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The
onnnraTct
COPYRIGHTED IN 193® BY WILLIAM B. DANA COMPANY,
VOL. 149.
HEW YORK.
'-"^wee^ooen.saco.y-
BROOKLYN
ENTERED AS SECOND* CLASS MATTER JUNE 23, 1S79, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 9, 1G7».
NEW YORK, NOVEMBER 18, 1939
TSMrSfcM?1
THE
TRUST
BANK
COMPANY
38827
NO.
CHASE
NATIONAL
BANK
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
N E W
respondent bank service
is
YORK
Broaden your customer
service
,
Hallgarten & co
Chase
with
cor-
respondent facilities.
Member Federal
Deposit Insurance
Corporation
STATE
Established 1850
policy of
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Member Federal Deposit Insurance
Corporation
traditional
a
AND
NEW YORK
MUNICIPAL
London
Chicago
BONDS
City of
THE CANADIAN BANK
OF COMMERCE
HEAD
Established 1867
. ..
Reserve...*.
.$30,000,000
...
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CORPORATION
TORONTO
OFFICE:
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Philadelphia
The
Pennsylvania
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AND OTHER PRINCIPAL CITIES
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of Canada and is well equipped to
the
commercial
serve
Bonds
CHICAGO
PHILADELPHIA
Moncure Biddle & Co.
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The
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Exchange PI. & Hanover St.
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AND 40TH
STREET
Total
bear, Stearns & Co,
$36,000,000
Capital
Rest and Undivided
Assets
in
Excess
o>
$850,000,000
President
ONE EAST
57TH STREET
$40,183,254
Proy
H.
R.
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Vice-Presidents
ONE WALL STREET
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
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NEW YORK
General Managers
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—
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European
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KING WILLIAM ST.
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61
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II
ONE HUNDRED—
The Commercial & Financial Chronicle—YEARS OLD Nov- ls< 1939
Dividends
REPUBLIC
Notice
OF
CHILE
Holders of Unstamped Dollar Bonds and Notes
to
A
of the Republic of
and
Chile, Mortgage Bank of Chile,
Water Company of Valparaiso
Corporation was declared
payable January 15, 1940
As set forth in
published notice dated January 12, 1939, in order
to obtain the annual payments heretofore announced under the
plan
of debt readjustment of Law No. 5580 of January 31, 1935 of the
Republic of Chile and decrees issued thereunder, holders of unas-
to
coupons
A dividend of
Law
attached
5580.
Corporation was
payable December
15, 1939 to stockholders of
record
IN
1936,
1937,
November 30, 1939.
A
special dividend of twentyfive cents
(25c) per share on
the
Common Stock of this
Corporation was declared
payable December 15,1939
CONSEQUENTLY ONLY THOSE BOND¬
$1,000 BOND DECLARED
(1834c)
the Common
Stock of this
to
WHO
PER
on
cents
declared
HAVE ASSENTED ON OR BEFORE JANU¬
ARY 12, 1940 SHALL HAVE THE RIGHT TO RECEIVE THE
INTEREST PAYMENTS UNDER THE PLAN AGGREGATING
$39.58j/2
share
per
on or
No.
HOLDERS
eighteen and
three-fourths
before January 12, 1940. The Plan provides that
the holder of bonds of said issues
assenting after January 12, 1940
shall only have the right to receive those annual interest
payments
which may be declared by the Autonomous Institute for the Amor¬
tization of the Public Debt with respect to the year in which assent
is given and all
subsequent payments, and shall be required to deliver,
in order to receive payment, the
coupons corresponding to the annual
payments received, and also, and without additional compensation,
the earlier coupons called for payment from the
entering into effect
of
stamping
record
of
stockholders
December 31, 1939.
sented bonds of the above issues must evidence their assent to the
Plan by presenting their bonds with appurtenant
for
quarterly dividend of 1ZA%
($1.75 per share) on the First
Preferred Stock of this
of
stockholders
record
November 30, 1939.
Checks will be mailed.
1938
AND 1939.
Presentation of bonds with appurtenant coupons for
stamping,
at the office of the correspondent in New York
City
should be made
TREASURER
of the
Philadelphia, Pa.
November 17,1939
undersigned, Schroder Trust Company, 46 William Street,
New York, N. Y., together with appropriate letters of transmittal
which
will
be
furnished
upon
request
the
at
office
of
said
MAKERS OF PHILLIES
correspondent.
Caja Aut6noma
de Amortizaci6n de la Deuda Publica
(Autonomous Institute for the Amortization of the Public Debt)
Alfonso
Fernandez,
Manager
The
Valentin Magallanes,
President
November 13, 1939
United Gas and
Electric
One
Corporation
Exchange Place, Jersey City, New Jersey
November 15, 1939
The
Board
of Directors this day declared a
dividend of one and three-quarters
percent
(1%%) on the Preferred Stock of the
Corporation,
payable
December
15,
1939
to
stockholders of record December 1, 1939.
quarterly
J.
A.
McKENNA,
Treasurer.
The current quarterly dividend
of $1.25 a shore on $5 Dividend
Preferred Stock and
We will purchase
25 cents
Stock
share
a
have
a
dividend of
on
Common
been
declared, pay¬
able December 22, 1939, to re¬
spective holders of record November 29,1 939.
British Government Bonds
THE UNITED 5AS IMPROVEMENT CO.
and other
I.
W.
MORRIS, Treasurer
October 24, 1 939
Philadelphia, Pa.
Foreign Securities
NATIONAL
DAIRY
PRODUCTS
CORPORATION
New York
Hanseatic
Dividends of $1.75
Broadway
share
on
the Preferred A
payable January 2, 1940,
and 20^ per share on the Common stock, payable
December 15, 1939, have been declared to holders
Corporation
120
per
and Preferred B stocks,
of record November 28,
1939.
A. A.
NEW YORK
BArclay 7-5660
November 16, 1939
STICKLER
Treasurer
,
Teletype NY 1-584
THE
BUCKEYE
26
PIPE
LINE COMPANY
Broadway,
New York, November 3, 1939.
A dividend of One
($1.00) Dollar per share has
on the Capital Stock of this Com¬
payable December 15, 1939 to stockholders
been declared
pany,
of record at
the close of business November 24,
1939.
J.
STREAMLINING
Streamline
your
!
1
I
Operating
"EXPANDIT"
rill keep your
Methods, and
your
you'll stimulate
Operating ProfitsI
Experienced Industrial Man¬
agement Counsel, for over 10
years actively engaged in cost
reduction and simplification of
methods, in plant, production,
labor, administrative and sales
problems. Now available. Will¬
ing to accept temporary employ¬
ment to prove worth.
Box S 10,
Financial Chronicle, 25 Spruce
St., New York City.
R.
FAST, Secretary.
The
MANAGEMENT
Notices
Binder
Periodicals and Publications
ready for immediate reference.
PAULISTA
RAILWAY
COMPANY
(Companhia Paulista de Estradas de Ferro)
First
In sizes up to 13x8 M inches
7%
The
Price $2.00 each
Plus Postage
and Refunding Mortgage
Sinking Fund Gold Bonds
Undersigned
have
received
funds
for the payment of the September 15, 1938
interest on the above Bonds.
The
Undersigned
will,
on
and
after
November
Prices
on
for larger sizes
application
20, 1939, be prepared to make
of the interest to the holders of
September
15,
1938
coupons,
upon
payment
the
presentation
pons
THE
25
"EXPANDIT"
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BINDER
New York City
and
surrender
at the office of the
of
such
cou¬
Undersigned.
LADENBURG, THALMANN & CO.
Fiscal Agents,
25 Broad Street, New York
Vol.
NOVEMBER 18,
149
No. 3882
1939
CONTENTS
Editorials
The Financial Situation
Presidents and the
The Federal
.3152
_.
3163
Presidency
Wage-Hour Law.
3165
_ -
Comment and Review
of United States Railroads in
_3166
Gross and Net Earnings
September.
— ...
_ _
The Business Man's Bookshelf..
Week
on
the European
3169
Stock Exchanges
.3156
Foreign Political and Economic Situation
3157
Foreign Exchange Rates and Comment
Course of the Bond Market
3161 & 3210
3168
_
Indications of Business Activity
_3170
—
Week
on
the New York Stock Exchange
Week
on
the New York Curb
Exchange
Current Events and Discussions
1.
—
Company Items
General Corporation
.3183
3206
and Investment News
Dry Goods Trade
State and
_3207
News .'yM'.'
■
Bank and Trust
3155
__
__
.—3251
3293
3294
.
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
3215 & 3217
Bonds Called and Sinking Fund Notices
.3210
Dividends Declared
.3210
Auction Sales
...
L
3210
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations. .3218 & 3228
New York Curb Exchange—Stock
New York Curb
Other
3218
Quotations
.3234
Exchange—Bond Quotations.
—3238
Exchanges—Stock and Bond Quotations
.3240
Canadian Markets—Stock and Bond
Quotations
3244
Over-the-Counter Securities—Stock & Bond Quotations .3247
Reports
Foreign Bank Statements
Course of Bank Clearings
- —
.
Federal Reserve Bank Statements
-
General Corporation and Investment
3160
3208
3183 & 3215
.3251
News...
Commodities
The Commercial Markets and the
Crops..
Cotton......
Breadstuff s
Published Every Saturday
i
—...3282
...3285
3290
Morning by the William B. Dana Company, 25 Spruce Street,
New York City, N. Y.
President and Treasurer; William D. Riggs, Business Manager.
208 South La Salle Street (Telephone State 0613). London—
Edwards & Smith, 1 Drapers' Gardens, London, E.G.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter
June 23,1879, at the post office at New York, N. Y., under the Act of March 3,1879.
Subscriptions in United States and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
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.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
The Financial Situation
it
WHEN, early in June, 1934, President Roosevelt
addressed
to Congress placing what
a
message
has since become known as "social
security"
expended themselves is to be
seen on
curity," and the additions have by no means been
all sides.
One of the obvious disservices this program of
effected by the process
the
tunity for various fanatics to come forward disturb¬
good deal of publicity for them¬
Utopian dreams
the matter,
much less
for
than actually
cern
the
since
recent
con¬
exists,
election
and
California
returns
in
Ohio,
well
as some
other
indications, strongly
sug¬
as
gest that the rank and file,
in
even
States,
radically inclined
are
have
ever
not now, if they
been,
very
read¬
ily persuaded to follow such
false
prophets into the wil¬
derness. The fact is, how¬
that the real evils and
ever,
the
lie
serious
most
elsewhere.
most
the
dangers
Nor is
the
discouraging aspect
situation found
of the
inevitable
of the
avoiding
litical
in
disposition
law, while
unpleasant
po¬
by
consequences
modifying schedules
taxes
ambitious
though this is
small
form,
al¬
factor of
no
certain
President, with
a
shrewd¬
political
Too
businessmen falls the obligation to
Upon
they
the wage-earner,
defending democracy, because withenterprise democracy cannot exist.
And tvhen democracy goes, personal liberty
and the respect for human rights inherent in
are
are
individual within
ders
active
responsibility of industry to prove
by word and by deed that it is not reactionary
opposed to every forward step, but
rather that it stands for any honest reform
and any necessary regulation
of industry
which may truly be in the public interest.
Industry must show that what it is opposing
nomic
idea
or
se
businessmen
dodge their obligation to take
terest in public affairs.
over
President himself) for the
next year,
the
under the system of free enter¬
prise.
The people of America have been
served by it and their living standards have
steadily been raised by it.
developed to their
selected "security"
paid
pres¬
ment
fiat
Nov.
12.
ing for and that it will not easily be destroyed.
M. Girdler, Chairman, Republic Steel
Corporation.
and vicissitudes of life"
on
on
Olson
the
same
that while he
or
opposed the
plan in his State, he is
ardent advocate of
"the hazards
against "misfortunes which
wholly eliminated in this man-made world
In the 1934 message
explain
so-called "ham and eggs"
ual.
he said that "among
objectives I place the security of the
and children of the Nation first.
This
ity for the individual and for the family
itself primarily with three factors.
they
eco¬
Florida
in
day hastened to
as
purpose.
cent homes to live
to
Governor
of California
Here, also, is the only road to economic
security for either the Nation or the individ¬
the term to insurance, so-called, against
women
fealty
security by govern¬
great importance.
/ believe that a system
which has made that possible is worth fight¬
what less ambitious
of ours."
due
nomic
ent
tration, he took pains not to limit the application of
our
(provided he himself
un¬
slogan for his Adminis-
cannot be
some as
does "not choose to run"),
der it could the iron and steel and allied in¬
dustries of Ohio have
and by
choice, for the time be¬
dent
system that the little
by Old Dan Eaton, and only
nomination
ing, at least, of the Presi¬
iron furnace down at Yellow Creek could have
been started
as
Democratic
The country was built and has grown great
a
many
the leading
candidate (other than the
the years.
only under such
by
Administrator,
and strong
It is
Paul V.
Security
Social
regarded
Industry cannot match the political dema¬
gogues in their Utopian promises, but it can
prove that it has a genuine human regard for
the material welfare of the people, and point
to an amazing record of concrete contribu¬
tions to that end
in
ex¬
being
is
set
capitals.
McNutt,
cannot
active in¬
an
words
dulously f olio we d in many
State
politics—whether it welcomes
not—and
sort are fast be¬
watch
thus
ample
progress and impede prosperity, and
threaten the very existence of free enterprise.
Business is in
the
eco¬
Washington, and the
block
the
kind of
security, and more
same
coming
which
controls
and
restrictions
of the
most
providing
basis for any
and is not
those
in
bor¬
our
those
except
swept away.
It is the
are
economic
security for nearly every
out free
democracy
security for the in¬
vestor, for thje farmer, for
—T.
be recalled that
when the
a
original,
importance.
Let it
ness,
a
more
rope,
defend free enterprise from further crippling
restrictions.
In
defending free enterprise
of
imposed to finance
the scheme in its
less
The Road to Security,
politicians to "liber¬
alize" existing
tional
of
constantly
have been let loose in Eu¬
of
there would be
reason
crop
since 1934 has
ever
security-minded. Na¬
security against the forces of destruction that
been growing
the
were
end-all
and the
be-all
had; but if this abundant
Administration, indeed,
The
selves, and possibly some political success they would
not otherwise have
./
"Security" Minded
ingly with fantastic pension and other like schemes,
a
of giving a new reason for
continuing old policies.
President's has rendered is that of creating an oppor¬
and thus to obtain
additions to this
obliged to do in the name of "se¬
Government felt
box, and evidence that the escaping ills have by no
means
Since that day in
people."
relatively simple list of things which the National
for the ensuing winter, he opened a Pandora's
program
minimum of the promise that we can
American
June, 1934, there have been many
his
upon
to me, a
seems
offer to the
men,
secur¬
concerns
People want de¬
in; they want to locate them where
in productive work; and they want
safeguard against misfortunes which cannot be
can engage
Senator
plan designed to
became
It
known
two
Wagner is formulating
serve
days
a program
an
a some¬
the
same
later that
for further
liberalization of the so-called social security program
now
in effect
ference
on
nationally.
Labor
The Sixth National Con¬
Legislation, composed of
tatives of the Governors of 39
Washington
on
Nov. 14, adopted
a report
State legislation to protect wage-earners
secure
while
represen¬
States, in session in
demanding
not made
by the Federal Fair Labor Standards Act,
on
the 15th the
President,
upon
the occasion of
the
laying of the cornerstone of the Thomas Jeffer¬
wholly eliminated in this man-made world of ours."
son
Memorial in Washington,
and he added at
years
some
a
later
point that "these three great
objectives—the security of the home, the security of
livelihood, and the security of social insurance—are,
that
have
United States
has
followed
said that "during the
Thomas
Jefferson,
the
expanded his philosophy into a
greater achievement of security of the Nation, se.
Volume
than'in
incidents
curity of the individual and national unity,
These
other part of the world."
any
of but
few
rise
With
of
several
are
in
recent years
of absolutism in
larger European countries, "democ¬
the
racy", always a word to conjure with, has also
become
than
more
ever
tically all politicians.
chologist
the central theme of prac¬
Whether by what the psy¬
rationalization
calls
words to make certain what their
by some other
or
meaning is, and
for that matter to determine whether
intelligible
days.
the
a
3153
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
149
plain to all who
of
is,
It
meaning.
they have
any
perfectly
course,
not carried away with fine
are
phrases that democracy when it degenerates into
what Senator Glass
a
wholesome
and
that,
called "mobocracy"
is not
realists have long ago often warned,
as
developed feeling of security on the part of
over
an
once
helpful form of social organization,
or
and others of like
individuals, particularly when encouraged by the
leanings have as time passed succeeded in joining
type of gratuitous aid furnished by politicians, in¬
New Deal
process,
these
managers
conceptions in holy wedlock in a way
two
quite satisfactory to themselves and their followers.
One of the most recent
"economic
is
security",
mass
produced by government,
the
successful functioning of "de¬
even
for its continued existence is
for
essential
expressions of the view that
mocracy" and
found in the Florida address of Mr. McNutt.
As¬
serting that the haunting fear of insecurity must
be
eliminated, he added that "this is a task which
government must accomplish if we are not to be¬
enveloped in the confusion and
come
has seized
so
of America
the
solve
parts of the world.
many
are
.
problem of economic insecurity
People
.
good
man
could
by his own efforts protect himself and his family
But with the evolution of the ma¬
against want.
chine
age
economy we are
realizing that the indi¬
cannot, unaided, provide such protection."
vidual
government
that
Admitting
cannot
make
men
equal, he insists that "it can, however, make even
the
of
distribution
standards
tion's
political
power
of security within the
and technological
resources
and establish
limits of the
facilities.
na¬
It is
perfectly feasible to establish an economic floor be¬
low which
American citizen, however otherwise
no
unfortunate, can fall.
mocracy
a
The ultimate success of de¬
will depend upon the maintenance of such
He is
foundation."
that he knows
apparently perfectly certain
precisely how all this is to be accom¬
plished for he adds at a later point that "we are,
entering
indeed,
further that "the
—the
age
of
plenty",
remarking
problem is purely a technical, one
problem of maintaining the purchasing power
of the
of people to the
masses
mands
!
an
point where the de¬
industry are continuous and heavy."
upon
a
may appear
but it
with the effects upon
"purely a technical one" to Mr. McNutt,
considerably more complex and diffi¬
thoughtful students of the subject.
would suppose
Indeed,
that any of the New Deal follow¬
ing would by this time have come to a realization
that the task
one
encompassed with consider¬
difficulty since they have been trying for six
able
and
was
a
half years to
est appearance
accomplish it without the slight¬
of success.
Seductive
who wants
he
as
this
events, seductive terms and the
politicians in
country really ought to use them with greater
circumspection, not to say a larger measure of in¬
tellectual honesty,
restraint upon
citizen for his own
these
but since they will not place any
themselves it is encumbent upon the
protection to look carefully into
glowing sentences embodying such glittering
own
of the past few
living.
many
The wise
indi¬
man
of economic security
a measure
get, as all normal men do, will insist that
permitted to seek it in his own way in the
absence of restrictions
imposed either upon him or
those with whom or for whom he works toward
upon
that end.
'
■
But the average man
reasoning about all this need
not, if he does not wish to do so, confine himself to
He
generalities, however pertinent they may be.
need
only look about him to detect the utter hollow-
ness
of
all
this
lip-service to "economic security"
and to observe with what poor grace
all this breast-
beating in its name comes from those who have been
at the helm of the
burdens
the
tions
on
ship of state in recent years. The
who has lost employment because of
wage earner
placed
wages
upon
employment by restric¬
and hours and by taxes levied in the
of economic
name
security must be well
aware, or
certainly ought to be, that not economic security
but the
precise opposite has in his case at least been
the result of
placing "floors" under and "ceilings"
above wages
and hours of work and of attempting
to
legislate continued
employment at rising real
There is nothing in this hard world more
wages.
deserving of pity than the man whom no one is
permitted to employ at wages that he is equipped to
For him there is no alternative and no pros¬
earn.
pect except that of the dole or relief at some "madework"
job, which almost certainly pays him less
than he could earn in
industry and makes of him
added burden to the rest of the community.
The
individual who is persuaded by the
interest rates and easy payments to
low
himself with debt for the purpose
building
poses
a
lure of
overload
of acquiring
or
home, or for any of the other dozen pur¬
for which funds are being offered by a fatherly
government, soon finds that this is not the road to
either economic well
at the same time
strait-jacket
is unable to
The
"Democracy" and "security" are, to American ears
at all
can
he be
large
as
by
or
being
economic security if
or
business generally is placed in a
the
government and
same
thus
keep him regularly employed or to pro¬
vide him with
Terms
few in this country
the willingness of
viduals to work for their
technological facilities at all times
seems
cult to
one
our
are
who have not come into first hand contact
years
Th^ task of making full use of our abundant re¬
and
There
familiar with the relief activities
an
sources
which economic security of
on
real sort must rest.
and ill
thing to do. Amer¬
icans have disliked to admit that a
not
.
today looking to the Government to
It has not been an easy
health.
disorder which
evitably deadens initiative and weakens the drive to
produce those things
a
regular market for his products.
taxpayer—and who is not a taxpayer directly
indirectly?—soon finds
or
economic independence does
soon
will find that
not lie in temporary
employment upon projects financed with inflation¬
ary
funds which must later be maintained at his
expense.
The farmer must be aware that
economic!?
security for him can hardly be found in gifts of
funds which must each year
gress
be
wrung
from a Con¬
which must in turn at one time or another
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3154
wring them from those who are making their
be
can
no
economic security
has
which
for
show that among the New
foundly interested in economic security, there is not
to
the slightest disposition to "wince or relent or re-
figures, and is causing it to continue
frain" regarding their lines of general policy which
to rise without cessation or
in
a
without end.
without
even
tion in the rate of increase year
by
run
Federal Reserve Bank Statement
being committed
are
ANOTHER
/\
constantly make the welkin ring with their protestations about the economic
and file of the
not
regularly during the past half-dozen
only
are
they being committed
this moment, but more
forward
old
30
insecurity of the rank
Not only have they been
people!
daily
additions to
as
techniques.
of them
on every
or
wjse disclose
years,
hand at
as
when they
year
tjes jn
the
sioned
high
last year.
address in St. Louis
an
on
Reserve
System, long
Nov. 9
js
New Deal measures,
"We
said:
today hearing
are
proposals that the Government should reduce
of the present
in taxes.
unsound
costs
In my
increased deficit
to
those
of
pass
the
power
costs
the
and
low
whose
is essential to
word
one
has
may
income groups
come
our
from
are
or
purchasing
economic welfare."
Not
responsible Washington
quarters to discredit the position the Chairman thus
takes
although the proposal for higher taxes to meet
larger expenditures made by the 'Chairman at the
same
time has been
repudiated at the Treasury.
Washington, and for that matter throughout the
country, that expenditures will rise to another
high next
year
new
and that the deficit will certainly not
be smaller than this
year
better business
upon tax
regardless of the effect of
receipts.
And this despite
the fact
that, as a former Under-Secretary of the
Treasury pointed out the other day in Chicago, the
national debt is
was
at the
today
outbreak
many
of
the
times higher than it
World
War
interest^ charges alone today exceed total
tures 25
years
and
this
expendi-
larger subsidies for the farmer
recognizing the difficulty of increasing taxes at
time, is said to be formulating a plan which
would reinstate the outlawed
the
that
Secretary Wallace, insistent
ago.
upon continued if not
and
euphemistic
title
processing taxes under
"parity
certificates".
President is apparently as
eager
as
ever
The
to be
ex-
cessively liberal with the taxpayer's funds in the
dispensation of relief, as attest plans for assistance
to
supposed victims of drought and flood.
day
came
word from
groups are at work upon
plans which would
tually "nationalize" the aircraft industry.
Yester-
Washington that New
4
Deal
even-
Almost
paper
some
weeks
reserves
can
market portfolio at
above
are
Tlie actual total of
was
The
new
only be
corn-
ago.
for these is little logic
course,
jn tjie swollen open
excess
No bankers'
placed in the portfolio since it
by the Federal Reserve banks
mended, of
a
or reason
time when
$5,000,000,000.
excess
member bank
reserves
reported is $5,170,000,000, a decrease for the
n0w
week
of
$180,000,000.
This drop
occasioned
was
mainly by a sharp increase of United States Treasliry
deposits with the regional institutions, which in
turn
was
agencies.
due to recent
actually for its
served to
financing through Treasury
The funds raised by the Treasury were
account, since the financing
own
wipe out
the Treasury.
Indeed it appears almost to be taken for
granted
in
m0Ve
who
the least able to
increased
$8,500,000 in the period, to $1,305,442,000;
emptied of such
be
domestic
It
of Treasury bonds
holdings of Treasury notes fell $8,325,000 to
bills have been
increase
increased armament
profit the least out of foreign
expenditures for arment, who
bear
or an
opinion, it would be unfair, and
economically, to
on
would
an
off without replacement.
dropped $20,675,000 to $104,705,000.
relief, in order that
expanded armament program
an
provided without
a more
|1,239,172,000, and that holdings of discount bills
some
expenditures, particularly for agri-
cultural benefits and for work
funds for
that
run
that holdings
indicated
now
receded
ardent supporter of
an
This suggests
through permitting weekly maturities
0f discount bills to
the Chairman of the Board of Governors of the Federal
$2,649,319,000.
by the extensive market support of last Sep-
reCent weeks
$1,500,000,000 against $1,233,000,000
Yet in
aggregate amount of $37,500,000, making
total
tember, much having been done in that direction in
enough in all conscience, and the deficit this year
to date exceeds
an
new
vigorous reduction of the bulge in holdings occa-
compared
were
In the week
regional banks lowered their hold-
ings 0f all classes of United States Treasury securi-
Federal expenditures since June
$3,322,000,000 last
banking statistics, which other-
only anticipated changes.
15 the
Nov.
to
improvements of
substantially exceed $3,500,000,000
with
departure in the open market policy
0f the Federal Reserve banks is reflected this
week jn tjie official
com-
being brought
are
P°PUlar aPPeaL
"0t l0"S a«° l0St *"
Being Planned
of officials and politicians who
very group
that the word "security" has
security
mockery.
a
'
An "Offensive"
is allegedly provided by them
It is indeed strange
apparently
year
as
make such
reduc-
a
*
Yet all these economic crimes
mitted
Deal leaders, so pro-
country
any one
permitted its national debt to
astronomical
by the
1939
limitless other evidence could easily be adduced to
own
Every one must know that there
in the world.
way
Nov. 18,
lower debts of the agencies to
or
Money in circulation declined $25,-
000,090, which tended to modify the fall of
balances and
of
the
excess reserves.
reserve
Monetary gold stocks
country increased $103,000,009 to $17,235,-
090,990, but the Treasury failed to reimburse itself
for most of the metal.
The
excess reserve
total
now
recorded is under the recent levels, but further modification
assuredly is advisable.
however, to discern
mand for credit.
It is still difficult.
unusual
any
or
excessive de-
The condition statement of
weekly
reporting member banks in New York City shows
an
increase of business loans by $8,099,999 to fu¬
682,990,909.
fell
Loans to brokers
on
security collateral
$4,090,099 to $463,000,000.
Gold
serve
certificate
banks
holdings of the 12 Federal Re-
increased
$8,444,000
in
the
weekly
period to $14,866,654,000, but other cash displayed
a
sharp advance and total
institutions moved up
reserves
of the regional
$39,386,900 to $15,230,623,000.
Federal Reserve notes in actual circulation declined
$11,840,000 to $4,805,254,090.
the
12
banks
advanced
Total deposits with
$47,869,090
to
$12,923,-
284,090, with the account variations consisting of
a
decline of member bank
reserve
balances
by $161,-
504,000 to $11,587,156,000; an increase of the Treas-
Volume
general account by $216,501,000 to $564,123,000;
ury
a
drop of foreign bank balances by $1,954,000 to
$454,277,000, and
decline
a
unchanged
The reserve ratio
85.9%.
at
deposits by
of other
$5,183,000 to $317,728,000.
mained
3155
ONE HUNDRED—TAe Commercial & Financial Chronicle—YEARS OLD
149
Discounts
re¬
commitments
such
vast
In¬
the
of
the
financially
likewise
countries
the
sound
developed
grains and similar staples varied only
as
from
arc
day to day, while base metals
Foreign exchange dealings
som#further decided fluctuations in ster¬
quite unchanged.
reflected
The New York Stock Market
of
credit resources
and
Bonds
neutral
small
a
were
$47,000 to $9,919,000.
concern¬
The commodity markets were stable for
week,
in
gold
States.
European
declined
advances
the
United
strength.
$62,000 to $11,561,000, while
make
to
from
the
by
regional banks advanced $10,000 to $6,485,000.
dustrial advances fell
buying occasioned by Washington reports
ing possible financial aid to the distressed countries
ling, but it is only the modest unofficial business
that
is
affected
by
the
movements,
approved
as
ECTLE business was done this week onindecisive.
the New
market, and trends
transactions remained at the fixed Bank of
The
rates.
York stock
market
were
appeared
settle
to
into
deeper
ever
apathy, possibly because the realization finally
vails
and
a
boom
war
conflict
the
touched
overdone when the European
were
touched
The
started.
On
pre¬
orders
everywhere that expectations of
simple
war
fact,
recognized
promptly by competent observers, is that the bellig¬
stocks touched
New
other
on
their
and
own war
supplies, and to conduct the
with
war
an
at
York
Monday
With
shares;
the
exception of airplanes, Allied buying in
United
absence,
States
the financial
whether the
tember
been
its
by
markets, but the question also arises
spurt of domestic activity during Sep¬
be maintained.
can
conspicuous
Much
of the
domestic
on
On
Monday
shares;
on
was
war
Trading
suspended
recent weeks rather
suggests
More
ment of business.
a
by
the
downward readjust¬
attention, finally, is being
the
on
unchanged
the sales
on
Tuesday, 775,340
Friday, 770,440 shares.
on
Curb
York
Exchange the sales
on
Tuesday, 151,325
on
Wednesday, 150,120 shares;
Thurs¬
on
day, 148,670 shares, and on Friday, 157,875 shares.
but the business tendency of
touched off
on
123,245 shares;
were
improvement which
sound,
Curb
Wednesday, 634,980 shares; on Thurs¬
New
the
doubtless
is
Call loans
remained
652,150 shares;
were
day, 824,690 shares, and
Not only is this being realized in
far.
so
has
York
high levels and 11
Stock Exchange
New York
the
gate spending and destruction of the World War.
the
Exchange
stocks
and 10 stocks
New
the
new
low levels.
new
Stock
year
1%.
On
that contrasts decidedly with the profli¬
economy
On
levels.
low
new
Exchange 58 stocks touched
46
Exchange
high levels for the
erents intend to
rely largely
Stock
York
New
new
England
the country's major exchanges was
on
Saturday of last week in observance
on
of Armistice.
Reports of the previous week
Day.
indicating the imminent invasion of neutral coun¬
paid the political aspect of affairs in the United
tries
States,
against England and France proved without founda¬
now
that the European
after week.
main
ers
The
prospects, unfortunately, still
re¬
cloudy and far from encouraging for uphold¬
of
light of these general considerations there
is little occasion for
movements of stock
With
on
mathematical
almost
moved
surprise in the small
prices
upward
the
stocks
week,
yesterday
point to
mostly within fractions
were
week earlier.
a
demand
toward
the
Motor
asserted
way
recently
were
offered.
This served to
continuing strikes in important units of
the motor
industry.
Steel stocks
were
modestly im¬
proved, owing to the high rate of operations.
Air¬
This
itself.
little
Trading
important changes.
Stock
Exchange
1,000,000-share level
resumed their
on
the New York
consistently
was
all
in
displayed
sessions,
under
and
the
brokers
complaints about the lack of business.
In the listed bond market
strong tone prevailed
a
much of the week for United States
Treasury securi¬
ties, and the disclosure in the Federal Reserve state¬
ment of
liquidation from the
modified
only
bonds
also
corporate
little
the
were
in
market portfolio
open
Highly-rated
demand.
department,
In
railroad
the
corporate
speculative
obligations
were
changed, but local traction securities advanced
easily and steadily.
in
rise.
Latin
American
Of much interest
default
bonds,
on
was a
spurt
speculative
extremely
narrow.
was
followed by general
dulness
Equities
on
Tuesday battled their
the scale.
The market
psy¬
chology of traders was largely dominated by un¬
satisfactory reports emanating from Europe of the
foreign
struggle,
the
groups
highly
a
to be expected, were in favor,
forms in their climb up
occasioned
previously by the Allied purchases of
range
was
to higher levels, meeting opposition in various
trading here.
The large rail and utility
the
as was
market
opening steady improved somewhat in the
plane issues held, in general, at the advanced levels
planes.
The
to the close, when a tendency toward firmness
up
the
offset the
with
one,
hour.
the
models which
moment all indications
Monday took the position of
on
observers.
shares,
and after
first
war
of attrition, and with dubiety rather
a war
interested
of
end
the present
general, traders
reports that inquiry is strong for
came
At
hand.
Aircraft
degree that levels
in its
that the commencement of active warfare was
many
regularity, quotations
a
the week-end
over
Monday, thus upsetting the theory held by
on
selective
figures prevalent
on
Germany
by
day and downward the next, the
one
into
see-saw
the New York market.
changes canceling out to such
at the close
tion
at
private enterprise and the profit system.
In the
of
idles along week
war
start,
which
irregularity
brought
to
Aviation stocks pointed higher from
with the general list following its ex¬
The second hour revealed an easier tendency
ample.
from then
on
prices see-sawed back and forth
to close with some
shading of prices from their best
and
In
levels.
so
far
as
brokers
were
concerned, the
European situation on Wednesday continued to be
an
enigma, and stocks were selected with extreme
care.
Equities were irregularly higher on the open¬
ing, but what little demand there was soon vanished
and
an
market
easier
on
trend
obtained
Thursday lifted itself
of reaction and
proceeded, after
close.
The
at
the
up
from the morass
an
irregular
open¬
ing, to advance in a consistent manner from frac¬
tions to
gains of 2% points.
ers was
the favor with which
ceived after weeks of
Encouraging to trad¬
pivotal issues
were re¬
comparative obscurity, being
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3156
by
overshadowed
previously
aircraft and
liquidation of foreign interests now were
stimulus
time
Yesterday
prices
92.5% last week, 90.3% a month ago, and 62.6% at
progressed in a fractional way.
Production of electric
this time last year.
were
power
for the rteek ended Nov. 11 was reported by Edison
shares giving some ground, while
mixed, pivotal
others
market.
the
to
Iron & Steel Institute at 93.5% of capacity against
further
a
Steel operations for the
the matter.
on
ending today were estimated by American
week
longer
no
depressing factor of trading provided
a
bearing
lower-
Reassurances from Washington that
priced shares.
Nov. 18, 1939
At closing
Electric
Institute
2,513,688,000
at
kwh. against
com-
2,536,765,000 kwh. in the previous week and 2,209,-
pared with the closing on Friday of last week, final
444,000 kwh. in the corresponding week of last year,
irregular price changes were the rule.
As
prices yesterday were in the main higher.
Electric closed
yesterday at 39% against 39
on
tion of American Railroads.
30% against 30%; Columbia Gas & Electric at 7
19,901
against 6%; Public Service of N. J. at 403% against
cars
This
decline of
was a
from the preceding week, but
an
increase
of 149,515 cars over the similar week of 1938.
International Harvester at 63 against 62;
39%;
freight for the week to
revenue
Nov. 11 were 785,961 cars, according to the Associa-
Fri-
day of last week; Consolidated Edison Co. of N. Y.
at
of
Carloadings
General
As indicating the
course
of the commodity
mar-
Sears, Roebuck & Co. at 82% against 82%; Mont-
kets, the December option for wheat in Chicago
Ward & Co. at 55% against 54%; Wool39% against 39%, and American Tel. &
closed yesterday at 87%c. against 88%c. the close
gomery
worth
at
on
Tel. at
169% against 168%.
closed yesterday at 50%c. against 50%c. the close
Union closed
Western
28%
yesterday at 28% against
on
Friday of last week; Allied Chemical & Dye
177% against 173%; E. I. du Pont de Nemours
at
Friday of last week.
December
Friday of last week.
at Chicago
corn
December oats at Chicago
closed yesterday at 36%c. agaisnt 36%c. the close
on
on
at 180
Friday of last week.
against 177; National Cash Register at 15%
against 15%; National Dairy Products at 16%
yesterday at 9.51c. against 9.36c. the close
against 16; National Biscuit at 22% against 23;
of last week.
Gulf
Texas
Sulphur at 34% against 33%; Conti
nental Can at 43
166%
against
against 5%;
against
The spot price for cotton here in New York closed
163%;
Standard
Westinghouse
111%;
was
against 42%; Eastman Kodak at
Lorillard
Brands
Elec.
at
&
23%
the
last
12%c., the close
at
114
the price of bar silver closed yesterday at 23%
Mfg.
against
23%;
on
on
some
transfers
Pennsylvania RR. closed yesterday at 24%
on Friday of last week; Atchison Toagainst 19%; Union Pacific
at
••
yesterday at 70% against
Friday of last week; Crucible Steel at 44%
against 43%; Bethlehem Steel at 84% against
&
Tube
at
49%
against 48%.
In the motor
group,
Auburn Auto closed yesterday at 3% against 3% on Friday of last week;
General Motors
at 54 against
55; Chrysler at 89
against 87%; Packard at 3% against 3%, and
Hupp
against 1%.
American
Smelting & Refining at 52
against 51%, and Phelps Dodge at 49 against
40%.
In
the
aviation
group,
Curtiss-Wright
closed
yesterday at 10% against 11% on Friday of last
week, and Douglas Aircraft at 79% against 80%.
Trade and
this
industrial
reports
were
inconclusive
week, partly because recent holidays have
occasion great
at
2.21%c.
a nature to
principal
nervousness on the
was modified sharply by the simple fact that the
Low Countries
of
a
were not invaded, and a greater de-
assurance was
felt in the financial markets
concerning the possible spread of the war. The lack
°f military activities on the Franco-German border,
and the small aerial and
sea
flickering hope alive that
found to end
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 46% against 47% on Friday of last
week; Shell Union Oil at 13% against
13, and Atlantic Refining at
24% against 23%.
Among the copper stocks, Anaconda Copper
closed yesterday at
32% against 32 on Friday of
week;
>
gree
Motors at 1%
yesterday
Friday of last week,
of the markets displayed strength at various times,
on
Sheet
on
with the result that the week as a whole saw allround advances. Anxiety as to the neutral status
of Holland and Belgium, whether real or simulated,
slight gains,
United States Steel closed
Youngstown
closed
European stock markets, and in all cases quiet but
firm conditions were reported.- Different sections
10% against 10%.
The steel stocks closed the week with
last
Friday of
on
European Stock Markets
\Y/AR reports this week were not of
YV
102
against 101; Southern Pacific at 16% against 16;
Southern Railway at 19%
against 18%, and North-
and
Paris
on
against 2.21c. the close
peka & Santa Fe at 29 against 28%; New York
84%,
close
Friday of last week, and spot silver in New York
In the matter of foreign exchanges, cable trans-
improvement fdr the
against 24%
70
pence
tors on London closed yesterday at $3.90% against
$3.89 the close on Friday of last week, and cable
Friday of
week; B. F. Goodrich at 21% against 19%, and
39% against 39.
Pacific at
at
In London
pence per ounce the
closed yesterday at 34%c., the close
Goodyear Tire & Rubber
group,
yesterday at 24% against 25
Railroad shares show
ern
Friday of last week.
iast week.
rubber
Central at 20
on
against 23%
per ounce
United States Rubber at
week.
Friday of
on
closed yesterday
5%
against 23%.
In
Domestic copper
at
Dry at 15% against 15; Schenley Distillers
13% against 13%, and National Distillers at 24
closed
20.08c. against 20.60c. the close
last week.
Canada
at
on Friday
The spot price for rubber yesterday
a
doubtless
which
were
way
conflict from which
ticipants possibly
war
engagements, left the
some
can
are
based
the World War.
on
may
none
gain anything.
far under
yet be
of the par-
Costs of the
original
estimates,
the senseless destructiveness of
Large scale borrowing to defray
the charges still is being delayed by Britain and
France, while only
floated in Germany,
largely
a
securities
relatively modest loan
wreeks
With the
ago.
was
war
diplomatic and verbal affair, buying of
was
resumed last Monday
Stock Exchange, and
all week.
a
some
a
on
the London
fairly good inquiry persisted
Gilt-edged issues moved
up
to best levels
since late last August, and small gains were regis-
tered
in industrial
stocks.
Prices
on
the
Paris
Volume
Bourse advanced during
the
and
gains
the first half of the week,
military offensives, he said, and it must be bolstered
little in subse¬
by "effective political and economic guarantees" for
modified only
were
quent profit-taking.
than usual
3157
ONE HUNDRED-T/ze Commercial & Financial Chronicle—YEARS OLD
149
There
little
activity
more
the
Boerse, which developed a
future
liberty of all nations, the French note
eonfident tone.
stated.
Berlin gave
posals
the Berlin
on
was a
a
of
Belgium
and
by
declaring,
rejections al¬
the Anglo-French
Wednesday, that
Peace Moves and War Aims
the final blow to the peace pro¬
Holland
ready had disposed of the matter.
BEYOND a modest clarification of war peace
little
toward a restoration of aims,
progress
apparently
wras
made
as a
result of the joint appeal
by Queen Wilhelmina of Holland and King Leopold
of
they will not be deterred from further efforts
unsatisfactory responses to the appeal of
by the
Nov.
Unofficial
7.
Belgium to the three great belligerent States of
that the
The offer made by the monarclis of the
solicited
Europe.
Low
Countries, to
use
all means at their command
to ascertain the elements of an
the most careful
force
cal
it
under consideration, the German
was
week
the signal
for
There
week-end
of
sponded.
London and
garded
aims
consultations
between
Paris, separate answers were made by
the Allies last
Sunday, and they can hardly be re¬
encouraging by advocates of immediate
as
To
peace.
extensive
After
re¬
.degree, however, the Allied war
some
clarified,
were
the French reply called for
as
"reparation of the injustices which force has im¬
posed
Czechoslovakia
Austria,
on
conversations
diplomatic
Following
Poland."
and
in
Berlin,
tions
mutual
Jan de
Britain
the
by
"brusque
rejections"
of
and
France.
British
The
that
the
made, fittingly, by King George
was
VI, who indicated that all portions of the Empire
had
been
consulted
the
to
as
Appreciation
efforts of the
small
European neutrals to maintain peace, which
never¬
theless failed
the
for
expressed
was
previous
move.
halt what
to
"unprovoked attack
with every
overrun
on
was
called in the note
Poland, which has been
circumstance of brutality."
British Government remains
The
willing to examine
reasonable and assured basis for
an
a
equitable peace,
according to the note, wThich endeavored to fix
more
clearly the German responsibility for the war.
The
fense
as
so
to enable the people of
their independence and their
preserve
apparently
measures
a
were con¬
Premier, Dirk
radio address last Mon¬
was
taken by
measures
He
responsible for the de¬
his country in conjunction
Even if the peace proposal of Nov. 7
Belgium.
succeed, Premier de Geer said, his
other neutral
and
own
governments "might take the similar
steps in the same direction in the future."
European Hostilities
MORE and morethis week by less and less mili¬
talk of war in Europe was
accompanied
tary activity in the great conflict which started in
the
early days of September, but every indication
nevertheless
points to
a
bitter and long-continued
The diplomatic aspects of the conflict
struggle.
currently overshadows the actual battle lines on the
Western
possibly because
Front,
movements
are
hampered by the deep mud which recent rains have
occasioned
in
The
border.
the
area
official
along the Franco-German
communiques
both
on
sides
completely colorless throughout the week now
were
few
aggression
German invasion, and consulta¬
of international tension
Paris merely noted day after day that a
ending.
Europe to
the last
over
ening dangers", and indicated that only an increase
redeem
German
endless reports
deprecated the "wild rumors about acute and threat¬
larger purposes for which Britain is fighting are to
Europe "from perpetually recurring fear of
killed,
might be
belligerents will respect thejr pledges to
reply to the Netherlands and Bel¬
gian monarchs
was
this
observe the neutral status of the Netherlands.
does not
of"
that
preparations by Holland and
Geer, declared in
with
"disposed
time
day that his government remains fully convinced
bassadors, the German Government announced offi¬
as
a
But the Holland
tinued this week.
Wednesday, with the Netherlands and Belgian Am¬
cially that it regarded the peace appeal
a
to defense
as
An incident
the border of Germany
Netherlander
a
for
were
Belgium against
and Fraftce had
after Britain
until
answer
and
German march through the small
a
country.
on
which
in
feared
was
Government made it clear that Berlin would make
no
effect
Belgians
preparations for all eventualities.
Holland
appeal
The
endeavors.
occurred late last
and
While the Belgo-Nether-
the
to
were
Netherlanders, meanwhile, continued their methodi¬
and
employed against law," and added his voice
lands
fresh
in
Soon after it was announced
the clamor for peace.
intimations
sympathy of the Americas possibly will be
7, Pope Pius again condemned "the cult of
Nov.
on
agreement, received
study of the chancelleries at Lon¬
don, Paris and Berlin.
to
Reports from the Low Countries made it clear
that
scouting expeditions occurred, and that actual
operations were on a "diminished scale."
command said
man
simply that there
Some aerial observation
The Ger¬
was
nothing
flights
liberties, and to prevent for the future resort to
to
force instead of
made, but even the customary "dog-fights" appeared
international
ately
after
bellicose
pacific
Immedi¬
published,
Britain's
Admiralty,
Winston
First
note
Lord
a
London
any
wras
of
the
radio address in which he
sorted to invective and
favorably
in the settlement of
disputes," the reply said.
this
Churchill, made
that the
means
re¬
taunts, thus making it clear
Cabinet is not disposed
proposals from Berlin.
In
to view
a
brief
French
reply to the Netherlands and Belgian mon¬
archs,
President
Albert
Lebrun
emphasized
the
report.
to be
infrequent, and on some days lacking entirely.
The British air force continued its
over
bombs which
scribed
On
as
the
peace
which
requires reparation for the three coun¬
disappeared
under
Nazi political
or
a
few
the Shetland Islands,
communistic.
sea
the
conflict
was
continued
greater energy and effectiveness, for
of Germany
blockade
tries
on
German airplanes flew over France and
Monday.
Reich
lasting
they dropped
dropped propaganda leaflets which the French de¬
pacific sentiments of his country, but insisted that
A
observation trips
The Germans countered with
the Reich.
the violence and force of recent years
must end.
were
countered
activities.
German
with
the British
is all but air-tight, and the
by further submarine and raider
Some vessels
were
sunk every day by the
warships, while the British claimed ever
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3158
announced
greater effectiveness of the convoy system against
man
the
aim of the Reich is to
London also maintained that German
danger.
submarines
of
rate
being sent to the bottom at the
were
two
three
or
week.
a
It
admitted
was
officially in the British capital, Tuesday, that
British
unnamed
hitting
in
vessels
Neutral
by the Germans
Late this week it
dispatches.
German
a
Indian
sunk
were
belligerent craft, according to
often as
as
London
that
after
sinking, which occurred at an unspecified
date.
quite
foundered
had
mine, but there was hardly any loss of life
a
this
destroyer
an
was
indicated
pocket battleship is operating in the
Ocean, where a small British tanker of 790
tons was sunk
In previous weeks such
Thursday.
pocket battleships, which are outclassed as to both
French
Oceans, but in
activities they are
merchant
doubts
raises
The
British
and
ships, were reported both in the North and
South Atlantic
four
five
by only
and armaments
speed
a
month of reported
said to have accounted only for
ships which, in the circumstances,
to
as
the
reliability of the
rumors.
possibility remains that the Germans disguised
newspapers
Much
made
was
Nov.
alleged to be in store for the enemy, but the
are
such unrealized threats
frequency of
them of most of their
side of the
ledger must be placed reports from both
sides that
sort of United States of
a
from economic barriers and
envisioned
as a
Eastern
the
In
possible
Europe, freed
political differences, is
means
of ending the current
conflict.
deadlocked
problem
European
the
area
northern shore of the Gulf of Finland
continued
resist the Russian
The
Finns
and
suggestions, and they drew
to
the wrath of the Russian
the Russian
Russian
press
gained greater
to the Allies
of
ments
as
a
source
con¬
open
of munitions and imple¬
which have been available at all times.
naud, the French
Finance Minister,
tended visit to London
return to Paris
is
addition to the basic supplies
in
war,
now
communists, who stated in
clear
nonsensical
Urals.
Such
probably
aided
the
to
statements
was
Key-'
concluded
efforts.
cals
boil down
to
resources
of the
conduct
that
for
to the fullest possible extent.
are now
States,
British
all
in
a
any
belligerent
still
dis¬
war
war
remained
countries.
The
delays in announcing
a
credits from their respective central
upon
banks.
The
neutral
countries
Great Britain
Belgian
peace
sion for
many,
was
carried
on
attitude.
and
proposal of Nov. 7
grim
address last
excellent
occa¬
Churchill, the irrepressible First
Admiralty, asserted in
Sunday that in the event of
defeat the United States "will be left
guard the rights of man."
Chancellor
with
force
radio
a
an
Allied
single-handed
He assailed the Ger¬
and
taunted the Germans to start the
Berlin upon
sibly is the
Rome
has
region,
offensive
as
With
endeavored to
unanimity
prevails in all dictatorial countries, the Ger¬
up
hopes of dominating the
India
AMONG the difficult
Fx
ish
Government
mands for immediate
problems faced by the Britis
of
that
India, where de¬
"freedom from
bondage"
beginning to displace the requests for
wealth status which
move
toward
minion,
were
increasing
are
Common¬
authorities
made
granting India the self-rule of
and
been
a
revived at the start of the
The London
war.
political
reported in recent
a
no
Do¬
non-cooperation
weeks.
Warnings in
be set back for years"
by non-cooperative tactics failed to halt Mahatma
Gandhi
that
more
and
effective.
strong
Nor
were
suggestions
for
freedom,
to
of
plunge the country back into
ligious warfare in the event of
be
regardless
a
the
currently separate Hindu from Moslem
threaten
controls.
any
Late last week Mr. Gandhi made
demand
schisms that
and
associates.
his
"emergency powers" might be exercised
a
found
if the
desired
re¬
removal of British
A solution for internal differences
tained, he declared.
the
pos¬
for cautious Italian hints that
given
The
only the start of the German
against England.
be exerted either from Mos¬
the Balkan States, which
v.
going.
war
press
destructive, and
not
will
the Shetland Islands
on
reason
and
officially controlled German
that
or
invective,
depict the Reich air raids
as
cow
has
exists, in view of the Anglo-French
Winston
The Balkans still
treading warily in the endeavor to avoid offense.
Little pressure seems to
London that "the clock may
setting forth their grievances against Ger¬
peace
time.
it is aimed.
the
an
a
Netherlands-
against which
France found
Lord of the British
to
a
and Berlin responded by suggesting that no
hope for
man
in
but its effectiveness steadily diminishes for
manner,
the
war
a
enigma, with all the countries concerned
an
European
propaganda
importance to
campaign possibly is
military attack which the Helsing-
regime feared, for
remain
matter of
belligerent
loan, while France and Germany obviously are
relying
substitute for the
fors
a
The Russian press
cash-and-carry basis.
aspects of the
the
Government
available to
on
The internal financial
unaltered
were
purchases of airplanes and other
United
the
British
will be utilized by France in the
war,
supplies which
war
assertions
to
Lithuania, and only warlike intentions could
Moscow.
of
access
through subjugation of Estonia, Latvia
his
consolidation
to
to the Baltic
and
The fact is,
capital.
that Russia already has gained full
on
hinted that im¬
hardly to be doubted that plans also
cussed
in
view
a
of course,
country.
of border incidents failed to
rumors
send them back to the Russian
make the Finnish coast
Elaborate explanations in French periodi¬
seem
Empire
It is
with
Monday, and
own
withdrawn from Moscow,
were
ex¬
portant financial and economic arrangements had
been
Finns, for they revealed the weakness of the
an
paid
early this week, and
Thursday it
on
Paul
claims
their heads
that Finland aims to dominate
territory
sublimely
upon
position with respect to their
war
and, there¬
fore, free Russian access to the Baltic via that route.
negotiators
of the
upon
Finland, which are said to concern control of the
Finnish
sideration, possibly because America
immediate
still that of the Russian demands
was
Russian
Economic aspects
has robbed
On the credit
significance.
the
being difficult to account for otherwise.
power.
either side of "surprises" which
on
ordinary vessels to resemble the pocket battleships,
commanders
1939
Thursday that the
on
destroy British world
the
reputed timidity of the German
18,
freedom
could
readily
be
at¬
The Marquess of Zetland, Sec¬
retary of State for India, answered this by pointing
to the British
obligations to Indian Princes, which
he said could not
continued the
hinted
at open
possibly be scrapped.
Mr. Gandhi
controversy this week in terms that
defiance of England.
He declared
Volume
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
149
that if there is to be
and his National
know
of
Latin-America
fight between Great Britain
a
Congress party, the world should
INTER-AMERICAN economic
1
Reports
clearly what principles are involved.
3159
spreading unrest in India accompanied these de-
tions
S0-Called
velopments.
problems and rela-
studied this week at conferences of
were
experts both in Washington and Guatemala
City, with results that merit the closest attention
Far East
of the United States taxpayers
who will have to foot
FAR EASTERNweek, with diplomatic changesun- the countries south of the Rio Grande.beAll the signs
affairs remained cloudy and of the bill for any official aid that may extended to
certain this
in
apparent importance
war
that
that
seem
blunt
several
the
Tokio
by
Grew
concerning
States
United
It would
made
in
Joseph
C.
statements
Ambassador
unfortunate
the
American sentiment of the
a
along with the
progress,
Japan is waging against China.
effects
upon
Japanese activities made
deep impression upon the Japanese authorities,
The
Embassy
Japanese
statement late last week
other settlements for
China.
in
States
real
This
Washington
some
issued
a
monetary and
damages to American interests
attempt
to
placate
United
the
hardly indicates that the Japanese have
a
comprehension of the problem, but the gesture
nevertheless is
was
in
listing
taken in
whether
American
an
be
will
Japan
significant.
Little notice of the
embargo
suggested
on
supplies for
on war
termination
the
January of the commercial treaty which
nounced
by the United States last July.
European
move
Washington, and the question remains
showing
war
United States is the
signs of
no
only important
in
de-
was
With the
end,
an
the
of
war
source
,
continue to point to official loans by the United
States, under
the latest
funds
guise
one
from
Bank
Export-Import
official
our
Washington,
of
loan of $2,000,€00 having been an-
a
nounced in Managua, Wednesday.
stasio Somoza declared in
a
President Ana-
signed statement to the
that the loan to Nicaragua is for highways
press
and
Nicaragua is
another.
or
country to report success in extracting
other public
projects, and he added that he
obtained the loan "in my conversations with Presi-
dent Roosevelt during
States."
recent trip to the United
my
Various other loans
cent months
reported in
were
re-
having been made to Latin Amer-
as
ican countries, and a congressional investigation of
the
transactions
probably
would
not
be
amiss,
especially in view of the rejection by Congress of
the
proposal
loan
made
by
Administration
the
toward the close of the last regular session.
are,
of
Latin
course,
some
American
there is
States,
such
but
Argentina,
as
indication that such countries
no
There
admirable credits among the
are
seek-
supplies for Japan, and there is ample evidence that
ing loans from the Export-Import Bank.
Washington intends to utilize the opportunity thus
tries which have defaulted on their external debts
presented.
are
Also
of
much
significance is
decision by the
a
chiefly
those
which
have
The coun-
reported
been
as
anxious to obtain the official loans to which they
British and French Governments to withdraw their
clearly
troops from northern China, under the specious pre-
ternal debt, is separate and apart from the rest,
text that this is necessary
for "reasons of military
It is in the light of such considerations that the
Washington conference of the Inter-American Fi-
assigned
hardly be the real
Advisory
Committee
needs
to
be
nancial
studied.
during the World War, wdien there
China
promptly elected as Chairman, Under-Secretary of
can
one,
was a
real
The present situation in Europe
men.
discloses the
stated
reason
as
a
simple invention,
possible that the withdrawal, which is of high
importance in the Far East, merely represents
convenient
a
for avoiding further awkwrard in-
means
cidents, but there is also a faint possibility that
secret
understanding between the Allies and
This gathering met
on
Wednesday, and
State Sumner Welles, who made glib promises of
financial
aid
Panama
City
to
Latin Americans
conference.
at
the
recent
Rising to the newest
occasion, Mr. Welles spoke at length about trade
opportunities and the need for improving the finan-
cial mechanism of the Americas.
are proper
Such comments
enough, but Mr. Welles also gave rather
circles -in
broad assurances to his Latin American colleagues
expressed strong criticism of the step, and it
of "the whole-hearted cooperation of every branch
the
occasioned
Japan
China
quickly
was
placed in
a
singular position thereby.
troops
will
indicated
merely
worthy,
on
Foreign
move.
pointed out that the United States
ington
that
the
be withdrawn.
not
was
But Wash-
United
It is
States
also
note-
the diplomatic side, that Russo-Japanese
conversations
regarding
a
in
started
tions
and
for
shortage of
some
no ex-
troops never were withdrawn from northern
reason
Allied
It is
Venezuela, having
not entitled.
arising from the conflict in Europe."
convenience
The
are
Thursday.
Tokio,
readjustment
The
of
rela-
military
aspects of the Japanese war of aggression against
of the Government of the United States" in solving
"practical problems."
the solutions
The evidence indicates that
contemplated include large official
loans by the United States, and Mr. Welles may be
treading on thin ice in making his confident stateIn Guatemala City a conference of Treasury
ments.
Department representatives from all the American
republics gathered on Tuesday.1 Herbert E. Gaston,
and
special assistant to Secretary of the Treasury Henry
near
Pakhoi, only 50 miles north of the border of Indo-
Morgenthau Jr., was the United States representative, and he adopted a cautious attitude. How far-
surmised that the intention is to
the United States is willing to go in stimulating
China
forces
little
showed
naval
China, and it
cut,
the
colony.
move
made
was
supply line
It
seems
is intended to
home sentiment in
fresh "victories"
m
no
position
change.
a
munitions.
Wednesday,
the French
inter-American economic development still is uncer-
likely, however, that the
tain, Mr. Gaston said, but he expressed confidence'
for China from
more
impress the Chinese and placate
in cooperation "in the direction the delegates seem
Japan, where annguncements of
to desire to move as the conference progresses."
probably
to
Japanese land
landing,
are necessary.
supply
China with
'
France is
The old project of a general central bank of the
and
Americas was discussed once again at Guatemala
arms
City, although it is clear that only the United States
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3160
could make
tal of any
substantial contribution to the capi¬
a
such institution.
;
commercial bills discounted recorded a loss of 351,-
and advances against securities of
000,000 francs
>
No change was shown in the
11,000,000 francs.
Discount Rates of Foreign
Central Ranks
the
banks.
rates
Present
rates
any
the
at
leading
centers
are
shown in the table which follows:
Effect
Date
Established
Effect
Rate
Mar.
4
vious
,
3
Hungary...
3
4
6
2H
Mar. 11
Chile
3
Dec.
16 1936
4
Colombia..
4
July
18 1933
5
3
Jan.
1 1936
3X
Norway
4
Jan.
2 1937
5
Poland
Denmark..
5X
Oct.
9 1939
4X
Eire
3
June
30 1932
3X
England
26 1939
7
3.29
Danzig
2
Oct.
Estonia
4X
Oct.
1
Finland....
4
Dec.
accounts
BANK
France
2
Jan.
Germany..
4
Greece
6
Jan
Jan.
14 1937
Lithuania..
6
July
May
15 1939
28 1935
7
61*
41*
Sept. 21
41*
Deo,
17 1937
y
Portugal...
4
Aug
Gold holdings...—
31*
May
11 1937
5 1938
4X
Rumania.
4X
Credit bals. abroad,
41*
a
.
31*
May
15 1933
5
July
15 1935
5
21*
Dec.
1 1933
3
b Bills bought
Switzerland
11*
Nov, 25 1936
2
Yugoslavia
5
Feb.
61*
Temp, ad vs. with¬
+ 1,400,000,000 29,172,000,000 48,133,649,244 26,918,460,497
out Int. to State._
*
as
1 3-16%—1J^% for
Friday of last week, and
on
three-months' bill, as against
last week.
Money
call at London
on
At Paris the
%-l%.
1 3-16%
on
Friday of
Friday
on
was
market rate is nominal at
open
2J^% and in Switzerland at 1%.
b Includes bills discounted abroad,
c In
gold under the decree of Nov. 13, 1938, the
advances to the State
were wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-Interest-bearlng loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold 0.9 fine per franc) under the
decree of Nov. 13, 1938, was effected in the statement of Nov. 17, 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
a
the process of revaluing the Bank's
three entries
on
Bank's books representing temporary
the
the franc.
•
•.vi
As this
£527,644,000.
of
£66,396 in bullion,
resulted.
rose
year
total outstanding to
The
attended by
was
a
the
increase
an
rise of £795,000 in reserves
proportion of reserves to liabilities
slightly to 32.3% from 32%
proportion
was
a
week
last
ago;
Public deposits
30.7%.
decreased in the latest week, £3,423,000, while other
The latter consists of
deposits gained £4,327,272.
bankers'
which increased
accounts
other accounts which decreased
ment .securities
declined
£5,224,439 and
The loss in other securities
was
The Bank's
advances, and of £631,320 in securities.
discount rate remains
unchanged at 2%.
different
the
items
with
Below
in all
slow
a
91
Bankers'
dull.
held
bill
and
at
1%
an
of 0.02% dis¬
average
annual bank discount basis.
commercial
trading
paper
the New York Stock
on
we
Nov. 16,
Nov. 17,
Nov. 18,
1938
1937
1936
Nov.
20,
1935
for all transactions, while time loans
at
and 1 y2%
for four to six months' datings.
1%%
for
New York
maturities
to
17,844, 000
35,047,355
147,663, 492 124,523,031
107,083, 757
89,485,653
40,579, 735
35.037,378
Govt, securities
103,196, 164
95,236,164
Other securities
26,052, 958
32,991,602
12,404,788
Other accounts
33.171,720
14,115,628
21,629,642
36,141,462
76,613,16r
44,675,492
ruling quotation all through the week for both
loans
and renewals.
continues
The market for time
Rates continued nominal at 1}4%
quiet.
The market for prime commercial paper
this week.
continues fair but the
The volume of business
supply of
daily requirements.
paper
Ruling rates
is still below
are
Proportion of
7,395,037
20.586,814
21,301.40'
21,685,497
14.359,780
49,086,771
66,844,558
64,599.825
9.019,849
59,169,024
1,194, 591 327,674,598 327,952,462 249,504,796 198,069,290
reserve
to liabilities
32.3%
Bank rate
30.7%
2%
'
2%
Gold val. per fine
168s,
oz.
84s.
42.8%
ll^d. 84s.
11 V4d. 84s.
41.70%
2%
2%
llHd. 84s.
39.69%
2%
ll^d.
Bankers' Acceptances
THE market for prime bankers' bills
been quiet this week.
Prime acceptances has
hard to
are
get and transactions have been light.
no
change in rates.
for bills
THE weekly statement dated Nov.current increase
9 again showed
circulation, the
rise in note
being 129,000,000 francs, which raised the total
a
new
Notes
in
108,771,311,820
record high of
circulation
francs.
An
advances to State of
raised the
total
to
a
out¬
146,721,000,000
year
ago
expansion
totaled
in
tem¬
1,400,000,000 francs
29,172,000,000 francs.
French
Dealers' rates
as
There has been
reported by the
Federal Reserve Bank of New York for bills up to
and including 90
Bank of France Statement
standing to
5/8%@l%
for all maturities.
83.619,999
29,080.534
53,551, 000
5,261, 370
new
money
.to 90 days and 11/2% for four to six months'
36,500,509
78.973,337
30,320.253
21,291, 588
Securities
on the
the
was
122,839.842 140.758,011 127,441,173
86.698.380 96,082,519 90,940.664
24,0/2.428
9,712,648
Dlsc't A advances.
Reserve notes & coin
Coin and bullion
days,
Money Rates
527,644, 000 478,587,827 481,107,901 444,904,971 398,900,266
Bankers' accounts.
90
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
the
£
Public deposits
Other deposits
was
Exchange
remained
STATEMENT
1939
porary
on an
Call loans
maturities.
COMPARATIVE
Nov. 15,
francs.
$100,900,000 discount bills due in
days, awards being at
has been quiet
a
and rates remaining unchanged
The Treasury sold last Monday
departments.
count, computed
up
OF ENGLAND'S
Circulation
pace
its usual issue of
for
comparisons
previous years:
BANK
money
being at
Govern¬
£897,167.
the result of decreases of £190,133 in discounts and
furnish
•
£950,000 while other securities
rose
£821,453.
,
Money Market
FRESHNew York
developments were lacking this week in
market, dealings again
contraction
which reduced the
•
New York
THE statement for theofweek ended Nov. cir¬
15
showed
£728,000 in note
culation,
52.81%
as
the
a
41.11%
59.75%
0.05%
of Oct. 26, 1939.
Includes bills purchased in France,
Figures
/
Bank of England Statement
947.130.200
3,894.992.876
+129,000.000 146721000.000 108771,311,820 90,947,946.245
+ 4,000,000 16,067,000,000 26,987,103,134 20,634,308,630
4,004,735,994
3,652,000,000
—11.000 000
Propor'n of gold on
hand to sight liab.
IN LONDON open market discount rates for3-16%
Friday
1 3-16%,
against 1 short
9.220,000,377
—351,000,000 11,022.000 000 12.575,758,210
751,283,401
93.000.0CO
+ 2,000.000
abr'd
Credit current accts
are
Francs
•5,808,329,304 58,932,022,187
14,114,571
12,199,711
French commercial
bills discounted.,
c
97,266,047,756
*27,553.129
Note circulation
1 1935
7
on
Nov. 10, 1937
Francs
Francs
No Change
Adv. against secure.
Foreign Money Rates
bills
Nov. 10, 1938
1939
Francs
Sweden....
4 1937
Nov. 9,
for Week
3X
SouthAlrica
5
STATEMENT
Changes
4X
1939
Spain
Sept. 22 1932
furnish the
we
4
5
2 1939
58.46%,
comparisons for previous years:
OF FRANCE'S COMPARATIVE
3
3
1935
Below
4,000,000 francs respectively.
various items with
44*
24*
3 1934
The ratio,
Bills bought abroad and creditor current
showed increases of 2,000,000 francs and
Morocco...
vakia
41.11%.
was
highest of the year to date; the lowest was
Java......
Czechoslo¬
it
ago
Sept. 7.
3.65
6 1936
Apr,
on
6
18 1936
May
41*
Italy
Japan
year
a
65.36% shown in the statement dated Aug. 17, was
3X
Nov. 28 1935
Belgium...
Bulgaria...
1935
Rate
Aug. 29 1935
3
Canada....
59.75%;
2
Aug, 29 1939
India......
1 1935
July
6 1939
Aug. 15 1935
2X
Established
Country
Holland...
1 1936
July
Argentina..
Batavta
Dale
Nov.ll
vious
Nov. 17
Country
Pre¬
Rate in
proportion of gold to sight liabilities is now
The
the
Pre¬
Hate in
gold holdings of 97,266,047,750 francs.
Bank's total
THEREdiscount noof
have been changes during the week in
of the foreign central
Nov. 18, 1939
days
are
Yffo bid and 7-16% asked;
running for four months, 9-16% bid and 3^%
asked; for five and six months, %% bid and 9-16%
asked.
Bank is
The bill
buying rate of the New York Reserve
f°r bills running
from 1 to 90 days.
Discount Rates of the Federal Reserve Banks
THERE have been no changes this week banks; re¬
discount
of the Federal Reserve in the
rates
cent advances
on
Government
re¬
obligations
are
shown
Volume
in the
The following is
footnote to the table.
schedule of rates
of paper at
now
the
purchases
in effect for the various classes
any great
DISCOUNT RATES OF
FEDERAL RESERVE BANKS
'
account must
the
Rate in
Federal Reserve Bank
Boston
1
_
New York
.
•
Cleveland..
Chicago
.
Kansas City
Dallas
*
4. 1937
11. 1935
Aug. 27. 1937
2
Aug. 21. 1937
2
Aug. 21. 1937
2
2. 1937
Aug. 24. 1937
though the
Sept.
dispatches, while acknowledging
London
3. 1937
2
2
3. 1937
2
Sept.
November.
and
Optimistic reviewers are,
21. 1939. St. Louis
Sterling Exchange
curtailment
British
of
foreign trade, especially as
respects exports, is only a deeper
ward
from the low point of $3,77 for
touched on Nov. 9.
Trading con¬
notable recovery
a
on
ascribed to the lessening of
of
improved tone is
limited scale and the
fears of German invasion
Belgium and The Netherlands.
The
range
The present
picture wherever and as far as possible.
effective Sept. 1, 1939.
which
curve
this
bend in the down¬
began in 1914.
Some authorities in London
transfers
engulfing
disruption of British foreign trade since Septem¬
October
as
cable
now
however, only grasping at straws to brighten the
STERLING the past fewwhile still under pressure
during exchange,
weeks, nevertheless shows
tinues
fears
ber, insist that the outlook has improved during
2
Aug. 31. 1937
Sept.
Chicago; Sept. 10, 1939, Atlanta, Kansas City and Dallas; Sept.
a
tendency to depress
a
war
to end at once.
2
May
Advances on Government obligations bear a rate of 1%,
Course of
ultimately have
even
were
Recent
the
2
2
*1K
IK
San Francisco
held by British
purchases here for British
IK
Aug. 27, 1937
Sept.
IK
*1K
Minneapolis
pound
Europe
IK
1,1939
Sept.
IK
IK
*1K
*1K
♦IK
_.
Atlanta
St. Louis
Rate
1
.
compelled to liquidate to
being
Previous
IK
_
Philadelphia
...
Date
Established
Effect on
Nov. 17
before
extent American securities
nationals. 'None the less,
the different Reserve banks:
Richmond
3161
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
are
urging that steps
be taken to eliminate the dual rate for
sterling.
It
pointed out that there was only one rate in the
last war and those who now advocate a single rate
is
are
asserting that sooner or later the London official
have to be adjusted to the prevailing free
in New York.
If this is done, there
rate may
market rate
another
follow
week in the New York free market has been between
must
$3.88% and $3.95% for bankers' sight bills, com¬
of rates in all
readjustment
currencies.
of between $3.76% and ^$3.98%
The range for cable transfers has been
pared with
week.
last
between
range
$3.88%
and
$3.96%,
compared
with
a
New
weeks:
fixed by the Bank of
change in the past several
York cables, 4.02-4.04; Paris checks,
England have shown
eventually return to a normal basis, but that can¬
not be
Italian lire
no
month
New York
delivery
% cent to
are
exchange market for
fixed in London
par, as
for both sellers
buyers; Amsterdam 1% Dutch cents premium to
parity; Brussels par to 4 centimes discount;
3
follows:
compared with the spot
rate; Paris parity with the spot rate
and
as
centimes
Zurich
ling,
pound, pressure
of offerings continues
from all over the world.
Sterling seems to be tending strongly toward the
lower levels which prevailed especially in April,
1933, when the United States announced its inten¬
tion of abandoning its time honored gold standard.
The selling of sterling is due to the prevalence of war
fears, which force in particular the Continental
sterling
balances into
dollars.
tendency is
Japanese interests have been heavy buyers
Europe,
evident.
dollars
of
convert
to
Outside
however,
in recent
weeks.
the
same
Even the
nor
This
or
until sterling and all
on a
is there any sign of more than temporary
foreign
ex¬
George Paish, British economist, writing in the
issue of International Conciliation, the
His article was written before
International Peace.
Poland, but his most pertinent remark
the invasion of
concerning the future of exchange
trade
made
was
a
as
No
step could have been taken in the
fatal
more
or
in the interests of the world.
"Instead of restoring
Germany, the war will reduce
interests of
Germany
people and with them the greater part
the German
of
Europe
Moreover
to
very
will
it
great
privation and distress.
the world's greatest
disorganize
machine of trade to a still greater measure.
out war the
very
short
War has made this period shorter
still."
A
indication of the declining influence of the
new
of
a
which will begin operations in New York
of Paris,
M. Julien Chadenet, Vice-President
said a few days ago upon his
of the Societe Generale,
"The importance of
arrival here:
The strict control which might be
indicated by the official exchange rates posted by the
financial and monetary center
in any
ineffective to maintain rates
free market.
The weak undertone of sterling
does not originate
expansion of British purchases in the United
States.
It is believed in London that these purchases
in
will
not
reach
the
huge proportions generally ex¬
pected after the outbreak of the war. Great Britain
has ample resources here to pay for a large volume of
authorization of the
branch of the Societe Generale
hoarding its gold and making no attempt to support
seems
With-
period available for readjustment was a
one.
immediately.
England
earlier
"By attacking Poland Germany has sought to add
and to regain her prosperity.
effected in dollars rather than sterling.
Bank of
his
to her natural resources
establishment
pound.
to
manuscript:
British centers
Bombay, Adelaide and Singapore are advising
that wherever possible exchange transfers should be
exchange equalization fund is certainly
and international
postscript
as
change controls in such recognizably
the
market.
brought out clearly a few weeks ago by
was
London market is seen in the
The British
free gold standard.
is not encouraging for ster¬
publication issued by the Carnegie Endowment for
premium to par.
Despite this week's rally in the
nations
period
realigned
November
unofficially quoted at 78.50.
Official rates in the forward
one
are
improvement in the London money
Sir
quoted.
are
a war
The immediate prospect
176-177; Amsterdam, 7.52-7.58; Canada, 4.43-4.47.
Berlin is not
during
other currencies
of between $3.77 and $3.99 a week ago.
The official exchange rates
be that foreign exchange operations will
It may
a range
induced
the
Societe
New York
has for
Generale,
like
as a
time past
several other
some
European banks, to consider the establishment of a
direct contact with the United States through an
agency
office in New York."
Liverpool conditions reminis¬
In Manchester and in
cent of the boom
1919
to
1920
which followed the last war from
British cotton
Manchester Royal
becoming anxious as they recall the
are
apparent in the
industry,
and traders
Exchange
are
on
the
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3162
slump which followed similar developments 20 years
Cotton and woolen textile industries are operat-
ago.
Much of their production is
ing at a high level.
going into exports but on the whole
the boom is due
necessity for supplying the requirements of the
to the
British armed forces.
effect
the
Despite
•
London security
wartime restrictions the
to have regained some
of
/
markets
seem
degree of confidence, as reflected in the indices in
weeks.
Industrial averages for the London
recent
prepared by the London "Financial
Times," which stood at 88.3 on Sept. 15, were at
94.1 on Nov. 15.
The high during the period was
On Friday the market was still limited but
16 and Nov.
Nov. 7 and between Oct.
on
the range was
15
from 90.3 to 94.1.
90-day bills at $3.8634? documents for payment
(60 days) at $3.87, and seven-day grain bills at
$3.8834Cotton and grain for payment closed at
$3.89.
based
shares
trial
73.9
July
on
1935,
1,
with 68.6
100, was
as
a
compared with 74.5 a week earlier,
month before, and with 85 a year ago.
The low record
66.4 six weeks before Nov.
was
high record
124.9
was
Nov. 11, 1936.
prices, which
on
Reuters index of London stock
Oct. 11 reached 89.4
on
The London
Bank of
the
11.
index stood at 77.5.
At the outbreak of the war the
84.2
pound, in conformity with the fixed rates established
in the New York free market.
The London
England's buying price.
Call money against
Two-months bills are 1 3-16%,
bills is
%% to 1%.
bills
bills
four-months
7-32%,
1
9-32%, and six months bills 1 9-16%.
Canadian exchange
shows no
those of recent weeks.
The Canadian unit is largely
governed by the official rates posted in London, and
therefore at a discount in terms of the United
Montreal
dollar.
States
of
funds ranged during the
discount of
a
13}4% and
discount
a
11%%.
of
gold imports and exports which
taken from the
are
weekly statement of the
United States Department
of Commerce and cover
the week ended Nov. 8.
GOLD
EXPORTS
AND
IMPORTS,
2-NOV.
NOV.
8,
INCLUSIVE
*$1,188,184
Ore and base bullion
Refined bullion and coin
a
record high of
—
Nil
$27,057,711
Netherlands
.
_
gept
On
.
the
146,-
was
of
statement
totaled 108;.
a
Wednesday Paris officials announced that the
15 time limit for declaration of
Nov.
had been extended
return
foreign assets
The
by six weeks to Jan. 15.
to
20,721
1,298,445
Mexico
Union of South Africa.
$240,737
2,089,916
...
Philippine
$203,554
Islands,
$131,708
Canada,
Mexico, $130,613 Ecuador, $183,753 Spain.
the New York free market
day last, which
was
was
previous
not
quoted
Armistice Day.
under
quiet trading sterling was
close.
The
on
Satur-
On Monday in
pressure,
but
up
lire
On
The
light trading.
The
range was
$3.9134®
$3.94 for bankers' sight and $3.92}4@ $3.94% for
On Thursday the general trend of
continued unchanged.
Bankers' sight
$3.91%@$3.94; cable transfers $3.92%@$3.9434*
been
steady for
to be
weeks
many
The yield from
steadily increasing in Italy and
seems
people without protest.
to have been accepted by
The recently imposed
capital and 2% turnover tax, it is
net
yield the State
7,000,000,000 lire,
which it is thought will be sufficient to bridge the
budget deficit which already was announced as
4,000,000,000 lire, and to pay the increased expenditures for military preparation.
.
at 2.20%, and cable transfers at 2.2134? against 2.20%
was
Wednesday the pound continued under
cable transfers.
due
firmer in
$3.88%®
sight and $3.92% @$3.96% to cable trans-
thin market.
pressure,
Belgian economy
war.
have
tax levies appear
on
gigantic, but
$3.92%@$3.95% for
wag
Tuesday sterling
range was
continues under
derangement of
new
5% tax
as
Paris closed on Friday
at 176-177, against 176-177 on Friday of last week,
In New York sight bills on the French center finished
range
bankers' sight and $3.88%@$3.95% to
cable transfers.
market
the
purchases abroad, which
her stock of foreign currency.
currency
estimated, will
»
Referring to day-to-day rates sterling exchange in
a
to increase
war
Reynaud described
the
7,440,119
Australia....
in
for her first
pay
Finance Minister
the
4,765,370
Japan...
in
Sept. 10 the repatriation is reported to
taxation
146,967
Venezuela
now
large enough not only to enable France
2,115,950
......
On
Since
owing to the strict control in Rome.
139,501
Canada
capital into France is
and authorities do not wish to interrupt the
process
flow.
of
movement
Italian
873,542
-
United Kingdom
was
cur¬
francs
^ ^
resulting from the
2,302,370
Switzerland
the
The .previous high
Note ciml]ation
7
Belgian
2,996,933
_
Norway
pressure
of
showed
increased by another
recorded in
francs
149,298,350
entirely to
$1,680,143
Italy.
fers.
can
Bank
In the
146,592,000,000 francs.
rent statement circulation has
Bullion and Coin Shipments—1
Detail of Refined
bankers'
the
large increase in note circulation of 2,213,000,000
25,869,527
—
Total.
$3.95 for
that inflation
francs, which raised the total outstanding to a new
even
from
insist
Nevertheless
France statement for the week ended Nov. 2
Exports
Imports
♦Chiefly
authorities
avoided.
be
will
have been
*
Colombia.
peacetime normal.
French
The
extension of the time limit is due to the fact that a
The amounts
follow
dispatches the Paris Bourse
Allied triumph.
In recent
days trading has been active in a sometimes sharply
is
week between
in
129,000,000 francs.
features from
new
confidence
rising market, though the volume of transaction is
and
market continues easy.
Paris
According to
reflects
far below
gold price continues at 168s. an ounce,
three-months
In terms of the dollar the
pound as reflected
franc follows the fluctuations of the
was
Nov. 15.
on
money
1
FRENCH francs present steady infeaturs of im¬
portance.
The unit is no new
terms of the
Nov. 11,
on
The
Continental and Other Foreign Exchange
by the Bank of England.
The London "Financial News" index of 30 indus¬
slightly
active. The range was $3.88%@$3.95% for
bankers' sight and $3.88%@$3.96% to cable transfers. Closing quotations on Friday were $3.8934 for
demand and $3.9034 to cable transfers. Commercial
sight bills finished at $3.89, 60-day bills at $3.87,
more
Stock Exchange as
94.5
Nov. 18, 1939
The London check rate
on
Antwerp belgas closed at 16.43 for bank-
and 2.21.
ers'sight bills and at 16.43 for cable transfers, against
16.11 and 16.11.
Italian lire closed at 5.05 for bank-
ers' sight bills and at 5.05 for cable transfers, against
5.05 and 5.05.
York,
nor
Poland.
is
Berlin marks are not quoted in New
exchange
Exchange
on
on Czechoslovakia or on
Bucharest closed at 0.73%
Volume
(nominal), against 0.73(nominal).
Exchange
Finland
against
closed
2.00
at
(nominal),
on
2.00
Greek exchange closed at 0.73% (nomi¬
(nominal).
the
Indian
official
and exchange
rupee
Hongkong,
nese
nal), against 0.72% (nominal).
kept
are
of 1914-1918 appear
official rates established for
the result that
York
quotations for these units in the New
market
free
sterling.
move
with
the
addition
In
sterling in London, with
the
fluctuations
neutral
of
dollar.
23.45, against 23.45
on
checks yesterday
yen
were
Hong¬
Friday of last week.
kong closed at 24.55, against 24%; Shanghai at 8.70,
against 8.35; Manila at 49.90, against 49.90; Singa¬
at 47%, against 47%; Bombay at 30.30, against
pore
30.32; and Calcutta at 30.30, against 30.32.
currencies
are
adversely affected by the disturbance in their econ¬
omy
the
to
The Japa¬
is inclined to move consistently in relation
yen
Closing quotations for
EXCHANGE on the countriesbe influenced by the
to neutral during the
Singapore and
on
relationship
close
in
quotations decreed by London.
to the
war
3163
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Gold Bullion in European Banks
arising from the war blockade and sinkings of
their vessels.
Netherlands currency in partic¬
The
ular is under pressure.
been
In recent weeks there have
heavy withdrawals of funds from Holland for
conversion
dollars.
into
Norway is again sending
gold to the United States.
The
Spanish peseta is again assuming some activity
On Nov. 14 the Spanish
THE following table indicates the amounts of gold
(converted into pounds sterling at the
bullion
British statutory rate,
the
in
dates of most recent statements,
Government again
the
corrected the peseta rate to con¬
British pound and the
decline in the
henceforth
that
state
dollars
resulting from Spanish exports will be worth 10.05
imported
pesetas and dollars which are voluntarily
Will be worth 12.56 pesetas,
of
rates
and
9.90
compared with the former
12.57, in effect for the last two
dropped
Pounds in the first category were
months.
from 40.15 pesetas
to 38.70 and in the second from
Banks
by
us
1935
1936
1937
1938
1939
of-
£
198,069,290
563,115,020
Spain
c63.667.000
3,006,950
63,667,000
Italy
a23.400.000
25,232,000
25,232,000
Netherlands
89.144.000
123,418,000
112,887,000
249,504,796
391,871,164
T.846,350
87,323,110
42,575,000
47,491,000
Nat. Belg__
103,025,000
94.133,000
96,294.000
95,533,000
105.125,000
60,532,000
124,105,000
114,910,000
81,295,000
46,719,000
35,300,000
32,832.000
77,644.000
26,041.000
24,253,000
21,602.000
6,500.000
6,536,000
6,547,000
6,553,000
6,555,000
6,666,000
8,205,000
6,602,000
6,603,000
6,602,000
*604,105
327,674,598
327,952,462
328,601.513
293,728,237
310,168,538
b3,843,450
France
2,504,200
87,323,000
Germany
Switzerland
Sweden
Denmark
..
Norway
3,351,900
90,318,000
42,575,000
754,884.068 1.095,503,785 1.078.434,200 1.044,440,420 1.153.544,210
760,253,491 1,094.048,728 1,063,538,720 1.044,297,652 1,132.998,191
Total week.
Prev. week.
*
Francs of the first category are now
50.20 to 48.40.
reported to
four years:
England
dispatches
of respective
(Friday); comparisons are
corresponding dates in the previous
the
shown for
French franc in relation to the United States dollar.
Madrid
fine ounce)
per
as
special cable yesterday
in the New York market.
form to
84s. ll%d.
principal European banks
1939, the Bank of England
1, 1939 and since have carried the gold holdings of the Bank
Instead of the statutory pric'e
which was formerly the basis of value.
On the market price basis (168s. per fine
ounce) the Bank reported holdings of £1,194,591 equivalent, however, to only
about £604.105 at the statutory rate (84s. llMd. per fine ounce), according to
our calculations.
In order to make the current figure comparable with former
Pursuant
to
the
Currency and Bank Notes Act,
statements for March
at the market value current as of the statement date.
worth 0.22 pesetas,
compared with 0.25, while those
voluntarily imported are worth 0.275 pesetas, com¬
periods as well as with the figures for other countries In the
pared with 0.2815 formerly.
Bankers' sight on Amsterdam finished
at
on
Friday
53.09, against 53.08% on Friday of last week;
53.09%, against 53.08%; and
cable transfers at
com¬
b Gold holdings of the
Bank of Germany includes "deposits held abroad" and "reserves in foreign cur¬
rencies."
c As of April 30, 1938, latest figure available.
Also first report sub¬
sequent to Aug. 1,1936.
a
Amount held Dec. 31,
The value of gold held
with the decree of Nov.
mercial
sight bills at 52.75, against 52.97.
Swiss
checks and at 22.45 for
closed at 22.45 for
francs
1938, latest figures available,
by the Bank of France is presently calculated, In accordance
13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
franc; previously and subsequent to July 23, 1937, gold In the Bank was valued at
43 mg. gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
against 22.43 and 22.43.
transfers,
Copen¬
hagen checks finished at 19.33 and cable transfers at
Checks
19.33, against 19.32 and 19.32.
on
fine equaled one franc.
of England values its gold
the franc; prior to Sept. 26, 1936, 65.5 mg. gold 0.9
49 mg. to
Taking the pound sterling at the rate at which the Bank
cable
tabulation, we show
English holdings in the above in statutory pounds.
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.
gold to the franc the rate was about 190 francs to the £1; when 49 mg., about 165
francs per £1; when 65.5 mg., about 125 francs equaled £1.
(7,9881
holdings
gr.
Sweden
closed at 23.83 and cable transfers at 23.83, against
23.83 and
22.73.
in
the
around
Presidents and the Presidency
23.83; while checks on Norway closed at
22.73 and cable transfers at 22.73, against
Spanish pesetas
York
New
for
10.05
are
again occasionally quoted
The
market.
both
22.73 and
bankers'
is
rate
sight
nominal
and
cable
transfers.
During
politics, it
of the
present
may
no new
Argentine exchange control office
modifications of the exchange
to
announced further
regulations applicable
great convention of 1787, which formulated
list of
granted to
Prior
ex¬
large
commodities exported by the United States.
a very
Friday at 29.78
for bankers' sight bills and at 29.78 for cable trans¬
fers, against 29.78 and 29.78.
The unofficial or
Argentine
paper
free market was
zilian
milreis
Peru is
closed
on
23.36, against 23.05@23.10.
are
Chilean exchange is
5.19.
pesos
quoted
at
5.10,
against
Bra¬
5.10.
quoted at 5.19 (official), against
nominally quoted at 16.00, against
.
—♦—
EXCHANGE on the Far Eastern countries follows
closely the reactions of sterling in thei New
York free market.
for
an
seems
individual
in
ficulty
to have considered the need
executive
reasonable controversy,
defining
as
established beyond
but found considerable dif¬
the
boundaries
of
executive
authority,
as
in the case of the veto power, and
more
in
determining the method of election.
The
latter
left
Many of these units, particularly
problem was several times debated but
unsettled,
definite result,
was
referred to committees without
and at the last moment
for in the first section of Article
was
provided
II; it is the only
portion of the original mechanism of government
that
proved to be so impracticable as to demand and
receive radical reconstruction
Twelfth
by amendment.
The
Amendment, ratified by 12 of the 17 states
then in the
19.00.
.
Constitution,
still
merchandise from the United States.
change permits will now be
adjournment of
Presidency in the polity and history of the
the
EXCHANGE on the South A few dayscountries
American ago the
presents
trends.
ostensible
be appropriate to survey the place
United States.
The
—♦
the
Union,
was
proclaimed
on
Sept. 25, 1804,
and, although it retained much of the form first
provided, it so changed the substance and spirit that
every
element of
discretion
in the
eventually completely eliminated.
Electors
was
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD Nov. 18, 1939
3164
Although Franklin D. Roosevelt is almost invari-
Cleveland in 1888, although he received fewer votes
the 32nd President under the
at the polls, obtaining 233 Electoral votes from 20
ably referred to
as
Constitution, he is actually the 31st individual to
States against 168 from 18 States received by Cleve-
be raised to that
land.
office; and even this enumeration
includes four elected
elected
Vice-Presidents and
as
Presidents, whom the stickler for
as
interpretations might,
on
never
narrow
the basis of the Const!-
In 1893 the result was very different, Clevereceiving more popular votes than Harrison
land
but considerably less than half the total of those
Only 44 States voted but the electoral votes
cast.
tution, declare never to have been Presidents at all.
For the fundamental law says
H.
The sabotage of William
of 5 States were divided.
or
disability of
of the said
volve
well
his
his
on
Whether
taken,
well
accession
not the
or
John
Tyler
after the death
Henry Harrison, insisted upon the title
the functions
as
the death
President, the "powers and duties
a
technically
is
(1841-1845),
tions
upon
office," not the office itself, shall "de-
the Vice-President."
on
exception
William
that,
inevitably
and
by Theodore
Roosevelt, in 1912, and the election
of Woodrow
Wilson, although he was largely in the minority at
the
well
as
as
the effect of the 1929 panic and
of
of Herbert Hoover, are too recent to warrant more
than reference.
emoluments; his preten-
authority and the question, if not settled,
polls,
depression in overwhelming the second candidacy
as
admitted within the circle of
were
for re-election
candidacy
Taft's
was
So far,
a
President has
no
sufficiently desired
ever
third term to risk the injury to his historic repu-
tation certain to follow
a
defeated effort.
Before
submerged for all time. Fourteen elected Presidents
the Civil War five Presidents survived their second
have held the office for
for less
terms and their self-denial seemed to have estab-
All the
lished the rule against
than four years
only four
who
Vice-Presidents
succeeded
to
desired thereafter elective terms,
Roosevelt and 'Calvin
Similarly,
the
but only Theodore
Coolidge received that honor,
(1845-1849)
and Rutherford Birchard
Hayes (1877-1881), aspired to be his
All of
Presidency
one-term President, except James
every
Polk
Knox
years, or
because they died in office.
own successor,
them, except Franklin Pierce (1853-1857) and
James Buchanan
(1857-1861), succeeded in becom-
ing partisan candidates and
ported at the polls.
relegated to
a
were
substantially
sup-
The first in this category to be
single term
was
John Adams (1797-
a
Washington, undoubtedly,
in
Andrew Jackson,
and
third election.
all
George
Thomas Jefferson
and
probability,
•
among
these twice-elected Presidents, were popular enough
trusted enough to have gained
and
Washington declared
third terms.
broadly and firmly against
the evil of longer incumbency of so
powerful
an
office, and Thomas Jefferson and Andrew Jackson
took the
same
position
ments which they
ocally
upon
Grant,
a
equally strong
upon
It
record.
argu¬
careful to place unequiv-
were
remained
great soldier but
for
General
weak administrator,
a
1801) who, in the election in which the tie between
to evince
Thomas Jefferson and Aaron
(each of whom
in the Presidential office; yet there is fairly con-
votes) forced the election into
elusive evidence that his third candidacy was not
received 73 electoral
House
the
of
Burr
Representatives,
awarded 65 votes in the Electoral
John
been
himself
College.
His son,
Quincy Adams (1835-1839), almost universally
conceded to have
and
had
learning of
possessed the broadest intelligence
any
from the House of
Twelfth
among
President, received his election
Representatives, which under the
Amendment
was
restricted
the three leading candidates
votes in the Electoral
to
a
choice
as measured
by
College, where he had received
of his
own
perpetuation in office by, in
"riding
upon
which Adams received
ford
four,
for
13, Jackson
Four years
re-election
seven
later Adams
was
defeated
by the popularity of Jackson,
though the former received nearly 44
the
and Craw-
per
al-
it
lege.
Actually, he
was
defeated by the loss of Penn-
Wilson, broken
undoubtedly
hoped for
Jackson.
the
The
wide
very
little less than that of
possible discrepancy between
popular vote and the electoral vote is illustrated
by the 1840 defeat of [Martin
Van Buren (18371841), who received 1,129,102 votes at the polls,
against 1,275,016 for William Henry Harrison, but
in the Electoral
College was given only 60 votes out
of
a
total
feated the
of 294.
same
Four years earlier
he had de-
opponent, rather slenderly in the
is
mind rather than
a
ever
none
could
justly
as
more,
accuse
can
sought re-election in 1916,
us out
his
said
mental
an
him.
be
never
forgotten,
the ground that "he
on
of war," and Charles Evans Hughes, his
was
supported
the ground
on
he would keep us out of war for four years
but by somewhat different methods than those
which it
was
always assumed that the President-
candidate would continue after re-election.
extent
-
of
a
nearly
unanimous
against involvement in
a
public
European
It
was
the ap-
war,
proaching contest of 1940 will certainly
parallel that of 1916.
To the
sentiment
very
in 1916, that the exigencies of determined American
neutrality, in the face of
a
gigantic struggle
country to
son
(1889-1893), the next one-term President
defeat in
seeking re-election, prevailed
over
to meet
Grover
across
the Atlantic, made it strongly undesirable for this
stream" by selecting a new Chief Magistrate.
Benjamin Harri-
closely
arguable, and argued,
popular vote, but by 170 votes in the Electoral Colaggregate of 269.
so,
impaired
lege, out of
an
have
to
genuine defect of patriotism, of
President Wilson,
kept
op-
withdrawn.
feeble,
impaired,
which
that
was
and
plainly
so
were
the desire must have been the vagary of
opponents, and of 20 of the 36 votes of New York
designated its Electors by districts and where
were
third nomination in 1920, but, if
a
principal opponent,
his State-wide vote
third term, condemning
dom, and Grant's aspirations
sylvania, caused by the adroit manipulations of his
which
a
dangerous to American institutions and free-
as
posed by public opinion that they
cent of
popular vote and 83 votes in the Electoral Col-
recent phrase,
a
Nevertheless, Congress
went promptly on record, by an overwhelming ma-
strength
Representatives contained 24 votes, of
his coat-tails."
jority, against the idea of
Woodrow
the House of
volition but rather the resort of self-
own
84, to 99 for Andrew Jackson, 41 for William H.
Voting by States,
third term
a
seeking and discredited politicians who sought their
Crawford and 37 for
Henry Clay.
apparent desire to receive
an
"change horses in
multiply that if
a
a
the middle
third term candidacy
reality of the early months of the
of
the
Signs
emerges as
year
1940, it
.
Volume
will
rest
identical contentions, namely, that
upon
Franklin D. Roosevelt has
rent
kept
us
out of the cur¬
European contest; inferentially, that he will
continue
successfully to keep
disorder is too
out; and that the
us
hour and the 40-hour week shall
an
easier for most businesses than if the full brunt of
the standards had been met at once.
The 44-hour week
imminently threatening to permit a
limitation, for example, imposed
insuperable difficulty
change in the highest office while it is in progress.
Especially in the selection of delegates to the Demo¬
industries,
because
cratic
orders last
October to
nominating Convention, where the desire for
ticket
dinate
strengthening local candidacies for subor¬
offices
mount
will,
usual, constitute the para¬
as
tions,
exaggeration along these lines is certain,
much
and
Even
than had
thing, the force of such arguments must always de¬
pend upon the character of the individual in whose
year
behalf
of the
For one
Mr. Wilson, not at all
they are advanced.
superficially impetuous, abandoned the struggle fori
persistent neutrality
the
led
after his re-election
soon
into armed participation
country
War, which most of his countrymen
World
and'
in the
now
de¬
plore and believe to have proved seriously detri¬
mental,
is
domestic
to
Mr. Roosevelt is
but
instinct,
upbringing
life-long environment; under the circumstances
might be extremely fortunate to change the titular
leadership before
occasion
an
can
arise when these
been
to
first
year
the Wage-Hour Division reported that
The Administrator and his
it necessary
industry in general against adoption of vari¬
warn
of
of
means
ous
evading the statutory restrictions
These
warnings, taken in conjunction with the ad¬
ways
tutions dear to the whole
vote
by
against
States,
people,
danger to insti¬
that
demonstrates
the
argument
change in the Presidency quite generally
a
lacked conclusive force among
Mr. Wilson
Although
the voters.
re-elected, he prevailed only
was
as
the
inability to enforce the restrictions, suggest
But
analysis of the
an
or
reducing the burdens such standards imposed.
clearly that
involved with threatened
was
general counsel found
several times during the 12 months to
finding
issue
still awaited in¬
violations
vestigation.
all too
third-term
no
At the end of the
compliance.
12,000 reported
some
additional attorneys,
numerous
reasonable
assure
force.
in 1916, when
At various times during his
statute, declared he would need at least 1,000
mitted
even
most severely
concerns
in office, Elmer F. Andrews, ex-Administrator
qualities of temperament might act with disastrous
Moreover,
prevailed
imagined, because the law was
investigators, plus
European
to
by nature impetuous; and
internationally-minded * by
and
it
only
not
interest.
situation
same
the standards, the blow was less seri¬
strictly enforced.
intelligent need not be misled.
justify even 40-hour opera¬
the small
among
affected by
not
the
sufficient
had
concerns
the
ous
but
the great majority of
on
few
throughout the law's first 12 months.
consideration, these arguments will be promi¬
nent. Much
into effect
go
gradually, quite naturally made the transition
very
no
a
3165
ONE HUNDRED—The Commercial & Financial Chronicle-YIARS OLD
149
during the law's second
which
factors
have
somewhat will
42-hour
the
small concerns
numerous
were
to escape the onus of the statute.
tended
to
year
ease
of the
many
situation
the
operate in a reverse direction.
week
will
pose
a
much
more
Thus,
serious
problem than did the 44-hour restriction, affecting
large
along with smaller enter¬
result of local controversies in California and Ohio
numerous
that
prises.
And with changed economic conditions, the
shorter
work
operated
strongly
against
the
Republican
candidate.
concerns
week
will
appreciably increase the
difficulties of management.
The Federal
As should
been
have
(Federal wage-hour
produced relatively few of the
more
serious
repercussions anticipated by its critics when the
statute
was
under
debate.
In
the
months
machine
the
tool,
metal-working industries
expected, the first year of
the Fair Labor Standards Act
law)
Already
Wage-Hour Law
ahead,
of skilled labor.
ages
are
aircraft,
and
other
complaining of short¬
Reports of operations being
extended to well above the 40-hour week level
noted almost every
continues
the
near
are
Hence, if industrial output
day.
present high levels for several
months, business and the public at large must be
however, it can safely be predicted that the restric¬
prepared for the consequences of the sharp boost
tions
in
imposed by the statute will become increas¬
labor costs entailed
by the time-and-a-half pay
ingly onerous and will receive correspondingly great
requirement of the law for all work over 42 hours
public attention.
per
The
consequences
apparent in the first few months after it took
were
effect.
as
of the enactment of the law
Numerous small
as
soon
the facts
the
were
new
concerns
most all
of
executives'
companies,
as
many
the
observing it to
angry
gress
bickering
if
others would
Moreover, the dis¬
working schedules
in
officials tried to determine
just what the law meant and to
cost of
shops
minimums became law and,
known, doubtless
be found to have followed suit.
organization
closed their
a
hold
down
the
reasonable level, as well
over
as
its enforcement in Con¬
far-reaching economic dis¬
locations.
not be
reasons
the burdens in¬
application of the
measure could
generally perceived during its first
thing, the so-called "escalator
year.
For
clause," which
provides that the eventual wage minimum of 40c.
other
and
many concerns
trades
operate 44 and 48 hours a week.
in these
cerns
ments
or
The larger
trades, either because of union
of
over
the 40-hour week.
overtime
shortage, caused labor costs
per
a
sharpest increases
the
In
on
months ahead
overtime in 1937 will
present levels).
concerns,
unit output for
and
a
one
the industries
which
paid
naturally be forced to do
concerns
of
record.
But what is
sands of smaller
a
skilled labor
industry generally at that time to register
the
agree¬
The sizable
dispensed by these
along with other factors incident to
to
con¬
competitive conditions, paid time and
half for work
amount
in the
forced
were
again (assuming activity holds around
Nevertheless, for several
volved in the full
one
metal-working
and elsewhere, should have made it clear that
the statute would create
week.
During the 1936-37 "boom"
more
or
so
above the
important, thou¬
which did not pay
half in 1937 will-find themselves
time
distributing
large amounts of extra compensation of this sort
as
a
result of the
wage-hour law.
It
seems
certain,
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3166
therefore, that
skilled
protracted
any
shortage
in
than
costs
1937,
if
even
a
new
raising movement does not get under way.
wage-
And the
least able to afford it.
are
Not
will
only
wage-hour
the
statute
impose
costly penalties upon the only method of meeting
labor
skilled
a
shortage—overtime
hinder the development
also
will
of craftsmen
to
work—but
of
it
supply
a new
prevent a recurrence of the short¬
Many personnel men are more concerned, in
age.
the form of the law's restrictions upon
than
learners
they are with its hour and wage standards.
Moreover, the restrictions upon learners interfere
more
with the
training programs of the small plants
than with those of
major
our
Finally, industry and the public must expect the
enforcement is
rigidly in
more
Indeed, the desire for stricter
accepted
the chief
as
motivat¬
reason
ing the dropping of Mr. Andrews and the appoint
ment of Lieutenant-Colonel
Phillip Fleming
ministrator of the Act.
Gross and Net
In
Ad
as
Earnings of United States
all
other
major
aspects
sharp turn for the better last September
of
consequence
the
outbreak
of
of
and
they can measure with a fair degree of accuracy
resulting costs in overtime compensation, dislo¬
cation of
smaller
the
the
carriers
for
the
month
in
as
the immediate
European
The
war.
question.
Whether
the
gains will prove lasting remains to be seen, for the uncer¬
tainties that hedge the war and its ultimate effects upon
United
the
States naturally
apply in full force also to the
railroads.
At this time it is perhaps wiser merely to point
that industrial improvement on a modest scale was in
out
this country for some time before the Germans
progress in
marched into Poland and
to
the
aid
of
their
Great Britain and France sprang
Polish
ally, thus generalizing the con¬
flict.
The upswing in American business was hastened,
perhaps to an inordinate degree, by the conflict and the
expectation of bustling business and price advances.
As
against the previous practice of hand-to-mouth buying and
do
of
fice
flexibility forced by the law cannot be ap¬
The
will
measure
small
undoubtedly
Manufactures
of
Census
about
1,200
than in
1935, despite the higher level of production
increases in labor costs in the very
belligerent countries that
ticipate,
we can
predict
of the decided business ad¬
began in the early days of September is well
A large portion of that gain, on the other hand,
be attributed to psychological factors, and it is not
yet clear whether the tendency is fully warranted.
The expectation that the United States will be the main
supplier of basic materials for the Allies has not yet been
must
but
out,
this
duration
of what
Minister,
Neville
question
possibly
admitted
is
even
Chamberlain,
depends
by
the
be
to
the
the
upon
British
Prime
"strangest
of
wars."
Because it
is
try
long has been operating
deeply
European
concerned
with
prompted
war
the maintenance
on
the
purchase
opments.
confined to aerial skirmishes
and
counter-blockade
Repeal of the United States
devel¬
conditions
the
good deal of long-delayed work
a
of way.
crops up
or
Washington.
Always, however, the problem
of the nature and duration of the curious war now
in progress.
ness
It
hardly be disputed that the destructive-
can
of the first World War
so far finds no
present conflict, and if a stalemate is
Front there will be little
early
buying here by the Allies.
In that case the
the
counterpart in
to
the Western
ican business which
began in September
insubstantial foundation.
into
major
offensive
But
and
continue
equipment.
reflection in the railroad operating statis¬
spurt in Amer¬
have
that
Allied
securities
resources
are
long time to come,
the
on
of
gold,
amended
so
partly
railroads also remain items of
some
importance.
In this connection it is necessary
petition in
Jersey on Oct. 30 filed
Federal court for reorganization under the
a
bankruptcy laws.
New
for
Jersey
The inordinately heavy taxes levied in
railroad properties occasioned this move,
upon
of
some
the
adjudication.
pending
1932
levies of
tax
Apart from
that
September
aided,
on
United
the
New
in
unpaid
Jersey
move
for reorganization
Jersey possibly is part of the
reasonable tax status of the carrier.
considerations,
financial
statistics
it remains to be noted
of the railroads were
comparative basis, by relatively good weather
In September, 1938, the northeastern area of
a
conditions.
which
remained
railroads that withheld portions
of New
a more
such
1933
decisions
levies, and the
RR.
legal battle for
and
Recent
States
swept
up
visited
was
from
the
by
the
Caribbean
hurricane
terrible
and
laid
waste
im¬
portant parts
of New England, halting rail transportation
for days and hampering all other activities.
No difficulties
of this sort were encountered anywhere in the United States
in
September, 1939, and the carriers
able
to
make
the
best
of
use
as
their
a
whole were
increased
thus
revenues.
Gross earnings for last September are $380,437,001 against
$322,055,751 in September of last year, an increase of $58,a
or
18.12%^ Operating charges
modest
month
under
scale, and the carriers
review,
to carry
most
wrere increased only
able, during the
were
of the added
revenues
earnings, which were $129,871,715 against $90,543,128
previous* September, a gain of $39,328,587, or 43.43%.
We present these results in
M onth of September
statistical form:
1939
Mileage of 133 roads
1938
Inc.
(+)
or Dec.
(—)
233,378
—858 —0.36%
234,236
Gross earnings
$380,437,001 $322,055,751 + $58,381,250 + 18.12%
Operating expenses
250,565,286
231,512,623
+ 19,052.663
+ 8.22%
Ratio of expenses to earnings....
(65.86)
(71.88)
"Net earnings..^
We
turn
$129,871,715
now
$90,543,128 + $39,328,587 + 43.43%
business indices
to the
which
underlie the
It is apparent, moreover,
foreign exchange and Amer¬
the table below the figures indicative of activity in the more
the
war
were
to
develop
pay
for all requirements for
a
that the cash-and-carry provisions of
neutrality legislation will have little bearing
such aspects of the problem.
supplies
the
movements, American
if
defensive
ample to
for
improvement of carrier operations for last September.
In
order to indicate in a simplified form the measure of trade
activity in relation to its bearing on railroad revenues dur¬
a
supplies might well prote vital.
ican
Payment
on
need of heavy
may
placed by
were
to note that the Central RR. of New
a
important, and unquestionably has stimulated Allied
buying in this country of airplanes and parts.
It is re¬
ported that Allied purchasing agencies are to be set
up in
York
Heavy orders
no
that affect
utmost
in the
New
The
September, but should be taken into consideration
evaluating the prospects of the carriers.
(The special
in
to net
embargo
matters.
tics for
may
arms
prove
such general
of
naturally finds
on
was
blockade
the slimmest mar¬
on
railroads for rails,, and preparations were started for
many
381,250,
Anglo-Reich
the
business improvement that developed on the outbreak of the
border and the real action
the
as
gin of profitable business, the railroad transportation indus¬
Even the continuance of the conflict
frequently has
been a subject for
conjecture, while the armies of the
great nations rested on their arms along the Franco-German
and
unpopular
as
an¬
may
Railroads for the Month of September
of events leads to the
that
borne
observers
some
genuine crisis that
a
work-week
make the shorter
Central
vance
Should these
industries also receive the huge orders from
same
the
industries most
national defense.
important to our
the
justified.
were
establishments
1937), and the Nation must obsorb substantial
of
general advance in industrial activity.
This was
reflected, as a matter of course, in enlarged freight offer¬
at least,
there
that
showed
manufacturing
fewer
heavy
part,
numerous
cause
enterprises to disappear (actually, the 1937
the
that
In
praised except in retrospect.
of
sequence
sys¬
addition, the fundamental cost entailed in the sacri¬
exceedingly modest inventories, merchants in September
hastily placed orders for future needs and thus contributed
The
accounting
permit of such determinations.
to a broad
conclusion
conduct
not
courts were adverse to the
ings to the carriers.
But most of the
working schedules, &c.
concerns
tems that would
American
improvement was of major proportions and makes possible
a
truly encouraging report of the gross and net earnings
of
The larger-
enterprises will be harder hit than in the first year,
40-hour law in France.
-
the railroad transportation industry experienced
business,
a
with
common
though the impact of the law will be
will also not be fully apparent.
year
in
concerns.
wage-hour statute to be enforced
the months ahead.
1939
considerably greater, its true effects in its second
fact, with the limitations upon apprentice programs
in
18,
the
higher costs will be borne by concerns which, unlike
1937,
But'even
of
help the country faces a much higher level
labor
of
with
Nov.
ing the month under review,
important
industries,
we
together in
with those pertaining to
receipts, and revenue freight car
loading^ for the month of September, 1939, as compared
with the same month of 1938, 1937,
1932, and 1929. It will
grain,
cotton,
together
have brought
livestock
Volume
examination, that without a single
of the industries mentioned in the
table is on a greatly increased scale.
A very substantial
increase, too (as a result of the larger production of the
various industries), is shown in the number of cars loaded
with revenue freight.
Receipts of cotton at the Southern
be
readily
seen,
the
exception
outports, also, ran very much larger than a year ago;
re¬
the leading cattle markets (taking
were also larger, while receipts at the
of livestock
them collectively)
at
Western
markets of the various farm products
a whole)
were on a greatly increased
primary
(taking
them
as
SEPTEMBER
Increase
Great
Northern
Pennsylvania
Long
Island.
N Y N H & Hartford
Denver & Rio Gr West..
293,906
Pere Marquette
293,025
288,766
a$4,241,200
3,264,198
3,185,087
Southern Pacific (2 rds.).
2,057,488
Norfolk & Western
1,742,507
1,368,529
Chesapeake & Ohio
Baltimore & Ohio
1,229,830
Union Pacific
1,200,183
Duluth Missabe & Iron R
1,151,034
Erie
1,132,072
Boston & Maine
1,085,537
Chicago & North West'n
1,060,544
1937
1938
1939
September
Illinois Central
N Y
Chicago & St Louis.
Lehigh Valley
i.
.Automobiles (units):
Production
(passenger
83,534
171.213
84,150
415,912
$323,227
$300,900
$207,072
$127,527
$445,402
trucks, &c.)_a__
cars,
Nashville.
Louisville &
188,751
Constr. contr. awarded b
_
Bessemer & Lake Erie
Pacific
Northern
Building ($000):
Atchison Top & Santa
Delaware & Hudson
Fe
Virginian
Coal (net tons):
37,695,000 32.286,000 39,177,000 26,314,000 45,334,000
4,776,000 3,388,000 3,682,000 4,108,000 6,543,000
Bituminous.c
Pa. anthracite.d
Central of New Jersey
Chicago R I & Pac
Pacific
Western
Car loadings, all (cars).e
866,674 z5,717,622
z3,844,358 z3,243,511 z4,013,282
South¬
receipts,
Cotton
1,211,091
949,388
1,603,194
065,623
1,327,471
Chicago (cars)
6.924
7,597
8,161
12,339
19,652
Kansas City
6,610
4,867
11,413
3,584
4,832
4,147
6,592
3,255
5,763
Z2.472
z2,243
zl,965
Z41.168
zl,980
Z45.001
z22,797
Livestock receipts: g
(cars)
Omaha (cars)
Wheat
barrels)
(000 bushels)..
—
zl2,720
z3,734
bushels)
Barley (000 bushels)..
Z46.937
zl3,320
zl7,597
Z4.753
Rye (000 bushels)
z20,439
zll,502
zl,275
z5,909
zl5,494
z5,937
zl4,586
z59,455
Z23.176
zl9,793
zl0,464
z4,383
1,680,435
2,647,129
2,878,556
Steel ingot production.1.
4,231,310
Lumber
3,410,371
592,589
4,289,507
991,858
3,497,564
4,527,887
1898,154 xl,001,112
x954,201
xl .035,303
xl ,289,257
Shipments.m
Orders received.m
x862,408
X892.831
x784,440
x820,775
x447,850 xl,556,355
X608.751 xl,424,618
X694.791 xl,394,846
Note—Figures in above table issued by:
(figures for 37
Coal Commission,
Railroads, f Com¬
piled from private telegraphic reports,
g Reported by major stock yard companies
In each city,
h New York Produce Exchange,
k "Iron Age."
I American Iron
and Steel Institute,
m National Lumber Manufacturers Association (number of
reporting mills varies in the different years),
z Four weeks,
z Five weeks.
a
United States Bureau of the
Census,
b F. W. Dodge Corp.
Rocky Mountains),
c National Bituminous
d United States Bureau of Mines,
e Association of American
■
east
All
of
been
has
that
railroads of the
increases
a
in
roads
the
157,064
152,614
Seaboard Air Line
Detroit Toledo & Ironton
152,473
140,531
139,091
Pittsburgh & Lake Erie.
Lehigh & New Eng
Yazoo & Miss Valley
Chicago Ind & Louisvill*
Minneapolis & St Louis.
131,455
124,911
121,868
118,173
116,797
Central Vermont
111,631
104,939
104,738
Pitts & West Virginia
Alton
Rutland
...
Chicago & Eastern 111
103,806
Missouri Illinois
103,348
102,354
Nashv Chatt & St Louis.
Total (62
roads)
..$37,629,361
and the
Central,
In¬
foregoing, it is no surprise to find that
arranged in group, or geographical
are
according to their location, that all the three
the Eastern, the Southern, and the West¬
well as all the various regions comprising these
without
districts—reveal,
single exception, increases in
a
earnings and net earnings alike.
In the case
the net earnings, too, the percentage of increases shown
of
gross
high, that of the Great
68.74%; of the North¬
Eastern region,
39.20%.
Our summary by groups is as below.
As previ¬
ously explained, we group the roads to conform with the
by
several of the regions is very
region being no less than
said
above
Commerce Commission.
and regions are
indicated in the footnote to the table:
classification
The
Interstate
the
of
different
the
SUMMARY BY
groups
GROUPS—MONTH OF SEPTEMBER
Gross Earnings
to the
Turning now to the
1939
1938
$
District and Region
$
Eastern District—
14,528,348
68,739,533
(10 roads)
New England region
Great Lakes region (23 roads)
(18 roads)
Central Eastern region
most favorable one, with 69 roads reporting
earnings in excess of $100,000 and 62
gross
Total
77,976,194
—
Inc. (+) or Dec. (—)
t
%
+ 3,644,158 + 33.48
10,884,190
55,555,143 + 13,184,390 + 23.73
61,711,856 + 16,264,338 + 26.35
161,244,075 128,151,189 + 33,092,886 + 25.82
(51 roads)
Southern District—
44,392,323
25,393,397
40,027,504
20,417,510
+4,364,819 + 10.90
+4,975,887 + 24.37
69,785,720
60,445,014
+ 9,340,706 + 15.45
50,303,861
43,376,872
64,709,701
25,372,974
+ 6,926,988
+ 15.96
+ 7,226,566
+ 11.16
+ 1,794,104
+ 7.07
149,407,206 133,459,542
+ 15,947,652
+ 11.94
380,437,001 322,055,751
+ 58,381,250
+ 18.12
Southern region (28 roads).
Pocahontas region (4
large increases we find the Pennsylvania RR. (which heads
the list in the case of the gross)
reporting $8,284,757 in
Central
with a gain in gross of $5,936,903 and in net of $4,241,200
(topping the list in that respect) ; (these figures cover the
operations of the New York Central and its leased lines;
when, however, the Pittsburgh & Lake Erie is included, the
of
boundaries
applies exclusively
country as a whole.
region, 40.83%, and of the Central
western
reporting gains in net earnings above that amount.
Out¬
standing among the roads and systems distinguished for
gross
of tlie
view
ern—as
separate roads and systems, we find the exhibits in conso¬
nance with the results shown in the general totals.
The
showing is
191,777
Chicago Great Western..
Lakes
(000 feet):
Production _m,.._
States
197,869
great districts,
both
Pig iron production_k__
(2 rds.)
Maryland
Atlantic Coast Line
Western
divisions,
fron & Steel (gross tons):
.
St Louis San Fran
233,195
218,696
201,841
Indianapolis & Terre Haute.
cluding Pittsburgh & Lake Erie, the result is an increase of $4,372,655.
In
z47,270
z25,102
Corn (000 bushels)
Oats (000
Central
Maine
Evansville
and
Northern
Cincinnati
when
Flour (000
Missouri Pacific
a
Western flour and grain
receipts: h
Trunk Western..
Grand
277,062
257,288
237,077
Wabash
These figures cover the operations of the New York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
z2,317
z9,609
Z16.416
Chicago St P Minn & Om
Wheeling & Lake Erie
8,706
ports (bales) .f...
ern
i
353,136
338,336
305,442
Southern Ry
Freight traffic:
Ishpeming..
Chicago Burl & Quincy..
Elgin Joliet & Eastern._
Lake Sup &
398,091
387.812
369,019
Reading
1929
299,494
919,452
701,591
695,021
676,775
619,580
566.811
537,745
513,699
495,028
479,387
449,230
423,717
402,186
Minn St Paul & S S M._
Del Lack & Western
1932
$303,305
New York Central
Chicago Milw St P & Pac
scale:
FOR THE MONTH OF
PRINCIPAL CHANGES IN NET EARNINGS
on
output
ceipts
3167
Chronicle—YEARS OLD
ONE HUNDRED—The Commercial & Financial
149
Total
roads)
(32 roads)
earnings and $3,264,198 in net; the New York
result
is
an
increase
of
$6,507,681
in
gross
and
gain
a
Western District—
Northwestern region
(15 roads).....
(15 roads)..
(20 roads)
Central Western region
71,936,267
Southwestern region
27,167,078
'
roads)
Total (50
Total all districts
(133 roads)
$4,372,655 in net), and the New York New Haven & Hart¬
ford reporting $2,066,855 in gross and $3,185,087 in net. Not
a
single road, it will be noted, reports a decrease above
of
$100,000 in either the case of the gross or of the net earn¬
In the following table we show all changes for
ings.
separate
and
roads
systems
for
amounts
in
excess
the
of
$100,000, whether increases or decreases, and in both gross
Net
Mileage
District & Region
Eastern
1939
1938
$
$
1938
1939
District-
Earnings
6,747
26,215
24,558
24,709
4,495,073
21,929,587
27,579,653
def283,898
12,995,963
19,799,632
57,520
57,780
Southern region...
38,374
38,556
region
6,068
New Engl, region.
6,797
26,274
In. ( + ) or Dec.
$
(—)
%
+ 4,778,971
+8,933,624
+ 68*74
+ 7,780,021
+ 39.29
54,004,313
32,511,697 +21,492,616
+ 66.10
13,479,834
13,290,151
10,920,881
9,707,463
+2,558,953
+ 3,582,688
+ 23.43
6,058
44,442
44,614
26,769,985
20,628,344
+ 6,141,641
+ 29.77
Northwest'n region
45,702
45,852
56,407
56,584
13,943,407
17,254,060
+40.83
+ 28.22
29,307
29,406
19,637,412
22,123,912
7,336,093
+ 5,694.005
Cent. West, region
131,416 131,842
49,097,417
37,403,087 + 11,694,330
+ 31.26
Tot. all districts 233,378 234,236
129,871,715
90,543,128 + 39,328,587
+ 43.43
Great Lakes region
Cent. East, region.
and net:
Total
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF
SEPTEMBER
Increase
Increase
Baltimore
&
Union
2,647,493
2,368,271
2,214,127
2,066,855
Western
a5,936,903
3,009,429
Ohio
Southern Pacific (2 rds.)_
Norfolk & Western
Pacific
N Y N H & Hartford...
Western
Maryland
Chicago R I & Pacific.
Long Island
Lake Sup & Ishpeming..
$8,284,757
Pennsylvania
New York Central
_.
Grand
Trunk Western..
Seaboard Air Line
Pacific
2,016,210 St Louis San Fran (2 rds.)
1,588,974 Chic St P Minn & Om__
Chesapeake & Ohio
Erie..
Duluth Missabe & Iron R
1,415,611
Denver & Rio Gr West..
Beading
1,182,747
Alton
Boston & Maine
1,141,947 Yazoo & Miss Valley
1,094,947 Maine Central
Chic Milw St P & Pac
Chicago & North West'n
Louisville & Nashville._
Del Lack & Western
Atch Topeka & Santa Fe
Minn St Paul & S S M_.
Southern
Ry
N Y Chicago & St
Louis.
Detroit Toledo & Ironton
1,084,645
1,057,414 Chicago Great Western..
1,052,107
Chicago & Eastern 111
943,655
Atlantic Coast Line
914,448
858,843
Lehigh & New England
Missouri Illinois
813,072
Cine N O & Tex Pac
.
Illinois Central
811,454
St Louis Southwestern
Lehigh Valley
681,993
Nashv Chatt & St Louis.
Pacific
Central of New Jersey._
Delaware & Hudson
Great Northern
Bessemer & Lake Erie—
674,909
652,169
645,647
641,456
614,861
Kansas
Chicago Burl & Quincy _
Pitts & Lake Erie
Wheeling & Lake Erie—
601,820 Duluth S 8 & Atl
570,778 Rich Fred & Potomac
516,103 Chic Ind & Louisville
497,262 Pittsburgh & West Va__
Wabash
488,967
Virginian
Elgin Joliet & Eastern..
Missouri Pacific
_
—
Pere Marquette
425,471
__
City Southern..
Central Vermont
Clinchfield
Central of Georgia
Monongahela
Illinois
Terminal
122,066
120,225
119,215
112,215
109,114
108.494
108,419
106,861
101.964
Total (69 roads).
These figures cover the operations of the
Total
+ 36.90
Dist.—
Western
Southwest'n region
Total
6,205,620
+4,869,852
+ 1,130,473
+ 18.21
roads conforms to the classification of the Interstate
Commissions, and the following indicates the confines of the different
NOTE—Our grouping of the
Commerce
groups
and regions:
EASTERN DISTRICT
Region—Comprises the New England States.
the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg. W. Va.,
and a line thence to the southwestern corner of Maryland and by the Potomac
New England
Great
Lakes Region—Comprises
River to its mouth.
SOUTHERN
DISTRICT
the section east of the Mississippi River and south
point near Kenova, W. Va.. and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to tne Atlantic.
Pocahontas Region—Comprises the section north of the southern boundary of
Southern Region—Com prises
of the Ohio River to a
Virginia, east of Kentucky
thence by
and the Ohio River north to Parkersburg, W. Va.,
Parkersburg to the southwestern corner of Maryland and
the Potomac River to its mouth.
$56,686,316
New York Central and the
St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
Ineluding Pittsburgh & Lake Erie, the result is an increase of $6,507,681.
a
Pocahontas
—
and south of a line from
leased lines—Cleveland Cincinnati Chicago &
-
$396,155
373,841
32t,840
321,987
320,587
316,725
298,192
287,977
278,080
255,180
226,812
182,945
177,631
175,234
169,924
156.963
145,476
142,413
141,577
137,320
133,899
133,451
127.493
482,912
454,784
Northern
Dist
Southern
WESTERN DISTRICT
Northwestern Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from
and by the
Chicago to Omaha and thence to Portland,
Columbia River to the Pacific.
OLD Nov. 18, 1939
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS
3168
south of the Northwestern Region
of a line from Chicago to Peoria and thence to St. Louis, and north of a line
St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
Central Western Region—Comprises the section
west
from
Inc.
of
Year
Year
September
Given
Preceding
to the Pacific.
The
grain traffic over Western
roads, taking them col¬
September, 1939, was very much larger than
in the month a year ago, and also in September, 1937.
All
the different items, with the single exception of rye, con¬
tributed to the present
year's increase, especially corn.
Altogether, the receipts at the Western primary markets
of the five cereals, wheat, corn, oats, barley and rye, in
the five weeks ended
Sept. 30, 1939, totaled 107,023,000
bushels as against only 99,435,000 bushels in the same five
weeks of 1938; 88,024,000 bushels in 1937, and 80,484,000
bushels in 1932, but comparing with 117,271,000 bushels in
lectively, in
corresponding period of 1929.
In the following table
give the details of the Western grain movement in our
the
we
usual form:
1912
Wheat
Corn
{Bush.)
Rye
{Bush.)
Barley
{Bush.)
11199920373820564
...
1917
...
1918
...
1919
...
1920
1921
119932876245870645
...
1922
...
1923
...
1924
...
1925
...
1926
1929
Oats
{Bush.)
...
1916
1932
{Bush.)
...
1915
1931
Flour
...
1914
1930
{.Bols.)
...
1913
1928
Five Weeks Ended Sept. 30
...
1911
1933
1939
Chicago
1939
----
,
1938
-
16,948
—
1938
17.200
1,641
601
1,504
10,837
2,534
1,824
1,453
1,868
4,145
540
937
2,365
2,588
-
5,468
106
572
699
24
3,438
107
440
1,730
74
13
4,476
943
319
915
25
19
1,045
1,822
291
997
31
3
3,762
893
2,645
2,401
1,485
84
1,988
548
24
210
693
360
73
113
2,502
2,060
564
87
314
220
1,578
443
394
288
255
99
296
338
82
212
1,433
1,298
1939
—
1,069
5,285
390
*
—
-
2,095
2,340
134
-
'
,
Milwaukee
1,963
18,702
15,318
1939
Duluth
12,579
10,979
1,09b
1,057
2,432
1,347
1,187
1938
Minneapolis
15
7
275
,
1938
1939
Toledo
-
-
1938
—
-
-
-
-
-
-
-
-
1939
Indianapolis and Omaha..
1938
'
"m
1939
1938
Peoria..
657
1,562
1,428
1939
St. Louis
711
223
187
,
1938
198
110
1939
85
1938
Kansas City
94
2,353
5,017
1939
St. Joseph
v
71
31
"
.
99
332
50
■
■
■
—
—
—
—
mgm
'
^
,
1938
—
-
-
«.
1939
Wichita...
,
1938
-----
61
331
131
20
170
135
1939
Sioux City
2
360
65
34
102
17,597
14,586
'■
-
-
-
-
,
t
1938
••
J
-
1939
2,472
47,270
25,102
13,320
3,734
1938
2,243' 46,937
20,439
12,720
4,753
Nine Months Ended Sept, 30
Flour
Wheat
Corn
Oats
{Bbls.)
Year
{Bush.)
{Bush.)
{Bush.)
24,236
26,176
53,614
93,973
1939
1938
Chicago
Minneapolis
8,603
8,128
1939
jw-.
1,161
75,903
8,618
47,448
1938
20,211
1939
-
42,125
1938
Duluth
37,262
1939
695
1939
Toledo
3,912
1938
Milwaukee
701
13
5,548
10,290
—
1938
1939
Indianapolis & Omaha
9,277
25,331
1938
St. Louis..
24,820
1939
-
4,928
1938
1938
1,690
1,630
1939
1938
Kansas City
4,448
1939
Peoria..-
{Bush.)
18,792
1,779
8,291
19,494
20,982
2,002
7,028
38,353
26,121
14,215
9,370
7,394
3,038
5,969
519
197
833
455
13,779
7,623
5,988
11,413
15,601
18,959
159
102
5,768
108
109
8,184
10,590
445
371
13
2,578
175
23,807
1,435
1,284
15,586
3,930
21,364
22,605
'7,926
6,756
82
3,871
228
2,053
19,580
2,730
3,006
650
2,634
656
2,335
751
72,870
84,108
6,171
5,589
26,293
17,389
1,952
2,329
1,604
1,632
50
522
7,181
7.488
1,209
1,997
1939
St. Joseph
24,199
20,146
2,319
9,422
23,171
4.487
8,846
3,256
Barley
Rye
{Bush.)
1938
1939
16
2,079
771
143
2,334
384
263
17,850 314,958 134,758
72,518
16,008
15,426 281,897 227,994
75,905
17,446
-
243,027
+23.68
226,955
224,922
—19,55
235,155
234,559
+0.35
235.280
235,205
+8.91
235,611
235,178
235,640
—0.93
....
....
....
236,587
235,977
237,854
239,499
241,447
240,693
566,461,331
306,566,997
....
236,525
236,752
+4.51
—1,77
+ 1.76
556.003,668
295,506,009
275,129,512
....
....
232,378
232,349
232,772
356,633,472
362,454,729
322,107,807
380,437,001
241,704
—17.58
466,895,312
—99,634,540
-117,073,774
—25.07
242,341
242.815
243,322
242,598
349,662.649
—77,612,781
—22.19
242,292
242,143
272,059,765
+ 23,446,244
—16.643,258
+ 31.408,547
+ 50,080,594
291,772,770
275.158.450
306,552,878
356,449,463
362,454,728
+ 8.62
239,904
238,977
240,563
237,431
238,819
+ 16.34
236,686
236,918
+ 1.68
—11.13
+ 6,005,266
—40,346,921
+ 58,381,250
322,055,751
240,992
—5.70
+ 11.41
235,304
235,886
234,423
233,378
235,308
+ 18.12
234,236
Net Earnings
Month
Increase ( + ) er
Per
Given
Preceding
Decrease (—)
Cent
$91,444,754
$78,939,440
+ $12,505,314
+ 15.84
90,191,439
94,307,971
89,398,733
—4,116.532
+ 1,321,815
—4.36
90,842,946
+ 6,035,612
+ 6.64
98,000,260
91,274,033
—5,153,067
+ 748.914
—5.26
93,181,915
+ 18,546,361
+ 19.90
111,875,296
+ 12,572,543
+ 11.24
Year"
Year
of
September
90,720,548
96.878.558
+ 1.48
92,847,193
92,022,947
111.728.276
124,447,839
116,086,103
123,785,757
—7,699,654
—6.22
117,470,621
114,280,071
98,302,598
117,131,459
93.423,391
+ 3,190,550
—18,828,861
—16.08
......
+ 9.53
+ 11,371,524
—29,046,959
—24.12
+ 37,441,385
+ 40.76
+ 30,137,287
+ 22.33
159,216,004
+ 18,026,891
+ 11.32
176,936,230
+ 14,996,918
+ 8.48
193,233,706
—13,799.429
—7.14
178,647,780
+ 1,711,331
120,604,462
1933...
109.232.938
91,381,593
129,300,309
165.049.184
177,242,895
191,933,148
179.434.277
180,359,111
181.413.185
147,231,000
92,217,886
83,092,939
94,222,438
71,781,674
88,955,493
108,659,760
.
+ 2.79
+ 8,905.693
91,858,924
134,911,897
102,329,084
_
+ 0.82
120,428,552
+ 10.41
+0.96
178.800.939
+ 2,612,246
+ 1.46
183,486,079
—36,255,079
—19.75
147,379,100
92,153.547
—55,161,214
—37.42
—9,060,608
—9.83
83,092.822
+ 11,129,616
—20,938,789
—22.58
92,720,463
+ 13.39
72,390.908
+ 16.564.585
+ 22.88
88,910,238
108,622,455
+ 19,749,522
+ 22.21
100,395,949
90,537,737
129,871,715
—7.57
100,396,950
—8,226,506
—9,859,213
90,543,128
+ 39,328,587
+ 43.43
Arthur Thompson
& Co.
United States Government Securities
Specialists in
YORK CITY
WILLIAM ST., NEW
62
—9.82
68.080
|
all
245,148
232,186
72,555
\ 1938
Total
+ 10.24
+36.16
+ 1.90
238.698
818
/ 1939
1938
City
247,466
236,779
272,049,868
...
4
Wichita
Sioux
243,463
248,156
27
52
242,386
245,132
+ 13.10
238.814
1929.
(000 Omitted)
242,097
+ 6.43
—4.50
+4.28
1923...
Total all
+3.56
235,140
239,050
——4.42
349,821,538
1936
229,161
226,526
+ 7.88
230,918
237,591
+ 24,192,009
466.826,791
...
1937
233,428
+ 0.01
—26,058,156
—9,980,689
+ 9,812,986
554,440,941
...
217,277
220,205
+ 4.18
+ 12.11
564,756,924
590,102,143
564,421,630
565,816,654
...
1938
PrectdfQ
564,043,987
...
1934
Year
Given
588,948,933
...
...
1935
Year
(000 Omitted)
Year
Per
Cent
(+) or
(—)
Dec.
$252,711,515 $242,562,898 + $10,148,617
236,874,42o 211,281,315 +-25,593,110
+39,801
249,054,03b 249.014,235
+ 19,891.032
272,209,629 252,318,597
+ 9,805,231
285,050,042 275,244,811
2/2,992,901 285,850,745 —12,857,844
+ 17,783,141
294,241,340 276.458,199
+ 38,555.541
332,888,990 294.333.449
+ 33,901,638
364,880,086 330,978.448
487,140.781 357,772,850 + 129,367,931
+ 9,252,922
485,870,476
495,123,39
594,192,321 480,408.546 + 113,783,775
496,784,097 617,537,676 —120,753.579
+ 1,723,772
498,702,275 496,978,503
544,270,233 499,720,575 + 44,549,658
—5,116,223
539,853,860 544,970.083
+ 24,381,004
564,443,591 540,062,587
1909
1910
1927
WESTERN FLOUR AND GRAIN RECEIPTS
Mileage
Gross Earnings
Month
1939
1,309
1,500
1938
Teletype NY-1-2670
Han-2-3950
650
The Course of the Bond Market
As
the
to
traffic
cotton
Southern
over
roads, this
was
greatly increased scale than in September, 1938, both
the overland movement of the staple and the
on
a
as
regards
at the
receipts of cotton
Southern outports.
overland totaled 67,G46 bales in
ments
Gross shijj-
September, 1939,
as
firmer, as have been United
grade
about
the
subjoined table:
group.
OF
COTTON
AT
SOUTHERN PORTS
1938 AND 1937, AND SINCE JAN.
IN
SEPTEMBER
1939
1, 1939, 1938 AND 1937
In
Since Jan. 1
Month of September
Union
312,885
Galveston
&c
471,096
Orleans
281,078
12,307
12,139
12,398
Houston,
New
Mobile.
Pensacola.
Savannah
18,365
Charleston
7,111
1,305
1,836
75,768
1,036
Wilmington
Lake Charles
3,203
36,076
4,827
31,586
Beaumont
13,161
934
Norfolk
Corpus Christi
Brownsville...
Jacksonville
Total
284,919
327,390
189,326
14,948
1,764
10,392
1,211,091
Note—In the figures for
1937
467,860
599,336
745,683
769,793
802.989
806,935
329,585
632,267
59,881
14,188
27,866
19,134
830,647
769,918
1,023,101
222,809
25,236
129,956
120,977
21,356
50,595
19,695
56,940
76,375
88,171
4,121
36,952
40,607
1,647
7,508
7,440
12,746
23,151
104,011
262,612
324,062
13,213
31,610
432,980
38,291
'
--
26,085
1938
456,464
38.623
31,544
7,949
27,237
4,177
13,161
10,261
52,312
15,338
595
1,168
1,558
722
3,934
949,388 1,603,194 2,530,160 2,964,212 3,611,177
1938 and 1937 Brownsville
Finally, in the table
1939
1937
was included in Corpus
Christi,
which follows, -we furnish a sum¬
mary of the gross and net earnings of the railroads of the
country for each year back to and including 1909:
the week.
little change
bonds displayed
gains
however,
been
have
as
a
evident.
Terminal
2%s,
1969,
remained
unchanged
Northern Pacific 4s, 1997, dropped
68%; Bangor & Aroostook 4s, 1951, dropped 4% to
low of
at
Medium-grade and speculative rail bonds displayed
fractional losses.
Ports
1938
instances,
averaged
spots, but
Virginia Railway 3%s, 1966, at 107% were up 1%; Cincin¬
nati
107%.
1939
throughout
same
High-grade railroad
Lower-
States Governments.
have been softer in
corporates
RECEIPTS
High grades have been moderately
this week.
only 47,266 bales in September last year;
32,570 bales in 1937; 20,166 bales in 1932, and 51,520 bales
in the same period of 1929.
Details of the port movement
of the staple for the past three years are set out in the
compared with
direction by most
been little activity in either
There has
bond groups
% to
a
new
76%.
Some progress has been
made in utility bond prices this
week, the most noticeable advances having occurred
investment
weeks
has
1965;
Illinois
Electric
Continued
issues.
brought such issues
4s,
Bell
1964,
issues
as
1970;
Pennsylvania
increased
levels.
over
a
among
period
of
Consumers Power 3%s^
Telephone 3%s,
and
1969, close to former peak
traction
strength
Pacific
Power
&
Gas
&
Light 3%sr
Activity in New York
and prices
advanced.
Canadian
utilities also showed further recovery, with Bell Telephone
of Canada 5s,
1957, and Power Corp. of Canada 4%s, 1959,
quite strong.
Prices have been generally higher this week among indus¬
trial
bonds.
Gains among
steel
company
obligations have
Volume
been confined mostly to
as
been
Oils have
with changes mostly fractional.
Moderate
been seep in rubber company obligations, and
companies, strength has been displayed by the
point were registered by several issues.
one
mixed,
strength has
among paper
5^s,
Castings
1949,
Studebaker 6s, 1945, were up
points at 75; the
gained 2%
Steel
General
The
internationals.
Mercantile Marine
2% at 60. The K. Hoe 4y2s-0y2s, 1944, nor¬
livened up for a gain of 1% points on the
1% points at 97, and the International
6s, 1941, gained
mally inactive,
gained 7%
a
firmer
Other European bonds also displayed
Among South American issues, Bra¬
renewed attention at advancing prices,
points.
tendency.
received
zilians
bonds showed some
while Japanese
All
s
Moody's
given
the following tables:
Nov. 17— 113.59
16- 113.37
120 Domestic
>
Corporate by
1939
P.
RR.
Baa
tic
Averages
Corp
Groups*
U.
Ind.
RR.
2.99
3.14
3.77
4.85
4.44
Aaa
A
Aa
P.
U.
3.40
Ind.
3.23
119.92
116 64
104.11
86.64
92.76
111.23
114.72
4.87
3.40
3 23
16
4.45
114.72
3.77
92.59
111.23
3.14
104.11
86.36
2.99
116.64
3.69
119.92
3.16
3.78
3.40
3.24
92.43
3.70
2.99
86.21
15
4.46
114.51
4.88
111.23
3.00
3.16
3.79
4.88
4.46
3.42
3.24
14
3.71
3.00
3.16
3.79
14— 113.03
105.22
119.69
13— 112.94
105.22
119.69
Exchan ge
Clos
116.21
103.93
116 21
103.74
86.21
92.43
110.83
114.51
116.21
103.74
86.21
92.43
110.83
114.51
105.22
119.4/
116.00
1C3.74
86.21
92.43
110.63
105.22
119.92
116.00
103.56
86.50
92.4?
110.83
105.22
119.47
115.57
103.56
86.78
92 69
Exchan ge
Clos
110.63
4.88
4.46
3.42
3.24
3.79
4.88
4.46
3.43
3.25
CI 08 ed
Exchan ge
3.71
2.99
3.17
3.80
4.80
4.40
3.42
3.24
3.71
114.30
3.01
3.17
3.71
114.61
8— 112.9.
Stock
—
10—
114.30
9— 113.08
3.71
13
11
ed
10-. 112.94
Stock
Baa
3.69
105.60
119.92
7—
120 Domestic
Corporate by Groups<
by Ratings
Domes¬
Daily
Prices)
120 Domestic Corporate
120
105.60
105.41
Stock
All
Nov. 17
15- 113.35
11..
A
Aa
Aaa
Corp.*
Averages
YIELD AVERAGES t
(Based on Individual Closing
by Ratings
Australian
bond yield averages
computed bond prices and
in
MOODY'S BOND
tic
Bonds
Daily
120 Domestic Corporate *
120
Domes
Govt
irregularity.
obligations continued firm.
(Based on Average Yields)
U.
individual
of several points, have
been
particularly outstanding.
Danish and Norwegian
issues found
support at better prices, and Finland 6s
MOODY'S BOND PRICES f
1939
been signs of
foreign list there have
the
strength; Belgian bonds, with gains
are
at 75.
week
In
fractions, although rises of as much
3169
YEARS OLD
Commercial & Financial
The
ONE HUNDRED—
149
3.01
3.19
3.80
4.84
4.45
3t43
3.25
4.46
3.44
3.27
3.28
Stock
ed
Exchan ge
Clos
ed
3.03
3.72
3.20
3.82
4.83
6— 112.69
105.04
119.03
115.35
103.20
86.92
92.43
110.43
113.89
4.82
4.45
3.44
113.68
3.83
87.07
110.43
3.21
103.02
92 63
3.03
115.14
3.72
105.04
119.03
4
4— 112.62
3.84
4.46
3.28
3.. 112.62
104.85
118.60
115.35
86.92
110.24
3.20
92.43
3.05
102 84
3.73
3.45
3
4.83
113.68
3.45
3.30
2.. 112.84
104.85
118.60
115.14
86.78
2
4.46
113.27
3.83
4.84
110.24
3.21
92.43
3.05
103:02
3.73
4.46
3.46
3.31
113.06
104.67
118.38
114.91
102.66
86.78
92.43
110.04
113.07
1
—
3.22
3.85
3.26
3.86
4.83
4.45
3.50
3 33
Weekly—
Weekly—
Oct. 27— 112.52
20.. 112.84
104.30
117.94
114.09
102.48
86.92
92.59
109.24
112.66
103.74
117.29
113.48
101.76
86.50
91.97
108.66
13.. 110.77
6- 109.90
102.48
115.78
111.43
100.53
85.79
91.20
107.30
114.51
110.24
99.66
85.52
91.05
106.17
108.85
110.38
101.06
114 09
109.44
9y.3i
80.24
91.U6
106.41
10/ 88
98.28
84.55
90.29
104.48
105.22
3.08
3.11
3.29
3.90
4.86
4.49
3.53
3.37
3.86
27
110.04
101.58
3.76
3.79
Oct.
111.84
Sept.29—
3.06
3.74
4.84
3.18
3.39
3.97
4.91
4.54
3.60
3.46
4.55
3.66
3.52
3.91
3.24
3.45
4.02
4.93
3.26
3.49
4.04
4.95
4.65
3.70
3.57
Sept. 29
3.94
3.32
3.62
3.99
4.60
3.75
22
4.10
5.00
106.92
3.53
3.26
3.49
4.05
4.54
3.56
15
4.95
108.08
3.94
3.71
3.22
3.49
4.01
5.02
4.58
3.66
3.54
8
3.94
4.61
3.54
3.40
6
-
22..
108.93
100.18
112.86
108.66
15..
110.60
101.06
114.09
109.44
99.14
85.24
91.20
8-. 111.26
1— 114.04
101.06
114.93
109.44
99.83
84.28
90.59
106.17
108.46
90.14
111.23
3.92
112.86
108.46
3.32
118.16
83.33
3.07
102.66
101.41
3.85
5.09
4.99
4.51
3.45
3.27
114.85
104.48
120.37
116.00
84.69
113.89
3.85
110.24
3.17
91.66
2.97
102.66
3.75
4.84
4.41
3.39
3.20
105.98
121.49
117.29
103.56
86.78
93.21
111.43
115.35
3.80
106.54
121.49
118.16
103.74
87.21
93.69
111.43
118.16
103.93
87.49
94.17
111.64
115.78
116.00
Aug. 25..
18- 116.63
116.79
J
—
3.67
117.12
100.73
121.72
July 28-. 117 47
106.73
121.72
118.38
103.93
87.04
94 01
111.64
21— 117.07
106.54
121.94
118.38
103.38
87.35
93.69
111.64
116.99
106.17
122.17
117.94
103.02
86.04
93.06
111.64
116.82
105.60
122.40
117.72
102.12
85.93
92.12
111.23
115.78
June 30..
116.43
105.04
121.72
117.29
101.76
85.24
91.51
110.63
115.14
23..
117.13
105.41
121.49
117.29
102.48
85.93
92.43
110.83
115.14
16-
116.80
105.22
121.27
117.07
102.12
85.79
92.12
110.63
9..
117.34
105.41
121.27
116.86
102.66
86.21
92.59
110.83
2-
117.61
105.22
121.04
116.64
102.84
85.52
91.97
111.23
120.82
116.43
102.12
84.55
91.05
July
21
3.18
3.18
3.43
3.21
June 30—
3.72
4.52
2.92
3.11
3.86
4.90
3.42
3.21
3.70
4.46
23-
3.12
3.88
4.48
3.43
3.22
10-
2 93
4.91
114.93
3.71
3.70
2.93
3.13
3.85
4.45
3.42
9-
4.88
114.72
2.94
3.14
3.84
4.93
3.40
3.25
114.30
3.71
4.49
2-
4.55
3.42
3.28
May 26-
3.75
5.00
113.68
3.15
3.88
110.83
2.95
3.44
3.30
3.29
12.. 116.37
115.78
103.56
120.14
115.78
101.23
83.06
89.99
109.84
102.84
119.47
115.35
100.53
82.40
89.40
109.24
112.25
102.66
119.03
114.93
100.53
82.40
89.10
109.05
112.25
14— 114.76
102.30
119.03
114.72
100.18
81.61
88.65
108.66
111.84
114.72
100.70
82.66
89.40
108.85
112 45
112.86
114.85
102.84
119.25
Mar.31_. 114.85
103.93
119.25
115.14
102.30
84.83
91.51
109.24
24- 114.70
17.. 114.64
104.48
119.92
115.14
102.12
85.79
92.28
109.64
119.92
114.93
102.30
86.07
92.43
109.64
120.37
114.93
102.84
87.21
93.53
110.04
IC4.48
120.14
102.30
85.52
91.97
109.64
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
17- 113.30
10- 113.21
103.38
119.69
114.30
101.23
83.87
89.99
109.05
103.20
119.69
114.09
101.06
83.60
89.69
108.85
113.16
102.84
119.47
113.68
100.88
83.19
89.10
82.00
3.18
3.20
3.97
5.16
4.66
3.50
3.35
Apr. 28
3.01
3.03
3.97
5.16
4.58
3.51
3.35
3.85
3.22
3.87
3.03
3.23
3.99
5.22
4.71
3.53
3.02
3.23
3.96
5.14
4.66
3.52
3.34
3.84
4.52
3.50
3.32
3.21
3.91
3.21
3.88
4.91
4.47
3.48
3.30
2.99
3.22
3.87
4.89
3.48
3.30
3.74
4.40
17
2.97
3.22
3.84
4.81
4.39
3.28
3.71
3.46
10
3.87
4.93
3.48
3.29
3.75
3.23
4.49
3
2.98
3.00
3.25
3.94
5.03
3.30
3.81
3.51
24
4.61
3.25
3.93
4.62
3.51
3.30
17
3.00
5.05
113.27
3.81
3.00
3.26
3.52
3.29
3.82
4.64
10
5.07
112.45
3.94
3.28
5.10
3.53
3.29
113.48
3.01
3.95
108.66
3.84
4.68
3
5.19
4.76
3.57
3.32
87.93
107.88
3.03
4.01
113.86
3.31
3.53
108.66
113.48
119.03
113.07
119.69
113.48
101 06
83.87
89.55
113.07
100.53
83.06
89.10
107.88
112.2.5
100.53
83.06
88.80
107.69
Feb.
27
3.89
20
3.82
3.00
3.29
3.94
5.05
4.65
3.01
3.31
3.97
5.11
4.68
4.57
3.30
3.85
4.70
3.58
3.32
3.64
Jan.
113.27
112.86
Hlgh 1939 117.72
106.92
122.40
118.60
104.11
87.78
94.33
111.84
100.00
112.45
108.27
98.28
81.09
87.93
104.30
101.76
118.60
111.43
100.18
82.27
88.36
107.11
112.05
88.80
112.45
102.60
89.10
62.70
71.15
96.11
104.30
100.88
117.72
110.04
99.83
87.21
87.21
106.54
*
level
These prices are
or
86.50
99.31
106.92
Financial
of
Editor
Harper
London.
a
Nov.
2.88
3.05
3.77
4.77
4.34
3.37
3.16
3.34
3.85
4.68
6.98
6.11
4.23
8.76
3.05
3.39
3.99
5.17
4.73
3.61
3.30
3.09
3.46
4.01
5.22
4.81
3.64
3.38
4.86
4.04
3.62
on—
17,1937—
3.52
3.24
4.17
4.20
5.73
&
the
"American Mer¬
Brothers,
1939.
$3.00.
New
308
York
Pages.
book
written
of
others like Justice Felix
either responsible
in great measure for the creation of the new Wall Street
or whose energies have been devoted to the promotion of
the well-being of both the new Wall Street and the Nation,
I
should
express my
indebtedness to them at greater
York
Stock Exchange, and
A. Berle Jr., who are
Frankfurter and A.
believes that "the
old Wall Street is dead," that "the new is now emerging,"
and
that
"no institution
has undergone more drastic
change," and "for those in Wall Street who may wish to
find in proper perspective a convenient recital of things
fymiliar, and for the larger number who are interested in
the financial world, but who are bewildered by the glimpses
that they catch of the differences between the Wall Street
that they knew, or have heard about, and present realities."
The author is an enthusiastic supporter of the changes
that he believes have been wrought and an ardent admirer
of those who have been instrumental in bringing these
alterations into being.
"If this book," he says, "measured
up to the standard of Justice Louis D. Brandeis, William
O. Douglas, Chairman of the Securities and Exchange Com¬
mission (since made Associate Justice of the United States
Supreme Court), William McC. Martin, President of the
is
3.76
3.90
4
Year
New
Wall Street
By Rudolph L. Weissman, Author of "The
New Federal Reserve System" and Formerly
Here
4.76
the basis of one 'typical bona
couponlevels and the relative movement
of actual price quotations.
They merely serve to illustrate in a more comprehensive way tne reiawve jovew *
the truer picture of the bond market.
——
bonds used in computing these indexes was published In the Issue of Aug. 19, 1939, page u»o.
The New
and
5.20
computed from average yields on
the average movement
yield averages, the latter being
t The latest complete list of
cury."
3.97
4.10
3.95
1938
Low
1
86.50
3.35
3.55
3.29
4.70
High 1938
111.64
4o
3.02
3.34
3.62
106.54
High 1938 112.81
3.86
5.11
4.00
116.21
Low 1939 108.77
96.61
3.37
2.99
101.94
108.85
3.32
2.98
3.02
103.20
114.51
3.47
3.78
112.59
97.11
3.45
4.62
3.75
20.. 113.18
Nov.17'37 108.80
4.58
5.11
4.98
99.83
2 Yrs.Ago
5.06
3.84
113.48
113.38
6.08
3.90
3.80
113.68
114.72
3.94
3.15
5
113.27
105.22
3.18
2.97
3.93
113.27
104.67
10- 114.79
3„ 113.59
2.96
4.63
3.77
112.86
Apr. 28.. 115.41
21.. 115.13
3.23
3.80
113.48
Nov.17'38 112.13
3.38
4.95
7-
113.27
1938 109.58
4.38
3.90
110.24
Yr
4.80
3.11
110.43
1
4.78
3.81
2.91
90.59
Low
3.78
3.06
3 40
89.84
119.25
3.06
2.90
3.38
83.73
102 48
3.17
2.91
3.17
4.48
83.46
102.66
3.17
4.42
101.06
112.95
3.18
3.38
4.36
4.90
101.76
112.93
3.38
4.85
115.78
6.
4.35
3.88
116.43
13..
4.79
3.83
120.59
119.47
3.78
3 09
120.37
Jan. 27..
3.07
3.08
104.11
3..
2.91
2.88
103.56
Feb. 24„
3.39
2.89
104.48
6-
4.38
3.66
116.97
5..
4.81
3.69
May 26.. 116.98
19..
3.79
3.64
115.78
7.
3.07
3.63
116.00
14..
4..
2.92
3.63
116.00
2.92
3.64
11
3.11
length."
He at the outset
by one who
"that
the
also "pleads
investor,
as
never
guilty" to a point of view
before, is now receiving a
deal so far as it is possible for this to be accom¬
by the authorities and the Stock Exchange.'
He
certain that Wall Street "is on the way to becoming a
square
plished
is
the promotion of economic democ¬
describe this achievement is the
main purpose of this book in the course of which several
suggestions are made to help reach the goal."
The author is evidently not of the opinion that Wall
Street has as yet been as completely made over as it should
be, or as it will be, but he is equally plainly of the opinion
that the process has gone far enough to be used as the
basis of a campaign which would restore the confidence
of the public in our capital markets.
In speaking of the
vast amount of data now required of all listed corporations
and all other corporations offering new issues, which he
potent instrumentality in
racy," and says that "to
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3170
"priceless asset," he remarks that "the information
used, but no campaign has been embarked upon
make the public understand the tremendous difference
terms a
his
to
been
between
effort
the
has
old
the
and
been
Wall
new
Street.
If
half
the
author
The
are.
has
obviously has
and
finger-tips,
book
the
Nov. 18, 1939
large mass of facts at
a
constitute
should
fitting
a
companion piece of a number of other semi-popular works
on
other phases of American finance.
his direction that was orig¬
expended in
inally directed toward defeating the pending legislation and
decrying its provisions, the public would by this time have
adequate understanding of the progress achieved in this
an
A
Colloquy
phase of the warfare in behalf of the investing public.
It
is a program on which Wall Street can unite, forgetting
the differences over the division of the responsibility of
the change, and the diverse groups in the financial dis¬
trict—underwriters, dealers and brokers—should be one in
this
By F. Cyril James, PhD., Professor of
Finance, University of Pennsylvania.
Is¬
sued by
the American Economists Council
Study of Branch Banking, Post
Office Box No. 467, Grand Central Annex,
The blunder in not utilizing this resource
would drive the advertising managers of a large industry
or
its public relations counsel to commit hara-kiri; it is
as
if the meat packing industry, following the legislation
the consuming public.
comprehensive,
in
intelligent,
an
forceful program to acquaint
of securities with the meaning of the new
'consumers'
the
efforts
There is still time for
dignified but
behalf.
their
It is
challenge to the vision of
a
Wall
Street, its ability to adapt itself to changing con¬
ditions, and its good business sense."
The reader, however, must not suppose that the book is
devoted wholly, or even in the main, to a defense of the
Wall
new
Street
the
to
or
Deal
New
in
Wall
Street,
although the author's friendliness to all that has been tak¬
ing place and his strong confidence in the reforms that
have
been
instituted
that
most
of
the
all
permeate
volume
is
its pages.
devoted
The fact is
recitals
to
of
facts,
description of machinery and exposition of provisions of
law, rules and regulations, in the course of which he runs
the gamut from financial
journalism to customers' men and
salesmen's commissions, from some of the "scandals" of the
Street to the Chandler Act, from the "Wall Street Mind"
to the opinions of the late Justice Cardozo.
The factual
materials
of
of
are,
finance, but
familiar
course,
they
to
recited in
are
the
serious
student
the
perspective of the
author and the work is evidently intended more for those
who
not serious students of finance than for
are
THE
STATE
OF
TRADE—COMMERCIAL
those who
EPITOME
New York
Business
activity
receded
slightly
the
week,
past
ports continue generally favorable.
steel
operations
automobile
wholesome
and
continued
industry,
effect
despite
ward
movement
had
cheering effect.
a
in
the
pects
tax
outlook
are
for
the
"bright" for
structure.
He
strike,
The
market
was
re¬
high for
had
yesterday
holds
a
up-
also
encouraged by the
an
optimistic view of the
an
six
next
months, and
that
pros¬
the present
rejects flatly the suggestions advanced
Historical Survey
by Professor Ray
B. Westerfield of Yale University.
The Council announces
that it has a number of others in preparation.
volume of 28 pages takes the form of an imagi¬
discussion of the subject of branch banking in which a
of significant questions are asked and answered.
The questions are of the kind that are constantly cropping
up on this much debeviled subject of branch banking, and the
answers are plainly give*1 with authority and balance.
The
net effect is to furnish a little booklet which should be en¬
The present
nary
number
lightening to the reader who has not given the subject serious
and dispassionate thought, as many even in the banking
fraternity itself have not.
The American Economists Council for the Study of Branch
Banking is an organization devoted to furthering a better
understanding of branch banking and its importance to the
economic welfare, a worthy task which gains in importance
from the fact that in a democracy such as ours legislation
governing branch banking, as well as many other matters, is in
large part the product of the attitudes assumed by a vast
number of men and women who lack a thorough grasp of
the issues involved.
This brochure and those which
request.
upon
approximately 65% from 1938 and will come within 9%
According to the "Journal
index
stands
now
new
what
quotations will
at
107.6
of
Commerce,"
compared
with
business
the
107.8
for
the
preceding week and the recent high of 109.3.
Another new
high for steel operations and a gain for bituminous coal
production on a daily average basis partly offset declines
for
to
merchandise
its
loadings
electric
and
output.
According
source, automotive activity was just about holding
this
ports
labor
are
situation
will
Production of electric power in the United States for the
ended Nov. 11 amounted
to 2,513,688,000 kwh., the
bear
watching.
Although re¬
concerning a settlement of the
a
date
favorable adjustment
no
soon
real, definite
indi¬
of this costly strike.
several
more
steel-making centers organized labor is becoming
active, with the steel union hinting at a strike in its
campaign to win
steel
written contract from the second largest
a
producer, and increasing its attempts to collect dues
elsewhere.
when
Institute
13.8%
over
2,209,324,000
ended
over
19,901
the
normal,
as
quickly
passing
most
much
steel
of the
into
consumers
record
finished
its current summary on the
sumers
for immediate
in
production
products,
signs of
a
are
of
far
the
below
mills
is
"Iron
Age" states
basis of pressure from con¬
delivery.
unable to detect
still
The
industry
has
been
backing
up of the flow of steel
from the mills to the ultimate
consumers, the trade publica¬
tion
asserts, pointing out that such
automotive
industry
is
an
increasing
important outlet
estimates
of
as
first-
reveals.
This
represents
an
in¬
corresponding week of last year,
kwh.
were produced.
Output for the
2,536,765,000 kwli., an increase of
the 2,207,444,000 kwh. reported for a year ago.
4
Nov.
was
of
freight
revenue
declined
last
week
2.5%, to 785,96.1 cars from the immediately
preceding week; the gain over the corresponding week a
year ago was 149,515 cars, according to the official figures
cars,
issued
by
or
the
Association
The moderate character
American
of
of the decline
Railroads
was
today.
something of a
surprise to local railroad men, because this year last week
included the Armistice Day holiday, which usually has a
marked
416,000,
effect
the
on
figures.
than
in
awards for the week,
$96,the second highest of the year and 64% higher
are
the
awards
increase
1938.
announced
bring
third
182%
tenth
in
week
construction
total
the
the
for
the
year,
The
"Engineering
$2,710,373,000,
to
initial
week's
current
46-week
a
13%
preiod
in
public awards for the week reached
the year.
corresponding
consecutive
values.
week
last
yesterday.
highest volumes of
above
respective 1938
than
1939
the
over
Both private and
their
are
construction
corresponding
News-Record"
is the
Inventories of
the
Electric
of
crease
Engineering
optimistic
Chrysler troubles, there are to
cations of
more
un¬
week
own.
The
In
be for the first quarter remains
certain," the "Iron Age" states.
While "loadings
costs of the rearmament program.
"How long the steel indus¬
try can continue near capacity depends partly on prices, but
14.9%
to enact
now
available
.
of the 1937 total of 50,318,000.
week
cover
are
requirements and that many types of consumers
pressing for earlier deliveries. Most of the steel com¬
panies in the last 10 days have made no progress in reducing
backlogs, it is stated.
Declaring that if mill operations are
maintained at 90% for the rest of the year, "a conservative
estimate," the publication estimates that 1939 ingot produc¬
tion will be about 45,842,000 tons, or an average of 64%
for the year.
This represents a gain on a tonnage basis
by Governor Eccles of the Board of Governors of the Fed¬
taxes to
preceded it
,
quarter
eral
Reserve System that steps be taken
branch banking
on
of Columbia University, and the second, a
of Branch Banking in the United States,
Edison
increased yield from
series of brochures
a
issued by this organization, the first being a Bibliography on
Branch Banking compiled by Professor John M. Chapman
of
strong
Hanes, Under-Secretary of the Treas¬
that the Department
ury,
sentiment.
securities
new
reports from the
Chrysler
The "Street"
statement of John W.
business
favorable
the
business
on
Another
this
Trade
This is the third of
City.
are
Friday Night, Nov. 17, 1939.
being due largely to the two national holidays.
the
for
for
inspection and Government certification, had devoted
following years to criticism of the law and mournful
backward glances at the 'good old days' before Upton Sin¬
clair's
'Jungle' and the crusade of President Theodore
Roosevelt, instead of emphasizing the new protection to
Answers
temporary Questions and
respect.
the
Banking—Con¬
Branch
on
last
week
Private
week
that they
last
due
to
This
have topped their
Public construction is 39%
year,
awards
year.
the
high
higher
volume
of
public buildings.
Check clearances
were
restricted this week by the observ¬
of
Armistice Day.
The total for the current period
increased slightly over that for the previous week, which
included the Electric Day holiday, and showed a further
ance
small gain over the corresponding 1938
tice Day was also a factor in the total.
week, when Armis¬
Bank clearings for
Volume
22
unlikely that the
those
of 1915 and 1916.
Pump-priming expenditures have diminished in recent
months,
and
they will probably decrease further, despite our enlarged
military and naval programs.
There remains the possibility of increased
corporate financing through the sale of new securities, and that continues
to
be
dependent on such improved relations between Government and
Despite
leading cities of the United States for the five-day period
Nov.
ended
for
amount
the
Automobile
decreased
according
week
output
1.1%
Automotive
&
preceding.
rose
the
from
Inc.,
Reports,
Dun
to
high
business
of 1% to 86,700 units, but
week a year ago, Ward's
reported today.
Except for the
%
that last year
well above the record levels for this
1937, it was said.
Ward's pointed out
full
the rest of this month
indicate that output through
turers
be
will
at this time all Chrysler plants were in
Production schedules for the automobile manufac¬
swing.
present levels.
at around
steady
Retail
slightly last week after an upturn
the present
declined
trade
which extended since the outbreak of the war to
period, Dun & Bradstreet's "Review" disclosed today.
Re¬
tail business, however, continued to show gains over the
advancing 8% to 16%.
Buying in the South,
Southwjest was particularly good, trade in the
first-named section
having been spurred by the rise in
tourist traffic.
Demand in the Southwest, which has been
1938 period,
Middle
and
suffering from drought, was larger, but, as a rule, purchas¬
cautious than in
moving up rapidly.
Wholesale trade continued at the slower pace of the last
agricultural
ing in
when
September,
sharply
month,
prices
below
last
more
were
early October level, but still
The turnover was approxi¬
the
year.
above
somewhat
appeared
areas
farm
as
for
orders
it
airplanes,
seems
now
purchases here in volumes comparable to
will enhance the
Revenue
levels and
date established in
large
prospects for profits.
like
Chrysler Corp. strike and consequent suspension of produc¬
tion, automobile output at this time would be running at
new
the
warring nations will make
Bradstreet,
Inc.,
amounted
to $5,175,392,000 against $5,017,483,000 for the
same five
days of last year, giving an increase of 2.5%.
The aggregate for the latest week rose $98,486,000 over the
15,
3171
YEARS OLD
ONE HUNDRED—The
Commercial & Financial
149
Cars in
Freight Car Loadings Total 785,961
Week Ended Nov. 11, 1939
Loading of revenue freight for the week ended* Nov. 11
785,961 cars, the Association of American Railroads
totaled
announced
16.
Nov.
on
This
was
increase of
an
149,515
23.5% above the corresponding week in 1938 and an
increase of 100,035 cars or 14.6% above the same week in
1937.
Loading of revenue freight for the week of Nov. 11
was a decrease of 19,901
cars or 2.5% below the preceding
cars or
week.
The Association further
reported:
Miscellaneous freight loading totaled 315,242 cars, a
cars
below the preceding week,
but
decrease of 8,141
increase of 58,844 cars above the
an
corresponding week in 1938.
Loading of merchandise less than carload lot freight totaled 156,735 cars,
a
decrease of 2,422 cars below the
cars
preceding week, but an increase of 4,533
above the corresponding week in 1938.
Coal
loading amounted to 155,671
the preceding
week in
week, but
an
Grain and grain products loading
cars
cars,
decrease of 3,805 cars below
a
increase of 27,887 cars above the corresponding
1938.
above the preceding
totaled 37,697 cars, an increase of 167
week, and
increase of 5,694 cars above the
an
In the Western Districts alone, grain and
corresponding week in 1938.
grain products loading for the week of Nov.
increase
of 331
cars
above
the preceding
11, totaled 21,895 cars, an
week, and
an
increase of 2,440
above the corresponding week in 1938.
mately 5% to 10% above last year.
cars
ported to be budgeting for an
trade of 8% to 12%.
a
decrease of 2,189 cars
below the preceding week, and a decrease of 411 cars
below the corresponding
Store buyers were re¬
average increase in Christmas
Weather for the week was characterized by
seasonal tem¬
peratures in the Southeast, fairly cold weather in the
North¬
east, and by abnormal warmth from the middle and upper
Mississippi
fall
of
the
Valleys westward and northwestward.
Rain¬
relieved droughty conditions, temporarily,
week
least, and afforded topsoil moisture sufficient to benefit
at
fall-seeded
grains and revive pastures somewhat over con¬
siderable areas in the Central Valley
States.
Showers were
especially helpful in Michigan, the Western Ohio and upper
Mississippi Valleys, Missouri, eastern Kansas, eastern Okla¬
homa and Arkansas, and in central and west Gulf sections.
The heaviest rains occurred in northeastern Texas, north¬
Louisiana,
ern
Kansas.
of
averaged
an
Missouri
Arkansas,
In
of
most
inch
or
eastern
the eastern third
the weekly totals
and
Kansas
earthquake that was felt in south¬
ern New Jersey, eastern Pennsylvania, Delaware and parts
of Maryland last Tuesday evening.
It was said to have
been
of considerable
intensity and lasted for about 10
seconds.
No known injuries or property loss was reported.
New
the
weather
beautiful
area
prevailed
weather
was
fair and moderately cool today, with a
in temperature looked for tonight.
Temperatures
ranged from 50 degrees to 57 degrees.
Moderate tempera¬
tures are forecast for
Saturday and Sunday, the latter day
being accompanied by rain.
/
Baltimore,
62; Portland, Me., 34 to 51;
32 to 68; Cleveland, 38 to 66;
41 to 66; Charleston, 50 to 69:
54 to 61; Springfield, 111., 38
55; Salt Lake City, 25 to 56,
Overnight at Boston it was 44 to 61 degrees;
to
70;
Pittsburgh, 42
to
Chicago, 44 to 64; Cincinnati,
Detroit, 39 to 65; Milwaukee,
to 73;
Savannah, 51
to
Dallas,
Oklahoma City, 50 to
63;
In the Western Districts alone, loading of live stock for the
week of Nov.
11 totaled 14,157 cars, a decrease of
ceding week, and
a
cars
Forest products loading totaled 35,823 cars a decrease of
the
below the pre¬
preceding week, but
1,557
below
cars
increase of 8,980 cars above the corresponding
an
week in 1938.
Ore loading amounted to
preceding week,
week in
but
55,876
cars, a
decrease of 1,100 cars below the
increase of 39,096 cars above the
an
corresponding
1938.
Coke loading amounted to 11,267 cars, a decrease
of 854 cars below the
preceding week, but an increase of 4,892 cars above the corresponding
week
in 1938.
All districts reported increases compared
1938.
with the corresponding week in
Southwestern, reported increases compared
All districts, except the
week in 1937.
Mth the corresponding
1937
1939
1938
2,302,464
2,256,717
2,155,536
Four weeks In May
2,297,388
2,390,412
2,832,248
2,371.893
Four weeks in June
2,649,960
2,714,449
2,763,457
2,986,166
3.712,906
2,185,822
3,098,632
2,483,189
2,170,778
2,962,219
3,214,554
2.689,161
3,794,249
Four weeks in August
2,861,821
2,392,0?1
3,844,358
3,243,511
3,374,943
2.842,632
3,100,590
4,013,282
3,156,533
805.862
672,967
728.765
785.961
636,446
685,926
29,392.433
26,291,200
33,717,174
Four weeks In January
»
Four weeks in February
Four weeks in March....
Five weeks in April
Five weeks in July..
Week ended Nov.
4
Week ended Nov. 11.
Total.
2,222,939
major railroads to report for the week ended
1939 loaded a total of 366,442 ears of revenue
freight on their own lines, compared with 376,487 cars in
the preceding week and 302,196 cars in the seven days ended
Nov. 12, 1938.
A comparative table follows:
The first 18
Nov.
11,
REVENUE
FROM CONNECTIONS
FREIGHT LOADED AND RECEIVED
(Number of Cars)
Seattle, 40 to 63.
and
2,170
decrease of 455 cars below the corresponding week in 1938.
Four weeks in October
City
drop
50
17,650 cars,
loading amounted to
1938.
Five weeks in September
York
most of the week.
The
stock
A rather spectacular develop¬
more.
ment of the week was the
In
Live
week in
Ayres
Course
Financial barometers
the
Uncertainty
Detects
of
are
Future
recording their skepticism about
Bulletin" of Nov. 15.
prices, he said, advanced vigorously for nearly two
Co.,
Stock
the bank's
in
"Business
all the weeks since
weeks after the outbreak of war, but in
then
they
reached
have
the
in
first
those
few
to
days.
the
surpass
High-grade
levels
bond
they
prices
regained about half of the losses they experienced in
of the war, and recently
early days
been
unable
been
have
bidding
riskless
Investors
on
New
the
are
York
Stock
Exchange recently
changed
owners
for
is
market activity.
Chicago Burlington & Quincy RR.
18,421
18,155
Chicago Milw. St. Paul & Pac. Ry
21.123
21,716
15,719
16,369
but
too
story.
increased in volume by nearly 20% in the past
Industrial production has
two
months,
recorded.
trial
that
and
There is
revival,
but
no
is
almost
room
there
is
the largest
two
months'
increase
ever
portant
Apparently
there
real
are
doubt about the
only
three
increase in the volume
of new capital issues.
5,555
14,647
13,324
10.275
9,317
3,102
1,757
1.703
1,858
2,121
2,268
4,323
4,277
4,158
2,683
2,944
15,570
42,323
16,393
13,772
9,300
9,629
46,472
34,684
43,250
44,003
36.408
6,469
4,663
10,851
11.409
27,250
22.184
5,111
6,244
73,877
62.672
5.923
49,543
34,751
3,182
3,207
Missouri Pacific RR
New York Central Lines
6,188
26,304
73,384
New York Chicago & St. Louis Ry
Norfolk & Western Ry
8,829
11,714
1,428
9,095
4,083
5,865
7,370
31,408
7,445
5,398
7,831
7.939
32,505
28.767
9,057
9,326
5,943
5,911
4,996
8,815
8,959
5,280
7,700
7,727
366,442 376.487 302,196 223,639 224.963
179,387
6,765
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
—,
Total...
TOTAL LOADINGS
6.882
-
AND RECEIPTS FROM
(Number of Cars)
Central System
...
4,911
CONNECTIONS
'
Weeks Ended—
Nov. 11,
Chicago Rock Island & Pacific Ry.
Illinois
9.2*8
8,798
47,288
6,302
Pennsylvania RR.
1939
Nov. 4,
1939
| Not.
12. 1938
25,749
2o,997
23,136
33,893
35,567
29,584
14.301
Francisco Ry
14,239
12,192
73.933
St. Louis-San
possibility of keeping it
sources
enough motive power to sustain its
6,289
18,751
Missouri-Kansas-Texas RR
75.403
64.911
for doubt about the genuineness of this indus¬
from which it could
upward progress for any con¬
siderable number of months.
One of them is genuinely big war orders;
another is increased large-scale pump-priming; and the third is an im¬
going.
receive
6,166
13,261
International Great Northern RR
Chicago & North Western Ry...
Gulf Coast Lines—
significant to be safely
the same
12
1938
8,178
7,125
9,644
1,318
1,834
2,495
8,361
the advance appears to have stopped.
These financial
disregarded, and they all unite
now
are
telling
Nov.
1939
11,751
1,443
Commercial loans in banks had been increasing since last
indicators
Nov. 4
18,544
13,637
Chesapeake & Ohio Ry
28,814
not
February,
1939
22,206
26,347
22,215
16,772
18,942
23,075
36,992
27,849
•
in
Nov. 12 Nov. 11
1938
22,161
36,627
Atchison Topeka & Santa Fe Ry.
far above the low price of $51,000 which was
recorded just before this war, and which was the lowest reached since
the World
War.
Evidently brokers do not anticipate much profitable
which
$60,000,
1939
Baltimore & Ohio RR
Wabash Ry
Colonel Ayres continued :
avoiding risks.
seat
the markets have
of the short-term and nearly
again seeking safety and
the prices
up
issues.
Nor. A
Business
prospects of this business revival, according to
Leonard P. Ayres, Vice-President of the Cleveland
Colonel
Weeks Ended—
Nov. 11
1939
as
future
Trust
A
to
Received from Connections
Weeks Ended—
Colonel
Loaded on Own Lines
In the
following
we
undertake to show also the loadings
for separate roads and systems for the week
1939.
During this period 104 roads showed
compared with the
same
week last
year.
ended Nov. 4,
increased wheil
REVENUE FREIGHT
LOADED AND RECEIVED
FROM
Total Revenue
Total Load* Received
from Connections
1938
1939
1937
1939
1939
1938
Southern
&
814
Maine
663
618
1,343
1,142
7.417
1,303
7,715
1,815
197
223
10,961
9,723
2,296
1,931
Chicago Indianapolis A Louisv
1,814
27
40
50
47
1,370
1,300
5,123
1,358
5,713
2,518
4,826
9,575
9,417
7,544
1,897
7,173
6,435
26
Central Indiana
Central Vermont..
.
Delaware A Hudson
....
Delaware Lackawanna & West
9,569
576
Detroit Toledo A Ironton
675
530
180
124
2,077
2,301
1,538
3,147
12,404
334
301
312
3,159
14,524
12,732
5,108
12,739
5,026
13,449
4,871
.
160
211
1,925
8,672
8,799
2,046
1,587
7,686
1,129
6,427
2,805
5,764
2,219
2,602
4,129
2,350
45,472
10,428
....
Maine Central
.
Monorigahela
Montour....................
Lines
37,3)4
Western.
1,117
Louis
Pittsburgh A Lake Erie.......
6,469
7,877
6,882
736
1,825
Pere Marquette
;
Pittsburgh A Shawmut
2,433
1,089
1,173
3,714
4,394
14,962
408
346
355
4,157
8,965
23,213
8,688
20,619
9,058
21,904
5,137
16,017
Tennessee Central..
407
444
436
786
712
Winston-Salem
186
167
204
882
704
110,775
98,833
109.209
72,396
64,860
17,355
8,829
10,458
2,903
8,111
4,019
17,586
2,682
20,245
4,198
11,714
2,604
19,789
3.641
3,839
3,344
13,807
5,314
3,860
241
1,162
8.574
452
1,162
486
329
6,212
6,124
8,191
4,923
Richmond Fred. A Potomac—
Seaboard Air Line
Southern System...
Southbound...
Total.
Northwestern District—
Chicago
Chicago
Chicago
Chicago
20,279
2,638
A North Western
Great Western
Milw. St. P. A Pacific.
St. P Minn. A Omaha.
2,153
263
38
41,675
9,652
44,003
21.254
Duluth South Shore A Atlantic.
Elgin Joliet A Eastern
Ft. Dodge Des Moines A South.
Duluth Mlssabe A I. R
1,248
13,361
1,886
40,148
11,478
1,589
5,216
11.409
9,721
Green Bay A Western........
5,258
6,857
7,507
6,096
5,480
Lake Superior A Ishpemlng
6,302
425
44
26
407
400
198
200
877
1,065
625
5,501
5,990
1,983
1,013
8,959
1,383
573
3,300
3,913
4,070
8,152
3,029
161,449
144,060
151,353
174,271
152,218
492
446
385
941
742
36,992
6,123
Total
389
24
5,911
4,939
Wheeling A Lake Erie
424
213
674
Wabash
464
1,340
1,330
2,272
382
Rutland
2,285
2,686
1,462
Southern
2,667
1,424
Pittsburgh Shawmut A North
Pittsburgh A West Virginia..
2,239
2,732
1,428
1,050
2,698
i;o3i
2,362
3,081
Norfolk
2,110
303
Chicago A St
1,779
Nashville Chattanooga A St. L.
4,530
9,853
1,532
5,224
5,593
5,797
N. Y. N. H. A Hartford.
New York Ontario A
6,0*9
2,021
186
Lehigh & New England
New York Central
7,633
1,618
8,654
Lehigh A Hudson River
Lehigh Valley...
Mobile A Ohio
850
Detroit A Toledo Shore Line...
Grand Trunk Western..
N. Y.
8.840
2,595
Detroit A Mackinac.
Erie......
1,161
27,406
30,134
2,703
18,751
2,316
15,617
921
Northern
Baltimore A
442
Pacific
Bessemer A
Lake Erie
3,626
464
183
168
13,863
14,239
2,873
2,660
683
676
693
599
3,509
1,781
7,489
12,607
M
1,646
1,595
82
1,944
6,251
10,678
2.083
2,121
1,830
6,049
2,489
2,071
11,504
4,048
3,480
207
112
317
346
275
1.642
1,546
1,456
1,274
92,650
94,801
50,788
42,642
23,075
3,218
21,404
2,990
25.938
6,291
2,484
6,194
3,199
431
401
499
60
18,155
Total.
17,296
1,482
19,0'6
9,317
8,245
1,759
14,113
3,222
786
4,501
9,235
8,179
2.744
2,416
1,481
Central Western District—
Bingham A Garfield
1,811
Chicago Burlington A Quincy..
Chicago A Illinois Midland
7
Chicago Rock Island A Pacific.
310
211
415
6
1,224
1,346
6,269
20
16
5,874
12,798
10,640
624
104
466
70
44
Cumberland A Pennsylvania...
310
240
251
48
34
Denver A Salt Lake
Ligonler
129
76
128
27
30
Fort Worth A Denver
758
839
698
2,618
2,348
1,433
73,877
14,000
1,110
Pennsylvania System
Reading Co
56.02-,
1,097
60,261
1,550
47,288
1,242
37,532
Nevada
14,279
15,430
18,118
2,355
12,203
North Western Pacific
Union (Pittsburgh)
19,821
6,354
Central RR. of New Jersey
Cornwall
Valley
Long Island..
...
Penn-Reading Seashore Lines..
West Virginia Northern
Western
11,851
7,728
9,903
2,514
38
60
0
0
3,018
3,397
7,815
5,157
165,664
Total.
29
4,320
Maryland
119,806
131,992
120,423
93,164
Chicago A Eastern Illinois
1,504
Denver A Rio Grande Western.
12,595
2,822
Colorado A Southern
5,175
2,646
1,713
4,670
28,814
22,854
22,530
4,424
23,499
22,355
4,269
13,324
27,250
5,376
61,440
49,808
50,123
Virginian
5,244
10,064
4,186
1,069
1,099
19,637
15,349
262
Atlanta Birmingham A Coast
Atlantic Coast
218
228
141
138
838
888
766
1,692
1,375
937
15
29
1,641
1,148
2,042
1,611
1,131
1,117
536
481
398
338
1,044
1,717
130
110
627
866
399
326
24
23
368
0
0
26,352
23,938
23,213
5,628
494
349
564
1,289
20.993
....
Northern
17,610
19,977
5,151
1,081
9,441
Peoria A Pekin Union
Southern Pacific (Pacific)
Toledo Peoria A Western
...
Union Pacific System
Utah
9,826
698
508
647
7
7
2,007
1,783
2,025
2,480
2,264
126,706
Total.
115,519
129,106
58,710
53,028
Southwestern District—
Fort Smith A Western
205
x
447
365
206
191
0
218
3,326
1,937
3,277
1,428
1,294
2,036
2,268
2,114
1,013
Kansas Oklahoma A Gulf
Kansas
185
138
0
3,182
1,703
296
178
248
1,014
2,286
1,873
2,340
2,132
City Southern
1,845
1,709
2,087
2,014
1,665
637
857
4,442
Louisiana Arkansas A Texas
3,992
3,938
5,158
3,008
2,589
Litchfield A Madison
400
304
250
415
455
1,013
612
631
748
333
209
1,386
1,012
1,699
Midland
1,188
1,151
2,144
255
159
237
284
282
375
Columbus A Greenville
865
10,053
1,501
.....
633
8,584
417
Charleston A Western Carolina
Clinchfield
583
9,637
4,153
I lne
Central of Georgia
377
4,277
4,264
14,293
5,279
16.443
17,869
2,944
9,629
2,794
8,826
138
185
228
151
86
8,232
3.135
7,256
4,201
2,492
3,153
2,126
7,455
5,664
5,505
9,053
3,505
8,216
6,357
4,824
2,534
3,922
2,910
3,774
181
182
227
85
61
27
17
22
35
56,623
52,291
62.181
Louisiana A Arkansas
a
Valley
Missouri A Arkansas
623
348
Durham A Southern
187
177
176
406
435
Missouri Pacific
Florida East Coast..
703
723
770
931
766
Quanah Acme A Pacific..
39
31
46
109
76
1,003
813
105
1,703
1,522
Gainsvllle Midland.*..
Georgia
2,775
774
764
Missouri Illinois
International-Great Northern..
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala..
5,293
1,261
Illinois Terminal
Gulf Coast Lines
Southern District—
1,635
3,227
1,350
1,780
Burlington-Rock Island
Total.
100
896
Pocahontas District—
Norfolk A Western
1,559
2,142
1,253
1,950
1,076
T...
City....
Western Pacific
Chesapeake A Ohio...'
72
1,825
International
1,580
6,560
Buffalo Creek A Gauley.......
Cambria A Indiana..
535 '
120,205
Spokane
Spokane Portland A Seattle...
Alton.......................
Ohio
145
686
Minneapolis A St. LouLs
Minn. St. Paul A S. S.
3,197
19,896
Great Northern..........
Atch. Top. A Santa Fe System.
Alleghany District—
Akron Canton A Youngstown..
1938
1939
*
Piedmont Northern
8,429
1,806
-
from Connections
1937
1938
District—(Concl.)
1.146
-
Bangor A Aroostook—
Total Loads Received
Total Revenue
Freight Loaded
Railroads
Eastern District—
Ann Arbor...
Nov. is, 1939
(NUMBER OF CARS)—WEEK ENDED NOV. 4
CONNECTIONS
Freight Loaded
Railroad*
Boston
'-YEARS OLD
ONE HUNDRED—The
Commercial & Financial C/jro/Jic/e
3172
....
Georgia A Florida
-
360
317
351
411
456
491
1,589
24,462
24,364
1,565
2,068
22,105
1,060
11,723
20,248
25,576
21,910
Macon Dublin A Savannah
5,915
1,185
10,434
5,238
170
156
195
525
190
152
191
334
314
Lines._
St. Louis-San Francisco
St.
Louis Southwestern
a
681
461
Mississippi Central
Missouri-Kansas-Texas
1,347
204
a
Gulf Mobile A Northern
Illinois Central System
Louisville A
Nashville.
...
Note—Previous year's figures revised.
* Previous figures,
x
Discontinued Jan.
Moody's Commodity Index Declines
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Nov.
Nov.
Nov.
Nov.
Nov.
Thurs., Nov.
Fri.,
Nov.
*
10
162.7
11
*
13
162.5
14
161.9
15-
160.9
1617
-160.6
160.7
as
follows:
Two weeks ago, Nov. 3
163.1
24, 1939.
sale
to
Index
Declined
of
130.1
Commodity Prices
Slightly in Week Ended Nov. 10
a narrow
range
during the week
10 and the
"Annalist" index closed at 81.8 on
a decline of 0.1 point
compared with the previous
Current prices, however, are almost 2
/Nov. 10,
points above
a
The "Annalist" further reported:
After early strength, wheat declined
fractionally.
Other grains followed
suit.
Livestock prices were
generally lower, with hogs selling at the poorest
price since before the war.
Despite a bearish crop report cotton advanced
to the best levels of the
year on heavy trade buying.
Silk and wool were
lower.
Hides held firm and rubber scored a
small advance.
Trading
dull in almost all markets.
"ANNALIST" WEEKLY INDEX OF
WHOLESALE COMMODITY
(1926—1001
was
Nov. 4,
1939
PRICES
Nov. 12. 1938
77.1
77.6
78.7
71.9
71.9
72.7
16.
modity
"The
Bureau's
the level of wholesale
index," Mr. Lubin said,
Four of the
average.
indexes
group
fractional
advances.
were
The
unchanged
increases
10 major
and
showed
six
from
range
0.1% to
Commissioner Lubin continued.
84.4% of the 1926 average.
Following
steady rise since uAgust, the "all
a
commodities othern than farm products"
group remained unchanged for the
second week.
The indexes for textile products, fuel and lighting materials,
metals and metal
products, and building materials
products and miscellaneous commodities
increased 0.3%.
goods
advanced
were also
steady.
products,
Foods, hides and leather products, and housefurnishing
by 0.1%.
raw
jute, and
of semi-manufactured
containued upward
cocoa
beans averaged 0.3%
commodities increased
with
a
higher.
The
potatoes in the Chicago and Portland,
and
more
rose
0.4%
Ore. markets.
because of higher
than offset
vegetables,
Lower prices
were
Sharply lower prices for meats
by advancing prices for butter, wheat flour, fruits
raw sugar,
and edible tallow resulting in an increase of 0.1%
for the foods group.
Strengthening prices for leather and men's shoes caused the hides and
77.0
77.3
59.6
leather
87.7
87.9
84.0
were
99.0
97.8
products
group
to
considerably lower.
principally
because
increase 0.1%.
The index for
of reported
higher
Average hide and skin prices
chemicals and
prices
for
drugs
rose
72.3
69.3
85.9
85.8
Miscellaneous
86.8
certain drugs and pharmaceuticals including castor oil and quinine.
77.6
77.4
71.3
feed
81.8
81.9
79.9
prices
rose
sharply during the week.
ported for boxboard and floor covering.
super
0.3%
phosphates
72.2
Chemicals
group
0.2% and finished products
rise of 0.1%.
Average market prices for farm products
98.9
All commodities
Farm
Chemicals and drugs
0.4%.
rose
Wholesale prices of raw materials, influenced by higher prices for farm
Metals
_
"was
com¬
Industrial commodities, that is "all commodities other than farm
prod¬
ucts and foods," which had continued
upward since August, leveled off at
Fuels
Building materials
11
reported for steers, hogs, cotton, and wool.
Food products
.
1, 1939.
prices for grains, sheep, eggs, oranges, flazseed, sweet potatoes, and white
Farm products
Textile products
34,00
Composite Index of Whole¬
Unchanged from Nov. 4
During the week ended Nov.
were
Nov. 10, 1939
Prices
41
38.123
commodity prices remained unchanged from the preceding
week, Commissioner of Labor Statistics.
Lubin reported
79.3% of the 1926
Wholesale
Commodity prices held in
ended Nov.
Commodity
Nov.
172.8
138.4
Low—Aug. 15
I
Nov. 11
169.0
1938 High—Jan. 10
Low—June 1
1939 High—Sept. 22
7,458
Included In Louisiana A Arkansas, effective July
a
0.4%.
"Annalist"
year ago.
Total
144.5
152.9
Month ago, Oct. 17
Year ago, Nov. 17
Holiday.
week.
Wichita Falls A Southern
Wetherford M. W. A N. W
Bureau of Labor Statistics'
Moody's Daily Commodity Index closed at 160.6 this
Friday, as compared with 162.7 a week ago.
The most
important individual changes were the declines in hog,
rubber and steel scrap prices.
The movement of the index is
Texas A New Orleans
TeXas A Pacific
Fractional advances
and
Cattle
were re¬
Volume
in the fuel and lighting materials and metals and metal
products groups were minor.
ucts
price
groups,
sand, and
gravel,
In the building materials and textile prod¬
lumber
gum
higher and
were
Silk and
were
yellow pine and
maple
Clothing prices
lower.
and woolen and worsted prices declined
rayon,
1937 high.
sharply with minor fluctuations for cotton and other textiles.
Each
11,1939.
.;
Percentages Changes from
Nov.
Oct.
Aug.
Nov.
14
Nov.
11
26
12
4
1939
Most
1939
1939
Nov. 4
Oct. 14
Aug. 26
to
to
79.3
74.8
77.4
0
+ 0.5
61.1
67.6
+ 1.6
72.3
—0.4
72.7
66.7
73.9
104.5 104.4 105.0
92.6
95.1
+ 0.1
—0.5
75.6
75.6
74.2
67.4
65.7
0
+ 1.9
+ 12.2
Fuel and lighting materials._
74.7
74.7
74.4
73.2
74.8
0
+ 0.4
+2.0
Metals and metal products..
96.2
96.2
95.3
93.5
95.3
0
+0.9
+ 2.9
Building materials
93.1
93.1
92.5
89.7
89.0
0
+0.6
+3.8
Chemicals and drugs
77.9
77.7
77.6
74.2
76.2
+0.3
+ 0.4
+ 5.0
89.7
89.6
89.2
87.0
87.1
+ 0.1
+0.6
+ 3.1
Miscellaneous
78.2
77.9
77.0
73.1
72.5
+0.4
+ 1.6
+ 7.0
Raw materials.
72.5
72.3
71.6
66.2
71.3
+ 0.3
+ 1.3
+ 9.5
82.1
other
farm
All
76.2
+ 0.2
—1.8
+ 10.3
79.3
80.8
+ 0.1
+0.6
+ 4.3
81.9
81.6
77.8
79.5
o
+0.4
+ 5.3
84.4
84.4
83.7
80.4
80.9
0
+0.8
+ 5.0
than
products
commodities
74.4
82.2
than
other
commodities
All
83.6
82.6
81.9
Finished products
81.9
82.7
articles.
Semi-manufactured
farm products and
foods..
CHANGES IN WHOLESALE PRICE INDEXES
SUBGROUPS FROM NOV. 4 TO NOV. 11, 1939
PERCENTAGE
(Continued)
Increases
Fertilizer materlals
——
—
Fruits and vegetables
Other textiles
Grains
Among
the
during the
greatest
increases
sheets, blankets, women's
involving woolen pieee goods,
hosiery, furs, women's underwear and shoes, furniture and floor coverings.
As
compared with a year ago, floor coverings, furniture, furs and
show
blankets
the greatest gains.
retail prices, thus
clearly indicated,
according to A. W. Zelomek, economist, under whose supervision the index
is compiled.
He points out that current retail prices still fail to reflect
wholesale levels, even though the latter have shown some recession of late.
has
the advance
consecutive gains,
four
the
been
small.
comparatively
in
Further gains
are
JAN.
INDEX
RETAIL PRICE
FAIRCHILD PUBLICATIONS
THE
1931=100
3,
Copyright 1939, Fairchild News Service
Nov.
May 1,
1,
1933
Composite index
69.4
65.1
Oct. 1,
1939
1939
89.3
84.5
70.7
Sept. 1,
1939
89.0
Piece goods
Aug. 1,
1938
88.7
.
Men's apparel
Women's apparel
furnishings
91.2
84.3
84.7
88.4
88.6
88.7
88.9
89.0
89.5
90.4
95.9
96.0
96.1
96.3
90.9
•
90.2
84.1
90.6
90.7
91.7
92.7
64.0
70.2
89.5
84.1
88.4
96.4
76.4
Home
1,
1939
89.4
71.8
_
Infant's wear
Nov.
64.2
64.8
65.1
•
Piece goods;
Silks.
57.4
Woolens
69.2
85.0
Cotton wash goods
68.6
104.5
■
65.5
84.5
84.0
84.1
85.1
103.5
103.6
103.6
103.6
Domestics:
Sheets...
65.0
93.8
91.4
91.1
91.6
92.5
Blankets & comfortables
72.9
104.0
102.8
102.8
104.5
106.2
Women's apparel:
Hosiery
59.2
74.0
74.0
74.1
74.1
75.0
Aprons & house dresses.
75.5
104.1
105.4
105.4
105.4
105.4
83.6
92.5
92.5
92.5
92.5
92.9
Furs
66.8
93.5
90.4
91.0
93.4
95.4
Underwear
69.2
85.4
84.0
84.0
84.2
85.4
0.1
0.1
0.1
Shoes
Men's apparel:
Hides and skins
Meats.—
0
Livestock and poultry
87.2
87.2
87.2
88.2
87.8
87.6
87.6
87.6
87.6
69.6
91.1
91.3
91.3
91.4
92.0
74.3
86.0
86.2
86.2
86.4
86.4
Hats and caps
2.6
1
0
86.7
64.9
Shirts and Neckwear
Decreases
76.5
Hosiery...
Underwear
Other building materials
Other leading products
0
Other foods
the index show gains
0.1
1
1
Other farm products
in
decline.
a
Furnishings
7
4
2
1
1
Clothing.
Home
the corresponding period
furnishings and piece
high, home
Furniture..
Increases
-
advances.
greatest
the
above
gain
1937
Corsets and brassieres..
OF
IMPORTANT
Cattle feed
shows
item
one
those
+ 11.0
+ 8.5
+ 12.9
goods._
the
included
commodities
the
of
were
+6.0
66.7
72.4
__
78.9
67.5
+0.4
+ 0.1
Foods
Hides and leather products
Textile products
79.3
67.8
All commodities
Farm products
greatest
with
to
1938
1939
the
show
gain for the month, with women's
a
reaching
furnishings
compared
Not
shown
Nov. 11 Nov. 11 Not. 11
Housefurnishing
As
month.
far,
:
.
1938.
shows
the subdivisions
home
furnishings also
of
Despite
(1926=100)
.
and
goods show the. greatest declines.
(1) index numbers for the main
groups of commodities for the past 2 weeks, for Oct. 14,
1939, Aug. 26, 1939, and Nov. 12 1938 and the percentage
changes from Nov. 4, Oct. 14, and Aug. 26, 1939 to Nov. 11,
1939; (2) important changes in subgroup indexs from Nov. 4
Commodity Groups
further said:
of
one
apparel
The following tables show
to Nov.
Under date of Nov. 14, Fairchild Publications,
New York,
Millwork,
counterbalanced price inceases.
declines
lumbers, red cedar shingles, and turpentine
advanced 1.0%.
3173
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Price changes
69.7
82.3
82.5
82.5
82.5
82.5
Clothing, lncl. overalls..
70.1
90.0
89.5
89.5
90.0
90.0
Shoes
76.3
95.0
93.1
93.4
93.6
93.6
74.0
100.4
100.8
101.1
101.1
101.1
——
Underwear-
95.0
74.3
94.2
94.0
94.0
94.3
Shoes
80.9
94.5
92.8
92.8
92.8
Furniture
69.4
95.0
95.4
95.5
96.5
98.5
Non-ferrous metals
0.4
0.2
0.1
Floor coverings
79.9
110.0
113.9
114.5
118.4
120.2
Bituminous coal
0.1
Musical instruments
50.6
57.4
55.0
55.0
55.1
55.4
60.1
74.8
74.0
74.0
74.5
75.1
72.5
82.4
82.0
82.0
82.0
82.0
China
Dairy products
Shoes
Infants'
Elec. household appliances
—
...
2.4
1.9
0.9
0.6
Luggage
Leather
81.5
94.0
94.0
93.9
93.9
93,9
Silk and rayon
.
_
Cereal products
0
Woolen and worsted goods
Anthracite—.-^.
0
Lumber.
Drugs and pharmaceuticals
0
0
0
Chemicals
Cotton goods
.
-
-
,
—
Paper and pulp
wear:
Socks
92.8
Further Declined During
11, According to National
Wholesale Commodity Prices
Ended
Week
Nov.
Association
Fertilizer
wholesale commodity
The third consecutive decline in the
price index compiled by the National Fertilizer Association
place last week. This index in the week ended Nov. 11
was 77.5, compared wtih 77.6 in the preceding week, 77.2 a
Department Store Sales Increased Less Than
from
September to October, Reports
Governors
took
and 73.1 a year ago, based on the
month ago,
192G-28 aver¬
under date
The Association's announcement,
Nov. 13, continued:
age
of
100.
as
foods declined
The food
price index fell off moderately and is now at the lowest level reached
since the sharp advance began in early September.
A decline in gasoline
prices was responsible for a small drop in the fuel price average.
Lower
quotations for steel scrap and tin caused a recession in the metal index.
The building material index was also slightly lower.
Increases occurred
The average
week
last
in
the
for all commodities except farm products and
registering
after
indexes
12
consecutive
representing farm
weekly
20
the
in
than
usual
the
tember
levels, the Board of Governors of the Federal Re¬
INDEX OF DEPARTMENT STORE SALES
1923-25 Averave=100
Oct., 1939
Latest
Per Cent"
Week
Each Group
Nov.
Group
Bears to the
11,
Foods
25.3
Preced'g
Month
Week
Nov. 4,
Ago
Oct.
14,
1939
1939
74.3
__
1939 Aug.,
1939
Oct., 1938
Adjusted for seasonal variation
91
89
84
99
97
69
92
Sales
October
in
the total for
and
74.7
74.3
6% larger than in October, 1938,
were
5%
the first 10 months of the year was
the Board said, in presenting the following
REPORT
(1926-1928=100)
1939
Total Index
Sept.,
90
compilation:
COMMODITY PRICE INDEX
Association
for October, 1938:
the last three months and
below for
above last year,
advances.
WEEKLY WHOLESALE
and the Board's ad¬
The index is shown
System announced on Nov. 8,
justed index declined from 91 to 90.
serve
during the week
24 declines and 22
declines and 20
second preceding week there were 33
Compiled by the National Fertilizer
showed slightly less
the advanced Sep¬
increase from
seasonal
Without seasonal adju°tmpnt
products and textiles.
the preceding week there were
in
advanced;
advances;
System
Federal Reserve
Department store sales in October
advances.
Thirty-nine price series included in the index declined
and
of
Seasonally
Board of
BY
FEDERAL RESERVE DISTRICTS
Percentage Change from
Year
a
Ago
Nov.
Year
Number
of
Stores
October*
1938
72.7
Number
of
Ago
12,
10 Months
Cities
Reporting
Included
Federal Reserve Districts—
Fats and Oils
52.5
52.4
53.7
55.9
Boston
51
31
Cottonseed oil
61.6
62.6
64.0
71.2
New York
+4
+ 1
55
28
+4
+ 6
30
+ 13
+7
31
U
+4
+4
57
27
+ 9
26
17
0
64.2
63.8
63.3
65.1
Philadelphia—
Cotton
50.8
48.9
49.8
48.3
Cleveland
Grains
61.3
61.1
59.3
49.4
Richmond
Farm products
23.0
64.7
73.4
Atlanta
+8
81.9
81.2
75.8
Chicago
+ 12
+ 7
92
32
+5
+ 6
32
commodities..
Textiles
15
+6
+4
36
18
—1
+ 1
24
9
88.1
78.6
77.3
Miscellaneous
8.2
65.6
81.8
Fuels
10.8
12
65.6
Livestock
17.3
-
+3
77.2
76.0
59.5
Minneapolis.
93.9
94.0
91.0
Kansas City
88.6
88.6
St. Louis
.
16
7.1
Metals
93.6
6.1
Building materials...
87.2
87.4
86.0
81.8
Dallas
+4
+ 1
19
93.5
93.4
93.2
San Francisco
+4
+4
98
32
Chemicals and drugs.
93.5
Fertilizer materials
+6
+5
551
248
1.3
73.0
73.0
73.4
70.6
.3
Fertilizers
77.3
77.3
77.2
77.7
.3
Farm machinery.
95.0
95.0
95.0
97.2
.3
77.5
All groups combined.
100.0
77.6
77.2
73.1
Total-
most cities the month had the same numbe
of business days this year and last year, but in October this year there were four
Saturdays as compared with five a year ago.
*
October
figures preliminary; in
+
Retail Prices Advance for Fourth
According
to
Fairchild Publications Retail
Price
Index
Retail
secutive
prices for October advanced for the fourth con¬
month
and
reached
the
highest
figure
since
retail
also
ever,
1,
1938,
price
gained 2.6% since the January low of this year.
quotations
still
show
a
decline of 5.9%
How¬
under the
Chain Store Sales Gains Below Normal
improvement in chain store sales in October
according to the current review by
"Chain Store Age."
Total dollar volume, however, held at the high level set
Seasonal
was
according to the Fairchild Publications'
index.
The index shows a gain of 1.1% as
compared with the previous month, and an increase of 2.5%
above the corresponding period a year ago.
Prices have
March
October
Consecutive Month,
in
less than normal,
September, and as compared with October, 1938, results
a composite sales gain of 2.6%.
The index of total sales for the 20 chains used by the
indicated
"Chain Store Age" in its
in
October
index was
from
108.0.
monthly analysis declined to 110.8
September.
The October, 1938,
114.5 in
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3174
The index figures
for each
with October, 1938,
ber, and
with Septem¬
compare
group
000,000, or 21% below the total reported for the preceding
last
of
Drug
Variety
Grocery
Shoe
A pparel
125
October. 1939
100
115.5
138
124
September, 1939
103
119
145
134
127
113.2
138
120
120
99
October. 1938
13% above the total for the corresponding week
week and
follows:
as
Nov. 18, 1939
year.
Aggregate debits for the 141 cities for which a separate
has been maintained since January, 1919, amounted
total
to
$6,845,000,000, compared with $8,760,000,000 the preceding
$6,087,000,000 the week ended Nov. 9 of last year.
These figures are as reported on Nov. 13, 1939, by the
week and
Electric Output for Week
Above*
Ended Nov. 11, 1939, 13.8%
Federal Reserve System.
Board of Governors of the
Year Ago
a
RESERVE DISTRICTS
SUMMARY BY FEDERAL
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. 11, 1939, was 2,513,688,000 kwh.
The current week's
output is 13.8% above the output of the corresponding week
of 1938, when production totaled 2,209,324,000 kwh.
The
output for the week ended Nov. 4, 1939, was estimated to
be 2,536,765,000 kwh., an increase of 14.9% over the like
week
a
year
Week Ended—
No. of
Federal Reserve District
Centers
Nov.
1939
Nov. 8,
Jncl.
17
2—New York
Nov. 9,
1, 1939
1938
$529,147,000
4,450,761,000
$471,519,000
2,791,643,000
457,558,000
602,432,000
$551,374,000
15
1—Boston
326.372,000
5—Richmond.
24
301,036,000
329,528,000
420,671,000
261,653,000
6—Atlanta
25
245,046,000
240,698,000
215,643,000
41
1,076,652,000
237,512,000
17
170,777,000
28
200,410,000
1,272,360,000
269,434,000
184,221,000
261,189,000
955,762,000
16
9—Minneapolis
10—Kansas City
PREVIOUS YEAR
FROM
2,997,668,000
349,016,000
510,621,000
7—Chicago
INCREASE
18
25
8—St. Louis
ago.
PERCENTAGE
3—Philadelphia
4—Cleveland
197,899,000
134,194,000
218,312,000
162,677,000
11—Dallas
11,
Nov.
Regions
Week Ended
Week Ended
Week Ended
Major Georgraphic
Nov. 4,
1939
Oct. 28,
1939
Week Ended
18
206,060,000
207,918,000
12—San Francisco
29
610,923,000
673,200,000
524,016,000
273
$7,517,101,000
$9,478,446,000
$6,680,361,000
21, 1939
Oct.
1939
Total
14.1
13.9
14.3
New England.
12.3
Middle Atlantic
11.9
13.9
11.8
11.3
Central Industrial
15.9
18.3
17.7
15.8
7.2
8.8
8.7
West Central
7.5
13.8
14.0
10.0
15.9
10.1
16.5
10.6
9.0
8.2
9.6
13.8
14.9
14.0
12.6
Rocky Mountain
Pacific Coast
Total United States.
RECENT
FOR
September Statistics of the Electric Light and Power
Industry
10.3
8.7
Houthern States
DATA
,
(THOUSANDS
WEEKS
OF
KILOWATT-HOURS)
The following statistics for the month of September,
covering 100% of the electric light and power industry, were
released on Nov. 13 by the Edison Electric Institute.
AND
SOURCE
DISPOSAL
DURING
ENERGY
OF
MONTH
OF
SEPT.
Percent
Change
1932
1937
1939
1938
1939
Week Ended
Per CI.
1929
1939
1938
Change
from
1938
Source of Energy—
Sept.
4-9.7
2,320,982
1,464,700
2,048,300
2,214,775
+ 11.8
+ 10.4
2,154,270
2,280,792
2,154,218
2,139,142
2,154,449
2,182,751
+ 13.7
2,205,748
+ 15.5
2,275,724
+ 14.4
2,280,065
2,530,705
+14.3
+12.0
+ 14.0
+ 14.9
2,276,123
2,220,038
2,207,444
5,513,088
2,209,324
+ 13.8
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1,507,503
1,528,145
1,533,028
1,525,410
1,520,730
1,531,584
1,475,268
2,148,954
2,357,203
2
Sept.- 9
2,289,960
Sept. 10
2,444,371
Sept. 23
2,448,888
_.
Sept. 30
2,409,089
Oct.
7
Oct.
14
Oct.
21
2,405,230
2,494,030
2,493,993
Oct.
28
2,538,779
Nov.
4
Nov. 11
...
2,214,097
Nov. 18......
2,254,947
2,202,451
2,170,557
2,224,213
2,065,378
2,152,643
2,270,290
Nov. 25
2,281,030
2,183,807
2.285,523
Dec.
2
DATA
FOR
(THOUSANDS
MONTHS
RECENT
OF
1,510,337
1,761,594
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
1,806,403
1,798,633
1,824,160
1,815,749
1,798,164
1,793,584
1,818,169
1,718,002
KILOWATT-HOURS)
Kllowatthours generated (net):
By fuel burning plants—
6,146.338.000
+25 8
2,761.606.000
3,187,695,000
—13.4
10.494,569.000
9,334.033,000
+ 12.4
336,802,000
330, .544,000
+ 1.9
110,993,000
102,092,000
+8.7
Total generation
Net purchases:
From "other sources"
„
Net International Imports
447.795,000
432,636,000
+ 3.5
10,942,364,000
9.766,669.000
+ 12.0
9,274.814,000
8.190,226,000
+ 13.2
Total purchased power.
Total Input
Disposal of Energy—
Total sales to ultimate customers
Company use, Ac.:
Used In electric railway department
Percent
28,838,000
1939
Furnished free
1929
1932
1937
or
27,741,000
+4.0
133,441,000
143,704,000
—7.1
4,980,000
Used In electric and other departments...
Change
1938
1939
Month of
7.732,963,000
By water power
1,554,000
exchanged In kind
from
9,300,383
+ 10.2
9,785,174
7.041,926
7,585.334
9,313,092
8,405,129
9,137,970
8,617,372
8,800,414
8,934,080
+ 10.8
8,922.551
6,502,755
+ 11.5
9,930,252
6,787,923
6,850,855
7,380,263
+ 11.1
9,589,639
+ 13.7
9,791,569
9,262,484
10,813,632
9,894,489
10,775,105 9,593,670
9,975,343
10,005,534
10,524,626
+ 10.8
10,074,083
10,366,839
9,962,122
10,111,605
6,320,551
6,240,381
6,178,781
6,175,627
6,339,283
6,277,419
February
March
April
May
June..
*_
July.
August—i
September
October
November
December
10,188,587
9,572,242
9,979,099
10,155,314
10.261,275
167,259,000
172,999.000
—3.3
9,441,073,000
8,363,225,000
+ 12.9
Total company use, Ac.
1938
10,240,886
January
9,699,161
+ 13.4
+9 3
+ 12.3
1,403,444,000
+ 7.0
10,942,364,000
9,766,669,000
+ 12 0
1,754,744,000
1,616,735,000
+8.5
Classification of Kilowatthour Sales—
or domestic..
7,486,635
7,220,279
Residential
7,484,727
Rural
7,773,878
Commercial and industrial:
6,596,023
9.719,582
1,501,291.000
Total output (to check above "input")...
7,285,359
7,523,395
8,133,485
6,488,507
6,625,298
9,534,868
Total energy accounted for
Losses and unaccounted for
7,681,822
7,871,121
*
(distinct rural rates only)
1,583.694,000
+ 11.2
4,200,635,000
+ 16.8
148,895,000
140,533,000
+ 6.0
223,903,000
208.683,000
+ 7.3
296,335,000
149,428.000
293.699,000
113,783,000
+31.3
31,969,000
32,464,000
+ 1.5
9,273.814,000
8,190.226,000
+ 13.2
$196,844,900
$183,712,900
+ 7.1
2,102,000
2,234,700
—5.9
$198,946,900
$185,947,600
+ 7.0
1,761,291,000
4,907,249,000
Small light and power (retail)
Large light and power (wholesale)
Public street and highway lighting
Other public authorities
Street and Interurban railways
112451 500
Total
117487 445 77,574,474 90,277,135
Electrified steam railroads
Interdepartmental
Sales to ultimate customers
Rise in Private Construction Largely Offset by Decline
in Public Operations, Dodge Reports
Not
since
April, 1937, has the dollar volume of private
building been equal to the total recorded for
residential
October,
according
F.
to
Dodge
W.
Corp.
in
its
States.
Total
and
and
exceeded
$5,030,000.
residential
public,
the
The
construction,
Other electric revenue
current
including
$118,303,000 in
corresponding month of last
amounted
♦Allocated to other classes.
impressive
most
gain
was
made
in
a
ELECTRIC
OR DOMESTIC
SERVICE
Months Ended Sept. 30
12
1939
'
1938
one-
family residences, which rose in total contract value from
$70,021,000 in October, 1938, to $81,975,000 last month. As
a consequence
of this dollar increase, the total number of
dwelling units provided showed
RESIDENTIAL
both
October
year by
to
+ 0.9
Estimated Revenue—
Revenue from ultimate customers.
report on construction contracts awarded in the 37 Eastern
private
*
*
% Change
+ 4.5
Kllowatthours per customer
886
841
Average annual bill
$36.41
$35.91
+ 1.4
4.27c
4.11c
Revenue per kilowatthour
—3.7
13% increase in October
the same month last year, while the 10 months' cumu¬
lative total of dwelling units constructed represented a 57%
over
gain
the corresponding period
over
The
tracts,
curtailment
which
has
in
of 1938:
public building and engineering
been
in
months, was responsible for
residential
1938.
to
evidence
an
building in October
during
the
past
appreciable decline in
Material
have
firm
Whereas
month
over
as
tone
and
total
private
construction
increased
10%
last
The net result of this divergency in trend between
private and public construction was a 27% decrease in total
construction in October
last
cated materials
as
compared with the corresponding
of
Thirteen
Percent
individual
The
Increase
Noted
accounts,
in
Bank
Debits
Conference
the
of
Economics
Conference
the
average
these
The
which
Board.
Con¬
ness
greatest
would
have
the
as
past
The
of
slightly
rises,
material
at
mills.
however,
10%.
declined
stocks
If
rose
cotton
the
1930
rapidly out of
amount
of
semi-finished stocks,
These inventories,
average.
producers' hands when busi¬
7.3% in September.
1.7% as a result of
inventories
downward
the
by about
declined
below
move
continued the
18
1938,
decline during September occurred in
stand
characteristically
activity
has
stock
in
September,
January,
fell 3.2% on
but remained 8.1% above
of producers
the hands
in
during
Since
level.
1936
now
goods
index
Board
goods held
which
finished
of
volume
the
cotton
reported by banks in
leading cities for the week ended Nov. 8, aggregated $7,517,-
Industrial
tinuing, the Board said:
Raw
Debits
lagged behind shipments, according to data
compiled directly from industrial concerns by the Division
year.
+.
to
goods declined sharply in September as production of fabri¬
October, 1938, total public construction declined
55%.
month
Manufacturers' stocks of both finished and semi-finished
few
non¬
and rose to $51,776,600 last month.
manufacturing building, the two classes
which generally contribute most to
private non-residential
construction, compared favorably with October, 1938.
a
Inventories
con¬
compared with October.
However, private non-residential building continued
Commercial
Producers' Stocks of Goods Drop Sharply in September
—Conference Board
Index Shows Rise in
Raw
trend
had
been
which has
/
increased
excluded,
been
in
supplies
the
of
index
evidence
for
months.
following table gives the Conference Board's indexes for the volume
industrial
stocks
of
the
three
classes
of
commodities
at
the
end
of
Volume
3175
ONE HUNDRED —The Commercial & Financial Chronicle--YEARS OLD
149
%■
September,
together
with
monthly
comparable
the
Janu-
since
figures
Volume
1933:
ary,
THE
Trade
Wholesale
of
First
in
Nine
Months
Reported at $15,000,000,000—Rise of $1,000,000,000
CONFERENCE
BOARD
INDEXES
Over
MANUFACTURING
OF
1933-1939
INVENTORIES,
'
1938
The total dollar volume of service wholesale trade in the
Adjusted for Seasonal Variation; 1936=100
United
Raw Materials, Including Cotton at Mills
States
aggregated
1933
1936
1935
1934
1939
1938
1937
during
first
the
of this
months
nine
$15,000,000,000,
approximately
year
increase
an
of
the corresponding period of 1938,
110.2
114.0
110.4
101.4
110.9
100.6
111.2
114.6
109.9
101.1
99.7
113.2
100.6
112.5
115.3
110.5
100.0
100.2
114.4
98.3
Secre¬
tary of Commerce Harry L. Hopkins announced on Nov. 3.
In discussing these estimates, prepared in the Marketing
April
114.5
116.6
110.4
99.3
99.3
116.7
96.6
Research
May
116.5
116.8
109.2
99.8
102.7
115.9
96.4
June
113.7
118.2
108.3
99.9
104.2
113.7
94.6
Commerce, Secretary Hopkins called attention to the accel¬
119.5
94.0
erated
January
February
_
_
March
99.9
$1,000,000,000
108.0
98.8
104.7
111.6
August
116.1
119.0
107.3
98.1
105.8
109.6
89.5
September.
October
117.6
118.2
106.8
98.2
107.0
108.7
a9l.O
115.0
114.6
105.2
99.5
107.6
114.6
113.4
104.2
100.2
108.3
103.5
114.0
111.3
102.6
100.8
109.7
101.4
July
114.4
November
.
December
_
105.9
1937
second
seasonal
increase
128.7
122.8
109.2
102.4
87.8
116.5
111.4
the September,
130.9
121.7
108.6
102.5
86.7
119.0
112.3
the
131.5
120.8
107.5
105.0
87.3
120.8
113.3
April
130.3
120.0
107.5
103.1
86.3
121.9
113.7
May
126X)
118.0
107.8
103.1
87.7
122.6
113.7
June
122.0
115.9
108.3
103.3
88.4
121.5
112.4
February
_
.
110.8
July
118.5
116.0
108.6
98.7
91.4
118.1
August
118.5
115.7
108.0
100.4
93.5
114.7
106.8
September.
120.6
116.5
107.1
98.3
95.6
111.1
a99.0
October
104.2
109.2
120.9
114.6
96.8
101.4
November.
122.3
113.4
102.3
92.9
107.7
126.4
112.1
101.6
89.4
113.7
110.8
.
month
and
91.6
94.7
97.0
1939
84.3
91.8
95.0
98.3
107.6
118.0
109.5
March
83.3
92.1
95.4
97.8
107.9
116.5
110.0
April
81.8
93.0
95.3
98.6
107.4
114.9
110.9
98.1
108.8
_
_
.
82.2
92.3
96.8
115.5
109.6
June
82.3
93.2
97.4
98.0
109.5
113.4
109.5
July
85.5
95.4
96.6
98.8
109.0
112.6
May
110.8
89.8
95.6
95.4
98.4
111.3
111.8
111.7
93.2
96.0
96.6
100.8
114 2
112.2
alOS.l
96.0
95.4
95.6
103.7
118.0
112.4
96.7
93.8
94.7
104.4
118.5
111.4
93.8
94.7
95.1
106.1
118.8
.
October
November
December
.
_
•Stocks of copper estimated for 1933.
rapidly
1
Nov.
that
1038.
year
announced
Hopkins
the
during
nine
first
about $1,700,000,000 greater than
was
volume
The
L.
Harry
purchasing
consumer
of this
months
in
Commerce
of
trade
retail
of
for
first
the
three
quarters amounted to $26,900,000,000, according to estimates
Marketing Research Division, Bureau of Foreign and
of the
Domestic
Commerce,
000,000 for
pointed
the
period
same
that
out
7%
about
since
1938.
of
than
Secretary Hopkins
1939 business
the
$25,200,-
the
larger
transacted
was
lower average price level,
was
even
The
during
also
in the
by
the
evidence
part
a
gain
largely
to
both
not
retail
amounting
the
for
to
Sales
it
was
chain
and
with
conclusive
level.
retail
This
average
an
showed
stores
of
Dollar
were
less
sharp
up
than
more
3%
of
When it is considered,
4%
September
in
that only
a
of
part
the
from
the spurt
in
increase.
tonnage
only slightly above 1938 at the half-
than 5% for the third quarter, and 2%%
months,
for
the
cumulative
sales
for
that
as
a
period
during
the
first
months
nine
by
the
general
merchandise
order
slightly
more
than 5%
in excess of the corresponding period of
Department store
which
an
$2,500,000,000 at
sales reached
represented
over
increased
group,
the
1938.
three quarter point
increase of about 4%, while mail order houses, which
have shown sharper gains
merchandise
last year than otheT divisions of the general
their
about
sales
one-fifth
to
a
total
of
$364,000,000.
of consumers'
Sales
the nine months,
The
1938.
of
than
quarter
the second
duiable
ciated
and
on
was
gain
for
lower
during
the
third
1938, which was registered during
This narrowing of the margin of gain for consumers'
over
largely due to
introduction
building materials.
in
somewhat
thus
was
20% increase
advanced
the other
trend
estimated at $6,400,000,000
were
about one-sixth larger than for the comparable period
or
the
goods
durable goods
relative
quarter.
with
declines
dates
Hardware,
and
in automotive products
for
new
models),
furniture
and
and
house
in
(asso¬
lumber
furnishings,
hand, continued during the third quarter to show the upward
comparison
with
1938
that
characterized
the
first
and
second
gains
were
Sales of other retail stores not
an
down wholesalers'
distributors
were
among
of
Hopkins
physical
food
not
23%
of
pointed
above
for
average
that
year,
corresponding month of
last
the first nine months were
price level this year.
Secre¬
this indicated a somewhat greater gain
shown by the dollar figures.
Wholesale
that
out
than
the
for
of electrical
but
September,
except September, were well
1938.
September prices were
substantially
were
above August of
This rise in prices as well as a tonnage gain was reflected in
year.
the
striking dollar sales increase of 23% over 1938, recorded in
by
wholesale
Sales
wide
Whole¬
respectively.
22%,
and
wholesalers
food
appreciably lower
an
volume
those
only
this
Closely following were optical goods and
gains
building materials and
during every month of this
prices
below
of
and
grocery
2%, despite
in
making allowances for
recorded for the third quarter as well as for
consumers' durable goods trades, paced by
furniture and house furnishings, whose year-to-
with
and
lumber
Sales
tary
after
even
goods also were
the trades registering most marked improvement over 1938.
of
salers
up
holds
recorded in
gain
prices.
almost 24%.
up
7%%
by
period
wholesalers
September
grocers.-
showed exceptionally
compared with the previ¬
meat, hardware and paper wholesalers also
of
margins of
in
improvement
September
as
year.
of
Conditions in
Business
average
falling within the foregoing classification
increase of about 3*4%
I
of
trend
The
business
Federal Reserve
for the nine months.
various
the
in
Federal
Reserve
the following extracts taken from
districts is indicated in
of
"Monthly Review" of the Federal Reserve Districts
the
Richmond, At¬
Chicago, St. Louis, Minneapolis, Kansas City, Dallas
Boston, New York, Philadelphia, Cleveland,
lanta,
Francisco:
San
First (Boston)
District
New England
level which prevailed
in August, after allowances had been made for usual sea¬
sonal changes, but shoe production, which usually increases
between August and September, actually declined consid¬
erably and building contracts awarded in this district were
lower in September than in August," says the Federal Re¬
serve Bank
of Boston in its "Monthly Review" of Nov. 1.
"The
of
level
business activity in
general
during September increased over the
part, the "Review" also said:
In
Sales
and apparel shops in New England during
14.7% higher than in September last year, but hurricane
conditions affected retail trade in September last year.
Total
of
department stores
September
were
flood
loadings in New England during the four-week period ending
about 32% higher than in the corresponding four-week period
freight car
Oct.
last
7
were
year.
The value of total
construction contracts awarded in New England during
September was $22,172,000, as compared with
The
September,
in
$20,919,000
of
amount
raw
1938.
cotton
.
.
$23,769,000 in August and
.
consumed
by mills in New
England during
September.was 72,147 bales, which was a decrease of 7.4% from
but exceeded consumption in September last year by about 18%.
August
...
.
.
wool - consumption by mills in this district during Sep¬
approximately 7% higher than in August and was considerably
Daily average
tember
was
higher
than
last
September
in
Production
of
and
boots
have
been
year.
shoes in
12,574,000
New
pairs,
England
September is
20.1% lower than
during
amount
estimated
to
in August
and 12.6% below the total for September last year.
.
.
.
number of wage earners emoloyed in 1,804 manufacturing
The
establishments
the
an
total
number
in
Massachusetts
employed
in
these
during
same
September was 1.8% larger than
establishments in August, and the
2.9% higher, according to the
Industries.
These gains were
approximately the same as the average changes between August and Sep¬
tember which have occurred during the 14-year period, 1925-38, inclusive.
amount
of
aggregate
Massachusetts
quarters.
showed
draw
by retailers
purchases
in
still
conclusion
months'
sales
jewelry
and
$6,700,000,000.
made
to
sales in September were up
above the
far
and wholesale
retail
in
nine
and
pronounced.
not
grocery
advanced
had been
more
nine
is
is notable because consumption
appears
actual
an
1938.
Since
September in
to
represented by department stores, apparel shops, variety stores and
houses, had a total volume of approximately $5,600,000,000,
group,
mail
there
even
prices
food
which
were up
composite
August
during the early days of the
Hopkins said, apparently was confined
This advance
months,
both
consumer
comparison
represented
mark,
and
from
widely from month to month.
food 6ales,
Total
served
ago
minor slackening
a
September this year
purchasing.
in
year
during the second,
Total Tetail food sales for the month
to
August.
summer
sales
which
increase
Retailers'
figure not
a
consumers
Secretary
independent
vary
that
the
of
dollar
improved
also
a
offset in the third quarter totals,
was
registered
field,
from 1938
however,,
level
or
food
July and
does
year
Europe,
the
9%
food
gain
September.
in
than
June,
This
1938.
over
of commodities by
through
gains
with
compared
the third quarter as
conditions
in
war
as
July and August, in fact, showed
marked expansion in
up
present
sales
rise in September to 9 %% above September,
a
a
retailers
that
September,
this
of
consumption.
September,
Summary
retail
1939
during
increased
of
Stocking
sales
in
6ame
business
general
1938,
gain
the
rate of
however,
commitments with manufacturers
stepped up their purchases
purchase
true
the gain in physical volume
stated:
about 8%.
up
fully accounted for by the
was
moved directly
9^% from last
the three
preceding months.
When compared with the much sharper gain over the
summer months shown
by retailers' purchases (as measured by wholesalers'
sales) this seems to be a definite indication that stocks piled up at the
Only
into
Commerce Department's announce¬
The
probably
Districts
relative
about
was
being
larger.
further
ment
which
than 3 % above
upward movement
stocks.
ous
at a
of the
the part of wholesalers during September, because
advance
is
It
date
Secretary
beginning
the
at
war
relatively small in the wholesale channel
was
It cannot be concluded from this that there was no
wholesale
Quarters of 1939 Was 7% Above
Period—Secretary
of
Commerce
Hopkins
Reports Volume at $26,900,000,000
European
anticipated increases in demand and prices.
on
their
known.
Outstanding
1938
the
figure which followed the gradual
a
7% for
This September spurt undoubtedly was asso¬
months and
of
amount
not
the
Retail Trade in Three
contrast with an average gain of
in
of
from
level,
summer
changes
Preliminary.
a
much greater than
where stocks at cost value at the end of September were less
110.1
August
September
resulted
the year ago
very
110.0
119.9
107.3
February
outbreak
Accumulation of inventories
is
85.9
1938, volume,
the
a
was
when wholesalers' sales were 16^% above
September,
September price rise.
1938
1937
January
in
preceding months.
with
the
1936
1935
1934
and
speculative purchasing
Finished Goods
1933
three
ciated
of the
110.0
December
at¬
as compared with $300,000,000 in the
$200,000,000 in the first.
Under date
Department's release went on to say:
the
March
January
as
September
quarter
important factor in the third quarter gain
1939
1938
.
wholesale business
improvement in
by the fact that half of the biliion dollar gain at
the three-quarter point was accounted for during July, Au¬
of Nov. 3
1936
1935
1934
of
tested
An
1933
rate
Foreign and Domestic
of
Division of the Bureau
gust and
Semi-Finished Goods*
•
over
weekly payrolls
Department
of
Labor
was
and
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3176
Second (New York)
The
its
Federal
monthly
indexes
York,
"Monthly
its
in
in
presenting
Review"
of
in Europe continued in Octo¬
war
apparently at a somewhat less rapid pace."
ber, although
The "Review"
goes
to
on
gressed,
as
put
of
October.
reached
have
1937.
October
the
said
was
actual
textile
cotton
below
been
have
to
the
in
curtailed
operations
the
increase
in
Whereas
further.
production
September data
of
at
many
16%
current
than
capacity
ingots
at the
appears
activity that had
two
expected
however,
major
a
been in
there has not been
these
business
new
production,
the
automobiles,
the plants of
years
between
were
booked
to
the
mills
were
months,
the
as
rate
of
summer.
in
mill
steel
72% of estimated capacity.
The increase
also substantial in the cotton textile industry, where the
was
mills
their stocks
delivery.
turers
the
in
early
of cotton increased
part
the month
of
12%;
Orders received
sufficient
were
sharply
rose
a
as
number of
approached volume production of 1940 models, and
minous
coal
portions.
reduce
to
substantially and to create large backlogs of orders for future
Automobile assemblies
production
General
indicated
indicators
increase
an
of
such
manufac¬
figures for bitu¬
than
more
business activity,
of
seasonal
rushed
capacity
fields.
open-hearth and blast furnaces.
Although
exceeded in the past, total capacity is
and
current
price changes)
in the
Lake
shipping
On
season.
production
July,
Aug.,
Sept.,
1939
1939
1939
seasonal
made
users
of
60
Motor trucks
76
82
94
39
cars
57
56 r
level
carloadings
in
being made
are
nearly
95%
lake fleet
the
of
was
in
trade.
ore
industrial consumption increased, and domestic
in
more
the largest num¬
Local railroads reported
than
10 years.
for expected demands
on
domestic industry resulted
unprecedented volume of machine tool buying during September and
an
Backlogs in the industry
a
deferred
for
considerable
'production
Automobile
mid-October
in
other
to
attempts
as
.
associated
many
lower lake ports before the close of
or
15
in
of the active boats in the coal and
one
purchases.
The rush to prepare
the
period.
manufacturers
.
seasonally
rose
advance
the low
from
point
labor
by
August,
in
disputes
involving
Parts makers reported that releases
exceeded
have
.
halted
was
large that deliveries must
are so
.
major producer.
one
registrations in early October
production.
Industrial Production—
Steel
Passenger
highest
during September and early October as shipments to
rose
lake ports expanded,
upper
ber
Oct.
active
more
stocks at furnaces
commission, with all but
but
1938
the
at
has been reflected
industry
steel
shipping has become
ore
assembly lines of
Sept.,
is
output
•
build up
Coal
necessary
area.
have been
formerly,
than
early October.
also showed considerable gains.
(Adjusted for seasonal variations, for estimated long-terra trend, and where
for
this
national output is produced in
be
production and railway freight traffic,
last week of August to
the
in
This rise is particularly favorable to
important local industry
for steel is the most
additional
on
operating rates
Expansion
pro¬
electric power
as
district,
history.
the
the
theoretical
of
this
in
larger
now
to
activity
64%
great that operations in the industry were
so
approximately half of the
present
in
daily rate of mill consumption
have been
91% in the third week of October.
conditions
daily average output
average
v
.
.
from
being
during the
year
1937.
Orders for steel
raised
and
great deal of change in steel
September, this
This situation, combined with seasonal expansion in
raised employment and production in
factories
to
the
highest level
since the
fall
District
Fourth
most
Nearly-all available equipment has been placed in service and repairs are
rather general acceleration
progress
a
to
progress.
increase
labor
producer.
a
that
men
important automobile industry,
the
of
business
by
expectations
on
deliveries might be delayed as a result of the
domestic industry was superimposed on a gradual rise
increase and
stimulus
war
already in
based partly
buying
prices might
activity increased from 62% to
by
states:
further
troubles
seasonal
as
Business
"Monthly
Reserve Bank of Cleveland reports that
in
as a
Less
of
production between August and
rose
steel
while
business activity indicate
on
in
of
delays
operation, out¬
result of the exceptionally large
Electric power production and railway freight
in September.
advanced
also
traffic
occurred
theoretical
output
industry,
reported to have increased operations
orders placed
of
and
into
roughly comparable with the peak months of 1929
point
a
In
the
units
cost
90%
to have exceeded
Moreover,
operations
capacity
month pro¬
31
Oct.
its
Inventory
and higher
bringing older
estimated
was
end
in
reached
plants
some
encountered
Review" the Federal
"operating rates in
most Fourth District industries expanded rapidly in Sep¬
tember and the first three weeks of October."
The Bank
In
say:
Although the steel mill operating ratio leveled out as the
and
1,
Nov.
that "the pronounced rise in business activity which
states
followed the outbreak of
1939
Fourth (Cleveland) District
District
New
of
Bank
Reserve
Nov.
expectations.
New
passenger
car
apparently keeping pace with increased
were
Tire shipments, particularly
to the replacement market,
were
unusually high in September and early October.
97
48
88
65
70
Bituminous coal
76
82
85
90p
Crude petroleum
84
88
64
79 p
Electric power.
Cement
90r
....
95
55
...
Cotton consumption
Wool consumption
62
90
96p
.
97p
60
-
-
106
110
95
116
119
126p
110
109 p
Meat packing.r
105
99p
92
Tobacco products
...........
93
95
97
90
...
31
Oct.
"Monthly
Bank of Richmond
86
93
89
91
96
97
82
85
87 p
result
of
of
cause
Cotton
rayon
greater demand from domestic
Residential building contracts
Non-residential building & engineering contracts.
42
43
53
52
65
50
55
from
59
textile
increased
shipped
their
small
their
more
buying
77
78
85
above September,
70
81
81
93
more
Exports
Imports.....
78
87
92
94p
73
75
71
above
well
was
exceeded
salse
store
75
than in
sale
trade
August,
Distribution to Consumer—
83
87
88p
79
79
August and 19%
in
lines
most
1939,
100
92
the
August level
Construction
107
104p
100
94
101 p
September
92r
97
101
105
New passenger car registrations
awards
55
75
...
...
73 p
81p
tively
61
58
58
60
38
31
30
153p
152p
155p
148
146r
146
148p
109
lllp
while
to
Sales
*
Not adjusted for trend,
p
.....
Preliminary.
Review"
duction
in
dated
and
for
said to have declined
the Third
trict has increased
under
the
decline
in
9%
in
the
the
the
large
In
the
steel
and
output
Reserve
Dis¬
orders
of
unemployment
The Bank also had the
in part:
say,
textile
fuels
has
seasonal
but
tember,
increased
demand.
construction
dential
sharply
Awards
activity
of
has
been
with
exceptionally active.
expanding plant
building contracts
continued
to
in
wholesale
activity and
declined
advance.
The
in
Industrial
Sep¬
and
contracts
awards
the
for
but
This rela¬
gains
State
at
in
contract
in
some
increased demand
compensation
Sixth
for
agencies
are
District
District
distribution
awarded
in
55.8%.
rose
mill
activity
to
rose
90%
showed
increased
a
operations
estimated
than
increased
capacity,
and
resi¬
after
13.1%, steel
coal
output
also
■
September
operations
and
as
duction
and
In
advance.
further
increased
in
the
for
and
41.6%,
increased.
The
gains
usual
advanced
Pig iron production
of
substantial
more
smaller-than-seasonal
September
Textile
increasing 15.9% in August.
country
mills, where demand
provided
figure,
sharply.
activity
and
Construction
placed
manufacturing industry the greatest gains have been at iron and
of
heavier
Federal
volume
shortly after the outbreak of war."
following to
work
materially
■month, but department store sales recorded
of Philadelphia,
[Philadelphia]
of
and
August
together with substantial
mining,
but
models,
new
year.
fall,
below
coal
Whole¬
declined
automobiles
new
[Atlanta] Federal Reserve District is taken from the Oct. 31
Industrial
sharply since the middle of September,
stimulus
7%
were
The following regarding business conditions in the Sixth
»
in its "Busi¬
1, reported that "industrial pro¬
Nov.
and
"Monthly Review" of the Federal Reserve Bank of Atlanta:
(Philadelphia) District
The. Federal Reserve Bank
ness
lllp
■
Revised.
r
39%,
prospective buyers awaited
volume of building,
claims
September
Third
of
September last
dropped
activity
and
by
sales
substantially ahead of sales 'in either
Sixth (Atlanta)
Cost of living (1913 average=100)
Wagerates (1926 average=100)
declined
September.
in
34
154
Prices and Wages*—
General price level (1913 average=100)...
manufacturing
practically equal to those in the preceding month.
large
labor
tends
permits
were
industrial
Velocity of Deposits*—
Velocity of demand deposits, outside New York
City (1919-25 average=100)
Velocity of demand deposits, New York City
(1919-25 average=100)
cutting
than in September last year.
went
1938.
60% ahead of sales in
Mall-order house sales.
Other chain store sales
and
basis,
produce,
expectations
seasonal
more
also
September,
or
were
83p
94
Chain grocery sales.r
84
80
daily
a
could
1938, sales, while representative furniture stores sold 9%
from
Department store sales, United States
Department stores sales, Second District-
on
they
Tobacco
August
81p
loadings, merchandise and miscellaneous
operations
than
yarn
stocks.
reserve
August figures, but continued ahead of 1938.
Consumer
Department
Primary Distribution—
but also be¬
users
The following is also from the "Review":
mills
mills
into
Car loadings, other
Car
Reserve
substantial increase in exports as a result of the
a
yarn
further
Construction—
Federal
the
Reserve District expanded more than normally in
September, coal mining leading the increase chiefly as a
100P
77
of
Fifth
European war."
Employment—
Employment, manufacturing, United States.r..
Employee-hours, manufacturing, United States.r
District
Review"
reports that "industrial activity in the
-i.
105
:
Shoes..
Fifth (Richmond)
The
increases
pig
iron
whole,
a
in
but
bank
August
over
output
in
this
the changes
debits
in
than
sales,
store
accounts
textile
activity,
larger
were
department
individual
to
construction
district
in
were
for the
coal
pro¬
favorable.
less
comparison with September last year, the district changes in department
store
sales,
those
and
for
residential
the
bank
country
debits
awards,
but
compare
cotton
total
less
consumption
construction
and
coal
contracts,
pig
output
iron
lead
output
favorably.
trade
expansion is resulting in some additions to plants in a few basic
lines, but the general outlook for the building industry is somewhat clouded
by rising costs.
Employment
and
payrolls
are
increasing
substantially.
In
early
tember little change was reported
by the manufacturing industry,
then additional workers have been hired and
the volume of
bursements has been increased
considerably more than
expected.
In September the sharpest gains were
was
to be
reported
mining
industry and by, retail
Sales
then
to
have
increased
volume
of
consumers
been
at
wage
dis¬
seasonally
the
coal
more
high
than
levels.
usual
in
break of
at
and since
wholesale
also
sharply, owing in part to speculative buying, and currently the
business is being sustained by re-orders and
the demand for
war.
Inventories
low in relation to
Reserve
at both
sales.
Bank
of
Chicago
it
is
stated
that
"reflecting
wholesale and retail
establishments still
a
marked
upsurge in general business activity after the out¬
break of war, output of major Seventh District industries
rose
sharply
tinued
through
high in
the
October."
month
The
of
Bank
September
adds
that
operating rate has approached capacity levels
September,
Purchases
holiday goods.
Markets for raw materials and manufactured
goods are
generally much quieter than in the period immediately
following the out¬
appear
District
In the Oct. 26 "Business Conditions" issue of the Federal
distributors.
increased
sustained
by
Sep¬
but since
Seventh (Chicago)
of
automobile
pansion.
production has shown a
Concurrent with the general
rapid
and
con¬
"the steel
and volume
seasonal
increase
in
ex¬
indus¬
trial activity, practically all phases of distribution advanced
more than
seasonally in September.
Prices for industrial
products continued quite firm; those for most farm com¬
modities turned downward somewhat after their initial up¬
swing
in
early
September,
but
continued
above
the
low
Volume
levels
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
last
of
In
summer."
its
outbreak of
in
steel
to
for
production.
District
had stepped
mills
up
their operating rate
in
lines have
allied
were
sharply
up
in the
automobile
October
showed
than
more
a
With
the
increased
chiefly
reflecting
The
trict
car-
output was approaching
increase.
seasonal
September
general
firms added to their
industrial activity, many district
in
rise
A close to 10% increase in volume of
payrolls.
both
employment and wage payments carried the general level of employment
up to the closing months of 1937.
There was a substantial increase in
building contracts awarded during September, due mainly to heavy
for
public utility construction.
Both coal mining and petroleum
in this area likewise showed gains during the month.
in
awards
refining
31% during September.
Sales for the month totaled 7% greater than
the 1938 period, with Detroit continuing to make the best relative
showing
among
October sales
of
the major cities of the district; and in the first half of
larger district stores were up 13% over the comparable
The retail shoe as well as furniture trade also showed a
in September.
Practically all groups among the
volume.
year-ago
notable seasonal
total wholesale distribu¬
August and 21% over last year.
September increasing 16% over
is
to
a
year
trends in Eighth
which began last spring, con¬
trade and industry,
tinued at
September and
greatly accelerated rate through
a
the war
half of October." It is added that "while
the first
effect of stimulating buying of merchan¬
in Europe had the
responsible for speculative
purchasing of both raw materials and finished goods, the
expanded volume of demand in many lines emanated largely
dise of all descriptions and was
The survey also stated:
sources."
from domestic
sharply under impetus of the war in September, continued to increase
rose
during
the
October.
of
half
first
expansion
The
in
was
corresponding
heavily increased unfilled orders, and was accompanied by a
advance in employment and
to
response
payrolls, which in a number of industries were
two years.
Outstanding was the increase in
activities in the iron and steel industry and in manufactures based largely
the
on
highest
in
steel, such
than
more
machinery, railway equipment, machine tools, engines, &c.
as
at
"Monthly Review" of the
rise
compared with
as
of
the
in the district
stores
during September, owing largely
September sales, however, were
temperatures.
warm
ago
department
reporting
the usual seasonal
nine months
an
3%
increase of less than 2% for the
September
and the first half of October were more than 10% above last
year.
Retail
prices currently tend upward and are slightly above a year ago.
...
Total retail sales in the District in September were 6% and in the
first nine months of the year 4% larger than in the corresponding
periods last year.
The
than
value
that
of
for
sales
and
year,
in the last week of
...
September wholesale sales in the district
either
the
ago,
1938.
preceding
month
15% larger
was
the corresponding month a
it being the first substantial increase for any month this year
over
or
Virtually all wholesale lines shared in this increase.
.
.
.
Virtually all of the hard winter wheat belt is within the boundaries of
this
district, and
Serious
years.
ing
or
for
next
seeding conditions
lack
of
moisture
have
been
everywhere
season's
declined.
is
crop
Wheat
and
early in
cattle
either
delayed
in
plant¬
The present outlook
sown.
September,
farm
prices
have generally
prices are down only moderately,
of corn and
hogs have lost a substantial part of the rise.
wheat, marketings are heavier.
of
unfavorable
most
and there will be little fall pasturage.
poor
very
upsurge
the
has
prevented the germination of seed where
Following the
but those
With the excep¬
Eleventh (Dallas) District
According to the Dallas Federal Reserve Bank, industrial
activity and buying at wholesale establishments in the Elev¬
enth District increased substantially during
September, but
buying expanded by less than the average sea¬
consumer
sonal
In
amount.
its
Nov. 1 "Monthly Business Review"
following to say:
the Bank also had the
The
value
of
construction
contracts
awarded
rose
to
the
highest level
for any month in several years, being more than double that in September,
1938.
Petroleum production increased sharply following the termination
of the
durable and non-durable, which
manufactured goods, both
Production of
6ales
of
than
unseasonably
above
first
tion
District
volume
less
Conditions" the Federal Reserve
Bank of St. Louis states that "the upward
Oct. 31
taken.from the
Dollar
showed
Eighth (St. Louis) District
Oct. 31 "Business
In its
.
(Kansas City) District
Federal Reserve Bank of Kansas City:
increase
reporting wholesale houses shared in sales gains,
tion for
activity from 63% of capacity on Sept. 1 to 84% at the
following regarding business and agricultural con¬
the Tenth [Kansas City] Federal Reserve Dis¬
year
trade recorded a better than seasonal expansion
District department store
of
mill
September.
ditions in
peak production, though
hampered somewhat by strike conditions.
New business at district paper
mills expanded notably in September, and orders at furniture factories
late
of
were
as
the
Tenth
Steel castings
from domestic sources.
come
September,
in
in steel
end
those for malleable castings, and new business
stove and furnace industry recorded a seasonally rising trend.
By
building activity,
in
the balance of
from the automotive and
particularly heavy
steel and
orders
the
rise
railroad indus¬
tries.
Incoming business was much lower in October, as most steel users
had placed their near-term requirements; almost all of the orders placed
but
general,
3177
to substantially more than twice the September, 1938,
industry report that the industry will operate at
the season.
Iron ore consumption increased
fourth consecutive month in September, a reflection of the sharp
capacity for
89%% of capacity by the fourth week of October, which represents
highest actual volume output in history.
Demand for steel was quite
the
Leaders
volume.
marked advance
Europe there has been a
in
war
of business con¬
said, in part:
survey
ditions in its district the Bank further
Since the
usual at this season,
output
15-day shutdown of most oil wells in the district, and daily average
during September exceeded that of a year ago by about 6%.
Orders received by
establishments
incoming orders
was
at a diminishing rate toward the close of the month.
schedules
Production
the
lumber, flour and cotton textile mills and meat-packing
sharply during September, but the volume of
increased
at some mills were increased appreciably to supply
Distribution of merchandise through wholesale chan¬
heavy demand.
nels
expanded by
ber,
and sales
production at mid-October had advanced to 77% of rated
capacity, which compares with 66.5% and 45.5%, respectively, a month
and a year earlier.
At mines in this area production of bituminous coal in September in¬
at
and was 10.7%
greater than in September, 1938.
Reflecting principally heavy production
ii the new Illinois oil fields, output of petroleum in September and early
October continued the steady increases of earlier months this year.
Activi¬
ties at lead and zinc mines expanded noticeably in response to higher
than the average amount from August to Septem¬
more
than in September last
16% greater
were
Business
year.
tember.
Steel
ingot
creased
in
considerably
than the seasonal
more
amount,
being about 12% larger
Production at textile
mills increased, while output of flour at district mills was the highest
for any month since August, 1936.
Lumber production underwent sharp
expansion, and orders booked in September were the highest for the
month since 1929.
Consumption of electric power by industrial users in
the principal cities in September was greater by 7.6% than for the same
prices
broader
and
than in
month
September
demand,
output
August, and the best since the fall of 1937.
last
and country during
September carried further the gains recorded earlier in the year.
Sales of
-department stores in the principal cities in September Were 29.4% greater
than in August and 5.2% larger than in September,
1938; cumulative
total for the first three quarters this year was larger by 6.1% than for
cooler
Ninth (Minneapolis) District
affected
Federal Re¬
[Minneapolis]
District increased sharply in September, it is learned
the
from
from the
increased
tember,
(including public works and utilities) in September
August volume but was 18% smaller than Sep¬
the small
from
1938, however,
With the exception of
1938.
volume for that month since
the largest
it was
1939.
Department store sales in September were 12% larger than in the same
month
last
showed
a
section
for the
year
of
large
each
State
and
The volume
the
decline
•but
level
were
of
usual
1938.
about
ment
as
Electric
was
a
September,
at
the
index
higher
country
at
thia
more
year
cut
of
Lumber
season.
larger
1938,
one
year
than
in
every
earlier.
were
also
the total district
as
indicated by
than seasonally and was well
Flour production
a
The
in
stores
Sales in
district in September
1938.
than
mills.
one-fourth
product shipments
-and
Sales
larger than
period
indicators increased
Northwestern
is
were
same
of production in our
substantially
was
other
at
part State
than in the
gain of 5%.
...
several unadjusted
above
whole.
three quarters of the year in each section
larger
or
showing a
and
a
as
gain of 15% and at city stores were 9% larger.
Sales during the first
.as
district
ago
both
lumber
at
increased sharply
Minneapolis and
increased,
shipments
September
whereas
declined
last
a
seasonally
Linseed
year.
dry weather
Agricultural prospects
prevailing
during
Sep¬
Twelfth (San Francisco) District
its "Business Conditions" of Oct. 28.
in
The war provided
temporary stimulus in some lines, and in others it
was actually depressing.
The net effect upon district in¬
dustry, however, was toward a rise in production, employ¬
only
a
and
payrolls, which had already been increasing in
the summer months.
The
production
in
gain
primarily by
an
It
basis
found
its
consumption
in
in
September and
October
was
immediate increase in actual consumption
had
inventories
The Bank goes on to say, in part:
of
partly
been
in the
exceeding
fact
that
for
production,
goods to subnormal levels,
some
been
extent
former
foreign
With
increase
some
the
increased
sources
reference
to
in
actual
production
some
with
and
occasioned
not
in exports.
or
considerable
consequent
period
reductions
partly in heavy buying
use
has
of
the additional
supplied domestic
output.
users
To
whose
of supply were cut off by the war.
.
.
.
specific industries, there were particularly
sharp
steel, paper and pulp, canned foods,
sugar industries during September,
and in the cases of steel and
paper pulp buying was well maintained in the first half of October.
In
some of these and other industries, widespread
buying was reflected almost
immediately in an advance in production.
The steel and paper and pulp
advances
in
orders
of
the
lumber,
increased sharply and were nearly double September,
utilization in our four States increased in August
industries and many metal
ing practically at capacity
fabricating establishments are currently operat¬
for the first time in years.
The aircraft in¬
dustry continues at record
levels, with a volume of orders assuring sus¬
at present or higher rate for some time to come.
Mine
activity has increased substantially since Sept. 1, operations
at many copper, lead and zinc plants have been returned to a
five-day
week basis.
The furniture, rubber tire, apparel and automobile
assembly
industries apparently have experienced about the usual seasonal
changes
or
possibly some net rise in output levels since the beginning of Septem¬
ber.
The Pacific Coast shipbuilding industry has
recently been revived
through receipt of large orders from, the United States Maritime Com¬
mission, and extensive plant renovation is now under way preparatory to a
further increase in actual ship construction.
Employment and payrolls at Pacific Coast factories increased somewhat
from mid-August to mid-September,
continuing the upward tendency that
has prevailed since last spring.
tained operations
and
smelter
highest for that month on record.
The Minnesota employ¬
2 points in August to 108.7.
The August index figure,
Weekly
Report
of
Lumber
rose
result of
buying occurred.
hot,
power
advances
in
each
month
since last January,
was
14
lake ports increased during September,
even
though
a
Nov. 4,
points
'higher than at the beginning of 1939 and the highest since October, 1937.
Iron mining activity as measured by car loadings and shipments from
nipper
the
and
monthly summary:
construction
Total
of the Minneapolis Federal
The following is also taken
Review"
"Monthly
Bank, issued Oct. 28.
-Reserve
adversely by
Expansion in economic activity in the Twelfth District
[San Francisco], which was encouraged in September by
the outbreak of war, was extended further during October,
it was noted by the San Francisco Federal Reserve Bank
there has
serve
less than seasonally during September,
prevailing during the first two weeks of October
weather
for future use.
While inventory replenishment appears to have been the
principal factor in the marked rise in output in September and October,
comparable period a year ago.
Business volume in the Ninth
increased
noticeable expansion in consumer
were
retail trade in both the large urban centers
month,
with
ment
year.
Despite the handicap of unseasonably high temperatures throughout the
the
but
a
establishments
retail
decrease 4s
Movement,
Week
Ended
1939
The lumber movement during the week ended Nov.
4,
1939, in relation to the seasonal weekly averages of prior
years,
was as follows:
The Commercial & Financial Chronicle—YEARS OLD
ONE HUNDRED—
3178
and meat animals 5 points
however, was still 17
By Oct. 15, grain prices had declined 6 points
Percent of 1938
Percent of 1937
1929
Percent (f
72
103
123
79
Shipments.
111
125
0«
99
Manufacturers
Association from regional associations covering the opera¬
tions of representative softwood and hardwood mills. These
according to reports to the National Lumber
weeks,. reported lumber
Compared with the average of the preceding 10
4, 1939, showed decrease of 1%; new
shipments decline of 32% and 4%, respectively.
Compared
production of the week ended Nov.
and
fewer mills, was
preceding week, production, as reported by 3%
the
with
2% less; new orders, 3% less.
New business
20% below production.
Shipments were 6% above output.
Reported
production for the 44 weeks of the year to date was 16% above correspond¬
3%
less,
shipments
than
were
feet
softwoods
of
booked orders of
orders
Lumber
mills.
same
feet,
181,757,000
12,200,000 feet,
Production
week
were,
mills give
orders
received,
a
year
179,741,000
feet
it
ago
239,475,000
187,687,000
and
200,758,000
and
were
feet.
In
and
feet;
the
case
of
7,926,000 feet and 6,128,000 feet; shipments, 11,724,000 feet and 7,439,000
10,161,000 feet and
of last
Between
But
1938 level.
the gains registered during the
ended Sept. 15, and meat animals declined about the same amount.
flaxseed
about
lost
prices
prices averaged the same as a year
domestic supply
1939-40
Short-Term
of
7,484,000 feet.
1939-40
Credit
.
Used
is almost twice as large
Farmers in
Higher Than
to Be 5 or 10%
Outlook for 1940
1938-39—Credit
two years.
Butterfat prices
about
dropped
at
commercial
Bureau
of
Agricultural
farm
and shipments of, newsprint con¬
October and, showing gains, respec¬
tively, of 10.2% and 13.4% over a year ago, reached the
highest monthly totals since December of 1937, it was re¬
ported in the Montreal "Gazette" of Nov. 13, which further
to
production
expand
against 72.7%
in
announced
on
this
be 5
offered,
will
increase
short-term credits used
A
ages.
Ample
by farmers by
loans.
credit
be
will
credit associations,
Funds
however,
available
trification
available
for
and other
making
for
meeting all
loans
exceeding
are
agencies
easily expand their
and
loans,
emergency
funds,
but
credit
other
for
volume
of
farm-mortgage financing is expected to be somewhat
higher in 1940 than in 1939.
The volume of refinancing is not expected
to decrease appreciably, and additional new
financing is expected in con¬
nection
with
ments.
No
land
transfers,
great change
farm-equipment
is
expected in
mortgage
debt.
likely
to
be
farms,
and scale-downs resulting from
Additions
offset
by
to
volume of
debt
mortgage
principal
through
repayments,
debt
financing
new
foreclosures
of
adjustments.
1940
Funds
abundant, and increased amounts will be available in
loans
from
both
favor¬
on
agencies
such
Federal and
private
1939-40
in
designated counties for tenant-purchase loans to be made by the Farm
Security Administration under the Bankhead-Jones Farm Tenant Act.
Debt-adjustment activities will continue in
1939-40.
Outstanding personal and collateral loans
banks
and
loans
of
to
farmers
held
by commercial
similar
character held by units of the Farm Credit
during the year ended June 30, 1939 from $1,166,$1,430,440,000, or about 23%.
This was approximately the
Administration increased
492,000
to
of
rate
same
increase
1937-38, most
commercial
duction
in
the
banks,
credit
in
creases
of
the
as
occurred
which
increased
associations
loans
during the preceding year.
As during
during 1938-39 occurred in the loans of
increases
of
$267,761,000,
increased
29%.
or
$3,650,000,
2%.
Loans
There
of
pro¬
were
de¬
regional agricultural credit corporations, which
are
or
The large increase
totaled
31,000
ing 1938-39
products
1939
was
due
guaranteed
commercial
bank
loans
to
mainly to increased holdings of loans
by the CCC.
Between
June
30,
1938
farmers
dur¬
stored
farm
on
and
June
30,
the
commodity loans held by commercial banks and other lenders
(mainly, however, by commercial banks) under purchase agreements with
the
OCC
increased
$248,780,000, while the
total
of
commodity loans and
other personal and collateral loans of
commercial banks to farmers increased
$267,761,000.
cial
The principal increase in
banks and
Farm
other
lenders
Prices in
were
in
commodity loans held by
corn
loans
and
cotton
loans.
commer¬
.
Mid-October Lower Than Month
Ago,
Marketing Service—Index is
Says
Agricultural
Two
Points Above
Year
Ago
The average of prices received
by farmers in mid-October
was
slightly lower than
Marketing
Service,
ported Oct. 31.
U.
a
S.
month
earlier,
Department
of
the
Agricultural
Agriculture,
re¬
But at 97%
of pre-war, the all-commoditv
index was 2 points higher than the
October 1938 average.
The announcement went on to
say:
Prices
their
of
grains nnd meat animals
spectacular rise
one-third
of
their
in
gains.
made substantial seasonal
to
hold
the levels
reached
in
early
September, and by Oct. 15 had lost about
Chickens and eggs, and dairy products,
however,
advances, holding the all-commodity index within
point of the September figure.
failed
mills
was
some
8,275 tons.
market
exceeded
an
exceeded
78,591
to
In
tons.
reduction,
8,786
expansion
an
from
A
total
offsetting the shipments
7.8%
tons,
United
expansion
to
by
of
by
a
year
but
for
was
28,700
tons,
10,518
Canadian-United
of
some
1,470 tons.
17.5%
by
below
fell
the
but
higher
Shipments for the 10 months
ago.
output
some
10,104
some
Canadian production totaled 2,339,884
13.9%,
up
States
production
shipments
over
but
comparing
in Newfoundland's
shipments
excesses
tons,
Newfoundland
tons
6,217 tons
increasing North American mill stocks by
2,308,713
tons.
773
some
and despite
States
7.9%
by
rose
by
sharp
a
production
than
more
Newfoundland
Petroleum
and
Bill—Trade
10
fell
production
months
slightly
18.5%
for
at
below
the
by
some
782,720
months
10
tons
shipments.
and
tons.
Its
Products—President
Convention
Hears
Output
Crude
Climb—Oil
Inventories
Studied
by
Supreme
Backs
Attack
Legislation—Crude
on
Sharply
Cole
Federal
Higher—
Case
Dismissal
Court—Mexican
Situation
Unsettled
Representative
Cole, head of the House sub-committee
hearings on new Federal legis¬
lation, announced in Washington on Monday that President
which this
week
concluded
Roosevelt had authorized him to make known that the
President still believes that waste exists in the petroleum
industry and that
some action, presumably Federal legis¬
lation, is necessary to control the industry's operations.
The present probe of the industry under the
chairmanship
of Representative Cole grew out of a letter sent him
by
President Roosevelt in
mid-summer urging
Federal action
to
prevent waste in the petroleum industry. Since that time,
however, rumors have spread that the President has changed
his mind.
These rumors, Representative Cole said
false and the President still is committed to his
announced stand.
are
Monday,
previously
A week's
Nov.
of short-term
United
total
increase of
an
showed
liquidation, and of private credit corporations that rediscount with the
Federal intermediate credit banks.
1
tons,
are
mortgaged
able terms.
available for
this
States
shipments
year ago,
a
the
to
of
there
For the 10 months ended October,
outstanding farm-
Ample mortgage credit will continue to be available in
are
21,008 tons
Slates mills and
purchases, and farm improve¬
the
Canadian shipments
ago.
co¬
operative purposes appears to be ample.
The
tons,
short
overseas
month's
Applications for rural elec¬
year.
available
anticipated
Commercial banks,
can
rehabilitation
slightly smaller than last
are
of
greater percent¬
even
demands for credit by farmers of good credit standing.
production
volume
aggregate
of the report went on to state in part:
summary
short-term
the
with
by United
fell
total
the
is
year
a
production totaled 254,872 tons, shipments 255,100 tons.
ago
shipments
10% greater than that used in 1938-39.
Commodity
Corporation loans on the 1939-40 corn and cotton
industry operated at 77.5% of capacity
in September and 72.0%
289,260 tons exceeded production of 280,985 tons by
at
during 1939-40 for production and living costs, for livestock
and machinery, and for farm improvements is expected to
Credit
but apple prices declined
States
shipments
crops,
chickens
of
2.3 cents per
Sept. 15.
Impor¬
advanced
cents per bushel less than on
vegetables sold at higher prices,
Canadian
tinued
Nov. G that the volume of short-term credit used by farmers
or
price
The
in
and
Canadian Newsprint Production
Expanded Further in October
United
year
Economics
pastures in the Central States
poor
as
milk production.
markets, but egg prices
Potatoes averaged 3
dozen.
tant
advanced sharply
reduction
a
local
Production
The
earlier, even though the
as for each ef the past
explained:-
by
Expected
of
one-third
During the month the Canadian
Volume
Feed prices, however, remained
4 points to 96% of pre-war.
points above the October,
Grain
month
15, the
79%, and the index of
was
15, the index of prices paid by farmers for
15 and Oct.
Sept.
feeds declined
11
ratio
this
year,
121%.
paid
prices
softwood
hardwoods, 89 identical mills reported production this year and a year ago
feet, and orders,
mid-October
80% level of Sept.
prices received to prices paid remained at the
In
15.
8,449,000 feet.
identical
198,821,000 feet; ship¬
was
feet
month ended Oct.
1 point during the
declined only
index
of
ratio
unchanged from
was
seasonally.
week
same
was
415
by farmers
paid
prices
of
10,577,000 feet,
as
Production
1939, of
4,
242,115,000
231,705,000 feet.
business
new
of
production
were
reported for the
as
ended Nov.
respectively,
the
soft¬
423
index
level of 122% of pre-war.
Lower prices for food and feed
offset by increases for other commodities.
Since the prices
15
were
received
259,627,000
1939, by
4,
below
was
44% above production.
or
during
ments
22%
or
Shipments
229,273,000 feet, and
was
feet,
Production
hardwood
94
ended Nov.
reported for the same week
as
25% above production.
mills
shipments,
feet;
mid-October
brought
for the week
reported
Shipments
Reports from
or
Revised figures for the preceding week
246,676,000
above production.
4%
or
combined;
feet.
production,
totaled
mills
wood
the
192,334,000
mills produced 240,154,000
shipped 254,315,000 feet;
500
199,261,000 feet.
orders,
feet;
1939,
4,
hardwoods
and
517;
Mills,
were:
ended Nov.
week
the
During
year ago.
Sept.
items
was
ing weeks of 1938; shipments were 17% above the shipments, and new
orders were 19% above the orders of the 1938 period.
For the 44 weeks
of 1939 new business was 9% above, and shipments 7% above output.
a
The
the
reports further disclosed:
business
Cotton and cottonseed prices declined dur¬
ing the month, but averaged slightly higher than a year earlier.
Local
market prices of dairy products advanced 5 points during the month, and
also averaged
5 points higher than on Oct. 15, 1938.
Chicken and egg
prices were 6 points higher than a month ago, but were 16 points lower
points higher than a year ago.
M
Production.
Orders.,
The grain price index,
levels.
mid-September
from
1939
hearings by the committee were concluded on
10, and the committee recessed indefinitely.
It was
announced that all factors in the
industry who were not
at the first series of hearings will be afforded an
heard
opportunity
present their views.
Also, Representative Cole stated,
oil-producing States will be afforded as much time as they
desire at the hearings to present any testimony that they
might wish.
Last witness before the committee recessed was Secretary
of the Interior Ickes who
heartily supported the Cole bill,
but disclaimed any intent on the part of the Governnrnt to
exert any price-fixing control over the industry.
Mr. Ickes
added that "any price-fixing measure should be introduced
as such, and not
pass under the guidance of conservation."
In testifying before the subcommittee, Mr. Ickes said that
while the purpose of the bill is not to replace present Statecontrol laws, in case of any conflict between State and
Federal laws "it is the intent" that the Federal authority
to
prevail.
In commencing upon the present setup of State control
through their own respective control agencies, the Secretary
of the Interior said "I favor strongly the continuance of oil
and gas conservation laws in the States which have enacted
them and their adoption by States which do not have them,"
adding "it would be a serious mistake even to suggest that
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
they be set aside, with the complete loss of all which has
during the past few years."
In closing, Mr. Ickes said that "I would
greatly prefer to
come before your committee
and say that the State au¬
thorities and the oil producers were doing a complete job
of preventing waste, and that there was no need for any
further concern as to the protection and adequacy of our
oil supply, in terms of emergency needs or of normal civilian
requirements.
I regret that I cannot give you that assur¬
ance and that I must stress the need for
legislation which
will assure adequate protection against avoidable waste of
been accomplished
the oil
resources of our nation."
Center of attention at the 20th Annual Convention of the
American Petroleum Institute in Chicago this week was the
dispute
as to whether the oil-producing States or the Federal
Government should regulate the production of petroleum in
the United States.
Both sides were represented, with Re¬
presentative Cole speaking on behalf of his proposed bill for
Federal control of oil production and Governor Leon C.
Phillips, of Oklahoma, who attacked Federal control as a
"danger" to democracy.
"There
are
those
who^believe that State regulation, after
a
reasonable
period of trial, has failed in the matter of pre¬
vention of avoidable waste to the degree the nation should
expect, and is not likely to prove effective in the future,"
Mr. Cole declared.
"But whether State regulation has
failed to such an extent that the enactment of tins legislation
(creating a Federal oil commissioner) is necessary is a question
on which I
express no opinion.
Perhaps our committee will
be able to form an opinion."
He added that the Committee
has recognized in full the rights of the oil-producing States to
control oil production.
"We have felt that the problem is not too big for the States
if they sincerely want to solve it," he declared.
"At the
same time, the problem is not one which will tolerate trifling
by the States."
Citing California and Illinois as two in¬
stances of States where attempts to exeri State control of
production have created difficulties and pointed out thai the
recent discovery of oil in Nebraska is liable to cause fuither
trouble" because the State has not passed regulatory measures
and is not likely to do so once the race of competitive drilling
gets under way."
In replying to Representative Cole's remarks, Governor
Phillips, stressing that the petroleum industry is one which
has "never sought a government subsidy," declared that oil
is perhaps the healthiest industry in the nation.
"Today,
the United States is the greatest oil-producing nation on
earth," he pointed out.
"Oil is plentiful.
And, by the
courage of the small operator and the wildcatter, other vast
stores
of hidden wealth will be
discovered when the need
arises.
"The
discovered
oil
reserves
of
the United States
con¬
stantly have increased.
Notwithstanding the fact that the
Government has continually increased your taxes, you oil
men,
by improved methods, are furnishing the finished
product to the public at constantly decreasing prices. You
may well be proud of this achievement."
In
warning against Federal encroachment, Governor
Phillips said:
"Although Mr. Cole is the reputed author of the bill, I
cannot refrain from calling to
your attention the similarity
between this bill and the Act creating the National labor
Relations Board.
It provides that the rules of evidence of
our courts shall not Be controlled in
hearings before that
board.
It gives the board
authority to make the charge,
hear evidence under its own rules and decree the
punish-^
ment.
It permits the venue of the action to be taken
away
from the State of the party involved and removed to Wash¬
ington." In summing up, Governor Phillips declared:
"This march toward Government control of
industry, labor,
and our free institutions must be
stopped. What we need
is more business in government and less
government in
business."
Joseph E. Pogue of the Chase National Bank of New
York told the assembled oil men that the
petroleum industry
should "cultivate a more pervasive sense of social values and
adjust the frontiers of competition to the requirements of
By pursuing
industry would avoid
"improvised or disruptive action," inspired by critics.
"The petroleum industry," he
continued, "is in a tran¬
sitional stage, the significance of which is not
fully recognized
by its members, and scarcely perceived by its critics and
observers.
The period marked by
engineering and physical
problems is giving way to an era in which the economic and
social phases are assuming dominance."
He pointed out
that the complaints directed against the
petroleum industry
were
not concerned with conditions
touching the welfare
of the general public, "but relate to circumstances within
the industry that exert differential pressure
upon competing
economics and the dictates of social welfare."
such a course, he contended, the
groups."
The Institute
3179
daily market demand for the Nation for November
3,620,000 barrels as recommended by the United States
average
of
Bureau of Mines.
Texas showed
gain of 258,050 barrels in the daily average
A gain of 22,000
barrels for Oklahoma lifted the daily total there to 431,800
barrels, while California's increase of 19,100 barrels broadened
the daily average there to 626,700 barrels.
Illinois was up
2,650 barrels to a daily average of 329,000 barrels.
A loss
of 8,350 barrels in the Kansas fields pared output there to
164,900 barrels, daily, while Louisiana's decline of 1,600
barrels cut production to 267,500 in the Bayou State.
a
output which rose to 1,547,400 barrels.
An
and
expansion of 541,000 barrels in holdings of domestic
foreign crude oil in the United States during the week
Nov. 4 was disclosed in the Nov. 15 report of the
Bureau of Mines, which placed total holdings at 230,994,000
barrels.
Domestic stocks rose 594,000 barrels, which was
partially offset by a decline of 53,000 barrels in inventories
of foreign crude oil.
Stocks of California heavy crude were
off more than a quarter million barrels, at 13,887,000 barrels.
The United States Supreme Court on Nov. 10 took under
consideration the question of whether Federal District Judge
Patrick T. Stone acted correctly in dismissing indictments
against eleven defendants in the Madison, Wis., oil anti¬
trust ease after that had been convicted by a jury.
Judge
Stone dismissed the indictments nearly a half-year after
the jury had returned its verdict, acting on motions made
by the defendants for a favorable verdict before the case
went to the jury.
In challenging the right of Judge Stone to take such action,
Thurman Arnold, Assistant Attorney-General in charge of
anti-trust law enforcement, contended before the court that
the procedure "puts a premium on inattention" by the judge
and "makes the jury verdict purely advisory."
Weymouth
Kirkland, Chicago attorney, replied for Judge Stone that
postponing a decision on such a motion is a "very laudable
practice on complicated questions."
Mr. Kirkland con¬
tended that "instead of causing the judge to lose his sense
of responsibility, it has the opposite effect."
The Mexican situation again came to the fore with the
outlook none too optimistic for the oil companies.
However,
a speech made by Undersecretary of State Summer Welles
before the Inter-American Financial and Economic Advisory
Committee, stating that American money will not be in¬
vested in countries where "confidence is shaken," was inter¬
ended
preted as a
ernment is
warning to Mexico that the United States Gov¬
assuming
a
more
serious attitude toward and
arising out of the early 1938 expro¬
half-billion dollars of American and British
interest in the situation
priation of some
oil properties by the Cardenas Administration.
In Mexico, an opinion upholding the right of the Govern¬
ment to expropriate the vast, foreign-owned oil industry,
was submitted to the Mexican Supreme Court.
It was un¬
certain how soon the court will vote on the opinion.
Under
Mexican law, one judge prepares an opinion which then is
submitted for discussion and a formal vote by the entire
court.
There
were
no
crude oil price changes.
Prices of Typical Crude per
Barrel at Wells
(All gravities where A. P. I. degrees are not
1—
.....$2.40
1.25
Corning, Pa
1.02
Illinois
.96
Western Kentucky.
1.20
Mid-Cont't, Okla., 40 and above— 1.03
Rodessa, Ark., 40 and above
1.25
Smackover, Ark., 24 and over
.75
Bradford, Pa
Lima (Ohio Oil Co.)
REFINED
FUEL
shown)
Eldorado, Ark., 40.
$1.03
Rusk, Texas, 40 and over
1.02
DarstCreek
..... 1.03
Michigan crude
* 1.22
Sunburst, Mont...—...
—
1.22
Huntington, Calif., 30 and over... 1.05
Kettleman Hills, 39 and over
1.24
PRODUCTS—EXPORT DEMAND EXPANDS—MOTOR
STOCKS
TIONS
SHOW
SLIGHT
BROADEN—OKLAHOMA
ARD OF INDIANA LIFTS
GAIN—REFINERY OPERA¬
GASOLINE CUT—STAND¬
GASOLINE PRICES
long-awaited swell in the export market for gasoline
during the week ended Nov. 11,
being reflected in a contra-seasonal slackening of the rising
trend in motor fuel inventories, despite a sharp increase in
refinery operations.
Stocks of finished and unfinished motor fuel gained only
9,000 barrels during the week, the American Petroleum
Institute report disclosed, totaling 73,271,000 barrels.
This
total is more than 10,000,000 barrels above "normal" for
this time of year, but the trade has been expecting heavy
export orders for gasoline from the nations embroiled in
The
made its first appearance
,
the European war.
Since stocks of gasoline were up only 9,000
this in the face of a gain of 196,000 barrels in
barrels, and
gasoline pro¬
duction, oil circles estimated that more than a million
barrels of gasoline were moved in the export market , with
the bulk of it going to England and France.
Refinery
operations were up 1.6 points to 83.7% of capacity, with
average runs of crude oil to stills gaming 71,000 barrels
to hit
3,536,000 barrels daily.
the period
consumption in the industrial field accounted
to a decline of approximately 1,500,000 barrels in holdings
of this type of fuel oil.
Gas oil and distillate inventories
were
slashed 127,000 barrels, reflecting the seasonal ex¬
Broadened demand for residual fuel oil during
from rising
adopted resolutions opposing the Cole bill
imports of Mexican
and also made known its opposition to
and Venezuelan crude oil.
Resumption of five-day production in Texas shot the
daily average output of crude oil up nearly 300,000
barrels during the week ended Nov. 11.
The American
Petroleum Institute report placed the
gain at 295,850 barrels,
and daily average production at 3,797,200 barrels.
This
total is approximately 170,000 barrels in excess of the
Nation's
pansion in demand from home heating quarters.
Service station and tank wagon prices of gasoline were
gallon on all three grades of gasoline in Tulsa
on Nov.
14, effective immediately.
The tank wagon cut
came first, dealers immediately passing it along to "pump"
cut one cent a
customers.
13 announced that it
would advance subnormal tank wagon prices on all three
Standard Oil of' Indiana on Nov.
grades of gasoline, on kerosene and on tractor fuel by
Yz cent a gallon throughout Kansas, with the exception
of the metropolitan Kansas City area, effective Nov. 15.
The company also announced that throughout Missouri,
with the exception of Kansas City, it would advance sub¬
c
month of November obtained from the
Into consideration ordered shutdowns for 11 days
1, 4, 5, II, 12, 15, 18, 19, 25, 26, and 30.
Recommendation of Central Committee of California Oil Producers.
This Is the net basic allowable for the
best available sources and takes
during the month, namely Nov.
d
e
Plus.
Note—The figures
NOV> 13—Standard of
Indiana advanced tank wagon prices of all three
and of tractor fuel
cent a gallon throughout
exception of the metropolitan Kansas City area, effective
grades of gasoline, of kerosene,
Nov. 15.
Other Cities—
Socony-Vac.
.06>4-.07
Shell
Kerosene,
$1.15
■
z
85.9
119
93.C
415
90.2
541
97.5
2,206
Oklahoma, Kansas, Missouri
419
81.6
255
74.6
z938
50 3
123
77.4
533
1,055
90.0
811
85.4
2,678
Louisiana Gulf
179
97.8
152
86.9
288
North Louisiana <fe Arkansas
100
55.0
46
83.6
118
54.2
42
65.6
226
828
90.0
501
67.2
1.383
86.2
3,171
83.7
10.506
316
Texas Gulf
Reported
*
i
|
.17
.....
3,536
12,076
4,394
3,465
11,880
x3.244
yll 200
U.S. B. of M.Nov. 11 1938
Is
Estimated Bureau of Mines' basis,
a
week's
Newark
Boston—
...
STOCKS
OF FINISHED
AND UNFINISHED GASOLINE AND GAS AND
WEEK ENDED NOV. 11, 1939
Each)
FUEL OIL,
Slock of Finished and
$.1661 Buffalo..
.1851 Chicago
and Distillates
District
.17
..........
the
ended
Nov. 11, 1939, was 3,797,200 barrels.
This was a rise of
295,850 barrels from the output of the previous week, and
daily average gross crude oil production for the week
the
week's
current
figure
above the 3,620,000 barrels
was
calculated by the United States
be
to
total
the
of
Department of the Interior
restrictions imposed
the
barrels.
The daily average output for the
week ended Nov. 12, 1938, totaled 3,243,250 barrels.
Fur¬
ther details as reported by the Institute follow:
ports for the week ended Nov.
barrels
for
the
Nov.
ended
weeks
ended
barrels
Nov.
estimated
oil
basis,
3,536,000
companies
pipe
lines
unfinished
barrels
barrels daily for the four
daily
Coast ports for the
daily average of 9,429
a
the
for
weeks
four
panies
refining capacity
potential
industry
ended
as
of
the
to stills,
on
a
whole
a
ran
United
States
Bureau of Mines
barrels of crude oil daily during the week,
of
2,780
Inland Texas..
1,326
Texas Gulf
8.851
10,159
Louisiana Gulf
2,209
2,586
No. La. & Arkansas
245
332
275
Rocky Mountain..
California
924
996
"40
1.824
5,458
1,086
140
"782
7,097
"235
23
1,975
261
9
.
615
419
13,683
14,745
7,783
1,895
60,107
22,145
63.166
68,121
28,201
10,302
83,537
27,103
5,050
5.150
830
Nov. 11, 1939...
