
2% Mar
6
Mar
4
Mar
5% Mar
8% Dec
17% Dec
11
July
1384
Jan
2434
Dec
36
July
82
Dec
98
July
12% Mar
2384
14
Oct
34
Nov
10% Mar
21% July
5
Oct 14
9
Mar
21
11434 Jan 16
28
July 24
109
Apr
115
Apr 10
98
Apr 10
107% Nov
5
2734 Sept 12
104% Sept 13
7% Apr 10
52
Nov
9
48% Apr
6
32
5
Sept
50% June
15% Apr
99% Apr
15% Apr
30
10
11
10
14
Apr 8
8% Apr 10
33(
Nov 10
14% Aug 24
Apr 18
16% Aug 24
35
Ex-div.
v
2534
32
Nov
11% Mar
9
90% Apr
4
25
128% Aug 1
9% Oct 25
73% Jan 25
3334 Oct 27
21% Mar 11
55% Aug 7
57% Mar 11
94%
Apr
Apr
584 Mar
67
Sept
8% Mar
15% Mar
Sept 11
26% Mar
3984 May
18% Sept 13
1234 June
100
120% Sept 25
3234 Oct 26
24%
1784
36%
23%
Oct 26
Mar 11
55
75
4
Mar
17% June
984 Mar
Sept 27
Jan
Oct
Mar
21% Mar
17
109% Oct
17% April
55
t In receivership,
4
Jan
Mar
11434June
Beneficial Indus Loan. .No par
17
27%
6
Mar
58
Oct
Jan
8
163s Apr 11
*50
26%
54%
5
111
Jan
19
31
Jan 23
111
5
17
Sept
9% Aug 24
3% Aug 24
100
100
55
Bid and asked prices; no sales on this day.
40
Baldwin Loco Works v t C-.13
17
28%
8
2034 Apr 11
35
April
17% Aug 31
3% Aug 24
55
27
Aug
15% Sept 21
6484 Sept 16
Sept 12
-.No par
17%
34%
14% Jan 20
96
48
85 prior A
...No par
Aviation Corp. of Del (The) .8
Austin Nichols
55
34%
5
April
4% Apr 10
1% July 10
2
Apr 13
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
21%
13
Atlas Corp
Beech-Nut Packing Co
21%
12%
4% conv pref series A...100
100
SCO
22
25
100
43,200
22
100
85 preferred w w
Beech Creek RR...
9%
29%
Jan
30%
Beatrice
31%
17%
17%
115% 115%
30%
30%
21%
22
12%
13%
Jan 16
8%
8
500
30%
87%
8984
153%May 26
Apr
200
*48
120% Oct
150% Dec
15
Barker Brothers
*30%
32%
120% 120%
12% Mar
Atlantic Coast Line RR...100
1,700
2434
117% Mar
June
Deo
95
2,500
27
Dec
5
97%Sept 11
18% Jan 4
170% Mar 11
87% Jan 19
71
9%
27
82
Sept
42%
16%
107% 107% *107%
*115
....
122
200
*112% 115%
Dec
1
50
2434
114
27
12,300
14%
19%
1
65%
14%
24%
114
27%
3%
3
52
86%
17%
25%
500
30
Dec
12
Sept
200
9
Deo
6I84 Dec
34
Sept
3,200
15%
140
150
1134
Sept
13% Apr
Jan
4034
-
12
24
Apr
6% Mar
21
65%
14%
114
250
32%
*39%
*50
14%
28% Apr 10
4
Aug 24
Mar
15% Mar
50
preferred
;
52
88%
17%
17%
115% 115%
*30%
30%
13%
17*2
14%
8% Apr 11
Apr 10
3% Apr 8
4534
130
Jan
23% Nov
35% Jan
58% Nov
4
1
78
28% Mar
103
8084 July
20%
14% July 26
18% Oct 9
100
5%
8%
*24
46% Sept 13
Sept 12
63
140%June 21
7% Mar
2234 Apr
Oct
73% Sept
39% Nov
20%
10
3
Jan
19%
165% Jan
24% Nov
Mar
*20%
27%
13% Mar
Mar
Atlas Powder
31
40%
13%
35
10
27%
Mar
14834 July
4
72
t Baltimore & Ohio
4% preferred
Bangor & Aroostook..
Conv 5% preferred
Barber Asphalt Corp
8
9
6
Jan
1
800
55%
40%
13%
6%
41% Nov
June
600
32%
21%
55
13%
7%
17
17
10
27%
9%
22
55
*117
*54%
31%
87%
8%
*107% 108%
Q
22
35
27%
60
22
*17
♦113
32%
21%
55%
31%
21%
22
*50
9%
27%
14%
25%
*31
*30%
*117
16%
.
9
8%
5,500
21
*18
16% Mar
100
900
7%
3%
*234
3
47% Nov
Jan
20
Oct
Mar
9
Atl G & W I SS Lines. .No par
3
162
Jan
7%
3% Mar
19
Jan
4,000
18%
6
90
23%
3%
Feb
29%
48
23%
*2%
7
52% Oct 23
45% Oct 23
18% Jan 4
Oct
Mar
27
25%
18%
7%
20
Nov
6
5% preferred
Atlantic Refining
4%
3
45
122
Oct 24
24
3
Jan
Jan
Mar
99% Mar
June
Atch Topeka & Santa Fe..l00
20%
*26
5%
38
600
3
23
Nov
17% July
81
9,500
*18%
Mar
2% Mar
7834 Oct 26
62%
*7
79
10
Sept 21
Jan 5
124% Mar 20
5
28%
7%
June
5
4% Mar
8
62
*7
12% Mar
44
Jan
28
7
5
3
Apr
62%
7
Jan
Jan
Jan
Sept 12
9
3038
79%
I534
5%
40%
45% Dec
2% June
20% July
8*4 July
30% Dec
Apr 11
29%
120
1% Oct
13% Nov
70
62%
119
3034 Mar
30
28%
123%
4
Nov
41
5% pref with warrants.. 100
*120
4
Aug
Nov
5% Nov
100
10
120
3% Aug
15
36
100
300
2%
4% Sept
207g July
7% 2d preferred
92%
120
65
25
Feb
1284 July
Mar
Mar
5% July
25%
6% 1st preferred
700
2%
9%
Dry Goods
2,600
4%
Sept 19
Jan
Jan
6»8 July
7% Nov
Assoc Investments Co..No par
77
*15
16
16%
15%
16%
17
18
*16
18
18%
23
24%
23%
23%
23%
108% 108% *107% 109% *107% 109%
8%
8%
8%
8%
8%
8%
45% 46
*45%
46
*45% 46
*64
65
64
*63%
64%
64%
20%
9%
28%
Associated
100
1
16%
4%
2%
9%
preferred
*16%
23%
*18%
8%
*28
Artloom Corp
No par
5
No par
93
20%
17%
Corp
100
8%
28*2
15%
25*2
100
Constable
100
20%
17%
preferred
Armstrong Cork Co
Arnold
7%
"3",100
No par
78
21
*28
900
pref
5
34%
21
9*4
1,200
9
conv
7%
"2",600
&Co(Del)pf7%gtd 100
34%
92%
7%
9
9*4
86
*93% 100
77
24
132
-.No par
Armour & Co of Illinois
300
37%
11%
*93% 100
9
9%
36%
93
24
33%
9%
37%
11%
*74
*16
A P W Paper Co
May
Jan
97
*34%
*91%
29%
62%
*15%
300
9
2
41
21
78
18*2
500
86.50 conv preferred.No par
Andes Copper Mining
20
Mar
12
5
July 25
20% Aug 24
8% Apr 8
9
Apr
1
15% Apr 11
75% Mar 7
14% Apr 8
148
Apr 10
73
April
75% Oct 2
Armour
35
94
30
18%
Anaconda W & Cable..No par
AnchorHockGlass Corp No par
300
10
Nov
I684
Mar
Sept
6
Archer Daniels Mldl'd. No par
78
24
100
2,400
5
15
83
2% Mar
Sept 12
July
700
*34%
*91%
29%
*62%
18
Copper Mlnlng.n50
4
Dec
9% Nov
2% Mar
43% Sept
153
200
80
18%
Anaconda
25
Dec
5% Mar
Oct 11
140
20,100
35
24
Smelt... 1
Mar
8% Mar
9«4 Jan
Aug
6%
*75
25*2
&
9
67%
13% Mar
69
102%
*34%
65
Lead
Sept
25% Aug 28
35% Apr 10
127% Sept 5
59% Apr 14
6
*32%
*72%
9%
100
85 prior conv pref
65
37%
11
9%
2%
*50
37%
11%
9%
16
*2%
65
37%
100
22%
114
48
11%
*9%
43
*22%
48
37%
*90
*42
114
49
11%
9*2
Amer Zinc
39,400
6%
65
100
32
Preferred
100
31%
No par
April
113s Apr 10
*101
33%
101
38
9%
40
2%
*50
*90
86 1st preferred...--No par
40
*14
16
a:37%
*11%
100
11%
1
11*4
9
9%
100
10
14,000
65
*90
1,200
25
6% preferred
Am Type Foundries Inc
12,800
38%
*50
500
12%
11%
65.
Common class B
2,600
6
25
92%
10%
38
*50
80
148
100
10
*113% 114%
2%
79%
Co
Tobacco.-
*89
33%
43
*42
American
12%
32%
*41%
*22
Am Sumatra Tobacco..No par
Amer Telp & Teleg
11%
50
8%
33%
*113*2 114%
15*2
15*4
15%
100
92%
43
44%
Preferred
200
400
79
5%
*35
22
90
No par
American Sugar Refining.. 100
1,200
148
45
114
43
8
8%
22
15%
*2%
12%
American Stove Co
800
2,000
8,600
6
*89
Amer Steel Foundries.-No par
American Stores
No par
15%
15%
78%
79%
6
16%
22%
100
167% 168%
16%
78%
148
10%
8%
1,500
*89%
168% 169%
12
114
*42
*15%
*78%
50
Election
"l3",400
12%
22
89
11%
9
34%
12%
*16%
23%
89
6% preferred
144
33
16%
22%
a:79%
92
*142
34%
13
*145
6%
13%
12%
Closed—
12%
*15%
144
8
2334 Nov
Oct
Dec
Amer Ship Building Co. No par
25
8
8
5
5784 Nov
July
Nov
8
Oct
176% Nov
34% Dec
20
Mar
1,240
66
6
Aug
105%
13% Sept
4% Mar
4
24% Oct 23
Nov
135
125
6% Sept 19
3% Jan 20
29
14% July
117
8
Jan
Mar
9% Mar
share
per
52
89% Feb
88% Mai
12
35%
Snuff
27
58
34
*138
160% Mar
12% Mar
15% Mar
9
34%
51%
18% Sept
86% Sept 28
Jan
80% Sept 27
50
12%
52
Sept
7034
22*4
American Seating Co-..No par
400
8*4 Feb 24
634 Mar
23% Mar
114
Apr
ll%June 29
4^% conv pref
100
American Safety Razor.. 18.60
12%
8*2
8% Sept
140
700
150
51
25
800
16
91
100
Rolling Mill
12
80
12%
Preferred
American
Apr
12%
89%
*88
40
12,600
28
12
91
6:
85 preferred
No par
Am Rad & Stand San'y.No par
Apr
Aug 14
17% Sept 26
3% Apr 10
32
*12
16%
22%
6*s
29,700
Amer Power <fe Light.-.No par
86 preferred
No par
Oct 19
21%Sept
12%
36
52%
1634
81%
10%
No par
2% Apr 11
25% Aug 24
12%
24
81%
3,500
American News Co
132
33
13a Jan 24
14% Jan 23
334 Sept
13
Aug 24
77%
24
*145
Apr
2% Mar 31
25% Apr
4134 April
77%
168% 169
145
12
12%
*89%
8U2
145
42%
76%'
April
Amer Metal Co Ltd
3,300
76%
10
112
5
Oct
64
25% Oct 25
115% Mar
Apr
12% Apr 10
5
Apr 10
6,600
100
40% Oct 18
Highest
share $
per
'
July 19
6%
Apr
No par
179
4%May 26
2
Jan
140
Aug 14
116% Sept 12
23s Sept
11
10,400
18%
Feb 11
Amer Mach & Fdy Co..No par
Amer Mach & Metals..No par
6% conv preferred
8
%
11% Sept 13
6% Sept
6% Apr 11
61
share
6784 Sept 22
Aug 24
3,100
4%
151
_
Aug 24
50%
17%
5
12%
13*8
16%
25
78%
Preferred
"""190
9%
18%
par
100
Amer Internat Corp...No par
American Locomotive..No par
115
*147
150
17%
No
May
109% Apr 20
10
July 20
12%
36*4
16*2
24%
150
19%
100
Lowest
per
$
3% Aug 11
3184 Apr 1
125
Apr 11
83% April
150
Sept 11
16% Aug 24
30% Aug 21
13% Apr
12i4
12%
36% 37%
52% 53%
*137% 140%
67%
67%
12%
*12%
16*2
155
18%
78%
12%
Products... 1
share
41
22%
5
Year 1938
Highest
100
49%
41%
50%
4%
50
6% non-cum pref
900
4%
5
*12%
15%
Ice
22%
50%
1978
78%
80
American
400
23
5
13l2
8034
*22%
49%
3678
*16
1678
16878 169
Home
2,700
53
*108
115
5
3578
13*8
*80%
American
2%
22%
6%
25%
*108
50*2
42*8
1012
19*4
78%
1212
*141
25%
1,000
2%
53
2%
23
Leather... 1
...
*21%
53%
2%
*22
per
No par
6% preferred
5,500
66
*66
No par
2%
27%
2%
27%
545s
2
23
100
10
6% 1st preferred
100
American Encaustic Tiling.. 1
Amer European Secs-.-lVo par
8,600
5438
2l2
preferred
6
2%
26%
*37
100
2%
28s
38
25
8
American Crystal Sugar
30
3%
100
Am Coal Co of Allegh Co NJ 25
American Colortype Co
10
Am Comm'l Alcohol Corp..20
1,400
82%
8%
pre!
American Chicle
800
12
*82
2634
7*2
6%
5%
"¥,300
12%
1
American Car & Fdy.-IVo par
Preferred
100
Am Chain & Cable Inc.ATo par
100
*118
conv
Corp
Preferred
4,300
111
82%
3%
24
BH%
Bosch
American Can
2,000
22%
22
23%
60
115
8%
82%
6
33%
*111
16
3
2314
658
7
6%
*38
4,400
3
3i8
*538
*214
2534
22
107% 108
*8
8*4
1234
106% 107%
*117% 120
9
8312
107
22%
16
9
Am Brake Shoe & Fdy.iVo par
*111
119
8;
American
2,100
55
2312
9
3,700
34%
115
*10
Par
106
59
2278
Lowest
6%
6%
6%
6%
46
46
46%
48
*130
130% 131
133%
*167
Range for Previous
On Basis of 100-Share Lots
EXCHANGE
7%
47%
133% 133lo
37
119
16
7%
47
175
*111
*118*4 121
8*s
9*8
75g
4712 49
133t2 133i2
10734 10734
*167
3834
115
*10
7*4
3075
Ranoe Since Jan. 1
STOCK
Week
$ per share
2
10% Mar
19%
102
Nov
Jan
Dec
Oct
30% Mar
117
Dec
9
July
83
Jan
30%
Dec
21
Dec
56
Nov
78% Dec
18% Nov
114% Nov
2984
Oct
2412 Nov
1934 Nov
Oct 28
3434 Jan
Ex-rlghts.
3
13%
Apr
21%
May
19
55
Sept
35%
^ Called for redemption.
Oct
July
Deo
1
New York Stock Record—Continued—Page 3
3076
LOW
AND
HIGH
SALE PRICES—PER
Nov
4
Tuesday
Nov. 6
$ per share
26
Monday
26%
Nov. 7
1$ per share
26
per
share
27
SHARE,
Wednesday
Range Since Jan. 1
Nov. 8
Nov. 9
$ per share
26
26%
114
114%
115
58
68
58%
68%
57
*21%
20%
22
21%
21%
207g
20%
26%
20%
26%
3%
21%
20%
26%
*3%
58%
21%
20%
27%
3%
34
33
33
6%
13%
13
26%
27%
4
4
34
34%
6%
13%
24%
*39%
*49%
*1%
11%
6%
14
3%
*33
6%
13%
6%
6%
13%
24%
*39
25%
*36
22
10%
*101
6%
24%
39%
*49%
1%
11%
11%
41%
40%
40%
41
41
39%
40
25%
26%
40%
25%
37%
40%
25%
36%
*38%
25%
37%
36%
*36
21%
10%
21%
10%
22
22%
10%
7
48
*36
21%
10%
102
1%
11%
11%
6%
1%
11%
11%
12
7%
634
49
6%
47
5%
5%
6%
32%
30%
31%
25%
26
26
26
18
18%
13%
18
18
47
534
30%
*2434
18
13%
5%
15
6%
16
8
8%
13
13%
6
12%
*21%
*21%
22%
4%
1434
*21%
15%
23%
*60%
2%
8%
*15
24%
52
8%
85
*84
28'4
15%
56l2
2712
105
Exchange
*24i2
2514
4%
4
Closed—
678
*9212
3912
7%
35
104
2734
10%
6134
24%
105%
10%
6134
24%
4
4
Election
6
6%
738
Day
*7%
*5%
6%
95
92
93
4012
7*8
36%
3934
7%
34%
*19*4 20
10H2 10112
25i2 25l2
*19
2034
93
*19
20
101% 101%
25% 25%
19
19
27%
42
93%
3%
93%
*2%
2*8
13%
13%
133s
*8
1312
_
3%
234
1%
118
1
*1
1
1
1
1
234
2 34
234
2%
2%
1738
1734
*36
37
*49
503g
17%
16%
*%
1
9*8
*9
12
32
88
117g
*92%
*46%
4%
34%
6%
9*8
12
6%
32i2
90i4
12
z35
11%
11%
92%
55
92%
*46%
*3%
92%
*32
33
4%
34%
*66
37
37
78
47%
333g
...
121% 123
*59%
34%
111
110
23
23
*22
534
6*8
*47g
6%
2234
*22l2
91%
*7*s
*18%
22 34
2284
23
23
91%
91%
7%
7%
7%
82
*70%
46*8
8
19%
82
77
47%
Checker Cab
60%
JChesapeake Corp
*5
6%
*5
35
110
22%
6
6%
5%
3434
*110
35
111
100
Chicago Pneumat Tool .No par
33 oonv preferred—.No por
49%
100
Pr pf (32.50) cum dlv No par
JChlc Rock Isl A Pacific— .100
5% preferred
Preferred
% Aug 23
78
%
600
6% preferred
100
% Aug 10
11%
11%
1134
1134
*6
6%
1,000
1,800
*33%
6%
35
33%
33%
150
Chicago Yellow Cab
35%
*73
46%
34
33%
*110
4678
34%
1,200
111
*110
26:300
105
*18%
19%
*18%
7
7%
82
7
19%
7%
82
*817S
74
*71
*101% 102%
52
52%
*108% 110
12%
1234
1*8
1%
70%
71%
30%
Bid and asked prioes: no sales on this day.
31
46%
19%
*19%
7
634
67g
82
81%
817g
74
71
46%
46%
102
62%
51
108% 108%
11%
12%
1%
1%
70%
71%
108
3034
Columbia Plct
31
J In receivership,
11%
1%
6934
3034
102
200
12
1%
70
3078
34.25
Dec
4
Mar
3% Mar
88
Aug
79
Jan
5
46% Sept 28
2% Apr 8
15
Apr 8
68
26% Mar
104
Jan
Apr
59%
Oct
12%
Oct
46
Oct
106
Mar
94
3
18
May
33% Nov
6
June
12% July
30
Jan
June
48% Mar
20
Dec
22
June
70
Apr
89
Jan
Sept 27
1% Mar
4
July
4% Sept 26
2% Sept
5%
4
14
Oct 26
87g Mar
% Sept 27
% Nov
1% Sept 26
l%Sept 27
% Dec
% Dec
2
Mar
3% Sept 27
20% Jan 4
39%Sept 15
22
50% Nov
3
37% June
% Sept 13
% Dec
1% Jan
5
1% Sept 13
9% Mar 9
15% Sept 6
13% Jan 3
41
Sept 11
94% Oct
6
14%May 23
97% June 10
6% Mar
Mar
1
Dec
%
Dec
8
Mar
12
Mar
3% Mar
25
3812
Jan
Jan
157g July
1
Jan
178
Jan
1% Jan
5% July
19% Dec
39% Nov
47
1%
3
Nov
Jan
July
2%
12%
Jan
Jan
19% July
13% Nov
51
Oct
May
35% Mar
7% Sept
88% Nov
13%
Jan
59
Jan
80
Dec
Mar 11
54
Mar
60
Feb
4% Oct 26
2
Mar
58
34% Oct 23
10% Mar
69
Feb
4
70
115
Feb
9
106
Sept 25
July
678 July
21% Oct 23
29% Sept 27
47% Sept 27
95%June 27
Feb 10
42
8%
22% Sept 11
Mar 21
102
106% Sept 18
20% Apr 11
69
14
5% Nov
27%
Oct
Nov
75
Mar
115
Aug
39
Oct 25
Apr
15% Mar
78
Mar 13
67% July
30% Nov
76
Jan
44
45
Feb
142% Aug
6H2 Nov
Oct 19
7% Mar
78
May
104% Dec
37% Oct 26
13% Mar
No par
100
v t e
v t c
No par
No par
10
pf
ser
100
*36.No par
36 preferred series
No par
Commonwealth Edison Co.. 25
Commonw'lth
New stock,
6%
17% July 22
par
4,200
n
111% Nov
Jan
Commercial Solvents..No par
a Def. delivery,
5% July
Apr
57% July
conv
conv
8
53% Apr 11
9
Apr 8
Jan
Mar
105% Mar
4)4% conv preferred
37,900
Sept 15
28
2
2
11,200
16,100
•
96
18% Dec
99%
6
Comm'l Invest Trust..No par
300
3
Jan
Sept
19% Dec
72% July
Jan
5% preferred
Commercial Credit
5,100
51%
108
6%
96
Mar
6% preferred series a... 100
100
20
3,700
5
30% Sept
113% Aug 16
12% Sept 27
14% Sept 11
6% Oct 13
Mar
46
Aug
Marl6
preferred.No par
Columbia Gas A Elec..No par
1,300
71
47%
72% Mar 14
120
58
July
106% Dec
26% Nov
62
2.50
Columbian Carbon
26:160
Jan
135
Class B
300
32,75
100%
133
100
800
19%
102% 102%
51%
1,600
7%
107% Jan 9
29% Oct 26
7
100
92
9
Jan
22% Nov
4% Jan
107% July
5
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl a.2.50
7%
3
64%Sept 27
Nov
89
Jan
Colorado A Southern
7%
94% Mar
122% Mar
45
Sept
120
92
6
June
Mar
Mar
Jan
Mar
58
270
23
Sept
Apr
12%
2%
62%
98%
29%
105
5%
23
4
63%
No par
6%
*90
86% July 17
Sept 12
33
May
4% Mar
34% Mar
25% July
129
Nov
5% conv preferred
6,600
Sept 11
Sept 15
32% Mar
10% Mar
par
227g
21
8
5
100
Collins A Alkman
200
41% Sept 11
2:43
Oct 25
Colo Fuel A Iron Corp.No
5%
23%
2234
Mar
36
50
5%
Apr
5
60% Jan
100
5%
22?g
2234
37%
3
Jan
Oct
34%June 30
21% Apr 11
125 Sept 11
22
6%
June 12
6% Jan
Jan
Aug
2
111
5%
23%
Mar
July
45%May
6% preferred
3,000
3334
51
3
Colgate-Palmoilve-Peet No
200
5
1
22
24%
No par
Coca-Cola Co (The)
Class A
6
*90
50
Preferred
"2:666
634
7%
*18%
634
No par
Climax Molybdenum..No par
Cluett Peabody A Co. .No par
5,800
2,900
5%
*2034
6
Special gtd 4% stock
121% 12134
*59%
61%
15%
1534
22
100
Clev A Pitts RR Co 7% gtd.60
3434
32 34
..100
Clev El Ilium 34,50 pf.No par
Clev Graph Bronxe Co (The). 1
*130
34%
No par
Clark Equipment
78
47
105
Apr
CCCAStLoulsRyCo5% preflOO
3434
33%
25
6
6)4% preferred
City Investing Co
City Stores
...
45%
Sept
25
City Ice A Fuel
"""370
6%
7*8
*45
Apr
5
Chrysler Corp
...
112
*5%
91
>4E
*73
121% 121%
61%
1534
105% 105%
7*8
7034
3434
78
*59%
15%
91
31
112
36
*130
7%
102% *100%
52*8
53%
5134
*1087g 110
*108%
13%
13%
1234
1*8
1%
1%
7034 71
70%
307g
31
30%
*66
112
10
Chile Copper Co
800
7% Apr 11
10
No par
Childs Co
100
32
No par
Chickasha Cotton Oil
"1:260
334
5%
47%
30% Aug 24
44
Aug 21
%June 1
%
7
47
l%June 28
10
Apr 10
%
5%
81%
100
100
7
*71
100
7% preferred
*21%
76%
8
5
%June 26
%June 30
100
112
Oct
Mar
17% Jan
% Apr
36%
2234
47%
102%
52%
110
13
1%
April
1%
235g
23%
46*4
27
*1%
233g
23%
*71
6% Apr 11
17% Apr 10
1%
23*8
23%
91%
81%
5
9% Apr
*48
*21%
5%
*5
Sept
6
*35
*45
...
18
JChlcago A North West'n. 100
55
Mar
4% Mar
par
2,700
1,400
2,800
100
13
17% Mar
Chicago Mall Order Co
1
1
2%
1634
*66
5
15% Nov
44% Nov
15% Mar
4
t Chicago Great West 4% pf 100
%
3134
24
45
5
l%Sept 5
1% Aug 29
%
32%
Jan
July
July
7
4
*1%
3134
3%
10
July
53
Jan
85% Oct 18
x'2
9
Mar
13
tChlc A East III Ry Co6%pfl00
""300
20
47% Jan
100
1
32 58
122% 123
*59%
61%
14%
153g
*105% 108
No par
25
Preferred aeries A
JChle Mil 8t P A Pao_.No
*32
*130
6
Chesapeake A Ohio Ry
600
Mar
52% Jan
Apr 20
1,500
11,000
6
June 29
Aug 24
600
2
84% Nov 4
17% Jan 5
30
Sept 12
5% Aug 24
Sept 5
17
800
334
46%
3334
32
3
98
1,600
2,100
90%
*46%
78
85%June
Co 6 % pf. 100
91
3634
3% April
.......No par
Common
91
*36
3% June 30
3% Apr
C ham Pap A Fib
92
*7334
*46%
46%
3334
8
160
92
36%
78
18% Apr
2% Apr 10
103% Sept 25
600
1,100
36%
*73*8
*45%
7
22
500
1
Oct
6% prior preferred
100
Chain Belt Co
..No par
117g
91
*110
6
Cerro de Pasco Copper .No par
58
Certain-Teed Products
11%
...
April
1,150
11%
112
110
4,000
1138
*66
Apr 20
13% Apr 1
2% July 7
63% Aug 24
34
11*8
14%
143g 14%
*105% 108
*105% 108
658
3,200
100
Preferred
36,500
*130
3534
39
87%
33
35
Century Ribbon Mills.No par
20
86%
33*8
607g
tCentral RR of New Jersey 100
88%
*111
1
%
4
6% Sept 13
16% Nov
Mar
1278
55
1% Mar
5% May
16% Mar
2% Mar
July
%
37g
7% Sept 11
Sept 11
9% Jan 3
23% Mar 6
20
9
3
*46%
16% Aug
22% July
12% Dec
*2%
127«
4
29
6% Mar
14% Mar
82
3%
60
13% Mar
3
9
*2%
*46%
334
Dec
5
4
Central Violets Sugar Co...19
86%
4%
Jan
Oct
July
2
19% Jan
600
88%
53
39
Jan
109% Aug
"MOO
93
9
Deo
19% Aug
7% Aug 24
6%
4034
9%
7%
547S
5%
18*4 Jan
30
100
Centra)Foundry Co
100
77
1,000
6
15% Mar
No par
preferred
Corp,
Central 111 Lt4H% pref...l00
6%
4%May 19
July 10
35
%
,l2
Mar
38% Apr 1
100% Sept 7
13% Apr 10
84
Apr 14
No par
100
6% preferred
100
Central Agulrre Assoc.No par
200
86%
11%
33%
122%
Celotex
3,300
87%
47
*5834
14%
6%
7 % prior
40
86%
4734
120
12
950
April
39% Oct 24
3% Sept 1
29% Sept 1
%
*9
12
*6%
100
12
%
1
*9
100
Co
?5% preferred
Celancse Corp of Amrr.No par
3,800
24%
334
1
Preferred
Caterpillar Tractor
~9~705
35
47
*130
Case (J 1)
180
27%
6
Carpenter Steel Co
Carriers A General Corp
700
34
*66
...
1
1
33 preferred A
10
Carolina Clinch A Ohio Ry 100
4,200
35
*110% 111% *110% 111%
*73%
*45%
1%
No par
Cannon Mills
500
2634
36
49%
Mar
3
21% July
46% Nov
8% Jan
42
July
8% Aug
10
26
17%
2%
1578
62
12% Mar
26
Capital Admin class A
99% 100
23g
1634
Oct
13% Oct
100% Nov
47
3%
79
93
Jan
14%
20% Jan 18
5
...100
Canadian Pacific Ry
200
40
Oct
41
Canada Dry Ginger Ale
27
26%
23%
5% Mar
5% Mar
75
Apr
3% Mar
20% Aug
20
7%
19
10% Mar
27% May
5% Mar
500
*25%
17%
Jan
14% Nov
46% Nov
8% May
3
1"
5% Apr 10
18% Apr 11
4
6
9
Dec
Nov
5
4
3
*48
*1%
12%
%
2%
1
Apr 10
6% Mar 31
19
7
33%
13
June 30
4
8
2%
12
10% Sept
7
94
Xl3
11
Jan
55% Jan
6% Nov
34% Mar
43
4% Aug 24
9% Apr 11
5%
417g
*35%
1*8
38%
Apr
94% April
4
Apr 8
29% Apr 11
3
Apr 8
21% Apr 10
15% Aug 24
11% Apr 10
Sept 14
23% Oct 24
13% Jan 6
106% Aug 33
1% Mar
3% Mar
5% Mar
*16% Mar
37% Aug
40% Aug
Calumet A Heel a Cons Cop..6
102
*92
3
Feb
CampbeAl W A C Fdy.-No par
38%
25%
1858
27
*25g
1%
*8
612
25%
17%
*26%
40%
*92%
*2%
17
*1%
*5%
6%
48% Aug
Mar
Dec
2%
10%
9%
5%
7
6
18
Oct
8% Aug
16
1
110
*8
7%
35%
19
19%
9934 100
36
1%
24%
334
2
2
3
12% Mar
28
28
5
Canada Sot Ry Co
67
*109
Jan 20
2
13% Aug
14% Aug
Mar
5% Mar
3% Sept
14" 700
10%
*57
Aug
Mar
4
3,800
15%
106
10
6%
734
*5%
49
1%
2634
Aug
53
14
% Feb 15
50
53%
106
25
4
6%
73g
17
*8
12
53
110
49
*8
6%
*24%
334
*109
*35%
*2
*9
*7734
27
28%
105% 106
10
10%
59
61%
17%
1
3%
41
4
5
2
2
1,200
86%
*25"
56
54
3578
%
*7g
*
15% Jan
31% Jan
1
5% preferred
Callahan Zinc Lead
13", 100
50
79%
79
49%
357g
*49
*42
3%
3%
%
1312
*lZ
*2*8
13%
*8
43
40
41
258
*6%
7%
34%
27
2*8
38%
7
39
93%
3%
*3
5
5%
38%
7%
35
421g
312
*39
34% Oct 27
7% Feb 27
8,700
8%
14%
15
15%
1% Dec
Oct
Dee
5212 Dec
14% July
19% Jan
36% Oct
4% Jan
..50
By era Co (A M)
270
2
8
May
4% Sept 27
30%
107
2%June 29
7
Apr 11
25% Apr 11
11% Aug 24
13% Apr 10
48% Mar 1
Butte Copper A Zinc
51%
14%
50
4038
28
*234
78
2
102
41*8
*92
5,800
*50%
15
*92
2778
4234
*1
5*8
"3",800
11534 11534 *111% 116
57%
*10834 110
8
5*8
4%
14%
78
79
86%
27%
5% cony preferred...
4%
1334
*10034 101% *10034 101% *10034 101%
65
6i4
29
14%
*39
5%
81
27%
8
93
8%
14*8
*634
43
116
56
Stock
6i4
42:%
2
38%
80
28
7%
*2734
California Packing....No par
27%
3%
834
21
1,300
*25
7
21
2,000
7
116
No par
1
{Bush TermBldgdep7% pflOO
Butler Bros
—10
16%
*85%
57i8
Bush Terminal
24%
90
105l2
1012
1012
Burroughs Add Maob
16
*85
8II4
8U4
115*8 115*8
1
*23%
51
3%
No par
Burlington Mills Corp
I63g
4434
3i4
No par
24
51%
2%
8!%
381
27
No par
16
*43
2712
NO par
100
23%
*503s
z78%
87
2712
3U
5
100
30
6
No par
Participating preferred.. 100
Byron Jackson Co.....No par
4%
14
4434
834
*5%
26
15%
50
5%
38%
*634
7
*108*8 110%
20
8%
15
*39
*61 ig
101i2
2%
8%
*10034 I01i8 *10034 I01i8
26
51
15
15%
*634
16
24%
2
2%
15%
15
5
June
16% Mar
Jan
41
Bullard Co
22%
22
9
15
3
32
9% Apr
Bulova Watch
2,800
Jan
31% Jan
Budd Wheel
3,300
85
101
1,800
77g
28%
*3%
8234
*1914
800
1778
13
77S
4434
734
24%
8
*43
36
24%
17%
12%
10
12
14
1
1
8
8
Apr
40
No par
.
7% preferred
470
29,600
1,700
8
5%
393S
4H4
534
30%
8
50
7%
17,400
6%
46
5%
30%
7%
5%
*3812
30
7% preferred
Budd (E G) Mfg
45
5%
6
24
82
40% Oct 26
30% Aug 3
Bucyrus-Erle Co
90
8%
X8
*39
41
6,700
37,900
1,010
5%
39%
6%
95
6%
_
Bruns-B al ke-CoIlender
6%
50
*91
6
46%
5%
1% Apr
5% Apr
7% Apr
27
Apr
39% Nov
8
10
15% Mar
4
23% Oct 30
22
Aug 3
Highest
I per share $ per share
Oct 16
Aug
No par
Brown Shoe Co
3,200
16%
5%
*38%
*6%
2512
4i4
6%
45
1% Apr
19% Apr
5% Sept
7% Aug
16% Apr
31
Apr
41% Apr
per
13% Apr 10
No par
Brooklyn Union Gas...No par
100
38
5%
*40
4
5,600
21%
60
12% Jan 30
Ctfs of deposit
300
25%
1534
15%
24%
*50%
*2412
*36
40%
6%
16%
*10812 110
38
700
40%
1534
84
65
25
5,700
1234
81
*61
40%
40
25%
300
12*8
5%
84%
I0r>8
25
1,600
*14%
84
1012
11%
200
6%
84%
2734
287S
fll04
104i2
11%
*38%
*38%
200
16%
84
6734
11%
40%
1,100
534
15%
5712
12
600
15%
22%
115l2 115%
*11
1%
11%
11%
117
Jan 24
16% Jan 12
18% April
1
—15
Borg-Warner Corp
..6
Boston 4 Maine RR
-.100
Bower Roller Bearing Co—.17
Brewing Corp of America— .3
Bridgeport Brass Co
No par
Briggs Manufacturing .No par
Brlggs A Stratton
No par
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
J6 preferred
No par
Bklyn-Manh Transit..No par
$6 preferred series A.No par
9,800
16%
15
3%
82%
23%
41
4934
1%
100% Sept 14
51
Lowest
share
28% Jau 3
%
Borden Co (The)
9,400
*39%
4934
1%
Highest
3 per share
16
Sept 1
Bond Stores Inc
1,400
5,900
6%
6
14%
*21%
4%
*43
1%
*11
Class B
3,900
49
No par
No par
Bon Ami class a
2,200
18
5%
15%
6%
127S
25%
15%
15%
33
6%
12%
2278
18
5%
8%
33
13%
24%
41
24%
15%
4H»15%
33%
6%
18%
12%
5%
2%
4
25%
16%
16%
*3
3034
22%
52
3%
5
Bohn Aluminum A Brass
70
300
22
2034
27
30
5%
15%
24%
49
1939
Range for Previous
Year 1938
100-Share Lots
Lowest
Par
1,400
*21%
20%
25%
31
*22%
*15%
*23%
*50%
2%
8%
2234
*39%
On Basis of
Week
59
11,
EXCHANGE
Shares
share
21*8
20%
21%
1034
934
10*8
934
10%
101
*100
*100% 101
101%
101
103
48
39%
50%
*11
6%
32%
*
13
39%
60%
50%
1%
60
33
24%
41
58
21%
2034
26%
*6%
per
25%
24%
24%
114% *113% 115
21%
20%
2534
3%
24%
39%
*49%
1%
11%
11%
25%
104
48
*100
*58%
42
11%
*40%
15
25%
114
Nov. 10
3
STOCKS
NEW YORK STOCK
the
CENT
Friday
$ per share
*112
114% 114%
NOT PER
Thursday
Sales
for
Saturday
Nov.
r
A 8ou._ No par
Cash sale,
z
Jan
11% Apr 10
101% Feb
1
8
100
Apr 8
11% Apr 8
2% Aug 24
3% Sept 1
3% Aug 19
14
Apr 10
14
April
73
April
6% Sept 1
20% Apr
16
Sept
6
110
111
Nov
24% Sept
8% Sept
9% Sept
8% Sept
247a Aug
24% Aug
96
•
3
22
27
26
26
15
15
Oct 26
15% Jan
30% Mar
4
111
Dec
87% June
9% Mar
3% Mar
4% Mar
4
Apr
98% July
9
5% Mar
Feb
8
50
May
May
57
Jan
3
23
Mar
109% Aug
7
84
Mar
60
3
Apr
8
19
24
110% June 21
31
2% Feb 8
72% Aug 16
31% July 29
Ex-dlv.
y
3
10
16
Ex-rights.
Jan
Sept 11
Jan
June
Apr
83
42
10
Mar
74% Jan 3
62% Jan 13
38% Apr 10
98% Oct 16
11%
Mar
25% Dec
103% Sept
8% Aug
1% Mar
45% Jan
x25% Apr
Oct
107% Nov
237g Nov
8% Jan
9
13
6
Mar 14
Nov
53%
9
91
17
39%
22% July
22% July
13% Mar
5% Apr 10
Feb
00% Nov
57
31% Mar
90
Jan
57g Mar
1
Mar
25
Mar
22% Mar
19
Nov
35% July
97a Oct
83
Oct
70
Oct
59?g Nov
108% Nov
64
Nov
112% Oct
12% July
2% Oct
55%
28
Called for redemption.
Oct
May
0
1
Volume
New York Stock Record—Continued—Page 4
149
LOWAND HIGH SALE PRICES—PER
SHARE, NOT PER CENT
Sales
STOCK8
for
NEW YORK STOCK
the
EXCHANGE
Saturday
Monday
Nov. 4
Tuesday
Wednesday
Thursday
Friday
Nov. 6
Nov. 7
Nov. 8
Nov. 9
Nov. 10
$ per share
7
7
9 per share
$ per share
$ per share
$ per share
Range Since Jan. 1
On Basis of 100-Share Lots
Week
Shares
$ per share
7%
73s
25
25
♦7%
*658
31%
7%
884
32*4
*884
79
24%
8%
1%
*106
*4 %
8%
2%
5%
*20
*96%
16%
14%
1%
97%
44%
*113%
*8
38%
334
26%
30
63%
167
434
1
24%
098
31%
8%
31%
*37
*35
9%
1%
10%
31%
108*2
*88%
48%
91%
5
7%
7434
15%
584
*47g
8%
2%
*8
2534
7*4
*78
*85
8%
1%
10%
31%
8%
1*4
9%
S30%
108
5
108
484
8%
284
8
al07
434
8%
2%
5%
2*2
5%
977g
*97%
16%
16%
16
1484
1%
97%
14%
*14%
*1%
97%
14%
1%
1%
9634 9634
45
43% 44
115
*1137g 115
8%
77g
8*8
38%
38% 38*4
5%
47g
5%
27
434
7
*72%
15
5%
*54
11%
30%
*77%
23%
23%
14%
1%
97%
14
14%
1%
13%
1%
14
1,700
ContinentalBakCo clANopar
97
7%
38
4
59
25%
89%
46
*89
584
55%
1234
31%
91
5%
5*2
54%
11%
31%
91
5%
52*2
10%
28%
Stock
*4%
22%
4%
5
17
*7%
*15%
*7%
8*2
Election
1
Day
23%
25%
*16%
25%
6%
23%
25%
17
25%
7
34
34
40*2
4034
9%
16%
75%
12%
34
18%
10
1%
124% 124*4
22% 23
*%
16%
9%
16%
75
75
1234
33%
18%
127g
13%
13%
13%
34
34
34
34
I884
23%
83%
19%
2378
86
138
15
8%
13
23*2
8334
137
14%
8*8
24
85
139
15%
8%
*12
13
*12%
*116% 120
*116% 120
18034 181
17834 180%
*126%» 126% *126sm 126%
♦126*M 126%
121% 121%
121% 12l?g
117% 117% *117% 118
24% 25
23*2 24%
121% 121%
116% 116%
22% 23%
7
7%
7%
7%
163
16334 164
16384
*165
170
*163% 170
297g 30*4 x28h 30
*1634 17% *16% 17%
1%
134
1%
134
38
39*4
37% 37%
16%
17
16%
17%
*1%
1%
*1*4
1%
8%
8%
8%
8%
32% 32%
33% 33%
*28
2734 28%
28*2
30% 31
30% 31
2*8
2%
2%
2%
42% 42%
41% 41%
*s4
45
*44
109*4
*108
12%
*7234
I27g
75
*82
83*2
*86*2
87
45
45
108*2 108*2
12% 12%
74
*8284
87
178
*165
28%
*16*2
23
27
*31
31%
11
11%
10%
24%
1%
*6*2
36%
24*2
1%
23%
1%
*14
*95
*145
*14%
3634
15%
1%
37%
17%
1%
7%
31*4
27
32%
2%
41%
43*4
17%
1%
43%
108% 109
384
9%
2384
334
10%
24%
1%
•
2
Distil Corp-Seagr's Ltd. No par
5% pref with warrants.. 100
Dixie-Vortex Co
...No par
Apr 3
3684 Sept 7
5% Aug 22
I384 Sept 11
66
Sept 30
984May 18
No par
30
Mar 31
10
Apr 10
Dome Mines Ltd—...No par
Douglas Aircraft
..No par
Dow Chemical Co
No par
Dresser Mfg Co
No par
DunhlU International1
1
6% non-voting deb
100
64.50 preferred.... ..No par
Duquesne Light 5% 1st pf.100
Eastern Airlines. Ino———1
Eastman Kodak (N J).No par
100
Eitlngon Schild.
—No par
Electric Auto-Lite (The)-—.5
20% Sept 11
55
6
Mar 31
684 Sept 1
10
Apr 14
108
Apr 12
126% April
126*16 Oct 27
112
Sept
7
111% Sept 12
12% Apr 11
3*4 July 5
138% Apr 26
165% Sept 25
16% Apr 11
15%Sept
1
5
100
1,500
Jan 25
l%Sept
Eureka Vacuum Cleaner..—5
1,800
Evans Products Co....—.—5
5,500
Ex-CeU-O Corp
3
1% Apr
65% Sept
3% Sept
6
Apr
14% Apr
1
100
11
April
100
Co 100
81
Jan 24
5%
5%
5
5%
1
*%
1
1
1
25%
25%
24*2
25%
25%
25
25%
87*2
87%
87*2
*20%
3784
2134
20*2
37%
20*2
3784
87%
20*2
*20
2434
87%
20*2
37*2
2484
37%
*20
*87
15,800
1,000
1,600
66 preferred
Federal Motor Truck—No par
Federal Water Serv A.No par
Federated Dept Stores.No par
89
300
Fed Dept Stores 4M%
20%
20*2
600
Ferro Enamel Corp
37
37
*20
In receivership,
1,900
2484
a Del. delivery,
pf.100
.1
Fidel Phen Fire Isn N Y..2.50
Filene's (Wm) Sons Co .No par
n
Now stock,
r Cash sale.
284 Apr
April
85
Apr 5
2% Aug 24
84May 25
I884 Apr 11
8284sept 13
20% Nov 2
2784 Apr 11
16% Sept 13
xEx-dlv.
y
Mar
78
Apr
984 May
8% Mar
1% Mar
65*2 Mar
36*2 Mar
8884 Nov
5% Nov
31% Jan
32% Sept 11
61% Sept 16
67% Sept 11
177
Aug 11
4% July 27
2% July 25
_
107
Jan
6
10% Jan
June
21% Mar
% May
21% Mar
10
Mar
40
Apr
Apr
Apr
z53
162
38
Jan
19
Jan
110
Jan
85
Mar
32% Aug
_
91
Jan 10
62% Sept 22
Jan
96
6
8% Sept 11
13
Sept
5
93
Sept 8
19% Sept 11
7% Sept 27
63% Sept 27
13% Nov 4
32% Nov 4
84 May 3
55%June 17
Sept 26
25
7
June 20
17*2 Mar 10
10% Sept 22
112
July 13
Oct 26
8% Sept 27
1*2 Jan
21% Apr
5% Mar
22% Mar
29
Apr
25% Apr
7*2 Mar
68
Mar
19% Mar
Apr
6% Mar
70
3
Mar
4% Mar
85
June
June 19
142
3
5
MarlO
124*8 Aug 18
118% Feb 27
25
Oct 31
8%Sept 12
186% Jan 5
183% Feb 8
30% Qct 25
19% July 12
38
Feb
10!
6
19
20
6
35 Sept 14
3%Sept 11
42% Nov 3
55 Sept 13
111
Jan 30
49
June
116
Nov
11% July
36% Nov
3% Deo
35*4 July
29% Nov
56
70%
Jan
Oot
177
Deo
42%
117%
2912
10%
43*4
Oot
Nov
Nov
40
NOV
July
NOV
37% Nov
15% Nov
92% Nov
44%
94%
Jan
Jan
13% Feb
6% July
7%
Jan
Deo
83
Oot
18
50
Nov
Mar
13% Mar
4*2 Mar
29% Nov
8% July
13% Mar
17% Deo
11% July
111% Deo
25% Feb
6% June
102% Jan
13% May
19% Mar
9
Mar
25
Jan
17
Nov
7*2 Mar
26% Deo
Mar
8% Nov
% Nov
2% Jan
115% Deo
4
Mar
14
Oct
26% July
2*4 July
103% July
28% Nov
25
116% Nov
188% Sept
Jan
3% Mar
12% Mar
48% Jan
32% Jan 11
34% July 26
44% July 13
10% Nov 3
20% Mar 1
6
4
19% Jan 13
17*4
21% July
8% Aug
56
Aug
125% Oct 26
4
Jan
95% Nov
87
May
Mar
13% Nov 4
35% Jan 16
22% Jan 3
34
July 26
Jan
5%
12
4
July 31
7%
22
58% May
76
90
Nov
7% Oct
10% July
40%
30%
Oct
Oct
42
Deo
Mar
11
Oot
Mar
23% Nov
91% Nov
20%
31*2
Jan
Jan
5
11
65% June
8*2 Sept
28*4 June
12
Mar
27% July
31
87%
Mar
Jan
1*4 May
8*2 Mar
102
90%
130*4
109*2
111*4
13*4
Apr
Mar
Mar
Apr
Jan
Nov
3% Mar
121% Mar
157
Jan
10*2 Mar
2
Mar
13*4 Mar
6
Mar
2% Sept
6% Mar
22% Mar
18
Mar
17
Jan
35
Dec
25*2 Oot
34% Aug
80*4 Deo
141
Deo
19% Deo
12
Oct
115
Jan
154%
138*2
120*2
118*2
17%
Deo
NOV
Deo
Deo
Dec
8% Nov
187
Nov
173
Deo
26% Deo
5% July
36% Deo
15%
Deo
4
Jan
14
Oct
46*2 Oct
41*4 July
21*4 Mar
*2 Mar
85
17
Feb
29% Nov
Nov
33
Apr
45*8 Nov
94*2 Apr
2% Mar
111% Deo
10% Oct
2*4 Nov
1
10
15
1
11
11
11
10
14%
Federal MIn A Smelting
2% Sept
2% Mar
10
104
Oct
*14%
40
Mar
Oct
14
100
7
Oct
Dec
Apr 10
95
88% Apr
2% Mar
2%
12% Deo
34% Oct
79*a
2%
6%
20
150
Mar
71
24
95
Mar
Deo
86% Aug
72*2
Fajardo Bug Co of Pr Rico—20
Federal Light A Traction—.15
150
1
4% Mar
17
76
Mar
Fairbanks Morse A Co.No par
96
Jan
Oot
Mar
40
160
71
8%
14% July
26% Nov
10% Nov
46
600
14
Deo
38% Mar
1,000
Apr
Mar
40
8
95
_
May 31
6
10*2 Sept
4% Mar
65
Apr
share
9% Aug
29*4 Deo
per
95
35
*145
Mar
51% Sept 25
Mar
11
24
21
30
*7
100
116
3% Apr
15
Highest
13% Aug 3
80%June 21
89
Aug 16
35
900
Jan
4
31
22
8
8
8
600
2
26,
Endlcott-Johnson Corp..—50
32% Aug
5% preferred
..100 zl03%Mar
7
Apr
Engineers Public Service——1
62% Apr
65 conv preferred—No par
65% Apr
65 H preferred w w—No par
69
Apr
66 preferred...——No par
84 Aug
Equitable Office Bldg—No par
1
Aug
fErle Railroad.:
...... 100
4% 1st preferred
—100
4% 2d preferred....—100
Erie & Pitts RR Co
—.50
22% Mar
3% Jan
28
200
Sept 12
July 25
16% Nov
40% Oct
17% Nov
3% Mar
12% Jan
41% Jan
--3
500
Sept 11
Aug 24
El Paso Natural Gas..
par
9
8734 Nov
1,800
par
5% Sept 12
34
101
143% Oct
16% Nov
par
1,400
par
7% Mar 10
9% Sept 6
Aug 24
2,200
900
67 preferred—
108*2 Aug
101% April
20*2 Apr 11
I884 Apr 8
23*2 Apr 11
% Apr 4
400
|
103
Doehler Die Casting Co No par
Class A.
MarlO
28
30
8
5%
25
2% Jan 5
12% Mar 10
35
24
1
...No
66 preferred
—No
Elec Storage Battery..No
Elk Horn Coal Corp—.No
160
Bid and asked prices; no sales on this day.
No par
Aug 4
Sept 11
25% Oct 18
27% July 11
17% Nov 6
6*4 Apr 10
102
2434
.....100
Feb 27
91
10
18
10
Electric Power A Light. No par
*95
*20
1584 Apr
Apr
11% Apr
12% Aug
3% Sept
23
31
*85%
*20
Sept 19
36
*7
1
38
103
30*2
5%
37%
2484
13% Apr 10
3% Aug 26
14% Sept 12
4% Apr 8
£35%
1
37%
Jan 24
45
Elec & Mus Ind Am shares...
*145
*25
73% Apr
Exchange Buffet Corp.No par
Fairbanks Co 8% pref—..100
1*8
5%
21
Apr
4% Aug
19% Apr
12,300
2,400
2%
1
25%
Delaware Lack & Western..50
38
Electric Boat...——.——3
2%;
5%
21
100
3% Sept
93,300
600
17.700
75
6%
25%
Delaware & Hudson
Apr
Aug
Aug
22% Apr 11
8*2 Apr 10
1% Sept 11
150
12
1%
5%
*1
10
Edison Bros Stores Inc....—2
2,200
10,500
*2%
15
..No par
—20
Preferred
6% cum preferred
234
7
Deere & Co—
Dlesel-Wemmer-Gllbert
Eaton Manufacturing Co.—.4
1,500
31%
5
Conv 5% preferred.—.-.25
3,200
28%
4
37
Davega Stores Corp.—
170
27%
*16%
1%
384
7
97%
~~4,400
4%i
37
No par
Duplan Silk
...No par
8% preferred...—
.100
4
31%
68 preferred.
Cutler-Hammer Ino
pref.. 100
No par
DU P de Nem (E I) & Co.—20
4%
1%
1
100
1.700
9%
No par
........1
Class A..
6,100
1%
2%
37
160
600
1%
2%
3184
14%
8
5,800
1%
2384
11%
25%
1%
734
900
2%
10%
23%
1%
11*4
Preferred
260
1,600
5,400
25,000
1
384
10%
24%
1*8
9
28
2%
384
3
48
2
8
21
23
1
14
24
11
8
Devoe & Raynolds A—No par
1%
3%
10
Curtlss-Wright
8
June 30
2% Aug
100
...
8
Apr 14
62
Eastern Rolling Mills—.....5
*2
76
1
24% Apr
Cudaby Packing
50
Curtis Pub Co (The)...No par
Cuban-American Sugar
Preferred
85
11
per share
4
Jan
3284 Nov
93s Oct 25
16% Oct 26
100
Cuba RR 6% preferred... 100
8
share
Feb
Jan
Oct 25
Apr
100
.
6 per
8%
30%
8%
April
Sept
% July 18
Apr 13
18
Sept 2
2%
*334
No par
Preferred..
Year 1938
Lowest
13
Apr 29
41% Jan 3
40% Feb 28
37*2 Mar
6% Aug 25
20% Apr 8
fDenv & R Q West 6% pf.100
500
83%
3%
65 conv preferred
Crucible Steel of America.
1,700
3,300
90
Apr 12
26% Jan 3
5
Crown Zellerbach Corp
6%
162*2 163%
75
Sept
Detroit Edison.
300
13
*81%
24%
*1*8
734
37%
1478
834
16%
*86
5
1
%Sept
300
75
83%
3
9
6% partlo preferred...
Diamond T Motor Car Co
89
Sept 22
Sept 5
820
6%
11%
150
28
13,500
2%
*41
54% Apr 19
No par
23%
31
26%
*30*4
Jan 26
33
Pref ex-warrants
1,300
60
7%
49
100
34
*165
1% Apr 10
19% Aug 24
16% Apr 11
w..No par
Diamond Match
*85
234
w
1,200
3,800
2,500
*80
74
62.25 conv pref
Dayton Pow <fc Lt 4X % pf 100
6,700
11% Apr 10
1% Apr 10
*87% Sept 15
32% Apr 11
93
120
11,500
July 14
16
Davison Chemical Co (The)
600
1
I84 Apr 11
8% Aug 31
88 Sept 19
9%June 30
1
500
12,400
4
4% Sept 1
6% Aug 24
25
Cushman's Sons 7%
200
101s4 Jan
5% conv preferred
100
Cream of Wheat Corp. (The).2
Crosley Corp (The)—No par
Crown Cork & Seal
No par
Crane Co
2,100
82%
74
Coty Internal Corp
3334
90
*2%
97*2
31«4
1%
2%
41% 41%
44% 45
109*2 109*2
11%
12%
1
41
*85
27g
160
31
Coty Inc.......
100
23
87
74
12%
75
17
23
......
700
1,200
83%
*2%
*95
44%
3,700
22%
4%
12%
*73%
82%
4%
*2*4
*14%
17%!
27
4*2
*145
28
33
29%
4%
*31
170
32%
*27*2
4%
32
6*2
6%
162% 16484
1%
8%
32%
*4*4
37%
23%
Corn Products Refining....25
Preferred
—100
23,800
,*117
*1%
7%
31%
1%
2%
*31
117
17
109
540
30%
91
*7*2
34
1
5
Continental Steel Corp. No par
Corn Exch Bank Trust Co.20
900
50
18%
17% 18
23%
23
23%
82*2
79
80%
138% 138%
137% 138
14%
15
14%
14%
8%
8%
*8
8%
*12% 13
13
13
*116% 120
*116% 120
177% 17984 176% 177
*126%2l26% *126*m126%
12134 122%' 122
122%
15%
44%
*15
13
34
17%
1%
8
108
22%
*4%
33*2
*40*4
884
16%
*72%
*12%
16*4
1%
8*s
42
*77%
Continental Motors......
Continental OH of Del.;
40
9,100
800
1%)
I84'
37%i
41%
6,200
Aug 31
784 Sept 12
Apr 11
64.50 preferred
No par zl06 Sept 8
5
Continental Diamond Fibre.5
Apr 8
Continental Insurance...62.50
29% April
100
9,000
18%
23*2
*80%
,
1,400
3,800
..No par
8% preferred
...100
Continental Can Inc.......20
—
50
34%
27%
*16*2
1%
500
11% 589,900
40%
93g
16%
77
*165
500
50
22%
2284
6,200
2,400
4,300
10%
2834
23%
117
300
15
5%
*1284
*33%
1%
2%
5
40*2
8%
16%
*72%
17%
*2%
7
3,200
*50
22%
4%
17
8*2
36%
1*
2%
384
53*2
11%
30*4
91
38
.2%
37g
5%
200
75
*3334
28%
1%
1*4
2%
37g
170
*65
14%
37
*1%
2%
1*8
179
15
*34
1
123*2 123% *123
124
6%
6%
163% 164
*12%
13
*116% 120
7%
75
*4%
6%
6,100
7%
4,700
37*2
2,100
434 382,500
2584
9,000
2834
1,100
110
58*2
89%
43%
89%
5
Class B
4,400
400
8%
109
109
*109% 111
22
2234 23%
22*2
*25% 25%
25*4 2534
*16%
17
16%
17
24% 2534
24%
24*8
6% * 6%
6*2
6%
108% 108%
Closed-
5
*50
23%
*15%
Exchange
*77%
—
40*2
8
*87®4
15
34
8%
89%
15%
40*2
8%
58*4
6234
*15
34
*1484
25
*4%
6%
*70%
34
40%
138
38
59
23
19%
1934
23% 23%
8434
8734
*137% 139%
1434
15%
7%
37*2
59%
22
9%
7«4
5
6
75
125% 125%
16%
97
41% 42%
*113% 115
*4*g
6%
*71%
*108% 109
23% 23%
25% 2534
18
17
177g
25
26*2
2534
7
7%
7%
*73
43
115
484
7%
75
15%
2384
25%
10%
*96
97
41
115
89
5
1,600
95 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
.No par
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) ▼ 10
25
6,000
42%
8
700
15%
46
16
800
15,300
1,900
15%
4
23%
1
27
16%
28
*50
...1
15%
90
23%
Consol Film Industries.
16%
1%
5% Apr 10
73
Apr 4
79% Apr 18
8% Nov 8
$2 partlo pref
..No par
Consol Edison of N Y..No par
"466
1*4
4% Apr 17
15% Aug 24
1,500
Range for Previous
Highest
6 per share
5
Apr 6
19
Apr 11
5
Sept 8
4,100
20,400
98
90
—
par
7% preferred
....100
634 % prior pref w w
100
Consol Copper Mines Corp. .5
98
45g
11%
1
98
2534
29%
54*2
Corp..
Consolidated Cigar....No
97%
43
5
17%
107
1%
1%
9%
9%
30% 3034
107*2 107%
434
4%
734
7%
*2%
2%
5*8
5%
92
8
75
1%
10
31%
13,700
Consol Aircraft
5% preferred v 10
.100
Consumers P Co$4.50 pfNo par
Container Corp of America. 20
23
16%
8
Oonde Nast Pub Ino!
No par
Congoleum-Nairn Inc.. No par
Congress Cigar
No par
Conn Ry & Ltg 4
% pref-100
25
23
10
8%
150
Par
*20
1
126
*73
100
170
Lowest
25
*125
*33%
*3934
8
81%
87*2
8%
*90
16
1
8
80%
*85
92
5
8%J,
8%
29
30%
*77%
3C0
22,000
81%
87*2
30
89%
45%
47*4
400
2,700
50
21*4
89
46%
*90
7%
62% 63
6234 63
63
167% 167% *167% 175
*165
175
4%
4%
4*2
4%
4% • 4%
1
1
1
1
1
1*8
2334 24*2
2334 24%
23% 23%
*98% 100
9834 9834
98% 98%
31% 31%
31% 31%
3134 3184
8
8%
8%
8%
29
30%
29% 3034
29
*37
*37
39*4
39% *37
39%
36% 36*2 *36% 37% *36
37
|
15
15%
14%
1434
15*2
15*8
15%
89
89
48%
91%
5*8
778
75
15%
5%
7
29%
59
37
15%
7
30
27
297g
5934
5934
6334
6334 64
167
*166% 167*2
434
4%
4%
1
1%
1%
24%
23% 24%
98
97% 97*2
31% *31
31%
8%
8%
8%
32%
30% 31
39% *37
39%
*36
7
28%
8*8
2%
534
5*8
6«4
2334
8
4%
*20
6%
23%
8%
30%
7%
2%
43
43%
114% 114%
7%
7%
37% 38%
4%
4%
2534 26%
26%
297g
5934
16
7
24*2
4%
97%
16
57g
109
*17
*8
*80%
87%
10
107
17
23%
257g
9
81%
87%
*97*4
*50
109
*7
29%
*79%
98
*50
8%
*7%
7
25
91
*484
*6%
24*4
30%
*20
56
*16
7
29%
25
13%
32%
23%
*7%
7%
24%
8
57g
*20
12%
*77
24
6
25
56
31%
31%
107
5
8*4
278
37
15%
10%
31%
87
30
59%
8%
1%
*934
31%
9
87%
8%
1*4
*9%
31%
1%
7%
*6%
30%
*8%
*79%
79
*87
*634
2434
77g
834
31%
9
81%
87*2
87g
3077
Aug
7
l%Sept 11
1%
3
Sept 28
1% Dec
6
Sept 28
2*4 Mar
1*2 Dec
3% Sept27
65% Sept 25
5% Mar 8
13
Jan
3
25% Nov 4
2% Jan 20
8% Sept 26
43% Jan 5
38% Sept 8
18% Aug 15
96
Aug 23
165 Sept 27
6% Nov 4
1% Jan 19
27% Oct 18
8934 Feb 6
21% Nov 2
38
Nov
21
Ex-rights.
6
Oct 19
62
Dec
Oct
2% Mar
6*4 Mar
10% Apr
1% Mar
3% Mar
19% May
22% May
6% Mar
Apr
52% Apr
2% Mar
1
Sept
12% Mar
67% Jan
67
8*4
6*2
64
6
Jan
Jan
Jan
Jan
Deo
Oct
16
Oct
25
Deo
2% Nov
11%
Jan
43
Deo
35*4 Oct
16*2 Oct
84% Nov
133
Nov
5% Aug
2% July
29
Oct
90%
Oct
22% Mar
36% Nov
15
25
June
1 Galled for redemption.
Oct
New York Stock Record—Continued—Page 5
3078
I
LOW
AND
mQH
SALE
PRICES—PER SHARE, NOT PER CENT
Monday
Wednesday
Tuesday
Nov. 4
Nov. 6
Nov. 7
$ per share
$ per share
$ per share
*21% 22
*103% 104
40%
21%
35%
*22%
*334
33%
*106%
22
*70%
21%
Nov
22%
217g
21%
21%
Range Since Jan. 1
35
*22%
3%
4
33%
*32%
22%
20%
80
*70%
Nov. 10
21
105
47
19%
20%
20%
104
20%
35
*34
35
23%
*22%
3%
23%
33%
*32% 33%
106% 106%
21%
21
21
79
70%
70%
1,200
15,300
400
""300
3234
400
19%
2,200
70
No par
66% Aug 24
1% Apr 10
27
Sept 15
18% Apr 26
1% Apr 10
2
July 10
7% Aug 10
4%
4%
16%
43,i
4%
434
16%
15%
15%
16
15
14
13%
13%
13%
13%
13
13%
1,170
5%
5%
5%
"l",200
*14%
*48%
*7%
56
5%
15
50
*48%
50
*7%
7%
102% 102%
7%
56%
55%
77g
7%
19
*52
*45
88%
89%
121
122%
*108
9%
*108
*90
*36
*7
24
*23%
24%
60
*52
57
18%
18%
*111% 112
39% 40
44%
44%
115% 115%
%
%
*45
56
124
124
*34
39
4%
9%
110
1%
92%
400
400
15
16
%
38%
11%
""500
23%
1,500
114
39%
38%
56
*45
89%
90%
121% 123
9%
9%
*
100
1%
19%
21
92%
18%
*90
*90
9%
1,400
110
%
15%
34%
35
32%
14%
14%
14%
33
35
19
32%
18%
19
19%
19%
14
18%
12%
13
17%
97%
23%
6%
49%
13
13
12%
19%
12%
16%
18%
14%
12%
*52%
19%
*39
6%
50
10%
54%
19%
40
*49
9%
*53
18%
*38%
10%
18%
3%
3%
*2%
*80%
21%
2%
2%
2%
82%
82
83
22
21
21%
68
68%
27%
*69
71%
%
8%
*1
90
4%
1%
I"
1
25
29% 3034
30% 31
134% 134%
3%
60
33%
18%
11%
3%
24
*5
5%
*19%
*297g
*34%
20%
30%
16%
167g
*17
35
18
*104% 107
*103
103%
*30
31
*127
142
*7%
♦91
8%
92
4%
6%
17%
16%
97% *....
23%
22%
6%
6%
49
Closed—
49
49%
10
10%
53%
52
53%
Election
17%
*39
Day
18
9%
17%
40
*39
10
9%
6,200
53
*52%
17%
84
20%
84
66%
25%
93%
66%
26%
65
65%
05
65
25%
20
24%
25%
13,100
94
87%
1,000
4%
71%
92
4%
87
4%
87%
4%
4%
1,300
Gotham Silk Hose
71%
*69
19%
18
34%
*23%
34%
24%
24%
18%
18%
18%
18%
18%
18
18%
"2", 500
29%
28%
30%
29%
27%
29
27
28
15,600
30
30%
1,300
131% 131%
*4%
*19
30
131
*53
00
33
32
32
30%
18
17%
17%
17%
31%
17%
11%
11%
11%
11%.
11%
3%
5%
2%
*22
*4%
20
*19
30%
31
*31%
34%
34%
*34%
16%
16%
16%
*17
18
*104% 107
103% 103%
30
*127
*7%
92
31
142
8%
92
*17%
*104%
*101%
30
*127%
*7%
*92
2%
24
2%
24
*53
500
1,600
60
30%
32
17%
17%
11%
3
*20
6,100
80
5%
*4% | 6
*4%
6
*18% 20
18%
18%
*31%
32%
*31%
32%
35
*34%
35
*34%
35
16%
16%
16%
16%
10%
18
*17%
18
*17%
18
107
*104% 107
*104% 107
103% *101% 103% *101% 103%
30
30
30%
29%
29%
142
*127% 142
*127% 142
8
77g
7%
*7%
8
300
4%
4%
91
*91
95
4%
3%
4
*108% 110% *108% 110% *109% 110%
10
10%
10%
10%
10%
10%
37g
108
108
110
HO
152
152
152
133% *131
134
63
63
116% *107
109
8%
*17%
18%
36%
8%
36%
14
14
8%
*100
109% 109%
*107
*32% 32%
14%
14%
*61% 62%
108% *106% 108%
109%
56
56%
*32% 33%
14%
147g
63
*617g
7%
54%
1%
7%
56
7%
7
54
28%
7%
3%
28
55%
1%
3%
27%
1%
*3%
7%
54
1%
3%
28%
6%
7
1%
1
15%
1%
15%
14%
1%
15
*28
29
28
*45
49
*47%
7%
*
56%
7%
*7
OQ
49
7%
*16%
17%
16%
16%
84%
85%
83
83%
131
61%
131
61%
16%
84
83%
131% 131%
*61%
63
130% 130%
*61
63%
*107% 109
*107% 110% *107% 113
17%
*17
17%
17%
17%
17%
35% 35%
34%
35%
33%
33%
8
8
♦8%
8
8%
8%
*13%
13%
13%
13%
13%
13%
*100
110
*100
110
10912 *100
56
56
56
56%
56%
56%
*32
32% 32% *32
33%
32%
14
14%
13%
14%
13%
13%
62
62
*62
63
*106% 108% *107% 109
6%
7%
6%
7
*53
*53% 55
55
1%
*3%
28
4
28%
*1
*62
3,300
6%
6%
1,200
Helme (G W)
20
40
6%
28%
6%
28%
6%
5,200
6%
1%
1%
1%
1%
71,400
14%
14%
14%
13%
13%
7,000
*27
28
*45%
*6%
3,900
7
x In receivership,
7
100
v
t C..25
5
100
a Def. delivery,
n
New stock,
r
Jan
9% Mar
12% Mar
23% Apr
Apr
122
35
July
13% Mar
784 Mar
7%
Feb
Mar
12
Mar
3%
85
July
Ja
**
Nov
26% Oct
68% Dee
38% Dec
108
Dec
6% Nov
7234 Deo
2
Jan
8%
Oct
2% July
14% Nov
22% Nov
30
July
24% Deo
15% Nov
30% Dec
32
Jan
142
Deo
50
Oct
28% NOV
22
13
1%
28
Dec
Oct
Jau
Jan
3
Mar
8
Mar
24
30
Nov
30
Apr
Apr
35
June
5
Mar
13% Nov
21% Jan
6% July
Nov
Nov
120
Apr
92
117
Mar
4% June
3434 July
140
z734
50% Mar
1% June
75
76'4 June
111
5% Mar
6%
Deo
Jan
Nov
Oct
Dec
11% Nov
Mar 24
81
May
111
Deo
June
5
140
Jan
161
Deo
18% Nov
4
10
Mar
167
l01%Sept 11
42«4 Mar
135% Mar
0
126'4
65% Aug
3
40
July 17
80
Mar
15
Sept
Jan
Jan
Mar
29% Sept 12
51
Jan
4
17
11% Mar
21%Sept
9
584 Mar
11%June
110
5
Oct 31
66%May 11
36% Mar
17% Jan
9
3
73% July 31
11034 Aug 12
9% Sept 11
57
Sept 6
ia4 Jan 20
5% Jan 9
35'4 Sept
49
11% Jan
y
Feb
1584 July
24
7
Ex-dlv.
01
Nov
5
z
June
27% Nov
11% Feb
101
1
Cash gale,
20% Nov
100
100
4% Sept
Leased lines 4%
RR Sec ctfs series A
Nov
I684 Nov
Mar
38% Sept
6% preferred series A
41% Nov
34
15
100
100
July
33% Sept 27
144
May 29
10% Oct 3
1000
Central
95
2% July
26% Oct
June
100
1
10% May
19
Apr
20
Jan
4% Sept 1
Apr 10
Nov
2% July
27% Nov
12
% Aug 24
2% Sept 6
21% Sept 27
4% July 1
% Aug 11
9
Aug 24
16% Apr 8
Hupp Motor Car Corp
15% Mar
19
40
110
83
110% Aug 9
13%May 29
Sept 29
July
9% July
12% July
51% Jan
3% July
2% Sept
60% Apr
115
102
45
8884 June
Apr 11
60% Oct 10
53% Nov
124% Nov
7
4
May 10
Nov
28% Nov
Sept 19
95
50
3
434 Nov
June 29
40% Nov
117% Nov
1% Oct
Apr
14% Apr 17
7
Nov
Oct
Apr 10
8% Aug 22
48
Oct 28
6
12812 Apr 10
Feb
Nov
103% Nov
Nov
No par
preferred
..100
Hudson Bay Mln A Sm Ltd 100
Hudson Motor Car
No par
60
9
12%June 13
Apr 10
stk.No par
5%
49
7
37% Sept 5
141% July 27
17
47% Sept 2/
27
Apr 8
8% Apr 10
Houston Oil of Texas
200
4
22% Sept 11
3384 Sept 27
18
Jan 28
Illinois
Aug
105
54
200
6%
Aug 14
25
Apr 19
100
5% preferred
"4",200
35
Apr 12
May 19
8
Nov
28
Mar
1*4 Mar
Mar
15
Apr
87
138
13
8
90
63
Oct
5% July
19% Oct
38% Nov
37
18% Oct 31
22% Sept 12
99
8% Apr 10
100 Sept 13
11% July
136
67
Mar
8
par
Mar
1
5
No par
com
Dec
5
2% Mar
Jan
5
3
9% Nov
102% Dec
59% Dec
37% June
7
32
...No par
Class B
46%
5
Oct 20
Houdallle-Hershey cl A. No
6% June
5
6
Sept
Mar
6
Sept
$4 conv preferred
No par
Hlnde <fe Dauch Paper Co.. 10
Holland Furnace (Del)
10
Hollander A Sons (A)
5
Household Fin
"l3"
1% Jan
Sept
4% Feb
Mar
1% Nov
6
123
Apr
10% Sept
3
36
Apr 11
Mar
2% Mar
52% Mar
84 Mar
Mar
634 Sept 27
100
21% Mar
101%
Oct
Sept
Dec
5% Sept 27
80
22% Sept 27
32%May 9
36% Aug 3
17% Oct 26
12.50
Dec
Aug
25% Mar
111% Apr
June
1
Apr 10
Homestake Mining
July
8%
79
69'4 June
8
2
No par
18
97
125
32
8
10
Holly Sugar Corp
7% preferred
July
Jan
5
Apr
100
Oct
5% July
18
Jan
74% Mar 16
3
38% Jan
10934 Jan
8
3
Mar
Mar
Apr
148
preferred
25
50%
118
10
% Apr
Apr
100
Herahey Chocolate
2,600
100
cum
% Mar
4
9
No par
Hercules Powder
30
July 19
2434 Jan
Apr 10
25
Preferred
Hercules Motors
2,200
84
4
10
93
300
7
July 21
25
5,500
Mar
21% Mar
Hazel-Atlas Glass Co
Hecker Prod Corp
800
3
36
"4",000
300
Mar 14
13% Jan
14% April
2
2,300
54
3
Oct 17
2
200
8% Jan
52
27,600
1,400
Mar
Mar
May
1
Mar
20% Mar
108% Apr
27% Mar
22% Mar
10884 June
June
11
1
Apr
2% Mar
9
10
w
115
98
May 24
42
Jan 19
w
4
27
16% Apr 8
23% Aug 23
129% Sept 27
Mar
8
29
6% preferred
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
*3%
28%
49
8
71
""260
Nov
25
7% preferred class A
Hall Printing
Hudson A Manhattan
27
Apr
100
400
18
26
Howe Sound Co
*45%
10
24% Jan 27
22% Jan 23
12% Apr 8
Mar
29
27% Mar 10
100
1,900
49
% Aug 18
4% Apr 8
% Apr 10
11
Apr 10
100
1%
7%
Northern.. 100
6% preferred
Hackensack Water
1,200
28
2%June 30
69%June 2
6>^% preferred
Hayes Body Corp
30
6%
*7
10
100
1
*27
Apr 10
21% Apr 11
Nov 10
No par
54
*45%
4
6% preferred
Hat Corp of Amer class A
""166
6%
1%
14
5)4% preferred
Hamilton Watch Co ...No par
10
Jan
82
8% Mar
14% May
24%, Jan 26
Guantanamo Sugar
8% preferred
1
•
100
Greyhound Corp (The).No par
54
4
28
63
100
Green Bay A West RR
Green (H L) Co lnc
*107% 109
1%
*3%
1%
Bid and asked prloee; no sales on thla day.
16
10
20
Preferred
Gulf Mobile A
""260
32
91
preferred...
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
Great Western Sugar..No par
1,500
2%
*150
18%
84
l",666
18,700
11%
153
17%
83
"
20
95
pref series...No par
Granite City Steel
No par
Grant (W T)
10
conv
5%
27%
2%
24
$3
24%
110
14%
63
87
440
30
131
19%
34%
*150
8%
No par
16%
18%
152
36
5% preferred..
Goodyear Tire A Rubb.No par
$5 conv preferred
No par
16%
152
*14
13% Apr 11
1
155
18%
30%
70
1
*141
*17%
Co 100
No par
5
34%
99% Feb
11
10
43% Oct 21
6% Aug 24
43
Sept ~
Gold A Stock Telegraph
Grand Union (The) Co
*18%
34%
*2334
10
28
Goodrich Co (B F)
Granby-Conso 1M S A P
24%
15% Jan
2% Jan
Graham-Paige Motors
700
5
1% Apr 10
2,700
16%
Jan
1
4,100
*108
*107
133",800
3%
15% Oct
Goebel Brewing Co
1%
1%
8% Sept
10% Aug
98% Mar
15% Apr
5% Apr
8
3% Mar 14
100
Mar
13% Mar
15% Mar
47
No par
9% Mar
85
1
1% Jan
Sept
8%
60
9212 Apr
May 17
Preferred
34%
30%
6
14
1%
132
Sept
2% Jan 23
500
Mar
1% Dec
1234 Mar
z85
Sept
Jan
34
8%
110
65
11,500
2% Mar
10
6'4 Mar
134Sept
50
1%
132
10% Jan
110% Oct 24
1
71%
110
*63
20
19%
Nov
4
6% Jan
Gob el
8%
%
*53
Apr 15
Feb 28
38
66% Mar 11
24% Jan 5
4)4% conv preferred
(Adolf)
*80%
19%
60
Mar 31
126%June
No par
Glldden Co (The)
2,300
34%
*23%
18%
29%
30%
24
No par
No par
No par
2%
16%
2%
preferred
Brothers
2%
*80%
19%
16%
*23
conv
$6 preferred
2%
114
*131
2,000
16%
4%
18%
86%
$5
Glrnbel
400
40
*110
18
700
54
...100
2%
*80%
133%
5
Apr 28
Gillette Safety Razor..No par
1
4
56% Oct 26
15
2%
1
Apr
3% Sept
Jan 27
2,400
2%
1%
8%
127
3,200
"l",300
%
47% Aug
118% July
1% Jan
65% July 11
99
July 28
12%
3%
1%
44% Jan
19
preferred
Jan
Sept
11
41
6%
Oct
Nov
58
35
4334 Sept 27
19% Nov
3%
8%
Jan
Apr
1
3,900
4%
Jan
75
16
3%
*69
35
25% Jan
130% Mar 31
19% Apr 11
12% Aug 24
Shoe Corp
5%
32
584 Mar
Gen Steel Cast $0 pref. No par
3%
*69
Jan
General
6%
49%
19%
18
560
21%
30%
1
37% Nov
109% Nov
Apr
1% Mar
6% Mar
July 21
5% Sept 11
20% Jan
..100
No par
General Refractories...No par
Oct
19% Mar
4% Mar
Mar
149
14
preferred
6%
49%
9%
84
Jan
Sept 27
Gen Realty & Utilities
3%
19%
9
103% Mar 28
28
General Tire & Rubber Co...5
17%
3
36% Apr 11
112
Sept 6
28
Jan 17
12% Sept
85% Aug 22
%June 30
$6 preferred
25
4% Mar
700
16%
*39
Oct 19
No par
97%
17%
Jan
May
105
300
40
15% Sept 25
103
.
72% Jan 26
1
Ink.
$6 preferred
"4", 100
49%
39
117
7
22%
6%
8
Apr 10
Sept
No par
General Printing
5% Sept 26
18% Oct 26
Gen Railway Signal
16%
133
..No par
Jan 13
Sept 27
3% Sept 13
%June 30
*18%
4%
4%
*108% 110% *108% 110%
10%
10%
10%
10%
83
Common
2% Mar
36
No par
%
16%
*18%
34%
*23%
*53%
*31%
17%
11%
100
10
22%
*16
►
97%
17% Apr
April
General Telephone Corp
20
Gen Theatre Eq Corp. No par
Gen Time Instru Corp .No par
23
Mar 31
9
31
$5 preferred
No par
Gen Outdoor Adv A...No par
*3%
1
18%
11%
95%
4%
71%
8%
1%
167g
18%
24
*69
26%
1%
21%
34%
33%
17%
95%
4%
8%
*16%
*19%
34%
*23%
*53%
*66%
20%
Exchange
40
3%
*67
22%
54
3%
26%
*95%
4%
*16%
1
Oct 23
General Motors Corp
0%
14%
33%
19
Sept 20
2% Apr
106
preferred
91
Gen Public Service
1,100
2,500
34
15
35%
*
6%
Mar
11
7% Sept
128
18
$0 conv pref series A.No par
No par
29%
50
9% Sept
65
43
General Mills
Mar
3,900
15%
%
35%
Stock
$4.50 preferred
Mar
11
2,100
92%
%
16
%
Apr
100
Gen Gas & Elec A
80
300
1%
19
16
16
Jan 26
40
100
7% preferred
800
108%
96
No par
7% cum preferred
Mar
85
29% Jan
90% Jan
4%
52
% Apr 10
5
1%
No par
Class A
General Cigar lnc
18
108% Jan 11
1% Mar
June
36% Jan 27
34%
9%
110
No par
Sept 11
37% Sept 12
48
107% Sept 20
*4%
9%
92%
%
General Cable
Jan
5
Dec
52
No par
34%
*1%
5
Oct
21
19% Nov
No par
600
...
5
No par
Bronze
39%
Sept
No par
55%
'
36
Baking
$8 1st preferred
General
31%
Apr
13
General Foods
2,500
6,760
71,000
54%
No par
5
Oct
1834 Jan
No par
124% 124%
54%
55%
123% 123%,
*108
$0 preferred
200
89%
35
67g
Gen Amer Investors...No par
56
89%
34%
*14%
6%
49%
10%
50
July 27
55
Oct
Nov
43% Nov
1
45% Aug 17
5%May 17
*9% Sept
General Electric
1,200
121% 122
30
23%
5
26%
100
24% Mar
10% Mar
1934 June
7% Jan
11,300
44
43% 44%
115% 115% *115
117%
%
%
%
%
3534
15%
*16%
Gay lord Container Corp
38
10% Mar
Apr
70
3% Apr 10
41,600
39%
44%
15
'
Apr 22
80
36
17%
97%
July 13
100
18
15
24%
9
94
500
57
4%
1%
23%
5,200
*52
37%
17%
No par
Gar Wood Industries Inc.L__3
20
900
12
15
~24~
10
5)4 % conv preferred
6%
37
*
1
(Robert)
preferred
Gamewell Co (The)
<3
50
18
18%
111% *111
4%
110
*90
16%
111
*34
21
%
16%
35%
18%
12
4lo
1%
21
11%
*45
89
89%
121% 122%
54%
55
22
*90
16%
36%
7%|
*14%
*48%
0%
14
12%
%
16%
Galr Co lnc
5%
50
7%
24
110
*1%
22
14%
*48%
*50
9%
1%
|
12
50
9%
2234
92%
2,800
General
4%
110
4%
Sulphur Co
1,800
89%
123%
4%
*1%
Gabriel Co (The) cl A ..No par
Gen Am Transportation
00
4%
22%
Free port
1,700
200
64%
65%
53%
54%
124% 124% *123
123%
*34
39
*34
387g
4%
9%
100
.10
2~90()
1,500
'
«88%
4%
F*k'n Slmon&Co lnc 7% pf.
~
2%
10212 *100
102% *100
102%
55%
54% 55%
54%
54%
7%
7%
7%
7%
*7%
8
*139
140%
144
140% 14C% *139
*3%
4
3%
3%
3%
3%
18%
56
50
7%
,
*45
39
34
2%
55
18%
111
111
*111% 112
40%
417g
40%
41
44-%
447*
44%
447g
*115
117
1107* *115
%
%
*%
%
120
2%
*100
55%
8
7%
140%
140% ♦138
3%
3%
3%
12%
13%
12%
26% 26% *24% 25
02
15
*48%
3%
13%
62
5% i
15
*138
*18%
34
2%
Gannet Co conv $6 pref No par
6%
*14%
102% 102%
39
34
103
15%
5
Aug 24
14
No par
16%
6
103% Apr
(7 conv preferred
4%
*100
10
8
Apr 14
Francisco Sugar Co
♦15%
13%
6
100
4J£ % conv pref
Foster-Wheeler
1% Apr
300
234
103
21
300
34%
6
t Follanabee Brothers..No par
Food Machinery Corp
100
5
*2%
♦100
25
Highest
$ per share $ per share
15
31% Jan
Apr 6
May 12
75
33%
5
Sept
17
*4%
*3534
3334
34
27g
17
137*
15
25
*70%
*3534
Aug
No par
Florence Stove Co
5
33%
2%
4%
Fllntkote Co (The)..—No par
75
*35%
13
51
19
45
34%
39
Range for Previous
Year 1938
Lowest
25% Sept 12
105%June
38% Apr
21
*35%
*16%
17% Apr 10
99% Jan 16
*70%
*4%
5%
*3534
10
1934
4%
45
27*
Highest
$ per share
Florahelm Shoe class A.No par
23%
334
4%
2%
._
6% preferred series A—100
First National Stores..-No par
5%
34
Firestone Tire A Rubber,
700
*4%
5
Lowest
Par
1,100
45%
20%
3434
*34
*22%
334
3%
*3%
33%
33%
3234
106% 106% *106%
334
2034
104
44%
19%
Lots
$ per share
Week
47
19%
*22%
384
On Basis of 100- Share
Shares
21
105
47
1939
11
EXCHANGE
$ per share
35
23%
*106%
...
9
47
35
23%
Nov
STOCKS
NEW YORK STOCK
the
Friday
% per share
21%
104%
104
21%
35%
8
$ per share
10312 103%
*40%
46%
46%
Thursday
Sales
for
Saturday
Nov.
Ei-rlghte.
Dec
135%
Dec
60
Oct
105% Dec
21% Nov
62% Oct
1334 July
25%
Jan
108
May
Apr
17% Mar
60
Aug
6
Mar
46%
83%
Jan
Jan
Mar
5
23% Mar
1
May
3
Mar
20% Mar
Mar
% June
2034 Jan
Oct
87
Mar
48%
5
8% Jan
2% Jan
35
102
20%
35%
18%
72%
105%
9%
63%
3%
Oct
Oct
Nov
Nov
July
Jan
July
9% July
35% Nov
10
234
Jan
Oct
6% Mar
12
Apr
Jan
Mar 13
4
20% Dec
35% Dec
23
Mar
44
Nov
Apr
11%
Dec
%
Called for redemption,
Volume
New York Stock
149
S—PER
SHARE.
Monday
Tuesday
Nov. 4
Wednesday
Nov. 6
Nov. 7
Nov. 8
$ per share
$ per share
$ per share
$ per share
7%
27
27
♦117
119
*15014
9H2
17%
5i4
3i4
41i4
1612
♦5i8
3i8
*6i2
4U4
*10314 105i2
484
1458
1518
278
314
89i4
I6I4
5i8
*3i8
4014
104
434
40
40
177
714
177
26
*15014
14
3ig
39i2
*178
16
5i8
104
4i2
1438
3ig
39i2
39%
7
7
7ig
*7i8
*4812
403s
1334
6138
438
4914
*34
35
*37
3734
30
30
*101
105
478
*100
*120
17
5i8
1234
8434
*8l2
29%
I7i8
79
77
78
*812
3734
29l2
10412
5
9l2
23
5
6078
85
*8l4
*26l4
*120
171«
7914
78
14
7%
434
78
77i2
1712
8%
*26
7634
79%
7634
*79
*119
3178
2334
*116
45s
178
53s
2458
123g
2834
5212
714
100
Kan City PAL pf aer B No par
Kansas City Southern-No par
97%
29
53
73g
Closed—
9i2
18
Election
5%
17g
5i2
245g
I23g
285«
52i4
714
*40
41i2
*98
9912
99l2
*983g
9914
99l2
99l2
34
*425g
*1414
15
355g
*106
17%
48%
4%
*1734
34i2
4384
1478
15
36
106%
1734
48%
4l2
18
106% 106%
23
23%
*169
173
*1734
18
3312 3312
*425S 435s
1458 I45g
I47g
15
3514
36
10612 10612
1634
1712
47l2
414
I77g
*104
23
48
45g
18
I06lg
23
*15014 I58i2 *l50lg 158%
1912
I934 *1912
1984
60
*305g
130
325g
333g
*1284
3534
35g
*7ig
24i2
1314
*127g
*1514
*1%
5ig
5i2
I684
4314
45g
39
31%
*155
52l2
4l2
60
31
130
3384
33i2
60
305g
*130
3112
3314
x87
60
305s
135
Day
31
23l2
3l3g
2334
—
*4l2
434
134
134
514
2434
12%
5
2414
*1134
28
52
714
35i2
46ig
4i2
1778
*104
23
*93
95
*93
95
*1378
1534
1418
157«
*137g
14ig
155g
*102i2 105
*103
105
4
23%
2234
135
5134
50%
67g
7%
51
3,100
1,700
7
*40%
41%
99%
35%
9984
34%
45
------
1,100
4,100
*7
7%
25
26%
•1378
13%
I3ig
1312
*14
15
1634
4134
45g
3812
30%
*155
52i2
4l2
1®4
5%
5%
x32%
13
300
400
100
22,900
1,900
3,200
900
80
23%
3,500
1534
17
423g
39i2
31%
95
14ig
15%
14%
16%
105
38
29%
*155
165
52%
4%
5
39
13%
35%
3%
*7
1484 Mar
10% Mar
June 21
Jan
Apr
99
Mar
5% Mar
Mar
10% May
03
Apr
484 Mar
3
Mar
80
Jan
46% Sept 11
268s May
167gSept 11
37i2Sept 27
4
Sept 11
6% Mar
2334 Sept 13
20U Apr 11
2934
29%
13%
23%
Apr
8
12% Sept
30% Oct 19
203g Aug
5U Jan 15
1
14
Jan 27
3is Apr
Oct 28
Jan 20
Jan 20
18's Mar
9
56a July 18
l
378s Oct 11
8
25
Jan 24
118
2i2Sept
July 24
Mar
8
95U Sept 26
Sept 15
15
3234 Mar 13
6684 Mar 13
10 Sept
5
43% Aug 14
3
108l2 Aug
10934 Aug
180
Apr 10
Mar
15
Mar
8i2 Mar
31# May
10% Mar
13i2 Mar
Jan
125s Sept 14
152
8
Dec
9% Apr 10
23
Apr 10
30i2 Apr 10
4i8 April
9
Mar
123g Mar
Mar
3'4 Sept 11
884 Sept 11
27«4 Jan 6
Sept
15% Mar
2i2 Mar
22
•8
17g
19«s
67a
19»4
23%
638 Sept 27
Sept 20
Mar
3
1
95
Feb
1% Mar
9
95
i4May 3
li4 Apr 10
20
Sept 1
33
19
Marie
3
May 26
Aug 15
18
Link Belt Co
No par
3U2 April
47
Lion Oil Refining Co
No par
10
181* Sept
Jan
5
54% Jan
Sis
Mar
Mar
Mar
Mar
Mar
Dec
25
Mar
81
Mar
81i2 Mar
157
Apr
143s Mar
2014 Mar
5
19
No par
Aug 24
13i2June 29
30i2Sept 12
No par
lOltgSept 29
Liquid Carbonic Corp ..No par
Loew's Inc
$6.60
preferred
Loft Inc
1
...
Lone Star Cement Corp No par
Long Bell Lumber a...No par
Loose-Wiles
Lorillard
7%
25
Biscuit
...100
10
preferred
5%
(P) Co
preferred
100
Louisville Gas A El A ..No
par
Louisville A Nashville
100
MacAndrews A Forbes
Mack Trucks Inc
6%
preferred....
10
Mar 31
38i2Sept
2
6
19i2 Apr 8
138* Sept 10
1534 Jan
30i2 Apr
4
8
28
124
Apr 25
18
Aug 24
3,100
300
Macy (R H) Co Inc.../7o par
Madison Sq Garden
No par
500
Magma Copper ...........10
3%
4,900
Sugar Co
33
5
26
62
Feb
2
25i4Sept 2
11% Sept 5
25i8 April
1
Apr 4
Jan
6is Sept 11
22U Mar 9
110
243s Feb 25
159% June 23
2012 Mar 13
67
Sept 27
35
Aug
2
13212 Aug
8
3334 Oct 23
4312 Feb 6
19l2 Jan 3
40
Sept 5
03s Sept
6
No par
5
Apr
1
»
X Manhattan Ry 7% guar.100
Modified 6% guar......100
9
Apr
1
27
6
Apr
6
1434 July 19
Mandel
Bros
784 Oct
4
740
14
12,100
14
900
Ctfs of deposit
123s Oct 23
14
100
Manhattan Shirt
25
10
Apr
8
16
Oct 23
600
Maracalbo Oil Exploration.. 1
1
Apr
8
6%
9,000
Midland Corp
6
Market St Ry 6% pr pref. 100
41* Apr 10
33s Aug 24
684 Sept 13
8% Mar 9
984 Apr 10
1784 Nov 8
453gNov 4
55g Jan 3
57% Jan 3
373g Sept 13
170
July 11
5384 Oct 27
Dec
Mar
2i2 Mar
1434 Mar
June
1384 Mar
125
Apr
12t2 Mar
297g Apr
22
Mar
1106a Mar
10
Mar
247g Mar
10
Mar
18U Mar
84 Mar
45g Mar
534 Mar
2% Mar
Nov 10
1434
1%
Mar
>4 Mar
92
June
Mar
12i2 Mar
99
Aug 11
Jan
29
4
16% Sept 12
105
Mar 13
109% July 17
21*4 July 22
5
No par
32%
13%
Manatl
0
No par
35%
------
Mar
49«4
Apr 8
884 Apr 11
20
Apr 8
1«4 Apr 11
1278 Apr 10
20
Apr 8
414 Apr 6
407g Sept 27
10
7%
8
8
Sept 21
25
5
Marine
4%
47g
530
15%
16%
41%
434
38%
29%
17,200
Marshall Field A Co ...No par
46,400
4,500
2,500
Martin (Glenn L) Co
Martin-Parry Corp.
No par
Masonlte Corp
No par
40%
434
*37%
29
*155
165
51%
*4%
"2,400
900
*25
2734
*95
96
1434
*14
14%
1534
*103
t In receivership,
..
4%
96
15%
3,900
52%
*25
105
200
July 28
2034 Aug 24
9,900
*95
*103
24
137g
137g
*13%
1%
30
16
700
4414 Mar
12i2 Mar
Lima Locomotive Wka. No par
31
4-%
2734
143g
15%
1,400
No par
Sept 27
25
165
53%
-----
.....
135
29%
32%
13
40%
434
47g
*131
327g
35%
35%
3 %
3%
*7
7%
26% 27
14%
13%
13%
13%
*13%
1434
1%
1%
5%
5%
4%
4%
1734
95
*103
31
42%
53i2
4%
2734
*25
135
30
Llbby McNeill A Libby No par
Life Savers Corp
6
Lily Tulip Cup Corp
5,100
8,300
4
22%
Libbey Owens Ford Gl.No par
Liggett A Myers Tobacco..25
Series B
25
Preferred
100
2,000
17%
17%
10534 10534
23%
1
300
4534
4
4%
Lehman Corp (The)
300
35
45%
Lebn A Fink Prod Corp
5
Lerner Stores Corp
No par
July 18
19% Jan
Jan 26
700
Nov
9514 Aug 21
Apr
400
Jan
124
85
Apr 25
7% Apr 10
Aug 24
17
4%
24
Apr
113%
Oct 21
85
25
23%
12%
*27%
June
9
Mar
18
Dec
113
5
16
32s4sept 12
125
83% Nov
1284 July
Dec
7
+
-
40
1,600
6,700
105
s Def. delivery.
1
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores
10
Maytag Co
No par
$3 preferred w w
No par
$6 1st cum pref.
McCall
Corp
McCrory Stores Corp
6% conv preferred
»New8tock.
r
26l2 Aug 24
2
30
May 12
Sept
_
20«4 Aug 11
164
Jan
6
40*4 Apr
3% Sept
27
8
1
Sept 14
No par
93
No par
1078 April
9«4 Jan 26
1
.100
Cash sale,
x
88
Jan
3
Jan 13
Ex-dlv.
y
Nov
Mar
11
4% conv preferred......100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred.......60
18
8
100
79
Jan
5
18
Lee Rubber A lire
4,700
1,700
3,100
6
48% Jan
30% Nov
8584 Jan
368g Nov
90% Deo
115a Oct
117g Oct
1034 Jan
165s Nov 9
99% Jan 17
Lehigh Portland Cement...25
2,200
July
15ig Nov
5278 Nov
Feb
8% Apr 24
Sept 19
50
4%
1%
47g
2384
12%
28%
576s Nov
140
03
12i8 April
1,000
6
Feb
Jan
9
90
1,000
-
6
0% Mar
37g
June
58
23%
*131
3U2
337g
97S Feb 28
14h Jan 3
87
83
3078
I58i2 *150% 158
*150% 158
19
I9l2
19%
19%
19%
19%
*57
60
58
59% 59%
5734
3012
30% *30%
31%
31%
*30%
*131
Mar
9% Jan 19
8
307g
23%
*116%
4%
4%
1%
1%
29
4434
June
12
122
31
-
Mar
Mar
40i2 Mar
5% Feb
9
23%
—
Mar
Mar
28
3
No par
116
1868
2%
28%
19%
Jan
Lane
Bryant
Jan
4% Mar
June
300
100
preferred
Sept 25
307g Mar
132
105
534
5%
2
Mar
12
Laclede Gas Lt.Co St Louis 100
20
3
May
133
*4%
17%
1734
106
106% *104
•Bid and asked prices; no sales on this day.
130
5
1
No par
12
3478
46%
4I2
1778
5%
5%
3H2
7,300
*150
514
5%
165
2734
9%
(8 H) A Co
.No par
Kroger Grocery A Bak. No par
9ig
47g
117g
2
684 Mar
Sept
Oct 23
28
Kress
1647g
118
Kendall Co *6 pt pf A..57# par
Kennecott Copper
No par
200
70
Mar
Oct 24
5
Kinney (G R) Co
1
$5 prior preferred...No par
Kresge (S 8) Co
10
Kresge Dept Stores
No par
May
3% Mar
11% Jan
Sept 27
1
Keystone Steel A W Co .No par\
Kimberly-Clark
....No par
48
141
5
33
Apr 14
Lambert Co (The)
*40% 41%
99%
99%
100% 101
36U
B
185
12134 Jan 20
Kelsey Hayes Wh'l conv el A.l
Class
29
Mar
Aug 24
Sept
700
2434
7
*15
5
♦1003s 10734 *1063g 10734 *106% 10734
17
107g
1714
16%
1684
17%
*l5g
52U
4l2
2734
155g
6
Mar
117i2 Jan 27
5% Apr 11
11
April
1
100
2634
100% 101
173
*169
16812 16914 *169
171%
18
18
18
*1784
1734 1734
31
30
31
325g
31%
31%
4214
425g *41
42%
42%
42%
14i2
1412
14%
14%
14%
14%
15
15
147g
147g
14%
1434
134
17
9%
2,500
247g
68
I57g
1534
*27%
5034
9984
9912 101
1312
4312
484
3834
1%
5
4H2
*1212
43g
Dept Stores
5% conv preferred
Kayser (J) A Co
Mar
4034Sept 11
Sept 10
1534
12
99
13U
51l2
2434
*4%
2634
27%
5
24
52l4
7%
*40l2
4%
I
28
13
15
3078
23%
116
1-
-
247g
*25
25%
5t4
31
53
4%
2734
200
5i8
3234
*25
900
3
26%
16
3%
*155
400
3
*34
3%
27
1534
534
334
7i2
25
3212
35%
27
35%
15%
*4%
33g
165
32,500
1,600
16
13-%
47g
15%
18
35U
3U
39
90
40
15%
15%
I33g
165g
42ig
4i2
38i2
31I2
86
38%
1512
35%
5i2
86
28%
9%
33%
I7i2
453g
87
x27%
9%
934
34
1312
15
Kaufmann
100
Kelth-Albee-Orpheum of.. 100
1,800
1,900
3938
15%
29
36lg
*H2
6I8
5i8
634
2834
*16
*3514
*7
m,
.
11%
2734
26%
2434
*4%
95
634
*27
5
*13
77g
-
600
11%
27
25
I3i2
25i2
I33g
I3i2
I5i2
134
5U
15%
*33%
*3
314
36
37g
38%
*84%
27l2
*116
41%
*168I2 173
*1712 18
1,000
7%
27i2
2434
*434
912
1512
*41
9914
16
15
12%
27
Exchange
3134
2334
5U
24i2
1178
285g
51l2
7i8
90
95
7
40i8
15l2
35%
*3
29
31i2
23l2
534
2478
12%
1158
7
35i2
Stock
*116
1%
*84%
12
1512
5
45g
15
preferred
2
105
Apr 10
200
4%
13
Apr
55g July
16ig Nov
15
1434 Jan 3
5238 Oct 26
4
ll9i2Sept 25
98
*130
5534 Jan
6
13
200
-
734June
18
Apr
Apr
8%
—
Sept
193s Oct
5% Nov
97g Nov
34% Nov
Oct 18
138
Sept 14
35
21%
~
—
Mar
078 Mar
10
778 Aug 24
59
10
Mar
June
2
l738Sept 11
5
5
122
8%
8%
22
95
39U
35
5
478
178
1612
8%
*21%
16%
378 Sept
100
*118%
-
9i2
4
278 Mar
15
8U Jan
3H4May 19
19
Apr 10
Jan
Apr
80
6i4May 29
60i2June
84
3%
3
Aug
38
No par
Preferred
118% 119
—
23
*88
3
57g
..No par
Johns-Manvllle
Kalamazoo Stove & Furn
634
89i2
40%
I6I4
27l2
2514
538
275g
1578
1
2,200
12
712
3
9.12
1
1
16%
*87
1158
2634
*1534
*484
3178
2334
95
3
285g
Island Creek Coal
$6 preferred
Jarvla (W B) Co
Jewel Tea Inc
'
2712
25i2
*1534
1512
10
.No par
16%
*87
18
2,800
Corp
Nov
7ig Mar
3% Oct 16
Jan 12
4
Intertype
Sept
95
41
314 Jan 23
9
76
....
146
29
No par
Foreign share ctfs
Feb
5
Sept
39% Jan
Interstate Dept Stores..770 par
Preferred
100
17
*95
*912
300
75%
132
preferred
100
Inter Telep & Teleg...No par
17
15
*16
500
.
~2~66o
Shoe
7%
1712
16%
*4l2
100
1,200
97%
*27
preferred
74%
*95
514
5%
Mar
66*4 June
19534 Mar 13
7l%Septl5
16034 Aug 10
25% Aug 24
Internat Rys of Cent Am.. 100
share
IOI4 July
803g Aug
119i2 Dec
35
678Septll
l678Sept 12
Sept 28
Sept 21
per
60
108
712 Aug 24
li2 Apr 8
16
Apr 8
145
Sept 0
4578 Sept 1
142
Sept 15
334 Apr 10
2% Aug 23
55s Apr 11
36
Mar
Sept 20
1
1
40i4 Oct 24
214 Apr
123
4
14% Mar
5^8 Aug
9ig Mar
8
8
Apr
1.100
5% conv pref
No par
50
200
17% Apr
90
Highest
Aug 7
9884 Sept 11
157
63g Aug 24
Jones & Laughlln St'l pref. 100
*1484
2734
29U
103s
....100
International
60
21
Inter Paper & Power Co____15
73
15%
2834
Preferred
1
76%
96%
*27
Corp
75%
15
25
Int Mercantile Marine-No par
7758
*95
35
100
International Sliver
79%
75
*125
Preferred
Int Hydro-Elec Sys class A .25
No par
13,300
4,700
2,600
16%
16%
132
Int Business Machlnes.iVa par
Internat'l Harvester
No par
International Salt
100
28
*78
Internat Agricultural..IV# par
Prior preferred
100
600
122
*125
Intercont'l Rubber....No par
Interlace Iron
No par
300
•
8%
*120
17
17
3518
234
27i2
*2514
*478
100
47g
27
15%
90
400
1,170
12%
*8
965s
415s
1638
35i2
12,600
85
122
16%
100
Int Nickel of Canada..No par
434
8%
preferred
24,300
200
8
8
X Interboro Rap Transit... 100
Intercbemlcal Corp
No par
Internat'l Mining
13,800
Apr 3
l47i2May 11
07
Apr 8
9*4 Apr
Lowest
$ per share $
9i2Sept 1
29% Jan 16
131
414 Apr
81,000
2,700
7%
4% Apr 10
1034 Apr 10
80
2 84 Sept
9%
12%
*15
16
400
$ per share
1
6%
Rangefor Previous
Year 1938
Highest
$ per share
20
2,900
2834
*79
*95
40l2
5,200
100
5%
27
78
132
J75«
*17
9%
47g
1234
85
15i2
*87
500
62
*120
I73g
78i2
7812
*27
95
11%
7ig
8912
3934
I6lg
1,900
5%
7%
6?g
97i8
75g
30%
174
6034
87g
29
1134
28i2
122
*125
22i2
1218
10,500
1,700
*160% 164
5%
*85
714
400
13%
27g
234
39%
*153S
12
460
4%
12 34
21%
*15%
*95
41%
106
174
6234
-
1,900
2,800
3%
3%
*8l2
*2U2
16%
*21l2
1612
5%
*4
•
162
*79
8i2
17
126
1612
*5%
4%
5%
7i2
67g
478
13U
*79
*8l2
*2112
*1612
5%
40%
29
*1212
*119
..
Inspiration Cons Copper
Insuranshares Ctfs Inc
*100
104
*101% 104
434
47g
434
47g
1234
29
7712
1714
8,800
1,300
177
161
29
102
434
47g
122
17
*78i2
76i2
1712
102
85
9lg
29
126
797g
*27%
5
*120
122
>123% 132
*119
4%
50i2
3478
47g
135s
79
*755s
I7i2
491s
47g
*80
29
48l2
4i8
4912
♦343s
*3714
*2712
15%
«,
40
41
40i2 4U2
3934
40%
13014 13014 al29l2 129% *128% 133%
13
1234
1214
1278
1234
12%
4814
4934
46%}
48%
477„
46%
4
4
378
4%
4%
„37«
49
50
50
50
5014
50%
*34
34
34
*33
3478
34%
3734 3734 z37%
37
37
37%
*12934 13318
127g
13U
5
5
1314
41
40
834
714
10
..No par
No par
3
*175
■
Indian Refining....
Industrial Rayon
No par
3
6212
7
41
*12934 140
*4
I33g
*162l2 164
55s
5%
—
6% preferred
Inland Steel
41
40i2
-
Ingersoll Rand
414
176
-
3,400
106
434
62
-
1,100
1,100
88
42
I43g
175
—
15
104% 106
3
Lowest
Par
84
3%
27g
—
26
114% 116%
*150%
*5%
3%
40%
41
On Basis of 100-Sftar# Lots
EXCHANGE
Shares
7
*6%
*25%
16%
314
Range Since Jan. 1
NEW YORK 8TOCK
the
8734
86
5%
14
634
40l2
634
I53g
*414
180
--
10412
47g
7
3079
STOCKS
Week
10
$ per share
10%
5i8
314
40i4
41
-
Nov
26
25%
arll6i2 118
*15014
88
878
13U
495g
-
87
62
6212 63
6234
*16114 164
*162
165
53s
5%
514
5i2
7
6
Sales
Friday
9
*6i2
26
165s
.
$ per share
117
8914
104
4i2
Nov
117
3U
Thursday
7
*6%
2534 26
11712 118
*15014
...
90
Record—Continued—Page
CENT
for
Saturday
*6%
NOT PER
Nov
2% Sept
9
6
63s Mar 10
30i2 Mai 10
105 June 24
17% Jan 20
16% Oct 26
106
Aug 17
Ex-rlghte.
9
Mar
1U Mar
458 Sept
6% Dec
5i2 Mar
14i§ Mar
2% May
25
Mar
1984 Mar
150
Aug
28% Mar
3i2 Mar
163s June
75
Apr
884 Mar
6
Mar
61
Mar
«| Called for redemption.
New York Stock Record—Continued—Page 7
3080
LOW
AND HIGH
SALE PRICES—PER
Nov.
Monday
Nov. 6
Nov. 4
f
23
Nov. 7
$ per share
share
per
Tuesday
23%
8%
22%
♦784
48
48
1484
15
10
10
47%
1434
984
♦101
100
♦73
*hare
♦57
63%
64
64
5%
*21%
5%
22
*10%
34%
17
34%
13%
1584
34%
1312
10i4
34%
*55
64%
5%
22
*16
3484
12%
16
34
1%
5%
46
11%
1%
6
%
1%
20%
20%
108% 10834
♦116
•119%
54%
*43%
33%
14
17
*25%
5%
3634
5%
45%
*10
*12
13
*05%
08%
13%
13%
9%
984
101% 101%
11%
11%
80
*73
80
*73
63%
63%
5%
22
10%
3484
12%
15%
34
119%
*53
03%
0434
63
63
12%
15%
33%
16
34%
*119
51
5%
45%
*42
11
*10
1%
5'2
*%
1%
5%
45%
1034
1%
5%
1%
20% 20%
106% 107%
*110
117%
*11934 121
6384 54%
*43% 45
34
13%
17%
z25%
5%
36%
*11%
12
12
68%
68%
68
7
*108%
6%
*48%
7%
51
108% 108%
1%
50%
7%
*48%
7%
34
13%
17%
25%
5%
36%
12%
69
....
7
50%
7%
25
10%
14%
23%
156
23%
24
23
23
17%
15
23%
16%
16%
16
14%
15
23%
13%
16%
14
156
*15%
15%
*90
95
*21
21%
16%
13%
10%
13%
10%
*112%
*112
16%
....
113
7%
*684
24%
7%
0
24%
*12
14%
II84
9484
22%
12
95
22%
*160
108
23%
*154
15%
*90
21
10
13%
15%
*113
7«4
5%
*100
*79
24
39%
3334
6%
*9%
3384
6%
10
*106
41
112
*55%
1%
4%
65
1%
4%
1%
1534
*1
15
*83%
89
784
5%
24%
Exchange
14%
Closed—
IIS4
95
22%
160
85
10%
%
89
206
208
109
*109%
*37
6%
*41%
8
24%
1434
*104%
19%
*138
13%
23%
22% 23
58
68
68%
67%
5784
58
29%
27% 28%
90
86% 86%
IO84
11
11%
110% *109% 110%
38
37% 37%
6
6%
6%
*42%. 44
44
8
8%
8%
25
2384 24
14%
14%
14%
105
*104% 105
6%
I884
19%
146% *138
14%
*47
61
*23
24
50
50
*116% 125
05
65
6%
19
138%
13% 1334
*40
52
*23
2334
*50
51
*116% 125
64%
*5%
122
6
121
04%
5%
6%
24
13%
11%
31%
47
10%
121%
...
5%
139
139
5%
6%
2312
23%
14
14%
*11%
3084
46%
11%
31%
46%
17%
17%
32%
6
23%
*13%
*11%
3034
45%
I684
31
34%
34
34
900
12%
15%
33%
11%
1484
32%
12
33
15
3234
6,000
3,000
2,300
5%
*42
45
*10
IO84
1%
584
1%
4%
*42
*1%
6%
*%
1%
19%
_
7
22%
I584
13%
22%
*150
60%
7%
22%
16%
13%
23%
156
*49%
22
50%
7%
22%
15%
16
7
13
31%
14%
11%
95
22
3,000
70
25,300
23%
15%
95
15%
*92
51
53
20%
2184
3778
2034
22%
38%
33%
084
10
*33
*5%
*9%
*100
207
110
....
05
1%
4
1
15%
8fl
208
*107% 109
22%
23%
58
58%
51%
19%
20%
53
584
44
39
6%
44
8
8%
2384
14%
104% 104%
23%
14%
6%
18
*138
13
*45%
23
*50%
6%
18%
139
13%
49%
23
51
*110% 125
625g
5%
6
64
5%
6%
23
23
13%
11%
31%
47%
13%
11%
31%
47%
5%
44
138
12%
~~~
~
~~
8,000
200
5,600
40
2,400
5,000
3,400
5,800
........1
Nat Aviation
National
6
Corp
10
Biscuit.
7% cum pref
100
Nat Bond A Invest Co.No par
5% pref series A w w
100
Nat Bond A Share Corp new No
Nat Cash Register
No par
National
Cylinder Gas Co—..1
Nat Dairy Products...No par
7% pref class A
—..100
7% pref class B
100
Nat Dept Store..——No par
0% preferred....—--..10
Nat Distillers Prod
No par
Nat Enam A Stamping.No par
Nat Gpysum
$4.50
conv.
National
Co.......—.
preferred-No par
10
Lead
T.266
2,500
Nat Mall A St'l Cast Co No par
National Pow A Lt....No par
National Steel Corp
25
National Supply (The) Pa.. 10
40
National Tea Co
No par
Natomas Co
300
"460
..No par
—..1
Nelsner Bros Inc..
Newberry Co (J J)
61
51
6,000
2,400
72,500
3,100
4%% conv serial pref.—lOO
No par
5% pref series A
....100
Newport Industries.....
1
N. Y. Air Brake
No par
No par
New York Central
New York Dock
—No par
*884
9%
109
400
5% preferred.
No par
37%
5%
44
6%
18
138
13%
N Y A Harlem
85
...60
10% preferred
1%
3%
1
2,700
2,000
14%
12,900
200
220
85
800
205% 205%
109
7
12
11
8% Sept 15
18% Apr 11
73% Mar 14
8
105% Sept 19
8% Apr 8
27
Apr 28
11%Sept 1
10% Apr 10
18% Apr 8
30
Apr 8
184May20
1
6
6
15
Nov
4
28% Mar 11
175
Jan 17
16
Oct 28
95%May 31
2334Sept 13
26% Jan 5
16 Sept26
18% Aug 3
117% Jan 6
114
Mar 27
8% Oct 26
6% Feb 17
28% Jan
4
18% Jan 10
16% Jan
106
4
MarlO
37i4 Mar
684 Mar
7% Mar
8% Mar
|
110
Conv
preferred....
100
*N Y Ontario A Western.. 100
N Y Shlpbldg Corp partstk-.l
7% preferred
100
Norfolk A Western
109
Adjust 4% preferred—..100
North American Co.
..—10
89
40
—
50
5%% pref series
...50
1
Northern Central Ry Co
Northern Pacific
May 16
July 8
% Mar 27
2
Sept 1
%May 23
8%June 30
70
16% Mar
150
1384
104% 105
2,300
6%
18
140%
900
7,000
12%
9,700
70
10
*42
47
23
23
*23
23%
"""466
51
51
*50%
51
*116% 125
*110% 125
0184
02%
62%
62%
5
5
5
5%
7
6%
7
7%
23
23%
23%
24
13
14
13%
13%
II84
12%
12%
12%
31%
31%
31% 31%
4784 47%
47% 48%
16
16
16%
15%
120
120% 122
123%
20
6% preferred A
Mar
94% Nov
Sept
12% Mar
25% Oct
30% July
11% Sept
16% July
115% Nov
113% Oct
20
106% Mar
105% Mar
3% Mar
3% Mar
17% Mar
11% Apr
4
Otis Steel
.No par
$5.50 conv 1st pref..No par
Outboard Marine A Mfg
5
Outlet Co
No par
100
Preferred
"2,600
1,200
760
310
230
500
6,600
2,500
1,000
270
50
4,100
delivery.
Mar
Owens-Illinois Class C..$2.50
Pacific Amer Fisheries Inc.—5
Pacific
Coast.....
1st preferred
2d preferred
10
No par
No par
Pacific Finance Corp (Cal).lO
25
Pacific Ltg Corp
.No par
Pacific Gas A Electric
Pacific Mills
No par
Pacific Telep A Teleg
100
6% preferred
100
Pac Tin Corp (sp stk).No par
n
New stock.
>/=
r
Cash sale.
2
10% Oct
684 July
30
Nov
20% July
I684 Oct
31
27% Jan
173% Aug
3
4
154
June
178%
146
0
127
June
145% Sept
2884 Nov
9% Oct
8184 Nov
Feb
35% Sept 27
10
Aug 15
82
Sept 11
17% Mar
13% Mar
Mar
5
4484 Mar
July
Oct
12% Sept
23
Feb
Jan
18
Dec
30
69% Jan
50% Apr
5% Oct
11% Feb
55
Dec
82
July
July
70
Feb
75
Feb
15%' Jan
20
2% May
7% Mar
14% June
2 9%June
87% Aug 21
68
Apr
42
28
Mar
July 27
112%June22
1734 Sept 14
62
Sept 21
23% Sept 27
25% Sept
4584 Sept
43% Feb
1034Sept
15% Sept
118% Mar
27
27
25
11
11
99% Apr
9% Mar
Jan
26
July
71
Nov
40
20
Mar
10
Mar
108%
19%
48%
2I84
7
Mar
23
Jan
Nov
July
Nov
Nov
Deo
12% Mar
38%
18
Mar
37% July
2
Mar
Jan
H84 Mar
Apr
Jan
4%
1
5% Mar
101
Mar
120
111
1% Sept26
6% Sept 27
134Septl2
17
4%
12% Aug
Sept 13
Aug
Apr
% Dec
63% Nov
284 Jan
2% Mar
% Jan
484 Mar
7% July
1% Jan
16% Dec
June
90
Dec
198
Jan
Dee
Jan
3
June 30
Sept 13
Sept 1
284 Apr 10
32% Apr
6
1
Aug 14
14% Sept
1
12
5
Sept
434 Aug 21
15% Sept 1
100
Oct
65
110
100% Sept 23
6% preferred....
Nov
Nov
19
Mar
100
.No par
28
168%
10% May
Mar
Oppenhelm Coll A Co..No par
Otis Elevator....
Jan
Nov
14% Nov
14% Deo
June
8
29
par
July
38
Apr
100
...No
Oct
Dec
July
133
North'n States Pow Co $5 pf. 1
Oliver Farm Equip....No par
Omnibus Corp (The)——.6
July
100
Northwestern Telegraph
50
Norwalk Tire A Rubber No par
Preferred
50
Ohio Oil Co
Oct
July
Jan
Sept 27
100
1,700
12%
July
Nov
June 14
400
7,000
54
29
Oct
Aug
Nov
113
7
7«4
23
64%
38%
40%
22%
17%
216
82
30
Jan
Dec
Jan 25
50
5,900
110
117% Sept
103% Sept 8
18% Apr 11
52% Sept 7
60% Sept 6
12% Apr 11
168
100
14,700
Mar
6
64
89
a Def.
8
Jan
9% Jan 20
26% Sept 27
1834Sept 27
110
6% preferred series
J In receivership,
11
8
1
24
51
5
Mar
8
72% Oct
17% Jan
3% Jan
11% July
2% Jan
3% Jan
20% Nov
11% Mar / 32
4
Mar
8%
26
Mar
64%
9% Apr
15%
34*4 Mar
62%
95
Apr 110%
4
Mar
10%
7
100
North Amer Aviation
31%
8
17%June 30
9% Jan
Mar
10% Mar
8
500
141
83
July 17
May 29
Mar
22% May
25
Mar
1,600
90,500
31%
1
1
5
4% July
107
Oct
7% Jan 3
44% Mar 13
25
Mar
27%
141
4% Jan 13
Apr
3
Jan
62
57
12%
4% Apr 11
20% Sept
10% Sept
8% Sept
32
6
Mar
May
120
26%
*138
17% Apr 25
14% Sept
28% July
12% Jan 13
110 Sept 18
107
Sept 1
14% Apr
684 Apr
52
July
5% Aug
10
Apr
33% July
43
Aug
2% Apr
Jan
10
67
47
14,200
6%
17%
Sept 19
Sept
Jan
177s Oct 26
70
July
111
119
22%
58
7%
22S4
13«4
87
19
30
111
8
10% May
1% Mar
484 Mar
% Dec
1% Dec
50
1NYNHA Hartford
22%
*57%
*56%
10%
10%
109% 110
37% 37%
5%
5%
*43
4484
4
24
20
11
13
1484 Sept 22
Apr
Sept25
Aug 24
Oct
Nov
Mar
122%May
6784 Oct
47 Sept
37% Mar
July
92
35
5
Dec
16% Dec
47% July
1484 Oct
22% Jan
30% Nov
111
MarlO
Oct 25
30
Jan
Mar
May
57% July
7% Nov
Apr 2117
4
N Y Lack A West Ry Co. .100
69
49
33%
N. Y. Chic A St Louis Co.. 100
....
109
Sept
Oct 11
5)4% prior preferred... 100
0% prior preferred
100
14
1%
3%
*84
14%
9
50
132
$2 preferred
13%
*50
Apr
100
100
30
*110
30
6% preferred B
200
1%
3%
1
Apr 10
Sept 25
6%
59
10
16% Apr 11
3% Aug 24
152
500
111
*100
31% Aug 28
22% Sept
9% Apr 10
100
*5%
109
Sept
40% Apr 11
Mar
Mar
June
3
21
121
Sept
preferred A
7%
6% preferred series A... 100
NYC Omnibus Corp..No par
684
9%
110
112
43% Sept
5% Sept
14
Aug 23
7% Aug 24
7% Sept
21% Sept 13
147% Oct
10% Apr 26
National Acme
July 25
Mar
15% July
Apr
76
49%
100
II484 Sept 11
% July
June
4
%June 28
Myers (F A E) Bros—No par
Nash-Kelvlnator Corp
5
Nashv Chatt A St Louis
100
100
3% Mar
May
14
4
10% Apr 11
85s4 Apr 10
2% Aug 24
5,800
1,900
Nov
85% Jan
114
14% Jan 5
2% Jan 4
984 Jan 5
1% Sept 27
2% Sept 27
Aug 24
105
6,000
73
Jan
120% Nov
54
Sept
884 Aug 21
100
Murray Corp of America—.10
*45
*16% 17
122% 123%
*139% 141% *141
31
32
31%
1
Mull ins Mfg Co class B
500
8
2284
14
14%
104% 105
*0%
5
1
Co
6,600
784
2284
17%
60
37
32%
15
89
207
2O884
*107% 109
23
22%
*57%
68
6684
57
27%
28%
*86%
90
37
No par
Essex
19%
57% ' 57%
2784 28%
*86% 90
10%
11%
10%
10%
109% 110% *110
110%
*37
Montg Ward & Co. Ine.No par
Morris A
21%
*110
1%
3%
*84
14%
84%
No par
19
38
*50
Preferred series B
20%
35%
32%
33
*8%
1
6% preferred.
30
41%
36
No par
4
6
18
Sept 5
37% Oct 26
6% Jan
2% Sept
preferred.....No par
10
36.50
Mission Corp
21%
36
*106
....100
6% Apr 10
11% Apr 10
18% Apr 8
101
Apr 11
44% Sept 11
103% Sept 25
Munsingwear Inc.—..No par
Murphy Co (O C)——No par
85
*41
8% cum 1st pref
Minn-Honeywell Regu.No par
20%
33
*5%
*79
111
Midland Steel Prod....No par
200
40
*79
85
Miami Copper
5
Mid-Continent Petroleum.. 10
600
700
Oct
50
32% Apr
26*4
5%
12%
15%
Apr
$7 conv preferred—No par
7,300
1,400
9,600
85
Aug 24
220
95
*79
Nov 10
65% Oct 25
6% Jan 3
28% Jan 9
39% Jan
107s Sept
Motor Products Corp.-No par
200
41% 41%
41%
41%
*109% 111
*10984 111
14%
14%
13%
14%
63
Nov
80
8
Mueller Brass
600
26
39% Aug 28
46
Apr 11
3
July 7
2
95
25
5
Motor Wheel
16
20% *19% 21
15%
15%
15%
15%
13
13%
13%
13%
15%
16%
15% 10
115
115
*113%
111% 111% 112% 112%
7
7%
7%
6%
*5%
6%
*5%
6%
2384 24%
23% 23%
*12
14% *12
14%
11
11
11%
11%
95 I *94.
*94%
94%
21
21
21%
21%
Nov
11% Nov
Apr
Mesta Machine Co...
1,300
3,000
300
Mar
20% Nov
12% July
63% Oct
26% Jan
684 Mar
65
Apr
11
1,500
156
5
70
21% Sept 27
2,600
4,900
15,500
14,300
10% Oct 20
73
14
Mar
101% Nov 8
14% Sept 26
6
July
Jan
7
2
MorreD (J) A Co
"""140
56
10
35% Mar
13% May
11% Sept
7% preferred series A—100
^Missouri Pacific.-.-——100
5% conv preferred..——100
Mohawk Carpet Mills——20
Monsanto Chemical Co
10
$4.50 preferred
No par
640
168
Bid and asked prices; no sales on this day.
4BBFS
15
1
...60
Mengel Co (The)
5% conv 1st pref
3,100
12,000
13%
22%
156
No par
2,800
600
6% Aug 25
Jan 27
Mo-Kan-Texas BR
100
884 April
Highest
$ per share $ per share
Merch & M'n Trans Co No par
100
600
10% Jan 5
59%June 15
18% Sept 12
Sept 19
Aug 23
Minn Mollne Power lmpt...l
300
1
5% Sept
39
6
Melville Shoe
Lowest
Highest
$ per share
24
Aug 3
No par
$6 preferred series A. No par
95.50 pref serBw w.JVo par
...
Range jor Previous
Year 1938
share
15% Apr 28
per
88
4% conv pref series B...100
10%
1%
$
100
2,600
5
5%
5%
1
*%
1
*1%
1%
1%
19%
19%
19%
105% 106% 105% 106
*115% 117% *115% 117%
zll9% 119% *117
121
5384
64%
5334 54%
*43% 45
*43% 45
34
34
*33
34%
13%
13%
13%
133s
10%
17%
16%
1034
25
25% *2434 25%
5%
684
5%
6%
36% 36% *35
38
*11
12%' *11% 12%
*67
68%
68
08
*109
*109
6%
6%
6%
6%
*49%
10
1
Stores
6% conv preferred
Mead Corp
90
45
10
1
McKeesport Tin Plate
McLellan
80
1,600
108
26
3%
*84
14%
*84%
1
*107
11
34%
11%
15%
140
13888 138% *139
27%
2884
27% 28«4
8%
8%
8%
8%
74
74%
73%
74
10
10%
9% 10
13%
14
13%
13%
*41%
42
*41% 43
*45%
48
*45% 48
*4
4%
4%
4%
9%
9%
9%
9%
26
26
*25% 20
4%
15%
114
138% 138%
28% 2834
8%
8%
7334 74
10%
1034
*14
14%
41% 41%
*45%
48
4%
4%
8%
9
1%
107
27%
*85%
*94%
21%
*157
*56
200
67
Day
*110
107
*57%
*12
11%
Election
1578
13%
16%
*111% 112%
7%
7%
*534
0%
24
24%
1%
206
23
114
Stock
59
4%
90
20
...
1484
*83%
17%
21
109
138
200
17
*20%
15%
13%
15%
7
*56
2,400
16
*92
7
*110
*110
2,600
5
16
95
22%
39%
3384
9%
64%
21%
*90
22%
3884
3384
*100
800
5
95
41% 41% *41% 42%
*109% 111
*109% 111
15
14%
15%
14%
55
50%
53% 55
21% 22
20% 21%
2234
80
21
21%
10%
13%
16%
112
24%
♦12%
11%
*92%
22%
2,000
1,700
5%
5
Co
Mclntyre Porcupine Mines. .6
"""166
11834 H884 119% 120
5034
61%
4934 50
108
*108
110
Elec
McGraw
McGraw-Hill Pub Co-.No par
21%
1578
....
112
23%
156
5
64
3,500
"l",700
21%
*15%
138% *137
138%
3034 31
28% 29
8%
884
8%
8%
74
75
74%
76%
10%
11
10%
1034
15
15
14%
14%
*42
44
*42% 44
*45%
48
*45% 48
4%
4%
4%
4%
9
9
9%
8%
26% 26% *20
2084
85
*150
64
15%
*137
*79
23
150
Lowest
Par
80
34
1
50%
7%
*
14
Range Since Jan. l
On Baste of lQ0-8hare Lots
Week
22% 22%
*7«4
8%
46% 46%
13%
13%
9%
9%
*98% 101%
*11% 11%
5%
21%
16%
6
*49
32
22%
8%
47
03
5%
22%
17%
34%
138s
*%
6%
122
22%
*734
47
STOCKS
EXCHANGE
Shares
*50
63%
6484
1%
*1%
*19% 20
108% 10834
7%
*139
22%
8%
47
14
12%
1%
5%
7
7%
$ per share
934
9%
101% 101%
11% 12
100
*108%
*24
$ ner share
*734
117%
117% *116
121% 121% 121%
5334
64%
55%
45
*43% 45
33
33%
33%
14
13%
13%
17
17%
17%
25% 26
20
5%
5%
5%
3634
30% 37%
*109
Nov. 9
$ per share
47
120% 120% 119% 119%
53
53
51%
52%
♦108% 109% *108% 109%
5%
♦45%
*10%
1%
5%
%
Nov. 8
Friday
Nov. 10
22%
*73
...
12%
Thursday
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
*73
*784
101%
*12% 13
23
8%
47%
14%
9%
$ Per
Sales
for
Saturday
1939
11
128
Oct
2
7% Apr 10
July 11
16% Apr 10
40% Jan 24
114% Jan 26
50
Apr 8
3
Aug 24
2% Apr 10
11% June 30
83
89% Mar
2
26% Feb 27
59% Aug 3
59
Aug 1
29% Nov 4
89
Nov 10
13>4 Mar
4584 Apr
5% Mar
75
June
4
0% Mar
112% Aug 14
40
Oct 14
92% Sept
1484 Jan
25
3
May
1% Mar
20% Mar
113%May 25
1284 Mar
8% Sept
19% May
7% Mar
83% Apr
6% Nov
4484 Aug
10% Sept
30
Jan
.
8% Jan 4
27% Jan 3
148% July 26
16 Sept 11
55% Sept 13
29
Oct 26
51
Oct
9
4
Mar
1384 Mar
122
10
Mar
Jan
3
40
Mar
27% Apr 10
7% Sept
7% Sept
24% Oct
15% Sept
1234Mar
3484 Mar
13
25
26
27
14
10
22284 Mar
41
52
Oct 10
32% Mar
21%Sept 15
9% Mar
87
Apr
zl32% Mar
17^4 Dec
Apr
8
8
8
9% Apr
114
April
128
Sept 19
17
Apr 10
Ex-dlv.
y
132
June
9
156% July 29
33% Nov 9
Ex-rights.
Dec
35
Sept
5
Nov
41
Sept
14% Jan
32% Feb
19«4 Nov
111% Sept
10
5% Dec
2% Mar
10% Mar
384 Mar
9% Mar
Nov
29% Nov
60
Apr
984 Apr
103
6% Mar
30% Apr
39% Apr
Dec
9384 Jan
14% July
147
115
384 June 29
20
Jan
116% Mar 25
70
26% Oct
67% Dec
Nov
15% Nov
Nov
22% Aug
62
Oct
Apr
70% Nov
115
11%
Jan
5%
Jan
21% Nov
9% July
15% July
30
43%
Nov
Dec
19% July
121
Dec
149
NOV
30
June
1 Called for redemption.
34
Volume 149
L0W
AND
saiur^,
HIGH
?72
,!2
,4 s
2
a
,t,4
7o»
o,
234
$ per Share
$
Nod.
per share
$
912
414
814
4
s14
41s
15%
*658
1538
8
8
*'4
46
*4312
l*4
46
98%
*94
98%
8?s
88
*87
9%
934
44
98*2
87%
9
"
Nod. 8
4
*,
Jil8
Z,4
934
7*
.Jt*8
*87
ac
99'z
oS,
Nod.
®
18
*15
278
234
4i8
4
*1312
14
4
*27
30
30
13
*33
25
2334
*34%
1312
34%
43
43
*4
38
18
38%
4
*26i2
34%
34%
34%
*33
41%
41%
45%
5
*4%
5
16%
14%
*41
*4%
*13
32
41%
*45
42
.42%
43%
*447g
45%
90
*2%
*4%
34
234
5
%
86
86
*127
135
*4%
*27%
43%
*2%
41%
5%
30
437g
3%
41%
*
2%
*4%
%
*85%
*125
%
1
5
30
*41
43
9
*8%
*27%
*4134
29
49%
*27%
*4134
8
8
8%
*24
26
*26%
11%
11%
11%
397g
46%
45
40%
45%
88%
2%
484
2%
85%
*2%
484
13,100
300
100
160
5%
30
42
42%
3%
*2%
29
29
48
46
46
11%
11
30
834
27%
27%
*45
11
*10%
41
*2%
41%
3%
8%
*27
8%
29
9,400
500
100
46
46
70
7%
7
7
800
28%
10%
*26
28
400
10
1,100
80
75
75
*75
78
*75
78
10
169
166
166
*166
169
*166
169
80
*14%
15
*41
46
*40%
46
23
36
*22%
23%
37%
22%
35%
16%
*142%
1%
22%
*15%
14%
*1
16%
*36
16
Day
1
*1334
44
*41
63%
64
117% 118
40%
40%
108% 108%
*122% 124
140%
160% 160%
115
38
9
85
*78
78%
16%
*15%
5%
22%
15%
*142%
1%
1%
227g x22
15
14%
13%
13
14%
*42
834
*142%
1
*14%
3634
16
Closed—
14%
135g
*83
22
1434
14%
1434
115
46
22
*34
16
1%
*%
*140
*38
23
36
6334
1%
15
*%
13%
14
14%
*13%
43
1%
140% 141
161
161
141
40
62
6234
117
117
3934
40
141
85
35%
8%
8434
36%
9
8434
78
78
78
16%
16%
15%
15%
6
5934
6%
6%
100
*75
5934
6%
35
8%
84
7734
18
15
6
*75
100
36
*140
34%
S34
84
78
141
161
161%
*114% 115
8%
*80
77
1%
1%
?o%
16%
15*4
*25%
1584
26%
26
1734
*25
18%
26
23
*21%
*21%
22%
26%
18%
26%
*26
18%
*26%
*22
*4%
18%
27%
23
4%
*16%
26
17%
26%
*21%
4%
*45%
15%
*8%
17
26
18
27%
23
4%
46%
15%
8%
17%
*25
*21%
4%
*45%
15
8%
*12%
13
113g
56%
12%
12%
1034
56%
11%
66%
84
*74
45%
45%
18%
*14%
15%
8%
-8%
8%
*12%
11%
14
11%
56%
76%
234
*12%
11%
14
11%
56%
84
27%
2534
2%
26%
90
8934
8934
56
*7434
1%
26%
89%
8034
1634
*55
*74%
2%
81%
16%
*79
*16
11%
*55%
*74%
2%
25
89%
*78
*16
8134
16%
84
2%
2534
89%
8134
16%
900
23
1%
2134
17%
26%
47
700
100
213g
1%
17
*8%
No par
1%
1%
21%
*15
No par
Pure Oil (The)
21%
15%
26
1%
*45
Pullman Inc
12,300
58%
*74
2
22%
87
*73
15% •
26
18
5834
900
1%
6,300
fRacllo-KeUh-OrpheumfVo par
1,000
900
Manhattan.No par
1
82 preferred
25
Reading
50
4% 1st preferred
50
4% 2d preferred
60
Real Silk Hosiery
5
Preferred
100
Rels (Robt) A Co 1st pref. 100
Reliable Stores Corp.—No par
Reliance Mfg Co
10
Remington-Rand
1
Preferred with wan ante.. 25
Rensselaer A Sara RR Co..100
fReo Motor Car
6
Republic Stem Corp.—No par
6 % conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass
5
2]
4%
4%
46%
*45%
15
*8%
*11%
46%
15
2%
24%
700
1,700
100
1,000
50
120
9%
13
200
10%
11%
5,300
*55%
56%
400
100
84
2
22%
82%
6% preferred
100
6% conv preferred
JOG
Putity Bakeries
No par
Quaker Stato Oil Kef Corp.. 10
Radio Corp of Amer...No par
$5 preferred B
No par
83.50 conv 1st pref..No par
6834
4%
15
8%
2% 117.100
23% 81,000
82%
800
87
79
16%
*74
15%
78
15%
*32
35
*31
35
*31
34
*30
33
*31
84
82
82
*80
84
*80
81
80
80
*51%
54
10%
52
10%
10
52
10%
51%
*9%
*72%
82%
*8%
8%
37
*72%
8%
36%
*52%
9
*834
1134
20%
2%
82%
8*4
37
55
9%
934
1134
20%
2%
*72%
834
3678
55
9 >
9
,11%
*19%
2
82
9%
3734
55
9%
9
11%
1934
2
40%
41%
*%
1%
%
200
1,400
Kaybestos
Rayonierlnc.
-
—
34
*82
36%
*52%
9%
*8%
11%
*20%
2%
55
9%
91*
11%
2034
2%
42io
42
1%
*2%
42
1%
*%
1%
4%
*2%
%
%
*4
10
47%
48
*1017g 102%
*111*4 112%
*4
'
42
%
1%
4%
*4
!
112% 112% *112% 115
2234
23
2234 23
•
10%
1%
3%
*2%
10
46*4 49%
10178 102%
112% 112%
52
Bid and asked prices: no sales on
51%
9%
52
9%
*50
*72%
834
37
*52%
834
9
11
19%
Us
39%
%
1H
82
9%
373g
59
9%
9
11%
19%
2
*72%
3934
39
*2%
*4
10
9%
8%
%
1%
52%
934
334
*2%
8*4
3734
7,000
59
9
8*4
11%
1934
1%
20
10,400
1,700
%
600
1%
1%
334
1,300
21%
this day.
20%
21%
*20
{ In receivership,
9,400
400
1,200
500
3,500
10
*4
48%
49%
47%
48%
47%
48%
102% 10234 10234 103
103% 103%
112% 112% 1J2% 112% *11134 113
*113
115
*113
115
114
114
*21%
310
6,800
82
*%
10
Class
20
40%
37%
*52%
8%
834
11%
19%
134
21
a
preferred
11,700
82,900
*75
preferred
8%
85
77
6%
6%
7%
8%
Pub Ser IC1A Gas pf $5. Nt par
36
400
17%
4%
100
No par
100
100
100
preferred..
6% preferred
400
14,500
69%
6% pf (ser of Feb 1 *29). 100
S5
350
15%
21%
*21%
Pub Serv Corp of N J..No par
700
200
17%
1%
*
4,900
15%
6
100
6
50
14,700
tH% conv preferred
100
Reynolds Spring
1
Reynolds (R J) Tob elass B. 10
10
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines.
Rutx»roid C o 'The)
No par
JRutland RR 7% pref
100
8t Joseph Lead
10
fSt Louis-San Francisco...100
6% preferred
...100
jst Louis South western ...100
6% preferred
100
Common
Ricbfie d Oil Corp
Def. delivery,
Stores
No par
preferred
preferred
100
100
100
Safeway
200
170
30
1,400
10
A
preferred
100
6H% preferred
100
Reynolds Metals Co __No par
7%
6%
8%
7% preferred
Savage Arms Corp
n
New stock,
No par
r Cash sale.
*
2i2 Mar
10i2 Mar
10
Mar
120%
Dec
14%
19%
22%
184
Mar
Mar
Mar
Mar
5% Mar
173s Mar
15
Mar
8% Mar
58% Aug
85% July
2%
Jan
6% July
30
July
1578 Nov
121
Dec
24%
31
Jan
Feb
42
Oct
6% July
1734 July
43
July
38% Jan
Mar
43
Nov
Apr
Apr
74
Nov
234Sept26
5% Oct 16
178septll
103% Mar 3
154
Mar
1
7
Jan
7«4 Mar
434 Jan
1%
2%
%
75%
114
4
Mar
Mar
Mar
June
4% Mar
3
Nov
5% Nov
1
Mar
143*4
144%
Oct
Oct
8% July
27% Mar
2
Mar
44% July
30%
43'
July
9% Oct 31
9
July
Apr
8
Apr
6
Mar 31
Apr 27
12% Aug 24
June 28
6
1
Sept
Aug 25
% Apr 28
17%Sept
% Aug
%May
6
Aug 24
Sept
2
z22%Aug24
6% Aug 12
70 Sept 5
6334 Aug 18
1034 Jan26
11
Aug 16
5
Aug 24
85%June 1
63% Apr 10
1% Apr 8
16% Apr 4
6&8June29
12%June28
10% Apr 8
20%Sept 5
16 July 6
3
April
43 July 18
7
Apr 1
6% Apr
9
Apr
8
4
9348ept 1
55 Sept 12
60
April
%July 8
12% Apr 10
43
Apr 8
42
April
9% Apr 11
21% July 11
63
Aug 21
37%July 11
7%June30
78*4 Jan 4
5% Apr 10
35 Sept 21
52 July 25
6% Apr 11
6%May 2
10 Sept 16
15%8ept 1
Sept
60% Mar
4
Nov
4
Jan
Mar
3l%Septll
20%
Jan
26% Nov
51
39
Oct
62
Sept 23
12 Sept 12
32%Sept27
14%Septll
95
3% Mar
18% Deo
378 Mar
May
7% Jan
35
Jan
9% Nov
Sept 11
175
41
Mar
76
Nov
6
145
June
174
Mar
Aug
1138Septl2
16%Septl2
48% Oct 6
25% Oct 6
40%Septl5
20%Sept27
142
Aug 25
2%Septll
4% May
7% Mar
20% Apr
9% July
16% Jan
Aug
11% Apr
52
30
July
23
May
45
Jan
6
Mar
%
17% Nov
Dec
%
Jan
Mar
8
Mar
5% Mar
£J% July
6
1% Mar
a4 Janl7
5
1
6%Sept 1
18
Apr 10
50% Apr 14
112 Mar 15
31% Apr 8
101%Sept28
112 Sept 7
129
Apr25
147 Sept 21
111
Dec
17% Mar
% Oct
4*4 Mar
Jan
Jan
14% Dec
14% Dec
42% Dec
69
Oct
16%Sept22
No par
Mar
1%
60
3
7% Aug 24
5% conv 1st pref
5% conv 2d pref
Mar
55
30
Aug
Poor A Co class B
Procter A Gamble
41
Oct
91
17
1
Oct
14% Nov
13% July
47%Septl2
48% Aug 1
24
Pressed Steer Car Co Inc
Oct
21%
284
17*4 Nov
13% Jan
8% Oct
47% Nov
1
No par
423g
Mar
1% Mar
3% Mar
884 Mar
45%Mar 15
7% Apr 10
22
Apr 4
.No par
13i8 July
July
33g Oct
30
3
Sept 20
4% Aug 23
J Porto Rlc-Am Tob cl A No par
Dec
13
5
8% Mar 14
6% Apr 14
4,300
190
16%
21%
18%
12,400
5
Dec
3U4 Mar
10%Sept
Pond Creek Pocahontas No par
Class B
15%
*17%
27%
24
4%
2,900
Plymouth Oil Co
Dec
13^
103
32
158
Plttston Co (The)No par
Mar
1% Mar
2
Aug
6HS Nov
102
Mar 27
23
142
600
6% Mar
16
Feb
35 July 27
46%Sept22
378Sept27
Jan
35%
2%
12
4
60
Pittsburgh A West Va_ ...100
P!ttsYngstAAshRyCo7%pflOO
27% Sept 27
393a July 18
45
Oct23
534Sept27
1934Sept27
45 Sept 26
40 Sept 26
25
Sept 12
Mar
Oct
Dec
9%
Aug 11
6
pref class A
577gJuly28
9434 Aug 2
584 Mar
65
6
18%
Aug 22
Apr 18
Pierce Oil 8% conv pref—.100
Plilsbury Flour Mills
25
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa
100
6% preferred
100
Pitta Coke A Iron Corp No var
$5 conv preferred
No par
Pitts Ft W A Ch 7% gtd flf 100
1,020
1,700
5
6% Nov
1
Sept
29
Mar
8884 June
5
Jan
4% Sept 6
47 Sept 11
21
Sept 25
2% Feb 25
13% July 27
] 1*4 Mar 1
6
31% Apr 10
2
5%
2
Apr 20
36
18
17
59%
1%
*26
59%
141
160
162
*114% 115
39%
62%
116% 117%
39%
3934
110% 110%
123
123
25
5
*37%
6134
Sept
Sept 21
2% July
6^ 1st ser conv prior pref 100
600
12%
13
1634
*75
1
12
*12%
16
6%
1
1%
% July 29
74
124
60
1,800
13%
13%
16%
59
14%
12%
12%
*1234
*37%
16
100
1%
22
14%
12%
13%
14
43
6334
16
59
*1%
2134
8
Feb 27
100
%
17%
*75
1%
*%
141
No par
7% pref class B
%
160% 161
*114% 115
100
Preferred
150
14%
13%
123% 123%
preferred
Phillips Petroleum
Phoenix Hosiery
46
22/
110% 110%
..No par
No par
100
100
15%
14%
....*142%
1
5»4 Apr 10
28% Apr 11
36
Apr 8
75
Jan 7
684Sept
No par
Pittsburgh Steel Co
38%
14%
Jan 18
17
3
1,000
20
May 10
2
50
13%
20
8
1% Apr
No par
*34
135g Jan
26
3% Mar
1534 Deo
4
558Septl5
33 Mar 8
16% Mar 9
124
Mar 15
50
Pitts Screw A Bolt
*%
3934
40%
10934 10934
*122% 124
*114% 115
36% 37
834
8%
*1
JPMla Rapid Trans Co
7% preferred
7,600
*35
38%
4
2i2Aug24
l7i2Aug28
lls4Sept 1
120i2June 20
Feb
8%
%
*40%
6234
*117
117%
6334
*122% 124
7734
16%
*1
%
117% 117%
3934 40%
108% 108%
*84
13%
46
14i8 Jan
107% Jan
Highest
$ per share $ per share
10
Mar
1578 Jan
434Septl2
24
No par
Feb 14
3
par
13%
13%
36
Election
%
13%
*22%
22%
15%
1%
14%
Apr 10
*4 Apr
Aug 24
8%
9
Exchange
*142%
1%
1%
22%
22%
16%
15%
*3g
14
Stock
8%
74
15
Petroleum Corp of Amer
5
Pfelffer Brewing Co. ..No par
Phelps-Dodge Corp...
25
Philadelphia Co 6% pref...50
$6 preferred
No par
10
*75
9%
7%June 12
48
Apr 10
50
100
prior preferred
7%
*166
8%
14%
*40
5%
Phillips Jones Corp.
80
9%
14%
par
par
Philip Morris A Co Ltd
10
5% conv prof series A. ..100
165
9%
14%
Peoples Drug Stores...No
par
Phlla A Read C AI
165
9%
Cement...No par
17 conv pref ser A...No
Penn G1 Sand Corp v t c No
17 conv pref
Ho
Pennsylvania RR
2.700
*75
9%
No par
1
Parker Rust Proof Co
2.50
Parmelee Transporta'n.No par
Pathe Film Corp
No par
Patlno Mines & EnterprNa pat
Penlck A Ford
No par
Penney (J C)
No par
Penn Coal A Coke Corp
10
30
43
978
Parke Davi«> A Co
14%Sept30
U2 Apr 4
36
April
11% Apr 10
1% Aug 24
534 Apr 10
104
73gSept 11
1
2,000
5%
*41
46
678
27
*28
3%
43
34
86
180
135
*4%
42
8%
7%
27
27
5%
*2%
9
7%
27
41%
*41
43
*8%
*28%
*4%
*28
a4
8534
*125
10
1
40%
%
6% 2d preferred
Park A Tilford Inc
Park Utah C M
13%Sept
*85%
8634
5
Sept 11
100
*45%
135
6% Sept
72
100
300
34
1
100
5% preferred
Pet Milk
67g
86
Paramount Pictures Inc
6% 1st preferred.
5
434 Jan 3
1634 Oct 25
834Septl2
2
Sept 11
60i2 Jan 4
Sept 12
Sept 28
Lowest
1178 Jan
1
*8 Apr
35
92
620
8%
*125
100
8
8
8%
5
4% conv preferred
7*s Aug 29
Apr 8
978Sept 5
5 June 26
3
7% Apr
21
Apr
*6%
5
10
No Par
Pan Amer Airways Corp
5
Pan-Amer Petrol A Transp-.5
Panhandle Prod A Ret new
1
Parafflne Co Inc
No par
Pere Marquette
67g
41
234
I per share
100
130
87g
8534
Pac Western Oil Corp
Packard Motor Car
$ per share
Year 1938
Highest
30% Apr 11
8%
*4%
8%
434
15
33
31%
20%
Par
Penn-Dlxle
Ranae for Previous
Lowest
Peonies O L A C (Chic) —100
Peoria A Eastern
100
*6%
%
86%
*41
9
41%
100
1,400
135
*28
4278
3%
*8
30
*20
5
86
*125
*28%
42%
*2%
33
21
234
34
86
133
*4%
31
21
*2%
*4%
5
500
44,200
100
500
90
*45%
*85%
2%
32
14%
33%
247s
34%
41%
46%
6%
41
90
1,200
6%
*8%
46%
24U
37
33
4
28
13%
*120i2
33%
21%
9
*35
*21
7
*—
37g
*26%
*12i2
I3i2
36
33%
21%
9%
*6%
4
25%
33
10
28
24%
35
*87g
I8I4
2
*1234
*120%
*21
7
2l2
45
13%
35
9
95s
I5i2
*4
5%
6%
912
*14%
17
*87g
25g
8%
15i2
17
25%
22
3334
*21
88%
4ig
30
237g
*34%
41%
43
*4
*14%
5%
*14%
8%
*85i2
200
*120%
24%
34%
43
8%
8734
3%
4
*27%
*1212
o1!2 -—*120%
24%
9812
*314
*3%
4
1%
44%
*94
3%
334
*26
*43
312
I95g
2
103s
95s
53
9914
*312
1%
1*4
4412
9%
53
8934
195g
*1%
10,8
912
53
89,2
334
200
I8I4
*l5g
97g
9%
*517g
89
I9 8
1%
19,4
95g
54%
91
54%
9^12
658
19
2
l0ig
958
53
91
19
1%
334
ei2
934
25g
45
45
29
,9!8
54%
9012
300
82,000
3,100
9
45
4434
I9,4
c?!8
5f 4
9U2
4
15%
8
934
*1512
278
45
4
*8%
378
1458
3:19
*15g
97g
9i2
*52
8912
838
87
18
2h
4478
in
Shares
98%
8
4412
*94
97g
*15%
45
1,8
*2?
t?f4
$ per share
~
Week
9%
4ig
1514
*6%
Range Since Jan. 1
On Basis ofim-Share Lots
2i2
*44i2
834
89%
45
I,4
15
STOCKS
NEW Y0RK_ST0CK
3,600
100
10
20.100
300
1,700
100
5,900
1,500
500
100
4,200
1,200
400
5,700
978
278
*3%
378
3081
Sales
Nov. 10
share
per
8
f*
—
9"
Record—Continued—Page
37gi
81s
18
CENT
zr—r-
15%
1518
*658
*0a
94
}
$ -per share
1884
*aa
SHARE, NOT PER
r~
Nov. 6
$ per share
0&8
SALE PRICES—PER
.
Nod. 4
iri
New York Stock
Sept 11
Sept 22
2% Jan
l6%Sept27
l634Sept22
49 Sept27
65
Oct 21
119*4 Feb 27
4184 Aug 3
1143s Aug 7
128% Aug 2
143
166
Aug
1
15
4% Mar
1334 Mar
39% Mar
114
25
1%
122% May
35%
105%
101% Apr
112
Apr
132
Mar
112
Jan
18% July 17
16
Nov 3
Dec
3%
Mar
June 29
41%Sept27
1184Sept 5
Jan
Nov
86% Mar
117%Janl9
90% Mar 29
81% Jan 3
11
16%
Jan
Oct
11884 Nov
134
Nov
152% Dec
117
Sept
21% May
39% Nov
8% May
81
Apr
13% July
98% Jan
74% June
7
Mar
9
June
88% July
15% Nov
16% Jan
8% Jan
4
85%June
67% Jan
2% Jan
1
60%
5
37% Mar
4*4 Mar
Jan
5
1*4 Sept
23%Sept22
17% Oct 26
26% Oct 26
2284Sept27
2834 0ctl4
27 Sept 27
5%Sept27
54
Mar 20
16% Oct 27
934 Jan 6
1434June
8% May
18
Mar
10%June
18
Mar
13% June
234 Mar
9%
80
Oct
Oct
66%
53g
Dec
30%
Jan
27%
Jan
6% July
34% Mar
58
Apr
11
5
Jan
24
July
24% Jan
29% Jan
22
Jan
July
Jan
11% July
17% Jan 5
75% Mar 15
74
Oct 3
5% Mar
9
June
9% Mar
49% May
234Nov 4
28% Sept 12
92 Sept 23
8934 Oct 25
20% Jan 5
11% May
39% Mar
38
May
78
Dec
69
Nov
3% Oct
25% Nov
l4%Sept27
40% Jan
84
66
5
Sept 16
Sept 6
14*4 Jan
4
86
Aug 19
113s Jan 6
45
Jan
4
58
Jan 31
10% Jan 7
934 Oct 23
40
Apr
1
Dec
7% Mar
13% July
17% July
78% Nov
77% Nov
19%
Oct
17% Mar
65
Apr
45
Dec
10
Sept
38% Dec
77% Deo
4% Mar
33*4 Mar
51% Jan
/ 5
Mar
94
Sept
12% July
46% Jan
68% Jan
9?8 Nov
13% July
20*4 Jan
33% Dec
2% Jan
49% Oct
1% July
3% July
l7%Sept
6
7% Apr
14% Mar
34
Jan
4
13
2%Nov
4
Mar
85
Jan
64%
17*4
Jan
Jan
h Apr 8
27% Apr 11
%June27
% Aug 12
49%Sept 5
78Sept 13
2
Jan
4
l»4May 3
3%May 6
2784 Apr 11
82% Jan 4
6 Sept 14
6%Sept 11
49% Nov 8
109
Aug
3
58
Mar
113
68
Mar
99
Nov
79
Mar
108
Nov
8*4 Mar
19
Jan
96
Jan
3
104% Jan 11
1034 Apr 11
Ex-dlv.
f
.
Oct21
116%June
23
7
Sept 22
Ex-rlghts.
»4
Dec
25% May
% Dec
1% Mar
1«4 Dec
378 Dec
12
Mar
5% Jan
7% July
29*4 Nov
83% Dec
1 Called for redemption.
New York Stock Record—Continued—Page 7
3080
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER CENT
Sales
Range Since Jan. 1
STOCKS
On Basis of
NEW YORK STOCK
Monday
Tuesday
Nov. 4
Nov. 6
Nov. 7
$ per share
$ per share
Saturday
23
*784
23%
8%
22%
*784
23
8%
48
48
1434
15
10
10
47%
1434
934
$ Per
Wednesday
Not
101%
*12!% 13
share
22%
635s
64
64
5%
*2114
*16%
34%
13%
1534
34%
5%
22
17
34%
1312
16%
34%
*45%
*10%
1%
5%
5%
46
11%
1%
6
%
%
1%
12%
*55
64%
5%
22
63%
64%
5%
12%
16
5%
45%
1%
5%
*%
17
13
12
14%
23%
156
*48%
7%
23%
17%
15
23%
16%
156
*15%
15%
*90
95
*21
14%
23%
*154
4
15%
21%
21
16%
16
13%
13%
15%
16%
....
113
7%
*5%
7%
24%
24%
14%
12
95
22%
*12
11%
94%
22%
6
5%
1%
5I2
*%
1%
6
1
20%
68
7
50%
7%
24
16%
15
734
5%
,
6%
*9%
*160
734
5%
14%
1134
95
74%
1034
14%
*42
44
*45%
4%
48
8%
9
4%
85
6%
10
22%
3884
3334
22%
39%
3384
7
9%
*106
10%
109
*110
*110
*55%
65
*1
1%
15
1584
1434
*83%
1%
4%
*56
138
4%
%
1%
4%
89
*83%
1%
4%
15%
1
89
206
206
208
107
107
*107
109
*57%
23%
58%
22%
58
57
57%
27%
*85%
29%
5784
27%
90
86%
11
23
58
11%
58
28%
86%
11
1034
*109% 110% *109% 110%
38
*37
37% 37%
6
6%
6%
6%
*41% 44
*42% 44
8
8
8%
8%
24% 25
2384 24
1434
14%
143s
14%
*104% 105
*104% 105
684
19%
634
6%
6%
1938
I8S4 19
146% *138
138%
13%
14%
13% 1334
*138
*47
51
*46
52
*23
24
*23
2384
50
50
*50
51
*116% 125
65
65
5%
6
5%
684
*116% 125
64%
*5%
6
23%
23%
23%
14
14%
11%
31%
*133s
*L1%
3084
46%
17%
122
46%
17%
32
*
*11%
3084
45%
1634
64%
5%
6%
24
13%
11%
31%
47
16%
32%
121
121%
139
122
*139
139
31
34
34
119%
51
5%
45%
1034
1%
5%
1
1%
20%
45
34
13%
17%
25%
5%
36%
12%
69
-----
7
50%
7%
16%
14
23%
156
13%
16%
114
Exchange
Closed—
Election
*157
Day
1
J
168
138% 138%
28% 2834
8%
J'2
7334 74
IO84
10%
31%
12
11%
15
1484
32%
3284
119% 120
5034 51%
50
4934
108
108
*108
110
11%
5
5%
*42
45
*10
IO84
1%
*42
1%
5%
584
1
*7g
*1%
1%
19% 19%
105% 106%
9
300
51
20%
2134
3778
*33
*5%
*9%
*106
*56
1%
37g
*84
147g
*84%
1%
4
1
15%
89
534
44
8
23%
39
6%
44
8%
2334
14%
14%
1047g 10478
6%
18
*138
13
*45%
6%
18%
139
13%
49%
70
25,300
preferred.....No par
14.50
110
No par
Montg Ward A Co. Inc.No par
Morrell (J) A Co
No par
45
34%
140
13%
16%
13%
17%
25%
13%
16%
*2484
13%
Motor Products Corp..No par
1034
25%
1,500
2,600
25
Mueller Brass
5%
36%
584
36%
5%
*35
1,300
3,000
38
220
$7 conv preferred—No par
12%
200
68
600
Munslngwear Ino—..No par
Murphy Co (G C)
No par
5% preferred.
100
Murray Corp of America...10
*11
12%'
*67
*109
68%
•>
-
-
*11%
68
*109
-
5%
"
6%
6%
6%
6%
*49%
50%
7%
22%
1634
1384
23%
*49%
22
50%
7%
22%
1584
"5",§65
16
7
22%
I584
13%
227g
*150
156
15
7
13
22%
156
15%
540
4,900
15,500
14,300
13%
23%
15%
*94%
21
165
95
21%
165
*8%
*106
15«4
16
7,300
1,400
9,600
40
13%
15%
115
112% 112%
7
634
*584
6%
2334 2334
*12
14%
11
11%
*94.
94%
21
21%
165
*79
9%
*50
37
"
1%
3%
784
2284
14
*6%
17%
12%
*45
100
6,000
-
—
-
■
-
-
8,000
200
5,600
13%
51
51
19
19%
21%
20%
35%
32%
*5%
*884
37
32%
6%
9%
109
Nat Cash
Cylinder Gas Co.—1
Nat Dairy Products...No par
7% pref class A
100
7% pref class B
100
Nat Dept Store
No par
6% preferred
10
Nat Enam A Stamplng.No par
Nat Gpysum
14.60
2234
14%
6%
18
1%
3%
1
205% 205%
109
109
22%
*57%
*56%
26%
89
22%
2,400
5,000
3,400
5,800
Nat Mall A St'l Cast Co No par
National Pow A Lt
National
13%
12 preferred
100
% prior preferred
6% prior preferred
"fioo
2,500
National Tea Co
—
-
No par
Natomas Co
...No par
300
Nelsner Bros Inc
400
4Ji % conv serial pref...100
Newberry Co (J J)
No par
.....1
5% pref series A
Newport Industries
100
1
500
-
a Def.
77g Aug 24
7% Sept 1
21% Sept 13
147% Oct 6
10% Apr 26
87
Sept 19
17% Apr 25
14% Sept 2
2:8% July 7
12% Jan 13
110
Sept 18
107
Sept
1
4% Apr 11
4% Jan 13
20% Sept 1
10% Sept 1
8% Sept 5
83
Sept 8
l7%June 30
14% Apr 11
634 Apr 8
52
July
1
5% Aug 24
10
Apr
8
33% July 7
43
Aug 12
2% Apr 11
8% Sept 15
18% Apr 11
73% Mar 14
32
Apr 8
105% Sept 19
Mar
20% Nov
12% July
53% Oct
26% Jan
11% Nov
2
65
Apr
80
Oct
50
Jan
73
Nov
73
Nov
63
Nov 10
65% Oct 25
6% Jan 3
28% Jan 9
21% Sept 27
39% Jan 4
16% Sept 6
18
37%
Sept 5
Oct 26
120% Nov
85% Jan
114
4
47% July
1434 Oct
22% Jan
30% Nov
111
July
5»4 Mar
12% Mar
15% June
76
Apr
49% Jan
Oct 25
122%May
5734 Oct
47
Sept
37% Mar
24
26
11
13
19
Jan
6
17% Oct 26
30
Jan
3
7% Jan 3
44% Mar 13
I434sept22
70
July 17
111
May 29
92
Oct
Nov
61
Jan
9% Jan 20
26% Sept 27
1834Sept 27
Nov
10% May
1% Mar
434 Mar
% Dec
1% Deo
10
Mar
67
May
111
Jan
25
Mar
22% May
25
Mar
10% Mar
Mar
a
11% Mar
4
Mar
26
Mar
9% Apr
3434 Mar
95
Apr
4
9% Jan
4
28% Mar 11
175
Jan 17
16
Oct 28
95%May 31
2334 Sept 13
26% Jan 6
16
Sept 26
18% Aug 3
117% Jan 5
Mar 27
8% Oct 26
6% Feb 17
28% Jan 4
18% Jan 10
16% Jan 4
Dec
Apr *117
Mar
5
Mar
37%
6>4
7%
8%
Mar
Mar
Mar
Mar
6
Mar
15% Mar
160
Jan
8
July
72% Oct
17% Jan
3% Jan
11% July
2% Jan
3% Jan
20% Nov
110
Dec
117% Sept
54%
38%
40%
22s4
17%
32
Oct
Aug
Nov
July
Nov
Oct
8% July
64% Jan
15% July
62% Oct
110% Deo
10% July
54
12%
29
July
Jan
Nov
14% Nov
14% Dec
28
168%
Nov
Oct
10% May
19
65
Mar
94% Nov
Sept
12% Mar
25% Oct
30% July
Sept
Mar
Mar
Mar
Mar
Mar
16% July
115% Nov
113% Oct
10% Oct
684 July
Apr
20% July
1684 Oct
20
11%
106%
105%
3%
3%
17%
11%
Mar
4
30
Nov
Nov
MarlO
27% Jan
173% Aug
146
16*4 Dec
35
May
106
30
MarlO
21
114
May
June
Mar
6
15
14
11
26>4 Mar
4
4
Nov
1534 July
57% July
7% Nov
100
2% Jan
95
32% Apr
3% Mar
3
1478 Jan
121
Apr
July 25
6% Jan
54
4
Mar
6% Mar
Feb
17% Mar
31
July
154
0
35% Sept 27
10
Aug 15
82
Sept 11
June
178%
127
June
145% Sept
28»4 Nov
9% Oct
8184 Nov
13% Mar
Mar
5
44% Mar
12% Sept
Oct
23
Feb
Jan
18
Dec
30
July
69% Jan
50% Apr
5% Oct
11% Feb
55
Dec
82
70
Feb
75
July
Feb
15% Jan
20
3
29%June
87% Aug 21
42
July 27
112% June 22
1734 Sept 14
2% May
7% Mar
14% June
58
Apr
28
Mar
99% Apr
9% Mar
4%
Jan
12% Aug
26
July
71
Nov
40
Jan
IO884 Nov
200
Sept 21
20
Mar
19% July
48% Nov
10
Mar
2184 Nov
7
Mar
23
8
30
Apr 8
l%May 20
4% July
1
107
Oct 6
23% Sept 27
25% Sept 27
4534 Sept 27
43% Feb 25
1034Sept 11
15% Sept 11
118% Mar 1
50
119
120
Mar
47
62
Mar
No par
York Central
No par
N. Y. Chic A St Louis Co.. 100
11%Sept 1
10% Apr 10
N. Y. Air Brake
New
6% preferred series A
100
NYC Omnibus Corp..No par
New York Dock
No par
400
......
