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The.
ommetria
COPYRIGHTED IN 193S BY WILLIAM B. DANA
VOL.149.
COMPANY* NEW YORK.
'-uedweea4„oenisac„Py-
BROOKLYN
N0V 27
1939
ENTERED AS SECOND-CLASS MATTER
JUNE 23, «7», ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NO. 3883.
NEW YORK, NOVEMBER 25, 1939
THE
TRUST
BANK
COMPANY
CHASE
NATIONAL
dF
Chartered 1866
THE CITY
BANK
OF NEW YORK
N
OF
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
NEW
respondent bank service
is
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
YORK
Corporation
Broaden
service
•
BANK OF MONTREAL
your customer
with
cor-
respondent facilities.
Member Federal
Established l8l7
Chase
Deposit Insurance
Corporation
PREFERRED
Head
Montreal
Office
STOCKS
Capital
Rest and Undivided
Total
$36,000,000
.....
Assets
in
Profit,
$40,183,254
of
$850,000,000
Excess
City of
Philadelphia
President
H.
R.
Drummond, Esq.
Vice-Presidents
Maii-Gen. The Hon. S. C. Mewburn, C.M.G.
W.
A.
Bog,
Esq.
FIRST BOSTON
General Managers
Jackson Dodds
—
Commonwealth of
The
Pennsylvania
CORPORATION
G. W, Spinney
Bonds
h
BOSTON
NEW YORK
Branches and
Agencies
CHICAGO
In Canada and Newfoundland—
More than 500 Branches.
Philadelphia
AND OTHER
In London:
47 Threadneedle St., E.C.
9 Waterloo
Place, S.W.
san francisco
PRINCIPAL CITIES
2;
Moncure Biddle & Co.
1.
PHILADELPHIA
In the United States—New York, 64
Wall St.;
Chicago: 27 South La Salle St.;
San rrancisco: Bank of Montreal
(San Francisco), 333 California
The
Street.
Established 1856
New York Trust
Hallgarten St Co.
Company
H. Hentz & Co.
Members
Established 1850
New
IOO
BROADWAY
York
New
York
New
NEW YORK
York
Chicago
Chicago
Exchange
Curb
Exchange
Cotton
Exchange
Board
Winnipeg
London
Stock
Trade
of
Grain
Exchange
New Orleans Cotton Exchange
And other Exchanges
MADISON AVENUE
AND 40TH
STREET
N. Y. Cotton
Exchange Bldg,
NEW YORK
ONE EAST
BEAR, STEARNS & CO.
57TH STREET
BOSTON
CHICAGO
DETROIT
AMSTERDAM
PARIS
ONE WALL STREET
DALLAS
PITTSBURGH
GENEVA
LONDON
ROTTERDAM
MONTE CARLO
NEW YORK
European
Represen ta the
KING WILLIAM ST.
Carl m. Loeb, Rhoades & Co.
61
LONDON, E.C. 4
Established 1874
NEW YORK
London
De Haven & Townsend
BROADWAY
Paris
NET YORK
Amsterdam
1889-1939
Eiftieth Anniversary
PHILADELPHIA
80 Broad St.
1518 Walnut St.
II
ONE HUNDRED—
Holders
To
MOBILE
A
Plan
of
AND
unification of
its properties with
Chronicle—YEARS OLD
RAILROAD
Mobile
and
Ohio
Railroad
OF CANADA
Company involving
those of the Gulf, Mobile and Northern Railroad
65th ANNUAL STATEMENT
Year
urged immediately to obtain from the Secretary of the Committee
copies of
Reorganization Agreement and the Committee's circular letter dated
are
Ending October 31st, 1939
the Plan, the
November
22,
1939
Dated November 22,
HARVEY A.
containing
1939
IMPERIAL BANK
COMPANY
Company has been adopted by the undersigned Reorganization Committee. The
Interstate Commerce Commission has authorized the
consolidation of these properties.
You
Nov.
oj Funded Debt of
OHIO
Reorganization of
The
Commercial & Financial
additional
1939
information
and
soliciting
Profit and
deposits.
Edward H. Leslie
BASHAM, JR., Secretary
^
taxes
John K. Olyphant, Jr.
100
Broadway
New York, N. Y.
Stafl
as
$
Pension
and
325,884.67
Guar¬
antee Funds
Reorganization Committee under
Agreement dated
31st
October, 1939, after pro¬
viding for
Dominion and Provincial
Frederic \V. Ecker, Chairman
c/o The New York Trust Company
Lose Account
Profits for the year ended
99,689.21
and after
making appropriations to con¬
tingent accounts, out of which accounts
of February 15, 1939
full provision for bad and doubtful
debts
has been made
To Holders
$
Dividends at the rate of 10% per
oj Preferred and Common Stock oj
966.258.53
annum..
700,000.00
i,
$
Written off Bank Premises
Reserved for contingencies
GULF, MOBILE AND NORTHERN RAILROAD
$
266,258.5
100,000.00
C
i50,ooc.oo
COMPANY
250,000.00
Balance of Profits carried forward
$
Profit and Loss Balance 31st
October, 1938
A special meeting of stockholders has been
called to be held on December
29,
1939, to take action necessary in order to authorize this
Company to carry out the
plan for the unification of the properties and operations of this
Company and of
Jk-'
Profit and
16,258.53
649,375.51
—
•
Loss_Balance 31st October,^1939$
665,634.04
Mobile and Ohio Railroad.
Copies of the plan and related documents have been mailed to all
registered
holders of preferred and common stock.
Additional copies of these documents
may be obtained at the Company's offices at 71 Conti
St., Mobile, Alabama, or at
500 Fifth Avenue, New
York, New York.
It is important that holders of stock
registered in names other than the names
of
such
sary
holders should transfer
their stock at
information and be entitled
BALANCE SHEET
Liabilities
Notes In Circulation
Deposits by and balances due to
Dominion Government
to vote at the
The
in order to receive
once
the
Deposits by and balances due to
neces¬
holders and urges
GULF,
Dated: November 22,
MOBILE
AND
NORTHERN
RAILROAD
1939.
,»
Provincial Governments
To,327,135.83
Deposits by the public not bear¬
ing interest..
meeting.
plan is of vital importance to the stock¬
their prompt cooperation.
believes that the
management
$. 5,307,515.00
$12,006,061.83
39,783,818.36
Deposits by the public
bearing^
interest, Including interest
COMPANY,
crued to date of
,
to
.
J
by
L
and
»
Statement.. 99,453,736.06
I. B. Tigrett, President.
Deposits
ac-
161,570,752.08
,
balances
other Chartered
due
Banks in
Canada
$ 1,023,200.24
Deposits
by and balances due
to Banks and
Banking Corre¬
spondents in the United
dom and Foreign
King¬
Countries..
Province
of
-3,887,765.97
Copies
holders
of the
of
Offer
for
1,351,836.05
8,coo,000.00
176,326.36
Loss Account
665.634.04
15,841,960.40
$187,959,829.50
of
the
Province
of
Santa
Fe
to
the
Assets
Gold held in Canada
$
Subsidiary Coin held
Notes
of
Bank
in Canada
$ 5,267,915.00
Deposits with Bank
Fund Dollar Bonds, and form Letters
be obtained from the Exchange Agent,
Manufacturers Trust Company, Corporate Trust
Department,
45 Beaver Street, New
York, N. Y.
t
of Canada
9,123,625.89
may
Notes of other Chartered Banks
and
Bank Notes
Government
other than Canadian
14,391,540.89
317,400.0c
55,227.74
Deposit with the Minister of Finance
for
the security of note
circulation
PROVINCE OF SANTA FE
Cheques
By JOAQUIN ARGONZ
Dated: November 21, 1939.
746.18
316,578.69
of
Canada
Sinking
Transmittal
Out¬
$ 7,000,000.00
the
Guaranteed
Credit
Delivery
outstanding dollar bonds of the Province and
dollar bonds of the City of Santa Fe
guaranteed by the Province,
dated September 15, 1939, and of the
Prospectus of the Argentine
Republic with reference to the guaranty of the 4% External
of
of
Reserve Fund.
and
Available
Letters
Dividends declared and
unpaid
Balance of Profits as per Profit
Bonds, Dated March 1, 1939, Due March 1, 1964
Now
$170,766,033.05
_
and
standing
Capital Paid Up
$8,859,200 4% External Guaranteed Sinking Fund Dollar
Bonds
j
Acceptances
(Argentine Republic)
Definitive
2,864,565.73
Santa Fe
on other
Deposits with and balances due
by other
Chartered Banks in Canada
Minister of Finance
$ 15,081,493.50
273,843.10
Banks
Due by Banks and
Banking Correspondents
elsewhere than in Canada
7,265,789.76
-
'
'
629 759 57
3,234,975.57
■
,
,
.
Dominion
and
ernment
Dividends
Dividends
two
STORAGE
The
Directors
from
the
plus of
BATTERY
have
declared
Accumulated
the
CO.
Company
a
Sur¬
final
E. i. du Pont
ciUj)
dividend
Common
Stock
($.50)
and
the
per
share
Preferred
Stock, payable December 21, 1939, to stock¬
holders of record of both of these classes of
stock at the close of business on December
1, 1939.
Checks will be mailed.
H. C.
& Company
Allan, Secretary and Treasurer.
Philadelphia, November 17,1939.
of
Debenture
Directors has declared this day a
a share on
the outstanding
Stock and a dividend of $1.12^4 a
$1.50
share
on the outstanding Preferred
Stock-$4.50
Cumulative, both payable January 25, 1940, to
stockholders of record at the close of business
W. F.
RASKOB, Secretary
PHILADELPHIA COMPANY
Pittsburgh, Pa., November 17, 1939
quarterly dividend amounting to
ness,
December 1,
1939.
Checks will be mailed.
C. J.
Treasurer
Stock
Preference
business,
December
at
1,
the
value
„
pages
ill and iv.
6,l96,o98.73
35,863.59
„
Call
,
and
_
_
Short
—
,
(not exceeding
thirty days) Loans in Canada
on Stocks,
Debentures, Bonds
and
Loans
$ 5,200,024.50
to
Provincial
Govern¬
ments
587.928.43
Loans to Cities, Towns, Munici¬
palities and School Districts.
otherwise
included,
7,393,783.82
estimated
Loans,
64,080,745.51
estimated
loss
pro¬
250,243.56
Real Estate other than Bank Premises
Mortgages
13.181,736.75
loss
provided for—
143,084.64
Real Estate sold by the Bank
Bank Premises, at not more than
cost, less
on
amounts, if any, written off
Liabilities of Customers under Acceptances
and Letters of Credit as per contra
Other Assets not included under the fore¬
going heads
340,867.88
5,850,776.60
1.351.836.C5
65,577.18
1939.
$187,959,829.50
Checks will be mailed.
C.
76,209,099.83
other
Securities, of a
sufficient marketable value to
Cover
close of
J. BRAUN, Jr.
T reasurer
see
43,848,582.77
Securities,
vided for
Pittsburgh, Pa., November 17, 1939
A quarterly dividend amounting to
One Dollar and Twenty-five Cents per
share on the $5 Cumulative Preference
Stock of this Company has this day
been
declared,
payable
January
2,
1940, to all holders of said #5 Cumu¬
•
For other dividends
not exceed¬
exceeding market value._
Other Bonds, Debentures
and
Stocks, not exceeding market
Non-current
Dividend No. 36
lative
BRAUN, Jr.
.$26,128,054.74
Securities,
not
PHILADELPHIA COMPANY
A
declared, payable January 2, 1940, to
all
holders
of
said
#6
Cumulative
Preference Stock, at the close of busi¬
value.
ing market value...
Canadian Municipal
not
*
guaran¬
exceeding
Current Loans and Discounts in
Canada,
Dividend No. 38
One Dollar and Fifty Cents
per share
on the
#6 Cumulative Preference Stock
of this Company has this
day been
and
not
Government direct and guar¬
on
January 10, 1940; also a "year-end" dividend
for the year 1939 of $3.25 a share on the out¬
standing Common Stock, payable December 14,
1939, to stockholders of record at the close of
business on November 27, 1939.
$ 26,485,861.50
,
Other Dominion and
Provincial
anteed
The Board of
Fifty Cents
the
Nemours
Wilmington, Delaware: November 20, 1939
dividend for the year 1939 of
on
de
,
maturing with¬
years,
market
ELECTRIC
,
direct
teed Securities
in
THE
„
Provincial Gov¬
A.
E. PHIPPS,
President.
H.
T.
JAFFRAY\
~~
General Manager.
w
ommfrciHi f
Editorials
The Financial Situation
.—,...3306
War Aims in 1916 and in 1939
Pierce Butler._
.—,
—
.
..-.-3319
........3323
_—
—
Comment and Review
The Business Man's Bookshelf
Week
on
the European
3323
Stock Exchanges
3311
...
Foreign Political and Economic Situation
-.-.3311
Foreign Exchange Rates and Comment..
3316 & 3357
Course of the Bond Market
..3324
Indications of Business Activity
Week
on
the New York Stock
Week
on
the New York Curb
3325
Exchange
...3309
Exchange
...3356
News
Current Events and Discussions
Bank and Trust
—3337
Company Items.
,
.
.3355
...
General Corporation and Investment
News
.3401
Dry Goods Trade.
State and
.3434
Municipal Department....
......3435
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking
3365 & 3367
Fund Notices
—3359
Dividends Declared
.....3359
Auction Sales
—
.3359
v.
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—-Bond Quotations. .3368 & 3378
New York Curb
Exchange—Stock Quotations
New York Curb
3368
Exchange—Bond Quotations
Other
—3384
--- .-
Exchanges—Stock and Bond Quotations.
Canadian Markets—Stock and Bond
.3388
3393
Quotations......3394
Over-the-Counter Securities—Stock & Bond Quotations .3397
Reports
Foreign Bank Statements..
Course of Bank
...
Clearings...
..3315
......
—,
—
3357
..3337 & 3365
Federal Reserve Bank Statements
General Corporation and Investment News.. .——3401
Commodities
The Commercial Markets and the
Cotton
Breadstuf fs
Published Every
_34?5
Crops.....
;
—
3428
—3432
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
President and Treasurer; William D. Biggs, Business Manager.
208 South La SaUe Street (Telephone 8tate 0613). LondonWilliam 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, $19.5 Oper 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 Selbert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
Edwards & Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1939 by
The Financial Situation
and
national
than
been
devoted
enshrouds
Government
and banking authorities of the Federal
shall be guided and governed," and
in
suggest "the
character of governmental machinery
The
the monetary
calculated
best
out such
at
who
An
explained
with reference to the
man¬
ators
outside
and
that
be
should
be
these
different
labor
large
have
also
is
tention that
if there
so
the
our
con¬
monetary
policy is not properly aid¬
ing
we
introduced
this
body who have
question,
specialized
subject.
In
in
addition
some
been
introduced
a
some
vague
fact, since it feels it
take
to
cure
without
continue
the
jurisdiction in
agencies
our
over
proceed
vital
competitive lending,
it
the
great
as
will
be
"actual
will
cost
not
as
found
inquiry that
and balance of
of
upon
one
of
the
to
for
the
band
drop into the
lar.
heard
the
of
of
the
fact
that
banks
have
been pursuing a
policy of
getting out of debt to the
RFC whenever the oppor¬
have
and other matters.
me
on
this sub¬
ject, the head of the American Bankers Association,
willingness
to
there
cooperate
is
any
in
determination
initiate
to be looked into and remedied
The real origin
more
or
less
.
.
this
Heaven
our
and motivation of this resolution
a
mystery at the time that it was
introduced, and for that matter at the time of its
adoption.
have
The
done very
months
that
have
since
elapsed
little to enlighten the public
con-
another
part
campaign
been
the
of
of
reports
of
authorities
"strengthening
a
to
the
Monetary and Banking Ills Obvious
conflicting
."
the
on
capital position" of the banks.
jurisdiction by different agencies, that matter ought
was
vernacu¬
tunity offered, and there
One of the bankers who talked to
if
climb
wagon,
Complaints have been
some
needy of all kinds by Government would be
much stronger if Government gave the
slightest indication of a determination to
adopt policies which alone could assure us
that such assistance need be only temporary.
of
appears
less ready to
to
assistance to the
temporary
Secretary
The
Treasury
aboard
of the economic system.
case
the
more or
the
causes
The
some
of Mr. Berle's credit banks
country with reference
So
par¬
ticularly to the "small bor¬
reali¬
necessary
responsible for the lack of op¬
portunity for the youth of the country.
The other causes are to be sought for the
most
part in various other New Deal pro¬
grams which prevent the normal functioning
different
their
its
con¬
proposal.
be
.
this very "need for economy
and
expenditures" is
the banks of
particular study.
would
with
further
naturally
to the examination of their loans
expressed
change,
Government
observers
that
assert
.
income
attempt¬
conflicts
hint
veil
very
ing
the
his
not
to
that, should the situation
The Commission in this
have at least
to
underlie
must
were
making
reminded
legislation has
that,
which
ills
seems
But
opinions of those who
have
for
did
trouble
in
they should be,
as
and
hope to provide
not
can
loans
of
assistance
liberal
as
expenditures."
and receive
the
suggested
sort
that
obvious
not
might be thought,"
and freely concedes
that "there is great
need for economy and balance of income and
least study
the
be
old, old
complaint that banks
rower"—which
.
upon
at
should
cure
to
also
legislation, that the
committee
find
way to open
zation of this
urged, rather than having
their
system
The Chairman
Corporation this
case
by members of
immediate action
banking
catch fire.
week revived the
not
dition of this sort.
been
have
existing
our
Reconstruction Fi¬
the
A number
resolutions
of
The
com¬
in
of the
It
ought to study
question.
highly
materials
nance
a
the
balance.
check
bright
our recovery program,
at least
the
bustible
new
the gates."
The
condition
here described—assuming
its existence as depicted—may or may not
constitute
a
valid
argument
for strictly
temporary or emergency relief or help by
Government,
but
it
certainly
and
very
pointedly suggests a query as to why such a
situation should
exist, and it is precisely
here that the arguments of those who are
most active in demanding Government assist¬
ance are almost invariably the weakest.
organization,
anything to
should
the economic conditions of the country,
urged that this
study be made
do
sufficient
or
other
one
of power
sessed
to hold inflation in
the lucky get the jobs, but some will have
to be left out until their elders, who control
are
Federation,
instance, and
away.
totals
to
as
whether the Board is pos¬
no
"The
Reserve
expressed doubt
available for them.
are
of
Governors
of
Federal
the
of
to be
Chairman
The
Board
some¬
seems
System has recently again
people to make their
enterprises.
But
there are several million more young men and
women who want to work than there are jobs
some
for
the
The facts of arithmetic cannot
jobs by starting
own
The American
Bureau
Farm
afoot.
in¬
further
a
other
or
exist for unusual young
action
They
ones.
in conflict.
wide
In the entire country, a
jobs probably are vacant be¬
competent applicant has appeared.
"Another few thousand chances probably
organ¬
They
of
thing
thousand
cause
taken upon
proposals.
wished
few
Sen¬
some
recommending
in
for himself.
policy and there had been
izations
the American
membership in¬
as
individuals
of
anything—is to be
brought forth, but
broad
extension of the "made-work" program by
the Government to provide employment for
youths, early this week remarked:
"No good purpose can be served by blaming
the young person who has not found a job
agement of our monetary
among
number
a
fluence,
the
debate that "a number of
demand
only will disclose whether a mouse or
the Blame Lies
known
Commission, whose
Youth
proposals have been made
a
future
are
laboring.
past suggest that the New Deal mountain is
organization
cludes
during
point
one
Symptoms
on.
matter
sponsored
resolution,
going
which in the light of the
gila monster—or for that
Where
Wagner,
introduced and
is
however,
evidence,
considerable mystery
here, too,
whatever
allied fields in
and closely
this
to
carry
policy."
Senator
the
to
routine
or
but
Washington,
and to recommend "a
monetary and banking policy by which
policy
banking
usual
more
Banking and Currency to study our national mone¬
tary
It is known, of course, that
attention has of late
cerning the matter.
ON authorizing and directing adopted a resolution
AUG. 4 last the Senate the Committee on
knows
the
need for
national monetary and
a
drastic
change in
banking policies is both
great and urgent enough in all conscience, but no
elaborate study of the
subject is required to show
the nature of the weakness of the
or
to
disclose
the
existing situation
general character of action
quired to correct it, and
no
study worth
a
re¬
"baloney
Volume
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
149
dollar" could
the
to
possibly suggest to
type of action
support such
of the
an
intelligent man
being suggested
now
of action.
a course
Treasury issues
or
to be used
The Secretary
of the position of the banks of the
summary
try as of June 30 last.
ties
their
concentrate
coun¬
We suggest that the authori¬
attention
these
upon
two
publications, and study them in the light of the vari¬
New
ous
Deal
have to do with
with
cerned
monly met
there is any
lending borrowed funds
the
punitive. procedures
all sides.
on
now
so
com¬
It is to be doubted whether
implications
are
fully mastered,
for
or
causes
of
difficulty.
The
picture is not
structive.
public debt
000,000,
3d, 1930 to June 30 last the
from $16,185,666,600 to $40,440,-
rose
increase of $24,255,000,000.
an
During the
period of time the banks of the country in¬
same
creased
their
Federal
while
holdings of direct obligations of the
Government
223,000,000,
ises
pleasant one, but it is in¬
a
From June
an
from
$3,847,000,000 to
increase of $11,376,000,000.
$15,Mean¬
new
kind of Government
pay
a
to
But if the effects of all this upon
industry and trade
carrying full Treasury guarantee—has
existence.
000,000
On June 30 last there
of
issues
these
$3,568,000,000
into
come
some
outstanding,
$5,500,-
of
which
to be found in the portfolios of
were
the banks of the
were
country.
Thus
we
find that the
expect,
to June
$14,944,000,000 has found lodgment in
the banks of the
If to this latter amount
country.
add the increase in the
we
Reserve
banks,
of all the
in bank
holdings of the Federal
must to obtain
as we
pertinent facts,
obtain
we
a
a
full picture
total increase
holdings of Treasury deficits reaching the
30,1939, while holdings of Government obli¬
from $3,847,000,000
rose
to
$64,577,000,000, total assets declined from $74,-
020,000,000
from
$73,601,000,000,
to
$10,281,000,000
$571,000,000
consisted
items,
capital
When
of
those
recalled
that
and
the
preferred
banks of the
country also now carry very large portfolios filled
with
municipal and
and of late years
corporate funded
obligations
have greatly expanded their hold¬
ings of capital loans made in other than funded
form, it is certainly not strange that
said
that
investment
curities.
banks
our
trusts
Hardly
liquid loans
today
specializing in
Government
But in still another way
sense.
the monetary and bank¬
ing policies of the New Deal have hit the banks
On June 30, 1930, the
heavy blows below the belt.
of
stock
amounted to
30
in
gold
monetary
$4,535,600,000.
United
the
Nine
years
last, it stood at $16,110,000,000, an increase of
is
in
seen
increase in
the
One net effect of this in¬
$11,575,000,000.
fact
the
that
relatively large reserves
stood
at
incredible
almost
the
now
required by law,
of member banks at the latter date
reserves
excess
despite the large
deposit liabilities and notwithstanding
figure of $4,240,-
In such circumstances low interest rates,
000,600.
approaching
zero
at important points,
were
Plain
we
Government
or
more
of the facts into
plain,
have simply to say that the
June
consequences
We
are
well
the New
that
of the
aware
is
Deal
their
to
a
so
capital
with the
position.
opinion, often expressed,
victim of, not responsible
30, 1930 to June
for, the abnormal increase in our stocks of gold in
recent years,
very
more
less
or
substantial part,
and that in consequence, despite
not, it is true, by the issuance of "greenbacks" of
sponsible for existing low interest rates.
view
type, but by persuading (or obliging)
the banks of the
country to issue the modern
coun¬
to
the benefits of the
the
Treasury against its promise to
argue
To support
world would
possession of the Treasury only until
"expended"
the
materials,
once
ing.
relief,
an
did
the
"greenbacks"
of
the
did their prototype, remain outstand¬
understanding,
inkling, by too
many men
nature of what has been
the
or
at least
a
shrewd
and women of the real
going
on,
and in part to
restraining influence generally of the restric¬
tive
and
they
are
or
us
their gold by
having sent it would have volun¬
of
possession
yielded
tarily
the less have sent
none
ship load,
it
in
preference
to
turbances, and that the enormous increase in the
as
That they have not been reflected in higher
to
necessary
from account to account in ordinary
prices for every kind of goods is due doubtless in
part
position it is
placing it in vaults here safe from European dis¬
precisely
as
subsidies,
a
and the like, proceed almost
expenses,
to pass
1860's, and,
bonuses,
such
price of gold to $35 an ounce, the peoples of the
stay in the
salaries,
a
that, had the Administration not raised
course,
boondoggling
Such
to us, however, to be quite without
appears
warrant.
terpart of those ^greenbacks", deposits created for
These deposits, which, of
re¬
peated lip service to easy money, is not really re¬
the Civil War
course
are
and
enormous
steadily increasing deficits in
Many indeed are not doing
inevitable
Terms
from
30, 1939 financed its
at
and
large are hard put to it to earn their operating
everyday language
for
States
later, June
borrowings of the Treasury for the period.
put the inwardness
pay.
se¬
tithe of their assets consists of
a
advances in the orthodox
or
hear it
we
hardly other than
are
expenses.
Federal
which
hybrid
inevitable, with the result that the banks by and
In
To
of
strange,
debentures,
notes,
it is
capital fuijds
and
$8,294,000,000,
to
than
staggering total of $16,899,000,000,
half the
as
$18,791,000,000, and deposits from $59,847,000,000
crease
some
been
to
ment, direct and indirect,
which
of
course
During the period from June 30,1930
gations, direct and indirect,
some
$29,755,000,000, of
the
general have not
much cannot be said of the banking
as
system itself.
increase in all kinds of debt of the Federal Govern¬
was
in
apparent as might have been expected, and as many
did
issued by Government-owned agencies
obligation—prom¬
con¬
to acquire gold at
any one
price.
any
stock.
further in search of facts
go
or are con¬
need, certainly not until the facts here
available and their
to
particularly those which
programs,
convertibility but, quite the
trary, to the inability of
daily statement, and the
a
Comptroller of the Currency has just made public
a
due not to instant
3307
punitive policies of the New Deal.
That
not reflected in varying prices of gold 'is
production of gold
that has taken place almost
everywhere gold can be found would have occurred
in any
are
event.
Nor need
any
the
These
are
large assumptions, and
we
not able to make them.
we
expect the Administration to take
important step to
path of
progress
banking structure
tinue.
made
It
is
so
remove
toward
long
a
this impediment in
sound and vigorous
as enormous
deficits
asking for better bread than
of wheat to
con¬
can
be
expect a borrowing government
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3308
be
other than
soft money
Nov. 25, 1939
Careful individuals
enter-
The
low the same course.
was
prises knowing they must meet their obligations
$3,542,000,000, and the increase in the national debt
through their own efforts are loath to go heavily
to
deficit for
a
fiscal year
the
Not
$3,275,000,000.
was
government.
ended June 30 last
expenditures
all
repre-
or
into debt, or to ask for further capital contributions
out-of-pocket outlays, and consequently the
in any form, as long as, due to the policies of gov-
Treasury was not obliged to find the full amount
ernment, they can not be reasonably assured that a
sented
of either the deficit
bond
the
the increase in the debt in
or
market, but the increase in Government
obligations actually outstanding in
the
estimated
the hands of
for
expenditures
this
at
year
000,000 (the actual figure for last
$8,995,-
being $9,-
year
210,000,090) but they will in all probability be
at
$3,326,000,000 (last
If it is not
result of
as
He then estimated the deficit
large as last year.
it
year
$3,542,000,000).
was
larger than estimated, that will be the
unexpectedly large income during the
Trial balloons
have
lately been sent
year,
telling the
up
public that the Administration is trying to hold
expenditures next
to $9,000,000,000!
year
The
reports assert that the President hopes for
no
same
deficit
a
larger than $2,000,000,000 due to anticipated inin
creases
receipts.
said that if such
have to reach
hopes
realized receipts would
are
$7,000,000,000,
larger than they
Administration
temptation for
rates very
As to this it need only to be
.
$758,000,000
some
in the peak
were
will,
or
year
1938.
The
fact that of late institutions
market
of the
managing the
Government
•
is
passage
Treasury financing.
forgotten that the
an
obligations
possibly indicating the
of inflation in
era
it not be
for
as
Let
phenomenon
same
ap-
plied to other types of financing during the latter
years
case,
of the 1920's
and that
we
was
often cited to
had ample
the conclusions then drawn.
is that
inflationary funds
prove
the
same
later to discard
reason
The fact of the matter
created do not easily
once
go
out of existence, and despite a marked lethargy
in
some
past
directions still
are
active in
borrowing of the Treasury
created
deposits which
channels of
life
and in
were
others.
from
the
other
premiums,
places of
The
banks
quickly poured into the
trade, and these funds later turn
insurance
savings
banks
up
in
deposits,
like sort, where they are
a
again available for the purchase of Treasury cleficits.
It
might be helpful in
eral Government
only
the
same
were
some
ways
able to borrow the
funds when it
ing of late
same
operates
Huge excess reserves, a dollar whose gold
cultv.
content has been unwisely tinkered with, the frozen
condition of bank assets, these and several other
conditions will require the best ability that is within
us even when conditions have been created favorable
Really constructive work in
to their solution.
favorable than those which exist today.
more
It is this crucial fact which the
the banking field.
New Deal
refuse to recognize, and refus-
managers
log to recognize it they
are
Stamps and Banks
We
with
note
regret
some
making
collection
a
food stamps issued
are
given
a
with
borrowing—if conditions
charge
us
interest
answer
to the question:
rates
low
as
appears as about the
is
not
that
the
niggardly in lending
thing, is the fact.
—indeed, the
are
the
man
who
we
the
hope
that the word "defer" has not in effect been used to
connote surrender.
others for that
these
When these
institutions,
or any
matter, are coerced into collecting
stamps at a loss to themselves the result is
tantamount
They,
as
without
taxation
to
representation,
taxpayers, are contributing their just pro-
portion of the cost of distributing the "surplus"
food,
and
handle
they
when
the food
are
they
object to
being
obliged to
stamps for collection free of cost
simply objecting to paying
just share of the
expense
more
than their
involved in the scheme,
If it is fair to ask the banker to bear this double
burden, it is equally fair to ask the
grocer to
forego
his profit on the food purchased and likewise the
farmer who produces it.
Federal Reserve Bank Statement
T^URTHER
*
open
market operations by the Fed-
eral Reserve banks comprise the chief item of
interest in the banking statistics, this week.
of United
reduction
now
carries
All classes
Treasury
States Treasury
an
Liqui-
securities from
enhanced
pace,
the
reported amounting to $55,942,000,
the
total
of holdings
bonds
holdings to $2,593,377,000.
were
receding
marked
$21,995,000
downward,
to
$1,283,-
225,000, and Treasury bills dropping $28,000,000 to
$76,705,000. Owing chiefly to the non-replacement
Treasury does not hesi-
more
it bor-
power of the entire
community behind it is still considered
than the business
some ways
strangest of the New Deal experiments, and
unwarrantably
The contrary, if any-
paying
of
447,000; Treasury notes falling $5,947,090 to $1,233,-
the conditions, the
rows—and with the tax
banks
The
endlessly despite general conditions
worse
are,
The real explanation is found in
circumstance that the
tate to borrow
now
only borrower?
banks
money.
Why is it that
they
as
the
for handling surplus
of the Administration—in
program
which
.
brings
Treasury
the
time at least, support several
favorable.
This
that
in that city under the food stamp
the portfolio continued at
a
line of
any
strictly banking action they are likely to take.
Treasury will, for
amount of
not likely to make much
with banking regardless of
progress
dation
same
In
other words, bank rehabilitation must begin outside
amount of inflation of bank credit in behalf of the
times the
re-
habilitating the banking system of this country,
however, must await the establishment of conditions
funds
it has been do-
as
Thus it happens that
years.
purely banking problems before the
are
if the Fed-
but the fact is that it repeatedly borrows
once,
There
country of the first order of magnitude and diffi-
Rochester, New York, have felt obliged to "defer"
savings of the community have been furnishing
sometimes cited
good credit risk.
to come to keep interest
low.
excellent
business man who would act differently is not a
this showing, have ample
on
some years
^
The
or
Last January the President
public was large.
The type of individual
continuing profit is in sight.
a
better risk
might be willing to fol-
of Treasury
bill maturities,
most
of
the
decline
since September has been in such obligations, but
a
good start
now
has been made toward lowering
the holdings of bonds and notes, and it is to be
hoped that additional liquidation will develop
pronounced
market
strength.
bankers' bills remains empty.
The
portfolio
on
of
Volume
Changes in the credit and
expectations and with recent perform¬
The
approach of Thanksgiving Day, cele¬
brated in half the
time, occasioned
creased
demand for currency, which in¬
a
This was offset, however, by
$50,000,000.
increase
an
country a week before the usual
of
$22,000,000 in
which
stocks,
raised
total
our
monetary gold
.
holdings
$17,257,-
to
000,000, and by heavy declines in the Treasury gen¬
eral
and
account
foreign bank deposits with the
Federal Reserve banks.
Actual
the member banks increased
ments
deposits of
reserve
modestly, but require¬
apparently advanced as well, for the official
estimate of
remained
excess
over
reserves
legal requirements
It is note¬
unchanged at $5,170,000,000.
worthy that the demand side of the credit picture
displays
that
increase of activity, but not
an
condition
banks
considered
be
could
of
statement
New
business
York
loans
in
by
Brokers' loans
all
at
weekly
on
a
scale
perturbing.
member
reporting
City discloses
$28,000,000
an
The
increase of
$1,710,000,000.
to
security collateral increased $31,-
on
bankruptcies
ber than
than
a
$5,251,000 last
liabilities in
comparison with 47 involving $575,000
Manufacturing failures numbered 175
and involved
$6,659,000, while in October 1938 172
firms in this division
$14,871,655,000.
holdings of such
This
,
was more
of the
circulation
Total
Federal Reserve notes in
increased
deposits with
clined
actual
$20,699,000 to $4,825,953,000.
the regional institutions de¬
$111,605,000 to $12,811,679,000, with the ac¬
count variations
ber
bank
consisting of
reserve
619,188,000;
balances
increase of
an
In the construction industry 46 firms failed
ago.
for
compared with 43, for $607,000 in
$1,095,000
1938.
Divided
do not
by Federal Reserve districts the failures
present a uniform picture, five districts hav¬
ing fewer insolvencies than last year and the other
by $32,032,000
mem¬
to $11,-
decline of the Treasury general
a
by $98,136,000 to $465,987,000;
a
increase of other
an
$323,255,000.
from
The
85.9%.
Discounts
banks advanced
advances
reserve
were
deposits by $5,527,000 to
ratio advanced to 86.2%
by the Federal
$1,503,000 to $7,988,000.
to
the
in
sharpest
Philadelphia,
Minneapolis districts.
SLOW security trading and athis week, the grow¬
generally hesitant
market reflected,
financial
Industrial
business
ing uncertainty of American
effects upon
to the
as
the United States of the European con¬
flict, which
is nearing the end of its third
now
stock
The
month.
market
of
the
week
contrasts
sharply with the decided upswing of the first days
of the war,
which
sessions of the current week
Stock Exchange ranged between
the New York
the
marked by heavy dealings.
were
in the full
Business
The price
590,000 and 1,000,000-share levels.
tendency was barely steady in the first part of the
week, with
and
downward drift apparent Wednesday
a
All the major financial markets
yesterday.
Reserve
$7,000 to $11,568,000, while
mitments to make such advances
None of the increases were large and
were
The New York Stock Market
closed
were
up
particular section or sections of
any
Cleveland and
ac¬
drop of for¬
eign bank deposits by $51,028,000 to $403,249,000,
and
Neither group was con¬
showing increases.
seven
on
count
There
involving $3,-
121,000, compared with 108 with $2,676,000 a year
instru¬
regional banks declined $18,623,000 to
$15,212,000,000.
$4,110,000.
than off¬
set, however, by a drop in other cash, and total re¬
serves
failed for
109 wholesale trade insolvencies
were
declines
ments to
had only 29 failures with $739,000
year ago.
a
country.
$5,001,000 in the week to Wednes¬
involving
disasters
557
The relatively small commer¬
year.
cial service group
the
day night, raising total
had
numerically largest,
$4,526,000 liabilities compared with 627 involving
the
holdings of the Federal Reserve
The others were slightly higher
The retail trade group which is
year.
preparations for the December Treasury financing.
banks increased
service, had fewer failures in Octo¬
year ago.
last
000,000 to $494,000,000, clearly because of dealer
certificate
reduced, however, only two, retail
are
and commercial
centrated in
Gold
divisions into which the
Of the five commercial
position were
currency
in line with
ances.
3309
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149.
on
advanced
the
served
Thursday, when half the Nation ob¬
holiday
Thanksgiving
pro¬
com¬
claimed
dropped $119,000
rather
President
by
Declines
Roosevelt.
were
pronounced during the dull trading yester¬
$9,800,000.
day, and the net result for the week thus is a sizable
Business Failures in October
THERE was a pronounced increase in commer¬
compared with
failures
October
in
as
parison with 758 for $9,402,000 the month before,
it seems
according to the records of Dun & Bradstreet.
trends
not
in the commercial
increase
the
over
10-year
however suggest
any
The
weakening
solvency situation for the 20.8%
September is only
average
while the trend from
a
little sharper than
rise in the period.
However,
September to October has been
consistently upward for 20 years, the degree of in¬
crease
years
has been far from uniform,
from
as
little
as
varying in recent
5.4% in 1936 to
as
high
as
Measured
last year,
against
the
corresponding month
of
when failures numbered 997 and involved
$13,219,000 liabilities, the October figures do not
compare
quite
as
favorably
as
the four preceding
months; October insolvencies declined 8.1% while
the
average
monthly reduction from June to Sep¬
tember amounted to about 12.7%.
indices
still
were
to reflect
quite clear that concern about future trade
occasioned
the lack of
some
of the modest selling and
buying interest.
indications
All
Allied
firmly
pointed
modest
toward
purchases of general supplies in the United
States, although special war materials, such as air¬
planes, are in heavy demand.
pears
The realization ap¬
to be spreading that a "war boom" in this
country is not probable in the immediate future,
however events
definitely.
39.6% in 1937.
business
anticipated drop from recent high levels, and
the
does
Some
favorable, this week, but others began
September, 916 firms failing for $16,140,000 in com¬
increase
prominent stocks, while others show
losses.
smaller
cial
in
recession
might turn if the
downward
The
traceable in part
and neutral
the
to the havoc wrought
countered
German
upon
was
Allied
apparently
managed
to
lay
in
the
estuary and along the eastern coast of Eng¬
land, either by submarines
was
continues in¬
yesterday
shipping in recent days by mines which
Germans
Thames
war
trend
by
an
or
Allied
airplanes.
decision
This
to
move
seize all
exports and thus render the sea blockade
ONE HUNDRED—The Commercial
3310
complete.
It quickly appeared, however, that the
trade
shipping of
and
Belgium, the Netherlands
other neutrals would suffer
and
All this
series of incidents.
sification of the
sharply from the
that the inten-
means
conflict, which
is taking place,
almost of necessity will diminish business
activity
the United States
in
and
rather than stimulate
believe
In
in
countries,
the markets appeared to
as
market
some
special groups
good results, while the bulk of the
remained
unchanged
States
United
vanced
neutral
drifted down-
or
Treasury
obligations
ad-
ponderously in most sessions, notwithstand-
ing preparations in Washington for early flotation
of $500,000,000 new money securities.
Best rated
liens
corporate
traction
also
securities
yesterday, when
occasion
for
insure
defaulted
conclusion
issues
in
York
City
heavy* demand
T. securities of
Foreign dollar bonds
tries
in
were
New
until
prof it-taking developed, the
improvement being a sufficient
the
early
improved.
some
deposit of I. R.
of
greatest
of
the
classes
some
unification
to
plan,
active at times, with the
were
various
request,
Latin
American
owing
to
coun-
Washington
efforts to make official loans to such countries.
In
the
commodity markets quiet conditions prevailed,
with the important grains little
changed for the
week.
Among base metals,
inquiry,
but
Foreign
exchange
the
official
reflected heavy
copper
price
dealings
maintained.
was
showed
further
some
gyrations of "free" sterling, while the official
unchanged.
was
mark
in the
rate
Sizable releases of gold from
United
Allied payments
States
ear-
suggest the immediate
for airplanes and other
war
sup-
plies which the Neutrality Act makes necessary.
On
the
touched
York Stock
Exchange 47 stocks
high levels for the year and nine
stocks touched
Curb
and
low
new
On
Exchange 53 stocks touched
12 stocks touched
the
on
levels.
New
York
new
Stock
the
new
low levels.
New York
high levels
Call loans
Exchange remained
un-
changed at 1%.
On
Saturday
shares;
were
on
Stock
Exchange the sales
276,500 shares;
on
Monday, 744,670
Tuesday, 555,555 shares; on Wednesday,
566,960 shares, and
On
London
between
on
Friday, 817,481 shares.
on
the
New
York
Saturday
were
65,120 shares
Curb
Exchange the sales
oil
25,
1939
and
Washington ftoward warding
off any ill effects of foreign selling by British investors in order to create
chase of British
ready funds for the
bonds.
war
pur-
Opening steady, equi-
ties advanced slightly for a time and then drifted
into the doldrums.
A repetition
cycle was followed at
though
of the morning
and closing time found
noon,
irregularly
altered.
General
apathy characterized Tuesday's operations, and at
starting time stocks moved with great effort to fractionally
higher
levels
only
to
slump
backwards
again with the passing of the first hour.
session
wore
on
As the
noteworthy changes
no
corded, but in the final hour the volume
were
re-
rose some-
what.
Prices of favorites fell back
fractions
ing-up
to
point
a
process was
or
the
at
close from
The
more.
the schedule
usual
even-
Wednesday in
on
preparation for the Thanksgiving Day holiday.
centered
terest
around
the traction
shares
fication of the city's transit system
realization.
Gains of
checked up
for
as
much
Inuni-
closer to
grew
three points were
as
stocks in this
some
as
Needless
group.
to say, the general list followed its customary dull
course,
firmness being in evidence at the close and
prices irregularly lower.
Departing from tradition,
Governor Lehman followed in the footsteps of the
President
and
proclaimed
Thanksgiving Day, and
the
country's
The market
periods in
major
as
Thursday,
a
a
month.
Nov.
consequence
exchanges
remained
yesterday experienced
one
23,
most of
closed,
of its worst
Irregular at the start, struc-
tural weakness developed in a gradual sort of
way
to clip a point
or more
from former levels by
noon,
interview with
an
the President tended to foreshadow higher taxes to
in
compensate
part
for
financing and spending
Stocks relinquished
the decline
set
was
as
the
as
governmental
new
program
much
now
under way.
four points before
checked.
Recovery of a sort then
in, and prices held fairly steady to the close,
As compared with the
the New York
Nov.
heightened this fear despite negotiations
greatly
Late in the afternoon the gist of
New
new
Chronicle—OLD
prices firm,
bond
of issues showed
loans either
ward.
other
September.
listed
the
it,
now
& Financial
week,
final
lower.
quotations
closing
on
yesterday
Friday of last
were
definitely
General Electric closed yesterday at 39%
against 39%
on
Friday of last week; Consolidated
Edison Co. of N. Y. at 30% against
30%; Columbia
Gas & Electric at 6% against 7; Public Service of
Monday, 154,060
N. J. at 40 against 40%; International Harvester
Tuesday, 151,785 shares; on Wednesday,
148,990 shares, and on Friday, 176,145 shares.
at 59 against 63; Sears, Roebuck & Co. at 81%
against 82%; Montgomery Ward & Co. at 54%
against 55%; Woolworth at 39% against 39%, and
shares;
:
on
on
The most that could be said for the stock
market
on
Saturday of last week
to
age
capped
a
reflect
they
as
was
fractionally
were
that values did
higher
levels,
by lethargical movements
greatly reduced volume of business.
short session
ous
on
man-
handi-
At the
and
at 173% against 177%; E. I. du Pont de Nemours
Nov. 4 sales turnover
approxi-
at 178 ex-div. aganist 180; National Cash Register
at 15% against 15%; National Dairy Products at
upwards of 1,400,000 shares. Initial dealings
firm in quiet
trading, and with the exception
of minor
gains among steel shares and other favor-
ites, the market adhered closely to its usual patNo perceptible
change came over the market
tern.
on
Monday, and trading
more or
less
reassurances
desultory
from
once
course.
again resumed
its
Notwithstanding the
Washington last
week"
concern-
ing liquidation of foreign interests, brokers and the
buying public continued to remain more or less
aloof from the market.
war
loans
The expected
by Great Britain in the
169% against 169%.
Western Union closed yesterday at 26% against
28% on Friday of last week; Allied Chemical & Dye
previ-
mated
were
American Tel. & Tel. at
financing of
near
future has
16% against 16%; National Biscuit at 22% against
22%; Texas Gulf Sulphur at 34% against 34%;
Continental Can at 43% against 43; Eastman Kodak at 165 against
against
5%;
166%; Standard Brands at 5%
Westinghouse
Elec.
&
Mfg.
at
112
against 114; Lorillard at 23% against 23%; Canada
Dry at 15% against 15%; Schenley Distillers at
13% against 13%, and National Distillers at 23%
against 24.
In the rubber
closed
group,
Goodyear Tire & Rubber
yesterday at 24% against 24%
on
Friday of
Volume
last
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS
149
week; B. F. Goodrich at 20% against 21%, and
United States Rubber at 39
Railroad
vision
in
shares
came
against 39%.
in for
some
prices the present week.