68.216
73,271
a29,031
10.302
a85,912
Nov.
68,050
73,262
a28,933
10,527
ac87,064
63,722
69.363
Reported
Est. unreported
2,375
♦Est. total U. S.:
U.
S.
4, 1939...
B
to
27,103
27,457
Mines
119 822
32.701
basis,
a
For comparability with last year these
district,
500,000 barrels.
figures must be increased by stocks "At Terminals, &c.," In California
c
Revised due to downward revision of California stocks by
the end of the week
and that all
bulk terminals, in transit and in
73,271,000 barrels of finished and
The total amount of gasoline produced by all
gasoline.
is estimated to
have been
DAILY AVERAGE
com¬
12,076,000 barrels buring the week.
CRUDE OIL PRODUCTION
(Figures In Barrels)
a
Week
Change
Weeks
Week
lated
Stale
Ended
from
Ended
Ended
Require¬
Alloto-
Nov. 11,
Previous
ments
ables
1939
Week
Nov.
11,
1939
Nov.
12,
1938
(.Nov.)
Oklahoma.
429,000
429,000
b431,800 + 22.200
Kansas
169,000
170,000
bl64,900
—8,350
421,300
175,050
The Bituminous Coal Division of the United States De¬
partment of the Interior reported that weekly production of
bituminous coal continues above the 10-million-ton mark.
in the week ended Nov. 4 is estimated at
10,260,000 net tons.
This is in comparison with 10,425,000
tons in the preceding week, and 8,115,000 tons in the corre¬
The total output
sponding week of 1938.
weekly coal report stated that
holidays in the anthracite region—Mitchell
Day, celebrated on Monday, Oct. 30, and the opening of the
hunting season, on Wednesday, Nov. l,was responsible in
large part for a sharp reduction in total production for the
The Bureau of Mines in its
observance of two
The estimated total
week ended Nov. 4.
Four
B. of M.
Calcu¬
Weekly Coal Production Statistics
Gulf
barrels,
66,000
19,571
had in storage at refineries,
as
36
397
Estimated Bureau of Mines'
Atlantic and
at
totaled
11
with
daily
the
1,772
Nov.11,1938..
11.
indicate that
6,120
*
Reports received from refining companies owning 86.2% of the 4,394,000barrel
5,829
4,422
326
2.891
11.
Nov.
compared
162
910
*
4 and 138,571
Nov.
ended
California
of
Receipts
week
week
308
3,930
principal
compared with a daily average of 99,143
daily average of 79,857 barrels,
2,725
10.796
11 totaled 559,000 barrels, a
Imports of petroleum for domestic use and receipts in bond at
States
5,503
6,485
2,428
1,541
3,642,150
United
7,052
18.121
17,278
Ind., 111., Ky
Okla., Kan., Mo
and in
Pipe Lines
1939, is estimated
duction for the four weeks ended Nov. 11,
at
Refineries
Pipe Lines
10,393
Appalachian...
by the various
Daily average pro¬
oil-producing States during November.
At
and in
Unfin'd
East Coast
that
estimates
and
in Transit
Refineries
Finished
Institute
in Transit
At
Finished
Ended
At Terms,
At Terms,
Total
Total
Petroleum
Stocks of Residual
Fuel Oil
Stocks of Gas Oil
Unfinished Gasoline
$.174
Daily Average Crude Oil Production for Week
Nov. 11 Rises 295,850 Barrels
American
This
(Figures In Thousands of Barrels of 42 Gallons
zNot Including 2% city sales tax.
The
y
1938, dally
12% reporting capacity did not report gasoline production.
z
$.02J<-.03
Tulsa
i
November, 1938, daily average,
x
production based on the U. 8. Bureau of Mines November,
average,
Terminal
| Chicago—
.$.17
Brooklyn
1,570
4,394
4,1939..
$.04
| 28-30 D
$.053
I
Gasoline, Service Station, Tax Included
New York
138
365
Estimated unreported
*
I
1.651
N. Y. (Bayonne)—
z
100.0
149
Nov.
D
| New Orleans C
$1.00
$1.00-1.25 Phlla., Bunker C._*. 1.45
Gas Oil, F.O.B. Refinery or
27 plus...
1,701
94.6
581
615
615
Nov. 11, 1939
iNew Orleans.$.0505J4
| Tulsa
.04 -.0434
I California 24 plus
Diesel...........
Blended
Appalachian...
Indiana, Illinois, Kentucky.
Terminal
Fuel Oil, F.O.B. Refinery or
N. Y. (Bayonne)—
Bunker C
Inc. Natural
East Coast
White, Tank Car, F.O.B. Refinery
(North Texas
$.04
$.0511 Los Angeles.. .0334-.05
(Bayonne)
Percent
Operated
♦Estimated total U. S.:
41-43 Water
New York—
Reporting
04J4-.05>i
.0734- 08
Warner-Qu.
Rate
-.05J4
-.05)4
Tulsa
RichOll(Cal) .0834--08J4
Refineries
Daily
Average
Percent
Potential
.Q6M--07
Gulf ports
.07 ^-.08
East'n
$.05
New Orleans..
08X-.08H
Gulf
mVi-mVi
Chicago
$.07 34--08
Texas
Std.Oll N.J.$.06J4-.07
T.Wat.Oil.
Production
at
California
Octane), Tank Car Lots, F.O.B. Refinery
New York—
New York—
to Stills
Rocky Mountain
of gasoline were cut
all three grades in Tulsa, effective immediately.
S. Gasoline (Above 65
U.
Gasoline
Crude Runs
Capacity
District
Inland Texas
,
14—Tank wagon and service station prices
cent a gallon on
one
11, 1939
NOV.
Daily Refining
and 8 cents on regular, exclusive of taxes.
Representative price changes, showing the trend of the
Nation's major refined product markets, follow:
third grade,
Nov.
produced.
AND PRODUCTION OF GASOLINE. WEEK
ENDED
minimum of 7H cents a gallon on
to bring them to a
Kansas with the
STILLS
TO
RUNS
CRUDE
oil whloh
Indicated above do not Include any estimate of any
might have been surreptitiously
prices of gasoline as much as was neces¬
normal tank wagon
sary
Chronicle—YEARS OLD Nov. 18, 1939
ONE HUNDRED—The Commercial & Financial
3180
450,700
148,100
Panhandle Texas
82.150
+5.050
73,650
North Texas
95.350 + 13.300
87,150
34,400
+ 7.100
30,650
263.100 + 44.550
237,350
88,350
PRODUCTION
STATES
UNITED
ESTIMATED
(In Thousands of Net Tons)
31,300
201,450
West Texas
95.700 + 10.300
East Central Texas
495,200 + 99.100
236,400 + 44.350
245,100 + 34.300
East Texas
Southwest Texas
Coastal Texas
444,800
213,400
225,200
58,850
206,900
1,444,000 cl396,225 1,547,400 e258,050 1,400,550 1,255,200
Bituminous Coal
65,800
Total Louisiana
+800
65,650
201,700
—2,400
200,250
71,600
189,150
259,000
258,994
267,500
—1,600
265,900
260,750
57,000
Arkansas
.68,865
68,950
+ 2,150
66,750
49,350
Mississippi
950
+ 150
650
303,000
329,000
+ 2,650
330.850
Eastern (not inch 111.).
106,000
103,400
+ 1,150
102.900
63.000
64,150
+ 1,900
63,200
63,000
+4,350
61,700
a
Includes for
production
of
16,000
17,150
4,000
3,950
+ 550
3,750
—6,450
114,200
8,115 314,652 276,680 446,294
1,712
1,063
1,212
1,353
5,609
5,604
5,812 238,044 233,781 195,018
of historical comparison and statistical convenience the
b Total barrels produced during the week converted to
equivalent coal assuming 6,000,000 B. t. u. per barrel of oil and
pound of coal,
c Subject to current revision,
d Sum of 44
ESTIMATED
4,100
109,400
1,738
PRODUCTION
106,650
13,100 B. t. u. per
full weeks ended
corresponding 44 weeks of 1938 and 1929.
OF
PENNSYLVANIA
AND
ANTHRACITE
13.800
Colorado
10,425
purposes
lignite.
51,200
Montana
62,000
17,100
1929
1938
c
51,150
Wyoming
1939
Crude Petroleum t>—
J 177,950
Michigan
1938
10,260
1,710
Total, including mine fuel
Nov. 4, 1939, and
Illinois
Year to Date d
a—
Coal equivalent of weekly output.
North Louisiana
Coastal Louisiana
1939
1939
88,650
370,400
221,750
Calendar
Week Ended
4, Oct. 28, Nov. 5,
Nov.
Daily average
Total Texas.
WITH
COAL
SOFT
OF
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
75,900
West Central Texas...
of 743,000 tons
in fact, the lowest weekly record since that of July 15.
Compared with the week of Oct. 28 the decrease amounted to
391,000 tons; compared with the corresponding week of 1938
(Nov. 5) there was a drop of 144,000 tons.
was,
111,000
New Mexico
111,000
BEEHIVE
Total east of Calif.. 3,024,000
3,170,500 e276,750 3,023,950 2,568,950
596,000 d599,000
626.700 + 19,100
618,200
674,300
California
a
3.620 000
3.797.200 e295.850 3.642,150 3.243.250
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
November.
As requirements may be supplied either from stocks, or from 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. 8.
Calendar Year to Date
Week Ended
Nov.
.
4,
1939
Penn.
Nov.
Oct. 28.
5,
1938
1939
1938
1938
c
1929
c
Anthracite
Total, inch colliery
fuel,
Total United States.
COKE
(In Net Tons)
Daily average__
887,000 43,630,000 38,496,000 61,156.000
237,500
169,400
149,500
147,800
743,000 1,134,000
189,000
148,600
Comm'l prod't'n.b
706,000 1,077,000
a
843,000 41,449,000 36,571,000 56,753,000
Beehive Coke—
United States total
70,000
69,800
Dally average__
11,667
15,000
781,200
725,100
5,714,200
2,500
11.633
a
>
2.970
2,757
21.727
Includes washery and dredge coal, and coal shipped by
operations,
b Excludes colliery fuel,
of working days in the three years.
c
truck from authorized
Adjusted to make comparable the number
Volume
ESTIMATED
3181
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
PRODUCTION
WEEKLY
OP
BY
COAL,
STATES
This
forecast
and river ship¬
(The current weekly estimates are based on railroad carloadlngs
subject to revision on receipt of monthly tonnage reports from
and State sources or of final annual returns from the operators.)
ments and are
district
months
of
for
entire
the
when
Week Ended
Mr.
Oct.
Stole
21, Oct. 29, Oct. 30,
1939
1939
Oct. 26,
e
3
3
300
253
264
371
398
79
Alabama
90
81
101
132
88
Colorado
162
134
156
—
1
1
Illinois
1,048
979
347
Indiana
217
1,558
354
year,
dends
in
377
93
81
78
152
136
156
157
dividend
1936,
161
Kentucky—Eastern—
973
950
812
902
996
764
156
193
172
196
311
238
35
28
41
38
27
32
59
13
Maryland
Michigan
nine
and
took
rank
under
regions
than for 1936,
second only to
American
the
flag,
far this year
so
Philippines
$7,400,000
by
have
not
11
additional
compared
$8,250,000
during
companies
Three
stated.
by 12 dividend-paying gold mining
exceeded
have
the
yet announced disbursements
this
with
period
same
companies which
last
paid
year.
divi¬
In
1938
8
12
13
15
84
totaled
payments
$8,500,000, and in
about
1935,
$11,500,000;
1937,
in
$9,767,000;
in
$6,000,000.
116
92
82
146
Western-
the
1938
first
out.
Soriano
Mr.
the
for
520
Kansas and Missouri
Iowa
in
Alaska
surpassed
gold-producing
disbursements
companies
month,
a
1937, and are about 26% greater
the
points
high is based on an output of approxi¬
$3,050,000
Figures for the nine months of 1939 exceed those
Philippines
Soriano
8
1,206
304
383
216
1*297
148
*
1
940
Georgia and North Carolina...
8
about
or
of
year
all-time
new
year.
among
approximately
2
305
Arkansas and Oklahoma
this
the
Total
Avge.
1923
1929
1937
1938
2
Alaska
a
$27,500,000,
'California
Oct. 28, Oct.
of
mately
(In Thousands of Net Tons)
World Tin Stocks Increased 7,560 Tons in October
World
stocks
according to
of tin increased 7,560 tons during Oct.,
cablegram received Nov. 17 by the American
a
Montana
77
89
77
New Mexico
29
27
32
30
62
58
North and South Dakota
85
89
82
64
844
836
Iron and Steel Institute from the statistical office of the
International Tin Research and Development Council, The
Hague, Holland.
555
550
468
548
582
817
2,626
2,530
1,961
2,037
3,021
3,149
114
130
109
119
114
118
Ohio.
Pennsylvania bituminous
Tennessee
18
Texas
19
26
24
21
18
the end of
at
shown in the
The statistical position of the tin stocks
Sept. as compared with previous periods is
following table:
84
98
86
88
109
121
World's Visible
Smelters' Stocks
376
369
314
319
269
231
47
51
47
39
44
68
of Tin-b
Long Tons)
2,306
2,212
1,788
1,867
2,260
1,488
1939—May
735
527
524
846
805
June
131
133
138
169
184
July
Supply of Tin-a
(Long Tons)
32,868
28,815
28,381
86
s4
Utah.
Virginia
Washington.West
82
75
—
Virginia—Southern.a...
733
Northern.b
139
Wyoming
*
*
Other western States _c
*
1
———
August
Total bituminous coal...
10,425
Pennsylvania anthracite _d.
1,134
8,650
9,347
880
1,047
11,625
1,822
11,310
1,968
11,559
Includes operations on the
11,644
10,394
9,530
13,447
October
N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
Mason, and Clay counties,
b Rest of State, in¬
and on the B. & O. in Kanawha,
of
Shipments
Totaled
Anthracite
4,333,105
Net Tons
October, 1939,
Shipments of anthracite for the month of
reported to the Anthracite Institute, amounted
to
4,333,105 net tons. This is an increase, as compared with
as
shipments during the preceding month of September, of
46,200 net tons, or 1.08%, and when compared with October,
1938, shows an increase of 814,427 net tons, or 23.15%.
Shipments by originating carriers
(net tons) are
as
Including
a
50,758
b Tin
in
(Britisb Tin Smelting Co. excluded).
In intermediate products (Including carry-over British Tin
carry-over Straits and Europe
ore
and
Smelting Co.)
♦
Deliveries
Non-Ferrous
of
Metals
at
High
Level—
Buying in Fair Volume
"Metal and Mineral Markets" in its issue of Nov. 16,
reported that producers of major non-ferrous metals were
absorbed during the last week in the continued large move¬
ment of copper, lead, and zinc to fabricating plants.
De¬
liveries are the largest in volume since early 1937.
Though
new business has been coming through at a more
leisurely
pace, the sales total for the week was above the average. On
prompt and near-by material the undertone remains firm.
On forward metal sentiment was a little mixed, as much
depends on developments abroad. The publication further
stated:
Copper
Copper buying during the last week
October,
Reading Co
Delawjire Lackawanna & Western RR.
Delaware & Hudson RR. Corp
Pennsylvania RR
....
Total..
....
Sept.,
1938
1938
863,082
807,533
404,518
662,504
434,086
417,081
403,583
64,085
230,433
398,523
85,432
263,488
-
New York Ontario & Western Ry
Lehigh & New England RR
October,
1939
891,018
762,096
439,543
624,061
450,898
418,046
—
Lehigh Valley RR
Central RR. of New Jersey
Erie RR.
September,
1939
4.333,105
4.286.905
655,478
820,216
222,408
453,814
387,078
385,031
592,838
690,602
175,901
390,895
253,980
250,404
289,883
229,222
167,731
170,518
121,035
143,716
3,518,678
2,887.972
tons,
According to preliminary estimates made by the Bureau
of Mines and
the Bituminous Coal Division of the U.
S.
Department of the Interior, butiminous coal output during
the month of October, 1939, amounted to 45,255,000 net
tons, compared with 34,989,000 net tons in the correspond¬
ing month last year and 38,150,000 tons in September, 1939.
Anthracite production during October, 1939, totaled 4,955,000 net tons, as against 4,180,000 tons a year ago and
4,776,000 tons in September, 1939.
The consolidated state¬
ment of the two aforementioned organizations follows:
Total
Number
Average
Working
Day
(Net Tons)
for
of
Month
Working
(Net Tons)
*.
Days
45,255,000
4,955,000
253,800
26
trade
of shipments
to
198,200
9,762
Year to End
of October
(Net Tons)
a
.
Anthracite-b
Beehive coke.
..
26
month.
The tight position of near-by copper continues, but some producers
of the strike at
believe settlement
situation.
The
On
38,150,000
25
b
4,776,000
25
Beehive coke
75,200
26
34,989,000
26
1,346,000
Anthracite.b
4,180,000
25
Beehive coke
60,700
26
167,200
2,335
...
the
to
s.
refinery on the eastern seaboard.
Shipments of coke
Katanga have been stopped, due
Eleven domestic copper producers jointly filed a brief on Nov. 13 opposing
reduction in the import tax on copper (now 4c. per pound) under the
any
proposed Chilean trade agreement.
are
the
same
as
holds.
The reasons for opposing
a
lower tax
those which impelled Congress to impose the tax in 1932
and to extend its effective
period from time to time thereafter, the brief
A concession to Chile, it was pointed out, means a similar concession
to other
Parties to the brief
copper-producing nations.
were:
Calumet &
Hecla; Consolidated Copper mines; Copper Range; Isle Royale; Magma;
Miami; North Carolina Exploration; Phelps Dodge; Quincy Mining; Shattuck Denn; and Tennessee Copper.
The Arizona Copper Tariff Board and
the two Senators from Arizona also filed briefs.
Lead
Buying of lead during the last week was in sufficient volume to main¬
Settlement of the strike at Perth Amboy, anso far as shipments from
tain prices on a firm basis.
nounced
Nov.
on
that quarter are
bearing
13, will relieve the situation
concerned, but this development is not expected to have
Sales booked during the week invblved
the price structure.
on
tations held at 5.50c., New
of the American
York, which
was
Quo¬
also the contract settling basis
Smelting & Refining Co., and at 5-35c., St. Louis.
Latest estimates on shipments to domestic consumers for October
This compares with
between 64,000 and 66,000
tons.
59,554 tons shipped during September.
37,763^000
Zinc
695,100
with the results of the
complete canvass of production made at the end of the calendar year.
Note—All current estimates will later be adjusted to agree
was
Philippine Gold Production to Set New High This Year
will approxi¬
$36,600,000 in valuation, or more than 300% greater
than that of 1934, when the Commonwealth first attracted
world attention
as
an
important1 gold-producing region,
according to Andres Soriano, President of the Chamber of
Mines of the Philippine Islands, who has been visiting in
this country.
An announcement in the matter further
activity in the common grades of zinc during the last week
about the same as
in the preceding seven-day period, sales totaling
4,134 tons.
Shipments of the common grades again
6,723 tons.
Orders on the books of the Prime Western division declined
The
slightly, to 75,219 tons.
Labor trouble
movement of
the basis of 13c., f. a.
war.
The rate of
stated:
on
blister and matte from Union Miniere has been consigned
place the movement for that month at
statistical convenience the
production of lignite and of anthracite and semi anthracite outside of Pennsylvania.
b Total production, including colliery, fuel, washery and dredge coal, and coal
shipped by truck from authorized operations.
Gold production in the Philippines this year
done
was
transactions producers obtained a premium, due to special shipping
some
from Belgium to the company's plants in
Includes for purposes of historical comparison and
mate
this
conditions.
high.
Oct., 1938 (Revised)—
Bituminous coal.a
ease
Producers report that the movement of lead to consuming plants remains
1,520,000
191,000
2,892
a
Perth Amboy will tend to
The price continued firm at 12He., Valley.
bulk of the export business
6,296 tons, which contrasts with 5,560 tons in the previous week.
43,045,000
732,800
Sept., 1939 (Revised)—
Bituminous c«al
during October range from 85,000 to
consumers
In the continued absence of figures on domestic production,
90,000 tons.
a
Oct., 1939 (Preliminary)—
Bituminous cnal
Producers
Estimates in the
present mine output is thought to be between 75,000 and 80,000 tons per
Calendar
1,741,000
25
per
in good volume, totaling 14,022
believe business of fabricators continues at high levels.
A shipment of
Preliminary Estimates of Production of Coal for Month
of October, 1939
was
16,826 tons in the previous seven-day period.
against
to a domestic copper
a
46,561
12,993
:
follows:
Anthracite
39,497
34.608
39,001
9,593
9,040
9,602
36,959
37,765
1938—October
13,278
cluding the Panhandle District and Grant, Mineral, and Tucker counties, c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month.
• Alaska, Georgia, North Carolina, and South Dakota Included
with "other western States."
* Less than 1.000 tons.
October
11,116
Notes—
Total, all coal
a
10,450
1,194
10,934
10,553
25,015
29,961
September
Total
Stocks
(Long Tons)
43,802
39,368
high, involving
quotation'continued
at some of the
High Grade.
were
at 6Hc., St. Louis.
automobile plants has slowed down the
However, the position of High Grade in
most
directions remains tight.
Foreign ore has
been coming into this country in
a
larger
way.
The
trade estimates that the equivalent of 20,000 tons of zinc has been imported
during the last two months.
Some of the foreign metal will be exported.
Tin
Demand for tin during the last week was fair, and prices covering spot
and near-by metal steadied.
unsettled the market,
For
a
time the gyrations in sterling exchange
but before the week ended this
about the British pound led to rumors
authorize
an
very
uncertainty
that the British authorities may
advance in the official price of tin to of&et the cheaper pound.
YEARS OLD Nov. 18, 1939
Commercial & The
Financial
ONE HUNDRED—
3182
sellers in the Far East have not been offering
Production of tin is large, but
November
48Mc., January at 48MC.. February at 47Mc.,
Straits tin on spot settled at 51c., with
arrival at 50c., December at
and March at 47c.
Tin-plate operations in this country for
the current week continued at
95% of capacity.
10th, 48.00c.; 11th, Holiday;
and nominally as follows: Nov. 0th, 48.00c.;
13th, 49.00; 14th, 49.00; 15th, 49.00c,
DAILY PRICES OF METALS
("E. & M. J." QUOTATIONS)
119936438—
1935
New York
New York
St. Louis
St. Louis
50.000
5.50
5.35
6.50
10—
12.275
12.950
50.000
5.50
5.35
6.50
19357-—.
1932
Holiday
12.950
Holiday
Holiday
Nov.
11—.
Holiday
Holiday
13
12.275
12.950
51.000
5.50
5:35
6.50
14.—
12.275
12.950
51.000
5.50
5.35
6.50
Nov.
15—
12.275
12.950
51.000
5.50
5.35
6.50/
12.275
5.35
5.50
50.600
12.950
6.50
pound,
Copper, lead and zinc quotations are based on sales for both prompt and
future
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
restricting offerings to f a.s. transactions, dollar basis. Quotations, for the present,
reflect this change in method of doing business.
the usual table of daily London
prices is not1 available.
Prices on standard tin, the only
prices given, remained the same, i. e., spot £230, and three
Due to tlie European war
months £230.
Operations Up Half Point to 93.5%—Pressure for
Comes
from
Many Steel
Consumers
Deliveries
in its issue of Nov. 16, reported that
pressure from steel consumers for delivery provides strong
evidence this week that much of the production of the steel
industry, now operating half a point higher than last week
at 93.5%, is quickly passing into finished products and that
inventories of most consumers still are at far below normal.
The "Iron Age" further reports:
"Iron Age"
unable to detect signs of
So far the steel industry is
and many types of consumers are pressing for
maintained at 90%, a conservative estimate,
through November and December, total ingot production for 1939 will be
64% for the
gain, on a tonnage basis, of approximately
within 9% of the 50,318,000 tons
year.
This represents
65% above 1938 and will come
produced In 1937.
Ingot production this week gained 2 H points to 94 % at Chicago, 3 points
89% at Cleveland, 4H points to 84 at St.
Louis, 2 points to 83% at
Philadelphia and 3 points to 89.5% in the southern Ohio River district.
These advances offset a one-point loss to
93% at Pittsburgh.
Unchanged
werereportedat Youngstown, 94%; Wheeling-Weirton, 93%; Detroit,
rates
Birmingham, 88%; and the Eastern area, 92%.
Shipments of
Steel Corp. subsidiaries for October
100%;
finished products by United States
rose
233,515 tons above September to 1,218,545 tons, while shipments for
the first 10 months of 1939 totaled 8,076,972 tons compared with 5,251,511
tons in
the corresponding period of 1938.
How long
the steel industry can continue near capacity depends partly
prices, but what quotations will be for the first quarter remains uncer¬
on
At the Temporary National Economic Conference steel hearing in
tain.
Washington, Benjamin F. Fairless, President, United States Steel Corp.,
declined to reveal the corporation's intentions with respect to first quarter
prices.
However, Charles R. Hook, President of American Rolling Mill
Co., said be favored increased prices on sheets and strip to offeet raw
material costs.
If steel prices for the first quarter are unchanged, some of
the steel tonnage bought for
of
a
delivery in the fourth quarter in anticipation
higher prices may be deferred until after Jan. 1.
It
seems
unlikely such
delay would have any marked effect on December operations which seem
likely to continue well above 90%.
One steel raw material which declined in price this week was scrap, the
"Iron Age" scrap composite dropping 80c. from last week to $19,83.
Oct. 3, last, the scrap composite was $22.50.
ever,
a
On
Except at Cleveland, how¬
mill buying of scrap is light and No. 1 heavy melting steel is off $1
ton at
Chicago and Philadelphia.
downward
or are
Elsewhere
scrap
prices are drifting
stationary despite maintenance of high melting rates.
In several steel-making centers organized labor is
becoming
more
active,
with the steel union hinting at a strike in its campaign to win a written
contract from the second largest steel
to collect dues elsewhere.
producer, and increasing its attempts
In New England, in the West and in the Mid-
West, shortages of skilled workers are growing,
demand for machinery.
Cincinnati reports
a
due partly to the
war
pick-up in machine tool sales
due to foreign buying, particularly by France, of equipment to manufacture
aircraft engines and parts, including machine guns for aircraft
has three military groups in the United States
use.
ing machinery, while Brazil is buying machinery for making shells.
tic machine tooL
Japan
buying ordnance-manufactur¬
buying continues heavy, with bookings for
some
Domes¬
firms in
A
Jan.
Apr. 24
1.045c.
Jan.
2
3
1.792c.
May
2
6
1.870c.
Mar. 15
60,000-ton rail order by New York Central featured railroad steel
buying the past week, bringing the cumulative total of rail purchases for
the year to date close to 1,300,000 tons.
Structural steel awards declined
14,850 tons from 20,550 tons last week, the largest contract being 5,000
tons for a Cleveland utility project.
Reinforcing awards climbed to 9,300
tons from 5,115 tons last week.
to
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Nov. 14,1939, 2.236c. a Lb.
ago.—..——-——2.236c.
One month ago.....
2.236c.
One week
One year ago
..2.286c.
Based on steel ban, beams, tank plates,
wire, rails, black pipe, sheets, and hot
rolled strips.
These products represent
85%. of the United States output.
Philadelphia,
$22.61
23.25
23.25
19-73
18.84
17.90
16.90
14.81
—
Buffalo,
Valley,
—
Sept. 19
June 21
Mar. 9
Nov. 24
Nov. 5
May 1
Dec. 5
Jan.
5
$20.61
19.61
20.25
18.73
17.83
16.90
13.56
13.56
Sept. 12
July
6
Feb. 16
Aug. 11
May 14
Jan. 27
Jan.
3
Dec.
6
fBased on No. 1 heavy melting steel
$20,631 quotations at Pittsburgh, Philadelphia,
21.001
and Chicago.
14.881
—
—.$22.50
——
— -
-—
-
-
—
—
— —
.-
—
Low,
Oct.
Nov.
Mar.
Dec.
Dec.
Mar.
3
22
30
21
10
13
Aug.
8
Jan. 12
15.00
21.92
17.75
13.42
13.00
12.25
8.50
—
-
-
$14.08
11.00
12.91
12.67
10.33
9.50
6.75
6.43
Iron and Steel Institute
The American
nounced
and
Low
High
indicated
8
Steel Scrap
—
1934..
2
Southern iron at Cincinnati.
1933-.-
1932--
Sept.
8
$19.83 a Gross Ton
—-
1936-
Nov.
on
May 16
June
7
Nov. 10
June
9
Apr. 29
Sept.25
Jan.
3
July
5
13
an¬
that, telegraphic reports which it had received
that operating rate of steel companies having
97% of the steel capacity of the industry will be 93.5% of
capacity for the week beginning Nov. 13, compared with
92.5% one week ago, 90.3% one month ago, and 62.6% one
year ago.
This represents an increase of 1 point, or 1.1%
from the estimate for the week ended Nov. 6,1939.
Weekly
indicated rates of steel operations since Nov. 7, 1938, follow:
Nov.
Dec.
Dec.
Dec. 19
51.7%
38.8%
1939—
Jan.
Feb.
54.8%
50.7%
9—51.7%
16. —-52.7%
23.
51.2%
30. —.52.8%
6
53.4%
1939-
May 29
.52.2%
June
5.——.54.2%
June 12
53.1%
June 19
55.0%
June 26—54.3%
July
3—38.5%
July 10
49.7%
July 17
56.4%
July 24--—60.6%
July 31
59.3%
Aug. 7
60.1%
Aug. 14
62.1%
Aug. 21
62.2%
May 15
45.4%
Aug. 28
May 22
48.5%
Sept.
Feb. 20—53.7%
Feb. 27
55.8%
Mar.
Mar.
Mar.
Mar.
Apr.
6
55.1%
13
55.7%
20—55.4%
27
56.1%
3
64.7%
Apr. 10
2
Jan.
13
62.1%
Apr. 17
50.9%
Apr. 24
.48.6%
May
1—47.8%
May
8
47.0%
62.6%
21
61.9%
28—60.7%
5
59.9%
12
37.6%
Dec. 26
Jan.
Feb.
7—61.0%
Nov. 14
Nov.
1939—
1939
1938
Nov.
Sept. 11
Sept. 18
Sept.25
83.8%
Oct.
87.6%
70.2%
79.3%
2
Oct.
9—88.6%
90.3%
Oct. 23—90.2%
Oct. 30
91.0%
Nov.
6
92.6%
Nov. 13-_.._ 93.5%
Oct.
16
63.0%
4.-58.6%
"Steel" of Cleveland in its summary of the iron and steel
on Nov. 13, stated:
markets
Steel buyers show no letdown in immediate needs but
making forward commitments.
are
less active in
A steadier situation also prevails in mill
operations, steel ingot production last week being unchanged at 93%.
Rapidity with which mills stepped
up
shipments the past 60 days has
done much to allay fears of serious delays in
deliveries
next quarter.
With
early requirements satisfied, some buyers are awaiting price announcements
for next
period before contracting extensively.
Mills already
have fairly large backlogs for
early-1940 delivery,
ticularly in falt-rolled steel, and indications point to
production with the turn of the
year.
no
par¬
marked letdown in
However, in the
event prices are
reaffirmed for next quarter part of the incentive for buyers to take complete
,
shipment before Jan. 1 against old orders will be removed.
Previous
expectations of higher prices next year
considerably the past few weeks.
have
been
modified
Various circumstances contribute to this
changed thinking, including the European situation, lower scrap prices and
the Temporary National Economic Committee hearing.
At the same time,
price advances on tin plate and galvanized products would not be
sur¬
prising, in view of the higher cost of zinc and tin.
While the price factor is attracting less attention of buyers and orders are
lighter, mills continue pressed for sustained
previous bookings.
In
some
or
expedited shipments against
instances this necessitates revised schedules to
accommodate consumers who had under-estimated their requirements.
Railroads are less active in equipment and track material buying.
Heavy
purchases since Sept. 1 have removed the bulk of pending business of this
type from the market, although car builders and railroad shops are busy
in filling old orders and are faced with several months of active schedules.
Part of recent large rail bookings will not be rolled until next quarter, due
to more urgent
need elsewhere at this time for
raw
steel supplies.
Restricted operations of the automotive industry
noticeable
effect
on
finished steel
production.
sharply higher when current labor difficulties
have
been
without
Consumption will
are
removed.
move
With Chrysler
plants still closed last week, assemblies of 86,200 units barely exceeded the
total
a
However, this
year ago.
was a
gain of 3,500 over the week before.
Active retail sales of automobiles would permit
assemblies to approach the
record fall rate attained in 1936 were it not for the labor situation.
Shipbuilding continues to
Contracts for additional
Nov.
1
totaled
245 with
account for large lots
boats
a
are
gross
few,
but
of heavy steel products.
vessels
under construction
tonnage of 1,184,360.
This
compares
with 126 vessels of 459,775 gross tons a year ago.
Farm equipment builders are more active steel users and are expected to
reach
a
peak in production early in December.
Small tractors comprise an
important part of current output.
Export markets for steel and pig iron
are
fairly active.
Orders being
placed are smaller than the tonnage expected to be taken next quarter,
since
the East at six times the normal rate.
-
-
—————
—
One year ago
Jan.
Most steel companies in the last 10 days have made no
about 45,842,000 tons, or an average of
-
—
One month ago
Jan.
in reducing their backlogs.
If steel plant operations are
-
—
Nov. 14, 1939,
Instead, such a
steel outlet as the automotive industry is increasing estimates of its first
quarter steel requirements
-
——
-
One week ago
backing up of the
a
flow of steel from the mills to the ultimate consumers.
—-
-
-
1938
deliveries: tin quotations are
to
2.056c.
1
High
1933
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
a
Mar. 16
Based on average for basic Iron at Valley
furnace and foundry Iron at Chicago,
—$22.6122.61
20.61
;
Average prices for calendar week ended Nov. 11 are:
Domestic copper, f.o.brefinery, 12.275c.; expert copper, 12.950c.; Straits tin, 50.813c.; New York lead.
5.500c.; St. Louis lead, 5.350e.; St. Louis zinc, 6,500c.; and sliver, 34.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
progress
2.016c.
16
Pig Iron
$22.61 a Gross Ton
1935
1932
earlier deliveries.
Mar.
Oct.
...1.915c.
—
1037
Nov.
The
2.249c.
Oct.
1.953c.
...
-
1939
Nov.
Steel
9
Dec. 28
...2.118c.
1934......
One year ago
12.950
Average
May
Oct.
Mar.
2.062c.
One month ago
12.275
Dom.,Refy. Exp,, Refy.
Nov.
2.211c.
...2.249c.
Nov. 14. 1939,
Zinc
Lead
Straits Tin
Electrolytic Copper
—
2.236c.
1937.—.—
1938
One week ago
9
3
May 17
Jan.
1939
1933
Chinese tin,99%, was scarce
Nov.
Low
High
...2.286c.
...2.512c.
...2.512c.
1936.-;——.
the metal so freely.
inability of mills to give desired delivery is
a
factor in restricting foreign
business.
Inquiries for structural shapes and concrete reinforcing bars are declining.
the drop being partly seasonal but also reflecting
60 days.
case
of
Deliveries
some
on concrete
heavy contracting the past
bars extended into next quarter in the
producers, but structurals generally can be shipped within
four to six weeks.
Tin plate production is steady at 95%, and accumulation of first quarter
backlogs indicates sustained operations the remainder of this year.
Scrap prices have eased further in
a
relatively quiet market.
composite) declined 50 cents last week to $20.33.
The price
This brings quotations
back to the late-September level and compares with the recent peak of
$22.16.
Volume
3183
ONE HUNDRED —Theommercial & Financial Chronicle—YEARS OLD
C
149
Pig iron production holds near a record rate, with several more furnaces
unchanged
Foundry requirements of pig iron and
compared
with
91K %
weeks ago.
scheduled to go in blast this month.
coke
from
the
week
preceding
and
The following table gives a comparison
sustained.
are
Five districts curtailed steelmaking last week, as open-hearths were
with¬
Offsetting these losses were gains of 1 point to 94%
drawn for repairs.
with the nearest corresponding week of
two
of the percentage of production
previous years, together with the
approximate changes, in points, from the week immediately preceding:
Pittsburgh, 4 points to 84 in eastern Pennsylvania and 1 point to 93 at
at
Reductions were 10 points to 90 In New England, 3 points
Youngstown.
cinnati and 3 points to 77 at St.
Louis.
Unchanged
.
Steel ingot production for the week ended Nov. 13 is
placed at 93>£% of capacity according to the "Wall Street
Journal" of Nov. 15.
This compares with 93% in the
previous week and 91% two weeks ago.
The "Journal"
further reported:
U.
89H%
at 92%, against
Steel is estimated
S.
Leading independents
weeks ago.
two
91% in the week before and
with 94%,
credited
are
1939
93 H
1938
62
+4
58
1937
Chicago at 91,
were
Wheeling at 93, Birmingham at 94 and Detroit at 100%
U.S. Steel
Industry
Independents
Cin¬
90 at Buffalo, 2M points to 87H at Cleveland, 3 points to 87 at
to
92
39
—8
34
1936
74 MS
67H
—
94
—6
H
+
1935
53 H
+1
28
+1
24
+ 1H
65
+3H
43
1934
+1
X
27
18
—1
1931
31
+1
1930
—
H
+1
64
+1
+1
30 H
30J*
17
—3
+4
18^
31H
—1
31H
—1
+3
41
47«
43
—10
80
,
23
1933
1932
+4H
43
1929
71
—2
72
—3
79
—2
1928
61
—ix
79 H
—
X
82
—3
+ 1J4
71H
+
X
66
+2
1927
68^
Current Events and Discussions
The Week with the Federal
Reserve Banks
During the week ended Nov. 15 member bank
balances
bank
ury
decreased
Complete
Reductions in member
$162,000,000.
from increases of $216,000,000 in Treas¬
reserves arose
deposits with Federal Reserve banks and $78,000,000 in
Treasury cash, and
decrease of $6,000,000 in Reserve bank
a
credit, offset in part by decreases of $25,000,000 in money
in
circulation
and
$7,000,000 in nonmember deposits and
other Federal Reserve accounts, and increases of $103,000,000
in
Excess
gold stock and $4,000,000 in Treasury currency.
of member banks
reserves
Nov. 15
on
approximately $5,170,000,000,
estimated to be
were
decrease of $180,000,000
a
for the week.
The
was a
principal change in holdings of bills and securities
decrease of $38,000,000 in United States Government
securities, direct and guaranteed; holdings of bills decreased
$21,000,000, of bonds $9,000,000, and of notes $8,000,000.
The statement in full for the week ended Nov. 15 will be
found
on pages 3216 and 3217.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Increase
(+) or Decrease
(—)
Since
Nov.
15,
1939
Bills
discounted
$
Bills
U.
$
•
—1,000,000
........
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
and
of Governors of the Federal Reserve
direct and
—38,000,000
+85,000,000
+ 32,000,000
of business Nov. 8:
Gold Stock
2,715,000,000
—6,000,000
....17,235,000,000 +103,000,000
+ 3.073,000,000
Treasury currency..
....
+ 4,000,000
+183,000,000
advances
Including
(not
ing cities shows the following principal changes for the week ending
8:
Increases of $20,000,000 in commercial, industrial and agricultural
loans, $35,000,000 in holdings of Treasury bills and $53,000,000 in hold¬
ings of "other securities"; decreases of $33,000,000 in reserve balances
with
Federal
banks ;
and
Reserve
Chicago
Holdings
York
and
industrial and
district
United
of
banks
and
States
agricultural
$20,000,000
Treasury
2,939,000,000
+125,000,000
11,587,000.000 —162,000,000 + 2,860,000,000
Money In circulation
7,384,000,000 —25,000,000
+ 652,000,000
Treasury cash
2,341,000.000
+ 78,000,000
—380,000,000
Treasury deposits with F.R. bank..
564,000.000 + 216,000,000
+ 20,01)0,000
Non-member deposits and other Fed¬
eral Reserve accounts
1,013,000,000
—7,000,000
+ 229,000,000
in
balances
increased
loans
all
at
York
Chicago—Brokers' Loans
Holdings of "other securities" increased $47,000,000 in New York
deposits—adjusted increased $53,000,000 in New York City,
$31,000,000 in the Philadelphia district, and $104,000,000 at all reporting
banks.
'
1
Deposits credited to domestic hanks decreased $24,000,000 in New York
in
the
showing
declined
St.
a
Louis
and
in the Dallas district and $5,000,000
Minneapolis
all
districts,
net decrease of $2,000,000.
Nov.
$6,000,000.
A
Federal
Reserve
the
System for the New York City member
banks and also for the Chicago member banks for the cur¬
amounted
of the principal assets and liabilities of
summary
Nov. 8,1939
$
Loans—total
22,835,000,000
8,521,000,000
-
(+)
cultural loans
Open-market
4,330,000,000
316,000,000
paper.....
Loans to brokers and dealers in
Loans to banks..
Chicago
Nov. 16
Nov. 15
Nov. 8
Nov. 16
1939
1938
1939
1939
1938
%
$
$
$
industrial
7,736
2,939
2,955
576
570
521
1,674
1,420
399
395
2.080
1,913
Real estate loans
Loans to banks
or
139
18
18
20
26
25
29
Time deposits
Demand deposits—ad Justed
168
170
202
07
67
66
114.
118
14
14
11
29
bills
376
notes
541
846
United States bonds
2,130
by
26
373
5151
844
86
«>
-
-
f
*
-
52
51
89
414
—
Reserve with Fed. Res. banks...
«.«•*>
2,919]
249
Other assets—net
666
607)
2,149]
deposits—adjusted
United States Govt, deposits...
1,213
1,132
798
1,185
6.449
1,192
5,480
1,064
337
333
330
3,890
1,103
170
1,133
888
—70,000,000
+19,000,000
—80,000,000
+ 41,000.000
+1,000,000
+1,000,000
+ 35,000,000)
+10,000,000j-
+579*000,000
—9,000,000J
2,250,000,000
3,344,000,000
9,852,000,000
600,000,000
3,089,000,000
+18,000,000
+ 671,000,000
+ 53,000,000
+127,000,000
—33,000,000 + 2,868,000,000
+ 42,000,000
+ 41,000,000
—22,000,000
+ 658,000,000
18,660,000,000
5,250,000,000
535,000,000
+104,000,000 +2,949,000,000
+1,000,000
+113,000,000
61
42
42
80
71
77
243
242
377
455
74
48
8,256
8,265
6,021
1,792
1,811
1,592
070
666
601
501
500
466
48
49
114
63
63
62
3,466
3,416
2,625
898
874
09b
76
85
35
211
V
51
645
648
428
10
12
7
Other liabilities
267
266
341
16
16
"16
Capital account
1,479
1,480
1.486
209
269
256
3
—2,000,000
..........
Inter-bank deposits:
Domestic
7,952,000,000
banks
Foreign banks
Borrowings
-
721,000,000
1,000,000
Netherlands to Mediate
124
158
Foreign banks—
Borrowings
—12,000,000
1,184,000,000
37,000,000
1,560,000,000
702,000,000
2,169,000,000
5,849,000,000
—2,000,000
—6,000,000
+1,000,000
+1,770,000.000
+266,000,000
—2,000,000
Belligerents Decline Offer of Heads of Belgium and the
Inter-bank deposits:
banks
—123,000,000
938
Liabilities—
Time deposits
—26,000,000
—9,000,000
♦
250
[
52
368
Balances with domestic banks..
Domestic
..
102)
United States Government.
Cash in vault
+4 ° ,000,000
,
Liamilies—
576
Other loans
Other securities
.....
Cash In vault....
115
Treasury
Demand
States Government
407
115
—
guaranteed
...
Reservewith Fed. Res. banks
463
Treasury
Obligations
...
United States Government deposits
i
\
Obligations guaranteed by United
110
purchasing
carrying securities
...
Balances with domestic banks
Loans to brokers and dealers..
Other loans for
+20,000,000
—1,000,000
343
2,087
and
agricultural loans
Open market paper
$
or
Other securities....
8,771
1,682
Loans—total
Commercial,
$
$
8,558
2,943
§
+107,000,000 +1,471,000,000
+194,000,000
500,000,000
purchasing
United States bonds.......
Nov. 8
1939
Assets—
for
loans
carrying securities
Real estate loans
Treasury notes
—New York City
(—
Nov. 9, 1938
594.000,000
Other loans......
.
Nov. 15
Loans and investments—total..
securities
Treasury bills.
(In Millions of Dollars)
Decrease
or
Since
Nov. 1, 1939
Commercial, industrial and agri¬
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
re¬
porting member banks, together with changes for the week
and the year ended Nov. 8, 1939, follows:
Other
IN
to $1,000,000
8.
week, issued in advance of full statements of the mem¬
ber banks, which will not be available until the coming
Monday:
,
rent
each
reporting member hanks
Deposits credited to foreign banks
.
f
>
Borrowings of weekly reporting member hanks
on
A.$8et8"-~~'
ofThe"Bo"ard~of~Governors of
New
Demand
Loans and investments—total
Below is the statement
hanks.
in
City and $53,000,000 at all reporting member banks.
City and
~
member
$53,000,000
v
New
$15,000,000 in
reporting
increased
bills
Increase
Member Banks in
domestic
and $35,000,000 at all reporting member banks and declined
$21,000,000 in the Chicago district.
Holdings of Treasury notes increased
$9,000,000 in New York City and $10,000,000 at all reporting member
Member bank reserve balances
Returns of
with
City
City and increased $6,000,000
Total Reserve bank credit.
$22,000,000
increase of $104,000,000 in demand deposits—adjusted.
an
Commercial,
the
mem/her
48,000,000
...
weekly reporting member banks in 101 lead¬
Nov.
—3,000,000
12,000,000
$10,000,000 commit'ts—Nov. 15)
Other reserve bank credits
,
The condition statement of
+ 45,000,000
2,649,000,000
guaranteed
Industrial
System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
hanks.
—1,000,000
6,000,000
—
bought...
S. Govt, securities,
Nov. 10. 1938
Nov. 8. 1939
$
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
reserve
•
Notes
Dispute
dispatched Nov. 12 to Queen. Wilhelmina of
the Netherlands and King Leopold of Belgium by President
Lebrun of France and by King George VI, on behalf of Great
Britain, which, in effect declined the offer made by the two
neutrals to mediate the issues of the European War.
Foreign
Minister Joachim von Ribbentrop of Germany on Nov. 15
received the Belgian Ambassador and Netherland Minister
to inform them, in the name of the Chancellor, "that after
the brusque rejection of the peace move of the Belgian King
and the Dutch Queen by the English and French Governwere
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3184
the
ments
German Government
also considers the matter
closed."
The
standpoint
"That
from their
war
full
as:
redeemed
be
may
from
perpetually
recurring
fear
of
that
French
some
resort
to
force instead of the pacific means in settlement of international disputes."
Officials
of any settlement emerge
influencing the
Several
clearly and distinctly from these declarations of
Should Your Majesty be able to communicate to
from Germany
of such
me any proposals
the
above I
the purpose I have described
that my governments would
can say
founded
in
the
lasting
be established
cannot
peace
Great
Britain
already
Chink since the present
of
the
had
United
the
began
war
landed
soldiers
were
there.
The
maintained.
Britain
Great
recalled
had
diminished
her
broke out without
war
States.
International
the
at
thereafter
soon
men,
East
Far
and
British
several
France
withdrew
Settlement at
Kulangsu,
gunboats
the
from
the other hand, has actually increased its strength
on
recently by replacing old submarines
in
the Asiatic fleet
ones.
new
States
United
Great
drew
by reparation of the in¬
except
be lasting.
can
they
and
before
justice, indeed, is the only one that
on
position
United States,
The
The
The French note said:
be
Yangtze patrol.
with
give them their most earnest consideration.
would
Associated Press Washington advices
that
out
days after
troops
Amoy,
character as to afford real prospect of achieving
a
pointed
military establishments in
The note concluded:
The elements which, in the opinion of my governments, must form part
in Tientsin
1939
13:
of Nov.
German aggression so as to enable the peoples of Europe to preserve their
independence and their liberties and to prevent for the future
A
said
strength of the French garrison
We also quote from
Europe
Peace
spokesman
Office
18,
being left in Peiping to guard the French Embassy buildings
The British note reiterated the aims of the
policy.
Foreign
Nov.
began
Britain's
Tientsin
from
withdrawing troops
decision.
the
In
Fifteenth
March,
which had been stationed there for
justices which force has imposed on Austria, Ozecho-Slovakia and Poland.
time
250
Neither can it be established unless effective political and economic guarantees
there
from
1938,
Infantry,
quarter of
a
North
this
China
long
Government
comprising
808
and
At that
century.
a
with¬
officers
now.
in the future respect for the
assure
liberty of all nations.
.
.
marines
sent
were
Any solution that consecrated the triumph of injustice would give Europe
and
Tientsin
to
The United States has around
.
1,500
from
Peiping,
and
they
are
in China—at Shanghai, Peiping
men
Tientsin.
only a precarious truce, very different from the legitimate and stable peace
Your Majesties foresee.
for
now
It is for Germany and not for France to declare
security and their independence desire.
Reference to the mediation
of Nov. 11, page
proposal
made in
was
issue
our
3049.
x.i
in-
■——»ii.
ii
British and French Withdraw Majority of Troops from
North
China—Action
Regarded as Gesture to
Compromise
British
with Japan—United
Dispute
Forces Will
The
Maintained
Be
Office
War
States
i
announced
Nov.
on
that
a
removed.
It
the
announced
was
Nov.
that France would follow
day following in
Arsene
Henry,
French
French
garrisons
although
it
Tokio,
to
China
would
Wireless
"reduced,"
be
would be
Comment¬
British and French announcements, a State
Department official in Washington said that the United
States did not contemplate following the example of the
other two governments.
United Press advices of Nov. 12
ing
the
on
official
convenience"
the
to
the
statement said
and
in accordance
was
Boxer
so-called
made
was
move
with
the
guard foreign property.
Henceforth,
China
and
the
"reasons
protocol of
of
1901,
military
annex
an
Treaty under Which China granted the Powers the
right to station troops in North China to keep
tion and
for
*
said,
statement
lines of communica¬
open
Great
only such military effectives
Britain
will
maintain
North
in
"necessary to protect property
are
as
keep order."
The government's
which
maintain
forces
States.
has been
decision
North
in
communicated to
China,
including
the
Japan
other Powers
Announcement
of
the
military withdrawal
diplomatic circles
the Far
The
East
has
United
*
.
foreign
the
and
shown
Russo-German
indicating
as
generally
was
that
interpreted
Britain's
Great
in
position
in
improvement in recent weeks.
accord,
these
diplomats
said,
contributed
to
a
lessening in the tension which had existed in British-Japanese relations.
Diplomats
believed
of
exclusive
ments
an
They
will
understood
be
precede
may
between
political nature
that
of
some
the
"very
important
Great Britain
soldiers
British
believe
to
United
"the
that
withdrawn
British
Japan."
North
China
Singapore, and
or
troops
develop¬
and
from
brought home and others removed to Hongkong
professed
by
withdrawal
be replaced
may
States effectives."
Negotiations have been going on in London and Washington, these in¬
formants said, purpose of which would be to have the United States act
as
general
a
Britain
is
close to
the British
If
may
the
States
British
in
interests
long
as
Great
as
Europe.
in
war
China
economic
All
Shanghai garrison
effective only for North China.
are
withdrawn,
were
be asked to take
would
Settlement
held
now
it
believed
was
the defense
over
the
United
of the
area
Inter¬
connection
with
the
French
French
spondents
protect
here
The
comment"
confidence
British and
pledge to
many
"semi-official
announcement,
was
French
made
United
a
interests
China
in
the
to
American
United
without
corre¬
States
making
any
would
formal
that effect.
United
the point of
on
as
of
Allies
and
would
be
and
Paris,
Far
its
usually
East,
the
military
As to details of the London accords,
newspapers
Franco-British
rencies.
unless
policy
guarding
Britain
and
France
in
China
happens
statement
complement
to
that
the '
of
Lord
the
garrisons
in
commercial
the
United
China—that
interests
statement
of
France
man,"
the
the
and
combination
for
mutual
contributing commercial and
One
of
support
But
their
national
a
cur¬
banking
strength
of the consequences
sumption
of telephonic
interrupted since
and
France
her
permitting them to meet together in financing
expenditures that they will make abroad for the
Sept.
common
war
cause.
of the negotiations announced today was re¬
communications
with
London,
which
had
been
3.
Explaining how the financial, monetary and economic agreements with
Britain might work out the Petit Parisien says:
"It
is well known
that
have been repatriated.
billions
of French francs
It is officially known that
formerly held abroad
for the most part pounds sterling with
are
equalization fund
our
purchases foreign currencies at practically set prices.
change
These bills of
some
ex¬
guilders, Belgian
francs, Swiss francs and American dollars.
"In principle all these currencies are transferable in
tion of
gold stocks could thus be augmented by
practical purposes the
war
gold and equaliza¬
an equivalent sum.
is interfering with this mechanism.
But
The
exchange fund, therefore, has large credits abroad."
The article then points out that
low rates in
could
Britain, making
has been able to replenish
resources,
use
of her vast colonial
her stocks of copper and nickel at
sterling and that France, using her
reserves of British
pounds,
undoubtedly obtain similar advantages.
"The great quantity of pounds held in our equalization fund should not
be allowed to remain inactive," says the newspaper.
the idea to buy
"We
must renounce
French and buy British, and by thorough economic and
financial cooperation make it possible to win both the war and the
peace."
Commerce Minister Fernand Gentin, addressing the Senate Commerce
Commission tonight, said that control over imports and exports has been
by the closed
economy system,
but that the Government is
planning to make this system flexible in order to coordinate the Allied
effort.
United Press advices of Nov. 17 from London said:
Britain and France have agreed to common action in aviation, munitions,
raw
materials,
a
food,
shipping
and
economic
warfare,
Daladier announced in
a
Prime
Minister
joint statement today
meeting of the Supreme War Council of the Allies.
Daladier flew to England for the meeting with France's supreme
military
In the future, the statement said,
import
The
programs
the two countries will draw up their
jointly to avoid competition in purchases abroad.
Supreme Council reviewed the military situation and reached
on
com¬
the best method of combined employment of French
Others attending the council were Foreign Secretary Halifax, British Air
commander-in-chief, and Lord Chatfield, defense coordinator.
Ireland
in
in
continued,
China
the
"and
United
stand
States
guard
cited
of
the
is
treaty," the statement said,
States
to
obtains
say,
United
satisfaction
complete
States
and
the
"will
concerning
guaranties
other
the
assertion
of
Winston
Churchill,
for
safe¬
Western
British
Admiralty, that if Germany should defeat Great
United
said
States
that
Protests
to
United
the
ment.
would
be
Washington
left
alone
"to
Administration
defend
Britain
the
approved
First
,
and
rights
this
of
senti¬
States
Against
"Combat Zone"—Free State Minister
Inclusion
to
Wash¬
ington Stresses Fact His Nation Is Neutral—Other
for
Powers."
The
is
The two countries, it was suggested, should pool their resources,
gold reserves,
great
nothing has been announced.
here and in London recently contained much discussion of
Neutrals Express Regret
Japanese-American
renewed
Japanese
now
M. Renaud in his talks with British officials
able to settle several points in this connection in
keeping with sugges¬
tions from the French and British Chambers of Commerce.
civilization."
"The
Government, too, opened
was
supplement their actions."
the
maintain
Western
not
to
in
future economic question arises.
understanding on Franco-British trade, which
being settled.
dis_
were
In addition, arrange¬
Minister Wood, French Air Chief Vuillemin, Admiral Darlan, French naval
London
Thus,
an
collaboration
signed.
by
Great
from bringing the support of her economic and industrial
Great Britain and France.
Washington's policy, while indepen¬
to
dent
of Allied
were
"short of war," the statement said, adding:
"America's
it is understood and applied by Washington, does not prevent
aid
the United States
power
solidarity
a
published today
and British forces for the effective conduct of operations, it was announced.
could
measures
neutrality,
phases
It is understood here today that the French
plete agreement
States
a comment
commander, Marshal Gamelin.
available
that
expressed
financial
specific agreements
Chamberlain and Premier
Press Paris dispatch of Nov. 13 said:
In
and
some
negotiations for
war
by British regiments.
have achieved
now
in the last war," says
ment was made for consultation when any
after
In
and
made necessary
Foreign Office said that for the time being
be entirely excluded, however, that eventually these with¬
include British troops in Shanghai," these sources said.
Marines
national
the
the British
troop withdrawals
cannot
drawals
for
preoccupied with
Sources
"It
protector
years
French press.
in the
for
had
beginning the two nations
only reached after
Britain
from London said:
The
dispatches of Nov. 16 to the New York "Times,"
from Paris said with respect to the agreements:
that
said
of the French troop transfer.
the exact amount
Charles
immediately revealed what
not
was
Ambassador
North
in
similar policy.
a
The agreements are supplemented by arrange¬
combined efforts in the conduct of the blockade.
15.
ments for
cussed
Tokio
British Enter into Economic Accords
Agreements affecting financial,
monetary
and com¬
mercial cooperation between France and Great Britain were
entered into during a visit of French Finance Minister Paul
Reynaud to London, Nov. 13 and 14, it was announced
"At the very
12
"majority of the British forces stationed in North China"
will be
French and
against this peace, which all nations menaced by her in their
or
Over Their Position
Robert
Brennan, Irish Minister to the United States, on
Nov. 13 visited the State Department and complained that
Ireland had been injured by the action of the United States
Government
in
which American
placing
Ireland in
ships are barred.
a
"combat zone" from
The prohibition against
American ships visiting Irish ports was a part of President
Roosevelt's proclamations under the revised
Neutrality Act,
the
texts of which
"Chronicle,"
pages
were
given in the Nov. 11 issue
3053-3054.
of
the
Although Ireland is neutral,
Volume
it was
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
included
in
"combat
the
zone"
from
United
which
States vessels are excluded.
Associated Press Washington
advices of Nov. 13 described the Irish
protest as folows:
The
hour
Irish
talk
1.
Minister, Robert Brennan, made four main points
with
Ireland
will
is
remain
2.
Irish
Adolf
A.
Jr., Assistant Secretary of State:
country and there is no question but that she
neutral.
have
ports
suffered
since
American
them, and Ireland is in want of products
and
meal
to
for
From
3.
tion
4.
in
of
Mr.
look
the
the
the
Roosevelt's
proceeded
coast
and,
incidents.
no
American
so.
ships would be
of
Norway,
which
excluded
are
area.
matter
and
that
the
None
that the State Department would
combat
zone
might be enlarged or
as events
developed.
The President has the right
Neutrality Act to redefine the combat area at any time.
of
the
made any
other
neutral
countries
representations
the
to
included
in
the
Department.
combat
Among
has
zone
them
Bel¬
are
Holland, Denmark and Sweden.
Advices
New
Nov.
of
York
Washington bureau of tlie
Commerce," relating to the Irish
of
request, said, in part:
Indications
be
service
areas
and
the
at
rejected.
American
State
Assistant
ships would
with
Irish
Department
Secretary
since
they
State
Adolf
Irish
Berle
that
danger in attempting to maintain
be compelled to run through
operations
of
belligerent submarines
warships.
Associated Press Washington dispatches of Nov. 14, relat¬
ing to President Roosevelt's press conference of that day,
said:
In
like
connection with the shipping
question,
Ireland, other countries from whose ports
asked
reporter
a
American
whether,
ships have been
barred, have sent protests to this Government.
The
President
received
from
replied
that
individuals
unofficial
in
all
the
expressions
neutral
of
nations
have
regret
affected,
been
Belgium,
Holland,
Denmark, Sweden and the countries of the Baltic.
He had the
profoundest sympathy for them, he continued, but could not let that
affect
areas
the
determination
of
question
a
sustained
the
The expropriation
Government
of
fact
to
as
what
the
danger
were.
Government
Purchase
to
West
Cocoa
following is taken from a London
"Wall Street Journal" of Nov. 14:
a
time
war
the
measure
Crop
The
of
British
Government
has
"legally seized"
were
found that regardless of whether the companies held
"confirmatory concessions" — those obtained before 1917 when a
Constitution came into force—or ordinary concessions, they were
new
given only the right to extract oil from the subsoil.
property only when it
The oil became their
above the ground, the ruling held, and the nation
was
could not be excluded from
excercising its
"directum dominium"
be
of the 1917 Constitution specifically provides
that the subsoil
belongs to the nation.
M
The companies have the
right to demand and the Government is obliged
to recognize
of capital
indemnification for the expropriated properties to the extent
invested, directly
or indirectly, in the extraction of oil, its
fining, pipe lines, storage houses and tanks and distribution as well
immovable goods utilized in the
operations, the ruling.said.
entitle
the
companies to indemnification based
and concessions—the
on
by European,
already established in the trade who will
A
moratorium
on
cocoa
sales
and
The
British
quantities of
Government
African and
act as agents
Justice Asiain
investment less depecia-
really valuable parts of the oil business.
upheld the expropriation decree
the grounds that it
on
The draft verdict found that the
Government's seizure of bank accounts,
books, files and cash belonging to the companies prior to March 18, 1938,
violated "individual constitutional
guarantees," and recommended their
return to the
companies.
The text of a statement issued
by Sumner Welles, UnderSecretary of State, urging early settlement of the dispute was
given in
our issue of Aug. 19, page 1111.
The reading of Justice Asiains's opinion was continued,
but not concluded, on Nov. 16 and concerning the section
read that
day, wireless advices of the same date to the New
York "Times" said:
In the part of the draft decision heard
today Judge Asiain quoted many
solved by American and British jurisprudence that, he said,
cases
been
other
also
ferred.
expropriation may be almost Indefinitely de¬
The Mexican Government, however, still takes the
tends to pay the companies within ten years, but the
(about
to
purchase
the
Announces
Rationing
stocks
sugar
are
Program
in
commodity, according to
a
maximum
for
Sugar
rationing program
a
report by Julian B. Fos¬
ter, American Commercial Attache at Copenhagen, made
public by the Department of Commerce Oct. 27.
Under the
rationing program every person is allotted 2.5 kilograms
(5.5 pounds) per month plus one extra kilogram in October
for
fixed at present to
Department's
It
is estimated
the rationing program will reduce Denmark's con¬
17% and thus make available fair quantities for export
notably to other Scandinavian countries, Finland and Norway.
Denmark undertook this rationing
program because the country
is a
signatory to the Inter-Scandinavian pacts whereby these countries have
purposes,
faced with
return
as
her
for
surplus exports
which they have
countries of
connection with
the result of the European
a
such
the
difficulties
they
products from
the other
surplus and Denmark has
a
Supreme Court—
Holding Govern¬
mitted to the other Justices of the court, an opinion
upholding
the Government's action.
It remains for the entire court
of five members to vote on the opinion.
It was expected that
the final decision of the court would be rendered before the
end of next week.
foreign
oil
15, from Mexico City said:
Supreme Court today began consideration of the suit of
companies
challenging
the
constitutionality
The
year,
The
but after
recess
came
a
short session the tribunal recessed
while
the clerk
was
reading
a
of the
1936
ex¬
until
tomorrow.
long draft of
a
verdict
written by Justice Rodolfo Asiain, one of the five members of the Court's
No. 2 section, known as the administrative branch.
Rules
States
United
on
Argentine Exchange Control Office has announced
of the exchange regulations applying
the United States, according to a cable
to merchandise from
General
Consulate
American
Buenos
Aires,
from
the
made
by the Department of Commerce.
modifications, which are now effective, were author¬
public
These
ized
1.
Nov.
2.
at
13
follows:
as
Prior
exchange
Prior
will
permits
covering the importation
of
March
to
unlimited
in
canned
or
bronzed
coppered steel wire,
bronze,
unspecified
goods,
amber,
terials
food,
sea
sardines,
tools
industrial
spun
3.
chines,
4.
exposed
ended
yarn,
will
mixed
1940,
blades,
instruments
&c.),
smokers'
goods,
sifting
accessories,
and
ivory,
manufactured
miscellaneous
wax,
for
cotton
articles.
during the nine
31,
1939:
cash
Oilcloth, linloeum, &c.,
registers
and
80%;
calculating
ma¬
'
covering
the
importation
of
certain
during the nine months ending March 31,
cotton
1940,
1938.
the
that is,
importations
ma¬
materials
to the following percentages of imports
typewriters,
be granted
textiles
up
March
200;
covering
basis,
and
copper
miscellaneous
films and certain other miscellaneous
i
Permits
conditional
razor
meerschaum, synthetic
celluloid,
350.
Permits
forms,
mica, graphite, bristles, willow, kaolin,
to 80% of imports in
5.
paper,
musical
permits will be granted covering
silk
woolen
and
as
ending March 31,
the nine months
manufactured
various
products, miscellaneous agricultural ma¬
accessories, optical and photographic
shell,
bakelite,
(such
yard, &c.),
artificial
up
use
Prior
months
in
cellulose
tortoise
as
foil,
in
miscel¬
(includ¬
unsilvered
dressmakers'
explosives,
ambergris,
(such
lumber
various
transparent
firearms,
silk,
metal
metals
miscellaneous
terials,
goods,
hardware,
miscellaneous
miscellaneous
mirrors,
amount
1940.
of
1940,
31,
material,
granted
unlimited amount covering the im¬
permits will be granted in
up
electrical
be
now
fresh apples, up to Jan. 31,
ing compressed air and electrical), fine and ordinary flat glass,
propriation law and President Lazaro Cardenas' seizure of their properties
last
accumulated in its
Merchandise
jewelers'
The Mexican government's expropriation of foreign owned
industry advanced toward a state of legality Nov. 15,
when Mexican Supreme Court Justice Rodolfo Asiain sub¬
Mexican
Exchange
Eases
Argentina
portation,
oil
United Press advices of Nov.
Fund
dollars
States
fund, first, for the payment of foreign indebted¬
ness; second, to pay the salaries of diplomatic and consular
staffs; third, for payments on current government purchases
in the United States; fourth, a sufficient amount to news¬
papers to cover one-third the cost of paper imports; the
balance will be alloted to importers of necessaries in exchange
for Cuban pesos on a par basis.
The plan, previously considered, to auction off the dollars,
has been abandoned, it was revealed Nov. 14.
Scandinavian
shortage.
Justice Submits Opinion to Court
ment's Action Valid
The
United
use
stabilization
laneous
Mexican Oil Seizures before Mexican
Be Made of Dollars in
to
Stablization
may
Denmark will receive in
war.
15, 1940, on petition of
Ministry of National Economy.
further modifications
stated:
that
promised to help each other in
This company was deprived of its properties
included among the companies listed in the expropriation
was not
The court adjourned the hearing to March
Cuba Determines Use
canning.
The program is
be effective until the end of 1939.
The
announcement further
sumption of sugar
be
though it
decree.
of preserving and
purposes
District met <this morning to
entirely by the Standard Oil Company of New Jersey, against ex¬
propriation of its properties.
the
supposed to be plentiful,
the Danish Government has announced
for the
properties.
brought by the Compania Petrolera Titanica, whose stock is
It is hoped that Government
offered
position it in¬
compensation it intends
shippers
declared
produced in Trinidad, Windward Islands and Ceylon,
quantities to be based on normal shipments to Great Britain in past seasons.
Although local
action
an
to
Prices
cocoa
Denmark
The Second District Court of the Federal
Cuba will
has
give sup¬
port to the Mexican Government's thesis that where the public Interest is
involved compensation for
week.
a
as
was
for the Government.
purchases has
Gold Coast and Nigeria effective Monday.
purchases will begin within
re¬
This would
necessary to prevent paralyzation of the industry because of labor
disputes between the companies and the workers.
the
handled
over the
subsoil because Article 27
owned
undertaken
for Gold Coast fermented and £16 10s. per ton for Nigerian
will
crop
on_Oct.
funds" jwhich
by the Government.
p ►
companies of
so-called
hear
fair average quality cocoa.
The
was
upheld by Justice Asian.
was
draft verdict proposed a return to the
The draft ruling
dispatch to the
purchase the whole of the 1939-40 British West Africa cocoa crop.
will be fixed for the whole season on the basis of 9s.
per head load
100 pounds)
important
Concerning another oil case, before the Federal District
Court, the same dispatches said:
Africa
The
As
all
23, 1936,
The President's denial of the
companies "administrative appeal"
18, 1938, also
to make is based on its own estimate of the value of the
British
in
law, enacted Nov.
Cardenas' application of it on March
18, 1938, when he decreed the seizure of the properties of 17 American and
other foreign oil companies, was ruled to be
legal.
request would
explained
would
of
area
that the
were
of
considerable
run
ports
normally considered the
reuling
found constitutional, and President
tion of their physical
properties, but to no compensation for their reserves
13 from the
"Journal
Asiain's
angles of the suit.
proclama¬
Ireland
to
accordingly
the
gium,
had
they could have continued to do
Berle gave him general assurances
under
President
not believe that
northern
Justice
Justice Asiain found
until
ships
Government
does
from
wheat.
war
American
Irish
to
or
combat
into
reduced
banned
was
danger sailing to Ireland than they would be sailing to the
more
the
shipping
verdict, which will be discussed publicly by the court and voted
before the final decision is reached, forecast defeat of the companies.
upon
from America, particularly corn
knowledge of tFu? Irish Government, had suffered
belief
Mediterranean
from
and
the
of
area,
The Irish Government
any
yet
fertilizers
outbreak
combat
the best
In the
cattle,
the
the
of
half-
a
Berle
neutral
a
in
3185
The draft
importation
with
prior
of
study
pumps
in
each
will
be
case.
granted
on
a
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD Nov. 18, 1939
3186
modifications
Previous
reported
were
in
of
issue
our
Brazil
Expects
Benefit in
Rubber
Export
Market
tion, according to a report from Vice-Counsel Lester Sockwell, Para, made public by the Department of Commerce.
optimistic outlook is based
on
the assumption that
Great Britain will not be able to export so much rubber as
formerly direct to the United States.
partment's announcement continued:
The
Federal
industry
is
Government
taking
The Commerce De¬
preceding week ended Oct. 21, when
trading amounted to 387,830 shares and total trans¬
actions to 995,810 shares.
The figures for the week ended Oct. 31 appeared in our
issue of Nov. 11, page 3049.
In making available the data
for the week ended Oct. 28, the Commission said:
member
The data
published are based upon weekly reports filed with the New
York Stock Exchange and the New York
members.
Curb Exchange by their respective
These reports are classified as follows:
York
New
Several technical studies have
Curb
Exchange
Reports showing transactions as
Reports showing other transactions
3.
Reports showing other transactions Initiated
1,034 tons in July and 1,066 tons in August, 1938.
pared with 348 metric tons or 34% in July and 213 tons
or
35%
or
20% in August,
hand in Para and Manaos at the end of August of this
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
dealer as well as those of the specialist.
The number of reports in
the number of reports
Exchange Regulations
ROUND-LOT
TOTAL
R. P.
Loree, Vice-President of the Guaranty Trust Co.
and Chairman of the Foreign Exchange Committee, in New
York, in his latter capacity, issued on Nov. 13, copy of a
notice issued by the Commonwealth Bank of Australia,
regarding foreign exchange regulations in the Common¬
wealth, which went into effect as of Sept. 25 last.
532
round-lot transactions of specialists
registered are not strictly comparable with data similarly
the various classifications may total more than
received because, at times, a single report may carry
entries in more than one
Australian
111
458
--
Note—on the New York Curb Exchange the
In stocks In which they are
amounted to 1,773 long tons against 1,847 long tons at the end of
July and 1,113 long tons at the end of August, 1938.
Reports showing no transactions
4.
com¬
67
300
off the
floor
Of total August
1938.
on
313
floor
shipments, the United States accounted for 428 metric tons
Rubber stocks
203
specialists
Initiated on the
1.
2.
August exports of rubber from Para totaled 1,215 metric tons compared
891
101
1,071
Total number of reports received
the Federal program.
over
York
Stock
Exchange
in the local rubber
and is cooperating with local producers in improving the quality
enthusiastic
year
total transactions on the
to 1,194,050
account was
18.20% of total transactions, which compares with a per¬
already been made, and rubber producers and exporters are said to be
with
as
New
interest
more
increasing the production of rubber.
and
434,640 shares;
centage of 19.47 in the
War—August Exports Higher
Brazilian rubber exporters look for an improvement in
their position as a result of the present international situa¬
This
were
Exchange during the week amounted
shares, the member trading for their own
to
from
28
Oct.
Curb
Sept. 16, page 1687.
classification.
SALES ON THE NEW YORK STOCK
STOCK
CHANGE AND ROUND-LOT STOCK
EX¬
TRANSACTIONS FOR ACCOUNT
OF MEMBERS * (SHARES)
Week Ended Oct. 28, 1939
Total for
Per
*
Week
Total
A.
Cent
a
round-lot sales:
228,880
7,471,140
Short sales
Other sales-b
The notice follows:
1.
For
the
of the
purpose
Regulations
Trading
all
Ranks
appointed agents of the Commonwealth Bank.
*
2.
(b)
unless:
the odd-lot accounts of odd-lot dealers and
complied with;
registered—Total
a
The general aim of the Regulations is to
agent of the Bank.
proceeds of goods exported
overseas
Bank
are
specialists:
in which they are
purchases...—....
795,540
....
1^.360
Short sales
licence is that the relative shipping documents
and bills of exchange shall be delivered to the Commonwealth
the
1. Transactions of specialists In stocks
or
The goods are excepted from the application of the Regulations.
A normal condition of
7,700,020
—
Round-lot transactions for account of members, except for
B.
A licence issued by the Customs Department to export the goods is in
force and the conditions of the licence are
3.
Total sales
been
#
The exportation of any goods is prohibited
(a)
have
718,340
Other sales.b
or an
Total
that
ensure
received into the Australian
833,700
sales
1,629,240
Total purchases and sales
10.58
banking system.
Two
of licences
types
will
be
issued,
namely,
ordinary licences
2
and
special licences.
An
46,320
521,430
Short sales
ordinary licence shall
be
licence to
a
export
the particular goods
specified in the licence in the quantities, in the ship and from the port
Other sales.b
so
Total sales
specified.
A special licence shall be
licence to export
a
goods of
a
specified in the licence from the port and during the period
4.
529,890
Other transactions Initiated on the floor—Total purchases
The following procedure is to
be observed
by all
class
so
or
kind
567;750
-
1,097,640
Total purchases and sales
7.13
specified.
3.
agents of the Com¬
175,502
Other transactions Initiated off the floor-Total purchases
monwealth Bank:
26,250
240,390
Short sales
(a)
it
Where
as may
|fc(b)
bill of exchange is drawn,
a
be arranged.
Bills negotiated
.a
are at
Bank may negotiate
or collect
Other sales-b
the risk of the Bank concerned.
^ (c)
Total purchases and sales
must
(d)
the person
to
as
to
whom they
are
to
Short sales
Where
a
payment is
be
to
collected
a
on
delivery of the shipping
Where the goods
of the sale
must
be
are
to
paid to
be delivered for sale,
the
Bank,
Total sales
a
statement
TOTAL
an
Australian Bank in
1,668,090
3,169,022
London
or
ROUND-LOT
STOCK
SALES
ON
THE
NEW
not
or
BEFB *
no
Week Ended Oct. 28,
1939
Total for
elsewhere
payment is to be received and the value of the goods has
already been paid to
elsewhere overseas,
his
Bank
or to
the credit of
an
Australian Bank in London
A.
Total round-lot sales
B.
an
amount
of overseas
funds
registered—Bought...'
where the amount
Bank
concerned
larger amount is
monwealth
involved, the
case
(i)
(j)
ness
may
(say
£100).
2
to detect any
own
as
3. Other transactions initiated off the floor—Bought
Sold
Bankers.
Total
Trading on New York Stock and New York
Exchange During Week Ended Oct. 28
Securities
-
3.07
33,645
34,670
68,315
2.86
200,650
Total—Bought
Sold
Curb
The
73,420
Total
City.
4.
Member
34,540
38,880
Other transactions Initiated on the floor—Bought
Sold
malpractice such
All transactions must be effected at the current rates of exchange.
Exporters should be encouraged to continue to transact their busi¬
with their
12.27
be submitted to the Com¬
Any suspicions should be reported to the Com¬
Bank of Australia in any Capital
160,440
292,905
Total
If
Bank, with full information, for decision.
(h) Bank officers should be watchful
under-valuing of exports.
monwealth
involved is small
a
1,194,050
132,465
Bold
This requirement may be waived in the discretion of
the
—
1. Transactions of specialists in stocks in which they are
equivalent to the
value of the goods.
Per
Cent
Round-lot transactions for account of members:
the exporter must make satisfactory provision for
of
CURB
(SHARES)
Week
the sale to
any
YORK
EXCHANGE AND STOCK TRANSACTIONS FOR ACCOUNT OF MEM-
overseas.
Where
20.58
of
Where the goods have already been paid for, or partly paid for, the
exporter must satisfy his Bank that the full amount involved has been
the credit of
1,480,160
Total purchases and sales
(f)
to
...—....
the full net proceeds
accompanied by
account.
to or
187,930
....
Other sales.b
statement of the amount to be
collected, which should be the full value of the goods, unless already partly
paid for, in which case the amount must be the full balance receivable.
(g)
2.87
1,500,932
4. Total—Total purchases
be delivered
be obtained.
documents, the instructions must contain
paid
442,142
...
Where no bill of exchange accompanies the shipping documents, the
owner's instructions
(e)
266,640
Total sales
If a bill should be drawn for only portion of the value of the goods,
authority to collect the balance of proceeds must be obtained.
an
...
Total
233,990
434,640
18.20
and
Exchange Commission made public
yesterday (Nov. 17) figures showing the volume of tolal
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.
28, 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.
NkThe Stock Exchange members traded for their own account
in amount of 3,169,022 shares, an amount which was
20.58%
of|total transactions of 7,700,020 shares during the week
Odd-lot transactions for account of specialists—Bought...
C.
Sold
64.371
Total
*
The
term
95,004
159,375
"members"
includes
all
Exchange members,
their firms
and their
partners, including special partners.
a
Shares in members' transactions as per cent of twice total round-lot volume.
In calculating these percentages the total members' transactions Is compared with
twice the total round-lot volume on the Exchange for the reason that the total of
members' transactions includes both purchases and sales while the Exchange volume
Includes only sales.
-b Round-lot short sales which are
exempted from restriction by the Commission's
rules are Included with "other sales."
ended Oct. 28.
During the preceding week ended Oct. 21
trading by the Stock Exchange members amounted to
2,917,465 shares, or 21.54% of total transactions of 6,775,360
Odd-Lot Trading on New
On the New York Curb
action for account of
York Stock Exchange During
Week Ended Nov. 11
shares.
all
Exchange total round-lot trans¬
members. during the week ended
On
Nov.
16
the
Securities
made public a summary
and Exchange Commission
for the week ended Nov. 11 of com-
Volume
plete 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,
series of current figures being published by the
Figures for the previous week ended Nov. 4
reported in our issue of Nov. 11, page 3049.
The figures
continuing
based
are
To avail
Co.,
$977,100 of Kingdom of Belgium External 30-Year
Gold Bonds Drawn for Redemption
6%
upon
Commission by the
reports filed with the
bonds
TRANSACTIONS
ODD-LOT ACCOUNT
THE
FOR
DEALERS AND SPECIALISTS
EXCHANGE
1939
Total
for Week
27,25;.
Number of orders.
753,502
Number of shares.
24,740,620
Dollar value
Odd-lot purchases by dealers (customers'
404
Customers' short sales
26,260
26,664
Customers' other sales, a
Customers' total sales..
1, 1940, at their principal amount, out of sinking fund
Of the bonds drawn, $638,500 principal amount,
moneys.
according
10,808
698,656
709,464
Customers' short sales
Customers' other sales.a.
Customers' total sales...
21,015,529
Dollar value
3940,
Interest will
Nov. 9,
on
previously called
Registered Employees—Also
113,550
113,590
—
Round-lot purchases by dealers
191,220
Number of shares
reported whth "other sales."
b Sales to oifset customers' odd-lot orders, and sales to liquidate a long position
which is less than a round lot are reported with "other sales."
Sales marked "short exempt" are
Changes in Amounts of Their Own Stock
Recaquired
New York Stock Exchange
The New York Stock Exchange issued on Nov. 14 it
monthly compilation of companies listed on the Exchange
reporting changes in the reacquired holdings of their own
stock.
A previous list appeared in our issue of Oct. 21,
page 2440.
The following is the list made available by the
Exchange on Nov. 14:
on
amended
its
tive Nov. 15.
are:
substitution
a
per
be
15,864
400
1,100
340,610
34,232
18,449
357,269
35,032
18,399
makes
possible to effect
it
2,756
2,550
9,400
8,450
1,910
67,634
172,853
Corp., common
Belding Heminway Co., common
Bristol-Myers Co., common
1,990
67,759
177,286
J. I. Case Co., common
The Celotex Corp., common
Collins & Aikman Corp.,
5% preferred
The Curtis Publishing Co., common
$7 preferred
400
500
2.603
Davega Stores Corp., 5% preferred
2,156
6,400
6,700
308,123
an
of
249
20,519
1,281
preferred
W. T. Grant Co., 5% preferred
i
Hat Corp. of America, 6^% preferred
149
17,519
A
General Realty & Utilities Corp., $6
1,282
656
7,500
702
capital
of
Outboard, Marine & Manufacturing Co., common...
Plymouth Oil Co., common
....
7% preferred
the Committee on
with respect to
member firms making financial statements available to
customers.
The ruling, which became effective the same
his
which
of
monthly statement sent to a customer shall bear a
tion
its
at
offices,
35
Within
Debt
of
holders
of
the
Institute
2,495
830
4,850
dent
1,542
customer shall
such audit, which
financial condition
accountant,
public
offices,
with a return postcard, reading as
statement of this firm, based on an
notice,
a
or
inspection at its
written request.
For
is available for your personal
of it will be mailed upon
copy
follows:
audit by an indepen¬
your
convenience in making such a request a return postcard
term "customer" as used in this ruling means any
your
is enclosed."
The
of
Amortization
of the
Republic of Chile on Nov. 13 advised
dollar bonds and notes of the re¬
distribution
the
person
who
requesting such a financial statement or at the time
of
such
annual notice has an
open
account with the
member firm.
Plan
unstamped
under
payments
bond declared in
the plan aggregating $39.581/2 per $1,000
1936, 1937, 1938 and 1939.
It was further
reported:
ruling does not preclude a
This
member firm from voluntarily distribut¬
its customers at any time provided the state¬
the firm, fairly presents the financial condition
ing financial statements to
ment,
of
the
firnt.
member
Each
any
the opinion of
in
firm shall file with
financial
such
statement
the Treasurer's Department a copj
it
promptly after
is made
of
available to
customers.
right
Institute
to
those
receive
only have
interest payments declared by the
in which assent is given and subsequent
annual
with respect to the year
order to receive
corresponding to the annual payments received, and
Such later assenters will be required to deliver, in
years.
payment, the coupons
and without additional compensation the
The
earlier coupons.
Institute reports that as of Oct. 31, 1939,
$108,402,000, or 64.2%
outstanding had been
assented to the plan.
Only two months remain in which holders of the
remaining $60,195,000 bonds will have the opportunity to obtain the
payments now available to them, aggregating almost $2,400,000.
the
Short Interest
The
provides that holders assenting after that date shall
The plan
of
each annual audited financial
12, 1940, they will lose the right to receive the interest
Jan.
also,
be mailed upon your written
will
of the date after which
days
financial
"A
7,809
public, the Mortgage Bank of Chile, and the Water Co. of
Valparaiso that unless they present their bonds for stamp¬
ing under the plan of debt readjustment on or before
the
it
firm, or
(2) A
6
Advised .to Present Bonds
for the
of
financial statement of the firm based upon
in the opinion of the firm fairly presents the
(1) A
of
the
copy
a
or
required to be filed with the committee each
is
statement
1,002
"79,465
Payments Under Debt Readjustment
Autonomous
The
Issues
this firm is available for your personal inspec¬
either:
be sent
6,996
610
-—.—
legend reading
follows:
"A financial statement of
16,385
4,760
7,800
1,540
Inc., $3.85 preferred
—
Manufacturing Co., capital.
its financial condition as of a date within
The financial statement shall be one
fairly presents the financial condition
firm
firm.
such
Each
as
make available to any customer of such firm
opinion of the
either at the time of
Public
ruling
prior to such request.
the
in
4,095
164,661
2,630
The S. S. White Dental
firm shall
request a statement of
months
statement
5
....
member
Each
four
—
Wilson & Co., Inc., common
Chilean
its
day, follows:
at
30,824
79,541
capital
Swift & Co., capital.;
of
amended
had
Firms
request."
732
Safeway Stores, Inc., 5% cum. preferred
W. A. Sheaffer Pen Co., common
for
office managers, hut substituting therefor
limitations of such bonuses.
branch
to
On Nov. 13 it was also announced that
Member
4,595
Brass, Inc., common
$6 preferred
a
formula describing the
3,965
21,011
11,000
2,605
200,761
16,777
7,156
Class A
Warner Bros. Pictures,
of
bonuses
of
broad
approval of the committee in respect
so-called stagger system.
the requirement for prior approval of the committee in
of
Elimination
rule requiring
the
of
inauguration
2.604
Republic Steel Corp., common
Standard Oil Co. (Indiana),
the
respect
a
employment without
restricting the frequency of salary changes
the provision
of
registered employees.
30,724
5% preference..
7% preferred
Real Silk Hosiery Mills, Inc.,
of
4,485
4,270
3,765
15,511
14,302
International Silver Co.,
employee may
approval of the committee.
prior
Elimination
2
Lehigh Portland Cement Co., common
John Morrell & Co., capital
Kaufmann Department Stores, Inc.,
during the first six months' period of
not be changed
477
900
Interchemical Corp., common
13,300
846
Household Finance Corp., common
891
6,300
Hecker Products Corp., common
Insuranshares Certificates, Inc.,
registered
another
316,008
41£% preferred.
The Firestone Tire & Rubber Co., common
The Flore helm Shoe Co., common
a
months' period of employment, which
salary change at any time except in the case
a
—
The Detroit Edison Co., common
Federated Department Stores, Inc.,
salary of
the
employee who was within the preceding three months in the employ
member or member firm.
In such an instance the salary may
of
4,000
American Stove Co., common
that
rule
the
of
changed during the first six
Elimination
15,863
salaries and
of at least three
requirement that employees keep a record of
compensation paid to such employees for a period
Amendment
not
Latest
Report
Reported
in the salary of a registered employee, and
each change
years.
the
Previously
of
firms notify
requirement that members and member
the
of
Exchange circular
'
•
,
other
York Stock
Nov.
members on
the
effected in such rules as contained in the
Shares
Shares
Air Reduction Co., Inc., capital
Member Firms
9 that it has
"rules regarding registered employees," effec¬
Briefly stated, the changes which have been
informed
Exchange
Elimination of
American Chicle Co., common
of
The Committee on Member Firms of the New
the committee
Company and Class of Stock
Statements
on Salaries
Changes Rule on
Amends Rules
York Stock Exchange
New
Financial
by Companies Listed
still unredeemed.
were
40
j.
Other sales _b
Revere Copper &
administrators call attention to the fact
1939, $33,000 principal amount of the bonds
The sinking fund
Number of shares:
Total sales
are
presentation and surrender on or after Jan. 2,
offices of the sinking fund administrators.
cease on all drawn bonds on Jan. 1, 1940.
tlie
at
of
...
Government,
Belgian
the
The balance of the drawn bonds, amounting *to
$338,600, will be redeemed and paid at the principal sum
Round-lot sales by dealers
Short sales
from
advices
to
held by it.
that
Number of shares:
fund 6%
gold bonds due Jan. 1, 1955, that $977,100 principal amount
of these bonds have been drawn by lot for redemption as of
thereof upon
sales):
Number of orders:
notifying holders of
are
Kingdom of Belgium external loan 30-year sinking
Jan.
Odd-lot sales by dealers (customers' purchases).
Holders
at
administrators,
fund
sinking
OF ODD-LOT
ON THE NEW YORK STOCK
Week Ended Nov. 11.
Atlas
stamping
for
& Co. and Guaranty Trust Co. of New York,
J. P. Morgan
as
a
holders of unstamped bonds should
of the payments,
the office of Schroder Trust
correspondent of the Institute, 46 William Street, New York, N. Y.
odd-lot dealers and specialists.
STOCK
themselves
their
present
a
Commission.
were
3187
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
total
of
$168,597,000
bonds of these issues
on
New York Curb Exchange Decreased
During October
of stocks dealt in on the New
October, reported as of Oct. 31,
16,092 shares, from 20,166 shares on Sept. 29, it was
total short position
York Curb Exchange for
fell to
announced Nov. 10.
Only eight issues had short interests of 500
American
Aviation
Corp.,
shares or more.
These were
Cyanamid Co. B, which went from 90 to 1,024 in the month;
&
Transportation
from
608
to
591;
Corp.,
from
none
Canadian Marconi
to
1,362;
Beech
Aircraft
Co., from 2,800 to 2,500;
Aviation Corp., from
Lockheed Aircraft Corp., from 400 to 500; Republic
3,971 to 1,859; Union Premier Food Stores, from 300 to 600,
States Foil
Co., from none to 625.
and United
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD Nov. 18, 1939
3188
Issues
SEC
Rule
New
Under
Dividends
on
rule
Public
unless
principal
Commission
Exchange
Asia.
Generally
announced
The Commission's
speaking,
requirements represent a codification
bookkeeping practices currently followed by
uniform
the
of
the
Exchange firms and over-the-counter brokers and dealers.
rules
do
not
regulate accounting practices;
requirements with respect to the business records
brokers
which
dealers
and
such
subject
records and
rule,
the
to
other
documents
new
which must be made by
well
as
The
they specify minimum
rather,
the
as
during
periods
relating to the business
be
must
preserved.
uniform
The
requirements
embodied
are
X-17A-4, adopted pursuant to Sections 17
Exchange Act of 1934.
all
members
who
transact
member
i*i
of
the
with
The
do
not
the
rules
market
Commission
rules
new
business
of
rules
brokers
the
rules
dealers
embody
Commission
in
make
and
and
rules
members
of
of
long
study by
the
dealers
or
books
such
preserve
exchange
an
in
securities
the
national
securities
representative
and
exchanges who do
Commission
their
of
business.
and
Drafts
accounting
suggestions
of
redmed
The increase in the volume of acceptances
outstanding on
Sept. 30 was due to gains in credits drawn for
imports, exports, domestic shipments and domestic ware¬
house credits, while in the year-to-year comparison all
Oct. 31
Nov.
9 the
nounced the
with
The
nection
BANKERS
1
In
for
vided
of
to
terminating
banks,
the
exemption
the
and
finding
upon
rule
the Commission
30
days'
gives
notice
that
bank
the
to the
2
there
is
the
bank
3
(a)
of
provided
good
used
in
the
by
old
modify
deterimental
As
5
Richmond
any
vision
for
where
cases
Such
(c)
the
of
fact
or
order
an
from
appears,
bank claiming
any
law
termination
without
and
3
of
it
7
the
termination
specified
statement
on
U-3A-2
a
The
is
company is
Form
U-3A-2
is without
amended
is
rule
statements
to
filed
whether
a
granting
Act,
an
the
if
exemp¬
8,615,675
10,939,422
2,710,322
320,390
2,964,571
602,307
1,648,201
'
8
588,391
1,667,025
5,472,232
757,362
4,561,553
6,701,668
551,674
793,512
1,397,824
St. Louis
1,363,705
1,411,118
1,806,704
3~5~4~369~
355",550 "
Dallas
12 San Francisco
1,800,143
18,378,487
Increase for month, $5,234,221
18,375,442
$221,115,945
Grand total
17,010,234
$215,881,724
$269,561,958
Decrease for
year,
ACCORDING TO NATURE
$48,446,013.
OF
CREDIT
an
and
Section
3
to
the
for
is
is
for
its
1,
exemption
application
amended
1940,
rule,
unless
is
company
without
which
how¬
10,972,623
35,400,118
17,733,817
31,950,229
Oct. 31, 1938
33,325,042
17,977,440
36,412,332
Based
on
goods stored In
or
$78,004,469
40,013,247
$94,128,626
56,936,788
9,537,139
49,538.052
10,149,194
3,086,645
shipped
between foreign countries
BILLS HELD
56,334,808
BY ACCEPTING BANKS
Own bills
5111,483,391
Bills of others..
67,135,184
Total
increase
$178,618,575
for month
CURRENT
1,353,883
-
MARKET
RATES
ON
PRIME
BANKERS*
ACCEPTANCES
17, 1939
NOV.
r
Dealers'
Days—
Dealers'
Dealers'
Buying Rates Selling Rates
to
Days—
Dealers'
Buying Rales Selling Rates
its
to
claims.
by
Commission from
in
to
the
law
under
certain
120
150
7-16
180
X
The
of the
9-16
X
9-16
%
X
9-16
of
the
Such
company
following table, compiled by
us
furnishes
a
record
of bankers' acceptances outstanding at
close of each month since June 30, 1937
volume
1937—
1938—
$
1939—
$
June 30
Mar. 31.....
July
Apr. 30
292,742,835
278,707,940
the
$
Jan.
31
255 402,175
Feb.
28
248 ,095,184
364,203,843
31..... 351,556.950
Aug. 31
343,881,754
Sept. 30
344,419,113
May 31
268,098,573
Mar. 31
245 ,016,075
June 30
264,222,590
July
264,748,032
258,319,612
261,430,941
269,561,958
273.327,135
269,605,451
Apr. 29
May 31
237 ,831,575
Oct.
30
346.246,657
348,026,993
343.065,947
Nov. 30
fact
or
exemption.
right
certain minor
as
consolidated
subsidiaries.
31
1938—
Jan.
31
Feb.
30
Aug. 31
Sept. 30
31
Oct.
28
325,804,395
307,115,312
a
holding
profit
That
has
In
and
been
respects.
filed
company
loss
has
its
under
statements
changed
addition,
National
Nov. 30
Dec. 31
246 574.727
June 30
244 530,440
July 31
Aug. 31
Sept. 30
236 010,050
235 034,177
Oct.
221 ,115,945
215 .881.724
31
to
the rule,
of
require
Buying Main Developments in October Business
its
the
con¬
as
amended,
the
applicant
City Bank of New York Finds Lessening of
Fear of Price Advances and Moderation of Forward
It previously
The abatement
a
of
been
consolidating balance sheets
of
amended
provisions after
specified
to
provide that
March
information
is
1, 1940,
filed
with
no
unless
the
company
a
shall
statement
Commission
be
con¬
The
of
the
fear
of sharp price
advances and
general moderation of the forward buying of commodities
and
the
was
submission
exempt
90
Dec.
of
subsidiaries.
U-8D-12
taining
7-16
7-16
X
60
order
contain
and
30
a
granting the exemption under Section 3 (a) of the
without prejudice
to
the temporary
exemption provided by
(c) of the Act, if the application is filed in
good faith.
the
40,219,161
Domestic shipments
Domestic warehouse credits
Dollar exchange
is
files
it
exemptions,
question
entitled
prejudice
is
of
the
to
appears
substantial
a
solidating profit and loss statements.
Rule
March
the
the termination
mail, if it
there
Rule U-3A-1 has been amended
provisions
Sept. 30, 1939
$84,839,997
temporary
and
required applications for exemption
applicant
Oct. 31, 1939
Imports
exemption
the
prejudice to
Under
exempt after
provides
that
however,
apply for
met.
were
entitled
also
particular
termination,
to
calls
155,635.066
".
prejudice
renews
such statement
annually.
Form
designed to obtain facts which will indicate whether
form
new
days' notice by registered
and
31, 1938
of
conditions
holding company
Act,
Oct.
$29,274,625
194,650,455
Chicago
the
whether
to
as
by
Rule U-3A-2 by
requiring the filing of reports
claiming exemption under the rule and by making pro¬
holding
ever, no
as
Sept. 30, 1939
faith.
company
certain
30
__
the
exemption as to any company.
The rule
previously provided that a holding company was exempt from
any obliga¬
tion, duty or liability imposed by the Act upon it as a
holding company,
the
31, 1939
$23,347,618
6 Atlanta
pro¬
to
amended
right to terminate the exemption,
apply for
Section
the
or
exemption
consumers.
or
pro¬
The Commission amended
a
STATES
DISTRICTS
159,987,694
8,984,157
3,343,095
New York
Cleveland
con¬
the
Under
the
be
to
investors
question
Act,
banks.
to
for hearing,
mail, in
to
the
altered
terminate, suspend
exemption
or
exemption.
of
in
the
substantial
a
entitled to
rights
exemption
to
required to be filed by
Section
under
if
Oct.
Philadelphia
an¬
Regarding these
Commission
granted
right
interest
by registered
statements
is
be
to
rules.
the
opportunity
the
semi-annual
form
new
amended
U-3A3-1,
or
by
OUTSTANDING—UNITED
RESERVE
Exports
Rule
reserves
notice
after
for
a
the
public interest
filed
FEDERAL
9 Minneapolis
10 Kansas City
SEC said:
Commission
order,
to
issued by the New
$20,189,036
3
the
Rules
adopted
one
amendment
the
tion,
ACCEPTANCES
Boston
adoption of amendments to four rules dealing
under the Holding Company/ Act.
The
with
an
cedure
the
DOLLAR
4
of
by
Exchange Commission
as
shipments and
York Federal Reserve Bank:
the
preparation.
Securities and
also
changes the
by
exchange.
following is the report for Oct. 31
exemptions
Commission
rule
over
branches of credit declined except domestic
dollar
11
Four
Ac¬
Re¬
724, it was announced yesterday (Nov. 17) by the Accept¬
Analysis Unit of the Federal Reserve Bank of New
York.
As compared with last year, when the acceptances
outstanding amounted to $269,561,958, the Oct. 31 figure
represents a decrease of $48,446,013.
adopted,
Ap
Bankers
Oct.
31
October—Total
ance
its
associations
groups.
Outstanding
in
no
Dealing with Exemptions
Under Holding Company Act Adopted by SEC
On
$5,234,221
During
—BY
exchanges,
of the comments and
course
to
of
America.
Latin
of
outstanding bankers dollar acceptances on
31, 1939 amounted to $221,115,945, an increase of
$5,234,221 as compared with the Sept. 30 figure of $215,881,-
accounting problems involved in the standardiza¬
to
many
Amendments
benefit
the
Federal Reserve District
and
the
broadcasts
prescribe.
may
Francisco Bay.
Oct.
dealers
or
brokers
regulations
those
practices
submitted
and
its
brokers
as
to
product
bookkeeping
were
all
Rule
other things, that
among
and
and
of the Securities
through the medium of
shall
by
apply
staff of the technical and
tion
(a)
San
in
ported at $221,115,945—$48,446,013 Below Year Ago
public.
the
are
provides,
exchanges
securities
in
X-17A-3
Rule
registered with the Commission
are
the
as
(a)
securities
business
a
over-the-counter
records
The
national
who
or
Section 17
in
(a) and 23
and
The volume of
an¬
this said:
concerning
standardization
many
for
The
Increase
bookkeeping standing for
brokers and
dealers, to take effect Jan. 2, 1940.
daily
polar disturbances prohibit their reception
are transmitted
in English four
times daily." Coffee quotations are broadcast daily in Span¬
in
Stock Exchange members and over-the-counter
and
Treasure Island,
on
ceptances
and
that
Exchange quotations
section magnetic
adverse findings are made with respect to
Dealers
Securities
announced
has
Stock
It is pointed out that other international broadcasting sta¬
tions are located in the eastern United States, from which
proposing to make such a payment must file an application
nouncement
Co.
York
of
KGEI, located
required before any payment of interest or
13 the adoption of uniform
Nov.
Electric
New
of
leading commodity exchanges are being made to
the Far East through its international broadcasting station,
ish
The
Commodity Quotations Broadcast to Orient
General
those
Adopts Uniform Bookkeeping Standards for Stock
Exchange Members and Over-the-Counter Brokers
and
exemption by indicating the gross revenues or book values.
broadcasts
certain conditions set forth in the rule.
SEC
the system should file a statement claiming such exemption.
requires that such statements show that the system is
in
to
The
be made on such indebtedness.
can
A company
revenues
$1,000,000.
not exceed
amendment
Stock and
evidence of indebtedness in lieu of cash payment
which will be approved unless
does
utility assets
company
The
capital or unearned surplus and has then issued a note or other
of the dividend.
Under
of
out
the rule Commission approval is
whose
entitled
which in the past has declared a dividend
The rule will effect any company
gross
The rule previously
provided that the exemption should be applicable only if the top holding
of
continued:
announcement
holding company system whose aggregate annual
a
public utility operations do not exceed $350,000 and the book value
from
The Commission's
approved by the Commission.
grants an exemption from all provisions of the Act for all companies
within
Act—Prohibits Payments Out of Capital
or
Unearned
Surplus
Without
Commission's
Approval
The Securities
and Exchange Commission announced
Nov. 8 the adoption of Rule U-12C-3 under the Holding
Company Act, prohibiting the payment of piincipal or in¬
terest on any form of indebtedness, which is in effect the
payment of a dividend declared out of capital or unearned
surplus, without regard to when the dividend was declared,
Utility
the chief
market
excitement
which
prevailed
in
September
development in domestic business in October,
according to the November "Monthly Bank Letter" of the
National City Bank of New York.
the situation the
bank
added:
Commenting further
on
Volume
Business
almost
was
declaration
and
of
export orders
The
tion,
and
of
in
ments,
business
little
most
the great rise
would be repeated and
1917
the
in prices
period after
the
during
that
differences
pronounced
to
it
hard
was
all
the
and all had to cover require¬
Overnight
than they had counted on.
far larger
cases
first
at
industries,
a
with
and feared
buyers faced price advances,
themselves
protect
follow.
would
This figure
with
much
come
between the situations then
to oppose the trend, for the
upswing almost unprecedented in speed was under way, and
time
others
the
reached
orders
feet
its
we
205,300,000
209,300,000
201,100,000
July 31
194,200,000
June 30
180,700,000
May 31...... *188,000,000
191,900,000
191,200,000
195,300,000
Feb. 28
abundant,
individual
started,
these commodities,
in
cases,
and
increased readily
be
can
or
prices
of
peak
reached
was
under
even
both
within two
in
the
The
and
most
weeks
three
or
conditions.
war
averages
after
during October the trend has been sideways
in
the move
reactionary.
or
Referring to the developments in foreign trade, the bank
said
"thus far the character
that
little
and
commodities
1914-18."
French
Of
for
motor
the
and
the
with
with
say:
machinery,
of
and
airplanes
repealed,
is
The lack
along
to
on
the
all
embargo
arms
come
supplied
goods
those of
others in this country, notably those of the
some
buy
comparable
way
any
trucks
will
certain.
virtually
had
placing
are
they
course
after
in
The bank went
The Allies
of the war had
for expecting increases in the demand for
reason
which
precipitate
domestic
equipment
the
Senate
buying
orders
the markets.
studying
are
and
in
they
welcome,
is
September
made
has
vote
for
would
it
if
it
have
of
domestic demand
is
satisfied, and will provide support when it is most
yet be drawn
can
to the prospects for our
as
export trade to neutral countries, but it is plain that the chief uncertainty
is the ability of these countries to pay for what
they would like to have.
Inquiries
which
metal
orders have
and
has
pegged the
formerly,
as
and
products,
increase
in
yen
from
demand
the
domestic
is
from
kind
same
to the
machinery
business,
for
offerings in these lines
in
increased
of
markets,
and
from
dollar
the
of
some
food
trades
naturally the
more
than
Latin
instead
America,
of to the
smaller
European
had
have
Russia,
the
part of
course
the increase
regular customers for their usual purchases; it is
buying, stimulated by price rises, that has occurred in
will
taper
off
in
the
same
way.
Investment Portfolios
.
temporary loan notes of various Local Housing
Authorities.
Among the New York institutions associated
with the Chemical Bank & Trust Co. are the Chase National
Bank, National City Bank, Bankers Trust Co., Guaranty
Trust Co., and Manufacturers Trust Co.
More than 40
other banks throughout the United States are also included.
The Local Housing Authorities whose notes were offered at
public sale are those of the cities of Philadelphia, Pittsburgh,
Chicago, New Orleans, Louisville, Washington, Atlanta,
Peoria, 111.; Charleston, W. Va.; Charleston, S. C.; and
Macon, Ga. An announcement by the Chemical Bank
added:
The banks bid
was
a
premium for notes bearing interest at the rate of .60%
announced that the purchase made by the institutions
own
investment
portfolios and that
no
was
solely
reoffering will be made.
This financing represents the first major
step taken by Nathan Straus,
Administrator of the United States Housing Authority, in his
plan for
public financing by Local Housing Authorities, with the assistance of the
United States Housing
Authority.
It also represents one
more
accomplish¬
ment of the Administrator in his constant and successful efforts to reduce
the latest development in the nation-wide
slum clearance movement, Mr. Straus said:
on
According to reports coming to me it would appear there was a scramble
by private capital to snap up the first issue of temporary short term notes.
This confirms the belief I have long maintained—that a national
housing
ready ally in the vast untapped reservoirs of idle
Enthusiasm shown by the public for this somewhat small
should find
program
private money.
beginning leads
a
conclude that the day is not far distant when private
capital and enterprise will take up the job of financing on a permanent
one to
loan basis the construction cost of public
housing projects, thus relieving
the Government of loan responsibility and limiting Federal aid to the
annual grants-in-aid to achieve low rents.
Reference to the
page
than
more
Generale
a
offering appeared in
and
our
The
Paper Outstanding as Reported
Federal Reserve Bank—Total of
Oct.
31
Compares
Reports
received
outstanding
by
$205,300,000 of
in
le
Developpement
France, of Paris, France,
en
State Banking De¬
Societe Generale
Nov. 9 on the Rex
supervise the establishment of the agency.
He made the
Chadenet,
Vice-President
of the
and head of its foreign business, arrived
to
following statement:
The
for
importance of New York
time past
some
hanks,
to
States
through
this
an
office
agency
which should
which
in
and monetary center has
financial
New
contribute to
international
direct contact with
closer
a
York.
present state of war in Europe has not altered the- desirability of
move,
from
as
induced the Societe Generale, like several other European
a direct contact with the United
consider the establishment of
banking
overcoming
today
is
some
of
obstacles
the
suffering by maintaining a
banks and institutions.
the important American
Reference to the French bank's
application to
York agency appeared in our issue of Nov.
11,
open a
New
3064.
page
Union
(Detroit) Joint Stock Land Bank Bonds Offered
Offering by Halsey, Stuart & Co., Inc., of an issue of
$2,000,000 Union Joint Stock Land Bank of Detroit, Mich.,
2Yi% Farm Loan refunding bonds, dated Dec. 1, 1939 and
maturing Dec. 1, 1944, at 100 and accrued interest was an¬
nounced Nov. 13.
The bonds are redeemable in whole or in
part upon not less than 15 days, published notice at 100 and
on Dec. 1, 1941 or any interest date there¬
accrued interest
option of the bank.
Proceeds of the issue will be
used to retire certain bonds now outstanding bearing interest
higher rates.
at
♦
Club Savings in 1939 Estimated at $350,000,000—Total Distribution 7% in Excess of 1938
—Average Accumulation for Over 7,000,000 Members
Christmas
Is $48.80
A
total of
$350,000,000 will be distributed to more than
7,000,000 Christmas Club members by approximately 4,700
banking and financial institutions and other organizations'
accord¬
during National Prosperity Week, starting Dec. 4,
ing to an estimate given out Nov. 13 by Herbert F. Rawll,
founder and President of Christmas Club, A Corporation,
of National Prosperity Week.
The total distribu¬
in excess of 1938.
It was said
that the total amount saved, the number of participating
sponsors
1939 is about 7%
tion for
institutions,
the
enrolled represents a new high
since the bank holiday year
tion
and
accumulation,
per-member
average
members
number of
total
The average distribu¬
of 1933.
member amounts to $48.80 as against $47.00 for
The estimates are based on a substantial number
per
reports received from institutions operating the Christ¬
Club plan in different sections of the country.
Using reports in 1938 from individual Christmas Club
members and applying these reports to the entire distribu¬
of
mas
1939, the estimated fund of $350,000,000 will be
for
tion
the recipients approximately as follows:
used by
32.4%
26.7 %
$113,400,000
14.0%
9.7%
49,000,000
33,950,000
Insurance premiums.
9.3%
32,550,000
Education, travel and charity.
Mortgage interest
4.2%
2.3 %
1.4%
14,700,000
8,050,000
4,900,000
Christmas purchases——
—
Permanent savings —
Year-end bills
—
Taxes
— —
—
-
Unclassified--
93,450,000
$209,300,000
the
distribution
the
other
of
States
public Nov. 13 further said:
Christmas Club funds this year New York
with
about
$100,000,000; the estimates
for
State
Penn¬
$36,000,000; for Massachusetts, $32,000,000; for New Jersey,
$25,000,000.
New York metropolitan district will receive about $60,-
sylvania
000,000.
are
The Bank of America N. T. & S. A. in California will distribute
$14,000,000 to
240,000 members.
The
Bank
of
the
Manhattan
Co.
has
$4,250,000 for 90,000 members enrolled at 40 offices in Greater New York.
on
Oct. 31
Federal Reserve Bank of New York
total of
with
following announcement showing the total value of
commercial paper
Favoriser
Pour
Agency
Open
to
City
issue of Nov. 11,
Commercial
$205,300,000
Sept. 30
Sept. 30
abroad.
Julien
In
York
31
deposit with numerous branches,
being distributed al over the French
The statement made
New
Oct.
by the New York
thousand
leads
by
279,200,000
311,000,000
323,400,000
331,400,000
Nov. 30
its capital, reserves and deposits
(which aggregate over
12,000,000,000 French francs), and branch offices in France
3052.
Value of
—..
territory as well as in northern Africa and in some im¬
portant foreign centers.
The Societe Generale, it is said,
ranks as the second largest bank in France by reason of
1938.
construction costs.
Commenting
31.
1937—
Dec. 31
and is primarily a bank of
675,000
for their
.
31
Authorized
authorized
after at the
The Chemical Bank & Trust Co., New York
City, heading
nation-wide group of banks, on Nov. 14 purchased
$49,-
and it
Aug. 31
July
Jan.
their
Of
of
our
and
251,200,000
Sept. 30
early
belligerents have withdrawn
others.
much
The
Banking Group Buys $49,675,000 of Temporary Loan
Notes Offered by 11 Local Housing Authorities for
a
been
has
Japan,
pound sterling
countries.
271.400,000
296,600,000
292,600,000
299,300,000
partment to open an agency in New York City at 15 Broad
Street.
The Societe Generale was founded in Paris in 1864
The
dependable conclusions
June 30
Feb. 28
186,900,000
206,300,000
213,100,000
212,300,000
209,400,000
210,700,000
225,300,000
31
Oct.
Generate
Societe
The
useful.
No
Dec. 31
Nov. 30
du Commerce et de l'lndustrie
added
gravely to the demands on our factory capacity, caused delivery
congestion, and hence multiplied the effects on prices.
As it is, whatever
buying is done in the first year will enter our markets after the peak
Mar. 31--...
$
New York
get
can
$
Apr. 30
195,200,000
1938—
♦Revised.
long the war will last, whether it will spread, how great the consumption
and destruction of materials will be, or what share of the orders from
belligerents and neutrals the United States will get.
They have given more
heed to the authoritative opinions that supplies of staple commodities are
31
Jan.
May 31
Societe
how
They do not know
compilation of the monthly figures for
1938—
Oct. 31
Sept. 30
Aug. 31
Apr. 30
impressed by the uncertainties.
a
|
have
more
give
1939
Mar. 31.....
been
on
than two years:
more
Of course the
buying move slackened of its own accord, once requirements were covered
and buyers had lengthened their commitments as far as they intended.
However, second thoughts as to the business outlook also have played a
part in slowing down the rush.
With more time to reflect, business men
Gradually, however, the market confusion has subsided.
with $209,300,000 on Sept. 30 and
Oct. 31, 1938.
compares
$213,100,000
Below
prudent elements were reluctant to accept this assump¬
more
However,
now.
flood
off
the assumption
to
in 1916 and
view of
in
swept
due
war,
earlier.
3189
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
this
bank
open
market
from
on
commercial
paper
was
Nov.
issued by the
on
dealers
show
Oct. 31, 1939.
a
Seamen's
Bank
for
Savings
in New York
City has
of
an
approximate
of
$2,000,000; the Dime Savings Bank of Brooklyn, $1,130,000;
Fidelity Union Trust Co. and the Howard Savings Institution, both
Newark, N. J., and the Trust Co. of New Jersey in Jersey City each
total
the
13:
paper
outstanding
The
have
a
sum
exceeding $1,000,000.
'
that the Christmas
Mr. Rawll also stated
Club organization was offering,
in cash prizes for a series of
feature the responsibility of
the individual
to his government,
local, State and Federal, in urging
greater opportunities and increased rewards for thrift and in urging an
application of thrift in national and State affairs.
The prize-winning
during the early months of 1940, $2,500
short manuscripts that
would specifically
will be published and released under a series
"Wealth Comes from Understanding" in the hope of revitalizing
this
contributions in
known
as
contest
thrift on a national scale.
institutions, which include most of the
depositories having the largest accumulations for Christmas Club
old-fashioned
The
banking
63
for more than
members and accountable
distribution
during
released
Prosperity
National
Week:
Merchants National Bank, Mobile,
Ala
Yes
institution was
would
during July and
favor closing on Saturdays
241
August in 1940?—
Would
you
Bill making
favor an amendment to the Quinn
Saturday closing during July and
Would you favor an
11
147
78
28
18
231
2
amendment to the Quinn
Saturday throughout the year a full
BUI making
holiday?
Did you
26
214
August mandatory?
4.
Undecided
241
July and August?
Based on your experience last summer,
you
3.
No
8
■
depositors objected when
closed on Saturdays during
Did you find that your
your
2.
—
encounter any operating problems re¬
sulting from Saturday closing?
$500,000
515,000
—
Angeles, Calif.
Union Bank & Trust Co., Los
'■
.
5.
Mobile, Ala
First National Bank,
replied.
summary of replies to the questionnaire follows:
A
1.
report the following approximate amounts to
of $350,000,000,
be
$60,000,000 of the total estimated
A total of 251
Saturdays during last July and August.
on
18, 1939
institutions
principles of
following
financial
Chronicle—YEARS OLD Nov.
ONE HUNDRED —The Commercial & Financial
3190
500,000
Anglo California Nat. Bank & Trust Co., San Francisco, Calif.
400,000
A., San Francisco, Calif
14,000,000
Colorado National Bank, Denver, Colo..
400.000
Society for Savings, Hartford, Conn
1,, 100000
Connecticut Savings Bank, New Haven, Conn.
610,000
Waterbury Savings Bank, Waterbury, Conn
415.000
American Security & Trust Co., Washington, D. C
505,000
Kiggs National Bank, Washington, D. C
560,000
The Washington Loan & Trust Co., Washington, D. C
...
445,000
First National Bank. Chicago, Til
1,100,000
Fletcher Trust Co., Indianapolis, Ind
475,000
Maine Savings Bank, Portland, Me
—
465,000
Boston Five Cents Savings, Boston, Mass
750,000
Dorchester Savings Bank, Boston, Mass
525,000
Home Savings Bank, Boston, Mass
550,000
Suffolk Savings Bank, Boston, Mass
615,000
New Bedford Institution for Savings, New Bedford, Mass — _
400,000
Worcester County Trust Co., Worcester, Mass
'
605,000
First Nat. Bank A Trust Co. and affiliates, Minneapolis. Minn.
1,400,000
Northwestern National
Bank & Trust Co.
and affiliates
Minneapolis, Mass..
First National Bank, St. Louis, Mo
Commercial Trust Co., Jersey City, N. J
Hudson County National Bank, Jersey City, N. J
Trust Company of New Jersey, Jersey City, N. J
Fidelity Union Trust Co., Newark, N. J
Howard Savings Institution, Newark, N. J
Passaic National Bank & Trust Co., Passaic, N. J
City and County Savings Bank, Albany, N. Y
National Savings Bank, Albany, N. Y_.
Bank of the Manhattan Co., New York City
Dollar Savings Bank, New York City
North River Savings Bank, New York City..
Seamen's Bank for Savings, New York City
...
Bay Ridge Savings Bank, Brooklyn, N. Y
Dime Savings Bank of Brooklyn, Brooklyn, N. Y
Bast New York Savings Bank, Brooklyn, N. Y
,
Green Point Savings Bank, Brooklyn, N. Y.__
Kings Highway Savings Bank, Brooklyn, N. Y
Lincoln Savings Bank, Brooklyn, N. Y
Prudential Savings Bank, Brooklyn, N. Y
Roosevelt Savings Bank, Brooklyn, N. Y____—
South Brooklyn Savings Bank, Brooklyn, N. Y
Long Island City Savings Bank, Long Island City, N. Y
Staten Island Savings Bank, Stapleton, S. I., N. Y
Mechanics Savings Bank, Rochester, N. Y__
Schenectady Savings Bank, Schenectady, N. Y
Provident Savings Bank & Trust Co., Cincinnati, Ohio
Cleveland Trust Co., Cleveland, Ohio
Ohio National Bank, Columbus, Ohio
Toledo Trust Co., Toledo, Ohio
Beneficial Savings Fund Society, Philadelphia, Pa..
City National Bank, Philadelphia, Pa.
Corn Exchange Nat. Bank & Trust Co., Philadelphia, Pa
Germantown Trust Co., Philadelphia, Pa...
Integrity Trust Co., Philadelphia, Pa
Ninth Bank & Trust Co., Philadelphia, Pa
Western Saving Fund Society, Philadelphia. Pa...
Peoples-Pittsburgh Trust Co., Pittsburgh, Pa
Industrial Trust Co., Providence, R. I
First Wisconsin National Bank, Milwaukee, Wis..
1,565,000
400,000
600,000
845.000
1,050,000
1,135,000
1,250,000
Payments
Dividend
Bank of America N. T. & S.
Creditors
to
Banks Authorized
National
of
14
Insolvent
During October
>
Comptroller of the Currency Delano announced on Nov. 3
that during the month ended Oct. 31, 1939, authorizations
were issued
to receivers for payments of dividends in 14
who have
so
authorized will
$1,462,600 to 63,714 claimants
Dividends
distributions of
total
effect
banks.
National
insolvent
proved claims aggregating $25,652,900, or an aver¬
of 5.7%.
The Comptroller's an¬
percentage payment
nouncement added:
age
smallest
The
were
•
individual
largest
dividend
percentages
authorized
4% and 17%, respectively, while the smallest and largest individual
distributions
authorized
dividend
dent
and
$23,100 and $370,600, respectively.
were
seven
for
were
regular
dividend
payments,
Of the 14 dividends
six
were
for
payments, and one was for an interest dividend payment.
ended Oct. 31, 1939, were
payments so authorized during the month
follows:
as
final
Divi'J:,
'
INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED OCT. 31, 1939
PAYMENTS
DIVIDEND
CREDITORS
TO
OF
490,000
400,000
640,000
4,250,000
675,000
625,000
2,000,000
400,000
Calif. Nat. Bk. of Sacramento, Calif-
1,135,000
Hyde Park-Kenwood National Bank,
720,000
78.5,000
400,000
780,000
400,000
605,000
....
65.5,000
750,000
566,000
415,000
400,000
680,000
92.5,000
620.000
,576.000
76.5,000
400,000
755,000
400,000
...
Total
Name and Location of
Dsitribution Percentage
Author'd
Bank
of Funds b
Dividends
Dividends
Authorized
Claims
to Dade
10-14-39
10-
Amount
$370,600
100.
Proved
$7,413,100
6-39
1J2.300
10-31-39
42,100
75.
10- 3-39
32,400
50.06
268,600
10 20-39
66,900
98.
836,500
10- 5-39
29,400
100.
10- 4-39
76,100
109.25
10-30-39
162,000
10- 2-39
40,800
63.7
-I-
10-12-39
27,000
52.45
First Nat. Bank of Toledo, Ohio
'First Nat. Bank of Canton, S. Dak-
10-19-39
Chicago, 111.
...
First Nat. Bk. of Du
Quoin, 111.....
First Nat. Bk. of Grayville, 111Farmers
&
National
First
Bank
Plymouth, Ind._-
Citizens
2,246,300
841,600
of
New Castle, Ind.---------First National Bank of Marshall Co.
at
63.5
—
Nat. Bk. of South Bend, Ind
736,200
1,792,800
Presque Isle National Bank, Presque
Isle, Me
—
First Nat. Bank of Hancock, Md...
Mount
92.
2,315,200
468,900
Holly National Bank, Mount
Holly, N. J._
225,300
79.
10-13-39
23,100
70.
136.200
10-21-39
National Bank of Fairmont, W. VaJ
Union Nat. Bk. of Fairmont, W. Va.
286,100
3,218,200
142.900
60.
2,857,600
85.
2.235,600
10-17-39
111.700
606,000
...
400.000
1,220,000
830.000
790,000
870,000
Tenders of
$335,057,000 Received to Offering of $100,-
000,000
of
91-Day
Treasury
Bills—$100,196,000
Accepted at Average Rate of 0.020%
A total of $335,057,000 was tendered to the offering last
of $100,000,000 or thereabouts of 91-day Treasury
week
Christmas
Club
Savings Banks
Association
Reports—Total of $61,384,814 Belonged to 1,438,732
Deposits
Mutual
in
Reached New Record in 1939, National
Depositors
The figures on Christmas Club
.
deposits in mutual savings
banks during 1939 in the 17 States where these
institutions
operate were announced on Nov. 7 by the National Associa¬
tion
Mutual
of
climb
for
Following
Banks.
Savings
upward
their
deposits have reached a
new
high point, amounting to $61,384,914, belonging to
I,438,732 Christmas savers.
The Association added:
New York
amount
an
Taken
$27,190,016,
in
order,
holiday funds of
savings banks in
follows:
as
Manhattan, $6,770,524,
one
17,634.
of
Brooklyn
the largest
Rochester,
Brooklyn,
depositors
Christmas
York will
of New
Queens,
deposits
Club
in
$862,000,
were:
depositors
Yonkers,
the
order
$14,500,000
and
of
States
accounts
Massachusetts
numbering
ranks
354,000;
being
its savings
having
"Increased
deposits of
Connecticut stands
$6,321,459, depositors numbering 145,681,
fourth, with figures of $3,662,250 and 70,319 depositors.
New
third,
Jersey is
saving for Christmas
reflects improved
99.995; equivalent rate approximately 0 020%.
(92% of the amount bid for at the low price was accepted.)
New
banks
depositors
$575,000,
second,
99.994; equivalent rate approximately 0 024%.
249,249 ;
Albany, $1,594,000, depositors 28,462 ;
23,928;
100.000.
>
Low,
depositors
$1,907,300,
Richmond, $862,000, de¬
II,560; Syracuse, $540,000, depositors 11,700 ; Utica, $470,000, depositors
9,617; Schenectady, $418,000, depositors 12,556; Poughkeepsie, $167,000,
depositors 4,479.
deposits
High,
Average price,
$10,016,014, depositors
25,558;
Total accepted, $100,196,000
Range of accepted bids:
of holiday funds held by the banks in any city.
Up-State the leading cities
In
Total applied for, $335,057,000.
This is
depositors.
636,094
five boroughs
the
depositors 137,870;
48,575; the Bronx, $973,500,
is
announcement of Nov. 13:
account of $42.75, compared to $42.67 for the total.
distributions
positors
these
past,
maturing Feb. 14,1940, the Treasury
Department announced on Nov. 13.
Of this amount,
$100,196,000 was accepted at an average rate of 0.020%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m.
(EST) Nov. 13.
Reference to the offering appeared in
our issue of Nov. 11, page 3052.
The following regarding
the accepted bids to the offering is from the Treasury's
easily leads in point of deposits and depositors, the aggregate
being
average
make
time
some
bills dated Nov. 15 and
this year undoubtedly
business and employment," said John W.
Sandstedt, Executive Secretary of the National Association
Mutual
Savings Banks.
"Also this gain proves the
growth of saving for special purposes."
of
Offering of $100,000,000, or Thereabouts, of 91-Day
Treasury Bills—To be Dated Nov. 22, 1939
Acting Secretary of the Treasury Hanes announced on
are invited to a new offering of 91-day
Nov. 17 that tenders
Treasury bills to the amount of $100,000,000, or thereabouts,
on a discount basis to the highest bidders.
Tenders
will be received at the Federal Reserve Banks and the
to be sold
branches thereof up to 2 p. m.
be received at the Treasury
(EST), Nov. 20, but will
Department, Washington.
The Treasury bills will be dated Nov. 22 and will mature
on Feb. 21, 1940, and on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on Nov. 22 in
amount of $100,858,000.
In his announcement of the of¬
fering, Acting Secretary Hanes also said:
not
They (the bills) will be issued in bearer form
denominations
of
$1,000,
$10,000,
$100,000,
only, and in amounts or
and $1,000,000
$500,000.
(maturity value).
Questionnaire
Shows
New
York State Banks Favor
Closing on Saturday During July and
August—Majority Also Favor Closing on Saturday
During Year
Continued
The
New
Nov. 15
York
State
Bankers Association made
a
summary
on
tender
for an
amount
less
than $1,000 will be considered.
Eadfi
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
public
of the replies to a questionnaire circu¬
lated by the Association among the 303 banks which closed
on
No
tender must be in multiples of $1,000.
and
trust
accepted without cash deposit from incorporated banks
companies and
vestment securities.
from responsible and recognized dealers in in¬
Tenders from others must be accompanied by a de¬
posit of 10% of the face amount of Treasury
bills applied for, unless the
I
Volume
tenders
by
accompanied
are
corporated bank
Federal Reserve Banks
or
branches thereof
the closing hour will be opened and public announcement of the ac¬
ceptable prices will follow
possible thereafter, probably on the
as soon as
The Secretary of the Treasury expressly reserves the
following morning.
right to reject any or all tenders or parts of tenders, and to allot less than
the
Those
applied for, and his action in any such respect shall be final.
amount
only object of
In
this
season
armistice
which
have been
which
Reserve
Banks in cash
but of
all
under
estate and inheritance
except
No loss from the sale
bills shall be allowed
of
poses
as
or
other disposition of the Treasury
deduction, or otherwise recognized, for the pur¬
a
To
all
Circular No.
Department
418,
amended, and this notice
as
of
the second
$1,201,000 of Government Securities Sold by Treasury
Department During October
Market transactions in Government securities for Treasury
investment accounts in October, 1939, resulted in net
On
send
sales
$1,201,000, Acting Secretary Hanes announced on Nov.
15. This figure compares with net purchases during Septem¬
ber of $71,904,950.
The following tabulation shows the Treasury's transac¬
tions in Government securities, by months, since September,
the
day.
11
3, 716,000 purchased
$1,044, 000 purchased
360, 000 purchased
October..
November
6,469, 750 purchased
December....
2, 000,050 purchased
December
1,648,
January
12, 033,500 sold
3, 001,000 sold
March
23, 348,500 purchased
April
March
April
2, 480,250 purchased
May
4 899,250 sold
37,064,
40.367,
May-.
June
June
street
September
3, 905,650 sold
38, 481,000 purchased
September-
-
....
August
1, 151,600 purchased
July
August
President
m.
Stress
of
Queen
October
the
sold
their
Asks
on
Ob¬
Nov. 11, declaring that the world
better peace" which would cause men
Day
on
and
"lay down weapons of hatred" and abandon the "purpose¬
less ambitions which have created fear."
Mr. Roosevelt
to
spoke from the White House by telephone to the cadets
Virginia Military Institute at Lexington, Va., on the
one
hundredth anniversary of the school.
"It is fitting,"
of
said, "to remember on this Armistice Day that the only
object of arms is to bring about a condition in which quiet
he
liberty can prevail."
Earlier in the day he
Arlington National Cemetery, where he partici¬
under
had visited
at the tomb of the
throughout the country Ar¬
pated in the wreath-laying ceremonies
Soldier.
Unknown
Elsewhere
features by addresses exhorting
keep out of the European war.
The
mistice Day services were
United
States to
follows
text of the 'President's address
Kilbourne
Virginia Military
off
the
my
also
and
We
the
It gives
tomb of
as
difficulty
I
and
set," and
the
of
founding
of
V.
can
of
at
Arlington.
ancestors
for peace,
work
we
which thy
pray for
we
M.
is
I.
triumphant chronicle of the part
a
V. M. I. bears eloquent
play in a democracy.
for institutions of learning which,
while adhering
primary purpose of preparing men for work in the arts and sciences,
have also
we
history
the necessity
to
Soldier
our
of
to the
Washington at this trying
historic simple ceremony
the already
peace.
which the citizen soldier
witness
from
away
not to "remove the ancient landmarks
like
for
arm
we
whole
The
being
of
Unknown
the
scriptural command
peace,
art
anniversary
Nation, like Y. M. I., are determined to pursue our way within
a
fathers have
as
me
deeply regret that I cannot carry out
very
desire to attend
my
in their military training system.
We need today
always needed and always shall need, citizens trained in the
by-product
a
have
By no other means can we hope to maintain and
military defense.
the
perpetuate
democratic
constitutional,
of
form
representative
govern¬
ment.
On
this
this
that the immortal
heritage of
M.
V.
place
resting
name
I.
of
There
is
anniversary
always had
freedom
the
a
a
fact
civil peace,
and
We
celebrates
the
one
hundredth
the
Live
to
up
remember
Jackson
among
countless
others
is part of the imperishable
the town of Lexington as
and his dauntless chief, that
soldier
reproach and without fear, another
E. Lee.
in
inconsistent
based
school
of
them
to
War,
yester¬
the
of
seven
persons
laid
France's
of
stopped in the
all.
was
in
the
of
King
of
name
that you
men
of
to face dangers."
use
as
chose
the hour of
killed
in
day of shame,
a
11
bomb
a
Empire,
the
which
the petty irritations
"face
to
British
the
struggle in
the
Reich
rejuvenated
Deputies
place
persons
Cenotaph
them
fortitude
same
A few
the women
to
urged
of
resting
the
Police kept the crowd moving.
join
to
She
a.
for the
m.
touched
explosion
of Adolf Hitler.
career
for
their
courage,
of armed
Nationwide
Support for
Appeal—In Broadcast from
Says Need Is Greater Than Ever
Cross
Red
House
He
Opening the annual Red Cross drive on Nov. 11, President
address from the White House broadcast
an
Nation,
the
asked
people
the
States for their whole-liearted support
make it "one of
United
the
of
of the Red Cross to
strongest shields against the forces of
our
or man."
Nor¬
Cross, introduced the
President, who praised the record of the organization, and
said that, in view of the added tasks it had assumed as a
result of the present international situation, it deserved
and needed support more than ever before.
The President's
remarks supplemented a statement he issued the day before
urging support for the Red Cross.
The complete text of
destruction—whether
activated
Chairman
Davis,
man
I have
by
the
of
President's address
the
is
nature
Red
given below:
gladly accepted the invitation to say a few words on this program
I join in this
is President of the
Moreover, I believe with heart and soul that all of
do everything we can to support an organization of
launching the annual roll-call of the American Red Cross.
appeal because the President of the United States also
Red
American
vital
Cross.
should
Americans
us
such
importance
Knowledge
of
ask
place
the
in
of
by
to
matters,
toward
national
the
essential
always
donation.
to
the
and
success
and
men
or
goodwill who make the Red
of
women
shields
nature
us
the
against
forces
of
destruction—
man.
individuals,
as
Cross does
join—to take our
invites us to
It
creed
realize that, regardless of race,
must
We
deeply
is
during the roll-eall the Red
that
strongest
our
activated
mere
a
legion
of
one
Cross
of mercy.
mind
in
make
to
us
whether
and
bear
should
We
not
responsibility
Red
the
of
these ministrations
of
people.
to our
individual
our
services
international
in
or
color, the Red Cross
darkened by
world
a
conflict
misery.
Cross stands upon
The Red
remarkable record of service to humanity.
a
1905
1881 and chartered by Congress in
Founded in
as
our
national volun¬
the American Red Cross has played a conspicuous part
in relieving the distress which has followed every national disaster.
The growth of its services to the Nation has been in direct proportion to
the growing confidence of the American people in its ability to respond
swiftly, and competently to emergency situations.
The Red Cross this year is being called upon to meet an unusual number
tary relief agency,
of
aid
for
appeals
of
member
from
every
family
the large
Because our
quarter.
Red
Cross
is a
of Red Cross societies which in time of war
International Red Cross in Geneva in the alleviation
by war, the conflict in Europe has brought added
national organization.
fortunate country are already doing much, in the name of
join with the neutral
of
caused
suffering
responsibilities
this
of
We
I
am
sure
of your
to
our
behalf of the unfortunate victims of this unhappy conflict.
would not want it otherwise, and when the time comes
this work I am confident
humanity, on
you
Cross to ask you to help to continue
sympathetic response.
important, however,
Equally
Red
hate
to
Cross
war
is
harm
It
take
the
make
memberships
home
The
or
a
nation
is the year-in and year-out battle of our
health here at home.
The psychology of
rampant
so
human
today makes
necessity
neither
it
too
are
easy
the
to
forget that
preventable
deaths
at peace.
that
avoidable
of
possible
we
the
Red
must
and contributions
to
Cross
accidents
thousands
of hundreds of
this
keep
of
continue
and
illnesses
its
efforts
which
to
yearly
Americans.
our
Red
Cross
and all
meet
any
of the American
Red
Cross
armistice in
our
war
prepared
through
emergencies,
whether
abroad.
annual roll-call
but there can
suffering.
life and
therefore,
number
the lives
To
Day,
not
a
essential,
is
reduce
preserve
destruction
and
while
which
our
never lost sight
force was to restore
longer be needed.
military
legitimate aim
Asks
Roosevelt
White
at
in which armed force would no
a
In
weakness.,
famous
the only
curtailed
Before
of the great
word about peace at this
history the two have
had the illusion that peace and
saying
arms.
We have never
on
World
the
usually conducted
Chamber
the
That
the
on
no ceremony.
hope of ending the
President
we
not less,
honor
superb
it
Robert
great
Lee,
that
we
that
connection.
be
as
what associations come to mind as
of "Stonewall"
And
history,
nothing
of
could
Jackson
of
of
I.
M.
anniversary.
knightly figure without
commanders
V.
greet
beginning; and
of its
commemorate
the
I
account
of
end
where Armistice Day is regarded only
the
of
for the Red
anniversary
to
peace
described, in part,
banners—were
marks
silence.
laid
broadcasting
Munich
in
in
was
with
Germany,
Cross
Kilbourne), friends of
peculiar pleasure to participate
hundredth
one
Institute.
the
of
from
that
in
were
engaged.
are
leaders
funeral
hope and expectation of being with you in person, but I know you will
understand
at
the
of
:
E.
Charles
(Major-General
Military Institute:
observance
heads
appeal
an
Empire
Roosevelt, in
United States in celebration
the
President Roosevelt led
"new
road
trained
men
is a quiet
centennial.
your
the Arc de Triomphe.
wreatlis
of wartime life
purchased
purchased
Paris
and
War—London
European
Armistice
the
find
to
of
and your simple faith throughout
and
delegation
flame
eternal
Elizabeth,
addressed
purchased
Day
serve
try
London—exercises
and
braid
gold
small
a
the
Annual
Tomb
Soldier—Ceremonies
Throughout
Desire of United States to Keep
Unknown
Out
time
not
dearest desire
on
anniversary
Paris
in
of
George VI, but there
700 sold
Roosevelt, in Armistice Day Address,
Nation
my
only
noble record,
twenty-first
bare
to
200 sold
3,000, 000
3,295, 750
71,901, 950
1,201, 000
"New and Better Peace"—Places Wreath
this
to
goal
greetings
warm
your
pomp
throughout
in
my
Soldier under
London
In
1.114, 100 purchased
July
783,500 purchased
Virginia
simplicity
whose
000 purchased
72, 500 purchased
12,500 00C sold
February....
February
General
all
be
1939—
15 ,351,100 sold
1933—
January
a.
by
(jnknown
the
$8, 900,000 purchased
November
to neighbor; in
and homely and
...
At
In
1937—
the
talk
can
the
seek—in
everywhere,
exercises
solemn
wreaths
1937:
peace
neighbor
which
useful
no
serve
century that lies before you.
this,
the
of
a
ip the long run
follows in the New York "Times" of Nov. 12:
as
in
needs
which
you—faculty, students and graduates of the Virginia Military
commemorative
issue.
October
a
hatred
them, and to forego purposeless ambitions
Armistice Day ceremonies abroad were
September
peace:
of
weapons
found everywhere may reach expression through
must
It
us
great heritage,
your
prescribe the terms of the Treasury bills and govern the conditions of their
of
down
hereafter imposed by the United States or any of its
any tax now or
Treasury
better
and
new
and by which the common
men;
are
still
all of
Institute—I
possessions.
of
a
lay
to
today.
the
of
liberty.
(Attention is invited to
taxes.
need
we
quiet
this
anniversary
fear.
peace.
arms,
Treasury Decision 4550, ruling that Treasury bills are not exempt from
the gift tax.)
of
sought—I
this
and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
taxation,
have
toward
The Treasury bills will be exempt, as to principal
to
instincts which
remember
to
celebrating the
length
fear—ambitions
talk
can
divide
to
fitting
is
to
Now
at
men
language in
a
elimination
I
other immediately available funds
or
seek
men
the
Federal
used
have created
We
It
used
War.
cause
which
Payment at the price offered for Treasury bills allotted must be made at
Nov. 22, 1939.
shall
bring about a condition in which
to
endure.
been
World
the
is
arms
can
have
we
end.
human
on
of
which
peace
submitting tenders will be advised of the acceptance or rejection thereof.
the
liberty
under
peace
Immediately after the closing hour for receipt of tenders on Nov. 20,
at the
The
of payment by an in¬
guaranty
express
an
or trust company.
1939, all tenders received
up to
3191
ONE HUNDRED —The Commercial & Financial Chronicle— YEARS OLD
149
be
no
begins today,
Armistice
against need and human
<
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3192
We have been
that it is
told many times
our
voluntary agency for the relief and prevention of
home
at
truth
the
score
It
is
erous,
citizen
Cross, yours and
do
to
I
bit.
your
to join
you
urge
planner of highways, and canals, patron of husbandry, friend of scientists
It needs our warm-hearted,
'
'
■
gen¬
as
a
and
thinkers.
and fellow of political
counsel for the underprivileged, soldier in an Indian war, master of
but of those of heavy heart everywhere, foe of malice, teacher
slaves alone,
of
•'
point for a torn Nation, emancipator, not of
tongue, rallying
the English
goodwill.
today another American of
To those we add
Jefferson the founder of a party,
President Roosevelt Approves Plans for Birthday Balls
Funds
Raise
to
Fight
to
Infantile
Paralysis
President Roosevelt, io a letter to Keith Morgan, Chair¬
of the Committee for the Celebration of the President's
Birthday, on Nov. 15, approved plans for the annual cam¬
paign to collect funds to combat infantile paralysis.
In a
reply made public with the President's letter, Mr. Morgan
announced that 45 State chairmen already had accepted
appointments for the campaign. Mr. Morgan also announced
that distribution of the funds raised will follow the plan of
last year, with an equal division of the total between the
National
Foundation for
Infantile Paralysis
and local
organizations expending the money under the direction of
permanent chapters of the organization.
The plans of the
campaign call for a series of celebrations on Jan. 30, 1940, a
number of benefit sports events and the collection of 10-cent
a
was
When in the year
,
Morgan follows:
Paralysis, Inc., of the great
progress
also glad to have an outline of the plans for conducting the cele¬
bration of my coming birthday, on Jan. 30, 1940, and thoroughly approve
of these plans.
It
and universities
When
I
-
that this will do
a
Jefferson
great deal of good.
national Chairman of the committee to
celebrate
my
to invite for me those members who are to serve on your
and livestock.
In the current era of the erection of noble buildings we recognize the enor¬
influence of Thomas Jefferson in the American application of classic
mous
art
public buildings—an influence which makes itself felt
and
homes
to
today in the selection of the design for this
birthday
executive
But
in the field of political philosophy that Thomas
it was
significance
chosen individual or the self-appointed few, and rule by the franchise and
He believed
approval of the many.
»/.
FRANKLIN
of the
Nation, security of the individual and national unity, than in any
other
world.
part of the
satisfied with the
republican form of government based on regularly recur¬
ring opportunities to our citizens to choose their leaders for themselves.
Therefore, in memory of the many-sided Thomas Jefferson and in honor
of the ever-present
of this
vitality of his type of Americanism
Roosevelt
to
D.
Roosevelt Asks Congress for $271,000,000 to
Under Neutrality Program
President
President
ROOSEVELT.
Lay Cornerstone of Library to
Hyde Park, N. Y.
President Roosevelt left Washington Nov. 16 for
a week
He advanced the
usual
Friday Cabinet meeting to Thursday afternoon.
The President's purpose in going to his Hudson
Valley
estate was piimarily to lay the cornerstone on
Sunday
(Nov. 19) for a library in which his personal and private
papers will be preserved.
He expects to be back in Wash¬
ington Nov. 20 and leave the following day for a week at
Warm Springs, Ga.
An item, indicating that the President had
signed a deed
transferring to the Federal Government the land on which
the library will be erected, appeared in our issue of
July
29, page 657.
end at his home at Hyde Park, N. Y.
announced at a press conference
supplemental budget estimates for main¬
taining the neutrality patrol and strengthening the Nation's
defenses in connection with European war activity totaled
$271,000,000, it was reported in United Press Washington
advices of Nov. 14, which also had the following to say:
He
of
Praises
Government
Memorial
Thomas
in
Jefferson's
said
Address
at
Laying
scheduled to open
philosophy of government laid down by Thomas
was lauded by President Roosevelt Nov. 15 in an
address at the laying of the cornerstone of the Jefferson
Memorial in Washington, in which he took occasion to
deprecate government by dictatorship.
"He believed as
we do," the President said, "that the
average opinion of man¬
kind is in the long run superior to the dictates of the selfchosen."
Mr. Roosevelt, before launching into his
address,
remarked
"this is the second occasion that I have had the
privilege of visiting this site and I hope that by January of
19411 shall be able to
come
to the dedication of the memorial
of any
Individual State.
a
Federal district set apart from the jurisdiction
This purpose was in a true
sense
a
symbol of
a
proper compromise between
South, the seaboard and the interior,
as
the interests of the
♦
Act
as
a
constitutional Nation many
memorials of its civil and
military chiefs have been set up here.
But it has
been reserved to two of these leaders to
receive special tribute in the Na¬
tion's capital by the erection of national shrines
perpetuating their memories
over and above the
appreciation and regard tendered to other great citizens
of the Republic.
Today
we
lay the cornerstone of
Thomas Jefferson to the
names
a
third great shrine, adding the name of
of George
a
itself,
United
The
States
Atlanta
the
on
prices would
The
of
broad
has
important than
tions.
13,
a
minimum
of
upheld transportation pro¬
Beverage Control law.
A
Alcohol
written
opinion,
State
a
more
Justice McReynolds,
traffic in liquor,
by
power
said
even
over
Federal
interstate commerce regula¬
Reporting this decision,
Washington dispatch of
a
Nov. 13 to the New York "Times" said:
doubt," said the opinion, "a
a
manufacture
of
intoxicants,
irrespective of when
they
"Further,
these
or
where produced
she
adopt
may
ruling
rejected
upheld
tillers.
the
to
the
challenge to
a
The
from
full
A
"common
a
obtain
to
a
license
McReynolds's
three-judge
a
whisky
carrier"
which
to
use
effectuate
under
was
Federal
Ziffrin,
by
law
contract
for
to Chicago.
as
distinguished
dis¬
Louisville
objected
Ziffrin
all liquor transported
an
which
court
Inc.,. Indianapolis
from
inside
a
Ken¬
"contract
unconstitutional interference with
refused to the concern because it had been
was
decision,
absolutely
power
possession
of
"common
a
as
challenged statute, said,
"Having
or
of
Kentucky
providing that
"transporter's" license
the
possession,
or
the
or
commerce.
Justice
of
obtained,
transported the liquor
the law
tucky must be by
the
carrier," and contended that this
unable
sale
police authority in respect to them."
finding
conveying
company
of
part
interstate
or
absolutely prohibit
may
reasonably appropriate to
measures
inhibitions and exercise
The
State
transportation,
their
be put.
to
are
carrier."
outlining
pertinent
the
provisions
in part:
prohibit manufacture, sale, transportation
to
intoxicants,
after
permissible for
it
was
Kentucky
to
permit
these
things only under definitely prescribed conditions.
Former opinions
here make an affirmative answer imperative.
The greater power includes
the
lees.
Seaboard
Airline Railway
S.
623 ;
to
cordant elements in the formation of a constitutional
Nation, not only a
great executive of that Nation in its troublous early
years, but also a man
condition
13 issued
Nov.
on
establishment
that
.
Nov.
on
as
surveyor,
a
serious damage to the city.
Kentucky's
unanimous
that
also
court,
visions
U.
fields—talented engineer and
Supreme Court
ground
cause
large discretion
of vision and accomplishment in civil
to
order
qualities.
George Washington represented abilities recognized in
every part of the
Nation and in every part of the civilized world; for he was not
only a
great military leader, not only a great moderator in
bringing together dis¬
young
Kentucky
Liquor
declaring that the city of Atlanta, Ga., had
no legal standing to test the constitutionality
of the Bitu¬
minous Coal Act of 1937.
The law had been attacked by
capital which represents today the vitality not of 13 Atlantic
seaboard
States but of 48 States which
encompass the width of our continent.
This vitality envisages manysided
interests: and it is therefore fitting that
among hundreds of monuments to famous Americans
the three great shrines
are dedicated to men of
manysided
of
Common Carrier—Previous Week's Decisions
Washington and Abraham Lincoln.
I have spoken of the national
character of the District of Columbia
Sustains
Also
Transportation
Restricting
trucking firm,
they existed at the time.
In all of the 150 years of our existence
1937—Tribunal
of
a
North, the
issue
our
Supreme Court Refuses City of Atlanta
Permission to Contest Legality of Bituminous Coal
realization of national unity; and the final location of the
national capital
proclaimed
made in
was
4, page 2902.
"Without
capital should be founded in
Navy and Marine Corps; $4,500,000 for the
United States
the
In the earliest days of the Republic under the Constitution the
representa¬
tives of the several States were in substantial agreement that a
national
Edward T.
The estimates include $119,000,000 for
hearings soon.
Previous reference to this matter
of Nov.
itself."
The full text of the President's speech follows:
Chairman
to
up
Coast Guard and $1,500,000 for the F. B. I.
formal
The
have been sent
the Army; $146,000,000 for the
of
Jefferson
the figures
that
(Dem., Colo.) of the House Appropriations Committee, which is
Taylor
Prin¬
Cornerstone
Roosevelt
14 that; his
Law
Roosevelt
lay the corner¬
we
shrine.
Meet Increases
House Archives at
ciples
do that the average opinion of
have followed Thomas Jefferson the United
During all the years that
Nov.
Jefferson
as we
mankind is in the long run superior to the dictates of the self-chosen.
Very sincerely yours,
President
Jefferson's
transcendent.
is
+
and the entire committee, throughout the country, every
lam,
President
shrine for which we lay the
very
cornerstone.
stone
you
inventor of numerous small de¬
vices to make human life simpler and happier and that he, too, experimente l
in the biology of agriculture
I shall be pleased to learn of their acceptances.
Wishing
the experimenter in physics w
as
an
was
tinue for centuries to come, but we in the United States are more than ever
committee.
success,
-V"
.
think of Benjamin Franklin
we
remember that Thomas
and because of the great task which confronts me these days, I would like
you
minds
our
It may be that the conflict between the two forms of philosophy will con¬
also delighted to learn that you will again accept my appointment
am
of you as
1776,
back to the days of Jefferson, founder of the Univer¬
we go
sity of Virginia.
.
seems to me
celebrate the Fourth of July,
take part in the commencement exercises of school
States has expanded his philosophy into a greater achievement of security
infantile paralysis.
was
think of
Thomas Jefferson, author of the Declaration of Independence.
to
When each spring we
which this Foundation has already made along all fronts in the fight against
I
we
He lived as we live, in the midst of a struggle between rule by the self-
delighted to hear from Basil O'Connor, President of
the National Foundation for Infantile
1939 American speaks of its Bills of Rights
When today Americans
revert
"March of Dimes."
The letter of President Roosevelt to Mr.
Dear Keith.—I
Thomas
many parts—not
but the Jefferson whose influence is felt
today in many of the current activities of mankind.
the author of the statute for religious liberty in Virginia.
man
contributions in
Pioneer of the wilder¬
Abraham Lincoln, too, was a many-sided man.
I would like to under¬
Both as Chief Executive and
during the roll-call—to join now,
'
.»
our
ness,
mine.
support.
American
typically
fellow
it is
neighbors
our
statement.
that
of
Red
our
suffering of
perhaps, of ourselves.
abroad—and,
and
Red Cross, that
Nov. 18, 1939
may
protect
Kansas,
123
her
"Kentucky
ported
that
has
it
people
Kidd
fit
sold
vs.
vs.
evil
North Carolina,
incidents
supra.
intoxicants,
to
Pearson, 128 U.
S.
The
State
Mugler
vs.
1, and may exercise
employed.
means
6een
be
against
to
to
permit
an
manufacture
indicated
in definitely specified ways.
class
of
of
These conditions
whisky
customers
are
only
and
upon
trans¬
not unreasonable
Volume
and
in
are
clearly appropriate for
order
The
to
minimize
statute
subject
declares
to
State,
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
149
well-known
seizure.
property
of commerce.
Sligh
Indiana, 306 U. S. 439.
effect
we
to
within
the
do
what
it
secure
within
channels
police
regarded
U.
S.
237
52,
revenue.
contraband
of
power
be
cannot
of
payment
the
proper
a
as
59 ;
the
Clason
by
injunction to allow
is
distiller
a
unauthorized carrier;
an
prohibited
from
do
to
gages.
"Congress has not only the power to create a corporation to facilitate the
performance of governmental functions but has the power to
protect the
operations thus validly authorized," he stated.
Quoting
vs.
what
also, to enable
doing—receive
and
a
transport
Pearson,
vs.
restrained
Kidd
would
istration,
facture
of
within
is
is
the
within
Legislature
An injunction
except
State
is
and
this
but
subject to
the
permitted
approved which
was
within
its
purposes,
.
its
as
.
the
limits
The
.
taxing
operations of
of
local admin¬
certain
for
court.
plenary
regulating restrictions
general
in
distillery although he claimed the
beyond the State.
This court said:
prohibiting
before
broad
as
the
sale
Iowa
intoxicating liquor
statute
question
open
State
a
for
his
the
liquors,
a
intoxicating
an
of
in the exercise of its undisputed power of
enact
can
of
longer
operating
exported
State,
a
of
act
sale
or
other purposes.
or
from
be
An
supra:
manufacture
these for mechanical
'Whether
Marshall
implies
saying
as
•
in McCulloch
a power to preserve," Mr.
Maryland that
v.
"a
Hughes added:
State.
forbade
output
John
"This power to preserve necessarily comes within the
range of the ex¬
press power conferred upon Congress to make all laws which shall be
neces¬
sary and proper for carrying into execution all powers vested
by the Con¬
stitution in the Government of the United States."
In
"Kidd
terms
3193
all State or municipal taxes, and said the word loans could
apply to mort¬
power to create
the statute prohibits—deliver to
carrier
is
Kirkwood,
vs.
asked
are
and
from. permitted
This
circumstanced
so
article
"In
evils
whisky removed
immediate
and
effectuating the policy of limiting traffic
manu¬
not
police
and
power;
the
the
is
former
any
power
property
long
so
it
as
latter.'
a per
curiam decision the justices ordered the Court of Claims to
sup¬
port the Government in
to
"interpret"
for
the
Internal
foundation
a
case
involving the right of
Revenue
Building there
specifications.
The
was
government
dispute
a
officer
an
order refusing to review
a
McShain, Inc.,
over
ordered
the McShain firm said cost it $1,877 more than it had
Through
government officer
a
In executing a contract by John
a contract.
the type of
which
gravel
estimated.
decision by the District of Columbia
Court of Appeals, the Crosley
Corporation, as operator of Station WLW in
Cincinnati, lost its fight
to make the Federal Communications Commission
restore a superpower
of 500,000 watts.
WLW had operated with "special
experimental authority" for superpower for almost five
years, but the Com¬
mission decided that this
was no
longer necessary, and ordered
a return
last
March to 50,000 watts.
■
"We
cannot
tended
for
accept
appellant's
contention
that
because
whisky
is
in¬
transportation beyond the State lines the distiller may disregard
of the statute by delivery to one not authorized to
receive;
the inhibitions
that
the
with
carrier
point
what has
at
naught
inhibitions
and
contraband
transport
suggested
been
in
decided in
reepect
the
due
of
above referred
cases
is
process
not
in
accord
with
to."
connection
Coal
nous
Nov.
13
which
Act,
for
with
coal
the
the
stopped
decision
that the
placed
in
that
and
performance of
When
the
regarding
Press
Washington
Associated
contended
be
to
are
price
with
the
Bitumi¬
advices
of
said:
Atlanta had
case
would
"essential
he
after
argument
tribunal
have
be
require
court
his
until
to
pay
the
higher
a
interference
functions."
Nov.
on
associates
jurisdiction
it
unconstitutional
an
governmental
the
and
would
soon,
would
before
came
price-fixing provisions of the legislation,
effect
this
7
Chief
had
Justice
expressed
city
doubt
actually
was
Hughes
that
damaged
by the legislation.
The
as
President Anastasio Somoza of
Nicaragua announced on
Nov. 15 that a contract had been
signed for a $2,000,000
loan from the Export-Import Bank of
Washington for the
public works
Iii
the
set
may
impunity.
"The
Export-Import Bank Lends $2,000,000 to Nicaragua for
Public Works Program
law, intended to stabilize the bituminous
substitute
a
Supreme
the
for
1935
industry,
passed
was
Quffey Act declared unconstitutional by the
Court.
United States and
New York "Times":
He described the 5% loan as "an
eloquent manifestation of the spirit of
practical cooperation that President Roosevelt has shown to the
people of
Latin America" and a great improvement on former
contracts.
"The only guarantee that
we
gave and
fulfillment of the contractural obligations
"So, in the matter of loans,
previous reference to this
Feb. 25 last, page 1102.
With
advices
same
In
respect to
addition
Agreed
to
Milwaukee
ing
the
Board
a
test
Circuit
because
of
of
to
as
Court
were
it
York
The President predicted that new areas would be
review
a
This
was
through Justice Black,
the principal decisions among more than
were
in addition to action
on
many petitions for review.
decided, several involved the issues
over
that the Glenn L-
Security taxes in
Hughes, refused
land charge a tax for recording mortgages of the
HOLC.
These
Mary¬
«
a
dozen announced,
Of the
ordinances
to let
a
cases
restricting
left
un¬
the dis¬
tribution of handbills.
The Martin case, which will have
tracts, arose through a
a
bearing
on
future government
1934 agreement with the War
Department.
provided that should Congress change
production, manufacture
or
impose
any taxes
This
put the
difference
in the contract.
While the planes were
being manufactured,
Congress passed the Social Security Act and
Maryland its
Unemployment
Insurance Law.
Under these the Martin
company paid $794 to the Govern¬
ment and $6,943 to Maryland, or a total of
$7,737 for 1936 and 1937.
When the airplane concern sought a refund the
Government won in the
district court on the ground that the Social
Security tax did
not
apply
directly to the production, manufacture and sale, and that the
Maryland
tax was not imposed by Congress.
The Fourth Circuit Court reversed
that
judgment.
"The contract was concerned with
Federal taxes 'on' the goods to be
provided under it, whatever the occasion for the
taxes," said Justice Black
for
the
court.
characterized
as
a
tax
"And
a
as a tax on
tax
'on'
the relationship
of employer-employe—
payrolls—is not of the type treated by the
contract
'on' the goods or articles sold.
Since a tax on payrolls, or on the
relationship of employment, is not—but in fact is distinct from—the
type
of tax
'on'
articles represented
spondent is not entitled
to
by
sales
taxes
and
processing
The HOLC decision was interpreted in some
quarters as
of the
government
taxes,
re¬
the additional compensation which
it seeks."
of the century-old doctrine that
without its
a
State might not tax an
consent,
and led
to
an
affirmation
instrumentality
comparisons with the
O'Keefe decision of last March, when the Court
wiped out the theory of
intergovernmental immunity.
In that decision by Justice Frankfurter, the
Court, by 6 to 2, permitted New York State to tax the salary of a
HOLC
attorney.
In the present
Associated
an
simultaneously with the
visit
Press
here of Edwin
Treasury Conference Considers Plans
Banking and Exchange Arrangements—Inter-
American
Bank
Proposed
Pan American
Conference of
Treasury Department
Representatives at its first session, Nov. 14, in Guatemala
City, received a four-point proposal from Guatemala's
Finance Minister, Jose Gonzales
Campo, which was sup¬
ported by representatives of 10 of the key countries, including
the United States, at the conference.
Paraguay and Bolivia
were
the only American republics which did not
name
delegates.
A plan for an inter-American Central bank was
proposed
jointly, at the following day's session, by Nicaragua and
Mexico, and was immediately placed before the Commission
on Banking.
Resolutions asking the Pan-American Union
to appoint a commission of five to
develop a system of
uniform customs regulations, procedure and nomenclature
to simplify shipping and passenger service in the
Western
Hemisphere were approved by the exchange
committee,
...
,
t
Nov. 16.
The conference
originally was scheduled to open Nov. 13,
postponed a day.
United States Acting Secretary of State Sumner Welles
said, Nov. 14, that the meeting of inter-American
treasury
representatives might refer certain matters for study to the
but
con¬
applicable to the
sale of supplies, the
contractor could
or
in
American
for
The
Martin Company could not include the cost of
Social
contract with the Government for
airplanes.
In the ether tribunal, through Chief Justice
made
brought under cultiva¬
result of the loan.
highway.
regarded
*
won
the Court held,
case
was
reported
follows:
as
a
engineer in charge of the public works program, which will be
confined
mainly to the construction of the Nicaraguan section of the
Pan-American
of
York "Times":
one
Announcement
decision
bunal. sustained technical sections of the income and social
security taxes and upheld the contention that mortgages of
the Home Owners Loan Corporation are not
subject to State
documentary and recording taxes levied to raise revenue.
Decisions of the Supreme Court were
summarized in the
following dispatch of Nov. 6 from Washington to the New
In
were
Managua dispatch
Pan
a
reargument
by the Federal Government in
Supreme Court on Nov. 6, when the tri¬
the United States
details
Further
as
Labor
authority.
would
granting
'
The
agency.
its
by Judge Manton.
question.
Three victories
bargaining
exceeded
whether
New
at
participation
the
had
State," he
life, which I firmly hope
Utah, to be chief
directing the Falk Corp. of
independent union, but leav¬
choose that organization in a
an
to
collective
Court
is the credit of the
we enter a new
James, Assistant Chief of the United States Bureau of Public Roads.
President Somoza appointed Thomas Jones of
Ogden,
decision
from
employees
their
announcement
an
case
the
as
the Circuit
Federal
litigation
as
Court
recognition
for
open
contended
the
Circuit
a
withdraw
election
Postponed
by
other actions of the court, Nov. 13, the
tribunal—
review
way
subsequent
issue of
our
said:
the
to
appeared in
case
for which they asked to assure
will endeavor to honor."
we
tion and transportation greatly improved
A
commercial agree¬
a
Nicaragua, under which
the present loan was made, was
reported in our issue of
May 27, page 3142.
Signing of the contract was described
in the following cablegram from
Managua, Nov. 15, to the
said.
coal
The signing of
program.
ment between the
was
Inter-American
Permanent
visory Committee, to which
Economic
we
issue.
Mimster
Finance
Campo
s
and Financial Ad¬
refer elsewhere in today's
program
was
described
a3
follows, in Associated Press advices of Nov. 14 from Guate¬
mala City:
/
1.
The development of new and easier
means
of communication
among
American Republics.
banking organization for intensification
2.
A flexible, united
3.
Creation of a continental spirit to combat the shock of the
war
"which is
a
part
of
our
of credit.
European
which is
closing
Relaxation of exchange restrictions.
Favorable
responses
Argentina,
States,
United
Press
immediately
came
Brazil,
Ecuador and Panama, a
Chile,
Peru,
from
advices
from
as
reduce to
a
minimum
the
United
Salvador,
represented.
City,
Nov.
follows:
a
Act as an inter-American clearing house,
to
of
Nicaragua,
Guatemala
The Nicaraguan-Mexican plan provided for
York,
delegates
Mexico,
majority of the 18 Republics
described the central bank plan
1.
and
economy
of our markets."
some
4.
disorganizing
15,
bank that would:
with
the international
headquarters
movement
in
New
of metallic
currency.
case
Appeals, which refused
the Supreme Court upheld the Maryland
Court of
to sustain the State tax upon the
mortgages, a
of 10 cents for each $100 of the debt.
loans and income of the HOLC
were
Chief Justice
levy
Hughes explained that
exempt under Congressional law from
2.
Act
as
financial
agent
of associated
central
banks
(of the several
American
republics) in the international money market.
Aid the associated central banks to fix the
value, internal
external, of the currencies of their respective republics.
3.
as
well as
Study
4.
exchange problems of joint interest to
and
the commercial
'
'
Under-Secretary of State Sumner Welles, in a radio
Nov. 13, undertook to refute certain statements
Would Accept Silver
international balances for the account
with an understanding with
accept not only gold but also silver in the
(American) country, and in accordance
of any
the United States Government, to
prices judged convenient.
amount and
Act
6.
American republics.
bank
central
inter-American
An
was
Pan-
suggested at the seventh
and recommendations for its creation were
made at subsequent conferences.
The opening day's session was reported, in part,
ciated Press advices of Nov. 14, from Guatemala
in Asso¬
City,
as
follows:
ference
joined hands in a successful fight against
and powers of the con¬
Chilean-sponsored attempt to limit the scope
United
joined in
The
and Argentina, frequently rival nations,
States
supported by Venezuela and Colombia.
crushing the Chilean motion
15 to 3.
vote was
The United States delegation
countries reunited in the fraternal em¬
to
deep preoccupation inasmuch as the economic
permitted to lapse. All of these assertions are equally unfounded."
The Undersecretary said the sole obligation of the American republics
'We come
expound our problems and to hear of the
here disposed to
willing to fulfill a mission that destiny
problems of our neighbors, and
have assigned to our Continent, to
where those who desire to live in peace may
"Many complex problems arise which must necessarily
carried in
our
issue
Says No Use of Force Is Called for
State Department
Panama
''Safety Belt" Provision of Declaration of
in
—Interpretative Statement Issued
The
State
ment
Department
Nov. 3 issued its first state¬
on
which was
the Declaration of Panama
interpreting
at the Inter-American Neutrality Conference at
Panama City on Oct. 2, and which proposed a "safety belt"
of from 300 to 700 miles at sea around the coast of North
passed
The statement said that the declara¬
South America.
imply the exercise of force on the part of any
American republic.
President Roosevelt at his press con¬
ference on Nov. 3 also commented on the declaration in
tion does not
questions saying that it was in effect but
what action would follow violations of the
The statement of the State Department as contained
to
response
refused
zone.
to
say
Washington advices of Nov. 3 to the New York "Times"
The Declaration
assertion
a
based upon
Panama is
of
the
of
their neutrality,
long
so
as
First,
they maintain
in Europe in which they are not interested should
the American
between
relations
normal
two simple principles.
nations that,
American
21
war
interfere vjsth or destroy
republics; and, second, that conse¬
jeopardize their right to self-protection
nor
undertaken by the European Powers
participating in such war should not take place within those waters
adjacent to the American continent which embrace normal inter-American
maritime communications, and within which belligerent activities would
activities
belligerent
the
quently
General respect for these
the nationals of
the American republics will be to a great extent insured, and that the
preservation of peace in the Western Hemisphere will be materially safe¬
endanger the security of the American republics.
the lives, and vital interests of
principles will maintain
consult together
"There
of Panama,
stipulated in the Second Article of the Declaration
the
through joint repre¬
sentations, to secure the acquiescence of the belligerents in these principles.
obvious
that
technical questions will
present themselves which will have to be fully considered and determined
through discussions with the belligerents.
It is equally apparent that these
discussions may necessarily continue over a considerable period of time.
Beyond this agreement for joint representations, the declaration provides
that the American governments will, whenever they consider it necessary,
consult
many
highly complicated and
together to determine
collectively undertake
in
visions of the declaration."
will
be
further
Article
of
in
lectively,
their
nothing
the
and
is
or
implication in this agreement of a determination on the
no
order to
observance of its terms."
"to make it possible
American Government to ascertain to the best of its
ability the
in proximity to its
being undertaken
which are
activities
of the
nature
This, he said, was to enable "every American government to insure
shores."
^
■
;
other American republics"
Not only the United States, but also "many
already have undertaken the patrol, he said.
Japanese Embassy in Washington Announces Settle¬
ment of American Claims in China—Report Says
going
in times such
have
individually
observance of
the
the
provides
may
by
upon
the
provisions
that
common
the
"either
patrol
defined
areas
contained
in
the
in Washington on Nov. 10 issued
settlements had been made of
claims for injuries to American interests in China as a
result of the Japanese invasion of that country.
The state¬
ment featured the case of Shanghai University, largely sup¬
The Japanese Embassy
statement
American
republics,
individually
or
col¬
the
declaration,
provide
for
other
American
within
have already
undertaken.
proposed is to enable the governments of
to obtain
on
as
of
governments
the
the
fullest information
1.
the
the
restricted
It
area.
must
be
apparent
it
the
the
and
free
also
stated
that
the
the
for
The
pensation
the waters
near
possible
advice
as
to
the
activities
undertaken
to
later
a
the
compounds,
to
that
of Oct.
7, page 2173.
given in these
the
reopening
missionaries,
It
servants.
the right
to
forced
was
demand
com¬
disuse of the
decided to grant the request on the
but to defer the question of com¬
along that line took place
negotiations
and
date,
States and Japan in Shanghai.
to
the
General
Consul
Japanese
The
effect.
Consul
American
representatives
university
transmitted
expressed
and
October
of
families
three
expected
were
colleague
informed his American
General
his
Japanese efforts for the restoration of the university.
to
resume
the information
appreciation of the
Thus by the middle
residence within the
compounds.
Lutheran
the
mission
at
Tsimohsien,
Shantung
by aerial bombing, the Japanese authorities
1938,
to
mission
as
consolation
a
sum
a
of
1,000
yen
mission and to the personnel of the mission for their
to the
yen
Lutheran
the
to
presented
300
Tsimohsien—Against the damages caused to the
at
25,
June
on
China
in
and
Mission
attached
residences
Province,
individual property damages.
3.
Kiangsu—The American-owned dairy
access to and passage through
Poplar Grove Farms at Tachang,
farm
in
which
is forbidden
reopened
was
situated
question,
an
as
the
at
in
a
district
emergency measure
September
of
end
to nationals of third Powers,
as
a
special
measure
for
the
Americans.
Church
Brethren
United
4.
the
damages
at
Chungshan-hsien,
Siulam,
the church
caused to
by
a
Canton
Prov¬
shell during the
Japanese naval bombardment on June 12, 1939, a certain amount of money
presented
was
church
the
to
July
on
The
17.
incident
regarded
was
settled.
as
5.
was
capsized by
harbor
and
off
with
6.
a
that
was
Shameen,
Canton.
the
minor
matter
caused
reopen
to
On
was
cases—St.
enabled to
Damages
in
Canton—An
American-owned
junk
Japanese naval vessel on July 16, 1939, in the unopened
Shameen,
Other
tung,
Junk
American
An
Aug.
2,
60 Hongkong dollars
paid
was
reported settled.
Luke's
in
Seminary, situated near Tsinan,
October,
American
Shan¬
1938.
mission
properties
by
local
hostilities
Tsi-ming, Tehsien, Taian, &c., were all speedily investigated and reported
Canton,
was
The
existing
then
Saving completed needed repairs and installation of electric lights and
telephone wires and arrangements for the protection of residents in the
Cases of
its coasts.
Chinese
caused by the
loss
in China
between Consuls General of the United
that
American
their
reserve
representatives,
university
of the
part
of
fullest
each
would
university
damage /and
shortage
the
that
and
them
to
Japanese authorities
Provisions
hemisphere
the
establishment.
in
this
under
facilities for
the
available for professors and
made
be
restored
be
access
that
all
to ask
educational purposes, demanded that residence within
should
settled.
of
acknowledging
much
too
university for
compounds
the
neutrality
charge, and the university had to be closed.
in
was
fell into the hands of the Japanese armed
inaccessible to any but the members of
area
become
representatives,
circumstances
these it is of the utmost importance in the interest of the
The text of the Declaration of Panama
columns
it *has
Japanese forces
university
of
the
university,
Thereafter
forces.
in the strategic area
University—Subsequent to the battle
Shanghai
around
the
possible with regard to
below:
The text of the Embassy statement is given
consent," the waters adjacent
in
asserting that
ported by American funds, which had been captured by the
Japanese Army.
It was said that Japanese authorities in
China have now completed repairs to the electric installa¬
tions of the university and, by mid-October, had allowed
three families to resume residence within the compound.
pro¬
Fourth
and
Repaired
Been
Residence
Resumed
Have
Families
Has
University
Shanghai
ince—Against
the
which
the patrol
of
nations
preservation
secure
may
than the kind of patrol which the Government of the United
several
purpose
American
within
"to
order
that
forth,
be agreed
as may
coasts
more
is
declaration,
set
which they
measures
upon
...
noted
circumstances
the
within
individually
then
may
Welles said the purpose of the neutrality patrol was
2.
governments of the American republics will endeavor,
nation
determine the steps they
to
of any American republic to undertake to exercise force in
part
guarded.
The
the American republics will
tion further provides that in such contingency
pensation
follows, in part:
what
solution of
Should the belligerents refuse to observe the provisions of
declaration—which I may frankly state I do not assume—the declara¬
a
1704.
♦
States
be discussed at
length with the belligerents in order to achieve the equitable
make America great and free,
do so provided they agree to
Announcement of the conference was
of Sept. 16, page
to
by the belligerents.
such questions.
beliefs."
respect our democratic
It
Panama
endeavor to obtain assurances that their rights as defined at
was to
would be respected
•
appears to
or
that it will soon be
which really mean nothing, and
of words
He con¬
the happiness of our peoples."
welfare of our Continent governs
tinued:
is
Panama is merely a
"Finally, I have heard it said that the declaration of
collection
because
said, "it is to consider economic matters which,
"This time," he
of the world situation, gives us
It
in the task of patrolling all the waters comprised within the
engage
the security of its people."
brace of solidarity."
As
United States Navy will have
"I have further heard it alleged that the
for each
,
j&gain the world sees the American
the
dangerous controversies.
worked throughout the day shaping pro¬
Under-Secretary of Finance, said that "once
Jose Arosemena, Panama's
not
destined to involve our own Government in
and
character
in
bellicose
procure
posals for the conference.
in
'
"that the Declaration of Panama is
have heard it alleged," he said,
"I
collectively take.
ference.
and
said:
the
progresses."
The United States and Argentina
r
ployed in patrolling the zone.
Associated Press advices
from Washington Nov. 13, reporting Mr. Welles' remarks,
security zone.
with European markets dis¬
rupted because of the war, the conference here has been projected to the fore
as a vital agency for safeguarding inter-American economy.
Herbert E. Gaston, Special Assistant to Secretary of the Treasury Henry
Morgenthau Jr. and the United States delegate, declared:
"It seems that a clear opportunity is afforded for renewed efforts to
stimulate inter-American economic development.
How far the United
States is prepared to go still is unsettled, but she certainly is willing to
cooperate in the direction the delegates seem to desire to move as the con¬
The
impugning the nature of the so-called "safety belt" around
the American continents.
He said force would not be em¬
delegates expressed the opinion that,
Some
a
address
Montevideo, Uruguay, in December, 1933,
conference held in
American
of capital for the economic develop¬
agent for the investment
as
ment of the several
Force in Patrolling Neutral Zone
Will Employ
Agree that in the payment of
5.
United States
Under Secretary of State Welles Denies
the associated central banks.
*
Chronicle—YEARS OLD Nov. 18, 1939
ONE HUNDRED—The Commercial & Financial
3194
Blind
money
were
supplied to
some
of the missions to relieve
the
supply.
physical injury sustained by an American missionary at Loting,
the damage to a junk owned by the Minhsin School for the
and
in
Canton
were
reported settled by the payment of certain
in March and August, respectively.
sums
o'
Volume
The WPA raised relief quotas in five
Secretary
of State
Hull
Defends
Proposed Trade
Agreement with Argentina—Says Trade Pacts Have
for
the
ment and similar
lit
Mr.
Hull
Capper's
in New
Orleans.]
the
reporting
alleged
he
consideration
full
exaggeration,
distortion
premature
and
Mr.
to
given
"As
15
wisdom
the
to
mis¬
$427,000,000
under
now
in
of
negotiating
with
agreement
an
domestic
our
market
Between
farmer.
products
to
to
countries
other
have
creased
of
two-fold
a
exports of
50%,
nearly
by
farm
markets
for
to
Increased
agricultural
products
farm
secured
were
non-agricultural
He
markets
foreign
for
from
foreign
exports—have
eased
have
industrial
the
well
as
burden
as
agri¬
demand
domestic
of
one-quarter
for
countries
expanded
all
for
our
types
.
expressed confidence that when the negotiations with Argentina had
completed and all the relevant facts appraised,
verdict will
be that
rather
the
interests
FCA
reported in
'
Hill of
Nov.
8
been
made
have
that
affected
this
by drought
plan
Farm
the
emergency
and feed loans for
crop
crop
occurring this
and
feed
loans
those
in
farming conditions
flood
or
emergency
'■
1
'
Credit Administration
immediately available
tions of the country where
in
sec¬
seriously
year.
Under
are
the
affected
being made approximately two months in advance
of the usual launching of the emergency
crop and feed loan
of
the
farmers
will
which customarily begins shortly after the first
The FCA announcement added:
"the only reasonable
program,
have been
of the year.
promoted,
our
the proposed Argentine agreement
on
issue of Oct. 28, page 2620.
made
of
Transfer
of
United
States
obtain
loan
a
tions,
Diminished—Belgium
Seeks
Ships to
to
Obtain
Vessels
•
Hill
pointed
banks,
1940
from
indicated
his
intention
to
refuse
the application of the United States Lines to transfer several
of its ships to Panama registry, when at a press conference
Nov.
14, he said that approval of the proposal would con¬
stitute a partial violation of the spirit of the neutrality law.
He also said there
was
doubt
as
that,
loaned
money
in
or
Borrowers
case
of
lien
on
in
as
the
past,
the
obtain
as
for
for
a
loans
will
for
Governor
the
first lien
or
be
who cannot
r
-
Hill
•r.
explained, -to
the
preparing his land for cultivating
purchasing feed for his livestock. ;
loans
be
individuals.
or
limited,
production
to
loans
small and
are
in
or
security
the
livestock
Applications
be
these
including production credit associa¬
source,
concerns
needs
producing
who
loans
will
cash
necessary
crops
other
any
other private
or
required to give
Roosevelt
out
only to farmers whose cash requirements
farmer's
President
F.
1940
The
Panama
Such
policy toward organized
Announces
F.
announced
Governor
Opening of hearings
Probability
gradual dis¬
a
-
of
hurt."
was
•
only result in
amongst maritime labor.
areas are
products."
than
can
movement
an exact contradiction of the New Deal
Governor
In¬
welfare.
economic
their
products—and in the trade agreements negotiated to date valuable
concessions
policy is
'
telegrams to Mr. Roosevelt and
Emergency Crop and Feed Loans for 1940 Made Avail¬
able to Farmers in Stricken Areas, Governor Hill
whereas
slightly.
contribution
4
v
had already benefited
American
increased
a
labor."
,
.
program
said,
of
The Federation
Representatives, saying:
"This is outright regimentation and
injuring farmers," Secretary Hull asserted, "the trade agree¬
foreign
cultural
been
.
.
he
they actually declined
made
producers.
of
well."
1938,
training service."
integration of the trade union
surpluses and have placed greater purchasing power in the hands of
our
the
and
trade-agreement countries
from
"Far
ments
1935
as
that the tariff
Secretary Hull contended
necessary means
in
by the Maritime
Industrial Organization.
From San Francisco the Federation sent
The agreement
a
While
I.
'■
criticized last night
was
law.
month and officers $125, plus food,
and transportation.
care
all West Coast Senators and
and# expand this
purchases
our
a
training 8,360 officers and
the neutrality
in
the ground that "no seaman will receive relief unless he first
on
enrolls in the maritime
was
from Argentina.
of
important foreign market for American products and
the
which
is necessary in order to safeguard
excess
negotiation
expanding
like
country
a
to $1,543,000,000,
will receive $36
Commission's proposal
objected
Argentina amounted
to
seamen
affiliated with the Congress for
"it should be noted first of all that during the past
sales
our
years
by restrictions
up
Federation of the Pacific Coast, an organization of several unions, mostly
givings by critics of the. tariff program.
Argentina," he said,
ships tied
clothing, quarters, medical
The
be
would
of
training, the
ad¬
Washington
this,
"
The Maritime Commission offered facilities for
crews
States farmers
of United
interests
In
that
promised
views,
projects
York, 400 in Boston, 400 in Philadelphia, 500 in Baltimore and 700
protected.
he
on
in New
on
vices of Nov. 7 to the New York "Times" said:
WTiile
reported that 3,200 of the seamen would be employed
Nov. 7 defended negotiations
said that
be
would
letter
a
was
coastal cities so that 5,000 sailor
They will be assigned to waterfront improve¬
projects.
reciprocal trade agreement with Argen¬
replying to Senator Capper of Kansas,
proposed
In
be added to the rolls.
may
Aided Farmers
Secretary of State Hull
tina.
3195
ONE HUNDRED—Tie Commercial & Financial Chronicle—YEARS OLD
149
production
the
on
crops
of
cash
his
crops
financed
or,
purchase of feed for livestock,
are
in the
first
a
fed.
will
be
received
by
field
representatives
of
the
Emergency Crop and Feed Loan Section, assisted by local loan committees,
in
the
various
counties
included
in
the
loan
program.
to whether the United States
ought to place another American Republic in a position on
neutrality different from its own.
The Belgian Ambassador to the United States, Count
Robert van der Straten-Ponthoz, called at the State Depart¬
ment Nov. 15, to inquire whether the Government would
be equally opposed to the transfer of American ships to
Belgian registry.
Belgium is said to be suffering, economi¬
cally, by reason of the exclusion of American ships from her
ports, under President Roosevelt's neutrality proclamation
(see issue of "Chronicle" of Nov. 11, page 3053).
Associated Press advices of Nov. 14, from Washington,
bearing on the President's remarks, said, in part:
Some vessels, tankers, were transferred to Panama, but that was done
before the neutrality law was passed, he said, and that was water over the
FCA
Reports Farmers' Marketing and Purchasing Co¬
operatives Handled $2,000,000,000 Worth of Busi¬
ness
With
a
in
1938-1939 Season
substautial increase in volume of
products handled,
farmers'
marketing and purchasing cooperatives handled
$2,000,000,000 worth of business during the 1938-1939
marketing season, it w»s reported Nov. 9 by Tom G. Stitts,
Chief of the Cooperative Research and Service Division of
over
th. Farm Credit Administration.
was
somewhat under that of
"Although the dollar total
ago, the difference is
a
year
than accounted for by a decline in farm products
price
levels of approximately 21 % and t drop in farm
more
supply prices
of
8%," Mr. Stitts said.
Of the 10,700 active co-ops, 8,100 were
engaged primarily
marketing, and 2,600 in the purchasiog of farm supplies,
according to the Faim Credit Administration records. The
marketing groups handled $1,765,000,000 and the purchasing
groups $335,000,000 of the $2,100,000,000 total.
The pre¬
vious year's total was $2,400,000,000.
in
dam.
However,
a
final decision has still to be reached,
he continued.
But
from his remarks and the fact that the Maritime Commission refused today
to let the
bankrupt Pacific Steamship Corp. transfer four ships to Panama,
he added significantly, it should be possible to see which way the wind was
blowing.
+.
Application to transfer the ships to Panama was reported
our issue of Nov. 11, page 3055.
Washington advices of Nov. 15 to the New York "Times,"
relating to the Belgian inquiry, said, in part:
Eastern Railroads Ask Extension of Present Fares
in
Eastern railroads will petition the
The
„
What the Belgian Ambassador sought to ascertain today was
the President's indicated
displeasure
over
whether
the proposed transfer of United
States flag vessels would apply equally to European neutrals.
The Ambassador stated that he
his
was
under
no
specific Instructions from
merce
in effect on June 30 last for nine months
following their present expiration date on Jan. 24, 1940, F.
E. Wilhamson, Chairman of the Eastern Railroad Presidents
Conference, announced on Nov. 16:
passenger rates put
Government, but wished the information because Belgium had been
seriously affected by the withdrawal
especially through abandonment of
a
of American ships from her trade,
heavy schedule to Antwerp.
Just what Mr. Welles told him in detail
was not
the Ambassador to the Maritime Commission for
revealed, but the Acting
an answer.
character.
However,
It
was
but
that, whhe no appeal had been received from
Belgium, under the law consideration would be given to
generally
believed
that
a
proposal of such
the
was not a
unanimous vote," said Mr. Williamson.
chances
of
a
a
"It is known that
return to the 2-cent coach rate for one-way or two-way travel, at
the rate stood until July 1,
1938, when it
"The action taken results from
a
was
effect on June 30, last,
World's Fair travel.
raised to 2.5 cents
a
which
mile.
consensus," continued Mr. Williamson.
"Certain roads did not support the action.
The Ambassador did not avail himself immediately of this privilege,
at the Commission it was said
"It
traffic officials of the New York Central and the Baltimore & Ohio favored
a
Secretary of State said later at his press conference that he had referred
Interstate Com¬
Commission for permission to /continue the low return
but their effect
was
The present rates
were
put in
subject to distortion caused by
It therefore is difficult to estimate accurately their
effect on normal traffic."
Present tariffs
provide
for coach travel of 2 H cents up to
a return rate
favorable response were slight, in view of the policy now being laid down in
100 miles, the rate decreasing on a sliding scale until a minimum of 1.7 cents
the Government of observing the
for 901
spirit
as
well as the letter of the neutrality
resolution.
protest,
on
Similar adjustments
are
provided for
Pullman travel.
Mr. Welles said that the Ambassador's inquiry was not in the nature of
a
concern,
miles or more is reached.
a
and
representation,
so was not
or
even
an
Informal
expression of personal
of the character of the expression of concern voiced
Monday by Robert Brennan, the Irish Minister, over the cancellation of
They apply throughout the East except in New England, where the New
York, New Haven & Hartford Railroad charges 2 M cents for return coach
trips regardless of distance traveled.
rate after
The New Haven is to continue this
Jan. 24, 1940-
American sailings to Irish ports.
Tom
Plan to
The
Aid
Seamen
Unemployed
trality Act
as
Result
of Neu¬
in
Works
Progress Administration and the Maritime
Commission on Nov. 15, offered assistance to seamen made
idle
by
mission
the neutrality law.
The proposals of the Com¬
met, however, with opposition of organized labor.
dispatches of Nov.
ported the plans and their reception, as follows:
Washington Associated Press
M.
15
re¬
Girdler
Finds
War—Discusses
Address in
Recovery in Progress Prior to
Republic Steel Corp.-NLRB Case
Cleveland
The ending of the
European
should not destroy the
war started, Tom M.
Girdler, Chairman of Republic Steel Corp., told members
and guests of the Cleveland Chamber of Commerce at a
forces of recovery at
"steelmakers' dinner"
war
work before the
held Nov. 14
in
the Hotel
The pre-war recovery, under way since last
Cleveland.
spring, he said,
•
Financial
ONE HUNDRED —The Commercial
3196
"was based upon
the
unbalanced, and our taxes imposed on a basis which yielded
in 1938 than our greatest collections during the first
from the solution of the numerous domestic
Mr.
Labor
Board
of
problems which
decision
in
to
out that the
might have to be paid by the
which
issue
our
pointing
in
company,
exceeded
pay
Tax
if upon
even
fact
would amount to only a fraction of the $7,500,000 mentioned
in
this connection
in
that
Stressing
spending of
prise;
the view that the country
encourages
He
have
can
of
in
Board, stating that the
industrial
relations
in
Wagner Act
United
the
States
than
had
done
to
more
Dr.
addition
Labor
Board
served
to
"For
States
stirring
hearings,
and
of labor strife," Mr.
up
the litigation
develop in the public mind
removed
far
are
the
to
it
instance,
Circuit
actual
the
from
of
reported
Appeals,
last
Philadelphia,
week
to
United
the
had
Republic
appealed its Labor Board case rising out of the 1937 strike, had sustained
order
an
of
and
to
men
"The
is
Board
"The
tion
fact,
his
the
date
of
to
the
on
list for
application
be
future
payroll
reemploy strikers
tions
permitted.
"Although
strikers
5,000
following
employees
the
the
jobs
Board's
has
Labor
been
in
the
the
then
men
however,
Relatively
"An
the
to
back
few
men
figure
wage
from
came
pay
be
to
placed
by
and
work
who
the
the
appeal
from
the
had
men
filed
applications
Congress
of
appeared
in
Industrial
and
em¬
adverse
to
the
would have to
newspaper
Hanes
Mr.
the Court of
of
sake
of
Should
the
is
of
the
of
news¬
that
the amount of the back pay which the
would be only a fraction of the amount carried
headlines."
<
The keynote
of American industry in
national situation
national
slogan,
should be
for
one
industry
public
the
bankers
•
this
observation
Nov.
on
15 at
the
F.
inter¬
Speaking
Humphrey,
Mr. Humphrey
head¬
quarters in New York, in connection with the annual meeting of the American Petroleum Institute at Chicago this
week.
world
burst
into
repeating itself, and
war
our
flames in
1914.
History is but
experience of that
should, if
we let it, keep us from
skyrocketing prices, building up huge
inventories and creating other conditions which
produced
such
our
disastrous
after
effects
of spending of
Humphrey.
orgy
Mr.
war
when
profits
war
hostilities
came
to
ceased
an
Magill
Under
Federal
Debt
and
end," said
Now
and
Condition—
Magill, former Under-Secretary of the
Treasury
University, in an address
and Professor of Law at Columbia
at Chicago on Nov. 13 said that if
the
European
war
the United States entered
this country would be in a
precariously
weak financial position
compared with its condition at the
beginning of the World War.
state
Conference
on
Speaking before the Inter¬
Automotive Taxation, held in
conjunc¬
tion with the annual convention of the
American Petroleum
Institute,
was
low
Dr. Magill said
and
the
in
1914
country's tax
have
of ability to pay."
measure
Bankers
Association
The
and
President
Co., Winston-Salem, N. C.
the
protect
unsound
contribution
the
"Ham
to
this
of
Hanes, Presi¬
Association
responsibility
a
to
oppose
made
and
public
the
protect
to
general
the
financial
measures
they
bankers
of
funds
well-being
performing
are
California
made
Eggs" plan and the contribution
thinking about the
constructive
Bigelow
pension
activity.
'Today's Challenge in Banking," Mr. Hanes
on
tliat "in
adds
Bankers
the
to
the
hazards
have
an
and
so
that
wake
of
in
the
current
direct
system
object
small
constitutes
to
usefully
any
banks
another.
the
is
tremendous
a
that
business
of
the
under¬
avoid
seeks
set
enables
safety
of
use
up
credit
into
reactions
Government banks
chartered
not
are
than
to
independent credit system.
In
be
But
ownership
maintained
to
fact,
other
any
involved.
thing and Government
is
banks
violated.
almost
public interest
free enterprise
the
unfortunate
that
to
make
thereby socialize the American banking
challenge to all bankers.
Bankers do not
that
of
to
direct
the
War.
and
regulation
vital
effort to
may
the first World
legislation
of
uncertainties
responsibility to discourage all tendencies
every
we
real
one
If
use
very
measure
of
a
the rules
if
to
movement
to
and
inescapable
inflation
channels
loans
find
we
Mr. Hanes continued:
toward
followed
situation
war
To their custody the American people
safekeeping of $65,000,000,000 of de¬
the
proper
operate
they
form
of
Government
and
The granting of credit
regulation
is
maintain
must
a
business
operation
must
we
more
expect
quite
free
a
be motivated
by principles of sound credit procedure rather than
by political expediency.
To set up
Let
us
business
business
Government banks under the pretext of
making loans to small
be simply the final
step to socialize our banking system.
would
be
not
deceived
Behind
man.
the part of
some
and
thus
by
this
to put
this
clamor
about
screen
there
smoke
the
is
a
needs
of
concerted
the
small
effort
on
the Government directly in the commercial
banking
to displace chartered
banking.
gain
the foothold
Marriner S. Eccles Sees
Inflationary Danger in Foreign
Sales for
Gold
Speaking at the twenty-fifth anniversary of the opening
of the St. Louis Federal
Reserve Bank on Nov. 9, Marriner
Eccles, Chairman of the Board of Governors of the Fed¬
eral Reserve
System, said that the further absorption of
S.
gold and silver by
chandise sales to
our banking system, on account of mer¬
belligerents, .would enlarge the inflation¬
dangers, already existent in the tremendous volume of
reserves, rather than having a beneficial influence
ary
the
United
resources
were
States debt
almost
/
un-
the domestic economy.
cited figures of French
He
in
Secretary of Treasury Says
Country Is in Far Worse Financial
Proposes Broader Income Tax Base
Roswell
for
unlike
excess
Compares
1914—Former
revenue
largely lost in the confusion
They have not opposed schemes merely for the
they
taking," he said.
on
Roswell
but he
say,
of
The safe and profitable employment of these funds,
normal times, would be a difficult task.
But war
in
even
"Everything possible should be done to avoid some of the
pitfalls into which American industry fell when most of
the
Ohio
entrusted
posits.
a
should be
company's
of
examples
are
business
alike,
to
bankers have been
and
care
service.
and
calmness and
"Do Not Stampede," according to William
President of Tide Water Associated Oil Co..
made
Public
the present
of careful
and
and
here
source
a
by Robert M.
& Trust
Bankers
their
to
of
public thinking about
larger
.
Humphrey Warns Industry
Against War Stampede
opposing.
When
to
of
F.
is
as
.
times.
people.
because
William
the
constructive
a
who
being made
decision
by Congress
interest
Council, at the Hotel Statler,
Bankers
Bank
the voices
of
committed
As
work
company
pay
clamor
now
Organizations,
Appeals
the
years.
burning
to serve
Nov. 10
on
stated:
Heretofore
no
therefore,
the
told
the Wachovia
of
The
decision
de¬
on
an
American
American
have
applications.
to
of
challenge to bankers.
more
It is apparent,
has
but
fight
The gasoline tax, he contended,
"particularly good
from
were
back
gasoline tax
from
operations
put
were
filed
who
which
Supreme Court of the United Slates.
company
of
asserted
many
of
three
it
immediately follow¬
state
determined
a
or
expenditures
ability on the part of our
political life for some time—to
in
the New England
the
opera¬
company
them
work
current
that
steel
as
the
of
to
stated
since.
ever
national
$7,500,000,000,
opposing, delegates to the Bank Management Con¬
were
only in their minds.
be
court
which
and
papers,
existed
$7,500,000
though
returned
to
were
many
to
returned
the
of
some
received
returned
the
of
Boston,
the
reinstatement
not
rapidly
on
entitled to employment are now out of work.
that
either
even
of
was
company
as
carried
decision,
were
improved,
order.
been
Board
Under
for
conditions
proper
are
in
available
were
business
date
who
that
and
require
sanity, but
purposes.
Hanes
ference of
plan
1937
were
already
order.
date
available
not
were
the
but
guilty of violence
policy
ployees who filed applications
ing
by
Appeals.
reemployment.
applications
had
who
not
This
that
at
to
reinstated
"Immediately following the strike in
would
Court of
mentioned
were
these
were
employed since the strike and to
men
Those for whom positions
preferred
a
on
not
employee entitled
job.
order
18, 1938, ordered the company upon applica¬
to discharge
from
wages
any
figures
Board's
said
Bankers do not* oppose economic cure-alls merely for the
sake
and
Oct.
on
strikers
reinstate
necessary
back
specific
no
Labor
the court.
to
to
the
the
Opposition to Cure-Ails Constructive
—Attacks Plan of Setting Up Government Banks
for Making Loans to Small Business
5,000
back pay.
they used in the decision of the
in
despite
expenditures,
Terms Banker
dent
reemploy
to
company
nowhere
Board
were
it
$7,500,000 in
the
were
of
or
Labor
directing
that
nor
matter
a
Labsr
Board
give them
fact
figures used,
As
Labor
the
the
of
use
State and local
President
them, have
that
which
would
evident
War,
Federal
that the general sales tax
the income tax, is not a
Girdler said, "the
follows
been
not
World
disturb
misconceptions which
many
has
the
criticized
facts.
generally
was
Court
which often
great
a
He
$7,000,000,000
fiscal
debt
this
in
25 years ago, while State and local
were
reduction
in
the
of
unbalanced.
great.
as
between
to
this
even
Magill said also
general
history of the country.
"In
four times
are
reduced
that
World
the
of
outset
already higher today, with
are
peak
remains
13 times what they
are
leaders—that
other legislation in the
any
the
the
$926,000,000
persuade people to accept sacrifices."
the last
and
Relations
as
prior years.
Dr. Magill,
at
budget
the Administration
and
toward
Congress
revisions
law
tax
than
national
and
taxpayers and would take two
It will necessitate, he said, "not only a
solving some of these problems, mentioning
legislation "designed to stop the playing of politics
with our system of relief."
He emphasized as of particular importance
the congressional committee for the investigation of the National Labor
session
1915
of
of the
part
by producing less."
more
pointed out that some progress had been made, however,
neutral,
the
be
clared
excessive amount of income; large unem¬
of relief; an excessive tax burden on enter¬
Relations Act; and "a state of mind which
Labor
one-sided
a
could
an
problem
the
ployment and
remarks
precariously weakened financial
a
position at
interest payments
expenditures for
still
expenditures
comments.
in
1938
payments, according to
that
he said,
Europe has not permanently
problems, he described the chief ones as:
solved any of our
Government
recent newspaper
the war
total
America
Labor Board,
Supreme Court upheld the
appeal the
back
the Nation's
with
that the
and
War,
Nov. 11,
of
amount
the New
to
Magill's
Magill warned that the entry of the United States into the present
position compared
Republic's
of
13
of Nov.
Dr.
reported
European war would find this country in
briefly upon the recent United
Appeals
(referred
case
3056),
page
final
Court
Circuit
Chicago dispatch
Tribune"
follows:
Dr.
also touched
Girdler
A
"Herald
York
remain to be solved.
States
War.
World
He drew attention to
the war may divert attention
that
however,
1939
more
falling into popular disfavor."
danger,
Nov.
tapped, while today our debt is high, the Federal budget is
the accumulative requirements for many
products and the growing confidence of private capital that
the extreme left-wing schemes and designs of the New Deal
were
Chronicle—YEARS OLD
available
here, which he
and
described
British
cash
resources
"at best estimates,"
placing combined dollar balances of the two at $1,250,000,000, readily salable securities at $1,500,000,000, and less
as
readily salable assets at $1,500,000,000; their gold
holdings,
$6,000,000,000 plus annual gold
production of approximately $750,000,000.
He cited the
difficulty of anticipating the length of the war or the extent
he said, represented close to
of
use
of
these
resources
in
the
American
added;
We
should
not
delude
the volume of such
so
much velvet for
the
last
few
years
ourselves, however,
expenditures
us.
has
The fact
been
may
be in
is that
sustained
our
market,
into supposing
our
markets,
it
and
that whatever
would
be
just
favorable trade balance during
through our willingness to accept
large quantities of foreign gold and silver at high prices in
exchange for
Volume
goods
our
goods.
and
speaking
far
the
largely
were
their
'twenties,
foreign
to
purchases
were
acquisitions
entirely
We
At
the
need
not
.
and
employment
which
for
if used as a
the
Federal
of
our
supply
a
Reserve
control.
to
deposits
bank
of
use
or
of
turnover
or
much
these
relative to
the
the
in
local
local
I
volume of
funds
investment
seeking
of
chartered
banks
monopolistic
leashed.
and
will
war
The
this and other
All
If
the
would
it
excess
and
of
be
A
from
likely
is
make
to
it
It would be most unfortunate
war
boom
the continued piling up of
to
obscure
to
were
.
.
serious
enough,
which
add
bank
to
are
but gold
basis
a
for
and
a
add
of bank
the
banking
credit
dual
planned
economy,
there
are
financial
of
the
authority
the
central
Eliminate the State-
Central
would
institutions
States
Government and
borders would
Foreigners
soon
to
control
un¬
credit
own
under
pass
authority.
accustomed
credit
be
soon
their
over
great many criticisms have been leveled at the dual
monopolistic
not long
credit would
or
system.
of
powers
own
domination
high
a
scoff
degree
of
it.
Some
of
at
political
and
control
Government
own
our
of bank¬
system
officials deplore it as an obstacle to an adequate credit control.
But
such
obstacle
an
it
is
designed
be.
to
while the
However,
dual
system of banking operates as a system of checks and balances it has also
achieved
remarkable
a
with
degree of practical coordination.
authorities
supervisory
policy and practice and the chartering of
it
possible, in
under
Thus
conditions
of
a
the
in
matters
of
This has made
institutions.
new
arrange¬
supervisory
to
prevent
the
over-chartering
banks
of
prejudicing the autonomy of the States.
ideal
this
system of
supervision
country's
banks
serving
for
setup
dual
interests—a
cooperative
and
time
same
have
we
diversified
under
the great
broad sense, for both State and National banks to operate
a
similar
It is to
banking supervisors that they have entered into
Federal
the
while
maintaining
vast
its
the
and
economy
diversified needs
tradition
American
balance of power.
proper
to
United States
Tax Burden One of the Highest, Says
Survey by the Conference Board—Advantages Over
Other Great Powers in Taxation Now Lost
11,
Eccles's speech appeared in
3060.
page
Only
taxed
decade
a
of the
tax burden
Proposals of Reserve Board Chairman Eccles Are
Not Supported by Other Government Bodies
Marriner S. Eccles' views
Louis
the
political
institutions, and enterprise within their
deposits.
previous reference to Mr.
St.
banking system lies
versus
Without free enterprise
the
credit
Acting Secretary of the Treasury Hanes Asserts Tax
in
it,
call
history,
our
silver acquisitions also
multiple expansion
a
for
enterprise
of
and
will become.
excess
deposits, which
have been greater than ever before in
The
them.
meet
free
control.
distant
of
away
without at the
.
reserves,
excess
gold, the greater the
us
merely to
were
now
issue of Nov.
our
but
situation,
so-called
a
relationships in the domestic picture.
of sending
this
period
reserves
bank
point
process
effects
considerable
profits
is continued and foreign governments obtain dollar exchange
war
through the
of
unbalanced
indications
the longer
this
correct
not
remedy must be found at home.
men
to
of
independent
of
the
powers
Take
ments
the anticipation
that
assert
the extermination
credit of the State
Foreign
like to
we
system.
venture to
A
as
independent banking system
who know the credit needs of
And you can't have free enterprise without an independent
decade, the demand greatly exceeds the supply.
if
best
question
centralized
versus
rights.
survive
the
3197
enterprise
free
or
qualified
hcrw
and
the
that, notwithstanding the great increase in the public debt during the past
worse.
enterprise,
experienced,
rights
credit
result
investments—a
of
supply
the
for
The
investment.
new
existing
develop
outlets
than
faster
savings
for
accumulating in the hands of
are
by
heart
ing.
funds
outset,
communities
the
no
YEARS OLD
and still depends upon a free or
upon
operated
their
at
our
.
savers
of
effective
more
the
depend
we
dangerous inflationary situation
a
of
is
competition
inadequate
so
silver
powers
.
corporate
intensified
supply
create
present time investment
profitable
in
by foreigners rather than through
and
increase
present
individual
an
would
do need
we
supply.
money
the
personal
better off
far
the present volume of excess reserves,
further
a
What
currency.
existing
foreign
our
my
be
have no
would only increase the present
excess
reserves
and
deposits of
the
gold
unused
expansion,
beyond
do
future,
would
because they
of
Even
credit
foreign
use,
volume
banking system.
for
of
prospective
or
unprecedented
basis
did
trade,
we
as
view—
if, so
to be paid for out of the sale of
the
country
our
credits,
foreign
they sustained
while
Looking
that
country of American securities held
further
present
is
which,
uncollectible.
extended
From
exchange goods for
unwilling to
been
not
in this country and out of the proceeds of the liquidation
goods
this
have
have
we
unofficially—is
possible,
as
We
services.
Fortunately,
throughout
Commercial & Financial
The
ONE HUNDRED—
149
taxes, expressed in an address
Nov. 9 do not coincide with those of the
on
on
in
this
the United States
ago
great nations,
since 1928 has
was the most lightly
but the virtual doubling of its
pushed this country near the top
respect, according to
burdens
and
public
debts
New
York.
in
that
An
1928
announcement
only 12.3%
of comparative
survey
a
public
made
Division of Industrial Economics of
Nov.
10
the Conference
bearing
tax
by
the
Board,
the survey says
on
of the United States national in¬
Administration,
come
Acting Secretary
countries
Hanes made
19.1% for Germany, 27.3% for France, and about 18% for
Congress, or the Treasury according to
of the Treasury John W. Hanes.
Mr.
this assertion at a press conference Nov. 16
which was reported, in part, in Associated Press Washington
advices of Nov. 16, as follows:
It
the first break between
was
the agencies since the
Treasury
was
re¬
ported to have protested Federal Reserve bond market operations in Septem¬
ber.
Mr.
Eccles
has
been
overcoming depression.
advocate of deficit spending as a means of
an
Secretary Morgenthau has silently opposed spend¬
ing except for relief.
Mr. Eccles told
a
group
of St. Louis bankers Friday night that taxes
small incomes should be increased
in the
$o,000-to-$50,000 brackets, taxes
ing the flat rate
on
by cutting exemptions and raising rates
on
corporations increased by boost¬
normal profits and restoring a modified undistributed
on
profits levy, consumer
taxes
reduced by repealing Federal excise and State
sales taxes, and social security taxes adjusted to the level of benefit
pay¬
ments.
He offered the plan as a substitute for proposals from some Con¬
Italy.
By 1938, however,
had risen
come
in
that
I doubt seri¬
debts
large
have
to
about
the
that
suggest
nations
and also
ness men,
was
fixed tax plan yet.
no
waiting to get a better idea of how recent business
improvement might increase the Federal
revenue
business for at least six months,
moderate seasonal decline after
even
He said he looked
though there might be
the peak of Christmas shopping.
of
percentages
profits
or
income.
Perhaps
any
the
additional
were
revenues,
he
ratios
were
the
reported in
from
Their
two
eight
to
Their per capita public
Ihe proportions of their
ratios.
from
are
one
one-half
and
three
to
reserves
of
reserve
collections
tax
to
national
income
reflect
in the several national economies.
of
tax-paying
relatively
much
possessed
power
smaller
than
it
the
by
was
principal
quarter
a
the
They also
of
a
ago.
The
also points out that in
study
public
debt
position
United
the
among
States
the nations.
respect to per
has also lost
In 1913 the
capita
its favorable
capita obliga¬
per
tions of all governments in
the lowest figure
to
$432.65,
by
this country amounted to $59.28,
considerable margin among those of
a
By 1938 the per capita had increased
gain of 630%, and had passed those of Ger¬
France and Italy.
The United States per capita
many,
3060.
history.
are
have declined.
power
now
their
these burdens have increased, their
As
the countries studied.
need for higher taxes.
The tax recommendations of Mr. Eccles
issue of Nov. 11, page
a
Better
business meant higher tax revenues, he explained, because tax rates
hinted, would be enough to obviate
century
without changing tax rates.
The business outlook, he asserted, was "optimistic."
for good
is
in
collections,
same
taxes
as
levels.
levels
capita
the
before the World War.
collected
pre-war
higher
highest
per
were
risen
tax-paying
The
by
they
as
incomes
the
the
to
measured
as
as
It
Administration, Mr. Hanes continued, had
national in¬
to
The ratios of the other nations
folows:
Canada, 20.7%;
Great
tax
countries
burdens,
waiting to sift thousands of suggestions asked this Summer from busi¬
our
as
increased role of government
The
was
States had lost this
principal
times
he didn't speak for the Treas¬
am certain
the United
the
"1 don't th nk he
I
22.4%.
were
year
other
The survey summarizes these changes by saying:
depression, armaments and increased social services during
past 25 years have raised the costs of government in nearly all
times
(Eccles) sp< ke for the Administration.
to
in
ratios
War,
of
ury."
the
Britain, 21.7%; Germany, 26.2%; France, 23.3%; and Italy,
about 21.5%.
Mr. Hanes, as acting Secretary, replied today:
ously if he spoke for Congress.
while
taxes,
as
for Canada, 22.8% for Great Britain,
14%
were
advantage, for the ratio of tax collections
national
for cutting relief.
gressmen
collected
was
a
public debt remained, however, far below those of Canada
R. M. Hanes Calls Dual Banking System Part of System
of Checks and Balances—President of American
Bankers
Association
and Great Britain.
The per
as
Stresses
Importance of Plan
Before Massachusetts Savings Banks Officers Club
capita debt burdens of the six countries in 1938,
or 1913-14, in roughly com¬
compared with those of 1913
parable dollar values,
The importance of the dual system of State and chartered
banks
ances
as
part
Boston,
the American
stressed at the
was
Officers
Banks
ings
of
Nov.
on
of checks and
Club
the
at
Chamber of Commerce,
Hanes, President of the
M.
Trust
Co., Winston-Salem,
banks
as
banking,
control
centralized
Yours
only
all
to
of
the
is
local
C., cited the mutual savings
States' rights as applied to
of
thrift funds
control."
the
only
large
the States which
us
N.
examples
retaining to their communities,
over
an
excellent
framework
of
Mr.
Hanes
of
group
have
example
as
they do, local
free from interference
banks
chartered
from
added:
that
them.
has remained
Indeed,
you
responsible
have
given
of thd
sufficiency of self-regulation within
existing local statutes.
*
Asserting that "the genius of American banking has been
dual system of banks, consisting of locally owned com¬
munity banks chartered by Federal and State governments,
the
Mr.
Hanes
traditional
other."
He
said
1913
1938
Canada
142.02
136.41
1938
Germany
1,014.59
$74.74
$192.00
France.
602.70
United Klmrdom.
or
1913-14
Country
$432.65
$59.28
States
shown in the following table:
191.76
414.17
93.61
178.50
Italv.
Association, who addressed the members
of the club on "The Strength of State Banking Systems."
Mr. Hanes, who is also President of the Wachovia Bank &
"grand
United
are
or
1913-14
Country
bal¬
dinner of the Massachusetts Sav¬
9 by Robert
American Bankers
system
1913
"these
American
two
way
systems
as
further declared:
have
operated
checks and balances
in
on
Mary Dillon Says Country Is in Tax Depression—Urges
Revision of Tax System
Endorsing
its
within
principle
the
income, Mary E.
that
should
government
live
Dillon,
President of Brooklyn
Borough Gas Co., speaking over the radio Nov. 15, in the
"What Helps Business Helps You
Campaign," declared:
"Our country today is in a tax depression."
Miss Dillon
said:
Every governmental entity we have taxes us—Federal, State and munici¬
pal—and
is
Government
taxing
heavily in debt.
without
their
I
things
means.
am
not
With
we
heavily than
business or
more
what
ever
any
alarming national
an
cannot pay for except by
any
before
in
family
debt,
we
history.
should
must
do
Our
when
expect to
go
taxing all the people beyond
...
so
thoughtless
the
all,
but to ignore
each
not
the
economic
us
do
must
one
as
evil
to think that the revision of taxes is
which
evil
present,
is
structure
because
it,
only
no
too,
can
be
more
has
removed,
simply
intelligent than to
had some defects.
a
cure-
because it
destroy
is
our
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3198
Charles R. Hook Explains Aversion of Business to War—
Believes Business Recovery Would Continue With¬
economic
The
can
growth
"to set the weight
of their influence against another
war," Charles R. Hook, Chairman of the National Associa¬
tion of Manufacturers, and President of the American
Rolling Mill Co., said in an Armistice Day address at Middletown, Ohio, Nov. 11.
Associated Press dispatches of Nov. 11, from Middletown,
indications
the
since
increased her supply of
has
last war
therefore, that
are,
result
would
destruction
the
in
protracted war, which undoubtedly
many plants
in Great Britain, would
any
of
expansion of manufacturing in Canada.
If that
occurs, when peace returns Canada will be in a position to supply more
of her domestic requirements of finished goods than in the past and may
well be a much keener competitor for export markets.
The United States
the
stimulate
greatly
thus find its Canadian market for some finished products considerably
may
would
on the other hand,
Canadian finished products
the United States in other
demand for certain industrial raw materials,
reduced;
probably
compete
may
said in part:
industry
in
labor and her supply of capable managers.
skilled
and attendant human suffering
collapse
which followed the World War has taught American business
men
and
the
War Orders
out
Nov. 18, 1939
Second, Canada is well supplied with many raw materials
get many others required by rail from the United States.
Third,
bombers.
enemy
increase.
the same time,
At
actively
more
those
with
of
markets.
Mr. Hook listed four products of war:
Casualties, the dead and the maimed.
Immediate industrial loss in erecting factories and equipment for which
there is
after hostilities end.
no use
Satisfactory Holiday Trade Forecast by H. H. Heimann
Long-term economic upset.
Invasion of private
Henry H. Heimann, Executive Manager of the National
rights, necessary in wartime, but difficult to end after¬
ward.
"Business
They hate and despise war just as much
and reactions just as any one else.
Like other humans they are fathers, brothers or
avowed pacifists do.
as
uncles of
"They have human emotions
machines," he said.
men are not
who will have to fight eventually if war comes."
men
he cited the boom in the chemical industry
To illustrate his second point,
during the World War, and declared that from 1919 to 1921 the country's
dropped from more than S6,000,000,000 a year to less than
chemical output
$4,600,000,000, putting
3,500 chemical manufacturers out of
than
more
and it
Before it
powdered fuel plant.
outlook
conflict
as
been melted down in the
all
has
shrapnel plant is completely
Our
hearth furnace.
open
capital
investment
was
lie
conflict.
of losing it if we were forced into a
Lose repre¬
I say, stay out of
war
and support private
enterprise, which has given America the highest stand¬
ard of living in the
problems
follow
obtained
orders or not.
war
this
to
during
of
particulars
business prospects.
the spring gave grounds for this optimism as to future
1 and Nov. 1 have been a
"Actual foreign orders booked between Sept.
small part of the total industrial production during this period.
very
"And
and
for the
as
war
itself,
will stay out of
we
we want to
that
The
Canada
Greatly Increased
Be
to
European War Continues, According to Study
the Conference Board—Effects
of War on
Canadian-American Business Analyzed
already rapid industrialization will be greatly
American
economic
business
"Economic
and
structure
relations,
Position
according
Canadian-
on
study of the
to a
and
Development of Canada" recently
published by the Division of Industrial Economics of the
Conference Board.
Continuing, the Board's summary of
the study said, in part:
Any
important
to American
States
and
during
of all
1937
1917
began
Last
the
States
War
Canada's
volume
the
mark
the second
according
63%
obtained
took
chief
War
the
to
have
brought about
although
she
the World
and
still
year
to
for
the
spectacular growth
Conference
mining and
while,
this
in
Board
income
from
development of
1937,
In
against
only
only
in
these
agriculture
upon
financial
debt
national
resources,
during
incurred
industries
available.
of
little
This
in
is
$245,000,000.
reached
a
new
1921, the first
practically
Income
equal
from
20% in the early twenties.
risen
from
has
industry,
agri¬
3%
the
of
total
Mean¬
in
1921
stake
$41,000,000
in
played
important
an
part
in
totaling $3,932,400,000 at the
non-Canadian
Canadian
investments.
their
the
invested in
The probable effects of
to
war
foreign
United
investments
States
was
the
taken
for
nomic
if
granted.
structure
it
is
But
which
it
are
prolonged,
place,
plants
of
hardly be
strictly
is
quite
it
top-heavy
so
Therefore,
activity
losses
it
is
such
as
some
comfortable
so
unhealthy
the Canadian economy,
is
of
the
probable
greater
long-term
importance.
will
One
effects
thing
expected.
alarmists would have
be desired.
outside
The
situation
is
number
of
widespread
in
of
not
a
while
there
be
may
prices, the general
suggest that
slight
a
slight
will
trend
pause
be
in
upward.
recession
involving a few
inventory at this period could well have its benefits.
Certainly
discourage any wild buying if war and domestic demands
on
should
that
certain
in
not be amiss to
could
some
help
cause
a
than
more
normal
expansion
basis of
business.
United States Chamber of Commerce Presents 40-Point
Program of Tax Reform—Stresses Need for/Con¬
trolling Expenditures—Professor F. P. Fairchild
Asks
Broad Tax Revision—Coal Industry Favors
Changes in Payroll Taxes—Proposals in Response
to Treasury's
Request for Suggestions
The Federal Finance Committee of the Chamber of Com¬
of
merce
the
United States
Nov.
on
11 made
public
a
40-
point program of suggested tax revision, formulated at the
request of the Treasury Department.
This program, it was
represented the composite views of all branches of
Spokesmen for the Chamber, in conference with
Treasury officials, said that a rounded fiscal program
said,
business.
should include some means of controlling
expenditures to
keep them within the yield of a permanent taxation system,
pointing out that no program could be devised to raise
revenue
to the present
level of expenditures.
congressional
consideration
tioned in
issue of Nov. 11, page 3055.
our
taxation
of
Stressing
removal
of
tax
deterrents
to
were
Deferring of
revision
plan put forward by the Chamber
Washington "Post" of Nov. 12 said :
was
men¬
In summarizing
of Commerce the
private
enterprise and employ¬
reasonably permanent, longfiled with the Treasury by its Federal Finance
"a
Committee.
The two-score tax
in
changes, put forward by Ellsworth C. Alvord, former
Treasury tax adviser who heads the Chamber committee, proposed reduc¬
tion
of
business
is
individual
surtax
rates
to
the
tions
capital
plan
of
a
gains and loss
being
was
wide
by
of
the Treasury,
public
eco¬
Treasury John W. Hanes continued his
appears
rea¬
collaboration
be accelerated.
In
the
maximum,
reduction
of
the
provision.
studied
cross-section
the
on
40%
a
corporate income tax rate by progressive stages to 15%, and simplification
of
The
Canadian
be
can
:
buying.
forced certain production
However,
tax system"
on
stimulate
more
domestic
uneconomic
could
as
buying has
needs.
an
expected
recession
or
It may
it
consumptive
of
measure
compensatory recession
some
is not
range
as
Kingdom.
the Dominion's geographical position is a valuable asset and
could be built which would be virtually immune from attack by
mean
some
United
$1,098,000,000
United
sonably clear and this is that industrialization
-first
adaptation
mean
can
The unsolved heritage
war.
analysis
an
the Chamber's recommendations for
the
will
as
For Europe
follow.
ment,
Conference Board report as follows:
war,
in
to
have
view of the trends in recent
years and of the developments
the first six weeks of the
conflict, are outlined in the
the
time.
fields.
most
end of
investors
in
the
of
That
degree
previous
even
the years
have witnessed
days
businesses,
15% of total national income
over
over
States
placing most of
their
and
the
United
Canadian
1937
mining
of
60
beyond
individual
the
40%
1937.
the
by
her
in
processing
is
a
mining has
58% of all
or
reciprocated
States.
in
from
dependence
increase
large
income
compared with
as
8%
Capital
about
Together,
survey.
$250,000,000 greater than
information
for
unsolved today
as
some
anything, heighten the residue of maladjustments
entanglements.
Business planning must take
account
and
believe; neither
us,
years.
mineral
was
agricultural
years
the
depression
and
accounted
than
more
the
1937
which
drop
recent
from
and
culture has
in
suffers
War
high level in
hand,
other
the
On
from
imports
past
schedules
»
the
substantial
a
from
Income
her
having taken
market,
interest
immediate
of
of
82%.
over
export
developments have greatly decreased Canada's
and
1940
naturally would
largest buyer of United
important change in the structure of the Dominion's
an
unem¬
again accentu¬
arose.
kind
in
the
of
some
once
For the entire world it will
followed the
if
by
current
into
inventory situation
of
World
out
fundamentally
are
conflict
speculative and emergency inventory
manufacturing production had risen 62% above
The rapid expansion of Canadian manufacturing which
average.
recent years
she
is
economy
is
exports in recent years.
the
during
economy,
Canada's
in
year
World
is
Canadian
In
the
change
business because Canada
products.
United
The
us
if the war continues, with far-reaching effects
up
will,
unemployment
Regarding the immediate outlook for business he said
of
Dominion's
in
muster
period must be experienced at
the
from
operations
by
the
conflict
its
fact
of it,
stay out of it, we can stay out
if
speeded
the European
possibilities
This
on
relieved
the
tremendous
era
'
post-war conditions which
arising
♦
Canada's
has
instance,
conscious of
peace-time
a
Peace abroad, therefore, would
favorable than those that
it."
Industrialization
will
war
Continuing,
European unemployment would almost certainly
be extremely crucial.
new
these
to
program.
problems which
before
were
it will
investors' confidence began to build up, and war
an excellent volume of business the balance of
would have had
Congressional action in several important
year.
domestic
This transitional
steadily since May 1, at which
"Industrial production had been climbing
for
be
must
we
war-time
a
European situation has also helped
our
they
declared war," he said.
time private and corporate
or no war we
Europe,
disarmament
ployed in this country.
ate
the volume of business
from
preparations.
war
any
however,
peace,
transition
arise.
and
war
early
an
the
in
The
"There is much misunderstanding with respect to
participating nations that the
said:
that
world."
Mr. Hook said that he believed the present business improvement would
continue whether the country
since England and France
of the different
Assuming
sentative democracy and you lose private enterprise.
to
operating for peace, he said, is the awareness of the lead¬
ers
point, he said:
"Representative democracy is threatened by war and I feel that there is
serious danger
long war, then indeed the
a
pessimistic."
He noted that opinions
the probable length of the war, but a factor
put to a severe test their forms of government.
pointed to the depression as part of the third point.
Of the fourth
to
is
com¬
out."
pletely wiped
Mr. Hook
This
gone.
look forward
must
we
uncertainties
by the
but
war,
finished the armistice was signed
was
outlook for business
finds the
connected with the
believes American business can look
ahead
to
a
satisfactory holiday trade.
The immediate
future for world affairs does not warrant optimism, he
declared in his monthly business review issued Nov. 14.
Assuming continuation
of the war,
American business
should be better in 1940 than in 1939, but, he observed,
European
world's
war
The building's out there now, unused, and the
operated.
never
was
machinery
Credit Men,
obscured
pur¬
build for
"Closer to home," he said, "22 years ago we had to
poses a
1940
in
"if
business.
of
Association
A
with
preliminary
sented
by
Mr.
Tuesday, but
the Joint Congressional
outline
Hanes
the
groups,
canvass
to
of
proposals
the
House
subcommittee
Committee
received
Ways
recessed
along with
recommenda¬
as Under-Secretary of the
of suggested tax changes in
and
without
from
Internal
on
all
Means
action.
groups
Revenue.
was
pre¬
subcommittee
last
Volume
leaders
House
bill
if
149
business
continuing
a
clear
made
decision
a
submission
await
must
of
whether
on
promise
gives
upswing
launch
to
No bill
budget estimates.
1940 tax
a
The
be
limited
in
business
upturn
the
At
fiscal
revision
tax
began
which
employment
and
"was
1939
in
adoption
after
soon
Act."
that
of
in the Federal tax structure."
definitely beneficial to the
further rational changes
by
the
said
would
event, contending that "the current recovery pace
any
accelerated
It
of tax
enactment
urged
recommendations
Commerce
of
Chamber
that
contended
committee
Chamber
the
time
same
rounded
a
should inevitably include some means of controlling expen¬
keep them within the yield of a permanent tax system."
program
ditures
"to
According
Treasury
increased
of
State Trade Walls Found to Hamper
be offered
may
revenues.
legislation in
Committee
study published Nov. 11 by
York City. The pam¬
phlet was written by F. Eugene Melder, Assistant Pro¬
fessor of Economics at Clark University, an authority on
interstate trade barriers. Regarding the study, an announce¬
tarding
Although the Constitution prohibits States from levying tariffs against
trade which
or
the
Treasury
for
the
current fiscal year."
required
Scaling
maximum
raise
would
propose
the
bring
revenue
the Chamber's
list, urging that the holding period be shortened and the rate on capital
gains reduced to 12%%.
He asked that corporations affiliated by 95%
stock ownership be restored the right to file consolidated returns.
Other tax changes recommended by the Chamber committee included:
capital
the
of
fication
Provision
for
high on
provisions
loss
and
to a
two-year carryover of net operating losses
the present
to
with
permit,
Elimination
dividends
declaration
annual
an
taxes"
taxation"
"double
of
the
from
allowed
for
tax.
for
Provisions
estate
tax
and
purposes,
whereby
arrangements
depreciation.
whereby
definitely
could
lifetime
set
such
from the estate tax.
"whereby the intent of Congress to make gifts for charitable
method
A
estate
from
free
would be
taxes
carried into
effectively
more
operation."
dependable,
is
The
said
and
revenue,"
increased
of
source
only
"the
activity
business
interstate
discourage
which
boosted
in every
These
maintained at uneconomically high levels.
or
help," it
"hurt many more home producers than they
the reprisals and retaliations which so often
"because of
The author concludes by stating:
Unquestionably the primary responsibility for removing trade barriers
with the
rests
it said, should be encouragement of maxi¬
revenues, removal of tax deterrents,
guiding tax principles,
and
activity
States.
If they can overcome local
law"
method.
subjects.
There is
"uniform
many
States
enlarged
stability and certainty in the revenue system, and ease and simplicity
have
already
of
use
"compacts"
which concern two or more
must
Such
and are subject to the
constitutional purposes,
cover
If the States muff their chance by refusing
be forced to act in the
A Govern¬
ultimately the Federal Government will
act,
uniform laws on
The second possibility is
.
to settle problems which involve the States of a region.
or
agreements
to
.
.
regulate activities
to
adopted
valid reason why uniform legislation should not
no
be extended into the trade barrier field.
the
vested interests suffi¬
The first of these is the
they can pursue two lines of action.
ciently,
interest of national welfare and at the cost of States' "rights."
ment or agency
of government which is blind to public need will be replaced
by some authority capable of doing its job when the matter becomes vital
to the
Probably the States will learn this lesson before it is
public welfare.
If not, we can expect a further and drastic change in our
"State Trade Walls" is
Federal
Washington.
system with increased centralization of power in
"our tax
objective."
business
mum
increased
called
committee
permanent
this
toward
trucks
on
the chief victims of such legislation since
are seen as
are
pointed out,
together with all other governmental policies, should be directed
policies,
prices
too late.
Chamber
The
laws
chain stores and other outside agencies; "excise
on
approval of Congress....
his
during
person
a
portions to be free
purposes
State
out-of-State margarine; and numerous special restrictions on out-
Consumers
case
States,
relating to depreciation, to allow the taxpayer
adequate portion of estate earmarked for estate tax purposes,
an
the
receive a larger proportion of death dues.
may
credit
aside
by exempting dividends
dividends,
"excessively high" estate taxes; increase in
Redrafting of provisions
full
of
income
corporate
Reduction of the present
States
on
of-State liquor.
stock values permitted
of
individuals from the normal tax, and exempting intercorporate
exemption
conflicting
trucking; special taxes
meanwhile.
received by
imports from foreign countries.
on
laws forcing State governments to buy home
plant or animal diseases but which exist solely to give preference to home
products;
Repeal of the capital stock and excess profits taxes as soon as revenue
conditions
duties
as
are
follow in the wake of such practices."
period.
longer
effective
products and employ home labor; quarantine laws which have no relation
trade barriers also
liberal treatment of earned income.
more
of
Extension
gains
goods, individual States have imposed many restrictions on
are as
Among the barriers listed
of individual surtaxes to a 40% maximum, Mr. Alvord
the yield from individual surtaxes to a "point of
and encouragement to investment."
He placed simpli¬
down
would
argued,
could
a
ment said:
$9,500,000,000
that
according to
recovery,
the Public Affairs Committee, New
each other's
spokesmen told the
Normal Recovery,
by Public Affairs
Issued
Study
to
Laws restricting trade between the States have much the
same effect as tariffs in curtailing living standards and re¬
Treasury that "no enjuring revenue program
Chamber
we
3199
ONE HUNDRED—Tie Commercial & Financial Chronicle—YEARS OLD
•
the 37th of
a
series of factual,
popular, 10-cent pamphlets published by the Public Affiars
Committee, 30 Rockefeller Plaza, New York City.
This is
the November issue in the monthly series.
of
administration.
said existence of
The Chamber statement
have not yet
of
We
to
still
is
losses spread
recoup
In
addition,
10
over
Chamber
the
Means Committee
that
the
early consideration be given to possible reduction in
recommend "that
expenditures, in the interest of fiscal stability," stressing that tax
level
of
laws
of
will
themselves
materially increase
not
except by
revenues
con¬
tributing to a higher national income.
At
Nov. 6,
on
the
of
Treasury
the study of the tax problem, Fred P.
on
Fairchild, Professor of Economics at Yale University, sub¬
on
behalf of the Connecticut Bankers Association
mitted
nearly
dozen recommendations for revision of the Federal
a
tax
structure, according to Washington advices, Nov. 6, to
the New York "Times."
Professor Faircliild's recommenda¬
the following:
tions included
No
increases
balance,
Federal
in
because
business
such
and
the
tax
long
so
be
would
to
structure
the budget is out of
as
further
unproductive,
balanced budget.
the burden on
a
lift
tax policies,
considering
returns,
rates
or
conferring
with
retard
of
officials
spending time in courts.
Gradual abandonment of
income
inclusion
either
of
corporations
Restoration
of
the
of capital
gains and losses in taxable
Still
of
business losses than given- in the Revenue
1939.
such
at
the loss by
A
liberal carryover of
more
Repeal of
but
later
date
raising
liberal
more
received
in
Adoption
the
stock and
the
as
the
of
form
of
a
revenue
income
for
stable
from
not
immediately,
up
corporation incomes.
on
presided at the dinner meeting, declared the United States
keep out of the war but should "make a great and
valuable contribution to the peace."
He said that the often
discussed notion of an economic United States of Europe
should
deserved support,
trade
accomplishment
for
the
control
of
of
a
administer
a
general
of
as
the
Adoption
and that cooperation between such a free
country should prove of great value.
this
and
area
"The best
fense
war" for the United States, he
bulwark against
"adequate and vigorous" national de¬
the "restoration and strengthening" of its own
and
an
economy.
A.
Under-Secretary
Ballantine,
of
the
Treasury
during President Hoover's administration, sharply criticized
deficit
the
"A vast
spending
and
policies
debt
New Deal.
of the
public debt," he said, "would be a millstone about
neck of
such
the
Government in
Such
foreign war.
a
as
we
another
an
great
emergency,
we
confidently
emergency
shall not have to meet, but our present financial
because of the debt and
our already high
taxation, is all too obvious."
George O. May, senior partner of the accounting firm of
Price Waterhouse & Co., told the meeting that purchases
unpreparedness,
by
individuals.
for
other
system
would
taxes,
spared without making
that
as
corporation
a
tax
revenue
be
can
credit
dividends
profits
on
boom
social
production
fair,
the
rule,
which
the
need
varying
be met by lowering or
raising rates
impartial
the
or
policy of
to
carry
using
out
taxation
various
for
programs
marketing.
and
friendly attitude
by
public
officers
laws.
tax
would
but
that
airplanes
have
motors,
consisting mainly,
would
not
he
in
result
a
stimulating character superior to
Government spending.
resulting from
Other
this country,
and
a
speakers at the meeting included Lionel
D. Edie,
economist, and Professor Robert Warren of Princeton Uni¬
of
purposes
or
of
thought,
corporations.
taxable
under
belligerents in
the
part of the income
any
by revamping the system.
Abandonment,
who
of
more
excess
other rate, such
some
earned
Government
instead
Lamont, partner
of the Academy, who
& Co. and trustee
Morgan
level of expenditure and
the capital
Abandonment of the taxation of
of
P.
believe
returns.
Act
J.
the meeting, Thomas W.
concluded
which
the
individuals.
or
right of affiliated corporations to make consolidated
America's Idle Men and Idle
on
one-day meeting of the Academy of Political Science, held
Nov. 15 at the Astor Hotel in New York City.
At the dinner
Arthur
business
tax
Danger in Federal Fiscal
the subject of discussion at the 59tli annual
was
asserted, would be
wholly fail to bring
activity and
Simplification of
preparing
taxes
increases
Money"
in
Under-Secretary
before
hearing
a
Hanes
by
Meeting—
Policies
"The Effect of the War
of depression."
the Ways and
years
asked
Urged
War
Science
Political
at
Ballantine Sees
Arthur
/
After
Europe
Lamont
Thomas
for relief.
Farm
Business has yet
still inuring huge deficits
80% of its 1910-14 parity.
are
than
less
Unified
Economically
We
There are still millions
achieved normal domestic prosperity.
unemployed.
income
"is not sufficient
war
proceeding to destroy our long-range peace-time economy.
for
reason
foreign
a
versity, who found
less inflationary
the present
being conducted
Avar
basis than the last
on
a
one.
The New York "Herald Tribune" of Nov.
16, reporting
on
Lamont's address, said:
Mr.
"What is the attitude of American business
Recommendations
to the
for
tax
revision
also
were
submitted
Treasury Department, Nov. 13,
on behalf of the bitu¬
industry, by John D. Battle, Executive Secre¬
tary of the National Coal Association.
His proposals in¬
minous coal
cluded
you-go
tions
lower
payroll
taxes under
the
social
operation of the old age retirement fund
gram,
security
pro¬
on a pay-as-
basis; repeal of future increases in the rate; reduc¬
State payroll taxes for unemployment compensa¬
in
tion; retention of the provision for optional percentage de¬
pletion allowances, and repeal of the tonnage tax imposed
by the Guffey Coal Act.
asked
Miss
and
men toward war and
peace?"
remarks, which followed speeches by
Dorothy Thompson, special writer of the New York "Herald Tribune,"
Mr. Lament at the outset of his
Gen.
S.
Hugh
mandate to speak
"First,
obstruct,
reeded
to
the
for
Johnson,
armed
efforts
conflict.
of the
defense.
their
columnist.
newspaper
for them," he went
avoid
on,
democracies
Third,
to
"Although
I
have
no
"I venture it is this:
Second,
to
to
rather than
encourage,
purchase here supplies
make
our
country's
to
vitally
economic and
financial strength
impregnable, so that finally America may be in a
position to render sound and wise co-operation toward an enduring peace."
Mr.
largely
meant
Lamont
remarked
political,"
profits.
that
"There
that
a
few
American
was
never
years
business
a
ago
there
men
charge
was
favored
more
a
"loud
war
outcry,
because
unfounded,"
he
it
said.
ONE HUNDRED—
3200
"There
much
so
war."
as
else.
legend,
false
this
business
think
men
as
now
he said, "that have in recent years pro¬
clearly on the wane, seem to believe that
put their material interests above all
class and
a
They are human beings first of all, members of the
They do not.
general community.
"Today 95
the
the
avoid
to
And at the same time 95 per cent of our
destruction.
from
served
want
and
Adequate
itself.
war
defense
vigorous
people
for
our
starting point for contributions to the peace.
For business
know that without economic peace in the world there can never come
moBt
helpful
men
stable
a
political peace."
in Continental Europe for twenty years past" to demonstrate this
that economic peace is the only road to political peace.
sequences
last thesis,
As
this country's rejection of the League of
the consequences of
of
one
dropping the Tripartite Treaty against future German aggres¬
Nations and
13-year economic war over German reparations,
which had its final phase in the financial breakdown of central Europe in
1931.
Mr. Lamont also traced the economic nationalism, with tariff walls
sion, he said, there was a
armies, which followed in the wake of political nationalism.
and burdensome
"What
the
future?"
the
for
It
must win.
Allies
asked.
he then
"First,
inconceivable that
is
nation
or
Mr. Lamont said he
believe that England was decadent.
English and French slowness
paredness, and "perhaps almost naive efforts for appeasement,"
gested, strengthened their own moral force and sympathy in neutral
and
them
to
"What
adopt their mode of life."
to
business
American
and
men
statesmen
realize,"
must
should
did not
in pre¬
he sug¬
nations.
he
said,
reverting to his central theme, "what the whole American community must
understand, is that there can be no world economic stability without con¬
co-operation
American
tinuing
America's
Because of
about
bring it
help
to
importance
vast
as
a
and
sustain
it.
world power, economically and
politically, and because it is a thousand times harder to make the peace
than it is to make the war, does it not follow that America's role is clearly,
the
enter
not
to
the
but to make
a
went
the
discuss
to
on
proposed
States
economic United
of
Europe and its vast "stabilizing effects," particularly in co-operation with
the second great
"The task of American economic
an
enduring
cannot be confined to our government authorities alone," Mr. Lamont
"To have any
added.
chance of success it must command the active and
of business and labor.
They must put
their ancient prejudices, must consent to reduce tariffs and must
intelligent support of the leaders
aside
make their
thoughtful and determined contribution."
"May it not be possible at the peace," Mr. Lamont asked finally, "that
with
the
years
before their very
European peoples having the catastrophic failures of the last 20
and willing
eyes
sovereignties restrictions designed for
of this
even
will,
war
as never
before to place
common
a
upon
their
good, the ultimate result
despite the apparent paradox, mark a step forward
the
morning
Academy, said in part:
at
the
the
should
neck
but
the
of
an
to
$41,000,000,000,
no
a
had been
very
was
up
with
expansion of the national income.
,arge
to $5,500,000,000 without closing
up
business activity
in
improved Treasury showing, "the net effect
on
the budget
public debt," he continued, "would be a millstone about the
the Government in another great emergency, such as a foreign
an
confidently believe we shall not have to meet,
unpreparedness, because of the debt and our
emergency we
financial
present
our
already high level of expenditure and taxation, is all too obvious.
"Moreover,
itself
the
take
of
creating
steadily growing government
a
serious
under the conditions
that
root
face the
swollen and
a
threat
unimpaired
the
debt
possibility of
a
is
too great
or
flight from the
Yet,
if
the
unmanageable,
currency
debt carries in
Government credit
emergency.
of today.
such
idea
we
as
should
expedients would only accentuate the trouble.
The second point which I wish to suggest here is that,
contemporary measures
of
finance affect the
war
it is in that area that the economic effects of contemporary
be
to
sought.
It
likely that in the aggregate they
seems
expected
with the price system,
is intimately associated
system
wage
that
the
labor
tendency of
it
belligerents
to
among
the
'unfree,' already marked since the beginning of the war,
a
protraction of the
war
would have to
worked disaster
Assemblyman Peter A. Quinn of the Bronx, author of the
permitted banks in this State to close on Saturdays
during July and August, addressed the Fall Meeting of the
Nassau County Clearing House Association at the Garden
City Hotel Nov. 17.
In explaining the present law and discussing the possi¬
bilities of its extension to include all the Saturdays of the
year, Mr. Quinn said:
act which
Reassured by the gains that have been made in this field of legislation
its
holidays.
The question of how much further this
legislation shall go is one which I believe should be left entirely in the hands
of the banking profession
and the public whose convenience it
reliably informed that present incomplete reports
in this State should be ample warrant when the
bill making Saturdays
for the introduction of a
Should such
a
on
I
serves.
am
the banking sentiment,
legislature next
convenes:
all year round holidays.
bill be introduced that its enactment into law would depend
wholly on the ability and willingness of the banks themselves to demon¬
there is
strate that
decided amount of responsive opinion in its favor.
a
Mr. Quinn singled out the
New York State Banking Association
as
"an<
deserving of special mention in the long list of those which helped
make summer Saturdays serene for the banking profession."
Mr.
Quinn
predicted
that
the five-day week for all business
rapidly approaching reality "and why shouldn't
we
was
a
practical minded
as
only accept the five-day week, but welcome it?" he said.
National
Security
of
Formation
Traders
Association
Announces
Municipal and
Public
Relations
Committees
/
'
The National Security Traders Association has completed
formation of two committees for the 1940 term, the Municipal'
Committee and the Public Relations Committee, according to
announcement by Edward D. Jones of Edward D. Jones &
Co., St. Louis, President of the Association.
These com¬
mittees, Mr. Jones said, will act for the betterment and wel¬
an
fare of the
2,300 members of the Association, largest organi¬
zation of securities traders in the country whose members arc
associated with both exchange and over-the-counter firms:
who trade in upwards of 100,000 unlisted securities.
The
announcement continued:
municipal traders.
promote greater
The duty of the Public Relations Committee is
public understanding of the
of the over-the-counter
sociation in
scope, need
market, and also to emphasize the work of the As¬
encouraging voluntary regulation of unlisted markets by its-
of the
1940 Municipal Committee.
clude Wm. Perry Brown of Newman, Harris &
pay
over
and operate
Lanahan &
The
industry—which is
production of industry.
What the Government
its own bills is insignificant."
upon
Mr. Ballantine said he was not asking for a return to laissez faire, but
merely that the Government should confine itself mainly to governing, with
policies "directed to the upbuilding of industry capable of standing on its
own feet and
supporting our people and the Government."
"No one," he added, "can Teally demonstrate that in the United States
the system of private enterprise has lost its
vitality or is incapable of large
resourcefulness and forward urge are
Given
opportunity, its
hope.
Substitution of government activity and legislative
decisions is far more likely to mean stagnation and
lessen production.
best
administrative
May said that experience here and in England had proved that our
surtax rates had passed the point of highest productivity in
maximum
times of peace.
Therefore, he held, efforts should be made to increase the
national
by
a
revival of private industry,
as
Government spending
achieve this result to the extent required. "
Chairman
Co., New Orleans, Frank:
Meyer of First of Michigan Corp., of Detroit, Creighton Riepe of W. W.
Co., Baltimore, and J. Earle Jardine, Jr., of Wm. R. Staats &
1940 Public Relations Committee will be headed by Leo J.
Los
directly creates to
as
Other members of the committee in¬
tarian
activities, reBts
to
for, and efficiency
members.
proposition altogether—it Is clear that the largest hope for em¬
ployment rests with private enterprise, where the bulk of employment still
is today.
Indeed, the support of the Government itself, in all its humani¬
income
our
This will eliminate every objection which has been raised thus far against
the operations of the present law.
Co., Los Angeles.
is to take
another
had failed to
present
law to the original form in which I introduced it so as to put the summer
of Doyle, O'Connor & Co., Chairman, and will include B,
Mr.
developed in its
favor I propose at the next session of the legislature to restore the
Roger Phelps, of Campbell Phelps & Co., New York, will act
apart from
restore economic health.
"Unless the Government
our
will be
effort.
The Municipal Committee will act to further encourage better trading
of potential financial disaster,
continued deficit financing makes
against the building up of a maximum of private employment.
Use of the
drug of expenditure tends to prevent or postpone the use of the Bteps needed
expansion.
this
practices, establish codes of trading ethics, and promote good will among
threat
and
last
in
is
Germany and prepared the way for the Hitler regime.
Suggestions that
the government might prevent any such panic by taking over the banks,
prohibiting exports of capital and the like, are no answer.
Such drastic
still
the
far
ever
in
to
in
so
Assemblyman Quinn Tells Nassau County Group He
Hopes to Place Summer Saturday Bank Holidays
in Category with Other Holidays
and
problematical."
Such
be
the
of
are
extended under
years
two
not the del#
would catch
although the recent rise
and
on,
prospect that revenues
pushed
than
more
vast
of
war.
went
mean
remains
"A
revenues
he
gap,
inflation
of
employed
additional impulse to the already strong tendency toward autarchy.
the
persons not
1930, he said the important point
with
trend,
debt
expenditures except through
Federal
sessions
Recalling that deficit spending in the last nine
Federal
the
increased
but
will give
become
effects
methods
be tested.
to
most
finance
may
the
diametrically different.
"While theoretically preferable to infla¬
respects," he added, "their capacity to sustain an extended
price system,
Since
economic
that
many
remains
"Since
war
the
unhappy
so
argued that continued deficit financing by the Govern¬
one-half times that of
itself
afternoon
and
carries danger to employment through threat of ultimate finan¬
cial disorganization."
had
in
that
said
were
♦
Ballantine
Mr.
War
are
effort
"Times" of Nov. 16, reporting on the pro¬
The New York
ment "still
war
states.
Warren
Prof.
agency
in the evolution of Western civilization ?"
ceedings
be
Saturdays in precisely the same category as any other of
"free trade area," the United States.
co-operation to the end of
'
peace
the Government would be enforced immediately.
He said
so all-embracing as virtually to
equal the price controls of
by
would
the totalitarian
World
orders
war
on
inflationary because of the cash-and-carry law.
States is drawn into the war, he predicted, strict price
and heartened by the ever growing sentiment which has
then
He
regulation
this
of
to rely less
less rapid increase in money in
on
American economy, he added,
a
United
the
If
taxation, with
on
effect
The
would be less
great and valuable contribution to
peace?"
war,
Mr. Edie said, the belligerents would tend
war,
itself,
to the war
as
man
any
compel the British and the French people to live in subjection
be able to
this
In
borrowing and more
tion
sketch of the economic
"business man's rough
then gave a
Lamont
Mr.
restraint.
Britain and France are fighting for pre¬
country; the restoration and strengthening of America's domestic economy,
these are the measures that will prove the best bulwark against war; the
relief provisions in the 1939 Revenue Act, Mr. May
they might bring about a substantial increase in national income and
yield from taxation, through a growth in business confidence, coupled
with war sales, if the Government and business both continue to show
circulation.
cent of our people, including business men, want to see
per
Nov. 18, 1939
the
,
type of life and liberty that
YEARS OLD
The
Welcoming the tax
said
-
and groups,"
"The individuals
moted
Commercial & Financial
nothing that business men the world over tear and detest quite
is
of
Doyle-
Winthrop Pizzine
B,. W. Pizzine & Co., New York, R. W. Smith of Charles W. Scranton &
Co., New Haven, Conn., Stephen C. Turner of Turner, Poindexter & Co.,
Angeles and Sidney D. Spritz of Ballinger & Co., Cincinnati, Ohio.
A.
F.
L.
Back-to-Work
Movement
Fails
A back-to-work movement, intended to furnish grounds:
for appealing a decision of the Michigan Unemployment
Compensation Commission that strikers were not entitled to
unemployment insurance benefits, failed on Nov. 15.
The Commission had ruled 45,000 workers ineligible for
benefits on grounds they left work voluntarily.
Fewer than
700 Workers entered the factories, failing to gain sufficient
strength to resume production in the Chrysler plants.
Homer Martin's United Automobile Workers, A. F. of L.,.
sponsored the movement back.
A previous reference to the Chrysler strike appeared in our
issue of Nov. 4, page 2911.
Volume
Airplane
ONE HUNDRED—The Commercial & Financial
149
Manufacturers
United
in
Have
States
Ca¬
pacity to Build 15,000 Machines a Year—Substan¬
tial Expansion This Year Reported
The airplane manufacturing industry in
the United States
months that it now
production capacity of 1,250 planes a month, according
has
so
has
a
increased plant facilities in recent
to John H.
Jouett, President of the Aeronautical Chamber of
Commerce of America, who made public a survey of plant
expansion Nov. 12. He added that projects now under way
for vastly increased facf ory space will
increase in production capacity.
Mr. Jouett went
on
result in
a
still greater
3201
Co. Strike Settled
Settlement of the two-year-old strike at the Nashua Manu¬
facturing Co.'s Indian Head Mills, at Cordova, Ala., which
resulted in the immediate reopening of the mills after a two-
tie-up and return of 500 employees to their old jobs,
on Nov. 6. by W. H. Ivey, State Labor Com¬
year
was
announced
missioner.
The strike was officially ended at Cordova on Nov. 6,
when members of the Textile Workers' Local unanimously
ratified a contract signed in New York Oct. 31 by officials
of the Nashua
tives.
to say:
Our survey included 43 airplane and
YEARS OLD
Nashua Manufacturing
Mfg. Co. of Boston and union representa¬
operations on Nov. 7.
The mills at Cordova resumed
Of
13 engine manufacturing plants.
the 43 airplane plants, 23 are now working on orders for military equipment.
The current capacity of 1,250 planes a month, equal to a rate
machines
The
airplane
7,025,000
based
year, is
a
space increased
in
Six
at
increased
from
6,000,000
to
At the same time the aircraft engiine factory
All that space is
334,000 square feet, a 20% expansion.
ago
a one
working shifts.
the aircraft industry
shift basis.
"While
others have not
When orders
are
even
To obtain maximum output,
model will be necessary.
airplane plants
are now
approached their limit with single
day.
a
standardization
or
"freezing"
on
Because of orders received, the busiest of the
approaching single model production, while other
When
still producing
are
standardizing
on
a
as
many as
model,
single
run
through the orders
on
7 or 8
maximum
efficiency is obtained by the ability of the manufacturer to tool
model and
single
a
up on
the
straight line production methods.
13, the walkout of 1,800 employees of the United
Parcel Service, Inc., thus permitting resumption of normal
deliveries from 350 department stores in the Metropolitan
of New York
The strike
of
the plants are now operating
received in sufficient volume to warrant
plants, not-working at top speed,
models.
operating at about 65%
was
some of
it, the plants will go into 3 working shifts
different
Nov.
on
area
months
full capacity,
one
feet
square
the first 6 months this year, an expansion of
space.
Strike Ended
The New York State Mediation Board assisted in ending,
use.
capacity on
United Parcel Service, Inc.,
several factors.
factory space
square feet during
*T7% in manufacturing
now
on
of 15,000
City.
called
was
on
Nov. 10, by Local 804
of the Inter¬
national Brotherhood of Teamsters and Chauffeurs, A. F.
of L., as a protest against the alleged summary dismissal of
a
belt conveyor worker
station.
It
was
in the company's Long Island City
said that the employee had been disciplined
for
"fooling around" while at work.
Largay, a member of the staff of the
State Mediation Board was appointed to arbitrate the dis¬
pute involving the dismissed employee.
The labor contract
in effect between the employer and the union provides for
On Nov. 13, James
the arbitration of all controversies.
This approach to mass production of course is dependent on no engineering
changes being made in the model after it reaches the production line.
Another factor which has increased plant capacity is the recent growth
of the
small
sub-contracting system.
of aircraft
part
Sub-contracting in the past
production,
because the
guarantee the sub-contractor continuous
was
manufacturer
was
With in¬
orders and the larger unit volume on each order all plants in
industry which
working
are not
orders of their own, are
opens
The
that until recently the plants had very few sources of supply for
fabricated materials in sufficient volume for quantity production.
creased
not
business, and the sub-contractor
could not tool up sufficnently to assure a return on his investment.
result
on
their
own
on all types
have in
no way
capable of rapid expansion of
of military aircraft, including the special types used
by the Navy air forces.
It is also worthy of note that
our
manufacturers
relaxed their efforts to make improvements in their products.
The industry, which in 5 years spent
$44,000,000
velopment programs, is still investing
toward the improvement of both
10
cents
on
its research and de¬
out of every sales
employees of the Department of Street
Cleaning in Newark, N. J., was settled on Nov. 11. Workers
who had been hired as replacements were paid-off and dis¬
missed
as
the strikers returned to work.
The strike
called by James Murphy, President of the
was
Construction
and
Transportation
dollar
C. I. O. affiliate
on
department
In other words, this
the entire manufacturing industry to full time production.
Our survey showed that the industry is
production
The strike of the
the
business, and filling original
available for sub-contracting.
Workers Strike Settled
Refuse
Newark
very
a
could
seeking
a
Workers,
Local 958,
a
The union employees in the.
shorter work week and higher
wages.
An agreement was reached on Nov. 10 at a three-hour con¬
ference between the Newark Labor Relations Board members'
and
It
committee of six from the
a
was
agreed
stations
their
commercial and military aircraft.
were
Nov. 9.
employees C. I. O. union.
that all strikers appearing for work at
Nov. 11, could have their jobs without
upon
on
retaliation.
Strike at Borg-Warner Unit
Settled
in
A previous reference to the Newark
our issue of Nov. 11, page 3061.
refuse strike appeared
Settlement of the strike in the Long Manufacturing
Divi¬
Borg-Warner Corp., which had been in progress
since late September, was announced on Nov. 10 by David
T. Readley, Federal labor conciliator.
According to the
sion of the
"Detroit Free Press" of Nov. 11:
Nov. 13.
Chief provisions of the new contract concerned exclusive bargaining
but
no
closed shop,
annual salary, a
and grievance
a
vacation bonus amounting to 2^%
of a worker's
five-cent-an-hour bonus for night work, clarified seniority
procedure clauses, and
a
war-service clause providing for no
loss of seniority by men who are called for military duty.
to
called after the unions
agree
Violence
Two
A
previous reference to the Borg-Warner Long Mfg. Divi¬
appeared in our issue of Nov. 4, page 2911.
sion strike
New York Taxi Strike Settled
The strike of the drivers of the Cornell Cab Co., called on
Nov. 8, was settled on Nov. 14 as announced by Jules
Freund, Executive Secretary of the New York State Media¬
tion Board, following successful intervention by the Board in
the dispute.
The Cornell Cab Co. operates 200 cabs and
employs approximately 500 drivers.
The strike was called by the Independent Taxi Workers'
Union when the company on Nov. 1 reduced commissions
paid to the drivers from 45 to 42^%.
The men were or¬
dered back to work by the union on Nov. 15.
Three other systems, tihe Dynamic, Sunshine and Better
Cab companies, agreed to abide by the arbitration award.
These companies operate about 300 cabs and employ about
700
men.
A previous reference to the New York Taxi Cab strike
appeared in our issue of Nov. 11, page 3060.
American
Smelting & Refining Co. Strike Settled
The strike, called by the International Union of Mine,
Mill and Smelter Workers, an affiliate of the C. I. O., at
the Perth Amboy, N. J., plant of the American Smelting &
Refining Co., which started on Oct. 10, ended on Nov. 13.
The employees returned at the $5 per day basic rate for
common labor, but were not granted recognition of the union
which was one of the main points of contention.
The strike at the Newark plant of the Federated Metals
division of the American Smelting & Refining Co. was also
settled on Nov. 13, and operations were resumed.
The pro¬
duction of refined lead and copper will continue at the rate
which it left off when the strike started.
A
previous reference to the American Smelting & Refining
in our issue of Nov. 4, page 2911.
strike appeared
on
negotiating committee had failed
with employers on the terms of a new contract.
the part of the drivers was reported in many
parts of the city, but responsibility for the violence was dis¬
claimed by officials of the Teamsters Union.
was
rights
by the Teamsters Union, Local 470, went
Nov. 15, causing a tie-up of deliveries in 68
union coal and fuel oil yards in Philadelphia.
The strike
into effect
Mr. Roadley said some superintendents and foremen returned to work on
Nov. 10, but that production would not get under way until
Philadelphia Truck Drivers Strike
A strike called
on
hundred
and
sixty non-union yards in the city at¬
tempted to continue business during the morning, but the
operations of the volunteer groups of strike sympathizers
slowed the delivery movement from these yards.
The 68
union yards against which the strike was called did not try
to make
deliveries.
Governor Baldwin of Connecticut
Chamber
of
Should Be
of
a
Chamber
Tells New York State
That Government
Commerce Dinner
Friendly Force—President Lawrence
Encouraged by Defeat of Pension
Plans
Raymond E. Baldwin of Connecticut, in an
banquet of the Chamber
of Commerce of New York State, voiced confidence in the
free institutions of the Nation and declared his belief "that
Governor
address Nov. 16 at the 171st annual
a
people's
government
should be
a
friendly cooperative
force."
on "The Crisis in American
formation of a national council
composed of appointees of the President, the Senate, the
House of Representatives, the United States Chamber of
Commerce, the Federation of Women's Clubs and other
representative national organizations, to study and propose
to
Congress a long-range program for conservation of
Dr.
Will Durant,
speaking
Civilization," proposed the
national resources, physical, animal and human.
President Richard W. Lawrence, of the State
Chamber
of Commerce, in his welcoming address said he interpreted
the recent votes against pension plans in California and
Qhio as signifying "that the voters in increasing numbers
awakening from the dream—I should say nightmare—
that the Government can create money for the indigent in
unlimited amounts without destroying the economic struc¬
ture.
This is demonstrated by the fact that while last year
a similar 'ham and eggs' scheme was defeated in California
by only about 250,000 votes, this year it was beaten by
approximately a million votes."
are
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3202
Continuing, Mr. Lawrence'said:
have
Utopian
two
by
no means
in California and Ohio, however,
measures
for
instrumental in defeating in the last election, has announced that he
was
will call
special session of the California legislature to consider a "$60-at-
a
The movement to make a workless Eden of California
60" pension plan.
is
deeply rooted, despite the fact that it already pays the highest old-age
pension of any state—an average of about $32 and a maximum of $35
will be increased to
month which
a
000,000 for operating
the backbone of Con¬
sufficiently to enable it to turn a deaf ear to the Townsend
of Congress.
So,
a
total of $3,800,-
This figure is in contrast with the total outlay of $884,000,000
personal use.
made by consumers for all other means of transportation combined—street¬
subway, taxi, bus, railroad, steamship, airplane, motorcycle, rented
car,
automobile—and
income
horse-and-buggy.
6K%
Almost
cf
total
consumer
given to "the family car," and only IK % to all other modes of
was
transportation.
similar
or
"for this relief, much
less than 4% of total family
covered
and indi\idual income.
little over three-fourths
only a
This outlay, however,
of the total medical
bill
Nation; the remainder, estimated at approximately $650,000,000,
of the
was met
by public and private agencies supplying free medical services to part of the
Expenditures for recreation
Free enterprise does not thrive when it is over-regulated, over-taxed and
There
too
now
are
government
many
restrictions
which
hamper the natural progress and orderly expansion of legitimate business.
little
enterprises which increase employment are taxed to
new
which destroys all incentive.
its invasion of the
field
We have
apparently has lost sight of the fact that it is dependent
and continued progress
of industry.
widening
ever
In brief, the Government
Only from this
upon
the well being
source can the Govern¬
Industry or business—call it what you will—must be encouraged and
from
protected
destructive
from
taxation,
competition of Government in order that
unfair
restrictions
and
from
placed on a sound basis.
Baldwin
said
We have faced crises.
crises again.
They
in
We have faced crises before.
And
will face
we
are
hammered out—upon which the strength of nations is forged.
Americans
have
found
the
courage
past, to overwhelm their difficulties.
generations to come, can do the
have
an
and the
energy
in
necessary,
the
Americans of this generation, and of
same.
faith—a
enormous
1% of consumer income.
But here,
part of the total outlay of the Natiion.
education
1935-36
during
with
as
medical
devout
care,
the
was
met
Almost five-sixths of the
through
public and
cost
of
private schools.
books and
supplies for all of the population and private tuition for the more well to do
groups.
The report was prepared by
Dr. Hidlegarde Kneeland and
technical s.aff under the direction of the Institute of the
a
based
primarily on
purchases con¬
ducted by the Buieau of Home Economics of the Department
of Agriculture and the Bureau of Labor Statistics of the
Department of Labor.
The data presented in the report
are
based, it is stated, on information on family income
data from
part:
the anvil upon which the destinies of nations
are
than
expenditures made directly by families and individual consumers cover only
National Resources Committee and
m
a
Except for a few miscellaneous items accounting for about $300,000,000,
workers may be employed,
more
the buying power of the nation increased and the finances of the Govern¬
Governor
in order of magnitude, totaling
and tobacco each claimed approxi¬
The one-sixth paid for from personal incomes, covered school
its bread and butter.
ment get
care
education showed the smallest outlay on the list, just over $500,000,000, or
less
the Government!
seen
of private enterprise.
point
a
were next
Personal
$1,600,000,000-
over
mately $1,000,000,000, and reading somewhat more than $500,000,000.
Industry and those who have hitherto supplied venture capital for invest¬
I
with
for cars purchased during the year for
...
over-governed.
ment
and
population.
thanks."
ment in
costs
The total amount spent for medical care came to $2,200,000,000, slightly
these "something for nothing"
on
pension schemes in California and Ohio will stiffen
plans during the coming session
Automobiles expenditures, reached fifth place,
$40 the first of next year.
Undoubtedly the result of the vote
gress
the $5,300,000,000 expenditure shown for household operation.
we
heard the last of such "short cuts" to a toilless existence.
Already Governor Olson, threatened with recall by the "ham and eggers"
he
1939
Clothing ranked fourth in the list of goods and services, almost equaling
We should not feel too self satisfied or cheer too loudly over the defeat
of these
Nov. 18,
was
Nation-wide ?>tudy of consumer
a
obtained from about 300,000 families,
to
with detailed state¬
ments
confidence—in the people of
as
Home
Mortgage Loans by New York Home Loan Bank
to $125,479,000 in Third
Quarter——Ad¬
expenditures from 60,000 families.
our
land—in the people of my home State of Connecticut, and in the people of
all these United States that go to make up our Republic,
And
I
have
Republic
equal confidence in
i
the free institutions upon which
this
Amounted
founded.
was
I know that
these free institutions have, in the past, met the needs of
changing times—not completely, perhaps, but better than they have been
other way anywhere else in the world. I have faith that today
met in any
they offer the best—the
surer—way
to
achieve what all people desire—
freedom and equal opportunity in the pursuit of
happiness.
There is
old saying:
an
,
.
.
weaknesses that
to
were
our own
personal failure and
blame.
We will concede that, in the best of times, there has been wide room for
even
greater benefits.
bigger, better,
But that, it seems to me, is only an argument for a
more honest
We believe that
a
effort.
people's government should be
coordinating force if it is truly to
serve
a
friendly, cooperative,
the needs of the people.
.
.
confronting
In
us.
We must look through and beyond the glittering promises of war
wages
and war profits.
The American people are tired
Some day,
than
we
as
the
war
inevitably
will
as
of Government by promises.
end.
And unless
we
a
^
study of the sources of home mortgage credits for the three quarterly
periods for which data
are
now
available, the bank notes that mortgages
placed by individual investors have maintained
a
constant ratio of about
34%, that savings and loan associations accounted for 26% of the volume in
the third quarter, as compared with 22% in the first quarter, that the por¬
tion attributable to commercial banks and trust companies declined from
take care now, it will be
night follows day, by a depression
further said:
.
The war, a "war boom," an upturn in employment due to "war
jobs"—
these things do not alter the fundamental problems still
followed,
ing is noted by the Federal Home Loan Bank of New York
an analysis
of mortgage statistics in the Second (New
York) Federal Home Loan Bank District for the third quar¬
ter of 1939.
Such loans in the Second District, embracing
the States of New York and New Jersey, for the three months
ended Sept. 30, amounted to $125,479,000, a gain of 1.2%
over the second quarter, and of
12.2% over the first quarter
of the year.
The Bank's announcement, issued Nov. 4,
in
"The poor workman blames his tools."
Our tools of government—our economic machinery—have been
subjects
of criticism. Men have said that they no longer meet the needs of our time.
•
We have been unwilling to admit that it was
Made in October
vances
The increasing importance of savings, building and loan
associations as a factor in the field of home mortgage lend¬
more
shocking
experienced before.
27% to 22%, that savings banks
volume,
ance
We must not be beguiled from the real task—the task of
building a sound
national economy.
are now accounting
for 12% of the total
compared with 9% at the beginning of the year, and that insur
as
company
¬
activity has remained constant at about 6 %.
The following table compares, on a quarterly basis, the sources of funds
for non-farm mortgages of $20,000 or less in the Second Federal Home Loan
Bank District by type of lender:
National Resources
Planning Board Prepares Estimates
of How Americans Spend
Income—Report Finds
Food, Shelter and Clothing Absorbing Over 75%
of Expenditures
_
a
Planning Board on Nov. 6 sent to
report estimating the manner in whieh
Out
was
of
$59,300,000,000 total income, $50,200,000,000,
spent for current
about
or
85%
consumption; $2,200,000,000, or nearly 4% was used
for gifts to relatives and friends and for
contributions to the church and to
philanthropic agencies; and about $900,000,000,
or
1K%
paid out
was
income taxes, poll taxes, and certain minor
personal property taxes.
remaining $6,000,000,000—10% of total income—was saved.
The $50,000,000,000 used for
current living expenses covered
varied range of commodities and
absorbed
a
as
wide and
more
It accounted for
approximately
$17,000,000,000, or 29% of the total income.
Almost
$15,000,000,000 of this amount represented money expenses for food
pur¬
in
stores
and
restaurants,
while about
$2,000,000,000
covers
the
imputed value of home-produced food.
Housing
came second in order of
of income.
,
-
or
16%
remaining $2,400,000,000 including
of
housing
$123,984,000
Credits
extended
$125,479,000
14,642,000
the Federal
Home Loan Bank of
its member thrift and home-financing institu¬
New York to
by
29,640,000
27,974,000
9,579,000
:
Insurance companies
tions in the Second Federal Home Loan Bank District dm>
ing October amounted, it is stated, to $2,377,513, the largest
volume of advances made in a single month since the organi¬
zation of the bank in October, 1932, it is said.
Repayments
for the month were $770,565.
October volume compares
with advances of $2,266,000 in September, and with ad¬
of $455,500 in October, 1938.
The net balance of
outstanding advances to member institutions at the end of
October was $19,163,263.
vances
Non-Farm Home
Mortgages Aggregated $17,721,000,000
of owned homes and rented farm
homes, and
received rent-free.
use
End
at
of
1939
Outstanding mortgages on non-farm homes climbed $220,000,000 last year over the 1937 figure to reach $17,721,000,000 by the end of 1938, the November issue of the
Federal Home Loan Bank "Review" reported Nov. 11.
said
in
outlay, taking $9,500,000,000,
Here also only part of the total
amount—about $7,100,000,000
—represented money expenditures, the
the imputed value of the
8,576,000
$111,846,000
„
The
than three-fourths of the total
outlay for consumption and
almost two-thirds of the total income.
chased
Quarter
8,010,000
24,179,000
30,871,000
-
-
services, but food, shelter and clothing
Food claimed by far the
largest share of the outlay.
Third
$43,152,000
$42,132,000
32,691,000
27,186,000
15,459,000
8,011,000
Savings and loan associations
Savings banks
the American
people spent their incomes in 1935-36.
The
Board reported that the total volume of income
flowing into
the hands of American consumers in that
period was approxi¬
mately $59,300,000,000, and that this purchasing power was
expended by 29,400,300 families of two or more persons and
10,058,000 men and women living as lodgers or as servants
in private homes,
rooming houses and hotels or maintaining
homes of their own as one-person families.
In summarizing the
report, the Board said in part:
Second Quarter
$39,207,000
Commercial banks
Thr National Resources
President Roosevelt
First Quarter
Individuals
to be the
one-
to
first definite figure
four-family
in
homes
of the amount
American
cities
close of last year, due to the tremendous task of
and
coordinating
The
country.
various
report
as
data
from
presented
by
all
at
the
examining
sections
the
This,
invested
of
"Review"
the
was
compiled by the Federal Home Loan Bank Board's Division
of Research and
Household operation formed the third
largest group of items, with a total
expenditureof $5,300,000,000—9% of total income.
When
which
000
Statistics.
In commenting on the figures,
said:
the
expenditure for furnishings
household
Nation's
almost
as
operation, it
consumption
much
as
was
is
added to
the outlays
for housing and
found that the total share of shelter in the
pattern
came
to
a
little
the amount devoted to food.
$1,400,000.-
over
$16,000,000,000—
Recent
different
since
still
are
trends
types
1935 ;
in
of
incomplete in
the
some
percentages of
lenders
have
savings and loan
been:
total
For
aspects,
the
"Review"
home mortgage debt held by
commercial
associations, upward since
banks,
1936
;
upward
individuals
Volume
mutual
savings
ration,
downward
Home Owners' Loan Corpo¬
banks, downward since 1933;
since
1935.
associations are
loan
Savings and
of
ONE HUNDRED—The
Commercial & Financial
149
others, upward since 1930; insurance companies, downward since 1931;
and
found to be gaining a larger
share
outstanding home mortgage investments; they held 20.5% of the home
debt
mortgage
at
the end of 1938, but have made 31% of the total
recorded so far this year.
Insurance companies have
volume of mortgages
9% of total volume of mortgage recordings in 1939, and held
made
of
the
home
total
banks,
which
debt
of the
the end
total, have
mortgage
15.1%
held
at
7.5%
1938.
Mutual savings
made 3.5% of the home
of
YEARS OLD
3203
the
to
hospital almost continuously since undergoing an
operation last summer, the end had not been expected.
Justice Butler's passing excited speculation in Washington
as to who would be
appointed "his successor, but no inti¬
mation was forthcoming from President Roosevelt.
The
President told reporters Nov. 17 that he would wait until
Congress convenes in January, before filling the vacancy.
Justice Butler's successor will be the fifth appointee to the
high court to be named by President Roosevelt. The New
York "Times" of Nov. 17 said of Justice Butler:
mortgages recorded so far this year.
Long before President Harding appointed Pierce Butler to the bench of
Navy Says Destroyer Defects Can be Corrected—Acting
Secretary Edison Replies to Inquiry of^ Senator
Vandenberg
Acting Secretary of the Navy Charles Edison, in a letter
Nov. 10 to Senator Arthur H. Vandenberg (Rep.) of
Michigan, replied to the latters request for a statement
respecting criticism which had been made of destroyers
recently built for the United States Navy.
Mr. Edison
conceded that defects existed in the destroyers, but said
that adequate measures were being taken to correct the un¬
satisfactory features.
Aroused by the revelation that imperfections existed in the
newly constructed destroyers, Senator Wheeler (Dem.) of
Montana decl'red Nov. 15 that the facts ought to be laid
before Congress before it votes on new defense appropria¬
tions.
He suggested a congressional investigation of the
of
matter.
the Supreme Court, where he soon became one of the stanchest defenders
of conservative
however,
Roosevelt,
Nov. 17, at
Hyde Park
was
his press conference
inclined to minimize the affair,
at
saying that the condition had been corrected and indicating
that no need existed for a congressional inquiry.
At a press conference Nov. 15, Mr. Edison announced that
the Navy was delaying construction of two new cruisers
'in order to study the performance of similar vessels in the
European war, with the purpose of incorporating any im¬
proved features in the design of the new cruisers.
With respect to Mr. Edison's letter to Senator Vanden¬
berg dispatches of Nov. 10 to the New York "Herald Tribune'
and he
corporations
Republican, of Michigan,
Secretary Edison promised to issue soon an authoritative statement replying
presistent reports of deficiencies in certain types of the Navy's ships.
to
"In recent classes of
in weight which
destroyers it has been found that, due to increases
have come about largely through an effort to improve the
be less than is considered for satisfactory
units, the stability proved to
service operations,
particularly when expendable supplies, fuel, stores and
"The overweight
has also resulted in a lower freeboard
have already been devised for
to listen to
(height of the
Corrective
features.
that these destroyers
earlier types, and they will give years
measures
So it
can
be
will be superior to the
of valuable peace-time service and
Mr. Edison wrote after the Michigan Senator had sent him an editorial
Navy dare not
use
predilections"
by supporters of the New Deal when
nullifying the "reform" laws passed by the Roosevelt
In matters directly affecting railroad legislation he refused
arguments or take part in decisions affecting the business in
By sheer pluck and courage—some of his
it
aggressiveness
worse—Mr.
or
Butler
bitter opponents called
more
from
rose
obscurity to become
the most successful members of the legal profession
one of
His career, from early childhood, was severely handicapped.
bound.
His parents
They had settled in Minnesota after leaving County
extremely poor.
were
money to take them where
they
were
What little education the boy received he had to get in a one-
schoolhouse, and the rest of the time he helped his parents
room
on
the
Pierce Butler
He
was one
was
born in
County, Minn.,
Mar. 17,
on
small and feeble during his early childhood.
was
effect,
and
The bracing
however, and plenty of outdoor life had the
after leaving
early pedagogical
his
career
Carleton College at Northfield, Minn., graduating in
he attended
1887.
From the little farm to the college was a distance of five
miles, which
the young student covered by riding one of his father's two horses.
was
law school at Carleton
no
1866.
of the eight children of Patrick Butler and Mrs. Mary Gaffney
Butler, and
climate of the Northwest,
right
Dakota
after having
worked for
There
College, and he studied law late at night
milk dealer to keep body and soul together.
a
admitted to the Minnesota bar, and in 1891 he received
was
his first official appointment, that of Assistant County Attorney for Ramsey
County.
Two years later he
went to St.
was
named County Attorney, and in 1897 he
Paul, where he began general law practice.
St. Paul, Minneapolis & Omaha Railroad.
with the legal firm of Butler,
appointed
was
ference
for the Chicago,
After resuming general practice
Mitchell & Doherty at St. Paul, he in 1913
member of the committee of counsel, President's Con¬
a
Committee
Valuation
Federal
for
of
Railroads
for
a
period of
five years.
was
one
of counsel for the shareholders in the arbitration at
Toronto, Ont., under the Canadian Northern Railway acquisition act, in
1917-1918.
Later he
the
appointed one of counsel for the Dominion of Canada in
was
arbitration
Montreal
at
under
the
Grand
Trunk
Railway
Former President William Howard Taft
Acquisition Act.
System
was one
of the
arbitrators there, and a close friendship and great mutual respect resulted.
Railway arbitration.
Mr.
Herald," together with other published reports,
the fuel oil in their holds lest they "turn turtle"; that
Butler
was
on
Jan. 2,
appointed an associate justice of the Supreme Court
After much dispute, he was confirmed, and was qualified
Nov. 23, 1922.
on
1923.
In 1906 Mr. Butler ran for State Senator in Minnesota, but was
10,000-ton cruisers "shimmied" so violet tly that they had cracked
defeated
As counsel for the Northern Pacific Railroad he took a
their sternposts and have had to be rebuilt; that the fault had not been
by
corrected and that other cruisers are similarly faulty and dangerous.
leading part in the dispute over the Minnesota railroad rates in 1905.
"I
respectfully suggest," wrote Senator Vandenberg, "that an authentic
and authoritative statement from the Navy Department, telling the truth,
post
Secretary Edison also reviewed the incident of the stern-
trouble in the first
10,000-ton cruiser class which occurred
of the
several years ago and agreed
such
a
1910 he was counsel for the United States
of
subject and I
am
having
statement, prepared."
Secretary Edison,
"that in the tremendous building
which the Navy has been engaged in the last 10 years, a program
which followed, you will recall, a
1921
certain
treaty,
difficulties
naval holiday after the last war and the
was
follows:
Edison's revelation
regarding
a
probable change in cruiser build¬
whether the American Navy
contemplates construction of craft like the German miniature battleships.
are
Nazi
said
to
"pocket" battleships, the Deutschland and Admiral Scheer,
be operating in
serious problem
the North and South Atlantic,
armor
Mr.
providing
a
for the British and French fleets because their speed far
exceeds that of regular battleships, while their
small
Edison
minimized the importance of the activities
was
of Germany's
critical of their design,
which he said had been determined under restrictions placed upon German
naval construction
after the war,
but he mentioned the high speed and
"bigger gun power" of the Nazi craft, in indicating that the designs of the
Columbia and Cleveland might be changed.
He said that the American Navy feels it can develop "something better."
of
Associate
Supreme
Harding
Justice
Court—Named
Butler
of
United
Former
by
States
President
Justice
Pierce
the Government when
for
counsel
After taking his place on the bench of
advice
on
cases
matters
number of Chicago
a
of
One
Butler,
value.
his
better-known
opinion.
written
decisions
was
in
the
Teapot
Dome
when Harry F. Sinclair's lease was denounced as a fraud and former
St. Louis & O'Fallon Railway
Company
against
the
called faithless.
the
before
refunding
of
the
of the
Deal, Justice Butler voted against the
piece of
of every
court,
case
which was a
„
coming of the New
constitutionality
decision in the
Company and the Manufacturers' Railway
Interstate Commerce Commission,
victory for the railways.
come
utmost
in which he had been even slightly interested in the past, however,
he refrained from giving any
case,
the Supreme Court, Justice Butler's
concerning transportation were of the
emergency
from the original
Adjustment
Agricultural
labor and silver-profits cases—these last
or
reform legislation to
case to the
gold-devaluation
taxes, with the
Chaco arms embargo, prison
Administration
exception of the Tennessee Valley Authority,
being four of the five won by the
Administration up to the middle of March,
Death of Walker Buckner,
1937,
'
of
the
Life Insurance Executive—
Had Been with New York Life 54 Years
Executive Vice-President of the New
12, following a short
illness.
His death occurred at Doctors' Hospital in New
York City.
He was with the New York Life for 54 years.
A brother, T. A. Buckner, is Chairman of the company;
another brother, who also survives, S. 0. Buckner, retired
from the company after 43 years of service.
The New York ".Times" of Nov. 13 contained the following
Walker
Buckner,
York Life Insurance Co., died Nov.
biographical sketch:
United States
Supreme Court, died Nov. 16 at the age of 73, at Garfield
Hospital in Washington. Although he had been confined
Associate
also
eleven-inch guns and heavier
make them dangerous enemies for cruisers to attack.
"dreadnaughts" up to this time and
Death
was
packers, including Swift and Armour, were alleged to have violated
With
ing plans came in answer to a question as to
Two
reversed in the Circuit Court of Appeals.
He
meat
Justice Butler did not take any part in the
concerning the possible change in
construction of the new cruisers, were reported, in part, in
Washington advices of Nov. 15 to the New York "Times",
Mr.
brought in this instance
alleged misbranding and adulteration of
for
Law
Mr. Butler won the verdict in the lower courts before a jury, but it
Secretary of the Interior Fall was
have developed.
Mr. Edison's remarks
as
Food
Pure
In
Government in the celebrated
Criminal prosecution was
the
In
ships.
"It is true," said
case.
the Sherman Anti-Trust Law.
today's letter in allaying the "public concern" in regard to the Navy's
program
flour
flour.