"2",700
2,000
200
12,900
220
800
110
14,200
5%
preferred
No par
50
N Y A Harlem
INYNHA Hartford
100
Conv
100
preferred
{N Y Ontario A Western..100
N Y Shlpbldg Corp part stk.
7%
preferred
Norfolk A Western
—100
North American Co
900
7,000
6% preferred A
35.50 conv 1st pref..No par
Outboard Marine A Mfg
5
No par
100
1,200
Pacific Amer Fisheries Ino..
Pacific Coast
.10
270
50
delivery.
1st preferred—.....No par
2d preferred.
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Pacific Ltg Corp
No par
Pacific Mills
No par
Pacific Telep A Teleg
100
6% preferred
100
Pao Tin Corp (sp stk).No par
n
New stock.
r
89% Mar
%
Jan
434 Mar
2
38
Mar
90
Dec
Jan
100
Preferred
4,100
2% Mar
Dee
Owens-Illinois Class C..32.50
1,000
5% Sept 27
1'4 Sept 12
17 Sept 13
198
2,600
2,500
% Dec
110
No par
500
Apr
1% Sept 26
63% Nov
284 Jan
7% July
1% Jan
16% Dec
Mar
Oppenhelm Coll A Co ..No par
Otis Elevator—...
No par
230
111
June
June
Otis Steel.....
6,600
Aug
54
100
9,700
760
110
8
133
Oliver Farm Equip—..No par
Omnibus Corp (The)
—.6
310
8
Apr
7
Sept 27
Telegraph...50
Outlet Co
Apr
120
June 14
100
20
70
484 Jan
II84 Mar
5% Mar
101
Mar
113
6% preferred
400
8%June 30
Mar
Jan
3784 July
216
10
----
% Mar 27
2
Sept 1
%May 23
2
Deo
38%
Jan 25
Norwalk Tire A Rubber No par
Preferred
...50
Ohio OH Co
.No par
70
8
Mar
168
Northwestern
1,700
July
18
103% Sept 8
18% Apr 11
52% Sept 7
50% Sept 6
12% Apr 11
100
2,300
May 16
12% Mar
100
10
400
7,000
18% Apr
62
109
Adjust 4% preferred
Northern Central Ry Co...50
Northern Pacific
100
North'n States Pow Co 35 pf.l
40
30
47
2
5% Sept 1
14
Aug 23
8% Apr 8
27
Apr 28
50
6%
43% Sept
Jan
7
N Y Lack A West Ry Co„100
72,500
3,100
6,600
5.900
{ In receivership,
40
100
100
50
23
23
*23
23
23
23%
51
51
51
*50% 51
*50%
*116% 125
*116% 125
*116% 125
62% 64
62%
6I84 62%
62%
5
5
5
5%
5%
5%
6
7
7
7%
6%
6%
23
23
24
23
23%
23%
13
14
13%
13%
13%
13%
11%
11%
lis4
12%
12%
12%
31% 317g
31%
31%
31% 31%
47% 47%
47% 48%
4784 47%
16
16
*16% 17
16%
15%
122% 123% 120
123%
120% 122
141
141
*139% 141% *141
32
31
31% 33%
31% 31%
—
25
500
5%
*42
49
No par
Steel Corp..
National Supply (The) Pa—10
pref series...
18
4
1
Apr 8
Sept 25
Aug 24
Oct 11
6% preferred series
146%
12%
12%
Sept
132
4434
784
6%
17%
9
50
105
8
....100
North Amer Aviation
23
Apr
preferred B
500
1384
1384
104% 105
30
6%
14,700
7%
2234
10
Apr 10
16% Apr 11
3% Aug 24
40
10%
10%
109% 110
37%
37%
5%
9% Apr
1
10
Sept 25
1,600
90,500
27%
22% Sept
152
57
*138
138
10
Lead
58
89
*43
8
conv.
National
Co
...
preferred.No par
Sept
40% Apr 11
31% Aug 28
100
59
85
5%
No par
Nat Distillers Prod
10% preferred
*50
85
44
No par
Register
National
7
7
preferred A
6,000
2,400
89
37%
100
pref
Sept
7%
14
14%
1
10
Biscuit
cum
1
Aug 24
200
30
15
104% 105
138
41%
1%
3%
*84
14%
5%
44
1,900
111
111
7%
*110
59
1%
3%
*34
14%
84%
30
85
*41
*106
109
National
5% pref series A w w
115
13
*157
85
5
Nat Aviation Corp
"700
*19%
16%
21
15%
13%
16%
11%
1
National Acme
.100
Nat Bond A Share Corp newNo
20%
11
Nashv Cbatt <fc St Louis...100
Nat Bond A Invest Co.No par
15%
13%
-
5
Nash-Kelvlnator Corp
600
20
-
.1
Mulllns Mfg Co class B
16
95
-
Co..
300
*92
-
6
Motor Wheel
156
95
1584
*113%
111% 111%
7%
7%
*584
6%
2334 24%
*12
14%
60
Morris A Essex
Myers (F A E) Bros...No par
12,000
Sept
112
Preferred series B
*33
207
208
207
20884
*107% 109
*107% 109
22% 23%
22% 23
58
58% *57% 58
57%
57%
56% 57
2784 28%
27% 28%
*86% 90
*86% 90
11%
10%
10%
10%
110%
1097g 110% *110
*37
600
3,000
1
10
35% Mar
13% May
5
11434Sept 11
7% preferred series A—100
{Missouri Pacific
100
5% conv preferred
100
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
—-MM-—
36
1
Highest
share S per share
70
10% April
85*4 Apr 10
3,100
19%
6% Apr 10
11% Apr 10
18% Apr 8
101
Apr 11
44% Sept 11
103% Sept 25
per
10% Oct 26
934 Jan 6
1% Sept 27
2% Sept 27
2,800
5%
100
8
S
101% Nov 8
14% Sept 26
2% Aug 24
% July 8
%June 28
1%
5%
*%
1%
19%
600
Apr
1034 Jan 5
69% June 15
18% Sept 12
884 Aug 21
*1%
1%
56
< per share
24
Aug 3
10
No par
*43%
*110
65"
preferred—..No par
16.50
Mission Corp
Mo-Kan-Texas RR
1
Aug 23
2% Sept
Minn Mollne Power lrnpt..
34
41% 41%
*10984 in
14%
13%
14%
53
61% 53
2084
19% 20%
22%
21%
20%
36
38
38%
33
33
33%
684
*5%
684
10
8% cum 1st pref
...100
Minn-Honeywell Regu.No par
4% conv pref series B
100
45
41%
110
No par
34
*43%
*109% 111
14%
5
Mld-Contlnent Petroleum.. 10
100
10%
*79
41%
4%
2,600
45
10
85
J7*
48
80
Jan 27
6
25
5
Midland Steel Prod
90
884 April
6% Aug 25
88
Mesta Machine Co
1
Miami Copper
1,600
15% Apr 28
5% Sept 1
Sept 19
39
5% conv 1st pref
60
Merch A M'n Trans Co No par
Mengel Co (The)
Lowest
Highest
3 per share
July 6
39% Aug 28
46
Apr 11
3
July 7
14
Aug 24
11% Sept 2
6,000
5
4%
Stores
McLeilan
3,000
2,300
15%
33%
11884 H884
15%
*79
41%
900
33
26
14%
41%
*45%
4%
2,600
2,400
5
26
*14
Bid and asked prices; no sales on this day.
GSFm
64%
140
1388g 138% *139
27% 2834
27%
2884
8%
8%
83g
8%
74
74
73%
74%
10
10
10%
9%
14
13%
13%
13%
*41% 42
*41% 43
48
*45% 48
*45%
*4
4%
4%
4%
9%
9%
9%
9%
26
26
*25% 26
*110
59
206
23
34
*111% 112%
7%
7%
6%
*534
24
24%
*12
14%
11%
11%
95
*94%
21% 22
22%
160
*79
112
*106
34%
12%
1578
85
33%
34%
21
41% 41% *41% 42%
*109% 111
*109% 111
15
15%
14%
14%
55
56%
53% 55
20% 21%
21% 22
41
90
*20%
15%
13%
15%
2684
39%
33%
17%
21%
16%
13%
16%
*26
24
17
*92
26%
22%
16
95
10%
14%
*79
16
*90
74
26%
200
16%
3484
123g
15%
15%
24%
"loo
21%
*15%
Stock
800
21
16
13%
6% conv preferred
.100
Mead Corp....
No par
f6 preferred series A .No par
15.50 pref ser B w w.JVo par
Melville Shoe
No par
21%
5
1
80
5
64
Elec Co
McGraw
McGraw-Hill Pub Co—No par
Mclntyre Porcupine Mines..6
McKeesport Tin Plate
.10
21%
23
23
—
63%
5%
23
*150
-
Par
1,700
2,600
1,700
22
15%
11
4%
9%
*48%
7%
23%
76%
9
36%
*11%
*108%
6%
10%
4%
13%
17%
z25%
5%
68%
75
*45%
34
-
63%
6434
5%
106% 107%
105% 106
117% *115% 117% *115% 117%
*11934 121
121
3:119% 119% *117
5334
54%
5384 54%
5384
54%
*43%
3.500
—•
~
64
*116
17%
26
5%
37%
31
8%
15
33%
*10
30%
8%
44
48
63
*42
138%
28% 29
8%
8%
15
63
5%
1%
138% *137
*42i4
*53
45%
112
24%
*12%
11%
*92%
22%
*137
63%
114
112
168
80
51
*113
*160
*73
95
*90
13%
16%
*112
80
108% 108%
156
16%
*112%
*73
*119
12
68%
*108%
7%
6%
25
16%
80
12%
15%
1%
68%
*24
984
U
*10
*65%
50%
7%
13%
9%
34
34
*12
7%
13%
101% 101%
11% 11%
5%
21%
16%
16
34%
25%
5%
36%
*49
14
Shares
22%
22%
*784
8%
46%
46%
13%
13%
9%
9%
*98% 101%
*11%
11%
63
22%
17%
34%
13%
*16
17%
26
5%
36%
7
22%
8%
47
Week
share
*50
12%
20% 20% *19% 20
108% 108% 108% 108%
117%
117% *116
*119% 121% 121% 121%
54%
55%
53% 54%
*43% 45
*43% 45
33
33%
33% 33%
14
14
13% 13%
*109
*734
14
*116
17
22%
47
10
per
934
97g
101% 101%
11% 12
100
1%
*25%
5%
3634
22%
8%
47
$
1939
Range jot Previous
Year 1938
100-Share Lots
Lowest
Nov
share
*734
34%
120% 120% 119% 119%
53
53
51% 52%
*108% 109% *108% 109%
5%
per
47
*73
*57
Nov. 9
$
11,
EXCHANGE
the
Friday
*73
100
*73
8
$ per share
47%
1434
9%
•101
.
Thursday
Nov.
Cash sale.
82
Jan
3
7
June 30
100
Sept 13
29
Sept 1
2% Apr 10
32% Apr 1
6
Aug 14
14% Sept 1
12
Sept 5
100% Sept 23
4% Aug 21
15% Sept 1
128
Oct
2
7% Apr
July
16% Apr
40% Jan
114% Jan
10
11
10
24
26
8
24
10
30
33
50
Apr
3
Aug
2% Apr
11% June
3^4 June 29
934 Apr 8
27% Apr 10
41
Apr 8
9% Apr 8
114
Apr 11
128 Sept 19
17
Apr
sEx-dlv.
y
10
26% Feb 27
59% Aug 3
59
Aug
4
26% Oct
57% Dec
1
29% Nov
1334 Mar
4534 Apr
89
Nov 10
1434 Jan
4
112% Aug 14
Oct 14
40
5% Mar
75
June
6% Mar
92% Sept
25
May
20
93%
Dec
Jan
14% July
103
Dec
35
Sept
6% Nov
4434 Aug
1% Mar
5
Nov
12>4 Mar
41
10% Sept
8% Sept
Sept
Jan
30
Jan
20% Mar
113%May 25
8% Jan 4
27% Jan 3
148% July 26
16
Sept 11
65% Sept 13
19% May
7% Mar
32% Feb
19»4 Nov
83% Apr
111% Sept
4
Mar
1334 Mar
122
147
6% Mar
30% Apr
60
Mar
Oct 26
10
51
Oct
39% Apr
116% Mar 25
115
Apr
3
40
Mar
70
Jan
13
6% Dec
25
26
27
10% Mar
14
10
9% Mar
x2234 Mar
Oct 10
32% Mar
9% Mar
7% Sept
7% Sept
24% Oct
15% Sept
1234 Mar
3434 Mar
52
21%Sept 15
132
June
9
156% July 29
33% Nov 9
Ex-rights.
10
2% Mar
334 Mar
Nov
29% Nov
Jan
29
9
14%
Nov
15% Nov
Nov
22% Aug
52
115
Oct
Apr
76%
11%
5%
21%
9%
15%
Nov
30
Nov
Jan
Jan
Nov
July
July
43% Deo
19% July
Apr
121
xl32% Mar
17% Dec
149
Nov
30
June
87
J Called for redemption.
Dec
Volume
LOW
New York Stock
149
AND HIGH
SALE PRICES—PER
Record—Continued—Page 8
Sales
STOCKS
for
NEW YORK STOCK
the
SHARE, NOT PER CENT
EXCHANGE
Saturday
Monday
Nop. 4
Tuesday
Wednesday
Thursday
Friday
Nov. 6
Nov. 7
Nov. 8
Nov. 9
Nov. 10
9 per share
9 per share
5 per share
$ per share
$ per share
$ per share
Range Since Jan, 1
Shares
On Basis of
Week
8i2
378
8%
4%
15i4
♦65s
114
1534
7%
1*4
*44
46
*94
99l2
87g
8734
885
8734
934
*15
27«
45
45
*19I4
*134
10%
*9%
54%
91%
334
20
4
*44
98%
9i2
8%
4%
1%
*43%
*94
*15
*87
984
178
1%
103s
10
984
54%
91%
384
9%
54*4
90%
*3%
9%
*15%
2%
4484
19%
*1%
10%
9%
278
45
1978
1%
10%
9%
*26%
13%
*120%
2334
*34%
24%
34%
43
*4
512
♦14%
38
18
*4
*27%
*12%
*120%
23%
*34%
41%
43
35
36
*35
33
33%
21%
*21
*87fi
678
423g
*4478
43%
45%
*
*878
*6%
41%
*45
90
234
*4l2
34
5
78
86
86
*127
135
*4%
5%
2%
*4%
%
*85%
*125
*4%
*27%
43%
*258
4H2
4378
314
41l2
*8
9
*27%
*4134
29
49%
8
8
8%
*24
26
*26%
11%
9%
*8%
6%
7
42
46%
41
*45%
*85%
*2%
*4%
30
11*4
2%
5
%
34
86
86
133
*125
5
*28%
42%
*2%
*41
41%
*28
43
42
3%
*2%
*41
4
8%
*85%
9%
17
15%
258
2
10%
9%
2%
*44%
18%
*1%
9%
9%
*51%
89
91
3%
4
28
13%
*3%
3%
*26%
*12%
88%
9%
15%
2%
45
18%
2
10
9%
53
8934
3%
4
28
41%
*41
41%
500
33
100
9
8%
6%
41%
46%
90
234
5
84
86%
135
*6%
40%
*45%
*85%
2%
484
86
30
*4
8634
*28
42%
3%
43
41%
*2%
*41
29
46
8%
27%
*45
7%
34
135
%
6%
8%
*6%
39%
45
5
_
*125
5%
8%
6%
41
46%
88%
2%
5%
30
42
3%
43
.
85'4
*2%
434
%
8534
*125
*28
41
*2%
8
8%
6%
1,400
40%
45%
8534
234
13,100
5
34
86
46
27
27
27
27
11%
11
11
*10%
41%
3%
8%
80
75
75
*75
78
*75
78
166
166
*166
169
*166
169
*40%
*22%
*36
16%
*142%
1*4
22%
*15%
14%
*1
16*2
16
*142%
1%
1*2
22%
22%
1678
15%
1434
14%
*1334
Election
44
*41
Day
43
14
6334
117% 117%
3934
40%
108% 108%
108% 108%
*122% 124
*122% 124
*140
140%
140% 141
161
161
160% 160%
115
115
3634
834
38
9
*83
85
*78
78*4
17%
16
6%
1678
*15%
578
*75
100
59
59
1%
1«4
21%
*17%
26%
18%
21%
17%
26%
18%
27%
24
*26
*21%
4%
4%
*114% 115
36% 37
834
8%
*84
78
16%
1634
16
6
5934
16
6%
100
*%
1%
i_
13%
*13%
*40%
6234
13%
14
43
6334
*117
117%
3934
403s
IO984 10934
*122% 124
141
15%
*142%
1%
1%
22% x22
15
14%
13
13%
141
*1
*75
*75
100
8%
•8%
*12%
11%
*7434
178
14
11%
56%
76%
234
26*4
27%
8978
90
81%
*55
*74%
2%
2534
8934
4%
45%
15%
8%
14
11%
56%
84
2%
26%
8934
*12%
11%
*55%
*74%
2%
25
89%
23
4%
46%
15%
8%
13
11%
56%
84
2%
2534
89%
8134
26
*25
26
*21%
4%
23
4%
46%
*21%
4%
*45%
23
15
15
120
Rels (Robt) A Co 1st
9%
13
11%
56%
200
100
56%
*8%
*11%
10%
*55%
84
*74
84
15
15
8%
8%
12%
12%
1034
56%
*74
2
11%
81,000
82%
800
84
82
82
*80
84
*80
81
80
52
52
52
*50
10%
54
10%
10
10%
*72%
*8%
3678
*52%
8%
37
55
42
42%
1%
*2%
1%
4%
10
*4
47%
48
*101% 102%
*11184 112%
1134
1134
20%
2%
20%
23s
42
42
"
*%
1%
*2%
55
9
9
11%
*193s
11%
1934
2
2
41%
%
1%
*%
1%
4%
*4
10
4684
493s
101% 102%
112% 112%
112% 112% *112% 115
2234 23
2234 23
1%
*2%
*4
334
*21%
21%
78
15%
15%
80
310
6,800
*72%
884
82
9%
*72%
37
37%
59
9%
82
834
3784
59
9
884
9
11
8%
37%
*52%
8%
884
11%
19%
134
19%
11%
19%
1%
39%
2
39«4
%
%
*%
1%
3
1%
*2%
1H
*2%
10
39
*4
115
21%
~7~666
9,400
400
1,200
1934
184
40%
500
3,500
1,700
600
1%
334
Manhattan.No par
—1
25
—50
4% 1st preferred
...50
4% 2d preferred
.—.50
Real SUk Hosiery
6
K&ybestos
Rayonler Ino
32 preferred
Reading.
-
1,300
10
14,700
200
170
114
114
30
*20
21
1,400
27% Sept 27
393s July 18
45
Oct 23
5*4 Sept 27
1934 Sept 27
10% Sept 5
8% Mar 14
47% Sept 12
483s Aug 1
91
Aug 3
2% Sept 26
5% Oct 16
l%Sept 11
103% Mar 3
July 27
Apr
4
12% Aug 24
6
June 28
Sept
1
Aug 25
% Apr 28
17% Sept 1
6% Apr 14
7% Aug 24
% Aug
175
6% Nov
Mar
Mar
1
114
June
4% Mar
82
Sept
27% Mar
NOV
Mar
143*4
144%
112
Maris
31% Apr 8
101% Sept 28
112 Sept 7
129
Apr25
147 Sept 21
111
Sept 2
*22% Aug 24
6% Aug 12
70 Sept 5
6334 Aug 18
1034 Jan 26
11
Aug 16
5
Aug 24
85%June 1
63% Apr 10
1% Apr 8
6
Jan 17
49
Sept 27
65
Oct 21
Feb 27
Aug
3
Aug
7
Aug
Aug
June 29
7%June 30
16% Deo
1% Mar
% Oct
Mar
Mar
Mar
Mar
3% Jan
1% Jan
14% Deo
14% Dec
42% Dec
484
4%
1334
39%
114
Nov
25
Mar
152%
18
Mar 20
5
3
284Nov 4
28% Sept 12
92 Sept 23
89«4 Oct 25
20% Jan 5
40% Jao
24
24%
29%
Mar
Bid and asked prices; no sales on
this day.
{ In receivership,
a
Def. delivery.
»
New stock,
r
Cash sale,
t
Jao
Jao
30%
Mar
Jan
13% June
2*4 Mar
34% Mar
5
Apr
27% Jan
6% July
5% Mar
11% July
9
13% July
58
June
78
Dec
69
Dec
Nov
3%
Oct
25% Nov
11% May
39% Mar
38
Jan
17% July
9% Mar
49% May
40
Apr
1
July
11
78% Nov
77% Nov
19% Oct
May
77$ Mar
38% Dec
17% Mar
65
Apr
Sept
6
45
Dee
64%
Jan
1434 Jan
4
10
Sept
17*4
Jan
86
Aug 19
52
68
Jan 31
77%
85
94
Deo
46%
7% Apr
14% Mar
34
13
Jan
4
8
2% Nov
4
49% Sept
5
109
96
113
«4
2
6
Jan
4
Sept 14
Dec
26% May
%
Jao
13% July
20*4 Jan
33% Dec
2% Jan
49% Oct
1% July
3% July
5% Jan
7x4 July
29*4 Nov
83% Dec
Mar
78 Sept 13
Sept
58% Jan
97g Nov
Mar
5
Jan
12% July
4% Mar
33*4 Mar
61% Jan
10% Jan 7
984 Oct 23
17% Sept 6
27% Apr 11
%June 27
% Aug 12
l*4May 3
3%May 6
2734 Apr 11
82% Jan 4
Ex-div.
Jan
22
Dec
1% Mar
1*4 Deo
37« Dee
6%Sept 11
48% Nov 8
Aug 3
12
Mar
68
Mar
Oct 21
68
Mar
99
Nov
116%June 7
23 Sept 22
79
Mar
108
Nov
8*4 Mar
19
Jan
I
•
July
66
4
104% Jan 11
10«4 Apr 11
Oct
Jan
84
5
3
53s
5
Sept 16
Jan
Jan
80
667s Dec
14*4 June
8% May
18
Jan
16% Nov
16% Jan
9% Oct
June
14
11% Jan
a4 Apr
98%
Mar
10% June
5% Sept 27
Oct
88% July
7
22
26
26
27
16% Oct 27
74
Apr
74% June
Jan
37% Mar
1*4 Sept
Sept 27
934 Jan
21% May
8% May
4'4 Mar
2% Jan
Nov
117
60%
6778 Jan
134
Deo
Sept
39% Nov
13% July
9
Nov
8% Jan
Oct
105% Oct
11884 Nov
81
85%June
59
122% May
35% Jan
86% Mar
1017S Apr
112
Apr
41% Sept 27
11«4 Sept
90% Mar 29
3
Jan
5% Mar
Jan
45
July 25
11
Mar
18% July 17
Jao
£5% July
Mar
132
81% Jan
84
Deo
Mar
8
112
78«4 Jan 4
5% Apr 10
35
Sept 21
6% Apr 11
6%May 2
10 Sept 16
15% Sept 1
%
17% Nov
15
117% Jan 19
17% Jan 5
75% Mar 15
Apr 11
9% Apr 11
21% July 11
63
Aug 21
37% July 11
Mar
Jan
1
42
Nov
9% July
16*4 Jan
Mar
934 Sept
%July 8
12% Apr 10
43
Apr 8
75
174
6
14% Sept 27
Apr 11
Mar
June
Aug
4
Sept 12
41
145
July
27
60
Jan
Jan
9% Nov
45
16
55
May
7%
52
Sept 22
11934
4134
114%
128%
54
26% Nov
30
23% Sept
17% Oct
26% Oct
22*4 Sept
2884 Oct
6
July
Apr
Apr
16% Sept 27
l634Sept22
16
Nov
July
9
May
6
16% Sept 22
166
4
43'
23
16% Apr 4
6%June 29
12% June 28
10% Apr 8
2078Sept 5
July
4
Jan
Mar
30%
15
2% Sept 11
Sept 11
17
143
Mar
Oct.
50% Mar
44% July
May
Mar
24
34
6% Sept
18
Apr 10
50% Apr 14
2
Oct
8% July
47$
7%
20%
11%
2% Jan
Aug 24
5
12
12
6
Apr
{Rutland RR 7% pref
100
Joseph Lead..
10
{St Louis-San Francisco...100
C% preferred
100
|St Louis Southwestern—.100
5% preferred..—
100
Safeway Stores
No par
5% preferred
100
6% preferred
.....100
7% preferred
100
Savage Arms Corp
No par
Mar
27
Aug 25
142
%May
6
Aug
11% Sept
16% Sept
48% Oct
25% Oct
40% Sept
20% Sept
9
8*
NOV
3
52
10
Remington-Rand
1
Preferred with warrants.. 25
Rensselaer A Sara RR Go—100
JReo Motor Car...
...5
Republic Steel Corp—No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass
-5
Class A
10
7% preferred
....100
5H% preferred
...100
Reynolds Metals Co ..No par
No par
74
Apr
35
32% Sept 27
14% Sept 11
95 Sept 11
8
Mines.
Nov
Apr
1%
2%
%
75%
Oct
6% Apr
Mfg
43
60
Jan
Reliable Stores Corp—No par
Ruberoid Co 'The)
8% Oct
47% Nov
Mar
3% Mar
18% Deo
3% Mar
1
Roan Antelope Copper
17% Mar
30
20%
Apr
Ritter Dental
43
July
88% Jan
17«4 Nov
13% Jan
39
April
10
Oot
6% July
17% July
Sept 12
July 18
No par
No par
Feb
42
Sept 23
7
Common
Jan
31
12
3
Rich fie d Oil Corp
Deo
24%
51
43
5H % conv preferred
100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
Mar
8% Mar
734 Mar
4*4 Jan
121
31%Sept 11
...100
Reliance Mfg Co
120%
14%
19%
22%
1*4
6%
Apr 18
pref.100
Preferred
20
10,400
11%
47%
48%
47% 48%
10234 103
103% 103%
112% 112% *11134 113
20%
""""26
52%
934
834
200
1,400
34
9%
*113
115
*74
*31
9%
*4
10
48%
49%
10234 10234
112% 112%
*113
51%
9%
9
40%
79
15% ' 16%
*52%
9%
1*17* 156
23%
*82
55
400
22%
*51%
9%
3734
5,300
82%
*73
33.50 conv 1st pref..No par
JRadio-Keith-OrpheumNo par
50
87
33
82
"l*666
24%
*30
884
36%
100
87
16%
10%
700
2234
34
52
4%
46%
900
2%
2
2%
*78
*8%
11%
*20%
2%
Quaker Stato OH Ref Corp.. 10
Radio Coip of Amer— .No par
35 preferred B
No pat
*25
*31
9
400
82,900
100
1,700
*16
9%
9%
11%
2084
2%
900
14,500
6% preferred
.—ICO
6% conv preferred
100
Purity Bakeries
—No par
18%
16%
9%
Pure OH (The)
700
18
8I84
*72%
No par
.—No par
Pullman Inc
12,300
1,000
35
*72% 82%
8%
834
36%- 37
*52% 55
9
9%
*884
934
11,700
21
1534
26%
*16
82%
100
20%
1584
*25%
1734
*31
51%
*9%
350
.....No par
.100
100
8% preferred
100
Pub Ser El A Gas pf 35-Nt par
preferred
26
*45%
—.6
60
preferred
7%
21%
16%
1
35 preferred
21%
15%
1678
*79
Pressed Steel Car Co Inc
6%
Mar 15
124
23
J Porto Rlc-Am Tob cl A No par
Class B.
No par
26
1%
35
1634
700
200
400
*32
8034
No par
Poor A Co class B
6,300
23
*4%
No par
.....5
Plymouth Oil Co
5% pf (ser of Feb 1 '29).100
Pub Serv Corp of N J..No par
141
*75
Plttston Co (The)
190
123
157$ Nov
Mar
93s Oct 31
142
Pond Creek Pocahontas No par
6% July
July
30
10
Aug 22
4% Aug 23
7% Apr 10
Aug
July
Jan
2% Mar
10% Mar
46% Sept 22
3% Sept 27
45% Mar 16
18
6% conv 1st pref—
5% conv 2d pref
123
2%
3
Jan
22
Procter & Gamble..—.No par
*140
1% Deo
July
9
35
..100
100
4,300
4,900
Mar
8
4
6H 1st ser conv prior pref 100
Pittsburgh A West Vs. —100
7% pref class B
6% pref class A
39%
62%
116% 117%
39% 3934
110% 110%
Mar
55
Oct
Oct
Nov
Mar
1
Apr 27
Sept 20
""BOO
*22
45%
12466
5% Sept 15
41
21%
2*4
14%
13%
58%
85%
16% Mar
33
Jan
60
1%
17%
*14%
600
%
12%
13
1
Mar
158
5834
18
27%
17%
26%
*21%
4%
*45%
15%
*8%
2,900
11*4 Mar
577a July 28
9434 Aug 2
434 Sept 12
7
35% Mar 27
2% Apr 8
12
Apr 6
.No par
1%
18%
*26%
26
100
600
1% Mar
3% Mar
8% Mar
154
No par
$5 conv preferred
5834
26
18*2
141
*12%
*37%
6134
"lJOO
1,800
1
*%
12
2
Pitts Ft W A Ch 7% gtd pf 100
59%
1%
58%
22%
17
47
l3g
160
162
161
160% 161
161%
*114% 115
*114% 115
*114% 115
35
36
35%
34%
36
36%
8%
9
8%
884
8%
8%
84
*80
85
84
8434
8434
78
78
77
77
7734
78
16
17
16%
16%
16%
17%
15
15%
15%
15%
15%
15%
6
6
6%
6
6%
6%
*21%
*16%
17
117
123% 123%
2134
17%
26%
18%
27%
21%
1
1%
3934
40
1103s 110%
141
1,020
14%
12%
%
117
14%
....
Oct
2% Feb 25
13% July 27
6
PlttsYngstAAshRyCo7%pfl00
60
22
Sept
Sept 21
Mar 31
""150
38%
Oct
Mar
6
Pittsburgh Steel Co..—No par
14%
12%
3
4
46
3%
42%
Apr 20
31% Apr 10
2
Aug 11
Pitts Coke A Iron Corp No par
1,000
2134
14%
13%
13%
13%
40
62%
59%
134
*26
'22
*3s
62
preferred
13%
14%
*142%
*1%
1%
8
Feb 27
2*4 July
100
100
13%
....
7
74
25
Pittsburgh Coal of Pa
10
80
20
Jan
1% Apr
124
Pirelli Co of Italy "Am shares"
Pitts Screw A Bolt
20
75
Plllsbury Flour Mills
Preferred
7.600
*34
8
%July 29
..No par
8%
*35
38%
1534
12%
*1234
*37%
59%
1%
*15
56
13%
16%
....
5934
1%
1%
*45
*8%
*12%
11%
85
7734
*75
2238
15
14%
*42
6334
22
*34
*1
*14%
64
117% 118
40%
40%
46
22
36
16
%
1478
1434
63%
*38
23
*142%
1%
1%
22%
15%
14%
*%
13%
46
36
Closed-
1
1%
*40
*22%
Stock
Exchange
16
....
*%
14
46
23%
37%
13%
Apr
No par
8%
9
1% Mar
15
36
July
13
Sept 12
6*4 Sept 1
6«4 Apr 10
28% Apr 11
Deo
13% July
30
31% Mar
Sept 26
8
Deo
13% Dec
Sept 11
Sept 25
47
21
Sept 26
100
1,100
4% Sept
Mar
40
Pierce Oil 8% conv pref.—lOO
10
16
45
10
5% conv pref series A...100
6%
6% Mar
Jan
25
Phelps-Dodge Corp
26
Philadelphia Co 6% pref...50
$6 preferred
No par
{PMla Rapid Trans Co
50
7% preferred
...—.60
400
103
1
8
Oct
9% Feb
2
Aug
61% Nov
102
Mar
8
500
28
Mar
Jan
6
88*4 June
6*4 Mar
Jan 18
36
*26
29
157s
18% Deo
65
14% Jan
107% Jan
13% Jan
26
6% Nov
1
Sept
Apr
17
100
70
Feb 14
Mar
13% Sept
7% Apr
Petroleum Corp of Amer
5
Pfelffer Brewing Co.—No par
10
104
10
3% Mar
15*4 Deo
21
Feb
25
9,400
11% Jan 5
434 Jan 3
I684 Oct 25
834Septl2
2
Sept 11
60% Jan 4
Highest
9 per ehare $ per share
100
Aug 24
7% preferred
100
Phillips Petroleum....No par
Phoenix Hosiery
......6
800
169
2% Aug 24
17% Aug 28
l^Sept 1
120%June 20
30% Apr 11
2 May 10
Philip Morris A Co Ltd
7
*75
11
10
24
10
12
48
Apr 10
74
Apr 10
% Apr 3
Apr
11% Apr
1% Aug
534 Apr
7%June
share
Dee
Mar
Mar
Mar
Mar
Mar
17% Mar
No par
2,000
46
9%
36
per
100
5% prior preferred
6% pieferred....
Phillips Jones Corp.
7% Sept 11
14% Sept 30
1% Apr 4
15
100
Phlla A Read C A J
29
*166
46
180
5
Sept 11
24
...100
2.700
7
80
36
160
*27
165
13%
100
5%
43
8%
1034
8%
300
46
27%
7%
28%
9%
14%
300
30
*41
10
No par
..
Pet Milk
135
*4%
Cement.
Pere Marquette
130
7%
14%
Penn-Dlzle
620
46
23
""ioo
31%
*28%
14%
Penn Coal A Coke Corp
Peoria A Eastern.
434
15
32
No par
Pennsylvania RR
..50
Peoples Drug Stores...No par
PeoniesOL&C (Chic)...100
20%
48
8%
Penney (J C)
17 conv pref ser A ...No par
30
29
934
Patino Mines A Enterprise par
....No par
Pentck A Ford
Penn G1 Sand Corp v t c No par
97 conv pref
No par
*20
*4134
2284
1,200
33
*27%
35%
200
100
33%
1
.No par
2.50
""Boo
165
*41
400
44"200
*4%
1
Par melee Transporta'n.ATo par
Pathe Film Corp
No par
5,700
% Apr 1
Sept 12
Sept 28
72
10
100
92
6% Sept
...100
Parker Rust Proof Co
21
9
9%
14%
Parke Davi« A Co.
34%
*13
1
500
31
*8%
9'
15
1,500
24%
5
.100
6% 1st preferred
6% 2d preferred....
5,900
4,200
1,200
June 26
35
No par
4% conv preferred
Paramount Pictures Inc
$
73s Aug 29
3
Apr 8
9% Sept 5
5
Lowest
Highest
3 per share
Panhandle Prod A Ref new__l
Parafflne Co Inc
Park A Triford Inc
Park Utah CM
100
*33
14%
10
Corp
5
Pan-Amer Petrol <fc Transp..6
1,700
*120%
24%
Corp..
Pan Amer Airways
300
34%
25%
Pac Western Oil
Packard Motor Car. ...No Par
Range for Previous
Year 1938
100-Sfiore Lots
Lowest
Par
13%
*75
9%
*14%
20,100
32
9
11%
10
21
*8%
8%
100
37
*4%
30
4278
44%
98%
~
53
*1284
*120%
24%
34%
41%
*4%
14%
3,600
*43
33%
21%
33
90
*214
25%
34%
5
*21
7
...
16%
35
9
13%
*4
17
22
38%
*52
*14%
5%
*14%
*21
3334
9%
200
*94
19
*1%
9%
9%
300
82,000
3,100
98%
8%
8734
934
45
4%
30
4
30
1%
9
4
15%
6%
1%
44%
45
4
384
8
:rl9
89%
3%
4
43
2%
45
19%
2
10%
90%
3%<
13
43
984
*15%
2%
53
*27
34l2
9
18
89%
*3%
14
25
87
53
30
....
*94
91
*13%
*121%
24%
*33
*6%
1%
44%
8%
89%
*8%
3%
14%
6%
1%
15%
54%
*26
4%
8
9%
4%
37g
15
8%
18
234
4478
1%
46
98%
1*4
98%
88
*19
15%
46
*8%
41#
15%
*6%
8
♦87
8%
4
15%
87«
978
18
284
*8i2
4%
15%
*6%
1%
3081
y Ex-rights.
5 Called for redemption.
New York Stock Record—Continued—Page 9
3082
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Tuesday
Wednesday
Nov. 4
{
Monday
Nov. 6
Nov. 7
Nov. 8
Nov. 9
9 ver share
9 per share
{ per share
$ per share
share
ver
1414
14
14
74
74
76l2
75%
75%
75%
%
%
%
634
49
6%
6%
48%
5%
4734
*49
50
115
115
48%
*113% 11434
J*
*4
3
J4
2
21I4
21
3%
8534
*2%
84%
16%
*57%
701s
6%
53
7%
3734
15
15%
*1734
*57%
114
18
1412
10512 10512
6%
53
*36
7%
778
734
2434
25%
*234
3%
2334
;*234
2214
*0734
*112
26%
22%
99
110
6%
14% 14%
105% 105%
1334
22
*25
22
a97%
*106
734
25
3%
26%
8234
19,700
1534
6,200
Servel Inc
16
1,300
Sharon Steel Corp
17%
70
6%
53
7%
14%
53
7%
*3634
1234
7%
23%
2%
25
25
22
2134
97%
97%
6%
734
37
1334
105
22
97%
70
53
105
7%
16%
15%
1534
*57%
7%
23%
234
26%
2134
3
900
"2.100
6
Sheaffer (W A) Pen Co.No par
4,500
500
136
2512
I7i2
2078
*135
13%
2%
I534
25%
137
25%
16%
19%
31%
*32%
234
2034
1678
1978
*8
33i2
42%
3%
834
*50
72%
*19
20
1978
5034
32%
4834
52
51
11%
61%
11%
61%
27%
49%
32%
51%
11%
*61
27%
534
*100
27%
578
100%
*2%
734
*19%
3
8%
137
19
31%
51%
11%
2%
13%
2%
1534
25%
26%
16%
50%
31%
*35
31
32
42%
9%
72%
20%
*50
20%
48-%
62
27
534
99
27g
734
18%
23%
19
19
23
2778
28
27%
2734
27
28%
2734
Stock
27%
48%
3334
48%
3334
75%
48
4838
Exchange
4734
*32%
Closed—
32%
75%
Election
*6
10%
6%
6
12%
9%
60
13%
934
60
*125% 126
10%
10%
29
29
27
1278
6%
13
27%
33
9
9%
59%
125
10%
28
9%
2%
18%
1834
18
28%
278
27g
*634
21%
32%
1034
32%
32%
32%
11%
10%
10%
8
8
*5%
*34%
578
39
4
4
7%
778
4734
4%
48%
35
35%
934
*658
15%
*22%
4%
35
9%
*13%
*21%
*59%
*4%
24
*38
42
5%
39
534
32
3
3
*4%
32%
2%
13%
1134
*91%
4%
33%
234
14
22
49%
6%
12
22%
4978
*234
4%
378
7%
47%
334
7
4634
43g
4%
35%
18%
29
7%
2178
32%
10%
7%
57g
34%
37g
7%
47%
4%
3434
9%
6%
9%
6%
9%
634
15%
22
*13%
20%
I47g
20%
62%
5%
*59%
*434
61
*38
30
4%
31%
234
1134
33
75%
76%
7534
76%
9%
9%
57g
9%
*534
9%
12.%
11%
8%
12%
1,600
2,100
1,000
12,000
8%
20,500
5%
12
8%
9%
59
59
125
234
17%
*28%
634
21%
31%
7%
*5
234
17%
*28%
634
*634
21%
21%
31%
32
10%
7%
57g
£ll
11%
11
93
*92
93
92%
93
22%
49%
7%
21
22%
4834
50
3%
*78%
534
3%
3
3
6
23%
12%
1484
23%
3
534
534
*10%
1134
14%
*10%
14
2334
2334
23%
12
14%
23%
2%
2%
3
*28
12
1%
50
12
88%
30
30
28
28
12
11%
50
11%
1%
49
49
48
49
11%
86%
87%
12%
89%
86
86
23%
23%
51
12%
1284
16
16
66
234
38
*28
H7g
lJ2
49
*19
3
534
12%
134
114% 114%
1634 17
*101% 102
*116
3
14
__
66%
19%
278
38%
•
11%
88
114
1%
11%
88%
114%
65
*19
234
38
♦Bid and asked
86%
23%
4734
23%
48%
1234
16
16%
*116
65
119
on
66%
18%
2%
37%
278
38%
19
this
*78%
5%
10%
234
103g
5,300
500
1,200
80
5%
11%
*16
65%
3
3
*78%
2%
3734
15,400
2,500
3,800
80
10
Stewart-W arner
5
Stokely Bros & Co Inc
1
Stone & Webster
No par
Studebaker Corp (The)
1
Sun Oil
No par
6% preferred
70
2
Jan
Apr 17
8% Aug 24
60
Apr 4
18% April
5% Sept
94
Oct
1
4
22
Sept
7
3
9
6% Mar
75% Mar
8
48% May
12% Mar
30% Mar 10
7% Ian 3
108
June 17
25%
19% Sept
par
100
10
6% Jan 20
Apr 10
1
33g Aug 24
Mar
6
May
5
6
June
5
5% Mar
Oct 23
3% Mar
Jan
4
22% Jan 4
30% Mar 14
Mar
Mar
Mar
45
Mar
119%
Feb
8% Dec
17% Mar
184 Mar
884 Mar
17% Mar
Jan 13
6% June
25% Sept 5
37% Sept 5
12% Sept 27
22% Mar
484 Mar
15
Mar
478 Aug 23
9% Sept 27
7% Mar 11
43% July 21
6% Mar 11
34
9% Sept 12
50J4 Sept 12
3% Mar
32% Mar
2% Mar
4
5
25
10
1
Texas & Pacific Ry Co
100
Apr
26
1
Sept
7
Aug 24
6% Sept 1
Preferred
100
30
4
3
24
Jan 28
61
Third Avenue Ry
Sept
2
2% Apr 10
14
10
Apr
8
100
1% Jan 17
25
234Sept 16
Inc..No par
Thompson-Starrett Co.No
17
Apr 10
1% July 7
7% Apr 10
par
preferred .No par
Tide Water Associated Oil.. 10
cum
9% Aug 21
83
No par
10
Timken Roller Bearing.No par
Transamerica Corp
2
Transcont'l & West Air Inc..5
Sept
1
1034 Apr 10
34% Apr 11
5
1
Sept
6% Apr 10
5% Apr 10
Transue & Williams St'liVo par
Trl-Contlnental Cor p.. No par
2
9
221
22% Jan
3% April
..1
preferred
ll%Sept 11
1
56
Thermoid Co
3
38% Sept 13
Jan
6
8% Sept
I684 Apr
No par
534
Jan
No par
pref
8
32% Aug 11
3% Aug 22
No par
Thatcher Mfg
{4.50 conv pref
Tlmken Detroit Axle
49
Sept 14
33% Oct 17
3% Aug 24
5
Texas Pacific Coal & Oil
Thompson (JR)
Thompson Prods
Mar
128%June 17
1134 July 6
38% Jun 3
3% Sept 5
10%
Mar
Mar
734 Sept
17% Jan
66
Mar
2
4% Mar
10% Sept
13
Sept 13
7984 July 13
12% Jan 5
10
6% Mar
94
25%
24*4
3984
17%
3358Sept 13
36
Mar
9
Texas Pacific Land Trust
{3.50
17
4% Aug 24
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur....No par
conv
I84 Aug 25
Apr 10
10
2234Sept 1
57g Sept 12
Oct 26
29
50
(James)
Tennessee Corp
Texas Corp (The)...
{3 div
1
2434june 30
5lA % preferred
Telautograph Corp
conv
1
7% Apr 11
Without warrants
{3.60
4534 Sept
118%Sept 27
Swift International Ltd
Talcott Inc
8% Apr 8
5% Apr 10
734 Mar
Nov
13% Apr 10
6% Aug 24
3% Apr 8
19% Dec
15% Mar
16% Mar
10% Jan 20
20% Oct 26
Aug 25
20% Apr 8
65
April
Mar
Oct 30
2% Sept 1
434 April
10
Apr 11
1
Mar
4
Mar 31
51
584
41
6
Mar
26
7
Mar
Mar
0«4 Mar
Mar
Oct 26
15
Mar
Oct 27
53% June
Oct 26
2% Apr
35
Apr
2% Mar
Oct 30
Nov
1
384 Jan
4
15% Jan 3
14% Mar 10
Feb
9
22% Nov 8
54% Jan 3
8% Sept 13
12% July 24
10%
6
Apr
4% Mar
13
32% Nov .1
3% Oct 17
484 Nov 2
33% Nov 4
96
3% May
Jan
4
4% Sept
5
15
Mar
1
Mar
3%
8%
1%
534
10%
77%
Mar
8
Mar
Mar
Mar
Mar
Apr
Mar
31% Mar
5% Dec
4
Mar
4% Apr
2% Mar
88
14% Sept
8
5% Mar
20th Cen Fox Film Corp No par
{1.50 preferred..
No par
12
Sept 11
26%
4
400
9
34% Jan
16% Mar
25% Mar
400
Twin City Rap Trans
No par
334 Aug
Preferred...
Twin Coach Co
Ulen & Co
No par
1% Apr 8
17% April
7% April
13s Aug 24
34% Sept 12
5,500
60
7,100
6,000
1,500
6,500
9,000
90
4,400
2,100
1,300
23%
4734
53,400
17,900
900
Truax Traer Coal..
Truscon Steel
100
1
Union Carbide A Carb.iVo par
6
Aug 24
65% Apr 8
Union El Co of Mo {5 p* No par
IO834 Sept 16
Union Oil of California
15% Aug 24
81% Apr 11
78
Apr 13
20% Mar 28
31
Aug 24
77g Apr 11
14% Sept 13
112% Mar 13
52
Apr 8
133g Apr 11
2
Apr 10
30% Apr 10
Union Pacific
100
No par
United Aircraft Corp
Un Air Lines Transport
900
United Biscuit
United Carbon
18%
18%
300
2%
234
38
24,200
...5
5
No par
Preferred
delivery,
25
100
4% preferred
Union Tank Car
"i'ioo
12,500
1984 Sept
Under Elliott Fisher Co No par
Union Bag A Paper—
No par
65%
Def.
Sept 15
3%
5% Mar
8% Mar
17% June
Apr 10
119
a
9% Sept 30
..10
1
6434
{ In receivership,
Jan
9% Mar
Apr 3
Apr 10
12%
37%
4334 Sept 26
Jan
19% Mar
6
3
16
35% Oct 26
128
3
23%
16
23%
Apr 11
Ua Mar
15% Dec
74
1334
*116
Apr 11
Mar 22
1% Aug 24
434 Apr
1
60
Apr
Mar
10
23%
12
8
13
10
No par
100
12%
16%
34
Jan 24
Apr
Apr
No par
T.IOO
86
23%
10%
11%
15%
100
{6 preferred
534
11%
13%
534
*9
85%
*2234
463g
66%
1834
234
38%
300
500
86%
23%
48%
119
6,100
3,000
27%
1134
ll3g
1%
I7g
47%
46
11%
10%
86
87%
86%
115% 115% *114% 11619
17%
1734
1734
17%
100% 101%
100% 101
47
5,000
1,800
10,000
*258
27%
10%
*134
453g
105g
28
7,300
6%
3
1%
4634
1034
86%
1,000
9%
24
86%
22%
10
10%
*2%
27%
11
Sterling Products Inc
The Fair
634
*23%
14
200
10%
*9
10%
14%
*18
38%
day.
6%
*116
66%
19%
8634
12%
...
prices: no sales
11%
*114% 115%
17
17%
101
101%
16% 17
101% 102
857g 8578
23% 23%
48% 4978
117g 12%
16% 16%
*116
,1?8
4,900
4%
30%
2%
3%
5%
3,700
14,500
4%
3%
14
1,400
100
9%
*10%
80
3
9%
25
100
1234
11%
10
No par
1,200
270
9%
{7 cum prior pref
734
3,700
10%
{Stand Gas & El Co—No par
{4 preferred
No par
{6 cum prior pref
No par
5%
39%
5%
9%
No par
*7%
31%
10%
{4.50 preferred
25
5
984
No par
Standard Brands
50
29%
*2%
7%
Square D Co class B
Sweets Co of Amer (The)
5
1058
No par
200
30%
934
Conv {4.50 pref
Symington-Gould Corp w w.l
30%
Apr
Mar
10«4 Mar
July 18
Sept 8
142
Sept 5
29% Aug
21% Jan
52
3,500
2%
*12%
April
Apr 17
r84
Sept 11
42
2
Spiegel Inc
9%
2%
Mar
Mar
Sept 13
51% Sept 11
33% Oct 25
Swift & Co
31%
Mar
15%
3%
18%
35%
14% Apr 8
Apr 4
11
April
3,100
2,100
4%
484
12%
2%
14%
18%
8% Mar
36
31%
*38
Mar
9
1
Sperry Corp (The) vtc
Sutherland Paper Co
39%
Mar
Sept
Splcer Mfg Co
No par
{3 conv preferred A.No par
Spencer Kellogg & Sons No par
Superior Steel
100
634
No par
{5.50 tref
Superior Oil
5
48%
—...
600
600
21
No par
Sparks Wlthlngton
900
14%
19 1
22%
4934
7%
100
5% preferred
3,300
13
80
110
14%
10%
80
800
6%
2%
No par
Southern Ry
5
Sept 12
17% Mar 11
Starrett Co (The) L S-.iVo par
9%
4%
100
1
Sept
21
400
6%
3
127
25
Southern Pacific Co
2%
*38
Apr
10
93
24
53% Sept 14
9%
*2 s4
100
8% preferred
Southern Calif Edison
17%
*4%
28% Oct 23
29% Jan
38
6%
*13%
4%
So Porto Rico Sugar...No par
14
29-%
7%
21%
56%
l%Sept
13
Superheater Co (TheJ.-iVo
56%
Apr
11% April
934 Sept 6
12% Apr 8
10% Aug 24
S'eastern Greyhound Lines.
2,000
5
Aug
20%
Mar
26
20
Mar
684 Mar
May
24%
59%
8% Sept 11
4
3% June 24
3234 Jan
Standard Oil of N J
*9
18%
3
36
45
Sunshine Mining Co
*56%
*4%
45% Mar
91
3,200
14%
18%
3
Mar
Oct 25
10%
6%
Feb
30
33
43g
107
22«4 Aug 24
46%
4%
33%
46%
38% Aug 29
17% Sept 9
24% Sept
7%
47
4%
34%
7
Oct 30
Standard Oil of Calif..No par
Standard Oil of Indiana
25
4
*334
Sept 14
7% Sept 11
Mar
9% Mar
Sept 11
10%
9%
72
2,700
14,100
10,700
21,400
5%
37%
334
6%
46%
4%
33%
9%
6%
39
6%
*77
2,200
3,100
37%
334
*34
10
80
58%
125
10%
27%
27g
1734
29%
10%
*78
5834
125
5%
700
300
2234
*12
7
1,300
24,100
33
2634
27%
19
13%
11%
48%
90
473g
*17%
21.%
2%
*92%
2134
510
7,300
33
10
3%
5%
99%
234
7%
17,000
2,800
33
10%
3%
5134
11%
62%
27%
13%
11%
1178
9284
22%
49%
2134
49%
30
47%
27%
27%
30
3
800
47%
4%
3134
2%
31
15
*92
5%
39%
5%
30
*27g
4%
57g
10
27%
2734
4734
*17%
2l5g
25%
*5
11%
62%
27%
46%
2934
51%
11%
*61%
27%
534
*96%
234
7%
10
_
98
Spear & Co
98%
27g
7%
19
23
2734
27%
48%
27%
27g
34
3%
2%
98%
234
7%
10%
5
31
1434
93
67g
39
5%
30
26%
534
10%
30
15%
62
52
£125
59%
125
39
6%
65
5%
8
*5%
*34%
37g
7%
47%
4%
634
*59%
*4%
31
8
21
27%
27g
*1734
2834
*634
21%
3178
10%
7%
22
7%
20
47
2184
110% July 29
Mobile & Ohio stk tr ctfs 100
2~9~206
3
70
51%
11%
900
8%
2034
48%
30%
85% Nov
18% Jan 10
Jan
Jan
127
Socony Vacuum Oil Co Inc. 15
South Am Gold A Platinum.. 1
700
80
*20
3% Jan
%
1% Mar
15% Mar
234 Dec
Jan 18
23,800
11,700
6,200
28,700
15,200
10,100
70
3% Sept 27
24% Sept 12
8
April
Snider Packing Corp... No par
16
1834
31%
42%
*7%
3434 Mar
112% Dec
70
100
—
92
Mar
52% July 31
117%May 29
1
Sept 13
101
6% preferred
600
800
27
30%
25
800
137
*32%
2%
10
$6 preferred....
No par
Smith (A O) Corp
---10
Smith & Cor Typewr.-No par
155g
18%
72%'
4634
30%
15% Aug 10
Simmons Co
3
Sloss Sheffield Steel dfc Iron. 100
300
2634
9
Skelly Oil Co
600
*136
27%
16%
19%
317g
42%
3%
Simonds Saw & Steel..No par
2534
21%
*50
10%
3
22
*634
934
6%
9%
59%
2834
7%
22
23U
277g
27%
48%
32%
75%
1234
125
18%
29
18%
87g
„
28
27g
734
12%
Day
59%
125%
10%
28
57g
100%
23
978
49
51%
11%
62%
20%
24%
75%
97S
6%
72%
20%
311"
27
18%
30%
*32%
27g
*7%
51%
11%
62%
27%
57g
6
*98% 100%
27g
3
734
734
75%
934
3%
9
30%
24
75
42%
136
97b Aug 24
98% Aug 24
June
% Sept
10% Jan 25
434 Apr 11
2534
2034
99
Jan
17% Apr 10
2% Apr 10
16% Apr 11
Slmms Petroleum
1,000
62
Highest
1334 Sept
I
Jan 20
11«4 Feb 24
6% Sept
No par
500
116
16
100
1
1
54
June
Silver King Coalition Mines..5
800
4,300
*97
2634
5H % conv preferred
7%
108% *107
108%
18%
18%
18%
18%
10%
11
*10
11
19%
19%
1934 1934
13
13
13%
13%
2%
2%
2%
234
15%
15%
15%
15%
25
25%
25% 25%
136
2634
1034
19%
32
*32%
2%
*734
3
*8
*50
11
No par
Shell Union Oil
3%
*100
% Aug 14
Apr
28
23%
7%
99
*135
253g
1634
1934
32%
19
20
No par
*2%
116
136
19
20
Sharpe <fc Dohrae
100
37%
13%
104% 104%
108% *107
*10%
No par
No par
1
15% Aug 24
l%June 27
60% Apr 10
11% April
10% April
54%May 22
3%May
1,300
7%
23
44% Sept 15
Sept
~
105
43
300
*97
115
*107
1
17% Mar
76% Aug
334 Apr 10
{3.50 conv pref ser A-No par
Shattuck (Frank G).. .No par
53%
*100
*110
110l2 *107
110%
1912
20
1934 *19
*10%
lli2 *10% 11%
2034 21
20% 20%
1312
1378
13% 1334
2I2
25S
2%
278
15% 1512 *1434 1534
2534 2534
25% 2584
*107
Seagrave Corp..
No par
Sears Roebuck & Co—No par
95 conv pref
70
6
53%
7%
*3034
12-%
Seaboard Oil Co of Del.No par
Aug 24
Sept
% Apr 10
No par
-..100
*2%
82%
234
8334
1534
{ per share
61
{Seaboard Air Line
4-2% preferred
%
2
3
9 per share
5
No par
No par
20%
2,100
1,300
1,000
{ per share
—
{4.50 preferred
%
25
112
100
2
237g
03%
*234
700
20%
105
7%
23%
900
34
37
*104
6%
48
*47% 4834
1147g *114
114%
Lowest
100
1
100
5M% preferred
{Schulte Retail Stores
8% preferred
Scott Paper Co
2%
20%
15%
37
6%
Year 1938
Highest
10
Schenley Distillers Corp
%
85%
*52%
7%
734
37%
3,100
1,000
5,900
2%
20%
*2%
282%
1.5%
16%
*57%
6%
15%
17%
*57%
73%
612
13%
75%
h
21
85
3
85%
1534
18
13%
6
Par
Shares
75%
1939
Range for Previous
On Basis of 100-Share Lots
STOCK
Lowest
2%
*2
20%
*2%
53
7%
13%
11434 *114
%
21
2%
85%
1618
17I2
*47%
2
2H4
*25
share
%
%
*6
14
YORK
11,
EXCHANGE
Week
per
I37g
75%
%
%
7U
*6
Oh
$
1378
NEW
the
Nov. 10
14%
*72%
%
*5214
7%
*3634
Friday
Range Since Jan. 1
STOCKS
Sales
for
Saturday
Nov.
100
No par
United Carr Fast Corp. No par
United Corp
No par
{3 preferred
n New
stock,
No par
r
Cash
sale,
x
Ex-dlv
y
Jan
9
7«4 Sept 11
Jan
2% Mar
6
Mar
Mar
1% Mar
4% Jan
41
Jan
1234 Sept 25
94% Sept 14
118
June
3% Mar
16
35% Aug
12% Jan
66
77
Mar
7% Mar
57
Mar
July 14
1934 Jan
105
5
Sept 27
90
July 27
17% Mar
55% Mar
59% Apr
24% Sept 21
20
51
19% Mar
Nov
4
13% Mar
4
I884 July 18
119% June 16
69% Oct 25
20
Mar 13
Mar
6
Mar
14
Sept
110%
Jan
39
Jan
1284
Apr
384 Feb
6
2
Mar
39% Aug
3
22
Mar
Ex-rights.
1 Called for redemption*
Volume
WW
AND
New York Stock Record -Concluded-Page 10
149
HIGH
SALE
PRICES—PER SHARE,
M onday
Nod. 4
$ per share
5i2
Thursday
Friday
Nod. 7
Nod. 8
Nov. 9
Nod: 10
i per share
$ per share
$ per share
$ per share
$ per share
Shares
5i2
5%
6
*58
6*2
6*8
.
5%
538
578
58*2
6*4
34
34
34
86%
84%
14*4
*5%
8434
14%
12
7*4
8«4
11*4
7
8*4
*80*2
85
*81
85
*11
11*2
*11
10%
11*2
11%
79%
80%
11
11*2
81
81*2
166
166
6*4
*30
31
24*4
*30
25*4
*81
*10%
11%
11%
81
11*4
11%
80%
6%
*6%
11*4
79%
6*4
6%
70
*60
70
*60
70
38*2
*32l2
*33
1%
38*2
34*2
1%
41*2
42l8
*60
41
38%
110
110
40%
3834
67
67*4
*66
73*2
11884 11884
*33% 34
*43% 44
234
284
6%
6%
2%
2%
*59*8
*15l2
*69
70
69%
*147%
72
*70
62
72% 73%
117% 11834
3384 34%
43% 44
234
7
70*2
117%
33%
*43%
2*2
234
7
7
2%
■
2*4
2*4
40%
112%:
62
I
118%'
33%
44
2*2
59
16
58*2
15%
70
70
70%
70*4'
147% 148
*148%
....
72
34
%
2ll2
*17%
3734
35*4
*3684
36
115
*42%
*
67
*
80
*63
28
28
4-%
30
*27%
4%
*17
3434
62
67%'
*%
*17
34*2
37%
115
42%
*
67
*
67
*63
80
28%
4%
28
28
*29*2 3034
*116
120
*116*4 120
234
234
234
278
11
43(5
11%
12734 128
*88
94
*88
92
129
*121
129
2
2
134
134
*2%
*1*4
*7*4
20%
3*4
734
3
20%
234
*1%
7*4
20%
234
3*4
7*4
21
*91%
6%
35*2
94
*91%
6%
36
*35%
6%
35*2
*16
16%
*16%
*9*4
1%
10
1%
29
*28
4*4
*45
4%
48*2
2*8
*734
2*8
10
9
134
28
4%
47
2
*8
Exchange
*7
Election
*9212
6%
2084
Day
4%
*5
6%
34
34*4
22%
68
104
104
8*2
1%
*26%
4*4
2
2%
3%
7%
21
94
7*2
35%
16%
8*2
1%
28
4%
48*2
*2
6*4
104
*16
2%
10
23%
24%
3%
23
22%
*63%
35%
*45
34%
3%
*1%
2%
24
3%
6%
2%
140
26%
27*4
*130
26
*38
140
26%
39
27%
28%
29
30%
110% 112%
*133
137
26
26
*38
26%
14*2
534
3%
11%
14%
5%
5%
3%
3%
27
*26
*15%
16*4
*15%
3%
2%
4%
5%
55
35
*90
11%
14®4
5%
3%
27*2
16%
384
2%
4*4
5%
55*4
*2534
*38
33%
36%
110
9,600
13*4
5%
14*2
5%
3*2
13%
5%
14
3*4
3%
300
12,700
1,800
10,600
5%
4%
27
27
29
29
15%
384
16%
3%
2%
*4*8
17%
3%
900
2,500
2*4
12,800
4%
5*2
7,400
9,500
2*4
2%
4*4
5%
5%
53
5%
53
6434
53%
1,800
25*2
39%
19*4
""eoo
*110
25*2
25%
25%
40%
40%
20%
239%
19%
40%
20
*66
75
*66
39%
19
75
16,900
3,800
I
*66
75
*66
*64
70
*64
70
*64
70
*64
37
37
*35*4
36%
*34
50%
37
*35
36%'
4934
*49*2
50%
49
49
48
48%:
500
123
120
*82%
83*4
83%
24
2434
24*4
20*4
2034
*121
13%
21%
123
13%
52
53%
91%
91%
31
19%
3
*30*2
18%
2%
122
*13%
51%
*877s
30*2
18*4
2%
121
83%
2434
2034
122
14
52%
92
30%
19%
2%
Bid and asked prices; no sales on
118
*82%
*24
20*8
*121
13%
50%
*89*2
*29*4
18%
118
118
83
24%
20%
123
13%
51%
92
30
1834
2%
this day.
234
8234
Western
118%
13*4
119
82%
81%
24
120
82%'
23
48
*86
29*8
17%
2*2
13%
13*2
51*4
91
2984
18*8
2%
48*4
*8612
28*2
17%
2*2
t In receivership
Union Telegraph. 100
Westlngb'se Air Brake.No par
13*4
49%
92 I
29%'
17%
2%
No par
11% Mar
14% Mar
105
Mar
1%
Mar 15
% July 22
l%July 8
3
Sept 13
3% Sept 13
1
1
June 29
3
Sept 20
1*4
5% Apr 11
8
Oct 23
15% Apr 10
85
Jan
3
4
Apr 10
30% Sept 20
Oct 2
7*2 Aug 25
14*2
l%June 30
26% Sept 5
3% Sept 5
23% July 6
98% July 22
9*4 Jan 5
6034 Jan 3
Apr
5% Mar
Sept 11
100
Mar
37
Mar
116% July
Mar
1% Mar
62
Deo
16
Nov
86
Deo
159% Deo
83
1%
28%
DeO
Ian
Oct
28% Nov
36% Nov
Deo
8
Jan 4
July 24
438 July
3% Feb
8*2 July
20% Jan
87% Dec
10% July
Mar
4*2 Mar
30
Mar
44
Mar
12078 Feb
77*2 Deo
119% Oct
2% Jan
1334 June
74
17»4 May
6%
5% Jan
82% Jan
116*2 Nov
4*2 Jan
1684 Jan
534 Mar
20% July 18
14% Mar 1
27g Jan 4
64
Nov
208s Deo
19*4 July
8
Mar
2
Mar
4
July
23
Mar
51
384 Mar
8
July
July
Feb
3
58
l%Sept
1
3% Jan 3
1334May 24
7% Sept 20
3534 Oct 28
8
Deo
16% Mar
31
Nov
243g Jan
5
11
Mar
25
Oct
3284 Jan 4
334 Oct 28
28i 2 Jan 3
17
Mar
34% Nov
4% Oct
36
6*2 Apr 11
5
Mar 13
95
Apr 11
Apr 8
88
Apr 10
105% Sept
5
20% April
2% Apr 10
3*2 Apr 10
% Apr 8
16% Apr 8
18% Apr 8
82% Apr 11
126 May 20
10*2 Apr 8
Mar
3
15% Apr
Apr
37
79
20
Mar
1% Mar
6
6*4
Mar
Deo
1% Mar
25% Mar
4
71
Aug 22
70
July 19
15
82% May
Jan
104
112
105
June
115
Nov
Apr
Apr
Mar
74
Aug
4% July
1684 July
45
39
July
82% July
102*2 Jan
103% Dec
97%
Jan
8
26% Dec
4*2 Jan
34% Oct 21
634 Sept 27
11% Sept 27
2
Sept 27
12% May
2% Mar
Deo
3% July
37
16*2 Mar
1534 Mar
6D4 Mar
34% July
Sept 20
37*4 Sept 22
Sept 12
121
5H% conv preferred— 100
Wheeling 8tee' Corp.—No par
Preferred
100
74
6
9
Jan
33% Nov
*24% Nov
Oct
9*2 Mar
31% Mar
21
Oot
39
Deo
8
10
Mar
20*8 July
Sept 27
Oct 18
20
Mar
60
Mar
60
Mar
90
Jan
3284 Nov
97
36
34
144
Mar
8
27% Nov 4
40
July 31
75
Mar
3
Mar
146
8
6
103
81% Deo
15% Apr 10
80
Jan 27
45 July 10
38% Oct 26
Apr
14% Mar
80
Jan 27
75
Mar
95
Jan
78
Oct 25
42
May
61
Nov
12% Mario
10«4 Deo
15*2 July
1534 Oct 26
6% Mar
5
Sept
1% Mar
884 Mar
16% July
5
9% Sept 15
7
Apr 10
3% Sept 2
1% Aug 21
14
Apr 10
14
Sept 5
2% Aug U
1% Mar
3*2 Aug
Willys-Overland Motors.... 1
6% conv preferred
10
55 conv prior pref.--No par
(The S 8)20
White Motor Co
.1
w nite Rock Mln Spr CoNo par
White Dent'l Mfg
.
White Sewing Mach
84 conv preferred
Prior pref
Wilcox Oil A Oas
Wilson A Co
Corp—1
No par
-20
fnc—..No par
86 preferred..
100
Wisconsin Elec Pr 1 % pref. 100
10
-10
Woodward Iron Co
Wooiwortb (F W) Co-
Worthing ton PAM(Dcl)No par
Preferred A /%. .... .100
6% preferred B
..100
Prior pref 4%% series..
10
Prior pf
Preferred
40
conv
—
—100
Young Spring A wire .No par
Ybungetown SAT ...No par
4
4% Sept 16
28
Sept 20
17% Aug 15
65
32% Nov
11
Jan
3
Jan
24%
Oot
1% June
3% June
3 la
Oct
8
6%
Jan
2% Aug 28
7% Sept
6
3
Mar
5% July
56% Nov
4
32
Mar
Sept 19
103
Oct
1
32
June 24
Aug 26
105% Apr 20
15
Apr 10
36 Sept 13
10*2 Apr 11
47% July 15
43 May 25
23% July 5
31% Apr 19
85
Apr 10
75
Mar 31
18% Sept 1
11% April
98
April
9% Aug 24
30
\prll
74
3,400
Zonlte Products Corn——1
2
r Cash sale.
Jan
3
2%June 24
5*4% preferred
100
Youngst'wn Steel Door.No par
Radio Corp—No par
New stock,
7
Oct
1
8
Zenith
n
Apr
4% Nov
3% Feb
6% Feb
1,700
5,900
a Def. delivery.
June
95
July 28
Yellow Truck A Coach cJ B—1
100
07
131
42
38,200
1,400
18,300
July 31
534 Sept 12
Sept 12
z29
900
500
5
15
30
Prod—No par
5% conv preferred
Wheel A L E Ry Co
series 10
Wright Aeronautical
No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co.—..25
500
June
118
100
W estvaco Cblor
70
23%
19%
19%
19*2
20*2
121
121
*117*4 122%
24
—
.
200
4934
36%
50*2
124%
367B
10
Western Mary lard....—-100
4% 2d preferred
100
Western Pacific 0% pref .100
Western Auto Supply Co.
200
15%
3%
4
..100
7% preferred
5% preferred
100
WestPennPowerCo4 H % pf-100
"""165
II84
27*2
75
50
74
11%
*26%
20
1,300
110
*71
Mar
7
Mar
85
Wesson Oil & Snowdrift No par
Class A
"2",300
34%
11%
*2 June
16
64% Apr 12
125
No par
.No par
.
$4 conv preferred
West Penn El class A
39
31%
35%
74*2
May
27% Mar
Oct 23
No par
1
Wayne Pump Co
Webster Elsentohr
Weston Elec Instrem'a.No par
*90
Sept 12
3838 Nov 10
116% July 26
Mar
134
9
Sept 11
Feb
7% June
48
129
19% Apr 8
14% Apr 11
20 Sept 5
1% Apr 10
16
July 20
55*4 Aug 25
—5
1,700
70
*64
No par
No par
13.85 conv pref
26
74*2
*11%
♦110
*110
28
41%
2034
-5
30
75
*66
*
11%
15*2
3%
*25*2
20%
100
131
131
36%
1534
40%
No par
7%, preferred
Westlnghouse El A Mfg—.60
1st preferred—
60
3534
3*8
*2534
*15%
*27%
12,700
6,400
4,700
28%
29
36%
15*8
534
41%
2,300
3,200
98
75
21
28%
*95
*72
28*4
27
600
110*4 111%
98
76
41
320
600
*95
55
Class B
Warner Bros Pictures..
280
300
95
11%
20%
26%
"""390
1*4
95
*73
2734
136
400
2,400
1,700
8
98
11*2
55
Ward Baking Co cl A .No par
80
72
*108
No par
Preferred
200
2.800
No par
-
Walk(H)Good & W Ltd No par
1,500
13,200
101
114%
32%
5%
5%
*66
77
56*4
600
68
72
*11*4
55
Walworth Co
200
104
107
*66
32%
35%
*75
*108
27*2 28%
28% 29%
11034 112%
*131
110
6
1,000
*3%
*90
6*8
36",660
3%
72
4%
6%
par
Waukesha Motor Co
*66
2%
par
50
110
3%
2%
43g
100
100
1,400
*91
4
100
Preferred..
2,600
110
478
100
6%
*91
2%
No par
6% preferred
21%
23*4
3%
22
35
4
Va-Carollna Chem
32%
8
37
Oct
*4*4
*1%
1% Mar
June
47% Sept
584 July
10% July
3% July
Deo
21%
107% 10734
Sept
Deo
7% Nov
Oct
36
26%
*32%
107%
1
3
121
13% Sept
284 Mar
1534 Mar
5
104
107
100%
114%
32%
Feb 26
Apr
28% Sept 14
534 Sept 12
3384 Sept 27
5
2134
23*4
3%
22%
*62
June 19
78
40
18*4 Apr 10
2% Apr 8
17
Apr 10
112% Sept 14
% Aug 7
4% July 27
116 May 2
Victor Cbem Works
4H % Pref with warrants 100
2
31
*95
4%
1,600
10
23%
3%
2134
163
91% May
29*2 Mar
Jan
100
pref
33
2
*8
68
Mar
Jan
July
56% Nov
109% Nov
72% Oct
70% Mar
71% Nov
Nov
5
2
10
21%
38
Mar
45*2
Oot
7
57
2134
2
35%
98
2%
4*8
45
31%
*95
3%
*884
*1%
*26*2
""360
16*4
9*8
184
28
4*4
45
39
*61
27
15%
30
35*2
*61
534
94
♦38
32%
357s
73%
36%
400
JE31%
32%
35%
72%
38%
*16
4*4
45*2
103% 10334
Mar
21
49%
42
30
16*4
8%
1%
28*2
*63
z55
2% Mar
Oct
Nov
113
5% preferred
100
Virginia Ry Co 5% pref.. .100
Vulcan Detinnlng
....100
16*4
21% Mar
7%
13% Nov
71
June
Virginia Iron Coal &. Coke. 100
7*8
Mar
40
10
35*4
5% Mar
50
30% Mar
420
784
May 11
13% Mar
3% Mar
56*2 Aug 23
65
Sept 30
2%
12%
128
35*2
9
60*2 Sept 12
146 Sept 28
45% Apr 10
% Jan 16
June
43
Va El & Pow 46 pref.-.No par
7
1
Nov
24
10% July
35% Jan
30% Nov
54% Aug 30
65 Sept 30
30
35
2
1% Apr 10
46
Apr 6
Nov
June27
Apr 10
Sept 22
1,300
39
39
32*4
*35%
37
2,300
*91%
1% July
6%May
12% Nov
173
34% Apr 11
28%
234
*10%
3
Nov
9% July
115
z70
25
II684 116%
3284
35%
*38
32%
35%
600
27
4*4
128
Oct
13
87% Dec
Mar
#4484 Mar
109
3234
68
Mar 13
Nov
10% Aug
8% Oet
5
5
22
4
1278 Nov
114
162% Mar
4% Mar
37*2 July 7
6% Mar 10
5234 Jan 3
11334 Nov 10
68% Sept 27
5
93
7*2
35*4
104
49
7% 1st preferred .......100
Van Raalte Co Inc
Vlck Chemical Co
5%
28%
21%
104
Oct
67
40
7
21%
23%
13
15% Sept 13
Apr 10
80
*8
2%
10
24
24
12
16
*6%
21
4*8
7% July
35% July
29% Sept
10% Sept
Vandium Corp of Am.No por
*92%
45%
9
21
7
*1%
4
Aug 21
.7
*2684
Jan
Mar
16
6% preferred A
6% preferred B
Waldorf System.......No
Walgreen Co
No
107
28
2834
28«4 29%
297g 30*2
3034
31%
113% 114% zll2% 113
No par
tWabash Railway........100
884
55
113
7% Jan
10% July
80% Jan
8% July
39% Oet
67ia Aug
Vlcksburg Bhrevport PacRy 100
1*124
i
4% Apr
May
3% Mar
5% Mar
62
180
....100
90
200
4*8
100% 100% 100*2 100%
114% 115
*113% 114%
33
31%
33*4
33%
5%
6
584
*8
*8*4
884
8%
1*4
1%
1*4
1%
140
9,200
2,300
65
27
Sales
Preferred
700
114
8%
1*4
Vadseo
19
*63
100
...
3334
2234
2334
22
8%
1*4
1,200
%
8% preferred.
Universal Pictures 1st pref. 100
500
100%
1%
10
!
No par
3*4
100
6
834
20
72
No par
2%
106% 106*2
1*8
Universal Leaf Tob
2
114
5%
Universal-Cyclops Steel Corp 1
2
114
834
100
400
5
*63%
33
534
46 conv pref..
300
16
6984
33%
22%
23%
3%
68
3234
584
United Stockyards Corp
1
Conv pref <70e» .....No par
United Stores class A........5
2*2
100
33%
1,200
1,200
5,600
*1%
114
33%
7
2%
57
57
*14%
6984
*148%
134'
93
4
Jan
39
2%f
21%
11
8
17% Sept 11
14
Sept 27
87% Mar
25
7% preferred..
3%j
*92
Mar
30
2%
184
6
Jan 23
3
44 I
2%
*1%
100
*106% 106«4
60
t Warren Bros
13 convertible pref—No par
$1 1st preferred
No par
Warren Fdy A Pipe
No par
*8
23
104
.50
July
7% Sept 25
37%June 13
4634 July 14
4
Sept 6
8% Mar 3
2% Oct 26
59% Nov 1
17
Sept 14
85
July 31
{*
91
48
Sept
8234Sept 12
120% Sept 22
%
125
47%
*5*8
*24
91
125
Closed—
1%
28*4
23
22%
*23%
3%
22*2
*63%
90
127
50
6
Sept 22
27*2
438
*121
*1*2
9
34%
27*2
4%
6
534 Aug 24
46
Apr 25
32% Sept 12
31% Oct 3
1% Aug 24
31% Apr 11
86% Apr 11
Mar
Sept 12
14
30
96,300
70%
3584*
90
Stock
16%
6%
94
4%
3% July
Mar
8% Mar
100
41% Aug 24
98%May 19
*17
80
Apr 10
13*2 Apr 11
50
No par
%
29%
28%
28*4|
*116% 118% *116
11634
3%
*2%
*2%
3*4!
*10%
12% *10%
12*4;
129
129
*126% 129
*10
*121
*63
100
23
Mar
21% Mar
17 S Tobacco
29
80
....10
8% 1st preferred
U S Smelting Ref & Mm
Preferred
8
Apr
3
8% Sept 11
35% Sept 27
95
Sept 11
14% Aug 15
117%June 23
U S Steel Corp.—.....No par
Preferred
...100
*67
65
20
—10
No par
Apr
60
1,800
19
35%
3634
U S Pipe & Foundry
Playing Card Co
JU S Realty & Imp
U S Rubber.
5% Aug 24
65% Sept 11
149% Sept 28
4% June
4% Mar
Feb 11
2,500
69
21
500
.....No par
Partlo & conv ol A...No par
Prior preferred
...100
U S
June 29
Mar 31
4
Corp
8
7% Mar 10
8% Jan 5
74
Highest
f per share 3 per share
11634 117%:
33
33%:
33%
34
36%
36%
36»4
36
38%
114
114
*113% 116 1*113% 116
*42% 42%
42*2 42*2
42*2 42%
30*2
*
69
34
20
37
72
*69
29,900
8,500
1,500
*61%
7
*14
59
38% 39%
111% 113%
*43%
2%
16
69%
400
4,100
*67*4
6884
67%
73
62
*59
*14%
2,566
]
134
1%
1%
2*4
58*2
15%!
*17
11
j
37%
67%
74%
*12412 12734
70
33
1%
20
.100
U S Leather..
1,500
11%,
37*4
67
678
2*2
6312
16*4
1,800
1,900
22%
6%
33
67*2
75
7678
117*4 11778
*3378
34
*43%
44
23g
2%.
4%
No par
U S
37%
111
37% 37i2
*113*2 115
*42
42i2
U S Freight
33
110%
62*4
?8
2,300
Gypsum
7% preferred
-
334 Aug 31
6% Mar 31
3,300
33
134
6% Apr
11*4
37%
ia4
Apr
Sept
81
34
62
o
*60
70
11
110
5
38
62*4
%
6%
11*4
62% Apr
75
34
62
*70
7%
4% Aug 24
4% Mar 31
July 11
3% Apr 11
25% Apr 11
56
100
5M% conv pref
50
U S Industrial Alcohol.No par
1134
S per share
Corp convpref. 100
3734
62*2
*147*2
$6 first preferred
38*4
134
U S & Foreign Secur.-.No par
8 per share
T* SDlstrlb
34%
40%
400
100
22
*60
2,700
United Mer & Manu Inc vtc.l
United Paperboard
-.10
2,200
31
23
7
11%
United Gas Improv't—No par
S5 preferred
...No par
CJ 8 Hoffman Mach
23
7%
6
500
24
12%
5
No par
6
*23%
7*2
*12
United Electric Coal Cos.
United Eng & Fdy
United Fruit
10
*29
8%
400
Par
United Drug Inc
...6
United Dyewood Corp.....10
Preferred
.100
6
6%
30
12%
10,200
*166
30
2334
110
700
2,800
Year 1938
Lowest
Highest
50
1034
78%
81
31
23*4
7%
1%
2,900
10*2
*30
*12%
3734
400
Range for Previous
of IQQ-Share Lots
Lowest
83
10*2
31
8*8
678
2%
50
*81
*166
12%
*65
3,700
5*2
83
11
734
62l2
5%
534
57
5%
34%
8434
14%
34
85
12i8
110% 1107s
584
34
11
*166
6*4
*33
*81
*166
6*4
6
35%
5%
584
56%
5*2
6*4
57%
84*2 8434
84*2
85
84*8
14%
14%
14%
14%
14%
115% 116
*116% 117
*116*4 120
10% 11
10*4
10%
10*4
10*2
6%
6%
6%
6%
6%
8
8
7%
734
*7%
8
119
11*4
6%
8*4
5*4
*584
57*8
5%
58
534
34
85
14%
1412
116*8 116*8 *116
5%
6*4
58
34
*8*2
Range Since Jan. 1
On Basis
Week
59
7*8
EXCHANGE
Wednesday
534
6
*11*2
STOCKS
NEW YORK STOCK
the
CENT
Tuesday
Nov. 6
*58
63s
NOT PER
Sales
for
Saturday
3083
17
12
rEx-dlv.
May
115
36
74
Oct 31
42
69
Oct 31
70%
38% Sept
53% Sept
124% Nov
85% July
33% Mar
2l7g Oct
123
28% Mar
65% Mar
61*4 Mar
20>4 Jan
8% Jan
4
18
13
26
Oct 30
5
6638 Sept 12
92
Sept 30
34
Sept 27
71
Mar
Mar
9% Mar
24
Mar
62*4 Mar
11% Mar
Jan
4
9
37gSept
6
2>4
Ex-rlghta.
Oct
27
6
y
Mar
22
21% Jan
22*a
Jan
11*4 Mar
20
8
Apr 11
Aug 24
Apr
10% Mar
31*4 Sept 22
60% Jan 5
23% Jan 4
60%
106%
27%
63%
27%
72%
75*4
48%
65%
121%
Jan
Dec
Nov
Nov
Nov
July
Nov
Nov
Nov
Dec
78
Dec
39
July
21%
109
Oct
Oct
25% Aug
67% Nov
86*2 Nov
31% Dee
Mar
25% July
Jin
684 Mar
^Called lei redemption.
3084
Nov.
Bond Record—New York Stock
11,
1939
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
"and interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in.a footnote
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
are
The Italic letters in the column headed
"Interest Period" indicate in each case the month when the bonds mature.
IVeek't
Friday
BONDS
Las
Friday
Range or
Sale
N. Y. STOCK EXCHANGE
Week Ended Nov. 10
Friday's
Price
Bid
dk
Low
©
Since
©
Asked
03 02
High
No.
Jan.
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
0
A
...1947-1952
4s
1944-1954
3 Ha
1946-1956
3%9
1940-1943
3 %s
....1941-1943
3%s
1943-1947
3%n
1941
314s
1943-1945
3Ha
—..1944-1946
3 Ha
1946-1949
3 Ha
1949-1952
3s...
1946-1948
3s
—1951-1956
2 Ha
..1955-1960
2 Jis.1945-1947
2%s
..1948-1951
2 Ha
1951-1964
2 Ha
1956-1959
2Ha
1958-19
2Ha_
-—1960-1965
Treasury
Treasury
Treasury
J
Low
118.4
117.19
118.6
33
113.15 113.8
D
113.2
113.18122.13
113.20
23
110.2
112.28
113.2
11
102.19
102.27
4
M 8
104.19 104.19
103.15106,27
106.16 111.10
8
103.28 107 12
109.10 109.1
109.16 109.7
109.10
15
106.16 111.9
♦Chinese (Hukuang Ry) 5s
A
109.17
29
106.12111.27
J
109.18 109.4
104.22112.21
♦Cologne (City) Germany 6 Hs.1950 Af S
Colombia (Republic of)—
A
309.24
23
J
109.19
109.19
1
J
108.26 108.11
S 107.12 107.8
M
Af S
108.28
12
111,31
104.4
107.24
18
102.16112.26
104.31
90
100.1
M
S
107.11
107.6
307.18
15
M
8
106.6
106.6
106.11
17
103
110.6
101.10109.31
D
12
100.2
J
♦7s
104.7
104.29
S
103.8
103.24
12
99.2
109
J
D
103.9
103.24
29
99
108.23
J
D
103.10 103.4
103.25
83
99.9
108.16
107.11
35
103.4
16 1942-1947 J
107.10
109.21
1962 AfN
Oct 1961 A
*24%
"27
♦Sinking fund 7s of 1927
1947 F A
1952 J D
*24%
27
22
27
55%
47%
96%
46!
94%
Copenhagen (City) 5s
25 year gold 4Hs
1953 AfN
i^Cordoba (City) 7s unstamped 1957 F A
§♦78 stamped
1957 F A
Cordoba (Prov) Argentina 7a__1942 J
J
70
47?
'%
40
61
72%
72%
65H
80H
-.1951 UN
17%
17%
100
103.10
103.10
12
*107.2
107.12
106.31
107.8
106.3
External loan 4 Ha ser C
1977
110.6
Sinking fund 5Hs„.Jan 15 1953
103
109.21
♦
J
J
104.5
104
104.7
10
J
I)
100.4
100
100.4
38
109.17
102.12
26
2
22 H
27
20M
3
24
27
Akershus (King of Norway) 4s.1968 M B
♦Antloqula (Dept) coll 7s A
J
1946 J
63%
70
5
63 H
13H
15H
35
10H
15H
15H
15%
23
9%
8
10H
94%
15H
15%
15H
Czechoslovak (Rep of) 8s
Sinking fund 8s
8
1946
J
13H
1945
J
13H
J
15
♦El Salvador 8s ctfs of dep_—1948
Estonia (Republic of) 7s
11967
10H
9H
15
27
9%
15
7 Ha unstamped
13H
62 H
15
13
9H
15
Externa! 7s stamped
67
18
60 H
f 7s 3d series. 1957 A
O
Antwerp (City) external 5s
1968 J
Argentine (National Government)—
D
15%
93 H
94 H
83 H
72%
83 H
35
81H
A
73 %
220
8 f extl conv loan 4s Apr
70H
88 H
80 H
♦5Hs of 1930 stamped
♦5 Ha unstamped
1972 A
O
73%
82
70H
♦5 Ha atamp(Canad'n
1955 J
79%
203
88
.
95
J
72 H
77
79%
33
53
103 %
8
76 H
79H
62
53
1956 M N
103H
72 H
76%
38
52 H
..1967 M
1967 J
•Bavaria (Free State) 6H8--..1945 F
J
*8
13
6
*7
A
20
99
6H
17H
20H
65 H 108
1949 U S
80
80
79%
78
85%
84%
116
1956 J
37
67
87 H
92%
77
*7
22
*6H
17H
15
71H 116H
6%
21%
7H
19H
11H
28 H
14 H
15H
93
9H
23
14 %
15H
110
9H
22 K
13H
12%
14
9
80
79
80
7
60H
21H
98H
76%
81H
77
25
58
98 H
82
5
65
1
6
J
External 30-year s f 7a
1955 J
•Berlin (Germany) s f 6Ha.._. 1950 A
♦External sinking fund 4s
J
1953,
♦Brazil (U 8 of) external 8s
1941 J
♦Externals f 6Ha of 1926...1957 A
♦External i (I Ha of 1927—.19671 A
17H
14H
14 %
1962 J
1967 M B
Sinking fund gold 5s
..1958 F
20-year
..i960 ./
D
.1962 J
D
A
18
7%
Buenos Aires (Prov of)
1961 Af 8
36
69
*63
108
102
Haiti (Republic) s f 6s
1968
ser
♦7s secured
s
O
11H
Hungary 7Ha
54 H
44 H
s
¥
f 5s
47
32 H
47%
J
Extl sinking fund 5Ha
1965 AfN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
*14
20
12%
29
*12H
20
12
32 H
♦Leipzig (Germany) s f 7s.
1947 F
♦Lower Austria (Province)
7Ha 1950 J
1961
./
J
86 k
85H
86 H
37
J
J
93 H
94 %
21
"83%
82%
84
*6
12H
"83""
83
84
10%
10%
1967 J
8s
J
1954 UN
30-year 6s
1968 J
1960 x\l
♦Cent Agrlc Bank (Ger) 7b
6s..July
J
x*
15 1960 J
J
9
1960
coupon on
♦Farm Loaoj f 6s..Oct
♦6s Oct coupon on
♦Chile (Rep)—Extl a f 7s
*5%
16 1960 A
O
9
i960
♦7s assented
15%
11%
15%
1942 UN
1960 A O
♦6s assented
i960
Jan
18
6
26
24H
.1961 J
3089
63%
*19H
A
D
22
....
71
1943 UN
23
25
20
5
18
9
18H
8H
12
8H
12
8H
12
72 H
H
"i%
J
*K
H
J
K
*%
IK
1%
1H
%
1
....
lH
H
%
*ys
IK
H
"% ~"~3
1H
1
%
"*%
52%
4
"2%
50 %
%
%
J
j
1H
%
%
(large) *33 J
IK
IK
1H
59
CO v-4 £
66 H
7
6H
%
J
§»8mall
1%
%
%
16
18H
16H
18H
16H
18 H
8H
16H
12H
18 H
8%
O
11%
11%
15%
8%
11H
16 %
18%
16H
18H
8H
16H
11H
16
14H
8
I.5H
10
64
Assentlnr 4s of 1910 small
assent
38 H
16
7
*7
14%
76 H
75
8
10
10
15
12
12%
D
60%
65 H
*%
I^Treas 6s of '13
16
14H
10H
85 H
50
12H
♦
15%
12 '
10 H
64%
138
*66H
27 H
*11%
U%
10%
127
D
23 H
*15%
10H
78
O
6
11%
15%
11%
14 H
76%
60
%
15%
11H
14 %
61
76%
1964
11%
10H
30
♦Assenting 4s of 1904.
♦Assenting 4s of 1910 large
24
D
68
27
11%
15%
D
59%
1954 J
♦Mexico (US) extl 6s of 1899 £.1945 Q
♦Assenting 5s of 1899
1946 Q
113
56
4
■
6%
"l5H
D
86
39%
1
O
J
30
"*'%
2
1957 J
10
16H
45%
1954 J
♦4Ks stmp assented
10
7H
"10
15
♦Mexican Irrlgat'on
gtd 4Ha—1943 UN
18
1961
"io"
113
1964
9
..1957 J
11
92
♦4s of 1904
9%
15%
11%
14H
11
6
65
32
15H
U%
""5
69 H
7
4
1963 Af N
18
65%
64%
64%
58%
5
23
•External sinking fund 6s...1963 Af
N
19
72 H 105
92
69
♦Assenting 6s large
♦Assenting 5s small
11%
15%
83
7K
6K
21
19H
11H
1962 A
71
6
7H
84
15H
1961
♦Medellln (Colombia) 6 Ha
Mendoza (Prov) 4s read]
....
8
7H
*6%
*6%
21
25H
5H
7-85
10
11%
♦Extl sinking fund 6a..Sept 1961
M 8
♦6s Assented—
Sept 1961 M S
♦External sinking fund 6s...1962 A
r 85
11
27 H
13H
19
15
83
15H
•Extl sinking fund 6s..Feb
1961
♦6s assented
Feb 1961
♦Ry ref extl s f 6s
Jan 1961
111H
95H 111H
104 H
73% 106 H
87 % 104
68 H 102 %
87
82
"ll
*5H
1942 UN
♦External sinking fund 6s
9
34
82 %
15
il"
80
21
24 %
37 H
30
20
*18%
1960 M N
58
8H
23%
16
"19%
*7
43 %
21
27
22
*8
r85
58
139
7
6
*6
1951 J D
Italian Cred Consortium 7s ser B *47 Af S
Italian Public Utility extl 78—1962 J
J
Japanese Govt 30-yr s f 6 Ha
1954 F A
%
18
17 H
6%
*6%
A
21
"10%
*23%
80
42
203
5
6%
15
J
96%
7
"9%
10
A
58 H
60
102%
93%
5
9%
*13%
ext at 4Ha to.—1979 F
54H
93 H
9
9H
6H
Italy (Kingdom of) extl 7s
65 %
101%
125
105
1946
Irish Free State extl
93 %
19%
\10%
106
17 H
A—1952
f g
58
96
78%
98
98
♦Hungarian Land M Inst 7 Ha. 1961 AfN
♦Sinking fund 7 Ha ser B
1961 AfN
58
102 %
9%
100
102
Hungarian Cons Municipal Loan—
♦7 Ha secured s f g
1945
70
0
7H
100
104%
7
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7Hs '60
Helslngfors (City) ext 6Hs
1960
44 H
A
71H 107
*107 %
1968
44 H
F
35
84
7%
1958 J D
78.-1964 M N
♦Sink fund secured 6s
♦6s part paid
64
I94f
21H
50
102%
1964
57
1944
a f ser
55
1952 M N
see page
♦(Cons Agrlc Loan) 6Ha
♦Greek Government
♦7s part paid
55 %
I960 A
14H
*100H
1967 J
Aug 15
20 H
20
100
9%
102%
D
1984 J
6a
72 H
50
-
♦German Rep extl 7s stamped.1949 A
♦7a unstamped
1949
German Prov A Communal Bks
53%
196* UN
75
10
82 H
82 H
1965
53 %
Bulgaria (Kingdom of)—
66 H
65
10
*13H
J
...1966 J D
55 %
1976 -4 O
f 4Ha-4Hs...... 1975 UN
73H
73
Holder) '66
1976 F
External re-adj 4Ha-4Hs
97 H
74
Gorman Govt International—
1977 M 8
A
101
69
1949
1948 UN
60
"*7~"
♦_
J
1949 J
7s unstamped
96H
1972 F
For footnotes
66
1941
1971 UN
♦6Hs assented..
69
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6 Ha—.1953 M N
French Republic 7 Hs stamped. 194] J D
8 f external 4Hs
8 f extl conv loaB 4s Feb
♦6s assented
*66
5Hs 1st series
1969 A O
5 Ha 2d series
1969 A O
♦Dresden (City) externa! 78—1945 UN
48
♦Chile Mtge Bank 6 Ha
♦6Ha assented
♦Sink fund 6Ha of 1926
O
73
15
♦6s assented
65
73
15
♦6s assented...
51
70
65
13H
July
55%
70
66
13 %
♦6»
63%
S
63% 105
70
O
Canada (Dom of) 30-yr 4s
75
69%
61%
52%
68
O
Farm Loan sr
69H
68
1957 A
♦
76
J
*69
f 7s 2d series. 1957 A
7-year 2Ha
30-year 3s
♦Carlsbad (City)
75
S
f 7a 1st series
10-year 2 Ha
26-year 3Ha
6
24
O
sec s
.;
74%
*11
54
s
7s
60
61 H
♦External
s f
63
O
♦External
•Stabilisation loan 7 Ha
5
A
1946 J
♦Secured
70%
104
*11
1955
f 7a series D
s f $ bonds
100
70%
1942
External gold 5Hs
s
3% external
1
External g 4Hs
Apr 15 1962 A
Dominican Rep Cust Ad 6 Ha.-1942 Af
1st ser 6Hs of 1926
1940 A
2d series sink fund 5Hs
1940 A
s f
s
161
1952
Denmark 20-year extl 6s
♦External
External
102 H
49 H
54%
101%
1951
B
ser
30H
108
99
102%
53%
101%
53 H
Public wks 5Hs—June 30 1945
♦External
—..._
*100 %
173*
Customs Admins 5Hs 2d ser. 1961 M
96.8
26
4H-4Ka
f 4 Hs-4 Ha
A
1949
4 Hs external debt
48
99.5
103.8
25%
a
65
101H 106
O
a f
53%
58
*54%
*103%
A
Refunding
52
1
*102%
1948 A
External
27 H
1949 F
1947 F
♦6s stamped...
50%
1944 Af 8
♦Gtd sink fund 6s
♦Budapest (City of) 6s
51
22
External 5s of 1914 ser A
♦Gtd sink fund 6s
f 6s
29%
26%
*24%
♦Costa Rica (Rep of) 7s
Cuba (Republic) 6s of 1904
Agricultural Mtge Bank (Colombia)
s
133
O
1946 MN
107.21
Municipal—
f 6s
29%
29%
19%
19%
22%
♦Sinking fund 7s of 1926
101.10105.18
s
154
107 22
102,5
Brisbane (City)
20%
29 %
99 6
24
♦7a (Central Ry)
29
8H
26%
25%
29
8%
11
99.4
101.10109.8
106.24
..
9%
20
"35"
*7
7
9
106.14 106.13
f 6s
14 J*
14 H
37
102.12 106.27
s
*9%
♦6s extl sf gold of 1927. Jan 1961 J
♦Colombia Mtge Bank 6 Ha—1947 A
101.28 106.15
External
D
1951 J
9H
106.1
9
Belgium 26-yr extl 6 Ha
8H
103.20
7
External g 4 Ha of 1928
♦Austrian (Govt's) a f 7a
7
13%
*9%
103.17
105.10
External 6s of 1927
11
13%
105.24
104.21
Australia 30-year 5s
10%
8
S
14%
16H
103.3
104.21
—
7H
11
103
105.10 105.10
7a series C
16 H
"
109.10
M
J
4Kb
High
1960 M
assented
♦6s of 1928
110.9
1 1942-1947 M 8
Bf external
Low
1960 M
♦6s assented
♦Chilean Cons Munlc 7s
105.12 114.5
104.15 104.8
Mar
Bee a
Jan. 1
11
14%
10%
14%
5
Jan
♦External
No.
10%
4
2 Ha
External s f 7s series B
14%
104.19
Home Owners* Loan Corp—
3s series A
May
1 1944-1952 AfN
♦
High
Since
5 ©
fiqoQ
14%
105.11
3s
&
Range
is
Asked
1962 AfN
♦6s assented
♦Guar sink fund 6s
109.8
105.7"
3s
1942-1944
1945-1947
1961 A
—1961 A
♦Guar sink fund 6s
105.7
D
-
Govt
dk
Chile Mtge Bank (Concluded)
116.19
109
J
F
Mar 15 19441964 M S
May 16 1944-1949 M N 107.3
Foreign
Bid
Price
Low
101.24 105.8
1945 J D
Treasury 2 Ha
...
1948 M 8 105.27
Treasury 2 Ha
1949-1953 J D 103.10
Treasury 2 H8
1950-1952 M S 103.12
Treasury 2s
..1947 J D 103.10
Federal Farm Mortgage Corp—
1 Ha series M
51
Week Ended Nov. 10
108.18116.5
J
—
2Ha series G
Friday's
High
D
M 8
Treasury
Treasury 2Hs..
3HB
Range or
Foreign Govt. & Mun. (Con.)
Treasury 4 Hi
Treasury
Last
Sale
1
U. S. Government
Treasury
Week's
BONDS
N. Y. STOCK EXCHANGE
Range
*3
11H
16H
7H
14%
Milan (City, Italy) extl 6
He
Mlnas Geraea (State)—
♦Bee extl
s
f 6 Ha
♦8ec extl s f 6Hs_.
♦Montevideo (City) 7a
..1952 A O
52
1958 Af S
1959 M S
8%
"9%
8%
9
9%
11
6K
31H
31H
16
15H
55
1952 J D
*36
41
♦6s series A...
1959 UN
New So Wales (State) extl
6s.. 1967 F A
External s f 6s
—Apr 1958 A O
*36
39K
78
78 K
4
55
101 %
78
78
79K
9
56
Norway 20-year
98
97%
98 %
28
90
101H
105H
97%
98%
70
90
106 H
72 %
extl 6a
1943 F
A
20-year external 6s
1944 F A
97%
External sink fund 4 Ha
External s f 4Ha
1956 Af S
1965 A O
85%
85%
87
19
79
78%
81 %
77
4s
1963 F
A
78
78
80%
92
extl a f 58—1970 J
D
s
f ext loan
Municipal Bank
*84
91
54
105
71K 103 H
101 %
70
88
104
Volume
149
New York Bond Record—Continued—Page 2
Friday
bonds
Last
N. Y. STOCK EXCHANGE
db
1952 F A
...1953 M S
1958 M N
1955 A O
Oriental Devel -juar 6a
Extl deb 5Xa
Oslo (City) a f4 Ha
♦Panama (Rep) extl 5 Ha
♦Extl 8 f 6a aer A
♦Nat Loan extl a
♦Nat Loan extl
a f 6a
87
•104X
1963 AfN
Xs assented
♦Stabilization loans f7s
8X
21
4
6
O
1947 A
0
13
12
1968 A
O
10
9
♦External sink fund g 8a
1950 J
J
4 Ha assented
♦Porto Alegre (City of) 8s
♦Extl loan 7 >4a
1963 J
J
9
♦Extl
aec 6
1950 M
(City of) 8a—1946 A
Hal
1953 F
20
4
50
13H
♦7a municipal loan
1967 J
D
Rome (City) extl 6 Ha
1952 A
♦Roumanla (Kingdom of) 7a__ .1959 F
O
9
8H
J
8
1966 M N
♦February 1937 coupon paid
♦Saarbruecken (City) 6a
1953
8X
4
7
24
6
9
*7 H
6H
8H
"~5
58
58 H
31
10 H
10 H
2
8H
58 X
A
19
*8
69H
22H
20
8
*8X
y~j
6X
37H
10H
15H
15H
14H
14 H
19H
Sao Paulo
(City of. Brazil)—
♦8a extl secured a f
...1952 M N
♦6 Ha extl secured a f.
1957 AfN
San Paulo (State of)—
f*8s extl loaD of 1921
1936 J
♦8s external
1960 J
♦7a extl water loan
1956 M
♦6a extl dollar loan
1968 J
♦Secured
a f
8H
7%
8
10H
8H
7X
7%
20 X
9
Serbs Croats A Slovenes
8H
O
8H
21X
1946 J
1946 J
♦Sinking fund g 6 Ha
D
1962 AfN
10H
9
8H
8H
22
♦Silesia (Prov of) extl 7s
D
*5:
♦Sllealan Landowners Aaan 6s—1947 F
A
6
34
6 X
47
14 X
28
A
a f
1955 F
5 Ha
a f
5 Ha
a f 6
1961 A
25 H
33
28
29
4H
.
5X
103
76H
O
a
f 6s....
a
f 6s
59 H
39 H
18
33 X
49
59 H
52H
44
45
47
60
....
1960 M N
♦External
47
*
♦Uruguay (Republic) extl 8s... 1946 F A
♦External
50
53
58 H
"59 H
80 H
53
53
1952 M
Ha guar
28
10
39
1971 J
Tokyo City 5a loan of 1912
External
25
10X
*8
Sydney (City)
H
43
51
40 H
40
1964 AfN
43 H
49
46X
37
47
3«-4-4hs (» bonda of *37)
1979 AfN
external readjustment
3 H-4-4 H
42 %
42
X
43 X
67
and
Boston A Maine 1st 5a A C
1952 A
117
iisx
117
110
129
128H
129 X
122 X 136 X
*9
1950
F
A
"31
105X
110X
172
100 %
83
*105
59 X
*50
108
107 X
Debenture gold 6s
1950
J
D
1st Hen A ref 6s aeries B_.... 1957 AfN
34
Canada Sou cona gu 5s A
31
60
34 H
48
67
105
104 H
103
100
107
107
100H 108 H
73
67
35 H
109 H
107
102H 107 H
99 H 104 H
O
*68 H
.1943
D
*107 X
..1943
D
1948
O
50
106 H
50 H
1948
O
*45
49 X
32 H
32
50
1946
Alleghany (Jcrp coll trust 5a...1944
O
*81H
79 H
72 X
85
72
85
B6H
57
79
60 H
535
12
96 X 10 5X
0«X 114X
95
5X
47
59 X
100X
106 X 108 X
24
46 X
25
46 X
23
46 X
11X
65 X
ioox in"
41
141
72
74
68
82 X
73
71
73X
38
38
34
46
*30
*41
"46 X
"46" "56"
80
80
III"
"80X
VP
75
78
110X
111
111
111X
94 H
94 H
104
105
*112X
92
78
106
113X
103 X 115X
72 X
99 X
93
105X
96
105 X
113
107X H3X
108
110X
40
40
42 X
26 X
46
39 X
41
25X
5X
4X
45 X
75
7*4
1952 A O
..1955 J
......
10
70
8X
70
43X
44X
64 X
35
54
47
60
92
103
—..
43 X
9X
49
52
52
99 X
99X
1962 A
87
87
88
80
Canadian Nat gold 4 Hal
1957 /
Guaranteed gold 5s....July 1969 J
99
99
100
84
X
117
117
Oct 1969
1970
O
100 H
109 H
66
J
Guaranteed gold 4 Hs
F
..June 15 1955
1956
Guaranteed gold 4 Ha. .Sept 1951
Canadian Northern deb 6 Ha—1946
Canadian Pac Ry 4% deb atk perpet
Coll trust 4 Ha
....1946
5a equip trust ctfS—
1944
Coll trust gold 5a
Deo 1 1954
Collateral trust 4 Hs
..I960
M
101X
101X
101X
98 X
99 X
109 X
65 X
82 X
82 X
99 H
J
J
M
100 X
101H
101X
101X
98 X
A
F
S
101X
96 H
102
91
103 X
103 X
92X 121
91X 120 X
101X
99 X
IP
86
100
87
109 X
103
67 X
84
66
60 X
119X
117
116 X
124 X
82 H
100X
H4X
100H
87
28
3
39X
(♦Buff Roch A Pitta conaol 4Hal957 AfN
22
3H
28
71H
72 H
■71X
Buffalo Gen Elec 4 Ha aeries B.1981 F A
Buff Nlag Eleo 3 Ha aeries C...1967 / D
Calif-Oregon Power 4s........1966 A O
49 H
88
108 X
108X
26X
13X 28
102 X 108 X
108
104
99 X
30
7X
7X
*8
107X
109
119
6
107 H
1947 AfN
Bush Term Bldgs 6s gu.—...1960 A
25
5
78
1945 AfN
Bklyn Un Gas 1st cona g 6s
lat lien A ref 6a series A
18H
6
2
11X
796
51
59
11
11
Certificates of deposit
5s
29
11
414
14H
103
1946 F
98X
101H
39 X
39 X
86
46 X
37 H
♦103H
1947 J
10-year deb 4Xs a tamped
Adriatic Elee Co extl 7a
50
46 X
46 X
17H
47 X
H
*35
35 X
*8
Guar gold 4Ha
47
80
*37
Certificates of deposit
Bklyn Union El 1st g 5a
Guaranteed gold 5s
D
108 X
78
1
*
Bklyn Qu Co A Sub con gtd 5a. 1941 AfN
Certificates of deposit
1st 6s stamped
1941 "i"j
Guaranteed gold 5s
/
102
10
85
39 X
51
6
1948 M 8
19
81X
37 X
41
industrial
((♦Abltlbi Pow A Paper lat 5S.1953
102 X
85
44
Certificates of deposit
57 X
81
102 X
81
Certificates of deposit..
Conaol
8
44 X
Bklyn Edison cona mtge 8HS—1966 AfN
Bklyn Manhat Transit 4Hs...1966 AfN
24X
62X
62
44 H
1961 A O
(♦Boston A N Y Air Line lat 4s 1955 F A
Brooklyn City RR lat 6s
1941 J /
35
companies
Adams Express coll tr g 4a
Coll trust 4a of 1907—
52
55
9X
5
1967 M S
1st g 4«e series JJ
Bush Terminal 1st 4s
57
57
53 X
34 H
38
98
1955 AfN
1st M 5aseries II
48 H
*7X
A
33
15
1944 J D
37 X
*6H
A
D
railroad
Big Sandy lat 4a
46
*41
F
16
100
46
Venetian Prov Mtge Bank 7a.. 1952 A
.1958 F
49 X
47 X
55
J
42 H
*40
....
48 X
O
35
1984 J
(City) external 7a.... .1958
"48 H
1952 A
42
A
Yokohama (City) extl 6s...... .1961 J
60 X
59
4
59
17X
60
60
((♦Burl C R A Nor 1st A col 15s 1984 AO
♦Certificates of deposit
D
.1952 M JV
33
26
^1959 J
43
1978 F
♦Vienna (City of) 6a
16
10
104 H
109 X
36
42
1978 J
4 Ha assented.
O
J
O
42 H
42 X
1979 AfN
3H-4H-4*i« extl conv
4-4H-4H% extl readj
3 Ha extl readjustment
21
115
102 X
♦Certificates of depoalt
% (I bonds of *37)
external conversion
♦Warsaw
♦Berlin Eleo El A Undergr 6 Ha 1956 A
Beth Steel cona M 4 Ha aer D..1960 J
Cona mtge 3Ha aeries E
1966 A
18
15H
15
14H
32
25H
8H
6H
6X
X
28 X
26 H
18
18X
17H
♦Berlin City Elec Co deb 6 Ha..1951 J D
♦Deb sinking fund 6 Ha
-.1959 F A
♦Debenture 6s
...1955 A O
2
33 X
47 X
;
1951 J J
4s stamped....
1951 J
J
Battle Creek A Stur 1st gu 3s..1989 J D
Beech Creek ext 1st g 3 Ha
1951 A O
Bell Telep of Pa 5a series B....1948 J J
1st A ref 5s aeries C...
1960 A O
Belvldere Delaware cona 3Ha..1943 J J
Cons mtge 3Hs ser F
34X
20 X
20
26 H
8 Hs conv debs
25 H
1958 /
Taiwan Eleo Pow
27
Con ref 4s
14H
*5
Ha assented
33
14H
14H
13H
13H
1958) J D
4
16X
5X
6H
22 X
14H
13H
29
6H
*8
1962 AfN
extl
28X
7
*8
D
32
1996 Af S
14
(Kingdom),
♦8s secured extl
sec
7%
8
1940 A
7a
•Saxon State Mtge Inst 7a
♦7a aeries B
8H
S
18 H
J
5H
1968
14
1943 J
31
1946 A
27 X
Bangor A Aroostook lat 5s
7H
♦6a extl a f g
♦7a extl loan of 1926
36
27 X
26 *4
♦Certificates of deposit
♦Ref A gen 5s aeries F
♦Certificates of deposit
/
7H
23
37
1959 J
Rio Grande do Sul (State of)—
39
33
17 X
16
Toledo Cln Dlv ref 4s A
14 H
33X
18
106 H
31X
71
53
3
75
8
72X
16H
16X
15
28 X
J
6H
49
47 H
66
30 X
27 X
♦S'western Div 1st mtge 5a..1950 J
♦Certificates of deposit
-
55 H 107
14
27
67
65H
27 H
26 H
30 H
19 H
19 H
5
82
73
102
31
7
"5
X
99
48 X
30 H
D
12H
88 X
69
"l3
126
65
66
35X
1995 J
70
~~8H
19 X
2000 Af S
4X
5H
7H
20
♦Ref A gen 6a aeries D
♦Convertible 4 Hs
1960 F A
♦Certificates of deposit
P L E A W Va Sys ref 4a_—1941 MJV
Certificates of deposit
*9H
106 X
♦Certificates of deposit..
♦Ref A gen 6a series C
♦Certificates of deposit
10 H
87
75X
98
28X
28X
32 X
44
15
62
82
101X
High
Low
32
21
66 H
54
98
35X
No.
27 H
27
6X
S
♦8a extl loan of 1921
*80
101X
70 X
106
Jan. 1
65 H
4X
6X
6H
15
Since
Asked
High
104 X
35
3
17H
<t
70
70
106
15
H
"I2H
10 H
7H
1959 / J
Refin'ng deb 3a......1953 M S
!(♦ Auburn Auto conv deb 4H&1939 J J
Austin A N W lat gu g 5s
1941 J /
Baldwin Loco Works 5a atmpd.1940 AfN
t Bait A Ohio 1st mtge g 4sJuly 1948 A O
♦1st mtge g 5a
...July 1948 A O
♦Certificates of deposit
♦Ref A gen 5s aeries A
..1995 J D
42
O
A
Atl Gulf A WISS coll tr 5s
Atlant'o
X
11
*7X
*7*4
95
Rhlne-M aln-Danube 7a A
7
9
*10
♦Rio de Janeiro
3
12
*10
Queensland (State) extl a f 7a—1941 A O
25-year external 6a
..1947 F A
1
10
8
O
•
1962 A
6a...
2
13
X
12H
D
J
40
103
99H 106 H
88 H
50
43H 83 H
13 H
5H
7H 13H
12 H
6H
12 H
6X
6H 42
4H 36 H
8
8
♦Prague (Greater City) 7 Ha
1952 M N
♦Prussia (Free State) extl 6 Hs.1961 M S
115
12 H
8
a f
75
7H
1958 A
♦External
5
9H
8X
8X
1961 J
1966 J
55
71H
11*4
4Xs assented.
43H
7H
9X
O
1961 A
aer..
4
1
69 %
9X
19H
59
80
1940 A O
2d
♦Poland (Rep of) gold 6s
7H
48
Bid
Low
High
Low
"~2
106 X
*76
...1963 AfN
1947 M S
1959 M S
f 6a lat aer..1960 J D
52 H
87 H
No.
18
56
52%
1963 J D
♦Stamped assented
♦Pernambuco (State of) 7a
♦Peru (Rep of) external 7a
High
*7*4
55 H
56.
Sale
Price
Range
Range or
Friday's
Last
Week Ended Nov. 10
Jan. 1
Asked
Low
♦Nuremburg (City) extl 6a
Since
Friday'»
Bid
Price
BONDS
N. Y. STOCK EXCHANGE
Range
Range or
Sale
Week Ended Nov. 10
1
3085
Week's
Friday
Week's
Ala Gt Sou lat cons A 5a
1st cons 4a aeries B
Albany Perfor Wrap Pap 6a
6f with warr assented
Alb A Suaq let guar 3 Ha
A
106 H
105X
79 H
81
20
9
118
51
J
81
conv
♦Coll A
5a.
...1949
5a
...1950
O
..I960
O
1998
O
conv
•5a stamped
AUegh A West 1st gu 4a
Allegh Val gen guar g 4s
Allied Stores Corp deb 4 Ha
42 X
42 X
*50 H
73 X
24
"45" "39
55
..1942 m e
106 H
105 H
106 H
"u
1950 A O
99 H
96 X
99 H
96 X
99 H
97
4
1961 F A
4 Ha debentures
Allia-Chalmera Mfg conv 4s
♦Alplne-Montan Steel 7a
Am A Foreign Pow deb 5s
D
1952 M S
110
110
...1965 M S
2030 Af S
*10
59 H
62
110H
22
27
62 H
102*4
103 X
201
102 X
20-year sinking fund 5 Ha... 1943 MN
109 H
109 H
109 X
80
107 H
106 X
107X
134
107H
106
112
3Ha debentures
3 Ha debentures
Am Type Founders
1961
1966
conv
Amer Wat Wka A Elec 6s
A
O
J
D
deb.. 1950
J
(♦Car Cent 1st guar 4s
...1949
Caro Clinch A Ohio 1st 6a ser A 1952
A.1976 UN
..1967
8 f Income deb..
g
A
Jan
1995 Q
4s
Ark A Mem Bridge A Term 6s. 1964
O
J
107
107 H
107
106H
106 H
106 X
10
107X
107 X
107 H
28
A
J
1
35 H
"99"
37
17
45
45
6
*97
35 H
45
M S
Armour A Co (Del) 4a series B.1955 F
lat m a f 4s aer C (Del)
—.1957 J
1
60
88 H
97
106 H 112
40
1995 A
Adjustment gold 4a
Stamped 4a... .1
99
98
Conv gold 4a of 1909
..1955 J
Conv 4a of 1905
Conv gold 4a of 1910
Conv neb 4 Ha
♦Mid Ga A At Dlv pur m
♦Mobile Div lat g 6s
105
U2H
99 H HO H
99
110H
102H 111H
99 H 108 H
104H 107H
19
37
30 H
91
48 H
98
Rocky Mtn Dlv lat 4a
1965
Atl Knox A Nor 1st g 5a
Atl A Charl A L 1st 4 Ha A
1st 30-year 5s aeries B
.1946 J
D
1944 J
1944 J
/
General unified 4 Ha A
10-year coll tr 6a
L A N coll gold 4a
1964 J D
May 11945 AfN
Oct 1952 MN
J
.....1948 J
Second mortgage 4a.....
1948
For footnotes see pave 3089.
99 H
111H
86 %
83
95 H
91
99 H
J
J
106
*114X
*93
....
98
96
91H 100H
89
103 H
100
"iol
107X
"l5
4
115H
95 H
96
103 %
98 H 103
102 M 111 H
99
100H 112H
110
114H
85
94 H
Ga 0b .—194?
8s.......1941
Certaln-teed Prod 5 Ha A——.1948
Champion Paper A Fibre—
8 f deb 4Hs (1935 issue)
1950
8 f deb 4Hs (1938 Issue)
1950
Chea A Ohio gen g 4 Ha
..1992
Ref A Imp mtge 3 Hs aer D—1996
Ref A impt M 3 Ha ser E
1996
Ref AlmptMSH^aar F——1963
Craig Valley lat 5a—...May 1940
Potte Creek Branch lat 4a—.1946
R A A Dlv 1st con g 4a
1989
2d conaol gold 4a
—1989
Warm Spring V 1st g 5a
1941
94 H
... —
3X
3X
3X
109
96
96
85
43
62
85
76
97
9X
13X
30
33
5
4
3
4
2X
10
10
5
*4X
16
2X
*4X
S
*5
t
108
108 X
O
8
?*
8
19H
33
12H
6H
6X
10X
6X
8
8
91
78 X
107
42
100
*75"
M S
A
45
105
108 X
8X
J
M 8
eox
40
80
104 X U1X
108
112X
108X
109 X
"41X
12
24
41X
18X
19X
19
12
28
16
16 X
10
12X
108X
22
100
38
64
77 X
64
72 H
40 X
63 H
3
48
60
108
40
107X
F
A
\
A
73 X
73 X
'
O
F
Af P
M
S
M
MJV
F
A
i
D
~30
a58X
54 X
a58X
110*32
110*32
1
75X
75X
76X
32
104 X
104 X
102 X
104 X
103 X
14
100
120 H
120 X
98
121X
18
115
99
89
24
110
92
S
If S
74 X
74 X
53 X
53 H
98
98 X
99 X
27
104 X
*101
104 X
25
99
104 X
5
116X
68 X
86
100 X 104 X
104X
125X
100X
91X 100H
105 X
100 X 106
100
r
j
1
j
*
109~
1
j
*io9X
118
108" 118"
,1
j
*103
103
111
109 x
103
103
*
Af P
96
96
9
89H
78
78
81H
48
76H
89 H
♦Chicago A Alton
A
11X
11
12 X
25
7
62 H
62 X
13
54
71H
Chic Burl A Q—111 Dlv
J
98 X
98X
99X
33
94
103X
44
98
94X
86
91X
50
J
Atl Coast Line lat cona 4a July 1952 M 8
Atl A Dan lat g 4a..
"l"07H
1
8
MJV
174
99 X
*107X
1962 Af S
*8
J
J
M
Central Steel lat g a f
"l6
102 X
O
"84"
"84"
O
Central RB A Bkg of
*94
103 H
A
91H 101
90 H
96
"98"
A
MJV
91H 101
107H
*
ref gu gold 4a„1949
Through Short L 1st gu 4a...1954
Guaranteed g 5a—
1960
Cent Pacific 1st
F
(
D
"84
90 X
Trans-Con Short L 1st 4a....1958
Cal-Aris 1st A *ef 4Ha A
1941
.....—1941
Cent Hud G A E 1st A ref 3 Ht-1966
Cent Illinois Light 8 Ha
1966
(♦Cent New Eng 1st gu 4s
1961
(♦Central of N J gen g 6s
1987
♦General 4s
—1987
Central N Y Power 3H«
1962
Central Foundry mtge 6a..
J
95
95
A
D
If N
105X
*89 H
106 X
D
1960
1948
J
F
J
64
99 H
97 X
98
1995 Nov
1995 MN
1955 J D
O
1946
6a_1947
1946
♦Mac A Nor Dlv lat g 5s
67
60
50
D
98
Atchison Top A Santa Fe—
General 4s
MJV
Cart A Adlr 1st gu gold
48H
65H
103H
94 H 104 H
108
108 X
deb 5a w w 1960
4a
1981
Celotex Carp deb 4Hs w w
1947
♦Cent Branch U P 1st g 4a
1948
(♦Central of Ga lat g 5a. .Nov 1945
♦Conaol gold 6a
1946
♦Ref A gen 5 Ha series B
1959
♦Ref A gen 5s aeries C
1969
Carriers A Gen Corp
Gen mortgage 5s
J
aer
Anaconda Cop Mln a f deb 4Hs 1950
♦Anglo-Chilean Nitrate—
(Ann Arbor 1st
103 X
90
50H
102 H 108
101
93
30
15
Amer IG Chem conv 5 Ha
1949 AfN
Am Internat Corp conv 5 Ha...1949 J
J
Amer Telep A Teleg—
102
22 X
49 H
95
106 X
84
77
*41
♦Chatt Dlv pur money g 4a—1951
Coll A
105
105
64 H
81H
55
72
33 H
46
37 H
lat A ref 5a series
75 X
68
68 H
23
39
39
9
33 H
33 H
39 H
33 H
2
26 H
"68"
7
97*4
RR ref g 3s -1949
3 Ha—1949
Illinois Division 4a..
1949
General 4b—............. 1968
1st A ref 4 Ha aeries B
1977
62 H
77
A—.—1971
J
J
Af P
F
A
F
A
102
93 X
84 X
102
93X
85 X
90
15
101X
104X
91X 100
7
80
94H
19
88
99X
New York Bond
3086
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended Nov.
Range
Sale
10
Bid
17
High
No.
18%
57
1947 J
J
.
«r
1
1
♦Gen 4 He series E...May 1
♦Gen 4%s series F_—May 1
6
b
31
4%
V
4%
25%
1989
1989
1989
1989
19
28%
28%
26%
7%
2%
60
2%
129
5%
1%
♦Gen 4%s stpd Fed lnc
tax—1987 MA
1987 MA
1987 Mff
1936 M N
D
♦1st ref g 6s
May 1 2037
D
♦l®t A ref 4Mb stpd.May 1 2037
♦1st A ref 4%s ser C-May 1 2037 J D
♦Conv 4%s series A
1949 M N
{{♦Chicago Railways 1st 6s stpd
F A
Aug 1938 26% Part paid
.
{♦Chlo R I A Pac Ry gen 4s- 1988 J J
10
1
15
15
15%
*8%
18
17
17
9%
12%
Elgin Jollet A East 1st g 6fl
17
#
54%
__
14%
14%
♦Certificates of deposit
5%
122
4%
2%
6%
44%
m m
m
20
15
—1934
A
O
1962
Memphis Dlv 1st g 4s
1951
19
6
5
6
34
4%
6%
7%
12
5
*5
mm mm
2%
7
D
Ill
2%
4%
83%
69%
58
54 %
63 %
70
65
65
5
49
1944
O
1st mtge 4s «"»rles D
1963
J
1st mtge 3 Ho series E
3 He guaranteed
1963 J
105 %
J
1961 M S
55
4
43
68
Chic A West Indiana
4s—1952 J
con
1st A ref M 4 % s series
D
68—1952 IN
cons
108%
7
105%
106%
67
104%
105%
23
Cincinnati Gas A Elec 3%s
1966 F A
1st mtge 3 >4s
1967 J D
Cln Leb A Nor 1st con gu 4s.—1942 MA
Cln Un Term 1st gu 3 % ser D .1971 IN
1st mtge gu 3%s ser E
1969 F A
Clearfield A Mah 1st gu 5s—-1943 J J
Cieve Cln Cblo A St L gen 4s— .1993 J
Genera 15s series B
.1993 J
Ref A lmpt 4%b series E
.1977 J
.«■ —
-
D
J
Cln Wabash A M Dlv 1st 4s .1991 J
J
St L Dlv 1st coll tr g 4s
.1990 UN
Spr A Col Dlv 1st g 4s
.1940 M 8
93
86
94
24
88
96%
62
12
58
79
106%
13%
*109
^
m
Series B 3 Vis guar
Series A 4 Vis guar.
.1942
......
108
13
108
5
75
56%
23
56%
84%
58%
31
*52%
■mmmm
68
55%
67%
mm
*
Gen 4 Vis series A
.1977 F
Gen A ref mtge 4 Vis series B .1981
Cleve Short Line 1st gu 4 %a— .1961
Cleve Union Term gu 5 Vis
.1972
1st s f series B guar
1st s f 4 Vis series C
4s_. 1948 A
110%
108
*105
1955 F
1965 UN
A
1st mtge 3 Vis series 1
1968
Conv debs 3 Vis
1968
Conn A Passump River 1st 4s._1943
Conn Ry A L 1st A ref 4 Vis
1951
-
•
59
*»'
-
25
m
mmm
*101%
mm
mm
105
-
-
-
-
92
30
85
93
84%
34
75
75%
75%
14
85%
79%
^mmmmm
69
36%
102%
103%
103%
*103
*104%
68%
110
^
103
m
mrnmm
109%
108
108%
10
45
76%
26
47
103%
183
103%
8
104
150
108
1
109%
110
123%
*87
98
m.
mm mm
24
41
627
----
-
—
105%
42
8 Vis debentures
1968
♦Consolidated Hydro-Elec Works
108%
mrnmm
1956
J
conv deb 3 Vis
1951
{♦Consol Ry non-conv deb 4s„1954
♦Debenture 4s
1955
D
Consol Oil
107%
107%
106%
106%
106%
7
108%
40
104%
J
1966
51
13
2
13
*13
J
1967 MA
13
'm
13%
rnrnmm
6
64
*61%
110
3
mm mm
13
Consolidation Coal s f 5s
1960 J
J
Consumers Power 3
Hs.May 1 1965 IN
1st mtge 3 Vis
May 1 1966 IN
110
1
108
107%
108
4
107%
107%
109%
1
36
106%
30
1970 UN
109%
108%
1966 UN
105%
105
1946 J
D
*104%
100%
100%
1948 J
D
109%
109%
110%
11
1951 F
A
104%
104
104%
40
D
1943 J
MA
1948 J
J
IIl948
1—1942
1962
7 Vis series A extended
to 1946
6s series B extended to
106
100%
102
see
nave
1943 M N
^
mm
rnm
101
30
106%
13
100%
9
102%
25
31
31
34
19
37%
37%
38
5
46%
108%
62%
46%
47
2
36%
1946
ref 3 Vis 1960
100%
36%
1
108
62%
94
109%
110%
42
107
9
4
*105%
108%
108%
*104%
92%
100
61
95%
50%
102
*100
50
50%
15
20
22
47
O
19
19
20
9
O
19
19
19
♦
O
J
1976 A
1965 J
23%
"is "
49
15%
17%
16%
49
50
48
39
15
11%
11%
13
7%
174
7%
13
4
26%
26
19
237
49%
65
103%
102%
52%
29%
102
50
20%
15%
15%
151
105% 109%
107%
107
*50
106%
92%
139
108%
*50
2953 A O
1967 Af N
103%
101% 108%
101% 108%
11
19%
103
112%
85
140
*100
A
96
103
92%
*136%
37
20%
20%
52%
37
52
87
94
67
*91%
F
A
J
90
*75
D
106
100
109
66%
17
99
110%
111%
104% 124%
89% 89%
108
113%
105% 109%
103% 110%
99% 107
99
108
98% 108
98% 109%
22%
99% 106%
8
14%
9
14
10%
9%
44%
13%
14
67
103% 111
100% 109%
100% 110%
100
111%
97% 109%
100
105%
96
lOt
103% 114%
100
106%
101% 106%
100% 100%
97% 102%
25%
37%
31% 42%
36
49
26% 41
103
110%
50
70%
85
Af S
90
106
106
103%
S| 164'
Af
104
*100%
*103%
♦Certificates
of
105
100
100%
6
105%
106%
124
97
35
"26
46
54
65%
*43
"57%
57%
8%
8%
60
60
101%
49%
Berg Co cons g 6s_.1949 J. D
Gen Amer Investors deb
5s A—1952 F A
1947 J
1945 J
(Germany) 7s
J
*104%
101
101
72%
Grays Point Term 1st
Gt Cons El Pow
1947 J
7s„. 1944 F
1950 J
gu 5s_.
(Japan)
1st A gen s f 6
Vis
Great Northern
4%s series A..1961
General 6 Vis series B
1952
General 5s series C
1973
G__
rn
m
-
ctfs A
18%
59
62%
59%
18%
*18
I"l950
1950
Gulf A Ship Island
RR—
1st ref A Term M 5a stamped1952
Gulf States Steel at 4
Vis
1961
Gulf States UtU 3
Vis serD—. 1969
_
104
103%
84
mmmmmm
♦Harpen Mining 6s
1949
Hocking Val 1st cons g
Hoe (R) A Co 1st
mtge...
J
4%s"~1999 J
cons g
5s""l937
ser A
~ 1957
♦Adjustment income 6s.Feb 1957
Illinois Bell TeJp
3Vis ser B—1970
Illinois Central 1st gold 4s
1st gold 3 Vis
"
Extended 1st gold 3
Vis
1st gold 3s
sterling
Collateral trust gold
4s...
21
23
84
45
98
104%
105
83
105%
"81%
"82"
90%
103% 106%
80
""85"
85
88%
86
104%
98%
89%
2
17
27
82
58
87
99% 107%
101%
9
88
20
81
94
89%
89%
84
15
74%
82
84%
31
74
133
88
105
102%
91%
105
73
93%
75%
60
60
8
8%
81
94%
66
81%
5
53
55
11
"85%
81
5%
94
93%
106 %
90
69
85
85
4
92
106%
55
98
94
9%
103%
73
1
*86
106%
110
78%
23
103
"85%
80
73%
83
J
*12
38
91
96%
107
40
117%
118%
"17
116
122%
73%
73%
73%
1
67
77%
47%
47%
2
25%
47%
97%
98
20
38%
73
93%
28%
98
35%
"47%
"29
41
J
1951 J
~98~"
36
*119
"46%
46%
14%
110%
13%
14%
110%
110%
90%
87
J
1951 A
O
*85%
O
91
45%
116% 128%
43
11%
51%
17%
112%
19
102
15
87
92%
83%
88
88
*85%
"68"
*
1951 Af S
1952 A
12%
13
12
J '117%
O
M AT
AfN
J D
MJV
F A
A O
A O
1951 J
3
101% 107%
48%
80%
*25
J
1944 A
Houston Oil 4Vis debs..
1954
Hudson Coal 1st s f 5s
ser A~~~1962
Hudson Co Gas 1st g
5s...
1949
18%
21
*104%
A
A 0
MN
45
mmmrnmrn
J 104%
J
97%
J
88%
J
J "82~"
J J 102%
J
J
91%
73
J J
Fe b
Feb
MN
A 0
A O
J
36
107%
74%
*12%
-----
♦Debentures ctfs B
1
Greenbrier Ry 1st gu
4s__—1~1940
Gulf Mob A Nor 1st
6 Vis B
1st mtge 5s series C
104%
20%
97%
1946
105
95
40
103%
1967
101%
48
72
^mmmmm
J
J
100
105"
125%
30
106%
D
D
59
119
49%
J
1946
Gen mtge 4 sserles H
Gen mtge 3Hb series 1
Green Bay A West deb
Hudson A Manhat 1st 6s
S
33
4
102%
50
J
^
1976 J
1977 J
General 4 Vis series D
General 4 Vis series E
General mtge 4s series
{{♦Housatonlc Ry
m
J
D
3%
1%
100
*21
"l"07%
J
3
101%
49%
*16
J
O
6
*16
♦Sinking fund deb 6Vi —1940 J D
♦20-year s f deb 6s
—1948 IN
Gen Motors
F A
Accept deb 3 Mb
1951
{{♦Ga Caro A Nor 1st ext 6s„ 1934
♦Good Hope Steel A Ir
sec 7s._1945
Goodrich (B F) 1st
mtge 4%s__1950
Gotham Silk Hosiery deb
6s w w '46 M
Gouv A Oswegatchie 1st
5e
1942 J
Grand R A I ext 1st
gu g 4 ViS—1941 J
10
2
*115
J
Gen Steel Cast 5
Vis with warr.1949
{♦Ga A Ala Ry 1st cons 6s Oct 1 *45
5%
4
2%
7".i
Gas A El of
Gen Cable 1st s f 5
Vis A
5%
8
Francisco Sugar coll trust 6s...1956 UN
♦Gen Elec
106%
71
18
9%
*3
—
1941
101
100% 103%
104%
87% 101%
101
100
106
8%
deposit
98
104
*104
1974 Af S
Fort 8tUDCo 1st
g 4 Vis
102% 107
100% 104
103
Af S
Af S
-
104%
114
90
by owner
52%
"51%
53%
9
46%
63
1955 M N
52
51%
52
21
47
62
Purchased lines 3 Vis...I
1952 J
J
Collateral trust gold 4a..".. 1953 UN
Refunding 6s
~~
1955 M N
40-year 4%s
Aug~i"l96fl F A
Cairo Bridge gold 4s
1950 J D
Litchfield Dlv 1st gold 3s -.1951 J J
48
48
49%
10
42%
52
42
60%
62
62%
6
52
48
47%
49%
42
39
50%
78%
78%
1
75
83%
65
65
3
63
66
63
65%
46%
50
Refunding 4s
Loulsv Dlv A Term
g 3 Vis—1953
J
J
1st gold 3s
1951 F
8t Louis Dlv A Term
g 3s. —1951 J
Gold 3 Vis
1951 J
Sprlngflel.i Dlv 1st g 3Vis—.1951 J
A
Western Lines 1st g 4s
A
Omaha Dlv
3089.
^■=T1fg=
107%
19%
15
18%
109 Vi
♦Certificates of deposit
92% 104
108
18
105
13
O
1955
80
*8
104%
J
92% 104
109% 114%
109
107%
105
Fonda Johns A Glov 4
Vis
1952
{{♦ Proof of claim illed by owner
UN
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed
UN
106% 106%
100% 104%
53
122%
*108%
*108%
68
89%
71
*110%
mmrnmm
79%
39
36%
102%
103%
m.mrnm
mmm
105%
For footnotes
101 % 106
81%
105%
Del A Hudson 1st A ref
4s
107%
91
75%
122%
....
Dayton Pow A Lt 1st A
108 %
5
13
Il950
108
81
109
Continental Oil conv 2 Vis
Crane Co a f deb 3
Vis
Crown Cork A Seal s f 4s
S f 4Vis debentures
Crucible Steel 4Via
debs.
Cuba Nor Ry 1st 6
Vis
Cuba RR 1st 6s
g
90
97%
105% 111%
106% 106%
81
109
Container Corp 1st 6s
16-year deb 6s
70
100%
mmmm
109
1st mtge 3 Vis
1st mtge 3 Vis
lBt mtge 3 Vis
58
96
Conn Rlv Pow s f 3%s A
1961
Consol Edison (N Y) deb 3
Vis. 1946
3 Vis debentures
1948
3 Vis debentures
1966
♦Debenture 4s
♦Debenture 4s
63%
mm
m
1961
Upper Wuertemberg 7s
85
42
105
*101
O
Columbus A Tol 1st ext 4s
of
77
81%
Columbus Ry Pow A Lt 4s
Commonwealth Edison Co—
guar 4 Vis
77
91%
Columbia Q A E deb 6s—May 1952 IN
Debenture 6s
Apr
15 1952 A O
Debenture 6s
Jan
16 1961 J
J
Stamped
63%
--
-
------
m
.1977
A
2
97%
105%
105 Vi
107
O
.
mmmmrnm
.1973
ext g
99%
109%
-
*105
A
97%
J
A
1953
♦1st A ref 6s series A
63
1
mm
*95%
J
97%
J
30-year deb 6s series B
Firestone Tire A Rubber 3
Vis. 1948
{♦Fla Cent A Pennln 6s
J
1943 J
{Florida East Coast 1st 4 Vis... 1959 J D
111%
108% 111%
100% 103%
102% 110%
103
111%
A
Coal River Ry 1st gu 4s
.1945
Colo Fuel A Iron Co gen s f 5s. .1943
♦6a Income mtge
.1970
Colo A South 4 Vis series A
.1980 IN
Columbus A H V 1st
m.
100
51
mm
66
66
110%
25
D
1954 J D
A O
15
63
O
.1948 UN
.1950 F
mrnmm
107%
*60
O
.1942
Series C 3 Vis guar
Series D 3 Vis guar
mm
m
107%
107%
J
J
15
mm
*100%
108
11%
107%
106%
m
W W Val Dlv 1st g 4s
.1940
Cleve Elec Ilium 1st M 3%s— .1965
Cleve A Pgh gen gu 4 %s ser B .1942
99% 110
106%
86%
97
*12
m-mmm
D
101% 109%
100
59%
-
48
20
Ernesto Breda 7s
1954
Fairbanks Morse deb 4s
1956
Federal Light A Traction 1st 6s 1942
6s Internationa series
1942
1st Hen s f 5s stamped
1942
1st Hen 6s stamped
1942
107
90%
94
-
104
91
93
O
-
{♦Choc Okla A Gulf
107
105%
8
1943 A
5
105%
105%
J
1962 M
Chllds Co deb 6s
105
107
113
40
J
♦Genessee River 1st s f 6s..1957 J
♦N Y A Erie RR ext 1st 4a.. 1947 Af N
Af S
{♦3d mtge 4 Vis
1938
Chicago Union StationGuaranteed 4s
105
70
54
Dec 1 1960 M S
1
54%
35
1965
♦Gen conv 4s series D
♦Rei A impf 5s of 1927
♦Ref A lmpt 5s of 1930
♦Erie A Jersey 1st s f 6s
9
67
5
79%
*57%
116
*45
*20
1941 M N
♦Series B
8%
69%
*•
110
40
108% 113
105% 112%
D
cons g 4s prior.. 1996
♦1st consol gen lien g 4s
1996
♦Conv 4s series A
1953 A
10%
10%
5%
32
48
{♦Erie RR 1st
9%
4
2%
2%
79%
79%
mmmmrnm
D
Chic T H A So'eastern 1st 6s„1960
6%
6%
mm
♦Conv g 4%s
I960 IN
Ch St L A New Orleans 6s
1951 J D
Gold 3%s
June 16 1961 J D
6
5%
"S
M
16V4
6%
♦Certificates of deposit-
{♦Secured 4%s series A
♦Certificates of deposit
18%
5
*42
6s stamped
1966
Erie A Pitts g gu 3Vis ser B...1940
Series C 3 Vis
1940
57
10
1017
m
15%
2
3%
1996 J D
IN
—1995 J
El Paso A S W 1st 6s
12%
12%
9
112%
20
5%
15%
14%
6%
5%
7%
2
5
110%
Ed El III (N Y) 1st cons g 58-1995 J
Electric Auto Lite conv 4s
1952 F
5%
10
14
7
East Ry Minn Nor Dlv 1st 4s. .1948 A O
East T Va A Ga Dlv 1st 6s
1956 MA
8
9%
3
3%
7%
7
19
110%
17
5
4
9%
3%
O
18%
19
9%
"63
46
J
10%
109%
106% 108%
10
112""
O
9%
104% 107%
104% 108
108
111
11%
2
6
107%
*4%
8
High
107
104% 106%
lllVi
Dul MissabeAIr Range Ry 3 Visl962 A
{{♦Dul Sou Shore A Atl g 5S..1937 J
9%
4
"Ik
107%
*107%
8%
Low
1
2
A
10%
-
No.
3
11
6
•
High
108%
104%
*108%
107k"
18
2
Since
Jan. 1
9%
Duquesne Light 1st M 3 Vis..-1965 J
16%
18%
15
15
15
%s stamped
|♦Secured 6%s
9%
10%
Range
Atked
3%
Detroit Term A Tunnel 4ViS-.1961
Dow Chemical deb 3s
1951 J
3%
2
37
15
15%
J
Gen A ref mtge 3 Vis ser G._.1966 M
♦Detroit A Mac 1st lien g 6s
♦Second gold 4s
31%
30%
12
19%
14%
14%
♦4
28%
31%
107
15
♦Gen 6s stpd Fed lnc tax
18
J
Detroit FJIson Co 4 Vis ser D..1961 F
Gen A ref M 4s ser F.
1965 A
30%
8%
28%
2%
15
15%
112%
18%
19%
10
<t
108%
104%
♦Ref A lmpt 6s ser B._-Apr 1978
{♦Des M A Ft Dodge 4s ctfs—1935
{♦Des Plains Val 1st gu 4 Vis.—1947 M S
7%
75
18
....
28%
7%
♦Stpd 4s non-p Fed Inc tax 1987 MA'
{♦Refunding gold 4s
3
16
24%
23%
*25
J
1987 UN
♦General 4s
27
25%
7%
63%
111
1969 J
f 6fl-_.1951 A/N
1951 Af N
8
Penna tax
as to
{{♦Den A R Q 1st cons 14s
1936 /
{♦Consol gold 4 Vis
1936
{♦Den A R G Wee* gen 6s.Aug 1955
♦Assented (subj to plan)
16
2%
66
*64%
Stamped
108 X
1969 J
1st mortgage 4 Vis
Den Gas A El 1st A ref
21%
10
4
4%
A
{♦Chic Mllw St P A Pac 6s A—1976
♦Conv adj 6s
Jan 1 2000 A O
{♦Chic A No West gen g 3%S-1987 M N
6s
13
13%
12
3%
1969 J D
♦Gen g 3 %s series B—May
♦Gen 4 %s series C—May
gu
88
2
1971 J
Light 1st 4 Vis
Jet A ref 4 Vis
24%
15
15%
9%
9%
3%
{Chlo Milwaukee A St Paul—
♦Gen 4s series A
May 1 1989
Ino
12%
80
12%
Bid
Low
Del Power A
112%
22%
1
148
12
-
mm worn
^
♦let A gen 6e series A
1966 M N
♦1st A gen 6s series B—May 1966 J
J
Chic Ind A Sou 60-year 4s
J
1966 J
Chic L S A East 1st 4 %s
-
-
1939
11,
Range or
Friday't
Week Ended Nov. 10
High
12%
4
86
22%
J
947 J
♦Refunding g 6s series B
♦Refunding 4s series C
«
«.
1
Low
13
J
1947 J
{♦Chic Ind A Loulsv ref 6s
18
86
20%
12%
20%
N. Y. STOCK EXCHANGE
97
18
Chicago A Erie 1st gold fie
1982 Fn
{♦Chicago Great West 1st 4s—1959 M 8
Since
Jan.
*110%
16%
O
A
1961 M N
gen 5fl
♦Certificates of deposit-..——
BONDS
1^5
fi5«S
Atked
dk
Range
Low
{♦Chlo A E 111 Rr
Nov.
Week'1
2
or
Friday'$
Price
{{♦Chicago A East 111 1st 6«— 1934
Record—Continued—Page 3
Week't
I
1951 F
48
"65"
*65%
*52%
49
68
13
71
J
*57
"59"
J
*60
62%
"eo" "63"
"68"
"eo"' "ei"
J
Volume
New York Bond Record—Continued—Page 4
149
BONDS
Last
N. Y. STOCK EXCHANGE
Week
Price
High
Low
No.
53 H
Low
59
D
.1963
D
.1940
O
.1948
A
Ind Bloom A West 1st ext 4s_ .1940
O
.1950
J
{♦Ind A Louisville 1st gu 4a_. .1966
J
1st A ref 4%s series C
Illinois Steel deb 4%s
♦Ilseder Steel Corp 6s
-
lad 111 A Iowa 1st g 4s
51%
51X
49H
101%
49 H
_
_
*55"
"99" "42
"98"
A
107%
107 H
{Interboro Rap Tran 1st 5s._ .1966 /
J
!l932
I ♦10-year 6a
(♦10-year
conv
1947 A
stamped
1942 M N
{♦Int-Grt Nor 1st 6s ser A
1952 J J
♦Adjustment 6s ser A
July 1962 A
90%
91%
43
"l6H
16H
IX
IX
2%
*7%
*8%
14%
15%
A
72 H
72 H
74
36
—1941
A
57 X
57
59 H
97
67%
48%
B—1947
J
1956
1956
1944
_
♦1st g 6s series C
Internat Hydro El deb 6s
Int Merc Marine s f 6s
Internat Paper 6s ser A A
J
B—1972
1st lien A ref 6 %s
—1947
Int Telep A Teleg deb g 4 Ha—1952
87%
79%
100
98 H
99 H
30
93
92 H
93 H
23
82%
78
Af N
20
8%
"93"
1955 M S
Ref 8 f 6s series A
Int Rys Cent Amer 1st 6s
70%
142
26%
70%
62
24%
77 X
91
78
44
45 H
94%
83%
73
3
7
39
38
17%
*85%
81
82%
83%
r73
r73
r 73
72
15
15
15
14
15
70
72
54
87
39
57
*50%
AfN
Metrop Ed 1st 4 %s series D.__ 1968 Af S
Metrop Wat Sew A D 6 %a
1950 A O
{(♦Met West Side El (Chlo) 4s. 1938 F A
54%
...
103%
104
101% 104%
111
111
108% 111%
80
103%
81
'"6%
6%
50% 102
7
6%
8%
97
99% 103%
9
21%
1%
4
8%
20
47
70%
70%
39
82
69%
70
Mead Corp 1st 6s with warr.. 1945
~17% '"S
45
5
38%
J
1941 J
51
*102H
J
{♦Man G B A N W 1st 3%s
50
79
57%
23
63
70%
Manila Elec RR A Lt s f 6a... 1953 M S
Manila RR (South Lines) 4a... 1959 AfN
27
16
39%
56
39
*35
15
67%
67
54
D
69
67 H
High
105% 107%
37%
deposit
30
29 H
66
Low
1
19
38%
Marlon Steam Shovel s f 6s
1947 4 o
Market St Ry 7s ser A..-April 1940 Q J
28%
Int Agrlc Corp 6s
of
69%
122
90 X
2013 J
♦Certificates
No.
106%
81
81
{♦Manhat Ry (N Y) cons 4a— 1990 -4 O
♦Certificates of deposit
♦8econd 4s
Since
High
106%
70%
557
69 H
68
O
99
109%
Jan. 1
Low
Maine Central RR 4s ser A... 1945 J D
Gen mtge 4%s series A
1960 J D
Manatl Sugar 4s s f
Feb 1 1957 M N
50%
50%
70%
68 H
S
M
105
103
69 X
"66 %
Interlake Iron conv deb 4a
32
29
AO
7% notes— .1932
13
90
107 X
70%
♦Certificates of deposit—
♦1st 6b series B
98
69%
Certificates of deposit—
70%
7%
104
.1981 F
D
99
61%
11
*104
J
%a
95
68
12%
10
60%
56%
40%
101% 105
13
41%
"98"
t
10
.1948 J
Industr'al Rayon 4
5
10
101
*12
Ry 3%s series B_ .1986 Af S
Inland Steel 3%s series
43
Range
Friday's
A
Asked
Bid
McCrory Stores Corp s f deb 5s. 1951
.1963
Joint 1st ref 6e series A
Union
Sale
Price
so,
High
111 Cent and Chic 8t L A N
Ind
1?
10
Range or
Last
t o
STOCK EXCHANGE
Week Ended Nov.
Jan. 1
Asked
A
N. Y
Since
Friday's
Bid
BONDS
Range
Range or
Sale
IS
Ended Nov. 10
3087
Week's
Friday
Week's
Friday
♦Mex Internat 1st 4s asstd
1977
♦4s (Sept 1914 coupon).—.1977
M S
%
J
Jack Lans A Sag 3%s
1st gold 3%8
Ref A impt 4 %s series C
1979 J
100%
c
1951 M S
1963
100%
89% 100%
"90" "97"
2
90
67
1
99%
101
36
11%
12
5
*44%
55
J
67
M S
O
100
1940 A
30
30
88
"90"
1952 AfN
Gas 4s
30
*9
s f 7a
1956 J
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
f*Mld of N J 1st ext 58
%
M S
♦Mlag Mill Mach 1st
Michigan Consol
%
11%
65
76%
92% 102%
14%
57%
9%
F
A
J
J
"11%
Debenture 6s
1955 F A
{♦Iowa Central Ry 1st A ref 4a_l951 Af S
49 %
2
49%
6%
6%
"4
James Frankl A Clear 1st
4a__1959 J D
4 %s A—1961 Af S
Kanawha A Mlcb 1st gu g 4s—1990 A O
56 H
56 H
57
5
40
60
♦1st A ref gold 4s
1949 Af S
2%
2%
8
Jones A Laughlln Steel
95
95
95 X
6
90
96%
♦Ref A ext 50-yr 5s ser A
1962 Q
F
*1%
3%
79
86
2
158
87% 100
43
71%
212
45%
8
1%
12
91
50 X
2X
75%
5
X § ♦Mil A No 1st ext 4 %S
1939 J D
♦(Con ext 4%a
1939 J D
{♦Mil Spar AN W 1st gu 4s.->1947 Af S
{♦Milw A State Line 1st 3%s..l941 J
J
1934 M
{♦Minn A St Louis 5s ctfs
{(♦K C Ft 8 A M Ry ref g 48—1936
♦Certificates of deposit
A
O
"29 H
gold 3s
Ref A impt 5s
1961
1997
4%s unguaranteed
29H
30
64 X
07 X
67
53
23
36%
4
62
72%
(♦1st
56
71%
♦1st A ref 6s series A
108%
108
108%
106 %
99% 109%
102% 107
36
27%
10
106
8
36 H
104 %
92 H
C
"85"
89 %
*80
Certificates of deposit...
27
94%
170
150
D
102H
102 X
*103%
105
F
A
1942
1953
1960
1942
1942
Coll tr 6s series A
Coll tr 6s series B
*82 H
1941
102%
♦Certificates of deposit
♦Conv gold 5%s
104%
♦1st A ref g 5s series H
34
1954
F
49 X
49 H
45%
58%
F
46
47
42
51
46 H
46 H
41
50%
F
"46 H
*75 %
*78
J
D
82
Dec
J
♦1st A ref s f 6s
stamped
♦1st A ref s f 6s
-
1949 AfN
1980 A O
1943
6a—1954
80
67
76%
88
63
70
82%
80
90
13%
3%
13%
4%
97
14
13%
15%
167
14
1
16
57
13%
1981 F
♦1st A ref 5s series I
A
...1938
(♦Secured 5% notes
M
13%
*13%
"2%
2%
14
14
14
13%
13%
*13%
3
6%
21%
20%
21%
19%
12%
12%
12%
4%
2
14%
13%
19
12%
4
12%
16
95
21%
20%
65
21%
20%
69
12%
12%
6§"
*63
20%
•
12%
"63
"3
21%
22
23
18
15
25%
27%
27%
29
27
17%
32%
32%
32
34
52
37%
55%
55%
19%
42%
A
S
Mohawk A Malone 1st gu g 4s_1991 M S
Monongahela Ry lBt M 4s ser A *60 AfN
2
59
101% 106%
*104
1st mtge 4%s
...I960
0
109%
109%
110
36
103
6s debentures
1965
O
109
108
109
33
98
Montana Power 1st A ref 3%s.l966
D
43
91% 101%
1941
J
35
Gen A ref
s
f 6s series A
1955
O
*
74
70
99%
72%
47
64
Gen A ref
s
f 5s series B
1955
O
*
72
67%
67%
*50%
89 X
55
47
64%
Gen A ref
s
f 4 %s set les C
1955
o
89%
84%
91
Gen A ref
s
f 5s series D
1955
o
*31
34
30
41
2000
D
36
30%
56%
54
36
40
29
49
20
28%
Mountain States TAT 3%s__ 1968 J
23
35
32%
31
Mutual Fuel Gas 1st gu g 5s...1947 MA
Mut Un Tel gtd 6s ext at 5%„1941 AfN
S
*37
A
~3l"
*17
30 %
16%
30
A
31
23%
16%
A
30
22
31%
70
30
60
45
37%
60
45 %
19
50
40
66
*40
46
44%
55
45
45
45
55
12%
11%
13%
23%
2003
Af N
2003 AfN
♦4s assented
-.2003
♦General cons 4Ha
18
18
18
16H
16H
17%
18%
Af N
*16%
23
24
stpd——1951 J
J
extended to
.1946 J "d
Nat Dairy Prod deb 3%
w w__1951 AfN
Nat Distillers Prod 3%s
1949 Af 8
Nat Gypsum 4%s a f debs
1950 AfN
National Rys of Mexico—
♦4%s Jan 1914 coupon on...1967
•4 %s July 1914 coupon on..1957
♦4 %s July 1914 coupon off. .1967
23%
15
27
♦4s April 1914 coupon on
20%
14
25%
♦4s April
44
60
54%
62
O
*48
*48
"ed"
Lex A East 1st 50-yr 6s gu—1965
112%
112%
126%
126
111% 118%
118% 129%
112%
7s__1944
126%
1951
6s
125
Lion Oil Ref conv deb 4Hs—1952
99%
Liquid Carbonic 4s conv debs.. 1947
Little Miami gen 4s series A
1962 M N
Loews Inc s f deb 3 Ha
-1946 F A
Lombard Elec 7s series A
1952 J D
109
109
119
99 X
78
100
100%
67%
21
108 H
108%
10
♦Long Dock Co 3Ha ext to—1950 A
O
*70%
100%
67 X
75
1944
88
87
1
80
88%
125%
126
9
123
124
6
84
31
87
126
1951 F A
6a
J
83%
83%
1966 M S
107%
107%
3
Louis A Jeff Bridge Co gu 4s_.1945 Af S
107%
107%
1
100%
Louisiana Gas A Elec 3 Ha
70
88
87
1949 Af S
Lorillard (P) Co deb 7a
62
81%
86%
86%
Louisiana A Ark 1st 5s ser A..1969 J
67%
80%
86%
Af 8
O
.
8
Af S
A
48
"3
1949
1949
4s stamped
103%
92
102% 111%
117% 129%
128%
75
90%
100
110%
105% 109%
J
100%
100%
2003
O
96%
96%
98
20
2003
2003
2003
o
87 H
87%
89%
21
o
82 H
82%
82%
5
79%
52
C
1st A ref 4s series D
1st A ref 3%s series E
♦Assent warr A rets
o
A
1946
8t Louis Dlv 2d gold 3s——.1980 Af S
Mob A Montg 1st g 4 Ha
1945 M S
Paducah A Mem Dlv 4s
J
/
South Ry Joint Monon 4a
1952
Atl Knox A Cln Dlv 4s
1955 AfN
Lower Austria Hydro EI 6 Ha. 1944 F
3089.
A
78
77%
100
100
84%
1
97% 101
91
99%
84%
80
73
*104%
*7
"74"
106
49
93%
89%
85%
97% 101
82%
110
*73
64%
39%
12
29%
38%
2
38%
70
39
38%
38%
72%
46
40
102
101
*100
"49
106%
106%
107
103
103
103%
37
%
6
%
102
99
108
"16
95% 105
100
106
*%
%
%
*%
*%
'%
%
%
1%
%
1%
%
%
%
%
No 5 on *77
4%s—
(♦Assent warr A rets No 4 on
*%
'26
*%
1914 coupon on
1951
April 1914 coupor off.-.1951
♦4s April
♦Assent warr A re'- No 4 on
National Steel 1st mtge 3s
*
4%
%
100%
*61
100%
1965
{♦Naugatuck RR 1st g 4s
1954
AfN
Newark Consol Gas cons 5s
1948
J
64%
65
D
J
{♦New England RR goer 5s—1945 J
J
♦Consol guar 4s
1945 J
New England Tel A Tel 5a A-.1952 J D
1st g 4%s series B
1961 AfN
N J Junction RR guar 1st 4s.. 1986 F A
N J Pow A Light 1st 4%s
1960 A O
New Orl Great Nor 6s A
1983 J J
N O A N E 1st ref A Imp
New Orl Pub Serv
4 % B A 1952 J
%
5
101%
97
5
65
*121%
29
7
28
28
28
12
124%
*123%
*
108%
9
124%
76
58
20
69
20
73
11
109%
5
78
29
28
118% 129
113
125
74%
108%
92% 103%
122% 125%
-
28
129%
73
105% 110
65
A
O
1955
4s__.1953
J
D
65
88
111%
77
100% 107%
22
24%
J
{{♦N O Tex A Mex n-o Inc 58—1935 A
♦Certificates of deposit
♦ 1st 5b series B
1954 A
♦Certificates of deposit
78
♦1st 5s series C
5
102
106%
106%
105%
106%
106%
31
102
106%
16
68
74%
38
68
J
*26%
*
34%
59%
58%
105%
*55
O
O
46%
105%
J
1st 6s ser A-.1952
1st A ref 5s series B
New Orleans Term 1st gu
81
—.1940
4
69%
116
Louisville A Nashville RR—
1st A ref 6s series B
100%
97
*101
69%
1914 coupon off...l977
Nat RR of Mex prior lien
♦4s
99% 110%
117%
111
107
107
A
Long Island unified 4s
Guar ref gold 4s
106
104% 110%
F
1953
Lone Star Gas 3Hs debs
131
94
126
109
94
117
%
12
20 %
19%
A
75
*%
18H
20%
2000 AfN
—1941
106%
1977
17%
2003 AfN
6s assented
105%
Assent warr A rets No 4 on '57
2003 AfN
♦5s assented
{Leh Val Term Ry 1st gu g 68—1941
22
*114
Nat Acme 4 %s
♦General cons 6s
—
9
41%
38%
Certificates of deposit
♦
46%
45%
40%
106%
A
Nassau Elec gu g 4s
28
*48%
D
1978 F
41
44
45%
45%
40%
Nash Chatt A St L 4s ser A
*48%
A
1965 MA
76
"68"
1956 MA
58 series A
Constr M 4%s series B
31%
1940
{ ♦Lehigh Val (Pa) cons g 4s
Morris A Essex 1st gu 3%
76
7
110%
110%
21%
*25
F
98%
75%
98%
55%
1940
4 Ha
assented
13%
3%
17%
6
32 H
J
1943
extend to
:?•*:
12%
6
53 X
1974
♦5s stamped
For footnotes see page
13
14
13%
♦Certificates of deposit
Constr M
1974 ¥
♦1st A ref sf 6s
1st A ref 4 Ha series
17
15%
9%
32
M
1944
—1954 F
1954
1964 ¥
1964
♦5s stamped
Unified gold 4s
10%
14
9%
14
J
Lehigh A N Y 1st gu g 4s.——1945
Lehigh Val Coal Co—
Liggett A Myers Tobacco
N
{Mobile A Ohio RR—
♦Montgomery Dlv 1st g 5a..1947 F
♦Ref A Impt 4%s
1977 M
90
J
assented
Af S
S
91 %
78
86 H
58%
O
♦4 Ha
F A
(♦Mo Pao 3d 7s ext at 4 % .July 1938 MN
77%
J
♦
32%
12%
13%
45
A
4 Ha
37%
11%
14
105%
84
C—1964
{Leh Val N Y 1st gu
14
44
2%
49 H
49H
Lehigh A New Eng RR 4s A--.1965
♦6s stamped
147
18%
20
1978 M
Montreal Tram lut A ref 5s
1975
♦1st mtge Income reg
Leh Val Harbor Term gu
23%
16%
19%
99%
83
1997 J
Lehigh C A Nav s f 4 Ha A
♦Sec 6% notes
51%
20%
1975
♦1st A ref 5s series G
Lautaro Nitrate Co Ltd—
♦5s stamped...
75
25%
18%
1977 Af
108%
48 H
F
3% to--1947 J
2d gold 6s.
♦5s
45
32
Monongahela West Penn Pub Serv
Lake 8h A Mich So g 3 Ha
Cons sink fund 4 Ha aer
10
36
14
4s
106%
Lake Erie A Western RR—
6s 1937 extended at
68
34
20
1965
♦1st A ref 5s series F
100% 105%
*2%
A
Coll A ref 6 Ha series D
63%
♦Certificates of deposit
Af S
A
Ref A ext mtge 6s
♦General
88%
95
105
5
3%
69
64
22%
J J
J J
J J
Jan 1967 A O
95
104
104 H
2%
60%
1978
"98"
102%
104
104 H
11
34%
♦Certificates of deposit
M A
7
3
1962
Prior lien 4 %s series D
♦Cum adjust 5s ser A
103
105%
3%
5%
1%
1%
7
10%
7%
10
68
1962
ser A
40-year 4s series B...
77%
*106 H
J
(♦Laclede Gas Light ref A ext5sl939
Coll A ref 5 Ha serle8 C
105%
prior lien 5s
1990
{♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit
*73
105%
J
18
6
,
3
5%
6%
*1
3%
%
85
72
79%
1%
7%
*55'
31%
9
30
3
J
Af S
J
J
/ J
J D
17%
4%
6%
6%
6%
33
8%
28%
3
15%
73
Mlssouri Kansas-Texaa RR—
104% 108%
85
79
J
{♦ Mo-Ill RR 1st 5s series A—1959
Mo Kan A Tex 1st gold 4s
20
93% 101%
101
104%
*80
j"
...1978
17%
9
*153
1954
1954
Kinney (G R) 6 Ha ext to
1941
Koppers Co 48 series A
1951
Kresge Foundation coll tr 48—1945
3 Ha collateral trust notes—1947
{♦Kreuger A Toll secured 6s
Uniform ctfs of deposit
1959
1949
1st A ref 6 %s series B
27
100H
101
A
1st A ref 6 Ha
♦25-year 5 %s
20
6%
J
J
J
to int...1938 J
1946 J
17
25
24
J
Kings Co Lighting 1st 6s
cons 6s gu as
15%
6%
40
"4
28
26
*30
N
{(♦M StP ASSMcong4slntgu'38 J
(♦1st cons 6s
1938 J
53
%
65
H
106
Kings County Elev 1st g 4s—1949 F
Kings County El L A P 6s
37
24
14
32
65
—1961 J
Plain
88
30
1950 A O
Apr 1950 J
Kansas City Term 1st 4s
1960 J J
Kansas Gas A Electric 4 Ha—1980 / D
♦Karstadt (Rudolph) 1st 6s
1943 M N
♦Ctfs w w stmp (par $646)—1943
♦Ctfs w w stmp (par $926)—1943 M N
♦Ctfs with warr (par $926)—1943
Keith (B F) Corp 1st 6s
1946 Af" 8
J
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4 Ha—1961 J
Stamped
.1961 J
Kan City Sou lBt
*83
'~26~~
68%
31%
23
-
28
34%
35%
11
"24% "io"
30
—1956
F
1956
A
—.1954
O
A
24%
38
*30
F
35
37%
34
24
35%
"34*
37%
24%
43
23
36
A
♦Certificates of deposit
♦1st 4 %s series D
♦Certificates of deposit—
♦1st 5%s series A
♦Certificates of deposit...
34
37
13
New York Bond Record—Continued—Page 5
3088
«
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended Nov. 10
Bid
Low
Newport A C Bdge gen gu 4 %s_1945
N Y Cent RR 4e serlee A——1998
Range
No.
63 H
36
50
69
67
73%
82%
197
42
07
162
47%
76%
76
60
Ref A lmpt 6s series C
2013
64 H
64
67
—1962
63 H
77 H
63%
8 7H
36%
*62%
56%
—1907,
Debenture 4s
1942
1998
Mich Cent coll gold 3He
H
1998
67%
60
78%
44
75
23
72
1978 :
65%
57%
4s collateral
1946
1974
trust
1st mtge 3 He
64%
56%
60
247
81
20
.
85
85
86
7
,
71
71
74%
N Y Connect 1st gu
4%S A
47
50
105
105%
49
100
107
107
107
107
2
104
107%
53%
52%
108
108
7
1961 ]
Conv 6% notes
N Y Edison 3He ser D
1st lien A ref 3He ser E
N Y A Erie—See Erie RR
1947
.
1965
,
1966
♦N
9
32
9
47%
65
116%
*123%
116%
1973
deb 4s
17%
99% 102%
48% 63
54
♦Non-conv debenture 3%s_.1947
70
50
71%
75%
70
"ii" "11%
j
.
♦Non-conv debenture 4s
1956
i
♦Conv debenture 3%s
♦Conv debenture 6s
1956
.
1948
.