RR. closed
the
price for bar silver closed yesterday at 23 7/16
pence per
downward re¬
Pennsylvania
yesterday at 22% against 24% on Fri¬
close
against 23% pence per ounce the
ounce
Friday of last week, and spot silver in New
on
York closed
yesterday at 34%c., the close on Friday
of last week.
In the matter of
day of last week; Atchison Topeka & Santa Fe at
26% against 29; New York Central at 19% against
fers
20; Union Pacific at 100% against 102; Southern
$3.90% the close
Pacific
16
at
against 16%; Southern Railway at
against 19%,
19%
Northern Pacific at
and
9%
transfers
yesterday at 66% against
Friday of last week; Crucible Steel at 41%
against 44%; Bethlehem Steel at 81 against
84%,
Youngstown Sheet & Tube at 47% against 49%.
and
In the motor group,
Auburn Auto closed yester¬
day at 3% bid against 3% on Friday of last week;
53% against 54; Chrysler at 85
General Motors at
against 89; Packard at 3% against 3%, and Hupp
Motors at
1% against 1%.
yesterday at 45% against 46% on Friday of last
week; Shell Union Oil at 13% against 13%, and
Refining at 22% against 24%.
the
Among
American
and
copper
stocks,
Anaconda
Smelting & Refining at 51% against 52,
Phelps Dodge at 39% against 40.
aviation
the
In
Copper
31% against 32% on Friday of last week;
closed at
:
Curtiss-Wright
group,
at 10 against 10%
yesterday
on
closed
Friday of last
week, and Douglas Aircraft at 75% against 79%.
Current
trade
mixed in their
and
industrial
reports
remain
implications, with the situation ad¬
week
ending today
Iron
new
and
were
estimated by
Institute at 93.9% of
Steel
American
capacity,
a
high record for the last 10 years, and an all-
time
high in tonnage production, owing to enlarged
The steel rate last week was 93.5%, while
capacity.
a
Steel operations for the
holiday periods.
month ago
Production
Nov.
18
Edison
it
of
was
90.2%, and a year ago 61.9%.
electric
totaled
Electric
for the week ended
power
with
Institute.
This
compared
with
2,270,296,000 kwh. in the corresponding
week of last year.
centers
Car loadings of revenue freight
for the week ended Nov.
18
were
771,404 cars, ac¬
velopments
apparent in every case.
War de¬
perturbing than
in some
were
more
previous weeks of the conflict, but a good deal of
comfort was drawn from the fact that it still is
"total war."
It appears, moreover,
a
in
respects the economic aspects already be¬
many
gin to resemble those of the later years of the World
British and
War.
French arrangements have been
economic
for
War
Powers.
integration of the two Allied
financing remains a task for the
future, although modest moves now have been taken
last Wednesday an¬
of Commons two special series
Sir John Simon
nounced in the House
obligations of the British Government,
of discount
French war
financing so far has been along similar lines, while
the Reich recently floated a modest-sized bond issue.
designed to appeal to small investors.
The London Stock
Exchange opened the week on a
that
Simon
of
after the disclosure by Sir John
there will be no immediate outpouring
flotations.
war
Gilt-edged stocks and industrial
generally were marked a little higher.
Paris
Bourse, one or two active sessions were re¬
ported, and it is noteworthy that prices
advanced
the
the busy days
on
The
sessions.
slow
Berlin
American
December
Friday of last week.
closed
closed
on
at Chicago
December oats at Chicago
Friday of last week.
on
corn
yesterday at 50%c. against 50%c. the close
yesterday at 37%c. against 36%c. the close
neutral in the European
is
SLOWLY but steadily the position of the United
States
as
war
a
being defined and developed, and to a large degree
the incidents are reminiscent of the World War.
Our Ambassadors to
and
Britain, Poland and Belgium,
probably also our envoy at Paris, are due to
the United States during December, ostensibly
holiday season.
Obviously enough, they will
spot price for cotton here in New York closed
yesterday at 9.62c. against 9.51c. the close on Friday
of last week.
The spot price for rubber yesterday
was
20.50c.
last
week.
against 20.08c. the close on Friday of
Domestic
copper
closed yesterday at
32%c., the close on Friday of last week.
In London
and will discuss the
developments with President Roosevelt.
The blockades and
controls of the belligerents are
occasioning difficult problems for the United States.
It
was
indicated in Washington, last
Saturday, that
British authorities had removed United States mail-
bags from several American
war
zone
by
the
recently
the
ships which traversed
before such shipping was prohibited
the
Whether
Friday of last week.
The
quiet
Neutrality
European
on
was
quential.
preceding week, but a gain of 114,338 cars over the
December option for wheat in Chicago
Boerse
throughout the week, with price changes inconse¬
similar week of 1938.
yesterday at 88%c. against 87%c. the close
of securities
and drifted lower during
report at the State Department
closed
On the
issues
for the
kets, the
in the
note, and the advance was extended
mid-week session,
visit
indicating the course of the commodity mar¬
Chancellor of the
the belligerent States.
by all
Exchequer
This
As
that
far from
cording to the Association of American Railroads.
represented a decline of 14,557 cars from the
moved
firm undertone
2,514,350,000 kwh., according to
2,513,688,000 kwh. in the preceding week, which con¬
tained both the Electoral and Armistice holidays,
and
cial
a
cheerful
ditionally confused through comparisons with some
recent
2.21%c.
at
STOCK markets in thenarrowly, European finan¬
leading this week, with
made
Among the oil stocks, Standard Oil of N. J. closed
Atlantic
yesterday
against 2.21%c. the close on Friday of last week.
week,
keeping with the general trend of the market.
United States Steel closed
on
closed
Paris
on
yesterday at $3.92% against
Friday of last week, and cable
on
European Stock Markets
The steel stocks also suffered losses for the
70%
foreign exchanges, cable trans¬
London closed
on
against 10%.
in
3311
OLD
enacted
neutrality
legislation.
United States would lodge a formal
protest was reported to be a moot question.
British
and
reached
an
United
agreement,
States
according
statements of last Tuesday,
of American
in order to
Governments
to
The
have
Washington
for British supervision
exports to European neutral countries
facilitate the passage
of the merchan-
,
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD Nov. 25, 1939
3312
.
dise
This "navicert" arprecedent of the
War, is designed merely to minimize inter-
through the war
World
zone.
the
follows
which
rangement,
Of
lerence with American commerce.
is
some
interest
Washington report of last Monday that the
a
of New York has been
Reserve Bank
Federal
au-
I
use, and it is possible that such forays will lead to
devastating developments. British and French airplanes made flights almost every day over German
regions, and the Germans sent their aircraft ever
Bombing still has not
deeper into Allied areas.
and un-
been resorted to, but the danger is great
by the Federal Reserve Board, on the re-
deniable that either side will view some incident or
sponsibility of President Roosevelt, to act as paying
other as a cause for the indiscriminate bombing
which all belligerents dread.
German airplanes
dropped some bombs on the Shetland Islands, in
several expeditions, and Reich spokesmen claimed
that only military objectives were targets. British
industrial areas were visited by German airplanes
for the first time in this war, but they failed to drop
any deadly missiles and presumably were bent only
upoil photographic missions.
Similar flights by
British airmen over German territory have been almost routine since the start of the war. It is noteworthy, on the other hand, that clashes of aerial
squadrons over the no-man's land of the Franco-
thorized
agent for Britain and France in their purchases of
The State Department
goods in the United States.
clarified/its rules
belligerent countries, in a manner tending
icans to
visits less frequent and more difficult,
to make such
manian
other
or
ships to
Pana-
in order to evade the
registry,
against entry of such vessels into the
White
war
virtually prohibited last Tuesday, at the
zone, were
House, on the basis
nations should not be
ered
merchant
American
of
Transfers
order
governing the journeys of Amer-
that other American
placed in
position consul-
a
improper for the United States.
German border increased this
War
Developments
week, with each side
claiming heavy losses to the other, and admitting
RAPID intensification ofoccurred this week, the only minor casualties towhich is forces.
the war between in
its own largely
Germany
The warfare at
Allies
and
stalemate
the
Franco-German border continued.
made
bitter and
more
than in any
Numerous
sent
were
intimately
more
bottom
the
to
as
Weak
France.
that
German
the
much
of the
few
a
and
made
to
will relax their
remained
German
a
as
were
that harms seriously the
move
There is little
war zone.
measures
promises
to
United
The
ex-
rea-
however, that London and Paris
suppose,
hereafter.
stroke
large carriers of
are
against the Reich, and the
become
States,
confounded
worse
on
the other hand,
quietly aloof and, because much real
news
available, found itself less deluged than for-
merly with propagandistic absurdities.
The
war
tinned
have
was
con-
throughout the week along lines which
statements
artillery
familiar.
from
There
both
engagements
sides
had
daily
were
the
to
taken
official
that
effect
place,
but
the
dispatches sent by neutral press correspondents
vealed
less.
such
incidents
as
almost
It appears that the
shells
of
over
with remarkable
re-
entirely meaning-
German
signaled last
loss of about 100
a
Reich of
placing the mine, in contravention of estab-
international
lished
lives, after striking
British authorities promptly accused the
mine.
a
Saturday,
Simon Bolivar, a ship
8,309 tons, went down off the east coast of Eng-
land with
that
()f
agreements, and the German
immediately
is little
there
responsibility.
followed
was
tjon of
repudiated
substance in
artillery sends
the
the Reich
last
ship.
Swedish vessel and
a
week, with the Japanese
liner Terukuni
passenger
Mam, of 11,930 tons, the outstanding victim.
great
so
as
to
occasion
profound
the
capacities of
Maginot and Limes lines, and it would
seem
the correctness of such claims is well
realized.
soldiers
save
remained
for minor
of the several
on
their
respective
scouting expeditions.
war
services
were
that
The
territories,
The air
arms
called into greater
was
and
concern
prompt raising of war risk insurance rates.
warships immune to the
were
British
in
a
Nor
peril, for the
new
destroyer Gipsy went down
on
Wednesday
shallow water off the English coast, while sev-
eral
In
.
mine-sweepers and trawlers also
some
of the
sinkings all
persons, and
German
persons
succumbed,
were
ranged from
rescued,
to 40
one
indignation mounted everywhere,
denials
of
responsibility waned
sinkings increased, and
were
the
as
replaced by the spe-
cious
argument that mine-laying was merely a rejoinder to the British blockade of the German coast,
There
the
was
means
no
indication from the German side of
whereby the mines
ping lanes,
silence also
and
were
was
placed in shipobserved
marines had strewn the mines about, and
Both sides expressed
Other
ships also fell foul of the mines, and the toll
morning and at 4 in the afternoon, on each and
day, with counter fire by the French and
British the inevitable result.
Brit-
a
The havoc continued early this
the nature of the destructive instruments.
the utmost confidence in the defensive
denials
Sunday by the similar destrucship,
regularity at 11 in the
e^ery
charge,
The sinking of the Dutch liner
Italian
an
ish merchant
now
become
was
when the Netherlands liner
but in others the loss of life
Germany's western front
on
development
new
Subsequent developments made it clear, however,
such countries
upon
dramatic than the land fighting, and
packed with incidents of the gravest import,
was
a
more
responsible
latest
on
far
spokesmen
and diplomatic representations
prevent
confusion
the
was
authorities
This, in turn, fell not only
but, also
small neutrals in the
to
was
interdict
an
Belgium which
German wares,
Berlin
countered
against the Allies by
Holland
neutral
Britain at first, and France
days,
the Reich,
of
Government
ports by the sea route.
npon
other
and
the vessels of Britain
as
denials
gained little credence.
within
Greek
Japanese,
ships affected quite
was
the
on
previous weeks of the strange struggle,
ships
Netherlands,
son
chiefly
was
by mines, off the east coast of England, with
ocean
and
the
on
The conflict
humane
less
and it involved neutrals far
seas,
economic,
sea,
although
respects,
some
don
it
was
at
first
debate developed
mines
in
as
or some new
use.
experts
The
idea
consider
assumed
to
that
as
to
In Lon-
German
an
sub-
active
wiiether ordinary contact
form of "magnetic" mines Tvere
of
magnetic mines, "which most
impracticable,
relates to
a
type
which might lie at the bottom and rise only when
steel-hulled ships approach and thus conclude their
deadly mission.
While this debate raged the fur-
Volume
3313
made that German airplanes
being held for complicity in the affair, which nearly
dropped the mines, with parachutes attached, in
resulted in the assassination of Herr Hitler. The
British agents allegedly were captured when they
attempted to cross the border into Holland at Yen-
ther
suggestion
had
order
was
wreak
to
havoc
The surmise
waters.
be
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
advanced that this might
"surprises" promised the British by
of the
one
English
in
shipping
upon
was
Chancellor Hitler in his
blusterings about the war
loo.
This account rather too neatly takes care of
the reports of
a
German-Dutch border clash.
Brit-
The British Ad-
ish authorities continued to cope with Irish Repub-
miralty apparently subscribes to the notion that
lican malcontents, for three bombings were reported
in London, without personal injuries,
and its consequences
the Germans have
to England.
developed
some
type of magnetic
mine, which would be difficult for mine-sweepers to
pick
uted
sinkings of ships to these high develop-
some
It remains to be added that
ments of "civilization."
a
number of German
this
week,
ships also went to the bottom
vessel being sunk by the British off
one
Iceland, and another being scuttled by its crew off
western Africa.
time elapsed
Not much
announced
were
before reprisal
measures
by the British and French
Gov-
ernments, as an offset to the mine sinkings of ships
the coast of
off
Prime Minister Neville
England.
before
declared
Chamberlain
cheering House of
a
Commons, Tuesday, that drastic retaliation would
This would take the
follow.
Reich.
Government
French
The
declaration
from the
a
serious view
more
was
similar
spokesmen
protestations, but gained
A
ing anywhere.
issued
German
Wednesday.
on
made unofficial
hear-
no
taken, how-
of the plight in which Holland and Belgium
ever,
themselves
found
as
a
The Netherlands Gov-
of German exports.
nages
of the Allied
consequence
for the small neutrals carry large ton-
reprisal,
ernment
protested formally at London, Thursday,
and
Belgium followed
The
Italian
concerned
that
form, he said, of seiz-
Allied warships of all exports
by
ure
with
Government also
over
the Allied
a
similar demarche.
reported to be
was
action,
as
it is well known
ships flying the Italian flag are transporting
large amounts of German goods to other countries,
Holland
on
Wednesday warned shipowners not to
sail their vessels in
Economic
English waters.
aspects of the European conflict were
continually under study, and occasioned some decisions of
high importance.
A meeting of the Allied
Supreme War Council took place in London, late
last
week, and it
of
chases
indicated that external
was
pur-
immediately would be coordi-
supplies
nated arid that the two countries would share alike
in
of
sacrifices
the
unity, it
the
conflict.
This
economic
London
experts.
official
measures
Within
were
Germany
Saturday to 10
a
number
of
taken to prepare for a long
conflict, the working hours
hours daily.
being prolonged last
Trade negotiations
pushed both by the Allies and the Reich with
countries that
are
able to
supply Germart with
materials and foodstuffs, but the only
of
war
developments
importance were those in Rumania, which sug-
gest that Allied pressure is more potent than that
of
the
Berlin authorities.
Internal
affairs of the
belligerents naturally are obscured by the censors,
but it
that
seems
masters
a
rebellion against their German
started
was
by Czech students, late last
Czechs "were shot for what the Ger"fomenting uprisings." A fresh aspect
week, for 12
mans
called
'THROUGHOUT the vast area of Eastern Europe
repercussions again were apparent this week
of the conflict now progressing between Germany
and the Anglo-French allies. The precise significance of the developments remains obscure, however, for external appearances are not necessarily
accurate guides to the scheming and plotting which
are indelibly associated with the region. Somewhat
encouraging are reports from Ankara that the po}itical pact made by Turkey with Great Britain and
France soon will be augmented through a coinmerc^a^ treaty. Less hopeful are indications that Russ*a continues to exert- great, diplomatic pressure
npon Finland for subordination of that small conntry to the wishes of the Kremlin, which are under*
stood to comprise complete command of the upper
Baltic Sea. Rumors were current over the last
week-end that German submarines had blockaded
the Finnish coast, in the alleged endeavor to force
Helsingfors to bow to the dictates of Moscow. But
the Russian Government issued an emphatic denial,
Attention turned sharply to the Balkans, Thursday,
when it appeared that a Cabinet crisis had devel°I)en *n
Rumania, presumably because of German
demands for a virtual monopoly over Rumanian oil
an<^ raw material^ exports. The regime headed by
^
Premier Constantin Argetoianu resigned, and was
replaced yesterday by a Cabinet headed by George
Tatarescu, who is known to lean strongly toward
France and Great Britain.^ This move fails to clear
]1P
Precise displomatic strategy of Rumania,
however, for the country is threatened by Russian
aTK* Hungarian claims and hardly can afford to
make additional enemies in Central Europe. Italy
sai^ *°
observing Balkan developments with
greatest care and concern, but views differ as
^ie role Rome is inclined to play in that troubled
area*
^ar ^ast
stated, would extend also to merchant
was
shipping, which was placed under the command of
were
_
astern urope
for official statements on Thursday attrib-
up,
fJIGHLY important in the affairs of the Far
11
East are authoritative
statements that the
Anglo-French withdrawals of troops from northern
similar weakGovernment, which steadily supports the right of Amerieans to trade freely in the area under occupation
by the Japanese invading forces. All available opportunities have been utilized lately by the State
Department in Washington to emphasize this point,
Under-Secretary of State Sumner Welles made if
China are not to be paralleled by any
ening in the attitude of the United States
clear in a press
conference, late last week, that
existing treaties are not regarded as changed or
modified by the Japanese assertion of dominance
over
vast areas of China, and that the United States
Government continues to insist upon observance of
noted,
Nine-Power and other treaty rights and obligations,
in the fotm of a German official statement that one
More specifically, Mr. Welles indicated on Monday
of the Munich beerhall
German
bombing of Nov. 8
was
revolutionary and two British agents
were
that the right of American merchants to use the
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3314
Anglo-French concessions at Tientsin had not been
abandoned,
notwithstanding
British
French
and
ties in the
that
the
forces and
withdrawals
increasing difficul¬
transportation fo American goods from
port to the interior of China.
ish attitude toward the
the
States still stood
United
of
pressure
indicated
Welles
Mr.
"With the Brit¬
Open Door in China
under
weakening
ently
Europe,
of
strongly
appar¬
war
that
by such rights,"
a
in
the
Wash¬
Washington view of Far Eastern affairs
well prove
decisive,
that Europe is at
now
war
may
and
voting thus suggests
of
the
campaign
circumstance
The only important issue
Although little mention of the
was
made in Cuban reports,
after
rency,
than
little.
a
The
Assembly
December, and is to
within three months.
China
were
as a
regarded
breach of
Washington has
the
by experts in
possible to hope that the
trust, but it
precedent thus set.
gently
correct
Eastern
is clear that
This indication of
policy,
treaties, is the
Far
now
conforming
to
reports that Japan and
Soviet Russia
rapidly toward the
sort of
same
existing
recent
moving
are
common
strin¬
a
important in view of
more
viewpoint
trade relations manifested in their recent
agree¬
on
ment to
chukuo
halt
the
one
States
Japanese
Outer
Government, it
Mongolia.
appears,
is the
actively in diplomatic opposition to
now
GOVERNMENT conferencesweek, with sortsprob¬
struggle, this of various the con¬
tinued to
lem of
effecting
south
publics
may
well be
States and the 20 so-called
the
Rio
Grande.
re¬
ij^
war
decided inquiry
a
products of the United States,
countries, less troubled than others by
exchange difficulties, actually have increased their
and
some
purchases here tremendously.
tries that
But
even
the
coun¬
fortunately situated with respect to
are
oil and other
war
supplies find the exchange
tion troublesome.
defaults
With few
on
exceptions,
ques¬
moreover,
outstanding dollar bonds
pro¬
telling argument against the extension of
a
credit.
In all the conferences
dominate the
problems of payment
discussions, and
additionally when, in two months, the
American-Japanese trade treaty lapses because of
rather brazen
proposals have been put forward.
the
mala
Washington
denunciation
of last
July.
The
possibility, disconcerting for Japan, then will arise
of
#
The
in Latin America for
current
clarified
of
Europe already has occasioned
vide
Washington inten¬
improvement of trade relations
an
between the United
of aggression against China, other
fairly clear and they
are
are
Inter-American Trade
regime itself.
war
than the Chinese
tions thus
the long border of Man-
on
Russian-dominated
The United
only
fighting
and
countries, which
dictatorial rule.
The recent
inclination whatever to follow
no
Constitution
prepare a new
It is
more
of the Cuban election will not be lost upon
lesson
Anglo-French withdrawals of troops from nothern
affairs
dictator
elected will meet
now
under
against China.
cur¬
of dilution with silver, aided the
years
opponents of the profligate Cuban
for its
undeclared conflict
it is fairly
obvious that the uncertain status of the Cuban
Japan is at the virtual mercy of the United States
the
1939
rather definite repudia¬
a
various other Latin American
supplies of materials with which to continue
25,
support of or opposition to
was
Government.
the
in
ington dispatch to the New York "Times" said.
The
the
tion of Colonel Batista.
Nov.
an
embargo
United States
on
can
supplies which
war
furnish.
conflict within China
only the
Reports of the actual
suggest that this interesting
increased investment
tial
capital"
in
broadly stated
its resistance to the
The resolution
sors
in the undeclared
the aggres¬
over
Far to the
war.
south, how¬
ever, the Japanese made some territorial gains,
probably in order to impress home sentiment.
nance
ment of its
ceeded
to
"essential
Britain
lem of
ment is
tive
affection
for
dictatorial
beginning to turn toward
system of control.
a more
govern¬
representa¬
Results of the Cuban ballot¬
ing for the Constituent Assembly, as announced last
Sunday in Havana, show that various political par¬
ties
opposed
to the
regime of President Federico
Laredo Bru and Dictator
41
delegates,
ties.
Votes
few election
that
any
as
Fulgencio Batista elected
against only 35 for Government par¬
were
uncounted at the time
precincts, and it
variations
in
such
affect the indicated results.
important in the affairs
a
of
was
only in
a
officially stated
districts
would
not
This election is
highly
Cuba, since it reflects
waning in the popularity of Senor Batista, and
probably ends the hopes of that
the
pro
next
President
and
anti-Government groups
the electoral
of the
leader to become
country.
Coalitions of
were
avoided in
campaign, it is reported, but the two
major divisions nevertheless cooperated closely, and
have
the
aims
being
single monetary standard
and
introduced
was
a
similar
projects.
by the Mexican Fi¬
external
debt, and
of
Economic
more
In
recently
pro¬
properties valued
developed
were
the
Holland.
exchange and
oil
which
capital"
started
coun¬
number of agreements for settle¬
"expropriate"
and
American
little
a
Americas,
$450,000,000,
Latin-American
a
America,
the development of economic rela¬
Minister, Edouardo Villasenor, whose
NATIONAL elections in Cuba,the belief that the
last week, afford
ground for
at least
as
the
try repudiated
some
Cuban Election
Guate¬
a
by the United States of "essen¬
Latin
tions, establishment of
throughout
important victories in the interior
At
City gathering of Pan-American treasury ex¬
perts, a resolution was adopted last Monday for
development is appreciated at its full worth by the
Nationalist regime at Chungking, which continues
Japanese invasion and reports
some
United
by
States,
at
the
Great
Washington the Inter-
Committee debated the prob¬
on
Wednesday
consideration
of
was
reported to
clearing
house, which might adjust the transfer difficulties.
All
a
general
proposals, under whatever guise submitted,
almost
of
necessity must get down to the general
basis that the United States should
tal for the
ment
of
exchange
trade
or
supply the capi¬
clearing bank,
relations.
or
for develop¬
Unfortunately, there is
altogether too much evidence that
the Administra¬
tion in
Washington fully intends to
sort of
"foreign boondoggling,"
as
engage
in this
President Roose¬
velt
once
called all our foreign loans.
Congress
firmly turned down Mr. Roosevelt's proposal of last
summer
that the
be increased
capital of the Export-Import Bank
by $500,000,000 for the
ing loans to Latin America.
purpose
It appears,
of mak¬
however,
that the President's
personal emissary in the State
Department, A. A. Berle Jr., is elaborating the plan
for
an
inter-American clearing house.
More than
a
Volume
month ago
it
3315
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
STATEMENT
BANK OF ENGLAND'S COMPARATIVE
indicated that the Administration
was
Nov.
plans would include settlement of current defaults,
Nov.
22,
Nov.
Nov. 25,
23,
financial
an
experi¬
Public
a
The incidents merit the
country.
deposits
Other
necessity will have to find the funds for any
Latin American
boondoggling attempted in
tries which
financial
commission
vised the
own
French
of
The exchange
pledges.
Argentina last Tuesday ad¬
exports, to continue the purchase of Anglo-
42.15%
UHd. 84s.
21 ,128,285
29,468, 921
,694,152
27 ,211,001
6
8,601, 306
.
63 ,799,579
51 ,622,535
57,093,718
1.347, 675 327 ,680,723 327,860, 548 249 ,366,543 198,439,185
54,343, 000
reserve
liabilities
32.2V.
Bank rate
2%
Gold val. per fine oz.
168s.
84S.
38.80%
2%
2%
llHd. 84s.
ll^d.
Bank of France Statement
THE statement forcirculationended Nov. 16 showed
the week of 67,000,000 francs,
loss in note
a
which
brought the total outstanding down to 146,-
654,000,000 francs from the record total of 146,721,000,000 francs
usual, wherever possible.
as
43.5%
2%
11 K&. 84s.
78 ,160,120
22,929, 751
Reserve notes & coin
of the few countries
one
importers of that country, for the sake of
goods
32.4%
2%
41
76,153, 165
28,215, 32°
....
Proportion of
12,820,320
36,347, 567
,801,164
33 ,312,534
12 ,184,249
Disct. & advances.
to
It
20 407,869
97 ,604,111
,969,998
91
realistic attitude pre¬
a
Argentina, which is
coun¬
of further credit.
worthy
meanwhile, that
observes its
control
its
not
are
,803,132
20,867, 615
67,486, 945
83,598, 447
34
5.285, 578
Other securities
taxpayers in the United States,
90,887,211
36,535,799
85,544,999
22,320,057
•9,499,737
92 ,248,660
02,944, 846
Govt, securities
Coin and bullion....
that
£
39,349, 381
103,946, 16*
accounts
Securities
vails in
£
132,294, 227 127 ,218,658 119,946, 014 139 ,298,263 127,423,010
Bankers' accounts.
<
closest attention of
appears,
£
27,
1935
1936
527,004, 000 476 ,058,188 480,373, 603 445 ,566,964 401,345,467
12 ,055,477
19,707,107
35,358, 323
36.392, 000 31 ,730,486
Circulation
Other deposits
adjustment of the troubles of
Latin American
who of
1937
far has been heard from the committee
so
charged with the development of
mental
1938
£
but little
of three
Nov.
27,
1939
Discount Rates of Foreign
week
a
Notes in circulation a
ago.
A fur¬
of
900,000,000 francs raised the total to 30,072,000,000
aggregated 107,348,895,275 francs.
year ago
Central Banks
ther
expansion in temporary advances to State
THEREdiscount no changes during the week in
have been
of the foreign central
francs.
banks.
bought abroad and advances against securities re¬
the
rates of any
Present
rates
the
at
leading
centers
are
corded
Rale in
Effect
Date
Established
Effect
Rate
vious
Established
Rate
Country
Holland
1 1936
Mar.
Date
Nov. 24
vious
Nov.24
Country
Pre¬
Rate in
Pre¬
Argentina..
3X
Batavia
4
July
1 1935
Belgium
2M
July
6 1939
3
Bulgaria...
6
Aug. 15 1935
7
Canada
2H
Mar. 11
Chile
3
Dec.
16 1936
4~
4
July
18 1933
5
Aug. 29 1939
2
4
Aug. 29 1935
Nov. 28 1935
4X
Java
Colombia..
3
...
Hungary...
3
India
4H
Italy
May 18 1936
3X
5
6 1936
3
Jan.
14 1937
4
6
July
15 1939
6H
May 28 1935
4X
Jan.
1 1936
3>A
Norway
4A
Sept. 21 1939
4
Jan.
2 1937
5
Poland
4
A
Dec.
17 1937
4
5X
...
Oct.
9 1939
4 y2
Portugal...
4
Aug. 11 1937
3
England
The
francs.
June
30 1932
3A
Rumania
3A
May
Oct.
26 1939
3
South Africa
3X
May 15 1933
1935
5
Spain
5
July
4H
Sweden
2A
Dec.
1 1933
Nov. 25 1936
total
5
Feb.
Oct.
Finland
4
Dec.
3 1934
France
2
Jan.
2 1939
1
_.
2X
Switzerland
Germany._
4
Sept. 22 1932
5
Yugosiavia.
Greece
6
Jan.
4 1937
a
Below
The proportion of gold on hand to
year ago.
sight liabilities is
now
59.68%; last
year
5 1938
15 1935
A
4A
4A
for
previous years:
BANK
5
1 1935
COMPARATIVE STATEMENT
FRANCE'S
OF
Chanqes
6A
Nov. 16,
for Week
Credit bals. abroad,
a
on
are
three-mofiths'
bill,
3-16—1 %%
1
against
as
Note circulation
Credit current accts.
with¬
ad vs.
+ 900,000,000 30,072,000,000 20,627,440,996 26,918,460,497
out int. to State..
call at London on
Friday was %—1%. At Paris the open market rate
is nominal at 2 lA% and in Switzerland at 1%.
Money
Friday of last week.
Adv. againsg secure.
Temp.
on
Propor'n of gold on
*
on
Figures
a
as
of Oct. 26, 1939.
Includes bills
the process of
three entries
were
purchased in France,
b Includes bills discounted abroad,
wiped out and the unsatisfied balance of such loans was
decree of Nov.
Nov. 22
13, 1938, was effected in the statement
the
leaving
£527,004,000, the smallest figure
war.
As of Sept.
declaration of
£553,474,931 was reached.
£476,058,188.
A
outstanding
reserves
increased
posits more than
with
a
reported since the
13 last a peak of
year ago
circulation
As the currency reduction
£153,084 in gold holdings,
total of £793,000.
Public de¬
a
doubled in the latest statement week,
rise of £18,548,000.
which amount £14,and £1,130,354
138,911 was from bankers' accounts
to
from other accounts.
The proportion of reserves
deposits dropped slightly to
week ago;
32.2% from 32.3% a
32.4%. Gov¬
last year the proportion was
ernment security
holdings of the Bank rose £750,000
Of the latter
amount, £24,208 represented an addition to discounts,
and advances, and £1,638,163 to securities.
No
and other security
change was
presented
with
a
holdings £1,662,371.
Below are
tabulation of the current figures together
made in the 2% Bank rate.
comparable figures for preceding years:
Bank of Germany
Statement
THE incomplete return of showed anfor the second
quarter of November the Bank expansion in
bills of
a
exchange and checks of 261,000,000 marks to
total of
9,886,000,000 marks, while the items of
and
investments
other
and 395,000,000
marks
fell
assets
off
91,000,000
marks to totals of
1,127,-
000,000 marks and 1,223,000,000 marks respectively.
The
At the same time other
deposits fell off £15,369,265, of
was
Sept. 26, 1936, the value
were 65.5 mg. of gold to
the franc.
at
attended by a gain of
was
franc) under the
of Nov. 17, 1938; prior to
valuation had been at the rate of 43 mg. gold 0.9
a
circulation,
stood at
transferred to a new
(at 27.5 mg. gold 0.9 fine per
fine per franc; previous to that time and subsequent to
was 49 mg. per franc, and before Sept. 26, 1936, there
THE statement of the Bank for the week ended
shows
further contraction of £640,000
In
loans to the State.
that date and from June 30, 1937,
"
c
revaluing the Bank's gold under the decree of Nov. 13, 1938, the
the Bank's books representing temporary advances to the State
on
Revaluation of the Bank's gold
England Statement
53.26%
60.13%
59.68%
—0.07%
hand to sight liab.
entry of non-interest-bearing
Bank of
18,015,106
13,476,3C3
*27,553,129
-—984,000,000 10,038,000,000 11,979,875,503 9,228,830,082
947,127,889
875,617,925
92,000,000
—1,000,000
3,971,279,255 3,814,509,955
—52,000,000 3,600,000,000
—67,000,000 146654000,000 107348 895,275 89,989,039,450
+ 265,000,000 16,332,000,000 37,784,936,272 20,668,493,601
discounted.,
b Bills bought abr'd
Friday of last week, and 1 3-16%—1M%
1937
Francs
French commercial
bills
IN bills Friday market discount rates for3-16%
LONDON open 1 3-16%, as against 1 short
Nov. 18,
Francs
+ 359,831 97,266,467,587 87,264,284,579 58,932,022,187
Gold holdings
Foreign Money Rates
Nov. 17, 1938
1939
Francs
Francs
note
it was 60.13%
furnish the various items with comparisons
we
7
in
265,000,000
gold holdings now stands at
of
2
4A
on
The
slight gain of 359,831
3
IX
Estonia
....
a
1,000,000
francs,
respectively.
francs,
97,266,407,587 francs, compared with 87,264,284,579
francs
5
2
Denmark..
Eire..
gold holdings showed
984,000,000
francs and creditor current accounts of
3X
_.
3
vakia
Danzig
Bank's
of
52,000,000
bills
7
Morocco.
3.29
Japan
Czechoslo¬
and
3.65
Apr.
Lithuania..
1935
decreases
francs
shown in the table which follows:
discounted,
bills
commercial
French
more
complete figures available for the first
showed
quarter of November
culation of
outstanding
circulation
totaled
a
decline in note cir¬
236,000 marks, which reduced the total
to
the
10,583,000,000
corresponding
marks.
7,423,412,000
marks.
period
The
Notes
a
year
Bank's
in
ago
gold
holdings registered a slight drop of 245,000 marks,
bills of
while
exchange and checks expanded 266,-
500,000 marks.
Gold holdings
now
total 76,624,000
marks, compared with 70,773,000 marks a year ago.
A
loss
marks
The
was
shown
and in
other
in
investments
assets
of
of
222,000,000
245,000,000
marks.
proportion of gold to note circulation is now
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD Nov. 25, 1939
3316
0.72%, compared with 1.03% last year.
furnish
different
the
items
with
Below
comparisons
we
for
and
1 to 90
previous years:
REICHSBANK'8 COMPARATIVE STATEMENT
The bill buying rate of the New
9-16% asked.
from
Bank is %% for bills running
York Reserve
days.
,
Course of Sterling
Exchange
Changes
for Week
Nov. 7, 1939
Nov. 7.
lieichsmarks
Assets
Reichsmarks
Reichsmarks
Nov. 6. 1937
1938
+266,500,000
Bills of exch. & checks
Sliver and other coin..
Advances
Investments—
—222,000,000
Other assets
—245,000,000
70,111,000
10,580,000
Of which depoa.abr'd
Res. In for'n currency
20,055,000
5,940,000
5,777,000
9,624,700,000 7,020,191,000 5,249,075,000
a332.848.000
121,003,000
137,298,000
a34.909.000
32,929,000
39,870,000
1,218,400,000
845,895,000
1,628,600,000 1,307,272.000
397,408,000
747,474,000
-236,000,000 10,583,000,000 7,423,412,000 5,025,008,000
al,520,144,000
917,982,000
671,661,000
a579,558,000
398,104,000
307,350,000
Notes in circulation...
Other datl y matur .oblig
i
Other liabilities
Propor'n of gold & for'n
curr. to note clrcul'n
0.72%
+0.01%
1.03%
and "Deposits abroad"
of Oct. 31, 1939.
"Reserves in foreign currency"
bullion."
coin and
weeks.
firmer tone
a
Trading is
a
Figures as
New York
1-51%
The range this week in the
in New York.
for cable transfers has been between $3.89
rates
New
the
compared
$3.96%
Money Market
were
York money
with
week
a
Washington sold
of $100,000,000
being at
on
Monday another
rate of 0.018%, computed
an average
Call loans
on
on an
the New
York Stock
90
Italian lire
1}<£% for maturities to
days, and 1%% for four to six months datings.
Rates
was
ruling quotation all through the week for both
continues
up
The
and renewals.
market
for
time
new
money
Rates continued nominal at 1%%
quiet.
to,90 days and 1%% for four to six months'
maturities.
has been
month
one
New
The market for prime commercial paper
the
Ruling rates
supply.
%%@1%
are
for all maturities.
par
THERE have been nothe Federal week banks;
changes this
in the
in the
Reserve
Government
obligations
footnote to the table.
schedule of rates
of paper at
now
The
are
shown
following is the
in effect for the various classes
the different Reserve banks:
DISCOUNT RATES OF FEDERAL
RESERVE
unofficially quoted at 78.50.
are
delivery
for both sellers and buyers; Amster¬
1% Dutch cents premium to parity; Brussels,
demonstrated ability to
United States.
is
a
In
keep
particular it would
Dale
European centers offsets the commercial de¬
many
mand for sterling.
Despite improvement in the spot rate, therefore,
the discount
90-day forward sterling transactions
on
widened
Wednesday by %c. to 6%c.
on
The movement away
from sterling is illustrated by
consideration of the constantly mounting
of
the
United
domestic
States
that
gold production entering into these figures,
when
the
broke
war
gold from abroad would
a
Rate
1
New York
1
Aug. 27,1937
Philadelphia..
Cleveland....
IX
Sept.
4,1937
2
IX
May II, 1935
2
IX
Aug. 27, 1937
Aug. 21, 1937
2
Aug, 21,1937
2
Atlanta
♦IX
...
Chicago
♦IX
St. Louis
♦IX
Sept.
Minneapolis..
IX
Kansas City..
Dallas
♦IX
Sept.
♦IX
San Francisco.
IX
gold stock
The amount of
Treasury.
though constant, is only trifling.
out
It
the
thought
was
importation of
It did in fact diminish
cease.
Nevertheless, the United States
large extent.
of
Previous
Boston.
Richmond
that there
BANKS
Established
Sept.
moving to the
seem
But the counter demand for dollars from
of rubber.
Treasury gold stocks, which
Nov. 24
that England has
cargoes
fairly active demand for sterling from importers
excess
Effect on
follows:
as
%-cent premium to par; Paris parity
York,
from United States importers now
to
Rate in
Federal Reserve Bank
exchange market for
fixed in London
are
Beyond question the firmer undertone of sterling
a
on
quoted.
to 4 centimes discount; Zurich 3 centimes premium
was
rediscount rates of
change in the past several
Paris checks,
no
York cables, 4.02-4.04;
to par.
Discount Rates of the Federal Reserve Banks
recent advances
exchange rates fixed by the Bank of
with the spot rate
quiet this week with the demand still in
of
excess
$3.98% and
during the past several days reflected a better demand
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
loans
of between
range
a
Official rates in the forward
Exchange held to 1% for all transactions,
New York Money
and $3.95%
176-177; Amsterdam, 7.52-7.58; Canada, 4.43-4.47.
Berlin is not
dam
while time loans again were
New
weeks:
outstanding.
91-day discount bills, awards
annual bank discount basis.
of
range
ago.
England have shown
scale commensurate with
the small totals of such classes of paper
issue
previous
many
The trading in bankers' bills and
commercial paper was on a
The Treasury in
reported
market, where all
merely continued from
weeks and months.
range
The
$3.88% and $3.95% last week.
between
New York
$3.88% and $3.94%
compared with a
bankers' sight bills,
for
The official
in
On
Thursday, Thanksgiving Day, there was no market
included In "Gold
are
ANOTHER inactive week needs must be
x*
limited scale, with demand
on a
exchange restricted entirely to the dollar.
for
free market has been between
Liabilities—
♦
than during the pastTJew
STERLING exchange, while still under pressure,
shows
Reichsmarks
70,773,000
76,624,000
—245.000
Goid and bullion
I, 1939
IX
IX
2
2
2, 1937
Aug. 24, 1937
2
Aug. 31, 1937
2
came
were
much in
Nov. 22 had increased to $17,-
By far the major part of these gold
257,000,000.
stocks
on
Oct. 15
Oct. 20 reached $17,-
from London.
Gold earmarked here for official London account
is believed to be close to
a
billion dollars.
It is
ex¬
2
Sept.
010,033,770, and
on
on
2
3, 1937
$16,000,000,000,
3, 1937
tremely unlikely that Great Britain will transfer any
part of this gold reserve to deposit account in
the
*
Advances on Government obligations bear a rate of
1%, effective Sept. 1, 1939,
Chicago; Sept. 16,1939, Atlanta, Kansas City and Dallas; Sept. 21, 1939, St. Louis
private banks until
every
other
recourse
has been
exhausted.
Bankers' Acceptances
Great
THE market for prime bankers'bills in limited
acceptances has
quiet this week. Prime
been
are
supply and transactions have been light.
been
no
change in rates.
Dealers' rates
There has
as
reported
by the Federal Reserve Bank of New York for bills up
including 90 days are %% bid and 7-16%
to and
asked; for bills running for four months, 9-16% bid
and %%
asked; for five and six months, %% bid
Britain
operative
supplies
have
will
and
agreement
France
for
have
combined
effected
converted
the
to
marked
resources
some
into
cash
withdrawal
resorts
For
co¬
purchasing of
this side. Citizens of both these countries
on
large holdings of American securities,
be
a
before
and
either
which
country
deposit of its
to make wartime
ear¬
purchases here.
time citizens of both countries have been
disposing of their foreign securities to the
proper
I
Volume
<
ONE HUNDRED—The Commercial & Financial
149
authorities
and
London
in
Paris,
who
been
have
gradually liquidating them and applying the proceeds to the
purchase of supplies here.
and
of these sales
manner
are
The amount
carefully guarded and
have been so conducted as to cause the
here. Nevertheless
the operations
minimum disturbance to markets
the fact of the sales constitutes a
by
on
commercial demand for sterling
any
arise
come
may
It
to
marked
a
London authorities will
to the liquidation of
extent
of the world,
British owned securities in other parts
Great Britain will
Commonwealth
buy
possible from the
markets and from other
much
as
overseas
such
markets
overseas
which
this side.
unlikely that the
is
resort
depressing factor
and francs which cannot be over-
both sterling
on
as
Brazil,
and
Argentina
as
purchases to war supplies
and thus will conserve her
restricting her United States
not obtainable
elsewhere,
gold and financial resources here.
British resources throughout the world in stocks,
bonds and other
investments
to
amount
approxi-
mately $17,500,000,000. British investments in the
United States are believed to be not far from $1,000,-
liquidation of
No matter to what extent
000,000.
xl_
...
these securities may occur,
1
1-
n
•|
the operations cannot tail
depressing effect on sterling.
makes it the more difficult to comprehend
to have a
This
the
prevalent in the market as
sterling. One view is that, the trend
conflicting opinions
of
to the course
official rates
Others believe that
exchange is moving toward the lower levels represented by the New York free market.
Many in
fixed
by the Bank of England.
London
opinion that the only way to
of the
are
prevent weakening of the pound in the New
market is to have sterling completely blocked.
British
effort
many
York
other
from Europe are making every
trade to the British
confine
to
and
settlements
overseas
neutral markets away
Dominions,
taken special measures to
promote her trade with Great Britain, on the ground
of favoring its own best customer for Argentine
Argentina has recently
Great Britain's investments in
approximately $1,500,000,000
exports.
Only
Argentina
to
amount
a
few days ago, effective as of Nov. 18, the
Settlements made subject
Government of the Straits
to license
the importation
from non-sterling areas,
of a wide range of products
and completely prohibited
the
importation of a large
the
same
of
the
The
areas.
new
imposed on
followed by similar
restrictions
licensing
import
number of products from
regulations are a revision
Sept. 13 and will probably be
restrictions
in
the
federated
and
non-federated
Malay States.
Chancellor of the
issue of national
savings certificates to finance the war, to replace
the current issue.
The purchase price of the new
certificates will be unchanged at 15s, but interest
will be increased slightly as compared with the current issue, so that the certificates will accumulate to
17s. 6d. after five years and to 20s. 6d. after 10 *
On Nov.
21, Sir John Simon,
announced
Exchequer,
years.
The
N°On the
new
same
of
£5.
day
a
new
second issue to be known as
placed
on
sale, to be purchased in
The national defense
bonds will be
and will bear interest at 3%, and will
redeemable seven years from the date of purchase
issued at par
be
a
certificates were placed on sale on
defense bonds was
units
at a premium of £1 per £100 if not
/
cashed before the
maturity date. No individual will be allowed to hold
more than £1,000 of the new bonds. It is expected
that within a few days war loans more attractive to
large investors will be launched,
The London price for gold continued at 168s. per
ounce, the Bank of England's buying price.
The
London money market continues easy. Call money
against bills is in supply at %%. Two-months' bills
are 13-16%, three-months' bills of 17-32%, fourmonths' bills 1 9-32%, and six-months' bills 1 3-16%.
Canadian exchange follows the trend in evidenoe
since the beginning of the war. The Canadian dollar
moves in close relationship to the rate fixed by London
and hence is at a discount in terms of the United
States dollar.
Montreal funds ranged this week
between a discount of 14 7-16% and a discount of
12%%.
The figures of gold imports and exports which
follow are taken from the weekly statement of the
United States Department of Commerce and cover
the week ended Nov. 15:
9-nov. 15, inclusive
gold exports and imports, nov.
imports
_*$2,273,861
Ore and base bullion
Refined bullion and coin_______
27,486,605
Total
Detail of
Exports
$1,945
1,210
.$29.700,4G«
,
Refined Bullion and Coin Shipments—
$2,090,182
Italy
Netherlands
3,159,940
___
5,112,954
Sweden
"I ~I ~ IIIIIIIII "I IIII11II HI 3,045',371
pound is firmer and nearer to the
of the
3317
Chronicle—YEARS OLD
cubada~"~~~~
British India—,
* chiefly
6,954,863
~
—-—
$1,340,282 Philippine islands,
5,370,71s
______
$314,902 Mexico, $204,999
Nicaragua, $135,157 Canada, $121,165 cwie.