Meanwhile, Secretary Edison authorized Senator Vandenberg to make
use
slim margin.
bleached
that the "time has come for the Navy De¬
partment to make an authoritative statement on the
a
under
whatever it may be, is not only desirable but indispensable."
In his reply,
;
homestead politely called a farm.
recently built destroyers were so top-heavy that the
to the effect that the
"economic
Another Canadian appointment was as counsel, in 1922, in the Toronto
greater reliability and effectiveness in time of war."
from "The Grand Rapids
the
which he had made his reputation.
these ships and are now being taken, which
fully adequate to correct the unsatisfactory
stated without reservation
closely allied with huge
one so
of
appeared with the majority in decisions, some
name
of Which he wrote,
administration.
renewed
were
time after time his
Mr. Butler
ammunitions have been depleted.
weather deck above the water line) when fully loaded,
new
himself
From 1899 until 1905 Mr. Butler was general attorney
ruggedness, and in particular through the addition of some top-side military
the
which felt that
divest
not
These objections
Referring specifically to the destroyers, he said:
are
could
obtained.
thus
In 1888 he
letter to Senator Arthur H. Vandenberg,
of
appointed to the highest bench only over the objections of the
was
liberal bloc of the Senate,
said in part:
a
one
as
Both in the United States and in
Canada he had represented railroads in important cases before the courts,
Wicklow, Ireland, with just enough
President
In
legislation, he had attracted national attention
the country's ablest railroad lawyers.
,
Mr. Buckner was born in
Independence, Mo., March 16, 1871,
Walker and Margaret Ann Tully Buckner.
a son
of
He attended the Milwaukee
public schools until he was 14 years old, when he got a
job
as
office boy with
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD Nov.
3204
New York Life Insurance Co.
the Milwaukee branch of the
He
Dakota.
was
transferred to St. Louis to be agency
director of the Missouri clearing house.
He had supervision
the European department.
was
In
agenciep until the outbreak of the World War.
elected Second Vice-President and placed in charge of all
1909 he was
an
him
Italian monopoly law the
Commander of the Crown of Italy for his work.
a
successfully conducted the New York Life Insurance
In 1925, after he had
European field, he
Co.'s retirement from the
On
Dec,
was
made Vice-President.
1936, he was elected Executive Vice-President.
9,
As head of
department, Mr. Buckner was responsible for the
the company's agency
direction of 143 branch offices employing about 250 agency men and 8,000
United States and Canada.
agents throughout the
Death of Murry Guggenheim,
and Philanthropist
Financier
Murry Guggenheim, senior member of the New York firm
Guggenheim Brothers, a mining and financial concern,
died at his New York home Nov. 15 at the age of 81.
His
illness confined him to his bed for only a few days; up until
the end of last week he had been going regularly to. his office.
From the New York "Times" cf Nov. 16, we take the
following account of Mr. Guggenheim's life:
of
Mr. Guggenheim was the third of eight sons of
Swiss immigrant,
Meyer Guggenheim,
who, with the aid of his sons built up
family
vast
a
a
Arrangements have been completed whereby 220 member
State League of Savings and
associations of the New York
Loan Associations will offer
to
guaranteed retirement benefits
and
offer
women in their
the advantages
employ.
of this
specific group of institutions was made Nov. 9
at a meeting of the Metropolitan League of Savings and
Loan Associations, at the Hotel McAlpin, where the general
plan was explained in detail by H. P. Mills of the Metro¬
politan Life Insurance Co., which has been designated by
the League to underwrite the contract under the general
arrangement.
Regarding
the
plan,
an
announcement
program to a
stated:
Mills outlined
Mr.
law
of the plan, which
the terms
in accordance with the
requires that at least 20 associations must apply for the coverage in
order
make
to
effective.
it
insured retirement plans
tions.
It
purchase each
a
year
similar to
are
the
well-known financial institu¬
many
of
an
on
future service,
annuity for each enrolled
payable at the normal retirement amj of 65
up of the sum of all these annuities.
Towards the cost«of these
service credits, both the associations and the employees contribute.
employees
own
by
the
with
employee,
made
the provisions
Basically
in operation in
explained how the retirement income, based
was
would be created
future
dental clinic at 422-28
men
move to
definite
first
The
and smelting plants.
a
900
approximately
For
Guggenheim Foundation, which built and maintains
the
from
♦
fortune and power through holdings in copper, silver, lead and gold mines
With his wife, Mr. Guggenheim founded in 1929 the Murry and Leonie
him
unseat
Completed for Offering Retirement Benefits to
Employees of Members of New York State League
of Savings and Loan Associations
after the enactment
The King of Italy made
previous year.
to
Plans
1913 the transfer of the company's Italian
business to the Italian Government Insurance Institute
tried
the charge that
his "machine.""
...
European business.
Mr. Buckner negotiated in
with
they called
His headquarters were in Paris, where he
active in organizing
the company's
of
1
Mr. Buckner was promoted to superintendent of agencies
The next year
in
over several
of agencies in 1903.
Mid-western States and was made an inspector
Republicans
of
group
he had collected "tribute" to finance
The efforts failed.
Mr.
Taylor studied at Holbrook Normal College, Fountain City; the
American Temperance University, Harriman; Cumberland University, Harriman, and Lebanon Law School, Lebanon.
All four schools are in Tennes¬
see.
He served as postmaster of La Follette from 1904 to 1909; Mayor
of the town from 1910 to 1912, and Insurance Commissioner of Tennessee
from 1913 to 1914. '
/"N '
what
covered the States of Minnesota and North
only 22 when he was
rival
a
committee,
office boy and clerk he was
branch office in St. Paul, which
1926
In
After serving
transferred in 1890 to the
St. Paul branch, where, although only 18 years old, he was the cashier.
Two years later he was appointed agency director at the same company's
his apprenticeship as
1939
expense
of
older ages,
certain
additional
an
Association Plan
income
are
an
retirement
association
The
income.
to the Federal
in addition
may
provide at
benefits
its
under
the
Old Age Insurance benefits.
East 72d St., where more than 30,300 school children of poor parents have
received
He also
treatment.
contributed to
the support
of the Edwin
Franko Goldman band concerts in Central Park, and at New York Uni¬
versity,
Since Daniel Guggenheim's death in
1930 the concerts have been financed by his wife through the Daniel and
Florence
Foundation.
Guggenehim
Mr.
Guggeneheim also
contributed
generously to hospitals and educational institutions.
QMurry Guggenheim
born in Philadelphia
was
father had settled there in 1848, at the age of 20.
on
Aug. 12,
1988.
His
Educated in the Phila¬
delphia public schools, Murry joined the firm of M. Guggenheim's Sons in
1881, after spending some time in Switzerland, finishing his education and
gaining experience in the lace and embroidery business.
The family firm was engaged in the importation of lace and embroideries,
but in the 80's the father became interested in
Colorado mine and
a
soon
the
firm's entire ac(ivities were devoted to the mining and smelting of metals.
The firm moved its headquarters to New York in 1889, and in the same year
Murry
was sent to
Pueblo to take charge of a
new
smelter.
With his brother
Daniel he went to Mexico and obtained valuable concessions.
In 1901 he
was one
the American
was
Public
Opinion Survey of Trust Business to Be Con¬
ducted by A. B. A. Trust Division
with his wife, his brother, Daniel Guggenheim, and the latter's
wife, Mrs. Florence Guggenheim.
of five Guggenheim brothers to become directors of
Smelting & Refining Co. when the smelting "trust,"
then called, passed into the control of the Guggenheim family.
as
it
He
became Chairman of the finance committee and continued in that capacity
until he and
Daniel, President, and S. R. Guggenheim, Chairman of the
Mr. Guggenheim served on the directorates of many companies and at the
his death was
Copper
Co.,
Braden
a
director of the Kennecott
Copper
Co.,
nation-wide
Nevada
Copper Corp., Utah
Northern
Ry.
Co.,
Yukon
of
regarding trust
shortly under
the sponsorship of the Trust Division of the American
Bankers Association, it was announced Nov. 16 by Roland
E. Clark, President of the Division and Vice-President of
the National Bank of Commerce,
Portland, Me.
The
Division's Committee on Trust Information, which has
been considering the project for several months, has approved
plans for the survey and has selected Elmo Roper, public
opinion research expert for Fortune Magazine, to conduct it.
The poll is to be national in scope and will include cities of
varying sizes. It is to be conducted exclusively by personal
interviews in the middle and upper income levels, and among
the groups most active in forming public opinion.
The cost
of the project has been met by subscriptions of A. B. A.
Trust Division members in all parts of the country.
The
poll
public
opinion
further stated:
announcement
"The purpose of this
executive committee, retired as officers.
time of
A
institutions and their services will be launched
project," Mr. Clark asserted, "is to find out
ac¬
curately by frank answers what the public thinks, what it knows, and what
it does not know about trust services.
be obtained will prove most
We believe that the information to
helpful in public and customer relations work
Pacific Mining Co., Pacific Tin Corp., Minerec Corp., Keno Hill, Ltd., and
and will constitute a genuine contribution to the future welfare of all trust
New River Collieries Co.
institutions," he stated.
Death of Cyrenus Cole, Former Congressman from Iowa
country
Demonstrating
to*Cyrenus Cole, retired member of the House of Repre¬
sentatives from the 5th Iowa District, a Republican, died
Nov. 14 at the age of 76.
Mr. Cole served in Congress from
1921 to Mar. 4, 1933.
Prior to his entry into politics, he
in the
the
interest
shown
by
trust
suggestions concerning the type of questions
were
received from trust
classified,
analyzed,
men.
officers
throughout
Clark stated that
forthcoming poll, Mr.
to
more
the
than 800
be asked in the
survey
These suggestions, he explained, are being
and organized into related groups, from which the
actual questions in the poll are to be selected.
was a
newspaper man.
The New York "Herald Tribune" of Nov. 15, gave the
following
Mr. Cole
was a
inspect roadways which he advocated extending
extending between North and South America.
Born in Pella, Iowa, Mr. Cole was educated at Central College there.
He was with "The Des Moines Register" from 1888 to 1898 when he ac¬
an interest in
"The Cedar Rapids Republican."
Later he founded
"The Cedar Rapids Evening Times."
Death of Representative J, Will Taylor of Tennessee—
Had Served in Congress 20 Years
Bank
Reserve
on
16 with
Nov.
•Since
1919
he
had
been
Representative
of
the
District of Tennessee, a secure
"Republican pocket,"
period
men
was
of
Second
Congressional
and for most of that
acknowledged Republican leader of the State.
He
was
the
Republican State Executive Committee of Tennessee in
and 1918, and became a Republican National
Committeeman in 1922.
Born
in
a
two-room
cabin
in
the
mountains
of
Tennessee
near
Chair¬
1917
When the Bank opened for business
Authority public
program.
patronage
whom
were
borrowed
reserves were
referee
on
for
a
Nov. 16, 1914, It leased offices
a
staff of only 7 officers and 85 employees, most
o
on
a
temporary
basis from the
the Republican National Committee Mr. Taylor
Tennessee during Republican Administrations.
Subtreasury and
During the first day of operation, $99,611,-
received from 211 banks.
Discount rate established at
5H % for paper not exceeding 30-day maturity and 6% for paper of longer
maturities.
and larger office space was
acquired.
was
gradually organized
A particularly large increase in the
force resulted in 1917 and 1918 after the entry of the United States into the
World War, and at the end of 1918, the staff consisted of 23 officers and
2,630 employees of whom 1,495 were .women.
The Buffalo branch
opened May 15, 1919.
the transition from the
more
In December, 192Q, certain
previously performed by the Subtreasury were turned over to
Federal Reserve Bank of New York,
thereby
completing in this district
Subtreasury system, established in 1846, to the
comprehensive method provided in the Federal Reserve System.
In 1924 the Bank moved into the building which it now
occupies,
cover¬
ing the square block bounded by Nassau and William Sts. and Liberty Stand Maiden Lane.
Through his position
was
62 Cedar St. and had
functions
Lead
Bend Mine, Union County, Mr.
Taylor became one of the leading congres¬
sional supporters of legislation designed to benefit
ex-service men, and also
helped to write the first restricted immigration law.
He opposed most
New Deal policies but had supported the Tennessee
Valley
power
luncheon for the bank's
George L. Harrison, Presi¬
Subsequently the permanent staff of the Bank
take the following:
25th
Board of Directors, and Pierre Jay, Chairman of the Fidu¬
ciary Trust Co., who was the first Chairman of the Bank's
directorate, were the principal speakers. A brief outline of
the Bank's history follows:
670 of
appearing in the New York
Observes
a
officers and employees at which
in La
we
York
dent of the Bank; Owen D. Young, Chairman of the Bank's
several New York City banks.
"Herald Tribune" of Nov. 15
New
The Federal Reserve Bank of New York observed its 25th
anniversary
J. Will Taylor, Republican member of the House of
Representatives from the Second Tennessee District since
1919, died suddenly of heart disease on Nov. 14 at his home
Follette, Tenn. He was 59 years old and had been a
member of the Republican National Committee since 1923.
From a summary of his career
of
Anniversary- -Chicago Bank Also Roaches Quarter
Century
member of the Foreign Affairs Committee and traveled
to South America in 1929 to
quired
Federal
Mr. Cole's life:
on
On Oct.
It
now
has
a
staff of 40 officers and 2,273 employees.
16, 1928, Benjamin Strong, Governor of the Federal Reserve
Bank of New York since its opening in 1914,
died.
He
was succeeded as
Volume
Governor
Commercial & Financial
The
ONE HUNDRED—
149
Nov. 22, 1928, by George L. Harrison, who is now
on
President
of the Bank.
Nov. 20, 1914, showed, total resources of 8111,338,174, consisting of
314,674 in cash and $3,023,600 in discounts.
balance sheet
net
Bank,
On the other side of the
of Nov.
8,
In comparison, the statement of the
1939, showed total
of $8,084,028,000 and
resources
deposits totaling $6,640,903,000.
The
Federal Reserve
When the
Chicago Reserve Bank opened for business
Mar. 18,
on
Nov. 16, 1914,
Today the personnel numbers
41 officers and employees.
1918.
at the end of
An examination of comparative statements shows that
1915,
$2,966,638,000
of the bank totaled $63,553,000 as against
resources
Oct.
on
this
said the
"may furnish opportunity for whole¬
day
followed by stimulated buying; but
sport, it may be
proclamation
3205
.
without sham
is,
pretense,
or
to
crill
people to give thanks to 'the Power that hath made and preserved
Nation'."
a
The Massachusetts
President
executive spoke
his
in
of peace in his proclamation, as did
Governor Saltonstall declared
earlier announcement.
"we should aim at the social habits of
instead of hate, tolerance instead
sincerity instead of pretense, good¬
instead of war."
of bigotry, peace
Bank of
1,550, including 200 at the branch in Detroit, which oppened for business
on
us
the
will
Chicago also observes its
25th anniversary on Nov. 16. George J. Schaller, President,
was the
principal speaker at a banquet in the Bank's dining
halls. The following is taken from the Bank's announcement:
its staff comprised
and
of
purpose
upon our
capital of $3,321,950, Federal Reserve Notes of $224,875
were
deposits of $107,529,994.
as
$108,-
the
YEARS OLD
Saltonstall
recreation
some
The first weekly statement of the Bank, as of the close of business on
and
Governor
31, 1939.
'
Industrial
Leaders
Progress
Three
thousand
Analyze Factors of American
Congress of American Industry
to
at Annual
industrial leaders representative
of the
than 40,000 manufacturers affiliated in the National
Association of Manufacturers and the National Industrial
more
Council
will
participate in the 44th annual Congress of
Industry at the Waldorf Astoria Hotel, New
York City, Dec. 6, 7, 8, according to an official announce¬
American
ment issued Nov. 11.
♦
"A
Sumner
Welles
Chosen
Chairman
of
Inter-American
Advisory Committee—Pledge United States Aid in
Solving Problems
The Inter-American Financial and Economic Advisory
Committee, which will consider problems arising from the
effects of the European war in the Western Hemisphere,
named Sumner Welles, United States Under-Secretary of
State, Chairman, at its first organization meeting Nov. 14.
The Committee, which was organized in accordance with a
resolution adopted at the Inter-American Conference on
Neutrality, held in Panama City, Sept. 23 to Oct. 3, held its
first formal meeting Nov. 15 in Washington.
Mr. Welles,
accepting the Chairmanship, told the Committee that suf¬
ficient reservoirs of capital existed in this hemisphere to de¬
velop natural resources capable of profitable exploitation to
"tide over immediate emergencies" arising from the war in
Europe.
The
first actual
business session of the
Committee
Dec. 4.
Announcing the Congress, Howard Coonley, President of
the N. A. M., said:
This year we plan a
comprehensive analysis of our American system—
what it is, how it developed, what are the threats to it,
Congress—"A Republic Forever"—will discuss specific phases of our po¬
litical and economic system.
Conflicts abroad
our
of life.
way
constant
emphasize to Americans the priceless value of
serve to
basic
on
Acting Secretary of State Sumner Welles pledged today "wholehearted
"milestone
a
the road to
on
a
because the world
was
aware
that the nations of the
Western Hemisphere are determined to safeguard their security and peace
from rivalries which
American system shall be
preserved and bettered for future generations.
It will focus public atten¬
tion
on
inter-American trade, improving the monetary and financial mechanisms
facilitate trade,
encouraging employment of capital and permanently
improving the means of communications between their nations.
His message carried but one note that might be interpreted as cautioning.
He noted that trade would need
sound
a
available
develop
new credits
and that these must be based
He said that, while a large amount of capital was
economy.
to
used without first
activities and new industries, it
new
establishing confidence
among investors
could not
be
that their invest¬
ment will remain safe.
He said that
a
citizen of one American Nation undertaking to do business
invest money in another American republic recognizes that he is subject
to the laws of that country,
but he also has the right to expect justice under
those laws in accordance with "generally accepted principles of international
the issues and needs of the hour.
The three regional
the
of
persons
Welles referred to the failure to solve the
believed Mr.
Mexican oil expropriation controversy,
and the lack of an agreement
on
settlement of defaulted Latin American bonds held in the United States.
Both of these
are
regarded in Administration circles as definite obstacles
in its trade revival program.
Associated Press
listed
the
matters
ciation's
be
of
Nov.
as
bankers
Immediate studies of
problem of a monetary, foreign exchange or
any
the American
republics.
Means
among
of assuring
bank
and
who
based
practices,
localities.
have
will
They
bank operation.
in
The
A.
the American Republics
affected by the war.
To organize an inter-American
commercial institute to keep importers
interchange of
An item
new
raw
stress
the three winter conferences will be
knowledge
experience
practical
banking problems
gained in their own
of various
they
have
of recent developments
application
Opportunities for forum discussions of each topic will
this winter
conferences
B.
A.
mark
will
regional conference
program.
the
fourth
successive
Following the
first
year
con¬
Richmond, the second and third have been scheduled'
City, March 6, 7 and 8, and Denver, Colo., March 21 and 22.
meetings
were
held
last
year
in
Columbus,
Ohio;
Minneapolis,
Minn., and New York City.
industries
and
Maj. Gen. T. Q. Ashburn Resigns as Head of Inland
Waterways Corporation—Chester Thompson Ap¬
pointed Successor
Q. Ashburn, President of theCorporation since its formation in 1924,
resigned on Nov. 15 at the request of the Department of
Commerce. The Department appointed Chester Thompson,
former Representative from Illinois, to succeed General
Ashburn.
In explaining this action, Washington Associated
Major
and exporters in touch with one another.
establish
Similar
the
those who attend the sessions.
three
the
of
specific
on
the
The Associa¬
added:
speakers at each of
principal
officers
and
States
Southern
and
expected to attend.
stability in monetary and commercial relationships
the republics.
Measures for offsetting dislocations in the trade of
To
are
tion's announcement
for New York
balance of international payments nature presented by any of
Eastern
13
from
District of Columbia
ference this winter in
follows:
of education for bankers through bank¬
program
Richmond, Va., Dec. 7-8, will be "Banking's Part in Busi¬
ness Development," Mr. Hanes said.
More than a thousand
15, from Washington
considered by the Committee
and West will be devoted to further
East
ing forums, the theme of the first meeting, to be held in
be given
advices
to
South,
conferences of the American Bankers
to be held this winter for bankers
development of broad, efficient banking services to busi¬
ness and industry, it was announced Nov. 13 by Robert M.
Hanes, President of the Association.
Continuing the Asso¬
The
Some
scheduled
Association
law."
our
how
to
Regional Conferences of American Bankers Association
to Be Devoted to Broader, More Efficient Service*
to Business and Industry
might make economic cooperation impossible.
He said the committee's problems included finding means of increasing
or
the
as
peaceful, happy and prosperous
Mr. Welles said the circumstances under which the delegates meet were
"most auspicious"
on
make8'
of this country and, at the same time, to
world," if they could solve their mutual problems.
new
to
a
contribution to
This meeting will enable industry to make a real
years.
republics in solving economic problems caused by the European
Delivering the welcoming address to the inter-American Economic and
America's thinking
that has been lacking in considerable extent in recent
of perspective
sense
constructive recommendations
Financial Conference in the Pan-American Union Building, Mr. Welles said
thorough understanding of our
a
political and economic concepts.
The Congress, I am convinced, will contribute to
national understanding
it would be
And to protect it against today's on¬
vigilance to protect it.
cooperation" of the United States to delegates from the 20 other American
war.
It calls for
It requires constant scrutiny and analysis.
slaughts of alien philosophies calls for
the formal meeting of Nov. 15, United Press
advices of that date, from Washington said:
what is its future.
Leading authorities in the various fields embraced by the theme of the
was
held behind closed doors Nov. 16.
Reporting
Republic Forever" chosen as its theme, the Congress
an unprecedented analysis of the factors,
including free enterprise and other liberties, which have con¬
tributed to the political, social and economic progress of this
country.
Preceding the Congress, the executive officers of
the 250 national, State and local industrial associations,
comprising the National Industrial Council, sponsored by
the N. A. M., will hold a two-day meeting beginning on
will be devoted to
for the
negotiate commercial treaties
materials.
relating to the Panama Conference appeared in
issue of Oct. 4, page 2309.
General Thomas
Inland Waterways
Press advices of Nov. 15 said:
Governor
Saltonstall
Nov.
Governor
30
as
Saltonstall
of
Massachusetts
Proclaims
Thanksgiving Day
of
Massachusetts
on
Nov.
7
pro¬
claimed Nov. 30, the traditional last Thursday of the month,
as
Thanksgiving Day in his State.
In our issue of Nov. 4,
2900-2901, the proclamations of President Roosevelt
Governor Lehman of New York designating Nov. 23 as
pages
and
Thanksgiving Day were referred to.
Regarding Governor
Saltonstall's proclamation, the following is taken from the
Boston "Herald" of Nov. 8:
"Not
for
J.
Monroe
was
revelry and sport, and not for the inauguration of
that he
interpreted
would
Christmas
as
a
Secretary of Commerce, explained
on
Christmas
little rejuvenation."
Gen.
Ashburn
told
reporters,
however,
that
he
was
asked
to
resign
because "there was a constant serious disagreement of policy ever since the
transfer of the corporation to the Department of Commerce as to whether
the Inland Waterways Corporation should continue to operate as a privatelyowned
corporation
as
provided for by law or
was to
become
a
bureau of the
Department of Commerce."
Chemical
Industry
Medal
E.
Presented
to
Dr.
Robert
Wilson
reference to the President's assertion last August
proclaim Nov. 23
shopping.
Assistant
system, but the Secretary and I have thought for a long time it needed a
shopping, is that day set apart," the Governor wrote in his proclamation.
This
Johnson,
behalf of Secretary Hopkins that "the general built up a fine transportation
as
Thanksgiving to provide more time for
The
on
Chemical
Nov.
11
to
Industry Medal for 1939
Dr.
Robert
E.
Wilson,
was
presented
President of Pan
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3206
a joint meeting
Society of Chemical Industry,
the New York Section of the American Chemical Society
and the New York Section of the American Institute of
Transport Co., at
American Petroleum &
of the American Section of the
Engineers, held at The Chemists' Club, New
York City.
Dr. Wallace P. Cohoe presided. Dr. Thomas
Nov. 18, 1939
admis¬
there being at present approximately 400
voluntary social welfare and health agencies participating
Committee also voted to close the books to agency
sions for the year,
in the Fund.
Chemical
spoke on his technical achieve¬
presented the medal.
James G. Vail
Elected Directors of
N. H. Dorrance and R. T. Stevens
New York Federal Reserve
Bank
of the New York Federal
The member banks in Group 3
comprised of banks with capital and
Reserve District,
sur-
•resident
the First National Bank Neil II. Dorrance,
?lus of lessofthan $301,000, have elected and Trust Co. of
Camden, Camden,
N. Y.,
as
Gruening
as
Governor
life and Dr. Bruce K. Brown
ments.
Renames
Dr.
of Alaska
Roosevelt
President
side of the medallist's
Midgley, Jr. spoke on the personal
President Roosevelt
Nov. 16 again named Dr. Ernest
on
Gruening as Governor of Alaska.
The President had origi¬
nally appointed Dr. Gruening on Sept. 2 (noted in our issue
of Sept. 9, page 1567) but this appointment was not sent to
the Senate for confirmation and hence lapsed when the
3.
The appointment of
by Anthony J. Dimond,
who contended a resident
post.
special session adjourned on Nov.
Dr. Gruening had been protested
the Alaskan delegate in Congress,
of the territory should receive the
Class A Director of the
a
Federal Reserve Bank of New York, and reelected Robert
ABOUT
ITEMS
COMPANIES,
TRUST
BANKS,
&c.
President, J. P. Stsvens & Co., Inc., New York,
Class B Director for a term of three years, be¬
ginning Jan. 1, 1940.
Reference to the nominations ap¬
peared in our issue of Nov. 4, page 2913.
arrangements were made for the sale of a regular membership
at $10,000, up $500 over the previous transaction.
Changes in Staff of New York Reserve Bank—R. G.
Rouse Made Vice-President, S. A. Miller Appointed
Assistant Vice-President, and M. A. Harris Named
Quarter Century Club of the New York Stock Ex¬
change, the membership of which consists of 85 active em¬
ployees and 42 retired employees, held its initial meeting on
T. Stevens,
announced Nov. 14 that
The New York Curb Exchange
N. Y:, as a
♦
Manager
a
Announcement
tors of
the
Federal Reserve
the
following
official staff
G.
Robert
10:
Bank of New York has made
in the
changes
Nov.
effective
made Nov. 15 that the Board of Direc¬
was
Rouse,
of the Bank,
formerly
Assistant
Vice-President, has been appointed a Vice-President;
A.
Silas
formerly a Manager, has been appointed an
Assistant Vice-President, and Marcus A. Harris has been
Miller,
and assigned as Manager of the
The following summary of their
Manager,
appointed
as
Securities
Department.
is taken from the Bank's announcement:
careers
Mr. Rouse
joined the Federal Reserve Bank of New York
Vice-President
retired.
Mr.
in
and
of
function
of
the
Bank,
which
has
Miller
Mr.
1918
his
the
for
the
the
of
1936, he has been
Mr.
Rouse
Federal
20
Mr.
Harris
Federal
loaned to
the
has
been
employee of the
an
Bank since 1932.
Reserve
the
market
operations
in
Bank
Reserve
Vice-President
Secretary
the
of
Securities
From June,
Treasury Department
Treasury.
on
the
since
in
the
Mr.
Harris
succeeds
Manager of the Securities Department, which
handles
issues
securities
and
new
Department
of
Treasury
Mr.
Miller
as
purchases and sales
for
the
Federal
Bank.
serve
♦
Re¬
'
been
of
Chicago
Federal
Reserve
Bank
Re-elected
Walter J.
Cummings, Chairman of the Continental Illinois
Bank and Trust Co., Chicago, and Max Wellington Babb,
President of the Allis-Chalmers Manufacturing Co. of Mil¬
waukee,
were
re-elected
Reserve Bank of
on
Nov. 16
as
announced Nov. 15.
Mr. Dalton has
executive in the trust department of the bank for
an
the past
four years.
Roscoe
S.
Andrew
elected
been
has
Woodside National Bank, Woodside,
a
director
the
of
Queens, New York City.
who has been Executive Vice-President since
1938, formerly managed the Astoria branch of
National City Bank.
He was elected to the Board fol¬
Mr.
Roscoe,
December,
lowing
the
President of
of the
death
the bank,
Heimann, in September.
Mr. Heimann's death was
in our issue of Sept. 16, page 1705.
William
reported
Directors of the Federal
Chicago for three-year terms beginning
on
Jan. 1, 1940.
Potter, Chairman of the Guaranty Trust Co.
William C.
York, announced Nov. 15 that at a meeting of the
of New
W. Charske was elected a direc¬
Mr. Charske is Chairman of the Ex¬
Board of Directors, Fannin
tor of the company.
ecutive Committee and
a
director of the Union Pacific RR.
During his business
career
he has served in various
capacities for the Union Pacific and the
Southern Pacific Railroads.
Among the companies with
which Mr. Charske is associated are the following:
other
Directors
appointed Assistant Trust
of Brooklyn, George
been
has
P. Kennedy, President,
Co.
Two
'
the
1936, to January, 1939, he
special assignment in the office
of
Government
'
Dalton
F.
Thomas
the
At
open
the Manager of its Securities
Assistant
as
than 30 years.
more
officers
position he will have general
new
the purpose
Strenkert, Assistant
the
employee
an
succeeds
He
to
chiefly concerned with
is
York
of
Department.
assigned
Bank
market function of the bank.
open
of
been
has
Bond
one
Matteson,
Reserve
New
of
been
Assistant
an
B.
operations.
and, since January,
Department.
was
these
of
been
Federal
of electing officers.
Francis A.
Superintendent of the Tube Depart¬
ment, was elected President, Charles A. Laux, a superinten¬
dent on the trading floor, was elected Vice-President, and
Harry J. Shanley and John Stack, both supervisors, were
elected Treasurer and Secretary, respectively.
Of the 85
active employees who are members of the Club, 10 have been
employed by the Exchange for more than 40 years, and 43 for
16 for
Nov.
Officer of the Lafayette National Bank
as
Walter
Co.
had
Government
Rouse
Government security market, and in
supervision
he
years
States
Mr.
the
Guaranty Trust
five
Bank
with
associated
the
past
United
its
Reserve
with
the
he succeeded
when
1939,
1,
becoming
been
during
charge
Federal
to
had
Rouse
years,
July
on
Prior
The
executive
American
Co.
District Telegraph Co.,
of New York,
New Jersey, director; American Surety
trustee; Los Angeles & Salt Lake RR.
the Executive Committee and director;
man
of
the
Co.,
Navigation
Joseph
&
Executive
Grand
Committee
and
Chairman of the Executive
Island
Ry.
Co.,
Co., Chairman of
Oregon Short Line RR.
director;
director,
Co., Chair¬
Oregon-Washington RR.
&
Committee and director; St.
and Western Union Telegraph
Co., director.
*
W. W. Aldrich and W. S.
Gifford
Accept Posts in the
Greater New York Fund
Walter S. Gifford, President of the American Telephone &
Telegraph Co., and Winthrop W. Aldrich, Chairman of the
Board of the Chase National Bank, have accepted
important
Vice-President of the New York
Life Insurance Co. and son of the late Darwin P. Kingsley,
Walton
elected
his place on the board of directors.
Mr. Aldrich was elected
Chairman of the newly formed Business Council, a
permanent
body created to work with the board of directors in the huge
task of organizing the campaigns and
enlisting the support
of business leaders
throughout the year.
Mr. Blaine, in
making public the creation of this new body, said:
A
working
Business
Council composed
of representative citizens
gives
a
permanency to the Greater New York Fund, insures the efficient conduct
of the campaigns, and,
being a permanent
body, bridges the
gap
between
campaigns by carrying to each succeeding one the experience and lessons
of its predecessors.
,
The members of the
newly formed Council
are:
Francis D.
a
a
trustee
of
the
Union
Dime
Savings
York City, at a meeting of the trustees held
Co., was
Bank,
New
Nov. 15.
Maurice L. Farrell, senior partner of F. S. Smithers &
Nov. 14
Chairman of the Executive Committee to take the
place of
Francis D. Bartow, resigned.
The latter, however, retains
Kingsley,
former President of the New York Life Insurance
posts in the
Greater New York Fund, it was announced
by James G. Blaine, President of the Fund, follow¬
ing a meeting of the Executive Committee at the Fund's
headquarters, 52 Wall Street.
Mr. Gifford was elected
P.
and
a
Co.
member and former Governor of the New York Stock
Exchange, died of pneumonia on Nov. 13 at the Doctors
Hospital, New York City.
He was 62 years old.
Mr. Far¬
rell was born in Cortland, N. Y., March 22, 1877, and was
graduated from Amherst College in 1901.
He started his
business career in New York City as a reporter for the
New York News Bureau and later joined "The Wall
Journal," serving
as
Street
managing editor from 1912 to May 1,
1913, when he resigned this post to join F. S. Smithers &
Co. as a general partner.
He became a member of the New
York Stock Exchange in 1930 and was a Governor from
1934 to 1938; during this latter period he also served as
Chairman of the Public Relations Committee.
Mr. Farrell
played an important part in the reorganization of the Stock
Exchange, serving as a member of the special committee
of nine (Conway Committee) appointed in December, 1937,
by Charles R. Gay, then President of the Stock Exchange,
recommend principles for reorganization. • He was
a
Bartow, Fred Berry, James G. Blaine, John S. Burke, Ben¬
jamin J. Buttenwieser, Frederick H. Ecker, Leon Fraser, Walter S. Gifford,
to
Walter P. Holcombe,
director of the Seaboard Fire & Marine Insurance Co.
mont,
Henry Ittleson, Arthur A. Johnson, Thomas W. La-
George MacDonald,
Frederick A.
MacNutt,
Albert
G.
Milbank,
Thomas I. Parkinson, William C. Potter, Joseph M.
Proskauer', John M.
Schiff, Alfred H. Schoellkopf, Edward R. Stettinius, Jr., Percy S. Straus,
Arthur Hays Sulzberger, Thomas D. Thacher and Paul Felix
Warburg.
The Council
of the
Fund's
membership will be enlarged before the start
April 15.
The Executive
1940 campaign on
Guaranty Trust Co. of New York announced on Nov. 13
that the tile of Arthur T.
Peterson has been changed from
Acting Assistant Manager,
Manager, London office.
Antwerp
office,
to
Assistant
Volume
149
the New York Stock Ex¬
Herbert B. March, a partner in
change firm of It. L. Day & Co., died on Nov. 9 at his home
in
W.
M.
T.
W.
Davies,
Treasurer ;
Treasurer;
Grote,
Mr.
J.
J.
Ellis,
C.
M.
Secretary;
Morrison,
C. E. Paulin, Assistant Secretary, and P. J.
Kemmler and
Funk, Settlement Officers.
Born
with R.
ated
his
Officers;
Assistant
Hempstead, Long Island, N. Y.
He was 68 years
in Newton, Mass., Mr. March had been associ¬
West
old.
3207
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
.
Day & Co. for about 45 years.
He began
of the firm in Boston and
L.
with the home office
career
transferred to the New York branch
was
35
years ago.
Edward
Clark 3d,
a
partner in the investment banking
firm of E. W. Clark & Co. of Philadelphia, Pa., died in the
Chestnut Hill Hospital, that city, on Nov. 16 after a short
illness.
The deceased banker, who was 54 years old, was born
Philadelphia. He attended Chestnut Hill Academy and
Milton Academy, and was graduated from Harvard Uni¬
versity in 1907. Mr. Clark had been a partner in the firm of
E. W. Clark & Co., founded by his great grandfather in 1837,
since 1920.
Among other interests during his career he had
held directorships in the
Commonwealth Power Corp.,
Northern Ohio Power and Light Company, Grand Rapids
Railway Co., Michigan Railroad Co., Holland and Chicago
Railway Co. and the Tabor Manufacturing Co. He had also
in
Harvey D. Gibson, President of Manufacturers Trust Co.,
New York City,
President
announced Nov. 13 that John M. Franklin,
United States Lines, has been elected a
the
of
director of the bank.
«
Directors of the Prudential Insurance Company of Amer¬
ica
(head office Newark, N. J.) announced on Nov. 13 the
Ividde, President of Walter Kidde & Co.,
election of Walter
engineers, and of Walter Kidde Constructors, to the Board.
been Treasurer of the Portland Electric Power Co.
Louis R.
The directors further announced the promotion of
Menagh, Jr., from Assistant Comptroller to Comptroller, and
of Harry J. Yolk from Supervisor to Assistant Secretary.
appointment of Andrew W. Oppmann as Cashier of
Wheeling, W. Va., was
The
the National Bank of West Virginia,
Peter E. Bennett, President of The Mortgage Corporation
of New
York, has been elected
Trustee of Brevoort Sav¬
a
N. Y., it was announced Nov. 16 by
Richard A. Brennan, President, following a meeting of the
ings Bank, Brooklyn,
announced
Directors
Trust
According to
Bleakley, President of the Yonkers National Bank &
Trust Co. of
of
Yonkers, N. Y., and Leo T. Crowley, Chairman
Deposit Insurance Corp., the Yonkers bank
Federal
the
will
joint announcement made Nov. 10 by Wil¬
a
be reorganized and
recapitalized by means of
loan of
a
approximately $2,500,000 by the Federal Deposit Insurance
Corp. and the purchase of $700,000 of preferred stock by the
Reconstruction
Finance
Corp.
All deposits of the present
institution, the announcement said, would be assumed as of
Dec. 2 by a new bank to be known as Yonkers
& Trust Co.
(the
National Bank
differing from the present
new name
one
The transaction, it was
said, would be effected without any loss to any of the 21,000
depositions of the institution, and without any interruption
of banking services.
In its account of the matter, the New
York "Herald Tribune" of Nov.
and
bank
new
capital
follows:
will
begin
$850,000.
of
funds
$400,000 of
institution
-The
stock subscribed
preferred
subscribed
stock
common
It
the
3,046
owners
of the present
stockholders
Founded
in
branches.
of
Dec.
of preferred stock
11 to vote
the
1910,
In
its
$10,585,000,
In
the
Yonkers
statement
as
to
by
in
necessary to
it
Trust
&
Co.
has
reported total
$400,000,
of
preferred
two
of
said that directors
had
en¬
the real estate market, coupled with
bank has
the
enjoyed,
makes
it
obtain additional capital."
be entirely
not be liable for any
reorganization of the Yonkers National
Crowley, "will be free from questionable assets,
divorced from
connection with the old bank, and will
any
obligations of the old bank, except for deposits taken
from it under the
An institution established on this basis should
plan.
certainly merit the confidence of its present and future depositors."
Mr.
Crowley said that the Federal supervisory agencies and the managers
of the bank had long
realized that
after its reorganization in 1933 the
even
bank held "undesirable concentrations of
real estate and mortgages acquired
by earlier management at inflated prices prior to that time."
by the
acquired
"liquidated
by
interests
the
Mr.
to
of
connection
FDIC in
the
corporation
in
The assets
$2,500,000 loan would be
orderly fashion and in the best
with
an
its
in
their
capacities in
same
common
stock of the
the
new
directors were expected
bank.
The entire issue of
bank has been underwritten by the
new
stock, who will
by virtue of their
present stock ownership, will have the right to acquire at $10 a share one
directors,
not
but
acquire
share
of
holders
present
any
common
interest
stock
preferred
of
whatsoever
for
each
share
and
common
the new bank
in
of
preferred
or
common
stock
now
Charles
F.
Strenz
is
Vice-President
of
the bank
and
John
Howard, Jr.,
Bank
&
amounts
common
stock is to be issued in
new
common
the stock redeemed, was issued to
as
On the occa¬
stock, of the
common
same
stock¬
dividends.
as
the
cases
preferred stock was in effect redeemed out of earnings,
and the
earnings so applied were capitalized
common
shares.
by the issuance of the new
However, in the pending retirement the $25,000,000, it was
explained by an official of the bank, will not be charged against earnings,
but paid from the bank's general cash resources.
It
was
stated that the
operation thus involves no change at present in the bank's surplus and un¬
divided-profits accounts.
Earnings during the year have been satisfactory, the bank's announce¬
and
stated, and
reserves are
Action
or
on
common
stock at $50,000,000, with other capital accounts
ample for all requirements.
the bank's
common
.
.
.
cash dividend is expected at the December
January meeting of directors.
It will be payable Feb. 1.
.
.
.
Huntly R. Drummond, formerly Vice-President ,of the
Royal Trust Co. of Montreal, Que., was elected President of
the company on Nov. 14 at a regular monthly meeting of the
Board, to succeed the late Sir Charles Gordon. Last August
Mr. Drummond also succeeded Sir Charles Gordon as Presi¬
dent of the Bank of Montreal (noted in our Aug. 19 issue,
Robert P. JelletG, General Manager of the Royal
the same meeting was elected a Director, VicePresident, and a Member of the Executive Committee, while
retaining the General Managership.
From the Montreal "Gazette" of Nov. 10, we learn that
D. A. Y. Merrick, heretofore Manager of the Bank of Nova
Scotia at Toronto, Ont., has been appointed Supervisor of
Branches at the head office in that city, while Allan L.
Woodrow has been made Manager at Toronto to succeed
page
1123).
Trust Co., at
Mr. Merrick.
—
Louis
Exchange,
Stock
treal
13
Nov.
after
old,
years
Beaubien, former President of the Mon¬
died at his home in Montreal on
brief illness.
Mr. Beaubien, who was 72
de Gaspe
a
was
senior partner in
house of L. G. Beaubien &
bien & Co.,
the Montreal
brokerage
Co., and President of L. G. Beau¬
Ltd., in which he conducted a bond-trading busi¬
graduated from the
Born in Outremont, Que., he was
Jesuit College,
Plateau Academy, Montreal College and Var-
College, and began his business career in 1887 with
the firm of John L. Cassidy & Co., Montreal.
Five years
Cashier.
ennes
Linwood
E. Asliton, formerly
of the Portland National Bank,
dent of
dividend in
par
holders
ness.
held.
is
of
community."
Crowley said that the present officers and
serve
$150,000 of
no
total
resources
capital
made prior to the reopening of
were
which
deposits,
"The bank to be created through
over
Bank
30
June
National
pending retirement of preferred stock.
of the three previous retirmeents,
special meeting of
of the depreciation in the value of its real estate
Bank & Trust Co.," said Mr.
will
stock
"to formulate a plan of reorganization
most of which
in
a
common
Illinois
Continental
the
of
sions
ment
Bleakley
Mr.
The stagnation of
1933.
increase
steady
of
owners
Commerce"
of $53,000.
five years
reason
mortgage loans,
the bank
the
171
and
capital
stockholders,
than
more
made necessary
and
Mr. Bleakley has sent out notice
National
last
of
share
common
letter
for
as
the plan.
on
$400,000 and undivided profits
deavored
capitalized
by the RFC, $160,000 of
bank, informing them of the calling of
on
be
will
$10,000,000
&
of
announced that
was
In those
about
of
by local interests and $300,000 of surplus (rep¬
resenting part of the RFC contribution).
to
deposits
Co.
connection with the
11, further said:
with
business
"Money
from
learned
is
Chicago, Chicago, 111., at a meeting held
Nov. 10, called for retirement on Dec. 1 its entire preferred
stock issue, of which $25,000,000 is outstanding.
All except
a few shares of the preferred stock is owned by the Recon¬
struction Finance Corp., which on Dec. 20, 1933, purchased
the original $50,000,000 issue with the exception of $333.33,
which was taken by a lone stockholder of the bank.
Par
value of the shares is $33 1-3.
Half of the original preferred
stock issuefhad previously been redeemed as follows: $5,000,000 Aug. 1, 1936; $10,000,000 Feb. 1, 1937 and $10,000,000
Feb. 1, 1938.
We quote further, in part, from the Chicago
"Journal of Commerce,'' from which the foregoing is taken:
only through dropping of "the").
The
it
Nov. 11.
Board of Trustees.
liam F.
recently by John C. McConnell, President of the
institution,
the
institution
the Presidency Samuel
on
Vice-President and Cashier
Portland, Me., became Presi¬
Nov. 3.
Mr. Ashton succeeds in
L. Allen who resigned Sept. 1 last.
later,
however, lie left that firm to form the Canadian
which he soon amalgamated with the Beaubien
Produce Co.,
Produce Milling
into
Co.
He sold this business in 1901 to enter
partnership with
house of L.
C. II. Branchaud in the brokerage
G. Beaubien & Co.
Still later he organized his
bond-trading firm, which had head offices in Montreal and
The Union Title
business in
Guaranty Co. of Pittsburgh, will open for
Pittsburgh, Pa.,
tion of the merger of the
and
Title
the
on
Dec. 1, marking consumma¬
Union Fidelity Title Insurance Co.
Guaranty Co., of that city, which have been
negotiations several months.
"Money & Com¬
11, from which this is learned, named the
officers of the consolidated institution as follows:
branches in Quebec,
sels.
His
Montreal
Three Rivers, Toronto, Paris and Brus¬
appointment as President and Chairman of the
Stock Exchange came in 1932 and he was also
re-elected the following year.
conducting
merce"
John
of Nov.
H.
Kunkle,
Executive
Vice-President
Guaranty Co., will be President; S.
Title
Officer;
Treasurer of the Title
H. McKee, Chairman of the Board of
Charge of Titles and Senior
Mark R. Craig, Vice-Presidents and
H. L. Grote, J. S. Kerr, and Harry E. Blank, Assistant Title
Directors; R. K. MacConnell, Vice-President in
Title Officers;
and
Hugh
M.
Patton
and
THE
CURB
MARKET
Irregular price movements dominated the trading during
the for*4 part of the week, but the market gradually strength¬
ened and a fairly broad list of industrials and public utility
preferred issues registered modest gains.
Aircraft shares
ONE HUNDRED—The Commercial
3208
& Financial
have been somewhat mixed and prices have moved
backward
and forward within a narrow channel.
Steel stocks have
shown some substantial gains and there has been a
THE ENGLISH
We
modest
demand for high grade oil issues.
have been quiet.
day.
Trading
Fisher A moved
top at 26, with
a new
a
There has been
point upward on Wednes¬
day, and while the gains were less extensive than on the
preceding day, there was a fairly long list of trading favorites
the side of the advance
craft section prices were
on
to
23, while
changed.
In
yards slipped
declined 3%
as
the session ended.
In the air¬
irregular, with Bell dipping
Lockheed, Fairchild and Brewster
the
a
point
were
specialties group, Todd Ship¬
back 2 points to 65, and Niles-Bement-Pond
points to 6434The public utility preferred
stocks were higher, Commonwealth
Public Service
working
up to a new peak at 33, and Northern
Indiana Public Service
$6 pref. climbed up 2% points to
97%.
Public utilities led the
upswing on Thursday,
Power & Light, $6.50
1
change in the Bank of England's buying price for gold,
ounce throughout the week.
168s per fine
SILVER
Movements in prices have
again been irregular and whilst the cash
quotation is %d. lower than a week ago. that for forward is
3-16d. higher.
At the beginning of the week, demand for
silver for prompt delivery
caused the difference between the two
quotations to widen and on Oct. 20
cash
was
fixed at
a
premium over forward of 1 3-16d., which was the largest
16. 1923; the difference,
however, narrowed rather quickly and
by today had been reduced to 7-16d.
since Jan,
There has been some speculative
enquiry and purchases have also been
made by bears and the Indian Bazaarsofferings included resales and sales
American account, mostly,
however, for forward delivery.
on
Quotations during the week:
IN
LONDON
Bar Silver per
2 Mos.
22 13-16d.
Industrial specialties
in
demand and moved up
Oil advanced a point to
66%.
session ended.
Public utilities attracted considerable
specu¬
lative attention but the
gains were largely fractional.
Air¬
craft shares were moderately higher and some small advances
were recorded
among the industrial specialties.
Oil shares
fractionally higher but mining and
a
narrow
metal stocks moved
As compared with Friday of last
prices was to higher levels, American
closing last night at 38% against 37% on
Friday a week ago; Creole Petroleum at
24% against 24;
Fisk Rubber
Corp. at 10% against 9%; Ford of Canada A
at
18% against 18%; Gulf Oil Corp. at
40% against 40%;
Humble
pil (new) at 67 against 65%; Lockheed Aircraft at
31% against 30%; New Jersey Zinc at 68
against 67; Sherwin
Williams at 97 against
93; Singer Manufacturing Co. at 160
range.
week the movemen t of
Gas & Electric
against 155 and United Gas
pref. at 93% against 90.
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
CURB
follows:
as
Nov. 17. 1939
Foreign
Shares)
Domestic
Government
Gold,
p.
line
oz.
Consols, 2%%,
British
Tues.,
Wed.,
Thurs.,
Fri.,
Nov. 14
Nov. 15
Nov. 16
Nov. 17
23%d.
23Si6d.
23%d.
23516d.
23%d.
168s.
168s.
168s.
168s.
168s.
168s.
£67%
Closed
£67%
£68
£68 %
£68%
3%%
W. L
British
Mon.,
Closed
£91%
£91%
£92%
£92%
£92%
Closed
£105%
£105%
£105%
£105%
£105%
4%
1960-90
The price of silver per ounce
(in cents)
on the same
days have been:
Bar
U.
N.Y.(for'n)
S.
34%
34%
34%
34%
34%
34%
71.10
71.10
71.10
71.10
71.10
71.10
Treasury
(newly mined)
NATIONAL
Exchange
Stocks—No
151.325
$18,000
48,000
148,670
1,522,000
1,515,000
1,470,000
9,000
34,000
38,000
19,000
33.000
47,000
43,000
1,551,000
1,796.000
731,235
Sales at
New York Curb
$7,509,000
$143,000
$165,000
$7,817,000
of shares.
Bonds
.
Domestic
Foreign government.
Foreign corporate
Total.
Week Ended Nov. 17
1939
731,235
$7,509,000
Jan
1938
1,432,675
$9,706,
00
$1,243,000
1,608,000
following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Department:
VOLUNTARY LIQUIDATION
Amount
•
Nov. 9—The Farmers National Bank of
Claysville, Pa.
Common
stock, $25,000; preferred stock, $25,000; total
Effective as of the close of business Nov. 4, 1939.
Liquidating
committee: J. R. Irwin Knox and
Ralph E. Woodburn, care
of the liquidating bank.
No absorbing or succeeding bank.
$50,000
•
CORRECTION
Effective date of liquidation of "The American National Bank
of Cam¬
den," New Jersey, Charter No. 13120, reported in
voluntary liquidation
Aug. 18, 1939, should be Feb. 6, 1939 instead of Jan.
26, 1939.
(See the
"Chronicle" of Sept. 2, 1939,
page 1425.)
COURSE
OF
BANK
CLEARINGS
Bank clearings this week will show
with
a
an increase
compared
Preliminary figures compiled by us based
year ago.
telegraphic advices from the chief cities of the country
indicate that for the week ended
today (Saturday, Nov. 18)
clearings from all cities of the United States for which it
upon
is
possible to obtain weekly clearings
those for the
corresponding week last
will be 8.2% above
Our preliminary
$7,056,309,489, against $6,520,620,923 for
the same week in 1938.
At this center there is a gain for the
week ended
Friday of 1.6%.
Our comparative summary
year.
total stands
at
for the week follows:
Clearings—Returns by Telegraph
Week Ending Nov. 18
New York
Per
1939
.
.
.
.
Philadelphia
$2,999,882,052
+ 1.6
285.275,081
384,000,000
+ 15.1
442,000.000
Boston
_
_
..
Kansas City
St. Louis..
242,032,723
104,307,357
102,400,000
..
San Francisco
161,866,000
_
+ 15.8
+22.2
+ 16.5
+ 13.6
—
143,896,332
1
102,785,763
+ 15.6
98,122,250
65,577,025
+ 32.7
$4,907,948,753
$4,565,987,131
+ 7.5
900,043,395
+ 8.0
$5,880,257,908
__
.
Total all cities for week
+ 18.7
972,309,155
...
..
208,802,427
85,387,527
87,900,000
142,525,000
Cent
118,792,329
130,180,322
74,731,042
_
Detroit
Cleveland
$3,049,032,607
338,710.041
__
Chicago..
1938
1,176,051,581
$5,466,030,526
1,054,590,397
+ 11.5
$7,056,309,489
$6,520 620.923
+ 8.2
5,730.006
-
+ 36.1
+ 14.0
+ 7.6
1,543,000
1,872,000
l to Nov. 17
1939
BANKS
The
All cities, one
day
$19,000
157,875
Total.
in the United
States
Total
81,206,000
150,120
,
CABLE
Nov. 13
Eleven cities, five days
Other cities, five days
Foreign
Corporate
HOLIDAY
Friday
MARKET—PER
Sat.,
Pittsburgh.
EXCHANGE
123,245
"
35 cents
23%d.
Total all cities, five days
Saturday
Monday
Tuesday
Wednesday
Thursday
35 cents
Nov. 11
Silver, p.oz.d.
Bonds (Par Value)
of
Oct. 23
Oct. 24
cents
35% cents
36% cents
36% cents
Buying, $4.04; selling, $4.02.
Baltimore.
Stocks
{Number
Week Ended
35 cents
35 % cents
The daily closing quotations for
securities, &c., at London,
reported by cable, have been as follows the past week:
as
price changes were apparent during most of the
Friday.
The market opened fairly firm but
the
within
Oct. 20
9-16d.
on
trading turned dull as the day progressed and a number of
the early gains were
cancelled at the close.
Some of the
popular speculative issues held their
early advances but a
goodly number of the market leaders were down as
were
Price
Oct. 19
36
22.175d.
ENGLISH* FINANCIAL
were
pref., 3%
points to 103%; Midvale Co., 2 points to
112; Sherwin
Willies, 2% points to 97%; Singer
Manufacturing Co., 1%
points to 157%, and Colt's Patent Fire Arms
1% points to
88%.
Mixed
Market
35 cents
35 cents
The official dollar rates fixed
by the Bank of England during the week
were
active at*higher prices and
mining
and metal stocks moved
within a narrow range.
Prominent
on the side of the
advance were Aluminium Ltd.
dealings
Oct. 18
Indianapolis
pref. moviDg up a point to its top for
110; while Puget Sound Power $5 pref. reached its
best price of the year at 76. Aircraft
shares were
fractionally
higher and the aluminum stocks registered substantial
gains.
Oil issues were
strong and active, Standard Oil of Ohio and
Standard Oil of
Kentucky working up to their best prices of
was
13-16d.
15-16d.
3 16d.
22%d.
Average..—23.05d.
1939 at
the year.
Creole Petroleum
2 points to 25 and
Humble
21
21
22
22
24-.-.23%d.
Oct. 25
U.S.Treas.
Price
Oct. 19.---22 13-16d.
Oct. 20
23 Kd.
Oct. 23
23%d.
Oct.
IN NEW YORK
(Per Ounce .999 Fine)
Oz. Std.
Cash
un¬
industrial
no
which remained at
gain of 3 points.
lower, with
In the aircraft sections
prices were moderately
several active issues absent from the
tape.
Price movements continued to
of
Co. of London, written under date of
The Bank of England gold reserve
against notes on Oct. 18th amounted
£165,143 at 168s per fine ounce showing no change as compared with the
fractionally higher, and American Manu¬
facturing reached
GOLD AND SILVER MARKETS
following from the weekly circular
previous Wednesday.
was
of the
among
the
industrial specialties.
Aircraft
issues
were
irregular during the greater part of the day with most of the
changes in minor fractions.
Axton Fisher A was
noteworthy
for its advance of 5 points to 45, and National
Power & Light
pref. (6) gained 2% points to 88%.
Industrial stocks led the modest upward turn on
Tuesday
but the changes were generally small and without
special
significance.
Steel shares were fairly active as Jones &
Laughlin Steel moved brisklv forward and registered a
2-point gain at 38.
Standard Steel Spring moved forward
2% points to 43%; Midvale Co. was 1% points
higher at
110; and Rustless Iron & Steel gained a point at
14%.
Public utilities preferred issues were
fractionally higher, with
North American Light & Power
pref. leading the group
with a 2-point gain to a new 1939
high at 67%.
Axton
the
Nov. IS, 1939
GOLD
to
dull, and while the declines were slightly
advances, there were a number of selected
issues that held their early gains until the market
closed.
These were largely among the preferred stocks of the
public
utilities, although there were occasional strong spots apparent
excess
reprint
Samuel Montagu &
Oct. 25, 1939:
Mining and metal shares
Stocks milled around within a narrow
range as the market
resumed its sessions on Monday
following the two-day holi¬
in
Chronicle—YEARS OLD
1038
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
has to be estimated.
detailed statement, however, which we
present further below, we are able to give final and
complete
cases
In the elaborate
39.929,275
41,777,916
143,000
199,000
$391,449,000
3.930,000
165,000
$307,520,000
6,313,000
102.000
6,156.000
5,873,000
$7,817,000
$10,007,000
$401,535,000
$319,706,000
results for the week previous—the week ended
Nov. 11.
that week there was a decrease of
For
0.5%, the aggregate of
clearings for the whole country having amounted to $3,957,502,946, against $3,976,567,466 in the same week in 1938.
Volume
Outside
of
ONE HUNDRED—
149
The Commercial OLD
—YEARS & Fi
3209
this
city there was an increase of 9.6%, the"
bank clearings at this center having recorded a loss of
9.3%.
We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a loss of 8.8%, but in the Boston
Reserve District the totals show a gain of 1.5% and in the
Philadelphia Reserve District of 7.8%.
The Cleveland
Reserve District records an improvement of 13.9%, the
Richmond Reserve District of 5.4%, and the Atlanta Re¬
serve
District of 9.8%.
In the Chicago Reserve District
the totals register an expansion of 9.2%, in the St. Louis
Reserve District of 13.0%, and in the Minneapolis Reserve
District of 23.8%.
In the Kansas City Reserve District
the increase is 25.5%, in the Dallas Reserve District 16.1%,
and in the San Francisco Reserve District
3.2%.
In the following we furnish a
summary by Federal Reserve
Week Ended Nov. 11
Clearings at
—
Inc. or
1939
1938
Dec.
292,805
68.493,759
—5.3
393,602
390,657
+ 1.0
95,712,330
+ 19.4
2,961,233
1,337,495
1,088,390
17,875,000
1,888,585
4,880,470
20,070,509
1,087,621
8,039,594
3,059,415
368,840
106,414,875
3,229,426
1,239,015
1,043,339
21,250,000
1,930,105
5,186,252
4,651,826
309,188
67,825,638
2,036.639
966,787
793,510
15,243,000
1,309,138
3,851,088
15,369,423
1,308,518
15,063,781
1,007,863
+ 29.8
8,048.244
7,645,340
+ 5.3
2,505,346
336,626
218,882,720
+22.9
+5.5
+ 10.3
787,100
+ 91 +
Springfield....
3,079,521
355,169
241,426,048
1,506,577
3,130,013
916,751
1,232,178
Total
374,755,773
Detroit
...
Grand Rapids
Lansing
Ind.—Ft. Wayne
Indianapolis
...
2,431,896
*1,150,500
1,519,890
18,259,000
South Bend.
Terre
1,583,655
Haute.
.
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
Sioux City
111.—Bloomington
Chicago
Decatur
Peoria
Rockford
OF BANK
1936
Seventh Feder al Reserve D istrict—Chic
ago—
M ich.—AnnAr bor
districts:
SUMMARY
1937
%
+ 91.5
+ 19.8
+ 21.0
+ 20.8
+ 2.0
2,937,851
+ 6.5
20,892,672
1,186,175
8,708,368
3,563,785
394,099
284,999,162
1,024,859
4,025,047
320,778,209
1,034,119
5,217,260
851,122
+ 7.7
1,365,814
975,862
+26.3
1,289,202
1,428,970
1,458,396
343,328,599
+ 9.2
451,467,168
505,345,722
83,900,000
32,754,250
27,573,745
CLEARINGS
(18cities)
+ 19.0
Inc.or
Week Ended Nov. 11,1939
Federal
Reserve
Dlsts.
1st
Boston
2d
New York.. 13
3d
1939
I
12 cities
Dec.
S
1937
%
S
1936
1
222,827,778
219,460,814
+1.5
216,144,399
263,925,339
1,994,791,807
"
PhiladelphialO
1938
2,188.180,875
""—8.8
3,029,742,100
4,062,592,511
33C 104,829
379,397,816
"
275,465,471
"
374,750,773
+7.8
203,860,257 + 13.9
110,156,024
+5.4
134,771.988
+9.8
343,328,599
+9.2
451,467,168
"
127,770,114
113,073,260
+ 13.0
127,674,886
95,992,014
77,532,859
+23.8
101,359,601
97,295,947
+25.5
119,429,943
11th Dallas
6
"
60,564,076
52,172,892
64.754,122
187,080,615
181,193,954
+ 16.1
+3.2
62.077,854
"
214,257,929
229,213,351
+ 13.3
+ 5.0
74,200.000
28,218,955
24,432,951
19,788,305
+23.5
22,191,787
111.—Jacksonville
x
30,702,099
105,802,636
12th San Fran...11
64,600,000
29,642,163
144,876,995
"
73,200,000
Tenn.—Memphis
505,345,722
4
Minneapolis 7
10th Kansas City 10
Eighth Federa 1 Reserve Dis trict— St.Lo uis—
Mo.—St. Louis..
Ky.—Louisville.
4th
Cleveland..
5
"
232,101,467
6th
Richmond-.
6
"
116.099.253
6th
Atlanta
10
"
147,920.465
7th
Chicago
18
8th
St. Louis
255,539,997
9th
Total
"
122.134,113
113 cities
...
285,298,208
128,726.203
135,259,724
146,663,354
—0.5
5,172,363,971
6.455,940,790
2,059,591,860
1,861,274,791
+9.6
2,244,832,725
2,501,835,314
358.726,835
+ 1.4
290 942,344
32 cities
363,686.588
Total (4
cities).
334,561,52
Ninth Federal
581,000
649,000
127,770,114
113,073,260
+ 13.0
127,674,886
144,876,995
Reserve Dis trict—Minne apolis-
5,698,063
61,079,937
22,620,264
Dec.
Federal
%
Total (7
cities).
•-
Me.—Bangor
416,589
LoweU
367,209
1,195,759
1,618,273
190,052,715
759,443
410,828
New Bedford..
582,717
576,771
+ 1.0
3,264,159
Portland
1,644,453
Mass.—Boston..
Fall
193,823,872
River
627,145
474,649
+ 1.6
+ 2.0
1,791,079
184,838,966
—17.4
662,736
—10.6
639,065
1,939,136
228,060,700
756,137
383,340
670,186
1,576,619
3,001,340
1,609,245
—2.0
8,149,695
8,550,806
—4.7
3,317,945
—3.5
+ 9.2
9,060,200
1,955,146
10,724,358
4,142,347
10,654,200
N.H.—Manches'r
8,640,400
416,975
3,438,747
7,912,700
334,187
361,458
516,368
2,880,540
1,897,760
9,330,949
3,915,611
+24.8
414,083
480,829
Total (12 cities)
222,827.778
219,460,814
+ 1.5
216,144,399
263,925,339
Springfield
Worcester
Conn.—Hartford
New
Haven
+ 8.4
+ 11.6
2,183,216
583,323
815,716
3,010,266
2,524.278
+19.8
77,532,859
+23.8
101,359,601
105,802,636
75,579
145,975
626,738
78,155
102,121
1,823,329
25,067,761
1,527,986
2,384,060
62,936,288
2,285,514
568,296
522,437
122,134,113
97,295,947
2,181,734
26,812,493
2,268,440
2,479,129
83,670,490
3,356,874
..
Wichita
—65.2
+13.4
495,596
697,273
2,518,186
Reserve Dis trict—Kans
Lincoln
Kan.—Topeka
Reserve Dist rict—Boston
l,918,24l|
95,992,014
Helena
Omaha
First
68,147,231
26.634,056
1,014,171
Hastings
1936
4,206,441
64,957,757
25,324,299
2,175,287
593,750
_
Tenth Federal
1937
4,485,024
+26.2
Mont.—Billings
Neb.—Fremont..
1938
+36.2
+ 17.0
S. D.—Aberdeen.
Inc. or
1939
4,184,826
48,385,404
19,333,333
2,810,542
...
N. D.—Fargo...
Week Ended Nov. 11
Clearings al-
x
+ 6.2
Minneapolis...
We now add our detailed statement
showing last week's
figures for each city separately for the four years:
x
466,000
Minn.—Duluth..
St. Paul
3,976,567,466
x
495,000
Quincy
132,811,012
3,957,502,946
Outside N. Y. City
Canada..
255,598,105
135,780,954
Mo.—Kan. City.
St. Joseph
516,661
Colo.—Col. Spgs.
Pueblo
Total (10
cities)
+45.5
as
544,129
840,438
2,906,063
City
—3.3
109,965
+ 42.9
118,709
85,957
121,126
+ 19.7
2,319,391
2,497,157
+ 7.0
29,679,734
+ 48.5
1,666,376
3,282,624
31,040.479
1,690,829
2,824,262
90,103,686
3,109,700
770,476
+4.0
+ 32.9
+46.9
-9.1
78,691,486
2,360,877
618,527
+20.0
582,254
567,340
+25.5
119,429,943
132,811,012
3,519,877
Eleventh Fede ral
Texas—Austin
Reserve
District—Da lias—
1,311,436
44,511,806
8,311,261
—10.3
1,462,180
Galveston
R.I.—Providence
Second
Feder al R
N. Y.—Albany__
Binghamton
eserve
D istrict—New
3,699,816
785,713
23,800,000
.
3,769,482
2,602,000
1,462,833
38,777,503
6,851,211
1,676,000
Wichita Falls..
778,973
3,048,600
704,164
+ 10.6
2,701,181
+ 12.9
3,327,555
49,807,526
6,054,789
3,432,000
831,345
3,166,282
60,564,076
52,172,892
+ 16.1
62,077,854
64,754,122
DaUas
Ft.
..
...
Worth
La.—Shreveport.
+ 14.8
1,247,858
47,389,715
+ 21.3
6,941,517
+ 55.3
2,290,000
881,209
York-
—1.
8.926,667
7,934,784
729,749
22,300,000
+ 7.7
955,373
27,600,000
32,800,000
546.846
683,116
+ 12.6
722,737
686,287
Northern N. J.
373,899
615,338
546,280
1,917,911,086 2,115,292,675
6,253,824
6,375,999
4,095,597
2,966,449
3,568,442
2,441,330
4,005,805
3,463,102
365,297
318,094
12,628,431
12,482,160
17,753,880
18,121,656
Total (13 cities)
1,994,791.807 2,188,180,875
cities).
988,527
+6.7
—17.5
lotal (6
Buffalo
Elmira
308,578
Jamestown.
New
York
Rochester
Syracuse
Westchester Co
Conn.—Stamford
N. J.—Montclair
Newark
—9.5
2,927,531,246 3,954,105,476
—2.3
7,633,474
7,723,919
+ 38.1
3,946,077
3,834,691
+ 46.2
3,263,776
2,675,341
+ 15.7
4,690,742
3,568,815
+ 14.8
355,226
415,921
+ 1.2
16,432,130
18,907,896
—2.0
27,137,806 \
28,267,738
Twelfth Feder al Reserve D Istrict—San
Wash.—Seattle..
Yakima
Ore.—Portland..
Utah—S. L. City
Calif.—L'g Beach
Pasadena
San
Francisco.
San Jose
Third Federal
Chester
—1.1
506,511
495,281
+ 23.4
276,101
1,241,542
423,267
*300,000
290,315
1,355,439
+ 8.1
319,000,000
Philadelphia
Reading
Scranton.
Wilkes-Barre..
York
N. J.—Trenton..
Total (10 cities)
+8.4
1.527,641
1,991,535
—10.0
890,242
885,780
—17.1
1,794,700
1,931,400
—7.1
1,508,276
2,667,700
1,613,110
3,256,000
275,465.471
255,539,997
+ 7.8
330,104,829
379,397,816
936,895
1,947,329
680,319
357,973
300,487
949,123
247,000,000
1,037,478
1,797,065
+32.1
—20.6
2,039,649
1,666,286
+ 22.4
Cincinnati
46,684,446
Cleveland
77,908,306
9,368,300
1,581,870
43,799,505
67,192,497
8,159,700
+ 15.9
Columbus
Mansfield
Youngstown
Pa.—Pittsburgh
Fifth Federal
W.Va.—Hunt'ton
2,799,895
91,719,001
1,204,003
2,010,629
79,827,637
+ 6.6
+ 14.8
+ 31.4
+ 39.3
+ 14.9
10,486,200
1,325,101
2,547,030
103,750,161
1,979,774
58,427,000
86,485,137
13,578.200
1,304,593
2,897.983
120,625,521
232,101,467
203,860,257
+ 13.9
255,598,105
285,298,208
373,090
249,167
+ 49.7
1,859,000
1,§70,000
—0.6
39,765,335
35,032,123
+ 13.5
1,130,288
875,954
+29.0
Md.—Baltimore.
54,134,061
49,757,885
+ 8.8
60,766,656
D.C.—Washing'n
18.837,479
22,370,895
15.8
24; 817,306
66,535,027
24,442,447
128,726,203
135,259.724
Total (6cities).
Sixth Federal
Tenn.—Knoxville
116,099,253
110,156,024
—
+ 5.4
+ 6.7
3,359,616
+ 20.0
15,691,071
1,188,969
996,137
Fla.—Jacks'nville
18,010,000
14,811,000
+21.6
Ala.—Birm'ham.
18,436,319
19,054,337
1,433,132
—3.2
Ga.—Atlanta
Augusta
Macon
Mobile
Miss.—Jackson.
Vicksburg
La.—New Orleans
Total (10 cities)
304,003
2,420,000
40,287,652
1,270,595
Reserve Dist rict— Atlant
2,994,893
17,432,586
49,900,000
1,993,329
total
—7.5
—12.8
+ 2.8
—15.8
—21.4
3,516,693
3,550,904
124,127,000
3,024,544
2,188.776
+ 6.6
1,486,462
2,504,382
181,193,954
+ 3.2
214,257,929
—0.5
1,379,109
187,080,615
33,348,185
1,129,839
29,829,581
14,543,500
3,802,041
4,137,676
135,630,000
2,980,973
1,518,939
2,292,618
229,213,351
(113
cities)
Outside NewYork 2,039,591,860 1,861,274,791
+ 3.3
+42.8
+ 5.6
46,600,000
1,141,036
1,049,675
+ 39.1
12,479,000
17,627,137
1,619,059
3,180,173
16,216,555
55,200,000
1,589,101
1,225,024
12,461,000
19,532,333
1,504,942
x
x
x
x
178,102
145,443
+ 22.5
160,960
190,878
36,790,130
31,920,751
+ 15.3
36,053,400
Week Ended Nov. 9
Inc. or
1939
134,771,988
+ 9.8
1938
Dec.
1937
%
Canada—
$
%
$
101,455,471
110,227,930
—8.0
90,816,275
100,035,762
107,566,056
—7.0
47,255,850
16,044,160
+ 16.1
87,768,456
35,348,979
13,487,093
20,956,351
4,800,482
2,384,191
4,392,431
5,615,735
Winnipeg
54,852,511
.....
Quebec
17,472,275
33,180,392
6,216,126
Halifax
3,342,877
Hamilton..
5,770,660
Calgary
6,919,956
St.
2,059,255
Vancouver
Ottawa
....
John
1,854,663
2,661,908
4,883,027
6,599,028
Victoria
Edmonton
Regina..
Brandon
440,858
Lethbridge
887,367
1,957,341
765,345
Saskatoon
Moose Jaw.....
Fort
135,780,954
27,157,895
5,610,279
2,380,174
4,534,843
7,551,229
1,690,016
Hat
+ 40.4
+ 27.3
—8.4
*
107,884,093
106,792,795
42,885,712
15,662,828
21,803,265
4,082,771
1,966,207
4,033,442
5,102,665
+ 21.8
1,470,191
1,464,614
+ 3.1
1,440,821
2,122,251
+ 12.0
1,397,895
2,184,926
3,875,801
+ 31.0
2,824,760
+27.8
408,640
—11.0
709,368
3,397,646
309,426
445,375
+ 35.9
822,870
848,738
595,588
306,825
+ 14.6
1,402,626
497,736
893,438
1,346,194
637,151
659,153
733,931
648,334
226,474
536,146
+ 8.7
611,012
1,798,620
2,339,918
4,358,130
5,039,109
344,921
812,710
William
New Westminster
+ 8.9
+ 22.2
+ 10.8
1936
997,546
1,440,238
692,344
i
942,903
Brantford
641,973
333,607
+ 13.8
+ 10.6
—4.2
+ 7.8
3,489,404
593,827
200,691
588,194
663,097
—11.3
563,688
977,508
1,237,816
842,477
+ 16.0
673,824
Kitchener
1,121,695
+ 10.4
801,247
927,040
Windsor
2,666,021
+ 3.0
2,526,004
343,013
2,216,043
Peterborough..
Sherbrooke
534,498
890,773
2,588,699
361,145
775,543
Kingston
634,785
650,452
—2.4
713,552
517,049
366,068
723,038
504,372
Chatham
689,734
+ 26.3
547,090
492,569
Sarnia
485,913
997,658
546,271
528,182
8.0
516,097
419,228
1,045,995
—4.6
896,667
911,177
363,686,588
358,726,835
+ 1.4
290,942,344
334,561,522
Prince Albert....
432,181
Moncton...
35,563,348
147,920,465
5,172,363,971 6,455,940,790
+ 9.6 2,244,832,725 2,501,835,314
Clearings at—
Medicine
2,806,469
14,525,219
48,300,000
832,739
942,898
Nashville
Grand
London
District— R ichmond—
S. C.—Charleston
Richmond..
+ 1.5
Montreal
348,731
2,305,000
39,347,658
1,140,852
Va.—Norfolk
12,510,625
2,658,102
2,448,677
110,369,000
1,973,924
1,083,345
2,333,215
33,583,171
1,134,592
27,113,772
14,216,409
Toronto
2,548,334
52,788,777
82,152,502
I
Total (7cities).
+ 9.3
1,562,627
2,711,278
756,044
1,071,636
1,171,060
267,000,000
Feder al Reserve D istrict—Clev eland
Ohio—Canton..
+ 0.7
22,651,765
12,326,098
2,873,319
2,808,266
107,351,000
2,343,049
367,000,000
—9.7
238.537
Lancaster
...
Total (10 cltle)
888,620
Bethlehem
Fourth
338,791
+ 2.4
991,784
—8.8 3,029,742,100 4,062,592.511
Reserve Dist rict—Phil ad elphia
335,124
472,887
26,280,788
998,240
24,764,034
3,957,502,946 3,976,567,466
Santa Barbara-
Stockton
Pa.—Altoona
Franci 8CO—
27,941,453
Sudbury
— ...
146,663,354
*
Estimated,
x
No figures a\allable
+ 19.7
+ 14.9
—
321
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
(
requirements of Section 522 of the Tariff
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
Act
of
1930, the
give below
FOREIGN
EXCHANGE
BANKS TO
NOV.
CERTIFIED
RATES
BY
FEDERAL
RESERVE
Rys. & Union Stock Yards preferred, par $ 100
21
fOc lo
...$15lot
—
By Crockett & Co., Boston:
Nov. 14
Nov. 15
Nov. 16
Nov. 17
$
$
$
S
$
.163022
.162937
.163750
.163666
.163950
a
a
a
Europe—
Belgium, belga
a
a
lev
a
a
Czechoelov'Ia. koruna
Stocks
.
1
,
J per Share
45
20
...$37 lot
'
,
Bank, Somerville, Mass., common
Co., par $50.
_______
500 Lawyers Mortgage Investment Corp. of Boston, par $100
a
a
a
.192844
.192912
.192912
.193885
3.939305
3.930138
3.894027
.018966
.019033
.018825
.019066
.019033
.022284
.022334
.022266
.022044
.401333*
.401250*
.401550*
.401550*
.401625*
Greece, drachma
.007225*
.007264*
.007250
.007228*
.007242*
Hungary,
.176016*
.176016**
.176016*
.176016*
.176016*
.050440
.0-50450
.050450
.050441
.050455
.530806
.530718
.530766
.530805
.530761
.227042
.227025
.227012
.227035
.227014
pengo
Netherlands, guilder.
krone
_
12)4
Springfield Gas Light Co., par $25__
Coal Co. of St. Louis, par $100
Associates, common......
150 Isaban Coal Co., par $1
8)4
29)4
..$1.50 lot
15 Consolidated
25 Eastern Utilities
.192942
3.929444
.022341
Italy, lira
18 Massachusetts Real Estate
58
3.939583
krone—
Engl'd, pound sterl'g
Finland, markka....
France, franc
Germany, relchsmark
Norway,
$ per Share
104
Stools
Market Cold Storage & Warehouse Co. preferred, par $100.
39M
200 Lake County Fruit Corp. common, par $1 70 2d preferred, par $ 100.__.S4 lot
10 Somervllle National
Nov. 13
Denmark,
By R. L. Day & Co., Boston:
Shares
Shares
Unit
Bulgaria,
sold at auction on Wednesday
of the current week:
7 J. G. Blount Co. preferred..-.
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
were
2)4 Sierra Pacific Power Co. common, par $15..
100 Seaboard Utilities Shares Corp., par $1.
17, 1939, INCLUSIVE
1939, TO NOV.
securities
5 Qulncy
TREASURY UNDER TARIFF ACT OF 1930
11,
The following
0 Chicago Junction
record for the week just passed:
a
SALES
AUCTION
EXCHANGE RATES
FOREIGN
Pursuant to the
Nov. 18, 1939
a
a
a
a
Portugal, escudo
.035833
.036233
.036266
.036233
.035900
Rumania, leu
.007090*
.007110*
.007090"
.007090*
By Barnes & Lof J and, Philadelphia:
'
$ per Shar
Co. of Nevada capital..
_-._.$101ot
Co., par $50..
$56 lot
70 Nelsonville Coal & Land Co., par $50
...
1
50 Spanish River Land Co., no par
$4 lot
5 Chicago Rock Island & Pacific Ry. Co. 7% pref. certif. of deposit, par $100..$3 lot
Slocks
Shares
35 Tonopah Mining
100 The North Jersey Land
Percent
Ponds—
$5,000 Certificate of
participating ownership Boca Raton Club.,
proprietary certificate
$5 lot
$10 lot
.007090*
a
Poland, zloty
.099520*
.099500*
.099500*
.099500*
.237955
.237955
.237944
.237943
.237937
.224183
.224544
.224494
.224611
.224438
.022631*
.022685*
.022606*
.101750*
Spain, peseta
Sweden, krona
Switzerland. franc..
.
Yugoslavia .dinar...
.022685*
,.022606*
DAY
'
a
a
Chefoo (yuan )dol'l
a
a
a
Hankow (yuan) dol
.084083*
Shanghai (yuan) dol
Tientsin (yuan) dol.
NATIONAL BANK NOTES
IN
CHANGES
the amount of National bank notes
(all of which are secured by legal tender deposits)
beginnicg of October and November, and the amount
of the decrease in notes afloat during the month of November
The following shows
afloat
HOLI¬
Asia—
China—
$500 Green Valley Country Club
■■'
a
a
.085000*
a
a
a
a
.084766*
a
.086566*
a
.085141*
a
a
at the
for the years
1939 and 1938:
.245750
.245550
.246041
.243850
.301714*
.301607*
.301464*
.301621*
.301600*
Amount afloat Oct. 2.
Japan, yen
.234412
.234412
.234412
.234412
.234412
Net decrease during October...
dollar
Hongkong,
.464400
.465500
.466100
.465550
.463700
Australia, pound
3.139583
3.131666
3.138750
3.131250
3.100833
New Zealand,
Africa—
3.152187* 3.145000* 3.150937* 3.144687* 3.113750*
1938
$211,726,540
3,925,620
1939
$183,054,557
2,342,260
National Bank, Notes—All Legal Tender Notes—
.245083
British India, rupee..
Straits Settlem'ts, dol
Amount of bank notes afloat Nov.
Australasia—
pound.
3.973750
3.975000
3.975000
3.975000
.875468
.877142
.876328
b
b
b
b
Mexico, peso
.205433*
.204966*
.205100*
.205100*
.205100*
.880833
.872968
.874166
.873750
.871093
.297733*
.297733*
.297733*
.297733*
.297733*
,060580"f
.060580*
.060580*
.060580*
.060580*
.050360*
.050460*
.050460*
.050460*
.050200*
South America—
Argentina, peso
Brazil, milrels official
"
free..
.051740*
.051740*
.051700*
.051700*
export.
.040000*
.040000*
.040000*
.040000*
.040000*
Colombia, peso
Uruguay, peso contr.
.571533*
.571533*
.572475*
.572475*
.572475*
.051740*
Chile, peso—official.
"
"
b
Nominal rate,
a
b
b
b
b
b
Non-controlled
*
$180,712,297
b
b
b
b
No rates available,
1,
19 39
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
Dividends
are
The dividends announced this week are:
b Temporarily omitted.
When
Per
Name
REDEMPTION
CALLS
SINKING
AND
FUND
Abbott Laboratories
NOTICES
Share
of Company
40c
(quar.)
15c
Extra
Below will be found
a
list of bonds, notes and preferred
stocks of
corporation called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page, number gives the
ocation in which the details were given in the ''Chronicle":
Date
Company and Issue—
Page
3108
Dec.
1
2964
Dec.
1
2964
.Nov. 25
1018
Feb.
1'40 3256
Dec. * 1
2507
Jan. 1 '40
3111
Dec. 15
3258
Dec.
1
2684
Athens Ry. & Electric Co. 1st mtge. 5s
Jan. 1 '40
Buckeye Steel Castings Co., prior preferred stock..
Budd Realty Corp. 1st mtge. 6s.
Caterpillar Tractor Co. 5% preferred stock
*Colgate-Palmolive-Peet Co. 6% preferred stock..
Colon
Development Co., Ltd., 6% pref. stock
Connecticut Ry. & Lighting Co. 1st & ref. 4Hs--.-♦Container Corp. of America 1st mtge. 6s
Creameries of America, Inc., 10-year debs
Fairbanks, Morse & Co. 4% debentures—
General Refractories Co. 3M% bonds
German-Atlantic Cable Co. 1st mtge. 7s
(Edward) Hines Lumber Co. 1st mtge. bonds
*(G. R.) Kinney Co., Inc., 7M% notes
Kresge Foundation Co. 4% coll. trust notesLexington Utilities Co., preferred stock
Dec.
Jan
1
2971
1, '40 2973
Apr. 1 *40
2687
2975
Dec.
1
3265
Jan.
1,'40 2977
Dec. 15
2236
Jan.
1 '40 3267
Dec.
1
2695
Nov. 22
2697
Dec.
1
2698
Dec.
4
3120
Jan. 1 1940 1184
Nov. 28
3120
.Jan. 1 *40
2699
Nov. 30
2981
Nov. 24
2981
..Nov. 30
♦Manila Gas Corp. 1st mtge 6s
Midi RR. 4% bondsMorristown & Erie RR. Co. 1st mtge. 6s
National Acme Co. 1st mtge. 4Ms..
National Gypsum Co. 4M% debentures..
Nashville Railway & Light Co. 1st mtge. 5s
New York Chicago & St. Louis RR. 1st mtge. bonds
New York City Omnibus Corp. prior lien bonds
New York Power & Light Corp. 1st mtge 4 Ms
New York
Shipbuilding Corp., 1st mtge. 5s
New York State Elec. & Gas Corp. 1st mtge. 5s
♦Northern Oklahoma Gas Co. 1st mtge 5s
Paris-Orleans RR. 6% bonds
♦Parker Wolverine Co. 2% debs
Pennsylvania Glass Sand Corp. 1st mtge. 4Ms---Pennsylvania Water & Power Co. 1st mtge. 4Mb
Phelps Dodge Corp. 3M% debs__
♦Philadelphia Rapid Transit Co. real estate bonds
Philip Morris & Co.. Ltd., Inc., 5% pref. stock
Port Henry Light, Heat & Power Co. 1st mtge. 5s._
Portland General Electric Co. 1st mtge. 5s
Power Securities Corp. coll. trust bonds
Serve!, Inc., 7% preferred stock
(Robert) Simpson Co. Ltd. 1st mtge. 5s
Jan.
1
421
Dec. 15
3271
Dec.
1
2701
Dec. 15
3272
Dec.
1
2984
Dec.
2
2984
Dec. 15
2702
Nov. 21
3273
Dec.
1
2980
Feb. 1, '40 2984
Dec.
8
3122
Dec.
1
2985
Dec. 30
2705
Jan
£3388
(Robert) Simpson Co., Ltd., 1st mtge. 68
Jan. 1*40 £3388
United Biscuit Co. of America, preferred stock
United States Cold Storage Co. 1st mtge. 6s
Jan. 15, '40 2990
Jan. 1, '40 2990
U. 8. Steel
Dec.
1
Dec.
Dec.
15
2385
Watauga Power Co. 6% bonds
1
2710
Corp. 10-year 3M % debs
Viking Pump Co. preferred stock..♦Western Electrical Instrument Corp. class A stock
West Penn Power Co.—
7% pref. stock
6% pref. stock
West Virginia Pulp & Paper Co. 4M% bonds
Whitaker Paper Co. 1st mtge. 7s
Jan.
Announcements this week,
x
1,'40 3281
1/40 751
1/40 751
1
2711
Nov. 22
3129
Nov. 24
1492
—Burton, Cluett & Dana announce that
Harry P. Anderson Jr. is
associated with them in their Philadelphia office.
now
7
7
15 Jan.
2
Jan.
2 Dec.
20
25c
Allied Mills, Inc
Dec. 15 Dec.
1
25c
American Brake Shoe &
:
Dec. 21 Dec.
1
25c
Dec. 21 Dec.
25c
Alpha Portland Cement
Dec.
25c
All Metal Products (resumed)
Dec. 21 Dec.
5 Nov. 25
50c
...
25c
Dec. 27 Dec.
15
15
Dec. 27 Dec.
15
S1.31M Dec. 21 Dec.
5H% conv. preferred (quar.)
American Bakeries Co. class A (quar.)
Class A (extra)
Class B (year-end)
-
7 % preferred (quar.)
American Business Shares, Inc..
American Chicle Co.
Year-end dividend
Dec. 27 Dec.
8
8
8
15
Dec. 27 Dec.
Foundry Co
Extra
—
SIM
4c
Dec.
SI
Dec.
51 M
American Cigarette & Cigar pref. (quar.) —
American Dock 8% pref. (quar.)
American Hide & Leather, preferred (quar.)
__
$1li
1 Nov. 15
1
Dec.
15 Dec.
15 Dec.
Dec.
29 Dec.
15
Dec.
75c
Dec. 30 Dec.
Dec.
c
t$2
SIM
52 M
American Sugar Refining preferred (quar.)
American Telephone & Telegraph (quar.)
1
1 Nov. 20
2
Laundry Machinery Co. (quar.)
American Public Service, preferred
19
1 Nov. 22
Dec. 20 Nov. 30
Jan.
2 Dec.
5
Jan.
15 Dec.
15
SI
Dec.
1 Nov. 20
Extra (both payable
50c
Dec.
15c
Dec.
1 Nov. 20
1 Nov. 15
15c
Dec.
31 Dec.
Extra
35c
Dec.
31 Dec.
15
10c
Dec.* 20 Dec.
Dec.|15 Dec.
11
Corp., Ltd. (semi-ann.)
in U. S. funds)
Anglo-Canadian Telephone class A (quar.)
Asbestos Corp. (quar.)
Andian National
Ashland Oil & Refining (quar.)
Preferred (quar.)
SIM
Atlanta Birmingham & Coast RR. 5% pf.(s.-a.)
Automotive Gear Work, Inc., preferred
Bangor Hydro-Electric 7% pref. (quar.)
6% preferred (quar.)
Bayuk Cigars, Inc
Special
1st preferred (quar.)
Beneficial Loan Society (Del.)
25c
SIM
Berghoff Brewing (quar.)
Birmingham Fire Insurance
Bon Ami Co. class A (extra)
Class B (extra)
Borne Scrymser Co
Boss Manufacturing Co
SI
Dec.
1 Dec. 12
1 Nov. 20
Jan.
2 Dec.
Jan.
11
Dec.
2 Dec. 11
15 Nov. 30
Dec.
15 Nov. 30
Jan.
Jan.
Dec.
15 Dec.
31
1 Nov. 20
15 Dec.
5
Nov. 18 Nov.
8
Dec.
15 Dec.
1
Dec.
15 Dec.
1
$2H
15 Nov. 29
Nov. 25 Nov. 14
<jpO
Dec.
15 Dec.
25c
(quar.)
Co. (monthly)
Bucyrus-Erie Co. (interim)
Preferred (quar,)
—
Dec.
S3
50c
Preferred
1
15 Dec.
25 Dec. 20
Dec. 15 Dec.
1
Jan.
2 Dec. 20
50c
SIM
SI
Bros
50c
Co
California Art Tile Corp. class A preferred
Canada Cement 6M % preferred
1
Dec.
Dec.
Dec.
1 Nov. 24
Nov. 25 Nov. 11
t25c
Dec.
SIM
Dec. 20 Nov. 30
25c
Canada & Dominion Sugar (extra)
Catalin Corp. of Amer. (resumed)
Dec.
1 Nov. 10
1 Nov. 15
15c
Nov. 30 Nov. 20
Nov. 30 Nov. 20
37c
Nov. 30 Nov. 20
25c
5% preferred (s.-a.)
Central Cold Storage (quar.)
Central & Southwest Utilities $7 preferred
Dec.
25c
25c
Catelli Food Products (s.-a.)
Extra
5
Dec. 15 Dec.
Dec. 20 Nov. 30
tSIM
15 Dec.
1
Dec.
Chesebrough Mfg. Co. (quar.)
20 Nov. 30
Dec.
$6 preferred
18 Nov. 24
18 Nov. 24
50c
Dec.
75c
Dec.
4 Nov. 20
SIM
Dec.
30c
Dec.
SIM
City Ice & Fuel
Preferred (quar.)
Clipper Belt Lacer
Coast Counties Gas & Elec. Co. 6%
11
SIM
Boston Woven Hose & Rubber Co
Burkard (F.) Mfg.
15
Dec.
S2M
Brewer (C.) &
Bunte
S2M
t82Mc
SIM
SIM
18Mc
12 Mc
25c
(quar.)
Chestnut Hill RR. Co. (quar.)
Cine. New Orl. & Tex. Pac. Ry. pref. (quar.)__
NOTICES
Dec. 23 Dec.
Dec. 23 Dec.
Jan.
75c
Agricultural Insurance (Watertown, N. Y.)
American
Holders
Payable of Record
SIM
Preferred (quar.)
Extra
Volume 148.
CURRENT
1708
—.Feb.
Feb.
Dec.
Woodward Iron Co., 5% income bonds
*
$207,800,920
Nov.
DIVIDENDS
...
Newfoundl'd, doUar.
"
-
Reserve
.873046
b
North America—
Canada, dollar
Cuba, peso
1
bank notes outstanding
against $2,235,026.50 on Nov. 1, 1938.
Federal
3.975000
.882968
Union South Africa, £
Note—$2,218,619.50
secured by lawful money,
Dec.
1 Nov. 24
Nov.
9 Nov.
25c
pref. (qu.)
SIM
Dec.
1 Nov. 15
15 Dec.
1
6
15 Nov. 25
.
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
3211
Per
Share
Name of Company
Heyden Chemical Corp
Extras
40c
40c
Hollinger Consol. Gold Mines (monthly)
5c
Extra
PARKE-BERNET
5c
Humble Oil & Refining Co
62 He
GALLERIES* INC
An
„
Appraisal and Liquidation at Public Sale of Art
Common (final)
Headed
by
HIRAM H. PARKE
•
President
OTTO BERNET and ARTHUR SWANN
Specialists for
jointly
personal direction
held such notable
G.
K.
JAMES
OGDEN
in the
as
STILLMAN
THOMAS FORTUNE RYAN
-
EDITH
GARY
.....
and
offices
in
for
the
STREET
57TH
galleries
of art, books
NEW YORK
especially designed
display
dignified
•
AND
on
the
disposal
properties
.
charge
or
.
.
.
Preferred
Mission
Holders
Payable of Record
$1%
Dec.
Dec.
Nov. 20
Dec.
1
Consolidated Film Industries,
Continental Steel
preferred
Jan.
Dec.
Dec.
5
15
Dec.
Dec.
Nov.
Nov. 20
Nov. 20
Nov. 20
Nov. 30
Nov.
$1
Dec.
20c
Nov.
$1H
92 A
Jan.
Nov. 20
Dec. 15
Derby Oil & Refining $4 pref
$4 preferred
De Vilbiss Co.
(year-end)
Dictaphone Corp
Preferred (quar.)
Dr. Pepper Corp. (quar.)
"—
Extra
Drayton Mills
Dresser Mfg. Co. (initial)
Eagle Warehouse & Storage (resumed)
Eastern Massachusetts Street Ry. Co. 1st pref. A
Electrographic Corp. (quar.)
Preferred (quar.)
Ely & Walker Dry Goods.
Empire Power Corp. $6 cum. pref. (quar.)
Participating stock
Equity Fund, Inc. (quar.)
Ever Ready Co. (G. B.), Ltd., ord. stock (s.-a.)_
Preferred
Nov. 14
Dec.
1
Mar.
Mar.
SIM
$1
$2
Nov.
Oct.
Dec,
Dec.
30c
Dec.
75c
Dec.
SIM
SIM
Dec.
Dec.
25c
Dec.
SIM
12Mc
SIM
1
31
Dec.
Dec.
Dec.
Nov.
Nov.
Nov.
Dec.
Nov.
18
18
14
1
21
1
Dec.
Nov. 24
Nov. 24
Nov.
Nov. 16
Dec.
Dec.
1
Corp. (year-end)
.
—
15 Dec.
1
9 Nov. 20
Corp. (semi-ann.)
15 Dec.
common
pref. (qu.).
_
6preferred (quar.)__
Neiman-Marcu8, 7% preferred (quar.)
Nelson" Baker & Co
Nelson
(Herman) Corp
New Bedford Cordage
Preferred (quar.)
Newberry (J. J.) (quar.)
Newmont Mining Corp. (year-end div.)
New Orleans'Public Service, $7 preferred
Newport Electric Co...:
New York Merchandise Co. (extra)
North Pennsylvania'RR. (quar.) —
Northwestern Electric, 7% preferred
6% preferred
Noradel-Agene Corp. (quar.)
Extra
(quar.)
Fulton Market Cold Storage Co. 8%
(J.) & Co. (initial)
pref. (qu.)_
—
Preferred (quar.)
Gatineau Power Co. (quar.)
Extra—:
—
5% preferred (quar.)
5A% preferred (quar.)
Gaylord Container
Preferred (quar.)
Gallaher Drug Co. 7% preferred (quar.)
7% partic. preferred (quar.)
General American Investors Co., Inc., pref
General Cigar, common (quar.)
General Gas & Electric Corp. (Del.), $5 pref. qu)
Getchell Mines, Inc
Golden State Co., Ltd. (initial quar.)
Goodrich (B. F.) Co__
—
Green Mountain Power Pfd
Guggenhime & Co., $7, 1st pref
Gulf Oil Corp
Hammermill Paper Co., cum. pref. (quar.)
Hart, Schaffner & Marx
Haverty Furniture Cos., Inc
Hazeltine Corp. (year-end dividend)
Home Fire & Marine Insurance (quar.)
—
—
—
6% preferred (quar.)
52
Dec.
17Mc
31Mc
Dec.
20c
5c
SIM
SI.38
Dec.
Dec.
Dec.
Jan.
35c
Dec.
Nov.
SIM
Jan.
25c
Dec.
SIM
Dec.
5c
20c
Oct.
Jan.
SI
Dec.
tlM
+S1M
Dec.
Nov.
25c
Dec.
5
5
4
Nov. 11
Nov. 10
Dec.
1
Jan.
Dec.
SI
Nov.
Nov. 17
5c
Nov.
Nov. 18
SIM
Dec.
50c
Dec.
Dec.
Dec.
SIM
15
1
5
22 Dec.
12
SI
Dec.
22 Dec.
12
Dec.
Dec.
1 Nov. 18
15 Dec.
2
+S1
Dec.
90c
Dec.
Dec.
29 Dec.
22 Dec.
10c
Dec.
22 Dec.
SI 2*
Dec.
Dec.
1 Nov. 15
11
8
8
15 Nov. 30
15 Nov. 30
Nov. 30 Nov. 20
Dec.
1 Nov. 20
Dec.
Nov.
Dec.
1 Nov. 20
1 Oct. 30
19 Nov. 27
Dec.
1 Nov. 20
Dec.
15 Dec.
$12*
Dec.
15 Nov. 30
$2
Dec.
15 Nov. 30
1.5c
1
Dec.
1 Nov. 24
$3
Dec.
15 Nov. 22
$12*
Dec.
20c
Dec.
2c
Dec.
S12*
Dec.
10c
- -— -
pref. (qu.)
(increased)
Dec.
—
Public Finance Service,
Inc., $6 pref. (quar.).—
Co., $5 pref
Public Service Elec. &fGas
7% preferred (quar.)
3
15 Nov. 24
1 Nov. 20
Dec.
1 Nov. 20
Dec.
1 Nov. 30
19 Nov. 24
19 Nov. 24
Dec.
Dec.
Dec.
25c
75c
Dec.
Quarterly Income Shares, Inc
Railroad Employees Corp. A A B (quar.)
20c
Feb.
15 Nov. 24
1 Nov. 20
1 Jan.
15
20c
Dec.
28 Dec.
20
20c
— _ —
Preferred (quar.).
Rand's (Pittsburgh) (initial quar.)
Jan.
20 Dec.
30
32*c
Dec.
15 Dec.
1
Dec.
Dec.
15 Nov. 30
15 Nov. 30
12 Ac
Dec.
15 Nov. 30
$1H
Dec.
10c
—
1
Dec.
50c
—
15 Dec.
10c
25c
8% cumul. preferred (initial quar.)
Raybestos-Manhattan
Special
Reeves (Daniel), Inc. (quar.)
Reinhardt Brewery Co., Ltd. (year-end)
Reliance Insurance Co. (Philadelphia) (s.-a.)
1
3 Nov.
20c
Purity Bakeries Corp
— —
1 Nov. 20
15 Dec.
91A
81%
$12*
Pullman, Inc..
Extra
1 Nov. 20
20c
(quar.)...
Extra
(quar.)
1 Nov. 20
Dec.
50c
Paton Mfg. Co., Ltd., 7% preferred
Pennsylvania Salt Mfg
Piper Aircraft Corp., pref. (quar.)
Pittsburgh & Lake Erie RR
Pittsburgh Youngstown & Ashtabula,
Preferred
1
Dec.
2Ac
ProgressJLaundry (quar.)
20
27
15
23
Dec.
15 Dec.
40c
1
5
Dec.
Dec. 15 Dec.
1
Nov. 25 Nov. 20
50c
1
Nov.
Nov.
Dec.
Nov.
Nov.
Oct.
Jan.
Dec.
1 Nov. 15
22 Dec.
9
Dec. 15 Nov. 30
Dec. 23 Dec.
8
7.5c
Powdrell & Alexander
Nov.
1 Nov. 15
Dec.
Dec.
$12*
SI H
Prairie Royalties, Ltd. (irregular)__..._
Procter & Gamble. 5% preferred (quar.)
68Mc
SIM
$2
Dec.
llNov. 21
10c
1
Dec.
25c
Nov. 15
45c
1
Nov. 28
Nov. 28
Nov. 20
25c
Dec.
28|Dec. 21
$1A
Dec.
Dec.
Dec.
Dec.
50c
—
15
Jan.
Dec.
Dec.
15
tS21.87
t$42
Onomea Sugar Co.
Dec.
Dec.
10c
Nov. 15
SI
Parker-Wolverine Co
Nov. 20
Dec. 20
Nov. 20
Dec.
5
Nov. 30
Dec.
15c
...
%
Dec.
Dec.
Dec.
50c
7% pref. (quar.)
Oshkosh B'Gosh, Inc.
Nov. 20
Jan.
i$3A
—
-
Dec.
50c
OgilvieTFlourJMills Co., 7% pref. (quar.)
Ohio Oil Co., preferred (quar.).___
Ohio River Sand Co., 7% preferred
OhioJWater Service Co., class A (irregular)
Oilstocks, Ltd. (semi-annually)
Oklahoma Gas & Electric Qo.,
30c
20c
$15*
SI3/*
*
6
Dec.
1
Nov. 28
Nov. 28
SI3/*
SI A
$1%
pref. (quar.)
Nov.
SIM
SIM
Nov.
Dec.
Jan.
10c
Nebraska Power Co., 7%
Dec.
5
Nov.
50c
—
—
Dec.
Dec.
$1%
50c
—
(monthly)
■
(irregular)
conv. preferred (quar.)
Pacific Power & Water, preferred (quar.)
Pacific Western Oil (irregular)
Pantheon.Oil Co. (quar.).
Dec.
1
15 Nov. 24
7 Nov. 30
National Aviation Corp
National Bond & Share
1
Dec.
15 Nov. 27#
....
8
Jan.
1
Nov, 21
......
31
Nov.
50c
dividend
Fireman's Fund Indemnity (quar.)
First Holding Corp. (Pasadena) 6%
1
Nov. 21
Dec.
Nov.
6
Nov. 27
Nov. 27
28 Nov. 22
15 Dec.
Monarch Mills, (resumed)
Monolith Portland Cement, preferred
Motor Wheel Corp. (quar.)
Extra....
20
15 Dec.
...
—
Mountain Producers
1
20
1 Oct. 20
23 Dec. 20
1 Nov. 21
(quar.).
Carpet Mills, Inc
Dec.
5c
1 Oct.
1 Nov. 24
Nov.
50c
25c
Ferro Enamel
Garfinkel
Dec.
$2
$1
51
20
15 Nov. 27
20 Dec.
5
15 Nov. 24
20%
(semi-annual)
First State Pawn Society
Dec. 23
Nov.
50c
5% pref..
(quar.)
Jan.
40c
Debenture & Securities Corp. of Can.
Delaware & Bound Brook RR. Co.
12
23 Dec.
(quar.)
National Transit Co
Nov.
SI
Preferred (quar.)
Curtis-Wright Corp. class A
Darling (L. A.) Co. (irregular)
David-Boutell preferred (quar.)
.
National-Standard Co
15c
;.
1
12
11 Dec.
.
15
1
15c
(quar.)..
Extra.
23 Nov. 30
22 Nov. 27
2 Dec. 20
1 Dec.
23
Nov. 28
SI3/*
7% pref. (quar.)
Cook Paint & Varnish
25c
82%
81%
1 Nov. 24
Dec.
Nov. 28
t25c
37 Ac
1 Nov. 24
15 Dec.
1
Dec.
Dec.
Nov. 24
Dec.
75c
15 Dec.
1*
23 Nov. 30
15 Nov. 30
Nov. 18
Dec.
Dec.
$1.06 J*
Nov.
91A
Dec.
91A
(Toronto) (quar.)
Connecticut Light & Power Co. (quar.)
5c
15 Nov. 28
15 Nov. 30
Corp .(special)
National Credit Co. (Seattle, Wash.)—
5% preferred (quar.)
National Dairy Products (quar.)
Class A and B preferred (quar.)
NationaPLife"&"Accident Insurance Co. (quar.)
Dec.
(quar.)
(irregular)
2
11
Extra
$1
Confederation Life Assoc.
Stock
When
50c
Commoil Ltd.
1 Nov. 22
15 Dec.
25c
tlOc
Midwest Oil Co. (semi-annual)
Mid-West Refineries, Inc. (quar.)
91H
;
12 Nov. 30
1 Nov. 22
25c
$1H
1 Nov. 20
Middlesex Water
$2 A
Extra
12 Nov. 30
12 Nov. 30
(quar.)
Muskogee Co.,
Columbian Carbon Co. (final)
Commercial Credit Co. (quar.)
12 Nov. 30
15 Dec.
Monarch Machine Tool (quar.)
Extra
5A% pf.(qu.)_
25c
37 Ac
25c
87 Ac
22 Dec.
Extra
Name of Company
30c
1 Nov. 20
Mohawk
Colonial Finance Co. (Lima, O.)
Colt's Patent Fire Arms (quar.)
1
15
1
15 Nov. 20
15 Dec.
1
SI H
Mission Dry Corp. (quar.)
Missouri Utilities, preferred
Share
15 Dec.
2 Dec.
20 Dec.
Participating preferred (quar.).
Metal & Thermit (year-end)
Michigan Bakeries, Inc., $7 pref. (quar.)
$1 non-cumul. prior preferred (quar.).
Michigan Silica (quar.)
obligation.
Per
21 Dec.
22 Dec.
Preferred
Cable Address: PARKGAL
Plaza 3-7573
1 Nov. 20
25 Nov. 15
1 Nov. 15
Metal Textile Corp
appraisal of Estate
or
without
.
.
t37Hc
$1 %
Extra
and manuscripts.
CONSULTATION
1 Nov. 21
2 Dec. 12
Extra
•
ADVICE
1
1 Nov. 21
1 Nov. 21
Merck & Co., Inc
public sale
and
6
15 Dec.
Magma Copper Co. (year-end div.)
Magnin (I.j & Co. (quar.)
Maryland Fund, Inc. (increased)
May Hosiery Mills (quar.)
Preferred (quar.)
......
McKenzie Red Lake Gold Mines (quar.)
Now located at
EAST
20 Dec.
Dec.
4c
Louisville & Nashville RR. Co
Mabbett (Geo.) & Sons Co., 7 % 1st & 2d pf. (qu)
30
6
Dec.
40c
...
JOHN A. SPOOR
REID
WHITELAW
20 Dec.
t75c
...
MRS.
1 Nov. 20
1 Nov. 20
Dec.
Dec.
17 Ac
...
ROCKEFELLER MCCORMICK
12*
15 Dei. 20
25c
Lily-Tulip Cup (quar.)
Lincoln Service Corp. (quar.)
6% participating preferred (quar.)
6 % participating preferred (extra)
7% prior preferred (quar.)
Lincoln Stores, Inc. (quar.)
Preferred (quar.)
Lionel Corp. (interim)
............
Little Long Lac Gold Mines
Louisiana Land & Exploration Co.
Louisville Gas & Electric, class A (quar.)
Class B (quar.)
were
Dec.
$3
$3
$4
Libby-Owens-Ford Glass
the:
JUDGE ELBERT H.
BILLINGS
MILLS
severally
or
public sales
Jan.
75c
$1
pref. (quar.)..
Krogt r Grocery & Baking (final)
Lake Shore Mines, Ltd
Lang (J. A.) & Sons (quar.)
Lava Cup Gold Mining (irregular)
of public sales, under whose
management
C.
years
1 Nov. 17
1 Nov. 17
2 Dec.
25c
_
Kobacker Stores,
than thirty
more
Dec.
$1
....
Knudsen Creamery Co., $1M class A
Vice-Presidents
Dec.
75c
(quar.)
Joy Mfg. Co. (quar.)
Kansas, Oklahoma & Gulf Ry. Co.—
Series A 6% cumu. preferred
Series B 6% non-cumul. preferredSeries C 6% non-cumul. preferred
Kimberly-Clark Corp
Kingston Products, preferred (quar.)
Literary and Personal Property
1 Nov. 24
Dec.
2 Nov. 18
Dec. 26 Nov. 25
40c
...
Preferred (semi-ann.)
Jewel Tea Co., Inc.
1 Nov. 24
2 Nov. 18
Jan.
25c
12 Ac
„
Indianapolis Water Co., 5% pref. A (quar.)
International Harvester Co. (quar.)
International Petroleum, Ltd. (semi-ann.)
Organization for the
Dec.
Dec.
Dec.
$1H
Imperial Oil, Ltd. (semi-ann.)
Extra
* Holders
When
Payableof Record
Dec.
30c
Dec.
20c
Dec.
15 Nov. 30
1 Nov. 20
15 Nov. 24
15 Nov. 24
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
3212
Per
Name of
When
Share
Company
50c
15c
25c
Rustless Iron & Steel.
62 He
Preferred
(quar.)
San Carlos Mill (irregular)
Savannah Gas, preferred (quar.)_ —
Schiff Co. (quar.)
-
43 He
25c
25c
Extra
tlX
Preferred (quar.)
Scott Paper Co. (quar.)
Extra
a
40c
—
25c
—
$4H cumulative preferred (quar.)
Securities Corp. General, $7 pref. (quar.)
S6 preferred (quar.).
- - Shenango Valley Water Co., pref. (quar.)..
Sherwin-Williams of Canada, preferred
Simmons-Boardman Publishing, pref,
Simms Petroleum Co. (liquidating)
....
$1X
tlX
SI H
11H
ttlX
t75c
Stockyards Co., pref. (quar.)...
Skelly Oil Co
South Carolina Power Co., $6 pref. (quar.)...
South Shore Utilities Assoc. $1X pref. (quar.)..
Sovereign Life Insurance (annual).
37 He
25c
50c
Sioux City
Name
Nov. 15 Nov.
9
Jan.
2 Dec. 22
Dec.
1 Nov. 17
Artloom Corp., 7%
Atlanta Gas Light, preferred (quar.)
Atlantic Refining Co
.
Dec.
Dec.
Dec.
15 Nov. 30
15 Dec.
1*
15 Dec.
Feb.
1
Nov. 22
Nov. 22
Dec.
1
Jan.
1*
Jan.
20*
Oct.
17
Oct.
17
Nov. 20
2 Dec.
12 Dec.
Dec.
15
1
Dec. 11 Nov. 27
Nov. 15 Nov. 11
Dec. 22 Nov. 27
tSX
tlX
Dec.
37 He
Dec.
Nov. 10
Dec.
5
Jan.
Dec.
25c
Dec.
Nov. 21
25c
Dec.
Nov. 17
Nov. 17
tlX
Atlas
Corp
6% preferred (quar.)
Atlas
Dec.
(qu.)
>ref.
Corp.
Astor Financial Corp.. 1st pr
15
75c
Dec.
20c
Dec.
Dec.
5c
Dec.
Nov. 15
15c
(final)
Dec.
IIH
Powder Co
Atlas Press Co.
Holders
Nov. 15
1-annual).
preferred
Associated Dry Goods
|
Payable of Record
Share
of Company
Dec.
1 Nov. 20
Dec. 12 Nov. 24
Dec.
1 Nov. 22
Nov. 15 Oct. 27
Dec.
1 Nov20
Dec. 15 Nov. 30
Dec. 15 Nov. 30
HX
When
Per
Holders
Payable of Record
$1
RlsdonMfg. Co. (irregular).
7% preferred (quar.)
Royalties Oil Co., Ltd. (s.-a
Ruud Mfg. Co
Nov. IS, 1939
Dec.
Nov. 15
Baltimore Radio Show (quar.)
0% preferred (quar.)
Bankers National Investing cl. A & B
Nov. 30
5
8c
Nov. 25 Nov. 10
Preferred (quar.)
15c
Barlow & Seelig Mfg
Class A (quar.)
15c
Nov. 25 Nov. 10
Nov. 20 Nov. 16
Dec.
1 Nov. 16
Barnsdall Oil
30c
9 Nov. 24
15c
Dec.
Bastian-Blessing Co
40c
Beattie Gold Mines (interim)
J5c
Nov. 25 Nov. 10
Dec.
7 Nov. 20
Co.-(reduced)
Beau Brummell, Inc
Beaunit Mills, Inc.,
1 Nov. 14
10c
IIH
pref
Dec.
t75c
Dec.
1 Nov. 15
75c
cum. conv.
Beech-Nut Packing Co. (special)
Belden Mfg. Co
Dec.
15 Nov. 22
30c
Dec.
1 Nov. 20
$1
Jan.
Jan.
Dec.
2 Dec.
15
2 Dec.
15
^
Standard Screw
Jan.
S1H
37 He
,11H
Dec.
30c
,
Standard Wholesale Phosphate & Acid Works
Special stock div. of 1 sh. for each 200 shs. held
Stayton Oil Co. (quar.)
Stix, Baer & Puller Co
Straw bridge & Clothier 7% preferred
Sunset-McKeeSalesbookCo.,cl. A (quar.),
Class B (quar.)
Sunshine Mining Co
Swift & Co. (quar.)
Stuart (D. A.) Oil Co., Ltd., cl. A partic. pref.
Superior Tool & Die (quar.)
2 Dec.
Dec.
15
1 Nov. 15
15 Dec.
1
Nov. 10 Nov.
1
25c
tSl
37 He
Dec. 15 Dec.
5
Dec. 20 Dec. 11
Dec.
1 Nov. 20
Dec. 30 Dec. 13
Dec. 15 Dec.
4
25c
Dec.
15 Dec.
40c
Dec.
23 Nov. 24
30c
Jan.
4
Swift & Co. (quar.)
30c
Talcott (James), Inc.
10c
Jan.
68 ^c
$2
Jan.
Dec.
Nov. 20
$1X
Dec.
Nov. 20
1 Dec.
8
20c
2 He
12 He
Extra
(quar.).-.-;
5X% participating preference (quar.)
Tampa Gas 8% preferred (quar.)
7% preferred (quar.)
Teck-Hughes Gold Mines (quar.)
Telautograph Corp. (final)
Telephone Bond & Share Co., 7% 1st pref. (qu.)
S3, 1st preferred (quar.)
Texas Gulf Sulphur
(quar.)
10c
Dec.
Dec.
Jan.
Dec.
Dec.
12c
Dec.
50c
Dec. 15 Dec.
1
Nov. 30 Nov. 20
Dec. 15 Dec.
1
Dec. 15 Dec.
1
5c
Title Insurance of St. Louis
12 He
25c
Udylite Corp. (initial)
Preferred (quar.)
12Hc
12 He
45c
A&B
10c
10c
Special
— —
(quar.)
tlX
5% preferred (semi-annual)
S2H
United Gas & Electric Corp.)
3.5c
Preferred (quar.)
IX%
5% preferred (s.-a.)
2H%
Utah Power & Light $7 preferred
1 $1.16*.
$6 preferred
t$l
Utilites Equities $5 X preferred
+S1
Vanadium Corp. of America (resumed)
SI
Victor-Monaghan Co. (resumed)
si
7% preferred (quar.)
$1X
Virginia Elctric & Power $6 pref. (quar.)
S1H
Vapor Car Heating (year-end)
■.
Waialua Agricultural Ltd.
(irregular)
Welch Grape Juice Co., pref. (quar.)
$1X
West Coast Telep. Co. 6% prer. (quar.)
37Hc
Western Auto Supply Co. (quar.)
50c
United Gas & Electric, 7% pref.
M
Extra
25c
15 Dec.
1
15 Dec.
15 Dec.
1
Dec.
(quar.)..
S1H
20c
$1X
Yellow Truck & Coach Mfg., preferred
Preferred (quar.)
Below
we
$2
.
+S7
...
tlX
Nov. 30
Dec.
16
Nov. 30
Dec. 23 Dec. 11
Dec. 23 Dec. 11
give the dividends announced in previous weeks
The list does not include dividends an¬
being given in the preceding table.
and not yet paid.
Name of
Company
Share
Abbotts Dairies, Inc. (quar.)
Acme Steel Co. (quar.)
Extra
Aetna Ball Bearing Mfg. (quar.)
When
Holders
Payable of Record
Dec.
50c
Dec.
Nov. 15
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Nov. 15
15c
25c
Aluminum Co. of Amer., preferred
t$2H
6% preferred (quar.)
Aluminium, Ltd
Preferred (quar.)
Aluminum Mfg. Co.. Inc. (quar.)
7% preferred (quar.)
American Arch Co. (Irregular)
1
Dec.
Armstrong Rubber, A. & B
15
1*
Dec.
1*
Nov. 20
Dec. 15
Nov. 24
'Cincinnati Union Terminal 5% pref.
13c
Nov. 18
Dec.
1
tlX
Dec.
Nov. 25
Dec.
Dec.
Feb.
Dec.
Dec.
Dec.
Dec.
Nov. 15
Nov. 15
Jan.
9
Nov. 25 Nov. 15
Dec.
1 Nov. 17
Dec. 22 Nov. 17
1 Dec. 15
Dec. 31 Dec. 15
Jan.
Dec.
60c
25c
S1H
Jan.
Dec.
Dec.
Dec.
Dec.
Nov. 15
Nov. 15
Nov. 15
Nov. 14*
Dec. 14*
Nov. 15
Nov. 17
Nov. 17
Nov. 29
tlX
Dec.
15 Dec.
5
Sanitary—
Nov. 27
50c
Dec.
Dec.
Nov.
25c
Nov.
Nov.
tlX
tHH
12Hc
Nov. 15
Nov.
3
8
Jan.
Nov. 30
Dec.
Dec.
Nov. 10
Nov. 20
$1
25c
Dec.
Dec.
Nov.
11
Dec.
Nov. 20
Dec.
1
8
Nov. 17
Dec.
1 Nov. 15
Nov. 22 Nov. 13
Dec. 15 Nov. 20
Dec. 15 Nov. 26
Dec.
1 Nov.
1
Nov.
1
Dec.
Nov. 15
Nov. 10
Nov. 26
1-1-40 Dec.
IX
Dec.
1 Nov. 20
Jan.
2 Dec.
Dec.
Dec.
Dec.
Columbia Brewing Co. (resumed, quar.)
75c
15
50c
50c
50c
12
Collins & Aikman
Nov. 15
2 Dec.
1 Nov. 15
15 Nov. 28
Dec.
Nov.
7
Dec.
Dec.
tlX
(quar.)
Nov.
Dec.
15
Jan.
Dec. 12 Nov. 30
Dec. 20 Dec. 18
Dec. 23 Dec. 18
Nov. 20 Nov.
6
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec. 21 Dec. 14
Nov. 22 Nov.
6
Coca-Cola Co
20
23 Dec. 15
1 Nov. 10
1
Nov. 10
Dec.
15 Dec.
Year-end dividend
Dec.
15 Dec.
Class A
Dec.
Dec.
15 Dec.
15 Dec.
Dec.
15 Dec.
(s.-a.)
Coca-Cola International Corp. common
Class A
(s.-a.)
Col grate-Pal moll ve-Peet pref. (quar.)
Jan.
Dec.
(Extra)
1 Dec.
15 Nov. 21
1 Nov. 21
Dec.
1 Nov. 15
1 Nov. 15
Dec.
Extra
Columbia Broadcasting class A & B
Commonwealth Utilities Corp. 6H% pf- O (qu.)
Compania Swift Internacional (quar.)
Compressed Industrial Gases
Coniarum Mines, Ltd
Connecticut Lt. & Power Co. 5H % Pref. (qu.)__
Connecticut Power Co. (quar.)
Connecticut River Power Corp. 6% pref. (qu.)_
Consolidated Cigar Corp., 7% pref
Standard
8 Nov. 24
1 Nov. 15
1 Nov. 15
Dec.
15 Nov. 30
Dec.
Dec.
1 Nov. 15
Dec.
Dec.
1 Nov. 15
1 Nov. 15
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec.
15 Nov. 30
Dec.
15 Nov. 10
II Nov. 20
Securities—
$2 H non-cum. preferred (semi-annual)
Consolidated Edison Co. of N. Y., Inc
37Hc
--
50c
Continental Assurance Co. (Chic., 111.) (qu.)
Continental Can Co., $4X preferred (quar.)
(quar.)
Copperweld Steel Co. (quar.)
5% cum. conv. preferred (quar.)
Cosmos Imperial Mills. Ltd. pref. (quar.)
Crane Co., 5% conv. pref. (quar.)
25c
Dec.
25c
Consolidated Paper Co
Container Corp. of American
Continental Casualty (Chicago)
Extra
1 Nov. 21
Dec.
Dec.
—
Diversified
1
Dec.
Dec.
Preferred (quar.)
Consolidated
'
ttix
t!50c
City of New Castle Water Co. 6% pref. (qu.)
Clearfield & Mahoning RR. (semi-ann.)
Cleveland Builders Realty Co
Cleveland & Pittsburgh 7% gtd. (quar.)
4% guaranteed (quar.)
;
Dec
American Tobacco Co., com. & com. B (quar.)..
Archer-Daniels-Midland
Interim
Dec.
Dec.
Dec.
75c
(quar.)
15 Nov. 30
15 Nov. 30
2 Dec. 15
Dec.
Dec.
Dec.
American Paper Goods Co.—
American Rolling Mill, 4H %|preferred
American Smelting & Refining Co. (quar.)
American Stores Co
American Thread, preferred (s.-a.)
Dec.
Jan.
1 Nov. 15
Dec.
Nov. 15
Dec. 15
20c
20c
7% preferred (quar.)
15 Nov. 30
_
Dec.
62 He
50c
~
1 Nov. 15
Dec.
Nov. 25 Nov. 15
1 Dec. 15
40c
American Meter Co
Armstrong Cork Co. (quar.)
15
Dec.
1
Jan.
25c
Monthly
Standard
Dec.
15 Dec.
1 Nov. 10
Nov. 29 Nov. 15
Nov. 24 Nov.
3
Dec.
i
Dec.
tin
American Investments (III.) (quar.)
American Metal Co
Preferred (quar.)
Preferred
Nov. 20
Vov. 24
Dec.
prior preferred (quar.)
1st partic. preferred (s.-a.).
Celluloid Corp. 1st partic. preferred
Central Arkansas Public Service Corp.7% preferred (quar.)
Central Eureka Mining
Central Illinois Public Service $6 preferred
6% preferred
Central Ohio Light & Power, pref. (quar.)
l7Hc
tlX
American Home Products Corp. (mo.)
8
cum.
50c
(quar.)..
1 Nov.
cum.
tlX
S2H preferred (quar.)
S2 preferred (quar.)
8
Dec.
Dec.
tlX
40 shares held
50c
Preferred (quar.)
4
1 Nov.
Dec.
1 share for
11H
25c
American Radiator &
at rate of
Champion Paper & Fibre pref.I(quar.)
Chartered Investors, pref. (quar.)
Chicago Corp., preferred
Chicago Mail Order Co
Chicago Yellow Cab
S1H
American General Corp., $3 preferred
1
5 Nov.
Central Tube
1
tlX
Extra
Dec.
Dec.
115c
Dec.
Nov. 15
15 Nov. 24
1 Nov. 13
1 Nov. 10
Dec.
11
div.
Dec.
Dec.
1 Nov. 20
1 Nov.
6
1 Nov. 20
1:30c
6% preferred (quar.)
Carey (Philip) Mfg., 6% preferred
Carman & Co., Inc., class A
^
Class A (quar.)
Carolina Telep. & Teleg. Co. (quar.)
Catawissa RR. Co. 5% 2nd preferred (s.-a.)
Caterpillar Tractor (quar.)
Celanese Corp. of America, common
Nov. 15
Allegheny Ludlum Steel, pref. (quar.)
Allied Laboratories (quar.)
Allied Stores«Corp., 5%ipref. (quar.)_.
Allis-Chalmers Mfg. Co
__
Dec.
37 He
Canadian Wineries Ltd
Nov. 15
Alabama Water Service Co. $6 pref. (qu.)
Alaska-Pacific Salmon Co., preferred (s.-a.)
Envelope Co 7% pref. A (quar.)
American Gas & Electric Co. (quar.)
Dec.
Dec.
II
20c
Canfield Oil Co
stock
1 Nov. 15
Nov. 30 Nov. 20
Nov. 30 Nov. 10
Nov. 30 Nov. 10
tlX
t!2.173 Dec.
(resumed)
Dec.
Dec.
Dec.
25c
American
15 Nov. 30
50c
25c
$1 *4
10c
Concent'g
75c
American Auotmobile Insurance Co
American Box Board, preferred (quar.)
American Capital Corp., prior pref. (quar.)
Dec.
Dec.
37 He
&
Dec.
25c
1
1
15 Nov. 30
15c
Mln.
25c
Extra
8
15 Dec.
$1
Inc..
Campbell, Wyant & Cannon Foundry Co
Canada & Dominion Sugar Co., Ltd.—
New (quar.)
Canada Vinegars Ltd. (quar.)
Canada Wire & Cable, class A (quar.)
Class B (interim)
Preferred (quar.)
Canadian Cottons, Ltd., (quar.)
Preferred (quar.)
Canadian Internat'l Investment Trust, 5% pref.
Canadian Malartic Gold Mines, Ltd
7%
7%
20 Dec.
Dec.
Dec.
50c
Buckeye Pipe Line Co
A common
Dec.
25c
7% preferred (quar.)
Byers (A. M.) Co. 7% preferred
Nov. 22
Nov. 21 Nov. 16
Nov. 20 Oct. 31
Dec. 22 Nov. 22
tlX
Brown Shoe Co
Mills
til
....
Butler Water Co.
nounced this week, these
Per
-
Calhoun
Dec. 15
Dec. 26
Dec.
1
Dec. 14
Dec. 26 Dec. 20
1 Nov.
6
Dec.
$2
-
-
2 Dec.
Nov. 15 Nov.
6
Nov. 15 Nov.
6
Dec. 11 Nov. 30
75c
60c
Dec.
18
1
tlX
25c
(quar.)
1 Nov. 30
tl
15 Dec.
1
Nov. 22 Nov. 15
Dec.
15c
Dec.
1 Dec.
7% preferred (quar.)
Extra
Jan.
Dec.
tlX
50c
Brooklyn Teleg. & Messenger Co. (quar.)
Brooklyn Union Gas
Jan.
1 Nov. 20
1 Nov. 20
1 Nov. 20
J7Hc
tllH
Butler Bros, (interim)
Preferred
Dec.
Dec.
Mc
Hum* Bros., 5% orefenwi (quar.)
Burroughs Adding Machine
Dec.
9 Dec.
1
Nov. 30 Nov. 20
Nov. 30 Nov. 15
Dec.
1 Nov. 20
Dec.
Dec.
.
Bower Roller Bearing
Brewing Corp. of America (quar.)
Bright (T, G.) & Co. (quar,)
Preferred (quar.)
Bristol-Myers Co. (quar.)
Brockway Motor Co., Inc. (initial)
Brooklyn Edison (quar.)
Bunker Hill & Sullivan
15 Dec.
15 Nov. 30
Dec.
1 Nov. 20
Jan.
1 Dec. 20
Dec. 20 Nov. 29
1 Nov. 14
tlX
tlx
75c
Bornot, Inc., class A
Boston Fund, Inc.
quar.)
Boston Wharf
Bullock's
29 Dec. 29
Dec.
1 Nov. 10
Jan.
2 Dec.
8
Jan.
8
2 Dec.
Dec.
1 Nov. 14
Dec.
cash.
15 Dec.
2 Dec.
2 Dec.
Wolverine Tube Co
or
15 Dec.
Jan.
25c
Stock
11 Nov. 18
87 He
_
Dec.
Jan.
25c
Preferred (quar.)
5% preferred (quar.)
Birmingham Gas, preferred (quar.)
Birmingham Water Works Co. 6% pref. (qu.)
Bliss & Laughlin
Also stock div. of H sh. of com. stk. on each
share of common stock outstanding.
Bloch Bro. Tobacco pref. (quar.)
Blue Ridge Corp. $3 preferred (quar.)
Bird & Son, Inc.,
Dec.
30c
25c
...
25c
Dec.
50c
Wright Aeronautical Corp
75c
$1
5% preferred (quar.)
7% preferred (quar.)
Bigelow-Sanford Carpet
15 Dec.
15 Dec.
7 Dec.
Dec.
Weston Electrical Instruments, A (quar.)
Preferred
1
Dec. 15 Dec.
1
Nov. 30 Nov. 15
Dec. 23 Dec.
1
Dec. 23 Dec.
West Point Mfg. (quar.)
Williams (J. B.) (quar.)
(quar.)
Wisconsin Michigan Power, 6% pref.
15
15
28c
Tokheim Oil Tank & Pump Co
Wilson Products, Inc.
$1J1
Bethlehem Steel
1.5c
1 Dec.
1
Dec.
1 Nov. 15
Nov. 25 Nov. 18
Nov. 25 Nov. 18
Jan.
1 Dec.
1
United Amusement Corp. class
United Elastic Corp. (quar.)
Belding-Corticelli. Ltd. (quar.)_.
Preferred (quarterly)
Bendix Aviation Corp
Bensonhurst National Bank (Brooklyn, N. Y.)__
Nov. 20 Nov.
50c
Dec. 30 Dec.
Jan.
2;Dec.
tlX
6
15
11
30c
Dec.
liNov. 15
30c
Dec.
15 Nov. 15
20c
Dec.
10: Dec.
1
1
Dec.
10 Dec.
tlX
Jan.
tlx
Dec.
15 Dec. 30
15 Dec.
1
62 He
Volume
ONE HUNDRED—The Commercial & Financial CArom'c/ejfYEARS OLD
149
Holders
When
Per
Name of Company
Share
87 He
Dec.
Nov. 10
25c
Dec.
25c
Dec.
Nov. 30
Nov. 30
Crown Cork & Seal Co., Inc., $2X pref. (quar.)
Crown Drug Co
56Kc
Dec.
Nov. 30*
„
Cuneo Press, Inc., pref. (quar.)
Curtis Manufacturing Co. (monthly)
Dec.
Dec.
Nov. 15
$2
30c
Dec.
Dec.
Nov.
Nov. 17
si*
six
Nov.
Nov.
Nov. 17
Dec.
1
Nov.
8
Nov. 20
Nov. 20
Nov. 20
Dec.
15
Share
of Company
Imperial Life Assurance (Can.) (quar.)
Ingersoll-Rand Co
%%3X
M
Inland Steel Co
International Harvester Co., pref. (quar.)
International Nickel Co. (Can.)
$1*
50c
Payable in U. S. funds.
International Ocean
Telegraph (quar.)
International Shoe Co. (extra!)
International Teleg. (Maine) semi-annual)
Iron Fireman Mfg. Co. (quar.)
Ironwood & Bessemer Ry. & Lt.
Island
Dayton Power & Light 4 H % preferred (quar.)
_
_
Deere & Co
30c
7% pref. (qu.).
(quar.)
Denver Union Stock Yards Co. 5H% pref. (qu.)
Deposited Bank Shares of N. Y. series A (s.-a.).
_
Dec.
Dec.
Dec.
Nov. 15
Jantzen Knitting Mills, 5% preferred (quar.)
Kansas City Southern Ry., pref
Nov. 15
Kansas
$1X
Dec.
Nov. 20
Jan.
Nov. 15
Preferred (quar.)
Kansas Power Light & Gas
Preferred (quar.)
Katz Drug Co. (quar.)
Preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)
Kellogg Co. (final)
Kellogg & Sons (irregular)
Kemoer-Thomas, 7% special pref (quar.)..
Dec.
2X%
Payable in stock
Detroit Motorbus Co. (liquidating)
Detroit Gasket & Mfg. 6% preferred (quar.)
Detroit Hillsdale & South western RR. (s.-a.)
Dexter Co
Diamond Match Co.
_
10c
30c
Nov. 20 Oct. 20
Dec.
1 Nov. 15
5 Dec. 20
Dec.
1 Nov. 10
Mountain Mines
Jaeger Machine Co
25c
Dec.
75c
30c
3-1-40 2-10-40
Dec
1 Nov. 18
Kendall Co.
50c
common
Participating preferred (s.-a.)
Dr. Pepper Co. (Increased quar.)
Dome Mines Ltd. (quar.)
Dominguez Oil Fields
Dominion & Anglo Investment Ltd.—
5 % preferred
(quar.)
Dominion Coal Co., preferred (quar.)
Douglas Aircraft Co., Inc
Eagle-Picher Lead (resumed)
Preferred (quar.)
Jan.
20 Dec. 30
Nov. 30 Nov. 17
Kennedy's, Inc
Kentucky Utilities Co., Jr.
25c
si*
38c
$3
20c
...
$1H
1
Nov. 10
pref.
Key West Electric Co., preferred
Klein (D.
2 Dec.
Nov. 20 Nov. 10
Dec.
8 Nov. 24
1 Dec.
Jan.
15
Nov. 20
Dec.
Dec.
Nov. 10
Nov. 10
Dec.
5
Dec.
5
Eaton Mfg. Co
Electric Boat Co
_
Nov. 25 Nov.
8
Dec.
8 Nov. 22*
Electrolux Corp. (final)
El Paso Electric (Dela.) 7 % preferred A (quar.)_
Dec.
15 Nov. 15
Jan.
15 Dec. 29
15 Dec. 29
Jan.
6% preferred B (quar.)
$6 preferred (quar.)
El Paso Natural Gas, 7% pref. (quar.)
Empire & Bay State Telep. (quar.)
Empire Capital Corp. class A (quar.)
Dec.
15 Dec. 29
1 Nov. 18
Dec.
1 Nov. 20
Jan.
a.
Nov. 30 Nov. 15
Extra
Nov. 30 Nov. 15
2 Dec. 22
Dec. 21
1-2-40
$1H
Dec.
1 Nov. 10*
Nov. 25 Nov. 10
1
Nov. 20 Nov.
Dec.
1 Nov. 15
87 He
Dec. 29
Nov. 20
Dec. 12
Dec.
25c
Dec.
(quar.)
(quar.)
Lake of the Woods Milling 7 % pref. (quar.)
Lane Wells Co. (quar.)
Lanston Monotype Machine
Lehigh Portland Cement pref. (quar.)
Le Tourneau (G. R.), Inc.
(quar.)
Lexington Utilities Co. $6H pref. (quar.)
Lexington Water Co., 7% preferred (quar.)
Life & Casualty Insurance of Tennessee
Life Savers Corp...
Special
Liggett & Myers Tobacco (quar.)
Dec.
Dec.
1 Nov. 10
Dec.
1 Mar. 18
Apr.
Dec. 18 Dec.
Dec. 30 Dec.
Dec. 30 Dec.
5% preferred (semi-annual)
15
9
9
Federal Compress & Warehouse Co. (quar.)
Extra.:
Dec.
1 Nov. 18
Dec.
1 Nov. 18
Federal Light & Traction Co., pref. (quar.)
Finance Co. of Amer. (Bait.), class A and B
Extra stk. div. on com. A & B in com. A & B
at the ratio of 1 sh. for each 25 shs.
Dec.
1 Nov. 15*
5H % cumulative preferred (quar.)
Firestone Tire & Rubber, preferred (quar.)
First National Bank of Jersey City (quar )
First National Bank (Toms River, N. J.) (qu.)..
Fishman (M. H.) Co. (quar.)___
Fitz Simons & Connell Dredge & Dock
Florida Power Corp. 7% preferred A (quar.)
7% preferred (quar.)
_<
Ford Motor Co. of Canada A & B (quar.)
Franicenmuth Brewing (quar.)
Dec. 22 Dec.
12
Nov. 30 Nov. 20
6Hc
S1H
1%
87m
Dec. 22 Dec. 12
Dec.
1 Nov. 15
Dec. 30 Dec. 23
Dec. 27
Dec.
Nov. 15
Jan.
Extra
Freeport Sulphur (quar.)
Extra
General American Co. (quar.)
General Box Co. (semi-annual)
Dec.
5c
_
87 He
25c
2 He
Dec.
25c
50c
75c
_
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Nov. 14
Dec.
Nov. 14
Dec.
Nov.15
25c
Dec.
SIX
Dec.
Dec.
Dec.
20
r
General Instrument
(initial)
General Motors Corp
$5 preferred (quar
General Shareholding, preferred (quar.)
Option div. cash or common stock.
Globe Democrat Publishers, preferred (quar.)..
Gold & Stock Teleg. (quar.)
Golden Cycle (quar.)
Goodyear Tire & Rubber Co
$5 convertible preferred (quar.)
Gossard (H. W.) Co
Granby Consol. Mining, Smelting & Power Co
Dec.
Dec.
1
Dec.
1
Dec.
30c
15c
Nov.
Nov. 15
Nov. 25
Jan.
Dec.
SIX
SIX
SIX
15
Dec.
Nov. 16
Feb.
Jan.
Dec.
Nov. 15
Dec.
Nov.
Dec.
Nov.
Nov.
Nov.
8
$1
25c
SIX
Jan.
Dec.
11
Dec.
15
Dec.
15
2
Great Northern Paper
Extra
Griggs Cooper & Co. 7% preferred (quar.)
(quar.)
$5H preferred (quar.)
Hackensack Water Co. (semi-annual)
Preferred (quar.)
Hale Bros. Stores (quar.)
Hallnor Mines (irregular)
Hamilton Watch preferred (quar.)
Hancock Oil (Calif.) class A & B (quar.)
Class A & B (extra)
Hanley (James) Co., 7% preferred (quar.)...
Hanna (M. A.) Co., $5 cum. pref. (quar.)
Gulf States Utilities, $6 pref.
—
—
1 Nov. 20
SIX
Jan.
Dec.
2 Jan.
2
15 Nov. 29
15 Nov. 29
SIX
SIX
75c
43 Xc
25c
18c
Preferred
Dec.
1
50c
Dec.
1
11
15
17
15
15
Dec.
1
Dec.
1
Dec.
Dec.
1 Nov. 16
1 Nov. 16
SIX
50c
& Co. (monthly)
Monthly
15c
15c
50c
class A (quar.)
A (quar.)
Holophane Co
Holt (Henry) & Co., preferred A
Homestake Mining (monthly)
Hooven & Allison Co., 5% preferred (quar.)
Hoover Ball & Bearing
Hires (Chas. E.) Co.
37 Xc
25c
Hobart Mfg. Co., class
15c
37Xc
SIX
30c
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)
8Xc
45c
20 Jan.
15
6
Nov. 25 Nov. 15
Jan.
2 Dec. 15*
Nov. 24 Nov. 14
Dec. 29 Dec. 19
Dec.
1 Nov. 15
Dec.
1 Nov. 17
Dec.
Dec.
1 Nov. 15
1 Nov. 10
Nov. 25 Nov. 20
Dec.
1 Nov. 15
Dec.
1 Nov. 22
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec.
2c
Dec.
Dec.
SIX
SIX
68Xc
S3X
Huntington Water Co., 7% pref. (quar.)
6% preferred (quar.)
Hussman-Ligonier Co. pref. (quar.)
Huston (Tom) Peanut Co. pref. (semi-ann.)
Jan.
SIX
$1
Hudson Bay Mining & Smelting
14
15
25c
Hazel-Atlas Glass Co
Imperial Chemical Industries (interim)
Nov.
Dec.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
87 Xc
SIX
SIX
Huttig Sash & Door Co. pref. (quar.).
Idaho Maryland Mines (monthly)
Illinois Central RR. leased line (s.-a.)
Dec.
1
Dec. 31
Dec.
1
Dec.
1
SIX
(quar.)
Hart-Carter Co. $2 conv. pref. (quar.)
Kibbard, Spencer. Bartlett
Dec.
50c
Harbison-Walker Refractories
Dec.
Dec.
Ludlow Mfg. Assoc
Lunkenheimer Co., pref. (quar.)
Dec.
Nov. 27
Nov. 4
Lynch & Abington Teleg. (semi-annual)
McClatchy Newspaper. 7% pref. (quar.)
Mclntyre Porcupine Mines (quar.)
Quarterly
Quarterly
Quarterly
...
Jan.
Dec.
Dec.
1 Nov. 10
1 Nov.
1
11 Nov. 17
1 Nov. 20
1 Nov. 20
Dec. 30 Dec. 20
1 Dec. 20
30 Dec. 22
Jan.
Dec.
....
$2
3%
Nov. 21 Nov. 10
Jan.
5 Dec. 11
8 Sept. 27
Dec.
2 Nov.
Mar.
1 Feb.
June
...
...
1 May
3 Aug.
Sept.
Extra
Jan. 15 Jan.
Dec.
1 Nov. 10
Nov. 30 Nov. 17
Dec.
1 Nov. 10
Dec.
1 Nov. 10
;
1 Dec. 20
Manischewitz (B.) Co., preferred, (quar.)
Marconi International Marine Comm. Co.
Jan.
Ordinary registered (interim)
Am. dep. rec. for ord. reg. (interim)
Maryland Fund, Inc. (quar.)
Masonite Corp
May Dept. Stores Co. (quar.)
Mead Corp., $6 preferred A (quar.)
85X preferred B (quar.)
"
Mercantile Accaptanc
(Calif.), 6% pref. (qu.)__
5% preferred (quar.).
Nov. 25 Nov.
2 Nov.
Dec.
....
75c
$1H
'
1 Nov. 15
1 Nov. 15
Dec.
Dec.
Dec.
*
Dec.
Dec.
Dec.
1
3
15 Nov. 30
9 Nov. 15
Dec.
Dec.
1 Nov. 15
1
5 Dec.
1
5 Dec.
15 Dec.
1
Dec.
Jan.
1 Nov. 15
1
1 Nov.
15 Dec. 29*
Jan.
15 Dec.
Dec.
Petroleum
Corp
Corp., class A
29*
Jan.
Midland Grocers preferred (semi-annual)
Minneapolis Gas Light (Del.)k6% pref. (quar.)..
5H% preferred (quar.)
$5.10 preferred (quar.)
5% preferred (quar.)
Minneapolis-Honeywell Regulator—
Preferred B (quar.)
Mississippi Power Co. $7 pref. (quar.)
$6 preferred (quar.)
Monroe Loan Society, pref. (quar.)
Monsanto Chemical Co., $4H pref. A (s.-a.)
Preferred B (s.-a.)
Moore (Wm R.) Dry Goods (quar.)
Moran Towing Corp. 7% cum. partic. pf. (qu.).
Motor Finance Corp. $5 pref. (quar.)
(Quarterly)..
Mountain Fuel Supply
—
(year-end)
Muncie Water Works Co.. 8% pref. (quar.)
Murphy (G. C.) (quar.)
Muskogee Co., 6% cumul. pref. (quar.)
Muskegon Piston Ring Co
Mutual Chemical Co. of Amer.. 6% pref. (quar.)
National Automotive Fibres, new pref. (initial).
National Biscuit Co. (quar.)
Preferred (quar.)
National Container (Del.)...
National Gypsum Co. $4H conv. pref. (qu.)__.
National Lead Co. preferred A (quar.)
National Power & Light Co., common (quar.)..
Newberry (J. J.) Realty Co. 5% pref. (qu.)
Newport Electric Corp.
New England Public Service—
$7 prior lien preferred
$6 prior lien preferred
New Jersey Zinc
New York Mutual Teleg. (semi-annual)
New York & Queens Elec. Light & Power (qu.)_
Preferred (quar.)
Nipissing Mines
Noranda Mines, Ltd. (interim)
Norfolk & Western Ry. (quar.)
...
North American Aviation, Inc
Northam Warren preferred (quar.)
9 Nov. 28
Dec.
Class B
Mueller Brass Co.
18
Dec. 23
1-2-40
Jan.
2 Dec. 15
Nov. 30 Nov. 29
1
Dec.
1 Nov.
Extra
Middle States Petroleum
Dec.
Nov. 20
Dec.
Jan.
Mid-Continent
40c
25c
SIX
SIX
Preferred (quar.)
Extra
15
50c
Great Atlantic & Pacific Tea
Nov. 20
Dec.
5% refunding partic. preferred (quar.)
30
Nov. 20 Nov.
9
Dec.
1 Nov. 15
Dec.
1 Nov. 10
Dec.
1 Nov. 10
Dec.
1 Nov. 20
50c
Nov. 10
Dec. 30 Dec. 20
Loose-Wiles Biscuit Co.,5% pref. (quar.)
Lord & Taylor. 1st pref. (quar.)
30
15
Nov. 24
Nov. 10
Dec. 22 Nov. 22
Michigan Steel Tube Products
Mickelberry's Food Products
20
15
Dec
Merchants Petroleum
SIX
SIX
Dec.
Dec.
Madison Square Garden
Manhattan Shirt Co
Dec.
Nov.~20
Dec.
McWatters Gold Mines (quar)
$154
General Cigar Co., pref. (quar.)
General Finance, pref. (semi-ann.)
.......
Macy (R. H.) & Co
2c
Nov. 15
Nov. 29
Longhorn Portland Cement Co.—
15
2c
Extra
Nov. 15
Nov. 3
Dec.
Nov. 3
Dec.
Nov. 14
Dec.
Nov. 14
Dec.
Nov. 14
Dec.
Nov. 14
Dec.
Nov. 27 Nov. 6
Dec.
1 Nov. 10
Dec. 15
Jan.
Dec.
Aug. 24
(extra)
Lock Joint Pipe (monthly)
Lone Star Gas (year-end div.)
15
5
17
Nov. 15
1 Nov. 15
1
Jan.
A and B
25
5
1
15
Dec.
Preferred (quar.)
Little Miami RR., original capital (quar.)
Special guaranteed (quar.)
Loblaw Groceterias A and B (quar.)
Lindsay Light & Chemical
(quar.)
19
1
Nov. 10
Jan.
Dec.
Extra
Link Belt Co.
Dec.
Nov. 30 Nov. 20
Jan.
2 Dec. 14
Common B (quar.)
Extra
.7.
1 Nov. 10
Dec.
Nov.
Nov. 10
2 Dec. 20
Dec.
Dec.
Dec.
Dec. 25
preferred
cum. prefened
cum.
Nov. 21
_
Jan.
Feb.
(quarl)
7% preferred (quar.)
Lake Superior District Power Co.:
1 Nov. 15
Preferred (semi-annual)
1
40c
1 Nov. 15
Fansteel Metallurgical Corp. pref. (quar.)
Federal Bake Shops (semi-annual)
1 Nov. 22
11 Nov. 24
Dec.
8c
Dec.
1 Nov. 15
15 Nov. 29
1 Dec. 15
1
15 Dec.
Dec.
Dec.
25c
Dec.
Nov. 29 Nov. 15
Jan.
40c
30c
Dec.
Nov. 29 Nov. 15
8 Nov. 20
Dec.
Nov. 20 Nov. 10
Jan.
tSl*
Fairbanks Morse & Co
Extra
1 Nov. 15
1
15 Dec.
Nov. 22 Nov. 10
Dec.
1 Nov. 25
SI*
(quar.)
Jan.
Fajardo Sugar of Porto Rico
Falstaff Brewing (quar.)
1 Nov. 10
Dec.
Dec.
1 Dec. 15
Nov. 20 Nov. 10
Jan.
1 Dec. 15
15c
20c
Emporium Capwell
4 H% preferred A (quar.)
Equity Corp., S3 conv. pref. (quar.)
Faber. Coe & Gregg (quar.)
Extra
1
2 Dec. 30
Dec.
Dec.
Emil) Co
preferred
1
12X
Extra
7%
6%
Dec.
1 Nov.
Dec. 30 Dec.
37 He
....
Kresge (S. S.) Co
Kroger Grocery & Baking Co
6%
Nov. 20
Dec.
Jan.
Jan.
$1
15c
37 He
Knickerbocker Fund
15
Dec.
(quar.)
SIX
& partic. pref., ser. A (qu.)__
1 Nov. 15
Dec.
Jan.
East St. Louis & Interurban Water Co.—
7% preferred (quar.)
6% preferred (quar.)
Eastern Shore Public Service, pref. (quar.)
$6 preferred (quar.)
Eastman Kodak Co. (quar.)
cum.
SIX
62 He
...
Jan.
1-2-40 Dec. 30
Dec.
1 Nov. 10
Dec.
1 Nov. 14
Dec.
Pipe Line & Gas Co
$2
30c
Holders
Nov. 27 Nov. 10
25c
2 Dec. 15
1.33 1-3 Jan.
SIX
mx
six
Dec.
When
Payable of Record
Jan.
35c
Cushman's Sons, Inc., 7% preferred
Preferred
Name
75c
Publishing Co., $7 pref. (quar.)
Preferred
Dec.
25c
Crum & Forster Insurance Shares A & B (quar.)
A and B preferred (quar.)
Curtis
5
5c
SIX
Crown Zellerbach Corp.. $5 cum. pref. (qu.)
Crum & Forster pref. (quar.)
Per
Payable of Record
Creameries of America, Inc., pref. (quar.)
Creole Petroleum
Extra
3213
2 Dec. 26
Dec.
1 Nov. 20
1 Nov. 20
Dec.
Dec.
1 Nov. 20,
1 Nov. 20
Dec.
1 Nov. 20
Dec.
Jan.
2 Dec. 20
Jan.
Dec.
2 Dec. 20
1 Nov. 29
Dec.
Dec.
1 Nov. 10
1 Nov. 10
2-2-40
2-2-40
1 Nov. 15
Dec.
Dec. 29 Dec. 16
Nov. 29 Nov. 18
Dec.
8 Nov. 17
Nov. 22 Nov. 9
Dec. 15 Dec.
1
Dec.
1 Nov. 20
Dec.
1 Nov. 10
Dec. 21 Dec.
4
Dec. 28 Dec 21
Dec.
1 Nov. 10
Dec. 15 Nov. 14*
Nov. 29 Nov. 14*
Dec. 15 Nov. 20
Dec.
Dec.
1 Nov. 16
1
15 Dec.
Dec.
1 Oct.
Dec.
Dec.
1 Nov. 16
1 Nov. 15
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
15 Dec.
15 Dec.
9 Nov.
2 Dec.
14 Nov.
1 Nov.
11 Nov.
15 Nov.
22 Dec.
30
1
1
20
30
24
10
22
20
4
15 Nov. 20
1 Nov. 15
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3214
Per
Name of
Share
Company
Northeastern Water & Electric,
Northern Empire Mines
Northern Pipe Line Co
cum.
pref._
preferred (quar.).
Nov. 20
Nov. 20
Nov. 20
Dec.
Dec.
Otis Elevator Co
Dec.
Dec.
Dec.
Nov. 20
Dec.
Nov.
Dec.
Nov. 15
Dec.
Nov. 15
412-3c
Dec.
Nov. 15
$1H
*1 a
Dec.
6
Nov. 17
Dec. 20 Dec.
6
Dec.
1 Nov. 20
Dec.
1 Nov.
1
Dec.
S3
1 Nov.
1
—--
SI;
(quar.)
Dec. 20 Nov. 24
Dec. 20 Nov. 24
Dec.
1 Nov. 15
Jan.
2 Dec. 15
Dec.
1 Nov. 20
Park-Wilshire
Dec.
1 Nov. 15
Parker Pen Co
Dec.
1 Nov. 15
Package Machinery (quar.)
Dec.
1 Nov. 10
3Ji»%
Dec.
S3
Feb.
1 Nov. 10
1 Jan. 17
87Ac
Dec.
1 Nov. 27
Jan.
1
Parker Rust-Proof Co.
Preferred
(quar.)
(semi-annual)
-
Pemigewasset Valley RR. (s-a.)
Pender (David) Grocery, class A (quar.)
Peninsular Telephone
Pennsylvania Electric Switch A (quar.)
Pennsylvania RR
..
Pennsylvania State Water $6 pref. (quar.)
Penroad Corp. (resumed)
Peoples Telephone (Butler, Pa.) 6% pref. (quar.)
Pfaudler Co. 6% preferred (quar.)
Philadelphia Germantown & Norristown
Philippine Long Distance Telephone (monthly).
Monthly
Philadelphia Suburban Water Co. pref. (quar.).
Philip Morris & Co.pref. (quar.)..
Phelps Dodge Corp. (year-end)
Phillips Petroleum Co.
Phoenix Hosiery Co. 7% pref
Pillsbury Flour Mills, Inc. (quar.)
Pitney-Bowes Postage Meter (quar.)
...
....
Extra
.
50c
30c
Sl'll
10c
Dec.
Dec.
15
15 Dec.
1
18 Nov. 18
Dec.
1 Nov. 20
Dec. 26 Nov. 24
Dec.
Dec.
1 Nov. 30
Dec.
1 Nov. 20
Dec.
5 Nov. 20
Nov. 30 Nov. 20
Dec. 23 Dec. 20
Dec.
1 Nov. 12*
Dec.
Dec.
Nov. 15
Dec.
Nov.
Dec.
Dec.
Nov. 18
Nov. 25
3
Preferred
Pittsburgh Coke & Iron pref. (quar.
Pitts. Ft. Wayne & Chic. Ry. 7% pref. (quar.)..
Pittsburgh Plate Glass.
Plymouth Oil Co. (quar.)
Stock dividend of 2%
Pollock Paper & Bok, 7% pref. (quar.)
.
Extra
Preferred
Superior Oil Co. (Calif.) (quar.)
Extra
Reynolds Metals Co. 5 A % cum.
Rheem Mfg. Co. (quar.)...
conv.
Preferred (quar.)
Dec.
20 Dec.
Dec.
1 Nov. 15
1 Nov. 15
com.
Toledo Edison Co. 7% pref.
6% preferred (monthly)
5% preferred (monthly)
Toronto Elevators, Ltd., 5A% Pref.
16
2 Dec. 20*
15 Dec.
1
15 Dec.
1
11 Dec.
15 Dec.
30 Dec.
15
Dec.
Dec.
1
6
South American Gold & Platinum Co
15 Nov. 25
Dec.
5 Nov. 17
Nov. 22 Oct.
Dec.
50c
41 2-3c Dec.
Dec.
66c
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
5
Jan.
Dec.
5
Dec.
Nov. 20
Jan.
5
Dec.
Dec.
United States Plywood Corp. pref.
United States Potash, pref. (quar.)
Preferred
1 Dec.
Nov. 20 Nov.
(quar.)...
16
3
15 Jan.
5
15 Apr.
15 July
5
5
1 Nov. 15
Dec.
Universal Insurance Co.
(quar.)—
Upper Michigan Power & Light—
6% preferred (quar.)
Vagabond Coach Mfg. (resumed)
Vanadium-Alloys Steel Co
Van Raalte Co., Inc., common
1-29-40
2-1-40
Nov. 20 Nov. 15
Dec.
2 Nov. 18
Dec.
1 Nov. 17
1 Nov. 17
Extra
Dec.
1st
Dec.
1 Nov. 17
Dec.
9
Dec.
1 Nov. 15
Dec.
Dec.
1 Nov. 15
1
15 Dec.
Dec.
15 Dec.
(quar.)
L
Extra
Viking Pump Co. (special)
Preferred
(quar.)
Dec.
1
1
Virginia Coal & Iron Co. (quar.)..
Vogt Manufacturing
Dec.
1 Nov. 20
Dec.
1 Nov. 15
W abash-Harrison
Dec.
Walgreen Co. (quar.)
Preferred (quar.)
Walker & Co., class A
Walker (H.) Gooderham & Wortsj(quar.)
Preferred (quar.)
l
Warren Foundry & Pipe (quar.)
Dec. 20 Nov. 20
Dec. 15 Nov. 15
Dec.
Dec.
18
Western Public Service
Dec.
18
Dec.
Virginia Water Service Co., $6 prer. (qu.)
preferred A
Westinghouse Air Brake Co
Westinghouse Electric & Mfg
Participating preferred (quar.)
15 Dec.
1
1 Nov. 20
Dec.
15 Nov. 24
Dec.
15 Nov. 24
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Nov. 30 Nov. 15
Extra..
Jan.
$1
Dec.
Nov. 15
SIX
435ic
Dec.
Nov. 15
Dec.
Jan.
Nov. 15
Dec. 15
Dec.
Nov. 15
SI A
t37Mc
12Ac
Nov. 15
Nov.
Nov.
8
87 Ac
Nov.
Nov.
8
25c
Dec.
60c
Wheeling Electric Co. 6% preferred (quar.)
(quar.)
Dec.
75c
Westvaco Chlorine Products (quar.)..
Extra
Dec.
Nov. 10
Nov. 10
Nov.
6
$1A
$1X
$1 h
SIX
Dec.
Wright-Hargreaves Mines (quar.)
Extra
Dec.
16
Dec.
16
Dec.
Nov. 20
60c
Dec.
Nov. 10
3%
10c
Jan.
Nov. 23
Jan.
Nov. 23
10c
(quar.)
Williamsport Water $6 preferred (quar.)
Woolworth (F. W.) Co. (quar.)
Wool worth, Ltd., Am. dep. rec. pref. (s.-a.).:—
Jan.
5c
Whitaker Paper Co. 7% pref.
Whitman (William) preferred
Jan.
Dec.
Nov.
3
Jan.
Dec.
25c
Dec.
Nov. 20
25c
Jan,
Dec.
15c
Interim
Wrigley (Wm.) Jr. Co. (quar.)
Quarterly
Wurlitzer (Rudolph) Co
1
Nov.
Nov. 20
20
1 Nov. 15
*
Dec.
Dec.
Dec.
5
Apr.
July
West
Dec.
5
2 Dec.
15 Dec.
Jan.
18
15 Nov. 25
23 Dec.
I Nov. 18
1
15 Dec.
8*
Dec. 22 Dec.
(quar.)
Preferred
15
Dec.
United States Steel Corp. pref. (quar.)
United States Sugar pref. (quar.)
Dec.
1 Nov. 15
Nov. 25 Nov. 15
Nov. 28 Nov. 14
Nov. 15
Jan.
United States Rubber Co. 8% non-cum. 1st pref.
For the year of 1939.
Jan.
Dec.
15
Dec.
Dec.
18
1 Nov. 15
Dec.
5
Dec. 20 Nov. 29
Dec. 20 Nov. 29
(quar.)..—
Dec.
Dec.
1 Nov. 18
Nov. 30 Nov. 17
1
15 Dec.
1 Nov. 15
Nov. 15
Jan.
United States Pipe & Foundry Co. (extra)
United Stages Pipe k Foundry Co. (quar.)
United States Playing Card
Jan.
15
1 Nov. 10
1 Nov. 10
Dec.
Washington Ry. & Electric Co
Wesson Oil & Snowdrift Co., Inc.—
Conv. preferred (quar.)
West Jersey & Seashore RR. guaranteed (s.-a.)__
West Michigan Steel Foundry $1?^ pref. (quar.)
15
17
1 Jan.
Dec. 15
Jan. 10 Dec. 20
Dec.
1 Nov. 18
5
Dec. 30 Dec.
Dec.
Dec.
1
15 Dec.
1 Nov. 14
Dec.
Dec. 15
Nov. 15
1 Nov. 15
5
1*
15 Nov. 20
Dec.
1 Nov. 18
Dec.
1 Nov. 18
Jan.
Nov.
Dec.
1
5
15 Dec.
15 Dec.
Dec. 22 Nov. 29
Dec. 22 Nov. 29
Jan.
1
15 Dec.
15 Dec.
Dec.
Jan.
15
Dec.
Dec.
—
1 Nov. 17
5
1 Nov. 15
1 Nov. 15
7 Nov. 23
1 Nov. 25
Feb.
_.
1 Nov. 15
15 Nov. 24
Dec, 20 Dec.
Dec.
Dec.
Preferred (quar.)...
...
8. Petroleum, common
Dec.
30
Nov. 20 Nov. 13
Dec. 15 Dec.
1
21
21
1 Nov. 15
Dec.
Extra
1 Nov. 10
Southern California Edison
Dec.
Nov. 22 Oct.
1
Dec.
Dec.
Dec.
Dec.
Dec.
...
Dec.
1 Nov. 10
15 Nov. 25
15 Nov. 25
Dec.
1 Nov. 15
Jan.
Vick Chemical Co.
Dec.
Co., Ltd.—
6% preferred series B (quar.)
Southern California Water Co. 6% pref. (qu.)
Southwestern Portland Cement, 8% pf. (quar.)
Dec.
Jan.
1 Nov. 10
Dec. 30 Dec.
3
"
33333
15c
25c
(quar.)
1 Nov. 18
1-3-4"
Simonds Saw & Steel..,
Soundview Pulp Co
Preferred (quar.)_
15 Dec.
United Gold Equities of Can. standard shs
United Light & Railways. 7% prior pref. (mo.)..
Dec.
1 Nov. 16
"
Dec.
Dec.
Dec.
Dec.
Dec.
Sherwin-Williams pref. (quar.)
Six
preferred (quar.)..
Vapor Car Heating Co., 7% pref. (quar.)
Nov. 25 Oct.
1 Nov. 10
Dec.
Dec.
U.
15
15 Nov. 17
Dec.
United States Gypsum Co. (quar.)
$3 prior preferred (quar.)
Servel, Inc
Silverwood Dairies, Ltd., cum. part, pref
Simon (Wm.) Brewery (quar.)
Dec.
10
10c
(quar.)
United Chemicals preferred
United Gas Corp., $7 preferred
United Gas Improvement preferred (quar.)
15 Nov. 15
15 Nov. 15
1 Nov. 20
7
20 Feb.
fsih
Preferred
Dec.
Dec.
7% preferred
10c
10c
Dec.
Pref. (quar.)
5c
$lh
30c
(quar.)
Extra
1 Nov. 15
9 Dec.
15
Feb.
50c
(quar.)
15 Nov. 15
15 Nov. 29
9 Dec.
7
1
1 Dec.
May 20 May 10
Dec.
1 Nov. 15
Nov. 21 Nov. 11
Nov. 21 Nov. 11
Dec. 30 Nov. 18
Dec.
1 Nov. 20
20c
(guar.)
15 Nov. 15
Secord (Laura) Candy Shops
(quar.)IIIIII
Second Investors Corp., (R. I.)
South Bend Lathe Works (quar.)
5A% preferred
Dec.
1
1 Nov. 10
20 Dec.
Nov. 20 Nov. 10
$1A
SIX
%1A
(s.-a.)
(monthly)
Dec.
:::::::::::
Dec.
SIX
preierred (quar.)
Troy & Green bush RR. Assoc.
Dec.
Nov. 10
Nov. 10
Nov. 15
Extra
(quar.)—
Jan.
_
Dec.
58 l-3c Dec.
(monthly)
Dec.
stock held.
6A% debenture D (quar.)
Seaboard Oil Co. (Del.) (quar.)
Sears, Roebuck & Co
Jan.
6% prior preferred (monthly)
6% prior preferred (monthly)
United New Jersey RR. & Canal (quar.)
United States Gas Co. conv. pref. (s.-a.)
Dec.
Dec.
5% preferred (quar.)
6% preferred (quar.)
_
7% preferred (quar.)
St. Joseph Water Co. 6preferred
(quar.)
St. Louis Bridge Co. 6% 1st pref. (s.-a.)
3 % 2nd preferred (s.-a.)
San Carlos Milling Co., Ltd
Savannah Electric & Power Co., 8% deb. A (qu.)
7A% debenture B (quar.)
7% debenture C (quar.)
15 Nov. 25
9
Dec.
Dec.
Rice Ranch Oil Co. (resumed)
1 Nov. 15
1 Nov. 13
Dec.
1 Nov. 16
Jan.
Rich's, Inc. (extra)
6A% preferred (quar.)
Rochester Button Co $1A div. pref. (quar.)...
Rochester Gas & Electric 6% pref. C & D (qu.)_
5% preferred E (quar.)
Holland Paper Co. pref. (quar.)
Rollins Hosiery Mills, Inc. (Del.) J (final)
Roxy Theatre, Inc., pref. (quar.)
Royalty Income Shares, series A
Saco-Lowell Shops
Safety Car Heating & Lighting Co., Inc
Safeway Stores, Inc
Stock div. of 2-100ths of a sh. of 5% pref. stk.
Dec.
Nov. 17
Dec.
Nov. 29 Nov. 18
Oy>
Extra
Common
5
1 Nov. 15
2c
Toburn Gold Mines
15 Dec.
Nov. 15
Nov. 17
15 Dec.
Nov. 29 Nov. 18
25c
$1A
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
11% Dec.
35c
—
Co
21 Nov. 10
Dec.
1 Nov. 24
Nov. 25 Nov. 10
4
Nov.20 Nov.
Extra
95c
12 Ac
12 Ac
Jan.i15 Dec. 30
35c
Extra
Tim ken Roller Bearing
Dec.
Dec. 26 Dec.
Dec. 26 Dec.
pref
20c
United Aircraft Corp
United Biscuit Co. of America
Dec. 20 Dec. 15
Dec. 20 Dec. 15
Dec. 14 Nov. 22
Dec. 26 Dec. 15
....
15 Nov. 30
50c
25c
:
Union Tank Car Co.
Dec.
Rex Hide
Dec.
25c
SI A
25c
Sylvania Industrial (quar.)
21 Nov. 10
Dec.
Dec.
.
Dec.
15 Nov. 15
15 Nov. 30
25c
Sylvanite Gold Mines (quar.)
Terre Haute Water Works 7% preferred (qu.)__
Texas Gulf Producing Co
Texas Pacific Coal & Oil (quar.)
Tex-O-Kan Flour Mills Co. 7% preferred
Thew Shovel Co., 7% preferred (quar.)
Tide Water Assoc. Oil Co
Tilo Roofing Co. (quar.)
Dec.
Nov. 29! Nov.
...
Nov. 15
Dec.
50c
ctfs
1-4-40 12-10-39
Dec. 23 Dec.
2
Dec.
$5 preferred (quar.)
Reading Co. 1st pref. (quar.)
Reed Drug Co. common
35c. cum. class A conv. stock!(quar.)
Reliance Electric & Engineering
Reliance Steel Corp. pref. (quar.)
Republic Insurance Co, (Texas) (quar.)
Dec.
Nov. 15
25c
Quarterly
Quarterly.
Swift International Co. dep.
Union Gas Co. of Canada
Dec.
;
Nov. 15
25c
Underwood Elliott Fisher C#.
Dec.
preferred
Dec.
1_.—
1 Nov. 21
Dec. 15
Nov. 15
Class B...
Ralston Steel Car $5
Nov. 15
T.)
(quar
Sunray Oil Co..
Preferred (quar.)
1 Nov. 15
Jan.
Purity Bakeries Corp. (final)
Quaker Oats Co. pref. (quar.)..
Quaker State Oil Refining
Rainier Brewing, partic. A
Nov. 15
Dec.
*
Dec.
Nov. 20
6% preferred (monthly)....
Dec.
68 he
Strawbridge & Clothier prior pref. (quar.)
Carlson Telep. Mfg. pref. (quar.)...
Sun Oil Co. (quar.)
Strom berg
1 Nov. 15
Dec.
5A% preferred (quar.)
Prentice Hall (quar.)
Preferred (quar.)
Prosperity Co., preferred (quar.).
Public Electric Light Co. 6% pref. (quar.)
Public Service of Colorado, 7% pref. (monthly).
6% preferred (monthly)
5% preferred (monthly)..
Public Service of New Jersey $5 pref. (quar.)
7 % preferred (quar.)
8% preferred (quar.)
Dec.
25c
25c
J.) (s.-a.)
40c
25c
A div.
Dec.
Dec.
1
Nov. 15
Nov. 15
Nov. 20
50c
Trane Co.
Poor & Co. class A
for each sh. of
Standard Oil Co. (N.
Extra
Truax-Traer Coal 6% pref.
Portland & Ogdensburg Ry., gtd. (qu.)
Potash Co. of America
Potomac Electric Power 6% pref. (quar.)
Dec.
Dec.
Dec.
Dec.
25c
Extra.
Nov. 20 Nov.
15
1 Nov. 15
Dec.
40c
Sl-60 pref. (quar.)..
quar.)
(quar.)
Dec.
Pittsburgh Bessemer & Lake Erie, pref. (s.-a.)._
Nov. 24
SI A
(quar.)
Nov. 15
Nov. 20 Nov.
1
1
Nov. 17
40c
Standard Dredging Corp.,
Standard Oil Co. (Calif.) (
~
Oxford Paper Co. $5 preferred
Pacific & Atlantic Telegraph (s.-a.)
Oct.
Dec.
Dec.
lc
payable in cap. stk. of 3 shs. for each
200 shs. $25 par value
Standard Oil Co. of Ohio^(quar.)
Special
,
Preferred' (quar.)
Standard Wholesale Phosphate & Acid Works—
Sterling Products, Inc. (quar.)
Storkline Furniture (quar.)
-
si a
SI A
31
Nov.
40c
Nov. 18
Jan.
50c
Preferred
Holders
When
Payable of Record
$IH
Sovereign Investment (quar.)
Spear & Co. 1st & 2d pref. (quar.)
Spencer Kellogg & Sons,*Inc
Spiegel, Inc.,$4M% conv. pref. (quar.)
Standard Cap & Seal Corp. (quar.)
Standard Oil Co. of Indiana
58 l-3c
50c
(quar.)
7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Okonite Co., 6% pref. (quar.)
Omar, Inc., 6% preferred (quar.)
Ontario Mfg. Co. (final)
Ontario & Quebec Ry. (s.-a.)__
5% debentures (s.-a.)
Ohio Public Service Co.,
Share
Name of Company
Nov. 20
Dec. 16
Dec. 20
Nov. 14
Jan.
(semi-annual)
Norwalk Tire & Rubber, pref. (quar.)
Nova 8cotia Light & Power 6% pref. (quar.) —
Ogilvie Flour Mills, preferred (quar.)——
Northwestern Tel eg.
Preferred
Nov. 17
Nov. 15
Nov. 15
Dec.
Dec.
6% cumulative preferred
6% cumulative preferred (quar.).
Ohio Associated Telephone Co.
6% preferred (quar.)
Ohio Power Co. 6% preferred
Nov. 10
Nov. 24
Nov.
Northwestern Public Service Co. 7 % cum.
7%
Dec.
Dec.
Inc..
Per
Holders
Payable of Record
Dec.
Nov.
preferred (quar.)
(irregular)
Northland Greyhound Lines,
Northwest Bancorporation
When
Nov. 18, 1939
15 Nov. 20
1 Nov. 15
15 Dec.
14
Transfer books not closed for this
dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada
a tax o 5 %of the amount of such dividend will be made.
doduction of
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Condition of the Federal Reserve Bank of
York
Weekly Return of the New
Clearing House
York
New
3215
City
,
The
following shows the condition of the Federal Reserve
The weekly statement issued by the New York
City
Clearing House on Friday afternoon is given in full below:
Bank of New York at the close of business Nov. 15, 1939,
in comparison with the previous week and the
corresponding
date last year:
STATEMENT
^
Nov.
Nov. 8, 1939
S
MEMBERS
OF
CLOSE OF
AT
THE
*
Assets—
Gold
S
certificates
hand
on
Redemption fund—F. R.
notes
Total
reserves
7,059,718,000 7,080,840,000 4,982,005,000
U.
by
8.
309,000
1,500,000
249,000
1,608,000
Total bills discounted
1,809,000
1,857,000
1,525.000
1,974,666
1,984", 000
3,631,000
410,798,000
389,944,000
32,949,000
...
Notes...
Bills
Total
U.
8.
Govt,
414,607,000
393,642,000
194,671,000
518,909,000
Bankers Trust Co
370,360,000
Title Guar & Trust Co..
Marine Midland Tr Co..
securities,
833^691,000
851,653,000
820,794,000
Due from foreign banks
680,601,000
Public Nat Bk & Tr Co.
Totals.
17,000
Bank premises...
Other assets
17,000
64.000
4,253,000
244,816.000
8,888,000
22,569,000
Federal Reserve notes of other banks
Uncollected Items
Total assets
915,777,500 13,045,005,000
Comm'l Nat Bk & Tr Co
815,422,000
837,474,000
Total bills and securities
847,812,000
.
5,000,000
12,500,000
New York Trust Co
direct and guaranteed
565 ,028,000
7,000,000
7,000,000
4,000,000
100,270,000
500,000
25,000,000
6,000,000
Fifth Avenue Bank
250,391,000
39,563,000
204 ,859,000
5,498,000
1,505,000
37,937,000
4,160,000
41,616,000
2,301,000
2,963,000
29,575,000
2,1%,000
51,687,000
50,000,000
Continental Bk «fe Tr Co.
Chase National Bank
guar¬
$
13,807,900
15,000,000
10,000,000
Irving Trust Co
anteed:
Bonds.
Average
620 ,802,000
53,103,000
54 ,216,000
4,380,800
134,328,200 d2,714 ,138,000
50 851,000
3,867,600
80.314,100 el,032 ,050,000
14 ,269,000
2,492,200
124 ,064,000
9,303,600
379 ,128,000
27,939,400
96 ,194,000
8,463,900
90 ,124,000
9,768,900
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
First National Bank
216,000
i
direct and
Deposits,
Average
16,764,000
50,378,000
164,509,000
5,265,000
69,798,000
108,447,000
55,994,000
27,780,000
2,298,000
Manufacturers Trust Co
243,000
Bills bought in open market
U.S. Govt, securities,
Time
Deposits,
61,343,500 a2,023 ,056,000
655 ,061,000
56,267,700
183,072,800 51,934 ,183,000
610 ,011,000
39,241,400
c981 ,847,000
72,071,900
283 ,989,000
20,516,700
611 ,135,000
109,153,700
Guaranty Trust Co
1,282,000
advances..
Net Demand
26,340,200
6,000,000
20,000,003
77,509,000
20,000,000
90,000,000
42,139,000
21,000,000
National City Bank
Chem Bank & Trust Co.
Govt, obligations.
direct and guaranteed
Other bills discounted
Industrial
HOUSE
16, 1939
Undivided
Surplys and
Capital
$
Bank of New York
Bank of Manhattan Co.
Bills discounted:
Secured
»
Members
6,971,039,000 6,998,030,000 4,871,505,000
1,710,000
1,155,000
1,197,000
108,790,000
87,524.000
81,613,000
Other casht
CLEARING
THURSDAY. NOV.
Profits
Clearing House
and due irom
United States Treasury _x
YORK
NEW
BUSINESS
Nov. 16, 1938
S
15, 1939
OF
ASSOCIATION
3,306,000
116,931,000
207,263,000
As per official reports:
8,888,000
9,808,000
companies, Sept. 30, 1939.
22,393,000
15,533,000
8,623,000
*
Includes
deposits
5 (Nov. 14)
8.177,735,000 8,084,028,000 6,044,090.000
In
National, Sept. 30, 1939; State, Sept. 30, 1939; trust
foreign
$80,167,000;
branches
follows:
as
(Oct.
a
25)
$258,300,000;
(Nov. 16) $2,314,000; d (Oct. 31)$ 65,861,000; e (Nov. 15)
c
$22,903,000.
Liaoutties—
F. R. notes In actual circulation
Deposits—Member bank
acc't..
U. 8. Treasurer—General account
reserve
Foreign bank
...
Other deposits
987,086,000
1,203,510,000 1,205.831,000
6,096,910,000 6,139,740.000 4,418,208,000
152,504,000
72,429,000
115.452,000
158,688,000
72,875,000
160,645,000
171,738,000
228,860,000
225.066.000
THE
each day
Total deposits
Deferred availability items
Other liabilities, inel. accrued dividends
6,636,962,000 6,640,903,000
215,141,000
115,583,000
1,855,000
1,582,000
LONDON
Sat.,
Mon.,
Nov. 11
Nov. 13
199,495,000
1,420,000
8,057,468,000 7,963,899,000 5,923,251,000
Other capital accounts.
50,904,000
Cons Goldfields of S A.
52.463,000
7,457,000
51,943,000
10,248,000
7,744,000
De
Ratio
of
to
reserve
deposit
for
liability
on
45/£6)4
£11%
45/30/3
£6%
66/6
7/3
14/6
21 IS
118/9
£10%
30/3
30/3
30/4)4
£6)4
66/—
£6%
21/-
21/-
118/9
118/9
£10%
76/3
£10)4
£10
£10 %
£6%
£6)4
£6)4
Rio Tlnto
£12 %
£13
Rolls Royce
£12%
97/6
Royal Dutch Co
116,000
1,907,000
...
1.934,000
t "Other cash" does not include Federal Reserve notes
£34
97/6
£34)4
£34
Closed
or
a
bank's
3,496.000
own
Federal
Mid
h
21 IS
118/9
Co
Ry
United
Molasses
Vickers
84
.
7/4)4
14/3
76/3
76/10%
76/3
£13%
£13%
98/9
98/1%
£33%
98/9
£34
83 /9
15/6
24/6
83/9
15/3
24/6
/4 J4
15/9
24/9
17/4)4
17/3
17/4)4
83/9
15/9
25/—
17/4%
Witwatersrand
West
£37u
Areas..
under the nrovisions of the Gold Reserve Act of 1934.
76/3
84/3 %
15/7)4
24/6
17/3
Swedish Match B
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 Treasury
over
67/6
7/4)4
14/1)4
7/4 %
14
Shell Transport
These are certificates given
/9
67/6
7 IS
14/3
21/3
118/9
London
Reserve bank notes.
x
45/-
Metal Box
87.1%
90.2%
make industrial ad¬
to
45/-
65/-
Imp Tob of G B & I_.
90.0%
bills purchased
vances
£50)4
£11%
£5 %
Ford Ltd.
and
foreign correspondents
Commitments
£49)4
£1154
Rand Mines
8,177,735,000 8,084.028,000 6,044,090,000
F. R. note liabilities combined
Contingent
95/-
41/95/-
£49
Co
H udsons Bay
total
Fri.,
Nov. 17
41/10)4
£11%
29
Beers
Distillers
Electric & Musical Ind
Total llabUlties and capital accounts..
93/9
Thurs.,
Nov. 16
41/10)4
95/-
£48)4
Courtaulds S & Co
9,295,000
14
41/10)4
£48 %
*
_
50,914.000
Nov.
£11%
41/3
-
Central Min & Invest.
Wed.,
Nov. 15
Tues.,
41/9
93/9
British Amer Tobacco.
Cable & W ord
50,915,000
52,463,000
7,457,000
9.432,000
received by cable
as
4 735,250,000
Capital Accounts—
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b).
EXCHANGE
of the past week:
Boots Pure Drugs
Total liabilities.
STOCK
Quotations of representative stocks
£3®,«
£3»1#
£3%
£3)4
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the
These
resources
figures
are
and liabilities of the
always
the Federal Reserve
System
a
reporting member banks in 101 leading cities from which weekly returns
week behind those for the Reserve banks themselves.
upon
immediately preceding which
the figures for the latest week
we
Commencing with the statement of May 19, 1937, various changes
described in
an
appears
also give the figures of New York
were
announcement of the Federal Reserve Bank of New York of
in
department of "Current Events and Discussions
our
Chicago reporting member banks for
ana
made In the breakdown of loans
April 20, 1937,
obtained.
are
The comment of the Board of Governors of
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
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
amounts of
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.
cial paper bought in open
Provision has been made also to Include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
market" under the revised caption "open market paper," instead of in "all other loans,"
Subsequent to the above announcement, It
would each be
A
more
segregated
as
made known that the
was
as
formerly.
Items "commercial, Industrial and agricultural loans" and "other loans",
new
"on securities" and "otherwise secured and unsecured."
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. 8, 1939
Federal
Reserve
Districts—
ASSETS
Total
Boston
Loans and investments—total
New York
Phila.
%
%
%
%
$
Atlanta
Chicago
St. Louis
%
Cleveland Richmond
S
%
%
(In Millions of Dollars)
%
Dallas
San Fran,
%
Minneap. Kan. City
%
%
22,835
8,521
1,192
9,625
1,157
1,888
691
616
3,142
697
409
669
537
2,212
605
3,295
425
677
261
310
896
336
194
287
274
961
4,330
289
1,787
198
253
117
167
534
203
105
176
183
318
Open market paper
316
63
121
25
6
14
5
33
8
3
16
2
20
Loans to brokers and dealers In secure.
594
24
471
21
20
3
5
28
4
1
3
2
12
500
21
227
31
26
15
10
77
13
8
10
14
48
81
201
55
32
109
9
26
Loans—total
Commercial, Indus, and agrlcul. loans
Other loans for purchasing or carrying
securities
1,184
Real estate loans
39
173
,
52
37
1
26
1
3
1,560
126
462
94
196
73
90
115
53
702
20
515
10
4
9
106
3
Loans to banks
Other loans
Treasury bills
.
.
.
1
'
3
22
385
55
51
177
13
22
1
------
68
------
1
2,169
55
903
38
212
184
37
433
54
32
84
53
84
United States bonds
5,849
337
2,331
324
592
126
97
928
138
114
101
80
681
Obligations guar, by U. 8. Govt—
2,250
44
1,220
95
118
49
67
292
67
26
52
50
170
Other
3,344
131
1,361
275
279
67
96
487
99
43
132
58
316
9,852
484
5,622
448
520
196
125
1,417
231
101
186
140
382
500
144
106
20
46
23
14
75
13
7
16
12
Balances with domestic banks
3,089
168
201
220
352
216
206
538
189
120
331
270
278
Other assets—net
1,269
82
492
100
103
38
46
82
23
16
22
33
232
18,660
1,201
8,905
956
1,312
489
391
2,598
485
309
527
462
1,025
5,250
236
1,042
282
730
201
190
943
191
119
145
136
1,035
535
14
68
52
42
28
40
110
19
3
23
30
106
7,952
329
3,507
411
433
314
280
1,161
356
155
424
273
309
721
24
Treasury
notes
securities
Reserve with Federal Reserve Bank..
Cash In vault
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
24
,
,
1
Inter-bank deposits:
Domestic
banks
.
Foreign banks
Borrowings
Other
Capital
liabilities
accounts
1
2
13
1
1
693
19
272
14
17
34
10
20
6
7
3
4
287
3,733
246
1,603
222
374
97
94
409
95
59
102
87
345
649
----
--
8
------
1
------
1
------
1
^
_
—
-
21
-
■
-
-
-
.
_
-
-
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3216
Nov. 18, 1939
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Nov. 16,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
for the
System
as a
The comments of the Board of Governors of the Federal Reserve System upon th
Federal Reserve banks.
Reserve Agents and the
returns
for the latest week appear in our department of "Current Events and Discussions
1939
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV. 15.
Nov.
Nov.
1939
Three Ciphers
ASSETS
1939
$
(000) Omitted
Nov. 1,
1939
3
$
15,
8,
Oct. 25.
1939
Oct.
3
18,
Ocf.4,
27,
Sept.
Sept.
Nov. 16,
20,
1939
1939
$
S
1938
1939
%
$
$
$
14,696,217
9,005
325,153
14,656,717
7,344
339.046
14,621.718
8,288
334,281
11.403,701
332,383
14,725,715
8,987
315,194
15,157,417
15,111,366
15,049,896
15,030.375
15,003,107
14,964,287
11,782,710
993
1,331
14,839.206
8,846
339.868
14,804,210
14,769,206
8,926
9,777
Other cash *—
14,858,210
9,139
323,888
344,281
Total reserves
15,230,623
15,191.237
15,187,920
1,089
Redemption fund (Federal Reserve notes)
11,
1939
1939
14,866,654
10,253
353,716
Gold ctft. on hand and due from U. S. Treas. x.
Oct.
9.677
369,332
Bills discounted:
Secured by U. S. Government obligations,
direct and fully guaranteed.*..——
Other bills discounted............—..
1,091
5,384
1,180
5,068
3,643
5.183
1,277
5,472
969
4,758
1,082
4,541
1,572
5.896
4,784
4,619
2,904
Total bills discounted....................
6,485
6.475
6,248
5,751
5,623
6,514
6,749
6,356
5,588
6,547
415
498
548
548
545
545
Bills bought In open
market
Industrial advances.—...................
United Sta tctGovernment securities, direct and
guaranteed:
Bonds.—.—..———J..
Notes................
.............
Bills
Total U.
S
Other
........
securities-..-..---.-.
li',623
li",680
lT,763
11,787
11,803
11,841
11,644
11,667
15,417
1,305,442
1,239,172
104,705
1,313,942
1,247,497
125.380
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
1,245.497
186,820
203.457
1,315,942
1,245,497
223,457
1,315,942
1,245,497
242,370
1,308,616
1,245,497
272,370
787,327
1,164,565
612,123
2,649,319
2,686,819
2,720,819
2,735,759
2.748,259
2,764.896
2,784,896
2,803,809
2,826,483
2,564,015
2,667,365
2,704,917
2,738,747
2,753,273
2,760,084
2,783,711
2,804,034
2,822,357
2,844,283
2,586,524
direct and
Govt, securities,
guaranteed
11,561
.......
-
-
Foreign loans on gold
Total bills and securities
........
Gold held abroad—...—...—
•>««■•«*•»-
Bank
225
176
"""176
178
176
23,185
20,583
666,514
42,082
68,951
20,799
646,638
42,140
67.889
21,513
720,313
42,159
66,771
28,212
803,547
69,436
20,836
667,636
42,082
71,118
18,707,923
18,814,269
18,635,504
18,632,715
18.603,106
18,059,504
15.295,383
47
47
47
42,035
70.581
20,844
578,163
42,037
70,073
22,133
716.496
42,037
69,492
23,385
662,257
42,108
18,998,684
Federal Reserve notes of other banks
—
18,607,318
18.776,872
964.817
Uncollected items—
premises
Other assets.,..
"""§08
802,576
42,087
68,663
47
23,216
Due from foreign banks
...—
Total assets.—
44,203
50,011
LIABILITIES
Federal Reserve notes In actual circulation
4,805,254
4,817,094
4,781,385
4,743,717
4,756,457
4,757.812
4,732,133
4,683,726
4,077,608
4,345,816
Deposits—Member banks' reserve account
11,587,156
564,123
454,277
317.728
11.748,660
347,622
456,231
322,911
11,813,664
349,030
470,881
319,449
It,950,446
326,003
418,898
272,874
11,906,847
349,137
414,705
283,540
11,739,156
11,621,338
403,535
444.207
11,671,664
469,127
460,137
8,726,623
543,576
297,400
309,403
467,580
303.913
11,549,309
618.613
495,787
285,554
12,923,284
916,914
4,853
12,875,424
Other liabilities, lncl. accrued dividends.....
562,106
4,453
12,953,024
690,547
4,278
12,968,221
644,088
4,147
12,954,229
752,250
3,935
12,884,298
641,620
4,371
12,916,331
633,483
3,815
12,944,721
622,759
4,970
12,949,263
682,187
3,894
9,795,644
800,702
4,684
Total liabilities..
18,650,305
18,259.077
18,429,234
18,360,173
18,406,871
18,288,101
18.285,762
18,256,176
18,312,932
14,946,846
135,602
149,152
27,264
36,361
135,697
149,152
27,264
36,228
135,580
149,152
27,264
35,642
135,557
149,152
27,264
35,777
135,569
149,152
27,264
35,413
135,561
149,152
27,264
35,426
135,460
149,152
27,264
35,077
135,511
149,152
27,264
35,003
135,506
149,152
27,264
34,650
134,003
147,739
27,683
39,112
18,998,684
18,607,318
18,776,872
18,707,923
18,814,269
18,635,604
18.632,715
18,603.106
18,659,504
15,295,383
85.9%
85.9%
85.6%
85.0%
85.3%
85.3%
85.2%
85.1%
84.9%
83.3%
101
101
101
101
101
101
10,023
10,156
10,236
10,278
10,517
10,806
United States Treasurer—General aooount—
Foreign banks.——.—.—.—...—
Other
deposits—.—.—...—.
Total deposits
Deferred availability Items..
y
....
551.890
202,848
322,597
1
CAPITAL ACCOUNTS
Capital paid in
...............
Surplus (Section 7)
Surplus (Section 13-b)——
y Other capital accounts.............—.....
Total liabilities and capital accounts.
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined......
Contingent liability on
bills purchased
foreign correspondents-.-—-..
for
~
...
Commitments to make industrial advances....
~9~966
9~919
10l'
10,328
324
14,345
.
1
'
.
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted-,
Over 90 days bills discounted.
1,255
2,316
2,451
1,287
4,755
3,546
315
515
125
297
288
237
168
173
231
278
3.361
3,578
3,609
3,539
296
353
500
456
682
—
189
393
130
207
307
3,455
3,547
3,372
3,509
229
.....
986
812
621
425
225
159
161
152
163
650
6.485
6,475
6.248
5,751
5.623
6,514
6,749
6,356
5,588
6,547
232
255
1.594
1,486
Total bills disoounted....................
1,404
1,385
1-15 days bills bought In open market.......
16-30 days bills bought In open market.......
81-60 days bills bought in open market.......
61-90 days Mil* bought In open market.......
Over 90 days bills bought In open market.....
Total bills bought in open market..—......
1-15 days industrial advanoes—
16-30 days industrial advanoes..............
31-60 days Industrial advances—————
61-90 days Industrial advances
124
153
149
99
93
99
140
223
74
153
<
"""255
140
23
""'264
135
93
267
128
Over 90 days Industrial advances
—
—
U. S. Govt, securities, direct and guaranteed:
1-15 days—
16-30 days—
31-60 days...........—
61-90 days
Over 90 days
498
548
548
545
545
"l~577
"l,585
"l~442
415
~l",467
1,442
1,395
1,406
1,366
1,448
1,523
367
73
98
343
310
120
133
239
220
330
1,011
1,245
891
408
419
407
395
481
483
476
436
700
560
551
660
8,406
1,113
8,503
1,191
8,292
1,115
8,455
1,191
8,250
............
Total lndustrla' advanoes
2,164
8,690
8,716
8,998
8,965
12,114
,
790
11,561
11,623
11,680
11,763
11,787
11,803
11,841
11,644
11,667
15.417
69,280
35,425
48,675
76,705
54,675
48,940
48,675
182,453
27,440
54,675
210.453
29,137
48,940
125,380
36,637
27,440
123,955
141,173
2,455.691
38,913
29,137
97,615
182,453
2,455,691
48,913
36,637
210,453
2,448,365
98,243
95,330
184,098
183,592
2,002,752
69,280
35,425
82,715
2,544",614
2,561,439
2,455*691
2,4~55~,691
2,649,319
2,686.819
2,720,819
2,735,759
2,748,259
2,764,896
2,784,896
2,803,809
2,826,483
2,564,015
5,096,606
291,352
5,102.403
285,309
5.069,242
287,857
5,060,802
5,060,226
303,769
5,033,080
275,268
5,002,399
4,991,190
4,994,686
317,085
270,266
307.464
317.078
4,631,714
285.898
4,805,254
Total u. 8. Government securities, direct
and guaranteed
2.56M39
105,748
2,455,691
4,817,094
4,781,385
4,743,717
4,756.457
4,757,812
4,732,133
4,683,726
4,677,608
4.345,816
5,202,000
2,337
5,177,000
2,346
5,166,000
2,132
5,164,000
1,626
5,162,000
1,557
5,138,000
2,440
5,108,000
5,101,000
5,104,000
4,686,000
2.406
2,022
1,172
5,669
5,204.337
5,179.346
5.168,132
5,165,626
5,163,557
5,140.440
5,110,406
5,103,022
5.105,172
4.691,669
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank..........
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. S. Treas..
By eligible paper
United States Government securities
Total
....
collateral—...................
•
"Other cash" does not Include Federal Reserve notes.
x
These are certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.00
31, 1934, these certificates being worth less
the Gold Reserve Act of 1934.
cents on Jan.
provision' of
to the extent of the difference, the difference Itself having been
appropriated as profit by the Treasury under
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 total of two Items formerly in the statement but now excluded, vis.: "All other liabilities." and "Reserve for contingencies."
The
statement (or Nov. 16, 1938 has been revised on the new basils and is shown accordingly.
y
Volume
ONE HUNDRED—The Commercial & Financial C7zromc/e-YEARS OLD
149
3217
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
PMla.
$
$
$
$
ASSETS
Gold
certificates
hand
on
and
Cleveland Richmond
$
Atlanta
Total reserves
15,230,623
841,580 6,971,039
1,061
1,155
30,789
87,524
795,848
1,308
928,083
Secured by U. S. Govt, obligations,
direct and guaranteed
29,974
873,430 7,059,718
827,130
Total bills discounted.
Dallas
S
San Fran.
$
278,465 2,539.001
23,787
952,870
417,333
425,209
246,505
340,518
%
238,132
294
838
816
241
517
389
20,808
43,341
15,500
9,293
19,086
17,332
871,440
1,397
31,020
299,567 2,583,180
441,525
256,039
360,121
255,853
903,857
309
60
143
71
65
101
75
90
66
4
30
321
503
327
167
430
156
159
1,471
98
264
6,485
75
1,809
381
646
398
232
531
231
249
1,537
102
294
1,422
1,974
3,153
332
1,007
663
444
7
810
185
510
1,054
1,305,442
1,239,172
104,705
94,538
89,738
7,583
410,798
112,074
135,974
66,551
57,854
41,667
33,211
54,919
46,786
44,412
106,943
129,071
10,906
63,172
8,989
5,338
142,845
135,593
11,457
34,986
106,387
52,196
49,545
4,186
43,897
389,944
32,949
3,521
2,806
4,640
3,752
101,513
8,578
2,649,319
191,859
833,691
227,450
275,951
135,061
105,927
289,895
89,085
71,003
117,413
94,950
217,034
2,667,365
U. S. Govt, securities, direct & guar.
Bonds
Notes
Bills
Govt,
193,356
837,474
230,984
276,929
136,466
106,822
290,870
89,323
72,062
119,135
95,562
218,382
securities,
direct and guaranteed
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected Items
Other
$
11,561
Industrial advances
Bank
Minneap. Kan. City
1,500
75
1,089
5,396
Other bills discounted
S.
$
390,834
1,237
25,262
1,000
Bills discounted:
U.
St. Louis
S
1939
due
from United States Treasury
14,866,654
Redemption fund—Fed. Res. notes10,253
Other cash *
353,716
Total
Chicago
$
%
OF BUSINESS NOV. 15,
47
premises
assets
Total assets.
3
18
5
4
2
2
6
1
23,216
964,817
42,035
70,581
592
1,218
70,797
4,594
1,502
34,519
2,481
138,467
3,871
1,865
41,227
4,605
22,568
6,080
1,506
117,076
5,894
7,766
3,268
98,421
2,898
4,253
244,816
8,888
7,056
447,429 3,025,931
79,988
2,557
2,041
2,976
4,151
18,998,684 1,173,305 8,177,735 1,140,808 1,362,045
643,765
See
1
1
4
1,387
498
40,140
3,119
2,913
36,332
2,205
1,097
24,178
1,500
1,918
3,548
38,856
3,157
5,874
578,396
356,794
526,816
2,250
a
1,266
2,469
391,981 1,173,679
LIABILITIES
F. R. notes in actual circulation
4,805,254
399,410 1,203,510
337,366
448,015
225,548
159,864 1,052,207
189,382
138,700
180,396
83,555
387,301
11,587,156
595,266
44,300
652,091
295,690
151,193
21,337
13,329
6,582
10,571
8,961
90,641
55,612
4,792
20,824
42,743
263,334
19,246
13,329
5,021
845
217,851
20,634
13,329
4,599
626,355
42,398
44,581
15,908
279,791
20,487
19,763
3,994
198,038 1,639,906
454,277
317,728
570,731 6,096,910
41,933
152,504
33,078
158,688
7,874
228,860
12,923,284
653,616 6,636,962
700,055
767,419
324,035
240,987 1,790,951
336,938
187,609
296,754
262,413
725,545
70,377
113,264
79,102
33,635
137,358
41,297
21,216
39,346
468
34,788
446
35,555
131
199
445
181
139
199
125
264
18,650,305 1,149,262 8,057,468 1,108,266 1,329,144
628,816
434,685 2,980,961
567,798
347,664
516,695
Deposits:
Member bank reserve account
U. 8. Treasurer—General account..
564,123
Foreign
Other
bank....
deposits
Total deposits.
Deferred availability Items
Other liabilities, lncl. accrued dlvs
916,914
4,853
Total liabilities
95,835
215,141
1,855
401
63,624
20,195
16,086
6,668
33,168
23,624
380,881 1,148,665
CAPITAL ACCOUNTS
Capital paid In
135,602
149,152
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
commitments to make Indus, advs...
*
9,383
50,915
12,115
10,083
52,463
7,457
9,432
13,696
4,416
27,264
36,361
2,874
1,703
13,799
14,323
5,108
2,315
18,998,684 1,173,305 8,177,735 1,140,808 1,362,045
481
922
9,919
1,907
1,362
"Other cash" does not Include Federal Reserve notes.
a
13,804
5,630
22,666
4,019
4,685
2,922
3,153
4,303
3,613
3,293
1,565
3,772
4,561
4,983
1,007
713
1,429
545
1,001
1,840
7,071
1,349
2,054
1,142
1,063
447,429 3,025,931
578,396
356,794
526,816
391,981 1,173,679
410
63
567
3,257
643,765
850
78
22
4,052
10,621
9,965
2,121
3,892
1,266
1,890
2,307
Less than $500.
FEDERAL RESERVE NOTE STATEMENT
—~
Three Ciphers (000) Omitted
Federal Reserve Batik of—
Total
Boston
New York
Phila.
%
%
%
$
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
In actual circulation
by Agent
as
from United States
Treasury....
United States
Rates quoted are
Dec.
20 1939
Dec, 27 1939
3 1940
Jan.
$
172,182 1,079,342
12,318
27,135
200,603
143,162
188,466
11,221
4,462
8,070
90,900
7,345
442,727
12,144
399,410 1,203,510
337,366
448,015
225,548
159,864 1,052,207
189,382
138,700
180,396
83,555
387,301
5,202,000
440,000 1,315,000
370,000
471,000
245,000
174,000 1,090,000
203,000
145,500
360
464,000
135
148
190,000
1,303
94,500
60
440,075 1,315,360
370,060
203,135
145,648
191,303
94,500
464,000
75
256
471,000
245,256
174,000 1,090,000
Treasury Bills—Friday, Nov. 17
THE
Bid
24 1940
Jan.
31 1940
Feb.
0.05%
0.05%
14 1940
Nov. 11
Francs
Banque de France..
Sat.,
Nov. 10
0.05%
0.05%
7 1940
Feb.
as
Francs
Banque de Paris et Des Pays Bas
Banque de 1'Unlon Parlsienne
Mon.,
Nov. 17
one
32ds of
more
or
point.
Francs
Francs
Francs
6,760
7,035
6,845
760
759
787
800
340
345
363
378
10,825
12,240
17,495
17,950
17,700
565
571
677
577
673
1,407
1,452
1,470
1,450
Bid
Asked
40
Bid
15 1939-..
Mar. 15 1940--.
June
15 1940---
Dec.
15 1940---
1H%
1H%
IH%
IH%
IH%
1H%
485
495
488
712
710
714
712
199
200
204
204
204
Courrieres
182
178
184
188
Credit Commercial de France
435
445
445
450
439
1,370
1,410
1.424
1,405
256
251
Asked
L'Alr
1,365
Closed
250
541
i
554
664
603
1,244
Liqulde
1,251
1,270
1,285
1.298
102.12
Nord Ry
898
1H%
103.21
Orleans Ry.
101.13
101.15
2%
104.27
104.29
Patbe
June 15 1941
—
101.27
Sept. 15 1942--.
Dec. 15 1942...
102.2
June 151943...
102.1
102.3
1H%
IH%
1K%
1%
15 1944—
15 1943...
(6%)
Capital
104.10
104.12
Pechiney
101.30
102
Rentes, Perpetual
101.26
101.28
100.26
100.28
99.29
99.31
H%
Dec.
June
.....
3%
4
STOCK
Closing prices of representative stocks
each
Societe
EXCHANGE
as
-
mm
m
838
Mmmm
—
mmmm
'
m
mm
mmmm
1,936
m
1,961
71.05
71.00
m
mm
m
mm
71.40
810
823
820
24
1,544
71.80
79.60
80.50
81.30
81.80
107.30
108.00
107.40
2,064
2,070
2,085
2,077
1,575
1,600
1.620
1,635
1,638
45
45
44
47
1,090
Cle
80.00
107.00
1,095
1.098
1,125
Marseillaise
1,120
549
550
552
559
652
...
Tubize Artificial Silk pref
received by cable
4*
2,06.5
Soclete Lyonnalse
BERLIN
m
555
106.75
)*%
5%, 1920
Saint Gobaln C & C
Schneider <fc
805
835
837
825
24
1,936
71.10
Societe Generale Fonclere
THE
804
800
102.10
101.25
_
568
604
103.19
102
„
549
656
1
Mar. 15,1944...
Mar. 15 1941...
254
189
653
.....
Mar. 15 1942--.
15 1941--.
40
475
101.17
Dec.
39
m
470
101.15
100.2
m
699
Lyon(PLM)
Deo.
m
Citroen B
Kuhlmann
Rate
Maturity
m
Comptolr Natlonale d'Escompte
Lyonnals
Energie Electrique du Nord
Energle Electrlque du Littoral..
Int.
799
1,420
Credit
Int.
Thurs,
Nov. 15 Nov. 16
Francs
340
Coty 8 A
Figures after decimal point represent
Wed.,
Tues.,
13 Nov. 14
Nov.
0,635
0,725
Canal de Suez cap
Quotations for United States Treasury Notes—Friday,
received by cable
day of the past week:
0.05%
0.05%
17 1940
Jan.
each
Fri.,
10 1940
Jan.
Asked
Cle Generale d'Electriclte
Rate
55,426
BOURSE
Quotations of representative stocks
Asked
Jan.
PARIS
Cle Distr. d'Electriclte
Maturity
%
237.692
20,214
Cle Generale Transatlantique...
a
San Fran.
$
468,229
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
13 1939
$
22,175
fcr discount at purchase.
Bid
Dec.
%
359,541
5,204,337
6 1939
$
Dallas
424,913 1,288,849
25,503
85,339
2,337
Nov. 22 1939
$
%
Minneap. Kan. City
due
Total collateral
Dec.
St. Louis
5,096,606
291,352
paper
Nov. 29 1939
Chicago
security
for notes Issued to banks:
Gold certificates on hand and
Eligible
$
Atlanta
4,805,254
Held by Federal Reserve Bank
Collateral held
Cleveland Richmond
<•»«•«•
"
67
64
71
69
69
376
381
405
413
413
39
Union d'Electriclte
Wagon-Llts
38
39
40
40
day of the past week:
Nov.
11
Nov.
13
Nov.
14
Nov.
15
Nov.
Nov.
10
17
116
116
117
162
162
153
Per Cent of Par
Allgemeine Elektrlzltaets-Gesellschaft (6%)
Berliner Kraft u. Llcht (8%)
—
161
Commerx-und Privat-Bank A. G. (6%)
Deutsche Bank (6%)
Dresdner Bank (6%)
—
-
Siemens & Halske
-
(7%)
109,
125
125
103
103
103
160
160
160
—
States
Government
Securities^
Exchange—See following
104
169
United
York Stock
on
the
New
page.
109
125
105
105
105
180
180
180
180
200
(8%)
109
124
180
-
Verelnlgte Stahlwerke (6%)
104
109
124
103
159
...
Relchsbank (8%)
116
151
105
109
Deutsche Relchsban (German Rys. pf. 7%).
Farbenindustrie I. G.
115
200
94
201
202
98
99
at
the
New
York
page
Stock
3233.
202
96
Transactions
Daily, Weekly and Yearly—See
94
Stock and Bond
Averages—See
page
3233.
Exchange
3218
-
:
1
.
II"
Nov- 18>1939
.
'
'
Stock Exchange
Stock and Bond Sales—New York
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
of the day.
unless they are the only transactions
sales are disregarded in the day's range,
sales in computing the range for the year.
NOTICE—Cash and deferred delivery
account is taken of such
New York Stock Exchange
Home Owners' Loan and Federal Farm Mortgage
the New York Stock Exchange during the current week.
United States Government Securities on the
Below
furnish
we
daily record of the transactions in Treasury,
a
Corporation bonds on
Quotations after decimal point represent one or more 32ds
Nov. 15 Nov. 16 Nov. 17
Daily Record of U. S. Bond Prices Nov. 11 Nov. 13 Nov. 14
of
a
point.
Dalllj Record of U. S. Bond Prices
Nov. 11 Nov. 13 Nov. 14 Nov. 15 Nov. 16 Nov. 17
'
(High
4 lis.
1047-52
118.13
118.11
119
{how
Treasury
118.2
118.4
119
Close
Total sales in $1,000 units...
3
5
....
....
—
....
104.2
m mm
104.7
2
Low.
2^8. 1956-59.
119
118.11
118.6
[Close
Total sales in $1,000 units...
104.7
High
Treasury
104.2
mm mm
104.7
104.2
3
1
..
m
m<*rnm
High
103*24
104.3
104.1
104.15
103.31
104.1
104.15
104.3
104.1
104.15
Low.
103.24
114
Close
103.24
-(Low.
I Olost
114
Total sales in $1,000 units...
2^8. 1958-63..
114
[High
4s, 1944-54
High
fHiglj
113.5
113.18
113.5
113.18
113.16
n
113.18
104
103.22
104.2
1
57
Low.
2MB. 1945
Clos.
....
....
104.2
104.7
107.13
107.12
High
105.24
105*30
106.10
102.22
105.24
105.30
106.10
Close
105.24
105.30
106.10
106.8
2
3
1
"
2XB. 1948
5
[High
.
104.22
| Low.
104.22
104.23
6
10
2X8. 1949-53..
103.9
103.8
103.9
103.21
109.10
DAY
[Close
109.12
109.12
109.18
109.18
5
6
6
$1,000 units..
105.9
105.8
close
105.8
Federal Farm Mortgage
mm
103.8
103.10
103.22
2
109.19
[High
11
3
109.14
Total sales in $1,000 units...
5
2
[High
109.20
109.25
109.26
110
Low.
109.20
109.25
109.26
109.28
109.10
109.14
3s, 1944-49
109.26
20
1
(High
109.23
109.27
109.30
{Low.
109.23
109.27
109.30
110.1
109.23
109.27
109.30
110.1
Total sales in $1,000 units...
*6
;
3s, 1942-47
22
■
Low.
105.16
105.15
105.19
105.16
105.15
105.15
105.19
105.12
105.16
105.15
*2
15
3
....
....
2Kb, 1942-47
Low.
•
Home Owners' Loan
91
....
Low.
V
-'"4
'
*
106.14
109.5
109.13
108.28
109.5
109.i3
Close
109.13
Total sales in $1,000 units...
....
3
[Close
108.28
8
109.5
(High
107.13
107.27
108
108.12
| Low.
107.13
107.27
107.28
108.6
107.13
107.27
108
2X8. 1942-44
108.12
[ C108P
Total sales in $1,000 units...
1
(High
104.24
16
5
104.29
104.19
104.20
105
105.6
1Mb, 1945-47..
105.16
104.19
104.29
105.8
105.6
105.16
104
34
32
107.23
Low.
107.23
107.23
1
*
Odd lot sales,
above
bonds.
106.13
106.18
Low.
106.11
106.18
106.18
106.24
106.13
106.18
106.18
105.24
6
50
25
.
Transactions in
5
10*4.4
10
mrnmm'
mmrnrnm
104.4
■
mmm m
104.4
mmmm
100.14
•
■
.
mm mm
*1
____
m
mmmm
includes only
registered bonds
mm
100.13
mmrnrn
4
■'mm
5
I Cash sale.
m
100.13
'
100.8
....
„mmm
10*0.14
100.8
<
sales
of
coupon
were:
Treas.3^8, 1943-45..
1
107.5
3
'
-
....
table
8
[Close
-
107.5
106.27
-
....
t Deferred delivery sale.
Note—The
107.29
21
...
—
■
Total sales in $1,000 units...
107.28
[Close
Total sales in $1,000 units...
—
.....{Low.
[Close
107.29
(High
13
...
(Hgh
2
Low
.
Total tales in $1,000 units I...
105.16
(Close
Total sales in $1,000 units...
or
106.27
m »•
m
....
I Close
105.7
105.8
m
'«*
....
(High
| Low.
4
2
W»
....
106.14
•
107.5
106.27
106.19
High
3s, series A, 1944-52
108.28
Total sales in $1,000 units...
Treas. 3^8,1946 49
Treas. 3s, 1951-55
109.10 to 109.10
50
(High
Total sales in $1,000 units...
106.18
(High
104.22
104.25
105.3
Low.
104.22
104.24
105
105.4
[Close
254s. 1951-64
1
10*5*12
....
-j Low.
'
107.12
50
105.12
.....
(High
1948-51
107.12
12
Close
Total sales in $1,000 units...
I Close
2548
10*7*12
107.12
(High
3
*1
Total sales in $1,000 units.
254s, 1945-47
107.12
107.12
1
Total sales in $1,000 units...
*
Low.
2 J4s, 1955-60
103.29
mm
35
107.11
....
Close
110.1
[High
,
■mm,
107.11
107.2
(High
109.25
1
3s, 1951-55
103129
107.8
10*7*2*
Low.
Total sales in $1,000 units...
110
109.20
[Close
_■
107.2
Total sales in $1,000 units...
i
103.29
'
Close
109.16
109.14
109.14
109.10
3s, 1946-48
mmrn m
mmmm
'mmmm
103.22
103.22
Low
109.14
109.10
109.10
.
m
'
2
mmrnm
Total sales in $1,000 units...
109.10
.
mm
mmm m
.
2
t5
mm
103". 10
109.19
109.16
•! Low
Iciose
U
103.27
m
mmmm
High
3^8. 1944-64
3548. 1949-52
9
103.27
Close
109.10
3548, 1946-49
103.30
'mmmm
103.16
Low.
Total sales in $1,000 units..
/High
354s, 1944-46
103.27
105.8
Total sales in $1,000 units..
3Ms, 1943-45
mm
103.30
mm
103*27
High
105.8
105.8
....
Total sales in $1,000 units
105.8
105.9
105.9
(High
|I Low.
3J4s. 1941
,,
DAY
mm
mm
103.16
■
HOLI¬
Close
2s, 1947
.
103.16
Low
109.18
26
1 Low.
n
109.18
2X8. 1950-52..
109.21
100.10
(High
Total sales
109.18
mm'
mm mm
11
119
High
109.12
109.10
HOLI¬
i
mm~~
103.21
Total sales in $1,000 units
''mm
1
103.21
Low.
Close
104.22
;
I Close
Total sales in $1,000 units.
High
104.23
104.22
354s. 1043-47
m
mm mm
106.8
Total sales in $1,000 units...
m
rnmmm
106.8
Low
•
3548. 1941-43
mmlmrn
''mm
J
102.22
102.22
Total sales In $1,000 units...
,
-
mmmm
107.12
Low.
Close
.
-
■
3
107.12
|
Total sales in $1,000 units...
-
-
21
High
3548, 1940-43
1
'
104.7
107.13
High
1
30
$1,000 units..
104.2
107.13
Total sales in $1,000 units
113.16
4
113.5
Close
Total sales
103.17
113.16
Low.
3hB. 1946-56
103.14
103.14
2X8, 1960-65..
103". 14
Low.
Total sales in $1,000 units...
52
60
10
103.25
104.22
104.25
105.2
105.4
15
14
Total sales in $1,000 units
105.4
36
106.24
1
109.20 to 109.20
..107.26 to 107.26
105.17
United States Treasury Bills—See previous page.
United States Treasury Notes, &c.—See previous page.
105.9
105.17
1
3
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER
CENT
Sales
STOCKS
NEW
for
Saturday
Monday
Not. 11
Nov. 13.
$ p*r share
$ per share
64%
Tuesday
Nov. 14
$
per
share
Wednesday |
Nov, 16
Nov. 17
$ per share
Shares
65
65
65
*133
144
*135
48
42
53
*51
8%
21
8%
21
*20%
21%
*20%
18%
55%
18%
*18%
57%
18%
56%
Armistice
Day
1%
*1
7
Closed—
7%
7
1%
15%
1%
1%
15%
15%
13%
13%
*13%
14%
*15%
17%
22%
22%
*9%
10%
173% 174
13%
14%
14%
14%
9%
10
*65%
39%
15%
2%
16%
62%
19%
*47%
*
13%
13%
1%
7%
1%
16%
22%
13%
14%
16%
22%
10
10
16%
174% 174%
2%
16%
62%
20
62
16
2%
16%
48
52%
52%
*52%
53%
8%
9
21%
9
9
*21%
52%
9
21%
18%
57%
21
300
2,500
Abbott Laboratories
53
Apr 11
120
Apr 10
Acme Steel Co
Adams Express
Adams-Miills
No par
No par
21%
300
18%
18%
18%
2,800
Address-Multlgr
57%
56
57%
5,700
Air Reduction Ino
Corp
10
No par
1
1
1
1
7
7%
7
7%
6,300
Alaska Juneau Gold Mln
1%
1%
1%
1%
4,300
13%
13%
17%
Allegheny Corp
5X% Pi A with $30
5X% Pt A with $40
5X% Qf A without
*16
23
10%
15%
*2%
*16%
62%
59
20%
20%
40
20%
38%
14%
14
16%
5,600
13%
13%
1,100
14%
17%
23%
13%
17%
900
17%
13%
*16%
10%
23%
10%
2,900
10
10
15%
13%
14
23
23
10
174% 176%
16%
13%
174% 176%
14%
14%
13%
14
22%
10%
178
177
14%
1384
Air
800
14%
13%
1,400
1,100
10%
19,000
10%
67
10
10%
67
67
68
68
40%
41%
40%
41
5,700
*15%
2%
1784
16
400
16
10%
10
war.
100
war.
100
war.
100
Alffhny Lud Stl Corp..No
45
45% Apr 4
% Jan 30
68
6% Sept
2
1
684 Aug 24
4% Aug 24
4% Sept 1
10
2
8
June 29
14
1
Apr 8
684 Apr 11
Allied Chemical A Dye.No par
AUled Kid Co
5
151% Apr 10
10
Apr 10
Allen
Industries Inc...
par
Allied Mills Co Ino
No par
Allied Stores Corp
No
300
40%
par
No par
$2.60 prior conv pref.No par
300
1,700
Way El Appliance..No
5% preferred
par
100
Allis-Ch aimers Mfg
No par
9% Apr 10
6
Apr 11
21
21
1,400
Amerada Corp
No par
Am Agric Chem(Del).. No par
50
20%
16
Apr 26
40
40%
7,600
Am Airlines Inc
10
26
June 29
12
39%
II84
12
1,600
American
10
47%
48
47%
48
90
1
47% Nov 15
12
*12
12%
11%
49%
*47%
48%
47%
47%
Bid and asked prices: no sales on this day.
59%
t In receivership.
59%
2,700
1 net. delivery
Bank Note
6% preferred
n
New stock,
r
50
50
Cash sale,
r
% Mar
20% Sept 27
18% Sept 26
18
Sept 27
6% June
27
4
23
11
11
8
11% Jan 3
71
Aug 22
23% Sept
28% Jan
11% Oct
200% Sept
14% Sept
16% Sept
5
Mar
6% June
7»4 June
14% Sept
4% Mar
124
Mar
7
Mar
8% Mar
4% Mar
38
Mar
24
Oct
30
Aug
67% Nov
1% July
13% Feb
1% Jan
% Jan
17% Jan
17% Jan
21% Nov
2934 Nov
14% Aug
197
Jan
Oct
1284 Oct
14% July
13% Nov
70%
5584
3% Sept
59%
preferred..
8«4 Mar
Jan
1284 July
l%June29
58
conv
3
Sept 27
Jan
20
39%
11%
6%
1% Sept 13
May
% Mar
Oct
52
11% Apr
1% Mar
20%
40%
12
600
14% Mar
16% Mar
40
Oct
45
3
5
61%
21
18
6
6% Mar
12384
19%
17
2,000
3
Sept 27
June
34% Mar
17
2%
Mar
27% Jan
26
18
5
18
2%
ll%Sept 12
119% July
30% Mar
48% Jan
16
Alpha Portland Cem__ No par
Amalgam Leather Co Ino:
1
Oct 19
56% Oct 26
Highest
$ per thare $ per share
61
Nov
36% Feb
54% Apr 11
28
Apr 8
12»4 Apr 8
*15%
2%
2%
71% Sept 19
149% Sept 30
33% Apr 8
31% Mar 31
6% Aug 24
19
Sept 5
15% Sept 8
% July
25
18%
600
$ per share
No par
56%
15%
Range for Previous
Year 1938
Lowest
Highest
$ per share
4% % conv pref
-.100
Abraham A Straus....No par
1
39%
1,800
"~~70
1%
15%
13%
*66%
40%
66%
66
144
*43
7%
*13%
40%
65%
*135
48
1
13%
10%
10
65%
144
*43
1%
15%
13%
13%
40%
*15%
2%
16%
65%
*135
48
100-Shars Lots
Lowest
Par
7%
14%
66%
15%
57
14%
66%
65%
144
.
8%
14%
40%
39
11%
52%
8%
18
Exchange
*43
9
55%
1%
Stock]
53
Range Sines Jan. 1
On Basis of
STOCK
Week
$ per share
144
*52
YORK
EXCHANGE
Nov. 15
*42
42%
the
$ per share
*133
65%
Friday
Thursday
3%
Oct
Oct
Oct
Oct
Aug 21
21
6
10
Mar
24
Jan
Apr 11
12
74% Sept 11
24% Sept 13
4034 Oct 30
1784 Jan 3
65
May
78
July
22
Dec
28%
10
Mar
23% July
984 sept
Ex-dlv.
a
60
Ex-rights
Sept
Jan
6
46% Apr
63
1 Called for redemption.
Oct
Nov
Volume
LOW
AND
New York Stock Record—Continued—Page 2
149
HIGH
SALE
PRICES—PER
SHARE,
NOT
PER
Sales
CENT
STOCKS
Range Since Jan. 1
NEW YORK STOCK
j
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 13
Nov. 14
Nov. 15
Nov. 16
Nov. 17
$ per share
$ per share
On Basis of
Week
$ per share
$
per
share
$
rer
6%
*6%
6%
6%
6%
6%
*634,
7
6%
6%
46
47
47
47
.47
50
49
48%
49%
4934
♦130% 133% ♦130% 133% *130% 133% *130% 133% *130% 133%
109
109
112
112
110
110% 111%
110% 111
11334
170
170
♦167% 170% *168% 170
170% 170% ♦168
170%
34
35
34%
3334
34
34% 3434
34%
35%
34%
54
55
54
54
*54
56
52% 52%
55
55
21% 22%
22% 22%
22% 22%
23
23%
22% 22%
♦111
121
♦8
7%
♦8%
115
♦111
121
121%
16
*8
7%
7%
*8%
9
11%
11%
82%
3%
82%
*5
12%
*82
3%
3%
6
*5
2%
115
♦111
115
♦111
115
121% ♦118% 121% *120% 121%
16
7%
9
*9
16
*9
7%
734
8%
12%
82%
3%
12%
8%
*12%
82%
*82
3%
3
6
*5
2%
7%
9
*111
121
8%
*8%
9
12%
1234
82
82
3%
6
*5
2%
2%
27%
12%
*80
3%
3%
6
*5
2%
2%
28%
2%
27%
27%
27%
2%
2734
♦7%
8%
7%
7%
7%
734
7%
7%
22%
22%
2234
2234
22%
24%
24
24%
6%
37%
*35
24%
6%
*35%
22%
24%
2284
24
22%
24%
6%
♦35
♦51
2%
23
2%
27
6%
52
51%
*2%
238
23
7
7
24%
61
2434
63%
14%
1434
4%
*22
4%
25
108
52%
2%
22
14%
4%
14%
50
50%
51
42
42
50%
42%
9%
10
10%
155
147
5
4234
10%
147
4
55
15
X25
*110
2234
45
10%
*22%
26
1,900
Amer Metal Co Ltd
115
200
22%
2234
140
5
5%
55%
6,300
54%
45%
4584
10
10%
103g
26,300
76%
76%
76%
300
12%
12
12
800
American Safety Razor.. 18.50
II84
*11%
12
800
American Seating Co...No par
37%
*36%
37%
52%
180
Amer
8,500
6 584
1,000
11%
36%
51%
35%
35%
35%
35%
51
5178
51% 51%
*138
140% *13834 140%
*6478
66% *64% 66%
36%
52%
51%
142% 142%
144
*143
145
*143
33%
12%
16%
34%
22
22
22
22
21%
90
90
*89%
90
89%
*15%
3334
*1234
16%
12%
1634
16%
♦15%
168% 16834
7934 80%
80%
81%
147
684
147
*15%
81%
*147
57g
5%
1134
*897s
12
1134
90%
10%
90%
107g
10%
48%
49
49
8
♦38%
8
8
45
*39
31%
42
42
22%
22%
32
32%
114
♦14
*2%
33%
♦4278
22%
114
114
*14
1534
140
66
66
65
145
*143
Preferred
145
34%
34%
35%
34%
35%
7,200
13
1234
1284
13
13
16%
2134
16%
12%
16%
400
16%
12%
163s
22%
1,300
22%
700
88
89
16%
80%
81%
149
534
*16
21%
8934
16%
168% 16834
80
8OS4
82
81%
*148
89
*5%
12%
12%
11%
90%
90%
90%
1078
10%
10%
*90%
10%
49
49%
50%
49%
32%
8
*40
32
8%
45
8
*38
3284
3134
114
114
*14
16
153g
*2%
34%
102% .102%
6%
6%
48
100
100
Preferred
1,400
4,100
8%
100
26
Tobacco..
25
Common class B...
preferred
Am Type Foundries Inc
100
10
Am Water Wks A Elec.No par
300
4,200
Telp A Teleg Co
0%
$0 1st preferred
No par
American Woolen..
No par
100
Preferred
Amer
Zinc
Lead
A
1
Smelt
15 prior conv pref
25
130
*113% 114
*14
15
*2%
•• rn — m
—
$0.50 conv preferred. Wo par
Andes
Copper Mining
20
Co
Wo par
A P W Paper
284
74
*70
73
73
73
*73
79
*71
78
600
*34%
*92%
36
*343g
37
100
94
*92%
94
30
*34%
92%
28%
*60
24
*14%
*15
23%
34%
34%
*34%
30
92%
28%
92%
94
6%
8%
*90
10
984
1,300
500
100
10
5,900
16%
9%
♦24
Mar
Mar
65
3084 Mar
1% Oct
13% Nov
4% Mar
12% Mar
July 25
318 Aug
Aug
Sept 12
303s Jan
79% Jan
1584 Jan
44
June
10
Mar
2% Mar
5i8 Sept 21
4018 Jan 5
1241| Mar 20
23
x26
Jan
20
7
Feb
47
Nov 17
2284
Jan
7% Nov
6% July
25%
19
Jan
Mar
Dec
July
Jan
103
4584
130
14i2 July 26
18% Oct
Mar
Apr
Jan
97% Sept 11
83s Jan
145s Jan 20
Aug
.
Jan
7%
Oct
80% July
20%
140
0I84
150
12
19
June
Dec
82
Deo
111
Mar
58
Mar
6884 Mar
Apr
37b Mar
130
0
Mar
68
Apr
3% Mar
23% Mar
ID4
31
120%
150%
152
Sept
Apr 11
Sept 12
4% Mar
25
Mar
43
40
Sept
21
May
42%
5478 Jan
29
Mar
Jan 23
97
36s Sept 26
37
Sept 11
Apr 21
May
9
358 Aug 24
3334 Apr 11
105
Apr
10
21
1% Apr 11
Sept
June 20
Mar
2
Mar
20
Apr
82
Mar
45
9%
65
Jan
60
58
Jan
Jan 23
73
Maris
Mar
6% Mar
2% Mar
1012 Oct 27
95
July 20
72
4
Mar
z62
May
Jan
5
3
78% Oct 26
41
Apr
8
81
Assoc Investments Co ..No par
30
Apr 11
38
June
5% pref with warrants.. 100
Atch Topeka A Santa Fe-,100
90
Jan
9
100
June
55s April
103s Jan
Nov
6
48
Dec
27
Mar
72
Oct 24
Mar
29
29
293g
21
Sept
427b Jan
22% Mar
60%
*60%
2484
6034
500
100
50
Sept
1
71
Mar
40
26%
60%
2534
6034
253s
20%
6,300
Atlantic Coast Line RR...100
15
Apr
8
30%
Jan
14
Mar
1534
15%
15%
15%
15%
16
16
600
Atl G A W I SS Lines..Wo par
684 Aug 23
18%
24%
17
17
100
9l2 Aug 24
1818 SePt
104U Apr 12
7
Apr 11
4%
6%
17»4
101%
684
Mar
Mar
Mar
16
*14%
17%
*15
23%
23%
108
8%
46%
46
65
27s
20%
8%
1734
678
8%
18%
23%
108
8%
46%
*15
2334
*107
8%
4634
29
28%
24%
109% *108
18%
24
24%
3,600
109% *108
109%
100
8%
1,500
24%
z8%
8%
4034
*45%
46%
1*05
67
120
121
*7
3%
2%
*19
7%
83g
*45%
*6 534
120
46
07
300
120
Wo par
Atlas Powder
350
5% conv preferred..
100
Wo par
Atlas Tack Corp
3%
3%
*234
3%
700
tAuburn Automobile.-Wo par
400
Austin Nichols
Wo par
15 prior A
No par
2%
20
*19
8
3
20
734
18
Jan
5
50
24U Apr 11
33
Feb 28
5
lllg Aug 24
15U Apr 10
191*
Jan
263s Nov 17
9
Mar
115i2 Nov 13
109
Apr
19
63
03%
70
103s
9%
9%
9%
9%
16%
9%
27%
16%
10%
27%
1,400
1,000
984
934
29
27%
14%
25%
14
27%
14%
25%
25%
Wo par
Barker Brothers
50
5H% preferred...
14
14
3,700
Barnsdall Oil Co
25%
26%
2,800
Bayuk Cigars Inc....-Wo par
30
14
55
55
56
55
55%
55
55
40%
83%
40%
41%
41%
41%
41%
41
42
8478
83%
84%
83%
84%
17%
17«4
*17%
17%
*17%
17%
*115% 11534
28%
2234
13
*55
11534
115% 115% *115
28%
28%
28% 28%
21%
34%
*12%
*32%
177g
*1634
55
*50
28%
27%
21%
1234
33%
17%
55
2778
*21
2134
*27%
*21%
12%
*3234
1234
33%
*33
*16%
17%
*50
27%
1234
17%
*50
55
27%
Bid and asked prloes; no sales on this day.
83% 8 584
I73g
17%
11434 115
273g
55
55
42
42%
86%
17%
84%
Beatrice
100
$5 preferred w w
Beech Creek RR
600
~
«.
25,900
1,700
Beldlng-Heml nway
1,500
27,400
Apr
....50
20
Wo par
Beneficial Indus Loan._ Wo par
prior pfJ2.50dlv ser'38Wo par
Wo par-
Bethlehem Steel (Del).Wo par
28
600
600
Black A Decker Mfg Co Wo par
1,500
3334
33%
300
Bliss A Laugh 11 n Inc
17%
17%
17%
130
Bloomlngdale Brothers. Wo par
Blumenthal A Co pref
100
1234
55
28
*50
55
27%
t In receivership,
700
28%
a Def.
8,900
delivery,
5%
Blaw-Knox Co
Wo par
Boeing Airplane Co
n
New stock,
r
Cash sale,
2734 Sept
1047gSept
714 Apr
52
5
21%
1234
22%
109% Oct
98
27%
21%
1234
*3284
28%
Apr
No par
preferred
20
7% preferred
100
Bigelow-Sanf Carp Inc.Wo par
2,700
0
Apr
Aviation
Best A Co
63
17
Belgian Nat Rys part pref
Bendlx
3i8 Aug 24
918 Aug 24
378 Aug 24
4348ept 1
1812 Nov 17
25
Creamery...
Beech-Nut Packing Co
900
17%
114% 11434
100
1st preferred
100
Mar
13
18%
63%
2
12% Mar
8
19%
J Baltimore A Ohio
100
4% preferred
100
Bangor A Aroostook....—50
Conv 5% preferred
100
Barber Asphalt Corp
10
16
6
Jan
Apr
2% June
82
*19%
5,100
1,500
1,100
63%
378 Jan
30i2 Jan
Mar
4%
5
9
16%
53s Sept 12
36
105
Jan
Baldwin Loco Works v t c—13
6%
8%
6.384
Sept 11
Jan 11
8,900
634
9
15%
Sept 12
Jan 11
8
71
21
18%
634
6334
127
87
183s
6%
8%
16%
June 15
414 Apr 10
li2 July 10
2
Apr 13
1712 Aug 31
110
Apr
Mar
3884 Mar
Nov 17
18%
64
2434 Oct 2
110i2June 6
93g July 21
483g Aug 7
May
10U Aug 24
Aviation Corp. of Del (The) .8
16%
435s Apr 8
50
Aug 23
2684 Sept 11
20
Sept 11
2484
29,800
64
1
5
95s Nov 4
2H4 Sept 27
884 Jan 5
11% Sept 27
30i2 Jan 4
7%
16%
9%
*26
50
preferred
300
20
*25
0%
734
20
29
25
734
20%
14%
25%
5% preferred
4% conv pref series A... 100
Atlas Corp
5
7%
20%
*26
preferred
Atlantic Refining
600
21
29
5%
100
8%
6434
6434 65
6434
120% 120% *120% 123
*7
7%
7%
7%
*3%
378
*3%
33g
3
*234
27g
27g
*19
20% *19
20%
8
8
8%
7%
1734
18%
17% 18%
6%
6%
0%
6%
834
8%
8%
; 8%
*16
6,300
5
6
x
Nov
6
10
10
12
13
10
9
168s Apr 11
177s April
48'8 Apr 6
32
Sept 5
50% June
15i2 Apr
9914 Apr
1578 Apr
30
10
11
10
14
Apr 8
8i2 Apr 10
33
Nov 10
1418 Aug 24
35
Apr 18
I684 Aug 24
Ex-dlv.
y
28
4
July 24
IO7I4N0V
2% Mar
5
Mar
4
Mar
5% Mar
10% Mar
11% Mar
90%
Nov
4
26
12812 Aug
1
94%
95g Oct 25
735s Jan 25
3334 Oct 27
215s Nov 16
65% Aug 7
57i2 Mar 11
100 Sept 11
18% Sept 13
120% Sept 25
3284 Oct 20
24% Oct 26
1784 Jan
4
36% Oct 28
23% Mar 11
55
Sept 27
3434 Jan 3
Ex-righta.
Dec
Mar
21% Mar
9
32
Dec
12% Mar
5
Apr
Apr
Apr
684 Mar
67
Sept
8% Mar
15% Mar
26% Mar
3984 May
1284 June
75
Mar
17% June
984 Mar
10% Mar
13% Apr
May
37
19
Oct
Dec
Dec
Nov
Oct
July
Oct
31% Aug
103% Oct
24% Mar
13
Oct
113% Oct
20% Oct
4% July
28% Mar
Mar 31
31*4 Sept 6
7i2Sept 5
58g Apr 11
50
Jan
Jan
6434 Oct
21% Aug
37g Mar
884 Sept
60
Sept
Deo
9% Nov
12
834 Apr 11
Deo
10% Nov
91
Aug
7% July
48
111
Dec
88% Aug
91% Oct
24
IO84 Mar
Dec
117% Mar
1514 Sept 21
6434 Sept 16
276g Aug
II434June
Jan
23% Nov
35% Jan
58% Nov
36s Apr 8
283s Apr 10
4
Aug 24
8
Jan
29%
40%
12% Mar
18i2 Jan
170i8 Mar 11
87i2 Jan 19
89% Jan 16
153i4May 26
5%
15% Mar
6% Mar
19%
Sept
Nov
17% July
41% Nov
19% Oct
165% Jan
24% Nov
Mar
Aug
79
Deo
June
July
July
Deo
16% Mar
7% Mar
2234 Apr
28% Mar
Sept 12
45%
2%
20%
8%
30%
Nov
47% Nov
12
Jan
Nov
67s Nov
Mar
14884 July
13% Mar
Jan
15
30
Oct
Mar
58
96
Jan
0% July
Nov
15*8 Mar
34
Nov
1684
45
20
09
15
83
122
80% Sept 27
63
97b Nov
Mar
9
183s Jan
162
July
99% Mar
3% Mar
65i2 Nov 17
70
115
*113
115
115
*113
115% 115% *112
*112% 115
27
27
*26% 27
*2634 27%
*2634
27%
*26%
27%
*107%
*107%
*107% 108% *107% 108%
107% 107%
*30%
32% *30% 32% *30% 32%
32%
*30%
*30%
32%
♦117% 122
*117% 122
*117% 122
♦117% 122
*117% 122
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
*51
♦50
57
57
*51
57
*51
57
57% *51
31
31
3034
31%
31%
31%
*29%
30%
3034
31%
21%
21%
21% 21%
21% 21%
21%
21%
21% 21t2
*
May
2
Sept 12
25
14
27%
9
9
Oct
20
Feb
12% July
12
25
Deo
125
207b July
Sept
8
117
Mar
43i2 Sept
33
Nov
Aug
105% Oct
170% Nov
347b Deo
57% Nov
23% Nov
10
*60
*24%
*50
2% Mar
13% Mar
61
14%
12%
Mar
29
25%
33%
*17%
4
25
14
22
Mar
8% Mar
61
*24%
*28%
2478 Oct 23
41
20i8 Aug 24
814 Apr 8
9
Apr 1
1514 Apr 11
75% Mar 7
14% Apr 8
148
Apr 10
73
Apr 11
75% Oct 2
132
Sept 19
4i8Sept 1
8i8 April
78
Apr 10
9
67% Dec
2% Mar
14% July
52
135
5% Mar
984 Jan
153
Oct 11
4% Mar
2334
65
♦20
*
preferred
0%8ept 19
35s Jan 20
293s Nov 17
88% Mar
13% Sept
63
29
7%
37s
17%
9%
100
7%
Jan
Mar
9% Mar
89% Feb
24%
1237g
8
9%
5
58s
160% Mar
125s Mar
27
25i2 Oct 25
115i8 Mar
132
Aug 14
17i2Sept20
884 Feb 24
Jan
*92%
28%
*7
*18%
9%
*90
9%
36
♦120
3%
234
100
9
92%
*107% 109%
8%
8%
4534
♦63%
1134
$0 conv pref...
Armstrong Cork Co
Oct
140
97
72
11
Sept
21
2,066
July 19
14278 Nov 17
ACo(Del)pf7%gtd 100
3,300
64
35i2 Apr 10
127l2Sept 6
5912 Apr 14
Armour
Armour A Co of Illinois--.-.5
7084
46i4Sept 13
Archer Daniels Mldl'd. Wo par
21,800
23% Mar
Apr
40U Oct 18
Highest
share % per share
114
25l2 Aug 28
500
34%
104% 104%
6%
6%
50%
52%
65
*50%
39
3884
11%
11%
9%
9%
200
*90
11%
9%
9
600
*34
80
9%
39%
8
13i2 Apr
*75
100
65
38
Sept
1178june 29
60
Apr 11
113s Apr 10
Anaconda W A Cable..Wo par
80
9
47%
*50%
140
AnchorHockGlass Corp No par
*77
9%
*90
9%
65
38%
32
500
77
9%
100
38%
11%
9%
6
2,400
76
9%
11%
9%
*50
Oct 19
23%
76
9%
*93
*11
65
38
112
42%
*74
11%
377s
Apr 8
2% April
2478 No* 14
42
75
♦11
*50
3734
11
*23
Anaconda Copper Mining..50
*72%
65
37
Aug 24
2034 April
35
April
23,500
Wo par
100
Wo par
Arnold Constable Corp
6
Artloom Corp
Wo par
7% preferred
100
Associated Dry Goods
1
0% 1st preferred
100
7% 2d preferred
100
♦50
41
3234
234
*33%
American Sugar Refining..
200
l^s Jan 24
14% Jan 23
384 Sept 1
13
Aug 24
32%
45
24%
No par
45
*38
3234
*14
*2%
234
*2%
234
34
*33% 34%
33% 33%
IOI84 10134 *101% 102% *102
102%
6
6
6
6%
6%
6%
48
48
4734
a4734
47% 47%
278
8
American Stove Co
4,100
52
8%
No par
Amer
1,100
14,300
50
45
American Stores
American
6
6034
100
0% preferred
1,600
12%
91%
11%
12%
*91
25
Amer Steel Foundries ..No par
7,300
150
1034
*42
23
5%
1034
92
45
*4234 45
22% *2234 23
114% *113% 114%
16
*149
.........100
Preferred
American Snuff
Am Sumatra Tobacco..No par
*15%
16%
1693s 170
81
80%
81% 82
6
12
8%
149
5%
534
12%
45
89%
16%
*15%
I6884 169%
8 O84
81%
8134 82%
149
149
21%
100
Ship Building Co.No par
Amer Smelting A Refg. No par
800
16%
25
4M% conv pref
10
34%
100
American Rolling Mill
300
35%
168% I6884
80
140
*143
145
par
7,900
36
144
San'y_ No
330
19
1134
51
Am Rad A Stand
148
76%
12%
12
3% Apr 10
Apr 8
28
Apr 8
8i28ept 5
183s
1134
67
434May 26
2
Apr 8
12% Apr 10
No par
Amer Power A Light
No par
12%
139
1
21%Sept
$5 preferred
12
66
23s Sept
No par
10,100
12%
50%
American News Co
47
12
139
100
No par
12%
12%
No par
0% conv preferred
$0 preferred
12
*75
No par
19
147
*146
Corp
6,800
12%
*75
100
26
77
77
No par
*110
12
*75
Home Produots...l
179
per
0«4 Mar
57«4 Sept 22
Aug 14
11012 Sept 12
140
ll7sSept 13
18*4 Sept
278 Mar 31
0% non-cum pref
$
80i2 Sept 28
268s Apr 8
4U>4 Apr 11
American Ice
$ per share
8
Jan 4
Feb 11
60
Amer Mach & Fdy Co..No par
Amer Mach & Metals..No par
12%
18%
American
300
10
Lowest
6% Apr 11
Leather... 1
preferred
4,700
1,000
77
1834
6%
4
5%
54%
146
148
American Hide fc
American Locomotive. .No par
Preferred
100
2284
52%
4484
9%
Amer Hawaiian SS Co
Amer Internat
25%
115
4%
5
53%
3,300
1,500
15%
25
512Sept
61
April
Apr 8
500
4
Aug 24
10
No par
1,800
4
5
No par
Power
3,300
684
July 20
$6 preferred
15%
4
115
97g
Amer & For'n
10
Apr 10
14%
f
25
18%
10
1st preferred
100
American Encaustic Tiling. _1
Amer European Sees
No par
6%
1091s Apr 20
5
25%
*6134
2%
*22 %
Corp__20
American Crystal Sugar
8
No par
18%
18%
Am Comm'l Alcohol
May
No par
17%
18%
No par
Am Coal Co of Allegh Co NJ 25
American Colortype Co
10
100
%7 preferred
63%
6%
*108
147
54%
2%
23
100
17 2d preferred A
6%
25%
7
25
43
53%
25
3i2 Aug 11
3184 Apr 1
April
83% Apr 11
150
Sept 11
16% Aug 24
30% Aug 21
13i2 Apr 8
125
1,200
*62%
1434
*22%
478
51%
1,700
2%
22%
6%
25%
63%
2%
*21%
*
share
per
4,700
24%
22
4
American Can
100
14%
4%
2234
♦147
2%
1
100
$
8%
24
Year 1938
Highest
2%
29%
37%
62%
2234
478
6
24%
6%
634
22%
478
1,500
3%
6%
24%
62%
♦22%
484
50
37%
678
25%
1,600
6%
25%
6334
115
200
9
12%
82
37%
678
2478
2", 800
8%
6%
2434
Corp
pref
"800
*35%
51%
23%
24%
Bosch
conv
5% preferred
American Chicle
6%
24%
*108
8
American
Am Brake Shoe A Fdy.No par
2,400
800
37%
52%
2%
*52
23%
28
Par
Preferred
100
American Car & Fdy-.No par
Preferred
100
Am Chain & Cable Inc. No par
300
4,500
1,800
1,600
2,100
*61%
25
a!08
6%
37%
28
7,200
15
8
Lowest
5li%
121
*9
600
2,000
115
15
Range for Previous
100-Sfcar« Lots
EXCHANGE
Shares
share
3219
Sept
y Called for redemption
New York Stock Record—Continued—Page 3
*5220
Range Since Jan,
Nov
NOV. 11
*25*
114
*57i2
21*
20*
26*
1
'
•'i-
-
'"
•
*3
*32*
*6*
12*
23*
39*
51
*1*
'...1
-
*11
'.
.
.
..
25*
115
58*
21*
20«4
26*
37g
33*
6*
12*
24*
*>'«•
11*
♦38*
50
11*
11*
11*
11
11
— —
11*
40*
38
36
36
21*
21*
10*
22*
6*
44*
5*
30*
*2312
17*
12*
6*
16*
7?8
*21*
.,'S;
■
v..'
.
4*
6*
,
25*
5*
11*
30*
25
17*
13
6*
46
5*
31*
23*
17*
127g
5*
*14*
V\
23*
10*
101*
6*
31*
24*
17*
13
•'
Closed—
*75*
78*
16*
23*
52*
2*
784
77
77
15
15
15*
16*
15*
60
40
40
5*
38*
7
*38
3*
7
79
59
24*
3*
111
*6*
8*
6*
6*
8*
15*
43
5*
*38
3*
43
6*
*5*
80*
26*
3*
*5*
91
92
38*
39
38
38*
7*
34*
5*
38*
7*
33*
19*
7*
33*
*19*
19*
100
*7*
25*
19
26*
94
3
3
13*
*19
19*
40
41
*917g
*2*
2*
*13*
94
*
49
*48
26*
19
27*
3
*
1
%
41*
*
42%
284
2*
*
*
78
«4
34
84
2*
16*
2*
1*
7g
*2
16
3534
1*
•34.
78
9*
*9
*66
6*
*33
91
92
55
*46*
37g
317g
55
4
4
*31*
32*
*60
-
«•
-
-
»
11*
0*
*66
477g
34*
*130
47*
34*
48*
35*
48
106
33*
110
*130
121
121
61*
157g
110
21*
5
5
6*
6*
21*
5*
6*
*4X4
23*
5*
23*
23*
90*
5*
23*
23*
*907g
7*
19*
67g
817g
18*
684
74
121*
61*
16*
*105* 105*
34
34*
21*
46*
35
3484
*130
121* 121*
*60* 61*
16
15*
48
*34
*884
11*
*6*
1,100
0*
200
34
90*
117g
93*
*
7*
*82
*70*
46*
110
21*
•
---
10*
IO584 106
*33*
34*
*110
*21
3484
121
*60«4
16*
48
4*
32*
—
^
34
48*
35
3434
3578
*130
*6084
I684
17*
34*
7
034
6
*5
6
-
-
23*
23*
23
2384
23
23*
93*
7*
23
*93
18*
*19
2334
94*
7*
19*
237g
237g
*92%
7*
74
5*
7
67g
82
82
8234
8234
70
70*
70
70
6«4
-
-
4,000
4,300
1,000
100
140
22
600
7
19*
678
84
5*
684
Burlington Mills Corp.
1
Burroughs Add Mach—No par
Bush Terminal
1
{Bush Term Bldgdep7% pflOO
......10
Butler Bros
30
6
56? conv preferred
Butte Copper A Zinc..
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co.....No par
California Packing
No par
6% preferred
—60
Callahan Zlno Lead
-.1
Calumet A Hecla Cons Cop—5
Campbell W A C Fdy—No par
Canada Dry Ginger Ale...-.6
Canada So a Ry Co—...100
Canadian Pacific Ry
Cannon Mills...
26
.No par
1
93 preferred A
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
...5
Carriers A General Corp...
1
Case (J 1) Co
100
100
Preferred
Caterpillar Tractor... .No par
15% preferred
100
Celanese Corp of Amer.No par
7% prior preferred....
100
Celotex Corp.——...No par
6% preferred
——100
Central Aguirre assoc.No par
Centra)Foundry Co..
...1
Preferred-
100
....
——
{Chesapeake Corp
Chesapeake A Ohio Ry
No par
25
5% preferred
100
{Chicago A North West'n.100
Preferred
100
Chicago Pneumat Tool .No
S3
conv
preferred
{In receivership,
par
No par
Pr pf (92.50) cum div No par
{Chic Rock Isl A Pacific— .100
7
Apr
94* Apr 11
4
Apr 8
29* Apr 11
3
Apr 8
21* Apr 10
15* Aug 24
11* Apr 10
11 June 30
1
Apr 10
6* Mar 31
57s Apr 10
187s Apr 11
2*June 29
7
Apr 11
25* April
11* Aug 24
13* Apr 10
48* Mar 1
% Feb 15
47g Aug 24
Chile Copper Co
Chrysler Corp
25
5
City Ice A Fuel
preferred
City Investing Co
City Stores..
No par
.100
100
5
....
Clark Equipment
No par
CCC AStLoulsRy Co5 % pref 100
Clev El Ilium 94.50 pf_No par
Clev Graph Bronse Co (The).l
Clev A Pitts RR Co 7% gtd.50
Special gtd 4% stock
.50
Climax Molybdenum..No par
Cluett Peabody A Co..No par
Preferred
100
Coca-Cola Co (The)—.No par
Class A
No par
Colgate-PalmollTO-Peet No
250
par
100
..No par
5% conv preferred
100
Colo Fuel A Iron Corp.No par
Colorado A Southern
.100
130
4% 1st preferred—.....100
180
24
4,700
2,900
94
200
4% 2d preferred..
..100
Columb Br'd Sys Ino cl A.2.50
Class B
2.50
Columbian Carbon v t e No par
7%
19*
7*
84*
900
Columbia Pict
237g
300
17,900
1,200
70
71
46
46%
3,300
102* 102*
200
a Dot.
100
3,500
92.76
19,600
3,300
41.800
delivery,
v t e
No par
preferredJVTo par
Columbia Gas A Elec. .No par
6% preferred series A.. .100
5% preferred
,100
Commercial Credit
....10
4H % conv preferred
100
Comm'l Invest Trust..No par
94.25
*7~70d
conv
conv
pf ser '35.No par
Commercial Solvents ..No par
Commonw'lth A Sou..No par
90 preferred series
No par
Commonwealth Edison Co.. 26
n New stock,
r
Cash sale.
*
30
5
Jan
3* Mar
19* Aug 2
18* Jan 3
7* Sept 11
Mar
3
Mar
15*
13*
6*
14*
1*
Mar
39
July
Mar
29
Dec
Mar
Mar
Mar
16* Aug
22* July
Sept 11
9* Jan 3
23* Mar 6
16* Mar
Mar
13
Mar
22
15* Mar
24*
July
Jan
53
45
Mar
61
Aug
Mar
2*
10*
39* Oct 24
3* Sept
29*Sept
6* Jan 3
41* Sept 11
47
June 12
8
Sept 11
Sept 15
85* July 17
33 Sept 12
4
Sept 6
94* Mar 9
122* Mar 3
£43
64* Sept 27
107* Jan 9
29* Oct 26
37*
Mar
5* July
113* Aug 16
12* Sept 27
14* Sept 11
99* Apr
6* Dec
111* Nov
67S Oct 13
96 Sept 15
52* Jan 6
3* Mar
3
30* Sept
5
5* Jan
3
Jan
13
2
4
85* Oct 18
l%Sept
5
1* Aug 29
9* Apr 8
* Apr 5
*June 26
%June 30
l*June 28
10
Apr 10
30* Aug 24
Aug 21
1
10
5
46* Sept 28
2* Apr 8
15
Apr 8
Jan
94
3
22
June
70
Apr
Mar
Sept
Mar
Nov
* Dec
* Dec
1*
2*
878
*
Oct 26
27
26
27
27
2
Mar
67g Mar
20* Jan 4
39*Septl6
50* Nov 3
7* Sept 13
22
Mar
37* June
* Dec
1
17* Jan 5
l*Sept 13
9* Mar 9
15*Sept 6
13* Jan 3
41
Sept 11
94* Oct 6
14*May 23
97*June 10
Dec
* Dec
8
Mar
12
Mar
3* Mar
25
May
35* Mar
7* Sept
Jan
178
Jan
1«4
Jan
6* July
19«4 Dec
39x4 Nov
47
1*
3
2*
12x4
Nov
Jan
July
Jan
Jan
19* July
13* Nov
51
Oct
88* Nov
13* Jan
80
Dec
60
Feb
10* Mar
39
Mar 13
60* Jan
Mar
Aug
44
5
32* Mar
10* Mar
111
Mar 16
Dec
Jan
5
133
Jan
6
105* Mar
7
62
Mar
2
67* July
7* Mar
17* July 22
110
78
247* Sept 22
8* Sept27
9* Sept 26
8* Sept 26
96
Oct 26
4
6
Mar
'
53*4 Apr
9
Mar
91
83
Feb
8
57
Jan
3
23
Mar
109* Aug
7
84
Mar
60
Jan
3
110*June 21
16 Sept 11
2* Feb 6
72* Aug 15
31* July 29
Ex-rights,
Feb
60* Nov
25* July
129
Nov
142>4 Aug
61* Nov
17
Nov
22*4 July
22* July
98* July
4
13
9
Mar 14
Feb
Jan
46
104* Deo
39*4 Oct
107* Nov
2378 Nov
8* Jan
11* Jan
25* Dec
5* Mar
67
May
60
May
9
76
May
Mar
June
Mar
Mar
Mar
Apr
13*
87*
9*
3*
4*
37* Oct 26
Nov 3
III
15* Jan
30* Mar
30* Nov
13* Mar
Oct 19
247* Aug 15
24X4 Aug 15
Oct
75
115
2
36* Oct 26
135
27*
Apr
15* Mar
67* July
Oct 25
78
45*May
5* Nov
Nov
Jan
y
1
Jan
Sept
Ex-dlv.
July
5* Jan
167a July
Mar
68
98* Oct 16
42
Apr 8
103* Sept 19
8* Aug 24
1* Mar 31
45* Jan 3
£25% Apr 10
Jan
4
Mar
105
6
5* Apr 10
74* Jan 3
62* Jan 13
38* Apr 10
89
2
70
Sept
Mar
64
106
16
Oct
106
59
9
1
20* Apr 8
100
Apr 8
11* Apr 8
2* Aug 24
37* Sept 1
3* Aug 19
14
Apr 10
14
Apr 11
73
Apr 11
6* Sept 1
Oct
Oct
46
Mar 11
4
11* Apr 10
69*
12*
4* Oct 26
34* Oct 23
58
Feb
I017t Feb
Jan
Apr
33* Nov
Feb
34*June 30
21* Apr 11
Sept 11
104
12* July
48* Mar
38* Jan
69
125
July
678 July
Dec
115
Sept 25
Jan 3
8*
an
May
Feb 10
42
14
J
June
IOOTb Sept 18
20* Apr 11
69
28
6
Sept 27
7* Sept
1* Sept
l*Sept
3* Sept
Sept
19* Deo
72* July
18
4* Sept 26
14
June
96
20
21* Oct 23
29* Sept 27
47* Sept 27
95*June 27
4
Aug
26* Mar
4* Mar
17* Mar
22* Sept 11
Mar 21
80
Mar
88
4
24
11
10
11
Mar
187* Dec
4
47* Jan
17
68
Jan
46
July
12* Dec
102
Jan
Nov
22* Nov
4* Jan
107* July
120
Aug
58
July
106* Dec
26* Nov
7
Apr 20
79
Mar
9
46
89
82
1097* Aug
98
*June
Mar
May
4* Mar
34* Mar
63* Apr
12* June
2* Mar
62* Mar
98* Jan
29* Mar
100* Jan
9
June 29
44
Apr
5
21
Jan
Oct
20* Aug
21* July
46* Nov
8* Jan
42
July
8* Aug
19* Jan 4
72* Mar 14
5* Aug 24
Aug
6* Apr
17* Apr
27
Apr
Oct
20
15* Nov
44* NOV
8* May
12* Mar
85*June
July
5
Mar
2* Mar
17* Jan 4
20* J an 18
Oct
24
6
9* Apr 11
12
Apr 11
58
Jan
6* Sept 13
16* Nov 2
847* Nov 4
17* Jan 5
30 Sept 12
1
4*May 19
July 10
Apr 20
137* Apr 1
2* July 7
63* Aug 24
110
April
381s Apr 1
100* Sept 7
13* Apr 10
84
Apr 14
77g Aug 24
3*
Oct
""5* May "16" July
5* Mar
77
6X4
20
5
35
Oc«
Oct
100* Nov
7* Dec
6478 Jan
14*
13*
62
5
7* April
Apr 5
5
Sept 1
25
Apr 8
53* Apr 11
9
Apr 8
.......No par
6
9
8
3* Sept
* Aug 10
Childs Co
4
4
6* Nov
34* Mar
Apr
10* Sept
* Aug 23
10
Jan
65* Jan
57* Mar
75
7
100
Chlckasba Cotton Oil
13* Jan 6
106* Aug 33
July
7% preferred..........100
6
51*
51x4
51*
52*
51*
517g
5184
52*
52
52*
*10578 110* *1057g 110* *1057g 109
*10578 108* *1047r 108
12
12*
1178
12*
12*
12*
12*
12%
12*
1234
1*
1*
1*
1*
1*
1*
1*
1%
1*
1*
69* 70
6984 69*
69* 69*
70
6934
69* 697g
1
31
31
31
31*
3078
31
31*
31
31*
31*
•Bid and askedprloes: no sales on this day.
800
112
*5
*7*
No par
Bullard Co
Collins A Alkman
*5
7
Bulova Watch..——..No par
1,700
*110
22
*6
18*
—No par
100
7% preferred......
6% preferred
*5*
93*
Budd (E Q) Mfg
Budd Wheel....——No par
1,900
6*
5*
7*
18*
67g
82*
6
100
Bacyrus-Erie Co
7% preferred.......
18,400
5*
93
—
14* Nov
46* Nov
Oct
1678
2178
5*
6»4
23*
23*
**
5* Mar
zl6* Mar
Nov 17
Jan
105* 105*
34
3334
*2178
53g
*6*
'5*
•*
140
......
*1207g 121*
........
112
1,300
1,600
m
47*
105* 10584
*110
22
420
55
*45
—
12l"
28,700
1,000
Jan
"
41
Chicago Yellow Cab...No par
'9*
11%
Dee
Nov
23*
6% preferred.
7g
/
8884
1178
*9012
*46*
4*
32*
4634
48* 46*
40*
40*
102* 102* *1017g 102* *10184 102* *10178 102*
1
1
1*
200
*33
*130
_
12l"
*60*
16*
48
.
400
200
*45
*45
200
1,100
112* 112* *112* 113* *112* 113*
3634
37*
3684
37* *36*
37*
78
*72* 78
*71* 78
*71%
-
400
%
111* 111*
36
36*
*71* 78
..
1,700
2
3
2*
10* Mar
Chicago Mall Order Co
6
{Chic Mil 8t P A Pac..No par
900
12
27* May
5* Mar
1,000
2,200
x4
43
37* Aug
40* Aug
Nov 16
13*
^
Feb
Nov 15
14* Aug
48* Aug
42
2
Mar
1* Mar
3* Mar
Jan 20
Mar
18
Deo
25
500
^
II
12*
28
6
2
2
Oct
8* Aug
16
9* Apr
400
m ^
2
13* Aug
28
5* Mar
3
3* April
m
Aug
4
Sept 14
Central violets Sugar Co.—19
1,700
14,100
Aug
53
1* Dec
41
Century Ribbon Mllls.No par
^
41
16* Mar
30* Aug
27g
2%
94
15* Jan
317* Jan
3
13% Apr 10
200
100
Jan
31* Jan
Preferred series A
100
{Chic A East III Ry CoO%pflOO
{Chicago Great West 4% pflOO
*66
Nov 15
39
1,100
-
500
*1
----
Mar
5
*
327g
Mar
4
Sept
34
32
14
7* Feb 27
18
28*
4234
**
x4
78
2*
4*
47* Sept 27
3434 Oct 27
52* Dec
14* July
19* Jan
36* Oct
4* Jan
Brooklyn Union Gas...No par
13*
55
32
il2 Apr 8
19ls Apr 10
Sis Sept 6
734 Aug 24
16* Apr 10
31
Apr 12
41* Apr 14
lig Apr 1
Sis Apr 1
11
Nov 15
73« Apr 8
27
Apr 8
18* Apr 8
2% Apr 10
103* Sept 25
3*June 30
3* Apr 8
800
110
8984
1178
93*
92*
*46*
4*
1884 Apr 11
Central 11) Lt4H% pref...100
{Central RR of New Jersey 100
200
«*•«**»
49
*9*
May
Brown Shoe Co.......No po**
Bruna-Balke-Collsnder. No par
2%
78
934
11*
6*
Jane
300
27g
1*
Jan
9
15
5
*45
78
*45
100
4
40
Sept
*477g
*33
34
3,200
3
23* Oct 30
22
Aug 3
22
*3584
1178
6*
11*
11*
*584
330
19
42*
%
87*
9*
12
No par
Ctfs of deposit
Aug
12it Jan 30
161s Jan 12
32
36*
*X4
-
28* Jan
Highest
% per thare $ per thare
15* Mar
30* Oct
82
Dee
Apr 107
Oct 16
6% prior preferred
100
Chain Belt Co
No par
Cham Pap A Fib Co 6% pf .100
Common
No par
Checker Cab
6
49
*1
.
60
Cerro de Pasco Copper .No par
Certain-Teed Products......1
*16
*
.
117
Jan 24
61
930
1634
*
*1
1,400
0,000
78
7S
2*
1634
36*
*16
Co—17
Brewing Corp of Am9rica___3
Bridgeport Brass Co...No par
Brlggs Manufacturing.No p*r
Brlggs A Stratton.
.No par
Bristol-Myers Co..-----—.6
Brooklyn A Queens Tr.No par
$6 preferred ......-.No par
%6 pre! ctfs of dep...No par
Bklyn-Manh Transit..No par
86 preferred series A .No par
Bower Roller Bearing
100* Sept 14
3,300
2,300
*35
48
%
90
4,400
20
*48
36
48
13
3,400
26*
*93
2*
13*
.No par
Lowest
$ per share
19*
26
94
*2*
*13*
*
800
100
28
3*
2%
13*
*
7«
84
X4
*9
41
Highest
9 per sharo
16
Sept 1
36
*18*
18*
-
39*
7%
3484
*18*
100
5
Alumlpum & Brass
Class B
Capital Admin class A..
90
102
7*
28
*93
117g
92*
90*
*7*
*18*
684
81*
*70*
46*
300
5%
3834
100
*284
78
2*
16*
36*
49*
*
*1
38«4
7%
34*
19*
26
3*
78
10,900
07g
*5%
*92
25*
18*
277g
19
27
887g
*23
38
10
5*
*6*
5%
19
1178
110
16
42
38
3*
747g
3812
7*
87*
33*
15%
102
12
*104
1,400
2,600
*39*
5*
67g
*5*
34
4678
34*
15*
*15
*25* 20*
3*
3*
75
75*
115* 115*
53
53*
88*
*71*
2,200
26*
86*
117g
90*
*46*
378
31*
-
4,600
778
*25*
3*
73*
*33
-
2
734
8012
34
111x4 III84
3612
36*
2
100
50%
45
8778
*66
1,000
*84
8678
117S
*90*
*46*
3*
*31*
3*
327g
600
24*
*40
*33
91
1084
24*
50%
80*
*99
26
500
30
43
*11*
6*
53
79
*84
33*
19*
100
94
1
*s4
117g
1,300
2,200
39
9*
11*
6*
*6
22*
484
147g
*16
5*
*2*
234
13*
*
*7g
78
2*
*16*
36*
**
7*
34
*92
7g
78
2*
167g
36*
1*
160
2,300
79
42
5
2,300
5,000
6
147g
15%
16*
*92
38*
*25*
*177g
267g
40*
*25*
*17*
*26*
78
l*
102
*99
100
**
%
*92
34
34
100
40*
11*
127g
75
74
76*
115
115
115
116
116* 115
53
£52* 53*
52* 53
53*
101* 101* *10084101* *10084101* *101
101%
27
27* 28
2734 28
26*
27*
£26*
106
106
106
107
106* 107
107* 107*
10*
IO84
107g
10*
10*
10*
IO84
107g
62
59
*59
62
60
60
59* *60
*24
25
25
24* 24* *24
*24*
25*
4
*3*
3*
3*
3%
3%
3*
384
111
*109
*109
111
*110* 112
*110*
7
6*
6*
*6*
6*
*6* ~6%
*0*
9
9
*8*
8*
8*
*8*
9*
884
102
7*
15
1,600
1,700
18
*6*
*40
7
*612
734
260
*38
39
*8412
*25*
*3*
63*
2
5,800
12,700
2,700
8%
15
*50*
11,000
14*
I684
237s
52%
2*
7«4
*3984
5*
43
27
3*
15*
15*
*39
5*
39*
47g
*6*
54
52*
*100* 101*
27* 27*
106
106*
10*
10*
*9
23«4
177g
12%
79
*23*
10,100
6%
6*
327g
2334
4%
*16
100
46
147g
16*
23*
13,400
2,600
1,600
3,300
180
578
32%
227g
27
49
6%
127g
57g
14*
100
101
40
4*
14*
86*
%
*2*
*16*
36*
0*
46.
6*
32*
23*
*2212
43
13*
6*
*45*
57g
3078
484
14*
*40
40
11
101
22*
*84*
*25*
*9178
*2*
*2*
11*
101*
4*
14*
86*
25*
*17*
26*
11
*22*
43
100
25
22*
4*
14*
15
*92
37*
247g
11*
14
*5*
Day
26%
*3434
24*
22*
4*
14*
24*
3*
25*
37*
14*
784
*109
13
43*
25%
23*
-*****»«*
12*
42
8
♦111* 116*
Armistice
2478
100
1,600
42
1784
2
59
127g
42*
41*
300
12
*1184
1234
42%
8
*25*
3*
76*
Exchange
12*
*35l2
1*
12
8
*84
Stock
*1*
12
17*
12X4
5*
14*
8*
43
1,200
51*
1*
8
16?g
*
51*
41
8
23*
—
—
200
*51
24
8
*75*
16*
23*
.
2,400
0,700
778
22*
4*
79
«*
13*
24*
4034
57g
16
«.
127g
2384
*3912
17*
*W84
9,300
5,500
127g
5%
14*
8*
22*
*4*
16*
1,000
6%
40
*99
No par
Bond Stores inc—...
1
Borden Co (The)
16
Borg-Warner Corp
6
Boston A Maine BR
100
6*
1234
2
37*
*6*
*3*
33
Bon Ami class A
780
33*
6%
5*
77S
5
267g
3%
17*
12*
6*
16*
2
15*
26
334
33
23*
*50*
*39
27
Bohn
160
22*
21*
2178
20«4
2078
*3*
*327«
*6*
12*
23*
*39*
50*
*1*
11*
*11*
12*
41*
Par
300
24«4
117
58*
22*
21*
24
52*
2
2434
117
Range for Previous
Year 1938
of 100-Share Loti
Lowest
Shares
58%
22*
21*
24
*60*
*50*
2484
24«4
On Basis
Week
% per share
115*> 116
58*
68*
1
EXCHANGE
Nov. 17
31
16*
23*
51*
2*
8*
16*
23*
16
$ per share
6*
31*
*14*
•
6*
44*
5*
8
-
37*
23*
11*
44*
6*
'
14*
*72*
39»4
25*
25*
101
6*
6*
4084
*36
101
45
46
12
39
*36
*38*
25*
1*
11*
39*
40
11*
*39*
40*
101
50*
*1*
40
10*
10*
101
101
41
1*
*38*
25*
21*
24*
23?g
41
51
*39*
25*
Nov
15
$ per share
*24* 25*
115*
114X4 114x4 *114
58
5812
*57* 58*
21* 21*
21* 21*
20* 20«4
20* 207g
27
27*
26* 27*
*3
3*
3*
*3*
33*
*327g 33* *327g
6*
6*
6*
*6*
12*
12*
12* 12*
39* *38*
51* x*50*
1*
*1*
11* *11*
+
11*
$ per share
24*
24*
24
24
Nov
14
Nov
13
$ per share
NEW YORK STOCK
the
Friday
Thursday
STOCKS
for
Wednesday
Tuesday
Monday
$ per share
Sales
SALE PRICES—PER SHARE, NOT PER CENT
LOW AND HIGH
Saturday
Nov. 18, 1939
31* Mar
90
Jan
57g Mar
1
Mar
26
Mar
22* Mar
10
19
Jans
Nov
35* July
97| Oct
83
Oct
70
Oct
5978 Nov
108* Nov
64
Nov
112* Oct
12* July
2* Oct
65* Oct
28
j Called for redemption.
May
Volume
New York Stock Record—Continued—Page 4
149
3221
AND
HIGH
SALE PRICES—PER
Monday
Tuesday
SHARE,
Wednesday
NOT
Sales
Friday
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lott
the
CENT
PER
Thursday
STOCKS
for
LOW
Saturday
EXCHANGE
Nov. 11
Nov. 13
Nov. 14
Nov. 15
Nov. 16
Nov. 17
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
6i2
6%
*6%
7
*6%
7
4*638
23I2
24%
7%
24%
*6%
25
*24%
25
2334
*634
7
634
7
7
*7
30
29
2914
*8*8
8%
*8*8
7
8*4
30
8%
81%
x79
87i2
*8i4
87%
*lig
1%
87% 87%
8%
8%
1%
*1%
9%
9%
30% 30%
107% 107*4
*
4%
4%
7%
7*4
*2
2%
5%
5%
*79
8%
9*4
9*4
30l2
•
3078
107i2 107i2
47g
478
778
7*4
2%
214
5
5%
*17
22
79
*18
22
98
*9712
15*8
98*8
98
1534
15*4
16
13%
13 78
I35g
1358
1*8
1*8
1%
1%
96l2
96%
96%
4134
96%
4238
42%
*11358 115
7*4
7%
38
3778
478
4%
25is 25%
*29
29%
59%
*585s
6278
63%
41*4
*168
4%
175
114
7*4
37%
4%
5
26
29
29
*5858
59%
62% 63
*168% 175
4%
4%
*1
1%
1
23%
23
99
8%
38
25
23
*97
114
*97%
4%
1
23%
99
31%
7
*7
834
29%
8%
29%
8%
80
80
87*4
8734
8%
8%
1%
1%
*7
29%
8%
*73%
87%
8%
1%
13%
13%
1%
1%
95% 96
43
42%
*113% 115
13%
1%
96
42%
*2%
4%
*19%
99%
16
14
13%
1%
1%
96%
42%
*113% 115
2,100
3,900
3,900
Coty Inc
Coty Internat Corp
4,100
Crane Co
*7%
15%
7%
734
29%
*38
31
89%
45%
89%
4,400
89%
4%
6%
4%
*4%
5
7
7
7
*71
*88
*4%
*6%
7
*71
*71
75
*71
75
15
15
15
*14%
15
1434
1434
15%
5
5
5
5
5
5
434
4%
*4%
4814
49%
49
49%
48%
49
11%
30*4
11
11*4
10%
11%
48%
10%
48%
11%
x47
11*8
30%
30%
30%
31%
30%
31
91
30%
*82%
80
*55
Stock
458
*15
*712
Exchange
*110
22%
Closed—
25%
*17%
Armistice
458
17
8%
112
22%
25%
17%
24%
6*4
25
*34
Day
21%
*4%
*15
123% 123%
80
5
17
*34
7*4
1%
123% 124
22%
23
22
23
33*8
33*8
33*4
33*4
41
41%
41%
9
9
16%
16%
*40%
8%
16%
*72%
*12*8
33%
1734
23
80
*136
1434
8%
*12%
8%
16%
75
*81%
*53%
*21%
*4%
*15
95
91
80
*54
21%
5
17
21%
*4%
*15
7%
112
112
*110
*110
*110%
x'22
22%
22%
22%
22%
25
25
*24*4
25%
25%
18
1734
1734
*17%
17%
25
24%
25%
25*8 25%
7
634
6*4
6%
6*4
7%
1
6%
92
21%
*72%
75
734
7*4
1
*34
124% 124%
22%
*33%
*41%
*8%
16%
*72%
23
34%
42
*84
124
22%
*3334
42
75
5
2234
25%
*17%
25%
634
1734
6%
1
1758
18%
18%
*18%
23%
23%
23%
23
80%
81*4
80%
81%
80
18%
23%
81%
13
177
137
15
'
13
178%
8%
13
*12
13
*116% 120
*117
120
*12
23%
24%
2434
25%
*65«
7
*65s
7%
162%
163
163
164
170
♦167
170
*166
28%
....
*12%
25%
6%
168
168
1%
*1%
7%
1%
8%
7%
31
32%
27%
32
27%
32%
27%
32%
26%
27%
2734
31%
31*8
32
31
2%
41%
44%
1%
41
*43%
*109
12
12
1%
41
44
3134
31%
*1*4
1%
134
41%
43%
41%
43%
109%
109% *109
12%
11%
12%
41
*40
400
164%
16434 166%
2,9 0
170
170
No par
Duquesne Light 5% 1st pf.100
100
6% cum preferred
No par
6
Electric Auto-Lite (The)
41%
42
41
42
*40
109
109% *108% 109%
12%
12%
12%
12%
1%
200
10,300
2%
4
334
4
*2%
2%
2%
2%'
4%
2%
334
3%
23%
24
24
24
23%
23%
97
*92%
*145
2334
23
1%
*1
1%
*1
1%
8
*7%
8
*7%
3
.
1
4%
4%
100,
100,
1st preferred
2d preferred...
Erie & Pitts RR Co
50
5
Vacuum Cleaner
1,800
1,600
Eureka
1,800
Ex-Cell-O Corp
Evans Products Co
...5
Aug 21
I7g Sept 1
1% Apr 10
65i4 Sept 15
35g Sept 1
6
Apr 11
3
I4i4 Apr 11
10
Exchange Buffet Corp-No par
Fairbanks Co 8% pref
-100
2*4 Apr 10
300
1
Apr
11
1,600
Fairbanks Morse & Co.No par
24
700
Fajardo Bug Co of Pr Rico. .20
20
Apr 10
Federal Light A Ttac.tlon—15
11
Apr 11
92%
*92%
87
87
21
21
37%
24*4
Bid and asked prices; no sales on
*93
96
154
156
5%
5%
5%
5%
1
1
1
1
1
27%
2034
27%
88%
21
37%
37%
*20
95
154
5%
21
2434
this day.
37%
*20
878 Sept 27
li2 Jan
I25i2 Oct
32*g Jan
3412 July
447g July
26
11
26
13
IOI2N0V
89
*85%
89
22%
22%
23%
37%
2434
37
37%
*20
100
81
Jan 24
85
Apr
$0
preferred
.*>
1,800
Federal
Motor Truck..No par
218 Aug 24
800
Federal
Water Serv
A.No par
*4May 25
18*4 Apr U
82*4 Sept 13
3,700
800
1,500
1,500
2434
In receivership,
April
Federal Mln A 8meltlng Co 100
20
600
a Def. delivery.
Federated
Fed
Dept Stores.No-par
Dept 8tores 4*4%
Ferro Enamel Corp
pf.100
1
90
Mar
Jan
Jan
5
Mar
11
Mar
4
6518 June
8i2 Sept
28*4 June
12
31
143i2 Oct
1558 Nov
6
877g
4
Jan 13
19t4
June 19
14
1165s Nov
188i2Sept
Mar
Jan
1*4 May
8i2 Mar
3
102
5
901* Mar
130*4 Mar
Mar 10
142
Mar
27ig July
4
Apr
109i2
Apr
111*4
Jan
Jan
157
3078 Oct 25
1978 July 12
3*8 Jan 4
10% Mar
4058 Oct 26
18'4 Nov 131
3ig Mar 6
12*8 Jan 19
13U Mar
22i2 Mar
35
Feb
6
2
Mar
6
Mar
2 >8
Sept
6 ig
Mar
18
Mar
Sept 14
21*4 Mar
3i2Sept 11
42i2 Nov 3
55
Sept 13
i2 Mar
111
Jan 30
2018 Nov
2
Aug
3
17
Feb
33
Apr
94% Apr
2% Mar
Ex-div.
y
7
17gSept 11
3
Sept 28
1U
6
2*4 Mar
Sept 28
312 Sept 27
65i4Sept 25
53s Mar 8
Jan
3
2514 Nov
4
13
112
li2
62
Dec
Dec
Dec
Oct
2i8 Mar,
514 Mar
10i8
Apr
Jan 20
1 '8
Mar
878 Sept 26
3i2
19i2
22i2
67g
Mar
May
May
Mar
Apr
2 >4
4378 Jan 5
38i2Sept 8
18% Aug 15
96
Aug 23
165
Sept 27
6*8 Nov
4
1*8 Jan 19
27i2 Oct 18
K9*4 Feb 6
67
62% Apr
2is Mar
1
Sept
12% Mar
67%
Jan
23-4 Nov 17
21
*
Mar
25
8734NOV
1018 Sept 13
Cash sale.
76
2034
3
13i2Nov
Fllene's (Wm) Sons Co.No par
r
*4 Nov
1
July 31
38
New stock,
Mar
4
31I2
35U Jan 16
2214 Jan 3
34
July 26
27*4 Apr 11
n
Mar
7i2 Mar
4
2()i2 Mar
Fire Lsn N Y..2.50
Fidel Phen
9
Mar
1
1,100
87
Oct 26
Mar
36
25%
*86%
21%
Nov 14
46
29%
15%
25%
19*4 Mar
18
28
40
15%
25%
*85%
27iz July 11
3812 Mar
35
25%
102% Jan
13*4 May
95
29%
21%
No par
Equitable Office Bldg. .No par
{Erie Railroad
100
preferred...
6% June
Oct 18
137g Aug
15%
%
July 13
2512
80i8June 21
89
Aug 16
8
69
Apr 11
*4 Aug 24
35%
1
112
8
2934
5%
4% Mar
13*4 Mar
8
15%
150
June 20
Apr
7
35%
150
7
1712 Mar 10
Mar
62% Apr
65*8 Apr
*29%
*%
37%
7%
200
No par
15%
5%
*20
4%
10%
23%
1%
7%
1,200
Jan 25
35
1
24*4
Aug 24
30
5%
37*4
1
22% Apr 11
8% Apr 10
15%
*7*
25
155% Sept 25
15% Apr 11
!5i2Sept 5
2934
5%
13U Mar
314 Mar
121i2 Mar
32% Aug 31
.1(X zl03% Mar 22
Engineers Public Service
Jan
18
Sept 26
8*8Sept 12
186% Jan 5
I83ig Feb 8
35
92%
48*8
6512 June 17
25
13*4 Nov
15
*145
12*8 Mar
91
4
Nov 16
26*4 Nov 17
Corp....50
preferred
June
3% Mar
32l2Nov
124i8 Aug 18
118** Feb 27
28
5%
4*8 Mar
7
35%
97
35
4
12
30
5*8
25%
4
10%
23%
1%
8
150
58% May
12
May
718 Sept 27
6312 Sept 27
Sept
El Paso Natural Gas
Endlcott-Johnson
1,400
2%'
4%
10%
150
*1
2,300
10
150
8
Mar
12% Apr 11
Elk Horn Coal Corp...No par
80
1%
2%
1%
2%
10
*94
Sept
Apr
6% Mar
3
19i2Septll
1,000
1,500
10
14%
93
31%
134
41%
10
35%
5
*31%
1%
10
230
Sept
4112 Jan 20
10%
14%
8i2Septll
13
38
3%
34%
6
111 ig Sept
8
23% Apr 11
% Apr
4
2%
30%
70
Jan
18*4 Apr
900
Mar
96
20% Apr 11
1
34%
112
7ig Mar
58
19i4 Mar
No par
Elec Storage Battery..No par
$0 preferred
1
30
Apr 12
126% Apr 11
1201i6 Oct 27
5% Mar
2214 Mar
29
Apr
25*2 Apr
6258Sept22
No par
preferred
$7
$6
*14%
Jan 10
1,700
200
1%
4
1034Nov17
30
88
*7
37% Mar
91
33%
88
1%
3
32%
28%
'
92
8
Jan
ligSeptll
*87
*1
Apr 29
40% Feb 28
6% Apr 10
88
*6%
13
4112
Mus Ind Am shares...