♦Debenture 4s
10
,
1940
-1967
1955
♦Terminal 1st gold Be
53
debenture 3He
1954
1959
North Pacific prior Hen 4s
Gen lien ry A Id g 3s Jan
1997
2047
Ref A lmpt 4 He series
A—.2047
Ref A lmpt 6s series B
Ref A lmpt 5s series C
Ref A lmpt 6s series D
2047
.2047
Northern States Power
3)4s_—1967
Northwestern Teleg 4He ext..1944
1948
4s
1st 4s
45
74%
112%
112%
2
110
115
115
5
108
70
39
Peop Gas L A C 1st
♦Income
1966
1967
1st mtge 3)48
Oklahoma Gas A Elec
3%s
4s debentures
118
106%
105%
107%
106%
105%
107%
♦105%
54%
41
119
42
48%
58%
51
"51%
51%
108
108
10
106
Peoria A Pekln Un 1st 5%s... 1974 F
Pere Marquette 1st ser A 6s... 1966 J
1st 4s series B
1972
108
1946
Ontario Power N F 1st g 6s
1943
Ontario Transmission 1st 6s_—1945
Ore-Wash RR A Nav 4s
1961
Otis Steel 1st mtge A
4He
Phlla Co sec 6s series A
1967 J
Phlla Electric 1st A ref
3%s... 1967 Af
{♦Phlla A Reading C AI ref 5s. 1973 /
♦Conv deb 6s
1949 Af
{(♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3s
Pitts Coke A Iron
_
110%
112
108
109%
104%
77%
107
Corp—*
.
48
E trust ctfs I
1944
102%
1941
101%
For footnotes see page 3089
*114
D
O
105%
J
98%
106%
110
106%
105%
6
101
5
101% 107
98%
98%
18
49%
48%
47%
49%
105
D
1959 A
O
O
s
50
23
59
23
59%
104
106%
*105%
*110%
*106
"79%
80%
107%
"41%
6sl942
82%
107%
40%
17%
348
1
42
41
41
42%
17%
*106%
84%
1968 A
18
9
6
283
*3%
J
103
J
D
O
1997 J
J
1997 J
*53%
w.1956 Af S
gu
ser B
conv
1961 F
A
5%s *64 UN
143%
f 6s
con
72
131
96
98
67%
116
"70
102%
103%
102%
96
106%
98%
100
127
45
73
101% 103%
101% 104
99% 104%
98% 105
96% 105
89
100%
102
107%
153
103
17
224%
110%
95% 104%
99
57%
53
72
73%
97
99
63%
29
66%
80
F
93
1952 J
99%
96
109%
112
25
96
79
100
20
M
108
12
22
13
7
7
"l3~~
12%
107%
104%
*6%
*38%
51
27%
28
5
28
9%
27%
108
100% 110
105
103
8%
10%
106
13%
43
46
J
32%
32%
"33%
28%
44
13%
13%
13%
12%
20
S
M
S
M
5
M 8
Af 8
J
J
*105
106
105%
9%
8%
J
*16%
"io"
106
106
9%
10
10%
97
*108
1996
♦
3
104
99% 106
8
13%
16
"5
94%
1947
104
32
.....
10
97
8
24
109%
30
4
11
5%
11
88
107%
103% 108
94
1966
80
59
J
J
♦Certificates of deposit
"9%
9%
j"j
10
1978 AfS
10
♦Certificates of deposit
9%
9%
1989 MN
60
32
60
7
21
22
*59
21
J
58
60
{♦St L Peor A N W 1st gu 5s.—1948 J
St L Rocky Mt A P 5s
sptd...l955 J
{♦St L-8an Fran pr Hen 4s A..1950 J
{♦St L 8W 1st 4s bond ctfs
101%
O
♦Certificates of deposit
♦Con M 4%s series A
♦Ctfs of deposit stamped
95
96
18%
12
O
1960
85%
12
12
D
St Louis Iron Mtn A
Southern—
♦(Rlv A G Dlv 1st g 4s
1933 Af N
♦Prior lien 5s series B
96
102% 116
37
*10%
12%
A
1949 A
102%
85%
*13%
J
1955 F
80
105
*15
A
1952 Af S
68%
92
94
100
107%
100
?l
38
100%
93
1952 Af N
1948 A
6s
*96%
13
1955 A O
4%s..l941
50
*8
1949 J
St Jos A Grand Island
1st 4s__
St Lawr A Adlr 1st g 5s
59%
74%
♦98%
UN
"l953
63
14
74%
99
93%
107%
94%
79
55
72
J
Saguenay Pow Ltd 1st M 4%s.l966
gold
6
49%
200
20
59%
J
gu 5S..1939 J
83
2d
18%
88
1%
*56%
1956 M 8
1941 AfN
1977
Gen mtge 3%s series H
1967
Gen mtge 3 %s series 1
1967
Gen mtge 3 %s series J
1969
{(♦R I Ark A Louis 1st
4%s..l934
1st
48
10%
102% 112
108%
59%
J
w
{(♦Rio Grande West 1st gold 4sl939 J
RR
24
40
220
107%
102%
48
4%
108%
*200
107%
83
23
70
*50
O
58%
105% 107%
101% 110%
"85"
108%
*138%
1948 J
f conv debentures
{♦Rutland
92%
99%
106% 107%
23%
59%
50
58
106%
*
108%
117%
118%
107%
D
67
91%
110
D
3
77
111
105
1941 J
{♦Rio Grande June 1st
•
108
108%
105
1941 J
4s
112
104
*113
1950
4s stmp
112%
101% 104%
99
105%
108
1
*100
coll 4s_1951 A
s
42%
103%
101%
A
(65% pd).—
{♦Rut-Canadian
45%
90
102% 105%
106% 109%
pt pd ctfs
♦Ruhr Chemical
100
108
1
A
1960 M S
Rlchm Term Ry 1st
gen 5s...
s f 7s
65
48
101%
96
1977
1981
no"
105% 117
102% 109
1942
110
65%
32
1948 J D
1962 F A
conv
100
100
100
102%
106%
7
14
6
...1977 J D
101
113%
101% 112%
1
49
2%
5
112%
19
9%
21
6%
1974 J D
♦1st con A coll trust 4s A
Roch G A E 4 %s series D
4
31
5
1943 UN
A
ser
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of
1930
Richfield Oil Corp—
118%
98
107%
64%
81%
32
9
13%
D
♦Rhine-Westphalia El Pr 7s.."i960
110
49
103
4%s~~1960
Pa Ohio A Det 1st A ref 4
His A
4 He series B
70
107%
107%
67
107%
97% 105%
103% 112%
106% 106%
♦3%s assented
~~~1946 J
♦Rhine-Ruhr Water Service 6s 1953 J
108%
84%
102%
1952
I"l963
77%
102
*103
.1958 J
B
101
82
110
7
A
Gen mtge 4%s series
C
1956 M N
Revere Cop A Br 1st
J
mtge 4%s. 1956 J
♦Rhelnelbe Union s f 7s.
J
1946 J
10%
48
48%
*118%
*62%
*102%
*102%
~1942
I.
1st gen 6s series
114
82
115
102
*105%
1960 A
♦Rlma Steel 1st
53
103% 111%
107
1
105%
105%
105%
110%
*106%
1964 AfN
1st gen 6s series C
1st 4%s series D
Purch money 1st M
101% 105%
95% 113%
8
72
O
1977 J
102% 116%
104% 111%
112% 117%
15
68
54
106% 115%
102%
106%
(♦Debenture gold 6s
(♦Deb 6s stamped
64
84
1947
". 1944
6s~~~I949
Penn Co gu 3 He coll
tr ser B.1941
Guar 3 He trust ctfs C
1942
Guar 3 He trust ctfs D
77%
59
109
112
100
O
Reading Co Jersey Cent
60
65%
97% 109%
98% 109%
96% 109%
28
11%
1960 F
1st mtge 4%s series C
Pitts Y A Ash 1st 4s
for deb 6s A com stk
98% 110%
102
100
S
77
3
1953 J
Pitts Va A Char 1st 4s
guar
Pitts A W Va 1st
4%s ser A.
1st mtge 4 %s series B
Republic Steel Corp 4 %s
6
ni%
6%
111%
J
43
52
25
4%
90%
117%
117%
103% 106%
57%
76%
"~2
1|2%
1975 A
65
105%
97
65
65
108%
*108%
105%
105% 105%
105% 105%
109%
1970 J
74%
116
90%
1949 F
4%s
42%
42%
109%
He
1955
Panhandle Eastern
Pipe L 4s..1952
1966
cons guar
50%
115
70
"26
114
4%
1957 AfN
39
109%
108%
79
90
8
65
"12%
1942 A
4s..,
53
104
106%
106%
*101%
*105%
73%
*53
J
1940 A
4%s
51%
61%
10%
100
1963 F
cons guar
cons
4%s without warrants
Rensselaer A Saratoga 6s
11134
1966
9%
111
S
1948 M
Series G 4s guar
53%
60%
106 %
~1938
22
1942 M N
39%
77
B..1966
Ref mtge 3He
series C
Paducah A 111 1st s f
g 4
108
90%
120
92% 101%
1945 Af N
42%
53
S
1937 J
Pitts C C C A St L
4%s A
Series B 4%s guar
Remington Rand deb 4%s
108%
D
4 %s A. 1952 Af S
conv
88
59
59
110
"70%
109
64%
115%
104%
1962
Paciflo Coast Co 1st
g 6s
1946
Pacific Gas A El 4s
series G
1964
1st A ref mtge
3He Ber H.._1961
1st A ref mtge 3
He ser I
1966
(♦Pac RR of Mo 1st ext
g 4s
1938
J
Phi la Bait A Wash 1st
g 4s.._. 1943 M N
General 6s series B
1974 F A
General g 4%s series C
J
1977 J
General 4 %s series D
1981 J D
71%
115
105%
"7l"
111
{♦Radlo-Kelth-Orph
107
45
109%
115%
81
88
188
110%
1980 Af S
43
104
Oregon RR
J
3%s deb.. 1952 J D
conv
Gen A ref 4%s series
A
Gen A ref 4%s series B
109%
108
108%
104%
106%
107%
108%
105
105%
104% I04i%2
105
26
117%
100%
67%
8%
*
2037
112% 114%
107%
108 %
68%
A
1956 J
1st g 4 %s series C
Pub Serv.of Nor 111
3%s
Purity Bakeries s f deb 6s
97% 106%
99
108%
105
108 %
108
O
Apr
{♦Providence Seo guar deb 4s.. 1967 Af N
{♦Providence Term 1st 4s
1956 Af 8
Public Service El A Gas
J
3%s..l968 J
1st A ref mtge 5s
J
2037 J
1st A ref mtge 8s
J D
114% 124
98
107%
107%
*95
10
17%
15%
60
38%
*36%
*35%
68%
40%
48%
67%
1990
{(♦Postal Teleg A Cable coll 58.1953
Potomac Elec Pow 1st M
3%s.l966
Pressed Steel Car deb 6s
1951
103%
50
..68%
88%
107%
S
4s... 1940 A
April
♦6s stamped
5%
106
1966
A Nav con g 4s
1946
Ore Short Line let cons
g 6s_—1946
Guar stpd cons 6s
1946
cons
{♦Porto Rico Am Tob
7%
54%
88
O
1947 M
6s
4s
91
94
54%
118%
88
108
1943 A
cons 6s
Port Gen Elec 1st
4%s
1st 5s 1935 extended
to
102% 111%
107% 110
1943
Ohio Edison 1st mtge 4s
1st mtge 4s
95
86
111%
2
2047
Penn-Dlxle Cement 1st 6s A
Penn Glass Sand 1st M
88%
70%
♦Apr *33 to Oct '34 coups.1945
♦Apr *33 to Apr'38 coups. 1945
ser
85%
62
♦Apr 1 1935 A sub coupons
1945
♦Oct 1938 A sub coupons
—1945
Ctfs of deposit stamped
Guar 4s
82
30
1974
28 year4s
85%
Gen mtge 6s series A
Gen mtge 6s series B
Gen 4%s series C.
100
Gen A ref 4)4s series A
1974
{♦Northern Ohio Ry 1st guar 5s—
Paramount
97
1952
10%
7%
7
debenture 4s
North Cent gen A ref 5s
Parmelee Trans deb 6s
Pat A Passaic G A E
cons
♦Paullsta Ry 1st s f 7s
89
67%
♦Certificates of deposit
38 loan ctfs
Pictures 3s deb
29
Series I
62
1967
1 (♦Norfolk A South 1st g 6s... 1941
Norf A W Ry 1st cons g 4s
1996
North Amer Co deb 3He
1949
s f g
95%
Series H
44%
55%
102% 110%
104
108%
93
105%
94% 107%
5%
12%
9
6%
11
4%
Niagara Share (Mo) deb 6)48.1950
{(♦Norfolk South 1st A ref 68.1961
1st M
94%
9%
20%
5%
2%
{(♦N Y Westch A Bost 1st 4He *46
Niagara Falls Power 3He
.1966
Nlag Lock A O Pow 1st 6s A..1965
Paramount Broadway
95%
28
.
—.1946
eer
1984
Series E 3%s guar gold
Series F 4s guar gold
42
1946
(♦2d ext gold 6s
Pacific Tel A Tel
3He
76
3%
10%
18%
.
1943
6s stamped
Connecting Ry
76
96%
16
{(♦N Y Susq A West 1st ref 6s 1937
(♦2d gold 4 He
1937
♦General gold 6s
1940
Ohio
86%
94%
87%
96
O
1968
20%
.
gu 4s._1993
gu g
86%
1981
10%
N Y Queens El Lt A Pow 3 He 1966
N Y Rys prior lien 6s stamp
1968
N Y A Rlchin Gas 1st 6s A
1961
N Y Steam Corp 3 He
1963
{♦Og A L Cham 1st
1970
Series C 4%s guar
Series D 4s guar
1992 ]
4s
N Y Telep
3He ser B
N Y Trap Rock 1st 6s
99%
Series J
{♦N Y Ont A West ref g 4s
con
116%
99%
16%
15%
10%
{♦N Y Providence A Boston 4s 1942
N Y A Putnam 1st
117%
10
{♦Harlem RAPt Ches 1st 4s 1964 i
♦General
16%
16%
10
15
109%
107% 114
108% 113%
15%
9%
14%
1967 1
♦1st A ref 4 He ser of 1927
68
33
.
♦Non-conv debenture 3%s..l954
♦Non-conv debenture 4s
1965
♦Collateral trust 6s
59%
.
1947
1
1965
Refunding gold
12
.
{(♦N Y A N E (Bost Term) 4s_1939
""7
1960
Peoria A Eastern 1st
108% 119%
.
n-c
86%
48%
63
100
110%
100
112%
x
1973
106
111%
110
116% 126%
116%
High
100% 106%
101% 107%
83%
47%
♦N Y L E A W Coal A RR 6%S *42 i
♦NYLEAW Dock A Imp 6s 1943
N Y A Long Branch gen 4s
1941 ]
(♦NYNHAH
65
77%
2000 i
B
72%
39
1946 j
N Y A Harlem gold 3 He
N Y Lack A West 4s ser A
4 He series
51
Low
1970 A
Phelps Dodge
.
1949 i
Y A Greenwood Lake 6s__
52%
106%
107%
.
N Y Gas El Lt H A Pow g 5S..1948
Purchase money gold 4s
53 H
52 H
97
108
110%
110
110
88
Debenture g 4%s
General 4%s series D
Gen mtge 4%s series E
Conv deb 3%s
79
105
1st guar 6s series B———1953 ;
N Y Dock 1st gold 4s
68%
*
Gen mtge 3%s series C
Consol sinking fund 4%s
08%
81
1941
1963
48 sterl stpd dollar.May 11948 Af N
70
58
-
1943 M N
1948 AT N
4s
cons g
Jan. 1
General 4%s series A
General 6s series B
65%
56%
80%
extended to—1947
3-year 6% notes
106
89
60%
60
,
Ref 6 He series A
Ref 4 He series C
133
103%
106%
Consol gold 4s
80
N Y Chic A St Louis—
No.
106%
A
72%
77%
84%
77
.
High
106%
107%
Low
A
Pennsylvania RR
Since
Asked
1974 F
4 %s debentures
Range
A
Pennsylvania Pow A Lt 3%s._1969 F
45
or
Friday's
Bid
High
100% 110
10-year 3%s sec s t—-—..1946
Ref A Inapt 4 He serlee A
2013
Lake Shore coll gold 3%8—
Low
Range
Week Ended Nov. 10
High
60
N Y Cent A Hud River 3 He
N. Y. STOCK EXCHANGE
Jan. 1
♦106
60
Conv secured 3He
BONDS
Since
Ashed
<k
1939
11
Week's
Range or
Friday's
Sale
Price
Nov.
Week's
61
65%
64
12%
22%
52%
13
"38
52
51%
62%
7
14
6%
7%
14%
9%
9%
10
15
9%
11%
15
9%
9%
10%
10%
85
6%
9
10
40
61%
13
6%
54%
61
60
10%
5
7
13%
14
14
13%
65
93%
99%
♦2d 4s inc bond ctfs...Nov 1989 J
J
33
33
33
2
26
93
95%
(♦1st terminal A unifying 5s. 1952 J
♦Gen A ref g 6s series A
1990 J
J
16%
16%
18
20
15
35%
23%
J
9%
9%
9
8
15%
10%
Volume
y.
exchange
stock
Week's
Last
Range or
Sale
31
Week Ended Nov. 10
Friday't
Bid
A Asked
Price
Range
§2
§
Low
No.
Miali
Low
t*8t Paul E Gr Trk 1st 4Ha...1947
*4%
98H
t*St Paul A K C Sh L gu 4 %s._1941
6%
6%
3%
3%
1940
1972
fPaclflc ext gu 4a (large)
St Paul Un Dep 6a guar
J
J
..1963 A
8 A 4 Ar Paaa let gu g 4a
San Antonio Pub Serv 4a
O
1943
109 H
J
/
19
/
20
20
A
O
30 %
A
1946
O
1946
0 Ho series B
♦Stamped
1950
Oct 1949
1959
|*Gold 4s stamped
•Adjustment 6e
I ♦Refunding 4s
F
A
25
31H
3
25
A
O
M
S
Skelly Oil deb 4a
1951 J
Socony-Vacuum Oil 3s deba_..1964 J
8outb 4 North Ala RR gu 5s_. 1963 A
1902 A
1979 J
3s debentures
Southern Calif Gas 4 Ho
104
104
27
100
14
56
6s debentures
47
40
3H
6
1H
4
Washington Cent 1st gold 4s.. 1948 Q M
67
67
8
Wash Term let gu 3%a
lat 40-year guar 4s
3
46
6
7H
2%
5
11
10H
7
HH
19
4H
4
22
2H
5
2
2H
95 %
60
296
16
1st mtge 3%s series i
West Va Pulp A Paper 4%s
6
95%
50
75 H
10
Gold 4 Ha
Gold 4 Ha
104%
15
98
100 H
105
103
104
43
97
104
103 % 108%
93% 102
8
14%
13%
24
28
30
55%
72%
1951
71%
69%
71%
33
57%
70
70
69%
70%
35
57
*8
15
75%
22%
1960 M S
1953 J
J
2301
J
J
2301
j
J
47%
.1949 M S
112%
...
11
105
110%
WheeUng Steel 4 Ha series A.. .1960 F
6
100
106 H
White Sew Mach deb 6s
96 H
57
87
5
96H
100% 106H
*35
58 H
.1960 J
/
t*Wls Cent 50-yr 1st gen 4s.. .1949 J
/
16
18%
57 H
15%
15%
N
J
37%.
59 %
60 H
15
51
68
O
81
81
5
78
93
67
68
75
54
72 H
{♦Wor a Conn East 1st 4%s_ .1943 J
Youngstown Sheet a Tube—
31
77
91 H
125
44
77 H
83
80 H
♦70
57
""3
60
110%
2
102
104%
84
97
107 H
3
100
71
108%
109
22%
105%
132
96
64
68
9
103
107%
115
1?0
94
106%
*123
112H
17
107%
125%
102
8
39
100
105%
32
100% 107%
115%
94 H
....
21
106%
88%
106 %
89 H
3
79
Texas Corp
1951
107 H
107 H
107 H
72
102
...1959
104 H
103 H
104%
111
1943
2000
♦50
'ii2%
111%
84 H
112H
"~~7
77 H
76 H
77 H
24
76
77 H
11
75%
89
76 H
77
12
76%
89
1979
"77"
101H
95
dollar
95H 105%
110% 119
88
37%
231
7%
87%
n
maturity,
$ NegotlabUlty Impaired by
quotation
per
200-pound unit of bonds.
t The price represented Is
Accrued Interest payable at
exchange rate of $4.8484.
1 The following is a list of the New York
Stock Exchange bond Issues
which have
'
1, 1940 at 105%.
Union Oil 3%s 1952, Jan.
t Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act. or securities assumed by such companies.
•
under
week.
No sales transacted during current
Friday's bid and asked price.
•
Bonds selling flat.
Deferred delivery sales transacted
a
96% 104
5
50 %
week,
during current
Ex-Interest.
been called In their entirety:
108 h
101H
week
a Deferred delivery aaie; only
Odd lot sale, not Included In year's range
Cash sale: only transaction during current
r
x
89
76 H
88
sales.
transaction
the
112H 116%
100
110%
112H
107 %
No
106%
99%
week and not included In the yearly
Cash sales transacted during the current
e
range:
97 H 100%
Texarkana 4 Ft 8 gu 6Ha A...1960
S
S
.1901 M N
let mtge s f 4s ser C
109%
12H
8
105
1980
111%
105%
*9%
J
.1948 M
4s
74
104%
95 H
1977
1
112%
105
1963
108%
99% 110%
104
110%
5
9%
109
104 %
Term Assn of St L 1st cona 5a.. 1944
24
80
40
107 H
10
108%
84%
107 H
1950
4%
81
58
70
35
47
79
110H
103 H
70
Tenn Coal Iron 4 RRgen 5s.—l^l
9
62%
75 H
11%
8
♦Certificates of deposit..
Conv 'deb
6 j
4%
107%
Wisconsin Eleo Power 3 Hs
Z1968 a"o
Wisconsin Public Service 4a.. 1901 J D
88
19
9
8
115
58 H
20%
6%
8
|*Sup a Dul dlv a term 1st 4s "*36 Af N
52 H
86 H
7
5
8
♦Certificates of deposit..
49 H
1953
99
88%
114
110
*110
61H
67 H
57 H
Tex Pac Mo Pao Ter 5Ha A...1964 M
105
39
105
Gen 4 ref 5s series D
13
97
40%
104 X
Gen 4 ref 6s series C
0
17
30
40
37 H
Studebaker Corp cony deb 0a..1946
99
90%
100% 101%
97%
97%
56
105 H
Gen 4 ref 6s series B
38
104%
103
/
O
1947 A
52%
"12
12"
11%
tl^Wllkes-Barre a East gu 5s .1942 / D
59
42
109% 114%
*101%
.1940 MA
241
104 %
44
1
30
16H
gold 6s
8
99
98%
A
~8
112%
44
105 H
Texas 4 Pacific 1st gold 6s
55
49
53
24
8
Conv deb 3%s
Winston-Salem 8 B lat 4a
105 H
Texas 4 N O con
...
D
J
109%
67
89%
76%
95
82%
100% 107%
66
105%
"is %
•.
2
20%
Registered
1955
deb 3 Ha
13
20%
52
49%
8o'we8tern Gas 4 El 4a Ber D..190O
Gen refund a f g 4a
72
90%
89
20%
Wheeling a L E RR 4a
Staley (A E) Mfg lat M 4a_.._1940
Standard Oil N J deb 3s
1961
Swift 4 Co lat M 3%a
84%
106%
83
106%
106%
O
49
N
1908
2%a
*106
83
52 %
1965
1st 4s stamped
1955
Southern Ry 1st cons g 6s
1994
Devel 4 gen 4s series A
1966
Devel 4 gen 0s
1956
Devel 4 gen 0Ha
1960
Mem Dlv 1st g 6s
1996
St Louis Dlv 1st g 4s
..1951
Bo'westem Bell Tel 3Haaer B..1964
tSpokane Internat lat g 6a..
112%
102% 107%
54
So Pac RR lat ref guar 4a
1st 4 ref 3s series C
104
65
109
S
S
1950 A
San Fran Term 1st 4a
115% 122
110%
89
105 H
95%
118
110%
20
West Shore 1st 4s guar
41
117%
65%
110
77
118
1940 M S
100
"5
102
108%
100
1946 M F
♦Westphalia Un El Power 0s_
107 %
108
1950 M N
aer
Western Union
11SH
101H
108H
110
107%
1977 J
♦5a assented
107%
130
107%
D
115
*117
109%
118
A_.
^♦Western Pao 1st 5s
82
104H
107
1952 A
1943 A
109
102
128
*121"
Teleg g 4%s_
25-year gold 5a
30-year 5s
23H
22
52
1940[j
10-year secured 3 Ha
3s debentures
..1952 J
lat a ref 5%s series A
72
A
J
West N Y a Pa gen gold 4a...
"3
*l05%
A
1966 /
Western Maryland lat 4a
62
58
3
1945 F
1945 F
*
Westcheater Ltg 5s stpd gtd—.1950 J D
Gen mtge 3 %s
—1967 J D
West Penn Power 1st 5s ser E.1963 M 8
105 H
A...1977 M
1968 M
1969 M
1981 (M
lat 4 Ha (Oregon Lines)
92
33
A
Wilson a Co 1st M 4s aeries A .1955 J
Gold 4 Ha
80
79%
2
91
D
1940 J
73
77
*75
16
33%
2
109 %
65%
33
50
108 %
63
15%
107%
67%
Warren RR lat ref gu g 3%s__2000 F
25 H
99%
102
103%
17H
1st mtge pipe line 4 Ha
1951
So Pac coll 4s (Cent Pac coll)..1949
♦
5
7H
98 H
J
1947 J
Southern Kraft Corp 4Ho
Southern Natural Gaa—
10
53
60
99
1961 M S
1905 F A
1st mtge 4 ref 4s
Southern Colo Power 6s A
10
14%
103%
/
South Bell Tel 4 Tel 3*0
9
34
104%
J
O
O
9
11
*8
J
O
35%
♦24
O
1980 A
85
25H
1952 A
18
35
94 H
1941 F A
Simmons Co deb 4a
10
84%
3%
811eslan-Am Corp coll tr 7a
8%
85
14%
3%
60
8%
35
4H
D
O
S
16
1952 J
A
4%
4%
O
8H
♦Siemens 4 Halske deb 6Ha..-1951 M S
♦Silesia Elec Corp 6Ha
—1946 F A
10
7
1948 M
9H
95
15%
10
1955 A
7H
J
5
1941 M S
8
J
1954
12
10%
$♦ Warren Bros Co deb 6s
6
A
1935 F
♦Series B certificates
8hell Union Oil 2 Ho debs
Shlnyetau El Pow 1st 0 Ha
10
Warner Bros Plct6a debs
"161
15
43
45
19H
8%
$§*Atl 4 Blrm 1st gu 4a
1933 MS
!♦ Seaboard All Fla 6a A ctfs_..1935 F A
18
40%
*42
9
32 H
7 H
1945
6s series A
♦Certificates of deposit
18
11
10H
*
♦Certificates of deposit
52%
11
Walker (Hiram) GAW deb 4%a 1945 J D
Walworth Co 1st M 4a
1955 A O
21
5
48
16
16%
9
1978
15
49%
16
*11%
A
♦Ref a gen 4%s series C
♦Ref a gen 5s series D
30%
3H
5%
....
12
"l4 % "~~4
14
14
22%
*45
High
109%
49%
14% 28%
30%
24%
30
*26%
:♦ Wabash Ry ref a gen 5%a A.1975 M S
116H H9H
14 H
O
22
22
J
110H
6
101
20
J
J
g 4a_.1939 J
♦Omaha Dlv 1st g 3%s
1941 A O
♦Toledo a Chic Dlv g 4s
1941 M S
20
♦110
A
A
1976 F
15H
Low
35
©
39
(♦DesMoines Dlv 1st
31H
H
30
30H
Scioto V 4 N E let gu 4a
1989 M N
lt*Seaboard Air Line 1st g 4a..1950 A O
"l9~"
No.
106%
1941 J
♦Ref a gen 6a series B
109
....
Jan. 1
©
36
36
1954 /
112H
105
24
109 %
—1939 F
♦1st Hen g term 4a
♦Det a Chic Ext lat 5a
47 H
68 H
99 % 107 H
7
106%
106 H
Since
oqoa
106
106 %
1939 A/N
|*2d gold 5s
9
99
111H 118
10
63
62 H
62 %
*109%
♦Stamped
cons
1
S
1905
{♦Schulco Co guar 0%s
♦lat
13
MN
Santa Fe Pres 4 Pben lat 5a...1942 M
a I
99
114
J
San Diego Consol G 4 E 4a
♦Guar
97
114
97
.....
1966 M S
Virginian Ry 3%s series A
Wabash RR lat gold 5s
St Paul MIdd 4 Man—
96
is
Hiah
A
Low
High
87 H
«6%
87
....
Bid
Price
Week Ended Nov. 10
Asked
Friday's
Sale
n. Y. STOCK EXCHANGE
Jan. 1
Range or
Last
BONDS
•
Since
*
St Paul A Duluth 1st con g 4s..1968
Week's
Friday
Friday
I*
BONDS
n.
3089
New York Bond Record—Concluded—Page 6
149
during the current week
and not included In
the yearly range:
No sales.
1960
48%
48
Jan 1900
13 %
13H
15H
'loon
*95%
105%
106 H
Third Ave Ry lat ref 4s
♦AdJ Income 6s
|*Thlrd Ave RR 1st g 6s
1937
Tide Water Aaso Oil 3 Ha
1952
97 H
51%
16%
98%
"67
98
107%
1953
48
49
60%
Tol 4 Ohio Cent ref 4 Imp 3%s 1960
22
84%
90%
54%
71%
Transactions
Tokyo Eleo Light Co Ltd—
1st 08 dollar series
Tol St Louis 4 West lat 4s
1950
Tol W V 4 Ohio 4a aeries C
1942
York Stock Exchange,
New
Railroad
Stocks.
"97% 166"
State
Miscell.
Shares
Bonds
Nov. 10 1939
United
Total
States
Bond
Bonds
104% 109
20
24
10
1952
20
83 %
1946
Ujlgawa Elec Power a f 7s
3%a__J—1962
109
ti*Unlon Elev Ry (Chic) 56—1945
9
13 Hs debentures
—
114
106
1959
85
Wednesday
110
Thursday
$3,114,000
3,999,000
6,549,000
6,769,000
1,178,000
1,234,000
Friday
84,000
7,811,000
201,000
8,204,000
5,615,000
930,000
193,000
Total
6,738,000
$26,046,000
84.963,000
8730,000
$31,739,000
102H
93
113H
103%
115
let lien 4 ref 4s
June 2008
113%
107%
40
106 H
45
100
1st Hen 4 ref 5s
June 2008
*114%
110%
110%
1970
1971
96H
97 H
"l8
97
97 H
7
1950
108%
6a—1952
1963
70H
35-year 3%a debenture
United Biscuit of Am deb 5s
United Clgar-Wbelan Sts
United Drug Co (Del) 6s
75%
108H
U944
U N J RR 4 Canal gen 4a
assented A
♦Sec
s
♦3%s assented A
United Stockyards 4Ha
34 H
22
,106H
103
34%
14
11
253,850,511
$1,132,000
$303,034,000
3.652,000
$118,453,000
209,720,000
1,222,482,000
$1,550,655,000
$730,000
4,963,000
Bonds
26,046,000
29,076,000
214,093,000
1,254,092.000
$31,739,000
$33,860,000
$1,771,219,000
Railroad and industrial
50
60%
Stock and Bond Averages
"89"
89%
6
101 H
100%
101H
53
1944
101U
101
102
80
80
1947
1«59
80
80
107
Below
"83% ~90"
102%
93
82%
12
66
80 H
30
65%
as
daily closing averages
the
stocks and bonds
93H 102
80 H
are
VandaUa cona g 4s series A
►
1941
compiled by Dow, Jones &
Co.:
;
1955
83
Bonds
Cona s f 4s series B
106% 109%
CII
1957
IO9""
|*4Hs July coupon off.....
1934 J
$♦4 Ha assented
1934 J
J
Va Elec A Pow 3 Hs aer B
1968IM S
Va Iron Goal A Coke 1st g 5...
19491
Va A Southwest 1st gu 5s
20O3J/
J
1968 A
O
let Cons 5s
%
AT 8
10814
107%
40%
*50
62H
109
40%
83
62%
37|
3
1%
100% 111
27%
72
54
45
72%
65
Total
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Qrade
Orade
UtiOr-
40
roads
ties
Stocks
trials
Rails
Rails
tiet
Bonds
trials
%
H
J4
10
30
Indus¬
Dali
J
*
10
106% 109%
Vera Crux a Pacific RR—
Exchange
.
118%
96
110
of representative
listed on the New York Stock
Stocks
Vanadium Corp of Am conv 5s.
1938
234,539,430
7,472,033
14
20
1 to Nov. 10
1939
6,052,340
Government
Total
50
11%
*
1947
W..1951
!♦ Debenture 5s
Exchange
Stocks—No. of shares.
106%
11%
Utah Lt 4 Trac lat 4 ref 6s.—1944
t|*Utl, Pow 4 Light 5 Hs
24%
100
Jan.
10
1938
1939
State and foreign
111
22
14
1947
Utah Power 4 Light 1st 5s
83%
84%
69
32
1951
w
65
104
1951
♦3%s assented C
♦Sink fun4 deb 0 Hs ser A
104% 109%
2
*16
1951
I 0 Ha series C
7
12
Week Ended Nov.
Sales at
New York Stock
89% 100%
89% 100%
38
106
fJ*Unlted Rys St L 1st g 48—1934
debs
1948
♦Un Steel Works r^orp 6 Ha A..1951
U S Steel Corp 3 % a
♦3
110
108 H
71H
78%
108H
190,000
HOLIDAY.
99% 102%
101
Union Pac RR 1st 4 Id gr 4s—1947
34-year 3 Ha deb
862,000
8589,000
1,032,000
1,423,620
1,266,290
6,052.340
Monday
13
8%
108% 116%
10515,, 109%
9
*105J63j
1962
3a debentures
85
109 H
*11213-
Union Oil of Calif 6s series A... 1942
71%
101%
Sales
$3,765,000
5,221,000
1,068,410
1,199,630
1,094,390
Saturday
Tuesday
Union Electric (Mo)
Yearly
Municipal
For'n Bonds
A
Number of
Week Ended
123% 125%
4a_.1946
Trenton G 4 El lat g 5s
1949
Trl-Cont Corp'58 conv deb A.. 1953
♦Tyrol Hydro-Eleo Pow 7Ha.. 1955
Toronto Ham 4 Buff lat g
♦Guar sec a f 7a
the
at
Daily, Weekly and
Nov.
10
149.09
32.79
25.71
50.66
9
148.75
32.88
25.73
50.61
8
150.35
33.44
25.95
51.20
107.73
,
52.01
108.45
90.23
92.83
107.81
Nov.
92.61
107.83
Nov.
52.05
108.56
90.30
92.93
52.78
108.45
90.47
HOLI DAY
HOLI DAY
Nov.
7
Nov.
6
151.46
33.57
20.05
51.53
Nov.
4
152.36
33 84
20.01
51.81
107.67
93.00
52.95
108.45
90.52
107.51
92. U0
53.30
108.26
90.49
New York Curb
3090
Exchange—Weekly and Yearly Record
Nov.
11, 1939
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 <s 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
week beginning on Saturday last
(Nov. 4, 1939) and ending the present Friday (Nov. 10, 1939). It is
compiledentirely
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.
Friday
Sales
Last
STOCKS
Par
Week's
Sale
of Prices
Low
High
Price
Range
for
Low
Supply
14%
Class B
--1
4%
AInsworth Mfg common.6
Air Associates Inc com—1
'm
|Air Investors common..*
23*
18%
2%
9%
2%
2,300
7i#
preferred-—
Gt
7i«
300
»ii
85%
99% 100%
300
61 %
71
6,800
600
5
200
6%
20
*
Alles & Fisher Inc com.—*
2%
2%
2%
*
Invest com
pref
conv
Allied Products
Class A
com
Co
7
10
com
conv
Aluminum
%
*
25
11%
11%
6%
urn
17
116
116%
300
8
9%
650
110%
Co
100
1H
100
104
1%
47
45
Amer Box Board Co com.l
Common class B
47
8
*
22
22
22%
...•
73
73
Centrifugal Corp..1
%
500
»x.
Class A
30%
30%
31%
a30% a30%
$6 preferred
*
Jan
Oct
2d preferred
*
Brazilian Tr Lt & Pow...*
Breeze
2%
Jan
.%
Feb
75
Mar
37%
Aug
Aug
June
Jan
900
34
Apr
35%
Nov
Apr
Sept
Sept
38
113%
9,500
825
110%
4%
800
125
Oct
ii*
40%
116
3% May
Jan
Oct
Class A pref
Brown Forman
500
6
Sept
24
Jan
29
Jan
33
July
Aug
Sept
6%
26%
Mar
12%
Jan
34% June
16%
16%
15%
Apr
18
Mar
16
16%
600
13
18
Jan
27%
21%
27%
100
25%
Apr
Apr
29
June
22%
150
9%
Apr
25
Oct
June
2~70<)
66
l6l#
200
%
20%
125
55
54
American
Amer
Republics
Seal-Rap
Am Superpower
Post
90
6%
7%
1,400
6%
%
6%
6%
600
...»
Fenoe
90
%
Corp com*
1st $6 preferred
29
7
2
$8 series preferred
*
American Thread pref...5
Anchor
29
10
com..
1*16
8
Amer Meter Co
Amer Pneumatic Service.*
Amer Potash & Chemical. *
%
77%
Appalachian El Pow pref *
SArcturus Radio Tube...l
Art Metal
Works com.
6
Ashland Oil & Ref Co
1
Assoc Breweries of Can__ *
Associated
Elec
Option
100
700
1%
9%
um
%
Feb
*"2%
2%
7%
2%
2,400
2
Apr
7%
400
5%
Jan
*95%
3%
3%
7%
Apr
Apr
Apr
95%
96%
60
78%
Apr
Sept
4%
-7---
L600
4%
Apr
16% June
Beech Aircraft Corp
Bell Aircraft
Corp com_.l
Bellanca Aircraft com_._l
Bell Tel of Canada
100
Bell Tel of Pa 6%
see page
Oct
5% Sept
16% June
6%
Sept
Oct
7i«
Nov
1%
Jan
Jan
11%
Mar
ht
Jan
»U
7%
700
5%
10
63
24%
3%
24%
3%
100
15%
»ie
1%
Bunker Hill & Sullivan 2.50
68
Apr
Jan
98
Feb
Camden Fire 1
Jan
600
25,800
4,900
7%
9%
7,800
25%
25^
27%
400
1%
5%
2%
Jan
Sept
Apr
Apr
Sept
3
Apr
8%
Jan
8%
22%
Sept
18
Aug
Sept
preferred
3%
Sept
Nov
Sept
48%
May
Preferred
Aug
Aug
4%
Sept
Preferred B
29%
Jan
4
Apr
15%
Apr
Apr
%
Oct
1%
3,400
%
July
450
7%
Jan
8%
100
4
9%
1,700
"""26
4%
May
Mar
100
11%
10,100
3,300
10,900
15
135
200
120
112% 123
100
118%
132
10
Sept
Sept
7%
1%
1%
10%
9%
Sept
11
Feb
Jan
Jan
Mar
*4% "5%
2,500
29% 32
20% 21
105% 105%
14
15%
650
1,100
26%
19%
50
100
600
11
Apr
1%
100
1%
Sept
1%
1%
300
1%
Aug
%
%
200
%
7%
1%
1%
6,500
1%
Sept
Feb
Oct
19% June
4% May
1%
Apr
2%
Oct
4,200
"l"% "l %
2%
16%
22
*1%
T.300
%
36%
%
24%
4%
36%
%
24%
Apr
4%
Aug
%
Feb
100
19%
Sept
4%
500
300
3%
24%
Apr
36%
%
1,100
%
99% 100
90
85
10
78
92
10%
*12%
92
10%
7%
11%
2,100
8%
servt
7%
100
5%
Feb
11%
12%
300
9
3%
4,200
17
4%
111
4%
24%
69
70
13%
13%
775
2%
76
Apr
3
June
175
17
Aug
30
700
48
Feb
97
9%
.....
94%
97%
9%
9%
105% 106%
1
%
3%
%
3%
1%
*16
260
700
3%
13%
Jan
Apr
85
Apr
6%
Aug
175
85
Jan
2,200
1
May
Apr
July
3,000
225
%
2%
7
June;
3
June
3%
2%
3%
50
2%
Nov
3%
3%
4%
1,500
3%
May
4
4%
300
3%
5%
110
Aug
July
Apr
Apr
66%
9
350
60
Sept
300
%
400
75
5%
%
25%
Apr
Sept
xl2
66
66
9
%
8%
%
28%
5%
27%
5%
55
6
Apr
Aug
Mar
*
51%
52%
20
37
Mar
89
89
89
20
55
85
85
88
60
53%
Cities Serv P A L $7
pref. *
$6 preferred
*
City Auto Stamping
*
City A Suburban Homes 10
55%
6
6%
2,300
4
4%
Clark Controller Co
1
Claude Neon Lights Inc.-l
Clayton A Lambert Mfg..*
Cleveland Elec Ilium
*
15%
%
%
*4l"
%
1,300
"42%
1I666
5%
700
l'.ioo
%
1%
34%
3%
1%
2%
*5%
5%
"2% "2%
7%
1%
5
Feb
Jan
Jan
July
Jan
July
Aug
Apr
Jan
Aug
July
Jan
Apr
Jan
2
2%
900
£1
4%
4%
300
4%
warr.
7%
8%
500
4
86
87%
550
70
Oct
Apr
Apr
63
63
55%
Jan
Aug
15%
11%
Aug
36%
Jan
Colt's Patent Fire Arms.25
10%
Jan
Columbia Gas A Elec—
176%
Aug
Aug
Conv 5%
Apr
May
Aug
90
Cohn A Rosenberger Inc.*
Colon Development ord
124
Jqp
600
Cocfeshutt Plow Co com..*
Oct
Jan
Apr
Feb
4%
Feb
Apr
Jan
43%
3%
Preferred BB.
6% conv preferred.
Colorado Fuel A Iron
Oct
%
400
Feb
Jan
Apr
2,000
40
Nov
Sept
Sept
2,600
Oct
Nov
Apr
Sept
5%
Cleveland Tractor com...*
5%
Oct
2%
1%
Cllnchfield Coal Corp. .100
Club Alum Utensil Co
*
Sept
Oct
57%
Aug
3%
Oct
1%
5%
„*
Jan
6
Sept
HI*
Jan
Apr
15%
Cities Service common.. 10
Sept
July
27
10
~14~~
100
2
3%
8%
30%
21
1
50
2%
15%
9%
23%
8%
9%
28%
Chief Consol
Mining
Childs Co preferred
Oct
1% Sept
17
20
15%
*
Charis Corp
10
Cherry Burrell common..5
Chesebrough Mfg
25
Chicago Flexible 8haft Co 5
Chicago Rivet A Mach...4
4%
13%
Oct
7
Chamberlin Metal Weather
Strip Co
5
Aug
9%
"20 "
100
Centrifugal Pipe
1%
5
10
"5"
*
preferred
100
Conv preferred
100
Conv pref opt ser
*29.100
Feb
Mar
26
23
Cent N Y Pow
5% pref. 100
Cent Ohio Steel Prod
1
Cent Pow A Lt
7% pfd 100
Cent A South West Util
50c
Cent States Elec com
1
Sept
19 %
Cent Hud Q A E com
*
Cent Maine Pow
7% pf 100
%
Jan
Oct
"u
800
109
ht June
7%
24
1%
110%
4%
$7 dlv. preferred..
1st partlo pref
2%
"26"
1%
7% 1st partic pref
100
Celluloid Corp common. 15
35%
8%
1%
3
1,700
Apr
Jan
7%
4%
900
3%
Sept
100
8%
8%
100
500
5%
Castle (A M) common. .10
Catalin Corp of Amer
1
Ce'anese Corp of America
5%
25%
1,100
%
8%
23
4%
*
common
Carter (J W) Co common. 1
Casco Products
*
2% June
11% Sept
1%
Sept
*
Carnegie Metals com.... 1
Carolina P A L $7 pref...*
$6 preferred
»
Carrier Corp common
1
Sept
6%
22%
1%
18%
5%
*
1%
8
Nov
100
7%
7%
21
16%
19%
Apr
21 %
1
..25c
*
6%
% June
21
19%
5
Carman A Co class A
Class B
1,000
4%
\*in
Carnation Co
Jan
300
Apr
100
50c
Canadian Marconi
Capital City Products
Sept
4%
3%
nn-f
Car lb Syndicate
Sept
3%
%
Aug
Aug
100
Canadian Car & Fdy pfd 25
Cndn Colonial Airways
1
Canadian Indus Alcohol A *
Ola« H non-vof
*
4%
3,600
16
%
1%
21%
9%
100
19%
1%
20
Corp Am dep rets..
Burry Biscuit Corp__12%c
Cable Elec Prod com
Vot trust ctfs
9%
17
Aug
100
12
19%
19%
Burma
31%
%
1%
50
Buff Nlag & East Pr pf.25
$5 1st preferred
*
Apr
300
6
"7%
Jan
2% May
Aug
96%
2%
Buckeye Pipe Line
Apr
40
7%
14%
%
%
Jan
Aug
13%
14%
12
$6 preferred
*
Brown Rubber Co com___l
Bruce (E L) Co com.:...5
Feb
26%
7%
%
4
.....
Mar
i«i,
*i» Aug
2% May
3095
8
Jan
6%
% pf .100
For footnote-
Oct
%
1,100
18,000
Beau Fruntmell
Beaunlt Mills Inc com.
.10
$1.50 conv nref
20
98
5%
Stainless Steel... 1
Corp___i
(L) Co com..I*
7% 1st preferred
100
7% 1st pref v t C....100
Oct
Nov
Apr
Barlow A Seelig
Mfg A..5
Basic Dolomite Inc
com._l
Baumann
16%
112%
1%
10
Bath Iron Works
Aug
900
CorpIIi
Bar
Feb
2%
Axton-Fisher Tobacco—
7% preferred
30
Baldwin Rubber Co
com 1
Bardstown Distill Inc.
1
3%
2%
15
com
Sept
Sept
14
Baldwin Locomotive—
Purch warrants for
Sept
Sept
25
Class A common
2%
%
107
25
Ayrshire Patoka
Collieries 1
Babcock & Wilcox Co
*
Feb
Apr
Sept
500
5
5
Aug
3%
"~~40
Birmingham &
Coast RR Co pref... 100
Avery (B F)
8% preferred w w
6% preferred xw
Warrants
Aviation A Trans
Feb
Sept
%
Atlanta Gas Lt 8% pref 100
Atlantic Coast Fisheries..*
XAustin Silver Mines
1
Automatic Products
5
Automatic Voting Mach..*
1
1%
2%
Atlanta
*
Apr
27
warrants
Corp
June
11%
80%
Assoc Laundries of Amer.*
Assoc Tel & Tel class A..*
Atlas Drop Forge com
Atlas Plywood
7
3*
£1
Atlantic Coast Line Co.60
Atlantic Rayon
Corp
.1
Atlas Corp warrants
Jan
Aug
Jan
2%
100
U2%
*
32
Sept
29 %
1%
3%
200
Jan
71«
4%
25
1,500
3
Apr
Oct
16
4
18
13
%
35%
3%
3
67
*16
Aug
Sept
18
300
Common
1%
5%
3%
Calamba Sugar Estate..20
%
Class A
300
Sept
Oct
Jan
8,400
13,000
%
99
Apr
800
~~5%
Aug
Am dep 5 % % pref shs £1
600
"T
Sept
6
50c
Cables A Wireless Ltd—
3%
112"
3%
%
300
Aug
17%
%
100
200
Mar
%
Assoc Gas &. Elec—
$5 preferred
Feb
Jan
Jan
5
1%
32%
5%
4%
9,000
Industries
Amer deposit rets
Apr
Sept
16%
3%
Angostura Wupperman..l
Apex Elec Mfg Co com
*
Preferred
10
Arkansas P & L $7 pref..*
78%
Aug
1%
2%
*16%
*
Arkansas Nat Gas com.
*
Common class A......*
»i«
Jan
%
9%
1%
3%
Distillery. 1
la
16
*21%
10
150
.*
Mar
Lt & Trac
.25
Apr
55
Brown Fence & Wire com.l
Amer
preferred
2%
17%
2,600
*3%
I Brown Co 6% pref... 100
"960
6%
Apr
30
dep rets ord bearer £1
Sept
16%
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co
1
4%
1%
Am dep rets ord
reg-.lOs
British Col Power cl A
*
Apr
18%
%
Laundry Macy_..20
25
200
31*
18
Apr
Apr
British Amer Tobacco—
Am
Amer
com
8
Sept
Apr
34
Am dep rots ord
reg...£l
British Celanese Ltd—
1%
34%
2%
8%
29%
11
200
%
7%
*
35%
27%
10%
Registered
Jan
27
10%
41%
4%
8
500
9%
10%
Brlllo Mfg Co common..*
Class A
..*
British Amer Oil coupon..*
Apr
1,500
27
$2.50 preferred
1
Amer Hard Rubber Co.60
Amer Invest of 111 com
*
100
2,900
Aug
1%
*
27
%
4%
7%
18%
1%
100
25%
5,000
36%
Brill Corp class B
Class A
125
9,400
113
Mar
hs
...100
300
%
113%
Jan
23
22
American General Corp 10c
$2 preferred..
1
Mar
Aug
Jan
x34
7%
7%
8%
35%
9
Aeronautical... 1
7% preferred
Aug
13
50
1%
Bridgeport Gas Light Co. *
Bridgeport Machine
*
Preferred
300
7%
7%
1
Jan
1%
13
Jan
Corp
2%
32%
12%
Jan
Jan
1,500
Apr
5
Nov
Brewster
Jan
Jan
%
%
7%
7%
100
Sept
Jan
27
%
15%
18
*
com
7% 1st preferred
116%
17%
Aug
25
600
36%
7%
16%
1%
39%
7%
25
Nov
Nov
16
716
"29%
100
Aug
1%
31%
Bowman-Biltmore
Low
200
*
7% 1st preferred
Borne Scrymser Co
Bourjols Inc
143
9%
Mar
Sept
Sept
Sept
*
%
29%
Amer Cyanamld class A. 10
Class B n-v
..10
Amer Foreign Pow warr..
Amer Fork & Hoe com...*
Amer Gas & Elec com
*
39%
7%
1%
Sept
Am Cities Power & Lt—
Class A with warrants.25
Class B
l
*
July
Sept
900
1%
Bohack (H C) Co com
64% June
50
17%
1
Range Since Jan. 1, 1939
Shares
44
15%
36%
*
1
Oct
10
15
com
Bliss (E W) common
Blue Ridge Corp com
Nov
111%
3%
60%
%
*
& Machine Co
15%
36%
for
Week
38%
7ie
2%
10*
38%
%
*
91%
Jan
High
44
*
com
pref
Blrdsboro Steel Foundry
conv
Jan
141
1%
$2.50
Mar
Jan
38%
Purchase warrants
Blckfords Inc
$3 opt conv pref
Blumenthal (S) & Co.
Oct
500
7%
Oct
6
40
Oct
101
Mar
10c
$6.50 prior pref
Jan
Jan
Jan
Sept
10c
S3 preferred
18
1%
40%
200
Jan
%
89%
Jan
86
1,150
1%
Jan
2%
Apr
American Capital—
common
11
94
102 %
1
com.
Jan
8%
Sept
Aug
Apr
Low
Price
Berkey & Gay Furniture. 1
Jan
3
100
Beverage
American Book
Amer
June
6
May
Apr
14
Ltd common.*
preferred
Class A
21
Oct
90
143
Par
0Continued)
Benson <fc Hedges com...*
Conv pref
*
7% June
50
134
116%
6% preference100
Aluminum Goods Mfg...*
Alumln
100
2,650
20%
140
Aluminum Industries com*
American
11%
20%
common..*
Sale
.,ji
Aug
62%
1%
%
900
Allied Internat Invest com*
J3
24%
June
1
13%
85
100*4
preferred
Alliance
5%
6%
*
Southern..50
Ala Power $7 pre!
$8
Feb
Aug
4%
6%
9%
2%
Warrants
Alabama
July
Mfg—
Class A
Conv
High
Sales
Week's Range
of Prices
Last
STOCKS
Shares
Acme Wire Co common. 10
Aero
Friday
Range Since Jan. 1, 1939
Week
nreferred-.lOO
87
25
Sept
Volume
New York Curb
149
Friday
stocks
Last
(Continued)
Week's Range
Sale
Par
Columbia Oil A Gas
of Prices
Price
Low
1
Range Since Jan. 1,1939
for
Shares
2X
2X
3,100
*1»
33J
2 X
Apr
4X
Jan
1
1
300
35X
34X
37X
29 H
28 X
30
475
7i«
7i«
1,300
V t
c
Jan
Jan
Am dep rets ord ref.__£l
Sept
»n
Aug
Ford Motor of Can cl A__*
Class B
*
»ii May
IX
Aug
Apr
40 X
Aug
Sept
31X
Nov
•is June
X
Jan
26
23 X
100
16 X
100
13 X
Apr
16 X
37
16X
*
1
Consol GELPBat
Jan
37
3X
*
80 x
4X% series B pret
100
Consol Gas Utilities..—1
116X
Consol Min <fe Smelt Ltd.5
lix
com
8% preferred
Consol Royalty OU
...100
10
Consol Steel Corp com...*
Cont G4E7% prior pf 100
*
com
200
"i~M ~~i%
""266
7x
40 X
200
*
*
*
Cornucopia Gold Mines.5c
Ccrroon A Reynolds—
Common
1
$6 preferred A
*
Cosden Petroleum com—1
5°£
50
preferred
conv
Aug
Creole Petroleum
5
Crocker Wheeler Elec
6
2,800
4X
Aug
100
8X
Sept
9X
11X
1,600
4X
15X
1,150
3X
iox
June
Sept
IX
Sept
6x
18
16
4.300
2
200
73
130
1
Apr
Jan
3,200
1X
ix
iox
10X
iox
200
24
24
25 X
4,200
Mar
7X
6;
2,300
6X
2x
2x
700
500
ix
ix
X
4
x
x
iox
5C
"52k "53 x
"400
*
5
4X
4X
200
17
17
100
16X
17X
400
"ex
"ex ~~7X
"2"
Derby OU & Ref Corp com*
A conv preferred
*
'2~200
"
16X
ix
ix
Sept
8X
Sept
Aug
95
Sept
300
x
21
ix
25
7x
800
14X
7x
X
13
700
75X
75 x
5x
77 x
30 X
30 x
30 x
"Ix
"l"x
5x
4X % prior preferred. 100
3X
3x
IX June
Mar
7X
Sept
Gen Water G & E
July
Sept
28
7X
200
4,500
Apr
Aug
9X
X
IX
18
Jan
Mar
July
Feb
July
*11
11
4X
Jan
May
Sept
56 X
Sept
111X
Aug
IX
Apr
8X
Sept
Sept
Godchaux Sugars class A.*
Class B
52
Mar
IX
Oct
IX
2X
70
62 X
Feb
Aug
300
46 X
Apr
Apr
Apr
Jan
Apr
Jan
39
July
79 X
Jan
98
85
40
65
Jan
Gorham Inc class A
*
83 preferred
*
Gorham Mfg com
Aug
Aug
2X
Sept
June
45 X
Sept
*
Aug
Sept
Jan
Non-vot
com
stock
*
Gulf OU Corp
25
86 preferred
110x
x
"l6x
Jan
Haloid Co
Oct
29X
Apr
Hartford Elec Light
Gypsum Lime A Alabast.*
*
Hall Lamp Co
10
Mar
Hartford Rayon vtc
July
Hartman Tobacco Co
Oct
Sept
Aug
8
Aug
Jan
9X
Mar
Jan
z30
Aug
500
8
Oct
12 X
Feb
110X 114
130
132X
625
69 X
Jan
119
June
125
124X
Mar
133
Nov
41X
150
Apr
44
9
10X
1,000
4X
Aug
11X
Oct
2 X
18X
500
IX
Apr
2 X
Jan
Sept
22 X
Jan
40 X
15X
Aug
"42X
33
4,900
12
X
Jan
4~io6
29 X
Apr
45 X
Oct
Apr
109 X
July
103X
Jan
112X
Aug
July
5
July
IX
Apr
300
8X
Jan
4X
14X
Sept
*65 X
2X
X
Sept
IX
9X
Sept
Helena Rubensteln
Oct
7
"2 x
"e'oo
X
Mar
IX
1,200
X*
Apr
Jan
Mar
23
Mar
21
Apr
36
Mar
2
30 X
3 X
15X
3X
15X
700
7
4X
9
Sept
6X
Jan
Aug
22 X
Jan
5X
Sept
9X
Jan
200
3X
Feb
5X
300
6X
Apr
Sept
9
Oct
9X
Jan
Apr
28 X
Aug
26 X
Jan
6X
25
23 X
24
50
25
25
Apr
Mar
Hewitt Rubber common..5
13x
13 X
14X
200
7
Mar
Sept
73
Nov
58
57
59
400
30
Apr
July
2
Jan
Hey den Chemical ......10
Hires (Chas E) Co cl A.
43
Sept
2X
Sept
5X
Jan
Hoe (R) A Co class
9X
Sept
Hollinger Consol G M—5
11X
8X
12X
3X
Mar
7 X
11X
200
5
500
9
Apr
14X
Sept
Holophane Co common..*
14 X
14
15
900
9X
7 X
June
5X
6
Apr
42x
25X
5X
Apr
12
15
17
150
15x
16 x
75
3x
400
2X
June
150
14X
»i» June
10
Oct
IX
Apr
Sept
24
4X
Hormel (Geo A) A
Horn (A C) Co
Co com*
com..——1
Hummel-Ross Fibre Corp 5
33X
112 x 112 x
33X
112 X
31
25
19
Oct
Jan
2
Mar
Apr
12X
58 x
58 x
59 x
300
50 X
Apr
65
68x
68 x
69 x
1,100
59
Apr
72 X
Mar
19x
19x
100
June
3x
3X
700
Jan
Feb
Sept
IX
Jan
Apr
Jan
24 X
71
June
Nov
112 X
100
9 X
Apr
14X
71
68X
4X
2,100
52 X
Aug
1,200
2X
9X
Aug
x
x
100
X
NOV
6x
8X
Mar
3
Aug
IX
Apr
60
66
150
62
60
65
50
64
64
66
150
66
68x
175
21X
11x
x
x
12
900
Feb
71
Mar
Sept
71
Mar
52
Feb
73
Mar
64 X
Feb
74
Mar
Feb
27 X
Apr
12
61X
55
6
Aug
Nov
"~4X
Eureka Pipe Line com..50
4
4x
22
22
X
Apr
1
Sept
23X
3X
15X
Apr
30
Sept
June
»u
27
27
3,700
75
x
8ept
700
100
Aug
8X
22
Jan
Nov
Electric Corp—
lix
•il
Jan
11x
13x
8,200
9X
Aug
1
7X
7x
6X
June
21 x
50
18 X
Sept
Oct
8X
21 x
7x
21 x
600
Fanny Farmer Candy coml
Fansteel Metallurgical—*
24 x
Aug
13 x
13x
14x
1,900
4X
Jan
14 x
Nov
5
7x
7x
7x
100
5
Apr
8X
Oct
33
Nov
35
7
May
10x
July
25
Flat Amer dep rights
Fldello Brewery.
7ie
(Phlla)__l
10
Fisk Rubber Corp
x
x
1,000
67x
66x
9x
9x
67x
iox
2,900
83 x
84 x
450
88
89 x
200
100
84
*
88
For footnotes see page 3095
Sept
Oct
Sept
5X
12
Sept
Jan
IHuylers of Del Inc—
Common
7% pref stamped
7% pref
5% conv preferred
29 X
Imperial Chem Indus..£1
Imperial Oil (Can) coup..*
Registered—
6
Imperial Tobacco of Great
Imperial Tobacco of Can
10
Indiana Service 6% pf.100
7% preferred
...100
Indpls P A L 6 X% pf—100
Jan
4X
Mar
3X
Sept
31
July
3X
1,700
2X
Apr
20X
4X
1,300
14X
3X
51X
Sept
0X
May
57 X
Aug
7X
Sept
14 X
14 X
15
15X
5,200
15
500
11X
11X
11X
400
5X
3
200
Apr
4X
25
Jan
Feb
Feb
5X
Apr
11X
12X
10X
Sept
17
Sept
16X
Mar
Sept
16 X
July
Sept
32
19
£1
Britain & Ireland
Apr
Jan
9X June
9
19X
4X
4X
Dlv arrear ctfs
29X
20
100
Oct
X
Feb
Feb
300
5X
May
7X
Oct
10
10
30
5X
May
15X
June
hx
11x
50
5X
Apr
17
June
109X
90
5X
Indiana Pipe Line
*
lix
100X
Apr
1
...—1
J»n
Apr
X
Mar
1
•11
Apr
8X
Apr
12X
Apr
71X
Oct
Sept
24 X
Mar
Apr
21X
Mar
109
109
109X
Nov
Indian Ter IUum Oil—
Option warrants
Fairchlld Aviation
Apr
July
Mar
Apr
Illuminating Shares A—,
62
Jan
Aug
3
108 X
4X
3
X
18X
53
Nov
39 X
64X
20
Jan
14 X
July
Mar
8
Apr
65X
4X
50
5X
Jan
Sept
12 X
31
14
Illinois Iowa Power Co .._*
Jan
Mar
Jan
14
Aug
29 X
3
15X
14
100
unstamped..100
Hydro Electric Securities.*
Hydrade Food Prod...—5
Hygrade 8ylvania Corp..*
10
10X
15X
30
Hussmann-Ligonler Co.
Apr
1
6X
Feb
Apr
July
Oct
Oct
50
Sept
Sept
2
*
Horn A Hardart
Apr
Oct
12*
63
Sept
lix
23 X
Horder's Inc
Oct
1,100
50
(Henry) & Co cl A
5% preferred
100
Hubbeil (Harvey) Inc.—
Humble Oil A Ret
21,900
14X
A.—10
Sept
Sept
24
Aug
10X
Sept
Sept
Sept
ix
11x
Jan
IX
7X
Oct
11X
61X
IX
Sept
100
100
2
.25
Preferred ex-war
Jan
1,400
7
4X
8X
*
Class A
Oct
July
Oct
23
3x
May
X
4
IX
15 x
64
Feb
"266
13
""2"
com...6
25c
X
"~3X "~3X
61
0% conv preferred....60
Hearn Dept Store
Oct
70
29
Hecla Mining Co
107
Oct
112X
13
Hazel tine Corp
Sept
Nov
Sept
4
3x
Harvard Brewing Co
14X
5X
Jan
8X
112
1
Hat Corp of Am cl B com.l
Haverty Furniture cv pfd*
Feb
Oct
Feb
July
June
8X
*
Mar
8X
Sept
*11
95X
1
28
21X
16
Apr
25
Jan
Apr
102
Mar
Sept
'
5
Mar
Sept
Feb
5
"40 x "46"
._*
14
3X
83
Feb
225
1
Guardian Investors
Sept
IX
Sept
""loo
Gulf States UtU $5.50 pf.*
2X
2X
31X
Apr
10
Great Atl <fe Pac Tea—
Sept
July
13X
19 X
Jan
Apr
Apr
Aug
2 X
9
Oct
IX
Jan
6
17 X
8X
*
Grocery Sto Prod com..25c
Grumman Aircraft Engr.l
Nov
400
1
7
37
Apr
2X
18X
25 X
IX
17
Gray Manufacturing Co.10
Greenfield Tap & Die
2
21X
85
Apr
"Tx "~7X
17
Aug
June
100
10
Grand Rapids Varnish...*
8X
6X
17X
6X
3X
1n.
IX
Jan
Aug
Sept
June
4.000
7x
30
6X
Feb
3X
400
6x
5X
Apr
10
Jan
Aug
31
91
5
Feb
62X
103 X
25
*
40
Jan
82
100
Mines. .1
130
9x
Esquire Inc
Florida P & L 57 pref
Apr
Sept
97x
6x
29 x
25
18x
Equity Corp common.. 10c
53 conv pref
1
$6 preferred
*
100
IX
8X
7% preferred
8% preferred
Empire Power part stock
Emsco Derrick & Equip. .5
Fire Association
Glen Alden Coal
7% 1st preferred
18x
100
100
100
100
Fed Compress & W'h'se
33 X
28
Gt Northern Paper
1
Fedders Mfg Co
Nov
500
1
80
37 x
6
July
Apr
Jan
Sept
84
84
30X
X
Mar
July
X
July
4
Apr
17
Mar
97 x
Oct
1
19
95 X
Jan
16
pf 100
Falstaff Brewing
20
75
Mar
Empire Gas & Fuel Co—
European
48 x
50 X
7X
Apr
1
6% preferred
6X% preferred
62 X
72
18X
18X
1,000
24x
X*
50
50 X
Jan
1
24 x
X
80
IX
Apr
x
15
Sept
Aug
Sept
X
July
9
3X
"3X
Jan
*u
1,000
$7 preferred
*
Elgin Nat Watch Co
*
Goldfield Consol
*
E ectrol Inc vtc
$5 preferred
July
Sept
1
125
*
52X
Mar
2X
37
Sept
Apr
1,500
350
IX
Oct
Oct
X
1,450
8
66
1
com
Preferred ww
11x
Option warrants
79 x
48
$3 preferred
Oct
23 x
Elec Bond & Share com..5
14 X
Jan
Jan
49
Georgia Power 16 pref...*
33X
39 x
15X
Jan
100
Apr
10x
Easy Washing Mach B
12 X
11
200
X
X
*
6% preferred A
Sept
2X
13
10
37
"16"
95
July
General Tire A Rubber—
200
22
x
Nov
X
42 X
"50 X
pref ww
Gen Telephone $3 pref..
Heller Co common
iox
*
*
Economy Grocery Stores.*
Elsier Electric Corp
1
conv
Mar
Mar
3X
90
Oct
37
*
76 X
300
14 x
12x
IX
83
22 X
Empire Dlst El 6°l
Common
Apr
50
3X
10
100
76x
ix
General Shareholdings Corp
62
"""166
12
16
500
50
13x
7x
12 X
43
85
Jan
Gen Rayon Co A stock...*
45 X
107 X
3X
14X
July
Jan
*
July
100
J7 preferred series A—*
12 x
Investment com.l
5
Eastern MaUeable Iron. .25
$6 preferred series B
*
com
Nov
General
Holt
*
Electrographic Corp
Fireprooflng
Nov
Mar
34
Gen Gas & El 6% pref B..»
Sept
18
East Gas & Fuel Assoc—
$6 preferred
Elec P & L 2d pref A
14 x
Gen
"""loo
"ix "l~566
73
"~3
1
S5 preferred
Amer dep tots ord ref-£l
Sept
Aug
.....
*
Eastern States Corp
ix
8X
Feb
105X
72 x
Durham Hosiery cl B com *
6% preferred
76x
*
27 X
60
.100
Common
100
Jan
Apr
Jan
»xi
5
.10
5% preferred
General Alloys Co
Gen Electric Co Ltd—
9X
12 X
150
83
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
*
7
26 X
"l3~~
...100
Eagle Picher Lead
Apr
Sept
Sept
Sept
16
7x
Dominion Tar <fc Chemical*
Duval Texas Sulphur
Apr
17
200
Gilchrist Co
IX
*
Duro-Test Corp com
29
10
27
27
Dominion TextUe Co..-.*
7% preferred
Jan
Feb
23X
Dobeckmun Co common.
Duke Power Co
17 X
*
3 I
11
100
500
ord reg..£l
Dubllier Condenser Corp.l
50
conv stock
13X
Distillers Co Ltd—
Driver Harris Co
Mar
24x
38x
13
Apr
13X
10
*
10
Oct
26
IX
200
Corp.—6
Draper Corp
30
Aug
Gilbert (A C) common...*
Preferred
*
17X
ix
21X
ix
"21
Diamond Shoe Corp com.*
Dominion Steel A Coal B 25
Feb
15
Jan
1
1
Dominion Bridge Co
19
10
50
3
IX
35X
10
Am dep rets
Jan
1,600
Aug
400
Det Mich Stove Co com_.l
Divco-Twln Truck com__i
Mar
21
Mar
7
6% pref w w
7% preferred
15
29
4X
2X
Detroit Gasket A Mfg—1
De VIIbias Co com
Jan
Mar
19x
24x
38x
2*
23 X
1
Detroit Steel Products...*
May
28
4
4x
Class A
Detroit Paper Prod
2
Jan
17x
Apr
Sept
6
1
20
Detroit Gray Iron Fdy...l
Aug
IX
IX
53 x
100
Delay Stores
Jan
Oct
Mar
28 x
$6 preferred
2X
35
Decca Records com...... 1
4X
1
Warrants
June
100
iox
Cuban Tobacco com v t c
Dayton Rubber Mfg
23
1
July
16X
14
10
Darby Petroleum com...5
Davenport Hosiery Mills.*
23
Oct
6X
200
9x
17 x
Sept
Sept
15
Conv par tic pref
Sept
Apr
400
25
Curtis Mfg Co (Mo)
2X
14X
3,600
Fuller (Geo A) Co com
11
Aug
70
6
Crystal Oil Ref com..—
*
19
9x
17x
X
13X
4X
Crcwn Drug Co com...25c
Curtis Lighting Inc
1,100
10X
Froedtert Grain A MaltCommon
1
$6
2
Crown Cork Internat A..*
Distilled Liquors
98-
Jan
X
9X
9X
X
6X% preferred
IX
X
72
*
Petrol (Md) .5
Cuneo Press Inc
2X
1
18
Gatlneau Power Co com.*
Jan
3
Crowley, Milner & Co
6% preferred
High
16
4% conv preferred... 100
Gamewell Co $6 0 v pref.*
Jan
84
Croft Brewing Co
Preferred
2%
18x
dep rets... 100 frca
Fox (Pete;, Brew Co
5
Oct
IX
6
170
6
16X
*
Crown Cent
Low
Amer
84 X
Aug
121X June
60
X
"9M
Feb
Apr
9X
8
6X
Mar
2 X
100
X
7X
Jan
Sept
37
1,400
£1
Courtaulds Ltd—
Apr
93 X
m
92
$3 prior preference
Copper Range Co
Copperweld Steel
Sept
X
86
1%
6x
Cook Paint & Varnish...*
Cooper Bessemer
111
200
80X
Aug
Jan
71
60
ix
41X
3X
78X
3X
Continental Oil of Mex-.l
Cont Rob A Steel Fdy—*
1,000
115X 116 X
ix
1
Consol Retail Stores
Range Since Jan. 1, 1939
Shares
Ford Motor of France—
14
Conn Gas & Coke oecur..*
Consol Biscuit Co
High
Fruehauf Trailer Co
1
eit to 1946
Low
for
Week
of Prices
Price
Ford Motor Co Ltd—
»i»
Com po Shoe Mach—
$3 preferred
Sale
Par
Sales
Week's Range
Last
High
7X
1
Community P A L %Q i ref *
Community Pub Service 25
Community Water Serv_.1
stocks
(Continued)
Low
5,400
Wai rants
3091
2
Friday
Week
High
Columbia Pictures Corp..*1
Commonwealth 6 Southern
Commonw Dlstnbut
Exchange—Continued—Page
Sales
.
50
X
16
Sept
Feb
May
X
May
Apr
71
Apr
12x
Mar
71
Apr
90
Mar
SOX
Apr
91
Oct
56
6X
Oct
New non voting class A
New class B
Sept
Sept
Industrial Finance—
Vtc common.....
7%
preferred
...100
10
International Cigar Mach
Insurance Co of No Am.
9X
9=
200
67
69
900
59
22
69
22
100
20X
14 X
15X
500
12
""2X "~2X
'2T606
X
Aug
Aug
Internat Hydro Elec—
Pref 83.60 series
A stock
50
14 X
Mar
purch warrants.
Int! Industries Inc
"2X
IX
X
Jan
Sept
4X
Jan
Last
Week's Range
for
(Continued)
Sale
of Prices
Par
Price
High
Low
Low
Shares
<fc Pow warr
2H
International Petroleum._*
21%
3%
7,000
11
July
Aug
4%
Aug
27%
300
17%
400
2%
hi
500
hi
8%
8%
100
4%
International Products— *
%
B
Par
Oct
Jan
Jan
prior pref
3%
Equip. .1
Mills
Interstate Power $7 pref
7%
Home
Monogram Pictures com
1%
1%
200
1
Monroe Loan 80c A
2
2
200
1%
10
%
Feb
39%
July
Feb
*w
May
Mtge Bank of Col Am shs..
2%
Sept
4%
Feb
Mountain City Cop com 5c
8
1,200
4%
10
Oct
Mountain Producers.
Sept
"5% ""5%
18%
Iron Fireman Mfg v t c...
1
*
Irving Air Chute
Italian Superpower A
18%
20 %
20
400
%
3%
%
8
3,100
3%
1,900
2 %
1%
300
1%
Mar
hi
}Moore (Tom) Distillery.
Sept
Oct
hi
Mar
4%
2%
Jan
Sept
98%
June
67%
96
103%
36%
95
98
103% 104%
34%
42
Jan
90
78
Jan
102% June
70
86%
Jan
17
Apr
107%
48%
4,300
22%
pref. 100
IstpflOO
Mar
112%
Kokenge com
Mar
21% June
6%
5%
1,000
4
30
June
Sept
June
118%
22
6%
9%
S3
pref
conv
Jan
National P A L $0 pref...*
National Oil
Products
4
National Refining com
Kir by
2%
8%
Jan
90
July
Jan
70%
July
Apr
2%
Sept
Nat Tunnel A Mines
*
3%
1%
Sept
Nat Union Radio Corp
Navarro OH Co
*
8%
*76"
2%
2%
1,700
200
1%
2%
Aug
Sept
8%
100
11%
7%
6%
"77%
60
Apr
Apr
Sept
Oct
54
Feb
45
Mar
11 %
5%
5%
100
4%
Jan
Apr
38
July
24%
Nov
14
Lakey Foundry & Mach.l
4%
*24% *27%
"7,906
4
4%
12,000
9%
Lane Bryant 7% pref..100
Lane Wells Co com
9%
9%
100
Mar
Nehl Corp common
10
Jan
Sept
13
Aug
7
Jan
Jan
71
Oct
11%
Mar
Jan
Nov
Oct
Apr
17% May
New Jersey Zinc
Sept
11
New Mex A Ariz Land
%
*
Apr
Sept
Aug
1%
Sept
8%
Jan
4%
Sept
N Y Auction Co com
hi June
%
Sept
Material
Co
22
Apr
37
"l0%
"*250
8
Jan
17
Feb
N Y Merchandise
Feb
N Y Pr A
16%
17%
100
1%
1%
200
Locke Steel Chain
6
13
12%
13%
Lockheed Aircraft
1
30%
29
34
*
10%
*
.100
100
1
1
10%
650
30,300
6,100
2%
Sept
July
22
Jan
10
Apr
13%
Mar
18%
7%
Aug
30%
10%
Nov
Apr
4,200
%
Apr
1%
31%
350
26
Jan
39
29
250
19%
Jan
Feb
1%
300
1%
5%
6,600
July
Aug
Aug
Aug
35%
4%
Majestic Radio & Tel.._l
1%
30%
Louisiana Land <fe Explor.l
Lucky Tiger Comb Gjvl.10
Lynch Corp common
6
1%
4%
28
28
hi
29%
"u
4
Aug
2 %' Sept
Marlon Steam Shovel..
Mass Utll Assoc v t c
Mead Johnson & Co
*
Memphis Nat Gas
5
com
Mercantile Stores com
Merchants & Mfg cl A
Class A preferred
NUe8-Bement~Pond
*
%
3
Sept
Aug
July
2
Feb
3
Sept
14%
Apr
400
3%
200
$0 pieferred
50
1
500
38
40%
6%
17
May
Mar
5%
Sept
2% June
7%
24
Sept
Nov
t o_
*
*
Middle West Corp coin..5
Midland Oil Corp—
$2
$2
Mldvale
5
July
Novadel-Agene Corp
23
Oct
5%
Jan
Mar
28
Aug
6%
Jan
%
Jan
Sept
77
%
Aug
Apr
1%
Sept
3
Nov
1
dlv shs..
Sept
120
8%
Aug
Sept
Mar
69%
2,050
40%
Apr
76
Sept
1%
"7l"%
1%
400
1%
Jan
71%
72%
2,100
67%
1%
84%
Sept
24
300
26
Jan
20
Feb
July
29
June
Sept
9
Mar
Nov
118
116% 118
330
107
Jan
118
107%
106% 107%
170
99
Apr
107%
12%
700
0
Apr
4
Jan
"17% "l7%
""46
10
Apr
7%
8,600
5%
200
z77%
12
14
Nov
Sept
4%
Mar
24
7%
85
7%
Aug
Mar
Apr
9%
91%
84%
85
Apr
60
82
Sept
hi
Sept
3%
Apr
Sept
Mar
Jan
Mar
700
Feb
2
Jan
"l
%
6%
92%
900
92
5%
"67%
67%
70
700
41%
Apr
"760
6%
%
Apr
Nov
300
3%
2,400
%
5%
""l"% "1%
5
5
1
1%
40
86
6%
92%
Mar
76
Sept
Nov
9%
Aug
1%
5%
Mar
Aug
Apr
1%
Jan
Feb
60
63
450
53
Mar
65%
July
24%
25%
24%
48%
400
13 %
Apr
100
14%
June
25%
25%
Oct
60
42%
May
49%
Oct
%
2%
Apr
1%
Sept
Aug
4
hi
Jan
24%
48%
48%
100
81
87%
100
Apr
107
Feb
Aug
Aug
May
100
4%
Feb
2,400
6%
Apr
16%
18
100
14%
Aug
20%
Mar
35%
800
24
Apr
37
Sept
24
12%
5%
13%
18
34%
5%
12%
Feb
%
Apr
Oct
0
Oct
Sept
26
Jan
Apr
108
June
Aug
112%
Ohio Power 0% pref...100
Ohio PS7% 1st pref... 100
113% 114
60
110%
Sept
115
June
113%
113% 113%
10
104%
96 %
Jan
115
Sept
Aug
July
8%
Apr
8%
Apr
18%
Nov
Apr
49
July
Oct
110
Apr
6% 1st preferred
OUstocks Ltd common
102
"17%
4
16%
46%
no""
110
1%
l
18%
47
25
"4" 700
350
35
110
125
106
2
500
Omar, Inc
Jan
July
Sept
2%
Jan
7%
Sept
2,800
2 %
Mar
%
Sept
Aug
5%
2,200
1
Mar
500
5%
Apr
10%
Aug
Page-Hersey Tubes
2%
Apr
4%
Sept
American shares
Paramount Motors Corp.!
Jan
18%
124%
Sept
Parker Pen Co
Sept
1%
Jan
2%
Overseas Securities
*
Pacific Can Co common..*
Parke-sburg Rig A Reel..]
Patchogue-Ply mouthMHls4
Oct
Nov
Nov
6%
Sept
10%
Sept
5
Sept
Sept
14
13
13
32%
1,800
28 %
Sept
35%
27%
29%
400
26%
Sept
31%
July
July
86
120
68%
4%
Jan
91%
July
Sept
7%
Mar
18%
Sept
22%
July
92
Nov
101%
Mar
4
Sept
3%
Mar
31%
Pacific P A L 7% pref..100
Pacific Public Serv
...*
*85%
85%
5%
5%
5%
500
*
92
com.. *
92
50
8
2
Sept
31
1st pf.25
1st preferred
25
$1.30 1st preferred
100
105%
9%
Jan
Jan
5
1
Paciric G A E 6%
1
5%
nlted FUtersB..."
Jan
5%%
102
5
15
50
n>Mor pref..
conv
Oliver
23
100
com.
Sept
7%
Apr
20
15%
9%
2%
8
Nov
90
%
2%
5
500
3
97%
Aug
June
June
%
26%
Jan
Apr
1%
150
Oldetyme DlstHlers
5%
Jan
27
300
Sept
»u May
Apr
July
7%
*
Apr
Oct
Pan tepee OU of Venezuela-
200
12
150
1%
'""7%
17%
18%
108% 113
1%
300
90%
%
7%
7%
600
6 %
10
"hi
Aug
Apr
Sept
Sept
Aug
57
57
150
37
Jan
92
92
10
80
Apr
Sept
110
3%
3%
3%
"366
3%
Feb
8%
Jan
12
Mar
Jan
1%
59%
July
94
Aug
110
May
6%
Aug
Pender (D)
Class B
,3095
4%
5%
6,400
11
Jan
July
Jan
Mar
Apr
14
Mar
29
Oct
50
35
Apr
44
Sept
Apr
14%
44
13
31%
7%
4%
10
15
11%
27
44
Peninsular Telephone com *
Class * $1 40 cum prefl
Apr
20
400
11
27
Grocery A
7% A pref
4%
10
14%
800
31
31%
100
8%
7%
29
29
Jan
Nov
34% June
Oct
%
Oct
111%
100
Aug
113
July
29%
Penn Edison Co—
$2.80 preferred..
37
*
$5 preferred
*
Penn Gas A Elec class A.. •
For footnote* *ee pag*
Apr
3%
300
100%
4%
Midwest Piping & Sup...*
Mining Corp of Canada
Minnesota Mln <Sc Mfg
*
Minnesota P & L 7 % pf 100
Miss River Power pref. 100
Missouri Pub Serv com..*
Apr
104
102
Apr
Jan
4%
%
108%
10
50
100
Aug
24% June
105%
Nov
200
50c
Midwest Oil Co
Mar
78%
Apr
102
40%
5%
*
Co
Mid West Abrasive
Oct
15
105
Apr
5%
8
Mar
41
162"
32%
100
%
3%
Re* t
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*
Ohio OH 6% pref
100
Oklahoma Nat Gas
$3 preferred
200
preferred...
Steel Products—
cum
Jan
May
hi
%
Mar
Oct
Nov
June
67
Nor Ind Pub Ser 6% pf.100
7% preferred
...100
Northern Pipe Line
10
Sept
%
50%
1,600
conv
non
Sept
Petrol—
v t c
Midland
3
1%
10
v
July
50
155
Oct
%
1
7
No Am Utility Securities. *
Nor Central Texas OH
5
Nor European Oil com
1
$r>%
8
States
65%
3%
0% prior preferred
Northern Sts Pow cl A..25
Northwest Engineering._*
Apr
%
1
Class B
Nineteen Hundred Corp B1
N1 pissing Mines
5
Jan
Apr
1
Preferred
5
common
17
3
*
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Class A
20
—
Ohio OH
Michigan Bumper Corp
Michigan Gas & Oil
Middle
Class B
93%
40%
1
Niagara Share—
Jan
3%
1,700
3
6%
Jan
67
63
4%
73
Apr
%
14
$6 preferred
*
North Amer Rayon cl A
*
Class B common
___*
Oct
4%
%
Apr
4
800
Aug
1
125
2%
2%
400
10%
1
125
72
100
6%
1
Oct
600
Nor Amer Lt A Power—
Common
26%
150%
%
Feb
Aug
12%
Oct
Feb
14
3
60%
Jan
12%
Aug
Mar
May
Apr
Sept
""4% ""5% "4,906
June
12%
1
25
4%
Jan
35
18
7
Noma Electric
7
Warrants
117
102
84%
6%
117% 118%
Oct
3%
4%
2,000
Jan
Jan
55
Sept
2%
40%
600
150
""30
3%
2%
1
150
Feb
11% May
Jan
8
7%
1%
15%
%
34
Apr
53
7%
1
Partlcipat preferred. 15*
Metropolitan Edison—
%
%
2%
100
Aug
Mar
6
6
100
Jan
100
Sent
1%
34
200
%
10%
Class B opt warrants
Apr
Oct
6%
600
400
116%
%
23 %
*
6%% A pref erred... 100
Mesabl Iron Co
1
Metal Textile Corp
25c
100
200
2%
Jan
100
Jan
14%
24
2%
46%
44
Class A opt warrants
Aug
Participating preferred. *
& Scott*
5% 1st pref
5% 2d preferred
Aug
May Hosiery Mills Inc—
$4 preferred
*
McCord Rad & Mfg B___*
McWUliams Dredging...*
10
%
4
2%
5%
Apr
Sept
Niagara Hudson Power—
7%
19
23%
%
13
13
6
New York Transit Co
5
N Y Water Serv 0% pf.100
103%
25
6%
Nov
1%
1,100
78%
1%
1
Oct
9%
1%
116"
"45%
1
Apr
*
Massey Harris common..*
Master Electric Co
1
Mexico
Founders shares
Mar
Marine
Chapman
*
Tn
1
6%
Jan
Shipbuilding Corp—
89%
Communlca'ns ordreg £1
Mar gay OH Corp
...»
Merrltt
Lt7% pref.. 100
$0 preferred
N Y
1,000
700
warr
Jan
Aug
10
200
100
%
Jan
Nov
Sept
Warrants
5,800
99
$5 conv preferred
*
Mapes Consol Mfg Co...*
Intl
Jan
23
25%
28
Louisiana P <fc L $0 pref..*
Marconi
Apr
May
31%
1%
Sugar opt
Mangel Stores.
Nov
1%
Oct
28
*
Packing
Manatl
9%
5%
6
60%
17%
10
7%
*
Common
Common
Loudon
10%
22
Lone Star Gas Corp
Long Island Lighting-
0% pref class B
1%
23%
._.*
Aug
%
N Y A Honduras Rosario 10
9
Apr
Sept
15
000
6% preferred
25
Lit Brothers common...
Loblaw Groceterias cl A..*
Jan
Nov
96
15
2,200
2,500
11
7% preferred
Newmont Mining Corp. 10
New Process Co
*
%
10%
Apr
A"g
300
%
"13
1
3%
*l6"
6
Class B
25
3%
Llpton (Thos J) class A..1
2%
6
42%
N Y City Omnibus—
May
%
3%
Leonard Oil
May
.*
Sept
7
*
Apr
1%
1%
New England Tel A Tel 100
New Haven Clock Co...
8%
Sept
69
100
*
14
325
*
common
Aug
Apr
9%
*
$2 preferred
Sept
Oct
Aug
Sept
May
Apr
....100
0% preferred..
%
10%
10%
2%
Nevada Calif Elec com. 100
7% preferred
70% May
10% Nov
9%
Jan
44%
11%
""3OO
Oct
4
(Herman) Corp
5
Neptune Meter class A...*
New Engl Pow Assoc
Oct
Jan
28%
9
Nelson
Nestle Le Mur Co cl A
Oct
12
17
100
43
*12% "l"2%
12%
17%
May
5
2,200
6
Sept
Jan
600
*
July
Apr
Lefcourt Realty common
Line
*
1st preferred
79
2
15
Class A..
Develop
25
Le Tourneau (R G) Inc._l
5%
scar) Co com...*
47%
61%
60%
4%
7%
§Nebel (
New Idea Inc
Class B
Lehigh Coal & Nav
86%
Nebraska Pow 7% pref. 100
15%
Langendorf Utd Bakeries—
preferred
88%
National Tea 5 % % pref. 10
12.60
Aug
Sept
57
24%
86
1
Mar
1%
2%
8
Lackawanna RR (N J) .100
Lake Shores Mines Ltd-.l
13%
3%
42%
12%
National Transit
*
4% conv 1st pref
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
41%
3%
Refining. *
56
38
Isu
Koppers Co 6% pref... 100
Kresge Dept Stores—
Conv
National Sugar
10
30
Klein (D Emll) Co com..*
Kobacker Stores Inc
Jan
85
Sept
3
12%
"42
235
hi June
33%
National Steel Car Ltd...*
65
Kirkl'd Lake G M Co Ltd 1
Klelnert (I B) Rubber ColO
Knott Corp common
1
"560
4,600j
10
*
05
1
Petroleum
""9%
"9*
.*
85
2%
500
Nat Mfg A Stores com...*
Nat Rubber Mach
%
13%
60
National Container (Del). 1
National Fuel Gas
*
Mar
Sept
7i«
13%
Apr
Apr
5
7%
Lines com.l
Sept
%
hi
13%
Mar
7
8
National Candy Co
5%
100
1
09
1
He«« com
Apr
Apr
May
2,400
3,400
7%
1
National City
Apr
7
0% preferred
100
Nachman-SprlngfHled—.
9
6% preferred D
Kingston Products
July
July
500
May
July
Aug
Sept
1%
300
6%
111
5%
12
Apr
Feb
7%
Jan
Mar
17%
Apr
105
Aug
%
122%
11%
Nat Auto Fibre com
Jan
Sept
7
July
172% May
33% June
31% July
%
Jan
5% July
3%
4%
16%
Sept
Kimberly-Clark 6% pf.100
Kingsbury Breweries.
1
Kings Co Lt 7% pf B.100
1,000
11%
5%
5%
"5",700
5%
16%
5%
6
"5%
5%
Murray Ohio Mfg Co—
K ey
com
Apr
% June
5%
Apr
Muskegon Piston Ring.2 %
Muskogee Co com
Ken-Rad Tube & Lamp A *
Kennedy's Ino
"5"
-.10
Nat Bellas
6%% preferred
100
preferred
100
preferred
100
Jones & Laughlln Steel. 100
6%
7%
Co
Oct
24%
400
%
Aug
Jersey Central Pow & Lt
&.
Sept
21
Mountain Sts Tel A Tel 100
Mar
June
100
%
1%
*
Jeannette Glass Co
Keith (Geo E)7%
147
JMountaln States Pw com*
7%
%
Apr
Sept
1%
14%
Montreal Lt Ht & Pow..
Oct
100
Moody Investors part pf.
Mar
19%
22%
Oct
Apr
July
14%
Apr
15
19%
21%
Jan
20
Apr
3
~~3
Jacobs (F L) Co
Kansas O & E 7 %
24%
""600
Oct
Oct
2%
300
5%
Sept
3%
420
24%
Feb
7%
Oct
7
24%
14%
29
Aug
162% 164
7
164
Montgomery Ward A
Oct
Royalty
Investors
Mar
Jan
""175
14%
Sept
»u
7%
600
Apr
9%
3% June
Apr
3,200
6
32%
Hosiery
300
6
Monarch Machine Tool.
"~3%
"l'
11%
29
5%
High
Low
Jan
%»
-
Vitamin—1
Range Since Jan. 1, 1939
27
50
34
34
Warrants series of 1940-
Interstate
11%
for
Shares
Apr
6%
1939
Week
High
28
11
Interstate
Low
5%
1
Molybdenum Corp
700
%
11.75 preferred
Internatlonal
Mock, Jud, Voehringer—
Common
$2.50
Range
of Prices
Montana Dakota Util—10
—*
1
Class B
Price
Week's
Aug
Apr
Nov
International Utility—
Class A
Sale
High
1%
17%
22%
5
%
22%
Registered
Internat Safety Razor
4,100
22%
2%
21%
Last
1,,1939
4%
A
Internat Metal Indus
Internat Paper
Julian
STOCKS
(Continued)
Range Since Jan.
Week
11,
Sales
Friday
Sales
Friday
STOCKS
S3.50
Nov.
New York Curb Exchange—Continued—Page 3
3092
63
37
25
31
Apr
38
July
62
63
75
53
Jan
65
July
2%
Oct
5%
Jan
Volume
New York Curb Exchange—Continued—Page 4
149
Friday
STOCKS
Last
Sale
(Continued)
Par
Peon Mex Fuel Co.—
Price
of Prices
High
%
'"2H "~2H "2%
8%
X
%
1
Penn Cent Airlines com—1
Pa Pr A Lt $7 pref
*
$6 preferred*
50
Pennsylvania Sugar com 20
Penn Salt Mfg Co
Pa Water & Power Co
*
in
Perfect Circle Co
1
Apr
2%
Nov
Sept
5%
Apr
July
Jan
98
111
Nov
Oct
71%
85)4
Sept
1,000
68
Sept
84%
Mar
Simmons H'ware & Paint.*
125
58
Apr
94%
Sept
27%
10%
Jan
100
5
Apr
9%
Sept
114
Sept
120
Aug
30%
30%
25
29
Sept
31
Oct
6%
6%
28%
12%
Singer Mfg Co
100
Sioux City G & E 7% pf
Skinner Organ
14%
14%
9%
100
Apr
July
1%
154"
100
5
1
1%
Apr
2%
Feb
1%
116
Apr
3
Jan
190
Sept
219
Jan
Sept
Jan
84%
% June
10
100
"161"
Sept
1%
Sept
2%
Aug
7%
200
Apr
8%
Oct
43%
Aug
""700
6%
Apr
14%
Sept
900
1%
1%
5%
100
3%
Mar
Apr
1%
Apr
Mfe
com
1
42%
Sept
5%
75%
Sept
12
Sept
1,500
90
Apr
Jan
117
Mar
1%
100
IX
1%
1
1%
4%
300
1%
•is
29%
June
Sept
29%
June
of Canada..
100
Pratt & Lambert Co
*
Premier Gold Mining
22%
1,500
1%
1%
400
9%
11%
800
Jan
Jan
4%
100
3%
Jan
4%
Oct
2%
2%
200
1%
Apr
2%
Aug
10
Mar
15%
July
5
Sept
6%
Jan
25
Preferred A
Speldlng (A G) & Bros...*
Sept
5%
Sept
Apr
102
Apr
May
23
Mar
1%
35%
2%
Sept
Jan
5%
5%
400
36%
36%
600
Oct
42
Apr
11%
Oct
'if
Sept
June
6% 1st preferred
26%
2%
13
3
13%
110
com.l
10
>16
he
%
4 x
3%
4%
700
3
Apr
6%
Jan
2%
8
6%
200
7
Jan
8%
Aug
400
4%
Aug
7%
Mar
Standard Invest $5% pref*
Mar
Standard Oil
Prudential Investors
preferred
*
50
89
Jan
,
89
Nov
104
Apr
106
Nov
107
89
89
Feb
112
July
100%
Public Service of Colorado.
1001
6% 1st preferred
*
*
$7 prior preferred
$6 preferred
71%
37%
525
44%
Jan
82
Aug
800
26
Apr
44%
Aug
93
Jan
103%
108% 108%
10
100
Sept
71
70%
36%
36%
pref—100
prior lien pref—100
6% prior lien
110
Aug
June
Pyle-Natlonal Co com—5
73%
22%
75%
24%
10
10
"16"
10%
10
5%
Manufacturing..10
Quaker Oats common...
6% preferred
100
10%
300
19
18%.
19%
26%
2,300
9%
com...*
5
9%
10%
Wholesale
Nov
Sherchl Bros Stores
225
12%
Mar
Feb
%
June
»n
Raymond Concrete Pile—
Ratheon Mfg com
Reed Roller Bit Co
13%
50
JaD
Mar
2%
Jan
5
Jan
Sullivan
27%
he
%
400
%
Jan
200
14%
7% 148,900
9%
June
2%
Mar
100
23
%
1
"6%
1
%
%
1%
1%
14%
6%
%
1
900
Stetson (J
Feb
Sept
Apr
%
May
%
Jan
6%
Sept
4
Jan
»n
May
6%
Jan
Feb
4
Jan
B) Co com
Corp
125
4
Sept
"256
8
Apr
13%
Sept
6%
Apr
11
Sept
Apr
12
June
Aug
2%
38%
45%
Sept
Texas P & L 7%
2
Thew Shovel Co com....5
July
24%
July
8%
13%
Feb
1%
Sept
July
2%
Jan
Apr
5
Oct
60
60%
150
11
Oct
Jan
%
"13%
14%
'2466
2%
Ryan Consol Petrol
*
Ryerson & Haynes com._l
2%
1%
2%
1
600
500
St Lawrence Corp Ltd..
Clas A $2 conv pref...50
3%
5
St Regis Paner com
3%
7%
Samson United Corp com
1
8
1%
Jan
Ordinary reg
71
Jan
Sept
Apr
6%
Apr
47
Mar
Sept
Aug
1%
%
Aug
3
Jan
Apr
2%
Sept
July
4%
Jan
14%
1%
Nov
7
15%
15
33%
Oct
%
July
2%
Sept
41%
300
Lace common.
Oct
Oct
Aug
1%
15%
38%
Sept
Apr
114%
Apr
June
9%
18%
114%
Jan
June
Water Service pref
1%
Warrants
Securities Corp general—»
-*
Seeman Bros Inc
Segal Lock & Hardware.. 1
Selberllng Rubber com—*
12%
11
Scullln Steel Co com—._*
1%
1%
1%
Sept
%
Aug
1%
300
%
May
100
%
he
he
8
5%
1,400
41
41
41
600
1%
8
9
31
500
6%
Convertible stock—
1
6%
57
58
60%
25
Allotment certificates
60%
23%
Sept
Aug
Mar
%
June
36
Oct
Aug
12%
Shattuck Denn Mining
o
Shawlnlgan Wat A Pow..*
2
10
67
9%
"250
45
112"
105%
%
2%
1
800
1%
2%
1%
3%
4,000
*16
1%
*16
200
For footnotes see page
30 )5
Sts.l
50
Jan
Apr
23
Nov
1 %
41
»ii
United
Apr
400
4%
May
150
48%
Aug
50
48%
Aug
5%
June
Oct
8%
Aug
1%
Sept
1
Sept
5%
3%
Mar
100
Sept
2%
14%
1%
Apr
Jan
18%
Oct
3%
Nov
12%
1,200
2%
800
Sept
Apr
100
65
3%
38
5.400
11
%
July
Feb
3
Sept
June
Mar
11%
65
Oct
Nov
Apr
1%
•l6
6
3
%
2%
2%
z88%
90
%
%
2%
93%
»i«
Oct
7
1%
5,300
Apr
3%
Jan
Apr
93%
Nov
June
»l«
Feb
74
2.300
800
32%
31%
34%
%
3,200
Option
$3 preferred
Molasses Co—
Jan
10%
18%
18
18
♦
Common class B
Mar
Jan
%
1
inon-votlng.*
Mar
1%
4,800
Ms'
Sept
Apr
1%
1%
Sept
3%
6
1%
1%
10
June
200
7%
1%
22%
8%
13%
38%
2
1%
Jan
Sept
500
*
$6 1st preferred
*
United Milk Products...*
Sept
Jan
Sept
»16
3%
7%
1%
United Lt & Pow com A..*
2%
6
Apr
Apr
Mar
9%
Apr
July
Apr
Apr
Mar
Apr
2%
July
7
9%
July
108
Apr
Apr zll4%
%
Feb
7% May
70
Aug
•1# May
Feb
19%
69%
1%
Mar
700
warrants
United G & E 7% pref. 100
Apr
Jan
17
pre
Jan
1%
250
Sept
Jan
1%
15
81
3ie June
Corp warrants
%
6,200
Oct
Feb
11%
65
Jan
Jan
May
Mar
5%
35%
$3 cum & part pref
Un
2
63
Aug
Jan
11
*
Clgar-Whelan Sts_.10c
Feb
15%
34
10
Nov
Aug
Sept
11
United Chemicals com—.*
United Gas Corp com
300
Jan
Aug
4
Oct
2%
Union Gas of Canada....*
Union Premier Foods
United Elastic Corp
1,200
Jan
May
June
40
Co—..10
Oct
7%
22%
108%
Nov
Aug
98%
*
*
Series B pref
Unexcelled Mfg
Apr
19%
Sept
Jan
400
111%
Union Traction Co
%
6%
Feb
3%
100
71
10
Sept
1%
19
Mar
«
8%
9%
200
1%
15
6
6%
%
1,500
4%
Ulen & Co ser A pref
10
%
19
Sept
94
1,000
3%
Jan
*
Nov
5%
5%
36%
2%
4%
20
Sept
15%
Se!fridge Prov Stores—
Seton Leather common
Mar
42
16
500
3
22%
12%
Tung-Sol Lamp Works...1
80o div preferred
*
Aug
£1
1
1
Jan
Mar
Oct
9%
2,200
40
108
2%
19%
11%
*
Corp__.l
Olass A
1st $7
1
.....1
Jan
34
Tublze Chatlllon
4%
9%
2,500
*
Selby Shoe Co
Selected Industries Inc—
Sentry Safety Control
200
Union Investment com—»
Jan
21
Sernck Corp
107
3
Trl-Contlnental warrants..
Trunz Pork Stores Inc
Jan
4%
Scranton Spring Brook
dep rets reg
Iranswestern Oil Co
Sept
Scranton Elec $6 pref—
$5.50 prior stock
—1
10
Common
Sept
1,700
35
13
500
Trans Lux Pict Screen—
17
%
34
400
67
64
200
Feb
Apr
2% Aug
28% May
% May
% July
5,800
112
7% preferred A
Aug
16%
25
Scovlll Mfg
5%
32%
%
%
13%
100
Tonopah Mining of Nev.l
Toledo Edison 6%
Sept
May
—...5
14
4%
31%
%
%
12%
*
pref-100
Todd Shipyards Corp
7
Sanford Mills—
Sept
1
June
1%
37
38%
14
5%
Def registered 5s
500
6,000
35%
57
25
3%
55
55
100
7% preferred
Salt Dome Oil Co
Apr
7%
Aug
4
£1
43
Apr
2%
"13%
Oct
9%
Tobacco Secur Tr—
Apr
Mar
45
2%
1
$2.50 conv pref
Jan
13
Tobacco Piod Exports—*
35%
2)4
Rustless Iron & Steel
"ioo
38
Tobacco & Allied Stocks.
Apr
%
60%
1%
Tlshman Realty & Constr*
1%
4%
1
Tllo Roofing Inc
37
*
38
pref—100
23%
*
Royal Typewriter
Russeks Fifth Ave
10
31
1
Texon OU & Land Co
$1.20 conv pref
4,800
31%
...1
Tampa Electric Co com.
Jan
Rossia International
2%
40%
Apr
Royalite Oil Co Ltd
1%
*
15
Class B com
15
700
800
$3.30 A part
Swan Finch Oil Corp
112
200
10%
*
Oct
1%
3%
9%
5%or conv pref
Apr
1%
"16
"2"
Sunray Drug Co
112
3%
5%
s16
"16"
"9%
Machinery
Taylor Distilling Co
1
Technicolor Inc common.*
3%
4%
*
6
Tastyeast Inc class A
1
...20
Oct
Sept
3
Aug
5
Aug
5%
Oct
105%
Roosevelt Field Inc
14
37
Apr
Apr
100
Jan
Mar
96
ord reg—£1
Apr
1%
6% pref D—
100
Rochester Tel 6% % prf 100
Rolls Royce Ltd—
28
2%
RochesterG AE16 % pf C 100
10%
May
2%
300
4%
"6%
50
Superior Oil Co (Calif)..25
Superior Port Cement
Nov
4%
300
Sunray Oil
7%
4%
1,300
Jan
Sept
10
Jan
June
2%
July
%
100
Roeser & Pendleton Inc..*
4%
74
2%
Sept
16
June
7%
Feb
Root Petroleum Co
Sept
Oct
50
102
12
18%
4%
%
3,000
9
Feb
12
Apr
Oct
9
100
Rome Cable Corp com—5
Sept
1
Taggart Corp com
%
%
Sept
45
20
8%
»n
Rio Grande Valley Gas Co-
Voting trust etfs
*i«
2%
Apr
25
33%
1%
1,500
Rice Stlx Dry
Richmond Radiator
Apr
July
34
Jan
3%
Investing
Goods.—.
%
15%
1%
34
Aug
5
(Daniel) common.*
Reiter-Foster Oil
50c
Reliance Elec & Eng'g—5
Jan
700
14
Stroock (S) Co
Aug
Mar
50
Stlnnes (Hugo)
July
10%
Feb
2,500
1%
2%
41
uie
Reeves
Republic Aircraft
*
Sterling Brewers Ino
21
1%
Apr
73%
Sterling Aluminum Prod.l
Apr
300
1
Feb
1
316
vtc.l
6% 1st preferred
62d preferred
Apr
2%
27%
1
37%
44%
Ordinary shares
12
100
2%
*
*
Red Bank Oil Co
13%
Apr
May
Steel Co of Canada—
35%
13%
Nov
316
42
*
July
9
July
1%
6%
500
Stein (A) & Co common..*
Aug
Mar
107
Sept
Phos¬
8
Mar
Nov
%
phate & Acid Wks Inc.20
Starrett (The) Corp
Jan
19%
'26%
Apr
%
Standard Tube cl B__..
Sterl.ng Inc
*
*
50c
8%
Jan
July
40%
1
Standard Steel Spring
126
A..1
$3 conv preferred.—
8%
Mar
Jan
17
21
Standard Products Co—
Sept
Jan
Apr
17%
100
Apr
Jan
Aug
102
%
Apr
Feb
158%
18%
14
50
%
Jan
Oct
2%
12%
June
2,100
%
12
139
May
7
*
Sept
316
147
146
147
Quebec Power Co
Common
26
105% 106
*
11
16
Railway & Utll Invest
1
9%
Preferred
26%
6%
4%
July
1.700
75%
108
July
10%
%
Jan
70
18
26
10%
*16
Jan
50
%
Sept
%
May
Aug
3%
14
26
4
400
8
118%
115
Nov
3%
Mar
49
106
14
34%
July
July
800
14%
1
825
1,475
Mar
1,500
100
5% preferred
Standard Pow & Lt
100
73%
22%
...
$6 preferred
Puget Sound Pulp & Tim.*
Aug
3i«
16
22%
(Ky)10
Standard Oil (Ohio) com 25
Standard
Puget Sound P «'t L—
18%
Jan
20%
14%
Dredging Corp—
1
Standard
Standard Silver Lead
Public Service of Okla—
$5 preferred
Conv preferred
Common class B
7% 1st preferred
100
Public Service of Indiana—
Sept
Mar
Apr
$1.60 conv preferred..20
hi
4%
2
100
Common
7%
6%
*
*
Providence Gas
Oct
%
2%
*
Standard Cap A Seal
Oct
Oct
2%
12%
400
*
25c
*
Corp
Prosperity Co class B
23
1%
Shoe Corp
Stahl-Meyer Inc
Standard Brewing Co
11)4
7
39%
July
3i6
2%
•
*
Am—1
Prentice-Hall Inc com
Aug
18
36-%
Spanish & Gen Corp—
Am dep rets ord reg..£l
Srencer
Oct
4%
Jan
Mar
Aug
Aug
*
Southwest Pa Pipe Line. 10
12
2%
65%
160
10
Southland Royalty Co...5
South Penn Oil
25
Apr
May
42
Oct
Apr
101%
16%
1%
100
148
Nov
3
300
21
22
1
2
2
100
2%
Apr
700
4%
Aug
Sept
25
July
9
5
46
26
1,100
2%
May
Oct
1,100
28%
1%
9
Sept
29%
10%
Apr
Oct
4%
26
Souther* Union Gas
Feb
Jan
Mar
28
Southern Pipe Line
Apr
%
7%
3%
1%
6
28%
100
7% preierred
6
200
June
29%
Southern Colo Pow cl A.25
100
9%
Apr
Nov
%
25
South New Engl Tel
220
9%
100
.25
10%
101
36%
5% original preferred.25
6% preferred B
66
98
Aug
4%
Calif Edison—
60
_4%
common—5
Powdrell & Alexander
6% 1st preferred
500
1%
Jan
3,000
2
8
9)4
25c
Co
9
1%
South Coast Corp com
18%
%
Oct
July
700
5%
Southern
Aug
16
1%
9
Feb
Sept
9
16%
Feb
156%
1
July
16
100
Jan
he
Feb
1
36%
250
14
3
1%
155
100
Mfg Co
July
10%
61)4
Plough Inc com
7.50
Pneumatic Scale com—10
Common
Mar
Soss
Solar
Sept
9%
40%
11)4
Pittsburgh Metallurgical 10
Amer
hs
Amer dep rets ord reg.£l
7%
60
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Scranton
115%
Singer Mfg Co Ltd—
Jan
Apr
Apr
"ii% "12%
7%
Meter
Pittsburgh Forglngs
1
Pittsburgh & Lake Erie.50
Savoy Oil Co
Schlff Co common
Mar
Sept
Oct
16
5%% pref series C
Pitts Bess &LERR
Am dep rets
106%
pref
2%
Pltney-Bowes Postage
5Reynolds
common
conv
2%
Tu
1%
Pioneer Gold Mines Ltd.-l
Ry & Light Secur
$3
1,100
1
Pines Wlnterfront Co
Pyrene
113%
Simmons-Boardman Pub—
300
6
6
6)4
12%
7%
Aug
10
Simplicity Pattern com..J
Apr
Aug
Apr
27%
$6
30
111% 113
*
Sept
18
7
.10
Conv S3 pref series A.
Producers
SUex Co
179
700
Pierce Governor common.*
Pressed Metals of
High
Low
81
1,750
25
107%
7%
8%
7X
95%
Range Since Jan. 1, 1939
for
Week
Shares
Sonotone Corp
1
Power Corp
Line stamped
Jan
92%
8%
7)4
of Prices
High
91
93
100
Feb
250
23%
*
Common
Mining
cum pref ser AAA
Apr
10
165
Phoenix Securities—
Potrero Sugar
5%
135
107
85)4
Week's Range
Low
Shreveport El Dorado Pipe
165
70)4
71
Price,
Sherwin-Williams of Can.*
1,300
3%
10%
16
15
pref 25
Phillips Packing Co
Polaris
com..25
June
107
165"
Philadelphia Co common.*
Phila Elec Co $6 pref
*
Phila Elec Pow 8%
Sherwin-Williams
1%
*
Pilaris lire & Rubber
Mar
18~800
200
110)4 111
100
Pepperell Mfg Co
8%
Sale
Par
Apr
2
8%
Last
(Continued)
High
Low
X
2.60
Pennroad Corp com
STOCKS
Range Since Jan. 1, 1939
for
Week
Shares
100
1
Penn Traffic Co
Week's Range
Low
3093
Sales
Friday
Sales
88
88
88
80
100
Jan
1%
July
% June
1,100
19
Apr
20
Nov
Jan
Jan
Mar
89%
3
July
Jan
2%
Jan
36%
Mar
23
Mar
69%
Jan
73%
Mar
4%
*
Nov
6%
Mar
United
ord reg
United N J RR & Canal 100
United Profit Sharing..25<
United Shipyards cl A—.1
Class B
1
Am dep rets
4%
4%
100
s16
16
200
237
10%
2
11
600
2
2,000
Jan
si6
•
9%
1%
July
Sept
Jan
242
Feb
•u
11
2%
Jan
Nov
Oct
IflE
New York Curb Exchange—Continued—Page 5
3094
Sales
Friday
STOCKS
Last
Week's Range
for
(Concluded)
Sale
of Prices
Friday
Week
Par
Low
Price
High
78
79 %
26
42%
United Specialties com—1
U S Foil Co class B
1
4%
4M
M
United Shoe Mach com.25
Preferred
79 M
U 8 and Int'l Securities.-*
*
*
1st pref with warr
U S Lines pref
U 8 Plywood
1
20
$1M conv pref
U 8 Radiator
61
61
160
40
Sept
49 M
Conv deb 6s
Aug
4M
Jan
Debenture 6s
4M
1,000
Apr
6M
700
July
Apr
1M
Jan
Sept
Debenture 6s
%
225
3M
18M
27
3,800
2,900
750
3
K
50
Jan
K
Jan
Feb
6M
Mar
1M
1M
$6.60 priority stk
Conv
preferred
K
uit
Aug
Sept
Apr
Apr
1M June
2%
Jan
17 M July
300
Venezuelan
Petroleum..
Waco Aircraft Co
*
Wagner Baking v t
7%
%
IK
"26"
20
1%
200
80
300
6
Jan
1M
700
Jan
Apr
Aug
1
July
42
Apr
'it July
1M
Apr
Class B
Wayne
20
Mar
32
M
38 M
7%
2,200
Jan
Apr
July
5M
300
200
6
3M
4M
1
Wentworth Mfg
1.26
2M
2M
West Texas Utll $6 pref..*
12K
El Paso Elec 6s A
Empire Dlst El 5s
1952
7M
Sept
Erie
Aug
Sept
Federal Wat Serv 6 Ms 1954
Finland Residential Mtge
Feb
9
Feb
Sept
Woodley Petroleum..
1
Woolworth (F W) Ltd—
Amer dep rets
6c
Wright Hargreaves Ltd.
Yukon-Pacific Mining Cn 6
Lighting 6s
Banks 6s-5s stpd.._1961
Bohemian G1 7s '67
Florida Power 4s
2M
100
2
Sept
30
86
Jan
%
2M
5%
Apr
59M
20
11K
350
10
10
225
7K
32
6s
ex
warr
5 K
100
1949
116M 118
4,000
107 M
104% 105
104
2,000
100
Sept
105 M
103M
103 %
54,000
98
Sept
104
1,000
31 %
Sept
50 M
Jan
109
109
5,000
106M
Oct
Apr
109 M
91
July
Oct
104 M
43
90 M
67
8K
106 M
102 M
106 M
alOl
109 M 110
104
100
108 M
123M 123 M
105 M 106
Oct
62M
17
67
Gobel
(Adolf) 4Ms... 1941
61
13
Sept
11
Sept
Grocery Store Prod 6s. 1945
Guantanamo A West 6s *58
Jan
8
Sept
Guardian Investors 6s. 1948
Jan
3%
Nov
Apr
8M
Sept
Aug
6M
Sept
Sept
Sept
15%
8M
Mar
5
M May
2%
Sept
Mar
Indiana
ser
C...1956
108 %
Oct
$13,000
Jan
106%
Oct
33,000
18,000
116,000
96
Jan
87
Jan
Jan
106 K
106 M
103 %
Sept
109 M
*
128
July
106K June
103
100%
100% 101
H05K 107 M
105K 106
------
92
Aug
31
Feb
Aug
27 M
30
Jan
45 M
47
*82 M
3l"666
32,000
15,000
67,000
28,000
Jan
Apr
Sept
Sept
101 %
99
95%
92 %
Sept
85 M
Jan
Apr
8
68 %
68
July
July
June
110M
Feb
105 M
Aug
July
104 M
103 M
98
Aug
Nov
105
105M
% 106
20,000
4,000
101
101M
29,000
99 M
21,000
27,000
39,000
29,000
70
69 %
%
60%
61M
107M 108
96 M
Apr
105 %
99 M
85
Apr
106
Nov
Apr
102
July
86
Jan
99 M
50 M
Apr
Apr
75 M
74
Aug
49
June
Nov
Nov
Aug
60 %
99 M
Sept
88 %
110
7,000
29,000
21M
Sept
52 M
31
Sept
54
Mar
31
Sept
55
Apr
55 M
73
Mar
Aug
55 M
Aug
18.000
Nov
May
Interstate Power 5s
Debenture 6s
41M
41M
46 M
1957
67 M
67M
69 M
20,000
83,000
1952
54 %
54%
55%
19,000
38 M
Jan
101M
42,000
82
Jan
102
43,000
8,000
77
Jan
102 %
Aug
98%
Jan
105%
Nov
98
Jan
104 M
108
Aug
45
Jan
Interstate Public Service—
5s series D
1956
1958
100%
49 M
47 M
Aug
Mar
Isotta
Fraschinl
67
Sept
83
May
Italian
Superpower 68.1963
100
Sept
106 K
May
99
105M
*103 M 105%
*106 % 108
Aug
Jacksonville Gas—
June
105
Iowa Pow A Lt 4Ms.. 1958
Iaarco Hydro Elec 78.1952
59
100
98 M
Iowa-Neb LAP 5s...1957
5s series B
1961
Jan
Aug
102
Aug
82
Oct
95
July
86
116,000
110%
110
111
15,000
101,000
111 M 112M
*137 K 144
94 M
94%
94M
94 M
95 K
"98 M
07% 98 M
97%
85
98
85
M
107
40
96 M
40
40%
41
40
M
41M
71K
71M
71M
For footnotee see page 3095
July
59
60
Oct
Oct
1UM June
43 M
43 %
Jan
109 M
106 lS2
1955
97
Sept
44 M
Jan
Sept
106
47 K
33",000
Sept
102
1952
7s series F
29 M
Sept
114% 130
101 M
105
1947
40
97
106
104
Aug
88
118
68 %
1,000
1st M 5s series A...1955
1st M 5s series B
1957
5s series C
i960
{♦Chic Rys 5s ctfs_...1927
Cincinnati St Ry 5Ma A '52
Jan
13,000
♦Convertible 6s
1960
Telep of Canada—
Ry 4 Ma A
1950
Chic Jet Ry A Union Stock
Yards 5s
1940
Oct
104 %
103 %
7s
6s stamped
45
1942
M
*58
40
46 M
102 %
4,000
60
38", 000
Sept
30%
57 M
Sept
Oct
80
Jan
30 M
Sept
44
Mar
49%
Aug
52 M
Mar
Jan
40 M
46
1942
39
47M
17,000
38
Jan
102 % 102M
104 % 104%
13,000
102
May
18,000
102
Sept
106M
Mar
8,000
98
Sept
108
Mar
114
Sept
126 %
Aug
Apr
103 %
107
Nov
Jersey Central Pow A Lt—
92
Chicago A Illinois Midland
96 %
...1953
5s series C
4Mb series F
70
63
64
107 M 107 %
105
105 %
103
104
107M
102 M
Apr
8
"4,660
30
63
*62 %
105 %
Jan
101M
100
108% 109%
46%
Sept
94 M
1,000
*103
109 M
International Power Sec—
6 Ms series C
1955
7s series E
1957
Sept
Feb
July
June
tlOlM 102 %
103 M 103 M
July
101%
41%
Jan
50
July
107%
108 M
53
Apr
30
Jan
Sept
Apr
36
30
61%
103 M
115
Oct
45
4,000
Sept
Indpls Pow A Lt 3 Ms. 1968
Mar
70
Mar
Mar
July
♦Indianapolis Gas 5s A 1952
111
34,000
7,000
3,000
47
45%
109 M
62
8
Nov
Sept
42,000
Sept
67
103
38M
105
Jan
25
69 M
12,000
6,000
2,000
39,000
40
Mar
72M
50
68 %
June
37%
Jan
91
Sept
35
Nov
104
36M
72
Sept
64M
*8
99 M
68
Oct
3,000
75,000
Oct
65
*12
99 %
94
39
59
3,000
47 %
Indiana Hydro Elec 6s 1958
Indiana Service 5s
1950
1st Hen A ref 5s
1963
106
37 M
87)00
4,000
61 M
44 %
101M
78,000
63,000
3,000
100M
70 M
61M
*46
1951
Nov
Mar
Corp—
6s series A
Jan
Jan
80
M
*58
44%
1949
Electric
13,000
~
*107M 110M
♦Hungarian Ital Bk 7Ms'63
Hygrade Food 6s A... 1919
Idaho Power 3 Ms
1967
111 Pr A Lt 1st 6s ser A. 1953
1st A ref 5 Ms ser B.1954
47,000
76
80
Sept
Grand Trunk West 4s. 1950
Gr Nor Pow 6s stpd..!960
Apr
May
3
95%
69 %
Sept
98
36 M
Oct
June
102
41,000
Jan
29
6Ms ex-warrants... 1943
Houston Lt A Pr 3 Ms. 1966
60 K
90
101
74 %
Nov
60 K
Oct
Oct
Apr
Jan
1965
Apr
75 M
90
Apr
102
83 %
100%
25 M
95
*74
1953
Apr
81M
104
Jan
40
♦Gesfurel 6s
82%
2M
4M
4M
800
Apr
95
68M
Oct
Apr
92
17,000
6,000
4,000
100%
76 M
75%
100% 100M
*8
Jan
7
120
44 M
6Ms ex-warrants... 1954
Cent States PAL
5Mb'53
Nov
187,000
99 %
75%
100%
Houston Gulf Gas 6s.. 1943
38 K
38
Cent States Elec 5a... 1948
Aug
67
4M
Sept
Jan
60 K
105
July
99
Aug
Nov
5,900
106
85
25
Jan
106 M
13
1%
105M 106 K
105M
96M
Feb
Mar
Jan
10
43
Carolina Pr A Lt 5s... 1956
Cent Power 5s ser D..1957
M
95 M
58
Mar
4,500
102 M 103 M
107 M 107 K
98
99 M
.
60 %
15
89
Oct
60,000
6
6M
106"
98
19,000
20,660
68 M
25M
97 M
98
103 M 104
81
106 M
Georgia Power ref 5s._1967
Georgia Pow A Lt 6S..1978
7M
38 %
38 K
Broad River Pow 6s.. 1954
Canada Northern Pr 6s '63
Canadian Pac Ry 6a.. 1942
67
54,000
Oct
Aug
106
Sept
100
43
Birmingham Eleo 4Msl968
Birmingham Gas 6s... 1959
90M
Nov
106 M
SM
400
1968
Bethlehem Steel 6s... 1998
43 K
109
*
"97%
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
A St Ry 5 Ms
1938
Heller (W E) 4s w w.,1946
U08M 109 K
Bell
%
90
118
Aug
Jan
1%
Baldwin Locom Works—
Oct
May
Mar
96 %
75
8%
6s with warrants...1947
6s without warrants
1947
81 %
95%
Sept
6 K
Atlanta Gas Lt 4 Ms.. 1955
Atlantic City Elec 3Ms '64
Avery A Sons (B F)—
Apr
Jan
Jan
6s series B
6Ma.A'55
82 M
112 M
Apr
8M
1977
1950
Apr
Sept
Feb
7M
1,600
Associated Gas A El Co—
Conv debt 4)48 C..1948
103 M
66 M
Feb
78
Apr
6M
6M
106
85,000
Jan
1M
87
Aug
5K
Appalac Power Deb 6s 2024
77M
1M
Apr
118
♦General Rayon 6s A. 1948
Aug
Sept
6M
108
76%
Feb
Aug
73
1M
5%
110
110M HI
9M
Oct
Feb
4~1~666
6K
4M
K 102
alOl
56,000
36,000
Aug
10
Oct
95 %
100
700
107 %
79 %
Apr
Jan
93
300
13
106
77%
M
53 %
107 M
109 %
95M
7K
3%
1966
Arkansas Pr A Lt 6s..1966
Associated Elec 4M8..1953
6a series B
78
%
4M
4M
%
Sept
Sept
M
Gen Pub Utll 6 Ms A. 1956
2
3
106 M
109
97
Gen Wat Wks A EI 5s. 1943
Nov
8M
10
5K
6M
Seating 6s stp._1946 alOl
Conv deb 5Ms
Assoc T A T deb
102
108
88
Jan
6
6Ms series B
1961
Appalachian Eleo Power—
1st mtge 4s
1963
Debentures 4Ms... 1948
Debenture 6s
102
8,000
Bf deb 5 Mb—May 1957
1968
1st & ref 4Mb
1967
Amer G A El debt 5S..2028
Am Pow A Lt deb 6s..2016
Conv deb 4Mb
Conv deb 6s
stamped. 1944
Apr
Mar
Apr
50
3%
1946
Aug
Jan
17,000
M
12,000
3M Mar
100
June
Bonds
1st A ref 6s
Amer
C 1966
General Bronze 6s
1940
General Pub Serv 5s..1953
Sold
1st A ref 6s
ser
Florida Power A Lt 6s. 1964
1st A ref 6s
1st A ref 6s
July
93 M
68 %
104M 105 M
92
lOo"
♦First
Nov
BONDS
Alabama Power Co—
1st A ref 6s
1967
Sept
10
1M
77
Apr
Sept
Sept
92 M
"92 k
Ercole Marelll Elec Mfg6 Ms series A
1953
75
Apr
55 %
1,000
2,000
1950
Jan
Sept
Feb
June
58 M
79%
152,000
61
Feb
May
July
131
113
Aug
91
76 M
Sept
1%
Apr
Aug
July
73%
110M
Jan
58
101%
12,000
2M
10 K
101
Aug
Aug
131
1
14%
*
102
Aug
89 M
89 M
108
5M
Glen Alden Coal 4s
13
89 M
61
Edison El 111 (Bost) 3 Ms '65
By—
Wisconsin P A L 7% pf 100
Wolverine Portl Cement.10
Wolverine Tube com
2
Aug
Jan
Jan
72M
74 M
126M
Nov
X%
%%
Apr
Jan
230
"7%
77 M
98
5M
%
8M
2%
100
6
Williams Oil-O-Mat Ht—*
WUson-Jones Co
*„*
Wi lson Products Inc
1
Apr
73
Aug 1 1952
♦Certificates of deposit
Eastern Gas A P uel 4s. 1956
1,300
4
7K
K
7K
1%
8%
67 M
72 M
Mar
120
♦Certificates of deposit
♦Deb 7s
1%
14 K
6
5
Mar
Gary Electric A Gas—
3%
10
Mar
77
6,000
Mar
Bept
3 %
_*
78 M
Apr
4,000
5M
2M
1,300
1,600
Weyenberg Shoe Mfg
1
Wichita River Oil Corp..10
Williams (R C) A Co
*
*pr
66
90
Eleo Power A Light 68.2030
Elmlra Wat Lt A RR 6s '56
Feb
Western Tablet A Statlon'y
Common
66
21,000
125
5M
6M
1%
2K
Westmoreland Coal Co.—*
84
Sept
Sept
Detroit Internet Bridge—
♦6 Ms
Aug 1 1952
Oct
93
57M
High
Jail
73
Delaware El Pow 6 Ms 1959
Feb
2K
100
Low
71M
90 %
1944
K
1
Westmoreland Inc
Cuban Tobacco 5s
»i«
2M
20
7% 1st preferred
6s ser A stamped...1943
Cont'l Gas A El 6s...1958
200
*
Western Air Express
Western Grocer com
Western Maryland
93
120
1954
%
1
West Va Coal A Coke
Gen mtge 4Mb
Consol Gas Utll Co—
Oct
4
14%
104% 105
125
%
32,000
Consol Gas (Bait City)—
Oct
2M
Aug
80
74 M
1
Knitting Mills...6
1%
30
1,400
%
1K
14%.
Oct
Tu
Sept
56 M
Jan
68
15%
125
550
5%
5%
"5%
Oct
22
10
4,000
(Bait) 3Ms ser N... 1971
1st ref mtge 3s ser P. 1969
Sept
2K
Apr
July
53M
9M
*
Wellington Oil Co
3M
2M June
10 M
1
29 M
1
1
108 % 108%
Denver Ga« A Elec 6e. 1949
Feb
68
300
21
1
32,000
108 M
105
Jan
Oct
19
1,000
20%
56 M
87M
88 M
*129
130
Cudaby Packing 3 Ms. 1955
9M June
1M
27
"27"
87 M
Oct
4%
17 M
%
Waltt & Bond class A.--.*
Walker Mining Co
Apr
47 M
*
...
2
20%
IK
100
common
Sept
Apr
13 M
56
%
1 %
*
o
preferred
Wahl Co
55
56
1
.
7% pref.,100
Vogt Manufacturing:
Oct
2K
"m
1%
6
Va Pub Serv
Jan
1M
1
Van Norman Macb Tool.6
7
Jan
Sept
1M
14 M
7
Valspar Corp com
$4 conv preferred
Apr
12
Utility & Ind Corp com..6
Utll Pow & Lt 7% pref. 100
4%
600
1%
(new) .1
Aug
L800
2
Utility Equities new 10c
60,000
75 M
Consol Gas El Lt <fc Power
M
150
86 M
Conn Lt & Pr 7s A...1951
3M
67
84 M
Communlt" " Pr"Lt~5s '671
50
65%
84 %
1Q4P
Nov
%
65%
RJUCa
Sept
100
2" 200
84 M
Cities Serv P & L 5M«-1952
Mar
8M
M
"1% "\y%
72
84
18 M
*
Utah-Idaho Sugar
6
Utah Pow A Lt $7 pref.—*
Utah Radio Products
1
72 M
27 M
5M
Universal Products Co— *
1969
73M
20,000
73
8,000
85 M 128,000
Feb
4M
"£% "Ik
72 M
Apr
"l~H "2"
Universal Pictures com—1
73 M 166,000
73
Apr
M
5M
2M
M
1968
1M
1.200
1,300
2%
75
72
Range Since Jan. 1, 1939
%
75 M
73 %
1966
10%
3%
Universal Corp v t c..—1
Universal Insurance
8
High
1950
Cities Service 5s
21
2%
10
VntveruaJ Cooler cl B
Jan
2%
2
Paper
Universal Consol Oil
68
Low
Price
200
Verde Exten.._50c
Wall
High
4M
2K
1939
Week
42 M
United Stores common. 60c
United
for
of Prices
July
July
16M
~~3%
Week's Range
Sale
87 M
25M
pref
United
Low
Last
Apr
3%
18 %
50c
U 8 Stores new corn
Shares
11,
Sales
BONDS
(Continued)
72
65
2%
Range Since Jan. 1,1939
1,700
26
1
com
U 8 Rubber Reclaiming..*
1st $7 conv
'it
Nov.
97 M
102M 104
101M 101M
47 K
60%
*77
10%
*81
85
82 M
Apr
6s series B
1947
102 M
4Mb series C
1961
Kansas Elec Pow 3 Ms. 1966
Kansas Gas A Elec 6s.2022
104M
104
105
139
Sept
110%
Jan
July
6 Ms series D
1948
July
5Ms series F
1955
103M
Aug
July
6s series I
1969
Lake Sup Dlst Pow 3 Ms '66
♦Leonard Tietz 7 Ms..1946
100 %
103M 103 %
100 % 101M
104
104
*120
121
101
% 102
18,000
107
107
1,000
1,000
100
16,000
11,000
88
107
Feb
Kentucky Utilities Co—
103
101%
Sept
Sept
126
103
Sept
126
Sept
130 M
150
66,000
86
Jan
24,000
5,000
69 M
81
Jan
10,000
21,000
28,000
7,000
22,000
20,000
57,000
89
Oct
12,000
12,000
Jan
75%
Sept
96 M
81
Jan
100 M
97 M
Aug
102
July
105M May
105
107M
Mar
Oct
Apr
98
35
Jan
46
Mar
32
Jan
46 M
Mar
55%
Jan
74%
Aug
98
Apr
Aug
1st mtge 5s ser H
Lexington Utilities 5s. 1952
Llbby McN A LIbby 5s '42
Long Island Ltg 6s
1945
Louisiana Pow A Lt 5s 1957
Mansfield Mln A Smelt—
5,000
51,000
101
44%
70 M
72%
Sept
Apr
104 M
56 M
June
Jan
Oct
Jan
83
Aug
Jan
88
Aug
40
103
~i",666
104
2,000
103%
103
M 104
21,000
107
106 %
4s series G
1965
*83
109
*110
98
Jan
Sept
M
95
Oct
Jan
Mar
104
Aug
Oct
102 %
Aug
108%.
July
30
103%
Mar
91
Aug
Jan
105
Feb
Jan
102%
104
Nov
102 M
Sept
31 %
Aug
8,000
28 M
99 %
Jan
104 M
73 M
109 M
Sept
93 %
20,000
Sept
105 M
May
73 M
1,000
45
May
107
*12M
104
*96
89%
22 M
*7
104
1943
Memphis Comml Appeal—
Deb 4Mb
1952
Mengel Co conv 4 Ms. 1947
Metropolitan Ed 4s E.1971
104
103
♦78 without warr'ts.1941
Marlon Res Pow 4 Ms. 1954
McCord Rad A Mfg—
6s stamped
105
1961
94
97M
112
75
Sept
Oct
98 %
July
Mar
82
85
M 109 M
M
107 M June
2,000
Apr
102
Sept
91M
109 %
104
Sept
110% May
Nov
Volume
New York Curb
149
Friday
Last
BONDS
Sale
(<Continued0
Price
Middle States Pet 6 Ms '45
MUw
Minn
1st A rel 5e
Mississippi Power 5s__1955
Miss Power A Lt 58—1957
100 M
102 %
Miss River Pow 1st 63.1951
2030
B
{♦Nat PubServ 6s ctfs 1978
Nebraska Power 4 Ms.1981
6s series A
Nelsner Bos
93 M
Jan
100 M
Oct
2,000
58 M
May
73 M
Oct
20,000
93 M
Apr
101M
Aug
Tide Water Power 5s.1979
102 M 102 %
105
105M
43,000
95
Sept
Nov
16,000
102
Apr
102 M
107
Aug
Tietz (L) see Leonard—
Twin City Rap Tr 6 Ms '52
99% 100M
102M 102%
36,000
82 M
Jan
100 M
Aug
88 M
Jan
103 %
Aug
1,000
Sept
HI M
Nov
73 M
Jan
93 M
Aug
United El Serv 7s
Jan
98
Auu
13,000
98
Jan
112
92 M
Jan
107 M
27
29
4.000
110M Hi
£120
125
77 X
78
27
Nov
2T666
28,000
107 M
Jan
H4M
6,000
"
103 M 103 M
96
72 M
38
Oct
123 M
June
Jan
109 M
July
Sept
Mar
2,000
114
Oct
69%
38,000
55
Jan
73 M
July
69
70
21,000
54
Conv deb 6s
1950
68 H
68%
70
106M 107
61,000
96%
99%
July
73 M
July
Jan
73M
109 %
July
13,000
97%
99%
Jan
54M
100 %
May
54,000
87%
Apr
98%
Aug
39.00G
90
Apr
♦Ext 4%s
stamped.1950
1980
N Y State E & G 4%s
99%'
Feb
104
July
Wash Ry & Elec
89 M
Apr
102M
Nov
West Penn Elec 5s..
77M
Sept
86 M
Mar
West Newspaper Un 6s '44
104 M
104
83,000
97
Sept
105 M
Nov
106M June
113M May
111%
Nippon El Pow 6Ms„1953
£55%
Sept
Aug
--
58
49
58
Mar
No Amer Lt A Power—
1956
Prop3Ms'47
5%8„1948
68.1952
100M 100%
49 %
3,000
95 M
Apr
106M 106 M
49%
50%
7,000
100%
Sept
108 M
108M 109
105M
105M 105 H
5,000
30,000
47
Jan
Jan
66%
Aug
9M
Oct
52%
Jan
110
Sept
119%
July
27,000
33
Sept
Jan
52
8
Oct
28%
July
23
Apr
28%
June
------
86
48,000
86 M
88
25,000
72
Apr
6.000
103
Sept
68
Apr
Oct
88
90
Aug
89,000
13.000
82
16,000
68 M
Apr
85
13,000
81%
Apr
99%
Aug
91
Apr
100%
July
Nov
82
To 1%
97%
97 %
99% 100M
5,000
July
Apr
92%
Aug
Sept
78 M
110
108%
119%
Aug
101
102
80,000
89 M
Apr
99
101
Aug
102
99
20,000
87
Jan
101
Nov
97M
12,000
82
Jan
98
June
12M
14%
107% 107%
37,000
96%
12M
2030
101M Aug
107 M May
58 M
Aug
105M
Sept
110M
Oct
Northern Indiana P S—
43.1966
Yadkin River Power 5s '41
111%
57 M
Wise Pow & Light
Sept
2,000
104
Jan
111%
112
7,000
100
Sept
57 M
57 M
£103 % 107
105M 105%
2,000
50
Apr
103%
13,000
99
Nov
Sept
31%
Feb
111
July
106%
Aug
116
July
63
Mar
Jan
106%
106% May
105
93
93
94 M
✓4,000
87
Aug
94
95M
13,000
86%
Apr
Apr
95
94 %
96%
Aug
23%
Sept
28%
Jan
105
14.000
102%
Jan
106
June
GOVERNMENT
FOREIGN
AND
Sept
106
106%
105
1937
1947
{♦York Rys Co 5s
Stamped 5s
9
1,000
106
Wheeling Eleo Co 5s„1941
£112%
50 M
33,000
83 %
"97 %
4s—1951
West Penn traction 5s '60
87
105M
1954
Nor Cont'l Utll
116
1954
6,000
£83%
12,000
10
115% H6
"90 M
1950
1946
20,000
Sept
No Indiana G A E
1st ref 5s series B._
6s
61M
Aug
Waldorf-Astoria Hotel—
102 % 102 M
101M
No Boston Ltg
5 MA-1946
100% 100%
£105% 106%
5 Ms series A
Serv
102 M
N Y A Westch'r Ltg 4s 2004
Debenture 5s
Pub
July
107% 107%
90M
91%
1944
4MB
Va
99%
35
1973
Aug
Ohio—
New York Penn A
Deb 6s series A
Utah Pow & Lt 6s A—2022
♦5s Income debt
1942
♦Income 6s series A .1949
1952
100
New Orleans Pub Serv—
5s stamped
6s series A
Aug
Jan
Jan
35
86 M
6 Ms
115
M
£12
5 Ms
107%
86 M
£12
1945
f 6s
44
"83 M
Sept
Oct
s
99
£115%
"46"
1974
1959
Un Lt & Rys (Del) 5 Ms '52
United Lt & Rys (Me)-
May
68M
118M 118M
♦1st
1956
Apr
HIM
69
97
High
Jan
103
46%
9%
United Lt & Pow 6s..1975
69 %
99 %
Low
32,000
17.000
99%
60 M
10
Nov
1948
107
Range Since Jan. 1, 1939
Shares
1,000
112
99
60 %
♦United Industrial 6 Ms '41
107
31,000
118M
112
United Elec N. J 4S..1949
19,000
28,000
77%
High
106M 107M
~99%
stamp.1950
98
6a
1954
Conv 68 4th
106%
2022
92
106% 107M
N E Gas A El Assn 5s 1947
534s
6s series A
111
89 M
123 M
Debenture
Texas Power & Lt 5s.1956
97
111M 111K
Realty 6s '48
for
of Prices
Low
men Co—
35,000
107
29
Week's Range
Price
72
111 M
110 M
3095
Sales
Sale
0Concluded)
High
77
New Amsterdam Gas 5s *48
New Eng Power 3%s.l961
New Eng Pow Assn 5S.1948
Last
BONDS
Low
91
98
2022
Nevada-Calif Elec 6s.1956
Range Since Jan. 1,1939
111
Missouri Pub Serv 58.1960
series
for
Week
Shares
6
Friday
100% 101
102 %
105 M
Deb 5e
of Prices
High
Low
72
-.1956
Nassau A Suffolk Ltg 5s '45
Net Pow A Lt 6s A...2026
Week's Range
£99% 100
Midland Valley RR 6a
1943
Gas Light 4M8--1967
PAL 4^8
1978
Exchange—Concluded—Page
Sales
MUNICIPALITIES—
1966
1969
6,000
101
Sept
107
Jan
Agricultural Mtge Bk (Col)
5s series D
105% 105M
5,000
100 M
Sept
106 M
Jan
4Mb series E
1970
104 M 104M
9,000
96
Sept
105M May
♦20-year 7s_ —-Apr 1946
♦7s ctfs of dep.Apr '46
stmpd'45
N'western Pub Serv 5fl 1957
105% 105M
I.000
104
Feb
108
104%
104% 105 M
14,000
95
Apr
105 M
108
109
3,000
104
Sept
HOM
Aug
♦6s ctfs of dep..-Aug
1968
Ohio Public 8erv 48—1962
106%
106
107
52,000
97
Sept
Aug
♦6s ctfs of dep...Apr
108%
20,000
99 M
Sept
May
B..195f
105%
107% 108M
105M 106
102 M
102
109 M
109 M
22,000
103%
Oct
106
Antioqula (Dept of) Co¬
lombia—
8,000
91M
Jan
102 M
100 M 100 M
6,000
98
5e series C
N'western Elec 6s
1945
Ogden Gas 5s
Ohio Power 3*48
Okla Nat Gas 3 %s
5e *48
Pacific Coast Power 5s '40
Pacific Gas A Elec Co—
1st 6s series B
1941
Pacific Invest 5s ser A. 1948
Pacific Ltg A Pow 68.1942
Pacific Pow A Ltg 58.1955
Park Lexington 3s—1964
Penn Cent L A P 4 Ms.1977
1st 5s
1979
Penn Electric 4fl F—1971
6s series II
.1962
Okla Power A Water
May
Nov
Nov
68 series A
Deb 5Ms series
1950
B..1959
C..1947
5s series D
Penn Water A Pow
92
99%
11,000
110M 110M
93
92 %
11,000
1,000
110M 110M
92 M 161,000
91%
44
£40
99 % 100 H
7~9~66o
Sept
104
A Coke 6e '40
Portland Ga
E.1956
4 Ms series F
1961
Potrero Sug 7s stmpd.1947
Power Corp(Can)4MsB *59
♦Prussian Electric 6s. .1954
Public Hervlce of N J—
6°7. prepetual certificates
Potomac Edison 5e
4Ms'79
108
Sept
114
May
88
Oct
94
Aug
Oct
%
113M
76
Jan
95 %
Aug
32
Jan
38 M
Aug
109 M
Jan
91
Jan
102 M
Aug
104M 104 M
104M 104%
4,000
98
Jan
104M
Aug
8,000
94
Sept
July
8,000
102
Sept
105M
108
Nov
108M
6,000
15,000
91M
Jan
Jan
108 M
107 %
Nov
105M 107%
107M 108M
£107
108
100M 100M
3,000
102%
Sept
109M
Mar
100 %
103M
Sept
108
Mar
100 M
Nov
105
Jan
104 M
Sept
108%
Sept
100
July
100%
H5M
Aug
89 %
51
Nov
108
108M
6,000
96
96 %
18,000
97 %
97 M
97 %
46,000
92 %
Apr
114M 115M
II,000
Sept
Sept
a
90
89 M
105
89 %
8,000
109 M
76
44 M
114M
47
27,000
35 M
104% 105
5,000
100
100
£7
R9
30
80
84 %
108%
110
39,000
49 M
101
95%
Apr
June
Aug
112~666
100 M
95M
94
Oct
Oct
Jan
Mar
Oct
2,000
110M
49 M
Scripp (E W) Co 5MS-1943
Scullln Steei 3s
1951
25,000
4,000
bhawinlgan WAP 4 Ms '67
series D—1970
1st 4Mb
£13%
20
dep.'57
£13
20
11
Mar
11
Mar
♦7« 2d ser ctfs of
dep.'57
dep.'57
1951
♦Bogota (City) 8s ctfs 1945
Bogota (see Mtge Bank or)
♦Caldas 7 Ms ctfs of dep *46
♦Cauca Valley 7s
1948
♦7s ctfs of deposit—1948
♦7M» ctfs of dep...1946
Cent Bk of German State &
♦Prov Banks 6s B—1951
♦6s series A
1952
Colombia (Republic of)—
♦6s ctfs of dep..July '61
♦6s ctfs of dep..Oct
61
Cundlnamarca (Dept. of)
♦6 Ms ctfs of dep.—1959
Danish 5 Ms
1955
58
—.1953
£13
20
♦7 3d ser ctfs of
£13
20
May
20
July
Mar
15
Mar
June
July
♦7s ser
♦7s 1st ser ctfs of
♦Baden 7s
£7
68
96
95%
1947
Sou Carolina Pow 5s.1957 "99 M
Southeast PAL 6S...2025
110M
Sou Calif Edison Ltd—
Ref M 3%s_May 1 1960
109%
Ref. M 3Ms B.July 1'60
109
Sou Counties Gas 4 Ms 1968
105M
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
S'western Lt A Pow 5s 1957
So'west Pow A Lt 68.2022
So'west Pub Serv 6s.. 1945
50 M
♦Spalding (A G) 5s...1989
Sheridan Wyo Coal 6s
17 M
25
15
£10
25
16M
June
14
June
13% June
Aug
Jan
11M
Mar
15 M
30
6M
Sept
25 X
Feb
30
14 M
16H
16M
8
Oct
25 X
Mar
19 H
Feb
22
Mar
100
Jan
16
36.000
£11
25
£11
20
£7
£7
£21
35
£21
35
£10
10
25
55%
Oct
55
55
Oct
96%
Jan
£8%
57 M
30
8
Oct
35%
Feb
20
57 M
£40
Danelg Port & Waterways
♦External 6 Ms
1952
58
5,000
Munlc 7s '47
£9
Mar
9
9
Sept
20
Mar
£7
25
Sept
22
Apr
105%
July
109 M
Feb
♦Hanover
1947
7s—1939
(Prov) 6Ms.1949
7%
6%
6%
20
♦Secured 6s
£8
10
7%
Oct
20
Mar
107
Sept
110M
Nov
7%
Sept
39
Jan
63
105M
23
Sept
Mar
Feb
38,000
134
Sept
157M
Aug
106 M 106 %
2,000
95 M
96 M 249.000
93 M
71,000
94 M
100
Sept
108 M
May
147 M 150
91
107,000
95%
25
35
23,000
75%
Jan
97
Aug
72
Jan
95 M
Aug
70 M
Jan
.93%
Aug
63 M
28
Jan
Apr
21M June
le'ooo
109 M 110
23
106
16 M
121M
9M
1.000
101M 101M
98 M
35
Jan
25
Aug
111M
21
July
Sept
138
Aug
Oct
27
Mar
Oct
22
June
31M
Jan
99M
103%
Mar
48
Sept
May
68
70
94%
96 M
22,000
80M
Sept
106
93 M
95 %
29,000
85
Sept
105%
87
July
Sept
Feb
13,000
7,000
£86
10%
£7
Jnne
♦Hanover (City)
Feb
19%
£18%
£130 M 135
35
£8
101M
13% June
Nov
Sept
23
Jan
Aug
12%
13%
1,000
June
20 %
£7
6S..1951
8%
13%
84 %
77M
£7
Wks 6S..1937
Mar
22
30
94
{♦St L Gas A Coke 68.1947
L A P 6s B '52
♦Schulte Real Est
dep.1945
dep.1945
dep.1945
D ctfs of dep.1945
♦German Con
Peru—
♦6 Ms stamped
76 M
Jan
75
90
Sept
Feb
Feb
1,000
Sept
Lima (City.
1958
1958
♦Maranhao 7s
1951
♦7s ctfs of deposit.. 1951
♦6Ms ctfs of dep....1954
Mtge Bk of Bogota 7s.1947
♦Medellln 7s stamped.
8M
9M
10M
14 M
16
14%
£10
1927.
♦7 ctfs of dep.May '47
♦Issue of Oct 1927
♦7 ctfs of dep..Oct '47
♦Issue of May
68.1931
Mtge Bank of Colombia¬
ns ctfs of dep.....1946
*7s ctfs of dep....-1947
♦6Ms ctfs of dep.. 1947
Mtge Bk of Denmark 5s "72
♦Parana (State) 7d-—1958
♦Rio de Jrnelro 6MS-1959
♦Russian Govt 6Ms—1919
♦5 Ms
1921
♦Santa Fe 7s stamped. 1945
♦Santiago 7s
1949
♦7s
1961
£25%
£20
25 M
£20
♦Mtge Bk of Chile
109%
"24%
Oct
90
89%
Jan
Jan
£7
90 M
Apr
"24%
64
£85
149 M
108
27
7
108% 109
HOM
Nov
"2T666
96 %
Jan
20
13%
26
20
£13^
108
San Joaquin
♦Saxon Pub
35
£13 X
107
4s series A
Safe Harbor Water
£20
♦7s ser A cttB of
Pub Serv of Oklahoma—
1966
Puget 8ound PAL 6 Ms '49
1st A ref. 5s ser C.1950
1st Aref. 4M»ser D.1950
Queens Bore Gas A Elec—
5 Ms series A
1952
♦Ruhr Gas Corp 6MS.1953
♦Ruhr Housing 6Ms.. 1958
35
♦7s ser B ctfs of
108M
1968
1981
4s series D
1961
Phila Elec Pow 5MS..1972
Phiia Rapid Transit 6s 1962
Piedm't Hydro El 6Ms.'60
Pittsburgh Coal 6s... 1949
Pittsburgh Steei 6s—1948
♦Pomeranian Elec 6s. 1953
35
£20
Mar
107% 108
104%
Peoples Gas L A Coke—
4s series B
29
♦7s ser C ctfs of
...1954
58.1940
4Mb series B
35
£20
'47
'48
27M
£25M
June
Penn Ohio Edison—
Penn Pub Serv 6s
£25M
£20
♦20-year 7s
Jan 1947
♦7s ctfs of dep.Jan '47
14%
13
Mar
8%
2,000
10 M
16
Oct
15
Mar
17,000
11
Sept
16
June
14%
5,000
10
Feb
15
June
5.000
6%
20
9/
Jan
13%
Aug
28
25%
Jan
26%
Aug
Mar
32
26
t2l
26%
Apr
26
U
June
16
55
24%
Apr
Jan
28
£21
35
£21
Oct
26
T'ooo
7,000
26%
14%
35
Nov
96 M
Mar
Sept
15
Mar
5,000
7K
5M
Sept
14 M
11,000
*i8
Sept
M
»is
Oct
M
55
8.000
8%
9
5,000
7M
8
55
%
M
£6i«
£64
7i»
67
£13M
18
£13M
14M
%
47
8X
8M
Mar
Feb
Jan
Apr
May
66
14M
Jan
May
15M
Sept
No*
Nov
99 M
le'ooo
83
Jan
99%
Aug
110M HIM
93.000
94 M
Jan
111M
Nov
May
99
108M 109 M
51,000
102
Sept
109 M
22,000
102
Sept
111%
111M
105M 105 M
14,000
103 M
Feb
105 M
7,000
39M
May
57
Oct
5.000
100M
Sept
105
Aug
8,000
100
Sept
105
Nov
108
54
54%
104
104 %
104 M 104 %
98 %
98
11,000
107% 108
23.000
50 M
51
18,000
68M
68 M
68M
68%
67 M
67 M
70
70
70
70
69
70
81
104 M
Apr
99 M
May
Oct
Oct
Jan
108
May
48
Sept
59
July
Apr
74M
Aug
Aug
Standard Gas A Electric—
Debentures
..1948
(Stpd)...—1948
6s
1951
67 %
Debenture 6s.Dec. 1 '66
68 M
6s (stpd)
ConvGs
6s goid debs
1957
Standard Pow A Lt 6s 1957
5s. 1950
Corp—
stamped 4s
1940
3d stamped 4s
1946
Ternl Hydro El 6Ms. 1953
Texas Elec Service 5s 1960
♦Starrett Corp Inc
18
68 M
18
27,000
55
M
43,000
54 M
Apr
74 M
%
49,000
65
Apr
74 M
47,000
54
Apr
74
Aug
10,000
54
Apr
73 M
Aug
Interest.
69 M
21,000
53 M
Apr
73 M
AUg
cluded in year's range,
19
10,000
17 M
Sept
M
%
35
Aug
Jan
Stinnes (Huge)
No par value,
n
a Deferred delivery sales not included In year's range,
d ExUnder the rule sales not included In year's range,
r Cash sales not In¬
x
Ex-divldend.
£ Friday's bid and asked price.
Bonds being traded flat.
No sales were transacted during current week.
♦
2d
*
£23
~17%
To4%
25
30
2,000
17M
17M
43 M
14,000
44 M
103% 104 M 128,000
15M
Oct
Nov
29
8ept
94M
Sept
64
Mar
50
Jan
53%
Jan
104% Mav
( Reported in receivership.
e
Cash sales transacted during the current week and not included in weekly or
yearly range:
No Sales.
y
Under- the-rule sales transacted during the current week and not Included In
weekly or yearly range:
No sales.
z
Deferred delivery sales transacted during the current week and not Included In
weekly or yearly range:
No sales.
Abbreviations
Used Above—"cod,"
certificates
of deposit;
"cons,"
consolidated;
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock;
•*v t c," voting trust certificates; "w 1," when Issued; "w w," with warrants: "x-w.*
without warrants.
4
Baltimore Stock Exchange
both inclusive, compiled from official sales lists
or
Week's Range
Sale
Low
Shares
728
2C
Sept
24%
Mar
42c
50c
419
25c
June
70c
July
1.90
1.75
2.05
3,680
16%
pref v t c
Brager Kisenberg Inc com-1
Consol Gas E L A Pow.._*
16%
2
78
80
80*
100
P^f B
Eastern Sugar Assoc com.
1
1
292
Apr
16%
Mar
71
JaD
Sept
150
10%
6%
409
8
8
9
9
1.20
72 rill
115% 116
Davison Chem Co com .100
4
Apr
Apr
24
70
Fidelity A Deposit
20
Finance Co of Am A com. 6
125
125
125%
45
10
10
10
82
8%
July
preferred.—25
Humphreys Mfg Co com.*
20
19
20
943
16%
30
30
Apr
Apr
Preferred...
Houston Oil
23 %
23%
-
16
Mills—
..100
Mt Vern-Woodb
Preferred
New Amsterd'm Casualty 6
30
45c
40c
1
Merch A Miners Transp—*
Mar Tex Oil
12%
93
Apr
20
1,400
17
Apr
112
40c
2.10
Jan
Members
La Salle
10 S.
"fox
Ouar_....2
22%
Last
Week's Range
for
Sale
of Prices
I.OW
High
Week
22
June
30
Par
Altofer Bros pref
Amer Pub Serv pref.—. 100
31
52
Sept
Amer Tel A Tel Co cap. 100
10%
Apr
14%
Feb
1.55
July
Sept
Armour A Co common—5
1.00
69
Oct
16%
Apr
84%
23%
Co com
Aro Equipment
Mar
Asbestos Mfg
Mar
1
Co com
29%
28
31
34
32%
35%
$72,000
17,000
19%
Apr
22%
Apr
Par
Stocks-
Week's Range
for
Sale
of Prices
Low
High
9%
4%
5
5
5
3
Belden Mfg Co com
'"7%
18
June
21%
59
Jan
Apr
147%
3% Aug
7% June
% Aug
2%
Apr
1%
6,600
3%
13,650
1%
4%
Aug
Aug
20
13
Oct
5
31%
15%
50
8%
200
17%
11%
18%
12%
300
5%
30%
5%
33%
300
2,250
16%
Apr
Sept
Apr
9%
9%
850
4%
17%
4%
50
700
7%
10
6%
,
4
Jan
Jan
Apr
Jan
Apr
July
170%
Max
8%
Sept
15
Nov
1%
Oct
7%
4%
9%
Sept
Mar
4%
7%
15%
10%
19%
Nov
12%
6%
33%
Nov
Feb
Nov
Mar
Oct
Nov
Aug
Oct
7%
2%
Jan
10% May
Apr
33
34%
350
13%
Apr
5%
36%
Jan
*33%
26%
26
27%
870
20
Apr
Aug
32
Jan
Jan
22
9%
Berghoff Brewing Co.—
Bliss A Laughlln Inc com. 5
94
July
8%
Binks Mfg Co capital...
High
47%
15%
10
*
Belmont Radio Corp
Bendlx Aviation com
Apr
28%
100
3%
*
Barlow&Seeltg Mfg A com 5
Bastian-Blesslng Co com.
Low
200
4
Aviation & Transport cap
Range Since Jan. 1,1939
Shares
5%
Backstay Welt Co com..
Barber Co (W H) com...
Week
Price
1%
5
5
Nov
Sales
Last
1
5,700
1,700
Nov
31
35%
both inclusive, compiled from official sales lists
Friday
15
3%
7%
3%
Boston Stock Exchange
Nov. 4 to Nov. 10,
6
14
1
Aviation Corp (Del)
1975
998
168%
6%
14%
Athey Truss Wheel cap—4
Bonds—
A 5s flat
2,200
Sept
300
277
6%
21%
965
1,161
60
40%
1.50
71
82%
Allla-Chaimers Mfg Co— *
13%
22%
3d
82%
Jan
June
High
Low
105
19
42%
19%
1.40
Auburn Auto Co com
Bait Transit 4s flat— .1976
Price
Aug
35
Range Since Jan. 1, 1939
Shares
Nov
Stocks (Continued)
48%
70%
Sales
Friday
July
Aug
12
CHICAGO
Mar
12%
22
St.,
Sept
130%
10%
1.50
Penna Water A Power com*
Municipal Dept. CGO. 521
Trading Dept, CGO. 405-406
84
Aug
121% June
10% Sept
17% Sept
32
Principal Exchanges
Teletype
Bell System
Jan
19
48%
12%
North Amer Oil Co com. .1
U S Fidelity &
Paerl H.Davis & <90.
High
22%
vtc
Bait Transit Co com
4 %%
High
22 %
33c
22 %
Arundel Corp..
1st
Range Since Jan. 1,1939
Week
of Prices
Low
Price
1939
Lifted and UnlUted
Sales
Last
Par
Stocks—
11,
SECURITIES
CHICAGO
Nov. 4 to Nov. 10,
Friday
Nov.
Chronicle
The Commercial & Financial
3096
Oct
Borg Warner Corp—
(New) common
American Pneumatic Ser
6% non-cum pref.....50
1st pref
......-.50
Amer Tel A Tel.
100
Assoc Gas A El Co cl A... 1
168*
*
Bird & Son Inc
100
Boston Edison Co.....100
Boston Elevated
100
Boston Herald Traveler..*
Boston A Albany..
1%
100
1
Oct
13%
169%
14
12
Jan
168
2,508
147%
%
18%
Aug
84
84
87
549
X
146
157
9
Sept
70% May
955 zl27
142% 146
85
44%
45
17%
17%
164
3%
44%
Apr
3%
2%
Jan
38%
29
Apr
Apr
16
Brown Fence A Wire
2 May
15
Nov
157
11%
X
29%
11%
500
29%
11%
"29%
Bigelow-Sanford Carpet
1%
13%
1%
Mar
1%
32%
Oct
11%
Burd Piston Ring com
July
Oct
159%
Mar
19
Jan
—.100
Common Std
100
2
2
preferred..-.--100
Class A 1st pref std.. 100
Class A 1st pref
100
Cl B 1st pref std
100
Cl C 1st pref std
100
C1D 1st pref std
100
13
13
3
3
""3 %
Boston Personal Prop Tr_*
13%
Preferred std.
Prior
14
1%
160
July
Jan
Jan
%
6
1,546
257
4%
15%
2%
3%
3%
3
3
4
Boston A Providence... 100
3%
2%
4%
130
14%
20
206
10% May
3
July
1% June
1% May
1%
Jan
13%
18%
1%
1%
20
35
36
65
4
Jan
9
Sept
Sept
Oct
3%
15
2
2
150
8
8
4%
Aug
10%
Sept
Copper Range
6
8%
6%
445
6
265
3%
Apr
8%
Sept
15c
15c
200
15c
Aug
35c
Mar
3%
3%
80
1
Apr
281
Sept
Oct
Sept
.—.25
East Boston Co.———.10
2
Oct
East Gas & Fuel Assn—
*
Common....
100
100
4%% prior pref
6% preferred.—
36
36
4%
39%
22
22
22%
48
60c
11
61%
61%
65
55
Aug
77
Mar
16
16
55
15
Feb
26
Mar
June
5%
41%
6%
July
25
60c
Oct
16
Eastern Mass St Ry—
100
Common..
1st
-100
pref......
100
Preferred B
60c
60c
4
East Steamship Lines com
—*
Employers Group
20%
1%
""4%
4%
*
6%
6%
Hathaway Bakeries pref..*
Class A.
*
"l%
Gilchrist Co
Gillette Safety Razor
l9le Royal Copper Co... 15
Maine Central com
100
5% cum pref
Mergenthaler Linotype... *
150
220
1%
4%
6%
15
1
Mar
70
4%
279
6%
32
30
1%
1%
25
2
2
50
"7%
7%
23%
23%
2%
.100
Mass Utilities Assoc vtc.l
Narragansett
32
4
20%
20
Georgian Inc cl A pref..20
,2%
16%
8
165
3%
18%
Aug
Apr
Mar
1%
Mar
7%
24
•Tan
Feb
Sept
7
Jan
Apr
8
Jan
Jan
20
1%
32
1%
Jan
%
4%
Apr
Jan
Nov
2%
3%
Sept
9
Sept
July
23%
2%
110
10
Apr
25%
Oct
359
2
Jan
2%
July
16%
215
22%
Jan
4%
39%
117% 118%
600
16
15%
Sept
Assn
Racing
1
Inc
New Eng Gas pref
4%
*
New England Tel A Tel 100
Il8%
4%
39%
50
495
3%
Jan
15
Jan
103%
Apr
5% June
39%
Nov
120
Aug
6% cum pref
75
100
1%
1%
2.50
63c
58c
67c
—100
%
%
Butte
10
75
1%
North
42
251
2,630
May
% June
July
30o
75
1%
Oct
Sept
1.00
Jan
1%
Jan
Old Colony RR—
Common....
(Ctfs of dep)
30c
Old Dominion Co.....25
Pacific Mills Co
—.*
Pennsylvania RR
Qulncy Mining Co
50
Stone A Webster
.'....*
Torrington Co (The)
Union Twist Drill
*
.5
11%
12%
30%
27
20c June
80
20c
Feb
17%
25%
1%
1%
11%
13%
31
382
9%
Mar
23%
1%
1%
10%
12
30%
26%
77%
2,099
222
780
1,255
_
»
*
Sept
July
1
4%
1%
Sept
11%
17%
Sept
Sept
Jan
8%
Feb
32
17
Feb
1,096
71%
Apr
58
39%
Oct
29%
87%
48%
6,093
50c
Apr
1%
69%
5%
Jan
Jan
85
Apr
8
Oct
1%
Mar
3%
Jan
2
25
80
7%
2%
27%
27
22%
66
60c
1%
27%
Apr
998
55c
7%
Warren Bros
Jan
40c
1,024
28
79%
43
80
60c
15% Aug
% June
80c
21% Sept
Apr
Apr
42%
79%
Venezuela Holding Corp. 1
Vermont A Mass Ry Co 100
Warren (S Pi Co
26
27c
15%
2
United Shoe Mach Corp.25
6% cum pref
25
Utah Metal A Tunnel Co.l
Waldorf System
30c
35c June
27c
15%
24%
25
Reece Folding Machine. 10
Shawm ut Assn TO
*
373
11
20
215
5
8%
23
Mar
Jan
Oct
July
Aug
85c May
2
Jan
Sept
29
Oct
H
Sale
Stocks—
Par
Price
of Prices
Low
High
5
Rights w IAcme Steel Co
Allied Laboratories com..*
1%
53%
2%
11%
18%
Allied Products
11
com
25
Advanced Alum Castings. 6
Aetna Ball Bearing coin..1
com
For footnotes
2%
11%
Low
High
10
see page
3099.