Gold held under earmark at the Federal Reserve
banks was reduced $68,880,731 during the week
ended Nov. 15 and $1,621,433 during the week ended
Nov. 8. The latest monthly report of the Department of Commerce showed that $1,053,066,000 was
held earmarked for foreign account as of Oct. 31,1939.
Referring to day-to-day rates sterling exchange on
Saturday last hardly differed from its previous range
in a limited market. Bankers' sight was $3.88%@
$3.89%; cable transfers $3.89%@$3.90%. ' On
Monday trading was dull. The range was $3.88%@
$3.94% for bankers' sight and $3.89%@$3.95% for
cable transfers. On Tuesday sterling showed a firmer
tone in a quiet market. Bankers' sight was $3.92@
$3.94%; cable transfers $3.93@$3.95. On Wednesday trading continued quiet with sterling steady.
The range was $3.88%@$3.92% for bankers' sight
and $3.89@$3.93% for cable transfers. On Thursday,
Thanksgiving Day, there was no market in New York.
On Friday the general trend of the market was unchanged from previous days. The range was $3.89%
@$3.92 for bankers' sight and $3.90%@$3.93% for
cable transfers. Closing quotations were $3.91%
for bankers' sight and $3.92% for cable transfers.
Commercial sight bills finished at $3.91%, 60-day
bills at $3.90%, 90-day bills at $3.89%, documents
for payment (60-days) at $3.90%, and seven-day
grain bills at $3.90%. Cotton and grain for payment closed at $3.91%.
Continental and Other Foreign Exchange
r"PHE French foreign exchange and financial
1 situation is unchanged from the past several
weeks. The unit continues steady in terms of the
pound in conformity with the fixed rates established
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3318
Nov.
25,
1939
by the Bank of England and the close cooperation
transfers, against 5.05 and 5.05.
of the French and British authorities in all aspects of
not quoted in New York, nor is exchange on Czecho-
commercial
coordination recently ef-
financial
and
In terms of the
fected between the two countries.
dollar the franc follows the fluctuations of the
pound
reflected in the New York free market.
as
while trading is
financial circles in
lies
improvement
In
Paris, however, it is considered
principal
of French market
cause
the
in
of
repatriation
French
capital, which has been returning steadily to France
since
It is notable that since
early in September.
be violated
in
a
that the country's neutrality might
its carrying
its financial
that
(nominal),
2.05
at
Greek exchange closed at
(nominal), against 0.72% (nominal).
—♦—
EXCHANGE
J-Li"""war
of
the countries neutral during the
on
1914-18 presents mixed trends.
The
Scandinavian currencies are generally steady and in
the New York market are inclined to fluctuate with
the pound. The same is true of the Swiss currency,
which has varied in New York only slightly in the
In London one-month futures
to
be
quoted at three
on
centimes
iness of Swiss exchange in New York,
Exchange
Amsterdam is also steady,
on
being
governed largely by the official London quotations,
The Netherlands Bank statement for Nov. 20 shows
that the military crisis of the past month has cost
Holland 7%% of its published gold
trade have seriously impaired
that period there has been
It is therefore not surprising
position.
closed
incurred
expense
rearming the country's frontiers and the severe
on
Bucharest
on
While the spot
by the German forces.
belgas is firmer, the great
Exchange
premium to par, accounting for the relative stead-
is showing increased strength
currency
result of the subsidence of fears entertained
inroads
0.73
Zurich continue
few weeks ago
rate for
Finland
on
past few weeks.
Belgian
a
Exchange
cannot be introduced into the
now
higher than in their country of origin.
as
Poland.
on
market, those already quoted There stand
foreign securities
French
or
0.73% (nominal), against 0.73(nominal),
the Paris bourse, so that
on
limited the general tone is firm.
likely that the
closed at
against 2.00 (nominal).
The economic accord between Great Britain and
France heartens traders
Slovakia
Berlin marks are
a
During
reserves.
net reduction of 85,-
000,000 guilders in the gold reserves of the Dutch
discount of 15
points from the spot rate, and that 90-day belgas
bank.
have
lished each week by the Bank of The Netherlands
30-day belgas
quoted at
are
a
given
ranged during the past week from 40 to 45
points below the basic cable rate.
German marks
New
York.
are
not
1,038,600,000 guilders.
were
The figures pub-
do not include the gold held by the 300,000,000-
quoted either in London
nominal
occasional
However,
On Nov. 20 the published gold holdings
as
guilder Netherlands exchange fund.
or
During the past
two weeks there has been persistent selling of guilders
quo-
tations appear
in New York at 40.20.
Par is 40.33.
and buying of dollars from Amsterdam, which has
There is every
evidence of alarming increase of note
necessitated official Amsterdam operations to hold
circulation in
for the
circulation
with
The Reichsbank statement
Germany.
the unit steady.
second quarter
of November showed total
10,853,000,000 marks, as compared
of
7,208,700,000 marks
a year
Bankers' sight
earlier.
September,
1937, the reichsmark
When the
5,256,150,000.
Reichsbank circulation
In
war
sight bills at 52.85, against 52.75.
At the end of
circulation
transfers,
was
began in 1914 the
Reichsbank, however,
and cable transfers at 22.74 against 22.73 and 22.73.
additional kinds of
September
of small Rentenbank notes.
be used
The first
supplementary to the Reichs-
bank note circulation in
as a
was
the emission
The rentenmark
now
device to conceal partially
development of inflationary trends in Germany.
notes
to five marks.
in
range
denominations
The rentenbank notes
but the
increasing in circulation,
are
from
steadily
precise
amount
outstanding from month to month cannot be readily
The
distinction
and rentenbank notes is viewed
as
for all practical purposes
be considered
as
as
Reichsbank
entirely technical,
both types of notes must
on
176-177, against 176-177
In New York
between
synonymous.
The London check rate
at
sight bills
on
Paris closed
on
on
Friday
Friday of last week.
the French center finished
at
2.20% and cable transfers at 2.21%, against
2.20% and 2.21%. Antwerp belgas closed at 16.60
for bankers'
sight bills and at 16.60 for cable trans-
fers, against 16.43 and 16.43.
5.05
for bankers'
Copenhagen
Checks
on
Sweden closed
and 23.83; while checks on Norway closed at 22.74
issue of paper money
ascertained.
and 22.45.
against 19.33 and 19.33.
subsidiary note issues h&ve been devised.
one
22.45
at 23.84 and cable transfers at 23.84, against 23.83
was
only part of the note circulation in Germany.
Rentenmark
against
checks finished at 19.33 and cable transfers at 19.33,
16,959,-
Since the end of August various
the
Swiss francs
circulation
The note circulation of the
appears to
Friday
closed at 22.44 for checks and at 22.40 for cable
000,000 marks.
is
on
2,909,422,000,000 marks,
was
1918, the
November,
Amsterdam finished
transfers at 53.10, against 53.09%; and commercial
The official Reichsbank statement does not make
the evidence of inflation entirely clear.
on
at 53.10, against 53.09 on Friday of last week; cable
Italian lire closed at
sight bills and at 5.05 for cable
Spanish pesetas
*
are
nominally quoted at 10.13*
—♦—
EXCHANGE on the South American countries is
*-Li generally held steady by the various exchange
control boards. Peruvian exchange has been showing
ease
owing to the fall in the country's exports and the
increase in its imports.
On Nov. 21 the Argentina Government announced
a new import policy designed to prevent as far as
possible purchases from any countries except Great
Britain and France as long as the war lasts,
The director of the Exchange Control Bureau,
Alfredo Louro, explaining this new policy to newspaper men
stated categorically:
"All requests for
exchange for importation from other countries of
merchandise that can in some form be acquired in
Great Britain will be refused."
On Nov. 17 President Roosevelt proclaimed the
trade agreement between the United
reciprocal
States *and Venezuela signed at Caracas
on
Nov. 6,
1939. The provisions of the agreement will become
effective on December 16, 1939.
The agreement affects chiefly petroleum and its
products.
Advices from Rio de Janeiro assert that
Volume
the
149
Brazilian bank will
new
with Brazil's
own
begin to operate at once
backed by 33 tons of
resources,
bullion held in Rio de Janeiro and $7,500,000 in
held in
the
States.
The bank is
Federal
discount rates and to
bank
a
expected to effect
Niemeyer (head of
a
gold
United
the
in
cut in re¬
help trade. Studies for a central
first
was
banks
Reserve
bank have been under way
Such
for
a
number of years.
recommended
by Sir Otto
financial mission to Brazil in
a
1931).
Argentine
paper
closed
pesos
market rate
The unofficial or free
quoted
are
Chilean exchange is
Peru is
Bra¬
23.15@23.35, against 23.36.
was
milreis
zilian
Friday at 29.78
on
sight bills and at 29.78 for cable trans¬
fers, against 29.78 and 29.78.
5.19.
activity
at
5.10.
against
5.10,
quoted at 5.19 (official), against
nominally quoted at 16%, against 16.00.
as
behavior
with
ance
the
EXCHANGE on the Far EasternFor the most part
countries presents
features
importance.
and its
incidents,
is bound to
tagonists
British
in
pound.
in close relation to the British
move
Japanese
yen
In both
Germany
were
the
wars
the
on
principal
checks yesterday
23.46, against 23.45 on Friday of last week.
were
Hong¬
an¬
side and the
one
Ger¬
Empire with France on the other.
headquarters of the most numerous "race"
not treated
at the
was
her relative
world.
as
one
Russia is excluded,
race, or
beginning of both wars dissatisfied with
position
Her
the great nations of the
among
territory lacked many important
own
materials and rendered her less self-sufficient
raw
than she felt entitled to be in view of the size of her
her culture, her technical proficiency
and her power.
The
lesson
Germany
from the histories of the
reading
justified in
was
great nations, whose com¬
who had
mand of natural resources she envied and
generally firm.
yen are
Closing quotations for
inherent similarity of reaction
an
exist.
Europe, if the various ramifications of the Slavs
are
of
no
These may differ in accord¬
circumstances, but since the latter
only variants of the basic manifestations of war
are
population,
these currencies
great war, is apt to follow certain
a
patterns and display certain typical psy¬
chological reactions.
many,
for bankers'
3319
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
.
earlier, than she in the race for large scale
started
unity and
that
power, was
similar position could
a
kong closed at 24%, against 24.55; Shanghai at 8%,
only be attained by her through the use of the sword
against 8.70; Manila at 49.90, against 49.90; Singa¬
—or
its
at 47%, against 47%; Bombay at 30.20, against
skill
of
pore
30.30; and Calcutta at 30.20, against 30.30.
Gold Bullion in
European Banks
the
was
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British
ll%d.
statutory rate, 84s.
the
in
principal European banks
dates of
most
recent
shown.for the
fine ounce)
of respective
statements, reported to
by
us
(Friday); comparisons
cable yesterday
special
per
as
are
corresponding dates in the previous
turned
£
1936
£
£
For
£
boundaries.
However, perhaps to some extent
by her success of 1870, she at the same
time erected the most formidable
249,366,543
310,168,538
391,871,164
3,006,950
2,506,400
l,8/o,ut»0
87,323,110
42,575,000
3,35*,lt>0
90,314,000
42,575,000
47,491,000
51,853,000
105,691,000
81,882,000
24,274,000
98,216,000
with her share of the world's natural
46,719,000
21,604,000
inevitable that
Spain
c63,667,00c
63,667,000
87,323,00u
iiwiy
a23,400,00t
25,232,000
123,418,000
25,232,000
118,720,000
9/,05o,000
95,533,000
114,910,000
......
Netherlands
87,477,000
103,068,00c
92,484,000
Nat. Belg._
Switzerland
35.300,00c
6,500,00c
Denmark
Norway
32,832,000
77,645,0uc
26,065,000
6,536,000
6,547,000
6,553,000
6,555,000
6,666,000
Sweden
8,205,000
6,602,00c
6,603,000
6,602,000
_
Total week.
1,098,353,807 1,084,202,48. 1,045,504,817 1,118,431,438
754,884,088 1,095,503,785 1,078,434,20c 1,044,440,420 1,153,544,210
751,677,47
Tev. week.
the
world had
will
would
Pursuant
to
the Currency and
Bank Notes Act,
Since Germany was
so
formidable
On the market price basis (168s.
per
fine
was
Bank reported holdings of £1,347,675 equivalent, however, to only
about £681,519 at the statutory rate (84s. ll^d. per fine ounce), according to
our calculations.
In order to make the current figure comparable with former
the
ounce)
periods as well as with the figures for other countries in the tabulation, we show
English holdings in the above in statutory pounds.
held Dec. 31,
Amount
1938, latest figures available,
of Germany includes "deposits held abroad" and
Bank
to be actual or
Great Britain
1938, latest figure available.
diplomatic
only potential would necessarily
plans by other nations.
countries
or
Whether this use
to the German
the resistance offered
on
"reserves in foreign cur¬
and
•
France, both relatively small
and, therefore, vulnerable, with enormous
Also first report sub¬
empires and wealth scattered over the world, sin¬
cerely feared the use Germany would make of her
c
sequent to Aug. 1, 1936.
The value of gold held by
with
depend
political
the Bank of France is presently calculated, in accordance
the decree of Nov. 13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
rencies."
As of April 30,
b Gold holdings of the
was
martial instrument
enlarge that share.
the market value current as of the statement date, Instead of the statutory price
which was formerly the basis of value.
a
not satisfied
wealth, it
eventually be used—directly or as a latent
threat behind international
1939, the Bank of England
statements for March l, 1939 and since have carried the gold holdings of the Bank
known, and, it is to be hoped,
ever
know.
ever
moves—to
a
military machine
327,860,548
295,811,134
b3,831.200
Germany
at
efficiency within her
327,680,723
198,439,185
552,200,103
the
built her way to
Germany
years
from
its back.
on
*681,511
France
*
flat
economic wealth and cultural
intoxicated
£
40
over
heritage
unjustified
an
wars—was
328.602,728
England
i
1935
and remains, the one Perfect
four months the nation with the
or
out
Napoleonic
own
1937
1938
1939
It was,
In three
greatest military reputation in Europe—largely as
it
four years:
Banks of—
blitzkrieg of 1870—-the most successful war
known.
ever
War.
The culmination at that time
by one.
one
Germany in the middle
century to tackle her neighboring
of the nineteenth
enemies
The diplomatic
threat, however muffled.
Bismarck enabled
23, 1937, gold in the Bank was valued at
franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold in the Bank of France is now just about £1; when there were 43 mg.
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.
franc; previously and subsequent to July
43 mg. gold, 0.9 fine, per
power
if she were allowed to become overwhelmingly
Great Britain early determined that she
strong.
would
never
enemies
were
one
again allow Germany to take
by
There
are
many
the
situation
war
at this time and the
war,
by the present
presented
one
European
existing during the last
when in the years 1915 and 1916 and early in
1917,
in
sides,
a
reached
human
spite
of great
military
condition bordering
on
Germany's
on
effort
on
both
stalemate had been
western
front.
However,
nature, when engaged in such a fundamental
as
the
important differences between
her
generally resolved that Germany should not,
far
War Aims in 1916 and in 1939
on
Both Great Britain and France
one.
essentials for another
so
they could prevent it, have at her disposal
blitzkrieg.
Nevertheless, when the occasion
came
the German
soldiers found the weak place in France's armature,
and
plunging through
cating the
many
success
declared
German
came
within
of 1870.
war
mobilization
on
France.
was
an ace
of dupli¬
On Aug. 3, 1914, Ger¬
On Aug.
completed.
the German army was near
12 the
On Sept. 5
the gates of Paris, and
General Joffre had made up
his mind to begin the
ONE HUNDRED —The Commercial
3320
saving battle of the Marne, which lasted five days,
The ultimate objective of the blitz¬
Sept. 6 to 10.
krieg had not been attained. Nevertheless, Germany
had, then
able
shortly thereafter, obtained booty valu¬
or
She had in her
conduct of her war.
the
for
possession the coal mines and industries of Belgium
and
northern
and
the
These
ened
France, the iron mines of Lorraine,
ports of Zeebrugge and Ostend.
Belgian
acquisitions strengthened Germany and weak¬
France
airplane attacks
communications
These
of the
also
were
This
of the Central Powers in other areas,
cess
mind in
borne in
pressions of
comparison between the
any
aims and
war
ligerents during the time
United
States
known in the
entered
up
the
because of her
narrow
to early 1917, when the
and those
war,
far
so
from destruction, and
important industrial
by the
responsible leaders,
own
England, to
general terms based
complete victory.
on
an
well
as
as
aims in other than
express war
especially, suffering from
area
ihade it dif¬
enemy,
invasion of
territory, scanned with suspicion
France,
so
rich
a
any utterances of
British statesmen
on
the
between the lines
an
intention to throw her to the
wolves before she
Premier
on
aims.
war
At the
would
secured
were
London
ever
the
sword
until
avenged, France
the
Mar.
to
come
said
talk
the
on
vember.
one
of and
as
of peace,
subject of
On
Minister
the
Commons
Sir
Mar.
that the time
not
war
British
Grey said at
He
reparation to Belgium.
war
a
the
in
on
neutral
yet
many
would
and that
her
the
countries
terms.
That this
tries is evidenced
war
replied
on
time had
Mr.
of
into
The
be
to discuss the
herself—mentioning
as
was
eastern
no
indicating aggressive inten-
a
Franco-British
as
the extension of the frontiers
Europe, and "real guarantees" in the
and
peace
surrender
no
of
occupied terri¬
1916 that
was
of
and
their
gen¬
map as
Public
opinion
in
England would have made short
responsible statesmen, if the latter
willing to consider—as of
that
war
seeking to blame the Allies
continuing the hostilities.
France
Germany, in
the basis of the
peace on
then stood and
France
a peace on any
at
any
rate
course
they
such basis.
would
a
be
were
It
was
relegated
second class
Both publics felt, generally speaking, that
only
to be considered
peace
one
was
a
of vic¬
peace
of surrender.
The British Premier,
stated in his declara¬
tion of
war
aims
as
November, 1914, stated the terms
England
was
complish the
willing to conclude
upon
which
peace were to ac¬
for which she had taken
purpose
up
arms—namely to prevent Germany establishing a
military menace and dominion over her neighbors.
willing
only defending
be
speech of five days before.
As
the result
established
subject, but added that
The latter, he declared,
again
never
reaffirming the
Chancellor
Asquith's speech of November, 1914, was proof
England's aggressive intentions against Ger¬
many.
would
vassal.
Mr.
Dec. 9, 1915, disclaiming that the
proper
come
en¬
to defend her¬
Asquith, in a speech addressed to a visiting
delegation of French parliamentarians, replied on
Apr. 10, 1916 to the German Chancellor's Reichstag
true, also, in belligerent coun¬
by the interpellation of von Beth-
negotiations.
was
Real guarantees must be created that
races.
power.
was
peace
in the world would concede to
thereby to the status of, at most,
Europe of
Social-Democratic party in the
Reichstag, as
enter
strongly protected that
self, and to maintain her existence—not to destroy
other
felt
possible peace
to the conditions under which
he would
to
so
Ger¬
a
tempted to annihilate her,
Germany's only aim
not—negotiating
mann-Hollweg, the German Chancellor by the leader
of the
feel
every one
deavors.
work
consideration dur¬
aims and
ever
He declared
the creation of
was
right of free exercise of her peaceful
had been
Foreign
decisive military ad¬
gave much
war
firmly united,
so
one
no
both
the most important front, public opinion
ing 1915 and 1916 to
1916, the Chancellor told
Germany and Austria-Hungary alone.
for
Because it seemed then
apparent that neither side
a
and added that the
war,
"guarantees of peace" required of
that the aim of that
tory, not
long time, gain
the
Reichstag that Poland's fate must be solved by
the
vantage
of
On Apr. 5,
the enemies.
mony" and "supremacy".
a
suc¬
longer and more bitter the strife, the larger would
free nations without the shadow of Prussian
"hege-
could, for
that, conscious of her military
the continuation
it
in
He also indicated,
objective,
were
Germany did not hold herself responsible for
It became evident in
essential condition of peace was restoration
England's primary
said
also
cesses,
be
lecture that
a
willing to discuss proposals of
tories.
aims the previous No¬
the
connection
west, without both of which, he declared, there could
and repeated what he had
22, 1915,
Edward
stated
had
in that
freedom
obtains, the Chancellor declared
now
compatible with the dignity and safety of Germany.
eral, desired
1, 1915, the British Premier
later interpellation in the Reich¬
submitted by enemies, provided that they
peace
in
wrongs
adequately
was
against aggression, the rights of the smaller
House of
a
greater
Previously, the German Chancellor had given
finally destroyed."
On
where
himself at all times
foundation, and the "military domination of Prus¬
the
reply to
a
the formula for peace
nationalities of Europe were placed on unassailable
sia
politically and militarily, against such things
being again possible, and must also insure Ger¬
many's unhampered economic development.
Mayor's banquet in
promised that Great Britain
sheathe
never
Belgium
Germany. The Germans must, he said, protect them¬
selves
Belgium
the first leader to sound off
was
November, 1914, he
done
free from the enemy.
was
Asquith
subject for fear of finding
on
claiming that France and England had long
also
be the necessary
escape
mineral wealth
ficult for her
those of
by the bel¬
peace moves
universally felt in France
the retention of her most
war
ex¬
present war.
The bitter resentment
and
is to be
loans to Russia, allegedly
regarded Belgium as a "route of advance" against
existed than
suc¬
1939
ing railroads and fortresses against Germany, and
In
situation, not to mention the
25,
peremptory condition that they be used in build¬
stag,
facilitated.
Chronicle—YEARS OLD*-Nov.
tions France's pre-war
the
England and her
on
advantages Germany retained until the end
war.
Financial
Sub¬
economically and strategically.
marine and
z
of the
that
war
the
international
principle
was
problems
handled by free negotiations on-equal terms
■
peoples.
Such settlement
was no
controlled
Asquith said,
was
by
a
be
by free
longer to be ham¬
pered by the overmastering dictation of
ment
to be
must
military caste.
a
Govern¬
That,
Mr.
what he meant by the destruction
Volume
of
the
domination
military
and her allies
in that
were
Prussia—nothing
of
He declared that England
but nothing less.
more,
3321
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS. OLD
149
struggle champions not
latter to
investigate the possibility of offering medi¬
understanding that the United
ation with the tacit
States would
join the side which accepted our pro¬
had little result other
only, of treaty rights, but of the independent status
posal.
This investigation
and
than to
bring out the fact that neither side felt that
free
development of weaker countries.
President Poincare of France undertook to rebut,
1916,
May 14,
on
of compromise in 1916 was better than a
peace
to make the
Germany's effort
world believe that the Allies alone
a
full
military victory in 1918.
responsible
was
prepared by the British Foreign Minister, dated
were
He declared
Feb.
23, 1916 embodying the results of his talks
they did not want a peace which would leave
with
Colonel
for the
that
prolongation of the hostilities.
Imperial Germany with
and
war
wanted
to recommence the
power
keep Europe eternally menaced. The Allies
a
which would receive from restored
peace
rights serious guarantees of equilibrium and sta¬
bility.
long
So long
that
as
not assured, so
peace was
their enemies would not recognize them¬
as
selves
vanquished, the Allies would not cease to
as
Wilson
House, to the effect that President
ready,
was
that
pose
Conference should be summoned to put
a
end to the
an
refuse
the
replies to Germany's
based
peace
against Germany.
on
the war
vague
map were
feelers for a
repeatedly made
he
prepared
could
States he
All indicated that
lasting peace could only be assured by the mili¬
a
cable which
agreed to the memorandum subject to the
insertion of another
the
Sept. 19,
to
1916, Premier Briand treated, in the French Parlia¬
States
should
ment, an interpellation suggesting the initiation of
fail to agree to
For example,
negotiations,
peace
on
"challenge" and
as a
against the memory of so many heroes who
for France".
fallen
struggling
He
with
declared that
her
all
energies
France
"for
all
In
address
an
free
Oct.
on
23, 1916, the British Min¬
Foreign Affairs declared that
must
peace
Europe from the shadow of Prussian militar¬
ism, and suggested the formation after the war of
prevent such
from happening again.
war
a
German Chancellor in
reply to
a
a
The
Reichstag
com¬
mittee indicated that
Germany would be ready after
the
a
to
Such is
join such
a
brief summary
Allied leaders
We
on
now
the
of the principal public
subject of
particular interest to
dent Wilson
our
the
war
know that efforts
made behind the scenes,
From
forts
by the chief
initiating
tiated peace
as
peace
never
eve
synonym
It
was an
for treachery.
a
Sir
nego¬
would have left the world continually
The English wanted the complete de¬
Germany and the French wanted not only
1916,
7,
German
the
structed the Ambassador at
the Wilson
a
of
ceased his ef¬
territory and Alsace
and Lorraine but also much more in addition.
June
more
On
Minister in¬
Washington that when
mediation plans threatened to assume
President
from
Government "with a
Mr.
Foreign
concrete form it would be his
the
duty to
pre¬
approaching the German
positive proposal to mediate".
Wilson, believing that the only means of put¬
ting an end to the war was to enter it, in October,
1915
at
while
the
suggestion of the Colonel allowed the
a
war on
the
terms
fair basis in 1916.
embodied
the memorandum,
and would distinctly
regarded in Germany as a German de¬
been
have
in
exactly equivalent to an Allied victory,
not
jet were favorable to them
feat, the chief result of action on the memorandum
all
in
probability have been to bring the
United States into the war about a year
event
actually occurred.
her
on
own
make
She did, however, through
regular diplomatic channels,
effort to induce President Wilson to take
an
initiative
in
starting negotiations though she
by no means desired him as
well
as
before that
In fact, Germany gave no
1916 of desiring peace other
terms.
Colonel House and the
the
negotiations.
the restoration of the invaded
vent
Of
the term "negotiated peace" be¬
a
Since
indication throughout
those made by Presi¬
us are
ended the
his emissary
as
mediator—believing him
Colonel House to be not
sufficiently objective, somewhat naive and too par¬
tial
Allied
the
to
cause.
German terms bore no
Moreover, the indicated
resemblance to the terms of
memorandum, but were based on the assump¬
the
of
tion
complete German
a
victory and the
con¬
temporary war map.
the
Since
by the aspirations of the German mili¬
tary group.
feat of
from
certainly have acted on it, and it might have
almost
than
Grey and his associates felt that
threatened
obtained
accept the minimum terms, the Allies would
not
being
beginning of the war until the
both sides
Edward
Wilson had
Mr.
peace
through Colonel House.
ungrateful task
to
Lloyd George in 1916, expressed in 1933
that if
belief
acted upon
Lord Lothian, who was
President.
our
also
through Colonel House to explore the possi¬
came
reasonable terms.
aims and
were
unknown to the public.
participation Mr. Wilson
bilities of
by
close to Mr.
the
would
league.
statements made until the fall of 1916
efforts.
this offer
a
under agreements which would
league fo nations
war
action of the United
Germany attend the conference but
Congress authority to enter the war if Germany did
humanity".
ister of
"probably" before another ref¬
contemplated
For various reasons the Allies never
"out¬
an
President
sent over the House
speak for the future action of the United
erence
tary defeat of Germany.
was
signature to the effect that so far as the President
middle months of 1916 and later.
was
accept this proposal and Germany
it, the United States would probably enter
war
by other French and British statesmen during the
had
The memorandum stated that,
war.
should the Allies
When this memorandum was shown the
Further
rage
hearing from France and
on
England that the moment was opportune, to pro¬
fight.
a
Later a memorandum
lost
for
as
to what to do
with the Germans' suggestion,
they
patience and published on Dec. 12,1916, a state¬
ment
declaring their readiness to enter a conference
negotiations, but stating no terms and
peace
striking
A
President hesitated
connection
in
few
a
triumphant as well as threatening note.
days later the President sent notes
belligerents appealing to them
ments
to their war aims.
as
to the
for specific state¬
On Dec. 36 the Allies
replied to the German note that they were unable
to act on
it
Germans in
newed
their
purpose
as
it contained
no
specific offer.
The
reply to Mr. Wilson's note merely re¬
offer
to
enter
of negotiations.
a
conference
for
the
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3322
The Allies in their
sarily involved
to be
reply of Jan. 10, 1917 refused
negotiations, because
to enter
durable
a
state their
existing.
They did, however,
of all invaded territories with suitable
restitution
the
of
provinces,
such
We, there-
methods in their military undertakings.
reparations;
They appear, however, in the political field to be
Alsace-Lor-
trying in a general way the methods adopted by the
as
German leaders during the pseudo-stalemate
liberation
of 1916.
specified subject peoples; the expul-
of the Turks from
sion
Europe and the complete
of E urope guaranteed by
reorganization
regime and based
]STo hint
threatens
to the Germans.
ored
to
view
as
to the basis of
and
was
given
terms
coming too late to be useful in
resume
to retain the small
to
were
be
additional colonies of
secure
an
area
was
to be restored
was
changes
to be
was
were
same as
suitable to her
sated;
as
removed;
war
were
to
which must be
as
was
to be
placed
on
and dislodged from power
overcome
same as
longer referred to
no
stitute
no
enemy
is
last time, for "Hitler" and "Hit-
lerism" without the
power
international
of the sword would
menace.
the Allied statesmen also
Nothing resulted from this exchange of terms, if
can be so
called, and President Wilson's fatalistic
peace
However, the context of the declarations
much the
foundation.
it
lasting
a
of the Allied statesmen shows that this
firm
a
publicly stated,
"Prussian militarism", but as "Hitler" and "Hit-
lerism".
had
be compen-
method for salvaging and restoring territory invaded by either side was to be devised; and
seas
as
It is true that the enemy
in order to effect that aim is
a
the freedom of the
aims is much the
war
Their object,
and security in Europe.
commerce
German nationals who
damage from the
in 1916.
is again to achieve the elements of
indemnities; Belgium
restored; obstacles to normal
be
to
suffered
well
severity bear comparison
of the Allies with respect to
to
subject to certain strategic and
as
in
Basically, and logically when the historic back-
population and economic interests; occupied France
economic
would
the
on
and the
war,
ground alluded to above is considered, the position
arrangement of the frontiers
an
offered
the
won
immediate direct material cost exacted of France
protected
strategic and economic lines; Germany
na-
and England might not be as great,
was
part of Alsace then occupied by
Germany and Poland
against Russia by
France
to the colonial
with the German terms of Jan. 29, 1917, though the
event, the
any
sign of conciliation.
no
as
aims, the statement would be based
war
theory that Germany has
to
references to economic
vague
material requirements of the German
raw
en-
con-
felt the circumstances justified specifying their
ers
personal footing on Jan. 29,
intention
of
onus
tion, indicate quite definitely that if the Nazi lead-
days later unrestricted submarine warfare,
Thus
on
This
The
and political living spaces, as well
Government's
his
terms indicated
her;
negotiations.
a
peace
unless that is done,
war
the Allies the
on
day that the German Ambassador
same
announced
on
destructive
tinuing the fight.
unacceptable
were
Nevertheless Mr. Wilson endeav-
to the President
three
terms
through Colonel House the German
secure
1917, the
or
a
devaqring to place
secret treaties between the Allies.
Obviously these aims
year
it is clear from the recent
the basis of the present war map, and that he
on
given of the existence of the
was
say,
utterances of Herr Hitler and his satellites that he
right to full security and liberty of economic development.
That is to
would like the Allies to offer to negotiate a
stable
a
respect for nationalities, their
on
It
fore, do not know what their next move may be.
raine, formerly torn from the Allies by force; the
of
a
is probable that they will endeavor to use similar
aims, which included the restoration
war
displayed
leaders have
of surprise in the field of international politics.
was not
expected from Germany and her allies under
the circumstances then
1939
great sense of timing and skill in the strategic use
peace neces-
fair settlement, and such
a
German
present
The
Nov. 25,
Now,
as
con-
in 1916,
premise the beginning of
peace negotiations on Germany's restoring the ter-
ritory invaded by her, but
a
premonition that, unless he succeeded in getting the
and the willingness to admit
two sides
difference of emphasis
be discerned.
together, the United States would
volved in the
more
war
proved accurate within
necessary
began
so
Germany has
Nevertheless,
she
approximately
as
up
to the present
controls
large
ones
directly
The
real ally,
and France has not suffered
a
the
start
of
say
the
the German mili-
the
present hostilities, but only
against her relatively weak eastern opponent.
It
certainly worked efficiently, but largely because she
was,
lized
her
for all her needs
on that
front, already mobibegan, while Poland, owing to
communications, would have required
when the
poor
many more
war
days to assemble her forces
to meet the
lightning paced onslaught of the German
nized army.
Germany does not enjoy
vantage in the west.
front would
require
a
To
media-
similar ad-
through
tremendous effort
costly in blood and iron.
break
a
In
indirectly
tary machine is comparable in efficiency to her
army of 1914.
Her blitzkrieg method was
adopted
at
mainly due to the fact that
are
on
However, it is, to
least, extremely doubtful whether
being made
not really started this time
an area as she and her ini-
ally did last time.
now
of the last
no
or
between the statements of
1916 and those
recently that it is not
again the principal
are
on
that
exceedingly
reservations may
It is unnecessary to point out, in detail, differences
to go into details with respect to it.
antagonists
tial
few days
a
than two months thereafter.
The present war
war.
be in-
some
war
as
aims made in
these differences
actual
fighting has
the western
front,
disastrous invasion.
some ways perhaps the most significant of these
differences
are
involved in the fact that in 1916,
as
have seen, offers of mediation were almost unfriendly acts and the idea of a "negotiated peace"
we
was abhorrent to the Allied statesmen.
This time
Holland and Belgium have already ventured their
good offices to the belligerents. The offer was politely declined, but surely it would not have been
made if the belligerents had the same' animus
against such
moves as
they had in 1916.
from being revolted at the thought of
a
Also, far
negotiated
peace, Mr. Chamberlain and, more recently, Lord
Halifax have already expressed their confidence in
that method as the best means of securing a
lasting
peace.
.
It is hoped that under these circumstances
the
skill, insight, and stature of the European statesmen
will
measure
up
to the jtask of preventing the
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
coming in 1940 of
cataclysm similar to that which
a
The chapter on Experience contains a historical review of
the various types of lenders in the small loan field and of
the development of usury laws.
It also contains consider¬
Pierce Butler
late
standards
Pierce
of
selection
Butler
able
high when the
were
nominated,
was
by President
Harding, for membership in the Supreme Court of
the United
States, and Pierce Butler satisfied these
standards in
the
eight children, born to
up on a
managed to acquire
a
an
college education and to
same
in which
year
majority.
Through his
unaided
own
efforts, and in sound association, he became learned
law, and, far
more
important, he
strated the breadth of vision and
true wisdom.
were
State and
high
He
in wide demand
soon
He
was
was
the
lawyers into
class of
Cabinet.
on
the
eve
corpora¬
I think I shall have
good lawyers
being
good,
good
a
deal
lofty
there
are
in
first-class lawyers,
of
endowed with
was
forthright independence, and indom¬
itable determination
principle, which
to
gave
adhere
strictly to the line
to his judicial
plete unity and consistency.
conduct
sound
of
Loans,
a
personal loan
in this chapter are
Loans,
Modernization
is devoted
space
of business,
methods of
to
developing
including treatment of bor¬
Rent Control in War and Peace
By Edith B. Drellich, Lawyer, and Andree
Emery, Economist.
New York:
National
Municipal League.
$0.50
Most of the cities in the United States face an immediate
unprecedented shortage in livable houses, it is predicted in
this
Many
career com¬
men,
especially
Insufficient construction plus
publication.
homes
the
due
to
industrial
increased
European
authors,
the
say
war,
a
activity
need for
resulting
may
bring
a
repetition of experiences during and after the World War,
when housing shortage drove rents to such heights that
families suffered hardship and eviction and State and
They
"adequate rent control measures be worked
city legislative bodies passed laws to regulate rents.
advocate
that
the emergency."
the final
In
War,
courage,
below
operating loss or, at
rowers, attitude of lending officers, personal solicitations,
advertising media, mechanics of checking credit references.
of corporate employ¬
Butler, furthermore,
the
Automobile
volume
necessary
many
as
ment."
Justice
volume
loans,
an
Types of Small Loans he lays down a
for
Loans,
out to meet
they have had
of
Equipment Loans.
from
as
volume
The types of loans discussed
Personal
and
more
my
and
country,
rules
business.
need for
going to be criticized for putting
in the Cabinet five
small
a
even.
number of
one
inauguration:
am
tion
demon¬
of that high
lawyers, of whom President Taft wrote,
of his
with
In his chapter on
throughout that
elsewhere, wherever there
competence.
"I
partments
understanding of
rapidly progressed to become
soon
Mr. French states that "all investigations
He warns, however, that banks operating personal loan de¬
recognized leaders of the Minnesota Bar, his
services
tables.
Considerable
he attained his
of the
and
ures
show exceedingly small losses even in the depression years.''
Irish immigrant
small Minnesota farm,
be admitted to the Bar in the
operating costs of these lenders, interest
on
charged, occupational pursuits of borrowers, loss ex¬
perience, and other data, much of it documented with fig¬
$250,000, will probably experience
highest degree.
couple, and brought
in the
material
rates
best, break
One of
he
ing, class of 1937, and wrote his graduation thesis for that
on this same subject.
institution
followed 1916.
The
3323
chapter of the book, which describes World
post-war
present-day
and
experiences
with
housing
shortage and rent control measures, a nine-point program is
advanced
the Citizens'
by
Housing Council of New
private housing organization of which the two
a
The Council
members.
are
legislation
be
drafted
to
recommends
that
effect
into
go
control
rent
as
soon
York,
authors
rent
as
boards, established for the purpose, determine that an emer¬
gency exists.
The book contains a detailed explanation of the nature
during the period of the New Deal, have differed
of
radically from his
description of present-day housing conditions.
tenets of Constitutional
inter¬
past
rent
control laws and their effects,
well
as
as
a
pretation, in expounding and supporting which he
wavered, but
never
no man ever
tives, his patriotism,
from
an
for
reverence
to expose
the
his integrity.
mo¬
A Democrat
the
768
Cleveland, and it fell frequently to him
the age-old sophistries and fallacies basic
seven
years,
which he did with rugged clar¬
ity of expression and blunt and uncompromising
directness.
For
Pierce
Butler
never
yielded
compromised with principle; he kept faith, and
circumstance could
National Associa¬
$6.50
New York:
Pages.
tion of Credit Men.
democracy of Thomas Jefferson
revolutionary tendencies and legislation of
the last
1940 Credit Manual of Commercial Laws
agrarian State, he nevertheless retained his
and Grover
in
or
questioned his
Business
libel
in
men
are
just
business
their
as
much affected by the laws of
correspondence
as
newspapers,
are
magazines and trade papers, according to the discussion of
the laws of libel featured in the 1940 edition of "Credit
of Commercial Laws."
Manual
nual
edition, contains
to the
This, the thirty-second an¬
number of
a
new
features in addition
complete coverage of the law of libel as it pertains
correspondence and more especially to collection
to business
This
letters.
nor
new
chapter on
libel outlines in
a
definite
the kind of words a creditor cannot write to a debtor
order to
attempt to influence the latter to pay his
way
no
dissipate his steadfast rectitude.
The loss of this stalwart defender of the Consti¬
tution, freedom and true democracy is irreparable.
in
account.
During the last year the Legislatures in 44 States passed
laws
new
affecting business operations.
All of these new
included in the 1940 edition of the "Credit
laws have been
Manual."
The
new
"Manual," which is designed
executives
business
rather
than
law
a
as a
text,
handbook for
gives
a
com¬
sales and of col¬
divided into nine main
plete summary of the laws of contracts,
This
lections.
The Business Man's
Bookshelf
Small Loans—An Investment for Banks
B.
French, Vice-President
The
Trust Co. of New Jersey, Jersey City, N. J.
Published
by
Bankers
Publishing Co.,
Cambridge, Mass.
46 Pages, paper.
$1.50
sume!
book
loans
is
virtually
as
a
business
indicated by the titles
it.
They
are
a
History,
handbook
for
on
banks.
personal
Its
or
contents
Sales", "Chattel Mortgages", "Conditional Sales", "Exemp¬
tions", "Commercial Crimes", "Liens", "Negotiable Instru¬
ments", "Partnerships", "Statute of Frauds" and "Unem¬
Part
con¬
a
Experience, Types of Small Loans,
The
graduate of The Graduate School of Bank¬
the
of
as
IV
V
the
covers
the
new
Chandler
Part
are
author has charge of consumer credit activities in his own
He is
selling
ployment Compensation."
of the five chapters which comprise
Developing the Small Loan Business, and Conclusions.
bank.
is
a
both
text
This
edition
summation of the laws in every State dealing
and collecting under such headings as
"Bad Check Laws", "Bonds on Public Improvements", "Bulk
provides
with
Walter
year's
parts, the first one being "Making the Sale"; Part II,
covering every phase of "Collecting the Account"; Part III
of
bankruptcy,
States bankruptcy
.
.
.
and the
law, known
as
Act.
covers
anti-trust
law
United
and
Federal
regulations
affecting trade such
trade
regulations, Robinson-Patman Act,
Wheeler-Lea
Act, Tydings-Miller Act; also the Federal
Wage and Hour regulations as covered by the Fair Labor
Standards Act of 1938, and also the National Labor Rela¬
tions
Act.
Another
what to do wrhen
chapter
gives
complete
coverage
selling the United States Government.
on
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD Nov.
3324
sharply and in large volume on acceleration
advanced
Arthur Thompson
unification
city's
utility bonds have been firm
such
for
lost
General
Course of the Bond Market
Last Saturday and
the bond market this week.
by
rallied
Governments
rather sizable
and have remained stationary since.
the
maintained
have
on
fractions,
High-grade c-orporates
underlying firmness of recent weeks,
while second-grade corporates have been almost at a stand¬
ground.
some
the
been
has
strength
being
however,
gains,
Western
4s,
Terminal
1096,
have
confined
%
advanced
continued
fractions.
to
to
to
120;
3%s, 1960, gained % at 108.
Norfolk
Cincinnati
Arkansas
Pass
York Central
obligations
5s, 2013,
as
were
Obligations of New
been
the
feature
of
Brooklyn-Manhattan
off 1% at 63%.
New
Defaulted rail
York
the
City rapid transit units have
utility
Transit
bond
4%s,
market
1966;
this
week.
Coal
1962,
5s,
U. S.
All
120
1939
Govt.
w: Domestic Corporate *
Domes¬
Bonds
also
weak,
been
have
Corp.*
Averages
Nov. 24.. 114.27
23..
Stock
105.79
Aaa
120.37
Exchan ge
Aa
116.86
A
loss
was
foreign
Danish
issues
added
obligations
some
gains to last week's advances, and Norwegian and Finnish
continued
also
bonds
Italian issues,,
in
of several
Some
strong.
than
point
a
on
International 5%s dropped
increased
turnover.
bonds have been generally
American
bonds
improved
decline
a
Although a few German issues received
points.
attention at improved prices, the
more
developed
nervousness
which has been responsible for
While
moderately,
and
South
softer, there appeared
Japanese
Australian
have
been
in
better demand.
Moody's computed bond prices and bond
are
given
in
yield averages
the following tables:
MOODY'S BOND YIELD AVERAGES t
(.Based on Individual Closing Prices)
120 Domestic
All
120
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Croups
tic
by Ratings
The Hudson
the
but
fractional
MOODY'S BOND PRICES t
(Based on Aver age Yields)
Daily
1960, losing 2% points at 61%.
dated Coal 5s,
Interborough
Rapid Transit 5s, 1966, and Manhattan Railway 4s, 1990,
Among
102%, and Pressed Steel Car 5s, 1951, up 1.
support for Uruguayan issues at higher levels.
have been mixed.
group
a
San Antonio
1943, dropped 2 points to 59;
4s,
&
Union
Medium-grade and
speculative rail bonds drifted to lower levels.
&
advance,
industrial
among
Against the general trend were the Consoli¬
point at 85.
Among
bonds
railroad
rule
mostly fractional.
1% points at 102% ; Remington Rand 4%s, 1956 (w. w.),
up
;up % point at
still.
High-grade
new
specu¬
gaining a point or better were the Loew's 3%s, 1946,
issues
little progress made in either direc¬
There has been very
Monday
and
Lower-grade
bonds this week, but gains were
tion in
and
plans
refunding
shortly.
Teletype NY-1-2670
Han-2-3950
The
of
High-grade
plan;
and quiet, but steady demand
revived
expected
are
issues
lative
have
issues
offerings
NEW YORK CITY
WILLIAM ST.,
62
& Co,
United States Government Securities
Specialists in
the
under
deposits
1939
Corporate by Croups♦
Baa
RR.
104.30
86.64
92.90
111.64
114.93
111.43
1939
114.72
P.
U.
Ind
Domes-
Aaa
Corp
Averages
Nov. 24
3.68
23
Stock
22
3.68
Aa
Baa
RR.
4.85
4.43
3.38
3.14
2.98
Cloa ed
A
3.76
3.76
4.85
4.43
3.39
3.13
2.97
P.
U.
Ind.
3.22
Clos ed
Exchan ge
22.. 114.49
105.79
120.14
116.64
104.30
86.64
92.90
21-
114.36
105.79
120.14
116.64
104.30
86.78
92.90
111.43
114.72
21
3.68
2.98
3.14
3.76
4.84
4.43
3.39
114.33
3.23
20..
105.79
120.14
116.64
104.11
86.78
92.90
111.43
114.72
20
3.68
2.98
3.14
3.77
4.84
4.43
3.39
3.23
18..