Elec &
88
4%
Apr
Electric Power & Llght.No par
300
$5 conv preferred
2%
Jan
Mar
8,200
5,100
$5*4 preferred w w..No par
334
108
Apr
Apr
Apr
162
19
8%
300
*2%
6*4 Sept 1
10
Apr 14
Mar
215s
8%
3
200
3%
Mar 31
6
10
40
z53
85
6,800
61,500
76%
2%
Apr 10
June
4
38%
16%
1%
82
3%
10
Jan
6
21% Mar
78 May
2114 Mar
3
16%
1%
76%
2%
Mar 31
65% Mar
36% Mar
107
3
37%
Electric Boat
Apr
Jan
16%
1%
8%
32%
28%
31%
1%
82
3%
Sept 30
934May 18
3*4 July 5
138% Apr 26
76%
3%
66
30
6
82
334
3
Eastern Rolling Mills
*80%
2%
2
Apr
1
Eastman Kodak (N J)-No par
Mar
78
Jan
38
10
•
1%
1%
Sept
Eastern Airlines. Inc
*75
3%
2%
37%
$4.50 preferred
100
83
2%
*20
6% non-voting deb
2,300
634
100
76%
334
87
100
30,300
No par
preferred
*82
2%
*20%
8%
*74
2%
25>J
Duplan Silk
Du P de Nem (E I) & Co.-.20
75
1
3%
100
6.800
2634
6%
18
28
Dunhiil International
82%
1
12 July 18
103
Apr 13
1,000
75
*87
1
IOH2 Apr 11
No par
82*8
1
31% Sept
No par
75
90
19
10
18
10
1214 Aug 24
Sept
15*4 Apr
23
Apr
11% Apr
Dow Chemical Co
Dresser Mfg Co
1,700
83%
90
103
4,500
Eltlngon 8chlld
8
4^ Apr
20U Sept 11
55
Aug 24
1,500
1%
Jan 24
No par
2
*1%
7%
*2
Doehler Die Casting Co No par
Dome Mines Ltd
...No par
4
1%
Apr 14
Douglas Aircraft
3,200
9,000
......
26
No par
Eaton Manufacturing Co
1
»
12134 12234
No par
Class A
Edison Bros Stores Inc
*86
1
900
6% pref with warrants.. 100
Dixie-Vortex Co
2,400
1%
12
100
400
25
18%
1%
7%
31*8
75
6% partlc preferred
18
7*4
*80
...100
18
17
109
Edison
Devoe & Raynolds A...No par
Diamond Match
No par
1734
3734
41
Delaware Lack & Western..50
17
16%
109
20
100
17
1%
37%
*4278
Preferred..
Diesel-Wemmer-Gllbert.... 10
Delaware & Hudson
2% Sept
2% Mar
10
3212 Aug
10% Sept 22
No par
Apr
Mar
2% July 25
8
*16%
17%
*2
Deere <fc Co
7
38
3% Aug 20
14'4 Sept 12
25
Davison Chemical Co (The).l
Dayton Pow & Lt 4J4 % pf 100
Mar
278 Mar
110
6
Davega Stores Corp
Conv 5% preferred
110
37%
38
6
13% Apr 10
3,600
1*8
1
3i2Sept
Jan
45
30
16%
8
Aug 21
Aug 23
Apr
10%
38*4 Nov 6
512 Nov 4
31% Jan 3
3218 Sept 11
61i2Sept 16
6712 Sept 11
177
Aug 11
478 July 27
No par
170
37
2
27g Aug
May 31
No par
Cutler-Hammer Inc
2934
1*4
31*8
26%
31%
Cushman's Sons 7% pref.. 100
29%
18%
June 30
3
116
1914 Apr 11
7314 Apr 8
29%
37%
8
3
13UNOV
30
1%
Apr 14
24i2 Apr
62
8
Jan
Mar
5114 Sept 25
414 Aug 24
29*4
37%
17%
*1%
Apr
2
100
l
Class A
Detroit
July 25
1
Curtlss-Wright
29
*168
Apr 11
9
28*4
28*4
17
126%J1267M
6%
163
6%
163%
163
13
181
*117
*117
25%'
6%
28
48
120
180
26%
25
17%
1%
37%
1634
1%
*16%
19%
2334
8034
138
138%
15%
15%
8
8%
*117
17834
*117
*117
*117
178
6% Aug 25
20U Apr 8
33
Sept 1
600
22*4
*116% 120
5
1
Apr 12
201% Jan 3
3434
23%
81%
13
%Sept
Sept
13*4 Sept 11
13
177
3
Distil Corp-Seagr's Ltd .No par
17834 180%
*)267ai 126*s *126%2 126% *126%I 126%: *126 ht 126%
122
121% 122%' 121% 122%
121% 122
122%
177
Sept 22
Sept 5
5,400
3434
*116% 120
150
17%
75%
13%
74%
8%
Jan 20
54% Apr 19
17%
*72%
*1234
34%
18%
23%
79%
13
8%
l97g Aug 24
16% Apr 11
49
100
JDenv & R G West 6% pf.100
"MOO
29ig Apr 11
Apr 10
Diamond T Motor Car Co...2
74%
8%
500
51% Sept 12
9
Sept 11
Sept 12
34
101
4% Mar
17
8878
85g Mar
D4 Mar
Packing
50
Curtis Pub Co (The)...No par
No par
4
77g Mar 10
9% Sept 6
1
3
Preferred
Mar 10
22ig Mar
10
Cudahy
12 ig Mar 10
35
108% Aug
lli2 Apr 10
I.I4 Apr 10
500
3434
8%
100
5
9*4 May
9
Cuba RR 6% preferred
Cuban-American Sugar
Jan
2
76
100
2i8
1078Nov
5
Preferred
4
Sept 11
9i8June 30
9
13
8*8
July 14
9
3434
8%
1
1*4 Apr 11
8I4 Aug 31
88
Sept 19
9
13
14%
1
012 Aug 24
45s Sept
36*4 Sept 7
5% Aug 22
34%
137
4
400
17%
15
7*4 Sept 12
April
27
101*4 Jan
42%
834
140
Aug 31
600
1634
15
1
490
9%
138
Mar
11
34%
13
15%
Jan
1
91
No par
Crucible Steel of America. .100
800
%
123% 124
71
85
Apr
2234
34
14*4
10.800
9,100
2,600
7
Feb 27
Aug
4
Nov 10
22%
34%
42%
13
*136% 138
25%
17%
26
No par
preferred
Dec
4
938 Oct 25
8
34%
42%
2234
34
15
1,700
23%
conv
$8 preferred
100
5
*34
124
12%
138
20
2,700
*110%
25
Pref ex-warrants
$5
Preferred
1,100
2,300
1,300
113s 160,800
11,000
30%
8
w w._No par
Mar
4
378 Apr
73
1
Crown Zellerbach Corp
.
18
7%
26
33%
17*4
*18
5
22%
*4%
23
1634
75
600
pref
Mar
6
5
Jan
8
79% Apr 18
93
conv
15
Jan
4>4 Mar
65
Apr
5% conv preferred
100
Cream of Wheat Corp. (The).2
Crosley Corp (The)
No par
Crown Cork & Seal
No par
$2.25
1
5
8U Oct 25
8% Feb
30*8
10% Sept
16
80
*15
7%
15%
47%
22
18
—
75
10%
2134
60
5
l
...
Highest
share
3234 Nov
25
400
6%
1
5
par
Corn Exch Bank Trust Co.20
Corn Products Refining
25
Preferred
100
120
88%
44%
$2.50
Continental Oil of Del
Continental Steel Corp.No
100
17,300
89%
5
Continental Insurance
Continental Motors
130
1634
90
7
600
1,900
39
36%
*87
*4%
8%
30%
*734
30
4434
*87%
31
500
16%
89
7%
200
16%
43%
4%
99
36%
89%
7%
1%
23%
*37%
*36%
44%
4i2
4%
98%
39
*88%
43%
90
2,800
56,400
7,300
23
784
29%
89
*81
No par
438
44%
*52
Class B.__
per
1512 Aug 24
55a Apr 10
8% preferred
100
x87% Sept 15
Continental Can Inc
20
32i2 Apr 11
$4.50 preferred......No par a:lO0
Sept 8
Continental Diamond Fibre.5
5
Apr 8
100
1
4*4 Apr 17
1,100
6,100
96
43%
4%
8
Continental Bak Co cl A No pa r
200
89
80
5% preferred v t c
100
Consumers P Co$4.50 pfNo par
Container Corp of America. 20
April
Sept
1,700
2,900
1%
94
89
95
4,200
14%
43
8%
43%
22
300
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t C..25
168% 168%
15%
21*8
1,200
5
2,700
36%
*51
500
2%
20%
99%
16%
63%
1534
*80
9,700
7%
63%
37
30
700
5
100
$2 partlc pref
No par
Consol Edison of N Y..No par
$5 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
230
*36
75
20,800
2,100
60
29%
14i2
1%
934
31%
No par
614 % prior pref w w
100
Consol Copper Mines Corp. _5
Consol Film Industries
1
60
38
*70i2
6,200
4,800
2,700
200
29%
90
70
87%
8%
28%
38
90
70
81%
1
Consolidated Cigar
7% preferred
25
29%
8978
43%
400
Consol Aircraft Corp
$ per share
0
Apr
5
4%
24%
28%
38%
4318
4%
734
25%
29%
59%
63%
38
*89
9%
3034
8%
107% 107%
434
29*8
15%
*1%
6,300
5
19
Lowest
Highest
share
per
par
4%
4%
24% 25
*28% 30
*59
59% 60
62%
6234
63%
168% 168% *168% 175
4%
4%
4%
4%
1
1
1
1%
23
23
24
23%
*98% 99
*98% 99
31%
31%
31% 31%
4%
24%
*28
8
37
8
30%
No par
$
Congress Cigar
No par
Conn Ry & Ltg 4% % pref.100
8
39
15%
87%
8%
1%
50
Conde Nast Pub Inc
Congoleum-Nalrn Inc..No
3734
28*4
*36
87%
8%
600
8
8
37«4
39
15%
81%
29%
*8%
81%
30%
100
2,600
7%
37%
8
3734
28i2
37%
*7
6%
37%
8
37%
31%
7%
15
834
*113% 115
31%
*36
*6%
24%
6%
24%
834
7
9%
9%
938
9%
31
30% 31%
30%
107% 107*4 *107% 107%
434
4*4
4%
*434
7%
7*4
734
7%
*2
2
2%
2%
5
5
434
434
22
*17
*16
20%
*98
98%
98% 9834
16%
15*4
16%
16%
31i2
*778
8
7
24%
Lowest
Par
Range for Previous
Year 1938
Ex-rlghts.
Nov
6
Oct 19
22i2 Mar
15
June
J Called for redemntlon.
!
1|
New York Stock Record—Continued—Page 5
3222
AND
HIGH SALE PRICES—PER
Monday
1
Nov. 11
Nov. 13
|
I per share
$ per share
•
Tuesday
SHARE,
Wednesday
Range Since Jan. 1
1065s
*1934
70l8
•4%
Nov. 15
Nov. 16
Nov. 17
$ per share
$ per share
*33
'
*25s
4i2
*15%
13
1
*3234
*10634
— —
72
19%
*66%
19%
72
5
4%
4%
1934
35
3334
33%
25g
337g
25g
45g
16%
1314
33%
34
1314
*412
*15lg
12i2
*101
5i2
103
*53s
15
*14
*4814
50
*48%
5334
77g
*140
>
140%
*3I2
11%
4
1112
23
23
56
56
16l2
175S
3838
4378
39l8
445s
5412
*45
89l2
89l2
122%
122
55
555s
1243s 12412
*3314
35
4%
4%
938
9%
*108
l's
20
*90
92i2
%
*1534
34
34
145S
3334
19
1234
*16
Exchange
Closed—
*80
2234
6l2
4838
978
Day
39ig
4412
34
54l2
90
5512
5614
12434 12431
*34
36
4l2
93g
4%
93g
111
lis
20
lis
20
*90
%
92%
34
*1534
34%
*14%
17
35
145g
23 ig
6%
6&g
*48ig
10
32
Sept
4%
16
1284
103
234
1,000
4%
4%
1634
3,100
1,300
13%
470
16
13%
634
55
143
3%
12
*23%
*53%
77g
*141
3%
12%
247g
58
54
17
35
1834
14%
347g
19
13
13
20
4%
9%
16
98%
23%
4%
9%
110
4%
9%
*109
*90
92%
%
41,700
10,800
T.900
61,500
14%
35
1834
12%
16%
*97%
23
48%
48%
11%
55%
*18
1834
345s
*24ig
177«
2734
3034
34%
2412
Gillette Safety Razor—No
48%
11%
56%
15,700
18
283g
31
132
133
*53
60
32l2
175g
H34
212
24
6
*1712
19l2
*30
31
*3414
16%
35
I63g
*17i4
18
*104i4 107
600
414
109l2 110
lOlg
67
68
66
24%
4%
4%
25
91%
4%
71%
1%
8%
18%
343g
18
18%
183g
18%
28%
66
2434
*91%
*4%
*69
1%
8%
16,100
9^220
800
1
1,200
17%
167g
17%
18%
34%
1,600
18
28
28%
27%
30%
30%
29% 30%
1333s 134
*133% 134%
*53
*53
60
*53
60
33 7g
♦23%
18%
27%
900
60
*53
60
32%
32%
32
32%
32%
3284
32%
33
17%
18%
18
18%
18%
19
18%
187g
11%
11%
*11%
11%
2%
2%
23%
*2%
*22
3
23%
*22
*4%
6
6
*4%
19
19
19
*30
31
*30
35
36
11%
2%
*21
*4%
*35
16%
*17%
*104%
*91%
4
109%
10
*16%
19
*19
3078
177g
*17
*3334
3414
*34
*16%
169
*155
17%
6134
*61%
1778
35%
*17
62
8%
*1318
133g
13%
13%
*100
57i2
58
*31%
110
800
6
16%
17%
3,400
18
18
169
*127% 132
734
734
90
91
4%
4%
106% 10834
10%
*16
17
17%
847g
86
8684
87
130
131'
130% *130
*61
6134
6134
63%
109% ♦108
*17
177g
""700
34
8%
8%
8%
834
13%
13%
13%
13%
13%
13%
34
110
35
*34
""366
70
5,700
800
2,300
"l~200
370
*612
678
13%
62
*6%
13%
62%
678
13%
*62
13%
63
*5%
•Bid and asked prices; no sales on this day.
678
678
59%
33%
1434
63
♦100
678
13%
63
*6%
t In receivership,
7
8
12% Apr
16% Apr
Preferred
Green Bay A West RR
Green (H L) Co lnc
par
100
Great Western Sugar.-No
8
8
23% Aug 23
129% Sept 27
Hall
8
Apr 11
15
Hamilton Watch Co—No par
100
99
96
Apr 19
Apr 12
May 19
Harbison-Walk.Refrac.No par
17
Apr 10
.100
Hat
Corp of Amer class A
6)4% preferred w w
Hayes Body Corp
1
Sept
5
4% Feb
3
71
Jan 19
2
2
Apr 10
93
Apr 11
25
Hecker Prod Corp
Helme (G W)
123
100
Hazel-Atlas Glass Co
1
—
Preferred
98
June
9
Mar
5
8% Apr 10
Sept 13
_25
100
Mar
2% Jan
4
84
July 19
2484
74%
383g
10984
4
Mar 16
Jan 3
Jan 5
Jan
63s Sept 27
I84 Mar
July
41% Nov
"34"
Nov
16*4 Nov
20% Nov
100
June
27% Nov
11% Feb
01
Feb
15*4 July
July
2% Sept
00% Apr
85
Nov
10
Mar
26%
32
June
68%
38%
Oct
Dec
15% Mar
6934 June
2% Mar
62% Mar
3%
108
Jan
Deo
Dec
6% Nov
Mar
3
1% Nov
10% Sept
6
*4 Mar
5
2% Mar
7
1
Mar
2% July
18% Oct 31
8
Mar
14% Nov
22% Nov
I84 Jan
35
Aug 14
25
Aug
4
22%Sept 11
10% May
19
Apr
20
Jan
9% Mar
12% Mar
3334sept 27
37% Sept 5
141% July 27
122
Oct 17
35
July 21
21% Mar
9
23% Apr
Apr
July
13% Mar
7*4 Mar
634Sept 27
22% Sept 27
32%May 9
36% Aug 3
17% Oct 26
5
Mar
8% Mar
14% May
12
10
Printing
15% Mar
"l3~
5
Jan
Nov
2% July
27% Nov
2% July
26% Oct
6
32
110
95
Sept
25
7% preferred class A
July
9% July
12% July
Mar
Sept
8
2
45
Sept
0
Apr
124% Nov
1
133s Mar
36
Apr 10
Mar
53% Nov
z85
1
May
Dec
Aug
Apr
1% Dec
12*4 Mar
8
3
Nov
79
125
101%
8
11
50
Jan
684 Mar
Apr
29
403g Nov
117% Nov
1% Oct
Jan
4
% Apr
Apr
25
Mar
June
25% Mar
111% Apr
21% Mar
9
100
6% preferred
Hackensack Water
Nov
Mar
60%
118
10
-
48
51% Jan
3% July
36
10
Mar
28% Nov
14% April
100
Nov
Apr
24% Jan 26
No par
Feb
138
Mar
1
preferred
Nov
28
Apr
% Mar
25
87
Mar
13
Greyhound Corp (The)-No par
5)4%
Mar
Oct
5% July
19% Oct
38% Nov
37
52
Guantanamo Sugar
Mar
130
5
May 24
42
100
11
35
20%
108%
27%
22%
108*4
Deo
Dec
11% July
7
Mar
384 Mar 14
12% June 13
18
Oct 28
105
7%
Feb
7t Mar
Mar
7284
Dec
2
Jan
8%
Oct
30
July
24% Dec
15% Nov
30% Dec
32
Jan
142
Dec
50
Oct
28% Nov
22
13
1*4
28
Deo
Oct
Jan
Jan
3
Mar
8
Mar
24
24
30
Nov
30
Apr
Apr
35
June
5
Mar
13% Nov
21% Jan
12
Mar
6% July
Nov
Oct
7
8884 June
101
Nov
103% Nov
3
83
June
100
Nov
33%Sept 27
144 May 29
10% Oct 3
15
Mar
120
Apr
140
75
Nov
6
4% June
50% Mar
484 Nov
4
1% June
110% Aug 9
13%May 29
7084 June
117
Mar 24
81
92
5% Mar
34*4 July
z7*4
6%
111
Deo
Jan
Nov
Oct
Dec
11% Nov
May
111
Dec
161
Dec
100
148
Oct 20
167
5
140
Jan
No par
10
Apr 10
10
Mar
20%
Hercules Powder
No par
63
Apr
18% Nov 4
101% Sept 11
135% Mar 0
42*4 Mar
126*4 Jan
87
Dec
135%
Dec
8
300
No par
54
Jan 28
100
Sept 19
14% Apr 17
29% Sept 12
19
51
800
Hollander A Sons (A)
800
Holly Sugar Corp
7% preferred
June
115
300
$4 conv preferred
No par
Hlnde A Dauch Paper Co.-10
Holland Furnace (Del)—
10
110
*58%
*33%
20
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
100
63
5878
*32%
*13%
*62%
Apr
2434 Jan 27
22% Jan 23
10
5% preferred.
69%
24% Jan
22% Sept 12
Grant (W T)
102%
Mar
47
10
$3 conv pref series...No par
Granite City Steel
No par
Mar
67
80
1
9% Nov
4% Mar
29
0% Mar
115
Apr
2% Mar
684 Mar
Oct
Sept
82
37% June
69%June 2
% Aug 18
4% Apr 8
78 Apr 10
11
Apr 10
1
Dec
Mar 14
100
5
July
8%
13% Jan 3
66% Mar 11
0% cum preferred
Hershey Chocolate
*109
*10714 109
*107% 109
10934 *109% 110% *109% 110%
678
67g
6%
678
6%
6%
6%
6%
6%
6%
*53
54
54
55
54
54
*53
54
54%
54%
*1
*1
*1
II4
1%
1%
*1%
1%
1%
1%
*3%
4
*312
4
*3%
4
*3%
4
3%
3%
28
28'4
28% 28%
28% 287g
2778
28
2734
28%
612
658
6%
67g
6%
634
*6%
684
6%
6%
114
114
1%
1%
1%
1%
1%
1%
1%
1%
14
1334
14
135s
135g
14
14%
137g
14%
14%
27
27%
28
*2634
28
27% 27% *27
*27
28
*45
*46
49
47
47
47
47
48%
*45
49
*62
60
32
Nov 10
87
18
97
Hercules Motors
"7",900
58%
32
Apr 10
Mar
4% Mar
6% June
46% Dec
2%June 30
Graham-Paige Motors
Granby-Conso 1M S A P
Grand Union (The) Co
50
5934
3334
13%
63%
5884
33
53
21% Apr 11
No par
6% preferred
109%
1778
34%
8%
4
Nov
No par
6% preferred
*16%
*100
$5 conv preferred
Gotham Silk Hose
Jan
Hanna (M A) Co $5 pf. No par
*101% 103
30%
1% Apr 10
No par
100
200
Jan 23
5% preferred
*103'4 107%
29%
—1
Gulf Mobile A Northern-.100
300
2%
Goodyear Tire A Rubb.No par
300
*35
Sept
May 17
8% preferred
19
8
110
3,300
41,700
1,700
30%
37%
*17
*100
~
1
14
13% April
90
19
1778
34%
2,500
30%
169
*155
13,600
30%
37%
16%
*155
1634
*8%
32
135g
*4%
5,500
1
70
200
20
157
8
57
11%
284
2334
10%
107%
8
3178
1314
6
11%
*2%
*20
*102
*107% 10934 *107% 109% *108
*17
2%
37% *35
16%
*16%
16%
16%
18
18
18
*17%
18
*
107
10484 107% *103% 107%
103% *100% 103% *101% 103
*29
30
29%
29%
30
132
*127% 132
*127% 132
734
*7%
77g
784
784
93
91%
91% *91
91%
4%
4%
4%
4%
4%
109%
1087g 1087g *108% 109%
10%
10%
10%
10%
10%
*106
110
110
*105% 110
8358 835g *84%
85%
84% 85
131
133% *130
131% 1311a *130
6I84
30%
11%
24
2,100
Sept
34
Preferred
1
43
No par
"
1
3
Goodrich Co (B F)
600
1,800
18
99% Feb 8
27% Mar 10
838 Jan 3
Gold A Stock Telegraph Co 100
1,300
25%
93%
4%
71%
1%
8%
1834
18%
*34
34%
24% *23% 24%
18%
18%
18%
28%
29
287g
29
29%
29%
29%
133% 13334 *133% 140
157
110
1,800
2434
92
par
4
50
1
Goebel Brewing Co
67
par
9% Mar
18
1938 Nov 17
15% Jan
5
No par
4)4% conv preferred
(Adolf)
Gobel
5
10% Aug 10
—No par
Glldden Co (The)
100
2%
No
$6 preferred
1,500
24%
91%
24
155
62
2%
2,400
3%
66
34
*105%
*10712 111
3%
25
24
110
17
56%
Brothers
5
97% Nov 15
15% Apr 11
584 Apr 10
No par
$5 conv preferred
Glmbel
400
65%
*18%
*101% 1033g *101%
29%
2914 2914
*127
142
*127%
734
*784
8
93
1034
10
1834
34%
24%
Jan
64
6.200
2%
Jan
4
8
4358 Oct 21
6% Aug 24
634
11,900
1634
28
-100
22
1634
5
3
110% Oct 24
184 Sept 5
41
8% Sept
General Tire A Rubber Co—5
84
1634
6% Jan
10% Jan
Gen Time Instru Corp. No par
6% preferred
8
Feb 28
38
15% Oct 7
4334 Sept 27
Apr 28
80
21%
17
1634
126%June
6
15
20
300
84
167g
*18%
34%
24%
1634
5634 Oct 26
3
6
Apr
2,900
3%
Jan 27
92% Apr
Sept
16
16%
2134
1%
8%
7g
65% July 11
99
July 28
127
Mar
85
5
19% April
1
Shoe Corp
3
3
1% Jan
20% Jan
%June 30
14
Gen Steel Cast $6 pref. No par
98%
2334
84
1
General
5
12% Aug 24
100
1
16%
207S
83g
12% Sept 1
85% Aug 22
*97%
23%
6%
48%
21
1
34June 30
No par
Jan
Aug
Gen Theatre Eq Corp. No par
203g
1%
Apr 15
No par
Mar 31
118% July
1% Jan
General Telephone Corp
197g
838
105
Gen Public Service
Gen Railway Signal
4
6
1,900
2l2
1
5
3
Jan
2,100
23g
1%
7
Jan
Jan
19%
2%
83g
4
Mar 31
1
—-No par
$6 preferred
Apr
3% Sept
No par
Common
9
35
4
75
12%
23g
*69
28
Gen Outdoor Adv A—No par
General Printing Ink
3
May
36% Apr 11
112
Sept 6
10
—No par
$5 preferred
Jan
72% Jan 26
Jan
25%
130%
44%
47%
12
18
91%
117
6% preferred
40
2%
39
100
July 21
18
19
17%
78
$6 conv pref series A.No par
No par
1,100
*39%
*82
% Apr 10
General Mills.
T.700
18
1%
10734 Sept 20
15
40
*69
36% Jan 27
No par
No par
3578
*3%
4%
71%
1%
No par
15
17%
43g
71%
General Foods
35%
*39%
2%
8
Apr 10
9
5% Sept 11
1
Mar 31
16% Nov 13
$6 preferred
No par
General Refractories—No par
3%
10%
53 78
9
April
Gen Realty A Utilities
17%
3984
1038
54
149
2% Apr
31
~2,300
530
Sept 20
128
No par
17
35
34
Mar
General Electric
120
800
1,000
11
Oct 23
92%
34
*1534
3434
15
3534
19%
12%
16%
98%
23%
700
6
106
800
1
*90
7% Sept
103% Mar 28
5% July
July
2% Mar
10
3
Sept 27
1734 Apr
General Motors Corp
Jan
65
43
6% preferred
9
8
No par
-100
Inc.—--No par
7% preferred
100
4,370
52
Jan 26
7% cum preferred
$4.50 preferred
Oct 19
Apr
CUbs A
Gen Gas A Elec A
103
96
General Cigar
100
2,000
207g
34
17
35
48%
84
General Cable
18% Oct 26
15% Sept 25
40
5
No par
Bronze
General
70
4%
9%
20
r9% Sept
No par
Gen Am Transportation
6
General Baking
6
$8 1st preferred-.—.No par
100
....
1
1%
20
No par
Gen Amer Investors—No par
300
1,700
100
3%
*8
62
800
3934
1%
8*2
7g
June
37
3
ll4
*8%
78
48
124
3934
*69
Jan 17
124
3
*4%
19% Nov
200
55%
17%
45S
Sept
*34
48%
*82
13
37
*533g
17%
84
3
1,700
247g
*39%
*82
1
45% Aug 17
5%May 17
1834 Jan
5)4 % conv preferred
5
50
124
*1534
34%
14%
10%
Gaylord Container Corp
124
34
35
23
5
1,800
4
54
Oct
7% Jan
~~2~t200
56
55%
3%
1% Mar
6% Sept 26
334 Aor 10
10
$3 preferred
Gamewell Co (The)
$6 preferred
12%
*23%
3% Sept 13
2
Jan
3
400
144
*53%
Free port
Nov
5%
100
55%
77g
1134
27
Gar Wood Industries lnc
14%
48%
7%
•3%
10
—
Gannet Co conv $6 pref No par
20
100
102
*100
F'k'n
—
July 10
7% Aug 10
9
July 13
94
Apr 22
5%
*5%
Foster-Wheeler
400
101
101
102
143
4,800
234
4%
16%
13%
634
34%
3l8
1734
7112
*110
Sept 27
48l2
91
62
36
3334
IOI4
54
17%
*52%
2:90
*16ls
18% Apr 26
1% Apr 10
*30
34
3
684
91
155
Nov
Sulphur Co
--10
Gabriel Co (The) cl A ..No par
Galr Co lnc (Robert)-—
1
33%
*234
6%
91
10
58
6%
3:24%
*105
Jan 13
38
6%
2478
4
65
1%
92%
*15%
97%
9712
2414
*9H2
Sept 15
20
*90
16
16
23
19%
65%
*43g
91
90
110
34
*1534
13
1934
65l2
2l2
Mar
36
2% Mar
25
Apr
19% Mar
1
20
187g
*80
109
1
18%
84
*21
60
5
*34
4%
9%
20
*1212
1914
*6538
*1112
a109
13
1714
9712
2234
65s
49
97g
*82
3184
173g
Mar
6
9% Sept
,
4%
19%
40
*69
11
90'4 Jan
17
36
Oct
1% Apr 10
17%
17%
1784
*113% 114
113% 113%
39
38%
40
3934
40
44%
447g
4478
45%
4434
11534 *11534 117% ♦11534 117%
*%
34
%
%
%
*45
54%
54% *45
54%
90
91
91
91
9034
124
124%
124%
123% 12434
*9
34
17l2
*3914
31S
4i2
36
109% NOV
29% Oct
66% Aug 24
2,400
114
123
37% Nov
Mar
No par
No par
SlmonACo lnc 7% pf-100
*100
55%
12384
Mar
85
$7 conv preferred
77*
£54%
18
108% Jan 11
2934 Jan 6
21
-100
4%
Francisco Sugar Co
734
123
Jan
Sept 11
37% Sept 12
100
77g
*45
Oct
21
130
77g
%
Dec
39%
5
55%
44%
11534
31%
103% Apr 5
14
Aug 24
Corp.---100
4)4% conv pref
5
Oct
Nov
43% Nov
70
5434
38%
Food Machinery
6
Oct
26%
100
8
Apr 14
1% Apr
t Follansbee Brothers—No par
30
*4%
54%
90%
1227«
100
33
25
16% Mar
76
Apr
24% Mar
10% Mar
1984 June
15
Apr
1% Mar
20%
70
5
5334
114
""800
25% Sept 12
105%June 8
51
Aug 3
31% Jan 4
38
July 27
70
48%
*684
17
No par
No par
Florsheim Shoe class A .No par
Highest
19%
*4%
50
17
Fllntkote Co (The)
Florence Stove Co
Lowest
% per share $ per share
70
*48%
3434
54
212
*32%
Previous
Year 1938
♦10634
19%
19%
14
33
*52l2
Armistice
89
5s
17
1412
3314
Stock
%
*108
111
li8
20
3234
14%
17
400
23%
3%
*14%
102
3,200
3534
15%
50
7%
114
44
*3434
*22
5%
77g
3812
6% preferred series A—100
First National Stores—-No par
*5%
5312
1634
600
1,000
3%
*101
140i2 14012 *140% 144
*3&g
334
3%
3%
117g
117g
1158
1214
23
23
*23% 247g
*53
58
*53% 58
h
122
$ per share
17% Apr 10
99% Jan 16
38% Apr 8
15
Sept 5
25
Apr 6
17
May 12
Rubber—10
2,200
37g
*10634
Firestone Tire A
2034
*334
•
5s
*45
13%
*7
*11534 119
*11512 120
16%
102
*100
778
20%
5%
7
*114
114
114
Highest
$ per share
Par
104% 10434
4 684
4634
20%
21%
*5%
102
53
46%
20%
3534
23%
*14%
*48%
50
7
684
10212 *100
20%
*3434
*22
*32
234
47g
4%
*101
15
6334
734
2%
16%
*1234
55g
*14
6%
33
34
2034
104
46
3234
3%
34
5%
*100
3%
34
102
102
37{
33
20%
104
Range for
100-Share Lota
Lowest
Shares
35s
334
*32l2
33
106% *106%
20
19i2
*68
70i8
*45g
5
234
4i2
16's
On Basis of
Week
$ per share
35*2
35%
STOCK8
EXCHANGE
Nov. 14
20i2 2078
20ls
2012
20%
20%
*103% 104
1041s 1041s *103% 104
44
44%
447g
45%
45%
20
20
20'2 2078
20% 20%
*34
3412
34l2 35
35% 35%
*22
*2238
2314
*223g
2314
23%
*32i2
Friday
NEW YORK STOCK
the
NOT PER CENT
Thursday
$ per share
*44*8
3%
Sales
lor
LOW
Saturday
300
4,400
6
No par
100
Homestake Mining
12.50
Houdallle-Hershey cl A. No
Class B
1,100
600
_100
No par
Household Fin
com
stk.No par
5% preferred
100
Houston Oil of Texas
500
Hudson A
v
t C--25
Howe Sound Co.
100
100
4,500
1,600
6,500
3,600
5
Manhattan
100
5% preferred
100
Hudson Bay Mln A Sm Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp
Illinois Central
300
1
100
20
Leased lines 4%
RR Sec ctfs series A
n
New stock,
r
3
40
Mar
July 17
80
Mar
Jan
Sept
Jan
65% Aug
7
15
Jan
4
17
June 29
11% Mar
9
5*4 Mar
8% Aug 22
95
May 10
21% Sept
5
11% June
7
4784 Sept 27
27
Apr 8
834 Apr 10
Oct 10
60%
102
Sept 29
4% Sept
1
40
Apr 10
% Aug 24
2% Sept 6
2134Sept27
4% July 1
84 Aug 11
9
Aug 24
110
Oct 31
66%May 11
9
3
73% July 31
11034 Aug 12
9% Sept 11
57
Sept
6
1«4 Jan 20
5% Jan 9
3584 Sept
5
8% Jan 5
2% Jan 3
2084 Jan 4
36% Mar
17% Jan
8
35
100
16% Apr
38% Sept
5
49
1000
434 Sept
1
11% Jan
6% preferred series A
130
a Del. delivery,
par
128% Apr 10
100
Cash sale,
x
Ex-dlv.
y
Ex-rights.
Jan
3
Mar 13
4
102
Mar
Apr
17% Mar
48%
Mar
0
40%
Jan
83%
Jan
Mar
5
23% Mar
00
Oct
Oct
105% Deo
21% Nov
52% Oct
13*4 July
25% Jan
108
May
60
Aug
35%
18%
72%
105%
9«4
53%
3%
Oct
Oct
Nov
Nov
July
Jan
1
May
3
Mar
9% July
20% Mar
35% Nov
Mar
5
10
July
Jan
% June
284
Oct
0% Mar
12
Apr
20%
35%
Dec
23
Mar
44
Apr
11%
%
5 Called for redemption,
Dec
Nov
Dec
|
Volume
New York Stock
149
AND
HIGH
PRICES—PER
SALE
SHARE,
PER
NOT
STOCKS
NEW YORK STOCK
the
CENT
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 11
Nov. 13
Nov. 14
Nov. 15
Nov. 16
Nov. 17
$ per share
$ per share
7
*6%
$ per share
$ per share
$ per share
8 per share
Shares
On Basis of
Week
6%
26
*25%
117
.
*25%
119
117%
7
*6%
25
25%
119% 120
6%
26
119
*150%
25
119
*lo0l4
*150%
87
87
87
87%
87
87
87
15%
15%
15%
15%
15%
15
15%
5%
5%
3%
5%
5%
5%
3%
3%
15%
*5%
3%
41%
15%
*5%
3%
3%
41
41
107
108
41%
*4
4%
13
13%
2%
278
3834
41
4%
41
108
108% 109
4%
4%
13%
13%
*4%
13%
-
5%
4%
41%
109
4%
13%
*2%
2%
*2%
27g
39
39% *38
39% *38
174
176
176% *174
*172
65
63
63
62%
63%
63%
39
*38
176
*174
42
108% 109
4%
*4%
13%
13%
2%
2%
—
174
62
62%
163%
*160% 162% *160% 162% *162
5
5
5
5%
5%
5%
i
8
9%
7%
8%
8%
7%
163% 163%
5%
5%
8
812
•
No par
1,500
4,600
87%
-
No par
Inland Steel
6%
85%
5%
1,300
37*
5%
3%
41%
7,600
1,300
42
108% 108%
*4
4%
370
137*
4,200
13%
100
500
2%
38%
2%
38%
500
400
174
174
6,900
63%
63
163% 163%
4,600
8
8%
32,300
7%
7%
1,500
40
39%
39%
40%
39%
39% 40
40%| 39% 40%
135
*129
al28% 128% *128% 135
129% 129% *129% 135
13
13%
12%
12%
12%
13%
13%
12%
12%
12%
49% 50%
49%
48%
50%
49%
47% 48%
49% 50%
19,300
7%
7%
4%
4%
34%
*33%
37%
*27%
7
7%
4%
*3%
50
50
50
*33
*7
7
7
*3%
49%
34%
4%
49%
*37g
49%
*33%
50
34%
*33%
7
4%
200
11,100
19,500
200
4
*37*
50
a49
*33%
347*
37%
200
49%
3478
29
*79
85
*79
*8
8%
26%
26%
122
121
37%
*27%
84
*8
*25%
*120
37%
29
*80
8
8%
26%
*26%
123% *120
38
*38
28
28%
84
*80
8
*7%
26%
26%
123% *122
38%
8%
26%
2'4 Sept
17i* Apr
Interchemlcal Corp
6%
-
*77*
27%
123% *122
7% Aug 24
li2 Apr 8
16
Apr 8
Jan
48
May
70
Jan
100
7158Septl5
16634 Aug 10
141
Mar
1647*
A.25
334 Apr 10
3% Mar
9%
Oct
Int Mercantile Marlne.No par
218 Aug 23
5% April
478
11%
Jan
1
8U Jan
5
1738 Sept 11
10
Sept
~
Preferred
Int Hydro-Elec Sys class
Internat'l Mining Corp
Int Nickel of Canada—No par
36
123
Sept 21
63s
25i4
3i4
39i2
16
5% conv pref
100
Internat Rys of Cent Am..100
5% preferred
100
Co
31%May 19
19
Apr 10
Foreign share ctfs...No par
4
Preferred
7«4June
18
Apr
No par
Corp
8%
100
Intertype
27%
123%
300
Island Creek Coal
1
preferred
Jarvls (W B) Co
1
1
S6
13
16%
16%
16
16%
16
16%
80%
80
80%
80%
80%
1,200
Jewel Tea Inc
No par
68
75%
75%
76%
76%
76%
2,300
Johns-Manvllle
*125
132
*125
132
No par
100
122
75%
73
73
16%
16%
17
*118%
8%
*20
«.
«.
—
—
8%
22%
*118%
8%
*21
*.
m
-
-
8%
*118%
*8%
22
22%
*15%
16
*15%
16
*15%
97%
*95
97%
*95
97%
15%
*14%
15%
*11%
6%
95
12
684
90
*88
39%
39%
15%
15%
36
*34
*2%
3
26%
Stock
27
24%
24%
Exchange
*4%
5
26%
26%
Closed—
27%
28
*9%
9%
95
11%
*6%
a88
39%
*15%
*34%
*2%
15%
*15
*92
12
*7
88
Day
15
35
*4%
*30%
23
*41
98%
*16%
16
16
*4%
5%
*5%
30%
307g
307*
500
22
22
31%
22%
31%
22%
22%
1,600
116% 116%
116
116
30
4%
5%
5%
237g
23%
12%
28%
52%
6%
27%
52%
27%
28%
51%
52
52%
6%
6%
6%
6%
42
31%
31%
41%
42
14%
15
14%
15
35%
35
35%
*41%
*41%
99
6%
42
98%
106% 106% *106% 108
32
31%
32%
4%
17%
31%
13
*34%
36%
3%
31%
1284
3%
*7%
25
"l4"
7%
26
"l4%
14%
14%
*13%
14%
17%
106
4%
*17%
17%
106
106
17%
106
*131
135
*132
135
*1%
1%
31
32%
32
12%
*12%
12%
37
37%
30%
32%
12%
5
5%
3%
7%
*7
28
29
27
28
28
14%
14%
14%
15%
*1%
5
135
31%
32%
31%
*35
36%
*3%
♦3%
*7
28%
*27
1478
31%
33%
4%
17%
17%
1057* 106
23%
7%
29
33%
*12%
31%
34
4%
5
3%
*7
3%
29
*27
"i",i30
1%
1%
*1%
*1%
14%
1%
5%
5%
5%
5%
5%
147*
5%
16
16
16%
16%
16%
4,800
41%
41
41%
41%
417*
16,000
5%
5%
36%
6%
9,100
37%
1,400
16%
41%
4%
5%
5
3884
38
29%
160
53%
53i2
*4%
4%
27%
27%
*95
96
*14%
14%
15%
16
*103% 105
•
2984
*147
X52%
30
160
53%
29%
*147
.
51%
5%
38
29%
4%
*26%
27%
*95
96
*95
14%
14%
*14%
14%
15%
16%
16%
16%
*103% 105
100
*103% 105
Bid and asked prices; no sales on this day.
30
37%
30%
155
30%
155
30%
2,100
155
20
53
2,200
5178
*4%
52
27
27
*25
27
*95
52%
4%
27
4%
5%
37%
*147
160
27
4%
80
15%
15%
40%
4%
38%
29%
5%
15,600
40%
16
*147
*4%
100
*95
100
14%
16%
*104
4%
14%
17
105
52%
*4%
14%
1678
105
t In receivership,
4%
15
17%
105
—10
1
-No par
7% guar.100
300
700
800
13,200
100
s Def. delivery,
Modified 8% guar
100
Ctfs of deposit
25
Maracatbo Oil Exploration. .1
Marine Midland Corp
5
pref. 100
Marshall Field A Co..-No par
Martin (Glenn L) Co
1
Martin-Parry Corp
No par
Masonlte Corp
No par
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores—10
Maytag Co
No par
$3 preferred w w
No par
16 1st cum pref
No par
MoCall Corp
"No par
McCrory Stores Corp
1
6% oonv preferred...... 100
Market St Ry 6%
n
New Stock,
Apr
8«4 Apr 11
July 18
44% Mar
Apr
Sept 27
19i> Jan
7
Mar
16% Nov 17
997g Jan 17
11
Dec
12
100
Dec
100
Dec
10% May
63
Apr
16
Nov
91
Nov
18
July 28
9514 Aug 21
1434 Mar 8
10% Mar 8
99
Sept 21
Jan 27
25
Jan 26
17
Apr
2i2Sept
%May
1% Apr 10
20
Sept
1
_
938 Apr 10
Apr 10
36i2 Apr 10
4% Apr 11
33
Sept
95
Sept 26
484 Mar
13% July
24% July
Dec
14%
Oct
10%
Oct
Mar
Jan
100
Oct
46i2Sept 11
1678Sept 11
26% May
51
Oct
37i2Sept 27
4
Sept 11
19
1
6% Mar
Feb
1% Mar
9
Mar
15% Mar
2% Mar
14% Nov
30
July
3% July
Jan
Oct
19%
22%
8
Mar
July
31% July
12% Mar
21% Nov
2934 July 24
29% Oct 28
22
13t2 Jan 20
23i2 Jan 20
18% Mar 9
8
Mar
18
15
Mar
30
Jan
8% Mar
3% May
17
Nov
3758 Oct 11
25
Jan 24
5% Mar
3
5% July 18
3% Apr
Mar
80
5U Jan 15
12%Sept
Oct
12
263s Aug
2384Sept 13
20% Apr 11
7
Apr ~
Jan
Sept 27
24
30i2 Oct 19
4% Apr
78
24% July
123
118
1'4 April
127g Apr 10
Apr
4984 Apr
12% Mar
74% Dec
111% Oct
130
July
12134 Jan 20
11% Jan 4
20
95% Sept 26
Mar
8
10% Mar
13% Mar
Mar 16
95
Jan
688 Sept 27
3
Mar
118
%
Dec
17g
19%
67g
I984
23%
Mar
43i2 Aug 14
108l2 Aug 3
IO984 Aug 3
25
Mar
81
Mar
157
3i4Sept
884 Sept
2784 Jan
133s Nov
3234 Mar
11
11
6
17
13
6684 Mar 13
10
Sept
5
20«4 Aug 24
31i2 Apr 11
10
Aug 24
13i2June29
30i2Septl2
1015s Sept 29
5412 Jan 4
109% July 17
Mar 31
Mar
Mar
Mar
Mar
5% Dec
21*4 July 22
6
38i2Sept
2
r
pr
Cash sale.
5
Aug 11
l6!4Sept 12
105
Jan
6
19% Apr
8
138
Sept 16
1584 Jan 4
28
124
18
9
Jan
7% July
30% Dec
x25%
Oct
120
Oct
7% July
1% Jan
5% Jan
July
14% Nov
35% Oct
29
58% Nov
Jan
9
37% Nov
102
Dec
Apr
4
Apr
1
1
Apr
nov 14
10
26l2 Aug 24
May 12
Sept
_
2084 Aug 11
Nov 17
4034 Apr
3i2 Sept
8
1
Sept 14
Jan
3
1078 April
984 Jan 26
88
110
June
1
248s Feb 25
159i2June 23
201* Mar 13
135
33s Aug 24
934 Apr 10
93
5
61® Sept 11
22i4Mar 9
2
Feb
Aug 24
4 is Apr
27
Jan
5
2
Nov 17
Apr 6
128s Oct 23
10
Apr 8
1
Apr 8
155
62
Jan
Sept 27
_
30
19
Jan 13
1 Ex-dlv.
y
29
Mar
Nov
60
6
35
5
2
18is Sept
67
2
Ills Sept 6
25i8 Apr 11
6
Mar 13
8
2 5i4 Sept
1
47
Apr 25
36i2 Apr
27
Ctfs of dep.-
Manhattan Shirt
*4%
41%
*38
4%
No par
Inc...No par
Garden
No par
Bros...
11,700
2,100
5%
5%
100
10
t Manhattan Ry
20
*1%
*13%
par
No par
preferred
Mandel
28
14%
15
14%
1%
40%
38%
800
7%
27%
100
10
100
Macy (R H) Co
Magma Copper
Manatl Sugar Co....
*14%
*13%
15%
6%
Mack Trucks Inc
Madison Sq
15
15
*4%
.
10
3,200
5,600
700
147*
*13%
157s
h
400
300
14%
14%
4%
20
12%
1
*4%
2,300
5%
Lor)Ilard
37
37
15
14%
5%
preferred
(P) Co
7% preferred
Louisville Gas A El A ..No
Louisville A Nashville
MacAndrews A Forbes
1,500
135
26
Biscuit
Loose-Wiles
3,800
31%
No par
190
62%
135
1
Loft Ino
600
61%
31
pref erred... ..No par
1,500
20
*30%
No par
Loew's Inc
Long Bell Lumber A ...No par
20
3%
29
23%
Corp..No par
Liquid Carbonic
Lone Star Cement Corp
155
Nov
18% Nov
4084 Nov
Wks.No par
No par
Lion OU Refining Co...No par
3,000
155
12i8 Apr 11
85
Apr 25
7i2 Apr 10
23
Jan
124
20% Mar
500
45%
83s Apr 24
Sept 19
90
113
24
Apr
407s Sept 27
14%
4
April
83
Oct
83% Nov
12«4 July
Oct 21
Jan
8
Oct
Nov
June
16
113U
Mar
Apr 10
14
Mar
18
103«4 July
176% Dec
14%
45
85
8.
11%
117g
14% Mar
Link Belt Co
4%
18
9
Deo
81% Mar
Apr
Lima Locomotive
27,400
5
Mar
Feb
96%
Nov 13
900
16.60
I034 Jan
3234Sept 12
125
63
Jan
358s Nov
May 26
400
100
9
85>4
19
41%
2,000
5,600
June
Jan
30% Nov
180
32%
15
87
Jan
6
48%
Apr 10
41%
36%
Feb
6% Mar
15% Nov
527g Nov
Sept 15
31%
108
Feb
6
3
67% Nov
July
140
16
Lily Tulip Cup
147*
35%
61*
978 Feb 28
Jan
162
900
*106
963 Jan 19
1484 Jan
Oct
28
100
...
Preferred
100
Mar
46% Mar
Jan
Corp...No par
Series B
5,500
No par
6
Tobacco..26
19
45%
28%
14%
99% 100%
*18%
44%
*7
*13
Liggett A Myers
45%
27
3%
700
18%
12%
36%
3%
7%
*35
400
17%
27
*12%
42
101
169% 169%
5
No par
Lerner Stores Corp
42
17%
4
2,100
4% conv preferred
*98
16%
4
2,600
3,000
Lee Rubber A lire
Lehigh Portland
Llbby McNeill A Llbby
Life Savers Corp
7
45
*105% 106%
*131
52%
17%
23
23
23%
23%
23%
23%
23%
22%
*150% 157% *150% 157% *150% 157%
*150% 158
19%
197g
19%
19%
19%
19%
al9%
19%
58
58
58%
58%
62%
58%
5734
57%
*30
30%
*30%
31%
30%
30%
30%
31%
135
5%
16%
45
4%
42
12%
98%
99%
99%
99%
*169
171% *169% 17H2
19
*18%
19%
*18%
31
31
32
*31%
41
41
41%
41%
14
*14
14%
14%
15
15
*14%
*14%
35%
35%
357g
35%
*98%
99%
110
17%
Llbbey Owens Ford Gl.No par
23%
12%
27%
32%
1,000
5,600
1,000
5%
51%
42
28%
5%
27%
19
Lehn A Fink Prod Corp
4%
12%
99%
1,900
4%
1%
23%
98%
3,900
13%
1%
4%
23%
Bryant
24%
419
*116% 1167*
4%
4%
4%
1%
1%
1%
*12%
No par
No par
6
Cement...25
100
Lehigh Valley RR
60
Lehigh Valley Coal
No par
6% conv preferred
..60
Lehman Corp (The)
1
4%
1%
4%
'
1%
46
30%
Lane
22%
17%
*131
100
*30%
171%
44%
18
16
5%
19
*14
*16%
16%
31%
23
*116% 117
4%
17
6
99
4
Lambert Co (The)
40
19
17%
120
1,300
8,800
9%
12
Oct 24
58
28
900
27
29%
9%
June
Oct 23
4034Sept 11
122
No par
$5 prior
28
33
105
9
Aug 24
Kinney (G R) Co
Mar
Mar
8
Apr
20
Mar
Mar
Jan
June 21
Keystone Steel & W Co .No pan
Kimberly-Clark...
No par
18%
2i4
28%
19%
June
5
Kennecott Copper
Sept 25
Jan
4i4 Mar
105
79
B
132
133
1
Class
684 Mar
Apr 14
1
117i2 Jan 27
51s Apr 11
11
Mar
Aug 24
Sept
Kendall Co *6 pt pf A,.N» par
16
27
28%
10%
16%
100
Kayser (J) & Co
6
Kelth-Albee-Orpheum pf—100
Kelsey Hayes Wh'l conv cl A.l
18%
27%
29%
*9%
171% *169
106
100
28%
44%
4
3,300
5%
27
*106% 108%
17%
17%
17%
17%
257*
9%
*16%
Southern. No par
preferred
100
Kaufmann Dept Stores..... 1
4%
1
preferred..-No par
Kresge (8 S) Co
10
Kreege Dept Stores
No par
Kress (S H) & Cd
No par
Kroger Grocery <k Bak.No par
Laclede Gas Lt Co 8t Louis 100
6% preferred
100
26l2
51%
6%
106
500
270
3
27%
28%
27%
14%
3
35%
3
27%
9%
51%
34%
35%
28%
35%
3
27%
28%
27%
*106
*34%
*2%
200
26%
9%
50%
14%
800
27
27%
*14
22,900
15%
28
*9
12
18
40%
15%
28
12
42
40%
15%
*26%
23%
*31%
110
Sept 16
13
L pf ser B No par
Kansas City
300
*4%
12
100
1,000
5
23%
}
'
7
25%
12
1/99
117*
88
*6%
5
23%
*169
11%
88
.25%
4%
23%
99
170
95
5
1%
4%
42
1,000
15%
25%
484
41
15%
*91
4
35
10
Kalamazoo Stove & Furn
5% conv preferred
*4%
4%
1%
x99
800
97%
25%
4%
6%
16%
5
4%
1%
6%
16%
*95
25%
24%
*4%
16
*116% 117
500
40%
3
16%
5%
500
21%
40
27%
3
27
16
23
7
8%
s21%
59
St'l pref. 100
Jones & Laughlin
Kan City P &
28%
25%
27
16%
31
11%
89
1,100
17%
-
*15%
35
36
95
7
40%
15%
16
*4%
11%
15%
*88
7%
40
16
3078
22%
15%
11%
16
16%
97%
*91
88
40%
1578
,
11%
7
*118%
8%
16
95
88
8%
22
*95
15%
95
16
Armistice
8%
22
16
*95
*87%
75
17%
*118%
9%
22
400
75
75
Preferred.
6
H9i2Sept 25
80
--
4
5
Sept 5
778 Aug 24
76
Sept 14
100
....
Jan
37s Sept
Interstate Dept Stores .No par
75
17%
38
60
75%
74%
17%
Jan 12
No par
84
May
1434 Jan
6238 Oct 26
6i4May 29
60% June 3
Aug 24
Jan 23
Jan 9
2
3678 Mar
5534 Jan
138
Aug 24
Shoe
preferred
100
Inter Telep «fe Teleg—.No par
16%
79%
17%
3*8 Oct 16
41
Sept 28
100
Preferred
Inter Paper & Power
16
76
37g
4578 Sept 1
142
Sept 15
No par
Intemat'l Harvester
75
*72%
17%
Apr
Deo
79
16%
16% Nov
98
29
16%
*72
5% July
67g Mar
341* Nov
185
7%
132
Mar
Mar
75
*127
June
2
Mar
79
132
Mar
80
Mar
16%
*127
15
Nov 14
2
75
132
6U Nov
978 No*
15
79
*125
Oct
1938
xl30
Sept
International
1,800
7% Mar
35s Apr
278 Mar
Dec
Oct 18
145
International Silver
20
Nov
19584 Mar 13
100
Prior preferred
Int Business Machlnes.No par
29
1,600
Sept
95
6
Internat Agricultural-.JVo par
No par
17,400
2,700
146
57* Sept 11
l678Sept 12
International Salt
_
Feb
66 U June
109
Apr
2U Apr
No par-
35
308g Aug
1191*
1
1
46i4 Oct 24
90
100
Iron
Interlake
84
*80
No par
preferred
7
Aug
558 Aug
9is Mar
4% Apr
Intercont'l Rubber....No par
10% July
Mar
14% Mar
9834 Sept 11
21
Sept
5
9U Apr
J Interboro Rap Transit... 100
Mar
4
60
157
300
29
84
No par
per
9i2Sept 6
2912 Jan 16
Sept 20
800
.
37%
*27% 29%
*100
103
*100% 104
*100% 103% *100% 103% *100% 103%
5
5%
47*
4%
4%
4%
4%
47g
4%
4%
5
5
5%
47g
484
4%
4%
47g
4%
47«
13
13
12
12
12
12
12
12
13
12%
37%
37%
*27
100
preferred
$ per share $ per share
share
131
86
Inspiration Cons Copper___20
Insuranshares Ctfs Ino
1
300
5%
4?g
4% Apr 10
16% Apr 10
Apr 3
147%May 11
67
Apr 8
10
Industrial Ray on
Ingeraoll Rand
800
*150%
*150%
8578
15%
~
Indian Refining..
1,100
25%
119
118
$
Highest
Lowest
Highest
$ per share
Par
Year 1938
IQO-Share Lots
Lowest
200
6%
6%
25%
7
*6%
25
119
Range for Previous
Range Since Jan. 1
Sales
for
LOW
3223
Record—Continued—Page 6
Aug
3334 Oct 23
43i2 Feb 6
191* Jan 3
40 Sept 5
12% Mar
33
Mar
99
Dec
84 Mar
21% July
62% Nov
111% Oct
Oct
9
Mar
63%
Oc|
2% Mar
1434 Mar
6'4
23%
107%
2I84
July
26
92
June
1384 Mar
125
Apr
12% Mar
297g Apr
154
Nov
Dec
Dec
Nov
19%
Oct
67% Dec
Mar
32
Dec
116% Mar
126
Jan
22
16
Mar
247* Mar
10
Mar
32% Nov
49% Aug
19%
Oct
6
734 Oct 4
29
Nov 15
28
Nov 15
84 Mar
4% Mar
684 Mar
40% Nov
2% Oct
10% Nov
20% Jan
151s Nov 15
1518 Nov 15
2% Mar
10% Nov
9
16
683 Sept
16
Oct 23
18% Mar
Mar
6
1% Mar
July
284
684 Sept 13
4% Sept
7%
2i8Sept
8i* Mar
1734 Nov
46% Nov
5% Jan
67% Jan
373| Sept
176
9'
8
4
3
3
13
July 11
6334 Oct 27
6% Mar 10
36% Mat 10
105
June 24
17U Jan 20
17U Nov 17
106
Aug 17
Ex-rlghts.
6%
5%
14%
2%
25
Dec
Mar
Mar
May
Mar
19% Mar
16
Jan
Jan
Aug
147* Nov
37% Dec
7%
61
Oct
Oct
367* Nov
Aug
166
Feb
28% Mar
3% Mar
53
Oct
156
16% June
77g Aug
28% Deo
75
97
Dec
884 Mar
16
Jan
6
Mar
13% Nov
61
Mar
92% Nov
Apr
5 Called for redemption.
New York Stock Record—Continued—Page 7
3224
Range Since Jan. 1
Saturday
Nov. 11
I per share
Sales
Wednesday
Tuesday
Thursday
Friday
Nov. 14
Nov. 15
Nov. 16
Nov. 17
$ per share
$ per share
$ per share
$ per share
Shares
22%
22%
8%
*734
46%
1378
22%
*734
46%
13%
934
22%
8%
♦9%
46%
14
934
9884
9834
11
46%
»13l2
14
*9%
978
»98i2 100
10%
11%
11%
*99
11%
22%
8
4634
13%
80
*71%
80
62%
*57%
6434
*57%
66%
5
62%
6484
5%
5
5
21%
21%
21%
21%
*5
6412
5%
21
16i2
35
16%
35%
17*2
3512
1112
1134
11%
15
15%
15
33
33
33
*119
120
50%
11834 119
*51
61%
51
108
110
*108
478
*42
*9%
1%
5%
78
478
5
71%
8,200
5%
800
21%
550
15
33
118% 11834
51
51%
119
119
51%
51%
108'
110
4%
43
10%
1%
10%
1%
5%
1
*%
108
4%
*42%
10%
1%
5%
*78
1
12
14%
34
434
44
10%
1%
534
5%
*%
1%
*72
75
■
*15
"""loo
62
*109
*1%
*109
--
_
612
6%
6%
*48%
50%
7%
16
5012
7%
2478
16%
13
13 %
6%
7
*23
7
*49
•
7
Miami Copper
2,500
1,000
Mld-Contlnent Petroleum.. 10
300
119
4%
42%
10%
1%
*5%
*%
1,000
1st pref
100
Minn-Honeywell Regu.No par
90
4% conv pref series B...100
5
1,900
5134
23
*148% 156
5,900
1,300
100
1,200
16
16
16
*15%
16
95
95
95
*94
*19I2
21
15%
13
*19%
21
*19%
15%
116
Closed—
116
*94
*41%
*45%
95
2034
21%
14%
1134
95
21%
15%
13%
15%
116
112%
7%
*584
2334
*12
11%
*93%
21
16
95%
21
16%
*13%
13%
22% 22%
*153
160
16
8%
74%
978
14%
42
48
8%
8%
74%
75
9%
9%
13%
*41%
'*45%
9%
13%
42%
*13%
40%
48
74%
10
10
3~200
400
5,000
9%
26%
*25%
26%
26%
2634
2634
13%
*51
*79
85
41%
41%
41%
112
112
*109
14
14
14%
51%
53
20%
22%
39%
19%
20%
1934
20%
2134
21%
21%
38%
39%
37%
37%
33
33
3234
3234
33
38
33%
*5%
6%
*9
10
*9
*106
109
*106
934
110
65
*50
1%
3%
1%
*9
6%
65
1%
...
*50
58
1%
3%
33%
*5%
10
*106% 109
*110
*110
110
*5%
41%
14%
14%
53
54
20
20%
22
39%
33%
40
33%
5%
5%
106
*9
*110
*110
58
*50
57%
57
57%
27%
28%
27%
27%
57
27%
*8634
90
10%
10%
10%
10978 110
*109% 110%
*87
*37
*3534
90
10%
38
37
5%
578
534
*42l4
7%
4434
42%
7%
22%
22%
14
14
7%
104% 105%
1
5%
42%
7%
534
*42%
7%
22%
2234
23
1438
1434
14
104
6
*6
183g
140
12%
12%
6%
18%
140
1234
27%
90%
57
57%
28%
*26%
27%
90
*87
57
*6
17%
*138
12%
1038
27%
*87
38%
6
4434
7%
23
14
104%
6%
18%
"
600
36,500
1,000
4,500
800
100
684
7
12%
12%
18%
*138
12%
13
50
*42%
48
*45
49
*43
24
*23
2334
*23
2334
*23
23%
*50
51
*50
51
*50
51
*50
51
*116% 125
6234
5
7%
62%
5
5
778
7%
25
2484
14%
12%
3134
15
1484
*15%
12%
3178
*116% 125
*116% 125
*116% 125
65
63
6684
63%
64%
63%
5
5
5
5
5
5%
*434
7
7
7%
7%
7%
7%
24
24
2484
24%
24% 24%
24%
14%
*14
12
12
*11%
31%
32
32
4734
4784
15%
*14
3184
15
12%
32
47%
47%
*47%
16
16%
*12
4734
16
63%
16
16
"
14%
12%
32%
4734
15%
123% 123% *122
123% 123%
123% *122% 123%
141
141
*141% 145
*141% 145
*141% 145
32
31% 33
333g
31% 31%
31% 31%
Bid and asked prloes: no sales on this day.
14
14
*12%
32%
12%
32%
48
48%
15%
16%
125
125
145
145
31%
{ In receivership,
31%
a Def.
5% Aug 24
10
Apr 8
33% July 7
43
Aug 12
2% April
8% Sept 15
18% Apr 11
73% Mar 14
32
Apr 8
105% Sept 19
8% Apr 8
27
900
10
3,600
"""260
50
1,200
680
57»4 Oct 26
47
Sept 11
37% Mar 13
25
Mar
19
5
110
Deo
Jan
July 17
111
May 29
Jan
Nov
4
28% Mar 11
175
Jan 17
16
Oct 28
95%May 31
2334 Sept 13
26% Jan 5
16
Sept 26
18% Aug
117% Jan
114
3
5
Mar 27
8% Oct 26
6% Feb 17
28% Jan
4
18% Jan 10
16% Jan 4
106
Oct
38% Aug
25
Mar
40X2 Nov
22*4 July
17% Nov
8
Mar
4
Mar
26
Mar
9%
Apr
3484 Mar
95
Apr
4
9% Jan
15
6414
22% May
11% Mar
7% Jan
44% Mar 13
51
117X2 Sept
10% Mar
Jan
177g Oct 26
30
Mar
6
Mar
15% Mar
150
Jan
32
Oct
8X4 July
64x4
Jan
15X2 July
Oct
IIOI4 Dec
62 x2
IOI4 July
54
29
12x2
July
Jan
Nov
14% Nov
14%
28
168%
Dec
Nov
Oct
10% May
19
05
Mar
9412 Nov
Sept
12% Mar
30% July
20
11% Sept
106%
105%
3%
3%
17%
11%
Mar
Mar
Mar
Mar
Oct
I6I2 July
115% Nov
113i2 Oct
10% Oct
6*4 July
Mar
30
Apr
20% July
16*4 Oct
Mar
4
2512
Nov
Nov
MarlO
31
27% Jan
173% Aug
4
154
June
17812
146
6
127
June
145i2 Sept
28*4 Nov
Feb
3
35% Sept 27
17% Mar
13% Mar
10
Aug 15
82
Sept 11
44'4 Mar
3
12% Sept
5
Mar
July
Oct
C% Oct
81*4 Nov
23
Feb
20
Jan
18
Dec
30
July
59%
Jan
55
Dec
82
July
50% Apr
5% Oct
70
Feb
75
Feb
15% Jan
11% Feb
2% May
7% Mar
14% June
29%June
87% Aug 21
58
Apr
July 27
28
Mar
42
112% June 22
1734 Sept 14
99% Apr
9% Mar
62
4i2
Jan
12% Aug
26
July
71
Nov
40
Jan
108*4 Nov
1912 July
20
Mar
10
Mar
21*4 Nov
25% Sept 27
7
Mar
18% Apr
8
30
8
4534 Sept 27
43i2 Feb 25
Apr
l%May 20
4% July 1
Nov 16
47
May 16
July
8
% Mar 27
1% Nov 17
70
Apr
8
Jan 25
8
1034Sept 11
15% Sept 11
118% Mar 1
23
Dec
38I4
Jan
18
Mar
37*4 July
2
Mar
111
7
110
Mar
8
64
Sept 13
Jan
11*4 Mar
Apr
120
Mar
17
4*4
5% Mar
101
Mar
62
l%Sept 26
5% Sept 27
134Sept 12
4812 Nov
12% Mar
120
Aug
June
%
Dec
2% Mar
% Jan
4«4 Mar
Apr
63i2 Nov
2*4 Jan
7x2 July
ix2
16%
Jan
Dec
Dec
2
38
Mar
90
216
Sept 27
133
June
198
Jan
113
June 14
100
Mar
110
Dec
89% Mar
Oct
7
59% Aug
3
45*4
Apr
6712
Dec
59
Aug
1
4
20
Dec
89
North'n States Pow Co S5 pf. 1
100
Sept 13
Telegraph
50
Norwalk Tire A Rubber No par
Preferred.
50
Ohio Oil Co
No par
Oliver Farm Equip..—No par
Omnibus Corp (The)
...6
..100
No par
.100
No par
15.60 conv 1st pref..No par
Outboard Marine A Mflg
No par
100
Owens-Illinois Class C..$2.50
Pacific Amer Fisheries Inc..
Coast
10
Paclflo Finance Corp (Cal).lO
Pacific Gas A Electric
25
No par
No par
Pacific Telep A Teleg
100
0% preferred
100
Pac Tin Corp (sp stk).No par
nNewstook.
11X2 July
2% Jan
3% Jan
20x2 Nov
6
No par
delivery.
Dec
Dec
52% Sept
2d preferred
110
%
1%
Oct
50% Sept
1,310
110
Jan
26i8
No par
2,100
Jan
3%
Jan
29% Nov
Pacific Ltg Corp
Pacific Mills
17*4
13*4 Mar
1st preferred
400
72i2
8
26% Feb 27
620
3,800
1,900
1,200
Mar
10% May
1% Mar
484 Mar
Mar
June 30
Pacific
35
May
7
Outlet Co
Oct
Nov
10
12% Apr 11
Otis Steel
July
July
67
May
82
0% preferred
92
Mar
111
Oct 25
11434 Sept 11
50
Preferred
3,966
MarlO
2% Jan
9a4 Jan
1% Sept 27
2% Sept 27
100
0% preferred A.
Jan
Apr *117
4
1478 Jan
21
49%
100
50
Northern Central Ry Co
Northern Pacific
120
85% Jan
4
114
July 25
22% Jan
30% Nov
111
18% Apr 11
North Amer Aviation
Northwestern
4
47i2 July
14*4 Oct
50
42,800
400
120% Nov
7t4 Nov
Sept 21
23% Sept 27
168
"9",600
50
5«4 Mar
12% Mar
15% June
76
Apr
Nov
1
Apr 28
103% Sept
10
0% preferred series
6H% pref series
300
5
18
Sept
5
37% Oct 26
Oct
73
10% Apr 10
11% Sept
100
American Co
1,300
*116% 125
6234
23
46%
51
8
14% April
634 Apr 8
52
July 1
100
Adjust 4% preferred
48
*23
Sept
17% June 30
Norfolk A Western
Otis Elevator
*43
83
..100
Oppenheim Coll A Co..No par
23
1
4% April
4% Jan 13
20% Sept 1
10% Sept 1
8% Sept 5
preferred—
1,400
49
Sept
%May 23
5,000
23
51
preferred
7%
*42
Sept 18
107
119
18%
142
110
8%June 30
7,000
1,800
18%
2
7
12% Jan 13
106
North
26% Mar
7% Mar
8% Mar
14% Sept
50
100
1,600
4
2678 Nov 17
1834 Sept 27
IN Y Ontario A Western.. 100
14~ 900
Dec
39% Jan
1078Sept
Aug 23
N Y Shlpbldg Corp part stk..l
7%
142
No par
N Y A Harlem
Conv
7%
6%
18%
100
NYC Omnibus Corp ..No par
New York Dock
No par
7%
Dec
16*4
9% Jan 20
200
70
30
June
1
3,500
7%
24
14%
6% preferred series A
8,900
7%
105
No par
New York Central
No par
N. Y. Chic A St Louis Co—100
preferred
May
11
37% Mar
6*4 Mar
*8% July
100
10
23%
..1
IN Y N H A Hartford
3,100
*14
2
7% Aug 24
7% Sept 1
21%Sept 13
147% Oct 6
10% Apr 26
87
Sept 19
17% Apr 25
10% preferred
50
N Y Lack A West Ry Co.. 100
6%
*103
N. Y. Air Brake
100
8,200
4434
23%
14%
1
Nelsner Bros Inc
5%
"""36
*42%
103
No par
"2" 500
38%
103
100
No par
Natomas Co
5% pref series A
Newport Industries.
6
4434
23%
*14%
prior preferred
National Tea Co
4% % conv serial pref
100
Newberry Co (J J)
No par
5%
*42%
6
40
prior preferred—100
"""266
*35
146% *138
12%
37
36
25
preferred
0%
1,300
1,200
90
57
10%
10%
10%
10%
110%
110% *110
10934 10934 *110
10%
104% 104%
18
140
37
57
2,800
National Supply (The) Pa..10
58
%
3%
1%
3%
3%
3%
3%
3%
*3.
*3a
1
1
%
*34
*34
1
34
14%
1434
14%
15%
1434
1434
14%
15%
15%
*86
88%
88%
89
88%
86
*84% 88% *85
215
212
212
211
211% 214% 214
208% 210
*107% 110% *107% 110% *107% 110%
115
*107% 115
23
23%
2234
2234
2234 23%
22%
23
23%
58
58
58
58
57%
57%
57%
57%
58
57
National Steel Corp
...
*50
1%
1%
Aug 24
Oct 11
National Pow A Lt_—No par
9-
*106% 110
Sept 25
4
132
2,900
112
22
934
*9%
106
1%
41%
105
100
4,100
~2~ 400
14
6% Jan 3
28% Jan 9
21%Sept 27
1434 Sept 22
preferred B
Nat Mall A St'l Cast Co No par
85
*79
*109
6%
22
38
9%
27
5714 July
70
0%
2,200
48
33%
5134
19%
21
52%
200
2834
834
7534
4
Apr
Sept 25
5H%
4
Sept
152
{2
*45%
9
50
100
300
48
Apr
preferred A
800
9%
14%
Gpysum Co
1
$4.60 conv. pref erred.No par
National Lead
10
14
4
85
Nat
43
9%
No par
Nat Distillers Prod
14
*45%
No par
Register
Cas 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
42
4
*41
Cash
14
9%
*79
Nat
National Cylinder
42
4
*109
5% pref series A w w
100
Nat Bond A 8hare Corp new No
14
9%
85
7% cum pref—
100
Nat Bond A Invest Co .No par
42
4
5
10
Biscuit
National
30
7%
10%
*45%
42
6%
10
034
*41
*51
8%*
75%
1
Nat Enam A Stamplng.No par
"
21%
75
9%
37
+
100
100
*28
834
8%
21
12%
14%
12%
4
*79
14%
8%
75%
20
6
*1234
14%
41%
48
*11034 112
14%
52
8%
75
19%
1734
3,200
29
*20%
*138
2,100
28
42
*86%
734
6%
24%
28
85
*57%
60
210
144
*41
208%
8,200
7%
144
*79
*107%
22%
1,900
*5%
2334
144
*11034 112
85%
~~5~9o6
15%
13%
*141
26%
34
21
16%
13%
16
16%
116
116%
111% 112%
*20%
144
*25%
3%
600
200
144
9%
26%
15
300
10
144
4
1%
Nat Aviation Corp
140
3% Aug 24
14
2,900
8,900
21
Apr 10
16% Apr 11
43% Sept
5% Sept
100
conv
13%
22%
*95
10
~2~800
200
93
2834
Co
1
preferred—.No par
Munslngwear Inc
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America—10
160
143
28%
5
1
Wheel
Mulllna Mfg Co class B
165
29
Motor Products Corp..No par
National Acme
*157
2834
31% Aug 28
22% Sept
9% Apr 10
50
1,800
165
j
40% April
17
Jan
80
122%May 24
No par
Brass
60
Sept
A Essex
Motor
Nov
15*4 July
32% Apr
3% Mar
112
Montg Ward & Co. Inc. No par
Morris
95
Nov 17
54
Sept
8% Aug 21
1
Aug 24
Apr
Nov 10
No par
Nashv Chatt A St Louis—100
12
36
Mar
6*4 Mar
Apr
6% Jan
2% Sept
12% July
63% Oct
26% Jan
IIX4 Nov
55
121
900
16
13%
15%
6% Apr 10
11% Apr 10
18% Apr 8
101
April
44% Sept 11
103% Sept 25
20% Nov
Mar
6
Sept
Mueller
93
*19%
15%
Apr
Jan
7
70
110
500
20
7
Aug 24
10
35% Mar
13% May
8
2
Highest
I per share I per short
26
26
No par
preferred
{4.50
890
160
July
78June 28
10% Apr 11
85% Apr 10
T, 300
1534
13%
2234
3
14
2% Aug 24
% July
7%
*157
9%
*50
400
1,300
71
5% conv preferred
100
Mohawk Carpet Mills..—20
Monsanto Chemical Co
10
26%
1534
165
4%
*5%
""I36
63
7% preferred series A—100
tMissouri Pacific
100
MorreD (J) & Co
16
2034
16%
13%
16
16%
116
116% 116%
112% *111% 111%
7%
7%
7%
6%
6%
6%
2334 24%
24
*12
14%
14%
11%
12
11%
96% 96%
96%
21%
20% 21%
1534
13%
No par
--.10
No par
preferred
10.50
Mission Corp
Mo-Kan-Texas RR
25
*157
9%
*50
20",500
95
•
*93
Mollne Power lmpt—1
Minn
7
165
4
1378
24
15%
156
24
cum
Myers (F A E) Bros...No par
Nash-Kelvlnator Corp
5
157
28
*13%
11%
95
140
984
*12
11%
165
8%
23%
14%
*160
74
16%
116%
112% 112%
7%
7%
*584
6%
6%
2034
Day
13%
1534
16%
2378
*12
1534
13
116
*584
11%
Armistice
15%
*111% 112%
*7
7%
2378
7
8%
Preferred series B
6%
16%
1334
22%
156
100
50%
16%
13%
2234
*92
*1234
1534
6%
*49%
16%
13%
23
156
2,400
2,500
*109
24
*150
800
534
1
6%
16%
13%
2234
z22%
400
4234
10%
50%
7%
7%
5
No par
Midland Steel Prod
110
51%
<*108
39% Aug 28
46
April
8
2,000
6
15
12
Nov
25
lia4
15%
10% Jan
59%June
18% Sept
10% Oct
101% Nov
14% Sept
73
2
Co No par
Machine Co
5
% per share
24
Aug 3
6
July
Merch & M'n Trans
33%
119
50
11% Sept
15
6%
23
1
00
Mengel.Co (The)
5% conv 1st pref
33%
*49%
23
No par
Melville Shoe
Mesta
6%
23
Aug 23
1,200
50%
23
Jan 27
0
36
1
*109
*109
6%
*48I2
88
preferred
140
35%
11%
15% Apr 28
5% Sept 1
Sept 19
834 Apr 11
0% Aug 25
39
100
conv
Lowest
Highest
I per share
No par
$0 preferred series A .No par
15.50 pref ser B w w.No par
0%
Mead Corp
17
1%
1%
1%
1%
1%
1%
20
18
20%
187g
20
19%
19%
20% 20%
107
106
106
107%
107% 107% 106% 10634
10534 107
117
117
116
117%
II734 H734
11712 116% 116% *116
*116
120
*116% 121
*116
121
*116% 121
*116% 121
54%
54%
537g
547g
54%
55%
5334 54%
56%
56%
*43i2 45
*43%
45
*43% 45
*43i2
45
*43%
45
33
33
33
*33
3334
33%
33% *32%
3334
337g
13
13
*1234
13%
13%
13%
13%
*13%
13%
13%
16%
17
16%
17
zl6%
1678
17
16%
1634
17
25%
25%
25% 25% *25
25%
2434 2434
*24% 25%
5%
*5%
5%
*5%
5%
5%
5%
5%
5%
5%
*35
37
*35
37
35%
*35%
37
*35%
37
35%
11%
11%
11%
11% *11%
*1178
12%
12%
1212 *11%
*66%
68%
*66%
68%
68%
68%
*67%
69
*6678
68%
1'2
1,800
11%
5%
21%
43
1%
11%
70
69%
5%
5i2
%
1%
18%
McKeesport Tin Plate——10
McLellan Stores
1
4,800
5%
21%
16%
10%
1%
5%
10
2,000
100
62
45
*42
4512
10%
1%
13%
10%
13%
10%
100
Mclntyre Porcupine Mines. .6
69
36
1
"l",906
75
68%
*5%
?1%
*15%
35%
11%
1434
33%
Elec Co
McGraw
4634
46%
Range]or Previous
Year 1938
100-Share Lots
Lowest
Par
McGraw-Hill Pub Co..No par
63%
35%
11%
15%
4%
11%
2,000
8
*72
33
5
46%
13%
10%
9934
23%
*58
35%
*108
108
*7%
75
16
11%
2234
64
68%
16
17
35%
12
15%
33%
9934
11%
11%
*69
64l2
46%
13%
9%
22%
8
*7
10
*72
21
22%
100
*73
Exchange
On Basis of
Week
{ per share
2212
*734
18,
EXCHANGE
Monday
Nov. 13
46
Stock
NEW YORK STOCK
the
HIGH SALE PRICES—PER SHARE, NOT PER CENT
STOCKS
for
LOW AND
Nov.
r Cash sale.
*
29
Jan
Sept
3
1
2% Apr 10
32% Apr 1
6
Aug 14
14% Sept
1
12
5
Sept
Nov 10
1434 Jan
112% Aug 14
92x2 Sept
40
Oct 14
7% Apr 10
July 11
16% Apr 10
40% Jan 24
114% Jan 26
50
Apr 8
3
Aug 24
2% Apr 10
ll%June30
3% June 29
9% Apr 8
27% Apr 10
41
Apr 8
9% Apr
114
128
17
8
April
SCpt19
Apr 10
Ex-div.
y
103
Dec
35
Sept
1% Mar
5
Nov
12*4 Mar
41
10% Sept
5
8% Sept
14%
Sept
Jan
30
Jan
6
19i8 May
32%
Feb
20% Mar
3
712 Mar
83i2 Apr
8% Jan 4
27% Jan 3
148% July 26
16
Sept 11
33
May
Jan
14i2 July
3
2
4% Aug 21
15% Sept 1
2
25
93*4
6% Nov
4434 Aug
113%May 25
Oct
June
6% Mar
100% Sept 23
128
5% Mar
75
4
55% Sept 13
29
Oct 26
51
Oct
9
4
Mar
13*4 Mar
122
Jan
6% Mar
60
2212 Aug
39%
52
Oct
115
Apr
115
40
Mar
7% Sept 13
7% Nov 13
Nov 13
15% Sept 27
1234 Mai 14
3434 Mar 10
52
Oct 10
512 Dec
212 Mar
IOI2 Mar
3*4 Mar
9X4
*22*4
3214
914
Mar
Mar
Mar
Mar
21% Sept 15
132 June
87
91
Apr
156% July 29 *13212 Mar
17% Dec
33% Nov 14
Ex-rights.
1514 Nov
Apr
Mar
3
25
Nov
Nov
10
116% Mar 25
Jan
10
29x2 Nov
147
30X4
Apr
Apr
70
19*4 Nov
111*2 Sept
Nov
76% Nov
11% Jan
5%
Jan
21i2 Nov
9i2 July
1514 July
30
Nov
43X» Dec
19% July
121
Dec
149
Nov
30
June
5 Called for redemption.
fBBSSK
Vo
Volume
T fYTXT
LOW
New York Stock
149
HIGH
SALE PRICES—PER
Record—Continued—Page
SHARE,
Monday
Tuesday
Wednesday
Nov. 11
Nov. 13
Nov. 14
Nov. 15
$ per share
$ per share
$ per share
$ per share
'
8%
8i2
3%
15l2
*6%
15l2
7
lis
8i2
8i2
334
1534
4
3%
I6I4
714
H4
*6%
*1
1%
NOT
Nov. 16
Nov. 17
$ per share
Shares
834
3%
*8%
834
3%
834
3%
16%
15%
15%
1534
*6%
7
*6%
7%
7
1%
1%
*44%
1%
1%
45
*43
46
*43
45
*44
*94
98i2
*94
9812
*94
98%
*94
8i2
8I4
88i2
8I4
88I4
9%
934
15%
153g
212
9i2
*15
212
44%
98%
212
45
445s
45
185S
l34
19i8
19i8
*15s
134
10%
1012
IOI4
914
912
*94
10
300
7,000
Par melee Transporta'n.lVo par
Pathe Film Corp.. ...No par
1,000
1,500
Patlno Mines <fe EnterprNo par
Penick & Ford
No par
5,200
Penney (J C)
178
1034
134
1038
11%
*134
10%
9%
10%
*9%
*134
10%
2
1034
10
53
*3%
*2634
1234
27%
1234
10%
91
3%
378
*26i2
27i2
13i2
*120%
25l2
3512
40i4
4%
25%
41
40
*4%
*34
36
34%
31
*31%
32
31%
20'4
20%
20%
20%
8l2
8i2
8%
8%
6i2
3934
6%
4038
*6%
3934
4 li4
45
45
*4514
46%
*8312
234
90
*83
90
*5i8
58
*414
*28
86
85
■125
41
*28
100
200
2434
34.300
16
*13
35%
"Y.666
41%
8%
85%
""loo
5
300
Pfelffer
40%
14,900
46%
500
90
*86
90
4034
*2%
*28
41%
3%
43
40%
*2%
*40%
41%
8%
8%
8%
8%
26%
*25%
26%
45
*45
48%
77
77
169
169
7%
*634
7%
*634
7
*167
26
26
26
26
IOI4
76%
*934
1038
*9%
1038
76%
76%
75
75
169
169
76%
169
169
169
8%
133s
812
73s
28
8
8%
8%
8%
1,400
2534
500
48%
7%
20
8%
Closed—
13
13
*40
45
2134
2134
*21
21%
180
*34
3712
*34
*34
1434
15
37%
17
'"940
*1%
*21%
*13%
13%
78
12
34
*%
1314
1314
1234
1%
♦lig
22
14l2
131S
21%
22
1378
13 78
13
13i4
*78
1
*%
lg
1234
13
%
*%
127g
*1378
Day
13
1238
138
"T%
1338
3512
8234
7778
78
165s
17%
15%
85«
35%
*77
36
35%
878
8234
83
83
78
36
858
84
3514
8l2
*80
77
1678
1634
77%
16%
834
8%
6
5812
158
*21
6
Aug 22
938 Oct 31
23
Apr 18
Mills
25
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa
preferred
preferred
Pitts Screw & Bolt
No pai
No par
100
100
6H 1st ser conv prior pref 100
Pittsburgh A West Va_ ... 100
PlttsY ngst&AshRy Co7 % pf 100
Plttston Co (The)
No par
Plttsr.urgh Steel Co
*1534
*2514
17l2
36%
77%
16%
13
7,400
*12%
200
13%
*38
41
63%
40
35%
8%
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J..No par
110
400
$5
124
200
6%
preferred
preferred
142
300
7%
preferred
8%
preferred
15934
180
500
36%
7,700
9,300
834
84
*79
No par
90
116
116
6
50
6% conv 1st pref
Procter A Gamble
6,200
4038
*109%
*12334
*141%
15934
1
Pressed Steel Car Co Inc
5% conv 2d pref
~2~ 900
63%
*116% 1185s
834
84
400
%
%
13
Poor A Co class B
200
75%
7534
1,100
*15%
1584
7,000
No par
100
100
100
Pub Ser El A Gas pf 55-Nv par
Pullman
No par
Iuc
Pure Oil (The).—
preferred
5% conv preferred
Puiity Bakeries
6%
No par
—
leO
100
16
26
1712
15%
16%
16
16
*16
2514
25U
25%
2534
600
1734
18%
18%
1,800
26
26
26
*26
22%
*4%
22%
2234
4%
*45%
45%
*14%
163i
4%
*45%
*1434
*8%
9
*25%
17%
24%
22%
*4%
45%
*1434
*8%
26%
1812
*25%
1734
26
18
12
*11%
1234
11%
56%
11
5614
56i2
84
75
75
*72
2%
2314
*82is
75
75
15'4
23 «4
82%
*72
15l2
10%
58%
*72%
80
56%
*72%
2
153s
85%
*76%
78
15%
*29%
*77%
*52%
934
15%
*78
84
*51
5212
52l2
*52%
54
52i2
9%
82
*70
9
9
9
377s
59
878
*52%
9%
11
*20%
21
39%
38%
*38
%
*%
%
1
1
1%
*23s
334
10
4814
48
*4%
*1
1%
1
334
*23s
334
*2%
*4%
48%
10
4834
*4%
10
49
103
103l2
103
103
*112
1123s
112
112
48%
102% 103
*11134 112%
*113
114
"113
114
*113
21
21
2114
*20%
59
*9%
*10%
3934
41
10
9%
*1%
*38
52%
*9%
9%
1%
3934
52%
10
38%
11
104
1%
40
21%
*9%
*1034
2034
*1%
39%
I12
J%
*2%
100
'
1,000
82
9%
3934
"2",400
8,500
59
11*, 400
9%
200
11
900
21%
1%
39%
600
"2", 500
%
2,500
1
1,700
384
10
*4%
10
49%
50%
8,800
103
103%
*111% 1123s
430
104
112
114
21%
114
5
100
Hosiery
Preferred
Co 1st pre/. 100
10
Remington-Rand
1
Preferred with warrants.. 25
Rensselaer A Sara RR Co.-100
JReo Motor Car
6
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
5%% preferred
100
Reynolds Metals Co —No par
Reliance Mfg Co
6X% conv preferred
Reynolds Spring
Reynolds (R J) Tob class
100
1
B.10
10
No par
Rltter Dental Mfg
No par
RoaD Antelope Copper Mines.
Ruberold Co (The)
No par
Common
9%
50%
112
21
*52%
9%
3«4
*113
114
8,700
29,700
700
54
9%
11
21%
2
2%
400
3834
*1%
*15s
40
85
9%
*203s
20
2
403s
%
600
1,100
3834
11%
2034
19
3,400
15%
383s
*52%
*1034
Ills
1934
100
32
884
38%
9%
■*
80
*77%
Real Silk
Reliable Stores Corp—-No par
9%
85
Manhattan. No par
Rayonler Ino
1
52 preferred
25
Reading
50
4% 1st preferred
...50
4% 2d preferred
60
Rels (Robt) A
1634
76%
14%
*70%
9%
40
46
76
9
9%
100
*28
82
87s
4%
32
*834
*52%
1,200
85%
*70%
59
500
2234
24%
9
*9%
11
*4is
4734
59
26
87
82
9
*134
*23g
38%
900
23%
9
*70%
9%
37%
9%
*9%
10
82
*70
*1
11
56%
*72%
2%
15%
84
i2
11%
2%
24%
85%
200
26,000
6%
100
56%
80
76
*7712
*3912
1634
15%
82
9
46
76
*7714
9
4i
15%
32
878
2234
85
♦29
37i2
28%
2%
24%
33
*52i2
18%
84
*29
978
6
*75
23%
3378
15
15
6
214
2334
82 i8
*30
934
2%
23%
16
100
77
2i8
2i4
2378
84
11%
*56
July
9
July
20%
Jan
26% Nov
51
Sept 23
39
Oct
62
8
12
Sept 12
2% Apr
Apr
4% Aug 23
7% Apr 10
Apr 4
June 28
18
Sept
6
142
1
Aug 25
% Apr 28
114%
21% 21%
Rlchfle d OH Corp
30
500
100
{Rutland RR 7% pref
St Joseph Lead
10
Francisco.—100
6% preferred
100
{St Louis Southwestern... 100
tSt Louis-San
preferred
Stores
5% preferred
8% preferred...
7% preferred...
Savage Arms Corp
5%
130
17% Sept
% Aug
%May
{Porto Rlc-Am Tob cl A No par
Class B—
No par
16
12
Nov
43
Mar
4
3% Mar
18%
May
7%
Jan
35
Dec
Jan
9% Nov
3% Mar
Sept 11
41
Mar
75
Nov
5
145
June
174
Mar
Aug
9% July
1138 Sept 12
16% Sept 12
4% May
48% Oct 6
25% Oct 6
40% Sept 15
2038 Sept 27
142
Aug 25
20% Apr
62
Aug
11% Apr
23
May
30
July
45
Jan
2% Sept 11
Sept 11
Sept 22
16% Sept 22
I684
7% Mar
17% Nov
Mar
6
84
Dec
%
Jan
Jan
7% Aug 24
2,200
16
13
4
Jan
No par
2,800
1
Kaybe8tos
9%
Mar
1
13
1,500
*8%
*11%
1034
44% July
2
1
1,700
9%
13
27% Mar
30%
11
""960
105g
*8l2
*1178
60% Mar
£0% July
1%
*412
*45%
*14i2
*8i2
*117S
1034
Sept
Mar
22%
16%
1612
Oct
8% July
Mar
60%
56I4
*412
4514
*15
Oct
144%
4% Mar
32
Mar
14384
June
8
1%
22%
458
457S
1634
9I4
13
107S
56%
1
15
22%
21i2
114
5% Nov
17
60%
*25
Nov
2% Mar
% Mar
75% Mar
24
22%
26
Nov
3
1
60%
1%
22%
4%
4514
74
Apr
6% Apr 14
5
*1%
22%
Nov
Apr
1%
Pond Creek Pocahontas No par
22%
26
43
60
Plymouth Oil Co
1%
*5934
8% Oct
47% Nov
Mar
400
2134
5934
434 Jan
17% Mar
30
600
1%
5%
*75
Jan
1334
13%
213s
59
6%
13%
31% Sept 11
12% Aug 24
15g
5838
*15
16
100
Jan
784 Mar
35% Mar 27
22
2U2
*75
2
7% pref class B
15s
5%
6
31% Apr 10
5% pref class A
2118
*15
16
100
July 27
Pierce Oil 8% conv pref.—100
5838
578
*75
35
46% Sept 22
3% Sept 27
45% Mar 15
5812
1%
*1412
6i8
100
16%
4
Aug 11
Jan
3
No par
Quaker Stato Oil Kef Corp.-10
Radio Corp of Amer—-No par
55 preferred B
No pat
53.50 conv 1st pref--No par
JKadlo-Keith-OrpbeumNo par
1634
Jan
36
No par
5
2134
15i8
*75
*21
76%
7
Apr 20
25
July
1784 Nov
22
%
8%
6
2'4 July
43
13%
13%
13%
35%
"T14
38%
22
1234
*13%
*80
10
Mar
1334
1334
13
13
*1234
40
42
*38
*40
*38l2 40l2
40
63
63%
63%
63%
62l2 6314
62i2
63
117
117
117
117
*116% 117
*11612 117
40%
39%
40%
39%
39i2 3934
3914
39l2
110
109
109%
110l2 110l2 a:109% 109i2 *109
123i2
123% 12334 *123% 124
*1227S 12378 *123
141
141% *141% 142
14H2 14H2 *14012 142
160
15934 15934 *159
160i2 161% a:15934 15934
115
115
115% 11534
*114% 116
*11412 115
*125g
*37l2
1
100
Hosiery
conv
Oct
6% July
17»4 July
22
*%
%
16%
*142%
*1%
Mar
175
13%
17
154
Sept 20
400
45
37%
100
preferred
2
158
140
4,900
834
*40
*142%
..No par
Sept
Sept 21
95
*13
16%
*142%
"1%
*1%
21%
21%
14
1384
13%
13%
74
124
Apr 27
13%
2134
10
50
22%
*34
% July 29
No par
No par
Pitts Ft W A Ch 7 % gtd pf 100
40
16%
Feb 27
3
90
13%
37%
60
14% Sept 11
40
16
preferred
2% Nov 14
5% Oct 16
l%Sept 11
103% Mar 3
32%Sept 27
1338
*2ll2
8
6
21
*l's
Armistice
7
8% Mar 14
47% Sept 12
483s Aug
1
91
Aug 3
Mar 31
45
*142%
Jan
1% Apr
5
4
21
....
75
55
Jan
Feb
8% Mar
12
*35
*142l2
16 preferred
No par
JPhila Rapid Trans Co.——50
Dec
42
15
8
15% Nov
121
Mar
Mar
Mar
Mar
Mar
Sept 12
Oct 23
10% Sept
Jan
July
31
Sept 26
634Sept
Aug
July
24%
Sept 26
Apr
6%
Dee
40
.5
July
14% Mar
25
17
45
Oct
5% July
30
Mar
120%
45
No par
Petroleum
Dec
10
100
-I0o
13i2
*34
9
Maris
634Sept 27
19% Sept 27
36
Flour
Mar
2% Mar
10% Mar
27% Sept 27
393s July 18
8
60
Plllsb.iry
Mar
1%
1
7% Apr
26
Brewing Co
Phillips
Nov
65
Pitta Coke A Iron Corp No par
21
16
16% Mar
Oct
14%
13%
58%
85%
2%
41
8
124
234
884 Mar
5% Sept 15
Mar
21%
3% Mar
5778 July 28
9484 Aug 2
484 Sept 12
33
Oct
Mar
1% Mar
500
45
3712
42%
13
2% Feb 25
13% July 27
11% Mar 1
300
200
*35
141s
1% Mar
31% Mar
Sept 25
1038
7534
*20
Exchange
Sept 11
21
2534
*13
Stock
47
8
Preferred
8%
6
Dec
30
Mar
Jan 18
Phelps-Dodge Corp
Philadelphia Co 6% pref
Phoenix
171
171
8%
5,900
3%
43
4% Sept
Dec
13% July
July
3% Oct
6% Mar
Apr
30% Apr 11
2
May 10
1
534 Apr 10
28% Apr 11
7%
41%
*2%
*40%
*8%
25%
48%
*634
2534
*934
*73%
3%
8
16
13% Sept
No par
Phillips Jonef Corp
5%
4134
43
eferred
Philip Morris A Co Ltd
30
45
10
*4%
Feb
5% conv pref series A. ..100
*28
26%
*27
pi
2,300
86
30
48l2
714
prior preferred
5%
Phlla & Read C & I
135
5%'
27
28%
10%
85
,*125
85%
135
*45
103s
6%
2,800
»4
%
24
5
21
Petroleum Corp of Amer.
46%
Aug 24
Jan
Deo
13%
103
Mar
100
J 00
600
8%
15
5
26
Aug
Feb
61% Nov
102
584 Mar
65
4
100
100
Marquette.
Pet Milk..
*20%
2% Aug 24
17% Aug 28
1134Sept 1
120%June 20
4
Oct
Deo
2
Mar
8884 June
19%
22%
184
5%
1738
Pere
130
46%
*4%
No par
RR
50
Peoples Drug Stores...No par
Peonies GL4C (Chic) —100
Pennsylvania
200
46%
x27
*634
Penn G1 Sand Corp v t c No par
250
*6%
85%
No par
Cement
pref ser A...No par
conv
38
40
4812
28%
$7
33%
6%
40%
*125
30
*41
8%
85%
135
*28
3%
Penn-Dlxle
Peoria A Eastern
5
40
34
No par
$7 conv pref
2134
8%
6%
*86
1
2.50
29
4
13% Jan
73s Sept 11
14% Sept 30
1% Apr 4
36
Apr 11
11% Apr 10
1% Aug 24
534 Apr 10
7%June 12
48
Apr 10
74
Apr 10
84 Apr 3
6
6% Nov
1
Sept
Feb 14
Jan
15%
18%
9%
3% Mar
Deo
1584
14% Jan
107% Jan
Sept 11
1
No par
32
33
*8%
Park Utah CM
37%
36
2134
8%
27
27
*45
100
4
2634
1234
5
Mar
10
6
Sept 11
60% Jan
104
10
....
Penn Coal A Coke Corp.... 10
26S4
1234
*120%
24%
24%
35% *33
4034
41%
*4%
5
27%
1334
6% 1st preferred
7%
*4%
43
*41
878
5
4134
*2%
318
43
*812
*3%
54
92
3%
90
*125
30
41
4138
*2%
8534
135
*4%
512
30
*41
35%
32
*20
6%
90
58
135
*125
(
40%
46%
4
10%
10%
5%
34
*4%
*15
34%
31%
20%
8%
*3%
2
278
5l2
34
85i4
8%
*6%
40%
46%
*83
234
5
16
*14
53%
9134
3%
1,700
2%
16
*34
41
16
278
*3%
*2634
*1234
*120%
25%
24%
35
*13
678
4
*3%
*34
36
*5
Park & Tilford Inc
Parker Rust Proof Co
53
31
6% 2d preferred
100
Parke Davl«» <fe Co
90
*20
1,500
17
900
90%
3%'
*34
10
*15
6% Sept
400
53
*4i8
72
19
53
1434
..100
45
89%
*3%
*4i8
700
19
312
40i4
15,000
92
2%
4434
19
53
40
Sept 28
Paramount Pictures Inc
9
92
834
2
1
Sept 12
92
19
2%
44%
19
905s
*33
% Apr
35
.100
2%
45
2%
44%
*18%
*3
*1234
>120%
25i8
98%
June 26
No par
4% conv preferred
2%
*44%
9%
53
25%
34i2
40i2
4i2
1434
Panhandle Prod A Ret new—1
*15%
17
90
*120i2
24%
*33l2
5
834
90
4
Pan-Amer Petrol
% per share $ per share
434 JaD 3
I684 Oct 25
834 Sept 12
9% Sept
Highest
Lowest
11% Jan
73g Aug 29
Apr 8
5
3
Corp
5
<fc Transp—6
Parafflne Co Inc
46
10
.-.Ao Par
5 per share
Pan Amer Airways
91%
10
17
53
2734
I3l2
1,700
1%
Corp..
Packard MotorCar
8%
53
*3%
100
7
Pao Western Oil
91%
89%
*2612
*1234
4,200
8%
938
3l2
11,600
90
934
*15
1858
*1%
*3
800
9
3%
16
Year 1938
Highest
5 per share
Par
8934
9i2
17
2i2
334
Range for Previous
Lots
Lowest
8%
8812
45
•
Range Since Jan. 1
On Basis of 100-Share
Week
$ per share
•
3%
*1
EXCHANGE
Thursday
15%
8%
STOCKS
NEW YORK 8TOCK
the
CENT
Friday
*43
*85
PER
Sales
for
AND
Saturday
3225
8
Safeway
100
No par
100
100
100
No par
6
5
1
Aug 24
6% Sept
1
% Jan 17
l6%Sept 27
16% Sept 22
Apr 10
49
50% Apr 14
65
18
112
Maris
38s
Sept 27
Oct 21
Jan
1% Jan
14% Deo
14% Dec
42% Dec
Oct
%
Jan
16% Dec
5% Mar
1% Mar
2% Jan
484 Mar
4% Mar
1384 Mar
59
39% Mar
Oct
114
Nov
122% May
25
11934 Feb 27
Mar
101% Sept 28
11438 Aug
112
128% Aug
86% Mar
101% Apr
35% Jan
105% Oct
11884 Nov
143
112
Apr
134
Nov
Mar
162%
Dec
Sept
31% Apr
Sept
8
7
129
Apr 25
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
4134 Aug
Aug
June 29
166
132
Jan 19
112
117%
41% Sept 27
11 s4 Sept
"
18% July 17
16
Nov
3
1% Apr
8
4
6%June 29
12%June 28
10% Apr 8
20% Sept 5
16
July 6
3
April
43
7
July 18
Apr
1
6% Apr
9
Apr
8
934 Sept
1
4
55
Sept 12
60
Apr 11
13% July
Apr
98%
88% July
7
Mar
15% Nov
9
June
16%
18
18
Sept 27
5% Sept 27
284 Mar
64
Mar 20
16% Oct 27
Jan
934
5
l4%Sept 27
17% Jan 5
75% Mar 15
Nov 14
75
234 Nov
4
34% Mar
5
Apr
11
118s July
9
13% July
17% July
June
9% Mar
49% May
78
Dec
40
Apr
69
Nov
1
Dec
% July 8
12% Apr 10
28% Sept 12
3%
11% May
92
39% Mar
8
Sept 23
Apr 11
9% Apr 11
21% July 11
63
Aug 21
89% Oct 25
20% Jan 5
42
May
37% July 11
7%June 30
56
Sept
6
14'4 Jan
4
4
86
6% Apr 10
35
Sept 21
52
July 25
6% Apr 11
2
Sept 16
6%May
10
Aug 19
19%
7% Mar
65
85
45
Deo
64%
10
Sept
1784
94
Deo
113s Jan
6
Jan
4
58
Jan 31
3384 Mar
61% Jan
7
934 Oct 23
17% Sept 6
10% Jan
Apr
14% Mar
7%
Mar
13
Bid and asked prices; no
sales on thla day.
{ In receivership,
a Def. delivery,
n New stock,
r Cash sale.
*
Jan
15% Sept 1
84 Apr 8
27% Apr 11
%June 27
34
% Aug 12
l%May 3
3%May 6
27% April
82% Jan 4
2
6% Sept 11
50% Nov 17
109
Aug 3
12
Mar
68
Mar
96
113
Oct 21
68
Mar
99
Nov
79
Mar
108
Nov
884 Mar
19
Jan
Jan
3
104% Jan 11
10% Apr 11
Jan
4
238 Nov
4
49% Sept
5
%Sept 13
6
Jan
116% June
23
4
Sept 14
7
Sept 22
*4
Deo
26% May
%
Dec
1% Mar
184
Dec
3% Deo
I
*
Jan
Sept
68% Jan
9% Nov
13% July
20*4 Jan
33% Dec
2% Jan
49% Oct
1% July
3% July
6% Jan
7% July
29*4 Nov
83% Dec
Mar
5
Jan
12% July
46% Jan
4% Mar
45
Oct
38% Dec
Apr
77%
Oct
25% Nov
78% Nov
77% Nov
17% Mar
84
7834 Jan
Jan
38
5
Sept 16
40%
Jan
5% Mar
43
Apr
Jan
Jan
27% Jan
6% July
58
July
13% June
27
Jan
30%
Mar
Jan
22
108s June
28% Oct 14
July
24%
29%
Mar
26% Oct 26
Jan
68s
8% May
22% Sept 27
Dec
24
1484 June
17% Oct 26
Oct
Oct
66%
I84 Sept
2% Jan
23% Sept 22
Jan
9%
80
Jan
37% Mar
60%
67% Jan
Jan
74% June
484 Mar
8% Jan
85%June
16% Apr
39% Nov
8% May
81
1
63% Apr 10
117
Jan
21% May
90% Mar 29
81 % JaD
3
Aug 24
85%June
■
Ex-dlv.
y Ex-rights.
5 Called for redemption.
New York Stock Record—Continued-Page 9
3226
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
NEW
for
YORK
On Basis of
STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 11
Nov. 13
Nov. 14
Nov. 15
Nov. 16
Nov. 17
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
13%
13%
13%
7512
13*2
75
75
%
*5%
%
*558
*47l2
115
612
49
47
115
*114
13%
♦74
%
6%
1334
13%
14
75
7434
75
%
*5%
%
*534
6%
*47
49
114
47%
116
13%
75
13%
75%
116
*46%
*114
1
%
2
2
2
2
20'4
20%
20%
20%
3
82%
16
*25g
3
*2%
8134
82%
1512
15%
82%
1534
16
16
*59i8
558
53
*16
*59%
70
534
5%
*52
53
7
7%
7®8
3634
3634
13
13%
*10434 105
*7l4
23%
*258
13
7%
2314
*36%
*105
2%
*26
20%
28
20%
7%
2358
*2%
*26%
2034
*1%
20%
2%
8134
1634
70
*59%
6
6
53
63
37
13%
105%'
7%
23%
234
27%
2034
2%
2%
20%
2:15%
*16%
7%
84
%
1
7%
6%
49
115
%
*5%
48%
114
""700
90
84
84
34
1,500
2%
2%
1934
1,300
700
3
2%
900
Seagrave Corp
83%
11,300
Sears Roebuck
15%
15%
3,300
16%
16%
16%
400
70
*59%
*5%
6%
*50
7%
37%
7%
*59%
6%
6
6
53%
*52
70
7%
53%
7%
37
13%
7%
7%
23%
*2%
7%
24
2%
2 34
2584
26%
*25
21
21
*21
7%'
2334
2%
26%
21%
7%
23%
278
25%
21%
7%
2334
278
2584
21%
"l"500
200
15,800
380
2,800
1,100
500
*97
99
*97
99
98
98
200
116
113
115
115
115
110
*10
11
*19
1934
1234
x2h
*15
253s
136
13
2%
1534
25%
136
2634
26%
*10
19%
12%
2%
*15%
*24%
1834
1534
15%
19
15%
18%
3134
32
*32%
42%
*32%
18%
109
18%
140
19
300
*18%
11
*10
18%
10%
10%
*10
19%
13
2%
16
25%
*19%
19%
1934
20%
13
12%
2%
13%
2%
*2012
1278
1638
16%
25
136% 136%
26% 26%
183s
31%
18%
16%
234
2%
234
19%
32%
42%
234
*734
8%
*734
8%
12%
2%
*10
2%
*15% 16%
24% 24%
13634 137
24%
137
137
10%
21
200
24%
25
700
137
27%
16%
33
33
3434
19%
34%
*32%
42%
*32%
35%
42%
2%
234
234
2 34
"3",500
9%
100
Spear A Co
42%
2%
234
8%
8%
*8
9%
*8
20%
72%
70
70
*60
70
70
*70
85
150
21
21
21
*21
21%
21%
*21
21%
200
47
47%
47%
46%
46%
47%
46%
47%
9,700
30
30%
30%
4734
3034
52
21%
47%
3034
3034
31
31%
3134
32%
1,600
52
52
*51%
*70
52
52
52
*61'4
52
11%
*61%
11%
11%
11%
11%
11%
11%
12%
12
12%
62%
61
61%
61%
29%
61%
61%
61%
62%
31%
63
Stock
2634
27%
27%
28%
534
5%
*98% 100%
2%
2%
7%
7%
19%
19%
22% 23
26%
27%
27%
2734
x27
27%
2684
Exchange
4784
48%
z47%
47%
33%
4634
*33%
27%
99
99
5%
234
2 34
7%
7%
*1734
19
22
22
*33
34
77
33%
x76
77
7%
*18%
22%
26%
77
7634
9U
9%
9%
9%
9%
Armistice
*5%
5%
12%
5%
5%
5%
8%
Day
*58%
*124
9
5884
125
12
9
2534
234
2%
17%
1734
29%
7%
7%
17%
*28
*684
7
21%
21%
21%
31%
31%
a;3034
22%
2634
27%
22%
23%
26%
26%
26%
26%
19%
2278
26%
2634
47%
46%
47
46%
34
'684
9%
9:
9%
534
5%
9%
5%
2,700
5%
12%
12%
12%
12%
1234
9,300
12,100
9%
884
934
9%
7%
*36
5%
*5%
38%
38%
4%
4%
4%
4%
6%
7
7
7
4
4
6%
6%
6%
4634
7
31
*234
31
3%
*5%
30
234
*4%
4%
*4%
30%
30%
30%
2%
2%
2%
5%
5%
30
234
4%
31
2%
*4%
38
534
2934
3
*484
51i
38
30
39
434
5
29%
3%
3%
4%
3034
2%
31
2%
2%
14
14%
11%
11
1534
11%
2%
*13%
11%
4%
13
13
14
11%
11%
93%
227R
93%
93%
9234
9234
22%
22%
22%
22%
22%
22%
49%
50
50
50
50%
50%
z48%
678
7%
1078
9%.
3
3
*75
80
1
*5%
534
678
11
*9%
3%
*75
*5%
67R
11%
9%
3%
80
534
11
10
10
1384
4%
4%
11%
*9
30
3%
30%
11%
10%
5%
38%
5%
6%
11%
9%
3%
*90
32%
94
6%
6%
22%
49%
6%
11%
9%
3%
11%
1134
77
5%
11%
9%
3
77
*5%
*9
3%
79
♦77%
5%
*9
5%
11
4%
*30
32%
*3
3%
4
1,200
500
32%
2,400
234
3,300
15
15%
11%
3,400
2%
*90
94
2234
49%
23%
4984
678
11%
678
1134
9%
*9
278
3
14
5,000
2378
24
*2%
3
200
cum
Aug 24
1
3% April
14
10
234 Sept 16
Apr 10
25
pref
8
1% Jan 17
100
17
l%July 7
7% Apr 10
9% Aug 21
83
Sept
1
1034 Apr 10
34% Apr 11
No par
Timken Detroit Axle
Apr
10
5
2
Sept
Mar 31
No par
74
Apr 10
No par
3
10
6
20th Cen Fox Film Corp No par
12
3
Apr 10
Sept 11
$6 preferred
$1.50 preferred
Twin City
-
23%
23%
*23%
477„
47
47%
47%
12%
13%
13%
13*4
13%
14%
16%
16
16
15%
15%
16%
*116
119
66
66
*16
*116
119
*64
66
*1734
1834
2%
38
234
38%
*1734
2%
38
1834
2%
38%
119
119
1,500
Union Pacific
23
47
47%
18,600
13%
13%
87,000
16%
16%
900
2,100
65%
65%
65
65%
I884
2%
1834
234
*18
2%
*1734
2%
38%
2%
1834
234
is", 760
38%
39%
{ In receivership,
a
100
No par
United Aircraft Corp
Un Air Lines Transport
United Biscuit
Aug 24
7% Apr 11
5
14% Sept 13
112% Mar 13
52
Apr 8
133s April
2
Apr 10
30% Apr 10
No par
100
United Carbon
No par
United Carr Fast Corp. No par
Def. delivery.
United
Corp...
No
$3 preferred
»
New stock,
par
No par
r
Cash sale,
Aug 24
31
5
Preferred
7,500
1,000
100
4% preferred
Union Tank Car..
20
65%
39%
1
Mar
1534 Nov 16
I414 Mar 10
5% Mar
10% Mar
96
9
Feb
4
6
4% Sept
88
Jan
9
3% Mar
8% Mar
1% Mar
77%
8
Apr
Mar
31% Mar
56
Jan
5% July
1834 Nov
2% Jan
5% July
28% Nov
4
July
19
July
15»4 July
98
July
19% Nov
56% Nov
5%
Dec
12*4
4
Mar
10% Oct
12% Nov
47s July
4% Apr
2% Mar
77
June
91
Jan
Nov
41
Union Carbide & Carb.No par
65
38
Mar
66
6
Union El Co of Mo $5 p# No par
Union OH of California
25
116% 116%
15
Jan
No par
110
23
118
32% Nov 1
3% Oct 17
4*4 Nov 2
33% Nov 4
3*4 Jan 4
Jan
1,200
14%
16%
Apr
Apr
23# Mar
13% Nov
10,300
47%
2%
35
Mar
1
1734
*1734
•Bid and asked prices: no sales on this day.
^
*115
1
6
65% Apr 8
10834 Sept 15
15% Aug 24
81% April
78
Apr 13
20% Mar 28
23
Oct 30
Nov
July
88»4
4634
5*4 Oct 26
6% July
6
Twin Coach Co
,
July
44
87%
700
Oct
Feb
38
*114% 11534
86%
23%
11%
Mar
34% Sept 12
86%
4
6*4 Mar
2% Mar
Under ElUott Fisher Co No par
Union Bag & Paper——No par
102
22% Jan
,
16
800
86%
6
35% Aug
12% Jan
4*4 Jan
100
3,700
102
Jan
17% Apr 11
7% Apr 11
13g Aug 24
Preferred
11%
86%
x22%
47%
13%
9
Jan
16% Mar
4684
86%
2334
4734
38%8ept 13
ll%Sept 11
8
25% Mar
11%
86%
3
3*4 Aug
11%
100% 101
Oct
Jan
Oct
26% Jan
11%
86
5*4 Jan
8%
9%
34% Jan
11%
100
Nov
10% Nov
8
46
1734
29*4
9
Ulen & Co—
17%
*100% 10134
15% Aug
21
1% Apr
400
88
Oct
4% Aug
23% Nov
32
July
1934 Sept
178
115
Oct
par
*134
4634
17%
Mar
43%
No par
No
Rap Trans
134
46%
86%
6% June
15
22% Mar
4*4 Mar
3% May
Dec
14% Mar
6% Jan
15% Nov
28% Nov
Apr
1*4
46%
115
17% Mar
37% Sept 5
12% Sept 27
6
1%
1784
is4 Mar
10% Jan 13
25%Sept 5
41
*184
87%
8>4 Mar
2
Sept
17«
115
17% Mar
22i2 Jan
2% Apr 10
30
178
17%
3
5
4
30% Mar 14
38% Jan
3% Sept
65%
128
Oct
17*
86%
Feb
Dec
Oct
*134
115
Mar
8%
60*4
2,900
18
1734
100% 10034
86%
86%
45
119%
25%
1134
177R
100S4
86%
23%
4
Jan
26
11%
17%
66
128%June 17
1134 July 6
Jan
17% Nov
9% Oct
Mar
11%
86
8534 86%
87%
114% 114% *114% 116%
3% Mar
Mar
11%
11%
6% Mar
15
11%
*45%
5
Oct 23
10
13
11%
11%
11
17% Jan
53% June
11%
45%
June
Oct 26
11%
11
71% Nov
12% Dec
5
Oct 27
preferred-No par
conv
1
Sept
11%
45
May
5
24
Tide Water Associated OH.. 10
$4.50
8
11%
11
6
7*4 Sept
61
Inc..No par
Thompson-Starrett Co .No par
30
45
68% July
34% Nov
3
Thompson Prods
800
3
Mar
l
Truscon Steel
13%
17% Mar
49
34% July
35% Jan
Jan 28
Thompson (J R)
100
23%
1034
Sept 14
7934 July 13
12% Jan 5
Tri-Contlnental Corp..No par
13%
45
36
Jan
8% Sept
Third Avenue Ry
100
*2%
28
1634 Apr
1
1178
26
39% Mar
Mar
13
Jan
July
July
56
100
$3 div conv preferred
$3.50
Apr
6% Sept
100
Truax Traer Coal
26
24*4 Mar
11%
23
No par
Preferred
600
28
Sept 13
53% Sept 14
3,500
23%
*26
7
1
No par
79
5%
3
28
25% Mar
30
4% Mar
10% Sept
No par
*77%
5%
1384
6% Mar
10% Jan 20
20% Oct 26
25% Oct 26
33% Sept 13
10% Jan
23%
*26
512
12% July 24
13%
29
Mar
1
*23%
*26
2
5% Apr 10
3
29
Jan
Feb
5% Jan 20
6% Apr 10
137R
July
9%
Transue & Williams St'lNo par
23%
31
107%
Transcont'l & West Air Inc. .5
*2%
15% Dec
70% July
Mar
100
13%
23%
Mar
94
2,300
234
29
June 17
19,600
2378
*26
6% Mar
48% May
12% Mar
23% Nov 17
54% Jan 3
8% Sept 13
234
*2%
9
Timken Roller Bearlng.No par
Transamerica Corp
..2
3,900
13%
*23%
*9%
10
Thermold Co
200
12,500
*9%
1334
*8%
26
No par
The Fair
2,600
11
3
Deo
17% Nov
45% Dec
12% Aug
210
4%
31%
Nov
49%
38
Texas Corp (The)
30
6,300
Mar
7*4 Mar
Mar
4
5
$3.60 conv pref
5
24
Mar
Tennessee Corp
56%
40
7
7
3% Aug 22
434
Sept
26
32% Aug 11
4%
July
19% Dec
15% Mar
4% July
49% Aug
6% Dec
25
*36
11
49% Nov
5% June
Texas Gulf Produc'g Co No par
""166
Mar
Apr
5,800
19%
Mar
8% Mar
32% Mar
2% Mar
12,000
*55
2
16% Mar
62
Jan
Dec
9% Sept 12
50*4 Sept 12
1,100
Thatcher Mfg
39
Apr 10
7%
47
4%
Texas A Pacific Ry Co
19%
17
40% Nov
33%
4
75% Mar 8
32% Nov 17
7% Ian 3
108
2234 Sept 1
5% Sept 12
23% Dec
17% June
51% Sept 11
33% Oct 25
Apr 10
22%
5% Mar
8% Mar
Mar
700
14
56%
9% Mar
5
400
14
19%
4
April
Apr 17
April
July
4% Mar
Texas Pacific Land Trust
*55
Apr
4
Nov
25
Oct 30
22
Oct
141
34
Texas Pacific Coal & Oil
14%
21% Jan
23% Jan
35% Oct 26
43*4 Sept 26
3% Jan 5
70
Jan
Jan
19% Mar
Sept
29% Aug
9% Sept 30
Sept 15
Jan
43% July 21
6% Mar 11
Texas Gulf Sulphur
1934
1
Jan
4% Aug 23
800
58
Mar 22
128
28
Nov
33% Oct 17
3% Aug 24
1,200
14%
8
April
Apr 11
142
15% Dec
15
16%
3%
50
3,400
*19%
Apr
5
8
10
..5
634
1334
19%
*55%
18% July 18
3538 Sept
Sept
1% Mar
19% Aug
....9
hYi % preferred
Telautograph Corp
9%
19%
9
Oct
Talcott Inc (James)
34%
1434
8% Mar
IO84 Mar
Sept
15% Sept 13
3% Sept 11
800
9%
58
24
4%
*6%
1334
9
634
8
4%
34%
9
*6%
Mar
Nov
9% Sept 27
712 Mar 11
34%
9%
6%
Oct
x84
33$ Aug 24
34%
6%
Jan
24% Nov
34*4 Jan
1
33%
*9
13
*92
40
Jan
Without warrants
33%
9%
6%
*4%
300
3%
Symington-Gould Corp w w.l
4%
9
*38
584
Mar
9%
35% Nov
4% Aug 24
1,100
39
Mar
10
2434 June 30
46%
6%
5%.
1,600
Apr
17% Mar 11
4534 Sept 1
118% Sept 27
7% Apr 11
19% Sept 1
134 Aug 25
Swift International Ltd
10
7%
Mar
6
8% Apr 8
5% Apr 10
25
2,200
Mar
Aug
6% Aug 24
3% Apr 8
Sweets Co of Amer (The)...50
Swift & Co
x4%
33%
434
Sutherland Paper Co
3,800
46%
9%
39
Superior Steel
4*4
12%
2ij
14%
18%
28% Oct
18% July
Oct
106%
24
65
1
100
10
Superior OH
Mar
13
2234 Aug 24
38
Aug 25
20% Apr 8
Superheater Co (The)..No par
4%
6%
5%
400
4634
33%
19%
*5%
*35
1,600
*4%
9%
6%
*13%
5%
39
7%
900
Mar
Sept 12
1
434 Apr 11
10
April
13% Apr 10
24% Sept
1
100
10
6% preferred
Sunshine Mining Co
Apr
10
93
21
2% Sept
No par
Sun OH
10
1,200
46
33%
*55
5%
*35
9%
1,400
20%
98
94
1
4%
33%
4%
•4%
9%
6*4 Mar
105
8% Aug 24
Apr 4
18% April
5% Sept 1
Stokely Bros & Co Inc
1
Stone & Webster
..No par
Studebaker Corp (The)
49% Nov
12% Nov
122
42
.5
Stewart-Warner.
9% Nov
Aug
Apr
60
—10
47%
4%
*38
9%
800
Mar
Mar
11
Starrett Co (The) L S—No par
Sterling Products Inc
7%
4584
4%
4%
1934
9%
7%
38%
3%
14%
9%
7%
5%
3%
200
9%
5%
7%
58
2,300
76
9%
14%
33%
76%
33%
70% Nov
3
36
May
Apr
36
25
25
Standard 011 of N J
Nov
45
14% Apr
No par
Standard Oil of Indiana
23
91
60
No par
No par
9,200
46% Mar
Oct
July
Oct 25
1% Aug 24
No par
.No par
5,900
77
7%
*19
17.300
Mar
Jan
18
Sept 11
434 Apr
1
{Stand Gas & El Co
$4 preferred
$6 cum prior pref
10
5%
80%
98
23%
10%
11%
15%
$7 cum prior pref
No par
Standard OH of Calif..No par
5,000
34
934
*53
19%
2378
26®4
27%
47%
300
76*4
7%
*5%
47
2,900
2,000
*33%
934
46%
234
778
77%
7%
5%
2%
734
$4.50 preferred
Mar
9% Mar
Jan
110% July 29
13
No par
Square D Co class B
Standard Brands
200
19
9%
37
7%
19,200
584"
19
7%
5%
234
578
*98% 100%
20
9%
37
5%
59
2%
*28
9
*2%
31%
100
125
2534
10%
12
534
100
6,700
47
8% Sept 11
3284 Jan 4
3%June 24
28% Oct 23
29% Jan 5
10% Aug 24
1% Sept 1
No par
1
Conv $4.50 pref
Feb
934 Sept
12% Apr
$5.50 pref
610
32%
59
59
59%
6934
5834
59%
125
12434 *122
*121% 12434 *122
10%
10%
10%
10%
10%
10%
10%
*26
26
27
2634
2634
26%
26
2%
2%
2%
2%
2%
234
2%
18
17%
17%
*17%
18
17% *17
*29
*2834
29%
*2834
2934
29%
29%
*634
7%
7%
*634
7%
7%
*634
21
21%
2I84
21%
21%
21%
21%
31
31
30%
31
3012
30%
31
59
125
10%
2534
*10%
12%
9%
30%
534
5%
*98% 100
*2%
234
Closed—
12
31
230
20,200
July
113s Apr 11
No par
Spencer KeUogg & Sons No par
8perry Corp (The) vtc
1
Spicer Mfg Co
No par
$3 conv preferred A. No par
Spiegel Inc
—
-.2
*32%
16%
3
27%
127
34
32%
1% Mar
15% Mar
2*4 Dec
8
Mobile & Ohio stk tr ctfs 100
27
16%
20
%
Jan 18
Sparks Wlthlngton
16
Oct
Jan
%
Apr 11
Apr 17
Jan 24
1834
3
Feb
10% Nov
50%
113*4 Dec
Apr
127
16
Oct 30
Mar
70
2,500
11,700
11,000
17,400
19%
3
34*4 Mar
112% Dec
92
Apr 11
2634
Sept 14
38% Aug 29
17% Sept 9
107
14
15%
18%
26%
5
Jan
Oil Co Inc. 15
.1
S'eastern Greyhound Lines—5
So Porto Rico Sugar...No par
8% preferred
IOO
Southern Calif Edison..—25
Southern Pacific Co
100
Southern Ry
No par
5% preferred
IOO
170
Feb
1*4 NOV
101
South Am Gold & Platinum.
26%
Jan
85
11*4 Feb 24
15% Aug 10
Snider Packing Corp.—No par
16%
72
27%
June
% Sept
5
5
434 Apr 11
17% Apr 10
2% Apr 10
16% Apr 11
Socony Vacuum
16%
2134 Jan
54
9% Aug 24
98% Aug 24
3,300
10% Jan 25
52% July 31
117%May 29
1
Sept 13
3% Sept 27
24% Sept 12
3% Jan 6
85% Nov 8
18% Jan 10
6
28
100
18,900
13*4 Sept
62
7% Sept 11
8
par
"moo
'
Jan 20
June
par
2%
267S
8
1
6*4 Sept
par
13%
*70
27%
534
43
par
2%
137
Apr
3%May
par
Smith & Cor Typewr..No par
*20%
*51%
par
Simms Petroleum
*110
109
par
Simmons Co
99
1834
1
SUver King CoaUtlon
1,100
3,300
8
15% Aug 24
l%June 27
60% Apr 10
11% April
10% Apr 11
54%May 22
par
Mines—5
No par
10
Simonds Saw & Steel..No par
SkeUy OH Co
25
6% preferred
100
Sloss Sheffield Steel <fe Iron. 100
$6 preferred
...No par
Smith (A O) Corp.
10
1,600
116
108% 108%
5M % conv preferred
200
*97
108% 108%
No
$5 conv pref
No
Sharpe & Dohme
No
$3.50 conv pref ser A.No
Shattuck (Frank G) —No
Sheaffer (W A) Pen C0.N0
Shell Union OH
No
Sbaron Steel Corp
Sept
% Aug 14
& Co.._No par
1
17
44% Sept 15
105
No par
8234
15%
*110
19%
No par
No par
No par
100
83
99
*18%
17% Mar
Aug 24
Sept
38 Apr 10
334 Apr 10
Highest
$ per share $ per share
76% Aug
15%
53
Lowest
per share
10
{Seaboard Air Line
A-2% preferred
Seaboard OH Co of Del.No
Servel Inc
%
61
*2%
81%
116
108% 108%
$ per share
5
15%
*97
108%
5Y% preferred-.*
{Scbulte Retail Stores
8% preferred
Scott Paper Co..
$4.50 preferred
82%
16%
70
Year 1938
Highest
100
1
—100
Schenley Distillers Corp
2%
19%
2%
*108
*108
Par
20
2%
Rangefor Previous
100-Share Lots
Lowest
1934
37
37
37
*3634
14
14
13%
-13%
13%
*106
107
105% 105% *10534 107
7%
*23%
400
3,400
6%
48%
114
1,800
3g
18, 1939
EXCHANGE
Saturday
*75
Nov.
x
Ex-div
y
7*4 Sept 11
14% Sept
8
3% Mar
5% Mar
1% Mar
Jan
1234 Sept 25
6
Oct
Mar
70% Nov
7% Mar
15% Aug
Mar
90% Nov
5
17% Mar
105
Sept 27
55*8 Mar
90
July 27
59*4
22% July
99% Nov
83% Nov
23% Jan
94% Sept 14
July 14
57
118
19*4 Jan
Apr
24% Sept 21
20
51
19% Mar
Nov
4
14% Nov 15
18*4 July 18
119% June 16
69% Oct 25
20
Mar 13
Mar
13*4 Nov
Sept
20
110%
Jan
39
Jan
12*4
Apr
384 Feb
6
2
Mar
3
22
Mar
1
Dec
Mar
14
39% Aug
Ex-rlghts.
43%
5
Nov
118% Aug
73% Nov
20*4 Nov
4%
38
Oct
Oct
| CaUed for redemption'
=
Volume
AND
SALE PRICES—PER
HIGH
Monday
Tuesday
Wednesday
Nov.
Nov.
13
Nov. 14
Nov. 15
Nov. 16
$ per share
$ per share
Friday
Thursday
$ per share
11
$ per share
t per share
5%
*534
56
5r>s
6%
56i4
5%
578
*33
3534
84
84%
14'g
14%
*11612 117
10i2
10l2
5%
*5%
*56
5%
*33
84%
86
14%
14%
14%
11
83%
11%
*10%
10%
83%
*7%
11%
11%
*11
*80
83%
83%
*166
83
"166
*5%
*29
*29
5%
22%
22%
22%
32%
23%
23%
7
*6%
7
7
7
11%
11%
11%
11%
*11%
11%
63
*63
69
65
63
37
37%
37
37%
33
33
33
33
*61
1%
38%
1%
39
113% 113%
62
62%
67%
69%
67%
70%
33
62
70
33%
*10
10%
*14
7
*69
33
62%
*67%
67%
69%
34
1%
39%
38%
113% 114
62
■
62
71%
68
69%
72
116% 117
*2%
34%
*42%
2%
60%
15%
75
*60%
*14
*71%
*70
71%
3,
%
18%
*14%
74%
2%
64
15%
74%
19
*68
*%
*18
2%
*7
2%
*60%
63%
6884
67,100
2,400
34%
1,600
230
45
2%
500
*
7%
400
2%
8,600
75
71%
%
1
19%
70%
*%
*16
80
26l4
*41t
4i2
28i2
28i2
116
*2i2
*10i8
♦128
*93
Stock
*127
*63
80
1214
%
19%
""36
300
94
...
*10%
12%
130
116
*2%
*10%
130
93
94
93
♦127
135
*127
2
*1%
*1%
*2l2
2
234
*2%
2%
2%
*15S
314
*1%
3%
*15g
*15»
Exchange
7
7
21 ig
Closed—
2H2
925g
Armistice
92%
Day
35l2
7%
16
7%
36
16
8%
8
112
1
7
21%
x92
2
7%
7%
7%
36%
36%
16%
*8%
1%
47
2
2
*7%
*4%
*4%
33
312
*62l2
4%
4
47
*734
32%
Z3134
20%
*23%
*3%
*23%
16%
93s
1%
28
4%
47
*2512
26'4
*37'%»38%
3%
23%
26%
*37%
*3%
23%
343g
2%
47
47
2
2
*45
6%
1%
28%
29%
112% 113%
137
27%
372%«37nit
26%
32
*102
104
130
107
108
140
5%
*8
35%
29%
29%
29%
29%
30
136
27%
136
28
*37»« 38
32
32
11334 115%
3,600
4,600
5.800
137
3,500
32%
32%
98
*95
98
*95
2,500
98
*11
11%
*11
35%
35%
34%
*90% 110
75%
75%
11%
*11
11%
*11
14%
14%
14
14%
14
55s
5%
6%
6%
6%
4i8
438
4%
4%
4%
4%
*29%
30
30
17%
3%
17%
3%
2%
2%
*4%
4%
*4%
32
30
17%
*17%
17%
3%
3%
*3%
3%
2%
2%
4%
2%
2%
4%
4%
6%
17%
5%
5%
5%
58
56
36%
75%
110
55s
30
59%
6%
4%
11%
14%
6%
4%
*29%
17%
*3%
2%
4%
5%
34%
17%
59
35
35%
*90% 110
*74
11
11
14%
6%
4%
6%
4%
32
59%
3%
2%
4%
6
*22%
19%
24.
49%
*86
49%
116
20%
50%
♦86
91%
125
13%
49
*87%
28%
2834
29
18
18
18
18%
18%
18%
28%
18%
2%
2%
2%
2%
29
127
13%
60%
91%
29
18%
2%
200
3,900
4,700
13,200
600
300
2%
2%
3,100
4%
6%
4%
6%
No par
No par
1st preferred
Waukesha Motor Co—
5
49
60
2534
40
19%
2s»2
18%
2%
4,100
"2" 000
15,100
1,500
"""166
37%
49
*116% 119%
♦89
11,600
74
70
82
"""500
100
600
100
18,200
640
1,500
13,000
91
28%
19
2%
1
No par
..No pat
No par
100
6% preferred
100
WestPennPowerCo4 H % pf -100
7%
preferred
Western Auto Supply
Western
Co—10
100
.100
pref. .100
Maryland..
Union Telegraph-100
Westlngb'se Atr Brake.No par
50
60
Westlnghouse El A Mfg
1st preferred
Weston Elec
Inatrum'i.No par
No par
Class A
Westvaco Chlor
Prod—No par
2,200
600
95
Sept 11
37
7
131
Mar 15
%July 22
3
Sept 13
Mar
l%July
1
8
June 29
5% Apr 11
15% Apr 10
85
Jan
3
4
Apr
10
36
Feb
3
1
6% Apr 11
l%Sept
5
Mar 13
19% Apr 8
14% Apr 11
20 Sept 5
1% Apr 10
16
July 20
55% Aug 25
85
Apr 11
95
Apr 8
88
Apr 10
105% Sept 5
20% Apr 11
2% Apr 10
3% Apr 10
84 Apr 8
16% Apr 8
18% Apr 8
82% Apr 11
126 May 20
5
Motors.—. 1
preferred
--10
No par
Willys-Overland
6%
conv
Wilson A Co Inc
100
Wisconsin Elec Pr fl % pref. 100
Woodward Iron Co
10
Woolworth (F W) Co
10
Worthing ton PAM(Del)No par
Preferred A 7%.....—100
6% preferred B
100
Prior pref 4
% series... 10
Prior pf AH % conv series 10
Wright Aeronautical-..No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
to
preferred
cl B..1
Preferred
100
Young Spring A Wire.-No par
Youngstown S A T
No par
5H% preferred
100
Youngst'wn Steel Door-No par
Yellow Truck A Coach
Zenith Radio Corp
Zonlte Products Corp
No par
1
Deo
5%
32%
Jan
Jan
116% Nov
4%
15%
Jan
Mar
120%
Feb
Mar
77% Deo
119% Oct
116% July
1
Mar
2%
Jan
Jan
3% Sept 13
1% Mar
4% July
3
Sept 20
3%
8
Oct 23
1% Dec
584 Mar
2338 July
1384 June
98% July 22
9% Jan
74
Mar
6%
2
24
3
24
20
28
243s Jan 5
3234 Jan 4
3% Oct 28
28% Jan 3
112
105
115
Mar
4
July
Mar
61
July
8
July
45
Aug
20
Mar
1% Mar
5
Mar
4% July
16% July
Deo
8
Deo
16% Mar
31
Nov
11
Mar
25
17
Mar
34% Nov
6%
1% Mar
25% Mar
4%
39
Oct
Oct
July
4
71
Apr
82% July
Aug 22
July 19
June 15
70
Apr
102% Jan
103% Deo
Jan
Nov
82% May
Mar
97%
12% May
26%
74
6% Sept 27
11% Sept 27
2
37
Sept 20
2% Mar
3
37% Sept 22
Sept 12
121
8
Mar
Deo
4% Jan
9
Jan
Deo
3% July
16% Mar
1584 Mar
6I84 Mar
34% July
33% Nov
124% Nov
Sept 27
Mar
Jan
8
36% Nov 16
145
Nov
20% Dec
19% July
384 Mar
Jan
July
3% Jan
13%May
788 Sept
35% Oct
79
54
Mar
23
Mar
58
104
8% July
20% Jan
87% Deo
10% July
8
14% Mar
2% Jan
44
Feb
84
103
Mar
144
Oot
10% Apr
8
28
Nov 16
9% Mar
21
Oot
3
40
July 31
31% Mar
39
Deo
10
Mar
36
8
Sept 27
20
Mar
20% July
31% Dec
75
Oct 18
60
Mar
60
Mar
97
Oct
3
65
Apr
90
Jan
Mar
15% Apr 8
Apr 6
July 28
..—20
Prior pref
Wilcox Oil A Gas
Oot
26%
37
14
»Bldanda8k^^^jno8ale8onthladay. I Inrecelverahlp. a DeLgHvgy^ nNewatock. r Caahgale.
4^=
64% Apr 12
x29
■
"2" 000
100
30
100
conv preferred.... 100
Wheeling Steel Corp—No par
Preferred
100
$5 conv prior pref-..No par
White Dent'l Mfg (The 8 8)20
White Motor Co
—1
W hite Rock Mln Spr C0N0 par
White Sewing Mach Corp—1
$4 conv preferred
No par
5% conv preferred..
400
24
*23%
19% 20%
126% J27
13%
13%
49%
5034
23
19%
28%
*2%
$1
Warren Fdy A Pipe
1,800
xf>2
23
"""166
3%
50
24%
3,300
17%
82
82%
28%
No par
$3.85 conv pref
Wheel A L E Ry Co
*3%
119
*23%
19%
700
*17%
118
*81%
91%
13%
32
*49
82
20%
123
123%
13%
13%
50%
49%
20%
122% 122%
13%
48%
116
76
14%
54
57%
5612
*112
♦110
119
119
*111
*111% 119
♦llll2 119
25%
25
25%
25%
25%
25%
25%
24l2 25%
40
39%
39%
40
39%
39%
39%
3912 40
19%
19% 20
19%
19%
19%
19%
19%
19%
74
74
*67%
74
*67%
*66
74
*67%
*66
*64
*64
70
*64
70
67%
70
*64
67%
*35
*35
*35
37%
*35
37%
37
*35
37%
49
48
48% *47%
118
♦116
118% 121
82%
81%
81% *81
5
J Warren Bros
No par
$3 convertible pref.-No par
20
27%
*95
*72
100
-
Warner Bros Pictures
190
28
*3721M 38
*131
98
*90
—No par
preferred
400
70
76
7%
1%
36
34%
Baking Co cl A-No par
Class B
4% 2d preferred
Western Pacific 6%
*65
35
Ward
Western
29
Nov 15
2
1% Apr
5% Mar
1784 May
200
27%
130
May
Mar
4% Mar
30
Mar
900
*1%
105
20% July 18
5%
28%
534 Sept 12
2% Apr 8
17
Apr 10 ^33% Sept 27
112%Sept 14 118 July 31
534 Sept 12
% Aug? 7
15
Sept 12
4% July 27
June
6O84 Jan
8%
1%
112% 115
100
200
8,700
97
14% Oct 2
7% Aug 25
l%June 30
26% Sept 6
358Sept 5
50
1,800
*35%
110
2%
5%
32%
70
*72
2%
10
35%
*90
91
3,100
5
3084Sept 20
130
2
*65
74%
*85
49
70
*72
*2258 24
195s 20%
♦117% 12278
13%
135g
48%
49%
6,800
June
No par
No par
Preferred
200
4%
116% July 26
Walk(H)Good A W Ltd No par
Walworth Co
600
300
32%
36%
34%
4Pref with warrants 100
$4 conv preferred
West Penn El class A
1%
38
Walgreen Co
Wesson Oil A Snowdrift No par
1%
137
900
No par
No par
Waldorf System
100
6%
26%
100
100
100
tWabash Railway
5% preferred A
500
8
136
100
preferred
3%
23%
8
29
100
63%
5%
30%
No par
6% preferred
*23
5%
28%
Va-Carollna Chem
*62
8%
28
13% Sept
284 Mar
I684 Mar
63%
*5%
40
28% Nov
36% Nov
28% Sept 14
23
*7%
Oct
DeO
18% Apr 10
65
5%
Ian
28%
83
5
3,500
114% 114%
1%
Mar
100
pref
Victor Chem Works
23%
8
1%
6,800
1%
101% 101%
% June
Jan
Wayne Pump Co...
xZ 5%
27% Mar
9
Sept
Nov
Webster Elsenlohr
103
1
57
300
*101
159% Dec
Feb 25
78
42
400
102
Dec
113
1,300
114%
114% 114% *114
34%
36%
34%
34%
Nov
June
23%
107%
May
Deo
15
86
40
2D2
104
134
62
30% Mar
23%
104
Mar
56% Aug 23
65 Sept 30
21
107
47% Sept
43
23%
104
70% Mar
71% Nov
54% Aug 30
65
Sept 30
20%
3%
Feb
7% June
48
Apr 10
Sept 22
20%
3%
23%
63%
56% Nov
109% Nov
72% Oct
34% Apr 11
*23%
*3%
37
25
200
9%
*65
*95
5 78
4%
July
684 July
109
5% preferred B
27%
*35%
98
5%
1%
Oot
7
6
Preferred
2,400
70
*95
14
4%
*8%
27
49%
10% July
3% July
5
23%
3%
107% 107%
102
260
""760
36
*65
14
1%
Nov
Dec
1% Mar
100
5%
21%
32%
70
110
4%
9%
27
13% Nov
71
7% Nov
Vandlum Corp of Am.No tot
6%
300
17
Oct
7%
Vlcksburg Shrevport PacRylOO
2%
35%
32
3578
*65
♦90
1%
*16%
3
11% Mar
14% Mar
7% 1st preferred
3%
7%
7%
36%
Jan
30% Nov
Oot
Sept 12
Nov 15
Van Raalte Co Inc
35%
June
40
Vlck Chemical Co
""206
94
1
10% July
36
Apr 10
"200
9% July
12% Nov
29% Mar
40
Apr
16
4,000
15s
32%
*35l2
34%
101%
111% 113
136
9%
27
16»2
20%
23%
24
104
283g
16%
37%
2034
104
x29
7%
37
10
107% 107%
2834
29%
4%
49
x21%
*90%
7%
36%
31%
114% 114%
111% 112
136
136
1%
7
21%
93
7%
*8%
*62
*1%
8%
28
7
21%
*90%
*6%
31%
101
1%
16%
*15g
5
*7%
65
8
2%
3%
*158
6%
10
1%
*62
33%
5%
*2%
31%
20%
107
9
93
6
8% Mar 3
2% Oct 26
163
Deo
121
16
135
1%
2*2
*4%
115
5%
93
*127
Mar
59% Nov
Nov
9184 May
Sept 11
125
93
135
Mar
38
21
100
93
x55
Aug 21
116
*127
Jan
16
12%
128% 128%
Mar
45%
x4484 Mar
100
Preferred
Virginia Ry Co 6% pref... 100
Vulcan Detlnnlng
...100
*10%
Mar
June 27
July 31
June 19
""466
12
128'2 128%
5% Mar
50
21
3
Sept 14
Virginia Iron Coal A Coke. 100
*10%
4
17
50
2%
3%
7%
36%
No par
3% Mar
85
116% 116»2 *116% 120
2%
2%
*2%
2%
2
7
100
Universal Pictures 1st pref.100
Vadsco Sales;.
June
13% Mar
May 11
9
13
87%
Nov
24
8284 Sept 12
120% Sept 22
37%June13
4684 July 14
Sept
Oot
8%
Nov
2% Mar
4
Nov
10% Aug
173
21% Mar
x70
67% Aug
1278 Nov
114
116
4% Mar
60% Sept 12
146 Sept 28
46% Apr 10
% Jan 16
Va El A Pow 90 pref...No par
*1%
21%
No par
1
2
70
2
93
No par
Universal Leaf Tob
1% July
6»gMay
1,000
1,000
31%
102
34
4%
*47
93%
135
1% Apr 10
46
Apr 6
5
3
4%
30
5
10
114
31J2
1%
130
United Stores class A
Oct
4%
2934
*4
26%
4%
29%
32%
101
28%
2834
8%
*26%
2%
12%
30
39
1,400
80
1%
*8%
5%
32%
2%
al07
1'8
16%
104
65
102
*7%
*6%
21%
*90
36%
*26%
4%
*45l2
7
21%
92
116
Sept 22
No par
80
*28%
4%
*28%
98%May 19
7% preferred
—25
United Stockyards Corp
l
Conv pref (70c/
No par
U S Tobacco
20
5,700
Jan 23
41% Aug 24
26
4%
29%
4%
29%
60
Jan
8% July
39% Oot
Mar
Mar 13
52s4 Jan
10% July
80%
162% Mar
114% Nov 14
68% Sept 27
6
...100
26
26%
26%
50
July
3% Mar
684 Mar
37% July 7
6% Mar 10
No par
Preferred
8% preferred
70%
48
*64
*64
26%
29
*129
80
26%
25%
4%
118%
1165s *116
2%
2%
234
130
*60
50
Preferred
U S Steel Corp
$6 conv pref
400
'
26
8% 1st preferred
O S Smelting Ref A Mm
Universal-Cyclops Steel Corp 1
15%
*72%
86% Apr 11
No par
U S Rubber
64
*14%
34
35%
36
35%
33%
34%
35
34%
3334 3334
39%
3934
38
2:38%
39%
39%
40
38% 39%
38l2
*114
116
*115
116
*111% 116
*111% 116
*113i2 116
*41
*41
42
41%
41*2
41%
41%
41%
*41l2 43
*
*
*
62%
62%
62
62%
62%
*63
JU 8 Realty A Imp
900
72%
117%
10
100
10
May
55
15% Sept 13
49
20
Apr
4%
35% July 24
2938Sept 12
10% Sept 13
32% Sept 12
31% Oct 3
1% Aug 24
31% Apr 11
U S Pipe A Foundry
Mar
62
Mar
Oct
Sept
3
Jan
67
Mar
6
7% July 24
584 Aug 24
46
884 Mar
17% Sept 11
14
Sept 27
6
Mar
50
100
8
180
Mar
21% Mar
4
113
149% Sept 28
4
Apr
8
23
Apr 10
13% Apr 11
3% July
Jan
Apr 25
100
U S Playing Card Co
*149%
*149%
*149%
%
70%
34%
*59%
19
68
117
43%
157g
72
22,800
3,700
1,500
*62%
34%
*145g
70%
39%
39%
113% 113%
42%
61
7%
3,000
44
7
2%
400
1%
1%
34%
*43%
44
1%
68
68
1165s 117
33%
%
7,300
38%
33
39%
No par
Prior preferred
2%
*16%
U S Leather
Partlc A conv ol A ...No par
7
%
U S Industrial Alcohol-No par
100
2%
19
800
500
200
2%
58
*16'4
24%
7%
37
113%
50
11%
7
72
5H % conv pref
3284
33
62
5
69
2%
70%
*149%
24%
7%
preferred
U S Hoffman Mach Corp
*63
7
72
•
20
100
*11
2%
7012
*68
7%
37%
38%
Mar 31
5% Aug 24
65% Sept 11
No par
69
*63
113
5
U S Freight
U S Gypsum
5%
33
1%
June 29
11%
*11%
2%
60%
"148%
*29
24
7
2%
7%
2%
*56%
2%
*5%
11
87% Mar
75
"""26
11
No par
to first preferred
100
U S Dlstrib Corp conv pref.100
1,000
85%
36%
1%
U S & Foreign 8ecur
384 Aug 31
5% Mar 31
10
2,700
10%
85
16
*2%
7'8
2%
*5534
300
83
33
1%
71%
33%
8
37%
117
*43%
44
6% Apr
36%
62
67%
6
*32%
38% 39%
113% 114%
117
116% 117
*43%
1%
Apr
Sept
*166
23%
1
*7%
5%
32%
*29
32%
23%
7
11
84%
*5%
35%Sept 27
95
Sept 11
1484 Aug 15
117%June 23
14
Sept 12
7% Sept 25
110
*79
*166
*5%
5%
3
$5 preferred
No par
United Mer A Manu Ino vto.l
United Paperboard
4% Mar
Apr
60
United Gas Improv't-.iVo par
800
5
Feb 11
62% Apr
No par
Highest
share $ per share
7% Jan
4% June
per
8% Sept 11
100
6%
7%
.
25% Apr 11
5
United Fruit
884 Jan
74
2,900
10%
10%
10%
10%
83%
United Eng <fe Fdy
share
7% Mar 10
per
3% Apr 11
56
25,100
83
*79
11
100
1,800
6%
6%
7%
10
100
United Electric Coal Cos—
119
11
75g
83
*10%
31
75s
7%
11
6%
4% Aug 24
4% Mar 31
July 11
5
United Dyewood Corp
Preferred
900
11
121
11
6%
United Drug Ino
14%
14%
*117
11%
*6
6%
11%
*29
11
11
30
$
t per share
Par
Year 1938
Lowest
Highest
85%
85%
*117
116% 116% *116% 120
3,800
34
34
35%
85"
11%
_
*34
14%
*11
6
5%
5%
84%
*10
83%
35%
*56%
58
*5%
14%
*80
*5%
578
84%
83
166
*33
6
*56
On Basis of
Lowest
Shares
5%
6
59
5%
5%
*5%
5%
5%
*5%
6
14%
*80
82
5%
5%
5%
60
84%
7%
*7%
*5%
*56
35
6
*6
5%
5%
6
60
$ per share
Range for Previous
EXCHANGE
Week
17
Nov.
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Saturday
1
100-8/»are Lots
Range Since Jan.
Sales
for
LOW
3227
New York Stock Record—Concluded—Page 10
149
42
74
Apr
6
32% Nov
14% Mar
3284 Nov
Jan 27
75
Mar
95
Jan
Oct 25
42
May
61
Nov
15% Apr 10
80
Jan 27
38% Oct 26
80
45
78
July 10
9% Sept 15
7
Apr 10
3% Sept
2
I84 Aug 21
14
Apr 10
Sept
5
2% Aug 11
1 June 24
12% Mar 10
IO84
Dec
15% July
6% Mar
6
Sept
1% Mar
15% July
4% Nov 17
Nov 17
8% Mar
1584 Oct 26
7
32
Jan
4
2%June 24
2% Aug 28
7% Sept
1
8
8
3%
Oct
3% June
67b
Jan
6
3
Mar
5% July
Nov 17
32
Mar
106% Apr 20
15
Apr 10
36 Sept 13
115
Sept 19
103
Oct
Mar 31
18% Sept 1
11% April
98
Apr 11
9% Aug 24
30
kprll
31% Sept 22
5088 Jan 5
23% Jan 4
36
74
Oct 31
42
69
Oct 31
70%
38% Sept 22
53% Sept 20
124% Nov 4
85% July 18
33% Mar 13
21% Oct 26
127
Nov 16
21% Jan
56% Sept
74
May
6
92
Sept
17
Apr
8
34
Sept
12
Apr 11
Aug 24
2
Oct
3% Aug
60
76
Jan
1% Mar
1% June
Aug 26
10% Apr 11
47% July 15
43 May 25
23% July 6
31% Apr 19
85
Apr 10
Jan
3
17% Aug 15
4% Nov
3% Feb
6% Feb
32
11
2484
22% Jan
378 Sept
5
12
30
27
4
6
10% Mar
Jan
11% Mar
27
Mar
Oct
Mar
28% Mar
55% Mar
61% Mar
2O84 Jan
8% Jan
71
Mar
9% Mar
24
Mar
62% Mar
11% Mar
9
284
Mar
Jin
60%
IO684
27%
53%
27%
72%
75%
48%
65%
121%
Jan
Deo
Nov
Nov
Nov
July
Nov
Nov
Nov
Deo
78
Dec
39
July
21%
109
Oct
Oct
25% Aug
57% Nov
86% Nov
31% Dec
2534 July
584 Mar
sEx-dlv. gEx-rlghta. tCalled fogggggg££^_^|
L*=
Nov. 18,
3228
1939
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
week's range, unless tbey 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.
The italic letters in the column headed "Interest Period," indicate in each case the month when the bonds mature.
Friday
Lai
BONOS
N. Y. STOCK EXCHANGE
Week Ended Nov. 17
Sale
Price
Friday
Week's
Range or
Range
BONDS
Last
Range or
Friday's
dk
Asked
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
Week's
High
LOW
Week Ended Nov. 17
Jan, 1
Bid
No,
Low
O 119
A
Treasury 4e
J
Treasury 3Hs
Treasury 8 He
Af 8
Treasury
Treasury
1947-1952
1944-1954
1946-1960
1940-1943
8Hs
1941-1943
3Hs
1943-1947
3Hs
1941
3Hs
1943-1945
8Hs—-.——1944-1946
3Hs—...—1946-1949
3Hs
..1949-1952
Treasury 3s
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
2 Hi .
.
.
.
.
2Hs
2Hs.
2 Hs
Treasury 2Hs—
Treasury 2Hs
Treasury 2 Hs
—
35
_-_102.22
102
5
Af 8
104.23 104.22
104
16
D
109.18 109.10
109
43
......I105.8
105
3
109.19 109.10
109
22
103,28107 12
106.16111.9
J
J
2 He
—
109.20
110
44
106.12 111.27
110.1
»109.23110
11
104,22112.21
105.12114.6
104.4 111.31
109
"l4
24
105.16jl04.19 105
184
Mar 15 1944-1964
8H*
3s..
D
10
110
M 8
M
8
107.23
107
29
M
8 106.24 106.11
106
131
J
M
......
D
105.17 104.22
8
105
69
104.2
IO4". 15
104
4
103.24
104
123
J
D
J
D
103.14
104
82
J
D
107.12
107
2
105.24
106
7
M
J
M
Treasury 2s
.......1947 J
Federal Farm Mortgage Corp—
3s
♦6s assented
1962 AfN
♦Chilean Cons Munlc 7s..—.I960 M
6
113
108
—1950-1952
103.15106.27
106.16111.10
114
110
...1955-1960
1945-1947
1948-1951
1951-1964
1956-1959
1958-1963
..1960-1966
.1945
.........1948
...1949-1963
..
Since
NO.
High
Low
High
Chile Mtge Bank (Concluded)
119
113.16 113.6
*110.8
..
2Hs
2%ss
2H«
2Hs..
113.18122.13
110.2 116.19
108.18116.5
101.24 105.8
U8.2
114
D
109.13 108.28
1946-1948
1961-1965 M S 108.12 107.13
Treasury
Treasury 3s
Range
Jan. 1
Asked
A
Foreign Govt. & Mun. (Con.)
Treasury 4 H«—-
Treasury
Bid
Low
High
(I. S. Government
Treasury
Treasury
Treasury
Price
S
103.30 103.8
D
102,16112.26
100.1 110.9
10~3~29
D
♦7s
110.6
101.10109.31
100.2 109.21
99.2
99
109
108.23
99.9 108.16
103.4 109.10
101,10109.8
103
139
99.4
103
7
99.6
103.8
103
39
99 5
107.21
107.22
106.3
Oct 1961 A
—
1947 F
External loan 4Hs ser C
103.8
*107.13107.20
107.12
-May 15 1944-1949 AfN. 107,12 107.2
.....Jan
15 1942-1947 J J 105.19 105.12 105.19
*104.19104.27
Mar
1 1942-1947 M 8
64
111
109.21
102.12 108.27
9H
20
20H
19H
19H
32
31H
11
32
31H
B—
26 H
22
27 H
22
27
«51H
50H
55
8
47H
52
5
70
47 H
96H
94 H
65
*55"
57H
40
61
*73H
75
65H
80H
14
17H
16H
46
16H
30H
103H
104
4
100
104
103 H
104
3
54
24
101H 106
99
102H
49 H
60
*100H
53
53
70
ser
16H
14H
1
K
A
...1977
22 H
16 H
14H
27
102
Sinking fund 8s
112
'27
27
♦Public wks 5Hs.—June 80 1946
Czechoslovak (Rep of) 8s
1951
101.28106.15
224
....
25H
Sinking fund 6Hs...Jan 15 1953
110.6
103
"27"
1949
4 Hs external debt
M S
9H
8H
8H
*25 H
55
1949 F
14 H
15
7H
35
29
31H
Copenhagen (City) 5s
1952 / D
25 year gold 4Hs...
1953 AfN
(♦Cordoba (City) 7s unstampedl957 F A
(♦7s stamped
.....1967 F A
J
Cordoba (Prov) Argentina 7S..1942 J
External 6s of 1914 ser A
8H
28H
27
♦Costa Rica (Rep of) 7s
1961 M N
Cuba (Republic) 5s of 1904—1944 Af S
7
14
*7
A
♦Sinking fund 7s of 1927
11 %
13H
*9H
*9H
'ivA
32
J
♦6s extl sf gold of 1927. Jan 1961 /
♦Colombia Mtge Bank 6Hs—1947 A O
♦Sinking fund 7s of 1926....1946 M N
11
11
♦Chinese (Hukuang Ry) 6s....1951 J D
♦Cologne (City) Germany 6 Hs-1950 Af S
Colombia (Republic of)—
♦68 of 1928—
11
15
14H
11H
....I960 M S
assented
14H
11H
14H
11H
O
O
♦Guar sink fund 6s.........1962 AfN
103
103.16
S
♦Guar sink fund 6s—....*..1961 A
♦6s assented...
1961 A
*11
*11
1962
4
70
■
100
1
102 H
63
-
-
.
104
74H
6
-
75
24
mmkmmm,-
m.
108
76
Home Owners' Loan Corp—
2Hs series G
1 1944-1952
1942-1944
lHs series M
1945-1947
3s series A
Foreign
May
Govt
A
AfN 107.5
J
J
J
D
106.14
102.5 109.17
101.10105.18
107.5
nl04.4ttl04.4
100.13 100.8
100.14
96.8
Municipal-
♦Gtd sink fund 6s
28
♦External s f 7s series D
.
.
.
.1946 J
17
65
69
15 H
16H
37
16 H
14H
16H
15H
36
15H
5
2
15H
16H
15H
65H
O
O
Antwerp (City) external 6s....1958 J D
Argentine (National Government)
Sf external 4Hs.
.....1948 M N
15H
14H
14H
14H
16
16
15H
15H
36
65
65 H
9
94 H
J
♦External s f 7s 1st series—1957 AO
♦External seo s f 7s 3d serles.1967 A
28
3
16H
J
♦External sec s f 7s 2d series. 1957 A
28
26
1948 A O
1946
94 H
131
17
22 H
24
28
94H
16H
9H
10H
l'5H
77
35
53
1967 M 8
79
77H
79 H
79 H
17
53
External g 4 Hs of 1928.....1956 AfN
♦Austrian (Govt's) s f 7s......1967 J
J
73
73
76
52
52 H
8
10
External 30-year s f 7s......1956
D
88 H
78
80
85
45
67
100
36
71H H6H
6H 21H
7H
19H
11W
28 H
100
*7
15
♦Brasll (U 8 of) external 8s.. ..1941
♦External s f 6HS of 1926...1967
D
24
O
17H
O
17H
D
15H
s
320
17H
16H
246
13
80 H
7
14H
*73
78
..I960 / D
81
140
83
1962 J D
7H
66H
75
........1969 A O
♦Dresden (City) external 7s...1945 M N
69
69 H
5
72 H
10
10
1
65
10
♦El Salvador 8s ctfs of dep.... 1948 J
Estonia (Republic of) 7s
1967 J
15
15
9
14H
8
....
9H
9H
9
60H
58
65
6
5Hs 2d series
6
108
23
22H
21H
98 H
.1966 J D
♦6Hs of 1930 stamped
♦6Hs unstamped
1965
♦7s part paid
♦Sink fund secured 6s..
1968
♦6s part paid
Y
♦7s secured
1946 J
54 H
2
58 H
MN
47
60
43H
32 H
47 H
Japanese Govt 30-yr s f 6 Hs— -1954 F A
Extl sinking fund 5 He
.-1965 AfN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
18
12H
29
♦Leipzig (Germany)
13 H
12
32 H
..1961 J
J
""88H
1944 /
—
J
94 H
1967 J
30-year 6s
.....1968 M
♦Carlsbad (City) 8s...
...1964 J
♦Cent Agrlc Bank (Ger) 7s....1950 M
♦Farm Loans! 6s..July 151960 J
♦6s July coupon on
♦Farm Loani f 6s..Oct
93
12H
12
♦Chile (Rep)—Extl s f 7s.;
♦7s assented-
♦6s assented
16
*6Ha assented... J...
♦Sink fund 6Hs of 1926
♦6 Hs assented
For footnotes
16
12H
16H
28
11H
15H
12H
54
16
1
35
2
see page
J
32
♦4s of 1904—
—.—1954 J
D
24 H
27 H
•Assentlnc 4s of 1910 small———
12
8H
—
18H
16 H
18 H
Milan (City, Italy) extl 6 Hs
Mlnas Geraes (State)—
/
♦See extl
a
—1952 A O
1968 Af S
1959 M 8
f 8Hs
♦Sec extl s f 6Hs
♦Montevideo (City) 7s.
12 H
15 H
35
8H
16H
1
12H
12H
7
18 H
16 H
New So Wales (State) extl 6s__ 1957 F A
External a f 5s
..Apr 1968 A O
18 H
16H
18H
16H
16
Norway 20-year extl 6s....... 1943 F
~16
12
12 H
15H
16H
7
12
12 H
16
1957 J D
15H
15
15H
3
1957 j d
11H
15H
10 H
1961 J D
1961 / D
12
8
15
15H
2
11X
11
UH
6
7H
8
16
16
72 H
H
H
H
-
H
1H
1H
1H
1H
—
—
~~
H
H
H
"lH "3 i
H
H
1H
H
H
H
H
1H
1H
1H
1H
IK
T
5
IK
1
1
t
t
1
1
1
1
%
1
1
IK
1
"*A
~2H
51H
54H
58
31H
56 H
9H
10H
9H
10H
1
6H
16
15H
J
12
8H
12 H
8H
11H
8H
11H
-
16
11H
15 H
17
A
x
1H
1H
J
12 H
8H
12
-
•»—
i
J
12H
10
-
~*V~
D
♦Assenting 4s of 1904— —.1954 J
♦Assenting 4s of 1910 large.
12
61
"**
27
8H
22
1H
*H
♦Assenting 5s large—
20
12 H
3233
♦Assenting 6s of 1899—..—1945
124
61H
*K
*K
*H
♦Assenting 5s small..
12H
16H
12 H
61H
J
11H
15H
1963 AfN
♦Chile Mtge Bank 6Hs...
♦Mexico (US) extl 5s of 1899 £.1945 Q
(♦Treas 6s of *13 assent (large) *33
(♦Small...
O
85H
50
77
64
18 H
..1962 A
64H
59 H
*19 H
5
12
♦External sinking fund 6s...1963 AfN
63
75H
76H
75
71
6H
H
30
70
7
12 K
15 H
♦16
37
71
23 H
♦6s Assented—.....Sept 1961 MS
♦External sinking fund 6s...1962 A O
58 M
D
6
♦Extl sinking fund 6s. .Sept 1961 M S
55
J
(Colombia) 6Hs
1964
(Prov) 4s readj...... 1954
18
16H
39 H
25
18
12 H
45H
11
10
*6
16H
77
27
66
*9
12 H
"55"
2
70
64H
16
A"o
1960 A O
I960
113
92
68 H
64 H
69
15
*9
*6
86
10
10
30
16
12
♦6s assented
♦Extl sinking fund 6s..Feb 1961
♦6s assented
....Feb 1961
♦Ry ref extl s f 6s
Jan 1961
♦6s assented...
.Jan 1961
♦6s assented
68 H 102 H
83
86 H
10
19H
9
21
o
S
1942 MAT
1942 M TV
♦External sinking fund 6s
19
"Id"
6H
7H
16 H
J
/
1960
15 1960
♦6s Oct coupon on.......1960
47
85 H
86 H
86 H
11
11
2
7H
92
19
18
72H 105
♦Medellln
73 H 106 H
87 H 104
*6
85H
17
7
Mendoza
83 H
83H
•
83
5H
8
20H
♦Mexican Irrlgat'on gtd 4 He.. 1943 MN
♦4 Hs stmp assented—
1943 M N
27
71
8
95H HIH
94 H
27H
25H
*7
87
104H
13H
7H
----
*7
30
15
*7H
49
60
l
20
D
1947 F
165
89
1
24H
37H
♦Lower Austria (Province) 7Hs 1950 J
7s.
95H
8514
93 H
22
8H
23H
A
s f
96H
111H
18
17 H
65H
38 H
23
171
J
J
N
7H
*7
.1960 M N
103 H
H
1
"t
—-1
19H
*7 K
J
♦Hungarian Land M Inst 7H8.1961 AfN
•Sinking fund 7Hs ser B....1961 AfN
102
11 Hk Hungary 7Hs ext at 4Hs to...1979 F A
64 H
102
80
98 H
O
96 H
103H
80
/
....1946 J
s f g..
f g.
s
21H
27
6
—...'
86
A
A
m «.
80
Irish Free State extl s f 5s
F
»
15
Italy (Kingdom of) extl 7s....1951 J D
Italian Cred Consortium 7s ser B '47 M 8
Italian Public Utility extl 7S...1952 J
J
1962 AfN
-
20
*6
58
....Aug 15 1945
i.
♦Heidelberg (German) extl 7H« *60 J J
Helslngfors (City) ext 6 Ha
1960 AO
Hungarian Cons Municipal Loan—
58
10-year 2Hs
25-year 8Hs
7-year 2Hs.
80-year 8s...
*23 H
*14H
*18H
3
♦7Hs secured
5
17H
|
—J
2
70
82 H
105
7
5
6H
21
8
44H
44 H
95 H
6H
*8
81
44 H
O
37
8
64
i960 A
"9X
80
O
30
Canada (Dom of) 30-yr 4b
5s..
7|
O
Haiti (Republic) s f 6s ser A.-.1952 A
♦Hamburg (State) 6s...
.1946 A
25
13
6
♦15
56H
♦Stabilisation loan 7Hs..—1968 M1V
10H
1968
55 H
*14H
106
125
5-
46
10
6
A
54 %
J
98
102
—
m
10
..1964
55H
J
(
*107H
♦7s unstamped
.1949
German Prov A Communal Bks
♦(Cons Agrlc Loan) 6Hs.
1958 J D
♦Greek Government s f ser 7s..1964 MiV
55 H
J
2
mrnm «•
♦5Hs stamp(Canad'n Holder) *65
♦German Rep extl 7s stamped.1949 AO
55 H
59
19H
100H
IOOH
21H
100
71H 107
7H
19H
78H 110 M
Gorman Govt International—
A
*56 H
43 H
42
98
F
J
94H
*100
Af 8
*63
100 H
D
s f
1977
4Hs-4 Hs
1976
External re-adj 4Hs-4Hs..-1976
External s 14HB-4HS......1975
8% external s f 3 bonds.....1984
Bulgaria (Kingdom of)—
♦Secured s f 7s... ........1967
83
*8
90
20H
35
*50
f 4H-4HS
♦6s stamped—...——1961 Af 8
Refunding
17H
1958 F A
.........
External
258
80
Brisbane (City) s f 5s........1967 Af 8
.
6H
22
♦6H
17H
14H
20-year s f 6s—
♦Budapest (City of) 6s..
Buenos Aires (Prov of)
17H
81H
O
Sinking fund gold 6s....
99
20H
65 H 108
D
Hs of 1927...1957
.....1952
103H
103H
20
195H
♦7s (Central Ry)—.*
6
80H
79H
*7
1950
..
1
88 H
78 H
♦Berlin (Germany) s f 6Hs
♦External sinking fund 6s
73
69
95
81H
70H
70H
85
73
69
88
76
§87H
73H
a67
66
External 7s stamped...
1949 J
7s unstamped
......1949
32
J
97 H
74
65
65
96H
125
...1966 J
51
65
4
60H
7
74
External sf 6s...
6
6
69
7Hs unstamped.........1941
74 H
1949 M 8
29
71
4
French Republic 7Hs stamped. 1941 J D
84 H
Belgium 25-yr extl 6Hs_.
63 H
57 H
a68
69
15H
73 H
73H
7H
61H
54
63 H 105
60
101
a67
16
83 H
A
39
*66
71
O
15H
74
7H
1(6 H
77H
73 H
68 H
.1940 A
2d series sink fund 5Hs
10H
9H
9H
84H
74H
♦Bavaria (Free State) 6Hs—1946 F
63 H
57 H
Finland (Republic) ext 6s
1946 M 8
♦Frankfort (City of) s f 6HS...1963 AfN
S f extl conv loan 4s
Apr—1972 A O
Australia 30-year 6s..
J
...1966 J
28
63H
10H
8 f external 4Hs..
1971 M N
S f extl conv loan 4s Feb....1972 F A
External 5s of 1927.....
.....1955 F A
Externa] gold 5Hs
Customs Admins 5 Hs 2d ser.1961 M 8
5Hs 1st series...........1969 A O
Akershus (King of Norway) 4s. 1968 M 8
J
♦Antloqula (Dept) coll 7s A...1946 J
♦External s f 7s series B.....1946
J
♦External s f 7s series C
77 H
External g 4Hs
.Apr 15 1962 A O
Dominican Rep Cust Ad 6Hs—1942 Af S
1st ser 5 He of 1926
1940 A O
.
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s.........-1947 F A
♦External ill
102.12
J
Denmark 20-year extl 6s—..1942 J
16 H
18 H
14H
16H
14H
♦6s series A
.
...1952
54
"iok"
*36
98H
17
98 H
90
97 H
98 H
35
88
90
82
80
82H
35
81
78 H
81
27
86 H
87
12
86H 104
20-year external 6s. —...1944 F A
Municipal Bank extl
......1963 F
■ f
A
5s.—1970 J D
39 H
78 H
78
*-_
98 H
4s s f ext loan.
6H
31H
31H
~98~"
*36
"78 H
A
External sink fund 4Hs ....1956 Af S
External a f 4Hs—..... 1965 A O
40
55
54
55
101H
56
101H
90
105H
90
106H
72H 105
71H 103 H
70
101H
J D
—1959 MN
.
1
—
5
80
10
Volume
149
New York Bond
Friday
N. Y. STOCK EXCHANGE
Range or
Sale
Week Ended Nov. 17
Price
1952 F
Oriental Devel Tuar 6s
Extl deb 5 %s
Oslo
(City)
8
A
dk
1958 UN
f 4%s
51M
♦Poland (Rep of) gold 6s
72 M
80M
5
339
6%
10
166
6%
6%
42
4%
36%
8
1963
J
1961
D
10
J
10
♦RJo de Janeiro (City of) 8s...1946 A
♦Extl sec 6 Mb
1953 F
9
10
17%
12M
1
4%
70
11M
3
5%
19%
7
19%
75
106%
12M
96 M
89M
"56
51
55% 107
8
31%
*9%
"lo" "43
7X
6%
14%
101
6%
13%
9M
9M
10
5
10
7
49
6
10
31
6%
.8 M
10
7
6%
59
10
15%
15%
14%
14%
64
34
37%
09%
10%
22%
8M
9
95.
9M
*10%
*8X
1952 IN
8
*7
19
8M
8%
1967 IN
8M
^.1936 /
♦9
8X
9
4
1950 /
8X
10M
S
9J.
8%
10
J
9M
8M
s f
7s
1940 A
O
D
25 %
21X
26 X
85
*8
14M
13M
♦Silesia (Prov of) extl 7b
♦5
1958 J
*8
D
4Mb assented
1958 J D
♦Slleslan Landowners Assn 6s..1947 F A
f 5 Ms
Taiwan Elec Pow
1955 F
f 5 Mb
s
1971 J
J
1952 M
S
39
External s f 5 Ms guar
1961 A
O
59M
♦Uruguay (Republic) extl 8S...1946 F
♦External
A
6s
1960 M N
♦External s f 6s
3%-4-4%s (J bonds of '37)
external readjustment
1979 M N
1979 IN
1978 J
D
1978 F
A
44%
external conversion
conv
4-4M-4M% extl readj
14%
32
25%
10
25%
33
28
80
50
53
47
29
59%
39
33%
49
47%
60
4Mb assented.
Yokohama (City) extl 6a
51
40%
49
46%
45%
43 X
43 M
43 M
42
48M
46M
48M
40
40
railroad
and
1958 F
A
57 X
10-year deb 4Mb stamped
Adriatic Elec Co extl 7b
1952
1943
cons
4a series B
70 M
50
37%
15
46 M
♦
70M
35%
70%
109%
102% 107%
107
108%
105%
100
110
96 X
6
J
1
93
88%
Adjustment gold 4s
Stamped 4s
Conv gold 4s of 1909
1955 J
Conv 4s of 1905
1955 J
Conv gold 4s of 1910
1960 J
Conv neb 4Mb
1948 J
D
♦Certificates of deposit
5s
—I960 A O
5s A
101
97
106% 112
102%
103%
92
98
103%
15
94% 104%
106M
♦106M
106%
108%
107%
107
103
105
103%
112%
140
99% 110%
260
99
18
107%
107 M
26
37
37%
83
45%
5
98
110%
102% 111%
99% 108%
104% 107%
98
37%
48%
98
"94
91% 101
98%
91
91% 101
107%
152
95
D
97%
D
103M
*94%
103%
1946 J
J
83
95
2
91
97%
8
91%
95
103%
1
5
*114%
*93
115%
95%
53
101%
88
5
9%
47
,
60
92
60
9
49%
10
103
80
90%
99%
102%
36
84
117
100
38
91
117
101
103%
43
A
103
101%
103
15
June 15 1955 J D
Guaranteed gold 4 %s
1950 F A
Guaranteed gold 4%s..Sept 1951 M S
102
100
92% 121
91% 120%
88% 119%
1957 J
July 1969
Oct 1909
1970 F
Coll trust 4 Ms
99%
98%
99%
109%
63%
100%
"64
1940 M
58 equip trust ctfs
Coll trust gold 5s
98%
99%
Canadian Northern deb 0 %s... 1940 J
Canadian Pao Ry 4% deb stk perpet J
1944 J
79
80%
105%
105%
80
80
Deo 11954
74%
74%
1960
*41
1949
bot
102
28
100
34
86
117
100%
59
87
109%
16
103
110%
124%
64%
95
81
21
60
100 M
106
19
95
114%
100%
82
15
75%
10
50%
07
82%
♦Cent Branch U P 1st g 4s
{♦Central of Ga 1st
♦Consol gold 5s
1945 MN
6a.-Nov 1945
♦Ref A gen 6 Mb series B
♦Ref A gen 5s series C
Central Foundry mtge 0s
Gen mortgage 6s
F
{♦Cent New Eng 1st
gu
4s
♦General 4s
1959 A
109
95%
85
96
50
43
62
"85"
85
70
97
*10%
15
.....
"8%
O
99
96
99%
100%
90
103%
98% 103
102%
111%
100% 112%
110
114%
85
91
107
109%
109%
76
109%
108
12
33%
26%
46
General
1
37%
"42%
41%
"43"
"64
24
43
17%
17%
15%
18%
84
12
28
16
16
34
12%
24
109
109
1902
F
A
1960 F
A
74
73%
I
O
A
1990 F
A
1963
109%
74
"53%
54%
*58%
99
110*12
75%
104%
102%
120%
98%
103%
*
1949 j
11%
..1958 M F
1st A ref 4%8 series B
1977 F
78
104%
1971
A
F
40%
48
"l
57
11
108
68%
77%
72%
03%
60
115%
86
100% 104%
1
100
104%
2
115
125%
99
50
92
34
102%
120%
104%
33
100%
91% 100%
100
105%
100% 105
117%
108"" 118"
103
109%
111
103
103
11%
7
98%
94
101%
102%
98
104%
15
93%
10%
97%
101%
93%
94
91% 100
84
84%
80
94%
"90%
89%
91
88
99%
101%
A
1st A ref 6s series A
04
"72
110
109
*
98
J
64
99
98%
103%
Chic Burl A Q—111 Dlv 3%a—.1949 j
100
60%
110*32
78
104%
11
38
74%
"54"
1950 M S
♦Chicago A Alton RR ref g 3s..1949 A
4s
80
112%
1901
*103
33%
42
104% 111%
1987
*109%
40%
3
1987
1989
1941 M S
33%
2
*109%
1989
40
4
76
1941 M S
R A A Dlv 1st con g 4s
Illinois Division 4s
35
8
8
95
*101
72
63
6%
*85
Craig Valley 1st 6s
May 1940
Potts Creek Branch 1st 4a
1940
2d consol gold 4s
6%
10%
194 J M S
Ches A Ohio gen g 4 Ms.
1992 M S
Ref A imp mtge 3 Ms ser D..1990 UN
Warm Spring V 1st g 5s
2%
3%
Champion Paper A Fibre—
8 f deb 4%s (1935 issue)....I960 M S
81%
76%
16
12%
6M
7
MN
55
26
9%
5
8
UN
54
79
3
2%
8
1948 M S
64%
89%
3%
3%
*4%
1941
31
5
3%
3%
"3%
19%
33
*5
Certain-teed Prod 6 mb A
M 3%s ser E
Ref A lmpt M 3 %s ser F
5
J
Central RR A Bkg of Ga de ...1945c
Ref A impt
30
35
J
gold 4s..l949
Through Short L 1st gu 4s—1954
8 f deb 4%s (1938 Issue)
9%
8%
O
1969 A
Cent Pacific 1st ref gu
Guaranteed g 6s
45
105
►
A
Cent Hud G A B 1st A ref 8 Mb.1965 M 8
Cent Illinois Light 3 Ms
1900 A O
{♦Central of N J gen g 5s
94%
108%
95%
95%
"85"
1948 J D
g
60%
40
00
108%
A1952
Carriers A Gen Corp deb 5s w w 1960 MiV
Cart A Adir 1st gu gold 4s
1981 F A
Celotex Corp deb 4 %s w w
1947 J D
77%
62
77X
35
8
75
45%
102
68
62 X
fz
64%
8%
46
103%
76%
D
May 1 1945 M N
Oct 1962 MN
For footnotes see page 3233.
20%
26%
5%
4%
7%
73%
43%
105%
110%
A
67
77%
"40 "
93
107% 113%
J
94%
97%
89%
71%
8
J
1
99%
108
96%
/
"43
108%
96%
1948 J
89
99%
96 M
79
1948 J
1
99% 111%
86%
95%
18
108
J
1944 J
106%
108%,
D
1944 J
1964 J
19
30%
91
99
99%
91
J
87
*4%
90%
J
100
101%
*7X
91
1965 J
42%
51%
J
90%
Atl Coast Line 1st cons 4s July 1952 M
43
1955 J
D
90 X
1958 J
*70
.1952 A O
J
91
1st 30-year 6s series B
Second mortgage 4s
12
♦Chatt Dlv pur money g 4s..1951
1995 Nov
Atl A Dan 1st g 4s
"IO
40%
78
113%
103% 115%
72% 99%
108
♦Mac A Nor Dlv 1st g 5a
1940 /
♦Mid Ga A At Dlv pur m 08.1947 J
♦Mobile Dlv 1st g 5e
1940 J
1995 UN
Atl A Charl A l 1st 4 Mb A
LAN coll gold 4s
"41%
38%
*3%
*3%
95
40
107
1962 M S
75
106
65%
O
Cal-Arts 1st & -ef 4 Ma A
Atl Knox A Nor 1st g 5s
2
4
13%
*95
D
92
21
48%
45
98 X
50
75%
112%
"40%
D
Central Steel 1st g s f 8s
1995 A
40
40%
Central n y Power 3 Mb
General 4s
10-year coll tr 5s
102% 108
4
♦Anglo-Chilean Nitrate—
98 M
45
77%
111%
•
118
107
S
77%
34
111%
94%
111
63X
J
General unified 4mb a
in"
15
deb.. 1950 J
A
82%
71
50
13M
109»m 110
Ark A Mem Bridge A Term 5s.l964 M
46%
11%
65%
68
7l
45%
61
107%
Armour A Co (Del) 4s series B.1955 F
1st m s f 4s ser C (Del)
1957 J
Atchison Top A Santa Fe—
38
"82%
4
O
37M
46%
46%
160% 111""
15
512
79%
22
D
J
*41
111
1966 J
Jan
77%
77%
"41%
79
1961 A
1995 Q
5%
47
6
57
3mb debentures
Am Type Founders
1967
100%
87
"70
103
"i07M
23
19
66%
80 M
8Mb debentures
ser A.1976 UN
Anaconda Cop Mln s f deb 4 Mb 1950 A O
25
24
Caro Clinch A Ohio 1st 6b
20-year sinking fund 6Mb...1943 UN 1092*32
Amer Wat Wks A Elec 6s
24
116
134
95%
85
£6
107%
166
44%
112%
72
85
100
108
95
43%
77%
Collateral trust 4 %s
{♦Car Cent 1st guar 4s
105M
103M
20%
100% 108%
105%
50
50%
J
57
112%
51
60
1949 IN
108%
44%
105
32
22%
1949 J
"31
108
100
28
7%
13% 28
102% 108%
96% 105%
96% 114%
210
112%
32%
49%
Amer IG Chem conv 5 Ms
108
105
105%
6
2
Am Internat Corp conv 6 Mb
Amer Telep A Teleg—
7%
1
109%
109
71%
71%
37%
77%
81%
1950 J
2
27
63 M
11%
"e" "30"
22
1st Hen A ref 5s series B
1957 MN
Buffalo Gen Elec 4%s series B.1981 F A
Buff Nlag Elec 3 %b series C...1907 J D
51
153
2030 M S
77%
1947 MN
50
72 X
Am A Foreign Pow deb 6s
122% 130%
~29~~
108
109
1945 MN
Certificates of deposit
Bklyn Un Gas 1st cons g 5s
Canadian Nat gold 4%s
Guaranteed gold 5s
Guaranteed gold 5s
60
15
129
99%
O
07
39%
119
*37
¥
O
105
101%
110
*106
A
..I960
I960 A
34%
39%
117%
107%
103%
108%
J
1902 A
31
60
80
*30
1941 J
Calif-Oregon Power 4s
44M
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4s
Certificates of deposit
1st 6s stamped..
Canada Sou
55
111
2
*50
Bklyn Edison cons mtge 3%s..l900 AfN
Bklyn Manhat Transit 4%s___1960 M N
Certificates of deposit
Bklyn Qu Co A Sub con gtd 58.1941 IN
18%
49%
57%
116%
128%
J
34
3%
57 X
52
101% 108%
76% 98%
11
cons gu
53%
38
59%
Bush Term Bldgs 5b gu
61
62
33
86
*5%
J
14%
42
S
117
62%
34%
50
59
1941
22
70 %
1955 M S
81
{♦Boston A N y Air Line 1st 4s 1955 F A
Consol
72 M
1962 M
13
Brooklyn City RR 1st 6s
41
44 M
8 f income deb
O
35
1960
{Ann Arbor let g 4s
A
Bush Terminal 1st 4a
1949
conv
1901
48%
.....
5
81
1C0
37%
3
101%
80
*
D
35
♦6s stamped
conv 4s
4
108%
12
Coll A conv 6b
♦Alplne-Montan Steel 7b
55
107%
104%
1907 M
1st g 4 %s series JJ
51
*81M
AUegh A West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942 M S
Allied Stores Corp deb 4Ms.... 1950 A O
4 Ms debentures
1951 F A
10
55
20
24%
nH
"II
49
33
9%
*8
41
107M
78 M
50
48
{(♦Burl C R A Nor 1st A coll 5fl 1934 A O
107M
70 X
80 X
49
11%
1959
48
1944
49
*9
{♦Buff Roch A Pitts consol 4 %sl957 MN
99% 104%
100% 108%
Alleghany Corp coll trust 5s
6
10
~ig—
43%
43%
103
*106%
60%
60
129
47
*107
1943
94
1943
36
100
51
AMs-Chalmers Mfg
J
37
104M
Albany Perfor Wrap Pap 6s... 1948
6b with warr assented
1948
Alb A Susq 1st guar 3 Mb
1946
203
.19%
81
9
103
1946
Ala Gt Sou 1st cons A 5s
1st
Cons mtge 3%s ser F
Guaranteed gold 5s
Guar gold 4 Ms
46
20%
17%
1951 A O
45M
companies
*103M
10
26%
18%
1989
43 M
43 M
industrial
J|*Abitlbi Pow A Paper 1st 6s.1953 J D
Adams Express coll tr g 4s
1948 M S
Coll trust 48 of 1907
1947 J D
51
28
19%
*35
1951
53
*5%
D
33%
101%
76%
♦Certificates of deposit
.1961 J
32
16%
55
Debenture gold 5b
43
44 %
42 %
*5
10%
57
59%
1st lien A ref 0s series A
50
*6M
43
27%
48
J
1952
Certificates of deposit
Bklyn Union El 1st g 5s
103
59M
*46 M
28
26%
Certificates of deposit
25
13M
40
3 Ms extl readjustment
1984 J
J
Venetian Prov Mtge Bank 7B..1952 A O
♦Vienna (City of) 6s
1962 UN
♦Warsaw (City) external 7s
1968 F A
33%
26%
41%
8%-4-4%% (* bonds of *37)
3%-4%-4»i«s extl
30
10
42%
42%
59
"
37
17%
24
43%
39
44
18
69
43
28
1964 IN
s f
27
31%
1956
debs
71
34%
33%
28%
1941 MN
♦Berlin Elec El A Undergr 0
%s 1950
Beth Steel cons M 4%s ser
D..1960
Cons mtge 3%b series E
I960
conv
72%
32%
Ms.....1959
3%a
82
73
27
♦Berlin City Elec Co deb
0%s..l951
♦Deb sinking fund 0
♦Debenture 0s
35%
102%
30%
43%
5%
►
3%s
High
75M
106%
28%
8
4%
53
Tokyo City 5s loan of 1912
31
"31%
1965 AfN
14%
10%
*5
A
52
Boston A Maine 1st 5s A C
1st M 5s series II
15%
15
6%
14M
*8
76 X
8
27%
1944 J
25%
Sydney (City)
26%
Big Sandy 1st 4s
0%
22%
♦Sinking fund g 6 Mb
1946 J D
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962 MN
♦7s series B sec extl
1962 IN
27%
47%
10%
16%
18
6%
25
.
.1946 J
a
1960
cons
48 M
49
12
19
1948 J
1st A ref 6s series C
Belvldere Delaware
100
53
6%
30
1968 J
9%
19%
Telep of Pa 6s series B
65%
19
5%
29
1956 M
♦6s extl dollar loan
10
20
Bell
99
66%
1951
4a stamped..
Battle Creek A Stur 1st
gu 3s
Beech Creek ext 1st g 3
19%
59%
1
65%
1943
Con ref 4s
5
2
29
66%
"28"
Certificates of deposit
♦S'western Dlv 1st mtge 5S..1950 J
♦Certificates of deposit
Toledo Cln Dlv ref 4s A....1959
Bangor A Aroostook 1st 5s
98
27
8%
26
♦7s extl water loan
♦Secured
♦Certificates of deposit
P L E A W Va
Sys ref 4s
62
64%
14%
14%
0%
13
♦8s external
•Saxon State Mtge Inst 7b
deposit.
%a
J
§♦88 extl loan of 1921
y
15
92
A
f
i960
44
of
Low
14
37
29
Af"s
HM
O
♦6 Mb extl secured s f
San Paulo (State of)—
1996
♦Certificates of deposit
♦Convertible 4 %s
6%
6%
9M
♦February 1937 coupon paid
♦Saarbruecken (City) 6b
1953 J
Sao Paulo (City of, Braxll)—
♦Ref A gen 5s series F
54
4%
87
"64%
NO.
80%
102%
35
64%
Since
Jan. 1
28
42
3
A
♦Roumanla (Kingdom of) 7b...1959 F
♦Certificates
50
4%
12M
10
Af"s
6%
8
8
1962 A
♦Ref A gen 5s series D
7
10
9%
D
1995
j"d
2000
C
1
9
O
1967 J
deposit.
1
♦10
96
of
gen 8s series
32
80
O
j"d
10M
10
12M
♦Certificates
A
1995
70
105%
102%
63%
Range
Asked
High
69%
J
♦Certificates of deposit
10
8%
A
105
105%
J
"lo"
10
10M
O
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A O
♦6s extl 8 f g
1968 J D
♦7s extl loan of 1920
1966 UN
♦7b municipal loan..
Rome (City) extl 6 mb
8
*12X
4mb assented
♦Porto Alegre (City of) 8s
♦Extl loan 7 mb
Queensland (State) extl a 178—1941 A O
25-year external 6s
1947 F A
♦Rhlne-Maln-Danube 7s A
1960 M S
12M
J
1941 J
4% si 939
July 1948
♦Certificates of deposit..
♦Ref A
10M
S
♦1st mtge g 5s
12%
8%
J
1953 M
♦Ref A gen 5s series A
8%
*10%
1959 J
Baldwin Loco Works 5s stmpd.1940 AfN
{Bait A Ohio 1st mtge g 4sJuly 1948 A O
13%
12%
10
O
1952 A
10
10
J
6s
97
Bid
Low
Atl Gulf A WISS coll tr 5b
Atlant'c Refln'ng deb 3s
{§♦ Auburn Auto conv deb
Austin A N W 1st gu
g 5s
55
103
99% 106%
50
88%
43%
83%
13%
5%
7%
O
♦Prague (Greater City) 7Ms.—1952 IN
♦Prussia (Free State) extl 6 mb. 1951 M S
8
19%
59
Range or
Friday's
Sale
Price
High
50
O
Week's
Last
Week Ended Nov. 17
10 %
1947
1966 J
74M
1
9M
O
s
75
6
7M
1968
♦8s extl secured
43%
17
69M
"9%
1950
s f
20
87 M
80
♦External sink fund g 8s
♦External
52
1958
4mb assented
7%
48
105 X
1940
4 Ms assented
♦Stabilization loans f 7s
Low
""16
86 M
1947 M S
(Rep of) external 7b
1969 M S
♦Nat Loan extl a f 6s 1st 8er._1960 J D
♦Nat Loan extl b f 6s 2d ser__1961
O
No.
18
56
51
1983 MN
♦Peru
High
104M
1953 J D
1963 M N
N. Y. STOCK EXCHANGE
Jan.
*7%
1955 A O
♦Stamped assented
♦Pernambuco (State of) 7s
BONDS
Since
Asked
55M
.1953 M S
♦Panama (Rep) extl 5 Mb
♦Extl b f 5s ser A
3229
2
Friday
Range
Friday's
Bid
Low
♦Nuremburg (City) extl 6s
Record—Continued—Page
Week's
Last
bonds
Nov.
New York Bond Record—Continued—Page 3
3230
Friday
Week's
0ONDS
Last
Range or
Range
N. Y. STOCK EXCHANGE
Week Ended Nov. 17
Sale
Friday's
Bid
<t
Asked
Since
Price
Low
{{♦Chicago A East 111 let 6s— 1934
{♦Chlo A E 111 RJ gen fie
1961
♦Certificates of deposit
.—_
gold fie.
1982
{♦Chicago Great Weet let 4s—1959
{♦Chic Ind A Loulsv ref 6e
1947
♦Refunding g fie eerles B
1947
♦Refunding 4a series C
947
♦let A gen fie series A
1966
♦1st A gen 6s series B_.May 1966
Chic Ind A Sou 60-year 4s.—-1956
Chlo L 8 A East 1st 4 %s
1969
JChlo Milwaukee A St Paul—
♦Gen 4s series A
May 1 1989
♦Gen g 3 %s series B—May 1 1989
♦Gen 4
series C—May 11989
♦Gen 4 He series E—.May 1 1989
♦Gen 4He series F—May 1 1989
{♦Chic Mllw st P A Pacfis A..1976
♦Cony adj 6s.—----Jan 1 2000
{♦Chic A No West gen g 3%S—1987
Chicago A Erie let
4s.-
♦General
A
O
Af N
♦Btpd 4s non-p
Fed lnc tax 1987
M
8
J
I
---May 1 2037
stpd-May 1 2037
C-May 1 2037
♦Conv 4Mb series A
1949
tf♦Chicago Railways 1st fie stpd
Aug 1938 25% part paid -. ....
{♦Chlo R I A Pao Ry gen 4s— 1988
♦1st A ref 4%s eer
♦Certificates of
deposit
—1934
I960
1951
Gold 8 He
June 15 1961
Memphis Dlv 1st g 4s
1951
Chic T H A So'eastern 1st 68—1960
Ino gu 6s_————-.Dec 1 1960
12%
21%
80
88
22 %
15%
9%
9%
24%
10
13
25
J
J
Af N
♦11H
3%
4H
J
J
J
J
J
D
24
80
13
"11"
4H
71
4H
33
*112%
J
4
4H
66
66
2
24 H
J
J
23
J
26 H
*25 H
2%
3
63%
15
15
lst4%s.—1971
1969
j
j
1st mortgage 4 He
1969
M N
Den Gas A El lBt A ref s f 5s—. 1951
AfN
Stamped as to Penna tax....1951
/
J
{(♦Den A R G let cons 14s
1936
{♦Consol gold 4 %e
1936
{♦Den A R G Wes* gen fis.Aug 1966
7%
O
2%
MJV
M JV
"14 %
14%
15H
MA'
14M
14%
15
M N
*
5%
B—.Apr 1978
{♦Des M A Ft Dodge 4s ctfs—1935
7%
75
*4%
5
3%
♦Ref A lmpt 6s ser
{♦Des Plains Val 1st gu 4 He—1947
30%
Detroit Term A Tunnel 4 He. .1961
12
Dow Chemical deb 3s
16
*8H
J
D
J
D
J
D
1951
{(♦Dul Sou Shore A Atl g 5s.. 1937
10%
18%
Duquesne Light 1st M 3 He...1965
10
18
Nor Dlv 1st 4s..
East Ry Minn
19
East T Va A Ga Dlv let 6s.—. 1956
17
Ed El 111 (N Y) 1st cons g
"10
20
Electric Auto Lite conv 4s
12%
Elgin Jollet A East 1st g fie
1941
12%
El Paso A S W let 5s
1965
2
6
9
5%
12%
3%
4H
80
2%
6%
48H
14%
48H
UK
2
44%
67
10
18%
16%
5s.. 1995
J
A
J
14%
i
"
.....
AO
AfN
J
J
6%
5
5H
11
4%
6%
5H
"I'm
2H
6 M
20
5
5H
2
*79
H
*64 %
57 M
D
D
J
10%
15
~18
"e%
D
J
58
D
5%
22
2%
173
5
9%
8%
4
2
10%
69 M
67
4%
83%
69%
57 M
'-54%
63%
70
82
8
64
53
64 H
49
54
43
58
111
111
111%
43
O
111%
110%
111%
41
S
111
110%
111
16
M
D
*45
54%
D
*20
35
20
97%
96
97%
97%
D
105%
1944 A
.1963
D
1st mtge 3
series E—— .1963
1951
3Hs guaranteed
1st mtge 4s "wles
J
J
O
J
J
107 H
106 K
107%
31
105%
105H
24
M
8
J
"92"
8
4%s series D—-
1943 A
O
105%
105%
101% 108%
107%
107%
101% 108%
18%
J
J
A
O
A
1967 J
*105%
F
A
A
Cln Leb A Nor 1st con gu 4s— .1942 MJV
Cln Un Term 1st gu 8 H eer D .1971 AfN
.1969 F A
1st mtge gu 3%s ser E
J
Clearfield A Mab 1st gu fis—. .1943 J
*104%
*50%
O
15
18
11H
26%
20
19
20
3
UH
26
1963
4s series D
1967 AfN
A O
1975
J
J
1956
J
J
♦N Y A Erie RR ext let 4s.. 1947
1938
{♦3d mtge 4 He
1954
1956
"16"
"15%
16%
15%
15%
16%
50
93%
{♦Fla Cent A Pennln fis
60
59
60
5
58
79
{Florida East Coast 1st 4He...1959
*12
13
11%
15
4s—1993 J D
1993 J D
1977 J J
Cln Wabash A M Dlv 1st 4s.l991 J
J
St L Dlv 1st coll tr g 4s
1990 M N
Spr A Col Dlv 1st g 4s
1940 M S
W W Val Dlv 1st g 4a
1940 J
J
Cleve Elec Ilium 1st M 3%s—1966 J
J
Cleve A Pgh gen gu 4 He ser B.1942 A O
Series B 3Hs guar
1942 A O
Series A 4He guar—
1942/ J
Series C 3 He guar.-..——1948 MAT
Series D 8 He guar
1950 F A
Gen 4 Ha series A
1977 F A
Gen A ref mtge 4 Hs series B.1981 J
J
Cleve Short Line 1st gu 4Hs—.1961 A O
Cleve Union Term gu 5Hs
1972 A O
1st sf series B guar.—.—.-1973 A O
1st sf4Hsseries C
1977 A O
Coal River Ry 1st gu 4s
1946 J D
Colo Fuel A Iron Co gen s f 6s..1943 F A
♦6s Income mtge
1970 A O
Colo A South 4 Ha series A——1980 AfN
108
Columbia G A E deb fie—May 1952 AfN
15 1952 A
1965 F
Columbus A Tol 1st ext 4s
Columbus Ry Pow A Lt 4s
1965
J
103
67H
*_.—
56 M
56
*51
68%
63
75
68
84%
57
4
110H
*95%
110%
"5
98"
HI
*105
77
F
A
J
D
63%
68
108"
59
70
100%
97%
105% 111%
106% 106%
108"
108%
105
107%
101K
105
81
82
61
91H
91
91K
47
82
75 %
81H
75%
*103
104%
83%
76%
110
52
38
....
103 %
104%
14
45
76%
32
26
47
102%
103M
158
103
103 M
104%
92% 104
94
104%
92% 104%
109% 114%
565
104% 124%
5
89% 89%
108
113%
105% 109%
107
107%
108%
82
99% 107
99
108%
107
108
41
98% 108
108%
15
14%
—1965
J
1955
O
May 11965
1967
1970
1966
1946
1st mtge 3 Ha
1st mtge 3He
Container Corp 1st 6s
Crane Co
s
M N
169"
105
D
D
J
D
2%s.„—1948
f deb 3 He
1951
conv
Crown Cork A Seal
a f
m%
M N
J
F
A
15
20
13
15
5
18%
62%
105%
108%
107%
109%
109%
109%
100
104%
97% 109%
100
105%
104
106%
101%
33 H
1952
J
37 H
37
7 He series A extended to 1946—
D
47 %
46%
6s eerles B extended to 1946
D
37%
36%
O
108 H
108%
1943 AfN
64%
F**rtnotes see page
3233.
67
18
106%
100%
102%
31%
1942
14
16
104
Cuba RR 1st fis g
13%
65
104
102 %
15
109%
110H
iolH
9
10%
9%
44%
15
105%
111
J
8
109
161"
A
Dayton Pow A Lt 1st A ref3 He 1960
12
22%
99% 106%
103% 111
100% 109%
100% 110%
110
D
Del A Hudson 1st A ref 4s
64
100%
1948
1948 J
S f 4%s"debentures
Crucible Steel 4He debs..
39
14
166%
Cuba Nor Ry 1st 6Hs
98% 109%
18
104%
15
24
*105
1950 MN
4s
103%
*14%
64
M N
1943 /
15-year deb fis
Continental Oil
AfN
36
*14%
J
1956
J
s f fis
1960 J
Consumers Power 3%s_May 11965 AfN
Consolidation Coal
47
*8
104 %
J
♦Debenture 4s
let mtge 3 He
1st mtge 3 Hs
103% 110%
105%
J
♦Debenture 4s
♦Debenture 4s
2
63
"l5
21
3
16
29
103%
12
33%
37%
36
47%
38%
12
4
7
109
4
65
138
8%
3
*3
*100%
50
50
J
{♦Ga A Ala Ry 1st cons fis Oct 1 "46
J
{(♦Ga Caro A Nor 1st ext 6s„1934
%s„ 1941
J
fie—.1947
96
111%
101
103% 114%
100
106%
101% 106%
100% 101%
97% 102%
25% 37%
31% 42%
36
49
26% 41
110%
103
60
70%
Gulf States Steel
s
f 4 He
2
3%
1X
3
100
103%
33
50
75
72%
21%
59%
30
75
41
12%
13
104%
85
86
104%
101% 107%
48 H
80%
21
21
23
12
47
104%
4
86
45
98
105
83
90%
*25%
*104%
103 H 106%
80
80
105%
*75
D
81
A
"83%
73%
23
105
83%
58
88
*
J
87
99% 107%
105
98
23
88
88%
88%
11
81
94
82%
82%
49
74%
89%
83-
83
42
74
89%
J
J
103%
91%
73%
103%
129
88
91%
82
78%
94%
73%
15
66
81%
J
104%
97%
87%
98%
53
64
"23
84%
84%
81
/
17
69
85
.
91
18
92
96%
107%
47
98
107%
117%
"2
116
122%
75%
9
67
77%
46
5
25%
47%
98
9
93%
98
60
28%
45%
38
"46"
AfN
o
9%
90
J
O
MN
60
103%
95%
107%
J
A
110
73
85
O
J
101%
"l
J
AfN
5%
103
14%
"37%
37%
122
111%
9
46%
62
15%
65
112
30
40
116% 128%
43
11%
102
61%
17%
112%
J
A
91
87
92%
J
88
83%
88
O
"68"
1951 Af 8
A
O
I960 MN
J
J
1953 MN
50%
23
46%
63
51%
52
52
47
62
44
46%
48%
42%
52
18
42
61%
10
52
60%
71
49%
89
39
66%
75
83%
50
48
1955 MN
Litchfield Dlv 1st gold 38—1951
62%
20%
"5
20%
'"46%
Loulsv Dlv A Term g 3%s..1953
Omaha Dlv 1st gold 8s
1951
St Louis Dlv A Term g 3s...1951
69
48
107
Feb
Aug 1 1968
1950
22
*18
Feb
1952
3
*18
J
1946
1952
105
95
J
1946
1961
1969
125%
100
3
J
*12%
103%
4
59
119
105
101%
J
O
F
A
"49%
82
8
3
68
63
66
65%
63
65%
46%
50
"59"
1951
62%
"60~" '63"
3%s...1951
1951
"66%
"60" "el"
Gold 3 He
Springfield Dlv 1st
106
106
/
3%
102%
J
1977
♦Adjustment Income fis.Feb 1957
Illinois Bell Telp 3%s ser B—1970
Illinois Central 1st gold 4s
1951
1st gold 3%s
1951
Extended 1st gold 3Hs
1951
40-year 4%s
Cairo Bridge gold 4s
20%
20%
Houston Oil 4%8 debs
1954
Hudson Coal 1st s f fis ser A—.1962 / D
MN
Hudson Co Gas 1st g 5e.
1949
Hudson A Manhat 1st fis ser A.1907 F A
Collateral trust gold 4s
Refunding fis
9%
J
1976
♦Harpen Mining 6s—
—.1949
Hocking Val 1st cons g 4%s__.1999
Hoe (R) A Co 1st mtge
1944
{{♦Housatonlc Ry cons g 5s.—1937
let gold 3s sterling...
Collateral trust gold 4s
Refunding 4s
Purchased lines 3 Hs
10
J
Gulf A Ship Island RR—
1st ref A Term M fis stampedl952
Gulf States Utll 3%s serD
5%
5%
J
Great Northern 4%s series A—1961
General 5 He eerles B
1952
General 6s series C
1973
1967
*104%
101%
A
MN
Greenbrier Ry 1st gu 4s
1940
Gulf Mob A Nor 1st 5 He B...1950 A O
1st mtge fis series C
1960 A O
108 %
D
Gen Motors Accept deb 3%s ...1951 F
Gen Steel Cast 5Hs with warr.1949 J
111%
89%
108%
AfN
100
28
107
.1956
1958
•Consolidated Hydro-Eleo Works
of Upper Wuertemberg 7s
1956
Consol Oil conv deb 3 Hs
—1951
{♦Consol Ry non-conv deb 4s. .1954
1948
Green Bay A West deb ctfs A
♦Debentures ctfs B
108 H
107 H
8 Hb debentures
8 He debentures
1940
114
110%
124%
109
65%
83
30
110%
109M
87% 101%
97
106%
46
5
9%
*16
3%e series 1
104%
54
57%
D
Gen mtge
101
35
57%
8%
J
General 4%s series D
General 4 He series E
General mtge 4s eerles G
Gen mtge 4 seeries H
101
100 % 103%
7
22
108
109%
122%
109
6
•7
22
106
31
*108%
108%
100%
106%
<z46
J
Gt Cons El Pow (Japan) 7s_—1944 F
J
let A gen s f 6 He
1950
109M
124
11
♦2%
Grays Point Term 1st gu
89%
1968
1958
Conn A Passump River 1st 4s..1943
Conn Ry A L 1st A ref 4 He
1951
Stamped guar 4 He
1951
Conn Rlv Pow a f 3%s A
1961
Consol Edison (N Y) deb 3HS.1946
8 He debentures
1948
""§
100%
105%
"~SK
7"J
79%
71
110 K
98
103
103%
104%
a46
106%
MN
85%
38H
2
100% 104
1947
J
1946
gu g 4
93
102% 107
12
*119
♦Sinking fund deb 6%a f deb 6s
67
13
103%
104
1982
owner
68
37
131
14
93
106%
Gas A El of Berg Co cons g 6s..1949 J D
F A
Gen Amer Investors deb 5s A..1952
J
J
Gen Cable 1st s f
♦20-year
52
94
M N
Fort St U D Co 1st g 4 He
1941
Francisco Sugar coll trust 6s.—1958 MN
♦Gen Elec (Germany) 7s
52%
87
1952
♦Certificates of deposit
5%s A
19
20%
20%
37
103%
D
75
106% 106%
Commonwealth Edison Co—
1st mtge 3Hs series I
Conv debs 3He
J
*100%
J
93
68
110%
O
J
100% 104%
104 %
*110
M N
A
85
101% 106
89%
79%
103
70 H
38
2-4s
cons
{{♦Proof of claim filed by
2
8%
{(♦Proof of claim tiled by owner.
(Amended) 1st
106%
103%
"103%
♦Good Hope Steel A Ir sec 7s..1945 A O
Goodrich (B F) 1st mtge 4 %B—1956 J D
Gotham Silk Hosiery deb fis w w '46 Af S
J D
Gouv A Oswegatchie 1st fis
1942
J
J
Grand R A I ext 1st
*101
82
♦Certificates of deposit
Fonda Johns A Glov 4 Hs
7%
37
50
90
92%
"l"03%
1974 Af S
♦let A ref fis series A
257
85
42
90
28
...-
*105"
63
51
55%
69
63%
111%
77
"31
98
A
Apr
107%
*60
O
Debenture 6s
107%
100 %
107%
O
Debenture 6s
Jan
16 1961 J
Columbus A H V 1st ext g 4s— 1948 A
108
108% 111%
100% 103%
102% 110%
*100
1943
7H
*75
1942
Af S
1942
J D
1954
30-year deb 6s series B
145
*91%
Af S
39
13
50
*48
AfN
Af S
stamped
96%
Genera 16s series B
E
f fie
88
111%
23%
♦Geneesee River let 8 f 6s.. 1957
17
100
103%
102%
52%
29%
20
94
"24
102
*100
*
♦Erie A Jersey let s f 6s
s
102
1953
♦Ret A lmpt fis of 1927-
1st lien
65
95%
19
93 H
108 H
50%
107%
57
Firestone Tire A Rubber 3 He .1948
107 H
106
55
151
105% 109%
24
97
'107 M
"28
107
106%
92%
22%
86%
,
109
85
139
50%
66
Cieve Cln Chic A 8t L gen
Ref A Impt 4 He series
106%
108%
109
AfN
103
2
92
140
19%
112%
1963
♦Series B
1st lien 6s stamped
99% 110
100
108%
92
*138
J
103
110%
20%
93
D
1st mtge 3 Ha
107
110
110
M N
J
11
19
49
91H
AfN
{♦Choc Okla A Gulf cons 5s— -1952
Cincinnati Gas A Elec 3%s— .1966 F
101% 109%
105 H
108
Chic A West Indiana con 4s— .1952 J
.1962 M
1st A ref M
Chllds Co deb 5s
104
107
48
25
103%
J
Federal light A Traction 1st fie 1942
fis Internationa series
1942 Af S
13
105
113
22%
19%
Ernesto Breda 7s..
27
105 H
107 M
40
J
Af S
Chicago Union Station—
Guaranteed 4s.
I
O
1940
♦Conv 4s series A
conv
40
A
J
{♦Erie RR let oons g 4s prior.. .1996
1996
♦1st consol gen lien g 4s
♦Gen
105
J
AfN
6%
108% 113
105% 112%
J
*50
70
53
A
*100
Fairbanks Morse deb 4s
M
32
*42
F
Erie A Pitts g gu 3%s eer B__. 1940
stamped
♦Ref A lmpt fis of 1930
9
1952
Af 8
A
1965
fis
Series C 3 He
F
1948
18%
10%
9H
9%
9
9
—1996
16%
10 H
4
10 H
9
—1995
Dul MIssabeAIr Range Ry 3 Hsl962
11%
5%
5%
9
MJV
16
G...1966
♦Second gold 4s
3%
9%
"ii
18H
15%
10 H
1965
Gen A ref M 4s ser F
11
15H
"15"
'16"
9
10%
6%
Gen A ref mtge 3 He ser
13
107%
9%
5
♦Detroit A Mac 1st Hen g fis
~n
107%
"T%
2
31%
31%
14 H
*108%
107%
*107%
8%
2
28%
94
104% 107%
104% 108
7
15%
7%
14%
1Q7H
9
High
109%
7
18%
114
107
104 H 106%
106 H 108%
3%
18
8%
Low
6%
7%
4
2H
No.
104%
3
30%
35
7H
2%
♦13H
104%
3%
112%
19%
19%
5%
1%
9%
High
Since
Jan. 1
2%
18
10
Range
is
09
*108 %
♦Assented (subj to plan)
126
27
*18
J
A
A
23
25
"25 %
Bid
1st A ref 4 %S
111
24 %
Price
Del Power A Light
Detroit Fdlson Co 4 He eer D..1961
1962 M~iS
Ch St L A New Orleans 6s
22%
3
6
♦11
-----
(♦Refunding gold 4s
♦Certificates of deposit
(♦Secured 4%s series A
♦Certificates of deposit
♦Conv g 4 He
12%
17
18
ft.
High
112%
21
"22 %
J
Btpd Fed lnc tax—1987
Fed lnc tax
1987 MJV
♦4 %s stamped
1987 Mff
AfN
I ♦Secured 6 He
1936
♦1st A ref 4%s
97
86
17
N
Low
Low
85
18
Friday's
&
Asked
Sale
EXCHANGE
Week Ended Nov. 17
1
16 H
♦Gen 6s stpd
♦1st ref g 6s
NO.
*110M
AfN
—
♦Gen 4 %s
High
Jan.
Y. STOCK
Range or
Last
BONDS
.
N
18, 1939
Week's
Friday
g
Western Lines 1st g 4s
rar
Volume
New York Bond
149
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 17
Week's
Last
Range or
Sale
Friday's
inter st Period
1
«
Bid
Price
&
"§2
Friday
N. Y
High
No.
52*
70
D
48*
25
O
101*
101*
3
A
*12
1063 J
D
1st A ref 4*s series
1963
1940
1948
J
A
F
♦Ilseder Steel Corp 6s
Ind Bloom A West 1st ext 48—1940 A
51*
J
{♦Ind A Louisville 1st gu 4s—1956 J
J
Ind
Union
1950
*104
■
-
..—1948
D
1961
{Interboro Rap Tran 1st 5s
1966
_
99
67*
61*
70*
4
9
..
-
„
-
7*
60*
69*
73
466
32*
29*
31*
67*
66*
33
111
A
UCU
J
A
71*
149
148
51
13
15
16*
44
15*
O
91*
1*
J
J
*9
IN
12*
J
*9
14*
73*
O
A
74
O
J
Ref sf
3
J
57*
101*
Af S
Af N
99*
77
80
79
9
80
87 *
43
F
A
49*
49*
50*
164
45H
2*
2*
3
IN
57
103*
111
111*
81
/
100
74 *
75*
5
56*
95*
56*
2
40
60
95*
15
90
84
1
79
96 H
86
26
293*
10
29
29
29
65*
64*
653*
1940 J
City Air Line 4s
Jack Lans A Sag 3 Ha
let gold 3 Ha
Ref A impt 4 Ha series C
1951
40
68*
J
J
108*
108*
109
17
J
D
105
104*
105*
53
*_.
36*
*.
MN
25
71H
56
99 * 109 H
102 H 107
27 H
9
Kentucky Central gold 4a
J
1987 J
J
J
66*
J
*80
89*
*80
J
A
O
F
A
79
....
D
*44*
J
D
26*
Af 8
15*
J
72
85
150
170
....
49
88H
*105*
"98"
106*
*106*
*101"8»
103
108H
102*
95
102H
95
104*
81*
{(♦MStPASSMcong4slntgu'38 J
|*lst cons 5s
1938 J
•♦1st cons 6s gu as to Int...1938 J
♦1st A ref 6s series A
J
J
J
D
MN
104*
103*
104*
74
J
104*
104*
104*
1
104*
7
J
F
104*
A
6*
J
100H 105H
99 *
105 H
3
3
59
101
11*
10
55
76*
92* 102*
9*
14*
40
26*
15*
2
57*
20
11
8*
4
6*
17*
28*
73
2*
31*
4*
1*
-
3*
6*
6*
6*
7*
,.21
5*
6*
18
3*
7*
2*
19
6*
1*
2*
3
6*
V*
2*
"2
2
55
*
*63
1
65
«
33
33
34*
1962 J
J
22*
19*
24
J
J
19*
19
19*
14*
14*
Jan 1967 A
O
F
A
7
55
{♦Mo Pac 1st A ref 5s ser A
<
9
3*
3
10*
7*
10
"_9*
9
5
3*
27
35
5
55
69
45
-
101
9*
1*
55
75
25*
61*
14
37*
11*
12*
32*
4s
1975
Af"s
1977 M 8
♦1st A ref 5s series F
15
6
34
17*
1978 M N
29
3
2*
21*
2
13*
20*
1949 Af N
1980 A O
A
62
12*
14
2
15
12*
12*
14*
2*
2
2*
15
13*
*13*
♦Certificates of deposit
1981 F
77
14*
T5~"
4
15
14
15
14*
♦Certificates of deposit..
♦1st A ref 5s series I
12*
15
14
"I"
♦Certificates of deposit
♦Conv gold 5*s
♦1st A ref g 5s series H
38
14*
13*
3*
13*
1965
14
15
13*
♦Certificates of dei oslt
|*Mo Pac 3d 7s ext at 4% .July 1938 MN
t*Kreuger A Toll secured 5s
Af S
65
_
"*i*
1946 J
♦1st A ref 5s series G
*77
J
*30
*
1949 Af S
F
♦Certificates of deposit
....
77H
Certificates of deposit.
J
1934 MN
♦Ref A ext 50-yr 5s ser A...1962 Q
♦General
*155*
100*
11*
11*
"89* "97"
7
....
91
J
J
101
J
1962
104 H 108 H
93
S
1978 J
1
92*
J
O
Prior Hen 4 Ha series D
♦Cum adjust 6s ser A
105*
*86
89* 100*
-
88
..1940 A
40-year 4s series B
93 H 101*
*
100*
*63
27
ioi* ~"~4
«.
-
*
1979 J
1963 M
prior Hen 5s ser A
105*
J
J
J
*100*
89*
20
101
101*
Af S
J
"30"~ ~30"~
30
"89*
17
24
*
*
*9
S
M
27
*9
MN
8H
Missouri Kansas-Texas RR—
72 H
67*
6*
*
1952 Af N
{♦Minn A St Louis 5s ctfs
60* 102
7*
S
17 H
36 H
68*
*6*
♦Mlag Mill Mach 1st s f 7s
1966 J I)
Michigan Central Detroit A Bay
36
37
23
62
J
*74
83*
101* 104*
108* 111*
S
♦Mex Internat 1st 4s asstd_...1977 M
♦4s (Sept 1914 coupon)
1977 M
J
J
J
♦25-year 5 H8
1949 M 8
1st A ref 5 Ha series B
1978 J
J
{♦ Mo-Ill RR 1st 5s series A—.1959 J J
Mo Kan A Tex 1st gold 4s
1990 J D
24
2
36
J
*61*
103
29*
O
82*
*85*
111*
84
0
A
81
76*
103*
♦1st A ref gold 4s
A
42
Metrop Ed 1st 4 Ha series D...1968 Af S
Metrop Wat Sew A D 5 Ha
1950 A O
{J»Met West Side El (Chic) 4S.1938 F A
t J*M11 A No 1st ext 4 Ha
1939
♦|Con ext 4Ha
1939
{♦Mil Spar A N W 1st gu 4s
1947
{♦Mllw A State Line 1st 3HB-.1941
73
13
♦Certificates of deposit.
17*
Mead Corp 1st 6s with warr..l945 Af N
83 H
10
177
O
45
31H
{♦Mid of N J 1st ext 5s
45*
A
42
15
Michigan Consol Gas 4s..
91
95*
38
39
95
44*
D
76*
41
*40
A...April 1940 Q
82*
91
Af S
24*
53
ser
87H
48* 79H
93
101H
45*
J
209
52*
67 *
J
Af S
26*
52*
4
A
-
388
J
21H
F
-
45
76*
76*
"75"
87
97
J
-
67*
23
54
20
55
39*
72*
20
145
11
26
70
1*
95
53*
38*
70
8H
60*
101*
93
95
82
53
37*
70*
70*
53
14
8H
54
67
72
....
4
High
105* 107*
8
80*
15
....
74
A
1*
Low
2
107
74*
99H 103 H
J
No.
Jan. 1
15
109*
50
'71*
90*
♦102*
O
1942 Af N
1952 J
3
80
Af~S
71H
71*
872
31*
Since
cqoa
43
73
71
D
31H
69*
70*
♦Certificates of deposit..
Manila Elec RR A Lt s f 6s...1953
O
27
72*
M
2013 J
♦8econd 4s
Range
Asked
74*
A
Market St Ry 7s
J
O
{♦Manhat Ry (N Y) cons 4s._1990
♦Certificates of deposit.
1
High
dk
107
Feb 1 1957 MN
f
s
73
99
J
107*
Manatl Sugar 4s
50 H
103
107*
♦Certificates of deposit.
Corp 6s stamped
{♦Int-Grt Nor 1st 6s ser A
bid
Low
Af N
s f deb 5s. 1951
D
Maine Central RR 4s ser A... 1945
D
Gen mtge 4Hs series A
1960
73
90
24
107*
♦Certificates of deposit...
Int Agric
Price
Manila RR (South Lines) 4s._.1959 A/N
J
{♦Man G B A N W 1st 3Ha...1941 J
Marlon Steam Shovel s f 6s
1947 A O
37
98*
A
98
13
105
104
-
99
J
F
1932 A
I ♦10-year 6s
UUUT
56 *
J
Certificates of deposit..
HUH
40 H
101* 105
13
41H
72*
Industr'al Rayon 4*s
Inland Steel 3*s series
mwiioaq
60*
95
8*
•8*
-
43
98
*55
Ry 3*8 series B..1986 M S
^
w
*
O
J
Ind 111 A Iowa 1st g 4s
17
McCrory stores Corp
Jolnt 1st rel 5s series A
C
Range or
Fridav'e
Sale
High
Low
III Cent and Chic St L & N O-
Illinois Steel deb 4*s
Ended Nov.
Week's
Las«
STOCK EXCHANGE
Week
Jan. 1
51*
47*
4
BONDS
Range
Since
Asked
Low
Record—Continued—Page
3231
*65
13*
16
2
122
3
12*
2
6*
21*
20*
21*
19*
4N
68
21*
12*
21*
12*
20*
65
14
12*
12*
135
4
15
"l5"
69
15
25*
68
20*
13*
{Mobile A Ohio RR—
A
83
O
4
83
9
81
83
49*
49
493*
A
47*
48*
A
46
A
O
F
A
F
F
F
A
20
F
♦Ref A lmpt 4*8
M
S
28
|*8ecured 5% notes
M
S
32*
21*
27*
31*
S
105*
105*
106*
2
110*
108*
110*
12
103
110*
110*
39
98
110*
99*
77*
201
49
4
45*
58H
Mohawk A Malone 1st gu g 48.1991 M
46
47
6
42
51
46*
1
41
50 *
Monongahela Ry 1st M 4s ser A *60 Af N
Monongahela West Penn Pub Serv
O
1st mtge 4 *s_
1960
J
*75 *
J
*78
88
J
D
82
83*
....
25
83*
76 H
70
1966
O
Montana Power 1st A ref 3*s.l966
D
99*
80
90
Montreal Tram 1st A ref 5s....1941
J
77*
67
34
21H
35
Gen A ref 8 f 5s series B
53 3*
52
9
47
64
Gen A ref s f 4*s seilea C...1956
52
1
47
64 *
Gen A ref s f 5s series D
89*
89*
1
84 H
91
30
41
O
*
60
34
\F
33
*17
283*
25
25
F
*
A
■
25
1
30
J
45*
19
30*
Constr M 4*s series B
1956 MN
Mountain Btatee TAT 3*s..l968 J D
MN
Mutual Fuel Gas 1st gu
40*
40
41
37
29
40
28 H
35
16*
23*
32*
31
Nash Chatt A 8t L 4s ser A
31H
Nassau Eleo gu g
g
22
31H
30
60
Nat Acme 4 *s extended to
J
50
1
37 H
50
Nat Dairy
MN
44*
40
66
Nat Distillers
Prod 3*s......l949 M 8
Prod deb 3*
17
24
♦4s April
18*
29
12
23*
♦4s April
10
15
27
20*
20
14
25*
44
60
55
62
19*
50
A
O
A
O
112*
126*
*127
F A
6s..
A
O
J
D
100*
F
D
F
-
A
J
A
A
F
Louisiana A Ark 1st 5s ser A.
J
M
^
2
1
112*
6
126*
1
100*
HI* 118H
118H 129 H
119
-
-
..........
100*
122
68*
20
131
94
66*
68*
109
*70*
104* 110H
17
110
75
--
•»«.
48
•
8
86*
80
127
12
124*
83*
45
75
108*
12
100
109
101»n
7
88*
117* 129*
116
128*
90*
110*
105* 109*
O
98
97*
98
18
97* 101
91
99*
A
O
92
88
92
53
84*
A
O
84
82*
84
14
80
A
1st A ref 5s series B
1st A ref 4 He series
C.
1st A ref 4s series D
A
O
F
Mob A Montg 1st g
J
Af N
F
A
73
10
97* 101
106
82*
110
112
106
106
*7
49
1
4
u'nr
fnntnntoa
boo
nace
39SS
65
88
111*
77
100* 107*
22
1
{♦Naugatuck RR 1st g 4s
24*
*
*
*
1*
*
*
100*
1954 Af N
1st A ref 5s series B
101*
66
J
J J
J D
Af N
66
1*
1
58
30
32*
32
10
"32*
32
"8
68
27*
125*
122*
125*
108*
124*
109
"7
76
1
K
F A
A O
J
J
*55
J
106*
"69"
125
2
17
105*
106*
68*
31
92* 103*
58
20
69
20
113
32
129*
73
105* 110
65
46*
59
32*
118* 129
73
74*
76
"""* ""*
122* 125*
'121*
D
{|*N O Tex A Mexn-c inc 5s..1935 A O
♦Certificates of deposit
♦1st 6s series B
1954 A O
78
69*
106*
102
106*
106*
102
106*
69
68
74*
32*
23
38
*20
*34*
"24* "40"
"37
32
30
37*
24*
38
30
30
30
31
31
24
35*
34*
35*
24*
43
33
33
23
36
♦Certificates of deposit
85*
23
73
95* 105
H
'"*
101
1965
♦1st 4 *s series D
79
83*
73
J
60
No 4 on '61
♦1st 5s series C
99*
*
♦Assent warr A rc*>
National Steel 1st mtge 3a
93*
89*
99*
♦
M S
4 Ha
86
77*
79
A
Af 8
103*
**
**
A O
J D
J J
88
100*
101
103
§♦ Assent warr A rets No 4 on '26
♦4s April 1914 coupon on
1951
♦4s April 1914 coupoi off...1951
J"
88
80 H
Louisville A Nashville RR—
>J
103*
108
99
H
4 H > A 1952
5s ser A..1952
1955
New Orleans Term 1st gu 4s...1953
81H
108
83*
108*
Af S
169
*
New Orl Pub Serv 1st
1
82*
107*
Nat RR of Mex prior lien 4 *s—
N O A N E 1st ref A Imp
68H
11
*123
106*
**
J
102 H 111H
62
70
107*
__
106*
1914 coupon on
1977
1914 coupon off...1977
{♦New England RR *uar 6s—1945
♦Consol guar 4s....
1945
New England Tel A Tel 5s A..1952
1st g 4 *8 series B
1961
N J Junction RR guar 1st 4s..1986
N J Pow A Light 1st 4 Ha
1960
New Orl Great Nor 5s A
1983
86*
86*
100*
♦Assent warr A rets No 5 on '77
Newark Consol Gas cons 6s...1948 J
86*
126
127
40
100* 102
100*
1914 coupon off..1957
103*
86*
-
46
38*
Mexico—
107
92
86*
f
—
29*
106
107
110
A
J
-
109*
Af 8
O
-
100
Af 8
A
-
»
55
«.
101
O
Af S
6s.
20
*109
MJV
~D
♦Assent warr A rets No 4 on '57
21
*50
47
....
117*
101
**
**
**
23
16*
20*
72*
41
♦4*s July 1914 coupon on..1957
55
20*
O
64*
39
40*
♦4 *s July
44 H
45
18*
O
97
69*
10
14
17*
A
4
70
101
70
♦4*8 Jan 1914 coupon on_..1957
7
A
101
101
23*
8
18*
20*
Af N
49
99* 110*
111
117
55
3
45
*17*
1946
w W..1961
25
4
116*
12*
11H
13*
45*
45
«
106*
116*
**
Af N
♦6s assented
J
'106
62
43
*37
Certificates of deposit
Af N
6s
A
2
16*
»
Af N
♦4 Ha assented
4s stpd
1978 F
1951 J
50
18
„
Af N
♦4s assented.
5s...1947
Mut Un Tel gtd 6s ext at 5%..1941 M N
25
45
45
J
Af N
56*
64
44*
National Rys of
>J
36
"68"
~4l"
2
15
67*
45*
44
44
A
72*
67*
"41*
50
— —■
99*
70
O
25
50
J
«.
F
■»
75
O
50
....
\J
—
5
91* 101*
1956 M N
Constr M 5s series A
16 H
*24*
A
3
D
23
A
....
58*
19*
37*
59
42*
101* 106*
2000
Morris A Essex 1st gu 3*
36
F
17H° 32*
41
1956
20
*37
....
16
32*
72
*
53
Lehigh Val Coal Co—
cons
1966
O
32*
J
M S
f 6s.
O
53*
J
A
♦General
1956
21*
28*
74
76
*
33*
Dec
s
6s debentures
Gen A ref s f 5s series A
Lautaro Nitrate Co Ltd—
J
57
63
80
J
♦1st A ref
1977
....1938
46*
'J
4
♦Montgomery Dlv 1st g 5S..1947
90
68 H
78
Lake Erie A Western RR—
J
A
91H
77 H
45
1956 F A
30
♦Certificates of deposit
1956 A
F
1954 0
A
30
35
♦Certificates of deposit
♦1st 6*s series A
♦Certificates of deposit.....
35*
24
1939
18
Nov.
New York Bond Record—Continued—Page 5
3232
Week's
Friday
Week's
BONDS
Last
Range or
N. y. STOCK EXCHANGE
Week Ended Nov. 17
Bale
Friday't
Price
Bid
A
N Y Cent RR
4 Ha..1946
High
38
77
76 x
77
.2013
57 h
56x
58 x
344
42
65 x
162
47
Ref
64 x
65
50
77 X
Gen mtge 3Xs series C
78 x
27
75
Consol sinking fund 4 Xs
87 x
16
72
84 x
89
General 4 Xs series A...
62
62 x
10
56x
70
General 6s series B
59 x
60
11
58
68 x
Debenture g 4Xs
85
85
59 x
67 x
65 x
67
47 x
71
72 x
General 4Xs series D
Gen mtge 4Xs series
65
Conv
83x
86 X
58 H
57 x
58x
212
39
1940
81x
80 X
10
05
71x
81X
84x
74 x
20
50
79
105 x
105 x
22
100
107
104
107x
83 x
'74
1941
1953
1963
—
*107 x
1951
108x
"21
55
54 x
55
77 x
8
47 x
48 x
1947
—.
53 h
52 x
53 x
11
1965
107 x
107 x
108 x
34
100
1900
—
3 Xs ser E
109
108 x
109
10
100
RR
N Y Gas El Lt H A Pow g 6s__ 1948
1949
Purchase money gold 4s
59 x
63
110x
112x
♦123x
116x
Greenwood Lake 5s— 1940
N Y A Harlem gold 3 Ha
2000
N Y Lack A West 4s ser A
1973
14 H
♦N Y A
110x 120x
108 x 119x
116x
12
14x
14x
17x
*55
58
99 x
48 x
4 He series B
1973
♦NYLEAW Coal A RR 6Xs *42
*56
65
54
Imp 6s 1943
Long Branch gen 4s
1941
*60
*95 x
*50
9
16
S
9x
16x
J
16
14X
16
17
10
10x
*
16
15
10
74
10x
68
io
16x
lex
206
10x
20x
16
28 x
3x
10x
20x
42
67 x
j
15
14X
15
j'
19X
19
20
y
27 X
20
28 X
■
30
7
8
19
110
55 X
6
6X
9
18X
54
t
18X
J
7X
7
7X
4X
*3X
*70
)
1
/
......
j
11
20
5x
2x
....
108 X
107
"54 X
102X 110x
104
J
104 X
103
104 X
130
9X
13
8
109 X
109 X
88
8
100
62
109 X
110
109 X
109 X
6
103 X
15
103
103
12X
34
7x
12
12 X
30
7
57
♦Certificates of deposit
55
57
12
41
{(♦Norfolk A South 1st g 5s...1941
—.—
1949
debenture 3Ha
1954
debenture 4s
1959
North Cent gen A ref 6s
...1974
Gen A ref 4 He series A
1974
{♦Northern Ohio Ry 1st guar 6s—
♦Apr 1 1935 A sub coupons..1945
100
107 X
91
111X
17x
15x
37
30
98
105X
107X
106
16
97 x
107x
106x
108
31
99
108x
114x 124
112x 114 x
107
60
60
65x
Ctfs of deposit stamped
North Pacific prior Hen 4s
Gen Hen ry A Id g 3s Jan
„
"
2047
Ref A lmpt 0s series B
2047
Ref A lmpt 6s series C
2047
Ref A lmpt 6s series D
2047
Northern States Power 3 Ha
1957
Northwestern Teleg 4Xs ext.. 1944
"85""
58
59
84
60 x
74 x
49 X
SIX
13
52
42 x
42 x
05
27
211
98 x
49 X
109
10
*9X
64
110x
10 x
108 x
6
—
105
108 X
108X ""33
97 x 109 x
108X
109
25
98 x 109 x
96 x 109 x
.1972
106X
105
106 X
130
.1966
109
109
109 X
8
Ontario Power N f 1st g 6s
.1943
105X
102
11
106
1041#s2 1(05 X
*105X
108
110
101X 106
95 x 113x
102x u6x
15
....
109 X
"115X
110X
4
104 x 111x
115X
115X
116X
33
112X 117x
114
118x
*115X
.1940
----
Ore-Wash RR a Nav 4s
.1901
"106X
105
106X
71
98
Otis Steel 1st mtge A 4 Ha
.1962
77
77
77 X
15
64 x
81x
Pacific Coast Co 1st g 5e
.1946
Pacific Gas A El 4s series G....1904
60
59
60 X
10
53
65
111X
112X
66
110
109 X
110X
82
101
h3x
101x 112x
107X
20
100
110
12
67
83
65x
75
75
*65
74
106X
108
22
100
107
107 X
108 X
108 X
23
-----
....
100
112x
101X 104 x
*101X
*105X
86 X
47X
1
*120
#
Guar 3 Ha trust ctfs C
.1942 J
a
*102 X
*103 X
103 X
.1944 J
Guar 4s
.1952 M N
ser
E trust ctfs
28 vear 4s
.1903 F
D
A
Penn-Dixle Cement 1st 6s A....1941 M S
Penn Glass Sand 1st M 4Xs...1960 J D
Pa Ohio A Dot 1st A ref 4 Xs A..1977 A
J
-
— «.
103 X
103 X
103
103
101 x
95
95 X
106
mm-**-"*
97
•
•
•
*
95 X
106
98 X
100
127
45
....
73
101X 103 x
....
101 x 104
10
99 x 104 x
5
105
76
96 x 105
89
100x
5
102
1
3
----
1
(
1
68
54
72
iiox
112 x
36
109
109 x
4
103 x 111 x
109 x
4
107
115
102
110
102
107 x
110
106x h5x
109 x
nox
39
103 x 112x
12x
12 x
12 x
33
4x
4x
4
x
42
J
6x
6x
6x
9
1948 M S
112x
111x
h2x
51
100
100
22
102 x
102 x
3
102x 105x
106x
106x
1
107x
107x
106 x 109 x
104
108 x
{(♦Phfilpplne Ry 1st
conv
Pitts Coke A Iron
s
1937
f 4s
3s
conv
4Xs A. 1962
Pitts C C C A St L 4X8 A
Series
B 4Xs guar
Series
1940
1942
1942
1946
1949
1953
C 4 Ha guar
Series D 4s guar
Series E 3Xs guar gold
Series F 4s guar gold
AT S
cons
A
O
MN
107 x
MN
*105 x
F
*103
a
2x
19
7
14
6
105 x 117
90
101X
-—
102 x 109
...
100 x 100 X
D
111
105
*113
110
108 x
117 x
MN
*114
110
118x
D
106 x
106x
106x
101
107 x
1975 A O
4Xs
Gen mtge 6s series A
Gen mtge 6s series B
Gen 4 Ha series C
105
*107
1970
4 He
cons guar
o
9x
1904
Series H cons guar 4s
Series I
a
"5
106
1967 M N
1960 F a
1903 F A
Series G 4s guar
105 x
105
106
13
98
99
33
1977 J
Pitts Va A Char 1st 4s guar
1943
108x
J
'
*47 x
*
48x1
2
92 x
99 x
106x 107x
11
59 x
59
23
59 x
104
49 x
*105 x
,*110x
101x 107
23 x
23
51
50
48
1948 J D
Pitts Y A Ash 1st 4s ser A
108x
MN
Pitts A W Va 1st 4Xs ser A—.1958 J D
1st mtge 4Xs series B
—.1959 A O
1st mtge 4X8 series C
1900 a o
100x
{♦Porto Rico Am Tob
1960 M
conv
S
107 x
6sl942 J
♦0s stamped
J
J
Potomac Elec Pow 1st M
J
3XS.1900 J
107 x
1951 /
—
Pub Serv.of Nor 111
Purity Bakeries
s
3Xs—..1968 a
f deb 5s
1948 J
44
17 x
18 x
106x
"84"
84
4x
18x
106x
84
107 x
93 X
99 x
93
95 x
191
1
J
D
o
108x
109 x
143 x
143x
*211
58 x
23
48
36
24
48
485
1
10x
18x
ioix nox
70
4
88
ix
4x
40
109x
143x
83
105x 107x
12
*50
J
J
43
41
"44
{♦Providence Sec guar deb 4s._1967 MN
{♦Providence Term 1st 4s
1950 M S
Public Service EI A Gas 3 Xs—1968 J
1st A ref mtge 5s
2037 J
1st A ref mtge 8a
2037 J
82
107 x
42
J
1942 J
Pressed Steel Car deb 6s
80
81X
J
{(♦Postal Teleg A Cable coll 6s. 1953 J
—
*106
1950 J
Port Gen Elec 1st 4Xs
1st 58 1935 extended to
45
6
49 x
102 x 112
107x
108x
'85
103
102x
103x
131
153
200
1
220
108x
224 x
25
99
110x
95x 104 x
{♦Radio-Kelth-Orph pt pd ctfs
for deb 0s A com stk
(05% pd).— J
(♦Debenture gold 6s
1941 J
Gen A ref 4 Xs series A
Gen A ref 4 Xs series B
1997 /
1997 /
*53 x
D
57
53
79
55
03
60 x
60
60 x
29
50
03 x
J
J
72 x
71
73
40
66 x
80
71
72 x
8
68 x
99 x
100 x
45
54
D
(♦Deb 6a stamped
1941 J D
Reading Co Jersey Cent coll 4a. 1951 A O
gu__.1941 MN
RepubUc Steel Corp 4 Xs ser B.1961 F a
Purch money 1st M conv 5Xs *54 MN
Gen mtge 4Xs series C
1956 MN
55
*56 x
98 x
98 x
♦Cons mtge 6s of 1930
Richfield Oil Corp—
4s
108 x
5
94
94x
8
85x
9
95
100
J
Gen mtge
3Xs series J
37
12
12
18x
22
*8
108x
102 x
J
8x
1977 M
8
'
12x
{(♦R I Ark A Louis 1st 4X8—1934 M S
s f 6s_._
1948 A O
J
{♦Rut-Canadian 4s stmp
1949
J
{♦Rutland RR 1st con 4Xs..1941
8x
O
99x
105 x
8x
*16x
106
9x
12
20
104
....
i960
St Louis Iron Mtn A Southern—
O
....
59
/
{♦St L-San Fran pr Uen 4s A.. 1960
♦Certificates of deposit...
J
58
59
"/
22
9x
10
9x
iox
5x
35
10
88
11
107x
103x 108
24
52
05 X
51X
04
9
12X
22X
1
52 X
62 x
58
"16" ~
22
11
80
20 x
59
/
13x
30
94
9x
1948
{♦St L Peor A N W 1st gu 6s
St L Rocky Mt A P 6s sptd... 1955
...
8
16
4
109x
*38
MN
4
104
~99x 106"
--
99 x
*108 x
59
88
7
14
9x
19
iox
26
6X
7X
13X
14 X
14
9x
10
12
7
9x
9x
iox
80
6X
9x
9
9x
38
6x
1989 MN
60
60 x
10
54 X
65
J
*33
26
35 X
J
16
"_8
15
23X
J
9
29
8
15X
10
♦Certificates of deposit...
♦Con M 4X8 series A__
1978 MS
♦Ctfs of deposit stamped..
{♦St L SW 1st 4s bond ctfs
40
44
12x
12
10
/
I960 J
X 13X
28 x
13 x
97
/
♦Prior Hen 6s series b
8
43
10
iox
*9x
1990
♦fRiv A G Dlv 1st g 4s_._
♦Certificates of deposit
102 x 106
1
*107
106
♦Ruhr Chemical
St Lawr A Adlr 1st g 6s
2d gold 6s
1
S
1967 M S
1967 M S
1909 M S
Saguenay Pow Ltd 1st M 4X8.1966
St Jos A Grand Island 1st 4s...1947
27 X
100x ho
33 x
12x
28
37
♦42
J
O
109x
102 x
28
5
9x
13
27 x
7
*10 x
109 x
51
7
*11
D
A
101X
*15
a
{♦Rio Grande June 1st gu 6s_.1939
{(♦Rio Grande West 1st gold 4sl939
♦1st con A coll trust 4s A
1949
96
*13 x
1965 A O
1955
Roch G A E 4Xs series D
Gen mtge 3Xs series H
Gen mtge 3Xs series 1
100
96
102 x 116
108
94 x
*10x
M S
102x
85 x
19
*10 x
f conv
♦Rlma Steel 1st s f 7s
94
2
105
108 x
A
1953 F
debentures......1962
Richm Term Ry 1st gen 6s
1952
s
94 x
80
92
100 x
93 x
4XS.1956 / J
.1946 / J
♦3Xs assented
1946 / J
♦Rhine-Ruhr Water Service 0s.1953 /
J
♦Rhlne-Westphalla El Pr 7s...I960 MN
♦Direct mtge 08
1952 MN
♦Cons mtge 6s of 1928
98x
*98 x
94
Revere Cop A Br 1st mtge
♦Rheinelbe Union s f 7s
♦2d 4s Inc bond ctfs...Nov 1989
|*lst terminal A unifying 6s. 1952 /
♦Gen A ref g 5s series A
For footnotes see pave 3332
76x
52
62 X
68
x
91x
116
....
....
ioox
100 x
O
.1981 J
4 Ha series B
-
72
D
Guar 3 Ha trust ctfs D
„
57 x
42
24
47 X
.1942 AT 8
Penn Co gu 3Xs coll tr ser B-..1941 F
105 x
45 x
77
14
84
""86X
48 X
Pat A Passaic G A E cons 6s....1949 M S
f 7s
99
110
47 X
♦Paullsta Ry 1st
s
112
1
a
Paramount Pictures 3s deb....1947 M S
Parmelee Trans deb 0s
.1944 A O
57x
63 x
72
106 X
107 X
-*
Panhandle Eastern Pipe l 4s_..1962
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
.1955 F
107 x
112X
3X« ser H....1961
1st A ref mtge 3 Ha ser i
.1966
(♦Pac RR of Mo 1st ext g 4s...1938
.1938
(♦2d ext gold 6s
Pacific Tel A Tel 3Ha ser B_..1900
Ref mtge 3Xs series C
.1960
Paducah A 111 1st s f g 4 Ha
.1956
1st A ref mtge
70 x
(
Rensselaer A Saratoga 6s
1st mtge 3Xs..
Oklahoma Gas A Elec 3Xs
4s debentures
Guar stpd cons 6s
69
09 x
110x
53x
108
16
77
11h
103 x 106 x
Phi la Electric 1st A ref 3Xs... 1967 M S
{♦Phlla A Reading C AI ref 6s. 1973 J J
1949 M S
♦Conv deb 6s
60 x
■
1
97 x 105 x
39
104^32
106
60
39x
.1940
3
105 x
50
Ontario Transmission 1st 5s....1946
43
105 x
95
109
108
10
105x
5s series A
48
X
*95
Oregon RR A Nav con g 4s....1940
Ore Short Line 1st cons g 6s__..1940
106
117 x
15
21
8
D
sec
42
•
68 x
7x
1907
Phlla Co
45
•,
115 x
67
117h
106
68 X
52
114
115
110
D
40 X
5ix
.1967
113x
68
90 x
2
1981 J
Remington Rand deb 4Xa w w.1956 M S
4Xs without warrants
1956 M S
108 X
74 x
General 4 Xs series D
69
58 X
r
97
88
General g 4 Xs series C
47 X
•
4s
38
64x
97
86 x
43
X ""46
90x
109 x
68X
r.
♦Og A l Cham 1st gu g 4s....1948
.1943
Ohio Connecting Ry 1st 4s
.1965
Ohio Edison 1st mtge 4s
1st mtge
38
X
79
90
89
*106 %
106
41X
1997
2047
Ref A lmpt 4 He series A
*35
„
4
38
38
♦Apr '33 to Oct '34 coup8-1945
♦Apr'33 to Apr'38 coups..1945
54
36
28
1977 J D
119X
1946
108x
87 x
a
46
106 X
38 x
120
92 x 101 x
85x
115x
1902 F a
1974 J D
60
100
110
100
96x
90x
J
1974 F
30
86 x
1943 M N
1st gen 5s series B
119X
*105X
108 x
108 x u3x
90 x
81
1977
1st 4Xs series D
106
1990
North Amer Co deb 3 Ha
191
109 x
106
107 x 114
95
3Xs deb.. 1952 J D
1st gen 6s series C
107 x 110
94
103 x
11X
iox
12X
1st g 4 Xs series C
—
42
100 x
100 X 106 X
101X 107 x
95x
1980 M S
General 5s series B
21
117 x
107 x
1956 J
Phi la Bait A Wash 1st g 4s
8
High
Low
*53
1st 4s series B
conv
86
99 x
Apr
9
5x
102 X
11
110
?
April 1990
4s
11
86
2
54
12x
111x
70 x
3
4X
4X
4X
30
2
85
88
88
r
JH
2
nox
85
)
105x
5x
6x
3
40
40
O
94 x 107 x
....
7
7
108 X
93
7
r
55 x
3
105 X
1
82
44 x
9
105
i
7H
109
105
J
10x
107
J
X
8X
*3X
9x
62
1
S
.1940 A
Peoria A Pekin Un 1st 5Xs—. .1974 F A
.1958 J
Pere Marquette 1st ser A 5s.
Series J
....
54 X
♦Income
_.
88 x
117
O
.1947 M
Refunding gold 5s
88
117x
100x
107x
87 x
95x
95 x
85 x
.1943 A
Peoria A Eastern 1st cons 4s.
111x
"88""
A
10
14X
4s 1942
♦Oct 1938 A sub coupons
65
10
15
4S..1993
N Y Queens El Lt A Pow 3 Ha 1966
N Y Rys prior lien 0s stamp...1968
N Y A Richm Gas 1st 0s A
1961
N Y Steam Corp 3Ha
—.1963
{(♦N Y Susq A West 1st ref 6s 1937
(♦2d gold 4 Xs
1937
♦General gold 6s
1940
♦Terminal 1st gold 6s
1943
N Y Telep 3Ks ser B
1907
N Y Trap Rock 1st 0s
1940
0s stamped
1940
{(♦N Y Westch A Bost 1st 4J*s '40
Niagara Falls Power 3 HaI960
Niag Lock A O Pow 1st 6s A..1955
Niagara Share (Mo) deb 6X8.1960
I!♦ Norfolk South 1st A ref 68.1961
Norf A W Ry 1st cons g 4s
26
15X
"li" "15""
22
16
-
Peop Gas L A C 1st cons 6s
Phillips Petrol
16
y
y
{♦N Y Providence A Boston
71x
75 x
94
15
14X
8
70
60
70
90
3
N Y A Putnam 1st con gu
~80"
102 x
53
68
33
*61X
♦N Y L E A W Dock A
{(♦N Y A N E (Bost Term) 48.1939
{♦NYNHAH n-c deb 4s
1947
♦Non-conv debenture 3X8—1947
♦Non-conv debenture 3Ha—1954
♦Non-conv debenture 4s
..1955
♦Non-conv debenture 4s....I960
♦Conv debenture 3 Ha
1960
♦Conv debenture 0s
1948
♦Collateral trust 0s
1940
♦Debenture 4s
1957
♦1st A ref 4 Vis ser of 1927 —1907
{♦Harlem RAPt Ches 1st 4s 1964
102
e
deb 3Xs
Phelps Dodge
N Y A Erie—See Erie
N Y A
MN
1970
1981
1984
1952
1st guar
1st lien A ref
MN
MN
1968
—
D
14
63 x
1978
Conv 6% notes
2
112x
111X
1943
1948
1 1948
1970
1960
1966
Consol gold 4s
4s sterl stpd dollar. May
77
extended to... 1947
N Y Edison 3Xs ser
107 x
112
107 x
"112"
4Xs debentures
Pennsylvania RR cons g 4s
78x
3-year 0% notes
N Y Connect 1st gu 4 Ha A
N Y
1974
107 x
64 H
.1974
6s series B
Dock 1st gold 4s
107
106x
05 x
gold 3Xs.. 1998
.1998
gold 3Xs
4s collateral trust
let mtge 3 Ha
72 x
129
106x
107 x
.1997
..
Lake Shore coll
A
4 He series C
x
No.
106 X
F
.1962
64
High
F
.2013
N Y Chic A St Louis—
Ref 5Xs series
07
Since
Pennsylvania Pow A Lt 3XS--1969
..
.1942
Mich Cent coll
85
61
58 x
00 x
.1946
4 He series A
Ref A lmpt fie series C
Conv secured 3X»
NY Cent A Hud River 3 Xs
Debenture 4s
ioox no
50
73x
82 x
67
Jan. 1
Bid
Low
High
Low
No.
♦106
.1998
4s serlee A
eecef
10-year 3Xs
Ref A impt
N. y. STOCK EXCHANGE
Week Ended Nov. 17
Range
Friday's
A
Asked
BONDS
Since
Atked
Low
Newport A C Bdge gen gu
Range or
Range
Jan. 1
1990
34
16x
14
13X
Volume
New York Bond
149
BONDS
N. Y.
8TOCK EXCHANGE
Week Ended Nov. 17
ii
£a.
Range
BONDS
Friday's
<t
Asked
Sale
Since
N. Y. STOCK EXCHANGE
Jan. 1
Bid
Low
St Paul A Duluth 1st cou g 4h__1968
High
*82
{♦St Paul E Gr Trk 1st 4 Ha
1947
{♦St Paul A K C Sh L gu 4 Ha..1941
*4H
6 %
1940
St Paul Un Dep 6a guar
No.
87 %
8
3H
6H
6%
3H
9
8 A A Ar Paaa 1st gu g 4a
1943 J
J
San Antonio Pub Serv 4a,.
1963 A
O
San Diego Consol G A E 4s
1965 M N
Santa Fe Pres A Pben 1st 5a
{♦Schulco Co guar 6 Ha
♦Stamped
1942 M
...1946 J
J
1
61
99
96
111H 118
47 H
(♦Des Moines Dlv 1st
68 H
110H
3
105
112H
♦Ref A gen 6s aeries B
109 H
109 H
2
109
110H
19H
18H
3
♦Ref A gen 4 Ha series C
♦Ref A gen 6a series D
19
J
15H
20
15
21
*30
31H
25
31H
O
30
30H
25
32 H
1989 M N
*110
O
A
O
Oct 1949 F
A
1959 A
♦Adjustment 5s
(♦Refunding 4s
18H
*14H
14H
13 H
14 H
O
14H
3
3
6
♦Certificates of deposit
*
1945 M "s
6s aeries A
♦Certificates of deposit
{{♦Atl A Birm 1st gu 4a
{♦Seaboard All Fla 6a A ctfs
1935 F
♦Series B certificates
1935 F
Shell Union Oil 2 Ha debs
Shlnyetau El Pow 1st 6 Ha
1954 J
S
8H
42
6
3
14
6
"~8%
7 H
15
15
A
3H
A
♦3H
116H 119H
19 H
10%
7H
17H
1H
9
8
71
4H
8
11H
15
2H
95 H
10
75H
23H
"~5
22
24
4
11
10 H
19
2H
4
95 H
95
95 H
127
1952 J D
♦Siemens A Halske deb 6 Ha—1951 M S
♦Silesia Elec Corp 6 Ha
..1946 F A
Slleslan-Am Corp coll tr 7a
1941 F A
58 H
58 H
58 H
2
88 H
50
25 H
25 H
1
25H
*8
25 %
1952 A
O
Skelly Oil deb 4s
1951 J
J
105H
Bocony-Vacuum Oil 3s debs...1964 J
J
104
South A North Ala RR gu 5S..1963 A
South Bell Tel A Tel 3Ha
1962 A
3s debentures
1979 J
O
Tos
J
103
1947 J
1965 F
193
97
108H
"47
102 H
103
109H
9
105
110H
105H
"ii
100
106 H
96
96H
73
87
96H
26
48
105 %
49
52
40
58 H
51
52 H
74
40H
61H
49H
49 H
50 H
108
39
57 H
50 H
201
37 H
185
37 H
57 H
57 H
75
51
68
8
78
93
157
54
72 H
*110
J
96 H
1st mtge pipe line 4Ha...-.11951 A 0
So Pac coll 4s (Cent Pao coll)__1949 J D
let 4 Ha (Oregon Lines) A...1977 Af S
Gold 4 Ha
Gold 4 Ha
1968 M s
Gold 4 Ha
105 H
1981 M N
1969 Af N
10-year secured 3Ha
...1946 J
50H
49 H
J
56 %
50 H
59
O
80 %
81
67 H
68H
San Fran Term 1st 4a
..1950 A
So Pac RR lat ref guar 4a
1st 4a stamped
1955
Southern Ry lat cons g 5s
Devel A gen 4a aeries A
1994
87 H
1956
58 H
88 H
60 %
75 H
77 H
67 H
Devel A gen 6a
1956
1956
80
...1996
*70
St Louis Dlv 1st g 4a
1951
70 H
So'western Bell Tel 3Ha ser B..1964
1st A ref 3s aeries C
1968
105 H
So'western Gaa A El 4a
107 H
D..1960
aer
82 H
77
77
34
40
112
13
46
97
18
100
107 H
*16%
*104 H
Standard Oil N J deb 3a
1961
Swift A Co lat M 3 Ha
—I960
Tenn Coal Iron A RR gen 5a
1^51
Term Asan of St L lat cons 5s.. 1944
Gen refund a f g 4a
1953
Texarkana A Ft 8 gu 5 Ha A...1960
Texas Corp deb 3 Ha
1951
3s debentures
Texas A N O
1959
con
gold 5s
104 H
104 %
104 %
104 %
102
105
48
104
105
51
68
99H
4
103
*124
107 H
130
115
113H
113H
126H
113H
108
106H
108
36
87 H
88
25
79
86
102
107 H
103 %
104
107 H
104H
1943
*50
112
112H
"~7
115
112H 116H
100
110H
95
108 %
95H 105H
84 H
2000
Texas A Pacific lat gold 6s
Gen A ref 5a aeries B
22 H
105 %
97 % 106 H
94 H 106 H
97 H
87%
107%
"35
110H 119
1977
76 H
77
25
76
17
84
76H
89«
90
10
82 H
95
107
15
100 H
104
112H
102 H 107 H
78
107 H
14H 24
13H 24
20
19
19
19H
"25
65 %
66 H
40
55 H
72 H
71%
73
20
57H
1960 Af S
69%
69H
70 H
83
57
12
12
1
8
53 H
53 H
54 H
25
44
48%
5
J
J
2361
J
F
48 H
48H
J
113
113
M S
{♦Wis Cent 50-yr 1st gen 4a...1949 J J
♦Certificates of deposit
(♦Sup A Dul dlv A term 1st 4s *36 IN
"l6H
♦Certificates of deposit
Wisconsin Elec Power 3 Ha
Wisconsin Public Service 4s
3
12
30
97
110
37
2
42
16H
7
20 H
15H
8
8H
13
6H
4H
19
7H
7
7
2
4H
108 H
1968 AO
108 H
110
18
99 %
8
104
5
1109g
100
115H
.
109 H
109 H
1948 M S
109 H
109H
110%
114
1961 Af N
105H
105
105 H
27
{♦Wor A Conn East lat 4Ha.. 1943 J
13
105 H
88 H
99
110
114
15H
14 %
7
D
J
Youngstown Sheet
59
6
13
105 H
98
8H
1961 J
75 H
22H
90 H
99
100 H 103
103
11%
104H
97 H
110
98
15
98 %
102
11%
104 H
72 H
76
42
62 H
109 H 114%
5
113
98
A
.1940 MA
A East gu 68.1942 J D
Wilson A Co 1st M 4a aeries A.1955
J
J
Conv deb 3H»
..1947 A O
Winston-Salem S B 1st 4s
1960 J
J
*9H
11H
10
110H
A Tube—
4s
C
ser
Gen A ref 5s series C
1979
76 H
76 H
10
75%
1980
77 H
77 H
1
76 H
89
96 H 104
Cash sales transacted during the current week
No
100 H 107 H
.
Cash sale: only transaction during current week
transaction during current week,
n Odd lot sale,
x
Ex-Interest.
the
dollar
quotation
200-pound unit of bonds.
per
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
Friday's bid and asked price.
No sales transacted during current week.
5
51%
14 %
97H
57
37 H
294
7H
106 H
"65
98
107H
1953
55 H
42
49
60 H
Tol A Ohio Cent ref A imp 3Ha 1960
Tol St Louis A West lat 4a
1950
87 H
6
84 H
1
64 H
71H
97H
166"
the ourrent week and not included In
90 H
67
^
Bonds selling flat.
Deferred delivery sales transacted during
the yearly range:
101H
Included In year's range
t The price represented la
Accrued Interest payable at
f The following is a Hat of the New York Stock Exchange bond Issues which have
been called in their entirety:
Union Oil 3 Ha 1952, Jan. 1, 1940 at 105H.
a
49
a Deferred delivery saie; only
not
( Negotiability Impaired by maturity,
exchange rate of 64.8484.
♦
101
and not Included In the yearly
sales.
r
*
89
Gen A ref 6a aeries D
e
range:
89
Tex Pac Mo Pao Ter 6Ha A—1964 m s'
106
82 %
90
106 %
*18
{(♦Wllkes-Barre
109 H
.
107 H
95%
105 H
115H 122
109
107
97
14
112H
12H
18
110%
74
102
105 H
107 H
1955
5
81
103 %
1946
10
118H
80
60
70H
110
107 H
84 H
111
♦{Spokane Internat lat g 5s..
Staley (A E) Mfg lat M 4a
2Hs
1963
Studebaker Corp conv deb 6s.. 1946
57
58
70
100
126%
107 H
66 H
62 %
....
118
109 H
130
D
1951 J
2361
1st mtge a f 4s
67
109
110H
1945 m S
White Sew Mach deb 6a
91H
67
102
118H
Teleg g 4Ha..1950 AfN
Registered
44
40
*125"
107 H
D
Wheeling A L E RR 4s
1949
Wheeling Steel 4Ha aeries A. 7.1966
Conv'deb
47
107
90
103
104
72
92
34
28
39
*107 H
J
1952 A
67 H
80
33
~35H
34 %
*
QM
107 H
66
73
79 H
*32
1966 J
West Shore 1st 4s guar...
167
100
16
77
35
A
1977 J
J
West N Y A Pa gen gold 4a
1943 A O
{♦Western Pao 1st 6s aer A...1948 Af 8
1955
Devel A gen 6 Ha
Mem Dlv lat g 5a
Af S
F
♦Westphalia Un El Power 6a..1953
100H 106 H
11
67
*84
D
110
Southern Natural Gaa—
105
64
D
11SH
93 %
16
104
S
M
1950 J
100
103 H 109 H
5
67
..1967 J
115
56
20
E.1963 M 8
25-year gold 6s
30-year 6s
16
15H
10
84
Western Union
15H
62
*75
105
O
104
99
43
4H
4H
A
Western Maryland 1st 4a
1st A ref 5 Ha series A.
105H
105
A
1946 J D
98
103 %
*117
1961 Af 8
Southern Colo Power 6s A
Southern Kraft Corp 4 Ha
100 H
22
98%
104 H
9
A
♦6a assented
91
105 H
104
108 H
0
Southern Calif Gaa 4 Ha
1st mtge A ref 4s
27 H
62
108
99
10
.1945 F
ser
18
24
8H
..1945 F
1st mtge 3 Ha aeries I
West Va Pulp A Paper
5
60
1980
Westchester Ltg 6a atpd gtd
Gen mtge 3 Ha
11
10
10
52 H
18
40 H
5
14 H
42 %
10
30 H
11
49 H
16
10H
10H
4Ha -.1952 J
5
24 H
48
9
Warner Bros Plct6s debs
1948
{♦Warren Bros Co deb 6s
1941
Warren RR lat ref gu g 3
Ha_.2000
Washington Cent 1st gold 4s
1948
West Penn Power 1st 5s
14H
7
1978
Wash Term 1st gu 3 Ha
1st 40-year guar 4s.
49 H
28 H
29
10H
walker (Hiram) GAW deb
4Ha 1945
Walworth Co lat M 4a
1965
6s debentures
1955
82
15%
5
10
A
109 H
30
26 H
*11H
42%
8%
1941 M S
Ha A.1976 Af S
__
7H
"66
J
Simmons Co deb 4a
4
8
3
2H
5%
7%
1933 M
5
gen 6
High
101
22 H
26 H
*45
1976 F
{♦Wabash Ry ref A
Low
30
37
21
22%
1941
11
24
No.
42
High
*15
61H
J
107%
Jan. 1
35%
1939
110H
S
A
4s
g
♦Omaha Dlv lat g 3 Ha
♦Toledo A Chic Dlv g 4a
106 H
107 H
Asked
37
A
Since
<&
106%
107%
1939 Af N
60 H
O
I{♦ Seaboard Air Line 1st g 4a__1950
{♦Gold 4s stamped
1950
1966 M S
106 H
A
a f 6Hb series B
♦Stamped
Scioto V A N E 1st gu 4a
cons
8
114
or
Friday's
Bid
Low
Virginian Ry 3 Ha Beries A
{(♦Wabash RR lat gold fis
(♦2d gold 6a
1939 F
♦lat lien g term 4b
__1964
♦Det A Chic Ext 1st 6a.....1941
1946 A
♦Guar
♦1st
99
114
114
Range
Sale
Price
High
Low
87
95
98
1972
Week's
Last
Week Ended Nov. 17
St Paul Minn A Man—
tPacific ext gu 4a (large)
3233
6
Friday
Range or
Last
Price
Record—Concluded—Page
Week's
Friday
No sales.
Third Ave Ry lat ref 4a.......1960
♦AdJ Income 6s
Jan 1960
13H
*95%
105%
(♦Third Ave RR 1st g5a
1937
Tide Water Aaso Oil 3Ha......1952
Tokyo Elec Light Co Ltd—
1st 6a dollar series
Tol W V A Ohio 4s series C
87 H
51%
16H
98 H
Transactions
the
at
Railroad
Stocks.
1942
98"
Toronto Ham A Buff lat g 4s..1946
Trenton G A El lat g 5s
1949
*120
♦Tyrol Hydro-Eleo Pow 7Ha.-1955
125H
104H 109
125
*105H
*7H
Trl-Cont Corp 5s conv deb A..1953
123 H
108
20
24
10
26
York
New
Stock
Exchange,
Daily, Weekly and Yearly
Week Ended
Nov. 17 1939
Number of
Shares
United
Municipal
For'n Bonds
Bonds
Total
States
Bond
Bonds
State
dfc
Miscell.
Sales
HOLIDAY
Saturday
sec a f
7a
1952
*10H
1946
7a
Union Electrlo (Mo) 3Ha
1962
{(♦Union Elev Ry (Chic) 5s... 1945
109 H
Union Oil of Calif 6a aeries A... 1942
112lsi
1
1952
105 H
5
Ujlgawa Elec Power
a f
I'd Ha debentures
...
3a debentures
88
17
8
53
1
71H
101H
8
$5,055,000
$778,000
$293,000
$6,126,000
Tuesday
♦Guar
775,340
5.871,COO
634,980
824,690
6,434,000
5.646,000
1,001,000
846,000
213.000
Wednesday
1,683,000
200,000
7,085,000
7,678,000
7,529,000
652,150
Monday-
88
110
Thursday
13
770 440
Total.
6,165,000
1,545.000
258,000
7,968,000
3,657,600
Friday
108 H 116H
105»sM 109H
298,000
$29,171,000
$5,853,000
$1,262,000
$36,286,000
99 H 102 %
115
1959
101H
101H
61
Union Pac RR 1st A Id gr 4s... 1947
113H
113H
37
103
107
107 H
59
100
96 H
"l6
.1971
96 H
24
United Biscuit of Am deb 5s....1950
108 H
1
lat lien A ref 4a
June 2008
1st lien A ref 5e
June 2008
United Cigar-Wbelan Sts 6s....1952
United Drug Co (Del) 5s.......1953
U N J RR A Canal gen 4a
70H
77
({♦United Rye St L 1st g 4a....1934
.1948
3Ha debs
U S Steel Corp
9
77 H
70 H
.1944
38
"36 H
36 H
"39
105 H
106 H
108
.1947
♦3 Ha assented A
"89"
Utah Power A Light lat 5s
.1944
101H
{{♦Utii Pow A Light 5 Ha
(♦Debenture 5s
.1947
.1959
...
Vanadium Corp of Am conv 5s .1941
Cons
a
cons g
101H
5,579,000
$304,296,000
219,946,000
$119,420,000
5,853,000
33,994,000
1.283,263,000
1,256,476,000
$36,286,000
$40,540,000
$1,807,505,000
$1,591,195,000
50H
80
79H
....
.1957
8
116
93
249
.1968
Va Elec A Pow 3 Ha aer B
31
66
80 H
56
65H
►108
►IIII
82 H
96
109%
109"
are
the
daily closing averages of representative
stocks and bonds listed on the
as
83
H
42
Bonds
Stocks
118H
10
10
30
15
Total
10
First
Second
10
Rail¬
Utili¬
66
Indus¬
Qrade
Grade
Utili¬
40
trials
1H
100H HI
20
Indus¬
H
H
109 %
40H
New York Stock Exchange
compiled by Dow, Jones & Co.:
106H 109 H
106H 109H
H
'H
109 H
215,299,000
93H 103%
80H
102H
Dau
(♦4Ha July coupon off..... .1934 J
.1934 J
(♦4H« assented...
$967 000
Stock and Bond Averages
Below
*83H "96"
89H
102 H
103 %
.1955
4s series A
f 4a series B
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
....
A
.1958
63 H
83
63 H
5
27 H
72
90.40
54
Nov.
17
151.00
33.80
26.00
51.48
107.93
92.99
51.90
108.78
Nov.
16
151.15
33.89
25.93
51.52
108.03
92.91
51.85
108.68
65
Nov.
15
149.53
33.21
25.68
50.88
107.98
92.88
51.59
108.43
90.22
14
149.77
33.30
25.62
50.95
107.85
92.84
51.74
108.60
90.26
Nov.
6a
40 H
*50
45
13
149.07
32.88
25.57
50.65
107.95
92.87
52.05
108.49
90.34
AT->v.
.2003
Va A Southwest 1st gu 5s
72 H
Nov.
Va Iron Coal A Coke lat g 5... .1949
cons
$1,262,000
29,171,000
14
Vera Crus A Pacific RR—
lat
—
.1947
United Stockyards 4H« w w__.1951
Utah Lt A Trae lat A ref 5a....1944
262,179.121
50
20
22
1938
238,197,000
Railroad and industrial
Total
50
1 to Nov. 17
Bonds
Government
H
11
►
8.328.610
3,657.600
Stocks—No. of shares-
.1951
♦3 Ha assented C
♦Sink fund deb 6 Ha aer A
Vandalla
36 H
106
11H
.1951
1 6 Ha aeries C
24 H
100
Jan.
1939
1938
1939
Exchange
State and foreign
111
HH
♦3H« assented A..........1951
a
84 H
69
17
New York Stock
100 H
100 H
104 H 109 %
65
83 H
104
110
♦Un Steel Works Corp 6Ha A...1951
♦Sec
89 H
89 %
Week Ended Nov.
Sales at
110H
116H
110
1970
34-year 3 Ha deb
35-year 3 Ha debenture
1 1
*Tf>M day
HOLI DAY
90.37
=r
New York Curb
3234
Exchange—Weekly and Yearly Record
Nov.
NOTICE—Caah and deterred delivery sales are disregarded In the week's range unless they are the only transactions of the week
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
list we furnish a complete record of the transactions on the
the week beginning on Monday last (Nov. 13,1939)—Saturday, Nov. 11, being a holiday on
present Friday (Nov. 17, 1939).
It is compiled, entirely from the daily reports of the
intended to include every security, whether stock or bona, in which any dealings occurred
In the following extensive
Sales
Friday
Last
Par
stocks
Week's Range
for
Sale
of Prices
Low
High
Acme Wire Co common. 10
Aero
Low
High
14%
July
24%
18%
2%
Feb
Aug
Aug
21
M-
Supply Mfg—
Class A.........
1
Class B
1
4%
5%
1,700
6%
6%
1,000
9%
6%
Mfg common.5
Air Associates Inc com—1
Alnsworth
9%
2%
1,000
2
{Air Investors common..*
Conv preferred
*
200
Gt
Southern..50
Ala Power 17 pref
87
*
$6 preferred
*
"n"
A lies & Fisher Inc com—*
AUlance
Invest
*
com.
0%
1
$3 conv pref..
"i%
85%
Class A conv com
Jan
11
2%
Jan
Jan
Bliss (e w) common
100
71
Jan
101%
Nov
140
02%
1%
%
Jan
Mar
July
Jan
91%
Oct
2%
Nov
1%
Jau
4
Nov
17
136%
135
May
Apr
90
Jan
preferred
100
American Beverage com.l
103% 103%
1%
1%
50
94
Oct
American Book
Co
Amer Box Board Co com.l
American Capital—
Class A common
45
"m
7%
400
1%
Mar
47%
70
40%
Sept
8%
1,200
5
Sept
1%
1%
100
111%
3%
60%
9%
Aug
2%
Common class B..—10c
S3 preferred
%
*
22
%
1,000
200
22
%
%
31
1
i %
Amer Cyanamld class A. 10
31
1%
200
1%
31
"31%
30%
32%
%
*
14%
12%
Amer Gas A Elec com
*
38%
*
113%
American General Corp 10c
32 preferred
1
4%
%
$0 preferred
15
7,300
400
38%
1,000
10,800
113% 113%
950
737
4%
900
326% *20%
175
4%
27
86%
Seal-Kap com
2
Am Superpower Corp com*
5%
%
...»
"l"7%
5
Fence
._*
Angostura
{Arcturus Radio Tube
112%
*
com
*
'""2%
10
7%
Arkansas P A L $7 pref..*
Art Metal Works com
6
97%
Common class A
Ashland Oil & Ref Co
6%
1
Jan
33
Aug
12%
Sept
25%
Apr
29
9%
Apr
26%
70
Nov
70
10
1J16
l616
4,400
29%
600
0%
64
June
34% June
Sept
22% June
»n
Feb
•
1%
30
5
200
20
5%
2,400
11
31%
150
21
106%
100
31%
22
11
22
1,600
105% 106%
14%
14%
Mar
Am
Oas b non-vot
3%
3%
1%
1%
2%
2%
14
13%
112% 112%
100
Capital City Products
1,200
3,100
7%
400
97
97%
6%
30
6%
5%
400
1,700
Sept
34%
Mar
19%
Apr
23%
Mar
100
11
Sept
Oct
Sept
Camden Fire Insur Assn
200
23%
23%
50
6%
7%
3,300
1
1
1%
1,600
*
7
7
1%
1%
June
1
Canadian Car A Fdy pfd 25
Cndn Colonial Airways
1
Feb
7
Canadian Indus Alcohol a *
Feb
Jan
Jan
May
25
Oct
22
19% June
4% May
1% Apr
2%
Oct
%
4%
%
Apr
Sept
2%
Sept
Sept
3%
Feb
Aug
16%
Oct
Sept
112%
Nov
%
Sept
%
Feb
Apr
Apr
*
85
Apr
3%
3%
7%
Carnegie Metals com
Carolina p A l $7 pref
1
1%
2
Apr
Apr
$0 preferred
Carrier Corp common
*
78
Car lb Syndicate
Carman A Co class a
25c
1%
150
1,200
19%
3%
*
Class b
Mar
Carnation Co common...*
1
Apr
98
Oct
8
Oct
Castle (a m) common.. 10
Catalln Corp of Amer
1
Oct
Mar
8% June
4
Sept
3
Oct
Apr
1%
Sept
Aug
8%
Sept
Feb
1%
Sept
Sept
24%
5
Nov
Oct
37%
Sept
%
Apr
1 %
Sept
Jan
94%
July
1,800
8%
Sept
500
5%
Feb
Apr
21%
7%
Sept
9
15%
Aug
17
36%
10%
Carter (j w) Co common. 1
Casco Products
*
5% Sept
16% June
Sept
33%
Apr
Jan
May
26
Sept
*
Sept
4%
Apr
10% June
Jan
Sept
4% May
Sept
10%
3%
Jan
Aug
2%
18
5
Oct
5%
78%
4%
Jan
107
22
18
*
2%
17
26%
900
dep 5%% pref shs £1
Calamba Sugar Estate..20
Canadian Marconi
Apr
500
Jan
6
Apr
Sept
7
Cables <fc Wireless Ltd—
Feb
%
107
Jan
Aug
4% May
42
May
1%
Aug
Jan
1%
9%
Oct
7%
25
Jan
27
2%
Oct
2%
50c
80%
2%
2%
7%
26
July
June
%
Vot trust ctfs
Jan
%
19.%
1%
1%
28
25%
1
Apr
*i#
Mar
Sept
Oct
Oct
Oct
13
40
Oct
7%
4%
650
Burma
67
4%
Sept
10
Mar
*>6
%
1,100
7,600
%
Oct
"u
Jan
%
Nov
1%
Jan
6%
6%
500
5%
Jan
11%
Mar
Jan
'is
Jan
be
Aug
2% May
63
90%
3%
3%
25%
7
3%
26%
300
80
200
7
»i«
%
5,300
4%
4%
4%
300
16%
15%
16%
1,900
2%
17
Aug
Jan
Apr
Apr
3%
Feb
%
Apr
2% June
11%
Jan
2% May
%
68
Apr
Feb
98
4%
31%
9%
1%
5%
6%
6%
300
25%
*u June
6%
Sept
%
1%
5%
2%
15
14
Jan
Sept
Apr
Apr
Sept
% June
Aug
Class A common
10
Ayrshire Patoka Collieries 1
Babcock A Wilcox Co
*
44%
42%
47
270
35%
2%
13%
Sept
"22%
7%
30
""7%
Sept
Aug
$7 dlv. preferred
1st partic pref
35%
%
10%
7
3%
36%
600
%
200
11
7%
3%
24 %
Feb
102
Aug
Jan
Aug
4%
Jan
76
Apr
112%
Nov
3
June
6%
Sept
17
Aug
27%
70%
Mar
3%
7,200
111
112%
975
70
70%
20
48
Feb
14
"20% "22% "2^300
7%
26%
8%
3,600
•__*
Cent Hud g & e com....*
Cent Maine Pow 7
% pf 100
Cent n y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Cent Pow & Lt 7 % pfd 100
14%
600
2%
6%
7%
preferred
*
Char is Corp
10
Cherry-Burrell common..6
Chesebrough Mfg
25
Jan
250
27
7%
7%
%
800
15%
5
Apr
Apr
100
%
Oct
%
July
7%
7%
8%
7%
800
9%
2,800
Jan
4
May
4%
Mar
Sept
i?H
Sept
Feb
Jan
Jan
Mar
9%
24
1
23
8%
10%
1,100
24%
1,200
8%
1,600
Jan
Jan
Club Alum
40
Feb
Cockshutt Plow Co
5%
Feb
Cohn A
5
Jan
14
Mar
5%
Feb
Nov
4%
Jan
3% May
4%
Jan
3%
7%
7%
July
3%
4
2,400
4
300
7%
100
12%
12%
100
zl2
Apr
15
117
119%
200
110
Jan
350
60
Apr
Sept
130
66%
79
Feb
8%
600
9
%
28
5%
5%
54%
5%
57
52%
53%
87%
89
5%
5%
3%
15
4%
100
134
134
10
120
122
122
75
118%
Sept
2
15%
11%
Nov
Aug
Aug
36%
Jan
Nov
Aug
10%
Jan
Oct
176%
Aug
Aug
Apr
124
5%
9%
Oct
%
Sept
%
Apr
25%
Sept
68
2,300
4%
43%
3%
Aug
Mar
Feb
9%
59% June
5% July
37
Mar
1,400
200
80
100
Feb
55
55
Jan
92
Jan
89
Jan
July
Nov
Nov
July
7%
Jan
5%
Oct
July
20%
Mar
Aug
1%
Jan
6
6%
1,200
5%
5%
200
4%
15%
2,500
%
1%
'■■34%
Apr
5%
650
Jan
42%
Nov
3%
1%
2%
Aug
6%
Sept
%
%
40
41
5%
5%
450
2%
5%
2%
100
com
Rosenberger Inc.*
100
4
7%
1%
4%
Sept
Oct
5
Sept
3%
8%
Mar
Jan
9
July
Sept
4
Jan
July
Jan
Apr
Oct
4%
Oct
4
£1
warr
Conv 5% Dreferred-.loo
Jan
50
5
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
Apr
Jan
200
Utensil Co.