66%
1%
925
53 H
Apr
10,000
Oct
54%
3%
Apr
56%
700
1%
31%
1%
71 %
1%
11%
18%
11%
99
Sept
11%
Nov
15
64%
Apr
79
X
250
l%
3,500
Jan
Jan
%
% May
59
4%
71
Jan
112
90
7%
Jan
20%
1%
32%
61%
Apr
2%
Sept
Sept
Aug
38%
78%
1%
9%
2%
3,900
66
66%
1
350
9
9%
70
6
Apr
109
109%
30
107%
Oct
112
955
Apr
Aug
94
Apr
Apr
Aug
Aug
31%
16%
1%
7%
6
Chrysler Corp
common
5
87%
Cities Service Co com... 10
5%
%
2%
32%
50
30%
14%
31%
20,250
25%
3%
30%
15
3%
8%
%
90
8
*
Common pt sh v t o B
*
Pref ptshs v t c
.50
Container Corp com..—20
Continental Steel com
*
90
450
15
X
%
Aug
Sept
6%
Feb
Mar
33
Sept
Mar
9%
Sept
180
4*
150
9%
Aug
17
Nov
Sept
24
"60%
60%
17%
13
18%
16%
2%
23%
10%
13%
33%
34
16
2%
22%
9%
Oct
16%
Apr
32
17
10
48
Aug
Aug
Apr
73
Mar
19%
Aug
80
500
150
12%
9
37%
18%
Oct
1%
Mar
3%
Mar
365
15%
Jan
25%
10%
Oct
70
515
450
12%
12%
250
3%
3%
2,200
23%
36%
24
450
37%
167
13
13
50
Apr
5%
Aug
9% Sept
13%
35%
Sept
6
Apr
14% Sept
Apr
4%
24%
43%
2%
17%
24%
10%
Apr
Apr
Four-Wheel Drive Auto. 10
6
6%
550
3
Apr
14%
8%
4
4
550
2
Jan
4%
Apr
Apr
64%
General Amer Transp com 5
10
2%
*55" "
Gillette Safety Razor com*
Goodyear T A Rub com..*
Gossard Co (H W) com
Jan
8ept
Sept
Sept
16%
50
11%
54%
2%
44%
55%
159
40%
2%
250
444
1%
36%
55%
4%
6%
27%
3,150
37%
Apr
3%
47%
56%
33
Sept
6%
Jan
245
3%
5%
Apr
8%
Jan
385
21%
13% 13%
25% 26
16% 16%
8%. 8%
8%
9
300
Apr
Apr
Apr
53%
4%
6%
25%
*
*
Great Lakes D A D com
*
Hall Printing Co com...10
Apr
Oct
Oct
Jan
16%
Gardner Denver Co com—*
General Motors Corp
Gen Outdoor Adv com
Nov
Nov
Feb
30
Fuller Mfg Co com
1
Jan
200
3%
*
Jan
239
12%
General Finance Corp coml
General Foods com..—
*
Jan
4%
*
cm
July
6%
17
30
24%
60%
Elee Household UtU cap. 5
Elgin Natl Watch Co
15
Fairbanks Morse com
*
FitzSlmons&ConD&D
Sept
4%
*
com
Oct
9%
3%
16%
29%
2
com
com
350
Oct
Oct
Aug
4*
»
Class A
3%
Jan
Sept
Mar
Mar
—j.
*
Deere A Co com
9
100
Jan
Jan
Aug
July
Aug
Sept
Sept
25
com
Cudaby Packing pref.. 100
CunnlnghamDrugStores2 %
Dayton Rubber Mfg com.*
Decker (Alf) A Cohn comlO
%
53%
4%
2%
18%
32%
Consolidated Oil CorpConsumers Co-
600
550
Coleman Lp & Stove com. *
Compressed Ind Gases cap5
Consolidated Biscuit com 1
350
700
86%
5%
2%
Commonwealth Edison—
New capital
25
179
5%
Club Aluminum Utensil. _*
Dodge Mfg Corp
Apr
15
1%
36%
""%
Dlxle-Vortex Co
Jan
100
5%
20%
loir
Diamond T Motor
1%
Apr
45
40
1%
36%
conv pref.*
Crane Co
1
30
59
106% 107%
19
Chic A Nor West com..100
Chic Rivet A Tract cap
4
16%
Heileman
Brewing cap
1
Hein-Werner Motor Parts 3
45
9
700
18%
Apr
Jan
17%
Sept
Oct
July
Oct
37 ci
Jan
13%
Nov
27%
Feb
750
8%
400
6%
Jan
650
7
Apr
17%
Oct
9% Aug
9% May
40
Apr
Hibbard Spen Bart com_25
Horders Inc com
:_*
40
10
32
Aug
12%
12%
50
13
14%
14%
1%
3%
13%
14%
14%
640
10%
8%
Apr
Houdallle-Hershey cl B. _*
Apr
17%
Jan
5,245
14%
2%
Nov
1%
9% May
Aug
3%
15%
600
6%
20%
Jan
25%
Sept
Sept
Hubbell Harvey Ine com.5
1
1%
-10
com
3%
40
100
3*
Sept
com
v t c__*
25
25
50
.8"
Aug
Aug
Inland Steel Co cap
*
International Harvest com*
87
91
354
66%
Apr
98%
100
360
Nov
Feb
Jan
Jan
61%
62%
390
48%
Aug
71% 8ept
New com.............1
16%
17%
1,200
10%
49%
50
July
Apr
Apr
50
5%
8%
Oct
Oct
Oct
Sept
Oct
18
July
Sept
950
5
Feb
9
10
74
Mar
101
Ken-RadTube&Lp com A *
Kentucky Utll Jr cum pf_50
6% preferred.
.100
Kingsbury Brew Co cap
1
100
6
Apr
220
29-
Jan
44
130
Jan
100
42%
43%
97
8%
Oct
Mar
Aug
Sept
96%
%
97%
%
50
69%
%
1%
1%
100
1%
Apr
Aug
%
2%
Jan
5
10
9%
9%
100
6%
Jan
10%
Sept
7
7%
838
4
Apr
10
Rept
U
Apr
19
Oct
Le Rol Co com
5
Apr
11%
Oct
Llbby McNeill A Libhy..*
La Salle Ext Unlv com
42%
Oct
NOV
5%
7
3%
250
3%
100
12%
50
8%
36
7
Apr
6
100
100
July
150
100
5%
100
Preferred
64%
26
80
1%
36%
Kellogg Switchboard com. *
*
—.*
Mar
Apr
16
23%
16%
250
12%
78
Jan
Apr
Apr
Joelyn Mfg A Sup com.—6
Katz Drug Co com.
1
Week
Shares
Abbott Laboratories—
Common (new)
350
9
Sept
Jan
Aug
Sept
Jarvls (W B) Co—
Range Since Jan. 1,1939
for
23
5%
18%
9%
Indep Pneum Tool
Sales
Week's Range
100
Illinois Central RR
10, both inclusive, compiled from official sales lists
Last
250
19
Chicago Towel
Illinois Brick Co
Friday
2,550
3%
*
Cbl Flexible Shaft com
Hupp Motors
Chicago Stock Exchange
Nov. 4 to Nov.
13
15%
1
59
106%
New River Co—
NYNH&HRR—.100
Feb
June
*
com
Preferred
Jan
~2~
*
Chicago Corp common
July
Calumet A Hecla.
*
Chain Belt Co
Sept
23
90
700
22%
jan
June
17%
3%
8%
1
1
Cent States P A Lt pref...*
Oct
5%
May
1%
Jan
Brown-Durrell Co com.. .*
—.5
Common
$7 preferred
Prior lien preferred
Sept
Sept
4
X
7%
Aug
3%
7%
21%
22%
11%
77%
%
4%
17
Central 8 W—
Oct
3%
13
60
900
14%
Cent 111 Pub Ser $6 pref..*
Central 111 Secur com
1
Boston A Maine—
12%
13
3%
5% conv preferred ...20
Campbell-W&Can Fdycap*
Castle Co (A M) com... 10
Central Cold Storage com20
Aug
56
5
21
11%
1
10
Butler Brothers
300
5
21
5
1
.
_
Mar
92
com
Brach A Sons (E J) cap
*
Bruce Co (E L) com
5
Bunte Bros com
.10
Mar
170
5
9%
Jan
Volume
The Commercial & Financial Chronicle
149
triday
sales
Last
Veek's Range
Sale
Stocks (Concluded)
Par
Price
High
ow
Stocks vConcluded)
High
Low
Shares
Common
_*
$3.50 preferred
Lion Oil Ref Co
2%
1
Mapes Consol Mfg cap
*
5
9%
Aug
13%
June
5%
32%
Jan
Mar
20
Jan
Jan
*
Baldwin
8
4
4
93
2
Burger Brewing..
*
Champ Paper pref..... 100
Cin Gas & Flee pref.... 100
C N O & T P.100
106%
Nov
Cin Street....
__50
"i%
Apr
Nov
Cin Telephone
50
7%
Oct
16%
Jan
3
Oct
5%
Jan
Eagle-Plcher
Oct
28%
Feb
Formica Insulation
*
4%
Jan
Gibson Art..
*
8
200
3%
900
10
25
25
10
Sept
Oct
3%
Crosley Corp...
...
*
Mlckeiberry's Food com. 1
Middle West Corp cap—6
26
3%
7%
Prior preferred
.
26
26
3%
3%
7%
8%
1,500
4,550
*
1%
234
1,950
1%
100
100
100
__100
%
%
50
34
Jan
4%
%
4%
150
%
Feb
%
50
4
4%
200
Miller & Hart conv pref..*
3%
4
350
10
10
50
21
21
100
2
250
134
Oct
4234
100
40%
Jan
234
5%
Apr
Apr
1034
Aug
Sept
5%
Mar
Convertible pref-
134
7%
July
7% pref A.
7% prior lien
6% preferred A
6% prior lien
Minneapolis Brewing com 1
Modine Mfg com
*
Monroe Chemical com—*
Preferred
2
*
1%
4234
42
Apr
Sept
72
Sept
1% June
July
8%
2%
1334
146
12%
Apr
15
652
28
28
90
7
Aug
July
Apr
734
934 May
25
Apr
7%
2%
*
14
2
20
110
12%
Apr
2%
45
30
July
39
39%
45
43%
Aug
13
*0
8
Jan
15
101
101
8
100
Jan
104
Sept
Aug
27%
46%
46%
10
%
2734
Little Mlama Spl..
50
Magnavox.2.50
Moores-Coney A....,
497
29
Jan
34%
%
240
%
Jan
2,8
July
20%
46
Apr
Sept
34
%
79
%
25
34
%
%
61%
63%
354
100
Feb
8% preferred
U S Playing Card
IT s. Printing oret
*0
Nov
50%
Jan
Nov
100
%
22
Jan
15
13
....
May
7%
Jan
Apr
3%
14%
*
1st preferred
%
Sept
July
Jan
99%
34
July
5%
3
Jan
*
June
7%
Jan
Oct
85
88
._*
1%
Feb
101% Mar
Jau
1134
10934 June
138
.___*
Jan
%
16
98%
20
670
1%
National Pumps
Procter & Gamble
34
2
Oct
May
13%
*
Kroger
Midland Util—
3
Jan
June
95
94
10
Hobart A__
July
Oct
13
94
Kahn_._.
Midland United—
93
8
339
85
134
5
Mar
98
100
84%
Nov
Mar
80
8%
8%
105% 107
11%
34%
9%
1%
15
100
27
19
8,300
2%
73%
1%
100
2%
100
**
Dow Drug...
1
2%
.
Churngold..
High
Feb
1
3
93
Apr
%
30
17%
34%
Low
25
1%
100
Preferred
Apr
1,750
26
Sept
Range Since Jan. 1,1939
for
Weel
Shares
High
1%
Apr
Apr
—
com
Low
Price
18%
2%
1%
1
334
Mc Will lams Dredge com.*
Oct
80
500
1%
1%
15%
34%
7%
1634
McQuay-Norris Mfg com.*
Class A
Mar
21%
26
Marshall Field com
Mercb & Mfrs See
15
1%
1
.*
_
14%
15
1%
*
90
14%
*
2
550
27%
2%
*
com
Loudon Packing com
M anh att-D earb orn com
2%
26
*
com
Liquid Carbonic
Par
Amer Products
Lincoln Printing Co-
bates
Fivtay
Last
Week's Range
Sale
of Prices
Range Since Jan. 1, 1939
for
Week
of Prices
3097
B_
._*
6234
223
223
33"
10
3234
12%
2
34%
108
13
216
231
Nov
Oct
29%
46% Nov
% May
1% Mar
% Mar
2%
Feb
Oct
Apr
Mar
230
June
Jan
38
July
Apr
13%
27%
434
Oct
Montgomery Ward—
*
2234
30
35
3534
50
15%
15%
25
534
200
com
.
_.
*
*
Natl Pressure Cooker Co.*
5
Natl Rep Invest Tr pref.
National Standard com. 10
23%
Noblltt-Sparks Ind com..5
com
/_ .20
2834
4%
Nor Amer Car
Northern 111 Fin
com
%
23%
%
16
Apr
25
1634
35
Sept
2
4%
700
100
9%
Oct
12%
10%
1,900
6%
Apr
11
18
100
14%
Jan
2034
Mar
58%
1834
58%
10
4034
Jan
67
Aug
8
Apr
26,%
Aug
20
June
8
Sept
Jan
31
50
13%
1%
180
Penn EI Switch
A__l(
14%
14%
51
23%
41%
28
28
27%
Penn RR capital
101
caD
11%
Apr
15%
%
Apr
1%
Sept
Feb
41%
Oct
12%
Sept
25
750
43%
248
1534
30%
Sept
29
1
Week's Range
for
Sale
of Prices'
Week
Apr
Aug
16%
16%
Sept
117%
380
108%
Apr
125
Aug
1
1%
150
%
Apr
2
Jan
1%
1,350
Sept
2%
Amer Home Prods
Apr
32%
Mar
2734
%
150
28
10%
11
82%
85%
1%
650
1
22%
Aug
f
1,091
60%
Apr
200
1%
19%
250
8
31%
100
Oct
12
July
2
Sept
85%
Nov
3
Jan
Preferred
30
Sivyer Steel Cstgs
com
18%
31%
15
22
Spiegel Inc com
2
St Joseph Lead cap_____10
11%
Standard Dredge—
Common
Sterling Brewers Inc
com.
May
Apr
40
Sunstrand Macb Tool com5
3wlft International
15
—..25
Sept
Oct
109
July
Sept
Aug
16%
Mar
Apr
46%
Sept
50
650
13
20
2
2
oC
9
10
14 34
17%
24
8%
2%
1,800
2%
400
Shares
High
1
High
Low
Apr
4%
Aug
Aug
30%
Sept
May
1334
Nov
13%
2%
Mar
8%
Sept
200
5%
Jan
12%
7%
Nov
16%
1,300
32%
454
21%
2,350
Jan
Apr
17
1734
Oct
July
7
24%
37%
Sept
25
Sept
Apr
14% May
240
43
Apr
May
15%
Sept
71% ISept
Jan
23%
13
July
27
70
10
July
25
20% May
375
July
173
16%
30%
Sept
July
34
Feb
Apr
50
Oct
137
30
50
200
40
17%
33
97% May
15
Apr
16
50
12
103% 103%
Thompson 'J R)
com
25
2%
Sept
Trane Co
com
2
15%
16
300
11%
Apr
1634
Oct
Union Carb & Carbon cap *
United Air Lines Tr cap.5
U S Gypsum Co com...20
86%
89%
425
66
Apr
93%
Sept
11%
12%
428
7%
Apr
13%
Mar
79%
81%
285
66%
Sept
112%
Jan
68%
76%
2,550
68%
Nov
79%
116%
119%
*
Oct
235
9
78
3% May
29% July
48
Feb
25
13
16
June
40
137
180
85
July
Apr
1534
Mar
Apr
Apr
8
9% June
6%
Sept
14
Jan
1534
5%
Mar
Feb
15%
Sett
15
Sept
37
742
30
Feb
38%
a30% a33
37
100
18
Apr
30%
4
100
2% May
Feb
10%
2
Aug
4%
Oct
13%
Mar
5
Nov
60
70
Sept
36%
Thompson Produces Inc..*
Troxel Mfg
'k
25
12%
"4%
Union Metals Mfg.....
Mar
2%
12%
3%
10
10
70
70
220
Oct
135
'70
Aug
Oct
2%
5
Ricliman Bros
Nov
17
667
1334
1334
Otis Steel
Reliance Electric
103%
22%
Oct
Oct
*
*
Apr
Oct
1334
al2
al4%
al4% a!4%
10%
.1
_.
-
Mar
5%
5%
10%
11
a!5% al6%
3%
3%
31%
31%
..*
_.
Oct
21
16
Prior preferred 6%
Ohio Confection A
Jan
150
17%
National Acme...
Sept
12
29%
26%
22%
*
National Refining (new)
Oct
9
*
.*
Oct
10
2,125
a25% «26%
pref*
cum
July
8%
June
30
67
50
Apr
13%
6
Jaeger Machine
Feb
Apr
2%
Nov
22 34
*
Leland Electric
895
7%
11%
Apr
68
17%
22%
11%
11%
a27% a27%
a22% o24%
01934 a21%
Great Lakes Tow pref.. 100
$5
6%
25
19%
Goodyear Tire & Rubber
Hanne (M A)
100
9
17
"19%
Eaton Mfg...
General Tire & Rubber. .25
Goodrich (B F)__
8%
67
67
*
*
6%
a52% o.54%
all% «12
100
Cliffs Corp vtc
16
9
*
Cl Cliffs Tron pref
Cleve Railway
934
8%
Lamson & Sessions
9
10%
93-4
934
*
.
City Ice & Fuel
Oct
2%
Sept
23 M
100
Kelley Tsl Lime & Tran
2
14%
31%
3134
2134
Oct
32%
12%
7
32
102%
9 34
.
Oct
6
2
1
19%
335
13
8tewart-Warner
.5
Storkline Furniture com. 10
Swift & Co
8%
16%
27%
*
2234
80
2734
25
Mar
1,350
2%
12%
2%
Convertible preferred.20
Standard Gas & Elec com. *
Standard Oil of Ind
Stein & Co (A) com
23%
108% 108%
1134
11%
4134
4134
2 34
1
15
22
....
Sou Bend Lathe Wks cap. 5
Southwest G & El 7% pflOO
Apr
Atrway Elec pref
Colonial Finance
Signode Steel Strap—
1834
Low
Akron Brass Mfg
Amer Coach & Body..__.5
Jan
Price
Sept
Aug
1%
'.*
Par
116
1
Common
Stocks—
%
117 %
1
Schwltzer Cummins cap..]
Sears Roebuck & Co com."
Range Since Jan. 1,1939
Last
6%
Quaker Oats Co common.*
2734
Sales
Friday
Oct
Mar
44%
7%
12%
12%
Serrick Corp cl B com
27%
Apr
Api
24
500
12 %
Sangamo Electric com...*
May
Exchange
10, both inclusive, compiled from official sales lists
Mar
100
l
Raytheon Mfg com v t c50r
Rollins Hosiery Mills com 1
16
A. T. & T. OLEV. 505 & 500
Cleveland Stock
Nov. 4 to Nov.
14%
%
*
com
30
14
34
Poor & Co class B
_
felephone:OHerry 5050
900
Pressed Steel Car
.
.
50
80
Aug
Jan
250
Peoples G Lt&Coke
BiHdlng, Cleveland
Sept
20
41
Perfect Circle (The) Co..*
Pines Winterfront com
.)
Uoliu Csmmerct
Feb
6
39
com
Oct
13
Peabody Coal Co B com..*
6% preferred
100
1
GILLIS i<J RUSSELLco.
Jan
11
30%
13%
Sept
6C
14%
30
*
534
125
18%
14%
8
Aug
140
18%
10
Members Cleveland Stock Exchange
Oct
Apr
17
100
Ohio Listed and Unlisted Securities
Jan
10
10%
Omnibus Corp v t c com..6
Oshkosh B'Gosh com....*
Conv preferred-
June
1
10%
4%
Nor West Util pr lien prf 100
Parker Pen Co com
550
Jan
6%
10
Northwest Bancorp com..*
Northwt Engineering com *
7% preferred
4
210
29%
15%
Apr
40%
350
28%
*
_
%
23%
Sept
3634 June
Apr
10%
Muskegon Nat Spec cl A.
23%
Jan
3034
Natl Bond & Invest
Apr
14
National Battery Co pref.*
57%
Jan
54%
Oct
Jan
53%
22%
944
Common
June
(The)
4%
United States Steel com..*
7% preferred
70
118
*
Wabl Co com..
800
134
Apr
%
350
34
Jar
%
50
1%
Apr
1%
15%
%
•Tan
133-4
2%
*
23%
32%
36%
July
950
2134
1,013
15%
Apr
23%
30
21%
Sept
27%
2934
183
16%
Apr
111% 113%
50
2%
Jan
91
1%
4%
4%
82%
Wisconsin Bankshrs com.*
Wood all Indust com
2
Wrigley (Wm Jr) cap....*
Yates-Amer Mach cap...5
Zenith Radio Corp com.
1%
1%
17%
5,608
140
Members
New York Stock
Detroit Stock
New York Curb Associate
Exchange
Chicago Stock Exchange
Exchange
Sept
190
8334
Apr
120
50
80%
Jan
91
Aug
2
550
1%
Auk
434
4%
750
3%
Apr
150
3
Apr
5%
198
74%
Apr
July
250
134
July
Sept
Aug
DETROIT
Jan
83%
Buhl Building
Sept
91
2
19%
2,850
123 34
12,000
Apr
Apr
12
105
Jan
5%
85%
2%
22%
Telephone: Randolph 5530
Jan
2%
124%
Detroit Stock
Nov. 4 to Nov.
Exchange
10, both inclusive, compiled from official sale* lists
Jan
Bonds—
Sales
Friday
Commonwea Edis 3Ks1968
123
Last
Par
Stocks—
Cincinnati Listed and Unlisted Securities
w. l.
Fourth
134
Last
Sale
Stocks—
Par
Exchange
inclusivep compiled from official sales lists
Price
Week's Range
of Prices
Low
High
0
Range Since Jan. 1, 1939
for
Week
Shares
*
Ampr Laundry Macb
20
For footnotes see page 3099.
9
1634
-
123%
1%
«
«.«•
.
*
»
Ex-CeU-0 Aircraft
High
Fed Motor Truck com..
9%
25
2
Mar
*
16%
31
15
Anr
..3
5%
com ..1
10
Nov
Gar Wood Ind com
17%
Mar
General Finance
com
.
25
Apr
5
Apr
1
40
Nov
j an
7%
„an
34
170
21
Apr
34
23%
25
1,546
17
Apr
31%
13
917
11%
Aug
18%
Jan
Mar
1%
134
Nov
300
75c
Aug
763
56%
Apr
1%
92%
365
13
Jan
17
90
1634
3%
1634
5%
13,897
1.25
500
67C
100
122% 125
1%
1%
1%
1%
73
2 %
June
50c
July
676
Not
101
Apr
Jan
Oct
Aug
5%
1%
1.25
125
Nov
Sept
Mar
Oct
300
1%
Apr
2%
100
1
Aug
2
Sept
Jan
-
-
«•«*
-
-
-
_
-
.
_
1.76
400
85c
Aug
2%
Jan
1534
265
15%
Sept
200
9%
5%
Apr
7%
Sept
8%
*
314
23%
24
..3
Federal Mogul com
Low
735
1%
1.75
5
com.
High
Feb
1534
7%
3%
Dlvco
Frankenmuth Brew
Aluminum Industries
-
Det Paper Prod com— -1
-.5
Det Steel Corp com
Eureka Vacuum com
Sales
Friday
-
4%
100
Det-M Ich Stove com... ..1
Low
134
926
67c
-
Det <fc Cleve Nav com.. .10
Det Gray Iron com
both
734
1%
-
.
-
25
87
..5
Cons Steel
550
13
23%
*
Continental Motors com -I
Teletype Cin. 274-275
1%
Range Since Jan. 1, 1939
Shares
34
Consolidated Paper com .10
St., Cincinnati
Cincinnati Stock
1%
7
Chrysler Corp com
for
Week
High
25
...
Detroit Edison com
Nov. 4 to Nov. 10,
Low
..1
A uto City Brew com
Brown McLaren
Established 1878
£.
1%
Brlggs Mfg com
Cincinnati Stock Exchange, New York Stock Exchange
and Other Principal Exchanges
115
Prlc^Z
Baldwin Rubber com.. ..1
..5
Bower Roller
& CO.
Telephone Cherry 3470
of Prices
l
Allen Electric com
Burroughs Add Mach..
Members:
Week's Range
Sale
.
Aor
Watling, Lerchen Sl Co.
Wieboldt Strs Inc—
Cumul prior preferred ..*
Williams Oil-O-Matic com *
5
047% 050%
....
Nov
18
20%
23%
21
Corp pref-100
Youngstown Sheet Ar Tube*
Feb
Feb
West Res Inv
Feb
10
Van Dorn Iron Works.
Weinberger Drug Stores..*
Feb
1%
2%
Wayne Pump Co cap____l
Western Un Teleg com. 100
W'house El A Mfg com
1%
18
»
Walgreen Co common
118%
66
1%
1 %
7
com
Nov
%
Utah Radio Products com *
Utility & Ind Corp com
5
Viking Pump Co
4%
1%
100
Conv preferred
25
4%
_
24%
585
15
18%
5%
1934
634
2%
1,613
12
3,198
400
2%
Apr
25
Apr
1934
234
May
1%
Apr
6
Oct
Sept
Nov
34
Nov
July
Sept
5%
6
933
4
Apr
2%
7%
2%
2%
200
1%
Apr
3%
Jan
The Commercial & Financial Chronicle
3098
Friday
Sales
Last
Stocks CConcludedI)
Par
General Motors com
Week's
Sale
of Prices
Low
High
Price
10
"lx
1
.
"~S~H
Hudson Motor Car
Kingston Prod
1
1
com
~50*
Kinsel Drug com
2
1,287
10
Apr
7A
2%
55
25%
25%
4%
1%
Masco Screw Prod com—1
95c
1
20
Mich Steel Tube Prod 2.50
Mich Sugar com
1%
*
—
Mleromatlc iione com... 1
5%
Mid-West Abrasive com50c
1.26
Motor Products
Mich Silica
Reo Motor com
—
Nov
7 A
Aug
Electric Power & Light...*
4
A
Nov
General
2A
Nov
General
26 A
55c June
1A
Sept
30c June
2.25
Sept
j
Sept
May
24%
Sept
a
19%
*
22%
*
8%
Jan
North
Feb
Ohio OH Co
A
Jan
Paramount Pictures Inc__l
Radio Corp of Amer
*
9A
Sept
2%
Jan
2A
5.758
790
American
Co
a40
a47%
3A
Jan
3%
100
4
Mar
5A
Sept
2%
May
2%
1X
220
Jan
Sept
Aug
Jan
35
5
5o
2
1,060
24
Sept
Oct
09%
Jan
79%
July
10%
Aug
14%
Sept
60
Mar
5%
40%
Oct
7%
Aug
50%
HA
a5%
a5%
a47% a47%
8%
9%
25
1
375
5%
Apr
10
25
a21A
a21% a2l%
142
Apr
24%
Sept
Texas Corp (The)
26
Union Carbide & Carbon.*
United Aircraft Corp
5
46 A
46%
Aug
49
Sept
a87%
a87 %
165
17%
33%
71%
Apr
90%
308
35
Apr
48%
Oct
Apr
3%
Feb
Studebaker Corp
Swift & Co
a89%
a46% a50%
2%
2%
a47%
United Corp (The) (Del).*
United States Rubber Co 10
56
48
2%
100
2%
2A
Sept
185
510
35
*
1,176
43
Aug
18 H
2A
U S Steel Corp
35,940
15 A
67c
Nov
2A
Nov
Warner Bros Pictures
1.50
Wayne Screw Prod corn..^
Mar
2%
52
18 A
5
65
1A
700
90c
2A
3%
July
Feb
25
103%
Mar
18
1%
Jan
Mar
170
1%
18
1
Jan
22%
*
July
Mat
29
Standard OH Co (N J)...25
Sept
Sept
Mar
13%
a5%
IK
26%
10%
July
July-
a83%
15
June
3
Sept
*
1,300
Apr
b%
1%
Socony-Vacuum OH Co.. 15
1,757
19%
100
745
13%
Sears Roebuck & Co
2A
230
4%
16%
Jan
Standard Brands Inc
Nov
50
Sept
Jan
29%
150
3A
Apr
Apr
1,747
25A
Nov
12%
1%
jan
5
Oct
Nov
1%
July
2a
57%
22%
24
27%
a2l% a2l%
a83% a85%
13%
13%
1A
22 A
Mar
45%
Apr
June
8%
22 A
Apr
Sept
13%
46
Sepi
a21%
Apr
30%
June
Radlo-Kelth-Orpheum ...*
July
50
104
Jan
1,258
2,826
9
Republic Steel Corp
*
Seaboard OH Co of Del...*
1A
Sept
5
Nov
3K
45%
50
Mar
10 A
May
950
May
720
30
6%
2A
990
Feb
225
.
a8%
3%
1,865
9%
6%
Apr
4%
Sept
a8%
Apr
22 H
55%
4
a8 %
1
2 A
Oct
10
4%
13%
2%
Apr
157
a4A
38%
38%
a35% a36%
a53% a54%
19%
21%
26%
29%
22%
22%
8%
8%
6%
1%
VA
Jan
Mar
a 40%
A
4
712
35
o4
4
280
2
19% al9%
a
a4A
Packard MotorCarCo...*
4
Aug
1%
16%
38%
2A
21%
1%
25
*
H%
Aug
10
*
June
Jan
Apr
4%
._.*
45
19%
26%
X
5
com
Mar
Aug
%
3
400
10
com
42%
40%
New York Central RR.._*
Nor American Aviation.. 1
5%
3%
12%
Aug
50
Montgomery Ward & Co.*
558
2
7%
33%
Apr
185
a44A a44A
Oct
900
27
400
a39A a40A
jan
1A
1%
24%
2 x
HA
a39%
a44A
18%
17 A
Oct
Mar
*
Apr
*
7A
60
*
38%
a35%
a54%
5A
190
a27%
a56A a56A
Co
Electric
1.75 June
an
a26 A
Foods Corp
Goodrich (B F) Co
Kennecott Copper Corp..*
Loew's Inc
*
2
39
1
A
a40
3 %
21%
Class
Intl Nickel Co of Canada.*
International Tel 6c Tel... *
Jan
76c
l
36
9
2
1
Jan
_*
B._._
Warner Aircraft
31%
CurtlsH-Wright Corp
Jan
100
Universal Cooler A
Universal Prod
Jai
8%
United Shirt Dlst com....*
U S Radiator pref
24
2,176
2%
.1
297
10%
2
1
Tom Moore Dlst com
31%
Oct
Sept
2 x."A
Tivoll Brewing com
Nov
9}I
*
10
13%
390
—
Timken-Det Axle com
Aug
17 A
7
1
SbeJler Mfg.....
4%
Apr
3A
2A
.
14,024
60
13%
31%
June
10
com
Feb
10%
June
UA
31%
Sept
1A
1X
5
Standard Tube B com
2%
Apr
2
Scotten-Dlllon
52%
2
Prudential Investing com. 1
Rlckel (H W) com
24%
Api
10
Penin Metal Prod com— 1
River Raisin Paper com.
Aug
July
1%
A
Apr
100
Nov
2
1
7,813
May
42
Aug
Aug
2%
A
9%
33%
Nov
Mar
300
20 A
*%
Oct
3%
19%
21%
1A
5
2
Sept
24%
1A
12
2%
143
Sept
8%
.
1A
412
3%
5,908
Apr
56 A
1,300
470
9
Apr
a27%
328
563
3%
19%
50
5
Corp
42
680
160
39%
Caterpillar Tractor Co...*
1,550
*
Borg-Warner
June
Commonwealth & South..*
5A
OA
33%
High
21%
Jan
1.50
17 %
5
Low
579
Jan
14 H
10
Bendlx Aviation Corp
31%
34%
6%
6%
a22% a22%
7 A
9%
33%
33%
Shares
Nov
A
8%
4,100
5%
8
High
16
1.25
1.25
..5
Parker Wolverine corn—*
Oct
8%
com
Packard Motor Car com _.*
a22A
4,516
27
Murray Corp com
Motor Wheel
6%
25
Aviation Corp (The) (Del)3
31A
Range Since Jan. 1, 1939
Week
76
13%
*
com
5
Atlantic Refining Co
700
1.00
8
50
Jan
4A
Apr
1K
700
Copper
Armour & Co (111)
1939
Apr
4%
40
400
50
1%
com
845
1,700
Anaconda
for
tuinge
Low
Nov
45
>
of Prices
Price
Par
11.
Sales
Week
Mar
1 %
Apr
Stocks (Concluded
Oct
2%
Aug
785
59
H
56 A
Jan
2%
Kresge (S 8) corn
10
Lakey Fdy 6c Mach com__l
1%
50c
30
16 A
51
Lasalle
McClanahan Oil
8,791
Apr
Sept
850
o%
55
1
—
38
805
High
VA
16
"bj
com.
Hurd Lock & Mfg com
Low
1,497
34
3%
Hoover Ball & Bear com. 10
Shares
1%
98 c
33
Last
Sale
2%
2%
Grand Valley Brew com.
Hall Lamp com
-*
Friday
Range Since Jan. 1. 1939
for
Week
55
55
55
Goebel Brewing com—__1
Graham-Paige com
Range
Nov.
39
39
39
69%
69%
73%
al%
a4A
a4%
Westinghouse El & Mfg.50 all4% all4%all4%
Jan
Oct
Oct
May
51%
Jan
Aug
82%
Sept
Sept
6%
118
Jan
Oct
Philadelphia Stock Exchange
Nov.
4
Nov. 10, both
to
Wm.Cayalier&Co.
Lot
Stocks—
Los
Nov. 4 to Nov.
Par
American Stores
American Tel & Tel
Price
Low
Teletype L.A. 290
Week's Range
for
Sale
of Prices
Chrysler Corp
Low
Range Since Jan. 1. 1939
Low
High
318
16%
30
122%
6%
5%
Horn& Hard (N
Y)
31%
-
.»
-
•
«.
*
com
122
4
4
4%
1,635
1
45c
45c
45c
100
Chapman's Ice Cream Co. *
6
2
2%
6
1.25
86%
Consolidated Oil Corp
a7%
0.7 A
Consolidated Steel Corp..*
Preferred.
*
7
7
11
6
1.25
86%
11
Chrysler
Corp
5
Creameries of Amer
v t
c..l
75c
Mar
3%
4%
Sept
90c
100
1.35
6A
July
1%
1,100
Jan
35c
Apr
1.45
Nov
Apr
93%
Oct
200
90
260
127
a8%
61
8
0
35%
Mar
3%
Apr
6%
Nov
25
58%
Apr
92%
Sept
31%
31
54%
10
337
8%
Sept
11A
UA
12
920
6%
Apr
40c
40c
50c
4,300
Apr
67 %c
Fitzsimmons Stores Ltd..*
12%
12%
12%
103
9% May
13%
100
0
Products Corp. 4
General Metals Corp..2.50
General Motors
10
com
General Telephone Corp.20
Globe Grain & Milling..25
Golden State Co
*
Goodyear Tire & Rubber.*
Hancock Oil Co A
*
com
8
54 A
al9
8
8
54%
al9
54%
938
019
8
8
9%
9%
40
May
37%
Apr
Jan
Oct
Nov
8
56%
Jan
9
Apr
9% June
23%
Sept
35%
33
Apr
42%
1.40
77 %c
85c
200
70c
Aug
1A
1%
9%
1%
700
75c
Aug
9%
240
8%
Oct
Lincoln Petroleum Co.. 10c
6c
6c
6c
1,000
5c
July
Lockheed Aircraft Corp-.l
Los Ang Industries Inc...2
30%
2%
18%
1%
Aug
30%
2,286
2%
2%
751
Mascot Oil Co
1
42c
42c
42c
1,000
Menasco Mfg Co.......
1
2 A
2%
2%
13,204
Mt Diablo Oil Mng& Dev 1
Norton Corp Ltd
1
41c
41c
41c
2,000
5c
5c
5c
May
2%
14C
36%
Apr
2%
Apr
1%
Aug
5%
41C
Nov
55c
Sept
10c
Jan
15c
15c
18c
2,600
13c
Apr
20c
Jan
35c
45c
300
35c
Nov
85c
Jan
Mar
12%
12%
12%
12%
660
9%
11%
Apr
12%
32
32
32
295
28
Apr
12%
12%
34%
32%
29%
32
32%
200
34%
Aug
29%
300
29%
26%
Sept
28%
Sept
31%
July
48%
48
48%
370
43
5%
a9%
2%
5A
100
a9
20
A
17
2A
1.2(H)
14,400
Apr
Jan
50
Nov
Aug
July
5%
4%
Sept
6%
June
Sept
11%
Sept
2
July
3%
Jan
1
18c
17c
18c
Richfield Oil Corp com ...»
Roberts Public Markets..2
8%
8%
7%
9%
1,449
6%
Apr
10%
Jan
7%
7%
Ryan
2,440
3%
Jan
7%
Nov
6
6
634
a49% a49%
7,526
1
Safeway Stores Inc
*
Security Co units ben Int..
Signal Oil & Gas A
__*
8o Calif Edison Co Ltd..25
6%
preferred B
5%% preferred C
25
25
Southern
Pacific Co..
Standard Oil Co of Calif..*
Taylor Milling Corp
Transamerlca Corp
a49%
26
28%
230
27%
29%
28%
25%
29%
3,872
26%
27%
29%
28%
15%
15%
17
1,749
8
2
4%
30%
49
33
28
27%
27%
28%
8
6%
.17%
14%
15c June
75
33
28
33
1,646
300
30c
Sept
7%
Mar
48%
jan
33
Jan
Jan
Aug
Sept
24%
Apr
32%
23
Jan
29
Jan
Aug
27%
Sept
29% June
25
Sept
29%
June
Apr
21%
Jan
Sept
10%
2,015
24%
Aug
33%
119
7%
Apr
10% June
5,761
2,857
15%
Aug
19%
6%
7%
17%
14%
Mining—
12%
Apr
17%
7
7
7
100
15c
15c
3,000
7c
Sept
8
7c
7c
1,100
14%
116%
Elec 6c Peoples tr ctfs 4s '45
Peoples Pass Rv 4s.
Apr
6%
10
Aug
Feb
3%
Sept
Sept
27%
Sept
1
14%
Apr
113
Sept
28%
Sept
16
20
15%
Oct
176
Sept
119%
31%
Aug
Nov
19
Sept
5
1.510
1%
Mar
209
2%
2%
June
491
6%
Feb
11
Nov
104
43%
Apr
52%
July
10%
47%
1%
11%
49%
1%
766
3%
3%
2,060
2%
37%
2%
595
38%
451
14
14%
9.039
10%
Apr
115% 116%
241
107%
Sept
10%
11
$30,000
69
Aug
3%
Oct
5%
1%
Oct
2%
Jan
3%
Nov
2
Apr
3%
Feb
Aug
Jan
31%
40
Aug
Nov
14%
117
June
69
2 000
Jan
6%
61
Nov
11
Nov
80%
Sept
Pittsburgh Stock Exchange
Nov. 4 to Nov. 10, both
inclusive, compiled from official sales lists
Friday
Sales
Last
Stocks—
Par
*
Allegheny Ludlum Steel
Week's Range
for
Sale
of Prices
Week
Price
Low
High
23 %
Range Since Jan.1, 1939
Shares
Low
High
21%
21%
7%
65
5%
38%
14%
15%
85
33%
12%
13%
37%
12%
13%
Sept
Apr
17%
16%
Nov
60c
60c
65c
June
1.25
Sept
6%
16%
7%
375
5%
17%
220
11%
Arkansas Nat Gas pref. 100
7
Armstrong Cork Co
Blaw-Knox Co
*
Byers (A M) com
Carnegie Metals Co
Columbia Gas & Elec..
*
lio
Copper weld Steel
6%
------
Crandell McK & Hend' n.*
Duquesne Brewing Co. ..5
Devonian OH Co
.10
Follansbee Bros pref
100
Fort Pitt Brewing
..1
5
125
382
390
3,550
5
8%
Apr
546
10
120
15
17
90
1%
76
17%
1%
200
77
85
Feb
6%
Apr
90c
55
Jan
Feb
8%
Apr
Sept
10%
18
16
1%
Jan
Nov
18
«.
May
5
10%
—
7%
56%
20
18
—
Jan
Jan
Aug
7%
25c
27 A
Sept
14%
10%
...
Koppers G & Coke pref. 100
Jan
8
Nov
July
14% Mar
21% June
20
Sept
Feb
1%
IIo
Mountain Fuel Supply.
Oct
Pittsburgh Plate Glass. .25
Pittsburgh Screw & Bolt
July
79%
"To""
Lone Star Gas Co
9%
10%
2,263
7%
Apr
10%
Nov
5%
99%
5%
5%
1,291
4
Apr
5%
Sept
99%
99%
3
90%
Apr
116%
Mar
9%
615
4%
Sept
11%
Sept
55c
55c
Sept
May
80c
*
Renner Co
"l
Ruud Mfg Co
..5
United
Emr & Foundry -.5
*
Vanadium Alloys Steel.
8%
-
—
34%
*
28%
55c
100
50c
6%
6%
85
34%
34%
55
25%
30
33
III "20c"
Victor Brewing Co
Westinghouse Air Brake
Westinghse Elec & Mfg 150
35%
5
Ah r
22%
Aug
20c
20c
200
20c
July
28%
31%
485
18
111%
Apr
110% 112%
104
83%
Apr
St. Louis Stock
Jan
Feb
8
35%
38%
Sept
Sept
40c
37
119%
Jan
Sept
Sept
Exchange
6%
Sept
Jan
Friday
14c
July
30c
Jan
Last
Week's Range
20c
Aug
Sale
of Prices
10
Stocks—
alO%
al0% alO%
a51%
a51% a51%
25
167%
167% 169%
206
For footnotes see page 3099.
Sept
136
6%c July
l
»
Sept
6%
Sept
Unlisted—
Amer Rad & Std Sanl
4%
Aug
Nov. 4 to Nov. 10, both inclusive, compiled from official sales lists
15c
Amer Smelting 6r Refining.
Amer Tel A Tel Co
»00
*
*
July
5
4
Alaska-Juneau Gold....
June
Mar
115
8
16%
14%
*
Preferred
Jan
5c
45c
Aeronautical Co
United Gas Imp com...
Jan
1
Rice Ranch Oil Co
i%
3%
2%
37%
*
Jan
60c
1
5%
Corp pref
Union Traction
Feb
Oceanic Oil Co
a9%
2%
Transit Invest
1%
3%
20
4%
Jan
1,945
106
2%
n%
38
400
5
16
*
Unlten Corp com
Preferred
Sept
666
.50
...
32
Apr
Occidental Petroleum
Puget Sound Pulp & Tlmb*
Republic Petroleum corn.l
6
31%
_■
Jan
11% May
39c June
1,000
25
Phila Rapid Transi
Jan
85c
9 A
6% 1st pref
Sept
33%
3%
May
1
5 A % 1st pref
25
Pacific Lighting com
*
Pacific Public Service com*
Sept
55%
30%
31
Mar
204
Lane Wells Co
11%
34%
Apr
Bonds—
5
6%
100
Holly Development Co
1
Hupp Motor Car Corp.__l
Pacific Finance Corp com 10
Preferred A.
10
Pacific Gas & Elec com. .25
Apr
36%
22
164% 165
117% 118%
*
Oct
100
40
30
Mar
Nov
200
I
a24% a24%
40
40c
11%
12
21
8
9A
a24A
.50
Phila Elec of Pa $5 pref.
Phila Elec Pow pref
.25
*
Phila Insulated Wire...
84%
Apr
9%
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
23%
800
180
Nov
60%
653
55%
3,777
Penn Salt Mfg
Jan
120%
49,257
Scott Paper
256
50%
Jan
1,440
8%
July
84%
Jan
2%
5%
84%
8%
6%
3
.50
7% preferred.
Philadelphia Traction._ .50
84 A
10
Aug
25%
Sept
Feb
4
8%
Sept
3%
Aug
890
7%
2%
23%
HA
338
Apr
2%
24%
13%
Jan
117%
124
National Power & Light
Pennroad Corp v t c... ..1
Pennsylvania RR
60
Mar
9A
Mar
184
20%
124%
2 A
4%
Mar
Aug
170%
Sept
4%
6%
3%
7%
300
Apr
10%
50
310
7
5%
Electrical
May
July
148%
47%
33%
*
11%
5%
*
Jan
Jan
5A
Douglas Aircraft Co
May
14%
86%
118
com
Lehigh Valley
3%
Apr
6%
47%
5%
*
1
Broadway Dept Store Inc. *
High
HA
86%
Electric Storage BatterylOO
General Motors
.10
Lehigh Coal & Nav
Shares
High
Co
2
Low
137
16%
..5
Horn& Hard (Phila)
Week
Berkey & Gay Furn Co
Bolaa-Chica Oil A com.. 10
Range Since Jan. 1, 1939
Shares
13%
12%
10
*
Budd (E G) Mfg Co...
Preferred
100
*
Budd Wheel Co
Sales
Last
Bandlni Petroleum
High
168% 169%
100
.
Friday
12%
Bell Tel Co of Pa pref.. 100
10, both inclusive, compiled from official sales lists
Price
Week
*
Barber Co
Log Angeles
Par
for
of Prices
Chicago Board of Trade
San Francieco Stock Exchange
Angeles Stock Exchange
Stocks-
Week's Range
Sale
York Stock Exchange
Angeles Stock Exchange
623 W. 6th St.
Sales
Last
MEMBERS
New
inclusive, compiled from official sales lists
Friday
65
9
Sept
42% June
152
Apr
18%
58
.
168%
Jan
Sept
Aug
A S Aloe Co
Par
pref
American lnv
Brown Shoe
com
com
Price
Sales
Low
High
Range Since Jan. 1,1939
for
Week
Shares
100
51
51
40
*
37
37
*
36%
36%
Low
High
40
Aug
51
275
27
Feb
37%
Nov
123
30 %
Jan
41
Sept
Nov
Volume
3099
The Commercial & Financial Chronicle
149
&
Sales
Friday
Last
Stocks (Concluded)
FRANCIS, BRO. & CO.
ESTABLISHED
Low
IXL
Aug
12
350
18?*
Sept
55c
55c
55c
330
40c
Feb
1.75
Sept
2.05
2.05
2.05
100
1.40
Mar
3?*
Sept
Mining
P2
Co
4H
4 ?*
16?*
4ys
140
16?*
305
*
Class B
35
35
34
Mar
Oct
6?*
Apr
20?*
Mar
12?*
Mar
22
Apr
19
100
29 5*
29 %
9
Sept
Aug
36?*
36?*
Feb
3?*
15
155
9
*
LcTourneau (R G) Inc...l
Lockheed Aircraft Corp._l
LOUIS
High
Low
Shares
12%
10
com
Langendorf Utd Bk A
AND OLIVE STREETS
Range Since Jan. 1, 1939
for
Week
10
Hunt Brothers
1877
High
12 ?*
Honolulu Plantation Co.20
INVESTMENT SECURITIES
ST.
Price
Par
Preferred
FOURTH
of Prices
Sale
Tulsa. Okla
Alton, m.
Week's Range
1,651
8%
Oct
MEMBERS
Chicago Stock Exchange
Chicago Board of Trade
St. Louis Stock Exchange
Magnavox Co Ltd
2H
N. Y. Curb Exchange (Associate)
New York Cotton Exchange
Magnln (I) & Co com
Preferred
*
10
100
100
N
St. Louis Merchants Exchange
March Calcul Machine...6
New York Stock Exchange
Y
Coffee <fe Sugar Exchange
Menasco Mfg Co com
National Auto Fibres
Range Since Jan. 1, 1939
Last
of Prices
Week
Low
Price
Par
Burkart Mfg com
for
Sale
Stocks (Concluded)
Week's Range
Century Electric Co
18
315*
50
1.99
75
1.95
May
20
July
325*
Aug
July
15*
23*
Sept
4
50
4
Nov
10
10
10
260
8
May
10
Nov
30
305*
177
26
Sept
34?*
Mar
15
155*
135
4
Cocoa-Cola Bottling com.l
Columbia Brew com
5
July
25*
Apr
155*
Oct
Sept
65*
23
32?*
Mar
Dr Pepper com
*
Ely & Walker D Gds com25
265*
263*
275*
175*
135
135
145*
June
18
Emerson Electric pref. .100
Falstaff Brew com
.1
785*
785*
75*
785*
105
57
June
783*
Nov
495*
Griesedieck-West Br
Hussmaun-Llgonier
com.
com.
.
175*
*
*
115
6
Sept
85*
50
15
40
Sept
593*
115*
115*
w.
60
10
Apr
125*
June
Aug
95*
Mar
5
8
8
60
100
93
93
30
Huttig S & D com
Preferred
2.25
Hydraulic Pr Brick pref 100
International Shoe
37
*
com
Johnson-S-S Shoe com...*
15
Key Co
27
Laclede-Chrlsty C Pr
Laclede Steel
com
250
65*
22
Rlce-Stix Dry Gds com
1st pref
111
111
108
108
100
StLouis Bk B1 Equip com.*
St Louis P Serv pref A
*
St Louis Scr & Bolt
Scruggs-V-B Inc
2nd pref
com.
Mar
113*
Mar
104
Nov
Mar
6
Apr
11
Jan
111
Nov
'35*
June
6?*
50
100J*
Apr
1085*
Jan
25
2
415
5
25*
Sept
25*
Feb
5
Nov
85*
July
16
4
May
Sept
100
5
6?*
Sept
Sept
15*
5
Sept
80
85
Mar
12
6
Sept
143*
1.50
200
52c
July
2.00
Sept
Sept
63*
150
45*
Apr
6?*
Sept
95*
Oct
34
285*
55*
213*
385
Jan
Apr
95
275*
28
95*
Jan
575*
20
325*
Mar
Nov
34?*
34?* §16,000
243*
Jan
34?*
315*
315*
12,000
27
May
313*
Nov
695*
315*
695*
1,000
48
May
Sept
345*
59,000
245*
Jan
735*
345*
31?*
34?*
48,000
245*
Jan
34?*
Nov
1941
♦United Railway 4s
315*
345*
1934
5sc-d's
1934
4s c-d's
345*
18?*
Aug
Jan
11?*
Oct
Aug
5?*
Jan
Apr
9%
Jan
2.75
8,841
1.90
8
860
95*
735
45*
9
45*
105
9
5
11?*
Nov
Sept
Sept
105*
Occidental Insurance Co. 10
Occidental Petroleum
1
24
26
Sept
24
June
July
20
26
105*
Oliver Utd Filters B_
Mar
7?*
37?*
8!*
4?*
40
32
26
26
100
23
Sept
31
Mar
Feb
12
July
28
300
9%
80
>
Mar
23 J*
Jan
13c
15c
500
10c
June
28c
Sept
5%
*
55*
450
3%
Sept
7?*
Sept
4%
May
Sept
100
5%
5}*
*
12%
12 5*
310
Jan
7%
14%
Pacific Coast Aggregates 10
Pacific Gas & Eleo com..25
1.30
1.40
1 25
Sept
2.40
Jan
32
1,525
6,154
27?*
Apr
34?*
Mar
325*
2,280
July
Pac Amer Fisheries com..5
Pacific Can Co
com
31
315*
305*
32 ?*
28 %
275*
48%
46
48J*
1st preferred
105
55*
195*
*
Pacific Tel <fc Tel com.. 100
Preferred
29
Sept
26?*
Sept
35?*
31?*
41 J*
Feb
50?*
Aug
Sept
109?*
July
4K
Sept
7?*
18?*
Sept
....100
105
103
Paraffine Co's
*
com
R E & R Co Ltd com
370
55*
550
195*
100
124
120
141
140
100
25
July
Jan
July
22?*
114
Apr
133
June
67
141
130
Sept
157
July
443*
382
36?*
Sept
59 H
Jan
45*
275*
17
215
<X'
Nov
10%
Mar
24
Nov
155*
24
"25 X
445*
45*
44 %
1
com
Preferred..
100
138
124
*
Preferred
Rayonier Inc
Oct
1,335
29
*
Pacific Light Com S5 dlv_*
Pac Pub Serv com
*
8
929
25
25
0% lstpref
5?*% 1st pref
Pacific Light Corp com
7
255*
26
460
24
131
60
Mar
June
18?*
Sept
12?*
June
26?*
300
Oct
Republic Petroleum com.l
2.55
2 55
100
2.00
Aug
3?*
Jan
Rheem Manufacturing Co 1
185*
.195*
915
10?*
Apr
20?*
Nov
Richfield OH Corp com
*
6?*
Anr
700
1.50
Sept
3.25
Jan
65*
6,720
4?*
Sept
7?*
Jan
55*
10
26
May
32
Jan
11
Apr
29
Sept
85*
1.90
Ryan Aeronautical Co
I
~6~"
Schleslnger Co(BF)7%pf25
Singal Oil <& Gas Co A
*
Soundvlew Pulp Co com.
5
Jan
10?*
1,166
1.90
6
55*
SVs
Warrants
9
285*
285*
275
255*
255*
265*
2,633
95
Mar
4?*
6
Feb
Jan
95
95
79?*
May
96
So Calif Gas pref ser A..25
325*
32 5*
325*
100
28?*
Sept
34?*
Southern Pacific Co
16
155*
55*
173*
2,355
10?*
Apr
21?*
Jan
55*
285*
137
4?*
24?*
Apr
Aug
5?*
33?*
July
2,446
30c
1,013
45c
Sept
Preferred
100
100
Spring Valley Co Ltd....*
Standard Oil Co of Calif.
275*
30c
1
Texas Consol Oil Co
Thomas Allec
55*
*
.
35c
Corp A
Transamerlca Corp
...2
25
25
Universal Consol Oil
"65*
18
75*
5
Wells Fargo Bk & U T.100
2745*
20
65*
105*
75*
June
35c
Sept
90c
9?*
Aug
0
Aug
18
8
631
292
145*
HJ*
June
Sept
14?*
21,169
1,226
75*
881
35
275
270
15c
55
350
35c
12
145*
115*
10
Victor Equip Co pref
35c
12
Tide Water Ass'd Oil com 10
Union Sugar com
Scullin Steel 3s
Feb
Apr
11
30
100
Union Oil Co of Calif
Bonds—
♦City & Sub P S 5s
Mar
108?*
11?*
7%
*
Oct
103
9?*
15
com
Oct
115*
Apr
63*
1
Stlx Baer & Fuller com__10
Wagner Electric
35
Apr
9
1.37
1.37
com
Apr
8?*
12
*
Warrants
Sterling Alum
275*
80
100
Scull in Steel com
Sept
100
25*
5
mmmmmm
Sept
255*
2
6?*
15
5
com
85*
Apr
4
10
108
2
Apr
155*
10
5?*
25*
Oct
1,360
Ill
55*
55*
*
10?*
Oct
Mar
25
104
10
105*
*
100
10?*
104
104
pfd 100
Natl Candy com
1st pref
8
103*
10
11
10?*
Oct
165
34?*
105*
16
Aug
25
22
34?*
11
25
com
Nat Bear'gs Metals
22
*
com
Midwest Pip & Sply com.*
Mo Port Cement
65*
......
Nov
7%
Sept
16?*
Nov
1,506
1,195
June
May
140
*
Sept
3
5
25
83*
20
com
McQuay-Norris
75*
8
Jan
3.00
41
14
10
15
75*
Nov
May
2
*
93
May
31
*
com
Knapp Monarch com
Sept
Mav
1.30
264
2
2
com.
53*
85
275
2.50
38
37
*
Johansen Shoe
Oct
June
7?*
70c
Sept
Jan
30
10
10
Chxc & Sou Air L pref
145*
31
18
*
5
com
50
Sept
18
No American Oil Consol. 10
High
Loic
Shares
313*
1
Preferred
Central Brew
High
8
North Amer Invest com 100
6% preferred
5?*% preferred
30c
8%
100
40
2.40
2~60
1
Natomas Co
Sales
Friday
674
11
.1
com
713
100
175*
17 %
Meier & Frank & Con..10
Teletype: St. L 193
Telephone: CHestnut5370
50c
105*
40c
Western Pipe & Steel... 10
18 5*
185*
395
Yell Checker Cab ser 1..50
185*
19
200
8
Mar
Jan
Sept
Jan
15?*
Aug
19?*
4?*
July
13?*
Sept
Apr
17?*
July
12
6?*
266?*
May
Oct
11%
Nov
300
Jan
11?*
Apr
27
Sept
18?*
Nov
36?*
Mar
17
Mar
Unlisted—
a95* al03*
165
105*
American Tel A Tel Co. 100 al685* al675*al69 3*
50c
57c
50c
Amer Toll Bridge (Del)._l
311
1475*
Aug
Apr
12,500
43c
Sept
67c
Mar
385*
Sept
Mar
Jan
Amer Rad <fc Std Sanitary.*
Orders
open
solicited
Pacific
on
until 5:30 P. M.
Coast
Stock
which
Exchanges,
Eastern Standard Time
are
Anglo Natl Corp A com..*
Schwabacher Si Co.
Aviation Corp of Del
Aviation & Trans Corp
Members New York Stock Exchange
Oortlandt
York
""75*
5
Atch Top & Santa Fe..l00
—
3
1
a28%
Bendix
Aviation
.1
Blair A Co Inc cap
Private Wire to own offices In San Francisco and Los Angeles
2
Francisco Stock
San
Sale
Par
Stocks—
75*
Alaska-Juneau Gold Min 10
Anglo Calif Nat Bank
Atlas Imp Diesel
Engine..5
Bank of California N A. .80
Byron Jackson Co
California Art Tile A
a55*
a5*c
*
Curtlss-Wright Corp
1
10
Jan
Jan
5?*
Apr
55*
85*
Sept
Idaho-Maryland Mines-.1
Internatl Nickel Canada.*
1275*
55
Jan
3.25
Jan
Italo Pet of Amer com
Jan
Kenn Copper
*
1.60
700
1.60
272
12
Nov
Apr
190
Corp com
8
83*
87
355
13?*
505*
24?*
505*
37
485*
99
99
20
96
8
mmmm
jw
-
3?*
24?*
3
Nov
125*
Mar
30
Mar
Oct
533*
104
3?*
3,286
2.90
Sept
55?*
Apr
93
Apr
25
45*
Jan
Jan
Aug
80
65*
Aug
Aug
9%
Sept
135*
Nov
Apr
375*
.Feb
65* June
31?*
Apr
42?*
Jan
165*
Aug
205*
Aug
1,330
53*
Sept
300
385*
16,967
28
36
120
85*
405*
714
40
55*
40
231
44 5*
Apr
35*
Aug
55*
Sept
a24
North American Aviation 1
27
Sept
450
4
Jan
55*
July
Oahu Sugar
155*
2,428
9
Apr
165*
Sept
89
88
89?*
363
705*
July-
91
Jan
2.90
3.00
350
1.90
May
4.50
113*
12
236
8
Apr
21
Feb
5
100
35*
Feb
5
Nov
3.00
*
......
11
117
18 5*
1,295
38 5*
39?*
212
200
Mar
29
Nov
170
21 %
June
18?*
Aug
-
14
Sept
265*
Jan
26
265*
1,438
235*
Jan
295*
295*
285*
295*
1,055
275*
Sept
295*
Aug
July
1.75
2.00
50
1.75
Nov
65*
55*
55*
Nov
595
Superior Ptld Cem pref A.*
425*
425*
15
40
a465* «475*
495*
50
25
445*
335*
Jan
Aug
475*
742
95c
95c
200
54c
Apr
1.40
725*
15*
■43*
725*
15*
1,416
435*
200
5*
45*
43*
150
3?*
Aug
Feb
Sept
4
May
Jan
41
Sept
Apr
95
Shasta Water Co com
July
1.00
14
July
1.60
Jan
Jan
16?*
Sept
385*
1
56?*
Oct
35*
Jan
Utah-Idaho Sug Co com..5
9?*
Jan
Warner Bros Pictures
5
95*
Sept
West Coast Life Insur
5
5
55*
670
5
Sept
95*
6,048
6
Apr
5
14
14
250
115*
395*
39 5*
103
37
75c
85c
800
180
75C
37
17?*
United States Steel com..*
Apr
8?*
17?*
United Aircraft Corp cap.5
Anr
95*
17?*
25
Texas Corp com
U S Petroluem Co
22
10
395
410
Honolulu Oil Corp cap—*
14
265*
6
79 5*
39
Feb
93*
31
39
Jan
75*
55*
1,150
39
10
Aug
Sept
85*
75*
„
35*
1
54 5*
.
100
Apr
155*
Mar
Mar
425*
May
Aug
1.40
Jan
Apr
Nov
43
233*
July
Feb
•Noparvalue.
a
15*
"4"
Odd lot sales.
4
1,481
ft Ex-stock dividend,
r
Cash sale—Not Included in range for year,
•
Listed,
t In default.
Jan
Sept
85*
*
75*
*
65*
35*
26
Studebaker Corp com
545*
Holly Development
1
Home F«fe M Ins Co cap. 10
Mar
Standard Brands Inc
73*
Hancock OU of Calif A—*
20
Aug
Sept
4?*
Nov
54 5*
Gladding McBean & Co..*
189
458
32
Nov
50
64
Apr
July
41
125
3
115*
H5*
1.50
785
183*
94
16?*
100
43*
a245* a25
6
65*
43 5*
Jan
33
1.50
225*
255*
Jan
17
33
16?*
1.50
23
35*
Schumacher Wall Bd com *
Mar
28
Apr
Apr
10
Hale Bros Stores Inc
*
85*
Aug
25
Sept
14
May
General Paint Corp com..*
*
..
Sept
135*
45*
a 25
Oct
75*
343*
8?*
115*
-
25
Golden State Co Ltd
50
Jan
Sept
Sept
57
*
25
0% preferred
25
S P Gold Gate 6% pref. 100
93?*
rn.rn.m~
Fireman's Fund Ins Co..26
2 5*
11
18
395*
Emsco Derrick <fe Equip. .5
Ewa Plantation Co cap. .20
Pennsylvania RR Co
Radio Corp of America.
21c
10
90
225*
Co Ltd cap. .20
Packard Motor Co com..*
37c
44
926
23
10
So Caiif Edison com
Emporium C«pwell Corp.*
50
5
163*
Apr
a75*
Feb
55*
July
10c June
Jan
Sept
Feb
a245*
28}*
a75*
Nash-Kelvinator Corp—6
55*
16
23
95*
2,270
National Distillers Prod..*
275*
54?*
545*
55*
5
13c
29
Jan
7
Oct
2,900
295
12?*
Sept
4
2,150
July
Oct
380
5
20c
545*
July
55*
405*
45*
31
a38 5* a415*
13c
15c
15c
a393*
July
5?*
145*
F.1 Dorado Oil Works
15*
335*
45*
Mountain City Copper—5
North Amer Co com
*
General Motors com
55*
40
Montgomery Ward A Co.*
Sept
234
...100
...
Aug
Sept
85*
1
M J A M A M Cons
480
Doernbecher Mfg Co
Preferred
5*
285*
39
1
17
65
170
al95* a205*
International Tel A Tel cm*
105*
Feb
9
5*c
a5*c
Feb
Apr
2.30
315*
315*
o85* <1 85*
105*
135*
36
com—*
*
Preferred (ww)
113*
*
General Electric Co
Goodrich (B F) Co
23
com...10
Foster <fe Kleiser com
Cons Edison Co of N Y._*
45*
163*
Jan
Mar
4
1.60
June
Nov
100
15 5*
Sept
78
2.00
575
Apr
19?*
Apr
3.00
651
124
Apr
65
Oct
73*
126
3?*
Aug
88 5*
*
Preferred.
5
Sept
Oct
33 5*
Aug
Nov
23
Crown Zellerbacb com...6
Di Giorgio Fruit
500
85*
Apr
Apr
15*
115*
90c
883*
Creameries of Amer vtc.l
Preferred
153*
a74
45*
18
5 5*
5
Chrysler Corp com
Cons Chem Indust A
1,810
10
4 5*
50
Preferred
199
395
25*
Jan
Nov
Nov
57
6?*
126
45*
200
75*
Oct
95*
Jan
2.30
Dominguez Oil Co
*
Electric Bond A Share Co 5
High
Sept
Aug
35*
2.00
45*
Calif Water Service pref 100
Cent Eureka Mln Co com 1
6?*
o75*
35*
a55*
6?*
*
Calif Packing Corp com..*
197
7,129
a3lj* a335*
2
73*
36%
2,125
95*
43*
2.30
Week
Low
75*
115*
Aug
23
2.00
75*
2
*
Bishop Oil Corp
75*
Range Since Jan. 1, 1939
for
154
a55*
Consolidated OH Corp
Shares
a283* a305*
10
mmm~--
20
Associated Tnsur Fund. .10
Range
of Prices
High
Low
Aug
May
Claude Neon Lights com.l
lists
Sales
Week's
Last
Price
35*
Mar
Cities Service Co com.. 10
Exchange
10, both inclusive, compiled from official sales
Friday
65*
350
a74
Cal-OrePow6% pref'27100
Calwa Co com
Nov.
470
145*
Bunker Hill A Sullivan 2.50
Cali-Pac Trading Corp prf*
Nov. 4 to
Apr
75*
45*
a7
a3l5*
Corp..
215*
75*
4
8
Bait & Ohio RR com... 100
7-4160
579
35
45*
Anaconda Copper Mln._50
(2 P. M. Saturdays)
Argonaut Mining
111 Broadway, New
35
170
x
4.00
Jan
75*
Mar
Apr
10
Oct
June
45
July
50
Oct
Nov
Sept
82
Sept
3
Sept
65*
Mar
55* June
d Deferred delivery,
Ex-dlvidend.
y
Ex-rights.
The Commercial & Financial Chronicle
3100
Nov.
11
1939
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock
Service
Stocks (Concluded)
Jan
Bid
Ask
Province of Ontario—
11948
50
53
4 Ha
Oct
1 1950
Prov ot British Columbia—
6S
July 12 1949
48
61
9034
92
4s
June
4 Ha
Oct
11953
Province of Manitoba—
4 Ha
Aug
1 1941
85
90
4Hs
Jan
6s
»
Dec
15 1943
104 H 10534
1 1969
10434 105 H
6
Sept
Sept
17
Sept
35
35
5
35
Oct
40
Mar
94
4Hs
15 1901
Province of Nova Scotia—
4 Ha
5s
Mar
91
93
May
1 1901
93
96
97
92
5s
6Hfl
June 15 1943
Nov 15 1940
70
75
98
70
75
100
1900
103
4Hfl
Oct
68
72
Prov of Saskatchewan—
1 1951
Bid
Ask
Canadian Padflo Ry—
es perpetual debentures.
6634
6734
4H8
Sept
1 1940
0s
82
84
Sept 15 1942
83
85
5s
Deo
1
1964
4 Ha
82
84
Deo
75
5s
16 1944
July
1 1944
Dominion
4HS
July
1 1900
Government Guaranteed
Canadian National Ry—
4 Ha
Sept
1 1951
.Feb
.July
1957
5s.
.July
1909
6s.
.Oct
5s.
.Feb
78
Canadian Northern Ry—
0Hb
July
1 1940
Grand Trunk Pacific Ry¬
es
Jan
1 1902
8s
Jan
1 1902
9934 100
102
102 H
1909
103
Ask
108 34 109 34
*
Lindsay (CW)..
Massey-Harrls
McColl-Frontenac Oil
94
10234 10334
80
83
*
Nov. 4 to Nov. 10, both
inclusive, compiled from official sales lists
Sales
Last
Stocks-
Par
Agnew-Surpass Shoe
Week's Range
for
Sale
of Prices
Price
*
11
Preferred
100
Alberta Pacific Grain A..*
Preferred
100
32
Algoma Steel Corp
Low
Shares
High
11
11
110
110
3.50
32
50
3.50
I6h
16 H
95 H
"14 H
30
96
Amalgamated Electric...*
Anglo Can Tel pref
50
Asbestos Corp
..*
Associated Breweries
Assoc Tel A Tel A
7
25
*
13H
2
OgUvle Flour Mills
Preferred
Ontario Steel Products
Bell Telephone
100
Brazilian Tr Lt A Power.*
British Col Power Cor p a *
162"
8 34
jjc
A
434
17
5
53$
16
*15"
Rights
Aug
Nov
30 H
123
26
Oct
31
15H
4,160
5
Apr
1534
Oct
Apr
234
Oct
50
165
295
9
3,521
26
267
15
141
534
21H
27
Nov
Sept
178
June
1254
Mar
Sept
28
Mar
Preferred
2
Jan
2
Aug
17 34
24
634
1934
495
1234
Sept
150
1754
534
Sept
Sept
28
Oct
102
Aug
23
18
Mar
Jan
17H
295
1434
534
634
16 H
1,408
1.50
Aug
Aug
19
Oct
Apr
109
Nov
282
20
617
109
40
79
9
634
105
5,865
1,585
17
1,535
10H
Jan
98
Apr
19
Aug
120
100
21
17
45
17
97 H
106
15
634
634
785
106
65
Aug
Sept
1034
734
1934
Nov
34
Jan
2434
Oct
120
Oct
21
Feb
Apr
17
Oct
Feb
97 H
Nov
10534
Sepj
10
101
Jan
15
6
Aug
434
1,780
134
Apr
434
334
Sept
3H
334
225
1.25
Mar
434
Sept
July
1934
Oct
Sept
934
Sept
15
25
634
15
130
7H
7,390
115
934
Consol Mining A
Smelting 6
Crown Cork & Seal
Co..
Distillers 8eagrams
49 H
51
27 34
2734
2734
175
19H
1,665
'"40 H
100
Preferred
100
Dominion Steel A Coal B 25
Dominion Stores Ltd
*
2134
125
534
2
3934
2134
43 34
1,066
21H
685
5
Aug
1134
6134
2034
Nov
Jan
87
Sept
24 H
15
Apr
4634
Oct
Jan
22
Oct
Jan
118
Jan
162
Apr
18
125
55
108
150
5
150
18
6,818
534
87 34
10 H
1.25
534
734
8514
8934
•
25
670
5
334
July
Oct
.
Mar
Oct
Apr
734
May
Sept
734
Oct
76
77
Jan
8534
Nov
916
65
Jan
9034
Oct
1,806
3
Aug
13
Oct
1.25
525
50c
Feb
2.50
73
15
15H
850
934
93
93
100
100
554
734
Oct
Jan
29
1254
954
2.50
1534
Mar
3734 May
Jan
2134
1534 Sept
125
85
*
485
85
634
Vi"
534 % Pref
Rights
20
15H
.100
Electrolux Corp
1
Enamel A Heating Prods
Gatlneau Power
•
Preferred
100
334
150
*
Dryden Paper
19 H
85
26
4
13
82
49 H
ioo
3
834
"3034
2934
36
9
160
10
3034
534
26
8
Aug
50c May
1.50
15
Oct
Jan
3.00
Oct
1134
Sept
16H
Mar
280
80
95
15
100
Sept
Nov
220
2H
Jan
10034
6
534
934
934
Mar
Nov
6H
9,823
Jan
Sept
Feb
33
Oct
13H
934
Apr
3
234
40
40
68
7134
24
24
50
78
2,757
651
Oct
Oct
Sept
35
Sept
23
"6834
24
_
»
76
76
May
June
57
4
3734
39 H
16
Sept
Aug
45 H
76 34
May
28
Sept
69H
Sept
8334
July
Oct
*
32
32
157
157
157
23
150
Apr
Sept
12
12
35
6
May
62
62
70
63
Nov
*
"62"
634
3434
634
10
210
Oct
7H
14
June
99
May
150
38
June
125
June
7
Sept
12 34
Sept
24
Aug
Sept
6634
1434
66
66
6634
550
39
12
12
100
10
1634
453
1634
1134
2234
634
4,340
734
180
634
1,995
1,453
634
15
325
10734
107
534
Sept
2H
102
Mar
Oct
Oct
Jan
Oct
Nov
Jan
19
Mar
June
Oct
10734
Nov
Aug
Aug
1.90
7H
Sept
100
634
Oct
1734
17
1934
30
30
30
45
18
Jan
32
43
43
46
545
21
Apr
49
2334
23
2434
1234
1234
_1334
14
2,739
1234
6
18 H
50
10
292
67
170
6634
8934
8434
8634
82
82
83
6
6
734
1,865
28
175
20
*
Apr
May
10
900
14
_»
Aug
Apr
Apr
3
Nov
88
Sept
Sept
84
Oct
12
Oct
24
Nov
2334
24
230
17
Aug
234
254
301
1.00
234
234
31
1.10
1134
1134
75
45
45
10
23
7
Feb
Oct
734
Aug
Aug
215
Jan
14
33
234
834
Oct
2834
14 34
May
2834
1234
834
Sept
12
1234
834
Sept
H
10
"1234
"45"
Nov
19H
Aug
Apr
234
.II*
Oct
130
915
Oct
Jan
65
5
21
534
Sept
63
•
634
July
14
71H
834
15H
15
1034
1934
107
Oct
3534
130
6134
Feb
163
100
130
•
634
1534
15
10)
Jan
853
100
Oct
334
334
Oct
51
Oct
Feb
7
Oct
May
1734
15
9
Jan
23
23
70
22
Apr
2434
July
159
160
25
140
Sept
16734
Feb
16434 165
130
135
Sept
178
Jan
72
177
Sept
222
Jan
..100
212
212
212
100
313
313
313
179
179 ■'
ioo
Nov. 4
5
25
1,860
55
834
55
Sept
100
-
81
68
.
2.90
Sept
150
Sept
31H
193
Oct
May
Montreal Curb Market
to
Nov. 10,
both inclusive, compiled from official sales lists
Friday
June
Oct
Mar
Sales
Last
Stocks—
Par
Abitlbl Pow A Paper Co..*
6% cum pref
100
7%
cum pref
Week's Range
for
Sale
Oct
12 H
_
834
734
734
834
10
95
Sept
Jan
Mar
4
12H
150
Aug
16
Mar
4
Class B
13
June
28H
Mar
Oct
May
July
1,041
17 H
Cndn Foreign
Investm't..*
13
June
133
Feb
100
Oct
834
92 H
21H
93
Cndn Industrial
Alcohol..*
13
85
Mar
56
29 H
23 M
100
1434
Oct
Jan
1334
934
43
.1.1*
Royal
3
129
Sept
*
Preferred..
Sept
68
8
720
31
_100
Montreal
Nova Scotia
330
17
May
Jan
534
21
105
25 34
15
2334
Canadlenne
Commerce
14 H
17
70
133
Banks—
50c
150
22
100
70
Oct
783
Zellers Ltd
234
119
Sept
28 H
81
3734
*
Woods Mfg pref
2
27
*
C onverters.. 100
Canadian Cottons
Eastern Dairies
17
Nov
22 34
120
Apr
Aug
2,215
1,306
2234
1434
_ioo
Sept
27
loo
4234
18H
60
2734
36
*
2
434
16H
Oct
4854
26
Oct
33
B
5
2
834
Sept
30
23 H
70
60
Preferred
4,341
2
27
160
Jan
JaD
11
2
109
26
Preferred 7 %
Preferred
Dominion Textile
13
22
Aug
133
•
Winnipeg Electric A__
50
1734
60
Preferred
Canadian Celaneee.i
Dom Tar A Chem
26 H
June
4634
26
1
United Steel Corp....
Wabasso Cotton
2834
2134
_
Preferred
Dominion Bridge
Dominion Coal pref
Dominion Glass
24 y8
91 34
*
Canadian Bronze pref. 100
Canadian Car A
Foundry .*
Canadian Locomotive
Canadian Pacific Ry
Cockshutt Plow..
May
Sept
734
.
(new).*
Ca nad ian
Sept
17H
92 H
Preferred
100
Canada Forglngs class B
*
5% preferred
Nov
434
4734
"m
*
Can North Power
Corp
Canada Steamship
7
110
100
Mar
15
20
80
Sept
Wllslls Ltd..
225
33
145
173
Sept
Oct
Westons Ltd
Oct
7
24
(new)*
.
Oct
97
234
BrucVsiiiMw;::::::::: *
Building Products
2034
Oct
30
25
Apr
Sept
2034
100
Preferred
Apr
Jan
634
50
Sher Williams of Can
*
Southern Canada Power..*
Steel Co of Canada
»
0H
5134
July
734
13
25
62
Lawrence Paper pref. 100
Shawlnlgan W A Power..*
Oct
1834
1634
1234
5,710
2634
St
Oct
Sept
Sept
4,683
Oct
3
Regent Knitting
Saguenay Power pref... 100
8t Lawrence
Corp
»
Nov
Sept
155
Developments
434
Nov
40
20 H
25 34
20
"47*
100
3534
107
Apr
50
Power Corp of Canada
Price Bros A Co Ltd
Apr
15
26
.
110
Oct
Aug
May
59
Ottawa Car Mfg
100
Ottawa Electric Ry
Ottawa L H A Pow... 100
Ottawa L H A Pow pref 100
Penmans
*
May
47
27
...100
Bulolo Gold Dredging
Canada Cement Co
25
Feb
1134
9
25 H
50
25
National Steel Car Corp..*
Niagara Wire Weaving.
Noranda Mines Ltd
14
7
30 Vi
»
g
797
1H
Apr
1434
2
Bathurst Pow A Paper A.*
Bawlf (N) Grain
*
Preferred
107
High
47
*
Assoc Tel A Tel pref
934
270
18H
95 H
Low
85
32
100
__
Preferred
Range Since Jan. 1, 1939
Oct
59
St Lawrence Flour
Mills..*
Week
Jan
40
•
A preferred
Friday
934
100
National Breweries
Preferred
Quebec Power
Exchange
034
May
88
110
634
2534
6H
29
20
100
5% preferred
Montreal Stock
1734
14
634
»
Montreal Cottons
Placer
425
3
Preferred
91
10334
1970
Bonds
Bid
101H 10234
9934 100
1950
4Hs.
Ask
99 H 10034
June 15 1955
4Hs.
76
10434 10534
Bid
4 34a
80
1734
1434
3H
1,105
3434
1834
1434
734
Montreal Tramways
Ask
Canadian Pacific Ry¬
19
102
25H
..
Mont L H A P Consol
Montreal Telegraph
Railway Bonds
Bid
Industrial Acceptance.
Intl Bronze Powders
17
3334
Legare pref
94
a,
*
Imperial Tobacco of Can.5
Preferred...
£1
930
534
102
"3334
3
1 1958
88
Sept 15 1952
»
Laura Secord
Feb
80
"1734
100
*
4s
434b
76
Oct
Oct
12
Lang & Sons (John A)
99
Sept
Aug
534
23
97
July
4
923
Jamaica P S Co Ltd prf. 100
Lake of the Woods
»
85
60
1,325
1,305
Internat Pet Co Ltd——.*
International Pow pref. 100
2 1950
70
634
834
97
15 1953
91
9034
1434
15 1905
July
12
434
734
96
Mar
High
Aug
1434
94
Province 01 Quebec—
4H
1434
1 1902
99 34
90
80
89
Low
1,310
534
434
734
Intl Bronze Powders pref 25
Intl Nickel of Canada
*
434s
90
76
16 1900
1
10234 103 34
Sept
May
334b
85
2 1969
Apr
Apr
1 1942
Ask
0s
Prov of New Brunswlck5s
Oct
Bid
11
934
Range Since Jan. 1, 1939
Shares
*
Hudson Bay Mining
Imperial OH Ltd
6s
June 16 1964
6s
6s
High
5
Preferred
Municipal Issues
Low
8934
Gypsum Lime A Alabaa..*
Closing bid and asked quotations, Friday, Nov. 10
6s.
Price
General Steel Ware preflOO
Gurd (.Charles)
Holt Renfrew pref
_.100
Howard Smith Paper
Province ol Alberta—
Week
954
Hamilton Bridge
Hollinger Gold
Provincial and
for
of / rices
General Steel Wares
507 Place d'Armes, Montreal
Montreal Curb Marke t
Par
Week's Rang<
Sale
Greenshields & Co
Montreal Slock Exchange
Sales
Last
Securities.
Members
Exchange
Friday j
all Canadian
on
of Prices
Week
Price
1.85
1234
100
Low
1.80
1134
High
Range Since Jan. 1, 1939
Shares
234
4,255
1534
4,113
27
27
5
122
126
721
Low
High
50c
May
334
June
534
Mar
Aluminium Ltd
*
"123"
Bathurst PAP Co B
*
434
434
534
1,139
534
534
9234
634
2,684
3
Jan
9234
5
90
June
Beauharnols Power Corp.*
Belding-Corticelli
Ltd.
_
100
Brewers A Dlsts of Vane. .5
Brit Amer Oil Co Ltd
*
British Columbia Packers*
Calgary Pow 6% cm prf 100
Canada A Dom Bug (new) *
Canada Malting Co Ltd..*
Can Nor Pow 7% om
pf 100
Canada Vinegars Ltd
*
Can Wire A
C6% cumpflOO
Canadian Breweries Ltd..*
Preferred
—...
3
2334
Cndn Industries B
2334
""§134
"169"
16
2334
1634
99
1634
99
3134
1,950
Cndn Vickers Ltd
Sept
1834
Aug
3334
35J4
3534
10634 109
110
29
Sept
38
June
31
99
Sept
112
Jan
1134
1.05
1234
105
1.10
19
934
31
25c
50c
47
1.35
1.35
1.05
1.35
534
834
5
7
14
Aug
May
10734
80c
Sept
1.80
15
14 H
Sept
400
734
Apr
25
3
47
97
230
10
*
23 H
Sept
166
90
30
120
101
23
9H
Oct
Oct
Feb
June
Jan
Jan
Oct
19834 June
228
Sept
165
16634
Mar
25c
45
Sept
Aug
Nov
75c
47
Jan
Nov
85c
Jan
1.75
160
50c
Mar
1.60
Oct
140
334 June
6H
Oct
Oct
"l2"
2
June
10
35
188
10
Aug
41
4
City Gas A Electric Corp. *
820
34
7% cum pref
..100
Canadian Wineries Ltd
*
Catelll Food Prod Ltd
Sept
25
235
734
Mar
685
166
*
Oct
Jan
534
3234
934
"lllO
95
Sept
Jan
19
""25c
Oct
Feb
235
*
Sept
534
7H
11
100
5% cum pref
100
Cndn Marconi Co
...1
Cndn Power A Paper Inv. *
Cndn PAP Inv5%cm prf *
19
Oct
142 H
95
*
7% cum pref
Cndn Intl Inv Trust..
334
35
Sept
May
7
1234
*
2
1.25
143
105
lllO
*
Cndn General Invests
3
104
Sept
334
Jan
2134
4
5
6
Jan
1234
Nov
Apr
1.10
Jan
12
12 34
25c
25c
3
334
Jan
Jan
300
15c
1.50
Jan
334
634
334
634
1,765
5
25
Apr
634
1734
1734
50
4»4
1434
Jan
Consol Bakeries of Can
*
Consolidated Paper fori). *
Sept
1734
July
8 34
11,690
234
Nov
Commercial Alcohols Ltd. *
Preferred
*
No par value,
r
""334
"734"
7
Canadian market.
9
Oct
Rept
Volume
3101
Commercial & Financial Chronicle
The
149
=7"
Markets—Listed and Unlisted
Canadian
Montreal Curb Market
Sale
of Prices
Price
Par
Stocks (Concluded)
14
Works
A
14
50
11
Sept
17
135
22
Aug
45
Oct
10 H
3,335
2
Aug
10H
Oct
1,390
2
Aug
9H
Oct
7
Oct
8
Oct
*
8H
8
*
Donnacona Paper
7%
7%
9H
6%
6H
6%
75
2H
Apr
6%
6%
7%
1,600
2%
Sept
6,485
1,540
3H
Aug
16 H
'
B
EasternDalries7 %cm pflOO
Aircraft Ltd.. .5
Fairchild
Aircraft
Fleet
Ltd
Kraser
10%
23%
20
17%
22%
34
34
Companies Ltd._ _»
Fraser Cos voting trust.
18%
.
%
Freiman Ltd (A J)
Sept
22
5
Aug
z25
Nov
Oct
«.
-
„
»
_*
Lake St John P & P
Loblaw Groceterias A
_
3.50
40
1.50
Sept
3H
100
40c
Aug
1.00
Oct
25%
56
5
Aug
28
Oct
28%
100
23
Apr
28%
Oct
50c
250
45c
Sept
1.05
Jan
8
Sept
21
Oct
Oct
MacLaren Power & Paper*
17
17
19
526
Massey-Harrls5%cmpf 100
60
55
60 H
790
29 H
Apr
62 %
MoColl-Fron6% cm pf.100
95 H
95 H
97
365
83
Feb
97
Oct
Nov
Oct
2.00
85
1.25
Melchers DlstlUerles pref 10
6
6H
176
4%
*
15
15 H
44 %
200
6
Aug
17H
Oct
25
38
Aug
45%
Oct
110
5
97
Apr
110
Nov
20
20
25
101
105
5
100
Aug
105
Jan
MltcheU (Robt) Co Ltd.
_
44%
Moore Corp Ltd
Page-Hersey Tubes Ltd. _*
20
PowerofCan6%cmlst pflOO
V
•
•
-
*
Reliance Grain Co
*
_
cum
5H
Sept
8
25
2H
Sept
6H
Oct
12H
107
Jan
500
11H
Nov
110
July
14%
Aug
42 H
115
34
Sept
50%
Jan
20
20
20
215
17
Sept
20%
Jan
Mines—
42
A
Beaufor Gold Mines
15
10c
.1
Big Missouri Mines
45 H
15
42
Aldermac Copper Corp.. _»
12c
25c
7Hc June
150
9Hc June
Sept
16He Sept
28c
Jan
1
Cndn Malartlc Gold
_
9c
9c
1,700
9c
Nov
19c
Feb
*
Bobjo Mines Ltd
73c
73c
1,400
55c
Sept
1.00
Jan
lHc Sept
6c
Jan
25He
July
2c
2,500
15c 15 He
14c
2,800
9c
Sept
600
14c
Nov
14c
200
13c
Oct
14c
Oct
Sepl
Aug
Nov
2c
Cartier-Malartlc Gold Ltd!
15c
Cent Cadillac Gd M Ltd. .1
14c
Century Mining
Consol Chibougamau
.1
14c
..
1%C
2c
3,500
1%C
Oct
33 %
8c
2.92
3.00
1,700
2.00
Sept
3 05
1.12
1.12
400
74c
Sept
2.35
Jan
4*80
4.80
5.00
850
4.50
Apr
6.70
Sept
42c
43c
400
16c
Apr
77c
Aug
"l
1
East Malartlc Mines
.1
"
*
Falconbrldge Nickel
*
Francoeur Gold
Lake Shore Mines Ltd..
li
.
4.30
Mclntyre-Porcuplne
.5
29%
4.30
56"
56
56
.1
3,000
2c
Sept
6Hc
Feb
Nov
50 H
Jan
350
29%
3,60
Sept
5.80
Jan
45 H
Sept
58 H
Oct
1.05
Sept
1.33 June
1.25
Sept
3.35
Jan
2Hc Sept
16c
Jan
McKenzle-Red Lake Gold 1
1.24
1.24
1.24
500
O'Brien Gold
1.50
1.46
1.77
4c
3c
4Hc
5,500
1,600
Pandora-Cadalllc Gold.. .1
1.85
1
Gold
for
of Prices
Low
High
Week
Price
Par
43c
19c
Jan
20c
20c
21c
85,200
4,200
75c
1
13c
Sept
33c
Jan
1
7.25
7.25
7.25
835
5H
Sept
15H
Buffalo-Canadian
*
2%
3%
4,500
Brown OH
255
2%c
1,500
12 H
2c
Oct
HHO
14%
660
9H
Aug
15H
2.20
2.18
2.40
4,750
1.11
Sept
2.80
Jan
40c
40c
42c
8,000
20o
Aug
66c
Jan
5%
5%
6%
1,540
3H
Nov
7
8%
1,564
May
Sept
6H
7%
10H
Mar
78
Sept
101H
22
Nov
22H
29H
Sept
38
June
14
Sept
17H
Mar
95
66
May
104
Oct
60
134
Sept
153
Aug
Calmont
*
*
1
*
*
...
Canada Cement
100
92
92%
*
22
22
50
*
35 %
35%
200
Canada North Power....*
17%
155
100
17%
101%
136
142
Preferred
Canada Foundry A
Canada
Malting
*
Canada Packers
142
100
Canada Steamships
*
Preferred
.....50
Canada Permanent
Breweries
June
25
Sept
52
52
10
30
May
60
1.05
B
25
Canadian
118
25
6
83c
Aug
2,00
Sept
Slscoe Gold Mines Ltd.. .1
2,730
80c
Sept
1.65
Jan
45c
47c
2,300
25c
Sept
74C
Jan
Chromium
*
""40c
37 He
40c
90,136
27Ho
Sept
1.03
Feb
II
75c
73c
80c
846
60c
Aug
1.01
Mar
Jan
Jan
8.10
8.15
715
6.85
Sept
8.85
Mar
100
1.04
1.04
1.10
1,400
80c
Apr
1.51
Jan
2.25
2.25
2.30
250
1.17
Sept
2.75
Jan
Central Patricia
Home Oil Co Ltd
.1
7 He
7 He
8c
6,000
6Hc
Aug
25c
Jan
4%c
4%c
500
3c
Aug
llHc
Jan
Sept
44%
Jan
20
Jan
106
May
122
Jan
3
Sept
Consumers
6
*
Pacalta Oils Ltd
*
Royallte Oil Co
85
39
38
38
26%
9H
Sept
Jan
4H
Nov
19%
100
14H
Sept
20 H
Mar
2.25
600
1.70
Sept
40
103H
Mar
850
114
Exchange
65c
Nov
1.05
Jan
1.91
Sept
2.75
Jan
7%c
9,900
5Hc
Sept
75c
81c
62c
Sept
40c
1.65
1.72
351
17
17H
49 H
51
1,902
166H 168
212
26
238
27
105
25c
105
25c
5
29c
c
8c
10c
19%
19%
82%
20%
Week's Range
II,420
3,500
Apr
61
Jan
183
June
16H June
27
Nov
Nov
105
May
150
103
18c
Sept
60c
Jan
5c
Sept
17c
Sept
15
Sept
20 %
Mar
80
Sept
10
1,810
23
Sept
22
185
Sept
21H
100
2c
*
37
36%
25
16
15%
17 H
5%
5%
Sept
15
5,000
687
Aug
90
Mar
34
Mar
210H
Oct
22
July
Apr
7H
4
4
3Hc
40 H
18H
Oct
Sept
5,041
Nov
Apr
2c
19
1,155
6
Sept
17%
June
Sept
30
39
*
751
14
37 H
83
2c
Stores
Sept
July
210
21H
Dora
July
2.34
29
25
Dominion Steel B
2.00
7H
May
Oct
Range Since Jan. 1, 1939
for
*
6%
6%
6H
100
Aug
7H
Oct
Dominion Tar
Sales
Friday
Last
sales lists
Oct
Aug
5
205
*
100
Dominion Bank
Feb
1.10
8
*
(new)
Jan
85c
11H
1.25
2,498
1.39
Apr
100
"50
14Hc June
Sept
1.65
10
Preferred
Dominion Foundry
inclusive, compiled from official
Nov
114
2,500
835
*
_*
Dominion Coal pref
Toronto Stock
2.40 June
4,100
69c
100
Petroleum
Dome Mines
3
2.35
2.31
Dominion Exploratlon.__l
Nov. 4 to Nov. 10, both
Jan
1.03
7.699
■
Homestead Oil <fc Gas
Oct
20
7%
4%
6%
3%
10%
167 %
100
Gas
Preferred
Davles
305
120
63c
Bakeries...*
Smelters
Distillers Seagrams
1.25
Oct
9%
1.65
Mines
Consolidated
Denlson Nickel Mines... 1
6,060
Sept
12H
1.65
Jan
30c
2.80
60c
500
12,495
5.700
5
Conlagas
Jan
1,725
2.50
2,850
63c
...
75c
55c
2.54
73c
16%
9%
...
3.70
55c
*
Apr
July
7c
"77c
Chestervllle-Larder Lake.l
Aug
*
1%
4%
Central Porcelain
Sept
Dalhousle Oil Co
25
66c 65HC
2.31
Cosmos
Oil—
sept
200
114
Castle-Trethewey
Cons
Oct
4H
19%
*
Carnation pref
Conlarum
4H
3%
16
118
4%
*
Cockshutt Plow
Mar
Oct
1.50 May
2.15
R
Canadian Wineries
3,045
8.10
9,435
70c
...»
-...100
84c
4.60
"
16%
16
Malartlc
Preferred
C P
4%
3%
14%
B
Canadian Oil
I,045
3%
4
Canadian Locomotive..100
1.34
18 He
Oct
Nov
24
84c
Apr
Jan
Nov
Sept
1.22
Sept
Oct
34 %
10H
84c
Sept
19H
Aug
22
Mar
5.20
Sept
6H
17H
90
Cariboo...
3.85
4,560
35
Canadian Wirebound
8 He
Oct
17%
23%
July
35
14H
23
Sept
300
May
6
22
3.90
11,600
13%
H
22
2.05
15c
11
20
22
Jan
6.10
Oct
July
May
22
Aug
4.00
Mar
2H
16 H
*
Cndn Industrial Alcohol A*
—
Canadian Dredge
1.45
14c
179
300
1,005
1,378
...*
Canadian Celanese
1.20
6.10
Sept
134
141
Mar
14%
450
4.00
23
27%
1,650
.1
19%
Sept
15%
1.93
.1
Sept
14H
28
Preferred
2.65
Wood Cad
75c
25
25
Can Car & Foundry.....*
1.85
Waite-Amulet Mines.
Oct
Jan
1.80
265
13
20
6%
1.05
1.05
13
1.25
_
14
20%
Sherrltt-Gordon Mines.. .1
Anglo-CanadlaD OUCo-. _*
*
Calgary & Edmonton
120
19%
4,500
Wrlght-Hargreaves
21
20%
3c
8~15
20
...*
Canadian Can A
Jan
♦
Feb
10
Nov
MM
65
166
9c
-
Sept
10
1.95
MM*
19H
55
19
Oct
.1
Aug
25
163
Sept
Teck Hughes Gold
577
19
Sept
Sullivan Consolidated
Oct
17
164
2c
.1
Oct
7H
60
*
Preferred
1.14
.
Oct
52
*
Canadian Cannero
3.50
Stadacona (new)
Mar
15%
Cndn Bk of Commerce. 100
280
Sladen-Malartlc Mines.
Aug
Oct
20
Canadian Bakeries pref. 100
1,350
Red Crest Gold.
1.25
2,895
Jan
59
16
Canada Wire B
Canadian
6%
5%
5%
Canada Wire A
3c
-
5H
34
1.95
w
Sept
July
17%
4.35
—
Mar
14H
3c
«~
5
19
2Hc
1.83
•»
Jan
Oct
1
17
4.30
-
*
Sept
Bunker Hill
Burlington Steel
Calgary & Edmonton
1.83
.1
Preston East Dome M Ltdl
45c
39c
Building Products (new).*
5.60
Pickle-Crow Gold
High
Low
Shares
Buffalo-Ankerite
Broulan-Porcuplne
2.50
.1
Pend-Orellle M & M
Jan
15
32
30
Macaasa Mines
•
1,395
2c
2c
2c
Joliette-Quebec
23
225
30
29
30
_*
Eldorado Gold M Ltd
14c
25c May
2.97
Dome Mines Ltd
Duparquet Mining
Perron
65c
June
4,000
11,100
Week's Range
Sale
Stocks (Continued)
1,1939
Range Since Jan.
Last
Canada Bread
42 H
*
pref
Oct
7
Oct
17
109
11H
_
Walker-Good & Worts (H)*
$1
7
5%
108
108
preflOO
United Amusement A
Oct
960
6
5H
6H
Provincial Transport Co. _*
Sou Can Pow6%cm
-
44%
110
„
*
Paton Mfg Co..
1.75
1.75
_*
Melchers Distilleries
Sales
Friday
Sept
70c
Stock Exchange
Toronto
Oct
3.50
50c
-
-
TORONTO
Street
11 Jordan
Mar
z30
25%
28%
II
Intl Utilities B
[Canadian Commodity Exchange, Inc.
Oct
23%
70c
3.50
Internatl Paints (Can) A _*
Mackenzie Air Service.
Sept
5
4,375
30
9%
21%
19
Ford Motor of Can A
Exchange
Members I Winnipeg Grain
Oct
HH
24H
150
9%
21%
»
[The Toronto Stock Exchange
Mar
41
CRAWFORD & CO.
F. J.
Sept
4%
Aug
50c
40
David & Frere Ltee A
Dom Engineering
725
3%
3%
High
Low
Shares
High
Low
3%
Cub Aircraft
listed and unlisted
on
and Industrial Securities
Canadian Mining
Jan. 1,1939
Range Since
for
Week's Range
Last
invited
Inquiries
Sales
Friday
1
8%c
3%C
3Hc
4,800
3c
Sept
9Mc
Mar
Dorval-Siscoe
3,400
5c
Oct
27c
Mar
*
Abltibi
100
preferred
6%
13
1.75
Alberta Pacific Consol.„_l
Alberta Pac Grain
Gold
nglo-Tf uronian
Sept
Ashley
21%
Jan
3.10
Nov
18%
18%
25
13H
Aug
19 H
Oct
150
1H
Aug
3H
Oct
5,640
75o
Aug
2.36
Jan
8H
May
4c
Mar
Eldorado
1
1.10
30c
Jan
English Electric B
30c
Jan
Extension Oil...
*
*
"24"
1H June
4H
35H
Nov
Falconbrldge
*
4.70
Sept
62c
Sept
Apr
20%
Oct
45
106
35
46c
27,450
17 H
41c
203
94%
25
5HC
6c
5,500
1.00
1.12
16,5.50
14
May
24c
7
51
Apr
4 He
Sept
60c
Sept
94%
17c
Nov
Nov
Jan
1.52
Jan
Mar
17Hc
Feb
1
1
Feb
FraDcoeur
Feb
Gatineau Power..
2 He
2He
Oct
2.15
27,989
9,125
1.65
Sept
2.78
July
12c
6c
Oct
23c
Jan
1
20c
20c
21c
2,500
15c
Sept
38c
Jan
Preferred
Rights.
100
210
211
16
176
Sept
220
Jan
General Steel
100
313
313
11
285
Sept
314
Oct
100
245
249
22
215
Sept
*
6
6
50
3
Sept
Base Metals
*
Bathuret Power A
*
B
Bear Expl
Beattle Gold
Beatty A
1st preferred
*
1
*
100
Bldgood Klrkland
Big Missouri
5Hc
1.10
B lit more
*
Blue Ribbon..
Bobjo
50
1
Bralorne
*
British American Oil
*
British Columbia Power A*
British Dominion Oil
*
1,185
5
5Kc
6Hc
1.07
1.14
660
14c l4Hc
9,600
13c
1,150
"16"
9
~35H
34
7
8%c
8%
23%
26
16c
8HC
10H
8H
10
7
35 H
407
250
5
75
99H
2H
Jan
Jan
32
1.28
8H
105
7H
Jan
July
Jan
July
Oct
5
25
33
33
21%
23 H
4,038
40c
45c
18,600
15%
93%
15%
135
5%
Wares
"9%
*
"59c
1
19 He
J
17c
1
22c
Goodyear Tire A Rubber.*
Preferred
50
Graham-Bousquet.
.
^
1
11
5Hc
57c
61c
9%
15
505
Oct
34
24H
72c
Aug
Jan
16H
Mar
78
Sept
95
July
Apr
4H
Jan
6
Mar
Nov
2H
100
100
Nov
Aug
12
Oct
4c
Jan
11 He
41,117
20c
Feb
61c
Oct
Jan
8,000
10c
Sept
28c
16,400
4Hc
July
16c
Oct
22c
Nov
25c
Nov
*
"~8%
*
27
25c
19,800
88 H
55
54
56%
191
52 H
Sept
58 %
June
2HC
500
lHc
Oct
4c
Mar
22c
8
26
12 H
*
66
Apr
Oct
90
231
3
Aug
238
Sept
12H
10
9%
9%
10H
29 H
Oct
28 H
Aug
13 H
Sept
3,100
35c
Sept
64c
Jan
6H
Jan
9
50c
48c
50c
4%
4%
Sept
1%C
5H
l%c
3
1
1,000
He
Oct
2%c
2%c
6,400
lHc
Oct
Mar
3H
July
25
Jan
10
Nov
Halllwell
]
8
Nov
Hamilton Bridge
*
Nov
HamUton Cottons pref. .30
36 H
22c
Feb
Sept
12%
June
5H
18H
Sept
Sept
12H
Mar
23 H
Oct
20
Sept
6c
Sept
Sept
28
2lHc
Hamilton Theatres
1
Harker
♦No par value
.1
5%c
8
935
6
Sept
34
50
25
Aug
3Hc May
6c
9H
35
Jan
Oct
Oct
Nov
51
45c
Feb
1.00
2H
Apr
4H
Oct
1.16
3%
1.25
600
22,280
70c
Sept
1.95
Jan
5%c
6Hc
8,000
4Hc
Sept
10c
Jan
3H
1.20
785
Oct
1.00
1.00
*
Hard Rock
Aug
Jan
7%
34
1
Harding Carpets
Feb
1,600
l
6
Oct
Apr
11
2%c
"54"
Great Lakes vot trust
Gunnar Gold
Mar
19c
17c 19HC
16HC
145
375
100
Jan
Oct
3%
87
Great Lakes voting.
Greening Wire
93%
5H
5Hc
Goldale Mines
Eagle
93
100
1
Golden Gate Mining
15
May
11
16 H
15c
Halcrow-Swazey
9H
120
Nov
Gypsum Lime & Alabas..*
5,359
2,528
Aug
1
Jan
2,430
17,550
3H
200
Jan
June
9%
19c
3,390
2H
30C
10%
26%
1,500
10H
1
30c
178
14,542
23%
8%c
Sept
Sept
9He
9Hc
26
Feb
13c
40c
God's Lake
Gold
17c
Aug
2c
10c June
140
5 He
23
15c
Sept
Sept
3,341
13c
5H
Oct
4
6H
166 H
160
Sept
Oct
3,150
25
14c
34c
Sept
85
Aug
15H
Sept
6
June
Aug
5
102
162
%
7H
Aug
92c
6
5
lOHo
4%
6,000
102
*
Brazilian Traction
6,600
6
*
Blue Ribbon pref
22c
15%
102
5H
100
1
1
13
4H
»
Beauharnols
Bell Telephone Co
18c
13^
255
Jan
Oct
7c
"22"
*
Gillies Lake
Bank of Toronto
1
100
Cumulative-
Bank of Nova Scotia
8Hc
2Hc
9%
Preferred... ........100
Bank of Montreal
Barkers
9c
12,500
1,000
Sept
3c
*
100
Ford A
10Hc
Oct
9c
4%C
*
3.25
Oct
Oct
9c
Nov
*
Sept
4He
2.00
24 H
._*
2.00
5Hc
2Hc
Cons
25c
.*
100
2.10
Apr
24%
27
3c
*
900
llHc
Sept
19
3HC
1,000
J
6.75
3%c
10c
1
Apr
24%
2.55
Aunor Gold Mines
Sept
4.50
1
6Hc
Bagamac
19H
3,635
1,425
1
Fleury-Bissell
July
25
3,500
5.10
4.70
1
Fleet Aircraft
5
6
25
Fernland
Firestone Petroleum
1.14
Aug
6
Fanny Farmer
Federal-Kirk land
10c
2.55
1.10
4Hc
24
24
6Hc
6Hc
-
*
Easy Washing Mach
3
3
Oct
500
Bankfleld
Sept
*
1
.
Arntfleld Gold
Astoria-Quebec
Mar
2 01
Eastern Steel
Aug
4
July
3.35
Sept
94
2.55
July
10c
94 %
*
13o
21,125
15c
17
"1.05
600
3.10
1H c
43c
*
6Hc
2.93
500
100
Anglo-Can Hold Dev
8c
6 He
2.95
Crest Oil
500
17 Ji
1
8c
6%c
East
1,100
*
Mines
50c
High
17 He 17 He
18c
18c
*
Preferred
3,020
.
3H
32
pref.100
Copper
Algoma Steel
Low;
3,645
3H
*
A P Grain.
Aldermac
18c
2.13
8c
*
1
Duquesne Mining
Wee
Share
15 H
2c
11H
2c
1
Ajax O & G
A
1.80
of Prices
High
Low
,._1
Afton
Amm
Price
1
East Malartlc
Sale
Par
Stocks—
3102
The Commercial & Financial
Chronicle
Nov.
11, 1939
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Friday
Week's Range
for
Hale
Stocks (Continued)
of Prices
Low
Hedley Mascot
High
Range Since Jan. 1. 1939
Shares
Low
43c
500
21c
13
21c
14
2,250
650
8
Apr
14%
14%
2.80
2,295
24,630
12
2.51
Sept
Sept
7%c
734C
7?*C
12
12
13
13
.»
Holllnger Consolidated.-.5
Home Oil Co__,
"2_.57
*
Homestead Oil
Honey Dew
*
Howey Gold
10c
1.23
5c
214
32c
33c
Hudson Bay Mln A Sm.
Huron & Erie
,100
34 %
33%
34 >4
4,420
70
70
17%
14%
9
10,400
Imperial Oil
Imperial Tobacco
Inspiration
»
6
1
Intl Metal prer
Sept
Sept
17
15c
25c
Nov
103
50
70
Apr
103
Nov
175
104
Feb
111
Nov
47%
47
4834
26%
25%
2734
65c
4c
65c
75c
210
35c
Aug
1.00
2c
Sept
llHc
Jan
2o
Sept
Jan
2.04
ll^c
14,805
1,500
13,375
1.47
Apr
2.14
16c
18c
1.33
1.40
73c
Feb
1.75
Mar
13,201
29%
Nov
5
13?*
Apr
2934
33
2434
2434
6.80
1,754
40
13c 13 34c
4,500
40
13
12%
13%
6.50
17
39
mmj
2c
134c
2c
..IIIl
I.HI*
3,196
11,500
79c
79c
80c
5,000
~*
"28"
28
inn*
283*
600
26%
2654
273*
552
21
4.20
4.35
3,555
"
Macassa Mines.....
MacLeod
3.15
Jan
Sept
13%
Nov
lc
Oct
8%c
Jan
58c
Sept
2.30
Sept
22%
Apr
29
Nov
Apr
27%
Nov
Sept
5.90
Jan
2,375
90c June
3.60
Stocks (Concluded)
Par
South End Petroluem
Jan
4.25
2.00
2.15
16,541
1.30
Sept
3.20
1
44c
44c
47c
Jan
69c
72c
Sept
Sept
55c
69c
17,300
50,500
22c
]
75c
for
of Prices
Low
High
Week
*
Stadacona.—
Price
7c
40c
*
Standard Chemical
40c
25
lc
lc
500
%c Sept
*
43*
434
14
6%
6
43
5
5
63*
5%
934
3% Apr
5% May
460
2%
Apr
834
4,660
2%
Sept
2,110
29%
Apr
10
*
*
9
111II *
11100
60
....
Massey-Harrls
Preferred
9
7H
754
55
*
8%
HlOO
Preferred
MoKenzle Red Lake
McVlttle
McWattere Gold
96%
834
95
»
9c
5,550
6c
Mar
55c
59c
34,625
35c
33*c
1.21
1.12
1.28
1,663
1.00
2,000
2c
50
50
8c
834c
1
90c
91c
Corp.—..1.111111*
Aug
7,550
65c
Normetal
North Star
North Star pref
73*
2534
834
25
83*
68%
130
25
4%
71
1,060
196
10
Sept
Nov
Oct
Oct
8
Sept
39?*
Aug
190
Jan
13c
14c
334c
1.40
10,000
1,000
1,700
76
753*
773*
4,137
69
6%c
534c
6c
1,500
1,625
1.00
334
220
1I50
1.46
1.80
*
1.10
110
70c
Oct
595
6634
Apr
89
Sept
535
65
Jan
85
Sept
Pickle Crow...
Pioneer Gold
Porto Rico pref
1.87
Jan
84
1.85
10,525
1.50
434C
28,900
234c
Sept
9c
Sept
243*
1.70
Sept
2.10
13c
Apr
95c
Sept
Sept
1.25
Mar
3
Sept
3?*
July
1.20 Sept
3.35
Jan
67c
Aug
1.73
Jan
20c
Aug
53c
Jan
Jan
7?*c
Oct
Aug
12c
Jan
34c
Nov
44c
Nov
2,700
23*c
500
3c
3,000
36c
18,500
6334
75
1.87
1.87
125
1834
1834
90
94
1.65
Apr
Sept.
2?*c Nov
2%c Nov
29c
63
1.40
15
Nov
5c
Aug
7?*
Oct
110
4.75
Oct
Jan
16c
Jan
7?*c
Feb
Sept
61c
JaD
Nov
63%
Nov
Sept
2.03
July
Oct
20
Jan
1
4.30
4.25
4.30
3,550
3.55
Sept
6.60
Mar
1
2.25
2.16
2.25
2,750
2.10
Sept
2.70
Jan
-100
Powell Rou
Power Corp
1
100
1.76
25c
1
Pressed Metals
Preston E Dome
1
Real Estate Loan
100
1.74
1.81
11
*
Prairie Royalties
Premier
11
22c
Tamblyncom
2.25
500
434c
1,000
4
Oct
80
14%
109
71
Oct
85
3.00
3.15
*
Teek
1
4.10
1
75c
12
4.00
4.15
75c
500
17c
1,100
1.10
10
1.96
51,177
50c
—1
Royal Bank
Royalite Oil
100
*
Anthony
1
179)4
39
23*
50c 5034c
4 J4c
53*c
17934 17934
3834 39
He
5
1.10
25c
July
Sept
2.40
Jan
Sept
13
Oct
Sept
1.96
Apr
5
30
Nov
65
2
Sept
2?*
20c
Mar
56c May
5,800
5,100
3%e Sept
21
140
Sept
475
26
Sept
35
ll?*c
192
44%
Apr
Apr
Jan
Mar
Jan
11c
12c
5,800
534
1834
5%
1934
105
1.76
8%
Apr
19%
Nov
1.75
1.80
9,160
1.18
Jan
2.03
10c
Aug
12c
5c
Sept
17o
Mar
51c
Aug
*
50
San Antonio
Sand River
1
Senator-Rouyn
1
Sheep Creek
..50c
Sherrltt-Gordon
1
Slgman Mines, Quebec
Sllverwoods
*
Sllverwoods pref
*
Simpsons A
Simpsons B
Sim peons pref
60
6%c
2
Sept
Aug
15%c
Feb
6%
Oct
T.27
1.25
1.33
5,234
44,700
1,200
19,687
75c
8.50
Sept
2.00
7.75
834
6 20
Sept
8.50
Nov
5
269
1.50
July
73*
110
3%
9%
Sept
.
35c 3934c
1.15
1.12
5
5
7
7
15
17c Sept
92c
Jan
Apr
18
30
734
8
45
3
Mar
9434
—.100
96
43
78
1.25 June
5
7%
.
-
8
Nov
96 Hi
1.65
84c
86c
80c
Apr
Sept
4lo
49c
26,625
23c
9c
Sept
80c
9c
13c
81,030
2%c
Sept
13%c
10,315
Oct
Oct
41c
Bladen Malartic
Oct
19
84c
Slscoe Gold
3.55
Aug
1234
1.60
1.62
3.75
Sept
60c
4.70
JaD
Aug
1.30
Jan
Sept
95
300
Jan
June
109}*
Nov
1.40
*
Sept
29
283*
30
690
10
Mar
49
3034
Oct
50
49
4934
410
Toronto General Trust-100
41% June
Nov
80
4934
80
11
79
Toronto Mortgage
July
90
96
96
3
94
' Nov
113
Preferred
50
Towagmac
1
30c
30c
1,000
Twin City
*
234
234
150
90c
Uchl Gold
1
83c
Feb
Mar
44c
Sept
3
Oct
Mar
1534
15
153*
3,625
1,048
11
Apr
38
39
890
26
Sept
39
Nov
25
6
6
490
Apr
6
Nov
*
Upper Canada
53*
634
6
Amulet
4.30
*
Walkers.-.-—
5.85
*
69c
Wendigo
20
413*
193*
11c
1
W Canada Flour pref. .100
Westons
35
35
1234
Whitewater
Wiltsey-Coghlan
Winnipeg Electric A
Jan
Oct
Aug
Oct
73*
52c
Oct
71c
Oct
3.7o
Sept
5.80
JaD
5,069
6.00
Sept
43
690
3334
1634
Sept
513*
378
Sept
2034
3,800
634c
Oct
15c
12c
38
20
1234
123*
90
92
43*0
1
3
1.65
1534
20
11c
—-100
Sept
234
980
6.10
65c
2,255
11,925
4.45
5.85
43
*
Preferred
734
67c
*
4.30
1
Ventures
Preferred.—-
Sept
2
Jan
38
*
United Steel
Walte
20c
2.30
50
Gas
United Fuel A pref
B pref
43*C
3c
15
2,000
500
980
Apr
93*
50
8.25
Jan
Feb
30
Apr
85
Jan
Jan
Sept
Nov
1234
96
Sept
134c July
Aug
834c
Sept
—1
2c
Oct
834c
Jan
234
3
55
1
100
Preferred
3c
*
Aug
1134
12
20
634
Sept
15c
5,000
9c
Sept
334
1434
1834c
Jan
6.70
Sept
8.90
Mar
3c
Sept
9c
Mar
Wood Cadillac
1
15c
Wright Hargreaves
*
8.15
8.00
8.15
Ymlr Yankee GirlYork Knitting
6,058
*
*34c
734
434c
734
2,800
*
14c
40
4
I $2,000
86
Oct
Oct
8
Aug
Oct
Bonds—
Uchl Gold..
96
Toronto Stock
Nov. 4
to
Nov. 10, both
96
Septl
973*
Tuly
Exchange—Curb Section
inclusive, compiled from
Friday
Last
Week's Range
Sale
Stocks—
Par
Brett-Trethewey
Price
of Prices
High
Low
lc
for
Range Since Jan. 1, 1939
Week
Shares
lc
lc
123*
175
1.00
1.00
15
1
Preferred
10
21
1.50
DeHavllland
lc
334c
10
Sept]
14
Mar
1.00
Nov
1.00
Nov
18
July
7,303
45
10
45
35
63
2,250
4334
438
233*
69 34c
70c
2,600
40c
203*
Foothills
Fraser Co voting trust—
Kirk Townslte
203*
60
10c
10c
10c
1,500
1634
17
293*
Pend-Orellle
303*
2.30
2.26
2.70
34c
34c
54c
136
500
3
105
Robert Simpson pref
Rogers Majestic A
10
136
3
Shawlnlgan
24
Temlskamlng Mining
Thayers...
15
Oct
133*c Jan
2534 Sept
33
June
1.01
Sept
3.95
Sept
34c
Aug
134c
Jan
Feb
138 34
Aug
May
434
Sept
115
2434
10c
361
183*
Aug
8c
26,200
434c
8ept
23*
1
—*
Oct
Jan
23
Jan
534
26
Jan
1.45
Oct
13*
Robb-Montbray
75
Nov
463*
Sept
6c
17
1,831
14,310
45
Apr]
83* June]
30
10(
Sept
75
Sept
Montreal Power
Nov
Sept
93*
2034 May
25
Jan
1.85
Aug
50
41
21
75c June
23*
393*
"50"
Dominion Bridge.--
High
Nov
650
834
7
73*
Corrugated Box pref—100
Mercury Mills pref
21
1.30
Canadian Marconi.—
Consolidated Paper
Low
4,500
1234
—
Canada Vinegars
Canada Machinery
official sales lists
Sales
23*
22
Oct
25
Oct
14340
234 May
Feb
4
May
Industrial and Public Utility Bonds
Closing bid and
asked quotations,
Bid
Abltibl P A Pap ctfs 5b 1953
Alberta Pac Grain 6s. .1946
Algoma Steel 5s
1948
Beauharnols Pr Corp 5s '78
British Col Pow 43*8-1960
Brown Co 1st 534s
.1946
Calgary Power Co 5s. .I960]
Canada Cement 43*8.1951
Canada SS Lines 5s...1957
Canadian Canners 4s. 1951
Canadian Inter Pap 6s 1949
46
75
80
115
116
Oct
Jan
Jan
Nov
Canadian Vlckers Co 6s *47
Consol Pap Corp—
5348 ex-stock
1961
Dom Gas A Elec 6348.1945
Dom Steel A Coal 6 % 81955
Friday, Nov. 10
Ask
43
75
*
...
Bid
Gatlneau Power 31*8.1969
Gen 8teel Wares 4 Ha. 1952
Gt Lakes Pap Co 1st 5s 65
—
83
40
42
90
92
82
mm -
72
m
81
88
—
-
—
-
90
55
60
65
94
1961
Maple Leaf Milling—
2?*8 to '38-6 %B to '49
69
65
.
46
Massey-Harrls 4^8...1954
1945
34
82
mmm
75
Minn A Ont Pap 6s
-
-•
35%
'
mmm
60
43
88
85
McCoU-Front Oil4J*s 1949
—
Ask
87%
80
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
5%B
Sept
8.50
36c
Sept
700
__1
Toronto Elevator
Nov
48
10c
Corp
A
2.70
80
Jan
Feb
Mar
10
5,090
75c
1093* 1093*
3.00
Mar
22c
234
8,395
1134
Tip Top Tailors pref—100
Oct
Jan
Jan
c
Jan
12%
1.42
30
Aug
2.45
Sept
1134
30
101
Apr
7%
1.82
100
May
1.18
275
1.40
T.89
Reinhardt Brew.
Roche L L
97
3,700
1134
1.42
*
Reno Gold
f
1.93
434c
"3I00
1
Jan
38c
3c
200
Oct
7534
'"434c
1
Mar
11c
6,500
*
July
40c
4,800
3.50
1.65
-100
Mar
4^o
623*
*
Jan
9c
1.80
1,500
5c
34c
34c
51%c
1,500
28c
23*c
234c
1
Sept
Jan
Oct
13
100
34c
44c
109
110
2.14
2.19
34c
Sept
Nov
Il3*c 1134c
Jan
June
6% May
l%c
Jan
4%
Jan
215
73*
5c
..1
1
25
434
25c
*
Perron Gold
Photo Engraving
13
Sept
2c Sept
1.05
4,600
5c
*
Cons...—--1
24c
434
73*
*
Partanen-Malartlc
1.05
22c
*
8%c
100
1.05
13
*
Porcupine
Pandora-Cadillac
13%
76%
200
4%c Sept
1.00
13,285
1,325
Nov
7%
1.31
1.00
Jan
10c
25%
334c
...I*
Pamour
20c
Apr
3%c
1.36
60c 6034c
Oct
May
"13c
22c
1
182
23
£0
67
195
1.05
Page-Hersey
Jan
May
7
26%
*
Pacalta Oils.
12%c
155
.
Pacific Petroleum
Sept
6
4c
Orange Crush pref
52
179
10c
Oro-Plata.
Feb
Oct
100
H*
Ontario Steel C
Orange Crush
3c
179
IIIII*
Omega
Jan
Jan
80,433
\
Jan
1.45
7c
O'Brien
Okalta Oils
7c
2.05
45%
10c
H.l
I .III*
..HI*
Jan
Mar
334
Nordon Oil
75c
Sept
10c
*»
20%a June
35
5%c
"
Mines
May
562
10c
milium
1.38
45
*
.
St Lawrence
6c
6c
Preferred
I ".20
National Sewer A.
*
National Steel Car..I..II*
Natlonal Trust.
11100
Naybob Gold
..I..1
Newbec
Paymaster
Penmans
1,500
1
National Grocers
Nipissing
Mar
II. II*
Muirheads...
Nov
3c May
19%
Oct
44
44
JOO
...
Morris-Klrkland.III'I
98
Sept
20
25c
Moneta
500
Feb
Oct
Jan
Oct
9%
Nov
1.00
Oct
10%
9%
62%
Aug
2c
_
82%
Aug
7
Aug
55%c
231
18,200
Aug
June
8
5% June
9c
(lf»
IHII*
Corp......mil*
424
9634
1.25
Jan
Feb
103*
87
43*c
113*c
Union
6
Apr
2c
i
Minto Gold
11 I *
Monarch Knitting
pref. 100
Monarch Oils
9
1
1.20
1.25
"
60
924
3%c
i
Merland Oil
A....
35c
...»
Preferred
McColl Frontenac
3.60
1.03
Jan
434C
*
1
Texas-Canadian
Sept
3
113*c
8334
1.68
Straw Lake Beach
Toburn
Sept
25c
46,532
103*
High
4c
1.00
8234
Steep Rock Iron Mines—*
Hughes
Low
1,000
843*
8234
85
•
25
Sudbury Basin
Sudbury-Contact
Supersllk pref
Sylvanlte Gold
7c]
37c
*
Preferred
Range Since Jan. 1, 1939
Shares
103*
*
Standard Paving
Steel of Canada
May
2%c
Week's Range
Sale
Aug
Mar
64c
2.10
Maple Leaf Gardens
Maple Leaf G pref
Maple Leaf Milling
Slave Lake.
7.30
56
Sept
l
Madsen Red Lake
No ran da
10
Oct
Cookshutt-.IIIl
Malartic Gold
Manitoba & Eastern
Mining
3.00
Feb
Oct
100
Jan
50%
28%
Sales
Last
Strugeon River
Nov
Sept
6.60
3
Aug
16c
30
13%c
Oct
1.00
24%
)
Lake of the Woods...
.*
Lamaque Gold Mines....»
Landed Bank &
Loan.. 100
b
Oct
1,500
16c
Little Long Lac
Loblaw A
Sept
29
2,057
1.35
Leltch
60%
1.93
1.95
i
Lebel-Oro
Apr
Aug
18%
4c
1
Moore
42 %
334c
1
1
4,296
6,583
Apr
4c
Kirk land Lake
Laura Secord
(new)
70
3%c
Klrklana-Hudson
Lapa-Cadlliao
Aug
30c May
14
Oct
105
Oct
Exchange
Friday
Jan
110% 111
1
Lake Shore...
3%
140
Toronto Stock
Oct
Sept
45c
104
1
Kerr-Addison
12%
1,300
103
110%
1
M. Cons
550
30c
100
Teletype N. Y. 1-2316
Mar
103
100
Intl Milling pref
100
International Nickel
»
International Petroleum..*
Intl Utilities B
Jacola
1534
18%
1,776
Telephone Whitehall 4-0784
Jan
Sepe
Sept
25c
STREET
YORK
Aug
12 %
13%
NEW
Nov
37c
39%
70%
25c
100
A preferred
13
Sept
12%
13%
26 %c
Jan
7,890
14
RECTOR
Jan
Oct
Apr
25%
19
July
3.75
Sept
Transcontinental, Ltd.
Jan
15%
16%
Sept
English
Feb
35c
60
30c
*
1.58
Aug
24c
15
17%
1
Intl Coal & Coke
Intl Metals A
St
30c Sept
9,500
32c
J.
High
43o
High wood
Hi ride <t Dauch
European Interna] Securities
Foreign Dollar Bonds
Week
Price
Par
British and Any Other
Sales
Last
N Scotia Stl A Coal 3 %B '63
85
Power Corp ofCan4H8'69
Price Brothers 1st 5s.. 1957
86%
94
Dom Tar A Chem 4 34a 1951
Donnacona Paper Co—
4s
1956
Famous Players 4348.-1951
Federal Grain 6s
1949
65
—
82
Quebec Power 4s
Saguenay Power—
4He series B
65
85
.
90
76
1962
82
1966
80
.1965
52
1965
30
»«*<*»
-
Winnipeg Elec—
80
75
70
<■»
80
4-5s series A.
«.
m
4-os series B
mmm
J
Volume
The Commercial & Financial Chronicle
149
Quotations
on
New York
Bid
025*8 July 15 1969
o3s
Jan
1
o3s
Feb
1 1979
Over-the-Counter Securities—Friday Nov. 10
New York Bank Stocks
City Bonds
Ask
Bid
Ask
Bid
Par
o45*B Mar
11964
115
Bank of Manhattan Co. 10
175*
18 5*
National Bronx Bank...50
40
44
a45*8 Apr
1 1966
1155* 117
Bank of Yorktown__66 2-3
40
50
275*
29
1165* 1175*
117
1185*
Bensonhurst National...60
75
100
—125*
National Safety Bank.125*
12
14
1175* 119
1175* 1195*
Chase
365*
045*8 Apr 15 1972
a3 5*8 July
a3 5*s May
11975
985*
995*
100 J* 1025*
1 1954
105
03 Ha Nov
1 1954
1055* 1065*
«4 5*s Jan
035*8 Mar
1 1960
104
1055*
045*8 Nov
a3 5*8 Jan 15 1976
104
105}*
o4a
May
1 1957
o4a
Nov
1 1968
o45*b June 1 1974
1065*
o45*8 Feb 16 1976
1 1977
1165*
1 1980
1135* 115
o45*s Sept
1 1960
114
045*8 Deo 15 1971
1195* 1215*
122 5*
121
045*8 Mar
11962
o4 5*s Deo
123
13.56
Commercial National..100
1185* 1195*
119
1205*
*78
a45*8 Mar 1 1981
045*8 May 1 1957
045*8 Nov 1 1957
045*8 Mar 1 1963
04 5*8 June 1 1965
04 5*8 July 11967
o4s
May 1 1959
1105* 1115*
1105* 112
111
U25*
a4a
May
1 1977
1125* 1145*
o4a
Oct
1155*
1145* 1155*
15
Fifth
118
1 1979
170
100
Penn
38 5*
175*
750
725
1980
Sterling Nat Bank A Tr 25
25
27
115
Trade
Bank A Trust.-.10
11
13
Bank
105
100
New York Trust
1245*
Par
Bronx
10
County
7
Brooklyn
195
Kings
80
Bid
less
1
Canal A Highway—
Highway
Improvement—
1958 to '67
139
Port of New York Authority
Bid
Gen A ref 3d ser 3 5*s '76
1015* 1025*
1045* 1055*
Gen A ref 35*s
1977
109
—MAS
1942-1960
105 5* 1065*
Gen A ref 4th ser 3s 1976
114
Bid
1940-1941
108
145*
585*
595*
Title Guarantee A Tr. _.12
.100
Underwriters
10
12 5*
13 5*
United States
-
MAS
61.00
109
1940-1941
MAS
61.40
1942-1960
-
-
-
«.
Specialists in Insurance Stocks
MAS
10
mrnrnm
30 BROAD
ST., N. Y. CITY
Teletype JN. Y. 1-894
HAnover-2-7881.
United States Insular Bonds
Bid
45*8 Oct
I
Bid
Ask
U S Panama 3s June 11961
109
1959—
45*8 July
1952
Par
4
1966...
101
5b
Feb
1952
111
113
65*8 Aug
1941
106
107 5*
45*8 July 1952
103
5s
July 1948 opt 1943.
1165* 1185*
1085* 1105*
Agricultural
—10
American Alliance
109
U S conversion 3s 1946
----
Equitable— —.6
American
10
185*
20
Ins Co of North Amer
10
69
705*
83
455*
2354
235*
Jersey Insurance of N Y
Knickerbocker
4254
22
6
10
115*
Lincoln Fire
5
25*
25*
Maryland Casualty
1
Mass Bonding A Ins..125*
Merch Fire Assur oom
6
Merch A Mfrs Fire New'k 6
25*
60
35*
625*
45
49
215*
65*
American of Newark.. -25*
125*
85*
145*
JAJ
3s 1955 opt 1946..
38 1956 opt 1946...
MAN
3s 1956 opt 1946...
Ask
Bid
|
1055* 1055*
1055* 105 5*
1055* 1055*
MAN
JAJ
35*8 1955 opt 1945
4a 1946 opt 1944
43
245*
—25
495*
255*
615*
Automobile
Bid
41
..10
American Surety
—10
33
35
American Reserve
Federal Land Bank Bonds
....
1065* 1065*
Baltimore American.. -25*
1115* 1125*
Bankers A Shippers- —26
65*
955*
017
Boston
75*
10
National Fire
2
National Liberty
99
20
2
New Brunswick
10
National Union Fire
627
Carolina..
275*
225*
295*
New Amsterdam Cas
City of New York
City Title
23
2454
New Hampshire
Camden
Fire
205*
65*
Connecticut Gcd Life. —10
Bid
f 14;
/14
Burlington 6s
45*8
Chicago
/35*
45*8
/35*
/3J*
5s
55*8
100
Dallas 3s
995*
Denver 3s..
Ask
Continental Casualty. ...6
75
85
58
75
85
-25*
Eagle Fire
Employers Re-Insurance 10
65*8
75
85
Excess
Bid
Ask
16
16
45*
45*
45*
100 5*
...
Lincoln 45*8
—
Montgomery 35*8
99
New Orleans 5s
99
101
99
New York 6s
North Carolina 3a
...
5
—10
Federal
Fidelity A Depot Md. —20
1005*
—10
Fire Assn of Phlla
Fireman's Fd of San Fr.25
99
265*
z335*
154
49
75*
455*
124
93
First Texas of Houston 5s.
Oregon-Washington 6a
/41
Pacific Coast of Portland 6s
100
Phoenix
102
104
Glens Falls Fire
103
105
Globe A Republic
mmm
45
100
45*8
Fletcher
102
80
6s
80
Illinois Midwest 6s
...
995*
Southwest
99
45*8
...
40
Atlantic
...
100
46
125
135
North
40
Denver
100
Moines
8
First Carolinas
m
1
...
25*
4
Fremont.
Lincoln...
9
9
415*
225*
435*
Revere
245*
Republic (Texas).......10
(Paul) Fire
10
Rhode Island
6
255*
395*
2754
St Paul Fire A Marine.625*
41?*
Seaboard Fire A Marine..5
12
1354
-.10
335*
355*
165*
3154
335*
121
-
Seaboard
-
Surety
26
275*
26
275*
3
45*
237
231
7
85*
330
100
419
429
275*
Co_.2
22
76
79
U
585*
U 8 Guarantee
345*
Westchester
—10
Hartford Fire
Hartford Steamboller. —10
5
Home
67
505*
325*
Bid
Ask
12
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '63
29
19
Security New Haven
70
/86
U S Fidelity A Guar
8 Fire
Fire
—
3-6s
1953
565*
235*
535*
61
64
345*
365*
Debentures
Bid
Ask
Nat Union Mtge Corp—
1954
82
1954
95
mmmm
mmmm
585*
Potomac Bond Corp (all
Cont'l Inv Bd Corp 2-62 '63
Issues)
86
60
1953
Potomac Deb Corp 3-08 '63
Potomac Franklin Deb Co
3-68
1963
3-6s
1945
02
Interstate Deb Corp 2-6s'55
49
2-3s
Mortgage Bond Co of Md
1953
Inc 2-5s
1963
2~6s
80
mmmm
51
54
50
53
55
mmmm
Potomac Cons Deb Corp—
Empire Properties Corp—
Federal Intermediate Credit Bank Debentures
35*
515*
Series B 2-5*
/52
Cont'l Inv DebCorp3-6s '63
25*
0
124
25*
Series A 3-6s
75
Debenture
4
10
2.60
Ask
Associated Mtge Cos Ino—
15*
100
36
75*
Travelers
85
.5
(N Y)_2
Reinsurance Corp
175*
285*
105
100
175*
165*
95
......
795*
15
10
100
100
Virginia
755*
34
280
75
Virginia-Carolina
.
100
24
San Antonio
10
Providence-Washington
Sun Life Assurance
100
Potomac
44
130
265*
1254
—16
.100
Carolina.
Pennsylvania
128
Surety Guaranteed Mortgage Bonds and
Bid
100
28
123
105*
—
Hanover
Par
New York
45*
1025* 106
126
River
285*
85
100
995* 1005*
Ask
70
Atlanta
Dea
Bid
6
12.50
2.60
Northwestern National. 25
Pacific Fire
26
Phoenix
10
Preferred Aooident
6
North
1
preferred
Halifax
Joint Stock Land Bank Stocks
Par
175*
55*
6
2d
14
100
Virginian 2s.
355*
465*
Great American
80
6s
99
Lafayette 6a
24
/13
6s
Union of Detroit 45*8.....
335*
10
7054 Springfield Fire A Mar..26
6
295* Stuyvesant——......
24
/225*
100
Southern Minnesota 6s
99
975*
—.5
85*
Great Amer Indemnity
/225*
45*
5a
San Antonio 3s
Iowa of Sioux City 45*s...
10
Globe A Rutgers Fire. —15
St Louis
...
—
Gibraltar Fire A Marine. 10
mmm
80
65*8
45*8
5a
995*
35*8
Fremont 45* e
Dallas
General Reinsurance Corp 6
Georgia Home
995* 1015*
45*s
615*
75*
115*
325*
305*
99
First Trust of Chicago—
695*
1265* 1315*
14
125*
96
—6
Franklin Fire
100
Ohio-Pennsylvania 5s
465*
12654
285*
16
Northeastern.......
85*
45*
265*
45
Northern
51
85*
6
355*
25*
3
Fire...10
New York Fire
28
685*
95*
985* 1005*
75*
605*
Firemen's of Newark. ...5
First Carolines 6s
75*
Merchants (Provldenoe)._6
National Casualty......10
Ask
Joint Stock Land Bank Bonds
Ask
3
2
10
—10
American Home
1095*
Conversion 3s 1947
1145* 1165*
Bid
Par
Home Fire Security
Homestead Fire
119
American Re-Insurance. 10
Hawaii 45*8 Oct 1966
Companies
Aik
495*
315*
115
475*
295*
Life
Aetna
Bid
79
Aetna Cas A Surety- —10
Aetna
Govt of Puerto Rico—
1085* 110
Apr
nsurance
Ask
1185*
111
6b
90
1650
_
Inland Terminal 45*8 ser D
Philippine Government—
45*
35*
80
100 1600
Vermilye Brothers
Ask
E
Holland Tunnel 45*8 aer
Gen A ref 4s Mar 1 1975.
135*
20
Preferred
New York
115*
Bonds
Ask
Port of New York-
95*
m mm
139
Barge O T 45*s Jan 1 1945.
38
26
Empire
-
-
32
395*
375*
635*
515*
1105* 1135*
Manufacturers
515*
35
mm mm
m
1630
105
49 5*
Corn Exch Bk A Tr
130
Canal Imp 4s JAJ '60 to
137
102
20
Continental Bank A Tr.10
130
'67
4s Mar A Sept
62.50
6s Jan A Mar 1964 to '71
■
60
Colonial Trust.
61.30
135*
125*
29
Chemical Bank A Trust. 10
45*8 April 1940 to 1949..
290
1590
County
Clinton Trust
World War Bonus—
1
less
Central Hanover
Ask
Bid
Ask
62 25
210
285
Irving
55*
4H
75
100
Ask
Bid
Par
Guaranty
585*
565*
.100
1 Fulton
457
447
100
Companies
Ask
Bid
Lawyers
62.30
325*
120 5*
New York State Bonds
3s 1981
52
Merchants
Bankers
38 1 974
17
45
305*
60
Peoples National
Public National.
176
15
10
Exchange
1195*
119
Avenue
National City
First National of N Y..100 1940
1155* 117
116
1175*
Bank of New York
Highway Imp 45*8 Sept '63
Canal Imp 45*s Jan 1964..
Can A High Imp 45*s 1965
Ask
Bid
Par
A 8k
955*
995*
945*
985*
1977
3103
98
Maryland Deben¬
ture Corp 3-08
1953
Potomac Realty Atlantlo
Deb Corp 3-6s
1953
Realty Bond A Mortgage
deb 3-6s
1953
Unified Deben Corp 5s 1966
Potomac
Bid
1% due
Nov
1% due
Dec
1% due
Jan
5*% and l%_Feb
1% due
Mar
5*% due
1939)6 .25%
2 1940 6 .30%
1% due
1 1940
1% due
5*% due.
6.30%
Ask
Nat Bondholders part ctfs
1 % due....
1 1940,6 .40%
1
Bid
Ask
1 1939 6 .25%
5*% due
Apr
May
June
July
Aug
Sept
Central Funding
1 19140 6 .40%
11940 6 .40%
1 1940 6 60%
1 1940 6.50%
1 1940 6.50%
3 1940 6 .55%
series B A C
........
/20
....
/20
series A A D
Nat Cons Bd Corp
86
Nat Deben Corp
51
2-5s '63
3-68.1953
88
51
—
....
60
48
50
Par
Bid
Ask
Chain Store Stocks
Chicago & San Francisco Banks
Par
Par
Bid
A Trust
Pa.
Ask
Harris Trust A Savings.
American National Bank
100
206
215
Northern Trust Co
100
100
Bid
299
553
503
Continental Illinois Natl
Borland Shoe Stores
B
*
/G Foods Inc common •
*
Bohack (H C) common
865*
SAN
Bid
Ask
Ask
289
FRANCISCO—
6
15*
25*
9
A Trust
First National
33 1-3
100
845*
25*
221
226
Bk of Amer NT AS A 12
5*
365*
385*
100
31
109
page
3106.
Miller (I) Sons
60
2
5
50
15
20
pref—100
99
112
7% preferred-
85*% preferred
Diamond Shoe pref
For footnotes see
70
100
common..6
7% preferred..
35*
28
100
Flshman (M H) Co Inc..*
Bank
Kobacker Stores—
75*
954
115*
125*
Reeves (Daniel)
—
United Cigar-Whelan Stores
Kress (S H) 6% pref
S 5 preferred
*
175*
19 54
The Commercial & Financial Chronicle
3104
Quotations
Nov.
11,
1939
Over-the-Counter Securities—Friday Nov. 10-Continued
on
Railroad Bonds
Guaranteed Railroad Stocks
Bid
Akron
.1945
.1939
STOCKS
55
73
75
.1940
4Hs—
Cambria A Clearfield 4s
.Sine© 1855,
56
.1943
Boston A Albany 4 Ha
Boston A Maine 6e
2-6600
50
54
100 H
99 5*
65
.1951
78
Chicago Stock Yards 5s
.1961
102
Cleveland Terminal A Valley 4s
Guaranteed Railroad Stocks
46
43
.1944
.1955
.1966
...
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5e
\
41
"66 H
55H
Certificates of deposit...
Tel. RE ctor
40
100
.1939
Asked
/39
/39
Baltimore A Ohio 4Ha sec. notes
BED
GUARANTEED
NEW YORK
.1945
08
T^rw T»rk Sltxk Extbtugt
/!Dealers
120 Broadway
Youngs town 6 Ha
Atlantic Coast Line 4s
3osepb Walkers Sons
Mrmhtrt
Canton and
.1995
54
.1951
Connecting Railway of Philadelphia 4s
Cuba RR. Improvement A equipment 6a
70
83
"57"
Par in Dollars
Alabama A Vlcksburg (Illinois Central)
Albany A Susquehanna (Delaware A Hudson)
Asked
72
75
10.50
100
Allegheny A Western (Buff Roob A Pitts)—
Beech Creek (New York Central)
Boston A Albany
Bid
0.00
130
135
..100
0.00
68
Boston A Providence (New Haven)
Canada Southern (New York Central)
—100
30 H
32 H
83 5*
19
86 %
22
8.50
—100
3.00
41
45
(L A N-A C L)._ —100
5.00
85
Cleve Cinn Chicago A St Louis pref (N Y Central] —100
Cleveland A Pittsburgh (Pennsylvania)
80 %
6.00
66
Carolina Cllnohfleld A Ohio
Betterment
com
100
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
—
—
42 H
58
145
150
100
4.00
45
47
100
60.00
750
9.50
3.875
100
61H
32 X
34?*
58 H
4.60
37
88 H
40 H
...50
1.60
40
42
Preferred
3.00
—
100
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
78
82
7.00
165
169
7.00
pref..
145
6.64
73 %
.1953
64
63
66 H
Kansas Oklahoma A Gulf 5s
.1978
95
96 H
Memphis Union Station 5s
.1959
112
New London Northern 4s..
.1940
New York A Harlem 3 Ha
New York Philadelphia A Norfolk 4s
New Orleans Great Northern Income 5e
New York A Hoboken Ferry 6a
.2000
99
102
.1948
95
96
127 H
.1940
55
62
102
103
115
.1961
.1974
~97H
.1942
104
Toledo Peoria A Western 4s
.1967
98
98 X
100 H
.1957
.1946
96
.1951
104
.1940
78
.1908
60 H
68 H
.1954
43
46
.1990
60
01
103 H
"98H
Industrial Stocks and Bonds
64
132
.100
6.00
53
56
100
5.00
57
Alabama Mills Inc......*
62
American Arch
•
37 H
41 H
Amer Bern berg A com
American Cynamid—
*
135*
15H
5% conv pref
10
Amer Distilling Co 5% pf 10
11 %
125*
2,H
3%
40
42H
22 H
23 %
25
Par
5.00
61 H
64
5.00
65
69
Warren RR of N J (Del Lack A Western)
3.50
24 X
West Jersey A Seashore
26H
3.00
61H
53 %
(Penn-Reading)
80
Toledo Terminal 4 Ha
235
100
87
.1947
Toronto Hamilton A Buffalo 4s.
United New Jersey Railroad A Canal 3 Ha
Vermont Valley 4 Ha
128
—
"56"
Portland Terminal 4s
Providence A Worcester 4s
Terminal RR. Assn of St. Louis 3H ser. B
Terre Haute A Peoria 6s
232
Preferred
~88~
.1947
American Enka Corp
.
85
.1941
10.00
—
35
.1947
.1949
0.00
Valley (Delaware Lackawanna A Western)
Vloksburg Shreveport A Paclflo (Illinois Central).
17H
/16H
.2032
Norwich A Worcester 4 Ha
Pennsylvania A New York Canal 5s extended to.
Philadelphia A Reading Terminal 5s
100
—
99 H
98
133 H
3.00
United New Jersey RR A Canal (Pennsylvania)..
Utica Chenango A Susquehanna (D LAW)
.1950
...
70 H
0.00
Second preferred
Tunnel RR St Louis (Terminal RR)
Illinois Central—Louisville Dlv. A Terminal 3Ha.
Indiana Illinois A Iowa 4s
West Virginia A Pittsburgh 4s
65 H
86
—
45
Vicksburgh Bridge 1st 4-08
Washington County Ry. 3Ha
5.00
50
(Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Pittsburgh Fort Wayne A Chicago (Penn.)
Pgh Ygtn A Ashtabula pref (Penn)
H
4.00
W)___
Central
38 H
76
.1940
Pittsburgh Bessemer A Lake Erie 5s
74H
43
6.50
...50
New York Lackawanna A Western (D L A
72 H
45
9.00
—
Lackawanna RR of N J (Del Lack A Wertern)...
Northern
3.50
2.00
2.00
stock
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central).
Georgia RR A Banking (L A N-A C L)
74 H
...
71
2.00
8.75
(New York Central)
106 H
37
.1945
Hoboken Ferry 6s
Dividend
104
.1960
Florida Southern 4s
(Guarantor In Parentheses)
H
American
*
25
Hardware
Amer
Bid
Ask
3
Par
3%
N&tionaT
Casket
Bid
As*
•
5% preferred
New Britain Machine
Norwich Pharmacal
23
26
-*
Preferred
Nat Paper A Type com
98
102
•
3H
20
•
2H
Ohio Match Co
*
Pan Amer Match Corp..25
-
4H
23 H
295*
-100
31 J*
16H
17H
11?*
15%
10%
14H
Boston A
Maine 4Hs
Art
Bid
62.00
1.50
64.00
3.00
4Hs
3.50
New York Central
3.50
New York
3H« Dec 1 1930-1944..
64.26
3.00
Canadian National 434s.
64.25
3.50
4Hs--Chicago A
Sti Louis 4 Ha
2.50
62.75
2.00
6s
64.25
3.50
Canadian Pacific 4Ha
64.25
3.00
Cent RR New Jersey 4Hs
Chesapeake A Ohio—
64.00
63.50
3.00
64.00
3.00
64.00
3.00
61.50
5s
Northern Pacific 4Hs_...
2.00
H
2%
3%
135i
165*
Pilgrim
4
5
2 %
3%
Bankers Indus Service A.*
5
%
$1.25 preferred
10
Buckeye Steel Mills
*
1.00
..1
Chic Burl A Qulncy
common
100
.
10
_
Coca Cola Bottling (N Y) *
Columbia Baking com
*
$1
cum
preferred
*
4H
55*
23 5*
22
2H
50
3%
53
35*
63
4 f*
61.50
1.00
48 series E due
3.00
Jan A July 1937-49
Pollak
Exploration
1
Manufacturing
197
205
*
12J*
com
•
5H
Safety Car Htg A Ltg
Remington Arms
50
05
Scoviil Manufacturing..25
33
Singer Manufacturing..100
152
Singer Mfg Ltd
Skenandoa Rayon Corp..*
67
8H
19H
Solar Aircraft
10H
21H
Stanley Works (do
1
Standard Screw
20
*
62 H
655*
25
Strom berg-Car tson Tel Mfg
Sylvanla Indus Corp
*
*
25H
%
27H
15*
Tampax Inc
15
145*
$3 conv pref
Croweil-Collier Pub
0H
67%
34H
155
2
3
8%
9%
3%
38 H
4%
41
43 H
45 H
45*
55*
23 H
21%
4.25
65.00
Trustees' ctfs 3Hs
2 00
2.00
62.50
2.00
6% preferred
Dentist's Supply com
10
Devoe A Reynolds B com *
Dictaphone Corp
*
26
Tennessee Products
*
37 H
41
Time Inc..
*
62.50
2.00
Dixon (Jos) Crucible—.100
30
33 H
Domestic Finance
Trlco Products Corp
*
32 %
34%
265*
29%
Triumph Explosives
2
3%
4H
77
64.00
3.00
80 H
United Artists Theat com.*
United Piece Dye Works.*
%
%
1%
3%
53 H
4%
4.25
Chicago R I A Paclflo—
99
Denver A R Q West 4Hfl6s
62.40
Reading Co 4Ha
65.00
62.40
Pere Marquette 4Hs
Chic Milw A St Paul 4Ha
6b
2Ha series G
non-call
Dec 1 1937-60
99 H
64.50
3.50
64.50
3.50
St Louis-Ban Francisco—
Dennison Mfg class A.—10
cum
pf_*
9
58 5*
22
61 J*
7H
1
7
*
com
Steel common
9%
105*
2%
2%
151
147
64.00
3.00
Draper Corp
•
Falrchlld Eng A Alrpl—1
Farnsworth Telev A Rad.l
St Louis Southwestern 6s..
63.75
3.00
Federal
Southern Pacific 4Hs
Southern Ry 4Ha
62.50
2.00
62 40
2.00
Foundation Co For shs
American shares
5*
%
Welch Grape Juice com—5
16%
•
Texas Pacific 4s
62 60
2.00
2%
62.50
47 H
2.00
3%
49H
14
6s
15
61.60
1.00
Gen Machinery Corp 00m*
20 H
21H
7% preferred
100
West Va Pulp A Pap com.*
Preferred
...100
Weet Dairies Ino com v t c 1
108H
4Ha
Garlock Packing 00m
•
Gen Fire Extinguisher...*
Virginia Ry 4Ha
61.50
1.00
29%
$3 cum preferred
*
Wick wire Spencer Steel-.*
185*
Western Maryland 4Ha
Western Pacific 5s
Machine Tool
Good Humor Corp
62.50
1.75
64.50
3.50
Graton A Knight com
Preferred
4s
Erie RR4HS—
64.00
3.00
Great Northern 4Hs
62.00
1.00
Hocking Valley 6s
61.50
1.25
Illinois Central 4Hs
62.50
63.50
3.00
_
4Ha
2.00
Internat Great Nor 4Hs.
Long Island 4Hs
%
Taylor Wharton iron A
Consolidated Aircraft—
Pennsylvania RR 4Hs
62.50
64.00
Petroleum Heat A Power.»
Chilton Co
.
3.00
4H8----------------Chicago A Nor West 4Hb
Pepsi-Cola Co
*
Petroleum Conversion.—1
Cessna Aircraft
New York New Haven A
.Hartford 4 Ha
73
31
Class A
63.50
64.60
67 H
28 H
Botany Worsted Mills—
New Orleans Tex & Mex—
64.60
5s
A*
23
100
Art Metal Construction. 10
Equipment Bonds
Bid
Atlantic Coast Line 4Hs.
Baltimore A Ohio 4Hs_—
Malse Products.—*
American Mfg. 5% pref 100
Arlington Mills
Railroad
63.50
6s
Maine Central 6s
Missouri Paclflo 4Hs
6s
2.75
62.50
_.
1.50
64.00
*
30
20
45*
4
9
Preferred..
25
*
2.50
2.50
2
28 X
.1
100
Veeder-Root Inc
Glddlngs A Lewis
3.00
63.50
63.50
Bake Shops
Preferred
3H
3 5*
7H
2%
4%
Wilcox A Gibbs
*
5
6H
Worcester Salt
100
46
50
*
com
50
com
17
955*
1
7H
7
%
55H
185*
-
mm
18%
«
-
-
1%
20
8H
9
100
•
3%
4%
100
York Ice Machinery
415*
245*
26%
---
Great Lakes S8 Co com..*
Miscellaneous Bonds
Bid
Ask
Bid
Commodity Credit Corp
H%
1%
100.4
100.6
100.25 100.27
Apr
way
3 Ha
10D1#
101%
2.00
less 1
1949 6
2.50
less
Reconstruction Finance
Corp—
H % notes July 201941
Nov 1 1941
Jan 15 1942
H%
Call Jan 3 '40 at 102.
101%
99 %
100H
1940
100.4
100.7
1941
100.5
1%
July 1 1942
Trlborough Bridge—
100.9
4s
1
44
1 %
2H
Amer Writ Paper 6s..1961
/63
65H
$5 preferred
KUdun Mining Corp
29H
31 %
Brown Co 5 Hs ser A—1946
/39
5*
%
41H
85%
s
100.18 100.21
100.16 100.19
100.24 100.26
f revenue '77. A AO
7%
12 H
10
Carrier Corp 4Hs
Deep Rock Oil 7s
26
28
Haytlan Corp 8s
16H
18H
W
Cuban Atlantic
Eastern Sugar Assoo
see
1
9
1
Preferred
For footnotes
9H|
Sugar._7H
23
page 3106.
Ask
82 %
f56
1938
McKesson A Rob 5Hs 1950
Minn A Ont Pap 0s
1945
S25
/80H
/30
57%
27H
82 H
*
•
12H
1H
13H
Nat
1946
/24
100
50 5*
51 %
JN Y World's Fair 48.1941
24
26 H
26
46
1
Radiator
6s
32 H
*
10 H
11H
Old Bell Coal Inc 6s
1948
44
Mariln Rockwell Corp
1
McKesson A Robblns
5
$3 conv preferred
*
Merck Co Ino common..1
39H
40 H
121
3H
Scott Paper 3%8
Scoviil Mfg 5HS
1952
2%
1945
108H 108?*
1902
105
2d conv income 58—1902
113
6% preferred
100
175*
18H
40 H
42 H
Woodward Iroi—
1st 5s
115
16H
...
118
17%
111?*
1.40
less
3.20
less 1
Housing Authority—
1H% notes Feb 1 1944
1
Telephone and Telegraph Stocks
101.15 101.19
Am Dlst Tel eg (N
J) com.*
Preferred
|
1948
1937
Long Bell Lumber
Bid
Bid
Bonds—
U S
Sugar Stocks
Par
preferred
Ley (Fred T) A Co
Muskegon Piston Rlng_2H
110?*
11
1
Mallory (p. r) a Co
100.18 100.20
4s serial revenue._1942 6
4e serial revenue..1908 6
Home Owners Loan Corp
Ha
108
1944 6
%%
101
lHa Jan 3 1944—
40
$5 preferred
101"u
101H
1 1943
Natl. Mtge Assn
2s May 10 1943—
Call Novl0'39 at 101
May 15
May 16
100 H
revenue
3 Ha revenue
Federal
Ha
Authority 3 Ha '08
41
King Seeley Corp com
1
Landers Frary A Clark..26
Lawrence Portl Cement 100
New York City Park¬
Aug 1 1941
Nov 15 1941
Fed'l Home Loan Banks
2a
Deo 1940
2a
Ask
38
Great Northern Paper..25
Harrlsburg Steel Corp
5
Interstate Bakeries com...
|
11
Par
Savannah Bug Ref
...100
Ask
Bell Telepof Canada
Bell Telep of Pa pref
Cuban Teleph 6% prf
com„ _i
33 %
35 H
West Indies Sugar
Corp.. 1
0%
7H
9%\
1 245*1
Bid
Ask
88
93
Mtn States Tel A Tel..100
114% 118H? New
100
130
150
100
123
124 H
52
Emp A Bay State Tel..100
26
57
York Mutual Tel.100
Pac A Atl Telegraph
Peninsular Telep 00m
Rochester
m
100 H 103
73
80
25
*
Preferred A
45
Franklin Telegraph
100
Gen Telep Allied Corp—
$6 preferred
*
Int Ocean Telegraph...100
Bid
|
mmwm
130
Ask
132
17
15H
17
30
315*
305*
29
Telephone—
$6.50 1st pref
100
So A Atl Telegraph
25
Sou New Eng Telep...100
16
18
159
162
Wisconsin Telep 7% pf.100
116
112
Volume
3105
& Financial Chronicle
The Commercial
149
n
Securities—Friday Nov. 10—Continued
Quotations on Over-the-Counter
Utility Stocks—Continued
Public
WE
TRADING
ACTIVE
MAINTAIN
UNLISTED
IN
MARKETS
Investment Trust Issues
*
*
Ohio Edison $6 pref
$7 preferred
GOODBODY & CO.
110k 112k
115k
113
7% preferred
111k 113k
6% pref series B
100
•
110k 112k
Texas Pow A Lt 7%
Pacific Ltg $5 pref
104
105
85
87
pf—100
Pow A Lt $7 pref
*
Pacific Pr A Lt 7%
Penn
H0k 111k
Queens Borough G A E—
28 k
4k
...100
1
6% preferred
29 k
5k
Republic Natural Gas
Investing Companies
21k
97k 100 k
E $7 pf.100
101k 103k
Okla G A E 7% pref..
98
20 k
Southern Calif Edison—
100
...100
6% preferred
and other Principal Stoct
97
100
com.*
6% preferred D
Sierra Pacific Power
Sioux City G A
Ohio Public Service—
and Commodity Exchanges
Main orflce
Jersey City Office
115 Broadway
921 Bergen Avenue
New York City
Tel. Journal Sq. 2-4400
Tel REctor 2-5485
Teletype JCY 1518
Private Wire System Connecting Branch Offices In leading Cities
Members N. Y. Stock Exchange
100
Ohio Power 6% pref
Ask
Rochester Gas A Elec—
106
105
Bid
Par
Ask
Bid
Par
30
29
25
pf.100
Toledo Edison 7% pf A. 100
United Gas A El (Conn)—
7% preferred
100
Utah Pow A Lt $7 pref...*
Virginian Ry
..100
Washington Gas Lt
*
West Penn Pr 4 k % Pf 100.
107k 109
110k 112k
89
86 k
65 k
184
66k
189k
28 k
28 k
114k 115k
l
12.47
8.62
9.37
lk
3.69
4.04
Corp..*
16k
3.46
Affiliated Fund Inc
♦Amerex Holding
Amer Business Shares
26.79
Series B-2
21.53
23.61
18k
Series B-3
14.67
16.11
3.82
Series B-4
6.77
7.51
14.53
15.94
Bankers Nat
11.10
Series 8-2
14.20
15.62
Series S-3
10.36
12.13
7k
Series S-4
15.74
Fund Inc
.18
.33
24.45
A—1
Inc..5
Bullock Fund Ltd
1
Canadian Inv Fund Ltd._l
Century Shares Trust.—*
Chemical Fund
1
Commonwealth Invest... 1
♦Continental Shares pflOO
Corporate Trust Shares..1
Series AA
1
Accumulative series... 1
Series A A mod
1
Series ACC mod..
1
7.74
5.20
5.75
21.06
22.65
10
10.90
11.91
26.15
British Type Invest
Broad St Invest Co
5.00
7.01
Maryland Fund Inc...10c
Mass Investors Trust
1
16.92
4.44
Manhattan Bond Fund Inc
3.96
Shares..10
♦Crum A Forstef
10.02
6
Corp
♦Class A
Basic Industry
Series K-2
5k
Shares..2
Invest
4k
6k
Assoc. Stand Oil
.47
Series K-i
.41
Corp*
Am Insurance Stock
Mutual Invest Fund
i5k
14
3.45
26.14
10.34
11.19
3.62
3.94
10k
Nation Wide Securities—
4.05
24.31
Ilk
Common
6.30
Agriculture
7.92
8.57
2.40
Automobile
5.43
5.89
2.89
Aviation
10.91
11.78
2.89
Bank stock
8.66
ZZm
2.40
_
100
9.76
7.74
9.70
10.48
Machinery
8.01
8.67
Metals
16.65
8.47
3.71
4.04
Railroad equipment
7.63
8.26
Steel
17.89
8.67
7.83
Railroad
5.03
8.01
Olis
7.64
8.27
Deposited Bank Shs ser A1
1.60
Deposited lnsur Shs A...1
Deposited lnsur Shs ser Bl
Diversified Trustee Shares
C
3.50
2.89
1
5.90
6.65
25c
1.25
1.37
ment Fund series A-l...
18.03
19.37
1953.*
Series 1955
1
Series 1966
—.1
Series 1958
1
Plymouth Fund Inc
10c
Eqult Inv Corp (Mass)-.6
27.53
29.60
♦Putnam (Geo)
Equity Corp 13 conv pref 1
Fidelity Fund Inc
*
First Mutual Trust Fund-
26k
27k
D
Dividend Shares
....
2.55
No Amer Bond Trust
3.90
19.06
7.80
2.52
15.34
14.34
9.15
8.25
103
100
Representative TrustShslO
3.65
6.88
11.09
.25
.28
4.15
Inc.2
17.79
19.34
5.19
5.91
*
4.71
30.77
33.09
4.93
•
Trust.*
5.37
Agricultural shares
5.68
6.18
Automobile shares
4.84
5.27
8.37
Aviation shares
5.96
.
6.66
Food shares
4.40
Investing shares
.69
3.37
77 k
80 k
Tr ShsA
3.62
Super Corp of Am
AA
10.12
3
Supervised Shares
Shs—
1
9.10
Series D
1
6.49
7.25 Trustee Stand Oil Shs A.l
Series B
1
4.80
3.68 Trusteed Amer Bank Shs B
Series C
2.52
.57
.87
4.68
5.10
B
4.45
4.85
Voting shares
6.39
.35
Investors..*
16.84
♦Independence Trust Shs.
Institutional Securities Ltd
Bank Group shares
2.26
2.22
67 k
70
82
31
85
33
33
N
34
36
1.11
1.30
1
10.99
5s..1951
Parr Shoals Power 5s_. 1952
Peoples Light A Power—
1st lien 3-6s
.1961
106 k
Cent Ark Pub Serv 5s.
100
98
1948
1st lien coll tr
86 k
1st lien coll trust 6s.
90 k
93
99 k
Cent
Pub Util Cons 5ks
95k
Inveatm t
"63
.97
....
____
14.50
15.93
Blair A
Banking Corp
99k
/2
with stk '52
3
Sou
Texas Public Serv 5s..
58 k
56
58
3ks...1968
United Pub Util 6s A. 1960
Tel Bond A Share
Toledo Edison
Utica Gas A
61
1957
3ks.,1964
ks. 1969
Service—
Wash Wat Pow
68.1951
71k
Federated Util 5ks—1957
82 k
West Texas Utile 3
108 k
Dallas By A Term
coi
lk
Co
Western Public
I960
5ks
84 k
2k
26
30
2
5
i4k
Bid
Par
Ask
Jer Cent P A L 7%
Kan Gas A El 7%
25
Carolina Power A Light—
$7 preferred
_*
6% preferred
»
preferred
5
6
Street—
1st leasehold 3k-5s 1944
/6
/2l
6
Bid
Ask
85
99 k 100 k
Mississippi P A L $6 pref.*
Miss Rlv Pow 6% pref. 100
93
100
102
Ilk
12k
52
55
93
94 k
22k
23 k
$6.50 cum preferred...*
23 k
24k
24
25k
Monongahela
West
Pub Serv 7% pref
23 k
Penn
25
100
7% preferred
81k
4k
116k
Mortgage Certificates
62 k
65
1967
3s
Bid
/9k
13k
1955
2s
'45
45k
48
48 k
52
stmp—1956
2S..1957
6ks series BK
29
28
35 k
30 k
22
68 k
70 k
29
30
117
NewEngGAE5H% Pf-*
New Eng Pub Serv Co—
$7 prior lien pref
»
New Orl Pub Serv $7 pf..*
New York Power A Light—
$6 cum preferred
*
7% cum preferred
100
N Y State Elec A Gas—
39
40
(Del)
24
States
7%
24 k
28 k
33 k
100
.♦
56 k
45k
/lk
Olicrom Corp v t c_._.
4
1951
103 E 67th St 1st 6s.„ 1941
165 Bway Bldg 1st 4ks '51
Sec s f ctfs 4ks (w-s) '58
2d
mtge 6s
3k
51
20 k
23 k
40 k
42 k
40 k
42
k
36 k
37 k
Prudence Secur Co—
1961
57 k
Realty Assoc Sec Corp—
500 Fifth A venue—
(stamped 4s)—1949
52d A Madison Off Bldglst leasehold 3s. Jan 1 '52
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s
1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 4s stamped
1948
Fuller Bldg deb 6s
1944
1st 2 k-4s (w-s)
1949
Graybar Bldglst lshld5e'46
6s
22 k
2ks
32k
1951
Hearst Brisbane Prop 6s '42
Hotel St George 4s...1950
Harrlman Bldg 1st 6s.
1948
51k
(Phila)
1958
35 k
1967
61k
64 k
41k
Roxy Theatre—
39 k
/23
/49
24 k
55
1943
Income..
Rittenhouse Plaia
1st mtge 4s
Savoy Plaza Corp—
3s with stock.
1956
/13k
15k
19
22
8herneth Corp—
36
39
/Ilk
13k
78
80 k
1956
60 Park Place (Newark)—
36k
1st 5ks (w-s)
1947
37
40
1950
32
35
1957
26 k
29
Syracuse Hotel (Syracuse)
1st 3s
1955
61k
64 k
1958
34k
37
1939
35k
38 k
47 k
50 k
lst3ks
17
19k
61 Broadway Bldg—
44
47
37
39
3ks with stock
616 Madison Ave—
3s with stock
54 k
59 k
1st lease 4-6 k 8
1948
Textile Bldg¬
54
lst 6s—.
Lewis Morris Apt Bldg—
1951
Lexington Hotel units....
45k
Trinity Bldgs Corp—
43 k
1st 4s
48k
62 k
63k
117k 119
Income 5ks
68 k
71
4-5s'46
Walbrldge Bldg (Buffalo)—
w-s—1963
40
42 k
Wall A Beaver St Corp—
106k 107k
116k 118k
Ludwlg Baumann—
1st 5s (Bklyn)
1st 5s (L I)
102
1952
1st 4ks
1947
1951
44 k
54 k
103
73 k
72
109k 110k
For footnotes see page
1950
3s..
London Terrace Apts—
1st A gen 3~4s
1st 5ks
2 Park Ave Bldg 1st
Lincoln Building—
Power—
pref
(Minn) 5% pref
37 k
54 k
Lefcourt State Bldg—
115
100
8k
52
1 Park Avenue—
3
1st 4-5a
23
43 k
6ks series C-2
5ka series Q
22
Lefcourt Manhattan Bldg
27
6k
50
6k8 series F-l
1948
Court A Remsen St Off Bid
lst3ks
1950
21
Corp—
4s with stock
N Y Title A Mtge Co—
Construction—
1st 4s (w-s)
68
1945
N Y Majestic
Chanln Bldg let mtge 4s
Ask
1948
Metropol Playhouses Ino—
6s...«
N Y Athletic Club—
1948
4-6s
Brooklyn Fox Corp—
5k
7% pf 100
Nassau A Suf Ltg
Northern
110 k
112k
98
106
S f deb 5s
92
80
Mountain States Power—.
5k % pref
Idaho Power—
Missouri Kan Pipe Line..5
89 k
115
Nebraska Pow 7% pref. 100
105k 106
16 cum preferred
*
100
Gas..*
*
$7 preferred
41
7% preferred
31k
33
118
$6 preferred
28k
30
82 k
37
Interstate Natural
27k
32 k
115
*
86 k
5% conv partic pref..50
100
$7 cum preferred
117
85
Mississippi Power $6 pref *
pref..*
Federal Water Serv Corp—
Derby Gas A El $7
115
21k
103k 105 k
Dallas Pr A Lt 7% pref.