111.23
114.72
18
3.69
2.99
3.14
3.77
4.84
4.44
3.40
3.23
3.40
3.23
113.99
105.60
119.92
116.64
104.11
86.78
92.75
17.. 113.59
105.60
119.92
3.23
116 64
104.11
86.64
92.76
111.23
114.72
17
3.69
3.14
3.77
4.85
4.44
16— 113.37
105.60
119.92
116.64
104.11
86.36
92.59
111.23
114.72
16
3.69
2.99
3.14
3.77
4.87
4.45
3.40
16- 113.35
105.41
119.92
116.21
103.93
86.21
92.43
111.23
114.51
15
3.70
2.99
3.10
3.78
4.88
4.46
3.40
3.24
3.00
3.16
3.79
4.88
4.46
3.42
3.24
3.00
3.16
3.79
4.88
4.46
3.42
3.24
14— 113.08
105.22
119.69
116.21
103.74
86.21
92.43
110.83
114.51
14-
3.71
11—
112.94
105.22
119.69
116.21/
103.74
86.21
92.43
110.83
114.51
13
3.71
11-
Stock
2.99
Exchan ge
Cios ed
Exchan ge
3.23
•
Clos ed
11
Stock
10- 112.94
105.22
119.47
116.00
1C3.74
80.21
92.43
110.63
114.30
10
3.71
3.01
3.17
3.79
4.88
4.46
3.43
9— 113.08
105.22
119.92
3.25
116.00
103.66
86.50
92.43
110.83
114.51
9
3.71
2.99
3.17
3.80
4.80
4.46
3.42
8-
112.95
105.2.2
119.47
3.24
115.57
103.56
80.78
92 69
110.63
114.30
8
3.71
3.01
3.19
3.80
4.84
4.45
7—
Stock
3.43
3.25
7
Stock
6-
112.69
105.04
119.03
115.35
6
3.72
3.82
4.83
4.46
3.44
4—
112.62
3.27
Exchan ge
Clos ed
103.20
86.92
92.43
110.43
113.89
105.04
119.03
115.14
87.07
92.49
110.43
113.68
4
104.85
118.60
115.35
102.84
80.92
92.43
110.24
113.68
3
3.73
2-
104.85
118.60
115.14
103.02
80.78
92.43
110.24
113.27
2—
3.73
118.38
114.91
102.68
86.78
92.43
11004
113.07
1
3.74
3.03
3.72
3- 112.62
Exchan ge
1
—
112.84
113.06
104.67
103.02
Weekly—
Clos ed
3.20
3.03
3.21
3.83
4.82
4.45
3.44
3.05
,
3.20
3.84
4.83
4.46
3.45
3.28
3.05
3.21
3.83
4.84
4.46
3.45
3.30
3.06
3.22
3.85
4.84
4.46
3.46
3.31
3.28
Weekly—
Oct. 27- 112.52
104.30
117.94
114.09
102.48
86.92
92.59
109.24
112.66
27
3.76
3.08
3.26
3.86
4.83
4.45
20— 112.84
103.74
117.29
3.50
3.33
113.48
101.76
.86.50
91.97
108.66
111.84
2
3.79
3.11
3.29
3.90
4.86
4.49
13.. 110.77
3.53
102.48
115.78
111.43
3.37
100.53
85.79
91.20
107.30
110.04
13
3.86
3.18
3.39
3.97
4.91
4.54
109.90
101.58
114.51
3.60
0-
3.40
110.24
99.66
85.52
91.05
106.17
108.85
6
3.91
3.24
3.45
4.02
4.93
101.06
114.09
109.44
3.66
8ept.29—
110.88
4.55
99.31
3.52
86.24
91.05
105.41
107.88
Sept. 29
3.94
3.26
3.49
4.04
4.95
4.55
3.70
Oct.
3.57
22..
108.93
100.18
112.86
108.66
98.28
84.55
90.29
104.48
106.92
22
3.99
3.32
3.53
4.10
5.00
110.60
101.06
114.09
4.60
15..
109.44
3.75
3.62
99.14
85.24
91.20
105.22
108.08
15
3.94
3.26
3.49
4.05
4.95
1- 111.26
4.54
101.06
114.93
3.71
109.44
3.56
99.83
84.28
90.59
106.17
108.46
8
3.94
3.22
3.49
4.01
5.02
4.58
1- 114.04
102.66
118.16
112.86
3.60
3.54
101.41
83.33
90.14
108.46
111.23
1
3.85
3.07
3.32
5.09
Aug.25.. 114.85
18- 116.63
120.37
4.61
104.48
3.54
116.00
3.40
102.66
84.69
91.66
110.24
113.89
Aug. 25
3.75
2.97
3.17
3.85
4.99
4.51
105.98
121.49
3.45
117.29
3.27
103.56
86.78
93.21
111.43
115.35
18
3.67
2.92
3.11
3.80
4.84
4.41
r__ 116.79
3.39
106.54
121.49
118.16
3.20
103.74
87.21
93.69
111.43
116.00
11
3.64
2.92
3.07
3.79
4.81
4.38
3.39
3.17
117.12
106.73
121.72
118.16
103.93
July 28.. 117.47
106.78
121.72
118.38
103.93
87.64
94.01
111.64
116.00
21..
117.07
106.54
121.94
118.38
103.88
87.86
98.69
111.64
116.00
14—
116.99
106.17
122.17
117.94
103.02
86.64
93.06
111.64
115.78
4..
87.49
94.17
111.64
115.78
3.92
4
3.63
2.91
3.07
3.78
4.79
3.38
3.18
28
3.03
2.91
3.06
3.78
4.78
4.36
3.38
3.17
21
3.64
2.90
3.06
3.81
4.80
4.38
3.38
3.17
14
3.66
2.89
3.08
3.83
4.85
4.42
3.38
3.18
7
July
3.69
2.88
3 09
3.88
4.90
4.48
3.40
3.18
3.72
2.91
3.11
3.90
4.95
4.52
3.43
3.21
3.21
4.35
7-
116.82
105.60
122.40
117.72
102.12
85.93
92.12
111.23
115.78
June 30..
110.43
105.04
121.72
117.29
101.76
85.24
91.61
110.63
115.14
23..
117.13
105.41
121.49
117.29
102.48
85.93
92.43
110.83
115.14
23
3.70
2.92
3.11
3.86
4.90
4.46
16..
116.80
105.22
3.42
121.27
117.07
102.12
85.79
92.12
110.63
114.93
16
3.71
2.93
3.12
3.88
4.91
4.48
3.43
9-
117.34
105.41
121.27
3.22
116.86
102.66
86.21
92.59
110.83
114.72
9
3.70
2.93
3.13
3.85
4.88
4.45
2..
117.61
105.22
3.42
121.04
3.23
116.64
102.84
85.52
91.97
111.23
114.30
2
3.71
2.94
3.14
3.84
4.93
May 26— 116.98
104.48
4.49
3.40
120.82
3.25
116.43
102.12
84.55
91.05
110.83
113.68
2.95
3.15
3.88
5.00
4.55
3.42
103.56
May 26
3.75
116.97
120.59
115.78
101.06
83.46
89.84
110.43
113.27
19
3.80
2.96
3.18
3.94
5.08
4.63
3.44
12.. 116.37
104.11
120.37
3.30
116.43
101.76
83.73
90.59
110.24
113.48
12
3.77
2.97
3.15
3.90
5.06
4.58
3.45
103.56
3.29
120.14
115.78
101.23
83.06
89.99
109.84
112.86
5
3.80
2.98
3.18
3.93
5.11
4.62
3.47
3.32
19..
5._
115.78
June 30—
3.28
Apr. 28..
115.41
102.84
119.47
115.35
100.53
109.24
112.25
28
3.84
3.01
3.20
3.97
5.16
21—
115.13
4.66
3.50
102.66
119.03
3.35
114.93
100.53
82.40
89.10
109.05
112.25
21
3.85
3.03
3.22
3.97
114.76
5.16
4.58
3.51
14-
102.30
119.03
3.35
114.72
100.18
81.61
88.65
108.66
111.84
14
6..
3.87
3.03
3.23
5.22
4.71
114.85
102.84
3.99
3.53
119.25
114.72
100.70
82.66
89.40
108.85
112.45
6
Mar.31.. 114.85
3.84
3.02
3.23
3.96
5.14
103.93
4.66
3.52
119.25
3.34
115.14
102.30
84.83
91.51
109.24
112.86
Mar. 31
3.78
3.02
3.21
3.91
4.98
4.52
3.50
3.32
3.75
2.99
3.21
3.88
4.91
4.47
3.48
3.30
'
82.40
89.40
Apr.
3.37
24..
114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.64
113.27
24
17—
114.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
17
3.74
10..
2.99
3.22
3.87
4.89
4.46
114.79
105.22
3.48
3.30
120.37
114.93
102.84
87.21
93.53
110.04
113.68
10
3.71
3— 113.59
Feb,24.. 113.38
2.97
3.22
3.84
4.81
4.39
3.46
104.48
120.14
3.28
114.72
102.30
85.52
91.97
109.64
113.48
3
3.75
2.98
3.23
3.87
4.93
4.49
3.48
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
24
3.81
3.00
3.25
3.94
5.03
4.61
3.51
Feb.
3.29
3.30
17..
113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
113.27
17
10..
113.21
3.81
3.00
3.25
3.93
5.05
4.62
3.51
103.20
119.69
114.09
101.06
83.60
89.69
108.85
112.45
10
3„
3.00
3.26
5.07
4.64
3.52
102.84
3.82
3.94
113.16
119.47
3.29
113.68
100.88
83.19
89.10
108.66
3
Jan. 27..
113.48
112.59
3.84
3.28
3.95
101.94
3.01
5.10
4.68
3.53
3.29
119.03
113.07
99.83
82.00
87.93
107.88
113.86
27
20..
113.18
3.89
4.01
5.19
4.76
3 57
119.69
3.03
3.31
103.20
3.32
113.48
101.06
83.87
89.65
108.66
113.48
13—
112.93
20
3.29
5.05
4.65
3.53
3.29
119.47
3.00
3.94
102.66
3.82
113.07
100.53
83.06
89.10
107.88
113.27
13
6..
112.95
3.01
3.31
3.97
4.68
4.57
119.25
3.85
5.11
102.48
112.25
100.53
83.06
88.80
107.69
112.86
6
High 1939 117.72
3.35
5.11
4.70
3.58
3.32
122.40
3.02
3.97
106.92
3.86
118.60
104.11
87.78
94.33
111.84
116.21
100.00
4.00
3.34
3.55
4.10
5.20
4.76
3.70
112.45
3.64
108.27
98.28
87.93
104.30
101.76
106.54
3.62
2.88
3.05
3.76
4.77
4.34
3.37
118.60
111.43
3.16
100.18
81.09
82.27
High 1939
Low 1939...
88.36
107.11
112.05
112.45
High 1938—
4.70
3.34
3.85
4.68
6.98
6 11
4.23
88.80
8.78
102.66
89.10
62.76
71.15
96.11
104.30
Low
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.30
3.95
3.10
3.44
4.02
5.23
4.82
3.63
3.39
4.31
3.25
3.57
4.32
6.08
5.07
4.09
3.75
Low 1939 108.77
High 1938 112.81
Low 1938 109.58
1
Yr
Ao-
Jan.
1
1938
Year
100.88
117.50
110.43
99.66
81.48
87.07
106.73
111.43
2 Yrs.Ago
Nov 24*37 109.07
Nov. 23,1938—.
94.81
114.30
107.88
94.65
71.46
83.60
98.45
104.48
Nov.24,1937...
Years
3.30
3.30
—
Nov23'38 112.07
2
-•
Ago—
*
Those prices are computed from average yields on the basis of
level or the average movement of actual price quotations.
They
"typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
one
yield averages, the latter being the truer picture of the bond market,
t The latest complete list of bonds used in computing these indexes
was
published in the issue of Aug. 19,1939, page 1086.
Volume
ONE HUNDRED—
149
Commercial & Financial
The
Indications of Business
THE
STATE
OF
EPITOME
TRADE—COMMERCIAL
Business
with
activity continues to more tlian hold its own,
industries reporting substantial gains over last
many
Trade
year.
vails
in
not
that the
that of
generally
reports
to justify
appear
would
and
favorable
are
the strong feeling of optimism that pre¬
few
a
Predictions
quarters.
are
freely made
coming holiday business will be substantially above
The National Retail Dry Goods Asso¬
ciation estimates that the Thanksgiving to Christmas sales
of the Nation's department and specialty stores will total
$1,320,000,000, or $120,000,000 more than the same four
weeks in 1938, which it expected would bring the Federal
a
year
year ago,.
Activity
by 82%, the eleventh consecutive week that they
ago
have
Friday Night, Nov. 24, 1939.
3325
YEARS OLD
exceeded
their respective 1938 values.
Public con¬
34% below the total for the week last year.
Despite a deficit of $9,765,684 in the first six months, the
Nation's $26,000,000,000 railroad industry now confidently
expects to end 1939 with a profit of $65,000,000 to $80,000,000.
The latest report of the Association of American
struction is
Railroads shows
a nine-month deficit, after fixed charges,
$33,267,000 for Class I railroads, but informed railroad
of
predicted
men
October
today
continued favorable business in
that
than sufficient to put
unsurpassed since.
The Association
predicted the "greatest gift-giving Christmas season since
1929, on the basis of the steady improvement in business,
them in the black.
November and Decem¬
ber, they expect the carriers not only to offset their losses,
but also to earn a substantial profit.
After six consecu¬
tive money-losing months, the business upturn gave the
carriers a net income after fixed charges of nearly $6,500,000 in July.
This increased to $10,053,000 in August,
which
and
Reserve
adjusted
corded
in
1930
has
index
December
for
above
96
the
re¬
and
brought
production
to within
few points
a
the 127 high of June, 1929.
Christmas Club payments
be $350,000,000, a 7% increase over a year ago, more
of
1.000,000 jobs have been opened in industry, and part-time
employment has been extended to full-time for many mil¬
lions more, the Association noted.
profitsharing with employees,
bonuses, would be the greatest
Besides, it predicted that
in
the
form
holiday
of
1936.
since
However, the
securities market has been anything but buoyant, and would
reflect the unpleasant side of the domestic trade
picture from the long-range view.
appear to
Adverse effects
occasioning
The Allied
of
the
European war
are
piling
up
and
good deal of concern in many business circles.
a
orders
for
airplanes, munitions, steel scrap and
other supplies so far reported are regarded as an inadequate
offset to the loss of general business, the diversion of ship¬
ping, diminished trade ■with
number
a
of
foreign
our
trade.
ington looks
ate
other
hopefully, furnishes its quota of unfortun¬
such as the Argentine decision to buy
so
indications,
mainly
from
many neutrals in Europe, and
disconcerting developments affecting
Even Latin America, to wrhich Wash¬
its
best
customers, Great Britain and
To many in Wall Street the September war boom
France.
own
continues to look unrealistic in the light of these and
many
similar developments.
•
The
steel
industry's rate of ingot production, unchanged
at 93.5%, is likely to continue until the end of
this week
the year
with little variation, and it is probable that Janu¬
ary output also will be high, according to an analysis of
the situation by the "Iron Age" magazine.
"New orders,"
says
the magazine, "as distinguished from specifications
being received against old commitments, apparently are
heavy enough to support operating rates ranging from 65%
to 80%.
When the heavy backlogs piled up in the last few
months in most products are taken into
account, strong
mill
ter
schedules for
at least the
A
assured.
seem
factor
next few months
will be steel
Chrysler
where
mobil
plants,
Workers'
first part of the first quar¬
mill schedules during the
in
requirements of the
settlement
a
of
the
now
United
idle
Auto-
strike is momentarily
expected.
Suppliers,
manufacturers, are cooperating to permit
a speeding up of Chrysler
operations when the strike ends,
and early
attainment of something like 20,000 units per
including
steel
week
from
needs
may
the
is expected."
company
be filled from
steel in
Part
of
Chrysler's
storage, the "Iron Age"
states.
Electric
production in the week ended Nov. 1$
increased only 662,000 kwh. to 2,514,350,000 kwli., an
appar¬
ent reflection of the slowing down of business,
figures of
power
the Edison Electric Institute reveal.
in
than
the
corresponding
weeks
This gain was smaller
1938
of
and
1937,
and
the total output was restricted to some extent by the labor
troubles of the Chrysler Corp. in the Detroit area.
Power
production in the week, however, showed an increased of
10.7% over the 1938 week, when output totaled 2,270.296,000
Central
kwh.
industrial
and
Southern
greatest advances, with the former
week and
of
an
the latter up
increase
Bank
amount
as
clearings
for
the
Dun
13.5%
12.2%, but neither showed
in the
previous week.
in the week
were
ahead
& Bradstreet,
York continued to show
made
ended
of
Inc.,
the
the
over the 1938
as
much
Nov.
22 exceeded
total
reported.
for
the
for the third
the
like 1938
Volume
New
at
drop from last year.
Total clear¬
ings for 22 leading cities were $5,573,602,000, up 2.3% from
the $5,450,746,000 reported in the like 1938 week.
At New
lrork
the
total
641,000 last
the
country
105.000
a
was
year.
to
$3,034,475,000
from.
17.3%
to
$2,539,127,000
from
to
the
ago.
Thanksgiving
of 4%
last
year,
last
year.
Day
holiday
from the volume for
total
the
$47,655,000,
a
de¬
corresponding week
"Engineering News-Record" yesterdav.
The current week's total brings 1939 construction to $2,758,028,000, 12%% above the volume for the 47-week period
reported
Private awards for the wreek top the
week
of
cars
American
of
Railroads
freight
revenue
ending last Saturday.
This was
reported
today
during
loaded
were
the.
decrease of 14,557
a
1.9%, compared with the preceding week; an in¬
114,338 cars, or 17.4%, compared with a year ago,
and an increase of 126,477 cars, or 19.6%, compared with 1937.
Although there was one working day less in this week,
production in the automobile industry did not fall off pro¬
portionately, according to Ward's Automotive Reports, Inc.
This was due to the fact that some of the plants will
remain open tomorrow and others advanced their daily out¬
put.
This week's production is estimated at 72,520 assem¬
bled cars and trucks, a reduction of 19.4% from last week.
In the corresponding week of 1938 production totaled 84,730
units.
General Motors production fell this week to 40,240
units
from
48,635 units the previous week, and Fjord
dropped from 22,615 units to 18,600 units this week.
Last
year they put out 20,400 in the same week.
While store turnover this week reached a new high for
cars,
or
of
crease
the
by
statistical
most
year,
Dun
&
Bradstreet,
indicators
Inc.,
reported
were
reflecting
as
today
leveling-off
the
tendency which has recently been evident in industry.
tail trade
who
by favorable weather and Thanksgiv¬
Formal clothes, ski outfits and a thou¬
other items
one
generally in
Despite
the
margin
of
slightly reduced.
to be the
in
recorded
retail
In
a
the
week,
last
over
was
week ago.
year
the
was
The main factor in the decline appeared
in automobile sales, Dun &
during
the
past
week
showed
general, the drought continues in
of wheat-growing
northward
during
trade
by crowds
buying
state.
weather
features.
portions
smaller volume than
smaller relative gain
Bradstreet
The
Meantime wholesale
improvement
increase
in heavy demand
were
jammed the stores.
spotty and
Re¬
aided
was
ing preparations.
sand and
and
areas
from
no
unusual
substantial
west-central
Texas
northwestward, making continued unfavor¬
able conditions for winter grains.
lachian Mountain sections light
In
to
some
southern Appa¬
rains were
moderate
helpful in reducing forest and brush fires, but these were
reported quite numerous in Minnesota.
Beneficial rains
occurred
in
some
south-central portions of
the country,
notably in Missouri, Arkansas, eastern Oklahoma, and east¬
ern
Kansas.
stantial
and
In
these areas
the
of considerable
were
amounts
help
were
quite sub¬
in conditioning the
topsoil, but the subsoil moisture continues deficient and
more soaking rains are urgently needed.
Substantial rain
also
was
relief
to
noted along
the Gulf Coast, bringing appreciable
portions
the
States, but in this
is needed.
of
area
Southeast
and
some
east
Gulf
it is still too dry and more moisture
Earth tremors
ley States yesterday.
were
felt in five
Residents in
many
Mississippi Val¬
parts of Missouri,
Illinois, Kansas, Iowa and Wisconsin
major damage was
ideal
weather
reported.
were alarmed, but no
In the New York City area
prevailed during most of the week.
was fair and moderate today, temperatures
extending from 36 degrees to 43 degrees.
Variable cloudi¬
ness is looked for tonight and Saturday, with slight change
in temperature.
The
weather
28 to 32 degrees; Baltimore,
42; Portland, Me., 25 to 42;
Chicago, 38 to 43; Cincinnati, 39 to 45; Cleveland, 38 to 43;
Detroit, 37 to 41; Milwaukee, 36 to 42; Charleston, 44 to 54;
Savannah, 33 to 57: Dallas, 43 to 78; Springfield, 111., 37
to 43; Oklahoma City, 38 to 63; Salt Lake City, 27 to
53,
and Seattle, 39 to 64.
30
Overnight at Boston it
to 50; Pittsburgh, 30
Revenue
was
to
week
a
Freight
Car Loadings Total 771,404 Cars in
Week Ended Nov. 18, 1939
$2,165,-
Engineering construction awards for the short week due
crease
Association
771,404
$3,285,-
The turnover in the 21 cities throughout
rose
year
a
7.6%
$41,078,000 in September.
The
,
previous holiday period and
successive week
week,
up
States
more
With profits practically assured for
will
than
was
Loading of revenue freight for the week ended Nov. 18
totaled 771,404 cars, the Association of American Railroads
announced on Nov. 24.
This was an increase of 114,338
cars
or
17.4% above the corresponding week in 1938 and an
19.6% above the same week in
freight for the week of Nov. 18
decrease of 14,557 cais or 1.8% below the preceding
increase of 126,477 cars or
1937.
Loading of revenue
was
a
week.
The Association further
reported:
ONE HUNDRED—TAe Commercial
3326
Miscellaneous freight loading
cars
totaled 316,195 cars, an increase of 953
week, and an increase of 48,972 cars above the
above the preceding
corresponding week in 1938.
Loading of merchandise less than carload lot freight totaled 158,028 cars,
an
increase of 1,293 cars
cars
Financial
Chronicle—YEARS OLD
and 312,488
the preceding week
Nov. 19,
151,046
the preceding week, but an increase
Weeks Ended—
decrease of 4,625 cars below
of 17,858 cars above the corresponding
Nov. 18 Nov. 11 Nov. 19 Nov. 18 Nov. 11 Nov. 19
3,207
1,757
4,323
3.520
1,639
1,443
1,197
1,887
4,375
2,121
2,683
2,624
14,104
36,120
4,794
2,131
2,701
9,122
43.989
43,487
18,421
21,123
15,489
15.719
2,925
totaled 35,612 cars a decrease of 211 cars below
increase of 7,056 cars above the corresponding
an
Oulf Coast Lines
_
_
17,321
_
International Great Northern RR
1,769
Missouri-Kansas-Texas RR..—
4,109
13,261
9.248
9.3C0
6,054
15,570
42,345
6,188
10,930
10,851
Norfolk A Western Ry
25,708
26.304
21,940
4,991
Pennsylvania RR
—...
74,918
73,384
...
6,373
6,765
7,370
31,408
5,943
55,727
5,938
48,351
5,974
7,285
8,985
5,111
49,543
6,865
Missouri Pacific RR
45,635 cars, a decrease of 10,241 cars below the
amounted to 12,087 cars, an increase of 820 cars from the
preceding week, and an increase of 5,002 cars above the corresponding week
1938.
14,434
New York Central Lines
42,805
New York Chicago A St. Louis Ry
Pere Marquette Ry
7,623
Pittsburgh A Lake Erie RR
Southern Pacific Lines..
31,307
5,738
Wabash Ry...
1939
1938
2,302,464
2,297,388
2,390,412
2,832,248
2,371,893
2,483,189
3,214,654
2,689,161
3,844,358
Four weeks in February.
2,256,717
2,155,536
2,222,939
Four weeks in March
Five weeks in April
2,986,166
Four weeks in May
Four weeks in June
2,649,960
Five weeks in July
3,098,632
Four weeks in August..
Five weeks in September
Four weeks in October
11
Week ended Nov.
18—
3,100,590
4,013,282
32.747
33,893
728,765
685,926
St. Louis-San Francisco Ry......
13,995
14,301
23,912
29,949
12,603
70,961
73.933
66.464
644,927
34,362,101
railroads to report for the week ended
Nov. 18, 1939, loaded a total of 360,276 cars of revenue
freight on their own lines, compared with 366,464 cars in
FREIGHT LOADED AND RECEIVED FROM
In the following we
Freight Loaded
compared with the same week last year:
from Connections
1937
1939
NOV. 11
Total Loads Received
Total Revenue
from Connections
Freight Loaded
Railroads
1938
1938
1939
1939
1337
1938
Southern District—(Cond.)
719
—
Boston & Maine
Chicago Indianapolis A Louiav.
.
622
599
1,338
1,327
7,604
Ann Arbor..................
Bangor A Aroostook....
1,285
0,440
1,600
1,335
6,801
1,668
186
235
11,064
9,714
1,734
.1,831
27
Central Vermont
Delaware A Hudson
Delaware Lackawanna A West.
Detroit & Mackinac.,
Detroit Toledo & Ironton......
Detroit & Toledo Shore Line
mmmmmmummmmmmmmrnmim
....
Lehigh A Hudson River..
Lehigh & New England....
Lehigh Valley....
,
2,278
—
:
Monongahela
Montour
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie.
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh & West Virginia
11
20
62
42
1,437
5,291
9,270
1,162
4,574
8,687
1,141
4,603
9,486
2,212
8,461
7,617
1,904
7,053
6,185
589
526
428
128
132
2,675
2,067
2,383
281
318
13,280
5,028
11,787
4,854
12,544
4,665
164
171
1,579
9,052
2,551
5,459
2,206
42,345
9,990
1,042
6,188
7,633
6,765
1,422
7,404
2,307
3,980
2,267
34,684
8,513
1,455
4,663
5,521
5,923
1,733
8,855
2,385
1,390
3,357
13,835
7,774
2,060
1,544
7,092
2,385
2,757
11,448
6,728
1.959
1,079
6,261
2,148
4,480
213
245
2,161
40,685
32
20
36,408
4,711
5,132
5,959
43,487
13,490
1,694
10,851
7,568
5,865
712
311
431
54
35
I
8,872
1,349
10,835
1,479
9,095
5,157
4,911
399
371
377
223
208
1,561
762
1.019
1,908
1,384
Rutland
709
537
554
976
894
Wabash
5,943
4,975
4,996
3,020
5,939
3,995
8,815
3,771
7,727
2,892
158,700
132,256
144.799
171,730
142,623
522
458
434
862
724
36,627
6.481
26,347
3.341
29,074
2,542
18,544
2,431
14,467
Wheeling A Lake Erie.
Total
422
316
381
9,351
22,469
8,541
19,412
8,703
20,159
395
430
426
740
19
215
162
556
814
107,680
93,893
102,430
71,893
60,627
19,288
2,566
20,708
4,071
15,090
14,552
2,449
18,822
3,713
16,4032,685
19,559
4,120
11,751
3,008
815
787
Duluth South Shore A Atlantic.
796
556
674
445
334
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South.
8,599
6,273
6,138
8,062
4,880
Nashville Chattanooga A St. L.
Norfolk Southern.
386
Piedmont Northern.
Richmond Fred. A Potomac...
Seaboard Air Line
Southern System.
Tennessee Central
Winston-Salem
Southbound...
Total
& North Western
Great Western
Milw, St. P. & Pacific.
St. P. Minn. A Omaha.
Dulutb Missabe & I. R
1,843
334
318
287
6
1,677
6,427
1,460
5,335
1,370
6,325
16
10
12.980
10,419
624
260
521
73
32
Cumberland A Pennsylvania
272
192
247
34
19
Ligonler Valley.......
Long Island..
154
98
128
29
22
778
838
814
2,341
1,371
983
73,384
14,335
52,572
11,528
8.342
1,102
58,637
12,878
8,258
2,537
1,797
49,543
20,057
6,289
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey
Cornwall..
Penn-Reading Seashore Lines..
Pennsylvania System
Reading Co
....
Union (Pittsburgh)
West Virginia Northern...
18,698
9
1,302
34,751
15,128
2,278
20
57
1
2,842
3,744
7,070
5,010
162,204
Total
38
4.482
Western Maryland.
'
114,940
126,418
122,^69
88,356
27,849
26,304
4,962
22,215
22,184
4,251
23,832
21,789
4,567
13,261
5,111
1,076
10,275
4,083
1,003
59,115
48,650
50,278
19,448
15,381
Southern District—
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala..
Atlanta
Birmingham A Coast..
Atlantic Coast Line
Central of Georgia
Charleston A Western Carolina
Clinchfield
Columbus A Greenville
238
213
193
179
127
793
737
700
1,601
1,291
593
557
603
860
851
9,865
4,031
8,348
3,680
8,807
4,174
2,540
397
406
408
1,393
1,211
1,450
5,333
2,860
1,126
2,092
328
410
600
571
380
3,625
985
745
8.798
3,796
237
9.644
2,767
7,125
3,000
110
336
498
128
146
12,582
13,201
2,876
2,482
613
653
601
507
Lake Superior A Ishpeming
Minneapolis & St. Louis.......
Minn. St. Paul A 8. 8. M
3,555
1,785
6,892
11,770
1,533
1,674
5,463
10,506
2,054
5,428
10,297
Northern Pacific
64
952
'
62
1,788
2,416
3,882
1,599
2,197
3,253
199
205
287
259
1,374
1,381
1,316
1,312
117,003
Total
100
1,725
Spokane International
Spokane Portland A Seattle.
81,361
85,035
49,455
39,677
22,161
3,017
21,587
2,582
24,429
2,973
6,168
2,479
5,570
423
412
541
86
84
18,421
2,177
12,027
2,756
1,300
4,334
16,772
18,326
1,541
13,282
3.035
1,266
4,786
1,069
1,726
1,954
9,248
8.178
797
635
8,919
2,692
1,556
3,067
7,753
2,447
1,270
2,887
15
9
1,112
1,514
1.179
1,175
351
338
Central Western District—
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
...
Burlington A Quincy..
A Illinois Midland....
Rock Island A Pacific.
A Eastern Illinois
Colorado & Southern
Denver A Rio Grande Western.
Denver A Salt Lake
....
...
Southern Pacific (Pacific)
Toledo Peoria A Western..
Union Pacific System.
926
1,156
1,673
613
471
1,669
1,790
117
130
747
556
680
475
312
21
250
0
0
22,969
20,951
294
423
19,764
17,947
5,469
1,234
9,425
4,931
357
Missouri Illinois
Nevada Northern
North Western Pacific........
846
1,258
2,031
1,138
1,880
24,948
City
Peoria A Pekln Union.
1,781
11,509
2,446
1,526
4,678
1,916
32
....
Fort Worth A Denver
Illinois Terming]
1,006
9,307
...
19,575
505
395
655
14
10
......
1,950
1,830
1,815
2,061
2,455
..........—.i.
121,883
115,159
119,910
56,797
51,592
Utah
Total
/•"
Southwestern District—
Fort Smith A Western
Gulf Coast Lines
148
145
156
407
327
0
z
158
238
0
210
3,207
1,757
3,102
1,858
2,262
1,443
1,761
Louisiana A Arkansas
Louisiana Arkansas A Texas
Litchfield & Madison.....
Midland Valley
1,656
Missouri-Kansas-Texas LinesMissouri Pacific.
Durham A Southern
184
153
151
542
365
800
683
765
820
756
Quanah Acme & Pacific...
34
30
42
88
100
St. Louis-San Francisco
975
904
852
1,599
1,468
207
214
1,794
1,636
1,955
2,121
1,031
2,158
1,805
1,840
1,411
255
304
886
636
596
648
300
119
172
300
264
4,323
15,615
4,150
13,805
4,932
2,683
9,300
2,495
8,361
175
a
...
Galnsvllle Midland
224
2,162
2,019
247
_
1,318
1,834
1,075
1,643
*368
International-Great Northern.
Kansas Oklahoma & Gulf
Kansas City Southern
Florida East Coast
Georgia.....................
Georgia A Florida.
13,716
632
Burlington-Rock Island
Total....
353
2,105
2,390
1,085
1,070
3,302
4,125
358
Pocahontas District—
Virginian
386
1,985
2,548
1,273
18,964
Western Pacific
Chesapeake A Ohio
977
Great Northern.....
Green Bay A Western
Alton
Bessemer A Lake Erie
1,822
2,680
Northwestern District—
Chicago
Chicago
Chicago
Chicago
Ateh. Top. A Santa Fe System.
Alleghany District—
Akron Canton A Youngstown..
Baltimore A Ohio
1,829
2,908
1,504
912
162
....
2,303
2,589
1,379
1,270
5,107
5,201
15,907
1,042
351
Central Indiana
Norfolk & Western
undertake to show also the loadings
separate roads and systems for the week ended Nov, 11,
1939.
During this period 116 roads showed increases when
for
Total Loads Received
Eastern District—
Grand Trunk Western
Total
CONNECTIONS (NUMBER OF CARS)-—WEEK ENDED
Total Revenue
,
j Nov. 19, 1938
3,1,56,533
636,446
1938
11. 1939
Nov.
25.749
657,066
1939
1939
24,219
26,948,266
Railroads
Weeks Ended—
Nov. 18,
Chicago Rock Island A Pacific Ry.
Illinois Central System
The first 18 major
REVENUE
RECEIPTS FROM CONNECTIONS
(Number of Cars)
3,794,249
30,163,837
Total....
8,209
8,474
360,2/6 366,464 312,488 219,431 223.875 187,392
TOTAL LOADINGS AND
2,763,457
771,404
.
4,181
2,714,449
3,243,511
2,842,632
672,967
805,862
786,961
Week ended Nov.
7,831
9,057
8,815
9,325
36,621
4,973
5,629
2,962,219
3,374,943
Week ended Nov. 4
9.173
1,877
8,379
39,089
3,712,906
2,185,822
2,170,778
2,861,821
2,392,071
5,781
30,115
5,202
8,074
1937
Total
Four weeks in January..
Maine Central
10,023
20,571
week in 1938.
mmmmrn —
7,658
11.751
Chicago Miiw. St. Paul A Pac. Ry
Chicago A North Western Ry...
Ore loading amounted to
JCiiie.
8,798
10,911
cars
preceding week, but an increase of 32,786 cars above the corresponding
in
18,644
of 2,153 cars below the corre¬
1938.
Coke loading
18,349
12,112
8,546
8,596
26,884
sponding week in 1938.
in
6,166
Chesapeake & Ohio Ry...
Chicago Burlington A Quincy RR.
amounted to 15,904 cars, a decrease of 1,746
5,654
15,128
10,277
5,646
20,308
35,940
week, but an increase of 780 cars above the corre¬
below the preceding week, and a decrease
week
1938
21,049
27,033
22,138
17,500
20,591
14,674
22,161
36,627
27,849
Atchison Topeka A Santa Fe Ry.
sponding week in 1938.
week, but
1939
1939
1938
1939
1939
Forest products loading
Received from Connections
Weeks Ended—
Loaded on Own Lines
cars, a
loading totaled 36,897 cars, a decrease of 800
Grain and grain products
the preceding
FROM CONNECTIONS
REVENUE FREIGHT LOADED AND RECEIVED
(Number of Cars)
week in 1938.
Live stock loading
in the seven days ended
A comparative table follows:
1938.
above the corresponding week in 1938.
from the preceding
25, 1939
above the preceding week, and an Increase of 4,037
Coal loading amounted to
cars
cars
Nov.
16,153
a
726
189
329
357
486
460
1,792
23,348
22,969
1,534
20,646
18,996
1,850
24,120
21,668
1,204
986
Texas & Pacific
Macon Dublin A Savannah
176
11,173
5,710
9,511
4,788
148
172
501
169
129
177
296
278
259
189
99
8,158
2,992
8,079
5,535
4,657
2,522
2,105
151
208
237
93
55
23
16
21
42
32
50,187
30,825
32,571
4,109
461
Mississippi Central
212
7,223
2,500
7,035
5,168
55,376
312
St. Louis Southwestern...
Texas A New Orleans.
97
8,340
2,854
7,737
5,468
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
Note—Previous year's figures revised.
* Previous figures,
s
........
Wichita Falls A Southern.....
WetherfordM. W.&N.W
Total
Discontinued Jan. 24, 1939.
a
57,056 1
3,144
3,709
Included in Louisiana & Arkansas, effective July 1, 1939.
2,884
3,434
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Railroads Had 28,931 New
Freight Cars
Order
on
Class
I
were
railroads
had
28,931
freight
new
cars
order
on
Nov. 1, 1939, the Association of American Railroads
nounced
Nov.
on
18.
Oct.
On
1 this year
new
freight cars on order and
5,153. Of the new freight cars
16,216
Nov.
on
order
on
an¬
they had 23,053
1, 1938, there were
Nov. 1 this year,
on
coal
were
cars, 11,492 were box cars, and the re¬
mainder were miscellaneous cars, such as
refrigerator, stock
flat cars.
The Association further
and
addition, Class I railroads
with
68
Oct.
steam
1.
On
Diesel
Class
new
I
and
electric
new
this
1
Diesel
and
had
year
locomotives
Wheat declined by easy stages and
Diesel
locomotives
in
there
the
first
which
of
cars,
Class
I
were
steam
seven
and
13,009
railroads
compared
with
service
the
in
Freight
in
compared
order
on
electric
new
months
10
10,418
of
box
were
1939
put in
and
6,106
service 17,417
coal
were
cars.
and
98
put in
Diesel
electric
same
Diesel
the
first
73
and
and
in
put
were
in
locomotives
peak.
more
Other
textiles
were
better.
slightly
160
steam
this
months
steam
new
"ANNALIST" WEEKLY INDEX OF WHOLESALE
locomotives
put
Farm products
76.0
Food products
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
otherwise
or
acquired
are
in¬
not
71.1
19,1938
79.2
73.0
71.9
76.6
77.0
87.8
87.7
99.0
59.6
*
84.0
98.9
97.7
Buildings materials
72.2
72.2
69.3
Chemicals
85.9
85.9
86.8
M lscellaneous
77.2
77.6
70.6
81.2
81.8
80.0
All commodities
Retail
Cost
of
Food Declined 1.3% Between Sept. 19
17, Reports Bureau of Labor Statistics
and Oct.
and
retail
Oct.
of
cost
declined
food
Commissioner Lubin
17,
Statistics reported Nov.
17.
17
-160.6
Two weeks ago, Nov. 10-Month ago. Oct. 24
22-
160.4
*
24
130.1
172.8
Low—Aug. 15.
--160.1
142.1
152.9
and
October to
The
The
general
level
in
a
index
of
business
since
and
activity
zinc
were
important gains in
Lesser
gains
Steel output made
a new all-time
high record, and carloadings,
unadjusted basis, reached the best levels since October, 1930.
estimate that power output also established a
of the long-term
trend, but this is
I—THE
an
new
We
record, before elimination
old story.
INDEX OF BUSINESS
COMPONENT GROUPS
ACTIVITY
Freight carloadings
Miscellaneous.
Sept., 1939
92.7
remained
the
to
products
90.3
82.7
82.8
75.8
*104.9
*104.3
*122.2
*105.6
4.9%.
year.
the
as
October prices
than
month.
The
higher
although
the price
in
price of
average
prices
reported
were
Prices were lower for every item in the
group
The greatest price declines were for lamb and for
9.9%.
oranges,
Advances
show
vegetables
20%
in
the
showed
items
and
The
is about
of
price
an
of
milk,
amounting
October,
in
increase
decreased
1.6%.
year.
last
advance
Potatoes
12.5%
of
practically
fresh
Oranges
the
over
unchanged.
1.4%, and cost about lc.
declined
other
All
declined.
lettuce,
and
remained
increased
price
cities.
marked
a
than
higher
beans
green
but
2.2%.
of
advance
3.6%
rose
remained
about 14% below last year's level.
were
and
about
1%,
usually
which
Fruits
canned
seasonal
a
increase.
quart, were reported from seven
a
unchanged and
were
Pink salmon
The prices of all other items in the group showed about
relative
per
5.5%,
pound
less than
increased
preceding
Prunes
year.
than
The
2.2%,
rose
more
but
except
items,
navy
year ago.
a
Beverages showed little change.
and
oils
of
Sugar
the
decreased
first
higher than
a
year
Lard
4.5%.
the
led
decline and
receded
to
quarter of the year.
decreased 3.5%,
the October
price
averaging
about
lc.
pound
a
ago.
101.1
Manufacturing
same
96.4
Electric power production
lower
the
increased 1.5% to the highest
during the
unchanged,
reflected
2%.
rose
same
lc.
Aug., 1939
105.4
compares
this
higher than last year.
Dairy
butter
Fats
85.8
6%
12%
AND
106.5
about
is
were
This
in August of
large part to continued advances
about
rose
decreased
the level
Oct., 1939
years
Bureau,
items, higher
average.
75.1
October
bakery products
chops, which decreased
beans
••ANNALIST**
and
pork
were
recorded for electric power output, carloadings and automobile and lumber
both
in
due in
except canned*salmon.
Eggs,
production.
the 1923-25
this
the
to
33
eight cities.
Meats
a
issue:
textile
which
of
for
change.
no
1934.
cereals
the year,
bread
from
6.2% advance to 106.2 (preliminary) in October from 100.0
(revised) in September.
In October, 1938, the index was
88.9.
Last month's figure was not only the highest for the
1938-1939 recovery, but was also a new peak since
Septem¬
ber, 1937.
The "Annalist" further reported in its Nov. 16
steel,
flour,
of
The Commis¬
reporting
reported
were
was
costs
Prices
ago.
cities
51
September and of
food
of
year
any
in
in
activity registered
The chief factors in the rise in October's index
level
prices
there
78.0%
was
79.0
the
of
45
Lower
index
of
year
The cost
in
and for nine
index
and September."
explain:
six.
in
20,
October
an
white
Activity
Index
Advanced
Highest Point Since September, 1937
"Annalist"
production.
for
these same
was
con¬
lard, and
foods which
meats,
were
greater part of the marked advance in
to
on
Sept. 19
between
"The commodities which
"It
said.
the
decreased
costs
increased
with
of
Business
for
went
Food
point for
"Annalist"
Lubin
Mr.
sioner
138.4
160.5
165.2
this
to
food costs between August
162.7
Low—June 1
1939 High—Sept. 22
160.1
161.1
most
accounted
prices
follows:
Year ago, Nov. 23
1938 High—Jan. 10
18
20
21__
23
as
1.3%
of the Bureau of Labor
recession
sugar,"
Holiday.
TABLE
77.1
Textile products
The
leased
figures.
The movement of the index is
an
COMMODITY PRICES
Fuels
in
prices of individual commodities: hogs and steel scrap
declined moderately, while cotton and rubber advanced.
on
Cot¬
(1926=;100)
in
and
In the
year
locomotives,
Moody's Commodity Index Slightly Lower
iron
ground.
service.
10
Moody's Daily Commodity Index showed practically no
net change this week, closing at 160.5 this
Friday, as com¬
pared with 160.6 a week ago.
There were no large changes
The
lost
weak in sympathy with lard.
was
tributed
*
Sugar
speculative category, hides were firm while rubber lost ground.
tonseed oil
year.
locomotives
the above
cars
service
and
period last
and
cars
freight
new
also
+,
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Rye fell sharply.
steam
new
on
28
more
were
electric
new
followed suit.
corn
Metals
1938,
and
year
Other livestock prices
Nov. 18, 1939 Nov. 11, 1939 Nov.
64
order
on
order.
on
period last year
cluded
Nov.
on
and
low for the
Cotton climbed again and came within striking distance of the war-boom
put in service in that period 549 flat cars, 160 stock cars
refrigerator cars along with 85 miscellaneous cars.
In the same
99
196
40
1,
railroads
There also
electric
new
Nov.
freight
and
72
a new
easy.
reported:
In
locomotives and
and
particularly weak and fell to
were
than $2 per hundred-weight below the recent top.
Nov. 1
on
Hogs
on
3327
*98.3
„
Other
.
_
_
...
...
Steel Ingot production
127.0
Pig iron production
101.7
109.8
118.4
Oct.
96.7
*103.2
..
Three-Year Average 1923-25—100
85.9
129.5
Textiles
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
Cotton consumption
138.1
127.2
133.7
125.0
67.3
63.2
Rayon consumption
Boot and shoe production
129.2
*118.3
103.1
124.1
*136.4
Automobile production
*88.1
*83.2
60.4
79.6
78.8
77.9
-
Silk consumption
-
Lumber production
-
-
-
Cement production
Oct.
15,
1932
16,
1929
78.0
79.0
78.1
66.3
Cereals and bakery products
86.9
85.6
87.2
73.9
98.4
Meats
92.6
97.4
94.9
73.1
121.6
Dairy
79.6
77.9
77.3
65.4
103.5
74.3
74.4
All foods
products
107.6
86.1
73.2
120.3
57.4
58.3
55.6
51.3
105.6
Fresh
55.4
56.5
53.6
49.7
Eggs
Fruits and vegetables
106.1
'
Canned
74.2
74.9
75.3
68.5
95.2
78.8
Dried
63.5
62.3
58.6
53.2
108.4
77.9
75.7
Beverages..,-
65.2
65.5
66.3
74.5
110.1
85.6
84.9
Fats and oils
64.6
67.6
67.1
50.5
92.6
75.1
77.8
62.3
58.9
76.5
*100.0
*94.4
.
Sugar..
Combined index
*106.2
•
Subject to revision,
TABLE
II—THE
x
.
Preliminary.
Revised.