6% conv preferred
Colorado Fuel A Iron
5%
Aug
July
53%
Colon Development ord
Apr
July
100
For footnotes see page 3239
June
June
50
Jan
65
119%
40%
Elec Ilium
60
10
1
7
9
Apr
7%
12%
6%
Oct
3%
20
Mar
6,000
4
City Auto Stamping
*
City A Suburban Homes 10
Oct
2%
.10
3%
88%
Cleveland Tractor com...*
Cllnchfleld Coal Corp.. 100
1%
Beau Brummell
5
55%
17
(L) Co com...*
7% 1st preferred
100
7% 1st pref v t o
100
Sept
July
%
20
Baumann
%
2%
618
2%
*
Cleveland
July
1%
%
3
Cities Serv p A l $7 pref. *
$6 preferred
Sept
Sept
109%
May
9
*
Sept
11
Jan
1
27%
Clark Controller Co
Claude Neon Lights Inc._l
Clayton A Lambert Mfg
*
Aug
Nov
85
%
Preferred bb
6%
97%
25
27%
Preferred..........
Apr
600
1
Preferred b
85
1
100
Chief Consol Mining
Sept
500
Oct
Aug
107
%
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach
4
Chllds Co preferred
9%
28%
7%
1%
1%
10%
9%
'""396
15
107
1
Chamberlin Metal Weather
Strip Co
6
Nov
29%
9
97%
Jan
Apr
107
preferred
100
Conv preferred
100
Conv pref opt ser '29.100
Sept
Aug
96%
97
100
Centrifugal Pipe
Oct
13%
90
Cent A South West Util 50c
Cent States Elec com
1
3%
Apr
4
112%
*
4%
48% May
4% Sept
600
9
18
Jan
Sept
Sept
Sept
Jan
Jan
Apr
Jan
Sept
7% 1st partic pref... 100
Celluloid Corp common. 15
Cities Service common.. 10
%
7%
3
8%
8%
22%
Sept
Aug
Locomotive—
$5 1st preferred
1%
30
5%
Bunker Hill a Sullivan 2.50
600
11%
1%
_
l) Co com
5
Buckeye Pipe Line
50
Buff Nlag A East Pr pf.25
350
Apr
12,300
Bell Tel of Pa 0 >4 % pf
*
11,100
6%
4
Bell Tel of Canada
pref
9i«
99
3%
Corp
Class a
17%
Feb
3%
Aircraft Corp com.
Bellanca Aircraft com
100
Brown Fence & Wire com. 1
77%
25
Bell
21%
%
Aug
Warrants
com
21 %
20%
pref...100
Cable Elec Prod com...50c
Sept
Aviation A Trans Corp__i
Axton-Fisher Tobacco—
Barlow A Seelig Mfg A..5
Basle Dolomite Ino com__l
Bath Iron Works Corp
1
{Brown Co 0%
17
5
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Barium Stainless Steel... 1
500
British Col Power cl a.—*
600
25
7% preferred
18%
Nov
%
1
com.
18%
£1
reg..10s
6
"18
xw
Am dep rets ord
200
300
Oct
June
*«<
w w
Am dep rets ord reg
British Celanese Ltd—
6%
200
Apr
Sept
2%
2%
1%
200
13% June
32% June
22% Mar
20%
32%
Jan
39
Jan
Apr
Apr
sh
4%
Sept
Apr
Sept
Aug
Jan
Mar
2%
1%
1%
Sept
65
77
Corp Am dep rets..
Burry Biscuit Corp.. 12 %c
%
20%
6%
Atlas Corp warrants
Beech Aircraft
14%
Aug
Aug
Aug
7%
Ce'anese Corp of America
*
Beaunlt Mills Inc
$1.50 conv Dref
Feb
100
%
Purch warrants for
24
86%
5%
Atlantic Coast Line Co.50
Atlantic Rayon Corp
1
Baldwin
Jan
Sept
86%
6%
5%
%
76%
Assoo Laundries of Amer. *
Assoo Tel A Tel class A..*
Atlanta Birmingham A
0% preferred
22%
13%
19%
19%
Aug
British Amer Tobacco—
Bruce (e
Option warrants
Avery (B F)
0% preferred
Nov
Brown Rubber Co com._.l
July
Jan
19%
19%
19%
Brown Forman Distillery. 1
$0 preferred
*
29
Feb
Nov
100
2%
55
*
Jan
Jan
36
320
Registered
hept
24
Jan
1%
21%
9%
29%
16%
Mar
%
Automatic Products
6
Automatic Voting Mach..*
Aug
32
50
6
100
27%
26%
...
tAustln Silver Mines
4%
25
300
40%
950
22
Common...
Atlas Drop Forge com...6
Atlas Plywood Corp
*
3,200
2,400
Sept
9
36
7%
8%
36
Mar
3%
110
Assoc Gas A Elec—
Coast RR Co pref
100
Atlanta Gas Lt 6 % pref 100
Atlantic Coast Fisheries..*
Sept
8%
5%
3%
30%
29% Sept
110% Sept
3% May
Jan
Jan
£1
$5 preferred
200
3%
Nov
Industries
Class A
7%
30%
15
Mar
Assoc Breweries of Can..*
Amer deposit rots
Jan
Jan
7%
5%
12%
11%
12%
3%
Apr
18
t
1
Preferred
24%
Aug
*
Class a
Nov
%
Amer
Wupperman__l
Apex Elec Mfg Co com
*
Appalachian El Pow pref *
Aug
1%
%
8%
18
28%
6%
*
6
100
"506
35%
Apr
70
10
1st $0 preferred
150
2
1%
34
Apr
""""%"
$0 series preferred
American Thread pref
8%
1%
Apr
1%
Jan
8%
1%
Apr
Oct
3
2
100
18%
%
13
27%
*
Republics
Sept
..*
Preferred
Brill Corp class b
22
Amer Pneumatic Service.*
Elee
July
Jan
%
1,200
Jan
16%
Amer Maracalbo Co
Associated
Nov
5%
3%
700
3%
Aug
Aug
26%
"26%
Arkansas Nat Gas
27%
10
400
%
Jan
3%
*
2%
1,500
0% preferred
..25
Amer Mfg Co common 100
Preferred
100
Post
Jan
5
%
9
3%
Bridgeport Machine
34%
"460
15%
Anchor
1,350
Aeronautical.-.1
35%
16%
16%
"16%
16%
American
27%
4%
Bridgeport Gas Light Co. *
Jan
Sept
Sept
July
18
8%
.1
Apr
27%
*
25%
Apr
1% June
Mar
Jan
16%
Amer Potash & Chemical. *
Jan
250
25
.1
2%
11%
20
Amer Meter Co
Aug
11%
*
Amer Laundry Macy
Amer Lt A Trac com
%
Sept
Nov
British Amer Oil coupon..*
Feb
Mar
27
$2.50 preferred
1
Amer Hard Rubber Co.60
Amer Invest of 111 com
""560
10
31
10
Amer Foreign Pow warr
Amer Fork A Hoe com
n-v
%
23
76
700
Class A with warrants. 25
Class B
Jan
Aug
1%
42%
Nov
Am dep rets ord bearer £1
Class A
Class B
%
15
04% June
$5.60 prior pref
*
Amer Centrifugal Corp._l
Am Cities Power & Lt—
Sept
Apr
4%
100
7% 1st pref
2d pref...
%
32%
%
.
8
Jan
20
Brlllo Mfg Co common..*
Class a
*
Jan
9%
19%
Apr
7% preferred—....100
10c
40
Sept
Apr
Apr
*
_
Mar
Jan
Jan
June
Mar
4%
4%
*
corn.
Aug
Jan
Mar
2%
17%
8%
141
Jan
Jan
17
100
Brewster
10
Sept
%
Jan
100
Breeze Corp
Mar
Aug
13
Aug
Aug
7%
3%
30%
7%
Nov
3
%
3%
30%
Sept
14
48%
30%
*
100
25
7%
80
0%
Bohack (h c) Co com
Brazilian Tr Lt A Pow...*
500
200
Jan
Apr
34
Nov
200
200
1,300
1%
1%
117%
17%
8
8%
103% 105
600
1%
Nov
common.*
45
%
z34
143
Industries com*
8%
17%
16%
Bowman-Biltmore
Jan
Apr
"250
1
Bourjols Inc
200
15%
1
s3 opt conv pref
*
Blumenthal (s) A Co....*
Sept
116% 117%
16%
16%
110%
15%
7%
16%
Sept
.100
Aluminum Goods Mfg...*
6% preference
High
Jan
27
8%
7% 1st preferred
Borne Scrymser Co
Oct
Low
10
"766
%
%
*
A Machine Co com
Sept
>0*
7% June
150
..*
Blue Ridge Corp com
"ioo
38%
Range Since Jan. 1, 1939
Shares
Steel Foundry
Oct
2,600
Aluminium Ltd
$2.50 conv pref
Blrdsboro
Jan
%
4%
High
*u
%
100
Low.
38%
*
89%
300
Price
warrants
Jan
18
139%
Aluminum
Purchase
Blck fords Inc com
Apr
25
Co common..*
Jan
*11
01 %
10
Aluminum
Jan
8%
250
87
100% 101%
90%
91
2%
2%
1%
1%
*
com
0
Week
com...*
Conv pref
*
Berkey A Gay Furniture. 1
Aug
Allied Internat Invest com*
Allied Products
Sept
June
June
for
of Prices
Benson A Hedges
13%
Warrants
Alabama
6
Par
(Continued)
Week's Range
Sale
stocks
Shares
Sales
Last
Range Since Jan. 1, 1939
j ear.
New York Curb Exchange for
the Exchange—and ending the
Curb Exchange itself, and is
during the week covered.
Friday
Week
Price
18, 1939
and wb«n selling outside
87%
86
88%
1,550
63%
63%
25
Apr
9%
Aug
Sept
70
Apr
96%
Sept
55%
Jan
74% May
Volume
New York Curb
149
Exchange-Continued—Page 2
Week's Range
for
Sale
of Prices
Week
Par
1
Columbia Oil & Gas
Price
2 %
Low
High
24
Shares
24
1,800
Columbia Pictures Corp..*
24
44
Apr
14
Jan
Jan
Jan
hi
Sept
*i»
Aug
uu May
14
404
Aug
36%
35 4
36 4
Community Pub Service 25
33
30
33
Nov
""575
26
2,500
Community P & L $6 i ref *
23
33
Apr
Sept
4
*11 June
Community Water Serv__l
Com po Shoe Mach—
V t c ext to 1946
--1
Aug
Jan
134
Apr
164
37
Jan
37
Aug
34
79%
100
4% % series B pret
1
Consol Mln & Smelt Ltd-5
Consol Retail Stores
1
Consol Gas Utilities
100
79
1,300
.....
1%
40 4
34
14
404
4
111
Sept
4
1,200
100
200
*
$3 prior preference—
Copper Range Co
*
Copperweld Steel
*
Cornucopia Gold Mines.5c
Corroon & Reynolds—
Common
—1
56 preferred A
Cosden Petroleum com
5% conv preferred
Courtaulds Ltd
Creole Petroleum
*
1
50
£1
5
1
Crowley, Milner & Co
*
Crown Cent Petrol (Md)-6
Crown Cork Internat A__*
25c
3
84
Jan
"sk"
"~8~
10
"io"
64
17%
Apr
100
4
Sept
14
1%
14
11
Sept
2
200
20
14
"24 %
~23~
64
""%
''244
64
6
4
4
.
19%
*
24 4
S3 conv stock
4% conv preferred... 100
Gamewell Co S6
164
100
44
4
1,500
"2% '"'24 "24
7
7
7
14
14
14
"""306
100
53
534
1104 1104
1
164
4 4
164
164
264
26 4
74
64
40 4
94
4
Sept
July
125
34
Jan
20
83
Mar
95
July
854
$6 preferred
12%
Feb
July
Feb
July
18
hi
11
Oct
Aug
2%
19
Sept
Mar
4
11
Jan
14%
42%
Jan
Jan
66
Oct
52%
Jan
hi
Sept
%
200
49
•
Warrants
*64
164
"266
he
Mar
July
%
Jan
Sept
July
80
Nov
33%
Apr
62
Mar
4
Sept
1%
Oct
200
1%
Apr
2%
Feb
62%
"46 "
14
14
"46 k"
14
"30
»
72
72
72
10
62%
Apr
82
*
51
51
51
100
46%
Apr
52%
Jan
Jan
103 %
Aug
Aug
102 4
July
Sept
1024
50
95%
374
100
6% preferred A
374
98%
50
31
Jan
39
July
450
79%
$3 preferred
Jan
98%
Nov
*
$5 preferred
984
Jan
85
Sept
Jan
974
65
*
Preferred
200
6
»
Gilchrist Co
10
37
37
*
3%
6%
Apr
7
Feb
28
37
Jan
Feb
64
64
2,400
7
Godcbaux Sugars class A.*
94
94
100
he
Class B
4
14
254
300
Apr
6
Jan
Apr
10
Sept
Apr
33
Feb
91
$7 preferred
Goldfleld Consol Mines.. 1
Aug
16
June
5%
700
100
5%
3%
21%
•
Glen Alden Coal
Apr
4
1
Gen Water G & E com
Gilbert (A C) common...*
3
Jan
Apr
Nov
Jan
Mar
Jan
14
43
%
102
Sept
Oct
he
Mar
he
Feb
1%
July
2%
Jan
13% June
19% Sept
18%
Sept
Aug
44
Jan
454
Sept
564
May
1074
Sept
111 4
Aug
Gorham Mfg com
25%
Oct
Sept
14
Sept
Grand Rapids Varnish
*
5
Apr
8%
Aug
Apr
84
Sept
Gray Manufacturing Co .10
8
Oct
12%
Feb
5
164
164
264
74
44
69%
124%
Jan
119
June
Mar
133
Nov
Apr
45
Nov
4%
Aug
11%
Oct
1%
Apr
24
41
2%
22%
%
Nov
700
200
200
100
14
14
14
14
74
Jan
Mar
18%
Oct
7% 1st preferred
100
Apr
30 4
July
Gt Northern Paper
25
444
84
64
Aug
Greenfield Tap & Die
*
94
9
24
45%
Sept
Sept
4
Aug
900
14
Aug
354 June
10
Apr
1
1
500
234
'274 '284
"166
14
100
10
"28 4
Corp.-.5
14
14
20
Jan
June
•
Feb
Oct
174
2
Nov
Sept
Great Atl & Pac Tea—
74
100
6
6
13'
Dobeckmun Co common.
700
'l34
25
404
"400
Jan
24
Sept
314
Jan
Haloid Co
224
Apr
14
100
29
Gypsum Lime & Alabast.*
*
Hall Lamp Co
14
34
Durham Hosiery cl B com
5
1
24
*
Duval Texas SulDhur
10
Eagle Plcher Lead..
74
13
124
1,200
3
74
134
100
2,500
*
4% % Prior preferred. 100
100
Aug
10
Apr
Mar
Jan
z30
14 4
Sept
May
64
54
83
Nov
Oct
33 4
Oct
Oct
107
Aug
14
614
Apr
Sept
73
Nov
July
2
Jan
14
Mar
series A...*
B—*
Easy Washing Mach B
*
Economy Grocery Stores.*
Eisier Electric Corp
1
Else Bond A Share com..5
55 preferred
*
56 preferred
.*
57 preferred
Apr
*
Elec P A L 2d pref A
34
14
"Ik"
84
584
58 4
674
674
174
174
54
104
175
10
100
1,500
1
1,300
59
24
24 4
Empire Dist El 6% pf 100
Empire Gas A Fuel Co—
~69
69
694
15
250
100
Oct
14
Oct
Mar
Apr
Apr
Apr
124
Jan
Jan
14 4
Aug
14
Jan
184
Apr
63
Jan
Nov
June
71
Mar
71
Mar
Feb
73
Mar
Feb
74
Mar
62
20
514
62
62
10
55
...100
100
Empire Power part stock.*
63
63
63
250
52
644
264
644
264
114
4
25
54
4
50
214
Feb
274
Apr
12
8% preferred
Derrick A Equip..5
114
Equity Corp common.. 10c
53 conv pref
1
Vi
600
26
44
x26%
500
4
44
1,100
224
50
22 4
6
4
2,700
Apr
234
Apr
34
Aug
154 June
Aug
Nov
1
Sept
30
Sept
84
Jan
224
Nov
*11
Jan
...
Fairchild Aviation
Falstaff Brewing
1
1
Fanny Farmer Candy coml
Fansteei Metallurgical...*
224
224
12
74
224
134
134
144
114
7
114
64
84
June
1,300
94
Aug
1,300
64
150
18%
Sept
Oct
1,400
44
5
5
ed Compress A W'h'se 25
Fedders Mfg Co
1
(Phila). -1
Fisk Rubber Corp
10
56 preferred
100
Florida P A L 57 pref
*
Feb
'u
68 4
684
50
104
2,400
104
94
July
4
May
Apr
71
Apr
12 4
Mar
Sept
Oct
84
'894
3239.
Sept
Apr
90
550
71
Apr
90
Mar
87 4
894
200
50 4
Apr
91
Oct
Oct
Oct
9%
28%
26%
Jan
24
Jan
7
Mar
30
Apr
63
Oct
49 4
49J4
94
124
14%
60
43
Sept
50
Feb
Hoe (R) <fc
Co class A.-.10
Horn
84
114
"u%
144
800
3%
300
9
Sept
15%
600
94
Apr
16%
July
5
Humble Oil & Ref
33%
34%
525
July
Nov
Mar
8
12%
July
31
Sept
3
Mar
Sept
Sept
39%
Jan
Aug
110% in
20
108%
Apr
112%
14
14
100
9%
Apr
14%
~67~"
65%
67
Aug
71
4%
2,800
3,200
52%
54
2%
Aug
1104
54
Oct
Sept
5%
12
Sept
Jan
9%
Apr
%
Hydro Electric Securities.*
Hydrade Food Prod.--..5
Hygrade Sylvanta Corp..*
Illinois Iowa Power Co. ..*
5% conv pref erred.... 50
Dlv arrear ctfs
Imperial Chem Indus..£1
Imperial Oil (Can) coup..*
Registered—
*
Nov
%
Jan
5%
8%
Mar
9%
June
Jan
3
7%
7%
Aug
1%
Apr
2%
28%
3%
500
20%
1,700
4%
57%
900
25
61%
6%
"l'2% ~U4
"6~700
13
13%
400
12%
100
11%
12%
10%
2%
28%
3%
204
44
20
4%
57%
134
134
100
Indplfl P & L 6 4 % Pf—100
60
100
20
Apr
2%
14%
3%
Apr
Apr
9
4%
3%
Mar
Sept
July
31
4%
Jan
Feb
25
May
6%
May
Apr
Sept
57%
Aug
7%
Sept
Sept
16%
Mar
Sept
18%
July
17
Feb
Feb
Feb
20
Sept
32
5%
600
54
Nov
May
7%
15%
June
10
10
5%
5%
Apr
17
June
109% 110
180
100%
Apr
110
Nov
>hi
Apr
2
Sept
2
5%
10
10
Oil—
A 1
New class B........-.1
New non-voting class
19
Oct
Sept
%
Mar
he
Apr
8%
Apr
12%
Apr
71 %
Oct
Sept
24%
Mar
Apr
Industrial Finance—
%
100
12
69%
70%
1,500
21%
69%
4
10
1
100
No Am.10
International Cigar Mach *
Internat Hydro Elec—
Pref $3.50 series
50
A stock purch warrants.
Intl Industries Inc
1
Oct
r23% r23%
pf-100
7% preferred
50
12%
24
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain & Ireland
£1
Indiana Pipe Line
10
7% preferred
Sept
31
f Huylers of Del Inc—
Indiana Service 6%
Oct
Apr
*
100
6% preferred
10%
Jan
2
1
Horn & Hardart—
Apr
Aug
Jan
Co com*
(A C) Co com
15%
74
"Ik
Horder's Inc
Hormel (Geo A) &
V t c common
104
4
9
300
Insurance Co of
35
64
Apr
60
Aug
Nov
66
6%
6%
59
Nov
Oct
May
May
700
4
68%
5%
60
14%
84
Jan
Feb
10
Hey den Chemical
Hires (Chas E) Co cl A..
24 4
7
Fldello Brewery
For footnotes see page
Jan
Apr
16
33
Flat Amer dep rights
Fire Association
Sept
Jan
9%
100
Indian Ter Ilium
Electric Corp—
hi
Jan
22%
200
Illuminating 8hares A....*
Feb
Sept
62
200
54
Aug
Sept
14
7% pref stamped
100
7% pref unstamped..100
54
62
Sept
11%
5%
Common
Mar
62
2
Oct
25
Jan
724
294
24 4
71
Jan
Mar
a34
Feb
65
preferred—.—100
Esquire Inc
.......1
Eureka Pipe Line com..50
Oct
2
36
25
*
Hummel-Ross Fibre Corp 5
Hussmann-Llgonler Co.. *
44
Apr
14
Hubbell (Harvey) Inc
19
Mar
21
2
Preferred w w
25
Preferred ex-war
25
Hewitt Rubber common..5
Sept
Apr
84
Heller Co common
sep^
0%% preferred.....100
7% preferred
Sept
Sept
4
200
1
1
84
Class A
24
Mar
10
1
12
Sept
Sept
Sept
23
23%
7
Helena Rubensteln
Apr
144 June
3
1
—1
k
Jan
144
64
504
50
25
Apr
Jan
Mar
3%
900
24
24 June
1,300
25,800
54
424
""300
"29% "31
1,000
1,200
Aug
225
14
94
584
684
174
Apr
•11 June
300
184
18
Apr
Sept
4
100
300
4%
Holophane Co common..*
Holt (Henry) & Co cl A..*
June
184
31
Hollinger Consol G M...5
6
800
Sept
Aug
23
14
64
20%.
Jan
16
144
1%
9%
Jan
34
Sept
575
164
Sept
%
300
6%
Sept
700
56 preferred series
2%
%
24
154
94
500
25
Oct
Mar
24
6%
54
34
364
114
4
164
154
34
*65%
44
14 4
224
4
154
July
Sept
61
20%
Apr
35 4
U4
Oct
14%
50
25c
Mar
21
*
4%
Jan
com.-.5
6% conv preferred
Hecla Mining Co
Sept
364
25
Eastern States Corp
Hearn Dept Store
5
74
21
34
Haverty Furniture cv pfd.»
Hazeltlne Corp
*
24
1
34
Apr
14
East Gas A Fuel Assoc—
Common
July
64
Sept
*
Duro-Test Corp com
"800
4%
1%
5
1
4
14
103%
LOOO
cl B com.l
Oct
July
'"""IO
Harvard Brewing Co
84
94
5
ink
Nov
214
Oct
July
"3% "44
14
Apr
Feb
45%
109%
112%
8%
34
Apr
Sept
Jan
Apr
Jan
Jan
1
1054
14
Apr
Sept
*
Apr
29
%
29%
95%
Hartman Tobacco Co
62
14
5,800
Hartford Rayon v t 0
July
100
41
Nov
5
Corp.l
100
394
Mar
*
754
12
284
Dominion Tar & Chemical*
*
10
1,600
1,700
Jan
Jan
Draper Corp
Driver Harris Co
24
174
Mar
60
20
300
33
16
29 4
10
Aug
75
94
Hartford Elec Light..-.25
17
8
Dominion Textile Co
900
1114
♦
$6 preferred
24
26 4
*
Dominion Bridge Co
Dominion Steel A Coal B 25
100
*45
Gulf States Utll $5.50 pf.*
Hat Corp of Am
74
130
41
24
"l6%
Aug
16
ord reg__£l
110
130
Grocery Sts Prod com__25c
Grumman Aircraft Engr.l
Guardian Investors
1
Gulf Oil Corp
450
108
♦
Non-vot com stock
July
Sept
Nov
Distillers Co Ltd—
Divco-Twln Truck com__l
25
184
200
22
234
254
Jan
July
2,600
4
com......10
7% preferred
23 4
500
...*
10
Apr
9
1,200
14
S3 preferred
Apr
34
144
5
50
Gorham Inc class A
10
14
Diamond Shoe Corp com.*
Option warrants
Apr
76%
Georgia Power $6 pref...*
11
Feb
7
22 4
Elgin Nat Watch Co
29
»
Sept
Apr
13 4
214
E ectrol Inc v t c
Jan
General Tire & Rubber—
Sept
3
Aug
6
Detroit Steel Products...*
Option warrants
Electrographic Corp
17%
50
*
5
Mfg—1
6% pref w w
20
Detroit Gray Iron Fdy.-.l
Det Mich Stove Co com..l
Detroit Paper Prod
1
Eastern Malleable Iron
Mar
75
July
1,200
Detroit Gasket &
6% preferred
Oct
26
14
534
35
1
7% preferred
30
Aug
100
5% preferred
General Alloys Co
Gen Electric Co Ltd—
Gen Telephone $3 pref
Apr
4
19
Feb
15
17
Nov
Mar
Sept
6
2,100
Jan
10
50
Mar
Mar
Apr
Nov
16
General Shareholdings Corp
Common
1
14 June
Mar
9%
1,100
1,000
Gen Rayon Co A stock.
74
Aug
Mar
85%
Nov
13
June
6%
Jan
pref.*
Sept
28
Mar
14
394
400
12%
c v
Sept
24
Apr
5~500
394
174
284
94
174
29
194
25
394
854
2
15
Gatineau Power Co com.*
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
*
34
Sept
4
2
24
P
'284
1
July
90
Mar
44
400
"
44
European
174
1
Sept
18
Aug
70
2,100
114
1
Emsco
15
$6 conv pref w w
Derby Oil & Ref Corp com*
A conv preferred
*
6%
Conv partlc pref
94
Fuller (Geo A) Co com
84
Apr
72
14
72
100
Dejay Stores
Duke Power Co
1
Oct
Jan
24
*
Dubiller Condenser
5
Froedtert Grain «fc Malt—
11
Jan
104
May
1
10%
Amer dep rcts___100 frcs
Fox (Peter; Brew Co
134
274
34 June
500
Jan
Ford Motor of France—
4
Sept
2,500
Jan
23
General investment com.l
44
154
174
4
23
Oct
100
84
64
6
16 4
Sept
Sept
16
200
Sept
Mar
2%
14%
14.4
134
4%
1 100
3,600
12%
50
104
24
18%
12H
Aug
7
Dayton Rubber Mfg
Am dep rets
174
144
1,800
10
94
4
Darby Petroleum com—5
Davenport Hosiery Mills.*
Distilled Liquors
24
184
*
Amer dep rets ord ref_£l
44
14
Cuneo Press Inc
Decca Records com
Class B
Gen Fireprooflng com
*
Gen Gas <fc El 6% pref B..*
""600
"8%
Cuban Tobacco com v t c
Class A
Am dep rets ord ref.__£l
Nov
Sept
10
6H% preferred
Curtis Lighting Inc...
Curtis Mfg Co (Mo)
Ford Motor Co Ltd—
Sept
4
High
Low
Shares
Sept
96
Mar
Crystal Oil Ref com
6% preferred
High
14
Apr
590
25
Preferred
Low
84
Jan
200
'11
Crown Drug Co com
De VUblss Co
Jan
Aug
4
Crocker Wheeler Elec..—*
Croft Brewing Co
6
14
Cook Paint & Varnish—»
Cooper Bessemer com
Jan
60
98
7
Continental Oil of Mex._l
Cont Roh & Steel Fdy—*
Oct
Apr
96
64
93
14
Mar
24
86
96
Feb
Aug
844
1214 June
Apr
Sept
37
Jan
64
Aug
Jan
71
20
80 4
1164 1164
"14
8% preferred
100
Coii3ol Royalty Oil
10
Consol Steel Corp com—*
Cont G & E 7% prior pf
Price
Fruehauf Trailer Co
*
-_1
Consol GGLPBat com *
Week
Common
Conn Gas <fc (Joke &ecur__*
Consol Biscuit Co
for
of Prices
Ford Motor of Can cl A..*
1
S3 preferred
Week's Range
Sale
Par
74
5,900
Commonw Dlstnbut
Last
High
Low
Commonwealth 4 Southern
Wai rants
Range Since Jan. 1, 1939
STOCKS
{Continued)
1, 1939
Range Since Jan.
Last
Sales
Friday
Sales
Friday
STOCKS
{Continued)
3235
21%
200
20%
14%
15%
600
12
"2% "2%
'""600
350
59
4
Nov
Aug
he
154
"24
Mar
21%
%
Mar
Jan
1%
Sept
4%
Jan
New York Curb
3236
Sales
Friday
STOCKS
Last
Week's Range
Sale
of Prices
Friday
for
(Continued)
Week
Par
Low
Price
Internat Metal Indus A..
Internat
ii
Paper & Pow wan-
3
In ter national Petroleum-.*
Low
4X
3
21X
25*
75
4,100
IX
17%
6,200
Registered
July
Aug
Aug
Aug
17 X
International Products—*
Internat Safety Razor
4)4
4%
2,700
2%
B_*
*i«
8)4
X
16)4
11.75 preferred
*
Nov
4%
27%
Jan
Jan
27
Jan
Monarch Machine Tool..*
Sept
Monogram Pictures com.l
6
Apr
Nov
34
200
34
"~3~
Vitamin—1
Equip.-1
X
»is
Oct
Feb
7%
10%
5X
Mar
X
~5%
1,150
Jan
39 %
4%
2%
300
195*
21
Italian Superpower A—
X
4%
Molybdenum Corp
1
3)4
1,400
*
1%
1%
400
2 %
162%
25
Mtge Bank of Col Am shs.
88X
88%
95)4
96
75
50
102% 103%
160
Mountain Producers.
35
38
Mountain Sts Tel & Tel 100
Mar
19%
%
Sept
Muskogee Co com
'n
Mar
6% preferred
Oct
22
Apr
Sept
Mar
21% June
5%
5%
600
4%
2%
Jan
Sept
Sept
June
118% May
22
July
Apr
6%
Apr
9
Mar
5%
Sept
Sept
Jan
111
111
10
105
~85~
"85~"
"£o
56
Jan
90
38
Jan
"'2% "2%
'hob
Aug
Jan
July
July
Sept
Sept
Mar
Feb
%
111
Sept
%
2X
23*
2%
200
IX
2%
Apr
Aug
70%
2%
3%
1
Kir by Petroleum
1
100
"n
Sept
1%
"I
Emll) Co com..*
11%
100
11%
7%
Apr
Apr
8
8
"100
6%
Sept
77
81
"300
12
12
Kleinert (I B) Rubber ColO
Knott Corp common
1
Kobacker Stores Inc
*
11%
14
9%
Aug
Sept
1534
Mar
8
200
Oct
10
Jan
64
Feb
81
Nov
45
81
4% conv 1st pref
100
Kress (S Hj special pref. 10
Mar
47%
July
4%
5
3~300
55*
55*
600
1323* 1323*
~"£6
4%
132%
Muskegon Piston Rlng.234
175*
17%
1
t
45*
25)4
4)4
95*
5,200
1,500
4%
$3
conv
pref
50
National Container
(Del). 1
National Fuel Gas
'»•
National Oil
9%
Class A--
Apr
7
Sept
Jan
Apr
Nat Rubber Mach
3
*
63*
43
Refining. *
10
Aug
National Tea 5 34% pref. 10
National Transit
12.60
Nat Tunnel & Mines
*
4
Sept
73*
13*
5*
Sept
Nat Union Radio Corp
Navarro OU Co
9
*
"13"
7% preferred
New Engl Pow Assoc
46
100
92 preferred
New England Tel & Tel 100
New Haven Clock Co
*
*
25
Oct
15
Jan
Llpton (Thos J) class A..1
6% preferred
25
10
103*
200
9
17
Feb
Nov
23
Feb
N Y Merchandise
""266
15*
Locke Steel Chain
22
—.5
13X
13%
1
31X
29%
*
10%
10
Lockheed Aircraft
Lone Star Gas Corp
Long Island Lighting—
Common
,
..._*
7% preferred
100
6% pref class B
100
1
4,700
31
28%
125
50
1%
1%
300
4
4%
11,100
X
100
500
5*
135*
Aug
Jan
Apr
34
Jan
Nov
3
Sept
%
1%
Jan
2%
2%
Sept
27
100
4
19
Feb
700
4%
4
'266
Oct
2%
Aug
July
2
500
23%
500
2%
2%
100
7%
7%
Feb
3
Sept
14%
Apr
40 %
27
12%
x68
*
5%
Sept
2% June
7X Sept
24
Nov
55%
3%
July
17
18
"600
200
May
1
Apr
7
Sept
17
125
600
"
"~4% "4%
Jan
155
Sept
Jan
5
July
Apr
23
3%
14
3%
3%
400
3
Oct
26%
27%
75
25
Apr
5%
1,300
3
X
300
Aug
May
4%
%
71
"10
l
%
3%
25c
Partlclpat preferred. 15*
Metropolitan Edison—
73
39
75
1*16
2,900
3%
200
%
6034
41
30
%
Sept
5%
28
6%
%
77
Sept
Jan
13*
7% pref..100
$6 preferred
*
Founders shares
Jan
Sept
Nov
Class A opt warrantsClass B opt warrantsNiagara Share—.
Class B common
5
Class A preferred
100
NUes-Bement-Pond
*
Michigan Bumper Corp.. 1
Michigan Gas A Oil
1
Michigan Steel Tube..2.50
Michigan Sugar Co
*
—5
Preferred
»i«
"£
»ie
"i"
%
1,200
"1%
"966
1
800
*
—
t c
dlv shs
%
Aug
5%
Apr
10 %
Aug
4
4%
100
2%
Apr
4%
Sept
17X
10
Midwest Piping A 8up—
Mining Corp of Canada.
Minnesota Mln A Mfg...*
17X
112
1%
1%
8
7%
8
59
3239
"66"
'""966
415*
65*
Apr
13*
13*
'"960
3*
Nov
43*-
1%
45*
400
33*
Aug
13*
13*
2.500
1,275
3*
86
"£66
*
Ohio OU 6% pref
100
Ohio Power 6% pref.—100
Ohio P S 7% 1st pref
100
6% 1st preferred
100
OUstocks Ltd common...5
Oklahoma Nat Gas com. 15
$5%
conv prior
1
Oliver United FUters B.._*
91.30 1st preferred
53*
125*
53*
200
145*
2,400
343*
993*
18X
124%
8ept
Apr
1%
Jan
6%
Sept
8%
Jan
Patchogue-PlymouthMUls *
Pender (D) Grocery A
500
37
Jan
Apr
Sept
L600
3%
Feb
12
Mar
1%
Jan
59X
July
94
Aug
116
ex
May
Aug
Apr
43*
Feb
63*
Apr
Aug
24
Apr
Sept
1,200
100
153*
75
973*
150
90
Apr
1145* X114
183*
15*
175*
463*
1145*
183*
80
1103*
Aug
Sept
40
10434
965*
Sept
Apr
83*
Apr
4,000
463*
50
35
1103* 1105*
15*
15*
475
106
1,000
1
53*
6
25*
100
8
Jan
Apr
Oct
Apr
Sept
Jan
Sept
12
""55*
315*
285*
853*
323*
3,200
283*
Sept
293*
600
265*
Sept
60
683*
Jan
53*
55*
43*
Sept
183*
323*
293*
12
Sept
86
500
Apr
92
45*
35*
55*
14,300
35*
100
Parkersburg Rig & Reel—1
Aug
Apr
83*
1143*
53*
Aug
Sept
Jan
81
37
233*
23
com.. *
X
1,300
423* May
3*
Apr
25* Aug
Nov
4
Sept
35*
Nov
Pantepec Oil of Venezuela—
12
Sept
Apr
Mar
133* Apr
145* June
1055* 1063*
993* 1023*
1143* 1143*
*
90 %
Jan
Apr
145*
Omar, Ino
1
Overseas Securities
*
Pacific Can Co common..*
6% 1st pf.25
5H% 1st preferred...25
63
ht
50
Oldetyme Distillers
Apr
Sept
87%
98
pref..,. *
Paramount Motors Corp.l
Parker Pen Co
11
10
85*
Peninsular Telephone com*
Cla^ 4 $1 40 cum
pref25
Apr
15
Mar
45
200
35
Apr
15
400
26
143*
Apr
40
25
45
26
"l5"
Class B_
73*
29
Apr
Jan
293*
Oct
*
31
Apr
*
53
Jan
Penn Edison Co—
92.80 preferred
$5 preferred
Penn Gas & Elec class A—*
Fi.r footnote* see page
633*
"965* "98"
150
80
4X
"64k
100
300
110
4X
35*
60
American shares
"11
56%
500
2^500
Page-Hersey Tubes
10
59
55*
"33* "33*
200
_
Minnesota P A L 7 % pf 100
Miss River Power pref. 100
Missouri Pub Serv com..*
Sept
55*
200
Mar
1,100
5,000
110
13*
55*
485*
1
%
Mar
243*
7% preferred
Apr
Apr
*i«
485*
Nor Ind Pub Ser
6% pf.100
Sept
400
243*
Pacific G & E
8%
x77%
Apr
243*
Pacific P & L 7% pref—100
Pacific Public Serv
*
7%
55*
150
Jan
16
66
6% prior preferred
50
No Am UtlUty Securities.*
Nor Central Texas OU—5
Nor European OU com—1
Mar
"§k
17,000
Apr
4
10
300
Sept
Sept
IX
75*
853*
7
853*
6
100
69
7%
2%
2%
*
..50c
73*
500
245*
5%
Jan
900
Co
125*
45*
173*
64
Sept
4%
Products—
Apr
24
Sept
4%
%
»
Middle West Corp com..5
Midland OU Corp—
$2 conv preferred-.*
Jan
99
69
2%
Jan
4%
£o
States Petrol—
Class A v t c
107
100
243*
X
2%
9%
"it May
July
Jan
Middle
310
96 preferred
*
North Amer Rayon cl A
*
Class B common..-—*
Aug
% June
5% June
%
119
108
13*
1005*
%
X
July
Sept
73*
118
l
Apr
Nov
Apr
20
100
1
93 preferred
•
50
83*
Nineteen Hundred Corp B1
Apr
Jan
Sept
Apr
107
37
1%
Jan
118%
Ohio Brass Co cl B com..*
Ohio Edison 96 pref
*
3%
Apr
Apr
July
108
Novadel-Agene Corp
Aug
41
-
32%
*
263*
83*
Jan
Jan
Aug
ShlpbuUdlng Corp—
93%
$6 preferred
Mexico Ohio OU
263*
145*
Jan
700
13*
673*
24
Oct
Mar
800
745*
72
Northern Pipe Line
—10
Northern 8ts Pow cl A—25
Northwest Engineering--*
Apr
1
N Y Pr & Lt
Oct
Mar
465*
68
13*
10
Nlplssing Mines
6% May
17
35*
103*
200
13*
67
Apr
16
Noma Electric
Nor Amer Lt & Power—
Common
Nov
"£66
"l"23* "123*
1%
65
City Omnibus—
Oct
53
*
71%
Mid-West Abrasive
Midwest OU Co
Aug
X
%
22%
634% A preferred... 100
Mid vale
7%
103%
23%
4%
%
Steel
Apr
Mar
400
Dredging—*
non cum
Aug
*!•
800
"4% "5%
Participating preferred. *
Merrltt Chapman A Scott*
Warrants
$2
Sept
14 %
17%
Midland
2%
7,100
4
Mercantile Stores com
*
Merchants A Mfg cl A...1
v
July
%
4%
4%
Class B
1%
1%
lhe
27
Apr
Sept
Niagara Hudson PowerCommon
10
6% 1st pref
100
6% 2d preferred
100
AUg
Aug
Aug
Apr
Apr
104
123*
39
Mar
18
310
1173* 119
45*
173*
35%
25
125
123*
Jan
50
425
45*
173*
30%
40
73
253*
Warrants
N Y
113* May
723*
1
Jan
75
Jan
Mar
Sept
245*
72%
New York Transit Co
5
N Y Water Serv
6% pf.100
Apr
4
143*
Jan
Apr
Apr
33*
Feb
%
4
34
Nov
19 X
Jan
June
75*
103*
%
40
Memphis Nat Gas com..5
Mesabl Iron Co
Metal Textile Corp
Nov
Aug
Mar
783*
25*
6
36 X
X
3*
1
Mead Johnson A Co
Jan
X
29%
May Hosiery Mills Ino—
94 preferred
*
McWilllams
13X
July
89%
Massey Harris common..*
Master Electric Co
1
McCord Rad A Mfg B
2% Sept
25 %
22
26
1,300
30)4
Communlca'ns ord reg £1
Mar gay OU Corp
*
Marlon Steam Shovel.—.*
t 0
Apr
Aug
Apr
7%
IX
preferred
*
Mapes Consol Mfg Co.— *
Marconi Intl Marine
v
10
18 %
8,500
43*
conv
Mass UtU Assoc
650
Jan
14,800
1%
31
Majestic Radio A Tel—.1
Manati Sugar opt warr„
Mangel Stores
1
$5
13X
31X
10)4
27%
Loudon Packing
*
Louisiana Land A Explor_ 1
Louisiana P A L $6 pref.
Lucky Tiger Comb G M.10
Lynch Corp common
5
1%
Apr
23% May
103*
36
New Process Co
N Y Auction Co com.-.
N Y
Jan
Apr
600
75*
N Y A Honduras Roearlo 10
16
"l%
48
6
*
6% preferred
37
15*
100
100
Apr
*
13
Nestle Le Mur Co cl A—.*
Nevada Calif Elec com-100
Apr
Sept
Class B
100
%
*
1st preferred
*
Nelson (Herman) Corp.—6
Neptune Meter class A.—*
8
Lit Brothers common
700
»n
Aug
102
Nehl Corp common
22
Loblaw Groceterias cl A—*
13
1,400
15*
{Nebel (Oscar) Co com.—*
150
Sept
9
i'ie
Nebraska Pow 7 % pref. 100
300
hi June
85*
13*
15*
1
105*
Sept
1,400
National 8teel Car Ltd.—*
10
32
Aug
May
25*
Apr
National Sugar
32
Ino..l
1%
4,300
Apr
5
Develop—25
Le Tourneau (R G)
Line Material Co
3,000
2,700
125*
May
113* Apr
23* May
283*
33*
%
32 3*
Leonard Oil
25*
3*
1%
8%
4%
%
Jan
125*
6
69
New Mex & Ariz Land.—1
Newmont Mining Corp. 10
%
333*
800
875
Sept
11
50
93*
300
New Idea Inc common
New Jersey Zinc
17 %
Sept
413*
85*
z9
45
May
May
Sept
8%
*
41%
885*
Apr
15
Jan
413*
Nov
8ept
433*
11%
Class B
10
87
Oct
Lefcourt Realty common 1
Conv preferred--*
28
100
885*
71
7%
25
14
45
Jan
500
9X
28
14
4
Products
Apr
Langendorf Utd Bakeries—
Apr
Apr
•u June
28
Nat Mfg & Stores com..
National P & L $6 pref.—*
National Refining corn-
Nov
Oct
5*
12%
2
Nov
Mar
6
*
24
Jan
3,300
3,100
8
73*
67
24
25
Lakey Foundry A Mach.l
Lane Bryant 7% pref—100
Lane Wells Co com
1
Lehigh Coal A Nav
Nat Breweries 7% pref..2~
61%
50X
4%
Aug
Apr
245*
3* June
Apr
63*
35* Aug
Jan
43*
3* Mar
1223* Apr
65*
Apr
95* Apr
7
May
National Candy Co
National City Lines com.l
Jan
Mar
Jan
85*
Oct
7
8%
Apr
July
7
21
*
1
11%
13
100
Oct
Sept
69
Nachman-Sprlngfilled
Nat Auto Fibre com
4%
1
Lackawanna RR (N J). 100
175*
*
100
com
Oct
15*
147
400
Murray Ohio Mfg Co...
38
Kreuger Brewing Co
Lake Shores Mines Ltd.
30
June
6%
5%
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Lt' 7% pf B.100
6% preferred D
100
Kingston Products
1
Koppers Co 6% pref...100
Kresge Dept Stores—
98 % June
102% June
107 X
48 %
4
*
1
Klrkl'd Lake O M Co Ltd 1
Apr
Mar
Lamp A *
Key Co corn
Klein (D
17
112%
6
Ken-Rad Tube A
Jan
Jan
22 %
Kansas G A E 7% pref. 100
Keith (Geo E)7% 1st pflOO
Kennedy's Ino
Jan
78
86%
2,900
25
""266
—10
Aug
1% June
67%
200
""180
""%
.
885*
400
.
Mountain City Cop com 5c
Nat Bellas Hess
i03k
164"
243*
Moody Investors part pf. *
{Moore (Tom) Dlstlllery.l
Oct
Jersey Central Pow A Lt
634% preferred
100
6% preferred
100
7% preferred
100
Jones & Laughlln Steel. 100
Julian A Kokenge com..*
2
Apr
93*
33* June
Apr
145*
1
Aug
100
53*
162%
Montreal Lt Ht & Pow..*
7%
%
*11
100
500
{Mountain States Pw com*
Oct
%
*
Mar
Apr
Mar
3
300
2
14X
14%
15
113*
Low
10
Montgomery Ward A
Range Since Jan. 1, 1939
Shares
53*
55*
*2734 x27%
1%
13*
Monroe Loan Soc A
Apr
3%
5X
x27%
for
Week
High
11
1
Feb
8
Apr
%
18
20 X
July
Low
Mock. Jud, VoehrlngerCommon
92.50
Sept
700
18
July
'n May
Sept
4%
10
100
Jan
20
Oct
Feb
1,600
10 X
21
(FL) Co
10
32%
"266
1
Jeannette Glass Co
11
50
100
Iron Fireman Mfg v 10-—*
Jacobs
Apr
~~3H
7X
73*
Mills.*
Interstate Power $7 pref.*
Investors Royalty
1
Irving Air Chute
6%
400
83*
X
Price
11%
ht
S3.50 prior pref
-*
Warrants series of 1940.
Hosiery
16)4
33%
Class B
Interstate Home
of Prices
M ontana Dakota UtU
—*
Class A
Interstate
Week's Range
Sale
Par
International Utility—
Internatlonal
Last
High
18, 1939
Sales
STOCKS
(.Continued)
ii %
20
215*
Range Since Jan. 1,1939
Shares
High
Nov.
Exchange—Continued—Page 3
25*
Oct
UBIJIIH'I—'I
Volume
New York Curb Exchange—Continued—Page 4
149
Sales
Friday
STOCKS
Last
(<Continued)
Sale
Par
PeDD Mex Fuel Co
Price
Week's
Rarige
of Prices
High
Low
Range Since Jan. 1, 1939
for
1
Penn Cent Airlines com.-l
X
Pa Pr & Lt $7 pref
$6 preferred.
111)4
2)4
2)4
8)4
9)4
110)4 Ul)4
107 H
107)4 107)4
172
170
9
♦
*
50
Penn Salt Mfg Co
2
2)4
4,100
50
Pa Water A Power Co
*
Perfect Circle Co
92)4
Pilaris lire & Rubber
1
7%
July
86)4
Jan
107 54
179
Nov
Line stamped.
Sllex Co common
Sept
7?4
754
18
Sept
8
Sept
8454
Mar
Apr
*
6x
6
1
654
6)4
Apr
Singer Mfg Co..
Singer Mfg Co Ltd—
9)4
Jan
5
Apr
Sept
120
Aug
Sept
31
Oct
28
300
254
JaD
7)4
Sept
1
654
1,000
254
Apr
July
Soss
July
South Coast Corp com
16
1854
Feb
1)4
2
1,000
Sept
X
254
Sept
Sept
Jan
*
Meter
7)4
Apr
854
Oct
43)4
Aug
1,100
6)4
Apr
14)4
Sept
66
850
42)4
Sept
10
100
6
99)4 101
3,400
90
1
Pittsburgh A Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc com
7.50
Pneumatic Scale com—10
ioi"
25c
1)4
1)4
common...6
X
6
4 54
X
4)4
854
Co
Powdrell A Alexander
Power Corp of
Aug
5)4
40)4
7)4
7)4
200
50
Pittsburgh Forglngs
Mining
Solar
Mfg
Mfg
1154
11)4
12
66
60
10
1
1
Southern
9
10)4
HH
1)4
1)4
454
854
5% original preferred.25
6% preferred B
25
800
900
2,300
50
"21
"2154
'""560
..100
7% prexerred
75)4
Sept
Southern Pipe Line
12
Sept
Southef* Union Gas
Apr
117
Mar
*
Oct
July
Southland Royalty Co
South Perm Oil
Feb
11)4
Nov
May
254
Jan
*16
Apr
254
5)4
Sept
Spalding (A G) A Bros...*
5% 1st preferred......*
Spanish A Gen Corp—
Apr
Sept
12
Apr
102
Apr
16)4
1)4
35)4
May
23
Mar
Mar
Shoe Corp
Premier Gold Mining
1
Prentice-Hall Inc com.
*
36
36
Pressed Metals of Am—1
11
1154
1,500
7
Jan
6)4
'2~300
3
Apr
7
Jan
454
Aug
7)4
Mar
Mar
Standard Oil (Ky)
Standard Oil (Ohio) com
25c
*
Corp
Prosperity Co class B
hi
6)4
454
—*
*
Prudential Investors
$6 preferred
*
Public Service of Colorado
95
95
94
200
Jan
hi
Sept
Standard
6)4
854
Nov
$1.60
,
100)4
Nov
104
Apr
106
Nov
Feb
112
July
*
*
$7 prior preferred
$6 preferred
75)4
7054
7654
1,350
44)4
40)4
37
40)4
1,275
26
Jan
Apr
82
44)4
93
Jan
10354
100
Sept
Aug
Aug
100
7% prior lien pref—100
6% prior Hen pref
110
Aug
June
*
*
$5 preferred
$6 preferred
77 X
73)4
25
22)4
77)4
25
675
"iox "l"0)4
Pyle-Natlonal Co com—5
'""106
Manufacturing..10
6
7
500
Quaker Oats common
*
6% preferred
—100
120
120
100
Quebec Power Co
—*
Ry A Light Secur com...*
Railway A Util Invest A..1
34)4
Jan
150
147
150
60
14
Jan
4
1,325
Puget Sound Pulp A Tim.*
May
9)4
9)4
100
Nov
Sept
Aug
108
139
Apr
Feb
12
Jan
7
June
Apr
6)4
4)4
126
Aug
Jan
Oct
16
9)4
77)4
?iH
158X
Mar
hi
18)4
July
9
12)4
Mar
Feb
X
June
Mar
Raymond Concrete Pile—
*
Common
S3 conv preferred
13
14)4
350
12
Apr
21
Jan
35)4
13)4
Apr
41
Mar
*
50c
1
1
300
»n
Aug
Red Bank Oil Co
*
2
2)4
700
1)4
July
Reed Roller Bit Co
*
26)4
27)4
200
hi
16
300
Ratheon Mfg com
6)4
Investing—.1
5Reynolds
5% preferred
6
3
200
1)4
Apr
454
10
36)4
900
27
Sept
29 X
June
1,700
25
Sept
29)4
June
"ei"
~"~Io
"ei"
6)4
x
X
X
20,500
7
400
Jan
IX
Apr
5)4
36)4
3554
5)4
36)4
1,100
2
10
Apr
""254
254
Oct
1254
60
12)4
Sept
2)4
2)4
100
hi
)4
May
Jan
5°7
hi
May
"266
X
Class B com
2)4
100
1
500
J
1954
1054
9)4
19 %
26)4 27)4
27)4
1,600
2,300
Feb
Tastyeast Inc class A
96
Apr
10554
Aug
Apr
112
Oct
15
Apr
Jan
Taylor Distilling Co
.1
Technicolor Inc common.*
»»•
43)4
X
40)4
43
pref.. 100
Co—.2
Thew Shovel Co com
5
24)4
13)4
July
Sept
Feb
Tllo Roofing Inc
July
2)4
Jan
3)4
400
Apr
5
Oct
Apr
11
Oct
1
37 X
Feb
Apr
10X
Mar
43*
Jan
Tobacco
Jan
Ordinary reg
71
Jan
Apr
4
Mar
Apr
5)4
35)4
X
he
Sept
15)4
Apr
July
254
Sept
Nov
125
2)4
Sept
6)4
1)4
2)4
5
35)4
2,400
300
250
454
454
300
6)4
Mar
15)4
4554
6,800
Apr
15)4
Sept
Toledo Edison 6%
4554
50
35)4
Apr
47
Aug
Ryan Consol Petrol
*
Ryerson A Haynes com._l
St Lawrence Corp Ltd
*
ClaR A *2 conv pref
50
254
254
1,000
Aug
3
Jan
154
200
1)4
X
Apr
July
2)4
4)4
3,300
2J4
14)4
154
2)4
4)4
400
50
10)4
1,800
2)4
9)4
Sept
Sept
"35"
"35"
'2^500
'""i00
"35
May
64
Sept
Trunz Pork Stores Inc
7
Aug
17
Jan
Samson United Corp
3
3)4
53
53
50
1
com.l
1)4
1)4
200
*
Sanford Mills
—.6
1
1
*
Savoy Oil Co
14
Schlff Co common
Scranton Elec $6 pref
14)4
33)4
25
Scovill Mfg
Scranton
3)4
100
7% preferred
Salt Dome OH Co
34
100
600
500
954
18)4
30
11454
1654
*
2354
Lace common..*
2354
54
3854
X
4)4
Jan
5
31)4
Iranswestern
2)4
Oct
Sept
41 )4
Oct
June
Jan
Aug
Apr
June
154
1554
38)4
11454
2354
Sept
Jan
5)4
Sept
54
Scullin Steel Co com—.
Aug
X
May
Warrants
Securities Corp general...*
Segal Lock A Hardware..1
Selberllng Rubber com...*
41)4
X
9)4
1154
100
31
Mar
15)4
"11
Feb
Convertible stock
$5.50 prior stock
25
Allotment certificates...
Selfridge
21
1954
1,200
Sentry Safety Control
Sernck Corp
Seton Leather common
Shattuck Denn Mining...6
Shawlnlgan Wat A Pow..*
654
19)4
9)4
Jan
Aug
69)4
Mar
United Lt A Pow com A..*
70
Mar
June
Oct
10
Sept
2254
Ms"
-.*
Milk Products...»
Jan
23
Nov
Jan
63
May
354
Aug
Oct
Feb
16X
5)4
15
Jan
Mar
Jan
154
Mar
June
45
1
81
Feb
Apr
108
July
Apr z114)4
54
Feb
Oct
2X
6
July
Apr
Jan
Sept
the
Sept
Apr
7
19)4
8)4 June
13)4 Mar
Apr
3854
Mar
Sept
500
2
A pi
3)4
2,100
6
Apr
8)4
Aug
Sept
Sept
5)4
3)4
Mar
Jan
2)4
1454
Jan
Sept
12)4
200
10 X
Sept
Apr
"1754 "l8X
"700
12)4
Jan
18)4
Oct
Nov
"800
Sept
Apr
3)4
1154
2)4
3)4
X
2,800
11
54
94
90
88
IX
34)4
1,700
IX
30
1)4
1)4
3254
154
6,000
1,600
3454
5,300
20
20
25
July
11)4
1)4
he
)4
Apr
Oct
7
Apr
Apr
3X
X
80
June
Jan
Oct
Nov
65
154
74
June
Mar
6
400
88
88
400
X
Feb
X
3
Jan
Jan
Mar
94
Jan
Nov
lhe
8954
3
Feb
July
Jan
1X
July
X
June
2)4
Jan
19
Apr
36)4
Mar
20
Nov
23
Mar
69)4
*
Jan
73)4
Mar
4)4
Nov
6X
Mar
Molasses Co—
ord reg
United N J RR A Canal 100
United Profit Sharing..25c
454
454
100
hi
he
300
he
A...1
1154
11)4
500
2)4
1,900
954
1)4
Am dep rets
Class B
3239
354
7
hi
B......*
United Shipyards cl
For footnotes see page
Aug
4
Aug
Apr
100
Aug
5)4
Jan
22)4
10854
2
June
3,000
$3 preferred
Feb
Sept
he
654
May
17
Jan
Mar
May
Apr
Aug
2)4
254
4)4
900
Sept
Jan
X
'he
254
8)4
954
400
2)4
48)4
4854
800
9)4
38
100
6)4
July
2,200
54
54
654
'""loo
19)4
X
36)4
154
93)4
654
May
200
1254
1854
lnon-voting.*
18 X
Aug
May
1)4
Option warrants
United G A E 7% pref.100
United
254
28)4
1)4
Corp warrants
Common class
Sept
1
Apr
Jan
Mar
154
3
354
654
54
Sept
45)4
7)4 May
2,300
•11 May
Nov
X
650
1
6)4
2)4
9)4
Jan
35
98)4
105)4
900
2)4
Apr
38 X
45
H)4
1
Jan
60
37
*
July
254
Apr
100
1054
United Gas Corp com
X
June
Aug
54
34
United Elastic Corp
6
200
11)4
United
100
12
Apr
154
111)4
111
2)4 *•
X
Oct
1)4
X
Sept
154
Apr
United
Sept
11
54
Jan
*
65
63
15
Aug
200
75
105)4 108
111)4
10
1)4
13)4
Apr
9)4
Jan
Nov
4)4
4)4
Aug
pre
Jan
Apr
6)4
1
12)4
June
X
Feb
94
X
500
7X
Oct
Nov
1,800
4)4
9)4
X
X
Sept
Nov
1,200
54
$8 1st preferred
£1
1
.1
Jan
4
554
2,200
'""400
100
Prov Stores—
Amer dep rets reg
Jan
Feb
4
1
Aug
Mar
3
21)4
12)4
1,700
Sept
9)4
Nov
12)4
3,300
154
6)4
3
6
8ts..l0c
$3 cum A part pref
Un Cigar-Whelan
1st $7
.....1
Apr
Oct
Mar
16
11)4
United Chemicals com
Nov
Jan
4)4
154
2)4
42
50
.*
♦
Union Tracdon Co
Selected Industries Inc—
Common
Sts.l
Sept
IX
41)4
Nov
Sept
Oct
Ulen A Co ser A pref
Sept
2
Aug
5)4
Apr
2)4
~58~X "58)4
X
854
._.*
Selby Shoe Co
41)4
X
8)4
11)4
X
6)4
*
Seeman Bros Inc..
36
14
37
June
1254
Union Investment com—*
21
*
*
Water Service pref
Jan
4
3
12)4
Tung Sol Lamp Works.—1
80o dlv preferred
*
Union Premier Foods
Scranton Spring Brook
Jan
June
13
37
01&83
Aug
Apr
Apr
74
25
*
Corp—1
Tublze ChatUlon
Nov
Sept
May
2X
28
500
*
Series B pref
*
Unexcelled Mfg Co.....10
Union Gas of Canada
*
Aug
June
)4
5x
3154
454
..1
OH Co....10
Common
July
4)4
300
13)4
6
6
Trt-Contlnental warrants..
37
St Regis Paner com......5
21X
Oct
31
2
2
*
pref.100
7% preferred A
100
Tonopah Mining of Nev.l
Trans Lux Plct Screen—
Oct
15
Apr
he
Todd Shipyards Corp
14)4
*
Nov
Oct
X
1)4
1
Sept
45
7)4
300
£1
2)4
154
Apr
Secur Tr—
$2.50 conv pref
7
14
700
554
35)4
4)4
6)4
154
—1
Rustless Iron A Steel
13)4
Jan
3,000
Def registered 5s
X
37
6)4
Feb
9,600
1)4
1)4
Tobacco Piod Exports..-*
45
July
1)4
Apr
May
Tobacco A Allied Stocks.
350
27 X
107
Jan
Nov
Nov
X
Tishman Realty A Constr*
354
IX
1)4
4)4
60)4
Jan
1954
57
July
854
59
Apr
Apr
100
21X
20
Texas P A L 7%
2354
*
July
Sept
1
100
Royallte OH Co Ltd
Jan
12 X
14
X
300
"3154
100
Royal Typewriter
Russeks Fifth Ave
17
102
1
Tampa Electric Co com.
2
20
17 X
40)4
11
$1.20 conv pref
Rossla International
2)4
May
June
1,500
13)4
15
2
354
X
Aug
9)4
...
Swan Finch Oil Corp
11
Root Petroleum Co
July
2)4
1054
Superior Port Cement
$3.30 A part
5
1
rets ord reg...£l
Mar
July
26
10
1
Rome Cable Corp com—5
Am dep
18
Nov
650
10
Machinery
Texon OH A Land
Roosevelt Field Inc
Mar
Apr
18)4
1,900
8
Stlnnes (Hugo) Corp
102
Rolls Royce Ltd—
Mar
Sept
Jan
14
1454
20)4
*
5
Stetson (J B) Co com
Feb
1054
Roeser A Pendleton Inc.
3)4
18)4
2)4
112
98)4
he
3)4
Mar
14
Prod.l
1
Sterling Brewers Inc
Sterl.ng Inc
100
9754
Jan
July
July
July
14
preferred.....20
2d
Sterling Aluminum
Taggart Corp com...
1
RochesterG&El 6%pf C100
6% pref D
100
Rochester Te! 6X% prf 100
Voting trust ctfs
30
2
19
F.unray Drug Co
Jan
.
Oct
Oct
454
10
..50
6% 1st preferred
Sullivan
Sept
23
IX
Stroock (S) Co
)4
Jan
89 X
300
Ordinary shares
Sherchl Bros Stores......*
Jan
654
July
654
Aug
July
254
1254
254
Stein (A) A Co common.
Jan
4
15X
Sept
2654
73)4
Nov
Sept
Mar
5
300
18
c.l
754
154
Oct
Steel Co of Canada—
5XV conv pref
50
Superior Oil Co (Calif)..25
100
154
Oct
Aug
3)4
phate A Acid Wks Inc.20
Starrett (The) Corp v t
Sunray OH
3)4
1
Rio Grande Valley Gas CoRadiator
4X
2)4
200
1,100
Wholesale Phos¬
Jan
800
Rice Stlx Dry Goods
Aug
65)4
160
Aug
Jan
1)4
July
Mar
Feb
254
Jan
4)4
2)4
B
Sept
254
)4
May
4)4
254
1
5
5
Sept
Aug
42
2)4
1
Standard Steel Spring
Standard Tube cl
Oct
"
21
Standard Products Co
46
41
Preferred
8)4
»ii
16
June
Oct
Sept
2954
28)4
X
33)4
Jan
Jan
29)4
1
Standard Pow & Lt
Jan
)4
954
50c
Reliance Elee A Eng'g—5
Richmond
10
25
100
Aug
23
5
Reeves (Daniel) common.*
Relter-Foster Oil
Republic Aircraft
Apr
preferred..20
2)4
,
Mar
Mar
3)4
1)4
Dredging Corp—
1
conv
Standard
Puget Sound P A L—
Pyrene
com.l
10
Standard Sliver Lead
Public Service of Okla—
3)4
154
154
1)4
Common class B
Public Service of Indiana—
Apr
Nov
June
148
"el""
Common
Aug
89
Jan
54
700
..*
*
Standard Brewing Co
Standard Cap A Seal
Conv preferred
U54
107
6% 1st preferred..—100
7% 1st preferred....100
Stahl-Meyer Inc
Nov
June
42
454
100
200
27)4
Standard Invest $5)4 pref*
Producers
Providence Gas
254
Oct
Apr
Feb
Jan
400
Aug
Oct
41
"29)4
*
*
Sept
Jan
2X
13
219
June
reg._£l
Am dep rets ord
Srenoer
Sept
Feb
July
1)4
IX
5)4
1)4
IX
Southwest Pa Pipe Line .10
Nov
Apr
16
3
5
25
Pratt A Lambert Co
25
Mar
Mar
Jan
5)4
154
25
Preferred A
1)4
10)4
3
Sept
54
10
Jan
854
Apr
1)4
116
100
380
South New Engl Tel...100
Apr
101)4
Canada—*
6% 1st preferred.—.100
1!
160
Southern Colo Pow d A.25
Apr
!
f
16)4
3
25
1)4
50
Apr
July
84 X
.1
8
100
he
14
Calif Edison—
54
7)4
100
9
Feb
Oct
IX
154
156
160
1
Co
com
5)4% pref series C
Postage
Pitts Bess <fc L E RR
Potrero Sugar
Aug
1
Pines Wlnterfront Co
Pioneer Gold Mines Ltd..l
Polaris
Apr
9)4
3654
1)4
50
113)4
11554
Sept
16
1
28
High
Aug
lie
Sioux City G A E 7% pf 100
Skinner Organ
...5
9
28
81
1,500
Amer dep rets ord reg.£l
Sept
29
25
Pierce Governor common.*
Pltney-Bowes
100
1,600
he
A..10
97)4
106)4
10
Simplicity Pattern com..l
Aug
7
9454
27)4
1054
Sept
Apr
Phoenix Securities—
Common
93
*
8)4
3054
97
954
pref
conv
3054
6)4
*
Phillips Packing Co
Conv J3 pref aeries
$3
Sonotone Corp....
Phil a Elec Co $5 pref
Phlla Elec Pow 8% pref 25
Low
Shares
......25
.
58
900
High
Simmons H'ware A Paint.*
68
250
Range Since Jan. 1, 1939
for
Week
of Prices
Simmona-Boardman Pub—
Feb
1,250
Week's Range
Low
Shreveport El Dorado Pipe
Nov
114
8
Philadelphia Co common.*
10)4
Apr
*
Price
5% cum pref ser AAA100
Sherwln-Wllllama of Can.*
23)4
71
73
85
17
100
Pepperell Mfg Co
Sept
111)4
135
Pennsylvania Sugar com 20
Nov
3)4
25
com
Jan
98
75
Sherwln-Wllllama
2
Apr
154 June
5)4
Apr
4,300
150
Sale
Par
Mar
»n
Apr
15
172
Last
(Continued)
High
Low
2.60
Penn Traffic Co
STOCKS
Week
Shares
1
Pennroad Corp com
3237
Sales
Friday
1
237
2
Jan
242
Feb
July
Sept
•is
Jan
11X
Nov
Jan
2)4
Oct
New York Curb Exchange—Continued—Page 5
3238
Sales
Friday
STOCKS
Week's
Last
(Concluded)
Sale
Par
Price
United Shoe Mach com.25
Low
United Specialties com—1
U S Foil Co class B
1
1st pref with warr
Oct
49%
2%
Aug
900
3
Apr
1%
Sept
%
19%
26%
2%
18%
26%
2%
59%
700
225
3%
1,400
19%
1,500
550
28
300
Sept
Communlt
Nov
Jan
Jan
%
Oct
1%
14%
Apr
2%
17%
July
H
%
1%
2
100
3,500
2
2%
16%
8
Universal Pictures com—1
Universal Products Co—*
Utah-Idaho Sugar
6
Utah Pow & Lt 97 pref.—*
Utah Radio Products
1
Valspar Corp com
$4 conv preferred
12
Apr
6
100
2,100
66%
250
1%
100
56
175
%
%
400
1%
19%
57%
1%
590
19%
20
1%
1%
1,600
300
5
Van Norman Mach Tool.5
Venezuelan Petroleum...1
Va Pub Serv 7% pref—100
Vogt Manufacturing
*
Waco Aircraft Co
*
preferred
4,700
%
58%
100
38%
6%
5%
900
5%
0%
100
5%
KK)
Wahl Co common
—*
Waltt A Bond class A
*
Class B_.......———*
Walker Mining Co
Express
1
Western Grocer coin
20
Western Maryland Ry—
7% 1st preferred
100
Western Tablet A Statlon y
Common
1%
1%
59
60%
14
11%
11%
50
2%
Oct
Feb
Nov
60
6
"l% "l%
200
Feb
13
8H
"266
13
125
3%
6%
6%
7
700
Woodley Petroleum
5%
5%
5%
200
"3% "~3H
'266
6%
6%
1%
1%
6%
1"A
BONDS
58 ex-warr stamped. 1944
General Bronze 6s
1940
General Pub Serv 5s.. 1953
82%
Gen Pub Utll 0%s A. 1950
"General Rayon 6s A. 1948
Gen Wat Wks A El 68.1943
95%
3%
100
Jan
Mar
June
Oct
Apr
62%
Sept
Apr
17
Sept
May
13
Sept
Nov
11
Sept
8
Jan
Aug
Apr
8%
Sept
Jan
Jan
7%
82%
2%
4%
4%
Mar
13
Nov
Apr
Apr
102
Nov
8%
Mar
May
2%
Sept
3%
Nov
8%
Sept
Aug
0%
Sept
Sept
Sept
15%
Mar
$4,000
102
Jan
108%
13,000
98
Jan
107
Nov
2,000
90
Jan
Nov
10,000
87
Jan
79,000
81%
Jan
106%
106%
103%
109%
100%
Amer
1949
Debenture 5s..
7,000
125
106%
69%
Chic Jot Ry A Union
Stock
Yards 6s
1940
{♦Chic Rys 5s ctfs
1927
Cincinnati St Ry 6%s A *52
Jan
49%
Aug
29%
Jan
47%
Aug
43
40
Jan
59
70%
24,000
67
Sept
83
105% 106%
15,000
100
45,000
105%
6 %s series B
5s series C
♦Indianapolis Gas 5s A1952
Indpls Pow A Lt 3%s.l968
5s series B
Sept
102
Aug
Oct
95
July
Apr
139
Sept
82%
103
101%
Sept
Sept
110%
126
Jan
100%
94%
94%
95
16,000
69%
Jan
97%
Aug
98
99
97%
97
98%
84%
84%
85
5,000
81
62,000
89
130%
150
Jan
102
Oct
105%
July
May
105
Mar
6,000
75%
Sept
105% 106%
21,000
90%
Jan
96%
97%
13,000
81
Apr
98
Aug
107%
Oct
5s series B
4 %8 series C—
1961
Kansas Elec Pow 3 %s.l966
Kansas Gas A Elec 08.2022
1st mtge 5s sot H—1961
6 %8 series D
1948
5%s series F
1955
5s series I
1909
Louisiana Pow A Lt 5s 1957
Mansfield Min A Smelt—
13,000
33,000
35
Jan
46
Mar
32
Jan
66%
Jan
Aug
6,000
6,000
110,000
75
Oct
112% May
Apr
81%
Mar
Jan
31%
106%
81
Sept
50%
Oct
109%
Apr
Oct
94
13,000
60%
Mar
25
82,000
89%
Jan
99
92
Apr
104%
Jan
100%
16
25%
99
104%
95
11,000
39,000
75%
Oct
90
6,000
17,000
90
Apr
101
78
Apr
90%
73
Feb
75
95%
76
26,000
87
Jan
94,000
95%
Jan
24,000
58
Jan
68
40
Oct
Jan
Oct
Nov
Fen
July
Aug
Nov
70%
20,000
25%
64%
Apr
Sept
96%
107
Oct
Jan
Oct
Aug
Jan
Aug
Nov
74% June
29
72%
Mar
Jan
62
59
Oct
72
Jan
82
05
Sept
91
Mar
105
Sept
47
Mar
45
Apr
53
Jan
36
Apr
50
Feb
25
July
30
July
8
•>
64
Sept
30
«
3. J,
m*
w
~
10,600
107% 107%
62
94%
July
102% June
101%
Apr
104%
Oct
100
Sept
1§3%
Nov
102
Sept
111% June
8
July
59
Jan
Apr
Sept
101%
99
Sept
8
68%
08
110%
105%
104%
103%
105% 105%
43,000
102% 103%
13,000
100% 101
103,000
95%
97% 38,000
85%
Jan
105
90%
Apr
105%
105%
8,000
99%
61%
66%
108
108
42
46
44%
46
96%
Apr
92%
Sept
29,000
8,000
33,000
62,000
19,000
4,000
Feb
Aug
July
Aug
Nov
Nov
Apr
106
Nov
85
Apr
102
July
86
Jan
99%
Nov
60%
Apr
Apr
75%
Aug
49
60%
Nov
99%
Sept
110
May
Sept
62%
Sept
54
Mar
31
Sept
55%
Mar
65
Apr
73
Aug
38%
Jan
55%
Nov
67
54%
55%
29,000
82
41,000
98% 100% 101,000
104% 105
37,000
104% 104%
1,000
107% 107%
1,000
45%
46%
25,000
Aug
88% June
31
46
69%
100% 101%
74
30
10,000
4,000
20,000
80,000
*44%
98
July
July
June
99%
107
101%
99
Oct
Jan
60
11,000
67
101
Mar
1,000
1,000
103%
50
109%
5,000
35
65%
157%
98
Apr
101
Sept
105
104%
56%
June
Jan
44%
Apr
70%
Jan
83
Aug
72%
Jan
88
Aug
Oct
39
80
40%
46%
40
Jan
Jan
102
77
Jan
102%
Aug
98%
Jan
Nov
98
Jan
105%
104%
108
Mar
Aug
Aug
48
M
m
—
-
— «.
16",000
102%
Sept
30%
57%
Sept
Oct
80
Jan
30%
Sept
44
Mar
49%
Aug
62%
Jan
"105%
23,000
38
Jan
102 "32103%
6,000
102
May
107
104"«105%
25,000
8,000
1,000
102
Sept
100%
Mar
98
Sept
108
Mar
114
Sept
120%
Aug
Apr
103%
Aug
Sept
107
Nov
Jan
104
105
105
121
121
102%
101
102%
105
Deb 4%s
4s series G
—1965
107
104
100% 101%
104% 105
107
17
40
103% 103%
103% 104
103% 104%
106% 107%
20,000
3,000
1,000
25,000
6,000
Feb
75
82
"no
110%
75%
4,000
82
109% 110%
93%
88
98%
95
102%
91
Oct
Sept
102%
Aug
Oct
108%
July
Jan
Mar
30
103%
Mar
Aug
Jan
105
Feb
Jan
104%
Nov
102%
Sept
Sept
45
May
75%
Nov
Oct
98%
91%
July
94%
98
109% 110
100
28%
99%
112%
*96%
89%
22%
9,000
9,000
7,000
38,000
1104% 104%
1952
Mengel Co conv 4%s.l947
Metropolitan Ed 4s E.1971
106
104
106
161%
Marlon Res Pow 4%s.l954
McCord Rad A Mfg—
0s stamped
1943
Memphis Comml Appeal—
21,000
94
71%
♦7s without warr'ts.1941
71,000
46%
74%
Mar
73%
"V,66o
48
70%
Lexington Utilities 5s. 1952
Llbby McN A Llbby 6s '42 "164
Long Island Ltg 6s... 1945 103%
41
82
Sept
82%
Feb
Aug
68%
Lake Sup Dlst Pow
3%s '66
♦Leonard Tietx 7 %s—1940
40%
79%
Jan
Feb
Kentucky Utilities Co—
71%
82
1%
1%
Nov
69%
—.1947
40
X77%
9%
104
70%
...1942
40%
2,000
Aug
Aug
Apr
Apr
Jersey Central Pow A Lt—
82
Jan
104% 105
Oct
Feb
118%
105%
"70%
1961
88
Sept
Sept
*101% 101%
46%
48%
10
Jacksonville Gas—
86
3239
-
100%
109% June
126
47
—
101%
Sept
103
104%
-
1950
97
3,000
72%
.»
4%s series F
1958
Iowa-Neb LAP 6e... 1957
Sept
2,000
40%
101%
International Power Sec—
0%s series C
—.1955
Isotta Fraschlnl 7s...1942
Italian Superpower 6s. 1963
65,000
97%
Apr
Sept
1106
1953
1951
Indiana Hydro Elec 6s 1958
Indiana Service 5s
1950
1st lien A ref 5s
1963
Mar
95%
106
101
95%
May
100% May
94%
144
-
Iowa Pow A Lt 4%s—1958
Isarco Hydro Elec 78.1952
"95%
144
—
55%
30
113% 113%
—
105%
69
July
July
Aug
July
1955
see page
Idaho Power 3%s
1907
111 Pr A Lt 1st 6s ser A. 1953
1st A ref 5%s ser B.1954
1st A ref 6s ser C...1956
Interstate Power 5s...1957
Debenture 6s
1952
Interstate Public Service—
78,000
2,000
Oct
Sept
63
Aug
58,000
1,000
28,000
Jan
98
163%
Nov
39
111% 114%
107%
109%
100
1
64
July
38%
1O5»311O0
114%
113%
78
110% 110%
68%
Aug
40,000
4%
103
106%
Aug
122
3,000
6,000
6%s ex-warrants
1943
Houston Lt A Pr 3 %S.1960
♦Hungarian Ital Bk 7 %s'63
Hygrade Food 6s A.—1949
0s series B
1949
128
47
118
♦Convertible 0s
1960
Bell Telep of Canada—
1st M 5s series A...1955
5%
1,000
4,000
13,000
Jan
45%
1,000
97
Sept
5,000
46
Jan
94%
Sept
Sept
103% 103%
1952
Feb
84
Aug
Jan
88
102
101% 102%
1957
June
27%
84
08%
5,000
112
7s series F
104
31
*91%
Jui>
93%
11,000
69%
1938
7s series E
101%
41%
77
Apr
102%
Heller (W E) 4s w w—1940
Houston Gulf Gas 0s.. 1943
5s 8tamped
5s with
warrants-..1947
58
45
Oct
10,000
Apr
Sept
12,000
10,000
♦107% 110%
60%
60%
47% 47%
44%
45
115
50
Nov
61,000
61,000
68%
79%
55%
178
111%
108%
115
74
24,000
91% 171,000
22,000
12,000
*59
•» •»
Oct
105% 100
without warrants 1947
Baldwin Locom Works—
Chicago A Illinois Midland
Ry 4%s A
....1950
A St Ry 5%s
5s series D
70%
106%
70%
mt m — *
Sept
Sept
Sept
Sept
103%
July
105
65%
*6
103
15,000
69%
Carolina Pr A Lt 5s...1956
Cent Power 5s ser
D..1957
Cent States Elec
6s...1948
5%s ex-warr ants. ..1954
Cent States PAL
6%s'63
July
21,000
43
Broad River Pow 5s.. 1954
Canada Northern Pr 6s '53
Canadian Pac Ry 6s.. 1942
Jan
36%
37%
Birmingham Elec 4%sl908
Birmingham Gas 5s...1959
Nov
37%
37%
....I960
Betblehem Steel 6s
1998
Apr
Nov
35%
37%
1st M 6s series
B...1957
Sept
Oct
36
1908
6s series C
125
105% 100%
59%
60%
1950
Atlantic City Elec
3Ha '04
Avery A Sons (B F)—
For footnotes
40,000
35%
38%
Conv deb 5%s
1977
Assoc T A T deb
5%s.A'55
Atlanta Gas Lt
4%s.. 1955
6s series B.
111%
108% 108%
Conv debt 4%s C—1948
Conv deb 4%s
110
83%
Aug
131
62%
93
94
94%
106% 107
68
94
U00% 102
110%
106
108
Nov
63%
103%
66%
107%
95%
107
Sfdeb 6%s.—May 1957
108%
100% 114,000
Sept
77
82%
99% 100%
"94%
Indiana Electric Corp—
6s series A...———1947
106% 107
105% 106%
99
98
%
$74
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
3
108
107% 108% 121,000
Feb
June
120
99% 100%
99%
Guantanamo A West 6s '58
Guardian Investors 5s. 1948
10
Apr
100
Grocery Store Prod 08.1945
Jan
1946
108
Aug
2,000
103% 104% 257,000
104%
1953
Glen Alden Coal 4s... 1905
Gobel (Adolf) 4%s—.1941
Grand Trunk West 4s. 1950
Or Nor Pow 58 stpd—1950
Sept
1951
Conv deb 5s...
Georgia Power ref 5s..1967
Georgia Pow A Lt 6s..1978
7%
—..1956
100%
113
4%
%
66
Nov
1st A ref 6a
1st A ref 5s
106%
Sept
5,000
97%
Sept
5
1st A ref 5a
102% 103
Aug
89%
131
5,000
t
"99
2%
Sold
106
Apr
Aug
%
91
14%
Bonis
106%
Aug
19,000
108% 108%
94
Apr
Jan
Alabama Power Co—
102%
89%
5%
45%
"108%
Florida Power A Lt 5s. 1954
Jan
%
Aug
Jan
72%
72%
74%
120%
Gary Electric A Gas—
Sept
6
Jan
77%
89%
Mar
103% 104
105
Sept
Aug
4,500
Apr
105
118%
Mar
3%
3,000
67%
105,000
110% 110%
11,000
76% 79
170,000
118
118%
5,000
79
6%
Sept
Woolworth (F W) Ltd—
Amer dep rets..
5c
Mar
a%
77
110%
6%
4%
0
400
Mar
77
%
Feb
7
5%
6%
4%
1%
78%
Apr
a%
5%
Banks 0B-5s stpd—1901
♦First Bohemian G1 7s '57
Florida Power 4s ser C1966
Oct
Apr
Mar
8%
200
Wisconsin P A L 7 % pf 100
Wolverine Port! Cement 10
Wolverine Tube com
2
Associated Elec 4%e.. 1963
Associated Qas A El Co—
Federal Wat Serv 5%s 1954
Finland Residential Mtge
Sept
2%
8%
8%
1
Seating 0s stp—1940
Appalachian Elec Power—
1st mtge 4s
...1903
Debentures 4%s
1948
Appalac Power Deb 0s 2024
Arkansas Pr A Lt 5s.. 1950
Ercole Marelll Elec Mfg—
6 %s series A
...1953
Erie Lighting 5s
1907
9
Sept
10
*pr
66
5%
5%
1952
75
%
2%
10
5%
*
1st A ref 5s
1908
1st A ref 4%s—
1907
Amer O A El debt
5s..2028
Am Pow A Lt deb
0S..2O10
77%
Aug
22
Feb
7%
1
Wright Hargreaves Ltd..*
Yukon-Pacific Mining On 5
Feb
July
Sept
74% May
1
July
4%
Oct
32
66
105%
108%
108
Eastern Gas AI uel 4s. 1956
Edison El 111 (Bost) 3 %s *65
•Geefurel 6s
60%
14
1
»>.
1%
5%
Wichita River Oil Corp.. 10
Williams (RC) A Co
*
Williams OU-O-Mat Ht—*
Wilson-Jones Co
WHlson Products Inc
Oct
Sept
4,400
_*
Weyenberg Shoe Mfg
58
Sept
4,700
*
Westmoreland Inc
Jan
105
108
5%
Sept
Jan
*
Westmoreland Coal Co
Oct
2% June
92%
♦6%s
Aug 1 1952
♦Certificates of deposit
♦Deb 7s
Aug 1 1952
♦Certificates of deposit
Empire Dlst El 5s
2
3
Sept
32
86
4%
84
Detroit Internet Bridge—
Jan
20
4
Delaware El Pow 6%s 1959
Denver Ga« A Elec 5s. 1949
Jan
300
2%
Cudahy Packing 3%s.l955
30
2%
4%
73
60
12%
%
8%
2%
High
Jan
71%
101%
1,000
125
90
ser
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s A
1950
96%
2%
74
Feb
2%
Apr
Sept
2%
6s
88%
129
124
61
1%
58%
""900
95
68
3%
4%
"105%
Gen mtge 4%s
1954
Consol Gas Utll Co—
91
Jan
600
"3% "~3%
Wayne Knitting Mills...5
Wellington Oil Co
1
1st ref mtge 3s ser P. 1909
Consol Gas (Bait City)—
A stamped—1943
Apr
Tu
1
Went worth Mfg
1.25
West Texas Utll $6 pref..*
West Va Coal A Coke——*
20
0
*
c
"406
74%
Low
30,000
198,000
50,000
29,000
108,000
29,000
49,000
*109% 110
105
105%
Oct
3%
•
N—.1971
Mar
"27"
1
56%
Apr
Aug
ser
129
Jan
19
July
42
Apr
»i« July
1%
Apr
10%
Apr
1
July
15% Sept
(Bait) 3%s
87%
88%
Cont'l Gas A El 5s—.1958
Cuban Tobacco 5s
1944
9% June
Apr
Jan
Pr A Lt 5e *67
Oct
Jan
4%
17%
1
1%
26%
1%
68%
13%
%
47%
1%
Sept
2
Jan
1%
65%
.1
Sept
150
1%
Utility A Ind Corp com—5
Conv preferred
7
2%
200
1%
66%
7
Oct
18
18
1%
000
Jan
Jan
4%
Apr
9
16%
8%
Utility Equities new 10c...
$5.50 priority stk (new).l
Utll Pow A Lt 7% pref. 100
3%
86%
76%
Range Since
9
Consol Gas El Lt A Power
Mar
10
85
Conn Lt A Pr 7s A...1951
Nov
%
1
Western Air
8%
19%
84%
73%
73%
86%
86
5%s
73
85%
Cities Serv PAL 5%s.
75%
73%
72%
73%
Debenture 5s
28
6%
Universal Corp v t c
Universal Insurance
73
Apr
Jan
*
7%
Jan
Feb
Universal Cooler cl B
Wagner Baking v t
68
3%
3%
2
75%
73%
Feb
21
2,700
3%
1%
10%
July
Apr
Apr
Aug
Wall Paper
2%
%
50
1%
1%
%
United Stores common.50c
United
%
62
J an
*
Universal Consol Oil
Week
Jan
4%
4%
0%
2%
pref
for
of Prices
Low
High
July
July
50c
new com
1st $7 conv
87%
39%
""2%
U S Rubber Reclaiming—*
U 8 Stores
Apr
4
4%
%
Week's Range
Sale
Price
400
1
$1% conv pref
43
290
72
Last
High
4%
1
20
U S Plywood
3,200
Low
18, 1939
Sales
BONDS
(Continued)
4
*
*
U S Radiator com
Friday
Range Since Jan. 1, 1939
Shares
81
42%
~4
U S and Int'l Securities—*
u S Lines pref
for
Week
High
79
81
25
Preferred
Range\
of Prices
Nov.
Jan
107% June
31%
Aug
105% May
1,000
9,000
82
Apr
102
Sept
110
10,000
104
Sept
110% May
Mar
Nov
Volume
New York Curb Exchange—Concluded—Page 6
149
Friday
Sales
Range Since Jan. 1, 1939
Last
Week's Range
for
BONDS
Sale
of Prices
Price
Low
Middle States Pet 63*s '45
Midland Valley RR 5s 1943
Milw Gas Light 43*9—1967
High
}993*
993*
723*
"l6l"
72 3*
1013*
BONDS
101
9,000
21,000
93 3*
58 3*
93 3*
95
111
Nassau & Suffolk Ltg 5s '45
983*
Nat Pow & Lt 6s A—2026
2030
{♦Nat PubServ 5e ctfs 1978
1113*
2022
Neisner Bos Realty 6s '48
Sept
103
77
JaD
983*
Nov
♦United Industrial 6 Ha '41
J13
35
8
Oct
Jan
112
1945
XI
35
23
Apr
14,000
Jan
1073*
31
1.000
92 3*
27
"i:666
96
80
80,000
723*
Nov
Sept
123 3*
Jan
1093*
June
July
Sept
89 3*
Mar
July
14,000
114
Oct
123 3*
693*
46,000
55
Jan
733*
July
69
693*
12,000
54
Jan
733*
July
683*
695*
30,000
543*
Jan
73 3*
July
1005*
Oct
875*
Apr
90
Apr
100
Aug
21,000
995*
Feb
104
July
Wash Ry A Elec 4s
1023* 1033*
29,000
893*
Apr
103 3*
Nov
West Penn Elec 5s..
8,000
773*
Sept
86 3*
Mar
West Newspaper Un 6s
97
Sept
1053*
Nov
84
1043* 1053*
1055* 106
1125* 1125*
J55
58
Prop33*s'47
63*8-1948
68.1952
Northern Indiana P S—
5s series C
1966
6s series D
1969
1073*
107
50
27,000
1095* May
Aug
985*
50
stmpd'45
Pub Serv 6s 1957
~
«• _
-
*
105
Wise Pow A
1,000
1115*
Sept
1133* May
Yadkin River Power 5s
49
Aug
16,000
1073*
20.000
6,000
503*
6,000
953*
1005*
47
1053*
Apr
Mar
58
Sept
Jan
1073* May
58 3* Aug
Sept
1103*
Oct
Sept
107
Jan
Sept
106 3*
Jan
1043* 1043*
96
Sept
1,000
104
.freb
108
May
1053*
1103*
Nov
1003*
109
109
106 3*
1063*
1083* 1093*
OklaNat Gas35*B
107
106
107 3*
Okla Power & Water
102
102
Pacific Coast
1003*
6,000
95
Apr
2,000
41,000
104
Sept
97
Sept
Sept
58,000
993*
43,000
1035*
4,000
7,000
913*
103
1003* 1003*
mm
m
m
98
Oct
Jan
Sept
1103* 1113*
32,000
108
Sept
935*
J1103* 115
9,000
88
Oct
933*
92
58.1955 ""933*
40
40
Park Lexington 3s
1964
1003*
Penn Cent LAP 43*8.1977
993*
1st 5s
1979
{104 3*
105
Penn Electric 4s F
1971
1043*
5s series H
—.1962 1073* 1073*
Pacific Pow & Ltg
Aug
10934 Aug
1093* May
Nov
104
Mar
*.
-
«.
-
«•
«.
1093*
Aug
Oct
955*
Aug
40
Nov
76
Jan
32
Jan
1003*
107
82,000
91
Jan
98
Jan
105
42,000
94
1075*
19,000
102
-
-
-
-
May
945*
1133*
933* 117,000
40
1,000
-
114
Jan
53,000
89 3*
Apr
102
Nov
13,000
87
Jan
101
Nov
4,000
82
Jan
98
June
963*
123*
112
Jan
1083*
Nov
Jan
1083*
107 3*
3,000
1075*
1093*
Nov
Sept
1033*
Sept
108
Mar
100 3*
108
"2,000
1003*
Nov
105
Jan
20,000
1043*
Sept
1085*
97 3*
77,000
90
Sept
100
July
99 3*
80,000
925*
Apr
Aug
20,000
1093*
Sept
1005*
1153*
913*
M-
115
913*
48
18,000
6,000
1043*
4,000
1003*
4,000
815*
111
353*
101
955*
7
30
1093*
76
48,000
12,000
15,000
64
1055*
107
Apr
Oct
Oct.
Nov
51
Jan
June
108
Mr
Oct
Oci
1003*
22
June
Jan
845*
Nov
July
109 3*
Feb
Sept
111
Nov
53
Sept
51
4,000
39 3*
Jan
87
2,000
773*
Sept
203*
Feb
30
Mar
Sept
Aug
105J*
Mar
23
Feb
Public Service of N J—
48,000
134
Sept
1966
*107
108
953*
983* 342:606
63*s *49 "973*
100
Sept
1573*
Aug
Pub Serv of
1083*
May
755*
Jan
983*
933*
965* 149,000
72
Jan
965*
Nov
923*
903*
923* 281.000
703*
Jan
933*
XT
"ll6k
955*
25
35
109 3* 1105*
195*
130 3* 1303*
*73*
35
{♦St L Gas A Coke 69.1947
Joaquin L A P 6s B *52
4,000
—
—
-
—
m---
IkOOO
San
23
1015*
23
101
Jan
983*
Apr
35
213* June
106
Sept
25
1113*
*20
July
Jan
;
Aug
Oct
U45*
U43*
J143*
93*
685*
983*
Sept
11,000
803*
Sept
106
Feb
36,000
3,000
19,000
85
Sept
1055*
983*
993*
993*
993*
313*
Jan
1035*
Mar
Feb
76 3*
Jan
90
83
Jan
995*
Aug
963*
Aug
Sept
Jan
1113*
283*
~27~
Jan
Jan
Apr
Jan
243*
Mar
133* June
Jan
Aug
14~
June
133*
10,000
Jnne
133*
June
Mar
143*
Nov
Nov
20
July
Mar
15
Mar
11
20
2,000
93*
*10
30
15
*10
22 3*
163*
153*
17
24:666
17
June
163*
Aug
17
Nov
153*
Jan
10
July
113*
Mar
30
63*
Sept
253*
Feb
30
8
Oct
253*
Mar
193*
Feb
22
Mar
100
Jan
*11
25
*11
20
*7
*7
*21
35
*21
35
*10
30
53 3*
50 3*
55
10,000
533*
Nov
45
51
26,000
45
Nov
963*
8
Oct
353*
Jan
Feb
*85*
30
♦German Con
*9
20
73*
Sept
20
Mar
♦Secured 6s
*7
20
63*
Sept
20
Mar
XT
25
63*
Sept
22
Apr
*8
10
7J*
Oct
20
Mar
13
Mar
Munlc 7s *47
...1947
♦Hanover (City) 7s...1939
♦Hanover (Prov) 63*3.1949
Lima (City« Peru—
♦63*8 stamped
1958
♦Maranhao 7s
1958
♦Medellln 7s stamped. 1951
11
1927.
'47
Mtge
Sept
20
20
28
15
Oct
63*
11
Sept
10
"LOGO
Feb
Mar
163*
15
Nov
June
Jan
133*
Aug
Jan
9
253*
263*
Aug
35
*20
253*
25 3*
3,000
243*
Oct
263*
Aug
263*
26 3*
263*
4,000
26
Apr
263*
Nov
15
143*
15
7,000
11
June
_.—
♦7 ctfs of dep. .Oct
73*
11,000
153*
165*
*26
1927
♦7 ctfs o* dep.May
♦Issue of Oct
11
165*
*10
*10
deposit—1951
♦6 Hs ctfs of dep.... 1954
Mtge Bk of Bogota 7s. 1947
♦Issue of May
93*
*11
163*
'47
68.1931
Bank of Colombia—
1946
♦7s ctfB of dep—..1947
♦63*s ctfs of dep—1947
Mtge Bk of Denmark 5s '72
*21
35
35
85
10
9
*51
(State) 7a—1958
93*
63*8.1959
♦Russian Govt 63*8.-1919
♦53*8
1921
♦Santa Fe 7s stamped.1945
♦Santiago 7s
1949
♦7s
1961
83*
*133*
133*
963*
Mar
73*
53*
Sept
Sept
15
Mar
*u
Sept
3*
3,000
*n
Oct
3*
55
5,000
3*
68
Nov
3.000
30,000
7i«
7i«
133*
Jan
35
*21
*21
♦7s ctfs of dep
16
3,000
68
143*
135*
47
143*
68
Apr
Mar
Feb
Jan
Nov
83*
TOCO
May
143*
Jan
83*
~
May
153*
Sept
Aug
Nov
943*
1103* 1105* 131,0001
1093*
1093* 109 3*
12,000
102
1095*
109
1093*
23,000
102
1053*
1053* 1053*
26,000
103 34
Feb
2,000
393*
May
1045* 1045*
Ref. M 3Jis
95
Apr
Nov
1103*
Sou Counties Gas
Apr
863*
83*
15
15
1948
deposit—1948
♦73*s ctfa of dep...1946
Cent Bk of German State A
♦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)
♦63*8 ctfs of dep—1959
Danish 53*8
1955
5s
1953
Danzig Port A Waterways
♦External 63*s
1952
♦Parana
75
90
87
20
♦Rio de Jrnelro
May
87
June
"l2 3*
14 3*
14
Valley 7s
Aug
48
943*
106
243*
20
Mar
3,000
96 3*
Nov
Jan
1023*
"26"
20
27
Sept'
895*
107
20
tl45*
138
993*
983*
3,000
24,000
20
1145*
Oct
14,000
983*
Jan
Sept
99
35
114 5*
Sept
"1.606
685*
35,000
35
*20
dep.1945
dep.1945
dep.1945
♦7s ser D ctfs of dep.1945
♦7s 1st ser ctfs of dep.*57
♦7s 2d ser ctfs of dep.*57
♦7 3d ser ctfs of dep.'57
♦Baden 7s
1951
♦Bogota (City) 8s ctfs 1945
1213*
July
1013*
685*
Mar
1063*
lombia—
21
22
23
July
63
Nov
35
*20
♦7s ser A ctfB of
Feb
June
Aug
233*
55:666
27
♦7s ser B ctfs of
93*
1.000
Feb
July
116
Apr
1033*
29
163*
*19
♦Saxon Pub
633*
28
Sept
50
313*
111
1063*
35
*26
♦Mtge Bk of Chile
953*
*7
100
8,000
2,000
t20
Aug
A Elec—
1952
63*8.1953
Housing 63*8—1958
Jan
57
J26
Nov
965*
Queens Boro Gas
53*8 series A
Sept
112
♦7s ctfs of
1473* 149
Sept
104
57
Jan 1947
♦7s ctfs of dep. Jan '47
♦6s ctfs of dep...Aug '47
♦6s ctfs of dep...Apr *48
Antioquia (Dept of) Co¬
♦Cauca
1025*
m-
9
106
3T660
28,000
"
112
J1033* 108
1063*
105 3* 107
1053*
1053* 1053*
94
943*
943*
94
95?*
953*
Apr 1946
Nov
1005*
913*
B.July 1 '60
43*s 1968
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
Nov
♦7s ctfs of dep.Apr '46
♦20-yeEir 7s
108
7,000
Wks 68—1937
♦Schulte Real Est 6s._ 1951
Scripp (E W) Co 53*8.1943
Scullln Steel 3s
1951
bhawinlgan WAP 434s '67
1st 43*8 series D.—1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 58.1957
Southeast PAL 6s—2025
Sou Calif Edison Ltd—
Ref M 3'*B_May 1 1960
Aug
1003*
12
♦20-year 7s
Sept
20,000
43*9'79
993*
Apr
Agricultural Mtge Bk (Col)
July
1073*
Safe Harbor Water
Apr
91
GOVERNMENT
FOREIGN
Sept
Aug
108 3*
108
1950 108
B—1959 1073* 107
Penn Pub Serv 6s C—1947
1083*
5s series D
1954
1107
Penn Water A Pow 5s.l940 Took
1003*
1073*
43*8 series B
1968
Peoples Gas L A Coke—
96
4s series B—
1981
973*
97
985*
4s series D
..1961
1133*
Phila Elec Pow 53*8-1972
Phlla Rapid Transit 6s 1962 "91"
895*
48
Pledm't Hydro El 63*8.'60
465*
1043*
Pittsburgh Coal 6s...1949
1043*
100
Pittsburgh Steel 6s...1948
♦Pomeranian Elec 6s_1953
X7
80
813*
Portland Ga. A Coke 5s '40
1093*
1083*
Potomac Edison 56 E.1956
111
4 3*8 series F
1961 111
50 3*
Potrero Sug 7s stmpd.1947
87
Power Corp(Can)43*sB '59
♦Prussian Electric 6s. .1954
X7
♦Ruhr Gas Corp
Aug
85
Apr
813*
tl073* 1093*
1063* 10634
Bogota (see Mtge Bank or)
♦Caldas 7 3*s ctfs of dep '46
Aug
Deb 53*8 series
♦Ruhr
'41
1023*
1043*
1053*
6s series A---
1st A
Aug
Aug
68 3*
993* 100
♦7s ctfs of
C.1950
ref. 43*8 ser D.1950
923*
1193*
AND MUNICIPALITIES
Nov
107 3*
103
Penn Ohio Edison—
prepetual certificates
Oklahoma—
Apr
Sept
78 3*
110
9,000
♦78 ser C ctfs of
—
Aug
Nov
6,000
'44
1937
1947
{♦York Rys Co 5s
♦Stamped 5s
1053* May
101
28,000
1968 "1063*
48-1962 1093*
1103*
90
1083*
Aug
1013*
2,000
13,000
1053* 106
"1063*
5s__1941
Light 4s. 1966
106 3* June
1013*
.—.1945
•
Oct
88
Apr
28,000
12
1961
Sept
1063* 1063*
105
1053*
1053*
10,000
963*
1954
2030
West Penn lraction 5s '60
1013*
1053* 106
106
N'western Elec 6s
4s series A
6s
7,000
1083* 1083*
..
July
283* June
Apr
41,000
283*
Sept
913*
Jan
52
.803*
98
100
Wheeling Elec Co
83 3*
"105"
Aug
Waldorf-Astoria Hotel—
963*
993*
♦5s Income debt
No Indiana G & E
Puget Sound P & L
1st A ref. 5s ser
1950
1946
1st ref 5s series B—
2,000
37,000
72
103
116
97
1013*
49.000
68
"7~66o
84
88
79
98
1003*
1003* 1013*
"1023*
Nov
100 3* 1003*
101
1013*
803*
1944
973*
995*
107
107
993*
4,000
1083*
116
Pub" Serv" 5~3*A—1946
Va
Sept
90
903*
1973
Deb 6s series A
Sept
33
83 3*
Utah Pow A Lt 6s A..2022
43*8
110
12,000
J86
(Me)—
1952
6s series A
1,000
48
453*
108
Un Lt ARys (Del) 53*s'52
United Lt A Rys
116
116
'"48""
1974
1959
53*8
69
973*
Nor Cont'l Utll
Pacific Ltg &
f 6s
63*8
693*
No Boston Ltg
1st 6s series
s
1956
United Lt A Pow 68—1975
Apr
38
69
120
♦1st
May
Jan
103
Oct
11134
Nov
1073*
1143*
3,000
1103* 1113*
J121
125
101
Pacific Invest
July
98
1013*
Pacific Gas A
Jan
1193*
18,000
1956
B—1955
5s *48
Power 5s '40
Elec Co—
B
1941
5s ser A. 1948
Pow 53.1942
Aug
523*
983*
983*
693*
63*8—1953
Ohio Public Serv
663*
Oct
United El Serv 7s
No Amer Lt & Power—
N'western
Jan
93*
United Elec N. J 4s._1949
773*
1942
Ogden Gas 5s
Ohio Power 3 He
503*
Aug
New Orleans Pub Serv—
1970
Nov
Nov
118
43*8 series E
993*
933*
120
1947
1948
Conv deb 5s_..
1950
New Eng Power 33*8.1961
New Eng Pow Assn 58.1948
Debenture 53*8
1954
5s
53*s series A
115
1115*
103
N E Gas & El Assn 5s
Nippon El Pow
Jan
Jan
Jan
New Amsterdam Gas 5s '48
1949
New York Penn <fe Ohio—
♦Ext 43*8 stamped. 1950
NY State E4G4HS 1980
N Y & Westch'r Ltg 4s 2004
Debenture 5s
1954
22,000
99 3*
863*
Sept
80
♦Income 6s series A.
15.000
10
1073*
73 3*
9154
Nevada-Calif Elec 5s. 1956
5s stamped
613*
93*
Jan
20,000
12.000
903*
31
43*8-1981
6s series A
603*
10
Conv 6s 4th stamp.1950
High
Low
103
Ulen Co—
Aug
77,000
1063* 1065*
913*
Deb 5s series B
61
Aug
Range Since Jan. 1,1939
1113* 1113*
Missouri Pub Serv 58-1960
Nebraska Power
37,000
Nov
107
1st 6s.1951
993*
1035*
10,000
Miss River Pow
3,000
983*
1005*
102
1023* 103
111
1113*
1133* 1143*
99J*
107
23,000
31,000
51,000
1003* 1003*
1143*
6s series A
Jan
1053* 107
103
2022
Tide "W ater Power 5s. 1979
Jan
1063*
1003*
Oct
Oct
Apr
1955
Mississippi Power 5S..1955
5S..1957
Aug
for
Week
Shares
1063* 1073*
883*
44,000
1st & ref 5s
1013*
.
1063*
823*
1023* 1025*
Miss Power & Lt
Apr
of Prices
High
Low
Texas Power A Lt 53.1956
TIetz (L) see Leonard—
Twin City Rap Tr 53*s *52
1023*
43*8
Oct
May
1003*
73 3*
Jan
Price
Week's Range
Sale
IConcluded)
High
Low
Shares
1978
Minn P & L
6
Last
Week
{Continued)
3239
Sales
Friday
5,000
1003*
Sept
105
Aug
1043* 105
4,000
100
Sept
105
Nov
52
"165"
99
52
100 3*
31,000
1065* 108
493*
505*
68—1945
♦Spalding (A G) 5s„ .1989 1-
So'west Pub Serv
40,000
2,000
81
1043*
Sept
Sept
1115* May
111J* May
Oct
1053*
57
Oct
Apr
1003*
Jan
108
May
Sept
59
July
48
55
Apr
Nov
Standard Gas A Electric—
Aug
69 3*
675*
69 3*
675*
69 3*
69 3*
50,000
Conv6s (Stpd)
58,000
543*
Apr
703*
68
70 3*
31,000
65
Apr
743*
743*
743*
Aug
6s
70
675*
54
Apr
74
Aug
68
70 3*
693*
19,000
6934
65,000
54
Apr
733*
Aug
Interest.
5334
Apr
733*
Aug
cluded in year's range,
173*
Sept
35
Jan
Oct
64
Mar
50
Jan
..1948
1948
1951
Debenture 6s.Dec. 1 '66
6s goid debs....—.1957
Standard Pow A Lt 6s 1957
♦Starrett Corp Inc 56.1950
6s (stpd)
Debentures
Corp—
2d stamped 4s
1940
3d stamped 4fl
1946
Tern! Hydro El 63*8.1953
Texas Elec Service 5s 1960
Aug
69
675*
693*
68,000
175*
173*
183*
30,000
25
25
173*
173*
11,000
155*
Nov
47
18,000
29
Sept
533*
Jan
943*
Sept
1045*
Nov
♦
Stlnnes (Hugo)
Deferred delivery sales not Included In year's range, d Exin year's range, r Cash sales not In¬
z Ex-dlvidend.
X Friday's bid and asked price.
No sales were transacted during current week.
*
47
1043*
45
104
4,000
1045* 115,000
25
No par value,
n
a
Under the rule sales not included
Bonds being traded flat.
| Reported in receivership.
e
Cash sales transacted during the current
week and not Included in weekly or
yearly range:
No Sales.
V
j
Under- the-rule sales transacted
^
during the current week and not Included in
weekly or yearly range:
British Amer. Oil reg. shs., Nov. 15 at 183*.
z
Deferred delivery sales transacted during the current
week and not Included in
weekly or yearly range:
No sales.
Abbreviations
Used
"v t c." voting trust
without warrants.
certificates of deposit; "cons." consolidated;
convertible; "M," mortgage; "n-v," non-voting stock;
Above—'"cod."
"cum," cumulative; "conv,"
certificates; "w 1," when Issued; "w w."
with warrants: "x-w.*
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
3240
Nov.
IS,
1939
Other Stock Exchanges
Baltimore Stock
Nov. 11 to Nov. 17, both
Exchange
Friday
Last
Sates
Week's Range
Sale
Stock*—
Price
Par
Arundel Corp
*
Bait Transit Co com v t c. *
434% Pref B
22 X
38c
38c
100
------
20
Georgia Sou A Fla 1st pf 100
Merch & Miners Transp..*
16 X
Monon W Penn P 87%pf25
------
295
Mar
70c
July
Apr
2.10
Jan
71
Jan
2 *111
Sept
4
Apr
10
112
Apr
125
1034
205
8
834
10
20
250
40c
243*
June
1.20
82
Paul H.Davis & @o.
High
Sept
405
9%
84
Aug
1213* June
1734
1303*
103*
Nov
Last
Jan
Sale
12
Aug
Sept
84
25
Jan
2134
283*
60
1
Jan
163*
75
273*
28
2
40c
8
Apr
22
Sept
133*
250
1034
Apr
1434
July
1.45
100
1.00
Feb
1.55
Sept
Sept
883*
Mar
88
Penna Water A Power com*
15c
Sept
30c
Apr
Oct
8434
133*
Mar
72
1834
363*
50
3434
Oct
223*
363*
223*
2
83
120
133*
363*
------
100
22
15c
713*
------
Seaboard Comm'l com.. 10
88
15c
2234
1,108
16X
Apr
190
69
25
1234
Sept
3934
2334
Jan
July
Mar
A 58 flat
303*
29
3534
1975
3534
303* $59,000
3634 11,000
Par
Amer Rub Serv pref
Aro Equipment Co com_.l
143*
Asbestos Mfg Co com
Sale
American Pneumatic Ser—
Common
*
6%
pre!
non-cum
1st pref
Amer Tel A Tel
of Prices
High
Low
Price
33c
Automatic Washer
169 X
100
com
Preferred
.100
Bird A Son Inc
"92"
100
85
100
145
Boston Elevated
100
Boston Herald Traveler—♦
Boston A Maine—
Common Std
Week
Shares
High
Oct
Jan
15
Mar
1693*
283*
2,098
147 H
Mar
183*
Apr
Aug
170
20
323*
Oct
45
67
Apr
92
Oct
9
Sept
May
12
Nov
92
Oct
20
12
853*
14834
433* 443*
18
1834
"is 3*
.-100
334
Prior preferred
100
Class A 1st pref std.. 100
Class A 1st pref
100
U3*
JaD
333
383*
699
16
Apr
Apr
100
13*
3*
60c
1593*
Aug
56
Mar
19
Jan
Jan
43*
Sept
3
Sept
747
6
Jan
334
23*
33*
23*
33*
Feb
2 May
July
55
13
3
CI B 1st pref std....100
CI C 1st pref std
100
703*
1,905 zl27
334
23*
2
12
148
538
301
Jan
60
13*
13*
July
33*
57
134
June
4
153*
Oct
4
Oct
Sept
Sept
33*
33*
40
13*
May
33*
Oct
100
4
4
50
13*
Jan
23*
53*
33*
Sept
100
CI D 1st pref std
C1 D 1st pref
1334
23
Boston Personal Prop Tr_ *
Boston A Providence.. 100
24
6
26
East Gas A Fuel Assn—
Common
*
24
Nov
190
43*
265
334
Aug
Apr
103*
83*
Sept
63*
Sept
Sept
33*
36 X
33*
353*
334
363*
132
1
Apr
53*
194
16
June
21
413*
21
22
251
75c
100
Gilchrist Co
634
76
323*
13*
25
14
14
323*
13*
143*
73*
H
7 3*
7
23
100
t e. 1
"2%
Mergenthaler Linotype
*
Narragansett Racing Assn
15 X
23*
1534
100
X
2.50
57c
...100
(Ctfs of dep)
Pacific Mills Co
40c
43*
Nov
63*
Apr
60
Pennsylvania RR
Qulncy Mining Co
15 H
24 H
25
Reece Button Hole MachlO
Reece Folding Machine. 10
Shawmut Assn TC
"if"
IX
♦
113*
12%
Stone A Webster
*
Suburban El Sec Co com..*
Torrlngton Co (The)
Union Twist Drill
United Shoe Mach
*
Corp. 25
6% cum pref
25
Utah Metal A Tunnel Co.l
Waldorf System
*
Warren Bros
Warren (S D) Co
July
9
Sept
35
700
200
80
418
10
23*
July
2234
Jan
33*
Jan
13*
Aug
15
Jan
10334
Apr
53* June
2
Jan
Nov
403*
120
13*
1,140
30c
July
Aug
1.00
170
35c June
934
963
1,157
63
264
1,380
457
70c
100
303*
303*
367
27
79
1,464
42
1Q0
34
803*
4334
63c
60c
65c
7 X
63*
73*
1,600
8,467
IX
55
13*
Oct
Sept
1534
253*
Jan
2
28
29
Sept
Apr
June
42 X
IX
33*
3*
~80X
*
Nov
323*
292
27
*
Jan
16
70c
'30'x
..5
Jan
Jan
189
13*
113*
123*
7
8
Jan
20c
13*
113*
Jan
Apr
163*
253*
IX
1734
123*
May
434
153*
243*
13*
17
4X
24
3*
133*
40
20o
♦
Apr
Mar
100
425
50c
Apr
13*
235
163*
60c
3
Sept
Jan
135
Old Colony RR—
Oct
183*
Oct
25
20
23*
43*
134
13*
40
4034
1173* 11934
3*
13*
60c
22
23
434
1193*
830
July
60c
10
32 H
Loews Theatres (Boston) 25
Maine Central oom
100
Ino—
__1
Natl Tunnel A Mines Co. *
New Eng Gas pref
..»
New England Tel A Tel 100
3
2134
43*
6
634
100
203*
43*
63*
*
Gillette Safety Rasor
*
Hathaway Bakeries pref.. *
Isle Royal Copper Co...l5
6% cum pref
75c
3
213*
*
Common
May
9
July
8
100
Adjustment
N YNHAHRR
North Butte
80
Sept
15
100
Employers Group
v
May
103*
100
434% prior pref
6% preferred
Eastern Mass St By—
Common
Mass Utilities Assoo
May
6
...6
Copper Range
10
13*
73*
.
Calumet A Heela
25
33*
1334
105
29
5
Sept
Jan
Jan
134
20c June
80c
Jan
Mar
213*
Sept
1534
Aug
27
3*
June
43*
Sept
14
Feb
173*
Nov
1
July
13*
Jan
Apr
Apr
Apr
113*
Sept
Feb
32
834
834
35c
223*
Sept
173*
Jan
86c
Jan
Sept
17
Feb
293*
Oft
713*
393*
Apr
873*
July
Oct
483*
Aug
60c
Apr
85c
May
534
Apr
8
13*
23
Mar
Mar
Oct
Jan
33*
29
Oct
Bonds—
1948
903*
903*
$1,000
80
Apr
96
June
Last
Sale
Stocks—
Par
Price
653*
25
Adams (J D) Mfg com.
Adams Oil A Gas Co com.
Advanced Alum Castlngs.6
Aetna Ball Bearing com.. 1
10
43*
...—
Alllg-Chalmere Mfg Co.... *
For footnotes see page 3243.
High
653*
52X
Range Since Jan. 1. 1939
Shares
9
254
35
30
Low
53)4
3134
8
43*
23*
113*
43*
3
200
113*
50
6
11
11
100
5
403*
413*
150
67
303*
10
3*
93*
313*
10
43*
310
Mar
834
Sept
1534
13*
734
434
X
93*
Nov
3X
IX
200
250
17034
Aug
Aug
Jan
7X
10
Apr
350
63*
200
4
1,200
4,250
434
Apr
Sept
16 X
Apr
7X
2X
Apr
Apr
100
333*
33
343*
600
26
273*
950
Jan
13X
26
-
20
Butler Brothers
6%
High
71X
563*
Oct
Jan
93*
July
Oct
-
5
preferred
30
Campbell-WACan Fdycap*
123*
*793*
Cent 111 Pub Ser $6 pref..*
Central 111 Secur pref
*
7
1
32
$7 preferred
Prior lien preferred
..*
Chain Belt Co com..
*
Jan
253*
July
60
17
Jan
22
June
11
100
7
Aug
173*
Jan
33*
83*
2234
150
2
June
3X
73*
Sept
2,875
5X
Sept
9
213*
300
18 X
14 X
143*
12 X
123*
773* *793*
7
63*
Apr
Jan
233*
163*
5
9X
Apr
100
113*
Nov
510
64H
Apr
Apr
793*
Apr
13*
300
4
15
1,200
1
8
Sept
190
45
Jan
71
107
107
Aug
107
150
100
Jan
112
July
62
15
Jan
203*
IX
663*
Chic A Nor West com..100
193*
13*
1934
13*
353*
------
.*
36
663*
3*
X
------
Chicago Rys pt ctfs 1..100
Chicago Towel conv pref.*
------
110
110
Common capital
*
Chrysler Corp common..5
v
IX
32X
Apr
Sept
234
3834
Sept
150
66 3*
50
61X
Sept
7834
Mar
X
130
X
Aug
134
Oct
X
20
X
July
3*
20
107 X
Oct
112
July
Aug
Aug
110
72
72
10
67 X
Jan
73
863*
53*
90
610
53?*
Apr
94
53*
23*
323*
500
4X
Aug
93*
Feb
400
Jan
33*
Mar
60
2X
183*
313*
10,050
25X
153*
33*
100
9
150
3X
Club Aluminum Utensil..*
2X
Coleman Lp A Stove com.*
323*
23*
323*
New
313*
capital
25
Compressed Ind Gases cap6
Consolidated Biscuit com 1
------
------
Consolidated Oil Corp...*
Container Corp com
20
7?*
163*
*
------
25
------
Cudahy Packing pref.. 100
653*
CunnlPghamDrugStores2 34
-1----
Dayton Rubber Mfg com.*
Decker (Alf) A Cohn com 10
303*
153*
33*
73*
153*
163*
Jan
33
31H
1634
Sept
Aug
63*
Mar
8
590
300
9X
Aug
17
Nov
70
16J*
Nov
32
23
Sept
378
17
3734
603*
653*
200
48
Aug
Aug
73
Mar
18
12X
Apr
193*
Aug
183*
Oct
100
IX
Mar
334
Mar
55
15X
Jan
253*
Oct
Nov
"l§"
34)*
343*
123*
~~~3~X
33*
33*
------
—
*
—
—
-
4"
Gardner Denver Co com..»
General Motors Corp
10
Gen Outdoor Adv com
*
Gillette Safety Razor com*
163*
------
55
------
45
553*
------
——————
Goldblatt Bros Inc com..*
Goodyear T A Rub
com..*
Gossard Co (H W) com
*
Great Lakes DAD oom..*
Hall Printing Co com
10
103*
------
------
263*
173*
Hamilton Mfg A pt pref. 10
Harnischfeger Corp com. 10
Heileman Brewing cap
1
Houdallle-Hershey cl B—*
93*
9
38
------
.....1
13*
10
com
33*
Illinois Brick Co
Illinois Central RR
com
Indep Pneum Tool vtc..*
Indiana Steel Prod com_.l
Inland Steel Co cap
•
Iron Fireman Mfg vtc
Jarvls (W B) CoNew com
14
100
*
------
23*
*
Katz Drug Co com
------
------
16
1
Kentucky Utll jr
6% preferred
cum
------
-
A.
5
--
"423*
pf_50
—
5
Libby McNeill A Lib by..*
Lincoln Printing Co—
Common
—
-
-
--
""63*
*
Oct
93*
Jan
13*
July
354
Sept
Apr
Oct
Liquid Carbonic
*
Apr
123*
113*
Oct
Loudon Packing com
*
Apr
473*
Jan
Lynch Corp
5
$3.50 preferred
Lion Oil Ref Co
6
Apr
Sept
2X
Apr
1434
43*
Nov
Oct
150
173*
Apr
2434
Oct
103*
Apr
1434
Jan
4
200
Jan
Sept
33*
2
Apr
65
43*
173*
65
50
59
Jan
65
Nov
533*
23*
443*
543*
43*
55
210
4034
Apr
IX
Apr
45
347
36X
Jan
553*
850
373*
354
554
Apr
6434
33*
473*
663*
Sept
200
163*. 163*
23*
43*
150
110
11X
Sept
Sept
Oct
July
Oct
63*
103*
Apr
63*
83*
11
350
10
Apr
1334
243*
25
358
213*
Jan
13
200
Apr
Apr
37 X
123*
253*
133*
Nov
Apr
273*
173*
Feb
163*
63*
83*
83*
373*
133*
13*
334
133*
25
23*
63*
1,250
183*
670
83*
Apr
63*
20
7
50
43*
43*
July
93*
9
38
1,150
Jan
Oct
734 Sept
834
Oct
934 Aug
9?* May
7
Apr
110
32
Aug
40
Nov
100
834
Apr
173*
Jan
13*
33*
1,350
X
Aug
700
3
Jan
143*
111
934
23*
634
2034
253*
Sept
25
50
23*
100
52
30
14
16 3*
2,010
193*
100
49
50
53*
83*
100
Aug
Aug
23* June
50
19
Sept
16
66?*
4834
23*
213
193*
53*
83*
JaD
Jan
Jan
13 3*
63 3*
5
100
6?*
Jan
200
.
87
5
9
26 3*
17 3*
86
19
20
Apr
4
Jan
Jan
Jan
9834
713*
63*
Sept
Sept
19
Mar
1034 July
153* June
18
Oct
22
Sept
36
50
Nov
334
Aug
Jan
Apr
Apr
Sept
Aug
42
423*
97
53*
July
350
5
Feb
9
Sept
30
100
74
Mar
101
320
Oct
29
Jan
44
Aug
693*
23*
Jan
100
Sept
Aug
4
34
134
Apr
34
Aug
234
1,065
4
Apr
100
2
Mar
50
33*
33*
300
3*
13*
3*
250
13*
100
63*
7
23*
Apr
Jan
Jan
10
Sept
534
3234
Mar
Jan
26
com
com
Feb
50
550
23*
— —
cap.. 1
com
353*
100
97
97
—100
com
53*
133*
Sept
93*
13
16
------
100
Apr
Sept
30
49
——————
5
com. *
4
550
265
24
623*
------
1
com
50
Apr
24
7
Heln-Werner Motor Parts 3
Hibbard Spen Bart com.25
Hupp Motors
13
9
13
------
1
$3 cumul conv pref
20
General Amer Transp com 5
General Finance Corp coml
General Foods com
*
Jan
163*
*
Fuller Mfg Co com
Sept
23*
223*
53*
*
Elgin Natl Watch Co.—15
FitzSlmonsAConDAD cm *
93*
50
5
com
Aug
50
Dixie-Vortex Co
Class A.
Eleo Household Utll cap.5
6X
18
23*
223*
53*
133*
343*
123*
Dodge Mfg Corp
July
163*
•
com
Sept
1634
163*
233*
Dexter Co (The) com
Deere A Co oom
Oct
Apr
Apr
Commonwealth Edison—
Crane Co oom
Mar
72
5X
com
Sept
2,750
90
10
Continental Steel
Jan
60
Chicago Corp common...*
com.._
134
Jan
Jan
Nov
59
Chi Flexible Shaft com—6
Cities Service Co
1
Mar
60
»
Preferred
Jan
734
Oct
22
33*
13*
Oct
1034 May
Jan
53*
Oct
3634
Central S W—
Common
Oct
Aug
Aug
21
------
Mar
Nov
4X
11
Central Cold Storage com20
Feb
Nov
Nov
19X
22
8
1934
123*
63*
3334
Mar
50
193*
------
Apr
43*
103*
Oct
8ept
50
193*
—10
43*
2834
5
.
------
conv
Kerlyn Oil Co
Apr
Apr
— —
—
19k"
Bruce Co (E L) com
6
Burd Piston Ring com—1
La Salle Ext Unlv
653*
52X
303*
750
9
93*
17
1734
113* *123*
53*
53*
------
*
Preferred
Week
9
.
com
of Prices
Low
X12X
5?*
Brown Fence A Wire com. 1
Kellogg Switchboard
for
------
5
Kingsbury Brew Co
Abbott Laboratories—
Common (new)...
Acme Steel Co com
Allied Products
sales lists
Sales
Week's Range
2,600
Laughlln Ino com.6
(New) common
Joslyn Mfg A Sup com
inclusive, compiled from official
Friday
1,500
4
------
1
Jefferson Electric
[Chicago Stock Exchange
Nov. 11 to Nov.
17, both
83*
33*
1
International Harvest com*
Interstate Power $7 pref.. *
Eastern Mass St
Ry—
Series B 5s
3*
73*
July
Apr
3X Aug
7X June
X Aug
2H
Apr
IX July
X Sept
50
Brach A Sons (E J) cap...*
1
84
High
04
J an
147 X
50
33*
*
com
Class A
Low
200
100
Preferred std
Range Since Jan. 1, 1939
13*
1334
145
534
33*
5
Aviation
Berghoff Brewing Co
Jan
12
12
♦
Boston A Albany
Boston Edison Co
2,500
59
Borg Warner Corp—
for
92
1534
143*
53*
10
Blnks Mfg Co capital
32c
92
Low
3,500
7X
3%
BarlowASeellg Mfg A com 5
Bastlan-Blesslng Co com.*
210
283*
668
634
.3
.
Belden Mfg Co com
36c
168
169 X
6
1
Aviation Corp (Del)
3
Aviation A Transport cap. 1
Nov
13*
1334
50
_
Blgelow-Sanford Carpet
168
140
------
*
Nov
33c
60
85 X
------
Athey Truss Wheel cap—4
Auburn Auto Co com
Bliss A
Par
Range Since Jan. 1.1939
Shares
1
3534
Sales
Stocks—
High
for
Week
83
1
31
cjcchange
Week'8 Range
Low
63*
Belmont Radio Corp
Last
------
Armour A Co common...6
Bendlx
Boston StocK
853*
Amer Tel A Tel Co cap. 100
Apr
193*
2234
Range
of Prices
Price
100
Ayr
1*
Bait Transit 4s flat.-.1975
Stock* (Continued)
Sales
Week's
July
3
1.45
15c
St., CHICAGO
Friday
June
1.40
16
88
La Salle
S.
July
133*
Northern Central Ry...60
Owlngs Mills Distillery—1
Exchanges
Mar
June
16H
380
------
10
Sept
July
6
Members Principal
Bell System Teletype
Trading Dept. CGO. 405-406
Municipal Dept. CGO. 521
Aug
45c
2
New Amsterd'm Casualty 6
North Amer Oil Co com..l
#"•
1.85
19?*
Mt Vern-W Mills com. 100
Bonds—
25c
8
45c
U S Fidelity A Guar
465
10
------
Houston Oil preferred...25
Mar Tex Oil...
.1
Preferred
45c
80
125
------
Low
2C
9
------
Finance Co of Am A com.6
Week
Shares
11634 11634
9
Unlisted
Range Since Jan. 1, 1939
401
79
79 X
SECURITIES
Listed, and
or
22 34
1.80
------
Eastern Sugar Assoc com. 1
fidelity & Deposit
of Prices
High
Low
223*
1st pref vtc
*
Consol Gas E L A Pow—*
CHICAGO
inclusive, compiled from official sales lists
com
*
30 X
26
20
2134
Oct
133*
1434
1434
140
93*
Aug
143*
143*
183*
Jan
13*
293*
13*
3034
100
1
Apr
23*
Sept
100
25
May
333*
Jan
50
133* June
20
Jan
Volume
f
Stocks (Concluded)
Par
Manh att-D earb orn com
Marshall Field
Week's Range
of Prices
Low
High
Week
Price
*
16 X
McQuay-Norris Mfg com.*
Merch A Mfrs Sec
(Concluded)
Apr
Apr
Sept
Nov
25
Apr
35
Nov
U S Playing Card
US Printing
600
3
Oct
6X
Jan
180
25
Oct
28 X
Feb
Par
Randall B__
17X
10
450
15X
16 X
4,050
35
1
IX
com
Shares
IX
35
.*
.
Stocks
High
Low
X
9X
IX
for
of Prices
Week
Price
2X
*
10
1
Preferred
3X
3X
*
26 X
Mlckel berry'» Food com. 1
Middle West Corp cap
6
3H
Prior preferred
1
7X
4
28
3%
8X
50
2X
5X
Apr
Apr
4X
12 X
13
10X
10
Preferred
8X
Feb
2X
Oct
Oct
Aug
July
38
164
4X
6
Apr
Apr
13 X
265
10
Oct
26
73
Feb
95
Nov
95
95
100
Jan
1
Jan
6,850
Wurlltzer
Jan
IX
27 X
95
2X
13
9X
2X
3X
10
150
2X
33
32 X
33
*
1939
—
High
Low
Shares
High
Low
—
Class A com
Range Since Jan. 1,
Week's Range
Sale
for
Sale
Last
1,1939
Range Since Jan.
Last
Sales
Friday
Sales
Friday
3241
YEARS OLD
Commercial & Financial
The
ONE HUNDRED—
149
Aug
300
Midland United—
IX
2
900
IX
Sept
5X
Mar
4X
Convertible pref
Midland
4X
50
X
Feb
7X
4
70
2
Jan
100
7X
Jan
5X
12 X
July
Sept
July
10
40 X
Jan
45
May
Apr
Mar
Ohio Listed and Unlisted Securities
Util—
7% prior lien
Miller & Hart
conv
.100
pref__*
Minneapolis Brewing
com
1
3%
10 X
10 x
10 x
Members Cleveland Stock Exchange
Monroe Chemical—
42
55 X
1,231
40 X
69
69X
160
41X
11
*
42
54
Preferred
11
Montgomery Ward—
Common
Mountain States Pw prflOO
69X
Nachman Sprlngfilled cm.*
National Battery Co pref.*
35 X
Natl Pressure Cooker Co.*
National Standard
com.
Noblltt-Sparks Ind
Nor Amer Car
com.
.5
Peabody Coal Co B
com. _*
Penn Gas & Elec A
60
Peoples G Lt&Coke
cap
Poor A Co class B
1
com
Quaker Oats Co common.*
Preferred
100
Raytheon Mfg
com v t c50c
6% preferred vtc
Rollins Hosiery Mills
Apr
25
Apr
35
Sept
4X
350
5X
Sept
11
100
9X
Oct
12X
Jan
iox
850
6X
Apr
11
Oct
17 X
50
14X
Jan
20X
Mar
58 X
10
40 X
Aug
10
11
Jan
Apr
67
18 X
26X
Aug
40
6
June
9
9
"I
2
Aug
9
Apr
IX
150
2X
Sept
712
15 X
May
5X
27 X
40 X
63
Apr
44 X
28 X
20
Apr
29
1
X
13X
X
800
X
Apr
13 X
13 X
65
300
7X
6X
Aug
Aug
Preferred
Sept
117X 121
150
108 X
Apr
150
130
138X
Oct
167
IX
400
X
Apr
2
Jan
X
100
X
July
Sept
IX
2X
Aug
Apr
Mar
Aug
32 X
12
Apr
85 X
Nov
"ix
Aug
Cliffs Corp v t c
Colonial Finance
Jan
950
1
*
28
28
50
22
Schwltzer Cummins cap
1
Sears Roebuck A Co com.*
Serrick Corp cl B com
1
11
11
100
7
81X
IX
82 X
660
IX
200
22 X
750
16 X
Apr
24
Oct
30
102X
Sept
109
July
Sangamo Electric
com
com
1
Sou Bend Lathe Wks cap. 5
Southwest G A El
Spiegel Inc
IX
22 X
22 X
109
7% pflOO
com
2
"i2
109
303
11X
12X
75
St Louis Natl Stkyds cap. *
Standard DredgeCommon
IX
75
60
X
60 X
IX
July
8X
Aug
65
May
16X
1
IX
2
650
1
Sept
2X
12 x
13
100
9
Apr
13X
Feb
26 X
27 X
1,195
23 H
Aug
IX
IX
50
IX
Nov
30X
2X
Sept
Sterling Brewers Inc com.l
355
8X
Sept
12 X
50
5X
Jan
7
Apr
7X
17X
Jan
Nov
Oct
July
37 X
Sept
Stewart-Warner
Swift International
Swift A Co
15
30%
9X
7X
14X
30 X
25
21X
21
Thompson (J R)
25
6
Storkline Furniture
dunstrand
com.
9X
10
Mach Tool com6
"liH
9X
7X
15
600
31X
590
21X
2,200
4
100
24 X
25
4X
16 X
Apr
14 X
15X
500
85 X
13 X
87X
377
66
~13%
14 X
1,050
7X
Apr
93 X
14 X
84 X
159
66X
Sept
112X
United States Steel com..*
"7l"
83 X
69 X
7% preferred
100
Utah Radio Products com *
"l%
Utility A Ind Corp
Nov
119X
IX
1,000
IX
Apr
X
7
X
650
X
Jan
IX
400
IX
Apr
2X
X
IX
20
15X
X
15 X
Jan
18 X
Feb
2X
Apr
65
16 X
Apr
23 X
36 X
55
83 X
Apr
20
IX
18
*
com
Wahl Co com..
_•
Walgreen Co
I*
common
2X
21X
x21%
Western Un Teleg com. 100
W'bouse El A Mfg com. .50
WIeboldt Strs Inc—
Cumul prior preferred
*
Wisconsin Bankshrs com.*
..
Wrigley (Wm Jr) cap....*
•
1,650
72 X
18
600
2X
21X
28 X
395
28 X
llix 111X
120
June
71X
Sept
106X
Sept
201
15X
23 X
20
12
a29X
17X
a23X
a21X
a25X
1,999
13
Sept
Aug
27
Sept
137
10
July
12
Jan
86
15X
30
14
20
30 X
Apr
27 X
Mar
Apr
24 X
Jan
Apr
38 X
Jan
21X
144
Oct
Apr
Apr
15X
13X
338
Jan
Oct
19
60
Oct
43
35
29
Apr
43
Nov
39X
90
37
May
45X
130
33
Jan
49
Oct
15X
95
12
Apr
17
Oct
17
25
14X
Jan
17X
34
50
31
Feb
39 X
July
15X
60
12X
Oct
18
Sept
60
Feb
Feb
60
Apr
37 X
7%
Aug
18 X
May
5X
Jan
Oct
2X
Mar
Jan
30X
Mar
16
Sept
IX
3
395
IX
220
5
IX
30
10
Apr
7X
Oct
'
Sept
115
Apr
14X
Jan
30
Feb
38 X
Aug
15
35X
a30X a32X
11X
11X
12
420
37
34
Jan
35
Feb
Apr
33 X
Feb
13X
35X
Thompson Products Inc..*
Union Metals Mfg
*
Oct
18 X
60
3
30X
30 X
al2X al2X
13X
13X
.*
Jan
40X
16
3X
36
Jan
50
3
*
Van Dorn Iron Works....*
20
Apr
15X
*
1
July
60
Nineteen Hundred Corp A*
Otis Steel
*
Upson-Walton
15
40
a32X 0.32%
al6X al6X
NatJonlal Refining (new).*
National Tile
*
Richman Bros
10
20
34
1
Patterson-Sargent
17
50
17
*
National Acme
119
17
150
10X
Nov
Mar
5
5
5X
300
3
July
9
4X
4X
4X
1,169
2
Aug
5
Nov
Sept
Vlchek Tool
*
6
6
145
4X
Mar
7
Warren Refining
2
IX
IX
200
X
July
Sept
IX
West Res Inv Corp
Youngstown Sheet A Tube*
60
Apr
Apr
70
7
15X
Oct
20
al3X al3X
a49X 049 X
30
Oct
9
7
30
Apr
56 X
Sept
70
70
pref-100
White Motor
Sept
Feb
115
10
17 X
alll
15 X
34
Stouffer Corp A
97 X
45
Metro Pav Brk 7% prf. 100
Midland Steel Products. .*
Sept
Sept
Aug
91
80X
Jan
4X
4X
3X
Apr
5X
Jan
81X
4X
82 X
900
*82 X
186
74 X
Apr
85 X
July
IX
19
50
IX
July
2X
Sept
"Id"
IX
17X
91
91
Yates-Amer Mach cap...5
Zenith Radio Corp com
188
IX
5
com
Conv preferred
Viking Pump Co
Nov
116 X 117 X
68 X
116X
79 X
May
Jan
May
9
39 X
Medusa Portland Cement-*
Nov
Oct
Sept
Nov
Jan
Oct
Oct
June
Feb
Feb
Feb
Nov
July
Apr
"ll%
Trane Co (The) com
2
Union Carb A Carbon cap *
United Air Lines Tr cap.5
U S Gypsum Co com...20
4
14 X
79
43
43
100
*
McKee (A G) B
Sept
Sept
Apr
17
2X
11X
com
Apr
2
17
43
Kelley Iel Lime & Tran..
McKay Machine
Mar
Jan
60
100
Halle Bros pref
Interlake Steamship
Oct
Convertible preferred.20
Standard Oil of Ind
26
*
Greif Bros Cooperage A.
Feb
75
July
259
11X
a28X
17X
a23X
alOX
a24X
*
Preferred
55
19X
Goodyear Tire & Rubber. *
Great Lakes Towing
100
Mar
Aug
Apr
17 X
General Tire A Rubber. .25
Jan
3
527
alll
"l7X
*
Goodrich (B F)
80
67 X
11X
66X
...1
Faultless Rubber
Oct
13X
Mar
41X
117
12
Sept
77
a91X a91X
66 X
20
Eaton Mfg
82X
Apr
9X
2
82X
July
13X
6X
50
a51X a53
100
Cleve Cliffs Iron pref
*
Cleve Electric 111 $4.50 prf*
Cleveland Railway
100
20
10
10
High
Low
Shates
High
al3X al3X
*
Preferred
Jan
X
Low
*
City Ice & Fuel
Sept
150
5
Price
100
Amer Home Prods
Sept
16X
121
1
Week
Airway Electric pref ...100
Apex Electric Mfg
*
Mar
150
IX
for
of Prices
Feb
16 X
125
12 X
12%
Par
Week's Range
Sale
Stocks—
1,1939
Range Since Jan.
Last
Oct
28 X
30 X
24
Sales
Friday
Sept
40 X
X
100
1
3
Exchange
17, both inclusive, compiled from official sales lists
Nov
25 X
X
3
*28X
Cleveland Stock
Nov. 11 to Nov.
Sept
24 X
"24H
A. T. & T. OLEV. 665 A 666
Oct
16 H
18X
*
Pressed Steel Car
16
800
58 X
100
Perfect Circle (The) Co..*
Pines Wlnterfront com
1
150
29 X
Billdlog, Clmiand
felephone: OHerry 6060
Jan
17 X
com.. *
Penn RR capital
1
UbIn CMMna
6X June
24 X
4X
*
com
X
10
100
Oshkosh B'Gosh
Jan
Apr
4
100
X
11
"10 H
Nor West Util pr lien prflOO
7% preferred
June
23 X
29 X
*
Northwest Bancorp com..
Northwt Engineering com *
Jan
30 X
36 X
Nov
28 X
10
com
100
Oct
71X
11
GILLIS 1<J RUSSELLco.
Oct
57 X
Apr
6
X
20
com
Northern 111 Fin
50
35 X
5
5
Natl Rep Invest Tr pref..*
50
91
950
12
Apr
22 X
$ 15,000
105
Apr
124 x
Watling, Lerchen & Co.
Jan
Aug
Members
New York Stock Exchange
124
124
New York Curb Associate
Detroit Stock Exchange
Bonds—
Commonwea Edis 3Xsl958
Chicago Stock Exchange
DETROIT
Buhl Building
Telephone: Randolph 5630
Cincinnati Listed and Unlisted Securities
2LL LYONS *£±
Detroit Stock
Nov. 11 to Nov. 17,
Established 1878
Members:
Cincinnati Stock Exchange, New York Stock Exchange
115
E.
Fourth
Last
Sale
St., Cincinnati
Stocks—
27J-J75
Teletype Cln.
Par
Allen Electric com
Nov. 11 to Nov. 17,
Last
Sale
Par
Amer Laundry Mach...20
Burger Brewing
Preferred
Carthage Mills A
Champ Paper & Fibre
Preferred
Churngold
Crosley Corp
Dow Drug
16 X
*
_.*
60
16 X
3
37 X
62
25
100
8X
108
100
8X
107
Shares
86
20
30 X
5
94 X
*
40
8X
Jan
Apr
Mar
17 X
3
39 X
55
108
8X
*
*
40
7
50
50
50
10
49
13
13
13 X
97
*
13 X
13 X
14
*
27 X
27 X
13
28
97
*
13
38
8
Jan
15
101
4
100
Jan
104
1st pref
50
2
Oct
19 X
Nov
6X
2X
Nov
2X
Apr
210
10X
Feb
Frankenmuth Brew com.l
Fruehauf Trailer
Jan
3
2X
29
1
1
Apr
General Motors com
Goebel Brewing com
1
*2X
3X
Sept
Apr
56 X
Sept
Aug
2X
Jan
IX
Nov
56
1,709
650
30c
Jan
45c
Mar
2
Apr
4X
385
10
Apr
17X
Oct
Nov
6X
480
4X
Apr
8X
56c
58c
852
40c
Apr
76c
2
2
550
IX
Aug
2X
50c
100
42c June
60c
Oct
Aug
Nov
Nov
50c
3X
17
6X
1
10
25X
25X
457
Lakey Fdy A Mach com..l
Mar
Oct
2,921
1
June
38
35c
Kingston Prod com
Oct
Apr
4X
Hurd Lock A Mfg com—1
64 X
IX
17X
Oct
Apr
120
50c
34c
4
17X
Hudson Motor Car com..*
Kresge (S 8) com
Jan
2X
IX
Sept
Aug
IX
7X
751
Hall Lamp com
10 X
Apr
1,245
Hoover Ball A Bear com. 10
Feb
Oct
4
IX
July
Nov
July
250
2X
Nov
10
30
Jan
5X
2X
15
*
29
IX
Graham-Paige com
1
Grand Valley Brew com_.l
Jan
5X
2X
55 X
10
Mar
Tx
1
612
Aug
Apr
Klnsei Drug com
63 X
1
IX
Oct
63 X
750
2X May
24
*
IX
IX
Mar
Sept
12
Apr
PAG
2X
125
670
17
X
50X
Apr
Apr
900
100
26
IX
101
300
May
300
100
2X
101
X
108
30
29 X
IX
625
5X
4X
*
*
Apr
10 X
Nov
72c
18X
—
Apr
X
62X
67c
71c
123X 124 X
IX
IX
Oct
5X
Fed Motor Truck com
91
10X
Sept
18X
Federal Mogul com
20X
*
Nov
IX
Jan
25
*
5X
July
700
150
644
Manlschewltz
June
50c
IX
4X
5
Eureka Vacuum com
98 X
Moores-Coney A
2X
4X
1
Feb
29 X
22
92 X
IX
98 X
22
IX
Apr
2X
27 X
*
Aug
Apr
98 X
Lunkenhelmer.
75c
56 X
Aug
29
Kroger
Little Miami Guar
101
100
125
300
1,009
1,730
1
General Finance com
Gibson Art...
IX
89X
85c
Mar
Kahn
Jan
Mar
1
175
July
Formica Insulation
18X
635
15
12X
Aug
IX
99 X
14 X
5
Prod com
Gar Wood Ind com
50
12X
11X
IX
4X
June
10
Jan
422
IX
109 X
7X
Apr
9X May
25
Apr
Eagle-Plcher
Jan
31%
IX
Jan
Jan
7X
Apr
4X
72c
Durham
Mar
Sept
Aug
July
Apr
17
IX
11X
12X
5
465
1
101 x
88
Nov
3,944
24
Det Paper
Sept
23
IX
Oct
Sept
Sept
May
98 X Sept
IX June
184
Feb
IX
June
13 X
High
Low
IX
"Tx
8
94
385
Det-Mlch Stove com._... 1
18 X
3
Range Since Jan. 1, 1939
Oct
98
470
IX
7X
for
Shares
87
124X
Det Gray Iron com
Mar
12
29
12X
"Tx'
Detroit Edison com....100
50
188
7X
Apr
7X
Det & Cleve Nav com...10
High
25
25X
100
IX
94 X
IX
15
IX
13
IX
Low
IX
23 X
IX
Consolidated Steel
of Prices
High
23X
5
Chrysler Corp com
Week's Range
Low
1%
7X
Continental Motors com.l
Range Since Jan. 1, 1939
for
11
52
*
100
16X
High
37 X
50
Brown McLaren
Week
of Prices
Low
3
100
Cln Gas A Elect pref...100
Cln Street
60
Cln Telephone
Cln Union Stock Yard
Price
*
*
Burroughs Add Mach
Sales
Week's Range
1
Briggs Mfg com
both inclusive, compiled from official sales lists
Friday
Stocks—
Exchange
1
Baldwin Rubber com
Cincinnati Stock
Price
official sales lists
Sales
Friday
and Other Principal Exchanges
Telephone Cherry 3470
Exchange
both inclusive, compiled from
4X
4X
4X
850
La Salle
IX
IX
IX
2,725
25
20X
2X
1
Jan
26 X
Apr
4X
Jan
IX
Jan
Jan
Sept
For footnotes see page 3243.
25k
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3242
Sales
Friday
Last
Stocks (Concluded)
Par
Week's Range
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1939
Last
Low
High
Stocks (Concluded
Par
95c
1
21c
22c
200
20c
Mar
21c
24c
2,400
12c
Apr
Mich Steel Tube Prod.2.50
8%
8%
100
June
Mich Sugar com
]
1%
1,020
9%
2%
6%
Jan
1%
June
Apr
Aug
Jan
Jan
General
Co
*
Feb
General Foods Corp
Goodrich (B F) Co
*
1
McAleer Mfg com
*
..
McClanahan Oil
1
21c
com
*
Mlcromatlc Hone
—1
com
5%
6%
5
2
6%
4,430
1%
*
1%
320
13%
6%
2%
340
10
585
4
820
1%
Bendix Aviation Corp
70c
Aug
36c
Jan
Jan
76c
Sept
Sept
Caterpillar Tractor Co...*
Columbia Gas A Electric.*
Sept
Commonwealth A South..*
Sept
Continental OH Co (Del) .5
1%
30c June
13%
Mid-West Abrasive com50c
Motor Products com
55c June
1,560
Nov
5
Curtlss-Wrlght Corp
Class
25%
11%
1
4
690
3
Apr
*
45
45
754
36
Apr
46?^
Sent
19
19
150
12%
Apr
21
Sept
International Tel A Tel—*
437
5%
Aug
Sept
o31
*
Intl Nickel Co of Canada.*
Parker Rust-Proof com2.50
Murray Corp com
6%
10
Mich Silica
6%
2%
3%
2%
Packard Motor Car
com. .*
Parke Davis com
3%
Jan
Electric
tvunge
Low
31%
a52%
a7%
1%
.1
A
18%
8%
2%
4%
>
High
Shares
31
Low
785
31%
a52% a52%
50
a6%
a7%
106
1%
1%
400
25%
25%
140
10%
11%
a30% a31
«8%
78
a38% a40
33%
Nov
July
52%
Mar
Apr
8%
2%
42
5%
1%
21%
July
4%
Apr
Feb
Feb
Feb
Aug
Nov
Jan
7%
26%
13%
31%
Nov
Apr
24
75
a8%
High
•Mar
19%
3,887
a8%
a39%
a44%
a21%
Range Since Jan. 1, 1939
for
Week
of Prices
Price
Electric Power & Light—*
Masco Screw Prod com—1
Week
Sale
Shares
1939
18,
Sales
Friday
for
Sale
Nov.
12%
Jan
140
33%
Aug
42%
72
40%
Mar
45
June
May
24%
Sept
a44% a44%
Mar
165
16%
40
40
40
180
38%
Oct
55%
5
5
5
290
4
Sept
9%
Feb
225
30
May
45%
45%
Sept
a20% a2l%
Jan
Parket Wolverine com
*
Pen in Metal Prod com
1
1%
1%
1%
550
1
Aug
2%
Jan
Kennecott Copper Corp..*
Loew's Inc
._*
Pfei/fer Brewing com
*
Prudential Investing com. 1
Reo Motor com.
__5
6%
6%
6%
380
6
Apr
8
Mar
Montgomery Ward & Co.*
a33%
a55%
1%
1%
2%
150
1%
Apr
2%
Mar
New York Central RR
*
al9%
348
1
Apr
2%
Nov
Nor American Aviation..1
26%
3%
3%
25%
2%
16%
May
North American
Sept
Packard Motor Car Co...*
a3%
a3%
a3%
88
3
July
4%
Jan
Paramount Pictures Inc..l
a8%
a8%
G8 %
35
9
June
13%
Jan
Jan
Radio Corp of Amer
*
6
185
5
Sept
8%
Mar
Jan
Republic Steel Corp
*
23%
Apr
Seaboard Oil Co of Del
*
a20%
Sears Roebuck & Co
*
a82
a82
Socony-Vacuum Oil Co.. 15
al3
al2% al3
Rlckel (H W) com
9
2%
2
3
River Raisin Paper com..*
2%
Standard Tube B com
25
1
Stearns
*
(Fred'k)
com
1%
ShellerMfg
1%
15%
4%
Tlmken-Det Axle
10
com..
Tlvoll Brewing com
1
2
300
1%
Apr
170
Apr
15%
30c
»
-
-
4%
550
22%
1,540
10%
Apr
22%
Nov
1%
Sept
3%
Jan
15c
July
2
551
30c
35c
1,400
2%
200
2
4
125
2% May
8%
8%
220
1%
1%
100
(new). 10
*
—
Wayne Screw Prod com..4
Wolverine Brew com
1
Wolverine Tube
1%
1%
2
com
5
July
4
U S
Universal Cooler B
9%
13%
3%
2%
com
com
July
*
com
United Shirt Dist
Graphite
Apr
1%
22%
*
com
Union Investment
2%
100
2
-
200
215
2%
4%
22
22%
1
Torn Moore Dist
3
25
2%
10
Scotten-Dillon com
9%
«*
«•
m-
«,
1%
9c
•»
1%
Sept
90c
July
700
200
Standard Brands Inc
Standard OH Co (N J)... 25
Studebaker Corp
1
25
Texas Corp (The)
25
Union Carbide A Carbon.*
46%
86%
United Aircraft Corp
5
United Corp (The) (Del).*
a47%
2%
Sept
Feb
2%
Oct
25c
Mar
Apr
8c
5
8
Sept
U 8 Steel Corp
*
Los
Nor. 11 to Nov.
Friday
Par
Low
4
10
27%
2%
5%
2%
Broadway Dept Store Inc. *
5%
com..
Byron Jackson Co
High
4
27%
4
27%
2%
6
1,200
3%
10
25%
100
1%
462
4%
Sept
al6% al6%
17
12%
a23% a23%
10%
11%
50
15
11H
1
1
Douglas Aircraft Co
1
73
10%
100
90c
89%
89%
«7%
a7%
6%
<z6%
a7%
a6%
5
a6%
Consolidated Oil Corp
Consolidated Steel Corp..*
Preferred
♦
70
10%
114
3%
7%
a80% a80%
9%
9%
85
60%
10%
10%
100
61
93%
Mar
Mar
200
8%
460
43c
3,300
12^
12%
56%
12%
205
Apr
Apr
9% May
56%
al8% al8%
860
18%
Apr
Sept
6%
40c
37%
Feb
Oct
11%
56 %
16
Jan
Jan
42c
a
8
Nov
11%
Fltzsimmons Stores Ltd.."
3% May
1.45
43c
General Motors com
10
General Telephone Corp. 20
Mar
17%
U %
9%
May
Apr
Apr
Aug
Electrical Products Corp.4
Emsco Derrick & Equip..5
1
6%
33
28%
aM%
com
Mar
22%
Oct
Jan
Aug
79%
14%
July
10%
25
Mar
a5%
Oct
Sept
10
85
17%
33%
71%
Apr
24%
Sept
Aug
49
Sept
Apr
90%
35
Apr
48%
Oct
Apr
3%
Feb
Aug
82%
Sept
Sent
6%
Jan
85%
171
46%
86%
350
85
a47% a47%
2%
2%
71%
72%
4%
50
537
2%
43
192
4%
3%
Jan
Oct
Oct
Sales
Range
of Prices
Low
High
Range Since Jan. 1, 1939
for
Week
Low
Shares
532
High
8%
168% 168%
13
13%
16%
16%
244
148%
50
121% 123%
6%
6%
100
Curtis Pub Co
10
Mar
15%
Mar
10%
Sept
20%
Jan
196
117%
Apr
124%
Aug
170
4
Aug
8%
Jan
3%
3%
6%
Nov
Aug
7%
Sept
Apr
34%
56%
Sept
6%
232
5%
32%
483
55%
60
538
56%
33
33
10
Sept
2%
2%
3%
453
National Power A Light..*
Pennroad Corp v t c
1
8%
2%
8%
8%
1,030
2%
25%
3,428
Pennsylvania RR
50
24%
3,831
Apr
23%
36%
Apr
32
Sept
1% June
6%
Apr
1
Feb
14%
Nov
38
Jan
4%
Sept
10
Aug
Sept
3%
27%
Sept
168
174
266
136
Sept
Apr
176
118%
117%
118%
111
113
Sept
119%
Aug
30%
30%
32%
1,078
Sept
32%
Nov
Mar
3%
Aug
2% June
6%
Feb
43%
Apr
11%
Nov
52%
July
50
3
2%
..50
5
863
5%
633
10%
11%
300
*
48%
47%
48%
135
Philadelphia Traction...50
Scott Paper.
Transit Invest Corp
11
174
Penna Salt Mfg
50
Phila Electric of Pa $5 pref*
Phila Elec Power pref...25
Phila Rapid Transit
7 % preferred
2%
24%
July
170%
5%
Horn & Hard (NY) com.
14%
Apr
4%
30%
5%
*
com
Apr
Aug
120
Lehigh Coal & Nav
Apr
Oct
*
Exeter Oil Co A
16%
69%
7%
50%
Week's
Price
Budd Wheel Co
High
Jan
Apr
Mar
Sept
al6%
6
75
13%
General Motors
a23%
Corp
Sept
70
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co
*
Low
*
Chrysler
29
Bankers Sec Corp pref...50
Barber Co
4...10
Range Since Jan. 1, 1939
Shares
Calif Packing Corp com..*
Central Investm't CorplOO
Chapman's Ice Cream Co_
July
Apr
12%
American Tel & Tel
Week
1
13%
Jan
Aug
Electric Storage Battery 100
for
of Prices
pref. .50
Mar
17, both inclusive, compiled from official sales lists
Stocks—
Sales
Week's Range
Sale
Bandlnl Petroleum Co
26%
5%
Sale
Teletype L.A. 290
Last
Barker Bros 5% %
Bolsa-Chlca Oil A
Apr
5%
40%
4%
Last
Angeles Stock Exchange
Price
Nov
San Francisco Stock Exchange
Log Angeles
Par
29%
221
%
Friday
17, both inclusive, compiled from official sales lists
Stocks—
Apr
98
American Stores
623 W. 6th St.
Oct
Nov
608
46%
71%
Nov. 11 to Nov.
Chicago Board of Trade
Angeles Stock Exchange
57%
22%
9%
9%
a20% a2l%
2%
MEMBERS
Lot
Mar
Apr
Philadelphia Stock Exchange
Wm.Cavalier&Co.
Exchange
a 82
307
Sept
June
a46% a48%
9%
Warner Bros Pictures.... 5
New York Stock
19%
6
a5%
a5%
13%
12%
137
24%
a20% a20%
a2l%
*
359
23%
a47
Jan
Mar
30%
45
a23
6
55c June
4
100
209
242
27%
a22
3%
Apr
40%
40%
a34% a35%
a54% c56%
al9% a20%
26%
a23
*
Swift A Co
100
10c
7
7
Co
40%
1%
28%
1%
149
Sept
Nov
5%
Jan
9%
8%
13%
84%
11%
1%
1%
615
%
%
Aug
Aug
1%
Oct
Sept
Union Traction
50
3%
3%
653
2%
Jan
3%
Nov
Sept
3%
United Corp com
Preferred
.*
2%
2%
326
2
Apr
3%
Feb
12
Nov
2%
38%
14%
Jan
Nov
Mar
67 %C
Jan
13%
56%
Oct
21
Gladding McBean A Co..*
5%
5
5%
505
5
Oct
Globe Grain A Milling. .26
9%
7%
7%
7%
430
5
Jan
9
Goodyear Tire & Rubber.*
Hancock OH Co A com
*
24%
38%
24%
38%
24%
448
23% Sept
35%
360
33
42%
Aug
5,321
31%
10%
40
14%
Apr
14%
Nov
*
116%
117%
185
107%
Sept
117%
Nov
Westmoreland Coal
*
11%
11%
19
7%
Apr
12%
Sept
Elec A Peoples tr ctfs 4s *45
Assented
10%
11% f 18.000
6%
Jan
11%
Nov
10%
10%
10%
Nov
10%
Nov
.*
*
37%
14
39
275
Jan
Bonds—
May
80c
1%
Mar
39%
1%
United Gas Imp com
Preferred
Oct
Apr
Preferred
Apr
Holly Development Co
1
80c
80c
500
70c
Aug
Hudson Motor Car Co
Lane Wells Co
*
a6%
a6%
a6%
50
fl9%
a9%
a9%
20
5%
8%
July
1
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp__l
Los
Ang Industries Ino._.2
Los Ang Investment Co. 10
Mascot OH Co
Oct
1.40
7
Jan
May
Pittsburgh Stock Exchange
Jan
Feb
11% May
Nov. 11 to Nov. 17, both inclusive,
compiled from official sales lists
6c
6c
6c
5,640
5c
July
14c
Apr
Friday
31%
2%
3%
30%
2%
31%
2%
1,034
18 %
Aug
36%
Feb
Last
950
IK
Apr
Jan
Sale
3%
3%
132
3%
Jan
2%
4%
Mar
..1
40c
40c
41c
500
39c June
60c
Menasco Mfg Co
...1
Pacific Finance Corp com 10
Preferred A
10
2%
3,040
1%
Aug
5%
Jan
876
9%
11%
Apr
1,000
9%
Apr
12%
12%
10%
Stocks—
,
Par
Sales
Week's
Range
of Prices
Price
Low
High
Range Since Jan. 1, 1939
for
Week
Shares
Low
High
Apr
2%
7,000
12
12
Preferred C
10
Pacific Gas & Eleo com..25
....
12
2%
12%
12
12
alO
alO
alO
10
Apr
32%
31%
32%
295
25
32
32
32
100
25
6% 1st pref
5% % 1st pref
29
29
29
210
Apr
29% Sept
26% Sept
Pacific Indemnity Co
10
Pacific Lighting com
Pacific P S 1st pref
.*
28
23
Mar
Allegheny Ludlum Steel. *
Armstrong Cork Co
..*
Nov
Blaw-Knox Co
12%
Aug
Byers (A M)
......
14%
Aug
34%
31%
Aug
July
Copperweld Steel
Devonian Oil Co..
32
32%
640
27%
Jan
35
July
46%
48
121
43
Jan
50
July
19%
19%
19%
100
Republic Petroleum com.l
5 %% pref
50
Richfield Oil Corp com
»
19%
Oct
Aug
2%
2%
2%
640
2
July
22%
3%
10
30
June
37
Nov
Roberts Public Markets..2
Ryan Aeronautical Co
1
Security Co units ben Int..
Shell Union Oil Corp
So Calif Edison Co Ltd. .25
6%
preferred B
26
6%% preferred O
25
SoCal Gas 6% pref A...25
Southern Pacific Co
100
Standard Oil Co of Calif.. *
Superior Oil Co (The)...25
Taylor Milling Corp
*
9
9%
7%
6
37
9%
7%
5%
6
32%
32%
13%
13%
32%
13%
27
29%
28%
26%
29%
28%
29%
28%
32%
32%
27
Jan
7%
Nov
7%
Jan
61
100
897
26
Jan
13%
23
Nov
Jan
33
Sept
13%
Nov
29
Aug
1,104
27%
Sept
29% June
1,767
25
Sept
29%
June
274
32%
16%
29
Sept
34%
June
283
10%
1,298
24%
21%
33%
Sept
34
34
35
Apr
Aug
Sept
Apr
Sept
Aug
Apr
45%
Mar
17%
July
Mar
8%
Jan
29
Sept
56%
Jan
117
8%
Sept
17%
Jan
Nov
90
7%
Apr
16%
550
5
Apr
6%
Jan
7
40
5%
Apr
8%
Feb
40
11%
Apr
17%
17%
50
15
Feb
10%
10%
531
10
Sept
1%
«...
-
1%
905
-
90c
Jan
17% Nov
21% June
14%
Mar
Feb
1.50
86
77
86
10%
10%
10%
1,638
7%
5
5%
2,304
4
1%
1%
280
1%
July
1%
1%
205
1%
90%
4%
Oct
2
Apr
116%
Mar
Sept
11%
Sept
Mountain Fuel Supply.. 10
5
Natl Fireproof ing Corp
*
Pittsburgh Brewing Co...*
Pittsburgh Plate Glass..25
Pittsburgh 8crew A Bolt..*
—
—
-
-
-
100%
8%
5
United Eng A Foundry
27%
17%
-
*
Ruud Mfg Co
Shamrock Oil & Gas
Aug
6
17%
Duquesne Brewing Co.-.5
Fort Pitt Brewing
1
Koppere G A Coke pref 100
Lone Star Gas Co
12%
14%
14%
33%
5
7
1
95
26
101
80
8%
25
7
2%
"34%
2%
175
33%
32%
34%
40
55
July
Apr
Apr
5
Mav
1% June
86
Nov
10%
Nov
5%
Sept
3%
Sept
Jan
8
Feb
4
Sept
Apr
35%
Sept
Aug
38%
Sept
Vanadium-Alloys Steel
*
10
25%
22%
Victor Brewing Co
Waverly Oil Works A
1
25c
25c
25c
300
20c
July
40c
*
2
2
2
200
1
July
2
Nov
28%
30
336
18
Apr
37
Sept
111%
115
53
83%
Apr
119%
Sept
15
1%
July
3%
Sept
32%
Sept
226
8%
8%
8%
6%
7
Universal Consol Oil
17%
10
al4%
YosemitePtldCement prflO
10%
Jan
Sept
27%
16
6%
17%
Weber Shwcse & Fix 1st
pf*
Wellington OH Co of Del.. 1
Apr
3%
4%
26%
16%
25
2
6%
421
26%.
Union OH of Calif
Tranaamerlca Corp
1,952
1,225
7%
•
Jan
38%
12%
60
6%
10
32%
23%
5%
10
48
37
com
*
Clark (D L) Candy Co...*
Columbia Gas & Electric. *
34%
*
37
*
23
37%
.
a5
a5
385
2,134
17%
al4% al4%
a5
1,120
10
20
3%
3%
3%
400
3
3
3
200
34
7%
6
15%
12%
4
2%
2%
Jan
10% June
8
Sept
19%
Mar
5
Jan
Sept
3%
Jan
14c July
6%c July
Apr
Westinghouse Air Brake
*
Westinghouse El A Mfg.50
114%
Jan
Unlisted—
Pennroad Corp vtc
1
2%
2%
Bonds—
Independent Brew 6s_1955
112
112
$8,000
112
Nov
112
Nov
Mining—
Black Mammoth Cons.lOc
Cardinal Gold
l
14%C
Imperial Develop Co..-25c
l%c
7c
14c 14%c
5c
7c
1%C
l%c
1,500
2,100
1
5c
5c
Zenda Gold Mining
5c
2%c
2%c
3c
Amer Tel & Tel Co
Anaconda Copper
Armour & Co (111)
*
25
see page
Nov
14c
Aug
Friday
4c
Jan
Last
Nov. 11 to Nov. 17, both inclusive,
Stocks—
a9%
a9%
09%
al68%al69%
a31% a32%
o6%
a5%
a6%
a24% a24% a24%
100 al69%
50
a32%
Aviation Corp (The) (DeB3
For footnotes
Mar
7%
3243.
7%
8%
Par
25
9
Sept
18%
152
Apr
168%
39%
Aug
Price
*
Range
of Prices
Low
High
Range Since Jan. 1,1939
for
Week
Shares
Low
High
Jan
142
compiled from official sales lists
Sales
Week's
Sale
5
Atlantic Refining Co
2c
5c
10,000
Unlisted—
Amer Rad & Std Sanl
St. Louis Stock Exchange
Jan
Aug
Jan
2c June
2,750
1
30c
20c
lc
10,000
Tom Reed Gold
315
21% June
Sept
45
3%
Apr
8%
19%
Apr
24%
Sept
Oct
.10
25
1..1
537
3%
Aug
9%
Nov
-.5
36%
*
^
36%
37
36
36 %
^
31
«.
_
—
27
Feb
37%
Nov
133
30%
Jan
41
Sept
4
150
2%
July
4
Nov
30%
^
31
65
15
15%
70
4
—
86
-
_
26
6%
Sept
34%
Mar
Apr
15%
Oct
Volume
3243
ONE HUNDRED —Theommercial & Financial Chronicle—YEARS OLD
C
149
Sales
Friday
Last
Tutea. Okla
Alton, 111.
Stocks (Concluded)
FRANCIS, BRO. & CO.
ESTABLISHED
Rayonler Inc
for
of Prices
Low
Richfield Oil Corp oom__„*
9%
Roos Bros
MEMBERS
Chicago Stock Exchange
Shell Union Oil
Chicago Board of Trade
N. Y. Coffee A Sugar Exchange
St. Louis Merchants Exchange
18%
Sept
12%
June
10%
Apr
26%
20%
Nov
6%
Anr
10%
Jan
244
13%
Jan
18
July
20
6
99%
Nov
108
June
4%
Sept
7%
Jan
4%
Mar
6
Feb
36
13%
150
25%
1,585
Apr
29
93%
25%
100
Oct
2,735
17%
99%
25
*
com
Preferred
1,837
June
7
5%
13%
Soundview Pulp Co com._5
St. Louis Stock Exchange
9%
6%
Schlesinger Co(BF)7%pf25
New York Cotton Exchange
635
320
16%
6
1
New York Stock Exchange
N. Y. Curb Exchange (Associate)
760
99%
100
A
ser
Ryan Aeronautical Co
LOUIS
High
Low
Shares
18%
18%
8%
1
com
Preferred
FOURTH AND OLIVE STREETS
ST.
18%
■
16%
25%
25%
25
Rheem Manufacturing Co 1
INVESTMENT SECURITIES
High
16
1
com
Range Since Jan. 1, 1939
Week
Price
Par
Preferred
1877
Week's Range
Sale
95
92
79%
May
96
5%
16%
Sept
9%
11
Sept
Sept
Jan
Range Since Jan. 1, 1939
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
32%
60
28%
Sept
34%
June
100
16%
15%
16%
816
10%
Apr
21%
Jan
6%
5%
26%
6%
26%
425
4%
Apr
6%
Nov
26%
1,239
24%
Aug
33%
Sept
35c
35c
35c
10
35c
90c
Mar
11%
93%
Sept
Aug
14%
93%
95%
Thomas Allec Corp A
Sales
Last
32%
Spring Valley Co Ltd
*
Standard Oil Co of Calif. _•
Friday
32%
Southern Paclflo Co
Teletype: St. L 193
Telephone: CHestnut 6370
Stocks (Concluded)
So Calif Gas pref ser A..25
Shares
Tide Water Ass'd OH com 10
Preferred.
*
Trans am erica Corp
High
Low
*
~mmmm
mm
m
m
•
"6%
2
92
92
10
90
Oct
Jan
Union Oil Co of Calif.
26
120
12
114
122%
Jan
Union Sugar com
25
48
48
10
40
Sept
Jan
United Air Lines Corp...5
13%
Sept
59%
9%
Mar
1.30 May
3.00
Jan
1st pref
Huttig S & D com
5
Hydraulic Pr Brick pref 100
7%
7%
59
2.25
2.25
5
International Shoe com
*
37%
Key Co com
*
*
7%
7%
8
8
650
6%
Knapp Monarch com
6%
Laclede-Chrlsty C Pr com *
*
6%
"ii%
Natl Bearings Metals com *
Natl Candy com
*
Oct
150
4
Apr
10
10
Oct
Oct
Western Pipe A Steel... 10
10%
Mar
8%
"lOH
Nov
Apr
11%
Mar
Amer & Foreign Pow com
11%
Mar
Amer Rad <fc Std Sanitary. *
34
Apr
Apr
36
100
98
5
StLouis B Bldg Equip com*
St Louis Pub Serv com...*
2%
2%
11
Oct
Jan
111
Nov
Anaconda Copper Mln..60
a32%
Argonaut Mining
5
Atch Top A Santa Fe._100
10
6%
83% June
98%
Nov
10
3% June
2
Sept
6%
Sept
5c
50
6%
37
80
80
35
*
11
11
25
1
6%
Stlx Baer & Fuller com.. 10
6%
9%
28%
15
180
6%
50
9%
357
29
Nov
5c
5
Sept
4%
5%
2%
Sept
15C
Jan
8%
July
85
Sept
Apr
14%
6%
Sept
Sept
Jan
9%
32%
Mar
Apr
21%
Oct
1934
37 X
34%
1934
.
36 X
34%
34%
6s c-d's
tUnited Railway 4s
36 X
f4s c-d's
34%
37X $24,000
3,000
344*
24 X
59,000
79,000
24 X
36%
36%
Nov. 11
to
Nov. 17,
Aviation Corp of Del
Last
18c
Anglo-Amer Mining Corp 1
Associated Insur Fund..10
4
m
Atlas Imp Diesel Engine. .5
mrnmrnrn
*
Bank of California N A..80
125%
*
......
7
High
Nov
17
Apr
170
55c
200
43c
Sept
67c
Mar
031% o32%
97
21%
Apr
38%
Sept
4%
200
May
7%
Jan
40
3%
23
Aug
36%
Jan
Aug
9%
Nov
4%
a8%
a8%
8%
1,367
3%
4
224
3%
Jan
4%
Nov
07
110
4%
Apr
8%
Sept
31%
31%
263
18
Apr
33%
1%
1%
1,009
3%
Jan
50
1%
11%
Aug
a!4% al4%
Apr
19%
Sept
10
65
Apr
78
June
Bendix
Aviation
Corp...5
Blair <fc Co Inc cap
mmm
mmmmmU
mmmmmm
Pow6% pref '27100
-
78
■»«.
m
Jan
Columbia River Packers
Nov
*
.
90c
Oct
149
6%
Nov
9
%
%
500
%
Aug
1%
5%
5%
20
Jan
6%
Oct
a30% a3l %
235
28%
Sept
33%
Aug
7%
197
6%
Aug
9%
Sept
10%
11%
3,884
4%
Aug
13%
Nov
37%
38
173
Apr
38
Nov
9
145
6%
127
31%
60
16%
75
38%
"~5%
o30%
7%
300
4%
7%
353
Low
10c
4
Apr
4%
Apr
17
Jan
%
Apr
25%
Sept
20c
Oct
35c
Jan
17%
17%
200
14
Calif-Engels Mining Co_25
22c
22c
m
*
mm
Cent Eureka Mln Co com 1
~
3%
5
Chrysler Corp com
Cst Co G & E 1st pref_
_
mmmmmm
100
22%
*
Cons Chem Indust A
Creameries of Amer vtc.l
mmmmmm
Crocker First Natl Bk__100
Preferred
.
Consol Copper Mines com
8%
......
mmmmmm
94
1.50
Foster A Kleiser com... 2 %
10
54
Generla Paint Corp pref. .*
31
Sept
87%
55%
Apr
53
53
108
53
23
688
22%
5%
8%
3.00
*
HomeF&M Ins Co cap. 10
Apr
Sept
Apr
89%
76%
July
8%
350
8%
Nov
10
11
100
8%
115
93
1.90 May
8
Apr
8%
14
Sept
Jan
34%
Sept
79%
Apr
93
54%
Oct
108
Feb
25
Sept
5%
300
16%
91
8%
4.50
21
July
Mar
Sept
Jan
Nov
Feb
Feb
10%
Mar
19
Nov
43%
95
July
July
1.50
200
1.00
July
1.60
Jan
1,459
38%
Apr
56%
Oct
34
31
200
1,608
9%
19
1,570
496
200
80c
15
39%
m
m
m
Internatl Nickel Canada.*
mm m
Preferred
1
mm
28
National Distillers Prod..*
mmmmmm
-
m
m
mmm
023"
10
Mar
%
Jan
Apr
9%
Sept
15%
Aug
19%
July
17
Aug
24%
Sept
Aug
1.40
.
.
o3%
Pennsylvania RR Co
50
Radio Corp of America...*
------
Aug
28
Mar
13%
Apr
29
Nov
21%
June
21%
22%
20
18%
18%
a4
a3%
a25% a25%
70
3
Apr
20
20
Mar
22%
1st preferred
32
Sept
Jan
30
Sept
4%
Jan
Sept
26
6
137
5%
Aug
8%
Jan
4%
425
3%
Sept
7%
Feb
25%
Mar
24
29%
25
25
Standard Brands Inc
*
•
—
a.
Studebaker Corp com
1
mm
m
-
~
19%
Sept
13%
195
10
Sept
26%
Jan
595
Jan
29%
860
23%
27%
Sept
29%
29%
July
28%
"a46%
200
29%
June
368
25%
Sept
5%
235
5%
Nov
9%
12%
825
5%
Apr
10
10
Apr
14%
a46% a46%
150
44%
Jan
47%
328
Aug
5%
m
9
mm m
12%
mmm-~-
25
25
27%
28%
..
.
27%
47%
United Aircraft Corp cap.S
10
2%
100
33%
2%
95c
100
54c
47%
J*
Aug
Mar
Oct
Mar
Oct
Nov
50
Jan
6
75c
37
Apr
United Corp of Del
95c
95c
United States Steel com..*
69%
mmmmmm
5
mmmmmm
Warner Bros Pictures
•
43
2%
*
1
U S Petroluem Co
No par value.
July
4%
a Odd lot sales.
r
Cash sale—Not Included in range
Listed,
9
9
145
8%
Sept
12%
3%
Apr
43%
300
3%
Sept
82
Aug
Sent
4%
Feb
1.40
May
1,136
72
Sept
6%
Mar
b Ex-stock dividend.
d Deferred delivery.
for year,
x Ex-dlvldend.
y Ex-rlghts
Mar
*
*»«.
-
-
42
-
32%
31%
Apr
43%
22
Apr
19
Aug
36%
36%
Feb
50c
420
Sept
70c
Sept
Nov
108%
Feb
Apr
18%
Aug
Jan
11%
Oct
8%
17%
2.40
8
9%
4%
25
4%
42
101
855
11%
110
2.60
2,365
-
w
0.
*
......
15
5%
25
25
26
10%
26
Apr
5%
9%
Jan
Jan
Sept
11%
Mar
4%
Nov
7%
Sept
42
23
225
9%
27
23%
Sept
31
Mar
Feb
12
July
Jan
28
Sept
5
Feb
10
200
8
Jan
14%
3%
Sept
Oct
829
1.25
Sept
2.40
Jan
2,264
27%
Mar
29
Apr
Sept
34%
2,026
July
29%
29
29%
876
26%
Sept
35%
31%
47%
47%
498
41%
Feb
50%
July
Aug
105% 105%
5%
5%
1,217
125
125
125
145
145
145
44%
1.15
22
1.15
22
-
100
4%
18%
Sept
109%
July
Sept
7%
Jan
Sept
22%
July
20
114
Apr
133
June
12
130
Sept
157
July
44%
175
1.20
620
22%
179
36%
Sept
1.00
Sept
2.80
Nov
60
22
tem
the law
The announcement continued :
59%
Jan
Feb
Mar
of two. new member associations, the State Loan Associa¬
The admission
tion, Granite City, 111., and the
tion,
Milwaukee
ditions
As
to
of
County, Wise.,
the capital
Sept.
30, the ratio
Government was
tion
the
institutions.
February,
stock
subscription,
Government.
$1
yet
to
Amount
of
1936,
at
member
Hales Corners Building and Loan Associa¬
accounted for the two largest lump ad¬
stock since
Federal
of
Bank Sys¬
loans outstanding, Mr.
1% of its mortgage
equal to
Gardner said.
Sept
32%
161
since
7%
10
19%
member institutions,
requires that each Association own stock in the
425
19%
the
of
Oct
5%
60
in
loans
home
Mar
Aug
32%
105%
by member savings, building and loan associations in Illi¬
nois and Wisconsin.
It is due chiefly to increased volume
Sept
5%
1.50
see an
cently by A. II. Gardner, President.
Since February there
has been a net gain of $105,<>75, or 2.3%, in the stock owned
28c
5%
13
September was the seventh consecutive month to
expansion of the capital stock of the Federal Home Loan
Chicago, according to an announcement made re¬
8%
5
40
Chicago
Bank of
10c June
13c
7
100
Capital Stock of Federal Home Loan Bank of
Advanced Further in September
5
13c
7
1.40
*
Aug
6
8%
31%
*
*
1.90
31%
*
R E A R Co Ltd pref... 100
9
32%
32%
*
100
11%
100
26
13
*
100
1,100
4%
26
«,
30c
Oct
1,000
8%
10
25
13c
_
10
17%
10%
1
t In default.
Sept
575
1,240
11%
2.40
Pig'n Whistle pref
38%
33
31%
101
"l7%
1
Parafflne Co's com
201
32
30
40c
Pacific Tel <fc Tel com.. 100
Preferred
Aug
Aug
13%
26%
29%
25
*
*
25
(
Pacific Light Core $5 dlv_*
Pac Pub Serv com
25%
Oct
Pacific Coast Aggregates 10
5%% 1st pref
15
25
3%
4%
Schumacher Wall Bd com *
9%
O'Connor Moffatt cl AA. .*
Pacific Light Corp com
20
6
Sept
Occidental 1 nsurance Co. 10
com..
Oct
68
7%
100
6% 1st pref
Sept
57
665
100
No American Oil Consol-10
Pacific Gas A Eleo
8%
a22% a23
8%
*
com
Aug
a24% a24%
28
27%
8%
8%
North Amer Invest com 100
Pacific Can Co
2%
Mar
Sept
1
_
100
4%
Sept
Sept
com
Paauhau Sugar Plant'n.
Sept
8%
3%
com
Oliver Utd Filters B
July
19%
Sept
1.75
5
Occidental Petroleum..
6c
22%
5%
Feb
.2%
5%% preferred
Jan
Sept
5
275
Mar
Meier A Frank & Con. .10
Co
5c
385
5c
a22
7%
40c
1
_
Sept
44
Apr
7
1.40
March Calcul Machine
Menasco Mfg
29
7%
133
Magnln (I) & Co pref.. 100
National Auto Fibres
339
40%
Feb
Apr
242
10
.
July
Aug
50c
Corp..l
Magnavox Co Ltd
2.80
3%
2.10
LcTourneau (R G) Inc
Lockheed Aircraft
Apr
44%
50c
..
Leslie Salt Co
1.50
45
2.00
Hutchinson Sug Plant'n_15
Langendorf Utd Bk B
656
1,140
10
Preferred
Jan
1.60
4%
10
Hunt Brothers com..
37c
4%
rnmmmmm
Packard Motor Co com..*
Texas Corp com
9%
21%
Oahu Sugar Co Ltd cap. .20
Onomea Sugar Co
20
Superior Ptld Cem com B_*
64%
4
4%
mmmmmm
5%% pref...
Sept
Oct
1,914
a64% a55
6
6% preferred
Aug
July
5c
mmmmmm
Nash-Kelvlnator Corp
Preferred
20%
Sept
a22
mmmmmm
So Caiif Edison oom
Jan
Aug
13c
6c
Mountain City Copper...5
Shasta Water Co com
Jan
Apr
12%
42%
June
340
5
40%
40%
Montgomery Ward A Co.*
North Amer Co com
Jan
16c
a40%
4%
mmmmrnm
Bancorporation..*
North American Aviation 1
31
Feb
15c
a40
1
.
4
1.50
-
I"
Kenn Copper Corp com..*
Klelber Motor Co
10
Marine
a38% a39%
al9% a20%
Oct
56%
19
39%
Jan
16%
9
38%
93%
80c
35
103% June
285
18%
:
July
5
17%
mmmmmm
4%
254
80
8%
4Mar
Jan
100
Nov
July
45c
6,996
3.00
40
53%
4
39
1.50
Feb
Mar
16%
285
m
M
mmmmmm
McBryde Sugar Co......5
26c June
48%
235
5%
840
31
*
1
134
19
54
8%
•
Natomas Co
2.90
322
9%
Fireman's Fund Ins Co..25
Hawaiian Pine Co Ltd
925
209
18%
19
.50
Holly Development
3%
11
100
Greyhound Corp com
3%
87%
89
*
Golden State Co Ltd
500
15
Electrical Products Corp.4
General Motors com
80
30c
89
5
Emporium Cap well Corp. *
Preferred (ww)
50%
16%
DI Giorgio Fruit com...10
Preferred
40
50%
285
mmmmm
Crown Zellerbacb com...5
35
40
107
10
Clorox Chemical Co
1,200
30c
m -
m.
"50%
pref-50
Feb
Sept
Apr
20
Carson Hill Gold M cap._l
m
Goodrich (B F) Co com...*
Jan
12
Calif Packing Corp
5%
8%
190
165
California Ink Co cap....*
Mar
Apr
16%
Calamba Sugar com
30c
124
16%
Byron Jackson Co
July
*
9
9
Electric Bond A Share Co 5
Italo Pet of Amer com
135
125% 128
*
International Tel A Tel cm*
High
"
11
1
Domlnguez OH Co
Nov
30
5%
Claude Neon Lights com.l
.
2.00
1.75
5%
5%
Cons Edison CoofNY..*
Range Since Jan. 1, 1939
78
Oct
1.75
10
com
Cities Service Co com.. 10
Nov
35%
mmm
1
Bunker Hill A Sullivan 2.50
36 %
Jan
Mar
48
7%
Mar
3%
General Electric Co
445
July
July
o6%
34 %
Week
18c
2%
2%
9%
147%
a6%
Nov
Nov
24 X
Shares
Mar
~~~3%
37 %
Exchange
for
Range
of Prices
Low
Price
Sept
36%
50
3
Jan
Sales
Week's
Sale
Par
Stocks—
27
Nov
Bait & Ohio RR com... 100
Cal-Ore
both inclusive, compiled from official sales lists
Friday
Apr
18%
Aviation A Trans Corp... 1
Curtlss-Wright Corp
Francisco Stock
11%
50
536
Consolidated Oil Corp...*
San
255
Oct
450
mm
•
May
27
Jan
11%
a2%
Atlas Corp com.........5
Calwa Co
Bond*—
City & Suburb P S 5s.
Sept
Mar
Jan
57%
6
37
300
9%
10%
169% 169%
4%
100
Aug
Nov
18%
52c
Apr
50
May
24%
266%
a28% o28%
*.
-
6
2%
5c
5c
5
Sept
-
169%
103
5
6%
31
25
02%
mmm
20
98%
786
.
20
*
.
American Tel A Tel Co. 100
849
10%
Nov
18%
mmmmmm
Amer Toll Bridge (Del).-l
111
Sept
14%
Unlisted—
9
10%
Jan
13%
Apr
Sept
14
8%
33
19%
July
19
Yell Checker Cab ser 1..50
8
22
50
Aug
4%
8%
30
100
2nd pref
Wagner Electric com
Sept
16%
273
759
Rice-Stlx Dry Goods com.*
com
41
Jan
287
30
11
100
Sterling Alum
Aug
Jan
Sept
8
1,967
11%
11%
---
Aug
1,240
273
11%
111
com
May
5
7%
5
Aug
0
7%
14%
Wells Fargo Bk & U T.100
10%
1st pref
2nd pref
Scullln Steel
31
Victor Equip Co pref
87
17%
12%
Walalua Agricultural Co 20
11
Midwest Pip A Sply com.*
Mo Port Cement com
25
Scruggs-V-B Inc com
20
14
14
Meyer Blanke com
54
38
5%
97
9%
10
6,353
7
17%
7%
17%
120
Oct
mmmmrnm
100
Grlesedleck-West Br com.*
Ely&Walk D Gds 2nd pf 100
150
11%
6%
of
for
February.
member-owned stock to
every
be acquired
Government
$14,173,900.
associations
$3.03.
by the
stock
At the
owned
thrift and
has
time
only
that held by the
This is the highest
of
home
remained
this
one-fifth
propor¬
financing
static
6ince
last Government
as much as the
ONE HUNDRED—TAe Commercial & Financial Chronicle—YEARS OLD
3244
1939
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock
Service
Last
Montreal Stock
Exchange
Stocks (Concluded)
507 Place
Price
Par
4%
Hamilton Bridge
68 ft
*
7
5
Holt Renfrew pref
Howard Smith Paper
Intl
48
50
5s
Oct
1 1942
103
4Hs
Oct
1 1966
Prov ot British Columbia—
46
49
6s
Sept 16 1943
104
106
6s
May
104
105%
6e
July 12 1949
4 He
Oct
1 1963
Province ot Manitoba—
4Kb—
6e
Aug
1 1941
68
1 1959
Ask
104
91
93
4s
June
89
4
Jan
15 1965
99% 101
July
15 1953
85
Ha
3%s
84
89
75
2 1969
75
95
90
94
96
94
Mar
2 1950
98
|
!
99%
48
6b
Apr
4 He
4 Ha
1 1968
93
May
1 1961
96
95
98
Sept
17
Sept
37
30
35
Oct
40
Mar
17%
34%
405
25%
17%
6,938
12%
15%
2,294
13
17%
17%
34
15%
14%
25%
20%
21%
27
48
56%
25%
24
26
140
26
50
30
Oct
48
805
42%
60
Sept
56%
56%
25
29% June
41
Feb
26%
1,896
18%
28%
2%
2
Aug
4
June
68
Oct
81
June
5
129
Jan
133
133
23%
15
80
Laura Secord
3
12%
12%
35
270
8
8
5%
5%
8%
8
8
8
55
55
15
13%
Feb
10
30
Sept
5
5,135
Aug
Oct
28%
9% June
133
100
Oct
10
110
75
8
Aug
Oct
22%
16
Sept
Jan
13%
Apr
9%
Oct
8ept
2%
5%
9%
9%
Sept
Feb
33
Oct
35
May
33
June
6a
June 15 1943
68
72
29%
98
5%8
Nov
15 1946
69
73
Mont LHAP Consol.—.*
Montreal Telegraph
40
"30%
94
50
50
100
50
1960
99
103
4%8
Oct
1 1951
60
65
Montreal Tramways
"54
54
57
81
59
Nov
70
Jan
35
36%
851
31
Sept
43
Mar
40
40%
1
100
Preferred—
Bid
Canadian Pacific Ry—
4s perpetual debentures
Bid
65
4%s
16 1942
84
86
6a
4HB
Dec
16 1944
75
80
4%8
6e
July
Dominion
105
1 1946
80
81%
..Dec
1 1954
79
Sept
1 1960
74
75 %
Canadian National Ry—
Bonds
Ask
Canadian Northern Ry—
Sept
*%8
June 16 1966
1 1961
6 Ha
1 1966
July
1 1946
Grand Trunk Pacific Ry—
4a
Jan
1 1962
8a..
Montreal Stock
109 %
110H
Jan
1 1962
5% preferred
Quebec Power
Regent Knitting
Friday
82
for
of Prices
Price
Low
High
5%
11
*
5%
11H
17
17
92
Electric-—*
7
95 H
7
Range Since Jan. 1. 1939
Low
100
2
15
14
June
10
Sept
14%
Jan
7
12%
Jan
♦
20%
20%
21
4,230
66
66
100
39
16%
16%
130
15
Sept
Sept
Aug
Sept
100
6%
50
2%
June
Apr
16
Nov
Mar
18
Sept
55
90
Sept
100
Sept
5%
18%
«
5%
17%
125
"45""
5%
1,180
18%
1,500
390
21
45
45%
22%
24
12%
13%
100
112
Preferred
112
Southern Canada Power..*
Steel Co of Canada
*
Preferred
14
85%
81%
25
6
Sept
*
3
•
*
2%
2,443
Wilslls Ltd
*
Oct
Winnipeg Electric A
*
Sept
7
Nov
47
B
23
2%
*
Preferred
Nov
50
Jan
27
2,458
17%
Sept
28%
Jan
Zellers Ltd
14H
15
32
11
Sept
5
Apr
15%
Apr
2%
Oct
2%
Apr
Apr
18%
May
11
103
Oct
27
8H
150
27
163
165
8%
7H
4%
17
17
25
7%
4H
Nov
June
14
160
10
Aug
14
86
270
67
Apr
Apr
88
Sept
84
Sept
55
81%
3
66%
Nov
185
50c
Feb
3%
255
3
Aug
7%
Oct
2%
Feb
3%
Oct
1
2%
23%
150
17
2%
2%
300
1.00
310
1.10
10
45
45
195
Aug
Aug
Aug
24
Feb
7
Sept
15
Nov
Oct
3%
3%
Oct
Oct
170
58
Sept
178
77
177
Sept
222
313
13
290
313
Oct
21%
Sept
28
Mar
Royal
100
39
150
Sept
Sept
193
May
Jan
3
Mar
33
2
75
2
6%
7%
695
5%
Sept
183"
180% 183%
135
Jan
inclusive, compiled from official sales lists
Mar
Friday
79
Oct
102
Mar
Last
20%
5
Week's Range
7
for
June
24
Oct
Sale
Week
17%
5%
590
of Prices
14%
May
18
Mar
157
1.50
Aug
16 H
41
439
6%
Aug
19
Oct
June
48
Oct
20
Nov
pref
Aluminium Ltd
19%
Nov
Bathurst PAP Co B
75
30
25
18
Feb
25
2,395
10%
119
120
200
98
21
73
19
Aug
1,399
6%
17
Aug
Sept
10%
7%
Stocks—
Par
Price
Sales
-1
Low
High
Range Since Jan. 1, 1939
Shares
Low
High
Oct
Abltlbl Pow A Paper Co—»
6%
1.85
100
14
*
cum
128
1.80
12%
125
1.90
1,675
14
1,895
128
*
4.50
4.50
Beauharnois Power Corp.*
5%
4%
Beldlng-Corticelli Ltd.
90c
414
3
Jan
4
90
June
25
Nov
120
Oct
21
Feb
100
Brewers A Dists of Vane. .5
Brit Amer Oil Co Ltd.—.*
British Columbia Packers*
16%
Calgary Pow 6% cm prf 100
Canada A Dom Sug (new)*
Canada Malting Co Ltd..*
Can Nor Pow 7% cm pf i00
99
100
31
35
15
50
Apr
17
Oct
310
65
Feb
100
101
Jan
110
Nov
90c
90c
4
4
50
1.25
3%
May
3.75
6%
410
1%
Apr
4%
Sept
160
1.25
Mar
4%
Sept
14 H
35
6%
5,540
9%
9%
30
385
49
49%
Distillers Seagrams.—..
Dominion Bridge
Dominion Coal pref
26
21
20
21
39 %
42
4
July
19%
Oct
3%
Sept
9%
Sept
Aug
11%
Oct
37%
May
61%
Jan
15%
24%
Sept
20%
Nov
Apr
46%
Oct
5
910
39%
1,426
Canada Vinegars Ltd
*
Can Wire & C6% cum pf 100
Canadian Breweries Ltd..*
Preferred
21%
650
15
Jan
22
Oct
100
125
125
50
108
Jan
125
Preferred
..100
Dominion Steel A Coal B 26
Dominion Stores Ltd....
Nov
145
145
12
145
Nov
162
Apr
18
16%
6
11%
1
6
6%
6%
87 H
11
8H
"I OH
15%
10
15%
90
11%
9
10%
16%
1,925
7%
50
110
528
605
5
Oct
Apr
7%
May
Sept
7%
Oct
90%
Oct
"
3%
65
3
Jan
Oct
8
Aug
Aug
13
345
15
Jan
175
6%
Aug
12%
Oct
2,882
6
9%
11%
Sept
94
95
520
80
Sept
102
95
5H % Pref
102
150
100
Nov
102%
Nov
Jan
6
Mar
5 H
9%
89
5%
95
Jan
Sept
5%
Mar
Sept
23%
Sept
Aug
23%
2,035
16%
85
11
Jan
18%
23
05
Feb
97
32
1,038
25
Sept
33%
35
10
29
Sept
38
Sept
112
Jan
14
Feb
19
cum
-
—
-
-
107%
m
mm'm
mm
107%
12%
73
12%
120
10
106
1.15
1.10
1,200
19%
99
11%
101
80c
Aug
May
Sept
6
10
1,200
570
2%
16%
95
Mar
June
Aug
12
Oct
89
65
60
July
91
735
4
Sept
7%
cum
Sept
23
Jan
198%
June
228
Sept
44
120
Nov
47
Nov
45
5% cumul pref
Preferred
50c
Mar
1.60
Oct
25
3%
June
6%
Oct
7%
4%
—
-
3%
880
2
June
10
34
20
10
Aug
41
Jan
12
13
296
6
Jan
13
Nov
12%
10
11
Jan
13
June
3%
800
7
3
5c
9
6%
May
1.50
Jan
9
5c
6%
Sept
*
4,277
2%
Nov
7%
7%
3%c
210
50c
Aug
9%
8%
8%
9%
2,890
2
Aug
B
Ea8ternDalrles7%cm pflOO
r
7%
8%
560
2
7
7
Aug
Apr
Canadian market.
65
2%
Jan
3%
Oct
5c
Aug
Aug
8
3c
Donnacona Paper A
No par value,
5c
9
7%
Cub Aircraft
*
i
12%
—mm
2.50
Consolidated Paper Corp. *
41
5%
32
7%
«.
15
Commercial Alcohols Ltd. *
Consolidated Div Sec A..*
1.00
5%
100
*
Jan
14%
20
1.00
*
pref
1.80
150
235
19%
Oct
6
Cndn Power A Paper Inv. *
Cndn PAP Inv5%cm prf *
Catelll Food Prod Ltd
467%-June
45
45
100
Cndn Vlckers Ltd
Oct
Oct
June
235
19%
*
pref
107
106
*
Cndn Industries B
5%
31%
Mar
89 %
Sept
3%
Jan
21%
142% Sept
Oct
5%
Oct
7%
Nov
150
Sept
915
Jan
23
June
6
Apr
23%
3%
104
May
360
Jan
_
50c
4%
34
100
109 % 110
3.75
4.00
16
Jan
Montreal Curb Market
Nov. 11 to Nov. 17, both
70
6%
16%
Jan
Oct
July
*
Dom Tar A Chem
July
212
490
21%
24%
166
28
20
•
Apr
313
16 H
14
22
Bank*—
212
21
*
Jan
168
28
3.50
Oct
9
212
15
15
51
Feb
100
23
May
7
17%
100
27 H
23 %
97 H
10
460
8%
100
19%
40%
110
23
23
*
8%
100
Aug
40%
120
8%
Montreal
Nova Scotia....
Sept
16
24 %
Preferred
45""
*
Commerce....
Sept
16 H
28
100
Mar
49 %
Oct
Jan
12%
17%
17 H
20
27
178
26
*
Jan
110
Sept
12%
17%
5%
"l5%
Jan
Sept
Consol Mining A Smelting 6
General Steel Wares
Sept
5%
215
20%
5%
15
141
470
92
Cndn Industrial Alcohol..*
Class B
*
General Steel Ware pref 100
49%
28%
14%
1,080
H
92
*
Gurd (Charles)
July
170
26
26 H
25 H
Aug
100
25 H
17
17
217
8H
26 H
Cndn Canners 5% cum pf20
Rights
Oct
Nov
19%
Oct
50c
*
Preferred...........100
Jan
Nov
121
10
112
10
100
Woods Mfg pref
24 %
2%
1.90
515
6%
Vlau Biscuit
Aug
115
13
48 H
100
*
98
107%
6%
Aug
Aug
6
5
125
24
26 %
*
.»
Oct
7%
7
*
50
*
Foundation Co of Canada. *
Mar
6
25
Oct
165""
Gatlneau Power
Nov
19
50
96
Oct
Bell Telephone
100
Brazilian Tr Lt A Power.*
British ColPowerCorpA.*
*
Oct
66%
60
107
97
200
Dryden Paper
24
16
96
11%
20%
2,125
Dominion Textile
Oct
16%
107
Apr
1.75
Dominion Glass
Jan
8%
15%
16
100
Apr
14H
Canadian Locomotive
Canadian Pacific Ry
Cockshutt Plow
7
Oct
7%
100
Saguenay Power pref
Apr
1.75
Canadian Converters..100
Canadian Cottons
..100
Preferred
100
15
6
9%
13%
-.100
6%
16%
*
Voting trust..
6%
1.75
Preferred 7%
July
100
51%
4%
20
Oct
35%
163
485
United Steel Corp...
High
Aug
40
292
20
"ii"
Rights
Apr
Sept
Tooke Brothers
Shares
Bathurst Pow & Paper A.*
Bawlf (N) Grain
*
Preferred
100
*
150
32
156
11
Rolland Paper
50
*
Canadian Celanese
23
10
Oct
12
295
*
100
Canadian Car A Foundry. *
Preferred
26
420
31
Sher Williams of Can
Week
Acme Glove Works Ltd..*
Canada Steamship (new).*
6% preferred
50
Canadian Bronze
*
July
Shawlnlgan W A Power..*
Sales
Week's Range
Sale
*
83%
93
79
Exchange
Last
Can Forgings class A
Can North Power Corp
Sept
......
Preferred
90
Nov. 11 to Nov. 17, both inclusive, compiled from official sales
lists
*
69%
10%
A preferred
50
St Law Flour Mills pref. 100
St Lawrence Paper pref. 100
Preferred
974
12
8t Lawrence Corp
Canada Cement Co
76%
11
1 1970
Building Products A (new)*
Bulolo Gold Dredging
5
75%
Feb
12
1 1969
Bruck Silk Mills
Sept
45%
76%
15
Feb
B
28
1
Oct
*
Aug
May
•
68
50
16
156
100
Placer Developments
Power Corp of Canada
Price Bros A Co Ltd
6a
Associated Breweries
39%
6%
14%
1 1967
Anglo Can Tel pref
Asbestos Corp
Sept
937
525
6%
1 1969
Preferred
37%
69%
24
156
100
July
Agnew-Surpass Shoe
110
66
32
Preferred
July
Algoma Steel Corp
Jan
22
Ottawa Electric Ry
4HS
Par
57
76%
Ogilvle Flour Mills
6a
Stocks—
26%
23
"66%
*
..*
Ottawa L H A Pow
106%
Bid
4Ha
Nor an da Mines Ltd
81
July
Government Guaranteed
Feb
Ask
4,205
Canadian Paciflo Ry—
64
Sept
1944
25
Niagara Wire Weaving
Ask
08
1
36%
•
National Steel Car Corp.
Railway Bonds
Electrolux Corp
Mar
Aug
Apr
15
*
July
33
20
23
•
Oct
146
133
23%
....*
Oct
Sept
18%
16%
27
*
Legarepref
Oct
40
June
2%
Jamaica P 8 Co Ltd prf. 100
M assey-Harris
Sept
23%
20%
15
75
Lake of the Woods.....
Aug
Apr
Sept
Oct
1,305
*
Montreal Cottons
Prov of Saskatchewan—
9
9%
47
International Pow pref. 100
National Breweries
Amalgamated
Sept
12
Sept
Sept
Sept
Mar
4 Ha
6
860
16%
15%
Paper A Power preflOO
M cColl-Frontenac Oil
Jan
2,448
16 1962
Sept
68
Feb
4%a
Prov of New Brunswick
6%
7%
34
Internal Pet Co Ltd
International Power
High
Aug
14%
Lang A Sons (John A)
95
98
Apr
16 1961
Province of Nova Scotia—
4%S
80
16 1960
1 1962
Provmce 01 Quebec—
80
Deo
Bid
86
16 1964
June
Provlnoe of Ontario—
3%
6%
*
..
Bid
360
•
__v
Intl Bronze Powders pref 25
Intl Nickel of Canada.
Province ol Alberta—
5n
Jan
1 1948
Low
4%
37
Imperial Tobacco of Can
Closing bid and asked quotations, Friday, Nov. 17
Range Since Jan. 1, 1939
Shares
14%
14%
Industrial Acceptance. ...»
Intl Bronze Powders
*
Provincial and Municipal Issues
for
~Wpj>lr
TV wafc
High
4%
100
Hudson Bay Mining
Imperial Oil Ltd
Ask
Low
H oil Inge r Gold
d'Armes, Montreal
Rang"
of Prices
Gypsum Lime A Alabas..*
Greenshields & Co
Montreal Curb Marke t
Sales
Week's
Sale
Securities.
Members
Exchange
Friday
all Canadian
on
9
Oct
9
Sept
4% Sept
Oct
10%
Oct
9%
7
Oct
Volume
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
149
3245
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Inquiries
Week's Range
Last
Sale
Stocks (Concluded)
Fair child
Fleet
Par
Aircraft
9%
22%
Inter-City Baking Co_ .100
T.66
Internatl Paints (Can) A.*
Intl "Utilities Corp A__
*
Illi
MacLaren Power &
1,760
22X
1,335
16%
5
Sept
Sept
m
21%
Aug
11%
Oct
24%
Oct
22
Oct
Oct
18 J*
125
18%
19%
1,565
5
Aug
23%
34%
85
25
Apr
35
3.75
4.00
128
4
10
9
Jan
50c
1.50
6
6 30
Sept
Aug
5
Aug
100
75c
Apr
4%
50
25
45C
Sept
1.05
8
Sept
17 X
405
62
63%
1,845
96
96
16
62
Mas8ey-Harrls5%cmpf 100
MoColl-Fron 0% cm pf.100
*
6%
Mitchell (Robt) Co Ltd..*
14 X
6
14
1.75
139
25c
108 X
100
Page-Hersey Tubes Ltd..*
100
PowerotCan6%cmlst pflOO
6% n c part 2d pref...50
101
15
43
43
....
25c
Oct
17%
Feb
1.60
Nov
Apr
110
100
Aug
105
Jan
41
May
47
Jan
97
10
Nov
'
Provincial Transport Co..*
6
7
Reliance Grain Co
5%
5%
Sangamo Co Ltd..
*
25%
""60c
United Distillers of Can..*
Walkerville Brewery
*
5%
2%
400
95c
100
17%
43%
140
200
Jan
Aug
1.40
Sept
Sept
34
20
Oct
75c
Aug
50%
Jan
20%
Jan
June
66c
Sept
70c
43%
19%
X
.*
Oct
23
May
50c
Oct
6%
Sept
2,50n
60c
8
Sept
25
26
60c
9bc
"43
Walker-Good & Worts (H)*
$1 cumul pref....
400
17
Jan
Canada Cement
41c
44c
$2,000
25C
Beaufor Gold
14c
14c
15c
2,800
7%C
June
16 %c
Sept
8c
8c
500
8c
Nov
19c
Feb
Mines
1
1
Cnln-Malartic Gold.
*
71 %c 71 %c
Central Patricia Gold
1
c
Sept
1.00
Jan
200
l%c
Sept
6c
Jan
14
14
55
l%c
14
4,100
9c
Sept
25%c
July
2.42
Cent Cadillac Gd M Ltd._l
200
l%c
Cartler-Malartie Gold Ltdl
2.42
100
1.97
Sept
2.74
Jan
12c
18c
2,000
12c
Nov
Century Mining
Cousol Chlbougamau
1
13c
15c
310
Dome Mines Ltd
*
29%
29%
25
2.88
3.05
3,200
2.00
2,050
74c
18c
East Malartlc M Ltd
3.00
....
Eldorado Gold M Ltd
1
Falconbrldge Nickel
*
Francoeur Gold..
*
1.08
lie
25c May
Nov
30c
July
Sept
23
33%
Aug
Sept
3.05
Nov
Sept
2.35
Jan
1.05
4.70
Macassa Mines
4.65
900
4.50
6.70
Sept
47c
Lake Shore Mines Ltd...
1.00
46c
48c
650
16c
Apr
77c
Aug
2%c
Joliette-Quebec
2c
2%c
6,000
2c
Sept
6%c
Feb
29 X
29%
4.25
...
McKenzIe-Red Lake Gold 1
O'Brien Gold
4.70
30
740
4.35
760
1.25
1.50
1
Apr
1.25
1.50
1.55
Nov
60%
Jan
Sept
3.00
6.80
Jan
200
1.05
Sept
1.33 June
3,700
1.25
Sept,
3.35
Jan
Pamour-Porcuplne Ltd ..*
2.00
2.05
275
1.68
Sept
4.80
Jan
Pandora-Cadalllc Gold
4%c
4%c
500
2%c
Sept
16c
Jan
1
"
Pato Cons Gold Dredging. 1
2.35
2.35
200
2.00
Aug
2.55
Mar
Pexid-Orellle M & M
2.52
2.52
250
1.20
Aug
3.90
Sept
1.90
1.95
Jan
2.05
Julj
Sept
5.60
Mar
Sept
1.14 Sept
2.65
Jan
1
Gold
1,010
.1
4.35
4.35
4.35
225
3.50
1
Pickle-Crow Gold
i .45
2.20
2.20
2.23
200
2.20
Pioneer Gold M of B C
Preston East Dome M Ltdl
2.12
1.95
2.14
1,800
Sherritt-Gordon Mines..
1.20
1.17
1.28
3,809
Siscoe Gold Mines Ltd..
81c
80c
83c
Sladen-Malartlc Mines
Aug
2.14
Nov
2.00
Sept
35c
80c
Sept
1.65
41c
1
Stadacona (new)
Sullivan Consolidated....1
41c
700
25c
Jan
42c
65,480
2,700
27 %c
Sept
Sept
74C
34c
1.03
Feb
75c
"4.15
Teck Hughes Gold
Wood Cad
83c
14c
1
75c
4.10
12,260
4.15
14c 14 %c
60c
Aug
360
3.85
8,200
8%c
Canada
M altlug
Canada Packers
1.01
Mar
Sept
4.60
Mar
Apr
18%C
Jan
*
*
1.00
1.05
1,700
80c
Apr
1.81
Jan
*
20c
21c
500
19c
Jan
31c
Jan
Aug
75c
Jan
32c
Apr
55c
Jan
46c
5,800
Davjes Petroleums Ltd
*
28c
28c
Home Oil Co Ltd...
*
2.40
Homestead Oil & Gas____l
6c
5%c
5%c
500
33%
32%
35%
1,052
30c
Pacalta Oils Ltd
*
Royallte Oil Co
*
28c
100
2.28
2.55
6,327
1.25
Sept
3.70
Jan
6c
7 %c
1,500
6%c
Aug
25c
Jan
Aug
ll%c
Jan
Sept
44%
Jan
3c
26%
Range Since Jan. 1,1939
Shares
Low
35
250
to
110
5%
High
Sept
Sept
105
June
29%
Sept
38
June
100
Mar
101
160
66
May
104
Oct
140
142
28
134
Sept
153
Aug
6
515
5%
"ie"
1.25
Aug
Oct
7%
16
16%
19%
Oct
Canada Wire A
*
63
63
25
55
Sept
65
Feb
Canada Wire
*
20%
21
56
14
June
25
Sept
Canadian
50
B
*
1.10
Cndn Bk of Commerce. 100
Breweries
166%
Preferred
19%
*
20
"20%
B
Can Car <fe Foundry
Preferred
1.10
19%
163
1.10
500
19%
255
169
9%
20%
12%
622
23
6%
Aug
75c
Sept
14%
1.80
Jan
Sept
9%
60
2%
20%
260
16%
13%
705
23
Mar
Sept
134
179
Mar
6
July
May
May
11
Oct
20%
Nov
14%
Oct
15
16%
829
6%
Sept
28
85
17%
Aug
19%
34%
Oct
27%
Canadian Celanese
23%
23%
50
22
Nov
24
Oct
Canadian Dredge
Canadian Locomotive.. 100
22
22
20
10%
Sept
25
14%
15
57
4%
July
20
Sept
Oct
Canadian
*
—25
Malartlc
*
Canadian Oil
28
*
70c
70c
3,100
50c
16%
70c
16%
90
12%
6%
4,553
3
"6%
6
Cndn Wallboard B
*
Canadian Wineries...
*
"4%
9%
4%
Canadian WIrebound
*
19
19
100
114
114
C
P
R.
Cariboo
2b
.
—
Oct
3
200
2.20
115
14%
Sept
3,500
1.70
Sept
Oct
Oct
20
Jan
Jan
9%
Jan
19%
2.10
.
Carnation pref
9
200
Jan
1.03
Sept
35
4%
10
13
Sept
Jan
4;
Nov
20%
Mar
2.40 June
1,015
103%
Mar
Castle-Trethewey
1
69c
69c
600
65c
Nov
1.05
Jan
Central Patricia
i
2.30
2.44
1.91
Sept
2.75
Jan
Central Porcelain
1
8c
7c
8c
1,125
10,000
5%b
Sept
Chestervlile-Larder Lake. 1
98c
81c
1.00
63,892
62c
Sept
60c
61c
7,150
40c
"9%
9%
9%
175
32c
35c
1.500
24c
Sept
55c
Jan
1.60
1.55
1.65
5,125
1.10
Sept
2.34
July
14
Apr
Aug
17%
Sept
Chromium
*
Cockshutt Plow
Commoil
_
*
_
*
.......
Conlarum
Mines...
Consolidated
Bakeries..
Consul Chlbougamau
Cons
Consumers
17%
13c
1
Smelters
..5
100
Gas
49%
Nickel
83
10
"29%
Dominion Bank
20
—.*
.25
Jan
8fic
Feb
11%
Jan
183
June
16%
June
27
Nov
18c
Sept
5c
Sept
15
Sept
80
Sept
23
Sept
185
Sept
20
15
Sept
19
20%
20%
37
38
1,493
15%
16%
2,141
5%
Jan
17c
Sept
Nov
90
Aug
34
Mar
210%
-22
Mar
Oct
Apr
4
40%
Oct
18%
Oct
Sept
4
225
HOC
21
Apr
7%
345
6
July
Sept
150
I,780
16%
30c
Oct
61
9
29%
208
37
25
—
11c
14,400
1,240
14%c June
A pr
37% June
4,100
9c
5%
Foundry.
Dominion Steel B
7%
May
Oct
*
Duquesne Mining
Oil
6%
6%
6%
Aug
7%
1
3 %c
3%c
3%c
6,500
3c
Sepi
9%c
Mar
..1
Dorval-Slscoe
Crest
27c
21
85
29%
208
100
Dominion Coal pref
East
19%
169
540
7%c
21
Dome Mines (new)
Dominion
25c
9c
Mines..
Seagrams
Preferred
681
Nov
Sept
5
1,000
26
25c
Petroleum
Distillers
50
13c
167%
26
Deulson
17%
50
165
165
Cosmos
Da vies
49
115
1.3»
12c
9%c
12c
2,500
6c
Oc<
27c
Mar
6%c
6%c
2,100
%c
Aug
18c
Mar
Nov
*
East Malartlc.........„. 1
Eastern Steel
"3l05
Eastern Theatres pref—100
Eldorado
1
1.03
*
3.10
23,935
2 01
Sept
3.10
17%
98%
*
Extension Oil
2.90
4
18%
98%
435
13%
Aug
19%
Oct
Jar
98%
Nov
1.00
1.11
12,210
75c
A up
2.36
Jan
10
65
21%
21%
1,200
19%
Sept
Falconbrldge
*
4.70
4.60
4.80
1,705
2,553
4.50
Apt
Fanny Farmer
Exchange
10%
100
100
*
Toronto Stock
7%
104%
35
*
Dominion Tar
Anglo-Canadian Oi JCo
Brown Oil Corp Ltd
39c
High
103
100
Canada Steamships
Preferred
Dom Stores
44c
Low
7%
*
Canada Permanent
Jan
Oil-
Dalhousle Oil Co
Price
Can Cycle & Motor preflOO
Canadian Can A
41c
Bobjo Mines Ltd...
for
Week
-
Canadian Canners
Mines—
Aldermac Copper Corp...*
Perron
Par
of Prices
Oct
7
Aug
Stocks (Continued)
Week's Range
Sale
Oct
2.00
Sales
Last
Nov
Oct
Exchange
Friday
Nov
97
6
30
25c
63%
Feb
4%
24
108
*
Toronto Stock
Oct
21
Oct
TORONTO
Jan
Apr
1.25
21
14%
Sept
83
10
Jordan Street
Oct
28
29%
29
6%
1.75
Melchers Distilleries pref 10
Montreal Isld Pow Co
40c
52
3
11
Oct
1.00
25
17 X
Paper*
Melchers Distilleries
65c
Sept
50c
*
Winnipeg Grain Exchange
Canadian Commodity Exchange, Inc.
Nov
8X
(The Toronto Stock Exchange
Members
June
3
—
unlisted
and
F. J. CRAWFORD & CO.
Oct
8
Sept
25
Co
Mackenzie Air Service
<
8
LaaeSt John P & P—
listed
High
Low
2%
3%
34
"19X
Fraser Cos voting trust
Intl Utilities B
510
18
Fraser Companies Ltd
Lake Sulphite Pulp
6%
6X
Ltd
on
Canadian Mining and Industrial Securities
Week
Shares
Low
Aircraft Ltd
Ford Motor of Can A.
Range Since Jan. 1, 1939
for
of Prices
High
Price
invited
Sates
Friday
25
Oct
27
6 75
Sept
17, both inclusive, compiled from official sales lists
Friday
Sales
Last
Stocks—
Par
Wee
Price
24%
4c
4c
4c
2,500
2c
3c
3c
700
2%c
Apr
Sepi
Od
8c
8c
500
7c
Aug
Range Since Jan. 1, 1939
870
11
3,688
3%
16%
Aug
22%
Apr
24%^
Low
Oct
40c
49c
15c
Apr
72c
Aug
15%
16%
67,500
1,120
11
Jan
16%
Mar
94
95
78
Sept
9b
July
*
•
FraDcoeur
High
Fleet Aircraft
Ford A
Share
1.90
1.90
1,380
100
13%
12%
14%
*
5c
4%c
41c
40 %c
16%
preferred
1.80
16%
17
95
7
Apr
94
95
15
51
Apr
95
Acme Gas
Aldermac
Copper
_.*
Algoma Steel.
Preferred
Amm Gold
100
Mines
...1
50c
July
3.35
2,755
3%
July
21%
Jan
5c
1,000
4%C
Nov
9%c
Jan
42 c
13,950
24c
Sept
62c
Sept
20%
Oct
Sept
»
Nov
*
Preferred
8c
25c
Firestone Petroleum
for
of Prices
Low
High
24%
1
1
Gatlneau Power
Abitlbi
6%
Week's Range
Sale
I
.
1
Federal-Klrkland
Fernland
Nov. 11 to Nov.
...100
Rights
9%
22
44 %c
16
94%
*
Cumul pref
Gillies Lake
..100
101%
1
;
9%
21
10
50
6
5%
101% 102
6c
5%c
1,140
35
...1
'"""2c
2c
2c
2,500
*
61c
58 %c
62c
31,950
1
—
"2%
25
Jan
17c
Feb
13c
Jan
4c
6
Mar
Nov
Jar.
11
%c
l%c Spet
Mar
Nov
Feb
5,400
10c
Sept
7,000
4%e
July
16c
Oct
19,900
22c
No^
25 %c
Nov
6%C
7c
Sept
Jan
Goldale Mines...
95c
1.05
2,500
14,300
4%C
97c
60c
Sept
1.52
Jan
Gold Eagle
i
17c
17c
1
ll%c
10c
12c
29,800
5%C
Oct
17 %c
Feb
1,500
4%C
Oct
10%c
Feb
Goodyear Tire A Rubber.*
22%
86%
25%
6c
1
23%
6c
Golden Gate Mining
53
54%
79
52%
Apr
Sept
2 %C
2%c
4000
1 %c
Oct
5%c
1,500
4%c
Ashley
1
Astoria-Quebec
1
Aunor Gold Mines
1
Bankfleld
Cons—
—
Bank of Montreal
1
2%c
2%c
1,000
2%c
Oct
6%C
Feb
2.32
2.15
2.36
31,411
1.65
Sept
2 78
July
ll%c
Bagamac
10c
12c
10,625
23c
Jan
Grandoro
20c 20%c
211% 211%
12,033
20%
c
100
Bank of Toronto
100
Bathurst Power A
*
250
14%
B
Great Lakes voting
220
Jan
Great Lakes vot trust
*
4
215
Sept
255
June
Great West
*
925
14%
...
1
1.10
*
Bell Telephone Co
100
Klrkland
1
Blue Ribbon pref
Aug
4%
10
%
Sept
7%c
6,700
5
1.10
1.15
5,550
92c
Sept
Sept
488
2%
Jan
165""
13 %C
50
6
5%
163% 165
35%
i
8%c
*
11
11
20
"*8%
Brazilian Traction
Brewers & Distillers
5
British American OH.
9c
Oct
5%
Oct
Preferred
23%
*
Greening Wire
__*
Aug
22
Sept
Mar
Hlnde A Dauch.
*
12%
3
Mar
Holllnger Consolidated
5
18%
Sept
Sept
12%
5%
23%
Nov
Home Oil Co
20
Sept
28
22%
23%
2,338
25%
25
4
50
3c
1,000
7,300
13o
48c
5%
1
Apr
Sept
5%
58
2,200
50
25
1.38
44,800
70c
Sept
195
Jan
500
17c
Aug
20c
Jan
1,100
3,600
4%c
Sept
10c
Jan
10c
Aug
35c
20c
14%
5%c
225
8
Apr
16%
3,176
26,750
12
Sept
15%
1.23
Sept
3.76
Sept
26 %c
Jan
Jan
37c
1,710
25%
39%
Aug
Sept
221
17
800
15c
Sept
3%
65c
Jan
Intl MOllna- pref
TOO
Nov
Intl Metals A
Intl Metal prer
•No par value
*
13%
100
103%
13
Jan
6c
24c
32c
215
C
II,500
32c
212
Jan
July
11,000
1
6%
Aug
Oct
1.19
18%c 18%c
5%c
6%c
Inspiration
100
60
Nov
4%
8ept
A preferred
Apr
36%
V
12%
Oct
3%
Oct
Aug
2% ' Api
12%
Jan
49
9%
1,103
32c
3%c May
[Sept
14,308
July
Aug
May
58
Ho
15%
2.80
20c
6%
50
Jan
8,500
17%
15%
5,400
38c
Jan
6%
15%
Aug
70
2.20
37c
Sept
64o
Sepi
Oct
14%
Sept
14%
2.10
13%
Sept
3
15
9%
14%
Aug
35c
16%
1.11
14%
9%
»
Mar
Nov
200
6
5
12%
21
200
Imperial OH
212
Oct
3,900
Imperial Tobacco
19
17%
'
Canada Bread
Jan
"34"
Sept
Apr
Sept
Sept
Oct
17
2.19
•
Jan
Mar
*
8ept
17
530
33c
65c
15%
i
12
25
7 %c
32c 32 %c
34
34%
Imperial Bank of Can.. 100
25
21c
;
Sept
290
5%c
Hudson Ray Mln A Rm
—
Oct
2.25
750
1
Howey Gold—
Jan
3%
2.57
Homestead Oil
7c
Apr
35%
2.26
Jan
Mar
3%
2.40
Jan
June
4c
10%
6
*
Aug
Oct
58%
29%
1,337
14%
75c
90
Juii
Aug
7%
12%
14%
21%c
28c
Sepi
60c Sept
6%
14
Sept
Sept
3
9%
2c
18c
*
Sept
1,500
1
High wood
6c
64c.
Burlington Steel
)
......
19c
7.90
Calgary & Edmonton
F>b
Harker
18%c
1,500
63c
3c
22c
46,800
20c
*
1.33
5%
7.25
(new)
1
Hargal Oils
17%
7.90
Buffalo-Canadian
Hard Rock
Feb
7
20c
1
Nov
'""3%
2,553
8%
15c 15%c
1
*
20
66
4%
2 %c
35
Hamilton Cottons pref. .30
Harding Carpets
12% June
Brown Oil
Preferred
7
Sept
43c
Buffalo-Ankerite
36%
13
2c
Hamilton Bridge
Jan
12%
4%
7%
June
15
48c 50 %c
..1
246
1.25
21
48c
H alcro w-S wazey
30c
12%
204
30
4%
Oct
178
8
1
July
Sept
87
Gypsum Lime A Alabas..*
28
Jan
25
18c
20
50
Sept
20
44c
1
Jan
21c
26%
1.25
9%
8%
3%
42c
Sept
32
8%
26
5%c
Broulan-Porcuplne
Calmont
15%
m
26
14,150
1,690
25%
4
British Columbia Power A*
British Dominion Oil
85
11
140
9%c
36
8 %c
Bralorne
Brantford Cordage pref. 25
263
13c 13 %c
Bobjo
B
4%
..*
Gunnar Gold
Beauharnois
6%c
*
Jan
Sept
5%c
*
Beattle Gold
BubdlDg Products
38c
"54%
1
176
4%
Bear Expl
Bidgood
Oct
Sept
50
6
250
14
6c
15c
Preferred.
Graham Bousquet
19c
Pel
4c
62o
20c
*
20c
Oct
102
Arntfleld
17c
,
Jan
Anglo-Can Hold Dev
Gold
Nov
8%o
Nov
100
4,300
God's Lake.
Glenora
19
18
185
18%
45c
June
Oct
Sept
Jan
1,920
Aug
14
260
70
Apr
105
Oct
103
114""
14
103% 104
103
150
70
Apr
103
Nov
113
114
100
104
Feb
114
Nov
Oct
ONE HUNDRED—
3246
The Commercial & Financial Chronicle—YEARS OLD
Toronto Stock
British and
Any Other European Internal Securities
Foreign Dollar Bonds
Par
Steep Rock Iron Mines
*
Lake Beach
Week's Range
for
Sale
Transcontinental, Ltd.
of Prices
Week
Price
177
NEW
11c
Sudbury Basin
YORK
*
2.10
Sullivan....,
Telephone Whitehall 4-0784
Teletype N. Y. 1-2316
Week
Low
High
Range Since Jan. 1, 1939
Low
•
48 %
International Petroleum*
25%
m
International Nickel
980
42 %
Apr
60%
12,274
18%
Aug
29
8
8H
45
6%
Jan
1
60c
75c
1,000
35c
60c
1.00
1.00
500
1
4c
4c
500
*
Intl Utilities B
Island Mountain.
Jacola
Jellicoe—
J.
M.
-——-----1
.
8%c
48%
27
8Hc
3c
1
Cons..
47%
23%
8%c
Oct
4
Jan
3%
2.70
Mar
4%
Jan
Sept
3.55
3.00
Hughes
2.92
12
52%
4.10
4.05
4.15
3,990
3.75
Sept
4.70
Jan
1
80c
71c
82 c
4,900
60c
Aug
1.30
Jan
To burn
*
110
110
1
50
Toronto Mortgage
965
49
48%
49
75
80
80
94
94
50
....25
United Steel
*
1,001
7%
Oct
68c
12,400
52c
Oct
71c
Oct
875
3.7o
Sept
5.80
Jan
Aug
Vulcan Oils
50c
50c
1,100
45c
Aug
1.00
Jan
*
6.10
5.90
6.20
7,209
5.00
Sept
8.25
*
43%
33% Sept
16% Sept
6%c
Oct
51%
Jan
20%
Jan
15c
Feb
15
50
Nov
12%
Nov
96
Aug
100
Sept
54c
Jan
78 He
3.15
28
12%
1%C
10
13%
9
33,196
Sept
1.47
1,690
10
Apr
12
2.14
Sept
13%
Nov
2c
7,500
lc
Oct
8%c
Jan
78c 80 He
3.15
15,200
58c
Sept
3,175
2.30
Sept
330
22%
Apr
29
Nov
21
Apr
27%
Walte
27%
28 H
27
65
Jan
4.30
4.35
2.05
2.45
42 He 46 He
69c
80c
1,260
31,130
13,500
3.50
4%
5%
61%
6
McKenzle Red Lake
1
1.30
1
"55c
Westons
Mining Corp
1
3c
3c
*
2%
2%
55
2%
10%
2%
460
B
*
...20
2,300
9c
8.35
7,375
6.70
Sept
18 %c
8.90
Mar
5c
500
3c
Sept
9c
Mar
York Knitting
*
7%
7%
248
4
Aug
$600
86
Sept
4%
8%
5%
8%
5
654
1
Sept
Apr
Oct
7
2%
Apr
10%
2%
Sept
9%
6,260
29%
Apr
8H
151
96 H
75
6%
82%
June
95 H
13c
2,200
Uchl Gold..
230
57
Toronto Stock
Nov
64
9%
Oct
Nov. 11 to Nov.
Sept
24
Jan
Friday
45
Sept
59
Oct
Last
Week's Range
for
May
Sale
of Prices
Week
3,100
6c
Mar
1.38
Stocks—
20%c June
56c
10,767
35c
Aug
75c
1,300
3c
May
7c
Jan
1.25
3,056
1.00
Aug
2.05
Jan
2c
1,000
2c
Nov
3c
Feb
Canada Vinegars
Canadian Marconi
26c
500
20c
Sept
48c
Jan
8Hc
Aug
12%c
Jac
97c
3,500
12,100
6c
92c
65c
Sept
1.45
Jan
44
456
35
Consolidated Paper
Consol Press A
*
45%
Oct
DeHavliland
Sept
20c
Jan
5c
10
5c
Nov
10c
Nov
Dominion Bridge
Foothills
*
230
4%
Apr
7%
25%
Oct
Kirk Townsite
510
23
13%
Jan
Aug
76%
Oct
190
3,000
1.35
Sept
39%
29,900
3%c
May
8
200
400
75 H
1
3c
60c
77
8%o
Sept
200
9,000
69
Sept
Sept
2c
Jan
9c
Jan
1.80
Mar
84
Oct
July
6c
Feb
41c
Sept
39%
39%
42%
*
67c
67c
1
10c
9c
Langley's pref
Mandy Gold-
—
100
Montreal Power
*
*30%
Oils Selection
*
1%C
Pend-Oreille
2.45
%c
136
Robb-Montbray
Mar
Robert Simpson pref
7.75
Sept
9.50
Nov
Rogers Majestic A
*
Shawlnlgan
*
Temiskamlng Mining.1
3.35
Jan
1.73
Jan
Omega
*
Orange Crush
*
4 He
Orangp Crush pref
*
4,500
20c
Aug
53c
1,356
5c
Jan
7%
*
""30c
25c
31c
15,500
4%c
Jan
7%c
Oct
5c
5c
5c
2,000
3c
Aug
12c
j an
Page-Hersey
*
109
109
100
3
2.27
%c
136
41
94
Apr
no
Bid
5,700
Nov
7%c
Feb
1
37c
33 He
Algoma Steel 5s
1948
96
37c
25,808
29c
Sept
61c
Jan
1.89
1.95
1,800
1.40
Sept
Beauharnols Pr Corp 5s '78
British Col Pow 4%s-1960
Brown Co lst5%s
1946
Calgary Power Co 5s.-I960
80
1.87
83
40
42
82
2.03
July
*
18H
18H
18 H
5
l
4.35
4.20
4.35
4,696
3.55
Pioneer
Sept
5.60
Mar
I
2.25
2.20
2.25
1,799
2.10
Sept
2.70
Jan
1.73
1.94
7,600
10%
11
15
Oct
20
Jan
1.18
Apr
2.45
275
7%
Sept
12%
Mar
1,000
17c
Apr
25c
July
1.45
400
1.10
Sept
2.40
Jan
Canada Cement 4%s.l951
Canada 88 Lines 56-..1957
Canadian Cancers 4s. 1951
Canadian Inter Pap 6s 1949
Canadian Vlckers Co 6s *47
12
12
645
Sept
13
Oct
2.20 134,120
Sept
1.96
1.40
50c
28
30c
2,952
5
1.10
500
50c
28
24c
,
Sept
20c
Mar
85
22%
Apr
5c
2,100
3%c
183H
]
12
140
Sept
Sept
5c
178
33%
40
65c
Jan
Nov
Jan
56c May
28
ll%c
192
Nov
Jan
Mar
1,799
26
Sept
44%
4,200
6%c
Sept
15%c
Feb
18%
18%
100
Apr
19%
Aug
l%c
Jan
Feb
138%
4%
Aug
3
818
1%
115
3.95
May
Sept
25
Oct
Oct
I4%c
Feb
1.86
Jan
2.03
Aug
17c
Utility Bonds
5%s ex-stock
Bid
Gatineau Power 3%s.l969
90%
91%
85
82
85
97%
Gen Steel Wares 4%s.l952
Gt Lakes Pap Co 1st 6s '55
85
Int Pr A Pap of Nfld 5s '68
86
Lake St John Pr A Pap Co
94
85
5%S
Dom Gas A Elec 6 %s.l945
60
__
94
1961
70
75
Maple Leaf Milling—
2%sto '38-6 %s to'49-„
63
66
75
77
Massey-Harris 4%s.__1954
75
81
83
86
38
90%
Minn A Ont Pap 6s... 1945
McCoU-Front Oil 4%s 1949
36
89
83
86
60
63
41
43
N Scotia Stl A Coal 3
1961
Ask
45
80
%s *63
70
74
Power Corp. of Can 4%s'69
Price Brothers 1st 5s..1957
85
89
80
82
88
90
Quebec Power 4s
Dom Steel A Coal 6%s 1955
90
95
Saguenay Power—
Dom Tar A Chem 4%s 1951
83
86
1956
60
65
Famous Players 4 %s_. 1951
Federal Grain 6s
1949
82
85
80
85
Donnaoona Paper Co—
4s
1962
82
85
1966
85
87
4-5s series A
1965
53%
4-5s series B
1965
31%
4%s series B
Winnipeg Elec—
Nov
1.75
8%
1.18
Mar
10Hc 12%c
Jan
l
Or
10c
9,433
11,000
l
39 He
32c
40c
55,600
60c
1.17
1.15
1.17
1,100
l
1.20
1.16
1.34
20,949
75c
Sept
2.00
1
9.00
8.60
9.25
2,641
5.20
Sept
9.25
•No
par
value.
/Flat
price.
Sept
»Nominal.
Nov
7%
100
96
9c
7%
95
7%
Oct
—John W. Cutler, partner of Smith, Barney & Co., who had been
away
96%
Oct
from his office since last May on account of illness, has returned to his desk
1.65
Jan
Sept
80c
10c
14,650
31,700
fully recovered, and received the congratulations of his associates and
2 He
Sept
5c
500
4c
Sept
13%c
11%C
39 %c
8 He
55c
9%c
*
5c
5c
40c
40c
34Hc
34%c
*
84c
Jan
500
25c
Sept
60,999
25c
Sept
1.03
10%
Nov
5
15
3
300
70c
Oct
60
75c
3.50
Jan
Mar
•
86
84%
86%
483
.25
2%
66%
Apr
89
83
83
Sept
83%
596
65
Jan
85
Sept
Oct
5%
Oct
many
friends in the financial district.
-—General Hugh S. Johnson will address the Bond Club of New York at
Feb
Jan
1.00
4%
Jan
Nov
40c
10
1.00
*
23c
41c
10
»
NOTICES
Apr
1
*
CURRENT
Apr
Sept
Slave Lake
»
Aug
3%
South End Petrol u era
Stadacona
51c
1.25 June
78
80c
44c
Standard Chemical
Jan
125
80c
South West Petroleum
Sept
Sept
260
l
]
80c
5C
17c
92c
25,925
7%
96
8lscoe Gold
Sladen Malartlc
Sept
He
10
July
42
Consol Pap Corp—
1.90
22 He 22 He
30c
Steel of Canada
1.01
2,600
Ask
...1
Photo Engraving
Pickle Crow
Standard Paving
Preferred
12,400
%c
Nov
14c
Closing bid and asked quotations, Friday, Nov. 17
Oct
Abltlbl P A Pap ctfa 5s 1953
Alberta Pac Grain 6s—1946
Simpsons pref....
2.67
136
Industrial and Public
Jan
Slgman Mines. Quebec
Sllverwoods pref
Nov
Aug
Jan
Sherritt-Gordon
7c
Sent
16c
Sheep Creek
1,000
4 %e
4.75
Senator-Rouyn
7c
18%
Nov
Sand River
Jan
June
380
Sept.
1~86
June
3%C
7%
2,700
1.65
l
33
25
26
8c
2%c
2%c
San Antonio
Sept
1%C May
Jan
25
23%
500
12c
Sept
7c
6,175
33 H
Sept
25%
Oct
1.45
13%c J an
Nov
2%
22%
4c
"
23c
Jan
933
2c
1
Sept
5%
20
500
2.12
50
Apr
10c
85
20
l%c
4c
Corp A
25%
1,600
17%
30%
2c
183 H
Oct
25
1.95
»
Sept
6c
1%C
2c
100
40c
2,000
20
30
1.99
1
50c
500
10c
Oct
*
*
67c
Aug
101
l%c
4%
Jan
7%
4 %C
Pacalta Olis
Reno Gold
Oct
46%
Jan
4Hc
7
Quebec Mining
Jan
Nov
13
Apr
7c
1
Sept
Aug
2.14
Nov
15%
23%
25
1
95c
Sept
12
Jan
515
12c 14%c
16%
Ontario Silknit pref_-__100
Osisko Lake
1
60c
67c
20
12c
100
Apr
1.20
20
*
.
Mercury Mills pref
Apr
2,800
*
10
75
9
38c
3,480
1
Sept
Apr
Sept
40
44c
1.15
Preston E Dome
9%
Aug
5
25
13
150
1.55
Pressed Metals
2%
45
13
1,500
1.50
1.45
3,333
2,600
Aug
2,950
1.08
1.94
Sept
5
51c
1.15
*
Mar
1.85
12
63c
1.53
.1
45c
14
75c June
12
9.50
23 %c
Power
7%
10
Sept
10
3%c
12
49c
22c 23 He
130
7%
8%
-
9.50
1
Powell Rou
High
Nov
lc
Oct
June
51 %C
2c Sept
1.05
2,751
3%o
Jan
220
1.30
44c
Dish er Steel pref
8%
12%
7%
_*
Mar
1.35
Prairie Royalties._.___25c
Premier
l
Low
5,500
*
Dalhousie
4c
7%
lc
1.10
86,505
3 %C
*
Range Since Jan. 1, 1939
Shares
12%
6Hc
*
1
High
lc
6c
5
Okalta Oils
Low
Brett-Trethewey
1.20
Price
Sales
Jan
3%c
20
Partanen-Malartlc
Par
55c
17c
51c
Tuly
Exchange—Curb Section
8
Sept
195
*
97%
17, both inclusive, compiled from official sales lists
Nov
1.00
13 He
1
94
98
24,175
195
Pamour Porcupine
Pandora-Cadillac
93
Feb
1.30
1.24
Oct
8
Bonds—
Oct
195
*
Jan
Oct
17,407
64
60
44
8
100
Normetal
Sept
13 %c
Aug
1,435
Northern Canada
Oct
5c
Nov
25%
North Empire
O'Brien
14%
Nov
69
77
Sept
8.15
80c
66
Mines
Oct
6%
13%c
8
25%
8%
16c
3%
8.20
8
66
1
Sept
13%c
Apr
*
8%
Oct
1
1
May
7
25%
3%
*
5c
National Sewer A
Aug
*
5%
.*
7
1
20
8%c
Wright Hargreaves
Ymir Yankee Girl...
35c
6c
National Grocers
Jan
Oct
Wood Cadillac
3%
43
44
*
11
2c
Jan
8c
1
Norgold
100
Sept
Jan
26c
97c
2%
Apr
85
1,500
Winnipeg Electric A
Apr
9%
5
Jan
25
25c
1
760
Wlltsey-Coghlan
2c
l"20
80
12%
90
55c
50
*
1
.4,350
31
12%
90
100
-
3c
*
Model Oils
28
*
Preferred
lie
3.20
91,735
.*
Mlnto Gold...
10c
Wendlgo
W Canada Flour pref. .100
Jan
5.90
10c 10 He
*
528
Sept
7%
'56 H
J
McVlttie
697
20
Sept
8
8
"96""
44
19%
Sept
13c
St Anthony
Aug
22c
8
*
Royal Bank
Royallte Oil
3
1.30
7%
8%
42%
*
Preferred-...-
90c June
3.60
1
Amulet
Walkers
Nov
3.05
26%
100
;
Oct
Nov
6%
Apr
6%
4,000
*
Corp
2%
4.60
13c 13 He
*
Gold
860
Jan
Nov
39
67c
Jan
*
Cons
Sept
4.30
Aug
McDoug Sog
Preferred
6
6%
6%
26
68c
7.30
..100
St Lawrence
5%
15%
4.60
50%
*
Riverside Silk
Roche LL
6%
Apr
1
Feb
10
Perron Gold...
Mar
11
»
Nov
79 He
Paymaster
Mar
3
1.65
Ventures
6.50
1
....
113
Oct
U pper Canada
Jan
29%
Malartlc Gold
Oro-Plata
Nov
Sept
65c
Aug
2,455
46c
.......
Feb
July
6.85
4.35
Newbec
90
ll%c
30 H
2.38
Nlplsslng
July
18 %c
6.70
1
Noranda
79
Oct
29 H
1
Naybob Gold
8
Sept
6.85
-1
Preferred
Nov
Jan
29%
Madsen Red Lake
National Steel Car...
National Trust
49%
ll%c
Preferred
Mulrheads-
Oct
41% June
Sept
2c
Jan
30%
670
50
2.30
Mar
39
Gas
Nov
110
Sept
1.40 Sept
10
Feb
*
Moore Corp
Morrls-Kirkland
95
900
30%
37%
Mar
"
*
*
Moneta
25
1.70
28
39
73c
1
Monarch Oils
110
1.69
30%
United Fuel A pref
B pref
*
Twin
Jan
Aug
1
Apr
1.75
1
McWatters Gold
54
1.26
Oct
Nov
Leltch
Merland Oil
Mar
15%
Sept
Lebel-Oro
.....
52
15%
16c
12%
Mclntyre
40
15%
1.00
13 %c
Preferred
52%
»
600
1
Preferred
12% June
Union
13,405
5,711
3
McColl Frontenac
Aug
Oct
17c
Laura Secord (new)
1
10
2
1.40
Lapa-Cadlllao
Preferred
25
94
*
Maple Leaf Milling
12
7,685
19
1
Massey-Harrls
3.15
28
2.06
Lake Shore.
Maple Leaf G pref
58c
7,125
1,524
17c
Lamaque Gold Mines
Maple Leaf Gardens
Jan
2%
20
84c
1.35
1
MacLeod Cockshutt
1.01
290
2%
1.95
1
Klrkland Lake
Macassa Mines
Aug
76c
81c
1.37
i
Klrklanu-H udson
...
1,200
Oct
4
2%
2.05
Kerr-Addison
B
Jan
81c
10
*
Loblaw A
3.00
2%
10
Kelvlnator
Little Long Lac
Sept
*
85c
7c
1.70
1
Aug
2o
1,610
City
Mar
1,000
2.15
Uchl Gold
Oct
9%
1.00
2,134
3c
3c
Jan
3
50
Preferred
Sept
Jan
24%c
75c
Toronto General Trust. 100
International Utlls A
lie
Sept
2.05
*
High
Sept
9C
3
Toronto Elevator
Shares
2%c
10,500
4
Tip Top Tailors pref... 100
for
of Prices
Price
Par
Stocks (Continued)
Week's Range
46,500
1.93
4
Texas-Canadian
Sales
Last
5%C
Oct
3
i
Teck
Sale
High
1.50
*
Tamblyn com
Preferred..
Friday
Low
13,300
4%C
1
Sylvaulte Gold
Exchange
185
Range Since Jan. 1, 1939
Shares
_*
—
Supersilk A
ki
Toronto Stock
High
11c ll%c
5%c
-.1
Straw
STREET
Low
168
*
Strugeon River
RECTOR
19
Sales
Last
Stocks (Concluded)
English
Exchange
Friday
So. American Bonds
1939
its
next
Nov.
luncheon
21.
Francis
meeting, to be held at the Bankers Club
T.
Ward,
on
Tuesday,
President of the Bond Club, will preside at
the luncheon.
—Hamilton D. Schwarz formerly with Estabrook & Co. is
with Lazard Freres & Co. in their New York office.
now
associated
Volume
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
149
1199775568
190
-
Quotations
New York
Bid
Over-the-Counter Securities—Friday Nov. 17
on
New York Bank Stocks
City Bonds
04%S Mar
1
99% 100%
04%sApr
1 I960
a3a
Feb
1
99% 100%
a4%8 Apr 15 1972—
a3%s July
a3 Ha Jan
106
«4%s Jan
105% 106%
o4%s Nov
15
105
106%
o4%s Mar
1 1981
111
112
15
a4%s June
107%
04 %s
Par
Ask
Bid
ASk
17%
18%
National Bronx Bank...50
40
44
Bank of Yorktown—66 2-3
40
50
National City..
28%
30
Bensonhurst National
75
100
-.12%
National Safety Bank. 12%
12
14
Penn
15
17
118%
60
117% 119%
1 1977
1 1960
a3Ha Mar
101% 102%
105% 107
1 1964
03 Ha Nov
a 4s
1 1974
1
1 1954
Bid
Bank of Manhattan Co. 10
117
1 1964
Jau
96
Par
116% 117%
116% 117%
95
a3s
1977
Ask
Bid
Ask
a2%s July 15 1969
a3 Ha May
3247
----
118% 119%
118% 120
119
120%
'78
Chase
Commercial National.. 100
169
175
120% 121%
116% 117%
Feb 16 1976
Fifth
715
745
First National of N Y..100 1930
1970
Sterling Nat Bank A Tr 25
Merchants
115
Trade
May
1
a4
%B May 1 1957
o4a
Nov
1
111% 112%
o4
%8 Nov
1 1957
May 1 1969
111% 112%
o4%b Mar
1 1963
May 1
113% 114%
o4%sJune 1 1965
38%
Exchange.
Peoples National
10
60
Avenue
100
45
52
17%
30
32
24%
26%
118% 120%
a 4s
36%
Public National
116% 117%
a 4s
13.65
a 4a
1
Oct
04 Ha Sept
114% 115%
l 1962
s
Mar
o4 %a July
115
1 1960
a4
o4 %8 Dec 15 1971
119% 121%
120% 122
121% 123%
o4 %8 Dec
124
Bank
116%
115% 116%
1 1967
1 1979
100
105
New York Trust
125%
Pur
Bid
Bank of New York.... 100
Bankers
Bronx
New York State Bonds
Bid
Bid
Ask
38 1974
62 25
less 1
3s 1981
62.30
less
Canal A Highway—
5s Jan A Mar 1964 to '71
4 %8 April 1940 to
Highway
62.40
Can A High Imp 4%s 1965
m
210
284
289
6
2%
13%
1640
100 1600
Irving
....10
Kings County
Lawyers
25
29
32
20
38%
40%
99% 102%
20
49%
51%
Clinton Trust
m
60
30
38
25
Manufacturers
20
Preferred
54%
52%
109% 112%
mm
Continental Bank A Tr.10
m
13%
69%
12%
Title Guarantee A Tr.._l2
60%
10
13%
9%
rnmmm
131
20
Empire
131
New York
11%
14%
Corn Exch Bk A Tr
1958 to *67
As*
195
100
80
Colonial Trust
61 25
1949..
Improvement—
4s Mar A Sept
rnmmm
5
75
Bid
100
Guaranty
Chemical Bank A Trust. 10
Canal Imp 4s JAJ '60 to '67
rnmmm
140
140
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964..
7
...100
Central Hanover
Ask
World War Bonus—
1
County
Brooklyn
Companies
Fulton
59
57
12
V10
Par
Ask
(460
,
450
10
Bank A Trust...10
26
4%
3%
rnmmm
m
Underwriters
114%
Barge C T 4%s Jan 1 1945.
138
-m
80
100
•90
..100 1600
United States
1650
Port of New York Authority Bonds
Bid
Ask
Bid
.
Vermilye Brothers
Ask
Holland Tunnel 4%s ser E
Port of New York—
Gen A ref 3d ser 3 %s '76
Gen A ref 4th eer 3s 1976
101
Gen A ref 3 %s
1940-1941
104% 105%
1977
MAS
61.00
1942-1960
108% 109
105% 106%
Gen A ref 4s Mar 1 1975.
MAS
109
m
mm
m
rnmmm
Specialists in Insurance Stocks
102
Inland Terminal 4%s ser D
1940-1941
MAS
19421960
...MAS
61.40
rnmmm
BROAD ST.,
30
108
N. Y.
HAnover-2-7881.
CITY
Teletype N. Y. 1-894
United States Insular Bonds
Insurance Companies
Bid
Bid
Ask
U 8 Panama 3s June 11961
Philippine Government—
4 %s Oct
113
i
1959
1962
68
Apr
1965
101
103
4%s July 1952
5a
Feb
1952.
114
116%
5s
106
1941
Par
July 1948 opt 1943-
116% 118%
108% 110%
120
Home Fire Security
50
Homestead Fire
10
10
29%
78%
31%
Ins Co of North Amer
10
10
22
Life
Aetna
Agricultural
114% 116%
23%
23%
6%
8%
.2%
12%
14%
Mass Bonding A
Re-Insurance. 10
American
41 %
43%
Merch Fire Assuroom
..10
24%
25%
Merch A Mfrs Fire New'k 5
7%
-25
50%
52%
Merchants (Providence)-.5
3
-10
33%
35%
Ask
Surety
|
JAJ
106
106%
3 %8 1955 opt 1945. —MAN
107
JAJ
106
106%
4s 1946 opt 1944...
111% 112%
106
106%
3a 1956 opt 1946..
3s 1956 opt 1946
—
A sk
MAN
38 1965 OPt 1945
.
American Reserve
American
Automobile
Bid
107%
5
21%
Equitable..
American of Newark.
Bid
rersey Insurance of N Y...
Knickerbocker
5
AmerloanHome
Federal Land Bank Bonds
82%
Ask
IK
2%
18%, 20
69%) 70%
42% 45%
10
11%
10
American
112
Conversion 3b 1947
bid
10
48
111%
U 8 conversion 3s 1946
Par
Aik
116
10
Ametlcan Alliance
107%
hid
A Surety.. -10
Aetna Cas
Aetna
Govt ol Puerto Rico—
4%s July
6%b Aug
Ask
122
116
110% 112%
Hawaii 4%s Oot 1956
119
...
5
Lincoln Fire.
American.. .2%
Bankers A Shippers— -26
7%
6%
96
62
5
45
49
630
2%
10
60%
7%
2
20
National Union Fire
3%
8%
4%
26%
10
National Fire
National Liberty
99
620
Boston
2%
60
National Casualty
Baltimore
2%
1
Ins..12%
Maryland Casualty
29
62%
8%
132
127
—6
20%
22%
New Amsterdam Caa
Carolina..
1
10
27%
29%
New Brunswick
City of New York
10
22%
24
New Hampshire Fire._.10
45
47
New York Fire
10
17%
Camden
-' ■
Joint Stock Land Bank Bonds
Fire
8
7
City Title
Bid
Bid
Ask
f 14
/14
75
Lincoln 4%s
16
16
27%
29
Ask
Continental Casualty. —5
33%
35%
85
Eagle Fire
-2%
1%
2%
85
Employers Re-Insurance 10
/3%
4%
75
85
Excess
5s
/3%
4%
Montgomery 3%s........
90
101
5 %8
(3%
4%
New Orleans 58—..,
99
New York 5s
99
North Carolina 3s
99
Chicago
4 %s
100
Dallas 3s
75
68
100%
6%s
Denver 3s
99%
First Carolinas 5b
98% 100%
Ohio-Pennsylvania 6s.
99
Oregon-Washington 5s
/41
100%
-10
Fidelity A Dep of Md. -20
Flre Assn of Pblla
-10
Fireman's Fd of San Fr.25
100
First Texas of Houston 6b.
mrnm
100
4%s
Fletcher
102
80
5%S
Revere
-10
25%
5
39%
Globe A Republic
—
.
5s
Iowa of Sioux City 4%s.
97%
100
Southern Minnesota 5s
99%
/13
14
80
85
Southwest
6s
...
99
4%a
mmm
Par
Bid
Virginian
2s..-
Atlantic
40
125
135
100
Des
Moines
17%
12%
19%
27%
29
U S Fidelity A Guar
-10
79
82
U
Hanover
—
9
100
72
Ask
12
Hid
Arundel Bond Corp 2-6s '53
Arundel Deb Corp 3-6s '63
29"
24
100
95
105
San Antonio
100
75
/86
/53
m
mm
1
2%
5
Virginia
1%
100
Virginia-Carolina
100
Debenture
3-6a
1963
Cont'l Inv Bd Corp 2-52 '63
Debentures
Bid
Ask
1% due
Apr
%% due.....May
l%due
June
2 1940 6 .30%
1
193916.25%
11940
Aug
Sept
3 1940
1% due
July
6
1954
82
1954
95
1953
Potomac Deb Corp 3-68 '53
Potomac Franklin Deb Co
3-6s
1963
61
Mortgage Bond Co of Md
1953
1963
3-68
49
86
52
54
50%
52%
55
98
Potomac Maryland Deben¬
ture
88
3-6s
1953
Realty Bond A Mortgage
series AA D
Nat Cons Bd Corp 2-58 '53
86
3-6S.1953
52
62
1953
60
Unified Deben Corp 6s 1955
48
Deb Corp
m
/21
series BAC
Nat Deben Corp
1953
Corp 3-68
Potomac Realty Atlantic
Central Funding
6 .40%
H% due
1 1940 6.30%
1 1940 6.40%
Mar
Ask
Corp—
Potomac Cons Deb Corp—
Ask
11940 6 50%
1 1940 6.50%
1 1940 fc.50%
Nat Union Mtge
Issues) 2-5s
66
1 1940 6.40%
%% due
%% and l%_Feb
1% due
36%
58%
Nat Bondholders part ctfs
Jan
64
34%
Fire
Series A 3-6s
86
Inc 2-5s
1% due
53%
61
3%
Potomac Bond Corp (all
Empire Properties Corp—
2-3s
-.1945
Federal Intermediate Credit Bank
1% due—..Nov
1% due
Dec
23%
51%
10
2.50
Series B 2-6b
56%
Interstate Deb Corp 2-5s'55
1 1939 6 .25%
22
-.4
...
Bid
rnmmm
Associated Mtge Cos Inc—
Cont'l Inv DebCorp3-6s 63
2%
5%
Bid
Co..2
8 Fire
Ask
80
3%
3,50
2%
Surety Guaranteed Mortgage Bonds and Debentures
Bid
100
100
Fremont
33%
*24%
425
Westchester
Pennsylvania...
Lincoln
35%
31%
300
34%)
Par
Carolina
33%
121%
415
3214
Home
8%
100
Travelers
6
99% 100%
...
Potomac
8
First Carolinas
29%
10%
—
59%
45
...
Denver
28%
-.10
Halifax
10
Surety
57%
40
Dallas
—6
Great American
Seaboard
4%
238
Security New Haven
10
Springfield Fire A Mar..25
Stuyvesant..
......5
Sun Life Assurance
100
U S Guarantee
North
46
-mm
7
Hartford Steamboller. -10
New York
Ask
70
233
Seaboard Fire A Marlne—6
Hartford Fire
Joint Stock Land Bank Stocks
Atlanta
9t Paul Fire A Marine.62%
100
6s
99
27%
100
Union of Detroit 4 %s
Lafayette 5s.
27%
28
3
Great Amer Indemnity ...1
/22%
24
12
7%
5
70%
5
15
preferred
35%
26%
16%
2d
17
33%
26
67
24
81%
15
10
10
(Paul) Fire
41%
13%
19%
Globe A Rutgers Flre. -15
99
(N Y)
Rhode Island
105
77%
96
Republic (Texas)
103
San Antonio 3s
Illinois Midwest 5s
Providence-Washington .10
Gibraltar Fire A Marine. 10
/22%
4%
5
Aocldent
Reinsurance Corp
Glens Falls Fire
St Louis
130%
Preferred
43%
24%
104
68
---
128
126
10
32%
102
80
80
5s
123
25
11%
100
99%
3%s
Fremont 4%8
Natlonal.25
Pacific Fire
10
Pacific Coast of Portland 6s
4%s
123% 125%
68
69%
4%
102% 106
28
26%
Phoenix
30%
Phoenix
99% 101%
4%s
8%
46%
3%
2.60
River
41%
22%
Georgia Home
First Trust of Chicago—
35
12.60
Northern
North
6
Franklin Fire
45
33%
5
.5
Northwestern
51
45%
93
14%
10
General Reinsurance Corp 6
Firemen's of Newark. ...6
...
49
7%
Federal
12%
N ortheastern
Connecticut Gen Life. -.10
Burlington 5b
4%8
2
-
-
-
-
54
deb
3-6s
50
.55%
Chain Store Stocks
Chicago &, San Francisco Banks
Par
Par
Bid
A Trust
Pa.
Ask
Bid
207
215
33 1-3
87
89
100
231
237
100
289
300
Northern Trust Co
558
568
100
Bid
Borland Shoe Stores
•
6
A Trust
First National
SAN
2
100
30
36
38
7% preferred
page
Bid
Ask
2%
Kobacker Stores—
3%
70
100
60
common..5
2
5
—50
15
20
Reeves (Daniel) pref. -100
99
7% preferred
4%
32
Miller (I) Song
8%% preferred
Diamond Shoe pref
Fer footnotes see
9
109
B
Bo hack
FRANCISCO—
BkofAmerNTASA i2%
/G Foods Inc common *
(H C) common...*
100
Flshman (M H) Co Inc..*
Continental Illinois Natl
Bank
Par
Ask
Ask
Harris Trust A Savings. 100
American National Bank
7%
9%
11%
12%
—
•
United Cigar-Whelan Stores
3250.
Kress (S H) 6% pref
S5 preferred
•
.
17%
19%
ONE HUNDRED—The
Commercial & Financial Chronicle
3248
Quotations
YEARS OLD
Nov.
1939
IS,
Over-the-Counter Securities—Friday Nov. 17—Continued
on
Railroad Bonds
Guaranteed Railroad Stocks
Canton
and
Youngs town 5%s
.1945
.1945
.1939
100
Baltimore A Ohio 4%ssec. notes
.1939
54
6s
Excbomgo
—
Certificates of deposit
3|
Dcslcra
120 Broadway
NEW YORK
53%
54%
.1943
74
75%
Boston A Maine 5s
.1940
48
49%
.1944
2-6600
STOCKS
41
"55"
Boston A Albany 4%s
Tel. REctor
GUARANTEED
39%
WX
/39
Atlantic Coast Line 4s
3os<?pb Walkers Sons
Mtmkm \ru) York Stork
Ailed
Bid
Akron
4%S
—
Chicago Indiana A Southern 4s
^
41%
43%
.1955
99%
100%
.1956
Cambria A Clearfield 4s
Sinc0l8»J
65
70
79%
82
Chicago St. Louis A New Orleans 5s
Par in Dollars
Bid
Ailed
Alabama A Vlcksburg (Illinois Central)
100
100
70
50
32%
86%
100
Boston A Providence (New Haven)
100
25
Canada
Southern (New York Central)
100
Carolina Cllnchfleld A Ohio com (L A N-A C L)
100
Cleve Olnn Chicago A St Louis pre! (N Y Central)-.100
Cleveland A Pittsburgh (Pennsylvania)
50
Betterment
stock
%
70
100
62
100
149
Lackawanna RR of N J (Del Lack A Western)
100
Michigan Central (New York Central)
100
950
60
34
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
60
60
X
42
50
Preferred
Pittsburgh Fort Wayne A Chicago (Penn.) pref
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson)
82
100
.1950
.1959
New London Northern 4s
.1940
New York A Harlem 3%s
.2000
New York Philadelphia A Norfolk 4s
75%
"67 ~
67
63
.1978
.1948
96
95
114
112%
99
97%
99
102%
97
95%
/10
.2032
New York A Hoboken Ferry 5s
.1946
35
Norwich A Worcester 4%s
.1947
85
17
"9(1"
.1949
59
63
.1941
102
104
Pittsburgh Bessemer <fc Lake Erie 5s
.1947
115
Portland Terminal 4s
.1961
...
172
100
"88%
86
.1947
.1974
3% ser. B
n
~98~
104
Terre Haute A Peoria 5s
.1942
Toledo Peoria A Western 4a
89
40
63
Providence A Worcester 4s
J*
wx
50
.1953
Terminal RR. Assn of St. Louis
47*
100
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
45
Pennsylvania A New York Canal 5s extended to.
45%
Georgia RR A Banking (L A N-A C L)
74%
.1940
"56"
Philadelphia A Reading Terminal 5s
75
25
37
.1945
Hoboken Ferry 5s
Illinois Central—Louisville Dlv. A Terminal 3%s.
Indiana Illinois A Iowa 4s
102
New Orleans Oreat Northern Income 5s
44
86
50
Delaware (Pennsylvania)
Fort Wayne A Jackson pre! (N Y Central)
107
36
Kansas Oklahoma <fc Gulf 5a
135
100
105
.1960
Memphis Union Station 5s
75
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Bull Roch A Pitts)
Beech Creek (New York Central).,
Boston A Albany (New York Central)
54
.1951
Cuba RR. Improvement A equipment 5e.„
Florida southern 4s
Dividend
.1995
Connecting Railway of Philadelphia 4s
(Guarantor In Parentbeaes)
.1961
Cleveland Terminal A Valley 48
Guaranteed Railroad Stocks
.1951
Chicago Stock Yards 5s
.1967
100"
9S>%
Toledo Terminal 4%s
.1957
Toronto Hamilton A Buffalo 4s
.1946
97
United New Jersey Railroad A Canal 3%s
.1951
104
Vermont Valley
4%s
100
"98%
"so"
77
.1940
...
Vlcksburgh Bridge 1st 4-08
Washington County Ry. 3%s
.1968
68
69
.1954
45
46%
West Virginia A Pittsburgh 4s
.1990
60
62
Wx
100
St Louis Bridge 1st pref (Terminal RR)..
Second preferred
100
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
100
132"
100
235
100
133
Industrial Stocks and Bonds
Par
Bid
Ask
Par
Bid
Ask
100
MX
Alabama
*
3
3%
Merck Co Inc common..I
100
43
45
60
American Arch
*
Vloksburg Shreveport A Pacific (Illinois Central)... 100
37
40%
Amer Hem berg A com
*
14%
69%
16%
0% preferred
100
Muskegon Piston Ring.2%
115
63
American Cynamld—
Utlca Chenango A Susquehanna (D L A W)___
Valley (Delaware Lackawanna A Western)
Preferred
100
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore (Penn-Reading)
50
27
50
53 %
5%
Amer
Mills
Inc
flonv pref
National
10
-...--
Distilling Co 5% pf 10
American Enka
American
Corp.--.*
Hardware
21
11%
2%
42%
12%
22%
3%
43%
24%
23
Casket
—
16%
*
Preferred-•
Nat Paper A Type com—*
5%. preferred
100
mt
17%
26
"
98
3%
20
102
4%
23%
28%
18%
25
American Mfg. 5% pref iof
70
75
Ohio Match Co
Arlington Mills
Railroad
New Britain Machine
Norwich Pharmacal
28
31
Pan Amer Match Corp. .25
40%
42%
Pepsi-Cola Co
15%
9%
17%
Petroleum
%
%
10%
Petroleum Heat A Power. •
2%
Pilgrim
3%
3%
4%
13%
6%
Amer
Equipment Bonds
Bid
Maiae
Products.—*
-100
Armstrong Rubber A
All
Bid
Ail
*
Art M'tal Construction."
Autocar Co com
Atlantic Coast Line 4%s_
Baltimore A Ohio 4%S—.
Boston
A
Maine 4%s
1.50
52.00
54.00
3.00
New Orleans Tex & Mex
3%s Dec 1 1936-1944..
Banxers Indus Service A. *
4X8
63.50
64.25
3.50
New York Central 4% s
64.26
58
3.50
New York
64.00
3.00
8t. Louis
2.50
62.75
_
2.00
Chicago A
63.50
4X8
3.00
64.25
3.50
Hartford
64.26
3.50
Canadian Pacific 4%s
64.25
3.00
Cent RR New Jersey 4%s
64.00
3.00
62.50
2.00
Chicago A Nor West 4%s
64 00
3.00
Chic Mllw A St Paul 4%s
65.00
Class A
Buckeye Steel Castings--*
I
2%
4%
22%
2%
5%
24%
49
52
4^g
68
4.25
65.00
4.25
Chicago R I A PacificTrustees' ctfs 3Xb
99
Denver A R G West 4%s.
58
L—
99
3.00
Ohio Burl A Qulncy—100
3.00
Chilton Co
10
Northern Pacific 4Xb
3%
61.50
1.00
Coca Cola Bottling (N Y) *
Columbia Baking com.—*
68%
Pennsylvania RR 4Xb
Chesapeake A Ohio—
64.00
64.00
61.50
1.00
$1 cum preferred
Consolidated Aircraft—
19%
62.40
2 00
4%s
4e series E due
Jan
A
July 1937-49
2%s series G non-call
Dec 1 1937-60
Pere Marquette 4Xb
62.40
2.00
pref
Crowell-Collier Pub
*
.*
conv
*
%
64.25
3.50
64.00
3 00
62.00
1.00
62.50
2.00
3.50
64.25
63%
25%
St Louis-San Francisco—
2 %
16%
*
*
Conversion.—1
Exploration
1
3%
4%
72%
10%
21%
Hocking Valley 5s
Illinois Central 4Xs
Internet Great Nor 4%s..
61.50
12%
5%
65%
50
Manufacturing..25
Sooviil
Singer Manufacturing.. 100
Singer Mfg Ltd
63.60
Dentist's Supply com
10
Devoe A Raynolds B 00m ♦
63.50
Standard Screw
20
66%
Sylvanla Indus Corp
*
22%
27%
Tampax Inc
1
6%
•
8%
com
%
1%
Steel common
15
Tennessee Products
•
60
63
Time Inc
*
22
26
Trlco Products Corp
*
38
41%
Triumph Explosives
27
31
United Artists Theat
30%
Maine Central 5s
64.00
63.75
3.00
Draper Corp
2.00
Falrchlld Eng A Atrnl —1
2.00
Farnsworth Telev & Rad.l
2.50
2.00
61.50
1.00
Commodity Credit Corp
H%
Aug 1 1941
1%
Nov 15 1941
Fed'l Home Loan Banks
2b
Dec
1940
2s
Apr
1 1943
30
Foundation Co For shs—*
American shares
•
•
com
61.50
1.00
Western Maryland 4%s
Western Pacific 5s
62.50
1.75
64.50
3.50
Machine Tool
Good Humor Corp
2
Graton A Knight com
Preferred
*
Bid
100.7
way
100.28 100.30
101 X
101%
Gen
Fire
Extinguisher.—*
A 8k
%
100%
1940
100.4
100.7
100.8
100.12
101%
Cuban Atlantic Sugar..7%
Eastern 8agar Assoc
l
Preferred
1
9%!
8%
23
Ask
see
page 3250.
'<E5E
35%
4%
%
%
1%
%
4%
56%
conv
so
6%
-100
3%
100
28%
7%
preferred
/38%
35
1%
64%
41
/55%
/24
26%
84%
37%
Nat
/24
Radiator
5s.
1938
...1946
/35
26%
IN Y World's Fair 4S.1941
25
27
Old Bell Coal Inc fls
42%
96%
45%
..
1948
13
Pacific Western Oil 3 %s '49
11%
Scott Paper 3%s_—
Scovlll Mfg 5%8
40%
3%
42
Woodward Iron—
*
17%
19
3%
1952
1945
116
1902
2d conv Income 5s—1902
113
98
105
1st 5e
108%
119
•K
_
-
—
—
118"
less 1
less 1
Telephone and Telegraph Stocks
Am
Ask
1
33%
35%
West Indies Sugar Corp.. 1
6%
7%
com
85%
/82%
1937
DistTeleg (N J) com.*,
100
Bid
101
Ask
107
Par
Mtn States Tel A Tel—100
New York Mutual Tel. 100
116
Bell Telep of Canada... 100
132
142
Pac A Atl Telegraph
Bell Telep of Pa pref
Savannah Sug Ref
4%
30%
111%
101.22 101.26
Bid
~
1%
19%
8%
8%
McKesson A Rob 5%s 19.50
Minn A Ont Pap 0s
1945
Deep Rock Oil 7s
Haytlan Corp 8s
49%
1
preferred
-
87%
57%
5
Corp
—
18%
41%
*
12
*
McKesson A Robbins
53
com
Worcester Salt
York Ice Machinery
48%
10%
*
100
Mallory (P. R) A Co
Martin Rockwell
Wilcox A Glbbs
1
17%
7%
/62 %
18%
100.18 100 21
1
13%
2%
16%
%
100.28 100.30
com v t e
18%
95%
12%
Landers Frary A Clark—26
15 1942
West Dairies Inc
16%
Amer Writ Paper 08—1901
1
Long Bell Lumber
$5 preferred
100
3%
54%
16%
108%
Brown Co 5 %s ser A—1946
Carrier Corp 4 %s
1948
s
»
Preferred
3
33%
3%
41
2.50
Ley (Fred T) & Co
preferred
..100
West Va Pulp A Pap com.*
9%
Bonds—
50
9%
28%
Par
7%
151
46%
38
8%
26%
122
123%
Peninsular Telep com
100
52
CubanTeleph 6% prf
Emp A Bay State Tel—100
Franklin Telegraph
For footnotes
2%
143%
King Seeley Corp com.—1
100.20 100.23
100.20 100 23
24
6
1949 6
|
24%l
29%
4%
%
9%
1
28%
2%
4%
%
U S Housing Authority—
1 % % notes Feb 11944
10%
16
21%
1
Nov 1 1941
Jan
14
20%
45%
*
com
7%
53 cum preferred
*
Wickwire Spencer Steel—*
Klldun Mining Corp
Preferred
|
3%
52
108
Par
Bid
%
less 1
Sugar Stocks
Par
Veeder-Root Inc
Welch Grape Juice com..6
8%
%
2%
100
4%
25
50
2
4
2.00
4s s f revenue '77.AAO
110%
4s serial revenue..1942 6
140
4s serial revenue. .1908 6
3.20
Home Owners Loan Corp
20
1%
32%
com
1%
July 1 1942
Tri borough Bridge—
100%
1941
6
Lawrence Portl Cement 100
%
Call Jan 3'40 at 102.
Harrlsburg Steel Corp
55 preferred.:
107
45%
5
147
com. *
Preferred
1944 6
Reconstruction Finance
Corp—
H % notes July 201941
Natl. Mtge Assn
101%
Paper—26
Interstate Bakeries
Authority 3%s '08
3%s revenue
3%s revenue
101%
101%
Call Novi0'39 at 101
lHs Jan 3 1944—
1
100
Great Lakes 88 Co com—*
New York City Park¬
100.5
3%
7%
79
Glddlngs & Lewis
Gen Machinery Corp com*
Ask
2s May 16 1943—
May 15
May 15
•
Preferred
Great Northern
Bid
Ha
Shops
Garlock Packing
Miscellaneous Bonds
Ha.
Bake
Virginia Ry 4%s
5s
Federal
pf_*
62.50
5s
2.50
63.50
cum
62 40
3.00
63.50
4
United Piece Dye Works. ♦
62.50
41%
43%
27%
75%
3%
1.50
Missouri Pacific 4Xb
38
Stanley Works Tdo
25
Strom berg-Carlson Tel Mfg
Domestic Finance
2.00
3
9%
Dictaphone Corp
*
Dixon (Jos) Crucible—100
62 50
34%
4%
3.00
Federal
2.75
62.50
58
2
3%
3.00
Texas Pacific 4s
68
160
8%
1
64.00
4X8
Long Island 4X8
33%
158
Solar Aircraft
64.00
Southern Ry 4%s
3.00
15%
SkenAndoa Rayon Corp..*
4X8
1.75
12%
217
Manufacturing—*
Remington Arms com
*
9
St Louis Southwestern 6a..
Southern Pacific 4%s
1.25
62.40
14%
Safety Car Htg A Ltg
4H
Erie RR 4X8
Great Northern 4%s
10%
209
Taylor Wharton Iron A
Dennlson Mfg class A—10
6% preferred
Reading Co 4*48-..
8%
3%
2.00
62.50
$3
common.—
v26%
Pollak
5
10
Cessna Aircraft
5s
5s
%
----
Botany Worsted Mills—
51.25 preferred
New York New Haven A
Canadian National 4%s.
10
*
100
57
26
50
preferred
•
Int Ocean Telegraph... 100
101% 104
73
80
*
Preferred A
Rochester
Z45
Gen Telep Allied Corp—
25
Bid
130
Ask
132
17
15%
17
30
32
29
31
Telephone—
56.50 1st pref
100
So A Atl Telegraph
25
Sou New Eng Telep...100
112%
15%
17%
158% 162
Wisconsin Telep 7% of. 100
116
Volume
Quotations
ACTIVE
MAINTAIN
WE
Commercial & Financial
The
ONE HUNDRED—
149
Public
UNLISTED
IN
MARKETS
Investment Trust
Ohio Edison 56 pref
57 preferred
New York
Tel
REctor 2-5485
6% preferred
7% preferred
100
100
Okla G A E 7%
pref..100
Pacific Ltg 55 pref
Teletype JCY 1518
•
Pacific Pr A Lt 7% pf..l00
Connecting Branch Offices In leading Cities
»
Queens Borough G A E—
6% preferred
.100
Republic Natural Gas
1
Investing Companies
Par
Bid
Par
Bid
Ask
Rochester Gas A Elec—
„
104
105%
113% 115
114%
6% preferred D.....100
97%
99
Sierra Pacific Power com.*
21%
23%
Sioux City G A E 57 pf-100
Penn Pow A Lt 57 pref
Par
Ask
97% 100
Southern Calif Edison—
25
6% pref series B
229
30
112
Tel. Journal Sq. 2-4400
City
Private Wire System
100
Bid
106% 106%
113% 115%
113% 115
Ohio Public Service—
Jersey City Office
921 Bergen Avenue
Broadway
*
Ohio Power 6% pref
Member s N. Y. Stoct Exchanoe and other Principal Stock and Commodity Exchangee
Main Office
Utility Stocks—Continued
Par
Issues
GOODBODY & CO.
115
3249
Over-the-Counter Securities—Friday Nov. 17—Continued
on
TRADING
YEARS OLD
105% 106%
85%
87%
Texas Pow A Lt 7% pf-100
Toledo Edison 7% pf A 100
.
United Gas A El (Conn)—
110% 111%
7% preferred
100
—
Utah Pow A Lt 57 pref... *
Virginian Ry
100
..
20%
4%
28
5%
107% 108%
110% 112%
Washington Gas Lt
*
West Penn Pr 4%% pf
100.
86*
88%
66
67
187
193
29% 29%
114% 114%
Ask
Bid
Ask
Admlnis'd Fund 2nd Inc.*
12.60
13.40
Aeronautical Securities...
8.73
9.49
Series B-l
26.95
29.44
Affiliated
3.77
4.12
Series B-2
21.79
23.90
Series B-3.»
14.85
16.30
Fund lnc
♦Amerex Holding
1%
Corp..*
16
Amer Business Shares....
3.45
Amer Gen Equities lnc 25c
Keystone Custodian Funds
17%
4
4.04
15.96
17~16
.18
.33
24.88
British Type Invest A...1
Broad Si Invest Co Inc..6
26.61
.1
14 %
Assoc Gas A Elec Corp—
Income deb 3%s__.1978
5.11
Income deb 3%s__.1978
7.09
7.82
Income deb 4s
35
5.35
5.90
1
21.33
22.94
Income deb 4%s__.1978
Conv deb 4s.
.1973
10
11.03
12.06
Conv
25c
3.85
4.54
Maaa Investors Trust
Mutual Invest Fund
15%,
Chemical Fund
1
10.49
11.35
Voting shares
1
3.65
3.97
pflOO
9%
Corporate Trust Shares..1
33%
35%
6.43
14.32
2.93
t
Montana-Dakota
1973
1973
4%s
Lehigh Valley Transit 5s'60
Lexington Water Pow 5s'68
65
70
71
78%
80
93%
Cons ref deb 4%s..l958
Sink fund lnc 4%s..l983
32
34
30
Sink fund lnc 5s
1983
32
S f lnc 4%s-5%s
1986
30
11.13
12.02
Sink fund lnc 5-6s..1986
♦Common B share
33 h
10
♦7% preferred
Delaware Fund
16.75
Deposited Bank She ser A1
1.56
Deposited Insur Shs A...1
2.90
Deposited Insur Shs
18.11
2.55
Bl
ser
8.69
6.37
6.90
9.08
9.92
8.01
8.67
Insurance stock
9.72
10.51
7.95
8.60
8.03
8.69
7.81
8.45
1st lien coll trust 6s. 1946
93
95%
Railroad—
3.82
4.16
Cent 111 El A Gas 3%s. 1964
100
C...
7.74
8.38
7.74
8.38
——
Steel
No Amer Bond Trust cttB.
Old Dominion par 6e..l951
Gas
3%s
1968
Cent Ark Pub Serv 5s. 1948
mm-m
98% 100
1st lien coll tr 5%s.l946
89
Pub Utll Cons 6%s._.1948
Republic
1951
Collateral 6s
Central Illinois Pub Serv
1968
102% 102%
100% 100%
75%
98%
107%
60%
United Pub Utll 6s A. 1960
59
Upper Mich Pow & Lt 4s '69
7.93
Bank stock series...10c
2.53
2.80
Insurance stk series. 10c
3.26
3.64
Fixed Trust Shares A... 10
10.34
♦Scudder, Stevens
and Clark Fund'lnc
Foreign Bd Associates Inc.
7.26
7~99
Selected Amer Shares..2%
Selected Income Shares—
Quarterly lnc Shares.-10c
Foundation Trust Shs A.l
4.15
4.75
Fundamental Invest Inc.2
18.04
19.61
Fundamental Tr Shares A2
5.26
5.99
100
103
10.73
11.23
Republic Invest Fund_26c
Fiscal Fund lnc—
8.40
5% deb series A
Representative TrustBhslO
.25
.28
9.30
4.78
•
31.54
33.59
Trust.*
4.96
5.40
3%s_1967
71%
3.66
.53
AA
8
10.27
Alden Apt 1st mtge3S.1957
Beacon Hotel lnc 4s..1958
Series D
1
2.56
B'way Barclay lnc 2s.. 1956
/21%
Trustee Stand Oil Shs A.l
5.66
6.12
Trusteed Industry Shares.
.88
.98
6.66
U S El Lt A Pr Shares A..
B
•
.30
18.26
♦Independence Trust Shs.
2.29
Broadway Motors Bldg—
4-6s
1948
Bid
16.16
1 %
23%
2%
61
/7 %
•
♦First Boston Corp
11.07
11.81
3
2
♦Schoelkopf. Hutton A
10
14%
Pomeroy idc eom...lOc
60
68
1955
21
23
6
2s
10%
48
49
52
Y Majestic
Corp—
Y Title A Mtge
60%
35%
54
66
43%
45%
...1950
28%
31%
26%
Ollcrom Corp v I c._
28%
1st 3%s
1
16
/2
Park Avenue—
3
Utility Stocks
31%
52
103 E 57th St 1st fls... 1941
Hotel units
1951
21
165 Bway Bldg 1st
%
4%s *51
40
42
4%s (w-s) '58
40
42%
2d
mtge 6s
8ec s f ctfs
4
34
37
Prudence Secur Co—
6%s stamped
Bid
Ask
97
Associated
Gas A
98%
preferred
$0.50 preferred
4 %
5%
102% 104
117
86
88
4%
5%
4%
*
5%
Long Island Lighting—
6% preferred
100
28
29%
30%
32
119
Birmingham Elec $7 pref.*
Buffalo Niagara A Electern
78%
25
21%
'
—
7% preferred
100
80%
22%
Carolina Power A Light—
84
89%
57 preferred
$7 preferred
*
99% 101%
Mississippi P A L 56 pref. *
79
80%
6% preferred
»
92
Miss Rlv Pow 6% pref-100
115
116%
93%
100
110% 111%
Missouri Kan Pipe Line..5
$0 preferred
100
100
Monongahela
Cent Pr A Lt 7% pref.,100
101%
106% 108
Consol Elec A Gae $6 pref *
11%
12%
Consol Traction (N J). 100
52%
55
Consumers Power $5 pref*
105% 106%
West
Pub 8erv 7%
pref
95
100
4%
25
7% preferred
....100
—
19
21
36
77
Nassau A Suf Ltg 7% pf 100
New EngG
38
43
29
115%
AE5%% Df-*
Co—
39%
63%
$6 cum preferred
26%
27%
$0.60 cum preferred.._*
27%
28%
$7 cum preferred
28
30
*
56 cum preferred
*
7% cum preferred.. .100
N Y State Elec A Gas—
100
5%% pref
Idaho Power—
$6 preferred
100
*
Northern
110%
*
Gas.