102k 104
20 k
Cent Pr & Lt 7% pref. .100
*
Consol Traction (N J) .100
Consumers Power $5 pref*
Continental Gas A El—
7% preferred
.100
5k
81
110 k 111k
Consol Elec A Gas $6 pref
4k
79
91k
*
97
32k
1
7% preferred
100
Mass Utilities Associates—
100
100
7% preferred
100
6% preferred
-
101k 102k
Metropolitan Chain Prop—
8~
Broadway Motors Bldg—
Dorset 1st A fixed
k
Long Island Lighting—
5
Central Maine Power—
$6 preferred
pf—100
pref. 100
Kings Co Ltg 7% pref. 100
Buffalo Niagara A El cetera
11.60
Interstate Power $7 pref.*
3k
-
106k 106 k
106 k
3ks.l966
Mich Pow 3ks_.1961
Ask
,29k
15k
Utility Stocks
•
124
Wisconsin G A E
Real Estate Bonds and Title Co.
Eqult Off Bldg deb 5s. 1952
Deb 6s 1952 legended...
2k
119
98k 100k
Electric Co—
5s
106k 107k
3HS.1967
--
74 k
72 k
97 k
99k
106k 106 k
93 k
58 k
•
5s..1958
1961
74k
57
Cumberl'd Co PAL 3ks'66
75k
104k 105k
56 k
50
91k
1954
Coll Inc 6s (w-s)
72 k
48-1966
Cities Util 5s A..1958
73 k
Crescent Public Service—
85
105
1947
4kS
99 k
Sioux City G A E
5s_.1963
A Trac
5s
1962
Consol E A G 6e A... 1962
6s series B__
1962
Colonsde
A..*
*
10
1.23 ♦First Boston Corp
1.43 ♦Scboelkopf. Hutton A
Pomeroy Inc com...10c
11.72'
97
26k
84
Heat A Pow
St Joseph Ry Lt
101k 102
1968
Central Pow A Lt 3 ks '69
Chesebrough Bldg 1st 6s '48
1
Wellington Fund
♦Central Nat Corp cl
99k 100k
99 k
98
/24 k
Republic Service—
Collateral 5s
...1951
Central Illinois Pub Serv
5ks stamped
pref..*
Arkansas Pr A Lt 7% pref *
Associated Gas A Electric
Original preferred
*
$6.50 preferred
*
$7 preferred
*
Atlantic City El 6% pref.*
Birmingham Elec $7 pref. *
77
99k
5ks.l946
1946
111 El A Gas 3 ks. 1964
6 Ha
Alabama Power $7
78 k
103k 105k
1950
1948
6s
88 k
Hotel units
Bid
109k
109
Portland Electric Power—
Central Gas A Elec—
Eastern Ambassador
Public
103 k 103k
Old Dominion par
1968
A Electric 3ks
104 k 105k
1964
3ks
37
33
Gas
Blackstone Valley
Assn 5fl.'62
Y, Pa A N J Util 6s 1956
Y State Eleo A Gas Corp
4s
1965
1st 3ks
1964
Nor States Power (Wise)—
31
.99
♦Class B
Insurance Group Shares.
Investors Fund C
18.11
104
95
B'way A 41st
5.33
.15
~
5.41
15k
5.87
105k
102
1938
1st 6s
N
3s.1957
Beacon Hotel lno 4s..1958
B'way Barclay Inc 2s.. 1956
5.65
U 8 El Lt A Pr Shares A—
4.89
105
Mountain States Power—
31
4k8—1958
Sink fund Inc 4^8—1983
Sink fund Inc 5s
1983
S f Inc 4ks-5k8—1986
Sink fund Inc 5-6s._ 1986
Cons ref deb
Alden Apt 1st mtge
2.57
Trusteed Industry Shares.
Incorporated
93 k
11.06
Trustee Stand Invest
5.92
1
77
80
3.78
6.68
Tobacco shares
70
2.56
5.44
Steel shares
66
68 k
65k
88 k
.55
Corp— *
6.14
♦Huron Holding Corp
1954
4ks
64k
63k
86 k
Lehigh Valley Transit 5s '60
Lexington Water Pow 5s '68
Montana-Dakota Util—
16.55
.51
Mining shares
Petroleum shares
shares.
35
"77
15.62
Investors
Merchandise shares
RR equipment
65
108k 109
Wis
4.42
B
Group Securities—
Building shares
Chemical shares
10.25
Spencer Trask Fund
*
Standard Utilities Inc.60c
Sovereign
♦State St Invest
Investors
87.19
9.40
Shares..2k
Selected Income Shares—
Fundamental Tr Shares A2
General Capital Corp
85.47
Selected Amer
4.70
B
39k
63
101k 102
Co—
Assoc Gas A Elec
Dallas Pow A Lt
7.58
Fundamental Invest
10.59
.Scudder, Stevens
and Clark Fund Inc
10.16
Foreign Bd Associates Ino.
Foundation Trust Shs A.l
General
".47
.41
2.79
3.28
35 k
34 k
Kan Pow A Lt
Cons Cities Lt Pow
2.60
Fund
60
100 k
100
33
34k
38 k
1978
Conv deb 4s.
1973
Conv deb 4ka
1973
Conv deb 5s
1973
Conv deb 5ks
1973
8s without warrants. 1940
32 k
32 k
Cities Service deb
2.86
Republlo Invest Fund.25c
Fiscal Fund Inc—
series.._10c
Insurance stk series. 10c
Fixed Trust Shares A...10
31k
Income deb 4ks
Income 5ks
2.91
Shares.-10c
1957
4s..1964
3kS-1969
Ash
/57 k
Kan City Pub Serv 4s,
Central Public Utility—
2.40
5% deb series A
20.52
7.12
Quarterly Inc
ks. 1969
Kansas Power Co
1st mtge3ks
47 k
ctts.
No Amer Tr Shares
Eaton A Howard Manage¬
Bank stock
67k
66 k
8.38
Insurance stock
36
34
112
6.74
8.97
Electrical equipment
10
6.22
Chemical
100
Building supplies
1
31
♦Crum A Forster insurance
Delaware Fund
Iowa Public Serv 3
9.37
N Y Stocks Ino—
2.53
Cumulative Trust Shares. *
Inland Gas Corp 6ks.l938
84k
1964
Associated Electric 5s .1961
Assoc Gas A Elec Corp—
Income deb 3ka
1978
Income deb 3Hs
1978
Income deb 4s
1978
Amer Utility Serv 6s.
49k
85k
1.43
5.92
Corp.l
New England Fond
1
14.20
29
♦7% preferred
1.28
Voting shares
Bid
1
48 k
3-5e '53
Amer Gas A Power
Utility Bonds
As*
Bid
New Eng G A E
3.82
_25c
National Investors
116
♦Common B share
.
13.18
com...10
♦8% preferred
Public
29.27
4
Inc 25c
Amer Gen Equities
Boston
Ask
Funds
Keystone Custodian
Series B-l
13.27
Aeronautical Securities
Bid
Par
Ask
Bid
Par
Admlnls'd Fund 2nd Inc.*
3106.
w-s
14
1951
17
20
1948
68 k
71k
Westlnghouse Bldg¬
lst mtge 4s..
3106
The Commercial & Financial Chronicle
Quotations
on
Nov.
11, 1939
Over-the-Counter Securities—Friday Nov. 10-Concluded
Water Bonds
If You Don't Find the Securities Quoted Here
in
Bid
you have interest, you will probably find them In
monthly Bank and Quotation Record.
In this publi¬
cation quotations are carried
stocks and bonds.
for all
5s
Companies—
Domestic (New York and
101
1st A ref 5s
103
mmm
100
mmm
Pittsburgh Sub Wat 5s '58
102
mmm
Plalnfleld Union Wat 6s '61
107
...
Richmond W W Co 58.1957
mmm
105*
1948
Prior lien 5s
1948
Phlla Suburb Wat 4s..1965
Pinellas Water Co 5 *s. '59
105*
...
101*
101* 103*
101*
100*
1948
1st consol 61
101
1957
102
1950
1st consol 4a
105*
104*
1954
trust 4*8.-1966
Peoria Water Works Co—
105*
(Chattanooga)
1st 5s series C
Domestic
Out-of-Town)
Water
5s series B
Municipal Bonds—
—
101
mmm
106*
m
— m
Community Water Service
Canadian
Canadian
1st coll
104
1941
Ask
Penna State Water—
102*
City of New Castle Water
are:
City
Banks and Trust
Bid
104*
Calif Water Service 4s 1961
Chester Wat Serv 4*s '68
active over-the-counter
The classes of securities covered
101 *
Ashtabula Wat Wks 6s '58
Atlantic County Wat 5s '58
Butler Water Co 5s
1957
which
our
Ask
Alabama Wat Serv Os.1957
6*? series B
Public
Public
77*
1946
75*
80*
Utility Stocks
Railroad Bonds
72*
6s series A
Utility Bonds
Federal Land Bank Bonds
Foreign Government Bonds
1946
Rocb A L Ont Wat 5a.1938
6s series B
1954
101
Railroad Stocks
6s
1954
102
Real Estate Bonds
6s
....1962
105
Insurance Stocks
Real Estate
Investing Company Securities
and
1st mtge 3*s
ties
Stocks
104
103
91
---
95
92
96
Shenango Val 4s
1958
98
Joplln W W Co 5s
J 967
Kokomo W W Co 5S..1958
U. S. Government Securities
U. S. Territorial Bonds
Mining Stocks
1966
6s
1958
Water Service 5e.l9fli
1st A ref 6s A
1907
103
105*
105*
1961
ser B
The Bank and Quotation Record is
published monthly and
Your subscription should be sent to
104
5s
1950
106
5*s
Dept. B. Wm. B. Dana Co., 25 Spruce St., New York
City.
1950
New
101*
101*
104
101
4s..1961
Western N Y Water Co—
6s series B
1960
mmm
93
98
97
101
97
101
102
104
Wichita Water—
Ohio Cities Water 5*3 '63
96
100
Ohio Valley Water 5s. 1954
Ohio Water Service 6s_ 1958
Ore-Wash Wat Serv 5s 1957
107
•
BRAUNL
52 William
St., N. Y.
No par value,
t Now
Tel. HAnover 2-6422
Due to the European situation
nominal.
Bid
Ask
Bid
Antialt 7b to
1946
19
Antloqula 8a
1946
/52
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7*8 '32
/25*
_
Bavaria 6*s to
Bavarian
Palatlnlte
1946
/25*
/20
change Bank 7s
1945
Bogota (Colombia) 6*s *47
Jugoslavia 6s funding. 1956
Jugoslavla 2d series 5s. 1956
/32
35
/9
29
33
/6
Kobolyt 6*s...
fio
/6
/9
/9
1968
7s
1969
1940
19 *
3*
/3*
/3*
/11
1945
6s
(Republlo) 8s .1947
_
Brandenburg Elec 6s..1953
Brazil funding 5s.. 1931-61
Brazil funding scrip
/15*
17 *
Land M Bk Warsaw 8s '41
4*
Leipzig O'land Pr 6*s '46
Leipzig Trade Fair 7s. 1953
3%
Water 7s
Mannheim A Palat 7s. 1941
Montevideo scrip
/35
/9
/9
Municipal Gas A Elec Corp
Recklinghausen 71 ..1947
1947
Nassau Landbank
(A A B) 4fl
1946-1947
(C A D) 4s...1948-1949
Nat Central Savings Bk of
90
/17*
18*
/5*
6*
my*
18*
North German Lloyd 6s *47
/i
3
1945
1967
7s Income
1967
Farmers Natl Mtge 7s_'63
Frankfurt 7s to
1945
Frenob Nat Mall 88 6s '52
Haiti 6s
the
26*
1952
/40
/58
Poland 3s
1956
/5
1968
(Ger¬
n
Porto Alegre 7s
/12*
14*
/17
many) 7s.
1946
Prov Bk Westphalia 6s '33
14*
6s
17*
5s
1936
/9
1941
fll
fl
1947
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
(Brazil) 6s._1943
Saxon Pub Works 7s..1945
1951
Saxon State Mtge 6s..1947
Slem A Halske deb 68.2930
State Mtge Bk Jugoslavia
/10
5s
A7*
/2
18
3
/5
/28
/9
60
/10
/12
34
Everett
formation of
the firm of Wainwright,
municipal finance.
Partners
on
Wainwright
S.
Taber
&
10
4c
tax
the
free
8
of
25
25
and
Co.
for
J.
Basil
Ramsey,
five
over
in
years
Kingdom of Great
Britain A Ireland 4s. 1990
77*
79
67
69
18*
1947
/9
/9
Wurtemberg 7s
1945
/9
Equitable Building, 120
stocks
years
which
on
G.
Co.,
have
announce
Pennsylvania
been
free
are
paid
in
containing 101
ago,
dividends
deal
great
a
specialists
Condon
York
of
which
tax
of
the
each
of
had
been
Pennsyl¬
paid
of interest in
in
the
each
Phila¬
the State.
and
corporate bond
New
Stock
department
was
stocks
dividends
two
aroused
over
&
Philadelphia,
list
new
inclusive.
for
in
Frank
upon request.
U.
A,
department.
S.
<j
Government
Pavis
have
Mr.
Condon
Exchange and has been
securities,
been
is
with
appointed
a
the
former
firm's
the
past year.
Mr. Pavis was formerly
Manager of the old firm of Lee, Higginson & Co. and
a partner of W.
S. Sagar & Co., members of the New
—Mrs. L.
M. Bolan has become associated with
Mackay &
municipal bond department.
a
Street,
a
Exchange.
branch
office of
of the
New
a
One of the few
women to
municipal house, Mrs. Bolan
York
office
of the
Co., in its
have been in charge
was
Cincinnati firm
from
1927 on,
of Weilroth
&
■
—Arthur C. Flatto, President of the National
Survey Bureau, a Stock¬
holders' Welfare
Association, has established an organization at 347 Fifth
Avenue, devoted to business and investment counsel, with
on
the preservation of
capital with income.
—Eugene J. Hynes
to Wickwire &
United
Veeten Elec Ry 7s
the
emphasis
73*"
A7 *
/36
the
the
Stock
Irving.
/9
70
in
enlarged list is available
Daniel
bond
recently
manager
1947
Unterelbe Electric 6s.. 1953
of
all
new,
Assistant Syndicate
of
Walnut
which
issued
years,
Quincey
that
corporate
69*
1411
on
list
common
E.
until
21*
Inc.,
1938
preceding five
9
300
20
to
original
York
20
3*% War Loan
Uruguay conversion scrip..
1929
years
member
8*
fS
68*
/20
n
AO
AO
/10
maintain offices
stocks, this time including 137
/9
1958
to
Norman
will
Turner,
Copies of the
/8*
/7*
2d series 5s
1956
Stettin Pub Utll 7s—1946
Toho Electric 7s
1955
Tollma 7s
the
consultants
Townsend
property tax and
—Chas.
/14
6*s
as
be
they have prepared for distribution
announce
A3
Sao Paulo
C.
years of banking experience in the
Wainwright and Ramsey during their association with
actively engaged in important municipal refinancing
firm
delphia district and
/8*
1948
8%
--<]
the
of
/8
8s ctfs of deposit. 1948
Santa Catharlna (Brazil)—
95
&
common
vania
/3c
4s scrip
fl
13
/9
Chairman; Amyas Ames,
Joseph A. Thomas.
made of
with
were
new
co-managers
1957
8s
fll
1953
8*
Salvador
7s
The
personal
n
7s ctfs of deposlt.1.957
92
work.
free
/8*
Saarbrueoken M Bk 6s.'47
/9
Stanton,
and
will
Messrs.
firm
62
/8*
/II
fio
Rk> de Janeiro 6%
1933
Rom Cath Church 6*8 '46
/9
/9
Both
The firm's
R C Church Welfare 7s "'16
/9
Hamburg Electric 6s.-1938
Housing A Real Imp 7s '46
NOTICES
Ramsey had previously had many
Taber
—Harper
/II
Kingdom
1957
July 2 and 5*%
Broadway, New York City.
/10
Protestant Church
M.
was
firm
new
South.
1946
72
Hanover Harz Water Wks
6s
Mr.
f3
/3
/—
/23*
/9
53
/12*
/16*
the
that
Conversion Office
1948
was paid on
field; and Herbert D. Lancaster, formerly with the Canadian Alliance
Corp. of Montreal.
Before entering the municipal
research
field, Mr.
Wainwright was with the Guaranty Co. of New York from 1928 to 1931.
/53
Panama City 6*8
Panama 5% scrip
/10
United
1947
/47
bank 6*9
1948
German Central Bank
Guatemala 8s.
5%
Publicity—William H. Long Jr., Chairman; Eugene Bashore, Clayton
DuBosque, Sumner B. Emerson and Kenneth C. Hogate.
formerly associated
f55
1945
/3
/70
fll
Funding 3s
1946
German scrip
Graz (Austria) 8s
1954
Great Britain A Ireland—
Ex-
Frederick M. Warburg and Lindsay Bradford.
Reception—Herbert S. Hall, Chairman; C. Everett Baeon,xJames'CoggesJr., William Lang Day, William H. Draper, James A.
Edgar, F,
Dewey Everett, J. M. French, Paul F. Hay, Ranald H.
Macdonald,
—Announcement
no
Oberpfal8 Eleo 7s
German Atl Cablr7s..l945
German Building A Land
1938
z
issuer.
or
$89.50 of principal amount.
Ramsey & Lancaster, to act
/12
European Mortgage A In¬
vestment 7*s
1966
7*s Income
1966
Agriculture 16s
4s
7s to
/52*
East Prussian Pow 68.1953
Eleotrlc Pr (Ger'y) 6*s '50
6*8
1953
stock,
Weinberg,
of
Oldenburg-Free State—
1934
Cundinamarca 6*s__ .1959
Dortmund Mun Utll 6sV48
Duesseldorf 7s to
1945
With
w-s
this
Hungary 7*8
1962
National Hungarian A Ind
Mtge 7s
1948
/2 5
1968
Costa Rica funding 5s. '61
Costa Rica Pao Ry 7 *s '49
gg
1949
7s
*0 '38
/50
German Central Bk
Central German Power
Duisburg 7% to
37
Nat Bank Panama—
see
Madge burg 6s
Chilean Nitrate 5s
Issued,
103*
Ex-payment.
e
New York Curb Exchange.
Field Day—Frank
A
/12
Central Agrlc Bank—
City Savings Bank
Budapest 7s
1953
Colombia 4s
1946
Cordoba 7s Btamped-_1937
1952
d Coupon,
Exchange.
furnished by sponsor
Bacon, Lee M. Limbert
fio
British
1946
on
i When
to
Stock
price,
Donald J. Nightingale, William M.
Rex, Junius A. Richards and Elwood
Smith.
54
Munich 7s to
1945
Munic Bk Hessen 7s to '45
Cauoa Valley 7*8
Ceara (Brazil) 8s
W'msDort Water fie
b Basis
mmm
mmm
_—Francis T. Ward, President jof the B ondClubofN ewY or k, announces
followirig^committees^to"serve for the coming year:
Arrangements—Perry E. Hall, Chairman; Thomas S. Lamont, Sidney J-
4*
/23c
Caldas (Colombia) 7*s '46
Call (Colombia) 7s...1947
Callao (Peru) 7*8
1944
97
101
105*
103*
hall
fio
16* iMeridionale Elec 7s...1957
/15
Buenos Aires scrip
Burmelster A Wain 0S.194O
1949
CURRENT
fio
/10
see United Kingdom
Hungarian Bank—
7Hs
1962
Brown Coal Ind Corp—
6*8
1953
1960
mm
mmm
D.
1948
British
German
9
Luneberg Power Light A
(Germany) 7s. 1935
6s
See
1943
1940
Bremen
—1950
68 series C
6s series A
m
101*
______
7s
8S
5s series B
mmm
94
York
100
the appointment of the
/7
A8*
/16*
/4*
/3*
Bolivia
on
not
Ask
/3
/3
1936
Cons
Cities 7s to
New
on
97
1950
103*
101
Interchangeable,
a
1961
1st mtge 5*9
are
Hungarian Discount A Ex¬
Bank of Colombia 7 % -1947
7g
_l
Barranquliia .s'35^40hI6-48
Quotation
f Quotation
Sept. 25.
Bonds
of the quotations shown below
some
listed
t Now selling
k
Foreign Unlisted Dollar
1st mtge 6s
f Flat price,
n Nomina)
quotation,
divldend.
y Ex-stock dividend.
& CO., INC.
—
106
97* 101*
101
Westmoreland Water 6e '62
Newport Water Co 5s 1953
Inactive Exchanges
1951
5*s
1951
New York Wat Serv 6s *61
Foreign Stocks* Bonds and Coupons
m
mmm
105*
Jersey Water 5s. 1950
m
mm
mm
Union Water Serv 5*s '51
---
m
102*
103
1/
l\JO%
New Rocbells Water—
6s series B
85
101*
W Va Water Serv
101*
i
Muncle Water Works 5s *65
1956
Terre Haute Water 6s B 56
6s series A
1949
Texarkana Wat 1st 6s.l958
100*
Morgantown Water 5s 1986
80
Springfield City Water—
Monongabela Valley Water
sells for $12.50 per year.
101*
South Bay Cons Water—
mmm
mmm
4s A
Long Island Wat 5 *s. 1955
Monmouth Consol W 5s '56
104*
Scranton-Spring Brook
Indianapolis W W Secure—
Title Guarantee and Safe
Deposit
Mill Stocks
4*s
mm-
Indianapolis Water—
Land
Stocks
Joint Stock Land Bank Securi¬
106*
66
Scranton Gas A Water Co
Industrial Bonds
Industrial Stocks
Trust
100*
St Joseph Wat 4s ser A.
Huntington Water—
Eugene J.
writer and
&
Co.,
Co., Inc., with
Hynes
Inc.,
new
announces
distributor
of
announces a change in its firm name
offices at 1 Wall Street, New York City.
that
securities
he
at
will
61
continue
to
act
as
an
under¬
Broadway.
—J. E. Swan &
Co., 25 Broad St., New York City, have prepared
study of 12 aircraft companies, based on estimated 1940
earnings.
a
Volume
FILING
The Commercial & Financial Chronicle
149
OF
REGISTRATION
UNDER
STATEMENTS
SECURITIES
ACT
The
following additional registration statements (Nos. 4225
4228, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
to
The amount involved is
approximately $1,968,863.
Broadcast Music, Inc. (2-4225, Form A-l), of New York, N. Y., has
a registration statement covering 80,000 shares of $1 par capital stock.
The stock will be offered at $5 per share to owners and operators of radio
filed
broadcasting stations located in the United States who acquire" performing
right license agreements from the registrant.
The aggregate amount to
each subscriber is to equal approx'mately 25% of the amount payable to
registrant for license agreements.
Proceeds of the issue will be used for
organization, development, research, copyrights, performing rights, esta¬
blishment of offices and working capital.
Neville Miller is President of
the company.
There will be no underwriter. Filed Oct. 31, 1939.
Hotel
Markham, Inc. (2-4226, Form E-l), of Gulfport, Miss., has filed
registration statement covering $856,513 of 6% cumulative interest
bearing secured refunding debentures, due 1949.
The debentures will be
offered in exchange for $598,960 of principal amount 6% first mortgage
gold debentures, due 1940, together with $257,553 the amount of accrued
interest thereon.
The securities are offered under the plan of readjustment.
A. D. Simpson is President of the company.
There will be no under¬
writer.
Filed Nov. 4, 1939.
a
Aeronautical
Ohio, has filed a
Corp. of America (2-4227, Form A-2), of Cincinnati,
registration statement covering 93,000 shares of $1 par
non-cumulative common stock and 30,000 warrants to purchase common
stock.
Of the total 60,000 shares are to be offered at $6.25 a share, 3,000
shares
are
to be given the underwriter as additional compensation
for re-sale
share, and 30,000 shares are reserved for exercise of the warrants,
will be given the underwriter for each two shares of the
60,000 shares sold.
The warrants are for 1 share of common stock each
and are exercisable at $6.25 through Dec. 31, 1940, $7 during 1941, and
$6.25
at
t
a
One warrant
$8, during 1942.
Proceeds will be used for buildings, improvements, pay¬
ment of debt, machinery, equipment and working capital.
C. I. Friedlander is President of the company.
Whitney-Phoenix Co., Inc. has been
named underwriter.
Filed Nov. 7, 1939.
L.
Nellie
Albert
and
Elizabeth
Sproule
Form
(2-4228,
G-2),
of
Casper, Wyo. and Riverton, Wyo. have filed a registration statement
covering 7,860 units of non-producing oil and gas interests in Albert
Royalty Trust which will develop oil and gas properties in Albert Dome
tract in Carbon County, Wyo.
The beneficial units will be offered at $10
decision upon the merits of the controversy but
only passes on the question
whether certain evidence will be admitted, the effect to be
given the evidence
to be determined later.
I have no further comment to make in view of the
plain language of the court as set forth in the opinion as follows: In this
connection
I deem it prudent to caution counsel not to draw or even at¬
tempt to draw from my present preliminary findings any inference as to
what will probably be my ultimate
finding with respect to any issues in
this case."—V. 149, p. 1315.
American Airlines, Inc.—Operations—
Carrying 59,128 revenue passengers during the month of October, com¬
pany set a new world's record for number of passengers carried in one month
by a commercial airline, it was recently announced by Charles A. Rheinstrom, Vice-President in charge of sales for the company.
This figure is an increase of
28.7% over October, 1938, when 45,938
revenue
passengers
The last
our
Airlines,
previous list of registration statements was given
issue of Nov. 4, page 2959.
according to Mr Rheinstrom, is due
general acceptance of air transportation by the flying public.
American Gas & Electric Co.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in addi¬
tion to the regular
quarterly dividend of 40 cents per share on the common
stock, both payable Dec. 15 to holders of record Nov. 15.—V. 149, p. 2960.
American Light & Traction Co. (&
12 Months Ended Sept. 30—
Gross oper. earnings of sub. cos.
intercompany transfers)
General operating expenses.
Subs.)—Earnings—
1939
.
Directors
on
Nov. 2 declared
an
Larger Dividend—
extra
dividend of 25
cents per share in
addition to a regular quarterly dividend of 75 cents per share on
149,
dend of 25 cents per share were distributed.—V.
the common
p.
2501.
Advance Bag & Paper Co., Inc.—Recapitalization—
which recently abandoned its mill at Howland, Me., has
special meeting for Nov. 15 to act on a plan of reorganization
The company,
a
provide for dividends accumulated on the preferred stock.
The
plan proposes to eliminate the present Advance Bag & Paper Co., with a
subsidiary, Southern Advance Bag & Paper Co., assuming all assets and
which will
liabilities of the parent company.
Under the
vertible into two shares of the common stock
of the Southern company.
6% second preferred of Advance will receive three shares of Southern
company $2 convertible preferred.
President J. E. Kelley states: "The operations in the North over a period
of years have clearly proved that it is impossible to operate the property
profitably in competition with paper and pulp mills in the South."—
V.
149, p. 3523.
The
Aeronautical
5,156,227
Non-operating income of subsidiary companies
$8,279,238
47,904
$8,354,638
Drl79,685
Total income of subsidiary companies---.
Int., amort. & pref. di vs. of sub. companies
$8,327,142
4,294,603
$8,174,953
4,531,120
$4,032,539
$3,643,833
8,950
7,293
2,273,138
Provision for depreciation
:
General taxes & estimated Federal income taxes
3,206 848
Net earnings from opers. of sub. companies
Balance
Proportion of earnings,
attributable to minority
stock
common
&
earnings of sub. companies-
Income
Co. in
Traction
Offer Stock—
underwriters of the issue.
$5,124,212
804,486
military
a
new
has developed, and plans to offer to the market early
two-place tandem-seating light plane intended for primary
training.
See also list given on
this page.
Alaska Juneau Gold Mining Co.—Earnings—
Period End. Sept. 30—
1939—Month—1938
1939—9 Mos.—1938
Gross income
$398,500
$422,000
$3,373,500
$3,886,500
x Profits
147,100
170,400
956,200
1,539,100
.
x After
operating expenses and development charges, but before deple¬
tion, depreciation and Federal taxes.—V. 149, p. 1751.
Allied Finance Corp.,
Baltimore—Promoter Sentenced—
The Department of Justice and the Securities and Exchange Commission
reported Nov 2 that Federal Judge William C. Coleman, in the District
Court at Baltimore, Md
sentenced Andrew G. W
Fritz, President of
Allied Finance Corp., to six months imprisonment for violations of the
fraud provisions of the Securities Act of 1933, mail fraud, and conspiracy
in connection with the sale of stock of the corporation
David Kohler and
M. D. Schreiber, New York brokers, who distributed the stock in that State,
were found guilty of the same charges and given sentences of 12 months
each.
Philip Birnbaum, of New York, attorney for Mr. Kohler and Mr
Schreiber, was found guilty of conspiracy to violate the fraud provisions of
the Securities Act and the mail fraud statute and given s suspended sentence,
,
and placed upon
probation for three years.
Allis-Chalmers Mfg. Co.—Extra
on
preferred stock
Balance
Dividend—
Directors have declared an extra dividend of
tion to the
Aluminum Co. of America—Issues Statement—
Referring to an opinion filed in New York on Nov. 2 in suit for Govern¬
ment against Aluminum Co. of America and discussed in a statement given
by Department of Justice to the press in Washington, William Watson
Smith, chief counsel for Aluminum Co. made following statement:
"The Government's case against the Aluminum Co. is being tried before
Judge Caffey and not before a jury.
$3,866,468
$1.40
Earnings per share of common stock
—V. 149, p. 2361.
American Radiator Co.—Unlisted
Trading—
Exchange has removed from unlisted trading the
May 1, 1947.—V. 148, p. 430.
20 year 4H% gold debentures, due
American Utilities Service Corp. (& Subs.)- -Earnings
12 Months Ended
1939
Sept. 30—
The opinion handed down makes no
1938
Subsidiary Companies—
$3,237,190
2,198,164
Gross earnings
Operating expenses, maintenance and taxes
361,969
Provision for retirements
$3,704,055
2,697,859
374,260
Net income
«*»
«*•
Equity of minority stockholders
of subsidiary companies
Miscellaneous charges (net)
** m
—
in
mm —
net
m
$648,745
82,154
33,866
24.298
income.
$631,936
19,251
15,759
$583,678
56,048
315,000
20,585
$531,581
61,235
$192,046
Other
$677,057
20,005
$697,062
55,220
'
$128,938
16,809
income>
Expenses and taxes of Amer. Util. Service Corp..
Serial notes interest
315,000
26,408
interest and
other income deductions,
b And
amortization of discount and expense on funded debt (less interest charged
to construction),
c Of net income of subsidiary companies applicable to
American Utilities Service Corp.—V. 149, p. 1466.
a
Before
deducting
American Water Works & Electric
Co., Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
for the week ended Nov. 4, 1939. totaled 54,923,000
Works & Electric Co
kwh., an increase of 24.0% over the output of 44,293,000 kwh. for
corresponding week of 1938.
Comparative tables of weekly output of electric energy lor the last
years
the
five
follows:
1QOQ
Week End.
14
Oct
Oct.
28--4
43.681.000
44.694,000
55 644,000
64 923.000
21
Nov.
1937
1938
54,900.000
64,671,000
Oct.
45.045.000
44,293,000
48,623.000
48,276,000
47,370,000
46,531,000
1936
49,473,000
60,073 000
49,530,000
48.431.000
1935
41.682.000
42 109 000
42.949.000
42,629,000
-V. 149, p. 2961.
American
sales
Lead
Zinc,
Period End. Sept
Cost of
25 cents per share in addi¬
regular quarterly dividend of 25 cents per share on the common
stock, both payable Dec. 22 to holders of record Dec. 1.—V. 149, p. 2677.
r"
$4,670,954
804,486
$1.56
Balance transferred to consolidated surplus
Dividends
Collateral trust bonds interest
The corporation
1940,
$4,806,975
136,021
interest deductions
company
fcl Int6r6St
The corporation is the second largest producer of light airplanes for
commercial and private use, and sales for the current year are reported to
be the largest in its history
in
$5,200,356
205.932
187,448
of
Balance
Holding
Corp. of America, Cincinnati, Ohio—
The corporation manufacturers of "Aeronca" airplanes, intends, it is
reported, to offer for public sale common stock to finance expanding opera¬
tions and
to
approximately double its manufacturing facilities.
The
corporation plans to file a registration statement with the Securities and
Exchange Commission, according to Carl I
Friedlander, President of the
corporation.
Whitney-PhoenLz Co., Inc. of New York are to be named
*
$3,636,540
$5,577,147
206,012
178,338
(excl.
,1,563.817
68.583
Co.
Traction
&
1,553,557
$4,319,726
Lt.
$4,023,589
$5,192,796
Amer.
of
Expenses of American Light & Traction Co
Taxes of American Light & Traction Co
a
as
$40,269,663
21,965,817
2.399,907
2,595,282
4,954,018
Maintenance
The New York Curb
plan the present 6% bonds of Advance will be assumed by the
Southern company.
Each share of 8% prior lien preferred stock will receive
one share of 6% preferred stock, $100 par, of the Southern company, plus
one share of $2 preferred par $50 of the same company, which will be con¬
To
1938
(after eliminating
-$41,829,963
22,914,511
income received from subsidiaries)
stock, both payable Dec. 12 to holders of record Nov. 15.
Dividend of
50 cents was paid on Sept. 12, last, and previously regular quarterly divi¬
called
Revenue
—V. 149, p. 2959.
Total.
Acme Steel Co.—Extra and
r'
Inc.
The increase in passenger traffic,
to the more
Equity of American Light
in
American
by
carried
were
passenger miles flown during October, this year, totaled 22,336,971 or an
increase
of 33.1%
over October,
1938, when revenue passenger miles
flown by the company totaled 16,787,685 miles.
Filed Nov. 8, 1939.
unit.
per
3107
—
on
Smelting
$2,656,879
2,050,766
$275,930
sales
$2,228,478
2,380,949
goods sold
Profit
&
1939—3 Mos.—1938
30—
-
*$177,712
Co.
(& Subs.)—
1939—12 Mos.—1938
$8,802,065
7,880,538
$8,559,790
7,993,341
$921,527
$566,449
36.797
27 838
94,417
104,860
$312,727
Other income
$205,550
$1,015,944
$671,309
105.870
4,255
114.000
99.115
5.625
398,264
368,458
21,706
20.783
112,500
397,501
433,478
4,676
3.026
25.079
_
Total income
Expenses
Inter est, net-
_
Depreciation & depletion
profits tax
Excess
-
Federal income taxes
Surtax undistrib.
Net
profit
—V. 149, p. 868.
profits^
T
14~495
12",545
$74,107
loss$24,235
15*614
$182,861 loss$184.191
The Commercial & Financial Chronicle
3108
John M.
Anaconda Wire & Cable Co.—Earnings—
Interest
413.811
217.917
217,018
37,606
421,981 shs. capital stock..
3 M<mths
Rev
Bangor Hydro-Electric Co.—Earnings
from sale of quicksilver
Revenue from other sources
Dividends received from Carson
Gold Mining Corp
1939
$150,429
1938
33,971
Hill
$159,558
114,973
$36,209
$44,584
$42,346
on
on com.
before depl., deprec.,&c_
1016.
98,699
A. P. W. Paper Co.—Stock Increase—
.
On Oct
18. 1939, stockholders rescinded the authorization to increase
the common stock of the company passed at the meeting on Dec. 15, 1938,
and duly authorized the execution and filing with the Secretary of State
of the State of New York of a certificate pursuant to Section 36 of the
Stock Corporation Law, providing for a change of shares of common stock
of the company without par value into shares having a par value of $5 each,
a reduction of capital and an increase in the number of shares of common
stock having a par value of $5 each.
This certificate has not yet been filed,
but it is the intention of the officers of the company to file it upon the
approval of an application for listing the additional shares and when so
filed it will effect the change of the outstanding shares of common stock
of the company from shares without par value to shares having a par value
of $5 each and will increase the shares of common stock already authorized
from 268,500 (n°t 263,500 as erroneously stated in the "Chronicle" of
Oct
21, page 2502) shares, previously authorized without par value, to
353,000 (not 353,300) shares with a par value of $5 each.—V. 149, p. 2072.
Mining Co., Ltd.—Earnings—
3 Months
Period Ended Sept.
30—
depl. & taxes.
Net inc. before deprec.,
1939
$40,771
9 Months-
1939
$48,847
1938
loss$99,660
3646.
Assessable
Exploration Co.—Complaint Filed—
and Exchange Commission announced Nov. 2 the filing of
complaint in the U. 8. District Court at Spokane, Wash., seeking to
restrain Leon Starmont and Mining Truth Publishing Co. from further sale
of securities in violation of the registration provisions of the Securities Act
a
The complaint alleged that the defendants are engaged, and have been
engaged since Aug. 18,1939, in offering securities for sale In connection with
>
Co. without registration under the Securities Act
the Commission filed a motion for
Assessable Exploration
1933.
of
pref. stockstock-
Balance
$11,042
$94,636
$129,473
p..2225.
Bankers Industrial Service, Inc.—Promoters Indicted—
Securities and Exchange Commission
Nov. 6 reported the indictment of Leo E. Gaffeney. of Plainfield, N. J.,
Willard R. Jeffrey, of Scranton, Pa., Medford H. White, of Wilmington,
Henry I. Pitney, of N. Y. City, Frank Ware, of Garden City, L. I., Bankers
Industrial Service, Inc., of Wilmington and Hiltz & Co., Inc., of New York
City, for violation of the fraud provisions of the Securities Act of 1933,
mail fraud and conspiracy.
The indictment, which had been kept secret
since its return on Oct. 19, was opened Nov. 6 before Federal Judge Alfred
The Department of Justice and the
$15,152,000 compared with sales of $13,706,000 in the
indictment
The
that Mr.
charged that
the defendants employed
and
Mr.
Gaffeney
White
was
President of the company, Mr. Jeffrey a director,
auditor.
Mr. Pitney, a broker, was
Beacon
Participations, Inc.—Earnings
$2,738
7,359
—
......
on
sales of securities
....
Net loss for period.
Balance Sheet
Assets—
$3,898
$595
held
Reserve for
33,000
33.000
receivable.
3,000
3,000
Accounts payable-
2,127
2,091
Res. for contings..
3,500
b
c
accrued dividends in connection with the procurement of certain equipment.
—V. 149. p. 2678.
Athens Ry. &
Gulf
&
West
Indies
Steamship
Lines
Total
(&
1939—Month—1938
1939—9 Mos.—1938
$2,224,953
$1,947,279 $19,169,565 $18,304,576
$784,805
$754,907
Belden Mfg.
dividend of 30 cents
a
Bell Telephone Co. of
x
Net oper. revenues
Taxes
Net oper. income
17,732,202
17.621,540
$58,299
37,868
$1,437,363
419,093
$683,036
371,323
$20,431
2,743
$1,018,270
50,686
$311,713
40,527
the
common
$23,174
102,668
$1,068,956
1,013,275
$352,240
952,136
—Y. 149, p. 2963.
x$79,494
$55,681
x$599.896
$15,921,479 $15,308,994 $16,095,862
5,424,364
5,409,671
5,362,994
Common dividends
50.388
$10,497,115
Net income
1,300,000
8,800,000
pursuant to the agreement for the aciuisition of substantially all the assets
of
Lycoming Manufacturing Co. entered into Oct. 16, 1939, making the
total amount applied for 3,962.958 shares of capital stock (see also Lycom¬
ing Mfg. Co. below).—V. 149, p. 2962.
Baltimore & Ohio RR.—Debt Plan
$9,899,323 $10,732,869
1,300,000
1,300,000
8,800,000
8,800,000
$397,115 def$200,677
Bendix Aviation Corp.—To
Directors have declared
a
$632,869
Pay $1 Dividend—
dividend of $1 per share
on
the common stock,
payable Dec. 11 to holders of record Nov. 18.
This compares with 25 cents
paid on Sept. 1 and on June 1. last, this latter being the first dividend paid
since Dec. 13,1937, when a similar distribution was made.—V. 149, p. 1319.
(Del.)—Listing—
Bessemer & Lake Erie RR.—Bids
Bids
on
an
issue
on
Equipment Trusts—
of $5,700,000 equipment trust certificates will be re¬
The issuance of these certificates is
subject to approval by the Interstate Commerce Commission.
The securi¬
ties will be 2Ms, due in one to 10 years.—V. 149, p. 2679.
ceived
on
Nov.
21,
at Pittsburgh.
Bohn Aluminum & Brass
Approved by Court—
The reorganization plan of the company was approved Nov. 8 and
exceptions to it were dismissed by the Federal District Court at Baltimore.
The decision, in effect the same as that handed down on Oct. 9 by Judge
W. Calvin Chestnut, permits the road to reduce interest charges on bonded
indebtedness by about $11,000,000.
More than 80% of the security holders
on
$15,898,030 $15,345,943 $16,185,064
23,449
Dr36,950
Dr89,202
——
Net avail, fixed charges
1,888,979
$78,854
agreed to the plan.
share
—$22,111,659 $21,053,035 $21,906,866
6,213,630
5,707,092
5,721,801
(incl. Federal)
Other income
The New York Stock Exchange has authorized the listing of 206.000
additional shares of capital stock (par $3), upon official notice of issuance
had
oer
1939
1938
1937
.$70,606,780 $68,405,557 $6^,326,764
48,495,121
47,352,522
46,419,898
Telep. oper. revenues
Oper. expenses
$232,545
Indicates loss.—V. 149, p. 2362.
Aviation Corp.
$784,805
Pennsylvania—Earnings—
12 Months Ended Sept. 30—
Balance, surplus
Net income
1,000
334,754
payable Dec. 1 to holders of record Nov. 20.
This compares
with 15 cents paid on Aug
15, last; 10 cents paid on May 15, last, and 5
cents paid on Feb. 20, last, this latter being the first dividend paid since
May 16. 1938 when 5 cents per share was distributed.—V. 149, p. 2963.
6,697
Interest, rentals, &c
1,000
341,680
stock, par $10
$188,854
109,999
Gross income
580,393
499,000
$754,907
.
Total
Preferred dividends
Other income
580,393
499.000
partic.
stock,
Co.—Dividend Doubled—
Directors have declared
1,992,408
$182,157
Operating income
B
Market value $263,559 in 1939 and $424,508 in 1938.
Interest and other fixed charges
Net operating revenue
Taxes
Class
b Represented
by 30,547 shares outstanding after deducting 69,453 shares held in trea¬
sury.
c Represented by 25,000 shares,
d Represented by 25,000 shares.
—V. 149, p. 1467.
a
Subs.)—Earnings—
Period End. Sept. 30—
Operating revenues
Operating
exps.
(incl.
depreciation)
partic.
Deficit
and refunding mortgage 5% 40-year sinking fund
gold coupon bonds, due July 1, 1950 have been called for redemption on
Jan. 1, 1940 at 110 and accrued interest.
Payment will be made at the
City Bank Farmers Trust Co., New York City.—V. 147, p. 2860.
Atlantic
A
d Common stock.
Electric Co.—Bonds Called—
A total of $2,000 first
Class
preferred
pany
Guaranty Trust Co. of New York, as trustee, and sold at 101.899 and
30
3,055
Notes payable
Commission on Oct. 27 authorized the com¬
to assume obligation and liability in respect of not exceeding $8,000,000, series C, 2V1% serial equipment-trust certificates, to be issued by
13,351
accr.
pref. stock
Topeka & Santa Fe Ry.- -Eequipment Trust
5,910
Accrued divs
Co.—Weekly Output—
Certificates—
1938
$11,730
$7,567
shares.
re-treas.
8oc. Sec. tax
67
ment.,
Gross output, Including sales to other utilities, amounted to 121,860.803
for the current Week.
The gross and net electric output are the
the
1939
taxes.
cl. A stockhTdrs
747,841
Furniture & equip¬
units
The Interstate Commerce
$4,791 prf$130,509
Sept. 30
Due certain former
2,430
718,881
Associated Gas & Electric System and the
England and Electric Association Group report net electric output
of 108,616,391 units (kwh.).
This is an increase of 16,755,378 units or
18.2% above production of 91,861,013 units for a year ago.
Atchison
$860
prof 131,369
Res. for iitiga. exp.
under
Securities at cost
Notes
$4,791
Liabilities—
1938
1939
Cash
Cash
$9,830
10,690
$9,060
Loss
$9,778
14,569
$4,621
4,439
Expenses
Loss
1937
1938
1939
9 Months Ended Sept. 30—
Income (interest and dividends)
For the week ended Nov. 3,
highest figures ever to be shown for the Associated System.—V. 149, p. 2961.
scheme to
accountant and
an
New
P
a
engaged in the sale of the stock, it was charged.
Hiltz & Co. and Mr. Ware,
an employee of that company, the indictment charged, arranged for the
distribution of the stock to various brokers and dealers.
The indictment charged that the stock was sold on the false representation
that the dividends paid came out of profits.
The stock was offered at a
price of $7.50 a share, it was charged.
Among the other misrepresentations
alleged to have been made by the defendants were statements: That the
company had a net profit of approximately $22,000 for the year 1935
and $27,000 for the year 1936; that no compensation had ever been paid
to the directors by the company or its subsidiary; that the DuPont family
of Wilmington, Del., was interested in the company; that the company
was a sound and prosperous corporation; and that as of Dec. 31,
1936,
it had current assets of $271,969.
The defendants knew, the indictment charged, that these representations
were false at the time they were made.
The indictment further charged
that the defendants employed these misrepresentations in order to induce
investors to buy the stock so that they could convert and appropriate the
proceeds to their own use and benefit.—V. 146, p. 272.
corresponding period last year, an increase of 10.6%.
Total sales for the
39-week period ended Oct. 28, 1939 were $40,444,000 compared with sales
of $37,812,000 in the corresponding period last year, an increase of 7.0%.
—V. 149, p. 1318.
Associated Gas & Electric
Mr.
$4,000.
defraud, in connection with the sale and offer for sale of 250,000 shares of
class A common stock of Bankers Industrial Service, Inc.
It was charged
a
by subsidiary store companies for the 13-week period ended
Oct. 28, 1939, were
York.
Coxe in the District Court for the Southern District of New
Gaffeney appeared and pleaded not guilty, and Judge Coxe fixed bail in the
amount of
trustee writ
Associated Dry Goods Cor p.—Sales—
Sales reported
$695,926
305,794
260,659
on
Along with the complaint
preliminary injunction, accompanied by affidavits to which were attached
five issues of the publication "Mining Truth."
The affidavits stated that
Leon Starmont is the Managing Director of "Mining Truth."
} The affidavits stated that copies of the issues of "Mining Truth" which
were filed with the motion for preliminary injunction had been mailed by the
defendants to subscribers and to several hundred other persons.
P The defendants are the same persons who were permanently enjoined by
the same Court on Dec. 4, 1937, in a suit by the Commission, from any
further violations of the registration provisions of the Securities Act of 1933
in connection with the "Mining Truth Blind Pool of 1937."
The Court
found in that suit that there were, as of Oct. 15, 1937, approximately 600
members of the public residing in various states of the United States and
'Mining Truth."
Provinces of Canada who were subscribers to
r
$661,090
305,794
260,659
$141,046
129,894
The Securities
$.58,246
25,483
21,722
$15,222
Surplus
Dividend
—V. 149,
—V. 145, p.
$997,364
301,438
$62,427
25,483
21,722
Fixed charges
4,096
14,074
$166,103
Total revenue
Operating costs
^Argonaut
$965,776
304,687
$87,909
25,482
Net operating revenue
26,474
Dividend
Net profit
—V. 149, p.
$83,985
25,738
12,645
61,124
33,000
11,137
$110,475
$2,223,377
711.569
353,800
160,645
33,250
Depreciation
1937
$125,586
$2,233,365
712,194
379,934
175,461
65,182
Taxes accrued
lM
Ended Sept. 30—
of gold & silver bullion
from sale
Revenue
1939—12 Mos.—1938
1939—Month—1938
$186,246
$198,987
Gross earnings
Operating expenses
Anglo-American Mining Corp., Ltd. -Earnings
O., testified at the
Shriver, senior Vice-President of the B. &
Period End. Oct. 31—
$0.23
868.
—V. 149, p.
1939
$28.000.000.—V. 149, p. 2962.
3,818
$97,057
$150,423
$0-36
of quarter
Earnings per share on
$732,603
$868,211
463,164
Depreciation, obsolescence & dismantlements
Provision for Federal income taxes
Income
$728,547
4,056
2,982
earned (net)
Total income
Selling and administrative expenses
11,
hearing that estimates of the road's net earnings for 1939 were more than
$2,000,000 higher now than they were in September.
He said the fin¬
ancing plan, based on a reduction of the fixed interest charges, was pred¬
icated on increased earnings.
He told Judge John J. Parker that without
a prospect of increased earnings the plan would have been impossible.
Mr. Shriver estimated the net earnings applicable to interest charges
at
more
than $30,000,000, compared with the September estimate of
1938
$8653229
operations
Nov.
Period End. Sept. 30—
Net
profitEarns, per sh.on 352,418
shs. cap. stk.Cpar $5).
x
x
After
taxes
and
Corp.—Earnings—
1939—3 Mos.—1938
$20,782
$70,012
$0.06
$0.19
1939—9 Mos—1938
$320,395 loss$42,057
$0.91
Nil *
charges but before provision for Federal surtax on
undistributed profits.—V. 149, p. 1468.
Volume
The Commercial & Financial Chronicle
149
Birtman Electric Co.
(& Subs.)—Earnings—
3 Mos. Ended Sept. 30—
Net income after all charges
Earns, per share on common stock
—V. 149, p. 2362.
Bond
„
"
149,
1939—10 Mos.—1938
Directors have declared a dividend of $1 per share on account of accumu¬
lations on the $2 cum. class A stock, no par value, payable Nov. 21 to
holders of record Nov.
1937;
on
one
16. This compares with 50 cents paid on May 31,
Dec. 12 and Sept. 10,1938; a dividend of $2 was paid on Dec. 20,
of $1
of 50 cents
distributed
to and
paid on Dec. 18, 1936 and on July 31, 1936. A dividend
paid on Feb. 1, 1935 and one of 25 cents per share was
Jan. 12
1933, prior to which dividends
including Dec. 31, 1937.—V. 148, p. 3215.
Boston
Maine
&
RR.—New
were
paid in full up
new
4,738
$838,098
497,476
$4,612,127
2,001,525
$4,151,439
2,005,569
Restated
$603,608
$340,623
as far
for
comparative
Rail Aid Plan
Bulolo Gold Dredging,
plan for aiding railroads with top heavy financial structures to
Ltd.—Earnings—
1939
Years Ended May 31—
Bullion won
Revealed by
1,294,517
275,859
23,402
127,707
Dividends
ditions
are
Administrator in
a
letter
withholding
of the public issue and give to each bondholder new 30-year 4% income
bonds for 50% of his holdings and cash or new 20-year 4% first mortgage
the
other
50%.
"Give the banks new 20-year 4% first mortggae bonds at par and accrued
interest for your indebtedness to them, aggregating $5,500,000.
"RFC to agree to buy up to $40,750,000 new 20-year 4% first mortgage
bonds at par and accrued interest, proceeds to be used to pay your present
indebtedness to RFC, aggregating $14,750,000, and the balance, not exceed¬
ing $26,000,000 to provide for the present holders of your first mortgage
bonds who do not elect to accept new first mortgage bonds for 50% of
their holdings.
"RFC and the banks to surrender the $30,500,000 first mortgage bonds
now held to secure your indebtedness to them and to retain as additional
security for payment of the bonds and sinking fund thereon taken by the
RFC and the banks the balance of the collateral now held by RFC.
"Make certain equitable adjustments, acceptable to RFC and Inter¬
state Commerce Commission, with respect to your obligations on leased
Mr. Jones said that the plan would reduce fixed charges of the B. & M.
approximately $3,000,000 a year and "reset your maturities so that you
would have nothing coming due for 20 years, except a small amount
of
equipment notes.
"It would place your road in a position to rehabilitate and maintain its
facilities so as to provide good service and give your bondholders a more
dependable investment."
The
Administrator
explained that the program would work extremely
of B. & M. because the road's indebtedness wax based on
case
single mortgage.
He also described the plan as a new approach to the
question of Federal assistance to the railroads and said that RFC was ready
and willing to aid o her carriers in like manner.
a
B. & M. President Favors
Asked to comment
"It
Balance Sheet
Assets—
Cash
seems
to me
on
we
the plan
on
1,372,171
Sundry debtors
Inventories
716,308
36,920
984,893
18,958
712,441
45,697
in
Govt.
Boston Terminal Co.—To
Reorganize—
of Boston.
They assert that bond interest due Nov. 1 was not paid, also taxes due
Oct. 1.—V. 149, p. 571.
the City of Boston on
Earnings
After
per
Co.—Earnings—
1939—3 Mos.—1938
$199,197
$72,711
$0.66
$0.24
share
1939—9 Mos.—1938
$627,531
$2.09
$215,204
$0.72
and Federal income taxes, but before surtax on
undistributed profits,
y On capital stock.
Current assets as of Sept. 30,
1939, including $1,417,638 cash, amounted to $2,767,155 and current
liabilities were $470,49.3.
This compares with cash of $11,060 592, current
assets of $2,291,068 and current liabilities of $364,415 on Sept. 30, 1938.
—V. 149, p. 1468.
I
x
Period End. Oct. 31—
this department.
1939—Month—1938
Sales
$350,763
149,
p.
Earnings
share
stock.
per
common
$310,212
1939—4 Mos.—1938
$1,183,197
$1,120,795
on
$2.69
51.27
$3.35
$1*3?
After
Brush-Moore Newspapers,
Period End. Sept. 30—
x
y
Earns,
lJ"x
share
After all charges,
Buffalo
Inc. (& Subs.)—Earnings—
1939—3 Mos.—1938
$60,336
$40,553
$0.47
'
$0. 8
Net income.
per
1939—9 Mos.—1938
$239,240
$186,996
$2.56
Webber & Co
Niagara'&^Eastern Power Corp.J(& Subs.)—
~
Burr of Burr & Co
George H
brokers
,
and international
,
ing *'
the suit,
of worth¬
Regardless of the settlement as to the Paine, Webber partners,
which alleges a conspiracy to loot Burco through the substitution
less securities for marketable portfolio securities, will be prosecuted as
three corporations and 15
against
other individuals.—V. 149, p. 2964.
Co.—Earnings—
Bush Terminal Buildings
[Exclusive of Bush House Ltd., a
Wholly-Owned Subsidiary]
Ended Sept. 30, 1939
charges, but before Federal inc.
Earniniis for 9 Months
Net profit after deprec. & other
—V. 149, p.
Bush Terminal Co.-
-Earnings—
-3 Months—
„
Net loss
— -
x After interest, depreciation and taxes.
Note—All of the above figures are after
Butler
,
.
.
■
.
,
including estimated amounts for
Buildings Co. in connection with the 41st
Brothers—Earnings—
9 Mos. End. Sept. 30—
a
9 Months
—
Mar. 31, '39 Sept ^30, '39
$77,188 prof$17,801 prof$2,489 prof$13,102
Sept. 30, *39 June 30, *39
Period—
x
*nno
taxes._$228
1468.
Net profit
1939
1938
$270,600 Ioss$682,297
1936
1937
$911,037
$1,093,177
provision for Federal tax, but before Federal surtax on un¬
distributed profits.
.
For the quarter ended Sept. 30, 1939, net profit was $585,27o equal after
preferred dividend requirements to 43 cents a share on 1,127,983.shares
(par $10) of common stock.
This compares with net profit of $293,133
equal to 17 cents a share on common in September quarter of previous year.
—V. 149, p. 2681.
a
After
_
n__
_
„
Copper & Zinc Co.—Earnings—
301939—3 Mos.—1938
1939—9 Mos.—1938
$3,948
$4,113
$13,319
$15,893
expenses and Federal income taxes, but before depletion and pro¬
Butte
Period End. Sept.
x
Net loss
x
After
_
profits.
^
appended to the third quarter report it was stated:
Since the
the lease, expenditures by the
lessee, Anaconda Copper Mining Co., for maintenance and development of
the mine amounted to $281,303 as of Sept. 30, 1939, after deducting net
proceeds of zinc and manganese ores.
Such expenditures are chargeable
vision for surtax on undistributed
a
note
to future
operating profits of the property, before further remittances are
under the terms of the lease."—V. 149, p. 1468.
payable to lessor
Gross income
Deduc. from gross inc—
Net income
for
$2,713,022
7,324
$2,415,895 $10,860,833 $10,456,095
$2,720 346
Operating income
Non-oper. inc. (net)
$2,420,442 $10,860,757 $10,462,970
1,069,876
4,271,761
4,301,438
1,059,363
4,548
Dr76
6,875
$6,161,532
$1,660,983
$1,350,566
$6,588,996
comparativ
purposes as far as practicable.—V. 149.
1018.
x
Subs.)—Earnings—
1939—3 Mos.—-1938
1939—12 Mos.—1938
$296,478 loss$49,463
$536,250
$606,760
x After
taxes, depreciation, amortization, &c.
Note—No provision was made for Federal surtax on undistributed profits.
Period End. Sept.
30—
Netprofit_--»-------
—V. 149, p. 2505.
California Oregon Power
Years Ended Sept.
Co.—Earnings—
* 1939
$4,886,37b
1,098,301
273,608
30—
Operating revenues
Operation
-
96,724
283,411
300,000
7,270
619,234
122,713
$2,282,733
238,210
$2,154,906
$2,044,523
926
Drl6,914
Dr57,746
358,696
—
7,270
6££-657
Taxes.
Provision for Federal income taxes
Net operating income
Merchandise and jobbing (net)
Gross
(net)
preliminary
of
abandoned
355
Miscellaneous deductions
Net income
-V. 149, p. 2363.
109,204
20,973
45,047
18,619
$962,663
$876,483
842,500
203,223
Amortization of debt discount and expense
Other interest
569
$1,987,347
842,500
203,221
1,477
$2,138,918
income
Interest on funded debt
Amortization
1938
$4,636,859
1,021,497
$2,393,115
238,210
Maintenance and repairs
Appropriation for retirement reserve
Amortization of limited-term investment
Dividend and interest revenues
1939—3 Mos.—x1938
1939—12 Mos.—xl93*T
Operating revenues
$8,766,371
$8,405,080 $35,383,315 $35,275,208
Operating revenue deduc. 6,053,349
5 989,185
24,522,481
24,819,113
Restated
.
also defendants in the action, objected to the settlement on
ground that the negotiations were "held in secret" and that the dis¬
closure of details of the settlement on Oct 24 were "scanty and unilluminafcUtilities Corp
Net operating revenues
Rent for lease of electric plant
Period End. Sept. 30—
x
$2,225,427 in 1938.
the
$1.53
On common stock.—V. 148, p. 3682.
y
Earnings—
p.
18.209,660 17,199,787
Total
•.
(A. M.) Byers & Co. (&
interest, Federal income taxes, &c., but before surtax on un¬
distributed profits.
Current assets as of Sept. 30, 1939, including $1,831,326 cash, commercial paper and marketable securities, amounted to
$12,312,347 and current liabilities were $1,616,065.
These compare with
cash and marketable securities of $652,548, current assets of $10,925,769
and current liabilities of $1,198,068 on Sept. 30, 1938.—V. 149, p. 1756.
x
5,000,000
2,150,311
Supreme Court Justice Wasservogel has reserved decision on the applica¬
of company, for approval of a
$285,000 settlement of an accounting suit against 17 co-partners of Paine,
Brun8wick-BaIke-CoIlender Co.—Earnings—
i
5,000,000
2,701,762
2226.
Period End. Sept. 30—
1939—3 Mos.—1938
1939—9 Mos.—1938
Sales
$5,326,418
$3,898,231 $10,244,628
$7,829,480
x Net income..
1,235,593
602,488
1,610,424
726.066
r
49,527
54,177
reserve
Capital stock
date of the last remittance received under
Brown Fence & Wire Co.—Sales—
—V.
Employees' holiday
tion of William Ashely De Wolf, Secretary
In
Music, Inc.—Reqisters with SEC—
See list given on first page of
1,420,316
203,729
Burco, Inc.—Decision Reserved—
depreciation
Broadcast
.
re-pl.
of $2,967,939 in 1939 and
claim against Bush Terminal
Street plant.—V. 149, p. 2363.
holders, are the Massachusetts Mutual Life Insurance Co. of Springfield,
New England Mutual Life Insurance Co. of Boston and Frederick R. Sears
Period End. Sept. 30—
line
reserve
...18,209,660 17,199,787
After deducting reserves
—V. 148, p. 3682.
petition for reorganization of the company has been filed by three
The petitioning creditors, all bond¬
Net profit.
6,682,606
Bucket
x
creditors in Federal Court at Boston.
y
5,940,094
1,753,934
strue, reserve..
Amortiz. reserve..
that on the average for the years 1930
inclusive, interest charges on both fixed interest and income bonds,
the capital fund and all the sinking fund requirements would have been
met even including the earnings of the two disastrous flood years 1936 and
1938.
Excluding these years the full requirements would have been more
than covered."—V. 149, p. 2680.
x
22,036
1,500,000
Exp. & dredge con¬
1,042,625
"
711,309
Total
President Edward S. French said:
opportunity for a constructive service
and losses which would be involved in a judicial proceeding which
Bower Roller Bearing
12,657
1,500,000
wages
Surplus
to 1938
.
272,789
850,064
London.
—
Accrued
sec.
cost
102,201
So.
Dividend payable.
1,044,930
Cash in deposit
375,385
x Fixed assets
13,305,171 13,205,524
Deferred charges__
30,930
26,717
at
New
$
$
193,243
Readjustment Plan—
otherwise would probably be necessary in view or the fact that the carrier
is faced with the problem of more than $60,000,000 in maturities between
now and 1944.
A
54,680
Prepayments
British
of
Wales,
of
hands
agents
Bullion in transit.
have here an
"It is highly significant to note
Bank
748,319
96,505
865,539
14,421
Cash
1938
1939
Liabilities—
Sundry creditors..
In banks
to security holders and to New England industry.
Taking
realistic view of the situation, the proposed plan would avoid the waste,
expense
$3,453,464
3,000,000
May 31
1938
$
hand and
totheB.&M.,
a
-
1939
lines."
well in the
18,861
117,253
$3,874,086
3.000,000
Profit
loan application of the Boston & Maine unless certain con¬
met by the carrier.
Mr. JoneS said that if the plan worked iu
B. & M., detailed the plan in its application to that carrier as follows;
"For your $103,833,000 first mortgage bonds outstanding in the hands
for
—
a
this instance it might be tried in connection with other carriers with com¬
parable financial structures.
The letter of Mr. Jones, addressed to E. S. French, President of the
bonds
.
$4,803,188
979,244
234,367
$5,595,572
Total income...
Working costs
Royalties
Bullion freight and refining
The plan
approval of
the
$4,730,848
72,340
Miscellaneous expenses
disclosed by
1938^
$5,595,572
—
...
straighten out their affairs by bringing about a reduction in annual fixed
interest charges with the assistance of the Reconstruction Finance Corpora¬
tion was advanced Nov. 7 by Federal Loan Administrator Jesse H. Jones.
was
$2,610,602
$2,145,870
practicable.—V. i49,
as
purposes
1018.
Sundry income
Chairman of RFC—
A
x
was
was
on
Drl85
$1,099,932
Net income
p.
$4,146,701
$835,946
2,152
$4,612,312
Dr434
$1,099,498
495,890
gross-inc.
Deducts. from
Boronot, Inc.—Accumulated Dividend—•
last and
30—
Non-oper. income (net).
$2,305,444 $18,221,554 $14,982,499
2363.
p.
Corp.—Earnings—
1939—3 Mos.—x1938
1939—12 Mos.—x 1938
Operating revenues
$4,758,569
$4,436,979 $19,962,082 $19,084,149
Oper. rev. deductions...
3,658,638
3,601.033
15,349,770
14,937,449
Period End. Sept.
Operating income
1939—Month—1938
$3,136,760
—V.
Buffalo Niagara Electric
1938
$71,537
$0.50
1939
$99,759
$0.73
Stores, Inc.—Sales—
Period End. Oct. 31—
Sales
3109
costs
of
projects
The Commercial & Financial Chronicle
3110
California Public Service
Co.—Hearing Nov. 20—-
Nov.
11,
1939
Balance Sheet Sept. 30
A hearing has been set for Nov. 20, 1939 in the Securities and Exchange
Commission's Washington offices on the declaration and applications (Pile
1939
Assets—
32-184) of California Public Service Co. and its parent, Peoples Light &
Power Co., regarding the proposed issuance and sale by California Public
Service Co. of $500,000 of first mortgage 4H% bonds, series B, due 1964
and the reclassification of its authorized capital stock into 16,480 shares
($25 par) common stock.
The proceeds from the sale of the bonds will be
used for the retirement of $400,000 of company's first mortgage 5% bonds,
series A, due 1961, held by the parent company, the partial payment of
open-account indebtedness to the parent company, and for construction
purposes.
The 16,480 shares of new common stock will be issued to the
parent company in consideration of the stock presently owned by it, pay¬
ment of the balance of the open account indebtedness and as payment of a
stock dividend.
The proposed pledge of the stock by Peoples Light &
Power Co. under the indenture securing its collateral lien bonds. Series A,
due 1961 and the proposed deposit or the $400,000 for the purpose of
retiring outstanding bonds in accordance with the terms of the indenture
will also be considered at the hearing.—V. 149, p. 2964.
1939
1938
Liabilities—
$
a
Mlscell. lnvestm'ts
Accounts
2,486
Cash
Accounts receivable
352,802
4,716
426,159
343,256
61,058
Other
receivables.
65,826
Applic. on rental..
Merchandise,
ma¬
58,358
.
352,525
1,227,972
145,954
9,126
Def. credit items.
17,549
Reserves
4,566,031
413,083
Capital surplus...
472,557
135,017
10,279
178,966
4,267,214
327,171
Def. debit Items..
493,523
depos.
Service exten. deps.
77,123
terials <fc supplies
6,310,570
17,750,000 16,690,000
275,535
177,395
.
payable
Consumers'
$
6,310,570
Accrued accounts.
and
special deposits.
267,461
Total
Earned surplus...
30,586,854 28,950,288
Represented by 74,242
a
no par
Central Indiana Gas
Canada
Dry Bottling Co, of
Florida, Inc.—Stock
Offered—An issue of 67,995 shares common stock ($5 par)
is being offered at $6 per share by Courts & Co.,
Atlanta,
Ga., and associates.
Stock is offered as a speculation.
Long-term debt..
4,369
4,953
627,168
fund
Sinking
1938
$
Common stock..
Property, plant &
equipment
..27,894,764 27,438,974
Total
708,289
.30,586,854 28,950,288
shares.—V. 149, p. 1171.
Co.—Earnings
12 Mos. End. Sept. 30—
Operating
605,484
1939
1938
$2,524,657
2,029,854
.
.
Company was incorp. Sept. 6, 1939 in Florida, for the purpose of acquir¬
ing and operating an exclusive license to manufacture, bottle, sell and dis¬
tribute Canada Dry beverages, under the distinctive package trade-name
and trade-mark "Canada Dry," in the State of Florida, and six
contiguous
$2,098,856
1.685,926
$494,803
revenues
$412,929
Dr57,354
Dr38,571
$456,232
Provision for retirements.
$355,575
108,811
106,826
counties in the State of
Georgia.
Company has entered into a contract to
purchase certain assets, including machinery and equipment owned by
Canada Dry Bottling Co. of Jacksonville, Inc., at its Jacksonville and
Miami plants.
Company has also contrcated to acquire the exclusive
franchise to manufacture, bottle, sell and distribute Canada
Dry beverages
for the entire State of Florida and six contiguous counties in the State
of
$246,763
$349,406
226,739
Interest
Amortization of debt discount and expenseFederal and State tax on bond interest
Other deductions
224,685
893
669
542
573
878
1,087
$120,578
$19,526
...
Georgia, subject to limitations hereinafter explained.
Under the terms of the exclusive license which the subject
company thus
expects to acquire, it may not manufacture or sell beverages other than
"Canada Dry" beverages without the written consent of Canada
Dry
Ginger Ale, Inc.
The proposed licensing agreement provides that the
licensee shall purchase "Canada Dry" extracts for its preparation of "Canada
Dry" beverages from Canada Dry Ginger Ale, Inc., -xclusively. and at the
schedule of prices; that the licensee shall purchase its bottles and crowns
from among the manufacturers thereof that Canada
Dry Ginger Ale. Inc.,
shall designate; that all bottles shall be labeled in the manner
prescribed by
Canada Dry Ginger Ale, Inc., and such labels as well sa foil and other
pack¬
age requirements shall be purchased from Canada Dry
Ginger Ale, Inc.,
and that the
same
shall be affixed to the bottles
specified; that the prices
as
of "Canada
Dry" to the public shall be specified and governed by Canada
Dry Ginger Ale, Inc., and the licensee will establish and maintain its plant
and equipment in the highest sanitary conditions and will
cpnform to all
applicable food laws, rules, regulations and ordinances.
Stock Ownership—The only stock subscriptions
outstanding
Net income
a
Before provision for retirements.
Balance Sheet Sept. 30
1939
the
$
1939
6cum.
equipment
Special deposits
a
11,159,320 10,901,154
1,233
1,238
143,603
138,503
Accts. receivable..
311,921
287,171
Other receivables.
16,915
8,461
j
Cash.
Applan.
on
500,000
500,000
4,648,970
4,648,970
2,956,000
2,956,000
Prop, purch. oblig.
123,883
1,625,000
159,443
219,848
Consumers' depos.
142,945
Notes payable.
Accounts payable.
Accrued accounts.
141,777
99,133
115,718
Serv. ext'n depo's.
Mdse.,mtls.& sup¬
plies (book invt's
cost)
Defd debit items.
42,834
23,384
Defd credit items.
1,626*190
145,506
209,343
136,087
4,465
6
Earned surplus
124
1,320,087
160,318
Reserves.
com¬
in part payment for certain assets purchased from that company.
issuance, Canada Dry Bottling Co. of Jacksonville, Inc., will
12 % of the total authorixed capital stock of the
company.
Of the
total issued stock of Canada Dry Bottling Co. of
Jacksonville, Inc., Robert
H. Paul Jr., owns 4914% theerof, and J. D. Stetson Coleman owns
49lA%
thereof, and Victor H. Paul owns 1% thereof.
Underwriters—Courts & Co., the principal underwriter, has
arranged to
allocate the shares covered by the option between themselves and the other
underwriters in the following amounts: Courts & Co.,
Atlanta, Ga., 30,995
shs.; Childress & Co., Jacksonville, Fla., 11,000 shs.; Leedy, Wheeler &
Co., Oralndo, Fla., 11,000 shs.; The Equitable Co., Atlanta, Ga., 7,500 shs.;
J. H. Hilsman & Co., Inc., Atlanta, Ga.,
7,500 shs.Purpose—To provide funds as part payment in acquiring the machinery
and bottling equipment for the manufacture and sale of
Canada Dry
products at the plants in Jacksonville and Miami, Fla.; to provide
working
capital; to provide for new plant construction; and as full payment for the
($100 par),
Common stock..
First mtge. bonds.
53
Sualifier's shares. There will be presently issued to Canada Dry the
!om. of Jacksonville, Inc., 12,000 shares of the
stock of Bottling
common
stk.
pref.
5,982
rental.
1938
LiabilUies-
Property, plant &
at average
are
1938
$
Assets—
1,228,707
39,740
pany
After such
then
exclusive franchise
for
the
entire
State
Georgia,
The board of directors consists of Robert H. Paul
Jr., Robert H. Ander¬
son, J. D. Stetson Coleman, George B.
Howell, and R. W. Courts Jr.
Capitalization—Company has an authorized capital of $500,000 (par $5).
There is now outstanding only five shares subscribed to
by the incorporators.
79,995 shares.
The remaining 20,000 shares are to
treasury against option to purchase at $6 per share net to (he
company, issued to Robert H. Paul Jr., and J. D. Stetson
Coleman, for a
period of five years.
Of the 79,995 shares to be issued 12,000 shares thereof
It is proposed to issue
be held in the
as
part payment for certain assets to be purchased by the com¬
Dry Bottling Co. of Jacksonville, Inc.—V. 149, p. 2074.
pany, from Canada
Canadian National
Gross
Increase
$6,852,075
revenues
—V.
1938
$6,522,880
Canadian Pacific
149,
1938
Decrease
$5,021,000
2964.
$5,591,000
$570,000
March
1
last.
paid
cents was
Current
V. 149, p. 871.
Sept. 30—
paid on June 1, last, and
payment wipes
out
all
1939—3 Mos.—1938
$248,412
on
Sept. 1.
one of
$1 was paid
accumulations.—
dividend of $3.50 per share on the first pre¬
participating stock, payable Dec. 1 to holders of record Nov. 17.
This will be the first
payment made on the issue since Dec. 22, 1937 "when
$3 per share was distributed.—V.
149,
p.
Central Illinois Electric & Gas
Non
Co.—Earnings—
Sept. 30—
operating
$4,407,311
2,903,768
a Gross income.
Provision for retirements
_
Gross income.
Long term debt
interest
Other interest
Amortization of debt discount and expense
Federal and State tax on long term debt interest..
Other deductions
Net income
a
Before provision for retirements.
1939—9 Mos.—1938
$4,011,889 $11,588,778 $11,033,013
2,777,679
7,888,232
7,863,686
147,679
447,043
427.258
159,152
124,419
3,805
721,371
Net operating profit-Miscell. income (net)
$494,795
34,870
$306,495
31,677
$695,695
98,773
$470,272
66,167
$529,665
125,418
$338,172
130,918
$794,468
376,253
$536,439
392,753
Int. on funded debt
Prov. for income & cap.
stock taxes
116,064
2,929
353,844
9,531
661,043
2,194,433
335,844
8,564
1,927,390
57,647
11,525
69,623
30,925
$346,600
$195,730
$348,592
$112,761
i.
.
Audenried Whittemore, Executive
Vice-President, announced he had
resigned his position and severed all connections with the company, includ¬
ing the Presidency of its subsidiaries the Beaver Go., Ltd
and the Beaver
Wood Fibre Co., Ltd., both of Ontario.—V
149, p. 2965.
,
Co.—Earnings—
Earnings for 12 Months Ended Sept. 30, 1939
Net profit after depreciation and Federal income taxes
Earnings per share on 487,132 shares of capital stock
Current
assets
as
$1,689,540 were
149, P. 2682.
of
Sept.
$5,007,572,
30,
1939,
and
current
1938
$1,857,242
$2,152,422
$1,852,311
Dr4,930
462,147
466,807
$1,690,275
$1,385,504
786 108
842 146
6^397
7 536
5 179
23 ,212
12.772
$684,315
$1.40
including cash
liabilities
and securities-of
were
Chain Store Investment
Corp.—Bat. Sheet
Assets—
1939
d
1938
$2,756
$22,239
150
.
$617,583.—V.
Sept. 30—
1939
1938
$50,000
$400
.
Res've for 1 year's
336,355
Prepaid
Liabilities—
Notes payable
Reserve for taxes.
Investments, at
cost
interest..
293,246
200
uivs.
on
pref. stk
b Preferred stock.
14,268
98,775
14,268
98,775
Common stock..
10,000
10,000
Capital surplus...
169,774
3,3o6
191,834
$339,460
$315,485
c
Current
Total
$339,460
$315,185
def
Total
209
b 2,195 shares at stated value
stated value of 10 cents
per share,
at which
originally purchased
of $45 per share,
c 100,000 shares at
d Investments carried on book sat cost
by predecessor corporation or this corpora¬
V. 149,p.2965.
Chain Store Investors Trust—Bal. Sheet
Assets—
income
Subs.)—Earnings—
Depl. of nat'l resourcesSell., gen. & adm. exps..
$4,707,000
2,849,759
$2,159,665
Dr7,243
__
$3,386,135
$2.834 428
practicable.—V. 149
as
The income statement for the 3 months ended
Sept. 30 was published
1939
$4,925,684
2,766,018
expenses and taxes...
2,525,460
1939—3 Mos.—1938
tion.
revenues.
Net operating revenues
purposes
2964.
per share on the $6 and 6% preferred stock was de¬
clared by the board of
directors, payable Dec. 15, 1939, to stockholders of
record at the close of business
Nov. 20, 1939, leaving arrearages of $23
per share.—V. 149, p. 2964.
a
$630,048
as far
Maintenance and repairs
Deprec. of plant & equip.
Central Illinois Public Service
Co.—Accumulated Div,—*
Operating
Operating
$5,538,237
2,703,809
comparative
allowances)
Cost of sales. «
i
12 Months Ended
$5,911,595
Certain-teed Products Corp. (&
a
ferred
»
for
Accts. receivable.
Celluloid Corp.—To Pay $3.50
Preferred Dividend—
Directors have declared
$1,286,320
656,273
1018.
Cash
After all charges.—V.
149, p. 2964.
x
$1,083,154
611,644
Period End. Sept. 30—
1939—12 Mos.—1938
$304,420 loss$265,966
$119,803
$5,508,123
30,114
Gross sales (less disc'ts &
(Philip) Carey Mfg. Co.—Earnings—
Period End.
Net profit
Restated
x
p.
Chain Belt
Directors on Nov. 3 declared a dividend of
$1.50 per share on account
of accumulated arrears of dividends
on company's class A
stock, payable
Dec. 1 to holders of record Nov. 15.
Dividends of $1 was
last; dividends of 50
$5,882,223
29,372
Official Resigns—•
Oct. 31
1939
p.
(& Subs.)—Earnings—
$1,278,857
7,463
Net income.
Carman & Co., Inc.-—Accumulated Dividend-
x
11,879,884 11,495,132
149, p. 1171.
$471,510
Gross income
Ry.—Earnings—
.
Tr.a/fl,c^armi?^s-.-
on
Total...
shares.—V.
$1,077,367
5,787
Deducts, from gross inc.
Net income for period
Earnings for the 10 Day Period Ended
...
Operating income
Non-oper. income (net).
$329,195
149, p. 2964.
par
Sept. 30— 1939—3 Mos.—xl938
1939—12 Mos•—xl938
Operating revenues
$5,851,173
$5,673,872 $24,960,892 $24,081,085
Oper. rev. deductions—
4,773,806
4,395,015
19,078,669
18,572,962
Ry.—Earnings—
1939
no
Central New York Power Corp.
Total income
Earnings of the System for the 10 Day Period Ended Oct. 31
—V.
11,879,884 11,495,132
Represented by 54,000
Period End.
as
Co. of Jacksonville,
will be used
a
of
Florida, and six counties in
above limited, to be acquired from Cnada Dry
Bottling
Inc.
Management—Robert H. Paul Jr., Jacksonville, Fla., President; J. D.
Stetson Coleman, 40 Wall St., New York,
Vice-President; Victor H. Paul,
Jacksonville, Fla., Secretary, and W. II. Ebert, Miami, Fla., Treasurer.
south
„.
Total
own
1939
Cash
Accts. receivable..
Divs.
10440
3! 134
$857,696
receivable..
Total
115,975
1939
1938
$1,202
$1,029
220
214
117,416
125,849
408
454
$119,248
$127,546
accr. exps.
xCapital
Earned surplus..,
1
90
189
890
891
$119,248
$127,546
Total
Represented by 6,680 (6,858 in 1937) shares.
The
V.
403
......
Sept. 30—
on,
tration expense.
x
Liabilities—
Dividend payable.
Res. for
115,^20
bond investm't.
Defd exps.—regis¬
$517,069
$10,088
585
Invest, at cost
Accrued interest
4,090
1938
$2,262
in
income
149, p.
statement
2965.
for
3
months
ended
Sept. 30
was
published in
Volume
The Commercial & Financial Chronicle
149
Checker Cab Mfg. Corp.
Period End. Sept. 30—
Net profit
x
(& Subs.)—Earnings—
1939—3 Mos—1938
1939—9 Mos.—1938
$68,494 loss$59,042 loss$231.685 loss$200,453
New Director—
After taxes, depreciation, interest, &c.—V. 149, p. 1469.
x
John J. Burns
Chicago & North Western Ry.—Bids
Bids
on
Equipments—
on
issue of $1,800,000 of 23^%
an
equipment trust certificates to
aid in financing purchase of 500 70-ton coal cars and 300 50-foot box cars
which will cost an estimated total of $2,362,500, will be received up to
Nov. 22 at the office of the trustees.—V. 149, p. 2966.
dining the first 10
months of 1939, an increase of 30 0% over the same period of 1938, when
the airline flew 5,694,865 passenger miles
D. D. Walker, Vice-President,
announced on Nov. 2 that during the period from Jan. 1 to Oct. 31,1939, a
total of 18,762 revenue passengers were carried against 14,979 for the same
months in 1938. This is an increase of 25 3%.
The total number of passengers carried in October, 1939, showed an
increase of 5.4% over September of the same year and 16.6% increase
over the month of October, 1938.
The company flew a total of 936,082
revenue
passenger
miles
revenue
passenger miles in October, 1939, against 895,510 in September,
1939 and 739,448 in October, 1938.
Mr. Walker also stated that the month of October was the best month
the company has had in its history
The airline operated 100% during the
City Ice & Fuel Co.—Earnings—
1939
1938
$21,887,957 $21,899,820
2,944,914
2.783,336
3,115,547
3,000,213
2,489,504
2,289,858
$1.31
$1.14
Sept. 30—
Operating profit
Total income.
Net profit
y
Earnings
per
share
on common
expenses,
Federal income taxes
Cliffs
Period End. Sept. 30—Consol. net income
y
Net avail, for divs
x
x Consolidated
net income from operations available for
interest and discounted charges, charging off or providing
doubtful
undistributed
x
$38,750
$0.05
Revised.—V.
profits,
y
z$34,339
$0.04
805,734 shares capital stock
On
(no
par),
1470.
149, p.
items,
y
preferred stock outstanding.—V. 149. p. 1174.
Commonwealth Edison Co.—Weekly
Output—
Edison Co. group (inter¬
Nov. 4, 1939 was 164,997,000
kwh., compared with 135,873,000 kwh. in the corresponding period last
year, an increase of 21.4%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
Kilowatt-Hour
Week Ended—
Nov.
Oct.
Output
1938
1939
4
28
21
14
Increase
21.4%
20.1%
17.3%
20.1%
lo5,873,000
136.716.000
137,460,000
135,806,000
164,997,000
164,191,000
161,223,000
163,117,000
Community Power & Light Co. (& Subs.)—Earnings—
Period End. Sept.
Operating
Operation
1939—12 Mos.—1938
1939—Month—1938
$467,477
$431,719
175,499
176,753
18,958
18,118
45,138
41,399
30—
revenues
Maintenance
Taxes
$4,768,809
2,051,480
218,539
499,839
$4,623,905
2,009,837
241,002
482,762
Coca-Cola Co.—Year-End Dividend—
Directors have declared the regular quarterly dividend of 75 cents per
share and
year-end dividend of $2.25 per share on the common stock,
payable Dec. 15 to holders of record Dec. 1.
Dividends of 75 cents
were paid on Oct. 2 and on July 1, last; 50 cents was paid on April 1, last;
75 cents paid on Dec. 15 and on Oct. 1, 1938 and dividends of 50 cents
a
Said on July 1 and 149, April 1. 1938. Extra dividend of $2 was paid on
>ec. 15, 1938.—V. on
p. 1470.
1939
$1,150,956
32,800
2,491
1938
$1,167,411
37,770
1,981
1937
$1,170,467
25,750
2,062
$1,115,665
1,112,504
$1,127,668
1,128,448
$1,142,6.54
1,141,177
$782,802
783,356
def$780
$1,477
def$554
Reserve for Fed. taxes
Expenses
Net profit.-Dividends
Surplus.
$3,161
—-
Balance Sheet
Assets—
z
1939
Common
Class
A
Class A stock—
v
Common
929,660
945,530
147,770
J>262
$1,998,952
5,759
$1,890,304
10,969
$228,553
49,688
$195,187
45,284
$2,004,711
476,493
$1,901,273
$178,865
3,496
71,425
$149,903
4,411
69,185
$1,528,218
49,212
849,063
$1,493,979
32,855
842,703
1,027
1,025
266
12,324
3,828
14,596
332
Balance
Retirement accruals
Gross Income
Interestto public
$613,791
$600,987
102,653
1,837
103,363
2,991
$509,301
$494,633
833,560
15,502
1,837
6,393
125,029
831,832
10,871
2,991
6,531
186.449
and expense
Miscell. income deduc'ts
Net income.
$102,584
$75,016
Dividends paid and accrued on preferred stocks:
To public
•
To parent company
Balance applicable to parent company
Earnings from sub. cos. deducted in arriving at
above:
1938
Interest earned
$929,660
$9^5,530
3,836,220
3,890,200
Interest not earned
121,893
Preferred dividends
11,006
242
stock-
122,135
Surplus
Other.
a
Common dividend from subsidiary, not consol.
$4,913,650 $4,957,8661
x
2,838
269
306
$1,491,893
$1,533,614
Other income
Total
407,294
c
.
for taxes. 136,764
Reserve
stock,
Coca-Cola
Cash
647
1939
x
$3,836,220 $3,890,200
$783,449
Sept. 30
Liabilities—
1938
stock,
Coca-Cola
a
1936
$195,449
671
•
.
Interest to parent co
Amort, of debt discount
Coca-Cola International Corp.—Earnings—
Gross income
$227,882
Net oper. revenues
Non oper. income (net)_
both
3 Mos. End. Sept. 30—
consolidated
reserves for
Net income from operations available for dividends,
after deducting minority interests and providing for all Federal and other
taxes,
ar After
payment of dividends on the 4>4 % cumulative convertible
1939—9 Mos.—1938
$125,698
x$161,534
$0.16
$0.20
1939—3 Mos—1938
share—
per
1939—9 Mos.—1938
$8,729,560 $11,347,391
5,757.386
7.234,589
5,368,709
6,845.880
$2.91
$3.71
$3,228,388
2,086,393
1,956,824
$1-06
—V. 149, p. 2967.
After charges and Federal income taxes, but before provision for surtax
x
on
interest"
Corp.—Earnings—
Earnings
y
-Earnings—
1939—3 Mos.—1938
$2,925,863
1,993,771
1,864,212
$1.01
z Net available for com_
Earn, per sh. on common
Oct.
ordinary taxes and depreciation,
y After
and minority interest.—V. 149, p. 1470.
Period End. Sep.. 30—
Net profit
member of the board of directors at the meet¬
Commercial Credit Co. (& Subs.)x
Oct.
After
x
a
company sales deducted) for the week ended
Gross sales
x
elected
The electricity output of the Commonwealth
past 31 days —V. 149. p. 2364.
9 Months Ended
was
ing of the board held Nov. 8.
Mr. Burns was formerly Judge of the Superior
Court of Massachusetts, general counsel of the Securities and Exchange
Commission, and special counsel of the United States Maritime Com¬
mission.—V. 149, p. 2364.
Chicago & Southern Air Lines, Inc.—October Revenues
Company flew 7,402,494
3111
Dec. 8 to holders of record Nov. 24.
Like amount was paid on Sept. 18,
last; dividend of 35 cents was paid on June 9, last, and previously regular
quarterly dividends of 25 cents per share were distributed.
.$4,913,650 $4,957,866
Total.-
Represented by 92,966 no-par shares in 1939 and 94,553 no-par shares
a
Total..
Represented by 191,811 (194,510 in 1938) no-par shares,
y
z
value,
a
Rep¬
Rep¬
Dividend—
Directors
on
a
dividend of $23.40 per share on the com¬
Collins & Aikman Corp.
(& Subs.)—Earnings—
3 Months Ended
Period—
Net profit.
y
Earnings
x
per
share
6
Mos.
-
Ended
Aug. 26, '39 Aug. 27, '38 Aug. 26, '39 Aug. 27, *38
$163,290 loss$136.125
$128,637 loss$539,968
"
$0.19
Nil
$0.04
Nil 1
After depreciation, taxes, &c.
y
562,800
no par
shares common
$638,330
Includes
(1938, $186,443)
$125,029
common
stock
of General
representing amount assigned to
Utilities, Inc., received as a
Public
2967.
149, p.
Connecticut Ry. &
Lighting Co.—Bonds Called—
The Chase National Bank, as successor trustee,
and refunding mortgage 4M% 50-year gold
first
$178,000 principal amount of these bonds, for purposes of the sinking fund-1
Payment will be made on and after that date upon surrender of the bonds
Corporate Trust Department of the bank, 11 Broad St., New York.
—V. 149, p 2968.
to the
Dividend—Bonus—
Consolidated Pat>er Co.—Common
Metropolitan Life Insurance Co. has agreed to reduce the interest rate
notes it purchased from the company (which is controlled by SoconyInc., and Texas Corp.) to 1^% per annum from 3%,
beginning Oct
2, 1939
The original notes amounting to $15,000,000, were sold in November,
1937, to Metropolitan and oertain other companies, and mature serially
from 1943 to 1947.
Under the recent agreement, the maturity date has
been changed to Oct 2, 1944.
,
1939
ciation, &c., but before depletion—
—V. 149. p. 2507.
[£30,037
1938
1937
f£44.206
f£58,367
(&
Subs.)—
SepV 30, *39
Broadcasting
Oct
1 '38
$23,958,344
Inc.
System,
Earnings—
39 Weeks Ended—
June 1.1938.
„
Gross income from sale of facilities, talent & wires_$28,673,929
Time discounts and agency commissions
8,546,938
12 Months Ended Sept.
Operating expenses
Selling, general and administrative expenses
1939
41,074
1938
(after eliminating
$37,116,060 $37,226,695
13,922,152
13,772,261
Maintenance.-.:—1,940,475
1.880,921
Provision for depreciation
5,366,060
4,979,806
Gen. taxes and estimated Gederal income taxes—
4,641,989
4,546,411
intercompany transfers)
General operating expenses
$11,245,385 $12,047,295
Net earnings from operations of sub. cos
Non-oper. income of sub. companies
51,842
Dr453,407
6,875,428
.$20,126,991 $17,082,916
9,318,013
10,931,510
4,188,570
4,514,074
Interest
Subs.)—Earnings—
30—
--$11,297,227 $ 11,593,887
4.683,629
4,659,485
Total income of subsidiary companies
Profit
,
Directors also voted to pay a service bonus on Dec. 18 to all employees.
A minimum of $30 for male and $15 for female employees will be paid to
those employed six months or longer. Less than six months but more than
three months, a minimum of $15 and $7.50, respectively.—V. 148, p. 578.
Gross oper. earnings of sub. cos.
•
.
a dividend of 25 cents per share on the common
payable Dec. 1 to holders of record Nov. 20. Similar payment was
made in three preceding quarters; dividend of 50 cents was paid on Dec. 1
1938, and a regular quarterly dividend of 25 cents per share was paid on
Continental Gas & Electric Co. (&
Co., Ltd.—Earnings—
3 Months Ended June 30—
Profit after drilling expenses, depre-
is notifying holders of
bonds endorsed with a
guarantee of interest by The United Gas Improvement Co . that there has
been called for purchase on Jan
1, 1940, at 105% and accrued interest,
shares
on
Colon Development
of
dividend—V.
Directors have declared
Colombian Petroleum Co.—Interest Rate Reduced—
Columbia
895,284
$617,896
gross
stoclc.
—V. 148, p. 3840.
Vacuum Oil Co
873,996
Amount available for dividends and surplus.-
Expenses, taxes and.deductions from
6hares
Nov. 6 declared
mon stock, no par value, payable Dec. 15 to holders of record Dec
1. This
compares with $5 80 paid on Oct. 2 and on July 1, last; $3.85 paid on April 1,
last; $21 40 paid on Dec 15, 1939; $5.80 on Oct. 1, 1938. and $3.89 paid on
July 1 and on April 1, 1938.—V. 149, p. 1020.
x
income
a
a
in 1938.
resented by $1,534,488 (1,566,080 in 1937) shares, no par
resented by 185,932 (189,166 in 1938) no-par shares.
Depreciation..
462,241
36,379
449,567
Federal income taxes
790,831
Interest, amort. & pref. divs. of sub. cos
$6,613,597
$6,934,402
17,170
16,581
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies
$6,596,427
Income of Continental Gas & Electric Corp. (excl.
$6,917,821
Balance
582.358
Profit.
Miscell.
$3,387,260
income
profit & loss
on
(net) incl. int.,
sale of securities
discount,
Net profit for the period
x
Earnings
per
share
$2,508,029
123,964
98,127
$3,511,224
$2 05
$2,606,158
$1 52
divs.,
Calculated upon the
1,709,723 shares of $2 50 par value stock either
outstanding at Sept. 30, 1939 or to be outstanding upon ^completion of
exchange of old $5 par value stock.
Note—Results shown above do not reflect the operations of Columbia
Recording Corp and its subsidiary companies, the acquisition of 100%
ownership of which was completed by Columbia Broadcasting System, Inc.
during 1939.
Columbia Recording Corp results, which on the basis of
estimates for the first nine months of 1939 do not materially affect con¬
solidated profits, will however, be included in the consolidated figures at the
x
close of the current year
To Pay
45-Cent Dividend—
The board of directors on Nov. 8 declared a cash dividend of 45 cents per
share
on
the present class A and class B stock of $2.50 par value, payable
Proportion of earnings,
common
attributable to minority
stock
Total
11,744
-
—
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp
Balance
Holding company deductions:
Interest on 5% debentures, due 1958
Amortization of debenture discount & expense.
Taxes on debenture interest
Balance transferred to consolidated surplus
Dividends
on
prior preference stock
Balance..
149,
p.
—
-
-----
Earnings per share
—V.
-
2364.
$6,969,278
$6,821,303
2,556,942
161,404
43,188
subsidiaries)
51,457
$6,608,171
81,710
225,779
$6,300,681
of income received from
2,578,584
162,715
40,490
$3,539,147
1,320,053
$4,039,514
1,320,053
$2,219,094
$10.35
$2,719,461
125,154
22,820
$12.68
The Commercial & Financial Chronicle
3112
Edison Co. of New York,
Consolidated
Creole Petroleum Corp.— To
Inc.—Weekly
Consolidated Edison Co. of New York announced production of the
plants of its system for the week ending Nov. 5, amounting to
151,800,000 kilowatt hours, compared with 136,900,000 kilowatt hours for
1938,
corresponding week of
an
increase of 10.8%.—V. 149,
p.
1939—Month—1938
Period End. Oct. 31—
Crosley Corp. (& Subs.)— ■Earnings—
Sales...
$888,911
9 Mos. End.
$864,919
$7,536,061
1939
$12,398,090
Costs, royalties, ordinary
tax
11,828,556
$7,061,974
Other deductions
Continental
Casualty Co.—Extra Dividend—
Dec.
was
1, both to holders of record Nov, 15.
paid on Dec. 15, 1938.—V. 148 p. 878.
Electric
Steel
Steel
Co.—To
Plant—To
Ask
stock
Increase
in
Indebtedness
Includes depreciation
finance the erection and equipment of the new electric
plant now being built on property recently acquired at Warren, Ohio,
asked stockholders ot authorize increase in the company's
indebtedness from $509,000 to $3,000,000.
A special stockholders' meeting
for this pi rpose has been called, to be held Nov. 29 at
company's principal
office at Glassport, Pa., in the Pittsburgh district.
Details of the proposed financing have not yet been settled, 8. E.
Bramer,
Income Account Years Ended Sept. 30 (Incl. Subs.)
1939
President, states in a letter to stockholders.
It is contemplated, however,
that a loan may be obtained in the form of a $2,000,000 bond issue which
may be secured by the pledge of the plants and other physical properties
of the company.
It is anticipated that such loan will be liquidated over a
period of 10 to 15 years.
An additional $500,000 could be provided
through the sale of 10,000 au¬
thorized but unissued shares of serial preferred stock ($50 par).
The pre¬
ferred stock, in the amount of 50,000 shares, was authorized
early in the
present year, of which 40,000 shares were sold in July through a banking
and
1937
1936
$8,390,903
5,878,922
$8,562,946
5,943,136
2,364,084
$8,240,734
$83,894
$64,981
14,475
16,848
$255,726
14,633
$303,584
19,870
16,724
15,679
13,168
$120,489
$96,304
$286,039
$334,402
2,407
3,354
4,326
4,475
1,252
1,447
2,024
2,345
11,358
12,810
13,329
15,674
2,876
13,300
allowances
Cost of goods sold.
Operating
1938
$8,032,147
5,715,454
2,232,799
4,975
371206
42,316
$72,766
54,240
$229,160
55,135
88,488
$269,997
69,422
88,486
loss roturns
Gross sftlos
expenses
Net inc. from trading.
Other oper. revenues
Other income
Total gross income
Int. on long term debt
group..
The new
plant, which it is expected will be ready for operations during
quarter of 1940, will have a nominal capacity or 100,000 tons of
Part of the production will be used by
the company for the manufacture of copper-covered steel
wire, rods and
strand, of which the company is the largest producer in the country.
Int.
Earnings for 3 Months Ended Sept. 30, 1939
Loss
the first
(real estate mtge.)
high-quality alloy steel annually.
deprec.
& prov.
for Fed.
Rentals
sale
'
$0.45
Net income
Preferred
Income Account for Stated Periods
Period End. Sept. 30—
Net sales
1939
Cash
a
Accts.
a
$7,132,294
6,377,864
$7,531,532
6,748,459
$334,816
$354,669
$754,430
$783,073
of plant,
val.
sur.
one year.
1,000
1,000
36,575
38,320
Accrued liabilities.
91,037
105,820
Prov.for inc.taxes
14,778
4.975
51,000
73,000
760,575
768,925
within
life
8,622
7,759
1,196,357
Res. for contingent
13,964
7,578
_
Advs. to empl's for
102,039
256,905
24,812
$493,694
Cr73,966
45,636
$526,168
GY65.670
28,116
23,947
16,000
23,148
24,000
58,384
16,000
41,465
47,539
99,371
$147,845
47,783
$169,048
21,861
38,228
$348,268
65,586
133,796
$368,993
65,569
114,683
147,498
and
260,736
$253,782
Cr 18,851
8,898
165,405
347,227
356,675
Prepaid
cum. conx . pf.
stock (par $25).
__
amort,
>
of
bonds or deb. disc'ts.
Reserve for contingencies
Provision for Fed. and
Preferred dividends
Common dividends
xNet income allocated to:
Creameries of America,
21,861
Inc
Cash
Acc'ts
notes
$518,063
760.512
Leasehold impts.
108,618
114,899
1,577
1,494
c
deposits
109.002
1939
Accounts payable
Notes pay. banks.
741,568
513,503
431.299
and
Notes
! nventorles rec
contracts
Marketable
securs.
► at cost
33,792
Receivables
than
and
$470,652
100,COO
45,000
contra.
a
114,0/0
115,517
2,730,001
2,607,425
66,925
84,237
equip.,
Dairy herd
Costoftraderoutes
1
Prepaid expenses..
Debt disc't & exp.
1
95,463
7%,994
107,228
79,009
11,203
and Fed. taxes..
192,842
194,771
41,000
439
1,204
not
pay.
43,167
3M % debns. due
Sept. 1, 1954... 1,200,000
Mtgs. pay
97,182
Minority
interest
a
1,125,000
26,781
298,237
Preferred stock
1,077,908
1,077.222
Common stock
382,275
382,275
411,388
875,112
.
Paid-in surplus.._
$5,082,413 $4,933.0561
-V. 149, p. 2684.
437.823
1,049,093
Total income.
Discount on sales
I
Amort, exper. exp., &c
Interest and amortization
Federal income taxes ,&c
Earnings—
1939
Operating profit after depreciation
;
1938
$21,806,672 $19,797,196
2,882,519
2,389,598
3,141,434
2,672,537
358 717
325,524
180,940
87,126
543,159
440,687
431 ,'009
466,307
r
Net profit
Preferred dividends
$1,627,549
379 701
Common dividends
Surplus.
Earns, per share on common stock
Note—Revision
of
$1,247,848
$2.41
$1,352,893
379,700
258,799
$714,394
$1.88
depreciation rates as of Jan. 1, 1939, resulted in a
reduction of approximately $254,103 in depreciation for nine
months ended
Sept. 30, 1939.
For the quarter ended Sept. 30, 1939, net profit was
$831,655, equal to
$1.36 a share on common, comparing with $449,337, or 62 cents a common
share, in September quarter of previous year, and $604,339, or 92 cents a
share, for quarter ended June 30, 1939.—V. 149, p. 2509.
reserve
less
for depreciation
2684.
Curtis
Publishing
Preferred Arrearages—
Company announced
on
Co.—To
Nov. 7 that
a
At written-down
Recapitalize
amount,
Reduce
and
special meeting of stockholders
had been called for Dec. 6 in Philadelphia to vote on authorizing the creation
an issue of 600 000 shares of prior preferred stock for exchange purposes.
of
The company previously notified the New York Stock Exchange that
a record date for holders of preferred and common
entitled
to
notice
of
the
meeting and to
vote
on
the
proposed
amendment.
The prior preferred would have a cumulative $4.50 dividend a liquidating
value of $100 a recemption price of $120 and would have the same rights
privileges
priority.
common
is
as the present preferred stock
except as to dividend rate
A two-thirds vote of the preferred and a majority of the
required for adoption of the amendment.
The vote on the
will not carry any commitment to exchange and preferred
stockholders will be asked their desires in this connection after the amend¬
ment has been approved.
The purpose of the plan the company states is to "adjust the present
capital structure of the company on a more realistic basis i.e. one which
come as
closesly
as
possible to
an
earning capacity which can reasonably
be anticipated.
If the prior
preferred is authorized
holders of the present preferred
will be offered the privilege of exchanging two-thirds of their present
holdings of preferred for the new prior preferred on a share-for-share
basis and a date will be fixed for effecting such exchanges.
Stockholders
may exchange for the new stock or hold their present stock as they prefer.
A stockholder would be permitted to exchange two of every three shares
of preferred he owns for a like number of the new prior preferred.
The
company said it would exchange the proper proportion of all company held
preferred for the new stock.
If
$5,082,413 $4,933,066
called for redemption Dec. 1.
Co., Inc. (& Subs.)
9 Months Ended Sept. 30—
Net sales.--------
$2,095,657 $2,182,374
b After
in 1939 and $133,298 in 1938.
provision for amortization.—V. 149, P.
a
full exchange is effected there would be 300 000 shares of the present
preferred outstanding and the outstanding total of both
ferred stock would remain as at present at 900 000 shares.
Explaining the effect
Crown Cork & Seal
r
__
Total
% debentures replaced 5% debentures
Total
for doubtful accounts,
c
will
current
Earned surplus.
reserve
amendment
payment
Deferred income..
in subsidiaries.
Total
After
of $155,458
and
24,190
3,725
Notes
depreciated
...$2,095,657 $2,182,3741
and
pay.—others
Debs, sinking fund
current
Investments
Plant
190,144
1938
$446,989
Acer. Int. payableAcer.
Co.,
State
33,811
232,693
other
&
2,376
Nov. 3 had been fixed as
.
$410,225
391,305
30,653
stock
Liabilities-
hand and
on
110,610
315,433
426,717
Leasehold & utility
Consolidated Balance Sheet Sept. 30
1938
62,606
110.610
337,115
Earned surplus.
517,275
of depreciation.
1939
_
__
532,402
_
^ in banks
52,894
2,376
Com stk.(par 25c.)
Capital surplus...
30,020
58,728
27,000
Minority interest.
347
3,643
1.042
12,317
y Including maintenance and repairs, taxes, rentals,
selling, general and
administrative expenses and provision for doubtful
accounts, but exclusive
Assets—
5,617
Inv.in land & bldgs
b Fixed assets
Total
territorial taxes
3,007
4,010
and
expenses.
18,991
7%
1,924
notes
Invest, securities
Other income
Other expenses
Interest
100,887
$232,778
CY21,292
liabilities
purch. of capital
Empl's
$392,315
$302,825
Long-terra debt...
984,042
policies.
1938
Accounts payable.
1st mtge. note due
acc'ts. receivable
equipment
1
23,270
Notes receivable
a
prop¬
Operating profit
•
3171,162
accts. receivable
Cash
1939
$30i,127
14,504
stock
Operating profit
erties &
Liabilities—
1938
Other notes and
cust.
rec..
insur.
$2,838,205
2,483,536
'
.
Balance Sheet Sept. 30
Assets—
Inventories
1939—9 Mos.—1938
$2,702,734
2,367,918
yCost of sales
Deprec.
53,420
Common dividends
(■Including Subsidiaries)
1939—3 Mos.—1938
951
$89,294
dividends
America,
Inc.—$1,200,000 Debentures
Placed Privately—The company in September
placed privately
an issue of
$1,200,000 3K% debentures due Sept. 1, 1954.
Proceeds will be used to redeem outstanding
5% debentures
called for redemption Dec. 1 next.
17,650
fixed
of
Fed. & State inc. taxes
$219,129
5,748,280
2,188,870
unoccupied
on
on
assets
&■
Earnings per share on 431,714 shares common stcok (after pref.
dividends)
—V. 149, p. 2684.
2,446,999
notes and accts.
on
payable to others
buildings.
of
$2.54
-V. 149, p. 1472.
Sales for October, 1939 were $690,075, as compared to $699,906 for
October, 1938, a decrease of $9,831 or 1.4%.
Company has 82 stores in
operation at the present time and these figures cover 82 stores for both
periods.
However, in October, 1938, it had 90 stores in operation and
sales for the 90 stores as compared to the 82 this year were $723,509,
which would show a decrease this year of $33,434 or 4.6%.
To provide funds to
Creameries
$1,390,327
$0.19
Nil
Crown Drug Co.—Sales—
from
company has
Net earnings after all charges incl.
State income taxes
$103,581
1O8S$43 ,484
$0.29
Provide Financing for New
$500,000 to $3,000,000—
steel
$158,376
Earns, per share on cap.
x
Copperweld
202,387
Net profit
iQqfi
$15,000,520 $17,736,204
9,105,530 xl4,339.181 xl5,940.004
111,219
152,221
139,855
23,758
65,537
266,018
340.000
200,674
92,544
Depreciation
Extra dividend of
icr*7
$9,397,697
116,227
Federal income taxes
Flood loss
Directors have declared an extra dividend of 30 cents per share in addi¬
tion to the regular quarterly dividend of like amount on the common stock.
The extra dividend will be paid on Dec. 15 and the regular quarterly divi¬
1 QQQ
Sept. 30—
Sales
1939—10 Mos.—1938
—V. 149, p. 2364.
40 cents
Pay Extra Dividend—
a
2967.
Consolidated Retail Stores Co.—Sales—
on
1939
an extra dividend of 25 cents per share in
regular dividend of like amount on the capital stock, both
payable Dec. 15 to holders f record Nov. 30. Like amounts were paid on
June 15, last, Dec. 15 and June 10 1938 and on Dec. 15 and June 10,1937.
—V. 149, p. 256.
addition to
electric
dend
11,
The directors have declared
Output—
the
Nov.
classes
of pre¬
the investor the company points out that each
holder of present nreferred who exchanges will have divided his holdings
into two classes of preferred stock.
After the exchange he will have twothirds of his ownership in the new $4.50 cumulative prior preferred with
first claim on distributable earnings "so it will be reasonable to anticipate
full
six
on
coverage unless annual earnings fall below the average of the last
years."
The remaining one-third of his ownership will consist of the
preferred with accrued dividends of approximately $18 a share
present
and a first claim on any earnings distributed after payment on the prior
preferred.
By making the exchange shareholders will waive their rights
to accumulated dividends upon the shares exchanged for the prior preferred
stock.
The proxy presentation says the exchange offer will give holders of present
preferred "an opportunity to acquire a sounder prior preferred stock for a
portion of their holdings
concentrating the more speculative features of
their investment in the unexchanged present preferred."
At the same time
the company will be enabled to "check the present rapid increase in
dividend
remove
accumulations
all
unpaid
and, if earnings increase sufficiently, ultimately
on
the unexchanged present preferred, thus
accumulations
making it possible thereafter to make some return to common stockholders."
The present preferred stock, which is on a $7 cumulative dividend basis,
had accumulations on shares publicly held Oct. 1 amounting to $13,008,852
and annual dividend requirement on the 722.714 shares
publicly held total
$5,058,998.
The company has declared dividends amounting to $2.37H
this year, including one of $1.12M payable on Dec. 20 to stockholders of
record Nov. 20.
Volume
149
The Commercial & Financial Chronicle
The only year since 1932 when earnings have warranted payment
full $7 on the present
preferred was 1936.
"The average yearly earnings for the six-year period of 1933 to
nclusive,
of the
1938,
$4,001,766." the statement says.
"Using this as a guide,
it is evident that the present capital structure of the company is not
justified
by Its earnings.
If no adjustment were made for the future the present
preferred would approach more and more closely the status of a common
stock.
All the earnings found by the directors to be available for dis¬
tribution would then go toward the payment of the accumulated dividends
but the preferred would have no assurance of
any fixed annual return and
little prospect of ever receiving the full arrears of dividends.
The common,
with little chance of receiving any dividends would nevertheless retain its
present two-to-one voting superiority over the preferred on routine corporate
were
affairs."
Giving effect to the exchange proposal, che statement says the dividend
requirements of the prior preferred and unexchanged present preferred
would be approximately $1,200,000 less than the present annual require¬
ment, and the accumulation on the present preferred publicly held would
be reduced from approximately $13,000,000 to approximately $4,400,000.
The company said it plans to apply for listing of the proposed issue of
on the New York Stock Exchange where other outstanding
prior preferred
issues of the company
have long been listed.-—V. 149, p. 2968.
Cushman's Sons,
Period—
x
x
$24,125
Oct. 7, '39
$284,092
Oct. 8, *38
$44,807
Oct. 8, *38
$286,263
After interest, depreciation, taxes, &c.—Y. 149, p. 1472.
Period End. Sept. 30—
Earned per share
After depreciation. Federal taxes, &c., but before provision for
surtax on undistributed profits.—V. 149, p. 1472.
x
Detroit Gasket &
Preferred stock, to 31 cents
Period End. Sept. 30—
$1.30
on
share
Accts. & notes
other assets (less
y
reserve)
1938
1939
$838,519
$1.93
1937
$729,118
$1.39
$946,450
$2.46
expanding plant operations in Illinois and South Carolina
p.
Res. for conging—
Prior pref,
stock
606,415
606,415
2,001,692
Deficit-
Total-
—
$7,636,474 $8,018,782
—
2,001,692
1,226,183
1,226,183
—$7,636,474 $8,018,782
Total
Sept. 30 was published in
Eastern Shore Public Service Co. (&
12 Months Ended Sept. 30—
Operating revenues
Operating expenses
;— — -
-
Subs.)— 'Earnings
—
-
.
-
-
$2,688,780
1,075.957
120,250
304,005
130,465
346,585
89,167
243,692
_
_
1938
1939
$2,855,931
1,117,269
—
Provision for retirements
Federal income taxes
Other taxes
36,060
—
The income statement for 9 months ended
V. 149, p. 2970.
——
70,745
238,550
$928,752
------—13,279
$879,273
8,607
$942,031
436,395
6,819
48,964
Cr786
$887,880
$450,639
$392,740
Gross income
Interest on long-term debt
Other interest
-
—
-
—
Amortization of debt discount and expenseInterest charged to construction-
Ltd.—Output—
on
—
—V. 149
1938
1937
1936
$427,130
a$1.41
$28,456
y$0.28
x$372,796
y$2.42
x$319,060
z$2.36
2365.
Ebasco Services
Inc.—Weekly Input—
For the week ended Nov. 2, 1939 the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co.,. as
compared with the corresponding week during 1938, was as follows:
ItlCTCdSC
1939
American Power & Light Co_-128,701,000
Electric Power & Light Corp.- 63,943,000
National Power &
Earnings
stock.—V. 149, p. 876.
per
a
share on 300,000
no
-3 Monthsx
y
Earnings per share--.-
$93,740
$0.86
9 Mos.
June 30 '39
Afar .31 *39
$61,020
$0.49
$35,649
$0.20
After
depreciation, Federal income taxes, &c.
—V. 149, p. 1759.
Eastern Air Lines,
Sept.30 '39
$189,409
$1.55
El Paso Electric Co.
revenues
1939—Month—1938
$256,787
$248,582
97,132
94,717
_
.
—
■
1938
1939—12
§2,934,190
1478,271
$2,890,857
1491,891
12,291
32,811
Taxes
19,550
29,349
184,163
373,863
185,560
334,875
$114,553
Maintenance
$1,178,531
Dr56,001
502
$104,966
Dr4,931
$1,197,894
-
$115,055
36,591
$100,035
36,175
$1,194,785
437,021
$1,122,530
$78,464
$63,860
$757,764
$685,913
2,083
2,083
25,000
25,000
$76,381
$61,777
Non oper. income
(net)
Balance.
$6,996,647
.
Co.,
3,177,857
Dei.)—
Dr3,109
1,139,399
655,554
671,224
314,519
112,433
436,617
__
Balance
360,529
I? ell ctllC 6
—>
Preferred dividend
r^ufrements (public)
Balance applicable to
El Paso Elec. Co. (Del.)
_
333,792
$372,234
46,710
Appropriations for retirement reserve
$327,121
46,710
$325,524
$280,411
Earnings of El Paso Electric Co». (Del.)
$925,661
12,359
$646,940
30,099
160,000
$938,020
47,519
217,000
$456,841
period---
(Del.) (& Subs.)—Earnings—
Earnings of El Paso Electric Co. (.Texas)
Balance.-.---.
Operating revenues
■
$5,458,047
Conducting transportation
2,486,792
Maintenance & repairs (incl. provisions for over896,169
I
hauling flying equipment)
Depreciation (incl. prov. for obsolescence of spare
550,057
parts and supplies)
562,207
Selling and advertising,—
General and administrative,
236,424
Taxes (social security, property and franchise)-—
88,763
b
Ml
»•
Net operating income
$637,636
Miscellaneous income
9,304
—
^_
Period End. Sept. 30—
12 Months
Total income
Miscellaneous deductions
Provision for Federal income tax.
9,435,000
13.6
of any com¬
On common stock.
9 Months
r
10.5
69,222,000
Co— 78,657,000
Int. & amort, (public)—
y
Inc.—Earnings—
Sept. 30, 1939—
6,079,000
—V. 149, p. 2365.
Operating
Operation
Sept.30'S9
Pet.
13.1
57,864,000
1939—Month—1938
1939—10Mos.—197
$2,214,093
$2,281,653 $20,314,881 $19,824,101
Period End. Oct. 31—
Sales
par
Co.—Earnings-
Period—
Net profit
light
1938
Amount
113,759,000 14,942,000
Note—The above figures do not Include the system inputs
panies not appearing in both periods.—V. 149, p. 2970.
x Before
provision for surtax on undistributed profits,
y Earnings pot
share on 100,000 shares class A stock (no par),
z Earnings per share on
84,500 shares class A stock,
215,573
$177,167
Edison Brothers Stores, Inc.—Sales—
1939
-
13,336
51,020
Cr5,611
$235,066
—
——
p.
436.395
215,572
preferred stocks
Balance
(S. R.) Dresser Mfg. Co. (& Subs.)—Earnings—
share
—
Net income.
Dividends
Operating Subsidiaries of
9 Mos. End. Sept. 30—
Net profit after deprec.,
taxes, &c
F
Earnings of El Paso Electric Co. (Texas)
Note interest deducted from above earnings1
Earnings of other subsidiary companies applicable
to El Paso Electric Co. (Del.)
Miscellaneous revenue
$673,502
Note—General and administrative expense includes $30,000 provision for
for contingencies in March, 1939.
1938
1939
12 Months Ended Sept. 30—
—
$325,524
25,000
$280,411
25,000
84,341
81,427
15
——
35,416
$386,853
29,157
$399,449
$357,696*
$434,866
Total
Expenses, taxes and interest
—
—
reserve
Balance Sheet Sept.
f Assets—
1939
$1,397,061
Cash
rec.,
1938
$892,962
498,639
Marketable secure.
Accts.
Accts. rec.,
628,427
trade")
sund'yj
/518,401
\ 56,147
183,222
Balance.
30
Liabilities—
1939
Traffic bal. pay—
Other trade accts.
$333,368
248,546
undist.prof.
taxes (est.)
175,689
8,000
114,123
139,696
payable
Accrued liabilities.
170.484
Fixed assets——
2,995.337
237,649
Deferred charges.-
147,658
165,908
Prepaid transportDepreciation res.
9,257
144.129
Organization ex p.
Preliminary exps—
299,995
Goodwill----——
155,866
1,616,049
-
Res.
for
overhaul
conting—
46.344
31,649
2,083,330
—
—
$4,732,701 $5,188,687
-V.
149,
p.
1621.
Total---
182.972
$216,477
surplus-—
$174,724
—V. 149, p. 2366.
Electric Auto-Lite Co.
Period End. Sept.
x
30—
Earnings
per
common
share
stock--
(& Subs.)—Earnings—
1939—3 Mos.—1938
$191,228
$1,019,797
Net income—.
on
1939—9 Mos.—1938
$7,571
$3,850,734
.
^
$0.85
$0.16
■
.
$3.21
After depreciation, Federal income taxes, interest on
Nil
debentures and
minority interest.—V. 149, p. 2510.
Empire Capital Corp.—Extra Dividend—
15,000
2,118,090
818,465
Capital surplus—
Earned surplus
681,487
publicity exp—
Common stock
182,972
30.000
Res.for advertis. &
Total-
Balance for common stock and
x
152,528
Res. for
-
Preferred dividend requirements——.—
Fed.&
67.458
Investments—
1938
$96,838
115,976
24.289
1,620,717
Inventories
175,000
200,000
175,000
200,000
(not due 1939)—
23.145
1473.
production reached a new all time high in October totaling
$668,837, against $654,356 in September and $616,263 in October, 1938.
For the first 10 months of 1939 bullion production amounted to $6,149,670, against $6,087,092 in same period a year ago.—V. 149, p. 2685,
Net income for the
1,624,247
($20 par value)stock
($10
Operating income..
Bullion
Period Ended
quoddy Land Co.
Other income (net)
normally the slackest time in the business.—-V. 149,
x
150,000
2,766,664
1,485,494
41,789
-
100,000
1,702.650
1,152,000
On 206,250
has been continued with the growth of the business and found to be helpful
from the standpoint of both costs and service.
► With the recent retirement of the company's funded debt of some $787,000, we continue to have adequate cash resources for reasonable expansion
and competitive needs.
Orders now in sight, partly due to war conditions
and advance buying, promise a steady flow of production through the winter,
Driver-Harris
81.533
287,017 5-year 4% notes— 1,152,000
Mtge. liability of
150,000
sub.(notdue'39)
Liability Passama-
221,626
(less
Deferred charges.
75,000
155,908
1,702,650
vertible bonds—
(less reserve)
2,579,743
Tlmberlands & P-P
stum page
150,202
-
1,755,549 Res. for estd. reor¬
ganization exp__
8,675
1st mtge. 5% con¬
Misce. Invest'ts &
increased total sales.
shares of common
pulp-
Maintenance
1939—9 Mos.—1938
$217,166 loss$26,957
$1.05
Nil
Hugh Moore, President, says: Sales thus far in the current calendar year
are ahead of 1938,
The wide diversity of the company's products in the
cup and container field has offered protection against new competition in
some of its older established lines.
The reduction in the selling price of
certain products has been offset by Improved efficiency in operations and
per
532,648
Co.—Earnings—
Earns, per share on common stock...
Earnings
on
$473,933
(long-term in¬
debtedness)
Accrued expenses
ances
reo.
1,746,759
Securities (bonds).
8,675
stock,
Subs.)—Earnings—
12 Months Ended Sept. 30—
Net profit after deprec., Fed. income
taxes, &c
Dome Mines,
607,974
$226,858
payable
Current maturity
(lessres've)
Inventory and ad¬
of capital stock outstanding.—V. 148, p. 3529.
The program of
Accts. and accepts.
$1,019,740 $1,045,510
—trade
$1.81
214,250 shares of
After depreciation, interest. Federal income taxes, &c.
Dixie-Vortex
Sept. 30 *39 Dec. 31 '38
Liabilities—
Sept.so '39 Dec. 31 '38
hand.
1937
$445,280
Nil
1939—3 Mos.—1938
$106,815
$24,582
$0.52
$0.12
Net profit
shares (par $5)
Corp.—Consolidated Balance Sheet-
Capital surplus.—
1938
$14,955
1939
$321,472
share
Detroit Steel Corp. (&
per
Eastern
Assets—
Cash in banks and
par value)
'his compares with $19,102 or 33 cents a share on 57,500 shares of $20 par
a
on
common
preferred stock in like 1938 period and with $113,093 or 46 cents a share
on common in June
quarter of 1938.—V. 149, p. 1472.
x
1904.
Com.
For quarter ended Sept. 30,1939, net profit was $80,369 after depreciation
income taxes, &c., equal after dividend requirements on 6%
Earnings
P.
Federal
Federal
y
& Coal Co .—Interest Payments—
Mfg. Co.—Earnings—
9 Months Ended Sept. 30—
Net profit after depr. & Fed. inc. taxes
Earnings per share on common stock.
x
East Broad Top RR.
when
Directors have authorized payment of semi-annual interest on second
mortgage income bonds of the company at the rate of 2%, to be made
Jan. 1 next.
Company states that interest accrued to Sept. 30, 1939, has
been paid on account.
Interest payment of 2% were made on July 1 and
1 % on January this year. Bonds are entitled to 4% when earned.—V• 121*
reserve)
Property accounts
1939—9 Mos.—1938
$354,584
$289,016
196,142
196,942
$1.61
$1.25
1939—3 Afos.—1938
$172,827
$132,763
196,142
196,942
$0.82
$0.60
Net profit
Shs. com. stk. outstand.
on Nov. 8 declared a dividend of 20 cents per share on the
stock, payable Dec. 8 to holders of record Nov. 24.
This will
be the first dividend paid on the common shares since April 1, 1938
a dividend of
10 cents pot share was distributed.—V. 149, p. 1023*
wood
Deisel-Wemmer-Gilbert Corp.—Earnings—
x
Eagle-Picber Lead Co.—Common Dividends Resumed—
Directors
common
vances
Inc.—Earnings—
Oct. 7, *39
Net profit
3113
796,126
The directors have declared an extra dividend of 5 cents per share
addition to the regular quarterly dividend of 10 cents per share on
class A stock, par $5, both payable Nov. 30 to holders of record Nov.
in
the
15.
7,985
Extra of 3% cents was paid on May 31, last; one ot 2 H cents was paid
on Nov. 30, 1938, and extra dividends of five cents were paid on May 31,
$4,732,761 $5,188,687
1938, Nov. 30 and on May 31, 1937, Feb. 29, 1936, Feb. 28, 1935 and on
Aug. 31. 1934.—V. 148, p. 2741.
The Commercial & Financial Chronicle
3114
Emsco Derrick & Equipment
Period End. Sept. 30—
xNetprofit
Earnings per share
x
Co.—Earnings—
1939—3 Mos.—1938
y$138,493
$29,253
...
$0.37
z
The studies made
1939—9 Mos.—1938
y$39,709
$223,429
$0.11
$0.60
$0.08
After depreciation and Federal income taxes, y Includes
non-recurring
z On 373,594 shares capital stock.—V. 149,
p. 1473.
income of $69,595.
Eureka Vacuum Cleaner Co.—Earnings—
Period End.
Sept. 30—
1939—3 Mos.—1938
$75,938
$86,349
Net loss
x
After
x
Federal
Federal surtax
income taxes, deprec.,
undistributed profits.
on
1939—9 Mos—1938
$146,596
$235,369
&c., but
before provision
for
Net loss for the 12 months ended Sept. 30. 1939, was $201,690
against net
loss of $268,222 for the 12 months ended
Sept. 30,1938.—V. 149,
p.
2079.
Falconbridge Nickel Mines, Ltd.—Earnings3
Mos.
End.
1938
Sept. 30—
Copper in matte prod.,1b
Ref'd nickel prod., lbs...
Ref'd copper prod., lbs..
Gross operating profit..
Prov.for taxes (est.)
Deprec. & defd. develop
1939
147,980
4,922,147
2,413.126
4,950,477
2,563,908
$813,247
66,000
282,707
121,869
3,997,999
2,006,147
3,965.706
1,889,534
$613,137
49,500
294,605
109.830
3,580,701
1,700,791
2.740,305
1,262,395
$572,023
46,000
259,056
59,923
2,060,621
984,901
2,834,248
1,060,725
$521,354
64,500
168,976
$464,540
Tons treated
Nickel in matte prod., lb.
$269,032
$266,967
$287,878
Net profit
1937
1936
Note—Above figures exclusive or non-operating revenue.—V. 149,
p. 1024.
Federal Compress & Warehouse Co,—Extra Dividend—
f Directors have declared an extra dividend of 40 cents
per share in addi¬
tion to the regular quarterly dividend of like amount on the common
stock,
both payable Dec. 1 to holders of record Nov.
18.—V. 144, p. 3499.
Federal Light & Traction Co. (&
Subs.)—Earnings—
Period End. Sept. 30—
1939—3 Mos.—xl938
Operating revenue
$2,331,082
$2,203,878
Oper. expenses, mainte¬
nance and taxes
1,493,276
1,395,794
xl939—12 Mos.—x 1938
$9,932,118
$9,437,567
6,329,843
6,169,741
165,159
141,520
622,488
585,906
$672,647
DrS.377
$666,563
Drl,361
$2,979,786
2,563
$2,681,920
Drl5,248
$669,270
$665,202
$2,982,349
$2,666,672
110,898
45,987
114,489
46,030
454,955
183,995
4^5,068
184,484
Provision for retirements
and
depreciation
Operating income
Other income
Gross income
.
Int., disct. & other chges,
of subsidiary cos
Pref. divs. of sub.
cos
Int., disct .& other chges.
of Fed. Lt. & Trac. Co
167,934
183,496
686,980
732,491
$344,450
66,561
$321,187
66,561
$1,656,419
266,244
$1,304,628
266,244
$277,889
$254,626
$1,390,175
$1,038,384
.
Net income.
JTeferred dividends
Bal. to earned surplus1
Earns, per sh. on 524,903
she.
of
common
stock
($15 par)
$0.53
$0.48
$2.65
$1.98
x Includes the
portion of profit and loss adjustments made to Dec. 31,
1938 applicable to the period.
Note—Provision
for
estimated
Federal income tax
is
included in
each
period.—V. 149, p. 1621.
Federal Mogul Corp.—To Vote on
Capitalization Plan—
Corpo(ation has called
vote
on a
a special stockholders meeting for Nov. 20 to
proposal to increase authorized capitalization to 300,000 common
shares of
$5 par value from 180,000 no par shares now outstanding and the
issuance of three shares of new $5 par stock for each two shares of no
par
stock.
Giving effect to these proposed changes the number of outstanding
shares will be increased to 254,598 of $5 par value from 169,732 no
par
shares presently issued.—V. 149, p. 1474.
Ferro Enamel
Corp.—Listing and Registration—
The New York Curb Exchange has removed the
capital stock, par $1,
from listing and registration—V. 149, p. 2366.
(M. H.) Fishman Co., Inc.—Sales—
'
Period End. Oct. 31—
Sales.
1939—Month—1938
$391,062
1939—10 Mos.—1938
$399,971
Stores in operation..
—V. 149, p. 2366.
$3,348,940
$3,219,347
39
Flintkote Co. (&
39
Subs.)—Earnings-
40 Weeks Ended
52 Weeks Ended7, '39
Oct. 8, '38
Oct. 7, *39
Oct. 8, '38
$13,225,854 $11,689,700 $16,683,86r2 $14,435,402
Netincome...
1,143,106
706,613
1,248,310
620.046
Earnings per share-..
$1.70
$1.05
$1.85
$0.92
Period—
Oct.
Net sales.
x
y
.
x
on
After Federal. State and foreign taxes but before
provision for surtax
y On common stock.—V. 149, p. 878.
undistributed profits,
Florida East Coast
mends
-Bondholders' Committee Recom-
Ry.
Reorganization—
Acting in accordance with instructions from Judge Strum of the U. S.
District Court for the Southern District of
Florida, the committee for the
1st & ref. mtge. 5% gold
bonds has given careful thought
to a
re¬
organization plan, including consideration of the early capital needs of the
property and of how such capital needs can be provided. In this connection
committee representatives
have conferred with representatives of the
Reconstruction Finance Corporation as to
obtaining its cooperation in
financing such capital expenditures as may be found necessary.
The report submitted by the committee to
the Court at the hearing on
Oct. 20, 1939, outlined principles which the
committee believes should
govern a sound reorganization plan and which would involve a
modifidation
of the position of the first
mortgage 4H % bonds (1) to create a capital me¬
dium available for future
financing purposes, (2) to limit the fixed charge
to a figure which would not be
likely to jeopardize the future of the property
and (3) to recognize the
right of the first & refunding mortgage bonds to
Participate in the distribution of interest payments on account of the
traffic value of the mileage on which such
bonds constitute a first lien.
Representatives of holders of slightly less than 50% of such first
mortgage
bonds appeared at the Oct. 20
hearing and expressed vigorous objection to
any alteration in the terms of their bonds on the
ground that the property
had been able to pay interest on such bonds in
the past and was in a position
to continue such payments in the
future, based on the current level of earn¬
ings. The trustees for the first mortgage bonds asked for additional time to
consider the committee's
proposal.
The Court has set Jan.
18, 1940, as a date on which representatives of the
first mortgage 4
% bondholders are to report to the Court their views on
reorganization.
are:
A. M.
Anderson Chairman, D. C.
C. Cutler, F. W. Ecker, H. S. Sturgis and F. W. Walker with
E*;^03Fan &„c£ ' depositary, 23 Wall St., New York. Davis Polk Wardwell
Gardiner & Reed, 15 Broad
St., New York,
Payne, Secretary, 23 Wall St., New York.
are
The report of the committee to the
Court follows:
on
April 14, 1939, the committee
proposing a reorganization plan at
stated on behalf of the
committee,
? a,
11,
1939
equipment itself.
With respect to expenditures on the property other than
the receivers have estimated that over $3,000,000 should be
for equipment,
provided under
although complete data regarding such
expenditures have not yet been analyzed by this committee. With respect
to such expenditures as may be found necessary, it was indicated informally
to the committee in conversions with representatives of the RFC that they
will not recommend the corporation's making loans except on a basis of
security ratable with the lien of the existing first mortgage (which does not
permit the issuance of additional bonds), thus involving, as part of a re¬
organization plan, the creation of a new and larger first mortgage in place
of the existing mortgage.
It is the position of this committee, based upon representations of the
management in tne letters signed by the President of the road at the time
the 5% bonds were issued (which letters were at the time approved by
Counsel for the railway) that the 5% bonds have a first lien on the entire
Okeechobee branch and upon the Bunnell cut-off. In view of the value of
any
sound
reorganization
plan,
such
property, a reorganization based on such mortgage lien consideration
would entitle the 5% bonds to a substantial portion of any new first mortgage
bonds.
Furthermore, there are conflicting questions as to whether other
Sarts including snops ana other come under the 5% mortgage as aoffice
of the property might not facilities, certain bridges, general first
en,
buildings and perhaps lands and other property, financed directly out of the
proceeds of the 5% bonds. On the other hand, representatives of the first
mortgage 4 ^ % bonds have questioned whether the after-acquired property
clause of the first mortgage is not sufficiently broad to give such bonds an
automatic first lien upon any
additional property.
Any attempt to reorganize the property subject to the existing first
mortgage, as now constituted, would necessarily involve an insistence on the
}>art of the representatives of the 5% bonds, that,
minimum, the first
as a
ien in favor of the 5% bonds on the Okeechobee branch and the Bunnell
cut-off (on the basis of which the bonds were sold by the company 15 years
ago) be sustained in the foreclosure sale. Any agreement involving a sub¬
ordination by the 5% bondholders of their lien on such property would be
warranted only by the desire to arrive at a speedy reorganization, to avoid
unnecessary litigation and conditioned on an agreement as to the amount
of interest, whether fixed or contingent, which might be payable on any
new first mortgage bonds issuable in
exchange for the existing first mortgage
bonds in priority to distributions applicable to the present first and re¬
funding mortgage bonds. It is obvious that, if the claim on behalf of the
5% bonds as to a first lien on the Okeechobee branch and the Bunnell cut-off,
as a minimum, were opposed
by representatives of the first mortgage, a
protracted period of litigation might result, during which no reorganization
could be effected.
However, in the event of an agreement as to the pay¬
ment of interest, whether fixed or
contingent, with respect to the existing
4Vi% bonds, this committee would be prepared to recommend that such
new first mortgage bonds should constitute a first lien on the entire
property
(exclusive of equipment purchased under equipment trusts).
This committee is of the opinion that the holders of the $12,000,000 first
mortgage bonds should be asked to exchange their bonds for an equal par
value of bonds, issued under a new first
mortgage securing an authorized
amount of $25,000,000 principal amount, such new bonds issued in exchange
to carry a fixed charge of say 2%, but with a further contingent charge
dependent upon income. The remaining bonds authorized by the new first
mortgage should be issuable for a stated percentage of the cost of additional
property subject to the mortgage, and under such conditions as to interest
rate,-maturity, &c., as the directors blight determine.
This committee believes that there would be an
adequate reduction in the
fixed charge now being paid, if such new first mortgage bonds to be issued
in exchange for the present first
mortgage 43^s were entitled to fixed interest
at the rate of 2%, whether earned or
not, with contingent interest up to an
additional 2
%, of which an agreed part would be payable in priority to
any distribution with respect to the first and refunding mortgage 5%
bonds and would be paid as each fiscal year's available income might permit.
Before determining the amount of net income available for payment of
contingent interest an appropriation should be made out of the income
balance, remaining after payment of fixed interest charges, for expenditures
on the
property and such expenditures should not be capitalized by the
issuance of any securities. Based on the record of
earnings during the last
few years, the removal of the drain
represented by the former losses on the
Key West Extension and the possibility of increased passenger earnings due
to the inauguration of
high-speed lightweight passenger service, repre¬
sentatives of this committee have felt that the resultant fixed
charge is one
which the new company could
safely assume.
The committee believes there is a reasonable
prospect that an estimate of
$1,000,000 net earnings available for fixed charges for a near-term year
can be realized
but considers that a conservative plan of reorganization
should not continue the 4
% interest rate on the first mortgage bonds as a
fixed charge in view of the wide fluctuations in
earnings since the receiver¬
ship.
The committee further believes that the fixed interest on the new
first mortgage bonds to be issued to the
present holdets of first mortgage
bonds must be kept low enough to assure the
availability of the new first
mortgage as a practical financing medium.
As an alternative to bonds of the character
mentioned above, to be
issued in exchange for the existing first
mortgage 4M% bonds, it has been
suggested by certain holders of the first & refunding mortgage 5% bonds
that, for the purpose of reducing fixed charges, the first mortgage 4H« be
asked to accept, in
exchange, new first mortgage bonds bearing fixed
interest at a rate in excess of the
figure mentioned above, for example, 3K %,
but with
no
additional payments dependent upon income.
Interest
on the first
mortgage bonds has been paid regularly during the
receivership, without opposition from this committee (for reasons arising
largely out of the will suit). However, unless a plan of reorganization can
be agreed upon
providing an adequate medium for financing future capital
expenditures, then, in case any interest is paid on funded debt, this com¬
mittee will feel free hereafter to insist
upon receiving a proper share of such
payments.
Toward this end the committee will be prepared, when the
occasion arises, to submit
figures indicating the value to the Florida East
Coast of the facilities on which the
5% bonds have a first lien. The com¬
mittee sees no reason why the first &
refunding mortgage bonds should
continue to be penalized
unduly in the application of cash to capital ex¬
penditures on the property.
The recommendations made by the receivers,
recommending early capital expenditures in the amount of some $3,000,000,
must be considered in connection with this
whole
subject.
This committee, therefore,
proposes to the Court the following principles
of a plan of reorganization under
which the 5% bondholders would make
material concessions in lien, if the
4H % bondholders will reduce their fixed
charge adequately and cooperate in furnishing
cing future capital expenditures:
a
practical vehicle for finan¬
(1)
The present $12,000,000 first mortgage bonds to be exchangeable for
new first
mortgage bonds secured by a first lien on the entire property of the
company (with the exception of equipment represented by outstanding
equipment trust certificates), the new bonds to be entitled to fixed interest
at
The members of the committee
?°£
J*
the Court
Nov.
to the road's
requirements have resulted in arrange¬
ments for the acquisition of two high-speed passenger trains to be operated
in the expectation of restoring to railroad movement some part of the pas¬
senger traffic which now uses competing forms of transportation.
These
two trains are to be financed in large part through the cooperation of the
RFC which has agreed to lend the receivers 90% of the cost of the two
trains.
With respect to these high-speed passenger trains, the RFC has
agreed to accept the obligation of the receivers secured by a lien on the
specific equipment and an undertaking that the obligation will be assumed
in any reorganization, but without any lien on the property other than the
as
Counsel, and S. B
At
a
hearing before
was recorded as desirous of
earliest practicable date.
It was
however, that various questions which
the
on any proposed plan of reorganiaa5ion
were
being
studied and the Court requested the
committee to formulate and, if possible
to present at a further hearing to be held on
of reorganization.
Oct. 20, 1939, a proposed plan
Any such plan of reorganization must, in order to be sound, involve a
capital structure which will (1) permit raising funds through the issuance of
securities for desirable capital expenditures, and
(2) result in fixed charges
well within the probable earning capacity of the
property, taking all known
factors into consideration.
The present view of this
committee is that
in
order to comply with these two important
conditions, some modification
In the provisions of the present first mortgage should be made for
the reasons
set forth below.
the rate of 2% each year with a further
payment of non-cumulative
interest not to exceed 2M% in
any year, such supplementary payment to be
dependent upon income along the lines indicated above, and an agreed
part thereof to be payable in priority to any distribution with respect to the
first and refunding mortgage
5% bonds.
C2) The 1st & ref. mtge. 5% bonds to be exchangeable for the balance
of the capitalization of the new
company, to be represented in part by
income bonds and in part either by common stock or
by part preferred stock
and part common stock.
Payments upon the income bonds would be
subordinate to the prior payment, out of any year's earnings, of an agreed
part of the interest payable, as above stated, with respect to the first
mortgage bonds issued in exchange for the present first mortgage bonds.
It would be proposed that the initial
capitalization of the new company
issued against the present property would
aggregate approximately $60,000,000, as compared with a valuation of $62,000,000 as found by the
Bureau of Valuation of the Interstate Commerce
Commission to be the
value of the property and
representing the cost of reproduction new, less
depreciation, as of Jan. 1, 1937.
(3) In consideration for the above concessions on the part of the first
mortgage bonds, the first <fc refunding mortgage would concede a first lien
upon the entire property in favor of the new first mortgage (none of the
securities
under
which
would
be
deliverable
to
the
first
and
refunding
Volume
The Commercial & Financial Chronicle
149
mortgage bonds), thus subordinating the refunding mortgage first lien on
the earnings of the Okeechobee branch
mileage.
It is the opinion of representatives of the
5% bondholders that progress
in carrying through an
adequate reorganization plan would be greatly
facilitated if this Court were to direct the trustees for the first
mortgage
bonds to submit to the holders of such bonds the
desirability of making such
changes in the status of their bonds as would permit compliance with what
this committee conceives to be
necessary provisions of a sound reorganiza¬
tion, viz. (a) a capital medium for raising funds for necesaary capital
expenditures in the future and (b) a fixed charge limited to a figure well
within the probable earning capacity of the
property, thus protecting its
future solvency and adding to the availability of the new first
mortgage as a
practical capital medium. If the substance of the plan as herein proposed
meets with the approval of the Court and if the Court sees fit to direct the
first mortgage trustees accordingly, the 5% committee will be
prepared to
undertake negotiations with representatives of the first
bonds
looking towards the completion of the details and the adoption of such a
plan. The committee feels impelled to say, however, that, lacking adequate
cooperation from the first mortgage bondholders the committee will feel
free to abandon its willingness to subordinate its
mortgage position and to
contend for participation in any further distribution,
by way of interest
payments, based on its mortgage lien position.—V. 149, p. 2971.
Sales to Consumers in United States
Freeport Sulphur Co.—Earnings—
Period End. Sept. 30— 1939—3 Mos.—1938
Consol. net income.$383,216
$393,505
February
Earns, per sh. on 796,380
shs. common stock-..
$0.48
$1,038,211
April
May
June
$1.30
$1.56
$0.50
After
quarter of 1938.
For the nine months ended Sept. 30, 1939, 2 cents per
share represented company's proportion of the net losses of Cuban-American
Manganese Corp
,
share represented
and for the corresponding period of 1938, 12 cents per
earnings of Cuban-American Manganese Corp.—V. 149,
2971.
P.
Gary Electric & Gas Co.—Earnings—
July
August
September
Operating
1939—3 Mos—1938
$776,396
$731,722
revenue
October.
exps.,
taxes.
1.720.213
November
December
Total-
To
1,045,872
102.034
96,134
181,782
200,117
153,866
163,818
.
Pay $1.25 Dividend—
A dividend
of $1.25 per share was declared on Nov. 6 on the common
$10, payable Dec. 12 to holders of record Nov. 16.
This com¬
cents paid in each of the four preceding quarters; 25 cents
paid on Sept. 12, June 13 and on March 12, 1938; $1.50 paid on Dec. 13,
1937; $1 paid on Sept. 13 and on June 12, 1937; 25 cents paid on March 12,
stock,
par
pares with 75
p.
a
year-end dividend of $1.50 paid on Dec.
12, 1936.—V.
149,
2972.
General Shareholdings
Corp.—Optional Dividend—
Directors
have declared a dividend on the $6 cumulative convertible
preferred stock (optional stock dividend series), payable Dec. 1, 1939 to
stockholders of record at the close of business on Nov. 15, 1939, as follows;
In common stock of the corporation at the rate of 44-1000ths of one share
of common stock for each share of $6 cumulative convertible
preferred
stock (optional stock dividend series) so held; or
At the option of the holder (exercisable only as set forth below), in cash
at the rate of $1.50 for each share of $6 cumulative convertible preferred
stock (optional stock dividend series) so held.
On the basis of current quotations, the market value of the dividend in
stock is very much less than the optional cash rate of $1.50 per share.
Like amounts were paid in two preceding quarters.—V. 149, p. 2512.
Georgia & Florida RR.—Earnings—
$2,965,393
1,808
918
Drl,996
$777,314
$729,727
$3,085,749
69,000
551,494
88,650
3,542
69,000
2,258,674
354,600
32,640
276,000
2,257,233
355,155
17,490
276,000
$60,724
$17,040
$163,834
$61,323
Jan.
Week End. Oct. 31
$2,967,201
552,256
88,650
6,684
Total income
Oper.
1,594,215
110,471
1939—12 Mos.—1938
$3,075,891
9,858
Other income
1,00! ,770
102.031
76.120
56.7*9
[Including Gary Heat, Light & Water Co.]
Period End. Sept. 30—
156,322
88,564
107,216
117,387
89,682
194,628
189,756
163,459
133,804
85.201
44.274
155.552
173,472
124.618
1936
$1,258,804
provision for preferred dividends, depreciation, depletion and
Federal taxes, other than surtax on undistributed profits.
Note—Of the Sept. 30, 1939 quarter, net income 1-cent per share repre¬
sented company's proportion of the net income of Cuban-American Man¬
ganese Corp., as compared with 10 cents per share in the corresponding
x
1937
92.998
51,600
196.095
198,146
178,521
83.251
142.062
132,612
129.053
March
1937. and
1939—9 Mos.—1938
1938
63,069
62,831
100,022
103.534
92,593
76,071
78.758
64.925
40,796
68,896
131,387
118,888
1939
88,865
January
mortgage
x
3115
(est.)
revenues
p.
$32,860
$33,100
1
Oct.
to
1939
1938
1939
Operating
—V. 149,
31—
1938
/
$932,463
$989,253
2974.
maint. and
Bond interest
Gen. int. & misc. deducts
Depreciation
_
(B. F.) Goodrich Co.—Tire Price Reductions—
A
general reduction in
consumer
tire and tube
prices, of varying per¬
centages, was announced on Nov. 7 by this company.
The decreases affect ail lines of passenger car and truck and bus tires and
tubes.
Net income
—V.
149,
727.
p.
ft* General Mills, Inc.—To
Exchange Preferred Stock—
Donald D. Davis, President of the company, announced on Nov. 7 that
pursuant to directions of the board of directors, a letter is being sent to all
holders of the preferred stock offering an exchange of a new series of 5%
cumul.
share
preferred stock
for
The
for
the
present 6%
cumul. preferred stock on a
basis.
share
5% cumul. preferred stock will have the same terms and pro¬
visions as the present 6% cumul. preferred, except that the redemption
price of the new stock will be $125 per share until Dec. 31, 1949 (decreasing
new
thereafter at the rate of $1 per annum until the redemption price becomes
$115 per share) plus accrued and unpaid dividends, instead of the present
redemption price of $115 per share plus accrued and unpaid dividends, and
except that the provision in the present 6% preferred stock which requires
the purchase by the company during each six months' period of up to 1 % of
the maximum par value amount of preferred stock previously issued if
available at prices not exceeding $101 per share and accrued dividends, will
be omitted.
Holders of common stock of the company are also being notified of the
offer of exchange as a matter of information.
The letter states that in the opinion of counsel no Federal income tax
will be payable by preferred stockholders by reason of their making the
exchange, whereas no profit would be taxable
were the share to be redeemed
The letter further states that the board of directors believes this
for cash.
offer of exchange
is an advantageous one for the preferred stockholders to
accept owing to the continuously successful operations of the company and
the reductions in interest rates which have generally resulted in lowering
the rate of return based
on market values of sound preferred stocks of well
established companies
The letter also states that the board of directors anticipates that any of
On the 600 x 16 tire, most popular of passenger car sizes, used on ap¬
proximately 45% of the nation's automobiles, the consumer list price has
been reduced from $15.95 to $13.95, or 12on the Life-Saver tread
Silvertown; from $14.35 to $12.35, or 14% on the Golden-Ply Silvertown;
and from $11.95 to $10.45, or 12H% on the Standard tire.
On the same size tube the decrease is from $3.65 to $3.40 on the first
line; $2.85 to $2.65 on the second line, and $2.40 to $2.25 on the third line.
Varying reductions on truck and bus tires and tubes, similar to those on
passenger car tires and tubes, are in the now price schedule.
Commenting on the company's reductions, J. J. Newman, Vice-President
in charge of tire sales, said, "because of the traditional buying habits of tire
purchasers the winter months have long presented a major sales problem to
the tire industry.
Yet with the constantly increasing use of automobiles,
trucks and buses during the winter there is far less reason for concentration
of tire buying in the spring and summer.
Research has demonstrated that
tire wear during the winter is loss than during the hot months, so that tires
purchased now can be relied upon to give maximum service.
"Inasmuch as prices of crude rubber and other costs entering into tire
manufacture have recently shown very large increases, these new tire prices
represent unusual values to the consuming public at this time," Mr._ New¬
man pointed out.
"We believe chat recognition of this fact will give an
impetus to tire sales, with resulting benefits to production schedules and
employment, just as a change in the timing of the presentation of new
automobile models to the American public several years ago contributed
greatly to the well-being of the automobile industry.
"At the new consumer
price levels, the Goodrich company and its dealers
be directly
competitive in price, line for line, with tires of so-called
comparable quality,
Mr. Newman said.
"In announcing these Important price changes," he continued,
the
Goodrich company is making no compromise with its long-established policy
of stressing quality.
It has consistently differentiated between a "straight
commodity" tire and its product, created as a "specialty" to have its own
will
the 6% preferred stock not exchanged will be called for redemption at $115
per share plus accrued dividends at an early date.
special sales appeal to dealers and consumers.
Application will be made to the New York Stock Exchange for listing the
series of cumul. preferred stock thereon.
No banker's underwriting
commissions or remuneration for solicitation will be paid.—V. 149, p. 727.
greatest skid protection, this tire, at the new consumer
for the 600 x 16 size, offers recognized special features
new
General
Motors
Corp.—October
Car
Sales—The
October sales of General Motors
cars
cosumers
in the United States totaled 110,471 in October, com¬
pared with 68,896 in October a year ago.
Sales in September were 56,789.
Sales for the first 10 months of 1939 totaled 1,045,872, compared with
751,495 for the same 10 months of 1938.
1938
1939
136,489
133,511
March.
June
-
— -
-----
91,934
85,855
October
-
Total 10 months——
November.-.-December.
.
73,159
41,933
19,566
108,168
1,135,068
749,486
—
-
—-
Total
-
1,135,068
Sales to Dealers in
1939
1,108,007
April...
1938
116,964
115,890
56,938
63.771
76,142
71,803
7.436
47.60g
78,525
71,676
72,596
61.826
34,752
16,469
129,821
92.890
112.868
124,048
-
—
1
October
159,573
150.005
November
December
1936
144,308
131,517
180,138
215,247
206,756
204,363
175,264
65,423
191,090
107,947
6,253
151,602
77,586
1,602,879
1,465,205
180.239
145,663
178,641
222,743
1,928,781
1,866,589
/
United Slates
126,275
—.
June
July
August
September
185,852
172,669
142,743
January.
February
March
May
84,885
144,350
———
89,010
59,962
244,230
221,592
201,192
185,779
208,825
89,392
142,002
128,453
139,694
84,327
12,113
53,072
JulyAugustSeptember
1937
76,665
77,929
161,057
—
April--.
May-
x
*
131,134
116,762
162,418
194.695
187,119
186,146
177,436
99,775
4,669
995,454
935,163
1938
$3,378,732
355,728
961,281
$2,061,723
$3,424,202
$0.47
$0.82
On 1,998,769 no par shares of common
180,085
162,390
187,869
157,000
58,181
136,370
153.184
108,232
69.334
156.041
197.065
1.680.024
1.682.594
$4-884,525
1,111,259
stock.—V. 149, p. 1475.
(W. T.) Grant Co.—Sgles—
1939—Month—1938
$8,732,799
$8,973,521
Oct. 31—
Period End
Sales
1939—10 Mos.—1938
$75,177,054 $70,683,488
—V. 149, p. 2368.
Great Northern
Paper Co.—Extra Dividend—
an
addi¬
share on the common
See also
extra dividend of 40 cents per share in
tion to the regular quarterly dividend of 50 cents per
stock, par $25, both payable Dec. 1 to holders of record Nov. 20.
V. 148, P. 881.—V. 149, p. 2232.
(H. L.) Green Co.—Sales—
Period End.
Oct.
31—
Sales
1939—Month—1938
1 939—9 Mos.—1938
$2,855,362
$2,832,637 $23,304,468 $21,629,233
operation
—V. 149, p. 2368
Gulf States Utilities
Period End. Sept. 30—
Operating
Operation
revenues
— -
MaintenanceTaxes
Co.-—Earnings—
1939—Month—1938
1939—12 Mos.—vl938
$952,742
$968,985 $10,331,286 $10,613,105
264,910
382,054
3,374,784
4,437,805
37,498
38,030
530,317
524,270
x78,227
93,613
1,186,420
1,157,501
inc.
(net)
$572,107
364
$455,289
8l3
$5,239,764
10,017
$4,493,529
Dr35,473
$572,471
108,793
$456,102
131,487
$5,249,781
1,463,741
$4,458,056
1,238,032
$463,678
$324,615
$3,786,040
1,288,201
$3,220,024
$2,497,840
Net oper. revenues—.
Balance--
Interest and amortiz—
Balance
—
-
584,968
$2,031,587
605,828
$1,912,872
$1,425,760
Appropriations for retirement
reserve.
Balance-
Preferred dividend requirements
Balance for
x
as a
132
133
Stores in
common
stock and surplus
1,188,436
Federal income taxes for the taxable year 1939 are substantially
result of the redemption of series C bonds on July 31, 1939.
reduced
Includes operations for the entire period of systems acquired Aug. 25,
1938—V. 149, p. 2368.
y
Total
&c
1939
$4,155,813
356,662
1,380,791
1936
70.901
49.674
216,606
199,532
(& Subs.)—Earnings—
Earnings per share
x
149, p.
give motorists the
list price of $13.95
in addition to long
1915.
$0.64
-
taxes,
Non oper.
1937
—V.
to
$2,418,360
-
Depreciation
Income
In the case of the Life Saver
demonstrated
of manufacture.
Directors have declared
Total Sales of General Motors Cars and Trucks from All Sources of Manufacture
United States and Canadian Faciortes—Sales to Dealers and Export Shipments
January
February
been
Net income
10 months of 1938.
Sales to
have
which
Profit from operation
10 months of 1938.
same
line,
9 Months Ended Sept. 30—
and trucks in the United States and
Sales by foreign manufacturing subsidiaries are not included in the above
unit sales figures becuase of the impossibility, under present conditions, of
obtaining the usual reports from these subsidiaries.
/
Sales to dealers in the United States totaled 129.821 in October, compared
with 92,890 in October a year ago.
Sales in September were 47,606.
Sales
for the first 10 months of 1939 totaled 995,454, compared with 625,585 for
the
our
Gillette Safety Razor Co.
Nov. 8 released the following statement:
pany on
of
mileage and reliability
com"
Canada, including export shipments, totaled 144,350, compared with 108.168 in October a year ago.
Sales in September were 53,072.
Sales for the
first 10 months of 1939 totaled 1,135,068, compared with 749,486 for the
same
tires
The Commercial & Financial Chronicle
3116
Hackengack Water Co.
9 Months Ended Sept. 30—
Gross operating revenue
526,589
224,523
87,775
8,335
1,564,973
544,783
220,292
85,875
$890,614
Balance available for dividends
All
—V.
taxes
149,
which
to
1937
$2,917,688
4,125
„
$649,837
$714,023
Federal income taxes
x
1938
$2,871,958
7,710
1939
$3,007,996
6,973
1,584,094
457,674
231,681
Gross non-operating revenue
Net earnings
Interest charges (net)
Retirement
x
The Canadian Foreign
(& Subs.)— ■Earnings—
.
the
1,488,723
is subject have been provided for.
company
1026.
p.
Harbison-Walker
Refractories
Co.—Common
Dividend
Directors
on Nov. 6 declared a dividend of 55 cents per share on the
stock, payable Dec. 1 to holders of record Nov. 16.
This com¬
pares with 15 cents paid in each of the three preceding quarters, the March 1,
1939 dividend being the first dividend paid on the common shares since
June 1, 1938, when 25 cents per share was distributed.
A dividend of
25 cents was also paid on March 1, 1938, and previously regular
quarterly
dividends of 50 cents were paid.—V. 149, p. 2513.
common
Weeks
—12
Ended—
Oct. 7, '39
Weeks
—40
Ended—
Oct. 7, '39
Oct. 8, '38
$52,171
$14,672
$82,864
$111,704
Federal income taxes.
During the 40-week period ended Oct. 7, 1939, obsolete plant facilities
were disposed of at a loss of $1,145, which was not taken into account in
arriving at the 1939 profit figures.—V. 149, p. 1476.
x
Profit
Before provision for
x
Exchange Control Board has approved, as here¬
United States dollars of the dividend payable
in respect to certificates issued by the company's Toronto, Montreal and
New York transfer agencies, and in the prevailing equivalent in pounds
sterling in respect to certificates issued by the London transfer agency.
New
Officer—
James L. Ashley, Secretary and Treasurer of the company, who has been
executive since the formation of the original International Nickel Co.
an
in 1902, has elected to retire from these positions under the company's
retirement system, it was announced by Robert C. Stanley, Chairman and
President, following the monthly meeting of directors held Nov. 6.
While Mr. Ashley now retires as an officer of the company, he will con¬
tinue to serve in an advisory capacity for several months.
He remains as a
director of the company, and its various subsidiaries.
William J. Hutchinson was elected to succeed Mr. Ashley as Treasurer.
He was also elected a director to fill the vacancy on the board caused by the
resignation of William W. Mein.
Henry S. Wingate was elected Secretary of the company.—Y. 149, p. 1918
International Ry. Co.
(Buffalo)—Earnings—
9 Months Ended Sept. 30--
1939
$4,144,292
Conducting transportation
General (including accidents)
stock, no
value, payable Dec. 1 to holders of record Nov. 10.
made in three preceding quarters.—V. 149, p. 879.
Net Income from operations
Interest
....
Hoskins
y
1939
_
1938
$531,975
....
Notes, Ac., rec.
JAdbilities-
$200,441
130,127
97,458
185
500
Inventories
219,888
U. 8. Govt, sees.-
484,1821
817,575
Other bds. A stks.
129,945/
Accrud
Accrued int.
rec..
Land,
118,278
68,405
75,850
1,200,000
58,176
1,200.000
663,917
Surplus
485,347
.
1
16,572
$2,011,535 $1,840,849
Renresented
x
Total
$2,011,635 $1,840,849
by 480,000 shares c^pit^] stock
par $2.50.
y After
'z After reserve for depreciation of $323,433 "in 1939~and
$370,564 in 1938.
Interstate Power Co.
Markham, Inc—Registers with SEC—
See list given on first page of this department.—V. 124,
p.
Operating
118.
1939—Month—1938
1939—9 Mo.?.—1938
Uncollectible oper. rev..
$7,210,882 $68,113,163
21,812
216,493
Operating revenues..
Operating expenses
$7,651,440
5,055,194
Net oper. revenues...
$2,596,246
1,263,012
$2,312,500 $22,124,808 $19,646,154
1,184,929
11,178,009
10,637.741
$64,793,530
168,651
funded debt.
Inland Steel Co. (&
Period End. Sept. 30—
Net after expenses
Depreciation & depletion
$9,008,413
7,609,848
Interest
Federal income tax
Fed. tax on undist.
148.500
29,360
8,431
29,360
8,004
117,439
38.594
117,439
35,460
on
pref.
stock
x
Net profit
Earmnsg
x
share
per
1939—3 Mos.--1938
1939—12 Mos.—1938
$3 .006,770 $17,486,652 $11,471,103
1 ,257,844
5,617,036
4,560,547
462,375
1,824,875
1,857,317
188,305
1,912,146
1,026,622
y218,896
$2,587,750
1,623,785
$1,098,245
1,576,480
$1.59
$0.69
No provision made for Federal surtax
$8,132,595
1,623,785
$3.92
$3,807,721
1,576,480
Nil
undistributed profits.
on
That
part of 1937 Federal tax on undistributed earnigs which is applicable to
the last three months of 1937.—V.
149, p. 2975.
Hydro-Electric
Operating
y
Total
revenue.
_JU66,529
Net inc. from opers
on funded
debt and
2,090,931
$7,760,725
other debt of subs
debs,
2,867,789
10,809,177
11,559,383
398,520
398,520
1,594,080
1,594,080
204,231
1,767,745
620,258
247,254
1,237,352
546,580
941,117
c6,272,811
2,792,361
961,953
c5,518,256
2,445,384
2,084,894
1,705,667
7,650,629
7,071,351
72,152
403,614
882,132
^1,213,595
264,326
of
204,362
1,481,057
1,195,510
5,968
5,679
36,824
608
Intl.
and expense
Prov. for depreciation.
Prov. for income taxes._
_
paid
7,923,718
2,523,952
Hydro-Electric Sys
Amort, of debt discount
Divs.
8,281,664
$7,279,838 $34,021,909 $32,075,106
Int.
on
1929—12 Mos.—1938
$16,807,749 $15,631,432 $67,437,069 $63,821,773
5,993,049
a5,234,440 a21,243,156 bl9,841,848
887,446
al,026,224
a3,890,340
a3,981,101
expenses.....
Maintenance
Taxes.
Int.
Subs.)—
.$16,085,278 $14,917,810 $64,517,673 $60,917,685
722,471
.713,622
2,919,396
2,904,088
revenue
Other income (pet)
Operating
(&
System
being
currently
pref. & class A
Divs. not being currently
paid on pref. stocks of
subsidiaries.
Minority int in
ings of subs.
Other
charges
.
against
income of subs
x$181,321
of
642
x$336,980
$1,561,720
$514,986
Operating
$297,000 credited back
senting a special reserve provided during the
1937
because
of
"better
than
normal"
to operating
expenses
repre¬
nine months ended Sept. 30,
water
conditions,
c
Additional
provisions for depreciation were charged directly to surplus by subsidiary
^ amount of $1,750,000 during these periods,
x Indicates
loss.
—V.
149,
p.
2515.
International
per
paid
on
Sept. 20, last.—V. 149,
p.
share
1329.
International Nickel of Canada, Ltd.—Common Div.—
Directors
on Nov. 6 declared a dividend of 50 cents
per share on the
stock, payable in United States currency on Dec. 30 to holders
of record Dec. 1.
Like amounts were paid in preceding quarters.
common
1,948
2,569
5,113
2,569
6,086
x$114,213
Consol. net income
x$71,346
x$40,202
$76,239
Indicates loss.—V. 148, p. 3850.
Jamaica Public Service, Ltd.
Operating
Operation
revenues
Taxes
(& Subs.)—Earnings1939—12 Mos—1938
1939—Month—1938
$85,582
$75,787
35,709
34,190
8,482
7,182
4,861
4,536
67,825
$924,930
417,783
82,661
a55,863
$415,343
Dr2,234
$368,623
7,547
$997,944
424,633
90,142
1
6*
$36,530
460
OCt-H 0*0
$36,990
7.5C0
Net Income
Divs. declared:
$413,109
90,000
$376,170
90,000
$22,203
8,221
$323,109
100,611
$286,170
102,302
$21,449
Gross income
Interest and amort., &c.
$29,703
7,500
$29,490
8,041
Balance
Retirement accruals
$13,983
$222,498
30,460
21,992
2,319
87,187
$183,868
31,479
21,993
J. P. S. Co., Ltd.—Preference.
Preference B
Preference C
J. P. S., Ltd.—Capital
_
------
78,750
In August, 1938 the Jamaican Income Tax Law was amended, retro¬
active to Jan. 1, 1937, the tax being approximately doubled.
Taxes from
a
1, 1938, reflected above, have been adjusted to a comparable basis.
The additional tax of $23,857
earned surplus in July,
applicable to the year 1937 was charged to
1938.
Note—The operating companies' figures included above
lated from pound sterling at the rate of $4.86 2-3 to the
2235.
have been trans¬
£1.—V. 149, p.
Joslyn Mfg. & Supply Co. (& Subs.)—Earnings—
9 Months Ended Sept. SO—
Consolidated net profit
Earnings per share
—V. 149, p. 1479.
Kansas
1939
$695,436
$4.18
on common.
City
Kaw
Valley
&
Western
1938
$458,514
$2.62
RR.—Plan
The Interstate Commerce Commission on Nov. 1 modified its previous
plan of reorganization dated Feb. 8, 1937.
This plan was disapproved by
the Federal Court on Jan. 23, 1939 and referred back to the Commission.
The new plan as now modified and approved as follows:
(a) The effective date of the plan shall be as soon as practicable after its
confirmation by the court.
(b) The plan shall be consummated
either by reorganization of the
existing company, with appropriate modification of its articles of incorpora¬
tion
or by the formation of a new corporation to take title to the debtor's
property.
(c)
The immediate capitalization of the reorganized company, after con¬
summation of the plan, shall be substantially as follows: $3,000 of notes,
left undisturbed, secured by mortgages on two lots of ground, $25,000 first
mortgage bonds; $3,895 of noninterest-bearing notes; 500 shares of class A
common stock; and not exceeding 8,500 shares of class B no-par
stock, including warrants exchangeable within 3 years, for such
part of the 8,500 shares of class-B common stock as may be issuable in
respect of claims and parts of claims of less than $100 each.
(d) The new company shall execute and deliver to a suitable trustee a
no-par
mortgage constituting a direct first lien upon all its property then owned or
thereafter acquired, excepting two lots in Lawrence, Kans., on which there
are mortgages given as security for notes in the aggregate amount of $3,000.
The mortgage shall provide that the principal amount of the bonds to be
issued thereunder shall be limited to $25,000, that the bonds shall mature
in 20 years after their date of issue, and shall bear interest at the rate of
6%
Mining Corp.—Dividend Action Deferred
Directors at their meeting held Nov. 8 decided to defer
action on pay¬
ment of a dividend on the common shares until their next
meeting which
is scheduled for Dec. 6.