COMBINED
INDEX
SINCE
JANUARY,
1933
Wholesale
1939
1938
1937
1936
1935
1934
92.3
79.5
104.3
92.3
87.2
79.6
67.5
February
89.7
78.5
105.7
89.0
86.7
83.2
66.1
March
90.1
77.5
106.9
89.5
84.4
84.6
62.5
April
86.6
74.1
107.1
94.1
82.8
85.9
Mafl
86.3
73.8
109.0
95.9
81.8
86.4
77.3
June
91.5
74.3
107.8
97.6
82.0
83.8
87.5
January
69.2
92.2
September
79.0
108.9
102.4
82.7
78.0
94.0
*94.4
82.9
111.2
102.5
84.9
75.1
87.5
*100.0
July
August
85.2
106.5
102.9
86.1
71.4
82.0
*106.2
89.1
74.6
78.5
92.0
76.0
75.3
96.7
82.4
98.5
103.3
95.2
87.8
107.1
December
95.0
81.3
110.5
—
Subject to revision,
x
•
The index for the raw materials group
commodities
Wholesale Commodity Prices Declined in Week Ended
Nov.
18 to Lowest Level in 2 Months, Reports
"Annalist"
Nov. 20 that during the
commodity prices declined to
months as buyers became
extremely cautious.
The "Annalsit" weekly index (1926100) closed at 81.2 on Nov. 18, a decline of 0.6 point as
compared with the previous week and the lowest since the
period ended Oct. 7.
It was further explained:
level in almost two
decreased
and
0-1%
The semi-manufactured
prices
of finished
products
group
of
averaged
Prices of industrial commodities,
represented by the index for "all
com¬
modities other than farm products and foods," remained unchanged during
The group of "all
week.
commodities othern than farm
products"
declined 0.2%.
The only
week ended Nov. 18 wholesale
lowest
declined 0.4%, influenced primarily
0.2% lower.
the
on
18
added:
by the drop in prices of farm products.
Revised.
"Annalist" announced
During Week Ended Nov.
Sharp declines in market prices for farm products, hides
and skins, and vegetable oils together with minor decreases
for lumber, raw silk, and scrap steel caused the Bureau of
Labor Statistics' index to drop 0.3% during the week ended
Nov. 18, Commissioner Lubin reported on Nov. 22.
"The
all-commodity index in mid-November stands at 79.1% of
the 1926 average," Mr.
Lubin said.
The Commissioner
77.5
88.9
November
Commodity Index of Bureau of Labor Sta-
Declined 0.3%
stics
1933
the
Oct.
65.2
86.9
Lead production
The
18,
1938
80.5
Zinc production
♦
Oct.
1939
67.2
Mining
October
Sept. 19,
1939*
Commodity Group
119.6
77.0
Wool consumption
*
17,
120.9
major commodity
group
showing
an
advance
was
fuel and light¬
ing materials, which increased 0-1% because of higher prices for anthracite
and
Pennsylvania
crude
petroleum.
Indexes
for
the
groups
of textile
products, housefurnishing goods and miscellaneous commodities remained
at
the levels of the preceding week.
In
the
grains,
farm
products group marked price decreases were reported for
livestock and poultry,
hops, tobacco, and
domestic wools.
The
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3328
index
dropped 0.7% to 67.3% of the 1926
Higher prices
average.
were
reported for cotton, eggs, fresh fruits, fresh milk (Chicago market), and
flaxseed.
clined
The index for the foods group moved down 0.1%.
3.1%.
Meats de¬
Prices of dairy products, and fruits and vegetables advanced.
Lower prices for hides and skins and sole leather caused the hides and
leather products group to decline 0.2%.
leather products were unchanged.
burlap,
yarns,
Japanese
in
raw
were
counterbalanced by lower prices for
companies reported
October 1939
order
an
1939
increase in sales of 10.95% for
Excluding the two mail
October 1938.
over
companies the 26 other chains reported an increase in
sales of 4.41
Sales of the 28 companies
Average prices for shoes and other
Advancing prices for silk hosiery, cotton
jute, and sisal
raw
order
Nov. 25,
for the 10 months of 1939
showed
an
increase of 10.05%
the 10 months of 1938.
over
Ex¬
cluding the two mail order companies, the 26 chains re-
silk, certain cotton textiles, and worsted yarns, which resulted
change in the index for the textile products group.
no
The index for the building materials
lower prices
scrap
group
decreased 0.2%
for yellow pine lumber, and linseed oil.
October
1938
declined
1.6%.
House furnishing goods remained
at the level of
the preceding week; and chemicals and drugs showed a fractional decrease.
The following tables show (1) index numbers for the main
of commodities for the past 2 weeks, for Oct. 21,1939,
Aug. 26,1939, and Nov. 19,1938, and the percentage change
from Nov. 11, Oct. 21, and Aug. 26, 1939, to Nov. 18, 1939;
(2) important changes in subgroup indexes from Nov. 11 to
groups
Nov. 18, 1939.
$
S
64,974,255
60,124,101
8.07
683,664,271
655,400,073
4.31
74,351,871
chains
74,138,538
0.29
659,770,442
625,780,124
5.43
10-cent
11 5- &
chains
35,710,008
33,448,049
6.76
270,809,143
248,616,286
8.93
2 drug chains-
7,842,906
7,861.825
x0.24
75,839,277
72,308,704
4.88
3 shoe chains-
6,648,335
6,411,474
3.69
62,644,949
59,641,072
4,109,000
3,471,000
35,677,000
28,619,000
4 appar
1 auto
.chains
chain
__
18.4
5.80
19.59
10.95 2,689,475,712 2,443,851,476
10.05
4.41
94,541,000
23.76
117,006,043
24.7
1,788,405,082 1,690,365,259
753,486,217
901,070,630
193,636,375 185,454,987
26 chains
2 mall ord. cos.
x
5.04
supply
28 com panics 310,642.418 279,995.987
.
Inc.
$
'
5 groc.
Wholesale prices for cattle feed were 1.4% lower and the index for crude
rubber
P.C.
1938
Inc.
steel, quicksilver, and pig tin caused the 0.1 % decrease for metals and
metal products.
10 Months
1939
PC.
1939
10 Months
$
October,
because of
Declining prices for
Decrease.
% Changes from—
Commodity Groups
Nov.
(1926=100)
18,
Nov.
Oct.
Aug.
u,
1939
21,
1939
1939
Nov.
26,
1939
1938
to
21 Aug. 26
Debits
to
to
Nov. 18 Nov. 18 Nov. 18
All commodities
79.1
79.3
79.4
74.8
77.3
—0.3
—0.4
+ 5.7
Farm products
67.3
67.8
67.5
61.1
67.8
—.7
—.3
+ 10.1
Foods
72.3
72.4
73.2
66.7
73.9
—.1
—1.2
+ 8.4
Hides and leather products. 104.3 104.5 105.4
92.6
95.1
—.2
—1.0
Textile products
75.6
67.4
65.7
0
+ 1.1
+ 12.6
+ 12.2
+ 2.2
75.6
74.8
Fuel and lighting materials.
74.8
74.7
74.6
73.2
74.9
+ .1
+ .3
Metals and metal products..
Building materials..
96.1
96.2
96.3
93.5
95.0
—.1
—.2
92.9
93.1
92.5
89.7
89.3
—.2
+ .4
+3.6
Chemicals and drugs
77.8
77.9
78.0
74.2
76.4
—.1
—.3
+ 4.9
89.7
89.2
87.0
87.1
0
+ .6
+ 3.1
Housefurnlshlng goods
89.7
Miscellaneous
77.2
73.1
72.5
0
72.2
72.5
72.2
66.2
71.4
—.4
0
+ 9.1
82.0
82.1
83.6
74.4
76.3
—.1
—1.9
+ 10.2
Finished
82.5
82.7
82.8
79.3
80.7
—.2
—.4
+ 4.0
81.7
81.9
82.1
77.8
79.4
—.2
—.5
84.4
84.4
84.1
80.4
80.9
0
+ .4
to
+ 5.0
products
commodities
other
other
commodities
+ 7.0
than
farm products and foods.
.
PERCENTAGE CHANGE8 IN WHOLESALE PRICE INDEXES OF IMPOR¬
TANT SUB-GROUPS FROM NOV. 11 TO NOV. 18, 1939
Increases—
1.0
Decreases (Concluded)—
Meats
Dairy products.
1.3
Hides and skins
0.7
Fruits and vegetables
1.3
Leather
0.1
Other
1.2
Cotton goods
0.1
Other farm
products
foods
Hosiery and underwear
3.1
2.0
Silk and rayon
1.7
Other textile products
1.5
Anthracite
0.5
Woolen and worsted goods
Lumber
'
0.5
0.4
Paint and paint materials
Agricultural implements
0.1
0.1
Non-ferrous metals
0.7
Chemicals
0.1
Gas
0.6
Petroleum
reported by banks in
as
of last year.
These figures are as reported on Nov.
Board of Governors of the Federal Reserve
20, 1939, by the
System.
than
farm products
All
+ 1.3
5% Lower Than Last Year
individual accounts,
leading cities for the week ended Nov. 15, which included
only five business days, aggregated $8,122,000,000, or 8%
above the total reported for the preceding week and 5%
above the total for the corresponding week of last year,
which also included only five business days.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted to
$7,404,000,000, compared with $6,845,000,000 the pre¬
ceding week and $7,050,000,000 the week ended Nov. 16
+ 5.0
All
materials
78.2
+ 2.8
Semi-manufactured articles.
Raw
78.2
Debits
Bank
Nov. 11 Oct.
19,
products
Paper and pulp
Decreases—
0.9
0.2
Grains
0.6
Cattle feed
1.4
Livestock and poultry
3.8
Crude rubber
FEDERAL RESERVE DISTRICTS
SUMMARY BY
Week Ended—
No. of
Centers
Federal Reserve District
Nov. 15,
Incl.
Nov. 8, 1939
1939
Nov.
16,
1938
$551,374,000
$441,354,000
3,195,369,000
15
$471,540,000
3,296,039,000
3—Philadelphia
18
438,957,000
4—Cleveland
25
586,116,000
2,997,668,000
349,016,000
510,621,000
5—Richmond
24
312,177,000
301,036,000
312,855,000
25
251,527,000
41
1,161,590,000
254,137,000
1,076,652,000
1,113,623,000
16
257,946.000
237,512,000
17
1—Boston
2—New York
'
6—Atlanta
7—Chicago™
—
8—St. Louis
380,748,000
492,662,000
238,295,000
243,719,000
9—Minneapolis
17
162,544,000
170,777,000
152,436,000
10—Kansas City
28
269,745,000
260,410,000
267,114,000
11—Dallas
18
211,881,000
206,066,000
206,692,000
29
702,230,000
610,923,000
692,082,000
273
$8,122,292,000
$7,526,192,000
$7,736,948,000
12—San Francisco
1.6
Total
Wholesale
Commodity Prices Continued to Decline
Slightly During Week Ended Nov. 18 According
National Fertilizer Association
to
The
general
level
slightly
again
lower
compiled
index
last
week,
National
The
by
registered
wholesale
of
its
commodity
according
preceding week, based
index
This
consecutive
dropping to 77.2 in the week ended
the
weekly
Nov.
18
1926-28
the
on
was
the
Association.
Fertilizer
fourth
prices
to
decline,
77.5
from
average
as
in
100.
The lowest point reached by the index this year, and also
the lowest since 1934, was 70.3, in
the second week in
August.
The year's high point was 77.8.
The Association's
announcement, under date of Nov. 20, further said:
decline
A
since
the
in
the
sharp
product
average
poultry,
and
The
cotton
indexes
material,
index
more
is
were
at
a
prices
the
the
and
began
moderately,
than
in
with
offsetting
to
the
early
lower
advances
lowest
cotton
drug,
of
miscellaneous
for
a
in
by the
Hartford, Conn.
the
Life
volume
than
new
States,
Insurance
ordinary life
according
Sales
insur¬
to figures
Research
Bureau,
This represents an amount 8% above the
aggregated
1938
the
October
hogs,
The
and
For the 10 months of 1939 the sales
$5,320,470,000, which was 6% higher
period.
the
year
The
to
figures
date
are
for
given
each
section
in the
farm
October
decline in steel scrap.
Year to Date
Sections
Sales
New England
Sales
to 1938
Volume
Ratios, 1939
to
1938
$43,136,000
152,548.000
.
South Atlantic
123%
105
1,445,288.000
103
122,888,000
54,339,000
52.598,000
Middle Atlantic
East North Central..
East South Central
Ratios, 1939
Volume
West North Central
Twenty-five price series included in the index declined during the week
and 24 advanced; in the
preceding week there were 39 declines and 20
advances; in the second preceding week there were 24 declines and 22
114
1,198,968,000
110
107
541,886,000
104
111
498,303,000
104
103
209,432.000
105
19,413.000
__
"
$413,914,000
118%
WEEKLY
WHOLESALE
COMMODITY PRICE INDEX
West South Central..
40,088,000
101
415,989.000
Mountain
14,743,000
107
146.335,000
101
Pacific
advances.
Complied by the National Fertilizer Association
44.238.000
103
450,355,000
104
United States
$543,991,000
Per Cent
Latest
Week
Nov.
Total Index
25.3
Preccd'o
Week
Group
18, Nov.
Oct.
21,
Year
Ago
Nov.
1939
1939
74.0
Month
Ago
11,
1939
Foods
74.3
19,
1938
inces
the
55.1
56.1
61.6
65.4
63.8
64.2
64.3
as
year
to date was also issued by
follows:
50.8
49.7
48.5
Alberta
Year to Date
65.3
54.5
Farm products
Grains
61.5
Sales
Ratios, 1939
to 1938
Volume
to 1938
$1,991,000
120%
$14,380,000
109%
61.3
60.4
51.3
British Columbia
24.928,000
101
65.6
2.499.000
107
63.9
66.1
73.1
Manitoba
20,166,000
112
81.2
2,454.000
124
81.8
75.8
New Brunswick
8,002.000
104
88.6
994,000
136
88.3
88.1
78.4
Nova Scotia
77.3
1,581,000
115
77.6
Fuels
13,678,000
108
77.3
59.7
Ontario
14,151.000
105
147,002,000
104
Prince Edward Island
160
1.490.000
114
Quebec
2C6.000
8,249,000
100
83.382,000
100
Saskatchewan
1,254.000
119
8,838.000
110
298.000
83
3.273.000
8.2
Miscellaneous commodities
Textiles..
7.1
Metals
93.6
93.6
6.1
Building materials
87.4
87.2
1.3
93.6
.3
Chemicals and drugs
Fertiliser materials.
.3
Fertilizers
.3
Farm
^
91.0
81.8
93.5
93.4
93.2
73.1
73.0
72.9
70.7
77.3
77.3
77.6
94.9
machinery
94.1
86.0
77.3
All groups combined
95.0
95.0
97.1
77.5
77.8
73.2
77.2
;
Newfoundland
Canada total
Electric
October
•
Sales
Volume
72.1
Ratios. 1939
81.8
Livestock
100.0
106%
72.9
52.5
61.8
Cotton
10.8
and the
Bureau,
October
75.8
52.8
Cottonseed oil
17.3
$5,320,470,000
showing the sales trends by Canadian Prov¬
for October
Research
Fats and Oils
23.0
108%
101
(1926-1928=100)
A tabulation
Each Group
Bears to the
for
following
■
group
and
commodities
United
month last year.
same
grains.
Increases took place in the textile, building
and fertilizer material
indexes.
In
the
rise in tin prices offset
sold
was
released
farm
and
1937.
ance
reached
The
quotations
in
Higher than Last Year.
During October $543,991,000 of
table:
point
September.
highest point reached since
prices
off slightly.
chemical
group
price index took it
in
receded
wool
representing
machinery
metal
food
upturn
October Sales of New Ordinary Life Insurance in United
States 8% Above Year Ago—Canadian Sales also
Chain
Stores
Sales
Up 10.95%
According to a compilation made by Merrill Lynch &
Co., Inc. 28 chains store companies including two mail
$34,677,000
107%
$325,139,000
94
104%
Output for Week Ended Nov. 18, 1939, 10.7%
Above
a
Year Ago
The Edison Electric Institute in its current
estimated that production of
weekly report
electricity by the electric light
Volume
Imports of Merchandise for
and power industry of the United States for the week ended
Nov. 18, 1939, was 2,514,350,000 kwh.
The current week's
(Corrected to Nov. 6, 1939)
Manuf'd
Crude
Crude
and
Total
Materi¬
Food¬
Country
Imports
als
stuffs
Grand Division
output for the week ended Nov. 11, 1939, was estimated to
be 2,513,688,000 kwh., an increase of 13.8% over the like
a
PREVIOUS
FROM
Major Georgraphic
Wetk Ended
Regions
Nov. 18, 1939
New England
Week Ended
Nov.
Week Ended
Week Ended
11, 1939
1939
Oct. 28,
Nov. 4, 1939
13.9
14.3
8.3
111
1,908
569
721
13,995
990
5,968
1,122
1,621,946
512,165
212,384
234,175
337,195
326,027
42,403
10,735
45,882
72,682
50,134
33,179
514
4,308
4,022
94,941
65,828
Oceania
13.9
11.8
18.3
17.7
8.8
8.7
13.8
14.0
16.0
Australia
8.7
15.9
16.1
Belgium
10.6
9.6
8.2
13.8
14.9
Total
Argentina
14.0
—
Brazil
India
British
10.7
British Malaya
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
1929
1932
1937
1939
2,289,960
2,444,371
2,448,888
Oct.
7
Oct.
14
2,469,689
2,465,230
2,494,630
Oct.
21
2,493,993
Oct.
+ 10.4
2,280,792
2,265,748
2,275,724
2,280,065
2,276,123
2,281,636
2,254,947
2,202,451
2,176,557
2,224,213
2,065,378
2,152,643
+ 13.7
+ 15.5
+ 14.4
+ 14.3
+ 12.6
28
2,538,779
2.226,038
+ 14.0
Nov.
4
2,536,765
2,207,444
+ 14.9
Nov.
li
5,513,688
Nov. 18
2,514,350
Nov. 25
Dec.
+ 13.8
2,209,324
2,270,296
2,183,807
2,285,523
2
1,464,700
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
1,510,337
2,320,982
2.154,276
+ 11.8
2,214,775
2,154,218
2,139,142
2,154,449
2,182,751
2,214,097
+ 10.7
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
Classes of Merchandise
VALUE OF UNITED STATES FOREIGN TRADE WITH GRAND DIVISIONS
COUNTRIES
ECONOMIC
BY
MONTHS ENDED SEPTEMBER,
CLASSES,
NINE
1939
Crude
Crude
and
Total
Materi¬
Exports
als
Foodstuffs
Food¬
Country
stuffs
&
165,262
56,166
330,079
83,186
18,826
76,247
11,079
6,550
1,463
57,191
4,049
Oceania
57,993
7,038
254
Africa
84,250
2,211
408
25,264
9,319
15,408
1,822
2,209
5,502
6,278
Finished
188,994
43,639
397,371
173,348
33,802
28,142
100,260
135,833
7,470
9,919
166,391
204,611
41,409
326,939
87,444
141,348
43,275
3,141
172
175
5,643
Australia
43,781
48,206
5,502
73
74,619
5,382
5,650
7,6.54
1,161
5,871
Brazil
50,559
1,276
1,270
416
377
37
386
5,619
8,965
8,430
2,466
23
103
562
1,224
6,193
3,196
323,651
1,099
16,510
34,739
Burma
Canada
Ceylon
Chile
412,225 1,188,466
40,061
22,138
4,282
4
13
70
108
3,000
82,934
18,619
9,137
43,275
169,685
259
17
61
129
634
80
11,414
"2+11
3,472
28,574
545
Colombia
35,519
1,078
326
2,067
Cuba
55,417
3,734
15,245
2,766
2,188
1,692
13,652
7,257
223
438
2,330
184
914
2,065
9,751
4,500
28
41
633
378
3,420
Denmark..
Republic-
1,092
793
3,569
980
673
609
4,324
55
2,715
1,344
87
123
2,328
279
1,677
3
152
216
4,506
4,169
6
101
55
188
8,748
6,504
7,339
24,047
1,517
7,783
15,554
1,328
"1,173
193
2
37
Finland
15,756
315
46,835
48,493
6,583
~~l+83
6,865
4,661
1,790
5,069
11,028
8,034
300
Germany *
Gold Coast
Greece
5
1,796
5,151
34
107
107
187
314
3,005
Hong Kong..
...
(Persia)
1,339
133
89
432
9,304
26,756
6
5,396
Honduras
175
*
2,955
2,302
Haiti
5
132
~
2*048
299
1,443
925
310
481
4
130
26,338
3,112
"""588
11,533
1,868
9,237
961
107
288
381
15
170
104,628
1,359
41,414
74,026
2,422
5,551
3
120
3,799
1,099
18,831
133
16,215
41,386
15,726
373
7,215
1,884
7,228
3,453
6,380
621
Ireland
Italy.....
Jamaica
;
-
59,068
Netherlands Indies—
3
14,050
654
8,044
6,220
116
2,816
Netherlands W. Indies
15,111
402
5
Netherlands
23,998
6,869
312
4,278
202
189
8,974
7,818
1,238
34
1,037
2
83
12
3,285
8,648
1,747
3
3
...
Labrador
New Zealand..
14,929
Norway
2+52
Canal
Panama
2,515
29
2,429
411
52
90
1
"5",006
72
8,298
1,195
3,413
7,915
26
284
49,446
7,358
11,425
4,115
1,616
132
7,865
617
941
47
1,244
1,706
6,957
Portugal
746
1,140
4,583
248
240
6,028
13,404
Spain
6
325
19,653
20,253
359
1
2,258
4,231
10,376
179
216
530
89
14,574
233
35
2,670
181
2,536
29,097
1,126
44,107
...
Africa
Soviet Social¬
14,211
For statistical
3
21
17
5
410
6, 1938, and that
Nov. 10, 1938, is Included
Provinces occupied by
countries since March
with the Lithuanian territory of Memel has been included
with the other Czechoslovak
and Poland has been Included with these
Trade
19, 1939.
2,274
far as ascertainable, beginning
Germany, while trade
Germany, Hungary
6
26,565
2,378
trade with Austria beginning May
purposes,
with the Sudeten area, as
1,233
518
3,533
14,452
5,954
17,144
Venezuela
121
10,907
19,227
111,194
Republics
or
1,321
27,333
Switzerland
177
11,390
17,694
Sweden
18
268
169
8,686
73,300
Philippine Islands
Poland and Danzig *.
with
50
of.
Peru
*
954
Zone.
Panama, Republic
March 25, 1939.
with Germany since
Bank of Montreal Reports
13.049
and
Demands
New
Brought by War
Bank of Montreal,
Business Adjusting Itself to
Government
Restrictions
monthly "Business Sum¬
its
in
The
"business is adjusting itself
brought about by new demands and by
mary" issued Nov. 22, says that
conditions
the
to
the purpose of pro¬
country's war effort." The Bank
governmental restrictions imposed for
711
Dominican
444
126
66
4,115
— — —
—
Egypt
30.050
175
Czechoslovakia *
60+87
5
348
France
20,066
4,470
6,503
3,474
China
70
Republic-
Ecuador
Iran
52
888
2,676
Dominican
31,426
Belgium
26,296
255
Cuba...
34,145
Malaya
7,699
62
530
20,511
69,503
2,156,422
British
17,087
16,013
236
1,945
Manu¬
factures
Argentina
British India
220
297
Uruguay..
SemirManu-
206,679
211,865
381,518
Total
102
1,362
ist
factures
Bev¬
erages
884,039
America
6,159
8
32,983
United Kingdom
Manuf'd
South
92,627
34,773
Union of
Exports of United States Merchandise
Asia
68,680
Colombia
Union of South
(Value In Thousands of Dollars—000 Omitted)
;
5
16+71
3,934
Turkey
(Corrected to Nov. 6, 1939)
Southern North Amer.
195
25",633
Newfoundland and
Figures of the foreign trade of the United States in the
first nine months. of 1939, divided into several economic
classes and according to source and destination, were issued
Nov. 13 by the Division of Foreign Trade Statistics of the
Bureau of Foreign and Domestic Commerce.
They are
presented in the tabulation below:
Europe
197
9,041
Mexico
Imports and Exports of United States in First Nine
Months—Geographical
Distribution
of
Various
Northern North Amer.
346
38
12,576
1,473
8.681
Kwantung
Grand Division
5,972
39,595
Japan
PRINCIPAL
52,656
15,530
21,625
Denmark
+ 9.7
2,048,360
15,042
20,177
60
Czechoslovakia *—...
1938
2,148,954
616
16,527
2,482
25,290
1-.972
3,128
28,826
China
from
2,357,203
565
709
•
Chile
Change
1938
871
131
27,220
Ceylon..
Percent
1939
4
3,225
261
Canada
380
8.680
230,830
Burma
RECENT
"
14.1
7.2
8.0
Total United States.
AND
58,451
16,820
29,923
Asia
11.9
Pacific Coast
Sept. 30
70,130
259,797
20,129
51,998
America.
5.4
Sept. 16..
62,982
475,908
25,822
52,789
90,468
24,548
15.9
Rocky Mountain
Sept. 23
95,444
5,362
2,089
209,987
28,207
78,181
12.2
Southern States
9
162,838
68,797
21,959
29,065
4,652
27,986
171,505
7.5
West Central
Sept.
140,708
71,251
235,735
9.8
Central Industrial..
2
77,235
17,687
63,189
10,184
456,684
13.5
Middle Atlantic
Sept.
Manu¬
factures
Southern North Amer.
Africa.
Week Ended
Manu-
factures
Bev¬
erages
Northern North Amer.
YEAR
South
FOR
&
Finished
Seml-
Foodstuffs
Europe
year ago.
PERCENTAGE INCREASE
DATA
Consumption
(Value In Thousands of Dollars—000 Omitted)
output is 10.7% above the output of the corresponding week
of 1938, when production totaled 2,270,296,000 kwh.
The
week
3329
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
moting efficiency in the
goes
to say, in part:
on
Mission
Air
British
The
rapidly
is
concluding arrangements
Air
Canadian
the
and
Government
Canadian
The project involves very
project decided upon some weeks ago.
training
Ecuador
3,709
8
2
747
354
2,598
Egypt
9,760
357
123
458
1,068
7,753
heavy expenditures in
518
5,884
ing
with the
the Imperial air
for
Force
Finland
9,711
1,174
104
France.
118,221
28,063
14,357
3,235
3,234
768
578
2,031
25,403
16,508
345
175
""""36
398
1,027
Germany *
45,472
Gold Coast
1,800
5,187
3,541
4,104
14,811
Greece
Haiti
Honduras
Hong Kong
Iran
13,262
1,087
3,718
17
493
269
2,740
13
113
337
727
1,104
228
1,331
1,634
2,914
10,515
22
4
84
2,830
597
504
2,549
were
139
14,9.54
6,777
The
Canadian
4,354
386
33
410
561
2,965
the
movement
154,805
...
2
61
41,648
10
566
605
70,144
3,410
42,437
8,218
resources
"2+12
1,486
8,795
40,688
to
560
3,111
8,118
16,472
19,470
and
24,934
986
934
607
53
Netherlands Indies.
23,801
Netherlands W. Indies
29,596
25
262
1,254
Netherlands
64,262
7,062
9,120
6,675
6,295
13,094
18,287
235
200
1,914
358
1,535
146
584
2,368
759
1,738
4,510
8,992
724
5,702
19,936
Labrador
...
Panama, Republic of
Panama Canal ZonePeru
Philippine Islands
Poland and Danzig *.
Portugal
/.
Sweden
Switzerland
Turkey—
Union of South Africa
deal
The
the
during
last
Government
of
coal
in
of the country.
the
with
British
The British Minister of
few days ago that plans to
considered,
Shipping stated
build cargo boats
that such boats
and he recalled the fact
in yards along the St. Lawrence River.
appointed a coal administrator to control
Canada and, in general, to conserve the fuel
war
has
A controller of transport has also been
appointed
of essential war supplies and to receive
applications for priority of shipment.
Government has entered into agreements with seven Cana¬
prompt
movement
producing
companies
copper
whereby 80%
their output over a
of
8,332
11,682
11,933
161
270
358
642
1,657
1,475
1,910
2,674
6,098
will be sold to the British Ministry of Supply, the
price being approximately that ruling at the outbreak of war.
The
agreement covers some 420,000,000 pounds of electrolytic copper.
The
British
Government has arranged
also to purchase all Canadian exports
58
19
458
1,735
9,664
of
68,532
416
932
6,878
7,772
52,535
15,928
5,115
1,924
55
83
5,627
5,047
4,415
7,179
14,169
26
814
3,588
9,091
3,687
"""267
37
2,772
7,405
58,910
7,830
707
2,158
34,960
8,961
1,527
57
614
13,254
1,213
58
765
5,540
"""229
849
4,869
44,068
4,775
23,127
154,241
6,640
276
50,254
238
5,551
Union of Soviet Social¬
Venezuela
ensure
dian
Newfoundland and
New Zealand
built
Britain.
Commons a
been
had
2,662
13,219
Uruguay
Canada
8
54,515
ist Republics
in
703
Mexico,
United Kingdom
wheat by Great
the House of
15,843
Kwantung
Spain
Canadian
in
2,926
Japan
Norway
of
use
7,015
37,773
(Persia)
Ireland
Italy....
Jamaica.
| in
58,286
this country.
With the further object of coordinat¬
Empire resources, the Canadian Minister of Mines and
Resources is in England, where conferences are taking place with ministers
of other Dominions and of the United Kingdom.
One of the incidental
matters with which the Canadian Minister is dealing is the purchase of
the
28,798
1
895
366,634
64,103
29,264
52,175
66,851
2,835
107
24
56
922
42,353
83
488
5.038
2,589
1,726
34,156
of one
period
and
lead
year
zinc
for
the
duration
of
the
war.
.
.
developments, which come into the cate¬
gory of war business, there have been a number of favorable features in
Canadian industry and trade.
October shipments of newsprint were 13.4%
above the 1938 level, while production
rose
10.2%, both figures being
Apart
the
important
Steel production has been rising,
the
of steel ingots and direct castings in the first nine months of the
amounting
production fell
been
these
highest since December, 1937.
output
year
from
greater.
Dominion
937,693
to
from
The
increased
554,845
tons
tons
dollar value of
as
to
with 911,005 ; pig
Production of coal
sales throughout
the previous month and
compared
487,982.
department store
during October 13%
over
iron
has
the
2%
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3330
combined
show
to
Building
stability.
the Dominion
trade of
still
is
The export
the value of domestic
products exported in October having risen from $88,168,000
$90,433,000,
the
$682,716,000
to
rise
in
the
$726,741,000,
first
10
months
excluding,
the
of
both
in
cases,
a
year
to
ago
being
year
of
Value
gold.
%
OF
EXPORTS,
Iran
9 Mos. End. Sept.
75
7,455
2,159
2,208
2,647
1,801
2,940
2,273
1,812
874
3,142
2,362
—
486
653
1,266
2,333
11,158
6,696
7,445
8,559
141,418
277,764
305,696
British India
—
23,608
1,765
26,338
3,206
43,681
126
266
6,306
1,105
23,848
86,340
11,112
94,905
...
Burma
British Malaya, fc
895
20,124
2,191
61,395
1,860
...
a
Philippine Islands
Thailand (Slam)
50,445
14,573
59,197
7,672
50,566
6,652
4,524
77,725
68,624
73,299
3,044
215
286
1,941
2,295
3,475
5,054
Eastern.
230,932
218,074
126,760
147,295
China
27,085
17,169
14,228
172,450
34,834
14,905
13,236
155,099
33,507
2,930
1,254
89,069
IMPORTS
9 Mos. End.
254
2,525
2,411
120,332
—
—
French Indochina,
576
6,394
6,552
Turkey-1.
Omitted)
,
17,691
180
c
Ceylon _c
Netherlands Indies.a
EXPORTS
12,778
167
(Persia)
Southern and Southeastern.
(Corrected to Nov. 2, 1939)
Value in Thousands of Dollars (000
22,941
Saudi Arabia (includes Yemen, etc.).
COUNTRIES
DIVISIONS AND
470,682
254
Syria
INCLUDING REEXPORTS FROM, AND VALUE
INTO, THE UNITED STATES BY GRAND
$
417,303
—
Palestine
IMPORTS
GENERAL
OF
S
%
382,436
Iraq
Department of Commerce on Nov. 7, 1939, issued
merchandise imports and exports by
grand divisions and principal countries for the nine months
ended Sept. 30, 1938 and 1939.
The following are the
tables complete:
1939
27,682
Aden.c
The
1938
378,946
Western.
of
Grand
its report showing the
VALUE
1939
1938
Exports and Imports of Merchandise
Divisions and Principal Countries for
Nine Months Ended September, 1939 and 1938
by
Sept.
(Concluded)
from
exports
9 Mos. End.
9 Mos. End. Sept.
Grand Division and Country
Asia.
Total
1939
IMPORTS
EXPORTS
backward.
been consistently upward,
has
Nov. 25,
Movements in wholesale prices have
during the first 10 months of the year.
Other Asia..
Sept.
Grand Division and Country
1938
1939
1938
1939
$
S
%
i
Hongkong.c
Grand total.
2,295,447 2,184,894
Kwantung
Japan
1,434,871 1,620,646
*
Oceania.
North America.
563,715
552,185
371,651
70,122
343,103
190,351
58,220
11,991
19,419
51,975
17,232
New Zealand..
364,715
2,984
1,232
102,857
43,950
13,136
5,778
10,080
4,541
8,905
416,819
Australia
Northern.
40,221
British Oceania.c
468
615
260
33
448
518
512
401
85,029
84,384
41,372
52,422
16,603
16,497
8,293
8,029
Algeria.a
2,003
1,937
Tunisia.a
239,617
1,142
8,881
9,771
1,764
1,662
3,587
4,624
112
71
118
143
2,515
1,022
2,715
976
892
563
185
143
928
478
68,426
67,887
33,079
22
1
149
262
1,434
1,590
550
1,115
2,744
49,438
1,376
2,180
50,326
3,864
11,287
977
2,533
2,025
1,727
1,800
1,279
5,741
3,455
261
301
553
412
385
310
2,980
2,687
1,621
2,155
1,605
2,820
1,381
....
French Oceania.a
Canada.d
359,068
Greenland
11
185,173
368
233,395
664
Africa.
104
Mexico...
British Honduras.c
Costa Rica.a
209,082
181,300
177,202
55,972
38,040
26,322
40,675
Egypt
29,537
Italian Africa, g
Morocco
721
1,580
3,367
6,729
4,344
2,153
2,535
1,189
2,497
3,677
...
Guatemala.a..........
Honduras.a
6,596
862
Central America.
63
4,794
46,472
36,072
...
16
6,349
196,001
Southern.
124
5,541
Mlquelon and St. Pierre Islands.a-..
Newfoundland and Labrador.c
4,992
4,638
1,856
.......
Nicaragua.a
Panama. Republic of...
7,486
Panama Canal Zone
El
336,618
10,092
Salvador.a
43.256
6,646
5,815
3,150
4,135
8,377
11,720
Mediterranean.
Spanish Africa—Canary Islands.
Other Spanish Africa
8,250
5,409
2,607
2,514
Other Africa.
447
410
Ethiopia
Belgian Congo
6,660
106,990
238
109,855
5,157
116,939
2,882
2,959
264
694
848
275
Jamaica.c
4,244
958
5,530
4,374
4,514
816
Trinidad and Tobago.c
Other British West Indies.c.
1,480
1,003
1,160
81,405
2,691
East.h
c
South—Union of South Africa
British—Bermuda _c
Barbados, c
_.
2,479
57,452
4,034
32,203
1,506
2,432
Cuba.a
Dominican Republic
Netherlands West Indies.a
French West Indies.a
...
Haiti, a
Other British South Africa_c
West—Gold Coast.c
207
2,560
997
55,806
29,684
90,732
4,543
15,349
960
155
3,578
2,329
Nigeria
2,304
Madagascar,
225,200
213,213
193,205
Llberia
79,922
55,575
54,995
28,996
35,849
87,723
French,
Venezuela
696
2,542
75
33
32
40,924
Brazil.a...
Falkland Islands.c.
14,765
104,681
43,446
29,259
71,056
42,640
7
3
14
472
943
2,877
3,409
38,299
35,753
32,948
f Except
4,138
18,600
559
1,098
22,563
1,574
8,252
22,490
2,522
13,038
3,192
16,589
3,764
12,209
975,435
894,454
400,250
448,105
814,465
765,624
299,592
342,827
57,509
48+05
45,713
21,701
18,197
96,591
80,137
1,436
3,758
15,476
119,637
47,456
1,271
29,374
21,796
2,241
37,291
44,069
2,631
47,759
44,846
772
2,819
97
93
926
3,114
1,150
21,886
73,859
16,881
43,270
7,023
617
953
64,859
18,536
Unfederated
(Libya), Eritrea
34,580
Bolivia
1938.
c
b Reciprocal
Reciprocal trade agreement
d Reciprocal trade agreement replaced Jan. 1, 1939.
1938, and that
ascertainable, beginning Nov. 10, 1938,
are
Included
Germany, while trade with the other Czecho-Slovak provinces occupied by
Malay
States.
& Includes
Tripolltania
and
CIrenaica
the Red Sea, and Italian Somaliland.
h Northern Rhodesia
i Reciprocal trade agreement became effective May 5, 1939.
on
and Somaliland.
1,267
6,462
West Coast.
26
423
755
9
494
4,123
37
379
■
Germany since March 25. 1939.
73,244
Uruguay
752
932
Germany, Hungary and Poland has been Included with these countries since March 18
or 19, 1939.
Trade with the Lithuanian territory of Memel has been included with
123,623
50,741
with
17,327
97,538
66,209
44,683
Argentina...
42,545
115,516
East Coast.
3,879
17,828
2,870
6,583
5,190
4,753
For statistical purposes, trade with Austria beginning May 6,
with the Sudeten area, as far as
309
2,358
91
a
871
582
effective April 16,
became effective Jan. 1, 1939.
e
750
623
(Netherlands).a.
44,393
963
Countries with which reciprocal trade agreements are in effect,
a
34,785
Surinam
1
622
trade agreement became
Colombia, a
494
4,450
Portuguese Africa—Mozambique
Other Portuguese Africa
213,198
71,385
a
Other French Africa, N. E. S.a..
4,445
North Coast...
Guiana—British .c
1,733
French Africa, North, East. South:
15,129
South America.
c
Other British West Africa.c
140
4,570
962
British Africa:
2,470
113,457
West Indies and Bermuda.
....
Paraguay....
Chile
Ecuador.a.
Peru
Europe
Northwestern and Central.
Austria _e
746
Belgium.a
Czechoslovakia, be.
Denmark
France.a
Germany.e
Hungary.e
...
Iceland..
Ireland
Netherlands.a
Norway.
Sweden.a
8,676
for business in general in
21,921
10,886
32,757
October, hotel sales, exclusive of
New York City and the Pacific Coast, were just about the
same as in the
corresponding month of 1938.
The firm's
announcement continued:
Philadelphia reported sizable conventions of
4,030
ican
Medical
ness
though
56,858
1,111
8,016
1,012
953
734
other
localities,
ago
were
slight.
The
12,549
15,758
822
387
682
479
317
625
449
18,660
16,042
sales,
gains
in
a
so
Detroit
consequent
far
from
had
a
Girl
showing
rather
except the exposition
Scouts
increase
and
of 6%
any
sharp
in
the
Amer¬
busi¬
room
fell
improvement,
decline of 10%, but
cities, the changes from
year
a
.
New
York
City
for the
last
two
months
are
shown
as
follows:
698
9,917
11,239
19,821
105,771
43,656
restaurant
9% below last October.
24,665
14,325
79,297
Association, and
the
14,691
27,483
20,021
59,656
9,059
370,893
6,944
Ago
Horwath & Horwath, in their monthly survey of the trend
of business in hotels, report that despite an upward trend
2,317
375,211
......
Hotels, According to Horwath &
Sales
in
October
5%
Above
Horwath—Total
Year
84,659
Switzerland. a
United Kingdom.c.
Trend of Business in
48,646
Increases Over Corresponding Months of 1938
>
Actual
Occupancy
Northeastern.
Estonia
Finland, a
Latvia
„
Lithuanian
Poland and Danzig.e
Union of Soviet Socialist
55,382
28,807
10,216
19,145
62,175
59,961
39,813
178
504
297
378
176
2
3
42,676
9,196
9,747
37,910
7,190
14,181
29,629
12,012
17,189
17
35%
...
45%
22%
25
32
17
24
24
25
6
71
7
October
September.
4,001
14,136
September
7
6
1
78
77%
79
25,938
2,444
7,441
Rales *
Restaurant
Residential—
345
Gibraltar.c...
Rooms
Transients-
37,218
Azores and Madeira Islands.
Total
19,414
Republics!
Southwestern.
•
Portugal
Spain........
Southeastern.
Albania
a
year
the Pacific
ago
.....
Yugoslavia
...
Coast, exclusive of San Francisco,
the comparison
with
decidedly better than that last month:
Increases (+) and Decreases (—) from
Actual
Corresponding Months of 1938
Occupancy
Total
18
Malta, Gozo, and Cyprus Islands.c.
was
6,931
127
100
104
531
Greece
Rumania
Average sale per occupied room.
313
6,375
Bulgaria
...
October
x
For
Italy
...
5,254
1,445
11,282
12,372
594
459
56
435
4,833
4,351
1,968
1,783'
1.614
September
1.509
2.338
3,187
October
1,533
Rooms
Restaurant
Rates *
San Francisco—
September
+ 33%
+38%
+ 25%
+
October
+ 26
+ 30
+20
+ 20
+ 76
24%
+
71%
Rest of Pacific Coast—
—1
+4
—7
+3
+ 60
+ 10
+ 11
+ 10
+7
+53
Volume
TREND
OF
BUSINESS
IN
IN
HOTELS
WITH
COMPARED
1939,
OCTOBER,
Monthly
Indexes
1938
OCTOBER,
3331
Commercial & Financial Chronicle—YEARS OLD
The
ONE HUNDRED—
149
of
Board
of
Reserve System for
ofJ[Federal
Governors
October
On Nov. 18 tiie Board of Governors of the Federal Reserve
Room
Sales
Percent¬
Percentage
Decrease (—)
or
Rate
Occupancy
Percentage of Increase (-f)
age
Inc.
Same
Month
Month
+ 13
79
+1
70
67
+5
of
(+)
or
69
+ 22
+3
This
Rooms
+ 18
Res¬
taurant
Total
System issued its monthly business indexes of industrial
production, factory employment, &c.
In another item in
today's issue of the "Chronicle" we give a detailed account
of the changes set forth in the index. The indexes follow:
(—)
Last Year Dec.
BUSINESS INDEXES
New York City
Chicago
—9
+6
+1
65
—5
—6
—4
73
Detroit-.
—9
—9
—10
+ 14
+ 16
—1
—3
+1
0
+5
+5
—1
Washington
Pacific Coast
Texas
All others
+6
(1923-1925 Average=100)
+1
•
0
50
53
+3
Cleveland
Philadelphia
+7
60
—2
Adjusted for
Without
72
—7
Seasonal Variation
Seasonal Adjustment
60
62
*—6
+ 13
+3
59
56
+ 10
67
69
+1
+1
65
65
0
+4
67
65
+2
•
Oct.
Industrial production—Total
Total.
Sept.
Oct.
Oct.
Sept.
Oct.
1939
1939
1938
1939
1939
1938
pl22
Non-durable
pll7 *
Minerals
pl21 Construction contracts, value—Totalp71
+1
62
63
+3
+3
+3
112
pl23
111
pl20
Durable
Year to date
96
111
pl20
Manufactures—Total
'
95
p 121
103
83
p
117
106
114
1
110
97
95
122
99
79
119
109
98
pl21
p!33
123
106
78
Rapid
in
tem
its
monthly
of commodities to
tion
96
*
*
88 .5
105 .7
101 .5
in
85
75
82
72
97
92
82
91
84
p99
97
92
67
*
71
74
of
1923-25
the
Construction contract Indexes based on three-month moving averages, centered
actual
residential by $184,137,000, and all other
without seasonal adjustment, and payrolls index compiled
Employment index,
by Bureau of Labor Statistics.
INDUSTRIAL PRODUCTION
(1923-1925 Average=100)
Adjusted for
further
Some
half
of
Marked
steel-consuming
of
increase
November.
in
continued
further sharp rise in October,
dispute.
to
the
at
high
declined
levels
sharply,
output in
goods
reached
however,
decreased
considerably
in
declined
somewhat
following
increases
activity
in
industrial
leading
from
84
p96
59
63
222
165
155
222
165
155
95
97
81
p23
7
5
p22
7
5
pl23
121
100
pl27
121
103
129
129
104
133
125
107
120
107
104
120
113
104
99
100
95
97
91
99
95
92
84
71
79
95
102
94
111
114
110
110
111
108
116
107
113
Sheep..
144
146
149
158
170
163
102
122
102
was
the previous
a
reduction
103
91
96
103
87
102
101
P115
119
111
*
86
81
*
91
86
92
*
92
89
*
95
Calf and kip leathers
*
71
69
*
82
Goat and kid leathers
*
87
70
*
91
73
*
221
208
#
221
209
*
284
269
Cattle hide leathers
,
Petroleum refining
Gasoline
*
Kerosene
in
*
102
118
121
82
107
*
Lubricating oil
148
143
*
Fuel oil
123
110
Minerals
month.
that
{
98
103
Tanning
the
and
in
Iron
pl02
90
79
p58
71
49
p75
72
63
pl85
174
161
pl87
179
163
110
98
80
106
93
78
128
97
50
218
187
86
Zinc
employ¬
factory
payrolls increased sharply between the middle of September and
middle of October.