121
&
O
©
64%
122%
stamped
112%
/
24
v
26
—
States
(Del) 7%
1st
2%-4s (w-s)
pref
100
.
...
*
1st mtge 4a
..1957
41
1956
/12%
14%
39
1956
/II
12%
79
00 Park Place (Newark)—
1947
Harriman Bldg 1st 08.1951
17
19
01
0s '42
45
47
37%
39
3%8 with stock
1950
610 Madison Ave—
38 with stock
—.1957
Hearst Brisbane Prop
62
Savoy Plaza Corp—
38 with stock.
1st 3%s—
36
Broadway Bldg—
32%
26%
Syracuse Hotel (Syracuse)
1948
lst lease 4-6%s
1948
1st 3s..
54%
54%
..1955
62
108%
117% 119
104
lst 6s
1951
1st 4s..
46%
Lexington Hotel units
48%
70
72
5%s
w-s...1903
34%
37
35%
38%
48
50
Walbrldge Bldg (Buffalo)—
3s
London Terrace Apts—
1952
39
1st 5s (Bklyn)
1947
42
1951
54%
3-4s
1st 5%s
2 Park Ave Bldg 1st 4-5a'46
Lincoln Building—
Income
—
1958
1939
„
Trinity Bldgs Corp—
45
42
For footnotes see page
3250.
1950
14
Wall A Beaver St Corp—
l8t4%8
Ludwlg Baumann—
105
75%
73%
109% 110%
Textile Bldg¬
Lewis Morris Apt Bldg—
1st A gen
107
Power—
pref
(Minn) 5%
55
35%
Sherneth Corp —
1st 5%s (w-s)
37
1st 5s (L I)
New York Power A Light—
Federal Water Serv Corp—
1958
50
1944
1949
52
(Phlla)
Letcourt State Bldg¬
68%
57 prior lien pref.
*
New Orl Pub Serv 57 pf._*
96%
115% 118
Derby Gas A El $7 pref..*
Natural
/40
4s
1st 4-5a
29
Mountain States Power—.
New Eng Pub Serv
Dallas Pr A Lt 7% pref. 100
7% preferred
1939
Bldg—
1948
1400 Broadway
m
Lefcourt Manhattan Bldg
27
50
Roxy Theatre—
23
5%
Penn
Nebraska Pow 7% pref. 100
Continental Gas A El—
Interstate
/21%
Hotel St George 4s...1950
7% preferred
7% preferred
39%
1958
92%
Central Maine Power—
.-..1943
2 %s
32%
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s
Fuller Bldg deb 6s
35%
Income
Rlttenhouse Plata
lst leasehold 3s. Jan 1 '52
1st
35%
81%
5s
-
62d A Madison Off Bldg-
42 Bway 1st 6s
Mass Utilities Associates—
5% conv partlc pref..50
Mississippi Power 56 pref *
20
Graybar Bldglst lshld6s'46
115
Kings Co Ltg 7% pref. 100
2%
Atlantic City El 6% pref.*
preferred
pf-100
Kan Gas A El 7% pref. 100
*
♦
$7 preferred
Jer Cent PAL 7%
3%
Electric
Original
$1.60
Interstate Power 57 pref
102
1961
Realty Assoc Sec Corp—
500 Fifth A venue--
6%s (stamped 4s)..1949
101
37%
Court A Remsen St Off Bid
Eqult Off Bldg deb 58.1952
Deb 5s 1952 legended—_
Par
62%
6%s series F-l
5%s series Q
Eastern Ambassador
Ask
8
Co—
6%s series BK
6%a series C-2
21
Dorset 1st A fixed 2s._1057
♦Class B
1.23
1.43
30
26
1945
4s with stock 8tmp..l056
64
45%
—.1948
Ask
94
N Y Athletic Club—
1957
1st 4s (whs)
1948
Metropol Playhouses lnc—
Colonade Construction—
Corp cl A..*
1.30
Alabama Power 17 pref..*
m
32%
N
14.71
Banking Corp
1.12
Arkansas Pr A Lt 7 % pref *
«•
Mortgage Certificates
6s...
N
Chesebrough Bldg 1st 6s '48
In vestm t
Blair A Co
Insurance Group Bhares.
Bid
«»
Metropolitan Chain Prop—
1.02
1
Bank Group shares
Par
99
107
8~
Chanln Bldg 1st mtge 4a '45
3a
2.25
Voting shares
Wellington Fund
♦Central Nat
Instltutlonal Securities Ltd
106%
19fll
Povr
Ask
/6
Brooklyn Fox Corp—
16%
5.33
.10
16.98
98
1966
Mich
S f deb 5s
1st leasehold 3 %-5s 1944
6.12
Incorporated Investors..*
1960
Wis
B'way A 41st Street—
Series B
5.62
♦Huron Holding Corp.._l
86
/30%
.64
6.44
Bid
11.16
.58
4.94
Public Service—
5%s—...
Real Estate Bonds and Title Co.
2.61
Trusteed Amer Bank Shs B
5.09
84%
1
3.69
5.92
Federated Utll 5%s... 1957
Series C__
5.46
4.53
Western
.57
80
l
4.67
m, -
3.83
6.65
RR equipment shares.
m
102% 103
2.60
6.11
Petroleum shares
124
106% 106%
73%
4.47
77 %
Building shares....
Steel Bhares
1957
Wash Wat Pow 3%s..l964
Wisconsin GAE 3%s
Super Corp of Am Tr BhsA
Supervised Shares
Merchandise shares
6s
60%
108%
Trustee Stand Invest Shs—
Mining shares
98% 100%
100%
100
16.75
5.35
3.38
58%
107% 108
Dallas Pow A Lt
15.81
6.26
Investing shares
1954
Dallas Ry A Term 6s. 1951
Spencer Trask Fund
•
Standard Utilities Inc_60c
9.25
7.35
Collino 6s (w-s)
107
Utlca Gas A Electric Co—
10.36
""77
8.51
4.90
1962
B
87.81
Investors
4.91
4.49
series
Crescent Public Service—
9.50
.70
Sovereign
Automobile shares
6.76
Consol E A G 6£ A... 1962
67%
"'A
Texas Public 8erv 6s.. 1961
86.07
Aviation shares
Chemical shares
1962
6s
104% 105 %
O 7^
West Texas Utlls 3 %s. 1969
B
Food shares
ft
Cons Cities Lt Pow A Trac
Cumberl'd Co PAL 3%s'66
♦State St Invest Corp... •
•
Central Public Utility-
6s
76%
97%
57%
20.90
7.16
74
73%
59
19.41
.48
15.52
87%
56%
Toledo Edison 3%s...l968
.42
14.51
28%
86
105%
93%
m
99%
4%s
1947
Sioux City GAE 4s..1966
91%
*»
98
/27%
St Joseph Ry Lt Heat A Pow
Tel Bond A Share 5S..1958
«■
80%
Sou Cities Utll 5s A-1958
103
101
Central Pow A Lt 3%s_'69
•
78%
104% 105%
Service—
74%
*
Public
1950
73%
First Mutual Trust Fund..
1
6s
91%
Cities Service deb 6s__1963
Fidelity Fund lnc
4.89
Peoples Light A Power—
1st lien 3-6s
1901
2.67
Plymouth Fund Inc.—10c
Tobacco shares
Parr Shoals Power 5s—1952
1
♦Putnam (Geo) Fund
26
105%
108% 109%
Portland Electric Power—
Central Gas A Elec—
1st mtge 3%s
47%
107%
j1 y%
19.51
Investors Fund C
A Electric
Income 5%s with stk '52
30.23
5.75
1964
2.42
18.16
Group Securities—
Agricultural shares
105
2.92
28.11
Investors
105% 106
1984
2.97
Eqult Inv Corp (Mass)..6
Equity Corp 93 oonv pref l
General
1965
1st 3%s
l
Series 1968
Corp
4s
1
1.38
B
83%
Series 1966
6.75
1.26
25%
70
82%
Series 1966
6.00
25c
Eaton A Howard Manage¬
ment Fund series A-l...
68
Y, Pa A N J Utll 5s 1956
N Y State Elec A Gas Corp
No Amer Tr Shares 1953-*
3.95
1
General Capital
Blackstone Valley
Cent Ohio Lt A Pow 4s 1964
3.50
D
102% 104
100%
—
Diversified Trustee Shares
Dividend Shares
9a
105% 103%
9.40
Building supplies.
Railroad equipment
5.12
1938
3%s
Metals
35 %
112
100
Cumulative Trust Shares. *
1st 6s_.
32
Machinery
♦Crum A ForBter Insurance
1954
Nor States Power (Wise)—
Bank stock
31%
67%
88
Mountain States Power—
34
5.90
Chemical
2.93
29%
116
100
65%
Utll—
4%s
33
8.67
5.44
Electrical equipment
1
♦8% preferred
35%
N
Assoc Gas A Elec Co—
Oils
Series ACC mod..
♦Crum A Forster com... 10
34%
101% 102
109
109%
New Eng GAE Assn 5s_'62
8.01
Aviation
Ask
59%
/57
100% 101
95
Conv deb 5%s
1973
8s without warrants. 1940
66%
Automobile—
.
3%s._1969
40
Agriculture
2.45
1
6.04
13.29
Pub Serv 4s, 1957
Kan Pow A Lt
39%
63%
65%
1.45
N Y Stocks lnc—
2.45
1
10%
-»• -»
m.
1.30
National Investors Corp_l
New England Fund
_.l
2.56
1
1978
Conv deb 5s
Nation Wide Securities—
Common
4.05
deb
Kan City
Kansas Power Co 4s..1964
31%
32%
26.36!
Series A A mod
32%
Associated Electric 5a. 1961
15.92
12.31
3.45
series
68%
11.41
11.12
24.51
Accumulative
67%
10.31
Century Shares Trust...*
Series A A
Iowa Public Serv 3 %s. 1969
14.47
Canadian Inv Fund Ltd-.l
Commonwealth Invest
Inland Gas Corp 6%s.l938
88%
Series 8-4
7%
♦Continental Shares
50%
86%
Manhattan Bond Fund lnc
♦Class A
Basic Industry Shares..10
Fund lnc
Boston
Bullock Fund Ltd
49
Amer Utility Serv 03-1964
Maryland Fund Inc.—lOc
Corp
Invest
Amer Gas A Power 3-5s '53
Series 8 2-
5%
Nat
Bid
7.61
16.12
Series K-2
4%
5%
Bankers
_.
Series 8-3
Am Insurance Stock Corp*
Assoc. Stand Oil Shares-_2
Utility Bonds
Ask
6.86
Series if-1
.47
Bid
14.70
Series B-4
3.81
.41
Public
w-s
1951
18
21
1948
68%
71%
Westlnghouse Bldg—
1st mtge 4s
ONE HUNDRED—
3250
Quotations
on
The Commercial & Financial SRAEY—elcinorhC OLD
1939
Over-the-Counter Securities—Friday Nov. 17—Concluded
Water Bonds
If You Don't Find the Securities Quoted Here
Bid
Alabama Wat Serv 5s. 1957
Atlantic County Wat 6s *68
In which you have Interest, you
will probably find them In
monthly Bank and Quotation Record.
our
cation quotations are carried
stocks and bonds.
Butler Water Co 5s
Companies—
68..
Out-of-Town)
Water
101
.
Canadian
Pinellas Water Co 5)4s. '59
1954
103
105 k
...
Public
Utility Stocks
Foreign Government Bonds
Railroad Bonds
73
78
Richmond W W Co 5s.1957
1946
75 k
80 k
Rocb A L Ont Wat 5s.1938
101
St Joseph Wat 4s ser A.'66
106 k
Huntington Water—
1954
102
Railroad Stocks
6s
1954
102 k
Real Estate Bonds
5s
1962
105
Insurance Stocks
Real Estate
and
Scranton Gas A
mmm
Industrial Bonds
m
mm
1966
104
1st A rel 58 A
mmm
Indianapolis W W Secure—
Title Guarantee and Safe
5s
Deposit
Shenango Val 4s
1968
JODlln W W Co 5s
99
103
U. S. Territorial Bonds
105 k
105k
Long Island Wat 5)48.1955
Monmouth Consol W 6s '66
Mining Stocks
1957
Kokomo W W Co 5s..1968
Stocks
U. S. Government Securities
104
Monongabela Valley Water
5)4s
1950
Quotation Record Is published monthly and
for $12.50 per year.
Your subscription should be sent to
New Jersey
106
m
93
102
104)4 106 k
98
5ka
1951
97
101
York Wat Serv 5s *61
97
101
102
96
107
Ore-Wash Wat Serv 5s 1057
93
•No par value,
/Flat
& CO., INC.
02 William St., N. Y.
1 Quotation
Sept. 26.
Foreign Unlisted Dollar Bonds
Bid
Anhalt 7s to
...1946
Antloqula 8e
1946
Bank of Colombia
7%. 1947
7s
1948
Barranqullia ,s'35-40-46-48
Bavaria 0)4s to
1945
Palatlnlte Cons
Cities 7s to
1945
some
101 k
1960
6s series
98
1956
fls series C
.
1949
105 k
103)4
103)4
A
W'mHDort Water 5s
t> Basis
quotation,
tc i
price,
When
d
1952
Coupon
Issued,
w-s
eEx-payment.
With
New
on
on
Stock
stock.
iEx-
Exchange.
New York Curb Exchange.
furnished by sponsor
not
on
York
or
issuer.
$89.50 of principal amount.
5%
was
paid on July 2 and
5)4%
of the quotations shown below are
Ask
/9
/52
/25)4
f'25k
/20>4
listed
Quotation
-
101
101 k
Ex-rights.
t Now selling
A
97
101
5s series B
-
k 104 k
Interchangeable.
n Nominal
y
t Now
Tel. HAnover 2-5422
Due to the European situation
nominal.
price
dlvldend.
a
101
104"
97 k 102 k
1951
1950
Westmoreland Water 5s '52
Wichita Water—
101
Ohio Valley Water 6s. 1954
Ohio Water Service 5s.1958
I960
1st mtge 5s
1st mtge 5)49
104
Ohio Cities Water 6)4s '63
Inactive Exchanges
105
Va Water Serv 4s._1961
Western N Y Water Co—
6s series B
1951
Newport Water Co 5s 1953
...
103
W
mmm
5s series B
Foreign Stocks, Bonds and Coupons
...
102 k
Union Water Serv 5)4s '61
mm
mmm
New RocheUe Water—
New
86
102
mmm
105)4
101k
Water 5s. 1950
96
81
.1956
Terre Haute Water 6s B "56
6s series A
1949
Texarkana Wat 1st 5s. 1958
mm —
105 k
96
92
101k
South Bay Cons Water—
mmm
100 k
91
1961
5s
1950
Springfield City Water—
mrn m
102 "
Morgantown Water 6s 1965
Muncle Water Works 6s *65
Dept. B. Wm. B. Dana Co., 25 Spruce St., New York City.
103)4 105 k
.
1967
ser B
4s A
The Bank and
BRAUNL
1958
Scranton-Sprlng Brook
Water Service 5s_1961
1st mtge 3 Ha
Stocks
...
Water Co
4ka
mm
m
Indianapolis Water—
Land
Mill Stocks
sells
105 k
102
1946
Industrial Stocks
ties
107
Water Service
5s series B
Trust
...
100k
Pittsburgh Sub Wat 5s '58
Piamtleld Union Wat 5s '61
mm-
1967
6s series A
Utility Bonds
Federal Land Bank Bonds
Investing Company Securities
100 k
104
106 k
5kf series B
Public
Joint Stock Land Bank Securi¬
1948
Phila Suburb Wat 4s.. 1965
mmm
(Chattanooga)
Community
101 k
101 k
1948
..1948
Prior lleD 5s.
1941
102 k 102 k
1960
1st oonsol 4s
1st oonsol 5s
»
1st 5s series C
Domestic
Canadian
mm
5s aeries B
Municipal Bonds—
Domestic (New York and
1st A ref 5s
108"
City of New Castle Water
The classes of securities covered are:
City
Banks and Trust
10514
104
Ask
Pcnna State Water—
1st 0011 trust 4)is..l966
Peoria Water Works Co—
106
Chester Wat Serv 4ka '58
for all active over-the-counter
Bid
102 k
101
1957
Call! Water Service 4s 1961
In this publi¬
Ask
102 k
105
Ashtabula Wat Wks 5s '68
Bid
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7)4s '32
—Roy E. Bard,
/3
Hungarian Discount A Ex¬
change Bank 7s
CURRENT
Ask
NOTICES
/3
1936
n
/6
Koholyt 6)4s
9
/25
/9
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 58.1956
fio
26
a partner of Sutro Bros. & Co. was renominated for the
Chairmanship of the Chicago Association of Stock Exchange Firms to serve
second term by the Nominating Committee of the
Association.
Other
a
29"
nominees named
were
/20k
21
Land M Bk Warsaw 8s '41
/5
Vice-Cbairman, Thomas E. Murchison of Paul H.
Davis & Co.; Treasurer, Leonard M.
Spitzglass of Stein, Brennan & Co.
Members of the Board of Governors, to serve three
years, Roy, E. Bard,
1945
/18 X
19
George E. Barnes of Wayne Hummer & Co., Lawrence Howe of
Shearson,
/4)4
4H
Leipzig O'land Pr Oka '46
Leipzig Trade Fair 7s. 1953
/9
(Republic) 8S.1947
7s
1958
4
7s
1969
6s
1940
f3%
fZk
m%
Bavarian
Bogota (Colombia) 6)4» '47
8s
Bolivia
BrandenburgEleo6s.. 1953
/19
/23c
funding 6s..1931-51
Brazil funding scrip..
Bremen (Germany) 7s. 1935
6s
1940
British
see
20*~
1962
54
Munic Bk Hesscn 7s to '45
/18
/9
Call
/25
/5k
Cauca Valley 7 )4s
1946
/18
Ceara
1947
/l
6k
18k
3
Central Agrlc Bank—
Hungary 7)40
1962
National Hungarian A Ind
Mtge 7s
1948
North German Lloyd 6s '47
4s
1947
/53
&
7s to
1945
Oberpfals Eleo 7s
Madgeburg 6s
1934
26)4
1968
Panama City 6ka
/53
City Savings Bank
1952
/40
Budapest 7s
Panama 6% scrip.
Poland 3s
1953
/3
1946
/70
73
Cordoba 7s stamped..1937
Porto Alegre 7s
/47
52
Protestant Church
/ 12)4
14 k
/15
17k
Colombia 4s
Costa Rica funding 6s. '61
Costa Rloa Pao Ry 7 )4s *49
5s
1949
Cundlnamarca 6 )4s
1959
Dortmund Mun Utll 0sV48
Duesseldorf 7s to
1945
Dulsburg 7% to
14k
6s
/17
17 k
p
p
1966
7 )4s Income
1966
/I
1967
/II
1967
Farmers Natl Mtge 7s_'63
Frankfurt 7s to
1945
French Nat Mall SS 6s '52
/9
German AtlCablt7s..l945
German Building A Landbank 6 )4s
Sao Paulo
/17
1948
German
Conversion Office
Funding 3s
German scrip
Graz (Austria)
Great
1946
Britain A
1954
stamped.1942
(Colom) 7s. 1948
(Brazil) 6s. .1943
/17 34
3
Ireland-
/28
Hanover Harz Water Wks
6s....
Haiti 6s
1957
1953
P
60
Hamburg Electric 6e._ 1938 /lo
Housing A Real Imp 7s '461 /12
"c
/8
70 k
9k
71k
/21
22 k
/8
34
to
its
subscribers,
Standard
Statistics
Co.
gave
in the market for offerings services and the high cost of
as
the
reasons
for making the new arrangements.
20
25
/9
73*
19
81
82
3)4% War Loan
Uruguay conversion scrip..
70 k
71k
/35
Vesten Elec Ry 7s
1947
/9
/9
Wurtemberg 7s
1945
/9
Lyons,
120
South
La
Salle
St., Chicago,
to
serve
as
Lyons, both of
whom
were
associated with the Chicago office oLink, Gorman & Co., Inc.
has begun publication of a periodic letter entitled "The Dow
Dow
Mr.
Phelps, for
many years a
Theory of stock market movements,
was
movements
leading interpreter of the
formerly editor of Barron's
and before that was associated with the "Wall Street Journal."
—W. Stanley Callahan, for the past 14 years associated with John Nickerson
& Co.,
Inc. where he
in the trading
United Kingdom of Great
Britain A Ireland 4s. 1990
to
&
call for comment.
70
Unterelbe Electric 6s ..1953
Olsen
Theory in Practice," to be issued whenever changes in market
300
/ 18k
Mr. Gilman
—Francis I. DuPont & Co. announce that Thomas W. Phelps, a
partner
2d series 5s
...1966
Stettin Pub Utll 7s...1946
1947
connection.
—Announcement is made of the formation of the investment firm of
of the firm,
/9
25
1956
new
La Salle Street for the past 18 years.
dealers in tax exempt securities for institutional
buyers.
The partners of
the new firm are: John M.
Saunders, formerly a partner in the firm of
Bennett Bros. & Johnson; Wilbert O. Olsen and George L.
9k
20
1956
on
Saunders,
/9
See
United Kingdom
Guatemala 8s
1948
4c
/14
/13
Toho Electric 7s
Tollma 7s
18
/5
announcement
be floor manager and associate broker in his
/9
5s
/2
8s
an
8k
Oka
1951
Saxon 8tate Mtge 0S..1947
Stem A Halske deb 0S.293O
State Mtge Bk Jugoslavia
/10
had subscribed to the publications of the latter
company.
In
has been
f7k
Saxon Pub Works 7S..1945
f\0
1938
1947
Santa Fe 7s
Santander
13 that it had
acquired the stock and bond offerings services of the Standard Statistics
Co., Inc. and that it will furnish its own similar offerings services to those
business, Byron G. Webster, resident partner, announced. Both men were
charter members of the Exchange.
Mr. Collyer is now a member and will
/3c
8%
98
f8k
f8k
f8k
1948
8s ctfs of depo8it.l948
Santa Catharlna (Brf.zll)
German Central Bank
Agricultural 6s
1957
8s
p
95
Mackubin, Legg & Co.
—Owen D. Gilman and Frank P.
Collyer, both formerly with Shields &
Co. here, have joined the
Chicago office of Fuller, Rodney & Redmond,
where the former will be in
charge of the firm's Chicago Mercantile Exchange
/8
4s scrip
/1
/3
comprised of William J. Price 3rd, of
Marburg, Price & Co., Chairman; C. T. Williams, of C. T. Williams & Co.,
Inc.; Seweli S. Watts, of Baker, Watts & Co.; Robert S.
Belknap, of Alex.
producing such services"
/8
7s
/II
committee
/10
7s ctfs of deposit. 1.957
vestment 7 He
7s income
1936
1941
European Mortgage A In¬
nominating
"severe shrinkage
/II
Sa&rbruecken M Bk 6s.'47
Salvador
p
of Governors.
is
who
8k
J 8k
Rio de Janeiro 6%
1933
Rom Catb Church Oka '46
R C Church Welfare 7s '<16
p
p
7s
1946
6s
Sons, members of the Board
(Ger¬
Prov Bk Westphalia 6s '33
fl2k
1945
1953
17 k
64
/5
1968
many) 7s
1966
Friday, Dec. 1,
—The National Quotation Bureau, Inc. announced Nov.
/11
East Prussian Pow 6a.1953
Electric Pr (Ger'y) 6 )4s '50
6 Hs
/61
on
Other nominations include J. Creighton
Riepe, of
Brown & Sons; and Joseph W.
Sneer, of
/9
/9
/12
Chilean Nitrate 5s
1946
22.
The
Oldenburg-Free State—
see German Central Bk
Central German Power
Rothschild of Rothschild & Co.
Garland, of Alex. Brown
/3
18
/...
/24
Members of
W. W. Lanahan & Co., Vice-President; Walter
M. Weilepp, Secretary; J.
William Eggleston, of Jenkins Whedbee &
Poe, Treasurer; and Edward K.
Dunn, of Robert Garrett & Sons, and Charles S.
/55
Nat Central Savings Bk of
18k
M.
of officers on Nov.
Nat Bank Panama—
90
Curtis.
—Francis M. Barker, of Frank B. Cahn &
Co., has been nominated for
President of The Bond Club of Baltimore, which will hold its annual
election
/3
(A A B) 4a.._ 1946-1947
(C A D) 4s...1948-1949
Thorson of Jackson &
to serve one year, Merrill W. Tilden of Talcott
The Annual Meeting of the Association will be held
1939.
/9
Nassau Landbank
Rueben
Winthrop, Mitchell & Co.; John C. Evans of Norris & Kenly and Fuller
/35
Municipal Gas A Elec Corp
Recklinghausen /1 ..1947
and
Committee,
Potter & Co., James P. Doherty of S. B.
Chapin & Co.; Leeds Mitchell of
57
/9
Caldas (Colombia) 7)4s *46
(Brazil) 8s
/9
flO
/12
/50
1944
Mannheim A Palat 7S.1941
Merldlonale Eleo 7s...1957
/9
6HB
1953
Buenos Aires scrip..
Burmeister A Wain 6s. 1940
(Colombia) 7s...1947
/9
ka '38
Co.
the Nominating
1948
1945
Brown Coal Ind Corp—
Callao (Peru) 7 Ha
Water 7s
/15
Hungarian Bank—
7)4s
Luneberg Power Light A
Montevideo scrip
Munich 7s to
United Kingdom
British
Hammill &
/9
4k
/II
Brazil
4
1943
York
Curb
common
was manager of the trading department, is now
department of S. A. O'Brien & Co., members of the New
Exchange, and will specialize in
public utility preferred and
stocks.
—Hamilton
D.
Schwarz, formerly with Estabrook & Co., is
ciated with Lazard Freres & Co. in their New York office.
now
asso¬
Volume
ONE HUNDRED—
149
General
The Commercial & Financial
SRAEYorhC OLD
Corporation and Investment News
RAILROAD-PUBLIC
NOTE—For mechanical
reasons
However, they
FILING
OF
REGISTRATION
UTILITY-INDUSTRIAL-INSURANCE-MISCELLANEOUS
it is
are
always possible to arrange companies in
always as near alphabetical position as possible.
not
STATEMENTS
SECURITIES
UNDER
The
following additional registration statements (Nos. 4228
to 4235, inclusive, and 4213, a
refiling) have been filed with
the Securities and Exchange Commission under the Securities
Act
of
1933.
The
amount
involved
is
approximately
Y.
Airways, Inc. (2-4229, Form A-2) of New York.
registration statement covering 50,001 shares of $1 par
capital stock. Proceeds of the issue will be used for expansion, two airplanes.
indebtedness and working capital.
Sigmund Janas is President of the
company.
No underwriter named.
Filed Nov. 9, 1939.
Theatre Corp. (2-4230, Form E-l) of St. Joseph, Mo. has
registration statement covering $158,500 of 2% to 3H% 20-year
leasehold bonds which will be offered in exchange for $158,500 principal
amount of 6% leasehold bonds of C. H. S.
Building Co. on par for par basis.
L. Earl Stephenson is President of the
corporation. There will be no under¬
Filed
Nov.
State Street Investment
1939.
Joy Manufacturing Co. (2-4232, Form A-2) of Franklin, Pa. has filed
a registration statement
covering 110,000 shares of $1 par common stock.
The stock will be offered for the account of certain stockholders. William E.
Barrow is President of the company.
Hayden Stone & Co. and Singer,
Deane & Scribner have been named underwriters.
1939.
Filed Nov. 14,
West
Virginia Pulp & Paper Co. (2-4233, Form A-2), of New York,
Y., has filed a registration statement covering $8,000,000 of 3% first
due Dec. 1, 1954.
Filed Nov. 15, 1939.
(See subse¬
quent page for further details.)
N.
mortgage bonds
Time Finance Co. (2-4234, Form A-2), of Paducah, Ky., has filed a
registration statement covering 17,208 shares of 60 cents cumulative pre¬
ferred stock, par $10, and 25,812 shares of $1 par common stock, which will
be offered in units of 2 preferred shares and 3 common shares at $26 per
Co.
of
Oklahoma
(2-4213, Form A-l), of Ponca City,
Okla., has refiled a registration statement covering 140,000 shares of $5
par common stock which will be offered at $5 per share.
Proceeds of the
issue will be used for drilling and working capital.
E. W. Marland is Presi¬
dent of the company.
No underwriter named.
Refiled Nov. 10,1939-
in
$?12'000
The last previous list of registration statements was
our issue of Nov. 11,
page 3107.
given
1939—10 Mo.-?.—1938
$459,500
147,600
195,400
$3,785,500
$4,346,000
1,103,800
1,734,500
and is after operating expenses and
development
cnarges, but before
depreciation,depletion and Federal taxes.—V. 149,p.3107.
Allied Mills.
Inc.—25-Cent Dividend—
o,^rel0rs^av^declaJed
,ya-
^ dividend of 25 cents per share on the common
?c' 15 to holders of record Dec. 1.
This compares with
1% la?£; 25 cents on Dec- 27• 1938; 50 cents paid on
.
?o9o°n
Tiino 9Q
June 23, 1938, and
$1.50 paid on June 15, 1937.—V. 149, p. 2501.
Alberene Stone Corp. of
Va.—Earninqs—
9Mos.End.Sepl.'S0—
x
1939
Net income.
x
After all
'
1938
$30,237
1937
$7,890
1936
$80,496
charges but before Federal taxes.—V. 147,
p.
$34,558
3148.
(W. Wallace) Alexander, Inc.—SEC
Suspends Filings—■
The effectiveness of four
registration statements filed by W. Wallace
Alexander, Inc., covering participations in the Alexander
Fund, a Delaware
corporation,^have been suspended, the Securities and
Exchange Com-
Vnfl10^ ?noo11!'^ £tov• 3.
1936; Oct.
The statements became effective May 20,
22, 1936: Nov. 18, 1937, and Oct. 18, 1938.
registrant, W. Wallace Alexander, Inc., Manager of the Alexander
?./•?.
lP a reEistration statement that the fund has "no legal existence,"
and
The
it is the name
given to
one
in an
of the issuer's management activities.'1
explanatory statement the Commission said:
In point of fact, the Fund consists
merely of cash and securities.
The
securities are ordinarily carried in the
name of the registrant or its nominees.
Owners of units of
participation in the Fund have an undivided interest in
such cash and securities."
Allegheny Corp.—Earnings-—
«
,
[Including wholly-owned subsidiary Terminal
Period End.
han is
Inspiration Consolidated Copper Co. (2-4235, Form A-2), of Inspira¬
tion, Ariz., has filed a registration statement covering $5,910,000 of 4%
convertible 1st mtge: bonds, due April 1, 1952, 1,181,967 rights to purchase
the bonds, and 295,500 shares of capital stock, $20 par, to be reserved for
conversion of the bonds.
Filed Nov. 15, 1939.
(See subsequent page for
further details.)
$0.72
expenses, normal Federal income taxes
p. 2223.
*ncorne
unit.
Proceeds of the issue will be used for working cpaital.
B. J. LeniPresident of the company.
W. L. Lyons, & Co. has been named
underwriter.
Filed Nov. 15, 1939.
1937
$36,115
$0.88
1939—Mou/h—1938
— -
rout
Corp. (2-4231, Form A-l) of Boston, Mass.
a registration statement
covering 79,719 shares of no par value
stock which will be offered at market.
The company registered
stock purchase warrant for the no par common stock which will be offered
to the stockholders.
Proceeds will be used for investments
Paul C. Cabot
is President of the Company. There will be no underwriter. Filed Nov. 10
Oil
31~
Prof
x
10, 1939.
has filed
1938
$4.3,854
Alaska Juneau Gold
Mining Co.—Earninqs—
common
Marland
charges.—V. 149,
a
a
writer.
deductions for operating
„
and other
Missouri
filed
1939
$62,853
$1.26
0cL
Colonial
has filed
Inc.—Earnings—
Y~~
share
per
f
alphabetical order.
it°w!o^lldedSepU^~
Earning
Earnings
$18,823,426.
Canadian
exact
Akron Brass Mfg.
Co.,
ACT
xn
N.
3251
Sept. 30—
Shares, Inc.]
1939—9 Mos.—1938
$542,389 z$l,629,043
$2,265,438
937,501
2,844,675
2,816,911
66,006
345,290
214,767
68,035
201,966
204,810
1939—3 Mos —1938
Inc. from divs. & int.„
Interest paid
$543,638
959,067
General expenses, &c__»
161,918
x
__
Amort, of bond discount
67,210
y
Net loss.
x
After deducting interest
RR.
$644,557>
$529,153
$1,762,888
$971,050
accruals
charged off on $11,152,000 Missouri
and on notes and accounts
owned by Terminal Shares. Inc.
y Exclusive of results from sale of se¬
curities.
z After
deducting distributions on Chesapeake Corp. stock, ap
plied against cost thereof.
Securities held as investments, carried in the balance sheet as of
Sept.
30, 1939, at cost of $165,854,476 had an indicated market value of $85,101,724 on Sept. 30.
On Sept. 30, 1938, investments carried at cost of $170,583,076 had an indicated market value of $56,847,839.
Pacific
20-year 5Vi% convertible bonds
Time Extended
for Readjustment Plan—
The Marine Midland Trust
Co. of New York, as trustee for the 5s of
corporation have extended to Nov. 28, 1939 the time
within which a plan of readjustment for the 5s of 1950
may be submitted,
under the terms of the agreement dated
Sept. 28, 1939, under which Manu¬
facturers Trust Co. is holding in trust 107,579 shares of
Chesapeake & Ohio
of
Abbott
Laboratories—Stock Sold—
In connection with the recent offering of 68,537 shares of common stock
(no par) to common stockholders at $50 per share, it is announced that the
entire amount (with the exception of 763 shares which was disposed of by
the underwriters) was subscribed for.
The shares were offered for subscription to the holders of common shares
of record Oct. 26, in the ratio of one share for each 10 common shares.
Subscription rights expired Nov. 9.
Underwriting—The names of the underwriters and the percentage of
unsubscribed stock to be
purchased follows: A. G. Becker & Co. Inc.,
38%; F* S. Moseley & Co., 31%; Shields & Co., 31%.
Purpose—Net proceeds will go into the company's general treasury.
It
proposes to use such net proceeds as from time to time needed in connection
with growth of company's business.
Corp.
Years—Net Income Cash Divs.
1934.
1935
1936.
...
$896,959
$362,500
1,135,501
a490,532
1,415,276 bl, 121,884
Cal.
$1,612,360c$I ,353,300
1,648,326 dl,178,028
1938
Plus 33
1-3% stock dividend,
b Common shares split.3-for-1.
c In"
preferred shares,
d Includes dividends of
preferred shares.
Dividends have been paid on the common shares during 1939 at the rate
of 40 cents regular and 10 cents extra in each of the first three quarters.
On
Jan. 25, 1939, company paid a dividend In common shares to holders of
outstanding common shares at the rate of one common share for each 20
common shares held.—V.
149, p. 2959.
a
eludes
dividends of $9,300 on
$89,991.86
See Acadia Sugar Refining
Acadia
Sugar
Ltd. (Halifax)—Sold—
Co., Ltd. (Ontario) below.—V. 149
Refining
Co.,
Ltd.
p.
2223.
(Ontario)—Buys
Halifax Company—
Ltd., Halifax which permitted
withdrawal if war broke out, the assets of the company were offered to and
have been brought for $3,000,000 cash by a newly formed Ontario company,
the Acadia Sugar Refining Co., Ltd.
As the new President is P. R. Gardiner of Gardiner, Wardrope & Co.,
who is also a director of Atlantic Sugar Refineries, Ltd., first expectation
was that the new purchase might lead to an amalgamation of the two com¬
panies.
Mr. Gardiner, however, stated that the list of directors of the two
companies is by no means the same and that the present intention of the
new owners is
to carry on the company under its present management,
D. R. Turnbull, Managing Director and Secretary.
The new company's authorized capital stock consists of 800.000 class
A (no par) shares and 200,000 common shares.
Of these there have been
issued 300,000 A shares and 100,000 common shares.
The only other
directors in addition to Mr. Gardiner, are Salter A. Hayden, K.C., VicePresident, and Thomas J. Dillon.
The old company had outstanding at the end of 1938 $1,407,500 of 4M%
first mortgage bonds due 1955, $1,500,000 6% preference shares of fl and
$5 par value and $1,500 000 in common shares of $5 and £1 par value.
The $3,000,000 cash given for this company differs from the $3 000,000
offer by Anglo-Dutch Refining Co. in that the latter offered only halfcash with the balance in 6% redeemable debentures.
The offer was to
shareholders and the mortgage bond liability was to be assumed.
Co.—Expansion Program—
Company is starting a plant expansion program which will involve the
expenditure of $1,250,000 to $1,500,000.
Buik of the outlay will be for
cold rolling and scale removing equipment.
This expansion program was
planned prior to the outbreak of war and the subsequent sharp upturn in
company's business.—V. 149, p. 3107.
withdrawn
has
from
the
collateral
securing Alleghany
allocated
supplemental indenture, the maximum
allowable price which might be paid for such bonds would be
75jH? •
Actual
purchases will no doubt be governed by market prices.
This corporation has notified the New York Stock
Exchange of the
deposit of $100,000 in cash as additional collateral under collateral trust
indenture dated April 1, 1930 of the corporation.
Investigation by ICC Ends Without Comment—
investigation
of
Alleghany
Corp.,
big
railroad
holding
company.
A
brief formal notice said merely that the inquiry had been discontinued.
The investigation was ordered in August, 1937, after Robert R.
Young,
Frank F. Kolbe and Alan P. Kirby obtained control of the corporation,
top company of the railroad empire assembled by the late
Van Sweringen
brothers.
The Commission
on
its
own
motion ordered
an
inquiry "into and
con¬
cerning
the holdings of common carrier securities, financial and other
operations and practices" of Alleghany Corp., Chesapeake Corp., another
holding company, and Messrs. Young, Kolbe and Kirby, "particularly as
they relate to Chesapeake & Ohio Ry., New York Chicago & St. Louis Ry.
Co. and other railroads subject to the Interstate Commerce Act."
In the absence of formal explanation, ICC officials indicated that they
did not regard continuance of the investigation as necessary in view of the
inquiry made by the Senate Railroad Finance Committee into Alleghany
Corp. and other companies in the Van Sweringen system.
The ICC held only one hearing.
This was devoted entirely to the pre¬
sentation of formal exhibits.—V. 149, p. 2559.
Allied Kid Co.—Sales—
Because the Anglo-Dutch Refining Co. took advantage of a clause in its
offer to purchase Acadia Sugar Refining Co.
Acme Steel
Midland
$100,000 of the cash included in the
collateral for the 5s of 1950 to the purchase of 5s of 1950 under the terms
of the second supplemental indenture
securing those bonds.
On the basis !
of the appraisal provided in this
on
Acadia Sugar Refining Co.,
stock
common
Marine
The Interstate Commerce Commission ended without comment Nov. 2 its
Years—Net Income Cash Divs.
1937-
and this
5s of 1944.
Earnings and Dividends
Cal.
1950,
Company reports sales for October of $893,149, an increase of over 24%
compared with October of last year.
For the first four months of the
company's current fiscal year, which began July 1, 1939, sales have
amounted to $3,647,014, a gain of about 36% compared with the same
months of 1938.
Deliveries in October of this year totaled
with
3,863,717 square feet compared
1938, an increase of somewhat over 14%.
31, deliveries of 17,797 860 square feet
about 37% from the 12,955,935 square feet in the same period
3.375,228
in
October,
For the four months
were
last
As
up
ended
Oct.
year.
indicated
by these comparisons, according to the company, prices
August.
They are now steady, at a figure
have advanced since the close of
about 20% above the August levels.
The heavy advance buying of Septem¬
ber has subsided but despite the larger inventories now held by shoe manu¬
facturers, deliveries during October continued at a better-than-average
rate
as compared with the same period of recent years.—V.
149, p. 2361*
Allied Products
9 Months Ended
x
Net profit
Corp.—Earnings—New Presidenty &c.—
Sept. 30—
1
1939
$176,049
1938
$118,503
1937
$257,111
Earnings per share
$1.22
$0.45
$2.30
x After depreciation,
Federal income taxes, &c.
y On 75,050 common
shares ($10 par).
Current assets at Sept. 30, 1939, including $1,065,639 cash, total $1,y
696,893 and current liabilities were $141,245.
Ralph Hubbart, formerly Vice-President, has been elected President to
C. Richard, deceased.
W. E. Ray, formerly Sec.-Treas., has
been elected Vice-President and Secretary and J. F. Halm, formerly Assist¬
ant Secretary and Assistant Treasurer, has been named Treasurer and
Assistant Secretary.—V. 149, p. 1315.
succeed C.
ONE HUNDRED—
3252
Commercial &The
Financial
YEARS OLD
dividend of 25 cents per share on the
a
1939
Assets—
common
1938
$311,658
HOLC bds. at cost
143, p. 3989,
.
Dec. 15,
1937, and
on
,
102,375
$273,827
101,028
72,130
74,111
74,491
on
deposit
,
Aluminum Co. of America—Div.
Inventories
Arrearages Cleared Up
income. $2,138,657
Operating expenses-.
1,256,218
Gross operating
x
Deprec., depletion
drilling expenses
Net
$1,361,907
317,710
$3,338,698
990,647
$1,679,617
$4,329,345
959,298
1,205,792
3,545,713
$473,825
$783,632
$0.14
$0.60
SI.00
After
x
$1.72
geophysical, geological, and administrative expenses,
rentals, taxes, leases abandoned, &c.- -Y. 149, p.' 867.
lease
Net
Invest, in sub. & affil. cos
Other Investment.
deposit
Prepay,
9,598
332,160
11,209
225,773
776,109
827,565
Land, plant and
dies,
jigs,
patterns, &c_.
Other assets.^
Pats.
&
tr.
126,934
359
124,508
-V.
1 7,022
nom. value
1
1
7,662
_
404,422
Total
11,260,679 $1,607,493
3.094
2,072
778
778
"
17,075
7,944
7,505
18,333
840.110
Z708.741
73,365
——.
Directors have declared an extra dividend of 25 cents
per share in addi¬
tion to the regular
quarterly dividend of 25 cents per share on the common
stock, both payable Dec. 21 to holders of record Dec. 8.—V.
149, p. 2501.
American Chicle Co.—Year-End Dividend—
I
year-end dividend of $1.25 per share in
addition to the regular
quarterly dividend of $1 per share on the common
stock, no par value, both
payable Dec. 15 to holders of record Dec. 1.
Ex¬
tra dividends of $1 were
paid on June 15 last and on Dec. 15, 1938.
An
extra of 50 cents was
paid on June 15, 1938; a special dividend of $2 was
paid on Dec. 15, 1937, one of $1 on June
15,1937, and one of $1.50 was paid
on Dec.
15, 1936.—V. 149, p. 2501.
a
American Enka Corp.—Div.
Coupon Arrangement—
they have made arrangements with the
Dutch certificates for American Enka
Corp. common stock
whereby dividend coupons from Dutch certificates can be
presented to
ivuhn, Loeb & Co. for collection.
Before shipping the coupons abroad for
payment, Kuhn, Loeb & Co. will cancel
them, thus avoiding the present
nigh war risk insurance which the
coupon holders would othrewise incur.
Similar arrangements have been
made by Kuhn, Loeb & Co. for the
exchange
a (-,orP- L)utch certificates for actual shares.—V. 149,
exps...
Miscellaneous income (net)
Loss on disposal of
capital assets, &c.
Prov. for normal and
excess-profits
taxes
Prov. for surtax on undist. profits
Additional for prior year..
Net profit
Dividends paid in cash..
Earnings per share on 231,400 shs.
capital stock (par $1)
1939
1933
1937
$1,702,429
1,348,451
313,151,110
2,397,461
249,158
$1,489,414
1,276,800
201,016
$104,820
1,798
$11,599
2,799
$459,389
$106,618
$14,397-
294,260
$87,323
86,776
550
$10,723
86,776
war
&c.—
$0.04
Sanitary
Corp.
(&
1939—3 Mos.—1938
$1,374,757
$153,444
1939—9 Mos—1938
$1,428,185 loss$752,835
conditions, the profits of foreign companies have been
149,
ex¬
anticipated that
any
adjustments at the end of
will exceed
war
1466.
p.
American Stores Co.—Sales—
Period Ended Oct.
28—
Sales.
—V.
..v.
,
1939—4 Weeks—1938
$9,016,238
$8,363,676
1939—10 Mas.—-1938
$92,900,962 $89,953,421
149, p. 2960.
American
Telephone & Telegraph Co.—Earninas—
Period End.Sept. 30—
1939—Month—1938
1939—9 Mos'.—1938
Operating revenues
$10,585,235
$8,722,335 $83,988,926 $76,855,929
Uncollectible oper.
Operati ng
47,495
rev..
revenues.
expenses.
Net oper. revenues
Net
Net
—V.
oper.
p.
411,585
$1,945,374
$2,409,127*
income
$459,603
$913,945 $12,534,005
35,502,383 125,035,896
1,031,429
43,702,175
$22,822,406 $17,085,631
10,288,401
9,604,674
$382,437
307,960
$1.65
$7,480,957
111,550,421
2961.
American Viscose Corp.-—Chairman to
Resign—
Samuel A. Salvage will resign as Chairman of this
corporation, effective
Dec. 31. it was announced on Nov. 8.
He will continue as a director.
He has been active in the business since its foundation in
1910.—V.
on
144,
3827.
p.
Anaconda Copper Mining Co. (&
Subs.)—Earnings—
9 Mos. End. Sept. 30—
1939
1938
Operating income......$26,"93,058 $19,704,931
Other income...
500,048
Total income
I
Interest, &c
Exp. of non-oper.
prop..
on
692,641
101,429
116,713
105,387
6,263,011
2,975,537
157,879
bonds retired
Deprec., obsoles., &c_
U. S. & foreign inc. taxes
Minority interest
6,123,480
5,221,163
183,219
b Net income
c$ll,613,344
Shs. cap. stk. (par $50).
8,674,338
Earnings
per
1937
1936
$43,036,272
1,332,677
$21,664,309
897,953
$26,593,106 $20,397,572 $44,368,949 $22,562,262
1,684,402
,684,402
2,083,662
2,330,189
2,833,316
,666,069
1,666,069
3,037,385
371,707
1,716,625
Discount & expenses on
bonds & debentures._
share..
128,419
456,795
7,402,215
6,546,227
168,233
c$5,657,998c$26,965,164
$1.34
8,674,338
$0.65
8,674,338
$3.11
292,201
286,971
5,401,442
2,036,664
54,911
c$9,940,132
8,674,338
$1.15
a Includes
depletion of timber, coal, clay lands and phosphate deposits,
b Before depletion of metal mines,
c No provision made for Federal surtax
undistributed profits.—V. 149, p. 1466.
Andes Copper Mining Co.—Earnings—
"
[Including Potrerillos Ry.]
9 Months Ended Sept. 30-—
1939
1938
1937
$2,956,651
Operating income
Income from railroad and miscellane¬
ous income
$2,614,417
$5,463,646
151,050
141,964
321,955
$3,107,701
$2,756,381
20,301
$5,785,601
180,345
757,090
877,047
376,584
918.429
1,007,299
800,700
Consol. net income, without de¬
duction for depletion
$1,473,564
Earnings per share on 3,582,379 shs.
capital stock
$0.41
$1,441,067
$3,797,257
Total income
Interest on loans
United
69,498
7,492
176
539,007
$8,665,342 $83,577,341 $76,316,922
6,719,968
60,754,935
59,231,291
$3,782,192
1,373,065
income
149,
56,993
$10,537,740
6,755,548
_.
Operating taxes
States
and
Chilean
income
taxes—estimated
Prov. for deprec. and obsolescence.
No
$0.40
Standard
214
3,124
19,295
&
1939 for foreign exchange or other matters arising from the
on
American Forging & Socket
Co.—Earnings—
Operating profit
Sept. 30—
this figure.—V.
a
& Co. announce that
\ears Ended Aug. 31—
Sales, less returns, allow, and disc__
Cost of goods sold-..
Admin., sell, and engineering
Due to
Loss
of the
2224nCan
..$15,714,303
After all charges.
Operating
American Brake Shoe & Foundry Co.—Extra Dividend
p
586,275
Total.......
cluded from the foregoing statement of profit for the third
quarters of 1939
and 1938 and from the statement for the nine months.
The profits of
foreign subsidiaries included in the published profits of the corporation for
the first six months of 1939 were $887,223, and while complete information
....$1,260,679 $1,607,493
American Box Board
Co.—Preferred Dividend—
Kuhn, Loeb
Radiator
Net profit
841,610
z710,241
722,151
—
At a special meeting of the board of directors held
on Nov. 7, a dividend
otl%% was declared on the 7% cumul. preferred stock, par $100, payable
Nov. 21, to stockholders of record as at the close of
business on Nov. 7.
Company stated that this is the Dec. 1, 1939 dividend, but is being paid
in advance in order that this
disbursement may be used as a credit in com¬
puting the undistributed profits of the company for the current fiscal
year,
which ends on Nov. 25, 1939.—V.
149, p. 1015.
issuer
626
189,637
1,002,592
------
a Of
prior owners, due within one year (lien having been filed),
b Of
prior owners, due after June 30, 1939 (lien having been filed).
x After reserve
foKdoubtful accounts of $1,258 in 1939 and $700 in 1938.
y After reserve for depreciation of
$79,410 in 1939 and $26,563 in 1938.
z
Represented by 302,892 no par shares (302,442 in 1938).—V. 149, p. 1904.
The directors have declared
$15,714,303
is not yet available, it is not
&c.
Res. for lnv. adj..
Conv. pref. stock
Total
2,426
56,460
2678.
p.
Period End.
x
comms.,
Deficit
149
American
6,830
&
credit bals.
(par $10)
Common stock
payable......
Corporation has elected Edward E. O'Neill as President and William M.
as Vice-President and Comptroller.—V. 148, p. 1468.
x
1
Other notes pay.
b Local prop.tax.
allows.,
1,073,658
300,000
Note payable
Accounts
American-La France-Foamite Corp.—New Pres.,
2^5,000
Local prop. tax.
deposits
2,070,627
on
debentures.
secured
Earned surplus..
12,482
Res. for advertis'g
.
mks.,
Deferred charges.
a
accrued interest thereon
Subs.)—Earnings—
•
_
-
525
20,986
j'
13,306
Mortgage pay
Cust.
equipment
16,306
Total............
$62,778
98,502
Accts. pay., trade.
Acer, wages, taxes,
Accrued int
ductive mat'l
$10,432,000
Certificates of indebtedness &
Common stock ($1 par)
1938
$8^00
300
11,511
Ins., &c
Inventory
y
Notes payable
3 If)
purch.
contracts for pro¬
Tools,
1939
5,476
on
Long-term debt
Cooper
Liabilities—
$2,204
$187,244
Other accrued liabilities
63,004
$2,063
$132,402
Capital surplus
Balance Sheet June 30,
Accounts receiv.'
$574,126
377,336
384,034
secured debentures.
$250,311
1938
$642,760
381,357
393,806
Cumul. conditional interest
346
271
1939
1936
$636,068
61,942
Accrued unconditional Int. on
$187,306
i
x
trustee
$187,577
Deficit for the period
Note receivable
with
904,094
145,110
patterns, &c
Cash
1,186
Sundry prepaid expenses
$861,626
Prov. for deprec. of property & amortization of tools,
dies, jigs,
1937
$673,535
30,775
prf$100,757
$13,599,180
2,096,758
.........
Cash
expenses
Federal
351,231
388,261
$15,130
under debenture Issues
_
Assets—
$840,249
Invest, in affil. cos.....
Earnings for Year Ended June 30, 19(39
Net loss
$638,032
353,039
interest..300,123
loss.
Bpecial
...
before
Liabtlilles-
American Bantam Car Co.—Earnings—
Loss from operations
but
Balance Sheet Sept. 30, 1939
Like amounts were paid on Oct. 2, July 1 and April 1, last; Dec. 27, Oct. 1,
July 1 and April 1, 1938.—V. 149, p. 1751.
Other income (net)
1939—9 Mos—1938
$36,768 loss$26.537
1938
$887,506
47,257
Gross income
L
1938.—V.
Co.—Earnings—
Unconditional interest-.
—
in
Inc.—Earnings—
1939
$707,604
69,572
....
expenses._—
Conditional
tion to the regular quarterly dividend of 50 cents per share on the class A
participating stock, both payable Dec. 27 to holders of record Dec. 15,
Selling, general and administrative
$173,996
149,
revenues
Operating
American Bakeries Co.—Dividends-
Cost of goods sold
of $135,039,
1939—3 Mos—1938
$12,485
$5,108
12 Mos.End.Sept. 30—
Directors have declared a dividend of $2.37 lA per share on the class B
stock, payable Dec. 27 to holders of record Dec. 15.
Dividend of 75 cents
was paid on Oct. 2, last;
37¥t cents was paid on July 1, last and previously
regular quarterly dividends of 25 cents per share were distributed.
Directors also declared an extra dividend of 25 cents per share in addi¬
Net sales
..$1,088,683 $1,024,993
Total
depreciation
American Gas & Power
Gross
Includes
for
ordinary taxes and depreciation,
p. 1316.
interest,
income taxes.—V.
Earns,
x
289,442
22,942
Profit..
$1,356,886
per sh.
on
net
outstanding stock.
43,921
-
..$1,088,683 $1,024,993
American Encaustic Co.,
3,786,877
$108,636
295,224
1
Period End. Sept. 30—
x
and
income
1
x5fter allowance
x
$5,143,763
-
231,400
410,000
149, p. 96.
$4,166,481
977,282
$1,067,934
;
231,400
410,000
14,000
...
Total...
4,619,321
$882,440
185,495
•Operating income.-.
Other income.
483,894
in
Deferred charges.
3.777,110
550
par)
Capital surplus
„
($1
stock
Patents at nominal
1939—9 Mos.—1938
$7,115,808
$8,785,802
$2,828,578
1,466,671
6,059
19,305
Earned surplus...
457,565
&c_
used
not
operations
(& Subs.)—Earnings—
1939—3 Mos.—1938
Fed. taxes on inc.
Capital
14,000
equipment,
Land
28,926
Sept. 1,
pay.
surance..
mach.,
value
Amerada Corp.
5,731
10,712
10,712
-
hldgs.,
$58,617
6,255
commissions, &c
1938..
Land, improve.,
x
$97,573
pay¬
payrolls,
Acer, taxes and in¬
2.308
investments..
Land
1938
28,926
accts.
able,
Div.
38,368
Sundry accounts &
W Company authorized payment of the regular quarterly dividend of 1H %
on its outstanding 6% preferred stock par $100, payable on Jan. 1, 1940 to
stockholders of record as of Dec. 15, 1939.
The company has also authorized the payment of $2.25 per share upon
the back dividends accumulated on its preferred stock.
This payment
will be made on Dec. 1, 1939 to stockholders of the preferred stock of record
Nov. 20, 1939.
After this payment there will remain no back dividends
accumulated on the preferred stock.—-V. 149, p. 3107.
Period End. Sept. 30—
1939
1939
Liabilities—
Trade
Cash on hand and
This compares with
Nov. 25. 1936.—V.
Trade accts. rec_.
dividends of 50 cents paid on
18,
Balance Sheet Aug. 31
All Metals Products Co.—Dividends Resumed—
Directors have declared
stock, payable Dec. 5 to holders of record Nov. 25.
Nov.
provision
has
—V. 149, p. 1169.
been
made
_
for
undistributed
$0.40
profits
taxes,
$1.06
if
any.
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
American Water Works & Electric
3253
Co.—Weekly Output
Output of electric energy of the electric properties of American Water
Works and Electric Co. for the week ending Nov. 11, 1939, totaled 55,518,000 kilowatt hours, an increase of 25.1% over the output of 44,359,000
kilowatt hours for the corresponding week of 1938.
Comparative table of weekly output of electric
energy
Barnard Aviation
for the last five
years follows:
Week Ended
Oct.
1939
21
Oct.
28
Nov.
4_.
Nov. 11
—V. 149, p.
1938
1936
Andian National
1935
50,073,000
49,530,000
48,431,000
47,728,000
1937
54,571,000 44,694,000 48,276,000
55,644,000 45,045,000 47,370,000
54,923,000 44,293,000 46,531,000
55,518,000 44,359,000 44,513,000
3107.
42,109,000
42,949,000
42,629,000
43,446,000
Equipment Co., Inc.
Offering price
$1.65
Corp.—Extra Dividend—
Directors have declared
an
extra dividend of 50 cents per
share in addi¬
tion to the regular semi-annual dividend of
$1 per share on the common
stock, both payable Dec. 1 to holders of record Nov. 20.
Like amounts
were paid on June 1 last.
A capital distribution of $6 in addition to the
regular dividend of SI was paid on Dec. 1, 1938, and extra dividends of
$1 per share were paid in each of the seven
preceding dividend periods.—
V. 149, p. 569.
Corp.—Earnings—
1939^-12 Mos.—1938
Net operating income-
$381,311
988,119
$368,516
27,344
$316,766
22,745
379
Tel. HAnover 2-7500
Teletype N. Y. 1-211
$1,293,838
977,071
$117,609
$134,392
356
Other income (net)
$1,356,635
263,702
be obtained from
St., N. Y.
1939—3 Mos —1938
Operating revenues
S408.130
Oper. expenses & taxes273,738
may
Steelman & Birkins
60 Broad
Arkansas-Missouri Power
Period End. Sept. 30—
share
per
Copy of Prospectus
Associates Investment Co. (&
Subs.)—Earnings—
x
9 Mos. End.
Net profit
Sept. 30—
1939
$2,002,638
1938
1937
1936
$1,954,600
$3,032,438
$2,249,228
After interest, amortization. Federal income taxes and other deductions.
Balance sheet as of Sept. 30, 1939, shows receivables
outstanding in
x
Gross income..
Int. & other deductions.
$134,748
35,633
Net income.
$117,988
36,690
$99,115
$395,860
144,089
146,213
$81,297
$251,771
$193,298
t
—V. 149, p. 868.
Armour & Co.
$339,511
amount
Cash
to
Atlas
(111.)—Earn $6,500,000 in Year—
George A. Eastwood, President, said Nov. 16 that preliminary figures and
a net profit of about $6,500,000 for the fiscal
year ended
on
Oct. 28.
Last year the concern had a loss of $1,505,089.
Mr. East¬
wood's statement was the first official indication of 1939
operating results
of the big packing companies.—V. 149, p. 1905.
Co.—Listing—
The Board of Governors of the Chicago Stock
Exchange Nov. 15 approved
the application of company for listing and registration under the Securities
Associated Gas & Electric
For
the
the
New
week
ended
Nov.
England Gas &
(kwh.).
stock
Takes Up Options
,
This is
dividend of 25 cents
a
per
on
share
on
the
common
Dividend of like amount
Northrop Aircraft, Inc.—
The corporation has taken up 15,000 shares of its
option to buy 25,000
shares of Northrup Aircraft, Inc., bringing its total
holdings to 45,000 out
of 250,000 outstanding, it was announced Nov. 10.
With the sale of 250,000 shares of capital stock with attached warrants
to purchase additional shares in the ratio of one share for each five out¬
standing,
Northrup
has
completed
its
organization
financing
program
Proceeds of the stock sale netted the company $1,250,000.—V. 149,
p. 2503'
Atlas Press Co.—Final Dividend—
Gas
an
was
Corp.—To Pay 25-Cent Dividend—
Directors have declared
Co.—Weekly Output—
Associated
Electric Association
output of 107.207,555 units
or
10,
common
as compares with $42,051,411 on Sept. 30,
1938.
$8,417,244 against $7,402,854 a year earlier, notes payable
stock, payable Dec. 4 to holders of record Nov. 17.
was paid on June 30, last.
estimates indicated
Exchange Act of 1934 of 17,200 additional shares of its
($1 par).—V. 149, p. 2961.
$57,851,126
$35,043,500 against $15,112,000 and earned surplus
$10,401,686 againat $9,521.626—V. 149, p. 2072.
r"
Asbestos Mfg.
of
totaled
banks totaled
& Electric System and
Group report net electric
increase of 15,652,191 units
17.1% above production of 91,555.364 units for a year ago.
including sales to other utilities, amounted to 120.994,467
149, p. 3108.
Gross output,
Directors
have declared a final dividend of 20 cents per share on the
stock, payable Dec. 11 to holders of record Dec. 5.
Regular
quarterly dividends of 10 cents per share were previously distributed.
In
addition, an extra dividend of 10 cents was paid on Dec. 15, 1938.—V. 147,
p. 3446.
common
units for the current week.—V.
Associated
& Electric
Gas
&
Electric
Co.
and
Associated
Gas
Corp.—Earnings—
Period Ended Sept. 30—
1939—12 Mos.—1938
Opera Unci Revenues—
9 Mos. '39
$
$
43,081,600
24,733,121
23,964,080
4,431,556
1,626,743
41,105,266
24,382,077
22,703,570
8,018,161
4,216,513
1,694,742
32,104,184
18,443,353
18,013,700
6,312,428
3,293,410
1,181,043
.....106,297,139
102,120,330
79,348,118
10,522,145
2,014,808
1,788,279
141,707
10,400,848
1,956,276
1,687,594
146,457
7,867,806
1,511,637
1,353,631
14,466,939
14,191,176
a dividend of 82 J4 cents
per share on account of
on
the cumulative convertibie preferred stock, payable
Dec. 1 to holders of record Nov. 20.
Dividends of 41)4 cents was paid on
Sept. 1, last—V. 149,
Industrial
Commercial
Municipal
;
Electric corporations.
Railways and.miscellaneous.
Gas—Residential
Commercial..
Industrial.
Miscellaneous
1016.
8.460,038
$
105,453
Axton Fisher Tobacco Co.—Gets Process Tax
gas!..
Refund—
A refund of $696,395, described as the first substantial rebate of
pro¬
cessing taxes paid by processors of agricultural products before the Agri¬
cultural
Adjustment Administration was declared unconstitutional, has
been awarded to this company, it was announced on Nov. 13.
The Pro¬
cessing Tax Board, set up in 1936 to adjudicate processors' claims, made
the award, and the amount, according to Dean Alfange of New York,
attorney for the company, was determined to be the proportion of the total
taxes of $1,462,077 which the company itself absorbed without
passing the
burden to the
consumer.
The decision
was
called important
in that it establishes the criteria by
which other substantial processing tax claims will be determined.
It was
estimated that more than $100,000,000 of claims for refund have been filed.
—V.
Total
p.
10,838,528
Electric—Residential
Total electric....
Automotive Gear Works, Inc.—Accumulated Dividend—
Directors have declared
accumulations
149, p. 570.
Baltimore & Ohio RR.—Interest—
Miscellaneous—Transportation
Water
Steam heating
Ice
6,961,715
3,066,890
6,698,338
2,305,582
1,563,728
1,299,029
1,540,451
1,341,275
Total miscellaneous
5,209,180
2,303,621
1,113,586
1,116,256
12,910,332
11,866,677
9,742,643
.133,674,409
Operating expenses.
56,356,426
Maintenance
8,494,496
Pro v. for taxes (incl. Fed. income tax) 18,078,331
128,178,183
57,218,096
8,362,740
16,611,956
99,929,289
41,400,738
6,462,670
13,528,613
Total operating revenues
Net operating revenue....
Provision for retirements
50,745,156
13,430,843
45,985,391
11,211,212
38,537,267
9,705,947
Operating income
Non-operating income (net)
37,314,313
Dr65,240
34,774,179
1.250,591
28,831,321
7>r60,704
Payment of fixed interest of %% ($5 per $1,000 bond) will be made on
presentation for stamping of the coupon due Dec. 1, 1939, from the refund¬
ing & general mortgage bonds, series A, 5%, due 1995, and payment on
registered bonds and on bonds represented by certificates of deposit will
be made on Dec. 1, 1939, to holders of record at the close of business on
Nov. 15, 1939.
Payment of fixed interest of 3-5% ($6 per $1,000 bond) will be made on
presentation for stamping of the coupon due Dec. 1, 1939, from refunding
& general mortgage bonds, series G, 6%, due 1995, and said payment on
registered bonds and on bonds represented by certificates of deposit will be
made on Dec. 1, 1939, to holders of record at the close of business on Nov.
15, 1939—V. 149, p. 3108.
Bangor Gas Light Co.—Earnings—
12 Mos.End. Sept. ZQ—
Gross income
37,249,073
36,024,770
long-term debt
18,666,708
1,197,728
Divs.
on pref. stocks paid or accrued.
Income applicable to minority int...
Balance of income
Fixed Interest, &c., of
Other interest
Amortization of debt disct .& expense
Expenses and taxes of
corporation
company
Balance..
Fixed Interest, &c., of Company—
Fixed interest debentures
Income
1,302,597
4,503,038
250,837
10,349,567
debentures
Other interest.
537,069
1,274,952
4,421,542
87,694
85,172
625,173
1,340,686
4,305,479
95,413
386,906
946,087
3,331,735
86,043
58,508
4,495,145
813,547
3,982,816
184,266
4,177,111
738,911
3,798,550
3,438,200
2,853,471
148,037
2,980,157
143,595
23,273
306,860
2,134,292
111,490
45
215,584
344,665
281,627
976,788
212,503
Cr245,704
1,293,220
a
296,445
380,123
r.__
Balance of income......
a
On 4%
282,834
97,288
'
764,285
63,038
and 4)4% scrip certificates and additional interest
on
sinking
fund income debentures.
Notes
CD—Since this statement is on a consolidated basis it includes the
entire earnings of all subsidiaries regardless of voting trust agreements or
other restrictions, as distinguished from the parent company statements
of both Associated Gas & Electric Co. and Associated Gas & Electric Corp.,
which
include
only
income actually
received
in
the form
of interest
or
dividends.
This statement does not include earnings from investments in se¬
curities representing an interest in about 90% of the outstanding common
stock of Jersey Central Power & Light Co.
For the 12 months ended Sept.
30. 1989, the properties of earnings of the latter company applicable to that
percentage of common stock
amounted to $753,000 for the 12 months
ended 8ept. 30, 1938, $599,000, and $672,000 for the current 9 months.
(3) The above statement includes operations of companies acquired
during the periods from the dates of acquisition only.—V. 149, p. 3108.
(2)
784
$ 35,688
$35,025
15,000
8.942
8,197
$35,361
15,000
7,866
6,224
$3,549
$6,271
$7,145
Interest on other debt—
replac
7,289
$11,324
Gross income
Int.
on
long-term debt--
Prov. for retm't &
Net income
.
15,000
7,098
5,780
1939
Assets—Property plant and equipment $1,171,510; Investments $441;
$7,245; accounts receivable (net), $40,589; merchandise, materials and
supplies, $30,967; insurance deposits, $444; deferred charges, $2,629;
cash
^Liabilities—Long-term
debt,
$300,000; notes payable to affiliated co.,
$135,730; consumers' meter and extension deposits, $1,692; notes payable—
bank
(currently), $34,000: accounts payable, $35,475; accrued taxes,
$9,358; other current liabilities, $527; reserves, $24,539; capital stock
($100 par), $600,000; earned surplus, $112,503; total $1,253,825.—V. 149
p.
1319.
Barnard Aviation Equipment Co. Inc.
(Del.)—Balance
Sheet, Oct. 31, 1939—
Assets—Cash, $9,623; accounts receivable. $11,916; inventories and work
in
Balance...
Interest
$34,239
570
$42,953
15,000
9,340
.
Balance Sheet Sept. 30,
3,522
Amortization of debt disct. & expense
$34,791
$41,808
1,145
Net operating incomeNon-operating income.-
8,986,390
998,078
Cr91,400
Corporation—
8% bonds, due 1940
Convertible debentures, due 1973...
Income debentures, due 1978
Balance of income,
4,684,753
541,110
3,681,598
Interest charged to construction
Amortization of debt disct. & expense
14,144,747
700,472
Cf45,285
948,311
3,547,385
488,596
10,901,575
Other interest
$34,491
1,197
108,521
28,770,617
18,921,738
Fixed Interest, &c. of Subsidiaries—
on
1936
$134,682
100,442
1938
$143 012
103,203
Operating expenses
Interest
1937
$134,430
99,640
1939
$145 011
Gross oper. revenues
process,
$38,866;
deposits receivable,
$5,100;
advance payments
on
purchases, $7,132; investment Caravel Industries Corp., $1; advances to
subsidiary, less reserve, $2,159; organization expense, $1,263: machinery,
miscell. tools & effects, furniture & fixtures, $34,424; dies, jigs, &c., $66,000;
total, $170,484.
Liabilities—Loans payable, Finance Co.
$31,752; accounts payable
$22,423; notes payable, $670; reserved for accrued expenses, $1,500; miscell.
loans payable, $416; capital stock ($1 par), $84,000; surplus paid in, $17,447;
surplus earned, $12,276; total, $170,484.
Note—Earned surplus represents profits earned from May 1, 1939, to
Oct. 31, 1939. before depreciation and taxes.
Offering of Stock—Steelman & Birkins recently offered at $1.65 per share,
60,000 shares common stock ($1 par). It is understood that as of Oct. 31,
a total of 24,000 shares had been sold.
Transfer Agent, Registrar & Transfer Co., Jersey City, N. J.
Registrar,
United States Corp. Co., Jersey City, N. J.
Outstanding
Authorised
Oct. 31,
'39
84,000 shs.
Business—Company designs, engineers and produces machined aircraft
accessories, specially designed aircraft armament parts, together with
Capital stock ($1 par)
-
250,000 shs.
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3254
non-armament items for other arms of the military
service; including the United States Navy and the Tank and Chemical
Warfare Corps. It also is one of the three outstanding manufacturers in the
country of aircraft control pulleys -which control the steering equipment,
armament items, doors, levers, &c. of airplanes.
History—Company was organized in Delaware, May 29, 1939, as the
successor to Barnard Mfg. Corp.
It acquired all of the assets of the pre¬
decessor, including any and all processes, machinery, dies, gauges and
equipment of every kind and nature without limitation, together with all
leases, orders on hand, tangibles and intangibles, goodwill, books of account
and records, together with all liabilities, which Barnard Aviation Equipment
Co. Inc. assumed. The price and total consideration paid for the net assets
was the issuance to the predecessor,
or its nominees, of 60,000 shares of
stock of Barnard Aviation Equipment Co., Inc.
The predecessor began business in
1936 with assets consisting of ma¬
chinery, tools, dies and equipment and certain partially developed items,
all of which are estimated to have had, at that time, a value of approximately
$5,000.
In 1937, it acquired from an affiliated company raw materials,
machinery, dies, tools and equipment, an of which are estimated to have
had a value of approximately $10,000.
When the predecessor was organized
about the middle of 1936 it leased and occupied a small development and
experimental plant located in Long Island City.
In December, 1936, it
found it necessary to go into actual quantity production on some of its
products and it then leased premises at 6 Dawson St., Newark, N. J. Since
then this plant has been considerably expanded as to space, equipment and
Nov. 18, 1939
Birmingham Gas Co.—Earnings—
ertain armament and
1937
1,534,783
1938
$2,096,553
1,422,464
$685,701
15,133
$674,089
13,082
$611,004
$700,835
$687,171
348,839
1939
12 Months Ended Sept. 30—
$2,220,484
Gross operating revenues
Operating expenses
Net operating income
Non-operating income
$2,129,632
1,518,628
6,698
Interest on other debt—
319,169
12,622
Prpv. for retirements and replacem'ts
Amort, of debt discount and expense.
166,803
3,234
23,135
187,406
6,011
$617,702
373,976
23,345
219,671
7,711
016.301
C/-65.205
Cr65,211
$215,308
$186,985
$58,210
22,489
20400
Gross income
Interest on long-term
a
debt
Int. on indebt. of Am. Gas & Power
accrued
Co.,
Net income
58,703
Dividends $3.50 preferred stock
a Rec. on acct. of prior year accruals.
Pro Forma Income Statement
Gross operating revenue
for the 12 Months Ended Sept, 30, 1939
$2,220,484
1,524,783
_
Operating expenses
Net operating income
Non-operating income.
__
__
$695,701
15,133
development.
Sales—The sales of the predecessor company were as follows: Year ended
Sept. 30, 1938, $264,520; seven months ended April 30, 1939, $130,880.
The predecessor company had on hand, as of May 1, 1939, a backlog
of orders (unfilled), in excess of $105,000.
Lndenrriling Agreement—Company entered into an underwriting agree¬
ment, which provided that Steelman & Birkins shall be its sole and exclusive
selling agent and principal underwriter, for a period of 90 days, for the
purpose of offering to the public the 50,000 shares of the company's capital
stock.
The agreement provided that the underwriter should endeavor to sell
for, or cause to be sold and paid for, not less than 10,000 shares
during the first 30 days following compliance by the company with SEC
rules; and not less than 15,000 additional shares within the period of the
next succeeding 30 days
not less than 25,000 additional shares within
the period of the next succeeding 30 days.
and pay
Purpose—Company's program calls
quarters to an entire building that will
(1) Moving from its present
for;
give it additional space, &c; (2) de¬
veloping additional products; (3) financing and carrying its own contracts
with bank loans at regular interest rates instead or through finance com¬
channels.
Management—S. Bertrand Barnard (Pres.), S. D. Hoffman (Sec. Treas,),
J. Mascher (Asst. Chief Engineer & V. P.), Robert A. Van Brunt
(Plant Superintendent in Charge of Production).—V. 149, p. 2503, 870.
pany
John
Barnsdall Oil
Interest
Beech-Nut Packing Co.—Special
Balance Sheet
Sept. 30, 1939
Assets—Property,
plant, and equipment,
$10,243,953; investments,
$6,920; cash, $39,180; special deposit, $4,255; notes receivable, $1,830;
accounts receivable (net), $311,821; merchandise, materials and supplies,
$112,505; insurance deposits, $4,247; deferred charges, $166,664; total,
$10,891,376.
Liabilities—I>ong-term debt, $6,026,500; consumers' meter deposits,
$194,791; note payable, $37,000; accounts payable, $107,883; accrued
debt, $121,875; accrued interest on other debt, $15,733; accrued taxes, $163,448; accrued dividend on $3.50 preferred stock,
$8,404; other current and accrued liabilities, $9,774; deferred credits,
$138,860; reserves, $1,717,835; $3.50 cumulative prior preferred stock (par
$50), $1,437,627; 1st preferred cumulative, $6 series stock (par $10),
$7,536; common stock (pai $2), $453,895; capital surplus. $67,828; paid-in
surplus, $267,443; earned surplus, $114,943; total; $10,891,376.—V. 149,
p. 2680.
interest on long-term
The Interstate Commerce Commission on Nov. 7
of 75 cents per share on the
stock, payable Dec. 15 to holders of record Nov. 22.
This com¬
with special dividend of 50 cents paid on Dec. 15, 1938 and one of
$1 paid on Dec. 15, 1937.
Company paid a regular quarterly dividend of $1 per share in addition
to extra dividend of 25 cents per share on Oct. 2, last, and in each of the
11 preceding quarters.—V. 149, p. 2503.
Belding Heminway Co.—Earnings—
770,469
$265,667
20,383
$447,434
$409,412
58,378
$421,063
55,806
35,558
$286,050
$493,093
42,084
14,005
$467,790
14,700
$329,698
$227,331
$437,005
$407,826
$404,020
17.043
Operating profit
Total income
Depreciation
deductions
Profit
y
1936
$1,179,881
852,064
1938
$1,007,378
741,711
Other income
Other
1937
$1,299,499
1939
$1,253,362
849,34 2
Includes idle plant expenses,
45,660
44,019
40,187
xl9,777
Before Federal taxes.
Note—Dividends paid on common stock for nine months of 1939 amounted
to $230,354; 1938, $114,638.
x
y
RR. (New
Cash in banks, on
a
hand & in transit
b
$224,132
$445,360
Misc.
843,932
notes
726,770
Credit
receivable
17,338
21.218
invent-
2,106,125
1,970,727
4.308
rental agreement
173.073
173,073
cos.
80,323
Common stock.
3,598
1,757,200
1,706
for
cancelation./)rl29,351
7)r7l,538
1,424,318
1,491,788
1.162,454
1,063,110
1
Dec. 31,
1932._
178,501
TotaL
$4,477,494 $4,497,158
b After reserve for doubtful ac¬
Sept. 30, 1939; $43,398. Dec. 31, 1938; $41,863.
Re¬
serve
for discounts,
Sept. 30, 1939, $46,831: Dec. 31, 1938, $34,399.
c After
reserves for
depreciation and obsolescence, Sept. 30, 1939, $1,-
counts and notes
450,556,
hares,
—V.
Dec. 31, 1938, $1,511,207.
d Represented by 523,232 no par
Sept. 30, 1939, 34,232 shares, Dec. 31, 1938, 18,932 shares.
p.
2679.
Belmont Radio
Corp.—Earnings—
1939—3 Mos— i938
Net income.
Earnings
per
After all
x
$42,952
$0.14
$66,615
$0.22
share
chaVges.—V. 147,
p.
Bendix Aviation
Complete abandonment of service on the road by Dec. 2, or such later
as the Federal District Court may determine, is proposed by the com¬
L. C. Goodhue, its counsel, told the Massachusetts P. U. Commission
Nov. 9.
The Commission has before it a petition of the road which seeks
approval of complete abandonment of service.
Mr. Goodhue said there were three reasons for the plight of the Narrow
Gauge: (1) Eastern Massachusetts Street Ry. bus operations; (2) the Boston
Elevated purchase of the Chelsea Division of the Eastern Massachusetts
Street Ry., and (3) the construction of the Sumner Tunnel.
The Commission was told that 80% of the first mortgage and 74% of the
second mortgage bonds are in favor of the proposed plan of reorganization,
which, counsel said, was really a plan of liquidation.
There are outstand¬
ing $1,000,000 of each bond issue.
Mr. Goodhue said that not enough money can be earned by the railroad
to break even, disregarding depreciation and interest charges.
In 1919 the
road carried 20,000.000 passengers, whlie this year only between 5,000,000
and 6,000,000 will be carried.
Due to lack of proper depreciation charges, the Commission was told,
one or two bad snow storms or a washout would result in complete cessation
of operations.—V. 149. p. 2963.
x
y
Earnings
149, p.
per
share.
$918,873
$0.44
Federal
$89,794
$0.04
Berkshire Street
Period End.
x
—V. 149, P. 720.
1938
1939
$2,823,674
$0.64
[,475,210
$0.79
a
dividend of $2.50 per share
on
the common
stock, payable Dec. 15 to holders of record Nov. 29.
This compares with
$1 paid on June 15 last; 50 cents paid on April 15, 1938, and 75 cents paid
on Oct.
15. 1937 —V. 148, p. 2888.
and
Briggs. Mfg. Co.—Earnings—
Period End. Sept. 30—
-
Net
profit
Earnings per share
x
x
After depreciation,
—V.
149,
p.
1939—3 Mos.—1938
$30,475 loss$694,078
$0.01
Nil
Federal taxes and surtax on undistributed profits.
1755.
Period End. Sept. 30—
Gross earnings.
Operating
1939—9 Mos—1938
$2,067,264
$253,370
$1.04
$0.13
expenses
Corp., Ltd.—Earnings—
1939—Month—1938
$1,313,659
$1,235,736
798,154
733,745
1939—3 Mos.—1938
$3,891,991
$3,715,750
2,382,919
2,234,255
$515,505
$501,991
$1,509,072
$1,481,495
149, p. 2226.
Brockton Edison Co.—To Issue Notes—
The
Securities
and
Exchange
Commission
announced
Nov.
10 that
had filed a declaration (File 43-267) under the Holding Company
regarding the issuance of a $340,000 one-year non-interest bearing
unsecured promissory note dated Dec. 30, 1939.
The note is to be issued
to Montaup Electric Co. in satisfaction
of open account indebtedness
in an equal amount, which, it is estimated, the company will owe to Montaup
Electric Co. on Dec. 30, 1939.
company
Act
'
Borne Scrymser Co.— To Pay $2.50 Dividend—
Directors have declared
1939—10 Mos—1938
$84,093
$16,242
After ordinary taxes,
Net earnings
6 Months Ended June 30—
Corp.—Earnings—
1939—Month—1938
$39,371
$47,313
7.20
7.18
Subs.)—Earnings—
Net profit after deprec., int., Fed. inc. taxes, &c__
Earns, per sh. on 4,396,704 shs. of capital stock..
Pay 25-Cent Div.
dividend of 25 cents per share on the common
Bowman-Biltmore Hotels
Period End. Oct. 31—
Profit
-V.
(&
a
15 to holders of record Dec. 1.
Dividends of $1 was
paid on Aug. 25, last, this latter being the first dividend paid since Aug. 20,
1937, when $2 per share was distributed.—V. 149, p. 2504.
stock, payable Dec.
British Columbia Power
1939—9 Mos.—1938
$1,153
$5,809
3,920,334
4,135,134
Indicates loss.—V. 148, p. 3054.
Borden Co.
dividend of 75 cents per share on the common
Boston Woven Hose & Rubber Co.—To
Directors have declared
1939—9 Mos.—1938
$3,087,083 loss$406.205
$1.47
Nil
income taxes,
1939—3 Mos.—1938
x$8,312
x$4,007
1,192,762
1,153,465
7.34
7.35
a
rental and interest, but before amortization
income taxes.—V. 149, p. 2680.
Rv.—Earnings—
Sept. 30—
Net profit
Rev. fare pass, carried..
Aver, fare per pass, (cts.)
Co.—Larger Dividend—
Directors have declared
x
Corp. (& Subs.) —Earnings—
__
After depreciation,
3109.
stock, payable Dec. 22 to holders of record Nov. 22. This compares with 25
cents paid on June 30, last; 50 cents paid on Dec. 22, 1938 and previously
regular semi-annual dividends of $1 per share were distributed.—V.148,
p. 3682.
$93,245
$0.31
$152,195
$0.51
&c.,
v On capital stock.
Net profit for 12 months ended Sept. 30, 1939, was $3,649,336, equal to
$1.74 a share, against net loss of $62,240 for the 12 months ended Sept. 30,
1938—V. 149, p. 3108.
x
Group Formed—
Organization of a committee representing a group of Massachusetts sav¬
ings banks to protect their holdings of bonds of the company, against which
an involuntary petition in bankruptcy has recently been filed, was com¬
pleted Nov. 13.
The organization of the committee follows a recent meeting of repre¬
sentatives of many Massachusetts savings banks, at which the following
committee was elected to represent the savings banks: Charles A. Collins,
President of Lynn Institute for Savings; Judge Harry C. Fabyan, President
of Brighton Five Cents Savings Bank; J. Amory Jefferies, President of
Massachusetts Savings Bank, Boston; Elmer A. MacGowan, Vice-President
and Treasurer, New Bedford Institution for Savings; and James Young
Jr., President Salem Savings Bank.
Judge Fabyan was elected Chairman
and Mr. Collins Secretary of the committee.
Damon E. Hall, of the firm of Hurlburt, Jones, Hall & Bickford, and
Rutherford E. Smith have been retained as counsel for the committee.-—
1939—9 Mos.- -1938
3905.
1939—3 Mos.—1938
RR.—Department of
Abandonment of
pany,
x
Period End. Sept. 30—
Net profit...
Lynn
date
e
149,
Period End. Sept. 30—
x
&
Utilities Asked to Approve Complete
Service—
Boston Wharf
Includes time deposits of $150,000.
Beach
Revere
Boston
Public
V.
$4,477,494 $4,497,158'
Mass.—V. 149,
3109.
1
Goodwill
a
3,941
1,757,200
862,765
193,954
charges.
Total
94,727
Earned surp. Rince
90,135
834,307
...
Fixed assets....
Deferred
d
Capital surplus...
Invest, in and adv.
to affiliated
22,554
in
eShs. held in treas.
Cash depos. under
Other assets
balances
Other liabilities-.,
28,608
Merchan.
40,143
47,878
taxes
accounts receiv.
and
accts.
expenses,
wages,&c
Accrued
trade
c
Accrued
Accts., notes, &
trade accept, rec.,
certificate per¬
Boston & Albany
York Central RR., lessee) between Barre Junction and Creamery
Road, approximately six miles, all in Worcester County,
Boston Terminal Co.—Bond
Sept. 30 '39 Dec. 31 '38
$134,013
Accounts payable.
$170,911
Liabilities—
a
25 miles, and to abandon operation over the line of the
Comparative Balance Sheet
Sept. 30 '39 Dec. 31 '38
Assets—
issued
mitting the company to abandon a portion of the Central Massachusetts
branch extending from Oakdale westerly to Wheelwright, approximately
Directors have declared a special dividend
pares
9 Mos. End. Sept. 30—•
$241,360
Net income before provision for income taxes
p.
Dividend—
common
Gross operating profit..
152,769
313,064
3,641
____
Boston & Maine RR.—Abandonment—
1939—9 Mos.—1938
x
$1,262,466
$2,602,329
y Earnings pei share
$0.56
$1.15
x After interest,
Federal income taxes, depreciation, intangible develop"
ment costs, &c.
y On capital stock,—V. 149, p. 2503.
1939—3 Mos.—1938
$204,427
$912,900
$0.09
$0.40
Expenses-
retirements.
deductions—______
Amortization of debt discount and expense,
Co.—Earnings—
Period End. Sept. 30—
Net profit...
$710,835
Gross income
Provision for property
Montaup Electric Co. also filed an application
quisition of the note.
I
for approval of the ac¬
Volume
ONE HUNDRED—
149
Brooklyn-Manhattan
Transit
Commercial & Financial
The
Plan—
r.
Gerhard
M.
Dahl, Chairman of the board of directors, and William S.
Menden, President of the corporation and Brooklyn & Queens Transit
Corp., have sent to the preferred stockholders and bondholders of the
B. M. T. and B. & Q. T. systems a statement that at the close of business
on Nov.
10, a total of $87,441,000 of B. M. T. and B. & Q. T. System
bonds had been deposited under the B. M. T.-B. & Q. T. unification plan.
The amount of bonds deposited is 56.5% of the total of $154,671,000
outstanding in the hands of the public, the statement shows.
In addition
136,088 shares of B. M. T. preferred stock, or 54.6% of the 249,468 shares
outstanding in the hands of the public, and 72,432 shares of B. & Q. T. pre¬
ferred stock, or 48.6% of the 149,217 shares outstanding in the hands of
the public, have been deposited under the unification plan.
Mr. Dahl and Mr. Menden in their statement quote from a letter sent
to a member of the B. M. T.-B. & Q. T. unification committee by Mayor
F. H. LaGuardia stating that the City of New York will not make any
changes in the total price or its allocation among the various classes of
securities provided in the B. M. T.-B. & Q. T. unification plan.
"These allocations and prices are final as far as I am concerned," the
Mayor stated, "and I am sure my colleagues on the Board of Estimate will
agree with me.
The City will not make any change in them."
The statement also calls attention to the fact that the time for the deposit
of securities under the plan expires at the close of business on Nov. 30, 1939.
Each security holder "is confronted with only two alternatives, namely,
either the success of the plan as written with reference to the price offered
for each security, or its complete failure," the statement adds.
"There is
no other choice."—V. 149, p. 2680.
Brown Rubber
Co.—Earnings—
1938
loss$54,333
1939
charges
$7,477
bondst0'
cons^er Proposals for the sale of the 6% 15-year first
interim dividend of 50 cents per share on
the
common stock,
payable Dec. 15 to holders of record Dec. 1.
Previous
dividend was paid on Dec. 16, 1937 and also amounted to 50 cents per share.
—V. 149, p. 871.
an
Bunte Brothers—To
Directors have declared
Pay $1 Dividend—
dividend of $1 per share on the common
stock,
payable Dec. 1 to holders of record Nov. 24.
Like amount was paid on
March 1, last and on Feb. 21, 1938.
A dividend of 50 cents was paid on
Feb. 15, 1937; one of $1 was paid on Dec. 1, 1936. and a dividend of 50
cents was paid on April
1, 1936, this last being the first dividend paid
since Feb. 1. 1932, and $1 per share was distributed.—V. 148, p. 724.
a
Inc.—Court Agrees to $285,000
as
Paine, Webber
discharged.
The company has decided that
because of the uncertain outlook,
engen¬
by war, it is imperative to reduce fixed
dered
President,
charges,
in
says
a
the common
This compares
1, last; 50 cents paid on July 1, last; 30 cents
paid on April 1, last, and 50 cents paid on Nov. 25, 1938, this latter being
the first dividend paid since Jan. 1, 1938, when 50 cents per share was
distributed.
See V. 145, p. 4111 for detailed record of previous dividend
payments.—V. 149, p. 1907.
Central Argentine
Income
Gross receipts
Working expenses.
a
con v.
class
A stock,
par
no
Surplus
145,
Profit after taxes,
—V.
149,
depreciation, &c
1,386,368
34,816
1,033,012
1,055,734
109,213
90,787
2,468,847
1,049,637
109,213
113,756
1,421,184
1,037,280
119,142
150,900
loss222,722
1,196,241
436,308
600,000
113,862
339,350
def222,722
159,933
def225,488
Period End. Oct. 31—
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes....
Fed. (incl. inc.) taxes
Net operating income.
Non-oper. income (net).
v
62,018
4,161
40,647
(net)
Net income
div. requirements.
149, p. 2682.
9 Mos. End.
x
y
y
1938
$2,849
Sept. 30—
Net profit..
Earnings
share...
per
Canada Cement
have
accumulations
the
on
to holders of record
dividend
a
of $1.25
share
per
on
Central Power
Operating
Operating
June 30, last.—V. 149, p.
4,258
48,068
441,540
31,423
$309,520
3,841
,164
$6,715,881
2,359,429
705,933
40,724
368,630
$3,377,775
44,313
$3,241,165
3,543
$291,707
$3,422,088
$3,286,119
110,084
54
1,315,362
CY44.324
20,260
173,035
1,299,396
27,821
234,533
$187,187
108,099
$161,309
$1,978,015
1,297,182
$1,724,369
1,297,182
1939
$112,786
$0.85
108,099
Co.—Earnings—
1938
.
44,954
1937
$94,603
$0.72
1936
$189,470
$1.44
$209,694
$1.59
Co.—Earnings—
Sept. 30—
1939—3 Mos.—1938
1939—12 Mos.—1938
$1,616,346
1,182,809
$1,571,619
1,166,678
$92,919
$433,537
$404,941
3
261
177
$100,551
$433,798
247,271
$405,118
61.233
$92,922
64,221
$39,317
and tax.
$351,845
258,926
14
exps.
$366,408
265,871
$100,537
revenues
income
Other income
pref. stock, par $100, payable Dec. 20
Like amount was paid on Sept. 20 and on
Gross income...
Int. and other deduct'ns
$28,701
$186,527
$147,433
1908.
Canada & Dominion
734,430
account of
cum.
Nov. 30.
2,595,859
57,142
x After
depreciation, Federal income and undistributed profits taxes, &c.
Earnings per share on 132,000 shares capital stock.—V. 149, p. 1171.
Net oper.
Co., Ltd.—Accumulated Dividend—
declared
1939—12 Mos.—1938
$7,197,672
$313,361
109,292
1,994
14,888
Bond interest..
Pref.
Earnings-
1939—Month—1938
$667,685
' $584,963
251,339
203,976.
2505.
p.
Directors
2,436,769
32,078
3341.
p.
Period End.
1939
$2,960
998,791
34,221
Central Maine Power Co.
Co.—Earnings—
3 Months Ended Sept. 30—
2,407,447
1,021,079
Central Ohio Steel Products
value,
payable Dec. 1 to holders of record Nov. 10.
A dividend of 40 cents was
paid on June 1 last; dividends of 25 cents were paid in each of the five pre¬
ceding quarters; a dividend of $1.50 was paid on Sept. 1, 1937; one of 50
cents was paid on June 1, 1937, and one of 25 cents was paid on March 1,
1937 —V. 148, P. 3527.
Callahan Zinc-Lead
3,756,892
1,320,123
pref. div...
—V.
dividend of 25 cents per share on account
cum.
1,913,831
915,040
35,928
income
4 Yi % pref. dividend.
—V.
£
9,777,638
7,370,191
35,928
interest, &c__.
cum.
1936
£
12,217,048
8,460,156
1,316,487
1,055,733
109,213
115,610
Net
6%
1937
9,315,262
7,401,431
1,283,731
32,757
Deb. stock interest._
Interest on notes
Other
30
£
2,246,715
962,984
_.
.
California Art Tile Corp.—Accumulated Dividend—
$1.75
Years Ended June
1938
9,421,113
7,174,398
Balance
Income from invest'ts.
Other interest
the
Ry.—Earnings—
Account
1939
Other deductions
on
Walton,
is accepted the company will
$170,000, compared with the 6% on $212,500 now
paid.
equity holders would thereby be improved.
Mr WalAnnual fixed charges would be reduced to about
$8,500 from
$12,750 in the first year.—V. 145, p. 1735.
with 70 cents paid on Oct.
The directors have declared
M.
first mortgage
~Walton points out that if the proposal
stock, par $1, payable Nov. 25 to holders of record Nov. 11.
of accumulations
a
Pay 5% interest on
The position of the
Gross income.
dividend of 50 cents per share on
offer of
reductions in principal.
If the
company's offer is accepted by bondholders they will receive the
disbursement of 75 cents on the dollar for their
bonds and retain their pre¬
ferred and common stock.
(F.) Burkhart Mfg. Co.—50-Cent Dividend—
a
an
$170,000, bearing interest at 5% and providing for
annual
made
Directors have declared
J.
letter to bondholders.
Sun Life Assurance Co. of Canada
has made
on the
property of
loan
Settlement—
Supreme Court Justice Isidor Wasservogel approved Nov. 13 a settlement
on behalf of Paine, Webber & Co. with Burco, Inc.
The compromise
provides for the payment of $285,000 by the banking house to Burco in
return for the discontinuance of an accounting action brought by Burco.
Objections to the settlement were entered by some co-defendants of the
banking house.
These were overruled by Justice Wasservogel, who said
they had no status since these co-defendants had asserted no counter-claims.
The accounting action grew out of a transaction whereby voting control
of Burco was transferred from one group to another with the aid of Paine,
Webber & Co.—V. 149, p. 3109.
mortgage
The bondholders will be asked to
authorize the trustee, Toronto General
Corp., to sell the issue of $212,500 for $159,375 in cash and dis¬
tribute the payment to bondholders.
This amount would equal 75 cents
on the dollar of
principal amount of bonds.
The mortgage deed of trust
would thereby be
Trusts
Net receipts
Directors have declared
by the company that a meeting will be
Corp., 253 Bay Street,
held Nov. 23 at the offices of Toronto
General Trusts
Exchange difference.
Bucyrus-Erie Co.—Interim Dividend—
Burco,
Apartments, Ltd.
Bondholders have been notified
3255
-To Sell Bonds-
£
3 Months Ended, Sept. 30—
Net profit after all
—V. 149, p. 1468.
YEARS OLD
Cawthra
Under
Corp.—Deposits
Sugar Co., Ltd.—Extra Dividend—
Net income.
—V.
149
p.
__
257,685
1618.
Directors have declared
an extra dividend of 25 cents per share on the
payable Dec. 1 to holders of record Nov. 15.
Regular
quarterly dividend of 37 XA cents per share previously declared will also be
paid on Dec. 1—V. 147, p. 2524.
common
Canada
Northern Power Corp.,
Period End.
Sept. 30—
Ltd.—Earnings—
1939—Month—1938
$4.32,177
201,807
Gross earnings.
Operating expenses
Net earnings.
$224,103
1939—9 Mas.—1938
$3,918,623
$3,805,114
1,917,604
1,755,919
$440,325
216,222
—V.
149,
p.
$230,370
$2,001,019
1939
$191,187
37,607
1938
$67,528
lossl3,232
Registers with SEC—
given on first page of this department.—V. 148, p. 3055.
International
Investment
Trust,
Ltd.—
Accumulated Dividend—
a dividend of 50 cents per share on account of
5% cumulative preferred stock, par $100, payable
Directors have declared
Dec.
1
on
the
holders of record
to
of the Committee
are Eugene S. Brooks, New York, Chairman; Steele Du
Bosque, New York; N. S. Hall, Philadelphia, and Harland J. Maynard Jr.
149, p. 2965.
—V.
Central States Power &
Bonds
3 Months Ended Sept. 30—
accumulations
mortgage 4% and 5% bonds of the company in reorganization proceedings.
The road recently filed under Section 77 of the Bankruptcy Act.
Members
Airways, Inc.—Earnings—
Total operating revenues
Profit after deprec. & other charges but before taxes
Canadian
A committee of four has applied to the Interstate Commerce Commission
for authority as a protective committee to represent holders of the general
$2,049,195
2505.
Canadian Colonial
See list
Central RR. Co. of N. J.—Committee—
stock,
Nov,
15.
Similar
payments
were
made in
previous quarters.—V. 149, p. 1018.
Charles True Adams, trustee of Utilities Power & Light
Central Vermont Public Service
1939
1938
Period End. Oct. 31
$4,716,026
$4,011,965
Increase
$704,061
3110.
Canadian Pacific
Ry.—Earnings—
Earnings for the Week Ended Nov. 7
1939
—V.
149,
p.
Carson
1938
$3,603,000
Traffic earnings
$3,263,000
Operating revenues..
Operating expenses
State & municipal taxes.
Social security taxes
Fed. (incl. inc.) taxes—
—
Net operating income.
Non-oper. income (net).
3110.
Hill Gold Mining
Tons milled
-
1939
99,376
-
Revenue from sale of bullion
Revenue from other
$229,098
7,395
sources
Total revenue
—
—
Operating costs
Operating profit before deducting depreciation,
depletion, &c
above operating
include all
ment, repairs, and renewals.—V. 149, p. 1018.
costs
Bond interest
Corp.—Earnings—
1938
97,740
$213,611
177
$236,493
188,043
$213,788
170,109
$48,450
an¬
Other interest (net)
Other deductions
1939—12 Mos.—1938
$2,286,512
$2,153,213
1,229,209
1,265,557
168,544
155,278
17,152
16,798
122,083
97,338
$66,211
Dr50
$27,096
$749,524
257
4.771
$27,353
20,417
1,047
2,314
$754,295
245,000
14,343
54,348
$621,994
245,000
$3,575
$440,604
18,928
227,136
$341,786
227,136
1,199
1,843
Net income
Pref. div. requirements.
—V. 149, p. 2506.
$43,679
Corp.—Earnings
1939—Month—1938
$221,134
$200,787
128,496
155.007
14,037
13,352
1,5°5
1,177
10,885
4,155
$66,161
20,417
Gross income
3 Months Ended Sept. 30—
Note—The
Increase
$340,000
Corp., has
bonds which the company received as part of the sale price of its Canadian
property approximately $3,200,000 of the bonds have been obtained.
As there was some delay in making the tender for the bonds in The Nether¬
lands where a substantial portion is held, the trustee asked authority from
the Securities and Exchange Commission to extend the offer which expired
Nov. 8.
Between $200,000 and $300,000 is probably still available for
purchase of the bonds. On the extended offer the trustee asked the right
to pay for the bonds as they are submitted and to disregard the preference
in accepting tenders from small holders which was included as part of the
original offer. The price in the extended offer is 72, the same as in the orig¬
inal.—V. 149, p. 2507.
Earnings of the System for the Week Ended Nov. 7
—V. 149, p.
Light Corp.- -Gets $1,892,900
72 Call—
nounced that Central States Power & Light Corp. has acquired $1,892,900
of its bonds as a result of its recent call for tenders at 72.
Including the
Canadian National Ry.—Earnings—
Grcss revenues
on
$42,702
18,928
$618,242
3,752
12,404
22,804
Chicago Pneumatic Tool Co. (& Subs.)—Earnings—
[Excluding German Subsidiaries]
expenditures for develop¬
Period End.
x
Sept. 30—
1939—3 Mos.—1938
1939—9 Mos.—1938
Net profit.
$288,652
$199,162
$676,891
$574,354
x After
depreciation, Federal income taxes, &c.—V. 149, p. 1619.
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3256
Chicago
Island
Rock
Pacific
&
To Redeem
Institute
Ry.—To
18,
1939
Preferred Stock—
Directors have authorized the redemption on Feb. 1,1940, of 30,000 shares
Service—
Truck
Nov.
Interstate Commerce Commission has authorized this railway to operate
carrier by motor vehicle between points on its rail lines in four
to supplement existing rail service primarily for the expedited
handling of less than carload freight.—V. 149, p. 2966.
of 6% preferred stock at the call price of $102.50 per share, plus accrued
dividends from Jan. 1, 1940. Redemption will be by lot from a list of stock¬
as a common
holders of record Nov. 21.
States,
to the
Chile
Copper Co. (& Subs.)—Earnings—
9 Months Ended Sept.
Operating
Total
1939
1938
1937
....$11,672,351 $14,060,895 $24,256,837
30—
income...
Other income (int. &
238,518
miscell. inc.)...
income
-
Interest on serial notes
U. 8. and Chilean income taxes (est.).
Prov. for deprec. & obsolescence
349,827
Consolidated net income without
deduction for depletion—...—
5.11
$3.94
Note—No provision has been made in the above preliminary consolidated
Income account for surtax, if any, on undistributed profits.—V. 149, p.1173.
Cincinnati Ball Crank Co. (&
Period End.
Sept. 30—
Period End.
Gross
147, p. 3528.
$5,564,523
458,174
744,775
678,417
Maintenance
Provision for retirements
Taxes....
Net
approximately nine cents per share on the
Illuminating Co. (& Subs.)—Earns'
1939
_$12,811,971
47,903
$7,528,684
1938 and
for
1937, include $3,345 and
Federal
surtax
on
undistributed
Net
Co.—Earnings-
-
1939—12 Mos.—1938
Coca-Cola Co.
1
1939
Operating profit
$5,637,698
1,386,228
Federal income taxes
$604,393
500,000
$829,394
500,000
$4,023,850
2,000,000
$4,251,470
2,000,000
CJassAdivs
$329,394
$2,023,850
$2,251,470
Period End. Oct. 31—
Ry.—Earnings—:
1939—Month—1938
$10,800
1939—10 Mos.—1938
$7,716
$66,039
$0.14
•
After depreciation, interest, Federal income taxes,
shares of capital stock.—V. 149, p. 2507.
.
x
Cities Service
&c.
y
$59,944
$0.13
share
1938
$
$
158,612,190 159,809,021
118,629,707 117,471,181
19,656,014
19,640,018
revenue...
Operating expenses, maintenance and taxes
Reserves for depletion and depreciation
Net operating revenue
income
12,711,536
4,527,808
706,420
11,376,341
7,283,018
200,000
901,105
Cities Service Co.—Int. charges & amort, of disc't.
Provision for contingencies
29,322,105
7,974,030
7,072,924
Balance
22,697,822
6,624,283
11,850,252
4,392,689
413,744
income
Subsidiary and trusteed company deductions:
Interest charges and amortization of discount
Preferred dividends paid and accrued
Earnings applicable to minority interests
20,326,469
4,304,245
24,630,715
...
Other
$9,325,412
Colorado
&
Southern
Cities Service Power &
Light Co. (& Subs.)—Earnings
1939
Operating expenses, maintenance and all taxes...
Reserve for depreciation
1938
$46,072,971 $43,627,554
27,319,266
25,866,387
3,984,620
3,733,474
.$14,769,085 $14,027,692
revenue
income..'.
607,232
.-
income
709,916
$15,376,317 $14,737,608
Subsidiary Deductions—
Interest charges and amortization of discount
Preferred dividends paid and accrued
Earnings applicable to minority interests
6,065,989
2,315,003
413,875
Ry.—Plans Change
Cities Service Power &
$6,581,451
2,476,006
Columbia Gas & Electric Corp. (&
Subs.)—Earnings—
1939—12 Mos.—1938
$97,741,266 $94,709,767
63,109,359
62,773,657
10,663,010
10,245,615
Operating
& taxes..
Prov. for retire. &depl-_
13,957,680
2,282,520
13,131,931
2,150,755
Net operating revenue
$3,587,098
61,840
$3,236,121 $23,968,896 $21,690,495
94,733
304,765
378,286
Gross corporate inc..
Int. of subs, to public &
$3,648,938
$3,330,854 $24,273,661
other fixed charges...
Pref. divs. of subs, and
908,602
904,047
3,719,076
3,653,680
611,372
607,246
2,454,010
2,460,916
exp.
Other income.
*
Bal. applic. to Colum¬
bia Gas & El. Corp...
Net rev. of C. G. & E.
Combined
$2,128,964
$1,819,561 $18,100,575 $15,954,185
Dr215,665
applic.
to
fixed charges of
C. G. & E. Corp... $2,028,959
Int. charges., &c., of C.
G. & E. Corp
1,360,446
6,283,093
2,322,049
277,185
Light Co.
Net income
a
Interest
$4,105,445
$3,071,055
charges and amortization of discount.
Note—Above figures include profit and
respective periods.—V. 149, p. 1321.
loss adjustments applicable to
Clear Springs Water Service Co.Calendar Years—
1938
Operating re venues
Operation
Gen. exps. chgd. to const
Prov. for uncollect, accts
Maintenance
.
General taxes
1936
1935
$97,685
34,341
$97,529
33,645
$94,013
31,696
Cr781
Cr495
Cr362
1,050
5,638
2,438
33,612
Cr280
440
6,358
3,084
On
1,304,562
$668,513
1,800
7,007
1,429
1,260
7,275
852
Net earnings.
$53,643
$54,999
$54,142
$53,290
3
2
14
3
$53,646
30,000
$55,001
31,600
$54,156
34,800
$53,294
34,800
453
966
110
179
275
1,028
8,000
289
319
600
319
600
5,000
5,000
5,000
$13,890
13,200
$16,546
13,200
$13,328
6,600
$12,196
6,600
Gross corp. income
on funded debt
Int.
Miscellaneous interest
Amort, of debt disct. &
__
expense
Prov. for Fed. inc. tax..
Prov. for retire.& replacei
Net income
Preferred
—Y.
dividends...
800
149, p. 2966.
Colgate-Palmolive-Peet
Directors
on
Nov. 9 declared
an
Co.—Extra
Dividend—Bonus—
extra dividend of 50 cents
per share on
15 to holders of record Nov. 21. Extra
the common stock, payable Dec.
cents was paid on Nov. 15, 1938.
Regular quarterly
dividend of 12j^ cents per share was paid on Nov. 15, last.
dividend of 12H
Directors also voted a bonus of one week's pay to be
paid Dec. 15 to all
employees who have served for one year or more, excepting those already
being compensated under the executive and sales department bonus plans.
5,162,356
$299,334 $12,779,171 $10,822,566
6,459,665
6,459,665
$4,362,901
$0.52
share
$0.36
shares outstanding at end of respective periods,
b It is the
general practice of the corporation and its subsidiaries, when a rate is being
contested, to include as gross revenues only such portion of the total amount
billed as is represented by the lower of the disputed rates.
Note—The consolidated income statement does not include American
or
its subsidiaries.
The corporate charter of American
has been repealed and
its former assets are held by a
Bankruptcy Act.
Trustees in bankruptcy have
also been appointed for its principal
subsidiaries, Inland Gas Corp. and
Kentucky Fuel Gas Corp.
trustee under the Federal
Plan Protested
tion
by Ohio—State Requests SEC to Deny Integra¬
Proposal Filed by Utility Company—
The
Other income..
5,412,209
$6,319,506
per
common
Fuel & Power Co.
Fuel & Power Co.
Earnings—
1937
$96,857
a
30,737
$1,603,896 $18,191,380 $15,984,922
Balance
Earnings
90,805
earns
Bal. applic .to cap.stk.
ofC. G. & E. Corp...
$5,855,281
2,784,226
$22,068,781
DrlOO.OOl
Corp
a
.
of Name to
Period End. Sept. 30—
1939—3 Mos.—1938
b Gross revenues
$19,827,298 $18,518,808
Preferred dividends paid
Balance
a
$2.01
Ry.—
minority interests
9 Months Ended Sept. 30—
Gross operating revenue
Gross
$8,041,700
$2.04
any of the rights or liabilities of the company.
In a letter to stockholders requesting their cooperation in the proposed
change of name, Ralph Budd, President of C. & S., said that it is desirable
to designate by an apt descriptive the single operating
company which
will result from unification of operations of C. & 8. in Colorado and Texas,
An application is now pending before the Interstate Commerce Commis
sion for authority to unify operations of properties of the
company in those
States, now operated separately by the C. & S., Fort Worth & Denver
City Ry., and the Wichita Valley Ry.
"The unified operation will avoid wasteful duplication, particularly in
supervisory officers, accounting, and shop work, and will result in sub¬
stantial savings,"
Mr. Budd said.—V. 149, p. 2967.
3,893,324
Net income
Notes—iX) Above figures include profit and loss adjustments applicable
respective periods.
(2) On July 11, 1939 Cities Service Co. divested
itself of control of Cities Service Power & Light Co., Gas Service Co.,
Kansas City Gas Co. and Wyandotte County Gas Co. by a transfer of
shares owned of such companies (including the voting power thereof for all
purposes) to trustees under certain indentures.—V. 149, p. 1619.
Other
$8,134,793
3,991,900 shares
to
operating
$8,491,700
450,000
$2.23
on
$8,584,793
450,000
A change in the name of the company to the Fort Worth & Denver
Ry.
has been recommended by the management.
The change will in no way
affect the amount or position of bond issues or classes of stock, or change
1939
Net
450,000
common.
per
Ft. Worth & Denver
Co,—Earnings—
9 Months Ended Sept. 30—
Gross
$9,775,412
________
For 9 months ended Sept. 30, 1939, net profit was
23,747,597, equal to
$5.61 a share on common, comparing with $21,125,707, or 4.95 a common
share, for the 9 months ended Sept. 30, 1938.—V. 149, p. 3111.
On 475,239
[Including Subsidiary and Trusteed Companies]
operating
$12,137,512 $10,558,993 $10,138,400
2,362,100
1,974,200
1,648,700
common stock..;
Earnings per share
Gross
...
Net profit
Surp. for
1937
.$12,636,789 $10,647,491 $10,120,901
Dr499,277
Dr88,498
17,499
$5,620,905
1,597,054
Earnings
1938
.$17,876,015 $15,585,112 $15,311,007
5,239,226
4,937,621
5,190,106
Expenses.
343,447
xNetincome
were
(& Subs.)—Earnings—
3 Months Ended Sept. 30—
Gross earnings
$1,172,841
—V. 149, p. 1173.
y
pro¬
in
Other income (net)
Cincinnati Street
of
p.
$5,608,838
28,859
Balance..
which
2683.
$5,588,889
32,016
dividends...
income
12 months ended
respectively,
made
$1,166,602
6,240
income
Preferred
$301,
December, 1937 and 1936, for the respective calendar years.—V. 149,
$1,017,893
413,500
income
$7,441,982
$6,511,064
Note—The provision for Federal income taxes for the
Total incomeGross corp.
Int. & amortiz. charges.
$11,510,304 $12,421,132
54,608
131.628
$12,859,874 $11,564,913 $12,552,760
1,500,000
1,500,000
1,500,000
8,871
9,103
11,932
Cr21,636
Cr32,186
3,843,956
3,576,931
3,598,846
Interest during construction
Approps. for deprec. reserves
Sept. 30,
1937
1938
$28,875,969 $27,031,083 $28,196,672
16,063,997
15,520,779
15,775,540
Other interest
$1,015,102
2,792
revenue
or
Gross income..,.
Interest on funded debt...
$104,393
operating
Other income
which applied
1020.
p
Cleveland Electric
visions
$5,488,810 $24,859,488 $24,721,746
2,609,622
11.450,015
11,378,867
432,962
1,686,449
1,739,298
692,748
3,125,770
2,988,264
586.876
3,008,366
3.006,478
2,668,056
149,
Net income
1939—9 Mas.—1938
$9,267 loss$33,575
1939—3 Mos.—1938
Sept. 30—
revenues
Operation
stock.—V.
12 Months Ended Sept. 30—
Operating revenues
Oper. exps., maint. & taxes
Subs.)—Earnings—
1939—3 Mos.—1938
$5,070
loss$4,170
Cincinnati Gas & Electric
terms and conditions
1,311,197 $17,417,722
$1.44
capital stock
Net profit....
x After all charges.—V.
same
Net operating revenues
Non-operating revenues
$6,345,730
Earnings per share on 4,415,503 shares
x
$180,000 per year,
amount to
common
181,037
$11,910,869 $14,410,722 $24,437,874
311,250
506,256
562,732
3,525,200
2,351,600
4,299,752
1,728,689
2,241,659
2,157,668
The
redemption of 50,000 shares of the preferred stock on Aug. 1, 1939,
will apply and funds will be available for the redemption of the stock on
Jan. 2, 1940.
Calling the stock will reduce the outstanding preferred stock
of the company to $15,000,000.
The savings in preferred dividends will
State of Ohio,
and the
P.
U.
through its Attorney General. Thomas J. Herbert,
Commission of Ohio
has filed
with the Securities
and
Ex¬
change Commission a petition requesting that the plan of integration of the
corporation, awaiting decision by the SEC, be denied.
The petition, signed jointly by the Attorney General and members of
the State Utilities Commission, is a supplemental brief in the nature of
a demurrer to
Columbia Gas's application for approval of its plan of in¬
tegration under Section 11 of the Public Utility Holding Company Act.
The plan, filed several months ago. proposed many changes
looking toward
further corporate simplification of the system, but contemplated no changes
of a physical nature involving geographic rearrangement of
properties.
In seeking the SEC's approval of its plan, the management of Columbia
Gas declared in documents filed with the Commission that the "Columbia
system already has been brought to a high degree of corporate simnlification and integration and is at present in substantial compliance with the
requirements of Section 11 of the Act."
Columbia Gas's most extensive
operations are in Ohio, although the system also operates in seven con¬
tiguous States.
Position of Litigant
Asserting that on the basis of its proposal Columbia Gas "is in the posi¬
a litigant who asks a court for a favorable
ruling upon the merits
of a petition or application while stating that he cannot or will not at that
tion of
time
present his entire case to the court for its consideration," the Ohio
brief declares that such procedure would not be permitted by the court
and "should not be allowed by the Commission."
Volume
ONE HUNDRED—
149
Commercial & Financial
The
While the Columbia Gas plan of integration covered a major part of the
system, certain affiliates in the system which are the subject of court action
under the anti-trust laws were not included in the plan because, it was
stated, final disposition of the action brought by the Department of Jus¬
tice was pending.
Companies not included in the plan were the Columbia
Oil & Gasoline Corp. and the American Fuel & Power Co. (dissolved) and
Congress Cigar Co., Inc.—Earnings—
Period End. Sept. 30—
Net profit
x
Earn, per sh.
on cap.
After charges and Federal taxes.—V.
x
should have been filed with the SEC under Sections 6 and 7 of the Act.
1939—9 Mos.—1938
$2,798 loss$18,204
$0.01
Nil
1939—3 Mos.—1938
$7,550
$41,852
$0.02
$0.14
stk.
149, p. 1174.
its former subsidiaries.
Recalling that Columbia Gas has had under consideration a refunding
program for approximately $104,000,000 of debenture debt, the brief de¬
clares that such program should not be dependent on approval of the sys¬
tem under Section 11 of the Holding Company Act, but rather that the plan
3257
YEARS OLD
Consolidated Biscuit Co.—Earnings—
Period End. Sept. 30—
Net profit
x
Earnings
y
1939—9 Mos.—1938
1939—3 Mos.—1938
$103,603
Nil
$0.32
loss$7,280
per share
Examples of Cities Cited
"Furthermore," it is said,
it cannot be accepted as a valid reason for
the approval of a partial plan because it glosses over and ignores such situa¬
tions as are found, for example, in Toledo and Portsmouth, Ohio."
In this
connection the brief cites the
position taken by the United Fuel Gas Co.,
Columbia Gas subsidiary, concerning gas rates where the company ob¬
tained a temporary injunction against the Ohio Utilities Commission on
a
the grounds that the company was
engaged in interstate
commerce
questioned the jurisdiction of the Federal Power Commission
that it
(United Fuel)
and later
the gounds
on
engaged in intrastate commerce.
"Columbia's second reason for offering a partial plan is certain pending
litigation, some of which is brought against Columbia under the Sherman
A.rti-Trust Law, and the balance of which is brought against it and others
by some of the excepted companies or minority investors' interests therein,"
the Ohio brief continues.
"How can any of the parties who have inter¬
vened properly present for the consideration of the Commission the claims
Period End.
Net profit
x
Earns, per sh.
represent?
And how
can
the Commis¬
Toledo, with gas from an excluded
pipe line not far from its gate.
Another is the City of Cine nnati, with
similar gas near at hand and also with an excepted producing company in
Kentucky across the river.
The Commission can rest assured that the
approval of the plan now before it will settle nothing as far as those two
cities are concerned on any question of the supply of gas or the price to be
paid for it."—V. 149, p. 2228.
Columbian Cprbon Co.
9 Mos. End. Sept. 30—
Profit after charges and
1939
1938
$3,839,623
1,363,756
136,383
Cr40,847
on
Net
sale of securs.,
income
$2,380,330 x$l,944,459
1,612,218
1,611,650
Dividends paid
Surplus
$768,112
share
per
537,406
$3.62
x$2,654,104
$1,136,515
537,406.
Corporation reports the appointment of the Registrar & Transfer Co.
of Jersey City as a co-transfer agent of the common stock of the corporation,
effective Nov. 20, 1939.—V. 149, p. 2683.
Consolidated Edison Co. of New York,
$2,654,104
537,411
$6.85
Consolidated Edison
1939
$
$
1939
Liabilities—
Property account. 19 ,161,076 43,024,422
Invests., less res.. 4,,298.635
4.455,223
Cash
2 ,877,562
...
Notes & accts.
Mkt.
sees,
Fed.
1.681,737
x
1,977,396
Minority
at cost.yl ,027,848
1,029.978
Depr. & depl.
176,645
Est.
137,641
1
1
Goodwill, tr. mks.,
528,942
_
468,051
pr.
Earned
31,621.726 53,926.810
—
1,013.824
yr.
23,588,482
3 Mos. End.
Net loss.
Z388.889
Total
7.088,034
6,292,918
53.926.810
Represented by 537,406 no par shares, excluding 1,014 shares in treasury,
y Market value $1,047,160.
z Includes reserve for Federal income taxes,
prior years, in dispute, amounting to $300,000.
1939
$156,083
1937
$219,742
1938
$93,012
149,
p.
1936
$274,489
/
1910.
par
Consolidated Steel Corp., Ltd.—Earnings—
y
9 Mos. End. Sept. 30—
Net profit.--
Earnings
x
After
1939
$107,384
per share
1937
$245,021
$1.72
1938
$82,026
$0.57
$0.76
1936
$145,615
$1.02
charges and normal Federal income taxes, but before provision for
profits tax.
y On 142,189 (no par) shares $1.75 preferred stock.
For the quarter ended Sept. 30, 1939
net profit was $45,313 or 32cents
excess
preferred share, comparing with net profit of $8,881 or six cents a pre¬
ferred share in September quarter of 1938,
ended June 30, 1939.—V. 149, p. 1471.
and net loss of $79,412 in quarter
Consolidated Textile Co., Inc.—Earnings—
16,242
31.621,726
surplus...
surplus.._
of the
a dividend of $2 per share on the common stock
value, payable Nov. 20 to holders of record Nov. 14.
Previous
were as follows;
75 cents on Oct. 15, last 30 cents on Aug. 21;
$1.50 on June 16; 75 cents on May 15, last; 50 cents on March 30, last;
$1 on Nov. 14, 1938; 30 cents on Sept. 26, 1938; 70 cents on Aug. 22, 1938;
$1 on Nov. 1, Oct. 4 and Sept. 7, 1937, and 50 cents paid on June 7 and
March 1, 1937.—V. 149, p. 2508. ■
255,000
16.242
Sept. 30—
After taxes, interest, &c.—Y.
no
Fed'l
Capital surplus
production
distributions
a
210,092
1,086,062
res.
announced
Consolidated Rendering Co.—Dividend—
700,898
420.000
Interest.
income tax
&c
Deferred charges.
775.145
current
York
Directors have declared
%
21,849,354 21,849.354
tax,
1,152,360
1 ,684,149
Other assets
Total
.income
1 ,866.868
rec.
Inventories
1938
$
Capital stock
Accts. pay., &c
of New
plants of its system for the week ended Nov. 12 amounting to
143,400,000 kilowatt-hours, compared with 133,400,000 kilowatt-hours
for the corresponding week of 1938, an increase of 7.5%.—V. 149, p. 3112.
x
1938
Co.
electric
$4.94
Consolidated Balance Sheet Sept. 30
Assets—
Inc.—Weekly
Output—
Before provision for Federal surtax on undistributed profits.
x
the San Francisco Stock Exchange.
on
Co-Transfer Agent—
of
x$3,686,067
2,549,552
depreciation and Federal tax, but before provision for
profits.—V. 149 p. 1471.
Consolidated Coppermines Corp.—Listing—
$3,787,555
1,018,981
114,470
300,446
0263,408
1939—9 Mos.—1938
$514,257
$501,904
$0.23
$0.11
1939—3 Mos.—1938
$170,897
$167,220
$0.08
$0.04
com.stk
Consolidated Railroads of Cuba (& Subs.)—Earnings
1936
$4,830,019
1,106,914
$332,809
537.406
$4.43
Shs.com. stk. (nopar)..
Earnings
$3,136,890
1,118,496
77,661
Cr3,726
on
The capital stock has been listed
x
Deprec. and depletion.,
Minority interests
Profit
1937
Sept. 30—
After interest,
x
(& Subs.)— -Earnings—
Federal income taxes,
On 323,000
surtax on undistributed
sion rule thereon?
"One illustration of this is the City of
y
Consolidated Cigar Corp. (& Subs.)—Earnings—
was
and interests of those whom they
$282,206
$0.87
$53,787
$0.17
After depreciation, interest, and Federal income taxes,
shares capital stock.—V. 149, p. 1174.
x
Period—
Aug. 27 '38
Aug. 27'38
Aug.26'39 to Feb. 25'39
$3,399,208
$1,714,161
3,292,256
1,689,832
to
Gross sales
less returns, discounts and allowances.
Cost of goods sold
-
x
Final Dividend—
Interest
Directors have declared a final dividend of $1.50 per share on the common
stock, payable Dec. 11 to holders of record Nov. 24.
Previously regular
quarterly dividends of $1 per share were distributed.—V. 149, p. 1173.
Columbus & Southern Ohio Electric Co. (&
[Formerly known
as
4 ,392,798
734,925
1 ,772,960
1,,108,596
473,143
Provision for depreciation
State, local, &c., taxes
Federal income taxes
4,077,760
689,336
1,173,807
424,146
3,990,107
696,108
1,463,535
1,223,860
461,201
$3,789,332
i>6,694
Maintenance
certificate of indebtedness
income.
Other credits
$3,810,131
Dr31,542
$3,783,508
120,594
1.468,487
Provision for depreciation of fixed assets.
Interest accrued on debentures
Deficit for the period
$105,307
7,689
27,212
$113,360
59,538
69,202
-
advances
$24,329
84,343
41,543
3,750
$70,406
$242,101
on
Subs.)—
Columbus Ry. Power & Light Co.]
1939
1938
1937
$12 ,271,754 $11,643,667 $11,618,321
General operating expenses
on
Miscellaneous
x
12 Months Ended Sept. 30—
Gross operating revenue
expenses
Factoring charges, incl. int.
$106,952
162,761
90,511
7,500
$153,821
13,248
27,212
Selling and administrative
$134,737
29,730
34,601
x Profit on sales of fixed assets,
$27,583; abatement of prior years' taxes
and interest, &c., $9,322; total, $36,905; Deduct—Special flood expenses in
addition to items charged to cost of goods sold, $9,693; balance (as above),
\
$27,212.
Balance Sheet
Net earnings from operations
.
Non-operating income
on
$3,782,638
1,085,455
5,855
17,297
$3,904,102
1,040,000
2,508
Cr27,591
69,359
15,000
/-
$2,721,250
unfunded debt
Interest charged to construction
Amortization of debt disct. & expense
Amortization of pref. stk. disct. & exp.
$3,778,589
1,040,000
5,517
Cr56,284
65,297
15,000
15,904
$2,693,154
$2,804,826
Crl33,657
71,439
15,000
Miscellaneous deductions
Net income
-V. 149, p. 1174.
par
Commonwealth Edison
(inter¬
company sales deducted) for the week ended Nov. 11, 1939 was 162,556,000
kilowatthours, compared with 138,256,000 kilowatthours in the correspond¬
ing period last year, an increase of 17.6%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
Kilowatthour Output
1939
1938
Nov. 11_Oct.
Oct.
162,556,000
164,997.000
164,191,000
161,223,000
4
28
21
%
Increase
138,256,000
135,873,000
136,716,000
137,460,000
17.6
21.4
20.1
17.3
I
—V. 149, p. 3111.
Community Water Service Co. (& Subs.)—Earnings—
(Exclusive of New Rochelle Water Co.)
1939
$5,804,075
Operating expenses, maintenance and taxes
2,784,747
12 Months Ended Sept. 30—
Gross earnings
327.337
Reserved for retirements
yl938
$5,756,894
2.780,084
338,259
8,800
454,826
expenses
conv.
covered
fr.
funds
38,721
g
(at
and
6%
for
of
furn. & fixtures,
ctf.
of
89,753
125,000
.
15-yr.
125,000
in¬
due
Aug. 27, 1940-
974,785
c938,908
72,629
re¬
pro¬
debtedness
d Supplies & rtores
38,721
15-
cessing taxes..
42,068
42,068
plants
values)
34,601
40,597
5%
income debs
f Reserve
sub¬
fair
conv.
year
court
Oper.
...
accrd
for reorg.
accrd. on
Int.
ven¬
held
to
175,700
175,700
re¬
10,495
&
expenses
debentures
Processing taxes
22,356
69,202
payroll
Reserve
15-year
5%
inc.
35,451
29,143
Bills & accts. pay.
Accrd.
$134,428
57,957
$229,303
-
Taxes pay. &
for
74,653
9,924
account
b Special deposits-
tee
Aug. 26 '39 Feb. 25 '39
Factors' advance
cash dep. with trus¬
conv.
5%
income debs, due
Copper rolls, at est.
73,023
73,173
Aug. 27, 1953..
1,387,850
1,387,850
Res. for contings..
25,000
1
1
Cap. stk. (par 10c.)
28,015
25,000
28,015
15,988
value
Co.—Weekly Output—
The electricity output of the Commonwealth Edison Co. group
Week Ended
10,848
572,533
Inventories
order
a dividend of 1 Yi cents per share on the capital
value, payable Nov. 29 to holders of record Nov. 18.
This
compares with 2 H cents paid on Aug. 31, last; one cent paid on May 29,
last; 3H cents paid on Aug. 25, 1938 and an initial dividend of 5 cents paid
on May 25, 1938.—V. 149,
p. 1174.
Nov.
Accounts recelv
dors,
Directors have declared
no
e
$71,387
$48,036
ject
Commoil, Ltd.—To Pay \ l/^-Cent Dividend—
stock,
Cash In bank & on
a
Liabilities—
Aug. 26 '39 Feb. 25 '39
hand
Net earnings
Interest on funded debt
Interest
Assets—
19,362
Cap. surp. at or¬
ganization of co.
139,570
h242,101
139,570
1134,737
Goodwill,
trade¬
marks, &c
Deferre d charges.
-
Oper.
$1,949,733 $1,909,854
Total
deficit
Total
$1,949,733 $1,909,854
b Under the terms of the indenture of
prior to Aug. 27,1941 (or later date on certain
conditions), employ $150,000 hereof for the rehabilitation of or improve¬
ments to the Lynchburg Cotton Mill; the remaining $25,700 may, prior to
Oct., 1940, be used for the same mill or for the Windsor Print Works,
c As estimated by J. E.
Sirrine & Co. as of acquisition by company, with
subsequent additions at cost; Lynchburg Cotton Mill, $606,565; Windsor
Print Works, $245,739; Ella Cotton Mill, $140,521; total, $992,826; add—
furniture and fixtures, $4,970; total, $997,796; less—reserve for deprecia¬
tion, $58,888; balance, $938,908.
d At cost less reserve for obsolete stock,
c Secured by merchandise inventories,
f Claimed by customers of prede¬
cessor company, and payable from special deposit on receipt of court order.
g Secured by a first lien on all property except the Ella Cotton Mill,
h For
the period of 52 weeks ending Aug. 26, 1939.
i For the period of 26 weeks
a
At the lower of cost or market,
mortgage, the company may,
ended Feb. 25. 1939.—V. 149, p. 574.
Gross income
$2,691,990
1,646,571
522,796
Interest, amortization of discount, &c., of subs
x Preferred dividends of subs
Minority interest
Interest, amortization of discount, &c., of Com¬
munity Water Service Co
12,380
$2,638,552
1.720,634
522,528
11,304
369,295
--
373,899
Consolidation Coal
Period End. Sept.
30—
Sales, royalties, Ac
Profit after expenses
Net income
x
Includes
$140,948
-
provision
of $13,644 in
$10,186
each year for cumulative preferred
y
nterests on April 1
1938.—V
149, p. 1174.
__
142,385
152,722
142,840
292,565
4,383
179.945
220,385
401,083
840,244
5.681
272.078
303,873
421,090
876,114
8,117
$287,066
$1,026,623
$1,001,448
Adjusted to
exclude the accounts of the Woodbridge Building Corp., which was sold to
non-affilated
Deprec. and depletion
Federal income tax, &c_
226,238
241,041
131,870
288,438
Crl8
$179,249
Total income
Interest
dividends not declared or earned by a subsidiary company,
Co., Inc. (& Subs.)—Earnings—
1938
1939—9 Mos.—1938
1939—3 Mos.
$6,106,620 $19,146,590 $19,469,250
$6,476,774
Net loss
-V. 149
p.
1471.
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3258
Consumers Power
Cumberland County Power &
Co.—Financing Approved—
A financing program involving issuance and sale of $32,125,250 of first
mortgage bonds and new common stock by the company, largest operating
unit of the Commonwealth 8c Southern Corp. in the North, has been ap¬
proved by the Michigan Public Utilities Commission, it was announced
Nov. 14 by Wendell L. Willkie, President of Commonwealth & Southern.
Involving widespread new construction for Consumers Power, which
operates entirely within Michigan, the financing is expected to be carried
out within the next month.
Morgan Stanley & Co., Inc., and Bonbright 8c
Co., Inc., will, it is understood, head the underwriting syndicate In offering
of the securities scheduled for public distribution.
Of the $32,125,250 financing $13,531,250 will represent new capital
for construction and expansion of Consumers Power.
The balance, $18,594,000, will be for refunding Consumers Power 3% % bonds due on May 1,
1965.
In the hands of the public are .118,594,000 of these first mortgage
bonds, originally sold in 1935 and redeemable on any interest date on 30
days' notice at principal plus a premium of
of 1% for each three consecu¬
tive years of unexpired life.
The 3?4s are redeemable presently at around
104.
Breakdown of Financing
Actual breakdown of the financing, as approved by
Commission, is as follows:
the Michigan Utilities
(1) $10,000,000 of new-money first mortgage bonds to be sold at an
interest rate not to exceed
4%.
„
(2) Issuance and sale of 125,000 shares of new common stock at $28.25
ci
sh<irG
(3) $18,594,000 of new first mortgage refunding bonds at an interest
M %, proceeds of which are to be used exclusively to
a like amount of first mortgage 3 %b due in 1965.
rate not to exceed 3
Directors Approve Bond,
The directors at
Stock Issues—
special meeting Nov. 16 authorized the issuance of
$28,594,000 of additional first mortgage bonds and 125,000 shares of com¬
mon
a
will be sold to the Commonwealth & Southern Corp.
for refunding and construction purposes.—V.
Container Corp. of
149,
(parent) will be used
Dissolution Decree—
Seeking to block immediate dissolution of the company, a notice of
appeal has been filed in Common Pleas Court, Cleveland, on behalf of a
committee of common stockholders headed by B. J. Falkenstein.
The common stockholders' committee holds that the company is solvent
and should be returned to the stockholders, rather than be liquidated,
as provided for in a Common Please Court decree issued in October.
The effect of the notice of appeal will be to hold up, for a period of 60
days, the resolution plan of a preferred stockholders' committee for reor¬
ganization headed by Frank A. Scott.—V. 149, p. 2968.
share in ad¬
dition to the regular quarterly dividend of like amount on the common
stock, both payable Nov. 29 to holders of record Nov. 20.—V. 149, p. 1619.
$125,879
32,745
$1,427,070
392,940
$1,383,351
394,851
157
693
deductions——
$113,697
32,745
Cr20
15,347
12,508
194,818
020,864
174,883
Net income
Pref. div. requirements-
$65,625
29,164
$80,469
$838,619
349,968
$834,481
333.646
Gross income
Bond interest-.Other interest
Other
Curtiss-Wright Corp.—To Pay $1 Class A Dividend—
Cushman's Sons, Inc.—Accumulated Dividend—
a dividend of $ 1.75 per share on the 7 % cumulpref. stock, par $100, payable Dec. 1 to holders of record Nov. 20.
Divi.
dends of 87 H cents per share were paid in each of the eleven preceding
quarters.—V. 149, p. 3113.
The directors have declared
Davega Stores Corp.—Earnings
6 Months Ended—
Net sales-
Net loss from
y
$73,752
$1.06
$0.63
Nil
$0.53
x After provision of
$5,000 for surtax on undistributed profits,
depreciation Federal Income tax.—V. 149, p. 1911.
Cuba Northern
y
After
1938
$561,210
$476,307
613,028
632,021
608,088
$124,792
Cuba RR. Co.x
x
$51,819
$155,714
$76,534
1939
$32,390
1936
1937
$59,233
1938
$37,585
$193,115
1939
1938
$3,209,019
$2,890,103
514,153
187,111
430,478
739,112
..........
524,017
187,399
436,933
739,358
$1,338,165
76,259
$1,002,396
77,441
.
expense
General and administrative expense
Net profit from operations
Other income
..
_
Provision for Federal & State income taxes (est.)-,
Net profit
—
$1,414,425
130,734
248,000
Si,079,837
108,279
$1,035,691
$813,307
158,250
Receivables (net)
Inventories
Investments, advances, Ac.*
Plant & equipment (net)....
Deferred charges
Liabilities-
Notes payable---
$1,083,724
3,116,385 Accounts payable
836,374
2,163,013
4,890,485
224,903
Accrued liabilities.
$15,333
546,899
—
324,789
Sinking fund
—175,000
Debs., less current sink, fund
requirement as above
Equip, purchase obligations.
1,650,000
Reserve for contingencies.
6
preferred stock
60,781
1,677,500
1,905,075
248,149
5,685,556
Dr 1,200
Common stock (178,623 shs.)
Paid In surplusEarned surplus
Preferred stock in treasury
Total
-V, 149, p. 2509.
$12,294,883
$212,262
$0.45
$0.97
Nil
Federal taxes on undistributed income, such
being determinable until the end of the fiscal year,
y Alter
not
Dayton Power & Light Co.—Earnings—
$2,711,477 $13,541,203 $12 ,889,290
,188,043
6,113,863
1,327,138
711,334
736,164
171,521
Gross corp. income._
Int. & amort, charges
income.,
dividends
Balance
—V.
149, p.
to
-
1,098,533
1,798,877
,002,226
,624,140
$740,887
2,021
_.
212,644
327,030
$673,144
3,705
$3,793,765
10,957
$3 ,363,547
16,580
$742,908
196,311
$676,849
207,004
$3,804,723
790,777
$3,380,127
833,714
$546,597
112,503
$469,845
112,503
$3,013,946
450,012
$2,546,412
450,012
$434,094
Net oper. revenue.
Other income
Net
1938
1939—12 Mos,
1939—3 Mos.—1938
$2,969,723
1,369,944
170,793
Provision for retirement245,243
Taxes
442,857
Operation
Maintenance-
$357,342
$2,563,934
$2,096,400
1472.
Lackawanna
&
Western
RR.—Asks
RFC
Buy Equipment Issues—
The road has asked the Reconstruction Finance Corporation to purchase
$3,100,000 equipment trust certiiicates, to finance the purchase of 1,100
freight cars.
The equipment obligations, which would be purchased
by the RFC at not less than par, would bear 2H% interest and mature
serially over a 10-year period.—V. 149, p. 2969.
new
Derby Oil & Refining Corp. (& Subs.)—Earnings—
9 Months Ended
Net profit.
y
Earnings
x
Sept. 30—
1939
1938
$69,827 loss$l 12,924
Nil
Nil
share
per
1937
$435,337
$1.44
After depreciation, depletion, non-productive development expense and
y On 263,142 no-par shares common stock.
taxes,
Directors have declared two dividends of $1 per share each on account
of accumulations on the $4 cumulative convertible preferred stock, no par
value,
Total-
one
payable Dec. 15 and the other on March 15, 1940 to holders of
1 and March 1, respectively.
Last previous payment was $1
on Sept. 30, 1938.—V. 149, p. 1758.
share made
Detroit Edison Co.
(•& Subs.)—Earnings—
12 Months Ended Oct. 31—
Gross earnings from utility operations
x
Utility
1938
1939
$59,167,451 $54,650,678
43,300,311
41,653,984
expenses
Income from utility operations
$15,867,140 $12,996,694
60,782
I>r20,650
Other miscellaneous income-Gross corporate income..
Interest on funded and unfunded debt
Interest charged to construction
Amorti zation of debt discount and expense
Net Income
.$15,927,922 $12,976,043
5,762,977
5,841,388
0118,967
0110,141
297,821
273,944
$9,986,091
$6,970,852
Including all operating and maintenance charges, current appropriations
to depreciation or retirement reserve and accruals for all taxes.
Note—Figures in the foregoing statement reflecting net income for periods
prior to Dec. 31, 1937, do not take into account any Federal surtax on un¬
distributed net income, as our tax returns indicated that no such tax was
payable.
For subsequent periods, the company estimates that it will be
required to pay Federal income tax at the mhiimum rate of 16 M %.—V. 149,
p. 2509.
Detroit
Paper
Produces
Corp.—^Underwriters
Court Action Under Securities Act—
Start
The first suits brought in State Supreme Court by underwriters under
provisions
of
the
Securities
and Exchange
Act relating to registration
statements have been filed by M. J. Hall & Co., Inc., and Russell Maguire
& Co., security underwriters.
The suits charge Alvin H. Johnson, engi¬
neer, and Johnson & Wierk, Inc., engineering firm, with alleged misleading
statements in connection with the issuance or preferred stock of the Detroit
Consolidated Balance Sheet, Sept. 30,1939
Assets—
Bank bal. & working funds..
x$100,546
•
Nil
Period End. Sept. 3 0—
Gross revenues
x
Consolidated Income Account for 9 Months Ended Sept. 30
„■
-—-
charging $27,276 for depreciation and amortization in 1939; $28,934 In
1938; $26,001 in 1937 and $27,779, in 1936.—V. 149, p. 724.
Inc.—-Listing—
mediately upon the contemplated amendment of company's charter and
will replace the now outstanding 178.623 shares no par common stock).
Company at present has authority to issue 16,775 shares of preferred
stock (par $100) being the number of shares outstanding after deducting
certain redemptions or an original issue of 25,000 shares of such preferred
stock, and 250,000 shares (no par) common stock of which 178,623 shares
are now outstanding.
The corporation is to be authorized, subject to stockholders' approval,
to issue 500,000 shares of common stock
(par $5), instead of the existing
no par value common
stock, and the now outstanding 178,623 shares of
common stock are to be
changed each share thereof into two shares of $5
par value common stock.
Total income
Other deductions.
-
defx$49,007
record Dec.
The New York Stock Exchange has authorized the listing of 357,246
shares of common stock (par $5) (all of which shares will be outstanding im¬
Depreciation
Repairs
Selling, shipping and delivery
com.
41,409
——
-
Without providing for
x
taxes
per
Gross profit from sales
-
$49,007prfx$141,955 prf$212,262
Accumulated Dividend—
Earnings—
After taxes, interest, depreciation, &c.—V. 149, p. 1911.
Cuneo Press,
share of
per
stock.
x
-V. 149, p. 1911.
3 Mos. End. Sept. 30—
Net loss
-
42,418
36,694
6,634
4,354
x$8,121
$531,554
de¬
Net loss
and
Net loss—
Divs. paid on pref. stock
1936
1937
1939
$463,968
588,760
Expenses, interest,
preciation, &c
inc.
$o,148,120
3,766
State franchise taxes-
Rys.—Earnings—
3 Mos. End. Sept. 30—
Gross income
Fed.
Prov. for
Sept. 24, '38 Sept. 25, *37 Sept. 26, '36
$4,818,416
$5,442,132
$5,024,400
42,373 profl78,649 prof254,680
Sept. 30 '39
opers—
Delaware
1936
1937
x$113.332
1938
loss$ll,229
29.164
Directors on Nov. 10 declared a dividend of $1 per share on the class A
stock, payable Dec. 15 to holders of record Nov. 30.
This compares with
50 cents paid on Oct. 15 and July 15 last; $1 paid on Dec. 15,1938; 50 cents
paid on Dec. 15, 1937, and an initial dividend of 50 cents paid on Dec. 15,
1936.—V. 149, p. 2968.
extra dividend of 15 cents per
1939
$64,268
(net)
—V. 149, p. 2509.
Crystal Tissue Co.—Earnings—
9 Mos. End, Sept. 30—
Net profit
Earnings per share on
93,000 shs. com. stock
3,831
25,429
$1,324,338
59,013
Preferred
Cook Paint & Varnish Co.—Extra Dividend—
y
31,340
$1,331,906
95,164
Resigns—
Dr. Lewis Hart Marks on Nov. 14 announced his resignation as President
of this company and nine affiliated companies, effective on Dec. 31,'1939.
—Y. 142, p. 949.
an
33,201
3,955
27,710
$119,214
6,665
Equals
20-year gold bonds, due June
15, 1946, has been called for redemption on Dec. 15 at 101 % and accrued
interest.
Payment will be made at the National City Bank of NewYork
and at the Continental National Bank & Trust Co. of Chicago.—V. 149,
P. 2968.
Directors have declared
215,561
Bal. avail, for com. stk.defx$8,121
America—Bonds Called—
Continental Shares, Inc.—Appeals
$395,375
255,049
Net operating income.
Non oper. income (net)-
A total of $60,000 first mortgage s. f. 6%
Continental Distilling: Co.—President
$424,927
-
2684.
p.
1939—12 Mos.—1938
$4,768,973
$4,583,337
2,538,958
2.687,089
371,062
386,809
42,887
46,607
306,092
316,562
1939—Month—1938
Operating revenues
Operating expenses
State & municipal taxes
Social security taxes—„
Fed. (Incl. income) taxes
stock.
Wendell L. Willkie, Chairman; stated that proceeds from the sale of
bondrwhtch"WIirbe*6ffered to the public and of the common stock which
Light Co.—Earnings-
[Including Cumberland Securities Corp.)
Period End. Oct. 31—
refund
Consumers Power by this plan is raising new capital for construction
through the sale of first mortgage bonds and common stock.
All the new
common stock will be bought by Commonwealth & Southern at a total
'price of $3,531,250.
The last time the parent concern bought Consumers
Power common stock was in December, 1936, when 43,636 such shares
were bought in order to finance
partially the acquisition for $3,000,000
of Citizens Light & Power Co. from the Cities Service Power & Light Co.
Nov. 18, 1939
7,000
$12,294,883
Paper Products Co.
Each plaintiff seeks $200,000 damages alleged to have been lost as the
or "false and misleading statements" submitted to the SEC as to
the capacity and the condition of the Western Board Mill plant at Kala¬
mazoo, Mich.
The plaintiffs state that solely on the reports of the defend¬
ant engineers, each paid over to the Detroit company $312,500 for 12,500
shares of 6% cumulative convertible preferred stock.
In the Maguire
result
suit, Samuel M. Goldman is also named defendant.
Justice Schmuck adjourned until Nov. 22 hearing of motion on behalf
of the defendants to strike several causes of action as being insufficient on
which to base suits.—V. 149, p. 1475.
Devoe & Raynolds Co.—New Vice-President—
W. H. Mathews has been appointed Vice-President in charge of the trade
sales division of this company, according to announcement byE. S. Phillips,
President.
Mr. Mathews has also been elected a director of the company.
—V. 149, p. 411.
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Dictaphone Corp.—Dividend Again Increased—•
Du Pont Film
Directors have declared a dividend of $1 per share on the common
stock, no par value, payable Dec, 1 to holders of record Nov, 17. Divs. of
75 cents were paid on Sept. 1 and on June 1, last, and previously regular
quarterly dividends of 25 cents per share were distributed.—V. 149, p. 258.
$57,888
1939—9 Mos.—1938
$290,425
$929,388
$1,244,230
meeting the directors of the company are Buell
Hollister, Chairman; William Dubilier, President,
and M. D. Joyce,
Secretary.—V. 149, p. 1759.
Pepper Co.—Extra Dividend—
Directors on Nov. 15 declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 30 cents
per share on the
common stock, both payaole Dec. 1 to holders of
record Nov. 18.
See also
V. 148, P. 1026.
Dodge Mfg. Corp.—EarningsEarnings for 10 Months Ended Aug. 31, 1939
,
$417,817
of directors to three members from the six members in office last
year was
approved. As elected at the
Earnings for 9 Months Ended Sept. 30, 1939
Net loss after all
1939—3 Mos.—1938
876.
p.
At the recent adjourned stockholders
meeting a reduction in the board
Co.—Earnings—
Net income after all charges.
—V. 135, p. 303.
__
149,
Dubilier Condenser Corp.—Directorate Reduced—
District Bond
Doctor
Mfg. Corp.—Earnings—
Period End.
Sept. 30—
Net earns.after all chges.
—V.
3259
charges
$16,555
—V. 149, p. 2365.
Eagle Lock Co.—-To Buy In Own Shares—
Company has called
a special meeting of stockholders for Nov.
28 to
on a proposed offer
by the company to buy in two-thirds of its out¬
standing stock at $15 per share.
Specifically, the proposal will be to expend
up to $800,000 for this purpose, and inasmuch as there are 80,000 shares
outstanding (with a small number held in the treasury), up to 53,333 shares
can be bought in, or two-thirds of the total.
Following a down-trend in the lock industry, sales have declined from a
figure of around $4,000,000 a few years ago to a total in the year ended
act
June 30,
1939 of $1,236,000.
Net working capital as of the latter date
$2,067,378, which is greater than the company needs.
It can pay
$800,000 to buy in stock and still have working capital equal to its
recent annual sales volume.
In June the company had $145,000 of cash
totaled
out
Domestic Finance
6
Months
Ended
Corp. (& Subs.)- —Earnings—
Sept. 30—
and $615,000 of United States and Canadian Government bonds and other
1939
$1,179,210
680,035
1938
1937
$1,079,406
612,022
$1,023,687
$499,175
$467,384
$466,363
85",600
75",600
91
6
16,500
60,570
1,185
$392,378
$388,107
Other income.
$414,084
11,119
6,942
9,570
Profit before prov. for Fed. inc. tax
Prov. for Fed. inc. tax for period
$425,203
z91,190
$399,320
y90,980
$397,677
x58,707
$334,013
143,663
126,000
$308,341
95,824
221,000
$338,970
70,684
50,000
Gross
earns
(from int., disct., Sec.)
Cost of financial services
Portion
of
deferred
losses
of
new
net
small
operating
loan
offices
charged off
Provision for doubtful accounts
Loss on sale of capital assets
miscellaneous liquid assets.—V. 145, p. 3530.
557,324
Eagle Warehouse & Storage Co.—Dividends Resumed—
Directors have declared a dividend of $1.25 per share on the common
stock, payable Dec. 1 to holders of record Nov. 21. This compares with $3
paid on Dec. 23, 1937 and on Dec. 23, 1936—V. 144, p. 278.
East
Kootenay Power Co., Ltd.—Earnings—
Period End. Sept.
Gross earnings
Operating
expenses
30 —1939—Month— 1938
$44,801
$47,839
15,825
14,239
Net earnings
Consolidated
net
profit
Preferred dividends
Common dividends.
x
net
Less net
under
tional for
over provision for prior
years in amount of $1,902.
y Includes
provision of $11,064 for prior years,
z Includes $3,490 addi¬
prior years.
Consolidated Balance Sheet
Assets—
1939
Cash
1938
&
7,209,538
3,348
y
1,350
z
furniture
329
Cumul. pref. stk
Common stock__
2,968,218
118,358
103,051
56,134
62,243
2,119,878
210,000
July 1, 1934
518,032
Total
Dominion Glass Co., Ltd.—New President—
L. J. Belnap, President of Consolidated Paper
Conp., Ltd., was elected
President of this company,
148,
p.
Operating income
succeeding the late Sir Charles Gordon.—V.
436.
Note—The
Stores, Ltd.—Sales—
Period Ended Nov. 4—
Sales.
1939—4 Wks —1938
•
$1,433,401
1939—44 Wits.—1938
$1,345,417 $16,879,231 $15,768,003
Stores in operation
'
statement
capital gains
p. 2229.
421
$186,957
$914,434
10,192
479,287
$743,528
53,802
$133,993
$445,339
$265,394
838
operations
covers
9,041
487,175
depreciation,
after
interest,
taxes, but before Federal income tax, capital stock tax,
losses and other nonoperating adjustments.—V. 149,
Eastman Kodak Co.—To Pay
Wage Dividend—
1940 wage dividend approximating $2,444,000 has been voted for
employees by the board of directors, to be paid March 25, 1940.
Regular employees of the company who are at work on March 25, 1940,
and who have worked all or partof 26 different weeks in 1939, will be eligible
for the wage dividend.
The number that will participate is not yet known,
but checks for the previous wage dividend, paid in March, 1939, were
received by 28,403 employees throughout the world, of whom 15,966 were
Rochester
The rate for the 1940 wage dividend, dependent on the amount of divi¬
dends declared on the common stock during 1939, was established by the
dividend declaration on the common, which brought the 1939 declaration
to $6 a share.
467
—V. 149, p. 2509.
or
$182,064
1,961
53,245
A
in
Dominion
1939—9 Mos.—1938
$7,676,227
$7,361,028
6,761,793
6,617,500
$130,780
_.
Net income
$8,997,760 $8,118,025
I
Co.—Pref. Div.—
1939—Month—1938
$1,073,484
$974,889
891,420
787,932
expenses
rentals and local
x After allowance for
depreciation of $52,055 in 1939 and $64,750 in 1938.
Represented by 143,663 (101,246 in 1938) no par shares,
z Represented
y 210,000 no par shares.—V. 147, p. 3760.
$194,863
$177,868
$33,600
Steamship Lines, Inc. (& Subs.)—Earninas—
revenue
Other income
Other expense
1,660,519
608,769
Earned surp. since
$8,997,760 $8,118,0251
Eastern
Operating
Operating
210,000
1,845,888
Capital surplus
and fixtures
Deferred assets
Total
164,857
6,505
$28,976
p. 2229.
Directors have declared a dividend of $1.50 per share on the 1st preferred
stock, series A payable Dec. 15 to holders of record Dec. 1.
Dividends of
like amounts were paid in four preceding quarters.
Arrearages now amount
to $46.50 per share.—V. 149, p. 2685.
94,411
164,675
Unearned discount
securities,
Office
x
100,210
Federal income tax
6,334,425
sundry
notes A accounts
Sundry
1938
Accounts payable.
loans receivable.
Em pi.
1939
Notes pay. to bks.$3,100,000 $3,350,000
Chattel & co-maker
149,
Eastern Massachusetts Street Ry.
Period End. Sept. 30—
Sept. 30
Liabilities—
$1,610,382 $1,610,452
-V.
Mos.—1938
$270,710
$285,198
92,842
90,335
1939—6
The wage dividend recently voted is the 28th since the plan was inaugu¬
rated in
1912, and it will bring the total Kodak wage dividend payments
since that time to approximately $45,750,000.
Douglas Aircraft Co.- -Earnings—
9 Months Ended Aug. 31—
As the wage
1939
1938
1937
$19,192,359 $22,899,839 $15,276,503
15,118,092
20.285,172
14.012,028
$2,614,667
218,750
$1,264,475
Other income.
$4,074,267
307,116
$2,833,417
$1,313,481
Federal income tax, Ac.
$4,381,383
1,452,234
546,990
646,169
365,284
376,300
$2,382,159
$1,821,964
Adj. min. interest
Earns, per share on
W
common
stock.
_
-
«
—
-r
—
$3.97
.
$3.19
49,006
114,121
$823,060
29,735
$1.49
For quarter ended Aug. 31, 1939, net profit was $985,368,
equal to $1.64
share on 600,000 shares, comparing with $728,815 or $1.28 a share on
570,683 shares in August quarter of previous year and $625,269 or $1.10 a
share on 570,683 shares for quarter ended May 31, 1939.
dividend works out, each employee who has completed five
years' service at the end of 1939, and who is in the service of the company
March 25, will receive a check for more than three times his average weekly
during the five years from 1935 through 1939
An employee, for example, whose earnings during the five years have
averaged $30 a week, will receive a check for $97.50.
Employees who have been with the Kodak company more than six months
in 1939 but less than five years, will receive payments in proportion to
their length of service, in accordance with the wage dividend rules.
The wage dividend, as defined by the Kodak company, is paid in recog¬
nition of the contributions which its loyal and efficient workers make to
the success of the business.
Its payment and continuance from year to
year is dependent upon the earnings being sufficient to warrant it and also
upon special action of the board of directors.
The wage dividend, as ex¬
plained to employees, should not be considered in the same light as wages,
but rather as a share in the earnings of the company.—V. 149, p. 1176.
wage
Ebasco Services
a
Backlog Higher—
Company has a backlog now approximating $78,000,000 compared with
figures placed at $50,000,000 two weeks ago.
While the company
has not officially announced receipt of orders from belligerent
governments,
Inc.—Weekly Iwput—
For the week ended Nov. 9, 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;
ItlCTBdSC
official
order from the French Government for DB-7 bombers accounts for the
increase largely along with some commercial business, including the $3,400,-
an
000 order just placed by United Air Lines for
p.
10 DC-4 models.—V.
149,
Operating Subsidiaries of—
1938
1939
American Power & Light Co._ 126,119,00D
Electric Power & Light Corp. 63,181,000
77,716,000
National Power & Light Co..
10.8
9.9
10.2
inputs of any com¬
Note—The above figures do not include the system
2969.
"
%
Amount
12,338,000
5,697,000
7,193.000
113,781,000
57,484.000
70.523,000
panies not appearing in both periods.—V. 149, p. 3113.
Duquesne Light Co.—Earnings—
Years Ended Sept. 30—
Operating
Operation
1938
1939
$31,258,959 $29,356,336
9,433,830
8,788,509
2,078,232
2,219,319
3,000,717
2,723,507
revenues
Maintenance and repairs
Appropriation for retirement
reserve.
Amortization of leaseholds
722
1
Taxes
2,273,964
1,735,600
Provision for Federal and State income taxes
Eisler Electric
Corp.—Earnings—
Earnings for 9 Months Ended Sept. 30, 1939
$1 >033 -495
Net sales
399,251 shares capital stock (par $1)
784
Listing—
2,177,442
1,809,025
-
The New York Curb Exchange
will list upon official notice of issuance
6,749 additional shares of $1 par par common stock.—V.
Net operating revenues
$12,735,894 $11,637,749
180,100
179,995
Rents for lease of electric properties.
Ekhardt & Becker Brewing Co.,
Period End. Sept. 30—
Net
operating income
$12,555,794 $11,457,754
Merchandising, jobbing and contract work (net)..
4,012
5,503
Dividend revenues
50,682
139,782
Interest revenues
296,197
188,605
Miscellaneous income (net)
3,192
Dr 1,035
Interest
on
$12,909,877 $11,790,610
2,450,000
2,450,000
315,941
315,949
Cr 18,802
Cr125,536
125,000
128,002
127,653
;
funded debt
Amortization of debt discount and expense
Other interest (net)
Appropriation for special
reserve
Miscellaneous deductions
y
Earnings per share.
x
Before
L
$10,034,735
14,407,448
Earned surplus, beginning of period
Total
$24,442,183 $22,901,755
1,375,000
1,375,000
8,034,236
7,056,408
5% cumulative first preferred stock dividends
Common stock dividends
Federal
income
tax
interest and expense
deficiencies
together
thereon—prior years
Miscellaneous direct items (net)
Earned surplus, end of period-V.
149,
p.
25i0.
$8,897,544
14,004,211
y
1939—9 Mos.—1938
$80,918 loss$150,604
Nil
Nil
$0.05
On 1,500,000 shares.—V. 149, p. 1473.
Electromaster, Inc.—Earnings—
1939—3 Mos.—1938
Sept. 30—
$9,343
Net loss
x
After all
charges.—V. 147,
p.
$42,868
1939—9
Mos.—1938
$123,940
$72,498
3158.
Elgin Joliet & Eastern RR.—Equipment Issue—
until Dec. 1 for the sale of $4,250,000 equipment
certificates due in 1 to 10 years and carrying a 2 M % interest
Bids are to be received
rate.—V.
149,
p.
2686.
Elk Horn Coal
-
loss
after
depletion,
depreciation,
1939
x
After charges including
years
1938
amortiza¬
tion of leasehold equit> and other deductions...
several
.
Corp.—Earnings—
3 Months Ended Sept. 30—
Net
with
3,436,028
1,731
loss$48,093
$0.02
Federal taxes,
Period End.
x
ment trust
Net. income
$33,218
Net
149, p. 726.
Inc.—Earnings—
1939—3 Mos.—1938
income....
x
_
Gross income
29,633
$0.07
Net profit after taxes, interest, depreciation, and patent amortiz.
Earns, per share on
$114,857
x$135,090
$20,971 interest payable at exercise of option
hence.
62,899
Note—Provision for interest payable at exercise of option amounting to
$41,781 for the first two quarters has been reinstated to income.
No
$11,595,188 $14,407,448
option interest was considered in the September quarter of 1939.—V. 149,
p.
1473.
dividend of 50 cents per share on the $2.25
to holders of record
last; dividends of 50
Evans Products Co. (&
12 Month.* Ended Sept. 30Operating revenues
Operating expense-
—
2££»£73
Provisions for retirements
58,810
*
$83,144
Net operating income--
2,359
Other income
Net income
Other interest
-
--
w *
construction
_
a
$60,333
2,549
549
701
62
701
-
$66,572
-
Before deducting interest and
*8838 *iMS
Interest
Prov.
the bankrupt railroad likely
charges for 1939. The Erie's
reorganization plan provides only $6,484,537 in annual fixed charges.
Because of improved conditions, Mr. Sunderland said he thought $14,000,000 of new money would be adequate to carry out the reorganization.
The Erie's original plan called for $21,500,000, while
Milo Brinkley,
support of its reorganization plan,, said
would have $12,500,000 income available for
in
3,790
110,550
$347,816
1,307,387
$1,076,475
$1,010,374
$1,655,204
surplus, Sept. 30__
$1,076,475
$1,010,374
$1,472,107
per share on 244,191 shares
capital stock (par $5)
$0.22
Total.
stockholders
Balance earned
Earnings
x
Brinkley's
would give
169,454
202,950
787,049
1,220,953
1,351,729
1,010,374
Cap. stk. ($5 par). 1,220,953
Capital surplus
1,351,729
16,112
7,112
7,705
premiums
Sundry Invests. &
on
Earned surplus...
1,076,475
accounts
145,713
259,387
955,006
1,097,895
1,398,160
less allowance
1,519,138
__
Tlmerlands
Property, plant and
equipment
1
1
61,416
44,699
taxes, &c
He said it represented "a
x
$5,324,484
Interest Payments
Ex-Cell-O
Authorized—
the Federal Court at Cleveland to
bonds of the New York & Erie RR. as follows: Interest due
on or before May 1, 1939, on first mortgage bonds; interest due on or before
Sept. 1, 1939, on second mortgage bonds, and interest due on or before
•March 1, 1938, on third mortgage bonds.
Another order gave the trustee permission to pay interest of $20,488. due
Nov. 1, and semi-annually thereafter, on the series A extended bonds of
the New York, Lake Erie & Western Coal & RR.
The company is to set
aside $52,250 for capital expenditures each time interest on these bonds is
paid. Excess would be credited to interest on the series B extended bonds.
The court also authorized the trustees to abandon a portion of the New
York & Greenwood Lake RR. and extended to Dec. 1, 1939, the time in
disaffirm
or
reject leases 2971.
Period End.
The interest due May 1, 1938, Nov. 1, 1938, May 1, 1939, and Nov. 1,
1939, on New York & Erie RR. 1st mtge. bonds extended at 4%. due 1947,
is
now being paid as is also the interest due March
& Erie RR. 3d mtge. bonds extended at 3 Ya % due
Control of Cleveland & Mahoning
1, 1938 on the New York
March 1, 1938.
Valley Rv. Approved—♦
The Interstate Commerce Commission on Nov. 14 approved the acquisi¬
tion
by Robert E. Woodruff and John A. Hadden, trustees of the Erie
RR., of control of the Cleveland & Mahoning Valley Ry. by purchase of
its capital stock.
The report of the Commission says, in part:
The Cleveland comnany has issued and outstanding 65,184 shares of
capital stock (par $3,259,000), which are owned by the Atlantic Leased
Lines, Ltd., an English corporation.
It is proposed that the applicants
shall acquire the aforesaid capital stock by purchase from its present owners
for the sum of $7,900,000, as of July 1, 1939, with interest at the rate of 4%
annually from that date until the date upon which the transaction is com¬
pleted.
At the present time title to the stock is to be taken in the name of a
properly qualified corporate trustee of the United States, to be selected,
satisfactory to the Reconstruction Finance Corporation and the appli¬
cants, under a collateral trust agreement securing an issue of certificates by
the corporate trustee, payment of which is to be guaranteed by the appli¬
cants, or their successor or successors, in trust, and also by the Erie RR.,
jointly and severally, in the principal amount of $7,000,000.
These cer¬
tificates are to be purchased at par by the RFC and the proceeds thereof
applied toward the purchase of the stock in question.
The applicants will
pay directly the remaining $900,000, and the interest on the purchase
price from July 1, 1939 to the time the transaction is completed.
The trust certificates are to be secured by a first lien on all the capital
stock now outstanding or hereafter issued by the Cleveland company,
are to mature in 10
years from the date thereof, are to be amortized to the
amount of $200,000 annually with semi-annual payments, and are to bear
interest at the rate of 4% payable semi-annually.
They will be redeem¬
able only on an interest payment date at a premium of 2.5% of the principal
amount in the first year, decreasing at the rate of ^ of 1% in each year
thereafter.
Upon payment of all the outstanding certificates, the capital
stock of the Cleveland company will be conveyed free of any encum¬
brance to the applicants, or their successor or successors.
Nov. 14 granted the trustees authority to assume ooligation
and liability in respect of not exceeding $7,000,000 of Erie RR. Cleveland
on
Mahoning Valley Ry. collateral trust certificates, 1939, to be issued by
Fidelity-Philadelphia Trust Co., as trustee, and sold at par and accrued
the
in
connection
with
the
acquisiion
of control,
by
stork purchase, of the Cleveland & Mahoning
Valley Ry.
The Commission also approved the purchase
by the RFC of the $7,000,000
coll. trust certificates at not more than par.—V. 149,
p. 2971.
Erie Terminals
RR.—Restraining Order—
An order restraining the company, its officers or
agents, from taking any
action which would alter the status of its
property until a court can decide
on the question of ownership was
signed Nov. 15 in the U. S. District Court
at
Newark, N. J., by Judge William Clark.
Walter Kidde, trustee of the New York, Susquehanna & Western RR.,
was appointed receiver and was instructed to continue to hold
and operate
the Erie Terminals' properties until the determination of the issues involved.
A petition filed by Mr. Kidde alleges that the Erie Terminal has never
been anything but a holding company, holding properties some of which in
reality belong to the Susquehanna and
some of which in reality belong to
It asks the court to order the Erie Terminal Co. to convey to the
Susquehanna trustee, for the benefit of the creditors of that company, all of
After reserves
Earnings
a
($3 par)
share
of
per
1939—9 Mos.—1938
1939—3 Mos.—1938
$193,685
$143,443
394,750
393,345
$0.49
$301,693
393.345
$0.76
$530,514
394,750
$1.34
$0.36
Federal income taxes, but before surtax on undis
149, p
1474.
After charges and
tributed profits —V
Fansteel Metallurgical
Corp.—Options Extended—
Notice has been received by the New York Curb Exchange that the option
granted to Robert P. Aitchison, President of this company, to purchase
10.000 shares of unissued common stock at $5 per share, as previously
extended to Dec. 31, 1939. had not been exercised and that the option has
been further extended to Dec. 31, 1941.
The Curb has also extended the listing
until Dec. 31,
1941.—V. 149,
p.
authority for the additional shares
1621.
Federal Mining & Smelting
Co.—Earnings—
3 dQuar.
3d Quar.
of 1939
30,842
5,473
3,940
$259,709
income after deprec. but before
deducting deple., Federal taxes on
income & year-end adjustments.
2dQuar.
of 1939
31,097
xl5,024
Tons of concentrates produced
Tons of shipping product produced by
lessees.
$194,340
loss$23,874
of 1938
19,175
Net
x Includes
13,624 tons previously produced by lessees, the income from
which, $10,500, was not realized until this quarter.
Stock
Split-XJp Approved—
,
on Nov. 16 approved a five-for-one split-up of the common
reduction in the par value from $10 a share to $2.
The number
of authorized common shares was increased to 246,640 from 50,000.
Stockholders
stock and
F.
H.
a
Brownell,
meet on Dec. 3 or 4
told stockholders that the directors would
payable
President,
to act on a common dividend which would be
He said payments to stockholders would be made quarterly
attempt would be made to maintain a regular rate.
This would
Dec. 23.
on
but
no
depend upon earnings.
He
$200,044.—V. 149, p. 2080.
estimated
Water Service Corp.
Federal
that
earnings
in
October
were
(& Subs.)—Earnings—
Earnings for the 12 Months Ended Sept. 30, 1939
Operating revenues
$21,973,144
Operating expenses and taxes..
.__A
13,029,563
Net earnings
$8,943,581
Other income
174,240
»
Gross income
>,117,821
Charges of Subsidiary Companies—
on long-term debt
(net), &c
Interest
5,100,940
Miscellaneous interest
145,723
Amortization of debt discount and expense
Dividends on preferred stock (paid or accrued)
201.258
Dividends
preferred stock not declared
on
or
248,536
718,104
774,613
accrued
Minority interest in net income
Balance before extraordinary deduction of
Gas Co.
Cost of expenses of natural gas
Southern Natural
$1,928,646
226,326
exploration
Balance
$1,702,319
Charges of Federal Water Service Corp.—
on 5H % gold debentures
Interest
337,136
Miscellaneous interest, &c
Certificates—
RFC
y
Corp.—Earnings—
Sept. 30—
Net profit.
Shares cap. stk.
a
_
Interest Being Paid—
Collateral Trust
$5,324,484 $5,699,553
Total
$793,273 in 1939 and $857,732 in 1938.—V. 149, p. 1474.
on
which trustees may
$5,699,5531
After allowance for doubtful accounts and freight,
creditors."
The trustees have been authorized by
the Erie.
16,112
association
Bourne, counsel for the institutional group, argued for the
the
169,435
taxes
Reserves
—
Deposit
S3,000,000 Equipment Issue—
to
11,881
531,350
169,540
128,317
11,309
income
Long-term indebt.
139,952
Deposit with trade
The trustees have applied to the Interstate Commerce Commission for
&
282,693
State and foreign
Prepaid Insurance,
Mr.
authority to issue $3,000,000 2H% equipment trust certificates, to finance
in part, the purchase of new equipment costing an estimated total of
$3,868,294. Certificates would be dated Dec. 1, 1939, and mature $150,000 June 1, 1940, and $150,000 Dec. 1. 1940, and $150,000 semi-annually
on June 1 and Dec. 1 each year thereafter to and including 1949.
The road has obtained approval of Judge Robert N. Wilkin of the Federal
District Court, Cleveland,, to make application to the ICC and the Re¬
construction Finance Corporation to issue and sell to the RFC up to $3,000,000 of equipment trust certificates.
dividends
262", 045
Accruals incl. Fed-
Patents & licenses.
stock.
adoption by the ICC of that group's proposal.
The ICC
Accounts payable.
life insurance
Total
interest
550,266
1,306,772
accounts..
the
common
new
substantial agreement of
pay
915,925
Officers' notes and
y
87,309
1,120,985
& accts. receiv..
Inventories
$695,000
$435,000
reg. coll. trust
notes.
Customers' notes
Cash surr. value of
sh <xro
Edward W.
Notes payable
4%
$757,381
$552,792
deposit
1938
1939
Liabilities—
1938
1939
Assets—
Cash on hand and
right to purchase additional stock.
The institutional group's plan would
give present stockholders only the right to purchase new common at $36.25
0/
$1.42
Nil
Consolidated Balance Sheet Sept. 30
share of new common for each share now held, and the
in
one
183,097
Cash dividends.
miscel.
Brinkley—differ in many details,
including the treatment of present stockholders.
The Erie plan would give present preferred and common stockholders
share-for-share
4,500
$53,995 loss$536,686
1,022,480
1,547,060
profit.
Earned surplus, balance, Jan. 1
ICC— that by the Erie, another by institu¬
tional bondholders and the third by Mr.
27,000
9,490
36,131
on
Net
ICC examiner, recommended $18,000,000.
The three plans before the
90,483
Fed. and foreign taxes
(estimated)
for
income
the Interstate Commerce Commission Nov. 15 that
sharp improvements in earnings recently had justified fully its own proposal
for reorganization.
Edwin 8. S. Sunderland, counsel for the Erie, who made its argument
$.530,987
34,621
53,684
26,575
expense
Miscellaneous deductions—
$48,566
other income charges.'—V. 149, p. 1024.
RR.—Says Present Earnings Justifies Own Plan—
The company told
$175,553 loss$444,591
Total profit __—
for contingencies
$475,363
55,624
Provisions
on
Erie
$139,617 loss$565,008
35,936
120,417
Operating profit.--.
3,849
Amortiz. of discount and expense on funded debt.
Net Income
55,399
7,270
Equity of minority stockholders in net income of
subsidiary company
Federal and State taxes on
bond interest and
trustee's fees. &c.
%1'S
$62,883
9,751
462
Cr509
_
Interest charged to
*^38
$368,649
1937
1938
1939
Other income
$85,503
10,253
382
C7r22o
—
Interest on funded debt
Subs.)—Earnings—
Sept. 30—
9 Months Ended
Sept. 11, June 10 and March 10, last; 25 cents on Dec. 10
and Nov. 10, 1938; 50 cents on Sept. 10, June 10 and March 10, 1938;
75 cents paid on Dec. 15, and Nov. 10, 1937 and 50 cents paid on Sept. 15,
Jane 15 and March 15, 1937.—V. 149, P. 2511.
Subs.)—Earnings—
iJSlw
5398,520
that
company.—V. 125, p. 1833.
cents were paid on
Empire Telephone Co. (&
railroad lines purchased and built with the funds of
the property and
Corp.—Accumulated Dividend—
Empire Power
The directors have declared a
cumul. partic. stock, no par value, payable Dec. 11
Dec, 1.
Dividend of 25 cents was paid on Nov. 11,
a
Chronicle—YEARS OLD Nov. 18, 1939
ONE HUNDRED—The Commercial & Financial
3260
21,574
1
Balance of net income
$1,343,609
Earnings for the 12 Months Ended Sept. 30. 1939 (.Company Only)
$759,321
95,361
Income from sub. companies consolidated
From sub. company not consolidated
Interest
on
sale of California Water Service Co
Miscellaneous other income
64,280
(net)
Total income
3,318
$922,280
General and miscellaneous expenses
Provision for depreciation
210,503
636
General taxes
17,455
Federal income tax
14,501
Interest on 5 H % gold debentures
Miscellaneous, &c., charges
Net income
—V.
149, P.
$319,087
1914.
Ferro Enamel
Corp.—Dividend—
Directors have declared
Dec.
15, and
338,523
21,574
a
cash dividend of 25 cents per share,
payable
stock dividend of 20%, payable Jan. 10, 1940, subject to
registration of additional shares on the New York Stock Exchange under
a
/
Volume
149
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
.
the Securities and
Exchange Commission Act. both dividends payable to
holders of record Nov. 27.
The last payment was 25 cents on Sept. 25.
Foreign business of company is running at a high rate and so far this year
sales volume of foreign subsidiaries is the largest in the company's history,
R. A. Weaver, President, said.
Countries reporting particularly favorable
results were Argentina, Australia, Brazil and Canada.
In the engineering
division, orders booked for furnaces, kilns, dryers and equipment during the
first 10 months of this year totaled $867,490 as compared with $489,829
for all of 1938.—V. 149, p. 3114.
Gar Wood
Dec.
12.
In addition to the above, an extra dividend on the outstanding classes A
and B common stock of 4 %. payable in class A common stock (par value $5)
of class A
by the stockholders.
Scrip certificates will be issued for fractional shares, which certificates
shall be void and of no value after Dec. 31,1490.
This extra dividend shall be payable on Nov. 20 to stockholders of record
Nov. 20.
See also V. 149, p. 1176.
in the ratio of one share of class A common stock for each 25 shares
and (or) class B common stock held
Finch
first
new
tion
was
Inc.—Stock Offered—The
Telecommunications,
capital financing in the field of facsimile communica¬
offering by Distributors
Group, Inc., New York, of 87,500 shares of company's
common stock.
The offering price was $5 per share and
the stock was offered as a speculation.
carried out Nov. 14 with the
the transmis¬
sion over radio, telephone or wire circuits of any material which can be
recorded on paper, such as writing or printing, drawing, charts, maps and
photographs, an exact copy or facsimile being reproduced and recorded by
the receiving apparatus.
The prospectus states that unlike other existing
means of communication,
the Finch system makes possible the trans¬
mission and permanent recording of such material not only between two
stationary points at a greater speed than is now possible by any other
known means, but also between a fixed point and one or many mobile units,
or betwwen two or more mobile units, such as airplanes, ships, trains and
Facsimile communication, according to the prospectus, is
automobiles.
on a
quarterly
Industries, Inc. (& Subs.)—Earnings—
Period End. Sept. 30—
1939—3 Mos.—1938
Net profit
loss$10,263
$3,921
y Earnings per share...
Nil
Nil
1939—9 Mos.—1938
$92,289 loss$42,552
$0.12
Nil
x
x After
depreciation, interest and Federal income taxes, y Earnings per
share on 800,000 shares (par $3) of common stock.—V. 149, p. 1475.
Finance Co, of America at Baltimore—-Dividends—
The board of directors at their regular meeting held Nov. 9 declared the
following dividends on the securities of this company:
5H% cumulative pref. stock, par value $5
{1%%) 614 cents
Common stock, class A and class B par value $5
(3%) 15 cents
The above dividends are payable on Dec. 22, to stockholders of record
3261
would be their policy to declare such dividends henceforth
basis contingent upon earnings.
General Cigar Co., Inc. (& Subs.)—Earnings—
x
Period End. Sept. 30— 1939—3 Mos.—1938
Net profit
' $163,173
$321,007
Earnings
y
x
per
share.
$0.16
$0.49
After charges and Federal taxes,
y
1939—9 Mos.—1938
$486,530
$716,872
$0.47
$0.96
On 472,982 shares
common
stock
(no par).
Dividend Reduced—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 15 to holders of record Nov. 27.
This compares with
dividemis of 50 cents per share paid in the
preceding three month periods.
General Finance Corp.
10 Mos.End.Sept. 30
Gross volume
Net income
x
Shares
per
1938
______
;
$274,079
865.075
$142,233
865,075
$0.26
stock
common
Earnings
■Earnings
1939
1937
~).ll
share
853,550
sidiaries
Motors
Convicted
666,800
$0.82
After charges, including Federal income taxes,
undistributed profits.—V. 149, p. 1915.
x
General
1936
$29,196,033 $17,747,367
655,055
342,902
$0.46
but before surtax
on
Corp.—Company and Financing Sub¬
Anti-Trust Charge—Jury Clears 17
on
Officials—
A jury in Federal court at South Bend, Ind., Nov. 16, found the General
Motors Corp. and three affiliated corporations guilty of charges of con¬
spiracy to violate the anti-trust law in connection with automobile financing.
The
jury acquitted 17 individuals, including General Motors' board
Alfred P. Sloan and General Motors' president William 8.
chairman
Knudsen.
•
The decision will affect not only General Motors and associates, but also
the Ford Motor Co. and the Chrysler Corp., which also were
indicted, but
took consent decrees.
For military, naval, and
police purposes facsimile communications has the
important advantages of secrecy and of resistance to radio
interference, deliberate or otherwise.
Finch Telecommunications, Inc.. incorporated in 1935, is engaged prin¬
Judge Walter Lindley made no statement when the verdict was returned.
He merely thanked the jury and adjourned court Nov. 17 when defense
motions will be argued.
Holmes Baldridge, chief government counsel, said the decision "is a
cipally in the business of developing, manufacturing and selling, and of
forward in the anti-trust division."
licensing others to manufacture, use and sell apparatus and equipment for
facsimile communication under patents owned by the company.
Proceeds
from the sale of the shares are to be used by the company for the purchase
and installation of additional machinery, expansion of sales and advertising,
for research and development and for additional working capital and general
John Thomas Smith, chief defense counsel and a Vice President of General
Motors, said he could not understand how four corporations could be found
guilty of the charge and the officials found innocent.
The defendants were charged with conspiring to monopolize instalment
sales financing of automobiles by coercing General Motors' dealers to use
General Motors Acceptance Corp. facilities.
additional
corporate, purposes.
The corporation's
step
capitalization consists solely of 276,100 authorized
shares will be outstanding upon
Stockholder
shares of common stock, of which 231,100
completion of the present financing.
the World War, when he was engaged in developing systems for remote
artillery fire control.
Directors and officers of the company are: William G. H, Finch (Pres.),
V. C. Stanley, Fred M. Link, Frank R. Brick Jr. (V.-Ps.), W. Carroll
Munro, Alfred Gross (Treas.), Frederic C. Scofield (Sec.), 25 Broadway,
N. Y. City.
Distributors Group, Inc., New York, is the principal underwriter and
has agreed to purchase 37,500 shares of common stock from the company,
subject to certain terms and conditions.
Company has granted to Dis¬
tributors Group, Inc., the right to purchase 50,000 snares of common stock
(in addition to the 37,500 shares which Distributors Group, Inc., has agreed
to purchase) at a price of $4 per share under the underwriting agreement
dated Aug. 4, 1939.
Such right may be exercised in whole or in part at
any time or from time to time, but may be terminated by the company
by 30 days' notice given on or after the 90th day following the public offer¬
ing date.
Company, by said agreement, has granted Distributors Group, Inc.. the
right if Distributors Group, Inc. shall have purchased and paid for said
87,500 shares, to purchase 45,000 additional shares of such common stock
at $5 per share at any time or from time to time within three years from the
public offering date.
Company has agreed to take such steps, at its own
expense, as may be necessary for the registration of the shares under the
Securities Act of 1933.
None of the 45,000 shares is offered hereunder.
—V. 149, P. 2081.
.
.
Financing—
10 approved the pur¬
chase by the Reconstruction Finance Corporation, at a price not in excess of
their principal amount, of not to exceed $1,240,000 of 3% equipment trust
certificates, series I.—V. 149, p. 3114,
Interstate
Nov.
Commerce Commission on
Follansbee Bros,
The
defendants in
Co.—Hearing Extended—
Judge R. M. Gibson in the IT. S. District Court, Pittsburgh has continued
for two weeks for the purpose of
allowing sufficient time for the reorganization committee to perfect amend¬
ment and modification of the plan in conformity with the technical require¬
ments of the formal resolution providing for the Reconstruction Finance
Corp. Bank financing.—Y. 149, p. 2971.
Fonda Johnstown & Gloversville RR.—Earnings—
1939—Month—1938
1939—10 Mos .—1938
$44,565
$39,820
$420,604
$362,799
a
32,710
34,659
$7,110
4,313
$9,906
3,061
.
347,762
332,198
$88,406
29,671
$15,037
42,616
$6,845
$2,796
522
50
$58,735
4,067
x$27,579
1,722
$6,323
$2,746
2,181
$54,668
30,420
x$29,301
837
$7,160
1,809
Railway oper, income-
$4,927
1,587
$85,088
21,739
x$2,766
20,884
Net rents.
Net ry. oper. incomeOther income
General Railway
26,535
Misc. deduc's from inc..
Income
available
Net profit
a
$130,822
$3,340
$63,349
x$23,650
550
550
12,005
493
493
5,555
119,348
4,928
5,678
11,908
Interest deductions
Other
deductions
1939—9 Mos.- -1938
on
com.stk
Before surtax
General
on
loss$8,852
$0.30
$94,534 loss$119,142
Nil
Nil
Nil
undistributed profits.—V. 149, p. 1475.
Telephone Corp.—Gain in Phones—
Corporation reports for its subsidiaries a net gain of 1,616 company-owned
telephones for the month of October, 1939 as compared with a net gain of
1,562 telephones for the month of October, 1938. The net gain for the first
10 months of 1939 totals 19,914 (exclusive of purchases and sales) or 4.16%
as compared with a net gain of 12,383 telephones or 2.79% for the cor¬
responding period of 1938.
The subsidiaries now have in operation 497,589 company-owned tele¬
phones.—V. 149, p. 2973.
Georgia & Florida RR.—Earnings—
Week End. Nov. 7
1939
Oper. revenues (est.)—
—V. 149, p. 3115.
Golden State
$21,825
1938
$20,825
^
~^Jan.
1
to
1939
$1,011,078
Nov.
7—
1938
$953,288
Co., Ltd.—Initial Dividend—
Directors have declared
on
the common stock,
an initial quarterly dividend of 20 cents per share
payable Jan. 15 to holders of record Jan. 5.—V. 147,
1926.
Goodall Securities
Corp.—Pays 50-Cent Dividend—
Company paid a dividend of 50 cents per share on the common stock, no
value, on Nov. 1 to holders of record Oct. 26.
Dividend of $1.50 was
paid on Aug. 1, last, and dividends of 50 cents were paid on Feb. 1, last,
and on Dec. 5, 1938.—V. 149, p. 878.
par
(B, F.) Goodrich Co,—Resumes Common. Dividend—*■
the board of directors held Nov. 14
a
year-end dividend
of $1 per share was. declared on the common stock of the company payable
on Dec. 18 to the holders of record at the close of business on Dec. 4, 1939.
This will be the first payment on the common since Sept. 30, 1937, when 50
$5,351
fixed charges
-1938
after deprec.,
taxes, &c
Earns, per sh.
cents was
for
Rent for leased roads
Signal Co.- -Earnings—
Period End. Sept. 30— 1939—3 Mos
a
At the meeting of
Total income
Compen¬
named.
p.
Net rev. from ry. op_
Paid Excessive
The complaint declares that the alleged diversion resulted from the or¬
ganization of the management corporation on March 12, 1930, from which
flowed excessive management compensation and bonus awards causing a
total loss to General Motors of approximately 2,162,000 shares of its com¬
mon stock, valued in excess of $155,000,000.
The suit was filed by Charles E. Singer, owner of 1,400 common shares of
General Motors.—V. 149, p. 3115.
Period End. Oct. 31—
Railway tax accruals...
Corporation
Motors Corp. and 34 officers and directors were named
stockholder's suit filed in Federal Court, New York, Nov. 16,
asking that they account for and return to the corporation $155,000,000
allegedly "misappropriated, diverted, wasted and squandered" in bonus
awards and management compensation from 1930 to 1938 inclusive.
Those named as individual defendants include Irenee du Pont, Charles S.
Kettering, William 8. Knudsen, Junius 8. Morgan, Jr., John J. Raskoh,
Owen D. Young, and Alfred P. Sloan Jr., among others.
General Motors
Shares, Inc., a successor to General Motors Management Corp., also is
the hearing in the matter of reorganization
Operating revenues
Railway oper. expenses.
General
_
_
Florida East Coast Ryv—Reconstruction
The
Charges
sations—
William G. H. Finch, President of the company since its incorporation,
has been identified with developments in facsimile communication since
121,393
4,928
paid.—V. 149, p. 3115.
Grand National Pictures—Plan—
There has been filed in the U. 8. District Court for the Southern District
of New York
petition for extension under Chapter XI, with a plan set
This plan contemplates the
creditors, both secured and unsecured.
The precipitate action of three small creditors, whose claims aggregated
slightly in excess of $1,000, in filing a petition in bankruptcy against the
company, and the granting of an order appointing a receiver, without notice
to
the company, unfortunately embarrassed and prejudiced all other
creditors, as well as the company, because a refinancing plan under which
a
forth for the reorganization of the company.
Net
x
$9,708
$7,600
loss
$155,649
Indicates loss.—V. 149, p. 2971.
Formica Insulation
Co.—Earnings—
9 Months Ended Sept. 30—
Net profit after depreciation
eral income taxes
Fuller
1938
1939
1937
and Fed$158,290
Earnings per share on 180,000 shares
capital stock (no par)
—V. 149, P. 1474.
$22,307
$215,413
$0.88
x Net income..
Earning per share
After all
Sept. 30'39
$64,456
"
charges—V. 149,
$0.12
-
$1.19
June30'39 Afar.31'39 Sept. 30 *39
$60,479
1.789
$166,724
$0.21
$0.14 *
$0.57
$0.22
p. 1761.
(Julius) Garfinckel & Co., Inc.—Initial Dividend—
dividend of 17 H cents per share
payable Dec. 15, to holders of record
In announcing this initial dividend, the"directors stated that it
the common stock of the company,
Dec. 5.
all creditors would have been taken care of was on the verge of completion.
The Court, on application of counsel, vacated the petition in bankruptcy
free to consummate a
appointing the receiver so that the company is now
refinancing plan that should realize to all creditors
payment in full.
Directors on Nov. 15 declared an initial
on
payment in full of all
and set aside the order
_
Mfg. Co.—Earnings—
Period—
x
$66,481
The company was advised by its counsel to file this petition under
Chapter XI in order that the company may proceed with the refinancing
plan without being subjected to any other ill-advised action on the part of
some minority creditors, which will he detrimental to the
company and
all of its creditors.
This proceeding will hold the affairs of the company
in its present status, and will.prevent any creditors from obtaining any
preferences and will enjoin any over zealous creditors from obtaining an
advantage over others.
The company contemplates that refinancing up to the extent of $600,000
will satisfy its requirements, and it is reasonably assured that $565,000 there¬
of will be forthcoming under the plan suggested to the Court, and that with-
I
ONE HUNDRED—T/ze Commercial & Financial Chronicle—YEARS OLD
3262
in the course of the next few
p.
days the balance will be arranged for.—V. 149,
2974.
Grand Union Co. (&
Subs.)—Earnings—
x
9 Mos.
Earned per share.....
x
Oct. 1, '38
Sept. 30 '39
$75,068
$294,976
$129,438
$0.81
Net profit
y
&c,
After taxes, depreciatin,
y
(C. M.) Hall Lamp Co.—Recapitalization Plan
Voted—-
Stockholders at the adjourned special meeting held Nov. 16 approved the
company's recapitalization plan.
This provides for retirement of 41,531 shares of acquired treasury stock
write-down of non-operating real estate by $408,570, reduction of authorized
capitalization to 200,000 shares of $5 par from 500,000 no par shares, pay¬
ment of $1 a share on present stock from excess working capital, and ex¬
change of one new share for two present shares outstanding.
The plan is effective Jan.. 1 next but the $1 per share payment will be
made as the old stock certificates are exchanged for the new ones.
,
,
3 Mos.
Sept. 30 '39
Period Ended—
Nov. 18, 1939
Oct. 1. '38
$148,680
$0.47
$1.85
$0.93
On 159,550 shares of cumul. pref.
stock.
Retail sales for quarter ended Sept. 30, 1939, were $8,200,439, compared
with $7,877,838 in corresponding quarter of 1938, an increase of $322,601 or
4.1%.
For nine months ended Sept. 30, 1939, sales totaled $23,370,231.
against $22,605,198 in first nine months of 1938, an increase of $765,033
or 3.4%.—V. 149, p. 2974.
Earnings for 9 Months Ended Sept. 30, 1939
but before provision
Profit after depreciation and other charges
for Federal taxes
149,
p.
2513.
Hamilton-Brown Shoe
Graybar Electric Co.—Salary Reductions Restored—
Company has announced the restoration of salary reductions, and the
lump sum payment up to date of the entire reduction so far this year.
This restoration affects all employees except those in minor positions who
had not received the reduction.—V, 143, p. 3467.
$99.520
-
—V.
Co.—Delisting—
The Securities and Exchange Commission on Nov. 14 granted the applica¬
tion of the St. Louis Stock Exchange to strike from listing and registration
the no par value common stock of this company.
The application stated,
among other
things, that reorganization
proceedings
were
District Court on or about April 17, 1939, and that
begun in the U.S.
thereafter it appeared
reorganization of the company would be impractical by reason of its
insolvency.
Trading in the security was suspended on June 22, 1939, it
was stated, and on or about the same date the Court ordered liquidation of
the company.
The order granting the application becomes effective on
Nov. 20.—V. 148, p. 3818.
that the
Green Mountain Power
Corp.—Accumulated Dividend—
The directors have declared a dividend of $1.50 per share on account of
accumulations on the $6 cumulative preferred stock, no par value, payable
Dec. 1 to holders of record Nov. 17.
A like payment was made in each of
the 14
preceding quarters.—V. 149, P. 1326.
Greenwich Water System, Inc. (&
12 Months Ended Sept. 30—
Gross earnings
— -—
—
—
Operating expenses, maintenance
Reserved for retirements
Subs.)—Earnings—
and taxes
1939
$1,329,432
646,721
1938
$1,298,085
614,672
*69,501
137,483
12,320
$613,912
139,183
11,249
262,858
$174,478
,
Interest, amortization of discount, &c., of subs—
Minority interest
-Interest, amortization of discount, &c. of Green¬
wich Water System, Inc—
— Net income.
-------—
Greyhound Corp.—Earnings—
9 Months-
Period Ended Sept. 30—
ncome: Dividends
Interest
Net income, before icome
1939
,
tax, of
Eastern Greyhound Lines of New
England (a division of the Greyhound Corp.)
-
m.
12 Mos—
1938
$1,869,831
76,144
$1,425,213
80,010
ono
Sept. 30, '39
$4,744,703
102,762
^
74,636
28,025
1.031
1,318
872
$2,021,642
$1,534,566
249,077
8,116
Other income....
248,372
5,894
102,956
44,000
Total
General expense
Interest expense
Federal income tax
;.
-
Net income
-
Note—No provision has
32,000
$4,951,293
327,106
12,333
139,100
"$1,720,448
-
$1,248,300
$4,472,754
been made for Federal surtax on undistributed
The provision for surtax applicable to the
profits in the 9-month periods.
calendar year 1938 is included in the foregoing statements for the 12 months
ended Sept. 30, 1939.
The statements for the nine months ended Sept. 30, 1938, have been
adjusted to reflect the applicable portion of year-end adjustments with
respect to bus depreciation charges and amortization of intangible property,
as explained in the annual report to stockholders for the year 1938.
Greyhound System Financial Statements
9 Months
Period Ended Sept. 30—
Operating revenues..
Operating expenses
Depreciation
Net operating revenue
Other income--.
12 Mos.—
1938
1939
1939
$42,500,324 $37,064,120 $55,262,987
28,955,336 25,897,766
37,906,709
3,601,192
3,046,043
4,756,617
.
$9,943,795
—
568,315
:
_-
Income taxes...
Net profitEarns, per share on 386,585 shs. com. stock
$8,120,311 $12,599,661
562,541
731,628
Harriman
—
1,944,331
59,709
Income taxes
Other deductions
-
Netincome—
Net income applicable
$8,682,852 $13,331,289
163,415
311,612
338,907
458,356
1,635,659
2,685,366
46,779
88,467
$7,950,984
$6,498,093
$9,787,489
302,065
2,333,669
301,715
.1,805,126
402,637
2,837,608
Greyhound Gorp-x
$5,315,250
stock, average number of
outstanding:
5H % pref., conv. (par $10)
327,253
Common, ikthout par value---—
2,691,600
Amount earned per share of common
stock
based
upon
the
average
number
of
shares
outstanding
during the period...
$1.92
$4,391,252
$6,547,244
327,253
2,675,122
2,687,447
$1.59
$2.37
$425,246
$894,433
——-
to stocks of
consolidated,
held
by
subs,
public:
Preferred stocks-..--Commonstocks
—
—.
—
Net income applicable to stock of
the
Capital
shares
327.253
♦Includes
equity in net income of
Pennsylvania
Greyhound
Lines,
Inc., 50% of the voting stock of
which is owned by the Greyhound
Corp
—V. 149, p. 1326.
$750,298
Guggenheim & Co.-—Accumulated Dividend—
a dividend of $1.75 per share on account of accumulations
the 7% preferred stock on Nov. 15 to holders of record Nov. 10.
Div.
Company paid
on
of
$1.75
was paid on Aug. 15, May 15, March 15, last, and on Dec. 20,
1938, this latter being the first payment made since May 15, 1938, when a
regular quarterly dividend of like amount was distributed.-—Y. 149, p.
1178.
Hagerstown Light & Heat Co. of Washington County
12 Months Ended Sept. 30—
Operating
Operating
a
-
Gross income
-
-----
Provision for retirements-.
Gross income—_——
Sundry deductions-
on common
$35,014
13,603
$21,411
15,197
273
Net income
a
$41,442
Dr6 ,429
$24,813
15,200
Interest-
Dividends
1938
$156,207
114,765
$38,281
13,468
-
Net operating revenues
Non-operating income
a
—
........
and taxes
1939
$158,563
117,215
$41,348
Dr3 ,067
revenues-
expenses
stock--..
-
—_
268
$9,340
12,500
$5,946
Before provision for retirements.
Balance Sheet Sept. 30, 1939
Assets—Property, plant and equipment, $852,987: cash, $34,350; accounts
receivable, $27,297; other receivables, $999; appliances on rental, $776;
merchandise, materials and supplies, $15,428; deferred debit items, $4,931;
total, $936,769.
Liabilities—Capital stock ($100 par), $200,000; bonds, $291,000; accounts
payable, $5,665; accrued accounts, $9,271; consumers' deposits, $13,275;
service extension deposits, $48; reserves, $201,215; earned surplus, $216,294;
total, $936,769,—V. 149, p. 1763.
.
$371,555
1939—9 Mos.—1938
$3,926,735
$3,047,258
3,362,509
2,513,559
C7r22,058
43,432
122,000
99,100
""$281,849
$464,284
$391,167
$0.60
$0.81
$0.62
$0.83
Building Corp.—Reorganization—
Under date of Aug. 31, 1938 the formation of a committee for the purpose
of protecting the interest of the holders of the 1st mtge. certfiicates out¬
Interest on the
standing in the amount of $4,595,500, was announced.
certificates has been paid in full to May 1, 1938.
One-half of the interest
coupons due Nov. 1, 1938 and May 1, 1939 has been paid by the trustee*
Bank of the Manhattan Co.
No provision has been made for payment on
the coupons due Nov. 1, 1939.
On Aug. 25, 1938 the company proposed a modification plan.
By an¬
nouncement dated June 26, 1939 the company withdrew such plan because
of "a precipitate drop in the company 's earnings" as reflected in its estimate
of operations for the fiscal year May 1,1939 to April 30,1940.
This showed
estimated revenue of $431,500 and expenses of $389,250, leaving $42,250,
or less than 1% available for interest on the 1st mtge. certificates.
For the past several months the committee has been negotiaitng with the
company and the committee for the preferred stock (of which $5,170,700
par value is outstanding) for a plan of reorganization that would be fair and
equitable to the 1st mtge. bondholders.
Such plan has now been com¬
pleted, and some of its principal provisions are as follows:
(1)
Securitues Affected by the Plan
$4,595,500 Harriman Building Corp. 's 1st (fee) mtge. 6 % sinking fund
fold loan certificates, issued under indentureas trustee (Bank of the Man¬
dated as of Nov. 1, 1926,
etween corporation and American Trust Co.,
hattan Co., successor trustee).
(2) 51,707 units consisting of 51,707 shares of preferred stock of 39 Broad¬
way, Inc., $100 par, 6% cumul., and a like number of shares of common
stock of 39 Broadway, Inc, without par value.
(3)
55,263 shares of common stock of 39 Broadway, Inc., without
par
value (constituting a majority of the outstanding common stock), owned by
Fred F. French Investing Co., Inc.
Provision for First Mortgage Certificate Holders
Under the plan the mortgage certificate holders will receive in exchange
for each $1,000 principal amount of such certificates and attached interest
maturing Nov. 1, 1938 and thereafter
$1,000 of 20-year 1st mtge. partic. income bonds bearing interest up
warrants
(a)
to4^% per annum(being a total of $4,595,500for all certificate holders), and
(b) Voting trust certificates representing 11H shares of class A common
stock of the new corporation (being a total of 51,700 shares for all certificate
holders, entitled to elect
Total income--$10,512,111
Interest214,015
Amortization of intangible property..
343,072
1939—3 Mos.—1938
$2,423,071
$1,762 632
1,961,528
1,385.767
Cr8,512
23,616
98,500
71,400
—Y. 149, P. 1476.
2233.
—V. 149. p.
Cost and expenses..-.
Other deductions
289,002
$201,659
-------
68,390
$614,320
—
Gross income
Hamilton Watch Co.—Earnings—
Period End. Sept. 30—
Sales.-
while the
new
bonds
are
majority of the directors of the
outstanding).
a
new
corporation
Distribution of Earnings
The available net income for each fiscal year shall be applied in the follow¬
ing
order:
(1) To the payment of interest at the rate of 2% per annum on the new
bonds, such interest to be non-cumulative for two years from the date of the
new bonds, but cumulative thereafter;
(2) To the payment of accumulative unpaid interest on the new bonds:
(3) One-half of such available net income remaining after the aforesaid
payments, but not more than an amount equal to 2% or the new bonds then
outstanding, shall be paid as additional (but non-cumulative) interest on
the new bonds;
(4) The remaining one-half of such available net income, plus any
amounts remaining after making or providing for the payment described in
(3) above, shall be used by the new corporation or the trustee for the pur¬
chase or redemption, and retirement, of new bonds; provided, however, that
for any fiscal year in which the principal amount of new bonds outstanding
in the hands of the public is $2,500,000 or less and interest at the rate of 414%
per annum for such fiscal year has been paid or provided, for then the said
remaining one-half of such available net income (plus any amounts remain¬
ing after making or providing for the payment described in (3) above) shall
be divided into two equal parts, one of which shall be used by the new
corporation or the trustee for the purchase or redemption, and retirement,
of new bonds, and the other of which shall be paid, consistently with law,
as dividends on the stock of the new corporation.
Treatment of Preferred and Common Stockholders
In consideration of the company's participation in the plan and in these
proceedings, and of the conveyance by the company to the new corporation
of all the assets held by the company at the date of consummation of the
plan, the new corporation will issue class B and class C common stock to the
stockholders of the company on the following basis: to the holders of the
units (consisting of one share of preferred stock and one share of common
stock) of the company, voting trust certificates representing three shares of
class B common stock of the new corporation in exchange for each unit
(or a total of 155,121 shares for all unit holders); to Fred F. French Invest¬
ing Co., Inc., 51,700 shares of the class C common stock of the new corpo¬
ration in exchange for 55,263 shares of common stock of the company.
Management—Continuity of management will be assured by the execu¬
tion of a management contract between the new corporation and Fred F.
French Management Co., Inc.
The members of the committee for 1st mtge. 6% loan certificates are;
Lee S. Buckingham (Pres., Clinton Trust Co.), New York; Albert J.
Courtney (Vice-Pres., Cross & Brown Co.), New York; Tracy A. Williams
(Amott, Baker & Co., Inc.), New York with Scribner & Miller, counsel,
20 Exchange Place, New York, and Harry MacCallum Jr., Sec. (Room
1644), 120 Broadway, New York.—V. 147, p. 3016.
Haverhill Gas Light
Period End. Oct. 31—
Operation—
Maintenance
-
Taxes
Net oper. revenues
res.
accruals
Gross income
Interest charges
Netincome
Dividends declared
—V. 149, P. 2513.
$7,850
$5,853
45
Balance
$8,768
2
$8,770
2,917
Nonoperatinginc. (net).
Retire,
Co.—Earnings—
1939—Month—1938
$46,747
$47,260
29.164
28,291
2,627
3,097
6.188
8.022
Operating revenues
$80,868
74
$80,942
35,000
$81,840
35,000
$4,933
67
$45,942
901
$46,840
1,903
$4,866
—
$81,769
71
$7,850
2,917
$5,808
-
1939^-12 Mos.—1938
$554,259
$563,885
361,715
363,917
29,334
29,145
82,343
89,054
$45,041
39,312
$44,937
39,312
Volume
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
149
Hinde & Dauch Paper Co.
Hart, Schaffner & Marx—To Pay $1 Dividend—
on Nov. 14 declared a dividend of $1 per share on the common
payable Nov. 24 to holders of record Nov. 17. Last previous dividend
the 50 cent distribution made on Nov. 26, 1937.—V. 148, p. 582.
Directors
stock
x
was
y
Period End.
Net profit
Earnings
After
x
Hedley Mascot Gold Mines, Ltd.—Earnings—
Period—
3 Months
x
Earnings
x
share
per
After all charges,
On 2,043,255 shares.—V. 148,
y
p.
1169.
(Walter E.) Heller & Co .—New Vice-President—
Arthur H.
President, announced
on
Nov. 9.—V. 149,
p.
2368.
Heyden Chemical Corp.—Extra Dividend—
Directors have declared
an
Hickock Oil Corp.
Years End. June 30—
Net sales
(& Subs.)—Earnings—
1939
14,842,740|
Operating expenses
1936
1937
1938
..$14,907,465 $17,106,317
of sales
13,029,611
Material cost
stock
$0.80
1939—3 Mos.—1938
$640,560
$640,632
450,442
450,232
$1.29
$1.37
After interest, depreciation, and
Federal income taxes.
profit for thr 12 months ended Sept. 30, 1938, wasT$1,446,473,
equal to $3 a common share, against $1,423,412, or $2.37 a common share,
for the 12 months ended Sept. 30, 1937.—Vi 149, p. 1477.
Net
Hollinger Consolidated Gold Mines, Ltd.—Extra Div.—
Directors have declared an extra dividend of 5 cents per share in addi¬
tion to the regular monthly dividend of like amount on the capital stock,
both payable Dec. 2 to holders of record Nov. 18.
Dividends of like
amounts were
$19,841,921 $13,941,627
10,813,668
13,879,106
1,684,479
3,371,562
paid
on
Nov. 4, Oct. 7 and
on
Aug. 12, last.—V. 149,
12 Months Ended Sept. 30—
—V.
$2,163,577
326,277
$2,591,253
263,524
$1,443,480
299,057
$2,117,845
277,726
318,086
$2,489,854
175,239
y433,067
$2,854,776
242,930
526 163
$1,742,537
188,589
256 779
Net profit.
Earns, per sh.on cl B stk
$1,522,033
$1,881,548
$2,085,683
$1,297,168
1939
$266,000
Drl 15,964
Drl83,216
1938
$234,353
before provision for surtax on
Dr62,406
Other income
2514,
p.
Holyoke Water Power Co.—Earnings—
$1,877,854
239,991
--
$0.96
On 360,250
1939—9 Mos.—1938
$773,504
$760,997
450,442
450,232
$160
$1.53
Net income after all expenses and charges
Operating profit
y
Holland Furnace Co .—Earnings—
Period End. Sept. 30—
Net profit.
Sh. com. outst. (no par).
Earns, per sh. on com
dividend of 40 cents in addition to a
extra
regular quarterly dividend of like amount on the $10 par common
both payable Dec. 1 to holders of record Nov. 24.—V. 147, p. 3309.
1939—9 Mos.—1938
.$422,305
$480,397
depreciation, Federal income taxes, and surtax,
stock.—V. 149, p. 1476.
x
x
Richland has been elected Vice-President, Walter E. Heller,
share
per
(& Subs.)—Earnings—
1939—3 Mos.—1938
$98,372
$159,457
$0.15
$0.32
common
Months
9
Sept. 30 '39 June 30 '39 Mar. 31 '39 Sept. 30 '39
$23,626
$68,616
$61,536
$153,778
$0.01
$0.03
$0.03
$0.08
Net income.
y
shares
Sept. 30—
3263
147,
2245.
p.
Houdaille-Hershey Corp. (& Subs.)—Earnings—
Total income
Other expenses
Fed. inc. tax & conting..
Period End.
aAfter
Balance
Sept. 30— 1939—3 Mos.—1938
$9,035 loss$59,013
a
depreciation,
cos_
Humble Oil & Refining
Proportionate share
of
net profit of controlled
companies—
19,256
on
on common
x
A
315.676
$1,921,722
69,930
28,068
xl ,549,950
$1,612,845
72,706
-
Divs.
$1,765,584
$1,459,627
69,930
124,677
al ,000,000
5% pref. stockstock-
69,930
112,474
*999,991
199,999
on old class A common stock, $499,953 paid on new
stock and $500,000 paid on new class B common stock.
$549,997 paid
common
class
Includes $98,686 surtax on undistributed profits and $15,897 overprovision for prior years,
z $499,991 on class A common and $500,000
on class B common stock,
a $500,000 on class A and $500,000 on class B
Note—The companies' equity in the
undistributed net profits of uncon¬
solidated subsidiaries aggregated $28,861 for the year.
Consolidated Balance Sheet June 30
1939
1938
1939
Liabilities—
$
$
896,661
568,213
2,005,036
1,982,681
697,653
receivable
Inv.
858.626
Huyler's of Delaware, Inc. (& Subs.)—Earnings—
12,034
468,336
789,218
stock.
81,692
__
Hawley,
sub
—
620,197
Acer, taxes &lnt._
833,915
223,148
219,892
A equip., Ac
9,302,520
Goodwill,
trade
694,729
names, Ac
Prepaid expenses,
9,224,856
216,360
236,764
x
Notes pay. to bank
A
receiv'le
—
Ac
608,000
730,750
236,736
302,094
.
-
258,094
593.356
Res. for contlng
558,110
475,820
Int. of mln. stock¬
717,611
holders
Prior pref. stock-.
Com. cl. B stock
999,000
999,000
2.493,700
5% pref.stock
Com. cl. A stock„
2,499,953
500,000
500.000
oOO.OOO
6,185
500,000
Earned surplus
5,789,785
5.541,813
Paid-in surplus
241.597
239,401
Deferred Income
-14,738,531
Total
x
and
14.697,709
—
—
14,738,531
Total--
13,593
14.697.709
After depreciation, depletion and amortization of $4,136,953 in 1939
$3,680,552 in 1938.—V. 147. p. 3458.
(Charles E.) Hires Co. (& Subs.)—Earnings—
Years End. Sept. 30—
Net sales
1939
1938
1937
1936
$4,804,577
$4,598,165
$4,419,688
$2,567,410
201,432
j 3,679,808 e3,712,302 / 3,205,899
197,114
1,987,470
_
Cost of sales & oper. exp.
Depreciation.
$885,863
34,472
$1,012,357
22,071
$382,826
19,001
g305,654
f250,379
c273,591
81,677
$800,115
2,180.334
$601,011
2,017,731
$716,695
1,779,610
$288,503
1,605,779
$2,980,449
158,799
$2,618,742
136,113
$2,506,554
dl36,113
328,552
281,616
328,552
20,875
13,456
20,679
20,637
3,522
20,467
2,513
$2,458,767
$2,180,333
$2,017,731
$1,779,610
b$5.75
b$4.32
b$5.15
b$2.07
$1,124,769
Other deductions
Prov.
for
taxes
U.
(net).
(estimated)
Net profit for period—
Surplus at begin, of year
Miscellaneous credits
10,249
Total surplus-Class A dividends
Cl. B & managem't
dividends
sh,
per
bined shs.
on
$1,894,283
91,692
stks.
Employees' group annu¬
ity plan
Sundry adjustments
Earns,
12,646
& Can.
8.
com¬
of class
A,
cl. B & managem't stk
Including Cuban tax.
b Excluding class A shares held in treasury,
c Including Federal surtax on undistributed profits and Cuban tax.
d In¬
cludes $22,685, dividend declared on class A stock, but unpaid,
e In¬
cludes provision for depreciation and amortization of leasehold improve¬
ments of $246,464.
f Includes $139,445 normal income taxes. Federal,
State and Canadian, $36,400 Federal surtax on undistributed profits,
$39,140 Federal and State payroll taxes and $35,354 capital stock, fran¬
chise and sales taxes,
g Includes $210,100 Federal and State income taxes,
$660 Federal excess profits tax, $43,440 Federal and State capital stock and
franchise taxes, and $44,420 Federal and State payroll taxes.
a
Consolidated Balance Sheet Sept. 30
1938
1939
Assets—
x
Liabilities—
Perm't assets---$2,866,022 $3,030,094
201,508
379,247
676,078
620.834
Acer, salaries, commissions, Ac
250,424
233,676
Def'rd
16,438
1
Mdse. inventory.
1
188.951
_
Cash val.of life ins.
ssets
Patents and
373,409
213,851
Divs.
(less
allowances)
Deferred charges..
payable—.
203,274
22,685
22,680
20,753
18,702
135,644
138,843
210,760
income
175,885
on
Instalment sales.
Res. for U. 8., &c.
copy¬
rights
1938
Capital stock.-.$3,490,963 $3,490,963
Accounts payable.
700,219
15,328
Accounts rec.
Other
y
1939
1,136,277
Cash
taxes
Prov.
for
foreign
exchange ad just.
Huller & Co., Cleveland, covering both preferred and common
The financing will provide for a substantial expansion program.
convertible preferred stock issue will total 26,400 shares ($25
new
par), of which 6,400 shares are intended for issuance under
an exchange offer
be made to the holders of the present preferred stock.
The remaining
20.000 shares, together with 40,000 shares of the new common stock, will
be sold to the underwriters for a contemplated public offering.
After
giving effect to the split-up and the sale of additional common stock, the
company will have outstanding 160,000 common shares ($5 par) out of an
authorized total of 300,000 shares.
The company
intends to file shortly with the Securities and Exchange
covering both convertible preferred
according to Howard F. MacMillan, President.
Approximately $500,000 of the proceeds of the new financing will be
Commission a registration statement
and common stocks,
used for the construction of a new plant and additional equipment necessi¬
tated by an increase in
the company's business.
manufactures hydraulic presses used in the aircraft, automotive, plastics
and other industries, as well as a complete line of hydraulic transmission
and control apparatus.
Illinois Zinc Co.—Annual
61,116
2,458.766
coolers, Ac
61,158
2,180,334
Class A stock in
treas.
(at cost)..*1,103,324 *1,103,324
Total
$5,512,328 $5,188,522
Report—
James A. Hill, President, says in part:
In the last annual report, stockholders were advised of the election
on
Dec. 5, 1938, of new executive management following the preliminary
report of Peat. Marwick, Mitchell & Co., the new firm of auditors who had
been engaged to examine the accounts of the company for the fiscal year
ended Sept. 30, 1938.
The new management was confronted with substantial losses In the
operation of the smelter at Dumas, Texas, primarily due to the require¬
ment that the company purchase for the smelter all zinc concentrates pro¬
duced by the lessee of the mine and mill at Hanover and Deming, N. M.,
paying a substantial premium for such concentrates.
Also operations of
the new strip mill at Chicago, III., had not as yet been placed upon a
profitable basis.
Accordingly, a study was immediately initiated of all the branches of
the zinc industry in which company was engaged in order to determine the
proper course to follow in view of the then existing conditions. It was found
that the mining and smelting branches of the business had been uniformly
unprofitable while, on the other hand, the operations conducted at the
rolling mills had been uniformly profitable.
Recommendations were there¬
fore made to discontinue the unprofitable operations and to concentrate
everv effort on the development and increase of sheet and strip zinc pro¬
duction.
These recommendations were adopted by the directors and the
executives proceeded to carry the same out at once.
The smeltering contract covering operations of the Dumas smelter,
which became effective Sept. 30
1938 was from its inception unprofitable
for the
company
due to certain of its terms and large operating losses
were
Smeltering operations were terminated the
smelter was closed down and the operating losses
theretofore sustained were immediately discontinued.
The smeltering
contract was then canceled by mutual agreement as of April 30
1939.
Peru Mining Co. (a wholly owned subsidiary) under date of Sept. 30
1938 leased its mining property and mill at Hanover and Deming N. M.
for a period of 15 years.
This lease became effective coincidently with the
smeltering contract and, due to the combined terms of these two contracts,
being sustained each month.
end of March, 1939. the
also
the lease
proved
unsatisfactory.
After negotiations,
the lease
was
modified materially by providing among other things for its termination
and the recapture of the mining property and mill on Dec. 31.1939. During
the fiscal year ended Sept. 30, 1939, the smelter at Dumas, Texas, was
transferred
by the company to Peru Mining Co. so that title to the mine,
mill and smelter,
composing in the past the unprofitable operations, is
now
held by the same wholly owned subsidiary corporation. The war in Europe
has been primarily responsible for a changed situation regarding metais in
this country as conditions are quite different from those prevailing during
the first eight months of 1939.
In view of these changed conditions, the
nanagement is making a thorough study of the situation in order to determ¬
ine the best course for the company to pursue to the end that the maximum
realization
may be derived from the mining property, mill and smelter
period when the market price for slab zinc is favorable.
Reduction of Stated
Surplus
According to Mr. Macwere 30% ahead of
Millin, shipments for the first nine months of this year
those for the corresponding period last year and the company's backlog of
orders indicates a continuance of this rate well through 1940.
The company
during a
13,456
Depos. on bottles,
i
The
to
(non-current)
Mtge. A land contr
Bldgs., machin'y
Stockholders of the company at a special meeting Nov. 13, authorized
a new issue of 6% convertible cumulative preferred
stock,
the creation of
the splib-up of the present commnm shares on a 10-for-1 basis and the execu¬
tion of an underwriting agreement with F. Eberstadt & Co., New York, and
415,583
contracts
mtges.
Hydraulic Press Mfg. Co.—Stockholders Approve Capital
Changes and Financing Plans—
$
333,713
Land
tion, and expenses
651,337
Federal taxes
Other assets
1939—9 Mos.—1938
$122,667
$104,388
and other expenses, depreciation and amortiza¬
of77B administration.—V. 149, p. 2514.
583,000
268,869
286,840
companies
1939—Month—1938
$7,388
$11,696
734,208
-
Amount payable to
unconsol.
Sept. 30—
After operating, general
361,800
Amt. due officer
controlled
in
1938
$
Notes payable
Accounts payable
Notes and accounts
Inventories
Co.—62 l/2~Cent Dividend—
no par
Loss__
x
>
stock,
Period End.
x
stock.
Assets—
Nil (
cents per share on the
value, payable Dec. 16 to holders of record Nov. 25.
Like amount was paid on Oct. 2, last.
Dividend of 37K cents was paid
on July 2 and April 1, last; 52H cents paid on Dec. 27 and Oct.
1, 1938;
37H cents on July 1 and on April 1, 1938; 62H cents paid on Dec. 27 and
on Oct.
1, 1937; 37M cents paid on July 1 and on April 1, 1937, and pre¬
viously regular quarterly dividends of 25 cents per share were distributed.
In addition, an extra dividend of 25 cents was paid on Dec. 26 and on Oct.
1, 1936.—V. 149, p. 2975.
y
Cash
$0.57
The directors have declared a dividend of 62 H
common
Combined earnings
Divs. on prior pref. stock
Divs.
1939—9 Mos.—1938
$773,045
$113,320
Nil
Federal income taxes, minority interest, &c., but
undistributed profits.—V. 149, p. 578.
Minority interest in prof.
of sub.
Nil
Capital—
*
On Sept. 14, 1939. directors authorized an adjustment of the book values
of the properties at Peru, 111., to conform with the estimates of Sanderson
& Porter.
Also, directors authorized the adjustment of the investment,
advance
and
current
intercompany accounts to reflect the book
values
of the assets of Peru
Total
-
$5,512,328 $5,188,522
x After deducting allowance for depreciation of $2,065,226 in
1939 and
$1,870,389 in 1938.
y Represented by 90,000 shs. cl. A stock and 90,000
stock, z Represented
by 44,629 shs. class A.
* Debit item.—V. 149, p. 1763.
shs. of class B stock and 3,872 shs. of management
Mining Co. after the adjustment of those values as
authorized by the directors of Peru Mining Co. on Sept. 26, 1939; which
values are based on the estimates of Sanderson & Porter in respect of the
smelting plant at Dumas. Texas (except that no reserve has been set up to
provide for a loss which might occur upon the sale of the property), and on
the estimates of Ira B. Joralemon in respect of the properties at Hanover
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3264
and Deming. N. M.
[Stockholders will vote Dec. 4 on approving the
adjustments.]
As a result, the accounts for these properties and the accounts for the
Investment In and advances to Peru Mining Co. were written down on the
books of the company in the aggregate sum of $1,602,227, and the-earned
surplus account (deficit account) of the company was charged in like amount.
Furthermore, the coal mine at Peru. 111., was sold for cash during the fiscal
year ended Sept. 30. 1939 and the earned surplus account (deficit account)
of the company was also charged In the sum of $88,231. representing the
difference between the net cash proceeds from the sale of said coal mine and
the amount at which the same was carried upon the books of the company.
In addition, the accumulated deficit in the earned surplus account at the
end of the fiscal year ended Sept. 30, 1938, was $427,324. The write-down
of the plant, property and equipment accounts and the accounts repre¬
senting investment in and advances to Peru Mining Co. referred to above,
the accumulated deficit in the earned surplus account at Sept. 30,1938, and
certain charges to the earned surplus account, including operating losses,
during the fiscal year ended Sept. 30, 1939, resulted in a total deficit in the
earned surplus account at the end of the fiscal year ended Sept. 30, 1939, of
$2 249 351.
^he 'stated value of the outstanding shares of capital stock (no par)
of the company is $2,3/8,500. i.e., $25 per share.
The combined capital
and paid-in surplus of the company at the end of the fiscal year ended
*
Sept 30 1939 is $2,713,672.
In order, therefore, to eliminate the deficit
In the earned surplus account of the company as of Sept. 30. 1939 so that
earnings, as and when realized, may be available for dividends, and to pro¬
vide additional paid-in surplus, the directors on Oct. 26, 1939, adopted
resolutions proposing to reduce the stated capital of the company in the
sum of $2,283,360 by reducing upon the books of the company the stated
value of each outstanding share from .$25 ner share to $1 per share.
By a
reduction of the stated capital in the sum of $2,283 360 the present paid-in
surplus account of $335,171 will be increased by an equivalent amount to
$2 618 531, which will be sufficient to eliminate the present deficit in the
earned surplus account of $2,249,351 and to provide a balance of paid in
surplus. Upon the approval by stockholders of the proposed reduction of
stated capital it is proposed to apply a portion of the paid-in surplus to b<»
created by such reduction of stated capital to the elimination of the deficit
in the earned surplus account existing at the end of the fiscal year Sept 10.
"
1939
The reduction in the stated
capital, does not involve any exchange, re¬
the distribution by the company
cash property or securities
but is effected by merely reducing
the books of the company the present stated capital.
classification or cancellation of shares or
of
any
upon
Income Account for
Years Ended Sept. 30
1939
Gross sales
1938
returns & allow
$1,423,925
repairs & prov. for depr_>
1,351,711
$1,125,303
1,218,894
147.433
125.249
less discounts
Cost of sales incl. maint.
Selling, general and
Net operating
administrative expense
$75,218
100,424
$218,840
73,507
$175,642
$292,347
loss...
Other deductions (net).
Net loss
-
-
Notes payable, bank
$256,000
Cash in bank & on band
$79,489
Customers' accts. rec. (net)—
103,792 Accounts payable
13,488 Advances by customers
166.173 Accrued expenses
1,100 y 6% conv. 5 year bonds
3,443 6% note payable
Inventories, non current
Prepaid Insurance, taxes, Ac..
Inv. in & ad vs. to Peru Min'g
x
426,376
Co
67,662
14,893
41,271
1,000
548.047
40,401
29,710
16,126
use
Leaser! to others
Not In use
Balance in suspense.
$1,428,147
Total
Depreciation
Experimental exp., &c._
428,255
85,418
Interest
239,625
108,000
68,942
430,015
73,570
60,213
45,991
56,228
$569,956
759,325
$180,686
759,136
$0.75
$0.24
Federal income taxes
Sundry and other charges
Net profit-!
Shs. com. stk. (nopar)..
Earnings per share
—V. 149, p. 1917.
Consolidated
Inspiration
1936
$744,924
170,931
$1,574,113
$915,855
488,750
90,936
$1,717,363
467,484
142,047
70.256
114,322
161,000
23,275
143,250
68,053
$197,916
759,325
$0.26
Copper
$923,557
606,500
$1.52
Co.—Registers with
SEC—
Company Nov. 15 filed with the Securities and Exchange Commission
a registration statement
(No. 2-4235, Form A-2) under the Securities Act
of 1933 covering $5,910,000 of 4% convertible first mortgage bonds, due
April 1, 1952, 1,181,967 rights to purchase the bonds, and 295,500 shares
or capital stock ($20 par), to be reserved for conversion of the bonds.
Holders of the company's outstanding 1,181,967 shares of capital stock
will be given pro rata rights to subscribe to the 4% bonds at a price to be
filed by amendment.
Bonds not subscribed for by stockholders will be
purchased by underwriters and may be offered publicly. Blyth & Co., Inc.
of N. Y. City will be the principal underwriter.
Details as to the dates
of offering to stockholders, as well as names of other underwriters and
underwriting discounts and commissions, will be furnished by amendment.
The net proceeds to be received from the sale of the bonds, together with
such additional amounts as the company may apply from its available
cash,
will be used to pay promissory notes aggregating $7,000,000 as follows:
Guaranty Trust Co., New York $2,000,000; National City Bank, New York.
$2,000,000; Chase National Bank, $1,000,000, and Anaconda Copper
Mining Co., $2,000,000.
I
The bonds are redeemable on 30 days' notice at the following prices with
accrued interest: to and incl. Nov. 30, 1942, 103%: thereafter to and
incl. Nov. 30, 1945, 102%; thereafter to and incl. Nov. 30, 1948,
101%;
and thereafter,
100%.
The bonds are convertible, unless called for
previous redemption, into shares of capital stock to and incl. April 1,
1952 at $20 principal amount of bonds for each share of capital stock or at
the conversion price adjusted as provided in the indenture.
The underwriting agreement permits the underwriters to stabilize the
market price of the bonds to facilitate their distribution.
The existence
of this
are
provision, it is stated, is no assurance that any such transactions
or will be effected, or if effected, that they will not be
148, p. 3690.
contemplated
discontinued at any time.—V.
Interborough Rapid Transit Co.—New Chairman—
Directors of the company on Nov. 8 elected Frank Hedley, former Presi¬
dent, to succeed Ernest A.
Bigelow
Chairman.
as
President and Chairman of the
as
new
George Keagan
was
Executive Committee which
Deficit in earned surplus.
Hedley. Austin F. Barry, Edgar S. Bloom, M. Ronald
Brukenfeld, D wight F. Faulkner Jr., Samuel M. Ray burn and Earl E.
Star bard.
Mr.
.
...
2,378.500
335.171
2,249,351
Bloom, who is President of the Western Electric Co.,
was
named
Chairman of the company's Committee on Transit Unification,
succeeding
Mr. Bigelow, who recently resigned.—V. 149, p. 2976,
International Mining
no
par)
Corp.—Asset Value—
The company reports that as of Sept, 30, 1939, the net asset value of the
516,973 shares of common stock outstanding in hands of public on that date
was $5,856,446, equal to $11.32 per share, after taxes and
reserves, in¬
cluding $188,031 for estimated Federal income taxes (but no Federal excess
profits tax) on unrealized appreciation of listed securities.
Net assets are
on market value of securities listed and issues not listed or
quoted
based
valued at cost.
are
1
Patents, nominal value
$846,703
593,000
Capital stock (95,140 shs.
Paid in surplus
Prop., plant & equipment:
In
$1,500,196
—
1938
also includes Mr.
Liabilities—
Inventories
1937
$732,381
Total income
1939
(& Subs.)- -Earnings—
9 Mos. End. Sep*. 30—
1939
Operating profit.
$1,432,373
Other income
67,823
chosen
Balance Sheet as at Sept. 30. 1939
A sscto
Sundry accts. receivable
Industrial Rayon Corp.
*
...
,
Nov. IS,
Net assets
—$1,428,147
Total
It is proposed that the stockholders at the annual meeting to be held in
December approve the reduction of the stated capital of the company in
the sum of $2,283,360 and that thereupon the board of directors charge
and
on June 30,1939 were equal to $11.87 a share on
518,973 shares
Sept. 30, 1938 were equal to $13.18 a share on 523.273 shares.—
on
Y. 149, p. 3116.
x
paid-in surplus account so created the amount of the deficit in the
earned surplus account.
If the stockholders give such approval the stated
value of the capital stock as of Sept. 30, 1939. will oe $95,140 and the
paid-in surplus will be $369,180. y Authorized $1,200,000, issued $6l\ ,000,
pledged to secure notes payable $593,000 in treasury $6,000 outstanding
$1,000.—V. 148, p. 280.
to the
providing foreign exchange
for that part of special disbursements outside of Canada
withdrawal from accumulated earned surplus.—V. 148, p.
Net
Retirement
Appeals, Nov. 11. ordered dismissal of a
Independent (Subway) System of N. Y. City—Earns.
Period End. Aug. 31—
1939—Month—1938
Operating revenues
$1,561,441
$1,357,546
Operating expenses
1,294,220
1,215,461
Income from ry. oper.
Non-operating income.
_
$267,221
$142,085
1,426
1.454
1939—2 Mos.—1938
$3,099,403
$2,642,684
2,563,112
2,385,891
$536,291
2.774
$256,793
Net profit car. to sup.
Earned
surplus
ning of period
operating expenses.
End. Sept.
Net
72,137,795
72,259,896
70,950,662
$83,299,583 $79,689,918 $98,844,702 $95,235,037
483,475
483,475
1,450,424
1,450,424
7,289,085
7,289,085
21,867,254
21,867,254
Earned surplus end of
$268,647
$143,539
1939—Month—1938
$813,283
$1,033,063
488,515
expenses.
577,417
30—
$539,065
$259,695
Netry. oper. income..
Other income
Total income
Total fixed charges
Mos.—1938
$8,080,520
5,074,922
$6,360,760
4,448,177
$455,646
95,507
93,226
$324,768
83,930
74,536
$3,005,598
732,183
769,308
$1,912,583
571,315
$266,913
1.775
$166,302
1,525
$1,504,107
19,453
$734,211
22,264
$268,688
$167,827
$1,523,560
$756,475
8,728
36,802
3,233
36.920
50,824
331,798
28.577
334.270
$223,158
$127,674
$1,140,938
$393,628
607,057
Assets
x
30 '39
§
Property
Dec.
31
$0.48
$1.72
38
903,881
928,691
Sec. held against
retlr.
Sept
Liabilities—
§
158,919,308 158,350,836
Investments
$1.56
y
cum.. 27,627,825
Common stock 60,766,771
Accts.
system
pay.
payrolls
6,267,597
5,204,948
8.845,662
9,946,845
483,475
14,052,347
14,108.724
*
13,498,174
14,106.323
Prov. for taxes.
33,600,957
32,141,057
Pref.
Nov. 1,
receivable
10,436,117
6,283,541
273,616
537,566
35,970,650
40,422,819
Govt, securities.
Cash....
Insur. and other
prepaid
dlv.
Ins.,
586,942
305,428
1939.
90,160
2,530.081
reserves
After
254,189,646 253,076,263
Capital surplus
60,606,500
Earned surplus.
Total
483,475
res
conting. &
other
items
pay.
Retlr. syst. res.
Exchange
27,627,825
60,766,771
and
reserve
Accts. and notes
30 '39 Dec. 31 '38
$
$
Pref. 7%
Inventories
73.009,390
Total
1,981,120
60,606,500
72,259,896
254,189,646 253,076,263
$62,180,427 ($56,754,887 in 1938) for depreciation and
Represented by 14,584,025 no par shares.
reserve
y
Results of operations for the third quarter are again expressed in United
In the accompanying letter to shareholders, Robert C.
Stanley, President,
points out that permanent magnet alloys containing iron, nickel, aluminum
and cobalt are creating a new and expanding industrial market for nickel.
"Interest in these extraordinarily powerful magnetic alloys," he
states,
"has been steadily increasing and experimental research indioates
even
broader commercial applications in the future.
"The startling discoveries in the development of these new
magnetic
materials
have
now
made available permanent
magnets whose properties
far exceed those of magnets in general use.
made which will support 60 times their own
Magnets of this type are now
weight.
"Applications of permanent magnet alloys range from radio loud speakers
and microphones to high tension magnetos, magnetic chucks and sensi¬
tive galvano-meters.
They are also being used in increasing numbers in
watt-hour
direct current instruments and in
A list of 28 fields of application is given.
meters,
size motors."
small
and
medium
Mr. Stanley adds that "probably not many realize the growing
importance
of magnets—the heart of electric motive power and the more recent
auto¬
matic devices.
Modern equipment is utilizing more and more
magnets and
Net income after fixed
charges
—V. 149. P. 2369.
$0.57
Consolidated Balance Sheet
Sept.
rates.
1939—9
Miscell. deductions from
income
$75,527,024 $71,917,359 $75,527,024 $71,917,359
States dollars, in accordance with the usual accounting practice of the
company, transactions in other currencies being converted at the month-end
from rail¬
way operations
Railway tax accruals—
Equip. & joint facil. rents
period.
stock
x
revenues-
revenue
$7,552,123 $26,584,806 $24,284,374
74,488,215
.
Earns, per share on com.
depletion,
Indiana Harbor Belt RR.—EarningsPeriod
$8,811,368
begin¬
Total surplus
Preferred dividends
Common dividends
2,902
over
—V. 149, p. 2691.
Ry. operating
Ry. operating
system
other purposes
2899.
liquidate the $4,000,000 investment trust plans of
Independence Share Corp. on the ground of fraud and insolvency.
The Court held that the Securities and Exchange Act of 1933, under which
the nine subesribers to the plans sought the receivership, does not give
Federal courts authority to appoint receivers in such instances, but limits
plaintiffs allegedly defrauded in investment transactions to filing suits for
the obtaining of money judgments.
Whether a receivership petition would
be entertained by Federal courts after judgment and efforts to collect it had
failed is a matter for future determination, the Court said.
The Court did, however, hold that the plaintiffs in the receivership suit
could use it for the purpose of seeking their money judgments by merely
amending its legal phraseology but the Court withheld an expression on
whether any of the other 20,000 investors in the company has the right
to join them in a class suit for the recovery of the amounts they paid in.—V.
148, p. 1644.
revs,
..$15,012,960 $11,438,975 $41,795,808 $36,392,335
2,974,205
1,636,574
7,411,450
5,539,868
1,744,285
1,766,328
5,425,539
5,224,738
and
1,483,103
483,950
2,374,013
1,343,355
District Court last March for the appointment of a
filed in Federal
of
$14,922,267 $11,306,611 $41,470,659 $35,945,876
90,693
132,364
325,149
446,459
Deprec. and depletion..
receiver to dissolve and
Excess
profit
oper.
Other income
which represent
Independence Share Corp.—Dismissal Order in Suit—
The Third U. S. Circuit Court of
Adm. &
Income & franchise taxes
declared an extra dividend of 1214 cents per share in
addition to the regular semi-annual dividend of 25 cents per share on the
capital stock, both payable Dec. 1 to holders of record Nov. 17, Previously
extra dividends of 37H cents per share were distributed.
The reduction in the current extra dividend is due to a ruling in Canada
suit
Canada, Ltd. (& Subs.)—
1939—3 Mos.—1938
1939—9 Mos.—1938
$15,321,085 $11,681,068 $42,748,967 $37,152,821
head office exp.
398,818
374,457
1,278,308
1,206,945
Total income
Imperial Oil, Ltd.—Extra Dividend—
The directors have
by the Foreign Exchange Control Board against
International Nickel Co. of
Period End. Sept. 30—
Earnings
adopting small permanent magnets on a large scale.
A typical permanent
magnet alloy is Alnico, containing 20% nickel, 12% aluminum and
5%
Volume
cobalt.
This
substantial
ONE HUNDRED—Tie Commercial & Financial
149
increasingly
important commercial
of nickel.—V. 149, p. 3116.
use
International
development
promises
discussion with the Securites and Exchange Commission, has been resolved.
a registration statement under the Securities
25-year bonds and $3,225,000 of serial notes.
This registration statement will not be withdrawn but an amendment
filed with the SEC
extending the proposed effective date.
[Excluding International Hydro-Electric System and Subsidiaries]
a
Gross sales
1939—9 Mos.—1938
was
Rates Cut—
$29,133,736 $25,048,990 $81,241,869 $70,253,778
46,008
269.567
627,953
752,771
Other income (net)
3265
The company on Oct. 27 filed
Act of 1933 covering $39,000
Paper & Power Co. (& Subs.)—Earnings
Period End. Sept. 30— 1939—3 Mos.—1938
YEARS OLD
A reduction of
$180,000 annually in electric rates of this company was
by Harry Bacharach, Chairman of the State Public Utility
Commission.
The company serves 97,000 consumers in 10 New
Jersey counties.
Earlier this year Jersey Central effected an electric rate
announced
Grossincome
Cost of sales
Outward
-.
$29,179,744 $25,318,557 $81,869,823 $71,006,549
20,821,613
18,142,145
58,677,477
51,118,837
livery expenses
Sell., general & admin.
reduction, saving
3,796,923
3,262,341
10,584,433
8,738,973
1,402,546
153,057
1.377,219
150.229
4,261,185
459,535
4,098,505
455,148
operating profit._ $3,005,605
*2,386,624
$7,887,193
$6,595,086
903,215
6,009
2,512,468
2,266
2,696,192
14,512
208,614
82,057
17,348
89,252
1,106,587
168,070
83,398
17,242
280,313
3,518,075
581,601
214,603
52,566
283,221
3,259,681
588.786
387,205
53,753
$635,133
$12,850
$725,301
c$688,265
expenses
Prov. for doubtful accts.
Net
•
freight and de¬
Interest
Interest
funded debt.
on
other
on
Amortiz.
of
797,167
debt1,658
debt
users
Prov. for income taxes..
b Dividends
Net profit
2975.
Jacksonville Gas Co.—Earnings—
Operating
Gross income
Unconditional int.
on 1st mtge. bds__
Interest on other debt
Cumul. conditional ints.—bonds
Prov. for retires. & replacements
Interest
a
aLess
returns, allowances and siscounts.
b Accrued but not currently
on preferred stocks of subsidiaries,
c Indicates loss.
Note—In the books and the above consolidated financial statement for¬
eign accounts are stated on the basis of $4.85 for the pound sterling and at
can
355,820
$578,727
347,265
$234,013
8,459
$231,462
3,882
$241,679
113,083
5,054
73,712
43,427
$242,472
118,833
3,845
$235,344
78,588
46,425
81,090
47,284
Cr3,177
Cr3,194
$9,579
Net operating income
$589,832
Cr3,177
.
1939
$593,680
360,607
$233,073
8,605
expenses
Non-operating income
93,437
1,170,191
Depreciation
Depletion..
p.
12 Months Ended Sept. 30—
Gross operating revenues
disct.
andexpense.
$73,114 annuaHy.—V. 149,
x$2,042
1,314
x$16,438
1,187
1938
Gas & Power Co., accrued
parity of exchange for Canadian currency.—V. 149,
International
Petroleum
Co.,
Net income
2369.
p.
Ltd.—To
x
Directors have declared the regular semi annual dividend of 75 cents
per
on the common stock,
payable Dec. 1 to holders of record Nov. 20.
Previously extra dividends had been paid together with the regular semi
annual distribution.
See also V. 148, p. 2900.
share
International Silver Co. (& Subs.)—Earnings—
Period End. Sept. 30—
Net profit after depr.,
taxes, &c
Earns, per sh. on 91,198
shs
x
.com
.stk.
1939—3 Mos.—1938
$151,710
$394,695
$0.61
$2.09
on Nov. 14 declared a final dividend of
$1 per share in addition
the 48th regular quarterly dividend of $1 per share on the common
stock, no par value, both payable Dec. 20 to holders of record Dec. 6.
Special dividend of $1 was paid on Aug. 1, last.—V. 149, p. 2515.
to
Nil
$1.10
149, p. 1622.
'
Interstate Home Equipment Co., Inc.—Sales—
Joy Mfg. Co.—Registers with SEC—•
1939, were the largest in the
company's history, amounting to $7,056,110, as compared with $5,218,347
for the year ended Oct. 29, 1938, an increase of
$1,837,763 or more than
35%, Benjamin N. Kane, President, reported Nov. 14.
«
For the final four weeks' period of its fiscal
year, net sales totaled $656,421
against $508,106 for the corresponding period of the preceding fiscal year,
a gain of $148,315, or
29%.—V. 149, p. 2962.
Hosiery
Co.,
Philadelphia—Workers Open
Their Own Mill—
Thrown out of their jobs in September when the Interstate Hosiery
Co. shut down its plant in Northeast Philadelphia, 550 hosiery workers
reopened the mill Nov. 10 as the largest cooperative hosiery factory in the
world.
Named the Hancock Hosiery Mills, Inc., it has orders to
keep the
worker-owners going for more than four months, it is said.
A
formal
$258,000 sales agreement
Bank & Trust Co.,
prior year accr'ls.
loss.
Jewel Tea Co. Inc.,—Final Dividend—
$183,123
Net sales for the fiscal year ended Oct. 28,
Interstate
Indicate
Directors
(par $ 100)
Estimated.—V.
1939—9 Mos.—1938
$294,713
acct. of
on
Balance Sheet Sept. 30, 1939
Assets—Property,
plant
and
equipment,
$6,430,124;
investments,
$77,808; cash, $27,286; accounts receivable (net), $160,992; merchandise,
materials and supplies, $68,326; insurance deposits, $1,440;
special desposit,
$618; deferred charges, $8,951; total, $6,775,545.
Liabilities—Long-term debt, $5,304,306; cumul. conditional interest
accrued on 1st mtge. bonds, $348,743; consumers' meter and extension
deposits and interest accrued thereon, $94,166; current and accrued liabili¬
ties, $160,987; reserves, $372,964; capital stock ($1 par), $50,196; capital
surplus, $526,286; deficit, $82,103; total, $6,775,545.—V. 149, p. 1329.
Regular
Pay
Dividend Only—
x
Reed,
was signed, Nov.
10 at the Ninth
Philadelphia to turn the property over to the 550 former
employees, who all become stockholders in the new company.
After the mill was closed in September a committee of employees worked
cooperative plan with Frank G. Binswanger, real estate dealer who
handled the transaction. The company was capitalized for $125,000,
every
male worker subscribing to $300 worth of stock and every woman to $150.
A mortgage for the balance required to
buy the mill was obtained through
out the
the bank.
See list given on first page of this department.
Kalamazoo Stove & Furnace
Period End. Sept. 30—
Net profit
After depreciation. Federal income taxes, &c.
tax on undistributed profits.
x
Current
assets
$312,780
302,803
expenses
Profit
Other income, net
Kansas Electric Power
$959,693
927,962
$31,731
68,867
$31,910
6,000
Net
earnings
$100,599
26,000
$25,910
Provision for taxes.
$74,599
After provision for depreciation of $47,919 for three months and $143,583 for nine months.—V. 149, p. 1027.
,x
Iowa-Nebraska Light & Power Co.—Contract—
Company has signed a contract for the purchase of power from the
Central Nebraska Public Power and Irrigation District.
The contract brings into the State's public power net work the last of the
major markets of Nebraska.
The latest contract calls for the purchase up to
6,250 kilowatts of electric
power at wholesale rate considered fair and adequate by all parties to the
agreement, according to L. R. King, Iowa-Nebraska, President.—V. 148,
p.3224.
Iowa Public Service
Net operating income-
1939
17,658
-
Federal and State income taxes
$1,354,456
844,270
9,391
38,821
Cr41,088
$663,306
Provision for depreciation
General taxes
$4,644,028
2,016,907
268,559
525,712
410,304
68,091
$1,545,293
826,430
12,089
44,384
Cr9l5
Operation
Maintenance
$4,608,100
35,928
$4,847,019
1,912,078
260,719
593,961
441,713
93,256
Total gross earnings
1938
$4,829,361
Operating revenues
Non-operating revenue (net)
Interest
on
unfunded debt
Amortization of bond discount and expnese
Interest charged to construction
Net income
—V.
x
Period End. Sept. 30—
Net income.
y
Earnings
per
share
After depreciation, Federal taxes,
stock (par $1).—V. 149, p. 2515.
Period End.
Sept. 30—
stock
outstanding (no par).
Earnings per share
$183,673
59,765
$702,298
228,429
$707,047
216,842
$107,943
44,682
$12.3,909
44,682
$473,869
178,729
$490,205
178,729
$63,261
Balance
—V.
$79,227
$295,140
$311,476
149, p. 1028.
Kellogg Co.—Final Dividend—
Directors have declared
dividends of 50 cents
a final dividend of $1 per share on the common
1 to holders of record Nov. 22.
This compares with
paid on Oct. 3, last and on Dec. 23, 1938.
New President—
W, H. Vanderploeg, Executive Vice-President, has been named Presi¬
and general manager of the company, succeeding W. K. Kellogg,
founder of the company, who was elected Chairman of the board.
Joel S.
Mitchell, Vice-President of the foreign division, was elected 1st Vice-Presi¬
dent.—V. 149, p. 2516.
dent
Kentucky Power & Light Co.—Earnings—
Period End. Sept. 30—
Operating revenues
Oper. expenses & taxes.
1939—3 Mos.—1938
$183,407
$172,652
134,147
121,415
551,732
517,598
$169,154
1
$156,663
1,048
$49,261
36,456
$49,020
37,007
$169,165
146,260
$157,712
149,496
$12,805
$12,013
$22,906
$8,216
$49,260
operating income.
Other income (net)
Int. & other deductions.
Net income
-V. 149, p.
&c.
y
1939—9 Mos.—1938
$887,501
$641,902
$1.30
$0.89
On 593,865 shares
1939—3 Mos.—1938
common
1939—9 Mos.—1938
$121,330
$62,143
$340,556
$481,306
378,680
$0.32
378,680
$0.16
378,680
378,680
$0.90
$1.27
After Federal taxes, depreciation, interest, &c., but before provision
for surtax on undistributed profits.—Y. 149, p. 1478.
1
y
2235.
Keystone Public Service Co. (& Subs.)
Jersey Central Power & Light Co.—Offering Delayed—
The First Boston Corp. has announced that the
company has determined
to hold in abeyance its proposed financing program until the company's
status under the Holding Company Act of 1935, which is at present under
-Earnings-
Operating
1939
1938
$1,358,588
12 Months Ended
$1,321,053
63a,362
Sept. 30—
678,198
73,295
79,424
39,941
99,471
expenses
Maintenance..
for retirements.
Federal income taxes
Other taxes
Other income
(net).
on
62,433
91,376
32,780
113,504
$388,259
45,362
$381,597
$433,621
200,000
$417,281
200,000
28,538
6.372
8.374
6,372
$218,875
Dividends
35,684
33,429
$182,372
33,429
$185,446
$148,943
preferred stock.
Balance
1180.
(G. R.) Kinney C., Inc.—Notes Called—
All of the outstanding 15-year 7M% seemed gold notes, due Dec. 1,
1936 as extended at
% to Dec. 1, 1941 have been called for redemption
on Dec. 1 at 102 and accrued interest.
Payment will be made at the Chase
National Bank of New York City.—V. 149, p. 2977.
Knudsen Creamery Co.—Accumulated Dividend—
Directors have declared
1939—12 Mos.—1938
$720,886
$674,261
$51,237
Z>r2,216
Net
—V. 149, p.
lares
$171,378
63,435
Amortization of debt discount and expense.
(Byron) Jackson Co. (& Subs.)—Earnings—
of capital
&Net profit
$705,019
2,028
Interest on long-term debt
Other interest..
Subs.)—Earnings—
1939—3 Mos.—1938
$455,490
$214,339
$0.70
$0.30
x
$700,862
1,436
$503,061
149, p. 2692
Island Creek Coal Co. (&
$182,543
1,130
312
Grossincome
Int. & other deductions.
Provision
Neb earnings
Interest on funded debt
$171,067
Other income (net)
Gross income
Co.—Earnings—
12 Months Ended Sept. 30—
Co.—Earnings—
Period End. Sept. 30— 1939—3 Mos—1938
1939—12 Mos.—1938
Operating revenues
$629,672
$617,820
$2,589,593
$2,508,511
Oper. expenses and taxes
458,605
435,277
1,888,731
1,803,491
stock, payable Dec.
Total income
sur¬
30, 1939, including $534,507 cash and $1 444,415 of inventories, amounted to $4,479,333 and current liabilities were
$912,996.
This compares with cash of $412,351, inventories of $1,354,198,
current assets of $5,603,744 and current liabilities of $554,932 on Sept. 30.
1938.—V. 149, P. 1479.
9 Months
$9,977
21,933
Selling & general administrative
loss$14,110
but before Federal
of Sept.
as
Pref. stock dividends—
3 Months
1939—9 Mos.—1938
loss$20,541
'
Net income 1
Intertype Corp. (& Subs.)—Earnings—
Period Ended Sept. 30, 1939—
Gross profits
Co.—Earnings—
1939—3 Mos—1938
$109,381
$98,657
All officers of the cooperative company are machine operators.
x
122,344
4,259
indebtedness of Ameri¬
on
paid
a
1937
a dividend of 37 M cents per share on account of
on the $1.50 class A cumul. & partic. shares, no par value,
payable Nov. 25 to holders of record Nov. 15.
Similar amount was paid
on Aug. 25, May 25 and Feb. 25, last, on Dec. 20, Nov. 25, Aug. 25, May
accumulations
25 and Feb. 25, 1938—V. 149, p. 579.
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3266
Kings County Lighting Co.
Sept 30, 1939—
18, 1939
Nov.
already consented to by more than
66 % of the security holders, new issues of mortgage and stocks are suggested.
Under the reorganization proposed and
■Consolidated Balance Sheet
.
Lake Superior District Power Co.
Sept. 30— 1939—3 Mos—1938
$506,107
Operating revenues
$578,698
Liabilities—
Assets—
$ 15.2C4.410
a
7%
250,194
84,470
23,708
Utility plant
a
6%
Capital stock expense
Other physical property
Special deposits
22,766
633,722
550,707
206,530
Miacell. investments (net)...
Cash
Accounts recelv.
(net)
Materials and supplies
Prepayment, ins. and
16,728
debt
and expense.
.
b Common stock
discount
113,361
—
42,563
21,813
75,000
75,000
110,210
99,934
225,000
328,862
65,337
225,000
289,532
7,898
$151,642
6,600
$459,075
24,196
$489,754
21,505
$117,190
58,838
$158,242
62,059
$483,271
$511,259
187,250
$58,352
59,179
$96,183
$306,017
59,179
177,538
$324,009
177,538
x$827
$37,004
$128,480
$146,471
Maintenance
4,961,000
Depreciation
124,242
Taxes
117,162
Customers'
696,521
deposits
Interest and taxes accrued...
payable
for depreciation
Reserve
Contingency reserve
Deferred credits
Premium
Earned
on
Other income (net)
977,365
194,497
Gross income
Int. & other deductions.
737,956
128,016
reserves
20,465
11,290
pref. stock sold.
surplus
Net income
Pref. stock dividends—
2,178,778
320,140
Capital surplus.
$109,292
Net operating income.
319,376
64,730
Contrlb. in aid of construe..
Miscellaneous
available
stock
Balance
$17,156,597 |
Total
a $100 par.
b Represented by 25,000 no par shares.
Earnings for the 9 and 12 months ended Sept. 30, 1939 appeared in the
"Chronicle" of Oct. 28. page 2693.
Koppers Co. (&
Subs.)—Earnings—
Sept. 30—
1939
1938
profit
—
$1,506,549 $2,010,315
Earnings per share.
$7.53
$10.96
x
After depreciation, interest, amortization and Federal
income taxes,
12 Months Ended
xNet
y
y
On preferred
stock.—V. 149, p. 1767.
Kroger Grocery & Baking
La France Industries—SEC on Reorganization—
At the hearing before the Securities and Exchange Commission on the
proposed plan of reorganization, held Oct. 9 and 12, amendments were
submitted by the debtor, designed chiefly to meet objections to the fair¬
ness of the plan raised by the Commission in its advisory report filed Sept. 1,
1939.
By order dated Oct. 26, the plan as amended was referred to the
Commission for examination and report.
This supplementary advisory
report issued Nov. 14 states:
The principal amendment now proposed represents another modification
of the proposed plan in the direction of recognition of the contractual rights
of the first mortgage bondholders.
The plan as filed on April 26, 1939 pro¬
vided for the issuance to the bondholders of preferred stock in a par amount
equal to only one-half of the accrued interest on the bonds (in addition to
second mortgage bonds and preferred stock in the principal amount of the
bonds).
By a subsequent modification it was also proposed to allot 15%
of the common stock of the reorganized company to the bondholders as
compensation for their sacrifices under the plan.
The amendment now submitted provides for the issuance of additional
preferred stock to the first mortgage bondholders, in a par amount equal
to
the remaining one-half of the accrued interest on the bonds.
This
amendment eliminates an important element of unfairness in the plan.
On the other hand, it renders more acute the problem of feasibility discussed
in the advisory report.
Whether approval should be given to the plan
as amended, remains to be tested by the considerations discussed at length
in that report.
In our view, the plan as amended does not fully meet the
objections there set forth.
Other changes effected by the new amendments may be noted briefly:
(1) The parent-subsidiary relationship between LaFrance and Pendleton
Mfg. Co. will be preserved, instead of the two companies being merged and
Pendleton dissolved.
This change does not affect the fairness or feasibility
of the plan.
(2) There will be reserved to the reorganization trustee, under super¬
vision of the Court, the prosecution of the pending suit against Manufac¬
turers Trust Co. and others.
This amendment is in accord with the sug¬
gestion contained in the Commission's advisory report.
(3) There will be issued to the indenture trustee for the new second mort¬
gage bonds one share of class A stock having the right to elect a majority
of the board of directors upon non-payment of interest on the new bonds
while the Reconstruction Finance Corporation loan is outstanding.
This
amendment apparently is intended to meet the suggestion, contained in
the Commission's advisory report, that management control should be
lodged In the bondholders upon failure to pay interest on their bonds at
any time during the life of the RFC loan.
Unless, however, the indenture
is also modified to provide a method whereby the bondholders will be able
to select the nominees for their board, this amendment will not achieve the
desired shift of management control to the bondholders themselves.—
V. 149, p. 2517.
Laclede Gas Light
Co.—Earnings—
1939
1938
$7,099,134
$7,057,594
324,897
$6,758,208
Balance
299,386
$6,774,237
3,084,358
334,669
3,197,191
Operating expenses
Provision for retirements
317,611
506,728
State, local and Federal (including income) taxes..
City of St. Louis—5% gross receipts tax
City of St. Louis—5% gross receipts license tax___
836,168
1,345
338,747
817,622
232,340
103,918
$1,560,419
357,840
$1,695,082
362,660
Maintenance.
Operating income
Non-operating income (net)
$1,918,258
1,945,002
Gross income
Interest
on
funded debt
Amortization of debt discount and expense
Taxes on bonds and interest
162,010
Interest
5,277
Cr6,872
on
consumers* deposits, &c
Interest charged to construction
16,147
506,247
$2,057,742
1,944,985
187,275
16,940
Rate Case
mission.
on
Income from investm'ts.
invest.
on
$198,230
59,383
2,055
$195,336
60,327
21,833
rec. on mortgage.
on mtge. pre¬
viously written off
Profit
on
disposal
of
equipment
260
_
195
527
...
•
439
1,431
2,357
962
$336,787
Total income
$281,916
$279,181
49,000
$230,181
172,500
y57,500
$4.00
Prov. for inc. taxes
50,000
49,000
$262,286
48,724
Net profit
Common dividends
$286,787
230,000
8hs.
x287,500
$1.00
$232,916
172,500
y57,500
$4.05
$213,562
172,500
y57,500
$3.71
stk. outstdg..
com.
Earnings
$3
x
share
per
par.
No
y
par.
Balance Sheet Sept. 30
Assets—
x
Fixed assets
Liabilities—
1938
1939
$286,923
1
Cash
207,671
Accrued
Tax
119,156
1,434,201
Bonds
Common
$290,310
1
....
Goodwill
1,785,046
2,355
2,000
56,814
reserves
56,203
dies, Ltd. (curr.
5,000
Earned
7,194
surplus
Capital surplus
Mary Louise Can¬
5,000
1,390,644
5,000
150,110
138,200
19,263
20,598
dies, Ltd. (subs.)
_.
5,000
1,194,931
41,964
account
53,200
dy Shops, Inc...
Prepd.&def.chgs.
Total
z$862,500 y$904,464
Mary Louise Can¬
Fanny Farmer Can¬
Accrued interest...
Inventories
1938
1939
stock
charges..
Total
$2,163,564
$2,163,564 $2,358,311
x After deducting depreciation of $566,270 in 1939 and $555,893 in 1938.
Represented by 57,500 no par shares,
z Represented by 287,500 shares
$3 par value.—V. 149, p. 1479.
y
(R. G.) Le Tourneau, Inc.—Earnings—
Period
End.
31—
Oct.
Earnings
After provision for depreciation and
x
p.
share
per
$596,165
134,806
$0.30
$725,533
202,486
$0.45
Net income
x
1939—10 Mos.—1938
1939—Month—1938
Net sales
$5,406,636
1,310,236
$2.91
$6,793,762
1,736,720
$3.85
Federal income taxes.—V. 149,
2517.
Lehigh Coal & Navigation Co. (& Subs.)—Earnings—
12 Mos.
End.Sept. 30—
1939
Consol. net profit
Earns, per sh. on capital
stock
b Net
1938
income
Earns, per sh. on capital
stock
lossx$5.921
Nil
$0.46
x$546,373
Nil
$0.77
$0.28
x$883,502 x$1.484.2'9 x$l,681,369
$0.18
x$936,898
...
1936
1937
$353,881 lossx$78.963
a
$0.48
$0.87
Including company's proportion of undistributed earnings and losses o(
or controlled, after interest. Federal
income taxes, depreciation, depletion, &c.
b Of the parent company accruing from direct operations and from rail¬
road rentals, dividends, &c., after Federal income taxes and charges,
x Before surtax on undistributed profits.
a
subsidiaries whose stock is either owned
New Board Member—
*
Harvey O. Couch on Nov. 3, was elected to the board
this company by the managers.—V. 149, p. 1479.
Leitch Gold Mines,
Ltd.—Earnings—
3 Months Ended Sept. 30—
Net profit after all charges
Earnings
per
of
of managers
1938
1939
$67,786
$0.02
f
share on common stock
$64,023
$0.02
Lessings, Inc.—Earnings—
9 Mos. End. Sept. 30—
Cost
of sales,
1938
1939
$241,867
Sales...
1936
1937
$302,533
$281,362
$274,342
266,738
Crl,840
262,771
Cr2,264
and
oper.
general expenses
245,026
299,930
Crl ,734
Crl ,723
788
2,898
2,339
loss$l,425
4,409
$3,538
13,500
$13,566
13,500
$11,496
13,508
$5,834
$9,962
sur$66
45,378
55,826
55,180
$2,012
56,856
xl,100
$39,316
$45,864
$55,246
$53,848
87,073
90,000
90,000
Nil
$0.04
90,000
$0.13
Other income
Prov.
for
Federal
and
State taxes
Crl 05
on
the part of the Missouri P. S. Com¬
turned to the company.
Petition for the restitution of impounded funds has been filed in Circuit
Court of Cole County.
As yet no decision has been rendered.—V. 149.
1028.
Shares capital stock out¬
standing (par $1)
Earnings per share.
x
'
500 shares Lessings, Inc., transferred to treasury,
$0.15
$1,062, and 19 shares
purchased for treasury, $38.
Balance Sheet Sept. 30
Assets—
1939
1939
Liabilities—
1938
$14,624
Cash
Accounts payable.
rec.
2,912
$15,778
3,587
Accrd. int. recelv.
252
179
Federal
10,701
taxes
Notes & accts.
Inventories
12,282
Prepaid insurance
2,145
x
25,695
83,674
and
—
1938
$13,709
$11,706
522
261
508
1,942
State
Capital stock—
87,073
90,000
39,316
45,864
$141,128
$149,773
90,996
527
Fixed assets
Accrued payroll
2,186
24,711
.
Investments
651
Deferred charges..
y
Surplus.
*
1
1
$141,128
$149,773
Goodwill
Reorganize—
Company, which operates the Lake Placid Club,
Inc.,
a
summer
Total
and
winter resort at Lake Placid, N. Y., on Nov. 3 filed in Federal Court at
Utica, N. Y., a petition for reorganization under the Chandler Act.
Samuel
H. Packer, President of the company, said in the petition that it was filed
a committee could not get unanimous consent to a plan of reorgan¬
ization.
Liabilities are placed at $1,142,300, not counting capital stock
of $1,576,013, while assets of $2,926,894 are listed.
The operating deficit
amounts to $540,231, with a payroll of $1,000 a day.
The company has been in default since October last year on various bond
issues, which amount to $460,000 and a collateral trust of $218,300.
$217,717
62,638
166
228
promotional rates effective Sept. 1,1399, in lieu of its previous rate reduction
order.
It is belived the new rates will enable the company to substantially
increase the volume of sales and that in event it follows that net earnings
will also increase.
This authorization eliminates the further impounding
of funds under stay order issued by the Circuit Court.
The Commission
recommended that all impounded money to the effective date of the last
ordinance under which a gross receipts tax has been paid (May it, 1938) be
returned to consumers and that funds impounded since that date be re¬
because
24,480
Recovery
$88,336
The Commission reaffirmed the valuation order issued in Nov.,
Lake Placid Co.—To
38,140
59,029
_
CY8,943
1934, finding the fair present value of the property used and useful in gas
service to be $39,000,000 and also authorized the company to inaugurate
p.
17,564
$224,388
52,930
sale
$272,113
52,130
51,950
1,629
2,092
18,083
Legal expenses
on
1936
1937
$289,949
52,820
1,448
130
Provision for deprec'n__
Disposed of—
Aug. 15, 1939, by action
1938
$289,549
5,821
L. Wade Childress, President, supplementing the income statement says:
"The rate case which has been pending for more than 12 years was dis¬
posed of
Shops, LtdL- -Earnings—
52,574
Deficit.
$214,174
Net loss
879.
1939
$297,137
10,869
Miscellaneous deductions.
p.
Laura Secord Candy
Years End. Sept. 30—
Int.
Co.—Sales—
1939—4 Weeks—1938
1939—44 Weeks—1938
Sales.
$19,561,600 $17,852 234 $203217,857 $193757,469
Average stores in operation
3,967
3,999
—V. 149, p. 2693.
149,
Net operating profit
Executive salaries
Profit
Period End. Nov. 4—
12 Months Ended Sept. 30—
Operating revenue—Billed to consumers
Provision for refunds under rate reduction order
Indicates loss.—V.
x
$17,156,597
177,253
to
common
Total
Mos.—1938
$1,650,405
$1,529,124
459,502
537,534
147,442
227,600
Operation
2,000,000
Long-term debt
Accounts payable
Dividends
other
expenses
Unamortized
159?
Earnings—
1939—9
Period End.
pref. stock (ser. B) $1,816,400
112,900
cum. pref. stock (ser. C)
cum. pref. stock (ser. D)
2,500,000
cum.
y
After
Total
depreciation of $143,208 in 1939 and $136,896 in 1938.
Represented by $1 par value shares.—V. 149, p. 1181.
x
reserve
for
Libbey-Owen-Ford Glass Co.—$1.25 Dividend—
The directors
common
stock,
on
Nov.
no par
14 declared a dividend of $1.25 per
share on the
value, payable Dec. 15 to holders of record Nov.
Dividends of 50 cents were paid in
dividends of 25 cents were paid on
—V. 149, p. 2517.
30.
each of the four preceding quarters and
Sept. 15, June 15 and March 15, 1938.
Volume
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
149
Lexington Water Power Co,—Earnings—
12 Months Ended
Sept. 30—
Federal income taxes
Other taxes.-—
$924,447
560,346
181,623
52,598
35,579
.
__
$844,195
189
$844,385
566,231
199,084
40,368
36,885
$94,301
Provision for retirements
1938
$1,798,824
386,728
$910,308
14,139
Maintenance
$1,816
Operating income
Other income.
Gross income
Interest
1st mtge. bonds
Interest on other long-term debt..
Other interest
on
;
_
Amortization of debt discount and expense
Net income
-V. 149, p.
Life Savers
Corp. (& Subs.)—Earnings—
Net
profit..—
Earns, per sh. on 350,140
shs. (par $5) com. stk.
1939—3 Mos.—1938
$303,632
$294,370
Lionel
y
Earnings
$797,192
$2.19
but
before surtax
on
undis¬
mon
purposes.—V. 149,
3117.
p.
$0.61
stock.—
stock, both payable Dec. 15 to holders of record Dec. 1.—V. 144.P.3006
Net sales for October were $13,461,332 compared to $13,177,261 in
October, 1938, an increase of 2.16%, according*to preliminary figures just
by William J. Wardall, trustee.
The drugs and sundries division
accounted for $9,743,805 of the October sales, an increase.of 3.05% over
the corresponding month of 1938, while wine and liquor sales, at $3,717,527,
were off 11 l-100thsper cent (.11%) from October, 1938.
Total sales of McKesson for the 10 months to Oct. 31 were $121,074,906
against $118,209,108 for 10 months of last year, according to the pre¬
liminary figures. This was an increase of 2.42%.—V. 149, p. 2978.
released
MacMillan Petroleum Corp.—Earnings—
Operating
Operating
stockholders
for
1939—9 Mos.—1938
$169,774
$91,057
1939—3 Mos.—1938
$68,374
$87,787
Net income before taxes.
—V. 148, p. 3536.
Co.—Earnings—
1939
$588,532
income
tax
1938
$489,037
377,260
$111,776
13,845
$144,990
19,807
$125,621
19,196
$125,183
40,318
5,065
*
;.;
expenses
462,368
$126,164
18,826
revenues
$106,425
40,366
5,110
and taxes
a Net operating revenues
Non-operating income
Gross income.
Provision for retirements
$3.6214 per full share on the shares of Vega Airplane Co. stock distributed
on Oct. 27, last, as a dividend to stockhokjers of record Oct.
11, 1939.
Lockheed
common
McKesson & Robbins, Inc.—Sales—
a
Corp.—Vega Stock Valued—
furnished
On
McKenzie Red Lake Gold Mines, Ltd.—Extra Dividend
The corporation has advised stockholders that a ruling has been received
from the United States Bureau of Internal Revenue placing a valuation of
was
$0.78
y
Directors have declared an extra dividend of two cents per share in ad¬
dition to the regular quarterly dividend of three cents per share on the com¬
Macon Gas
compares with 30 cents paid on Feb. 28, last; 20 cents paid on Jan. 3,1939;
70 cents paid on Feb. 28, 1938 and a dividend of 30 cents paid on Jan. 3,
1938.—V. 148, p. 1174.
Lockheed Aircraft
1939—9 Mos.—1938
$470,615
$366,214
depreciation,
and
taxes
12 Months Ended Sept. 30—
Corp.—Interim Dividend—
information
share
x After
all interest,
V. 149, p. 2518.
$767,352
$2.28
Directors have declared an interim dividend of 25 cents per share on
the common stock, payable Dec. 15 to holders of record Dec. 2.
This
The
per
Subs.)—Earnings
1939—3 Mos.—1938
$195,455
$98,741
$0.32
$0.16
1939—9 Mos.—1938
$0.84
depreciation, Federal taxes, &c.,
tributed profits.—V. 149, p. 2693.
-
Period End. Sept. 30—
xNet profit....
Period End. Sept. 30—
$0.86
After
x
15,976
188,000
79,487
284,438
1181.
Period End. Sept. 30—
x
McGraw-Hill Publishing Co., Inc. (&
1939
$1,820,772
405,376
17,042
188,000
13,000
287,046
Operating revenue
Operating expenses
3267
Gross income
—
Interest.
Amortization of debt discount and expense
Other deductions
490
173
$79,310
1,000
80,835
$60,775
1,000
60,626
—
,
Net income
Loew's Boston Theatres
Co.—Earnings—
Year Ended Aug. 31—
Net cash profit
Amortization of mtge. disct. & expanse
1939
$405,912
101,446
46,293
1938
$429,220
102,955
24,140
$302', 125
Earned surplus balance Sept. 1.
$258,172
578,114
Dividends paid.
$836,286
116,437
$880,850
302,736
$719,849
$578,114
__
Depreciation.
Balance, earned surplus, Aug. 31
578,724
Preferred dividends
Common dividends.
a
_
____
—
Before provision for retirements. *
Balance Sheet Sept. 30,1939
Assets—Property, plant and equipment, $1 ,*500,030; cash, $62,443;
receivable, $91,114; other receivables, $253; appliances on rental,
$59; merchandise, materials and supplies, $24,872; deferred debit items,
$69,117: total, $1,747,888.
Liabilities—Second 5%, non-cumulative, preferred stock ($100 par),
$20,000; common stock ($100 par), $475,500; bonds, $720,000; notes payable
$140,000; accounts payable, $52,574; accrued accounts, $44,238; consumers'
deposits, $20,656; deferred credit items, $935; reserves, $225,911; earned
surplus, $48,073; total, $1,747,888.—V. 149, p. 1182.
accounts
Balance Sheet Aug. 31
1939
1938
$191,849
50.000
2,020
$224,516
50,000
2,688
a2.715
2,893
Assets—
Cash
U. S. Govt, secure.
Accts. receivable.
$4,836
sonal prop, taxes
93,326
82,116
96,601
76,849
2,576
on
5,032,682
equipment
5,124,510
115,130
162,976
124,870
Due minority stk.«
assets...
124,870
payable
holders
729,750
1,038,750
of State
Theatre Co
2,715
2,893
3,121
b Tenants deposits
2,870
Com.stk.(par$25) 3,881,233
Surplus
...$5,519,266 $5,692,453
Total
3,881,233
719,848
Total
To cover
redemption of 153 shares of Stat© Theatre Co. common stock
share,
b On leases and rents received in advance,
c After
depreciation of $1,713,798 in 1939 and $1,681,056 in 1938.
d Includes amounts due within year.—V. 149, p. 580.
a
at $17.75 per
reserve
for
Loose-Wiles Biscuit Co. (&
Period End. Sept. 30—
x
Net profit
of com.
Shs.
520 000
$0.50
After Federal income taxes
1939—9 Mos.—1938
$694,206
$690,039
520 000
$1.04
Louisiana Land &
520,000
$0.56
depreciation interest
520 000
$1.03
&c.—V. 149, p. 1480.
Exploration Co.—Dividend Reduced
a dividend of five cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 1.
Previously regular
quarterly dividends of 10 cents per share were distributed.—V. 149, p. 3117.
Louisville & Nashville
RR,—Equipment Trust Certificates
Interstate Commerce Commission on Nov.
pany to assume obligation and liability in
series H, 2%% serial equipment-trust
United States Trust Co. of New York,
accrued dividends in connection with
9 authorized the
foreclosure petition is joined in
for Manhattan bondholders.
by the Merle-Smith Protective Committee
„
,
^
,
Charles Franklin, Counsel to Manhattan Ry. joined
so far as it can be considered a part of the proposed I. R.
in the petition inT.-Manhattan Ry.
plan.
He said, however, that he wished no irrevocable fore¬
closure steps taken in the event that the unification plan should fail of
consummation.
78.7% Deposits Shown in Transit Plan—
The protective committee for Manhattan Ry. consolidated mortgage 4%
gold bonds (Van S. Merle-Smith, Chairman) had on deposit at, the close of
business, Nov. 14. $32,004,000, or 78.7% of the outstanding issue of $40,670,000 in agreement with the plan for New York City transit unification.
C. Shelby Carter, member of the committee in charge of the solicitation
of deposits, pointed out that the unification plan agreement.requires de¬
posits of only 76% of the issue, thus putting the consolidated 4s over the top.
Deposits will continue to be accepted, Mr. Carter said, and indications
from bondholders already interviewed point to an ultimate total of 85
to
90% acceptance of the plan.—V.
149, p. 2518.
com¬
respect of not exceeding $2,025,000
certificates, to be issued by the
as
Ry.—Hearing Nov. 27—
unification
Directors have declared
The
Manhattan
Federal Judge Robert P. Patterson has set down for hearing on Nov. 27 a
petition by Central Hanover Bank & Trust Co., as trustee under the first
4s, seeking to enforce the claims of bondholders under the mortgage. The
stock out¬
standing ($25 par)-..
Earnings per share
x
Subs.)- -Earnings—
1939—3 Mos.—1938
$311,566
$342,939
The directors have declared a dividend of $2 per share on the common
stock, par $10, payable Dec. 15 to holders of record Nov. 28.
Dividends
of 25 cents were paid in each of the three preceding quarters; 55 cents paid
on Dec. 15, 1938; 25 cents paid on Sept. 15, 1938; 35 cents paid on June 15
and on March 15, 1938; a year-end dividend of $1.25 paid on Dec, 15,
1937; 50 cents paid on Sept. 15, June 15 and March 15, 1937; a year-end
dividend of $1 paid on Dec. 15, 1936, and a regular quarterly dividend of
50 cents per share was paid on Oct. 15, 1936.—V. 149, p. 2518.
578,114
$5,519,266 $5,692,453
1937
$14,850
Magma Copper Co.—Year-End Dividend—
1st
d Mtges and notes
1938
$92,485
$40,772
—
—V. 149, p. 114.
10.057
Int. accrued
1939
6 Months Ended Aug. 31—
Net loss after all charges
mortgages
Goodwill
Madison, Inc.—Earnings—
1938
$4,828
Real estate & per
Land, bldgs. and
Deferred
1939
Accounts payable.
Fed'l & State taxes
_
Deposit with Old
Colony Tr. Co..
c
Liabilities—
trustee, and sold at 104.2987 and
the procurement of certain equipment.
Manila Gas
Corp.—Earnings—
12 Months Ended Sept. 30—
Operating revenues
Operating expenses and taxes
1939^
1938^
$904,112
455,872
$829,046
395,257
$448,240
1,238
$433,789
8,914
$449,477
133,049
.—
$442,703
121,143
$316,428
51,414
4,945
2,329
6,304
$321,560
56,324
10,356
1,814
713
$251,435
$252,352
See also V. 149, p. 2978.
To
Pay $2.75 Dividend—
Directors on Nov. 16 declared a dividend of $2.75 per share on the com¬
stock, payable Dec. 22 to holders of record Nov. 27.
This compares
with $1.25 paid on Aug. 30 last; $1 paid on Feb. 28 last; $1.50 paid on Dec.
23,1938, and regular semi-annual dividend of $2.50 paid on Feb. 28,1938.
mon
a Net operating revenues.______
Non-operating income
——,—
a
Gross income
mingham, Ala., was elected a director of this railroad at a meeting of the
board of directors of the company held Nov. 16.
Mr. Wells was elected to
the L. & N. board caused by the death of Addison R.
Smith of Louisville.—V. 149, p. 2978.
fill the vacancy on
Lynch Corp.—Earnings—
1939
$287,941
$2.04
9 Months Ended Sept. 30—
1938
$281,521
$1.99
.—
—-—
Interest
Government tax on interest
Loss on foreign
exchange-
Other deductions—
Net income
.—_______
and dividends-—.
— ...
—
for retirements.
Balance Sheet Sept. 30,1939
Assets—Property, plant and equipment, $5,523,119; sinking fund,
$41,393; cash, $20,670; accounts receivable, $348,739; merchandise, ma¬
terials and supplies, $194,317; prepaid insurance, &c., $8,950; total, $6,a
Net profit after all charges
Earnings per share on capital stock
—V. 149, P. 734.
.
Provision for retirementsGross income
New Director—
Oscar Wells, Chairman of the Board of the First National Bank of Bir¬
—
—-
Before provision
137 188.
McGraw Electric
Co.—Earnings—
\2Mos. End. Sept.30—
1939
Sales
$6,716,615
Liabilities—Common stock, $750,000; bonds, $789,000; notes payable,
1938
1937
1936
$5,581,890
$6,455,151
$4,758,988
Net profit
1,242.041
1,287,040
764,582
874,613
$2.62
$1.84
Earnings per share—_
$2.72
$1.61
x After
depreciation and Federal income taxes,
yOn 472,600 shares
of capital stock.—V. 149, p. 1029.
x
y
Mclntyre Porcupine Mines, Ltd.—Earnings—
Period End. Sept. 30—
Cost & develop, expenses
Balance
Taxes
1939—3 Mos.—1938
$2,227,995
Gross income
-
-
-
Depreciation..
$2,121,458
1939—6 Mos.—1938
$4,508,063
$4,289,816
1,156,599
1,041,600
2,273,107
2,084,867
$1,071,396
159,384
$1,079,858
157.556
$2,234,956
340,452
$2,204,949
334,816
43,728
38,216
83,229
70,816
$21,510; accounts payable, $24,561; accrued accounts, $65,989; consumers*
deposits, $5,120; reserves, $1,719,871; capital surplus, $1,880,697; earned
surplus, $880,438; total, $6,137,188.
Bonds Called—
Corporation is notifying holders of its first mortgage 6% 20-year gold
bonds, dated as of July 1, 1926, that $41,000 principal amount of these
bonds have been drawn by lot and will be redeemed on Jan. 1, 1940, at
100% plus accrued interest.