Regular quarterly dividend of 10 cents
was
642
1,422
company
common
®o?-TT??iu£es$26?'714 Ior tne Quarter ana year ended Sept. 30, 1938. and
$347,515 for the 12 months ended Sept. 30, 1939 of
expense resulting from
hurricane and flood damages in
September, 1938.
b See a.
expenses also reflects
41,758
,
net earn¬
Net profit
148,500
Modified and Approved by ICC—•
on
stocks of subs
,
/
i
Minority interest
Jan.
International
Period End. Sept. 30— 1939—3 Mos.—1938
39,141
1
earns
Shares cap. stk. (no parz
$2,316,801
1,888,750
Net oper. revenues
Non oper. income (net).
Subs.)—-Earnings—
$5,273,738
1,637,350
454,125
594,512
$2,199,903
1,888,750
37,125
9,548
Maintenance
$1 .127,571 $10,946,799
982,625
9,670,371
$487,469
472,187
9 565
of
Period End. Sept. 30—
$1,333,234
1,208,759
$444,520
472,187
(net)
debt, disc't
x
—V. 149, p. 2234.
$2,355,029
Dr38,228
Corp
$7,189,070 $67,896,670 $64,624,879
•4,876,570
45,771,862
44,978,725
Net oper. income
Net income..
$2,268,989
Dr69,086
37,125
on
$496,641
Dr9,172
$454,950
Other interest
sub.
$7,674,950
23,510
Operating taxes
1939—12 Mos —1938
$6,740,255
$6,737,730
4,471,266
4,382,701
Int. on notes payable to
Utilities Pow. & Ltg.
Divs.
Telephone Co.—Earnings—
revenues
(& Subs.)—Earnings—
1939—3 Mos.—1938
$1,576,138
$1,561,957
1,121,187
1,065,316
Drl0,430
Gross income
Interest
Amort,
Illinois Bell
39
and expense
Misceli. income deducts.
The income statement for the nine months ended Sept. 30 was
published
in V. 149, p. 2975.
Period End. Sept. 30—
Inc.—Sales—
1939—Month—1938
1939—9^ Mos,—1938
$2,411,056
$2,228,344 $17,090,938 $16,260,987
39
Net oper. income
Other income (net)
of $3,500.
Hotel
950", 165
$804,872
149, p. 2369.
Operating revenues
Oper. exps. & taxes
1
20,096
reserves
26,938
45,638
503,419
Pats. A goodwill..
Deferred charges..
Total
622.726
92,270
714,898
Stores in operation
—V.
Period End. June SO—
1,981
buildings,
machinery, Ac.
Period End. Oct. SI—
Sales.
480,171
expenses-
eral taxes
Capital stock...
Interstate Department Stores,
1938
$34,098
5,906
3,792
Cl'ms in losed bks.
z
1939
Pro vision for Fed¬
x
541.838
$840,595
$612,273
431,262
43.369
$711,392
Deficit
1
$53,490
Accounts payable.
196,996
Sundry accts. rec_
654.036
—V. 149, p. 1027.
Mfg. Co.- -Balance Sheet Sept. 30—
Assets—
Cash
par
/
41,865
Depreciation of miscellaneous physical property—
Depreciation of operating property
Similar payment was
1$60,203
671.949
521,239
expenses.
Taxes
Amortization of discount
Directors have declared a dividend of 15 cents per share on account of
accumulations on the $1.80 cumulative participating class A
539,651
234,857
1,386,976
Power operation
Rentals, &c
(Henry) Holt & Co., Inc.—Accumulated Dividends—
1938
$4,171,181
741,169
210,687
Maintenance.
Oct. 8, '38
1939
11,
tofore, the disbursement in
Revenues........
Hathaway Bakeries, Inc.—Earnings—
Period—
Nov.
a year
payable semi-annually.
The other terms applicable to the bonds
and provision as to a sinking fund, if any, shall be determined by the board
of directors of the new company, subject to the approval of the court, at
the time of the creation of the mortgage and the issue of the bonds.
(e) The $25,000 first-mortgage bonds shall be sold for cash at par and
the proceeds therefrom shall De used for substantially the following purposes
(1) Compromise payments of taxes (other than taxes due the United
States) not in excess of $3,300; (2) payment of court costs, stamp and
transfer
taxes, if any, reorganization expenses, and allowances, including
fees
the receiver
for
receiver
and
the
and
trustees
the
as
trustees
allowed
and
by
fees to the attorneys for the
the judge, the total within the
maximum limit of $10,000, said allowances insofar as they relate to this
Volume
proceeding and plan also to be within the maximum limits fixed by this
Commission; the sum of $3,895.69 as a cash payment to the labor claimants,
or
the assignees of the labor claimants, for labor performed within six
months immediately preceding the appointment of a receiver or since the
property has been in the hands of the receiver and trustees; the sum of
$200 to be paid to the county commissioners of Douglas County, Kans., in
full settlement of all bridge rentals up to Feb. 1, 1939; any sum necessary
to pay taxes due the United States to the date the plan is put into-effect;
and the remainder to be placed in the treasury of the new company and
working capital.
(f) The new company shall issue noninterest-bearing unsecured notes
aggregating $3,895, one-half to be payable in 6 months, and the other half
payable in 12 months, after the effective date of the plan, to the Home
Trust Co., Kansas City, Kans., as trustee for the labor claimants or the
assignees of the labor claimants.
(g) The new company shall issue 500 shares of no-par class-A common
stock to the purchasers of the new first-mortgage bonds.
(h) The new company shall be authorized to issue not exceeding 8,500
shares of class-B no-par common stock, to be distributed as follows: Threefourths of a share of stock for each $100 of claim allowed to the labor
claimants as described in class II of the court's classification of claims or
to the assignees of the labor claimants; three-forrths of a share for each
$100 of claims as described in class III of the court's classification, including
corporate operation claims, interline freight claims, and other preferred
claims; and three-fourths of a share for each $100 of claims of the present
first-mortgage bondholders of the debtor, including pledgees.
No interest
is to be computed on any claim.
(i) The new company shall issue for claims and parts of claims of less
than $100, as described in the preceding paragraph, warrants in the same
ratio as the class-B common stock.
On presentation and surrender of
warrants representing an aggregate of $100 of allowed claims within 3
years from the date of the warrants, certificates of class-B common stock
will be issued therefor.
The stock for which the warrants are exchangeable
is included in the 8,500 shares of class-B common stock described.
After
3 years from the date of issue of the warrants, the holders thereof will have
no rights.
(j) The class-A common stock shall have all the voting rights of the new
company and shall be entitled to dividends annually, when earned and
declared, at the rate of $5 a share, before any dividends are paid upon any
class-B stock.
The holders of class-B stock shall, after payment in any
year of the full dividend of $5 a share on the cl >ss-A stock oxitstanding, be
entitled to dividends at not more than $5 a share, if earned and declared.
After payment in any year of the full dividend of $5 a share on both class-A
and class-B stock, each share of class-A stock shall participate equally with
each share of class-B stock in any further dividends declared.—V. 143.
p. 3470.
.
used
,
Ry.—Equipment Trusts Offered—
Inc.; Blyth & Co., Inc., and
Laurence M. Marks & Co. have
purchased and
are
reoffering
$639,000 3% equipment trust certificates, due $213,000
annually Jan. 1, 1944-46 incl.
The certificates are priced
at 105 to yield from 1.75% to about 2.13%, according to
maturity.
The offering is made subject to approval of
the sale by the Interstate Commerce Commission.
The certificates are part of an original issue of $3,195,000 par value,
maturing annually Jan. 1, 1938-1952, incl,, of which $2,769,000 are now
outstanding.
The certificates embraced in this offering were sold by the
trustee under the Kansas City Southern Ry. 1st mtge. 3% bonds of 1950.
The trustee, prior to the sale of these certificates, held $1,917,000 of cer¬
tificates, maturing Jan. 1, 1944-1952, incl.—V. 149, p. 2977.
Keith-Albee-Orpheum Corp. (& Subs.)—Earnings—
39 Weeks Ended—
Sept. 30, '39
Profit.
$1,550,743
400,000
550,288
Settlement of lease oblig.
for income taxes.
Prov
Oct. 1, '38
$1,335,035
Oct. 2, '37
$1,681,779
Sep. 26, *36
$1,371,558
587,198
151,787
592,566
174,540
549,937
123.914
$476,541
$596,050
$914,672
$666,080
$7.41
Depreciation.
$9.26
$14.22
$10.35
_
Net prof. aft. all chgs.
155,540
Earns,
per share on the
64,304 shs. 7% cum.
preferred stock
—V.
Before provision for
For the 52 weeks ended Sept.
(B. F.) Keith Corp. (& Subs.)—Earninos—
39 Weeks Ended—
p.
1939—9 Mos.—1938IT
1939—Month—1938
$3,198,867 $28,304,676 $26,666,018
$3,215,086
149,
2517.
Lockheed Aircraft Corp.—Listing—The New York Stock Exchange has
of capital stock (par $1).
New Airliner
Approved—
A press disnatch from Burbank,
The
authorized the listing of 775,000 shares
Calif., Nov. 8, had the following:
transport, latest commercial airliner produced by
Lockheed Aircraft Corp., has completed all of its experimental test
flights and now carries a Civil Aeronatics Authority approved type rating,
"Lodestar"
new
the
it
announced Nov. 8
was
by Hall L. Hibbard, chief engineer of the Lock¬
heed
company.
During the tests the new 17-place transport exceeded
expected performance and registered a top speed of 240 miles per hour
5 miles an hour faster than was anticipated by advance engineering specifi¬
cations.—V. 149, p. 2694.
Loft, Inc.—Court Dismisses Fraud Charge in Pepsi-Cola
Transfer—
Asset
Federal Judge Luther B. Way at Richmond, Va., Nov. 2, dismissed the
petition of Alexander W. Herman & Co., of New York, charging fraud in
the sale of assets of the Old National Pepsi-Cola Corp. in bankruptcy.
The
firm, holder of 500 shares of stock of this corporation, charged in the peti¬
tion that
Roy O. Megargel and associates fraudulently acquired the formula,
patents and other intangible assets of the corporation in the bankruptcy
sale
for
$10,500.
It was contended that the assets were worth at least
$1,000,000.
Judge Way ruled out the petition on practically all points at the conclusion
of a two day hearing.
In giving his decision he commented that Mr.
Megargel, being dead, was silent and could not speak in defense of the
charges.
Judge Way. in addition to holding that fraud had not been proved, ruled
that the
case
would also have to be thrown out
on
account of laches.
For
the petitioner, who sought to have the bankrupt sale set aside,
steps toward having the case reopened and there was nothing
new to justify re-opening it, Judge Way held.
Mr. Megargel, largest single creditor of the bankrupt corporation, was
allowed a claim of $52,000.
It was contended by counsel for the petitioner
that his actual claim amounted to only $6,000.
Counsel also raised the
point that a "show cause" order sent out to creditors in the bankruptcy
eight
years
had taken
no
proceedipgs back in 1931 was defective.
Exception was noted when Judge
Way rul&l out this point.
The attorneys said after the court's decision had been given that they
were undecided as to whether to appeal from the ruling.
An effort was made unsuccessfully in the proceedings to show that
Charles W. Guth, of Baltimore, once President of Loft, Inc., which is now
holder of most of the stock of Pepsi Cola Co. of Delaware, which Mr.
Megargel and his associates organized and made a going concern with the
aid of the formula and patents of the old corporation, was a participant in
the alleged fraud.—V. 149, p. 2694.
Long Island Water Corp.—$2,144,000 Bonds Sold Pri¬
vately—The company has sold privately at 104 and int.
$2,144,000 4 % 25-year 1st mtge. bonds, dated Sept. 1,
1939, and due Sept. 1, 1964.
The bonds have been sold to
the following insurance companies:
John Hancock Mutual
Life Insurance Co., $1,000,000; Northwestern Mutual Life
Insurance Co., $644,000, and Mutual Benefit Life Insurance
Co., $500,000.
Proceeds, with other funds, will be applied to redemption on or before
Feb. 1, 1940, of $2,144,000 of 5M% first mortgage bonds, due 1955.
The Public Service Commission authorized the sale of the issue and at
the
time the commission rescinded its order of Sept.
same
26, authorizing
the sale of a like amount of 3%% bonds to the same group of insurance
companies, which authority lapsed when It was found impossible to com¬
plete the sale because the company was unable to obtain a certificate of
title to property
against which the bonds were to be issued.—V. 149, p.
2978.
depreciation and income taxes.
30, 1939, the company reports net profit of
$877,486.82 after all charges including settlement of lease obligation in
the amount of $400,000.
This is equal to $13.65 per share on the 64,304
shares of 7% cumulative convertible preferred stock.—V. 149, p. 1180.
a
Lerner Stores Corp.—Sales—
Period Ended Oct. 31—
Sales.
as
Kansas City Southern
Harriman Ripley & Co.,
a
3117
The Commercial & Financial Chronicle
149
Sept. 30, *39
Oct. 1,
38
Oct. 2, *37
Sept. 26, '36
Profit
before prov. for
deprec. & inc. taxes._
Settlement of lease oblig.
Depreciation
$980,207
400,000
389,675
$867,893
$1,210,446
$1,065,828
417,011
438,880
33,960
82,600
107,620
106,025
Net prof, after all chgs.
$156,572
$368,281
$663,946
$531,842
Income from operation
Non-operating income (net)
Gross
(& Subs.)—Earnings
1939—3 Mos.—1938
12 Mos. *39
$186,773
$196,101
$517,499
95,686
120,569
358,327
.
$91,087
26,110
$159,172
35,366
$117,197
$98,086
$194,538
5,739
1,518
18,694
$111,458
income
$75,532
22,554
$96,568
$100,843
427,960
Prov. for income taxes._
Louisiana Ice & Electric Co., Inc.
Period Ended Sept. 30—
Operating revenue
Operating expenses
Provision
-
replacements
75,000
Fixed charges
Balance to surplus
*
1939, the company reports a net profit
of $540,301 after all charges including settlement of lease obligation in the
amount of $400,000.—V. 149, p.
1180.
For the 52 weeks ended Sept. 30,
for renewals,
and retirements *
It is the policy
of the company and its subsidiary to make appropriations
to their respective reserves for renewals, replacements and retirements at
the end of each calendar year; therefore the above statements for the third
quarter of 1939 and 1938 show results before
The provision shown for 12 months ended
deducting such appropriations.
Sept. 30, 1939, is the amount
appropriated for the calendar year 1938.
Key West Electric Co.—Earnings—
1939—Month—1938
$15,626
$14,849
4,447
4,198
Period End. Sept. 30—
Operating revenues
Operation
15,473
—.
amortization
Balance....
$6,972
Dr2S4
Dr3,768
$6,688
1,724
$85,137
23,227
$4,783
Balance-
32,742
$6,644
1,861
Net oper. revenues
Non-oper. income (net).
1,105
2,573
$6,660
Drl6
Taxes
$4,964
$61,910
$55,558
23.277
19,645
$83,244
Z>r4,008
$88,905
Appropriation for retirement reserve
$79,236
23,678
.
$14,259
Balance for common stock and surplus
$35,912
$11,538
24,374
have
declared
a
accumulations on the preferred stock, payable
—V. 149, p.
1939—Month—1938
1939—10 Mos.—1938
$12,662,565 $13,019,443 $113762,423 $109865,624
2370.
(S. H.) Kress Co.—Sales—
1939—10 Mos.—1938
$6,826,698 $62,323,450 $61,145,216
Period Ended Oct. 31— 1939—Month—1938
$7,286,371
Sales.
—V. 149, p. 2370.
*
#
f
Lane
Brysnt, Inc.—Sales—
Period Ended Oct. 31—
Sales
-
1939—Month—1938
1939—10 Mos.—1938
$1,361,962
$1,198,722 $11,248,866 $10,654,974
22
Units in operation
—V.
23
149, p. 2370.
Lanston Monotype
Machine Co —To Pay 50-Cent Div.—•
Directors have declared a dividend of 50 cents per share on the common
stock, payable Nov. 30 to holders
of record Nov. 20.
quarterly dividends of $1 per share were
Co.—Earnings—
1939
x$428,222
152,448
Operating expenses
Geophysical and admin, expenses,
taxes, leases abandoned, &c
Profit
1938
$799,300
243,957
249,700
$31,817
3 Months Ended Sept. 3
Net oil and gas income
Net loss
$376,400
44,979
•
73,800
173,200
lease rentals,
$13,162prof$302,600
Earnings per share.
x
$2,259,816.—
Nil
$6.10
Includes other income of $15,674.—V. 149, p. 1181.
Lycoming Manufacturing Co.—Reorganization Plan—
(S. S.) Kresge Co.—Sales—
Period End. Oct. 31—
Sales
capital surplus, $1,096,518; earned surplus, $184,191; total,
V. 149, p. 2518.
Depreciation and depletion
Accumulated Dividend—
dividend of $1.75 per share on account of
Dec. 1 to holders of record
Nov. 15.
This will be the first dividend paid on this issue since June 1,
1933.—V. 149, p. 2370.
Directors
1939
Assets—Capital assets, $1,804,063; investments and other assets, $33,982;
Cash, $252,496; notes receivable, $3,410; accounts receivable, $106,715;
interest receivable, $822; materials and supplies, $27,102; prepayments,
$16,534; deferred debits, $14,691; total, $2,259,816.
Liabilities—Long-term debt, $351,006; notes payable, $69,000; accounts
payable, $18,735; taxes payable, $523; consumers' deposits, $70.696; in¬
terest accrued, $6,692; taxes accrued, $30,911; insurance accrued, $2,245;
deferred credits, $9,506; reserves, $390,701; common stock (par $1), $69,098:
Louisiana Land & Exploration
$38,633
24,374
Balance.
Preferred dividend requirements
To Pag
11.999
20,908
1,823
2,696
Maintenance
Int. &
Consolidated Balance Sheet Sept. 30,
1939—12 Mos.—1938
$194,157
$171,240
57.037
55,089
Previously regular
p. 3225.
distributed.—V. 148,
A
proposed plan of reorganization dated Oct. 19. 1939 has been filed
U. S. District Court for the Northern District of Indiana, Fort
with the
Wayne Division.
The Court on Oct. 31 approved the merger of the
Lycoming company with the Aviation corporation.
The latter will issue
206.000 shares of common stock (par $3) and will receive substantially all
of the assets of Lycoming.
Lycoming Manufacturing Co., was formed in May, 1920 in Pennsyl¬
vania by the merger and consolidation of the Lycoming Foundry & Machine
Co. into and with the Lycoming Motors Co.
In 1924 the name of Lycoming
Motors Co. was changed to Lycoming Manufacturing Co.
The company's
plants are located in Williamsport, Pa.
Company's activities originally consisted principally of manufacturing
automotive engines for independent assemblers and distributors of trucks
and automobiles, the most important customers being the Auburn Auto¬
mobile Co., International Harvester Co. and Stewart Truck Corp.
In 1928 the controlling interest of the company was obtained
by Auburn
Automobile Co. and thereafter the company manufactured almost ex¬
clusively for the Auburn Automobile Co.
From 1928 to 1932 the Auburn Automobile Co. enjoyed a successful
business and made substantial profits.
From 1932 to 1937 however, as a
The Commercial & Financial Chronicle
3118
result of adverse business conditions and the competition of the larger
manufacturers and distributors of passenger vehicle cars, the Auburn Auto¬
mobile Co. suffered substantial losses and the requirement for this com¬
pany's products was greatly curtailed.
In about May, 1937, the Auburn Automobile Co. discontinued further
passenger
vehicle manufacture.
Subsequently, until Dec., 1937 the Auburn Automobile Co. endeavored
through other fields the business lost, but general adverse econo¬
mic conditions and lack of working capital combined to cause the Auburn
Automobile Co. on Dec. 11. 1937 to file a petition for reorganization under
Section 77-B of the Bankruptcy Act.
This company was directly affected by the loss of business sustained by
Auburn Automobile Co. and as a result of the discontinuance by Auburn
Automobile Co. of the manufacture of passenger vehicles, was in a position
of having extensive manufacturing facilities but no substantial customers.
►
In Jan., 1937 in order to replace the declining demand for this company's
products occasioned as above described, the company embarked upon a
program of manufacture of industrial engines.
By the end of 1937 how¬
ever, this
program having not been sufficiently successful and general
adverse business conditions having become more acute, the company filed
a petition in reorganization as a subsidiary debtor to the petition of reorgani¬
zation of Auburn Automobile Co., its parent corporation.
to replace
Judge Thomas W. Slick, of the U. 8. District Court, for the Northern
Nov.
11,
1939
In
addition, Aviation & Transportation Corp. agreed to cause the First
National
Bank, Chicago to accept treatment of 50% of its mortgage
indebtedness as secured and .50% of its indebtedness as a general unsecured
claim, and to accept approximately 60,000 shares of the common stock of
Aviation Corp. in full payment, discharge and satisfaction of said bond and
mortgage and all interest accrued thereon.
Aviation & Transportation Corp. agreed for itself that (a) after provision
for reorganization expenses, and (b) after provision for a dividend of 50%
payable in stock of Aviation Corp. for the claims of general unsecured
creditors other than Auburn Automobile Co., the First National Bank,
Chicago, and itself, it will accept pro rata and pari passu with said Auburn
Automobile Co., First National Bank, Chicago, the allocation of the
remaining securities of Aviation Corp. as provided, and will surrender for
cancellation to the company 5,194 shares of its preferred stock and 15,000
shares of its common stock.
are no public security holders of the company except the holders
approximately 25% of the company's outstanding preferred stock in
There
of
respect of which shares, the holders have filed claims in the reorganization
of Auburn Automobile Co. pursuant to the guarantee of the Auburn Auto¬
mobile Co., and it is contemplated that the Auburn Automobile Co.,
therefore, will become the owner of such minority outstanding preferred
shares.
The present capitalization of the company consists of 6,957 shares
of cumulative preferred stock
(par $100) and 40,000 shares (no par)
stock.
District of Indiana, has continued the company in possession of its property,
business and assets since the filing of the petition for reorganization under
Section 77-B of the Bankruptcy Act.
Pursuant to his authorization John
common
K. MacGowan has been elected chairman of the board of directors of the
of approximately $1,400,000.
Aviation & Transportation Corp. is the owner of 5,194 shares of preferred
stock and 15,000 shares of the common stock, and has an allowed unsecured
and general manager thereof.
However, shortage of working capital, adverse business and economic
machinery and equipment as
a result of the discontinuance of automotive engine manufacture, made it
exceedingly difficult for the company to progress.
Bince the commencement of reorganization proceedings on Dec.
11,
1937 and to Sent. 30, 1939, the company has suffered losses of approxi¬
company
conditions and unsuitableness of considerable
The Auburn
Automobile Co.
owns
25,000 shares of the
common
stock
has an allowed unsecured claim against the company in the amount
and
claim against the company in the amount of approximately $390,000.
Aviation & Transportation Corp. is the owner of 65,124 shares of common
of Auburn
stock
Automobile
Co.
and
A.%% convertible debentures due
1, 1939 in the amount of $1,526,912.
& Transportation Corp. owns 29.7%
Jan.
Aviation
of the common stock of
mately $767,000 of which approximately $490,000 resulted from the accrual
interest on indebtedness, depreciation, obsolescense, and other like
Aviation
pfastr&cs#
filing of the plan of reorganization in the amount of approximately $175,000.
The Auburn Automobile Co., however, has outstanding securities which
are publicly held.
Some time in Dec. of 1937, a protective stockholder's
committee consisting of David H. Myers, H. E. Marshall and C. C. Wells,
was
formed pursuant to an agreement of said date and approximately
110,000 shares of the outstanding common stock of the Auburn Automobile
There
of
In the automotive field the absence of prospective customers in the form
of independent automobile manufacturers and the complete integration of
that business in the hands of the few large manufacturers, makes it difficult
to obtain business in
sufficient quantity or regularity to produce
tive yearly profit.
Pull participation
in
an attrac¬
the Industrial engine business would require the
company to produce and stock a large variety of motors which would
require extensive expenditures for tools, dies, jigs and fixtures, and the
rising of large sums of working capital.
The company has an excellent name in the marine engine business and
has produced excellent products, but the business is so highly competitive
and the volume of business so small that slight, if any, possibilities of making
a profit exist.
The aviation field today is the principal Industry which offers an oppor¬
tunity for the utilization of the company's manufacturing facilities and
equipment at Wiliamsoort, but before this company could compete with
other aviation companies, that opportunity would be lost, because the
company has no competitive designs for aviation motors, has no tools,
dies, jigs and fixtures necessary for the manufacture of airplane motors of
over 100 h.p. and not all the tools, dies. Jigs and fixtures necessary for the
manufacture of airplane motors of less than 100 h.p. nor has the company
any customers for airplane motors.
Due to the fact that the company would be compelled
firstly to design
develop airolane motors and secondly to design and manufacture
tools, dies, iigs and fixtures necessary for the manufacture of
airplane motors, the building of a complete line of airplane motors would
require a large capital investment and take approximately one year. Upon
the completion of this program, the company would still be faced with the
and
suitable
necessity of securing customers.
In the event of the cessation of
war
time
demand for airnlanes, the company's problem would be greatly increased.
The only opportunity, therefore, open to the company to avail itself
presently of the possibilities existing in the aviation field is to merge its
manufacturing facilities, free of the Hen of the bond and mortgage held by
the First National Bank, Chicago, with another company presently engaged
in the avaiation business.
With such purpose in view, the company has,
subject to the approval of U. S. District Court, entered into two contracts,
one with Aviation Corp. with respect to the acquisition of its assets, and
the other with Aviation & Transportation Corp. with respect to the dis¬
charge of the lien upon such assets.
Contract with the Aviation Corp.—The Aviation Manufacturing Corp., a
wholly owned subsidiary of Aviation Corp., is at present a lessee of part
of the company's plant at Williamsport.
Because of the increased activity
in the aviation field, Aviation Corp. is desirous of extending its business
and consolidating various phases of its activities in one location.
To avoid the delays incident to the construction of new plants and to
facilitate compliance with the suggestions of the War Department in respect
of timely deliveries, Aviation Corp. entered into negotiations with the
company looking toward the acquisition of the company's assets and
business.
On Oct. 16, 1939 the company entered into a contract with Aviation
Corp., pursuant to the terms of which Aviation Corp. agreed:
(a) To issue and deliver to the company, 206,000 shares of Its
capital (S3 par),
common
(b) To assume, pay and discharge all expenses of the company incurred
the institution of the proceedings for reorganization under Section
77-B of the Bankruptcy Act, except expenses for counsel fees, reorganiza¬
tion, excess profit and Income taxes and liabilities not disclosed in the
since
contract.
(c)
To use its best efforts to cause said shares to be listed upon the New
York Stock Exchange, and
To use its best efforts to cause registration to be effectuated for such
shares if the same should become necessary.
The company agreed, in exchange for the foregoing, to transfer free and
(d)
clear of
C£isll
liabilities, all of its assets, goodwill and business, except $5,000 in
•
The contract
provides that time is of the
essence
and that unless on or
District
31, 1939, it shall have been submitted to the U. S.
Court for the Northern District of Indiana for hearing, of which
before Oct.
at least
10 days'
notice shall have been given, and an order of said Court satis¬
factory In form and substance to counsel for Aviation Corp. shall have
been entered on or before Nov. 14, 1939 approving said agreement, that
Aviation Corp. has the right to rescind the same.
The agreement also
provides that none of the warranties and representations of Lycoming shall
survive the closing of the contract and the delivery of the shares thereunder.
As of the date of the conclusion of the negotiations, the current market
price of Aviation Corp. stock upon the New York Stock Exchange was
approximate $6 per share.
The deal was aoproved by the Court Oct. 31,
on which date Aviation stock closed at $7.12H a share ]
Contract with Aviation & Transport Corp.—In Jan., 1937, the company
borrowed from the First National Bank, Chicago, the sum of $500,000 to
finance the manufacture of gas engines, and a program designed to produce
low cost electrical energy for light and power in the rural sections of the
country where standard utility service was not available;
As security for
said loan the company pledged to the bank all accounts receivable and other
assets acquired or procured through the use of the borrowed money.
Never¬
theless, the bank, because of the impaired credit of the company was
unwilling to make such loan without a guarantee by the Aviation & Trans¬
portation Corp.
Therefore, Aviation & Transportation Corp. guaranteed
payment of said loan.
When this loan matured July 1, 1937. the company
was unable to pay the same and requested the bank for an
extension.
The
bank was unwilling to grant an extension without further
security, and
thereupon the company, to secure such extension, issued a mortgage upon
its real estate, buildings and machinery.
This mortgage was submitted to
and approved by the directors and stockholders of the
company.
The
guarantee of Aviation & Transportation Corp. however, still continued,
and was then collateralized by Aviation & Transportation
Corp.
The Special Master has allowed, subject to confirmation
by the court,
the claim of the First National Bank, Chicago in the sum of $509,056
representing the principal amount of said bond and mortgage with accrued
Interest to Dec. 11, 1937.
Since that time additional interest in the approxi¬
mate amount of $45,000 has accrued.
..
Corp.
are
merchandise creditors of the company as at the date of the
Co. representing 50% are now on deposit with the committee.
Some time in June, 1938, a committee consisting of B. R. Gordon and
M. H. Hecht was formed for the protection of the interests of the holders
of the
convertible debentures due Jan. 1, 1939 and approximately
$190,000
out
of
approximately $2,266,000
or
approximately 9%
of the
debentures outstanding are now pledged to the committee.
Subject to the approval by the court of the contract with Aviation Corp.
and the contract with Aviation & Transportation Corp. and their con¬
summation, the company submits the following plan of reorganization.
Outstanding Securities and Claims to Be Dealt with Under the Plan
(a)
Bond dated July 1, 1937, due Jan. 1,1938 with accrued int.
thereon secured by first mortgage on real estate, lands, build¬
ings, machinery and equipment held by First National Bank,
Chicago
$500,000
(b) Accounts payable as allowed by the Special Master—est
175,000
(c) Accounts and notes payable, due Auburn Automobile Co.
as allowed by the Special Master—estimated
1,400,000
(d) Accounts and notes payable to Aviation & Transportation
Corp., formerly the Cord Corp., as allowed by the Special
Master, estimated
390,000
(e) 6,922 shares of 8% cumulative class A preferred stock (par
$100)
692,200
(f) Common stock (no par)
40,000 shs.
Securities to Be Available Under the Plan
206,000 shares of Aviation Corp. ($3 par) common stock:
(a) For issuance to the First National Bank, Chicago, for 50%
of the principal amount of the company's bond and accrued
interest thereon, secured by a first mortgage upon the com¬
pany's lands, buildings, machinery and equipment in the
ratio of one share of said Aviation Corp. common stock for*
each $6 of principal amount and accrued interest thereon in
the sum of $4,527.78, estimated
42,400 shs.
(b) For issuance to unsecured general creditors other than
Aviation & Transportation Co., First National Bank, Chicago,
and
Auburn Automobile Co. in the ratio of one share of
Aviation Corp. common stock for each $12 of such allowed
claims, estimated
14,600 shs.
(c)
For issuance to First National Bank, Chicago, for 50% of
principal amount of the company's bond and accrued int.
thereon (treated for the purpose of this plan as a general un¬
secured creditor, pari passu and pro rata with the unsecured
the
general debt of Auburn Automobile Co. and Aviation & Trans¬
portation Corp., after provision has been made for payment
to the other general unsecured creditors, of a dividend of 50%
of the amount of the claims of such other unsecured
general
creditors payable in stock of Aviation Corp.) in the ratio of
one share of said Aviation
Corp. common stock for each $14.50
of principal amount and accrued interest thereon in the sum of
$4,527.78, estimated
17,600 shs.
(d) For Issuance to Aviation & Transportation Corp. (treated
for the purpose of this plan as a general unsecured creditor,
pari passu and pro rata with the unsecured general debt of
Auburn Automobile Co. and First National Bank, Chicago,
after provision has been made for payment to the other general
unsecured creditors, of a dividend of 50% of the amount of
the claims of such other unsecured general creditors
payable
in stock of Aviation Corp.) as allowed
by the special master in
the ratio of one share of Aviation
Corp. common capital stock
for each $14.50 of such allowed claim, estimated
26,700 shs.
(e) For issuance for reorganization expenses and counsel fees as
allowed by the court, estimated
8,300 shs.
(f) For issuance to Auburn Automobile Co. whose claims in the
amount of $1,400,000 as allowed by the special master (treated
for the purpose of this plan as a general unsecured creditor,
pari passu and pro rata with the unsecured general debt of
Aivation & Transportation Corp. and the First National
Bank, Chicago, after provision has been made for the pay¬
ment to the other general unsecured creditors of a dividend of
50% of the amount of the claims of such other unsecured
general creditors payable in stock of Aviation Corp.) in the
ratio of approximately one share of Aviation Corp. stock for
each $14.50 of such claim as allowed, estimated
96,400 shs.
-
Participation in Distribution of Securities
The holders
of the preferred and common shares of the company shall
participate in the distribution of shares of Aviation Corp. and their
acceptance of this plan shall not be requisite to its confirmation as the
interests of such stockholder or stockholders will not be affected by the plan.
The Aviation & Transportation Corp. as the holder of 5,194 shares of
the preferred and 15,000 shares of the common is to surrender such shares
to the company for cancellation upon the consummation of the plan and
the minority preferred stock outstanding in the hands of the public is to
be transferred to Auburn Automobile Co. pursuant to the plan of reorgani¬
zation for the Auburn Automobile Co., dated May 31, 1939.
All the shares outstanding, therefore, upon the consummation of the
not
plan will be in the hands of the Auburn Automobile Co. which will not be
affected
aided
in
adversely by the plan,
its own reorganization.
but on the contrary will
be materailly
The holders of the obligations and claims against the company, who shall
be entitled to the benefits of the plan and who shall have complied with the
terms
and
conditions thereof,
will, subject to the conditions of the plan
completion of the reorganization and upon surrender of their obliga-*
tions in negotiable form or properly endorsed in blank, and stamped for
transfer or otherwise, as the company may direct or upon delivery of satis¬
upon
Transportation Corp.
faction of their claims if requested to by the company, be entitled to receive
securities of Aviation Corp. as hereinafter set forth.
For the purpose of participation in distribution of securities and for the
agreed to cause the First National Bank, Chicago to consent to the transfer
in accordance with the terms of the contract between Aviation
acceptance of the plan, the division of creditors of the company into classes
according to the nature of their respective claims, shall be as follows:
Pursuant to the terms of the contract Aviation &
of assets
Corp. and the company, upon the condition that the proceeds of such sale
be subject to the lien of said mortgage in exactly the same manner and to
the same extent as the properties of the company being transferred.
(a)
Jan.
ings,
Secured—Holders of the company's bond dated July 1, 1937, due
1, 1938, and secured by a first lien upon the company's lands, build¬
machinery and equipment.
Volume
The Commercial & Financial Chronicle
149
In full adjustment and satisfaction of all claims
against the company and
its properties and assets in respect of both
principal of such bond and all
accrued and unpaid interest thereon up to the consummation of this plan
(including any interest which may be payable on unpaid Instalments of
interest) the holder of the bond of this company dated
July 1, 1937 and due
Jan. 1, 1938, shall be entitled to receive in
proportion for 50% of said bond
and accrued interest in the
of
$4,527, shares of Aviation Corp. common
one share of such Aviation
Corp. stock for each $6 of
principal and such interest, and an allowance as a general unsecured claim
in the amount of $254,527 for the
remaining 50% of said bond and mort¬
gage and accrued interest thereon.
(b) Unsecured—Unsecured creditors other than the First National Bank,
sum
stock in the ratio of
Chicago, Auburn Automobile Co. and Aviation and Transportation Corp:
In full adjustment and satisfaction of such claims
against the company
and its properties and assets, each unsecured
general creditor of the com¬
pany whose claim has been allowed by the special master shall be entitled
to receive for each $12 of such claim, one share of Aviation
Corp. stock.
No fractional shares of Aviation
Corp. stock will be issued however, and
necessary adjustment in lieu thereof will be made in cash upon the basis
of payments in cash for 50% of such
overage.
First National Bank,
Chicago, Aviation & Transportation Corp. and
Auburn Automobile Co.:
In full adjustment and satisfaction of such claims
against the company
and its properties and assets, each of the above named unsecured
general
of the company shall be entitled to receive for each $14.50 of
claim, one share of Aviation Corp. stock.
No fractional shares of
Aviation Corp. stock will be issued however, and to the extent of
any
creditors
be offered the opportunity to exchange each such share for one-half share
the new 6% cumulative stock, and two and three-fourths shares of
of
The preferred accepting the exchange will waive the dividend
accumulations of $9 a share on the present issue.
Each share of the new second series preferred stock would be convertible
into 3)^ shares of common stock until Jan. 1, 1952, and would be callable
common.
at 105.
The present preferred is convertible into three shares of common
stock until Jan. 1, 1947, and is callable at 110.—V. 149. p. 880.
Maryland Light & Power Co.—Earnings—
12 Months Ended
Operating
Operating
the
same
is deemed forfeited and waived.
Sept. 30—
267,177
expenses
23,752
41,346
5,771
48,635
_
___
______________
Other taxes.
.
Operating income
_
^
Cr651
Other interest
Amortization of debt discount and expense
Interest charged to construction
Preferred stock
Common stock,
$103,410
59,895
5,967
6,131
Cr2,171
$33,588
Net income.
—V.
149,
Unsecured
general creditors other than First National Bank,
Chicago, Auburn Automobile Co., and Aviation & Trans¬
portation Corp
14,600 shs.
Auburn Automobile Co
96,400 shs.
Aviation & Transportation Corp
26,700 shs.
733
$125,638
59,895
7,430
6,131
long-term debt.
on
p.
$102,676
Drl
_
income.
Interest
2,885
47,473
$52,833
_
_____
Summary of Distribution of Securities of Aviation Corp. to Be Presently Issued
Under the Plan
In Readjustment of—
Bond dated July 1, 1937 due Jan. 1, 1938 with accrued interest
thereon, held by the First National Bank, Chicago
60,000 shs.
40,627
$125,645
Other income (net)
Gross
1938
$467,680
255,774
18,245
1939
$512,327
revenues
Maintenance
Provision for retirements
Federal income taxes
such
excess,
3119
preferred stock, second series, ranking equally with the present 6% cumu¬
lative preferred, but having slightly different conversion and call provisions.
Following approval of the plan of reorganization and recapitalization,
holders of the present 6% preferred which is
closely held and unlisted, will
1182.
Mergenthaler Linotype Co.—Earnings—
Years Ended
Sept. 30—
1939
$6,554,846
6,892,864
Sales
General operating expenses
1938
1937
$6,480,704
6,703,458
$8,483,179
8,118,910
None
None
Income Statement for Period Dec. 11,
1937-Sept. 30, 1939
Sales, $2,711,118; cost of sales, $2,636,382; operating profit
Other ooerating income, $39,696; unabsorbed
foundry overhead,
/>$75,380
Operating loss
Depreciation reserves.
$74,736
Dr35,684
Gross profit,
$39,052
690,508
General and administrative, selling,
advertising, &c., expenses
Loss
$651,456
28,451
Other income
Total loss.
total other expenses,
$633,000
276,715
168,031
$32,321
302,413
336,011
292.279
Dividends receivable
306,349
Total loss
$225,027
$34,372prof$606,103
45.000
$225,027
$34,372prof$561,103
241,098
489,647
Reserve for Federal income tax______
Net loss
Dividends paid during the year--.
Deficit
$225,027
Earns,
per share on 241,098
capital stock (no par)
144,792
•
$669,772
Operating loss
on notes, deposits & inv'ts receiv.
$222,754prof$364,270
410,246
396,591
Int.
$623,005
Interest, discount, &c., $102,996; reorganization expense, $10,~
086; loss on inventories, $7,791;
miscellaneous,
$23,918;
$338,018
331,754
$275,470
sur$71,456
shares
Nil
Nil
$2.33
Balance Sheet Sept. 30
Net profit for period (loss)
Earned deficit Dec. 11, 1937
$767,796
1939
405,961
Assets—
$1,173,758
Balance Sheet Sept. 30, 1939
Assets—
and
acctounts
receiv¬
securities,
Accounts payable
Accrued liabilities
684,344
reserve
Liabilities
nominal
134,423
46,439
incurred
prior
to
court order
values
554,641
5
Prepaid expenses and deferred
charges
Plant assets
Unsecured liabilities
585,872
95
Trustees' cash in sink. fund-
Notes and advances
1,388,617
Deferred credits
29,049
692,200
Common stock.
12,968
Total
11,660
Preferred stock
al,623.674
Deferred accounts
a
$115,195
252,120
able (net)
Inventories less
Invest,
and
Notes payable
$102,047
$2,704,3011
1,173,758
Total
$2,704,301
After deducting depreciation of $3,442,136.—V. 149, p. 1480.
1939—10 Mos.—1938
$31,916,517 $29,879,249
200
200
2372.
p.
McLellan Stores Corp.—Sales—
Period Ended
Oct. 31—
Sales
—V.
Period End. Sept.
Inc.—Earnings—
$0.14
1939—9 Mos—1938
$245,191 loss$754,645
Nil
$0.41
Nil
profits.—V.
149,
p.
on
662,877
Accrued
taxes.
1,275,961
917,983
Accrued
expenses.
6,611
4,400,968
Accts.receivable._ 2,556,591
4,387,478
2,169,510
Reserve for stocks,
bonds & securs_
615,991
615,991
6,680,141
7,374,627
Reserve for doubt¬
1,230,843
9,441,541
9,668,269
Dash
Bill receivable
Inventory
40,212
Mixed Cl'm Com'n
Misceil.
curr.
115,390
liab.
309
87,208
ful accounts and
against
account
Agents' credit bal_
contingencies.
48,765
Germany
48,765
__
Surplus....
1,230,843
Adv. to employees
5,089
5,347
32,022
58,027
180,021
and misc. accts.
Cash in for'
n
banks
156,703
_
23,692.468 23,791,106
Total.,...
23,692,468 23,791,106
Total..
Represented by 256,000 shares of no par value,
b After depreciation
of $1,848,947 in 1939 and $1,756,247 in 1938.
c After depreciation
reserve of $6,813,911 in
1939 and $6,608,872 in 1938.
d Represented by
14.902 shares.—V. 147, p. 3164.
a
reserve
Michigan Bell Telephone Co.—Earnings—
Period End. Sept. 30—
rev.
$3,660,024
11,359
1939—9 Mos.—1938
$3,342,950 $32,212,716 $29,868,437
23,466
78,928
234,260
Operating revenues
Operating expenses—_
$3,648,665
2,182,407
$3,319,484 $32,133,788 $29,634,177
2,024,939
19,705,927
19,037,547
Net oper. revenues—
$1,466,258
$1,294,545 $12,427,861 $10,596,630
467,033
4,550,312
3.930,372
revenues
oper.
__
1939—Month—1938
521,747
taxes
Net oper.
880.
income
$944,511
897,167
$827,512
781,768
$7,877,549
7,389,486
$6,666,258
6,217,018
—V. 149, P. 2238.
Federal Judge John P. Barnes, at Chicago, Nov. 6, appointed Claude A.
Roth trustee under Section 10 of the Chandler Act.
While counsel for the company refused to admit
insolvency, he con¬
proceedings to Section 10 to avoid delay which
would have been occasioned by disputing the contention of the Securities
and Exchange Commission that the action should not have been filed
under
19,601
2,483,462
64,448
Net income
to
19,413
42,657
credit
undistributed
Majestic Radio & Television Corp.—Trustee—
sented
Dr667,497
811,598
Operating
After depreciation and Federal taxes.
Note—No deduction has been made for Federal surtax
Customers'
balances.
securs.
Uncollectible
30— 1939—3 Mos.—1938
$83,434 loss$282,837
$
stock__Lr667,497
Accounts payable-
work in process.
Marketable
Operating
Net profit
Earns, per share on cap.
stock
x
$
Capital stock._.12,800,000 12,800,000
d Treasury
For'n& domes, cos 2,345,488
1939—9 Mos.—1938
$1,967,884 $15,487,463 $14,880,093
2372.
p.
Mack Trucks,
x
1939—Month—1938
$1,883,984
149,
Liabilities—
a
1938
36,793
11,480
5,119
65,110
5,398
Deferred charges.
__
149,
2,519,156
(restricted)
McCrory Stores Corp.—Sales—
Period Ended Oct. 31— 1939—Month—1938
Sales.
$3,430,685
$3,294,044
Stores in operation
—Y.
equipment. 2,463,214
Equip. & construe.
349,012
Earned deficit ...1
2,423,820
Plant, machinery
Liabilities—
Cash
Notes
c
519,820
519,820
2,331,657
b Buildings
1939
$
$
Land.
Earned deficit Sept. 30, 1939
1938
Michigan Fuel & Light Co.—Proposed Merger—
See Public Gas & Coke Co. below.—V. 143, p. 2378.
transfer «f the
Section
11.
Judge Barnes set Nov. 20 as the aate on which the new trustee is to
file a report, Dec. 4 as the date for filing a plan of reorganization and Dec.27
as the date for a hearing on the plan of reorganization and
any objections
that might be made to the retention of the trustee.—V. 149, p. 2978.
Maracaibo Oil
Michigan Public Service Co.—Earnings
Period End. Sept. 30—
Operating revenues
Oper. exps. and taxes—
Net
>_
operating income
1939—3 Mos.—1938
$9,567
$9,355
5,937
4,652
1939—9 Mos.—1938
$29,036
$25,767
20.543
1 8.944
$3,630
6,767
$4,703
38
$8,494
9,208
Net income
$6,823
33,982
$10,397
$4,741
$17,701
$40,805
236.123
849,775
790.269
$114,653
$380 863
$355,574
2,594
277
416
$139,980
66,763
$114,930
$358,168
63,918
$381,279
257,910
$73,216
_
—V.
Balance.
Other income
245,720
$139,805
175
Exploration Corp. (& Subs.)—Earnings
Period End. Sept. 30—
Operating income
Oper. expenses & taxes__
1939—12 Mos. -1938
1939—3 Mos. -1938
$350,776
$1,230,638
,1 ,145,843
$385,525
$51,011
$123,369
$100,832
257,336
149, p. 2238.
Michigan Steel Tube Products Co.—Dividend Increased
Directors have declared a dividend of 25 cents per share on the common
Total
Deprec.. depletion, dry
holes, leases forfeited.
&c
3,984
x45,886
16,062
x66,438
$6,413
Net income
loss$41,145
$1,639
loss$25,633
x Including
$40,289 for abandonment
properties.—V. 149, pv 1624.
and
write-down of
Venezuelan
Marion Steam Shovel Co.—Plan—
The Ohio
Securities
Commission
has approved an order
permitting the
company's refinancing plan.
Under the original indenture the company
was required to set aside $2<X),000 annually for deposit in a sinking fund
to meet interest and maturities while the new plan would limit annual
deposit to 25% of net earnings up to maximum present annual requirement.
(See V. 149, p. ^591.)—V. 149, p. 2695.
Marshall Field &
Co.—May Reorganize—
A plan of reorganization which would give holders of the present 6%
preferred stock an opportunity to exchange part of their holdings for com¬
mon stock was made public on Nov.
8.
If accepted, the company will
resume
The
at a
dividend payments in December with the declaration of
share, the first since 1931.
capital structure, which stockholders will be asked to approve
common
30 cents
a
new
special meeting Dec. 4, would provide for a new class of 6% cumulative
stock, payable Dec. 9 to holders of record Nov. 28.
This compares with
dividends of 15 cents paid in the three preceding quarters; 50 cents paid
on Dec. 10 and on Sept. 10, 1937, and dividends of 25 cents paid on June 10
and March 10. 1938.—V. 148, p. 1033.
Middle States
Petroleum Co.-—To Recapitalize—
Voting trustees have called a special meeting of the voting trust certificate
holders for Nov. 29,1939 to vote on a proposed amendment to the company's
to change all of the authorized shares of the
value to $1 par value in order to accomplish sub¬
certificate of incorporation
company
stantial
from
tax
no par
advantages in connection with the expiration of the present
voting trust on Dec. 31, 1939 and in connection with the future transfer of
the shares, or of the voting trust certificates as extended.
Certificate
holders are also asked to give approval to the extension of the voting trust
a further term of 10 years to insure a continuation of the present success¬
of management of the company's affairs.
Simultaneously, the voting trustees announced the declaration of a divi¬
dend with respect to the 1938 earnings of 63 cents per share of A stock and
10 cents per share of B stock, payable on Jan. 15, 1940 to voting trust
certificate holders of record on Dec. 29, 1939.
With respect to the proposed change in par vlaue of the company's shares,
the voting trustees in their letter to certificate holders point out that they
are advised by counsel that unless the change is made, Federal transfer
taxes amounting to as much as $96,000 and New York transfer taxes of as
much as $72,000 may become payable upon expiration of the voting trust
for
ful type
The Commercial & Financial Chronicle
3120
and'its extension.
"The change to a $1 par basis and other steps which are
In contemplation, we are advised, would reduce such taxes to a
negligible
sum," the letter states.
In
surpport of their request for an extension of the voting trust, the
voting trustees review breifly the development of the company during the
period of receivership from January 1926, when Joseph Glass was appointed
receiver, to Dec. 31, 1929, and during the existence of the present voting
trust in effect since Jan. 1, 1930 when the present company commenced
operations under the continued management of Mr. Glass as President.
The voting trustees are Joseph Glass, President; Frank B.
Cahn, William
J. Price III, John S. Sheppard and Henry F. Whitney.
National
The board of directors
the class
on
have
A stock and
declared
10
final
a
cents
dividend
of 63
cents per
share on the class B stock,
payable Jan. 15, 1940, to holders of voting trust certificates of record at
the close of business Dec. 29.—V. 149, p. 1481.
per
Missouri Gas & Electric Service
Supply Co.—Earnings—
$3,559,349
$2,661,777
437,482
389,043
750,991
526,927
,288,629
,252,486
$3,948,392
1,029,194
227,356
149,352
$3,412,768
213,694
92,414
$6,073,795
1,372,002
305,271
165,542
823,975
900,290
1,113,913
36,586
105,918
41,096
1,320,688
181,971
68,921
Net income from opers
Other income
32,425,508
4,514,060
$1,851,146
Sell. & gen. expenses
359,300
11,434
916,150
...
Period End. Sept. 30— 1939—3 Mos.—1938
Operating revenues
8171,018
$165,803
Oper. exps. and taxes.142,204
132,433
Net operating income
>■Other income.
$28,814
1939—12 Mos.—1938
$657,676
$644,013
549,147
518.276
$33,370
$108,529
Depreciation
Interest paid on bonds
__
Interest (other),
Taxes
for
Prov.
Federal
1,908,693
287,693
142,599
in¬
taxes, estimated
come
Consolidated
net
loss
(based upon book ininventories)
2
$5,546,868
(other than Fed.
income taxes)
$125,737
1939—12 Mos—1938
$48,510,927 $56,348,716
40,143,699
44,677,617
5,705,450
6,124,231
30,072,955
4,314,384
Cost of sales
Miscellaneous deductions
Co.—Earnings—
1939
[Including Subsidiary and Predecessor Corporations]
Period End. Sept. 30— 1939—9 Mos.—1938
Net sales to customers._$36,238,485 $40,498,917
Final Dividend.—
share
Nov. 11,
$199,447prf$l,176,981
$92,661prf$l,812,170
Consolidated Balance Sheet Sept. 30
Gross income
Interest deductions
$28,814
14,235
$33,370
14,325
$108,529
57,102
$125,739
57,579
1939
Net income
—V.
149,
p.
$14,579
$19,045
$51,427
$68,160
881.
October
in
and
in
the
nine
months
largest in the history of the company, it
in October
Oct.
on
31
was announced on Nov. 6.
Sales
$54,944,556, up $8,277,602 from the $46,666,954 in October,
1938, or a gain of 17.74%.
The previous high record for sales in October
was $48,825,203, in 1937.
In the nine months ended on Oct. 31 sales aggregated $358,050,867,
against $308,665,055 in the same period last year.
This was an increase
of $49,385,812, or 16%.
Sales of $319,788,818 in the same period of 1937
were the previous high.—V. 149, p. 2373.
were
Mountain States Power
Maintenance and repairs
32,034
$1,283,755
134,783
Net operating income
Merchandise and jobbing (net)
$1,464,063
Dr62,280
~
—
~
~
Miscellaneous income
—
400 520
m
__
Gross income-.
on
$1,450,759
477,521
1,220
376,612
26,257
deductions
$1,357,478
477,521
11,479
375,490
13,218
$570,368
long-term debt
Amortization of debt discount and expense
Other interest (net)
Miscellnaeous
$479,768
Note—No provision was made for Federal income tax or for surtax on
undistributed profits under the Revenue Act of 1936 for the year 1937 as
such taxes were
18o,399
28,340
1st
mtge.
11,181,920
11,555,170
64,500,000
20-yr.
5% s. f. gold bds 5,608,000
2,814,739
Accounts payable.
5,964,000
1,913,100
Accrd. taxes, wages,
1,033.735
142,821
1,117,624
2,720.817
4.994,854
<fcc
4,588,926
Deficit
.72,344,454 68,927.304
Total
844.553
1936,427
e473,834
72.344.454
Total
68.927,304
Represented by shares of $10 par.
b Less reserve for doubtful accounts
$1,619,425 in 1939 and $1,686,143 in 1938.
c After depreciation,
value of $1,178,685 in 1939 and $891,166 in
1938.
e Since
Jan. 1, 1938.
f Since Oct. 23
1937.
g $2,400,000 due after one year.
—Y. 149, p. 1922.
a
of
d Market
Natomas
Co.—Earnings—
Period End. Sept. 30—•
x
1939—3 Mos.
stk. (no par)
Earnings per share
$257,388
$900,349
992.920
$0 34
Shares cap.
x
992.920
992.920
$0.26
$0.92
$959,320
992.920
$0.97
.
After all charges incl. deprec., deplet., corporate & Federal taxes, but
before
p.
1939—9 Mos.—1938
-1938
$338,343
Net income.
provision made for surtax
1333.
Neisner
on
undistributed net income.—V.
149,
Brothers, Inc.—Sales—
1939—Month—1938
Period End. Oct. 31—
Net income.._____
no
174.427
3,209,587
Common stock.. 11,555,170
Notes payable
Res. for Fed. tax._
$1,418,538
Drl2,124
Dr1,180
Interest
199,480
2,161,841
Deferred charges._
233,744
Patents & licenses.
23,285
MLsc. inv., &c
1938
$1,333,298
130,765
mt
21,640,415 21,795,373
Bond sink. fund..
11,181,920
(par $40)
a
29,267
A em pi., less res
$4,222,082
2,023.168
Net operating revenues
*
Income from electric plant leased to others (net)—
reserve
M
Provision for Fed. & State income "taxes
$
$2 10-yr. pref. stk.
Accts. rec., officers
Capital surplus
186,985
241,663
470,198
16,312
T&XGS
7.696,402
accts.
Inventories
1938
$
series prior
preferred stock.22,640,400 22,640,400
6% series prior pre
ferred stock
6,468,700
6,468,700
Ins. & pen. res.,&c 2,746,470
1939
$4,336,111
2,055,374
174,223
241,663
revenues
Operation
Appropriation for retirement
2,391,764
&
Co.—Earnings—
Years Ended Sept. 30—
Operating
2,382,464
receivable......12,307,914
the
were
Liabilities—
5M%
machinery, &c_ .28,029,793 29,534,463
Cash
4,365,519
3,882,282
b Notes
ended
$
buildings,
d Market secure..
Montgomery Ward & Co.—Sales—
Sales
1939
1938
$
Assets—
Land,
c
Sales
$2,035,925
1939—10 Mos.—1938
$1,950,934 $17,793,674 $15,188,332
Stores in operation
—V. 149, P. 2374.
111
110
paid for that year.—V. 149, p. 2698.
Nepsco Appliance Finance Corp.—Note Issue Approved
(G. C.) Murphy Co .—Sales—
Securities and Exchange Commission has approved the declaration
The
Period Ended Oct. 31— 1939—Month—1938
Sales
$4,090,431
$3,810,937
Stores in operation
1939—10 Mos.—1938
$34,903,068
$31,373,172
202
201
Dividend Increased—
filed by the corporation (a mutual
service company for the holding-company
a registered holding com¬
pany), to issue short term unsecured promissory notes in an amount not
to exceed $1,200,000 outstanding at any one time to discharge notes present¬
ly outstanding and to provide additional working capital.—V. 149, p. 2091.
system of the New England Public Service Co.,
Directors
on Nov. 7 declared a dividend of $1 per share on the common
payable Dec. 1 to holders of record Nov. 20.
Previously regular
quarterly dividends of 75 cents per share were distributed.
See V. 146,
p. 3194, for record of previous dividend distributions.—V. 149, p. 2373.
(J. J.) Newberry Co.—Sales—
stock,
Nashua Gummed & Coated Paper Co.—Div. Doubled—
Period Ended Oct. 31— 1939—Month—1938
Sales.
Directors
have declared a dividend of $1 per share on the common
par value, payable Nov. 15 to holders of record Nov, 8.
This
with 50 cents paid in each of the three preceding quarters, and
on Dec
20. 1938; 25 cents paid on Nov. 15 and on Aug. 15, 1938; a dividend
of 50 cents paid on May 16, 1938, and previously regular
quarterly dividends
of $1 per share were distributed,—V. 149, p. 2980.
stock,
National Cash
1939
Operating profit from all
sources,
1938
$32,997,108
incl. sub. and
branches, after depreciation & maintenance
Provision for income taxes (domestic & foreign)
1,773,954
469,313
2,259,079
x$l,304,641
559,464
$1,699,616
After
giving effect to a foreign exchange adjustment of $185,691.
y Sales exclude German, Austrian and Japanese sales amounting to $5,123,071.—V. 149, p. 1922, 881; V. 148, p. 2904.
National Gas & Electric
Period End. Sept. 30—
Operating
revenues
Operation
Maintenance
Taxes
Net
The stockholders have authorized the issue
of 35,000 additional shares
(no par) common stock to stockholders in the ratio of one new for three old.
Proceeds are to be applied to retirement of 7,024 shares oi 7% prefeired
and provide
approximately $150,0v0 for working capital.—V. 149, p.2980.
England Casualty Insurance Co. of Springfield,
Mass.—Organized—Capital Owned by Springfield Fire &
Marine Insurance Co.—
Company, on Nov. 2, 1939 was granted a charter by the State of Massachussetts, to transact the business of casualty insurance.
The capital is
$700,000, with a paid in surplus of $700,000.
With the exception of
directors' qualifying shares, the entire capital stock is owned by the Spring¬
field Fire & Marine Insurance Co.
Net profit—
x
$36,296,560
New
Register Co. (& Subs.)—Earnings—
9 Months Ended Sept. 30—
Sales (incl. sales of foreign subs, and branches con¬
verted at current rates of exchange)
y$29,237,317
1939—10 Mos.—1938
$4,288,302 $38,917,161
2374.
New Britain Machine Co.—Stock Authorized
no
compares
$4,453,117
—V. 149, p.
operating
revenues
Non-operating inc. (net)
Balance
Retirement accruals
Corp. (& Subs.)—Earnings—
1939—Month—1938
$129,939
$110,976
69,110
62,042
4,695
5,220
11,152
7,523
1939—12 Mos.—1938
$1,410,657
786,767
62,467
129,466
$1,284,695
734,032
69,225
104,569
$44,982
$36,191
Dr439
$431,956
Dr2,324
$376,869
Dr57
$44,925
16,937
$35,752
12,375
$429,632
170,366
$377,374
158,146
505
The
company's directors will be the same as the Springfield Fire &
Co.'s, with the addition of William A. Hebert, ViceT. Buckley, President;
Grant Buckley, VicePresidents; Wm. A. Hebert, Vice-Pres. and Sec.; Frank A. Slesinger,
Treas.; Wm. N. Pitcomb, Asts. Treas., and Sidney F. Law, Asst Sec.
The company, it is said, will be ready to start business about Jan. 1,
1940 as a multiple-line company, in a modest conservative way.
new
Marine
Insurance
President of Springfield.
The officers are: George
Walter B. Cruttenden, Francis H. Williams, and
New York
Chicago & St. Louis RR. Co.—Tenders—
The Central Hanover Bank & Trust Co., New York, will until 2 p. m.
Nov. 28, receive bids for the sale to it of sufficient first mortgage bonds
due Oct. 1, 1937
at
extended to Oct. 1, 1947, to exhaust the sum of $100,000
prices not exceeding 102 and accrued interest.—V. 149, p. 2980.
New York Lake Erie & Western Coal & RR.—Interest—
The interest due May 1. 1939,
and Nov. 1, 1939, on the guaranteed first
5j^%, due 1942, is now being paid.
mortgage extended bonds, series A,
Gross income
Net income
$23,376
8,445
$259,265
97,114
$219,228
100,892
$20,024
Int. & amortization, &c_
$27,988
7,964
$14,932
$162,151
62,066
$118,335
$0.52
$0.38
Dividends declared
Earnings
—V.
per
149,
p.
share
2698.
46,549
Company announced that it will redeem on Dec. 4, 1939, at 102
H% of
the principal amount, all of its
4H% sinking fund debentures due
May 1,
J??0-
TS?8® bonds will be redeemed at the principal office of The Marine
Midland Trust Co. of New York, 120
Broadway, New York, at the redemp¬
price together with accrued interest to the redemption date.
Interest
coupons payable on or before Nov. 1, 1939, will be
paid through the usual
channels.—V. 149, p. 2980.
tion
Surety Co.—Further Distribution—
Louis H. Pink, Superintendent of Insurance of the
State of New York
Nov.
10 that he began distribution of a third dividend
to
creditors of the old National Surety Co.
This dividend amounts to about
$3,000,000 in cash and is for 10% of the claims allowed.
With previous
dividends of 10% and 25%, a total of 45% has been
paid to date, making
a cash distribution thus far of
approximately $13,000,000.
The payment
of this dividend was delayed by reason of
litigation involving the mortgage
guarantee claims which was concluded in favor of the liquidator when the
U. S. Supreme Court refused to grant a writ of certiorari to the
attacking
creditor.
The Superintendent said that every effort would be made to
announced
further dividend as soon as possible.
will exceed 50%.—V. 148, p. 1176.
pay a
New York
Telephone Co.—Earnings-—
Period End. Sept. 30—
Operating
revenues
Uncollec. oper. revenue.
1939—Month—1938
1939—9 Mos.—1938
$17,766,699 $17,034,231 $157800,801 $152708,414
77,156
92,92 7
658,883
815,461
Operating revenues.. .$17,689,543 $16,941,304 $157141,918 $151892,953
Operating expenses.
11,290,950
11,777,695 104,179,688 104,443,623
National Gypsum Co.—Debentures Called—
National
—V. 148, p. 2436.
It is expected the total dividend
$6,398,593
2,845,855
Net oper. income...
income
Net
—V.
.
.
Noranda Mines,
Ltd.—Earnings—
Period End. Sept. 30—
Profit.
Other income
Total income
Depreciation
Estimated net profit..
share
2982.
earns, per
149, p.
1939—9 Mos.
-1938
1939—3 Mos.—1938
$5,836,497
$5,303,342 $16,631,605 $15 ,728.885
8,076.497
,538,085
2,860,885
2,765,527
495,000
415,000
1,400,000
,325,000
$2,480,611
381,110
Reserve for taxes
—V.
$2,476,73 9 $27,691,461 $24,020,622
2,603,943
25,537,949
21,473,691
149, p. 2982.
Total recovery
Costs and expenses
Est.
$5,163,609 $52,962,230 $47,449,330
2,686,87 0 25,270,769 23,428,708
$3,552,738
3,695,716
Net oper. revenues...
Operating taxes.
$2,132,815
92,292
$7,155,108
1,307,267
865.800
371,496
$2,861,721
135.000
$2,225,107
$8,462,375
405,000
$2,726,721
$1.22
$2,089,107' $8,057,375"
136.000
$0.93
$3.60
$7 ,237.296
400,000
$6 ,837.296
$3.05
Volume
The Commercial & Financial Chronicle
149
Nipissing Mines, Ltd.—To Pay 15-Cent Dividend—
3121
Oklahoma Natural Gas Co.—Earnings—
Directors have declared a dividend of 15 cents per share on the common
stock, par $5, payable in Canadian funds on Dec. 11 to holders of record
Nov. 22.
Previous dividend, which was payable in United States funds,
was distributed on Aug. 22,1938, and also amounted to
15 cents per share.
See also V. 147, p. 580.
12 Months Ended Aug. 31—
Operating revenues.
1939
$8,217,086
2,986,112
232,643
_
Operation
Maintenance..
....
General taxes...
1938
$8,053,789
2,974,916
710.983
715,911
107,460
.........
Federal and State income taxes
North American
At
Aviation, Inc.—$1 Dividend—
Net operating revenues,
meeting of the board of directors held Nov. 6
a
a dividend of $1 per
declared, payable Dec. 15 to stockholders of record Nov. 20.
This compares with 40 cents paid on July 12 last and on Dec. 1, 1938 and
an initial dividend of 12 ^ cents
paid on Dec. 22, 1937—V. 149, p. 2699.
share
was
North
Stock of
American
Co.—Company Files with SEC to Buy
Subsidiary—
The North American Co. filed Nov. 9 with the Securities and Exchange
Commission
shares
an
application covering the acquisition of up to 2,666,667
($1 par) common stock of its subsidiary, North American Light &
board
of directors prior to the making of such
offering.
In accordance with a decision of the Federal Circuit Court of
Appeals
of the Second Circuit, the North American Co. will take
up any of the
shares not purchased by such stockholders.
It also will surrender $4,000,-
000 of promissory notes of the subsidiary company.
All net proceeds from
the sale of the stock will be applied to the retirement of the notes.—V. 149,
2982.
p.
North American
Light & Power Co. (& Subs.)— Earns.
\2 Months Ended Sept. ZO—
1939
1938
Operating revenues
•„
$15,086,280 $14,919.699
Oper. expenses, maint., & taxes.8,030,076
8,255.323
Appropriations for depreciation reserves.
2,272,198
2,486.787
_
_
Net operating revenues
$4,784,006
932,528
$5,716,534
1,797,870
893,329
1,001,410
$5,068,320
1,869,848
893,329
1,030,416
$2,023,925
Non-operating
$4,177,588
890,732
$1,274,727
revenues
—
free covenant securities.....
....
Netincome...
Convertible 6% prior preference dividends...
Preferred dividends..
The remaining
666,667 shares are to be offered at $3 a share to common stockholders of
record of March 5, 1936, and to all common stockholders of record as of a
date also to be fixed by the directors.
on tax
Balance for
common
$4,094,928
1,078,117
$4,052,494
1,086,232
$3,016,810
1,283,498
52.837
110,592
15.014
$2,966,262
1,304,497
52,305
110,961
12,102
$1,554,869
133,200
273,150
...
Otherinterest
Amortization of debt discount and expense
Taxes
$4,040,711
11,783
$1,486,397
133.200
273,150
$1,148,519
$1,080,047
_
Balance
Retirement accruals...
Power Co.
North American Light & Power
proposes to offer 2,000,000 shares of the
stock at SI a share to its common stockholders of record of March 5, 1935,
and to all common stockholders of record as of a date to be fixed by the
4,318
$4,090,610
Non-operating income (net)
Gross income
Interest on funded debt
214,792
196,738
stock and surplus
....
Pro Forma Statement for the 12 Months Ended Aug. 31, 1939
[To give.effect to present capitalization resulting from refinancing by
sale of securities in Aug., 1939 showing current level of earnings based on
operations for the year ended Aug. 31, 1939.]
Gross income
$3,016,810
Estimated additional Federal and State income taxes due to
decreased interest charges
Bond interest
Interest
on
I
bank loans.
....
....
Otherinterest.
Amortization of premium on debt
Taxes
on
125,000
,
${2,891,810
Balance—
...
637,500
193,867
52,837
CrlO.OOO
tax free covenant securities
15,614
Net income
($2,002,593
....
$5.50 convertible prior preferred dividends
319,000
273,150
'
Preferred dividends
Gross income.
Net interest charges of subs..
Dividends on preferred stocks of subs
Interrest charges of North American L. & P. Co...
Net income
To Issue
2,666,667 Shares
Common
of
Stock—See
North
American Co.—V. 149, p. 1031, 2240.
Northern States Power Co.
(Del.)—Weekly Output—
Eleetric output of the Northern States Power Co. system for the week
ended Nov. 4,1939, totaled 29,433,638 kwh., an increase of 7.7%, compared
with the corresponding week last year.—V. 149, p. 2983.
Ogilvie Flour Mills Co., Ltd.—EarningsYears End. Aug. zi—
a
Profit
on
1939
$530,269
242,463
$419,386
207,396
$863,631
235,961
$821,488
181,190
552,000
124,930
519,000
17,051
290,000
198,466
292,000
132,324
$1,449,663
164,868
199,6 SO
2,507
$1,195,858
149,213
158,519
2,843
$1,588,058
155,172
248,225
1,459
30,000
$1,447,471
172,500
246,293
2,448
67,503
75,260
73,283
17,395
17,667
on
$996,316
2,511,484
$792,627
2,632,880
investments
on
realization
1938
33,023
Total income.
Provision for deprecia'n.
_
Provision for taxes.
Legal expenses....
Contrib. to pension fund
Salaries & directors' fees
to
1936
of
fixed assets
paid
1937
exec,
20,468
Pacific Tin
tors
...
Net profit for year
Previous surplus
Paramount Pictures,
Total surplus
Preferred dividend (7%)
Common dividend ($8).
Surplus, Aug. 31
Shs.com.stk.out. (no par)
Earned per share
...
$930,824
2,189,803
Br174,022
Dr70,000
$3,507,800
140,000
600,000
$3,251,484
140,000
600,000
$3,372,880
140,000
600,000
$3,050,627
140,000
600,000
$2,767,800
600,000
$1.42
$2,511,484
600,000
$1.08
$2,632,880
75,000
$2,310,627
75,000
$12.29
$10.54
After deducting selling and general expenses.
Assets—
1938
$
1939
LiaMlUies-
$
2,915,161
2,807,406
$
$
2,000,000
Common stock..
2,500.000
x
Accts.
G'dwill, t'dmarks,
pat. rights, Ac._
1
1
Other inv. & mtge.
968,866
956,242
Shs.
1938
Preferred stock...
Water pow., mill
plants, &c
in and amts.
owing by partly
payable...
477,206
64,017
185,000
Res. account
5,000,000
Earned surplus... 2,767,800
Reserve for taxes.
Provision for divs.
2,000,000
2,500,000
555,048
43,994
185,000
5,000,000
2,511,484
owned subs. cos.
(non-currnt)
...
Cash.
z
Accts. receivable
Stocks
Shs.
on
in
hand...
473,766
695,784
1,258,622
1,690,352
461,217
874,030
1,872,642
975,494
and amts.
owing by wholly
owned subs. cos.
(current)
Invest, (current)..
Total
2,716,357
2,275,116
Includes
12.994,024 12,795,526
Represented by 600,000 (no par value) shares.
y After reserve for
depreciation of $3,780,587 inl939 and $3,643,555 in 1938. z Less reserve.
—V. 147, p. 3617.
Oklahoma Gas & Electric
Co.—Earnings—
Years Ended Sept. 30—
Operating revenues
Operation
Maintenance and repairs
a
Appropriation for retirement reserve....
—
1938
1939
$13,547,541 $13,278,881
—*
Amortization of limited-term electric investments.
Taxes
Provision for Federal and State income taxes...
4,666,084
792,065
1,300,000
19,197
1,462,950
524,375
$4,782,870
24,665
(net).
Amortization of debt discount and expense
Other interest (net) ——
Pacific Tin Consolidated
1,200,000
19,196
1,431,734
461,167
$4,455,465
1,520
—
$4,456,985
1,676,599
$2,758,461
$2,407,869
-V. 149, p. 2374.
See Pacific Tin Corp., above.
4,838,841
872,478
$4,807,535
1,660,686
268,371
86,602
33,416
Miscellaneous deductions
Net income
as
$495,000 representing
a
Corp.—New Name—
270,415
58,559
43,543
—
Oct. 1, '38 Sept. 30, '39Oct. 1, '38
x$650,658 b$2,840.000 y$l,876,469
Paramount's direct and indirect net
stockholder in the combined undistributed earnings for the
of partially owned non-consolidated subsidiaries, also $233,000
profit on purchase of debentures of Paramount Pictures, Inc.
y Includes
$1,660,000 share of undistributed earnings of partially owned non-con¬
solidated subsidiaries and $245,000 profit on purchase of debentures ^of
Paramount Pictures, Inc.
z After interest and all charges,
a Includes
$377,000 representing Paramount's direct and indirect net interest as a
stockholder in the combined undistributed earnings for the quarter or
quarter
partially
owned
non-consolidated
shares of undistributed earnings of
sidiaries.
subsidiaries.
b Includes $1,355,000
partially owned non-consolidated sub¬
all foreign subsidiary companies have been
included at the current rates of exchange.
In the case of the English and
Canadian subsidiaries which have outstanding debt payable in local cur¬
rencies in
excess
of the net current assets of such subsidiaries, the
nrovision
these companies
the amount of outstanding debt payable.
There were outstanding as of Sept. 30,1939,144,672 shares of cumulative
convertible ($100 par) 6% first preferred stock, and 555,071 shares of
cumulative convertible ($10 par) 6% second preferred stock.
After de¬
ducting $300,268 of dividends accrued for the quarter on these preferred
shares, the remaining $409,732 of estimated combined consolidated and
share of undistributed earnings for the quarter represent $0.17 per share
on the 2,465,927 shares of common stock outstanding at Sept. 30, 1939,
which compares with $0.14 per share for the quarter ended Oct. 1,1938.
Computed on the same basis, the estimated combined consolidated and
share of undistributed earnings for the nine months ended Sept. 30, 1939
represent $0.79 per share on such common stock outstanding, which com¬
pares with $6.46 per share for the nine months ended Oct. 1, 1938.—V.
149 P. 2701.
for the decline in dollar value of the net current assets of
has been offset against
&
Mines
Patino
Total
x
x
2,864,435
1,984,059
.....12,994.024 12,795,5261
Other income
Sept. 30/39
Estimated earnings...
a$710,000
The results of operations of
Balance Sheet Aug. 31
1939
-9 Months
3 Months—
z
$1,062,252
2,310,627
Inc.—JEarnings—
Period Ended—■
interest
Adjustment applicable to
prior years
y
Corp.—Merger Plan Voted—
officers
of the company—.
Fees paid to other direc¬
a
Pay 50-Cent Dividend—
A plan to combine this corporation and its subsidiary, Yukon-Pacific
Mining Co., was approved at meetings of the boards or directors of the
companies held Nov. 8, 1939.
Meetings of stockholders to approve the
plan were called to be held Nov. 21, 1939.
Pacific Tin Corp., whose capital is represented by 208,433 outstanding
shares of special stock, owns
81.7% of the 3,500,000 outstanding shares of
capital stock of Yukon-Pacific Mining Co.
The latter company is also
indebted to Pacific Tin Corp. in the amount of approximately $2,217,000.
Under the plan, Yukon-Pacific Mining Co. will be recapitalized and ts
stockholders will receive 1 share of new $1 par value stock for each 5 shares
now held.
Yukon-Pacific Mining Co. will acquire the entire assets of
Pacific Tin Corp. and the stockholders of the latter will receive 4 3-5
shares of the new stock of Yukon-Pacific in exchange for each share of
special stock of Pacific Tin now held.
The terms of the exchange are based
upon an appraisal of the properties of the corporations made by the in¬
dependent firm of Yeatman & Berry, consulting mining engineers.
The
name of Yukon-Pacific Mining Co. will be changed to Pacific Tin Con¬
solidated Corp.
Application is being made to list the new stock of Pacific
Tin Consolidated Corp. on the New York Stock Exchange.—Y. 148, p. 3383.
18,133
subsidiary companies.
Profit
Ontario Mfg. Co.—To
$1,410,443
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 1 to holders of record Nov. 20.
Dividend of 25 cents
was paid on Dec. 1, 1938, and compares with 60 cents paid on April 1,1938;
25 cents on Dec. 20, 1937; 35 cents on Oct. 1, 1937; 50 cents on July 1,
1937, and dividend of 40 cents paid on April 1,1937.—V. 148, p. 591
77,273
18,789
operations..
Investment income
Divs. from wholly owned
Profit
Balance for common stock and surplus
—V. 149, p. 2522.
Enterprises
Consolidated,
Inc.—
Earnings■—
for the 6 months ended June 30, 1939, estimated
profit of 7,009,938.34 bolivianos after taxes,, and
of £15,847, plus 550,157.06 bolivianos, referred to
in the March 31 estimate of earnings.
This compares with profit of £16,722.
and profit of 1,264,202.67 bolivianos for the same period in 1938.
Profits
of subsidiary companies are not taken up until declared as dividends.
Production for the 6 months ended June 30, 1939, was 3,404 tons of fine
tin, as against a production of 4,360 tons for the same period in 1938.
Tin
in concentrates shipped, but not sold, at the close of the 1939 period was
valued in inventory at £215, as against £177 at the close of the 1938 period.
The operations in the 6 months were only partially subjected to the Bolivian
Government decree of June 7, 1939.—V. 149, p. 885.
The company reports
net loss of £40,651 and
after
deducting loss
Paulista Ry.
Co.—Interest Payment—
Ladenburg, Thalman & Co., as fiscal agents, is
notifying holders of first
and refunding mortgage 7% sinking fund gold bonds,
received funds for the payment of the March 15, 1938
that they have
interest on these
Payment will be made on and after Nov. 6,1939, upon presentation
and surrender of the March 15, 1938 coupons at the office of the fiscal
bonds.
agents.—V.
145, p.
1912.
(J. C.) Penney Co.—Sales—v
Sales of the company for the month of October, ,1939 were $28,721,904,
compared with $26,822,116 for October, 1938.
This is an increase of
$1,899,788 or 7.08%.
Total sales from Jan. 1 to Oct. 31, 1939, incl. were $210,703,235, as com¬
as
pared with $191,825,478 for the same period in 1938.
$18,877,757 or 9.84%.—V. 149, p. 2375.
of
This is an increase
The Commercial & Financial Chronicle
3122
Pennroad
Directors
Corp.—To Pay IQ-Cent Dividend—
8 declared a dividend of 10 cents per share on the com¬
Nov
on
stock, payable Dec 20 to holders of record Nov 24.
This will be the
first dividend paid on the common shares since Dec, 15, 1937, when 25
mon
cents per
share
was
distributed,—V. 149. p. 1925.
on
8 declared a dividend of $1
Nov.
per
share
on
the capital
18 to holders of record Nov. 18.
This com¬
20, 1938; 75 cents paid on Dec. 20. 1937;
Dec. 21 and on Feb. 29, 1936; and divi¬
share distributed on March 15, 1935, Sept. 15 and
pares with 50 cents paid on Dec.
50 cents on July 22, 1937; $1 on
March 15. 1934.
In announcing
pany,
today,
said:
"As
to
1939
be no discounts or commissions
Said company does not intend
hold the same for in¬
dispose of the shares it purchases but expects to
vestment purposes.
The Preferred Accident
Insurance Co. (N. Y.) is the parent company
as of July 28, 1939 38,977 shares out of a total of 50,000 shares of
capital stock outstanding.
The authorized capital stock was increased by vote of the stockholders
the
stock, par $50, payable Dec.
dends of 50 cents per
shares at par ($10 per share).
There will
to the Preferred Accident Insurance Co.
11,
and held
Pennsylvania RR.—To Pay $1 Common Dividend—
Directors
Nov.
current dividend, M. W. Clement, President of the com¬
a result of the dividend action taken by the directors
of the Pennsylvania RR. Co. will receive this year
stockholders
approximately $13,000,000.
This disbursement of $1 (2%) per share will
be paid out of earnings anticipated for the year 1939 which we expect will
be more than sufficient to meet it.
Last year's earnings only partly covered
the dividend of 50 cents (1%) per share which was declared a year ago.
"While the total amount of 1939 earnings available for dividends is still
a matter of estimate, since the middle of the year there has been a progres¬
sive and substantial improvement in earnings due both to an improvement
in the volume of business and to an improvement in our methods of handling
it, developed in recent years.
"The directors believe, therefore, not only that the increased dividend
declared today is warranted at this time, but also that if earnings continue
as satisfactory as they are currently
the matter should be given further
consideration by the middle of next year.
Meanwhile, the complete re¬
sults of this year will be known and we ought to have a better basis by
which to gauge the longer term trend of business,"—V. 149, p. 2984.
July 28, 1939 to $1,000,000 from $500,000.
Company—Protective Indemnity Co. has a perpetual charter from the
of New York.
Under this charter the company may transact a
19376548
State
casualty insurance business consisting of accident and health, automobile,
public liability and property damage, burglary and theft, plate-glass,
elevator, and general public liability insurance.
It commenced business
under its charter on Jan. 2, 1930.
It is now qualified to write the above
mentioned lines of insurance in the States of California, Connecticut,
Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, New
York, Ohio, Oregon, Pennsylvania, Rhode Island, Washington, Minnesota,
Nebraska, Iowa and Missouri,
Company, from its inception, operated through established insurance
agents and brokers and adheres to the American Agencies System.
Com¬
pany's business comes to it chiefly through its directly reporting agents and
brokers who at the present time number approximately 228.
In all those
States where the company is qualified to transact business it is represented
engaged by the com¬
by independent investigators or attorneys who are
handle its claims.
pany to
Purpose—In order to write Fidelity and Surety, Workmen's Compensation
and certain other lines, under the new Insurance Code enacted by the State
of New York, effective Jan. 1, 1940, casualty companies at present doing
business in New York State must have a capital of at least $1,000,000.
Development of Business—Company from its inception
fts business, as is shown by the following:
has gradually in¬
creased
Peoples Drug Stores, Inc.—Sales—
Period, Ended Oct. 31—
Sales.
1939—Month—1938
1939—10 Mos.—1938
$1,955,411
$1,940,446 $18,312,867 $17,492,951
—V. 149, p. 2702.
Pittsburgh Plate Glass Co.—To Pay $1.75 Dividend—
The directors have declared
a
dividend of $1.75 per share
on
the
com
par $25, payable Dec. 23 to holders or record Dec. 2.
This
75 cents paid in the three preceding quarters; $1 paid on
1938, and dividends of 25 cents paid on Oct. 1, July 1 and on
April 1, 1938.
See also V. 148, p. 1490 ror detailed record of previous
dividend payments.—V. 149, p. 2242.
mon
stock,
compares with
Dec. 23,
Reinsurance
Net
$262,450
271,420
363,369
403,909
409,757
Ceded
$10,800
16,675
12,234
17,272
14,534
$251,650
254,745
351,135
386.637
395,223
$1,710,907
$71,516
$1,639,391
a Gross
Written
Year—
a
Premiums
-
-
-
-
Written
Less cancellations and return premiums.
Balance Sheet
1939
June 30,
Assets
Portland General Electric Co.—Bonds Called—
Mortgage loans on real estate first
Company has called for redemption on Dec. 8, 1939, $176,000 principal
5% bonds, due by extension July 1,1950, at 103 and
accrued Interest.
Bonds should be presented for redemption on and after
Dec. 8 at the New York office of Bankers Trust Co., successor trustee.
—V. 149, p. 2985.
amount of its 1st mtge.
Porto
American
Rican
Tobacco
Co.—Glidden
Bond-
Bonds
-—
Stocks
Cash
Gross premiums in course of collection
Current balances due from reinsuring companies
Interest, rents and dividends due and
173
9,002
accruedj
Total admitted assets.
holders' Committee Issues Statement—
$236,400
937,022
340,050
111,721
151,349
lien.
$1,785,718
.
Liabilities—
The
following committee was formed Sept. 5 to protect the interests of
the holders of the 15-year secured 6% convertible bonds viz.:
Nathaniel
F. Gidden, Philip W. Henry and H. Duncan Wood with Ralph Mont¬
gomery Arkush, Counsel.
The Committee in
a
letter dated Nov. 6 states in part:
The committee, to Nov. 6, has received authorizations from 194 persons
holding in the aggregate $376,000 of bonds. The committee and its attorney
required statements in the pending Chandler Act proceedings
for reorganization and the court has directed that the committee be notified
of all steps in those proceedings.
The question whether the trustees appointed in the reorganization pro¬
ceedings should adopt the contract which had been made by the company
for the sale of its interest in Waitt & Bond, Inc., to W. E. Waterman for
$151,300 came before the court on Sept. 7.
As the committee had only
just been formed, it had not had an opportunity to Investigate the merits
of this sale or to make any recommendation to the court.
It was not feas¬
ible to ask the court for an adjournment, since the purchaser refused to
give an extension of time for closing title.
The court then approved the
have filed the
sale, and the transaction has been consummated.
As to the sale or disposition of any other assets of the company, or any
proposals for reorganization, the committee expects to be given full informa¬
tion by the trustees and to have an
opportunity in ample season to make
investigation so that we may be qualified to make recommendations to the
bondholders.
It appears from a survey of tho earning record of the company and its
that two serious questions affecting your interests as bond¬
subsidiaries
holders of Porto Rican American Tobacco Co. and, indirectly, as majority
stockholders of Congress Cigar Co., are: first, whether Congress should be
continued as a separate unit or sold to or merged with some outside com¬
and, second, whether the falling off in earnings in recent years is
mismanagement or to other causes. These are questions as to which
the trustees will doubtless, in due time, make their report to the court.
At
that time our committee will also have had an opportunity to complete its
pany;
due to
investigation and to make its recommendations to the court and to the
bondholders.
Another committee, of which John P. Adams is chairman, is
competing
In the solicitation of authorizatons from bondholders.
The
Gliddin Committee states that it is
company,
the present
or
absolutely independent of the
former management,
any tobacco
interests which
have been in close relationship with the company, or any persons now or
previously associated with any of the foregoing.
The Adams committee, according to the sworn statement filed by it in
court, was formed at the instance of John P. White of John P. White & Co
over the counter security dealers.
The Adams committee (in letter Oct. 23,
1939) states that it represents over $600,000 of bonds.
Of the bonds
represented by that committee, it appears from its sworn statement that
$226,000 of bonds are held by Menendez Tobacco Co., Inc. and Menendez
y Cia. Sen C. and $124,000 are held by Frieder Bros.
We understand that
the Menendez companies and Frieder Bros, have, for several years, been
in close business relationship with Porto Rican American Tobacco Co.
According to his own statement, Mr. White's firm has been the broker for
the company as well as for Menendez Tobacco Co., Inc. and other bond¬
holders (not named) represented by the Adams committee.
We under¬
,
stand that
substantial number of other bonds represented by that com¬
mittee is also held by other persons in close business or
family relationship
a
to executives
or former executives of the company.
The Glidden committee states that not a single one of the bondholders
represented by its committee acquired his bonds after the filing by the
of its petition for reorganization, and only four of them, holding
$11,000 of bonds, purchased as late as within the year preceding the filing
date.
In other words, this committee is not
representing holders who have
been buying bonds at low levels from long term investors.
Nor has the
committee itself nor any member of it any connection with
people who have
been buying the bonds at distress prices or
increasing their original position
at the expense of long term investors.
Considering these facts the Glidden committee asks that bondholders
company
make their choice
between the two committees.
None of the members of the committee owns
any of the securities of the
company or has had any previous connection with the company or its man¬
agement.
The committee expects to be heard in the reorganization pro¬
as
ceedings on all matters affecting the interests of the bondholders, to take
any action necessary or desirable to protect such interests, to consider
plans for the reorganization of the company and, if a plan si approved, to
recommend the
same to the bondholders for
acceptance, and in ageneral to
consider and make recommendations to the bondholders in
regard to all
matters
relating to the company.—V. 149,
Protective Indemnity Co.—Stock
(par $10) of stock which
are authorized as the result of an increase of capital
The total price of such stock issued will
arrants to subscribe to the stock will expire Nov 30
no underwriting discounts or commissions and
therefore the
company will receive as the proceeds of such issue $500,000
In the event that all of the shares so offered are not
subscribed for bv
be $500,000.
There will be
the Preferred Accident
Insurance Co.
by resolution of
June 20, 1939 has agreed to purchase such
unsubscribed
on
unpaid
5,000
233,922
Unearned premium—
Commission and brokerage due or accrued..
34,255
10,648
60,000
500,000
757,337
Salaries, rents, taxes, &c.t due or accrued
Voluntary reserve
Common stock (par
$10)
Surplus (net)
$1,785,718
Total liabilities..
-V. 149, p. 2243.
Public Gas & Coke
Co.—Hearing
Plan—
on
public hearing will be held Dec. 7 at the Securities and Exchange
applications and declarations
to effectuate a plan of reorganization of Public Gas & Coke Co., a registered
holding company, and Michigan Fuel & Light Co., a subsidiary thereof.
Under the terms of the plan the publicly held securities of these two com¬
A
Commission's Washington office in regard to
panies would be exchanged for $808,530 first lien collateral trust bonds of
National Gas & Electric Corp. (a registered holding company), with interest
thereon from Feb. 1, 1936; not more than 139,708 shares of the common
and $18,996 in cash; except that the holders of certain
held securities may elect to receive cash in place of common
Corp.
The plan also provides for a-merger of Michigan Fuel & Light Co. and
National Utilities Co. of Michigan, a subsidiary of National Gas & Electric
Corp. National Utilities Co. of Michigan would assume the first mortgage
indebtedness of Michigan Fuel & Light Co. in the principal amount of
$2,402,500, as well as the unsecured indebtedness of Michigan Fuel &
Light Co. (all of which would then be owned by National Gas & Electric
Corp.).
The lien on the first mortgage bonds of Michigan Fuel & Light
Co. would be lifted, and $800,000 thereof would be refunded with a like
principal amount of National Utilities Co. of Michigan first mortgage
5% bonds.
The merger of National Utilities Co. of Michigan and Michigan Fuel &
Light Co. is subject to the approval of the Public Utilities Commission of
Michigan, which approval has not yet been obtained. The reorganization
plan of Public Gas & Coke Co, and Michigan Fuel & Light Co. in its present
form has not yet been approved by the U.S. District Court for the Western
District of Michigan, the Court in which the reorganization proceedings
are pending.
In the event that the P. U. Commission of Michigan has not
approved the merger, or the District Court the plan, by Dec. 2, 1939, the
hearing will be adjourned.—V. 149, p. 2093.
stock of said company;
of the publicly
stock of National Gas & Electric
Public Service Co. of Northern
Illinois—Earnings—
9 Months Ended Sept. 30—
1939
Operating revenues
Operating expenses and taxes
.
$6,665,696
on
on notes
on
payable to affiliated companies..
other unfunded debt
Amortization of debt discount and expense
Interest charged to construction
$7,109,050
3,814,220
616,095
28,298
295,234
1,350,000
44,058
430,029
Cr8,897
$2,900,088
Net income
-V. 149, p.
251,585
$6,823,828
2,108,550
funded debt
Interest
I nterest
$6,857,465
158,132
Gross income
Interest
1938
$29,800,752 $29,322,962
23,135,056
22,465,497
Net operating income
Other income
Crl0,524
$2,365,727
886.
Puget Sound Power & Light Co. (& Subs.)—Earnings
Period End. Sept.
30—
Operating revenues
Operation
1939—Month—1938
1939—12 Mos.—1938
$1,354,178 $16,329,853 $15,902,144
449,999
5,583,453
5,554,122
$1,369,332
479,535
93,685
176,283
1,003,493
2,358,974
1,162,352
2,228,631
$605,301
Drl 1,928
$634,210
Z>r 14.193
$7,383,935
Drl61,148
$6,957,039
Drl67,633
$593,372
308,213
$620,017
319,370
$7,222,787
3,780,097
$6,789,406
3,847,225
$300,647
$3,442,690
1,408,053
$2,942,180
1,470,648
$2,034,637
$1,471,532
75,632
208,864
Maintenance
Taxes
Net oper. revenues
Non oper. income (net).
Interest & amort
andincrease of number of shares.
on
investigation and adjustment expenses
claims
Balance
Offered—
The company, incorp. in New York on Sept. 30,
1929, intends to issue
stockholders of record as of July 28, 1939 in satisfaction of their
pre-emptive nghts, in proportion to their present respective stock ownersnip of its stock, warrants, to subscribe at par to 50,000 additional shares
the stockholders,
Estimated
-
p. 2985.
to its
their directors
$184,557
Net reserve for unpaid loss and claims
Balance
$285,159
Appropriations for retirement reserve.
..
Balance
Prior preference
dividend requirements.
Balance
Preferred dividend requirements.
Balance, deficit.
2379.
—V. 149, p.
550,000
550,000
$1,484,637
1,583,970
$921,532
1,583,970
$99,333
$662,438
Volume
The Commercial & Financial Chronicle
149
Public Service Co. of
Period End. Sept. 30—
Operating revenues
Oper. expenses and taxes
Net oper.
1939—12 Mos.—1938
$6,638,497
$6,276,401
4,080,795
3,967,288
$733,463
$657,696
23,649
15.930
$2,557,702
73.903
$2,309,113
77,335
$757,112
205,900
income
$673,626
$2,631,606
202,770
812,099
$2,386,448
837,241.
Other income (net)
Gross income-
Interest and other deduc.
Net income.
133,395
$470,855
133,892
$1,819,507
533,900
$1,549,208
535,567
$417,816
$336,964
$1,285,606
$1,013,641
$551,211
Prior lien stock divs
Balance
-V.
Safeway Stores, Inc.—Sales—
Okla.—Earnings—
1939—3 Mas.—1938
$1,803,463
$1,676,252
1,070,000
1.018,556
3123
Company reports sales of $30,280,310 for the four weeks ended Oct. 28,
increase of 6.63%, as compared with the similar period of 1938 when
sales were $28,396,677.
For the 44 weeks ended Oct. 28, sales were $323,720,669 against $309,463,983 in the same period of 1938, a gain of 4.61%.
There were 2,891 stores in operation this year as compared with 3,188 in
1938.—V. 149, p. 2987.
an
-Earnings
Year Ended Sept. 30—
Maintenance and repairs
Depreciation
Amortization of limited-term investments.
Taxos-
1,081,098
283,108
1,184,612
210,942
$1,979,935
_
Corp. of America (& Subs.)—Earnings—
Sept. 30—
1939—3 Mos.—1938
1939—9 Mos.—1938 *
$25,263,581 $74,368,669 $70,195,045
360,728
411,990
683,570
497
Interest
income
gross
from all
Cost of goods sold,
on
gen.
develop., sell¬
ing and adminis. exps. 23,120,158
$1,980,126
$1,408,178
2,106,355
60,347
$1,323,327
2,039,597
$3,574,881
440,475
$3,362,924
440,475
802,600
funded debt
Amortization of debt discount and expense.
$25,624,310 $74,780,659 $70,878,615
$26,490,546
sources
191
$2,092,976
620,000
61,954
Cr4,578
7,422
802,600
Other income.
Gross inc. from opers__.$26,327,028
Other income
163,518
Total
590,342
1,340,000
460
Provision for Federal income taxes
Radio
$8,328,769
3,022,938
$2,092,479
149, p. 885.
Period End.
1938
1939
$8,672,524
3,106,541
733,837
1,375,000
Other interest (net)
Miscellaneous deductions
-
620,000
61,954
Cr30,923
5.768
oper.,
22,524,732
66,650,334
62,368,585
$3,370,388
$3,099,578
$8,130,325
$8,510,029
26,016
61,226
945,702
150,000
88.818
188.689
2,643.782
2,758.834
450,000
450,000
326,200
881,300
971.300
805,317
$1,616,449
805,592
$4,066,425
2,415,915
$4,141,206
2,417.277
$1,088,908
$810,857
$1,650,510
$1,723,929
$0.08
$0.06
$0.12
$0.12
Net income before in¬
terest, deprec.,
Interest
&c_
Adjustment for taxes, prior
Depreciation
860,948
150,000
439,200
Amortiz. of patents
Prov. for Fed. inc. taxes
Net profit.
Preferred dividends
Balance for
com.
$1,894,224
stock
Earns, per share on com.
7% preferred stock dividends.
Common stock dividends
Miscellaneous (net) charges
The bonds, dated Dec. 15, 1938, mature Dec. 15,1948.
of $1,000 and $500, interchangeable.
Bonds in coupon
Principal and int.
payable at office of First National Bank of York. York. Pa., trustee.
Interest J. & D. and company will reimburse holders of bonds, other than
a corporation, normal Federal income tax not exceeding 2% per annum of
the interest, also taxes not in excess of 4^ mills per annum on each dollar
of the assessed value of the bonds, payable under laws of the States of Mary¬
land. Kentucky or Virginia, and will pay both principal and interest with¬
out deduction for the amount of any taxes imnosed by the Commonwealth
of Pennsylvania or by any county therein, on the bond or on the income
therefrom not in excess in the aggregate of 8 mills per annum on each dol¬
lar of the value or face amount thereof, which the company or the trustee
may be authorized or required to pay or to deduct or retain; all refunds to
be made upon seasonable application as provided in the indenture.
Bonds
are redeemable by company or by the trustee out of sinking fund moneys,
on Feb. 15 and Aug. 15. on not less than 30 or more than 90 days published
notice, at par, plus a premium ot2H% to and incl. Feb. 15,1940, and there¬
after at par plus a premium of 2H % less H of 1 % for each year or fraction
of a year subsequent to Feb. 15, 1940.
The holders of the bonds will be
entitled to the be nefit of a sinking fund payable in cash or bonds of the issue
at the cost of the same to the company, not in excess of the redemption
price, exclusive of interest an amount equal to 25% of the net earnings
after deducting all charges, including depreciation and interest, with a
minimum of $12,000, if the net earnings amount to that much, otherwise
in an amount equal to the net earnings after such charges, with pro rata
adjustment for tne fisal year ending April 30, 1939.
Sinking fund moneys
must be applied to the purchase of bonds upon tenders and to the re¬
demption thereof.
Company was incorp. April 15, 1935 in Pennsylvania and took over the
business and properties of a predecessor company, the Read Machinery
Co., organized in 1908, as a result of the reorganization of lhat company
under the amendment to the Federal Bankruptcy Act.
Company is en¬
gaged in the manufacture and sale of bakery equipment, including vacuum
dough dividers, rounders, flour handling machinery, dough and cake mixers
proofers, ovens and like miscellaneous machinery, and chemical and indus¬
trial equipment such as spray blenders, weighing machines, mixing agi¬
tators, vacuum kneaders, dryers and mixers, acetylators, pill mass mixers
and miscellaneous machinery used in the manufacture of pharmaceutical
products.
Authorized
Capitalization—
Common stock (no par)
32,000 shs.
Class A non-voting common stock (no par)
8,000 shs.
First mortgage 10-year 4 M % sinking fund bonds
$300,000
Outstanding
32,000 shs.
1
1939—Month—1938
$200,266
$197,705
70,563
65,977
revenues
$300.000
x
Company authorized the issue to the underwriters of 8,000 warrants
expiring Dec. 15, 1948, to purchase a total of 8,000 shares of class A non¬
voting common stock, of which 3,000 warrants to purchase 3,000 such
shares was sold to the public as appurtenant to the sale of the $300,000 first
mortgage 4M% sinking fund bonds.
Of the net proceeds ($285,000), $249,463 was used to redeem the entire
Issue of 4% 5-year cumulative income debentures; the balance was used for
current working capital.—V. 148, p. 595.
Reed Drug
Directors have declared
a dividend of 15 cents per share on the common
payable Dec. 26 to holders of record Dec. 15.
Dividend of 10 cents
paid on Oct. 2, last, and previously regular quarterly dividends of
8% cents per share were distributed.—V. 149, p. 2379.
stock
was
Republic
Corp.—Labor
Steel
Circuit Court Supports Return of 5,000
"Lost Pay**—
For further details
p.
see
Board Upheld—U.
S.
Strikers With $7,500,000
Commission
announced
Nov.
9
that
a
new
date
would be set for the hearing on charges against the company, one of eight
firms
accused
of
violating the
Robinson-Patman Act.
The
tobacco
Reynolds hearing was set for Nov. 10, when the complaint was issued.
Officials said that each of the companies would be given separate hear¬
ings, but that none of the dates had been fixed.—V. 149, p. 2525.
$609,516
247,667
$407,579
149,115
$361,849
149,115
$258,465
60,000
$212,735
$198,465
$152,735
Balance
Balance
Preferred dividend requirements
Balance for
common
stock and surplus
-V. 149, p. 2380.
•
60,000
•
Scott Paper Co.—Earnings—
Sept. 30'39' Oct. 2, '38
Oct. 3,'37
Sept. 27/36
$8,651,268
$13,607,852 $12,144,817 $10,408,786
8,115,678 " 7,285,391 " 6,008,839
4,767,817
636,472
520,131
438,600
443,454
expenses__
3,191,194
2,923,803
2,733,695
2,414,675
324,853
264,851
199,469
169,604
9 Months Ended—
Net sales
Mfg. & maint. expenses
Depreciation
Selling &
gen.
Federal taxes
Pennsylvania income &
capital stock taxes
131,604
118,442
125,712
$1,045,307
$909,740
$730,005
26,437
dividends
55,493
$1,120,032
12,500
684,617
y$965,233
598,482
y$756,442
46,703
384,674
$472,100
646,465
$1.89
Preferred dividends
74,727
$1,324,785
101,050
751,635
Net income
Common
105,334
$1,208,051
116,734
Gross profit
Other income (net)
$422,915
576,538
$1.92
$366,751
569,984
$1.69
$325,064
284,978
x$2.49
Balance
Shs.com .stk.out. (no par)
Earnings
per
share
'
x $1.24
on the number of shares outstanding at
provision for Federal undistributed profits tax.
Oct. 3,
1937.
y
No
$1,349,106
3,649,534
Assets and Current Liabilities
Oct. 2, '38
Oct. 3, *37
Sept.27/36
$3,619,334
$2,111,067
$840,562
3,163,264
2,125,139
2,374,862
$4,998,640
1,739,952
$6,782,599
1,403,114
Condensed Statement Comparing Current
Sept. 30'39
Cash
Allother
Total current assets..
Total current liabiUties.
—V. 149. p.
Seaboard Oil Co. of Del.
$3,215,424
815,781
(& Subs.)—Earnings—
1939
1938
1937
1936
y$l,614,799 y$l,815,094 y$l,853,411 x$l,631.211
551,070
481,474
475,023
357,879
Gross earnings.
Operating
$4,236,206
1,221,211
1927.
expenses
$1,063,729
32,729
$1,333,620
18,237
$1,378,388
20,976
$1,273,332
12,387
Total income$1,096,459
Deprec. & depl. Fed. tax.
&c
712,301
$1,351,857
$1,399,364
$1,285,719
885,435
847.200
674,651
Operating profit
Other income
profit
Earns, per sh.
x
on
cap.stk.
After deducting share
Hills absorption plants,
$552,164
$611,068
$0.44
$0.49
of products accuring to operators of Kettleman
After deducting gasoline extraction costs (Kettle$466,422
$0.37
$384,157
$0.31
y
Hills) and related expenses.—V. 149, p. 744.
man
Sears, Roebuck & Co.—Sales—
1939—4 Wks.—1938
Period End. Nov. 5—
1939—40 Wks.—1938
S
62,061,487
Sales
47,874,046 486,754,353 393,346,146
149, p. 2705.
Sept. 30—
Earnings—
1939—3 Mos.—1938
$450,491
347.063
Gross earnings
Oper. exps. and taxes
$457,209
398,503
Rochester Gas & Electric
Corp.—Earnings—
12 Months Ended Sept. 30—
1939
1638
1937
$16,081,510 $15,952,240 $15,359,915
Net inc. after ordinary tax and deprec.
3,888,170
4,316,166
4,834,020
Surplus after Federal inc. tax charges
and preferred dividends
663,154
1,140,571
1,685,632
—V. 149, p. 1338.
revenues
Shops—To Pay 25-Cent Common Dividend—
a dividend of 25 cents per share on the common
payable Nov. 20 to holders of record Nov. 13.
This will be the
first dividend paid on this issue since Feb. 15, 1938 when similar amount
was
distributed, this latter being the only common dividend paid since
1923.—V. 148. p. 745.
Directors have declared
stock,
1939—12 Mos.—1938
$1,945,032
$1,941,387
1,666,194
1,676,555
$103,428
$58,706
$278,838
$264,832
(net)__
62,288
6,268
62,313
6,710
Amort, of reorg. expense
597
597
249,150
26,429
2,388
250,237
20,530
2,388
$34,275
x$10,914
$871
x$8,323
Net
earnings
Bond interest
General
interest
Net income
Saco-Lowell
$689,239
281,660
under "Current Events and Discussions."—V. 149,
(R. J.) Reynolds Tobacco Co.—FTC Delays Hearing—
Gross
378,348
$65,651
$987,864
Debenture dividend requirements
Seattle Gag Co.-
Trade
375,709
$993,659
Dr5,795
$1,064,948
$62,138
Appropriations for retirement reserve.
Period End.
Federal
31,368
Dr3,346
$1,068,294
Balance
—V.
2986.
The
Dr 829
$93,328
31,190
Balance
Interest & amortization.
10,915
22,964
$91,994
1,334
Net oper. revenues
Non oper. income (net),
Net
Co.—Larger Dividend—
1939—12 Mos.—1938
$2,313,487
$2,230,945
813,789
841,982
130,395
120,016
301,009
275,288
11,320
26,389
Taxes
3 Mos. End. Sept. 30—
x
$2,106,355
Savannah Electric & Power Co.—Earnings—
Operating
Maintenance
form in denom.
13,493
$2,310,344
-V. 149, p. 2244.
Operation
Read Machinery Co., Inc.—Bonds Sold—Stein Bros. &
Boyce recently completed the sale of $300,000 1st mtge.
10-year
sinking fund bonds at 99 and int. and warrants
expiring Dec. 15, 1948, to purchase 3,000 shares of class A
non-voting common stock, at $4 a share during the first
two years of the warrant, $6 a share during the next two years,
$8 a share during the third two years, $10 a share during
the next two years, and during the last two years $12 a share.
21,462
__
Earned surplus, end of period.
Period End. Sept. 30—
(13,881,016 shares)—
—V. 149, p. 2243.
year.
x
Indicates loss.—V.
Securities
..
149, p. 2527,
Corporation General—Dividends Approved—
The Securities and Exchange Commission on Nov. 6 issued an order
approving a declaration filed by this company (a subsidiary of International
Utilities Corp., a registered holding company) in connection with the
declaration and payment out of capital or unearned surplus (a) of a regular
quarterly dividend at the rate of $1.75 per share on its cumulative preferred
stock, $7 series, and (b) of a regular quarterly dividend at the rate of $1.50
per share on its cumulative preferred stock, $6 series.—V. 149, p. 2097.
Simmonds Saw & Steel Co.—Dividend Increased—
Directors have declared
a
dividend of 70 cents per share on the common
stock, no par value, payable Dec. 15 to holders of record Nov. 25.
This
The Commercial & Financial Chronicle
3124
compares with 40 cents paid on Sept. 15, last; 20 cents paid on June 15 last;
10 cents on March 15 last; 60 cents paid on Dec. lo, 1938; 10 cents on
Sept. 15 and on June 15,1938, and
1938.-—V. 149, p. 2987.
Shawmut
9 Mos. End.
Southern
—Fourth Week of Oct.
1939
1938
Gross earnings (est.)
—V. 149, p. 2988.
Association—Earnings—
Sept. 30—
1939
1938
1937
$183,234
26,090
z8,195
$157,528
26,766
4,415
$253,050
31,091
7,792
$148,949
2,126,556
$126,347
2,133,877
$214,167
2,783.005
$153,405
2,781,992
$2,275,505
a<>87,645
117,119
$2,260,224
Cr 12,539
117,580
$2,997,172
xCr 171,686
$2,935,397
Cr91,375
119,975
y462,181
12,563
yCr5,707
22,475
$2,233,468
$2,138,415
$2,506,712
Federal capital stock tax
Balance, surplus
.
Previous surplus,
.
Total surpl us
Profit on securities sold.
Dividends paid
Amt. necessary to adjust
stock, &c
199,965
Treasury shs. purchased
Uncollectible oper. rev.
1938
$1,580,032 $15,603,253 $14,305,565
1,389,974
13,465,871
12,832,070
Invest, in shares of
affiliated banks.
1,591,238
'38,963
39,030
Notes receivable.
Period End. Sept. 30—
Operating revenues
Oper. expenses & taxes..
Total
z$34,450
Z)r65,473
Total
Operating
Non-operating
Z>r435,933
1939
$3,122,790
38,682
$84,437
$476,606
$354,668
dividends of 40 cents
per
share were distributed.—V.
Spiegel, Inc.—Sales—
Net sales for the month of October, 1939, were $6,749,404, compared with
$6,154,121 for October, 1938, and show an increase of 9.67%.
The net sales for the first 10 months of 1939 were $39,916,242, compared
with $38,586,336 for the same period in 1938, which is an increase of 3.45%.
—V. 149. p. 2706.
1938
$3,033,804
$3,161,472
$746,707
392,039
$120,235
regular quarterly
149. p. 1191.
Co.—jEarnings—
(net)
revenues
$867,101
390,495
Spencer Kellogg & Sons, Inc.—To Pay 40-Cent Dividend
.........$7,202,445 $6,706,732
revenues
$182,134
97,697
Directors have declared a dividend of 40 cents per share on the common
ticipation in earnings, $9,100.—V. 149, p. 1037.
Sioux City Gas & Electric
99,698
stock, payable Dec. 11 to holders of record Nov. 24.
This compares with
30 cents paid on Sept. 11, last; 20 cents paid on June 9 and March 10 last;
dividends of 30 cents paid on Dec. 9 and Sept. 9, 1938 and previously
Cost $5,163,926 ($4,602,924 in 1938),
y Represented by shares having
par value,
z Reserved for taxes, $25,350, and also management par¬
12 Months Ended Sept. 30—
$742,057
4,649
-V. 149, p. 2098.
$4,250
5,000,000
2,138,415
x
no
$862,190
4,910
$219,934
Gross income
$180,968
1.166
Int. & other deductions-
4,166,991
...$7,202,445 $6,706,732
$218,749
1,184
Net operating income.
1938
1939
of securities....
5,098,453
_
Other income (net)
Unrealized deprec.
/
Securities..
x
2988.
Southwestern Light & Power Co. (& Subs.)—Earnings
1939—3 Mos.—1938
1939—12 Mos.—1938
$656,012
$613,438
$2,748,892 $2,611,173
437,263
432,469
1,886,701
1,869,115
$2,906,797
y Capital stock... 5,000,000
Capital surplus... 2,233,468
1,602,248
Accr'd int. recei v A
1,641,003
income
Net income
Liabilities—
Accrued taxes....
Telephone Co,—Earnings—
$1,866,045
Balance Sheet Sept. 30
$898,463
$3,082,470
1,077,571
Standard Gas & Electric
48,666
Co.—Weekly Output—
Electric output of the public utility operating companies in
Total gross
earnings
Operation
Maintenance
Provision for depreciation
1,078,689
117,437
.....
Federal and State income taxes.
Net earnings-
,
Interest
Interest
on
...
_—.
.......
Standard Oil Co. of
409,750
6,042
98,906
Cr3,827
Calif.—Earnings—
Period End. Sept. 30—
1939—3 Mos—1938
1939—9 Mos—1938
Operating income.. —..$10,610,894 $14,496,636 $27,492,206 $41,902,958
Dividends-.-.-.
215,855
281,563
703.206
846,397
Other non-oper. inc. (net)
140,693
74,900
485,568
389,441
$1,014,666
414,375
6,075
$1,045,185
funded debt
unfunded debt..
Amortization of debt discount and expense
Interest charged to construction
on
the Standard
4, 1939, totaled 125,000,422 kwh., an increase of 17.0%, compared with the corresponding week
last year.—V. 149, p. 2989.
•
Gas & Electric Co. system for the week ended Nov
139,509
350,889
388,725
111,110
389,503
402,316
128,341
— ...
....
General taxes
31—
1938
$2,576,220 $25,027,982 $23,064,125
996,188
9,424,729
8,758,560
Net
for management participation.
1939
Oct.
to
$2,961,283
1,095,238
—V. 149, p.
income tax applicable thereto (including estimate for
profits); and less $24,500 reserve for management
participation,
y Amount necessary to adjust stock in seven suburban
banks from original cost, as previously shown on books, to net asset value
of the shares as shown by statements of condition of the banks June 30,
1937.
a Includes $3,747 for Federal capital stock tax, $4,043 for Federal
income tax applicable to interest and dividends and $405 for tax on dividends
paid at source,
a Less $18,900 income tax applicable thereto and less $9,100
Cash..........$473,791
1
1939
$7,289,434 $68,878,636 $65,281,420
4,713,214
43,850,654
42,217,295
Net oper. revenues...
Less $59,665
Asms*-*
.
Operating taxes
surtax on undistributed
reserve
Jan.
$3,627,352 $108,610,471 $97,639,967
Operating revenues— $7,849,863
Operating expenses
4,888,580
'
x
1939
1939—Month—1938
1939—9 Mos.—1938
$7,321,098 $69,162,668 $65,565,425
$7,881,169
31,664
284,032
284,005
31,306
Period End. Sept. 30—
Operating revenues.
Net oper. income
...
Surplus, Sept. 30....
$4,067,950
Southwestern Bell
1936
$231,345
30,840
47,100
Interest and dividends..
Adminis. expenses.....
11,
Ry.—Earnings—
dividend of 20 cents paid on March 15,
a
Nov.
—
99,583
CV333
—
Total net income
Deprec., deple. & amort.
$10,967,442 $14,853,098 $28,680,981
4,910,147
5,105,653
14,715,081
$43,138,791
15.674,911
Prov. for Federal income
Net income
$494,966
$534,313
tax
-V. 149, p. 2528.
3,570,000
1,325,000
1,267,000
534,000
(est.).
14
Sioux City Service Co.-
-Earnings-
12 Months Ended Sept. 30—
perating revenues..
on operating revenues
(net)...,
Earnings
1938
-
1939
$463,794
3,673
Operation. ...
-
$477,330
265,806
79,385
47,806
54,461
$38,180
53,238
2,486
$29,872
54,939
2,568
per
-
_
_
...
...
Standard Oil Co. of Ohio—To Pay
stock, both payable
Total
sales for the month of October, 1939 were $611,652, which
with $492,358 for the month of October, 1938.
This is an in¬
net
of $119,294 or 24.23% over last year.
Total net sales for the 10 months ended Oct. 3,
as
1939 were $4,875,359,
compared with $4,010,000 for the sane period of 1938.
This reflects
$865,359 or 21.58% over last year.—V. 149, p. 2706.
increase of
Provision for retirements
Federal income taxes
—
Other taxes
Operating income—
income
.......
Gross income.
Interest on long-term debt-—
Other interest
Amortization of debt discount and expense.Interest charged to construction
—
.
..
^Net income.—
$3,813,510
1,553.097
201,649
437,906
23,000
530,248
$943,067
43,267
-
1938
$4,190,913
1,760,897
244,770
647,789
20,500
573,889
Operating revenues
Operating expenses-
$1,067,611
12,444
$986,334
503,136
144,029
56,580
$1,080,055
506,973
197,612
60,865
CV1.616
Cr510
$283,099
$316,221
150,000
150,000
$133,099
— _
$166,221
$6 prior preferred stock
Balance—
-V. 149,p.1929,
an
Southern Bell Telephone &
Operating revenues
Uncollectible oper. rev..
Net oper. revenues...
Telegraph Co.—Earnings
1939—Month—1938
1939—9 Mos.—1938
$5,941,571
$5,399,992 $51,599,711 $47,875,690
22,522
24,881
194,313
205,745
Operating revenues... $5,919,049
Operating expenses
3,795,795
(Hugo) Stinnes Corp. (& Subs.)—Earnings—
Consolidated Income Statement (Hugo Stinnes Corp.
Total income
&
admin,
exps.,
incl.
10-year gold notes.
on 20-year gold debs.
on mortgages.
:
on
other items (incl. dis¬
counting charges)
Depreciation of properties
Deprec. and loss on sale of invests.
Loss arising from exchange variations
(net)
Additional compensation to European
managers & staff, profits taxes, &c.
Share of profits in sub. companies
accruing minority shareholders
on
_
2,359,815
214,144
271,020
89,035
1,979,456
269,120
304,428
92,962
410,814
636,590
41,149
337,017
607,078
23,901
75,26l
_
_
463,247
501,055
24,656
_
08,908
74,034
037,749
463,530
470,588
215,965
15,980
8,546
5,454
267,441
591,977
122,278
123,201
117,860
70,001
146,954
48,007
36,192
43,223
41,868
$610,517
24,003
$958,019
32,711
209,457
$326,126
15,313
$571,201
$715,851
$326,126
$9,743,964
7,589,584
Includes adjustment of August,
1939 report.—V.
149,
p.
2381.
...
released in respect of de¬
ferred interest on notes and debs
Tax on other reserves released
Profit
on
sale of fixed assets.
Balance before charges..
Capital
England Telephone Co.—Earnings—
1939—Month—1938
3.000
1939—9 Mos.—1938
$1,512,112 $14,154,050 $13,446,375
5,000
31,500
40,500
$1,627,235
1,091,705
$1,507,112 $14,122,550 $13,405,875
1,299,749
9,850,334
9,629,053
$1,630,235
expense written off
Reserves for contingencies, &c
Balance....
$535,530
152,867
$207,363
94,349
$4,272,216
1,251,240
$3,776,822
1,160,795
$382,663
308,353
$113,014
50,704
$3,020,976
2,358,038
$2,616,027
2,090,461
Gain in Phones—
Company had gain of 504 stations during September, making an increase
Total stations in service Sept. 30 were
a new record total.
The increase over a year ago was 13,026.
—V. 149, p. 2988.
for the current year of 12,076.
.....
Earnings for the Period Jan. 1 to June 30, 1939
Income
Net oper. income
income
2,549,188
194,791
240,376
and debs, purchased for cancellat'n
$1,079,325 110,685,962
846,599
8,933,121
Net
61,215
$3,916,389
411,704
Liability
$1,293,774
1,131,279
Net operating revenues
Operating taxes
32,562
$4,710,624
*
$118,757
Net oper. income
Net income
Operating revenues
Operating expenses
1936
$3,361,433
134,167
359,574
taxes
other than profits taxes.
Interest
Interest
Interest
Interest
1937
$4,110,853
155,505
$4,551,190
Div. & other income from invests
Miscellaneous income (net)
General
and Subs.)
1938
$4,074,492
180,686
295,199
813
Calendar Years—
Gross earnings
Interest receivable
$134,889
$16,337,337
6,593,373
Period End. Sept. 30—
cents per share in
$32,014
$1,845,441 $17,975,355
766,116
7,289,393
A
12 H
Net profit
Excess of par value over cost of notes
$2,123,254
829,480
Operating revenues
of
$5,375,111 $51,405,398 $47,669,945
3,529,670
33,430,043
31,332,608
Operating taxes
Uncollectible oper. rev—
dividend
like amount on the common
stock, par $10, both payable Nov. 29 to holders of record Nov. 18.
Like
amounts were paid on Feb. 28, 1939.—V. 148, p. 892.
.
Period End. Sept. 30—
Southern New
extra
addition to the regular quarterly dividend of
1939
Maintenance
x
3390.
crease
Directors have declared
—Earnings-
12 Months Ended Sept. 30—
on
p.
Storkline Furniture Corp.—Extra Dividend—-
South Carolina Electric & Gas Co.
Dividends
De8^15 to holders of record Nov. 30.—V. 148,
$27,635
$17,544
—Y. 149, p. 2528.
Other
Special Dividend—
Sterchi Bros. Stores, Inc.—Sales—
an
Net loss..
share
$8,480,446 $12,640,899 $23,893,880
$0.64
$0.96
$1.82
$5,523,295
$0.42
Directors have declared a special dividend of 50 cents per share in addi¬
tion to the regular quarterly dividend of 25 cents per share on the common
compares
Net earnings
Interest on funded debt.
Amortization of bond discount and expense
—
—V. 149, p. 1340.
$473,214
4,115
$467,467
273,380
70,609
47,759
37,539
Total gross earnings.
Maintenance
Provision for depreciation
Taxes.-
Net profit.
(net)
from interest, dividends, &c. (credited and partly
transferred into dollars)
General and administrative expenses
.
Int. on 10-year 7% gold notes at 7% (paid to extent of 4%,
deferred) net
—
Interest charged by subisidary and affiliated company
Miscellaneous interest charged
-
Debit
on
——
$170,894
30
—
sale of investments
Debit.
Discount
on notes
and debentures retired
^
94,605
226,404
13,425
.—
Loss
$168,620
5,080
balance
...$170,924
11,236
*
356,101,
Loss on
period
$159,688
Volume
Studebaker Corp.
Consolidated Balance Sheet Dec. 31
1938
As:ets—
|
1938
$
210,974 12,364,728
in & ad vs.
other
Prepayments
constructs
work
892,225
346,434
a
Mtges. payable
on property,
plant and equipment.
Int. at 6 % per annum &
1,763,417
1,525,519
disct.
long-term
Amort, of disct.
619,862
1,169,828
Bills payable
3,589,970
1,215,058
2,828,841
1,962,628
Accts. receivable..
Accounts payable. 3,149,110
Accts. payable to
4,311,115
4 630,518
4,819,495
receivable...
239,710
515,856
Marketable secur.
83,450
34,048
591,673
627,056
Cash
Deferred charges to
drafts
affil.
Insurance
632,396
247,650
operations
reserve.
2,409,294
20,221
23,336
reserves.
Deferred Income
_
95,051
573,911
Cash
on
credit
176,879
7,969.813
Earned surplus...
4,944,450
b Represented by 988,890 shares at $5 per share,
c
z
867,199
curr.
Non-curr.
res.
1938
1937
199,738
Accrd. int. paym't
def'd
by
prov.
curr.
10-year
liablls.
conv.
6%
1945
of indenture
15,100,262 13,629,147
721,405
840,774
Com. stk. (par $1)
Capital surplus
Deficit
548,226
548,226
2,209,792
2,221,792
16,900,955 16,829,180
359,481
1,808,077
patent
1
1
33,427,782 30,419,639
33,427,782 30,419,639
Total
Sunray Oil Corp.—Interim Dividend—
Directors have declared
$3,227,706
548,431
$4,559,803
on
x After reserve for
doubtful accounts and notes of $32,174 In 1939 and
$34,296 in 1938.
y After reserve for obsolescence and other reservse of
$392,944 in 1939 and $485,936 in 1938.
z After reserve for losses of $1,573
in 1939 and $5,425 in 1938.
a After reserve for loss on demolition. &c.f
of $1,821,354 in 1939 and $2,130,980 in 1938, and reserve for depreciation
of $3,537,238 in 1939 and $2,714,724 in 1938.—V. 149, p. 2529.
1936
$3,909,957
649,846
$4,498,683
$3,776,137
the
common
p.
an
interim dividend of five cents per share on
stock, par $1, payable Dec. 20 to holders of record Dec. 1.
paid on April 27, last, and on June 15, 1938 and
with 10 cents paid on Nov. 24 and on Aug. 20, 1937.—V. 149,
A similar amount
compares
Total income
257,197
deps.
sales contracts..
&
Total
(Hugo) Stinnes Industries, Inc. (& Subs.)—Earnings—
$3,938,656
560,027
and
6.490,646
debs, due Jan.1,
Dealers'
Other
rights
Liabilities—10-year 7% gold notes, $2,837,500; interest on 10-year 7%
gold notes—deferred, $539,125; long-term accounts payable—standstill
accounts, $243,484; accounts payable to subsidiary and affiliated com¬
panies, $2,683,513; accounts payable to: officials and employees, $16,748;
others, $242,980; capital stock (par $5), $4,944,450; capital surplus, $7,969,813; deficit, (Dr.)$2,071,290: total, $17,406,323 —V. 147, p. 1208.
_
46
Trade name, good¬
will
417,907
6,490,646
46
less
equipment
395,356
23,834
7,179,403
240,883
Prop, plant and
a
184,927
used in oper
307,950
274,139
for losses
Deferred charges..
197,566
not
prop,
412,153
or
in vs.
3,866,101
1,487,513
169,591
Res. for net loss on
6,012,230
receivables,
(220,000 shares),
$12,100,000; investment in shares of foreign companies and other miscel¬
laneous investments, less reserves, $890,071; mortgages (land charges in
reichsmarks on German property), $2,213,807; accounts receivable from
(Hugoz Stinnes, Industries, Inc. and its subsidiaries, $1,407,702; accounts
receivable from foreign subisidary and affiliated
companies, $633,528;
accounts receivable—others (in reichsmarks), $142,260; accounts receivable
—others Cin dollars). $408; cash in banks, $18,547; total, $17,406,323.
$
4,947,778
1,937,095
147,850
expenses.
leased
redemp. of debs.
Balance Sheet, June 30, 1939
$
Res. for taxes
assets
purchase
or
Accrued
notes
Dep. with trustees
After depreciation
Assets—Investment in (Hugo) Stinnes Industries, Inc.
Other operating and miscell. income.
808,618
out¬
Inventories
Other
of 85,165,927 in 1938.and $4,831,545 in 1937.
Calendar Years—
7,213,079
receivable, trade
y
Liabilities—
9,783,151
drafts
Accts. and
381.235
969,316
$
Accts. pay., trade.
deposit
1938
1939
1938
$
standing
x
34,929,650 36,417.093
Total
$2,832,112
hand and
on
Sight
131,945
Capital surplus
7,969,813
b Capital stock... 4.944,450
34,929,650 36,417,093
$891,751prof$378,949
Consolidated Balance Sheet Sept. 30
702,964
balances
298,520
86,264
1939
Assets—
83,357
Accrued liabilities.
Customers'
633,944
292,082
84,403
$395,365
503,262
196,138
.
681,471
97,361
28,135
After deducting
148,541
Min. int. of subs..
Total
debs.
211,381
97,361
28,134
manufacturing cost, including amortization of special
tools, dies, &c., and selling and general expenses, but before depreciation
and interest and discount on debentures,
b After deducting $1,545 ($2,266
in 1938) interest income, less other interest expense, for 3 months and
$8,104 ($7,428 in 1938) for the 9 months.
a
845,674
1,532,974
companies.
Contlng.
on
226,902
-
Net loss
1 703,251
receivable
debentures.
on
2,782,505
2,869,584
contingencies
Inventories
Bills
Net loss from sales
Bank loans & over¬
accts.
1939—9 Mos.—1938
5,704,026 $53,913,718 $27,197,059
b554,875pfbl ,436,904
bl, 813,384
Depreciat'n
3,730,000
indebtedness and
in progress
Long-term
(& Subs.)—Earnings—
1939—3 Mos.—1938
$16,010,096
b42,969
foreign
20-yr. 7% sink. fd.
g. debs, of Hugo
Other
on
Period End. Sept. 3.0—
Net sales, domestic and
3,009,000
Stinneslnds.,lnc 3,298,500
14 710,337 13,944,624
companies
S
LiaMlities—
10-yr. 7% g. notes 2,651,500
and equip., &c__ll,
to affil. &
1937
S
1937
$
•1
cL'd, bldgs.,macb.
Invest,
3125
The Commercial & Financial Chronicle
149
was
1489.
General and administrative expenses,
Sylvania Industrial Corp.—Extra Dividend—
including taxes other than profits
on
Interest
on
Interest
20-year gold debentures..
mortgages
other items
on
2,399,406
240,376
51,188
2,232,283
271,020
39,641
437,231
390,802
404.451
532,070
220,958
41,149
315,219
504,435
98,634
11,955
1,444
4,815
Cr7,524
(including
discounting charges)
Depreciation of properties
Allowances to associated companies..
Depreciation of investments
Loss
arising from exchange
Tide Water Power
staff, profits taxes, &c.
Balance of earnings and income—
Share of profits in subsidiary com-
451.953
468,294
$358,771
$484,400
Operating income
(net)
15,980
8,546
$350,225
186,363
$478,946
68,179
on
Capital
written off
Reserves for contingencies, &c.
56,534
25,509
42,492
$777,467
24,003
15,313
expense
Amortization of debt discount and expense
$661,123
32,711
91,061
$597,571
$537,351
$597,571
26", 483
deferred)
Tilo Roofing Co.,
1939—9 Mos.—1938
$4,908,934
$381,298
$2.03
$0.16
x After
provision for depreciation, taxes and all other charges except
provision for Federal surtax on undistributed profits.
x
Period End. Sept. 30—
Net profit
Earns, per sh. cap. stock
121,928
To
$138,272
$
& equip., &c...
&
6 ,453,307
6,543,404
on
14 ,497,651
13,997,930
891.990
346.433
receivable...
1937
S
contingencies-.. 2 ,070,835
1, 402,803
Accts. receivable..
4, 586,285
Bills receivable—
239,710
Shipments and unfilled orders from
1,905,546
full fiscal year
2,395,133
for the Oct. 31,
overdrafts
3 589,970
988,237
1,612,822 Bills payable
1 ,215,058
4,778,390 Accounts payable. 2 ,825,676
95,051
515,856 Min. int. of subs..
2^.828,841
pay'le with
loans
and
Accrued liabilities.
1,373,473
Customers'
ended July 31, 1939 of $644,161 and with $180,000 of ship¬
and unfilled orders for the quarter ended Oct. 31, 1938.
Of the total
1939 quarter, approximately $621,000 represented orders
for domestic and foreign government and other items, and $294,000 was
for fireworks.
Central Railway Signal Co., Inc., the country's largest manufacturer of
railroad fusees and torpedoes, which Triumph is acquiring and which will
ments
562.443
845.674
3,890,969
83,357
become
a
subsidiary, is experiencing the best
Def. chgs
to oper.
past decade, according to Mr. Kann.
Aided by domestic business recovery
and the re-equipment of America's railroads, Central's fusee sales for the
82.798
33.395
176.126
131,656
current
579,440
Deferred income-
196,138
503,262
times volume in
242,615
625,945
Insurance reserve.
23,336
20,221
balances
Contgs. res
a Capital stock
Capital surplus
Earned surplus
I,100,660
11 ,000,000 II,000,000
2 108.228
fiscal
which began July 1, 1939 have been at the rate of three
the corresponding period of the previous fiscal year, while
year
torpedo sales are running about six times a year ago.
This company's
results are not included in the sales figures herein reported for Triumph.
"Never before have Triumph's present position and future prospects
30,145
1 100,000
business it has enjoyed in the
697,724
credit
558,010
Marketable secur.
Cash
Aug. 1 to Oct. 31, 1939, the first
Quarter of reported on Nov. 8. year, amounted with total netG. H. for the
resident, the company's fiscal This compares to $915,000,
sales Kann,
1 500,386
Current acct. with
1, 438,238
$1.50 per share on the common
Triumph Explosives, Inc.—Unfilled Orders—
3,730,000
893,592
and
affil. companies.
Bank
595,984
Inventories
HugoStinnesCp.
1 ,197,499
Accts.
accts.
Long-term
Mtges. payable—
debtedness
constr.
work in progress
$
3 ,298,500
Pay $1.50 Dividend—
Directors have declared a dividend of
Other long-term in¬
other
companies
Prepay,
Liabilities—
Funded debt.
Invests, in & ad vs.
to affil.
1938
1937
1939—3 Mos—1938
$1,486,564
$217,097
$0.61
$0.09
stock, no par value, payable Dec. 5 to holders of record Nov. 17.
This
compares with 50 cents paid on Sept. 5, last and dividends of 25 cents paid in
preceding quarters.—V. 149, p. 1341.
Consolidated Balance Sheet Dec. 31
$
Inc.—To Pay Extra Dividend—
Timken Roller Bearing Co. (& Subs.)—Earnings—
931
1938
$135,424
quarterly dividend of 25 cents per share on the common
stock, both payable Dec. 15 to holders of record Nov. 25.
Extra divi¬
dends of 25 cents were paid on Dec. 15, 1938 and on Dec. 15,1937.—V. 149,
p. 2989.
(paid or payable to
.
period.
Assets—
Crl05
$216,389
Directors have declared an extra dividend of 35 cents per share in addi¬
3,571
bLd.,bldgs.,mach.
24,039
13,925
tion to the regular
$320,785
56,083
Depreciation of investments
Profit for
313,075
—V. 149, P. 2100.
dividends, &c. (credited and partly trans¬
General and administration expenses
Int. on 20-year 7 % sinking fund gold debentures
extent of 4 %, balance
Other interest charged
$486,357
Crl ,868
Net income...
Earnings for the Period Jan. 1 to June 30, 1939
Income from interest,
ferred into dollars)
long-term debt
$456,703
29,654
23,963
65,523
117,011
other reserves released
on
Other interest
Interest charged to construction
$738,151
Tax
...
income
Gross
5,454
$471,998
57,067
65,868
interest on debentures
Profit on sale of fixed assets
—
Other income
$528,787
27,929
15,196
13,925
Other taxes
214,047
$487,978
119,271
228,343
37,416
287,802
313,075
Federal income taxes
1938
$2,147,800
1,018,264
140,367
201,623
17.018
268,656
Provision for retirements
Interest
debts.
Liability released in respect of deferred
1939
$2,150,772
994,322
30—
Maintenance
Eanies, accruing to minority shareolders
Net profit..
Profits on dealings in notes and
Co.—Earnings—
$556,716
12 Months Ended Sept.
Operating revenues
Operating expenses
varia¬
tions (net)
Additional compensation to European
managers &
Directors have declared an extra dividend of 25 cents per share i n addi¬
tion to the regular quarterly dividend of like amount on the common stock,
both payable Nov. 21 to holders of record Nov. 11.—V. 149, p. 2529.
1,806,793
304,428
43,750
24",656
taxes
Interest
appeared
more
favorable," Mr.
Kann states.
"During November the
expects to book an additional $275,000 of orders for Government
than fireworks, bringing aggregate orders for the
current fiscal year to approximately $1,200,000
which figure exceeds total
sales for any full fiscal year in the company's history.
In view of results
for the initial quarter and the current outlook, it may be conservatively
estimated that sales of the company for the full fiscal year will exceed
1,369,350
company
business and items other
Total
a
30.989,391
31,395,3251
Total
30.989,391 31.395,325
Represented by 220,000 shares at $5 per share,
in 1938, and $4,031,404 in 1937.
b After depreciation
of $4,387,868
Balance Sheet June 30,
$8,507,587; investments in shares of Ameri¬
can companies, $839,961; accounts receivable from subsidiary and affiliated
companies, $9,321,018; accounts receivable (blocked reichsmarks), $12,388;
accounts receivable—others, $17; total, $18,680,972.
investments, less reserves,
sinking fund gold debentures, $3,298,500; int.
on 20-year 7% sinking fund gold
debentures—deferred, $623,146; long-term
accounts payable—standstill accounts, $281,752; accounts payable to Hugo
Stinnes Corp., $600,915; accounts payable to foreign subsidiary & affiliated
companies, $223,460; int. accrued at 4% per annum on 20-year 7% sinking
fund gold debentures (3 months), $34,145; other accounts payable, $121,000;
contingent liabilities, reserve, $193,263; capital stock—220,000 shares at
$5 each, $1,100,000; capital surplus, $11,000,000; earned surplus, $1,204,791;
total. $18,680,972.—V. 147, p. 1208.
Liabilities—20-year 7%
$2,000,000."—V. 149, P. 2708.
1939
Assets—Investments in shares of foreign companies and other miscellan¬
eous
.
Tung Industries,
Inc.—Promoters Sentenced—
of Justice and the Securities and Exchange Commission
reported the sentencing of five persons for violations of the fraud
The Department
Nov. 6
provisions of the Securities Act of 1933 and conspiracy.
The sentences
were
imposed by Judge F. Ryan Duffy in the U. S. District Court at
Milwaukee, Wis.
The indictment charged that the defendants about March, 1937, devised
a scheme to defraud investors by means of false representations and promises
in connection with the sale of debenture notes of Tung Industries, Inc.,
which the defendants caused to be incorporated in the State of Delaware.
The defendants operated the Milwaukee Bond & Share Corp., the in¬
dictment charged, for the purpose of selling the debenture notes and con¬
trary to representations only a small part of the proceeds from the sale of
the notes was applied to the acquisition and cultivation of tung tree groves.
The Commercial & Financial Chronicle
3126
The indictment further charged that contrary to the representations of
the defendants no profits were realized by the corporation and that no
profits would accrue to it by reason of the price paid for the property ac¬
quired, that the notes could not be converted into cash at any time, that
there was no market provided for the notes, and that the corporation did not
own tung tree groves one-half mile wide and 50 miles long.—V. 149, p. 1931.
Twentieth Century-Fox Film
Corp.—Earnings—
Sept. 24, '38 Sept. 25, '37 Sept. 26, '36
$40,145,132 $41,759,515 $39,549,018 $36,378,432
Dividends
67,286
155,162
26,901
Proportion of profit of
•
controlled
sub.,
not
rents, &c
consolidated
Other income
833,880
Total income
Operating
expense--
Amort, of produc. cost_Partic of film rents
192,958
746,503
921,655
824,146
$41,046,297 $42,738,823 $40,497,574 $37,317,893
10,521,550
10,549.593
10,235,718
8,735,771
23,334,077
21,570.063
19,511,172
18,525,521
3,405,901
4,852,954
4,681,966
4,429,512
trolled subsidiaries,not
87,975
consolidated
10,888
Interest
Amort, of discount and
45,102
96.318
72 572
funded debt.-
exp. on
147.200
26 437
241,287
224",669
258i936
1981626
380.000
874,348
742,000
715,000
$3,152,595
$1,20
$4,622,092
$2.04
$4,898,894
$2.19
$4,451,851
$2.38
a
Deprec. of fixed assets
Federal income taxes,
Net profit-._
Earns, per share on com_
Not including depreciation of studio buildings and equipment absorbed
in production cost.
For the third quarter ended Sept. 30, 1939, the consolidated net oper¬
with
allowances--!
$336,054
257,539
Gross profit
$1,544,686
1,187.664
$78,515
4,186
Income from royalties.
Total income--
Selling
irrevocable
to
trusts
the redemption
cover
Union Premier Foods
Stores, Inc.—Sales—
1939—4 Weeks—1938
1939—44 Weeks—1938
$2,143,332
$1,586,233 $19,892,679 $14,966,019
Period End. Nov. A—
Sales
—V. 149, p. 2708.
Union Tank Car Co.—Extra Dividend—
United-Carr Fastener Corp.
of goods
113,424
569
4,816
2,909
2,711,802
4,210,374
3,410,220
$764,159
Net operating profit-_
Other
deductions
less
$330,758
$1,390,512
$1,071,854
Inc. taxes, excl. of surtax
Profit applic. to minority
457
12,721
52,404
$40,636
$81,145
1,954
121,033
58,251
209,867
138,421
212,246
51,706
127,368
33,000
221,664
186,240
6,610
7,283
20,946
17,008
$288,228
$1,273
$801,295
$644,858
$0.94
$0,004
$2.64
$2.29
Obsolescence of idle plant
interests
Consol. net profit
Earns, per sh. of com.
11,056
Other income
stock
outstanding
1,290
8,261
19,316
Assets—
6,934
Federal and Canadian income taxes.
1939
Cash-
Accounts payable.
Accrued
and
notes
accepts, rec., net
797,538
598,460
Mdse. inventorles.
$33,040
1,137,620
1,091,966
$65,951
Cash
Inventories
294,895
...
Other assets....
41,154
Machinery, furniture, fixtures
y47,900
development and
Deferred charges
—
zl96,542
research-
$151,848
Accrued liabilities
51,851
Unearned royalties
a47,526
51,282
div. voting
cum.
400,000
Capital surplus.
175,109
300,000
5,2.52
-
receivable, &c..
21,813
22,077
Miscell. investm'ts
3,230
3,110
Property,
plant
and equipment
2,504,788
Total...,
..
$1,126,335
x After reserve
for doubtful accounts of $34,061.
y After reserve for
depreciation of $32,451.
z After
reserve
for amortization of $83,374.
a After
deducting estimated provision for Federal income tax applicable
thereto of $8,942.—V. 149, p. 747.
Union Bag & Paper
Period End.
Gross Set!os
x
Cost
1939—12 Mos.—y 1938
(iisc'ts
returns and allowances
$4,145,316 $16,887,751 $15,910,104
of products and
3,622,029
3.005,513
12,206,466
11,257,225
1,073,410
842.559
3,696,651
3,133,428
175,827
12.301
64,147
60,673
1,220,768
1,220,768
expenses
1,968,131
1,196,342
$5,481,611
$4,965,5?5
4
$4,965,525
.
Total
1,196,342
57,127
$5,481,611
Prepaid
Common stock,.
Total
After allowance for depreciation of $1,608,181 in 1939 and
in 1938.
c
Represented by 305,912
no par
United Gas Improvement
$1,514,138
shares.—V. 149, p. 747.
Co.—Weekly Output—
Week Ended—
Nov. 4, '39
108,105,419
Electric output of system (kwh.)
—V. 149, p. 2990.
Nov. 5, '38
95,096,598
United Light &
Gross
oper.
Power Co. (& Subs.)—Earnings—
$297,244
4,714
$984,634
15,823
$318,444
60,276
$301,958
58.241
$1,000,458
235,625
1939
1938
(after eliminating
$89,756,704 $88,029,859
41,539,448
40,372,258
of sub. cos.
transfers)
earns,
$1,519,451
3,884
...
on
187,635
12,357
_
Capital surpius--. 2,311,186
Earned surplus
$1,532,887
238,338
General operating expenses
Maintenance
Miscell. income (net)
Total income
Interest paid
Taxes and rent
4
54,601
Patents (nom. val.)
inter company
$314,559
Balance
152,677
interest
in subsidiaries
c
12 Months Ended Sept. 30—
$5,009,999
manufacturing exps._
Delivery, selling, admin.
and general expenses.
$178,806
197,210
Corp.—Earnings—
Sept. 30— 1939—3 Mos.—yl938
less
(estd.).
1938
$291,966
2,504,973
a
a
$1,126,3351
Total
Inc. taxes
Deferred income.
44,757
__
.
pref. stock (par $10).
Common stock (par $1).
expenses.
Minority
Misc. notes, accts.,
miscellaneous.--
Fifty cents
and equipment
Patents, patent applications,
value
surr.
life insurance.
Liabilities—
Accounts payable, trade and
141,267
1939
Liabilities—
1938
$643,051
$910,736
Accts.,
Consolidated Balance Sheet Sept. 30, 1939
80,067
188", 652
Consolidated Balance Sheet Sept. 30
$92,201
$42,591
Other deductions
Net profit.
1936
$4,482,075
3,815,381
$357,022
26,479
16,925
Profit before other deductions
1937
$5,600,886
sold and
other income
Profit before other income and deductinons
(8c Subs.)—Earnings
1938
$3,042,560
9 Mos. End. Sept. 30—
1939
commis. inc_
$4,579,540
Net sales &
1,659
*354,456
1053^%
at
$8,018,500 of 20-year 6% bonds, series A, due May 1. 1942.
It is planned
use the remainder of the proceeds for extending and modernizing the
Depreciation
Amortization of patents
$186,137
1940
company's facilities, and for additional working capital.
The premiu n of
$300,000 on the sale of the 3% debentures, less expense of $132,997 in
connection with the issue, has been added to earned surplus.
Production of crude oil and natural gasoline, subject to royalty, amounted
to 14,087,697 barrels for the nine months of 1939, a decrease of about
1,812.303 barrels as compared with the like period of 1938 due to the
continuation of the curtailment program.—V. 149, p. 2383.
116,083
Administrative and general expense
hand..
1
to
$383,501
Experimental and development expense
Royalties and royalty commissions paid—
on
Jan.
of. and interest to maturity on, thei outstanding
the payment
and
7,605
14,851
Accounts and notes receivable
on
accrued int.. of the outstanding $10,000,000 of 15-year 3H% deben¬
and
$82,702
-
expense
Cash in banks and
liabilities of $9,-
result of the sale
on Aug.
16 of $30,000,000 of the company's 3% debentures, due Aug. 1,
1959.
Of the net proceeds from this issue $20,066,553 was deposited in
General factory, shipping and warehouse
Assets-
Sbi% debentures and
dividend of 30 cents per share on the common
stock, both payable Dec. 1 to holders of record Nov. 18.—V. 149, p. 1341.
—
_
6,400,000
$6 400,000
4,666,270
$4,549,713
4,666,270
$0-98
for the redemption of the company's
trustees
Cost
(net)
10,800,000
7.050,000
6% bonds.
Current assets were over 6)4 times current
009 532, which included the dividend declared Sept. 25.
Funded debt was increased by about $12 000 000 as a
Per.Feb.llto
Sept., 1939 Sept. 30, '39
expense
15,900,000
6,850,000
$8,850,000
$4,400,000
4,666,270
4.386,007
Earnings per share
$1.37
$1.90
$1.00
Current assets at Sept. 30 amounted to $59,389,196, including cash
resources of $25,475,126, an increase of $11,616,075 since the first of the
year.
This increase reflects the amount received from the sale of the 3%
debentures during August, less the portion thereof that has been deposited
Month of
Deduct:
13 250,000
7,569,061
&c_-
tion to the regular quarterly
[Including Bright Nickel Corp.]
Cost of goods sold.
12 118 774
interest, &c
Directors have declared an extra dividend of 10 cents per share in addi¬
Udylite Corp.—Earnings—
Gross sales less returns and
30—
1939
1938
1937
1936
$55,810,884 $57,950,000 $61,100,000 $48,200,000
-
Deprec., depletion
a
ating profit, after all charges, was $827,069 compared with the second
quarter profit of $1,101,275 and a profit of $1,202,433 for the third quarter
of 1938 —V. 149, p. 1774.
1939
Profit after Federal taxes
tures
Proportion of loss of con¬
11,
Union Oil Co. of Calif.—Earnings—
9 Mos. End. Sept.
Sales.....
Net profit-Shs, com. stk. outst'g--
[Including Wholly-Owned Subsidiaries]
39 Weeks Ended—
Sept. 30, '39
Income from sales and
Nov.
un-
Int., amort. & pref. divs. of sub.
5,532
cap. stk. taxes (est.)__
Other deductions
44,950
40,450
124,300
z51.351
184,575
Profit for period.
Earns, per share on com.
$207,686
$203,267
$579,439
4,765,061
8,773,428
10,827,345
$22,584,657
1,452,817
13,437
operative timber lands
Prov. for Fed, inc. and
4,678,594
9,788,168
11,165,837
$23,291,768
1,288,717
-------
Provision for depreciation
General taxes and est. Federal income taxes
$1,109,974
$24,037,475 $24,580,485
15,719,114
16,050,566
cos
9,742
Prop, of
earns,
com.
stock..
.
$8,318,361
1,994,646
$8,529,919
1,789,518
$6,323,715
attrib. to minority
$6,740,401
5
stock
$0.16
$0.16
$0.46
$0.88
x Provision
for depreciation during the quarter amounted to
$210,871
($200,430 in 1938) and for the 12-months' period amounted to $837,274
($746,424 in 1938) based on rates which are considered sufficient to write off
the net book value of buildings, machinery and equipment over their remain¬
ing useful life.
Provision for depletion of timber lands and leases for the
quarter amounted to $484 ($1,360 in 1938) and for the 12-months'
period
$4,946 ($8,240 in 1937).
y Includes the results of operations of wholly owned
subsidiary now
liquidated,
z Loss resulting from
writing down inventories of pulp and
supplies as at Dec. 31, 1938 of $26,351 and research and development
expense of
$25,000—V. 149,
p.
Subs.)—Earnings—
12 Months Ended Sept. 30—
1939
revenues.
$31,839,481
19,171,721
expenses and taxes
Net operating
Non-operating
on
$12,667,760 $12,101,745
.Dr39,837
Dr6,942
funded debt
Amortization of bond discount and expense.___
Other interest charges
Interest during construction charged to
property
Minority interests
deductions—
$12,627,923 $12,094,803
4 455 oil
4,462,675
*482
795
484,390
...
40 401
27,488
CV22.355
494,068
and plant
Preferred dividends of subsidiaries
Other
1933
$30,129,369
18,027,624
Cr95,790
3 827
98 756
505,318
3,320
36,205
$7,075,418
$6,671,196
17,570
Total
.
28,307
$6,341,285
370,538
,
Expenses and taxes of United Lt. & Power Co
$6,768,708
406,201
$5,970,747
$6,362,507
Int.
2,398,712
Balance transferred to consolidated surplus
Expenses and taxes.
Int., amort, of disct. &
Other
Earnings of Company Only
30—
-
exp. on
funded debt
Net
p.
$3,916,114
1939
1938
$3,649,001
370,538
$3,285,302
406,201
2,406,817
2,359,604
39,107
income
149,
2,446,393
$3,572,035
39,576
$879,751
deductions
$432,708
2383.
United States Gypsum Co.—Extra Dividend—
Directors have declared an extra dividend of $1.50 per share in addi¬
tion to the regular quarterly dividend of 50 cents per share on the common
stock, the extra being payable Dec. 23 and the regular quarterly dividend
on Dec. 30, both to holders of record Dec. 5.
Extra of 50 cents was paid
on Oct. 2, last.—V. 149, p. 2530.
U. S. Rubber Co.—To
Directors
Pay $6 Preferred Dividend—
dividend of $6 per share on the 8% nonpar $100, payable Dec. 22 to holders of
with $2 paid on Sept. 22, June 23 and
on March 24, last, and a dividend of $4 per share paid on Dec. 23, 1938,
this latter being the first dividend paid since Feb. 15, 1928.—V. 149, p. 891.
cumulative
record
Net income
-V. 149, p. 1040.
(exci. of in
received from subsidiaries)
come
-V.
revenues.
revenues
Gross income
Interest
subsidiary companies
12 Months Ended Sept.
Gross income
2989.
Union Electric Co. of Missouri (&
Operating
Operating
of
Income of United Light & Power Co.
on
Nov. 8 declared
a
first preferred stock,
Dec. 8.
This compares
Volume
The Commercial & Financial Chronicle
149
United Light & Rys. Co.
12 Months Ended Sept. 30—
& controlled
Gross oper. earns, of sub.
1938
1939
with
(after
cos.
eliminating inter company transfers)
General operating expenses
879,584.181 $78,130,270
36,861.849
35,754,315
4,213.978
4,281.239
8,795,604
7,741,429
9,828,362
9.515,823
Maintenance—
Provision for depreciation
General taxes and est. Federal income taxes
Net earns, from oper. of sub. & controlled
cos__$19,884,388
Non oper. inc. of sub. & controlled cos..________
1,029,907
$20,837,464
565,257
Total income of sub. & controlled cos__
.820,914,295
Interest, amortization and preferred dividends of
accrued interest and accumulated dividends, was approximately
shown below on July 31. 1939.
5% and 5H% debentures.
Accrued interest
on
_____
debentures
Class A stock ($1 par)
Class B stock ($1 par)_~
Total
17,817,367
8,210,836
1,622,127
1,128,386
2,166,084
_____
-----
Common stock ($1 par)________
___________
$67,655,300
_____
____
as
$31,951,000
4,759,500
___
7% cumulative preferred stock ($100 par)
Accumulated dividends on preferred
$21,402,720
subsidiary and controlled companies.
3127
and disputed claims against the debtor,
plus substantial amounts of accrued
interest.
Giving effect to these reductions the capitalization of the debtor,
(& Subs.)—Earnings—
At the hearings extensive inquiry was made into the value of the debtor's
prospective corporate, or unconsolidated, income.
On the basis
of the expert testimony and the exhibits
comprising the record of these
13,129,083
13,427,074
assets and
$7,785,212
1,994,646
$7,975,646
1,789,518
Equity of United Light & Rys. Co. in earnings of
of subsidiary and controlled
companies
$5,790,566
hearings, we concluded that the fair value of the debtor's assets for reorgani¬
zation purposes, including unreserved cash, was approximately $44,400,000
as of July 31, 1939;
and that the earnings flow to the reorganized debtor,
$6,186,127
Balance
;_____
Propor. of
earns,
__
________
attrib. to minority coih. stock._
Income of United Light & Rys. Co. (excl. of income
received from subsidiaries)
798,875
786,550
after provision for operating expenses and income taxes, may reasonably be
expected to amount to about $1,625,000 per year.
Such earnings would
barely, if at all,
debentures.
•
Total
$6,577,116
122,414
325,271
Balance
—___________
—-
$6,985,002
119,419
122,243
$6,129,430
$6,743,340
1,343,320
41,998
18,532
1,355,646
42,428
18,790
$4,725,580
1,214,505
$5,326,476
1,214,496
$3,511,075
Expenses of United Light & Rys. Co
Taxes of United Light & Rys. Co.
$4,111,980
Holding company deductions:
Interest on 5M% debentures, due 1952
Amortization of debenture discount and expense
Taxes
debenture interest
on
Balance transferred to consolidated surplus__
Prior preferred stock dividends
Balance
-V.
149, p. 2383.
United
Shipyards, Inc.—Suit Dismissed—
Supreme Court Justice Rosenman has dismissed
a
minority stockholders'
Shipbuilding
the interest charges on the presently outstanding
cover
It is apparent that a readjustment of the
debt structure of the debtor is
imperative, and that there must be a complete revision of its capital stock
structure to bring it into proper relation to the earnings power and the
value of the assets of the debtor.
(3) Proposed Business and Capitalization—The plan provides for the trans¬
a new company, which is to be incorporated in
At first the new company will be a holding company and
must register with us as such, but under the plan, it will proceed to sell or
otherwise dispose of voting securities of its public utilities and thereby
convert itself into an investment company.
This program of conversion
is to be carried out as speedily as reasonable diligence and prudent business
judgment will permit.
The plan also provides that in return for the transfer of the assets of the
debtor, the new company will issue its own securities to the creditors
(consisting chiefly of debenture holders) and to the preferred stockholders
of the debtor.
It is expected that this will result in a capitalization approxi¬
mately as follows:
Amount
fer of the debtor's assets to
Delaware.
4 H% debentures due 1944 (to be issued to creditors)
suit to void the sale of properties of the company to Bethlehem
Common stock ($4 par):
To be issued to creditors (2,390,795 shares)
To be issued to holders of old preferred stock
$12,780,000
*9,585,300
5% cum. pref. stock ($50 par) (to be issued to creditors)
Corp. of Dela. for $9,320,000.—V. 149,
United Specialties
p.
2708.
Co.—Earnings—
Cal. Year
End.
8 Mos.
Period—
Auq. 31,'39
Gross sales (less returns, allowances and discounts) $1,020,378
Cost of sales.;
*
1938
$1,206,095
738,915
78
Net income for the year
loss$44.146
5,905
$90,271
Net income..
Income credits.
$294,121
256,472
74,486
7,309
$90,191
Selling, admin, and research and develop, expenses
Prov. for deprec. (incl. amortization of patents)..
Other income charges
911,973
$281,463
133,299
48,012
9,958
loss$38,241
Federaland State income taxes.
18,763
Net profit
def35,S73
loss$38,241
2,367
$35,635
def$35,873
$71,508
Previous earned
------
surplus.
-
>
Profit and loss surplus.
Balance Sheet
Assets—
Aug. 31 '39 Dec. 31 *38
Cash...
Accts.
rec.
$252,991
$91,117
(after
res've for doubt¬
Federal
ful accounts)
Inventories
133,585
187,327
152,638
278.482
3,873
6,395
Cash dep. with bk.
under mortgage
Real est., plants &
equip., at cost
(after reserve for
10,975
15,513
_
823,225
9,983
$53,976
$59,660
39.615
48,695
State
income tax
17,169
on 1st mtge. pay.
First mtge. pay
Deferred credit...
50.000
150.000
50,COO
200,000
143,000
143,000
1,000
42,625
42,625
878,355
878.355
35,634
Paid-in surplus
Earned surplus...
def35,873
543
$1,410,374 $1,387,4611
Total.
*9,563.180
3,563,476
creditors under the plan, less new
preferred stock and more new common stock may be Issued In the ratio
of one less share of preferred for each additional 8 1-3 shares of common.
With assets valued as previously noted, it is contemplated that there
will be created a reserve for revaluation of assets in the amount of $3.000,000,
leaving a capital surplus of more than $5 000,000.
As against current as¬
sets exceeding $5,400,000, It is expected that current liabilities will amount
to no more than $255,000.
The plan vill require the new company at the
outset to use approximately $3,000,000 of the cash Included in current
assets either to retire an equal amount of its new debentures or to purchase
securities of its subsidiary companies.
(4) Distribution of New Securities—The debtor's creditors (consisting
chiefly of the holders of presently outstanding 5% and 5H% debentures)
are to receive 40% of the principal amount of their claims in new 4H%
debentures of the new company.
Such creditors will be permitted to
elect to receive the remaining 60% of their claims and all accrued interest
in new preferred stock of the new company at the rate of one share for each
$50 of such principal and interest, or. in Dlace of all or any shares of such
stock, they may elect to receive new common stock of the new company,
at the rate of 8 1-3 shares of such new common in place of each one share
of such new preferred.
The holders of presently outstanding preferred stock of the debtor will
be entitled to receive five shares of new common stock of the new company
for each share of such old preferred stock held by them.
The foregoing distribution affords creditors of the debtor the opportunity
receive senior securities consisting of debentures and preferred stock
approximating, in par value and income, the principal and interest of
the securities and claims which they are being asked to relinquish. Further
compensation to them has been found unnecessary, principally because of
the provisions of the plan which contemplate the rapid retirement of the
new debentures and new preferred stock.
These provisions are that the
net proceeds of the contemplated sales of assets of the new company,
must be applied, first, 100% thereof to the retirement of new debentures
until all are retired; and thereafter. 30% thereof to the retirement of the
new preferred stock.
Those creditors who elect to take new common stock Instead of new
preferred stock will be receiving, at $6 per share, stock which is estimated
to have an asset coverage of $6.56 per share.
This small differential may
be regarded as compensation, somewhat small perhaps, for their acceptance
of a junior security in place of one with preferences as to liquidating values
to
Instal. due in 1939
24,087
Other assets
—V. 149, p.
and
(par $1)
807,101
depreciation)
Pats, (less amort.)
Deferred charges
Total
Aug. SI '39 Dec. 31 '38
Com. stk. (par $1)
Class B com. stock
agreement..
_
hiahilitiesAccounts payable.
Accr'd liabllties
(890,869 shares)
Under rights of election given to
.$1,410,374 $1,387,461
2100.
and dividends.
Utilities Elkhorn Coal Co.—Amended Reorg.
Plan—
The Securities and Exchange Commission announced Nov. 6 that com
pany has filed an
of reorganization.
application (File 52-16) for approval of
an
amended plan
The plan provides, among other things, that Utilities Power & Light Corp.
will purchase all the assets of Utilities Elkhorn Coal Co. for an amount
sufficient:
To pay in full in cash all tax claims, claims entitled to priority and
all costs and expenses of administration as may be allowed by the Court
and approved or exempted by the Commission.
(b) To pay the holder of any bonds secured by the trust deed of July 1,
1928, 70% in cash of the principal amount of such bonds which shall have
the Jan. 1, 1938 and subsequent interest coupons attached, such payment
to be in full and complete settlement of the bonds and interest coupons.
(c) To pay general unsecured claimants 10% in cash of the amount for
which their claims are allowed in full and complete settlement of such
claims.—V. 148, p. 450.
(a)
To the holders of old
and
on
Plan
The Securities and Exchange Commission on Nov. 2 issued a report on the
Atlas Corp. plan of reorganization for the corporation which was previously
approved by the Commission and the U. S. District Court in Chicago.
This report covers only the principal features of the
discussed under the following headings: (1)
The Need
(2)
Present
Capitalization:
(3)
plan.
The plan is
for Reorganization;
Proposed Business and Capitalization;
(4) Distribution of the New Securities; (5) Other Important Features;
(6) General Observations and Conclusions.
(1) The Need for Reorganization—Debtor is the subject of reorganiza¬
tion because it is unable to meet its obligations
as they mature.
This
condition may be accounted for by the fact that under its former manage¬
ment, in the five years, 1925-1929, it over-extended itself by purchasing
the controlling securities of utility and non-utility enterprises at inflated
prices, paying for them by issuing large amounts of its own securities.
Securities issued by the debtor during these five years included approxi¬
mately $50,000,000 of 5% and 5M% debentures, over $15,000,000 of 7%
cumulative preferred stock, and over $60,000,000 of class A .class B and
common stock.
The inflated prices paid for the purchased enterprises bore
little relation to their earning power, and as a consequence, for many
years the earnings of the debtor have been insufficient to support its capital
structure.
Unsound financial practices employed by the debtor's former
management prevented these facts from being brought home to security
holders at the time.
The debtor's books greatly overstated its sound income
and its surplus accounts were not completely adjusted prior to 1933.
From
the date of its incorporation in 1915 until 1933. the dividends paid exceeded
the debtor's net Income by more than $10,000,000, even as computed
according to its own books.
After Interest payments on the debtor's $50,000,000 of debentures were
stopped in 1937, the principal of such debentures was declared due and
payable pursuant to the terms of the indentures under which they were
_
_
issued.
(2) Present Capitalization—Substantial changes both in the properties and
capitalization of the debtor took place shortly before and dining the course
of the reorganization.
From the sale of its interest in English utilities
in 1936 the debtor realized more than $25,000,000 in cash, and in the
course
of the reorganization proceedings approximately $15,900,000 of
cash has been used to effect a reduction of about $21,800,000 in obligations of
estimated that the securities to be
will Initially have approximately the following
(5) Other Important Features—It is
issued by the new company
coverage as
to assets
and corporate earnings:
Asset
Coverage
Amount
$340 00
4M% 5-year debentures
5 % preferred stock
$100
Common stock
1 share ($4 par)
1 share ($50 par)
160.00
Corporate
Earnings
2.83 (times interest)
1.54 (times int. and
div.
requirements
overall)
6.56
17c. (applicable)
of the new preferred stock may be expected to
after the employment of cash that is presently unproduc¬
The earnings coverage
increase slightly
J' Utilities Power & Light Corp.—Report of SEC
of Reorganization—
preferred stock of the debtor there will be distributed
stock representing all that remains of the debtor's asset values
earning power.
It would not be possible to give them additional
shares of new common stock without diluting the value of securities allo¬
cated to creditors, whose claims are prior in rank.
common
tive, and may increase still further after the new company begins
such stock out of the proceeds from sales of assets.
These events
to retire
will not,
however, substantially increase the earnings applicable to the new com¬
mon stock.
The earnings applicable thereto will rather depend on the
ability of the new management to operate the
profit, and on their success in selling off assets
subsidiary properties at a
and making profitable use
available proceeds.
Such earnings would also increase to some
extent if less than all of the new preferred stock permitted by the plan were
taken by the creditors.
of
the
Election of First Board of Directors—The initial board is to consist of
or nine members as shall be determined by Atlas Corp. prior to the
seven
the court.
In either event two members
initial board shall be chosen by the holders of the outstanding shares
preferred stock, and the remaining members of such initial board
shall be chosen by the holders of the outstanding old debentures, other
than old preferred stock and old debentures held by the debtor or its sub¬
sidiaries.
In so choosing the members of the initial board, the holders of
old preferred stock and of old debentures are to have the right to vote
cumulatively.
final confirmation of the plan by
of the
of old
Voting Rights of New Securities—Each share of new preferred stock
share of the new common stock is to be entitled to one vote.
each
and
In
elections of directors subsequent to/ the election of the initial board, the
holders of the new preferred stock, as a class, are to be entitled to elect
two
are
members of the board and the holders of the common stock, as a class,
entitled to elect the remaining directors; and at all elections of
to be
each such class are to have the right of cumulative
Whenever there shall be dividends of S1.87H accumulated and
share of the new preferred stock, the holders of new pre¬
stock, as a class, are to be entitled to elect two-thirds of the number
directors the holders of
voting.
unpaid
ferred
on any
of directors of the new company until
all
arrears are
paid.
(6) Oeneral Observations and Conclusions—The plan appears to provide for
capitalization that is reasonably adapted to the assets and earning power
which it is expected the new company will have.
The Commission Is of
the opinion that the plan provides for a fair and equitable distribution of
the new securities among the creditors and preferred stockholders of the
a
debtor.