Increases were particularly large at steel mills
72
84
p 93
Bituminous coal
Petroleum, crude
indicate
94
91
91
Anthracite
States
90
pl04
Wheat flour
Sugar meltings
Employment
Reports
85
Leather and products
reflecting principally
October,
in
p81
Calves
construction.
public
67
122
Cattle
Private residential contracts continued
substantial volume, while awards for commercial and industrial building
for
awards
98
156
Slaughtering and meat packing
Hogs
reported by the F. W. Dodge Corp.,
as
119
92
Cotton consumption
Silk deliveries
generally maintained
in August and Septembex*.
Flour production
following an exceptionally large volume of
construction contracts,
88
67
123
Textiles
September.
Value of
120
101
160
Non-durable Goods
most
industries
121
119
Beehive coke
were
non-durable
the
In
152
90
157
ingots
sharply, and Lake
high rate of crude petroleum output.
a
1938
Plate glass
Tin deliveries
closed during most of the month by an industrial
Mineral production in October was at record levels owing chiefly
producer
large
Oct.
1939
Automobiles
other steel-consuming lines rose in
October but by a sonsiderably smaller amount than output of steel.
In
the
automobile industry, however, output showed less than the marked
rise usual at this season.
This was due to the fact that plants of one
in
Sept.
1939
Steel
ore,
and
Oct.
1938
Durable Goods
at a rate of 90% of capacity,
output was the greatest for any month on record.
in the rate of output was reported in the first
industries
shipbuilding
Oct.
1939
Pig iron
Iron and steel
was
production also advanced
Sept.
Manufactures
index
increases
October
in
Pig iron
iron
Seasonal Adjustment
1939
which had increased considerably in September,
exceptionally large volume.
Activity in the machinery and
of
shipments
Without
Seasonal Variation
advanced from 111% to 120%
in activity were reported in
industries and at mines.
In the steel
seasonally adjusted
volume
To convert Indexes to
Book, multiply total by $410,269,000,
by $226,132,000.
37 Eastern States.
value figures, shown in Federal Reserve Chart
Oct.
industry ingot production
and
in Federal Reserve Chart Book, multiply
durable by .463 and non-durable by .537.
In its summary, issued Nov. 18, the
average.
and
steel
the
68
Note—Production, carloadlngs, and department store sales Indexes based on daily
To convert durable and non-durable manufactures Indexes to points In
which had increased in
industrial production showed a
of
Board's
the
94 .9
89
*
Production
Volume
74 .6
68
p90
Board continued:
and
87 .5
100.5
77
showed little change during Octo¬
of November, following the sharp
half
first
the
September."
84 .2
* Data not yet available.
production in many industries approaching capacity,
the advance was less rapid than in earlier months.
Com¬
and
104 .6
93 .6
80
total Index of manufactures figures, shown
was
modity prices generally
79 .7
110.2
averages.
Distribu¬
of November.
consumers,
89 .4
*
*
with
rise
*
-
86
Preliminary.
p
and
statis¬
92 .4
*
Department store sales, value
Department store stocks, value
Sys¬
100.0
*
at second month, of F. W. Dodge data for
ber
90 .2
97 .3
*-
Miscellaneous
maintained at the higher level in October,
the Board said, which likewise stated that "in the first
half of November industrial activity increased further but,
September,
*
78.3
*
Freight-car loadings—Total
business
general
of
summary
for October and the first half
tics
56
77
Durable goods
Non-durable goods
conditions, in the United States, based upon
financial
68
p69
Factory payrolls—Total
Octo¬
and payrols increased considerably,"
Board of Governors of the Federal Reserve
states the
p65
102
Non-durable goods
tinued in October
and employment
57
76
73
employment—Total
Durable goods
"Rapid expansion of industrial output continued in
ber,
73
68
p73
Factory
Production Con¬
Industrial
of
Expansion
p67
p6?
All other.
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
82
Residential
ore
....
and
ment
industries.
related
There
the railroads
ployment on
also
was
considerable increase in
a
v
* Data not yet available.
Preliminary.
em¬
October.
in
California Business Activity Continued to Advance in
Distribution
October,
distribution
Retail
seasonal rise from
usual
of
of
November
general merchandise in October showed about the
the advanced September
department
store
sales
Freight car loadings rose further
In the early part
level.
manufactured
products,
products, and
and
smaller
increases in
loadings of
tember
decreases
steel
of
in
some
little
Francisco. The Wells Fargo index of Cali¬
business, in terms of the 1923-25 average equaling
100, rose to a preliminary October figure of 103.7, as against
103 in September and 96.1 a year ago.
Also October ac¬
tivity compared with September showed increases in two of
the four index factors (industrial production and department
store sales on a seasonably adjusted basis), while carloading
continued
foodstuffs
and
there
were
also
held
sharp
a
recovery
Factory Employment and
Payrolls Continue in October
Security Prices
from the low of Sept.
21, prices of United
irregular changes during the period from
through the first half of November.
On Nov.
15 yields on long-
Treasury bonds were at 2.47% as compared with 2.79% on Sept. 21.
Bank
Total
cities
loans and
increased
investments at
banks
loans
reporting member banks in
rose
to
new
to
show
high levels.
moderate
Employment in New York State factories rose 3.7% from
September to the middle of October, and pay¬
the middle of
rolls advanced 6.2%
statement
8,
Deposits
10
period, according to a
Industrial
Commissioner
same
by
The percentage gains this month are the
largest recorded in any October of the 26-year period dur¬
ing which these figures have been kept.
Seasonal move¬
Com¬
ments tend to cancel each other in October and the average
York City banks.
increases.
during the
Nov.
issued
S. Miller.
reflect¬
leading
101
substantially during the six weeks ending Nov.
continued
.
Frieda
Credit
largely purchases of Treasury bills by1 New
mercial
and bank debits declined.
Increases in New York State
Government bonds showed
24
term
even
arid burlap advanced somewhat, while prices
commodities, including finished industrial products, showed
other
Following
ing
decline,
industrial materials, such as print cloths, wool, tin, and
Government
Oct.
the middle of November prices
to
change.
States
during October continued its
Wheat, cotton,
scrap.
mo6t
of
San
fornia
the middle of October to
From
number
a
Bank,
Trust Co., San
coal, forest
ore.
changes that have occurred since the general sharp rise in Sep¬
have reflected largely particular developments in individual com¬
modities.
of
Fargo
advance for the past three months, according to the current
"Business Outlook" released by Wells Fargo Bank & Union
Commodity Prices
Price
Wells
to
California business activity
increased considerably.
from September to October, reflecting
increase in shipments of miscellaneous freight, which includes most
a* large
According
Francisco
at
these
September
to
October
1914
to
1938
from
movements
reveal
no
for
the
25-year period
appreciable net
changes
in
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD Nov. 25, 1939
3332
either
employment
numbers
Index
1925-27
as
indexes
are
for
are
100,
based
October,
three
years
These
They
higher than the figures for the correspond¬
Compared with the same period a year ago, there
more workers
employed this October and total weekly
located
based
are
the
throughout
the
on
direction
of
Dr.
E.
ployed 432,906 workers
earnings
B.
These
reports
month's
month
and
and
factories
em¬
in
industrial
all
districts
districts.
industries
of
group
These
gains
reported
and
increases
these
in
same
produced
and
Albany-Schenectady-Troy
clothing
In
the
the
not
are
also
were
total
firms added
exceptional
net
In the AJtica
recorded
by
and
quite
important
as
in
as
the
City
the
metals
above districts.
large seasonal losses at canning and clothing plants
the gains in the
mills.
In
more
metal, chemical, textile and shoe industries.
ton-Endicott-Johnson City
the
dominant industry is shoes.
indus¬
Rochester
than
corre¬
6%
shipments
and
above,
above
11, 1939, 5158 mills produced 239,977,000
combined; shippeu 229,024,000 feet;
Nov.
hardwoods
feet.
for
figures
Revised
feet;
243,374,000
production,
525;
offset
In Bingham¬
The plants
in
this
172,727,000 feet,
Shipments
the
preceding
shipments,
257,-
feet,
12,302,000
for
the
Production
week
same
was
216,722,000
were
229,238,000 feet.
10,951,000 feet,
06 hardwood mills give new business as
from
Shipments as reported for the same week
2% above production.
or
1939, by 438 soft¬
11,
25% below the production of the
or
reported
as
5% below production.
or
Reports
or
15%
above
Production
production.
were
10,739,000
was
feet.
Production
mills
wood
Binghamton-Endicott-Johnson
16% above
was
reported for the week ended Nov.
mills totaled
feet,
textile
concerns.
Rochester
tries
gains
areas
the
date
to
year
8%
was
183,678,000
Mills,
Lumber orders
both employment
and mineral products
industries
metal
this
large
in
and
of
orders
were;
wood
gains in employment and payrolls in Buffalo and Syracuse.
and
softwoods
of
at
role
business
new
During the week ended
feet
The four up-State
substantial net gains in
very
Large gains at chemical
payrolls.
the
to
picture reported
1939
of
the
weeks of
of 1938; shipments were 17% above the shipments, and
19% above the orders of the 1938 period.
For the 45
201,000 feet; orders, 194,703,000 feet.
increases
especially
were
and transportation equipment plants.
which these industries play the dominant
in
weeks
were
output.
week
All Industrial Districts
the primary metal
industrial
orders
booked
machinery
the 45
for
collected
are
reporting
total weekly payroll of $12,077,385. Average
plants lose to $27.90 in October from the
Gains at Metals and Machinery Plants in
metals
23% below production.
was
new
of Statistics and Information under
This
11% less; new orders, 6% less.
New business
Shipments were 5% below output.
Reported
1% less; shipments were
sponding weeks
September figure of $27.24.
The
preceding week, production, as reported by 2% fewer mills, was
the
with
representative
2,232
These
production of the week ended Nov. 11, 1939, showed decrease of 1%; new
business and shipments decline of 33%, and 13%, respectively.
Compared
on a
these
at
from
returns
State.
Patton.
representative softwood and hardwood mills.
tions of
reports further disclosed that:
Compared with the average of the preceding 10 weeks, reported lumber
production
approximately 17% higher.
statements
weekly
the
of
average
1937.
analyzed each month by the Division
the
the
on
highest points reached in any October since 1929.
12%
were
These
factories
Miller's
to 90.7 for employment and 87.5 for payrolls.
time this year
the first
about
wages
for
rose
at the
ing month of
were
Commissioner
payrolls.
or
continued:
statement
shipments
orders
during the week ended Nov.
227,233,000
was
77
7,408,000 feet,
it was 179,231,000 feet;
173,809,000
183,683,000
feet.
In
production
and
feet
1939, of 430 identical soft¬
feet and
this
year
reported
feet,
the
mills
feet
6,581,000 feet; shipments, 10,495,000
9,021,000 feet and 7,801,000 feet.
and
and
of
case
and
identical
8,604,000
ago
11,
year ago
a
214,884,000
170,995,000
received,
hardwoods,
feet, and
respectively,
were,
a
year
and
feet
and orders,
industry laid off workers but increased payrolls and hours, and this
action produced a similar-result in the totals for the district.
Every industrial
in
October.
eral
trends
State
and
Most
in all
totals.
food
In
in New York
group
City reported
plants in almost all
the
food,
except
groups,
food
preserving plants
groups,
industries
were
large
gains
an
were
similar
at
employment gain
busier.
The
to those noted
sugar
tobacco
refining,
sufficient to offset the losses in the other
were
Automobile
industries.
dollar
The
CUv
Syracuse
—f—11.0
+ 9.6
+ M.8
Utica...........
+ 7.9
+ 13.9
Albany-Schenectady-Troy
New York City
+ 4.9
+ 7.5
+ 3.2
—0.3
+ 4.7
+ 4.0
—3.4
—1.0
...
-.
Buffalo
.
Binghamton-Endicott-Johnson City
Rochester.......
....
at
products
metal
the
1938;
portation equipment Industry the gain in wage payments
more
was
over
1939,
when
com¬
decrease of 16.0%
a
com¬
as
•;
2431.
page
The
following tabulations show the volume of financing
of September, 1939, 1938, and 1937, and the
for the month
amount of
automobile receivables outstanding at the close
month, January, 1938, to September, 1939, inclusive.
The figures are as reported to the Bureau of the Census
of each
of
the
Department of
Commerce:
AUTOMOBILE
Retail Financing
Wholesale
Financ¬
Year
Used and
ing
and
Volume
Month
Total
in
New Cars
Volume
Unclassified Cart
Volume
Volume
Thousand
Number
in
Number
in
Number
in
Dollars
of
Thou¬
of
Thou¬
of
Thou¬
Cars
sand
Cars
sand
Cars
sand
Dollars
Dollars
Dollars
1939—
creased output of iron and steel was also reflected in a substantial gain in
August-
payrolls at coke
September
ovens.
FINANCING
Summary for 456 Identical Organizations (a)
27%,
The in¬
..
Figures of automobile financing for the month of August
were
published in the Oct. 21 issue of the "Chronicle,"
expansion
than four times the increase to be seasonally expected.
September,
volume
amounted to 14%, whereas usually there is some decline; and in the trans¬
or
for
increase of 38.8%
an
and
tions.
than five times the customary amount, and were 57% above a year
earlier;
nonferrous
financing
$65,309,948,
a
The
of retail automobile receivables outstanding
September, 1939, as reported by the 224 organ¬
izations, amounted to $848,528,973. These 224 organizations
accounted for 93.1% of the total volume of retail financing
($94,316,004) reported for that month by the 456 organiza¬
disbursements increased 27%
or more
producing
compared with September, 1937.
as
wholesale
to
September,
The
The principal gains from September to October occurred in lines producing
plants
27.8%
of
amounted
a
an
at the end of
September to the middle of October, and payrolls expanded
18% to $23,000,000 a week, according to reports received
by the Federal Reserve Bank of Philadelphia from repre¬
sentative manufacturing establishments.
These gains were
substantially larger than usual.
At October levels, em¬
ployment and wage payments were respectively 15% and
34% higher than a year ago and were about the same as in
October, 1937.
From the middle of August to the middle of
October, factory employment increased 9%, or 73,000 wage
earners, and payrolls increased 19%, or $3,500,000 a week.
Under date of Nov. 17, the Bank also reported:
wage
September,
pared with September, 1937.
Employment in Pennsylvania factories increased 7 % to an
estimated total of 905,000 wage earners from the middle of
At iron and steel mills,
for
financing
40.3% hs compared with September, 1938; and
decrease of
with
Delaware Factories
heavy goods.
retail
pared with August, 1939; an increase of 129.2% compared
+ 13.7
Increases Shown in Pennsylvania Factory Employment
and Payrolls from September to October—Report
on
of
19.2% when compared with August, 1939;
of
decrease
volume
Payrolls
volume
1939, for the 456 organizations amounted to $94,316,091,
increase of
September to October, 1939
Employment
Financing in September
gen¬
in the
47,058
291,898
65,309 b237,754
116,747
94,316
94,819
62,073
197,079
70,468
46,586
167,286
54,674
47,730
Most other major lines also reported marked improvement in the month,
the only exception being the food industry where a slight contraction was in
evidence.
Wage payments at textile and clothing mills
October than in September.
were
Average hourly earnings of factory employees in Pennsylvania increased
from about 69 cents to nearly 70 cents, the highest level since January
Factory
employees in the reporting
week in
as
The
against 36
a
averaged about 39 hours
a
month earlier.
announcement
had
the
41,845
229,692
183,542
86,552
67,240
632,887 1,976,103
752,627
590,055 373,049 1,385,448 379,578
161,530
393,424
99,000
320,652
162,783
130,690
166,372
77,760
127,486
76,945
Total 9
end.
say
regarding
1% from September
to
October, owing primarily to the seasonal contraction in activity at can¬
neries.
Payrolls in the same period advanced more than 6%.
Employ¬
Sept.
August.
a
Movement—Week
Ended
lumber
movement
29.6%
Percent
Per Cent
averages
of 1937
Nov.
Per cent of 1938
-
-
--
104
AS
were new cars,
69.9%
109
123
61
91
94
according to reports to the National Lumber Manufacturers
regional associations covering the opera-
Association from
were
b Of this
used cars, and 0.5% unclassified.
REPORTED BY 224 IDENTICAL ORGANIZATIONS
1939
1938
S
1938
%
$
January
696,959.547 1,064,815.488
July
691,191,242 1,012,305,493
709.667.390
967,096,723
August
April
739.798.724
932,526,760
October
May
779,381.455
November
June
817,788,623
904,154,673
867,737.238
838,516,497
806.713,720
765,892,109
721,982,338
710,882,434
December..
706,847,563
October
Flour
Output
September..
Slips
840,491,007
854,629.839
848,528,973
950,000
Barrels
Under
Previous Months' Ten-Year High
125
78
..
11,
of prior
73
Shipments
Orders
of 1929
53,745
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
March
during the week ended
1989, in relation to the seasonal weekly
years, was as follows:
Production
63,782
February...
Nov. 11, 1939
The
44,451
36,706
227,052
193,166
Of these organizations, 37 have discontinued automobile financing,
number
$
Lumber
163,653
135,648
Total 9 mos.
1939
of
30,534
1937—
17% above October, 1938 and payrolls nearly 24% larger.
Report
42,101
47,894
1,452,740 3,471,444 1,417,368 1,456,087 855,046 2,015,357 562,322
At Delaware factories, employment declined about
Weekly
66,039
mos.
September
following to
858,946 551,513 1,677,838 468,142
28,500
conditions in Delaware factories:
ment was about
1,062,523 2,536,784 1,019,655
August
1938,
and average weekly earnings were advanced from $24.81 to $27.14.
October
Sept.
1938—
September
Activity at men's clothing mills
slackened somewhat, and the output of shoes declined considerably.
concerns
end.
moB.
14% larger in
At plants turning out silk goods and carpets
and rugs, gains were smaller than usual.
Total 9
As reported to "The
Northwestern Miller" by mills whose
total production
put,
6,381,680
represents about 64% of the national out¬
barrels of flour were produced in October.
The previous month's output, the highest
for
any month
in
Volume
10
ONE HUNDRED—
149
Commercial & Financial Chronicle—YEARS OLD
The
7,330,043 barrels.
Thus production declined
about 950,000 barrels during tbe month of October.
Nevertheless, October's figure is little different from
years,
was
6,448,458 barrels, the total of October, 1938.
3333
Statement of Sugar Statistics for Nine Months of 1939
Issued by Department of Agriculture—Deliveries
Above Year Ago
The
The month's
ing the month, and Northwestern spring wheat mills slipped
242,580 barrels under the previous month's production. Pro¬
duction by Buffalo mills declined 55,810 barrels.
Following is a detailed table showing October production
Sugar Division of the Department of Agriculture
Nov. 7 its monthly statistical statement covering
the first nine months of 1939, consolidating reports obtained
from cane sugar refiners, beet sugar processors, importers
and others.
Total deliveries of sugar during the first nine
months of 1939 amounted to 5,521,110 short tons, raw
value, compared with 4,926,521 tons during the corre¬
sponding period last year.
The Division's announcement
by producing sections:
went
output two and three years ago, respectively, was 6,128,307
barrels and 6,058,230 barrels.
Hard winter wheat mills of
the Southwest lost about 327,405 barrels in production dur¬
TOTAL
MONTHLY FLOUR PRODUCTION
Sept.,
Oct.,
1939
1939
1938
on
to say:
on
Distribution of
(Output reported to "The Northwestern Miller," in barrels, by mills representing
64% of the total flour production of the United States)
Oct.,
issued
Oct.,
Oct.,
1937
1936
United
in continental
sugar
January-September, 1939, in short tons,
raw
States during
value, was
as
the
period
follows:
refiners (Table 1)
Refined sugar by refiners (Table 2, less exports)
Beet sugar processors (Table 2)
Importers of direct consumption sugar (Table 3)
Mainland cane mills for direct consumption (Table 4)___
Raw sugar by
5,584
3,571,587
1,361,477
499,514
82,948
Northwest
1,514,326 1,756,908 1,530.064 1,446.405 1,425,280
2,334,965 2,662,372 2,249,956 2,271,176 2,332,611
Buffalo
1,006,681 1,062,491 1,028,030
860,082
953,680
Central West—Eastern Division
487,708
568,248
528,490
316.562
338,753
Western Division..
295,816
285,622
380,770
326,815
298,943
Southeast
131,217
200,330
346,597
310,856
329,649
Pacific Coast
610,967
.....
698,924
438,506
508,494
508,424
Total—.
5,521,110
....
The distribution of sugar for local consumption in the
for the first nine months of 1939
was
Territory of Hawaii
27,159 tons, and In Puerto Rico it
Stocks of sugar on hand on Sept. 30. in short tons, raw value, were as
follows:*
Totals
6.381,680 7.330,043 6,448,458 6,128,307 6,058,230
1939
...
Refiners' refined
4,264,798 Tons of Sugar Received from Off-Shore Areas
—
Beet sugar factories
Importers' direct-consumption sugar
1938
1937
119,912
;
283,337
214,682
302,719
288,867
412,927
363,655
116,144
146,744
316,038
160,275
109,250
920,650
Refiners'raws
1,181,493
732,307
During 10 Months of 1939
The Sugar
Total.
Division of the Department of Agriculture
Nov. 9 issued
shows that the
on
report on the entries of sugar from off-shore
a
during the first 10 months of the
areas
The report
year.
quantity entered for consumption during the
period January-October amounted to 4,264,798 short tons,
value.
raw
was
52,665 tons (Table 5).
For
the
corresponding period
last
year
the
quantity entered (and charged against the 1938 quotas for
the off-shore areas) totaled 4,405,709 tons.
The figures are
subject to change after final out-turn weight and polariza¬
tion data for all importations are available.
A total of 273,215 short tons of sugar, raw value, was marketed by the
mainland cane areas (including marketings by producers who
are also refiners) and 1,361,477 tons by the continental beet
area during the first nine months of this year.
Data for
October are not yet available.
The data
obtained in the administration of the Sugar Act of 1937.
were
from offshore
The statement of entries
was
made
during January-September
areas
(This table
public on Oct. 10.
was
given in these columns of
Nov. 4, page 2887.—Ed.)
*
processing held by importers other than refiners, nor
Not including raws for
the stocks of sugar held by mainland cane factories shown in Table 4.
TABLE
I—RAW
REFINERS' STOCKS, RECEIPTS, MELTINGS
FOR DIRECT CONSUMPTION FOR JANUARY-
SUGAR:
DELIVERIES
AND
1939—IN SHORT TONS. RAW SUGAR VALUE
SEPTEMBER,
Compiled in the Sugar Division, from reports submitted by sugar refineries
on
Form SS 15A.
Stocks
Deliveries
Lost
J or Direct
Con¬
Fire, Sept. 30,
sumption
&c.
on
Jan.
Source of Supply
1,
Receipts
Mettings
1939
10,136
Cuba
Hawaii
22,299
114,705
28,112
99,953
-
Stocks
by
on
1939
1,230,633
711,806
1,089,642
1,544
0
149,583
687,829
2,669
0
43,607
203
0
858
0
57,806
27,265
275
0
0
0
0
35
0
4,953
Virgin Islands—
Other countries..
ENTRIES FROM OFF-SHORE AREAS
Amount
Effect Prior
Sept. 11
Entered, Through
to
Oct.
31,1939
1,932,343
1,041,023
59,111
Philippines
_
.
_
_
Less amount realloted on July 10
Puerto Rico
981,912
806,642
048,218
9,013
85,812
924,348
951,434
4,264,798
—
Hawaii
Virgin Inlands
Foreign countries other than Cuba..
*
Total
consumption sugar
is
included
in
the
331
0
0
0
288,971
3,520,226
3,520,276
5,584
0
283,337
2—STOCKS, PRODUCTION AND DELIVERIES OF CANE AND
STATES REFINERIES AND PROCESSORS,
JANUARY-SEPTEMBER, 1939—IN SHORT TONS, RAW SUGAR VALUE
BEET SUGAR BY UNITED
Compiled by the Sugar Division, from reports submitted by the sugar refineries
factories on Forms S3 16 A and SS 11 C.
and beet sugar
794,896
5,602
44,374
Domestic Beet
Refineries
Initial stocks of refined, Jan.
quantities.
The
during the period January-October, showing separately sugar polarizing
99.8 degrees and above and sugar polarizing less than 99.8 degrees.
The
separation of sugars into polarization groups is based on reports of the
out-turn weight and polarization for each cargo of direct-consumption
entered.
Final stocks of refined, Sept.
Factories
a
358,137
3,600,711
b3,644,l66
214,682
1,1939
Deliveries
above
following tabulation shows the quantities entered for direct consumption
sugar
331
123
TABLE
Direct Consumption Sugars
Direct
0
(sweepings, Ac.)
Miscell.
Total
1,544,144
4,763,940
Cuba
33,412
Continental
1939 Quotas
in
13,766
639,092
777,511
280,453
3,228
42,190
Philippines
(Short Tons—96 Degrees Equivalent)
Area
0
582,396
777,522
180,898
3,228
Puerto Rico
30,1939
1,351,563
312,633
cl,361,477
302,719
converted to raw value by using the factor 1.060259,
which is the ratio, of meltings of raw sugar to refined sugar produced during the
a
The refiners' figures are
1937 and 1938.
years
b Deliveries
include sugar delivered against sales for export.
The Department
that exports of refined sugar amounted to 72,579 short tons,
of Commerce reports
raw
c
nine months of 1939.
deliveries by a small amount representing losses In transit,
value, during the first
Larger than actual
through reprocessing, Ac.
(Short tons—96 Degrees Equivalent)
TABLE
RECEIPTS
3—STOCKS,
DELIVERIES
AND
DIRECT-CON¬
OF
SUMPTION SUGAR FROM SPECIFIED AREAS, JANUARY-SEPTEM¬
Quantity Entered
BER,
Compiled
1939 Quotas Sugar Polar¬ Sugar Polar¬
in Effect
izing 99.8
izing Less
Prior to
Degrees and Than 99 .8
Above
Sept. 11
Degrees
Area
1939—IN SHORT TONS, RAW SUGAR VALUE
in the Sugar Division from reports and Information submitted by
distributors of direct-consumption sugar on Forms SS 15 B and SS 3
mporters and
Total
Quantity
375,000
126,033
29,616
249,931
124,308
Puerto Rico
Hawaii
Philippines...-...—,
....
80,214
10,995
53,857
12,932
14,684
1,006
15,086
439,091
43,708
Jan. 1,
Supply
1939
333,786
9,525
303,633
9,354
a96.57l
0
482,799
a7,787
6,994
—
Philippines.....
124,791
64,184
117,021
63,565
15,657
7,613
0
0
0
0
119
119
0
4,944
5,822
0
82,077
China and Hongkong....
Other foreign areas......—
Area
in
Effect Prior
Sept. 11
to
CIn Pounds)
China and Hongkong
996,917
23,073,847
731,419
■pomtn)Republic,.
Dutch Kent IndJea.....
Guatemala
Haiti
.«■
..
-
Mexico
....
Nicaragua.
Peru
United Kingdom....
Quotas not used as
Unallotted reserve
...
of Sept. ll.b
_
...
1,158,805
3,188,909
20,871,111
35,366,060
38,456,297
1,213,356
46,067,279
500,000
Quantity
Entered Through
Oct.
31, 1939
a
(In Pounds)
Total.......
a
Includes sugar in bond
537,349
499,514
119,912
996,500
749,312
7,398,225
34,810,833
917,214
CANE
MILLS'
STOCKS,
PRODUCTION
AND
DELIVERIES, JANUARY-SEPTEMBER, 1939
250,313
42,941,000
178,023
507,507
and in customs' custody and control.
4—MAINLAND
TABLE
171
878
0
ENTRIES FROM FULL-DUTY COUNTRIES
1939 Quotas
Sept. 30,
Usage
66,418
Cuba
Puerto Rico
Total
Stocks on
or
Receipts
1939
262,863
138,992
12,001
68,943
610,863
—
Deliveries
Stocks on
Entered
Source of
Cuba..
Direct
Deliveries for
Further
Consumption
Processing
Sept. 30, 1939
82,948
172.953
11,410
Ddiveriesfor
Production
Stocks on
Jan.
1, 1939
75,723
191,588
Stocks
on
TABLE 5—DISTRIBUTION OF SUGAR FOR LOCAL CONSUMPTION IN
0
THE
0
SEPTEMBER, 1939
TERRITORY
OF
HAWAII
AND
PUERTO
RICO,
JANUARY-
(In Short Tons, Raw Value)
Totft'
Tons
171,624,000
85,812
88,748,927
44,374
Territory of Hawaii
.........
Puerto Rico
......—
27,169
....
...—
62,665
—-—......—
Excluding 20,000 pounds entered from each area under tbe provisions of Sec. 212
of the Sugar Act of 1937.
•
b
Argentina, 60,436; Australia, 705: Belgium, 1,018,350; Brazil, 4,141; British
Malaya, 91; Canada, 1,952,228; Colombia, 925; Costa Rica, 71,271; Czechoslovakia,
911,060; Dutch West Indies, 23; France, 605; Germany, 404; Honduras, 11,877,151;
Italy, 6,062; Japan, 13,871; Netherlands, 753,842; Salvador, 28,402,670; Venezuela,
1,003,444.
There have been entered under the provisions of Sec. 212 of the Act,
279 pounds from Canada, 30 pounds from Chile, 1,481 pounds from France, 54
pounds from New Zealand, 3,066 pounds from Sweden and 174 pounds from
Venezuela.
Gas
Utility Revenues Gain in September
Revenues
of
manufactured
and
natural
gas
utilities
amounted to $55,470,000 in September, 1939, as compared
with. $53,598,200 for the corresponding month of 1938, an
increase of
3.5% it
was
announced
on
Nov. 21 by Paul Ryan,
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3334
Chief Statistician of the American Gas Association.
enues
from industrial and commercial
users rose
Rev¬
Nov.
25,
1939
conditions in the East Texas field, including the applications
of nearly 50 operators in that area who are seeking increased
frofti $18,-
696,000
allowables for their wells.
of
A 10% decline in the total value of the crude petroleum
production in the United States during 1938 as compared
with the previous year was reported by the United States
a year ago to $20,414,400 in September, 1939, a gain
9.2%.
Revenues from domestic uses such as cooking,
water heating and refrigeration, &c., were $35,055,600 for
September, 1939, as compared with $34,902,200 a year ago,
an increase of
0.4%. "
The manufactured gas industry reported revenues of
$28,615,200 for the month, an increase of 0.8% from the
same month of the preceding year.
Revenues from com¬
mercial sales of manufactured gas gained 0.9%,
while
revenues from industrial uses were
11.2% higher than for
September, J938.
Revenues from domestic uses were sub¬
stantially unchanged from the corresponding period of 1938.
Ik The natural gas utilities reported revenues of $26,854,800
for the month, or 6.5% more than for September 1938.
Revenues from sales of natural gis for industrial purposes in¬
creased 13.4%, while the increase in revenue from sales for
domestic purposes was 1.3%.
Bureau of Mines in its final statistical report on 1938 opera¬
tions of the domestic petroleum industry.
The report
placed the total for 1938 at $1,367,060,000, as compared with
$1,513,340,000 for the
There
and
Its
Oil
Bradford, Pa
ventories
Spurt—Disney Attacks Excise Tax Cut—
Proration Meeting Dec. 15
Average daily market demand for crude oil in the domestic
field during December
was
estimated at 3,619,700 barrels in
the monthly forecast of the United States Bureau of Mines,
made public in Washington on Nov. 18.
The total set for
the closing month of the year was
virtually unchanged from
10% in excess of the total
demand for the comparable 1938 period.
Lower allowables were recommended for four of the
"Big
Six" oil-producing States—Texas, California, Louisiana and
Kansas—while increased production was suggested for wells
the current month but
was some
located in Oklahoma and Illinois.
remaining
Gains and increases in the
12
oil-producing States were limited to small
fluctuations.
The daily allowables recommended for the
various States by the Federal agency follow:
State
December
Texas
Oklahoma
Illinois
Not ember
1,438,100 1,444,000
594,500
596,000
437,600
429,000
315,200
303,000
California
-
Louisiana.
Kansas
255.200
New Mexico
...
Michigan
Wyoming.
Arkansas
__
259.000
168,000
110,000
61,000
60.000
56,100
160,000
111,000
63,000
63.000
57,000
Slate
December
Pennsylvania
Kentucky..
Montana
New York
West Virginia..
Ohio
Indiana
Colorado
—
50,000
16,100
15,200
15,200
10,000
8,1C0
5,200
4.200
Not ember
52,000
16,000
16.000
15,000
10,000
9,000
4,000
Totals
Petroleum
Institute
disclosed.
The
205,200-
barrel
decline pared the total to 3,592,000 barrels
daily,
which compared with the November market demand estimate
of the Bureau of Mines of 3,620,000 barrels.
Operators in the Lone Star State recorded a decline of
216,150 as wells ran only four days during the week, with
daily average output dropping off to 1,331,250 barrels.
California production was off 2,700 barrels to a
daily average
of 624,000 barrels.
A slump of 1,300 barrels pared the daily
the week ended Nov. 11 was disclosed in the Nov. 19
report
of the Bureau of Mines which indicated that stocks were
up
to 230,037,000 barrels.
Inventories of domestic crude ex¬
panded 1,113,000 barrels, while stocks of foreign crude oil
rose
156,000 barrels.
Heavy oil stocks in California,not
included in the "refinable" stocks, totaled
13,752,000 barrels,
up 135,000 barrels from the previous week.
The State Department exceeded its
powers under the
reciprocal trade agreement by reducing the excise tax upon
imported crude oil under the Veneuzelan trade agreement,
Representative Disney, of Oklahoma, charged in a letter
sent to Secretary of State Hull on Nov. 22.
Mr. Disney, a
member of the House
Ways and Means Committee which is
in charge of revenue and tariff
legislation, stated that the
question of whether the State Department could modify
existing taxes under reciprocal tax rates has long been
settled, and the Department does not have such power.
With the United States
Supreme Court ruling against the
Government in its appeal against the action of
Judge Stone
in releasing many of the defendants in
the Madison anti¬
trust case again, it
appears as though the Department of
Justice will ask the Supreme Court for a
rehearing of its case.
On Nov. 22, the Court sustained the decision
of the Seventh
Circuit Court of Appeals
to defer
dence
on
introduced
returned
held
ruling
up
a
upholding the right of Judge Stone
the sufficiency of the Government's evi¬
at
verdict.
until
a
new
the trial until after the
jurors had
It is probable that the
appeal will be
justice is named
to
replace the late
Justice Butler.
1.22
$1.03
1.02
over
1.20
Sunburst, Mont
1.22
1.03
1.25
Huntington, Calif., 30 and over—
Kettleman Hills, 39 and over
1.24
The
PRODUCTS—DECEMBER
final
of
MOTOR
INVENTORIES
DIP—TANKER
month
1.05
75
over
HIGHER—GA80LINE
ERATIONS
the
RATES
DEMAND
FUEL
RISE—REFINERY
OF-
FIRMER
will
year
periods of rising gasoline demand,
on
see 12 uninterrupted
the basis of the Decem¬
ber domestic market demand estimate for gasoline released
by the United States Bureau of Mines.
The Federal agency,
for the 12th consecutive month, indicated a rise over the
comparable period
a year earlier.
Home demand for motor
placed at 43,600,000 barrels, up 5% from the actual
closing month of 1938.
Exports were set at
4,600,000 barrels, 800,000 barrels less than actual exports
fuel
was
total for the
in December
a
year ago.
While
refinery operations showed a slight contraction dur¬
ing the week ended Nov. 18, stocks of finished and unfin¬
ished
gasoline
nearly
half
million barrels.
The
showed stocks were
73,696,000 barrels, which is more than 4,000,000 barrels
above the total reported for the
comparable 1938 date.
Should refinery runs hold at their
high rate—to furnish fuel
oil in which process gasoline is an
off-product—record stocks
next spring are a possibility, oilmen fear.
A reduction of less than 1 point in
refinery operations pared
the total to 82.8% of capacity, off 0.9
point.
Daily aver¬
age runs of crude to stills were off 21,000 barrels to a
daily
figure of 3,515,000 barrels.
With fuel oil stocks limited on
American
rose
Petroleum
high refinery
a
Institute
the East and Gulf coasts,
tinued
report
and demand rising sharply,
con¬
to build up stocks at these points
runs
assured.
Although demand has been especially heavy, firming
of the oil
for
up
tanker market in the Gulf Coast-North Atlantic
developed during the week.
area
The most recent fixture
was made at 40 cents a barrel, agiinst the 15barrel price which was in effect at the outset of
(he
gasoline
cent
a
European
in September.
Kerosene quotations are up
against 15 cents and light heating oil up to 44
cents from 16 cents in late
August.
Dircy tonnage to move
heavy fuel oil is priced at 40 cents a barrel, againsu 17 cents.
war
to 42 cents,
U.
S. Gasoline (Above 65
New York—
Octane), Tank Car Lots, F.O.B. Refinery
New York—
Other Cities—
Std.Oil N.J.$.00H-.07
Texas
Socony-Vac.
T.Wat.Oil.
Gulf..
MX-.08H
New Orleans..
Shell
.07 ^-.08
Gulf ports
.06K-.07
.08K-.08J*
RlchOil(Cal) .08K-.08K
Warner-Qu_ .07K-.08
$07 H-.08
East'n
Chicago
$.05
Tulsa
-.05 J*
MH--07
-.0534
04JS-.05K
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
| North Texas
$.0511 Los Angeles..
(Bayonne)..
Fuel Oil, F.O.B.
N. Y.
(Bayonne)—
$.04
iNew
or
$1.15
Diesel
Orleans_$.05K--0534
04
-.0434
|Tulsa
.03 34-.05
Refinery
Terminal
| California 24 plus D
Bunker C
$1.00-1.25
1.651
I New Orleans C
PhUa., Bunker C
$1.00
1.45
I
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
27 plus
| Chicago—
|
28-30 D
$.04
i
$.053
Tulsa
..$.02J4-.03
I
Gasoline, Service Station, Tax Included
*
New York
a
Brooklyn...
s
$.17
| Newark
$.1661 Buffalo
.1851 Chicago
17 1 Boston
Not Including 2% city sales tax.
$.174
.17
Daily Average Crude Oil Production for Week Ended
Nov. 18 Drops 205,200 Barrels
The
daily
American
Petroleum
Institute
estimates
that
the
crude oil production for the week ended
18, 1939, was 3,592,000 barrels.
ThL was a loss of
205,200 barrek from the output of the previous week, and
the current week's figure was below the
3,620,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions
imposed by the various
oil-producing States during November.
Daily average pro¬
duction for the four weeks ended Nov. 18, 1939, is estimated
at 3,597,250 barrels.
The daily average output for the
week ended Nov. 19, 1938, totaled 3,255,800 barrels.
Fur¬
ther details as reported by the Institute follow:
average gross
Nov.
Imports of petroleum for domestic
use
and receipts in bond at principal
United States ports for the week ended Nov. 18 totaled
1,215,000 barrels, a
daily
average
of 173,571 barrels, compared with
barrels for the week ended Nov.
weeks ended Nov.
18 totaled
compared with
a
11
and
a
daily
average
of 91,857
135,500 barrels daily for the four
18.
Receipts of California oil
ended Nov.
The Texas Railroad Commission will hold its next State¬
wide oil proration hearing in Austin on Dec.
15, it was learned
late this week.
At the next meeting of the State
1.03
Michigan crude
95
Smackover, Ark., 24 and
average for Oklahoma to 430,500
off 1,050 to 266,450 barrels.
barrels, while Louisiana was
Kansas, the only major oilproducing State to show a gain, had a daily average produc¬
tion total of 179,500 barrels, up 14,600 barrels.
An increase of over
1,200,000 barrels in holdings of
domestic and foreign crude oil in the United States
during
Darst Creek
Western Kentucky
3,619,700 3,620,000
average crude oil output was off more than 200,000 barrels
during the week ended Nov. 18, the mid-week report of the
American
Eldorado, Ark., 40
Rusk, Texas, 40 and
Mid-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
4,000
daily
1.25
1.02
Co.)
Illinois
seem
With Texas again on a four-day production week,
$2 40
Lima (Ohio OU
Corning, Pa
Demand
10% Above Last Year—Bureau of Mines Estimate
Unchanged from November, However—Daily Av¬
erage
Crude Output Sharply Lower—Crude In¬
changes.
Price* of Typical Crude per Barrel at Wells
REFINED
Products—December
1937.
year
crude oil price
(All gravities where A. P. I. degrees are not shown)
♦
Petroleum
were no
daily
at Atlantic and Gulf Coast ports
146,000 barrels,
a
for the week
daily average of 20,857 barrels,
average of 9,429 barrels for the week ended Nov. 11
and 13,964 barrels daily for the four weeks ended Nov.
18.
regulatory
group,
Reports received from refining companies owning 86.2% of the 4,411,000barrel estimated daily potential refining capacity of the United States,
special consideration will be given to the production
indicate that the industry as a whole ran to stills, on a Bureau of Mines
Volume
ONE HUNDRED—The Commercial & Financial
149
basis, 3,515,000 barrels of crude oil daily during the week, and that all
and in
pipe lines as of the end of the week, 73,696,000 barrels of finished and un¬
finished gasoline.
The total amount of gasoline produced by all companies
companies had in storage at refineries bulk terminals, in transit
12,189,000 barrels during the week.
is estimated to have been
The Bituminous Coal Division of the U. S.
Department
weekly report stated that the
production of soft coal in the week ended Nov. 11 is
estimated at 9,926,000 Det tons, a decrease of 334,000 tons,
or 3.3% ftpm the
preceding week. Production in the corre¬
sponding week of 1938 amounted to 8,185,000 tons.
total
(Figures In Barrels)
a
Four
Week
Week
Change
Weeks
lated
State
Ended
from
Ended
Require¬
Allow¬
Nov. 18,
Previous
Nov. 18,
ments
ables
1939
Week
1939
Calcu¬
918,000 tons, increased 175,000 tons (nearly 24%) over the
and showed a gain of 100,000 tons (about
12%) in comparison with the week of Nov. 12, 1938.
week of Nov. 4,
of the Interior in its current
DAILY AVERAGE CRUDE OIL PRODUCTION
B.OfM.
3335
YEARS OLD
Ended
Nov.
19,
ESTIMATED
PRODUCTION
STATES
UNITED
SOFT
OF
COAL
WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
(In Thousands of Net Tons)
1938
(.Nov.)
Calendar Year to Date d
Week Ended
429,000 b430,500 —1,300
170,600 bl79,500 + 14,600
421,900
447,900
176,200
154,150
75,200
84,300
29,400
60,200
228,700
30,600
203,850
89,000
91,400
Southwest Texas
77,650 —4,500
83,800 —11,550
28,350 —6,050
224,550 —38,550
—4,450
91,250
398,450 —96,750
205,050 —31,350
206,650
370,700
223,150
Coastal Texas..
222,150 —22,950
220,150
208,550
429,000
Oklahoma
Kansas
169,000
-
Nov. 4
Nov. 12
1939
11
Nov.
1938
1939
Panhandle Texas
North Texas
West Central Texas...
West Texas
East Central Texas—
East Texas
74,850
421,300
Bituminous Coal
1,444,000 C1396 225 1,331,250 —216150 1,354,700 1,263,300
Total Texas
Coastal Louisiana
—2,650
201,000
188,100
267,000
68,100
258,994
266,450
57,000
68,865
70,700
1,100
+ 1,750
327,900
—1,100
102,550
64,700
—850
63,300
+ 1,300
Montana
303,000
106,000
63,000
63,000
16,000
16,750
—350
Colorado
4,000
3,900
—50
Arkansas
Mississippi
.
Eastern
(not incl. 111.).
Michigan
Wyoming
111,000
New Mexico
Total east ol Calif..
Includes for
+ 550
52,050
55,650
13,850
3,800
61,250
17,050
3,800
112,600
108,150
3,592,000 -205,200 3,597,250 3,255,800
3,620,000
Mines' calculations of the requirements of domestic crude
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
oil based upon certain
to be
5,609
production
of
5,195 244,126 238,976 199,233
of historical comparison and statistical convenience the
b Total barrels produced during the week converted to
purposes
lignite,
equivalent coal assuming 6,000,000 B. t. u. per barrel of oil and 13,100 B. t. u. per
pound of coal,
c Armistice Day weighted as 0.6 of a normal working day.
d Sum
of 45 full weeks ending Nov. 11, 1939, and
ESTIMATED
corresponding 45 weeks of 1938 and 1929.
OF PENNSYLVANIA ANTHRACITE
PRODUCTION
COKE
BEEHIVE
AND
(In Net Tons)
179,650
102,850
63,750
2,968,000 -202,500 2,981,000 2,587,200
668,600
616,250
596,000 d 599,000
624,000 —2,700
These are Bureau of
a
330,900 1
3,024,000
California
6,082
cl,462
900
+ 150
109,400
111,000
1,710
Crude Petroleum b—
Coal equivalent of weekly output
50,750
259,000
Total Louisiana
1929
1938
8,185 324,578 284,865 457,579
1,071
1,716
1,223
10,260
1,654
Daily average
257,950
—1,050
Illinois
69,850
66,000
+ 1,600
67,400
199,050
9,926
Total, including mine fuel
a
North Louisiana—
1939
a—
Nov. 4
Nov. 12
1939
1939
1938
1938
1939
1929
c
c
Penna. Anthracite—
Total, incl. colliery fuel
918,000 743,000 818,000 44,548,000 39,314,000 62,680,000
149,800
238,800
169,700
183,600 148,600 163,600
a
Daily average
Commercial productionb 872,000 706,000 777,000 42,321,000 37,348,000 58,167,000
Beehive Coke—
United States total
77,400
12,900
11,717
operations,
b Excludes colliery fuel,
of working days In the three years.