The drawn bonds should be presented for
payment at the office of the Philippine Trust Co. in Manila, Philippine
Islands, or, at the principal office of the Chase National Bank of the City
of New York,
Interest on the drawn bonds will cease from and after
Jan. 1, 1940.—V. 149, p. 1182.
Maryland Fund, Inc.—Dividend Increased—
a meeting of the Board of Directors held Nov. 14, the distribution of 5
heretofore declared was increased to 10 cents a share.
This
distribution of 10 cents a share is payable Dec. 15, 1939 to stockholders
of record Nov 30
1930
Dividends of five cents was paid on Sept. 15, last and three cents per share
At
cents a share
Net profit.
Earns, per sh. on 798,000
shares capital stock—
—Y. 149, p. 2518.
$868,284
$884,086
$1,811,275
$1,799,317
$0.90
$1.11
$2.27
$2.25
was
paid in each of the three preceding quarters.—V.
148, p. 3852.
ONE HUNDRED-—The Commercial & Financial Chronicle—YEARS OLD
3268
Note—The above income accounts
Marland Oil Co. of Okla.—Registers with SEC—
of this department.—V. 149, p. 2695.
Mead
class of preferred stock, and include approximately $730,000 and $566,000
in the respective three months' periods and $1,230,000 and $865,000 in the
Corp. (& Subs.)—Earnings—
ifi
Weeks—
———
-40 Weeks
Oct. 7, 1939 Oct. 1, 1938 Oct. 7. 1939 Oct.. 1, 1938
Period—
Cost of sales..
Gross profit
$5,678,151 $16,3.31,530 $15,065,716
4,727,223
13,020,859
12,123,624
$6,803,845
5,456,752
Net sales..
$1,347,093
$950,928
$3,310,671
$2,942,092
Sell. & admin, expenses-
481,175
476,470
1,175,128
1,211,978
Operating profit.....
$865,917
$474,457
$2,135,543
$1,730,114
"
47,100
43,055
147,232
$517,512
$2,282,775
$1,875,790
483,062
458,434
1,216,558
1,146,393
148,829
146,335
35,808
125,701
128,506
Crl0,339
385,402
323,893
352,280
60,118
$48,601
9,671
$268,417
21,900
$89,297 loss$194,460
$246,517
Statement of Income (Company Only)
Sept. 30— 1939—3 Mos.—1938
1939—9 Mos—1938
$288,181
$188,933
$884,381
$736,009
Interest income..
16,073
51,170
101,504
152,151
Other income
6,813
6,750
21,038
20,611
Period End.
Dividend income
$22,999
Total income
'
Gross Income........
Depreciation
-
Int. &exp. on
fund, debt
Other deductions......
Fed. & State inc. taxes..
...
.....
312,059
44,844
$98,983 loss$184,789
respective nine months' periods which could not be distributed as dividends
on junior preferred andf common stock of subsidiaries owned by Middle
West Corp. because of prior lien dividend arrearages or because of restrictions
occasioned by preferred stock agreement and trust indentures.
145,675
$913,017
Other income
--
-
--
9,686
Minority interest......
Net inc. for the period
149, p.
—V.
581.
Melville Shoe Corp.—Merger
with McElwain Discussed—
Nov. 16 for a proposed merger
F. McElwain Co. of Nashua, N. H.. a leading
manufacturer of medium-priced shoes for men and boys.
Ward Melville, President of Melville Shoe, said after the meeting that
"as soon as possible, or I may say by next Tuesday or Wednesday, we will
send out an announcement to all our stockholders to tell them what went on
at our meeting today."
Melville Shoe has no manufacturing plants. It operates about 650 Thorn
McAn shoe stores and also retails through 12 John Ward and 10 Frank Tod
shoe stores.
The Thorn McAn shoes are manufactured by the McElwain
The directors of the corporation set the sate
$812,562
$735,754
$0.24
$0.22
$261,127
$0.08
$191,922
$0.06
/
on
Inc.—Dividend Doubled—
Nov. 13 declared
a
dividend of 10 cents per share on the com¬
stock, payable Dec. 20 to holders of record Dec. 5.
Dividends of 5
cents were paid in the two preceding quarters, the June 24 dividend being
the first paid since June 25, 1938 when three cents per share was distributed.
—V. 149, p. 2519.
Milwaukee Electric Ry. & Transport Co.
(& Subs.)—
Earnings from Oct. 22, 1938, Date Company Commenced
Operations, to Sept. 30, 1939
Consolidated
Operating revenues
Operating expenses and taxes—
$8,701,975
8,081,129
—
Net operating revenues.
Non-operating revenues...
$620,846
47,148
-
for which Melville Shoe has been the outlet for more than 17 years.
The J. F. McElwain Co. manufactures about 11,000,000 pairs a year.
It is a closely ovmed company, with 16,764 shares ($l0O par) 7% cumulative
preferred stock, callable at $105 a share, and 104,726 (no-par) common
shares outstanding.
Melville Shoe has outstanding 99,992 shares of 6% cumulative $5 par
preferred stock and 404,722 no-par common shares outstanding.
The
common shares are listed on the New York Stock
Exchange.—V. 149, p.
Gross income
Interest
on
$667,995
...
377,419
'715
funded debt
Amortization of bond expenseOther interest charges
Other deductions..
—
—
...
>1,838
20
-
—.
N et income
2979.
—
$288,002
...
for the period since it is
has no taxable net income for the period.
Note—No provision was made for income taxes
estimated
Mengel Co.—Bookings Rise 60%—
subsidiaries (wood products and
container manufacturers) jumped 60% over a year ago to a total of $1,240,000, according to the company's monthly report.
More than a dozen
industries, including furniture, building and numerous consumer lines using
fibre containers, wooden boxes and lumber, are customers of Mengel, so
that its orders usually reflect the trend of general business.
Bookings in
October, 1938, were $774,000.
For the first 10 months of 1939, new bookings amounted to $8,620,000, an
increase of 36% above the $6,337,000 booked in the same period of 1938.
Mengel's shipments in October totaled $1,123,000, or 32% over a year
ago, while 10-months' shipments amounted to $7,655,000, or 28% higher
October bookings of the company and
than in the same 1938 period.
1939, "were $2,162,000, compared "with
$2,054,000 on Mengel's books at the end of September, and $1,459,000 at
the end of October, 1938.—V. 149, p. 2979.
Unfilled orders as of October 31,
have declared a dividend of $2 per share on the common
11 to holders of record Dec. 1.
Dividends of $1 per
paid on Oct. 10, Sept. 11, and on June 10, last.—V. 148, p. 131.
Directors
stock, payable Dec.
were
Metal Textile
Directors
a
dividend of 15 cents per share on the
stock, payable Dec. 1 to holders of record Nov. 20.
Dividends
of 10 cents were paid on June 1, last, Dec. 1, 1938, June 1,1937 and Sept. 1,
1936.—V. 148, p. 2750.
common
the
that
company
149, p. 1030.
Minneapolis Gas Light Co.—Earnings—
Operating revenues
Operating expenses
1939
$5,259,878
3,650,081
1938
$4,954,963
3,374,151
Net operating income
Non-operating income
$1,609,797
26,967
$1,580,812
38,429
$1,636,764
$1,619,241
470,880
469.893
5,077
253.894
12 Months Ended Sept. 30—
Grossincome.
Interest
on
Interest
on
-
long term debt
4,961
other debt
Provision for retirements and replacements
265,032
86.548
.
Amortiz. of debt discount & exp. (less premiums).
Amortization of preferred stock expense
Int.
on
a
86,371
7,909
Cr93,948
7,914
054,803
indebtedness of American Gas & Pow. Co.
Net income
Dividends on preferred stocks
Income payments on participation
Corp.—Common Dividend—
Nov. 8 declared
on
—V.
a
Metal & Thermitt Corp.—$2 Dividend—
share
15,716
57,194
mon
into the company of the J.
company,
100,106
19,559
60,115
1183.
Mid-West Refineries,
Directors
$908,771
114,688
,
8,907
6,267
Net income-...
25,602
$1,006,924
31,186
5,188
18,557
34,766.
Incometaxes
—V. 149, p.
$246,853
$311,067
—
General & adminis
Taxes
Earns, per sh.on com.stk
Net income.........
of
the respective periods on each
have been prepared on the basis
deducting the full dividend requirements for
See list given on first page
1939
Nov.
79.306
$890,046
$129,603
83,289
$649,712
$677,154
506.000
627,000
$856,232
$127,213
units-
Net inc. after pref. divs. & inc. payments.
on acct. of prior years accruals
32.391
Rec.
Dividends
on common
stock
'
—:—
Balance Sheet Sept.
30, 1939
Liabilities—
Mexican Light
& Power Co., Ltd.—Earnings—
[Canadian Currency]
1939—Month—1938
$662,297
$604,619
526,496
502,811
Period End. Sept. 30—
Gross earns, from oper..:
Oper.
exps.
& deprec
Net earnings.—V. 149, p. 2519.
$135,801
$101,808
Investments
1939—9 Afos.—1938
$5,372,501
$6,155,594
4,493,869
4,623,410
$878,632
$1,532,184
Merch., materials & supplies.
Insurance deposits
Misc. current assets
,
Net loss
109,298
$122,545
Corp. (& Subs.)—Earnings—
Net operating income-
$5,988,328
131,895
$5,886,074 $16,219,252 $15,410,265
74,789
280,133
263,363
$6,120,223
2 179,279
$5,960,863 $16,499,385 $15,673 628
2,355,0»12
6,782,298
7,079.847
Grossincome
Reserves
long-term debt..
count and expense
General interest (net)-..
290,337
42,719
40,959
269,194
23,224
42,742
792,461
109,044
133,929
809,129
94,358
113,485
$3,566,930
1,414,216
$3,270,690
1,320,683
$8,681,653
4,122,095
$7,576,808
3,941,852
264,574
372,400
883.125
1,035,287
Net income
Divs. paid or declaredDivs.
earned
or
re¬
211,682
Earned surplus
d Excess of
e
liquidation
Liquidation value..
54,105
Dr 1,913,377
10,308,667
Capital surplus
$30,609,413
Total
•
Total
$30,609,413
.....
a
For $6 1st preferred stock called for redemption (per contra),
b $6
series, called for redemption—not deposited (per contra),
c Represented
by 44,COO no par shares,
d Over cost value of 3,495.40 participation units
reacquired,
e
Of participation units outstanding.—V. 149, p. 2696.
Minneaoolis & St. Louis RR.—Deposits
Asked—
E. C. Delafield, Chairman of the committee for the first mortgage
bonds, due as extended June 1,1932, sometimes known as Merriam JunctionAlbert Lea bonds, is notifying holders that plans for the reorganization of
the company have progressed to the point where the reorganization may be
consummated early in 1940.
With this objective in view, the committee
is seeking additional deposits as the participation of the first mortgage
bonds is based upon assent by at least 90% in principal amount.
The plan presently contemplates that holders of bonds which are de¬
posited with the committee will receive upon reorganization 80% of the
principal amount in cash and the remaining 20%, together with accrued
interest of 42% of the principal amount, in second mortgage 4% income
bonds of the new company.—V. 149, p. 2979.
Mississippi River Power Co.—Earnings—
(Including Missouri Transmission Co. to Date of Dissolution)
Sept. 30—
1939
1938
Operating revenues
$3,984,200
$3,870,737
Operating expenses and taxes
1,445,558
1,606,593
12 Months Ended
Non-operating
$2,538,642
127,190
of sub. companies-...
b Sub. oper. company._
b Sub. holding company
Balance of net income
Earns.persh. oncom.stk
384,378
320,498
550,662
380,659
$1,503,761
Balance
$1,257,109
1,869
60,585
$3,125,771
14,579
•
96.312
$2,219,010
14,579
307,159
$1,194,654
$3,014,879
$0.91
$1,897,271
$0.56
10,598
$1,493 J63
$0.45
earned portion
$0.35
of dividend
requirements on preferred
stocks of subsidiary companies held by the public, and minority interest
in net income,
b unearned dividend requirements on preferred stocks of
direct subsdiary companies held by the public.
Interest
on
Net income
—V.
—
$2,384,912
945,675
40,318
14,508
funded debt
Amortization of bond discount and expenseOther interest charges
...
$2,264,144
938,011
revenues.
40,864
15,037
$1,672,993
$1,383,335
120.768
149. p. 1030.
Payment of two six-months' interest installments due July 1, 1937 and
the first mortgage bonds, has been authorized
by the U. 8. District Court, Eastern Division, Eastern Judicial District
of Missouri, provided that such payment, without compound interest,
shall be received by the holders of said bonds as payment in full for said
interest on said bonds and interest upon said interest.
Interest coupons
Jan. 1, 1938, respectively. on
,
interest in net income
for
1,563,837
2,200,000
Common stock
Missouri-Illinois RR.—Interest—
served for but not de¬
clared.
Minority common stock
Prov'sion
2,256,700
$5 inc. partic. unit3
$2,665,832
Other income deductions
a
420
10,879
2,768,017
,
Cum. 1st pref. stock ($100par)
420
1,202,558
Amortizat'n of bond dis¬
a
1,293,501
...
—.
Other income (net)
a
82,982
pref. stock
754
(Excl. of Central Illinois Public Service Co. and Lake Superior District
Power Co.)
Period End. Sept. 30— 1939—3 Mos.—1938
1939—9 Mos —1938
Operating revenues
$17,167,969 $16,253,698 $47,947,558 $45,591,453
Operation
5,501,528
5,213,290
15,830,608
15,501,409
Maintenance
851,914
809,440
2,478,703
2,483,212
Depreciation
2,368,188
2,052,817
6,591,999
5,915,662
Taxes
1,658,888
1,627,728
4,864,207
4,742,078
Incometaxes
799,124
664,349
1,962,790
1,538,826
a
ex¬
Unadjusted credits..:
37,138
1939
Assets—Cash, $63,965; receivables, $49,540; inventories, $94,391; land
and buildings, $422,993; machinery and equipment, $327,081; deferred
charges, $8,944; investments, $7,164; total, $974,077.
Liabilities—Accounts
payable, $18,006;
accrued
expenses,
$10,061;
reserve for depreciation of buidlings, machinery and equipment, $317,790;
capital stock common, $148,802; capital surplus, $347,915; appreciation
real estate, $46,000; earned surplus, $85,504; total, $974,077.—V. 149,
p. 880.
_
b 1st
$420,801
396,156
Balance Sheet Sept. 30,
Middle West
.......
and
Current & accured liabilities.
460
Special deposit
meters
tension deposits
1938
$19,529
..
...
Consumers'
2,011,150
102,142
553,217
450,636
7,970
c
36,046
675
108,853
Depreciation
Capital stock tax reserve
All other expenses (net)
on
Accts. receivable (net)
Deferred charges
1939
$668,346
■" 542,298
..
Manufacturing cost
Int.
Cash
a
Michigan Steel Casting Co.—jEarnings—
9 Months Ended Sept. 30—
Net sales to customers
-
$11,772,000
Long term debt
Property, plant & equipment $26,280,860
;
July 1, 1937 and Jan. 1, 1938, respectively, on said bonds, can now be
deposited, for collection, direct, or through local banks, with J. P. Morgan
& Co., New York City, paying agent.—V. 149, p. 2979.
due
Missouri-Kansas-Texas RR.—To Meet Interest—
The company has on deposit in New York banks about $4,000,000 cash,
the funds being sufficient for payment of Dec. 1 and Jan. 1 interest require¬
ments, according to Matthew S.
dent.—V. 149, p. 2697.
'
Sloan, Chairman of the board and Presi¬
*
Volume
ONE HUNDRED
149
The Commercial & Financial
Missouri Public Service Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
Operating revenues
Oper. expenses & taxes..
1939—3 Mos.—1938
<.397,532
$382,020
315,877
291,463
1939—12 Mos.—1938
$1,529,644
1,200.413
$1,475,562
1,161,816
$81.655
1,293
$90,557
2,750
$329,231
4.141
$313,746
7,085
$82,949
55,603
$93,308
57,109
$333,373
$320,830
226.582
226.684
$27,345
Gross income
Int. & other deductions
National Biscuit Co.—Earnings■—
Period End. Sept. 30—
Net inc. after taxes,&c.
Shs. com. stk. (par $10).
x
Earnings
Net operating income.
$36,199
$106,791
$94,146
Other income (net)
Net income
No provision made for Federal surtax on undistributed profits.
Net profit for 12 months ended Sept. 30, 1939, was $11,618,091, equal
Mobile Gas Service
.
1938
1939
$798,124
636,283
...
Net operating revenues
$589,828
443,069
$161,842
35,274
46,981
share
After depreciation,
—
Provision for retirements
Grossincome
368
—
Sundry income charges.
Remainder
Partial return of premiums paid in prior years to a
self-insurance fund
.
24,190
•
Period End. Sept. 30— 1939—3 MOs.- -1938
Net profit after all chgs.
and Federal taxes
$263,856
$115,645
Earns. pe,sh. on cap. stk
$0.28
$0.12
1939—9 Mos- -1938
$658,797
$326,434
$0.35
$0.70
Note—The 1938 net income included the pro-rata share of undistributed
net income of 50% owned companies, the company states.
In 1939 the
income from such companies is included only on the basis of dividends paid
by them, which dividends were less than their earnings for the period.
—V. 149, p. 1769.
National Distillers Products
9 Mos. End. Sept. 30—
Profit after depreciation-
Interest & amortizationFederal income tax, &c._
$76,601
Earnings
Net profit—.
$97,935
b Reserved for interest on
for retirements,
On common stock.
y
1939
$4,199,602
614,078
432,344
Corp. (& Subs.)—-Earns.
$5,646,277
545,052
945,521
1937
$5,489,903
560,046
835,458
$5,414,721
570,820
762,507
$4,155,704
$4,094,399
$4,081,394
$2.04
$2.01
$2.00
1938
1936
5,305
;
Before provision
1939—9 Mos.—1938
$942,146
$935,532
$1.17
$1.16
Federal income taxes, &c.
$76,601
$92,630
_
b Net earnings
a
$0.33
$0.52
'
National Cylinder Gas Co.— -Earnings—
$123,900
46,931
910
;——
$170,949
47,049
$140,521
_
.
Gross income.__
$146,759
$197,116
56,595
...
Non-operating income-
per
—V. 149, p. 1184.
Corp.—Earnings—
12 Months Ended Sept. 30—
Operating revenues
Operating expenses and taxes
_
Earnings
x
See list given on first page of this department.
Interest
Period End. Sept. 30— 1939—3 Mos.—1938
Net profit$391,263
$279,280
.
y
Missouri Theatre Corp.—Registers with SEC—
to
share, comparing with $12,470,027 or $1.70 a share for the
National Bond & Investment Co.—Earnings—
x
a
a common
12 months ended Sept. 30, 1938.—V. 149, p. 1625.
—V. 149, p. 881.
a
per
1939—9 Mos.—1938
$8,878,499
$9,307,446
6,289,448
6,289,448
$1.20
$1.27
1939—3 Mos.—1938
$3,023,903
$3,662,311
6,289,448
6,289,448
share$0.41
$0.51
x
$1.57
.
3269
YEARS OLD
income
bonds.
Balance Sheet Sept. 30, 1939
Assets—Property, plant and equipment, $2,812,101; cash, $19,394;
receivable, $838; accounts receivable, $121,788; other receivables.
$816; appliances on rental, $8,392; merchandise, materials and supplies,
$45,070; deferred debit items, $14,229; total, $3,022,628.
Liabilities—Common stock (5,000 no par shs.), $430,701; 1st mtge.
bonds, $1,833,000; accounts payable, $60,701; accrued accounts, $28,675;
consumers' deposits. $22,200; service extension deposits, $47,108; reserves.
$600,242:, total, $3,022,628.—V. 149, p. 1769.
per
$3,153,180
share..$ 1.54
-
—
-
For quarter ended Sept. 30, 1939 net profit was $1,042,283,, equal to 51
cents a share comparing with $1,389,351 or 68 cents a share for quarter ended
Sept. 30, 1938, and $737,669 or 36 cents
1939.—V. 149, p. 1625.
a
share for quarter ended June 30,
notes
Mohawk Carpet
Directors
an
Earnings for 9 Months Ended Sept. SO, 1939
extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, both payable Dec. 15 to holders of record Dec. 1.
A dividend of
25 cents was paid on Sept. 15, last, this latter being the first dividend paid
since March 15,1938 when 25 cents was also paid.—V. 149, p. 1183.
$ 147,344
National Oil Products Co., Inc.
Period End. Sept.
Mills, Inc.—Extra Dividend—
Nov. 14 declared
on
National Funding Corp. of Calif. (& Subs.)—Earnings
Net income after all charges
—V. 149, p. 2090.
Directors have declared an extra dividend of 35 cents per share in ad¬
dition to the regular quarterly dividend of 30 cents per share on the common
stock, both payable Dec. 1 to holders of record Nov. 21.
See V. 149, p. 881
for detailed record of previous dividend distributions.—Y. 149, p. 1624.
1939—9 Mos.—1938
.
$191,047
$1.07
Earns, per sh. on cap. stk
$258,426
$1.44
$499,289
$2.78
$94,412
$0.52
—V. 149, p. 1625.
National Power & Light Co.
Monarch Machine Tool Co.—Extra Dividend—
(& Subs.)—Earnings—
30— 1939—3 Mos.—1938
Net profit after expenses
and reserve for Federal
income taxes, &c
Period End. Sept. 30—
Subsidiaries—*
(& Subs.)—Earnings—
1939—12 Mos.—1938
1939—3 Mos.—1938
Operating revenues.—-$18,228,438 $21,028,533 $80,168,003 $84,966,051
Oper. exps., incl. taxes-9,802,315
12,205,535
46,507,241
49,227,838
Property retirement re¬
serve appropriations
1,653,031
1,987,509
7,111,317
7,738,154
Monarch Mills—Dividend Resumed—
Directors have declared a dividend of $3 per share on the common stock
payable Dec. 31.
This will be the first dividend paid since July 1, 1938
when $1.50 per share was distributed; prior to this latter date semi-annual
dividends of $3 per share were paid;—V. 146, p. 3672.
Net oper. revenues—- $6,773,092
Rent from lease of plants
(net)
$6,835,489 $26,549,445 $28,000,059
*
Other income...-
(Philip) Morris & Co., Ltd. —Earnings—
1938.
1939
Federal taxes
$3,851,742
$4.40
Earns.persh.oncom.stk.
1936
1937
$3,157,967 x$3,136,443 x$l,700,507
$5.95
$6.04
$3.27
38,596
Cr9,801
$6,823,344
$6,822,285 $26,594,279 $28,094,486
—
Other income deductions
Grossincome—
Int. to public and other
deductions.
Int. charged to construe.
Pref. divs. to public
Portion applicable to mi¬
nority interests
—
x
No
—V.
provision
was
made for Federal surtax
149, p. 2980.
Motor Products
x
$282,281
Before depreciation.
income taxes, &c.—Y.
$219,229
190,879
334,061
252,131
405,280
_
y
149,
prof$56,684prof$141,270
profl40,278 prof222,574
321,869
250,839
After expenses, interest, depreciation. Federal
1624
p.
Mountain States Power
Co.—Company Sues Bankers—*
A decree adjudging H. M. Byllesby & Co. liable for alleged improper
profits and for alleged damage and losses sustained by the Mountain States
Power Co. is asked in a bill filed Nov. 8 against Byllesby & Co. in the Court
of Chancery, Wilmington, Del.
The complainants are Mountain States
Power and Benjamin N. Brown of Wilmington, examiner appointed in the
Federal District Court for Mountain States Power in 77-B proceedings.
Byllesby & Co., according to the complaint, dominated Mountain States
Power either directly or through the Standard Gas & Electric Co.
Among
acts attributed by the bill to Byllesby & Co. are;
Charged Mountain States
Power exorbitant and illegal sums for engineering and managerial services,
caused Mountain States Power to buy securities, bonds, &c., at excessive
prices and caused Mountain States Power to declare unwarranted and
illegal dividends on preferred and common stock.
The complaintants ask that Bylesby & Co. be declared liable for alleged
fraudulent profits, and damages and losses to Mountain States Power and
that Byllesby & Co. account for and pay back to Mountain States Power
any involved amounts;—V. 149, p. 3120.
Mullins Mfg. Co. (&
Suh&.)—Earnings—
9 Months Ended Sept. 30—
1939
$939,664
327,536
204,201
Gross
profit before depreciation
Net after expenses and inv. adjust., &c
Depreciation and amortization, &c
.
1938
$390,690
loss254,490
234,976
7,744
Federal income tax
Period End. Sept. 30—
Net
but before surtax
$70,871
$0.38
on
Insurance
—
1938
Bonds, stocks
1939
$123,359
1,400
3,884,356
3,134,239
1,006,743
Assets—
Mortgages
721,929
$117,078
1,775
Co.
deposit
-Balance
Sheet
744,101
90 days
472,666
31,607
33,266
Int. and rents due
and accrued.—.
147,
Int. & other deductions-
$2,551,559
91,040
255,724
$2,370,988
91,055
338,633
$9,151,660 $10,252,828
366.925
288.954
1,107.913
1,355,437
b Balance
Earns, per sh.of com.stk.
$2,204,795
$0.32
$1,941,300
$0.27
$7,676,822
$1.09
Total—
Expenses, Incl. taxes—_
-
Of National Power & Light Co. in income
to consolidated earned suplus.
a
(pro
by the subsidiary for Federal or State income taxes for the month of Septem¬
ber, 1939, nor for the period from Jan. 1, 1939 to Sept. 30, 1939. Compar¬
able provisions for such taxes for the corresponding periods in 1938 amounted
to $150,896 and $1,217,289, respectively.
The statement for the 3 months
ended Sept. 30, 1939. includes a net credit adjustment of $746,878, repre¬
senting the cancellation of accruals for such taxes prior to July 1, 1939.
The accrual for such taxes for the 3 months ended Sept. 30, 1938, was
$401,252.
Certain properties of subsidiaries were sold during 1938 and 1939, and
consequently the statement of consolidated income of National Power &
Light Co. and subsidiaries, include the operations of these properties only
to dates
of sale.
Statement of Income (Company Only)
reserves
523,568
1,056,369
322,842
300,000
357,315
900
$1,407,211
3,972
$5,911,633
96,155
$7,427,234
102,034
$1,374,061
91,040
$1,411,183
91,055
$6,007,788
366,925
$7,529,268
288,954
$1,283,021
Other.
Int.
&
—
$1,320,128
$5,640,863
$7,240,314
255,724
338,633
1,107,913
1,355,437
$1,027,297
$981,495
$4,532,950
$5,884,877
$0.11
$0.10
$0.52
—
other deductions
Net income
com.stk /
<
Earned Surplus for
3315.
$6,599,661
properties to Tennessee Valley Authority and others
4,312,910
on sales and write-down of investment in securities of
Memphis Street Ry. Co
243,541
Adjustment of unamortized debt discount and expense on de¬
bentures reacquired (less net profit applicable thereto, $268,299)
534,214
Intangible personal property tax, Jersey City, N. J.—prior years
95,607
Miscellaneous deductions
4,454
Loss
Balance
—.
$1,408,936
-
Net income for the 12 months ended Sept. 30
Dividend in liquidation (Lehigh Power Securities Corp.)
*
—
—
Common stock dividends
Total
$0.77
the 12 Months Ended Sept. 30, 1939
Earned surplus, Oct. 1, 1938— — — —
Loss on investment in subsidiaries liquidated after sale of their
Total
Crl9,565
...$5,791,566 $4,461,388«
1939—12 Mos.—1938
1939—3 Mos.—1938
Period End. Sept. 30
Income from subsidiaries
—
1,594,779
518,136
Reins, accrued, &c.
21,150
Capital paid-up...
300,000
Other
b Carried
—
—$2,833,934 $2,424,863
res.
$8,608,437
$1.27
of subsidiaries,
Note—In connection with recent refinancing by a subldiary, extraordinary
deductions for debt discount and expense and call premiums offset taxable
income.
Consequently the accompanying statements include no provisions
$6 preferred stock-dividends
-
p.
1938
for
others)
Total
Premium
Surplus
Suspense items (re¬
ins ur. unpaid &
-V.
1939
unpaid
claims in process
of adjustm't, but
rata)
Agents' accts. under
collections
Liabilities—
Reserve for
not due
Cash on hand and
on
$9,055,505 $10,150,794
96,155
102,034
$0.14
undistributed profits.
Sept. 30—
Real estate & impr.
$2,367,016
3,972
Earns, per sh. of
Automobile
1,081
$9,055,505 $10,150,794
9 Mos.- -1938
$188,121
Nil
$0.16
After charges and taxes,
—V. 149, p. 2698.
689
153
$2,367,016
from income
x
National
1939
1939—3 Mos.—1938
$78,385 loss$47.429
profit
11.891,702
010,753
6,061,662
149
Expenses, incl. taxes—
National Acme Co.—Earnings—
x
11,620.874
Cr9,531
5,926,742
Net equity—
$2,550,659
Nat'l Pow. & Lt. Co.—
a Net
equity—
—
$2,550,659
Other income.
900
a
$1,373,161
$115,592 loss$459,466
Net profit.
-V. 149, p. 1624.
Earns, per sh. on 500,000
shs. cap. stk. (par $1) _
2,940,497
Cr797
1,515,416
2,870,234
Cr3,500
1,405,802
-
1939—9 Mos.—1938
1939—3 Mos.—:1938
Net loss
x
undistributed profits.
Corp.—Earnings—
Period End. Sept. 30—
Loss from oper
Loss incl. other income.
y
on
,
62,531
3,872
$6,833,642 $26,553,317 $28,062,590
77,064
242,127
308.861
88,421
201,165
276,965
Operating income—- $6,774,947
6 Mos. End. Sept. 30—
Net profits after chgs. &
•
Drl,847
1,855
-
$5,791,566 $4,461,388
a
a
Earned surplus, Sept. 30, 1939
Includes $5,377,863 restricted as to dividends.
—
4,532,950
5,416,041
$11,357,928
1,678,296
3,273,670
$6,405,962
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3270
Balance Sheet Sept.
1939
Assets—
1938
Investments
.130,260,642 142.020.060
2,822,619
225,213
Temp, cash lnv_
16,240,944
945", 776
Accts. receivable
305,686
6,292
1,882
Cap.
a
12,148,967
Spec, cash deps.
Accrd. int. rec'le
Divs.
curr
$
(no
stk.
like amount
8,775,000
series B
8,959,000
Accts. payable..
Liquldat'n acct.
2,535.561
26,967
16,924
-
419,574
46.899
25,258
33,200
Reserve
281,373
281,378
6,405,962
6,599,661
Surplus
151,898.145
a
by $6
Represented
279,716 shares;
157,962.392
Total
gold bonds,
c Appropriated, from capital surplus,
d For
iring minority interest in subsidiary liquidated.
—V. 149, p. 2090.
mortgage
National Pole & Treating
Period End. Sept. 30—
Net loss
x
x
After all
New York Central
Net
...151,898,145 157,962,392
(value in liquidation $100 a share).
5,456,117 shares.
b5% collateral trust
stock,
$19,792
charges.—V.
147,
National Radiator
p.
re~
$18,912
2,690,705
1,139,128
1939—4
1939
1938
$105,966
_
$57,651
1939—44 Wks.'—1938
$4,166,097 $46,945,552 $46,457,197
1,077
1,105
—V. 149, p. 2980.
National Transit Co.— To
directors
have
declared
a
of
50
cents
share
the
capital stock, par $12.50, payable Dec. 15 to holders of record Nov. 30.
This compares with 35 cents paid on June 15, last; 40 cents paid on Dec. 15,
1938; 35 cents paid on June 15, 1938; 55 cents on Dec. 15, 1937; 45 cents
on June 15,
1937; 35 cents on Dec. 15, 1936; 40 cents on June 15, 1936;
35 cents on Dec. 16, 1935, and 40 cents paid on June 15, 1935.—V. 148,
per
New York New Haven & Hartford RR.—Would
stock,
a
payable Dec. 1 to holders of record Nov. 21.
paid since Dec. 22, 1936 when 20 cents
This
per
will
be
the
was
share
Federal
hearing
dividend of 25 cents per share on the common
$5, payable Dec. 1 to holders of record Nov. 15.
This will be
the first dividend paid since Sept. 1, 1938 when 15 cents
per share was
distributed.
See also V. 147, p. 3316.
Telephone & Telegraph Co —Earnings—
Period End. Sept. 30—
Operating
revenues
Uncollectible oper. rev--
1939—Month—1938
1939—9 Mos.—1938
$6,558,946
$6,107,993 $57,704,729 $55,359,317
21,418
25,620
Operating revenues-__ $6,537,528
Operating expenses
4,461,891
$6,082,373
Net oper. revenues—
Operating taxes
$1,081,857 $17,106,038 $14,930,037
464,943
6,246,314
5.482,334
Net oper. income
Net income
—V.
149,
p.
171,725
149,
before
the
Interstate
$2,075,637
729,269
$1,346,368
961,671
$616,914 $10,859,724
236,028
7,275,422
59,447,703
5,914,192
2521.
expenses
1938
$4,394,288
282,082
Federal income taxes
-
1,326,833
261,526
503,601
186,032
418,545
Other taxes
502,100
206,377
425.872
$1,613,653
106,115
$1,619,234
4,484
$7,138,439
$1,402,774
1,151,624
$1,623,718
1,164,159
$7,139,466
4,614,753
$7,382,438
4,629,956
$459,559
$2,524,713
$2,752,482
$1,671,580
224,455
$1,719,768
639,150
27,637
45,419
$1,896,036
633,837
33,173
45,419
Cr282
income
Amortization of debt discount and expense
Interest charged to construction
$7,381,705
1,026
733
New York
as
practicable.—V.
149,
p.
Telephone Co.—Collateral Deposited—
Company has notified the New York
bonds and other securities
on
Stock Exchange that all stock,
deposit with the trustee at the time of satis¬
faction of the indenture dated Oct. 1,
1909, securing first and general mort¬
gaged 4J4% bonds, due Nov. 1, 1939, have been deposited under the
refunding mortgage dated Oct. 1, 1921.—V. 149, p. 3120.
New
York
Westchester
&
Boston
RR.—Ordered
Liquidated—
,
^'
Federal
Judge John C. Knox has ordered dismantling of the railroad
properties of the road on Jan. 5, next, unless by that date a definite proposal
is suggested that offers some hope of successful operation of the road.
At a hearing Nov. 10 it was revealed that negotiations are now in
progress
which may result in the acquisition by the
City of New York of that part
of the railroad within the city, to connect with
existing and proposed transit
facilities of the Bronx.—V. 149, p. 2699.
Period End. Sept. 30— 1939—3 Mos.—x1938
1939—12 Mos—x 1938
Operating revenues
$2,767,370
$2,817,325 $10,592,614 $11,567,599
Operating rev. deduct'ns
1,940,648
1,848,075
7,235,181
7,534.269
Operating income.
Non-oper. income (net).
Cr773
...
$826,722
94,136
$969,250
82,053
$920,858
281,931
$1,051,303
279,991
$3,676,735
1,146,739
$638,927
Deduc. from gross inc-_
Net income
Gross
Interest on long-term debt
Other interest
date.
that
Light Corp.—Earnings—
x Restated
for comparative purposes as far
2981.
Gross income
Operating income
Other income
on
Niagara Falls Power Co. (& Subs.)—Earnings—•
1939
$4,449,383
1,445,470
Maintenance
Provision for retirements
Commission
$251,150
Deduc. from gross inc..
New Jersey Power & Light Co .^—Earnings—
revenues
Commerce
2981.
p.
Gross income
240,628
$57,533,004 $55,118,689
5,000,516
40,426,966
40,188,652
12 Months Ended Sept. 30—
Operating
Operating
Judge Murray Hulbert has adjourned to March 19, 1940, a
proposed plan of reorganization.
The hearings on the plan
New York Power &
par
New England
Ry.—Reorganization
on the
scheduled
Net income
a
Western
&
dis¬
Cordage Co.—Dividends Resumed—
Directors have declared
stock,
Ontario
Period End. Sept. 30— 1939—3 Mos.—x1938
1939—12 Mos.—x 1938
Operating revenues
$6,058,641
6,017,602 $25,368,986 $25,253,461
Oper. revenue deduct'ns
4,658,282
4,398,368
18,230,546
17,871,756
tributed.—V. 147, p. 579.
New Bedford
York
Hearing Delayed—
dividend of 25 cents per share on the common
first dividend
Pay Int.
$3,465,933 in interest on bonds and debentures of both the parent
company and underlying companies.
A hearing on the petition will be
held on Nov. 22.—V. 149, p. 2981.
Operating income
$1,400,359
Non-oper. income (net)2,415
(Herman) Nelson Corp.—To Pay 25-Cent Dividend—
Directors have declared
' x$917,974 x$5,779,923x$21,433,123
on
3076.
p.
1,265,141
36,595,521
Indicates deficit,—V. 149, p. 2980.
—V.
Pay Larger Dividend—
dividend
1,178,292
35,555,611
to pay
is
The
$30,953,980 $16,427,539
4,134,946
$3,120,096
charges
x
New
Wks.—1938
Stores in operation
131,581
The trustees have asked the Federal court at New Haven for permission
Machinery Co.—Earnings—
$4,682,706
$3,348,553
125,260
4,155,928
$5,580,242
10,847,297
Net income after fixed
loss $1,045,223
National Tea Co.—Sales—
Period End. Nov. 4—
Sales.
$7,401,284
Total fixed charges
Company states that the above net profit, is equal to $1 a share on the
new common stock,
y After depreciation of $307,100 and accrued deben¬
ture interest of $103,993.—V. 149, p. 1922.
9 Months Ended Sept. 30—
Profit after charges but before Fed. income taxes.
—V. 147, p. 1496.
$2,193,200 $21,3.54,015
1,155,353
9,599,965
1,062,907
Total income
x
National Rubber
$6,338,377
Miscell. deductions from
1938
x$153,928
,
a
also
$5,927,010 $57,631,195 $40,090,946
2,638,006
25,874,116
25,422,573
1,095,804
10,403,064
9,088,131
$10,168,210
operations
income
1939
was
RR.—Earnings—
Equip. & joint facil. rents
3616.
Corp.—Earnings—
12 Months Ended Sept. 30—
Net profit after depreciation
cents per share
from rail¬
revenue
way
Net railway oper. inc.
1939—9 Mo*.—1938
$53,162
$104,656
when 87 Y*
Railway tax accruals—
Other income
Co.—Earnings—
1939—3 Mos —1938
July 1, April 1 and Jan. 3, last; Oct. 1 and July 1, 1938: and
on
Period End. Sept. 30— 1939—Month—1938
1939—9 Mos—1938
Ry. operating revenues_$31,738,488 $25,801,585$243,191,568$212,710,312
Ky. operating expenses. 21,570,278
19,874.575 185,560,373 172,619,366
pref. stock
common
of $3.50 per share on account of
pref. stock, payable Dec. 23 to holders of
Like amount was paid on Oct. 2, last; dividends of $1.75
paid since April 1, 1933,
distributed.—V. 149, p. 2699.
511,426
d Reserve
Total..
Inc.—Preferred Dividend—
dividend
a
the $7 cum.
on
dividend
333,714
389,823
c
paid
declared
have
record Dec. 8.
were
419,574
Accrued accts..
1,711.332
disct. and exp.
Directors
accumulations
dividend of 87 H cents was paid on April 1, 1938, this latter being the first
414.500
.
Divs. declared..
debt
Sundry debits.
14,873,000
tral Ry. & Lt.
Co-..-
1,611
New Orleans Public Service
9,413,000
b Lancaster Cen¬
279,406
1939
1 to holders of record Nov. 15.
Initial dividend of
on Sept. 1, last.—V. 149, p. 1185.
paid
was
value)—125,839,095 125,839,095
series A
18,
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec.
5% gold debens
12,203
284,826
1,624
—
.assets
Unamort d
1938
I
6% gold debens.
rec. assoc.
companies
Other
par
Nov.
Newport Electric Corp.—50-Cent Dividend—
1939
Liabilities—
$
Cash
30
$771,311
$2,529,996
^x^Restated for comparative purposes
$3,357,433
319,303
as far as practicable.-
$4,033,330
298,385
$4,331,716
1,124,845
"$3,206,870
-V.
149,
p.
Niagara Lockport & Ontario Power Co. (& Subs.)—
Period End. Sept. 30— 1939—3 Mos.—xl938
Net income.
Dividends
on
preferred stocks
$1,007,844
203,565
Balance
$1,184,380
203,565
$804,279
-
$980,815
-
Note—This statement inlcudes
in approximately one-third
no
income from
this
company's invest¬
Operating revenues
$2,807,471
Oper. revenue deductions
1,958.522
1939—12 Mos.—xl938
1
$2,663,990 $10,705,876 $10,133,736
2,004,387
7,587,924
7,642,771
Operating income
Non-oper. income (net).
$848,949
2.660
$659,603
6,120
$3,117,952
18,071
$2,490,965
18,253
Gross income
Deducts, from gross inc.
$851,610
372,208
$665,722
383,713
$3,136,023
1,483,462
$2,509,218
1,519,804
ment
of the common stock of Jersey Central
Power & Light Co.
For the 12 months ended Sept. 30, 1939, one-third of
the reported earnings of Jersey Central Power &
Light Co. applicable to
the common stock amounted to about $279,000.—Y.
149, p. 2699.
$479,401
(J. J.) Newberry Co.—Obituary—
Charles T.
Newberry, Chairman of the Board, died
x
at his home
on
Nov. 8.
—V. 149, p. 3120.
P.
preceding quarters and four quarterly dividends of 75 cents
each, plus a year-end dividend of 1-10 of a share of Phelps
Dodge
Corp. common stock for each share of Newmont's stock were
paid during
1937.—V. 148, p. 3077.
per share
Directors
on
a
common
no par value, payable Nov.
15 to holders of record Ncv. 9.
Pre¬
viously regular quarterly dividends of 75 cents per share were distributed.
See also V. 148, p. 887.
Newport Industries, Inc.—Earnings—
„
,
Period—
Net sales
x
Profit from
operations
End. 9 Mos. End. 9 Mos. End.
S*pt. 30.'39 Sept. 30,'39 Sept. 30/38
$1,130,033
$3,320,449
$2,736,573
Total income
y
Net profit
106,903
108,910
83.626
335.237
13,617
30,635
340,904
265,812
$0.43
z63
Nil
After depreciation, amortization, ordinary taxes, &c.
y After interest*
Federal income taxes, &c. z Loss, exclusive of special
nonrecurring charges
Earns. per share on capital stock
$0.13
x
aggregating $60,545.—Y. 149, p. 1626.
B
far
$1,652,561
as
$989,414
practicable.—V.
.
149»
,
9 Mos. End
s
Years Ended-
Sept. 30 '39 Dec. 31, '38 Dec. 31, '37 Dec. 31, '36
$4,278,705
$5,123,725 $10,195,013
$9,353,174
Net sales
Cost of goods sold
3,233,122
4,020,062
7,837.145
6,880,227
Deducs. from inc. (net).
Prov. for Fed. inc. taxes
$1,045,583
408,470
12,553
112,551
$1,103,663
587,646
33,812
88,315
$2 357,868
1,118,195
79,832
y235,792
$2,472,947
1,022,007
95,650
311,196
Net income
Divs. paid & declared..
$512,009
z285,040
237,500
$393,890
190,687
190,687
$924,049
556,171
190,687
$1,044,094
x550,611
158,874
$2.16
$2.06
$4.84
$6.57
and general
Shares
Quar.
.
as
Earnings for Stated Periods
Period—
Sell,
dividend of $1.50 per share on the
$282,009
purposes
'
Gross profit on sales..
Co.—Dividend Increased—
Nov. 9 declared
comparative
The New York Stock Exchange has authorized the listing of
237,500 shares
of capital stock (par $5), which are issued and
outstanding.
of the three
stock,
for
Noblitt-Sparks Industries, Inc.—Listing—
Newmont Mining Corp.—$2 Year-End Dividend—
Directors have declared a year-end dividend of
$2 per share on the
capital stock, payable Dec. 15 to holders of record Nov. 30.
Dividends of
50 cents were paid in each of the three
preceding quarters; a dividend of
$1.50 was paid on Dec. 15, 1938; dividends of 50 cents were
paid in each
Newmarket Mfg.
Restated
1031.
common
exps__
stock..
Earnings per share
x Dividends declared and
paid in cash (regular) $262,504, special dividend
paid in cash to holders of 17,144 shares (elective) $25,716 and special divi¬
dend paid in stock to holders of 132,856 shares
(elective): total shares
issued 6,642 valued at market, Dec. 21, 1936, $262,390.
y Includes surtax.
7
In addition
a
stock dividend of
M of
one
share for each share held,
was
declared and paid during the 9 months' period this dividend
representing a
total of 47,500 shares of capital stock.
Note—Provision
$106,213 in 1938.
for
depreciation
amounted
to
$76,713
in
1939
and
Volume
Balance Sheet
Assets—
Cash
on
x
hand.
Sept. 30 *39 Dec. 31*38
Liabilities—
Sept. 30'39 Dec. 31 '38
dposit and
on
Trade accts. pay..
Misc.
$2,754,969 $2,322,672
Trade accts. and
accts.
$108,236
6,921
$206,282
pay.
Acer. exps. & taxes
accept. receiv__
580,445
129,566
Miscell. assets
55,577
147,798
102,229
18,915
13,922
187,500
953,435
taxes—ex¬
cise, capital stk.
bank—value not
and income tax.
presently
minable
Res. for workmen's
deter¬
1,685
plant and equip.
Deferred charges.
2,032
691,206
437,901
709,207
388,301
_
compen.
insur..
$5)...
1,674,590
2,237,345
2,247,877
...__$5,515,398 $5,186,3241
After
reserve
1,661,982
Earned surplus...
x
for losses in
reserve
Ohio Bell Telephone
$5,515,398 $5,186,324
Total
Ohio Cities Water Corp.
$30,000.
y After
$627,455 in 1938.—V. 149,
for Depositors—
-V.
Vice-President
of
the
Prudential
Co.,
Insurance
while
Dexter is Treasurer of the New England Mutual Life Insurance
New Company Seeks to Issue
Co.
Securities—
Norfolk Southern Ry., a new company, applied to the Interstate Com¬
Commission Nov. 8 for authority to issue new securities to effect a
North American Cement
12 Mos. End. Sept. 30—
Net loss
x After
taxes,
149, p. 1626.
1938
depreciation,
$882,334.
amortization.—V.
interest and
depletion,
1936
$320,565
1937
$484,828
Ohio Oil Co. (&
ducting taxes
Provision for depletion
$11,400,147 $11,960,521 $18,377,547
6,816,230
6,371,124
6,501,338
1,031,791
946,709
1,592.260
$4,642,687 $10,283,949
50,400
xl,034,653
$5,893,672
614,461
$3,994,772
463,333
$4,693,087 $11,318,602
$6,508,133
5,652
Profit
Other income....
$12,547,761
5,404,769
1,249,320
$3,552,126
442,646
Profit
Depreciation
Depletion
98,972
4,417
5,435
3,071
2,762,383
642,992
653",836
998",156
292", 081
$3,935,862 $10,315,011
$6,212,981
2,466,347
'
Total income
Int.
funded debt
on
Prov. for Fed. inc. tax..
Net
$120,413
profit
Preferred
dividends
$136,519
1,466
.
x
3,281,688
Includes $641,213 non-recurring
$46,289
interest income,
a
Liabilities—
Notes & accounts receivable..
Notes payable
Accrd.
policies in favor of
on
deposit
Fed.,
State,
&
debt less
Funded
bonds
cum.
Common stock
....
Deficit
x
$6,244,6141
...
After
reserves
1,102,245
y
After
1,000,000
2,142,426
Deferred liabilities 1.491,945
2,154,242
1,836,193
83,060
8,620,851
6,135,741
82,271
8,620,851
8,808,123
1,214,633
Interest-
Minority
Capital surplus...
Earned
Total
surplus
Total
135,245.129 140.379,420
b
After depreciation and depletion,
shares.—V. 149, p. 2522.
a
42,265
1,813,800
a2,120,561
1,149,598
.
Northeastern
&
Water
Period End. Sept. 30—
Operating revenues
Operating expenses.....
Maintenance.
$6,244,614
Total
Electric
Corp.
1939—3 Mos.—1938
$644,616
$539,404
262,533
226,005
41,796
30,867
(&
Subs.)—
1939—12 Mos.—1938
$2,477,534
$2,062,937
1,056,905
926,000
135,506
217,656
225,679
96,885
140,204
134,659
218,291
64,300
$744,903
183,877
$579,483
375,439
$954,922
214,998
2,988
Provision for retirements
52,907
40,585
General
61,238
22,913
52,932
25,022
$203,227
44,572
$163,991
$247,799
$242,716
52,515
$928,780
537
.5,213
taxes
Prov. for Fed. inc. tax..
Operating income
Other income—
Gross income
46,168
Crl57
interest
Other interest
78,724
Amort, of debt disc, and
205,133
Ohio Water Service Co.—To
Directors have declared
common
stock,
Previously
no par
quarterly
—V. 149, p.
a
Pay 90-Cent Dividend—
dividend of 90 cents per share on the class
1,774
9,361
13
&c
Minority interest
dividends of 70 cents
per
2701.
OiUtocks, Ltd.—Extra Dividend—
Directors have declared
dition
the
to
an
extra dividend of 10 cents per
regular semi-annual dividend of 20 cents per
578
17,851
1,328
37,823
1,690
$200,001
91,579
pref. stock
Balance—
-V. 149, P.
$179,724
91,579
$699,255
366,317
$697,422
366,317
$108,422
Net income
$88,145
$332,937
$331,105
Oklahoma Natural Gas
12 Months Ended
Operating
Operation
Co.—Earnings—■
1939
$8,219,301
2,994,099
Northern Oklahoma Gas Co.—Bonds Called—
first mortgage and collateral trust 5% sinking
redemption on Dec. 15 at 103 and accrued
/ Payment will be made at the International Trust Co., Denver,
fund bonds have been called for
Colo., and at the Bankers Trust Co., New York City.—V. 148, p. 3078.
Northern States Power Co.
(Del.)—Weekly Output—
Northern States Power Co. system for the week
totaled 29.361,913 kilowatt-hours, an increase of
Electric output of the
ended
Nov.
11,
1939,
6.8% compared with the corresponding week last year.—V. 149, p. 3121.
Net operating revenues
Non-operating income (net)
$4,063,510
4,026
Balance
$3 per share on the common
holders of record Nov. 15.
Dividend of 80 cents
paid on Dec. 21, 1938, and one of $2.50 per share was paid on Nov. 15,
1938.—V. 148, p. 2752; V. 147, p. 3919.
Directors have declared a final dividend of
was
Northwestern Electric Co.—Clears Preferred Arrears—
dividend of $21.87 per share on the 7% first
cumulative preferred stock, par $100, and a dividend of $42 per share on
the 6% cumulative preferred stock, par $100, both payable Dec. 1 to holders
of record Nov. 20.
This payment will clear up all back dividends on
Directors have declared a
both issues.
connection with recent private sale of
$6,700,000 of 4% bonds to a
obtained consent of the
of four insurance companies, the company
Securities and Exchange Commission to pay dividend arrears on preferred
stocks as of Oct. 1, 1939.
Payment is being made from earned surplus.
V.
$4,044,271
$4,067,536
....
;
-
$4,059,016
1,077,600
1,083,258
52,730
income...
Interest on funded debt
—
Other interest
Taxes
$2,975,758
1.303,533
ol,990
104,758
110,864
1,277,145
—
:
premium, discount & expense (net)
tax-free covenant securities
on
Convertible
14.745
$2,989,936
Retirement accruals...
Gross
_
15,552
11.594
$1,539,750
$1,497,776
133,200
273,150
133,200
273,150
$1,133,400
$1,091,426
6% prior preference dividends
Preferred dividends..
.....
Balance for common stock and
surplus
for the 12 Months Ended Sept. 30, 1939
[To give effect to present capitalization resulting from refinancing by
sale of securities in August, 1939, showing current level of earnings based
on operations for the year ended Sept. 30, 1939]
149, p. 2700.
$2,989,936
Gross income
Estimated
additional
Federal and
State income taxes due to
102,488
decreased interest charges
Balance
,
Bond interest
Interest on bank loans..
Other
...
interest
premium on debt
tax-free covenant securities
Amortization of
on
$2,887,447
637,500
197,600
52,730
Crl0,000
15,552
Inc.—Final Dividend—
stock, payable Nov. 25 to
In
221,235
727,599
97,654
taxes
Federal and State income taxes
Taxes
Northland Greyhound Lines,
group
1938
$8,072,587
2,981,827
231,862
710,580
219,249
Sept. 30—
revenues
Maintenance
General
8.
Pro Forma Statement
2240.
A total of $46,000 10-year
interest.
share in ad¬
share on the
stock, par $5, both payable Dec. 22 to holders of record Dec.
Extra of five cents was paid on Dec. 24, 1938.
See also V. 147, p. 377L
common
Net income
on
A
of record Dec. 11.
share were distributed.
value, payable Dec. 29 to holders
Amort, of debt
*
expense,
Divs.
..135,245,129 140,379,420
Represented by 6,563,377 no par
for uncollectible accounts and for freight allowances of
reserve
Earnings—
Bond
98,972
Notes payable
1,591,113
1,109,854
for depreciation of $1,611,782.
z Represented by
interest on North American Refractories Co. 6%% debentures, in accord¬
ance with two debenture interest and sinking fund adjustment plans, and by
extension of plant facilities,
a Represented by 58,516 shares class A stock
and 72,501 shares class B stock both of no par value.—V. 142, p. 2838.
$6,708.
3,089,277
98,750
pref. stock
(par $100)..
Total
accts. receivable
2,583,900
conv.
6,000,000
2,982,867
Accrued taxes
Deferred charges..
(in¬
cluding self-insurance)
6Yi%
5,000,000
interest..
Accrued
held
for contingencies
Reserve
1941-
1945
&
notes
notes
Accounts payable.
62,000
z391,672
retirement
for
y2,564,570
243,924
SH% debs. 1938.. 14,000,000 14,000,000
Serial
1,384,058
Accts.receivable.. 5,302,446
5,306,993
Crude &ref. oil...15,495,927 1 9,631,160
Mat'l & supplies.. 1,349,875
2, 18,223
4,261,973
10,318
__
Deferred liability
Clay, ganister & coal reserves. 1,790,164
7,515,202
Miscell.
Note payable, not current
217
Investments
8,593,560
_■
$
35,453,700
Common stock.59,235,791 59,235,791
b
bonds,less
reserves.
1938
$
Preferred stock. ...35,453,700
5,586,204
29,807
315
Deferred charges..
local
Other accrued items....
with sinking
fund agents...
Plant property
55,799
taxes.
38,900
company
Cash
124,396
...
Accrd. Int. on funded debt
Cash surrender value of life In¬
surance
70,667
Accounts payable
974,129
Inventories
5,764,524
Market
$89,028
Wages payable
$93,094
x539,301
30
Liabilities—
Cash
Consolidated Balance Sheet Sept. 30, 1939
Assets—
$0.57
Loss.
1939
©
92,264,724 96,131,834
Property
y
1938
©
,
Investments
Cash
$2,105,790
6,563,377
Consolidated Balance Sheet Sept.
1939
A ftRpf ?
.
1,640,844
$4,566,976
6,563,377
$1.20
$1,529,815
6,563.377
y$0.23
;
45,900
42,864
;
2,466,347
2,406,047
1,595,417
...
def$l,475,004
Shs.com. stk. (no par)..
6,563,377
Earnings per share
$0.22
de¬
Provision for depreciation
Interest on funded debt
Subs.)—Earnings—
End.Sept. 30—
1939
1938
1937
1936
$39,905,336 $41,629,337 $48,433,758 $39,315,034
Costs and expense.
26,650,083
27,658,082
28,170,570 25,242,552
Ordinary taxes.
1,855,106
2,010,735
1,885,641
1,524,721
9 Mos.
Surplus
Earnings for 3 Months Ended Sept. 30, 1939
Net earnings from operations and other income (net), after
Net income
1186.
p.
Common dividends
North American Refractories Co.—Earnings—
$1,554
of Ohio
.....
Minority interest
Other charges
Corp.—Earnvnos—
1939
$439,875
&c.,
of discount,
165,275
8,494
Sales.
merce
reorganization of Norfolk Southern RR.
The reorganization plan already has been approved by the U.S. District
Court for the Eastern District of Virginia.
The application said all bond¬
holders' protective committees had informally approved the plan.
The new company would have a capitalization of $18,509,129, compared
with th old company'8 capitalization of $38,652,408; and annual fixed
charges, including rentals, of $296,300, compared with $890,040.—V. 149,
040.—V. 149, p. 2982.
149,
90,656
_
Net income
thority to solicit from creditors, shareholders and othey claimants, the de¬
posit of their claims and to act for these depositors in the road's reorganiza¬
x
91,502
_
-
Cities Water Corp
Carrol M. Shanks and Wallace D. Dexter Jr., as reorganization managers
for the road have applied to the Interstate Commerce Commission for au¬
tion proceeding.
Mr. Shanks is
amortization
_
1,003
31,811
$12,630
Interest, amortization, of discount &c., of subs.
$125,024
898
Reserved for retirements
$298,793
31,278
maintenance and taxes.
Preferred dividends of subs
Norfolk Southern RR.—To Act
1938
1939
$304,433
155,546
12,580
$136,307
expenses,
collection amounting to
for depreciation of $703,034 in 1939 and
2983.
(& Subs.) —Earnings-
12 Months Ended Sept. 30—
Gross earnings
Interest,
Mr.
Co.—Gain in Phones—
against 8,760 in corresponding period of 1938.—V. 149, p.
Oper.
2982.
p.
Similar payments
12.
Company gained 6,534 stations in October as compared with 3,887 in
like month last year and with 6,985 in September.
For the first ten months of current year station gain totaled 41,463,
Common stock (par
Paid-in surplus
Total
stock, both payable Dec. 22 to holders of record Dec.
were made on Dec.
23, 1938.—V. 147, p. 3617.
79,115
taxes
Federal
Deposits in closed
y
Novadele-Agene Corp.—Extra Dividend—
Directors on Nov. 15 declared an extra dividend of $1 per share in addi¬
tion to the regular quarterly dividend of 50 cents per share on the common
other than Fed.
831,843
795,315
105,354
951,224
Inventories
3271
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Net
income
$5.50 convertible prior preferred
Preferred dividends
dividends
.... —
;
$1,401,914
Balance for common stock and surplus.
-V. 149, p.
Old
$1,994,064
319,000
273,150
3121.
Colony
RR.—U. S.
Supreme Court Affirms Ruling
of Lower Court Denying to a Federal Bankruptcy Court Power
to Order Curtailment of Passenger Service—
The
U.
S.
Supreme Court,
Nov.
6,
affirmed
a
ruling of the Second
Federal bankruptcy court the power
curtailment of passenger service by the New York New Haven &
Hartford system without the approval of the Massachusetts Department of
Public Utilities.
Involved in this important test case was the abandonment
Circuit Court of Appeals denying to a
to order
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3272
of the
Old Colony line, Yarmouth to Provincetown, Mass., and the dis¬
continuance of passenger stops at
88 stations in Massachusetts.
Justice Frankfurter, who rendered the opinion, held that the jurisdiction
of a Federal court handling a railroad bankruptcy proceeding (in this case
the U. S. District Court at New Haven) is not all-inclusive and does not
include control powers over intrastate lines.
The whole scheme of Section
Current
by the Old Colony RR. in reorganization upon petition by the
road's trustees that the line was unprofitable.
Previously the trustees had
made a similar petition to the State Department of Public Utilities but this
department withheld permission to abandon the line.
The State then appealed the district court ruling.
The State's position
was upheld by the tJ. 8. Circuit Court of Appeals at New York.
The New
Haven carried appeal from this decision to the U. S. Supreme Court.—
V. 149. p. 1484.
Old Dominion Power Co. (&
Period End. Sept. 30—
Operating revenues
Oper. expenses & taxes._
Subs.)—Earnings—
1939—3 Mos.—1938
$210,253
$200,123
164,039
147,219
1939—12 Mos.— 1938
$781,334
$776,419
591,794
594,251
as
ties of $6,557,409 on Sept. 30,
$46,214
$52,904
Other income-.
106
48
$189,540
193
Gross income
$46,321
41,307
$52,952
42,210
$189,732
166,868
$182,363
167,176
Inventories were $7,079,168 against
1938.
Pacific Gas & Electric Co.
$5,014
$10,742
$22,864
$15,186
(& Subs.)
106,184,467 100,857,893
47,586,264
48,714,659
14,285,545
14,828,768
99,543,243
44,525,311
13,632,219
42,641,040
303,513
38,986,084
188,094
41,385,713
302,493
42,944,553
39,174,178
41,688,206
Bond and other interest, discount, and
other income deductions
*
12,514,179
Provision for Federal income tax
4,775,115
12,167,288
3,884,208
12,909,054
3,056,781
25,655,259
21,666
23,122,682
243,016
25,722,371
248,122
Remainder—applic.toP.G.&E.Co. 25,633,593
on preferred stock
7,859,490
common stock
12,522,540
22,879,666
7,708,494
12,522,540
25,474,249
7,708,489
12,522,535
2,648,632
6,261,270
5,243,225
6,261,266
$2.42
$2.84
Provision for depreciation
Net operating revenue
Miscellaneous income
Gross income
Net income to surplus
$182,167
195
Dividends on
Period End. Sept. 30—
Earnings
y
share..-
per
com.
share
1939—9 Mos.—1938
$58,201
Nil
$237,441
$0.76
After depreciation, Federal income taxes, &c.
y On class B stock.
Net profit for 12 months ended Sept. 30, 1939, was $113,317,
equal to
$1.95 a share on class A stock, comparing with $269,827 or 77 cents a
share on class B stock for the 12 months ended Sept. 30, 1938.—V. 149,
•
on common
stock.
Operating and administrative expenses, taxes, and provision for insur¬
casualties and uncollectible accounts,
b On capital stocks held by
public and minority interest in undistributed earnings for the period.—
V.
149,
1627.
p.
Pacific Public Service Co.
Period End. Sept.
Operating
30—
revenue
.-
(& Subs.)—Earnings—
1939—9 Mos.—1938
$4,450,046
$4,341,102
1,898,842
1,709,164
121,883
113,045
520,356
502,001
306,107
288,525
1939—3 Mos.—1938
$1,508,468
$1,448,963
Operation
690,186
595,453
Maintenance and repairs
1627.
Oshkosh
41,831
174,047
104,889
37,338
167,727
$497,515
7,628
$552,050
7,964
$1,602,858
21,836
$1,728,367
30,330
$505,144
61,300
$560,014
63,550
$1,624,694
186,510
$1,758,697
194,000
3,229
2,751
3,229
9,686
4,770
9,686
356
78,900
90,300
262,000
282,800
Depreciation and amort.
B'Gosh, Inc.—To Pay 45-Cenl Dividend—
Directors have declared
Taxes
dividend of 45 cents per share on the common
to holders of record Nov. 20.
Previously regular
O'SuIIivan Rubber Co.,
Period End. Sept. 30—
xAfterall
charges.—V. 147,
Other income
Gross income
1939—9 Mos.—1938
$65,502
loss$4,3l3
Interest
on
funded debt-
Amort. of debt discount
and expense
277.
Boston—Liquidation Dividend—
have
declared
a
dividend
in
-
a
few months at
liquidation of $6.50
x
Gross profit from operations
rate of not less than 50 cents per
a
Otis Elevator Co.
&c
per
share.—V. 146,
p.
2698.
(& Subs.)—Earnings—
9 Months Ended Sept. 30—
1939
$6,646,129
4,931,699
-
832
Pro v. for Federal income
share,
payable Nov. 15 to holders of record Nov. 8.
This will be the fifth liquidat¬
ing dividend paid since 1937, and will bring total payments over this period
to $73.50 per share, the company previously having disbursed $63 in 1937
and $4 in 1938.
Earlier the company had made a payment of $20 per share
in 1930, at that time reducing par value from $100 to $80.
Company's balance sheet as of Oct. 2, 1939, shows cash of $243,057
(of which $230,042 will be required to pay the dividend), with the only
payables $i,500 of accrued taxes.
The company has reached a settlement
with the United States Government relative to processing, floor and wind¬
fall taxes, and is entitled to receive $14,000, but it does not know when
it will secure this money and has not entered it in the balance sheet.
Pres.
John Skinner states it is hoped the final distribution can be made within
Expenses,
operating income
Other interest
Otis Co.,
Directors
p.
Net
Inc.—Earnings—
1939—3 Mos.—1938
$46,939
$20,423
Net profit
96,395
a
stock, payable Dec. 1
quarterly dividends of 10 cents per share were distributed.—V. 147, p. 126.
x
stk. outstanding..
ance,
x
p.
per
a
Inc.—Earnings—
193&—3 Mos.—1938
$70,717
$64,086
$0.21
$0.18
Net profit
x
5,251,563
6,261,270
$2.83
-
Av. No. shs.
Earnings
1032.
Oliver United Filters,
1937
$
Gross operating revenue
a Maintenance
Balance
Net income
—V. 149, p.
Earnings1938
1939
12 Months Ended Sept. 30—
Dividends
Int. and other deducts..
1939
$8,543,933.—V. 149. p. 1627.
b Dividends of subsidiaries
Net operating Income.
18,
liabilities were 7,770,569.
These compare with cash of $8,172,098, market¬
able securities of 862,554, current assets of $21,196,591 and current liabili¬
77 of the Bankruptcy Act leaves no doubt that Congress did not mean to
grant to the district courts the same scope as to bankrupt roads that they
may have in dealing with other bankrupt estates, Justice Frankfurter wrote.
The Federal district court had authorized the abandonment of an intra¬
state line
Nov.
of Sept.
30, 1939, including $8,576,269 cash, and
$2,482,972 of marketable securities, amounted to $22,508,039 and current
assets
1938
tax
Divs.
(estimated)
on
pref. stock
of
Consol.
company
earns,
per
53,296
53,296
159,889
159,889
$305,668
subsidiary
$349,283
$1,001,839
$1,111,490
$0.86
$2.15
$2.74
__
share
of 1st pref. stock held
$0.66
by public
—V.
149, p.
•
1187.
Pacific Telephone &
Telegraph Co.—Earnings—
Period End. Sept. 30— 1939—Month—1938
$5,909,299
20,800
1939—9 Mos.—1938
$5,807 871 $53,551,916 $51,024,738
21,800
167,630
217,000
Operating revenues... $5,888,499
Operating expenses.
4,242,018
$5,786,071 $53,384,286 $50,807,738
4,101.207
37,859,311
36,426,005
Operating
revenues
Uncollectible oper. rev..
—.
$6,356,299
5,761,769
Net oper. revenues
$1,646,481
$1,684,864 $15,524,975 $14,381,733
Rent from lease of oper¬
Operating profitOther
$1,714,430
1,356,105
—
income
Total income
Other deductions.
Net
share
$1,941,227
226,387
98,000
$1,616,840
$0.66
$1.06
on common
After depreciation, &c.
the quarter ended Sept. 30, 1939, the net profit was
$841,521,
a share on common,
comparing with $481,623, or 19 cents
a share, for quarter ended
Sept. 30, 1938, and $620,530, or 26 cents a share,
for quarter ended June 30,1939.—V. 149,
p. 2700.
x
For
equal to 37 cents
Otis Steel
Net loss
x
1939—3 Mos.—1938
$184,517
$465,596
—
$1,283,076
After depreciation, interest and taxes.—V. 149, p. 884.
Oxford Paper Co. (&
Period End. Sept. 30—
x
1939—9 Mos.—1938
$435,958
Subs.)—Earnings—
1939—3 Mos.—1938
$156,371
$27,586
Net profit.
Net profit.
y
Earnings
1939
$371,315
...
per
share...
1938
a$233,777
$1.90
$71,226
1937
1936
$185,936
$0.95
$1.51
x$269,400
$1.38
Profit for the 12 months ended Sept. 30, 1936, was revised to allow
for inclusion of refunds made to Pacific Can's customers last
year under
terms of the Robinson-Patman Act.
y On 195,000 shares capital stock,
z After
charges, including Federal income and surtaxes on undistributed
x
profits,
a Restated since release of the original report to
give effect to
can price refunds made at the close of 1938.—V.
149, p. 2240.
Pacific Coast Co.
of products and merchandise
from other operations
Cost of goods sold, oper. exps.,
and revenues
1939
1938
$946,451
701,328
Profit from operations
Interest and taxes paid at
792,543
$245,123
55,233
27,995
source on bonds
Profit (loss) before eliminating
minority share of
loss of Pacific Coast Cement
Corp..
$161,894
24,791
Minority share of Pacific Coast Cement Corp
discount
and
$78,987
57,387
54,997
Zoss$33,397
Cr4,563
$137,104
loss$28,834
2,108
676
$139,211
def$28,158
expense
Increase in surplus for quarter
Packard Motor Car Co.
1939—9 Mos.—1938
Net loss, after taxes, de¬
preciation, &c
Parke, Davis Co.—Earnings-
Before depreciation
$1,009,476
$2,053,825
y
After foreign exchange loss, employees pension.
Federal and foreign income taxes and other charges.
For the quarter ended Sept. 30, 1939, net profit was $2,565,937, equal
to 52 cents a share on 4,894,512 shares, comparing with revised net profit
of $2,554,479 or 52 cents a share on 4,893,436 shares in September quarteJ
of previous year, and $2,103,487 or 41 cents a share on 4,894,153 shares
30, 1939.—V. 149,
p.
1627.
Parker-Wolverine Co.—Debentures Called—
Company
as
of Dec. 15 is calling for redemption of outstanding 2% deben¬
tures in denominations of $200 or less at par and accrued interest.
This will
reduce amount outstanding by approximately $29,000 to about $30,000.
These debentures were issued in 1937 as a scrip dividend.
Charles W. Awkerman, President, states that October business was very
good and that despite the adverse effects of the Chrysler shutdown
fourth quarter will be highly satisfactory.
Larger Dividend—
the
*
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 1.
Dividend of 25 cents
was paid on June 15 last and the
previous payment was 25 cents per share
distributed on Dec. 15, 1937.—V. 149, p. 2241.
Subs.)—Earnings—
Earnings for the 9 Months Ended Sept. 30, 1939
developing and printing sales (net)
Film rental income
(net)
$168,534
4,943
-
Producers' participation and amortization of advances
Orerating expense
Selling, general and administrative
—
expense
Loss from operations
Deduct—Other income
—
Profit before interest expense and other charges
Interest expense.
-
-
$2,050,092
$3,298,790
$173,477
3,676
156,769
50.950
$37,918
246,501
$208,583
6,113
3,867
6,600
expense
Provision for Federal income taxes
.$192,002
(the common stock of
profit, after all charges, of $1,"
244,000 for the first nine months of 1939, as compared with $929,000 in the
corresponding period of 1938. The portion of these earnings which accrued
to this company's 35% common stock interest amounted to $435,000 in
1939 as compared with $325 000 in 1938.
Of these earnings $190,000 were
undistributed in 1939 and $220,000 in 1938, which undistributed amounts
are not reflected in the income account of this company as given above.
Net earnings, after all charges, of Du Pont Film Manufacturing Corp.,
for the third quarter of 1939, were $417,817, compared with $290,425 for
the corresponding period of 1938.
For the nine months ended Sept. 30, 1939, net earnings, after all charges,
were
$1,244,229.97, compared with $929,388.46 for the corresponding
period of 1938.
Note—The
(& Subs.)—Earnings—
Sept. 30— 1939— 3 Mos.—1938
$7,389,582
13,073,712
Net profit
x Includes
amortization of underground
development at New Black
Diamond Mine in excess of amount charged to
operations-at the previously
established rate, amounting to $24,380 in 1939 and
$38,403 in 1938.
Note
The figures do not include
any provision for income or undistri¬
buted profits tax.—V. 149, p. 1032.
Period End.
$8,292,666
13,594,642
Period End. Sept. 30— 1939—9 Mos.
-1938
1939—12 Mos.—1938
Operating profit
$9,464,406
$8,305,118 $12,191,113 $11,043,384
Profit after deprec., &c.
8,678,238
7,782,809
11,186,436
10,342,566
Total income..
8,916,663
7,961,325
11,516,293
10,.543,199
y Net profit
7,310,472
6,513,642
9,436,785
8,663,824
Shares capital stock
4,894,512
4,893.436
4,894,512
4,893,436
Earnings per share
$1.33
$1.49
$1.93
$1.77
Development
retired, over cost and
applicable thereto,
Pacific Coast Cement Co. (less
minority interest
therein)
bond
$863,315
1,492,187
149. p. 2523.
Total
Other charges, net
Profit for the quarter
Excess of par value of bonds
633
6,992,784
$871,530
deprec., depletion
and taxes-
x
633
7,232,942
x
Film
—
70
821,619
$940,619
1,600,026
Pathe Film Corp. (&
(& Subs.)—Earnings—
Quarter End. Sept. 30
Sales
—V.
for quarter ended June
$383,919
Co.—Earnings—
12 Mos. End. Sept. 30—
z
Net operating income.
Net income
1939—9 Mos.—1938
x After all
charges, including provision for Federal income taxes, depre¬
ciation and bond interest.—V. 149, p. 2983.
Pacific Can
70
705,932
Operating taxes
x
Co.—Earnings—
Period End. Sept. 30—
x
ating property
_
$3,070,535
350,857
300,000
-
profit
per
1,346,697
$2,419,678
-
Federal income taxes, &c
Earnings
$594,530
Du
Pont
Film Manufacturing Corp.
which this company owns 35%)
had
a net
Volume
ONE HUNDRED—
149
The Commercial & FinancialARSEYorhC OLD
The stock of the Du Pont Film
Manufacturing Corp.- is held 65% by
I-du Pont de Nemours & Co. and 35% by Pathe Film
Corp.—V.
Peoples Drug Stores, Inc. (& Subs.)
149,
1627.
p.
Net sales.
Pecos Valley Power & Light
Operating revenues..
Oper. expenses & taxes—
Net operating income.
Other income
Oper. profit after deprec. & amort
Co.—Earnings—
1939—3 Mos.—1938
$82,111
$79,102
68,151
74,230
$13,960
Total
1939—12 Mos.—1938
$331,228
250,035
$332,490
271,539
$4,871
Gross income
Int. & other deduct'ns.
——
600
$4,871
$60,951
22,539
89,822
$8,192
$17,668
$81,793
92,220
x
Net loss
x
Before interest .on non-cumulative income debentures.—V. 149, p.1925.
$10,427
$28,872
x
y
Earnings
x
per
After all
1939—3 Mos.—1938
$186,761'
$60,584
$0.60 *
$0.19
share
charges,
y
On
common
1939—9 Mos.—1938
$284,388 loss$15,220
$0.91
Nil
Pennsylvania Electric Co. (& Subs.)—Earnings—
12 Months Ended Sept. 30—
Operating
Operating
expenses
Maintenance
Provision for retirements
383,420
847,802
813,607
288,191
793.120
$3,905,054
96,598
$3,631,886
9,064
$4,001,652
1,812,417
169,118
80,388
Cr24,356
$3,640,950
1,814,361
190,396
$1,964,084
$1,635,803
------
Federal income taxes
,
Other taxes
-
-----
Operating incomeOther income (net)
-
Gross income.-..-
Interest on long-term debt
•;
Other interest
Amortization of debt discount and expense.
Interest charged to construction
—
-
-
------
Net income-.-.-
..
$230,907
$200,227
$330,021
$1.94
$1.57
$2,59
profit
$152,218, equal to
52 cents a share,
was
$142,056,
or
September quarter of previous year.—Y. 149, p. 3122.
Peoples Light & Power Co. (& Subs.)—EarningsTeriodEnd.Sept. 30—
Net oper.
a
b
1938
,186,473
1,808,664
126,119
227,867
25,847
1939—12 MoS
1939—9 Mos.—1938
$2,594,835
$2,398,108
1,396,460
1,312,916
88,178
90,704
196,098
176,376
40,192
17,319
Operating revenues
$3,388,057
1,897,771
120,407
255,924
39,069
'
$800,792
1,314
$1,074,886
1,703
$997,975
4,515
$878,222
231,849
$802,107
221,747
$1,076,589
295,175
$1,002,203
281,298
$646,373
159,840
111,702
15,692
$580,360
13,425
$781,414
215,705
143,958
20,018
$720,905
223,859
147,681
16,966
$359,139
$285,970
$401,732
$332,400
$873,707
revenues.
Inc. from merchandise
4,228
645,635
537,782
978,462
-
$682,224
45,361
306,842
For the quarter ended
Sept. 30, 1939, net
57 cents a share on common,
comparing with
Federal income taxes
1939
1938
$11,180,802 $10,955,275
4,528.282
4,782,837
revenues..
$426,363
42,193
183,943
38,537
Operation
Maintenance-General taxes
shares.—V. 149, p. 1627.
245,474
$514,918
-----
Surplus
Earnings per share on 245,474 shares
common stock (no par),
in
Sept. 30—
-
_
Peerless Cement Corp.—Earnings—
Period End.
Net profit.
-----
Common dividends
-
$13,960
22,151
-
-
$81,193
$60,951
------
-
Net profit--—
Preferred dividends
•••
_
income-
Federal income tax, &c
Miscellaneous deductions.
Earnings—
1938
1937
1939
$16,321,551 $15,556,721 116,286,237
769,306
476,867
601,167
$829,425
$536,940
$661,846
83,124
120,393
113,030
26,808
33,898
27,453
9 Months Ended Sept. 30—
„
Period End, Sept. 30—
3273
54,670
Cr53,68l
•
Gross income.
Retirement accruals
a
Interest to public
Interest to parent co
Other income deductions
c
Net income
167,783
113,181
a
Before retirement accruals,
b Jobbing and contract work and other
income,
c Applicable to
Peoples Light & Power Co.
Note—This statement excludes Texas Public Serice Farm Co. and net
income applicable to Smithviile, Texas properties sold Jan. 9, 1939.
•
-V. 149, p.
Income Account for 12
2094..
Months Ended Sept. 30
1939
12 Mos. End.Sept.30—
1939
x Net profit
$1,354,148
Earn, per sh. on 150,000
shs. cap.stk.($50par)_
1938
$936,055
Earns. from sub.
1936
1937
$1,700,084
$1,456,320
$11.33
$9.71
cos.
$401,732
143,958
$332,400
147,681
20,500
1,591
companies
Earnings from former subsidiary companies.
Earnings from other sources
8,830
-
-
$9.03
$6.42
Total income.General and administrative expenses
General taxes--.-
1,709
$491,876
229,582
21,491
-
Balance of income. ;
Interest on coll. lien bonds, series A.
Interest on scrip certificates.
a
_
Other income deductions.
—
78
Parent and
12 Months Ended Sept. 30—
Gross earnings
-
maintenance and taxes
expenses,
.Reserved for retirements
.
Gross income-
-
1939
$1,273,897
592,414
69,406
_
—
-
--
--
Interest and other deductions of subs--
------
Minority interest
$612,077
2,113
$568,959
2,572
60
55
—
1
Interest, amortization of discount, &c.,
—;
_.
—
342,154
339,496
$267,750
Net income---_i
$226,835
Consolidated Balance Sheet Sept. 30
[Texas Public Service Farm Co. not consolidated]
1930
LinMlittes—
plant &
equipment, j... 13,900,926
cos_
14,743,180
Telephone Corp. — $5,200,000 Bonds
Privately—The company announced Nov. 15 that it
has made arrangements to sell privately on Dec. 1 to 12
insurance companies $5,200,000 1st mtge.
3M% bonds
due 1969.
Proceeds will be used to refund $1,200,000 4%
bonds, due 1965.
Bonds will be purchased at 101*4.
Placed
The bonds will be purchased by the following insurance companies:
New York Life Ins, Co., $1,000,000; John Hancock Mutual Life Ins. Co.
Northwestern Mutual Life Ins. Co., $750,000 each; Massachusetts
Mutual Life Ins. Co., State Mutual Life Ins. Co., Sun Life Assurance Co.
and
$400,000 each; Mutual Benefit Life Ins. Co. and Provident
Mutual Life Ins. Co. of Philadelphia, $350,000 each; Phoenix Mutual
Ins. Co., $300,000: Home Life Ins. Co., $250,000; National Life Ins. Co.,
of Canada,
$150,000, and Pacific Mutual Life Ins. Co. of California, $100,000.
The sale privately by the corporation of $5,200,000 bonds is the financing
on which the Pennsylvania P. U. Commission ordered competitive biddinc
last August because each of the three houses to which the issue was to be
sold was represented by a director on the board of the parent company,
General Telephone Corp.
The financing was abandoned at that time when
no bids were received.
Bids to Be Received Nov. 21
on
Cash..
Corporation issued Nov. 15 a formal call for bids
preferred stock, bids to be opened at
1939.
Proposals for purchase of all of the stock for
received at the office of General Telephone Service
V. 149, p. 2375.
Operations
_
—- —
Maintenance.
Taxes—local. State and
Federal
—
Net operating income.
Non-operating income-
1939
$21,794
13,144
532
on an issue of
46,292
11 a. m. on Nov. 21,
redistribution will be
Corp., New York.—
2,080,025
2,080,025
8,507,142
2,540
Accounts payable.
144,273
9,045,551
150,876
7,543
692,451
51,944
Customers' dep.—
Taxes accrued
179,333
205,764
176,691
197,078
Interest accrued
112,016
warr. rec-
120,345
16,797
756.372
Other curr. & accr.
28,832
214.174
18,938
Prepayments.
debits
45,30.5
268.352
22,320
15,744
(not consol.)
MatlS. & supplies-
3,487
1937
1936
$18,022
10,020
$17,074
997
9,160
463
1,717
1.716
1,958
1,707
$6,401
160
$5,231
$5,047
80
$5,745
$6,561
6,270
Gross income
Interest deductions—
$5,399
6,270
$5,127
6.270
96
$5,841
6,270
1.502
1,347
1.053
^51
$1,211
Net loss.
$2,218
$2,196
$1,381
Balance Sheet Sept. 30, 1939
Assets—Property, plant and equipment. $103,808; Investment in capital
company, $70; cash, $463; accounts receivable (net),
$5,980; prepaid expenses, $1,171; total
$111,492.
Liabilities—Notes payable to affiliated company, $115,080; consumers'
meter deposits, $170; accounts payable, $3,206; other current and accrued
liabilities, $80; reserve for retirements and replacements, $8,147: capital
stock (2,000 no par shares), $20,000; deficit, $35,192; total, $111,492.
—V. 149, p. 1336.
stock of affiliated
24,194
—
Reserves
83,413
162,524
3,579,408
153,882
3,934,280
55,034
532,854
435,927
532,854
205,519
of
Contrlb. In aid
construction...-
Capital surplus-
—
Earned surplus
Total-
—V.
—-
149,
—
16.164.216 16,895,1381
68,903
.16,164,216 16,895,138
Total
2375.
p.
Peoples Natural Gas Co.—Acquisition—
Exchange Commission on Nov. 14 authorized the
subsidiary of Northern Natural Gas Co., a registered holding
acquire certain utility assets constituting the gas plant and
distribution system located at Spencer, Iowa, now owned by Skelgas Co.,
a subsidiary of Skelly Oil Co.—V. 147, p. 752.
The
Securities and
company, a
company, to
Pepsi-Cola Co.—Earns $17.72 per Share in 9 Months—
Walter S. Mack Jr., President, announced Nov. 10 that the estimated
consolidated net profits of the company, and its subsidiaries, for the nine
months ended Sept. 30, 1939, according to unaudited company figures, are
$4,630,000.
This is after deducting estimated income
depreciation, but before deducting payments made in
G. Guth et al amounting to approxi¬
mately $350,000. This shows earnings on the above basis of approximately
$17.72 a share on Pepsi-Cola stock for the first nine months of this year
and compares with estimated net profits for the nine months ended Sept. 30,
1938, of $2,775,000, an increase of approximately 67%.—V. 149, p. 2375.
approximately
taxes and estimated
connection with settlement with C.
Philadelphia Co. (& Subs.)—Earnings—
Gross operating revenues
x Net operating Income
y
Net
x
income
——
....
——
After maintenance,
1938
o
—$42,736,624 $40,411,784
14,332,411
12,691,487
---------------6,336,783
4,820,125
—
operating expenses, appropriation for retirement
excludes
Pittsburgh
operated by it), Pittsburgh Motor Coach
Co. and its subsidiary.—V. 149, p. 2523.
Rys.
Co.
(and companies
Co. and Beaver Valley Traction
Philadelphia Rapid Transit Co.—To Suspend Dealings
Prov, for retirements &
replacements
—
liabilities.
Deferred credits
Rec. from assoc.
aries held by public, &c.
Note—This statement
1938
168
pref.
and depletion reserves and taxes, &c.
y After interest charges, amortiza¬
tion of debt discount and expense, dividends on capital stocks of subsidi¬
$20,491
12,407
1,136
conv.
stock
12 Months Ended Sept. 30—
Penobscot Valley Gas Corp .—Earnings
Gross oper. revenues
62,520
83,201
Long term debt...
560,191
500,736
10,573
636,153
Accts. receivable..
Preferred Issue—
shares of $2.50
83,201
7,955
Special deposits
Deferred
Class B com.stk..
281,688
3,160
Sinking funds
Notes &
62,520
Cum.
-
investments
Other
S
$
Class A com.stk..
266,833
3,160
(no consolldat.).
Inv. In other
1938
1939
1938
$
Assets—
Property,
149, p. 1188.
Pennsylvania
$187,306
subsidiary companies before parent company deductions.
co.
of Penn¬
sylvania State Water Corp.--—-------------
-V.
1938
$1,241,695
600,351
72,385
491
$240,725
-
Invest, inasso. cos.
Pennsylvania State Water Corp. (& Subs.)- -Earnings
.
..
Net income--.-.
Property—
Company has sold its 62-acre waterfront property in Philadelphia for
between $2,000,000 and $3,000,000.
Plans are being matured to move the Philadelphia plant and operations
to a new site, not yet selected, near Philadelphia, and to erect new facilities
and equipment not only for present business but to provide for expansion
and for the development of several new products.—V. 149, p. 2095.
-
-
a
Operating
443,738
234,450
21,491
10,544
;
-
Federal income taxes
•
The directors have declared a dividend of $2 per share on the common
stock, par $50, payable Dec. 15 to holders of record Nov. 30.
Dividend of
$1,25 was paid on Sept. 15, last; $1.75 was paid on June 15, last; one of $1
was paid on March 15, last; $1.25 was paid on Dec. 15, 1938; dividends of
$1 were paid on Sept. 15 and on June 15, 1938; $1.25 paid on March 15,
1938; $3 paid on Dec. 15, 1937; $2 paid on Sept. 15, 1937; $2.50 paid on
June 15, 1937, and a dividend of $1.25 paid on March 15, 1937.
Sells Water Front
$502,172
37,277
4,545
16,612
$563,354
59,224
-
-------
Dividend Raised—
8,833
-
.
After depreciation, depletion, Federal and State income taxes.
x
1938
-------
included in sub. inc. deduct's
Net income of subsidiary
Pennsylvania Salt Mfg. Co .—Earnings—
The Committee on Stock List of the New York Stock Exchange has
Authorized the suspension of dealings In the common stock and 7% cumu¬
preferred stock of the company upon receipt of notice of entry of
of Final Confirmation of Plan of Reorganization instructing the
close permanently its transfer books on said stock. A hearing
the order of Final Confirmation will be held Nov. 14, 1939.
lative
Order
company to
on
Reorganization Plan Confirmed by Federal Court—
The
U.
S.
District Court at Philadelphia, Nov,
14, entered
an
order
confirming the PRT plan of reorganization and an order approving docu¬
ments, &c., for use in carrying out the same.
The Court ordered the permanent closing of all transfer books as of the
close of business Nov. 14, 1939.
Pursuant to these orders, the reorganization managers will Immediately
cause notices to be sent to all holders of affected securities, calling upon
them to deliver their securities with letters of transmittal, in the approval
forms, to Drexel & Co., agent, to be exchanged for the securities of the new
company
which will be delivered to them as soon as they are ready and
available for delivery.
,
3274
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
Tenders—
preferred stock
prices not exceeding 102% and accrued interest.—V. 149, p. 2984.
Enhed Sept. 30—
12 Months
y
z
common stock for issuance upon conversion from time to time
the additional $750,000 first mortgage bonds, and the reservation of
42,887 shares of common stock for issuance upon conversion from time
to time of the 6,433 additional shares of $5 preferred stock.—V.
149,
p. 2984.
of
1939
1938
1937
$32,016,985 $37,690,654
4,117,015
2,209,661
2,188,792
4,007,020
1,924.399
5.635,774
7,491,743
6,284.423
2,292,464
-
After expenses, depreciation and depletion,
After interest, &c.—-V. 149, p. 1771.
x
z
Pierce Oil
y
Pittsburgh & Lake Erie RR.—Earnings—
Period End. Sept. 30—
1939—Month—1938
1939—9 Mos.—1938
Railway operating rvs__ $1,991,445
$1,420,667 $12,665,979
$9,650,353
Railway operating exp._
1,509,023
1,069,700
11,306,751
9.043,736
Includes other income,
Corp.—Earnings—
Net
3 Months Ended Sept. 30—
1938
$44,565
4,465
$66,205
12,847
$46,303
$40,101
$53,358
Net ry. oper. income.
Other Income—.......
$478,099
12,147
$349,411
13,518
$1,766,696
1939, Pierce Oil Corp. received 11,034.19 shares of no
of Consolidated Oil Corp., distributed by Pierce
liquidation.—V. 149, p. 1485.
Total income-.-.-..
$490,246
Misc. deduct, from inc..
86,229
3,405
$362,929
66,020
3,405
$1,882,577
387,872
30,965
$1,153,134
211,571
32,120
$400,612
$293,504
$1,463,740
$909,443
Expenses
Net income for period............
Note—On Oct. 10,
1937
.
_
operations
Pittsburgh Coke & Iron Co.—Bonds Sold—An issue of
$750,000 1st mtge. bonds, 4V2% series A, due March 1,
1952, was offered Nov. 8 at par and int. by Hemphill,
Noyes & Co.; Ritter & Co.; E. H. Rollins & Sons, Inc.;
Otis & Co.; Singer, Deane & Scribner, and Swiss American
Corp.
The issue has been oversubscribed.
The $750,000 series A bonds
bonds, dated March 1, 1937.
payable
are part of the initial series of first mortgage
Interest payable M. & S.
Principal and
at principal office of Chemical Bank & Trust Co., New
York.
Series A bonds are in coupon form, registerable as to
principal
only, in the denom. of $1,000.
Company has covenanted to pay both the
principal and interest without deduction for any taxes, assessments or
governmental charges of Pennsylvania or any political subdivision thereof
(other than State, succession, inheritance or income taxes) up to but not
not exceeding 8 mills per annum on account of each dollar of the
principal
amount thereof.
Colonial Trust Co., Pittsburgh, trustee.
Company has covenanted and agreed that, so long as any of the series A
bonds shall be outstanding, it will pay to Chemical Bank & Trust Co.
(the paying agent for the series A bonds), as and for a sinking fund, to be
applied to the purchase and(or) redemption of series A bonds, (a) quarterlyyearly, on first days of March, June, Sept. and Dec. in each year, the
sum of $25,000, and
(b) annually, on or before April 1 in each year an
amount equal to 10% of the consolidated net income of the company and
its subsidiaries for the preceding calendar year ended Dec.
31, and (c) in
the event that the company shall issue any series A bonds in addition to
the $3,000,000 originally issued, then
quarterly-yearly on the first days
of March, June, Sept. and Dec. in each year (the first
payment to be made
on March 1 next succeeding the issuance of such additional
series A bonds),
an amount equal to one-fourth of the quotient obtained
by dividing 50%
of the principal amount of such additional series A bonds
by the number
of full years remaining between the March 1 on which said first
payment
shall be required to be made as aforesaid and March
1, 1952.
reason
of the
issuance
of the
or
to be made to the
mortgaged property in amounts equal
company of such permanent additions, or as
otherwise permitted by the mortgage.
•
Company's present intention is to effect such withdrawal on the basis
of permanent additions to the company's Neville Island
plant.
Certain
of such permanent additions have been constructed and others have
been
planned and authorized by the company but contracts for their construc¬
to
Total fixed charges
have not
as
yet
been entered into
nor
has work thereon been
com¬
menced.
Underwriters—The
bonds and the
names
charges
To
$240,000
150,000
105,000
E. H. Rollins & Co
Otis & Co
.$105,000
75,000
75,000
Singer, Deane & Scribner._
Swiss American Corp
Such offers of exchange by the company will be
open to holders of Hunter
preferred and Hunter common until 3 o'clock p.m., Eastern Standard Time,
on Dec. 31, 1939, unless the time for
exchange is extended by the company.
Any holder of Hunter preferred and any holder of Hunter common
may,
subject to limitations arising out of applicable securities laws of the various
States, obtain $5 preferred stock and common stock of the
company,
respectively, on the basis hereinbefore stated, by depositing the number
of shares of Hunter preferred or Hunter
common, as the case may be,
which he desires to exchange for shares of $5
preferred stock or common
stock of the company, with Colonial Trust
Co., Pittsburgh, Pa., as ex¬
change agent for such holder.
Exchanges will be made on a voluntary basis and holders of Hunter
preferred and Hunter common who do not desire to accept the offer will
remain stockholders of Hunter Steel Co.
Attention of the holders of Hunter preferred is called to the fact
that the
board of directors of Pittsburgh Coke & Iron Co. has declared
the quarterly
dividend of $1.25 per share on its $5 preferred stock
payable on Dec. 1,
1939 to holders of record of $5 preferred stock on Nov.
21, 1939.
Any
holder of Hunter Preferred who desires to
accept the offer of exchange made
by the company and to receive the quarterly dividend declared on the
$5 preferred stock must become a holder of record of $5
preferred stock
or before the record
date. Nov. 21, 1939.
commitment
has
been
on
Directors have declared
a dividend of $3 per share on the capital stock,
15 to holders of record Nov. 22.
This compares
15, 1938; 50 cents
paid on June 15, 1938; $2.50 paid on Dec. 15, 1937; $2 paid on June 15,
1937; $2.25 on B'eb. 1, 1937; $1.50 on Dec. 23, 1936 and a regular semi¬
annual dividend of $1.25 paid on Aug. 1, 1936.—V. 149, p. 2703.
Pittsburgh Screw & Bolt Corp,—-Earnings—
Period End. Sept. 30—
by any stockholder of Hunter
the offers of exchange to be made by the
company:
©on6?™8 Payak*e by the company in connection with such offers
f
aggregate
.
1939—9 Mos.—1938
$165,162 loss$103,366
$115,686 loss$330,380
Pittsburgh Steel Co. (& Subs.)—Earnings—
3 Months Ended Sept. 30—
Net sales
$6,806,452
6,317,151
Profit...
1938
$4,979,894
4,836,667
1937
$8,329,288
7,554,172
$489,301
69,327
$143,227
39,571
$775,116
39,116
$558,628
94,041
$182,798
$814,232
100,342
379,494
356,588
110,079
381,948
65,045
$85,093 loss$274,132
$257,160
1939
Costs and expenses
—
Other income....
Total income
—
_
Interest
Depreciation and depletion
Federal and State income taxes
Net profit...
—V. 149, p. 1485.
Pittston Co.
(& Subs.)—Earnings—
9 Months Ended Sept. 30—
Sales and operating revenues.
Cost of sales
—
Selling, general and administrative
expenses
...
Provision foi doubtful notes & accounts receivable.
Taxes (other than Federal income taxes).,
Profit from operations
.....
....
Other income
Total income
-
Interest paid, net of interest received-
Depreciation, depletion and amortization
Profit
on sale of property
Provision for Federal income taxes.
^
Profit before prov. for minority stockholders
Dividends accrued on preference stocks of subs
1939
1938
$15,742,391 $18,940,874
13,173,135
15,836,350
1,649,590
2,591,69.5
42,300
414,999
65.292
888,351
$462,367 loss$440,813
284,544
248,086
$746,911 loss$192,726
139,370
433,152
552.775
663.258
CY12.725
Crl2,718
37,323
31,269
$30,168 l's$l,307.688
122,468
109,988
Portion of net income applicable to common stock¬
holders of a minor subsidiary
3,198
Cr2,221
$95,498
$1,415,454
Note-—No provision has been made for Federal surtart
profits.—V. 149, p. 1188.
on
undistributed
Plymouth Oil Co. (& Subs.)-—Earnings—
Period End. Sept. 30—
Net income after deprec.,
depletion, taxes, &c_.
Shares of capital stock..
Earnings per share-....
—V. 149, p. 2984.
Pond
a
$500,662
1,019,276
$0.49
Creek Pocahontas
Period End. Sept. 30—
Net profit
b Earnings per share
a
1939—3 Mos.—1938
After
$665,886
1,011.000
$0.67
1939—9 Mos.—1938
$1,673,366
1,019.276
$1.64
$1,994,006
1,011,000
$1.97
Co.—Earnings—
1939—3 Mos.—1938
$78,833
$12,053
$0.46
$0.07
1939—9 Mos.—1938
$53,210 loss$30,063
$0.31
Nil
depreciation, depletion, Federa! income taxes, &c.
b On 169,742
shares of capital stock, no par.—V. 149, p. 2524.
Porto Rico Gas & Coke
Co.—Earnings—
12 Months Ended Sept. 30—
Operating
Operating
1939
1938
$322,471
172,633
$291,253
159,930
Non-operating Income
$149,838
1,407
$131,322
Dr 1,501
Gross income
Provision for retirements
$151,245
36,711
$129,821
$114,534
31,526
1,045
$97,029
33,108
419
$81,963
$63,501
a
revenues
expenses and taxes
Net operating revenues
a
Gross
income
Interest
Sundry deductions
Net income
a
Before
32,792
for retirements.
provision
Balance Sheet Sept.
30, 1939
Assets—Property, plant and equipment, $1,754,763; miscellaneous invest¬
$500; sinking fund and special deposits, $10,540; cash, $30,388;
receivable,
$33,910: other receivables,
$3,583; merchandise,
and supplies, $43,895; deferred debit items, $7,197; total, $1,884,776.
ments,
accounts
Listing of Additional Securities—
materials
The New York Stock
Exchange has authorized the listing of (1) $750,000
additions1 first mortgage bonds,
4M% series A, due March
1,
official notice of
1952,
on
issuance and sale:
(2) 6,433 additional shares of $5 pre¬
ferred stock (no par), on official notice of
issuance, in exchange for shares
of 6% cumulative preferred stock of Hunter
Steel Co.: (3) 19,603 additional
shares of common stock (no
par) on official notice of issuance in exchange
for shares of common stock (no
par), of Hunter Steel Co.; (4) 41,667 shares
of common stock, on official notice of
issuance, on conversion of the $750,000
bonds: and (5) 42,887 shares of common
stock, on official notice of issu¬
ance, on conversion of the 6.433 shares of $5
preferred
stock, making
total
a
of 104,157 shares of common stock
applied for.
At meetings of the board of directors of the
company/held Oct. 10, 1939
Nov. 3, 1939, the board of directors (a) authorized
the issuance and
authentication under the company's first
mortgage of an additional $750 000
first mortgage bonds, 4^% series A, due March
and
1,
1952;
(b)
authorized
the increase in the number of authorized shares of the first
series of serial
preferred stock, designated $5 preferred stock, from 20,469 shares to
27,902 shares; (c) authorized the issuance of 6,433 shares of $5
preferred
stock in exchange for 38,595 of the
outstanding shares of 6% cumulative
1939—3 Mos.—1938
Net profit after Interest,
depreciation & taxes..
—V. 149, p. 1925.
by the company or any affiliate thereof
agreeing not to sell shares of $5 preferred stock or common stock of
the
company during the period while such offers remain
open.
Estimated
.
payable Dec.
$50,
par
made
Steel Co. to accept
the shares of $5 preferred stock and common stock of
the company to be so
offered to Hunter Steel Co. stockholders have
not been underwritten and
no commissions are
to bo paid for
soliciting acceptances of such offers;
and there are no contracts made
^ou»29U.
*
Net loss
shares of Hunter common for shares of common stock of the
company on
the basis of one share of common stock of the
company for 7 shares of
Hunter common.
firm
$1,031,709
121,425
with 50 cents paid on June 15, last; $1.25 paid on Dec.
Offers of Exchange for Hunter Steel Co. Stock—
Company offers to holders of Hunter Steel Co. preferred the right for
a limited period to
exchange shares of Hunter preferred for shares of $5
preferred stock of the company on the basis of one share of $5 preferred
stock of the company for 6 shares of Hunter
preferred and, during the
same period,
offers to holders of Hunter common the right to
exchange
No
Pay $3 Dividend—
of the principal underwriters for the series A
principal amount severally to be purchased by each, follows:
Hemphill, Noyes & Co
Riter & Co
115.881
Net income after fixed
75% of the cost to the
tion
$350,967
$1,359,228
$606,617
163,969
1,313,973
1,104,911
Crl62,413 01,721,441 01,530,003
additional
$750,000 series A bonds,
company will be obligated to pay,
beginning March 1, 1940, $32,812
quarterly-yearly into the sinking fund under paragraphs (a) and (c) above.
Purpose—Net proceeds, together with other funds of the company neces¬
sary to make a total of $750,000, will be deposited with the Colonial Trust
Co., trustee, under the first mortgage and deed of trust.
Such cash will
be held by the trustee as part of the mortgaged
property until paid over
to the company by the trustee from time to time on the basis
of permanent
additions made
$482,422
198,194
Crl93,871
Railway tax accruals
Equip. &jt. facility rents
par value common stock
Petroleum Corp. in final
By
from railway
rev.
1939
$53,404
7,101
Income
interest
authorized the
shares of
Net sales and other operating income.$26,924,794
Loss from operation-*.
lyoss before charges
Net loss......
(d)
such
Philadelphia & Reading Coal & Iron Corp. (& Subs.)
X
of Hunter Steel Co.; and
1939
issuance of 19,603 shares of common stock in exchange for 137,222 shares
of common stock (no par) of Hunter Steel Co. (including 31,142 shares of
stock issuable upon the exercise of warrants).
At said meetings, directors also authorized the reservation of 41,667
The Pennsylvania Co. for Insurances on Lives & Granting Annuities will,
until 3 p. m. Nov. 21, receive bids for the sale to it of sufficient real estate
first mortgage 6% bonds of C. Benton Cooper to exhaust the sum of SI08,816
at
(par $20)
Nov.
Liabilities—6% cumulative preferred stock ($100 par),
$494,500; Com¬
$250,000; bonds, $520,200; accounts payable, $15,979;
deposits, $27,472; service extension
deposits,
$3,501; reserves, $408,243; earned surplus, $144,717; total,
$1,884,776.—V. 149, p. 743.
mon
stock ($25 par),
accrued accounts, $20,163; consumers'
Potomac
tention
Edison
of Company
Co.—Exemption Denied by SEC—Con¬
That It Is Not Holding Unit Held to
Lack Merit—
An application by the company, a direct subsidiary of the West Penn
Co., to be exempted as a holding company under the Holding
Company Act, was denied Nov. 14 by the Securities and Exchange Com¬
Electric
mission.
The Commission, following the precedent it established in the
involving Union Electric Co. of Missouri, held that the applicant's
tention that it is not
an
case
con¬
holding company under the Act because it is largely
operating utility company serving a compact single service area lacked
a
J
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
sufficient merit to justify granting the application. Commissioner
George
O. Mathews dissented.
The Potomac Edison Co., as an operating company, provides electric
service in
territory embracing substantially all of Western Maryland and
supplies gas to several Maryland communities. As a holding company it
has seven tbbsidiaries, three of which are non-utility
companies.
The claim for exemption under Section 3 (a)
(2) of the Act required that
It show that it is "predominantly a public utility
company whose operations
as such do not extend
beyond the State in which it is organized and States
contiguous thereto."—V. 149, p. 2524.
a
Postal
Telegraph & Cable Corp*—Delisting—
The Securities and Exchange Commission has issued an order granting
the application of the New York Stock Exchange to strike from listing and
registration the $100 par value 7% non-cumulative preferred stock.
The
application stated, among other things, that the Exchange's Committee
on Stock List had received notice deemed to be
authoritative, that the
security is without value. The delisting order became effective at the close
of the trading session on Nov. 17, 1939.—V. 149,
p. 2524.
Postal Telegraph
Period End. Si
Teleg.
it. 30—
cable
and
Land Lines System—Earnings1939—Month—1938
1939—9 Mos —1938
oper.
revenues
Repairs
Deprec. and amortiz
_
$1,980,464
96,505
159,691
114,915
1,327,415
__
All other maintenance.
_
Conducting operations.
Relief departments and
pensions
All
other
general and
_
$1,812,850 $15,658,429 $15,607,003
111,319
929,748
1,026,035
156,154
1,437,222
1,421,619
105,506
959,016
905,962
11,659,414
11,520,162
1,277,528
Raybestos-Manhattan Inc. (& Subs.)—Earnings—
_
9 Mos. End. Sept. 30—
1938
1939
44,983
Selling, admin.&
gen.exp
2,925,214
2,558,221
3,157,352
2,766,847
$1,419,686
148,282
$16,541
157,933
$2,742,607
206,165
$1,790,478
146,069
Total income—
Other deductions
Provision for Federal &
State income taxes
x Addition to
reserve for
$1,567,968
234,745
$174,473
216,316
$2,948,771
292,181
$1,936,548
186,269
263,297
15,324
442,556
288,752
contingencies
150,000
Net income
—
Dividends paid
$1,069,927
473,876
loss$57,167
427,333
$2,064,035
794,345
$596,051 def$484,500
Inc. transfd to surplus
Surplus
$1,461,526
714,912
$1,269,690
$746,614
7,578,923
at
7,842,536
7,029,284
6,447.621
$8,174,974
$1.69
$7,358,035
$8,298,975
$7,194,235
$2.30
beginning of
Period
Surp. at end of period.
Earns, per sh. on com—
xFor the surtax
on
Nil
$3.25
undistributed profits and other contingencies.
1939
Assets—
37,190
35,769
341,581
320,144
1938
1939
$
Cash
$
2.556,678
2,207,106
455,701
Liabilities—
secur.
748,705
$
710,949
507,756
152,572
153,680
119,711
105,025
250,000
224,491
a250,000
income
1
262,390
Capital stock... 9,721,800
Surplus.
8,174,974
z Treasury stock.. Dr921,092
15,332
9,721,800
7,358.035
Dr906,680
Notes, accts. & tr
Uncoil, oper. revenues..
Taxes assignable to oper.
$191,198
5,000
89,084
$81,591
5,000
85,221
x$95,345
45,000
753,750
x$3,889
45,000
790,096
Operating income
Non-operating income..
$97,114
2,025
x$8,630
x$894,095
4,321
20,127
x$838,985
25,867
Gross income
Deducs. from gross inc.
$99,139
247,875
x$4,309
249,968
x$873,968
2,237,268
x$813,118
2,262,335
$148,736
$254,277
$3,111,236
$3,075,453
acceptances rec_ 2,428,650
Other current ac¬
1,962,195 Accrued taxes.
Provision
counts receivable
64,439
Mdse. inventories- 4,013,213
Investments, &C--
32,988
4,071,230
309,157
349,069
deferred charges
Tradenames, trade
88,824
taxes
on
92,871
marks & goodwill
Realization
Res. for conting—
y
7,349,219
595,157
121,799
In¬
Res. for Federal &
State
336,622
351,839
buildings,
mach.& equip.. 7,413,723
Prepaid expenses &
xLand,
...
for
come taxes
Sundry notes and
accts. receivable
Indicates loss.—Y. 149, p. 2377.
1938
$
Accounts payable.
Accrued salaries &
wages--—...—
...
Marketable
595,157
Corp.—Distribution—
The corporation, formed by the reorganization of the Prudence Co.,
Inc., is prepared to distribute $979,284.66 to 26,000 creditors of the Pru¬
dence Co., according to an announcement by William T. Cowin, President.
This is the initial cash distribution by Prudence Co.
Federal Judge Grover
M. Moscowitz in Brooklyn will be asked to approve the distribution, which
provides for the payment of 8-10ths of 1% on the $122,410,582 claims
against the Prudence Co.
Upon payment of this sum the company is
also prepared to pay $90,782.20 to the Reconstruction Finance Corp. as
its share of a $11,347,775 claim.
After these payments are made the cor¬
poration will still have $377,646 in cash for current expenses.
Public Service Corp. of Indiana—Revives
Financing Plan
Company revived, Nov. 16, its proposed offering of $38,000,000 of first
mortgage bonds due in 1969 and $10,000,000 of serial debentures due from
1940 to
1936
Profit from operations
Other income
395,533
448,230
Net tel. & cable oper.
Prudence
1937
Net sales
$15,357,078 $11,315,642 $19,892,160 $15,672,842
Discts and allowances—
441,656
332,801
567,622
461,568
Manufg. cost of sales— 10,570,521
8,408,079
13,424,579
10.653.948
Consolidated Balance Sheet Sept. 30
53,550
miscellaneous expenses
x
3275
1949 by filing with the Securities and Exchange
Commission the
originally
unsettled
first mateial amendment to its registration statement, which was
filed on Aug. 25.
The company has delayed its offering due to
market condtions.
Halsey, Stuart &
According to the latest amendment,
Co.,
Inc.
others to be announced later will underwrite the bonds and debentures.
and
No
Total.
x
........
After,
in 1938.
18,610,299
y
17,412,2451
Total
—.18,610,299
17,412,245
for depreciation of $10,753,212 in 1939 and $11,188,224
reserve
Represented by 676,012 shares of
no par
value,
z
Represented
by 44,812
(44,012 in 1938) shares acquired at various dates and prices.
Includes $20,000 or less for the excess of cost over market prices of
commitments for raw materials.
a
Special Dividend—Bonus—
Directors have declared a special dividend of 50 cents in addition to a
dividend of 25 cents per share on the common stock, no par value, both
payable Dec. 15 to holders of record Nov. 30. See also V. 148, p. 1189.
Directors of the company also voted a Christmas distribution to employees
amounting to $180,000.—V. 149, p. 1189.
R. C. A, Communications,
Period End. Sept. 30—
Inc.—Earnings1939—9 Mos.—1938
1939—Month—1938
Teleg. & cable oper. revs.
Depreciation & amortizRelief depts. &
ensions.
$465,978
51,885
2,900
$4,533,514
424,999
26,100
$3,885,534
484,116
26,100
394,354
318,165
2,827,622
2,710,851
$562,932
28,410
36,805
1,000
106,460
$93,028
29,944
37,389
1,000
25,863
$1,254,793
262,666
341,303
9,000
335,514
$664,467
272,640
352,316
9,000
220,543
$447,077
10,577
$58,720
102
$831,642
86,270
$355,248
95,120
$457,654
21,581
$58,822
25,009
$917,912
192,921
$450,368
213,245
$436,073
All other gen.
,145
38,959
2,900
$33,813
$724,991
$237,123
miscell.
expenses.
interest rates for the bonds and debentures was furnished in the statement.
It had been
data
Other
Net telegraph & cable!
dividend of 85 cents per share on the common
Other oper. revenues
i
Other operating expenses
Uncollectible oper. revs-
contemplated that the bonds would bear 3 % % interest.
will be furnished by amendment.—V. 149, p. 2703.
oper. revenues
Purity Bakeries Corp.—Dividend Increased—
Directors have declared
a
stock, payable Dec. 1 to holders of record Nov. 20.
This compares with
25 cents paid on Sept. 1 and on June 1, last; 15 cents paid on March 1, last;
55 cents on Dec. 1
1938 and dividends of 15 cents paid on Sept. 1, 1938
and each three months previously.
New Director—
John Pirie,
Public Service Co. of New
—_
— —
a
director to succeed
5,176
$6,003,321
2,838,427
stock, both payable Dec. 15 to holders of record
payments were made on Dec. 15,1938.—V. 147, p. 3169.
Earned per share on
common stock
9,752
y$l 19,230
$1,210,371
52,176
662,512
$934,335
624,036
(net)
88
Cr2,569
9.926
$109,017
55,816
961
58,362
683 931
Cr 17.528
111,079
Pref. div. requirements.
x
The estimated expense of the storm of September, 1938 was $275,000.
All of this amount
charged against 1938 operations,
was
y
Indicates loss.
—V. 149, p. 2524.
Pullman
Co.—Earnings—
—V.
149,
p.
$149,734
$104,612
$0.36
Sleeping
car
Sept. 30—
operations:
1939—Month—1938
Total expenses
1939—9 Mos.—1938
.
$5,019,532
4,456,032
Total revenues
$5,229,882 $45,137,965 $44,928,789
4,195,892
39,817.300 39,524.664
$563,500
$1,033,990
$5,320,665
$5,404,124
$172,760
140,642
Net revenue.
$166,438
$1,572,740
1,280,917
$1,506,126
1,275,104
Auxiliary operations:
Total revenues...
—
-
Total expenses..
141,943
$1.16
„
Net revenue.
$32,118
$24,494
$291,822
$231,022
$595,618
388,384
$1,058,484
461,118
$5,612,487
3,461,415
$5,635,147
3,300,421
_
Taxes accrued
$207,234
Operating income
$597,366
$2,1.51,072
$2,334,726
Republic Electric Power Corp.—Delay Granted—
Commission has postponed until April 28,
1940 the date by which Republic Mutual Service Co. and Republic Electric
Power Corp. must be dissolved.
The Commission approved on Oct. 28.
plan of reorganization of Republic Electric Power Corp. which pro¬
Mutual Service Co.
A delay was asked so that outstanding accounts could be
collected.-—V. 147, p. 2545.
1938
a
vides for the dissolution of that company and Republic
within one year.
Supreme Court Justice McLaughlin has dismissed a stockholder's in¬
junction and accounting suit against T. M. Girdler, Chairman, and 14 other
officers and directors of the corporation.
The plaintiff, Martha Port,
alleged the defendants granted secret credits and allowances on sales to the
Mercer Tube & Manufacturing Co. since March, 1938.
Justice McLaughlin held there was no evidence that the alleged acts of
the defendants had caused any loss to the corporation.—V. 149, p. 3123.
Richfield Oil Corp.—Earnings1939
1938
.—$32,052,958 $30,370,642
677,746
1,073,389
9 Months Ended Sept. 30—
Sales————
Other operating revenue
Sept. 30—
Profit after cost & exp.
Total income
x
y
Net profit—-
.1939—3 Mos.—1938
1939—9 Mos.—1938
$6,197,523 $16,587,475 $19,207,927
883,022
1,883,085
988,618
$5,660,439
844,235
884,339
563,757
913,945
572,283
1,995,358
1,091,547
1,098,168
413,904
$0.58
$0.62
$1.18
$0.4,5
Earns, per share on cap.
stock
x
Before depreciation,
taxes, &c.—V.
y
After depreciation, Federal and State income
149, p. 2985.
(C. A.) Reed Co .—Accumulated Dividend—
Directors have declared a dividend of $1 per share on account of accumu¬
lations on the $2 cum. pref. class A stock, no par value, payable Nov. 1
to holders of record Oct. 20.
Dividends of 50 cents were paid in preceding
quarters.—V. 149, p. 121.
Total operating revenue
Cost of sales and services
—...$32,730,704 $31,444,031
Provision for deprec., depletion and amortization.Allowance for dry-hole losses and abandonments.
Provision for amortization of debenture discount.
18,640,766
6,723,495
3,723,135
623,156
263,087
45,423
$1,424,969
11,610
$2,108,616
250,000
$1,436,579
45.000
$1,858,616
'$0.46
$1,391,579
$0.32
-
Profit.-
Non-operating income
Total profit
17,976,259
7,224,444
4,275,503
832,373
330,564
$2,091,561
17,055
Selling general and administrative expenses. -
Interest charges
Quaker State Oil Refining Corp. (& Subs.)—Earnings
Period End.
——
-
—V. 149, p. 2378.
Net sales
Nil
1487.
—
Total net revenue—-
$43,836
$325,184
$0.57
Republic Steel Corp.—Stockholder Loses Accounting Suit
[Revenues and Expenses of Car and Auxiliary Operations]
Period End.
Similar
1939—9 Mos.—1938
1939—3 Mos.—1938
The Securities and Exchange
Net income--
Nov. 24.
Reliance Mfg. Co. of Illinois—Earnings—
$1,711,817
$54,646
Philadelphia—Extra Div.—
common
$2,018,389
700.337
Cr7,547
115,228
deductions--
_
52,790
Period End. Sept. 30—
Net profit after deprec.,
int. & Federal tax
y $53.685
-
896,371
64,989
271.632
$177,393
58,362
Non-oper. income (net).
275,000
918,I19
Reliance Insurance Co. of
Directors on Nov. 10 declared an extra dividend of 20 cents per share in
addition to the regular semi-annual dividend of 30 cents per share on the
$1,669,101
42,716
y
Bond Interest
$6,400,619
3,103,522
314,192
$174,268
3,125
Net oper. income
-
1939—12 Mos.—xl938
$1,999,797
18,592
26.791
Fed. (incl. inc.) taxes.—
Other
208,454
75,628
5,560
9,100
76,849
.
Deducts, from gross inc.
—V. 149, p. 1772.
Hampshire—Earnings-
■
1938 storm
State & municipal taxes
Social security taxes
;.
Other interest
_
Net income
1938
1939—Month
$578,287
$484,066
239,970
295,203
Operating revenues
Operating expenses
Extraord. expense due to
_
Operating income
Non-operating income.
Gross income
Secretary and Treasurer, was elected
M. L. Molan, resigned.—V. 149, p. 2704.
Gross income
Taxes assign, to opers
-----
Provision for Federal income tax
Net profit..
Earnings per share on 4,010,000 shares of com. stk.
—V. 149, p. 2380.
Reynolds Investing Co., Inc.—SEC Opposes Plan—
Objections to the trustees' reorganization plan for the company, were
presented Nov. 16 by Morten E. Yohalen, Counsel for the Securities and
Exchange Commission, at a continued hearing at Jersey City before Special
Master in Chancery John Grimshaw.
I
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3276
Mr. Yohalen urged that the trustees' plan, which provided for the retire¬
ment of one-half or the debentures within three years, be amended to provide
for a sufficient liquidation the first year to retire $350,000 of bonds; $550,000
the second year and one-half of all outstanding debentures by the end of
the third year.
It
also
was
urged by the representative of the SEO that there should be
retirement of preferred stock until after debentures had been retired.
the ground that the proceeding was "in fact a liquidation," he argued
the corporation should not be allowed to reinvest any money under
no
On
that
Rochester Gas & Electric
12 Months Ended Sept. 30Total operating
Retirement expense
an extra dividend of 50 cents per share on the
payable Dec. 15 to holders of record Dec. 6.
Regular
quarterly dividend of 50 cents was paid on Nov. 1, last.—V- 14S p. 744.
stock,
Richmond Cedar
i_."
l.
profit from operations
loss
excess
bond
interest,
depreciation, depletion in
of amount at mortgage rates, and profit on retire¬
of bonds
ment
Interest
before
67,345
12,719
first
on
$16,145
15 year income 6% sinking fund
mortgage
bonds (payable out of "net earnings" as defined in the mtge.)_
Depreciation
Deplet ion in
Profit
excess of amount at
mortgage rates
retirement of bonds
on
Net loss for period.
$42,164
Balance Sheet
Assets—
x
zl938
$147,688
93,408
Other assets
y
Int.
98,238
430,222
Inventories
406,084
37,976
45.693
3,361,292
3,386,799
55,029
30,005
78,176
10,838
...
vest'ts, subs..
$33,003
32.864
28,816
Res've
4,745
13,616
Royalite Oil Co., Ltd.—No Extra Dividend—
17.
Previously company had distributed extra dividends of
25 cents together with the regular semi-annual dividend.
Omission of the "extra" is explained in official quarters as due to the
record Nov.
company's desire to conserve funds for future capital development. Com¬
has paid an extra of 25 cents with regular semi-annual payments since
Dec. 2, 1935.—V. 148, p. 2913.
pany
Rutland
on
6%
61,628
Total...
1938.
Interest
1937
£
£
£
3,421,707
1,492,379
133,290
3,549,042
1,355,573
130,008
1,752,289
900,968
79,919
1,598,018
1,796,038
2,063,461
771,402
41,173
41,312
36,373
72,638
31,382
89,947
200,000
200,000
175,000
150,000
3,884
3,067
Crl7,481
securs.
Cr'l5,359
Balance brought forward
Reserve for taxation
Cr*20",342
Crl4,742
1,372,204
261,844
645,000
receivable
1,575,068
263,120
512,000
17,255
1,790,308
New issue expenses
Leave pay (mine empls.)
account
reserve
147,445
456,500
514,487
322,824
103,500
30,000
Contingent
res. for mine
pension & benefit fund
Deb. stock red. reserve.
General
10,000
Dividends
"
Carry forward
Assets—
Property
Expend.
1939
(nom'l),
£1
£1
erties, at cost... 5,397,869
5,163,754
Investments (nom¬
inal value)
Materials & suppl's
356,466
147,445
•
Capital stock
1
1
126,605
979,849
957,116
Sundry credits
372,092
339,230
393,437
Prov.for mine pen¬
sion <fe ben. fund
537.209
592.013
43,780
10,964
Prov. for dividend
Profit & loss acct.
£7,796,731
£7,950,044
Cash
p.
Total
30,000
395,235
254,852
261,844
£7,796,731 £7,950,044
1939
$464,349
1938
I"
$272,722
—V. 149, p. 2380.
Rose's 5, 10 & 25-Cent
Period End. Oct. 31—
Stores—Sales—
1939—Month—1938
$478,264
$467,943
1939—10 Mos —1938
$3,898,984
$3,640,021
109
103
Rustless Iron & Steel
Corp.—Common Dividend—
At its meeting held Nov. 14, the board of directors declared a dividend of
25 cents a share on the corporation's outstanding common stock payable
Dec. 12, to holders of record Nov. 24.
Directors also declared the regular
quarterly dividend of 62 H cents a share on the corporation's preferred
stock, payable Dec. 1 to holders of record Nov. 22.
C. E. Tuttle, Chairman and President, stated that, although a common
dividend payable in preferred stock was distributed in 1937, the present
dividend marked the initial distribution in cash to common stockholders
since the organization of the corporation.
In reviewing the affirs of the corporation, Mr. Tuttle recalled that from
the formation of the corporation until
1933 all available resources of
management and capital were employed in building an organization and in
the development of technical processes and markets for its products, as
well
as the adjudication of its patent position.
Since 1933, the growth of
corporation's business has been consistent, such progress in turn
necessitating both complete modernization and substantial expansion of
production facilities together with increased amounts of working capital.
The rebuilding and expansion of plant since 1933,
including the current
construction program, and additional working capital, has resulted in
increased investment of approximately $4,900,000, of which $3,300,000
the
obtained through the sale of preferred and common stock and term
bank loans, and the Balance of $1,600,000 through reinvestment of
earnings.
Mr. Tuttle further stated that the upward trend of
earnings which had
been interrupted during the first half of 1938 had since been resumed at an
increasing rate and that business for the current year to date had already
exceeded that for any previous similar period.
Net earings for the nine
months ended Sept. 30, 1939 totaled $695,008.40.—V.
149, p. 2525.
Ruud Mfg. Co..—To
279,852
Pay 15-Cent Dividend—
Directors have declared
a dividend of 15 cents per share on the common
1 to holders of record Nov. 20.
This will be the first
dividend paid since Dec. 16, 1937 when 25 cents per share was distributed.
—V. 146, p. 3819.
payable Dec.
Augustine Gas Co.—Earnings—
12 Mos. End. Sept. 30—
Gross operating revenue
Operating
Net oper.
_
income-..
deductions
for retirements
1938
$84,407
56,541
$79,141
52,441
$83,265
52,790
$27,866
$26,701
$30,475
703
760
400
473
$30,723
5,833
income
1939
$81,662
51,642
$30,020
expenses
Non-operating income.
Prov.
$453,751
266,218
$184,497
Dr20,335
expenses and taxes
(& Subs.)—Earnings—
Earnings for 9 Months Ended Sept. 30, 1939
depletion, &c. but before
Interest
Co.—Earnings—
revenues
outstanding bonds but unpaid.
after interest, depreciation,
income taxes....
Gross
12 Months Ended Sept. 30—•
Operating
Operating
on
Federal
St.
30,000
203,598
2704.
Roanoke Gas
x$67,680
[Exclusive of Cromwell-Franklin Oil Co.]
stock
1,789,874
Sundry debtors,&c
149,
1938
£4,992,445 £4.991,085
848,929
304,693
(at
cost)......
Total
1939
General reserve.948,869
Replacements and
obsoles. reserve.
15,026
1.513,178
Copper stocks
—V.
998,133
263,120
Res've for taxation
& equip, of prop¬
3,407
was
June 30
Liabilities—
1938
devel.
on
29,900
200,000
757,089
254,852
Balance Sheet
200,656
261,844
634,196
20,000
250,006
100",000
reserve
*$717,572
33,889-
Stores in operation
—V. 149, p. 2525.
1936
3,012,354
1,286,241
128,095
Net profit
x$264,903
$42,963
Sales
£
reserve
305,096
33,744
Root Petroleum Co.
1,451,950
1,605,836
1938
against holding
in Government
x$409,069
4,371
305,400
19,159
$4,124,307 $4,125,245
Debenture interest, &c_.
Replacements and obso¬
lescence
$44,868
344
y Includes interest accrued
149, p. 2986.
957,950
1939
Reserve
x$33,447
393
Deficit,
—V.
Antelope Copper Mines, Ltd.- —Earnings-
other expenses
x$447,659
38,590
$77,100
charges
x
inc.
for bad debts of $12,610 in 1939 and in
$14,605 in
Operating surplus
London administration &
$4,008
40,860
12,064
Net income after fixed
for
expenses
x$37,902
4,455
Total fixed charges...
4,000
depletion and depreciation of $3,234,788 in 1939 and
$3,146,464 in 1938,
z Giving effect to reorganization.—V.
148, p. 595.
Realization
5,325
$71,775
Total Income
Profit
$4,124,307 $4,125,2451
Copper sales account...
Oper. expenses at mine..
x$177,208
258,387
income
y
1st.
inc.
sinking fd .bonds
880,400
Cap.stk.($10 par). 1,487,400
Capital surplus... 1,543,053
Years End. June 30—
$203,307
174,604
24,695
5,000
sinking fd. bonds
Roan
x$7,381
28,363
2,158
Other income
1st mtge. 6%
reserve
$2,160,999
2,338,207
Miscell. deductions from
44,155
mtge.
reserve
1939—9 Mas.—1938
$2,533,870
2,330,563
way operations—$97,558
Railway tax accruals...
19,555
Equip. & joint facil. rents
6,228
2,000
compensate
claims
After
RR.—Earnings—
Period End. Sept. 30— 1939—Month—1938
Ry. operating revenues.
$337,200
$245,037
Ry. operating expenses.
239,642
252,418
9,630
3,073
for cutting
Acer,
x
Hosiery Mills, Inc. (Del.)—Final Dividend—
8,156
contracts
Accum. int.
After
$1,685,632
a final dividend of $4 per share on the convertible
stock, payable Dec. 15 to holders of record Nov. 24.
Like
were paid on Dec. 16.1938 and on Dec. 16,1937.—V. 145, p. 3357.
income
2,659
Mtge. note payable
y
$1,140,571
Directors have declared the regular semi-annual dividend of 50 cents per
on the common stock, no par value payable Dec.
1 to holders of
old 1st
Deferred liabilities
Total
$663,154
—
Net railway operating
Notes payable
_.
Deferred Items
$3,124,973
1.439,341
share
&
Tax funded notes.
in-
$2,533,797
1,393,226
due
1931,
on
Z1938
$50,458
rntge. bonds
assets
and
1,
prior,
Fixed & property
Accounts
coupons
July
$4,859,627
1,734,655
Net revenue from rail¬
1939
Accts.& vouch .pay
Accrued items
Accounts & notes
receivable-
amounts
Sept. 30
Liabilities—
1939
$68,206
Cash
44,020
20,758
8,815
Cr47,574
25,607
$4,329,203
1,795,406
Directors have declared
preferred
$63,920
Administrative and general expenses.
Other deductions less other income..
Net
$39,167
24,752
$4,834,020
13,037
14y, p. 3123
Rollins
28,435
Net profit on sales (before depreciation, depletion, &c.)
Other operating income
$4,316,166
$2,056,380
1,393,226
Net income,.
—V.
Selling expenses...
2,094,778
$3,906,105
1,849,725
Balance.
Works—Earnings—
1,146,665
2,326,383
17,935
Preferred stock dividends
Income Account for 10 Months Ended July 31, 1939
$869,670; cost of sales, $802,067; gross profit
$67,602
Net sales,
1.086,187
1,518,506
$3,888,170
Operating income.
Deductions from income
Rich's, Inc.—To Pay 50-Cent Extra Dividend—
^
2,507,756
_j—
Other income
Directors have declared
Total
^
Gross income
common
Corp.—Earnings—
Operating taxes
2986.
p.
1939
1939
1938
1937
$16,081,510 $15,952,240 $15,359,915
6,906,541
6,963.251
115,733
1,260,538
1,199,775
1,229,196
revenue
Operating expenses
Maintenance.
any
conditions.
The trustees'
plan provided for reinvestment under rigid
requirements after $500,000 had been retired in any one year.—V. 149,
Nov. 18,
$28,626
6,083
$27,101
$30,948
6,142
6,285
4,121
4,187
3,877
4,036
$20,768
4,344
$18,355
$17,082
4,656
$20,627
4,344
$16,424
10,000
$14,011
15,000
$12,426
21,250
$15,857
See a
1937
1936
&
Dr26,545
replacements
Net income
$187,533
Divs.
on
pref. stock
4,770
Net
$164,162
Provision for retirements.
46,762
$160,987
45,217
inc.
after
pref.
dividends
Divs. on common stocka
$117,400
Federal and State tax
Before
provision
$115,770
103,480
1,873
415
31
$11,449
bond interest.
Net income
a
2,302
$10,385
103,233
on
Other deductions
for
retirements.
Balance Sheet Sept. 30, 1939
A,9se^^rope,rt^' pl«£and equipment, $2,844,130; miscellaneous invest¬
ments, $700; cash, $50,827; accounts receivable, $117,980; other
receivables
$18,513; appliances on rental (owned), $3,305; merchandise, materials and
supplies, $61,091; deferred debit items, $41,064; total, $3 137 610
Liabilities—Common stock (10,000 no par
shares), $100,000; bonds
$1,447,000; notes payabe, $383,030; accounts payable, $52,984-'accrued
accounts, $47,667; consumers' deposits, $14,428; service
extension'deposits
$7,277; reserves, $525,105; earned surplus, $560,118; total, $3,137 610*
—V. 149, p. 1338.
•
'
'
u"
Figure unavailable.
Balance Sheet Sept. 30. 1939
Assets—Property, plant and equipment, $493,028; investment in capital
stock of affiliated company, $270; cash,
$6,609; accounts receivable (net),
$15,588; merchandise, materials and supplies, $10,498; insurance deposits,
$337; deferred charges, $1,745; total. $528,074.
Liabilities—Notes
payable to affiliated company, $92,460: consumers'
deposits, $4,716; current and accrued liabilities,
$53,811; 8% cumulative preferred stock, $54,300; com¬
mon stock (2,500
shares), $250,000; earned surplus, $58,682; total, $528,074.
—V. 149, p. 1338.
meter
and
$14,105;
St.
extension
reserves,
Louis Public Service Co.—Trusteeship Ended—
Federal Judge Charles B. Davis at St. Louis has entered an order directing
the trusteeship of the company to end on Nov. 15 and authorizing the
reorganized company to be taken over and operated by its management.
The company went into receivership in April,
1933,
applied for reorganization under the Bankruptcy Act.
and
subsequently
Volume
ONE HUNDRED—
149
Commercial & Financial
The
W. T.
Rossell, an executive of the Brooklyn & Queens Transit Corp.,
Brooklyn, N. Y. has been elected President of the reorganized company and
"will be in charge of the transportation system.—V. 149,
p. 423.
St. Louis-San Francisco
YEARS OLD
of $10
Ry.—ICC Petitioned to Reopen
share.
per
Shareholders Corp.—Earnings—
Reorganization Case—
Earnings for 9 Months Ended Sept. 30, 1939
The Old
Colony Trust Co., trustee under the general mortgage of the
City Memphis & Birmingham RR. has petitioned the Interstate
Commerce Commission to reopen the St. Louis-San Francisco reorganization
proceeding for the purpose of admitting further evidence bearing on the
bonds of the Birmingham line.
The evidence consists of certain agreements between the Kansas City,
Springfield & Memphis RR. and the Birmingham and between the Frisco,
the Kansas City Fort Scott & Memphis and the Birmingham, which the
trust company said shows that the holders of the Birmingham bonds have
heretofore received, by virtue of operation of the agreements, benefits
similar to those ordinarily resulting from the operation of a sinking fund.
Under the agreements in question, the Kansas City Springfield & Memphis
and the Fort Scott lines were obligated to turn over certain percentages of
their gross revenues to the Birmingham for the payment of interest on and
purchase of the latter's outstanding bonds.
The record in the Frisco case has been closed by the ICC and an examiner's
report has been issued.
Oral arguihent in the case is scheduled for the latter
part of this month.—V. 149, p. 2986.
Net income after expenses and taxes
Kansas
x$43,486
Includes $34,844 profit from sales of securities.—V.
x
company which filed recently with the Securities and Exchange
a block of 50,000 shares of common stock to be sold
for the
account of two
major stockholders, announced Nov. 14 that underwriters of
be the Whitney-Phoenix Co., Inc., New York; Johnston,
Washington; Waterman Corp., Albany.
The company
the issue would
Lemon
said
&
Co.,
its
that
intention
was
to
secure
wider
distribution
for
1,095,957
1,039,389
$394,676
30,431
35,970
13,578
$372,642
38,280
37,611
10,824
$940,443
112,559
109,758
33,001
$715,393
104,598
112,512
$314,697
$0.15
$285,927
$685,125
$0.11
$487,459
Nil
Operating profit
Charges (net)
Depreciation
x
Fed. inc. taxes, &c-—
Net profit
Earns, per sh. on com.stk
$0.11
Includes provision for contingencies.—V.
x
Period End. Sept. 30—
net
loss
after
Sherwin-Williams Co. of Canada, Ltd.—Accum.
June 22 and
toweling
paper
Wheelwright plant and facial tissues, toilet tissues
are manufactured at the Rockland plant.—Y. 149,
2244.
p.
Div.—
dividend of $1.75 per share on account of
Jan. 3, last,
on
and in the
seven
2 to
last;
preceding quarters.—V. 149,
1773.
Silver
Savage Arms Corp. (& Subs.)—Earnings—
Net profit..
Earns, per sh. on
x
x
a
the 7% cum. pref. stock, par $100, payable Jan.
holders of record Dec. 15.
A similar payment was made on Oct. 2,
on
V
Period End. Sept. 30—
shares
$38,174 prof$86,945 prf$196,725
1,265,500
1,257,500
1,265,500
Nil
$0.07
$0.15
$30,892
1,257,500
Nil
The directors have declared
purchases
manufactured
p.
1939—9 Mos.—1938
1939—3 Mos—1938
deprec., Fed. tax., &c
Shs. of cap. stk. outst'gEarnings per share
—V.
149, p. 1488.
accumulations
and
149, p. 1488.
Subs.)—Earnings—
Consol.
wood pulp and converts it into paper at its plants at Wheelwright, Mass.,
and at
Rockland, Delaware.
Sanitary napkins and facial tissues are
the
10,824
its securities
before applying for listing on the New York Curb Exchange.
The company, one of the largest manufacturers of facial tissue,
at
1939—9 Mos.—1938
$4,232,915
$3,807,867
3.292,472
3,092,474
_
Expenses-..
San-Nap-Pak Mfg. Co., Inc.— Underwriters—
Commission
147, p. 755.
Sharp & Dohme, Inc.—Earnings—
Period End. Sept. 30— 1939—3 Mos.—1938
Gross profit
$1,490,633
$1,412,031
(Frank G.) Shattuck Co. '&
The
3277
Warrants—Warrants will entitle the holder thereof to purchase common
shares of company, for a three-year period from Nov. 1, 1939, for a price
1939—9 Mos.—1938
$229,378
$32,561
1939—3 Mos.—1938
$155,185
$109,746
x
y
167,715
Savannah Gas
Net profit
Earnings
x
$0.92
common
$1.37
$0.65
After depreciation, Federal income taxes, &c.—V.
$0.19
149, p. 2987.
Co.—Earnings—
12 Mos. End. Sept. 30—
Gross operating revenues
...
1939
$520,609
176,286
1938
$518,481
191,277
1937
$483,899
211,868
Taxes—local, State and Federal—__
21,305
93,362
24,925
85,571
22,659
60,109
$229,656
8,844
$216,707
8,636
$238,501
921
$225,343
42,424
1,746
$193,533
43,009
1,699
41,168
3,421
37,293
3,521
35,409
3,620
$151,152
28,163
$140,359
28,284
$109,796
28.284
$122,989
105,000
$112,076
133,000
$81,513
70,000
Maintenance.
1939
1938
$226,395 loss$78,088
$0.19
Nil
—
per
share.
taxes
After
shares
and
_;
___
depreciation, but before depletion,
y
1937
$387,287
$0.32
On 1,220,467
(par $5) common stock.
Sept. 30, 1939 which includes only AM months of
operations the books show a net profit of $191,165 or 15.7c. per outstanding
share and with stored product valued at market as above, $221,750 or
18.2c. per outstanding share.—V. 149, p. 1773.
For the year ended
$189,263
4,270
Operations
King Coalition Mines Co.—Earnings—
3 Mos. End. Sept. 30—
0
Silverwood's Dairies, Ltd.—Accumulated
Dividend—
Directors have declared a dividend of 20c. per share on the 40c. cum. par¬
ticipating preferred stock, no par value, payable Dec. 1 to holders of record
Nov. 18.
Dividend of like amount was paid on Oct. 2 last.—V. 149, p.1773
•
Net operating income
Non-operating income.
Gross income.
Interest
on
Interest
on
-
long-term debt
other debt..
41,839
—
—
__
Provision for retirements and replace.
of debt discount and exp__
Amortiz.
Net income.
Preferred
-
-
_
-
dividends
Net income after pref. dividends
Dividends
on
common
stock
Balance Sheet Sept. 30, 1939
Assets—Property,
plant and
equipment, $3,170,553;
investment
in
capital stock of affiliated company, $1,680; cash, $13,792; accounts receiv¬
able (net), $98,900; merchandise, materials and supplies, $36,179; insur¬
ance deposits, $942; deferred charges, $49,572; total, $3,371,617.
Liabilities—Long-term debt, $888,000; consumers' meter and extension
deposits, $13,061; current and accrued liabilities. $75,583; unadjusted
credits, $1,875; reserves, $517,652; 7% cumulative preferred stock ($25 par),
$401,100; common stock ($25 par), $1,400,000; earned surplus, $74,346;
total, $3,371,617—V. 149. p 1338.
Schiff Co.—Sales—•
Sales for the month of October, 1939, were $1,029,823, as compared with
sales for October, 1938, of $960,340.
This was a gain of 7.24%.
Sales for the ten months' period this year were $10,522,289, as compared
with last year of $9,823,438.
This was a gain of 7.11%.—V. 149, p. 2525.
Schulte Retail Stores Corp
(& Subs.)—Earnings—
[Exclusive of Schulco,
Inc.]
Month
9 Months
1939
1938
Net loss
$13,897
$41,073
x After depreciation and 77-B administration
charges and credits.—V. 149, p. 2526.
expenses
1939
$491,062
but before special
Company—Incorp. in California, Jan. 25, 1937, and acquired the business
and assets of its predecessor corporation, Security Engineering Co. (Nev.).
Company is engaged in the manufacture and sale or "Sievers Reamers,"
"Securaloy" Drillable Liners and other Security drillable products.
Com¬
pany maintains a manufacturing plant at Whittier, Calif, and at Houston,
Texas. Company also maintains branch offices at Bakersfield and Ventura,
Calif.; Centralia, 111.; and an export office in N. Y. City.
Occupation of the
plant at Houston, Texas, which consists of a modern office, warehouse and
shop, was effected on Jan. 23, 1939.
The occupation of the plant at Bakers field, Calif., which consists of a modern office and warehouse and repaid
facilities, was effected Aug. 15, 1939.
The total area of the Whittier, Calif..
Houston, Texas and Bakersfield, Calif., plants is 36,620 square feet of
floor
space.
.
The "Sievers Reamer" was put on the market in 1931
and is
being
successfully used in practically every important oil field throughout the
world.
It employs a new patented principle whereby it attains an efficiency
in reaming and stabilizing operations which tend to reduce drilling costs.
Officers
William E.
Asst.
are
J.
D.
Sievers,
Pres.; J. Paul Sievers, Vice-Pres. & Sec.;
Treas.; and Otto Hammer, Asst. Sec. &
Sievers, Vice-Pres. &
D. Sievers, J.
Hammer and William A. Lower.
Capitalization
Paul Sievers,
as
10 and on
William E.
of Dec. 31,
Dec.
March
Common stock (no
par)
—_
1489.
Skelly Oil Co .—Smaller Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
(L. C.) Smith & Corona Typewriters,
Quarter Ended Sept., 30—Net loss after all charges and taxes.
•
Inc.—Earnings—
charges and taxes.
With the introduction
$29,047
,
,
of the
new
streamlined
typewriter which
was
placed on the market around Oct. 1, business for the final quarter this
year is expected to exceed that of the corresponidg period of 1938, accord¬
ing to H. W. Davies, chairman of the finance committee.
Orders for the
new
models, he said, exceed the company's present productive capacity
and the company probably will not be able to catch up on deliveries until
next February.—V.
149, p. 1929.
.
Soundview Pulp Co.
x
(& Subs.)—Earnings—
1939
,$397,157
$413,365
$0.60
$0.63
charges including depreciation and Federal income taxes.—V.
10 Months Ended Oct. 31—
Net income after all charges
x
per
After all
„
_
...
-
share of common stock
149, p. 2705.
Southern California Edison Co.,
Ltd.—Earnings—
1939—12 Mos.—1938
$4,721,385 $20,923,257 $19,712,258
6,886,573
23,278,058 21,909,808
238,997
964,946
995,180
Sept. 30— 1939—3 Mos.—1938
Electric lighting revenue
Electric power revenue__
$4,840,011
7,516,797
Miscellaneous revenue.-
234,482
$11,846,955 $45,166,261 $42,617,247
473,507
1,989,862
1,630,73.5
175,975
§26,499
ntnt'tk*
738,340
2,760,938
2,921,223
681,898
2,705,148
2,823,815
559,903
500,092
2,160,058
2,334,129
1,489,174
1,540,025
5,818,832
6,033,701
549,999
469,311
1,843,877
1,660,311
2,077,563
1,717,809
7,231,912
6,179,501
Total oper. revenue..$12,591,290
Production expense..
659,339
Transmission expense—
Distribution
expense
Commercial expense.
Admin. &
generalexp
Taxes.
Pro v. for Fed. income tax
Prov.
Rent
for depreciation-.
lease of oper.
157,641
587,264
694,471
for
property
Prov. for empls.
bonus..
^
71,836
150,000
Net earnings-...
Int. & amort, of debt disc
Balance for dividends.
dividends
Preferred
Common dividends
Remainder...
Earned
—V.
284,752
292,079
438,000
72,329
$5,594,099
30,507
$5,477,669 $19,299,057 $18,001,366
31,165
165,791
283,504
$5,624,606
1,674,327
$5,508,833 $19,464,848 $18,284,870
1,934,256
6,566,886
7,119,616
$3,950,278
1,256,428
1,193,474
$3,574,577 $12,897,961 $11,165,254
1,256,968
5,063,363
5,064,468
1,194,249
5,568,564
5,569.669
$1,500,376
Net oper. revenue
Net non-oper. revenue._
sh. on com¬
stock oustdg.
$1,123,361
$2,266,034
$531,117
0.85
$0.73
$2.46
$1.92
per
.
149, p. 2381.
Outstanding
20,000 shs.
xlOO.OOO shs.
11,351 shs.
46,015 shs.
Co., Ltd.—Earnings—
Gross earnings
Operating expenses
x 15,541
common shares reserved to March 1,
outstanding warrants at $6.25.
1938
1939
$15,702
Company earned a net profit of $35,711 for the month of September,
although preparations for the change-over to a new typewriter model
resulted in a net loss for the quarter ended Sept. 30 of $15,702, after all
Southern Canada Power
1938
with
149,
stock, payable Dec. 22 to holders of record Nov. 27.
This compares
50 cents paid on Nov. 15, last, and on Dec. 15 and July 25, 1938.—V.
p. 2988.
mon
Sievers, Otto
paid on
1938, and a regular quarterly dividend of 75 cents per share was
March 1, 1938.—V. 149, p.
Authorized
Preferred stock—7% cumulative (par $25).
1.
now
Treas.
Directors are J.
June
the $3
on
holders of record
Period End.
Security Engineering Co., Inc., Whittier, Calif.—
Preferred Stock Offered—William A. Lower & Co., Inc., Los
Angeles, and Wilson, Johnson & Higgins, San Francisco, are
offering to persons actually residents of California only,
6,149 7% cum. pref. shares (with warrants) at par, $25
per share.
a dividend of 75 cents per share on account of
convertible preferred stock, payable Dec. 12 to
Dividends of 50 cents were paid on Sept. 1,
10, last; dividend of $1.50 was paid on Dec. 15,
Directors have declared
accumulations
Earnings
Period End. Sept. 30—
x
Div.—
Simmons-Boardman Publishing Corp.—Accum.
Month
1939
of October—
$214,559
1938
$198,611
95,709
88,896
$118,850
111,119
$109,715
109,643
$7,731
$72
1940, for the exercise of
Earnings—Company's record of gross profit on sales over the past eight
has been as follows: (years ended Dec. 31): 1931, $21,109; 1932,
$39,983; 1933, $71,176; 1934, $152,429; 1935, $154,907; 1936, $178,195;
1937, $264,010; 1938, $486,692.
Preferred Share Provisions—Preferred shares have preference over the
common shares as 'to assets and dividends, and in liquidation, voluntary or
involuntary, are entitled to $25 per share plus accrued divs.
The preferred
shares have no voting rights except in the event of default in payment of eight
consecutive dividends, in which case the preferred shareholders shall have
Net earnings-
Interest, depreciation,
amortization & dividends.
.
years
equal voting rights with holders of the common shares, except that holders
of preferred shares as a class shall be entitled to elect a majority of the
board of directors until default is remedied.
Surplus
—V.
149, p. 1929.
Southern Natural Gas
Co.—Registration Effective—
The Securities and Exchange Commission on Nov. 2
the declaration of
declared
effective
company to reduce the interest rate on a $900,000 note
held by the First National Bank of Birmingham, Ala., from 4M to 4%.
Security for this note consists of 60,000 shares of common and a6^% in¬
come note in the principal amount of $1,500,000 of Alabama Gas Co., a
subsidiary of Southern Natural Gas Co.—V. 149, p. 2381.
3278
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
Southern
Ry.•—Earningft—
Grossearnings (est.)
S2.830.779
Jan. 1 to Nov. 7
1939
Period End.
1938
Earnings
for
1939
$4,250
1,741
2,537
par
capital stock,
y On 426,579
On 435,091 no par shares of capital stock.
z
(G.) Tamblyn, Ltd.—Earnings—
Period End. Sept. 30— 1939—3 Mos.—1938
period, (excl. of results from
security transactions)
$3,897
$2,509
Note—Net profits realized from security transactions
(computed on the
basis of average cost) $0,875.
.
1939—9 Mos.—1638
$17,377
$17,322
$60,978
$60,228
Earns, per sh. on 112,000 shs. com. stock—
$0.12
$0.12
$0.44
$0.44
x
x
Balance Sheet June 30, 1939
After preferred dividend requirements.—V.
148,
p.
3858.
Telautograph Corp.—Year-End Dividend—
able,
Liabilities—Accrued expenses, $636; reserve for Federal and State
taxes,
$714; common stock, par 10c, $59,643; capital
surplus, $443,287; income
equalization account, $625; earned surplus, $3,233;
total, $508,138.—V.
149, p. 2528.
no
Net inc. after oper. exps.
and taxes....
the
Assets—Cash, $53,960; investments at cost, $450,889; dividends receiv¬
$1,042; drafts receivable, $714; accounts receivable, $474; due for
capital stock sold, original issue, $125; real estate, $608; deferred
charges.
$320; total, $508,138.
1939—9 Mos.—1938
$976,868
$391,775
y$2.29
z$0.90
share
—V. 149, p. 3125.
1938
SO ,434
per
After depreciation, amortization. Federal income taxes,
x
shares of
Sovereign Investors, Inc.—Earnings—
Sept. 30— 1939—3 Mos.—1938
$460,518
$205,871
y$1.08
z$0.47
Net profit
x
$2.500,6801111,441.2501100,200.647
6 Months Ended June 30—
Dividends received and accrued
Expenses and taxes
Net inc.
18, 1939
Sylvania Industrial Corp.—Earnings—
First Week of Nov.
1939
1938
—V. 149, p. 3124.
Nov.
Directors have declared a year-end dividend of 5 cents per share on the
capital stock, payable Dec. 15 to holders of record Dec. 1.
Like amount
was paid on Aug. 1, last; dividends of 10 cents were paid on
May 1 and
Feb. 1, last; and on Dec. 15 and Aug. 1, 1938; and previously regular quar¬
terly dividends of 15 cents
per
share
were
distributed.—V. 149, p. 2382.
Telephone Bond & Share Co.—-Accumulated Dividends—
Square D Co.—Earnings—
Period End. Sept. 30—
1939—3 Mos.—1938
Net earnings
x
Earnings
1939—9 Mos.—1938
$556,209
$208,522
$92,194
$0.75
share
per
common
x
$257,829
$0.27
on
stock
After all charges and Federal
$1.62
income taxes.—V.
Standard Cap & Seal Corp. (&
149,
Texas Gulf
889.
p.
Federal inc. taxes, &c_
Shares of common stock
$150,989
$142,784
$503,098
$489,912
215,972
$0.51
214,676
$0.47
215,972
214.676
$1.74
$1.69
1939—9 Mos.—1938
deprec.,
Period End.
Sept. 30—
8 Months Ended Aug. 31—
Net profit after all expenses, Fed. inc.
taxes, &c
Earns, per sh. on 267,684 shs. of common stock
1939
1938
$919,774 loss$579,549
$1.72
Nil.
—V. 149, p. 2245.
$535,636
18,527
Electric output of the public utility operating
companies in the Standard
Gas & Electric Co. system for the week ended
Nov. 11, 1939, totaled
124,879,919 kilowatt-hours, an increase of 15.7% compared with the cor¬
responding week last year.—Y. 149,
Standard
Wholesale
p.
3124.
Net operating income
Other income
Total income.
Acid
&
Net income.
Works—
Directors have declared
a dividend of one share of common
stock, par
Cash will be paid for fractional shares at
of $20 per share.
Dividend will be paid on Dec. 15 to holders of
record Dec. 5.
The regular quarterly dividend of 20 cents
per share which
had been previously declared will be
paid on Dec. 15.
Special cash dividend
of 40 cents was paid on
$20, for each 200 shares held.
May 25 last.—V. 149,
p.
1930.
Assets—
Engineering Co.—Earnings—
Sept. 30—
Profit after ail charges but before taxes
1938
$311,098
Period End. Sept. 30—
1939—3 Mos.—1938
y Net profit after all chgs $1,790,045
$2,028,985
Shs. cap. stock outst'g.„
1,712.877
1,705,150
share
$1.04
on
$236,648
$7,100,098
1,712,877
$4.14
Notes receivable..
$1.19
undistributed profits.
The price was not disclosed.
The company will be
operated
wholly-owned subsidiary.—V. 149, p. 1191.
Sullivan Machinery
Period End. Sept. 30—
$88,880
After
x
$121,826
1939—9 Mos—1938
$124,894
$432,426
depreciation, taxes and write-down for conversion of foreign
exchange.—V. 149, p. 1489.
assets to current rates of
1,874
136,602
x
1939
1938
$445,741
$340,305
1937
$2,167,734
1936
$674,026
After depreciation, Federal income
taxes, &c.—V. 149, p. 1490.
3 Mos.
on
leases
905
surrendered,
$657,154
5,367
26 219
85,973
___
363,498
211,867
producing wells
including Federal
undistributed profits)
150
av,Ne,V,oss-
Shs. (SI par) issued &
Earnings
$652,140
5,013
78,407
non
drilled and abandonments.
Provision for income tax (not
surtax on
600,170
$139,562
Total income
Loss
$1,252,311
$138,657
Interest on indebtedness
Provision for depletion and depreciation
outstanding Sept. 30, 1939..
per share
$30,184 prof$55,420
1,388,979
1,388,979
Nil
___
Note—Operating income
was
$0,040
affected during the quarter ending
Sept. 30
£hut down the last half
of August, 1939, where between
lost to gross income, with little
possible reduc¬
operating expenses during the shut down period.—V.
149, p. 745.
$40,000 and $50,000
tion in
was
Superior Steel Corp.—Earnings—
Period End. Sept. 30—
Net sales
1939-3 Mos.—1938
$1,497,801
$953,904
1,407,786
947,973
Costs and expenses
Operating income
Other
$90,015
10,568
income
Total income..
$100,583
71,280
Int., depr., taxes, &c___
Net
loss
Earns.per sh.on cap.stk.
x
Indicates profit,
y
$5,931
5,155
$11,086
61,080
x$29,303
$0.26
-$49,994
1939—9 Mos.—1938
$3,778,010
$2,011,658
3,614,984
2,164,413
$163,026
y$152,755
26,414
13.948
Terre Haute Malleable &
Mfg.
Period Endf. Sept. 30, 1939—-
1938
$
S
165,395
Notes payable.
500,000
Accrued liabilitiesProv.
for
57,945
54,135
51,368
63.644
67,049
18,487
252,791
33,551
265.135
633,847
Federal
taxes..
69,965
Long-term debt—
2,826
9,181,477
Contingent income
60,649
60.650
b Common
stock.
633,853
Deferred charges..
Accts. rcceiv. from
6,769
18,623
Div. credits outst.
1,462
1,468
3,356,226
3,598,321
5,329,041
4,958,380
.10,375,035
9,778,035
Res. for conting.
.
110,970
Surp. arising from
61,042
production
Other assets
75,060
12,602
5,500
10,375,035
9,778,035
appraisal
Earned surplus—
Total
a After
depreciation and depletion reserves of $4,255,014 in 1939 and
$3,642,315 in 1938.
b Represented by 888,138 no par shares.—Y. 149, p.
Pacific
Ry.—Seeks $1,335,000 to Purchase 500
Box Cars—
Company has asked the Reconstruction Finance Corporation to buy
$1,335,000 of equipment-trust certificates to fainance the purchase of 500
50-ton steel box cars.
The maximum interest would be 3%.—V. 149,
p. 2707.
Texas Public Service
Co.—Earnings—
Period End. Sept. 30— 1939—9 Mos.—1938
1939—12 Mos.—1938
Operating revenues
$1,228,223
$1,133,755
$1,555,607
$1,464,434
689,904
41,694
General taxes.
Federal income taxes
63.206
15,000
a Net
oper. revenues.
Other income
639,436
46,156
56,515
3,457
937,615
55,123
81,643
16,575
867,964
58,623
76,471
23,105
$418,419
Dr 5,787
$464,650
Z>r 431
Dr 11.045
$438,272
4,168
$387,760
83,901
$453,605
108,239
$442,440
102,313
$322,423
$303,859
$345,366
$340,126
11,815
140,502
13,560
146,531
16,439
189,346
17,606
195,375
$170,106
Gross income
$388,192
$412,632
90,209
Gross income
Retirement accruals
Net income
Divs. declared and paid-
$143,768
$139,580
106,250
$127,145
$189,440
220,912
$31,472
Nil
y$138,807
173,646
$312,453
Nil
Nil
materials
and supplies, $53,207; prepayments,
$16,351; deferred debits,
$1,081; total, $7,248,810.
Liabilities—Common stock (12,500 no par shares), $1,250,000: long-term
debt, $3,695,750; accounts payable, $56,799; customers' deposits. $94,545;
taxes accrued. $78,339; interest accrued.
$54,341; other current and accrued
liabilities, $7,231; deferred credits, $129,370; reserves, $1,269,202; capital
surplus, $456,817; earned surplus, $156,416; total, $7,248,810.—Y. 149,
p. 890.
Thompson-Starrett Co., Inc. (& Subs.)—Earnings—
3 Months
$4,479
.
9 Months
$20 269
J ", DS
3 Months Ended
Oct. 26, '39
Oct. 27, '38
Period—
Net
loss
$28,782
$45,353
—6 Months Ended
Oct. 26, '39
$66,290
Oct. 27, '38
$103,895
While the matter is not included in the
period covered by this report,
the management desires to inform the stockholders of
Thompson-Starrett
Co., Inc., that
on Nov. 1,
1939, a dividend from profits on the Coulee
Dam operation was declared
payable Nov. 25, 1939, of which ThompsonStarrett Co.. Inc's., share is $225,000.—Y. 149, p. 1192.
Time Finance
Co.—Registers with
SEC—
See list given on first page of this
department.—V. 148, p. 3700.
Co.—Earnings—
9 Months Ended Sept. 30—
Net sales billed
1939
$3,587,109
3,254,888
1938
$2,603,353
2,514,866
69,695
14,238
Dominion income taxes
Dividends on 6% preferred stock (3,000 shares)
$262,526
13,500
$74,249
Profits available for divs.
—V. 149, p. 2100.
$249,026
$60,749
Costs,
expenses and other
charges
Federal, State and Dominion
Net
Corp.—Earnings—
•
Balance Sheet Sept. 30, 1939
Assets—Property, plant and equipment, $6,387,223; investments in
associated company, $282,171; other investments,
$201; cash. $118,623;
special deposits, $29,480; notes and warrants receivable, $8,580; accounts
receivable, $322,956; receivables from associated companies, $28,936;
Trane
Indicates loss.—V. 149, p. 1490.
Net profit after all charges but before Fed. inc. taxes
r-V. 149, p. 2989.
Liabilities—
Accounts payable-
12 Mos.
$287,784
149,127
properties
expense
Net operating income
Other income
$0.55
1939
2,552
Int. & 1st mtge. 6% note
& other inc. deducts..
Int. on 1st mtge. bonds.
Superior Oil Corp.—Earnings—
Period Ended Sept. 30, 1639—
Gross income from oil and gas
Operating
88,813
72,932
...
curr. assets.
Fixed assets
a
[Exchisive of Canadian Affiliate]
9 Mos. End. Sept. 30—
Net income.
$489,877
222,035
$0.69
9,399,726
Other
Superheater Co.—Earnings—
x
18,115
2,961
Operation
Maintenance
Co.—Earnings—
1939—3 Mos .—193 8
Net loss
18,115
181,654
Texas &
$6,752,440
1,705,150
$3.96
Acquisition—
x
6,025
Accts. receivable..
Company has purchased for cash and stock the Ironized Yeast Co., Inc.
a
$613,793
88,814
$0.46
2989.
1939—9 Mos.—1938
of Atlanta.
as
5,575
Acer. int. receiv..
Sterling Products, Inc. (& Subs.)—Earnings—
per
201,317
funds...
Total
1939
Before provision for surtax
$1,013,228
47.3,642
49,709
Organization exps.
Sterling, Inc.—Co-Transfer Agent—
y
$
550,457
Working
a
The First National Bank of
Jersey City has been appointed co-transfer
agent for the cumulative convertible preferred stock and the
common
stock.—V. 149, p. 1930.
Earnings
132.967
3.000
1938
S
Cash
Inventories
Corp.—Registers with SEC—
See list given on first page of this
department.—V. 149, p. 2528.
9 Months Ended
$749,759
Balance Sheet Sept. 30
1939
rate
Net
$554,163
115,925
24,000
Cash dividends paid to holders of com¬
mon stock
Stock Dividend—
Steel Products
$976,467
36,761
—
Earns, per share on capital stock
Phosphate
State Street Investment
$723,405
26,354
181,854
299,014
79,975
13,567
oil sales
Provision for Fed. taxes, as estimated
Co.—Weekly Output—
163,261
$414,238
on
Income deductions
Standard Gas & Electric
1938
General and administrative expenses.
Steamship Corp. (& Subs.)—Earns.
Months-
1,707,142
$1,971,090
246,969
378,356
114,313
19,132
234,567
1,286
Oper. exps., maint. and repairs..
Depreciation and depletion
Taxes, other than Federal taxes
Uncollectble accounts
Standard Fruit &
12
1939
1,656,465
$1,704,014
244,253
391,783
105,843
18,075
220,657
1939
1,240,920
$1,273,307
Total net barrels produced
Gross operating income
Commission
were
Producing Co.—Earnings—
9 Months
Subs.)—Earnings—
1939—3 Mos.—1938
outstanding
Earnings per share
149, p. 1489.
15 to holders of record,Dec. 1.
Like amounts
paid in each of the 7 preceding quarters.—V. 149, p. 1340.
$0.60
Period End. Sept. 30—
Net income after
—V.
The directors at their recent meeting declared dividends of 28 cents per
on the 7% 1st pref. stock and 12 cents per share on the $3 1st
pref.
share
stock to be paid Dec.
income taxes
operating income after Federal, State and
on common
stock
13,500
Volume
Tokheim Oil Tank & Pump
Period End. Sept. 30—
Net profit—
•
Transcontinental & Western
1939—9 Mos—1938
$326,829
$274,862
194,454
195,970
$1.68
$1.40
p. 2446.
Air, Inc.—Earnings—
Quarter Ended Sept. 30—
Total
revenues
1939
$2,317,600
1,916,784
251,430
5,912
I
.
Operating expenses and taxes
Depreciation
Twin States Gas & Electric
Go.—Earnings—
1939—3 Mos.—1938
$115,673
$88,399
Shs. of com. stk. outst'g
194,454
195,970
Earnings per share
$0.59
$0.45
x After all charges and Federal taxes.—V. 148,
x
...
Other charges (net)
1938
$1,738,268
1,484,163
254,080
80,693
Period End. Oct. 31—
Operating revenues
Operating expenses
State & munic. taxes
Social
security taxes
Federal (incl. inc.) taxes
Net profit
$143,474 loss$80,668
Earns, per sh. on 830,846 shs. of capital stock
$0.17
Nil
For nine months ended Sept. 30, 1939, net loss was $212,393, comparing
with revised net loss of $751,719 in the corresponding period of last year.
—V. 149, p. 2383.
.
....
Transwestern Oil
$21,950
545
37
$567,821
2,028
$516,366
37,688
Gross income
Bond interest
deductions
$48,773
11,161
7,705
3,317
$21,987
11,161
7,621
3,044
$569,849
133,936
87,988
53,920
$554,054
133,936
.92,591
33,037
income
Pref. div. requirements.
$26,790
20,790
$161
20,790
$294,005
249,475
$294,490
249,475
Average market value
per
barrel
Income from operations
expense
Other
$1.2271
2,017,626
and production taxes, working
Net
—V.
149,
2530.
P.
Period End. Sept. 30—
Net after expenses..
Otherincome
■
17,219
426,604
22,653
192,610
11,250
$894,258
228,714
1,094,846
$1,364,509
23,791
1,323,500
$28,126
$64,800
interest—
Production taxes, overriding and other royalties.__
General and administrative expenses...*
Provision for ad valorem taxes
Net operating income
Other income,
Other charges....
-
(net)
Underwood Elliott Fisher Co.
1938
1,554,801
1939
1,329,316
$1.0122
1,435,649
-
370,201
11,815
142,156
..
......
_.
Net income
stock
Earnings per share
—V. 149, p. 891.
$463,108
133,313
60,496
$1,788,844
404,165
225,220
$1,838,805
399,940
240,623
$298,540
734,300
$0.41
Federal income taxes.
common
income
before
provision
for
income
and
profits tax
—V. 149, p. 1192.
*
Triumph Explosives, Inc.—Stock Offered—Public offering
made Nov. 14 of 140,000 shares ($2 par) common stock.
The stock was offered by means of a prospectus at $4.25
per share by MacBride, Miller & Co., Inc., New York, and
Grubbs, Scott & Co., Pittsburgh.
1939—9 Mos—1938rt^
$1,720,697
$1,782,642
68,147
56,163
$512,579
134,722
79,317
Total income
Depreciation
Shares
(& Subs.)—Earnings—
1939—3 Mos.—1938
$482,212
$451,296
30,367
11,812
$269,299
734,300
$0.37
$1,159,459
734,300
$1,198,242
734,300
$1.58
$1.63
Union Traction Co.—Stock
Net
1939—12 Mos.—1938
$2,595,913
$2,494,591
1,663,428
1,697,077
175,182
192,453
17,367
18,218
122,248
120,344
$48,228
_
Co.—Earnings—
9 Months Ended Sept. 30—
Crude oil production (barrels)
Co.—Earnings-
1939—Month—1938
$236,495
$219,670
175,095
159,547
16,325
15,887
1,237
1,177
5,123
11,596
Net oper. income....
Non-oper. income (net)
Other interest
Operating
3279
ONE HUNDRED —The Commercial & Financial Chronicle— YEARS OLD
149
Off Curb—
The New York Curb Exchange has removed from unlisted trading the
capital stock (par $50) due to the fact that the court has confirmed the
plan of reorganization of Philadelphia Rapid Transit Co. and has directed
the closing of the transfer books for the capital stock of Union Traction
Co. on Nov. 14, 1939.—V. 143, p. 2069.
was
Triumph
incorporated in Maryland in 1933 to
items and soon
began to develop fusees and torpedoes for railway use. It has since developed
many other items now regulany used by the U. S. Government, among
them aircraft float lights, marine and aviation signals, &c.
Newly de¬
veloped and acquired products include a patented explosive called Atomite
with decided safety and cost advantages, a patented non-deteriorating
battery and light, and an aircraft engine-starter cartridge, substantial
quantities of which have already been sold to the U. S. Army and Navy.
Authorized capitalization of the company consists of 600,000 shares
($2 par) common stock, of which 401,830 shares will be outstanding upon
completion of this sale of stock.
Shipments and unfilled orders of the company from Aug. 1 to Oct. 31,
1939, the first quarter of its fiscal year, amounted to $915,000, compared
with total net sales for the fiscal year ended July 31, 1939 of $644,161 and
with $180,000 of shipments and unfilled orders for the quarter ended Oct.
Inc.
Explosives,
was
engage in the manufacture of toy fireworks and novelty
United Air Lines Transport Corp.
Period End. Sept. 30—
_
The net proceeds to be received from the sale of the 140,000 shares of
stock will be used to the extent necessary for the completion of
the stock purchase contract between the company and the stockholders
of Central Railway Signal Co., Inc., and the balance for the purpose of
reducing bank obligations and for working capital.
The Bank obligations which are to be reduced have all been incurred
within the past year, and the proceeds thereof used for the purpose of
financing current operations, such as the purchase of materials, labor costs,
and other manufacturing sales expense.
The company intends to employ part of the proceeds from the sale of
this issue of 140,000 shares for the acquisition of 27,083 shares of the
common stock of Central Railway Signal Co.,
Inc. from approximately
100 stockholders of such company who have accepted the company's offer
of purchase.
Such stock is now in the hands of National Shawmut Bank,
Boston, as depository, and is to be delivered to the company upon com¬
pletion of the payments in accordance with the purchase contract.
The principal underwriter is MacBride, Miller & Co., Inc., New York.
Grubbs, Scott & Co., Pittsburgh/are co-underwriters.
No firm commit¬
$550,145
$107,361
$108,143
x$1.561,946
interest, &c
7,184
8,540
43,803
63,580
Net income
$557,329
$115,901
$0.37
$0.08
Net earnings from oper
Inc. from misc. property.
Earnings
x
per
share
MacBride, Miller & Co., Inc., may also be considered underwriters as
to the common stock, aggregating 56,000 shares, to be obtained by the
exercise of options granted to MacBride, Miller & Co., Inc. as part of
the underwriting commission.
United Carbon Co. (&
30—
1939
[But not
including Central Railway Signal Co.]
1938
1937
Sales—Manufactured
1936
&
$726,301
jobbing products
Less sales returns, allow¬
ances and discounts.
$1,191,550
82,140
101,060
125,664
$995,324
781,501
$803,510
623,072
132,689
4,986
118,238
12,258
130,587
14,031
105,649
loss$39,083
3,269
$100,315
3,077
$69,206
4,327
ministrative expenses.
profit.
Other income.....
10,011
$103,392
19,463
$73,533
21,434
18,878
9,036
$65,051
$43,063
Notes, Ac.. receivable (net)..
141,789
Inventories..
247,316
Notes and accounts receivable
Time and
able to banks
Notes
and
$45,000
trade
169,235
47,268
39,399
38,653
—..
Intangible assets
Deferred charges—
——
acceptances
payable—trade
Accounts payable—trade
Accrued liabilities
Dividends payable.
Prepaid int. on notes receivable
Capital stock (par $2)
■
Capital surolus
.
33,041
60,818
23,429
13,092
73
523,660
47,830
Earned deficit
—
S739,746
7,196
Total
$739,746
—V. 149, p. 3125.
Co.—Earnings—
9 Months Ended Sept. 30—•
Net income after expenses and taxes.
Earnings per share on 74,750 shares of capital stock
—V.
149, p. 2989.
$0.59
1938
$2,201
$0.03
losses, Ac
Res. for Fed. taxes
-
182,780
182,780
880,200
266,786
bon Black Exp't.
interest-
$437,339
$24,259
193,381
3,156,606
231,267
2,974,839
880,200
240,545
Surplus-..
Fuel
Corp. stock, AcDeferred charges._
31,639,783 30,117,146
Total--
y Represented by 397,885 no par
cruals, Federal and State taxes.—V.
United Chemicals,
31.639.783 30.117,146
Total
shares,
z Includes provision for ac¬
149, p. 1192.
Inc. (& Subs.)—Earnings—
1939—3 Mos.—1938
1939—9 Mos.—1938
$56,518
$17,385
$il6,851
$20,526
depreciation, &c.—V. 149, p. 2990.
Period End. Sept. 30—
Net profit
x After taxes,
Loss from
United Cigar-Whelan Stores Corp.
30-—
1939—3 Mos.—1938
operations..
$73,275
$236,273
Period End. Sept.
x
After
taxes,
(& Subs.)—Earns.
1939—9 Mos,4—1$3&_
$276,638
$627,924
depreciation, amortization and bond interest.—V. 149.
1490.
Period End. Sept. 30—
Net profit from
(& Subs.)—Earnings-—
1939—3 Mos.—1938
1939—^9 Mos.—1938
opera'ns
$160,955
$66,265
$0.11
income taxes, &c___-.
Earns, per sh. on
$0.05
loss$21,347 loss$569,120
1,400,-
560 shs. capital stock
($5 par)-.- —
149, p. 1631.
—V.
United Grain Growers, Ltd.
(& Subs.)—Earnings1939
$646,603
Years Ended July 31—
Profit for the year before
Nil
Nil
charges
Interest on bonds...
Directors' fees—
..
....—
x Total amount paid as counsel and legal fees...
Annual meeting expense
Provision for depreciation printing plant, mis¬
cellaneous equipment, &c
Proportion of bond discts. & exps. written off
Profit arising from redemption of company's bonds
.................
Profit for the year
Surplus, balance at credit July 31.
141,216
7,431
28,291
15,555
1938
$254,613
151,616
8,291
29,558
16,730
19,878
33,251
19,878
433,643
14,076
12,497
$14,662
300.389
$7,787
296,602
$315,051
9,000
$304,389
4,000
$306,051
$300,389
472,500
stock—
After depreciation
$0.19
Nil
$0.93
and normal Federal income taxes.—V. 149,
$0.05
424.
p.
Union Gas Co. of Canada, Ltd. (& Subs.)—Earnings—
1939—6 Mos.—1938
1939—12 Mos.—1938
$198,326
y$80,304
$1,203,561 y$l.000,696
x After depreciation, interest, &c., but before providing for Dominion
ncome taxes,
y Adjusted figures.—V. 149, p. 1931.
Period End. Sept. 30—
.
depletion
.14,822,338 13,448,692
for
possible
239,057
453,226
305,680
248,000
Res.
Minority
during year..
1939—9 Mos- -1938
$
Res. for deprec. &
—
1939
$43,950
Co.—Earnings—
Period End. Sept. 30— 1939—3 Mos.—1938
Net profit
$89,668 Ioss$44,077
1
1,542,681
456,715
674,457
1,083,508
1,000,166
.
River
1938
$
Liabilities—
Commonstock..11,962,538 11,952,538
z Accounts payable
628,941
465,322
Dividends payable
298,414
298,414
Misc. defd. liabils.
42,829
44,848
y
United Drug, Inc.
demand notes pay¬
......
4,931
6 711
(officers and employees)
Cash value, life insurance
Profit
$
1
1,695,654
366,323
Accts. receivable..
887,964
Inventories
858,763
Other Invest.. &c. 1,052,480
tracts, &c
p.
liabilities'
$44,444
281,690
$1,574,965
775,876
1939
1938
Cash.
$41,709
Balance Sheet July 31, 1939
Assets—
Cash.
x
1,392,598
Trade-marks, con¬
7,924
def$54,055
a
994,713
25,448,833 24,056,092
wells, Ac
$68,483
18,850
State income taxes
shs. common
$1,917,108
$
x
loss$35,814
18,241
Income deductions....
Earns, per sh. on
$1,143,906
1939
Provision for Federal and
a
030,767
895,241
Assets—
x
Twin Coach
$2,735,716
879,060
$212,475
$149,193
$524,510
$799,089
397.885
397.885
397,885
397,885
$2.78
$2.87
$4.82
$3.96
a After
deducting manufacturing, selling, general and administrative
expenses, Federal and State income taxes and reserve for expenses.
Note—No provision made for Federal surtax on undistributed profits.
Consolidated Balance Sheet Sept. 30
$64,778
3,705
Selling, general and ad¬
Prov. for doubtful accts.
.
1936
1,023,000
263,833
Surplus......
Sh* com. stk. (nopar)-Earnings per share
91,525
$1,090,490
859,680
Cost of goods sold
Troxel Mfg.
1937
$3,203,942
952,861
Cr143,983
$1,107,716
Net profit._
Common dividends
$895,035
$644,161
545,569
_
Total
1938
$1,952,784
974,487
Deprec. and depletion..
Minority interests
Miss.
Net sales..
Other assets
Subs.)—Earnings—
Clip, stock of Car-
$1,120,988
Ni
$0.10
$2,051,436
9 Mos. End. Sept.
Total income.:.
a
Notes receivable.-
Income Account for Years Ended July 31
Fixed assets (net)
.
$151,946 x$l ,498,366
Loss—V. 149, p. 1931.
Land, bldgs., equip
ment has been made.
Gross
_
,.. .
1938.
31,
common
(& Subs.)—Earnings
1939—12 Mos.—1938
35,945,209 136,602,345 101,858,860
4,741,279
1,219,306
5,214,187
1,479,750
400,478
1,720,783
15,221,365
4,395,536
16,721,996
$9,545,177
$3,040,479 $11,554,718
9,821,187
2,579,945
9,984,876
1,464,893
434,551
1,467,522
0178,957
Cr81,378
0 75,275
69,452
1939—3 Mos.—1938
50,670,434
1,420,542
472,798
Exp. pound miles (000).
Revenue plane miles
4,925,729
$3,818,240
Operating revenues
2,766,170
Oper. expenses & taxes..
435,955
Depreciation
Net salvage on equip .sold
Cr3,483
Federal inc. taxes (est.).
69,452
Revenue passenger miles
Mail pond miles (000)
—
Prov. for Dominion & Provincial taxation.
Earned surplus July 31—
And salaries of executive officers represented by directors of the parent
actively engaged in the management.
Note—No depreciation has been provided on country and terminal
x
company
elevator buildings and machinery for the year ended July 31,
1938.
3280
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
Consolidated Balance Sheet July 31, 1939
Assets—Cash on hand and in banks, $184,323; accounts and bills
re¬
ceivable, $294,419; provincial and municipal government accounts re sales
The
relief Acts, $27,577; inventories, $1,627,629;
investments,
deferred charges, $234,607: bonds purchased in anticipation of
$21,627
sinking fund
requirements, $121,701; country and terminal elevators, sites, warehouse,
printing plant, machinery, office and other equipment (after reserve for
depreciation of $4,696,475), $6,211,863; publication establishment
account,
$93,276; total, $8,817,024.
11, '39
107,468,343
Nov. 4. '39
Period End. Sept. 30—
9 Mos. End. Sept.
Gross revenue
1939
1938
$10,099,144 $12,123,143
9,522,132
11,517.001
Costs and expenses
Utah Power &
Balance
$577,012
50,034
Other income
x
Total income
Interest (net)
D epreciations, depletion
and
Prof,
amortization
on
Federal taxes
$834,180
174,545
Includes
excess
427,305
416,083
Crl2,987
31,325
Vadsco Sales
441,854
Cr3,852
22,313
Crl4,391
30,987
x
—V.
x
$225,214
149, p. 426.
a year-end dividend of $1.50
per share on the
stock, payable Dec. 9 to holders of record Dec. 1.
This com¬
with 50 cents paid on Sept. 9 last, and 25 cents paid in preceding
quarters.
See also v. 147, p. 3625.
on
undistributed
Directors have declared a dividend of $1 per share on the common
stock, payable Dec. 1 to holders of record Nov. 20.
Last previous payment
was the $1.50 dividend distributed on March
1, 1938.—V. 144, p. 1303.
1939
__
Virginia Public Service Co. (& Subs.)—Earnings-
12 Months Ended Sept. 30—
1938
$5,581,551
$4,649,408
Operating
Operating
Earnings
1939—3 Mos.—1938
$238,483
$108,824
per share
$0.80
$0-36
After depreciation, interest, Federal income
taxes,
shares of capital stock.—V. 149, p. 1193.
United States Playing Card
$0.26
&c.
y
Other income (net)
1937
$707,993
365.466
220,128
7,960
4,810
236
$1,094,988
366,674
385,810
$1,306,593
371,155
2,910,634
$1,858,165
586,173
2,897,255
Rental income
Miscellaneous
"
4,479
6,000
Expense
214
Other deductions
Net income
def$l,975,196def$1625,263
Consolidated Income Account Years Ended
Dec. 31 (Incl. Subs )
1 Exclusive of operations of all British and two
American subsidiaries,
but including income received
from such companies.]
Subsidiaries—
bl938
bl937
Public utility operating revenue
$32,617,501 $33,593,531
22,657,572
22,979,239
Public utility expenses
gross
operating income
non-operating income (net)
.
.
$9,959,929 $ 10,524,292
Dr 126,425
34,850
Virginian Ry.—Seeks ICC Approval of Stock Split-Up—
The company has filed an application with the
Interstate
Commerce
Commission asking approval of its proposal to split
existing preferred and
four
new
Gross income.
Interest on funded debt
Interest on unfunded debt
IIII
Interest charged to construction
Amortization of debt discount and
Taxes
$9,833,504 $10,559,142
125,344
388,054
$9,958,848 $10,947,196
6,451,145
243,777
Crl4,316
515,869
132,148
948,542
743
187,289
Cr 12,448
expense
III
1.11
I
6,662,414
250,408
Cr24,338
472,056
217,170
964,588
28,885
on interest and other
charges.,
on preferred stocks
paid or accrued
Inc. of certain subs,
applic. to cum. pref. divs. not
declared or accrued
Divs.
"II
III
and
would
through the sale of bonds
p. 3128.
Vulcan
facilitate
or
subsidiaries
1,470,448
®ri
Corp., Ltd.)
CorpI
and
1Q4
Utif.P I & LI
the
as
1,289,316
$899,408
13,101
10,709
$64,295
382,561
48,893
20,774
$910,117
595,927
47,428
26,442
1939—3 Mos.—1938
$12,554
Vulcan
a
Exps., deprec., &c
1939
$945,729
771,186
Other deductions of Utilities
P. &
on
riofu*3K7 gqq
LtVCorpI—
debentures
on unfunded debt
Amortization of debt discount and
Taxes on debenture interest
Consolidated
o
501
IIIIIIIIII
expense
57 786
1
II11
97Q
oa'son
25,922
$240,319
2,500,227
23,141
164,539
30,374
net loss
$3,137,459
$2,477,963
b Does not include
any income from
Southampton (Fawley) Investment
Corp., Ltd., City Theatres Co. or
Newport Water Corp.
The
of the second mentioned
company for its fiscal years ended within 1Q38
1937 resulted in small profits.
After
for
income tax of $48,219 in 1938 and
$57,666 in 1937 (no provisions
believed to be required for surtax on
undistributed
oSons
*d
—V. 149, p. 3127.
dedKng p?o^SS
profits)
$100,459
$62,832
$174,544
1938
1937
$815,801
667,546
1936
$1,19 4,827
1,045,171
$972,293
888,227
$148,256
4,813
$148,656
$185,855
72,769
Cr30,101
$153,069
$171,922
28,511
90,560
$104,078
26,399
$143,187
$124,558
$81,362
$77,679
Other income.
11,311
_
Tax reserve, &c
Price equalization
.
res..
.
$84,066
20,012
23,266
Earns, per sh. on 32,258
shs.
(par $100) com¬
stock.
Includes adjustments
mon
1.71
$3.13
$1.70
$1.58
and charges at current prices for tin-bearing
(other than tin plate scrap) used in operations, less credit for
finished and in process inventory as of
Sept. 30.
b Exclusive of surtax on
undistributed profits.
a
materials
x
1939
Plant & equip't.
$947,935
Pats., goodwill, &c 2,544,677
Cash
z429,07l
Inventories
821,793
Investments
y
Cos
1938
$994,257
2,544,677
568,984
1,037,110
nnH
Fedt?a1
mfde
or
accruals
239,234
Dividends payable
248,242
23,377
158,100
25,205
119,935
108,319
Res. for taxes and
pref.stk
222,665
222,068
investments
31,840
25,777
and
prepaid expenses
other Govt, chgs
Res.
for
contings.
and in general..
6,838
7.435
Price equal, res've.
Surplus
After
1938
$1,522,300
3,225,800
Accts. payable and
295,324
charges
x
1939
679,238
Defd.
.own
Liabilities—
Preferred stock...$1,522,300
Common stock... 3,225,800
1,250,840
Total
Balance
1939—9 Mos.—1938
$20,817
Detinning Co.—Earnings—
3 Mos. End. Sept. 30—
Sales
Other
Total.
and general
expenses
Fed. & Dominion income
taxes of intef-io". interest
Provision for depreciation
sufficiently broad
financing of future requirements
be considered desirable.—V. 149,
may
—V. 149, p. 1775.
Accts. receivable._
Administrative
Interest
Interest
stock
Comparative Balance Sheet Sept. 30
$1'521'642 $2,188'724
Balance
Other income fUtil. P. &
L.
old share.
Corp.—Earnings—
Period End. Sept. 30—
Net profit after all ch'ges
and taxes
171,747
earned'or declared" by" certain
one
The carrier said that the stock split would increase the
marketability of
its stock; adjust the price on the market to a
figure more attractive to the
investing public; result in wider distribution of the public's holdings of the
stock; enable the road to list on the New York Stock Exchange its common
stock which heretofore has not been listed due to lack
of
Assets—v
OiSSSSl divs ."not
shares for
The company asks authority to issue
1,118,200 new shares of preferred
($25) in exchange for 279,550 shares ($100 par) previously issued, and to
issue 1,250,860 shares of new common
($25 par) in exchange for the existing
312,715 ($100 par) shares.
_
.
$858,968
.,
-V. 149, p. 2102.
distribution,
Total income
$798,933
Other interest
$3,026,213
1,754,222
213,525
39,415
171,561
Crl 1,479
Amortization of debt discount and expense
Interest charged to construction
common stocks into
(Company Only)
1938
206,579
40,721
170,706
GV6.737
Net income
Corp.—Earnings-
Income—Public Utility subsidiary companies
Utilities Power & Light Corp., Ltd
Non-utility subsidiary companies
Other companies
$2,928,286
1,718,084
.........
Co.—Earnings—
Statement of Income Years Ended Dec. 31
$2,951,922
74,290
48,637
...
Gross income..
*
Interest on 1st mtge. bonds
Interest on sinking fund debentures
Nil
Earnings for the Nine Months Ended Sept. 30, 1939
Net profit after depreciation, Federal
income taxes, &c_
$583,549
Earnings per share on 385,753 shares of capital stock
($10 par)..
$1.51
—V. 149, p. 1342.
Utilities Power & Light
;
Operating income
$8,202,447
3,260,469
396,206
707,900
98,562
787,388
$2^879,649
Other taxes
On 299,566
1938
$8,846,741
3,229,083
450,664
1,241,698
233,499
812,148
Federal income taxes
1939—9 Mos.—1938
$77 307 loss$142 564
no par
1939
revenues
expenses
Maintenance
Provision for retirements
reserves.
Freight Co. (& Subs.)—Earnings—
Abandoned property
'38
$58,308
$0.66
Directors have declared
of $8,854,458.
$35,128,287, compared
with $34,404,692 on Sept.
30, 1938.
Holdings of U. S. Government bonds,
exclusive of Federal Land Bank bonds, totaled
$14,054,400.
Total assets Sept. 30 amounted to
$57,209,472, against $52,121,617 on
Sept. 30, 1938.—V. 149, p. 2383.
Minority interest (net)
Oct. 8
$0.70
common
x
Public utility
Public utility
7 '39
$61,974
pares
After all losses and expenses, but before
adjustment of
The balance sheet as of
Sept. 30 showed cash assets
Bonds and stocks were carried in the
portfolio at
x
Oct.'
Vapor Car Heating Co., Inc.— Year-End Dividend—
Fidelity & Guaranty Co.—Earnings—
y
Co.—Earnings—
Victor-Monaghan Co.—Dividend Resumed—
9 Months Ended Sept. 30—
Net operating income
Period End. Sept. 30—
Net profit....
1938
149, p. 1342.
—V.
loss$478
value to $5 par value.—V. 149, p. 2530.
x
1939
$81,271 loss$100,665
16 Weeks Ended—
Net profit after all charges & Fed'l income taxes..
Earns, per share on 88,829 shs. of common stock..
Change Par Value—
United States
2709.
Van Norman Machine Tool
Stockholders at a special meeting to be held on Dec.
12 will consider
amending the certificate of incorporation so as to change the common stock
no par
p.
Corp. (& Subs.)—Earnings—
Net profit
of
United States
paid in preceding quarters.
After depreciation and other charges but before Federal income taxes.
Loss of Vadsco Realty Corp., a wholly owned subsidiary for nine months
ended Sept. 30, 1939, was $43,457 after depreciation and other deductions.
profits.
from
amounts were
x
Cr28,291
$71,666
1936.
Note—No provision has been made for Federal surtax
To
Like
dividend, will be $9.75.—V. 149,
par value over cost for bonds purchased and
retired,
amounting to $15,760 in 1939, $45,799 in 1938, $36,404 in 1937 and $41,361
in
Light Co.—Accumulated Dividend—
Utility Equities Corp.—Accumulated Dividend—
$631,369
199,823
$105,336
$0.02
The board of directors on Nov. 15 declared a dividend of $1
per share on
the $5.50 dividend priority stock, payable Dec. 15 to stockholders of record
Dec. 1.
The amount per share in arrears at Dec. 1, after deducting the
$548,321
83,048
minority interest.
x
$0.89
9 Months Ended Sept. 30—
$744,175
90,005
Loss applic. to company
Net profit
$0.05
V. 149, P. 2709.
1936
$658,051
142,484
379,452
GV9,540
35,246
sale of prop., &c
$9,667
$0.39
to holders of record Dec. 1.
$14,825,222 $15,693,663
14,081,047
15,145,342
$606,141
51,910
$627,046
116,553
$447,412
Directors have declared a dividend of $1,16 2-3 per share, on the $7
cumulative preferred stock, and a dividend of $1 per share on the $6 cumula¬
tive preferred stock, both payable on account of accumulations on Jan. 2
12, '38
95,718,452
1937
1939—9 Mos.—1938
$25,477
shs.ofcom.stk.(par $1)
—V. 149, p. 1774.
Subs.)—Earnings
30—
1939—3 Mos.—1938
Earns, per sh. on 500,000
Nov.
108,105,419
50
$199,676
& Fed. income taxes..
|
United States Distributing Corp. (&
par
Net profit after charges
Co,—Weekly Output—
Nov.
Exchange has removed the capital stock,
trading.—V. 149, p. 2991.
Universal Cyclops Steel Corp.—Earnings—
lAahiiitus—Bank loans and overdrafts (secured), $115,292; accounts
payable and accrued liabilities, $784,503; bond interest accrued, $17,542;
shareholders'
dividends
of prior years
unclaimed, $13,518; property,
corporation and other taxes, $43,330; first mortgage sinking fund
bonds,
$2,678,000: capital stock (par $25), $3,189,401; general reserve, $1,647,057;
capital surplus, $22,329; earned surplus, $306,051; total, $8,817,024.—V.
148. p. 894.
United Gas Improvement
Trading
New York Curb
cents, from unlisted
under
Week Ended—
Electric output of system (kwh.)
—V.
149, p. 3115.
Nov. 18, 1939
United Verde Extension Mining Co.—Unlisted
$6,550,983 $6,327,788
deducting
Total
170,353
170,353
43,589
52,068
1,206,394
1,065,643
.$6,5.50,983 $6,327,788
for depreciation of $2,259,080 in 1939 and
1,865 (1,860 in 1938) shares at cost,
z $25,063
Canadian currency and $3,863 English currency.—V. 149,
p. 1342.
$2,102,097 in
Waialua
1938.
reserve
y
Agricultural Co., Ltd.—To Pay SI Dividend—
Directors have declared a dividend of $1 per share on the
capital stock,
payable Nov. 30 to holders of record Nov. 20.
Previously regular quarterly
dividends of 20 cents per share were distributed.—V. 149,
p. 2709.
Walker & Co.—Accumulated Dividend—•
Directors have declared
a dividend of 50 cents
per share on account of
on the $2.50 cumulative class A conv.
stock, no par value,
payable Dec. 1 to holders of record Nov. 20.
Similar amounts were paid
on Sept.
1, July 15 and March 1, last, and on Dec. 20 and Dec. 1, 1938.
accumulations
—V. 149, p. 1041.
Volume
Ward
ONE HUNDRED—The Commercial & Financial
Chronicle—YEARS OLD
149
Baking Co. (& Subs.)—Earnings—
,
sh.
per
$152,443
$256,958
y$1.16
x$1.00
A stock at $37.50
$669,962
y$2.62
7%
preferred stock.
x$0.60
255,808 shares,
x
$296,285
256,008 shares.—V.
y
149,
p.
or
a
after Dec.
The company, whose
ownership was recently transferred from holding
company control to the public, on Nov. 10 filed an
application for listing
rts common stock on the
New York Stock Exchange.
If approved by the
Board of Governors of the
1939
issuance upon
total of 531,800 shares of
conversion
of preferred
$525,147
126,290
81,861
$254,173
137,469
$584,726
$326,922
134.806
129 387
19.000
76,200
35,650
$317,296
34,197
160,583
Surplus
x
only about 500 common stockholders, more
than 300 of whom were in
Washington, D. C.
Because of its operation in the District of
Columbia, the company has
an
interesting historical background.
Unlike most companies,
which
have been incorporated under State
charters, the Washington Gas Light
Co. was organized under the laws of the
United States in 1848 by an Act
of Congress which provides for
perpetual succession.
It has paid dividends
on its common stock
continuously since 1866.
Its business, consisting of
the manufacture and distribution of
gas,' has been extended in recent
years to include the entire metropolitan area of
Washington comprising
the District of Columbia and
adjacent suburban territories in Maryland
and Virginia.—V.
149, p. 2991.
$97,704
41,064
$373 720
$161,885
1939—3 Mos.—1938
$203,428
$192,056
181,255
214,873
Net loss.
x$56,640
x
x$22,173
Indicates profit.—V.
149,
p.
>,888
Earnings
-Earnings—
30— 1939—3 Mos.—1938
1939—12 Mos.—1938
Operating revenues
$1,554,306
$1,548,435
$5,576,232
$5,531,614
Oper. exps. and taxes—.
954,028
926,961
3,520.029
3,430,045
Net operating income.
$600,278
2,586
Gross income
Int. & other deductions.
Net income
—V.
149,
p.
$621,473
3,810
$2,056,204
5,450
$2,101,569
19,795
$602,864
250,436
Other income (net)
$625,284
308,193
$2,061,654
1,153,777
$2,121,364
1,244,726
$352,428
$317,091
$907,877
1343.
$876,638
*
-
$77,303
shares of
common
149, p.
stock
1775.
1939—9 Mos.—1938
per share
$207,993
339,362
$0.40
$864,229
339,362
$562,454
339,362
$1.02
$1.91
—V. 149, p. 2711.
West Virginia Pulp &
Paper
Co.—Registers with SEC—
Company Nov. 15 filed with the Securities and Exchange Commission a
registration statement (No. 2-4233, Form
A-2) under the Securities Act
of 1933
covering $8,000,000 of 3% first mortgage bonds, due Dec. 1, 1954.
The new proceeds from the sale of
the bonds, together with additional
corporate funds, will be applied to the
redemption on or about Feb.
7,
1940, of $9,268,000 of 4M% first mortgage bonds, due 1952.
The total
of funds required for the
redemption, including principal and
premium but not including interest, is $9,731,400.
Harriman, Ripley & Co., Inc., N. Y. City will be the principal under¬
writer.
The names of the other
underwriters, the offering price of the
bonds, together with underwriting discounts or commissions, and the
redemption provisions will be filed by amendment.
The bonds will be entitled to the benefits of a
sinking fund, requiring
the retirement of $215,000
principal amount of the bonds by Dec. 1, 1940,
and progressively
increasing amounts annually thereafter, calculated to
retire 50% of the bonds by
maturity.
Payments into the sinking fund are
amount
to be made on Oct. 15 in each
year.
To facilitate the offering, the
prospectus states that
stabilize the price of the bonds.
This is not an
$121,000
Period End. Sept.
$212,219
no par
share in 1938.—V.
$343,517
339,362
$0.80
it is intended to
assurance, it states, that the
price of the bonds will be stabilized or that the
stabilizing, if commenced,
may not be discontinued at any time.
1343.
West Texas Utilities Co.-
160,583
on
common
1939—3 Mos.—1938
660,261
$22,817
share
a
a
deprec.,
1939—9 Mos.—1938
$501,228
$539,261
570,116
35 cents
Federal taxes, &c
No. of shs. com.stk.out_
Eisenlohr, Inc.—Earnings—
Exp., int., deprec., &c_
to
44.436
.40,146
Westvaco Chlorine Products
Corp. (& Subs.)—Earns.
Definitive first mortgage bonds,
33^% series due June 1, 1964 are now
available for delivery at the office of
City Bank Farmers Trust Co., as
trustee, upon surrender for cancelation of
outstanding temporary bonds of
the Issue.—V. 149, p. 2710.
Webster
Equivalent to $1.68
1939 and
41,064
120,438
Period End. Sept. 30—
Net profit after
Washington Water Power Co.—Definitive Bonds Ready—
Period End. Sept. 30—
Gross profit.
on
1936
$315,398
11,524
Common dividends.
in
1937
19,947
Net profit.
Class A dividends
stock, making
1938
$564,779
Gross income
stock.
common
The company was
recently divorced from the control of Washington &
Suburban Cos., pursuant to the
requirements of the Public Utility Holding
Company Act.
As a result of this public
distribution, approximately
84% of its common stock, or 358,501 shares, is now held
by almost 4,000
stockholders in 39 States ftnd the District of
Columbia.
Before the divest¬
ment proceedings,
85% of the common stock was under holding company
•control and the company had
1.
$243,525
10,649
Depreciation
Exchange and by the Securities and Exchange
Commission, the listing will add a new
operating utility common stock
to the Big Board.
Th® company's application to the Stock
Exchange seeks the listing of
425,000 shapes of outstanding common stock and
106,800 additional
Jan. 1 all it's outstanding class
$518,249
6,898
Federal taxes
a
A
19 for redemption.
Other income
shares reserved for
Class
x$122,516
New York
on
on
share and accrued dividends to Jan.
Profit after expenses
Washington Gas Light Co.- -Seeks Listing
Exchange—
Corp.—Calls
Holders of this stock will be
permitted to surrender their certificates
9 Mos. End. Sept. 30—
1631.
Stock
Instrument
Corporation has called for redemption
deprec.,
on
Electrical
Stock—
42 Wks.End. 43 Wks.End.
Oct. 22, '38 Oct. 21, '39 Oct. 22, '38
Oct. 21, "39
interest and taxes
Earns,
Weston
15 Weeks Ended
_
Period
.Net profit-after
3281
Company, the outgrowth of a business established in 1888, is the largest
producer of white or book papers in the country, and is also an
important
producer of kraft papers and kraft boards.
Total capacity of the plants of
the company is estimated at about
455,700 tons per year.
Consolidated balance sheet as of July 31, 1939, shows net assets of almost
$50,000,000.
Current assets, including $6,344,253 of cash, amounted to
$17,627,164 or more than 10 times current liabilities of $1,720,189.
Gross sales for the nine months ended
July 31, 1939, were $20,058,434,
while for the fiscal
year ended Oct. 31, 1939, they are officially stated as
$28,473,713 —V. 149,
p.
2711.
Wheeing & Lake Erie Ry.—Equipment Trust Certificates
The Interstate Commerce Commission on Nov. 10 authorized the
com¬
obligation and liability in respect of not exceeding $1,200,000
equipment-trust certificates, series F, to be issued by the Union Trust Co.
pany to assume
Western Auto
Supply Co.—Extra and Larger Dividend—
The board of directors has declared
extra dividend of 25 cents
per share
quarterly dividend of 50 cents per share on the common
stock, both
payable Dec. 1 to holders of record Nov. 20.
Dividend of 40 cents was
paid in each of the two preceding quarters and previously dividends of
25 cents per share were paid each three months.—V.
149, p. 3128.
and
an
a
Western
Canada
Flour
Years End. July 31—
Operating profit
Prov.
for
deprec.
Mills
Co.,
(& Subs.)—
Ltd.
1939
1938
$209,755 loss$158,362
1937
of Pittsburgh, as trustee, and sold at 103.92 and
accrued
connection with the procurement of certain
equipment.
The certificates were offered for sale
158,979
$177,862
xl32,629
156,943
xl39,461
White Rock Mineral
9 Months Ended
x
Net profit
Divs. on pref. shares
$50,775 loss$315,305
....
x
$72,606
$38,400
Consolidated Balance Sheet July 31
1939
1938
Liabllittes-
768.472
1939
1938
794,953
member
ships, miscel
Accts. & bills pay.
Reserves
^
<&
35.210
822.706
47,093
Willson
832.339
38,710
45,389
57,882
135,000 shares common stock of
par.—V. 147,
p.
common
Western Maryland
$8,178,649 $8,462,016
value,
Ended
1939
Gross
earnings (est.)—
—V. 149, p. 3128.
$438,642
Nov.
7
1938
Represented by shares
524,837
783,476
471,358
_
Conducting operations..
Relief depart. & pensions
All oth. gen. & misc. exp.
5,017.951
181,132
191,426
stock
a
dividend of 25 cents per share
In addition, a special dividend of 10 cents per share
Sept. 10, 1937.- -V. 149, p. 2711.
Period End. Sept. 30—
Gross earnings
Oper.
expenses
& taxes._
$1,923,123
36,874
532,261
Gross income
Deduct. from gross inc.
_
Net earnings.
$70,991,154 $68 ,052,189
4,642,458
4 ,635,665
6,258,926
6 ,175,649
4,073,939
4 ,230,282
4,715,163
43,094,498 v 42 ,380,180
182,733
1,688,176
1 ,584,526
176,133
1,634,298
1 ,677,664
$9,598,859
284,465
4,455,386
272,209
4,438,789
$764,403
189,636
$4,859,008
1,138,930
$2,657,225
1,141,874
$1,544,800
594 250
$954i039
593,567
$5,997,938
$2,127,740
$204,588
Winters & Crampton
5,351,068
$646,870 x$l,548.153
Loss—V. 149. p. 2992.
Westinghouse Air Brake Co. (& Subs.)—Earnings—
3 Months Ended Sept. 30—
Net profit after depreciation
State income taxes..
Shares of cap.
stk. outstand'g (no par)
Earnings per share
—V. 149, p.
1939
1933.
1938
1937
& Fed. &
$630,249
3,108,912
$0.20
$11,555
3,108,912
Nil
$1,953,943
Corp.—Earnings—
Earnings jor Year Ended Aug. 31—
1939
$1,066,856
805,104
goods sold
Selling and engineering expenses
Loss
x
sale of real estate not used in operations.
on
$1,846,833
3,106,818
$0.59
__
$103,649
41,628
$141,107
Cost of
1938
$865,964
762,315
$261,752
62,141
58,503
Net sales
$3,799,099
5.347,252
$360,472
on
$229,750
$7,368,223
$1,353,988
190,812
$950,550
Net income
x
paid
1939—9 Mos.—1938
$5,067,380
$4,815,437
2,939,640
2.861,494
$11,699
17,476
mm
Legal and other expenses
Interest
Operating income
Non-operating income..
was
—V. 149. p. 2532.
1939—9 Mos.--1938
447,064
685,764
535,898
$1,290,269
32.132
493,734
the $1 par
This com¬
1939—Month—1938
$554,302
$518,483
324,552
313,895
Administrative and general expenses
revenues
$174,729
on
payable Dec. 11 to holders of record Nov. 30.
Net tel. & cable oper.
Uncollect, oper. revenues
Taxes assign, to opers—
$442,342
Winnipeg Electric Co.—Earnings—
1938
Telegraph Co., Inc.—Earnings-
Reapirs
Deprec. & amortization.
1939—12 Mos.—1938
$7,753
tributed.
Jan. 1 to Nov. 7
1939
$291,652 $13,398,060 $11,372,166
Period. End. Sept. 30—
1939—Month—1938
Tel. & cable oper. revs.. $9,093,303
$8,033,024
All other maintenance.
y
$101,623
pares with 15 cents paid in the three preceding quarters; 10 cents paid on
Dec. 10 and Sept. 10, 1938; a dividend of 15 cents paid on March 10, 1938;
and previously regular quarterly dividends of 25 cents per share were dis-
Ry.—Earnings—
—Week
Western Union
Total
no par
3780.
1939—3 Mos.—1938
Products, Inc.—-25-Cent Dividend—
Directors have declared
.$8,178,649 $8,462,016
x
146,398
$0.41
Sewing Machine Corp.—Earnings—
int., Fed. taxes, &c.._
—V. 149, p. 2386.
1,692.265
■Cash.
of $100
82,173
1938
$164,046
on
Period End. Sept.30—
Net profit after deprec.,
1
1.470.338
_
.
652,805
1,381,112
Profit & loss acct.
66,986
1
vestment,
622,468
1,491,308
1939
$157,885
$0.38
share
After
White
Common stock..
x
per
all charges and Federal income taxes, but exclusive of
$3,770
sale of securities in 1939 and $11,475 in 1938 period,
y On 250,000
no-par shares of common stock which will be outstanding when all 2nd
preferred stock has been converted into common shares.—V. 149, p. 1343.
63^%
pref. stk.$2,413,000 $2,413,000
2,205,700
2,205,700
Bank loan
1,364,000
1,663,000
y
.$4,989,440 $4,978,880
Trade
Earnings
profit
1
_
y
Springs Co.—Earnings—
Sept. 30—
Net profit
x
Including income taxes.
Assets-
in
1936
$205,235
and
doubtful accounts
dividends
through competitive bidding.
The
highest bid, 103.92 and accrued dividends, was made by McMaster,
Hutchinson & Co.,
acting on behalf of themselves and the Milwaukee
Co. and Field, Richards & Shepard, Inc.
On this basis the average annual
cost of the proceeds to the
applicant will be approximately 1.75%.
See
also V. 149, p. 2992.
x
10,099
profit
4,838
1,922
25,500
3,193
$108,846
Sundrv (net) deductions
Provision for Federal income taxes
Net
50,322
loss$24,370
5.301
Irt connection with registration of contemplated issue of
preferred stock
(finacing
plan
abandoned).
Balance Sheet Aug. 31, 1939
Assets—Cash,
$119,481; accounts receivable (less reserve), $49,849;
inventories, $77,003; land, $19,200", buildings, machinery and equipment
(af.er reserves for depreciation of $172,109), $452,825; patents. $1; prepaid
and deferred expenses, $4,254; sundry investments and claims
(less reserve),
$602; total, $551,105.
Liabilities—Accounts
payable,
$18,130;
accrued
liabilities,
$42,251;
1st mtge. notes payable to bank, $60,000: common stock ($1 par), $200,000;
paid-in surplus, $55,934; earned surplus, $174,789; total, $551,105.—V. 149,
p.
1042.
Chronicle—YEARS OLD
ONE HUNDRED—The
Commercial & Financial
3282
Wisconsin Electric Power Co.—Earnings—
Earnings for the \2Months
Ended Sept. 30, 1939
-$21,283,488
operating revenues
Operating expenses and taxes..
Total electric and heating
Net electric and heating
14,480,585
$6,802,903
operating revenues
(Alan) Wood Steel Co. (&
Subs.)—Earnings—
3 Months
Period Ended Sept. 30—
Transportation operating revenues
Transportation operating expenses
$533,466
676,990
Net income after all charges & expenses
operating loss
$143,524
—V. 149, p.
Net transportation
Net operating revenues
(electric, heating & transportation)—
N on-operating r e venu es
- - - -
Gross income
funded debt..——
Amortization of debt discount and expense
Other interest charges
Interest during construction charged to property
Interest
— -
,
and plant
transportation property abandoned—
Provision for contingent losses on investment in transportation
subsidiary and in certain transportation properties.*
Other deductions
2992.
Woodall Industries, Inc.—Earnings—
Earnings for Period of Eight Months
Net sales (less cost of products
381,256
21,912
C'r23,490
19,423
1,187,500
26,555
results of operations
Electric Ry. & Light
Co.) and its subsdiairy land company, Wisconsin General Ry., for the year
ended Sept. 30, 1939, including the electric and heating operations for the
entire year and the transportation operations of the company and sub¬
sidiaries for the period from Oct. 1 to Oct. 21,1938 on which latter date the
transportation properties and business were transferred to a new subsidiary,
Milwaukee Electric Ry. & Transport Co. the statement does not include the
results of operations of Wisconsin Electric Power Co. (fromer company)
from Oct. 1 to Oct. 21, 1938 on which date that company was merged into
Wisconsin Electric Power Co. (present company).—V. 149, p. 1042.
Wisconsin Gas & Electric
Co.—Earnings—
1939
$6,568,972
5,325,196
1938
$6,284,356
5,117,128
$1,243,776
Dr4.561
$1,167,228
Dr6,120
$1,239,215
386,554
33,935
6,489
$1,161,107
380,950
32,437
2,582
CV4.608
12 Months Ended Sept. 30—
Operating revenues
Operating expenses and taxes
Cr 11,471
.
^
Net operating revenues
Non-operating revenues
Income
Interest on funded debt
Amortization of bond discount and expense
Other interest charges
—
during construction charged to property
plant
43,147
157,193
$773,697
$48,940
Net profit
and Exchange Commission
a registration statement under which it plans to offer 40,000 shares of 4 H %
preferred stock, $100 par, first to its outstanding 6% preferred stockholders,
The company
filed Nov. 16 with the Securities
and then to the general public.
preferred will be afforded a prior opportunity for a
up to 37,343 shares at the public offering price,
They may subscribe on the basis
of one new share for each share held.
The company intends to call its
outstanding 6% preferred stock for redemption on or about Dec. 12.
The underwriters of the 4H% preferred and the amount to be under¬
written by each will be as follows: The Wisconsin Co., 18,250 shares;
Edgar, Ricker & Co., 6,500.
The Milwaukee Co., 6,500; Morris F. Fox
& Co., 2,000; Dalton, Riley & Co., Inc., 1,750; Loerwi & Co., 1,500; Carl S.
McKee, 1,000; Partridge-Player Co., Inc.; Braub, Monroe & Co.; Bingham,
Sheldon & Co.; the Marshall Company and A. C. Best & Co., 500 each.
According to the registration statement, the North American Co., parent
company, has agreed to purchase for cash 10,000 common shares of the
company at $20 a share.
North American Co. has also made argeements
providing for loans to the Power company on or after Dec. 10, aggregating
$620,000 to be evidenced by promissory notes.
The net proceeds from
these two sources, together with those derived from the sale of the pre¬
ferred stock registered and the use of treasury funds of the company, will
be used to redeem the 6% preferred, which will require $4,107,730 exclusive
of accrued dividends, and to retire an instalment note, which will require
$560,000 exclusive of interest.
Holders of the 6%
lignited period to
purchase
which will be announced by amendment.
12 Months Ended Sept. 30—
Operating revenues
Operating expenses and taxes
1939
1938
$3,691,053
2,392,536
$3,632,045
2,383,353
Net operating revenues
Non-operating revenues
$1,298,517
5,450
$1,248,692
income
$1,303,967
486,425
32,234
3,829
$1,254,828
469,750
31,623
2,920
CV912
Cr 1,187
14,174
13,989
Interest on funded debt
Amortization of bond discount and expense
Other interest charges
during construction charged
plant
Interest
to property
Other deductions
$768,218
Net income
6,137
$737,733
—V. 149, p.3129.
period amounted to $37,149.
Balance Sheet Aug. 31,
$108,876;
Assets—Cash,
trade
accounts
1939
receivable
(after reserve
of
inventories, $189,994; cash surrender value of life
insurance, $54,660; miscellaneous deposits, accounts and investment (less
reserve
of $2,500),
$6,015; land, $171,912; buildings, machinery and
equipment (after reserves for depreciation of $382,804), $538,645; patents,
$1; prepaid insurance, taxes and other expenses, $37,826; dies, less amorti¬
zation, $5,062; total, $1,333,301.
Liabilities—Accounts payable, $212,118; accrued taxes and royalties.
$7,083; Federal taxes on income (est.), $10,250; reserve for contingencies,
$8,123; common stock (par $2), $600,000; capital surplus, $137,543;
earned surplus, $358,183; total, $1,333,301.—V. 149, p. 593.
$3,000),
$220,311;
Wright Aeronautical Corp.—To Pay $2
Directors on Nov. 10 declared a
Dividend—
dividend of $2 per share on the common
stock, payable Dec. 14 to holders of record Nov. 30.
were of similar amount and made on Dec. 14, 1938,
Previous payments
and also on Dec. 14,
1937.—V. 149, p. 2992.
(Wm.) Wrigley Jr. Co. (& Subs.)
Net
,
149,395
151,264
627,854
597,196
$2,928,599
526,619
Gross income
$2,550,387
468,507
$8,472,347
1,511,358
197,357
$6,627,438
1,162,953
$2,081,880
$1.06
$6,763,632
$3.45
$5,464,485
$2.79
$2,204,623
$1.12
Net profit
Earns, per share
x
On
197,357
loss,,
Foreign exchange
x
-Earnings—
1939—9 Mos.- -1938
1939—3 Mos.—1938
$6,410,103 $5,576,462 $17,550,519 $15,804,497
3,025,498
9,226,713
9,328,553
3,469,589
445,702
479,313
151,841
161,310
$6,030,242
$7,844,493
$2,399,123
operating profit-_ $2,779,204
Period End. Sept.ZO—
Operating profit
Expense
Depreciation
$749,992
Co.—Stock to Be Offered—
$61,296
2,105
10,250
(estimated).
Note—Provision for depreciation for the
Federal income taxes
Wisconsin Michigan Power
36,688
1,292
—
Total income
Other income
Net income
—V. 149, P. 2246.
$23,315
Other deductions
Provision for Federal taxes on income
6,617
Other deductions
and
$180,508
Operating profit
Profit on sale of purchased merchandise
Miscellaneous other income
jVoJe—The foregoing income statement reflects the
of Wisconsin Electric Power Co. (formerly Milwaukee
Gross
Ended Aug. 31, 1939
sold)
general expenses
Selling, administrative and
$3,002,707
Net income
Interest
$388,840
$124,585
on
Amortization of losses on
Gross
9 Months
& Federal
income taxes
$6,659,379
414,077
$7,073,456
—
18, 1939
Wolverine Tube Co.— To Pay 20-Cent Common Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, payable Dec. 26 to holders of record Dec. 16.
This compares with
10 cents paid on Oct. 2 and July 1 last, this latter being the first dividend
paid on the common shares since June 30, 1937, when 20 cents per share
was
distributed.—V. 149, p. 2992.
1,959,467 shares of no par capital stock.—V. 149, p. 2246.
Yellow Truck & Coach Mfg. Co.—Dividend—
a meeting of the directors held Nov. 15 dividends of $1.75 per share
$7 per share on account of accumulations were
declared on the company's 7% cumulative preferred stock, payable Dec.
23, to holders of record Dec. 11, 1939.
Including these declarations and payments totaling $5.25 per share
previously made this year, a total of $14 a share will have been paid on the
7% cumulative preferred stock during 1939.
Dividends in arrears on this
stock at Dec. 31, 1939. will amount to $7 a share.—V. 149, p. 2992.
At
for the fourth quarter and
(L. A.) Young Spring & Wire Corp. (& Subs.)—Earns.
Int. disc't & other chgs_Federal taxes
Non-recurring
income,.
58,216
56,153
$446,815
$2,646,208
1,135,518
46,236
1,202,278
46,530
985,961
136,941
13,500
262,000
$2,513,621
803,270
102,879
249,000
Shs. cap. stk.
$815,494 x$l,261.306 x$l,358,472
408.658
408.658
408.658
$3.09
408,658
Nil
(no par)..
Earnings per share
1936
$2,457,468
Crl21,348
$145,560
Net loss
x
1937
$2,587,992
30,811
17,500
Expenses
1938
$416,004
$932,346
Total income
1939
$898,439
33,907
9 Mos. End. Sept. 30—
Gross after deprec
Otherincome..
$3.32
Nil
Indicates profit.—V. 149, p. 2246.
Zonite Products
Period End. Sept.
30—
Corp. (& Subs.)— Eai
nines—
1939—9 Mos.—1938
1939—3 Mos.—1938
$100,059
Operating profit
Depreciation
$18,193
11,107
Federal income taxes
4,315
Cr5,000
$119,487
11,408
10,107
04,000
$21,920
34,130
11,925
$7,771
$101,972
loss$24,135
$43,840
825,656
$0.01
825,656
$0.12
825,656
825,656
$0.05
Res. for future advt____
Net profit
34,221
21,998
Shares capital stock out¬
standing (par $1)
Earnings per share
—V. 149, p. 1343.
The Commercial Markets and the
Nil
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
contract.
higher on three
It is stated that when that
Old Rio contracts were 2 points
sales, all in the Dec. position.
Friday Night, Nov. 17, 1939.
Coffee—On the 13th inst. futures closed 3 to 1
point net
lower for the Santos contract, with sales totaling 28 lots.
There were only 3 contracts traded in the Rio (new A) Mar.
delivery, which closed 3 points net higher.
Coffee futures
rallied from a lower opening to stand 1 to 3 points net higher
during early afternoon, and finally closed at these levels.
There was no change of importance in the asking price of
actuals.
In Brazil the spot price of Rio No. 7 was up 400
reis to equal last week's high price of 16 milreis per 10 ldlos.
It
was
said that sizable bids for Colombian coffees had been
Confirmation
buying of low grade coffees by Europe was con¬
tained in statistics showing that 112,000 bags of Victoria
coffees had been shipped to Europe last week.
On the 14th
inst. futures closed 2 to 5 points net lower for the Santos
entered just under the current market price.
of the heavy
month
is
ended in
finally liquidated,
the
old
trading will be permanently
Rio contract.
In Brazil prices were un¬
changed, and the changes in statistics were of minor im¬
portance.
Clearances were 86,600 bags for the day, but
deliveries at New York were 69,100 bags, so that afloat
supplies were 825,000 bags and visible supplies 1,425,000,
against 1,368,000.
New York licensed warehouse stock of
Brazilian coffee today totaled 126,065 bags, against 83,849
on Oct. 2.
On the 15th inst. futures closed 3 to 5 points net
higher for the Santos contract, with sales totaling 29 lots.
Rio business was reported.
The market was steady
during most of the session.
During early afternoon Santos
contracts stood 1 point lower to 1 point higher on trading
of about 5,500 bags.
No change in Brazilian spot prices or
cost and freight offers were reported.
Roasters here still
were content to work on supplies built up over the last two
No
Volume
months.
ONE HUNDRED—The Commercial & Financial
Chronicle—YEARS OLD
149
They
Mild coffees
not
buying in any substantial volume.
steady, with Columbian Manizales at 10
were
were
10 Ke.
to
Clearances from Brazil totaled 53,500 bags, but
the United States visible
dipped a little.
On the 16th inst. futures closed 3
points net lower for the
Santos contract, with sales
totaling only 5 lots. The coffee
was very
quiet today, with the undertone easy. Up
to early afternoon
only 750 bags had beep traded, all in
December Santos, at 6.20c. a
pound, off 3 points.
The
dearth of interest suggested that Brazil was
celebrating the
proclamation of the Republic today rather than
market
the
yesterday,
anniversary date.
tracts
will
be
First notice day
week
one
from
December
on
tomorrow.
con¬
"The market in
actuals was quiet, with no
price changes of importance.
Brazilian spot prices were
unchanged. New crops in Central
America will be moving in
greater volume during the next
few weeks.
Traders are wondering whether the smaller
European markets
can
absorb the usual volume
or
whether
the pressure here will increase.
Today futures closed 4 to 8
points net lower for the Santos contract, with sales totaling
22 lots.
Coffee futures were 3 points lower on scattered
December liquidation with December
going to 6.17c. There
was
nothing in the news to influence prices.
Actuals were
dull and unchanged.
It was reported that DecemberFebruary shipment Manizales had been sold at 10c. and
offered there against a good interest at
9%c.
were
Central
America is expected to offer coffees in
greater volume as new
crops are harvested.
Price concessions were mentioned but
they could not be confirmed. In the meanwhile the demand
from
Europe for low-grade Brazils appears to have been
temporarily satisfied. Brazilian spot prices were unchanged.
Rio coffee
prices closed
December
follows:
as
.3.921 March
Santos coffee prices closed
December
as
-3.92
there
was
unconfirmed report
an
domestic contract.
September
„
In the market for
cocoa
futures market
was shaken out of its recent rut
by news from
London that the British Government would assume control
of all cocoa produced in West Africa and fix
prices.
The
stampede of shorts with the result that prices
upward as much as 52 points in the early
trading.
The trade did not seem to know just what to
expect of the market, as later on a good deal of the rise was
lost.
During early afternoon prices were 40 points higher
on Dec. and 29
points higher on Sept.
All positions were
news
caused
were
whirled
a
established above the 5c. level.
Warehouse stocks decreased
683 bags.
They now total 1,056,601
bags, compared with
938,293 bags a year ago.
Local closing: Dec., 5.11; Jan.,
5.14; Mar., 5.20; May, 5.26; July, 5.33; Sept., 5.41.
On
the 14th inst. futures closed 6 to 13
points net lower.
With
prevailing uncertainty as to prices to be quoted by Great
Britain for African crop cocoas, traders were loath to
operate
in a substantial way, and as a result the market moved
slug¬
gishly and prices were confined to a relatively narrow range.
The opening range was 2 to 4 points above
previous finals.
Speculative buying continued in a cautious fashion.
Trans¬
actions
for
outside interests were
mostly in the way of
liquidation or profit-taking.
Manufacturer buying was
light.
Transactions for the day totaled 240 lots or 3,216
tons.
Local closing: Dec., 4.98;
Jan., 5.01; Mar., 5.10;
May, 5.18; July, 5.26.
On the 15th inst. futures closed
unchanged to 1 point net higher.
Transactions totaled 165
lots.
Cotton futures were steady in moderate
trading.
On
sales of 100 lots the market
during early afternoon stood 2
to 4 points net higher, with Dec. at
5.02c., up 4 points.
The
trade was not inclined to do much in the market
pending
further details on the new control
plan which the British
Government will inaugurate in West Africa.
There was
scattered buying, the absence of
selling pressure being the
feature.
Local closing: Dec., 4.98;
Mar., 5.10; May, 5.19;
July, 5.27; Sept., 5.36.
On the 16th inst. futures closed
Transactions
totaled
183
lots.
1 to 5
points net lower.
Cocoa futures
were
under
It appeared as if belated further liquidation was
being done in December. That position was 8 points lower
pressure.
March sold at 5.04c., off 6 points. The trade here
awaiting further clarification of the British control plan.
at 4.90c.
is
Cocoa arrivals from Nov.
as
1st to Nov.
15th
were
270,957 bags compared with but 40,355 bags
For ten and
one
The
world sugar contract closed 2 to 3
5
for
Feb.
raws an
points.
first of
shipment
The Puerto Rican sales
new
Mar., but
sales
no
were believed to be the
available at 10 points under
reported.
On the 15th inst. futures
Cubas
crops.
were
were
closed 1 point up to 1 point net lower for
the domestic con¬
tract, with sales totaling 83 lots.
The world sugar contract
closed 4 points lower to
IK points net higher, with sales
totaling 169 lots.
Domestic sugar futures
steady, but
trading
prices held despite news that refiners had cut prices 10
points.
During early afternoon May contracts were selling at 1.96c.,
up 1 point after having touched 1.94
momentarily.
No
further sales of raws were
reported following news of the sale
of Feb. shipment
sugar at 3.10c. and a sale of Louisiana raws
at 3c. late
yesterday. It was said that a cargo of Cubas was
the world market
offered
at
was
about
lower.
1.02c.
pound and
a
were
In the domestic market
that
1,100
reported
a year ago.
half months arrivals amounted to
4,241,762
bags against 2,792,734 bags a year ago.
Local closing:
December 4.94; March 5.08; May 5.18; July 5.25;
September
5.34. Today futures closed 2 to 4 points net lower.
Trans¬
of
tons
Philippines due next month could be bought at 3.20c.
operator paid 1.48c. a pound for Cuban raws
f.o.b., it
An
was
reported, to
cover sales made to Europe.
On the 16th inst. futures closed 1 to 2
points net lower for
the domestic contract, with sales
totaling 247 lots.
pressure
points
and
operator bought a cargo of Puerto
at 3.10c. today and American
purchased 1,000 tons of Louisiana raws at 3c., an advance of
Ricos
sugar
today.
against
13th inst. futures closed 42 to 30
totaled
644 lots.
The
Transactions
Ricos
points net higher, with sales of 140 lots. The
sugar markets
generally were quiet, with no special feature to the trading.
6.41
July
6.27
6.34
higher.
Puerto
6.38
March
May...
Cocoa—On the
that
Philippines had sold last Friday at 3.05c. a pound to a large
refiner. World sugar contracts were
unchanged to 114 points
higher during early afternoon.
On the 14th inst. futures
closed 1 to 2 points net
higher, with sales of 70 lots in the
world sugar contract closed 2K
points lower to
with sales totaling 175 lots.
The
follows:
6.15
net
3283
announced, but it was reported that beet sugar was still
entering eastern States in large volume. In the raw market
Cubas
Opinion
was
Scattered
would
ment
now
afloat
still divided
reestablish
on
markets
liquidation
and
The
unchanged,
under
were
hedge
selling
accounted for the pressure.
the point whether the Govern¬
quotas.
No
sales
of
raws
were
reported, but it was revealed that a refiner, said to have been
the American Sugar
Refining Co., had bought 7,000 tons of
Philippines, Nov-Dec. shipment, for 3.10c., up 20 points
from the recent low.
pound
Cubas afloat
were
offered at 1.81c.
a
10 points under Mar., while 1940 arrival Philippines
were offered at 3.15c.
In the world sugar market
prices fell
IK to 4 points when the exchange announced that 80 trans¬
ferable notices covering 4,000 tons of
sugar would be issued
or
against Dec. contracts tomorrow. Today futures closed 4 to
points net lower for the domestic contract, with sales
totaling 219 lots.
World sugar closed unchanged to 3
lower, with sales totaling 154 lots.
Sugar markets were
disappointing.
The No. 3 or domestic contract drifted 4
points lower with Mar. selling at 1.86c. when light offers
5
found
few
a
bids
in
the
market.
There
was
no
news
to
explain the decline.
Raw sugar was firm.
A sale of 2,500
of Philippines, Dec .-Jan. shipment, to a refiner was
tons
confirmed at 3.10c.
position
the
The last price
paid for
sugars
in like
but the sale then was made to an opera¬
In the refined market beet sugar was offered for resale at
4.55c. to 4.60c. a pound, a
was
same,
tor.
development which hindered new
by Cuba on the size of the next crop
helpful, because next crop would clear up one of the
uncertainties hanging over the market.
In the world market
prices were IK to 3 points lower except for Dec., which was
2K points higher after 80 notices covering 4,000 tons were
seen
well taken.
A revival of demand from
Europe for
Nov.-Dec. shipment Cubas suggested that certain countries
already had used up their Sept. purchases.
business.
A decision
would be
Prices closed
as
follows:
January
1.73 July
1.85 September
1.89
March
May
1.92
1.96
Refined
Sugar Exports by United States Increased
52% in Nine Months of 1939 Over Year Ago
Refined sugar exports by the United States
during the
first nine months of 1939 totaled 61,120 long tons as con¬
trasted with 40,103 tons during the similar period last
year,
an increase of 21,017 tons or little over
52%, according to
Lamborn & Co., New York.
The exports for the nine
months of 1939 are the largest since the comparable
period
of 1935 when the shipments amounted to 72,624 tons.
The
firm added:
The refined sugar exports during the
went
to
more
than
with 20,201 tons,
50
different
January-September period of 1939
The United Kingdom leads
being followed by Norway and Belgium with 8,702 tons
and 6,882 tons respectively.
countries.
In the previous season, the United Kingdom
while Panama and HoUand with
actions totaled 258 lots.
with
but there
3,282 tons and 2,313 tons, respectively, followed.
Trading in cocoa futures was slow,
selling pressure. Prices were about 2 points
higher with December at 4.96c. Switching from December
to March and to May was a feature of the
trading. Local
closing: December 4.90; March 5.06; May 5.15; July 5.23;
September 5.32.
was no
Sugar—On the 13th inst. futures closed 2 to 3 points net
lower for the domestic contract, with sales totaling 85 lots.
The world sugar contract closed IK to 3 points net higher,
with sales totaling 121 lots.
Trading in sugar futures was
quiet, but prices had a good undertone-. Domestic contracts
were 2 points higher on the opening, but failed to hold
gains,
standing unchanged to 1 point lower during early afternoon.
Refined sugar was dull.
No further price changes were
22,924 tons also
headed the list,
Lard—On the 13th inst. futures closed 7 to 10 points net
Trading was very light, with price fluctuations with¬
in very narrow limits.
There was little in the way of incen¬
tive furnished by the news.
Lard exports from the Port of
lower.
New York
today totaled 554,640 pounds, with destination
"Europe."
Chicago hog prices closed 25c. lower,
compared with Friday's finals.
Western hog receipts were
exceptionally heavy and totaled 120,300.
Sales of hogs
today ranged from $6.10 to $6.40 per cwt.
On the 14th
inst. futures closed unchanged to 2 points higher.
Opening
quotations were unchanged for the entire list as compared
with previous finals.
The market was an extremely dull
given
as
ONE HUNDRED—
3284
Commercial
No clearances of lard from the Port of New York
affair.
reported today.
Prices on hogs at Chicago today
were 10c. lower, with sales ranging from $6 to $6.25 per cwt.
Western hog receipts totaled 90,400 head, against 96,800
head for the same day last year.
On the loth inst. futures
closed 2 points lower to 2 points higher.
The opening range
was
unchanged to 2 points lower, from which levels the
market changed very little.
No lard shipments were re-
were
E or ted from the Port of New York today. Sales ranged from
eld steady today at Tuesday's finals.
Hogs at Chicago
Financial
Chronicle—YEARS OLD
only 290 tons.
Nov.
18,
1939
The market appeared to be waiting for, new.
meeting in London.
Certificated stocks(o
from the rubber
rubber decreased further to 2.240 tons.
The London market
quiet %d. higher.
Singapore closed 5-32 to 3-16d.
lower.
Local closing:
Dec., 20.00; Jan., 19.12; Mar., 18.51;
May, 18.10; July, 17.70; Sept., 17.60.
On the 16th inst. futures closed 2 to 25 points net lower.
Transactions totaled 209 lots.
There was evident disappoint¬
ment in the trade over the increase in rubber quotas for the
closed
first quarter
of 1940 decreed by the international committee,
promptly turned to the selling side of the market.
Commission houses were the principal sellers while trade
firms were reported as buyers.
There was switching outiof
Dec. into Mar. at a difference of 150 points.
The Dec. open
interest last night had been reduced to 698 contracts com¬
Receipts of hogs at the principal
markets in
were below a year ago, ana totaled
69,400 head, against 81,600 head for the same day last
year.
Lard stocks at Chicago during the first half of Nov.
decreased 1,157,443 pounds.
Trade interests were looking
for traders
small increase.
the 16th inst. futures closed 2 to 5 points net lower.
The small decrease in the Chicago lard stocks report had very
pared with more than 1,000 a month ago. Sales of contracts
up to early afternoon were 1,490 tons, an unusually heavy
volume.
At that time the market was 15 to 35 points lower
with Dec. selling at 19.85c., off 15 points.
London and
Singapore closed steady l-8d. lower to l-16d. higher. Local
closing: Dec., 19.91; Jan., 19.10; Mar., 18.46; May, 17.85;
July, 17.55; Sept., 17.45.
Today futures closed 4 to*13
points net higher.
Transactions totaled 67 lots.
Rubber
iutures were dull with only a few orders around the ring, but
ft was noted that selling pressure was lacking.
Shipment
offers too were limited.
Sales of futures to early afternoon
totaled only 360 tons, including 40 tons exchanged for actuals.
Prices at that time were 9 points higher with Dec. at 20c. and
Mar. at 18.55c.
Reports from the tire trade indicated that
a somewhat slower demand for replacement tires was antici¬
pated, possibly 34,000,000 compared with 39,000,000 esti¬
mated replacement sales this year.
London closed un¬
changed to 5-32d. lower.
Singapore also was a little lower.
Local closing: Dec., 19.96; Mar., 18.50; May, 17.98; July,
17.65; Sept., 17.45.
$6
$6.35
cwt.
the West
to
for
per
a
On
little
influence
upon
the lard market today.
Supplies of
lard at the mid-West packing center
decreased a little over
1,000,000 pounds during the first two weeks in Nov. Lard
stocks there on Nov. 15 totaled 35,834,752 pounds compared
to 46,590,771 pounds on the same date a year ago.
Export
clearances of lard from the Port of New York today totaled
2,178,465 pounds; the only destination given on the latter
shipments was "Europe." Western hog receipts were 76,800
head against 88,200 head for the same day a year ago. Sales
of hogs ranged from $5.85 to $6.15.
Today futures closed
8 to 13 points net lower.
The lard futures market ruled
heavy today in sympathy with the weakness of hog prices.
The last vestige of war market gains was wiped out of hog
prices today when top fell to $6.05, lowest in nearly five
years.
DAILY CLOSING
PRICES OF
Sat.
December
LARD FUTURES IN CHICAGO
Tues.
Wed
Thurs.
Fri.
Mon.
6.30
6.32
6.30
6.25
6.17
H
6.40
6.42
6.40
6.37
March
O
6.85
6.87
6.85
6.80
6.70
May
July
L
7.00
7.15
7.00
7.15
7.00
7.15
6.95
7.10
6.82
6.97
January
-
-
6.25
Pork—(Export), mess, $21.75 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $18.75 (200 pound barrel).
Beef: (export), steady.
Family (export), unquoted.
Cut
Meats: Pickled Hams: Picnic, Loose, c.a.f.—-4 to 6 lbs.,
ll%c.; 6 to 8 lbs., ll%c.; 8 to 10 lbs., 11c, Skinned, Loose,
c.a.f.—14 to 16 lbs., 15%c.; 18 to 20 lbs., 16%e.
Bellies:
Clear, f.o.b. New York—6 to 8 lbs., 12 %c.; 8 to 10 lbs.,
11 %c.; 10 to 12 lbs., 11 %e.
Bellies: Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., 9%c.; 18 to 20 lbs., 9%c.;20
to 25 lbs., 9%c.; 25 to 30 lbs., 9%c,
Butter: Creamery,
Firsts to Higher than Extra and Premium Marks: 27c. to
31 %c. Cheese: State, Held '38, 21c. to 22c.
Eggs: Mixed
Colors, Checks to Special Packs: 18 %c. to 30 %c.
Oils—No change in linseed oil conditions was noted by
Linseed oil in tank cars quoted 9.3c. to 9.5c.
local crushers.
Quotations: Chinawood: Tanks, "regular" trade—24c. bid;
Independent, small lots—25 bid, offered at 27c. Coconut:
Crude: Tanks—.03% bid; Pacific Coast, spot—.03% to
.03%.
Corn Crude, West, tanks, nearby—-0.5% to .06.
Olive: Denatured: Drums, spot afloat—$1.05 bid; Shipment
—1.00 bid.
Soy Bean: Tanks, West, November—.05 bid;
December—.04% bid. Edible: Coconut, 76 degrees—10.%
bid.
Lard: Prime Ex. winter—9%; strained—9%c.; both
offers.
Cod: Crude—not quoted.
Turpentine: 32c. to 34c.
Hides—On the 13th inst. futures closed 2 to 10
points net
unchanged to 15 points net
higher.
The market developed a heavier appearance in the
later trading and prices closed at about the lows of the day.
The volume of trading was light, sales totaling only 2,720,000
pounds, of which 80,000 pounds were exchanged for physicals.
The certificated stocks of hides in warehouses licensed by
the exchange decreased by 3,245 hides to a total or 1,034,503
hides in store.
The domestic spot hide market was reported
quiet and unchanged.
No sales were reported.
Local
closing: Dec., 13.90; Mar., 14.20; June, 14.50; Sept., 14.78.
On the 14th inst. futures closed 1 to 5 points net lower.
The opening range was unchanged to 9 points off.
Trans¬
actions totaled 4,200,000 pounds:
There were no unusual
features to the trading.
The disposition generally is to await
further developments befote
taking on any substantial
lower.
The opening range was
commitments.
Certificated stocks of hides in warehouses
licensed by the exchange decreased by 4,768 hides to a total
of 1,029,735 hides.
The domestic spot hide market was
reported active today, with prices fairly firm.
Sales totaled
60,000 hides on a basis of 14c. a pound for light native cow
This price is unchanged from the last previous
price.
Local closing: Dec., 13.85; Mar., 14.18; June, 14.47;
Sept., 14.75.
On the 15th inst. futures closed 14 to 18
hides.
4
Rosins: $5.40 to $7.70.
Cottonseed
contracts.
Oil sales yesterday, including switches, 188
Crude, S. E., val. 5%.
Prices closed as follows:
December
January
February
March
6.43®
6.49® 6.52
6.55®
n
6.67®-
April
May
June
July
6.72®
6.76®
6.82®
6.84®
n
6.78
n
6.86,
points net lower.
Transactions totaled 235 lots.
Prices
of hide futures were easy in slightly more active trading, the
turnover to
early afternoon totaling 4,200,000 pounds.
At
was 2 to 13 points net lower.
Sales
in the spot packer market yesterday totaled 80,000 hides,
with prices steady except in the case of bull hides, where an
advance of half a cent was paid.
Sales were about evenly
that time the market
divided between
hides.
■
Rubber—On the 13th inst. futures closed unchanged to
18 points net higher.
Transactions totaled 730 tons, includ¬
ing 150 tons that were exchanged for physicals. Although
trading was relatively light, the undertone of the market
ruled quite firm during most of the session.
Certificated
rubber stocks in licensed warehouses decreased to 2,610 tons
today.
Trade interests were reported on both sides of the
No noteworthy features
were
evident.
Local
closing: Dec., 20.45; Jan., 19.48; Mar., 18.78; May, 18.30;
July, 17.85. On the 14th inst. futures closed closed 30 points
lower to 5 points higher, compared with previous finals. The
nearby deliveries showed weakness, while Oct. and Sept.,
1940, shosed firmness.
It was said that operators generally
were
waiting on the sidelines pending the outcome of the
international rubber regulation meeting to be held this week.
The market today received little
support when orders came
in to sell.
Speculative liquidation in Dec. caused a drop of
42 points at one time during the session.
Only 1,010 tons
were traded in futures
today. Certificated rubber stocks in
licensed Exchange warehouses were reduced 160 tons
today
to 2,450 tons.
Spot standard No. 1 ribbed smoked sheets in
the trade declined %c. to 20%c. per pound.
Local closing:
Nov., 20.15; Dec., 20.15; Jan., 19.30; Mar., 18.75; May,
18.25; July, 17.83. On the 15th inst. futures closed 13 to 24
points net lower. Transactions totaled 118 lots. Prices of
rubber futures were generally steady
during the early part
of the session, but towards the close considerable weakness
developed and the market ended at the low levels of the day.
Scattered buying and short covering supported the market
during the early trading.
Sales to early afternoon totaled
market.
tanners
and
traders.
Certificated stocks
of hides decreased
2,931 pieces.
The total now is 1,026,804
Local closing: Dec., 13.68; Mar., 14.00; June, 14.33.
On the 16th inst. futures closed 9 to 12
Transactions totaled 130 lots.
points net higher.
Hedge lifting rallied the raw
hide futures market after prices had shown net losses of as
much as 21 points in early trading under scattered liquida¬
tion.
Mar. broke through the 14c. level to 13.90c. before it
above 14c.
During early afternoon it stood at
recovered
14.05, up 5 points net. Dec. sold at 13.69 and July at 14.40.
Certificated stocks in licensed .warehouses decreased 1,984
hides to a total of 1,024,820 hides.
Local closing: Dec".,
13.78; Mar., 14.12; June, 14.42.
Today futures closed un¬
changed to 3 points net lower. Transactions totaled 152 lots.
Scattered offerings of hides were easily absorbed as the mar¬
ket responded to the firm tone of the stock market. During
early afternoon futures were steady and 1 point lower to
3 points higher, with Mar. selling at 14.lie.
Spot hides were
quiet, but around 20,000 heavy calfskins were sold at 25c. a
pound and 20,000 River Points at 24%c., both prices being
half
a
cent lower.
Certificated hides in licensed warehouses
decreased 4,947 hides to
a
total of 1,019,873 hides.
Local
closing: Dec., 13.77; Mar., 14.12; June, 14.39.
Ocean Freights—The market for charters was rather
quiet during the early half of the week, but during the latter
half a fair amount of business was uncovered.
However,
business is being considerably restricted by the very firm
rates now being asked by the majority of ship owners.
Charters included: Grain: One vessel reported fixed for
grain, with no other details given.
Grain Booked: Fifteen
loads New York to Antwerp-Rotterdam, Nov., 35c.
(barley);
two loads New York to Antwerp-Rotterdam, Nov., 40c.
(barley).
Scrap: Atlantic range to Japan, Nov., about $12
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
ton.
Atlantic range to Japan, Dec., $11 per ton (pre¬
viously reported without name of vessel).
A vessel, Atlantic
range to Japan, Nov., $11 per ton.
A vessel, Atlantic range
to Japan, Dec., $11
per ton.
A vessel, Pacific Coast to
Japan,-Nov., slightly under $8 per ton.
Time: Round trip
West Indies trade, prompt, $3.10 per ton.
A vessel, de¬
livery Ilatteras, round trip East Coast South American
trade, mid-Dec., $3 per ton.
Round trip trans-Atlantic
trade, Nov., about $4 per ton.
Trip across, Nov., $6.25
per ton.
Delivery Europe, reported fixed for a trip out, no
other details given.
per
Coal—There has been
real step-up
no
in the coal business
the past week, due in large measure to the relatively
weather that has prevailed for some little time past.
mild
Ac¬
cording to figures furnished by the Association of American
Railroads, the shipments of anthracite into eastern New York
and New England for the week ended Oct. 28 have amounted
to 2,428 cars, as compared with 1,340 cars during the same
week in 1938, showing an increase of 1,088 cars, or approxi¬
mately 54,400 tons.
Shipments of anthracite for the current
calendar year up to and including the week ended Oct. 28
have amounted to 75,482 cars, as compared with 64,588 cars
during the same period in 1938, showing an increase of close
to 544,700 tons.
Shipments of bituminous coal into this
territory during the week ended Oct. 28 have amounted to
2,340 cars, as compared with 1,820 cars during the corres¬
ponding week' in 1938.
Calendar year shipments of bi¬
tuminous coal have amounted to 75,295 cars, as compared
with 64,737 cars during the same period in 1938.
Wool—The
wool
been ruling in a rather
Wool dealers are said to
encounter indifferent reaction to their offerings from mill
buyers who, beyond buying a little graded material for
immediate use, hold aloof from any covering ahead on their
prospective needs. Attention is called to the fact that the
volume of wool bought in Oct. was surprisingly small, prob¬
ably not enought to keep the mills going at current rates of
consumption more than two weeks at the most.
It is said
that since the Sept. wool stock report was released there has
been a much larger consumption of wool than purchased,
and if figures were available they would probably show that
total raw wool supplies held by mills and dealers were on a
substantially lower level.
Foreign and domestic wools
handled in the Boston area are now at the low point of the
decline, which from an average price of 100.5c. for the terri¬
tory group, has fallen to 92.8c., off 7.6%, and the fleece
group from 47.4c. in the grease to 44.4c., off 6.3%.
In the
domestic primary markets inaction prevails.
markets have
sluggish state the past week.
Slightly Lower Wool Clip in Argentina—Export Surplus
Placed at 326,000,000 Pounds
1,850 yen.
Spot sales at both Japanese centers totaled 275
bales, while futures transactions equaled 6,525 bales.
Local
closing: No. 1 Contract: Nov., 3.26; Dec., 3.21; Jan., 3.16H;
Mar., 3.07H; May, 3.03; June, 3.00.
No. 2 Contract:
Nov., 3.16; Dec., 3.06; Jan., 3.03.
On the 14th inst.
futures closed unchanged to 4c. lower for the No. 1 contract,
and
6 to 2c. easier for the No. 2 contract.
Transactions
totaled 340 bales, all in the No. 1 contract.
There was little
feature to the trading.
Futures at Yokohama were 14 to
19 yen lower, while at Kobe
they were 13 yen off to 3 yen
higher. Grade D declined 27H yen to 1,827H yen at
•Yokohama and lost 25 yen at Kobe to 1,825 yen.
Spot
sales in both Japanese centers totaled 350 bales while futures
transactions
totaled
is
good quality.
The estimate of the new clip
with the estimate of 399,000,000 pounds produced
of
compares
in the 1938-39
While the
season.
clip is approximately
new
below that of the preceding year, it is 6% above the
for the five seasons ending with 1937-38.
In that
average
period the Argentine clip averaged 363,000,000 pounds.
following is also taken from
The
Department of Agriculture
a
announcement:
During
the
imports of
that
from
came
wool
the
Oct.
Argentine.
1,
1939,
8,000,000 pounds,
makes
total
a
with
pared
of
the
which
111 lots.
Activity in silk futures was a little better and
prices were firm, standing 3H to 5 He. net higher during
early afternoon.
Sales to that time totaled 630 bales, all
in
the
No.
delivery
on
1 contract.
Seventy bales were tendered for
the Nov. No. 1 contract.
The price of crack
double extra silk in the uptown market advanced 2 He. to
$3.38 a pound.
In Yokohama Bourse prices closed. 18 to
87
higher.
Grade D silk in the outside market was
higher at 1,840 yen a bale.
Local closing: No. 1
Contracts: Nov., 3.29H; Dec., 3.21; Jan., 3.16Mar.,
3.07; May, 3.01 H; June, 2.96H.
On the 16th inst. futures closed 3 to 5He. net higher.
Transactions totaled only 33 lots.
Prices of raw silk futures
stiffened in dull trading which to early afternoon totaled
only 100 lots, all No. 1. Nov. then stood at $3.31, up lHc.,
and Mar. at $3.09H> up 2He. Twenty bales were tendered
on the No. 1 Nov. contract and 60 on No. 2. The
price of
crack double extra silk on the uptown spot market advanced
2 He. to $3.40 H a pound. In Yokohama Bourse prices closed
unchanged to 12 yen higher.
In the outside market Grade D
silk advanced 20 yen to 1860 yen a bale.
Local closing: No. 1
contracts: Nov., 3.22H; Dec., 3.25H; Jan., 3.21; Mar.,
3.12H; May, 3.05; June, 3.01HToday futures closed
lHc. off to lHc. net higher.
Transactions totaled 99 lots.
After an indifferent opening due to disappointing Japanese
cables, prices of silk futures firmed up in slow trading. The
turnover to early afternoon was only 120 bales, all on the
No. 1 contract.
Feb. sold at $3.16H> up He-, and Mar. at
$3.13H» up lc.
Twenty bales were tendered for delivery
on the Nov. contract.
The price of crack double extra silk
in the New York spot market was He. higher at $3.41 a
pound.
The Yokohama Bourse closed 6 yen higher to 9
yen lower.
Grade D silk advanced 10 yen to 1,870 yen a
bale.
Local closing: No. 1 contracts: Nov., 3.31; Dec., 3.27;
Jan., 3.21; Mar., 3.12H; May, 3.04Hyen
12H
yen
States
supply for
that
basis
keting season
the 1939-40
of
season
1938-39.
rapidly in recent
of
Argentina
a
placed
earlier.
year
392,000,000
years
and
at
This
pounds,
Wool consumption
The
and
for
carryover
with
375,000,000
bulk
of
pounds
the
pounds
risk
insurance
is expected
in
of
terms
European
United
1939
the
markets.
States
has been
United
In
the
view
relatively
are
imports
and
grease
to reach
an
of the fact
small,
average
from
of
rule, in
of
the
present
mill
of recent
Argentina
a
European
war
years,
uncertainty
7,209
3,765
Houston
wool
stocks
thus
in
were
11
to
futures closed
34 yen
1,855
yen
at
Yokohama,
68,713
7,482
690
23",879
5", 106
3",670
11,230
1,576
876
2,603
740
"113
"330
"44
'239
21
36
440
1,519
1,129
1,108
399
66
Norfolk
"43
24
34
86
42
Baltimore
263
789
2
111
Wilmington
399
24
Lake Charles
789
169
Totals this week.
36,155
marketing
4c. lower
35,438
46,197' 16,171
19,963
48,652 202,576
following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks tonight, compared
The
with last year:
to
Futures
Stock
1938
1939
Receipts to
This
Since Aug
1, 1939
Week
1, 1938
37,535
263
875,122
40,006
1,123,934
172,015
35,572
931,149
45,817
14,260
1,699
26,765
30,422
43,895
4,081
9,794
789
7,464
This
Since Aug
Week
57,449
Nov. 17
1938
1939
in
it is possible that
1939-40
and 50 bales in the No. 2 contract.
14 to 26 yen higher.
57,449
63,938
36
"353
Savannah
the
far
2c.
higher for the No. 1 contract.
The No. 2 contract closed
1 to 3c. net higher.
Trading was relatively light and devoid
of any special feature.
Local trade operations and some
switching made up the bulk of the activity on the floor.
Sales totaled 610 bales, including 500 bales in the No. 1
Yokohama
6,470
27,350
690
Galveston
Brownsville
63,938
Houston
Corpus Christi--.
690
Beaumont
ruled
7,443
5,888
Charleston
68",713
Orleans
Mobile
New
contract
4,499
5,582
l",687
Mobile
in
above the 36,000,000 pounds imported in the calendar
13th inst.
23,768
9,067
8,060
12,286
24,828
New Orleans
into
1938.
Silk—On tlie
Tola
Tues.
war
Argentine clip
consumption
during the
with
and
transportation
element
that
while
exports
amounted to approxi¬
as
Fri.
Thurs.
Wed.
Mon.
Sat.
Receipts atGalveston..
to 326,000,000
Actual
The outbreak of the
proportions
mar¬
wool.
increased
throws
usual
larger than the
States
will be considerably
year
difficulties
sale of
amount
1938-39.
(Oct. 1 to Sept. 30)
however,
rates,
the
for
prospect
in
Argentine wool surplus is sold,
shipping
resulting
will
1940-41
into
383,000,000
markets, especially in the United Kingdom.
its
indicated by our tele¬
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 202,576
bales, against 237,671 bales last week and 231,212 bales the
previous week, making the total receipts since Aug. 1, 1939,
3,361,995 bales, against 2,361,523 bales for the same period
of 1938, showing an increase since Aug. 1, 1939, of 1,000,472
grams
Jacksonville
com¬
in Argen¬
available for export during the current
Argentina during 1938-39
mately
Movement of the Crop, as
Corpus Christi..
pounds
39,000,000
pounds in
the surplus
compared
pounds,
from
Friday Night, Nov. 17, 1939
The
pounds
66,000,000 pounds in 1939-40, compared with 55,000,000 pounds in 1938-39.
On
COTTON
the wool
35,529,000
imports
1938
of
United
in the Argentine is
of old wool
carryover
increasing
of
bulk
by the
imports
consisted of carpet wool.
compared with
438,000,000
been
has
tina
The
wool
pounds,
104,274,000
to
(25,997,000 pounds)
The
Total
34%
supplied
Argentina
1938
year
United States.
amounted
year
1
bales.
calendar
the
No.
closing:
Local
Shearing
agricultural attache in Buenos Aires.
being
4%
bales.
under way and the new wools in general are reported
now
as
5,225
Contract: Nov., 3.26; Dec,, 3.17; Jan., 3.14H;" Alar., 3.07;
May, 3.01 HOn the 15th inst. futures closed 4c. net higher
to 1 He. net lower for the No. 1
contracts, with sales totaling
The 1939-40 wool clip in Argentina is estimated at 384,000,000 pounds, according to a cablegram received Nov. 10
in the Office of Foreign Agricultural Relations from the
American
3285
at
higher, while at Kobe they
Grade D advanced 40 yen to
and gained 35 yen at Kobe to
7,482
Pensacola & G'p't
Jacksonville
Savannah
Charleston
1,519
1,129
399
Lake Charles
Wilmington
Norfolk
New York
"36
_
169
707,040
797,587
884.107
880",726
945",009
845
737,776
260,472
16.568
497,726
32,401
6,079
1,656
23,455
14,825
37,673
7,996
8,119
57,850
64,374
685,418
46,495
66,334
1,887
141,616
38,408
18,273
9,122
28,798
89,212
32,020
764,154
66,002
*5,791
2,432
151,467
40,361
17,130
17,485
30,438
200
fi,737
47?579
1,944
34", 133
1,143
"68
646
225
1,335
204
100
Boston
Baltimore
Totals--x
100
1,350
1,150
2,500
1,075
202,576 3,361,995 125,857 2,361,523 2,839,488 3,049,283
Receipts included in Corpus Christ!,
x
Gulfport not included.
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3286
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1936
1937
1938
1939
Receipts at—
57,449
Houston
63,938
New Orleans-
63,713
7,482
1,519
Mobile- Savannah
-
56.723
41,823
79,102
5,897
1,621
37,535
47,579
34,133
1,143
646
98,607
65,703
66,297
8,214
1,167
67,826
89,020
70,982
12,407
7,449
37,349
30,598
39.078
2,624
4,257
259
Brunswick
1,129
""'225
3,780
"4",094
8^318
J 69
264
204
85
845
1,914
Charleston
3,547
3,703
2,290
1,262
1,739
4,307
1,348
13,538
4,693
1,026
2,228
11.413
202,576
125.857
195,034
251,440
271,993
133,525
-
Wilmington
__
Norfolk
All others
Total this wk.
SinceAug.
1-J3.361.995
1.105
2,361,523 4,536,852 4,010,796 4,235,814 2,662,660
The exports
for the week ending this evening reach a total
77,636 bales, of which 300 were to Great Britain, 16,967
to France, 4,985 to Italy, 34,571 to Japan, 9,861 to China,
and 10,952 to other destinations.
In the corresponding week
last year total exports were 138,297 bales.
For the season
to date aggregate exports have been 1,993,318 bales, against
1,350,426 bales in the same period of the previous season.
Below are the exports for the week.
of
orders
selling
through
buyer here,
as
France
the English market widened its premium over
Southern spot markets were
up
with spot
Sales totaled 47,401 bales, compared
to 9.63c.
sales of 16,677
The
The upward trend
of cotton futures during the past four successive sessions,
received a mild setback today.
However, absence of active
demand was considered more responsible for the slight losses
than was the selling, which was comparatively light through¬
out the day.
When a small volume of trade price fixing
opening
1 to 4 points lower.
range was
Dec. contracts during the afternoon, early
level for the
developed in
local sellers rebought and prices touched the best
Some of the active deliveries touched
on the late rebound.
7",407
n-
New Orleans..—
~r -
9,500
-
4,985
■
Other
Total
586
1,890
5,128
2,843
17,008
4*560
20,571
5,256 ,24,846
100
100
450
15,111
77,630
Savannah-.
Los
14",361
"300
Angeles
300
Total 1938.....
30.110
Total 1937--.—
70,833
4,985
12,417
19,940
34,571
9,861
10,962
11,584
32,568
2,371
2,189
29,085 138,297
38,409 175.211
16,907
Total
13,744
24,709
18,102
787
Exported to—
From
Aug. 1,1939*0
Nov.
Ger¬
Great
193 m
Exports from—
17,
Britain
France
Brownsville..
8,490
Houston
......
Beaumont
1,563
10,781
14,971
4,334
China
Japan
Italy
many
68,603
48,607
27,424
6,801
37,509
01,763
13,662
71,634
77,349
31,305
4,309
Other
484,797
053,500
193,298
185
93,042
001
440,071
20,146
45,000
50
761
-
10O"251 120,090
New Orleans.
Mobile..
Jacksonville
500
„
Pensacola, &c.
Savannah....
Charleston
Wilmington
Norfolk
<
_.
,_i
8", 169
14",583
9,693
5^061
34,837
2",959
491
1,135
10,411
32,100
Lake Charles.
8,109
4,339
/
2,934
14,241
18,532
2,239
1,115
211
""75
13
"486
3",248
-
1,271
1,825
19,240
20,107
2,239
6,154
1,943
3,050
3,050
5,713
"200
"750
5,597
points higher to 2 points lower, with middling prices from
8.91c. to 9.66c.
bales
Total 1937...
722,843 382,052
229,378 120,517
420,464 200,665
NOTE—Exports to Canada—It
unchanged to 2
to the relative
firmness at Liverpool.
However, the market soon turned
steadier as Liverpool and Bombay sent buying orders here.
range was
response
poor
with
prices,
some
quarters
ap¬
parently impressed by the persistent daily advance of quota¬
tions to
high levels for the current
new
the day were at net
The highs for
move.
gains of 3 to 6 points.
No special news
appeared to account for the decline in the market today, but
sentiment in the trade
was
said to be
more
reactionary
as
Dec.
approached toward a level at which it was believed that
cotton could be repossessed from the Government loan. The
fact that prices generally had been advancing steadily for
time
some
was
believed
to
weakened
have
the
technical
11 of the market.
?ositionpoints lower, withSouthern spot markets today from
middling quotations ranging were
8.80c. up to
5
311,004
93,928
has never been
our
7,682 254,688 1350,426
17,840 386,296 2230,088
practice to include In the
impossible to give
while reports from the customs
week to week,
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
exports were 15,731 bales.
For the 12 months ended July 31, 1939. there were
232,395 bales exported, as against 248.336 bales for the 12 months of 1937-38.
In addition to above exports, our
telegrams tonigbt also
on shipboard, not
give us the following amounts of cotton
cleared, at the ports named:
to
9.55c.
Sales at reporting markets for the day
totaled 48,377 bales, as against 13,327 a year ago.
On the 16th inst.
Leaving
Great
Britain
Galveston
Ger¬
France
10,200
16,704
31,493
22,000
Houston
New Orleans—
Savannah
Other
many
Foreign
Coast¬
wise
22,100
16,028
12,100
6,001
3,489
Stock
Total
5,000
667
101
.
106
748,187
49,400
39,400
35,189
22,000
841,326
650,229
119,616
38.408
46,495
28,798
Charleston
Mobile-Norfolk-Other ports
220,440
Total 1939-Total 1938
80,397
11,643
45,998
Total 1937
21,590
10,966
48,383
3,823
18,207
38,229
40,050
43,800
today in
end
5,773 145,989 2,693,499
8,287 74,769 2,974,514
19,271 175,659 3,016,949
a
points net higher for the
moderate volume of business.
Shortly before the
the
trading period the list was 3 to 9 points above
yesterday's closing levels.
At noon the market was 3 to 8
Futures were supported by trade, New Or¬
4
points on the opening in moderately active dealings.
Bro¬
kers with Bombay connections continued to operate on the
buying side in May and July, while Liverpool accounts took
fair quantities of December.
A leading spot interest also
points higher.
leans and foreign buying this morning and advanced 1 to
a good buyer
in December, apparently in the way of
price-fixing for domestic mill account.
Offerings were
rather scattered, representing hedge selling in the distant
was
a
little
Southern
and
local
liquidation.
Wall
Street interests sold December, and there appeared to be a
little foreign selling in March.
Today prices closed 4 points off to 5 points net higher.
futures turned irregular in late dealings
today in a heavy volume of sales.
A short time before the
Prices for cotton
close
of
business
active positions showed a decline of 2
advance of 5 points from the closing levels of
the previous day.
Around midday the market was 1 to 5
points higher. Taking its cue from the strength in foreign
points to
an
markets this morning, futures on the local market advanced
4 to 7
points
the opening in rather active trading.
The
dealings was a lively demand for con¬
tracts, especially in March, May and July, from Liverpool,
Bombay and the Continent.
Some of this buying was be¬
on
feature of the initial
Estimated.
Speculation in
cotton
for
future
delivery
was
fairly
during the past week, with the market's undertone
easy
during the early part and much firmer dur¬
lieved
There
were
concerning the trading.
no
reported as holding up well both
nothing in the week's
for
aggressiveness
on
spectacular
develop¬
Southern spot markets
as
to sales and prices.
news
to
furnish
either side of the
a
real
market.
On the 13th inst. prices closed 3 to 10 points net higher.
The cotton market continued its advance into further new
high ground for the current movement.
Firmness centered
the
near-by deliveries, with trade houses buying the
Dec. and speculative interests covering in March contracts.
Tightness of the spot cotton situation resulting from the
effects pf the Government cotton loan program announced
Tuesday,
was
the chief supporting factor.
Despite
to have
been partially the result of the decline in
The differences between Bombay and New York
widened, and several brokers with Far Eastern affilia¬
sterling.
were
ing the latter half.
was
of
1 to 13
The cotton market displayed a steadier tone
contracts.
new
prices closed 8 to 13 points net higher
contracts and
months and
On Shipboard Not Cleared for—
Nov. 17 at—
last
fixed
also
a
15,866
say that
in
interests
was
56,760
all the cotton destined to the Dominion comes overland, and It is
incentive
This
points lower.
774
of cotton shipments to Canada, the reason being that virtually
returns concerning the same from
There
On the 15th inst. prices closed 5 to 10
The opening
points net lower.
2,225
districts on the Canadian border are always very slow In coming to hand.
In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
are
Sales totaled 59,731 bales, against 20,178
ago.
year
for the old
above table reports
as
a
74
264,156 101,102 482,524 1993,318
41,980 148,262
190,458 236,699
ments
European
Southern spot markets ranged from 5
626
47,246
9,421
673,938 281,350
Total
decidedly
the general
535
...
Total 1938...
active
as
in. the
5
Los Angeles..
*
smaller scale
developments
485
""50
.
San Francisco
Seattle
3.022
100
1,165
1~575
New York
Boston.
27,922
on a
await
to
was
political situation.
Mill
Total
11,345 157,522
65,085 186,025
10,155 24,473
3,922
185
Corpus Chrlstl
136,501
203,890
71,308
Galveston
high prices for the current movement
inclination
14,532
3,416
2,862
Galveston
Houston.
China
Japan
On the 14th inst.
a year ago.
prices closed 6 points net lower to 4 points net higher.
Trading operations were
Italy
many
the
early
was an
points higher, with middling quotations ranging from
5 to 11
8.88c.
new
Ger¬
Great
Britain
supplied
Liverpool
New York by about $2 a bale.
Nov. 17, 11m
Exports from—
market in the late
houses
spot
immediate demand for contracts.
day in the last hour.
Exported to—
Week Ended
1939
A week-end accumulation of Southern
points higher.
1934
hedge
Galveston
18,
trading there, the local opening ranged from 3 points lower
to 2
1935
Nov.
marked strength of the Liverpool cotton
tions also had
some cotton for sale.
Most of the offerings
supplied by spot houses, hedge placements and some
wire and commission house liquidation.
were
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 11 to Nov. 17—
Sat.
Mon.
Tues.
Middling upland V% (nominal)-- Hoi.
Middling upland 1&-16 (nom.)
Hoi.
9.82
10,05
9.81
10.04
Premiums and
Wed. Thurs.
9.71
9.94
Discount for Grade and
9.Q5
10.08
Fri.
9.83
10.06
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 Contract—Basis
liveries
on
contract
Middling J^-inch, established for de¬
on
;
and staple premiums
,
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
60% of the
represent
at the 10 markets
average
premiums
J^-inch cotton
over
Nov. 15.
on
Contract—Basis Middling
deliveries on contract on
15-16-inch, established for
and staple premiums
Option for—
Range for Week
Nov. 15.
1939
»
Nov.—Old
Deo.—Old
Old Contract
X
Inch
and
H
29-32
15-16
31-32
Inch
Inch
Inch
.31
.40
.50 on
.56
lin..
and
Up
9.46
Nov. 13
9.71
Nov. 17
7.26 Jan.
9.75 Nov. 14
9.84
Nov. 17
8.25 Sept.
9.38 Nov. 13
9.60
Nov. 17
7.29 Jan.
9.90 Sept.
8 1939
Jan.—New.
9.63 Nov. 16
9.75
Nov. 17
8.37 Aug. 30 1939 10.02 Sept.
8 1939
_
.50
.61
on
.71
on
on
on
on
St. Good Mid-
.45
on
.56 on
.66 on
.26
on
.34
on
.45
-39
on
.50
on
.60 on
.20
on
.28
on
.39
.27
on
.08
St. Mid
...
.38
on
.49 on
Basis
.11
on
.21
.51 off
Mid
St. Low Mid
.41 off
.62
on
on
.57
on
.45
on
on
.51
on
Good Mid..
on
.51
on
.39 on
on
.17 on
.27 on
.33 on
on
.19 off
.11 off
Basis
.06 on
.12
.32 off
.70 off
.63 off
.54 off
.49 off
.43 off
Low Mid
on
1.26 off 1.17 off 1.10 off 1.45 off 1.39 off 1.30 off
♦St. Good Ord__ 2.01 off 1.94 off 1.91 off 2.20 off 2.16 off 2.09 off
♦Good Ord
2.65 off 2.60 off 2.56 off 2.84 off 2.82 off 2.75 off
Extra While-
.27 off 1.22 off
Good Mid
.07 off 2.04 off
.73 off 2.70 off
.39
on
.45 on
.51
.27
on
.33
on
.39
.12
on
on
.50
on
.60 on
.28
on
.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
.43 off
Low Mid
on
on
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—
Good Mid
.07
on
.13 off
.04 off
.06 on
.11
on
.17
on
St. Mid
.06 off
.05 on
.14 on
.25 off
.16 off
.07 off
.01 off
.04
on
Mid
.64 off
.53 off
.45 off a.83 off a.76 off a.65 off a.60 off a.54 off
.18
on
.26
on
9.97 Sept.
1 1939 10.00 Sept.
8 1939
♦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
•Low Mid
2.15 off 2.13 off 2.10 off 2.34 off 2.34 off 2.29 off 2.28 off 2.27 off
27 1939
8 1939
Feb.—New.
*5727 Nov7"l3
9?53 ~Nov."l7
7
9.47 Nov. 13
9.64
Nov. 17
8.19 Aug. 28 1939
9.80
Sept.
8 1939
9.10"
17 1939
9.65
Sept.
8 1939
1 1939
9.78
Sept.
8 193 9
1 1939
1 1939
31 1939
9.52
Sept.
9.63
Sept.
8 1939
8 1939
8.08 Aug.
.
Mar.—New
8.10
Aug. 31 1939
:7NOV
11939
8.59
Nov.
~36
A
pr20~ 1939 "<L8"2~~Se~ptr 8*1939
Apr.—New.
Apr.—Old..
May—Old
May—New.
.
June—Old
Nov. 13
9.32
Nov. 17
7.54 May
9.30 Nov. 13
9.45
Nov. 15
8.05 Sept.
.
June—New.
July—Old..
8.84 Nov.
i§
9.03
Nov. 17
July—New.
9.04 Nov. 15
9.21
Nov. 17
7.63
Sept
7.90 Sept.
Aug
Sept
on
.06 on
.39
St. Mid
.20
26 1939
Feb.—Old..
Mar.—Old
While—
Mid. Fair
7.49 Feb. 23 1939
Jan.—Old..
Inch
Up
23 19391
1940—
New Contract
1 In.
15-16
t
1
Feb.
7.49
.
Nov.—New
Dec.—New.
Inch
Range Since Beginning of Option
,
and discounts represent full discount for
y%-inch and 29-32inch staple and 75% of the average premiums over 15-16-inch
on
Range for future prices at New York for the week ended
trading began on each option:
Nov. 17, 1939, and since
Old
cotton at the 10 markets
3287
Oct
8.5*2"
8.26 Nov. 15
Nor. 13
8.
9 1939,
Volume of Sales for Future Delivery—The
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Tinged—
.54 off
St. Mid
-
.46 off
.39 off ♦.73 off *.69 off *.59 off *.56-off *.51 off
.77 off
Good Mid
.70 off
.63 off ♦.96 off ♦.92 off ♦.84 off *.81 Off *.76 off
Open
New York
Nov. 13 Nov. 14 Nov. 15 Nov. 16
Nov. 10 Nov. 11
Contracts
1.54 off 1.49 off 1.46 off 1.73 off 1.71 off 1.65 off 1.63 off 1.60 off
•Mid
Nov. 16
•St. Low Mid— 2.21 off 2.19 off 2.18 off 2.40 off 2.39 off 2.36 off 2.36 off 2.35 off
2.94 off 2.93 off 2.92 off 3.13 off 3.13 off 3.11 off 3.11 off 3.10 off
♦Low Mid
Yellow Stained-
1939—
December—Old
1.17 Off 1.10 off 1.04 off *I.36off *1.33off *1.25off *1.23off *1.17off
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
40,300
39,500
200
200
500
42,100
373,300
5,300
1940—
♦Mid
37,700
New
♦St. Mid
53,100
900
Good Mid
400
1,300
500
1,300
4,000
300
1,100
48,600
January—Old
76,300
39,600
39,900
62,100
452,400
800
1,100
300
100
24,700
20,300
29,700
28,800
7,100
466,000
_.
63,700
'
Gray—
New
.64 off
Good Mid
St. Mid
—
•Mid
—
♦Not
.56 off
.47 off ♦.83 off ♦.78 off .*69 off *.64 off *.58 off
.81 off
.74 off
.66 off 1.00 off
.88 off
.84 off
.78 off
1.39 off 1.34 off 1.29 off 1.58 off 1.65 off 1.49 off
1-47 off
1.44 off
deliverable
on
future contract.
Only when and if the Secretary establishes
a
a
.96 off
Middling spotted shall be
type for such grade.
tenderabie
New York
Quotations for 32 Years
quotations for middling upland at New York on
Nov. 17 for each of the past 32 years have been as follows:
9.83c.
1931
6.40c.
1923
-11.10c.
1922
17.75c.
1921
34.70c.
25.80c.
17.20c.
1936
12.42c.
1928 —19.70c.
1920
18.75c.
9.34c.
1937
.
1930
8.52c.
1938
1929
-
—
New
200
Holi¬
35,100
May—Old
New
day
1,600
80C
1,900
200
700
37,100
44,200
July—Old
29,700
19,400
31,800
33,100
552,400
1,100
1,600
900
New
The
1939
^
March—Old
400
October—Old
36,900
'
-
New
-
-
10,900
-
-
_
_
10,500
_
13,000
10,900
_
„
~
_
10,600
■
-
72,000
Inactive months
August. 1940—Old..
V
New
*r*r
-
-
«.
-
w
200
....
11.70c.
1915
1914
7.50c.
1913
13.80c.
1912
12.20c.
1935
12.20c.
1927
19.75c.
1919
39.65c.
1911
1934
12.55c.
1926
13.10c.
1918
28.75c.
1910
9.50c
14.50c.
1933
9.35c.
1925
21.10c.
1917
29.60c.
1909
6.40c.
1924
24.30c.
1916
20.20c.
1908
196,300
181,200 136,100 160,500 179,100 2,067,500
14.90c.
1932
Total all futures
9.45c.
-
Nov. 8
highest, lowest and closing prices at New
the past week have been as follows:
Nov. 10 Nov.
11
Nov.
13 Nov. 14
Contracts
Nov. 14
11,900
December—Old
Saturday
Monday
Tuesday
Nov. 11
Nov. 13
Nov.
14
Wednesday
Nov. 15
Thursday
Nov. 17
-
»
3,800
2,950
50
„
-
400
March—Old
65,750
800
-
-
50
10,450
New
Wo®.(1939)
(old)
4* *
May—Old
Range-
100
3,400
7,650
9 67*
9.52-
9.50- 9.63
9.53- 9.65
9.57- 9.58
9.60
9.50- 9.51
9.64- 9.65
9.62
Range..
9.79-
9.75- 9.79
9.76- 9.76
Closing.
9.77 n
9.80*
9.60*
9.83*
9.84
9.44- 9.55
9.4.5- 9.55
9.55- 9.60
«.
-
^
827500
-
..
4.
72,900
7,700
1,400
104,400
•
+
»
-
14,200
10,650
6,250
400
-
-
-
«,
-
-
„
-
.
—
-
5,950
-
*
-
200
--
7,550
6,350
-
«.
.
4-
-
»
2,200
1,600
1,750
3,050
2,700
16,850
51,500
45,050
45,900
27,250
29,500
354,150
9.61- 9.71
Closing-
day
9.70 *
9.46- 9.58
-
87700
Holi¬
10,600
8,100
100
-
New
Range..
200
15,200
New
October—Old
Range..
97650
8,200
-
200
July—Old
9.50*
Nov. (new)
«.
11,050
New
9.47*
13,150
!
.
1940—
Friday
Nov. 16
12,950
'
New
January—Old
Closing.
Nov. 9
1939—
Futures—The
York for
Open
New Orleans
Closing.
Dec.
(old)
Total all futures
9.61
Dec. (new)
Jan.( 1940)
(old)
Range..
9.38-
Closing.
9.79
9.49*
We
therefore obliged to omit our usual table of the
supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool.
are
visible
9.47
9 44-
9.50
9.49- 9.50
9.44
9.53*
9.75-
9.72*
9.62*
9.67*
9.67*
.
9.55 *
9.63- 9.63
Jan.(new)
Range..
Closing
Feb.
9.82- 9.84
The Visible Supply of Cotton—Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
9.68*
Nov. 17—
9.75
(old)
284,000
7.l0d.
347,000
4.55d.
6.76d.
9.04d.
4»
«.
*
4»
9.45*
9.43*
9.37*
9.49*
Feb. (new)
Range..
9.64*
9.34-
9.38
9.5 6*
9.63*
9.27- 9.40
Clo8ing.
9.41
9.68*
9.30- 9.45
9.33-
9.66*
HOLI¬
9.42
9.30-
9.31
9.46
9.44- 9.46
9.41- 9.53
9.41-
9.42
DAY.
9.61
9.55-
9.60
9.62- 9.62
5.83d.
5.90d.
8.03d.
4.02d.
4.02d.
5.65d
5.61d.
Market and Sales at New York
Mar. (old)
Range..
3.87d~.
7.35d.
Peruvian Tanguis, g'dfair.JLi'pool
P. Oomra No. 1 staple, superC
"
9.47*
4.05d.
6.38d.
Range..
Closing.
1936
1937
286,000
394.000
5.08d.
6.24d.
Closing.
Mar. (new)
1938
1939
Stock in Alexandria, Egypt
Middling uplands, Liverpool-...
Egypt, good Giza, Liverpool
Range..
9.47-
9.54- 9 54
9.64- 9.64
Closing.
9.61
9.60
9.50*
9.65*
9.64
9.29*
9.31*
9.21*
9.34*
9.50 *
9.41*
9.54*
week at New York
are
9.30*
9.50/1
on the spot each day during the
indicated in the following statement.
For the convenience of the reader we also show how the
The total sales of cotton
market for spot
April (old)
and futures closed
on same
days:
Range..
Closing.
Contract
Spot
Total
April (new)
Range..
Closing.
Old
9.10- 9.22
9.15-
Closing.
9.20
9.23
9.21
9.12- 9.26
9.13
9.12
9.24- 9.25
9.42- 9.45
9.39- 9.39
9.25
9.20-
9.32
9.20- 9.21
May (new)
9.42
9.36-
9.44
Old
New
Old
New
9.52*
May (old)
Range..
New
Range..
9.30-
Closing.
9.40*
9.41*
9.32 *
9.44*
9.40*
9.05*
9.07 *
8.98*
9.09 *
9.05*
HOLI DAY.
Saturday
Monday
Tuesday.
Wednesday
Thursday
Friday
500
300
500
300
2.200
900
2,200
800
800
900
June (old)
Range..
Closing.
June
Total week
4,700
10",200
48,826
Since Aug. 1
Range..
9.27*
9.18*
9.29 *
9.25*
8.84- 8.91
8.86- 8.94
8.85- 8.97
8.86- 8.95
8.90- 9.03
Closing.
8.90
8.94
8.85 *
8.94-
8.95
8.90- 8.91
Spot Market Closed
(old)
July (new)
9.04- 9.16
9.06- 9.13
9.21- 9.21
9.10*
9.14*
9.04
9.14*
9.11*
9.10*
9.14*
9.04*
9.14*
9.11*
9.08-
Range..