After the Issue of new securities, it appears likely that interest can be
paid on the new debentures as it falls due, and that dividends can be paid
on the new preferred stock at least by the end of its first year of operation.
Washington & Suburban
noted that such dividends probably cannot be paid immediately,
It should be
however.
the new common stock should be anticipated for more
than a year after consummation of the plan.
Even then, any such divi¬
dends on the new common stock would probably be substantially less than
the corporate earnings of 17c. estimated to be applicable to each share.
The law provides that if the plan is accepted in writing by creditors
holding two-thirds in principal amount of the outstanding allowed claims,
and by the holders of a majority of the outstanding preferred stock; and
if, after a hearing, the court confirms it, the plan will be binding on those
creditors and stockholders who do not accept it as well as on those who do.
No dividends on
To Elect Directors
for New Company Nov. 20—
Preferred stockholders and debenture holders
of the present corporation
for the new co mpany,
Earlier in the day a
will meet Nov. 20 to elect a board of nine directors
Charles
trustee, announced Nov. 6.
True Adams,
hearing will be held before Federal Judge William H. Holly on the con¬
firmation of the reorganization plan of the corporation which he approved
on Nov. 3 and which had subsequently been approved by the Securities and
Exchange Commission.
The plan is the one proposed by the Atlas Corp.
At the meeting, debenture holders will elect seven directors and preferred
stockholders will elect two.—V. 149, p. 2991.
Van Raalte Co.—Extra Common
Dividend—
11,
1939
Cos.—Would Cease as Holding
Company—
Company on Nov. 6,
filed an application with the
Securities and Exchange
(File 51-24) for approval of the distribution of its remaining
and, upon such distribution, for an order of the Com¬
mission declaring that it has ceased to be a holding company.
According to the application, Wshington and Suburban Companies will
distribute to holders of its 70,000 preferred shares of beneficial interest,
66,499 shares of common stock of Washington Gas Light Co. and all of the
outstanding shares of the "Tree Companies" consisting of 483 shares.
The 535 shares of preferred stock of New York & Richmond Gas Co., held
by Washington and Suburban Companies, are to be transferred to I he
Sycamore Co. as a contribution to the capital surplus of that company,
jIj is stistcd
The company also holds all of the outstanding shares of common stock
of the Patuxent Gas Co. consisting of 250 shares.
The Patuxent Gas Co.,
it is stated, proposes to sell all of its utility assets to Washington Gas Light
Co. for $1 in cash and the assumption of all obligations except taxes other
than property taxes.
.
mi.
The "Tree Companies" are 11 intermediate holding companies.
They
are:
The Ashwood Co., The Beechtree Co., The Birch Co., The Ch^tnut
Commission
securities holdings
....
Maple-
Co., The Elmtree Co., The Linden Co., The Mahogany Co., The
wood Co., The Pinewood Co., The Poplar Co. and The Sycamore Co.—V.
149. P. 2102.
of 50 cents in addition to the
share on the common stock,
$5, both payable Dec. 1 to holders of record Nov. 17.—V. 149, p. 2532.
Directors have declared an extra dividend
Period End. Sept.
1939—9 Mos.—1938
30—
Non-operating income._
special dividend of 50 cents per share on
the common stock, no par value, payable Dec. 15 to holders of record
Dec. 1. Specials of 25 cents were paid on Sept. 15, June 15 and on March 15,
last; a dividend of 50 cents was paid on Dec. 15,1938; dividends of 25 cents
were paid in each of the three preceding quarters; a special of $1.25 was
paid on Sept. 15, June 1 and on March 15, 1937; a special dividend of $1
paid on Dec. 15, 1936, and dividends of 25 cents were paid on Sept. 15
and June 15, 1936.—V. 149, p. 2385.
1939—12 Mos.—1938
$16,357,137 $15,351,202 $21,859,388
224,866
105,839
259,917
Operating revenues
Viking Pumo Co.—Special Dividend—
(& Subs.)—Earnings—
West Penn Power Co.
regular quarterly dividend of 50 cents per
par
Nov.
The Commercial & Financial Chronicle
3128
$20,987,300
437,197
The directors have declared a
share in addition to
cents per share on the common stock.
Nov. 15 to holders of record Nov. 4
and the regular quarterly distribution will be made on Dec. 1 to holders
of record Nov. 20.
An extra dividend of 25 cents was paid on July 10, last;
$1.25 per share was paid on Dec, 24, 1938, and extras of 75 cents per share
were paid on Nov. 15,
1938, Nov. 15, 1937 and on Nov. 14, 1936.—V.
Directors have declared an extra dividend of $1 per
the regular quarterly dividend of 25
The extra dividend will be paid on
p.
Operating expenses
1,373,126
686,273
1,320,872
Federal income taxes
Other taxes
271.
Interest
on
Maintenance
229,494
Cr28,365
57,868
305,531
Cr78,758
43,962
306,443
068,703
73,339
$4,063,633
1,432,154
$5,689,995
1,806,136
$5,847,136
1,909,539
$2,631,479
$3,883,859
$3,937,597
35,367
Miscell. deductions
$4,242,024
Net income
dividends
Note—The statement includes all subsidiaries except
Monongaheia West
not herein
Penn Public Service Co. and its subsidiaries, whose accounts are
consolidated.
2,240,160
2,247.623
$640,276
Dr8,255
$7,945,683
Dr53,577
$7,355,894
Dr 131,217
$632,021
145,537
$7,892,106
1,841,262
$7,224,677
1,746.766
thereof.
$486,484
$6,050,844
2,223,14 1
$5,477,911
2,054,938
stantial
$3,827,703
$3,422,973
1,171,596
1,171,422
$2,656,107
$2,251,551
945
$692,026
Interest & amortization.
228,722
Cr53,743
debt
disc.,
(net) & expense
Int. chgd. to construct'n
147.441
Non-oper. income (net).
Balance
64,911
$8,192,461
1,984,827
79,419
prem.
$691,081
Net oper. revenues
1,615,566
$8,097,217
2,128,753
7,734
of
Amort,
223.726
Taxes
2,184,875
$5,879,867
1,492,326
$2,913,273
funded debt.
Other interest
1,126,462
$6,053,444
1,598,129
2,945
1,328,751
.
Balance..
1939—Month—1938
1939—12 Mos.—1938
$1,580 109 $19,022,655 $18,040,087
664,674
7,310,726
6,981,398
12 .512
127,718
1,526.085
1,455,172
702.390
1,666,169
1,468,472
retirements
Virginia Electric & Power Co.—Earnings—
$1,671,228
631,908
7,480,292
1,767,619
7,642,441
1,823,824
792,773
1,578,175
Reserved for renewals &
Preferred
Period End. Sep .30—
Operating revenues
Operation
$22,119,305 $21,424,497
5,416,873
1,297,172
501,285
1,235,382
5,679,816
Maintenance
Gross income
Virginia Coal & Iron Co.—Extra Dividend—
149,
$16,582,003 $15,457,041
Total earnings
147.234
SEC Order Denies Exemption from Provisions
Utility Holding Company Act of 1935—
The
$544,792
Appropriations for retirement reserve
Exchange
Commission in an order issued Nov." 8
denied the company's application for
Public Utility Holding Company Act
exemption from the provisions of the
of 1935 pursuant to Section 3 (a) (2)
denying the application the Commission stated:
our opinion, it clearly appears that the applicant is now in a sub¬
sense a holding company, and cannot be held to be predominantly a
In
Balance
and
Securities
of Public
"In
public utility company.—V. 149, p. 1775.
Balance.
Preferred dividend requirements
Balance for
-V.
149. p.
common
stock and surplus.
2385.
West Penn Rys. Co.
(& Subs.)—Earnings—
Period End. Sept. 30— 1939—9 Mos.—1938
$597,580
$497,958
Operating revenue
800,167
964,616
Non-operating income.
_
Total earnings
1 939—12 Mos. -1938
$884,547
$677,604
1.219,714
1,281,855
Operating
$1,959,459
583,596
$2 ,104,261
736,328
219,950
8,546
36,329
$1,462,574
425,869
114,863
10,100
12,856
Maintenance
Federal income taxes
each be issued for every $100 share now outstanding.
Carl Bucholz, President of the railway, said the move was
8,546
25,273
32,060
expenses
Company reduced the par value of both its common and preferred stocks
from $100 to $25 a share by an almost unanimous vote at a special meeting
of stockholders held Nov. 9. who directed that four shares valued at $25
$1,397,747
501,263
149,512
35,428
42,980
49,748
$866,826
Virginian Ry.—Stock Split-Up Voted—
$677,725
186,338
$1,160,102
$1,053,360
257,200
Reserved for renewals &
Other taxes
made for four
reasons.
They were, he said, to increase the marketability of the stock,
to adjust the price of each share on the market so that it would be more
attractive to the investing public, to effect a wider distribution of the pub¬
lic's holdings of the company's stock and to facilitate the financing of the
company's future requirements through the sale of bonds, preferred stock
or common stock, which ever might be desirable.—V. 149, p. 2991.
retirements
Int.
funded debt
on
Other
186,338
interest
151,471
6,595
14,715
248,450
180
"
"
1,401
20,959
l",40l
l",868
24,163
25,251
1,868
28,910
$658,128
$465,823
$884,533
$765,202
Amortiz. of discountMiscell. deductions
Walgreen Co.—Sales—
1939—10 Mos.—1938
$5,921,379 $57,526,410 $54,815,753
Period Ended Oct. 31— 1939—Month—1938
Sales
—V.
$5,887,495
Net income
—V.
149, p. 2385.
Western Auto
(Hiram) Walker-Gooderham & Worts, Ltd. (& Subs.)
Period End. Aug. 31— 1939—3 Mos.—1938
Profit from opers
$1,510,463
$1,892,583
Other income
42,740
54,792
a
Total income
$1,553,203
Prov. for depreciation.
Deb. int., disct. & exp
_
Bank interest.
212,850
129,064
18,349
$1,947,375
176,777
170,719
26,627
Exps. in connection with
sale of pref. stock
b Exchange adjustment.
Prov. for income taxes..
185,378
Net profit
Net inc. per com. share
$1,007,563
$1.21
$1,177,527
$1.46
After
1939—12 Mos.—1938
$7,733,715
$9,050,220
314,921
314,182
$8,048,636
837,750
519,130
110,422
$9,364,401
730,927
360,320
152,720
111,810
1,256,195
1,723,656
$5,295,979
$6.58
all
for the year ended on that date was determined;
made at foreign exchange rates now current an
had this conversion been
exchange profit of over
$1,000,000 would have resulted.
Accordingly, the adjustment of $229,848
has been deducted from reserve for contingencies and not from profit and
loss.—V. 149, p. 426
West Penn Electric Co. (&
Gross
earnings (est.)
—V. 149, p. 2992.
of that date.—V.
as
Period End.
Operating
Miscellaneous
Net income
7 % & 6 % pref. dividends
Class A dividends
-V.
149, p. 1041.
.
30—
2532.
(& Subs.)—Earnings—
1939—Month—1938
$191,205
$193,610
79,527
9,797
18,817
Maintenance
Taxes
83,347
11,591
15.998
.
1939—12 Mos—1938
$2,150,834
$2,223,055
1,006,536
1,050,182
133,951
139.567
199,080
190,761
$83,064
$811,267
$842,544
Dr7.089
Dr74,575
Dr70.526
25,673
$75,585
28,108
$736,692
333,752
$772,019
349,227
$50,934
Balance
$82,674
Dr6.457
$76,607
Net oper. revenues
Non-oper. income (net).
$47,477
$402,939
232,134
$422,792
$170,805
119,452
$197,884
119,452
$51,353
$78,432
Interest & amortization.
$37,292,605
250,955
reserve.
Balance
...
Preferred dividend requirements
Balance for common stock and stuplus
224.908
Accumulated Dividend—
The directors have declared
of accumulations
Dec.
$9,170,349 $12,764,229
6,212,573
8,263,597
$12,330,680
8,181,264
.
190,033
191,371
252,808
4,972
21,124
6,630
21,568
6,630
21,681
$3,099,146
1,700,885
310,412
$2,740,309
1,700.885
310,412
$4,219,626
2,267,847
413,882
$3,865,217
2,267,688
413,418
$1,087,849
$729,012
$1,537,897
$1,184,111
a
dividend of 37 % cents per share on account
the $1.50 series A pref. stock, no par
value, payable
15.
Like amount was paid on Sept. 1,
1 and Sept. 1, 1938, and compares with 1854
on June 1, 1938, and on Dec. 1, 1937; 37% cents paid on Sept. 1
June 1, 1937; 5634 cents paid on March 1, 1937; 75 cents paid on
1, 1936; 5634 cents per share paid on Sept. 1, 1936, and 37)4 cents
paid on June 1, 1936.—V. 149, p. 2386.
and
paid
on
Dec.
255,888
4,972
20,906
on
1 to holders of record Nov.
June 1 and March 1 last; Dec.
Whitaker Paper
Co.—Tenders—
The Guaranty Trust Co. of New
York, will, until 3 o'clock, p. m., Nov.22,
20-year 7% s. f. gold
of $57,677 at prices not exceeding
receive bids for the sale to it of sufficient 1st mtge.
bonds due Nov. 1,19 2 to exhaust the sum
102 and accrued interest.—Y. 149, p. 593.
|| (F. W.) Woolworth Co.—Sales—
*
Balance
Sep
revenues
Operation
Amort, of debt disc. &
expense
p.
.
$9,509,641
6,194,584
Co.:
149,
Western Public Service Co.
cents
Deductions W. P. Elec.
Interest
Resigns—
Arthur Curtiss James, Chairman of the board of directors has tendered his
resignation to become effective not later than Dec. 31.
The board accepted
.
cos
—Jan.
1
to
Oct.
31—
1939
1938
1938
$409,065 $12,959,418 $11,080,513
$572,172
Appropriations for retirement
$29,485,445 $27,555,801 $39,313,619 $37,543,560
Operating expenses
' 10,145',697
9,831,723
13,668,625
13,530.010
Maintenance
2,421,423
2,406,559
3,214,805
3,344,724
Federal income taxes
1,159,893
803,951
1,408,723
1,137,201
Other taxes
2,898,837
2,732,302
3,624,727
3,625,373
Reserved for renewals,
retirem'ts & deplet'n.
3,349,954
2,610,917
4,632,510
3,575,572
Gross income
$35,677,000 $28,619,000
Ry.—Earnings—
1939
Total earnings
Deducts, of sub.
1 939—10 Mos.—1938
1939—12 Mos.—1938
Operating revenues
$29,309,971 $27,390,493 $39,085,055
Non-operating income..
175,474
165,308
228,564
.
$3,471,000
—Week Ended Oct. 31
Balance
Subs.)—Earnings—
Period End. Sept. 30— 1939—9 Mos.—1938
$4,109,000
149, p. 2992.
Western Maryland
it
Note—In the conversion into Canadian funds of the assets and liabilities
of subsidiary companies in the United States and Scotland at Aug. 31, 1939
for purposes of consolidation an exchange loss or adjustment of $229,848
_
Supply Co.—Sales—
31— 1939—Month—1938
Sales.
-r-V.
$6,284,968
$8.04
charges of manufacture, distribution and management,
b Arising from conversion of net assets of Scottish subsidiary,
c On
724,004 shares outstanding.
a
Period Ended Oct.
Western Pacific RR.—Chairman James
29,160
111,810
283,914
c
149, p. 1041.
1939—10 Mos—1938
..$26,529,570 $26,774,168$239,552,275$228,620,300
Period Ended Oct. 31— 1939—Month—1938
Sales
—V.
....
149, p. 2386.
Volume
The Commercial & Financial Chronicle
149
Willys-Overland
Motors,
Inc.—Restriction
Lifted from
Stock—
P
committee
The
stock list
of the Stock Exchange has released from
restricted registration 75,000 more shares of common stock of the company,
The Empire Securities, Inc., controlling the
Willys-Overland Co., on Oct. 28
that the
asked
on
company
removal
procure
of the
restriction
that
so
the
Empire Securities might acquire necessary funds for current and impending
expenses by liquidation of part of the 1,065,000 shares it held under restricted
listing terms.
Ifrln July, 1937, the Empire Securities agreed with the committee on stock
list of the Exchange and the Willys-Overland Co. that as the holder of
1,065,000 restricted shares of the common stock of the latter company it
would not register transfers of the shares without
approval of the committee
on stock list.
Of the 335,000 shares unrestricted 283,424 were sold for cash
and 40,000 became collateral for a bank loan.
On March 9, 1938, the committee released 35,000 shares and on
1938, released 50,000 shares, leaving
tions—V. 149, p. 1933.
Wisconsin Public Service
July 14,
1,065,000 shares subject to restric¬
Corp. (& Subs.)—Earnings—
Years Ended Sept. 30—
Operating revenues
Operation.
1938
1939
$9,109,470
532,890
1,088,125
1,255,630
408,770
$2,906,052
$2,544,907
Dr35,240
Drl8,705
27,586
33,624
4,486
Maintenance
Depreciation
Taxes
Provision for Federal & State income taxes
outstanding 6% preferred stock and to the retirement of the 3% instalment
note of the company
outstanding in the principal amount of $560,000.
The
stock will be redeemed at a price of $110 a share and accrued dividends.
The preferred stock will be sold through underwriters and, under the
proposed underwriting agreement, holders of the outstanding 6% preferred
stock will be given opportunity,
the new preferred.
prior to the public offering, to purchase
,
The common stock will be sold at par to the North American Co. and the
be issued to evidence bank loans as follows:
Marshal & Ilsley
notes will
Bank, $375,000 Marine National Exchange Bank of Milwaukee, $185,000,
and First National Bank of Appleton, $60,000.
The name of the underwriter and the price at which the preferred stock
are to be furnished by amendment.—V. 149, p. 2246.
will be offered
Wright-Hargreaves Mines, Ltd.—Dividends—
At a meeting of the Board of Directors held recently, a resolution was
passed authorizing payment in United States funds of the regular quarterly
dividend of 10 cents per share, plus an extra dividend of 5 cents per share,
on the no par capital stock
of the company, Jan. 2, 1940, to holders of
record Nov. 23, 1939.
The directors also declared an interim dividend of 10 cents
per share on
the
$8,716,346
3,229,745
517,598
961,250
1,179,070
283,775
2,918,003
3129
no
capital stock of the company, payable Jan. 15, 1940, to stock¬
par
holders of record Dec. 1, 1939, in United States funds.
See also V. 149, p. 1195 for detailed record of previous dividend
payments.
—V. 149. p. 2712.
York Rys. Co.
(& Subs.)—Earnings—
12 Months Ended Sept. 30—
Net operating income
Merchandise and jobbing (net)
Interest and dividends
Miscellaneous income
4,958
Gross income
Interest
on
$2,903,357
1,078,253
148,489
46,891
$1,587,156
funded debt
Amortization of debt discount and expense
Amortization of abandoned street ry. prop
$2,564,311
993,277
152,196
41,667
21,789
30,949
$1,324,434
50,000
Other interest (net)
Miscellaneous deductions
Cr7,433
Operating
Operating
Note—No provision was made by the corporation for State income taxes
for 1937 as the corporation claimed as a deduction in its income tax return
that portion of the unamortized debt discount and expense and redemption
premium and expense on bonds redeemed in 1936 applicable to the taxable
year 1937 which resulted in no State income taxes for that year.—V. 149,
p. 2246.
Michigan
Preferred Shares—
Power
Co.—To
Issue
40,000
$498,329
90,544
Operating income
(net)
:
Other income
14,281
on
long-term debt
3,355
$512,610
220,728
income
$503,139
245,517
Other interest
14,118
Amortization of debt discount and expense
22,120
Net income
$255,643
-
Yukon-Pacific Mining
$234,000
73,000
Deprec. & depletion
1939—9 Mos.—1938
$64,000
22,000
Net
income
$161,000
$42,000
$260,000
Friday Night, Nov. 10, 1939.
Mining Co. stock
4.6 cts.
7.4 cts.
1.2 cts.
See Pacific Tin Corp., above.—V. 149, p.
1042.
(Saturday)
After opening unchanged to
gave up
points higher, coffee futures
gains.
portion of recent
were
registered, with Dec. at 6.27c., off 7 points net.
Yesterday
spot prices advanced 100 to 300 reis, but cost and
Santos
freight
In Brazil the spot price of Rio 7s
a
During early afternoon losses of 6 to 7 points
December, which
few lots.
on a
lower for
No business
4
Friday to 6.26c., declined to 6.16c. today
day's substantial gains.
7.9 cts.
Merger Plan Voted—
reported in the Rio contracts.
heavy during most of the session and lost all
on
$278,000
Per share Yukon-Pacific
On the 9th inst. futures closed 3 to 6 points net
Coffee—On the 4th inst. futures closed 9 to 14 points net
lower for the Santos crop, with
only 13 lots traded.
The
had advanced
$373,000
95,000
$416,000
156,000
the Santos contract, with sales totaling 51 lots.
of the previous
$251,074
Co.—Earnings—
1939—3 Mos.—1938
Net income before depr.
and depletion
COMMERCIAL EPITOME
market ruled
990
5,558
,
—V. 149. p. 2104.
The Securities and
Exchange Commission announced Nov. 7 that com¬
pany had filed a declaration or application (File 32-185) under the Holding
Company Act regarding the issuance and sale of 40,000 shares ($100 par)
preferred stock, 4>^% series, 10,000 shares ($20 par) common stock, and
$620,000 of 2lA% promissory notes.
|is» The net cash proceeds from the sale of the securities are to be applied to
the redemption, on or about Jan. 15,1940, of 37,343 shares of the company's
$499,784
194.712
Other taxes
Period End. Sept. 30—
Wisconsin
$2,731,526
1,454,451
135,277
261,807
104,320
275,886
Federal income taxes
Gross
1938
231.399
expenses
Maintenance
Provision for retirements
Interest
Net income
1939
$2,570,301
1,422,113
133,205
revenues
coffees
offers
were
from
easier.
Brazil
were
Mild
unchanged.
about
Manizales sold at 10c.
Destruction of
advanced 200 reis to 14.500 milreis per 10 kilos, but Santos
soft 4s were down 100 reis and Rio 5s were lower also.
In the
coffee in Brazil during the second half of Oct. was 58,000
past few weeks the Rio Brazilian spot price has advanced
Today futures closed 1 to 2 points net lower for the Santos
than
more
10%.
On the 6th inst. futures closed 4 to 6
points higher for the Santos contract, with sales totaling 53
There
lots.
was
only 1 lot traded in old Rio, which
unchanged at the close.
Scattered
new
was
buying and short
bags,
or
exactly the quantity burned during the first half.
contracts, with sales totaling 17 lots.
tracts
coffee future market dried up, with the result that
selling found few bids around the ring.
Santos futures stood about 4
covering before the holiday accounted for the steadiness.
noon
The
the spot price on
selling
were
was
mainly hedging against actuals.
unchanged.
and it
was
Manizales
were
Mild coffees
held at 1034c. for Nov.,
believed they were available at the
Jan .-Feb.
shipment.
Brazilian
prices
same
price for
unchanged.
were
Showing independent strength
Business in Rio
advance
voted to
points lower.
on
In Brazil
Brazilian cost and
registered in the last few days.
easier
scattered
During early after¬
Rio No. 7s lost 500 reis of the sensational
freight offers hold to about the
are
con¬
The buying of yesterday in the
virtually nil.
was
reports
same range,
but mild coffees
that the Colombian Federation has
price-fixing regulations.
as a result of a reported im¬
proved demand from Europe, spot Rio 7s in Brazil were 300
shipment sold at 10c.
reis higher
Manizales for Jan.
173,000 bags were reported today.
today at 14.800 milreis per 10 kilos.
Shipments
heavy from Brazil last week, totaling 426,000 bags, of
which 226,000 were for the United States, 190,000 for
were
closed
13
totaled 47 lots,
coffee
on
was
15
to
sources.
On the 8th inst.
points net higher.
all in the Santos contract.
generally
favorable
to
Transactions
originally planned.
200 reis
sellers.
was
In Brazil spot Santos coffees
higher, with
not noted that
a
squeeze
reported.
selling at 6.41c.
were
now
total only 435,000
7 points
were
as
100
While large
reason,
it
bags, against
During early afternoon Santos
higher in light trading, May
were bid up 15 points
New Rio contracts
higher without bringing out sales.
high
arrivals at that port from the interior
Stocks
500,000 bags two weeks ago.
future contracts
Santos coffee
as follows:
3.921 March
3.92
prices closed
December
as follows:
6.27 July
March.
6.37
6.42
-6.48
6.51
September
Cocoa—On the 4th inst. futures closed 4 to 5
Proposed
as
shipments from Rio to Europe were the alleged
had fallen off.
prices closed
December
News bearing
freight rates from Brazil for Dec. will not be
to
Rio coffee
Clearances of coffee from Brazil of
May
Europe and 10,000 for all other
futures
remove
higher.
was
a
Transactions totaled 70 lots
fair
demand from
while hedge pressure was
continue
to
realize
to
refrain
better
or
points net
938 tons.
dealer and manufacturer
only moderate.
from
prices in
offering,
There
sources,
Bahian shippers
apparently being able
Continental markets.
A cable
during the week from Bahia claimed that the crop this year
would be lighter than last.
Local closing: Dec., 4.78; Jan.,
4.83; Mar., 4.93; May, 5.01; July, 5.09.
On the 6th inst.
futures closed 5 to 6 points net lower.
Transactions totaled
1,353 tons, with the Dec. and Mar. volume accounting for
the bulk of the transactions.
There was very little feature
The Commercial & Financial
3130
the
to
very
During the early session there was some
and manufacturer interest.
There was
trading.
scattered
outside
little in the news to stimulate interest.
Local closing:
Dec., 4.72; Jan., 4.77; Mar., 4.87; May, 4.95; July, 5.04.
On the 8th inst. futures closed 14 points net lower on all
active
totaled
Transactions
contracts.
160 lots.
Traders
adopted a waiting attitude.
In the absence of active
support, prices slipped off 9 to 10 points, with Dec. falling
9 points to 4.62c. during the early afternoon.
Transactions
to that time totaled only 100 lots.
There was consumer
buying only on a scale down.
Warehouse stocks increased
5,700 bags.
They now total 1,065,105 bags, compared with
in
cocoa
4.63; Mar., 4.73; May, 4.81: July, 4.90.
On the 9th inst. futures closed 7 to 9 points net higher.
Transactions totaled 160 lots.
Cocoa futures dipped to new
low levels since the war when Dec. sold down to 4.51c., off
On the decline short covering and new buying
made their appearance, with the result that the market
rallied briskly.
During early afternoon prices were 7 to 8
points net higher, with Dec. at 4.65c., up 14 points from the
forenoon low.
Volume remained small, sales to early after¬
noon totaling only 112 lots.
Warehouse stocks decreased
4,900 bags.
They now stand at 1,060,268 bags, compared
with 943,126 bags a year ago.
London cabled that the Gold
Coast Government requires all' shippers of cocoa to the
United States to place proceeds of sales in the British bank.
Local closing: Dec., 4.66; Jan., 4.70; Mar., 4.80; May, 4.89;
July, 4.98; Sept., 5.08. Today futures closed 3 to 4 points
net higher.
Transactions totaled 193 lots.
Manufacturer
buying supported the cocoa futures market in quiet trading.
During early afternoon prices were 2 to 4 points higher, with
7
points net.
Dec.
at
4.68c.
on
a
turnover of
120 lots.
Offerings from
primary markets were light, but there was scattered liquida¬
tion by Wall Street.
Warehouse stocks continue to decrease.
The overnight loss was 3,100 bags.
Stocks now total 1,057,184 bags compared with 939,683 bags a year ago.
Local
closing: Dec., 4.69; Mar., 4.84; May, 4.93; July, 5.02.
Sugar—On the 4th inst. futures closed unchanged to 2
points higher.
Transactions totaled 70 lots for the domestic
contract.
The world sugar contract closed 2 to 234 points
net higher.
In the domestic contract early buying orders
sent prices up 3 to 4 points, which gains were subsequently
lost as a result largely of week-end selling.
Trading in
the world contract was sluggish, with only 27 lots transacted.
However, this market was firm towards the close in contrast
to
the heaviness of the domestic contract.
No sales
were
reported in the market for raws today, with prices reported
unchanged from Friday's finals.
A cargo of Puerto Ricos
which was held at 3.05c., was believed to be available on a
bid of 3c.
On the 6th inst. futures closed 5 to 6 points net
lower for the domestic contract, with sales totaling 184 lots.
The world sugar contract closed 434 to 634 points net lower,
with sales totaling 105 lots.
Whether the quota system will
be renewed is the primary market consideration.
Govern¬
ment officials have said that if low prices prove "permanent,"
quotas will be returned, but if they are only "temporary"
nothing will be done.
In both the domestic and world
contracts the selling mainly was hedging, although some
stop-loss selling appeared as the market weakened.
The
buying was for trade and commission house account on the
scale down.
On the 8th inst. futures closed 4 to 5 points
net higher for the domestic contract, with sales totaling 134
lots.
The world sugar contract closed 3 to 4 points net
higher, with sales totaling 78 lots.
The domestic contract
at the close showed a recovery of 6 to 7 points from the lows
of the day, while the world contract registered a recovery of
4 to 5 points from the lows of the day.
Cuban reports said
that the Government was once more studying sugar relations
"with the United States.
In
the
raw
market the situation
It was even hard
duty-free sugars
were
available at 3c., with no bid by refiners.
Buyers
were
thought willing to pay 2.95c.
The movement of
refined sugar was said to be somewhat better as a result of
restoration of price guarantee by refiners.
On the 9th inst. futures closed unchanged to 1 point
lower for the domestic contract, with sales totaling 412 lots.
The world sugar contract closed 1 to 2 points net lower,
with sales totaling 224 lots.
Substantial buying attributed
to Cuban sources brought a '•ally in the domestic market
during midday.
During the early afternoon futures were
3 to 5 points net higher.
Later, renewed pressure erased
these gains.
The early buying was said to be based on the
supposed better than even chance that a new treaty with
Cuba will be negotiated and quotas will be reinstated.
In
the raw market a paucity of offerings was apparent.
It is
now believed that a refiner
paid 3c. a pound for Puerto
Rican raws on Monday.
One cargo was offered today at
3.05c., and Philippines were available at 3.15c. for Dec.Jan. delivery.
In the world sugar market contracts, after
advancing 534 to 6 points, elosed with prices registering net
declines of 1 to 2 points. Today futures closed 3 to 4 points
net higher for the domestic contract with sales totaling 379
lots.
The world sugar contract closed 334 to 1 point net
higher, with sales totaling 352 lots.
Sugar futures were
higher in both the domestic and the world markets. During
early afternoon domestic contracts were holding gains of
4 to 8 points. Cuban buying, reported yesterday, continued
today.
In the raw market 17,500 bags of Cubas about to
was
to
unchanged.
learn
No sales
of firm offers.
were
It
reported.
was
said
that
11,
1939
1.80c., or 30 points above the level of 1.50c.
should sell on the basis of 3c. for duty-frees.
The only firm offer of duty-frees was a lot of 4,000 tons of
Nov.-Dec. Philippines at 3.10c., for which operators were
reported willing to pay 3.05c.
Traders a^e still awaiting
word from Cuba regarding extension of 1939 certificates
into 1940.
In the world sugar market prices were 2 to 3 34
clear were sold at
at
which they
from Europe was a
points higher. The more warlike news
factor in advancing the market.
Prices closed
as
follows:
January
191
May
1.98
1-80 July.
March
195
Local closing: Dec., 4.58; Jan.,
943,126 bags a year ago.
Nov.
Chronicle
2.03
September
Lard—On the 4th inst. futures closed 5 to 7 points net
This market ruled steady to firm during today's
showing maximum advances of 7 to 10 points
the active deliveries.
Trading, however, was relatively
higher.
short session,
in
The gains today were attributed largely to the steadi¬
grains and reports of heavy export sales to the United
Kingdom on Friday.
Clearances of lard from the Port of
New York today were the heaviest in some time and totaled
1,240,800 pounds, with destination given as "Europe."
There was not much activity in the hog market today.
A
few small sales were reported in the Chicago market ranging
from $6.50 to $6.65.
Western hog receipts totaled 13,200
head, against 24,700 head for the same day a year ago.
On
the 6th inst. futures closed 2 points higher to 5 points lower.
The lard market was an irregular featureless affair today,
there being little in the news to stimulate or depress trading.
Today the Chicago hog market was easy and prices finished
5 to 10c. lower.
Lard exports from the Port of New York
today were heavy and totaled 270,000 pounds, the usual
destination "Europe."
Sales of hogs ranged from $6.40 to
$6.60 per cwt. (bulk basis).
Today Western hog marketings
totaled 84,000 head, against 94,700 head for the same day
last year.
On the 8th inst. futures closed 5 points net lower.
The market opened 2 to 5 points off, compared with previous
finals.
Trading was decidedly sluggish throughout the
session, with an easy undertone prevailing.
It is said that
the neutrality law is expected to have a somewhat dampening
effect on the export trade for lard in large volume.
No lard
export clearances were reported today.
Chicago hog prices
finished 10 to 15c. lower today, with sales ranging from
$6.10 to $6.45 per cwt.
Western hog marketings totaled
83,300 head, against 78,400 head for the same day last year.
On the 9th inst. futures closed 2 to 5 points net lower. The
opening range was 2 to 5 points off compared with previous
finals.
Trading was very light and without special feature.
Exports of lard from the Port of New York today were
7,500 pounds, with the destination "Europe." Western hog
receipts totaled 73,000 head, compared with 77,500 head for
the same day a year ago.
Hog prices were 10c. to 15c.
lower, with sales ranging from $6.35 to $6.50.
Today
futures closed 18 to 15 points net higher.
Influenced by
higher grain and hog prices, lard futures showed considerable
activity and strength in today's session. Hog prices were
steady to 10c. higher. Hog receipts in the open market at
Chicago were 1,000 less than advance estimates, totaling
4,000, while big packers received 6,000 direct.
light.
ness
of
.
DAILY
CLOSING
PRICES
OF
FUTURES IN CHICAGO
Tues.
Wed.
Thars.
Fri.
6.30
6.25
6.22
6.40
LARD
Mon.
6.27
Sat.
6.35
December
'
6.95
6.90
6.87
6.35
6.82
6.32
March
6.80
6.47
6.92
May
July—
7.15
7.25
7.05
7.25
7.00
7.17
6.97
7.17
6.92
7.10
7.07
7.17
January.
6.40
6.37
6.45
•
Pork—(Export), mess, $23.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $26.25 (200 pound barrel).
Beef: (export), steady.
Family (export), unquoted.
Cut
meats: quiet.
Pickled hams: picnic, loose, c. a. f.—4 to 6
lbs., 12c.; 6 to 8 lbs., 1124c.; 8 to 10 lbs., 1134c. Skinned,
loose, c. a. f.—14 to 16 lbs., 1734c.; 18 to 20 lbs., 18c.
Bellies: clear, f. o. b. New York—6 to 8 lbs., 1234c.; 8 to 10
lbs., 1234c.; 10 to 12 lbs., 1234c. Bellies: clear, dry salted,
boxed, N. Y.—16 to 18 lbs., 10c.; 18 to 20 lbs., 934c.; 20 to
25 lbs., 934c.; 25 to 30 lbs., 934c.
Butter: creamery, firsts
to higher than extra and premium marks: 2634 to 2934c.
Cheese: State, held '38, 21 to 22c.
Eggs: mixed colors:
checks to special packs: 2934 to 3034c.
Oils—Linseed oil conditions in the Northwest seed markets
reported slightly firmer.
Linseed oil in tank cars is
quoted 9.3 to 9.5c. Quotations: Chinawood: tanks, "regu¬
were
lar"
small lots—26 bid,
tanks—.0334 bid, nominal;
Pacific Coast, spot—.0334 bid.
Corn: crude, West, tanks,
nearby—.06 bid, offered at .0634- Olive: Denatured: drums,
spot, afloat—$1.10 to $1.15. Soy bean: tanks. West, Nov.—
.0534c. Edible: coconut: 76 degrees—1034c. bid. Lard: ex.
winter prime—934 offer.
Cod: crude, Norwegian, Nor¬
wegian dark filtered—not quoted. Turpentine: 3134 to 3324 •
trade—24c.
offered at 28c.
bid;
independent,
Coconut: crude,
Rosins: $5.40 to $7.70.
Cottonseed
contracts.
November
Oil sales
yesterday, including switches, 164
Prices closed as follows;
Crude, S. E., val. 5346.55@
December
6.59f«i
January
February
6.65@
6.70@
n
March
April
6.68 May
6.61
n
June
Rubber—On the 4th inst. futures closed 2
6.84@
6.90@
6.95@
n
7.00@
n
points higher
points lower.
Transactions totaled 220 tons.
There
was no particularly outstanding feature to the trading, and
nothing in the news to warrant an aggressive position on
to
5
Volume
The Commercial & Financial Chronicle
149
either side of the market.
The outside market was reported
Spot standard No. 1 ribbed smoked sheets in the
trade remained the same at 20^e.
Local closing: Nov.,
20.20; Dec., 20.20; Jan., 19.30; Mar., 18.75; May, 19.39.
On the 6th inst. futures closed 28 to 15
points net higher.
Strength was most pronounced in the nearby deliveries.
Trading was relatively light.
The factor most responsible
for today's firmness in rubber futures was the
tight supply
situation for spot and nearby shipments of all grades of
rubber.
The Dec. position on the
Commodity Exchange
closed 160 points higher than the Mar.
delivery.
This
compares with last week's spread of only 150 points.
Cer¬
quiet.
tificated stocks of rubber in licensed warehouses remained
the same at 2,640 tons on Monday.
Local
closing: Nov.,
20.48; Dec., 20.48; Mar., 18.90; June, 18.41.
On the 8th
futures closed 7 to 50 points net lower.
The most
pronounced weakness was in the distant deliveries, which
inst.
showed losses
ranging from 30 to 50 points, compared with
previous finals.
There was some heavy commission house
selling, and shorts were also active on the downside.
While
there
was
check the
some
trade
decline.
buying, it
was
far from sufficient to
Prices during early afternoon
were 18
points net lower on sales, which to that time totaled
Foreign markets were irregular, closing l-16d.
lower to 3-16d. higher.
Local closing: Dec., 20.41; Jan.,
19.32; Mar., 18.60; May, 18.12; July, 17.75.
On the 9th inst. futures closed 1 to 15
points net lower.
Transactions totaled 121 lots.
Trade buying rallied rubber
futures after a lower opening.
Commission houses were
credited with picking up distant months. During early after¬
noon prices stood 1
point lower to 5 points higher. Sales to
to 38
720
tons."
that time totaled 850 tons
or
85 lots.
Estimates in the trade
point to consumption of 48,000 to 51,000 tons in Oct. Actual
disappearance in Sept. was 50,150 tons. Certificated stocks
of rubber in licensed warehouses have decreased to 2,620
tons.
London closed unchanged to 3-32d lower.
Local
closing: Dec., 20.40; Mar., 18.48; May, 18.10; July, 17.67;
Sept., 17.60. Today futures closed unchanged to 17 points
net higher. Trading in rubber futures was slow, but
prices
held.
Dec. during early afternoon sold at 20.41c., while
Mar. stood at 18.50.
At one time the spread between the
two positions had widened to 195 points.
Dec. shorts were
nervous.
The
market
otherwise
was
devoid
of
interest.
Singapore observed a holiday, but London remained open.
Prices were unchanged to l-16d. higher. Local closing: Dec.,
20.45; Jan., 19.30; Mar., 18.65; May, 18.20; July, 17.75;
Sept., 17.60.
Hides—On the 4th inst. futures closed 5 points lower to 4
points advance. The market showed unusual strength at the
opening, the range being 14 to 19 points above Friday's final
prices. There was the usual evening-up operations over the
week-end, many traders not caring to be committed in view
of the many uncertainties.
Transactions totaled 3,800,000
pounds. No new developments of importance were reported
in the domestic spot hide market.
The last trading reported
was on basis of 14c. a pound for light native cow hides.
The
last sales reported in the Argentine market for frigorifico
hides included 8,500 frigorifico cow hides at 12 ll-16c. Local
closing: Dec., 14.12; Mar., 14.40; June, 14.74; Sept., 14.69.
On ihe 6th inst. futures closed 15 to 27 points net lower. The
opening range was 7 to 19 points lower compared with
previous finals. Trading was relatively light, but the market
ruled heavy during most of the session.
The tone of the
spot hide market was in sharp contrast to futures, the
former ruling firm.
Transactions in futures totaled 3,840,000
pounds.
Certificated stocks of hides in warehouses licensed
by the Exchange decreased by 16,694 hides to a total of
1,043,449 hides in store.
Interest in the domestic spot hide
market is reported as quite active, with a moderate volume of
business being done at steady prices.
One packer was re¬
ported to have sold 7,000 Colorados at 13%c. an advance of
J4c. over the last previous sales price. Local closing: Dec.,
13.97; Mar., 14.22; June, 14.47; Sept., 14.72.
On the 8th
inst. futures closed 8 to 13 points net higher.
Transactions
totaled 134 lots.
The closing levels were 28 to 8 points up
from the lows of the day.
The market ruled heavy during
the early trading, influenced by a lower securities market.
Some substantial buying appeared from trade quarters and
the market proved sensitive to this demand, prices advancing
sharply.
It was reported that sales in the packer hide
market over the holiday totaled 27,000 hides, with prices
steady to 3^c. higher.
Certificated stocks of hides in ware¬
houses decreased 3,229 hides.
They now total 1,043,220
hides.
Local closing: Dec., 14.08; Mar., 14.30; June, 14.58;
Sept., 14.85.
On the 9th inst. futures closed 20 to 18 points net lower.
Transactions totaled 128 lots.
After opening lower, hide
futures were firm on moderate sales, the turnover to early
afternoon totaling only 1,360,000 pounds.
Dec. then stood
at 14.05c., off 3 points, and Mar. at 14.33c., up 3 points.
Certificated stocks of hides decreased 3.472 pieces.
They
now total 1,039,748 hides.
Local closing: Dec., 13.88; Mar.,
14.10; June, 14.40.
Today futures closed 12 to 13 points
Transactions totaled 142 lots. Trading in hide
mixed, but the market's undertone was steady
on
a
turnover of 2,960,000
pounds to early afternoon.
March then stood unchanged at 14.10c.
Reports from the
spot market told of large sales at steady prices consummated
yesterday.
Local closing: Dec., 14.00; Mar., 14.23; June,
net
higher.
futures
was
14.53.
3131
Ocean
Freights—It is reported that there are a large
in the ocean freight market for prompt
tonnage.
However, the fact that owners are not disposed
to offer their vessels for hire at reasonable rates is having a
depressing effect, and the market as a consequence has been
relatively inactive.
Charters included:
Scrap:
Pacific
Coast to Japan, Nov .-Dec., $8 per ton.
New York or
Albany to Sweden, Nov. loading, reported at $11.65 per ton.
New York to Sweden, Nov., $11.65 per ton.
Time: Round
trip trans-Atlantic trade neutral trading only, Nov. 13-23,
number
of orders
.
$3 per ton. Delivery New York, round trip east coast
American trade, end Nov., p. t.
Trip across, delhery
of Hatteras, Nov. 15-30, $6 per ton.
Round trip
South
North
West
Indies trade * prompt, $2.60 (incorrectly reported for a trip
down only last week). Round trip East coast South American
trade, delivery North of Hatteras, Nov. loading p. t.
De¬
livery Mediterranean (European charterers) Nov. 15-30.
Trip down Canada to North of Hatteras, Nov., p. t.
De¬
livery Mediterranean, redelivery north of Hatteras via India,
Nov., 12s. per ton.
Another steamer, one to two months
West Indies trading, prompt, delivery New York, $2.
Coal—Latest advices report a lessening of production of
Pennsylvania anthracite for the week ended Oct. 28th, which
is estimated at 1,134,000 tons, a decrease of 60,000 tons from
the week of Oct. 21st, but an increase of 254,000 tons in com¬
parison with the same week a year ago, according to the
Bureau of Mines.
On the other hand, current reports from
Department of Commerce are to the effect that United
States exports of anthracite and bituminous coal increased
sharply in Sept., 1939, as the result of war abroad. Anthra¬
cite coal exported from the United States in Sept. of this year
amounted to 400,000 long tons, valued at $3,427,000, com¬
pared with shipments in Sept., 1938, of only 129,000 tons,
valued at $1,071,000.
Bituminous coal foreign shipments
from the United States in Sept., 1939, increased almost
500,000 tons to 1,525,000 long tons, valued at $6,222,000,
compared with 1,032,000 tons valued at $4,082,000 shipped
abroad in Sept., 1938.
the
Wool—The wool markets have been relatively quiet, with
prices generally showing a trend to lower levels. This easing
tendency is regarded as quite natural in view of the rapid
advance on the early war news.
Mill buyers who declined
to load up as wool rose rapidly, now find a lower market in
the fine raw materials, though medium wools have held com¬
paratively firm.
Despite short supplies, fine wools are
reported as continuing the moderate downward trend.
Graded territory wools are mostly without change, but Texas
12 months is off 1 or 2c. at $1.03. to $1.05. The
index figure of bright fleece wools is down 3^c. from previous
average
price, the medium grades responsible. Scoured pulled wools
have receded slightly, the choice B now 95 to 98c. as against
previous sales at 98c. to $1. Original bag territory wool is
under pressure with bids well below $1, though very little
wool available at this price.
Wool'consumption in New
England in Sept. showed a larger relative increase over Aug.
than was the case for the country as a whole.
The daily
use in New England mills was
7.4% higher than in Aug.
and 36.8% above the daily average of Sept. a year ago.
Foreign wool markets are reported easier. Cape wools are
priced below domestic similar fine wools. Some 50,000 bales
are reported purchased for American account, about half of
which is afloat.
Silk—On the 6th inst. futures closed 5 to 7>£c. net
higher
for the No. 1 contract, and 7 to 5c. net higher for the No. 2
contract.
The local market derived its strength largely from
the primary markets.
Buying came principally from sources
with
connections.
Dealer liquidation made up
selling.
There were about 25 lots switched
from Nov. to the Mar. delivery at 19 points.
Sales of
futures contracts totaled 1,520 bales in the No. 1 contract.
Japanese
the bulk of the
There
were
Yokohama
no
transactions
futures
in
the
No.
2
contract.
At
while at Kobe
they ruled 51 to 62 yen higher.
Grade D at Yokohama
remained unchanged at 1,870 yen and advanced 30 yen at
Kobe to 1,890 yen.
Spot sales at Kobe totaled 100 bales,
while futures transactions in both markets totaled 10,500
bales.
Local closing: No. 1 Contract: Nov., 3.32; Jan.,
3.163^; Mar., 3.12; May, 3.06; June, 3.02. On the 8th
were
up
44 to 60 yen
inst. futures closed 2 to 4c. net lower for the No. 1 contract.
Transactions
in
this contract totaled 41
lots.
There
was
business reported in the No. 2 contract.
Trade interests
were on both sides of the silk futures market, with the result
that prices were fairly steady in quiet trading.
The turn¬
no
early afternoon totaled only 210 bales, all in the No.
The price of crack double extra silk in the up¬
town market was 3^c. higher at $3.47 a pound.
In Yoko¬
hama grade D silk advanced 323^ yen to 1,9023^2 yen a bale.
Local closing: No. 1 Contract: Nov., 3.30; Dec., 3.20; Jan.,
3.14K; Mar., 3.08; May, 3.04; June, 3.01.
On the 9th inst. futures closed 53^ to 9Kc. net lowe**.
Transactions totaled 187 lots.
Weakness in the Japanese
silk market was reflected in lower prices on the Commodity
Exchange. There was general selling, with pressure particu¬
larly on distant positions. Trading was fairly active, with a
total of 1,070 bales to early afternoon, all in the No. 1 con¬
tract.
Dec. sold at $3.16, off 4c., and Mar. at $3.02^, off
53^.
Forty bales were tendered for delivery on the No. 2
over
to
1 contract.
contract.
declined
In the uptown spot market crack double extra silk
10Hc to $3,363^
a
pound.
Yokohama Bourse prices
I
The Commercial & Financial Chronicle
3132
dropped 69 to 93 yen. Grade D silk was 72}^ yen lower at
1,830 yen a bale.
Local closing: No. 1 Contracts: Nov.,
3.23; Dec., 3.14; Jan., 3.P8J/£; Mar., 3.00; May, 2.95; June,
2.91
Today futures closed 6 to 8c. net higher for the No. 1
Transactions totaled 69 lots, all in No. 1 contract.
There was evidence of buying interest in silk futures, but
contract.
it
limited.
After
irregular opening, prices strength¬
ened, standing 3H to 4c. higher during early afternoon on
a turnover of 200 bales, all in the No. 1 contract.
At that
time Feb. stood at $3.10 and Mar. at $3.04.
The price of
crack double extra silk in the New York spot market declined
Ic. to $3,353^.
In Yokohama Bourse prices closed 12 yen to
35 yen higher, but grade D silk declined 15 yen to 1,815 yen
was
bale.
a
an
Four contracts
traded in the No. 2 Nov. de¬
were
livery, which closed 12c. net higher.
Local closing: No. 1
Contract: Nov., 3.30; Dec., 3.20; Jan., 3.15; Mar., 3.07;
May, 3.03; June, 2.99.
Nov.
11,
China
Other
1939
Exported, to—
From,
Aua.i, 1939 to
10, 1939
Great
Ezport8from—
Britain
Nov.
Ger¬
France
136,561
27,424
8,496
6,861
Corpus Christi
.
_
Japan
9,455 156,936
467,789
61,763
59,957 181,465
632,929
13,662
31,305
10,155
193,298
24,473
3,922
4,309
160,251
10,411
32,100
New Orleans.
Lake Charles
Mobile
8", 169
110",596
185
87,786
415,825
8,109
20,146
601
Savannah
491
45,060
Charleston...
18,532
Wilmington..
50
"486
3",248
761
13
3,022
19,140
20,107
1,165
2,239
1,115
2*,959
5,06 i
211
14,241
Norfolk
6,850
"75
2,934
Pensacola, &c
12",321
29,852
1,135
4,339
500
Jacksonville..
New
1,575
2,239
1,943
3,050
"50
Boston
485
"200
"750
5,413
Francisco
535
32,885
626
1,794
41,649
9,421
74
774
15,866
5
Los Angeles..
5
5,597
San
6,154
3,050
1,271
1,825
York...
673,638 264,383
Total
41,986 143,277
229,585
91,241 471,572 1915,682
215,634 108,833
393,783 188,563
278,154
5,193 224,036 1208,962
17,053 343,919 2042.099
Total
The Movement of
the
Crop,
as
indicated by
our
1938...
153,444 223,668
Total
Friday Night, Nov. 10, 1939
1937...
645,387 361,387
NOTE—Exports to
tele¬
27,922
185
Beaumont
Seattle
COTTON
Total
57,102
73,933
37,509
1,563
10,781
14,971
4,334
68,663
41,140
71.308
Houston
Brownsville
Italy
many
203,890
Galveston
Canada—It
has
never
91.557
been
practice
our
above table reports of cotton shipments to Canada,
the
reason
to
include in
the
being that virtually
all the cotton destined to the Dominion comes overland, and it is Impossible to give
grams
from the South tonight, is given below.
For the week
ending this evening the total receipts hav ereached 237,671
bales, against 231,212 bales last week and 243,288 bales the
previous week, making the total receipts since Aug. 1, 1939,
3,159,419 bales, against 2,233,971 bales for the same period
of 1938, showing an increase since Aug. 1, 1939, of 925,448
bales.
.
Sat.
Receipts at—
Galveston
Mon.
6,498
6,286
Houston
Corpus Christi.
m
_
<m
Tues.
22,093
9,446
17,721
7,630
Wed.
6,930
6,056
mm***,
56,112
68,294
7,525
483
7,978
3,825
1,458
55
92
138
719
20
24
1,471
1,515
168
36
58
421
495
495
27,904
8,415
457
237
425
113
Mobile
35,377
218
103
.
Savannah
Charleston
—
4
—
Wilmington
-
—
~
142
Norfolk
—
—
*.
4
5
72
w
39
•»
110
Baltimore
Totals this week.
28,496
66,066
15,076
55,599
98,042
3,430
370
47
Lake Charles
26,407
47
49
46,027 237,671
The following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks tonight, compared
with last year:
1939
1938
Stock
Receipts to
This
10
Galveston
Since Aua
This
Since Aug
Week
Nov.
1, 1939
Week
1, 1938
56 ,112
Brownsville
Houston
Corpus Christi
7 ,978
Beaumont
817,673
40,006
30,819
19*535
68 ",294 1,059,996
401
171,325
Wilmington
168
49
421
884
35,572
862,436
38,335
14,260
1,663
25,246
29,293
43,496
3,912
Norfolk
6,422
9,531
New Orleans.
Mobile
98 ,042
3 ,430
Pensacola,
&c
"47
Jacksonville
933
989
20
1939
.,515
Charles
669,505
759,231
892,451
690,197
258,528
16,568
845",228
930,519
97,528
32,020
463,593
31,258
4,384
1,588
22,809
14,600
36,338
651,487
57,569
64,374
39,013
66,334
2,053
281
786,864
72,577
z6,832
"728
654
7,792
7,274
1,951
140,197
37,279
19,774
8,953
28,705
100
9,537
1,288
1,025
2,789
1,050
New York
Boston
Baltimore
495
Totals...
x
1938
100
719
Savannah
Charleston
Lake
28,585
6,675
222
237,671 3,159,419
2,455
153,744
40,136
24,430
17,531
30,079
92,125 2,233,971 2,722,508 3,091,105
Receipts included in Corpus Christi.
z
In order that comparison may be made with other
years,
give below the totals at leading ports for six seasons:
Galveston
1939. there were
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Nov. 10 at—-
Leaving
Great
Britain
9,300
Galveston
Other
Coast-
many
Foreign
toise
20,500
14,058
9,908
10,500
9,026
5,189
Stock
Total
15,000
46,300
32,866
31,097
15,000
1,175
1,175
7,747
Houston.
New
Ger¬
France
Orleans..
Savannah
10,400
6,000
2,035
5,600
Charleston
Mobile
Norfolk
Other ports
Total 1939.
.
Total 1938
Total 1937
43,622
24,775
47,245
Speculation
in
24,715
7,887
31,885
6,664
20,427
for
cotton
44,466
44,967
39,028
future
712,931
812,362
320,390
125,197
37,279
37,838
28,705
221,368
13,635 126,438 2,596,070
3,451
87,744 3,003,341
3,235 141,820 3,024,642
delivery
during
the
past week has been quite active, with the market generally
strong.
The
market's
recent
firmness was
attributed
largely to the firmness at Liverpool, together with predic¬
tions from Washington officials that a tight situation is
expected in the cotton market before the end of the season.
Another
was
face
the
contributing factor in the market's recent strength
heavy foreign and trade buying in the
the presence of
of
a
scarcity of contracts.
1939-40
futures
cotton
crop
also
The
had
Government
quite
an
loan
influence
on
on
prices.
On the 4th inst. prices closed 4 to
10 points net higher.
the session registered 7 to 12 points net
higher.
Bombay interests were again outstanding buyers
in the initial trading when the market showed advances of
3 to 7 points.
Numerous other small foreign buying orders
The top levels of
were
executed.
Brokers with
Bombay connections reported
buying from East India
that the recent renewal of active
reflected the effects of the
narrower
differences
as
well
as
of
Bombay traders to buy dollars against these
transactions.
Department of Agriculture officials were
said to look for a substantial slump in cotton
exports tem¬
1938
1937
1936
1935
1934
porarily owing to limitations on the use of American vessels
for carrying cargo to Europe and also because of cash and
56,112
68,294
98,042
3,430
30,819
19,535
28,585
933
73,600
78.328
38,664
33,532
carry provisions of the bill.
Nevertheless, hopefulness was
expressed in Washington reports that cotton shipments
719
2,053
Mobile.
Savannah....
Charleston
Wilmington
_
281
49
728
186
654
2,402
9,039
Orleans.
8,737
3,102
89,337
71,753
78,295
7,439
1,296
7,349
839
1.578
6,210
237,671
92,125
245,688
264,096
_
Norfolk
All others
Total this wk.
51,235
101,718
6,823
2,141
4,481
88,579
112,857
18,729
9,270
8,672
1,516
1,497
27,380
7,163
5,105
4,691
1,107
11,037
2,654
14,131
330,485
134.427
Since Aug. 1__ 3,159,419 2,233,971 4,333,249
3,750,591 3,963,821 2,524,390
^
OVCJ-llXAg ICtUJIl a, UUlcU
ot
156,387 bales, of which 27,659 were to Great Britain,
23,364 to France, 4,139 to Italy, 34,734 to Japan, 26,048
to China, and 40,443 to other destinations.
In the corre¬
sponding week last year total exports were 50,209 bales.
For
the season to date aggregate
exports have been 1,915,682
bales, against 1,208,962 bales in the same period of the
previous season.
Below are the exports for the week.
Week Ended
Exported to—
Nov. 10. 1939
Exports from—•
Great
Britain
Ger¬
France
Galveston
many
Italy
27",559
China
16", 200
Other
Total
4,113
278
19,784
35,478
22,280
13,622
51,485
492
4,139
Houston
Lake Charles.
Japan
15,583
7,164
New Orleans
2,350
6,683
53,284
__
125
Savannah
Total
12 months ended July 31,
For the
1939
421
Houston..
Los Angeles
15,731 bales.
1,515
Receipts at—
/
exports were
232.395 bales exported, as against 248.336 bales for the 12 months of 1937-38.
ability
Gulfport not included.
we
New
In view,
that for the month of August the exports to the Dominion the present season
have been 9,934 bales.
In the corresponding month of the preceding season the
say
7,978
Jacksonville.
while reports from the customs
the Canadian border are always very slow in coming to hand.
401
-
168
14,996
Orleans
on
however, of the numerous inquiries we are receiving regarding the matter, we will
Total
6,474
29,245
401
~
Beaumont
New
Fri.
Thurs.
4,671
1,356
concerning the same from week to week,
returns
districts
2,633
"loo
11,913
27,659
23,364
4,139
34,734
26,048
Total
1938
267
12,557
8,182
1,093
7,323
261
Total
1937
93,564
58,644
54,291
18,393
4.967
3,800
,
125
"229
3,773
12,242
l'.MQ
40,443 156,387
20,526
50,209
35.174 269,373
would pick up again.
Southern spot markets were un¬
changed to 5 points higher, with middling quotations ranging
from 8.53c. up to 9.28c.
Sales at reporting markets totaled
32,417 bales, against 13,869 a year ago.
On the 6th inst.
futures closed 8 to 11 points net lower.
The opening range
was unchanged to 2
points higher.
There were further gains
of 3 points during the morning.
The bulges, however,
attracted increased Southern hedge selling, and as a result
prices slumped rather sharply and closed at about the lows
of the day.
There being little support, it didn't take much
selling to drive prices lower.
The easier trend of sterling
exchange attracted widespread attention in the cotton trade.
It attracted buying in the Liverpool market and prices there
rose
quickly, only to ease partially later in the session.
Some circles interpreted easiness of sterling as the fore¬
runner of some form of inflation in Britain.
Egyptian ad¬
vices said that Great Britain will sign an agreement before the
end of the week to purchase 1,700,000 cantars of Egyptian
cotton.
Southern spot markets today were 7 to 20 points
lower, with middling quotations ranging from 8.45c. up to
9.17c. and averaging 8.83c. at the 10 designated markets.
Sales totaled 46,454 bales, compared with 15,188 last year.
On the 8th inst. prices closed 14 to 6 points net higher.
A
strong tone featured the cotton market today, with the
volume of transactions heavy.
A short time before the
close of business active months registered gains of 9 to 16
points over the closing levels of the preceding trading day.
Around midday prices were 10 to 19 points higher.
Futures
advanced as much as $1 a bale on the opening, responding
Volume
The Commercial & Financial Chronicle
149
to the
sharp advances in foreign markets and the announce¬
a new loan on the 1939-40 cotton
crop by the Depart¬
ment of Agriculture over the
holiday.
The opening range
showed advances of 11 to 20
points, featured by purchases
of large blocks of cotton by the trade, shorts,
Liverpool,
Bombay and Wall Street.
The sharp advance brought in
some commission house and wire house
liquidation, which,
together with active hedging, supplied most of the offerings.
The Government crop report of 11,845,000 bales as of Nov.
1 was about in line with trade
expectations and exerted little
influence.
The early demand tapered off and prices receded
moderately as profit-taking and local selling entered the
ment of
3133
New York Quotations
1939
1938
.
—.
.
1937
1936
.
1931
6.65c.
1923
9.18c.
1930
11.25c.
1922
8.13c.
1929
17.30C.
1921
1933
1928
19.55c.
1920
1927
20.25c.
1919
1926
12.70c.
1918
1925
21.10c.
1917
67.0c.
1924
24.55c.
1916
.
—.
.
Market and Sales
On
the 9th
inst.
prices closed 15 to 7 points net higher.
Cotton values again moved into further high ground today
in a large volume of business.
Shortly before the end of
the
trading period the list
day's
closing
levels.
At
9 to 15 points above yester¬
the market was 10 to 15
was
noon
points net higher.
Futures were strong at the opening, with
prices registering gains of 11 to 15 points over the
initial
Saturday
Monday
Tuesday
fore the end of the season, brought in general buying orders
and imparted a strong undertone to the market.
Another
factor in the recent strength of prices was the
presence of
heavy foreign
and
trade
of
The
Government
contracts.
buying in
loan
the face
the
on
of
a
scarcity
1939-40
1913
_
13.60c.
20.05c.
1912
1910
...14.80c.
.29.10c.
1909
...14.95c.
19.40c.
-
—
1908
-
at
11.85c.
—
40.20c.
31.15c.
-
.-.12.20c.
1911
9.50c.
...
9.30c.
...
New York
Contract
Old
Total
New
Old
New
I
II II II
it ii II II
I
HOLi DAY.""
Wednesday
Thursday
II II II II
Friday
I I]i il I I I I]
•
j
Total week
Since Aug. 1
—
10"206
44", 126
last quotations of the
preceding day.
The firmness at Liv¬
erpool, combined with predictions from Washington officials
that a tight situation is expected in the cotton market be¬
1914
17.40c.
_
New
market.
1915-
26.15c.
-
Spot
Old
33.50c.
-
.
.12.10c.
-.
for 32 Years
-
.12.00c.
.12.60c.
9.55c.
„.
1935—.
1934
1932
9.72c.
51*326
Futures Market Closed
Spot Market Closed
Old
Saturday
Monday
Tuesday.
Wednesday
Thursday
Friday.
Nominal
New
Steady
Steady
Barely steady.- Barely steady
Nominal
HOLI DAY.
Nominal
Steady
Steady
;
Very steady
Nominal
Nominal..
.
Steady
Steady
Very steady
...
cotton
also had quite an influence on the market.
Brokers
with Bombay connections and leading trade houses were
crop
Futures—The highest, lowest and closing prices at New
York for the past week have been as follows:
the
principal buyers in subsequent trading, with further
support from Liverpool and Wall Street houses.
Offerings
were
small, and
came
Today prices closed 14 to 3 points net higher.
market for
heavy
Saturday
Monday
Tuesday
Nop. 4
aop. 6
Nov. 7
from New Orleans and local dealers.
The cotton
futures again displayed a firm tone today in a
volume of sales.
A
short
time before
the close
of
Wednesday
Thursday
Friday
Nov. 9
Nop. 8
Nov. 10
Nop.(1939)
{old)
Range_.
9.06n
Closing-
business active positions showed advances of 6 to 12 points
over the closing levels of the
previous day. Around midday
the market
Dec.
8.98/7
9.13/7
9.25/7
9.37/7
Nov. {new)
was
to advance
5 to 8 points higher.
The market continued
during the morning,
scoring initial gains of 3
Heavy buying by
brokers with Bombay and Liverpool connections in March,
May and July absorbed most of the offerings, although a
to
7
points
in
rather
active
trading.
good
trade support was witnessed in December and some
spot house buying in January and October.
Selling came in
the
form
house
of
hedge
liquidation, and in
sionals
Southern and commission
smaller way from local profes¬
placements,
a
New Orleans operators.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
and
Nov. 4 to Nov. 10—
9.25 n
9.16/7
9.31 n
9.43/7
9.57/7
Range..
9.15- 9.19
9.08- 9.20
9.19- 9.35
9.30- 9.39
9.37- 9.49
Closing.
9.16
9.08
9.22- 9.24
9.35
9.47
Closing.
Dec.
{old)
—
—
{new)
9.34- 9.36
Range..
9.52-
9.52
9.61-
9.35 n
9.26 n
9.41/7
9.53/7
Range__
9.12- 9.15
9.16- 9.16
9.13- 9.26
9.25-
Closing.
9.12 n
9.03ra
9.15/7
9.27/7
9.28 n
9.l9n
9.31/7
9.44/7
9.56/7
9.07 n
8.97/7
9.09/7
9.22/7]
9.67
9.39/7
9.34/7
Closing
.
9.67/7
Jan.(1940)
{old)
9.30
9.28-~9.39
Jan. {new)
Range
Closing
Feb.
.
{old)
Range..
ClosingFeb. {new)
Range..
Sat.
Mon.
Tues.
Wed. Thurs.
9.33
9.56
Fri.
Discount for
Grade
9.14/7
9.25/7
9.40/?
9.52/7
9.60
9.72
Mar. {old)
9.70
Hoi.
Hoi.
9.24 n
9.47
9.83
9.95
Range..
9.00- 9.06
8.92- 9.07
HOLI¬
9.03- 9.15
9.12- 9.24
9.18- 9.30
Closing-
Middling upland, ^.nominal.. 9.41
Middling upland, 15-16, nom.. 9.64
Premiums and
Range..
9.02- 9.04
8.92- 8.93
DAY.
9.03- 9.04
9.18
9.29-
Range..
9.18- 9.18
9.13- 9.14
Closing.
9.21nJ
9.09/7
9.20/7
9.37/7
9.48/7
8.98/7
8.88 n
8.97/7
9.09/7
9.21/7
and
Staple—The
table below gives the premiums and discounts for grade and
staple in relation to the base grade.
Premiums and discounts
for grades and staples are the average
quotations of 10
markets designated by the Secretary of Agriculture.
Old Contracts—Basis
Closing-
9.30
Mar. {new)
9.43- 9.44
April {old)
Range..
Closing
April{new)
Range..
Middling J^-inch, established for de¬
on
Nov. 17, and
staple premiums
represent 60 % of the average premiums over %-inch cotton
May {old)
at the 10 markets
May {new)
liveries
on
contract
on
Nov. 9.
9.17/7
9.06n
9.15/7
9.29/7
9.41/7
Range..
8.90- 8.96
8.83- 8.97
8.90- 9.05
8.98- 9.08
9.01- 9.14
Closing
8.95
8.84
8.91
9.00
9.14
9.21- 9.27
9.24-
Closing
.
.
-
-
Range..
Old
Contract—Basis Middling 15-16-inch, established for
deliveries on contract on Nov. 17, and staple premiums
and discounts represent full discount for J^-inch and 29-32inch staple and 75% of the average premiums over 15-16-inch
cotton at the 10 markets
on
Nov. 9.
9.15- 9.15
9.17- 9.17
Closing.
9.14n
9.03/1
9.10/7
9.21/7
8.87 n
8.77 n
8.82/7
8.90/7
9-00/7
Range..
Closing
June {new)
Range..
Old Contract
15-16
Inch
Inch
and
29-32
15-16
31-32
1 In.
Inch
Inch
Inch
Inch
and Up
8.82
9.11/7
9.20/7
8.78- 8.89
8.79- 8.89
8.81
8.87
9.05- 9.08
9.04- 9.07
8.79- 8.80
8.68- 8.69
8.74
Range..
8.96- 8.98
8.96-
Closing
8.99/7
8.8877
8.96
9.02/7
9-07/7
8.99/7
8.88/1
8.96/7
9.02/7
9.07/7
.
July {new)
.
9.00
9.04
Auq.—
While—
Mid. Fair
.50
on
.61
on
.71
St. Good Mid-
.45
on
.56
on
.66
Good Mid
.39
on
.50
on
.60
St. Mid
.27
.38
on
.49
Mid
Basis
.11
on
.21
St. Low Mid
.51 off
.41 off
Low Mid
9.03/7
8.73- 8.89
8.95 n
8.68-
8.98-
Closing
%
Up
.
{old)
Range.
New Contract
1 In.
9.06 n
8.76- 8.81
Closing
July
A
9.30
9.34/7
June {old)
on
Range..
on
.31
on
.40
.50
on
.56 on
.62
on
on
.26
on
.34
on
.45
on
.51
on
.57
on
on
.20
on
.28
on
.39
on
.45
on
.51
on
on
.17
on
.27
on
on
on
.08
.33
on
.39
on
on
.19 off
.11 off
Basis
.06
on
.12
on
.32 off
.70 off
.63 off
.54 off
.49 off
.43 off
1.26 off 1.17 off 1.10 off
.45 off
.39 off 1.30 off
.27 off 1.22 off
♦St. Good Ord.. 2.01 off 1.94 off 1.91 off
.20 off
.16 off 2.09 off
.07 off 2.04 off
♦Good Ord
.84 off
.82 off 2.75 off
.73 off 2.70 off
2.65 off 2.60 off 2.56 off
Closing
_
Sept.
Range..
8.76 n
8.6 5/7
8.70/7
8.73/7'
8.79/7
Range..
8.50- 8.54
8.44- 8.57
8.44- 8.58
8.44- 8.59
8.43- 8.61
Closing
8.53
8.42/7
8.45/7
8.45
8.51
Closing
.
Oct.—
n
.
—
Nominal.
Extra While—
Good Mid
.39
on
.50
on
.60
on
.20
on
.28
on
St. Mid
.27
on
.38
on
.49
on
.08
on
.17
on
Mid
Even
.11
on
.21
on
.19 off
.11 off
Even
St. Low Mid
.51 off
.41 off
.32 off
.70 off
.63 off
.54 off
.49 off
.39
on
.45
on
.51
on
.27
on
.33
on
.39
on
.12
.43 off
1.26 off 1.17 off 1.10 off 1.45 off 1.39 off 1.30 off 1.27 off 1.22 off
♦St. Good Ord.. 2.01 off 1.94 off 1.91 off 2.20 off 2.16 off 2.09 off 2.07 off 2.04 off
♦Good Ord
2.65 off 2.60 off 2.56 off 2.84 off 2.82 off 2.75 off 2.73 off 2.70 off
Spotted—
.07
on
.18
on
.26
on
.13 off
.04 off
.06
.06 off
.05
on
.14
on
.25 off
.16 off
.07 off
.64 off
.53 off
.45 off
a
.11
.83 off a.76 off a.65 off
a
7.49
-
on
.17
on
on
Dec.—Old
.60 off a.54 off
2.15 off 2.13 off 2.10 off 2.34 off 2.34 off 2.29 off 2.28 off 2.27 off
Tinged—
-
Dec.—New.
Nov. 10
Nov.
6
9.49
9.34 Nov.
6
9.67 Nov. 10
8.26
9.12 Nov.
4
9.39
Nov. 10
7.29 Jan.
8.92 Nov.
6
9.30
Nov. 10
9.13
6
9.44 Nov. 10
7.54
9.08
.54 off
.46 off
.77 off
.70 off
.39 off *.73 off *.69 off *.59 off *.56 off *.51 off
.63 off ♦.96 off ♦.92 off *.84 off *.81 off *.76 off
♦St. Low Mid
1.54 off 1.49 off 1.46 off 1.73 off 1.71 off 1.65 off 1.63 off 1.60 off
2.21 off 2.19 off 2.18 off 2.40 off 2.39 off 2.36 off 2.36 off 2.35 off
•Low Mid
2.94 off 2.93 off 2.92 off 3.13 off 3.13 off 3.11 off 3.11 off 3.10 off
7.26 Jan.
26 1939
7.49 Feb.
9.97
Sept.
23 1939
8 1939
1 1939 10.00 Sept.
8 1939
9.90 Sept.
8.37 Aug. 30 1939 10.02 Sept.
8 1939
8 1939
7.36 Apr. 20 1939
8.19 Aug. 28 1939
9.82 Sept.
8 1939
9.80 Sept.
8 1939
Sept.
1940—
Jan.--Old
.
.
Jan.—New.
Good Mid-St. Mid
Feb. 23 1939
Nov.—New
.04
•St. Low Mid— 1.42 off 1.34 off 1.27 off 1.61 off 1.56 off 1.44 off 1.42 off 1.38 off
♦Mid-.--
1939
.01 off
on
Range Since Beginning of Option
Range for Week
Option for—
Nov.—Old
Good Mid
St. Mid
♦Low Mid
week ended
on
Low Mid
Mid
Range for future prices at New York for the
on
.06
Feb.—Old.
27 1939
.
Feb.—New.
Mar.—Old
-
Mar.—New
Nov.
Apr.—New.
Yellow Stained-
Good Mid.--
1.17 off 1.10 off 1.04 off *1.36off *1.33off *1.25off *1.23 off *1.17off
Mid
1.67 off 1.65 off 1.63 off 1.86 off 1.85 off 1.82 off 1.81 off 1.80 off
2.33 off 2.32 off 2.32 off 2.52 off 2.52 off 2.51 off 2.51 off 2.51 off
♦St.
•Mid
Gray—
.64 off
.56 off
.47 off *.83 off *.78 off .*69 off *.64 off ♦.58 off
St. Mid
.81 off
.74 off
.66 off 1.00 off
*
Not
.
8.90 Nov.
4
9.14
9.15 Nov.
4
9.30 Nov. 10
Nov. 10
17 1939
9.65 Sept.
8 1939
8.05 Sept.
1 1939
9.78 Sept.
8 1939
7.63
1 1939
1 1939
9.52
8 1939
8 1939
May
June—New.
Good Mid
•Mid
May—Old
May—New.
June—-
.96 off
.88 off
.84 off
.78 off
Nov.
July—Old..
8.68
Nov.
6
8.89
July—New.
8.96
Nov.
6
9.07 Nov. 10
9
1.39 off 1.34 off 1.29 of PI.58 off 1.55 off 1.49 off 1.47 off 1.44 off
deliverable on future
contract,
a
Middling spotted shall be
only when and If the Secretary establishes a type for such grade.
tenderable
7.90
Sept.
Sept.
8.08 Aug. 31 1939
Oct
8.43"
Nov. 10
8.59
Nov.
9
8.25 Nov.
1 1939
9.63
Sept.
Sept.
8.10 Aug. 31 1939
8.59
Nov.
9 1939
The Commercial & Financial Chronicle
3134
Volume of Sales for Future
Nov.
11,
1939
Delivery—The Commodity
Overland Movement for the Week and Since Aug. 1—
Exchange Administration of the United States Department
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
of
Agriculture makes public each day the volume of sales
for future
delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures
given in bales of 500 lb.
are
Aug. 1 in the last two
Shipped—•
Open
Nov. 4
Nov. 6
Nov. 8
Nov. 7
Nov. 9
Contracts
17,300
14,000
38,200
mmL
400
300
1,200
63.800
44,500
443,600
100
6,600
200
+
m
m
mm
1940—
January—Old
New
mmmm
March—Old
—
37,300
36,200
—
-
'mm
-
34,900
200
300
New
17,800
19,200
500
1.000
100
...
29,800
July—Old
68,400
500
19,900
New
May—Old
2,400
33,200
New
mmmm
New
m
700
-
-
~
_
Holi¬
~
48,400
43,900
2,300
1,700
mm
»
mmm
mmmm
mm m
8,500
mm*.—
mm m
—
.
200
105,900 109,300 127,300
Total to be deducted
3,140
132,223
8,989
134,051
10,048 •
145,191
55,549
300,825
15,640
204,344
.
*
.
Including movement by rail to Canada.
259,900 198,500 2,078,900
The foregoing shows the week's net overland movement
this year has been 55,549 bales, against 15,640 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits
of 96,481
increase
an
over a year ago
bales.
—1939
Open
Nov. 1
New Orleans
Nov. 2
Nov. 3
Nov. 4
Nov. 6
In Sight and Spinners*
Contracts
Nov. 7
Takings
Nov. 7
/
1939—
December—Old
8,250
3,800
5,750
3,850
mmmm
mm
m
2,300
Receipts at ports to Nov. 10
Net overland to Nov. 10
850
m
1940—
50
3,350
Excess
New
8,950
New
*rnrnm
5,750
4,600
5,950
3,100
9,500
5,450
7,450
8,000
-
mmmm
October—Old
-
-
-
-
3,850
mmmm
mm
9,650
200
mmmm
-
mm
97,550
500
2,233.971
204,344
1,640,000
423,220
10,736
5,380.244
1,113,869
207,765
49,811
4,078,315
1,557,385
excess
mill
Southern
57,291
Came into sight during week...433,956
Total in sight Nov. 10
m
m
North, spinn's* taking Nov. 10—
*
m
_
6,551,404
1.500
750
300
10.800
24,300
22.000
22.800
24,300
14.850
361,950
61,850
The Visible
Supply of Cotton—Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool.
1939
1938
1937
1936
263,000'
381,000
5.05d.
274,000
4.63d.
8.8ld.
6.08d.
7.26d.
~4.05d.
3~.98d~
5.54d".
5.86d.
5.98d.
Bales
Since Aug.
4.02d.
4.08d.
12
573,817
13
492,527
1936
1935—Nov.
15
501.408
Bales
1937
1936—Nov.
1935
7,6^3.931
7,050,139
7,123,143
—
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:
7.93d.
6.22d.
378,885
332,000
-7.Old.
37,518
Movement into sight in previous years:
Week—
1937—Nov.
Nov. 10—
5,522,418
549,974
Decrease.
.
600
Stock In Alexandria, Egypt
Middling uplands, Liverpool
Egypt, good Giza, Liverpool..
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
*113.282
257,576
6,050
mm mm
150
34,750
Total all futures
Nov. 10.130,000
92,125
15,640
100,000
1,600
m
4,900
100
mmmm
m
68.250
1,600
New
Aug. 1
3,159,419
300,825
1,920,000
55,549
takings
consumption to Oct. 1
79,006
200
5",600
2,700
New
2",900
mmm
New
July—Old
4,350
mmmm
5,850
May—Old
of
over
9",350
March—Old
237,671
Total marketed
Interior stocks in
200
January—Old
Week
Aug. 1
93,700
100
1938
Since
Since
Week
Southern consumption to
5,100
New
9.828
234
9,592
m
40,600
New
Total all futures
8,256
.
Leaving total net overland*
36,300
mm
Inactive months
August. 1940—Old..
349,535
222
714
'
543,900
66,900
7,700
25,688
6,679
2,910
124,462
102
285
451,200
'
37,400
300
1.900
434,876
495
238
Inland, &c., from South
7.200
.*
700
mmmm
4,300
M.
26,100
day
64,538
.
Between interior towns
1,400
445,500
72,100
3,457
56,370
185,403
Deduct Shipments—
Overland to N. Y., Boston, &c._.
65.000
mm
30,600
2,200
October—Old
900
3,222
11,117
208
370
Total gross overland
'
New
46,320
57.271
3,686
34,917
13,132
12,225
Via Virginia points
Via other routes, &c
1939—
December—Old
1
Aug
4,437
6,525
104,719
90,950
2,090
2,912
53,837
180,368
|
Via Louisville
Nov. 9
Since
Week
Aug. 1
Week
Via Mounds, &c
Via Rock Island
•
Nov. 3
1938
Since
10—
Via St. Louis
New York
follows:
years are as
1939;
Nov.
weight.
gross
The results for the week and since
reports Friday night.
5.55d
6.71d.
Closing Quotations for Middling Cotton
on-
Week Ended
Nov. 10
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
%
15-16
7A
15-16
Vs
15-16
H
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
Galveston
8.97
9.17
8.87
9.07
8.95
9.15
8.98
9.18
9.13
9.33
9.24
9.44
9.06
9.26
8.99
9.19
9.07
9.27
9.14
9.34
9.26
9.46
9.36
9.56
Mobile..
9.07
9.17
8.97
9.07
9.0/
9.17
9.08
9.18
9.23
9.33
9.34
9.44
Savannah
9.17
9.32
9.07
9.22
Hoi.
Hoi.
9.19
9.34
9.33
9. *8
9.45
9.60
Norfolk
8.70
8.85
9.10
9.25
Hoi.
Hoi.
9.20
9.35
9.30
9.45
9.40
8.80
8.95
8.72
8.87
8.80
8.95
8.85
9.00
8.98
9.13
9.10
9.25
Augusta
the week and the stocks
15-16
Montgomery
the
%
New Orleans.
is,
15-16
In.
movement —that
V*
9.28
9.43
9.17
9.32
9.26
9.41
9.28
9.43
9.43
9.58
9.54
9.69
8.80
9.00
8./0
8.90
8.70
8.90
8.85
9.05
9.00
9.20
9.10
9.30
....
Memphis
Movement to Nov. 10, 1939
Houston
9.55
Receipts
Movement to Nov. 10, 1938
Ala., Birm'am
3,264
Nov.
Week
Season
Stocks
ments
Week
Ship¬
10
Receipts
Season
21,789
1,165
12,572
718
11,306
778
11,436
633
28,327
725
63,533
5,934
70,482
1,546
29,009
5,397
47,063
295
Forest
22,261
1,137
76,815
627
42.059
718
8,445
1,218
City
126,202
11,598
211,161
5,049
114,352
2,722
61,453
1,041
33,568
1,131
2,758
78.762
1,890
1,128
56,754
1,689
238
238
37,492
734
17,256
Rock
2,920
66,413
,4,994
172,358
90,140
Newport...
1,717
33,044
3,466
57,089
2,750
2,332
Pine
6,414
3,940
5,919
142,867
7,381
110,103
67,125
2,051
44,546
2,606
874
Hope
Bluff.
1,373
Atlanta
5,307
86,837
54,412
8,928
21,809
26,902
Augusta...
3,633
93,938
Columbus..
300
Macon....
358
2,015
6,952
4,900
19,712
11,274
93,471
7,476
7.965
109,987
8,173
Walnut Rge
Ga., Albany..
861
926
Athens
Rome
•
La., Shrevep't.
Miss
Clarksd
,
8.85
9.15
8.90
9.20
9.0:
9.35
9.15
9 45
8.70
Hoi.
Hoi.
8.65
8.85
8.80
0.00
8.90
9.10
8 45
8 65
8 57
8 35
8
8
8
8.92
8
9.00
4,416
59.763
for
leading contracts in the New Orleans cotton market for
week have been as follows:
the past
Saturday
1,000
19,901
33,909
1,501
82,405
8.166
51,958
3,208
134.360
4,806
3,105
74,995
4.703
300
4,400
200
415
30.056
773
23,051
714
34,700
40,233
1,405
37,019
105.669
2,295
4,000
4,412
10,253
800
28,480
82,134
4,000
5,454
103,085
141
Jackson
487
26,657
522
Natchez
425
6,054
21,079
204
166,641
30,364
1
125
2.000
97,141
22,752
200
43,699
10,000
173,456
8,000
800
30,184
800
168,045
44,876
19,687
346
6,434
24,787
Thursday
Friday
Nov. 8
Nov. 9
Nov. 10
101,182
121
9.36
9.23
(new)
q
9^29
Bid
9.13
Mar. (old).
1Q
Q
9.265-9.28a
(old)
(new)
160,399
500
159,022
31,400
9,566
Wednesday
Nov. 7
50,660
11,046
17,792
13,680
Tuesday
Nov. 6
2,432
'
315
190,369
Monday
Nov. 4
42,997
139,444
—
1,000
1,303
closing quotations
4,093
34,844
■mm
14,499
8,037
80
Jan.(1940)
(old), 9.185-9.20a 9.135-9.15a 9.135-9.150 9.266-9.28a 9.386-9.40a 9.496-9.5 la
9.28 Bid
9.23 Bid
9.23 Bid
9.36 Bid
9.48 Bid
(new)
9.59 Bid
m
35,808
Columbus..
TV
Dec.(1939)
841
■m
4,730
759
Greenwood.
80
51,017
37,430
148,855
36,910
1,470
101,533
40.222
60
New Orleans Contract Market—The
51,838
70,657
Jonesboro._
Little
9.05
8.50
8.73
172,015
1,401
26,548
53,759
35,223
7,057
Helena
.
2,647
55,852
9,764
97,279
88.370
Selma
Ark., Blythev.
8.75
8.85
8.53
10
817
Montgom'y
,
Week
9.15
8.70
Dallas.
Nov.
1,133
Eufaula..
„
Stocks
ments
Week
Ship¬
8.85
Little Rock..
Towns
9.04
9.16
Bid
9.07
July (ola).
(new)
8.88
Bid
8.93
Oct
8.58
9.02
9.14
Bid
8.94
(new)
9.34
Bid
9.44
9.25
Bid
8.94
Bid
8.79
9.07
8.51
9.56
9.13
Bid
8.99
8.51
9.67
9.39
9.50
9.32
Bid
8.91
Bid
9.04
8.526-8.54a
Bid
9.22
9.22
Bid
Bid
9.40
Bid
9.12- 9.13
8.86
8.93
9.57
Bid
9.29
Bid
9.03
8.79
Bid
9.46
Bid
9.15
9.04
9.14
Bid
9.02- 9.03
May (old)
i Q
9^29
Bid
Bid
8.98
Bid
8.55
9.11
Bid
8.586-8.60a
Tone—
8pot
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Old futures
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
New future*
Steady.
Steady.
Steady.
n
Nominal.
5 Bid.
Ask.
a
583
30,792
46,188
1,724
69,132
1,351
1,000
800
Yazoo City.
Mo., St. Louis
15,928
28.370
43,398
500
13,179
60,146
104,928
13,132
2,544
N.C., Gr'boro
4,437
47,029
139
4,437
3,973
Minimum Rate
1,305
90
837
519
1,874
1
2,153
—Allowance for Location Differentials to Be Made
18,776
286,951
5.244
37,917
2.829
76,363 1010,669
61,241
882,299
Vlcksburg..
1,041
1,104
Oklahoma—
15 towns •_
17,359 222,969
18,831
S. C., Gr'vllle
7,488
47,689
2,590
Tenn., Mem's 171,556 1544.363 157,899
Texas, Abilene
1,279
18,296
1,285
Austin
76
6,310
178
Brenham
.
70,417
940,664
15,612
12,021
324,748
•
19,616
416
3,969
385
14,213
487
14,536
4,944
5.627
841
12,451
637
4,423
14,227
546
819
Paris
31,704
52,558
1,162
37,878
1,292
36,107
651
2,585
44,614
46.445
3,195
58,777
2,711
47,640
1,717
Robstown..
6
6,517
34
830
1
122
184
3,258
1,946
2,512
299
12,622
72
1,179
26,017
1,451
3,589
42.117
988
595
25.522
671
50,216
674
37,931
24,571
798
49.517
789
28,089
Marcos
Texarkana
Waco......
6,464
190.765 3084,139 140.954 3510,308
*
Includes the combined totals of
The
above
increased
totals
15 towns in Oklahoma.
show
during the week
that
the
10,736
interior
bales
and
stocks
have
same
week last year.
Make
to
Department
to
of
Loans
Agriculture
on
the 1939 crop of cotton.
on
a
for
the
announced
make
Nov.
7
that
available
loans
The minimum rate of the loan,
same
as
the basic rate
1938 crop;
namely, 8.3 cents per pound on % inch
The 1939 loan, however, will make allow¬
middling cotton.
ances
Crop—
Inch Middling
on
will
weight basis, will be the
gross
Cotton
1939
on
Be 8.3 Cents
Commodity Credit Corporation
for
location differentials,
as well as differentia's for
on the basis of the net
weight of the cotton, the Department explained; it added:
grades and staples, and will be made
An
the
tonight
33,610 bales more than at the same period last
year.
The
receipts of all the towns have been 99,581 bales more than
in the
The
75,932
672
237
.
Dallas...
San
326.413
Government
allowance of 40 points will be made for tare.
40 points
per
are
pound
in
9.30 cents for
all
Gulf and
The full
of
parts
some
Western
of the cotton, from
Texas
and
a
low of 8.70 cents
Mexico
points in North Carolina and in Virginia.
California
on
New
in
parts
any
to
a
high
of
The rates in
will be 9.20 cents.
loan rate will be available only to
who have not
With the allowance of
for tare, the loan rates for middling seven-eighths inch cotton
will vary, according to the location
farm knowingly planted
cooperating cotton producers
or
permitted the planting of
Volume
in
cotton
receive
only
in
1939
the
for
farm
excess
1939-40
that part of
their
production
in
their
of
excess
Number
Nov
1,
of bales
1939,
1938 and 1937
Running Bales
agencies
under
and other
Banks
cotton
upon
stored
in
from
time to time prior to 30
accrued
the
at
those
to
will
their notes
sell
to
CCC
days from the maturity of such notes, at par
rate
of
Such
2%.
loans
will be
purchased
only from banks and other lending agencies which enter into an agreement
to
on
the Corporation
pay
such notes while held
1%
annum
per
the principal amount collected
on
by the banks and other lending agencies.
220,473
_
California
duced in 1039.
It
indicated in
was
1, 1040
our
on
cotton pro¬
2902, that President Roosevelt liad questioned the need for
making loans
on
3,158
10,069
707,402
1,443,046
343,564
59,023
Under
nounced Nov. 2 that sales and deliveries of cotton and cotton
products, through Oct. 31, 1939 under the cotton export
program, totaled 3,358,000 bales.
This total includes sales
and deliveries of cotton products in the equivalent of 159,000
bales.
The cotton export program became effective July 27,
1939.
The Department's announcement also said:
Under the program, exporters have the option of
sales for export or their actual deliveries for export.
declaring either their
The current total, as
result, does not include sales which have not yet been exported and
exporters have chosen to declare at the time of delivery for export,
a
The program provides payments of 1H cents per pound on exports of
raw cotton
and equivalent payments on exports of cotton products.
The total quantity of cotton actually shipped out of the United States
the
from
beginning
of the
1939
marketing season, Aug. 1, to Oct. 31,
with 1,090,000 bales for the same
amounted to 847,000 bales, or
amounted to 1,608,000 bales, compared
1938.
For October, exports
357,000 above October last year.
in
period
'
Agricultural Department's Report on Cotton Acreage
Acre and Production—The Agricultural Depart¬
ment at Washington on Monday (Nov. 8) issued its report
on cotton acreage, yield per acre and production as of Nov. 1.
None of the figures take any account of linters.
Comments
on the report will be found in the editorial pages.
Below is
the report in full:
Yield per
A United States cotton crop of
11,845,000 bales is forecast by the Crop
Reporting Board of the Agricultural Marketing Service based on condi¬
as of Nov
1, 1939.
This is a reduction of 83,000 bales from the
forecast as of Oct 1, and compares with 11,943,000 bales produced in 1938,
tions
bales in 1937, and 13,600,000 bales, the 10-year (1928-37)
The indicated yield per acre for the United States of 234.1 pounds
compares with 235.8 pounds in 1938, 269.9 pounds in 1937, and 190.8
pounds, the 10-year (1928-37) average.
The indicated production as of Nov. 1 is not much different from a
month earlier.
Weather conditions have been unusually favorable for
18,946,000
average.
picking and ginning the crop, and on Nov. 1 the percentage of the crop
ginned was much above average.
In Oklahoma, Texas and South Carolina,
crop
is slightly less than indicated last month.
In Arkansas and
Missouri, slight increases are shown; while in Mississippi, Alabama and
Georgia moderate further decreases occurred. In North Carolina, Louisiana,
and the irrigated States of the West, the prospect is practically unchanged.
The indicated yield per acre for the United States is the third highest of
record, and is about 10% above the average of the five most recent years,
1934-38.
In comparisbn with these recent years, yields are much below
average in Alabama, about average in North Carolina and Georgia, slightly
above average in Mississippi.
Tennessee and Texas, and considerably
above average in the other important States.
the
.
Cotton Report as of
292,291
400,903
52,421
253,445
508,499
Oklahoma
445,567
811,735
488,055
573,104
South Carolina.
the Agricultural Marketing Service makes
furnished by crop correspondents, field
statisticians, and cooperating State agencies.
The final outturn of cotton
will depend upon whether the various influences affecting the crop during
remainder of the season are more or less favorable than usual.
The Crop Reporting Board of
the following report from data
for
Yield per Acre
395,395
355,008
2,593,857
3,602
3,662.081
18,562
♦10,085,260
United States
10,124,773
13,160,423
the crop of 1939 ginned prior to Aug. 1 which was
counted In the supply for the season of 1938-39, compared with 157,865 and 142,983
bales of the crops of 1938 and 1937.
*
Includes 137,254 bales of
The statistics in this report include 147,474 round bales for 1939: 134,014
1938 and 233,119 for 1937.
Included in the above are 12,360 bales of
American-Egyptian for 1939; 10,645 for 1938, and 5,347 for 1937; also
1,652 bales Sea-Island for 1939; 3,736 for 1938. and 3,197 for 1937.
The statistics for 1939 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Oct. 18 is 8,877,681
for
bales.
CONSUMPTION, STOCKS,
IMPORTS AND EXPORTS
—UNITED
STATES
during the month of September, 1939, amounted to
624,902 bales.
Cotton on hand in consuming establishments on Sept. 30,
was 870,862
bales, and in public storages and at compresses 14,175,815
bales.
The number of active consuming cotton spindles for the month
was 22,231,976.
The total imports for the month of September, 1939,
'were 9,746 bales and the exports of domestic cotton, excluding linters,
were 649,057 bales.
WORLD STATISTICS
Cotton consumed
production of commercial cotton, exclusive of linters, grown
compiled from various sources was 28,221,000 bales, counting
bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year ending July 31, 1939, was 27,748,000 bales.
The total number
of spinning cotton spindles, both active and idle, is about 145,000,000.
The world's
in
1938,
as
American in running
October
Trading
on
Cotton Exchanges Amounted to
3,726,150 Bales—Trading in futures on three organized
Cotton Exchanges totaled 3,726,150 bales of cotton during
October, 1939, compared with 6,065,650 bales for Septem¬
ber, 1939 and 3,854,150 bales for
modity Exchange Administration
CEA further reported:
October, 1938, the Com¬
announced Nov. 2. The
A total of 3,180,600 bales or 85.3% was traded on the New York Cotton
Exchange; 543,000 bales or 14.6% on the New Orleans Cotton Exchange:
1,750 bales or 0.1% on the Chicago Board of Trade.
December was the
most active future with 34.1% of the total volume of trading.
These totals
include volume of trading in "new" contracts amounting to 88,400 bales
on the New York Cotton Exchange and 19,300 bales on the New Orleans
Cotton Exchange.
Trading in "new" contracts was
inaugurated on Aug.
'
1939.
15
Open contracts increased 275,050 bales from Sept. 30, 1939 to Oct. 31,
1939, with daily average open contracts maintained at 2,190,845 bales
through October.
Daily open contracts averaged 1,853,416 bales on the
New York Cotton Exchange, 335,406 bales at New Orleans and 2,032 bales
at Chicago.
The dominant future during October was December in New
York and December in New Orleans, based on comparison of open contracts
between
futures.
_
prices on the New York Cotton
Exchange was from
9 to 38 points from Sept. 30, 1939 to Oct. 31, 1939, with December
closing at 9.09 on Oct. 31, 1939 compared with 9.00 on Sept. 30,
The net increase in prices on the New Orleans Cotton Exchange was
(old)
1939.
from
1939 with December (old)
9.12 on Sept. 30. 1939.
TRADING BY FUTURES ON NEW YORK AND NEW
COTTON EXCHANGES AND CHICAGO BOARD OF TRADE
6 to 36 points from Sept. 30, 1939, to Oct. 31,
closing at 9.18 on Oct. 31, 1939, compared with
OF
VOLUME
(Ginnings)a
500-Pound Gross
771,343
338,725
ORLEANS
Production
Acreage
62,422
480,623
2,455,143
6,416
Tennessee
The net increase in
Nov. 1, 1939
918,085
North Carolina.
which
fe
9,565
643,660
1,586,430
1,904,933
210,814
Mississippi
Virginia
Total 3,358,000 Bales
Export Plan—The Department of Agricubure an¬
Cotton
of
1,249,182
1,553
9,995
Louisiana
95,128
273,346
34,043
1,796
Kentucky
Illinois
Texas
the 1939 cotton crop.
Deliveries
Sales,
21,557
784,717
847,254
Georgia
Missouri..
issue of Nov. 4, page
149,096
Florida
New Mexico
will be available until May
Loans
1,262,063
706,517
71,462
Arkansas
and
1,343,173
93,706
1,204,201
9,422
Arizona.
977,445
1,205,381
Alabama
make the loans to producers
may
warehouses
1937
1938
1939
per¬
and will mature July 31,
the past,
lending agencies
with
interest
as
approved
in
similar
The loans to the producers, however,
3% interest instead of 4%
1940.
substantially
arrangements
Linters)
State
directly by the CCC and by banks and other local
made
taining to previous cotton loans.
bear
GINNING
(Counting Round as Half Bales and Excluding
will be
lending
COTTON
marketing
farm
the cotton.
Loans
ON
ginned from the growth of 1939 prior to
comparative statistics to the corresponding date in
of cotton
and
will be made only to producers who hold a clear title to
Loans
quotas.
Non-cooperators will be eligible to
year.
REPORT
allotment established for the
of the cotton acreage
marketing
60% of the rate applicable to cooperating producers and
loan at
a
on
3135
The Commercial & Financial Chronicle
149
FOR
OCTOBER,
Weight Bales
1939
(Data in Equivalent 500 Lb.
Bales)
J~1 u.TVGt$t
1939 Crop
Indi¬
1939
Avge.
(Pre¬
liminary)
1928-
Thous acres
Lbs.
Lbs.
Lbs.
Bales
Bales
Bales
372,000
313
450
514
252,000
336,000
400,000
Oct.,
1939
35,000
284
149
164
12,000
12,000
Dec.,
1939
State
Missouri
South Carolina
Nov. 1
Chicago
Futures
Old
281
216
292
388,000
475,000
Jan.,
243
249
344
827,000
648,000
895,000
203
1,192,000
852,000
946,000
90,900
1,085,200
Mar., 1940
225
212
New Orleans
New York
Indicated
Crop
777,000
2,008.000
Georgia
1938
1928-37
1,245,000
—
—
Average
40,COO
702.000
Virginia
North Carolina
cated
1939
1938
1937
41,600
707,100
525,000
1940
May, 1940
72.000
144
163
80
34,000
26,000
12,000
July,
Tennessee
723,000
238
320
291
466,000
490,000
440,000
Oct.,
Alabama.
2,074.000
205
251
183
1,203,000
1,081,000
795,000
Mississippi
2,529,000
225
322
300
1,596,000
1,704,000
2,153.000
212
304
314
1.133,000
214
289
320
711,000
1,349,000
676,000
1,410,000
Louisiana
Oklahoma
1,806.000
133
163
133
876,000
563,000
500,000
Texas
8,666.000
147
168
160
2.890,000
406
489
484
4,077,000
98,000
3,086,000
97.000
96.000
98,000
Arizona
179,000
371
California.*.
1,200
4,300
500
9,400
9,100
23,900
40,000
Old
19,950
177,850
2,700
82,900
101,500
139,550
Total
New
1,950
1,100
100
114,100
1,300
1,269,750
1,200
350
637,200
44,800
799,400
3,250
809,000
11,800
51,800
1,585,000
Arkansas
642,300
New
Florida
-
-
-
New Mexico
1,273,000
462
495
149,000
196,000
185,000
331,000
491
596
618
290,000
424,000
427,000
22,000
275
379
398
14,000
16,000
18,000
United
States.. 24,222,000
190.8
235.8
Amer.
Egyptian.c
234.1 13,800,000 11,943,000 11,845,000
3,400
2.300
40,000
230
234
263
18,666
21,000
22,000
102 000
217
172
188
46.000
34.000
40,000
54
18,700
l8lanci-b
58
Lower California
d
(Old Mexico)
cotton for ginning.
b In¬
cluded in State and United States totals.
Grown principally in Georgia anc. Florida
with small acreages in South Carolina. Alabama, Mississippi, Arkansas, Louisiana
and Texas,
c Included in Arizona and United States totals,
d Not Included in
California figures, nor in United States total.
a
made
Allowances
for Interstate movement of seed
1—
8 compiled from the in¬
dividual returns of the ginners, show 10,085,260 running
bales of cotton (counting,round as half bales and excluding
linters) ginned from the crop of 1939 prior to Nov. 1, com¬
pared with 10,124,773 bales from the crop of 1938 and
13,160,423 bales from the crop of 1937.
Below is the report
Cotton
The
Ginned from Crop of 1939 Prior to Nov.
census
report issued on Nov.
in full:
Inactive futures.
3,092,200
Total.
100
""ioo
88,400
524,500
19,300
1,750
3,726,150
757.000
All other
Sea
1940
1940
Egyptian Government Takes Steps to Guard Against
Losses—Three decrees have been issued by the
Cotton
Egyptian Government with the object of preventing looses
cotton to growers and merchants in Egypt, according to
a cable received Nov. 3 by the Department of Commerce
from the American Consulate at Cairo.
These decrees are
effective Oct. 25, 1939 and provide as follows:
1. Compulsory insurance of cotton in Egypt acts of war committed on
Egyptian territory and establishment of a state insurance system for the
on
purpose.
2. Government
will guarantee banks against losses on cotton loans to
that such loans cover 85% of the value of the cotton
of not more than three months.
3. To check abnormal drop in prices the Government will purchase cotton
futures on the Alexandria cotton exchange at minimum prices to be fixed
by the Cabinet.
growers on condition
and run for a period
Slight
Decline in World
Cotton Supplies Forecast
by Bureau of Agricultural Economics—Consumption
1939-40 Expected to Equal Production—The world
jn
supply of all growths of cotton in the 1940-41 season is
expected to be slightly below the record or near-record
supplies of the past three years, the Bureau of Agricultural
Economics, U. S. Department of Agriculture, said on Nov. 7
in its annual outlook on the cotton situation.
World con-
The Commercial & Financial Chronicle
3136
sumption in 1939-40 is expected to be about equal production,
the Bureau stated.
This would indicate
a carry-over of all
Aug. 1, 1940, not materially different
from the near-record stocks of 21,900,000 bales at the
begin¬
ning of the current season.
The Bureau's announcement,
growths of cotton
one
of
a
on
series of releases
on
the 1940 farm outlook, went
to say:
on
"With the same harvested acreage as in 1939, and with yields equal to the
5-year 1934-38 average, the 1940 production of American cotton would be
considerably less than in 1939," the report stated.
The 1940-41 foreign
crop is expected to show at least some decline.
The world carry-over of American cotton Aug. 1, 1939, was about
14,100,000 bales, a new high.
Even with a below-average crop, the
Bureau said,
the indicated
1939-40
world supply of American cotton
average,
"At
(1) That the total receipts
plantations since Aug. 1, 1939, are 4,266,244 bales;
they were 3,901,845 bales, and in 1937 were 5,917,150
bales.
(2) That, although the receipts at the outports the
past week were 237,671 bales, the actual movement from
plantations was 248,407 bales, stock at interior towns having
increased 10,736 bales during the week.
from the
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
156,387 bales. The shipments in detail, as made
reached
up
■'
To
in
the previous season and 30% less than the average for the 10
years,
1928-37.
Prices about equal to the average level for August, September
October, together with the October estimate of the 1939 crop, would
and
some
increase in gross returns from cotton and cottonseed in 1939-
Rainfall
Inches
Days
Texas—Galveston
Amarillo-
Thermometer——
High
dry
Austin.
Mean
46
62
25
40
61
0.38
79
40
0.10
82
52
67
82
81
45
31
64
56
78
42
75
78
77
37
56
37
56
76
0.34
dry
1
Houston
1
0.06
0.62
Palestine..
Port Arthur
San Antonio
1
0.02
dry
dry
To Denmark
—
2,633
1,140
ANGELES—
To Great Britain
100
To Japan
To Australia
65
889
5,311
2,373
....
To Sweden
11,913
229
Total.
.156,387
Cotton
York
Freights—Current rates for cotton from New
no longer quoted, as all quotations are
open rates.
are
Foreign Cotton Statistics—Regulations due to the war
in Europe prohibit cotton statistics being sent from abroad,
and we are therefore obliged to omit the following tables
which we have heretofore given weekly:
Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Alexandria
Receipts and Shipments.
Liverpool Imports, Stocks, &c.
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
and futures each
Spot
*
Saturday
Monday
Tuesday
Quiet.
Moderate
Wednesday
Thursday
Friday
A good
A good
Market,
12:15
]
P.M.
[
Futures.
39
58
40
62
30
0.31
76
30
53
2
0.24
77
30
54
43
27
22
30
60
35
24
50
77
72
29
35
53
business
doing.
6.52d.
6.67d.
doing.
6.81d.
7.Old.
Steady;
Steady,
Quiet but Q't but st'y
Steady;
8 to 14 pts. 8 to 11 pts. stdy;. 5 to 2 to 4 pts. 14 to 21 pts
54
76
CLOSED,
(
P. M.
54
51
6.47d.
4
76
80
79
79
79
business
55
1
Quiet.
demand.
Mid.Upl'ds
79
dry
dry
dry
dry
dry
Mississippi—Meridian
Vicksburg
Alabama—Mobile
Birmingham
1
Montgomery
0.01
dry
dry
Florida—Jacksonville
Miami......
l
Carolina—Charleston..
1
-j
opened.[
advance.
0.01
0.01
Prices of futures at
55
Nov. 4
Sat.
56
56
64
December (1939)
58
2
0.16
Chattanooga
1
0.04
Nashville-
1
0.02
advance.
Steady;
Barely st'y
Tues.
Wed.
are
given, below:
Thurs.
.
Fri.
New Contract
d.
d.
d.
~
d.
d.
5.95
-
5.99
d.
d.
6.19
-
5.97
6.08
d.
6.15
6.22
d.
d.
d.
6.44
__
6.16
6.23
6.35
6.52
6.44
6.56
6.52
54
March
5.96
5.95
6.06
6.20
6.20
6.14
6.31
6.39
6.52
6.48
55
51
57
40
May
Clos¬
5.94
5.93
6.02
6.16
6.15
6.10
6.25
6.33
6.46
6.42
July
ed.
5.89
5.89
5.97
6.10
6.08
6.04
6.17
6.26
6.39
6.36
5.77
5.78
5.85
5.96
5.93
5.91
6.01
6.10
6.23
6.21
October
___
28
50
December
27
74
advance.
dec.
Liverpool for each day
Mon.
January (1940)..
Tennessee—Memphis
pts.
Quiet but
Close Noon Close Noon Close Noon Close Noon Close Noon Close
47
40
33
34
32
1
6
to
Nov. 10
39
67
47
January (1941)
70
50
50
36
54
May
75
31
50
July
73
30
50
5.90
5.84
6.03
6.14
52
25
5.73
March
72
"
Quiet;
stdy.; 12 to 16 to 25 pts stdy.; 10 to 19 to 29 pts 8 to 11 pts.
13 pts. adv.
advance.
19 pts. adv.
advance.
advance.
54
68
Raleigh
Wilmington.
dry
advance.
Quiet but
Market,
72
80
76
74
75
70
73
71
dry
dry
dry
dry
dry
dry
dry
dry
Macon.
Market
80
0.23
Pensacola..
Tampa.
Georgia—Savannah
Atlanta
Augusta
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:
Nov. 10, 1939
Feet
Orleans
LOS
999
Portugal
To Spain
To Belgium
83
Louisiana—New Orleans
Shreveport
_>
New
To Japan
To China
58,350
37,677
3,985
........
To South America
0.24
...
__
125
SAVANNAH—
To Japan
To China
1
Oklahoma—Oklahoma City...
Arkansas—Fort Smith
Carolina—Charlotte.
Asheville...
To South America
58
34
1
......
El Paso
North
36
CHARLES—
60
dry
Little Rock
LAKE
,
60
1
Del Rio
500
To South America
HOUSTON—
To
900
To Australia
2,689
200
2,700
,
Spain
900
Belgium..4,347
To
51
82
1
Corpus Christi
Dallas..
The
Low
76
0-01
dry
Abilene...
Brownsville
~
78
1
_
To
To Holland
836
To Sweden
16,200
27,559
.....
To Japan
492
To China.......2,350
278
Belgium
To Norway..
World's
Rain
To Great Britain
1,398
125
11,836
...
To
Returns
South
Italy
To Susac
1940."
by Telegraph—Telegraphic advices to us this
evening denote that it is dry over the cotton belt and that
temperatures in the western half have been normal to above,
and in the eastern half mostly below normal.
Bales
To France
7,164
4,139
4,113
Portugal...
To Spain
follows:
ORLEANS—
NEW
To
are as
Bales
■
To Denmark
f)rospect inthat total world consumption of all growths appears to be little
ikelihood
belligerent European countries. But there will exceed that of
farmers from cotton and cottonseed, exclusive, of Government
payments
with respect to cotton, in the 1938-39 season were about 35% smaller than
'
■
To Japan
To China...
The estimated 1939-40 world
supply of 24,000,000 bales of foreign grown
commercial cotton is 1.000,000 bales below that for the 1938-39 season, but
result in
from mail and telegraphic reports,
GALVESTON—
To France
however," the report stated, "about 10,100,000 bales of
the indicated supply are either owned or held as collateral against loans
by
the United States Government, exclusive of the cotton traded to Great
Britain.
Very little of this is likely to be available for consumption or
merchandising purposes during the current season unless prices advance
considerably."
1938-39 and it may be considerably smaller.
"With prices about unchanged from the previous year and a United
States crop 37% below that of 1937, said the report, "gross returns to
1939
in 1938
present,
8.400,000 bales more than in 1932-33.
It is nearly one-fourth larger than
the 10-year, 1928-37 average.
"It now seems probable that the world carry-over of non-American
cotton on Aug. 1, 1940, may be about the same as a year earlier, but that
the 1940-41 foreign crop may be somewhat smaller," the Bureau said.
World consumption of all growths in 1938-39 was nearly
28,500,000
bales.
This was second only to the peak consumption of almost
31,000,000
bales in 1935-37, and 10% above the 1928-37 average.
Prospective increases in consumption in the United States and in certain
foreign countries in 1939-40 are expected to offset some of the decreases in
11,
The above statement shows:
of
25,800,000 bales is only slightly below the peak supply of 1932-33.
It is a
little larger than the 1938-39 supply and 3,900,000 bales above the
10-year
Nov.
Nov. 10, 1938
Feet
Above
zero
of gauge.
1.1
Above
zero
of gauge.
0.9
Above
zero
9.1
Shreveport
Vicksburg
Above
zero
of gauge.
of gauge.
0.2
zero
of gauge.
3.7
5.71
-
-
-
—
5.67
~
—
-»
5.87
..
_.
6.00
5.79
5.98
6.09
5.83
-
5.81
5.85
*.
«•
5.69
5.77
5.96
6 07
•
-
-
6.11
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is firm.
Demand for yarn is good.
We give
prices today below and leave those for previous weeks of
this and last year for comparison:
9.3
2.3
Above
-
2.8
Nashville
—
«.
1.8
Memphis
-
—2.0
.....
Receipts
from
the
•
Plantations—The
following
1939
simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
1939
d.
d.
s.
d.
s.
d.
Cotton
32s Cop
inys. Common
Middi'y
Twist
to Finest
Upl'ds
s.
d.
s.
d.
d.
Aug.
il¬
8 10H®
8 10 X@
25..
8H® 9%
8*A® 9H
9
@10
9
@ 9
Sept.
1..
M@10X
9
ls..
5.22
9
@10
9
@
9
IX
5.14
9
@10
9
@
9
3
4.78
3
5.52
9
@10
9
©
9
3
4.74
m
9
9
3
4.78
8^@ 91A
9
9
3
4.85
Nominal
@ 9 3
Nominal
5.71
8..
7.03
8A@
9H
9
@
9
3
4.71
15..
Nominal
Nominal
7.09
9H
9
@
9
3
4.81
13
29.. 13
1938
1937
1939
1938
1937
1939
1938
1937
6._
13
13-
13
20.. 13
72,192
18. 101,982
25. 140,844
51.885
94,093 2434.971 1933,484
796,150
64,657
73,033 149.210 2417,522 1927,836
78,102 221.670 2408,973 1922,216
788.408
85.433
806,649
Sept.
1. 196,344 144,055 300.222 2427,136 1949,655
836,739
8. 209,955 195,347 309,808 2487,313 2044,616
918,178
15. 266,665 227,732 347,270 2590,556
2198,739 1059,914
22. 306,040 236,651 411,539 2745,834
2390,140
1245,539
29. 297,080 221,656 479,801 2930,731
2633,565 1490,564
Oct.
6.
Upl'ds
8 A Lbs. Shirt-
©
@13^ 11
®13X 11
2
@11
6
6.77
8A@
8%®
9*A
9
©
9
3
4.76
3
@11
6
6.74
8H® 9*A
9
©
9
3
4.80
@13K 11
®13H 11
@11
6
6.44
8A®
9%
9
3
@11
6
6.27
9
©
9
3
5.24
3
6
6.35
9*A
9
©
9
3
5.10
11
3
@11
@11
8X@
8H@
91A
11
6
6.38
8%® 9%
9
@
9
3
5.20
11
3
@11
4H@11
6
6.22
8X® 9»A
9
@
9
3
5.09
7X
7.01
8%@
9
©
9
3
5.05
vtt».
Aug.
11.
Middl'o
to Finest
d.
22..
Week
ings, Common
Twist
table
Cotton
32s Cop
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
receipts nor
Southern consumption;
they are
End
1938
8A Lbs. Shirt¬
297,556 183,369 441,721 3113,815 2881,086 1715,693
13. 290.322 205,107 379.066 3262.486 3110,218 1904.035
20. 230,932 200,646 323,319 3399,830
3275,615 2051,912
27. 243,288 150,872 313,437 3486,871 3387,084
2129,804
Nov.
3. 231,212 256.332 263,182 3533,182 3460,497 2226,923
10. 237,671
92,125 245,688 3543,918 3510,308 2387,570
132,295
33,753
79,061
67,385 141,468
83,722 239,811
27.. 13
@13M
©13K
3
©
9
3
5.00
Nov.
3.. 13^@14
10.. 14
@UVs
11
9%
214,507 171,494 330.292
270,132 290.308 361,614
369,908 381,855 480,006
461,318 428.052 606,163
481,977 465,081 724.826
BREADSTUFFS
Friday Night, Nov. 10, 1939.
480,640 430,890 666,850
433 993 434,239 596,889
368.276 366,043 471,196
330,329 263,541 392,329
277,523 329,745 388,719
248,407 141,936 406,335
Flour—The recent weakness in grains discouraged buy¬
ing interest in flour, and no flour sales of importance have
been uncovered.
operating
four
Many of the large mills in the West
days
of
this week,
and
according
were
to
the
Volume
outlook
tlie
trade
week.
The Commercial & Financial Chronicle
149
for
Shipments
week
next
for
is
four-day
another
contracts are reported to be running
on
fairly heavy.
According to latest advices, Canadian flour
mills
3137
Season's High and When Made
December
May
July....
I
Season's Low and When
Sept. 7, 19391 December
62*$
July
Sept. 7, 19391 May
63*$
July
Sept. 23. 19391 July.—
77*$
Oct.
89*$
90*$
86*$
active at present.
are
very
Wheat—On the 4th inst.
After
lower.
advancing almost
cent
a
bushel
a
to
the-
Mon.
68*$
69*$
69*1
75*1
May
July
74*$
76*$
70*$
75
76*$
76*$
_
Wed.
Tues.
69*$
70*$
November—.
December
24,1939
24, 1939
9,1939
WINNIPEG
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat.
prices closed %c. higher to %c.
Made
Fri.
Thurs.
69*$
69*$
75
76*$
69*$
69*$
74*$
76*$
70*
70*
76
77*$
highest level since Sept., wheat prices today tumbled back
as
a
result
Strength
of
profit-taking and lost all the early gains.
in securities
stimulated early buying of wheat,
and the continued Southwestern drought also was an im¬
portant factor, but when stocks reacted, profit-taking broke
the
out on
to carry
Chicago Board.
accounts
Many traders
were
unwilling
the week-end and lagging domestic
over
and export business in wheat
as
well
flour, prompted
as
acceptance of modest profits.
Export demand
Britain in
was
was quiet
following the best Canadian wheat sales this week to Great
to
some
time.
Business
estimated at 6,000,000
7,000,000 bushels.
Reflecting the large amount of wheat
tied up with the Government program, primary market
receipts continued small, but this circumstance stimulated
revival of demand in either the
no
milling
baking trade.
or
On the
6th inst. prices closed unchanged to %c. higher.
The market showed losses of %c. during the early part of
the
day, but this
was
later erased, with the
range
showing
fractional net gains in the later session.
The rally, which
lifted prices more than a cent from early lows, was influenced
largely by the continuation of the Southwestern drought
and European purchasing of Canadian grain.
Weakness in
securities caused the early sell-off, which was in part a con¬
tinuation of the profit-taking of Saturday's session.
The
hard winter wheat belt had no relief from drought and
although cloudy skies were reported, no rain was in sight.
Some crop experts claimed a far below normal United States
winter wheat
elimination
harvest next
of
summer
is inevitable and that
the surplus above
normal "safe" carryover
requirements can be expected by 1941.
Canadian wheat
export sales were estimated at 400,000 bushels, mostly to
Great
Britain, Broomhall, British grain authority, re¬
ported sinking of a Greek ship carrying 256,000 bushels of
American wheat from Galveston to Antwerp.
On the 8th
inst. prices closed unchanged to %c. higher.
Wheat futures
developed firmness today after a slow start and advanced
nearly a cent a bushel, aided by a strong cash position and
unprecedented drought in much of the Southwest.
Trade,
however, continued rather slow with many operators await¬
ing further developments in the latest European peace
proposal.
Dec. delivery led the upturn, reaching 88%,
UP
,7Ac>* and within % of its
which
war
boom peak of Sept. 7,
was
were
made in the cash market up to noon,
Oklahoma.
On
9th
the
Rains
that
inst.
prices closed 1% to l%c. net lower.
in drought-stricken areas of Kansas,
occurred
in the heart of the hard winter wheat
belt, caused enough
selling of wheat futures on the Chicago Board today to
push prices about 2c. a bushel lower.
Weakness of securi¬
ties also added to the market's
selling factors, but this was
offset to some extent by reports of the sale of 1,000,000
bushels of Canadian wheat to Europe on top of 4,000,000
sold
bushels
wheat
yesterday.
Great Britain
well
as
the Continent today.
as
Today
prices closed 1 to l%c. net higher.
The wheat
today regained most of the ground lost yesterday
prices rallied about 2c. from early lows.
Prospects of
clearing weather in the domestic Southwest, higher Winni¬
peg wheat prices,
reflecting good European demand for
Canadian grain, and fear of possible spread of war in
Europe, stimulated buying.
Evening up of accounts prior
to the
two-day holiday accounted for much of the business.
The rally was associated with a recovery trend in securities
and with evening up of accounts prior to the double
issuance
of
after the end of
hesitated
to
the
holiday
report scheduled
Many dealers who were "short"
Government
trading.
crop
maintain
that position over the week-end in
European situation.
Some selling was based
on
precipitation in parts of the hard winter wheat belt
ranging from slight showers up to 1% inches. Open interest
in wheat tonight was 75,374,000 bushels.
view
On the 9th inst. prices
closed % to %c. net lower.
of
the
DAILY CLOSING PRICES OP WHEAT
Sat.
Mon.
106*$ 107
__
No. 2 red
DAILY
CLOSING
PRICES
OF
WHEAT
IN NEW YORK
Tues.
Wed. Thurs. Fri.
107
107*$ 105*$ 107*$
FUTURES
'
Sat.
December
May......
July
.
..87 *$
86*$
85*$
Mon.
87*$
86*$
85*$
Tues.
88
86**
84*$
IN
CHICAGO
Wed. Thurs. Fri,
88 J$
87
88*$
87
84*$
85*$
83*$
86*|
84*$
Corn
prices held barely steady despite the action of wheat. This
was due to small country offerings and reports from West¬
States that
above the Chicago basis there.
be
made next week, and with around 75% of the producers in
commercial States eligible, most grain men expect "sealing"
to be on as large a scale as during the past season.
Today
prices closed % to %c. net higher.
Trading in corn was
ern
corn
is quoted
Announcement of the 1939-40 loan program is expected to
light, with most dealers awaiting the Government
figures on production, which will determine the amount of
very
the
loan.
Open
interest
in
38,740,000
tonight was
corn
bushels.
DAILY CLOSING PRICES
OF CORN IN
Mon.
Sat.
No. 2 yellow
—
DAILY CLOSING PRICES OF
65*$
—
May—.
July
.
Season's High
December
Fri.
Thurs.
65*$
65*$
65*$
Mon.
50*$
53*$
53*$
Tues.
50*$
53*$
54
Thurs.
Wed.
50*$
52*$
53*$
50*$
52*$
53*$
Fri.
50*$
52*$
535$
50*$
52*$
53*$
and When Made
I
Season's Low and When Made
Sept.
7, 1939 December—39*$
July 26, 1939
Sept.
7, 19391 May
42
July 26, 1939
Sept. 23.19391 July
52*$
Oct. 23.1939
—
Oats—On the 4th inst.
deliveries.
Wed.
67*$
CORN FUTURES IN CHICAGO
60*$
63*$
58*$
May.
July—
NEW YORK
Tues.
66
Sat.
December
There
prices closed %c. off
all active
this grain,
on
little to the trading in
was
business
being more or less routine. On the 6th inst. prices
%c. to %c. net higher. Trading was light, though
the undertone was steady during most of the session.
Cash
grain interests were reported as spreaders in oats, with
elevators also active at times. On the 8th inst. prices closed
%c. to %c. net lower. This market was a quiet affair, with
closed
undertone
reported
easy.
On the 9th inst. prices closed
Vs to %c. net lower.
Trad¬
ing was light in this grain, and devoid of any noteworthy
feature.
was
PRICES OF OATS
Sat.
December—.
May
July
-
Trading
Today prices clpsed Vs to */4c. net higher.
light, and price range extremely narrow.
DAILY CLOSING
Aside from sale of Pacific Coast
market
and
170,000 bushels.
to
Russia, export business of domestic wheat has
been small, but Canadian sales mostly to Great Britain
have expanded rather sharply the last few days.
Revised
estimates of
yesterday's Canadian sales ranged up to
4,000,000 bushels, and more wheat was reported taken by
as
prices closed %c. to %e. net lower.
prices were lower most of the session, declining as much
%g. at one time.
Spot prices were off a cent for white
corn.
Much corn is being shipped from Chicago by vessel to
Eastern ports either for export or Eastern commercial use,
or to put supplies in position for business after the close of
navigation. No export business has been confirmed, how¬
ever.
On the 6th inst. prices closed %c. to Yig. net higher.
Trading was light, with prices generally steady. Approxi¬
mately 300,000 bushels of United States corn were sold for
export from Montreal, the first business confirmed in
several days, although there have been rumors of transactions
that never were reported. United Kingdom was believed to
have been the principal buyer.
This, together with the fact
that receipts and bookings to arrive remained below normal,
helped to strengthen the corn market.
The 12 principal
interior markets, however, received 1,504,000 bushels, com¬
pared with 1,468,000 a year ago, the first time supplies have
exceeded year-ago figures in some time.
On the 8th inst.
prices closed %c. lower to %c. higher. Corn futures held
steady in quiet trade during most of the session. Some sell¬
ing was attributed to cash interests, but a somewhat im¬
proved shipping demand was noted, sales totaling about
Corn
as
the
highest since the close of 1937.
No wheat
and estimated
track receipts were only three cars.
The Weather Bureau
said that in large areas of the Mid-west no material rain had
fallen since about Aug. 20, "making unprecedented fall
shortages of moisture in many localities." In its weekly
summary the Government said the crop situation continued
critical, especially in Kansas, Nebraska and northwestern
sales
Corn—On the 4th inst.
-
—
..
-
-
— .
36*$
35*$
oou
32*$
FUTURES IN CHICAGO
Mon.
Tues.
Wed.
37
36*$
35*$
aa
33
Thurs.
Fri.
aau
36*$
36*$
36*$
35*$
33*$
35*$
35*$
35*
OO.IA
32*$
32*$
32
Season's Low and When Made
Season's High and When Made
I
38*$
Sept.
6, 1939 December
May
39*1 Sept. 6.1939 May
July-.——— 35*$
Sept. 23, 1939IJuly.
December
26
July
27*$
30*$
July
Oct.
25,1939
24.1939
9. 1939
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat, Mon.
Tues.
Wed.
Thurs. Fri.
May
July--.
31*$
-
-
31*$
32*$
December
32*$
32*$
31*$
33
32*$
32*$
32*$
33*$
32*$
32*$
33*$
——
——
33*$
Rye—On the 4th inst. prices closed % to %c. net lower.
The closing levels were about a cent below the opening quota¬
tions.
Evening up over the week-end was responsible for a
considerable portion of the selling.
The heaviness of wheat
also played its part in the decline of rye values.
On the 6th
inst. prices closed % to %c. net lower.
The market in rye
was firm in the early trading and showed gains of % to %c.
from the opening range.
In the later trading some pressure
developed, and the market seemed to yield rather easily,
and closed slightly up from the lows of the day.
On the 8th
inst. prices closed % to %c. net higher.
Trading was light,
with the undertone firm in sympathy with the better action
of the wheat markets.
On the 9th inst. prices closed % to %c. net lower.
This
grain held remarkably well in face of the pronounced weak¬
ness in the wheat markets.
Today prices closed % to lc, net
higher.
Rye futures were strong and fairly active, this
spurt in rye
values being
firmness of wheat.
largely In
sympathy with
the
The Commercial & Financial Chronicle
3138
DAILY
CLOSING
PRICES
Man.
Sal.
December
60%
57%
Thurs.
53%
53%
54%
54%
54%
55%
54%
54%
54%
53%
54 %
55%
When Made
Aug. 30. 1939
Aug 12. 1939
Oct.
9.1939
Corn
Wheal
United States—
Oals
Bushels
Bushels
PRICES
OP
Mon.
Sat.
December
-
May
July
FUTURES
RYE
56%
58%
-
—
WINNIPEG
IN
Tues.
Wed.
56
57
59
55%
58%
58%
Thurs.
Fri.
New York
234,000
202,000
Philadelphia
364,000
Baltimore
891,000
981,000
New Orleans
...
Galveston
57%
59%
59%
58
—
DAILY CLOSING PRICES
BARLEY
OF
Sat.
December
Mon.
41%
43%
May
July
FUTURES
Wed.
42%
44%
42%
44%
—
Thurs.
——
—
Closing quotations
Tues.
WINNIPEG
IN
42%
44%
4.000
321,000
15,000
20,000
7,000
25,000
3,000
88,000
713,000
102,000
3,000
322*566
15,000
22,000
235,000
42,009
Hard winter clears
>6.00
2,000
Hutchinson
7,764,000
109,000
728,000
297,000
37,000
26.000
780,000
4,000
163,000
2,044,000
1,203,000
170,000
365,000
2,000
278,000
88,000
8,621,000 11,885,000
1,821.000
1,157,000
672,000
City
Indianapolis
«...
On
26,000
73,000
51*666
alloat
199,000
Lakes.—....—.j...
552", 000
...
879,000
1,246,000
348,000
5*7*666
1.981,000
14,901,000
1,767,000
3,604,000
Duiuth
24,381,000
175,000
5,304,000
777,000
3,056.000
4,068,000
2,002.000
2,441,000
Milwaukee
Detroit
Rye flour patents
4.40
8wninola, bbl., Nos. 1.3—6.70
Oats
>6.10
Corn flour
>6.25
4.65
6.90
Buffalo
Barley goods—
g«K>d
3.00
afloat
On
Canal
1.2-0.5-0.2
L
4.50@6.50
Wheat, New York—
Oats, New York—
No. 2 red, c.i.f., domestic...107%
[
No. 2 white
Manitoba No. l,f.o.b. N. Y. 85% Rye, United States c.i.f
50%
73%
_
Barley, New York—
40 lbs. feeding
Chicago, cash
6,000
3,000
230,000
2,672,000
2,064,000
1,727,000
35*666
14*, COO
58,000
55,000
4, 1939.-134,703,000 26,853,000 13,931,000 10.191,000 15,976,000
28, 1939.-136,258,000 24,524,000 14,050,000
9,803,000 15,689,000
5. 1938.-126,037,000 35,175,000 21,244.000
8,364,000 12,969,000
Total Oct.
Total Nov.
GRAIN
2,000
95,000
Total Nov.
Prices Withdrawn
8,402,000
724,000
311,000
756.000
2.10
Coarse
65%
16,000
410,000
St. Louis
Fancy pearl (new) Nos.
Corn, New York—
No. 2 yellow, all rail—-
143,000
292,000
Minneapolis
>5.90
>5.50
Nom.
856,000
3,571,000
973,000
7,474,000
City
Omaha
Sioux
345", 000
4,504,000
28,402,000
9,006,000
Kansas
Chicago
FLOUR
Spring pat. high protein..5.80(
Spring patents
-_5.65<
Clears, first spring
5.j0<
Hard winter straights
5.85<
Hard winter patents..
6.05(
3,000
230,000
.....
Peoria
follows:
were as
3.533,000
3,739.000
42%
44%
—-
Bushels
1,000
9,690,000
Fri.
42%
44%
Barley
Bushels
40,000
Wichita-...
St. Joseph
56%
58%
Rye
Bushels
269,000
Boston
Fort Worth
DAILY CLOSING
11, 1939
STOCKS
GRAIN
Fri.
53%
55
When Made
I
Season's Low and
May 31, 19391 December
40%
Sept.
6, 19391 May
43%
Sept. 27, 19391 July
52%
December
May
July.
Wed.
54
55%
L—
Nov.
CHICAGO
55 %
4
Season's High and
58
Tues.
IN
54%
...
May
July
FUTURES
RYE
OF
Note—Bonded grain not included above- Oals—Philadelphia, 344,000 bushels;
Buffalo, 467,000; Buffalo afloat, 130,000: total, 941,000 bushels, against 230,000
bushels In 1938.
Barley—New York, 339,000 bushels; Buffalo, 239,000; total,
578.000 bushels, against 965,000 bushels in 1938.
Wheat—New York. 4,088,000
bushels; Boston, 1,626,000; Philadelphia, 209,000; Baltimore, 258,000; Buffalo,
3,592,000; Buffalo afloat,
60%
160,000; F.rie, 1,731,000; Albany, 4,354,000;
100,000; total, 16,118,000 bushels, against 11,127,000 bushels In 1938.
Canal,
on
55-61
Wheal
All the statements below regarding the movement
olTgraTn
—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
of
Oals
Rye
Barley
Bushels
Canadian—
Corn
Bushels
Bushels
Bushels
Bushels
56,326,000
Ft. William & Pt. Arthur 76,739,000
Other Can. & other elev. 196,688,000
Lake, bay, river & seah'd
Total Nov.
569,000
2,412,000
714,000
6,082,000
1,547,000
2,248,000
5,292,000
4,1939.-329,753,000
10,561,000
2,830,000
9.952.000
28, 1939.-327,558,000
11,046,000
3,069,000
5,1938.-169,057,000
Total Oct.
the last three years:
1,895,000
2.584,000
9,214,000
1,918,000
9,832,000
8,347,000
Total Nov.
^SummaryWheat
Corn
Oals
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Chicago
Minneapolis
199,000
260,000
31,000
555,000
228,000
1,089,000
194,000
221,000
72,000
156,000
12,000
219,000
4,000
315,000
48,000
2,000
804,000
30,000
11,000
116,000
719,000
54,000
4,000
19,000
36,000
4,000
379,000
90,000
17,000
51,000
18,000
41,000
2,000
Peoria
Kansas City
M*
537,000
502,000
m
135,000
461,000
94,000
mm
8,000
121,000
6,000
88,000
34,000
1,767,000
1,081,000
313,000
306,000
688,000
1,770,000
685,000
mmmm
1,398,000
2,375,000
480,000
381,000
5,053,000
Same wk '38
The world's
shipment of wheat and
402,000
7,537,000
Same wk '37
414,000
7,892,000
6,512,000 146,702,000
78,776,000
mm
Wheal
Corn
'
26,000
12,750,000
m
7,000
m
Week
Since
Nov. 3,
July 1,
1939
Exports
1939
Bushels
Since
Week
1938
Nov. 3,
1939
Bushels:
Bushels
Bushels
1,
45,753.000 11,253,000 51,794.000
49,547,000 14,565,000 45,412,000
55,354,000 16,459.000 40.959,000
Total receipts of flour and grain at the seaboard
ports for
the week ended Saturday, Nov. 4, 1939, follow:
Flour
Wheal
Corn
Oals
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at-
York-
188,000
207,000
31.000
Philadelphia
38,000
17,000
90,000
18,000
165,000
New Orl'ns*
30,000
55,000
154,000
19,000
85,000
Galveston--
48,000
mm
57,338,000
22,775,006
11,293,000
12,008,000
89,308.000
678,000
36,000
148,000
300,000
302,000
1,677,000
987,000
1,723.000
48,831.000
63,222,000
9,736,000
1,174,006
22,954,000
18,187,000
7,212.000 157,199.000 207.198,006
3,959,006
76,444,000 133,328.000
India
Other
countries
Total
648,000
—
No Increase in 1940 Winter
Wheat
Acreage Indicated,
Says Bureau of Agricultural Economics
243,000
188,000
150,000
13,373,000
91,428,000
19,014,000
4.511,000
1,678.000
7,450,000
330,000
3,007,000
476,000
472,000
100,000
2,841,000
12,213.000 114.304,000
84,766,000
6,400,000
124*666
118,000
for
information
harvest
in
indicates
1940
will
that
1939
1938
»
on
Receipts do not Include grain passing
3,115.000 21.639.0C0
through New Orleans for foreign
ports
through bills of lading.
its
annual
wheat
entire winter wheat
statement:
Production
Corn
Bushels
New
York.
Bushels
69,000
Orleans
1938
Bushels
Bushels
*6*0*666
outlook.
Conditions
300.000
1,355,000
4.066.000
365.000
672,000
124", 000
50,090
184,000
3*81.666
107.671
118", 000
508,000
71.000 2.072.000
The destination of these
exports for the week and since
July 1, 1939 is
as
bushels
Week
Nov.
4.
1939
Barrels
*
Total 1939
Wheat
Corn
*
Since
Week
Since
Week
Since
July l,
Nov. 4,
1939
July 1,
Nov. 4,
July 1,
1939
1939
1939
1939
Barrels
Bushels
50.090
1,523,302
1,355,000
107,671
Total 1938
1,677,523
4,066,000
Bushels
40,201,000
67.246,000
Bushels
672,000
365,000
Bushels
3,917,000
16.714.000
Detailed figures not available.
The
visible
about
total
harvest
more
bushels
in
1940
of
Unless
States
ditions
the
70,000,000
same
as
on
unusually
exist
for
will
for
be
average
the
season
carryover,
of
and
the
the
if
the
the
total
disappearance
of
acres
685,000,000
Should exports approximate the
carryover
wheat
64,600,000
This would be 75,000,000
July
on
1,
1941,
10-year
would
be
1940.
growing
of
the
conditions
growing
also favorable,
average.
however,
domestic
the
remainder
are
from
obtained.
are
years.
July 1,
bushels,
unchanged
yields
favorable
below
760,000,000
are
bushels,
spring wheat
close of the
The
than
during the last 10
This
would
moderately large
would
still
supplies by classes for the marketing
be
year
in
per
result
in
carryover
winter
however,
season,
yields
large
the
seeded
a
wheat
and
acre
reduction
con¬
for all
at
the
in the United States.
enough
to
assure
ample
beginning July 1, 1940.
An item regarding the domestic and world
wheat supply
appeared in our issue of Nov. 4, page 2887.
Australia
Flour
and Since
seeding
practically
below:
Exports for Week
July 1 to—
for
over
Even though higher wheat prices
area.
seeded last year, and average
wheat
14*666
2*09*666
36,000
Total week 1939—
Barley
390,000
163", COO
864,000
Three Rivers
Same week
Bushels
Rye
36,090
2,000
Montreal
Oats
Barrels
384,000
Albany
New
Flour
will
for
about the
Wheat
for
as
Bureau also said:
average
Exports from—
acreage
same
followed the declaration of war in Europe, farmers gen¬
erally did not plan extensive increases in seedings in the
important winter wheat States.
Under date of Nov. 7 the
seedings
The exports from the several seaboard
ports for the week
ended Saturday, Nov. 4, 1939, are shown in the annexed
the
1939, the Bureau of Agricultural Economics reported Nov. 7
in
Since Jan. 1
wheat
the
be about
starting wheat have been unfavorable
Week 1938-
50,196.000
2,1*0*7",666
Available
20*9*666
Since Jan. 1
3,878.000
781,000
-
seeded
111,000
Tot. wk. *39
bushels
34,131,006
7,344,006
Australia
16.666
4,000
864,000
Three Riv's
3,890,000
1,
1938
Bushels
43,904,006
Argentlna.
July
1939
.
mm
28,000
Boston
63,456,000
13,104,000
32,000
192,000
—
632,000
Since
t,
July
Barley
bush 56 lbs bush 48 lbs
10,000
210,000
Baltimore-
Rye
2,042.000
Black Sea.
6,113,000 165,180,000 105,665,000
5,557,000 158.769,COO 48,823,000
1937
Since
1938
July
No. Amer.
Since Aug. 1
1939
furnished by
corn, as
4,000
_
8,145,000
16,061,000
Montreal
1938-.295,094,000 35,175,000 30,458,000
Broomhall to the New York Produce Exchange, for the week
ended Nov. 3 and since July 1, 1939 and July 1,
1938, are
shown in the following:
3,032,000
214.000
Sioux CityBuffalo
New
5.
1,968,000
337,000
Wichita
Tot. wk. '39
13.021,000 25,928,000
12,872,000 25,521,000
10,282,000 21,316,000
28. 1939.-463,816,000 24.524,000 25,096,000
Total Nov.
2,638,000
-
Joseph.
4. 1939.-464,456.000 26,853.000 24,492,000
Total Oct.
1,000
16,000
Omaha
13,931,000 10,191,000 15,976,000
10,561.000
2.830,000
9,952,000
289,000
2,000
mm
Total Nov.
334,000
604,000
92,000
203,000
mm
mm*.*,*.*.
Louis
St.
2,652,000
111,000
mm
134,703,000"26,853,000
329,753,000
bush 56 lbs bush 48 lbs
115,000
12,000
.
Toledo
Indianapolis
St.
Barley
1,213,000
636,000
Duiuth
Milwaukee
Rye
American
Canadian
Flour
Receipts at—
supply of grain,
Make £2,000,000 Advance to Wheat Growers
to
following:
Prime Minister R. G. Menzies announced
yesterday that the Government
was
willing to make
an
unconditional advance of
season's wheat to compensate growers for the low
£2,000,000
over-seas
on
the
new
price, but
re¬
fused to commit the Government to
making an initial payment of 2s 6d.
bushel at country sidings in
February, as requested by
a
deputation of wheat
growers.
comprising the stocks in
at principal points of accumulation at
seaboard ports Saturday, Nov. 4, were as follows:
granary
to
Wireless advices from Melbourne, Australia, Nov.
4,
the New York "Times" reported the
lake
and
Mr. Menzies said that while the Commonwealth had
offered £2,000,000
before the war on condition that the States
provided
prepared to make
an
unconditional grant,
this financial year, half in the next.
£1,500,000, he
was
half of which would be paid in
Volume
Production
Farm
Costs
1940
in
Expected to Average
Higher
The
of
farm
nomics said
duction
in 1939, the Bureau of Agricultural Eco¬
"Some rise
in
Avill
average
increases
wage
little higher,"
a
is
rates
it
expected and
from killing frosts; little rain.
grain stands generally poor, with partial
Little cotton unpicked, but corn not all
Tobacco handling apparently at standstill.
Lespedeza seed short.
Tennessee—Nashville:
cut.
are
of
Prices
commodities
New York,
and
services
index
number
of
Bureau
looks
that
but added
year,
farmers to
maintain
machinery and
materials
for
will
a
are
Prices
ings of this
a
materials
little,
the
view
crop
total
farm
are
expected.
said.
Bureau
as
only
now
a
1915.
to
next
enable
Higher prices for farm
equipment
mechanized
of
1914
employment
Prices
of
will
most
substantial
No
fertilizer
in
increase
small proportion of the needs
at war.
in
crop
of red clover, seed bought for spring plant¬
be priced considerably higher
1940 may
than
in
the
Feed prices advanced in September along with the advance
1939-40
of
the
expected
smaller
a
grain prices and
of
in
paid by farmers for nearly all important seeds may be some higher,
spring of 1989.
in
use
supplied by the nations
because of
and
decline
production at current levels".
prices of potash salts is
for these
The
as
advanced 4 points from
further
"greater
building
rise
1940
increase
not
war
prices paid by farmers for commodities used in
production and' of farm-wage rates
The
much in
in 1914, the Bureau said.
may
they did following the outbreak of
combined
are now
feeding
higher than
season
During the remainder
a year ago.
little change in
feed
prices
ample supplies.
is
expected
in
.
Weather Report for the Week Ended Nov. 8—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Nov. 8, follows:
The weather of the week
was
characterized by abnormally low tempera
over the eastern
half of the country, above normal warmth in the
West, and a general absence of precipitation, except in the Northeast
and far Northwest.
The weekly mean temperatures ranged from about
tures
4
degrees to as many as 10 degrees below normal practically everywhere
the eastern Great Plains eastward, although about normal warmth
prevailed in the extreme Northeast.
On the other hand, temperatures were
generally above normal from the Rocky Mountains westward, with many
localities having an average excess of 4 degrees to 10 degrees.
Freezing weather did not occur along the Atlantic coast south of Rhode
Island, except along the coast of South Carolina and Georgia.
In the
from
interior
the
freezing line reached as far south as Mobile, Ala., with 10
degrees below freezing reported as far south as Meridian, Miss.
In the
Ohio and middle Mississippi Valleys the minima were mostly in the 20's.
The lowest reported for the week was 8 degrees at North Platte, Nebr.,
on
2.
Nov.
Substantial to heavy rains occurred from eastern North Carolina and
Virginia northward and light to moderate amounts in the Lake region.
There was also more or less rain in the extreme northwest Pacific coast
section.
Otherwise, except very locally, there was no precipitation during
the entire week.
Practically every Weather Bureau station in the Ohio
Valley, the Southeast, and from the Mississippi Valley westward, except
the extreme Northwest, reported that no measurable amount occurred.
With practically an entire absence of rain during the past week, the
severe and extensive
midwestern drought remains unrelieved.
In large
areas there has been no materially helpful rainfall since around the 20th
of August, making unprecedented fall shortages of moisture in many locali¬
ties.
Precipitation during the week, much of it in the form of snow in the
high elevations and more northern sections, brought a fairly good supply of
moisture rather generally to the Northeastern and Middle Atlantic States,
while conditions in the Ohio Valley are mostly rather favorable from
Also, recent falls have been helpful in the extreme lower
while conditions are still favorable in much of the
Otherwise, there is a general need of moisture,
most urgent in the southern Great Plains.
There was more or less damage by frost to tender vegetation and late
garden crops in the Southeast and some interior Gulf sections.
The grow
ing season for tender plants has ended, except in some more southern
sections of the country.
The gathering of crops made good progress, but
it is too dry for plowing and seeding in most Southern States.
Considerable
hauling of stock water is necessary in many interior sections of the country.
Corn husking made good progress and is now well along in the Ohio
Valley States, about two-thirds doDe in Missiouri, and 60% completed in
Kansas.
In Iowa good advance was made with 90% finished in north¬
preceding rains.
Mississippi
Valley,
Great Basin of the West.
counties.
western
Small Grains—Little or no improvement is noted in the principal small
grain producing sections of the country.
Winter wheat is in fair to good
condition in the middle and north Atlantic area, while in the Ohio Valley
the general outllook is
germination
However,
mostly fair to good, resulting from recent rainfall.
and growth were retarded by low temperatures
during the past week.
Western Belt the situation continues critical, especially in Ne¬
Kansas, and northwestern Oklahoma.
For Nebraska the State
rainfall for September and October was only a little more than an
inch, the driest of record for these months.
In Oklahoma the total for the
two months was approximately the same as the previous minimum.
In
Kansas the two-month period had less than an inch of rain, by far the
least of record.
The previous driest, 1888, had more than twice as much as
In
the
braska,
average
September and October this year.
In Kansas most w heat stands are spotted and plants are showing little
vitality; very few fields have sufficient growth for pasture.
In Oklahoma
and southern localities where
is still ungerminated
In Nebraska
the outlook is mostly poor.
In Missouri nearly all wheat has been sown
and possibly four-fifths of it is up, but growth is slow; the general con¬
dition varies greatly ranging from poor to good.
In Iowa much wheat is
still ungerminated and only a small amount is making satisfactory progress.
In the Great Basin of the West, conditions are still favorable, especially
improvement
stands
are
is reported in
many
eastern
fair, but in the main-producing area much
reports of early plants wilting or dying.
and there
are many
in Utah.
In Montana wheat is making fair growth in the central counties
but it is too dry in the North
with the outlook in some localities excellent,
west.
The
Washington wheat belt continues much too dry;
the outlook
the poorest in years, while in most of the moister sections
In eastern Oregon there is some seeding in dust, but
still unsown.
In California seeding is now being delayed by
in the drier areas is
plants are small.
much wheat is
dryness.
The
damage
TRADE
THE DRY GOODS
Bureau further said:
as
Little
"Most
stated.
was
Gathering some corn In east lowlands. Plowing
northwestern and few eastern counties.
Pastures mostly
Attempts to sow continue; winter
loss of seed.
Stock water short.
likely to be small, but war requirements may
sharply higher prices for a few commodities."
The
cause
Friday Night, Nov. 10, 1939
Largely favorable weather conditions had
effect
retail
on
business
during the
growing uneasiness concerning the
past
war
Bureau
furnishes the
following
resume
of
conditions in the different States:
Louisiana—New
Orleans:
Dry
and
cold,
with
scattered
apparently little damage.
Cutting and grinding cane.
Good progress harvesting remnants of cotton,
rice, and seweet-potato crops.
Much plowing since recent rains
and good progress sowing oats and legumes.
Progress and condition of
truck and gardens fair to good, except locally poor in extreme south, where
corn,
retarded by dryness.
Texas—Houston:
Rather cold; no material damage by freezing in north.
Dry weather unfavorable for all crops and general rain needed. Condition
wheat generally fair to good, but rain needed in all sections;
progress rather poor account drought and late planted not germinating;
some not
yet sown account drought.
Oat planting comparatively slow;
too dry for germination generally.
Ranges very dry and cattle showing
effects of subnormal grazing, though mostly in fair to good condition.
Truck and gardens poor progress, except in irrigated areas.
Little cotton
now in fields; condition unchanged.
of winter
stimulating
situation, and the
markets,
of
demand of the consuming
a
retarding factor.
Chief
prqved somewhat
public centered again in apparel lines, whereas home furnish¬
ing items continued neglected.
Department store sales, the
country over, for the week ended Oct. 28, according to the
Federal Reserve Board, were 5% larger than
for the cor¬
responding week of 1938.
In New York and Brooklyn
stores, a gain of 5% was registered, while in Newark esta¬
blishments the increase was limited to 3.3%.
For the entire
month of October, the Federal Reserve Board reported an
increase in department store sales, the country over, amount¬
ing to 6%.
The Cleveland and Chicago districts made the
best showing, with gains of 13% and 12%, respectively,
while the Kansas City district registered a loss of 1%.
In
the New York district an increase of 4% was shown.
Trading in the wholesale dry goods markets continued
seasonally quiet.
A substantial number of re-orders was
again received, but their total volume remained limited.
Less was heard of delivery difficulties, although a scarcity
was still reported to exist in certain lines, such as sheets,
blankets and pillowcases.
Business in silk goods expanded
moderately, notably in sheer fabrics, with the reaction in
the price of the raw material serving to revive interest on
the part of buyers.
Trading in rayon years remained fairly
active.
While a seasonal lull in the demand is anticipated,
the price structure continued firm, reflecting the greatly
improved statistical position of the industry, with present
producers' stocks representing less than one week's supply.
gray cloths
and prices followed an easier trend.
Early in the period under review further considerable
demand existed for sheetings and osnaburgs, on the part of
bag manufacturers.
Subsequently, however, interest in
bag materials, too, diminished.
Retarding influences were
the increasing nervousness over the foreign outlook, the
irregular trend in the security markets, and scattered com¬
plaints about the movement of finished goods in distribu¬
tive channels.
Late in the week, sentiment improved con¬
siderably, partly in consequence of the firmer trend in the
raw cotton market, and as a result of growing inquiries on
the part of converters whose supplies of goods were said to
require early replenishment. Business in fine goods continued
inactive, and transactions were mostly confined to small
fill-in lots obtained through second-hand channels.
Better
inquiry was noted in carded fancies, and sizable orders were
placed on faille taffetas. Closing prices in print cloths were
as
follows:
39-inch 80s, 7 to 7hsc.; 39-inch 72-76s, 7c.;
39-inch 68-72s, 6^8 to 6^e.; 383^-inch 64-60s, 5M to 5%c.;
38K-inch 60-48s, 4 y8 to 4^c.
Domestic
Cotton
Goods—Trading in the
markets continued dull,
Goods—Trading in men's wear fabrics remained
mill operations continued at satisfactory
ratios, supported by the still considerable backlog of un¬
filled orders.
The present inactivity of the market, while
in the main due to the fact that clothing manufacturers
Woolen
inactive although
covered the major share of their requirements, was
ascribed, in some measure, to the growing resistance of
buyers to the higher price demands. A contributing factor
was the easier trend
in the market for the raw material,
have
predicated
on
the expectation that sufficient supplies
of
foreign wools will be made available to the domestic in¬
dustry.
A feature of the week was the placing' of orders
for over 200,000 army blankets by the French Government,
and the opening of U. S. Army bids for additional quanti¬
ties of overcoatings.
Reports from retail clothing centers
made an improved showing as lower temperatures hastened
purchases of heavy weight apparel by consumers.
Business
in women's wear fabrics continued its moderate expansion,
as
better reports
from the retail field caused garment manu¬
worsted
tweeds, plaids and
weaves.
Goods—Trading in linens remained spotty,
supply situation again proving a retard¬
ing influence to the expansion of business. Household items
were in
somewhat better demand, and good in teres t^was
shown in printed linen tablecloths.
Business in burlap turned
irregular, as increased switching to cotton substitutes
Foreign Dry
abnormally
frosts and local freezing in central and north, but
a
week, although
uncertain trend in the security
facturers to add to their commitments on
Weather
with killing frosts
Truck gardens severely damaged by frost.
poor.
prices of most commodities used in farm production prob¬
ably
cold,
scrapping elsewhere.
and planting in
Nov. 6 in its annual outlook report on pro¬
on
costs.
warmth;
Subnormal
Rock:
4-5th, stopped growth of vegetation.
Light rain in northwest section
northeast counties; light snow in extreme northwest on 2-3d: dry
elsewhere. Soil very dry in south. Cotton picking nearly done in northeast;
some
products in 1940 probably will average a
little higher than
Arkansas—Little
on
and few
per-unit cost of commodities and services used in pro¬
duction
3139
The Commercial & Financial Chronicle
149
with the uncertain
sentiment.
After an early
increase in burlap stocks at
Calcutta at the end of October, prices recovered, reflecting
the sharp rise in raw jute quotations in the primary market.
Domestically lightweights were quoted at 7.85c., heavies at
exerted
an
reaction,
11.25c.
adverse influence
partly
due
to
an
on
The Commercial & Financial Chronicle
3140
purposes:
Name
Faoe
Illinois & Missouri Bonds
3007
a
Int. Rale
Bessemer, Mich
2546
Harlowton, Mont
Howard Co., Ind
Mich
2550
WIRE
•
314 N. Broadway
ST. LOUIS
Kiowa, Okla
2727
Founded 1890
CHICAGO
Gratiot Township
2401
Stifel, Nicolaus & Cojnc.
De Quincy, La
2403
Madison Co., Mont
2548
b Missoula
SALES
IN
OCTOBER
outstanding developments in the market for municipal
securities during the past month included a steady improve¬
ment in the general price structure and reappearance of the
strong institutional demand for new offerings which regu¬
larly featured new financing operations in the tax-exempt
field prior to outbreak of war in Europe.
As a matter of
fact, the sharp appreciation in quotations resulted in re¬
covery by close of the recent month of most of the price
declines suffered by municipals generally following the
opening of hostilities early in September.
The municipal
market, it may be said, apparently fared better in this
respect than other high-grade obligations, including Treasury
liens.
This return of stability also was reflected in the im¬
proved demand for new offerings, a point which was sharply
illustrated in
the
that
ease
characterized
awarded in the recent month.
not
the
resale
of
issues
While the total output was
impressive, the amount being no more than $51,567,405,
character of bidding by investment bankers adequately
indicated existence of
This
when
substantial demand for
a
issues.
new
in sharp contrast with the situation in September,
considerable difficulty attended the award of only
was
In that month, too, no less than $21,unsuccessfully offered, while for
October the amount was no more than $1,282,745.
The issues of $1,000,000 or more brought out in October
$23,865,498 bonds.
249,440 of bonds
were as
were
follows:
$5,300,000 Massachusetts (State of) water and flood protection bonds
awarded to the First Boston Corp., New York, and associates,
as follows: $5,000,000 water bonds, due from
1945 to 1969,
incl., as 2s, at 101.81, a basis of about 1.88%; $300,000 flood
protection bonds, due from 1941 to 1945, incl., as Is, at
100.598, a basis of about 0.85%.
The bankers made public
offering of only the $5,000,000 issue, the yield basis being
from 1% to 2%, according to maturity.
3,500,000 Pittsburgh, Pa., refunding bonds, due serially from 1940 to
1959, incl., were taken by an account headed by Smith,
Barney & Co. of New York, as 2.10s, at 100.07, a basis of
about 2.09%.
Re-offered to yield from 0.30% to 2.25%,
according to maturity.
3,500,000 South Carolina (State of) highway certificates of indebted¬
ness, maturing in equal annual payments from 1941 to 1950,
incl., sold to a group managed by the Chase National Bank
of New York, as 3s, at 100.69, a basis of about
2.88%.
2,650,000
Moorhead, Minn
15,
Bank,
all
of Atlanta,
at
par.
Due
March
1946.
15,000 Offering postponed
50,000 Not sold
12,500 Not sold
Shenandoah 8. D., Pa
Smitbtown Rural S. D. No. 5,
2551
4%
__
x
50,000 No bids
x
Wayne Twp. 8. D.f Pa.___._
Rate of interest
was
68,750 Sale canceled
3M%
13,500 No bids
optional with the bidder,
a
Issue
taken
was
by PWA. b Attorney General of Texas held that additional legislation
as
4s, at
par,
was necessary
preliminary to sale of issue.
Temporary borrowing by States and municipalities
was
effected in the amount of $24,347,360
during the month of
October. No public financing of this nature was
by the City of New York, which ordinarily is
factor
in
bodies.
interim
loans
contracted each
an
month
The State of California accounted for
a
negotiated
important
by public
substantial
part of the total financing in the recent month.
Other large
contributors
Kern
Milwaukee
were:
Co.,
Wis.,
Co.,
California, and Rochester, N. Y.
The Canadian
new
issue market in
the past month was
featured by the sale of $200,000,000
two-year 2% notes by
the Dominion government, all of which were absorbed
by
chartered banks at par.
The operation constituted the
government's first war loan in the present conflict and the
proceeds were used principally for refunding purposes. This
financing, coupled with bond sales by the Provinces of
Ontario and Nova Scotia, helped swell the
grand volume of
Canadian borrowing during October to a
figure of $212,027,181.
Temporary credit in the amount of $30,000,000 was
obtained by the Dominion through the sale of that amount
of Treasury bills.
A group of Honolulu banks
purchased privately as 2Ms,
at 100.239, a basis of about
2.21%, the $1,500,000 Territory
of Hawaii refunding bonds which were
originally intended
to be sold Sept. 6. That
offering was canceled due to reaction
in the bond market in this
country which followed the start
of hostilities abroad.
The following is a comparison of all the various forms of
loans put out in October of the last five
years:
1939
*Temp.loans(U.
$
30,000,000
1936
1935
$
$
$
55,000,000
28,097,090
27,976,354
50,000,000
83,194,067
71,816,034
7.566,041 126,667,500
55,000,000
40,000,000
(perm.)
Placed in U. S
Placed in
1937
51,567,405 105,167,119
S.) 24,347,360 147,477,500
___
Temp, l'ns (Canada)
Canada loans
1938
$
Permanent loans
None
None
None
None
None
Canada.212,027,181
60,769,063
265,048
56,854,900
408,900
None
4,800,000
None
4,948,000
None
None
None
None
Bds. of U. S. Poss'ns
and Territories...
National
137,000 Sale canceled
x
2729
1,500,000
None
Gen.fd.bds.(N.Y.C)
First
2,000 Not sold
notexc.3M%
3%
not exc. 5%
N. Y
The
8,000 Not sold
15,000 No bids
12,500 Sale canceled
7,495 No bids
1,
2731
BOND
23,000 Not sold
not exc. 6%
D. No.
2730 Oakrldge, Ore
2731 Putnam Co., Tenn
MUNICIPAL
500,000 Bids rejected
265,000 Not sold
x
Co. S.
Mont
3007
Report
$103,000 No bids
not exc.
Doylestown, Ohio
2402
Amount
4%
3%
not exc. 6%
4M%
6%
not exc. 4%
not exc. 4%
not exc.
2268 Brazoria Co., Texas
2729
DIRECT
11, 1939
involving 16 issues having total par value of $1,282,745, the
page number of the "Chronicle" is included for reference
Specialists in
105 W. Adams St.
Nov.
Total
319,441,946 368,413,682 111,138,492 202,615,008 243,840,434
*
2,300,000 Providence, R. I., emergency unemployment relief bonds
purchased by the First National Bank of Boston, as 2Ms.
The original award of this issue as 3s on Sept. 12 was not
consummated.
The bonds mature from 1940 to 1959, incl.
and were re-offered by the First Boston Corp. and R. W.
Pressprich & Co., both of New York, at prices to yield from
0.50% to 2.80%, according to maturity.
2,258,000 West New York, N. J., 3M%. 4% and4M% refunding and
I
and funding bonds purchased by B. J. Van Ingen & Co.,
Inc., New York.
Due from 1950 to 1968, incl.
2,000,000 New Mexico (State of) highway debentures, due from Oct.
1, 1951 to April 1, 1955, sold to E. R. Wright, Chairman of
the Board, First National Bank of Santa Fe, as 3s and
3Ms,
at par, a net interest cost of about 3.11%.
Issue was not
,
re-offered.
1,673,000 Tennessee (State of) new capital obligations sold as 2Ms,
2Ms and 3s to Phelps, Fenn & Co., Inc., New York, and
associates, at 100.029, a net cost of about 2.52%.
Bonds in
amount of $1,000,000 mature Dec. 1, 1956, and the remain¬
ing $673,000 are due Dec. 1, 1950.
The 3s, due in 1950, were
re-offered to yield 2.40, and the 2Ms and 2Ms,
maturing in
1956, were placed at 97.50 and par.
1,500,000 Hartford, Conn., Public works bonds awarded to First
Boston Corp., New York, as 2s, at 100.67, a basis of about
1.93%.
Due from 1950 to 1959, incl.
Re-offered from a
yield basis of 0.35% to 2.05%, according to maturity.
1,100,000 Duval County Airbase Authority, Fla., naval airbase
bonds
purchased by Blyth & Co., Inc., New York, and
3Ms, at 100.61, a basis of about 3.20%.
The
serially from 1942 to 1966, incl. and was reoffered to yield from 2.10% to 3.15%, according to
maturity.
were
associates,
issue
is
as
due
1,000,000 Louisiana
(State
of)
highway bonds sold
to
an
maturity.
1,000,000 Seattle, Wash., municipal light and power bonds, due from
1950 to 1959, incl., taken by the City
Employees' Retirement
System as 4Ms, at par.
The improved demand for municipals in the recent month
resulted in the successful award of the bulk of the
offerings
made in that period.
This was in sharp contrast with the
record in September, when the grand
aggregate of issues
which failed of sale amounted to no less than
$21,249,440,
while actual sales were no more than $23,865,498. In
giving
herewith
a
record
of
abortive
offerings during
_____
The number of
municipalities in the United States emitting
long-term bonds and the number of separate issues made
during October, 1939, were 306 and 397, respectively. This
contiasts with 218 and 284 for
September, 1939 and 569 and
668 for October, 1938.
For comparative
purposes we add the following table,
showing the aggregate disposals of long-term obligations by
States and municipalities in the United States for October
and the 10 months for
a
series of years.
Month of
1939.^
For the 10
October
Months
Month of
October
$51,567,405
105,167,119
28,097,090
$956,386,783
769,778,618
1922..
1936
83,194,067
955,500,882
1921
1935
71,816,034
973,869,107
725,660,514
392,580,167
1920
1938
1937
1934......
1933
1932
1931
1930.
1929......
1928
1927......
1926
1925
42,748,755
55,917,492
43,763,719
16,127,447
155,536,473
118,736,328
99.233,455
118,521,264
102,883,400
79,237,656
800,602,665
701,938,924
1,156,129,993
1,211,857,702
1,055,135,088
1,094,074,433
1924......
1923
For the 10
Months
$92,079,368 $1,280,504,969
84.988,615
850,952,400
71,333,536
990,188,429
1919
114,098,373
80,933,284
62,201,397
1918
6.609,205
1917
24,750.015
1916
34,160,231
28.332,219
15,126,967
1915
1914
1913
39,698,091
868.392,996
570,109,507
581,871,151
245.789.038
402.828.039
402,548,332
434,829,036
423,171,790
1,297,029,358
1912
27.958,999
327,902.805
345,871,920
1,149,105,018
1911
26,588,621
341,092,191
1,174,724.056
account
headed by Blyth & Co., Inc., New York, which bid a
price
of 100.07 for a combination of 3 Ms, 3
Ms and 4s, a net interest
cost of about 3.92%.
Due from 1943 to 1961, incl.
Reoffered to yield from 2.75% to
3.85%, according to coupon
rate and date of
Including temporary securities issued by New York City: None in 1939;
$30,000,000 in 1938; $13,000,000 in 1937; none in
1936, and $50,000,000 in 1935.
October,
Owing to the crowded condition of our columns we are
obliged to omit this week the customary table showing the
various issues brought out in October.
The hst will appear
in a subsequent issue.
News Items
California—Old
Election—The
Age
voters
of
Pension
the
Plan
Defeated
State refused
to
at General
sanction the
old age pension proposal submitted to them at the election on
Nov. 7, according to a dispatch out of Los
Angeles on that
date to the New York "Times," from which we
quote in
part
as
follows:
Volume
The Commercial & Financial Chronicle
149
On the basis of Incomplete but representative returns
from today's elec¬
tion, California has declined "ham and eggs."
In Los Angeles County, from which the advocates of the $30-everyThursday pension plan directed their campaign, partial returns tonight
from 4,345 of the 4,484 precincts gave a vote of 155,912 yes, 279,238 no.
Scattering returns from other sections of the State indicated that at
least
two-to-one vote was
being registered against the plan.
State Senator Robert W. Kenny, head of
the campaign for the opposition, said that "ham and eggs" had been defi¬
nitely cut from California's political diet.
"In defeating ham and eggs we have not at all solved the general prob¬
lem," Senator Kenny said.
"We must realize that California cannot sup¬
port all the senior citizens of the United States.
The national Government
must begin immediately to expand its program on social security so that
this problem can be developed along national lines."
An analysis of the vote indicated that all sections of the State regarded
the pension proposal, which would have attempted to set up State warrants
backed by nothing as a medium of circulation side by side with United
States dollars, with one mind.