5,836,200
2,746
21,696
authorized
Adjusted to make comparable the number
c
PRODUCTION
WEEKLY
ESTIMATED
738,800
3,193
and coal shipped by truck from
Includes washery and dredge coal,
a
858,900
13,700
2,283
70,300
Daily average.
produced.
figures are for week ended 7 a. m. Nov. 15.
allowable for the month of November obtained from the
best available sources and takes into consideration ordered shutdowns for 11 days
during the month, namely Nov. 1, 4, 5, 11, 12, 15, 18, 19, 25, 26, and 30.
d Recommendation of Central Committee of California Oil Producers.
Note—The figures indicated above do not Include any estimate of any oil whloh
Calendar Year to Date
Week Ended
Nov. 11
COAL,
OF
BY
STATES
b Oklahoma and Kansas
(In Thousands of Net Tons)
This Is the net basic
c
might have been surreptitiously
CRUDE
TO
RUNS
subject to revision on receipt of monthly tonnage reports from
produced.
STILLS AND
ENDED
NOV.
Nov.
Stale
18, 1939
Nov. 4
Oct. 28
Nov. 5
Nov. 6
Nov. 2
1939
1939
1938
1937
1929
Gasoline
to Stills
Production
at
District
Rale
Daily
Percent
Inc. Natural
Average
Operated
Blended
Percent
Reporting
Refineries
2
2
3
2
300
241
253
350
87
79
71
64
144
167
156
143
164
245
1
1
1,014
940
874
1,094
1,299
1,571
367
347
286
359
378
536
80
82
76
80
103
Kansas and Missouri
152
146
129
142
148
175
Kentucky—Eastern
923
973
741
803
979
724
179
156
165
168
284
218
41
27
31
57
35
Alabama
Arkansas and Oklahoma
Colorado
Georgia and North Carolina
Illinois
Indiana
East Coast
615
100.0
572
93.0
1,542
Appalachian
166
87.3
133
91.7
501
Indiana, Illinois, Kentucky.
615
90.2
541
97.5
2,201
Oklahoma. Kansas, Missouri
419
81.6
259
75.7
z941
316
50.3
119
74.8
499
1,055
90.0
779
82.0
2,609
Louisiana Gulf
179
97.8
137
78.3
393
North Louisiana & Arkansas
100
55.0
43
78.2
155
Rocky Mountain
118
54.2
48
75.0
234
California
828
90.0
519
69.7
1,529
Inland Texas
86.2
Reported
82.8
3,150
10,604
365
Estimated unreported
1,585
-
Iowa
Western
38
Maryland
Nov. 11,1939
•U.S.B.of M.
3,515
3,536
4,411
4,394
Nov. 18.1939
Estimated Bureau of Mines' basis,
a
week's
average,
yll,200
November, 1938, dally average,
x
y
This
z
13
10
16
21
26
77
78
87
83
New Mexico
26
29
35
29
60
62
428
503
549
764
1,852
2,034
2,807
2,993
114
100
118
Tennessee
18
17
17
16
29
84
87
96
123
112
372
376
278
283
265
217
—
Virginia
48
47
48
42
55
72
2,238
2,306
1,699
1,814
2,171
1,271
710
733
516
556
780
776
143
138
165
184
Washington
West
Virginia—Southern.a
District
At Terms,
Total
Finished
At
in Transit
Finished
and
Refineries
and in
East Coast
17,029
2,547
10,298
6,871
17,894
Appalachian.
Ind., 111., Ky
Okla., Kan., Mo
2,839
10,711
6,149
1,566
10,541
Inland Texas
5,837
1,346
9,130
2,264
At Terms,
At
Refineries
Pipe Lines
Unfin'd
6,317
Other Western
5,444
302
161
10,260
in Transit
2,905
4,366
30
2,723
5,585
"723
"52
"266
2,630
1,131
29
235
369
239
7
621
Mountain..
953
1,030
145
13,778
14,797
8,063
l",840
59,611
22,389
63,417
5,070
68,526
28,484
9,969
83,055
27,355
5,170
840
1939...
68,487
Nov. 11, 1939---
68,216
73,696
73,271
a29,324
a29,031
63,849
69,423
32,480
Rocky
California
Reported
Est.
unreported
282
1,134
887
1,060
1,218
1,896
11,599
9,002
10,007
12,484
12,774
S.
U.
B.
to
a85,405
a85,912
produced
creases,
respectively, of 8.5%
a
October
Industry
Portland cement
12,538,000
barrels,
mills, and had in stock
Production and
October, 1939, showed in¬
and 3.8%, as compared with
Portland cement stocks at mills were 3.4%
year ago.
statistics given
The
Cement
month 19,868,000 barrels.
shipments of Portland cement in
27,103
119,301
basis,
a For comparability with last year these
increased by stocks "At Terminals, &c.," In California district
♦
below are compiled from reports for
all manu¬
by the Bureau of Mines from
received
Bureau of Mines reported that in
reduced loadings reported on
spite of
Nov. 7, Election Day, and
Armistice Day, the total production of Pennsylvania
anthracite for the week ended Nov. 11, amounting to
Nov. 11,
mill
The
value
of
the first nine months
According
total
Weekly Coal Production Statistics
S.
1939,
October,
in
Portland
of Mines reported that the
shipped 12,830,000 barrels from the
27,355
Estimated Bureau of Mines'
U.
The Bureau
the
of
Statistics
October
facturing plants.
Nov. 18.1938..
*
The
C. & G.;
of State
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,
a Alaska, Georgia, North Carolina and South Dakota included
with "other Western States."
* Less than 1,000 tons.
October, 1938.
Mines
*
figures must be
the B.
on
lower than
9,969
10,878
operations on the N. & W.; C. & O.; Virginian; K. & M.; B.
& O. in Kanawha, Mason and Clay Counties,
b Rest
Includes
at the end of the
2,350
10,302
85
11,266
743
442
♦Est. total U. 8.:
Nov. 18,
8,947
including the Panhandle District and
industry
1,831
No. La. & Arkansas
Louisiana Gulf
8,115
and in
7,122
1,999
Texas Gulf
10,425
s8
11,003
357
862
397
*
*
*
States.c
Pipe Lines
3,982
1,769
139
123
Wyoming
Total, all coal
Fuel Oil
and Distillates
117
116
18
90
Texas.--
a
Total
835
856
555
2,626
109
Pennsylvania bituminous
and
Unfinished Gasoline
62
536
2,516
Ohio
GAS AND
Stocks of Residual
Oil
69
85
81
North and South Dakota
(Figures In Thousands of Barrels of 42 Gallons Each)
Stocks of Gas
128
77
Pennsylvania anthracite,d
Stock of Finished and
100
236
8
12
Total bituminous coal
12% reporting capacity did not report gasoline production.
8
409
79
production based on the U. S. Bureau of Mines November, 1938, dally
STOCKS OF FINISHED AND UNFINISHED GASOLINE AND
FUEL OIL, WEEK ENDED NOV. 18. 1939
1
8
Montana
Northern.b
x3,244
Njov.ll, 1938
♦
Is
12,189
12,076
*
8
Michigan
Utah
♦Estimated total U. S.:
Avge.
I923e
292
Alaska
Crude Runs
Daily Refining
Capacity
Potential
the operators.)
Week Ended
PRODUCTION OF GASOLINE, WEEK
(Figures In Thousands of Barrels of 42 Gallons Each)
Texas Gulf
railroad carloadlngs and river ship¬
district
(The current weekly estimates are based on
ments and are
and State sources or of final annual returns from
for
mately
the
first
2,680,000
cement with an
In
the
to
the
the
shipments—92,528,000 barrels—in
of 1939 is estimated as $136,858,000.
reports of producers the shipments
months of 1939 include approxi¬
nine
barrels
of
the
Portland
to
finished cement is compared
estimated capacity of 162 plants at the close of
following statement of relation of production
capacity the total output of
with
high-early-strength
estimated mill value of $5,031,000.
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3336
October, 1939, and
of 1G1
at the
plants
Nominal quotation for
close of October,
25,
1939
52c.;
was
January, 51c.; February, 50c.; and March, 49Mc.
1938:
The trade
PRODUCTION TO CAPACITY
OF
RATIO
interested in the announcement that both Phelps
was
Corp. and American Metal Co.
Oct., 1939
Oct., 1938
The month
PRODUCTION.
AND
SHIPMENTS
56,3%
45.9%
46.3%
STOCKS
OF
56.6%
45.5%
CEMENT, BY DISTRICTS, IN OCTOBER,
1939
57.9%
45.0%
FINISHED
beginning to produce refined tin.
are
but equipment is flexible for increasing output.
Hill, L. I., by fire refining and
electrolytic
new
a
as concentrate
Stocks at End
Eastern Pa.,
1938
2,431
2,170
N.J. and Md
Shipments
1939
1938
of Month
1939
2,053
1938
2,344
4,334
51.000c.
777
826
674
879
1,664
OF
METALS
1,184
1,291
2,959
983
878
1,736
1,518
("E. & M. J." QUOTATIONS)
Straits Tin
Lead
Zinc
2,673
796
Electrolytic Copper
1,544
1,357
825
Michigan
Wis., III., Ind. and Ky_._
1,150
1.531
1,399
Va.f Tenn., Ala., Ga„ Fla. & La.
1,216
1,269
1,273
1,370
1,476
1,428
Iowa, Minn. & S. Dak.
1,182
1,249
1,415
1,165
1,959
2,125
East. Mo.,
DAILY PRICES
4,145
.
Nov. 16, 49 000c.; Nov. 17,
49.500c.; Nov. 18, 49.500c.; Nov. 20, 49.575c.; Nov. 21, 50.500c.; Nov. 22.
1939
1,197
New York and Maine
Ohio, Western Pa. and W. Va...
supplies and market
conditions permit.
Chinese tin, 99%, was nominally as follows:
Production
process.
American Metal Co. is operating a small plant at Carteret, N. J., but is
ready to increase output of refined tin
1939
(In Thousands of Barrels)
District
Pro¬
Contracts have been made
for supplies of Bolivian concentrate that will involve treatment at Laurel
PORTLAND
1938 AND
Dodge
duction by Phelps Dodge for the present will be on an experimental basis,
Sept., 1939 Aug., 1939 July,
57.2%
52.9%
40.2%
_
The 12 months ended...
W.
Nov.
Straits tin for delivery in December
1,151
836
Mo., Neb., Kan., Okla.& Ark.
1,469
1,755
837
846
816
1.711
1.835
568
748
958
Texas
536
701
650
Colo., Mont., Utah, Wyo. <fc Ida.
327
311
304
365
487
394
California
925
1,023
1,001
1,070
1,268
1,108
415
584
443
685
758
Dom.,Re y
Exp., ftefy.
New York
New York
St. Louis
St. Louis
12.275
12.950
51.000
5.50
5.35
6.50
Nov. 17
12.275
12.950
51.500
5.50
5.35
6.50
Nov.
18
12.275
12.950
51.500
5.50
5.35
6.50
Nov. 20
12.275
12.900
51.575
5.50
5.35
6.50
Nov. 21
12.275
12.950
52.500
5.50
5.35
6.50
Nov. 22
12.275
12.950
53.000
5.50
5.35
6.50
12.275
12.942
51.846
5.50
5.35
6.50
Nov. 16
385
'
-
Oregon and Washington
Average..
Total..
11,556
PRODUCTION,
SHIPMENTS
AND
12.357
12,538
STOCKS
CEMENT, BY MONTHS, IN
OF
1938
12,830
20.569
FINISHED
19,868
PORTLAND
1939
AND
Average prices for calendar week ended Nov. 18
The above quotations are "M. &
(In Thousands of Barrels)
markets, based
the
Month
Production
Slocks at End of
Month
Shipments
Domestic copper f. o. b-
are:
refinery, 12.275c.; export copper, 12.950c.; Straits tin, 51,167c.; New York lead,
5.500c.; St. Louis lead, 5.350c.; St. Louis zinc, 6.500c.; and silver, 34.750c.
M. M.'s" appraisal of the major United States
sales reported by producers and agencies.
They are reduced to
or St. Louis, as noted.
All prices are In cents per
on
of cash.
basis
New York
pound.
Copper, lead and zinc quotations
are
based
sales for both prompt and future
on
deliveries: tin quotations are for prompt delivery only.
1938
1939
1938
1939
1938
In
1939
trade,
the
domestic copper prices are quoted
on a delivered basis; that is.
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
delivered at consumers' plants.
5,640
25,023
a23,611
4,575
a5,044
24,361
March
5,879
5,301
05,505
8,171
4,390
February
4,534
3,916
7,259
8,467
22,979
April
7,983
9,674
9,654
22,262
May
10,361
10,535
11,185
11,953
22,875
12,644
12,748
12,715
11,755
24,092
23,786
23,837
22.251
October..
10,968
11,007
10,559
11,556
8,691
9,752
10,943
10,164
11,823
11,716
12,357
November.
10,184
8,573
22,179
Due to the European war the usual table of daily London
priees is not available.
Prices on standard tin, the only
prices given, remained the same, i. e., spot £230, and three
8,066
6,290
23,947
months £230.
105,548
106,533
January
— ...
June
July
August
September.
December
Total
•
12,369
11,937
12,538
21,477
13,401
13.104
22,467
23,286
22,534
21,374
22,361
21,327
020,160
12,830
20,569
19,868
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.
Steel
Ingot Production Unchanged at 93.5%—Delivery
Shorten for Some
Products, But Fresh
Buying Continues
Periods
Non-Ferrous
Metals—Steady Demand for Copper and
Lead—Tin Smelting in United States Expected to
Grow
"Metal
Mineral
and
Markets"
in
its
of
issue
Nov.
23
reported that business booked during the last week in both
copper and lead was in fair volume, but zinc was inactive.
Tin was higher on renewed uncertainty over the shipping
situation; the other major metals were quotably unchanged.
The
that
news
domestic
two
metal refiners
have
set
up
equipment to produce tin in this countrv from foreign ore
caused quite some excitement.
However, operations in
connection with the smelting of Bolivian and other tin con¬
centrates are expected to expand slowly, depending
largely
on market conditions.
The publication further stated:
Age" in its issue of Nov. 23 reported that
accumulating that the steel industry's rate of
ingot production, unchanged this week at 93.5%, will con¬
tinue to the end of the year with little variation and that
January output likewise will be high.
Even at this date, new
orders, as distinguished from specifications being received
against old commitments, apparently are heavy enough to
support operating rates ranging from 65 to 80%.
When
heavy backlogs piled up in the last few months in most
products are taken into account, strong mill schedules for at
least the first part of the first quarter seem assured.
The
"Iron Age" further stated:
This
Copper
Domestic sales
of
against 14,022 tons in the preceding seven-day period.
to
date total 41,849 tons.
the current
12 He., Valley.
on
satisfactory.
The so-called outside market
spot and prompt metal.
fabricators
where
have
10,947 tons,
Sales for the month
In view of the heavy buying of recent months,
of activity is
rate
The quotation continued at
was at
13c. and slightly higher
This premium is being paid on scattered lots
obtained orders
for
certain finished
products
for
export.
district
91%, Cleveland down three points
4H
points
lower
reached
the
total
According to
a
private report, copper
export
Nov. 20
of 84,000
tons
during October, against 73,000 tons in
I
September.
some
Utah
quotation showed little change during the last week.
On
business was book ed at concessions from the 13c. f.a.s. basis.
Copper Board passed
a
resolution recently opposing any re¬
large
Pittsburgh
district
agreement act is extended
In
the
event
that the
beyond June 30, 1940, the resolution
all agreements should be made
trade
states that
subject to ratification by the Senate.
on
not been reduced
totaling 6,822 tons, against 6,292 tons for the previous week.
made
on a
firm basis of
5.50c., New York, which
settling basis of the American Smelting &
Louis.
The trade believes
Transactions
was also the contract
Refining Co., and 5.35c.,
the total stocks of lead
are
St.
ample for present
though refined stocks have decreased sharply.
Some in the
industry believe shipments during November will be around 55,000
tons,
making for another reduction in refined stocks for that month.
even
The October statistics
of refined lead.
were
excellent, showing deliveries of 66,060 tons
Stocks declined
23,510 tons.
sales
was
not
consumers to
during the
buying activity in Prime Western zinc last week,
amounting to only 2,936 tons in the common
grades, against 4,134
the preceding week.
But shipments of the common grades
again
tons in
were
heavy, totaling 7,566 tons, which
causes
most
sellers
to
regard the
price
as reasonably firm at 6He., St. Louis.
Waite Amulet, operating in
Canada, has announced that it has disposed
of a fair tonnage of zinc concentrate for
shipment to the United States.
while
structural
on
some other products but order backlogs have
appreciably in sheets and strip, bars and railroad material.
a month ago,
keep their inventories
few months
next
momentarily
up to
will
be
due largely to
normal.
steel
Suppliers,
desire by steel
requirements at the
a settlement of the United
expected.
a
A factor in mill schedules
now
idle
Automobile Workers strike
including steel
manufacturers,
are
cooperating to permit
a speeding-up of Chrysler operations when the strike
ended, and early attainment of something like 20,000 units per week
company
is expected.
Part of Chrysler's needs may be filled
from steel in storage.
During the last few days, agitation
first quarter steel quotations has
over
subsided, with many observers in the steel industry looking for
early
an
reaffirmation of prices which would show only minor adjustments for the
first quarter.
Weakness in the scrap market, however temporary, ap¬
parently has had
higher costs of
general
$22.50 for the
declined
a
bearing
a
in
the position of
steel
year was
as scrap
prices.
$19.58,
a
Oct.
13%.
steel producers
3,
when
the
high
that
point of
scrap composite
This week the
decline from last week of 25c. in
districts.
a
Since
some
must necessarily be followed by a
reached, the "Iron Age"
total of $2.92 a ton, or
attributed to
a
scrap
price has
composite
market showing light
The current domestic market softness in scrap is
general lack of mill buying, and an upturn is looked for when
present commitments
Meanwhile iron
of Lake
on
materials such
raw
advance
sales in most
much
The
area.
93%,
at
'
larger than the mills anticipated
stands at
Zinc
There
unchanged
A decline during the remaining weeks of 1939 in the volume of fresh
steel
orders is to be expected but the tonnage of such business
proabbly will be
from that
good basis during the last week, sales
a
a
of capacity and the Wheeling-Weirton district
During the last week, delivery periods have been shortened
is
Lead
Demand for lead continued
are
gains of
are
materials, tubular goods and
Chrysler plants, where
needs
operations
reports
Detroit is holding at 100%
is
be discontinued.
Bir¬
which
H point to 94.5% at Chicago, three points to 86% at Philadelphia, 2H
trade agreement
program
86%, the
Offsetting these declines,
85%.
points to 97% at Buffalo and 3 points to 95% in the Eastern
duction in the four-cent import tax on copper and
urging that the reciprocal
were
at
with Youngstown
to
and the southern Ohio River
characteristic of periods of such heavy pressure for deliveries,
quite certain that domestic deliveries of copper for October
are
contained in shipments of various products out of the
plants of fabricators
The
points to
mingham district down two points to 86%
continues at 93%.
Producers
amounted to at least 90,000 tons.
The
week ingot production tapered at some centers,
off three
for the last week amounted to
copper
"Iron
The
evidence is
Superior
ore
ore
end.
near an
consumption continues to advance, the October total
being 5,270,707 tons, highest since the August, 1937,
consumption total of 5,373,264 tons, according to the Lake Superior Iron
Ore Association.
946 tons
Consumption for the first 10 months of 1939
compared
with
was
33,344,-
19,512,277 tons in the corresponding period of
last year.
Tin
Pig iron shipments to the merchant trade
Offerings of tin for near-by delivery were scarce during the week because
of rumors that Malayan miners are
becoming reluctant to release metal at
current
change.
quotation of £234,
Prices
for
or an
Straits
53c.,
in
equivalent of 43c., at current rate of
domestic market yesterday closed
the
with a fair volume of business being done.
operations is holding at 95% of capacity.
The rate
of
ex¬
at
tin-plate
are
those of the period immediately preceding Sept.
approximately 2H
1, while furnaces
times
are now
getting into shipments of business taken at the $23 base in the North and the
$19 base in the South.
Structural steel awards
last week, but
with
new
16,900 tons.
are
again lower at 9,000 tons, against 14,850 tons
structural
projects
are
higher at 18,000 tons compared
Outstanding inquiries include 4,500
tons
for
a
Federal
Volume
ONE HUNDRED —The Commercial & Financial Chronicle— YEARS OLD
149
building at San Francisco.
tons
Reinforcing steel awards advanced to
from 9,300 tons last week and
THE
"IRON
projects
new
AGE"
October
11,450
the
higher at 14,825 tons.
are
fact
COMPOSITE PRICES
current
Based on steel bars,
stocks
inventories
Finished Steel
Nov. 21, 1939. 2.236c. a Lb.
It
beams, tank plates,
about
were
in
likely
that
2.236c.
wire, rails, black pipe, sheets, and hot
and next.
2.236c.
rolled strips.
One year ago
2.286c.
85%. of the United States output.
because of delayed
future
in
manner
stocks
steel
been
goods
2.286c.
Jan.
3
2.236c.
May
2.512c.
May
17
2.211c.
Oct.
8
manufactured
1937
„.2.512c.
Mar.
9
2.249c.
Mar.
2
2.249c.
Dec.
28
2.016c.
Mar. 16
inventory accumulation of steel
1936
1935...
2.062c.
Oct.
1
2.056c.
Jan.
Mill
1934
2.118c.
Apr. 24
1.945c.
Jan.
2
1933
1.953c.
Oct.
3
1.792c.
May
2
foreign
1932
1.915c.
Sept.
6
1.870c.
on average
furnace and
Philadelphia,
Sept. 12
9
20.25
Feb.
Nov. 24
18.73
although
Mar.
19.73
July
6
16
1935.
18.84
Nov.
5
17.83
May
17.90
May
1
16.90
Jan.
16.90
Dec.
5
13.56
Jan.
3
1932
14.81
Jan.
5
13.56
Dec.
6
tons
Oct.
16
7
15.00
Nov. 22
11.00
June
Mar. 30
12.91
_
—
1933
Dec. 21
12.67
June
Dec.
10
10.33
Apr.
9.50
Sept. 25
8
6.75
Jan.
3
12
6.43
July
5
12.25
—-
Aug.
8.50
American
nounced
that
Iron
Jan.
Institute
Steel
and
telegraphic
Nov.
on
20
for
an¬
which
reports
it
1939
1939—
7
62.6%
Feb.
20
53.7%
June
5
61.9%
Feb.
27
12
60.7%
Mar.
55.8%
.55.1%
June
Nov. 28
June
19
55.0%
Oct.
Mar. 13
June 26
54.3%
Oct.
July
38.5%
Oct.
16
49.7%
17.....56.4%
60.6%
31
59.3%
Aug.
7
60.1%
23
Oct.
30
5
59.9%
Dec.
12
57.6%
Mar. 20
19
51.7%
Mar. 27
55.7%
55.4%
56.1%
Dec. 26
38.8%
Apr.
Jan.
3
64.7%
Apr.
tOM
10
52.1 %
2.—.50.7%
Apr.
17
50.9%
Jan.
9
51.7%
Apr. 24
16
May
1
23
May
8.....47.0%
Jan.
30.....52.8%
10
24
47.8%
Jan.
52.7%
51.2%
July
July
July
July
48.6%
Jan.
Feb.
6
May
15
Aug. 14
Aug. 21
Steel
advance
%
2
87.5%
point
plates
bulk
of
Brisk
rate
of
weeks
tion
deliveries
are
Backlogs of
business
new
steel
unabated,
St.
9
88.6%
and
6
New
Nov.13——93.5%
Nov. 20
and
Motors
turned
distribution
out
units,
48,180
markets
orders
of
for
for
equipment
heavy steel shipments
remain
64,000
and
track
be
made
to
shipbuilding.
Few
additional
some
vessels
are
steel tonnage
large
a
and
shipments
of
the
concrete
reinforcing
continue active.
slackening
in
bars
Private
volume
have
construc¬
from
nearing
are
farm
equipment
giving
public
of
works
composite
is held
steel
still
and
was
The
and
fall
a
as
consensus
will be named
for the
future outlook
last week,
eastern
declines
Pennsylvania
This is the sixth consecutive
peak
easier
firm, with
in
25c.
to $19.58.
reached
continue
awaited.
pronounced
more
Chicago
responsible for
prices
most
prominent
more
less favorable aspect to the
a
composite 75c.
scrap
is
peak expected to be reached in early December.
a
Price weakness
the
builders
of
$22.16.
Quietness
in
prices
districts.
some
definite word
still
that
is
first
on
only
small
few
a
in
quarter
period.
new
2
points
advances
93%
to
included
3
England,
Louis.
1%
Detroit
and
Youngstown
points
points to
points to
declined
88%
6
87
to
at
dropped
in
93 at Buffalo,
95,
points
to
90.
Pennsylvania,
10 points
2%
100
in
81
at
with Wheeling holding at
93
Cincinnati,
points to
3
eastern
and
4
to
points
to
Birmingham unchanged at 94.
93.9%
U. S. Steel is estimated at
93%, against 92% in the week before and
Leading independents
are credited with
91%
943% %, compared
with 94% in the two preceding weeks.
orders, but backlogs are slow to
with
Last week
saw
with
ingot output
the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
available
other
on
items
some
extend
including
products,
two
to
four
1939
necessarily is for next quarter delivery.
consumption
been
has
indicated
for
a
particularly
as
for heavier shipments.
regards demand for the
U. S. Steel
Industry
Independents
months,
94
93
63
+ 1
1937
35
—4
This situa¬
1936
74
1935
29
1933
+ 2H
64
—1
+ 1
35
—8
80X
+
67
H
56
1934
commoner
94J*
eoy
1938
of
number
+ 1
35
y*
+
27
M
—
43
+ 1X
+1
+
H
H
66
32
+ 1H
+ 1
24
+2
+ 1
25
30
—
1932
16M
—ly
16
—1
1931
29
—2
28
—3
16H
29)4
—2
—2
1930
40
—3
stocks
Nov.
railroad
the
that
"Steel's"
by
from
support
stock.
into
Evidence
steel
than
smaller
Steel ingot production • for the week ended Nov. 20, is
placed at 94% of capacity, according to the "Wall Street
Journal" of Nov. 22.
This compares with 93H% in the
previous week and 93% two week ago.
The "Journal"
further reported:
prod¬
ucts, and suggests that steel is moving promptly into consumption rather
than
steel-
The following table gives a comparison of the percentage of production
up
by the urgent calls from buyers
is
in
or
of
93%.%.
to
shapes.
and
the
and
extension
continue
countries
-
strong
railroad
shapes
points to 90 at Cleveland, 3
58.6%
4
since
increased
70.2%
79.3%
83.8%
63.0%
Sept.
record-breaking production.
better
Slightly
catching
are
first
into
consumption
Steelmaking in most districts has reached the limit of available capacity,
shutdowns
for furnace repairs partly responsible for
recent slight
Last
week
Pittsburgh leveled off at 94%, while Chicago
Nov. 20 stated:
on
shipments
despite
indefinite
variations.
"Steel" of Cleveland, in its summary of the iron and steel
decline
operations
domestic
with
Sept. 11
Sept. 18
Sept. 25
Nov.
other
Central's
in
although
up
two weeks ago.
markets,
of
order.
on
ton at Pittsburgh
quotations
62.1%
62.2%
Aug. 28
45.4%
48.5%
May 22
53.4%
3
are
increases at
91.0%
92.5%
Dec.
Dec.
exists
structural
taken
Finished
90.2%
May 29
for
export demand
90.3%
Oct.
13.....54.8%
a
Other
Nov. 21
Feb.
6
heavy
of
15,905.
However,
now
further,
steelmaking.
$1
drop
1939—
52.2%
54.2%
53.1%
61.0%
Nov. 14
the
has
than
placed previously.
boats
reducing the
had
that
1938
Nov.
pronounced
an
General
ago.
York
accessories,
Scrap markets
received
operating rate of steel companies having
97% of the steel capacity of the industry will be 93.9% of
capacity for the week beginning Nov. 20, compared with
93.5% one week ago, 90.2% one month ago, and 61.9% one
year ago.
This represents an increase of 0.4 point, or 0.4%
from the estimate for the week ended Nov. 13, 1939. Weekly
indicated rates of steel operations since Nov. 7, 1938, follow:
indicated
more
in
for
receiving
others
New
demand
schedules
of
The
increase
are
year
all
situation
for
has
Steel
29
Mar. 13
1932
not
or
by
Stocking
recently.
9
13.42
13.00
.
1934
similar
tion
Nov. 10
17.75
1936
1935
a
the
and
Inquiries
May
orders
quiet.
are
moderated
$14.08
3
21.92
.
1937
answered
by the volume of inquiries.
and
rails
required
Low
High
1938
been
be
consumption.
pending, but specifications have yet to be issued for
and Chicago.
$22.50
1939
of
A
/Based on No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia,
20.8751
15.00 I
One year ago
total
against orders
{
$19.83
month
products.
necessary
requirements
for
material
Steel Scrap
Gross Ton
export
22,615,
Except
27
1933...
Nov. 21. 1939, $19.68 a
be
has
will
into
continuation
a
further
a
will
indicated
the
Ford
14
1934
and
be
below
Aug. 11
23.25
One week ago
One month ago
this
extensively than usual
more
equipment, automotive, shipbuilding, farm equipment and building and
engineering construction industries.
Automobile assemblies, still hampered
by the Chrysler strike, edged up to 86,700 units last week but fell 11.5%
Low
$20.61
19.61
June
1936
and
21
23.25
_
Valley,
Buffalo,
High
$22.61
Sept. 19
1937
further
expanded
probably
move
apparently
assure
demand
Domestic
Southern iron at Cincinnati.
1938
be
from
would
for basic iron at Valley
20.61
1939
the basis of
on
Little business is being placed for belligerent
foundry iron at Chicago,
22.61
—
One year ago—
and
light,
relatively
nations,
Based
$22.61
months,
two
were
making at its present rate.
Pig Iron
Nov. 21. 1939, $22.61 a Gross Ton
One week ago
One month ago..
articles
backlogs
quarter,
Mar. 15
preceding
recovery
be below normal
will
overdone
finished
1938
8
the
fall
to
shipments by mills, but the question of whether
has
which
1939
16
in
to the
appear
Buyers have covered forward needs
coverage
Low
High
than
larger
prior
instances
consumption.
seems
One week ago
One month ago
These products represent
50%
hand
on
many
3337
survey
of
1.
inventory
additions
showing
representative
an
have been
average
moderate
is substantiated
Considering that finished
steel shipments in
—2 Vi
37
—4
69
—2
70
—2
68
—2
83
—2
82
+ 2H
84
+2
1927
September and
45
1929
1928
increase of only 12.2% in raw
companies between Sept. 1
metal working
66
-2H
68
—3X
64
M
—2
Increase
The Week with the Federal Reserve Banks
(+)
or
Decrease
(—)
Since
Nov.
During the week ended Nov. 22 member bank reserve
balances increased
reserves arose
Bills
from decreases of $98,000,000 in Treasury de¬
of
and
a
as
Govt,
securities,
direct
and
2,593,000,000
+ 29,000,000
32,000,000
—16,000,000
—3,000,000
+31,000,000
2,645,000,000
17,257,000,000
—70,000,000
+ 22,000,0 10
+3,017,000,000
2,942,00),000
+3,000,000
+175,000,000
11,619,000,000
+32,000,000
+2,801.000,000
7,434,000,000
2,357,000,000
Treasury deposits with F. R. banks.
466,000,000
+50.000,000
+ 16,000,000
+ 671,000,000
—360,000.000
(not
including
reserve
12,000,000
22)
bank credits
Total Reserve bank credit.—.
Gold stock
pages
3366 and 3367.
follows:
—
«
—
Treasury currency
in circulation and $16,000,000 in Treasury cash,
Changes in member bank reserve balances and related
items during the week and the year ended Nov. 22,1939, were
+1.000,000
—56,000,000
Other
decrease of $70,000,000 in Reserve bank credit. Excess
of member banks on Nov. 22 were estimated to be
on
$
+2,000,000
$22,000,000 in gold stock and $3,000,000 in
approximately $5,170,000,000, unchanged for the week.
The principal change in holdings of bills and securities was
a
decrease of $56,000,000 in United States Government
securities, direct and guaranteed; holdings of bills decreased
$28,000,000, of bonds $22,000,000, and of notes $6,000,000.
The statement in full for the week ended Nov. 22 will be
Nov. 23, 1938
—1.000,003
$10,000,000 commltts—Nov.
—
Member bank reserve balances
Money in circulation
reserves
found
8.
8,000,000
—
guaranteed..
advances
Treasury currency, offset in part by increases of $50,000,000
in money
$
bought
Industrial
deposits and other Federal Reserve accounts, and
increases
discounted.
U.
posits with Federal Reserve banks and $45,000,000 in nonmember
Nov. 15. 1939
$
Additions to member bank
Bills
$32,000,000.
22. 1939
Treasury cash
+ 58,000,000
—98,000,000
—8.000,000
—45,000,000
+147,000,000
Non-member deposits and other Fed¬
968,000,000
eral Reserve accounts..
Returns
of
Member
Banks
in
New
York
City
and
Chicago—Brokers' Loans
.
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the New York City member
banks and alsojfor
the Chicago member banks for the cur-
ONE HUNDRED—
3338
The Commercial & FinancialSRAEY—elcinorhC OLD
week, issued in advance of full statements of the mem¬
banks, which will not be available until the coming
Monday:
rent
ber
ASSETS AND LIABILITIES OF WEEKLY REPORTING
IN CENTRAL RESERVE CITIES
Nov.
25,
1939
Plans to Examine United States Shipments to
Britain
Neutrals Before Export—Would
Reintroduce Navi¬
System—Acting Secretary of State Welles Says
U. S. Does Not Indorse Any Principle Interfering
cert
MEMBER BANKS
with Neutral Trade
(In Millions of Dollars)
'New York City—
The British
—Chicago
Nov. 22 Not). 15 Nov. 23 Nov. 22 Nov. 15 Nov. 23
1939
$
1938
1939
$
Assets—
1939
$
1939
i
8
$
before they leave
2,087
1,902
3,003
676
517
United States' ports.
1,710
industrial
Commercial,
1,682
1,408
401
399
342
during the World War, is intended to expedite the movement
114
110
136
19
18
19
494
463
568
26
26
27
and
agricultural loans.
Open market paffrer
—
Loans to brokers and dealers.
_
of American
168
168
204
115
115
119
26
29
89
376
securities
Real estate loans-.
Loans to banks
376
416
-------
Other loans
-
bills
555
-
notes—
guaranteed
66
14
m>
52
Later the
11
m
52
79
(
*1
m
m
m
244
249
1
666
States was not to be understood as indorsing any
principle of interference with its genuinely neutral trade.
In reporting on his remarks Washington Associated Press
666j
941
>
1,206
1,194
5,509
1,213
1,185
170
117
1,057
337
337
327
5,449
4,025
1,114
1,103
900
...
.
804
173
67
80
74
457
48
42
76
.
The Acting Secretary told his press conference that the State Department
35
51
had informed Great Bitain that this country naturally reserved
and the rights
It
Liabilities—
8,458
8,256
6,747
1,820
1,792
1,606
6o7
670
599
501
501
467
Time deposits
United States Govt, deposits...
Inter-bank deposits:
48
114
63
63
2,583
875
898
In response to
682
614
645
441
8
10
Embassy
British
the
State
and the
checking system
days
some
Department
ago.
questions, Mr. WeUes told reporters today that the
"333
15
"l6
"17
1,479
1,479
1,487
2'*4
269
this country's rights as a neutral.
9
*267
256
/..._.
that
pro¬
jected commercial passport system did not seem to interfere at present with
288
Foreign banks
all its rights
of its citizens under international law.
learned
was
discussed the proposed new export
62
3,430
——
48
3.466
21 said:
advices of Nov.
211
74
246
368
83
Other assets—net
243
41
79
413
Cash In vault
Balances with domestic banks..
banks..
day (Nov. 21), Acting Secretary of State
same
United
8fe]
2,880^
2,130]
Reserve with Fed. Res. banks...
Borrowings
Other liabilities
through British contraband patrols
commerce
that Great Britain had been notified that the
Welles said
m
52
by
Demand deposits—adjusted
introduced
was
'
'
2,131
...
United States Government..-
Other securities.
67
14
541]
846
841
—
United States bonds.—.-
66
.
This system, which
European neutrals.
to
Other loans lor purchasing or
Domestic
system of investigating American
a
2,077
578
Loan»—total,
Obligations
Dec. 1
7,681
2,940
8,930
Treasury
Treasury
on
European neutral countries
to
exports
8,858
2,943
Loans and 1 nvestmenta—total..
carrying
Embassy at Washington announced on Nov. 21
that it will start
1938
If American exporters
'
.
have complaints against the system, Mr. Welles
said, these will be considered individually by the Department.
He
em¬
phasized, however, that this Government is not officially involved in the
plan, and that its operation is a matter between American exporters and the
British Government.
Complete
The British Embassy's announcement as contained in a
Washington dispatch Nov. 21 to the New York "Herald
Tribune," said:
of Member Banks of the Federal
the Preceding Week
Returns
Reserve System for
above, the statements of the New York and
out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
As explained
Chicago member banks are given
His
trade inevitably occasioned by the exercise of their legitimate belligerent
rights.
During the war of 1914-1918,
duced for this purpose,
the navicert system as from the
Nov.
Increases
15:
tural
The system will be further
States
domestic
and
Government,
of
obligations
$167,000,000
and
deposits
in
by
guaranteed
credited
operation of the system, a
mercial passport.
the
Commercial,
in
industrial
A charge
$5,000,000 each in the Atlanta and Chicago districts, and
$32,000,000 at all
reporting member
necessary
banks.
Holdings of. United States Treasury bills increased
York
$26,000,000 in New
$18,000,000 at all reporting member
City and
banks, and
New
in
000,000
banks.
City
$23,000,000
and
all
at
reporting
member
The principal
York
in all
Demand
districts,
City
and
$17,000,000
Time
Deposits
in
the
Chicago
were
$81,000,000 in
district.!
Holdings
credited
a
net
reduction of
deposits increased $6,000,000.
to domestic banks increased
net
increase
being
$167,000,000.
in
$56,000,000 for the
all
but
one
district,
The
to
foreign banks declined $10,000,000.
Borrowings of weekly reporting member banks amounted to $1,000,000
Nov.
15.
A summary of the
principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Nov.
15, 1939, follows:
Increase
Nov. 15,1939
$
Assets—
Loans and investments—total
loans—total
23,014,000,000
8,549,000,000
(+)
or Decrease
Since
AToc. 8, 1939
I
+ 179,000,000
+ 28,000,000
(- -)
Nov. 16, 1938
S
+1,679,000,000
+226,000,000
Commercial, Industrial and agri¬
cultural loans
Open-market
com¬
on
special forms ob¬
if the in¬
unobjectionable, they will be granted
a
cover the
Its exact amount will be
cost of the
announced in
be carried in the
same
ship
as
a
the goods to which
it will then insure favorable treatment at the hands of the
patrols.
Vessels
whose
entire
cargo
is
covered
by
navicerts will be subject to the minimum of delay.
Canadian
Plant
Expansion Temporarily Postponed,
Magee Tells Shareholders of Barclay's Bank
(Canada)—Marked Increase in Industrial Activity
A. A.
loans
carrying securities
loans
United States bonds.
States Government
Canada
was
much in evidence during the first
eight months of the
year.
The official index of industrial production achieved an advance of
no
less
8.5% over the same period of the preceding year and agricultural
—127,000,000
—3,000,000
+ 3,000,000
+2,000,000
+4,000,000
+ 18,000,000
+ 10,000,000
—23,000,000
—74,000,000
+22,000,000
eliminating gold, having been nearly $562,000,000 against $530,000,000
—69,000,000
year ago.
—35,000,000
....
Cash in vault..
Balances with domestic banks
Demand deposits—adjusted
deposits
so
vital to the Dominion, were greatly benefited by the heavy
grain harvest which exceeded all records since 1928.
The feature of the external trade for the elapsed portion of the year was
the expansion in outward shipments, the totals for the first eight months,
+41,000,000
3,338,000,000
9,698,000,000
475,000,000
3,166,000,000
+ 152,000,000
—6,000,000
+724,000,000
This country produces a surplus
normally produced and
+ 144,000,000
-154,000,000 + 2,550,000,000
—25,000,000
+ 44,000,000
+ 77,000,000
+ 644,000,000
18,604,000,000
5,258.000,000
533,000,000
8,119,000,000
711,000,000
1,000,000
—56,000,000 +2,884,000,000
+6,000,000
+119,000,000
—2,000,000
—1,000,000
+ 167,000,000
+1,766,000,000
—10,000,000
+ 225,000,000
—2,000,000
are
a
A policy of strict economic nationalism for Canada is untenable.
consumed within our borders.
+ 585,000,000
Liabilities—
United States Government deposits
Inter-bank deposits:
interests,
we
of commodities which cannot possibly be
We
consume
only one-quarter of the wheat
have immense surpluses of fish,
products of the mine and of the farm.
2,402,000,000
Reserve with Fed, Res. banks
Under the shadow of recurrent International crises and despite the con¬
sequential disturbing effect upon business conditions, economic progress in
—6,000,000
Obligations guaranteed by United
"Foreign banks
accurately estimated, A. A. Magee, President
588,000,000
1,564,000,000
720,000,000
2,179,000,000
5,826,000,000
Treasury bills
Treasury notes
Borrowings
more
+468,000,000
1,187,000,000
39,000,000
Loans to banks
banks....
be
Barclay's Bank (Canada), said at the 12th annual general
meeting of shareholders held in Montreal Nov. 21.
The
increase in external demand for manufactured goods so
far,
according to Mr. Magee, has been partly due to orders coming
to Canada for special products that were
temporarily un¬
available from the usual producers engaged on armament
orders and also to a desire to buy in anticipation of price
advances.
Mr. Magee added:
+32,000,000
—4,000,000
or
Real estate loans
Domestic
can
of
497,000,000
purchasing
Other securities
activity has recorded marked
expansion since the outbreak of the War, plant expansion
has been temporarily postponed until the degree of
stability
312,000,000
paper
for
Since Outbreak of War Noted
While Canadian industrial
than
4,362,000,000
Loans to brokers and dealers in
securities.
Time
must
contraband
British
of
principal increases
were $50,000,000
in New York City, $34,000,000 in the Chicago district,
and $17,000,000 each in the Cleveland and Kansas
City districts.
Deposits
Other
as
will be made for navicerts granted, to
it relates, and
declined $6,000,000.
credited
aggregate
Other
form of
days.
deposits—adjusted declined
member banks showing
reporting
on
regarded
telegraphic inquiries.
The navicert
$21,000,000 in the Boston district,
$16,000,000 in the Philadelphia district, and $13,000,000 in the Chicago
district, and increased $16,000,000 in the San Francisco district, all
the
familiar with the
as a
the aggregate increase being $152,000,000.
increase in holdings of such obligations
"other securities"
week.
are not
be explained
Holdings of obligations guaranteed by the United States Govern¬
ment increased
New
York
few
declined
$14,000,000 in the Chicago district.
Holdings of Treasury notes increased
$10,000,000.
Holdings of United States Government bonds declined $19,-
may
navicert for it.
.
New York City,
/navicert
Intending exporters desiring to take advantage of the
tended consignment is
agricultural loans increased $8,000,000 in
and
opportunity offers.
tainable from any British consulate in the United States and,
Federal Reserve banks.
balances with
reserve
as
apply to the nearest British consulate
system may
to
banks, and decreases of $56,000,000 in demand deposits—adjusted
$154,000,000
extended
For the benefit of exporters and others who
industrial and agricul¬
in commercial,
holdings
in
member banks in 101 lead¬
changes for the week ended
principal
$32,000,000
$152,000,000
loans,
United
of
1st December, 1939.
Latvia, Netherlands, Norway and Sweden.
following
the
intro¬
foUowing countries: Belgium, Denmark, Estonia, Finland, Iceland, Italy,
The condition statement of weekly reporting
shows
was
Initially it will apply to all shipments from the United States to the
business Nov. 15:
cities
the so-called navicert system
with, it is believed, satisfactory results, and His
Majesty's Government hereby announce that they intend to reintroduce
reporting member banks of the
Federal Reserve System for the week ended with the close
ing
neutral
cerely desirous of reducing to a minimum the interference with
returns of the entire body of
of
Majesty's Government in the United Kingdom, while determined
prevent all contraband trade with their enemies, are nevertheless sin¬
to
lumber and
The industrial plants of this country
also geared to the needs of an expert business ranging from 10 to 15%
of our
normal production.
These conditions demonstrate the great im¬
portance of export trade to our national welfare.
/
H. A. Stevenson, General Manager of the bank, stated in
his report to the shareholders that "during the year under
review, the prolonged international nervous tension and
disquieting shocks failed to arrest
substantially the upward trend of Canadian business, and,
consequently, the bank enjoyed a very satisfactory year."
its accompanying series of
Volume 149
Holders
of
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
Several
Matured
German
Issues
Bond
Offered Optional Exchange
The
Conversion
Office
for
examinations of member banks.
tions will
German
Therefore, from this date, these examina-
cease, although the Clearing House
Foreign Debts announced Nov. 24, an
optional offer of exchange to holders of
matured bonds of the
following issues:
institution to examine
City of Frankfort-on-Main 7% serial bonds of 1925, matured Oct. 1,1939:
City of Duisburg-Hamborn (City of
Duisburg external gold 7% serial
bonds), matured Nov. 1, 1939;
Municipal Bank of the State of Hessen 7% serial bonds, matured Nov. 1,
3339
the right under its
reserves
UP°D:
1939;
of
i
Free State of
Wuerttemberg (Consolidated Municipal external serial 7%
gold loan of 1925), matured Nov.
rpi
ine
1, 1939.
,
.