Closing
.
9.10
—
Aug.—
Range..
Closing.
At
Range..
Closing.
Old
8.87 *
8.78*
8.66 *
8.76 *
8.76 *
Oct.—
Range..
8.46- 8.52
8.42- 8.47
8.26- 8.44
8.29- 8.39
8.39-
8.44
Closing.
8.49- 8.50
8.43
8.26- 8.30
8.38- 8.39
8.41-
8.42
Nominal.
—
the
New
HOLI DAY.
Saturday...
Monday
Tuesday
Wednesday.
Thursday.
Nominal.
Nominal.
Nominal.
Nominal.
Nominal.
Friday
Sept.
n
4,700
59,026
Futures Market Closed
9.25*
Range..
Closing.
July
::::
(new)
Interior
Towns
Steady
Steady
Easy
Steady
Barely steady.
the
_
Steady
Steady
Easy
Steady
Barely steady
movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3288
Movement to Nov. 18. 1938
Movement to Nov. 17, 1939
Towns
Ship¬
Week
Nov,
Week
Season
Stocks
ments
Receipts
17
Receipts
Closing Quotations for Middling Cotton
Ship¬
Stocks
Week Ended
ments
Week
Nov.
Nov.
18
1939
on-
A ov. 17
Week
18,
Season
Monday
Saturday
Thursday
Wednesday
Tuesday
Friday
24.270
979
31,011
6,721
466
13.038
88
10,887
57
Eufaula
53,784
11,493
4,972
186
74,136
1,505
1,191
1,756
680
Bel ma
29,007
521
22,444
133,639
1.036
63,692
75,962
3,654
183
Montgom'y
Ark,, Blytbev.
367
42,426
8,795
209,703
2,446
61.349
116,798
36,681
57,995
37,594
18,110
1,288
7,337
27,458
1,014
1.939
Forest
56,698
1,439
79,262
3,113
1,241
518
35,741
1,056
o9,225
684
910
City
Helena
Hope......
57,601
9,635
99,428
87,546
172,705
54,503
70,610
448
248
37,492
854
Rock
2,069
68.482
5,135
169,292
2,738
92,878
3,410
51,453
37,487
148.183
Newport...
1.841
1,633
42,897
6,224
36,149
116,327
45,133
11,251
17,824
61,948
1.405
4,344
2,561
57,297
141,655
1,305
Pine
34,885
91,181
3,387
142,281
3,629
Jonesboro..
Little
7,057
Bluff.
Walnut Ege
56,973
764
Athena
3,783
8.891
Atlanta
Augusta
—
Columbus..
5,656
2,628
67,058
587
9,191
22,573
263
Ga., Albany..
—
180
14,682
205
530
36,042
32
2,377
2.562
83,811
9,990
160,351
30,685
97,829
6,500
600
797
2,447
270
2,055
77,050
1,675
400
31,600
400
34,500
30,260
550
4,800
23,601
600
796
844
39,939
850
37,768
1,975
725
La., Shrevep't.
6,758
5,371
106,056
Miss., Clarksd
5.881
115,868
5,185
102,229
5,892
12,228
•81,852
103,033
Columbus..
920
14,600
491
40,651
978
23,730
1.000
Rome
1,599
Greenwood.
4,341
100,348
1,289
43,388
196,757
27,127
8,633
163,396
29,754
669
1,080
414
6,468
331
19,770
Vicksburg..
1,116
405
2,175
Mo., St. Louis
N.C., Gr'boro
13,504
22,194
46,693
118,432
563
Yazoo City.
13,0a5
2.993
6,239
53.268
6,027
1.383
915
181
2,055
15
174,125
8,660
58
199
6,633
12
31,344
748
25,535
1,347
783
44,181
2,856
15,773
324,691
11,267
54,951
2,582
75,097
3,694
Tenn., Mem's 119,202 1663,565 112.369
991
19.287
Texas, Abilene
1,305
100
Austin
100
6,410
14,371
2,693
85,160
14,386
5,093
4,291
44,562
47,051
1,859
551
20,167
701
3,969
155
14,402
375
5,427
280
14,368
12,731
412
33,368
700
38,842
973
37,080
1,025
1,521
64,079
872
47,094
688
59,465
6,470
1,277
6,617
83
747
6
Marcos
116
3.374
162
2,466
151
Texarkana.
836
26,853
50,725
575
42.378
350
1,586
23,494
699
■
*» -
-
-
509
Waco
Includes the combined totals
above
The
increased
totals
93
156
12,773
25,872
50,216
3,584
37,490
27,561
791
In.
In.
In.
In.
In.
9.33
9.53
9.36
9.56
9.26
9.46
9.40
9.60
9.37
9.57
show
that
the
interior
bales
stocks
and
have
are
week last year.
9.43
9.03
9.53
9.73
9.51
9.71
9.56
9.35
9.45
9.49
9.59
9.46
9.56
9.46
9.61
9.60
9.75
9.56
9.71
9.47
Norfolk..
HOLI¬
Montgomery
DAY.
1938Since
Since
•^hipped-
Week
Week
Aug. 1
Via St. Louis.
Via Mounds, &c
13,055
7,350
Via Iiock Island
Via Louisville..
919
4,448
20,511
117,774
98,300
3,009
3,217
58,285
200,879
46,588
789
9.45
9.60
9.45
9.60
9.35
9.50
9.65
9.d0
9.65
9.33
9.20
9.35
9.10
9.25
9.25
9.40
9.20
9.35
9.78
9.66
9.81
9.55
9.70
9.70
9.85
9.66
9.81
9.50
9.15
9.45
Houston
9.20
9..50
9.25
9.55
9.15
9.45
9.30
9.60
9.25
9.55
Little Rock..
9.00
9.20
9.00
9.20
8.90
9.10
9.05
9.25
9.00
9.20
Dallas
8.88
9.08
8.91
9.11
8.80
9.00
8.94
9
14
8.94
9.14
9.20
...
9.40
9.20
9.30
9.10
9.40
7lain
Rainfall
Days
Inches
High
Low
47
62
23
-
Thermometer-
6
1.05
Amarillo
1
0.01
77
76
Austin
3
0.96
82
45
50
64
Abilene
3
2
0.73
73
34
54
0.16
80
46
63
1
0.01
82
50
3
1.87
68
37
2
0.42
77
62
46
Brownsville
*
Corous
Cbristi.
Dallas..
—_
Del Rio...
El Paso
dry
Houston
0.38
77
73
47
0.96
42
58
76
47
62
0.11
81
45
Antonio..
1
*
0.01
67
33
50
0.74
3
0^40
34
29
49
Little Rock..
......
Louisiana—New Orleans
63
64
2
0195
Shreveport
Mississippi—Meridian
Vicksburg
2
0.44
1
0.64
1
0.45
Alabama—Mobile
2
71
74
74
72
42
81
52
72
73
31
52
34
54
0.10
80
53
67
3
0.11
80
70
75
3
0.10
70
53
62
62
71
Tampa
Georgia—Savannah
80
dry
1
0.01
82
42
62
1
0.15
70
34
52
Augusta
1
0.02
74
•71
70
46
60
29
50
69
27
48
73
75
72
30
52
34
37
55
71
37
-52
71
26
49
71
28
45
Macon
dry
dry
dry
South Carolina—Charleston
North Carolina—Asheville
1
200
Nashville
10,036
10,028
3,388
142,259
140,422
10,484
155,675
40,217
341,042
47,479
251,823
0.05
dry
0.72
3
dry
dry
Nashville
7,468
3,123
129,831
0.07
1
Raleigh
Wilmington
Tennessee—Memphis
Chattanooga
New Orleans.
248
-1938
Since
Since
Week
Aug. 1
3,361,995
341,042
125,857
47,479
100,000
2,150,000
Aug. 1
-402,793
5,661
5,853,037
1,119,530
-
over
mill
273,336
7,780
35
Nov. 17, 1939
Above
Nov. 18, 1938
Feet
zero
of gauge-
2.6
Above
zero
6.5
zero
of gaugeof gauge.
0.1
Above
9.3
9.1
Shreveport
Above
zero
1.3
2.0
Vicksburg
Above
zero
—5.2
1.9
...
Census
Nov.
13
of gauge.
of gauge.
1.7
Report
the
of Cottonseed Oil Production—On
Bureau of the Census issued the following
statement showing cottonseed received, crushed, and on
hand, and cottonseed products manufactured, shipped out,
on
hand, and exported for the three months ended with
October, 1939 and 1938:
2,361,523
251,823
1,768,000
COTTON SEED
RECEIVED,
CRUSHED, AND ON HAND
Aug. 1 to Oct. 31
281,116
1938
94 ,281
...
26 ,898
Arkansas
302 ,611
California
1939
168,186
37,036
341,558
445,746
25,989
131,386
Movement into sight in previous
years:
Week—
Bales
429,407
441,227
420,465
19
1936—Nov. 20
1935—Nov. 22
Since Aug. 1—
449 ,220
88 ,405
107 ,501
Bales
Tuesday
Wednesday
Nov. 13
Nov. 14
Nov. 15
509,137
58,312
54,699
9.77
9.70
Bid
9.82
9.62
Bid
Jan. (1940)
(old),
48,085
70,180
56,820
153,037
398,367
397.520
295,309
73,084
30,085
33,118
43,558
27,'774
9 68
DAY.
Bid
9 57
9.63
Bid
9 39
(ola).
Bid
9.51
9 29
(new)
9.71
9.47- 9.48
Bid
9.32
Bid
9
13
9.55
Bid
Nov.
16
2.532,522 2.707,635 1,387,440 1,465,983 1,265,708 1,574,270
on
hand Aug.
1,
Bid
Bid
9.17
Bid
9.10
8.50
-—
9 84
Bid
Bid
Tone-
Bid
9.65
9.47
Bid
9.71
9.50Bid
9.62
Bid
9.44
—
Bid
9.17
*72,066,763
1938-39
33,833,717
1939-40
a560,035,317
1938-39
487,927,952
119,718
214,611
428,196,285
451,942,886
5311,905,522
308,544,686
621,508
651,889
Hulls, tons
f 1939-40
77,087
353,512
Bid
1938-39
Llnters, running f 1939-40
133,153
479,316
333,257
and
\
tons
9.03
9.18
meal.j
1939-40
Bid
S.475-8.48a 8.485-8.49a
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
.
Aug. 1 to
Oct. 31
Cake
Steady.
Steady.
V
Shipped Out
Aug. 1 to
Oct. 31
Bid
9.32
Bid
lbs.._j
lbs-J
Refined oil,
9.51
Steady.
a
On Hand
On Hand
Oct. 31
9.89
Steady.
b Bid.
Season
Aug. 1
bales
Hull
Spot
Old futures
Newf'ltrrpo
7,961 and
Friday
9.04
8.96
Bid
9.545-8.56a
9.73
9.35
8.36
9.36
nor
SHIPPED OUT, AND ON,
Nov. 17
9.69
9 53
9.24
9.42
9 00
(new)
Oct
9.63
9.43
332,777
18,776
82,071
9,761
178,366
473,114
45,514
HAND
Thursday
8.72
Bid
•
34,955
103,731
*
9.585-9.60a 9.61b-9.63a 9.535-9.55a 9.635-9.65a 9.615-9.63a
HOLI¬
May (old).
Nominal,
9.74
66,074
263,638
87,652
Does not include 120,626 and 337,118 tons
11,127 reshlpped for 1939 and 1938, respectively.
Crude oil,
(new)
n
50,162
49,176
69,748
Produced
9.67
(new)
July
23,891
212,029
31,908
42,110
72 ,965
United States
Item
(old)
(new)
57,951
13,743
181,549
51,478
All other States.
Dec. (1939)
Mar. (old).
42.138
134,354
83,713
218,158
47,331
93,071
207,375
COTTONSEED PRODUCTS MANUFACTURED,
Monday
149,751
81,985
Texas
follows:
Nov. 11
1938
26,239
126.486
237 753
closing quotations
122,196
15,708
78,389
269.487
688,561
108 859
Tennessee
7,543,608
1935
Saturday
1939
638 ,608
;
South Caroiina.
8,572,589
8,076.412
1936
Orleans cotton market for
as
52,324
161,170
143,905
Oklahoma
1937
New Orleans Contract
Market—The
for leading contracts in the New
the past week have been
76 ,778
166 ,371
162 ,272
Mississippi
66,861
Georgia
North Carolina.
586,151
Decrease.
1937—Nov.
1938
78,957
15,779
130,617
Louisiana
36,177
Oct. 31
State
Arizona
6,249",095
7,623,616
-
(TONS)
On Hand at Mills
302,584
-408,454
North, spinn's' taking Nov. 17..
*
Crushed
Aug. I to Oct. 31
4,381,346
1,565,165
Alabama
Total in sight Nov. 17
55
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:
1939
651,049
53
The
takinj
consumption to Nov. 1__
64
Atlanta
Received at Mills*
Southern
57
0.18
407,498
714
1939-
of
53
0.09
Florida—Jacksonville
Aug. 1
Including movement by rail to Canada
Excess
57
32
0.34
57,963
Week
64
57
39
1
6,371
Takings
47
1
1
Birmingham
Montgomery
481,464
In Sight and Spinners'
63
1
3,687
59,670
227,434
Receipts at ports to Nov. 17
202,576
Net overland to Nov. 17...
40,217
Southern consumption to Nov.
17-160,000
62
2
"230
213
Leaving total net overland*
47
3.06
Oklahoma—Oklahoma City—
Arkansas—Fort Smith.
3,300
42.031
Shipments—
Total to be deducted
53
31
4
7
.....
Port Arthur
San
66
62
.
,5
Palestine
52,347
63,646
Overland to N. Y., Boston, &c.
Between interior towns...
Mean
Texas—Galveston
Feet
Deduct
9.40
9.10
Returns by Telegraph—Telegraphic advices to us this
evening indicate that rain has fallen in the southwest portion
of the cotton belt, but it has been dry elsewhere.
Temper¬
atures have been mostly below normal.
5,369
;
9.70
9.18
Memphis
Memphis
;
9.50
9.63
Augusta
6,027
6,735
305
Via Virginia points
Via other routes, &c
96.7
Charlotte
Aug. 1
-193917—
15-16
Pensacola
Overland Movement for the Week and Since
Nov.
In.
9.71
of 15 towns In Oklahoma.
during the week 5,661
same
In.
Miami
1,227
tonight
31,491 bales more than at the same period last year.
The
receipts of all the towns have been 38,841 bales more than
in the
In.
9.46
■
■
*
6
217,489 3617.23821 1.828 3549,579 178,648 3181,150 170,347
3518.088
ot., 56 towns
In.
9.56
76,933
896,086
1,664
.
In.
9.53
321,644
41,611
98,947 1109,616
947,507
15,298
298,218
175
Paris
San
In.
9.68
/.
236,920
7,262
Robstown.
n
9.43
58,073
13,951
Dallas
15-16
9.53
16,115
27,771
67,362
16 towns *_
_
%
New Orleans.
44,579
8. C.. Gr'vllle
.
15-16
Mobile
160,054
29,945
Oklahoma—
Brenham
V,
Savannah
2,319
—
15-16
Galveston
4,185
78
Natchez
V*
98,462
6,726
470
5,388
Jackson
15-16
29,730
20,712
12,873
99,229
Macon
,19,785
33,671
140.721
160,779
%
48,800
321
15-16
In.
2,481
Ala., Birm'am
7A
Ask.
1b.
1939-40
1938-39
377,845
401,742,396
378,846,543
*156,874,019
153,136,460
0433,636,754
543,608
574,602
282,945
447,063,823
197,618
291,898
147,654
345,712
414,685
311,606
16,621
12,084
165,286
397,888
1938-39
1939-40
24,931
30,534
12,688
1939-40
30,642
14,328
19,008
25,962
1938-39
500-
bales
349,874
9,133
1938-39
fiber,
457,464
36,592
16,649
16,991
36,250
495,732
17,443
31,138
Grabbots,motes,
&c.,
500-lb.
bales
*
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for
middling cotton at
Southern principal cotton markets for each
day of the week:
Below
Includes 5,986,685 and 37,870,682 pounds held by refining and
manufacturing
establishments and 13,594,470 and 40,063,840 pounds in transit to refiners and
consumers
a
Aug. 1, 1939, and Oct. 31, 1939, respectively.
Includes
13,471,938 and 3,735,579 pounds held by refinesr, brokers,
agents
and warehousemen at places other than refineries and
manufacturing establishments
Volume
and
3,292,550
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
149
and
7,786,925 pounds in transit
to
manufacturers
shortening,
or
•oleomargarine, soap, &c., Aug. 1, 1939, and Oct. 31, 1939, respectively,
b Produced from
330,910,457 pounds of crude oil.
EXPORTS
AND
IMPORTS
COTTOXSEED
OF
MONTHS
ENDED
30
Item
1938
1939
Exports—Oil, crude, pounds
Oil. refined. pounds
.
^
tions.
The figures do nob include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop
which finally reaches the market through the outports:
Week
5,472
1,908.035
1,993
63,214
Cake and meal, tons of 2,000 pounds.
Receipts from the Plantations—The following table
indicates the actusl movement each week from the planta¬
86,884
822,495
42,850
Linters, running bales.
Imports—Oil, crude, pounds.
TWO
FOR
PRODUCTS
SEPT.
3289
End.
Receipts at Ports
1939
30,063
1938
Stocks at Interior Towns
1937
1939
1938
Receipts from Plantations
1939
1937
1938
1937
.
*3,344,836
Cake and meal, tons of 2,000 opunds
Linters, bales, of 500 pounds
16,250*.996
6.506
Oil, refined, pounds
10,309
25
_
Aug.
18.
101,982
73,033 149,210 2417,522 1927,836
788.408
85.433
67,385 141,468
25. 140,844
78,102 221.570 2408,973 1922,216
806,649
132.295
83,722 239,811
Sept.
iui
UV/W
lUl/lUUCU
"from warehouse for consumption,"
house."
OUUVC
£WC
X X X
fX XXU
1R1UUU3 1CUUCU
T* iWJIM t* Y» AX
and 112,280 refined "entered direct into ware¬
*
Census
Report on Cotton Consumed and on Hand,
&c., in October—Under date of Nov 14, 1939, the Census
.
Bureau issued its report showing cotton consumed in
United States, cotton on hand, active cotton spindles
the
and
imports and exports of cotton for the months ^of October,
1939 and 1938.
Cotton consumed amounted to 686,936
bales of lint and 97,706 bales of linters, compared with 624,902 bales of lint and 82,446 bales of linters in September,
1939, and 543,857 bales of lint and 72,692 bales of linters
in October, 1938.
It will be seen that there is an increase
in October, 1939, when compared with the
previous year,
in the total lint and linters combined of 143,079 bales, or
23.2%.
The following is the statement:
OCTOBER
REPORT
AND
OF
COTTON
CONSUMED,
ON
IMPORTED
HAND,
EXPORTED, AND ACTIVE COTTON SPINDLES
(Cotton in running bales, counting round
as
half bales, except foreign, which is in
500-pound bales)
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
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
Oct.
6. 297,556
183,369 441,721 3113,815 2881,086 1715.693
480,640 430,890 666,850
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.
433 993 434.239 596,889
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
17. 202.576
195,034 3549 579 3518,088 2459.694
277.523 329,745 388,719
1251857
368,276 366,043 471,196
330,329 263,541 392,329
248.407 141,936 406,335
208,237 133,637 267,158
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1939, are 4,474,481 bales!
in 1938 they were 4,035,482 bales, and in 1937 were
6,184,308
bales.
(2) That, although the receipts at the outports the
past week were 202,576 bales, the actual movement from
plantations was 208,237 bales, stock at interior towns having
increased 5,661 bales during the week.
from the
Alexandria
Receipts
and Shipments—We
have
onl^
received the Alexandria movement for the week ende"
Oct. 20 which we present below.
As these reports have not
been coming in regulaily we can only publish the reports as
now
Cotton Consumed
Cotton
During—
Oct
Hand
on
31—
Cotton
Three
In Con¬
Months
suming
Ended
Year
Establish
In
Public
Storage
Spindles
received.
Active
During
Alexandria, Egypt,
Oct. 31
Oct
(Bales)
ments
presses
October
Oct. 20
(Bales)
(Bales)
(Bales)
(Number)
cfc
at
Com¬
1939
1938
1937
,
Receipts (cantars)—
1939 686,936 1,940,286 1,465,228 15,468,299 22,658,994
1938 543,857 1,636,665 1,508,813 15,307,727 22,113,316
United States.
This week—
430,000
Since Aug. 1
1939 579,589 1,645,956 1,296.055 15,440,544 16,964,196
1938 460,078 1,387,210 1,333,733 15,255,359 16,914,906
1939
86,592
236,676
133,471
21,983 5,077,816
•Cotton-growing States.
New England States.-
1938
67,764
1939
20,755
201,751
57,654
1938
16,015
47,701
1939
4,667
4,997
12,678
13,686
23,425
21,115
7,710
4,966
21,810
24,919
1938
2,110
17,402
6,366
15,897
1939
1938
651
1,971
3,386
9,561
1939
97,706
253,798
338,943
93,976
1938
72 «92
216.696
279.544
97,011
All other States
137,381
35,702
37,699
44,802
.
5,772
7,566
4,595,106
616,982
603,304
Included Above—
Egyptian cotton—
1938
1939
Other foreign cotton
Amer.-Egyptian cotton.
6,892
3,461
19,958
33,894
7,489
5,129
This
Since
This
Since
This
Since
Aug. 1
Week
Aug. 1
Week
Aug. 1
Exports (bales)—
To Liverpool__
To Manchester, &c
To Continent & India—
9,200
5,000
24,397
4,400
27,994
6,200
110,972 13,050
350
16,275
21,337
31,747
128,937
3,208
25,700
Total exports.
179,638 24,000
185,229 27,800
ll", 500
News—As
Shipping
shown
1938
10,316
1939
3,130
168
19,895
the
page,
are as
follows:
HOUSTON—
To Japan
To China
1938
5,231
107
15,535
"
907
5*667
8,125
1,600
9,703
4,879
611
1,434
43
13.678
10,933
36.918
39.835
Mexico
2^583
during two months ended Sept. 30,
To France
14,532
1,890
„
1939, amounted to 6,506
To Denmark
NEW ORLEANS—
To
Exports of Domestic Cotton—Excluding Linters
205
514
Norway
To France
9,500
To Sweden
To Italy..
To Japan
4,985
SAVANNAH—
To China
2,843
1,944
300
2,262
To Spain
To Susac
To South
100
ANGELES—
To Great Britain
300
To Japan
14,361
....
To Canada
To Manila
150
1,000
1,550
To Sweden—
3,841
To Holland
LOS
312
America
To Belgium
To Norway
•equivalent 500 pound bales.
7,467
3,416
5,128
To Japan
To China.
586
11,146
219
65
■China
Linters imported
were
Bales
GALVESTON—
To South America
Total
previous
a
Bales
3 Mos. Ended Oct. 31
Country of Production
All other
on
from mail and telegraphic reports,
up
British India...
193,147
Egyptian bales "weight about 750 lbs.
receipts for the week ended Oct. 20
430,000 contars and the foreign shipments 25,700 bales.
exports of cotton from the United States the past week have
reached 77,636 bales.
The shipments in detail, as made
October
Egypt
27,155
27,881
134,379
3,722
This statement shows that the
(500-pound Bales)
Peru
7,100
20",700
Note—A cantar is 99 lbs.
Imports of Foreign Cotton
1939
430,000
2,453,593
Week
To America
Not Included Above—
Linters.
380,000
1,514.852
1,480.467
400
Total
77,636
(Running Bales—See Note for Linters)
October
3
Mos. Ended Oct. 31
Country to Which Exported
1939
France
Italy
1939
1938
632,361
120,798
193,385
118,621
175,674
40,745
1938
298,378
111,909
59,887
United Kingdom
61,452
79,442
47,940
27,222
13,506
13" 637
81,346
51,874
133,826
91,100
282,019
74,930
181,532
All other
104,394
59,106
59,360
15,635
45,851
8,770
71,296
85,408
29,117
Total.
886,332
461.439
1,754.181
Germany
Spain
30*, 331
_
Belgium
Other Europe
China
.
Canada
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
572
215,812
223,604
1,172
71,971
Mid.Upl'ds
12:15
opened
(,
30,995 bales during October
in 1939 and 21,406 bales in 1938; 94,209 bales for three months ended Oct. 31 in
1939 and 51,469 bales in 1938.
The distribution for October, 1939, follows;
United
p. m.
Kingdom,
6,298; France, 22,378;
Netherlands,
were
A good
buslne
ss
doing.
business
doing.
7.00d.
7.10d.
Steady;
10 to 12 pts 7
advance.
to
8
Barely stdy
pts. 2
decline.
to
6
Prices of futures at Liverpool for each
Steady;
pts. 2 to 7
advance.
day
Barely st'y;
pts. 4 to 10 pts.
advance.
decline.
are
given below:
100; Canada, 2,069; Panama, 30;
Australia, 120.
WORLD
Friday
A fair
7.07d.
7.00d.
Steady;
i
not Included above,
Thursday
Quiet:
Quiet but
Quiet hut
Steady;
Quiet but
stdy; 1 to 4 stdy,; 8 to stdy.; 4 to 6 4 to 5 pts. 8 to 10 pts.
10 pts. dec.
decline.
advance.
pts. dec.
pts. adv.
(
Note—Linters exported,
doing.
6.95d.
CLOSED.
j
Market,
business
doing.
{
1,053,940
fair
A
business
Quiet.
1
Futures.
Wednesday
A fair
i
P. M.
Market
Tuesday
f
Market,
22,390
Monday
Saturday
Spot
80,832
110,166
1,515
30,006
Nov.
STATISTICS
Sat.
11
Mon.
Tucs.
Wed.
Thurs.
Fri.
to
production of commercial cotton, exclusive of linters, grown
in 1938, as compiled from various sources, was 28,221,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while the
consumption of cotton (exclusive of linters in the United States) for the
year ended 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
Freights—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
Cotton
York
are
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Nov. 17
d.
d.
New Contract
January
"6.50
(1940)
6.62
6.46
-
d.
ed.
October..-..^--
6.58
d.
d.
6.55
"6.55
6.51
d.
d.
*6.62
d.
d.
6.56
6.57
6.55
6.57
6.55
d.
6.60
6.56
6.65
6.60
6.51
6.58
6.54
6.51
6.52
6.60
6.56
6.41
6.53
6.46
6.45
6.52
6.49
6.45
6.45
6.54
6.50
6.35
6.47
6.39
6.39
6.47
6.44
6.38
6.39
6.48
6.45
6.21
March
May.— Clos¬
July
d.
6.62
December (1939)
6.32
6.24
6.24
6.32
6.30
6.23
6.23
6.32
6.30
December—...
Foreign Cotton Statistics—Regulations due to the war
prohibit cotton statistics bdng sent from abroad,
and we are therefore obliged to omit the following tables
which we have heretofore given weekly:
in Europe
World's Supply
and Taking of Cotton.
India Cotton Movement from All Ports.
Alexandria Receipts and Shipments.
Liverpool Imports, Stocks, &c.
January (1941)
6.26
6.18
6.24
6.17
6.25
March
6.23
6.15
6.21
6.14
6.22
May
6.21
6.12
6.18
6.11
6.21
Jtilv
6.19
6.10
6.16
6.09
6.19
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 compa.ison:
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3290
Nov.
18,
1939
tionally lower today in sympathy with a reaction of securi¬
1938
1939
Unsettled
ties.
8% Lbs. Shirt¬
Cotton
328 Cop
ings. Common
Middl'O
32* Cop
8% Lbs. Shirt¬
ings, Common
Twist
to Finest
Upl'ds
Twist
to Finest
Upl'ds
Cotton
w-eather
d.
d.
s. d.
.
s.
d.
8.
d.
d.
situation
Aug.
18-
9
8 10%@
8J*@ 9H
25..
Sept.
1_.
9
@10
9
5.14
9
@10
9
@
9
3
4.78
loan
was
9
@10
9
@
9
3
4.74
with
more
9
3
5.71
8%@ 9%
9
Nomina!
Nominal
7.03
9
@
9
3
Nominal
9%
9
@
9
3
4.81
15..
22..
13
@
4.85
2
@11
6
0.77
8%@
9%
9
@
9
3
4.70
3
@13% 11
@13% U
13
29..
@93
@11
6
0.74
8%@
9%
9
@
9
3
4.80
13
13
13-
20-
13
27-
The
reported
at
watching the domestic supply
of domestic wheat under
are
amount
slightly
13
3
@11
0
6.44
8%@
9H
9
@
9
3
5.00
premiums quoted per actual wheat over futures prices, rang¬
ing up to 6 or 7c. a bushel or more at some markets, con-
@11
0
6.27
8%@
9%
9
@
9
3
5.24
tinned to have
11
3
0.35
8%@
9%
9
@
9
3
5.19
3
@11
@11
0
11
0
0.38
8%@
9%
9
@
9
3
5.20
11
3
@11
4%@11
6
@11
0
0.22
9
@
9
3
5.09
7%
9
7-01
8%@ 9%
8%@ 9%
9
@
9
3
5.05
@13%
@13%
DAILY
strengthening influence
a
CLOSING PRICES
WHEAT
OF
Sat.
13%@14
10-
@14% 11
14
17..
14
@14%
11
7.10
8%@
9
9%
3
9
@
No. 2 red
DAILY
5.08
Mon.
CLOSING
PRICES
OF
WHEAT
Mon.
Sat.
May...
July
BREADSTUFFS
flour
of
the
week,
past
this
by
apathy
apparent
Wheat—On
being
DAILY
a
prices closed
that
lMc.
% to %q. net
the
There followed
Government
had
over
a
rally
on
increased
the
flour
Washington
interference
world
in
wheat
situation.
On
the 15th inst. prices closed
to %g. net lower.
Firmness
in securities and continued drought in the hard winter wheat
belt encouraged a little buying early, but this melted before
forecasts of light rains for parts of the belt.
Trade was the
time, despite
reports, which, generally,
Similar conditions prevailed
crop
continued to be very bullish.
in other North American markets
traders
preferred to
mark time.
No rains fell overnight, but showers were pre¬
dicted tomorrow for parts of the hard winter wheat belt,
and the weekly forecast indicated some rains the latter half
of the period.
There was no improvement in export business
and the weekly flour sales report of "Northwestern Miller,"
trade journal, said Southwest mills booked 28% of milling
capacity, against 59% the previous week, while Northwest
mills booked 36%, equaling that of the previous period.
as
On the 16th inst. prices closed unchanged to
After selling off % to %c. in early
%c. higher.
dealings, wheat prices
rallied
to
score
net fractional gains
today.
Reports of
light rains in the Southwest at such points as Wellington,
Independence and Wichita in Kansas, and drizzling rain at
Ponca City, Okla., tended to check buying of
July contracts,
but demand for December wheat was better than in recent
sessions due to the premiums at which actual
grain
Light
parts
initial
of
the
selling
hard
based
winter
on
reports
wheat
belt
of
is
sonm
attracted
enough professional purchasing to steady the market after
early declines of about %c. had been recorded.
Some short
covering and purchasing credited to milling interests helped
to rally the market about %c. to slightly above
previous
closing levels at times.
Moderate strength in securities
helped
to
stimulate
some
of
the
buying
on
the
recovery
move.
Today prices closed % to y2c. net lower.
After
a
listless
early trade at steady prices, the wheat market turned frac¬
85%
83%
87%
85%
83
Tues.
70%
70%
75%
77
*
IN
Wed.
70%
70%
75%
76%
70%
70%
75%
76%
WINNIPEG
Thurs.
70%
70%
75%
77%
Fri.
70%
70%
75%
76%
13th inst.
prices closed y8c. to Ac. net
Corn prices closed at the session's low
point. Some
With
announcement of the crop loan
expansion in receipts in sight, traders
were inclined
to await developments.
The farm holding
policy, large Government stocks and heavy feeding require¬
ments, with the livestock-corn ratio favorable, attracted
soon
and
no
enough buying to hold the decline in check.
On the 14th
inst. prices closed ye. to
net lower.
A full cargo of
280,000 bushels of United States corn wrs sold to Holland
re¬
had been increased 20c. a barrel, making the
Philippine Islands $1.20 a barrel and to other
foreign countries $1.30.
Rates on exports from other United
States ports were increased 10c. to $1.20.
On the 14th inst.
prices closed h£c. up to
off.
The session today was a
dull one, with prices irregular and ruling within a narrow
range.
With outside speculative interest at a minimum
—most of the trade consisted of evening up operations by
professional dealers.
Some buying was credited to milling
interests, but commercial transactions were on a small scale.
Persistence of the Southwestern drought, increase in the
subsidy on flour exports and occasional displays of strength
in securities, caused sporadic buying of grains.
Absence
of export business, and the slow flour trade restrained buy¬
ers, however.
Prices advanced about Ac. at the outset,
but soon reacted and held near previous closing levels most
of the session, except for an occasional dip of as much as
y8e.
Lack of-outside speculative interest, despite the war
and drought, was blamed by grain traders for the sluggish
trade.
They said regulations to restrict speculation were a
part of this picture, but they attributed the market's quiet
and nervousness also to uncertainty regarding the war and
in
the
FUTURES
Mon.
77%
-
with expectations.
for clearance from the Gulf and some
lifting of hedges in
connection with this helped to support the corn market. An
export house was credited with purchases of corn, and
Coast ports
rates to the
rains
WHEAT
76
-
expected
the week-end and dry weather
promised for the immediate future.
quoted.
87 %
hedge selling was in evidence, but receipts were not large
considering the holiday accumulation.
The Government
report indicating a slightly larger harvest than expected a
month ago, had little market effect because it was in line
inst.
ports said the subsidy rates on flour exported from Pacific
some
87 %
85%
83%
lower.
hard winter wheat belt
lightest in
Fri.
106%
sharp increase compared to a week ago.
This was the first move to expand
export trade in flour since tho start of the war.
Exports
of wheat and flour have declined sharply, with the Govern¬
ment operating its subsidy program only in a restricted
form due to the winter wheat belt drought and world condi¬
tions resulting from the war.
No rain was received in the
Government
OF
December
export subsidy rates.
was
PRICES
70%
70%
Corn—On
87%
85%
83%
85%
84
Sat.
May
July
Thurs.
106%
106
13th
a
the
maximum decline of
announcement
CLOSING
YORK
When Made
I
Season's Low and When Made
Sept.
7, 19391 December
62%
July 24,1939
Sept.
7, 19391 May
63%
July 24, 1939
Sept. 23. 19391 July
77%
Oct.
9, 1939
November.
Wheat prices at one time during the session registered
lower.
89%
90%
86%
May
July
largely attributed to the narrow price movement in grain
markets.
Shipments of flour on contracts are reported to
be running fairly heavy, and the latter deliveries are ample
for consumers' needs, it is stated.
During the past week
cars of flour on hand at the principal metropolitan railroad
terminals showed
O
December
consum¬
Wed.
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
L
Season's High and
Friday Night, Nov. 17, 1939.
Flour—There lias been little interest shown
wheat.
NEW
106%
87 ^
H
_
on
IN
Tues.
HOL. 106%
December
ers
bushels,
3
Nov.
3-
157,000,000
above
than 10,000,000 bushels additional held in reserve
@13% 11
@13% 11
Oct.
0-
sup¬
under the insurance program.
This is helping to maintain
prices of actual wheat above the futures market, with red
varieties recently quoted well above 90c. a bushel.
The
4.71
7.09
8%@
8%@
9%
Nominal
9
9%@10%
8..
closely.
6.62
1%
@93
Most of the
port that came into the market apparently originated with
commercial interests who
d.
d.
the eastern part of the hard
over
wheat belt kept buying in check.
winter
Middl'o
shippers sold 371,000 bushels
out of Chicago, the largest in
On the 15th inst. prices closed
ye. to ye. net
Com followed wheat in a very
light trade. Sales
time.
some
lower.
shippers
were
by
estimated at only 43,000 bushels and bookings
only 28,000 bushels.
inst. prices closed % to %c. net higher.
Corn
to arrive totaled
On the 16th
prices
were higher most of the time, although gains were
only fractional.
Washington reports indicated the corn loan
announcement
has been delayed by routine matters, but it
expected the rate would be about the same as the 57c.
was
loan
Vsc.
on
last year's crop.
Today prices closed %c. off to
This market showed very little change.
Traders
up.
estimated that out of local stocks of
corn totaling
14,000,000
bushels, approximately half is owned by the Government.
Large bookings of vessel space for corn indicated approxi¬
mately 3,000,000 bushels were scheduled to move from
Chicago before the close of navigation.
corn tonight was
40,631,000 bushels.
DAILY
CLOSING PRICES
__
No. 2 yellow
^
DAILY CLOSING PRICES
OF
OF CORN
Sat.
,
December
H
O
December
60%
63%
58%
May
July
Oats—On
lower.
the
Trading
character.
NEW
YORK
Wed.
Thurs.
65%
65%
Fri.
65%
FUTURES
IN CHICAGO
Wed. Thurs. Fri.
49%
50%
50%
.52
52%
52%
52%
53%
53
Mon. Tues.
50%
50
52%
52%
L
—
Season's High and
IN
Sat. Mon.
Tues.
HOL.
65%
65%
_
May
July
CORN
Open interest in
53%
53
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. 1939|July
52%
Oct.
23, 1939
—
13th inst.
was
prices closed ye. to ye. net
light and more or less of a routine
On the 14th inst. prices closed
ye. to ye. net
Trading was light and without feature. On the 15th
prices closed unchanged to 3^c. lower. This market was
quiet, with prices moving very little one wray or the
lower.
inst.
very
other.
On
the 16th inst. prices closed unchanged to
Trading
was
light
closed unchanged
out
any
and
without
to Wc. off.
Trading
%c. higher.
Today prices
light and with¬
was
particular feature.
DAILY CLOSING
PRICES
OF
OATS
Sat.
_
December
May
H
O
July
L
Season's High and
December
May
July
feature.
38%
39%
35%
FUTURES
Mon. Tues.
36%
36%
35%
35%
32%
32%
IN CHICAGO
Wed. Thurs. Fri.
36%
36%
36%
35
35%
35
32
32
31%
When Made
I
Season's Low and When Made
Sept.
6. 1939 December
26
July 25,1939
Sept.
6. 1939|May
27%
July 24,1939
Sept. 23, 19391 July
—.30%
Oct.
9.1939
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed.
Thurs. Fri.
December
32%
31%
32%
31%
31%
31%
May.....
33%
33
33%
33%
33%
33%
July
33%
33
33%
_
....
....
Rye—On the 13th inst. prices closed ye. to ^c. net lower.
There were no spectacular features to the
trading in rye
futures, the market's trend being influenced almost entirely
by the heaviness of wheat and corn markets. On the 14th
inst. prices closed unchanged.
The market for rye futures
Volume
was
quiet,
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
a
wheat and
feeling of apathy prevailing, the
markets.
corn
%c. to \ysc. net lower.
On
the
in the
prices closed
the
While
16th
the
inst.
market
prices closed
in
futures
rye
%c.
to
July 1', 1939 is
Flour
PRICES
RYE
OF
Sat.
FUTURES
Tues.
Mon.
December
H
53 %
May
July.
0
54%
54 %
L
Season's High and
58
December
May
When Made
DAILY CLOSING PRICES
OF
RYE
December
DAILY
CLOSING PRICES
Tues.
59
December
1939
Barrels
Bushels
Barrels
FUTURES
IN
56
58%
58%
WINNIPEG
Fri.
42
Wed. Thurs.
42%
42%
44%
44%
44%
♦Total 1939
a8l,770
1,605,072
1,884,605
Spring patents
4,173,000
visible
supply of
grain,
Oats
Bushels
Boston
New York
180,000
282,000
"V.666
"3,000
363,000
936,000
465,000
17,000
7,000
3,000
Baltimore
206,000
23,000
28,000
2,000
969,000
930,000
112,000
3,000
3,437,000
10,000
9,458,000
226,000
320,000
15,000
414~666
251,000
28,040,000
961,000
8,939,000
3,683,000
154,COO
313,000
16,000
411,0C0
Orleans
Galveston
;
Hutchinson
4,208,000
Kansas City
Omaha
Sioux City
St. Louis.
921,000
7,417,000
772,000
2,051,000
1,579,000
2,000
330,000
1,730,000
321,000
167,000
343,000
964,000
364",000
63,000
1.988.666
3,857,000
3,006,000
8,269,000
2,000
6,000
4,006,000
1,969.000
3,000
1,565,000
2,488,000
1,834.000
1,663,000
60,000
14,000
3,727,000
"2",000
Detroit
Prices Withdrawn
Buffalo
afloat
4.50@6.50
On Canal
Wichita...
Oats. New York—
No. 2 white.
Rye, United States c.i.f
Barley. New York—
50%
70%
391,000
1939..132,967,000 31,011,000 13,616.000 10.059,000 15,758,000
Total Nov.
4, 1939..134,703,000 26,853,000 13,931.000 10,191,000 15,976,000
Total Nov. 12, 1938..124,929,000 38,560,000 20,910,000
8,614,000 13,012,000
Note—Bonded
59%
Chicago, cash
55-61
three years:
grain not included above:
Oats—Philadelphia, 245,000
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
63,000
2,180,000
813,000
362,000
133,000
507,000
261,000
161,000
20.000
Toledo
85^666
249,000
Indianapolis
42,000
831,000
151,000
33,000
2,000
21,000
363,000
12,000
185,000
333,000
6,000
265.000
4,000
2,000
251,000
393,000
44,000
4,000
17.000
451.000
50,000
2,000
23,000
452,000
353,000
400,000
76,000
4,000
46,000
22,000
18,000
196,000
113,000
250,000; Baltimore, 57,000; total,
1,175,000 bushels, against 587,000
Omaha
9,000
"moo
228,000
2,474,000
507,000
534,000
bushels in 1938.
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
1,996,000
...
Sioux City.
92,000
1,089,000
356,000
4,642,000
Same wk '38
378,000
1,614,000
1,053,000
Same wk '37
386,000
6,965,000
8,031,000
7,319.000
7,279,000
10,958,000
2,403,000
«•'
6,868,000 151,344,000 86,095,000
6,491,000 172,145,000 112,944,000
5,943,000 166,800,000 59,781,000
1937
—
937,000
10,250,000
10,561,000
8,419.000
3,023.000
2,228,000
1,900,000
5,100,000
9,228,000
2.830,000
9,952,000
1,910.000
8.051,000
Summary—
132,967,000 31,011,000 13,616,000 10,059,000 15,758,000
328,137,000
3,023.000
10,250,000
9,228,000
American
-
777,000
Canadian
lotalNov.il, 1939..461,104,000 31,011,000 23,866.000 13,082.000 24,986,000
Total Nov.
4, 1939..464.456.000 26,853.000 24,492.000 13,021.000 25,928,000
Total Nov. 12, 1938._292.389.000 38,560,000 29,329,000
9.524,000 21,063,000
Broomhall to the New York Produce Exchange, for the week
ended Nov. 10 and since July 1, 1939 and July 1, 1938, are
shown in the following:
1,166,000
Since Aug.l
1938
11, 1939. .328,137,000
4, 1939..329,753.000
12, 1938-167.460.000
1,534.000
The world's shipment of wheat and corn, as furnished by
19,000
33,000
1939
Total Nov.
2,000
9,000
Total wk '39
-
12,000
2,000
2,092,000
Buffalo
Total Nov.
Total Nov.
552,000
2,734,000
5,520,000
river, seab'd 56,509,000
76,915,000
2,547,000
83,000
Joseph.
M
bushels in
1938.
Wheat—New York, 4,472,000 bushels; Boston,
1,706.000; Philadelphia,
343,000; Baltimore, 563,000; Buffalo, 4,102,000; Chicago, 466,000; Erie, 1,905,000;
Albany, 4,279,000; on Canal, 75,000; total, 17,911,000 bushels, against 12,285,000
22,000
7,000
756.000
Barley—
185,000 bushels: Buffalo, 306,000; Buffalo afloat, 377,000; Chicago,
York,
Other Can. & other elev.194,713,000
Barley
bush 56 lbs bush 48 lbs
153,000
1,176,000
Rye
bushels;
Buffalo, 459,000: total, 704,000 bushels, against 502,000 bushels in 1938.
Lake, bay,
Corn
2,526,000
225,000
Total Nov. 11,
40 lbs. feeding
'ibis 196 lbs
St.
669,000
199,000
Ft. William & Pt. Arthur
Wichita
5l"666
1,165"66O
flflOSrti
954,000
Wheat
City
164,000
l,27l~,666
Flour
Peoria
30,000
4,000
2,172.000
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Kansas
37,000
176,000
879,666
65%
104.000
27,000
45,000
73,000
108.000
68,000
8,423,000 13,510,000
New
St. Louis
25,000
7,657,000
St. Joseph
16", 000
14,859,000
j
2 yellow, all rail
.
Bushels
24,281,000
165,000
5,155,000
859,000
41,000
Coarse
Corn. New York—
Milwaukee
Barley
Bushels
Duluth
Barley goods—
No. 2 red. c.i.f., domestic... 106%
Manitoba No 1. f.o.b. N. Y. 84%
Duluth
Rye
Bushels
Minneapolis...
3.00
2.10
GRAIN
191,000
and
Milwaukee
Norn.
Minneapolis
stocks in
322,000
Chicago
Corn flour
Wheat, New York—-
Chicago
4,781,000
635,000 47,349,000
comprising the
Corn
Bushels
Peoria
1.2-0.3-0.2
Receipts at—
864,000
GRAIN STOCKS
Wheat
United States—
Fancy pearl (new) Nos.
of the last
42,865,000
71,419,000
granary at principal points of accumulation at lake
seaboard ports Saturday, Nov. 11, were as follows:
••
No
Bushels
Oats good
5.50
5.^5
6.05
Hard winter clears
1939
Bushels
Rye flour patents
4.40@4.65
Seminola, bbl., Nos. 1.3—6.70@6.90
5.65
Hard winter straights
Hard winter patents
July 1
Flour exports data from Canadian Atlantic
ports not available since Sept. 15th.
Detailed figures not available.
**
Clears, first spring
Since
11
1939
Bushels
2,664,000
207,085
Nov.
1939
Indianapolis
FLOUR
Spring pat. high protein..5.80
July 1
.
Total 1938..
a
Week
New
Fri.
Thurs.
55%
58%
Corn
Since
Philadelphia
WINNIPEG
follows:
were as
Nov. 11
1939
53%
44%
Closing quotations
July 1
Fort Worth
Sat. Mon. Tues.
42%
42%
42%
44%
44%
44%
May
July
Nov. 11
Made
Aug. 30, 1939
Aug 12. 1939
Oct.
9,1939
IN
59
51%
53%
52%
53%
53%
When
Wed.
56%
OF BARLEY
_
Week
The
Fri.
Thurs.
52
53%
53%
40%
43%
52%
FUTURES
Mon.
57%
59%
59%
May
July
Wed.
Season's Low and
Sat.
_
Since
1939
CHICAGO
IN
53%
54%
54%
May 31. 1939 December
Sept.
Q. 1939 May
Sept. 27, 1939 July
60%
57%
July
1
Week
July 1 to
*
grains.
CLOSING
for the week and since
Wheat
and Since
higher.
net
undertone was firm, especially in the later trading.
Today
prices closed % to %c. net lower.
Trading was light, with
prices easing in sympathy with the heaviness of the other
DAILY
these exports
below:
Exporis Jot Week
relatively quiet, the
was
of
as
weakness
more
than all the other grain
markets, and was attributed to
liquidation by tired holders, apparently discouraged by the
uncertainty that prevails and the general outlook.
On
The destination
same as
15th inst.
This grain showed
3291
47,367,000 11,481,000 54.268,000
50,600,000 15.072,000 46,578,000
57,757,000 16,993,000 43,506,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 11, 1939 follow:
Corn
Wheal
Since
Week
Exports
Nov.
Since
Week
Nov.
Since
Since
July 1,
10,
July 1,
July 1,
July 1,
1939
1939
1938
1939
1939
1938
Bushels
Exports—
Bushels
Bushels
Bushels
Bushels
Bushels
10,
.
bush 60 lbs
214,000
372,000
115,000
Baltimore-
16,000
New Orl'ns*
24,000
Oats
bush 32 lbs
bush 56 lbs
606,000
22,000
Philadelphia
113,000
159,000
1,699,000
143,000
"u.ooo
"2,000
4<lo66
1M00
29l",000
4,000
Week
194,000
3,467,000
1,316,000
178,000
168.000
374,000
13,567,000
94,895,000
20,330,000
4,689,000
1,846,000
7,824,000
351,000
3,638.000
598,000
167,000
43,000
1,139,000
12,564,000 117,942,000
85,364,000
6,567,000
1938.
Sinee Jan. 1
1938
*
on
3,158,000 22,778,000
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
1,766,000
5,148,000
62,486.000
23,675,000
i,827To66
66,254,000
11,293,000
34,692,000
7,344,000
12,664,000
11,408,000
1,088,000
24.042,000
19,506,000
10,617.000 167.816.000 218,661.000
3.796.000
80.2*0,000 138.374.000
.
India.....
Total...
Agricultural Department's Official Report
&c.—The
noon,
of
from the several seaboard ports for the week
11, 1939, are shown in the annexed
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
366,000
79,770
21,000
116,000
263,000
_
20,000
1~75"666
67,000
Philadelphia
data furnished by crop
This report shows
Halifax
1,699,000
6bi",66o
49,000
"i"o",666
291",000
147,000
311,000
a
.
3A4~666
Three Rivers
Total week 1939..
a
2,664,000
864,000
a8l,770
224,000
4
a
flit one
207.085
132.000
178.000
See the following table.
as
of Nov. 1, based
Cereals,
States
on
crops
reports and
correspondents, field statisticians and
ment's estimate
of
that the production of winter wheat is
placed at 550,710,000 bushels, the
a
same as
in
1938 and
a
10-year
production of 560,160,000 bushels.
of spring
the Depart¬
month ago, and comparing with
686,637,000 bushels
wheat is estimated
bushels, which compares
bushels in 1938 and
a
a
harvest
(1928-37)
The production
of Nov. 1 to be 188,735,000
with a production of 244,164,000
as
10-year (1928-37)
192,792,000 bushels.
average
production
We give below the report:
Although in past years none of the important
States ever secured more than 48 bushels of corn per acre,
pectations.
12,000
Montreal
on
United
Yields of corn and some other late crops are running above earlier
"MOO
12,000
New Orleans
the
of
cooperating State Boards (or Departments) of Agriculture.
of
164,000
Baltimore
Board
Nov. 10, its forecasts and estimates of the grain
average
Albany
Reporting
Crop
the United States
now
ended Saturday, Nov.
Exports from—
656,000
countries
Department of Agriculture made public late Friday after¬
Since Jan. 1
1939.-.
50,848,000
781,000
50,658,000
81,000
344,000
ThreeRivers
Total wk '39
4.759,000
Other
bush 56 lbs bush 48 lbs
21,000
21,000
51,000
"ri'ooo
Barley
77,000
175,000
11,000
601,000
80,000
_.
Boston
Rye
6,000
206,000
37,000
Galveston..
Montreal
Corn
121,000
.
95,790.000
45,752.000
No. Amer.
Australia
Wheat
bbls 196 lbs
New York
67,005,000
14,368,000
Argentina.
Flour
Receipts at—
3,549,000
1,264,000
881,000
Black Sea.
14,000 1,190,000
ex¬
corn-producing
preliminary re¬
ports for this year indicate yields of 51 to 51% bushels in Indiana, Illinois,
and Iowa, 49 in Ohio, and 45 in Minnesota.
The yield in Minnesota is
6% bushels above the previous high record for the State.
The corn crop
of the United States is now estimated at 2,591,000,000 bushels, which would
be 2% above prospects a month ago, and the third largest corn crop in
10 years.
Production is still considerably lower than the average during
the pre-drought period. 1920 to 1929, when the four States of South Dakota,
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3292
'
Nebraska, Kansas and Oklahoma together produced more than 500,000.000
bushels per year, or nearly three times their production under drought
conditions
this
season.
indicated a month ago.
As harvesting pro¬
gressed, the peanut yield was found to be unusually low, especially in the
Georgia-Alabama area, and the estimate of the total crop was reduced
nearly 7%.
The estimate for sweetpotatoes was reduced 2% and grain
sorghums 1%.
Pending completion of the fall check-up of acreages harvested, exact
allowance for loss of acreage cannot be made, but present indications are
that the total acreage for all crops harvested was between 3 and 4% less
than the total last year and lower than in any recent season except the
drought years, 1934 and 1936.
Yields per acre harvested in 1939 how seem
likely to average slightly higher than in 1938 and 1920 and substantially
higher than in any other recent years, except 1937.
Crop yields per acre
this year were unusually good in the central and eastern corn belt but were
seriously reduced by drought from southern North Dakota and eastern
Wyoming southward through central Texas.
Another area of low yields
extends from the Gulf into Alabama and northeastern Mississippi.
Be¬
cause of the dry fall, additional precipitation is now needed
by winter grains
over a large part of the Mississippi basin and also east of the Cascades in
Washington and Oregon.
From central Nebraska southward into Okla¬
homa, the need has been urgent.
According to present indications the only bumper crops this year are
tobacco and soybeans.
The estimate of tobacco is about 1 % a bo ve produc¬
tion in 1930 when the acreage was much larger.
The average yield of
tobacco per acre is estimated at 921 pounds compared with a 1928-37
average of 803 pounds and a previous high record of 903.
Soybean production continues to expand markedly both because of the
rapidly increasing acreage and the upward trend in yield per acre.
Pre¬
liminary reports indicate that, while nearly half of the acreage was cut for
hay, nearly 3,900,000 acres were harvested for the beans and the production
from what
18,
1939
ThisTis due
1.
fjrimarily to the crop turning out the most important States in theexpected
New York and Pennsylvania, somewhat better than had been
produc¬
n
Changes in the production indications for other crops include Increases
of 4% each in beans and buckwheat, 2% in rice, and 1% in potatoes.
On
the other hand, the dry fall reduced the yields of some southern and south¬
western crops
Nov.
month is 234,000 bushels larger than the forecast on Oct.
was
tion of buckwheat.
The average yield this year for the country as a whole is 15.1 bushels per
compared with 14.8 bushels in 1938 and 15.8 bushels, the 10-year
(1928-37) average.
acre
Potatoes—The 1939 potato crop is estimated at 361,765,000 bushels
compared with 371,617,000 bushels harvested in 1938 and the 10-year
(1928-37) average of 372,258,000 bushels.
The Nov. 1 estimate is^an
increase of 3,076,000 bushels from the production indicated on Oct. 1.
m
In Maine, where crop growth was terminated prematurely early* in
September, digging reveals light yields of rather small-sized tubers this
season.
In New York and Pennsylvania late September rains and absence of early
frosts permitted a portion of the crop to make additional growth.
Except
for a rather high percentage of small sized tubers, the crop in these,States
shows good quality.
In Michigan yields are lower than expected a month
The Michigan crop will show heavy grading losses due to blight,
sizes and ill-shaped tuber.
Dry autumn weather in Wisconsin
limited damage from blight infestations.
Digging of the crop in North
Dakota was hampered by rams.
In Nebraska and the Kocky Mountain States potato yields are
generally
exceeding Oct. 1 expectations.
Although potato yields in Idaho are quite
spotted yields for the State are about average.
In northern Colorado the
potato crop shows exceptionally good yields and good quality.
Yields,in
the San Luis Valley are turning out better than expected.
In Washington yields are heavy in the Yakima Valley and west*of the
Cascades but rather light in other sections.
For California and Oregon
the potato crop shows no change in prospects from Oct. 1.
In California
11,089,000 bushels or 50% of the total crop are early potatoes -which have
already been marketed.
ago.
small
GENERAL
CROP
REPORT
AS
OF NOV.
1, 1939
Production of soybeans
did not reach 10 million bushels until 1930 and did not reach 58 million till
The Crop Reporting Board of the Agricultural Marketing Service makes
the following report from data furnished by crop
correspondents, field
last year.
statisticians, and cooperating State agencies.
in threshed beans
was
close to 80 million bushels.
Total fruit production is about the same as indicated on Oct. 1 and is
sufficient to give more than the usual per capita supply.
The tonnage of
deciduous fruits is estimated to be about 16% above last season and
equally
above the
10-year (1928-37)
Supplies of apples, pears, grapes,
and citrus fruits for marketing during the remainder of 1939 and the first
half of 1940 are relatively large.
The total supply of dried fruits, including
dried prunes, raisins, apricots, dried apples and dried peaches, is also
large.
The total pack of canned fruits will be heavier than last year.
Large crops
of walnuts, almonds and filberts and nearly an average crop of pecans were
produced in 1939.
Milk production showed about the usual seasonal decline in October and
on Nov. 1 it appears to have been about the same as at that time last
year,
indicating about 1% more than the usual per capita milk production for
this season of the year.
Liberal feeding and a slight increase in the number
of cows are about offsetting the low condition of pastures.
Egg production on Nov. 1 appears to have been several percent higher
than a year ago.
The number of eggs per 100 hens was slightly below last
year's exceptionally high rate of production for Nov. 1, but the number of
hens was several percent larger.
UNITED
average.
Corn—The 1939 corn crop is now estimated at 2,591,063,000 bushels or
about 2% above the production indicated on Oct. 1.
The present estimate
is about 2% larger tnan the 1938 crop of 2,542,238,000 bushels and
12%
larger than the 10-year (1928-37) average of 2,309,674,000 bushels.
The yield per acre this year of 28.6 bushels compares with 27.7 bushels in
1938 and the 10-year (1928-37) average of 23.0 bushels.
It is the highest
yield in 19 years.
In Minnesota, Iowa, Illinois, Indiana and Ohio, yields
are the highest on record.
In these States the 1939 yields range from about
12 to 18 bushels above the 10-year average due to the large
acreage of high
yielding hybrids, the restriction of corn acreage to higher yielding land, the
near ideal weather during the growing
season, which favored both
Average
Corn, all, bush
In the
belt
half of the acreage was husked by Nov. 1.
In
corn is grading No. 2 direct from the field.
is the third successive nigh quality crop.
Even in
Kansas and Nebraska where drought resulted in
very low yields, the crop
which made grain is reported to be excellent in
quality.
On a regional basis the 1939 corn production is above the
10-year average
in all groups of States except the Western.
Compared with 1938 the
production this year is larger only in the corn belt.
parts of this
The
1939
area
corn
over
much of the
crop
1939
27.7
13.4
13.3
Prelim.
1938
1928-37
a
28.6
2,309,674
1939
a
13.4
752,952
Winter, bush
14.5
13.8
14.3
560,160
All spring, bush
10.6
11.9
11.5
192,792
244,164
Durum, bush
9.4
11.4
10.7
35,076
40,445
10.9
12.0
11.7
157,716
203,719
27.7
29.7
28.0
1,049,300
1,053,839
20.7
24.0
21.5
233,021
252,139
188,735
33,144
155,591
941,230
269,540
11.1
13.8
10.0
36,330
55,039
40,834
15.8
14.8
15.1
7,964
5.9
8.6
8.6
11,943
47.5
49.0
50.1
43,387
6,682
8,171
52,303
52,204
86,450
Wheat, all, bush
Other spring, bush.
Oats, bush
Barley, bush
Rye, bush
Buckwheat, bush
Flaxseed, bush
Rice, bush
Grain
11.8
All tame
12.9
9.9
86,296
1.43
1.30
68,765
2,591,063
739,445
550,710.
5,905
17,439
100,816
1.24
sorghums, bush__
Hay, tons—
80,299
10,444
Wild
75,023
76.
.89
.79
1.10
Clover and timothy.b
Alfalfa
1.30
I.13
9,414
26,577
27,754
8,999
24,320
27,139
I.94
2.14
2.00
24,097
28,858
c731
Beans, dry edible,
c914
c905
12,638
15,268
14,137
3,418
57,665
100-
1b. bag.
16.3
16.8
17.4
4,253
14.7
19.9
20.6
21,833
6,357
8,474
3,926
79,680
7,875
117.7
989.014
372,258
1,309,400
371,617
1,147,245
361,765
83.8
70,690
76,647
74,369
1,378,534
11,467
1,659,409
10,972
6.5
6.2
6.3
714
764
630
111.4
123.1
85.2
86.8
Sweetpotatoes, bash
corn
Thousands)
Average
2,542,238
930,801
686,637
Cowpeas for peas, bush.
Peanuts,
picked
and
threshed, lb.*.
Potatoes, bush...
areas*.
1938
23.0
__
timely cultivation, and the favorable fall for maturing the crop.
on yields In some areas resulting from the warm and
dry
generally
important producing
Harmful effects
Prelim
1928-37
Peas, dry field, bush....
Soybeans for beans, bush
weather during the past two months was more than offset
by the
favorable maturing and harvesting conditions in the
Total Production {In
Crop
growth
and
STATES
Yield per Acre
Tobacco, lb
Sorgo sirup, gal
Sugarcane for sugar, ton
Sugarcane sirup, gal__
803
860
921
1,360,400
60.5
60.4
56.3
16.6
22.8
22.1
161.6
162.2
163.4
12,989
3,609
21,040
Sugar beets, ton
II.1
12.5
II.4
8,486
Broomcorn, ton;.
Hops, lb
c267.8
C278.9
C254.6
44
37
1,198
1,119
1,236
d34,079
d35,26l
38,570
96,469
82,395
d51,945
d32,473
100,530
61,730'
6,720
5,779
22,221
22,880
10,688
11,614
Percent of a 'Full Crop
CORN, ALL
Yield per Acre
(Bushels)
PASTURE
a
Per Ct.
Production (Thousand Bushels) Condit'n Nov. 1
State
Average
1928-37
Prelim.
1938
Average
1939
1928-37
Prelim.
1938
%
%
1939
1938
1939
Maine...
38.7
40.0
40.0
489
440
520
87
70
N.
41.1
41.0
40.0
599
656
600
82
71
3,120
3,040
86
75
H
Vermont.
39.9
40.0
40.0
2,803
Mass
41.1
38.0
39.0
90
65
R. I
39.8
40.0
39.0
347
400
351
90
83
Conn
38.8
36.0
40.0
2,005
1,920
85
77
N. Y
33.7
37.0
35.0
21,221
7,186
51,087
132,297
151,195
1,764
25,345
23,485
81
7,215
57,545
80
80
73
~71
d54,151
66
73
70
72
80
76
d25,489
d2,215
47
33
42
65,313
669
656
.......
Pasture
67
86
60
58
66
72
"59
Apples, com'l crop, bu_.
Peaches, total crop, bush
Pears, total crop, bush..
Grapes, ton.f
Pecans, lb
61
30,577
2,704
2,471
49,721
60,474
51
75
Per Ct.
49
49
68
Per Ct.
56
62
70
Apples.e
N. J
38.2
38.0
39.0
Pa
39.0 '
43.5
42.5
Ohio
36.5
44.0
49.0
Ind
33.5
41.0
51.0
Illinois..
33.8
45.0
51.5
Mich
29.2
36.5
35.5
Wis
31.8
38.5
37.0
Minn
29.4
35.0
45.0
1,606
1,482
7,486
59,508
156,992
173,389
1,482
167,825
211,344
416,790
58
307,592
43,167
71,042
136,346
379,350
90,614
157,535
54,741
83,509
204,570
69
468,923
504,236
82
114,520
48
16,186
15,856
48
45.5
51.5
20.1
25.0
28.0
Dak.
14.1
16.5
16.0
S. Dak..
12.5
12.0
14.5
54,933
35,688
41,456
58
48
Neb
16.7
14.5
10.5
159,176
107,735
41
13.2
20.0
10.5
45,200
61
44
Delaware
27.3
29.0
29.0
80,736
3,861
76,388
32,487
64
Kan
37.0
36.0
4,176
77
77
15,617
4,147
18,537
18,216
78
72
Md
30.6
Va
21.8
25.0
26.0
32,225
34,775
30,166
73
26.5
28.5
12,384
12,640
71
55
N. C
18.0
19.0
19.5
41,355
46,398
70
S. c
13,737
47,151
13.2
14.5
14.5
21,335
26,767
25,433
55
58
9.8
11.5
8.5
38,902
65
Va..
Ga
64
Fla
38,514
53
9.3
10.5
7.5
6,733
8,452
6,158
74
75
Ky
21.6
27.0
25.0
62,688
74,547
70,400
66
46
Tenn
20.9
25.5
20.0
60,308
68,570
51,620
58
39,427
36,262
49,700
37,275
36,412
51
67
48,544
61
66
Ala
12.6
14.0
10.5
Miss
14.7
16.0
12.5
53,164
47
Ark
14.5
16.5
15.5
29,956
36,218
34,364
49
57
La......
14.3
16.5
15.0
20,098
26,730
24,540
69
70
Okla. J.¬
13.3
20.0
14.5
35,912
35,080
28,232
53
41
Texas
15.6
16.0
16.0
75,962
75,648
77,920
57
49
Mont
9.2
15.0
11.5
2,340
37.0
33.0
90
76
Wyo
10.6
1,771
1,089
75
34.9
1,259
1,225
87
Idaho
12.0
10.0
2,071
84
63
1,184
Colo
10.7
8.5
15,771
2,880
11,319
2,260
10.5
52
13.8
13.5
6,868
77
N. M...
13.5
2,928
2.916
70
15.6
2,606
78
Ariz
15.0
13.0
502
495
390
24.8
25.0
25.0
457
500
450
80
70
Nev
26.1
31.0
30.0
49
62
60
*88
85
Wash...
34.8
35.0
34.0
1,168
1,015
69
30.6
29.0
31.0
1,904
1,595
72
73
Calif
32.2
33.5
34.0
1,190
1,767
2,108
65
Ore
23.0
27.7
28.6
Utah
U. S._
a
2,385
2,077
2,309,674 2,542,238 2,591,063
78
83
69
83
66
56
Grain equivalent on acreage for all purposes.
Buckwheat—The preliminary estimate of 1939 buchwheat
production
5,905,000 bushels compared with 6,682,000 bushels harvested in 1938 and
7,964,000 bushels, the 10-year average (1928-37).
The estimate this
is
Nov.
carried
Pounds,
1.
UNITED
STATES
A creage
Crop
Har ested
For
Average
1928-37
Corn, all
Harvest,
1938
91,792,000
Winter..
99,798,000
55,804,000
38,160,000
70,221,000
49,711,000
All spring
17,645,000
20,510,000
3,355,000
14,290,000
3,545,000
16,965,000
37,452,000
11,017,000
35,477,000
3,179,000
Wheat, all
55
24.7
W.
4 Condition
56
35.5
Mo
N.
and raisins.
47
Iowa
c
quantities not harvested,
e Per cent of a full crop In States having
commercial production,
f Production includes all grapes for fresh fruit, juice, wine,
64
106,500
58,035
are
d Includes some
57
393,143
113,655
16,305
a For certain
crops, figures are not based on current Indications, but
forward from previous reports,
b Excludes sweetclover and lespedeza.
Durum.
Other spring
Oats
Barley.
Rye
Buckwheat
508,000
Flaxseed.....
2,035,000
913,000
7,293,000
...
Rice
Grain sorghums
Cotton
...
_
119.3
3,979,000
4,100,000
103.0
Cowpeas for
pease
Potatoes
100,000
3,343,000
835,000
....
Sweetpotatoes
Tobacco
1,700,000
214,000
213,000
Sorgo for sirup
Sugarcane for sugar
Sugarcane for sirup
Sugar beets
97.6
7,792,000
8,729,000
24,222,000
57,801,000
11,386,000
21,516,000
13,551,000
1,562,000
Total (excluding duplication).
a
21,320,000
13,462,000
1,671,000
203,000
2,898,000
1,362,000
1,713,000
129,000
3,020,000
86.1
112.0
99.9
102.6
96.7
100.9
100.7
93.5
225,000
110.8
3,868,000
1,251,000
1,820,000
123,000
3,074,000
133.5
91.9
106.2
95.3
101.8
883,000
1,603,000
190,000
1,802,000
112.5
195,000
102.6
294,000
262,000
89.0
887,000
100.5
130,000
137,000
140,000
102.2
763,000
930,000
937,000
100.8
334,000
263,000
222,000
84.4
28,000
32,000
31,000
99.0
334,102,000
329,908,000
317,957,000
96.4
.
Broomcorn.
Hops
94.6
213.2
12,442,000
Velvetbeans.b
80.1
78.6
1,042,000
Hay, alfalfa
Peanuts picked and threshed
77.6
87.3
390,000
2,034,000
24,248,000
Soybeans for beans
78.3
453,000
954,000
56,309,000
11,774,000
.
98.8
1,068,000
55,517,000
12,1.54,000
23,981,000
1,740,000
261,000
1,429,000
981,000
1,377,000
1938
10,513,000
34,984,000
.
1938
Percent
90,734,000
55,000,000
38,572,000
16,428,000
3,095,000
13,333,000
33,574,000
12,546,000
Hay, all tame
Hay, wild
Hay, clover and timothy.a
Beams, dry edible
Peas, dry field..
1939
•
Excludes sweetclover and lespedeza.
b Grown alone for all purposes.
of
Volume
ONE HUNDRED —The Commercial
149
Weather
c
Nov. 15—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Nov. 15, follows:
general
Chronicle—YEARS OLD
Report for the Week Ended
3293
THE DRY GOODS TRADE
summary
The
week was characterized by seasonal temperatures in the Southeast,
fairly cold wheather in the Northeast, and by abnormal warmth from the
middle and upper Mississippi Valleys westward and northwestward.
Light
to moderate rains occurred in considerable interior areas, but fair wheather
was
Financial
the rule
The weekly mean temperatures were mostly from 2 degrees to 6 degrees
below normal from the Lake region and upper Ohio Valley eastward.
In
the Southeastern States they were mostly from 1 degree to 3 degrees above
normal, while near-normal warmth prevailed in the west Gulf area.
How¬
ever, from Missouri, Oklahoma, and northwestern Texas
northwestward temperatures for the week averaged from
northward and
2 degrees to as
10 degrees above normal.
Also in the more western States con¬
siderably above-normal warmth obtained.
About half an inch, or more, of rain occurred in most of the Lake region,
many as
much of the Ohio Valley, the central and lower Mississippi Valleys, and the
west Gulf area.
In the more eastern States little or no precipitation was
further improvement in industrial employment, retail busi¬
again
ness
satisfactory account.
gave a
Apparel lines
fairly well distributed through other divisions.
Wash., reporting 4.4 inches
sales
store
the
country over for
con¬
the
corresponding week of 1938.
lyn stores
increase of 7.6%
an
Department
the week ended Nov. 4,
according to the Federal Reserve Board,
gained 13%
over
In New York and Brook¬
was
shown, while in Newark
'establishments the gain in the sales volume reached
reported; also in the western Plains, extreme upper Mississippi Valley, and
in most parts of the Great Basin of the West.
Heavy rainfall occurred along
the extreme north Pacific coast, Tatoosh Island,
for the week.
Friday Nighl, Nov. 17, 1939.
tinued to be the center of attraction, although activities were
other parts of the country.
over most
New York,
Helped by continued favorable weather conditions and the
7.8%.
Trading in the wholesale dry goods markets continued
spotty
merchants, after having previously entered
as many
Rainfall of the week relieved droughty conditions, temporarily at least,
and afforded topsoil moisture sufficient to benefit fall-seeded grains and
into substantial commitments,
pastures somewhat over considerable areas in the Central Valley
States.
Showers were especially helpful in Michigan, the vestern Ohio
ening of their inventories before resuming further buying of
revive
and
upper
Mississippi
Valleys,
Missouri,
eastern
Kansas,
eastern
Okla¬
homa and Arkansas, and in central and west Gulf sections.
The heaviest
occurred
in
northeastern
Texas, northern Louisiana, Arkansas,
rains
Missouri, and the eastern third of Kansas.
In most of eastern Kansas the
weekly totals averaged an inch or more.
However, the western Great Plains and localities between the extreme
upper Mississippi Valley and Rocky Mountains had practically no rain¬
fall and severe drought conditions continue.
In the southwestern Plains,
especially western Kansas, the soil is dry, loose, and subject to drifting by
high winds.
The eastern Ohio
still needed.
Valley had mostly light precipitation and moisture is
Also, in the Southeastern States six weeks of dry weather have
decidedly unfavorable conditions for seeding and for fall truck crops.
north Atlantic area, while little rain occurred during this week,
soil moisture is sufficient for present needs in most places.
Farm work,
except plowing, made good progress, with corn husking unusually well
along for the season.
The soil continues too dry for plowing over large
areas and the question of domestic water supply is still pressing in a good
many localities of the interior States.
made
In
the
Small
grain crops were materially benefited by
large interior sections, especially the western Ohio
Valleys and extreme southern and southeastern Great
Grains—Fall-seeded
rains of the week
goods.
dition mostly fair to good, but some still poor, while in
were sufficient to sustain growth, except in parts of the
Kentucky showers
east; wheat shows
In Illinois, also, the outlook is now better
because of the fairly generous rains in most of the State; present condition
is fair to good, except poor in some central and north-central counties;
about 85% is up and much has good color.
In Missouri good rains were timely and helpful.
Most wheat fields are
now showing green and the outlook is generally better.
Eastern Iowa had
some good showers, but the principal wheat producing western counties
continue dry, with no improvement.
This is true also for South Dakota
and Nebraska, except the extreme southeastern portion of the latter State.
In Kansas good rains in the eastern half of the State were decidedly
helpful and wheat has benefited greatly.
However, in the west, where
not much has germinated, dryness continues with great danger of the
loose soil blowing with high winds.
In Oklahoma recent moisture was
helpful, although in the northwest and extreme west there was not enough
to be of material benefit; much wheat is up and looking well in many areas,
but will need more moisture soon.
Seeding is active since the showers, but
large areas are still unseeded, especially in the northwest, while some fields
have been seeded twice and the prospect for even a fair stand is still poor.
In Texas seeding is nearly finished and rains of the week were helpful, with
much wheat up to good stands, but only fair in the extreme northwest
some
general improvement.
where little
or no
rain occurred.
In Montana precipitation was helpful in the northwest, but inadequate
elsewhere; considerable is still unseeded in the southeast.
In Idaho and
Utah winter wheat looks well and it is growing nicely.
In the Washginton
wheat
belt several light rains were
somewhat helpful in the moister sec¬
tions, but it is still extremely dry elsewhere, with no further seeding in
the drier parts.
Also in eastern Oregon and California seeding is further
delayed by lack of moisture.
In North Dakota rye is reported as deteriorat¬
ing. In the Atlantic States from the Potomac Valley northward the present
situation is mostly favorable.
y
delivery difficulties,
culated in the market to the effect that
merchants
Quite
a
have overbought
may
few fill-in orders
were
volume remained small.
light¬
with
the
number of smaller
a
certain staple items.
on
yarrs
rent
Business in silk goods improved
continued active and the view
Trading in
An interesting development
receipt of inquiries from Latin-American
of
rayon
expressed that
was
cur¬
heavy shipments would be maintained throughout the
remainder of the year.
tial
.
again received, but the total
moderately, with prices ruling steady.
Plains
In Ohio winter wheat is mostly good in the north, but only fair else¬
where; there was little growth during the week because of low temperatures
and dryness.
In Indiana the crop is now nearly all up, with present con¬
of
heard
was
a
possible exception of sheets and pillowcases, and reports cir¬
over
and lower Missouri
Less
preferred to wait for
quantities of
users
the
was
for substan¬
to be shipped early next year, in place
yarn
supplies previously received from European producers.
Domestic
Cotton
Goods—Trading in the
cloths
gray
markets remained dull excepting sheetings and osnaburgs, in
which
scattered
Other
demand
constructions
by bag manufacturers persisted.
neglected,
were
number of second-hand
offerings
ing interests resulted in
a
tions.
over
Disappointment
the
in
a
result of
Late in the week increased
behalf of several foreign
on
Business in fine goods remained
prices held steady despite the
offerings.
appearance
Some interest
follows: 39-inch
slow but
of scattered second¬
existed in dobbies for first
Closing prices in print cloths
delivery.
quarter
and the uncertain
additional influences
were
heavy goods, notably ducks and drills,
buying inquiries
governments.
hand
increasing
an
resales by convert¬
the failure of the expected large
tending to depress sentiment.
as
and
as
appearance,
security markets
interest developed in
well
further moderate easing of quota¬
export demand to make its
trend
as
80's,
7c.;
39-inch
were
72-76's, 6^c.;
as
39-inch
68-72's, 6Kc.; 38>£-inch. 64-GO's, 5^c.; 383^-inch 60-48's,
4%c.
.
dry week in most southern sections resulted
in poor progress of miscellaneous crops and fall truck, with deterioration
reported in much of the Southeast.
Growth is at a standstill in much of
this area with rain badly needed, except locally in the lower Mississippi
Valley.
Beneficial rains occurred in portions of the Northeast and the
Lake region, but subsoil moisture is still deficient.
Some soy beans and sugar beets are still unharvested in Illinois, Indiana,
and Ohio, but in most northern districts late harvests are nearly over,
with farm work largely confined to soil perparation, except where the
ground is too dry and hard.
Colorado and Arizona report an excellent
outlook for celery and fall lettuce.
Late harvesting of field crops was
favored in California and farm work is generally well along throughout the
Northwest. Frosts of the week caused no damage to apples and fall vege¬
tables in Washington, but there was moderate damage in North Carolina.
Pastures improved somewhat in Illinois, Kentucky, and Mississippi, and
continued good in Michigan; in Indiana they are green but short, while
elsewhere east of the Mississippi River, they deteriorated or are gone.
In portions of the northern Great Plains and upper Mississippi Valley,
particularly Montana, Minnesota, South Dakota, and locally to west¬
ward, livestock are grazing on open range, but in some of these States
supplemental feeding has been necessary.
Much feeding has been required
in Wyoming, and drier portions of Washington, Kansas, Oklahoma, Texas
and Alabama.
The stock water shortage is still acute in portions of Mon¬
tana, Kansas, and Missouri, while water hauling has been necessary in
Oklahoma.
In several
eastern
districts, especially Illinois,
Indiana,
Kentucky, Georgia, South Carolina, West Virginia, and Virginia water
levels are low and there are more reports of wells failing.
The condition of livestock ranges from fair to good generally, despite
the necessity for yard feeding and the shortage of water.
Weather
The
Bureau furnishes the following resume of
conditions in the different States:
Virginia—Richmond;
Normal warmth; little rain.
Drought continues;
Pastures getting poor.
Most winter grain seeded, but needs rain: earlier fields well sprouted.
Picking late cotton, husking corn, threshing peanuts, and marketing
southwestern apples
Southeastern spinach, kale, collards, and cabbage
good condition.
Texas—Houston:
Beneficial rains, except in extreme northwest and
extreme south where more needed.
Only scraps of cotton remain in fields.
Nearly all winter wheat now planted; much up to good stands; average
condition only fair in extreme northwest where rain needed badly, but
mostly good in other sections where revived by rains and germination of
dry planted and late planted materially aided.
Little oats planted yet.
Cattle fair
Ranges deteriorated, but prospects improved in rainy areas.
to good condition, but rather thin in dry areas, where much feeding neces¬
sary.
Progress and condition of truck and gardens generally poor, except
in irrigated sections, where fair to good.
Arkansas—Little Rock:
Normal warmth: freezing in extreme north¬
west counties on 11th, in north on 14th.
Farm work favored first half.
Moderate to heavy rains on 10-11th replenished soU moisture in most
streams and water levels
portions.
Winter
low in southwest counties.
Favored plowing, planting, and germination of winter grains.
wheat
and
oat
sowing
half done in northwest.
Cotton
poor
elsewhere.
quiet although
an
wear
fabrics continued
active call developed for overcoatings
result of the advent of lower temperatures
fabric divisions
ment of the
were
inactive, pending
price structure, in
possible
consequence
ing in quotations for the raw material.
ported by
a
as a
and the ensuing
accelerated flow of goods in distributive channels.
Other
readjust¬
of the recent
Mill operations,
eas¬
sup¬
backlog of orders estimated at 34,000,CMX) yards,
an active pace.
Wnile little interest was shown
a
continued at
worsted
in
suitings,
a
steady flow of orders
worsteds and gabardines came into the
from retail
on
market.
tropical
Reports
clothing centers were highly encouraging
as
the
cold weather pervading in the first part of the period under
review
stimulated
consumer
Business in women's wear
ticularly on worsted
purchases
of heavy apparel.
goods expanded substantially
,
par¬
The better flow of goods,
fabrics.
notbaly of women's coats, in retail channels caused garment
manufacturers to increase their commitments.
In view of
the
backlog
on
women's
wear
fabrics,
now
estimated at
11,000,000 yards, predictions were heard that mills in this
division will be enabled to maintain their current operating
ratio throughout
the first quarter of 1940.
Goods—Trading in linens continued spotty
highly disturbed supply situation again proving the
Foreign Dry
with the
paramount factor.
A steady flow of orders for household
items and holiday goods continued to come into the market.
Business in burlap was again
erratic.
tations in Calcutta continued their
While shipment
quo¬
advance, spot prices in
this market declined substantially, because of the growing
willingness of holders to dispbse of spot goods at current
picking
nearly done in northeast counties, some scrapping elsewhere.
Harvesting
some corn and rice in east lowlands.
Pastures fair to good in southeast;
Goods—Trading in men's
Woolen
Miscellaneous—Another
prices.
Domesticllly lightweights were quoted at
heavies at 11.10c.
'
7.35c.,
ONE HUNDRED—
3294
Commercial & Financial
The
YEARS OLD
Nov.
18,
1939
<5
Page
Name
Rale
2268
Gregg County, Texas
Grey bull, Wyo
2403 Green Island, N. Y
2400
Amount
Price
1941-1945
1940-1969
235.000
Basis
20.000
4
—
100
4.00
2.40
1940 1949
12.000
100.14
2.37
(21ss.)..3)4
3010 Hamilton County, Tenn.
2267 Hanover Twp. 8. D., Pa
Illinois & Missouri Bonds
Maturity
3)4
3011
Specialists in
1942-1979
80,000
100.36
3.48
1940 1954
210,000
100.01
3.99
1,500,000
4
Hartford, Conn
CHICAGO
WIRE
1.93
rl9,000
100.35
2.18
1947-1953
7*26,000
100.58
3.92
Hawthorne, Calif
4)4
1941-1950
25.000
100.31
1941-1949
22,000
100.61
4.63
1940-1949
60.500
100.36
2.32
1944-1948
7*5,000
100
1940-1944
22,496
100.03
2725 Highland Park Park Dist., Ill
2548 Hillside Twp., N. J
2*4
1944-1946
30,000
100.17
2.72
3
1940-1944
d40,000
100
3.00
3.20
1940-1961
22,000
100.42
3.15
4)4
3)i
*4
3)4
1*4
2)4
3)4
1942-1954
Okla__2J^-3)4
1942-1954
20,000
30,000
10,000
10,500
11,000
100.75
3.92
100.87
3.40
250.000
100.02
2.66
-
314 N. Broadway
ST. LOUIS
•
100 67
1943-1945
4
2724 Hawthorne, Calif..„
4%
2264 Hempstead, N. Y. (2 Issues)
2.40
2730 Heppner, Ore
...2*4-3
2548 Herkimer, N. Y. (2 Issues)
2.90
Founded 1890
DIRECT
1940-1959
24
2724
Stifcl. Nicolaus & Co,lnc.
105 W. Adams St.
2
2725 Harrison County, Iowa
2729 Hartnett County, N. C
—
2264 Holland, N. Y
3004
MUNICIPAL BOND SALES
We
present herewith
IN
3005
columns prevented our
at the usual time.
Ionia County, Mich
2550 Jackson Co. 8. D. 25,
2731
on page
397 and the number of separate issues was 306.
Rale
2267
Maturity
Amount
1942-1960
rlO.OOO
—3
1941-1948
1940-1948
3
..4
2
2.46
3.27
-.2%
1944-1946
25,000
100.71
2.63
2%
1940-1959
100
2.75
4
1941-1959
33,000
18,000
2727
9,000
3
Blooming Prairie, Minn
13,500
3)4
1941-1946
1940-1949
4
1940-1954
78,900
25,000
2551 Bowie Co. Levee
Impt. D. 1, Tex.6
3011 Brandon, Vt
..2)4
3010 Brandon 8. D. No. 1, S. Dak
3
2546 Breda, Iowa
24
2732 Bremerton, Wash...
34
...
1940-1945
1940-1959
3.22
106.61
1.98
100
4.00
__4
..3)4
3)4
20,000
1940-1950
5,000
100.22
1947-1954
8,000
33,000
100.50
16.000
100.58
3.93
100
4.00
1941-1958
36,132
100.02
1.99
1,000,000
100.07
3.92
1940-1959
150,000
7,500
1940-1944
250,000
100.21
1.18
1940-1949
50,000
107.82
2.33
1 )4
2
1941-1945
60,000
102.09
0.92
1940-1943
23,300
1.90
1940-1944
26,000
1940-1949
142,000
100.53
1.89
1940-1949
50,000
100.39
1.42
lbb"""
3.50
2
....
1
)4
3)4
Marion, 111
.5
County, Iowa....
1941-1959
12,000
1940-1958
3005 Marissa, 111
4
Marissa, 111..
4
Marshall Twp., IU
70.000
1942-1969
1949-1955
3)4
27^6 .Massachusetts (State of)
2
19454969
5,000.000
101.81
1.88
2.99
2726 Massachusetts (State
of)..
2266 Mlarnisburg, Ohio.
1
1941-1945
300.000
100.59
0.85
4
1941-1950
5,000
150,000
10,000
51,700
lbo'ii"
3~45
100.44
0.85
2403
2.30
19404949
100.04
3.24
2402
......3)4
1940-1949
1940-1949
34
1948-1957
23,000
lbo'ii"
3.20
3.10
1940-1964
30,000
100.17
3.09
5
1941-1945
(,*75,000
100
5.00
2106
3
1940-1959
70,000
101.26
1940-1960
40,750
100.44
11,000
140,000
100.10
110,000
ibo"97"
2.57
2404
Charlestowa, Ind
Charlestown, Ind
2732 Charleston, W. Va. (2
Issues)
2728 Charlotte, N. Y
100.11
1.46
2727
14
3010
2551
3006
2261
3006
4
2403
Colonie S. D. No. 11, N. Y
Colorado, Texas (2 Issues)
Columbia, S. C
2731 Columbia, Tenn
2265 Concord, N. C
2265 Concord, N. C
2267
25,000
104"""
1941-1949
40,000
101.12
3
1941-1951
2,000
62,900
2%
1940-1948
5
1941-1950
1940-1944
2.90
4
1951
3.38
IIII
2.31
2~98
100
5.00
100.25
5,000
2.79
2.80
1940-1959
74,000100.26
..34
1941-1949
57,500
1940-1949
136.000
2*77
100
3.50
2264 Cortlandt, N.Y
3010 Cranston, R. I
2728
Croton-on-Hudson, N.Y
Decatur, Ind
Delcambre, La
1.65
3
1941-1954
27,900
500.000
100.87
.—4)4
New Bedford, Mass
New Boston, Ohio
2
1940-1944
100.08
1.98
100.18
4.23
3*4
1941-1950
30,000
100.18
3.72
1.80
1940-1949
22,000
100.11
1.78
2264 New Castle & Mt. Pleasant 8. D.
No. 4, N.Y
2.20
2724 New Haven, Conn...
1940-1942
16,000
100.50
1.95
2266 New
Boston, Ohio..
Newburgh 8. D. No. 1, N. Y
1941-1949
500,000
100.74
40,000
101.22
1951-1955
4)4
2731 New Kensington 8.
D., Pa
2263 New Mexico (State
of)
3011 New
Richmond, Wis
3
1942-1949
1.90
1940-1949
916,000
100.22
1.86
1940 1943
80,000
100.25
0.78
1940-1969
50,000
100 52
2.20
1940-1958
307.000
2546
2403
1941-1964
33,750
22,500
500,000
100.37
3.97
100.02
2.39
1941-1945
101
3.17
1940-1944
Northumberland County, Pa...._4^
Norwood, Ohio
2)4
2263 Oakdale, Neb
4
6,000
100.07
1.87
2401
1942-1955
350,000
12,000
Oak Park Park
District, IU
2550
Okarche, Okla
1949-1959
20,000
1941-1960
20,000
175,000
1940-1944
1942-1966
1940-1979
100,000
14,000
100.03
100
4"bo
1941-1954
r64,500
100.29
2.96
1940-1960
31,500
100.34
27.000
104.74
2
1940H959
300,000
100.62
1940-1944
100.02
1940-1949
1940-1979
215,000
113,000
17,000
15,000
605,000
120,000
Fallsburg, N. Y
4
15 years
4,900
3
1940H968
r90.000
1940-1948
-.4)4
1942-1966
County, Ohio
2
Issues)
2550
Fish Creek 8. D., Okla
2406
Follansbee, W. Va
3006 Franklin, La
2724 Gadsden, Ala. (4 Issues)
Galveston County, Texas
2260 Georgia (State of)
2%
3.20
3^-3^
4
1943
__2
34
1946
d5,000
100
1.75
1940-1958
165,000
100.12
2.19
100""
if.oo
25,000
101.63
1.45
1,100.000
100.61
3.20
3004 Oxnard D. D. No.
3, Calif
...4)4
2264 Oyster Bay & North
Hempstead
•
S. D. No. 15, N. Y.
2.90
2266 Parma City 8.
60.000
r69,000
—
-
-
-
-
1.19
m
loo'oe
r2650,000
30,000
11, Colo
Ottumwa, Iowa
Oxford, N. C
4.49
100.47
1.85
100.85
2.56
100.80
3.15
3)4
D., Ohio
2731 Patton Springs 8.
D., Texas
Peabody, Mass
2402
Pecos
1944-1955
7*25,000
15,000
County, Texas
4*4
-
PhlUlps County, Mont
2267 Pine Twp. 8. D., Pa
3010 Pittsburgh, Pa. (2
issues)
1940-1959
200,000
1940-1948
126.200
60.000
1941-1946
250.000
2)4
100
100.27
4.22
100.14
2.88
100
4.75
100"35~
2.18
7*49,000
1940-1949
100.16
80,000
--
Manor, N. Y. (2 Issues) .1.90
2263 Perth
Amboy, N. J
£
2549 Phelps. N. Y
3H
2548
18,648
1949-1958
1959
4
2)4
4*4-2
—
4.45
15.000
1949-1953
3
4-4)4
2725 Pekln, 111
3009
Pelham
100.33"
1.83
100,000
100.01
3.99
10.000
100.05
3.49
100
2.50
1940-1949
30.000
1940-1944
1940-1947
1944
7*63,664
-4
1940-1948
4,500
100.14
2.10
2)4
1940 1959
7-3,500.000
100.07
2.09
1941-1949
d50.000
100.51
2.40
1939-1958
80.000
100
3.50
1940-1954
100.18"
3.30
3010 Plum Twp. 8.
D., Pa
3006 Pointe Coupee Par. 8. D. No.
2,La4 )4
3006 Pointe Couoee Par. 8.
D., 8,
2267 Portage Twp., Pa
3
100
4.00
2401 Portland, Me
lbb
2~66
100.19
3.71
2405 Port of Arlington, Ore
2726 Prince Georges County, Md
3005 Prophetstown Twp., IU
50,000
1940-1949
4.00
2.83
100.10
2545 Otero Co. 8. D. No.
1943-1969
1946
100
102.41
11,000
2404
1940-1949
2
5,000
50,000
4.50
3011
2.73
2.46
1959
4~34
1.93
5.000
1942-1952
Osslntng, N. Y
3.21
100.18
lbo'.u"
60,000
....
2.20
Osage Ind. 8. D., Iowa
3009
2261
2.81
1957-1959
3
100
.
101.06
4)4-4)4
4*4
I0b".57
7,000
...3)4-3*4
3010 Englewood, Ohio
3
2266
2725
1940-1949
1.37
3~.il
Newton, Mass.......—
---1
Newton, Mass
:
2)4
North Tarrytown, N.Y. (2
\ss.)..2*4
1.94
2551
100
2,000,000
15,000
3.32
3.50
1.34
50,000
65,000
101
100
100.47
1-10 yrs.
100.50
_1.20
Ebensburg 8. D., Pa
Elgin, 111
Elizabeth, N. J
2552 El Paso, Texas
2725
102.12
6,500
3)4
2405
2267 Glass port S. D.. Pa
7*120,000
50,000
2
3008
2552
1.98
1940-1951
1940-1956
3
Erie
100.08
2
18,000
1942-1948
4)4
East Taw as, Mich
Fall River, Mass. (2
100.07
12,500
2728 New Rochelle, N. Y.
(5 Jss.)
,4)4
D., Ga
2261
7*57,500
1943-1945
--
2262
2400 Duval Co. Airbase
Authority, Fla.3#
2546 East Baton Rouge Parish
Sewer
District, La
4)4-4)4
2552 East Delta 8. D. No.
3, Texas
4
3008 East Newark, N. J
2550
1943-1949
2
3.69
..4)4
Darrlsvllle 8. D., Ill
2728
2-2)4
3.37
3)4
2406 Douglas
County, Wis
3005 Druid Hills 8.
3007
3*36
100.97
6
2545 Des Plaines Park
Dist., Ill
2727 Dllworth, Minn
2.99
3.00
6.00
101.01
3
100.10
100
100
35,000
1940-1944
10.000
loo'ie"
26,500
1942-1971
7*330,000
3,200
12,000
1960-1964
3)4
1.90
2*68
101.21
28,000
1942-1954
2.40
lbb".05~
25,000
3*4
314
3)4
3.39
3.41
60,000
1944-1954
1940-1942
.3 4
100.60
100.43
1942-1971
2728
727,000
2.27
3.34
4)4
2266
100.12"
Bedford, Mass.....
5,000
14,000
35,000
r27,500
4
Cornwall, Conn
2729 Cortland, Ohio
2725
2726
1940-1944
4.00
100.19
1940-1949
City, Ind
2726 New
1941-1945
lbb"""
100.81
1940-1948
—
2727 Muskegon County, Mich
2727 Muskegon County, Mich—
2730 Nazareth S.D.,Pa
2401 New Albany School
25,000
2
2545
2546
25,000
100.10
7270,000
5,000
Montgomery Co., Tenn. (2'iss.)..3)4
Montgomery County, Tenn
3)4
Montgomery County, Ohio
3
Montevideo, Minn
3
Moody Ind. 8. D., Texas
Moore County, N. C
3)4-3)4
Morningside, Minn
6
2546 Mound Twp. 8.
D., Ind...
2548 Mullen, Neb
16,400
34
Collingsworth County, Texas
95
375,000
15,000
1942-1947
2404
2547
2731
65,000
10,500
1941-1948
..
24
Clinton County, Iowa
Clinton Ind. 8. D.t Iowa..
2406
3.15
6,500
1941-1973
3.40
24
2731
2725
24
:
2404 Coleraln, N. C
3008 ColesvilleF. D. No.
1, N.Y
2552
1941-1958
1941-1943
1940.1947
Chesapeake S. D., Ohio
Chickasaw County, Iowa
Clarington S. D., Ohio
Clay County, S. Dak
Clay Twp. S. D., Iowa
100
25,000
3005
3006
4
3)4
3007 Monroe Twp. 8. D. No.
3, Mich..5
3009 Monticello, N. Y
2.70
2547 Moorhead, Minn
...3
3005
2404
Mtllstadt Twp., IU
Mineola, N. Y
Minneota, Minn.......
2401 Moline, IU...
50,000
2%
2261
2725
1941-1958
3*4
100.78
2~34
723,000
Cedar Falls, Iowa
Cerro Gordo County, Iowa
7,000
101.50
723,600
2401
100.12"
75,000
20,000
205,000
3
1.84
7-132.000
2
3005
100.17
5,000
..
1940-1957
3.20
3.70
&c.,
1940-1953
Carmi, 111
lbb~33~
1941-1949
1)4
1940-1944
2724
3.37
1943-1961
1
2400 Canton Park Dist., IU
2403 Carmel S. D. No.
1, N. Y
2405 Carmlchaels, Pa
d300,000
101.24
1940-1943
34
Burnet Ind. S. D., Texas..,
3007 Cabool, Mo
2264 Caledonia 8. D. No.
5, N. Y
3005 Cambridge, 111
3.75
100.005
10,000
2551
3.73
100
d40,000
2546
2J4-3
L99
100.13
55,000
12,000
1940-1953
2725
Brookline, Mass
Brooklyn, Iowa
2545 Buhl, Idaho (2 Issues)
lbb'ob"
19421943
4
2726 Maiden, Mass
3005 Manhattan, 111. (2
issues)
2402 Maple Bluff, Minn
3006 Marion
2.23
1940-1959
3005
105
5,500
r40,000
1942-1956
101
2.60
100.12
2.44
—4
2403 Madison County, Ohio
2264 Maine,
Union
Nanticoke,
8. D. No. 1, N. Y
2261 Maiden, Mass
2260
6,000
34
2546 Bloomington, Ind
2724 Bluford 8. D., Ill
101.58
84.000
2.86
...
100.31
100.08
150.000
—3
2725 Luverne Ind. 8. D., Iowa
40,000
2.96
1940-1965
1940-1949
100.55
2402 Lynn, Mass
3005 Macoupin County, 111
2546 Madison County, Ind
r23,000
100.25
100.26
2404 Logan County, Ohio
1
2546 Louisiana (State of)
....3)4-3)4
2731 Lubbock, Texas (3 Issues)
305,000
7-49,000
2,500
3.52
1941-1958
17,000
1944-1950
7,000
102.10
1940-1979
3*40
31,000
2
3011
1.99
100"""
1940-1942
—3*4
Lewlsburg, Tenn
3)4
2549 Lewisboro, North Salem & Somers
Fire District, N.Y
2)4
2267 Liberty. Pa
3)4
100.11
I
2.16
1943-1954
86,000
100,000
1941-1975
1.b8
100.93
1940-1953
2.87
1940-1959
2,500
2)4
2731
4.50
250,000
.*>i>
4)4
100.65
100
0.74
mmmm
luu
2.90
25,000
10,000
16,000
.2)4
2545 Believue, Idaho
2724 Birmingham Twp., Ill
3008 Bloomfleld, Neb
3006 Larnoni 8. D., Iowa
2549 Larchmont, N. Y
2730 Laurel Run, Pa
3005 Lawrence, County, Ind
2550 Lenoir, N. C..
Liberty Co., Texas..1...
2729 Lindsey, Ohio
2731 Lockhart, Texas
49,000
17,000
-
-2*4
2)4
2.75
22,000
1941-1961
1940-1944
..
3
2.75
10-20 yrs.
50,000
194C-1968
100
Beaumont, Texas (4 issues) __3 34-3 H
2405 BeaverS. D., Pa
3008 Belgrade S. D., Mont
—
100 03
7-12,030
--
Klamath County 8. D., Ore
lbo'ob"
100.000
1940-1949
1950
4
100
$3,000
2724 Arthur, 111
3007 Augusta, W. D., Me
2725 Barnes City, Iowa
3007 Bayport, Minn
Basis
37,000
5-10 yrs.
2551
3010
Price
1940-1944
1941-1959
2)4-3
2.99
10,000
7-40,000
3)4
2401 Kokomc, Ind.........—4.
2268 La Crosse, Wis
v
—..2*4
--434
2%
....
12, Texas..4
3005 Kansas, 111
3007 Kansas City, Mo—
2552 Kingsbury 8. D., Texas..
3140
Federal Emergency Relief Administration or Public
Works Administration loans or grants
actually made or
promised to States and municipalities during the month.
The number of municipalities
issuing bonds in October was
Angelina Co. S, D., Texas
2723 Anniston, Ala
Joliet Park District, 111
2552 Josephine Co. 8. D., Texas
given
was
clude
2264 Argyle, Hebron, Greenwich, &c.f
8. D. No. 1, N. Y
4)4
3011 Arlington, Wash. (2
homes)...4)4-4)4
Jackson County R. D.
2401
publishing
of the "Chronicle" of Nov. 11.
The total of awards during
the month stands at $51,567,403.
This total does not in¬
—
Indianapolis School City, Ind
2402
/
The review of the month's sales
Pane
isame
3006 Adair, Iowa—
2268 Adams, Wis
2727 Alliance, Neb
2650 Alliance, Ohio
3007 Amory, Miss
Howard County, Ind
2401
our
our
Holmes County, Miss
3007 Holyoke, Mass
2724 Homerville, Ga
OCTOBER
detailed list of the municipal
bond issues put out during the month of
October, which the
crowded condition of
Holly Grove 8. D., Ark
2547
4.44
La.4-4^
*3
-2h
1939-1958
100.000
1941-1955
15,000
120.000
3.97
101.22
11,000
3 )4
101.36
2.08
101.06
2)4
1940-1951
60,000
3)4
1940-1949
10,000
2.02
Volume
149
Page
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
Name
2405
Rate
2H
1940-1959
4)4
2)4
Providence, R. I
2260 Proviso, 111
2401 Qulncy, 111
Maturity
1940-1949
2551 Radnor Twp., Pa
2
2550 Raleigh, N. C___
3-5
2403 Rama pc & Charlestown, Moles ton
Fire District, N. Y
3.40
2546 Ramsey County, 111
3004 Rehobotb Beach, Del
2729 Richmond County, N. C
2729 Roanoke Rapids, N. C
3
..2)4-2%
3)4
2405 Rochester Tw p. S. D., Pa__
4%
2546 Rock
Island
County Non-High
S.D. 1, ill..-.
1948-1960
2,300,000
70,000
200,000
200,000
T170.000
1940-1959
f
1940-1957
1940 1949
1940-1969
2.63
4.15
55,000
2,500
13,000
334,000
35,000
60,000
2,200
275,000
135,000
60,000
10,000
102.20
....
100.21
2.78
101.05
2.50
1940-1959
7-232,000
30,000
550,000
19,871
1,000,000
1940-1949
15,000
1940-1949
40,000
94.42
2725 St. Francis Twp., Ill
2264 St. Lawrence County, N. Y__
2547 St. Louis Park, Minn
4
1941-1950
3010 Sallisaw, Okla
2725
1949-1950
6
2
1940-1949
1940-1942
2406 Seattle, Wash. (2 iss.)
2727 Secaucus, N. J
3006 Sedgwick County, Kan
2731 Silshle S. D., Texas
Sioux
;
City, Iowa (2 Iss.)
2261
Sioux City, Iowa
3006 Sloan Con. S. D., Iowa
3008 Snyder, Neb..
2545 Solano & Scramento Cos., Calif
2402
1940-1959
1942-1954
._..3
Savanna Twp. S. D., IU.
2261
1940-1947
2.40
2549 Schenectady, N. Y. (3 iss.)
2730 Scioto County, Ohio
Somerville, Mass
3008 South Amboy, N. J
2267 South Carolina (State of)
2727 South St. Paul, Minn__._
1955-1964
3
1.60
1%
4%
4
2
2%
2)4
2%
3)4
4
3%
214
2.20
3
3
1940-1949
1940-1941
1942-1947
3
4)4
4)4
4
2%
4)4
Spring Green S.D. No. 2, Wis
2403
Springfield, Neb
2724 Stratford, Conn
2406 Spur, Texas
2405
Steubenville, Ohio
30ll Sunnyslde, Wash
2405
Swanton, Ohio
-
__
3005 Sycamore Park Dlst., Ill
2546 Taunton, Mass
2)4
2
Tecumseh Twp. S. D. 7, Mich
3
Tennessee (State of) 3 Iss
2 %-3
Texas (Stateof), 12iss
....3)4-4
Texas (State of), 6 iss
Tell City, Ind
2%
Tenafly, N. J..
.2)4
Thurmont, Md
3%
Toledo, Ohio
-2>*
Torrington, Conn
1%
Topeka, Kan. (2 Iss.)
1)4
Town of Sheboygan & Village of
Kohler S. D. No. 2, Wis
2)4
Tuscaloosa City S. D., Ala
3%
Union & Maine S. D. 14, N. Y...2)4
3007
2731
2732
3010
2546
2727
2730
2545
3006
2552
2260
2729
2401 Utica, III
2729 Utica, N.Y. (6 iss.)
2549 VaUey Stream, N. Y
6
of
Cornell &
Town
EstellaS. D.No.2, Wis
2725 Virginia, 111
2547
3
3005
2546
2726
2268
3011
2727
2551
2549
1.59
100.14
1.67
100
4.25
100.37
3.92
101.06
4.50
1941-1949
100,000
5,000
1940-1952
2267 Plainview C. 8. D. 27,
S. D. Nos. 11 and 55, Wash
IB
Nov. 13:
by the Reconstruction
1.88
total
830,600
76,000
2.70
1951-1959
7*25,000
100.56
1940-1949
95,000
30,000
100.81
101.52
3.09
1941-1945
24.000
100.04
2.24
1940-1949
115,000
91,466
100.89
1.57
100
1.50
150,000
30,000
15,200
30,000
406,298
56,000
17,000
100.53
2.39
100.02
3.24
100
2.50
loo'ii"
1*33
100.08
1.47
100.44
5.92
56,000
100.04
2.99
101.71
2.57
101.03
1.80
to date of $107,613,543.02 authorizations outstanding under the
provisions of Section 36, Emergency Farm Mortgage Act of 1933, as
amended, of which.$3,006,300 has been authorized for mutual non-profit
companies and incorporated water-users' associations and the balance for
drainage, levee, irrigation and similar districts.
2.33
1940-1959
1940-1949
1940-1949
1940-1949
1940-1959
1940-1949
1940-1944
30,000
1941-1959
1940-1956
19,000
105,000
7-10,000
3,500
16,300
1940-1949
123,000
iob*65*
1*08
1941-1948
1940-1955
65,000
101.46
2.24
7-5,000
5,500
50,000
15,560
60,970
16,500
20,000
180,000
100.40
3.44
1940-1949
1942-1949
1943-1946
1940-1959
1942-1966
1940-1958 ■:
1941-1960
100.25
3.94
100
3.50
lOf.OS"
3.91
100.15
3.18
100.03
2.69
100.27
3.21
100.73
2.92
101.41
2.35
100.02
2.03
1950-1968 7-1,405,000
1950-1960
853,000
500,000
5.000
7*81,000
1940-1979
50,000
65,000
7-65,000
1-20 yrs.
100.16
4.24
100.99
2.89
100.39
3.11
7,000
1940-1944
30,000
115,000
1943-1955
164,000
1940-1949
683,000
dl50,000
90,000
1941-1960
75,000
100*""
1941-1959
10,000
100.51
1.20
1940-1968
60,000
100.45
3.06
100.17
1.46
101.93
2.28
Refunding bonds.
following additional sales for
Maturity
1940-1949
1940-1944
1940-1944
1941-1944
*»«•
-
1940-1959
1940-1943
1940-1949
1940-1944
1941-1958
Amount
r$40,000
14,000
7,500
8,000
25,000
r7,000
3,600
35,000
25,000
40,000
75,000
145,000
12,000
4,568
Price
Basis
100
3.00
100.007
100
3.49
100
3.90
w
-
-
-
5.00
....
100.71
3*23
100.07
•
-
3*95
100.15
1.95
100.02
2.19
100
2.00
101.58
3.10
100
3.00
2.94
100
"
2.00
1940-1955
35,000
101
1944-1949
r6,000
1941-1945
18,000
1941-1947
3,500
3,600
$136,000
50,000
News Items
Federal
Finances
Found
Weak for
Entry into New
War—A warning that entry of
the United States into the
present European war would find this country in a precari¬
ously weak financial condition compared with its condition
at the time the World War opened was voiced in Chicago
on Nov.
13 by Dr. Roswell Magill, Professor of Law at
Columbia University and formerly Under Secretary of the
Treasury.
Dr. Magill was one of eight speakers at the Interstate Conference on
Automotive Taxation, which opened on that date under the sponsorship
of the American Petroleum Industries Committee.
The session was a
preliminary to the annual meeting of the American Petroleum Institute.
Dr. Magill pointed out that the national debt today was ten times as
high as it was before the World War and that the 1938 interest payments
of $926,000,000 on that debt exceeded the total Federal expenditures for
1915 and earlier years.
Furthermore, he declared, tax payments today
already are higher than they were at the peak of the World War, which was
entered with tax sources almost untapped.
Asserting that Federal expenditures today are 13 times as high as they
were 26 years ago, Dr. Magill declared that if the Federal budget is to be
balanced at present revenue levels it will require "not only a burning in¬
terest by Congress and the Administration in fiscal sanity, but an ability
on the part of our leaders to persuade people to accept sacrifices."
Severe
cuts in expenditures must be made, he said.
Dr. Magill declared also that the general sales tax is here to stay, but
he criticize! the use of the gasoline tax to serve as a source of revenue for
general State and local purposes.
The gasoline tax, he contended, unlike
the income tax, is not a
particularly good measure of ability to pay."
New
Jersey—Sharp Reduction in Local Debt
Noted—Loca^
government debt burden in New Jersey was reduced
by
nearly $280,000,000 in the six years ending Dec. 13, 1938.
This was revealed in a New Jersey State Chamber of Com¬
merce study entitled 'Municipal Finances in New Jersey—
A Record of Improvement," the finding of which were
released by Charles A. Eaton Jr., chamber Secretary.
This reduction, totaling exactly $279,947,759, includes cuts of $69,369,102 in the bonded debt of the municipalities, $68,691,863 in the county
debt and $141,886,794 tn municipal floating indebtedness from 1932 to 1938.
The chamber report did not say what part of the debt reduction was
due to forced refinancings and scaling down of indebtedness, a fair amount
of which had been undertaken by municipalities in the State during the
period covered.
The study, prepared by Alvin A. Burger and Thomas J. Graves of the
chamber's Department of Research, declared the two underlying causes
responsible for the improvement recorded /in the 18-page printed report
were "better laws pertaining to local finance" and "an improved brand of
local administration in the majority of the State's municipalities."
The aggregate overall debt burden of New Jersey local government
totaled $978,435,711 in Dec., 1938, or 22% less than the figures prevailing
during 1932 when the total stood at $1,258,383,470.
~
100.379
100.31
1940-1942
"
...
100
1940-1964
1940-1949
r
The districts are:
Edgecombe County Drainage District No. 2, Edgecombe and
Pitt Counties, North Carolina
Sub-District No. 3 of Grassy Lake and Tyronza Drainage Dis¬
trict No. 9, Mississippi County, Arkansas
.
43,000
35,000
12,000
3
CORPORATION
3.00
20.000
3
....
2.52
2
2405 York HavenS.D., Pa. (June)
FINANCE
Loans aggregating $186,000 have been authorized
1941-1950
3%
2550 Washington and Yamhill Counties
Basis
Loans Authorized to Drainage Districts—The following is the
text of a press release (P-1518) which was made public by
the above named Federal agency on
1940 1951
Okla._lJi-4K
3
Price
Amount
Issue placed privately with group of Honolulu banks.
1.40
1490-1959
2261 Sparta Twp., Ind. (2 issues)
2266 Strut hers, Ohio
2261 Sublette Twp., IU
DURING OCTOBER
Maturity
1941-1949 rl,500,000
2)i
2.56
4)4
2260 Pensacola, Fla
Rate
100
1942-1955
2267 Olyphant 8. D„ Pa..
POSSESSION ISSUES
Name
100.57
2267
2267
STATES
2400 *Hawail (Territory of)
100.02
1945-1959
2262
Page
4.00
$51,567,405]
—
Temporary loan: not included in month's total.
64,500
7,500
2547 Ada Ind. S. D. 8, Minn.
2402
*
101.09
previous months:
2261
Total long-term Canadian debentures sold In October .$212,027,181
1,673,000
municipalities from agencies of the Federal Government,
2401
4.78
1941-1945
1940-1949
ing 397 separate Issues)
2405
3.00
97
100
Subject to call in and during the earlier years and to mature in the later year.
k Not inoluding $24,347,360 temporary loans or funds obtained by States and
2261
100
175,000
4)4
100.54
d
2260
300,000
RECONSTRUCTION
Total bond sales for October (306 municipalities, cover¬
2405
1946
1940-1969
of)..3
1950-1956
1%
..3-3)4
1%
3.10
2401
3.73
3011 Port Arthur, Ont (41ssues)...3M-4>4
*
5,000
2%
2400
97.79
2552 Prince Edward Island (Prov.
2732 Three Rivers, Que....
;
Finance Corporation for construction purposes on behalf of one drainage
district in North Carolina and one sub-drainage district in Arkansas, for
which a refunding loan had previously been consummated.
This makes a
1941-1947
2264
45,000
2,500,000
1947dr8,614,000
1940-1954
16,000
1940-1954
208,131
96.42
1942-1946
1940-1949
1945-1955
2731
3011 Ontario (Province of)
3011 Port Arthur, Ont
2.97
1943-1955
Rate
,2732 Nova Scotia (Province of)
UNITED
100
3
3-3)4
3*4
2402 Woburn, Mass
.........2)4
3006 Woodbine, Iowa
3)4
2548 Woodbury, N. J
3-3J*
2262 Worcester, Mass. (3 issues)
1)4
(July)-._3
Bradley 8. D., Okla
3)4
Burnet, Texas..
5
Candor Fire District, N.Y
3.90
Crystal Lake Park District, 111.. .4
Fairbanks School Twp., Ind
3)4
Gilliam County S.D, No. 3, Ore._3}£
Jackson County, IU
4)4
Jackson Twp., Ind. (2 issues)
4
Jamestown, R. I. (March)
2
Lawrence, Kan
1)4-2)4
Lawrence, Mass...
2
Lincoln Twp. School Twp.,low&..3%
Midland, Mich. (August)
3
Multnomah & Clackamas Counties
S. D. Nos. 15 and 302, Ore
3
1951
.*30,000,000
127,050
...
3.00
1940-1954
2729 Wilson County, N. C
2732 Winona S. D., Texas
Name
...3)4
3%
3)4
Basi
2 yrs. d200,000,000
2
2.88
1942-1961
2267 Wilmerding S. D., Pa
Page
1940-1954
Price
Amount
$42,000
1940-1959
4)4
100.15
100.16"
Maturity
1940-1959
..4)4
2.12
100
Rate
3011 Charlottetown, P. E. I
3011 Noranda S. C., Que
2.40
100.69
1941-1950
1942-1946
We have also learned of the
Name
4
2.18
1940-1964
2725 Wichita, Kan
2264 Williamson-MarlonW.D.,N.Y__4J£
32,000
15,300
2732 Burlington, Ont
2406 Canada (Dominion of).
2552 Canada (Dominion of)
100.149
100.66
2.08
3007 White Cloud, Mich
2405 Yardley, Pa
100.07
100.06
2727 West New York, N. J. (4 Iss.)..4-4%
2732 West Virginia (State of)
2-4
2549 Youngstown, N. Y
4.20
100.89
1940-1959
2732 Yakima, Wash
98.27
60,000
13,000
3,500,000
200,000
111,500
15,000
7*5,500
50,000
20,000
16,000
1940-1949
1940-1944
1942-1952
2725 Wyandotte County, Kan
2.39
3.61
3%
3
2263 Worthing ton, Minn
100.02
Page
100.69
2262 Westwood, Mass
2)4
2727 West New York, N. J. (4 iss.)„4-4^
2267 West Slope Water Dlst., Ore
2405 West View, Pa
1.98
60,000
1940-1949
1940-1959
4, N. Y
6.00
4.00
2.70
2729 West Seneca S. D.
Basi
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN OCTOBER
100
100.08
7,500
..
Minti_2Ji
Waltham, Mass. (2 issues)
-.2
Walworth Co. S. D. 2, S. Dak...4
Warsaw, IU
.3)4
Washington Twp. Sch. Twp., Ind.3H
Watertown, Mass. (2 issues)
ly
Waukesha, Wis. (2 issues)...
2)4
Wescott S. D. No. 1, Wis
..3)4
Westbrook, Minn...
3)4
West Hazelton, Pa
4
West Seneca, N. Y. (2 Issues)
2.20
2406
2.34
Price
$r42,000
10,000
34,000
100,000
....
3006 Sloan Con. S. D., Iowa (Sept.)
2405 Versailles, Ohio (July)
3.84
of
Wabasha Co. S. D. No. 50,
2402
101
Amount
Amount
Maturity
..
2550 Carlsboro S. D., Okla. (Aug.)
2552 MarysvlUe, Wash. (Aug.)
1941-1954
....1.40
1 Y»
2546 Vigo County, Ind
Name
Rate
2262 Ada Ind. S. D„ Minn. (July)....
100
1941-1948
-/
2268 Village
Page
1942-1951
-
2726
These additional
3011 Clarkstown, Wash. (Sept.).......
100.55
20,000
125,000
60,000
35,000
1940-1955
2405 Spartanburg Co., S. C. (8 Iss.)
3011
3.35
2.98
3.31
1940-1965
2724 Salt River Project Agrlc. Impt. &
Power District, Ariz
4
100.44
100.30
100.66
2.80
2%
2261
1.18
3.21
101.14
1940-1954
.3)4
St. Paul, Minn
2.40
St. Tainmany Parlch S. D. 1, La_4%-5
103.29
100.07
1941-1949
3008 Rosalie, Neb
2547
(except as indicated) are for Sep¬
September issues will make the
total sales (not including temporary or RFC and PWA loans)
for that month $23,865,498.
The following items included in our totals for the previous
months should be eliminated from the same.
We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
2.31
101.65
100.09
3295
All of the above sales
tember.
50,000
17,500
rl5,000
1940-1949
2729 Roxbury S. D. No. 2, N. Y
3005 St. Clair County, 111
2547 St. Paul, Minn
25,000
20,000
60,000
Basis
Price
Amount
100.09
2.85
Wo
100.01
96.39
*•
2.99
4.9
New York, N. Y.—Comptroller Urges Cut in City's Proposed Capital Outlays—A $51,275,755 cut in the five-year
capital program from 1941 to 1945 was urged upon the Board
of Estimate and the City Council on Nov. 12 by Comptroller
Joseph D. McGoldrick.
The decrease which was recom¬
mended in a message by the Comptroller would lower the
$251,275,755 program of non-exempt capital projects by
nearly 20%.
The total jprogram including exempt capital projects is $282,150,755, of
$30,875,000 represents projects to be financed outside the debt limit.
Mr. Goldrick expressed his accord with the $117,240,763 capital budget
submitted by the City Planning Commission for the calendar year 1940.
which
Recalling to the officials that in a message submitted last August he
had recommended that between 1941 and 1945 authorizations for capital
3296
ONE HUNDRED—
The Commercial & Financial
Chronicle—YEARS OLD
improvements chargeable to the debt margin should not exceed
$200,000,000.
the Comptroller declared:
"The City Planning Commission has proposed a
program which exceeds
my estimate by $51,275,755.
I am still of the firm opinion that the authori¬
zations should be reduced annually to $40,000,000 by the
postponement of
less necessary projects in the amount of $51,275,755."
In August, Mr. McGoldrick urged the Board of Estimate
to adopt an
affirmative policy of increasing the unencumbered debt margin
by approxi¬
mately $10,000,000 each fiscal year to produce a margin of over
$100,000,000
by the end of 1945.
Jn his message yesterday the Comptroller questioned
whether or not he had been sufficiently conservative in this
recommendation
in view of the fact that the city is now facing what he
termed a "gigantic
problem in financing" because of transit unification and low-cost
housing
projects as well as the Delaware aqueduct construction.
In discussing the five-year program, Mr. McGoIdrick's
message cited the
$315,000,000 of transit unification bonds exempt from the debt limit
and said that, although unification was
"proceeding with remarkable
speed ," the actual issuance of the bonds would not take place for three of
four months.
"We
Trust
Co., Hartford; Citizens Union National Bank, Louisville, Ky.; The American
National Bank, Nashville; Omaha National
Bank. Omaha; Central-Penn
National Bank of Philadelphia; Providence Natioi.l
Bank, Providence;
Seattle-First National Bank. Seattle, Wash.; Seattle-1 irst National
Spokane and Eastern Division. Spokane, Wash.
The issues purchased were composed of the followi
also
careful
take
note
of
In
i»
connection
with the above report, the
following in¬
of general interest has been extracted from
the
14 issue of "Public Housing," the news
formation
the
amendment of Article XVIII
of the Constitution providing for an
exemption of $333,325,041 for low cost
housing projects predicated upon the present five-year average assessed
Nov.
organ
of the
Housing Authority, celebrating the occasion
second anniversary:
of its
U.
valuation of taxable realty.
for this latter
To wrhat extent the city will incur obligations
purpose it is difficult to state.
While the transit bonds in
all likelihood will be exchanged
promptly for the securities of the private
companies and therefore will not affect the city's bond market in the same
manner as they would if sold
publicly, we are necessarily limited in selling
new issues by the total which can be
absorbed readily by the
purchasing *
S.
After Two Years—The Record
Loans—Loans totaling $521,097,000,
representing 90% of the $579,125,000 total estimated cost of 296 projects, have been approved for
135
communities.
public."
Construction—A total of 115 projects, designed to
provide
47,790 low-rent homes
State—Appeals Court Upholds State Income
Judges—The Court of Appeals, unanimously and
without opinion, sustained on Nov. 14 the
constitutionality
of the 1937 law which
requires "public officials and judges"
to pay a State income tax on their official
salaries, pre¬
viously exempted on the theory that such a tax would be a
on
violation of the constitutional
guarantee that such salaries
'"shall not be diminished" during their term of
office.
The decision
in the
was
of
Justice William Harman Black, of the
Supreme Court, New York City, who retired from office last Dec.
31.
The
was begun as a test case on Justice
Black's refusal to pay
$1,681.17,
with interest from April 15, 1938, as an income
tax on his 1937 salary of
$25,000.
Justice Black attacked the law on the ground that it
violated the
Constitution by reducing his
salary while in office.
John W. Davis argued
the
case
action
case for Justice Black.
The State, represented by
Joseph M. Messnig,
Attorney General John J. Bennett Jr., through
an Assistant Attorney General, contended that the
of Justice Black's salary in
"gross income" for the purpose of
the income tax, did not constitute
any violation of his rights, privileges or
Immunities under either the Federal or State
Constitutions.
The Attorney
General inisted that "a general,
non-discriminatory net income tax, falling
equally upon all, is not designed to cause, nor does it
effect, a diminishment
of compensation
constitutionally protected against diminution and that
consequently "it can in no reasonable sense be regarded as an
encroachment
upon the independence of public officlas so protected."
The decision sustained a 3-to-2
inclusion
ruling of the Appellate Division,3d Depart¬
The law for the taxing of
public salaries was recommended to the
Legislature by Governor Herbert H. Lehman.
Its estimated revenue yield
$700,000.
Before the enactment of the law 'he salaries
of the Governor, Lieutenant
Governor, Attorney General, State Comptroller,
members of the Legislature,
judges, district attorneys, sheriffs, county
clerks and registers were
exempted from the income tax.
Under the law
ment.
approximately
are now in construction.
Tenants—More than 10,000 persons will have
migrated from substandard
York'
New
Tax
Bank,
Alley Dwelling
Authority, Washington, $1,500,000; Atlanta Housing
uthority, Ga.,
$4,300,000; Charleston, W. Va. Housing Authority, $l,700/>00;
Charleston,
S. C., $1,410,000; Chicago, 111., Housing
Aughority, $3,465.0c0; Louisville
Municipal Housing Commission, Ky., $7,000,000; Macon Mousing Au¬
thority, Ga., $1,000,000; New Orleans Housing Authority, La
9,600,000;
Peoria Housing Authority, 111., $3,000,000;
Philadelphia Housing Authority,
Pa., $8,900,000; Pittsburgh Housing Authority, Pa., $7,800,000.
Lie added:
must
1939
Trust Co., Charlotte, N. C.; Citizens & Southern
Bank, Charleston, S. C.
The Charleston National Bank. Charleston, W. Va.; Hartford-Conn.
slum dwellings into new USHA-aided projects
by the end of this year.
Materials-—Approximately $84,800,000 will be spent for building ma¬
terials on the ll5 projects already under
way.
Labor—An
estimated
$68,542,000 will go into the pay envelopes of
engineers, building trades mechanics, laborers, and
engaged directly on the sites of these 115 projects.
An
additional .53,000 "off tho-site" workers will receive a full
year's
140,600
clerical
construction
workers
in the production,
ment
terials.
Costs—Dwellings
employ¬
fabrication, and transportation of building
now under construction will be
net construction cost of
completed for
ma¬
an average
$2,894 per dwelling unit.
Rents—Shelter rents will average $12.25
per dwelling per month in the
South and $17.50 in the North.
This will permit families with net
annual
incomes as low as $300 in the South and as low as
$600 in the North to be
eligible as tenants.
Court Decisions-—The housing program has
withstood legal attacks in
the highest courts of 16 States, all of which have
handed down opinions
sustaining the constitutionality of the local program.
The Future—Bids will be opened for an additional
71 projects, containing
family dwelling units, between now and the end of the
present
calendar year.
A total of 121,000 dwellings will have been
completed or
will be under construction by the late
spring of 1940.
An average of 3,500
families will move each month into new
projects reaching completion during
the next eight months.
The present program calls for loans
totaling $693,000,000, which will defray 90% of the $770,000,000 cost of
projects to
rehouse approximately 160,000 low-income families of
155 communities
now having either loan contracts or
earmarking funds. Completion of the
program will see the removal of 640,000 persons from
substandard
24,000
living
conditions to new, low-rent homes.
t
—1
to the State is about
all such salaries
included in gross income for income tax
purposes,
employees also have to pay the Federal income tax.
are
Mayor Announces New Pension Plan—Mayor LaGuardia
announced
Nov.
on
16
the
of
terms
agreement under
which contributions of
policemen and firemen to their retire¬
ment fund would be increased and
pension systems for future
an
appointees to the departments would be placed on an acturial
The agreement is subject to ratification
by the mem¬
basis.
bers of the
At
departments and
present
the
city
is
paying
to action
by the City Council.
increasingly higher
annual deficits in these pension
systems and after
amendment to the State
constitution, the
pension
contractual obligations of the
hundreds of millions of dollars
amounts
to
ALABAMA
JEFFERSON COUNTY
(P. O. Birmingham), Ala.—BOND VALID
ITY UPHELD—It is stated by Sam C.
Pointer, County Attorney, that the
State Supreme Court on Oct. 23 upheld the
validity of $1,300,000 hospital
and nurses' home revenue anticipation bonds.
MOBILE, Ala.—BOND TENDERS ACCEPTED—In connection with
the call for tenders of various
refunding and funding bonds, noted here
recently, it is stated by H. G. Zeigler, City Comptroller, that the
city pur¬
chased $121,399.65 par value bonds for an actual
price of $102,389.18.
ARIZONA
an
become
city thus creating a contractual liability of
and wiping out the city's
borrowing power.
Under the terms of the
agreement policemen and firemen would pay 6 %
for a 20-year retirement plan and
5% under a 25-year plan.
Men admitted
to the service after the
plan becomes effective July 1, 1940, would
pay
45% of the total cost and the city 55%.
^ Earlier this year the Citizens' Budget Commission estimated
that the
city would be faced with a $500,000,000 deficit in the
police, firemen's
and other insolvent pension funds
when the recent constitutional amend¬
ment goes into effect on
July 1, 1940.
MARICOPA COUNTY SCHOOL DISTRICT NO. 40
(P. O. Phoeni*),
Ariz.—BOND SALE—The $48,000 issue of school bonds
offered
Housing Authority—$49,675,000 Notes
Awarded by Local
Housing Units—A nationwide group of
banks, headed by the Chemical Bank & Trust Co. of New
York, was awarded the $49,675,000 of six-months noncallable notes offered on bids
by a group of local
authorities on Nov. 14—Y.
housing
149, p. 3142.
The syndicate
purchased the notes to bear interest at the rate of
0.60%
and paid a small premium over
par value.
The obligations
were acquired
solely for portfolio purposes and no reoffering
for general investment will be made.
Phoenix,
ARKANSAS
HELENA, Ark.—BOND OFFERING—It
is reported that sealed bids will
Dec. 8, by the City Clerk, for the
purchase of a $16,000
bonds.
be received until
issue of airport
MENA
SCHOOL
DISTRICT
(P.
O.
—At
Mena),
an election held on Nov. 6 the voters
issuance of $69 000 in refunding bonds.
MISSISSIPPI COUNTY (P. O.
are
Ark.—BONDS VOTED
said to have approved the
Blytheville), Ark.—BOND ELECTION"
—It is stated by the County Clerk that an election will be
held on Dec. 30
n order to have the voters pass on the
issuance of $57,376 in bonds to care
or a like amount of
outstanding indebtedness.
WEST
HELENA, Ark.—BOND ISSUANCE CONTEMPLATED—It i
said that the City Council expects to offer for sale in the
near future $4,500
airport bonds approved by the voters at an election held on
April 14.
We understand that these bonds will be
issued in connection with the
$16,000 bonds being offered by Helena on Dec. 8. as noted
above,
joint undertaking.
Among the New York institutions which participated in the
financing
operation, in association with the Chemical
Bank, were the Chase National
Bank, National City Bank, Bankers Trust Co.,
Guaranty Trust Co. and
the Manufacturers Trust Co.
The note offerings were made
by housing
of
for sale
Nov. 13—V. 149, p. 3142—was awarded to
Refsnes, Ely, Beck & Co. of
as 3Ks, paying a premium of
$58.20, equal to 100.121, according
Clerk of the Board of Supervisors.
on
to the
United States
authorities
Proposals and Negotiations
meet
July 1, 1940, under
system would
Bond
State
for
a
BOND OFFERING—It was reported
subsequently that sealed bids wil
be received until 10.30 a.m. on Dec. 8,
by the City Clerk, for the purchase
of the above bonds.
the
following cities:
Washington, D. C.: Atlanta, Ga.;
S. C.; Charleston, W. Va.;
Chicago, 111.; Louisville, Ky.;
Ga.; New Orleans, La.; Peoria, 111.;
Philadelphia, Pa., and Pitts¬
burgh, Pa.
The financing represented the
first major step taken
by Nathan Straus,
Administrator of the United States
Housing Authority, in his plan for
public financing by local
agencies, with assistance of the USHA.
This
Charleston,
Macon
procedure
projects,
is
as
expected
to
result
California
Bankamerica Company
in
material savings in financing of local
can borrow funds on terms
considerably
which the USHA is required to impose.
sa^ offering specified interest rates ranging from
submitted by local banks of the cities
involved. In
the agency involved
m<£eJavorable than tbe dharge
r\
B
gri°/^p
to
*or
,
"•66% to 1% and
addition
were
the several
following other banks
485 California
were
institutions previously
mentioned, the
members of the Chemical Bank &
Trust Co.
OFFICES
IN
OTHER
The New York Trust
Co.; Bank of
America, San Francisco; The Union
/n
of Pittsburgh; The ISiorthern Trust Co., Chicago; National Bank
National Bank, St.
Louis; Cleveland Trust Co., Cleveland;
? 5,ank of Cleveland; American Trust Co., San Francisco;
Wilmington m
Trust Co.,
.
«
Wilmington, Del.; Wacohvia
C.;
The
Hibernia
National
S^iL-enw,1^rMo«r'BbJFrust Co.,
Bank & Trust Co.,
Bank in New Orleans;
Pittsburgh; Rhode Island Hospital National
Providence; Trust Co. of Georgia, Atlanta; Manufacturers & Traders
ri*
TCommerce Trust ()o., Kansas City, Mo.; Union Planters
rvJv
Co., Memphis, Tenn.; First National Bank & Trust
Co., Minneapolis;
Bank,
Northwestern National Bank &
Trust Co., Minneapolis;
Philadelphia
S°V-fop
First NationalInsurances on
Bank at
w°a«MnirL0nU18h
Washington, D
State-Planters
merce in
New
e'
C ;
Bank
Lives and Granting Annuities,
Pittsburgh; Mississippi Valley Trust
41?
Bank of St. Paul; Riggs National Bank,
First National Bank of
Portland. Portland, Ore& Trust Co.,
Richmond; National Bank of Com¬
Orleans; Whitney National Bank of New
Orleans; American
Bank & Trust Co., New
Orleans; Fidelity-Philadelphia Trust Co
Phila¬
delphia; Market Street National Bank,
Philadelphia; First National Bank
Atlanta, Ga.; Citizens & Southern National Bank,
Atlanta, Ga.; American
PRINCIPAL
CALIFORNIA
CITIES
CALIFORNIA
u
Winston-Salem, N.
Street, San Francisco
B«1I System Teletype SF 469
New York
group:
Municipals
CONTRA
COSTA
COUNTY (P.
O. Martinez), Calif.—SCHOOL
BOND OFFERING—We are informed by S. C. Wells, County Clerk, that
he will receive sealed bids until 11 a. m. on Dec. 4. for the
purchase of a
$330,000 issue of Acalanes Union High School District bonds.
Interest
is not to exceed 5%, payable J-D.
Dated Dec. 1, 1939.
Denom.
$1,000.
Due Dec. 1, as follows:
$5,000 in 1942, $10,000 in 1943 to 1945,
$15,000 in 1946 to 195 >, and $20,000 in 1951 to 1961.
The bonds will be
rate
sold to
the
highest and most responsible bidder for cash and lowest net
Prin. and int. payable at the County Treasurer's
interest to the district.
office
Each bid must state that the bidder offers par and accrued interest
to date of delivery and state separately the premium, if any, offered for
bonds for which the
bid is made.
These
are
the bonds authorized
at the
election
held on Oct. 24, by a vote of 884 to 195.
The legal opinion of
Orrick, Dahlquist, Neff & Herrington of San Francisco, as to the validity
of the bonds, will be delivered to the purchaser.
The bonds will be ready
for
delivery
on or
Treasurer's office.
par
about Jan. 2, 1940. and will be delivered at the County
Enclose a certified check for not less than
5% of the
value of bonds bid for, payable to the County Treasurer.
Volume
ONE HUNDRED—
149
The Commercial & FinancialY—orhOLD
SRAE C
LOS ANGELES. Calif.—BOND OFFERING—It is stated
by D. P.
JNicklm, Purchasing Agent for the Department of Water and Power,
that the City Council will receive sealed bids until
10 30 a. m. on Nov. 20
for the purchase of a
$3,000,000 issue of electric plant, election of 1926,
Si??™
•
SI,000.
_
Interest rate is not to exceed 3H%. payable J-D.
Dated Dec. 1,
Denom.
1939.
Due $75,000 Dec. 1, 1940 to 1979.
Rate
multiple of M of 1%.
Bonds will be sold
only and at not less than par plus accrued interest.
Each bid
must state that the bidder offers
par plus accrued interest, and state
separately the premium, if any, offered for the bonds.
Bids may be on
the basis of a single rate for all the bonds or on
the basis of not to exceed
or rates
of interest to
be in
a
for cash
different rates of interest for the issue.
Prin. and int. payable at the
or at the National City Bank, New York.
These
bonds are part of an authorized issue of
$11,000,000 and are general obliga¬
tions of the city.
The legality of the bonds will be
City Treasurer's office
approved by Thomson,
approving opinion will be delivered
delivery of bonds will be made in
City Treasurer's office.
Enclose a certified check for 2% of the par
vame of the amount of the
bonds, payable to the City Treasurer.
These are the bonds offered on Sept. 20, for which no bids were received.
Wood & Hoffman of New
York, whose
the purchaser.
Payment for and
to
the
tJ£;LA£?ELES COUNTY (P. O. Los Angeles), Calif.— WATER
WORKS
BOND OFFERING—It is stated
by L. E. Lampton, County
Clerk, that he will receive sealed bids until 10 a. m. on Nov. 28 for the
purchase of $3,000 Waterworks District No. 21, Kagel Canyon, bonds.
Interest rate is not to exceed
6%, payable M-S.
Dated March 1, 1936.
Denom. $1,000.
Due $1,000 March 1, 1963 to 1965.
Prin. and int.
Payable in lawful money at the County Treasury.
The bonds will be
sold for cash only and.at not less than
par and accrued interest.
Enclose
a certified check for not less than
3% of the amount of the bonds bid for,
payable to the Chairman Board of Supervisors.
LOS
COUNTY
to exceed
O.
(P.
Los
Angeles),
Calif.—SCHOOL
informed by L. E. Lampton, County, Clerk,
are
he will receive sealed
chase of $8,000 Belleview
bids
until
School
10
m.
a.
District
Nov.
on
bonds.
21
the pur¬
rate is not
for
Interest
5%, payable J-D.
Dated Dec. 1
1939.
Denom. $500.
Due
Prin. and int. payable in lawful money at the
County Treasury.
The bonds will be sold for cash only and at not less
than par and accrued interest.
Enclose a certified check for not less
than 3% of the amount of the bonds bid
for, payable to the Chairman
Board of Supervisors.
$500 Dec. 1
.SAN
pier
on
"Bay and Hernando Counties owe past-due interest on refunding bonds
taking steps to pay out.
"Money to pay the interest was credited to the counties and districts
under the 1931 gasoline tax laws by which the State
agreed to repay counties
f°r roads built by them which were taken into the State
highway system.
Nine counties or districts which have no more gas money credited to
them are in default to a total of $62,600.
"They include Baker, Calhoun, Gulf and Holmes Counties and three
districts of Hillsborough County.
''Legislation is pending in Congress which would extend the Wilcox
Municipal Bankruptcy Law to include counties and special districts.
Under the Wilcox Law the conflict between refunding bond holders and
owners of unexchanged issues is avoided because all bonds must be
exchanged
if two-thirds of the holders
approve the refund program."
but now are
FORT LAUDERDALE, Fla.—CERTIFICATES SOLD—It is stated by
George W. English Jr.. City Attorney, that $210,000 4% semi-ann. water
certificates have been purchased by Stranahan, Harris & Co. of
Toledo, at a price of 101.00.
Due in 1941 to 1965.
^
revenue
LAKELAND, Fla.—BONDS TO BE EXCHANGED—We are advised
follows by A. R. Carver, Refunding Agent, in a letter dated Nov. 13:
as
Your inquiry of Nov. 10 relative to $1,500,000 refunding oonds, these
bonds are to be exchanged for present
existing securities and will not be
offered by the city for sale.
*'$866,500 of these securities mature July 1, 1959, the remaining $700,000
„
ANGELES
¥91? OFFERING—We
that
1940 to 1955.
CLEMENTE,
construction
Calif.—BOND
bonds
is
ELECTION—A
be submitted
to
to
the
$40,000
voters
at
issue
an
of
election
Dec. 5, according to report.
July
I, 1966.
"The fust maturities draw 4H% interest, payable
semi-annually, the
second maturities bear the same rate as the 1936 general issue of the
city."
MIAMI, Fla.—BOND TENDERS INVITED—We are informed by
Frank J. Kelly City Clerk, that he will receive sealed tenders until Dec. 13,
at 3 p. m., for the purchase at less than the par value and accrued interest
of $200,000 par value refunding bonds of the issue dated Jan.
1, 1934, due
Jan. 1,1964.
Bonds which have been accepted on tenders shall be delivered
on
Jan. 1, 1940 at the Chemical Bank & Trust Co., New
office of A. E.
Enclose
COLORADO
Springs),
SPRINGS
Colo.—BOND
SCHOOL
DISTRICT
ELECTION—It
is
reported
(P. O. Colorado
by the Secretary
of the Board of Education that an election will be held on Nov. 29 in order
to vote on the issuance of $60,000 in high school completion bonds.
CONNECTICUT
DARIEN
sewer
(P. O. Darien), Conn.—NOTE SALE—The $25,000
notes offered
Nov.
15-—V.
149,
coupon
3143—were awarded to Putnam
p.
& Co. of Hartford, as 0.8Cs, at a price of 100.006, a basis of about
0.799%.
Dated Nov. 1, 1939 and due $5,000 on Jan.l from 1941 to 1945 incl. Second
high bid of 100.37 for Is
made by F. W. Horne & Co. of Hartford.
was
York,
or
at the
Fuller, Director of Finance of the city.
Bidders should stipulate in their tenders:
(1) the numbers of the bonds
tendered (bond delivery must be identical with bonds tendered); and (2)
the place where delivery of bonds will be made.
a
certified check for 1 % of the face amount of the bonds tendered
for purchase.
In connection with the above notice, we give herewith the text of a
COLORADO
„
3297
Counties and districts making payments under the ruling, some of which*
had not reached the default
stage, included: St. Lucie, St. Lucie Road and
Bridge Districts 3 and 5, Broward, Borward District 3, Brevard, Brevard
Special District, Monroe, Martin, Hardee, Atlantic-Gulf District, Wabasso
Bridge District, Indian River District 4, De Soto District 2, Sarasota and
Charlotte.
i
specia
dispatch from Miami to the New York "Herald Tribune" of Nov. 14:
Plans have been completed by the City of Miami to save $14,000,000 in
on its
bonded indebtedness, according to William Tracy, chief
interest
accountant.
"Based on present plans," Mr.
Tracy stated, "Miami's $28,459,000 debt
will be retired by Jan. 1, 1964.
The city is asking for tenders on $200,000
refunding bonds that are not due until 1964, although no sinking fund is
required until 1947.
Under the present financial plans," he continued, "the city can liquidate
its obligations by 1964 without increasing the debt service millage charges,
and in addition provide a substantial collection reserve of 14%.
Miami
will also re-establish its credit and effect a further saving of several million
dollars by refunding the present issue at a lower interest rate."
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT
NO.
41
(P. O. De Land), Fla.—BOND SALE—The $143,000 issue of 4% coupon
semi-annual school bonds offered for
FLORIDA
Clyde C. Pierce Corporation
JACKSONVILLE
National
Bank
Building
FLORIDA
r
Branch Office:
First
Building
T.
TAMPA
S.
Pierce,
Resident
Manager
FLORIDA
DAYTONA
BEACH, FLA.—BOND TENDERS INVITED—It is stated
by W. B. Baggett, Chairman of the Debt Service Commission, that the
Commission" will receive sealed tenders of city refunding bonds, Issue of
1936, series A, B, C and D, in the amount of approximately $20,000,
until Dec. 20, at 10 a.m.
Tenders shall state the series, number and
maturity date of the bonds offered and shall remain firm until Dec. 21,
at noon.
In consideration of tenders at the
same price, preference will
be given
and the Commission reserves the right to
portions of tenders.
to bonds of earlier maturities,
reject
any
all tenders,
or
or
FLORIDA (State of)—BOND TENDERS INVITED—The State Board
of Administration will receive until 10 a. m. on Dec. 1 at the Governor's
office in Tallahassee, sealed offerings of matured or unmatured original or
refunding road and bridge or highway bonds, time warrants, certificates
of indebtedness and (or) negotiable notes of the Florida counties and special
road and bridge districts therein, as follows:
Bay, Brevard, Borward, Desoto County Special R. & B. District No. 5,
Punta Gorda Speical R. & B. District and Charlotte Harbor Special R. & B.
District only. Glades, Indian River District No. 1 and Quay Bridge District
only, Jensen R. & B. District, Levy District No. 7, Martin, Okeechobee,
Palm Beach District No. 3 and Cross State Ilighawy Bridge Distict only,
and St. Lucie Countywide and District No. 5.
All offerings submitted must be firm for 10 days subsequent to the date
of opening, i. e., through Dec. 11, and must state full name, description
and serial numbers of bonds, interest rate, date of issue, date of maturity
and price asked.
The offer must specifically state exactly what coupons
are attached and will be delivered with the bonds for the price asked.
Bonds that are in default of interest must be offered at a flat price, which
price shall oe understood to be the price asked for such bonds with all
maturities of past due defaulted or unpaid coupons attached, and notice is
hereby given that if any such coupons have been detached prior to delivery
of any of the bonds accepted and (or) purchased hereunder, the face value
of such missing coupons will be deducted from purchase price, and offerings
must be submitted on this basis.
Sealed envelope containing offerings of
face that it is
a
bonds shall plainly state on its
proposal for sale of road and bridge bonds.
Separate tenders
shall be submitted covering the bonds of each county, but any number of
such sealed offering may be enclosed in one mailing envelope.
The right is reserved to reject any
and all offerings
or portions
of offerings.
FLORIDA, State of—TAXING UNITS MOVE TO CURE BOND DE¬
FAULTS—An Associated Press dispatch from Tallahassee on Nov. 10 had
had the following to report:
"Seventeen Florida taxing
units have taken advantage of a Federal court
injunction to cure defaults on road and bridge refunding bonds.
"The State Board of Administration has paid out $306,556 for interest
on refunding bonds in accordance with a temporary order by Federal Judge
Alexander Akerman, who ruled that money appropriated by county com¬
missioners for refunding bonds must be used for that purpose even though
holders of original issues were not paid,
"Counties and special districts which refunded their bonded indebtedness
to obtain lower interest rates were forced behind in their coupon payments
last summer because of a Florida Supreme Court opinion.
"The State court held that bondholders who declined to exchange original
bonds for refunding issues had an equal claim with refunding bond owners
to money accruing to counties from the State gasoline tax.
"In view of this ruling, the Board of Administration—which handles gas
tax money for the counties—declined to pay refunding coupons to the ex¬
clusion of original issues.
"County commissions seeking to avoid a default which world cause the
refunding bond interest to revert to the higher interest of the original bonds
left the money credited to them tied up in a fund in which it is safe from
court
attack,
"Once Judge Akerman issued his order, various
suit in order to have the provisions applied to them.
Board of Administration then to pay
Nov.
9—V.
149, p. 2724—
was awarded to the Clyde C. Pierce Corp. of Jacksonville, paying a price
of 96.62, a basis of about 4.32%, according to the County Superintendent.
Dated July 1, 1938.
Due on July 1 in 1941 to 1966.
BONDS
Barnett National Bank
sale
counties entered the
They instructed the
the refunding interest.
on
GEORGIA
COLUMBUS, Ga.—SLPREME COLRT VOIDS CHAIN STORE TAX
—An Associated Press dispatch from Atlanta on Nov. 16 reported as follows:
The Georgia Supreme Court ruled void today the chain-store tax levied by
the City Commissioners of Columbus, declaring the tax to be "discrimi¬
natory, confiscatory, arbitrary and unreasonable."
A similar tax was levied by the City of Augusta and a case based on
that tax is on its way to the Supreme Court.
The Columbus case, that of Great Atlantic & Pacific Tea Co, against
the City of Columbus, had been decided in favor of the city by the Muscogee
Superior Court.
The Supreme Court reversed the lower tribunal.
The opinion declared that under its charter authority "the City of
Columbus placed upon each individual grocery store of the plaintiff an
occupational tax that was five times the amount imposed upon an individual
independent grocery store operating in the same city."
The city ordinance imposed a tax of $1,400 a year upon each unit oper¬
ated in Columbus by the A. <fc P. company, whereas the highest tax levied
against any other occupation was a $1,000 tax upon the electric public
utility there, the Court pointed out.
The Supreme Court did not pass upon the constitutionality of the cham„
-tore tax in
general.
little
Wood
IDAHO
river irrigation
district (P. o. Hailey),
Secretary-Treasurer
Idaho—BONDS SOLD TO RFC—It is reported by the
$72,500 4% semi-annual dam and reservoir construction bonds ap¬
proved by the voters on Nov 3, were purchased at par by the Reconstruc¬
tion Finance Corporation.
Dated Jan. 1, 1940.
Due in 1973.
that
ILLINOIS
ANNAWAN, 111.—BOND ISSUE DETAILS—The$4,500 3 H % drainage
improvement bonds purchased by the White-Phillips Corp. of Davenport
—V. 149, p. 3005—were sold at par, bear date of Oct. 1, 1939 and due
$500 on Dec. 1 from 1940 to 1948, inclusive.
ATLANTA, III.—BONDS VOTED—An issue of $18,000 water system
bonds carried by a vote of 264 to 117 at an election on Oct. 26.
1962, inclusive.
revenue
Due from 1940 to
CHICAGO,
ILL.— CERTIFICATE SALE—The $3,000,000 water
certificates of indebtedness offered Nov. 15-—V. 149, p. 3143
awarded to the First National Bank of Chicago and R. D. White &
Co. of New York, acting as agent, on a bid of 100.942 for 2 Ms, an in¬
terest cost of 2.15%.
Dated Nov. 1, 1939 and due Jan. 1 as follows:
$1,000,000 in 1949 and $500,000 from 1950 to 1953 incl.
Other bids were
works system
—were
aSBidder—
Int. Rate
Ilalsey, Stuart & Co., Inc.; Blair & Co., Inc., and
Schmidt, Poole & Co,r
— — ----—
Harriman Ripley & Co., Inc.; Alex. Brown & Sons;
A. G. Becker & Co., et al
——
Phelps, Fenn & Co., Inc.; Kean, Taylor & Co.; Paine,
Webber & Co., et al„
Harris, Hall & Co.;LazardFreres& Co.; Goldman, Sachs
& Co., et al
-----
2M%
Rate Bid
100.138
2101.91
_
2lA%
2H%
Blyth & Co., Inc.; Stranahan, Harris & Co., Inc.; F. S.
Moseley & Co., et al
w
A. C. Allyn & Co., Inc.: Stifel, Nicolaus & Co.; R. W.
Pressprich & Co., etal
____„__—
2M %
First Boston Corp.; Smith, Barney & Co.; R H. Moulton
& Co., etal
2H%
101.550
101.549
101.443
101.02
100.68
111.—BOND OFFERING—Sealed
Nov. 22 for the purchase of $4,661,500
series C refunding bonds.
Dated Jan. 1, 1940.
Due Jan. 1, 1955, and
optional to the extent of $350,000 each year on Jan. 1 from 1941 to 1953
incl. and $111,500 on Jan. 1, 1954.
Bidder to name one rate of interest,
expressed in a multiple of H of 1 %.
Bids must be for all of the bonds of¬
fered.
District hopes to refund at lower cost some of its outstanding bonds
that become optional next year, it was said.
CHICAGO SANITARY DISTRICT,
bids will be received until 11 a. m. on
COOK COUNTY (P. O. Chicago),
111.—TENDERS WANTED—John
Toman, County Treasurer, will receive sealed tenders of series A and B
refunding bonds of 1936 until 11 a. m. on Nov. 20.
A sum of not more than
$2,972,500 will be available toward purchase of obligations and offers must
be made in accordance with the following conditions:
ONE HUNDRED—
3298
The Commercial & Financial Chronicle—YEARS OLD
WEBSTER
(a) Tenders must state the amount and maturity or maturities of and
payable on the bonds offered and the average yield
maturity on said bonds at the price at which they are offered and also the
price in dollars (exclusive of accrued interest) at which they are offered.
(b) Tenders stating the highest average yield to maturity will be con¬
sidered the tenders offering bonds at the lowest prices.
(c) Tenders stating a price in dollars which exceeds the par value of the
rate or rates of interest
Right is reserved to reject all tenders and any tender not complying
alternative or may be conditioned upon
bonds offfered.-All tenders shall remain
Delivery of bonds must be made on or
before Nov. 25, 1939, at the office of the County Treasurer, room 212,
County Bldg., Chicago, against payment of the agreed price, plus accrued
interest to the date of delivery.
on
Nov.
LEE COUNTY (P. O.
LEXINGTON, Ky.—BONDS DEFEATED—It is stated by the City
Manager that at the election on Nov. 7 the proposal to issue $500,000 in
municipal auditorium bonds did not receive the required two-thirds ma¬
jority of the favorable votes.
tender not complying
Tenders may be submitted in the alternative or may be conditioned upon
the acceptance of all or none of the bonds offered.
All tenders shall remain
firm until 11 o'clock a.m. on Nov. 20,1939. Delivery of bonds must be made
LOUISVILLE, Ky .—BOND OFFERING—Sealed bids will be received
noon on Nov. 22 by Harold F. Brigham, Secretary of the Board of
Trustees, Free Public Library, for the purchase of a $75,000 issue of 3%
semi-annual first mortgage library bonds.
Dated Sept. 1, 1939.
Denom.
$1,000.
Due $5,000 Sept. 1, 1940 to 1954.
The entire issue of bonds are
subject to call in whole, but not in part, on any interest due date at par
plus a premium of 2M% if the call be on or prior to Sept. 1, 1948, and
a premium of
1^% thereafter. Prin. and int. payable at Kentucky Title
Trust Co., Louisville, trustees.
The bonds will be awarded to the highest
and best bidder, but not under par.
These bonds are part of a series of
$500,000; $365,000 of which are outstanding at the present time.
These
bonds, together with those now outstanding, aggregating a total of $440,000, are secured by a first mortgage on 282 ft. 10 in. of land and the build¬
ings thereon, located on Fourth Ave., Louisville, and now occupied by the
Kaufman-Straus Co., together with all rents, income, issues and profits
until
before Nov. 25,1939, at the office of the District Treasurer, Room 335,
County Bldg., Chicago, against payment of the agreed price, plus accrued
date
to
of
struction bonds
was
delivery.
authorized at
a recent
con¬
election.
JOHNSON COUNTY (P.
O.
Vienna),
111.—BONDS PUBLICLY
OFFERED—The II. C. Speer & Sons Co. of Chicago is making public offer¬
ing of $10,000 4 lA % funding bonds due §5,000 on Nov. 1 in 1946 and 1947.
LA GRANGE PARK (P. O. La
of
Grange), 111.—BONDS SOLD—An issue
$13,000 4H% fire station and street equipment bonds was sold to LansDue $1,000 annually from 1945 to 1957.
ford & Co. of Chicago.
ROCKFORD
SCHOOL
thereof.
DISTRICT, 111.—PROPOSED BOND ISSUE
—The
district is reported to be contemplating an
deficit bonds to pay teacher's salaries.
These bonds
(P.
O.
Goshen),
in the aforementioned
buildings.
All bids must be on the official bid form,
copies of which can be secured from the above Secretary.
Bond forms will
be furnished by the seller.
Enclose a certified check for $3,750.
LOUISIANA
Ind.—BOND
ACADIA
SALE—The
$21,300 refunding bonds offered Nov, 15—V. 149, p. 2725—were awarded
to Browning, Van Duyn, Tischler & Co. of
Cincinnati, as lMs, at a price
of 100.37, a basis of about 1.43%.
Dated Nov. 15, 1939 and due $2,130
on
for
May 15 and Nov. 15 from 1942 to 1946 incl.
l%s
was made
(P. O.
WARD
DRAINAGE
DISTRICT
NO.
1
Estherwood)
Jan. 1,
Second high bid of 100.623
1940.
Due in 1960.
La.—BOND SALE—The $50,000 coupon senii-annua*
public improvement bonds offered for sale on Nov. 14—V. 149, p. 2546—
awarded jointly to Dane & Weil, and Nusloch, Baudean & Smith,
both of New Orleans, paying a premium of $17.17, equal to 100.034, a
net interest cost of about 4.13%, on the bonds divided as follows: $33,500
maturing Dec. 1,
$1,000 in 1941 to 1944, $1,500 in 1945 to 1950, $2,000
in 1951 to 1955. $2,500 in 1956 to 1958, $3,000 in 1959, as 4Ms, and $16,500
maturing Dec. 1, $3,000 in 1960 and 1961. and $3,500 in 1962 to 1964, as 4s.
HAMMOND,
were
2.48%.
JEFFERSON TOWNSHIP SCHOOL TOWNSHIP (P. O.
Birdseye),
Ind.—BOND OFFERING—Andrew
J.
Jackson,
trustee,
will
receive
sealed bids until 6 p. m. on Nov. 27, for the purchase of $8,400 school
bonds.
Dated Nov. 15, 1939.
Denom. $400.
Due as follows:
$400
Dec. 15, 1940, and $400 June 15 and Dec. 15 from 1941 to 1950, incl.
A
certified check for
FIFTH
La.—BOND OFFERING—It is reported that sealed
a. m. on Dec. 6, by the District Secretary, for
the purchase of $20,000 not to exceed 6% semi ann. drainage bonds. Dated
by Raffensperger, Hughes & Co.
Interest cost of about
PARISH
bids will be received until 11
GREENSBURG, Ind.—BOND SALE DETAILS—The, $17,500 2Y2%
improvement bonds awarded to McNurlen & Huncilan of Indianapolis, at
a price of 100.16—V,
149. p. 3143—are in denoms. of $500 and mature as
follows:
$500 July 1, 1940 and $500 Jan, 1 and July 1 from 1941 to 1957
incl.
issued in accordance with the laws of the State,
particularly with 2801B-3 and 2801B-9 Carroll's Kentucky Statutes,
1938 Revision, and the proceeds thereof will be used to make improvements
INDIANA
COUNTY
are
and
offering of $125,000
SHAWNEE TOWNSHIP (P. O.
Shawneetown), 111.—BONDS DE¬
FEATED—An issue of $12,000 highway improvement bonds was defeated
by the voters on Oct. 31.
ELKHART
Beattyville), Ky—REFINANCING PROGRAM
portion of the funded indebtedness of the county, the Kentucky
County Bondholders' Committee has investigated the financial condition
and resources of Lee County, and, in conjunction with the Kentucky State
Local Finance Officer, has prepared a refinancing program for the county.
All holders of Lee County road and bridge bonds are urged to send a com¬
plete description of their holdings to the secretary of the committee, DeWitt
Davis, 135 South La Salle St., Chicago, 111.
Additional information re¬
garding the plan will be furnished upon request.
tender.
HUNTLEY, 111.—BONDS VOTED—An issue of .$8,500 village hall
was
stantial
with the terms of this notice, will be rejected.
interest
Owensboro), Ky.—BONDS DEFEATED—
1947—the proposal to issue $400,000 court house construction bonds
PREPARED—It is announced that, at the request of the holders of a sub¬
to
on or
DEPARTMENT
LEBANON, Ky—BONDS SOLD—Vie are informed by Stein Bros. &
Boyce of Louisville, that in joint account with J. J. B. Ililliard & Son of
Louisville, they purchased $100,000 3M% semi-annual sewer revenue
bonds, which bonds were reoffered for general investment at prices to yield
from $2.00% to 3.45%, according to maturity.
Dated Get. 1, 1939.
Due
on Oct. 1 as follows:
$3,000 in 1941 to 1945; $5,000, 1946 to 1949; $8,000,
1950 to 1954; $10,000, 1955 and 1956, and $5,000 in 1957.
maturity on the bonds at the price at which they are offered and also the
price in dollars (exclusive of accrued interest) at which they are offered.
(b) Tenders stating the highest average yield to maturity will be con¬
sidered the tenders offering bonds at the lowest prices.
(c) Tenders stating a price in dollars which exceeds the par value of the
bonds offered, will not be considered.
(d) Tenders accepted shall obligate the district to accept delivery of the
bonds and to pay therefor such amount, plus accrued interest to the date of
delivery as will yield to the district, income at the average yield stated in
such tender, but in the event not more than the price in dollars stated in
any
MILITARY
defeated.
COOK COUNTY FOREST PRESERVE DISTRICT (P. O. Chicago),
Right is reserved to reject all tenders and
KENTUCKY
It is stated by the County Clerk that at the election held on Nov. 7—V. 149,
p.
III.—TENDERS WANTED—William J. Gormley, .District Treasurer, will
tenders of series A and B refunding bonds of 1936 until
11 a. m. on Nov. 20.
An amount not to exceed .1819,000 will be available
toward purchase of the obligations and offers must be made in accordance
with the following conditions:
(a) Tenders must state the amount and maturity or maturities of and the
rate or rates of interest payable on the bonds offered and the average yield
(e)
OF
DAVIESS COUNTY (P. O.
20.
receive sealed
such
Due on or before Nov. 1, 1940.
(P. O. Louisville), Ky.—PURCHASERS—
the sale of $200,000
3 H % semi-annual armory bonds to a group headed by the Bankers Bond
Co. of Louisville—V. 149, p. 3144—we are now informed that Almstedt
Bros., Stein Bros. & Boyce, both of Louisville, and the Security & Bond Co.
of Lexington were associated with the above named firm in the purchase,
Tenders may be submitted In the
the acceptance of all or none of the
m.
Iowa—CERTIFICATE
In connection with the report given here on Nov. 11 on
tender.
a.
Dodge),
KENTUCKY
COMMONWEALTH
with the terms of this notice, will be rejected.
11
Fort
ARMORY CORPORATION
tender, but in the event not more than the price in dollars stated in such
firm until
O.
Dated Nov. 1, 1939.
considered.
(d) Tenders accepted shall obligate the county to accept delivery of the
(e)
2 M % rate.
on a
bonds and to pay therefor such amount, plus accrued interest to the date
of delivery as will yield to the county, income at the average yield stated in
such
(P.
1939
SALE—The $45,000 secondary road construction certificates offered for
sale on Nov. 14—V. 149, p. 3144—were awarded jointly to the Fort Dodge
National Bank, and the Polk-Peterson Corp. of Des Moines, paying par
to
bonds offered, will not bo
COUNTY
Nov.
3% of the bid must accompany each proposal.
LAFAYETTE, La .—BOND SALE POSTPONED— It is stated by Wilson
,
J. Peck, City Clerk, that the sale of the $58,935 not to exceed 6% semi¬
refunding bonds, which had been scheduled for Nov. 28—V. 149k
p. 3006—has been postponed.
annual
MUNCIE, Ind.—BOND OFFERING—John D. Lewis, City Comptroller,
will receive sealed bids until 10 a.m. on Nov. 29 for the
purchase of $4,000
not to exceed 4M% interest series D
refunding bonds of 1939.
Dated
Dec. 15, 1939.
Denom, $500.
Due Jan. 1, 1947.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1%.
Interest J-J.
The bonds to be refunded mature Dec. 15. 1939 and the new issue will be
payable from unlimited ad valorem taxes.
A certified check for $500,
payable to order of the city, must accompany each proposal.
Legal opinion
of Matson, Ross, McCord & Clifford of
Indianapolis will be furnished the
successful bidder.
NEW CASTLE, Ind.—BOND OFFERING—John
Rutlidge, City ClerkTreasurer, will receive sealed bids until 2 p. m. on Nov. 27 for the purchase
not to exceed 4% interest sewer bonds.
Dated Nov. 1, 1939.
Denom. $500.
Due $1,000 on Jan. 1 and July 1 from 1944 to 1947, incl.,
and $500 on Jan. 1 and July 1, 1948.
Bidder to name a single rate of inter¬
est, expressed in a multiple of M of 1%.
Interest J-J.
The bonds are
payable from unlimited ad valorem taxes on all of the city's taxable property
and the approving legal opinion of Matson,
Ross, McCord & Clifford of
Indianapolis will be furnished the successful bidder.
A certified check for
$200, payable to order of the city, must accompany each proposal.
of $9,000
TIPTON COUNTY (P. O. Tipton), Ind.—BOND OFFERING CAN¬
CELED—The sale of $40,000 not to exceed 4M % interest series A advance¬
ment fund bonds, scheduled to take
place on Nov. 15—V. 149, p. 3006—
was
canceled.
VERNON
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Fortville),
Ind.—BOND SALE—The $5,000 school bonds offered Nov. 10—V. 149.
2725—were awarded to Raffensperger, Hughes & Co. of Indianapolis,
as 2% s, at
par plus $51.56 premium, equal to 101.03, a basis of about 2.04%.
Dated Nov. 1. 1939 and due as follows:
$500 on July 1 from 1941 to 1945,
mcl.; $500 Jan. 1 and July 1 in 1946 and 1947, and $500 Jan.
1. 1948.
P-
Other bids:
Bidder—
Kenneth S
Int. Rate
Johnson
McNurlen
&
Huncilman
$45.00
35.00
2M%
...HI
x
33.00
2M%
A.
S. Huyck & Co
Fletcher Trust Co__
Central Securities Corp
Premium
2M%
2M %
,
Indianapolis Bond & Share Corp
53 65
2M%
2lA%
1L00
1.90
MAINE
K1TTERY, Me.—BOND SALE—The $22,000
coupon school equipment
improvement bonds offered Nov. 9 were awarded to Kennedy, Spence
of Boston, as lMs, at a price of 100.399, a basis of about 1.66%.
Dated April 15, 1939.
Denom. $1,000.
Due April 15 as follows:
$3,000
in 1940 and 1941 and $2,000 from 1942 to 1949, incl.
Principal and semi¬
annual
interest payable at the Merchants National Bank of Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
and
&
Co.
Other
bids:
Bidder—
Int. Rate
Pierce, White & Drummond..
*
E. II. Rollins & Sons, Inc
Edward L. Robinson & Co., Inc
Bond, Judge & Co
Rate Bid
1 H%
2%
2M%
2M%
100.13
100.77
100.604
100.234
MARYLAND
ALLEGANY
COUNTY
(P. O. Cumberland), Md.—BOND SALE—
14—V. 149, p. 2726—were awarded
composed of Mercantile Trust Co., Baker, Watts & Co. and
Stein Bros. & Boyce, all of Baltimore, as lMs, at a price of 100.379, a basis
of about 1.17%.
Dated Nov. 1, 1939 and due Nov. 1, 1944. Second high
bid of 100.263 for 1.30s was made by Alex. Brown & Sons of Baltimore.
The $60,000 road bonds offered Nov.
to
a
group
ADDITIONAL SALE—The $85,000 school bonds offered the same day
to Alex. Brown & Sons of Baltimore, as 2^8, at 101.245. a
were awarded
basis
of about 2.44%.
Dated Nov. 1, 1939 and due Nov. 1 as follows:
$10,000 from 1965 to 1972, incl. and $5,000 in 1973.
Re-offered to yield
The Mercantile Trust Co.
group made the second best offer of 100.226 for 2j^s.
from 2.25% to 2.50%, according to maturity.
OTHER BIDS—(For $60,000): Halsey, Stuart & Co., Inc., 100.118 for
1.30s: W. W. Lanahan & Co., 100.219, 1.40s; Butcher & Sherrerd, and
Schmidt, Poole & Co., jointly, 100.137,1.40s; Harris Trust & Savings Bank
of Chicago, 100.07 for 1.40s; (for $85,000 loan): W. W. Lanahan & Co.,
100.72 for 2.60s, and Butcher & Sherrerd and Schmidt, Poole & Co., 100.27$
for 2.60s.
BOONSBORO, Md.—BOArD ELECTION—E. G. Miller, Town Clerk,
that an election will be held Nov. 20 on the question of issuing
$35,000 water system purchase bonds.
reports
IOWA
MAHASKA COUNTY (P. O.
reported/that
$10,000 refunding
bonds have
Duncan & Wood of Davenport, as 2
Ms.
been
purchased
is
by Vieth,
MONTGOMERY COUNTY
(P. O. Red Oak), Iowa—BOND OFFER¬
ING—It is reported that bids will be received until
1.30 p. m. on Nov. 21,
by the County Treasurer, for the purchase of a $95,000 issue of refunding
bonds.
UNION COUNTY (P. O.
p
2546
City, Mo*
as lMs
a
price of 100.10, a basis of about 1.215%.
Denom. $1,000'.
1, 1940.
Due on Jan. 1 as follows: $10,000 in 1941 and 1942
$5,000 in 1944.
Interest payable M-N.
paying
Dated Jan.
and
more
purchased on
3Ms
at a price of 100.519,
MASSACHUSETTS
Creston), Iowa—BOND SALE—The $25,000
issue of coupon funding bonds offered for sale on Nov. 14—V.
149
awarded to the Baum, Bernheimer Co. of Kansas
was
Md.—BOND SALE—Mackubin. Legg & Co. of Balti¬
Nov. 13 an issue of $25,000 improvement bonds as
a basis of about 3.15%.
Dated Nov. 1, 1939
and due $2,500 on Nov. 1 from 1940 to 1949, incl.
Interest M-N. Legality
to be approved by Niles, Barton, Morrow &: Yost of Baltimore.
Only
other bid, 100.092 for 3Ms, was made by the Mercantile Trust Co. and
Stein Bros. & Boyce, both of Baltimore, in joint account.
CRISFIELD,
Oskaloosa), Iowa—BONDS SOLD— It
BELLINGHAM, Mass.—BOND SALE—The Merchants National Bank
of Boston purchased on Nov. 6 an issue of $4,800 2%% welfare, soldiers'
relief and Works Progress Administration projects bonds.
Dated Nov. 1,
1939, and due as follows:
$600 from 1940 to 1942 incl., and $500 from
1943 to
1948 incl.
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
BOSTON, Mass.—BOND SALE—The-$4,000,000
coupon
bonds offered
Nov.
14—V. 149, p. 3144—were awarded to a
syndicate composed of
Bros., Graham, Parsons & Co., Eastman, Dillon & Co., Paine,
Webber & Co., Kean, Taylor & Co., Eldredge & Co., Hemphill, Noye6 &
Co., Charles Clark & Co., Equitable Securities Corp., Campbell, Phelps &
Co., Inc., Merrill Lynch & Co., Inc., H. C. Wainwright & Co., and R. D.
White & Co., all of New York: Wells-Dickey Co., Minneapolis, and Stern
Bros. & Co.. Kansas City, Mo., on a bid of 100.1399 for $2,500,000 1Kb
Lehman
and
$1,500,000 2^s,
sold
as
about 1.8308%.
net interest cost of
a
Bonds were
follows:
$1,500,000 2K% State tax funding bonds.
Due $300,000 on Dec. 1 from
1940 to 1944, incl.
1,450,000 1K% municipal relief bonds.
Due $145,000 on Dec. 1 from
1940 to 1949
incl
1,000,000 li^% funding bonds.
Due Dec. 1 as follows: $67,000 from 1940
to 1949, incl. and $66,000 from 1950 to 1954, incl.
50,000 1 K % fire station construction and impt. bonds. Due Dec. 1 as
follows: $3,000 from 1940 to 1949, incl. and $2,000 from 1950
to 1959, incl.
BONDS PUBLICLY OFFERED—The entire $4,000,000
bopds, all dated
Dec. 1, 1939, were re-offered by members of the successful banking group
yield, according to interest rate and maturity, as follows: $2,500,000
1Kb from 0.30% to 2.25%, and $1,500,000 2Kb from 0.30% to 1.50%.
to
Other bids for the bonds
were as
follows:
> First Boston Corp., Harriman Ripley & Co., Kidder, Peabody & Co.,
et al., 100.11 for $1,500,000 2kb and $2,500,000 1kb\ net interest cost
about 1.8364%: Halsey, Stuart & Co., Inc., Blair & Co., Inc., Union
Securities Corp., et al., 100.179 for $1,450,000 1Kb and $2,550,000 2s, net
interest cost about 1.8705%.
Chase National Bank of New York, Salomon Bros. & Hutzler, R. W.
Pressprich &Co., et al., 100.009 for $2,950,000 2s and $1,050,000 1Kb,
net interest cost about 1.899%.
Bankers Trust Co., National City Bank of New York, Smith, Barney &
Co., et al., 100.03 for $1,450,000 1Kb and $2,550,000 2s, net interest cost
about 1.90%.
Phelps, Fenn & Co., Inc., Goldman, Sachs & Co., Stranahan, Harris &
and $2,500,000 1Kb, net
Co., Inc., et al., 100.079 for $1,500,000 2Kb
interest cost about 1.94%.
EVERETT,
Mass.—BOND
SALE—The
$150,000
municipa
coupon
relief bonds offered Nov.
15—V. 149, p. 3144—were awarded to Tyler &
Co. of Boston, as 1 Kb, at a price of 100.399, a basis of about 1.18%. Dated
Nov. 1,1939 and due $15,000 on Nov. 1 from 1940 to 1949 incl. Other bids:
Bidder—
Int. Rate
Rate Bid
Jackson & Curtis.
1 K%
100.29
First National Bank of Boston
1k %
100.275
Lyons & Co_
Smith, Barney & Co. and Whiting, Weeks & Stubbs_
Newton, Abbe & Co
Halsey, Stuart & Co., Inc
_
Estabrook & Co
Lee Higginson Corp
Second National Bank of Boston
—._
Chace, Whiteside & Symonds, Inc.
Harriman Ripley & Co., Inc
Harris Trust & Savings Bank
NORFOLK
COUNTY
(P.
O.
,
Dedham),
100.229
100.08
100.079
100.049
101.07
101.03
100.92
100.769
100.76
100.629
1M%
1k %
1 K%
134%
134 %
134%
134%
134%
134%
134%
Mass .—NOTE SALE—The
p. 3144—-
hospital notes offered Nov. 14—V. 149,
were awarded to Lyons & Co. of Boston, as 0.50s, at 100.16,
about 0.44%.
Dated Nov. 1, 1939 and due $5,000 on Nov. 1
to 1943 incl.
Second high bid of 100.123 for 0.50s was made
Judge & Co. of Boston.
$20,000 tuberculosis
SOMERVILLE,
Mass.—BOND
OFFERING—John
J.
a basis of
from 1940
by Bond,
Donahue,
City
3299
awarded to the above syndicate, as 2.20s, for a premium of $250, equal to
100.153, a basis of about 2.18%.
$12,500 river terminal bonds.
Due on Dec. 1 in 1940 to 1952 incl.
10,000 permanent imp.
(work relief)
bonds.
Due $1,000 on Dec.
in
1
1940 to 1949 incl.
140,000 permanent imp. bonds.
Due $7,000
on
Dec. 1 in 1940 to 1959 incl.
■BONDS OFFERED FOR INVESTMENT—The successful bidders reoffered the above bonds for public subscription.
The 1.70% bonds, due
1940 to 1949, are reoffered to yield 0.40% to 1.85%, and the 2.20% bonds,
due 1940 to 1959, are reoffered to yield
0.40% to 2.25%, according to
maturity.
MISSISSIPPI
CARROLL COUNTY SUPERVISORS DISTRICT NO. 5 (P. O. Carrolton), Miss.—BONDS SOLD—It is reported that $12,000 5% semi-ann.
refunding bonds have been purchased by J. G. Hickman, Inc. of Vicksburg.
Dated Sept. 1, 1939.
HATTIESBURG, Miss.—BOND OFFERING—It is stated by J. H.
McCaa, City Clerk, that he will receive sealed bids until 10 a. m. on Nov.
24, for the purchase of a $60,000 issue of refunding bonds.
Denom. $1,000.
Due Jan. i, as follows: $1,000 in 1944 to 1949, $2,000 in 1950 to 1959,
$4,000 in 1960 to 1967, and $2,000 in 1968. Bidders are requested to submit
an alternate bid wherein the
City may pay this issue in full on any interest
payment date after Jan. 1, 1946.
Payable at the Central Hanover Bank &
Trust Co., New York.
These bonds are issued for the purpose of refunding
a like amount of
outstanding bonds maturing during the fiscal
Oct. 1, 1939 to Sept. 30, 1940.
Enclose
a
year
period
certified check for 5% of bid.
JACKSON COUNTY BEATS NO'S. 1 AND 2 (P. O. Pascagoula),
Miss.—BONDS VOTED—It is reported that $75,000 industrial expansion
bonds were approved by the voters at an election held on Nov. 6.
LEE COUNTY (P. O. Tupelo), Miss.—BONDS SOLD—It is reported
that the following bonds aggregating $191,000, were
purchased recently
by M. A. Saunders & Co., of Memphis: $174,000 3K% refunding, and
$17,000 2K% refunding bonds.
LEFLORE COUNTY (P. O. Greenwood), Miss .—BONDS SOLD—A
$50,000 issue of 2K% semi-ann. refunding bonds is reported to have been
purchased by the First National Bank of Memphis, paying a price of 100.56.
MERIDIAN, Miss.—BOND SALE DETAILS—It is nowr eported by the
City Clerk and Treasurer that the $50,000 refunding bonds sold to a group
headed by O. B. Walton & Co. of Jackson, at
par, as noted here—V. 149,
p. 3007—are divided as follows: $25,000 maturing Nov. 1, $2,000 in 1940
to 1949, $3,000 in 1950, $2,000 in 1951, as
33<s: and $25,000 maturing
Nov. 1, $1,000 in 1951, and $3,000 in 1952 to 1959, as 3s.
NEW
ALBANY, Miss.—BOND OFFERING— Sealed
bids
will
be
re¬
ceived until 10 a. m. on Nov. 17, by Walter Kelly,
City Clerk, for the pur¬
chase of a $25,000 issue of industrial plant bonds.
Dated Dec. 1, 1939.
Denom. $1,000.
Due Feb. 1, as follows: $1,000 in 1941 to 1955, and $2,000
in 1956 to 1960.
The bonds do not contain a fixed rate of interest and the
interest will be bid as well as premiums on the bonds.
Interest
Feb. and Aug.
Oct. 31.
1.
These bonds
payable
were
authorized at the election held
•
on
PRENTISS COUNTY
(P. O. Booneville), Miss.—BONDS SOLD— It
is reported that $46,500 4% semi-annual funding bonds were purchased
recently by Edward Jones & Co. of Jackson.
Denom. $500.
Dated
Nov. 1, 1939.
Due $500, March and Sept. 1, 1940, $1,000, March and
$500, Sept. 1, 1941. and $3,000 March and $2,500 Sept. 1, 1942 to 1949.
Prin. and int. payable at the County Depository in Bonneville.
The bonds,
in the opinion of counsel, are the direct obligation of the county, payable
from unlimited ad valorem taxes without limit as to rate or amount. Legal¬
ity to be approved by Charles & Trauernicht of St. Louis.
Treasurer, wid receive sealed bids until 11 a. m. on Nov. 20 for the purchase
relief bonds.
Dated Oct. 2, 1939. Denom.
$1,000.
Due Oct. 2 as follows: $10,000 in 1940 and $6,000 from 1941 to
1949 incl.
Bidder to name rate of interest in multiples of k of 1 %. Prin.
and interest (A-O 2) payable at the National Shawmut Bank of Boston.
These bonds are exempt from taxation in Massachusetts and will be engraved
under the supervision of and authenticated as to their genuineness by The
National Shawmut Bank of Boston. This bank will further certify that the
of $64,000 coupon municipal
legality of this issue has been approved by Storey, Thorndike, Palmer &
Dodge, of Boston, a copy of whose opinion will
when delivered, without charge to the purchaser.
accompany
the bonds
WINCHENDON, Mass.—NOTE SALE—The Second National Bank of
was awarded on Nov.
10 an issue of $23,000 one-year notes at
The First National Bank of Boston, second high bidder,
Boston
0.283% discount.
named
a
rate of 0.285
%.
MISSOURI
MICHIGAN
ADRIAN, Mich.—BOND ELECTION—An election will be held Dec. 12
on the question of issuing $175,000 bonds to finance improvements to the
municipal water system.
BEAVERTON,
Clerk, advises that
on
Nov.
Mich.—BONDS
an
VOTED—A.
A.
Zimmerman,
City
issue of $14,500 water bonds carried at the election
7.
Mo.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $5,000 city hall bonds which were sold subject to the
election on Nov. 6—V. 149, p. 3145—were purchased by the Lewistown
State Bank of Lewistown, as 4s, and mature $500 annually in 1941 to 1950,
incl.
FLORRISSANT, Mo.—BOND SALE—The $34,000 public sewer bonds
on Nov. 15—V. 149, p. 3145—were awarded to Whitaker
Louis, as 3 Kb, paying a premium of $447.78, equal to 101.317,
a basis of about 3.14%.
Dated Nov. 1, 1939. Due on March 1 as follows:
$1,000 in 1947 to 1949; $2,000, 1950 to 1952; $3,000, 1953 to 1955, and
$4,000 in 1956 to 1959.
offered for sale
DEARBORN
TOWNSHIP
SCHOOL
DISTRICT
NO.
Mich.—
BOND CALL—Roy D. Benton, District Secretary, announces that the
following described bonds have been called for payment at par and interest
on Jan. 1, 1940, at the Manufacturers National Bank of Detroit:
Series C
434s of 1935, Nos. 24 to 43, amounting to $24,000, dated Jan. 15, 1935;
series D 434s of 1935, Nos. 13 to 17, in amount of $5,000.
GLADWIN, Mich.—BONDS VOTED—At
authorized
LA BELLE,
an
a recent
7,
election the voters
issue of $19,750 bonds for waterworks improvements.
MICHIGAN
& Co. of St.
MORLEY
CONSOLIDATED SCHOOL
DISTRICT
Soden & Co. of Kansas City, as noted here—v. 149, p. 3145—
purchased at par, and mature on Oct. 1 as follows: $1,000 in 1944
sold to
were
1946, $1,000 in 1947, $1,500 in 1948, $1,000 in 1949,
(State of)—SINKING FUND BONDS OFFERED FOR
SALE—Miller Dunckel, State Treasurer, will receive sealed bids until
4 P. M. on Nov. 20 for the purchase of various local municipal bonds ag¬
gregating $699,500 and held in the State sinking funds.
Separate bids
must be made for each issue and offers must remain firm until 4 p. m. on
and 1945, $1,500 in
Nov. 22.
equipment bonds approved by the voters on Aug.
by the Mississippi Valley Trust Co. of St. Louis.
Mich.—BOND AND NOTE ISSUE DETAILS—The
$100,000 sewage system junior revenue bonds and $25,000 tax anticipation
notes purchased by city for its sinking funds—V. 149, p. 3145—bear 4%
MUSKEGON,
interest.
PONTIAC,
Mich.—BONDS
PIRCHASED—In connection with the
149, p. 3145, Oscar Eckman,
purchase of $89,000 series A and $61,000
call for tenders of series A and B bonds—V.
Director
of Finance,
reports
series B.
OAK SCHOOL DISTRICT, Mich.—BONDS PURCHASED
tenders of 1935 refunding bonds—V. 149,
2402—A.CL Dunham, District Secretary, reports the purchase of $3,000
75: $3,000 at 77, $8,000 at 76, $1,000 at 76.25, and $6,000 at 76.75.
ROYAL
—In connection with the call for
p.
at
ST.
IGNACE, Mich.—BONDS VOTED—The electorate recently author¬
ized the issuance of bonds in amount of $25,000, of which $22,000 will
be used to complete the new city hall and $3,000 for construction of sewers.
MINNESOTA
CROOKSTON, Minn.—BOND SALE—The two issues of 4% semi ann.
water main bonds aggregating $2,245, offered for sale on Nov. 14—V. 149,
p. 3007—were purchased by the Polk County State Bank of Crookston,
according to the City Clerk. Due on Dec. 1 in 1940 to 1949.
LITTLE
FALLS,
Minn .—CERTIFICATE
11, at 8
auction bids will be received until Dec.
OFFERING—Sealed
or
by Otto J. Plettl,
p. m.,
City Clerk, for the purchase of $8,000 paving certificates of indebtedness.
Interest rate Is not to exceed 4%, payable J-D.
Denom. $1,000. Dated
Dec. 1,
1939.
Due $1,000 on Dec. 1 in 1941 to 1948 incl.
MINNEAPOLIS, Minn.—BOND SALE—The $380,000 Issue of coupon
semi-ann. refunding bonds offered for sale on Nov. 16*—V. 149, p. 3145-—
was awarded to a syndicate composed of Phelps, Fenn & Co., Mackey,
Dunn & Co., the First of Michigan Corp., all of New York, the WellsDickey Co., and the C. S. Ashmun Co., both of Minneapolis, as 1.70s,
paying a premium of $50, equal to 100.013, a basis of about 1.695%.
Due
on Dec. 1 in 1940 to 1949 incl.
ADDITIONAL SALE—The following coupon semi-ann. bonds aggregat¬
offered for sale on the same date—V. 149, p. 3145—were also
ing $162,500,
(P. O. Morley),
Mo.—BOND SALE DETAILS—It is now reported by the Secretary of the
Board of Education that the $20,000 4M% semi-ann. improvement bonds
$1,500 in 1950, $1,000 in 1951, $1,500 in 1952, $1,000 in 1953, $1,500 in
1954,.$1,000 in 1955, $1,500 in 1956, $1,000 in 1957, and $1,500 in 1958
cLXid
1959*
ROLLA,
Mo.—BONDS SOLD—It
is stated that $18,000 3K% fire
15 have been purchased
Dated Oct. 1, 1939.
ST. JOSEPH SCHOOL DISTRICT (P. O. St. Joseph) Mo.—BOND
OFFERING—It is stated by G. L. Blackwell, Secretary of the Board of
Education, that he will receive sealed bids until 7:30 p. m. on Dec. 11, for
purchase of a $90,000 issue of coupon refunding bonds. Denom. $1,000.
1940. Due on Feb. 1, 1960. Bidders must specify a single
which all the bonds are to bear, expressed in a multiple of
K of 1%. Prin. and int. (F A) payable in lawful money at the Guaranty
Trust Co., New York.
No bid will be accepted for less than the entire
amount or at less than the par value of the bonds.
The bonds are issued
for the purpose of providing funds for refunding of previously voted bonds
of like amount.
It is the intention of the Board of Education to require the
amount of the bid to be deposited with the Guaranty Trust Co., New York,
where this issue of bonds will be delivered and funded issue will be taken
up* the deposit check will be there returned.
Bonds will be printed at the
cost of the district. Bond*, before delivered, will be certified by the State
Auditor and their validity attested by a decree of the Circuit Court of
Buchanan County, Mo., wherein said district is located. The district oper¬
ates under the education laws of the State.
The bond issue is authorized
under Article 4, Chapter 15, and Article 16, Chapter 57, R.'S. Missouri,
1929. The bonds will be valid and legally binding obligations of the district
and all the taxable property within the district will be subject to a levy of
ad valorem taxes to pay the bonds and interest thereon, without limitation
of rate or amount.
Enclose a certified check for $2,500, payable to the
the
Dated Feb. 1,
rate of interest
district.
SEDALI A, Mo.—BOND
ISSUANCE SCHEDULED—The following in
formation was sent to us on Nov. 15 by J. M. Bailey, City Clerk:
This letter is directed to you to notify you that on Monday evening,
the City Council of Sedalia, Mo., will hear and entertain offers
suggestions with reference to the issuance and sale of $120,000 worth o
election held on Oct. 31, 1939, for the purposes
hereinafter set forth:
1st. Proposition No. 1—Negotiable coupon bonds of said city to the
amount of $25,000 for the purpose of providing funds for the erection of an
armory and drill hall for the use of such organizations of the National Guard
of Missouri as may be stationed or located in said city, and to acquire by
purchase or otherwise a site or land necessary therefor.
2nd. Proposition No. 2—Negotiable coupon bonds of said city to the
amount of $20,000 for the purpose of providing funds for the erection and
Nov. 20,
and
bonds voted at a special
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3300
©quipping of a hospital in said city for the use and accommodation of the
colored population of said city, to he known as Hospital No. 2.
callable
on any interest date.
Interest M-N.
Hoyt, Washburn & Clay of N. Y. City.
3rd.
Proposition No. 3—Negotiable coupon bonds of said city to the
amount of $75,000 for the purpose of providing funds for the erection and
equipping of a building to he used as a City Hall, Convention or Assembly
Hall in said city, and to acquire by purchase or otherwise a site or land
necessary therefor.
It should be expressly understood that each of the above propositions
and proposed buildings set forth above are to be built by funds supplemented
by Federal appropriation or grant under Works Projects Administration
projects; and that it is the desire of the City of Sedalia to raise its necessary
funds and money as the sponsor of said projects or project by the issuance
and delivery of any necessary amount or amounts of bonds authorized and
voted in each project to finance the proposition on its part, and it is the
desire of the City Council to receive suggested ways, means and methods
of handling this proposition and selling said bonds, or so much of said issue
as it may find necessary to sell.
DISTRICT
SCHOOL
(P.
O. Sparta), Mo .—BOND SALE
DETAILS— It is stated by the Secretary-Treasurer of the Board of Educa¬
tion that the $20,000 construction bonds that were sold, as noted here—
V. 149, p. 3145—were purchased by Bennett, Piersol & Co. of Kansas
City, as 4s, at par, subject to the approval of the Works Project Adminis¬
SPARTA
Due in from 1 to 20 years.
tration.
MONTANA
CUSTER COUNTY SCHOOL DISTRICT NO. 1
Mont.—BOND
(P. O. Mile, City),
OFFERING—Sealed
bids will be received until 8 p. m.
13 by H. E. Herdck, District Clerk, for the purchase of a $20,000
issue of not to exceed 6% semi-ann, refunding bonds.
Dated Jan. 1, 1940.
Amortization bonds will be the first choice and serial bonds will be the
Dec.
on
second
choice
of the
School Board.
If amortization
bonds
are
sold
and
issued, the entire issue may be put into one single bond or divided into
several bonds, as the Board of Trustees may determine upon at the time
of sale, both principal and interest to be payable in semi-annual instal¬
ments during a period of 10 years from the date of issue.
If serial bonds are
issued and sold they will be in the amount of $2,000 each; the sum of $2,000
of the serial
bonds will
become payable on Jan.
1,
1941, and the
of
$2,000 will become payable on the same day each year thereafter until all
of such bonds are paid.
The bonds, whether amortization or serial bonds,
will be redeemable in full on any interest payment date from and after five
years from the date of issue.
The bonds will be sold for not less than their
par value with accrued interest, and all'bidders must state the lowest rate
sum
of interest at which they will purchase the bonds at par.
for the purpose of refunding bonds issued by the
The bonds are
district, dated
April 1, 1921, $10,000 of this issue still remaining unpaid and becomes due
and payable on Jan. 1, 1940, and $10,000 of this issue still remaining un¬
paid and becomes due and payable on Jan. 1, 1941, with option of payment
thereof by the district on Jan. 1, 1940. Enclose a certified check for $1,000
payable to the District Clerk.
(These are the bonds that were originally scheduled for sale on Nov. 7—
V. 149, p. 2263.)
issued
FLATHEAD
COUNTY HIGH SCHOOL DISTRICT (P. O. KalisOFFERING—Sealed bids will be received until
Dec. 8, by A. H. Burch, District Clerk, for the purchase of
$118,500 not to exceed 3M% semi-ann. refunding bonds.
Dated Dec. 31,
pell),
2 p.
Mont.—BOND
m.
on
1939.
Amortization bonds will be the first choice and serial bonds will be
the second choice of the school board.
If amortization bonds are sold and
issued, the entire issue may be put into one single bond or divided into
several bonds, as the board of trustees may determine
upon at the time of
sale, both principal and interest to be payable in semi-annual instalments
during a period of 15 years from the date of issue.
If serial bonds are issued
and sold they will be in the amount of $7,900; the sum of $7,900 will become
payable on Dec. 31, 1940, and a like sum will become payable on the same
day of each year thereafter until all of such bonds are paid.
The bonds,
whether amortization or serial bonds, will be redeemable in full on any
interest payment date from and after 7 M years from the date of issue.
The
bonds will be sold for not less than their par value with accrued interest,
and all bidders must state the lowest rate of interest at which
they will
purchase the bonds at par.
Enclose a certified check for $500, payable to
the
District
These
are
Clerk.
NEBRASKA
SCOTTSBLUFF SCHOOL DISTRICT (P. O. Scottsbluff), Neb.—
BONDS TO BE SOLD—It is reported that $370,000
refunding bonds have
been contracted for by the Kirkpatrick-Pettis Cc. of Omaha.
YORK, Neb.—BONDS SOLD—It is stated by Flossie O. Hassler. City
Clerk, that $90,000 municipal auditorium bonds were purchased on Nov. 8
by the First National Bank of York, as 3s, paying a price of 100.416.
Due
on
Dec. 1, 1959.
NEW
HAMPSHIRE
MANCHESTER, N. H.—BOND SALE—The $125,000 coupon municipal
improvement and equipment bonds offered Nov. 16 were awarded to Coffin
& Burr, Inc. and Estabrook & Co., both of Boston,
jointly, as 2s, at a price
of 100.29, a basis of about 1.96%.
Dated Sept. 1, 1939. Denom. $1,000.
Due Sept. 1 as follows:
$7,000 from 1940 to 1954 incl. and $4,000 from
1955 to 19,59 incl. Principal and interest (M-S) payable at the First National
Bank of Boston.
The bonds are payable from unlimited ad valorem taxes
and will be approved as to legality by
Ropes, Gray, Boyden & Perkins of
Boston. Other bids, all for 2Ms:
Bidder—
Rote Bid
Bond, Judge & Co. and Perrin, West & Winslow
101.388
E. H. Rollins & Sons, Inc
First National Bank of Boston
101.266
101.388
Graham, Parsons & Co. and Lyons & Co
First of Michigan Corp
Arthur Perry & Co
Frederick M. Swan & Co__
100.957
100.781
;
100.599
100.55
Halsey, Stuart & Co., Inc
100.402
1939
Legality approved by Reed,
J.—BOND ISSUE APPROVED—The State
N.
Funding
Commission has approved the issuance of $95,000 refunding bonds, to be
1939 and mature as follows:
$5,000 from 1940 to 1944, incl.;
$6,000, 1945 to 1949, incl.; $7,000, 1950 to 1952, incl.; $8,000 in 1953 and
1954 and $3,000 in 1955.
dated July 1,
HACKENSACK,
N. 3.—PLANS BOND SALE—The city is expected
offering about Dec. 1 of $195,000 refunding bonds, to be
1, 1939, and mature $15,000 annually from 1941 to 1953,
Ordinance covering the loan will receive final reading on Nov. 20.
make
to
dated
incl.
an
Dec.
JERSEY
on
Nov. 14
CITY, N. 3.—PLANS BOND SALE—The City Commission
approved an issue of $489,000 not to exceed 6% interest 40-year
serial Medical Center improvement bonds.
JERSEY CITY, N. 3.—RECEIVES $721,141 IN RAILROAD TAX
PAYMENTS—An Associated Press dispatch out of Trenton and dated
Nov. 13 stated as follows:
"Jersey City, the State Comptroller's office reported today, will receive
the biggest portion Of a $1,578,205 local tax payment made earlier this
month by seven railroads on their 1932-33 tax bills.
"Deputy Comptroller Owen W. Kite said the city, stronghold of Mayor
Frank Hague, leader of a fight against a legislative proposal to compromise
about $50,000,000 intaxes and penalties for $14,263,000, would get $721,141
in checks going out today.
"Of the $721,141. Mr. Kite said, $140,155 would be paid for 1932 and
$580,985 for 1933.
The State merely serves as a collection agency for the
local tax on second-class rail property which is levied by municipalities,
taking for itself main-lines taxes which are used primarily for school pur¬
poses.
"Hudson County municipalities entitled to payments, Mr. Kite said,
would get $1,308,530 for the two years.
"The State Tax Appeals Board has adjourned until Jan. 29 a hearing of
Erotests by the State's major railroads against assessments made for 1939
y State Tax Commissioner J. H. Thayer Martin.
No official reason was
for the postponement, but a tax board member cited a recent
Federal court decision condemning the State's taxing system.
"Federal District Judge Phillip Forman last month ruled New Jersey's
offered
assessments
excessive
were
said
and
he
would
restrain
the
State
from
collecting any more than 60% of taxes levied for 1934 through 1936 until
it made drastic changes in its assessment methods.
"A
cut
companion appeal—Jersey City in protest of an approximate 10%
by Mr. Martin in its rail assessments for 1939—also was postponed
until Jan. 29.
"Mr. Kite said municipalities in Essex would get $78,491 on two years
accounts; in Bergen, $51,282; Middlesex, $89,251; Passaic, $15,395; Morris,
$14,121; Sussex, $1,013; Mercer, $5,212; Warren, $4,396; Union, $4,024;
Somerset, $4,699, and Hunterdon, $1,784.
"Several counties' municipalities, Mr. Kite said, have collected their
full share of the second class tax.
The $1,578,205 second class payment
was part of the total tender of $3,170,108 made by the carriers on their
1932-33 arrearages, which with some $7,000,000 in penalties claimed by
the State aggregated about $16,000,000.
The $1,591,902 balance of the
payment later will be turned over by the State to counties for school pur¬
poses.
"The
tax
year court
money was withheld while the railroads tarried
fight against the State's taxing methods."
on
a
seven-
MANASQUAN, N. 3.—BOND OFFERING—Annie B. Appleget, Borough
Clerk, will receive sealed bids until 8 p. m. on Dec. 5 for the -purchase of
$56,000 not to exceed 6% interest coupon or registered beach improvement
Dated
bonds.
Dec.
1,
1939.
Denom.
$1,000.
Due
Dec.
1
as
follows:
$6,000 from 1940 to 1945 incl. and $5,000 from 1946 to 1949 incl.
Bidder
to name a single rate of interest, expressed in a multiple of M or 1-10th of
1%.
The price for which the bonds may be sold cannot exceed $57,000.
Prin. and int. (J-D) payable at the Mansquan National Bank.
A certified
check for $1,120, payable to order of the borough, must accompany each
proposal.
The bonds are payable from unlimited ad valorem taxes and the
approving legal opinon of Reed, Hoyt, Washburn & Clay of New York
City will be furnished the successful bidder.
METUCHEN
the bonds originally scheduled to be sold on Nov. 21—V. 149,
2727.
p.
EMERSON,
Nov. 18,
SCHOOL
DISTRICT,
N.
J.
—
BOND
SALE— The
$175,000 coupon or registered school bonds offered Nov. 14—V. 149, p.
2727—were awarded to II. B. Boland & Co. of New York, as 4.10s, at a
price of 100.23, a basis of about 4.08%. Dated Oct. 2, 1939 and due Oct. 2
as follows:
$8,000 from 1941 to 1952 incl.; $10,000 from 1953 to 1959 in<4.
and $9,000 in 1960.
Only one other bid was received, an offer of 100.33 for
4.20s tendered by H. L. Allen & Co. and Van Deventer Bros., Inc., in joint
account.
NEW JERSEY (State of)—PLANS BOND OFFERING—'The State is
expected to offer for sale about Dec. 19, a total of $12,500,000 bonds, con¬
sisting of $10,500,000 for relief purposes and $2,000,000 for grade crossing
eliminations.
Trenton press advices of Nov. 14 reported on the subject as
follows:
"William H. Albright, State Treasurer, was authorized today by
the State House Commission to sell one-half of the $21,000,000 relief bond
issue approved last Tuesday at a public referendum.
When available, the
$10,500,000 cash will be disbursed immediately to New Jersey municipalities
for their share of the 1939 relief commitments.
"Mr. Albright said the sale would have to wait until at least Dec. 19, but
'we hope to have the bonds sold and the money distributed
added that
among
municipalities before Jan.
1.'
He explained that approval of the
bonds by the electorate will not become official nutil the State Board of
Convassers certifies the vote on Dec. 5, after which the sale must be ad¬
vertised 14 days in advance.
"Distribution of the funds will bring the State abreast of its relief
obliga¬
tions for the first time in many months.
The Legislature has committed
the State to reimbursement of 75% of the estimated $20,000,000 cost for
1939."
PARSIPPANY-TROY
HILLS TOWNSHIP
SCHOOL DISTRICT
(P. O. Boonton, R. D.), N. J.—BOND ELECTION—At an election to be
on Nov. 21 the voters will be asked to
approve the issuance of $60,000
building addition bonds.
held
PENNSAUKEN
SOLD—The
TOWNSHIP (P. O. Merchantville), N. J.—BONDS
$325,000 4M% refunding bonds approved by the Township
Committee in July have been sold.
NEW
AVON-BY-THE-SEA,
registered
boardwalk
N.
JERSEY
SOMERSET COUNTY (P. O.
J .—BOND SALE—The
bonds
offered
Nov.
14—V.
$25,000
149,
p.
coupon
or
3008—were
awarded to the First National Bank of
Bradley Beach, as 3Ms, at a price of
basis of about 3.22%.
Dated Nov. 1, 1939 and due Nov. 1 as
follows:
$1,500 from 19^0 to 1949, incl. and $2,000 from 1950 to 1954, incl.
Other bids:
100.20,
a
Bidder—
xt
H. B.
Boland & Co
Int. Rate
3.40%
3M%
3M%
'
3M%
1
-
Joseph G. Kress & Co.
H. L. Allen & Co
J. B. Hanauer & Co
Rate Bid
100.18
100.14
100.10
J.—BOND OFFERING—J. A. Joeck, Borough Clerk, will
received sealed bids until 10:30 a. m. on Nov.
28 for the purchase of $217,000
not to exceed 6% interest
improvement funding bonds of 1939.
Dated
De,?-®h
De™??- SI,000.
and $15,000 from
Due Dec. 1
as
follows: $7,000 in
1940
1941 to 1954 incl.
Bidder to name a single rate of in¬
terest, expressed in a multiple of M of
1%.
Principal and interest (J-D)
payable at the Borough Treasurer's office.
The sum required to be ob¬
tained at sale of the bonds is
$217,000.
The bonds are unlimited tax
obligations or the borough and the
approving legal opinion of Hawkins,
Delafield & Longfellow of New York
City will be furnished the successful
ru
A certified check for 2% of the
i?r"
the borough, must
accoppany
000 county vocational school bonds
bonds offered, payable to order of
each proposal.
was
defeated by the voters on Nov. 7.
TEANECK TOWNSHIP (P. O. Teaneck), N. J.—BOND OFFERING—
Henry E. Diehl, Township Clerk, will receive sealed bids until 8:30 p. m.
on Nov. 21 for the purchase of $21,150 not to exceed
5% interest coupon or
registered bonds, divided
as
follows:
$1,000 paving assessment bonds of 1939.
12,150 street paving assessment bonds.
100.27
1BELMAR, N.
Scmerville), N. 3.—BONDS DEFEATED
—Grover F. Kipsey, County Counsel, advises that a proposal to issue $300.-
1940 to
Due Dec. 1, 1940.
Due in annual instalments from
1949 incl.
8,000 paving assessment, series L, bonds.
Due in annual instalments from
1940 to 1947 incl.
All of the bonds will be dated Dec. 1, 1939.
One bond for $150, others,
$1,000 each. The entire $21,150 bonds mature annually on Dec. las follows:
$4,150 in 1940; $3,000, 1941; $2,000 from 1942 to 1947 incl. and$1,000 in
1948 and 1949.
Bidder to name a single rate .of interest, expressed in a
multiple of M .of 1%.
Prin. and int. (J-D), payable at the Bergen County
National Bank, Hackensack.
The sum required to be obtained at sale of
the bonds is $21,150.
A certified check for 2% of the bonds offered, pay¬
able to order of the township, is required.
The bonds are unlimited tax
obligations of the township and the approving legal opinion of Hawkins,
Delafiled & Longfellow of N. Y. City will be furnished the successful bidder.
WEST
PATERSON,
N. J.—BOND OFFERING—The Borough Clerk
will receive sealed bids until 8 p. m. on Dec. 6 for the purchase of $81,000
BRADLEY BEACH, N. J.—BONDS
APPROVED—The State Funding
Commission has approved the issuance of
$152,000
refunding bonds.
Pi™™
1949 to 1955 incl. A certified check for 2 %, payable to order of the borough,
is required.
Legal opinion of Hawkins, Delafield & Longfellow of N. Y.
■
$17,000 in 1949.
CAPE
Ocean
tration
MAY
due 88 follows:
COUNTY
refunding bonds. Dated
to 1948, incl. and
$15,000 from 1940
BRIDGE
COMMISSION (P. O. Box 157'
BONDS SOLD TO P WA—The Public Works Adminis¬
Nov. 3 purchased an additional
$310,000 4% bridge revenue
1940 to
City will be furnished the successful bidder.
City), N. J.
on
bonds at par.
CARLSTADT, N. J.—BONDS SOLD—An
bonds
from
Dated Dec. 1, 1939.
Due Dec. 15 as follows:
$4,000
1945 incl.; $5,000 from 1946 to 1948 incl., and $6,000 from
was
issue
of $20,000 3% relief
purchased by the State Sinking Fund Commission on Nov
15
Due $4,000 on Nov. 15 from 1940 to 1944 incl. and
Dated Nov. 15, 1939.
NEW
MEXICO
CARRIZOZO, N. Mex.—BOND SALE DETAILS—It is stated by the
Village Clerk that the $15,000 gas revenue bonds sold to the State Bank of
Vaughn, as noted here—V. 149, p. 3146—were purchased as 5s at par and
mature $500 on July 15 in 1940 to 1969, inclusive.
Volume
P*GALLUP,
ONE HUNDRED—
149
Commercial & Financial Chronicle—YEARS OLD
The
N.
Max.—UTILITY PURCHASE OPTION—We are informed that the city officials have an option until Dec. 1 to buy the local
utilities company for the sum of $500,000, and if the option is exercised
the city will issue $500,000 of 433% revenue bonds.
The National
3301
Otis & Co.
City Bank of New York
First National Bank of New York
W. E. Hutton & Co.
Smith, Barney & Co.
Charles Clark & Co.
First Boston Corp.
Hannahs, Ballin & Lee
Harriman Ripley & Co., Inc.
Halsey, Stuart & Co., Inc.
Alex. Brown & Sons.
Baker, Weeks & Harden
Lazard Freres & Co.
NewYork State
Tilney & Company
76
BEAVER STREET
NEW
B. Gibbons & Co.,
G. M.-P.
YORK
B.
bonds offered Nov.
14—Y.
149
p.
coupon
registered
or
3146—were awarded to George
Gibbons & Co.,
Inc. and F. W. Reichard & Co., both of New York*
2.40s, at 100.35. a basis of about 2.37%.
Dated Nov. 1, 1939
and due Nov. 1 as follows:
$3,000 from 1940 to 1955, incl. and $4,000
from 1956 to 1967, incl.
Re-offered to yield from 0.40% to 2.40%. accord¬
ing to maturity.
Other bids:
as
Bidder—•
Rate Bid
Int. Rate
Manufacturers & Traders Trust Co
2.40%
100.299
233%
233%
Kidder, Pea body & Co
Roosevelt & Weigold. Inc
:
Blair & Co., Inc
Campbell. Phelps & Co., Inc. and Sherwood & Co.
E. H. Rollins &*Sons, Inc. and A. C. Allyn & Co.,
100.317
100.27
100.71
100.55
2.60%
2.60%
Inc
2.60%
100.506
Halsey, Stuart & Co., Inc
2.70%
2.70%
Union Securities Corp
2.80%
100.419
100.22
100.279
Marine Trust Co. of Buffalo and R. D. White & Co.
COLONIE, N. Y.—BOND SALE—The National Commercial Bank &
Albany purchased on Nov. 14 an issue of $2,500 street improve¬
Trust Co. of
bonds.
ment
Dated May
15,
1939.
Payable
as to
principal and interest
(M-N) at office of the purchaser.
FISHERS ISLAND FIRE DISTRICT (P. O.
Fire Island),
N. Y.—
offered
Dated
BONDS NOT SOLD—The $12,000 not to exceed 6% interest bonds
Nov. 10—V. 149, P. 2728—were not sold, as no bids were received.
Dec. 1, 1939 and due $1,000 on Feb. 15 from 1940 to 1951 incl.
JOHNSTOWN, N. Y.—BONDS DEFEATED—Edward D. O'Neil, City
Chamberlain, reports that at the Nov. 7 election the followinglproposed bond
$38,000 street paving and $13,000 parking space.
issues failed to carry:
R. S. Dickson & Co., Inc.
Mackey, Dunn & Co., Inc.
Stern, Wampler & Co., Inc.
MacDonald-Coolidge & Co.
Farwell, Chapman & Co.
Field, Richards & Shepard Inc.
Merrill, Turben & Co.
The First Cleveland Corp.
The Union Trust Co. of Indianapolis
Ira Haupt & Co.
Mullaney, Ross & Co.
Glenny, Roth & Doolittle
Inc.
Murphy & Co.
The Anglo California National Bank
Eldredge & Co., Inc.
C. F. Childs & Co., Inc.
ONEIDA, N. Y.—BOND OFFERING—C. M. Kingsbury Jr., City Clerk,
of $75,000
will receive sealed bids until 3 p.m. on Dec. 5 for the purchase
not to exceed 5% interest coupon or registered Florence Creek
ONONDAGA
COUNTY
(P.
O.
COUNTY
ONONDAGA
(P.
O.
N. Y.—BONDS AUTH¬
Syracuse),
Board of Supervisors authorized issuance of the following
10-year serial home relief bonds and $659,000 20-year serial
lefunding bonds, all to be dated Jan. 1, 1940.
ORIZED—The
$2,090,000
PLEASANTVILLE,
BIDS—The $34,000 water and
Y.—OTHER
N.
public improvement bonds awarded to E. H. Rollins & Sons, Inc., New
Yorks, as 2s at par plus $67.66 premium, equal to 100.19, a basis of about
1.95%—V. 149, p. 3146—were also bid for as follows:
Prem.
Bidder—
Int. Rate
The
County Trust Co
2.50%
.
2.15%
First National Bank of Pleasantville
single rate of interest, expressed in a multiple of U. or l-10th of
1%.
Prin, and int. (A-O) payable at the State Bank of Kenmore, with
New York exchange, or at the Guaranty Trust Co., New York City.
A
certified check for $2,040, payable to order of the village, must accompany
each proposal.
MOUNT VERNON, N.
tax
Y.—NOTE OFFERING—John Lynn, City Comp¬
anticipation notes, dated Dec. 1, 1939 and due Feb. 15, 1940.
NEW
ALBION
UNION
FREE
SCHOOL
DISTRICT
NO.
1
(P.
137.87
2.25%
37.40
to 1954 incl. and $2,000
NEW
from 1955 to 1959 incl.
YORK, N. Y —DEFINITIVE BONDS READY FOR DELIVERY
—Definitive bonds of the issue of $35,000,000 2^% and 4% serial bonds
and
2M% corporate stock dated July 15, 1939 and due July 15, 1940 to
1979 incl.—V. 149, p. 448—became available on Nov. 15 at the office of
the City Comptroller (Stock and Bond Division), Room 830, Municipal
Building, New York City.
The temporary bonds will be received for
exchange at that office between 9:30 a. m. and 2:30 p. m. on Mondays to
Fridays, inclusive.
NEW
R. D. White & Co
National
Bank
of
New
York.
This
account
offered
to
pay
a
price of
100.1099 for $24,150,000 234s and $5,850,000 334s, or a net interest cost
basis of 2.578%.
Both of these offers were for "all or none" of the offering.
The difference in interest cost to the city between the winning and un¬
City Comptroller Joseph D. McGoldrick,
who conducted the sale, described the price received by the city as extraor¬
dinarily good, adding
that it reflected "continued confidence in our
securities." The award consisted of the following:
000
for
Nov.
water
supply
dock improvements and $900,Due $430,000 annually on
purposes.
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.
24,000 county building bonds.
Due Nov. 1 as follows: $5,000 in 1940
and 1941 and $7,000 in 1942 and 1943.
All of the bonds are dated Nov.
'
BONDS PLBLICLY OFFERED—The National
City Bank group,
com¬
plete membership of which is given below, in re-offering the bonds for public
the official announcement on page iv, priced the
$24,150,000 234s, due from 1940 to 1969, incl., to yield from 0.40% to 2.85%
according to maturity, and the $5,850,000 334s, running from 1940 to 1949,
incl., from 0.40% to 2.35%.
The response of institutional and other in¬
vestors to the offering, according to the banking group, was highly satis¬
factory, orders for more than half of the total offering having been received
prior to close of business on the day of the award.
The bonds were offered
subject to approval of legality by Thomson, Wood & Hoffman of New
York City.
In accordance with the notice of sale, the two syndicates which
competed at the sale also bid for all or any part of the $30,000,000 bonds.
Each offer on this basis specified a price of par for 3s.
The first 10 mem¬
bers of the unsuccessful account were Chase National Bank of New York,
managers, Chemical Bank & Trust Co., Lehman Bros., Barr Bros. & Co.,
Inc., R. W. Pressprich & Co., Blyth & Co., Inc., Blair & Co., Inc., Manu¬
facturers Trust Co. of New York, Hallgarten & Co. and the Marine Trust
Co. of Buffalo.
The current financing of $30,000,000 increased to $131,500,000 the total principal amount of long-term borrowing effected publicly
by*the city during the present calendar year.
SLCCESSFLL SYNDICATE—The complete membership of the group
warded the $30,000,000 loan is given herewith:
investment, as noted in
by the suc¬
0.20% to 1.90%, according to ma¬
1, 1939, and were reoffered
cessful bidders at prices to yield from
turity.
Other bids were as follows:
Bidder—
„
Int. Rale
.
Trust Co., Harriman
Chase National Bank, Bankers
Halsey, Stuart & Co., Inc., Blair & Co., Inc., Darby
& Co., Inc., and Otis & Co
- - - Harris Trust & Savings Bank, R. W. Pressprich &
Co., Eldredge & Co., Inc., and Geo. B. Gibbons &
Inc
Co.
-
Harris & Co.,
Rothschild
Co
&
- - - - - - - -
1,358.08
4,318.27
1 -70 %
3,076.90
1.70%
1.70%
—
—
.
B. J. Van Ingen & Co., Inc.,
Inc., and A. C. Allyn & Co.,
Bank, N.
2,503.96
1,697.61
1.70%
1,379.30
1.70 /o
—.----
National
1,484.34
1.60%
and Edw.
-
JliC
First
1-60%
D, White
Blyth & Co., Inc., Stone & Webster and Blodget,
inc., F. S. Moseley & Co. and F. W. Reichard & Co.
Kidder, Peabody & Co., Mercantile-Commerce Bank
& Trust Co., Eastman, Dillon & Co. and L. 1.
E. H. Rollins & Sons,
$2,015.90
Inc., Hemphill, Noyes &
Co., Campbell, Phelps & Co., Inc., R.
& Co.. Schlater, Noyes & Gardner, Inc.,
Lowber Stokes & Co. „•—------
The First Boston Corp.,
Premium
1.60%
1-70%
Ripley & Co., Inc., and Reynolds & Co
Lehman Bros., Goldman, Sachs & Co., Manufactur¬
ers & Traders Trust Co., Kean, Taylor & Co. and
Bacon, Stevenson & Co
1,051.00
Y. City; Salomon Bros &
Corp., and Gregory
Hutzler, Equitable Securities
& Son
Inc
--*■--
Lazard Freres" & Co., Marine Trust Co. of Buffalo,
Shields & Co., First of Michigan Corp. and Hannahs
bonds including $4,200,000 for various municipal pur¬
poses and $5,400,000 for construction of schools.
Due $384,000 annually on Nov. 15 from 1940 to 1964, incl.
1,650,000 234% bonds for various municipal purposes.
Due $110,000
annually on Nov. 15 from 1940 to 1954, incl.
5,850,000 334 % bonds including $200,000 for supply of water, $4,900,000
for various municipal purposes, $600,000 for construction of
schools and $150,000 to provide dock improvements.
Due
$585,000 annually on Nov. 15 from 1940 to 1949, incl.
1 as follows: $51,000, 19405
1943; $65,000 in 1944 and
Due Nov.
$54,000, 1941; $57,000 in 1942 and
$61,000 from 1945 to 1948, incl.
15 from 1940 to 1969, incl.
9,600,000 233%
Riverhead), N. Y.—BOND SALE—1The
welfare bonds.
$528,000 public
bonds including $10,800,000 for construction of rapid
transit railroads, $1,200,000 for
1.00
49.30
Co., Inc., and Roosevelt & Weigold, Inc., all of New York, as 1.60s at par
plus a premium of $4,244, equal to 100.40, a basis of about 1.53%.
Sale
consisted of:
successful bid was $56,467.50.
$12,900,000 234%
2.25%
$1,061,000 coupon or registered bonds offered Nov. 16—V. 149, p. 3146—were awarded to a group composed of Estabrook & Co., Phelps, Fenn &
Y.—BOND SALE— The
$30,000,000 serial bonds
offered Nov. 14—V. 149, p. 3146—were awarded to a syndicate headed
by the National City Bank of New York, as 233s and 334s, at a price of
100.03, a net interest cost of about 2.562%.
Two syndicates competed for
the offering, the unsuccessful group being under the leadership of the Chase
N.
Inc.
-
SUFFOLK COUNTY (P. O.
40.00
2.25%
Sherwood & Co. and Campbell, Phelps & Co.,
Stranahan,
YORK,
.
Roosevelt & Weigold, Inc
O.
Cattaraugus), N. Y.—BONDS VOTED—Walter Krager, Clerk of Board
of Education, reports that an issue of $25,000 refunding bonds was ap¬
proved by the voters on Nov. 14.
The bonds will be sold at an early date.
They will be dated Nov. 1, 1939 and mature as follows:
$1,000 from 1940
.
30.60
30.26
2.30%
2.10%
The Marine Trust Co. of Buffalo
a
troller, will receive sealed bids until Nov. 20 for the purchase of $300,000
57.80
2.60%
2.25%
Mt. Pleasant Bank & Trust Co
to name
Flat
Buffalo.2.20%
Kidder, Peabody & Co
$52,000 improvement bonds.
Due April 1 as follows: $6,000 from 1940
to 1943 incl. and $7,000 from 1944 to 1947 incl.
A portion of the
bonds are payable primarily from a levy upon the property especi¬
ally benefited by the improvement, but all of the bonds are general
obligations of the village and all of its taxable property is subject
to levy of unlimited ad valorem taxes to pay principal and interest.
5,000 water bonds.
Due $1,000 on April 1 from 1940 to 1944 incl.
General obligations of the village,
payable from unlimited ad
yodorcin. taxes
$3.40
10.00
2.10%
A. C. Allyn & Co., Inc
Manufacturers & Traders Trust Co. of
'
Y—CERTIFICATE
N.
Syracuse),
SALE—The Syracuse Trust Co. purchased on Nov. 10 an issue of $1,750,000
certificates of indebtedness at 0.85% interest.
Due May 10, 1940.
will receive sealed bids until 4 p. m. on Nov. 22 for the purchase of $102,000
not to exceed 5% interest coupon or registered bonds, divided as follows:
45,000 playground bonds.
Due April 1 as follows: $5,000 from 1940 to
1947 incl. and $1,000 from 1948 to 1952 incl.
General obligations
of the village, payable from unlimited ad valorem taxes.
All of the bonds will be dated Nov. 1, 1939.
Denom. $1,000.
Bidder
refunding
(water) bonds, series No. 5.
Dated Dec. 1, 1939.
Denom. $1,000.
Due
1 as follows: $1,000 in 1940 and 1941; $2,000, 1942;
$4,000 from
1943 to 1945 incl.; $7,000, 1946; $6,000, 1947: $4,000 in 1948 and $14,000
from 1949 to 1951 incl.
Bidder to name a single rate of interest, [expressed
in a multiple of 34 or 1-10 of 1%.
Principal and interest (J-D) payable
at the Chase National Bank, New York.
The bonds are payable from
unlimited ad valorem taxes and the approving legal opinion of Dillon,
Yandewater & Moore of New York City will be furnished the successful
bidder.
A certified check for $1,500, payable to order of the city, must
accompany each proposal.
June
Geo. B. Gibbons & Co., Inc
KENMORE, N. Y.—BOND OFFERING—Walter Ducker, Village Clerk,
Inc.
Minsch, Monell & Co., Inc.
Edward Lowber Stokes & Co.
Eastman, Dillon & Co.
CANISTEO, N. Y.—BOND SALE—The $96,000
jointly
Washburn & Co.,
Darby & Co., Inc.
Geo.
Michigan Corp.
Dean Witter & Co.
Manufacturers & Traders Trust Co.
L. F. Rothschild & Co.
B. J. Van Ingen & Co., Inc.
Telephone: WHitehall 4-8898
Teletype: NY 1-2395
sewer
First of
Mercantile Commerce Bk. & Tr. Co.
R. H. Moulton & Co., Inc.
YORK, N. Y.
Bell System
NEW
Dominick & Dominick
•
Ladenburg, Thalmann & Co.
Kidder, Peabody & Co.
Phelps, Fenn & Co.
Stone & Webster and Blodget, Inc.
Kean, Taylor & Co.
Municipals
.
1.80%
Ballin & Lee
1,850.00
SYRACUSE, N. Y.—CERTIFICATE SALE—The $1,375,000 six-months
certificates of indebtedness offered Nov. 17 were awarded to Barr Bros
&
Co., Inc., New York, at 0.147% interest. Issue embraced $375,000 certifi¬
cates dated Nov. 22, 1939, and $1,000,000 dated Nov. 14, 1939.
Legality
approved by Caldwell & Raymond of N. Y. City.
TARRYTOWN,
$94,500 coupon or regis¬
N. Y.—BOND SALE—'The
Sherwood
as 2s,
Sale consisted of:
bonds.
Due $1,000 on Nov. 1 from 1940 to 1957. incl.
improvement bonds.
Due Nov. 1 as follows: $4 000 in
tered bonds offered Nov. 14—V. 149, P. 3009—were awarded to
& Co. and Campbell, Phelos & Co., Inc., both of New York, jointly,
at a
price of 100.567, a basis
$18,000 water
of about 1.92 %.
49 000 street
1940 and $5,000 from
1941 to 1949, incl.
bonds.
Due Nov. 1 as
incl., and $1,500 from 1945 to
All bonds bear date of Nov. 1. 1939.
27 500 sewer
Bidder—
A,
C. Allyn &
Co., Inc., and E. H. Rollins &
Co., Inc
Roosevelt & Weigold, Inc
Marine
&
Trust
Co
George
follows: $1,000 from 1940 to 1944,
19.59. incl.
Other bids:
Rate Bid
Int- Rate
Co.
-
-
of Buffalo and It.
-
-
100.30
100.219
100.27
Reichard
F. W.
& Co__
Tilney & Co
Kidder, Peabody & Co
First of Michigan Corp
100.24
2.20%
2.20%
- ----- -
D. White
-
B. Gibbons & Co. and
'
2.10%
2.40%
-
-
-
2.40%
233%
233%
100.22
100.539
100.37
UTICA, N. Y.—CERTIFICATE OFFERING—'Thomas J. Nelson, City
Comptroller, will receive sealed bids until noon on Nov. 21 for the purchase
certificates of indebtedness, dated Nov. 22, 1939 and due Oct
of $450,000
ONE HUNDRED—The Commercial
3302
22, 1940.
The certificates will be issued against and be redeemed out of
the tax levy for the fiscal year 1939.
They will be issued in denominations
of $50,000 each, payable at the Chemical Bank & Trust
Co., New York,
to bear interest at the lowest rate bid therefor, payable at
maturity.
The legal opinion of Thomson, Wood <Sc Hoffman, New York
City, will
accompany the certificates.
Delivery will be made to the successful bidder
in New York on Nov. 22, 1939.
& Financial
Chronicle—YEARS OLD
Nov.
1939
1.97%.
Due in 1941.
The Commercial National Bank of
Coshocton,
second high bidder, offered 100.028 for 3s.
CROOKSVILLE, Ohio—BONDS
APPROVED—The
$25,000 swimming pool and playground bonds
proposal to issue
favored by the voters
was
Nov. 7.
on
CUYAHOGA COUNTY (P. O.
Cleveland), Ohio—BOND OFFERING
Stahler, Clerk of Board of County Commissioners, will re¬
sealed bids until 11 a.m. on Dec. 5 for the) purchase of
—George H.
NORTH
CAROLINA
ceive
BUNCOMBE COUNTY (P. O. Asheville), N. C.—BOND TENDERS
INVITED—It is stated by Curtis Bynum, Secretary of the Sinking Fund
Commission, that prrs»,ant to the provisions of the
respective bond orders
or
ordinances authorizing their Issuance, tenders will be received until
Nov. 28, at noon, for the purchase by the respective sinking
funds, in the
name of and on behalf of the issuing units, of the
following bonds.
County of Buncombe refunding bonds dated July 1, 1936.
City of Asheville general refunding bonds dated July 1. 1936.
City of Asheville water refunding bonds dated July 1, 1936.
*
Asheville Local Tax School District refunding bonds dated July
1, 1936.
Biltmore Special School Tax District refunding bonds dated
July 1, 1936.
Beaverdam Water and Sewer District refunding bonds dated
July 1, 1936.
South Buncombe Water and Watershed District
refunding bonds dated
*
July 1, 1936.
Swannanoa Water and Sewer District refunding bonds dated
Woodfin Sanitary Water and
Sewer District
refunding
July 1, 1936.
bonds
dated
July 1, 1936.
CHARLOTTE, N. C.—BOND OFFERING— It is stated by W. E.
Easterllng, Secretary of the local Government Commission, that he will
offer for sale at his office in Raleigh, at 11 a.m. on Nov.
28, the following
not to exceed
6% semi-annual
registered bonds:
coupon or
$30,000 water bonds.
Due on Dec. 1 as follows: $2,000 in 1942 to 1944;
$3,000, 1945 to 1948, and $4,000 in 1949 to 1951.
30,000 sanitary sewer bonds.
Due on Dec. 1 as follows: .$2,000 in 1942
to 1944: $3,000, 1945 to 1948, and
$4,000 in 1949 to 1951.
Denom. $1,000.
Dated Dec. 1, 1939.
A separate bid for each issue
(not less than par and accrued interest) is required.
Bidders are requested
to name the interest rate
or rates in multiples of M of
1%; each bid may
part of the bonds of any issue (having the earliest maturi¬
ties) and another rate for the balance, but no bid may name more than two
rates for any issue, and each bidder must
specify in his bid the amount of
name one rate for
$700,000
registered series E Main Ave. bridge bonds.
Dated Dec. 1,
on April 1 and Oct. 1 from 1941 to 1965 incl.
Bidder
may name a different rate of interest, provided that fractional rates are
expressed in a multiple of M of 1%.
Principal and interest (A-O) payable
4% coupon
the County Treasurer's office.
Bonds were authorized at the Nov.,
1930 election and are payable from a tax unlimited as to rate or amount.
check for 1% of the bonds bid for, payable to order of the
at
A certified
County Treasurer, is required.
Proceedings incident to proper authori¬
zation of the bonds have been taken under the direction of Squire, Sanders
& Dempsey of Cleveland, whose approving opinion will be furnished the
successful
be determined by deducting the total amount of the premium bid from the
aggregate amount of interest upon all of the bonds until their respective
maturities.
Prin.
and
int.
payable in New
General obligations: unlimited tax.
Delivery
York
City
HICKORY,
system and
election
an
C.—BOND ELECTION—A
N.
$50,000
issue
of
water
line extension bonds will be submitted to the voters at
Dec. 4, according to report.
sewer
on
MADISON COUNTY (P. 0. Marshall) N. C.—NOTES SOLD—It is
reported that $25,000 bond anticipation notes have been purchased jointly
by the Bank of French Broad, and the Citizens Bank, both of Marshall,
at 4M%.
THOMASVILLE, N. C.—NOTES SOLD—A $30,000 issue of
is
said
have
to
Raleigh, at 6%, plus
a
revenue
been
purchased by the Security National Bank of
premium of $605. Due in five months.
NORTH
DAKOTA
FORKS, N. Dak.—BONDS SOLD—It is stated by C. J.
Evenson, City Auditor, that the $36,000 4% semi-annual sewer plant rev¬
enue bonds authorized by the City Commissioners on Oct. 29, have been
sold
privately. Due $9,000 on Nov. 1 in 1944; 1949, 1954 and 1959; the
bonds maturing on Nov. 1, 1959, subject to call on and after Nov. 1, 1954.
LEWIS AND CLARK IRRIGATION DISTRICT (P. O. Williston),
N. Dak.-—BONDS VOTED—At a recent election the voters are said to
have approved the issuance of $25,000 in irrigation bonds.
by O. J. Dahlen, Township Clerk, at the office of the County Auditor in
Fargo, for the purchase of $5,000 highway improvement bonds.
Denom.
$500.
Due $500 on Dec. 1 in 1941 to 1950, incl. A certified check for 2%
is required.
ROLETTE COUNTY SCHOOL DISTRICT NO. 3 (P. O. St. John),
N. Dak.—BOND OFFERING— Sealed and oral bids will be received until
Nov. 27, at 10 a. m., by E. W. Jerabek, District Clerk, at the County
in
Rolla, for the purchase of $2,100 not to exceed 6%
semi-annual school bonds.
Dated Dec. 1, 1939.
Due on Dec. 1 in 1942
1949 inclusive.
to
SCHOOL
AVON
DISTRICT
(P.
O.
Canfield),
LAKE,
Ohio—BONDS SOLD—The $12,756.80 4% coupon
and purification treatment bonds for which no bids were
29—V. 149, p, 2265—have since been sold to the State
Teachers' Retirement System, at par.
sewer
received
Sept.
BARNESVILLE
SCHOOL
DISTRICT,
Ohio—BONDS
Ross D. Fowler, Clerk of the Board of Education, reports that
$100,000 was approved by a considerable margin at the election
VOTED—
an issue of
on Nov. 7.
BATAVIA, Ohio—BOND OFFERING—Sealed
R.
of
bids will be received by
H. Majoewsky, Village Clerk, until noon on Nov. 25, for the
purchase
I $11,290 not to exceed 5% interest storm and sanitary
sewer system
Dated Nov. 1, 1939.
One bond for $290, others $1,000 each.
Due Nov. 1 as follows:
$290 in 1941 and $1,000 from 1942 to 1952, incl.
Interest M-N.
A certified check for 1% of the bonds bid for, payable to
order of the village, must
accompany each proposal.
Legal opinion of
bonds.
Peck,
Shaffer,
Williams &
Gorman
of
Cincinnati
will
be
furnished
the
successful bidder.
BAUGHMAN RURAL SCHOOL DISTRICT (P. O. Marshallville).
Ohio—BONDS APPROVED—An issue of $42,000 building bonds carried
by a vote of 214 to 97 on Nov. 7, according to Clifford N. Parsons, Clerk
of
Board
of
Education.
BRADNER
DISTRICT, Ohio—BONDS DEFEATED—An
building improvement bonds was rejected by the voters
GALENA, Ohio—BONDS DEFEATED—On Nov. 7 the voters turned
down proposed bond issues of $7,000 for fire department purposes.
GNADENHUTTEN, Ohio—BONDS APPROVED—An issue of $35,000
sanitary sewer system bonds was approved at the Nov. 7 election.
GRANDVIEW
FEATED—An
A.
Ellsworth,
Vil-
refused to authorize
$25,000 sewage disposal plant and $1,250 bond interest fund bonds.
BRIDGEPORT, Ohio—BONDS
truck purchase bonds
was
turned down
CIRC LEVI LLE
approved
VOTED—An issue of $11,000 4%
on Nov. 7.
$70,000
by the voters
Ohio—BONDS
hospital bonds failed of approval
fire
noon
on
on
(P. O. Bryan),
building construction
Nov. 7.
DEFEATED—An
issue
of
$20,000
at the Nov. 7 election.
Nov.
30 for the purchase of
$852,636 not to exceed 4%
refunding notes, dated Dec. 1, 1939 and due Dec.
1, 1941.
Callable
after Nov. 30 m any year.
A certified check for
1% of the issue is required.
interest
n
C°LUMBUS GROVE, Ohio—BONDS
liams, Village Clerk, reports that
was
defeated
on
(P. O. Grandview),
$30,000 incinerator bonds
Ohio—BONDS DE¬
rejected
was
by
the
Ohio—BONDS APPROVED—Harold Hahn, Village Clerk,
HAMLER,
advises that the voters approved an issue of $20,000 4% water system bonds
at the Nov. 7 election.
Due serially in 14 years.
LAKEMORE, Ohio—BONDS APPROVED—An issue of $25,000
authorized by the voters on Nov. 7.
sewerage
system bonds was
MOUNT
VERNON,
authorize
to
an
Ohio—BONDS DEFEATED—The voters refused
issue of $40,000 swimming pool and park improvement
bonds at the Nov. 7 election.
ALEXANDRIA SCHOOL DISTRICT
(P. O. Steubenville),
DEFEATED—An issue of $16,000 building bonds was
NEW
Ohio—BONDS
turned down by the voters on Nov. 7.
BOSTON
NEW
CITY SCHOOL
DISTRICT,
Ohio—NOTE OFFER¬
ING—Owen J. Fitch, Clerk of Board of EMucation, will receive sealed bids
m. on Nov. 24 for the purchase of $12,825.94 not to exceed
until 8:30 p.
4% interest refunding notes, callable after Nov. 30 in any year.
for 1% of the issue is required.
A cer¬
tified check
(P. O. 1210 Far Hills Ave.,
Dayton), Ohio—NOTE SALE—The $8,847.11 refunding notes offered
Nov. 13—V. 149, p. 2729—were awarded to George T. Lennon & Co. of
Columbus, as 2Ms, at a price of 100.131, a basis of about 2.43%.
Dated
13, 1939 and due Nov. 13, 1941.
Callable after Nov. 30, 1939.
Nov.
OREGON TOWNSHIP (P. O.
Toledo), Ohio—BONDS DEFEATED—
An issue of $20,000 fire department bonds was defeated by the voters on
Nov. 7.
PARMA
CITY
SCHOOL
bids were submitted
offered Nov.
13—V.
DISTRICT,
the
for
Ohio—BONDS NOT SOLD—
$101,000 4%
series W refunding
bonds
149, p. 2730.
PEEBLES, Ohio—BONDS DEFEATED—'The proposed issue of $225,000
plant bonds was turned down at the Nov. 7 election.
sewage
CITY
PLEASANT
VILLAGE
SCHOOL
DISTRICT, Ohio—NOTE
SALE—The Citizens Savings Bank Co. of Cambridge purchased an issue
of $6,242.63 refunding notes as 4s.
Due in 1941.
PIONEER,
Ohio—BONDS DEFEATED—An issue of $30,000
wate
system bonds was rejected by the voters on Nov. 7.
PORTAGE COUNTY (P. O. Ravenna),
—The $27,000 poor relief notes awarded
as
Is—V.
149, p.
Ohio—NOTE SALE DETAILS
to Hayden, Miller & Co. of
3148—were sold at a price of 100.029, a basis
0.99%.
RAVENNA, Ohio—BONDS DEFEATED—P. W. Jones, City Auditor,
and storm sewer repair
reports that an Issue of $125,000 construction
bonds was defeated by the voters on Nov. 7.
REYNOLDSBURG
RURAL
SCHOOL
DISTRICT,
Ohio—BONDS
VOTED—C. G. Smith, Clerk of Board of Education, reports that an issue
of $40,000
building addition and equipment bonds
was
approved by the
voters on Nov. 7.
RICHMOND
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P. OOhio—BOND OFFERING—Frances Riddle, Clerk of
will receive sealed bids until noon on Nov. 30 for
the purchase of $1,442.50 not to exceed 4% interest refunding bonds.
Dated Dec. 1,1939.
One bond for $362.50, others $360 each.
Due Sept. 1
as follows:
$362.50 in 1940 and $360 from 1941 to 1943 incl.
Interest
M-N.
A certified check for $100, payable to order of the Treasurer of
Willard,
Board
R.
D.).
of Education,
Board of Education, is required.
These bonds
are
issued for the purpose
of
refunding Bond No. 4, due Dec. 1, 1939, and also paying the interest
on bond issue dated Jan. 1, 1937, of which there is a total of $29,500
still outstanding under authority of the Laws of Ohio and of Section
2293-5 of the General Code, and under and in accordance with a resolution
of the Board, passed on Nov. 6.
due
SANDUSKY,
Ohio—NOTE SALE— The $25,000 poor relief notes
149, p. 3148—were awarded to Ryan, Sutherland &
price of 100.134, a basis of about 1.21%.
Dated
1, 1939 and due March 1, 1943.
Second high bid of 100.081 for
offered Nov.
13—V.
Co. of Toledo
as
1 Ms at a
lMs was made by Stranahan, Harris & Co. of Toledo.
SARDINIA, Ohio—PROPOSED BOND SALE—Floyd F. Lewis, Village
advises that the $17,000 water system revenue bonds authorized
7 election will be placed on the market in December.
Dated
an
Nov. 7.
COSHOCTON
CITY
The
Wil¬
DISTRICT,
Ohio—NOTE SALE—
Wortington purchased an issue of
2s, at a price of 100.066, a basis-of about
Bank
as
B.
issue of $20,000 sewer extension bonds
SCHOOL
Worthington Savings
$17,677.54 refunding notes
DEFEATED—Smith
of
at the Nov.
Jan.
1,
1940.
sewer
improvement bonds
SHALERSVILLE
CLEVELAND CITY SCHOOL
DISTRICT, Ohio—NOTE OFFERING
Karl K. Morris, Clerk of Board of
Education, will receive sealed bids
until
of
SEBRING, Ohio—BONDS DEFEATED—A proposal to issue $35,000
CENTER TOWNSH!p RURAL SCHOOL
DISTRICT
Ohio
BONDS DEFEATED—An issue of
was
HEIGHTS
issue
electorate on Nov. 7.
Clerk,
BRECKSVILLE, Ohio—BONDS DEFEATED—H.
LaJie£lork» reP°rts that at the Nov. 7 election the voters
bonds
Cleveland
FORT LORAMIE, Ohio—BONDS VOTED—An issue of $10,000 water
improvement bonds was authorized at the Nov. 7 election.'
Nov.
SCHOOL
issue of $30,000
on Nov. 7.
at
ELYRIA, Ohio—BONDS DEFEATED—A. C. Schillman, City Auditor,
advises that the proposed issue of $40,000 park improvement bonds was
defeated by the electorate on Nov. 7.
of about
Ohio—BONDS DEFEATED—An issue of $50,000 construction bonds was
defeated by the voters at an election on Nov. 7.
sanitary
accepted
$4,156.81 not to exceed 4% interest refunding notes, callable after Nov. 30
A certified check for 1% is required.
Cleveland
RURAL
be
in any year.
«
OHIO
AUSTINTOWN
must
DIXON TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Eaton),
Ohio—NOTE OFFERING—Carl L. Ballinger, Clerk of Board of Educa¬
bids until noon on Nov. 30 for the purchase of
No
NORMANNA TOWNSHIP (P. O. Kindred), N. Dak.—BOND OFFER¬
ING—It is reported that bids will be received until 2 p. m. on Nov. 28,
office
bonds
of
OAKWOOD CITY SCHOOL DISTRICT
GRAND
Auditor's
Delivery
Dec. 20.
tion, will receive sealed
'
notes
on
CUYAHOGA FALLS, OhIo—BONDS DEFEATED—A proposed issue
of $98,000 street improvement bonds failed to obtain the necessary
65%
majority vote for approval.
in legal tender.
on or about Dec. 12 at place
purchaser's choice.
Bids must bo on a form to be furnished by the
above Secretary.
The approving opinion of Masslich & Mitchell of New
York, will be furnished.
Enclose a certified check for $1,200, payable to
the State Treasurer.
of
bidder.
before 10 a.m.
the bonds of each rate.
The bonds will be awarded to the bidder offering
to purchase the bonds at the lowest interest cost to the
city, such cost to
or
Due $14,000
1939.
was
defeated at the Nov, 7 election.
CONSOLIDATED
SCHOOL
DIS¬
(P. O. Ravenna), Ohio—BONDS DEFEATED—Proposals to
$28,000 gymnasium-auditorium and $2,000 equipment purchase
bonds were defeated by the voters at the Nov. 7 election.
TOWNSHIP
TRICT
issue
SOUTH
BONDS
BOULEVARDS
APPROVED—An
sewage system and
(P.
issue
plant bonds
O.' Mansfield,
R.
R.
No.
5),
Ohio—
of
was
$27,500 not to exceed 4%. interest
authorized at the Nov. 7 election.
SOUTH
EUCLID, Ohio—TENDERS WANTED—Paul H. Prasse,
Village Clerk, will receive sealed tenders of refunding bonds, dated July 1,
1938, and maturing July 1, 1968, and issued under and pursuant to the
Uniform Bond Act of Ohio and Section 2293-5P of the General Code of Ohio,
until Dec. 15, at noon.
The bonds so tendered will be accepted at the
lowest price offered to the extent of approximately $50,000 the funds now
available for such purchase.
SUMMIT COUNTY (P. O. Akron), Ohio—NOTE OFFERING—W. BWynne, Clerk of Board of County Commissioners, will receive sealed bids
noon on Nov. 20 for the purchase of $35,900 not to exceed 4% interest
poor relief notes. Dated Nov. 15, 1939.
One note in amount of $11,900
until
Volume
ONE HUNDRED—Theommercial & Financial Chronicle—YEARS OLD
C
149
and two for $12,000 each.
$12,000 in 1942 and 1943.
Due March 1 as follows: $11,900 in 1941 and
Principal and interest (M-S) payable at the
County Treasurer's office.
1939, and due Nov. 15 as follows: $19,000 in 1940 and $20,000 from 1941
1949, incl.
Other bids:
The successful bidder may receive, at his own
expense, final approving opinion of Squire. Sanders & Dempsey of
land.
A certified check for 2% of notes bid for, payable to order
Board of County Commissioners, must accompany each proposal.
Cleve¬
of the
TIFFIN CITY SCHOOL DISTRICT, Ohio—NOTE SALE—The Tiffin
Savings Bank purchased an issue of $18,910.04 two-year refunding notes
as 234s.
Due in 1941.
TRUMBULL COUNTY (P. O. Warren), Ohio—PROPOSED BOND
ISSUE—The county is contemplating the sale of $100,000 bonds for relief
purposes against delinquent taxes.
TRURO RURAL SCHOOL DISTRICT (P. O. 3589 East Main St*
Columbus), Ohio—NOTE OFFERING—'The Clerk of Board of Education
will receive sealed bids until 8 p. m. on Nov. 29, for the purchase of $3,479.97 not to exceed 4% Interest refunding notes, callable after Nov. 30
in any year;
WEST
A certified check for 1% of the issue is required.
MILTON,
construction and improvement bonds.
Ohio—BOND SALE—The* $108,000 coupon delin¬
tax bonds offered Nov. 10—V. 149, p. 2730—were awarded to
Stranahan, Harris & Co., Inc. of Toledo, as 2 Ms, at a price of 100.822, a
basis of about 2.12%.
Dated Oct. 1, 1939 and due Oct. 1, 1946. Second
high bid of 100.33 for 2 Ms was made by Ryan, Sutherland & Co. of Toledo.
ZOAR, Ohio—BONDS APPROVED—An issue of $6,500 3%
improvement bonds was authorized by the electorate on Nov. 7.
street
OKLAHOMA
ANADARKO, Okla.—BOND SALE AUTHORIZED—The City Council
is said to have authorized the sale of $60,000 in water improvement bonds.
OKLAHOMA CITY SCHOOL DISTRICT (P. O. Oklahoma City)
Okla.—BOND ELECTION—It is stated by J. G. Stearley, Clerk of the
Board of Education, that an election will be held on Dec. 5 in order to vote
the issuance of $900,000 in building repair and improvement bonds.
OSAGE COUNTY
CONSOLIDATED SCHOOL DISTRICT NO.
(P. O. Prue), Okla.—BONDS OFFERED—It is reported that bids
50
were
received until 2 p.m. on Nov. 14, by Max Keeling, District Clerk, for the
purchase of $14,000 school bonds.
in
Due $1,500 in 1942
to 1949, and $2,000
1950.
STILLWATER, Okla.—BOND ELECTION—'The voters will
pass
on
the issuance of the following bonds, aggregating $458,000, at an election
to be held
Nov. 21,
according to report: $337,000 electric distribution
system and $121,000 water works system bonds.
on
OREGON
CH1LOQUIN, Ore.—BONDS NOT SOLD—It is stated by the City
Recorder
that
the
$12,000 not to exceed 4% semi-annual water works,
on Oct. 6—V. 149, p. 1951—were not sold.
Due
prior to maturity.
series No. 3 bonds offered
on
Jan.
1 in 1941 to 1950: optional
MARION COUNTY SCHOOL DISTRICT NO. 3 (P. O. Route 7,
Box 430, Salem) Ore.—BOND OFFERING—Sealed bids will be received
until Nov. 25, by Orton H. Hilfiker, District Clerk, for the purchase of
$7,000 school bonds
Int. Rate
according to report.
WEST SALEM, Ore.—BOND OFFERING— Sealed bids will be received
until 8 p. m. on Dec. 4, by R. E. Pattison, City Recorder, for the purchase
of $35,000 street improvement bonds.
Interest rate is not to exceed 5%,
payable M-N. Dated Nov. 1, 1939. Denom. $1,000. Due Nov. 1, as fol¬
$3,000 in 1955. and $8,000 in 1956 to 1959. The bonds Will be sold
to the bidder offering the best price, considering the interest rate bid and
premium, if any, on the par value of $35,000.
None of the bonds will be
sold for less than par and accrued interest.
Each bidder should name the
rate of interest at which the bidder is willing to accept the bonds at par.
These bonds are issued pursuant to an election called by the Common
Council of the city under authority of Chapter 455, Oregon Laws for the
year 1937, and pursuant to Ordinance No. 191 of the city.
The prior legal
approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of Porland, wili be furnished. Enclose a certified check for 2 % of the par value
lows:
of the bonds.
ABINGTON TOWNSHIP SCHOOL DISTRICT (P. O. Abimtton),
Pa.—BONDS APPROVED—An issue of $290,000 construction bonds was
on Nov. 7.
BEAVER FALLS, Pa.—-BONDS DEFEATED—The voters on Nov. 7
rejected proposals to issue $25,000 funding and $75,000 street and sewer
improvement bonds.
SCHOOL
DISTRICT,
Pa.—BONDS VOTED—At the
funding and
Nov. 7 election the voters authorized the issuance of $15,000
$10,000 auditorium gymnasium bonds.
BROOKVILLE, Pa.—BOND OFFERING—Fred D. Sayer, Borough
Secretary, will receive sealed bids until 7:30 p. m. on Dec. 1 for the purchase
of $12,000 3M% coupon, registerable as to principal, street and sewer
improvement bonds.
Dated Dec. 1, 1939.
Denom. $1,000.
Due Dec. 1
aslfollows: $1,000 in 1940, 1941 and 1942; $1,000 in 1944, 1945 and 1946,
and $3,000 in 1947 and 1948.
Interest J-D.
The Department of Internal
Affairs of Pennsylvania has approved the issue.
Legal opinion to be ob¬
tained by the successful bidder.
A certified check for 1 % of the bonds bid
for must accompany each proposal.
Principal and interest will be free from
tax or taxes, both State and local, which may be levied or assessed thereon,
or on said bonds or on the holder or holders thereof, or on the debt secured
thereby, except succession or inheritance taxes, under any present or future
law of the Commonwealth; all of which taxes the borough will assume and
agree to pay, making said bonds free of tax to holders thereof in Pennsyl¬
vania.
CASTANEA
TOWNSHIP SCHOOL
DISTRICT
(P.
O.
Castanea),
Pa.—BONDS APPROVED—G. B. Nihart, Secretary of Board of Directors,
reports that $18,000
building addition and impt. bonds
were
authorized
by the voters on Nov. 7.
CENTER TOWNSHIP SCHOOL DISTRICT (P. O.
AHquippa), Pa
—BOND SALE—The First National Bank of Monaca purchased
of $3,000 4% school building bonds at par.
an
issue
EBENSBURG SCHOOL DISTRICT, Pa.—BOND ISSUE DETAILS
$27,000 school bonds purchased by the First National Bank of
Ebensburg, at a price of 104.749—V. 149, p. 2405—bear 3H% interest
and mature March 1 as follows: $1,000 from 1942 to 1958, incl. and $2,000
from 1959 to 1963, inclusive.
—The
GREENFIELD TOWNSHIP SCHOOL DISTRICT (P. O. Altoona),
Pa.—BONDS VOTED—An issue of $25,000 gymnasium-auditorium bonds
authorized at the Nov. 7 election.
was
MINERSVILLE, Pa.—BOND SALE—The $52,800 3H% improvement,
refunding and funding bonds offered Nov. 14—V. 149, p. 2730—were
awarded to a group composed of the First National Bank, Union National
Bank and Miners Safe Deposit Bank, all of Minersville, at par plus $264.50
premium, equal to 100.50, a basis of about 3.38%.
This was the only bid
received.
Bonds are dated Dec. 1, 1939 and mature Dec. 1 as follows:
$2,500 from 1940 to 1958, incl., and $5,400 in 1959.
Callable at par. and
accrued interest on any interest date on or after five years from Dec, 1,1939.
MONORVILLE SCHOOL DISTRICT, Pa.—BONDS APPROVED—An
bonds carried by a
issue of $5,500 funding and heating plant improvement
vote of 109 to 23 at the Nov. 7 election.
JOHNSTOWN
SCHOOL
DISTRICT,
Pa .—BOND
SALE—'The
$199,000 coupon, registerable as to principal only, refunding bonds offered
Nov. 15—V. 149, p. 3148—were awarded to Smith, Barney & Co., New
York,
as
3s at
a
price of 102.4046, a basis of about 2.53%.
101.30
3%
3%
3%
101.19
101.062
100.849
3%
3%
3%
...
101.401
3%
3%
.
100.26
3%
100.61
101.38
Moore, Leaonard & Lynch and Mackey, Dunn & Co.,
Inc
Harriman Ripley & Co., Inc.
..I.
_
O. F. Childs & Co. and Kelley, Richardson & Co
Johnson & McLean, Inc
3%
3%
3M%
3M%
.
M. M. Freeman & Co
i..
McDougal & Condon......
Lowber Stokes &
..
CARMEL
..'...w
POOR
100.60
100.55
3H%
100.645
100.70
100.17
Co. and Walter
;
Phelps, Fenn & Co., Inc
100.649
100.641
-
.
3
.....
j|%
100.05
DISTRICT,
Pa .—OPTION ON BOND
ISSUE—No bids were submitted for the $115,000 not to exceed 4K %
interest coupon funding bonds offered Nov. 14—V. 149, p. 3148.
Leavens
& Leader of Shamokin obtained an option on the issue as 4Ms at par.
NEW HOLLAND, Pa.—BONDS VOTED—An issue of $50,000 water and
bonds was approved by the electorate on Nov. 7.
sewer
NORTH UNION TOWNSHIP SCHOOL DISTRICT (P. O. Uniontown), Pa.—BOND OFFERING—Edward H. Savage, Supervising Prin¬
cipal, will receive sealed bids until 7:30 p. m. on Nov. 28 for the purchase
of $40,000 funding bonds.
They were approved by the Pennsylvania De¬
partment of Internal Affairs on Oct. 31.
PHILADELPHIA SCHOOL DISTRICT, Pa.—BOND OFFERING—
Add B. Anderson, Secretary of Board of Public Education, will receive
sealed bids until 3 p. m. on Dec. 1 for the purchase of $5,000,000 not to
exceed 4% interest serial taxable bonds.
Dated Dec. 1, 1939.
Denoms.
$1,000 each or, at request of successful bidders, in amounts of $10,000 or
$100,000 or both.
Due Dec. 1 as follows: $239,000 in 1944; $238,000 from
1945 to 1953, incl.; $239,000 in 1954 and $238,000 from 1955 to 1964, incl.
The bonds will be in coupon form registerable as to principal only, or
in fully registered form, as requested, and bonds of the same series will be
interchangeable from coupon to registered form, or from registered to coupon
form and will also be interchangeable as to the denominations herein¬
before set forth.
Rate of interest to be in multiples of M of 1%.
Bids will
be received only for the entire issue and at any one rate of Interest and no
bid combining two or more different rates will be considered.
Bids must
be for not less than the par value of the bonds and accrued interest.
Said
bonds and the interest thereon will be subject to any tax or taxes now or
hereafter levied or assessed thereon under any present or future law of the
Commonwealth of Pennsylvania.
The district does not assume or agree to
pay such taxes.
The bonds are direct and general obligations of the district,
payable from ad valorem taxes within the limits imposed by law, levied on
all the property taxable for school purposes within the district.
Bids must
be unconditional in form and must be submitted on blanks which may be
obtained from the above Secretary.
Bidders, however, may bid subject to
the opinion of their own counsel as to legality of the loan.
Settlement in
full for the loan must be made with the Secretary on or before Dec. 18,
at 9 a. m.
If necessary, pending the preparation of definitive bonds, nego¬
tiable Interim certificates of the Philadelphia National Bank, fiscal agent of
the district, will be delivered at the time of settlement in denominations of
$1,000, $10,000 or $100,000, as may be requested by the seuccssful bidder
bidders.
Enclose a certified check for $100,000, payable to the district.
or
COMMENT ON TAXABLE FEATURE OF ISSUE—With reference to
the fact that the bonds now offered will be subject to various Pennsylvania
taxes, the Secretary of the Board of Education explained this circumstance
in the fact that the impending offering is the last to be undertaken by the
district for some time and that both the sinking fund and the
Pennsylvania
School Employees' Retirement Fund were
planning to bid for half the
offering. By making the bonds subject to taxes, the Secretary continued,
both the funds would have an advantage over other bidders as each is
exempt from taxation.
PITCAIRN,
Pa .—BONDS DEFEATED—W. M. Hicks, Borough Sec¬
retary, reports defeat of the proposed issue
at the Nov. 7 election.
of $200,000 light plant bonds
PARK, Pa.—BONDS VOTED—An issue of $10,000 play¬
grounds bonds was authorized at the Nov. 7 election.
approved by the voters at the general election
BELLWOOD
2%%
.....
Charles Clark & Co.
Fox, Einhorn & Co., Inc
Hemphill,Noyes & Co., S. K. Cunningham & Co. and
Phillips, Schmertz & Co
„■
Schmidt, Poole & Co
E. H. Rollins & Sons, Inc
;
PROSPECT
PENNSYLVANIA
Rate Bid
101.659
3%
_
Eastman, Dillon & Co., Barclay, Moore & Co. and
Seasongood & Mayer
MOUNT
quent
on
Bidder—
Blair & Co., Inc., and Butcher & Sherrerd__„
Charles A. Hinsch & Oo___.__
Stroud & Co., E.
Stokes & Co
WESTON TOWNSHIP SCHOOL DISTRICT (P. O. Weston), Ohio
BONDS APPROVED—'The voters on Nov. 7 authorized an issue of $26,000
YOUNGSTOWN,
to
Dougherty, Corkran & Co. and Graham, Parsons & Co.
APPROVED—Russell
C. Niles,
issue of $30,000 water bonds was approved at
Ohio—BONDS
Village Clerk, reports that an
the Nov. 7 election.
3303
Dated Nov. 15,
ROSS TOWNSHIP (P. O. Perrysville), Pa .—BONDS DEFEATED—
Winner, Township Secretary, reports that the proposed issue of
$400,000 water line and sewer bonds was defeated at the Not. 7 election.
Vote was 1,077 for and 2,616 against.
Wade
SPRINGFIELD
TOWNSHIP
(P.
O.
Swarthmore), Pa.—BOND
sold to the sinking fund—
ISSUE DETAILS—'The $6,000 fire truck bonds
V. 149, p. 3149—bear 1 % interest, were
Oct. 1 from 1940 to 1945, inclusive.
issued at par and mature $1,000 on
TAMAQUA SCHOOL DISTRICT, Pa .—BOND SALE—M. M. Free
& Co. of Philadelphia purchased on Nov. 6 an issue of $48,000 schoo
as 3Ms, at a price of 100.142.
Dated Dec. 1, 1939 and due serially
on Dec. 1 from 1940 to 1945 incl.
Re-offered to yield from 2% to 3.25%,
according to maturity.
man
bonds
WRIGHT TOWNSHIP SCHOOL
DISTRICT (P. O. Mountaintop)
Pa.—BONDS NOT SOLD—The $8,000 not to ecxeed 5% interest funding
Oct. 31—V. 149, p. 2551—were not sold as all bids were
bonds offered
rejected.
RHODE
ISLAND
CRANSTON, R. I.—BOND SALE—The $500,000 coupon series C sewer¬
age bonds offered Nov. 17—V. 149. P. 3149—were awarded to Halsey,
Stuart & Co., Inc., and'Bond, Judge & Co. of Boston, jointly, as 2M» at a
price of 102.61, a basis of about 2.31%.
Dated Nov. 15, 1939, and due
Nov. 15 as follows: $17,000 from 1942 to 1970, incl., and $7,000 in 1971.
Reoffered by the bankers to yield from 0.80% to 2.40% . according to ma¬
turity.
NEWPORT, R. I.—NOTE SALE—The $100,000 revenue anticipation
offered Nov. 14—V. 149, p. 3149—were awarded to Second National
0.189% discount. Dated Nov. 17,1939 and due Aug. 26,
1940. Other bids:
notes
Bank of Boston, at
Bidder—
Boston Safe
Discoun
0.197%
•
Deposit & Trust Co
Cbace, Whiteside & Symonds..
First National Bank of Boston
0.237%
.
w.-.---
-
Bankers Trust Co
R. L. Day & Co.
-
-
-
0.24%
0.24%
0.27%
NEWPORT, R. I.—BOND OFFERING—B. F. Downing, City Treasurer*
will receive sealed bids until 5 p.m. on Nov. 21 for the purchase of $65,000
not to exceed 3M% interest coupon storm rehabilitation bonds, series B.
Dated Dec. 1, 1939.
Denom. $1,000.
Deu $5,000 on Dec. 1 from 1942
to 1954 incl.
Bidder to name one rate of interest, expressed in a multiple
of M of 1%.
Principal and interest OJ-D) payable at the City Treasurer's
office or at the holder's option, at the First National Bank of Boston.
Legal opinion of Ropes, Gray, Boyden & Perkins of Boston will be furnished
the successful bidder.
The bonds will be valid general obligations of the
city and all taxable property in the city will be subject to the levy of un¬
limited 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.
WEST WARWICK, R. I.—BOND SALE—The $50,000 coupon sewer
Chace, Whiteside
Symonds of Boston as 2 Ms, at a price of 100.771, a basis of about 2.12%.
Dated Dec. 1,1939, and due $5,000 on Dec. 1 from 1941 to 1950, inclusive.
bonds offered Nov. 14—V. 149, p. 3149—were awarded to
&
ONE HUNDRED—
3304
The Commercial & Financial Chronicle—
YEARS OLD Nov.
CAROLINA
SOUTH
WASHINGTON
COLUMBIA, S. C.—BONDS SOLD—A special dispatch
burg
from SpartanNov. 10 to the New York "Herald Tribune" had the following to
on
ARLINGTON, Wash.—BOND SALE DETAILS—In connection with
sale of the $24,000 4H% semi-ann. water system purchase revenue
the
report:
Trust Co. of Georgia and associates have purchased City of Columbia,
8. O., general obligation bonds amounting to $632,000, it was announced
today. The bonds will bear interest at 2M % until March 1, 1941, at which
time the interest rate increases to 314% for a 20-year period.
Sale of the bonds was necessitated, it was said
because of failure to ex¬
change $850,000 in carpetbag bonds due March 1, 1941, authorized early
by the City Council.
R. S. Dickson Co., which was awarded a
contract to exchange the bonds, reported that only $218,000 had been
exchanged.
It was pointed out that the new bonds given in exchange for
these bear an interest rate of 5% until March 1, 1941, at which time the
rate drops to 3 M % for a 20-year period.
On the grounds that the rate of interest might be higher than 3H% in
1941 other persons or firms holding the remainder of the carpetbag bonds
declined to exchange them, it was stated.
Inability to exchange the bonds
was attributed in some quarters to unsettled conditions.
Trust Co, of Georgia paid the City of Columbia a premium of $3,000 for
the bonds, which will be dated Sept. 1, 1941.
However, they will not be
delivered until the first part of next year.
Officials stated that when the
purchase price is turned over to the city it will be placed in escrow until
the maturity date of the remaining carpetbag bonds.
bonds,
and the $25,000 4M% semi-ann. water system purchase revenue
as noted here—V. 149, p. 3011—it
reported by the City Clerk that the bonds were sold at par, are dated
Nov. 1, 1939, the 4M% bonds mature Nov. 1, as follows: $2,000 in 1940 and
1941, and $2,500 in 1942 to 1949, and the 4M% bonds mature $2,500
Nov. 1, 1950 to 1959, callable after Nov. 1, 1949.
Prin. and int. payable
bonds to H. P. Pratt & Co. of Seattle,
is
CHARLESTON
PUBLIC
SERVICE
DISTRICT
(P.
O.
Charleston), S. C.—BONDS SOLD—It is reported that $30,000 sewer
bonds have been purchased jointly by Seasongood &
Mayer of Cincinnati,
and
McAlister, Smith & Pate, Inc. of Greenville, paying a premium of
$102.30, equal to 100.341, a net interest cost of about 3.08%, on the
bonds divided as follows: $21,000 as 3 Ms, due $3,000 on Nov. 1 in 1941
to 1947; the remaining $9,000 as 3s, due
$3,000 on Nov. 1 in 1948 to 1950.
Denom. $1,000.
Dated Nov. 15, 1939.
Prin. and int. (M-N) payable
in N. Y. City.
Legal approval by Nathans & Sinkler of Charleston.
ROCK HILL, S. C.—BONDS VOTED—It is stated
by the City Clerk
and Treasurer that at the election held on Nov. 14 the voters
approved the
issuance of $65,000 in general obligation, water
system bonds by a wide
margin.
•
SOUTH
Interest payable J-D
15.
LEAD INDEPENDENT SCHOOL DISTRICT NO. 6
(P. O. Lead),
S. Dak,—BOND SALE—The $250,000 issue of
4% semi-annual high school
sale on Nov. 15—V. 149, p. 3149—was awarded
to the First National Bank of Black Hills for a
premium of $25,500, equal to'
building bonds offered for
basis of about 2.45%.
in 1940 to 1952, inclusive.
a
Dated Nov. 15, 1939.
Due
on
Nov.
15
WALWORTH COUNTY (P. O. Selby), S. Dak.—BOND OFFERING—
Sealed and auction bids will be received by W. M. Klein,
County Auditor,
until Dec. 6, at 1.30 p.m., for the purchase of
$8,500 not to exceed 4M%
semi-annual funding bonds.
Dated Nov. 15,
1939.
Denom.
$1,000.
one for $500.
Due Nov. 15, as follows: $500 in 1941, and $2,000 in 1942
to 1945.
Rate of interest to be in a multiple of
of 1%.
The bonds will
be made payable at any suitable bank or trust
company designated by the
successful bidder.
The county will furnish the printed bonds and the
approving legal opinions of Preben C. Hvistendahl of Mobridge, A. C.
Campbell of Frederick and Fletcher, Dorsey, Barker, Colman & Barber of
Minneapolis, and will make delivery of the bonds
Enclose
a
to pay interest and principal on these bonds when due and the cost
of operation and maintenance.
Legality to be approved by Weter, Roberts
& Shefeiman of Seattle.
CLALLAM
COUNTY
SCHOOL
DISTRICT
Angeles), Wash.—BONDS SOLD—It is
NO.
7
(P. O. Port
reported that $41,000 gymnasium
construction bonds have been purchased by the State of Washington.
EVERETT, Wash.—BOND SALE—The $700,000 issue of special water
refunding bonds offered for sale on Nov. 15—V. 149, p. 3150—
revenue
awarded to a syndicate composed of Shields & Co. of New York,
Foster & Marshall, and Harold H. Huston & Co., both of Seattle, as 2s,
a premium of $357, equal to
100.051, a basis of about 1.99%.
Dated Jan. 1, 1940.
Dtre on Jan. 1 in 1941 to 1945, incl.
was
paying
BONDS OFFERED FOR INVESTMENT—The successful bidders
of¬
fered the above bonds for public subscription at prices to
yield from 0.75%
to 2.10%, according to maturity.
LINCOLN
COUNTY
SCHOOL
DISTRICT
NO.
105-157
(P.
O.
is reported that sealed bids
24, by Cecil V. Fisher, County
Davenport),1 Wash.—BOND OFFERING—It
will
be received
until
10
m.
a.
on
Nov.
Treasurer, for the purchase of a $10,000 issue of school bonds.
Interest
is not to exceed 5%.
Bonds to run for a period of five years.
Pro¬
vided, that the district reserves the right to pay or redeem the bonds, or
any of them, at any time after two years from the date thereof.
The
rate
amounts as
LAKE PRESTON, S. Dak.—BONDS SOLD—It is stated
by the City
Auditor that $36,000 3%% sewer construction refunding bonds have been
purchased by a local bank.
Due in 12 years.
110.10,
system, and the town obligates itself to operate the water system and main¬
tain, fix and collect such rates for water service as will provide sufficient
revenue
various annual maturities of the bonds will commence with the second
year
after date of issue of the bonds, and will as
nearly as practicable be in such
DAKOTA
CLEAR LAKE, S. Dak.—BOND OFFERING— Sealed bids will be re¬
ceived until 8 p. m. on Dec. 4, by C. I. Force,
City Auditor, for the pur¬
chase of $4,000 water works bonds.
Interest rate to be specified by the
bidder.
Denom. $400.
Dated Dec. 15, 1939.
Due $400 on Dec. 15 in
1941 to 1950 incl.
now
at the Town Treasurer's office.
These bonds are issued in accordance with
the laws of the State, are payable solely from the gross revenues of the water
this year
NORTH
1939
on
or
before Dec. 20.
will, together with interest on the outstanding bonds, be met
an equal annual tax levy for the payment of the bonds and interest.
Interest payable annually or semi-annually.
Bidders are required to submit
by
bid specifying;
a
par,
rating best subject to the right of the district to reject any or all bids.
Prin. and int. payable at the County Treasurer's office, or at the fiscal
of the State in New York City, or at the State Treasurer's office.
Enclose a certified check for 5% of the amount of the bid.
agency
MILL CREEK FLOOD CONTROL DISTRICT (P.
O. Walla Walla),
Wash.—BOND SALE DETAILS—It is reported by the County Treasurer
that the $150,000 general obligation bonds sold to the State, as 2.90s, as
noted here—V. 149, p. 3011—were purchased at
par, and mature Nov. 1,
as follows:
$3,000 in 1941 to 1945, $4,000 in 1946 to 1952, $5,000 in 1953 to
1957, $6,000 in 1958 to 1962, $7,000 m 1963 to 1966, and $8,000 in 1967 to
1969.
on
MOUNT VERNON, Wash.—BONDS DEFEATED—At an election held
Nov. 8 the voters are said to have rejected the proposal to issue
$310,000
water system
n
PORT
OF
bonds by
a
EVERETT
wide margin.
(P.
O.
Everett),
Wash.—BOND SALE DE¬
TAILS—It is
now stated by Nels
Weborg, Secretary-Manager of the Port
that the $190,000 general bonds sold on Sept. 11 to the
General Construction Co. of Seattle, as noted here—V. 149,
p. 1798—were
Commission,
purchased
after
certified check for $300.
(a) the lowest rate of interest and premium, if any, above
at which such bidder will purchase the bonds; or, (b) the lowest rate
of interest at which such bidder will purchase the bonds at
par; (c) whether
or not they will furnish blank bonds.
The bonds will be sold to the bidder
a
3s, at
as
He
par.
court decision
says
that these bonds
delivered
were
upholding the validity of the scheme.
on
Due
Nov. 7,
Oct. 1
on
in 1941 to 1949, inclusive.
PUYALLUP,
TENNESSEE
GLEASON, Tenn.—BOND
on
SALE DETAILS— It is
reported by the
bonds sold to the
now
Town Recorder that $18,000
5% semi-ann. refunding
Municipal Bond & Investment Co. of Memphis, as noted here—V. 149.
1952—are dated Sept. 1, 1939, and mature on Sept. 1, as follows: $1,000
in 1941 to 1956, and $2,000 in 1957.
Nov.
power
7
the
Wash.—BONDS DEFEATED—At
voters
turned
construction bonds approved by the
COUNTY (P. O. Athens), Tenn .—BONDS SOLD—It is
Henry Thompson, County Court Clerk, that $50,000 school
bonds have been purchased by the
Fidelity-Bankers Trust Co. of Knoxville.
by
SUMMER
COUNTY
(P. O.
Gallatin), Tenn.—BONDS SOLD—It is
stated by the Clerk of the County Court that $8,000 1
% % court house and
jail bonds have been purchased by the Thomas II. Temple Co. of Nashville.
TEXAS
CANYON, Texas—BONDS
SOLD—It is stated by the City Secretary
that $6,000 3% semi-ann. city hall bonds
approved by the voters recently,
have been purchased at par by the Black Estate of
Canyon.
Dated Sept. 1,
1939.
Denom. $1,000.
Due $1,000 March 1, 1940 to 1945.
Prin. and
int. payable at the First National Bank of
Canyon.
of a $7,000 issue, $1,000 of which has
These bonds
already been paid.
are
part
Legality approved
by Chapman & Cutler of Chicago.
a
basis of about
1.67%.
$80,000 general improvement bonds.
June 1, 1940 to 1947.
100,000 general improvement bonds.
Dated June 1,
Dated July
1937.
Due $10,000
1, 1939.
Due $10,000
(P. O. Olympia), Wash.—BONDS SOLD—I
by the County Auditor that the $212,000 court house refunding
approved recently by the State Supreme Court, as noted here—
V. 149, p. 3150—were sold on Nov. 8.
WISCONSIN
EAST TROY, Wis.—BOND OFFERING—Sealed bids will be received
until 4 p. m. on Nov. 20, by William A. Prasch, Village Clerk, for the
pur¬
chase of $5,000 2% annual coupon general obligation bonds.
Dated Dec.
1939.
Denom.
payable at
the
1,
$500.
Village
Due
$500
Dec.
Treasurer's
1,
1940 to
office.
1949.
Interest
Prin.
payable
and int.
Dec.
1.
These bonds will be sold to the highest responsible bidder at not less than
95% of par and accrued interest, the basis for the determination of the best
bid being the amount of principal to be paid to the
village on delivery.
The
bonds are being issued to provide funds in part
payment of the purchase
price of that portion of the street and interurban railway as is operated
within such municipality, and the territory
on
immediately adjacent and
tributary thereto, viz., extending from its western terminus in the village
to its junction with the rails of the Wisconsin Central
Ry. Co. in the Village
of Mukwonago, approximately 7.2 miles in
length.
Enclose a certified
check for not less than 2% of the par value of the
bonds, payable to the
Village Treasurer.
Wis.—BOND
OFFERING—Sealed bids will be received
Nov. 24, by A. E. Axtell, Director of Finance, for the
following refunding bonds aggregating $33,000:
$5,000
school, 2nd series of 1939; $11,000 high school, 2nd series of 1925; $10,000
school, series of 1929, and $7,000 grade separation bonds.
Interest rate is
not to exceed 5%, payable J-D.
Dated Dec. 15, 1939.
Denom. $1,000.
Due Dec. 15, 1953.
Prin. and int. payable at the City Treasurer's office.
until
2
p.
m.
on
purchase of the
The bonds will not be sold for less than par, and the basis of
determination
be the lowest rate of interest bid
by the successful bidder.
Bidder
accrued interest at the rate borne by the bonds from the date of
the bonds to the date of payment of the
purchase price.
The call for bids
shall
July 1, 1940 to 1949.
The second best offer was a joint offer
by Lazard Freres & Co. of New
York and Milton R. Underwood & Co. of Houston of
$18,682.20 premium.
A number of other bids were also submitted
for the above bonds.
«
LAVACA
electio
i
THURSTON COUNTY
KENOSHA,
HOUSTON, Texas—BOND SALE—The following 4% semi-annual
bonds, aggregating $180,000, offered for sale on Nov. 14—V.
149, p. 3149
—were awarded jointly to Boettcher & Co. of
Denver, and Mahan, Dittmar
& Co. of San Antonio,
paying a premium of $18,793.20, equal to 110.441,
general
bonds
County Court in July have been sold.
McMINN
the
issuance of $350,000
is stated
LAWRENCE
COUNTY
(P.
O.
Lawrenceburg), Tenn.—BONDS
SOLD—It is stated by the Clerk of the
County Court that $18,000 school
stated
down the proposed
plant bonds.
COUNTY
ROAD
DISTRICT NO.
2
(P. O. HallettsSALE DETAILS—It is stated by the
County Judge
that the $20,000 road bonds sold to A. W.
Snyder & Co. of Houston, as 2
ville), Texas—BOND
must pay
is
on this basis: a par bid with the rate of interest
which the bidder will
accept over the period stipulated by the bonds.
The bonds will be ready
for
delivery on or about Dec. 15.
The city will furnish its own completed
Legal opinion supplied by Chapman & Cutler of Chicago.
En¬
a certified check for $500,
payable to the city.
bonds.
close
Ms,
as noted here—V. 149, p. 3149—mature
$2,000 on
1950, giving a basis of about 2.47%.
at a price of 100.155,
April 10 in 1941
to
WYOMING
'
LOCKHART, Texat—WARRANTS SOLD—It is stated 'by the City
Secretary that $20,000 4% annual street improvement warrants authorized
by the City Commission in September, have been
purchased by R. K.
Dunbar & Co. of Austin.
Sept.jl
in 1941 to 1948.
Denom. $1,000.
Dated Sept.
Interest payable Sept. 1.
1, 1939.
Due
on
CHEYENNE
SCHOOL
DISTRICT
NO.
1
—BONDS
(P. O. Cheyenne), Wyo.
VOTED—It is reported that the voters approved
by a widemargin the issuance of $225,000 in school building construction bonds at
the special election held on Nov. 9—V. 149,
p. 3011.
LUFKIN
INDEPENDENT SCHOOL DISTRICT (P. O.
Lufkin),
Texas—BONDS SOLD—It is stated
by the Secretary of the Board of
Education that $75,000 construction bonds
which were approved by the
voters last January, have been
purchased by Callihan & Jackson of Dallas.
TEXARKANA,
Texas—BONDS DEFEATED—We are informed by
City Secretary, that at the election held on Nov. 7—Y.
149,
p. 2732—the voters rejected the
proposal to issue $350,000 electric plant
revenue bonds, the count
being 245 "for" to 1,190
against."
CANADA
BARTON
TOWNSHIP, Ont —BOND SALE—An issue of $13,034 5%
10-year serial
sewer
and watermain bonds
was
sold to
Bell, Gouinlock &
Co. of Toronto, at a price of 102.80.
•
VAN ZANDT COUNTY ROAD DISTRICT
^.LD—It is reported by L. F.
(P. O. Canton),
Sanders, County Judge,
VIRGINIA
STEPHENS CITY, Va.—BOND ELECT ION—The
voters will pass on
water system bonds at an election scheduled
for
according to report.
the issuance of $9,000 in
(Dominion of)—TREASURY BILLS SOLD—An issue oF
Treasury bills, due Feb. 15, 1940, was sold at an average
0.872%.
NO. 7
that $100,000 road bonds approved
by the voters on Aug. 12, have been
purchased by the State Board of Education as
3Hs and 3 Ms.
Due in from
1 to 20 years.
Nov. 20,
CANADA
$25,000,000
interest cost of
LEASIDE, Ont.—BOND SALE—Wood, Gundy & Co. of Toronto
pur
chased $104,000 bonds as follows:
$18,000 3% improvement.
Due from 1940 to 1944, inclusive.
86,000 3M% improvement.
Due from 1940 to 1954. inclusive.
The bond house also obtained an option to purchase an additional
$153,000 3% improvement bonds, including $95,000 to mature from 1940
$58,000 from 1940 to 1954, inclusive.
to 1949 and
ST.
HYACINTHE,
Que—BOND
OFFERING— Sealed
bids
will
be
received until 5 p. m. on Nov. 20 for the purchase of $410,000 3M % 30-year
serial bonds.
@FedFRASER