In the big farming counties, in the oil area,
in the timber sections which have been suffering hard times lately, the
a
On the basis of these returns,
of
mass
voters
responded in the
same way.
Seasoned observers were amazed at the unanimity of the election returns.
turned
against the scheme, which would have put $30 in State warrants into the
pockets of all needy citizens 50 years old or more every Thursday morning.
Even the sections of the State that have been most hard hit lately
Governor Olson—A United
dispatch from San Francisco on Nov. 8 reported in
part as follows:
Recall Movement Planned Against
Press
Embittered oldsters, defeated two-to-one at the polls in their second at¬
tempt to legalize the $30-every-Thursday life retirement plan, tonight
planned to seek recall of Gov. Culbert Olson, and to revive their plan in
1940
elections.
With
in from 10,951 precincts of the 11,209 in California,
979,542 for ham and eggs, 1,875,323 against it.
returns
vote stood at
the
Two regulating loan companies
were passed, one chiropractors' initiative lost, and the Atkinson oil conserva¬
tion control bill, indorsed by President Roosevelt, was vetoed 1,714,789
to 1,071,036.
Recall petitions reportedly were started in circulation by leaders of the
California Life Retirement Payments Association, sponsors of the plan
on which California voted in record numbers yesterday.
The organization must obtain 318,176 signatures—12% of the vote cast
in the last general election for Governor—to force an election on the recall
Four propositions were on the ballot.
of Governor Olson and the selection of
a successor
Municipal Issues Approved and defeated at General
Election—Judging from the returns reported thus far on the
voting at the general election on municipal bond issuing
proposals around the country, the balloting was largely on
the negative side.
The State of New Jersey was the prin¬
cipal exception, the voters there authorizing a $21,000,000
ipalities of New York State to comply strictly with the new
refunding provisions of the State constitution, in preparing
their budget for the next fiscal year.
Mr. Tremaine said it was his intention to give notice to all muncipal fiscal
officers, of both major parties, that there be no relaxation from the new
provisions of Article VIII, Section 2, of the constitution which says in part
that
"indebtedness
contracted
heretofore
(by municipalities) may be
refunded only with the approval of and on terms and conditions prescribed
by the State Comptroller, but in no event for a period exceeding 20 years
from the date of such refunding."
Mr. Tremaine, who was a delegate to the Constitutional Convention
last year, at which the new provisions were formulated, said the debate that
preceded their adoption "clearly revealed the intention to eliminate as far
as possible the practice of some municipalities to refund bonded indebted¬
ness for the illusory purpose of reducing tax rates largely for questionable
political reasons."
"The frequent result of such practice," he said, "was that taxpayers
were lulled into a false conception of public economy, while actually paying
for 'dead horses.' "
"During the first year's operation of the new amendment," Mr. Tre¬
on to say, "a policy of leniency was largely followed because
local budgets were virtually made up before the amendment became
operative, and therefore a strict adherence to the new provisions would, in
many instances, have meant a real hardship."
Mr. Tremaine said that having passed what he considers the period of
adjustment, that in the future requests for permission to refund bonds
would have to be based upon valid economical reasons rather than upon
political considerations.
maine went
many
Ohio—Voters
Defeat Pension Proposal—We quote in part
dispatch out of Cleveland on Nov. 7,
dealing with the negative vote cast on the old age pension
plan which was submitted on that date:
as
follows from
a news
Ohio voters killed the Bigelow $50-a-month-at-60 pension proposal today
They rejected the plan by 3 to 1 in one of the heaviest off-year election
votes in the State's history.
Herbert S. Bigelow, preacher and politician, conceded early in the even¬
ing that his proposed constitutional amendment had been "snowed under."
But he announced that he had drafted another for submission to the voters
"The fight is going to go on," he said.
proposed amendment sponsored by the former spokesman
next year.
Another
the Townsend plan in Congress also met overwhelming defeat.
have eased requirements for popular initiation of constitutional
and legislation.
Returns on the pension proposal from 6,000
showed 368,294 for and 1,143,859 against.
of
This would
amendments
of the State's 8,589 precincts
Secretary of State Earl Griffith said that the figures indicate the most
smashing defeat ever administered to a proposal by the voters of Ohio,
A constitutional amendment to establish a State Board of Education and
a referred bill to reorganize the State Civil Service Commission, which had
,wide support, also went down to a crushing defeat.
Taking no chances in casting a favorable tally for either of the Bigelow
proposals by a mistake, the voters chalked up a large and emphatic
relief issue.
bank.
In Cincinnati several proposed issues were rejected, involving a total of
$13,000,000.
One of $2,000,000 was to have been for street and highway
improvements; another of $2,000,000 for parks and playgrounds; one of
$3,000,000 for special street improvements, and one of $6,000,000 for a
turning down of a plan to issue $20,000,000 bonds for a State
municipal stadium.
In Cleveland, the voters of that city and Cuyahoga County failed to
approve two bond issues,
The county issue involved $4,500,000 for roads
and the city issue $3,000,000 bridge bonds.
An issue of $3,500,000 proposed in Ogden, Utah, for construction of a
municipally-owned electric plant was likewise rejected.
Other proposals
rejected included an issue of $4,800,000 Akron, Ohio, bonds; $1,475,000
Arlington County, Va., bonds; $1,200,000 San Buenaventura , Calif.;
$1,000,000 Covington, Ky., bonds; $500,000 Newport, Ky., bonds.
Voters
of Sandusky, Ohio, approved an issue of $747,000 sewer bonds.
Incomeplete returns on a $75,000 underpass project at Rock Springs,
Wyo., indicated the bond issue was approved.
Lee County, Fla., voted
10 to 1 in favor of a similar issue for airport improvement.
Boston, Mass.,
and Providence, R. I., voted restrictions on public borrowing.
New Jersey—Relief Bond Issue Approved by Voters—Prac¬
tically complete returns from the general election throughout
the State show that the proposal to issue $21,000,000 in
bonds for unemployment relief over a two-year period was
approved by a majority of 50,330 votes, although it carried
in only five of the State's 21 counties.
The final vote was 389,561 for and
339,231 against, with Hudson County
supplying 170,067 affirmative and 28,684 negative ballots.
Mayor Frank
Hague of Jersey City, the State Democratic leader, led the campaign for
the bond issue, and his county's 141,383 majority exceeded bis own predic¬
tion of 125,000.
Democratic Middlesex County favored the bonds, as did the Republican
South Jersey counties of Atlantic, Camden and Gloucester.
State Treas¬
William H. Albright, leader of the South Jersey Good Government
Republican faction, supported the bonds despite the opposition of the fac¬
tion's Clean Government allies in Essex and Bergen counties.
Authorization of the issue means that relief financing will not be an issue
in the 1940 session of the Legislature, which leaders of both parties hope to
bring to a quick end because of the spring primaries.
The question dead¬
locked this year's Legislature for seven months until the Albright forces
and the Democratic minority formed a coalition to pass the bond bill in
the face of a Republican platform pledge against increasing the
bonded
urer
debt of the State.
lev^y a announced thatland only.
ie
special tax on tentative
plans for his new amendment called for
pensions of $50 a month to single persons and $100 a month to married
couples over 60, instead of the $80 a month to married couples which the
defeated amendment called for.
Bigelow's new proposal, however, there will be a drive
old-age pensions in Ohio from a maximum of $30
month, in comformity with recent changes in the Federal
Social Security Act, without reducing the present age limit of 65.
To combat Mr.
to increase the present
a
month to $40
a
Exemption of Municipal Bonds Still Viewed as
Issue—Although State and municipal officials have
been successful so far in preventing the enactment of legis¬
lation subjecting State and municipal bonds to Federal
income tax, "the end is not yet," Solicitor General Henry
Epstein of New York warned delegates at the annual con¬
vention of the American Municipal Association.
Tax
Live
The speaker cautioned the mayors and other municipal officials attending
"you cannot for a moment rest on your success in stop¬
ping this proposal during the last session of Congress.
The facts indicate
that the Treasury Department will be exerting all of its influence during
the course of the session of Congress that will resume in January, to extend
the Federal power to the taxation of your securities."
Mr. Epstein denied that the constitutional immunity of State and munici¬
pal bonds was being used by the wealthy as a means of tax avoidance, as
the Treasury asserts.
He stated that the Treasury "has almost wholly concentrated on an emo¬
tional appeal to the prejudice of the public.
They have carefully built
up in the public mind the fiction that this tax will soak the rich."
The fact
of the matter is, the speaker stated, that the burden of the tax will fall
directly on the local real estate taxpayers.
He urged the officials present
to bring this home to the general public, since this is what the average citizen
the convention that
does not realize.
Report Improved Financial
States—Adoption of better State finan¬
United States—Fiscal Officers
Conditions in Several
practices and procedures, and reorganization
agencies, were foremost factors responsible for
cial
of finance
improved
number of States to
National Association of State Auditors^ Comptrollers
Treasurers in a nationwide survey covering 38 States.
State from
Collecting Full Amount of Back Rail Taxes—Emphasizing the
fact that taxing authorities should consider railroad earnings
in making assessments, Federal Judge Forman on Nov. 2
struck at New Jersey's taxing methods and restrained the
State from collecting more than 60% of the current taxes
levied on the carriers, according to press dispatches from
fiscal conditions this year
Trenton.
during the year, and reduction in the cost of their Government
factors to which fiscal officers in the improved States attributed
New
In
now
Jersey—Federal
Court Ruling Restrains
a 62-page opinion prepared more than a year ago but not filed
.because both the State authorities and the roads believed that a
lative compromise might
until
legis¬
be effected, the court said it was not prepared to
"state to what extent the assessments are
The decision was on appeals by
the years 1934,
for the period.
1935 and 1936.
excessive."
the taxed roads in the State and covered
The Pennsylvania RR. has paid the taxes
,
opposite to one on 1932 and 1933 taxes and the
court held that in that case the railroads had not submitted proof that the
assessments were excessive.
When the decision was being handed down by Judge Forman, five of the
The decision was exactly
larger railroads which have been
fighting against the State's taxes made
than $3,000,000 as part of the 1932-1933 taxes,
General David T. Wilentz, said that he would ask Supreme
Court Justice Trenchard to grant a 30-day postponement of the State's
move to secure summary judgment against the roads for the collection of the
arrangements to pay more
and Attorney
delinquencies.
^
and the amounts they agreed to pay were;
Western, $1,000,000; Lehigh Valley, $900,000;
The five carriers
Lackawanna &
Central, $580,000; Reading, $160,000,
Delaware
New York
and Erie, $450,000.
Fake in Newark restrained the State from
with its action against the Central Railroad of New Jersey
which has filed a petition in bankruptcy.
Late
on
"no"
all four State issues.
Opponents estimated that the pension amendment would have cost $310,000,000 annually and bankrupted the State.
Mr. Bigelow and his aids tonight were making plans for the new pension
amendment, which they said would leave no doubt of their intention to
against
eggs" pension scheme in California went
With the defeat of the "ham 'n'
a
3141
Nov. 1 Federal Judge
proceeding
New York State—New
Bond Refunding Regulations to Be
Enforced—Morris S. Tremaine, State Comptroller, announced
on Nov. 5 his intention to require fiscal officers of the munic¬
the
and
In
a
majority of the States
same now as
they were at
reported by
a
reporting, financial conditions are about the
About half tne States report¬
this time last year.
ing said no change had occurred, while the remaining States were divided—•
half indicating they had improved their financial status, and the other half
that they were worse off.
Better business conditions, resulting in increased revenue collections
„
.
were other
the change
f°The
relapse in the financial health of some of the States was
increased costs of social security and relief, increased dependency
laid to
of local
and the decrease in revenues resulting from poor
crops and bad business conditions.
.
Other elements contributing to the weakened financial conditions in
individual States were;
Increase in prices for commodities and supplies
used by the State; necessity to repair State institutions neglected during the
depression; the performance of expanded services and the giving of larger
aids without provision of adequate revenue; and the overestimating of
governments on the State,
in the budget.
revenues
which extensively reorganized their fiscal departments
Alabama, Minnesota dnd Rhode Island, which made
coordinate and consolidated finance functions.
New York
reorganized its State Department of Taxation and Finance from top to
bottom as a result of a constitutional amendment which made the comp¬
troller, heading the department of audit and control, responsible for the
pre-audit of all State committments and expenditures.
Idaho created the
office of comptroller in order to combine into one office all functions of an
Among
States
within the year were
changes
to
accounting nature.
Improvements in practices and procedures were made by Georgia and
Okla ioma, which established central purchasing for State supplies; and by
Michigan, which concluded a comprehensive survey of finance and account¬
ing activities providing for the installation of a mechanically operated
accounting system.
Other States which made improvements in financial
,
procedures during the year include
Utah
and
Vermont.
,
^
Colorado, Indiana, Iowa, New Mexico,
The Commercial & Financial Chronicle
3142
United States
Housing Authority—Local Housing Units
Ask Bids on Note Issues—In line with the
Housing Au¬
thority's recent decision to encourage the participation of
private capital in financing slum-clearance and low-rent
public housing projects—V. 149, p. 3004, a number of local
agencies made announcement the past week of their intention
to offer at public sale in the near future note issues in the
aggregate principal amount of $.50,000,000.
In connection
with the various offerings, the USHA issued the announce¬
ment reprinted below, dated Washington, D. C., Nov. 7.
All of the notes of the several issues will be dated Nov.
issued in denominations
This proposal
State of
signed.
The undersigned hereby agrees to
accept delivery of and make payment
at the Federal Reserve Bank of Atlanta,
Atlanta, Ga., within seven (7) days after the delivery of said transcript of pro¬
ceedings to our attorneys.
Such payment to bp made in funds available
for immediate credit at said Federal Reserve Bank.
14,
Westchester
County, N. Y.—Hutchinson Parkway Toll
Illegal—An injunction restraining the Westchester
County Park Commission from collecting tolls on motorists
Held
for the
The decision
handed down
was
a
reversal of
a
ruling made
on
Aug. 17
by Justice Lee Parsons Davis, in the Supreme Court, in White Plains,
N. Y., which upheld the right of the county to
charge a toll on the Hutchin¬
son
River Parkway.
At that time Justice Davis had denied an application for an
injunction
restraining the county from collecting the toll, which was made
by Edward
II. Hendrickson, of Rye, N. Y., and Martin
Colodny, of New York City,
in behalf of the Automobile Club of New
York, of which they are em¬
ployees.
Justice Davis ruled that the county, by the broad terms of its
charter, had the power to levy the toll, and that the
parkway was part of
the county's park system and not subject to State
laws, which prohibit
tolls on State highways.
The decision of the majority of the judges of the
Appellate Division,
however, ruled that provisions of Section 4 of the Westchester County
charter were limited "for the purpose of
granting complete power only over
those matters relating
solely to local affairs of the county and their adminis¬
tration," and "that the toll is forbidden by general State law, and that no
authority has been conferred
tion."
upon the county to abrogate that prohibi¬
It further added that the parkway was a
public agency and as such
under the ruling of Section 54 of the vehicle and traffic
law, over which
the State retains its plenary power.
came
"Even after the adoption of a form of government for a
county," the
opinion stated, "the Legislature retains its plenary power to act in relation
to counties by general law.
The vehicle and traffic law is a general law
and applies to all local governmental
agencies concerned with highways.
No general grant of local administrative power will warrant the
abrogation
of the
provision contained in
highway use."
tolls for
as
the general law against local imposition
of
Three-Day Extension Granted to County—We quote, in part,
follows, from a report appearing in the New York "Herald
Tribune" of Nov. 9:
The Issuers
A three-day stay of execution of the
injunction restraining the West¬
chester County Park Commission from
collecting tolls from motorists for
of the Hutchinson River Parkway was granted
yesterday by Presiding
Justice Edward Lazansky, of the Appellate Division of the
obligations of local public housing agencies (the issuers)
public bodies corporate and politic created by or pursuant to the
laws of one of the States and engaged in the
development of low-rent
housing projects.
Plan and Purpose of Financing
are
(herein
of the Hutchinson River
Parkway was granted on
Appellate Division of the Supereme Court,
Brooklyn, which held, by a four-to-one vote, that West¬
chester County had no authority to exercise
"imposition" of
tolls on public highways.
The court's decision brought im¬
mediate action by William A. Davidson, Westchester
County
Attorney, who said he would apply for a stay of the injunc¬
tion, preparatory to taking the case to the Court of Appeals.
The notes will be
Housing Authority
use
Nov. 6 by the
are:
States
and it is upon the understanding that the
for said temporary loan note(s)
for six
United
follows:
shall furnish a complete certified transcript evidencing to the satisfaction of
said attorneys the lawful organization of the Housing Authority of the
City
of Atlanta, Ga., and the validity of said temporary loan note(s) and said
advance loan note.
The expense of such opinion is to be borne by the under¬
of 11 local public housing agencies which have signed loan con¬
the United States Housing Authority are today inviting sealed
months, non-callable temporary loan notes aggregating
150,000,000.
This temporary financing is the beginning of a program
which is
expected to embrace financing of many other local housing au¬
thorities ana to result in substantial savings in interest costs to local
housing
agencies.
Present expectations are that similar short-term notes in
groups
or $50,000,000 will be offered by various
housing authorities on a regular
schedule each four to six weeks.
The several issues at temporary loan notes
now offered at public sale are in form
recently approved by the USHA.
Outstanding features of these note issues may be summarized as follows:
The
as
is subject to the approval of the validity of said note(s)
and the validity of the advance loan note described in the attached notice
of sale by our attorneys Messrs.
of the City of
A group
tracts with
which
1939
Said note(s) shall bear interest at the rate of
per
centum per annum payable at the maturity of said note(s) at the
Bank in the City of
and State of
and shall be
Alley Dwelling Authority (P. O. 1300 E Street, N. W.,
Washington, D. C.).
Atlanta Housing Authority, Ga.
Charleston Housing Authority, S. C.
Charleston Housing Authority, W. Va.
Chicago Housing Authority, 111.
Louisville Municipal Housing Commission, Ky.
Macon Housing Authority, Ga.
New Orleans Housing Authority, La.
Peoria Housing Authority, 111.
Philadelphia Housing Authority, Pa.
Pittsburgh Housing Authority, Pa.
The USHA announcement, dated Nov. 7, read as follows:
proposals
11,
of $
1939, and payable to bearer without option of prior redemp¬
tion on May 14, 1940.
Rate of interest in each instance is
left to discretion of the bidder and repayment of the notes
by
issuer at maturity is assured by virtue of a loan agreement be¬
tween the Federal agency and the borrower, said agreement
being part of the conditions of the offering notice.
The
various offerings differ only in respect to the amount
being
offered by the respective local bodies and, with this ex¬
ception, the conditions of sale as set forth in the USHA
announcement are applicable to each of the several
offerings.
Before giving the text of said announcement we wish to note
here the names of the proposed issuers and to point out that
a brief report in each case will be found in its
appropriate place
on
a
subsequent page.
The authorities making offerings
at this time
Nov.
use
Supreme Court,
Brooklyn.
The stay will enable the commission to continue to
on the parkway pending a
hearing in the
called
the USHA) has
their development
development costs.
prior to the issuance
charge 10-cent tolls
Appellate Division tomorrow,
as to why the stay should not be continued
appeal is made to the Court of Appeals.
when arguments will be heard
entered into Loan Contracts with the issuers to assist
of the projects by loans in amounts equal to
90% of the
Under these Loan Contracts the USHA has agreed that
until
and delivery to it of definitive bonds, it will make advances of funds to
the
on account of said loans upon their
filing requisitions and complying
with the provisions of the Loan Contract.
an
issuers
Bond Proposals and
The temporary loan notes, first of which are now offered for
sale, will
be issued in order to obtain the
participation of private capital in the
development of the projects and to reduce the carrying charges of the issuer
during construction by its sale of short-term notes bearing interest at very
ALABAMA
much lower rates than the USHA
is required to charge.
The proceeds of
be used to pay costs incurred in the
development of the
The plan is to borrow funds from others than the USHA in
anticipation of the advances to be made by it under the Loan Contract.
The notes will be issued after the USHA has
approved a requisition for an
these notes will
project.
advance of funds to the issuer in an amount which will be sufficient
to pay
the principal of the notes with interest thereon to
maturity, and after the
USHA has deposited with the Federal Reserve Bank of the district in
Negotiations
NORTHPORT,
Ala.—BOND SALE—The
$20,000 water works and
bonds offered for sale at public auction on Nov. 7—V. 149, p.
3004—were awarded to Ward, Sterne & Co., and
Watkins, Morrow & Co.,
both of Birmingham, jointly, as
3Ms, paying a price of 99.52, a basis of
about 3.80%.
Dated Dec. 1, 1939.
Due $1,000 on Dec. 1 in 1942 to 1961,
incl.
sewerage
which
the issuer is located an authorization (which is irrevocable as
provided in a
requisition agreement between the USHA and the issuer) to pay the amount
of such advance to the issuer
on a date which will be three
days prior to the
The notes will be payable out of the
proceeds of
the advance to be made by the USHA.
ARIZONA BONDS
maturity of the notes.
Security for Notes
Market* in all Municipal Issuer
These notes will be valid and
binding obligations of the issuer and will be
requisition agreement between the issuer and the USHA under
which the USHA will agree to make available to the
issuer, on a date three
days prior to the maturity of the notes, funds in an amount equal to the
secured
by
a
{jrincfpal of directnotes USHA
and interest thereon to maturity. The
rrevocably said
the
pay such funds to the bank at
to
notes are
payable for
the notes when
same
use
REFSNES,
issuer will
which the
ELY, BECK & CO.
PHOENIX, ARIZONA
in the payment of the principal of and interest on
become due and payable.
Tax Exemption Features
Under the provisions of Section
5(e) of the United States Housing Act as
amended, the interest on these notes is exempt from all Federal income taxes.
In practically all instances the notes are
also tax-exempt in the State under
the laws of which the issuer
was
created.
ARIZONA
MARICOPA COUNTY SCHOOL DISTRICT NO. 40 (P. O.
Phoenix),
Ariz.—BOND OFFERING— It is reported that sealed bids will be received
until
10 a. m. on Nov. 13, by the Superintendent of
Schools, for the pur¬
a $48,000 issue of school bonds.
Interest rate is not to exceed
5%, payable semi-annually.
A certified check for 5% must accompany
chase of
Shipping Costs
The expense of
shipping the notes from the Federal Reserve Bank
which payment for them is made will not be
charged to the purchaser.
at
the bid.
Other Details
The notes are to be awarded to the bidder
offering to pay the lowest in¬
terest cost.
In computing the lowest
interest cost, the Authority will take
into consideration
any premium which the purchaser agrees to
pay.
Pro¬
posals tor the purchase of notes are required to be
submitted in a bidding
form w'hich is set out in each of
the formal notices of sale, published else¬
where in this issue.
No bid for less than
par and accrued interest will be
considered and no proposal will be
received for less than the full amount of
each separate issue of notes
offered.
ARKANSAS BONDS
Markets in all State, County & Town Issues
j.?*16*.
current USHA slum-clearance and low-rent housing program pro¬
vides tor projects to rehouse
approximately 160,000 low-income families at
total development cost of
around $770,000,000.
There are now 297
projects under USHA loan contracts with 133 local
housing authorities in
27 States, the District of
Columbia, Hawaii and Puerto Rico.
The USHA
has made loan contracts,
SCHERCK, RICHTER COMPANY
a
to
LANDRETH
BUILDING, ST. LOUIS, MO.
totaling $521,317,000, with these local authorities,
defray 90% of the cost of their projects.
The
for
one
following is the text of a representative bidding form
of the note issues, the
city being picked at random:
{Form
of Proposal to Be Dated and Addressed to the
thority of the City of Atlanta, Ga.)
Housing Au¬
in the notice of sale attached
hereto, which is made
will pay you par and accrued interest to date of
COUNTY
(P.
O.
Pocahontas), Ark.—BOND SALE—
The $78,000 issue of coupon courthouse bonds offered for sale on Nov. 6—
V. 149, p. 2544—was awarded to Mr. A. B. Cobb of Keo, as
4%s, paying
premium of $7,901.40, equal to 110.13, according to Joe S. Decker,
County Judge.
Coupon bonds, dated Nov. 1, 1939.
Denoms. $2,000 to
Due in 1940 to 1968.
Interest payable J-J.
a
For (a) temporary loan
note(s) of the Housing Authority of the City of
Atlanta, Ga., in the (aggregate) principal amount of $__
we
ARKANSAS
RANDOLPH
described
a
part of this proposal
delivery plus apremium
$4,000.
The second
W. R.
highest bid was an offer of 110.12 on
Stephens Investment Co. of Little Rock.
submitted by the
Volume
3143
The Commercial & Financial Chronicle
149
Valz Jacksonville's gross debt on Sept. 30,
1939 was $13,582,000 being composed of $10,207,000 general obligations
and $3,375,000 water and electric plant revenue certificates.
At Dec. 31,
1938 the reported debt was $13,717,000 of which $10,392,000 were general
obligations and $3,325,000 revenue bonds.
reports released by Commissioner
California
Municipals
LEE
485 California Street, San
COUNTY
Fla.—BONDS VOTED—At the
O. Fort Myers)
(P.
general election on Nov. 7—V. 149, p. 2260—the voters are said to have
approved the issuance of the $75,000 in airport bonds by a wide margin.
Bankamerica Company
WEST
Francisco
PALM
BEACH, Fla.—FISCAL AGENTS APPOINTED—'The
of unrefunded bonds of the above city are being advised
Thomas M. Cook & Co. of West Palm Beach, have been appointed
holders
Bell System Teletype
OFFICES
SF 469
agents
CALIFORNIA
CALIFORNIA, State of—MUNICIPALS STRONGER AS RESULT OF
ELECTION RETURNS—A dispatch from San Francisco to the "Wall
Street Journal" of Nov. 9 had the following to report:
The California municipal market is stronger in all
respects following
decisive defeat of "ham 'n' eggs" pension scheme at the polls Tuesday.
Most dealers have marked up their California municipals from 10 to 20
basis points and bids have been boosted from 5 to 15 basis points.
Trading
volume was fair although not much came into the market.
San FranciscoOakland Bay bridge bonds of 1976 went to 107)4 bid; up 1M points from
Monday and at a new peak since the low of 99 tnat was registered several
weeks ago.
Dealers reported a strong undertone and a good inquiry for California
bonds from Pacific Coast, MiddleWest and eastern points. Volume of trading
likely be limited by scarcity of bonds, inasmuch as all California issues
showing the market in recent weeks have apparently been taken by buyers
and dealers and held over the election period.
will
eggs" pension plan was greater
had expected.
reading of this and other election results was apparent confirmation
Extent of the sweep against "ham and
than even more optimistic prognosticators
Chief
of
a
San Francisco's return of Mayor
trend to conservatism in California.
Rossi for
a
third term by a margin of 21,000 votes in a race which included
was notable because of C. I. O. efforts in behalf of Repre¬
six candidates
sentative Frank R. Havenner, New Deal
that
fiscal
for the city's unrefunded bonded indebtedness aggregating $1,439,000. All holders of unrefunded bonds, matured coupons and judgment
liens are requested to communicate with the fiscal agents for further details
of the refunding program.
PRINCIPAL CALIFORNIA CITIES
IN OTHER
GEORGIA
AUTHORITY,
Ga —NOTE OFFERING—
(CST), on Nov. 14, by James H.
HOUSING
ATLANTA
be received until noon
Sealed bids will
Therrell, Executive Director of the Housing Authority, for $4,300,000
negotiable temporary loan note or notes.
Dated Nov. 14, 193y. Due on
May 14, 1940.
Further details are included in a news item captioned
"United States Housing Authority," which appears on a preceding page of
this section.
DISTRICT
SCHOOL
COOLIDGE
(P.
O. Coolidge), Ga .—BONDS
of the District that $30,000
SOLD—It is stated by the Secretary-Treasurer
building bonds have been sold at a price of
101.73.
HOUSING AUTHORITY, Ga.—NOTE OFFERING—Sealed
p. m. on Nov. 14, by Jack Cutler, Secretary
Housing Authority, for the purchase of $1,000,000 temporary loan
note or notes, designated First Series.
Dated Nov. 14, 1939. Due on May
14, 1940. Further details on this type of offering are given under the caption
of "United States Housing Authority," in the News Items, on a preceding
page of this section.
MACON
bids will be received until 1
of the
IDAHO
Congressman who has also been a
strong public ownership proponent in San Francisco.
of— WARRANTS SOLD—The following regis¬
tered warrants aggregating $5,729,854, were offered for sale on Nov. 9
by Harry B. Riley, State Comptroller, and were purchased by R. H.
Moulton & Co. of San Francisco, at par on 3%: $2,750,000 unemployment
relief, and $2,979,854 general fund warrants.
Dated Nov. 14, 1939. Due
CALIFORNIA,
on
or
State
about Aug. 29,
Idaho-—BOND SALE DETILS—It is now reported by
Clerk that the $13,000 water works bonds sold to the State, and
the $5,000 water works bonds sold to a local investor, as 4s, noted in our
issue of Oct. 21—V. 149, p. 2545—were sold at par; the $13,000 issue to
mature on July 1 in 1949 to 1959, the $5,000 bonds to mature on July 1 in
BELLEVUE,
the City
1941
to
1949.
1940.
(P. O. Fresno) Calif.—SCHOOL BOND OFFER¬
ING—We are informed by E. Dusenberry, County Clerk, that he will
receive sealed bids until 10 a. m. on Nov. 17, for the purchase of an issue of
$165,000 Fresno School District bonds. Interest rate is not to exceed 5%,
payableM-N. Dated Nov. 1, 1939. Denom. $1,000. Due Nov. 1, as follows:
$10,000 in 1944 to 1958, and $15,000 in 1959.
Prin. and int. payable in
lawful money at the County Treasurer's office.
A reasonable time, not
to exceed 10 days, will be allowed the purchaser for the purpose of deter¬
mining the legality of the proceedings had in connection with the issuance
of the bonds, and the bonds must be taken up and paid for within five days
after notice has been given that they are ready for delivery.
Enclose a
certified check for $5,000, payable to the Board of Supervisors.
ILLINOIS
FRESNO COUNTY
(P. O. Ventura, Box 449), Calif.—BONDS
on Nov, 7 the voters defeated the
proposal to issue $1,200,000 in electric light plant bonds by a wide margin.
SAN BUENAVENTURA
DEFEATED—At the general election
CONNECTICUT
DARIEN
CP. O. Darien), Conn.—NOTE OFFERING—J. A. F. MacCammond, Town Treasurer, will receive sealed bids until noon on Nov. 15
for the purchase of $25,000 not to exceed 4% interest coupon sewer notes.
Dated Nov. 1, 1939.
Denom. $5,000. Due $5,000 on Jan. 1 from 1941 to
1945 inci. Rate of interest to be in a multiple of
or l-10th of 1%. Prin.
and int. (J-J) payable at the Home Bank & Trust Co. of Darien, and the
authenticating certificate of the institution will be signed on the notes.
Legal opinion of Commings & Lockwood of Stamford will be furnished the
successful bidder.
A certified check for 2% of the issue, payable to order
of the Town Treasurer, must accompany each proposal.
RIDGEFIELD
(P.
O.
Conn.—NOTE SALE—R.
Ridgefield),
L.
Day & Co. of Boston purchased in latter part of October an issue of $60,000
anticipation notes at 0.55% discount.
Dated Oct. 25, 1939 and due
July 9, 1940.
tax
BELLEVILLE SCHOOL DISTRICT,
—The above district is
COMMUNITY HIGH SCHOOL DISTRICT
Hardon), III.—BONDS AUTHORIZED—The Board of
authorized an issue of $9,000 394% bonds to create a
working cash fund.
Dated Nov. 1, 1939 and due $1,000 on Dec. 1 from
CALHOUN
NO.
38
AUTHORITY (P. O. 1300 E Street, N. W.),
Washington, D. C.—NOTE OFFERING—John Ihlder, Executive Officer
of the Authority, announces that sealed bids will be received until 1 p. m.
on Nov.
14 for the purchase of $1,500,000 temporary loan note or notes,
dated Nov. 14, 1939 and due May 14, 1939.
Further details are included
in the news item captioned "United States Housing Authority" which
appears on a preceding page of this section.
BONDS
FLORIDA
1941 to 1949 inci.
CHICAGO, 111.—CERTIFICATE OFFERING—R. B. Upham, City
Comptroller, will receive sealed bids until 11 a. m. on Nov. 15 for the
purchase of $3,000,000 water works system certificates of indebtedness.
Dated Nov. 1, 1939.
Denom. $1,000.
Due Jan. 1 as follows: $1,000,000
in 1949 and $500,000 from 1950 to 1953 inci.
Bidder to specify rate of
interest in multiples of M of 1 %. Principal and interest payable at the City
Treasurer's office or at the fiscal agency of the City in New York City.
Certificates will be issued in coupon form, registerable as to principal and
interest at the City Comptroller's office. Bids must be for the entire offering
of $3,000,000 and award will be mqde on the basis of the bid figuring the
lowest net interest cost to the city.
A certified check for 2% of the issue,
payable to order of the City Comptroller, is required.
Legal opinion of
Chapman & Cutler of Chicago, and engraved certificates will be furnished
by the city. These certificates are issued in accordance with ordinance to
be passed at the meeting of the City Council, Nov. 15, at 2 p. m., and as
authorized by Act of the General Assembly of the State, entitled "An Act
Authorizing Cities Having a Population of 500,000 or More and Owning or
Operating a Water Works System, to Issue Certificates of Indebtedness
Payable Solely from Revenue Derived from the Operation Thereof, for the
Purposes of Improving and Extending Such Water Works System" ap¬
proved June 25, 1929, in force July 1, 1929, as amended.
CHICAGO
National
Bank
T.
S.
DISTRICT, III.—TENDERS WANTED—
issued a call for tenders until Nov. 10
of 1935.
A total of $2,997,000 was
available in the proper sinking fund for the retirement of such bonds.
As
the bonds were quoted in the market at a substantial premium above the
call price of par, no acceptable tpnders were expected.
The request for
tenders is a necessary legal requirement in order to permit the district to
issue a call for the redemption of series B bonds which became optional for
retirement Jan. 1, 1939.
Next call date is Jan 1, 1940. The series A bonds
are not callable prior to Jan. 1, 1945.
CHICAGO
SANITARY
Frank O. Birney, District Treasurer,
of series A and B refunding bonds
HIGH
SCHOOL DISTRICT, W'—nONDS VOTED—At an
authorized an issue of $110,000 construc¬
PEKIN, 111.—BOND SALE DETAILS—The $80,000 filtration system
golf course bonds reported sold in V. 149, p. 2725, were purchased
and
by the Harris Trust & Savings Bank of Chicago, as
1939.
Denom. $1,000.
Coupon bonds due $4,000
from 1940 to 1959, inch
Interest A-O 15.
Pierce, Resident Manager
PEORIA HOUSING
FLORIDA
FLORIDA,
In connection
State
nods will be
of—BOND AND NOTE TENDERS RECEIVED—
with the cail for
tenders of sealed offerings of matured
or
bridge or highway bonds, time
warrants, certificates of indebtedness and (or) negotiable notes of various
counties and special road and bridge districts, noted here on Oct. 21—V. 149, p. 2545—it is reported by W. V. Knott, State Treasurer, that 21
parties offered bonds.
unmatured original or refunding road and
JACKSONVILLE,
Fla.—BOND
OFFERING—Sealed
received until 2:30 p. m. on Dec. 1, by M.
bids
will
Prin. and int. payable at the City Treasurer's
city, in
for less
than par value of the bonds will be considered.
These bonds are direct
obligations of the city, secured by the net revenue derived from the opera¬
tion of the electric light plant of, and by pledge of the entire taxable prop¬
erty in the city, real and personal.
The bonds are authorized by resolution
of the City Council, entitled "A Resolution Authorizing the Issuance and
Sale of Refunding Bonds by the City of Jacksonville, Pursuant to the
Provisions of Chapter 15772 of the Laws of Florida, Acts of 1931," which
resolution was approved by the Mayor and concurred in by the City Com¬
mission of the city; and the bonds will before date of sale be validated and
confirmed by a decree of the Circuit Court of Duval County, Florida.
The
legality of the bonds will be approved by Thomson, Wood & Hoffman of
New York, whose opinion as to the legality of the bonds, or a duplicate
thereof, will be delivered free of charge to the purchasers.
Enclose a
certified check for 2% of the par value of the bonds bid for, payable to the
City Treasurer.
r
JACKSONVILLE, Fla.—RECENT DECLINE SHOWN IN DEBT—A
debt of the city for the first nine months of
Commissioner of Finance F. M. Valz. According to
decline of $135,000 in the gross
1939 is reported by
AUTHORITY, III.—NOTE OFFERING—Sealed
E. Mehrings, Secretary of the
received at the office of Frank
14,
which appears on a
WESTFIELD.
system bonds
WEST
and
preceding page of this section.
III.—BOND
ELECTION—An
will be considered by the voters on
GALENA
Herbert Dallon.
issue
of $7,500
water
Dec. 12.
SOLD—W. H. Hirst
issue of $4,000 relief
Dated Oct. 12, 1939. Denom.
1945, inci. Interest J-J.
(P. O. Galena), III.—BONDS
both of Galena, purchased an
funding bonds as 3)4s. at a price of par.
$800.
Due $800 on Jan. 1 from 1941 to
$300,000 in 1953.
office, or at the Manufacturers Trust Co. the fiscal agency of the
New York.
The bonds are registerable as to principal.
No bids
2s. Dated April 15,
annually on Oct. 15
Authority, until noon (CTS) on Nov. 14, for the purchase of $3,000,000
temporary loan
note or notes, dated Nov. 14, 1939 and duo May
1940.
For further information regarding this offering reference should be
made to the news item captioned "United States Housing Authority"
bo
W. Bishop, Secretary of the City
Commission, for the purchase of a $450,000 issue of refunding, Second Issue
of 1939, coupon bonds.
Interest rate is not to exceed 4%, payable J-J.
Denom. $1,000.
Dated Dec. 15, 1939.
Due on Dec. 15 as follows: $150,000
in 1952, and
OFFERING—
this section.
Building
FLORIDA
Building
III.—NOTE
tion bonds.
Branch Office: TAMPA
First
AUTHORITY,
Authority, announces that sealed bids
(CST) on Nov. 14 for the purchase of $3,465,000
negotiable temporary loan note or notes, dated Nov. 14, 1939 and due
May 14, 1940.
Further details are Included in the news item captioned
"United States Housing Authority" which appears on a preceding page of
NOBLE
Barnett National Bank
HOUSING
Wood, Secretary of the
election held recently the voters
Clyde C. Pierce Corporation
JACKSONVILLE
COUNTY
O.
(P.
will be received until noon
COLUMBIA
DISTRICT OF
$195,000
Education recently
Elizabeth
ALLEY DWELLING
111.—PLANS BOND OFFERING
contemplating the sale of a portion of the
authorized by the voters last July.
school construction bonds
INDIANA
GREENSBURG,
Ind.—BOND SALE—An issue of $17,500 2}4%
improvement bonds was sold to McNurlen & Hucilman of Indianapolis, on
Oct. 23, at a price of 100.16.
Dated Sept. 1, 1949. Legality approved by
Matson, Ross, McCord & Clifford of Indianapolis.
HAMMOND
SANITARY DISTRICT, Ind.—BOArD OFFERING—
B
Smith, City Comptroller, will receive sealed bids until 2p.m. (CST)
Nov. 24, for the purchase of $600,000 not to exceed 4% interest coupon
series D sanitary bonds, issue of 1939.
Dated Dec. 1, 1939. Denom.
$1,000. Due $20,000 on Jan. 1 from 1942 to 1971, inci.
Bidder to name a
single rate of interest, expressed in a multiple of U. of 1 %.
Principal and
interest (J-J) payable at the City Treasurer's office.
A certified check for
at least 3% of the Issue must accompany each proposal!
Bonds will be
sold subject to approving legal opinion or Chapman & Cutler of Chicago,
and said opinion will be furnished at the district's expense.
The bonds shall
not be in any respect the corporate obligation or indebtedness of the city,
but shall be and constitute the indebtedness of the district of the city as a
special taxing district. The bonds with the interest thereon shall be payable
out of special taxes levied upon all the taxable property in the district.
G
on
3144
The Commercial & Financial Chronicle
They shall be Issued and
offered for sale under and pursuant to
provision
of an Act of the General Assembly of the State,
entitled, "An Act Con¬
cerning the Department of Public Sanitation, &c." approved March
9,
1917, and all Acts amendatory thereof and supplemental thereto.
KIRKLIN
Nov.
11,
1939
are
TOWNSHIP
(P.
O.
Kirklin),
LOUISIANA
HOUMA,
La.—BOND OFFERING—Sealed bids will be received until
10 a.m. on Dec. 6, by Wm. J. Drott, City Clerk, for the purchase of an
$85,000 issue of public improvement bonds.
Interest rate is not to exceed
6%, payable J-D.
Dated Dec. 1, 1939.
Denom. $1,000.
Due Dec. 1,
1942 to 1959.
These bonds were authorized at the election held on Sept.
20,
1938.
The approving opinion of B. A1 Campbell, of New Orleans, and the
transcript of record as patsed upon will be furnished the purchaser without
cost.
Enclose a certified check for $1,700, payable to the city.
Ind.—BOND SALE—The
t70,000 school offered Nov. 7—V. 149, p. to the Fletcher Trust Co, of In¬
34,000 bonds township building bonds 2725—were awarded as follows:
dianapolis, as 2s, at a price of 100.226, a basis of about 1,96%.
Due 51,700 on Jan, 10 and July 10 from 1941 to
1950 incl.
36,000 civil township community building bonds to the Indianapolis Bond
& Share Corp., Indianapolis, as 2s, at a
price of 100,163, a basis
of about 1.97%.
Due $3,600 on July 10 from 1941 to 1950 incl.
The Indianapolis Bond & Share Corp.,
offering 110.215 for 2s, was
second high bidder for the $34,000 issue, while the Fletcher
Trust Co. was
runner up in the bidding for the
$36,000 loan, making an offer of 100.16
NEW ORLEANS HOUSING
AUTHORITY, La.—NOTE OFFERING
—Sealed bids will be received until noon (CST) on Nov. 14, for the
purchase
of $9,600,000 negotiable temporary loan note or notes,
by A. M. Fromherz,
Secretary of the Housing Authority.
Dated Nov. 14, 1939.
Due on
May 14, 1940.
Further details on this type of offering are given under
Authority," under the "News Items,"
for 2s.
the caption of "United States Housing
on a preceding page of this section.
ST.
JOHN, Ind.—BOND SALE DETAILS—'The $5,000 town hall bond®
Raffensperger, Hughes & Co. of Indianapolis—V.
149f
143—bear 2M% interest and were sold at a price of 100.73, a basis o
about 2.36%.
awarded last June to
OPELOUSAS, La .—BONDS OFFERED TO PUBLIC—An issue o*
$133,500 4% electric light and water iefunding coupon bonds being offered
by the Ernest M. Loeb Co., Inc. of New Orleans, for general investment
priced at 102 and interest.
Denom. $500.
Dated Aug. 1, 1939.
Due on
Aug. 1 in 1940 to 1950 incl. Callable on any interest date at 102 and interest,
after 30 days written notice.
Prin. and semi-annual interest payable at the
Louisiana Savings Bank & Trust Co., New Orleans.
Legality approved
by B. A. Campbell, of New Orleans.
p.
IOWA
CHARITON, Iowa—BONDS SOLD—It is reported that $10,000 2%%
refunding bonds have been purchased by Jackley & Co. of
semi-annual
Des Moines at
a
price of 100.63.
TANGIPAHOA PARISH POLICE JURY, WARD
Amite), La.—BONDS NOTREOFFERED—In connection
CHICKASAW COUNTY (P. O. New
Hampton), Iowa—BOND SALE
DETAILS—It is reported by the County Treasurer that the
$25,000 2M%
semi-annual funding bonds which were sold, as noted
here—Y. 149, p. 3006
—were
100.20,
purchased by the White-Phillips Corp. of Davenport, at a
price of
a basis of about 2.21%.
Due in 1942 to 1947 inclusive.
EARLY, Iowa—BOND OFFERING—It is stated by L. R. Hirons, Town
Clerk, that he will receive bids until 2 p. m. on Nov. 20 for the purchase of a
$10,000 issue of town hall bonds.
ion will be furnished
V.
CONSOLIDATED
SCHOOL
DISTRICT, Iowa—AD¬
INFORMATION—In
connection
with
the
report
that
$31,000 refunding bonds had been exchanged through the Carleton D.
Beh Co. of Des Moines—V. 149, p. 3006—it is said
that the bonds have
been exchanged with the original holders
bear interest at 2 A %
are dated
June 1, 1939 and mature June 1, as follows:
$2,000 in 1940 to 1942, $3,000
in 1943 to 1949, and $4,000 in 1950.
Legality to be approved by Chapman
& Cutler of Chicago.
»
(P. O. Chariton), Iowa—BONDS SOLD—It
reported that $14,000 2%% semi-ann. refunding bonds were
purchased
Oct. 26 by Jackley & Co. of Des
Moines, at a price of 100.25.
SLOAN
CONSOLIDATED SCHOOL DISTRICT
Iowa—BOND SALE DETAILS—We are now informed
(P.
O.
exceed
to
cates
5%, payable annually.
before Nov. 1, 1940.
and the approving opinion.
Due
MAINE
$40,000 notes at 3% discount.
Dated Oct. 11, 1939 and due Feb. 15, 1940.
25,000 refunding bonds as 3M8, at par.
Dated Oct. 1, 1939 and due
$5,000 on Oct. 1 from 1949 to 1953 inclusive.
on
MARYLAND
Sloan)
Denom. $1,000.
Dated Nov. 1,
The county will furnish the certifi¬
on or
149, p. 2546—were purchased jointly by J. G. Hickman, Inc., and the
Dated Aug. 1,
RUMFORD, Me.—BONDS AND NOTES SOLD—The Philip H. Morton
following bonds and notes aggregating $65,000:
Is
WEBSTER COUNTY (P. O. Fort
Dodge), Iowa—CERTIFICATE
OFFERING—We are informed by V. E.
Hale, County Treasurer, that he
will receive sealed bids until 10 a.m. on
Nov. 14, for the pin-chase of a
$45,000 issue of secondary road construction certificates.
Interest rate Is
1939.
O.
Co. of Auburn purchased the
by A. L. Calderhead, District Secretary, that the $32,000 (not $35,000), school
building
bonds sold on Oct. 30 to the Caileton D. Beh Co. of
Des Moines, as 3Ms,
paying a price of 100.157, as noted here—V. 149, p. 3006—are
coupon
bonds, dated Nov. 1, 1939.
Denom. $1,000.
Due on Nov. 1 as follows:
$1,000 in 1941 to 1944, and $2,000 in 1945 to
1958, all incl., giving a basis
of about 3.48%.
Interest payable M-N.
not
(P.
First National Bank, both of Vicksburg, as
4Ms, at par.
1939.
Due on Aug. 1 in 1940 to 1959.
LISCOMB
COUNTY
1
TENSAS PARISH SCHOOL DISTRICT NO. 4
(P. O. St. Joseph),
La.—BOND SALE—The $20,000 school bonds offered for sale on
Nov. 8—
The bonds and the legal
approving opin¬
by the town.
DITIONAL
LUCAS
NO.
with the $75,000
6% semi-ann. industrial plant bonds offered for sale without
success on July 18, as noted here at the time, it is now
stated by the Secre ■
tary of the Police Jury that further steps in selling the bonds are being
deferred until a court test is held on the
legality of such issuance.
not to exceed
CAMBRIDGE,
Md.—BOND
SALE— The $35,000 coupon public im¬
Nov. 8—V. 149, p. 3007—were awarded to the
Mercantile Trust Co. and Stein Bros. & Boyce, both of Baltimore,
provement bonds offered
jointly,
2Mb, at a price of 101.239, a basis of about 2.09%. Dated
July 1, 1939
July 1 as follows: $2,000 from 1940 to 1956 incl. and $1,000 in 1957.
as
and due
Other bids:
Bidder—
Int. Rate
Union Trust Co. of Baltimore
Rate Bid
2M%
2M%
2 H%
100.269
100.139
100.034
—
Mackubin, Legg & Co-__
Alex. Brown & Sons
Marburg, Price & Co
2A%
W. W. Lanahan & Co
101.31
2M%
-
Baker, Watts & Co
101.30
101.19
100.118
2 M %
Peoples Loan Savings & Deposit Bank, Cambridge
3%
KENTUCKY
MASSACHUSETTS
COMMONWEALTH OF KENTUCKY MILITARY
DEPARTMENT
CORPORATION (P. O.
Louisville), Ky.—ADDITIONAL
INFORMATION—In connection with the sale of the
$300,000 3% % semiann. armory bonds to a
group headed by the Bankers Bond Co. of Louis¬
ville, at a price of 105.011, as noted here on Aug. 5—V.
Ii9, p. 909—it is
now reported
by the said firm that only $200,000 bonds were
sold, the re¬
mainder to be issued next
year.
Dated Aug. 1, 1939.
Denom. $1,000.
Due Aug. 1, as follows: $4,000 in
1941, $5,000 in 1942, $6,000 in 1943,
$7,000 in 1944 to 1948, $8,000 in 1949 and
1950, $9,000 in 1951 to 1954, $10,000 in 1955 and 1956, $11,000 in 1957 to
1962, and $12,000 in 1963, callable
in
BOSTON,
Mass.—BOND
OFFERING—lames
J.
McCarthy,
City
Treasurer, will receive sealed bids until noon on Nov. 14 for the
purchase
of $4,000,000 coupon bonds, divided as follows:
$1,500,000 State tax funding bonds, Act of 1939.
Due $300,000 on Dec. 1
ARMORY
inverse order on any interest
payment date, at 105 and accrued interest
through Aug. 1, 1943, 104 and accrued interest
through 1947, 103 and
accrued interest through
1951, 102 and accrued interest through 1955, 101
and accrued interest
through 1959, and 100 and accrued interest through
1963.
Prin. and int. payable at the Farmers Bank
and Capital Trust Co.,
Frankfort.
Legality approved by Stites & Stites, of Louisville.
The syndicate headed
by the Bankers Bond Co. has an option to pur¬
chase at the same price and rate
the remaining $100,000 wnen
they are
ready
be
to
sold.
COVINGTON, Ky.—BONDS DEFEATED—We
are
informed
by the
City Clerk that at the election on Nov. 7—V.
149, p. 1947—the voters
failed to give the required
majority to the issuance of the $1,000,000 bonds,
count being as follows:
$600,000 flood wall bonds, 5.877 "yes" to
5,484
no, '
and $400,000 sewer
the
improvement
4,761 "no."
bonds,
6,103
"yes"
to
KENTUCKY, State of—WARRANT
DISPOSAL REPORT—A new issue
of $2,700,000 State
warrants, bearing interest at
2% to Jan. 1, 1941, 2M%
from then to Jan. 1,
1942, and 3% subsequently, Is being placed through
Hankers Bond Co. of
Louisville, it is announced by State Treasurer John
F.. Buckingham.
Proceeds are to be used in
meeting October and November
per capita school payments.
Treasurer Buckingham also announced the
retirement of $2,634,000 of 1936-37
3% warrants outstanding. The treasury
Rctshowed a balance of $1,500,000 in the general fund and $5,374,142 total State debt, represented
by warrants, including these called.
tot3*! there also were
$24,342 of the old 5% warrants, which have been
called and bear no interest.
The remainder carry a rate of
1M %•
The following memorandum,
dated as of Nov. 1, was furnished to us
by
the Bankers Bond
Co., mentioned above:
Kentucky State Warrants
State warrants
outstanding as of Oct. 27. 1939:
3% exchange
3% exchange
warrants
warrants
(uncalled)
(called)
$2,595,900.00
38,500.00
2 715 400 00
1A% school warrants
5% institutional
warrants
(called)
' 24,342.40
Total
«•£
_
The State will issue the
Oct.31_
140
An
.Total
-$2,708,400
will all be called before Jan.
1,1940.
The general fund,
above date, had a credit
balance of approximately
$1,500,000.
It
is planned to call
$1,000,000 of
as
>r t h
~:v warrants
<
warrants
1M%
warrants
by this operation will be the shortest
next
spring.
The 1M%
warrants outstanding.
MUNICIpAjL HOUSING COMMISSION,
^omnnssion,
iVnnA'nnn.
ft
?no9P
R
that
sealed
bids
will
be
received
until
noon
^ fol|owinS temporary loan notes aggregating
series and $3,000,000 second series notes.
Dated Nov. 14, 1939.
Due on May 14,
1940.
Further details on this
type of offering are given in the 'News Items"
on a
preceding page of this
section, under the caption
United
States Housing
NEWPORT,
Ky-
BONDS
on
5n 9?
$125,000
water
is stated by the
City
Nov. 7 the voters turned down the
mbonds' dlJld®d as follows:
revenue bonds.
plant
Authority."
DEFEATED—It
$350,000 flood wall, and
PENDLETON COUNTY PUBLIC SCHOOL
CORPORATION fP O
Falmouth) ,Ky.- PRICE PAID—It is now reported
by the Secretary of
the Board of School Trustees that
the $21 ,000
3M% semi-ann. school
bonds
were
sold to the Bankers Bond Co. of
Louisville, as noted here in August
purchased by the said firm at a price of
98.00.
an
Trust Co.
issue of $50,000 notes at 0.41%
_
*
BROCKTON, Mass.—BOND SALE—The $109,000
relief bonds offered Nov.
Boston,
as
1Mb, at
a
9
were
coupon
municipal
awarded to the Second National Bank of
price of 100.091,
a
basis of about
1.24%.
Dated
Nov. I, 1939.
Denom. $1,000.
Fully registerable. Due Nov. 1 as follows:
$11,000 from 1940 to 1948, incl. and $10,000 in 1949.
Principal and inter¬
est (M-N) payable at City Treasurer's
office, with interest coupons payable
at holder's option at the National Shawmut Bank of
Boston.
Legality
approved by Ropes, Gray, Boyden & Perkins of Boston.
1Mb, included the following:
for
Other bids, all
Bidder—
Rate Bid
Chace, Whiteside & Symonds
& Curtis, and Putnam &
Lee Higginson Corp
Whiting, Weeks & Stubbs
Halsey, Stuart & Co., Inc
Tyler & Co
Jackson
101.01
Co
100.77
100.71
100.69
100.66
100.62
EVERETT, Mass.—BOND OFFERING—Emil W. Lundgren, City
Treasurer, will receive sealed bids until 11 a. m. (EST) on Nov. 15 for the
purchase of $150,000 coupon municipal relief bonds, Act of 1939.
Dated
Nov. 1, 1939.
Denom. $1,000.
Due $15,000 on Nov. 1 from 1940 to
1949, incl.
Bidder to name rate of interest, expressed in a
multiple of
A of 1%.
Principal and interest (M-N) payable at the National Shawmut
Bank of Boston.
The bonds are exempt from taxation in
Massachusetts,
are
engraved under the supervision of and authenticated as to genuine¬
by the aforementioned bank; their legality will be approved by Storey,
Thorndike, Palmer & Dodge, of Boston, whose opinion will be furnished
the purchaser.
All legal papers incident to this issue will be filed with
said bank where they may be inspected.
ness
NORFOLK COUNTY (P. O. Dedham), Mass.—NOTE OFFERING—
Ralph D. Pettingell, County Treasurer, will receive bids until 11 a. m. on
14 for the purchase of $20,000 tuberculosis
hospital, Act of 1939,
coupon notes.
Dated Nov. 1, 1939.
Denom. $1,000.
Due $5,000 on
Nov.
Nov.
Ky.—NOTE
stated by George H. Sager Jr.,
Secretary-Treasurer of
-
BRIDGEWATER, Mass.—NOTE SALE— The Bridgewater
purchased in latter part of October
discount.
Due Oct. 18, 1940.
and
$1,354,200 school 2%-2M%-3% warrants
1,354,200 school 2%-2M%-3% warrants
Nov. 10-.--
The
074
following:
from 1940 to 1944, incl.
Order of City Council of Aug. 28,1939.
1,450,000 municipal relief bonds, Act of 1939.
Due $145,000 on Dec. 1
from 1940 to 1949, incl.
Order of City Council of Oct. 10, 1939.
1,000,000 funding bonds, Acts of 1938.
Due Dec. 1 as follows: $67,000
from 1940 to 1949, incl., and $66,000 from 1950 to
1954, incl.
Order of City Council of Oct. 4, 1939.
50,000 construction and improvement of fire stations bonds.
Due
Dec. 1 as follows: $3,000 from 1940 to 1949, incl., and $2,000
from 1950 to 1959, incl.
Order of City Council of May 5, 1932.
All of the bonds will be dated Dec. 1, 1939.
Denom. $1,000.
Bidder
to name rate of interest in a
multiple of A of 1 %; different rates may be
named on the respective loans, but all of the bonds of each issue
must
bear the same rate.
Principal and interest (J-D) payable at the City
Treasurer's office.
Bonds will be ready for delivery on or about Dec. 11
and purchaser must pay accrued interest from Dec.
1, 1939, to date of
delivery.
A certified check for 1% of amount of the bonds, payable to
order of the City Treasurer, is required.
1 from
1940 to 1943, incl.
Bidder to
name
one rate
of interest in
a
multiple of A of 1 %.
Principal and interest (M-N) payable at the First
These notes will be valid general obligations of
the county, exempt from taxation in Massachusetts, and all taxable
property
in the county will be subject to the
levy of unlimited ad valorem taxes to
pay both principal and interest.
They will be issued under authority of
Chapter 38 of the Acts of 1939 and engraved under the supervision of and
authenticated as to genuineness by the First National Bank of Boston.
This bank will further
certify that the legality of this issue has been approved
by Ropes, Gray, Boyden & Perkins, of Boston, and a copy of their
opinion
will be furnished the purchaser.
The original opinion and
complete
transcript of legal proceedings required in the proper issuance of these notes
National Bank of Boston.
will be filed with the First National Bank of
Boston, where
they may be
inspected.
Chapter 38 of the Acts of 1939, previously referred to, states in Section 2,
follows: "All sums necessary to meet interest payments on notes
issued
under this Act and payments on account of
principal as the same mature
shall be assessed upon the 26 towns and one
city of said county constituting
"
the hospital district
as
Volume
WORCESTER,
Mass.—BOND
SALE—The
offered
bonds
$367,000
3007—were awarded to Newton, Abbe & Co. of Boston,
price of 100,059, a basis of about 0.99%.
Sale consisted of:
Nov. 6—V. 149, p.
Is,
as
at
a
1 from
Due $22,000 on Oct.
$110,000 emergency storm damage bonds.
follows: $17,000 from
1940 to 1944. incl., and $16,000 from 1945 to 1949, incl.
92,000 municipal relief bonds.
Due Oct. 1 as follows: $10,000 in 1940
relief bonds.
and $9,000 from
Due Oct.
1942 to 1949, incl.
1939.
All of the bonds will be dated Oct. 1,
1
as
The following other bids, all
l^s, were submitted for the bonds:
Rate Bid
Bidder—
Kennedy, Spence & Co.; R. W. Pressprich & Co., and Union Se¬
curities Corp_
100.83
Tyler& Co., Inc
_____100.809
Bankers Trust Co
100.779
Graham, Parsons & Co
_
Goldman, Sachs & Co., and Bond, Judge & Co., Inc
R. L. Day & Co.; Estabrook & Co., and
Inc
Harris Trust & Savings
PARK, Minn —CERTIFICATE OFFERING—Sealed bids
Joseph Justad, Village Recorder,
$2,213.10 street imp. certificates of indebtedness.
Int.
rate is not to exceed 6%, payable annually.
Dated Nov. 15, 1939.
De¬
nominations $500, $200 and $37.70.
Due $737.70 Nov. 15, 1940 to 1942.
Bidders are invited to name the rate of interest and terms of purchase on any
or all of the bids.
The certificates will be direct general obligations of the
village and are issued under authority of Chapter 65, Laws of Minnesota,
1919.
The legal opinion as to the validity of the certificates will be given
by Edmund T. Montgomery, village attorney, without charge.
ST.
100.613
100.58
Inc
Alex. Brown & Sons
___
100.4289
100.427
100.42
100.334
Halsey, Stuart & Co., Inc.; First of Michigan Corp., and H. C.
Wainwright & Co
.100.222
LOUIS
WILLMAR, Minn.—CERTIFICATES SOLD— It is stated by the City
semi-ann. sidewalk certificates of indebtedness were
on Nov. 6 by two local banks at a price of 100.64.
Clerk that $3,880 4%
purchased
INDEPENDENT
WYKOFF
SPRINGS,
Mich.—BONDS APPROVED—The
State
Commission has issued a certificate of approval covering
$12,900 not to exceed 5% interest operating deficit bonds.
Debt
of
issue
GRAND HAVEN, Mich.—BONDS
SOLD—City purchased for its own
$7,768.40 5% special assessment street paving bonds at par.
account
Mich.—BOND SALE— The Union State Bank of
Laingsburg purchased an issue of $7,500 3% street improvement bonds.
Due from 1940 to 1947, inclusive.
LAINGSBURG,
MUSKEGON, Mich.—BONDS AND NOTES SOLD—R. F. Cooper,
City Clerk, reports that the city has purchased for Its own sinking funds
the following issues of bonds and notes, aggregating $125,000,for which
no bids were received last June.—V. 148, p. 3723:
$100,000 sewage system junior revenue bonds.
Dated June 15, 1939 and
due June 15 as follows:
$10,000 in 1941 and $5,000 from 1942 to
1959, inclusive.
25,000 tax anticipation notes.
Dated May 1, 1939 and due on or before
April 1, 1940.
Mich.—BOND
PETOSKEY,
ISSUE DETAILS—'The $50,000 2H%
light refunding bonds to be exchanged with holders of original
obligations—V. 149, p. 3007—will mature $5,000 annually on March 1 from
electric
1949 incl.
1940 to
PONTIAC,
WAN TED—Oscar
Eckman,
Director
sealed tenders until 5 p. m. (to be opened at 7:30
Nov. 14 of series A and B bonds of the city.
Amounts presently
of bonds are $85,000 for series A and $60,000 for
series B.
Tenders should fully describe bonds offered, including serial
numbers and state sum for which bonds will be sold.
Interest will be paid
on all tenders accepted by the city up until the time the bonds are received
by the paying agent, until seven days after the date of the mailing of the
acceptance of tenders, after which time all interest on accepted tenders
m.)
ceases.
THREE RIVERS, Mich.—BONDS
SOLD—John H. Linsner, City Clerk,
that the following bonds, dated Oct. 1, 1939, and aggregating
$22,500, have been sold locally:
$ 9,500 special assessment paving bonds.
Due Jan. 15 as follows: $1,000
from 1940 to 1948, incl., and $500 in 1949.
assessemnt paving bonds.
Due $1,000 on Jan. 15 from
1940 to 1949, incl.
3,000 special assessemnt paving bonds.
Due Jan. 15 as follows: $500 in
1941, 1943, 1944, 1946, 1948, and 1949.
10,000 special
TRAVERSE
CITY, Mich.—NOTES SOLD—The $25,000 tax anticipa¬
1211, have
$5,000 3s.
tion notes unsuccessfully offered as 3s on Aug. 14—V. 149, p.
have since been sold privately, as follows:
$20,000 2Ms and
SCHOOL DISTRICT NO. 7 (P. O. Box 628,
Mich.—CERTIFICATES PURCHASED—In connection with
refunding bonds and certificates of indebtedness, Mrs. E.
Burns, District Secretary, reports the purchase of $3,832 certificates at
TROY
TOWNSHIP
CIaw8on),
call for tenders of
54.70.
WHITE CLOUD, Mich.—BOND SALE DETAILS—The $5,000 general
electric light bonds reported sold
in V. 149, p. 3007, were
purchased by the First State Bank of White Cloud, as 3s, at par and accrued
interest.
Denom. $1,000.
Interest J-J. Coupon form.
obligation
WYOMING
TOWNSHIP, GALEWOOD-URBANDALE-BURLINGASSESSMENT
SANITARY SEWER DISTRICT
SPECIAL
GAME
Rapids), Mich.—BOND SALE DETAILS—The $80,000
bonds sold several months ago to Stifel, Nicolaus & Co. of St. Louis—
V. 149, p. 1793—bear 5% interest and mature April 15 as follows:
$5,000
in 1941 and 1942; $10,000, 1943 to 1945, incl.; $15,000 in 1946 and 1947
and $10,000 in 1948.
Grand
O.
O.
AMORY, Miss.—BOND SALE DETAILS—It is stated by the City
price of 100.10, a basis of about 2.98%. Due $1,000 in 1940 to 1949
The purchaser is to pay for the printing of bonds and legal opinion.
Miss.—BONDS SOLD—It is stated by D. W.
JACKSON,
incl.,
^
McGehee*,'
City Auditor, that the following bonds aggregating $383,090, were offered
for sale on Nov. 7 and were awarded to the National Bank of Commerce, of
New Orleans, as 2}4s, paying par:
$280,500 refunding of 1939: $53,550
street intersection; $46,650 special street improvement, and $2,390 water
works bonds.
Dated Nov. 1, 1939.
Prin. and int. (M-N) payable at the
Chase National Bank in New York.
Legal opinion of Thomson, Wood &
Hoffman of New York.
NEW
ALBANY, Miss.—BONDS VOTED—At an election held on Oct. 31
approved the issuance of $25,000 in industrial
the voters are said to have
plant bonds.
PHILADELPHIA, Miss.—BONDS VOTED— It is reported that the
approved the issuance of $143,000 in electric revenue bonds at an
voters
election held on Oct. 31.
Miss.—BONDS VOTED—Bond issue of $220,000 for
and distribution system has been approved at a
City officers will make contracts for purchase of gas and
of system, according to report.
PICAYUNE,
special election.
construction
CLAY
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
69
(P. O. Comstoek), Minn.—BONDS SOLD—It is reported by the Clerk of
Board of Education that $3,000 3% semi-annual gymnasium bonds
have been sold to the State.
OFFERING—We are informed that
16, at 9:30 a. m., by
City Clerk, for the purchase of a $378,000 issue of
Minn —BOND
MINNEAPOLIS,
and auction bids will be received until Nov.
coupon
Swanson,
refunding
Dated Dec.
bonds.
1, 1939.
1947, and $37,000 in 1948 and 1949.
The bonds may be registered as to
principal and interest on application to the City Comptroller and will
bear interest at a single rate in a multiple of M or l-10th of 1%.
Bids
be accepted.
Delivery will be
Minneapolis, Chicago or N. Y. City at a national bank acceptable
purchaser, any charge made by such bank for delivery service to be
paid by the purchaser.
The bonds will be accompanied by the opinion of
Thomson, Wood & Hoffman of New York, that the bonds are valid and
binding obligations of the city.
Forms on which to submit bids will be
furnished on request.
Each proposal is to be accompanied by a certified
check for 2% of the amount of bonds bid for, payable to the City Treasurer.
ADDITIONAL OFFERING—We are also informed that George M. Link,
made in
to the
Secretary of the Board of Estimate and Taxation,
day at the hour of 10:30 a. m., by sealed and
ing not to exceed 5% coupon semi-ann. bonds:
same
$12,500 river terminal bonds.
Due on
$1,000 in 1941 to 1952 incl.
10,000 permanent imp. (work relief)
to
will offer for sale on the
auction bids, the follow¬
Dec. 1 as follows. $500 in 1940 and
bonds.
Due $1,000 on Dec. 1, 1940
1949.
Due $7,000 on Dec. 1 in 1940 to 1959 incl.
Dated Dec. 1. 1939.
Interest payable J-D.
The river terminal bond
maturing in 1940 will be in the amount of $500.
All other bonds will be in
denom. of $1,000.
The bonds may be registered as to both principal and
interest on application to the City Comptroller and will bear interest at a
single rate in a multiple of H or l-10th of 1 %.
In addition to the purchase
price purchasers of the bonds will be required to pay the Board of Estimate
and Taxation $.90 per bond to apply on the expense of the Board in issuing
and transporting the bonds to place of delivery.
Delivery will be made
in Minneapolis. Chicago or N. Y. City at a national bank acceptable to the
purchaser, any charge made by such bank for delivery service to be paid by
the purchaser.
Bids offering an amount less than par cannot be accepted.
BELLE,
Mo .—PRE-ELECTION SALE—It is stated by David
which were scheduled
CONSOLIDATED
MORLEY
bonds.
W.
for
election.
SCHOOL DISTRICT (P. O. Morley),
Robert L. Thacker, Secretary of the
4H% semi-annual improvement bonds
Mo.—BONDS SOLD—It is stated by
Board of Education, that $20,000
were
purchased
on
Oct. 27 by Soden & Co. of Kansas City.
SCHOOL
SPARTA
BE SOLD—The
(P. O. Sparta), Mo.—BONDS TO
of Educatino states that $20,000
the voters in July, have been put under
DISTRICT
Secretary of the Board
construction bonds approved by
contract for sale.
MONTANA
BAKER, Mont .—BOND OFFER ING—Sealed
m. on
bids will be received until
for the purchase of two
Dec. 5, by L. W. Busch. City Clerk,
6% semi-ann. refunding bonds aggregating $110,000, divided as
follows:
$75,000 funding, and $35,000 sewerage bonds.
It is stated that
amortization bonds will be the first choice and serial bonds the second
choice of the City Council.
Dated Jan. 1, 1940.
The bonds, whether
amortization or serial bonds, will be redeemable on or after Jan. 1, 1946, or
any interest paying date thereafter.
The bonds will be sold for not less
than their par value with accrued interest to date of delivery and all bidders
must state the lowest rate of interest at which they will purchase the bonds
at par.
rate is not to exceed 5%, payable
Due Dec. 1, as follows:
$38,000 in 1940 to
both
140.000 permanent inm.
LA
Wilson, City Clerk, that $5,000 city hall bonds
election on Nov. 6, were purchased prior to the
Interest
offering an amount of less than par cannot
received
Nov. 15 for the purchase of a $34,000
bonds.
Bids are to be filed with Carl S. Peters, City
Clerk and Register.
Dated Nov. 1, 1939.
Denom. $1,000.
Due March 1
as follows: $1,000 in 1947 to 1949, $2,000 in 1950 to 1952, $3,000 in 1953
to 1955, and $4,000 in 1956 to 1959.
Bidders are requested to designate
in their bids the rate of interest to be paid on the bonds; provided, however,
that the interest rate thus designated shall be an even multiple of
of 1 %,
and all of the bonds shall bear interest at the same rate.
No bid at less than
par and accrued interest will be considered.
Prin. and int. (M-S) payable
at a place to be designated by the bidder, and approved by the City Council
These bonds were authorized at the election held on Oct. 28 by a vote of
274 to 94.
The interest and principal of these bonds are payable out of
funds received from a direct ad valorem tax which may be levied without
limitation as to rate or amount, upon all taxable property of the city,
and said taxes are to be collected at the time and in the same manner as
city, State and county taxes.
The city will furnish the legal opinion of
Charles & Trauernicht of St. Louis and will pay for the printing of the bonds
and the registration fee at the office of the State Auditor.
Delivery of the
bonds will be made on or before Dec. 15.
by the City Council until 8 p. m. on
issue of public sewer
issues of
the
Charles C.
MISSOURI
FLORRISSANT, Mo.—BOND OFFERING—Sealed bids will be
8 30 p
MINNESOTA
J-D.
(P.
on
reports
sealed
104
Clerk that the $10,000 3 % semi-ann. paving bonds sold to the First National
Bank of Memphis, as noted here—V. 149, p. 3007—were purchased at a
available toward purchase
(P.
NO.
natural gas transmission
Mich.—TENDERS
of Finance, will receive
p.
DISTRICT
MISSISSIPPI
Public
an
SCHOOL
Wykoff), Minn.—BONDS SOLD—It is stated by the District Clerk that
$18,000 3% building addition and equipment bonds approved by the voters
on Oct. 30, will be purchased by the State.
MICHIGAN
CEDAR
(P. O. Olivia), Minn.—WARRANT SALE—
annual warrants offered on Oct. 18—V. 149, p.
banks, according to the County Auditor.
for the purchase of
Chace, Whiteside & Symonds.and Shields & Co
___._100.514
The First Boston Corp
U
100.496
F. S. Moseley & Co./and Kidder, Peabody & Co
100.449
Harriman, Ripley & Co., Inc., and Stone & Webster and Blodget,
Coffin & Burr, Inc., and Arthur Perry & Co., Inc
Smith. Barney & Co., and Washburn & Co., Inc
4%
will be received until 8 p. m. on Nov. 13, by
100.639
Whiting, Weeks & Stubbs,
Bank
COUNTY
RENVILLE
-.100.619
_
Minneapolis.
2262—was sold at par to local
100.73
100.72
Jackson & Curtis, and Putnam & Co
payable to the City Treasurer.
PINE COUNTY (P. O. Pine City), Minn.—BONDS SOLD—It is stated
by the County Auditor that $90,000 3M% semi-annual refunding bonds
have been purchased by the State, at par.
Dated June 1, 1939.
Due
April 1 as follows: $8,000 in 1944 to 1952, and $9,000 in 1953 and 1954.
Prin. and int. payable at the First National Bank & Trust Co., Minneapolis.
Legality approved by Fletcher, Dorsey, Barker, Colman & Barber of
The $30,000 issue of
___
F. L. Dabney & Co., and
Lazard Freres & Co
The bonds will be accompanied by the opinion of Thomson, Wood & Hoff¬
of New York, that the bonds are valid and binding obligations of the
city.
Forms on which to submit bids will be furnished on request.
Each
proposal is to be accompanied by a certified check for 2 % of the amount of
man
bonds bid for
1940 to 1944, incl.
165,000 municipal
for
3145
The Commercial & Financial Chronicle
149
NEBRASKA
GORDON, Neb.—BONDS SOLD—A $33,000 issue of 3M% paving
bonds is said to have been sold to the Wachob-Bender Corp. of Omaha.
Denom. $1,000.
Dated Oct. 1 1939.
Due in 10 years. Prin. and int.
(A-O) payable at the
office of the County Treasurer.
MERRIMAN, Neb.—BONDS SOLD—It is stated by
refunding bonds have been sold through the
Co. of Omaha.
that $13,500
NEBRASKA, State of—POWER DISTRICTS
the Village Clerk
Walter V. Raynor
WOULD BUY UTILI¬
TIES—A news dispatch from Lincoln on Oct. 31 had the following to report:
Nebraska's public power districts have renewed efforts to buy electric
facilities of privately-owned utilities in this State.
Platte Valley Public Power District applied to RFC for a loan of $6,000,000 to purchase parts
said.
He also stated
of systems of five utilities, Pres. Cary of the
district
the Middle Loup district would co-ordinate its ap¬
plication to RFC for funds to buy facilities from private companies with
that of the Platte Valley project, also the Central Nebraska district has under
consideration a request to RFC for funds to buy other facilities.
NORTH
PLATTE. Neb.—BONDS SOLD—It is stated
3% semi-annual Paving Districts Nos. 40
Clerk that $13,500
by the City
and 41, street
improvement bonds have been purchased by the Kirkpatrick-Pettis Co. of
Omaha.
Dated May 1, 1939.
Denom. $1,000, one for $500.
Due May 1,
as follows:
$1,000 in 1941 and 1942, $2,000 in 1943, $1,000 in 1944, $2,500
in 1945, $2,000 in 1946 to 1947, and $1,000 in 1948 and 1949, optional
after May 1,
1944.
WHEELER
COUNTY
(P.
O.
Bartlett),
Neb.—MATURITY—It is
stated by the County Clerk that the $29,479.89 3
semi-annual funding
at par, as noted here
bonds sold to the Wachob-Bender Corp. of Omaha,
-V.
2732—are due on Oct. 1 as follows:
1943 to 1956, inclusive.
149, p.
$2,000 in
$1,479.89 in 1942, and
I
3146
The Commercial & Financial Chronicle
NEW
'
Nov.
11,
1939
JERSEY
BARRINGTON,
N.
J.—PROPOSED
REFUNDING
ISSUE—An
ordinance providing for an issue of $76,000 4%
refunding bonds will be
given final reading on Nov. 14. Dated Dec. 1, 1939. Due as follows: $6,000
1940, $10,000 in 1941, $1,000 in 1942, $5,000 in 1943, $4,000 in
1944,
$2,000 in 1945, $4,000 In 1946, $3,000 in 1947 and 1948, $4,000 in 1949
and
1950, $6,000 in 1951 and 1952, $5,000 in 1953, $2,000 In 1954.
$1,000 in
1955 to 1957, $3,000 in 1958, $1,000 in 1959 and 1960, and $3,000 in
1961.
New York State
Municipals
in
Tilney & Company
CAPE MAY POINT, N. J.—PROPOSED BOND
ISSUE—The State
Funding Commission recently approved an issue of $44,000 5%
general
refunding notes. Dated Dec. 1. 1939 and due $2,000 from 1940 to 1961 incl.
EAST
PATERSON, N. J.—SEEKS BOND
76
BEAVER STREET
ISSUE AUTHORIZATION
—The State Funding Commission has been
requested to approve an issue of
$895,000 3M% refunding bonds to care for all outstanding
obligations,
except term bonds and certain improvement notes.
Due from 1940 to
1969 incl.
FAIR
LAWN SCHOOL
DISTRICT, N. J.—BOND ELECTION—An
Issue of $63,000 construction
bonds
will
be considered
Nov. 21.
by the
voters
was
issue of $8,000 3% street
sold to the Town Sinking Fund
Commission.
HADDON
HEIGHTS, N. J .—BOND SALE—The $22,000 coupon or
registered general improvement bonds offered Nov. 7—V. 149,
p. 3008—
were awarded to C. C. Codings & Co. of
Philadelphia, as 3 Ms, at 100.27, a
basis of about 3.47%. Dated Oct. 1, 1939 and due Oct. 1 as
follows: $2,000
in 1946 and 1947 and $3,00./ from 1948 to 1953 incl. Other
bids:
Bidder—
H. L. Allen & Co
E. H. Rollins & Sons, Inc
Int. Rate
3 M%
3 M %
Buckley Bros
Rate Bid
100.16
100.398
100.116
3M%
4%
101.29
4%
100.42
Bailey, Dwyer & Co
4%
Par
MIDDLETOWN TOWNSHIP SCHOOL DISTRICTS
(P. O. Middletown), N. J.—BOND ELECTION UPHELD—The State Board of Educa¬
tion is reported to have affirmed on Nov. 4 a
previous ruling by Commis¬
sioner H. Elliott sustaining the
legality of an election held last June 23 at
which the following bonds aggregating $82,000 were
authorized by the
electorate: $42,000 Middletown School
District and $40,000 Navesink
School District.
In contesting the election Amelia A.
Knapp, a taxpayer,
maintained that the election notice had been
improperly given, it was said.
MORRIS COUNTY (P. O.
Morristown), N. J .—BOND SALE—Dick
& Merle-Smith, New York and Stroud & Co. of
Philadelphia, jointly, were
successful bidders at the offering of
$285,000 coupon or registered county
hospital bonds on Nov. 8—Y. 149, p. 3008.
The accepted bid was for
$283,000 bonds as 1Mb, at a price of $285,023.17, equal to
100.714, a basis
of about 1.37%.
Dated Dec. 1, 1939 and due Dec. 1 as follows: $20,000
in 1940; $25,000 in 1941; $30,000 from 1942 to
1948 incl., and $28,000 in
Butcher & Sherrerd
M. M. Freeman & Co
No. Bonds
Bid for
Goldman, Sachs & Co. and First of Michigan
Corp
283
M. M. Freeman & Co..
Lazard Freres & Co
Shields & Co. and Minsch, Monell & Co
B. J. Van Ingen & Co., Inc
H. L. Allen & Co
A. C. Allyn & Co.,
284
284
294
284
284
Inc., and E. H. Rollins
Int.
284
284
284
Kidder, Peabody & Co. and Roosevelt & Weigold, Inc
285
Halsey, Stuart & Co., Inc
285
Kean, Taylor & Co.; Charles Clark & Co., and
Van Deventer Bros., Inc
285
Riter & Co. and R. A. Ward & Co
285
Blyth & Co., Inc. and J. S. Rippel & Co
283
Chase Nat'l Bank of New York and
Dougherty,
Corkran & Co
283
Phelps, Fenn & Co., Inc., and Colyer, Robinson
& Co
Blair & Co., Inc. and MacBride, Miller & Co
C. A. Preim & Co., Schlater, Noyes &
Rate
..-.
Morristown Trust Co
an election
issue of $80,000 water system bonds.
on
Oct.
23
Other bids:
Bidder—
1M %
1M%
1 M%
1M %
1M%
Campbell, Phelps & Co., Inc., and Sherwood & Co
283
283
1 M%
1M%
1M%
1M%
100.456
100.41
100.38
1 M%
100.35
100.178
1M%
1M%
1%%
100.171
100.159
100.90
1M%
100.889
1M%
1%%
100.86
100.77
JERSEY
(State
was
Nov. 7.
Trust
Co.
and
2.40%
ALBION
Nov.
14 the
bonds.
100.22
100.17
Kean,
Taylor & Co
NEW
100.093
100.05
100.30
UNION
FREE
SCHOOL
DISTRICT
voters
will consider
an
Issue
of
an
100.139
NO.
1
(P. O.
election to be held
on
$25,000 school construction
NEW YORK. N. Y.—BOND
OFFERING—Joseph D. McGoldrick, City
Comptroller, will receive sealed bids until noon on Nov. 14 for the purchase
$30,000,000 not to exceed 4% interest bonds, divided as follows:
of
$12,900,000 bonds including $10,800,000 for construction of rapid transit
railroads, $1,200,000 for dock improvements and $900,000 for
water supply
Due $430,000 annually on Nov. 15
purposes.
from
1940 to
1969 incl.
9,600,000 bonds including $4,200,000 for various municipal purposes and
$5,400,000 for construction of schools. Due $384,000
annually
on
Nov.
15 from 1940 to 1964 incl.
1,650,000 bonds for various municipal
on
Nov. 15 from 1940 to
purposes.
1954 incl.
Due $110,000 annually
5,850,000 bonds including $200,000 for supply of water, $4,900,000 for
various
municipal
purposes,
$600,000 for construction of
and $150,000 to provide dock
improvements.
Due
$585,000 annually on Nov. 15 from 1940 to 1949 incl.
schools
All of the bonds will be dated Nov.
15, 1939. Rate of interest to be expressed
in a multiple of M of 1%. Bids may be made for individual
series, but not
separate yearly maturities. Offers may be made for all or
any part, also
for all or none.
A certified check for 2% of the bonds bid
for, payable to
order of the City Comptroller, is required.
Bidder may condition his offer
on
upon approval of legality of bonds by attorneys of his own choice.
The
bonds will be issued in coupon form in denominations of
$1,000, or in fully
registered form in denominations of $1,000 or
multiples thereof.
Coupon
serial
bonds
may be exchanged for registered bonds, but are not inter¬
Interest M-N 15.
Sale of these bonds is for the purpose of
providing cash for the payment of
contract liabilities and for awards for lands
acquired for the separate pur¬
changeable.
poses
hereinbefore described, under due authorizations pursuant to
law, and
city's debt within the constitutional 10% limitation.
will not increase the
NORWOOD, N. Y.—BOND SALE— The $3,000
series B fire apparatus
equipment bonds offered Nov. 2—V.
149, p. 2729—were awarded
Charles H. Rutherford of Madrid as 3 Ms at
par plus $6 premium,
equal to 100.20, a basis of about 3.21%.
Dated Jan.
and
to
283
285
285
1M%
1M%
2M%
100.711
100.31
Par
NEW JERSEY (State of)—LOCAL
REFUNDING PROGRAMS UNDER
CONSIDERA TION—At a special meeting of the State
Funding Commission,
held at office of the State
Attorney General on Oct. 26, plans for refunding
of debts by the
following communities were informally reviewed:
Township of Hillside 1
Borough of Bradley Beach
City of Wildwood
Township of Matawan
Borough of Magnolia
Township of Evesham
City of North Wildwood
City of Bayonne
City of Clifton
Borough of Lodi
City of Union City
Borough of Emerson
Borough of West Paterson.
Traders
Cattaraugus), N. Y.—BOND ELECTION—At
$1,000
on
named
a
Jan. 1 from 1945 to 1947 incl.
rate of
BRUNSWICK, N. J.—BONDS
Town of Irvington
Borough of East Paterson
&
100.15
2.25%
2.25%
2.40%
2.40%
2.40%
-
100.046
2.20%
Marine Trust Co. of Buffalo and R. D. White & Co
Roosevelt & Weigold, Inc—
Manufacturers
Rale Bid
2.10%
—
George B. Gibbons & Co. and Adams, McEntee
& Co., Inc
A. C. Allyn & Co., Inc., and E. H. Rollins &
Sons. Inc
County Trust Co. of White Plains
100.571
100.56
100.554
100.531
100.51
Int. Rale
Halsey, Stuart & Co., Inc
100.59
APPROVED— Robert P.
March,
City Comptroller, reports that an issue of $225,000 construction
bonds
was approved at the Nov. 7
election.
NEW
an
N. Y —BOND SALE—The $130,000 coupon or
registered, series or 1939, general improvement bonds offered Nov. 3—
V. 149, p. 2728-—were awarded to Shields & Co. and
Minsch, Monell &
Co., Inc., both of New York, jointly, as 2.10s, at a price of 100.154, a basis
of about 2.07%.
Dated Nov. 1, 1939 and due Nov. 1 as follows:
$17,000
from 1940 to 1942 incl.; $19,000 in 1943 and $10,000 from 1944 to
1949 incl.
Bid
1M%
Gardner,
Inc., and C. P. Dunning & Co
J. A Rippel, Inc
B.
H.
3.75%.
1, 1940, and due
Snell, only other bidder,
ONEIDA, N. Y.—BOND OFFERING—Robert H. DeWitt, City Comp¬
troller, will receive sealed bids until 3 p. m. on Dec. 5 for the purchase of
$75,000 refunding water bonds.
Due as follows:
$1,000 in 1940 and
1941; $2,000, 1942; $4,000, 1943 to 1945 incl.; $7,000, 1946;
$6,000, 1947;
$4,000 in 1948, and $14,000 from 1949 to 1951 incl.
PLEASANTVILLE, N. Y.—BOND SALE— The $34,000 coupon or
registered bonds offered Nov. 10—V. 149. p. 3009—were awarded to E.
H.
Rollins & Sons, Inc., New York, as 2s, at a
proce of 100.19. a basis of about
1.95%.
Sale consisted of:
$20,000 water bonds.
Due $2,000 on Nov. 1 from 1940 to 1949 incl.
14,000 public improvement bonds.
DueNov. 1 as follows: $3,000 in 1940
and 1941 and $4,000 in 1942 and 1943.
All of the bonds are dated Nov. 1, 1939.
Second high bid of 100.40 for
was made by the Mount Pleasant Bank & Trust Co.
2.10s
of)—BONDS
VOTED—The
$21,000,000
poor
sanctioned by the voters at the
general election
on
ROCKVILLE CENTRE, N. Y.—BOND SALE—The
$25,000 coupon or
public works bonds offered Nov. 10—V. 149
p. 3009— vere
registered
awarded to A.
PHILLIPSBURG,
N.
J.—BOND
OFFERING—George L.
Hartman,
Director of Department of Revenue and
Finance, will receive sealed bids
10 a.m. on Nov. 24 for the purchase of
$140,000 not to exceed 6%
interest coupon or registered school bonds.
Dated Nov. 15, 1939.
Denom.
$1,000.
Due Nov. 15 as follows: $4,000 in
1941 and 1942; $5,000 from
1943 to 1966 incl. and $6,000 in 1967 and
1968.
The sum required to
be obtained at sale of the bonds is
until
$140,000.
The price offered for
pur¬
chase of bonds, regardless of the
principal amount bid for, must be not
less than $140,000 and not
more than $140,999.99.
Bidder to name a
single rate of interest, expressed in a
multiple of M of 1%.
Principal and
interest (M-N) payable at the
Phillipsburg National Bank & Trust Co.,
Phulipsburg.
The bonds are general obligations of the
town, payable from
unlimited taxes.
A certified check for
2% of the bonds bid for, payable to
of
Dillon,
the voters authorized
Rate
&
Sons Inc
H. B. Boland & Co
Harris Trust & Savings Bank..
relief bond issue
YORK
HAVEN, N. Y.—BONDS VOTED—At
Other bids:
Bidder—
order
NEW
FAIR
on
GUTTENBERG, N. J .—BONDS SOLD—An
NEW
YORK, N. Y.
MAMARONECK,
Improvement bonds
1949.
NEW
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
the town,
Vandewater
must
&
successful bidder,
CAPE
accompany each proposal.
Moore of New York
City will
Legal opinion of
be furnished the
MAY
(p- °- Cape May)
N. J —BOND SALE—The
$69,000 coupon or registered
refunding bonds offered Nov. 6—V. 149 p.
3008—were awarded to Warren A.
Tyson Co. of Philadelphia, as 4Ms,
at a price of
96.13, a basis of about 4.61 %.
Dated Nov. 1 1939, and due
Nov. 1, as follows:
$1,000 in 1940 and 1941; $2,000 from 1942 to
1952,
Incl.; and $3,000 from 1953 to 1967, incl.
Bailey, Dwyer & Co. of Jersey
City only other bidder, offered a price of 96 for
4 Ms.
NEW
MEXICO
CARRIZOZO,N. Mex.—BONDS
SOLD—It is stated by
Morgan LoveVillage Clerk, that $15,000 gas revenue bonds
have been sold to the
State Bank of Vaughn.
Dated July 15, 1939.
NEW
CANISTEO. N. Y.
YORK
BOND OFFERING—C. C.
Burrell, Village Clerk,
wm receive sealed bids until
2 p. m. on Nov. 14 for the
purchase of $96,000
^.to exceed 5% inter^t coupon or registered sewer bonds. Dated Nov. 1,
1939.
Denona. $1,000.
Due Nov. 1 as follows:
$3,000 from 1940 to
1955 incl., and $4,000 from 1956 to
1967 incl.
Bidder to name a single
rate of interest, expressed in a
multiple of M or l-10th of 1 %.
Principal
and interest (M-N) payable at the
First State Bank,
Canisteo, with New
York exchange, or at the Chase
National Bank, New York
City
The
bonds are unlimited tax obligations of the
village and the approving legal
opinion of Dillon, Vandewater & Moore of New York
City wUlbe furnished
the successful bidder.
A certified check for
$l,u20, payable to order of
the village, must
accompany each proposal.
C. Allyn & Co.
Inc., New York, as 1.30s. at a price of
100.033, a basis of about 1.29%.
Dated Nov. 1 1939, and due $5,000 on
Nov. 1 from 1940 to 1944, incl.
Second h igh bid of 100.011 for 1.30s came
from R. D. White & Co., New York.
SOUTH GLENS FALLS (P.
O. Glens Falls), N. Y.—BOND ELEC¬
TION— An issue of $15,000 not to exceed 6% interest water main
will be considered by the voters at an election called for
Nov. 14.
bonds
SPRING VALLEY, N. Y.—BOND SALE—The $49,000 series I
coupon
or registered sewer
improvement bonds offered Nov. 10—-V. 149, p. 3009—
were awarded to Roosevelt &
Weigold, Inc., New York, as 2.40s, at 100.24,
a basis of about
2.375%.
Dated Dec. 1, 1939 and due Dec. 1 as follows:
$2,000 from 1940 to 1947 Incl., and $3,000 from 19-48 to 1958, incl.
R. D.
White & Co. of New York, second high bidder, offered
100.336 for 2.50s.
SUFFOLK COUNTY (P. O. Riverhead), N. Y.—BOND OFFERING—
John G. Peck, County Treasurer, will receive sealed bids until
1 p. m. on
Nov. 16 for the purchase of $1,061,000 not to exceed
4% interest
registered bonds, divided
as
coupon or
follows:
$528,000 public welfare bonds.
Due
Nov.
1
as
follows:
$51,000. 1940;
1943; $65,000 in 1944 and
$54,000 1941; $57,000 in 1942 and
$61,000 from 1945 to 1948 incl.
202,000 bridge bonds.
Due Nov. 1 as follows:
$10,000 from 1940 to
1943 incl.; $12,000 in 1944 and $15,000 from 1945 to 1954 incl.
176,000 general improvement bonds.
Due Nov. 1 as follows:
$16,000 in
1940 and 1941; $21,000, 1942 and 1943; $17,000, 1944 to 1948
incl.; $2,000 from 1949 to 1956 incl. and $1,000 in 1957.
131,000 highway bonds.
Due Nov. 1 as follows:
$5,000 from 1940 to
1943 incl.; $6,000 in 1944 and $7,000 from 1945 to 1959 incl.
Due Nov. 1 as follows: $5,000 in 1940
24,000 county building bonds.
and 1941 and $7,000 in 1942 and 1943.
All of the bonds will be dated Nov.
1, 1939.
Denom. $1,000.
maturities of the bonds are as follows:
$87,000 in 1940;
Combined
$90,000, 1941;
$100,000 1942 to 1948 incl.; $24,000. 1949 to 1954 incl.; $9,000 in 1955 and
and 1956; $8,000 in 1957and $7,000 in 1958 and
1959. Bidder to name one
rate of interest, expressed in a
multiple of M or 1-10th of 1 %
Principal and
interest (M-N) payable at the
County Treasurer's office, with New York
exchange, or at the Irving Trust Co., New York City.
The bonds are
general obligations of the county, payable from unlimited taxes. A certified
check for $21,220, payable to order of the
county, must accompany each
proposal. Legal opinion of Dillon, Vandewater & Moore of New York
City
will be furnished the successful bidder.
YONKERS, N. Y.—BOND SALE— The $1,252,000 coupon or registered
bonds offered Nov. 9—V. 149,
p. 3009—were awarded to a syndicate com¬
posed of Phelps, Fenn & Co., Inc., Ladenburg, Thalmann & Co., Eastman
Volume
The Commercial &
149
Pomeroy of Buffalo;
Dillon & Co., all of New York; Schoellkopf, Hutton &
Campbell, Phelps & Co. and Charles Clark & Co., both of New York, as
2Mb at 100.005, a basis of about 2.498%.
Sale consisted of:
$234,000 local improvement bonds of 1939.
Due Oct. 1 as follows: $34,000
in 1940; $35,000, 1941; $45,000, 1942; $50,000 in 1943, and 1944,
and $5,000 from 1945 to 1948, inclusive.
313,000 general bonds of 1939, series III.
Due Oct. 1 as follows: $35,000
in 1940; $40,000, 1941; $45,000 from 1942 to 1944, incl.; $18,000,
1945; $15,0C0 from 1946 to 1949, incl., and $5,000 from 1950 to
1954, inclusive.
240,000 general bonds of 1939, series IV.
Due Oct. 1 as follows: $20,000
from 1940 to 1945, incl., and $30,000 from 1946 to 1949, incl.
52,000 general equipment bonds of 1939.
Due Oct. 1 as follows: $12,000
in 1940 and $10,000 from 1941 to 1944, inclusive.
413,000 general bonds of 1939, series II.
Due Oct. 1 as follows: $61,000
in 1940; $65,000, 1941; $80,000, 1942 and 1943; $20,000, 1944;
$22,000, 1945; $20,000 from 1946 to 1948, and $5,000 from
1949 to 1953, inclusive.
Reoffered at prices to yield
Other bids were as follows:
Bidder—
Int. Rate
Rate Bid
Harriman, Ripley & Co., Inc.; Smith, Barney & Co.,
Mercantile-Commerce Bank & Trust Co., St. Louis,
All of the bonds will be dated Oct. 1, 1939.
from 0.60% to 2.90%,
according to maturity.
and Kelley, Richardson & Co
;
«.
Halsey, Stuart & Co., Inc.; E. H. Rollins & Sons, Inc.;
A. C. Allyn & Co., Inc.; Hemphill, Noyes & Co.,
B. J. Van Ingen & Co., Inc.; Darby & Co., Inc.;
G. M.-P. Murphy & Co.; Scblater, Noyes & Gard¬
ner, Inc., and R. D. White & Co
Blair & Co., Inc.; Estabrook & Co.; Roosevelt & Weigold, Inc.; Manufacturers & Traders Trust Co.;
Kean, Taylor & Co., and Otis & Co
2.60%
100.079
2.75%
100.187
3.20%
100.10
vote was taken Nov. 7 on a
no
bonds.
CINCINNATI,
CAROLINA.
NORTH
of—COPIES
State
OF REFERENCE
BOOK
AVAILABLE—The N. C. Department of Conservation and De¬
velopment announces that it still has available a limited number of copies
of the widely distributed North Carolina Industrial Directory and Refer¬
ence Book.
This 932 page publication was compiled jointly by the Division
of Commerce and Industry and the N. C. Department of Labor.
Book contains a survey of
The Directory and Reference
the natural and
Shysical resources of theprincipals State-wide 5,000 firms; aof all industries,
State; a of some classification clasification of
sting the
and
names
industries by counties, together with detailed data covering
the economic conditions of each county; State-wide public
banking information; and a listing of some
Ohio—BONDS DEFEATED—The voters on Nov.
7
turned down propositions providing for the issuance of $13,000,000 bonds,
as follows:
$6,000,000 municipal stadium and auditorium; $2,000,000 each
for streets and
purposes.
parks and playgrounds, and
*
$3,000,000 for street widening
CLEVELAND, Ohio—BONDS DEFEATED—G. A. Gesell, Director
Finance, reports that the proposed issue of $3,000,000 bridge
bonds failed to carry at the Nov. 7 election.
of
construction
.
COLD WATER, Ohio—BONDS VOTED—Walter R. Bernard, Village
Solicitor, reports that an issue of $10,000 sanitary sewer and treatment
plant bonds carried by a vote of 800 to 84 at the Nov. 7 election.
(P.
COUNTY
CUYAHOGA
Ohio—BONDS DE¬
failed of approval
Cleveland),
O.
FEATED—Proposed issue of $4,500,000 highway bonds
at the Nov. 7 election.
(P. O. Cincinnati), Ohio—BOND OFFERING—Alvin
Village Clerk, will receive sealed bids until noon on Nov. 24, for
of $62,000 not to exceed 6% interest bonds, divided as follows:
$11,000 sidewalk assessment bonds.
Due Dec. 1 as follows:
$3,000 in
1941 and $2,000 from 1942 to 1945, inclusive.
51,000 street assessment bonds.
Due Dec. 1 as follows: $6,000 in 1941
and $5,000 from 1942 to 1950, inclusive.
All of the bonds will be dated Dec. 1, 1939.
Denom. $1,000.
Interest
J-D.
A certified check for at least 1% of the bonds bid for, payable to
order of the village, must accompany each proposal.
Legal opinion of
Peck, Shaffer, Williams & Gorman of Cincinnati will be furnished the
DEER PARK
J. Buck,
the purchase
successful bidder.
DE GRAFF
STILL
DISTRICT (P. O. Celina),
Clerk advises
proposal to issue $70,000 school building
CENTER TOWNSHIP RURAL SCHOOL
Ohio—NO VOTE TAKEN ON BOND ISSUE— The District
that
SCHOOL DISTRICT,
Ohio—NOTE SALE— George T.
Nov. 6 of $4,749.18 2-year
Lennon & Co. of Columbus obtained award on
CAROLINA
NORTH
3147
Financial Chronicle
resources
and
utilities data;
35,000 business firms and houses
by towns and cities.
►JfThis Directory and Reference Book has had a wide sale throughout the
entire country, and has been pronounced by many producers as one of the
finest surveys of its kind published by any State.
,
Orders at $7.50 per copy are accepted by the Division of Commerce
and Industry,
N. C. Department of Conservation and Development,
callable refunding notes as 3s, at a price of 100.054, a basis of about 2.97 %.
The Citizens Bank of De Graff, second high bidder, named a rate of 33^ %
and price of par.
(P. O. Sandusky), Ohio—BONDS APPROVED—An
4% bridge construction bonds carried by a vote of 9,741
3,911 at the recent election, according to Lester E. Curtis, County Clerk.
ERIE COUNTY
issue of $200,000
to
FREMONT, Ohio—NOTE SALE—The $12,000 poor
relief notes offered
several days—V. 149, p. 3010—
Co. of Cleveland, as lMs, at a
Oct. 31, sale of which was postponed for
awarded to Fangboner, Ginther &
were
Dated Oct. 15, 1939 and due
price of 100.258, a basis of about 1.58%.
$6,000 on Oct. 15 in 1940 and 1941.
GREENFIELD EXEMPTED VILLAGE SCHOOL DISTRICT, Ohio
—NOTE SALE—The $5,000 bond anticipation notes offered Nov. 6—
2729—were awarded to J. A. White & Co. of Cincinnati, as
price of 100.057, a basis of about 2.22%.
Dated Nov. 1, 1939
1, 1941.
Callable on any interest date.
Second high bid
of 100.11 for 2Ms was made by George T. Lennon & Co. of Columbus.
V.
149,
2Ms, at
p.
a
and due Nov.
GREEN
RURAL SCHOOL DISTRICT (P. O. Northrup), Ohio—
Bank Co. of Callipolis purchased an issue
Raleigh. '
NOTE SALE—The Ohio Valley
REIDSVILLE, N. C.—BOND SALE—The $25,000 public improvement
bonds offered for sale on Nov. 7—V. 149, p. 3009—were awarded to Vance,
Young & Hardin, Inc., of Winston-Salem, as 3s, paying a premium of
$14, equal to 100.056, a basis of about 2.99%.
Dated Nov, 1, 1939.
Due
on Nov
1 in 1942 to 1956, incl.
of $2,000
NORTH
DAKOTA
DISTRICT NO. 3 (P. O. Beach), N. Dak.—
BONDS SOLD—It is stated by the Clerk of the Board of Education that
BEACH
SCHOOL
$7,000 gymnasium bonds have been
purchased by the State Land Depart¬
ment, as 48.
SCHOOL DISTRICT
COMMON
NO. 43
(P. O.
Amenia), N. Dak.—BOND OFFERING—Sealed bids will be received by
District Clerk, at the County Auditor's office in
Fargo, until 2 p. m. on Nov. 21, for the purchase of $8,000 refunding
bonds.
Denom. $400.
Due on Dec. 1 as follows: $400 in 1940 to 1955,
and $800 in 1956 and 1957.
A certified check for 2% of the bid is required.
Mrs. Ernest McDonogh,
VILLE, N. Dak.—ADDITIONAL INFORMATION—It is now
reported that the $15,000 4% semi-ann. refunding bonds handled through
the Allison-Williams Co. of Minneapolis, on an exchange basis, as noted
here—V. 149, p. 3010—were given to the holders of the original bonds on
a par for par basis.
Due $1,000 on July 1 in 1941 to 1955, incl.
MC
OHIO
'
Ohio—BONDS DEFEATED—P. W. Ferguson, Director of
Finance, reports that the proposal to issue the following bonds aggregating
$4,800,000, was rejected by the voters at the Nov. 7 election: $1,500,000
sewer; $500,000 real estate purchase and park impt.; $600,000 bridge and
$2,200,000 street improvement.
AKRON,
AKRON
—At
the
CITY
Nov.
construction
SCHOOL
7 election
Ohio—BONDS DEFEATED
refused to approve an issue of $600,000
voters
bonds.
VILLAGE, Ohio—BONDS SOLD—Fullerton &
Co. of Columbus
refunding bonds offered Sept. 2, the
postponed—V. 149, p. 1795. Sale consisted of:
$37,000 series A bonds. Denoms. $1,000, $500. $100 and $50. Due Oct, 1
as follows:
$3,600 from 1943 to 1950, incl. and $4,100 in 1951 and
1952.
Callable in whole or in part at par on Oct. 1, 1948, or on
purchased on Sept. 26 the $51,000 4%
sale of which was
any other interest period.
14,000 series B bonds.
Denoms. $500 and $100. Due $1,400 on Oct. 1
from 1943 to 1952
incl.
Callable in whole or in part at par on
Oct. 1, 1943, or on any
All of the bonds are dated Oct.
1
subsequent Oct. 1.
1939.
Due $1,000 on
GREENVILLE,
Ohio—BONDS
Auditor, reports that the proposed
turned down at the Nov. 7 election.
Bank Co;
waterworks improve
Dated March 1
Oct. 1 from 1940 to 1949. inclusive.'
DEFEATED—3. E. Vance, City
$125,000 city hall bond issue was
JEFFERSON
COUNTY
(P. O.
OFFERED—Sealed bids were received
Steubenville),
Ohio
—
NOTES
by Stella Campbell White, Clerk
Commissioners, until 4:30 p. m. on Nov. 10 for the pur¬
chase of $5,345.96 not to exceed 4%
interest poor relief notes.
Dated
Sept. 1, 1939.
One note for $1,345.96, others $1,000 each. Due March 1,
1942.
Principal and interest (M-S) payable at the County Treasurer's
TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
F. D.), Ohio—BOND ISSUE DETAILS—The $50,000 3%
construction bonds purchased by the BancOhio Securities Co. of Columbus,
as reported in these columns last May—V.
148, p. 3269—were sold at a
price of 100.66 and mature $1,000 May 1 and $1,500 on Nov. 1 from 1940 to
1959 incl. Legality approved by Squire. Sanders & Dempsey of Cleveland.
R.
CLEVELAND, Ohio—BOND SALE—The $1,140,000 coupon bonds of¬
awarded to a syndicate composed of
fered Nov. 9—V. 149, p. 2550—were
Blyth & Co., Inc., New York;
Braun, Bosworth & Co. and
2Ms and 2Ms, at a price of
Sale was as follows:
Field, Richards & Shepard, of Cleveland;
Stranahan, Harris & Co., both of Toledo, as
100.08, a net interest cost of about 2.3978%.
$600,000 general sewer bonds to bear 2 M % interest.
from 1941 to 1965 incl.
Reoffered to yield
according to maturity.
Due $24,000 on Nov. 1
from 0.75% to 2.55%.
w
portion paving and sewer bonds to bear 2M% interest.
Due Nov.
1 as follows: $49,000 from 1941 to 1950 incl. and
$50,000 in 1951.
Reoffered to yield from 0.75% to 2.40%.
All of the bonds are dated Nov. 1, 1939.
Other bids were as follows:
Bidder—
Int. Rate
Rate Bid Net Cost
Lehman Bros.; Estabrook & Co.; Stone &
( 540,000 city's
Inc.; Phelps, Fenn
Co.; William J. Mericka & Co., and
Walter, Woody & Heimerdinger
Harris Trust & Savings Bank of Chicago;
Northern Trust Co. of Chicago; F. S.
&
Moseley & Co., et al
Freres & Co.; Kidder, Peabody &
Co.; C. F. Childs & Co., et al_
Smith, Barney & Co.; Harriman Ripley &
>
Co., Inc., and Illinois Co. of Chicago
Halsey. Stuart & Co,, Inc.; E. H. Rollins &
Sons, Inc.; Otis & Co., et al
Blair & Co., Inc.; B. J. Van Ingen & Co.,
Inc.; Eldredge & Co., et al
A. C. Allyn & Co., Inc.; Stifel, Nicolaus &
Co.; Fullerton & Co., et al
2M-2M%
100.059
2.399%
DETAILS—H. A. Reeves, City
$1,750,000
City
$34,000 in 1946, $36,000 in
1950, $40,000 in 1951.
in
1947, $37,000 in 1948, $38,000 in 1949, $39,000
$41,000 in 1952, $42,000 in 1953, $44,000 in
in 1955, $47,000 in 1956, $48,000 in 1957, $49,000 in 1958,
$51,000 in 1959 $53,000 in 1960, $54,000 in 1961, $56,000 in 1962, $57,000
in 1963. $59,000 in 1964, $61,000 in 1965, $63,000 in 1966, $65,000 in 1967,
$67,000 in 1968, $69,000 in 1969, $71,000 in 1970, $73,000 in 1971, $75,000
in 1972, $77,000 in 1973, $80,000 in 1974. and $83,000 in 1975.
1954,
$45,006
LAKEWOOD CITY SCHOOL
until 8 p. m. on
DISTRICT, Ohio—NOTE OFFERING
Board of Education, will
•—Ruth E. Nemec, Clerk of
Nov. 27 for the purchase
interest refunding notes,
receive sealed bids
of $70,138.29 not to
exceed 4%
callable after Nov. 30 in any year.
LANCASTER, Ohio—BONDS SOLD—The
City Bond Retirement Fund
recently purchased $8,000 hospital improvement
Projects Authority cooperative fund bonds.
LOGAN, Ohio—BOND OFFERING—Josephine
bids until noon on Nov. 18 for
will receive sealed
and $10,000 Works
Hansel, City Auditor,
the purchase of $5,000
Denom. $500.
a different
a multiple
certified check for $500, payable to order of
3M% street improvement bonds.
Dated Oct. 15. 1939.
Due $500 on Oct. 15 from 1940 to 1950 incl.
Bidder may name
rate of interest, provided that fractional rates are expressed in
of M
of 1%. Interest A-O.
is required.
A
the city,
MIAMI
TOWNSHIP
SCHOOL
Ohio—BONDS AUTHORIZED—An"
carried at the Nov. 7 election.
MIDDLETOWN,
DISTRICT (P. O. Miamisburg),
issue of $40,000 construction bonds
Ohio—BOND OFFERING—C. H. Campbell, City
sealed bids until noon on Nov. 22 for the purchase of
Denom. $1,000.
$65,000 3M% coupon airport bonds. Dated Sept. 1, 1939.
Due $5,000 on Sept. 1 from 1941 to 1953 incl. Bidder may name
rate of interest, provided that fractional rates are expressed in
ofMofl%. Interest M-S. A certified check for $1,000,
of the city, must accompany each proposal.
Bonds will be
a different
a multiple
payable to order
sold subject
only to approving legal opinion of Thomas M. Miller, Esq., of Columbus.
MILLERSBURG-HARDY EXEMPTED SCHOOL DISTRICT (P. O.
Millersburg), Ohio—BOND SALE DETAILS—The $3,200 school bonds
sold during September to the Adams Bank of Millersburg—V. 149, p. 1796—
were
issued as 2Ms, at par.
NEWARK CITY SCHOOL
P
B
Edwards,
DISTRICT, Ohio—BONDS DEFEATED—
that the voters rejected
Superintendent of Schools, reports
proposed $80,000 library
bond issue on Nov. 7.
BOSTON, Ohio—BOND OFFERING—Gerald Wintersole, City
receive sealed bids until noon on Nov. 28 for the purchase of
exceed 6% interest poor relief bonds. Dated Nov. 1, 1939.
Denom. $1,000. Due $1,000 on Nov. 1 from 1940 to 1943 incl. Purpose of
Issue Is to provide funds for relief purposes during balance of current fiscal
year.
Interest M-N.
A certified check for $40, payable to order of the
City Treasurer, is required.
NEW
Auditor, will
$4 000 not to
NEW MIAMI SCHOOL DISTRICT (P. O. Hamilton), Ohio—NOTE
SALE—The First National Bank & Trust Co. of Springfield purchased an
issue of $6,660.73 refunding notes as 2 Ms.
,
NORTH COLLEGE HILL, Ohio—BONDS VOTED—An issue of $8,500
apparatus bonds was approved by the voters at the Nov. 7 election.
fire
2H%
100.329
2.46%
2M%
100.17
2.48%
2M-2M%
100.309
2.54%
2M-2M%
100.108
2.56%
2M-3%
100.33
2.62%
2M%
100.31
2.71%
Lazard
LAKEWOOD, Ohio—BOND ISSUE
Clerk, reports that no decision has been made as to when the
3% water plant bond issue will be sold. The bonds, approved by the
Council on Oct. 2 will be dated Jan. 1
1940 in $1,000 denoms. and mature
Jan. 1 as follows:
$31,000, in 1943, $32,000 in 1944, $33,000 in 1945,
the
,
Webster and Blodget,
office.
Auditor, will receive
BLANCHARD
Leipsic,
Due in 1941.
Ohio—BOND SALE—The Commercial
Denom. $1,000.
1939.
DISTRICT,
AMHERST, Ohio—BONDS SOLD—An issue of $80,000 municipal light
plant bonds was sold July 8 to Van Lahr, Doll & Isphording of Cincinnati,
as 3Ms, at a price of 100.50.
BAY
GREEN SPRINGS,
of Green Springs purchased an issue of $10,000 3M %
ment bonds at a price of 101.11, a basis of about 3.53%.
Board of County
COUNTY
CASS
refunding notes as 4s.
OHIO (State of)—REPORTS HIGHER REVENUES AND LOWER
OPERATING COSTS—Cost of operatihg the State government for the
first nine months declined $3,069,000 as compared with the corresponding
period of 1938, while tax collections increased $6,633,000 over last year,
according to a financial statement prepared by State Finance Director
Robert R. Bangham.
The director pointed out that five funds formerly earmarked for public
schools, but now turned over to the general revenue fund, had shown a
total collection of $53,309,000, an increase of $2,172,000 over the estimated
yield shown in the estimated appropriation in the budget bill.
The Commercial & Financial Chronicle
3148
If collections for the last quarter of the year maintain the
the last quarter of 1938, the surplus is expected to be
same
level
as
approximately
$2,000,0d0, all of which the administration intends to turn over for the
a portion of the $17,000,000 school foundation
program deficit,
retirement of
which has accumulated over the past six years.
At the same time, however. Governor John
W. Bricker has exprecsed
the belief that maintenance of the present rate of
collections, linked with
economies in
operation of 8tate government, will swell the
continued
surplus to slightly more than $3,000,000.
$3,000,000 surplus that Cleveland business leaders, headed
It is this
Mayor Harold H.
by
Burton, intimated recently in a conference with the
Governor on the Cleveland lelief crisis should be made available
to plug
the poor relief gap during the last two months of the year. '
OHIO,
Reflecting pre-election indications the Bigelow plan would
Ohio municipal market has been largely immune to the
POLK COUNTY SCHOOL DISTRICT NO. 13 (P. O.
Monmouth),
Ore.—BONDS SOLD—The $15,500 funding bonds offered for sale on
1—V. 149, p. 2730—were purchased by Atkinson, Jones & Co. of
Portland, at a price of 100.07, divided as follows:
$7,500 as 254s, and
$8,000 as 2Ks.
While Ohio municipals are back near the all-time
high prices, bond men
here say that this reflects general market trends and low
dealer inventories
effect of the defeat of the Bigelow plan.
of these bonds rather than any
PORTAGE
COUNTY
(P.
O.
Ravenna),
$27,000
Ohio—NOTE SALE—The
poor relief notes offered Nov. 3—V. 149, p. 2730—were
awarded to
Hayden, Miller & Co. of Cleveland, as Is. Another bidder was
Stranahan,
Harris & Co. of Toledo.
Issue has an average life of 1 5-6
years.
SANDUSKY, Ohio—NOTE OFFERING—C. F. Breining, City Treas¬
urer, will receive sealed bids until
WASHINGTON
AND
1
p. m. on Nov. 13 for the purchase of
$25,000 not to exceed 4% interest poor relief notes.
Dated Nov. 1, 1939.
One note for $5,000, others $10,000 each.
Due March 1, 1943.
Principal
and interest (M-N) payable at the Third
National Exchange Bank, San¬
dusky.
City will apply proceeds of the sale to poor relief costs for
1939.
A certified check for 5% of the amount
bid, payable to order of the city,
must accompany each proposal.
BONDS VOTED—C. F. Breining, City Treasurer,
reports that the
$747,000 sewer system bond measure carried by a
75% majority at the
Nov. 7 election.
YAMHILL
COUNTIES,
JOINT
SCHOOL
DISTRICT NOS. 11 AND 55 (P. O. Gaston), Ore.—BOND SALE—
The $2,500 school bonds offered for sale on Oct. 27—V. 149, p. 2730—-were
iistrict Clerk.
Purchased by Tripp & Oct. 1, 1939. Due $500 as Oct. 1 according to the
254s, in 1943 to 1947.
Dated McClearey of Portland,
on
inclusive.
♦
not pass,
The average yield of 30 Ohio municipals, as
compiled by William J.
Mericka & Co., reached a low of 2.20 in about the middle of
June and after
the outbreak of war advanced to 3.49 in the week of
Sept. 21.
Since that
time the average has been declining and was 2.86 last
week.
1939
Nov.
the
possibility that this
constitutional amendment would be adopted.
11,
highest responsible bidder for not less than par value and accrued
interest.
Prin, and int. payable at the City Treasurer's office.
These
bonds aie issued pursuant to Chapter X, Section 42, of the City Charter,
and of Ordinance No. 46 of the City, and all bidders are referred to the same
for the exact terms of the sale of the bonds.
The approving opinion of
Slattery & Slattery, of Eugene, will be furnished.
Enclose a certified check
for not less than 2% of the par value of the bonds.
State of—DEFEAT OF PENSION PLAN NOT TO AFFECT
MUNICIPAL MARKET—We quote, in part, as
follows, from a news
report out of Cleveland to the "Wall Street Journal" of Nov. 9:
Although the defeat of the Bigelow pension plan Is not expected to have
much effect on the market for Ohio municipals, bond men
here are of the
opinion that it may have a tendency to firm prices slightly.
Nov.
the
PENNSYLVANIA
BETHLEHEM,
Pa .—BOND
SALE—The $200,000 improvement and
funding bonds offered Nov. 8—V. 149, p. 2730—were awarded to Harriman
Ripley & Co., Inc., New York, as lHs, at 101.267, a basis of about 1.21%.
Dated Nov. 1, 1939, and due $25,000 on Nov. 1 from 1940 to 1947, incl.
Other bids for
IKs
were as
follows:
Bidder—
Rate Bid
Hemphill, Noyes & Co., and H. C. Wainwright & Co____
101.025
Yarnall & Co., and E. H. Rollins & Sons, Inc.
100.827
Mercantile-Commerce Bank & Trust Co., and Charles Clark & Co. 100.80
Blair & Co., Inc
.100.659
-
Bankers Trust Co
.100.629
Peoples-Pittsburgh Trust Co
Ilalsey, Stuart & Co., Inc.
Mackey, Dunn & Co
100.614
—
:
Burr & Co., and Edward Lowber Stokes & Co
First Boston
100.452
—
100.44
...
;
Corp
100.56
100.462
...
Dougherty, Corkran & Co., and Barclay, Moore & Co
Alex. Brown & Sons, and Wurts, Dulles & Co
Singer, Dearie & Scribner
100.589
...
.100.388
—
100.367
...
First Boston Corp.; Stroud & Co., and Schmidt, Poole & Co..
.100.23
W. H. Newbold's Son & Co.; Cassatt & Co., and E. W. Clark & Co.100.209
.
BOYERTOWN,
.
refunding bonds
was
Pa.—BONDS VOTED—An issue of
approved by the voters on Nov. 7.
$65,000
wate
■
CAMBRIA COUNTY
UNIVERSITY HEIGHTS (P. O. South
Euclid), Ohio—BOND
DIS¬
POSAL REPORT—W. A. Horky. Village
Clerk, reports that the $130,000
refunding unsuccessfully offered Sept.- 12—V. 149, p. 1797—have
been
either exchanged with holders of the original debt or
sold, at pat.
HEIGHTS, Ohio—PROPOSED DEBT REFUND¬
ING—Village is notifying bondholders of details of a proposed debt read¬
justment plan, according to report.
It calls for refunding
$349,500 of
unvoted general and special assessment
bonds, on a par for par basis,
with new 30-year bonds dated
July 1, 1939.
The new bonds will bear
1K% interest for the first four years, 2% the next
four, 2K% the next
five, 3% the next five, 4% the next five, and
5% the last seven
years.
At the time of exchange, one
year's interest will be paid on the present spe¬
cial assessment bonds totaling
$337,000.
Also to be refunded are $8,000
outstanding unlimited tax bonds, on a par for par basis, with new
15-year
bonds dated July 1, 1939, interest rates
ranging from 3% to 4% over the
period.
Full coupon and accrued interest will be
paid on the unlimited
tax issue up to the date of the new bonds.
WAYNE TOWNSHIP RURAL SCHOOL
DISTRICT (P. O. WaynesSALE—The Ohio National Bank of Columbus
ville), Ohio—NOTE
3 Ks, at par, an issue of $8,025.25
two-year
as
has
refunding notes.
WILLARD, Ohio—BONDS AUTHORIZED—Village Council authorized
an
issue of $20,000 4% swimming pool construction
bonds.
Dated Oct. 15,
1939.
Denom. $1,000.
Due $2,000 on Oct. 15 from 1941 to
1950, incl.
WOODVILLE, Ohio—BONDS DEFEATED—An issue of $50,000
village
hall bonds was rejected
by the voters at the Nov. 7 election, the tally
being
262 in favor and 189 opposed.
Measure required 65%
majority vote for
approval.
OKLAHOMA
FISH CREEK SCHOOL
DISTRICT (P. O. Bartlesville), Okla.—
BOND SALE DETAILS—It is now
reported that $4,900 building construc¬
tion bonds sold to Francis Bro. & Co. of
St.
Louis,
as
4s,
as noted
—V;. I!9; p; 2,550—were purchased
follows: $500 in
as
at par, and mature
1942 to 1950, and $400 in 1951.
here
on
May 1,
on
HALLETT CONSOLIDATED SCHOOL
DISTRICT (P. O. Hallett),
Okla.—BONDS SOLD—The Clerk of the Board of Education
states that
$3,500 building bonds have been purchased
by the Taylor-Stuart Co. of
Oklahoma City.
n,uKI2^SCHOOL
DISTRICT (P.O. Kiowa), Okla.—BOND SALE—
The $7,000 coupon school
building bonds offered for sale on Nov. 2—V.
149, p. 3010—were awarded to the
Taylor Stuart Co. of Oklahoma, at a
net interest cost of about
3.38%, according to the Clerk of the Board of
Education,
Due $1,000 in 1942 to
1948, inclusive.
It
was
stated
subsequently that the
3Ks. due $1,000
15, 1948.
as
on
Oct.
Oct.
McINTOSH
bonds were sold as follows:
15 in 1942 to 1947, and
$1,000 as
$6,000
3s, due on
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
Okla.—BOND OFFERING—
p. m. on Nov. 13, by A. J.
Hall, District
Clerk, for the purchase of a $5,000 issue of
building bonds.
Due $1,000
in 1944 to 1948, incl.
The bonds will be awarded to the
bidder offering the
lowest rate of interest the bonds shall
bear and agreeing to pay par and
accrued interest, and are issued in
accordance with Article 5, Chapter 32
of the Oklahoma
£.9* 4 J,Pi °* Route No. 1, Checotah),
will be
B ds
received
until 2
Session Laws of 1935.
amount of bid is
required.
A certified check for 2%
of the
on
aggregating $75,000:
improvement bonds.
is reported that at the
Oct. 31, the voters turned down
the following bonds
$40,000
fire
equipment
and
$35,000
water
works
OKLAHOMA, State
of—LOCAL BOND ISSUES APPROVED—A
specia
Oklahoma City to the "Wall Street
Journal" of Nov. 8
1 to Oct. 20, this year, a total of
$183,920
«x/ace va',ue of Oklahoma municipal bond was approved as to form by
Attorney General MacQ. Williamson, ex officio
State Bond
dispatch from
reported
follows: From Sept.
as
Commissioner.
This included 40 issues.
r
11 *
that
par.
the
-M
m A
ki*S-It is
A AM AM* Am A
education,1942noted here—V.
as
in
to
„
Due $1,000
1951, incl.
mm
stated by the City Attorney
$10,000 public park building bonds sold
149,
to the
Treasurer of the
p. 3010—were purchased at
MEDFORD,
nwrn^fli
Ore .—BONDS
? °o
issue
Mn nnn
$30,000
in
DEFEATED—lb
i
!
is
is
$1,000.
not
a
to
$50,000
exceed
Due Oct.
1,
stated
that
at
the
the
park sites purchase and
development bonds.
OAKRIDGE, Ore.-—BOND OFFERING—Sealed
rate
Ebensburg), Pa.—BOND OFFERING—
2K. 2K, 254, 3, 354. or 3K% coupon, registerable as to princioal only,
operating revenue bonds.
Dated Nov. 15. 1939.
Denom. $1,000.
Due
on Nov.
15 from 1940 to 1944, incl.
Bidder to name a single
rate of interest, payable M-N.
Bonds are general obligations of the county
and are issued subject to favorable
legal opinion of Townsend, Elliott &
Munson of Philadelphia.
A certified check for 2% of the bonds bid for,
payable to order of the County Treasurer, must accompany each proposal.
bids
will
be received
by Frank B. Chenoweth,
City Recorder, for the
issue of electric
light and power bonds.
Interest
5%, payable A-O.
Dated Oct
1
1939
Denom
as
V?
follows:
$1,000 in 1941 to 1944
$4'000
the bonds shall k
be issued with the option
$2 000 in
194?To
*n 1964, provided, however,
on
the part of the
city,
that
acting by
through the Common Council, of
redeeming them, or any of them at
par End accrued interest, on and after
any interest-paying date on and
after
5 years from the date of issuance of the
bonds.
The bonds
and
DAUPHIN
Warren E.
COUNTY (P. O. Harrisburg), Pa.—BONDS VOTED—
Lyne, Chief Clerk, states that the proposed $1,700,000 court¬
was approved by a
majority of 10,000 votes at the Nov. 7
house bond issue
election.
EAST
BETHLEHEM TOWNSHIP (P. O.
Fredericktown), Pa.—
$20,000 coupon township bonds offered Nov. 6—V.
2730—were awarded to Singer, Deane & Scribner of Pittsburgh,
as 2Ks, at a price of 100.137. a basis of
abo"t 2.47%.
Dated Dec. 1, 1939,
and due $2,000 on Dec. 1 from 1940 to
1949, incl.
BOND
149,
SALE—The
p.
EXETER (P. O.
Pittston), R. D.), Pa.—BOND SALE—Barclay, Moore
& Co. of Philadelphia purchased
refunding bonds
4Ks. at
as
JOHNSTOWN
a
on
Oct. 26
shall be sold to
an
issue of $60,000 funding and
price of 100.279.
SCHOOL
DISTRICT,
Dated Oct.
15, 1939.
Pa .—BOND
OFFERING—
George B. Hunter, Secretary of Board of School Directors, will receive
sealed bids until 8 p.m. on Nov. 15 for the
purchase of $199,000, 33 54.
3K. 3 54. 4, 4 >4. 4K or 454 % coupon, registerable as to
principal only,
refunding bonds.
Dated Nov. 15, 1939^.
Denom. $1,000.
Due Nov. 15,
as follows:
$19,000 in 1940 and $20,000 from 1941 to 1949 incl.
Bidder
to name a single rate of
interest, payable M-N.
A certified check for 2%
of the bonds bid for, payable to order of the
District Treasurer, is
required.
Bonds will be sold subject to
approving legal opinion of Townsend, Elliott
& Munson of
Philadelphia.
MOUNT
CARMEL POOR
DISTRICT, Pa .—BOND OFFERING—
Sterling Post, Chief Clerk, announces that he will receive sealed bids at the
Courthouse, Sunbury, until noon on Nov. 14, for the
purchase of $115,000
not to exceed
4K% interest coupon funding bonds.
Dated Dec. 1, 1939.
Denom. $1,000.
Due Dec. 1 as follows: $5,000 trom 1940 to 1950 incl.
and $10,000 from
1951 to 1956 incl.
Callable on any Interest date at a
price of 105.
Registerable as to principal only.
Bidder to name a single
rate of interest, payable J-D.
A certified check for 2% of the bonds bid
for, payable to order of the County Treasurer, is
required.
Bonds are
offered subject to approval of the
Pennsylvania Department of Internal
and favorable legal opinion of
Saul, Ewing, Remiclc & Saul of
Pittsburgh.
These bonds are to be issued to provide funds for the
pay¬
ment, together with certain cash now in the treasury, of all the
outstanding
obligations of the district, and when properly issued, will, in the opinion
of counsel, constitute valid and
binding obligations of the district.
Affairs
They
will be payable from ad valorem taxes
to be levied within the taxing limita¬
tion placed by all upon all the taxable
property within the district.
NARBERTH, Pa.—BOND SALE—Schmidt, Poole & Co. of Philadelphia
purchased on Nov. 8 an issue of $25,000
2% storm water sewer bonds at
a price of
101.903, a basis of about 1.85%.
Due $5,000 on Dec. 1 in 1944,
1949, 1954, 1959 and 1964.
NETHER PROVIDENCE TOWNSHIP SCHOOL
DISTRICT (P. O
Pa .—BOND
OFFERING—John
C.
Hershey,
District
Secretary, will receive sealed bids until 7 p. m. on Nov. 24, for the
pur¬
chase of $73,000
coupon school bonds.
Dated Dec.
1, 1939.
Denom,.
Wallingford),
Due Dec.
tncl. and $2,000 in
at rates of
1
as
follows:
1964.
154. 2, 254
$2,000 in 1940; $3,000 from 1941 to 1963^
Bids will be accepted for bonds
bearing interest
2K%, payable semi-annually without deduction
for any tax or
taxes, excepting gift, succession or inheritance taxes; also
bearing 2, 2K. 254 or 3%, due semi-annually and subject to deduction for
all taxes.
bonds
on
or
In any event bidder must
each basis.
name
a
single rate of interest for the
Interest J-D.
A certified check for
2% of the bid,
payable to order of the district, must accompany each
proposal.
Bonds
will be issued and sold
subject to approval of the Pennsylvania Depart¬
ment of Internal Affairs, and
approving legal opinions of Saul, Ewing,
Remick & Saul, of Philadelphia, and
Geary & Rankin, of Chester.
Such
opinions will be ftirnished the successful bidder.
NORTHUMBERLAND
COUNTY
(P.
O.
Sunbury),
Pa.—ADDI¬
TIONAL BONDS SOLD—Leavens & Leader of Shamokin
report that they
exercised their option to purchase
as
and
4 54s, at par, $105,000 Mount Carmel
$17,000 Kulpmont Borough
PHILADELPHIA, Pa .—COMMENT
p* 2730—the voters turned down
until 8 p. m. on Nov.
24.
purchase of
(P. O.
Cannon, County Comptroller, will receive sealed bids until 11
Nov. 27 for the purchase of $300,000 K. 54. 1, 1
J-4. IK, 154, 2,
Township Poor District bonds
trict bonds—V. 149, p. 255L
OREGON
proposal +«
to
on
$1,000.
MUSKOGEE, Okla.—BONDS DEFEATED—It
city election held
m.
$60,000
WARRENSVILLE
purchased
Henry L.
a.
Poor Dis¬
ON GAS RENTAL FINANCING
—The Philadelphia Bureau of
Municipal
Oct. 24, comments as follows on the
Research, in
a bulletin dated
$41,000,000 loan obtained by the city
through assignment of the annual fee received in connection with
leasing
of the municipal gas works—V.
149, p. 1064:
"Wide differences of opinion are
being expressed regarding the cost to
the city of the $41,000,000 which was obtained—in effect
borrowed—in
through
city's
July
a
gas
transaction
'sale' and assignment of the $4,200,000 a year 'rental* of the
works, and regarding the relative merits of the $41,000,000
and the
$50,000,000 proposal previously considered.
these differences result from
the unusual nature
money-raising devices, and from the lack of
denominator for purposes of comparison.
a
and
features
Most of
of the
readily available
two
common
"Summary comparison: Based upon known and expected factors, the
$41,000,000 transaction (really $39,950,000 net, for $1,050,000 was
repaid
Volume
The Commercial & Financial Chronicle
149
simultaneously) will cost the city 4.182102% a year (1.0455255% per
quarter-year) for 12years, and a total of $52,250,000, or $11,250,000
more than the amount received: whereas the $5O,OOO,0OO proposition would
have cost the city 4.677262% a year (1.1693155% per quarter-year) for
17M years, and a total of $73,500,000, or $23,500,000 more than the amount
the city was to receive.
Evidently, therefore, the $41.000,00t/ transaction
actually consummated was better from the city's standpoint than the $50,000,000 proposal in the following respects: it meant a smaller borrowing by
$10,050,000, a smaller interest cost by $12,250,000, a shorter period of
repayment (or loss of gas works rental) by 5M years, and a lower rate of
interest by 0.495 + % a year.
The smaller borrowing has some disadvan¬
tages, but they are small in comparison with the other advantages noted
above."
AUTHORITY", Pa.—NOTE OFFERING
—Frank Smith,
Authority Chairman, will receive sealed bids until 1 p.m.
Nov. 14 for the purchase of $8,900,000 first series negotiable temporary
on
loan note
details
W
May 14, 1940.
BSirther
"United States Housing
of this section.
notes, dated Nov. 14, 1939 and due
included in the news item captioned
or
are
Authority" which appears
preceding
on a
page
PITTSBURGH HOUSING
AUTHORITY, Pa.—NOTE OFFERING—
Hovde, Administrator of Housing Authority, will receive sealed bids
p.m. on Nov. 14 for the purchase of $7,800,000 temporary loan
notes, including $5,700,000 first series and $2,100,000 second series, all
dated Nov. 14, 1939 and due May 14, 1940.
Further details are included
in the news item captioned "United States Housing Authority" which
appears on a preceding page of this section.
B. J.
until
CHERAW, S. C.—BOND OFFER!ivu—It is stated by Dan L. Tillman,
Town Clerk, that he will receive sealed bids until 11 a. m. on Nov. 17 for
the purchase of a $60,000 issue of sidewalk paving bonds.
Bidders will
name the coupon rate and the price offered for the bonds.
These bonds
were
PHILADELPHIA HOUSING
1
authorized at the election held
Oct. 3, and will be full faith and credit
a pledge of paving assessments in an
equal to the amount of the bonds, and (2) by a pledge of the business
licenses imposed by the municipality.
These bonds will be approved by
amount
Samuel Want of Darlington, and P. A. Murray Jr. of Cheraw, attorneys for
the
town, and by Nathan & Sinkler
Enclose a certified check for $100.
of Charleston,
for the purchasers.
NEWBERRY, S. C.—BONDS OFFERED TO PUBLIC—A $60,000 issue
coupon refunding bonds is being offered by Hamilton & Co. of
Chester, for general investment at prices to yield from 1.75% to 3.45%,
according to maturity.
Denom. $1,000.
Dated Nov. 15. 1939.
Due
$4,000 on Nov. 15 in 1940 to 1954 incl.
Prin. and int. (M-N 15) payable
at the Central Hanover Bank & Trust Co., New York,
Legal approval by
of 3^%
Nathans
&
Sinkler
VOTED—Richard M.
Moll,
Borough
Clerk, reports that $15,000 street and alley improvement bonds carried at
the recent general election.
of
Charleston.
TOWNSHIP
(P.
O.
Swarthmore),
Pa.—BONDS
SOLD—The
Township Committee purchased for account of the sinking
issue of $6,000 fire truck purchase bonds.
WIND GAP SCHOOL DISTRICT, Pa .—BOND SALE—The Citizens
Bank of Wind Gap purchased $30,000 bonds as 3Ks, consisting of $9,000
funding and $21,000 refunding.
Denom. $1,000.
Due $2,000 on Nov. 1
from 1940 to 1954, incl.
DAKOTA
SOUTH
DISTRICT NO. 6 (P. O. Lead),
S. Dak.—BOND OFFERING—Sealed bids will be received until 7 p. m.
LEAD
SPRINGFIELD
an
on
obligations, and will be secured (I) by
Pa.—BONDS
ROBESONIA,
fund
3149
CHARLESTON HOUSING AUTHORITY, S. C —NOTE OFFERING
—Sealed bids will be received until 1 p. m. on Nov. 14 by E. D. Clement,
Secretary of the Housing Authority, for the purchase of the following tem¬
porary loan notes, aggregating $1,410,000: $660,000 first series and $750,000
second series notes.
Dated Nov. 14, 1939.
Due on May 14, 1940.
Further details are included in a news item captioned "United States
Housing Authority," which appears on a preceding page of this section.
INDEPENDENT
SCHOOL
Nov. 15, by Carrie M. Voigt, District Clerk, for the purchase of a
$250,000 issue of 4% semi-annual high school building obnds.
Dated
Nov. 15, 1939.
Due Nov. 15, as follows:
$10,000 in 1940, and $20,000
in 1941 to 1952.
The approving opinion of Fletcher, Dorsey, Barker,
Colman & Barber of Minneapolis, will be furnished.
Prin. and int. pay¬
on
able at the First National Bank of Black Hills at Lead.
(This notice supplements the offering report given in our issue of Aug. 26
149, p. 1363.)
—V.
RHODE
ISLAND
TENNESSEE
wCRANSTON, R. I.—BOND OFFERING—William M. Lee, City Treas¬
will receive sealed bids until 3 p. m. on Nov. 17 for the purchase of
$500,000 coupon series C sewerage loan bonds, Act of 1939.
Dated Nov.
15, 1939.
Denom. $1,000.
Due Nov. 15 as follows: $17,000 from 1942
to 1970, incl., and $7,000 in 1971.
Bidder to name one rate of interest,
•expressed in a multiple of M of 1%.
Principal and interest payable at
First National Bank of Boston, or at holder's option, at the Rhode Island
Hospital Trust Co., Providence.
Bonds may be registered as to principal
urer,
only or as to both principal and interest.
These bonds will be valid general
obligations of the city, and all taxable property in the city will be subject
to the levy of unlimited ad valorem taxes to pay both principal and interest,
except that taxable intangible personal property is taxable at the uniform
rate of 40 cents for each $100 of assessed valuation.
The bonds will be
engraved under the supervision of and authenticated as to genuineness by
the First National Bank of Boston.
The legality of this issue will be ap¬
proved 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 for the proper issuance of the bonds will be
filed with the First National Bank of Boston, where they may be inspected.
R. I.—NOTE OFFERING— B. F. Downing, City Treas¬
that sealed bids addressed to the Board of Aldermen will be
Nov. 14 for the purchase at discount of $100,000
revenue anticipation notes for year ending March 31, 1940.
Dated Nov.
17,1939, and payable Aug. 26, 1940.
Denom. $25,000, $10,000 and $5,000.
Authenticated as to genuineness and validity by the First National Bank of
Boston, under advice of Ropes, Gray, Boyden & Perkins of Boston.
Pay¬
NEWPORT,
urer, reports
received until 5 p. m. on
able at the First National Bank of Boston or at the Central Hanover Bank
& Trust Co.,
New York,
KNOXVILLE, Tenn.—BOND TENDERS ACCEPTED—In connection
with the call for tenders of 25-year refunding bonds, dated Jan. 1, 1933, it
is stated by A. P. Frierson, Director of Finance, that the Sinking Fund
Board purchased all bonds tendered, as follows: $1,000 4^s, at 104.00,
and $18,000
STEWART
as
follows:
as
iSonds are in $1,000 denoms.
Principal and semi-annual interest
payable at the First National Bank of Boston.
The bonds are unlimited
All of the
tax
obligations of the city.
PROVIDENCE, R. I.—CREDIT SURVEY ISSUED— Rapid expansion
result of continued relief and extensive
improvement borrowing serves to cloud the otherwise favorable credit
status of Providence, according to Lazard Freres & Co., which has just
of debt in the last few years as a
completed
a new
financial study of the city.
Standing out among the more favorable factors, the investment house
finds, are a good tax-collection record over a long period of years, mainte¬
nance of total sinking funds above actuarial requirements, a consistent record
of meeting debt service requirements without resorting to refinancing, and
the position of the city as the capital of the State of Rhode Island.
A series of
operating deficits, however, has occurred despite the funding
action is deemed necessary
their former high rating.
Operating expenses and improvement expenditures can be reduced without
curtailing greatly essential services, and the tax levy can be increased with¬
out overburdening the taxpayers, it holds.
of relief costs, the house says, so that corrective
before the bonds of the city can be accorded
While current
tax
collections
and total collections of current
have declined somewhat
in
recent
years
and delinquent taxes have failed to equal
the current levy,
accumulated back taxes are not large, however, and the
city's record is still favorable, the report says.
burden, including overlapping debt, amounts to $175 per capita
considerably higher than the average, compared with other
cities.
Net debt, including overlapping debt payable
from property taxation, amounts to $44,360,263, or about 9.8% of the esti¬
mated true value of tangible property.
Net
and is termed
representative
30% of outstanding serial bonds, which constitute more than
five years, but term maturities
spread fairly evenly over the next 20 years, except the greater part of
the water debt, which does not fall due until the 1960's.
More than
half total indebtedness, mature in the next
are
Secretary of the
until Dec. 11, at
WARWICK, R. I .—BOND OFFERING DETAILS—The $50,000
bonds to be sold on Nov. 14—V. 149, p. 3010—will be dated
Dec. 1, 1939, are in $1,000 denoms. and payable as to principal and interest
(J-D) at the Union Trust Co. of Providence.
Bid of at least par is required.
A certified check for 2% of the bonds bid for, payable to order of Town
Treasurer Frank P. Duffy, must accompany each proposal.
SOUTH
CAROLINA
(P. O. Charleston), S. C.—DOND SALE
—The $300,000 issue of public improvement bonds offered ror sale on
Nov. 6—-V. 149, p. 3010—was awarded to a syndicate composed of Shields
& Co. of New York, Clement A. Evans & Co., and J. H. Hillsman & Co..
both of Atlanta, paying a premium of $42, equal to 100.014, a net interest
cost of about 2.297%, on the bonds divided as follows:
$30,000 as 3^s,
due on Nov. 1, 1942, and $270,000 as 2Ms, due $30,000 on Nov. 1 in 1943
to 1951,
We
COUNTY
inclusive.
were
other bids
advised by Nathans & Sinkler, attorneys of Charleston, that
submitted by syndicates headed by:
Halsey, Stuart & Co.,
were
Roth & Irving Co. of Cincinnati; Lehman
Bros., of New York; Lazard Freres & Co. of N. Y.; C. W. Haynes & Co. of
Columbia, S. C.; E. H. Pringle & Co., Charleston; The Robinson-Hum¬
phrey Co., Atlanta, Ga.; Smith, Barney & Co.; John Nuveen & Co. of
Chicago, 111.; Blythe & Co., New York City; Charles A. Hinsch & Co., Inc.,
Cincinnati, and the Trust Co. of Georgia.
Inc.
of New York; The Weil,
8
Board of Trustees, that he will receive sealed tenders
p. m., for refunding bonds, series of 1937. dated June 15,
1937, to the amount of $15,000, originallj issued in the amount of $483 234.37, bearing interest at the rates as follows:
From June 15, 1937 to
June 15, 1942
3% per annum; from June 15, 1942 to June 15, 1946, 4%
per annum; from June 15, 1946 to June 15, 1967, 5% per annum.
lowest price
or
will be purchased
prices at which they are offered and in the order
the price at which they are offered, beginning with the lowest
the event a number of bonds are offered at the same price, the
price.
of
In
amount of
such bonds being in excess of $15,000, then the Board shall determine by
lot which of said bonds shall be purchased.
It is
now
COUNTY
(P.
O.
Angleton), Texas—BONDS SOLD$500,000 court
stated by F. A. Taylor, County Auditor, that the
for sale without success on Oct. 2. when all
bids were rejected, as noted here—-V. 149, p. 2268—were sold, subsequently,
to the State Board of Education, as 3s. at par.
Due $50,000 on Aug. 10
in 1940 to 1949; callable on and after Aug. 10, 1944.
house and jail bonds offered
BROWNSVILLE, Texas—DEBTREFUNDING CONTRACT—A specia
"Wall Street Journal" of Nov. 3 reported
dispatch from Brownsville to the
£18
follOWS*
Contract has been entered
into by the City of Brownsville with a Wichita,
Kansas, firm for refunding the outstanding bond and warrant obligations
of the city, amounting to around $2,400,000.
The contract calls for such refunding at an interest rate of 3% the bonds
_
to mature beginning
in 10 years and thereafter annually over a
.
.
_
period of 20
additional years.
DENISON, Texas—BOND SALE—The $275,000 water works and sewer
7—V. 149, p. 3011—were awarded to Mahan,
3s and 2^s, paying a.premium of $2,475,
equal to 100.83, according to the City Secretary.
Due serially in from one
bonds offered for sale on Nov.
Dittmar & Co. of San Antonio as
to 20 years.
Texas—BONDS VOTED—We are informed by W. H.
the election held on Nov. 4—V. 149,
2406—the voters approved the issuance of the $1,350,000 in bonds, which
are divided as follows: incinerator, $400,000; permanent paving, $200,000;
asphalt topping of streets, $250,000: resurfacing of old streets, $150,000;
HOUSTON,
Maunsell, City Comptroller, that at
p
park improvements, $150,000;
provements, $100,000.
fire stations, $100,000; sanitary sewer im¬
HOUSTON, Texas—BOND OFFERING—We are informed by W. H#
Manunsell, City Comptroller, that sealed bids will be received byH. CJacobs, City Secretary, until 10 a. m. on Nov. 14, for the purchase of the
following 4% semi-annual bonds, aggregating $180,000:
$80 000
general improvement bonds.
Dated June 1,
June 1 in 1940 to 1947, inclusive.
1937.
Due $10,000
general improvement bonds.
Dated July 1,
on July 1 in 1940 to 1949, inclusive.
1939.
Due $10,000
on
WEST
coupon sewer
Dated Nov. 1,
TEXAS
100 000
CHARLESTON
Tenn.—BOND SALE—The
BORGER INDEPENDENT SCHOOL DISTRICT (P. O. Borger),
Texas—BOND TENDERS INVITED—It is reported by W. M. Hooks,
BRAZORIA
198,000 water filtration bonds.
Dated Jan. 1, 1939 and due Jan. 1
follows: $10,000 from 1940 to 1958 incl. and $8,000 in 1959.
Dover),
O.
The bonds will be redeemed an prices less than par and
3%
reported in
$399,000 refunding bonds.
Dated Oct. 1, 1939.
Due Oct. 1
$50,000 from 1949 to 1955 incl. and $49,000 in 1956.
(P.
premium of $5, equal to 100.03, a basis of about 2.995%.
1939.
Due in from 1 to 15 years.
at the
$597,000
as
COUNTY
$15,000 issue of school bonds offered for sale on Nov. 8—V. 149, p. 3010—•
awarded to the Nashville Securities Co. of Nashville, as 3s, paying a
was
Payment for notes to be made in Boston funds.
PAWTUCKET, R. I.—BOND SALE DETAILS—'The
bonds purchased by the First Boston Corp., New York,
V. 149, p. 3010—are more fully described herewith:
4Hs, at 103.85.
PORTLAND, Tenn.—BOND SALE -The $10,000 street imp. bonds
offered for sale on Nov. 3—V. 149, p. 2406—were awarded to Nunn, Shwab
& Co. of Nashville, as 4^s, at par, according to Mayor E. T. Hinton.
Dated Nov. 1, 1939.
Due $1,000. on Nov. 1 in 1940 to 1949 incl.
$1,000.
No bid for less than par and accrued interest will be
considered.
Delivery anticipated within 30 days' of date of sale.
Bids
must be for all or none.
Payment to be made on delivery at Houston.
The city will pay all expenses incident to the issuance of the bonds.
Bonds
approved by Attorney General of the State and nationally recognized bond
attorneys
Payment to be made on attorneys' preliminary opinion.
En¬
close a certified check for $3,600 payable to O. F. Holcombe, Mayor.
Denom.
JACKSON COUNTY ROAD DISTRICT NO. 4-A (P. O. Edna),
Texas—PRE-ELECTION
SALE—The
following
bonds,
aggregating
$100 000, are reported to have been purchased by Dewar, Robertson &
Panc'oast of 8an Antonio, subject to an election to be held on Nov. 25:
$20 000 2M% road bonds.
Due $10,000 on April 10 in 1941 and 1942.
80 000 2lA% road bonds.
Due $10,000 on April 10 in 1943 to 1950, incl.
Denom. $1,000.
Dated Dec. 10, 1939.
Prin. and Int.
(A-O) payable
at the National Bank of Commerce in San Antonio.
Legality approved by
Chapman & Cutler of Chicago.
KERENS, Texas—BONDS EXCHANGED—It is reported that $57,500
refunding bonds have been exchanged with the original holders
4Yt.%
through W. H. Bullard of Austin.
Dated March 1,
to 1967.
Legal approval by W. P. Dumas of Dallas.
1939.
Due in 1940
LAVACA COUNTY ROAD DISTRICT NO. 2 (P. O. Hallestsville),
Texas—BOND SALE—The $20,000 issue of road bonds offered for sale
The Commercial & Financial Chronicle
3150
on
Nov.
2—V.
Houston,
as
149, p. 3011—was purchased by A. W. Snyder & Co. of
234s. paying a price of 100.155, according to the County Judge
LUBBOCK, Texas—PRICE PAID—It is now reported by the City
Secretary that the $150,000 sewage disposal plant, street imp. and fire stabonds sold to the Citizens National Bank of Lubbock, as
334 s, as
noted here—V. 149, p. 2731—were purchased for a premium of $350.
equal
to 100.233, a basis of about 3.22%.
Due on April 1 in 1940 to 1959.
Texas—NO
BOND
TENDERS
RECEIVED—In
nection with the call for tenders of refunding bonds, series 1938, it is stated
by Robert Douglas, City Clerk, that
tenders were submitted.
However,
it is reported that under the terms of the city's recent debt settlement
they
are now
buying from the Ranson-Davidson Co., of Wichita, for cancella¬
tion $40,000 par value new refunding bonds, as 2s, at 50.00, thus
reducing
the principal debt to $138,000.
no
TRAVIS COUNTY (P. O. Austin). Texas—WARRANT SALE—The
$40,000 Issue of refunding warrants offered for sale on Nov. 4—V. 149,
2732—was awarded to
the Austin National Bank of Austin, as 234s,
Dremium of $100. equal to 100.25, a basis of about 2.45%.
De¬
$1,000.
Dated Aug. 15, 1939.
Due on Feb. 15 as follows:
$4,000 in 1941 to 1947: $5,000. 1948 and 1949, and $2,000 in 1950.
p.
payinv
WEST
CHARLESTON
con¬
11,
1939
future.
tion
SPEARMAN,
Nov.
THURSTON COUNTY (P. O. Olympia), Wash .—BOND ISSUANCE
RATIFIED—It is stated by the Coutny Auditor that the State
Supreme
Court has given a favorable ruling on the issuance of $212,000 in
refunding
bonds.
It is expected that these bonds will be offered for sale in the near
HOUSING
VIRGINIA
AUTHORITY,
W. Va .—NOTE OFFER¬
ING—Sealed bids will be received until 1 p. m. on Nov. 14, by S.
Clyde
Jarrett, Secretary of the Housing Authority, for the purchase of $1,700,000
temporary loan note or notes. Dated Nov. 14, 1939. Due on May 14, 1940.
Further details arejincluded in a news item captioned "United States
Housing Authority," which
ROANE
COUNTY
appears on a
preceding page of this section.
(P.
O. Spencer), W. Va .—BOND ELECTION
CONTEMPLATED—It is reported that the County Board of Education
has decided to submit a $750,000 issue of building construction bonds to the
voters at
election
an
to be held in
December.
a
nomination
WARD
COUNTY ROAD
PRECINCT NO. 3 (P. O. Monahans),
Texas—BOND SALE DETAILS—It is now reported by the County Judge
that the $97,000 334 % semi-ann. road imp. bonds sold to the State Board of
Education, as noted here—V. 149, p. 2732—were purchased at oar, and are
due on Feb. 15 as follows:
$1,000 in 1940 $11,000, 1941 to 1946, and
$10,000 in 1947 to 1949, all incl.
WISCONSIN
MILWAUKEE, Wis.—CITY AWARDED JUDGMENT— It is reported
that the city has been awarded a judgment of $520,000
including interest
from the City of West Allis, a suburb, for water rates
by the Circuit Court.
The Court upheld
in
a
dispute
on
Milwaukee's claim for $409,648 and interest from 1910
charges for water furnished the suburb.
The latter is
appealing the decision.
UTAH
OGDEN,
CANADA
Utah—BONDS
DEFEATED—At the general
election
on
Nov, 7 the voters turned down a proposal to issue $3,500,000 in bonds for
the construction of a municipally-owned electric plant by a wide
margin.
PROVO, Utah—PROPOSAL REJECTED—It is reported that the voters
a 10-year franchise to the Utah Power &
Light Co. at the general
on Nov. 7.
The city has already received a Public Works Admin¬
istration grant for the construction of a municipal distribution system.
refused
election
UTAH, State of—VOTERS PASS ON UTILITY PROPOSALS—A
United Press dispatch from Salt Lake City on Nov. 8 reported as follows:
Proposals for municipal
power system won
in
one
Utah city and loss in
another in municipal elections yesterday. A proposal to issue
$3,500,000 in
bonds to pay for a municipal power system was defeated in
revenue
Ogden,
9,507 to 5,780.
In Provo, three ballot propositions dealt with municipal
and voters, by a 2-to-l ratio, favored plans for construction of a
city electrical system. The Utah Power & Light Co. has franchises in both
power,
cities.
VERMONT
NORWICH, Vt.—BOND SALE— The $26,000
coupon refunding bonds
149, p. 3011—were awarded to Coffin & Burr of Boston,
price of 100.385, a basis of about 2.20%.
Dated Sept. 1 1939
and due Sept. 1 as follows: $2,000 from 1940 to 1945 incl. and
$1,000 from
BRITISH
COLUMBIA
(Province ot)—YEAR-END REPORT—The
"Monetary Times" of Toronto of Nov. 4 reported as follows:
At the opening of the British Columbia Legislature this
week, Hon.
John Hart tabled the public accounts. Although these are not
yet available
for study, certain important data have been received.
The Minister of
Finance
was
able to inform the House of
a
surplus
on
the year ended March 31, 1939. of $3,975,380.
A record for provincial revenue received was set at
ordinary account for
$32,639,826.
Current
expenditures amounted to $28,664,445.
account
Additional
special expenditures, however, amounted to $2,974,379 for
debt redemptions, largely repayments of sums received from the Dominion
Government, it is believed, and $4,519,061 for the Province's share of
unemployment relief costs.
Total expenditures for the year were thus as
much as $36,157,885, exclusive of capital outlays.
Apart from the sums
employed in special debt retirement, the inclusion of the relief payments in
current expenditures would have produced a deficit on
ordinary account
of $543,660.
CANADA
(Dominion of)—TREASURY BILLS SOLD—An issue o^
$25,000,000 Treasury bills was sold early in November at an average cost
0.858%. Dated Nov. 1, 1939 and due Feb. 1, 1940.
of
offered Nov. 9—V,
234s, at
as
1946 to 1959 incl.
Other bids:
Bidder—
Int.Rate
Kennedy, Spence & Co
Lyons & Co
234%
2 34%
234%
Frederick M. Swan & Co
E. H. Rollins
Sons
R. L. Day & Co-...
Rate Bid
100.199
100.125
101.54
234%
National Life Insurance Co
Vermont Securities, Inc...
101.02
100.867
234%
2% %
Ballou, Adams & Whittemore.
101.188
234%
234%
Arthur Perry & Co
100.379
101
100.98
100.30
254%
254%
First Boston Corp..
VERMONT
(State of)—MAY ISSUE NOTES—Governor Aiken has
State will probably have to issue $1,750,000 coupon
to complete repairs to fiood-damaged
highways inasmuch
Attorney General has ruled excess highway funds could not be used
announced that the
notes
the
as
for
order
in
this
CAP
a
purpose.
DE
LA
MADELEINE,
Que.—BOND
EXCHANGE—Montrea
press reports of Oct, 11 stated that correction of default on an Oct. 1
bond maturity is assured as holders of almost two-thirds of securities in¬
volved had already agreed to exchange them for new obligations.
Default
was
attributed to outbreak
of the
which
war
hindered sale of
the situation clarified somewhat, the
municipality then offered new 434%
Arrangement also
premium to bondholders.
Financial position of the city
is reported sound, with the budget in balance and delinquent taxes amount¬
ing to $19,587 at Dec. 31, 1938.
This figure included $6,747 due on
levies prior to 1938.
Debenture debt on that date was $902,600 and
bank loans repayable from taxes stood at $17,504.
a
1%
CHARLOTTETOWN, P. E. I.—PRICE PAID—The $127,050 434%
refunding bonds purchased by the Bank of Nova Scotia of Halifax—V. 149,
jP^jlOll—were sold at a price of 103.05, a cost basis of about 4.16%. Other
Rate Bid
F. G. Brennan & Co
WANTED
101.27
R. A. Daly & Co.
Dominion Securities Corp...
STATE OF VIRGINIA 4s
McCready & Co
101.10
__
-.101.00
—
>_■
>
_
Eastern Securities Co
Due
July 1, 1962
FORT
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich Va. 83
VIRGINIA
ARLINGTON COUNTY (P. O.
Arlington), Va.—UTILITY BONDS
DEFEATED—The New York "Herald Tribune" of Nov. 9
reported as
follows:
In a sharp defeat for advocates of
public ownership of utility facilities,
the voters of Arlington County,
Va., on Tuesday turned down a proposed
bond issue of $1,475,000 by a count of more than five to one.
Although the district involved was relatively small, the fact that Arling¬
ton
County is adjacent to the Nation's capital and many of its citizens
Federal employees gave significance to the outcome of
the proposition
which would have paved the
way for public distribution of electricity.
The
bond issue was defeated by a vote of
6,139 to 1,087.
are
Arlington County is served by Virginia Public Service Co., a unit of the
Associated Gas & Electric Co. System.
Had the bond issue been favored,
its
soonsors
aimed to
the funds for construction of a public-owned dis¬
tribution system which would
compete with the existing private service.
,
A
use
RICHMOND, Va .—RELIEF
BOND ISSUE NOT CONTEMPLATED—
A special dispatch from Richmond
to the "Wall Street Jounral" of Nov. 8
the following to report:
"Agreeing with the Finance Committee of
Council that the city's
floating debt of $343,000 for relief should not be
had
financed by bond issue,
Mayor J. Fulmer Bright went a step further and
declared it would be bad
policy to finance the current
$194,000 debt for
operating expenses of the city.
When the committee next meets its
members hope to find some method
of liquidating the
$343,000 debt incurred for relief of the poor last year,
besides the issuance of bonds.
While the committee hesitates to issue
relief
bonds, some members feel no
other course is open.
City Comptroller T. Coleman Andrews opposed the
departure of Richmond from its traditional relief
financing from current
This city has yet to issue bonds for
relief.
The committee has recommended
that Council issue $800,000 in bonds for
improvements, and $194,000 in bonds for operating expeness,
revenues.
permanent
but halted when it was
proposed that the relief bonds be authorized.
,
?™RETT« Wash .—BOND OFFERING—Sealed bids will be received
Annai m' on„Nov-. 15. by H Arenda, City Clerk, for the purchase of a
$700,000 issue of special water
•
revenue refunding bonds.
Interest rate is
4%, payable J-J. Dated Jan. 1, 1940. Denom.
$1,000. Due
$000,000 m 1941 to 1943, and $200,000 in 1944 and 1945.
shall specify: (a) the lowest rate
of interest and premium, if any.
not to exceed
Jan. 1, as follows:
Ihe
bids
above par, at which such bidder will
purchase said
rate of interest at which the bidder
will
bonds
are
payable solely out of the
of the city.
bonds,
or,
(b) the lowest
purchase said bonds at par.
The
gross revenues of the water works
system
The exact terms and form of said bonds are
as provided in
Ordinance No. 2839 of the city, passed and
approved Oct. 24. The city will
furnish the opinion of Preston,
Thorgrimson & Turner, of Seattle, approving
th«^?^4^ue«,Ellclose % certified check for 5% of the total amount of bid,
MILTON,
Wash.—BONDS SOLD—It
semi-aim. light and power
30. have been sold.
revenue
is reported that
$18,000 534%
bonds approved by the voters on June
holders of the
being asked to approve a plan for
readjustment and reorganization of indebtedness and empower the debenture
holders' committee to approve the plan before the Ontario Municipal Board.
The plan, in brief, provides for payment in full of debentures which matured
in 1934 and 1935 and part of those matured in 1936.
Interest at the full
coupon rate will be paid to the date of maturity and at the rate of 4 34 %
thereafter to date of actual redemption.
All other debentures outstanding
will be exchanged for new debentures dated June 1, 1939, which will mature
serially from one to 40 years.
New debentures will bear the same interest
are
rate as the debenture it replaces up to the maturity date of the old debenture.
Thereafter interest will be paid at the rate of 4 34 %.
Interest will be payable
annually.
Maturities of the new debentures will be allotted in order of the
maturity dates of present debentures.
The new debentures will be callable
at par on June 1, or Dec. 1 of any year after 60 days' notice.
Interest
follows:
rates
to
arrears will
be calculated to and including May 31, 1939, as
In respect of debentures matured prior to June 1, 1939, at contract
present maturity dates and thereafter at 434% per annum; in
respect of debentures maturing on and after June 1, 1939, at contract rates.
Cash payment of
90% of the claims for
arrears
of interest
so
calculated will
be made in full satisfaction and settlement of such claims.
GOSFIELD TOWNSHIP NORTH, Ont.—BOND SALE—Gairdner &
Co. of Toronto purchased $120,000 4% debentures, dated July 1, 1939, and
maturing July 1, 1940-59.
Principal and interest are payable at the
Imperial Bank, Cottam, Ont.
Purpose is to pay off collateral deposited
with trustee in connection with the Windsor, Essex and Lakeshore
Railway.
The bonds were purchased at par and offered to yield 3.75%.
GOSFIELD TOWNSHIP SOUTH, Ont.—BOND SALE—Gairdner &
Co. of Toronto purchased $165,000
4% debentures.
They are dated
July 1, 1939, and $35,000 matures serially from July 1, 1940 to July 1, 1949.
The other $130,000 matures July 1, 1940-59.
Interest and principal are
payable at the Royal Bank, Kingsville, Ont.
Purpose is to pay for in¬
debtedness in connection with the Windsor, Essex and Lakeshore Railway.
The debentures were purchased at par and offered to yield 3.75%.
NORANDA
ROMAN
CATHOLIC
SCHOOL
COMMISSION, Que.—
BOND SALE DETAILS—The $45,000 434% school bonds purchased
by
Burns Bros. & Denton of Toronto—V. 149, p. 3011—were sold at a price
of 102.53.
QUEBEC (Province of)—BORRO WING NEEDS PUT AT %70,000,000—
present government may have to borrow up to $7O,OOO,0OO in the
The
near
future
to
meet
office, according to
WASHINGTON
100.57
99.25
ERIE, Ont.—REFUNDING PLAN— Debenture
Town of Fort Erie, or Bridgeburg,
F. W. CRAIGIE & COMPANY
refunding
bonds due Oct. 1, 1944 in exchange for Oct. 1 securities.
included
Bidder—
OFFERINGS
a
issue then in progress.
New bonds in the amount of $16,100 had already
been sold and arrangements made for exchange of $6,500.
Due to unfavor¬
able market created by war news the offering had to be suspended.
With
various
press
obligations outstanding when it assumed
advice from Montreal.
This was the amount
held necessary to meet treasury bills held by banks totaling between $20,000,000 and $25,000,000; unpaid warrants and commitments made by the
Duplessis regime to the extent of about $25,000,000 and $10,000,000 needed
by the Quebec Farm Loan Bureau.
In addition, a $13,700,000 bond ma¬
turity must be met on Jan. 2 next, it was said.
Premier Adelard Godbout
reported as contemplating an early emergency session of the Quebec
legislature to deal principally with the Province's financial situation.
A
sharp cut in expenditures and an increase in taxes is held in prospect.
Should issuance of bonds prove necessary, such financing would be done in
fair-sized "chunks," rather than flotation of one large loan.
was
SANDWICH TOWNSHIP, Ont .—BOND SA LE—Township has sold
Gairdner & Co. of Toronto, $40,330 of 4% debentures, dated July 1,
1939, and maturing July 1, 1940-59.
Purpose of the issue was to retire
indebtedness in connection with the Windsor, Essex and Lakeshore Rail¬
way.
Principal and interest are payable at the Canadian Bank of Com¬
merce, Windsor,
Ont.
The bonds were bought at par and offered to
yield 3.75%.
to
@FedFRASER