,
announcement also states:
an
Resolved, that the New York Clearing House Association dispense with
periodic examinations by its
like
a
unmatured series of the above issues, such series to be selected
own examiners of members of the
reserving to the Association and
examinations
to the
Association,
Clearing House Committee the right
through the Association's examiners of
member when in the opinion of the Committee
such examinations shall
any
seem
desirable in the interest of the Association; and
Further Resolved, that in lieu of such periodic examinations of members,
the Association's examiners shall inspect the reports of examinations of
each member made by the board of directors of such member, the Comptroller
Holders of these issues may exchange their matured bonds for
amount of
The following resolution was adopted by the Clearing
House Association on Nov. 21 authorizing the action decided
t0 ma^e special
Free State of
Oldenburg (State of Oldenburg external 7% serial gold loan
1925), matured Nov. 1, 1939; and
any member bank at any time,
of
the
Currency, the Superintendent of Banks, the Federal Reserve
Bank of New York, the
any other governmental
Federal
Deposit Insurance Corporation, and by
public officer
or
or
authority charged with the duty
by the Conversion Office, with interest coupons
maturing on and after
April 1, 1940 or May 1, 1940, respectively, attached.
Or, as an alternative,
they may accept payment, against surrender of their matured bonds, of the
and
Reichsmark equivalent of the principal thereof
deposited by the debtor with
able for inspection by the Association's
the Conversion
of such member made by the board of directors
Office, into
of the holder with
operations.
man
The
a
use
"Intermediate Blocked Account" in the
an
name
German bank authorized to transact foreign exchange
and disposal of amounts deposited are
subject to
governmental regulations, according
Ger-
of making such examinations, and
Further Resolved, that
being
New York.
accruing after the respective maturity dates will be paid
on
bonds not surrendered under this
exchange offer.
OdH-I
Trarlino-
ofr
°r authorlty chargcd w,lh the duty
Npw Ynrlr
Week
Ended
FvrKnnao nurina
Nov.
18
The Securities and Exchange Commission made public
yesterday (Nov. 24) a summary for the week ended Nov. 18
of Complete figures showing the volume of Stock transactions
for the odd-lot account of all odd-lot dealers and specialists
who handle odd lots on the New York Stock
Exchange,
Against
on
r»r»
acting on Diew Ioric 2>tocK fcxcnange LJuring
continuing
Obtained
gentina) for Payment
of such member, the Comp-
♦
i^ue.^oth ICha8e^N^tionai* Bardc^and' cfty ^ank^^armem^nmt^Co^.^
Judgment
8
follows:
as
examiners all reports of examinations
P
1Da ons*
to the announcement.
Frankfort-on-Main issue, J. Henry Schroder
Banking Corp., New York;
Duisburg-Hamborn issue, Chase National Bank of New York; Hessen
Municipal Bank issue, Dillon, Read & Co., New York; Free State of Olden-
No interest
every member of the Association shall make avail-
troller of the Currency, the Superintendent of Banks, the Federal Reserve
Bank ®f New. York' «>>e Federal Deposit Insurance Corporation, and by
Bondholders desiring to accept this offer should deliver their bonds to the
proper agent, such agents
report to the Clearing House Committee;
City of Cordoba (Ar7% External Gold Bonds,
Which Matured Nov. 15, 1937
A
judgment against the City of Cordoba, Argentine Republic, for the full amount of the unpaid principal and
interest on its 10-year 7% external
sinking fund gold bonds
which matured Nov. 15, 1937, has been obtained in behalf
series of current figures being published by the
Figures for the previous week ended Nov.11
reported in our issue of Nov. 18, page 3186.
The figures
are based upon reports filed
with the Commission by the
odd-lot dealers and specialists,
a
Commission.
were
stock
transactions
for
the
odd-lot
account
of
odd-lot
dealers and specialists on the new york stock exchange
Week
Ended
Nov.
18,
1939
of all bondholders who had not
previously sued the municipality, it was announced in Chicago Nov. 17.
The city it
is stated has consented to the
judgment. As collections from
the pledged revenues to pay
principal and interest are small,
for°!veek
odd-lot sales by dealers (customers' purchases)
that its Argentine counsel was continuing negotiations
endeavoring to seeure fiirther government action.
Kelerence to payment on another issue of bonds
in these columns of
Sept. 9,
was
567,263
.
Dollarvaiue
22,313,103
———
odd-iot purchases by dealers (customers' sales):
N!St sale,
made
1
387
customers' other sales.a
22,932
customers'total sales..
23,319
1552.
page
20,768
Number of bhares..
it is not expected that any substantial
payments will be made
to bondholders soom
Fiscal agents for the loan said, however,
-
Number of orders
Number of shares:
......
_
Definitive
Bonds
,
.
__
_
New
of
Province of
.
„
^
Customers'short sales
customers'other sales.a
Fe
(Argentina) 4% External Bonds Offered in Exchange
Now Available
Joaquin Argonz, Minister of Finance of the Province of
Fe, Argentine Republic, announced Nov. 20 that
Santa
guaranteed sinking fund dollar bonds, dated March 1, 1939,
due March 1, 1964, offered in
exchange for the outstanding
dollar
bonds
of the
Province and
guaranteed by the Province,
of the
are now
1
572'676
19,598,744
ZIIIZIII-IZIII'IIII-IIIIII
128.900
Totalsaies."..".T.".TIIIIIIIIIIIIIII-I-I
Roun<Hot
City of Santa Fe
I
i29|oio
hMee by dealera
122,910
Number of shares
Sales marked "short exempt" are reported with "other sales."
b Sales to oifset customers odd-lot orders, and sales to liquidate a long position
a
whlch Ls legg than
a
porate trust department, 45 Beaver St., New York.
1
1
-
nSSiK
offiS&'b
available for delivery
through the exchonp"e flppnt
Mfltuifssturprs! trust
nr,,*
iiirougii uie excnange agent, wianuiacturers TVnc«t Pn
^o., cor-
-
R0Und-iot sales by dealers
issue of $8,958,200 4% external
new
9,677
562,999
Dollar value
_
definitive bonds of the
-
Customers'total sales
_
Santa
round lot are reported with "other sales."
'
ROUND-LOT
TOTAL
STOCK
SALES
ON
THE
NEW
YORK
STOCK
EX-
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
Periodic Examinations of Member Banks Discontinued
by
New
York
Clearing
House
OF members * (shares)
Week Ended Nov. 4, 1939
Association
Totaifor
We€k
The discontinuance of
periodic examinations of members
of the New York Clearing House Association was authorized
at a special meeting on Nov. 21 of
representatives of the 19
members of the Association.
H.
An
A-
T^i^aiw~lot sales:
by Percy
Johnston, President of the Association, and Chairman
of the Chemical Bank & Trust Co. stated that there is
0
DO need for such examinations
by the
j
o
,
,.
view of the examinations
,
.
now
_
Currency and the Federal Reserve Bank.
Johnston
stated
that
although
As the
Clearing
House
i.
19119 the
Charles A.
banks of at least $100,000
a
year.
other
a
meeting
held
'
Other transactions Initiated on the floor-Total purchases
2
other
_
.
case
Kan
Totalsa
case
York Federal
of National
Reserve
banks, and the
Bank—reports of
the Clearing House Association to
■
3
1,173,180
other transactions initiated off the fioor-Totai purchases
7.so
197.470
continue its
23(1™
■"
~~
Total purchases and
248,792
sales
446,262
which
periodic
2.97
==»
4
Total—Total purchases
1,575,380
Short sales
Other
230 370
sales"bZIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
1,369^692
ex-
examinations wiU be available to the Clearing House Committee—there is
for
-
Total purchases and sales
Total sales
of State banks, the examinations by the
Comptroller of the Currency in the
need
494',050
'
.
House Association
respective banks, the examinations made by the Superintendent of Banks
no
8o 700
saiesIb'.IZIIIIIIIIIII'IIIIIIIIIIIIIIIIIIII
_
10.34
592,430
short sales
-
After careful consideration of the subject by its various committees from
now
1,550,000
sa'Sib".;::;;:;;;:::::::;;;;:;::;:;:::::;:
today, the New York Clearing
by the New
770,520
salea
The announcement of
time to time during the last, several years, the Association has decided
that,
because of the examinations conducted by the Boards of Directors of their
ami nations
126,170
644[350
Total purchases and sales
voted to discontinue its customary examinations of member banks.
of the State of New York in the
785>480
saies'b'.IIIIIIIIII"""
Total
Mr. Johnston's follows:
At
u'
Transactions of specialists in stocks In which they are
registered—Total purchases
Chief Examiner since that time having been
Hanna, who is now 75 years of age, and who will retire from
that post on Dec. 31 of this year.
Some of the other members of the staff, which totals about 15, will be taken into the
employ of various member banks.
The action of the Clearing House it is reported will result in a saving to member
'
■
short sales
ex-
aminations will cease, the Association reserves the
right to
examine any member bank at anytime.
Examinations by
the Clearing House had been conducted since
7 523 eso
.
the odd-lot accounts of odd-lot dealers and specialists:
time
same
.
B- Round-lot transactions for account of members, except for
the State Superintendent of Banks,the
Mr.
,
0 a 8ftes
,
Clearing House, in
by directors of the banks, those of
Comptroller of the
3°5 *8<>
7,2i7',8oo
other
announcement
Per
cent*
-
Total sales
Total nurphaaoa and
1,600.062
sal**
3
175 442
21.11
ONE HUNDRED —The Commercial & Financial
3340
SALES ON
THE NEW
YORK CURB
EXCHANGE AND STOCK TRANSACTIONS FOR ACCOUNT OF MEMSTOCK
ROUND-LOT
TOTAL
BEFfi *
(SHARES)
Ended
Week
4.
Nov.
Total for
Per
-
Week
Cent
Total round-lot sales
B.
Round-lot transactions for account
1.
the account of others amounted to $3,577,000, of which
$2,830,000 was proposed for sale.
This left $27,059,000 registered for the
account of issuers.
Of this total, however, $13,550,000 was not proposed
124,075
146,590
-
reorganiza¬
Securities
amount of $30,636,000, which is exclusive of two
issues having an estimated value of $181,000.
for
registered
registered—Bought,
Sold
the gross
in
tion and exchange
of members:
of specialists In stocks In which they are
Transactions
20 statements became fully effective covering 23 issues
During October,
a
1,232,370
A.
participation $1,000,000, or 7.4%.
of
1939
Chronicle—YEARS OLD Nov. 25, 1939
representing long-term unsecured bonds.
Pre¬
ferred stock aggregated $2,200,000, or 16.3%, and certificates
3.7%
and
This included indicated gross proceeds of $11,194,000
for
46,710
37,115
Initiated on the floor—Bought
Other transactions
2
10.98
Sold
sale
by issuers.
for
one
large issue, the first mortgage
Co.,
270,665
Total
which at the time the statement became effective were not proposed
immediate sale.
Securities reserved for conversion equaled $2,175,000,
for
totaled $181,000.
proposed for sale by
issuers, of which $2,552,000, or 18.1%, was registered by new ventures.
Compensation to be paid to distributors amounted to $1,247,000, equivalent
to
9.2% of the total, and other issuing and distributing expenses were
$202,000, or 1.5% of the total.
Net
proceeds accruing to issuers aggregated $12,060,000, of which
$6,493,000, or 53.9% of the total, was to be applied for new money pur¬
poses such as plant and
equipment and working capital.
Repayment of
indebtedness and retirement of preferred stock accounted for $2,694,000,
or
22.3% of the total.
This included 11.8% for repayment of bonds and
notes, 10.1% for repayment of other debt, and 0.4% for retirement of
preferred stock.
Net proceeds to be used for the purchase of securities
for investment equaled $2,632,000, or 21.8%.
All other purposes accounted
for only $241,000, or 2.0% of net proceeds.
Of the total amount of securities proposed for sale by issuers, $8,130,000,
or
60.2%, was to be offered through underwriters; $4,410,000, or 32.6%,
through agents, and $969,000, or 7.2%, directly by issuers.
A total of
$4,370,000, or 32.3%, was to be offered to security holders.
Other transactions Initiated
3
Sold
Total
203,010
206,895
-
Sold
specialists—Bought...
92,796
69,673
162.469
Total
♦
The
"members"
term
Exchange members, their firms and their
Includes all
special partners.
partners, including
a
In members' transactions as
Shares
16.63
409,905
Total
Odd-lot transactions for account of
Sold
C.
2.25
55,415
-
Total—Bought
4.
32,225
23,190
off the floor—Bought
-
per cent
of twice total round-lot volume.
percentages the total members' transactions Is compared
In calculating these
with
Exchange for the reason that the total of
members' transactions Includes both purchases and sales while the Exchange volume
twice the total round-lot volume on the
includes only sales.
which are exempted from restriction by the Commission's
sales."
b Round-lot short sales
rules are Included with "other
in exchange for other securities
scurities to be issued
and
3.40
83,825
Total
bonds of the New England Power
There
remained, therefore, $13,509,000 of securities
INCLUDED IN 20 REGISTRATION STATEMENTS
FULLY EFFECTIVE DURING SEPTEMBER, 1939
TYPES OF SECURITIES
BECAME
THAT
Gross Amount of Securities
Type of Security
No.
Member
Trading
New York Stock and New York
Week Ended Nov. 4
on
of
Issues
No. of Units
or
Amount
Face Ami.
Curb Exchange During
Securities
The
and
Commission made public
Exchange
yesterday (Nov. 24) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended Nov. 4, 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.
The Stock Exchange ihembers traded for their own account
in amount of 3,175,442 shares, an amount which was 21.11%
of total transactions of 7,523,680 shares during the week
ended Nov. 4.
During the preceding week ended Oct. 28
trading by the Stock Exchange members amounted to
3,169,022 shares, or 20.58% of total transactions of 7,700,020
shares.
On the New York Curb
Exchange total round-lot trans¬
action for account of all members during the week ended
Nov. 4 were 409,905 shares; as total transactions on the
Curb Exchange during the week amounted to 1,232,370
shares, the member trading for their own account was
16.63% of total transactions, which compares with a per¬
centage of 18.20 in the preceding week ended Oct. 28, when
member trading amounted to 434,640 shares and total trans¬
actions to 1,194,050 shares.
The figures for the week ended Oct. 28 appeared in our
issue of Nov. 28, page 3186.
In making available the data
for the week ended Nov. 4, the Commission said:
The data published are based
members.
These reports are
classified
as
York
York
New
Stock
Reports showing transactions as specialists
floor
•
3.
500,000
2
250,000
2,700,000
14
3,509,213
12,992,488
1
3,000
1,000,000
1
50,000
-
Common stock
participation, beneficial interest, Ac.
Certlfs. of
Warrants or rights
$30,636,488
23
Gross Amt. of Securities,
Gross Amt. of Securities
Less Securities Reserved
Proposed for Sale by
for Conversion
Issuers
Type of Security
Percent
Percent
Gross
Gross
Oct.,
Oct.
1939
1938
$13,444,000
47.2
65.9
$2,069,300
15.3
74.6
"500" 000
1*8
2*7*4
"500", 000
3*7
2*0*2
Amount
Long-term secured bonds..
Short-term secured bonds.a
Long-term unsecured bonds
Short-term unsec. bonds.a.
Reports showing no transactions
67
297
558
designated for the New York Stock Exchange, since specialists on the New York
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 various classifications may
total more than
the number of reports received because, at times, a single report
7*7
*1*1
27200.666
16.3
0*7
39.8
3.6
7,739,970
57.3
2.5
1,000,000
3.5
2.0
1,000,000
7.4
2.0
$13,509,270 100 0
100.0
0.0
Warrants or rights
$28.461.488 100.0
Total
a
100.0
Reorganization and Exchange Securities
Only
of
covering
statement
one
became effective
during October,
reorganization
and
;
October
Sales
may carry
on
New
1938,
$30,636,000
Totaling
Became
Effective
of
value
43,292,644 shares,
The
sales
a
all
on
that
and
registered
excluding rights and warrants, in October
to
Statistics
Section
Only
an
$13,509,000
issuers,
of
of
the
this
effectively
Trading
total
registered
and
was
under
Exchange
proposed
Division.
for
sale
as
and
investment
company
group
with
$2,927,000,
or
21.7%
of
the total.
The aggregate amount
by
issuers
interest
was
of common stock proposed for sale
$7,740,000, or 57.3% of the total.
Fixed
totaled $2,569,000, or 19.0% of
the total, with 15.3% representing long-term secured bonds
bearing
securities
accounted for 94.9% of the value
99.6% of bond sales on all registered
Total market value of sales on exempt exchanges
a
decrease of 56.3% from
in October was $659,454,
September.
Banking Group Reported Formed to Aid U. S.
Importers
Denied
Credit
Through Neutrality
British
by
compared with $24,816,000 in the preceding
$358,079,000 in October, 1938.
Securities
registered
by
manufacturing
companies
amounted to $7,728,000, or 57.2% of the total proposed for
sale by issuers.
Next in importance was the financial and
month
Total
decrease of 53.9%
September.
The two leading New York exchanges
on
the
1933 totaled $30,636,000 in October, 1939,
analysis prepared by the Research and
according
securities
exchanges.
Exchange Commission announced
securities
Securities Act of
22.6% from
decrease of 53.1% from September's total.
of all sales, 94.2% of stock sales and
Securities
17
from
During
October
Nov.
/
De¬
exchanges in October, 1939 amounted to $1,346,934,094, a
decrease of 48.7% from the value of sales in September and
a decrease of 22.6% from October,
1938, the Securities and
Exchange Commission announced on Nov. 23. Stock sales,
excluding rights and warrants, had a market value of $1,184,232,836, a decrease of 46.3% from September. Bond sales
were
valued at $162,274,835, a decrease of 61.1% from
September.
Sales of other securities in October totaled
$426,423. The SEC also said:
The volume of sales in stocks,
Issues
Act
"
Exchanges
from September and
According to SEC
48.7%
market
Securities
National
principal amount of bonds sold was $229,653,375, a
23
securities
exchange
including two issues of certificates
1939,
deposit to be offered in exchange for other securities valued at $180,700.
was
of
"short-term"
Securities having maturity of three years or less are classified as
securities.
classification.
Securities
1938
2~,200*656
int.,&c
Ctfs. of partlc., ben.
The
89
459
floor
Under
Oct.,
1939
11,317,488
Common stock
October,
Note—On the New York Curb Exchange the round-lot transactions of specialists
In stocks In which they are registered are not strictly comparable with data similarly
Registration
Oct.,
Amount
Face amt. instal. ctfs
Preferred stock
creased
Reports showing other transactions initiated off the
4.
one
500,000
Instalment certificates
Preferred stock
791
100
Reports showing other transactions Initiated on the
than
Face amount
Curb
299
1.
2.
more
1
Long-term unsecured bonds
Short-term unsecured bonds .a
Exchange
1,071
204
Total number of reports received
in
$13,444,000
follows:
Exchange
entries
11,900,000
York Curb Exchange by their respective
New
Curb
4
bonds
Short-term secured bonds.a
weekly reports filed with the New
upon
York Stock Exchange and the New
Long-term secured
Law
London
Press
Associated
accounts
reported
yesterday
(Nov. 24) that it has been disclosed that a British banking
group headed by N. M. Rothschild & Sons has been organ¬
ized to help importers of United States goods who have
been denied credit overseas because of the American neu¬
trality law.
The Associated Press advices from
quote added:
The
might
"Financial
have
an
ading relations.
Times"
announced
important,
the
permanent
new
which
development,
influence
on
we
saying it
British-American
Volume 149
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
Assistance by the group, called the New
Trading Company, will vary
with
the needs of individual
It said
the
importers, the "Financial Times" said.
group could arrange
if
necessary
for the exchange control
to
pay for goods in the United States before
shipment.
In general, it said, the
group will have the effect of replacing the financing
of British imports
by American banks, which are prohibited from handling
that
business
under
the
cash-and-carry
provision of the
United
States'
neutrality law.
+,
Britain
and
France
serve
To facilitate
to
Draw
Checks
Federal
on
of
the
two
the Reserve
within
1, and $12,200,000 mature
March
governments located in the United
on the central banks' accounts
for purchases here.
Foreign
privilege of carrying
pay
1,
1940, $13,250,000
(including $1,600,000 within
the system), June 1, 1940, and
$1,000,000 (all within system)
Jan. 2, 1940.
At the close of business Dec. 1, next, the
banks will have
outstanding a total of $207,200,000.
Secretary of the Treasury Morgenthau
to draw
Bank, to
the
on
Of the total amount sold,
$2,600,000 were placed
the system.
All are dated Dec.
Federal
the
States, will be able
at
ever held, demand
coming from nearly all those
fiscal agent's "list," as well as a number of others.
Re¬
Bank to Pay for Purchases
buying of war supplies in the United
States, the central banks of England and France, it is re¬
ported, recently filed with the Federal Reserve Bank of New
York, an additional list of signatures to be honored on checks
against their accounts. By thi. means, ii is indicaled, repre¬
sentatives
3341
have
governments do not themselves have the
an account at the Reserve Banks.
Officials
to Confer with
Financing Plans
on
Secretary of the Treasury Morgenthau announced yester¬
day (Nov. 24) that he would confer on Monday (Nov. 27)
with
the Executive Committee of the
Open Market Com¬
mittee of the Federal Reserve
System on Treasury financing
plans.
Mr. Morgenthau previously made known (Nov.
2)
that the Treasury
may borrow
before
Jan.
$500,000,000 in new money
might refund in advance
maturing March 15, 1940; this was
issue of Nov. 4, page 2900.
and
1
$1,378,000,000 of
indicated in
Despite the greater activity which will result in these ac¬
counts, it is understood that no service charge is contemplated
by the Federal Reserve.
Reserve
our
also
he
that
notes
President Roosevelt Hopes for Peace
by Spring—Cele¬
brates
Thanksgiving Day at Warm Springs Foun¬
dation
Tenders
of
$314,001,000
Received
to
Offering
of
$100,000,000 of 91-Day Treasury Bills-y$100,161,000
Accepted at Average Rate of 0.018%
Secretary
of
the
Treasury Morgenthau announced on
offering last week of $100,000,000, or thereabouts, of 91-day Treasury bills totaled
$314,001,000, of which $100,161,000 was accepted at an
average rate of 0.018%.
The Treasury bills are dated
Nov. 22 and will mature on Feb.
21, 1940. Reference to the
offering appeared in our issue of Nov. 18, page 3190.
The following regarding the
accepted bids to the offering
is from Secretary
Morgenthau's announcement of Nov. 20:
Nov. 20 that the tenders to the
Total applied for,
$314,001,000.
celebrated
"When
I left
here in the spring—in April or May,
(31% of the amount bid for
at the low
price
Press
I believe—I said to
we
don't have
had
we
a
war
and
we
have
a
today.
war
Columns
I meant
were
written
jus£ what I said.
But
I managed somehow to get down here just the same.
"And I hope that by next spring we don't have any war."
accepted.)
was
United
war," the President said.
"Well,
99.995; equivalent rate approximately 0.018%.
Day
Tuesday (Nov. 28)
In reporting on the President's address
advices from Warm Springs, Nov. 23, said:
about what I said and what I meant and
99.994: equivalent rate approximately 0.024%.
Average price,
Thanksgiving
Nov. 22 and expects to remain there until
when he will leave for
Washington.
a
100
Low,
New
Roosevelt
(Nov. 23) in his customary manner when he presided over
Day dinner at the Warm Springs (Ga.)
Foundation for infantile paralysis victims.
In a brief,
informal talk to the 90 patients and almost 300
visitors, the
President expressed the hope that there will be no war
by
next Spring.
Mr. Roosevelt arrived in Warm Springs on
the annual Founders
the people at the station that I would be back in the fall if
Total accepted, $100,161,000
Range of accepted bids:
High,
President
Whatever the condition of world affairs might be next spring, Mr.
Roosevelt said, he hoped to return to Warm Springs then for a brief vacation.
Mr.
Offering of $100,000,000, or Thereabouts, of
Day Treasury Bills—To be Dated Nov. 29, 1939
91-
Tenders to
a new
offering of $100,000,000, or thereabouts,
91-day Treasury bills were invited on Nov. 24 by Secretary
Morgenthau.
The tenders will be received at the Federal
Reserve Banks, or the branches thereof, up to 2 p. m. (EST),
this
Roosevelt made it obvious that the paramount idea in his mind
on
Thanksgiving Day
was his thanks that this country was not at war.
The only war that is warranted' he
emphasized, is the war against the ills
which afflict humanity.
of
Nov. 27, but will not be received at the
President
Washington.
The bills, which will be sold on a dis¬
highest bidders, will be dated Nov. 29 and
will mature on Feb. 28, 1940; on the
maturity date the face
amount of the bills will be
payable without interest. There
is a maturity of a similar issue of bills on Nov. 29 in amount
ment,
$100,403,000.
In
his
announcement
of
the
offering,
Secretary Morgenthau continued:
They (the bills) will be issued in bearer form only,
denominations
of
$1,000,
$10,000,
$100,000,
and
$500,000,
in
amounts
or
and
$1,000,000
$1,000 will be considered.
Each ten¬
(maturity value).
No tender for
an
amount less than
der must be in multiples of $1,000.
the basis of 100,
with not
more
The price offered must be expressed on
than three decimal
places,
e.
99,125.
g.,
Fractions must not be used.
Tenders
and
trust
will be accepted without cash
are
accompanied by
or
dealers in
in¬
Tenders from others must be accompanied by a deposit
of 10% of the face amount of
bank
deposit from incorporated banks
companies and from responsible and recognized
vestment securities.
an
Treasury bills applied for, unless the tenders
express
guaranty of payment by an incorporated
trust company.
Immediately after the closing hour for receipt of tenders on Nov. 27,
1939, all tenders received at the Federal Reserve Banks or branches thereof
up to
the closing hour will be opened and public announcement of the
ceptable prices will follow
following morning.
right to reject
as
soon
as
possible thereafter, probably
ac¬
the
on
The Secretary of the Treasury expressly reserves the
any or
all tenders
or
parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the
acceptance or rejection
thereof.
Payment at the price offered for Treasury bills allotted
made at the Federal Reserve Banks in cash
funds
on
Nov.
other
gain from the sale
except
or
principal and interest, and
and
inheritance
taxes.
(Attention
No loss from the sale
or
as
a
of any tax
or
hereafter imposed by the United States
now
or
to
from the
other disposition of the Treasury bills
shall be allowed
deduction,
is invited
are not exempt
otherwise recognized, for the purposes
or
any
of its
possessions.
Treasury
Department Circular No.
as
amended,
govern the
and
this
Third
of
President
Roosevelt
Nov.
on
19 laid
at
the cornerstone
of
the
building at Hyde Park, N. Y., which will house the
private documents of his public life.
In an address before
approximately 1,000 invited guests, the President expressed
the hope that the "spirit of peace" might again become
universal, and added his wish that the library might become
an integral
part of its surroundings.
He made an indirect
reference to speculations concerning whether he will run for a
third term when he said that he hoped the library would be
turned over to the Government next summer, and, in stating
that it "will be ready for public inspection and use, we hope,
by the spring of 1941," he added:
And
may
I add, in order that
good friends of the
my
press
will have
something to write about tomorrow, that I hope they will give due inter¬
pretation to the expression of my hope that when we open the building to
the public it will be a fine day.
The
library is intended to be opened to the public on July
President Roosevelt's remarks on the occasion of
1, 1941.
the dedication follow:
Half
a
century ago a small boy took especial delight in climbing an old
tree, now unhappily gone, to pick and eat ripe seckel pears.
between
the strawberry rows
That
was
100
Just to the ncrth he used to lie flat
feet to the west of where we stand.
and eat sun-warmed strawberries.
In
the
spring of the year, in rubber hip boots, he sailed his first to;^ boats in the
surface water formed by the melting snows.
In the summer with his dogs
he dug into
the woodchuck holes of this
same
field.
The descendants of
to do so for all time.
It has,
therefore, been my personal hope that this library, and the
of it by scholars
scene
and visitors, will come to be
which the hand of
man
an
integral part of
notice
conditions of thei
a
use
country
has not greatly changed since the days of the
Indians who dwelt here 300 years ago.
know
We
the first
from simple
inhabitants
deduction that
of America—for
these fields
the oak
trees
were
in
striplings three centuries ago and grew up in open fields
418,
prescribe the terms of the Treasury bills and
issue.
Discussion
those same woodchucks still inhabit the field and I hope they will continue
any
other disposition thereof will also be exempt, from all
estate
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
immediately available
29, 1939.
The Treasury bills will be exempt, as to
taxation,
or
must be
Deprecates
Hyde Park,
N. Y., with Joking Reference to Hope of Fine
Weather When Archives
Are Opened
in 1941—
Dedicates Building to Peace
count basis to the
of
Roosevelt
Term—Lays Cornerstone of Library
Treasury Depart¬
by their
spaces
wide-spreading lower
branches.
and the only open spaces
were
cultivated
these fields
as is
Therefore, they
proved to
grew
in
by
were
us
open
the cornfields of the Indians.
.
Library Dedicated to Peace
Issue
of
Debentures
Sold
by
Federal
This is a peaceful countryside and it
Intermediate
Credit Banks
The Federal Intermediate
Credit Banks sold $26,450,000
y±% debentures on Nov. 17, proceeds of which will go toward
retiring the maturity of $26,650,000 debentures, on Dec. 1.
Offering of the new issue was made by Charles R. Dunn,
New York, fi cal agent for the Banks, at a slight premium
over par, and was
quickly oversubscribed it is announced
In fact, it is stated, the sale was one of the broadest the banks
seems
appropriate that in this tilhe
of strife we should dedicate the library to the spirit of peace—peace for the
United States and soon, we hope, peace for the world.
At the
come
our
same
time
who seek
to
we
learn
can
express
from
the thought that those in the days to
contemporaneous documents the history of
time will gain a less superficial and more intimate and accurate view of
the aspirations and purposes of all kinds of Americans who have been living
in these times.
Of the papers
which will
come
to rest
here I personally attach less im¬
portance to the documents of those who have occupied high public or pri¬
vate office than
I do to those spontaneous letters
which have come to me
and my family and my associates from men,
in every part
from women and from children
To you who have come here
stone, you who have
and to you who
zuela
library,
I give my appre¬
contributed so greatly to the building of this
have also helped who could not be present,
This wholly adequate
States
next
During the following year the manuscripts, letters,
models Will be placed in their appropriate settings and
use, we hope, by
be ready for public inspection and
And, may I add, in order that my good
the spring of 1941.
press
building will be turned over to the Government of
without any cost whatsoever to the tax¬
summer
of the country.
books, pictures and
the collections will
friends of the
that I hope they will
hope that when we open the
will have something to write about tomorrow,
give due interpretation to the expression of my
All of you who have
been
so generous
their interest in the planning of the
work—will join me,
well rewarded if for generations
come
approve
of
our
on Nov. 17 proclaimed the reciprocal
between the United States and Venezuela,
to go into effect provisionally Dec.
16. The pact was
signed at Caracas on Nov. 6, as noted in our issue of Nov. 11,
page 3055.
In a letter to Secretary of the Treasury Morgenthau, announcing the proclamation, the President ex¬
cluded Germany and all her absorbed territories from mostfavored-nation treatment which ordinarily wrould apply to
and
I know, in feeling
the people of the United States
planning and believe that the life of our
Mr. MacLeish said that, despite what some people
not angry
The records to be collected in the new building,
he said, were the records of an era and a time.
"They
are
the records of
de facto
life of
world as it has been and de¬
to accept the
imagine," he
manded that the world become the world their longing could
said.
the
man
what
are
the records of the speaking and the action of the man
than any other man has been the actor and the speaker of
who refused, in the name of his generation, to
was
no
granted
Concessions
include a reduction of
Venezuela
to
of 5% of the total quantity of crude
excess
refineries in the continental United
preceding calendar
list of tropical or semi-tropical
his genera¬
chiefly of guar¬
bunkers and
fuel oil used for vessel
anties of continued duty-free entry on
a
petroleum processed in
States during the
The other concessions granted to Venezuela consist
year.
50% in the
annual quota of imports
import tax on crude petroleum and fuel oil on an
products of which Venezuela is a sup¬
plier.
this time—
continue to accept
longer acceptable—the man who demanded, for
tion, what his generation had the courage to demand.
who,
by the State Department at
In the announcement issued
Washington Nov. 6 it was stated:
on
"They
more
products of Germany.
Germany for the purposes of this paragraph.
not in
period in which the strong and restless
a
the American people refused
American commerce by
proclaimed duties shall not
Products of territories now under the
administrative control of Germany shall be regarded as products of
be applied to
because the Library of Congress would not receive the President's
and collections.
I find as a fact that the treatment of
Germany is discriminatory, I direct that such
Nation has been
might think, he was
President Roosevelt,
products affected by the agreement.
in his letter, said:
enriched.
papers
Territory
President Roosevelt
Because
in making this library possible—
friends and associates who have given so greatly of their time
to
16—German
Dec.
trade agreement
building to the public it will be a fine day.
all of my
Effective
Be
to
Excepted from Concessions
today to take part in the laying of the corner¬
ciation and thanks.
the United
Roosevelt Proclaims Trade Pact with Vene¬
President
conditions and prob¬
of the United 8tates, telling me of their
lems, and giving me their own opinions.
payers
Chronicle—YEARS OLD Nov. 25, 1939
ONE HUNDRED—The Commercial & Financial
3342
The agreement will become fully effective
by the Venezuelan Government.
As such they have
when ratified
♦
the unity which history remembers and even living men can see.
"They belong by themselves, here in this river country, on the land from
50th Anniversary
which they came."
Besides the President, those who spoke at the ceremony
Frank C. Walker, Treasurer of the Franklin D.
included
Roosevelt
Congress;
Library, Inc.; Archibald MacLeish, Librarian of
and Dr. R. D. W. Connor, Archivist of the
United States.
Associated
A
of
advices
19 from
Nov.
referred to the dedication exercises, in part, as
The decision to open
Park
Hyde
of the founding of the Brazilian Republic,
President Vargas on Nov. 16 by Major
General Delos C. Emmons, who commanded the flight of
planes to Rio de Janeiro to
army
The President's letter said, in part:
follows:
It is
the personal and official files of the President to
a
leaders that the complete
tribute to the Brazilian Nation and its
whether Mr.
without
patient adjustment and
do not enjoy
independence of your country was attained by
would
care
scrutiny if he sought and obtained
a
to
have
his
papers
subjected to such
spirit of peace"
third term.
library to "the
is backed by an Indiana organization to succeed Mr. Roosevelt as
Also
on
hand
were
fortunate people who today
The less
such political figures as Mayor
President.
Frank Hague of Jersey
the lesson in tolerance
mankind.
that your people have given to
which to refer again to the tra¬
This occasion is an appropriate one on
Paul V. McNutt, Federal Security Administrator, who
was
bloodshed.
independence and freedom can take courage from
In the audience which heard Mr. Roosevelt dedicate the
participate in the
celebration.
inspection of students and historians immediately gave rise to the question
Roosevelt
Occasion of
commemorating the
Roosevelt
President
from
letter
on
of Republic
50th anniversary
was
delivered to
seven
Press
Brazil
Roosevelt Felicitates
President
United States of Brazil and the
ditional friendship of the
This friendship is based on mutual respect
America.
United States of
and the New World
the right of peoples to work out their destinies
foreign interference.
It should be obvious to all that the similarity
City; Mayor Edward Kelly of Chicago; L. W. (Chip) Robert, formerly an
principle which affirms
official of the Democratic National Committee; Chairman Keller
without
(D.-Ill.)
of the House Library Committee; Arthur J. Mullen, Detroit insurance man;
of
Edward J. Noble, Assistant Secretary of Commerce; John L. Bennett
not
New York State Attorney General; Justice Samuel
Jr.,
Rosenman of the New
objectives and our cooperation in working
our
due to
any
for their attainment are
accident of fate, but to the common
mere
ideals which
inspire us.
York State Supreme Court; Ambrose O'Connell, an Assistant Postmaster
General; George Backer, publisher of the New York "Post"; James H. R.
Cromwell; Maurice Tremaine, New York State Comptroller; Amon Carter,
United
White House
offices
as
of the Franklin
the temporary
follows, according to advices from
Hyde Park Nov. 19 to the New York "Times."
1.
and
Names of the members of the executive committee, the advisory com¬
mittee, ways and
means
committee, State chairman and key men of the
Franklin D. Roosevelt Library, and of the Franklin D. Roosevelt Library,
Inc.
2.
Articles of incorporation of the Franklin D.
3.
Senate Joint Resolution 118, joint resolution to provide for the estab¬
lishment and maintenance of the Franklin D.
Roosevelt Library, Inc.
Roosevelt Library, and for
other purposes.
4.
lishment and maintenance of the Franklin D. Roosevelt Library, and for
other purposes.
5.
Hearing before the
76th Congress,
6.
on
committee
on
the library, House of Representatives,
House Joint Resolution 268.
Report of the committee
on
the library, House of Representatives, on
7. Joint resolution "to provide for the establishment and maintenance of
Franklin D.
July 18, 1939.
8.
Roosevelt
,
Library, and for other purposes."
Approved
"The Very Essence of
History," by Samuel E. Morison, Professor of
History, Harvard University (the New York "Times" Magazine, March
19, 1939).
9.
Copy of deed from Sara Delano Roosevelt
Roosevelt,
Copy of deed from Franklin D. Roosevelt and Eleanor Roosevelt to
the United States of America,
conveying the land therein described to the
United States of America "to be utilized as a site for the Franklin D. Roose¬
velt Library," dated July 24, 1939.
11.
"The
Franklin
D.
Roosevelt
Library,"
address
by
R.
D.
the day
on
Police.
The court's ruling
(Nov. 22), instead of
of
Chief
the
down
Wednesday
(Monday) when decisions are
13.
Program of the
D.
cornerstone ceremony.
Copies of talks
to be delivered at the
ceremony
States, the Archivist of the United
customarily rendered,
change in time having been due to the death on Nov. 16
of Associate Justice Pierce Butler.
The high court's find¬
the
Reynolds
dissenting.
lower courts, was written by
decided 7 to 1, with Justice Mc-
of
those
overruling
Justice Roberts and was
As
most
took no part in the
The court's ruling stated:
Justice Butler
said
Lovell
in
City of Griffin,
vs.
supra,
effective instruments in the dissemination
the ordinance imposes
in England which
of the press
And perhaps
their
On this method of communication
censorship, abuse of which engendered the struggle
eventuated in the establishment of the doctrine of freedom
To require censorship through
embodied in our Constitution.
makes
license which
pamphlets have proved
of opinion.
bringing them to the notice of individuals is
distribution at the homes of the people.
impossible the free and unhampered distribution of
The court's ruling in the case
down
Purposes of the Franklin
14.
United
from
handed
the canvassing
first obtaining
constitutional guarantees.
W.
Roosevelt Library, Inc."
the
was
Archiv¬
ists, at Annapolis, Md., Oct. 14, 1939.
Pamphlet entitled "Background and
for
permit
a
Irvington, N. J., prohibiting
the sale of booklets without
of
homes
pamphlets strikes at the very heart of the
an
Connor before the third annual
meeting of the Society of American
12.
ordinance
municipal
the most effective way of
to Franklin D.
dated July 24, 1939.
10.
Court this week held as un¬
ordinances passed by Worcester,
Mass.; Milwaukee, Wis., and Los Angeles, Calif., prohibit¬
ing the distribution on the streets of handbills and cir¬
culars.
At the same time the court also held invalid an
States Supreme
decision, the court announced.
.
.
Worcester, Milwaukee
Press
constitutional
ings,
House Joint Resolution 268.
the
in
The United
of
House Joint Resolution 268, joint resolution to provide for the estab¬
Ordi¬
and Los Angeles
Prohibiting Distribution of Handbills and Circu¬
lars—Irvington, N. J. Ordinance Barring Can¬
vassing of Homes for Sale of Booklets Also Ruled
Against—All Held to Abridge Freedom of Speech
The contents of the cornerstone receptacle
Roosevelt Library were announced by
D.
Court Voids Municipal
States Supreme
nances
Fort Worth publisher, and Vincent Astor.
by the President of
States, the Librarian of
of
on
March 28,
of Griffin, Ga., was handed
1938, and was referred to in our issue
April 9, 1938.
In Washington advices, Nov. 22, to the New York "Herald
Tribune" it
In the
was
Irvington
stated:
case,
the appeal was
taken by Jehova's Witnesses, a
religious sect, one of whose numbers was maiing a door-to-door distribution
Congress, and the Hon. Frank C. Walker.
of religious tracts.
15.
List of guests invited to the cornerstone ceremony.
16.
First pages from the following papers dated Sunday, Nov. 19, 1939:
press
In addition to the claims of bridgment of freedom of the
and of speech, the appeUants also claimed the city ordinance was an
infringement
The New York "Times."
on
religious liberty.
The Los Angeles case came up on
The New York "Herald Tribune."
appeal from a group which was pro¬
Spanish loyalists, while the Mil¬
The Poughkeepsie "Courier."
moting a meeting in the interest of the
The New York "Sunday News."
waukee and Worcester, Mass., cases involved the right to hand out hand¬
bills bearing on labor disputes.
in
Preparations for dedication of the library
our issue of Nov, 18, page 3192.
were
referred to
All
cases
Roberts.
were
handled in the
one
opinion, written by Justice Owen J.
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
The
In addition to the extract above
Court decision,
given from the Supreme
also quote therefrom the following;
we
The Los Angeles, the Milwaukee, and the Worcester ordinances under
review
do not purport to license distribution
prohibit it in the streets and,
one of
but all of them absolutely
them, in other public places
The motive of the legislation under attack
as
below to be the prevention of littering of the streets and, although the alleged
offenders were not charged with themselves scattering paper in the streets,
their convictions
encouraged
or
were
sustained upon the theory that distribution by them
resulted in such littering.
Any burden imposed
the streets
as
upon
.
.
But
not
prevent street littering.
There
deprive
not
the
combat
proclamation
zone
city of all power to
a
British
a
and
zone
sends
the
papers on
streets.
It is argued that the circumstances that in the actual enforcement of the
Milwaukee ordinance the distributor is arrested only if those who receive
the literature throw it in the streets, render it valid.
But, even as thus
construed,
the ordinance cannot be enforced
As
we
this, out.
British ports at all.
warship stops
it
to
control
a
directing that vessel to
American merchant
an
point for
do what
examination.
has said
Congress
And
yet this
stopped at
nor
ship
The
it
could
bound
the
for
of their
ports
own
Now
accord.
without
unconstitutionally
have pointed out, the public
convenience in respect of cleanliness of the streets does not justify an
exer¬
to
Bergen,
this northern lane that British warships may
down
Norway,
Great
to
European
northern
examination.
for
.
.
have
they may not stop,
They may
by skirting to the north of Great Britain,
Britain
Previ¬
neutrals
Holland, Belgium, Sweden or Denmark.
to
go
logical development of the combat zone.
a
ships
British
they
may
be
may
American
on
Amongst these is the punishment of those who actually throw
abridging the liberty of free speech.
they suspected
cargo
automatically rules
do.
ously,
obious methods of preventing littering.
are
the
Suppose, however,
warship is
off
took
authorities
ultimately for Germany.
now
outside
have been putting into
before proceeding to neutral
ships
Many
examination
American ships may not go to
the city authorities in cleaning and caring for
Constitutional protection does
ships.
for
British
.
Constitutional protection of the freedom of speech and press.
This
destined
was
American
of
Sometimes
3343
has radically changed the situation involv¬
zone
voluntarily
ports
destination.
indirect consequence of such distribution results from the
an
detention
British
well.
is held by the courts
...
ing
proclamation of the
and it
go
is
stop them and send them
.
Practically all the United States trade with Norway, Sweden and
Denmark which is carried in American bottoms will be directed to
Bergen.
tion
off
And
of
authorities
combat
zone
from those
here
firm
are
in
British blockade
and
demanding that the combina¬
shall
not
work
to
America
cut
good customers.
tion of the police power which invades the free communication of informa¬
tion and opinion
secured by the Constitution.
President
It is suggested that the Los Angeles and Worcester ordinances are valid
free to distribute printed matter in other public places.
the streets
But,
and opinion; and one is not to have the exercise of his liberty of
in appropriate places
other place.
abridged
expression
the plea that it may be exercised in some
on
...
Conceding that fraudulent appeals
be made in the
may
of charity
name
and religion, we hold that a municipality cannot, for this reason, require
all who wish to disseminate ideas to present
them first to police authorities
for their consideration and approval, with a discretion in the police to say
ideas may, while others may not, be carried to the homes of citizens;
some
some
persons
law.
are
while others
may,
house to house.
may
Trespasses may similarly be forbidden.
If it is said that these
less effieient and convenient than bestowal of power on police
We
are
Nor do
may
we
as
authorities
holding that commercial soliciting and canvass¬
be subjected to such regulation
are
as
Of course, he
all
as
the petitioner.
Doubtless
Assuming that reductions
other invasion of Constitutional
or
Irvington, N. J., in question,
But
The
judgment in each
a
000,000
more
reversed and the
causes
are
remanded for
further proceedings not inconsistent with this opinion.
Mr.
larger
Justice McReynolds is
the President said the result would
Mr.
we
borrow money
as
we
If the money is
we
go,
Roosevelt
defense—one about
con¬
$500,-
available this year.
was
he said, raises
fense, or pay
a
question which he would like to submit
to pay for
emergency
The question is:
expenditures
for de¬
go?
borrowed, he said, it means no additional taxes.
Paying
he said, would mean levying some form of new national defense
That, the President said, is a thing the country ought to under¬
taxes.
case
be provided for
public discussion, which he described as always helpful.
stand and think about,
of opinion that the judgment in each
should be affirmed.
are now,
must
sum
than
The factor,
to
as
case is
they
Congress
estimates, and that
undoubtedly because of the world situation,
tinued,
applied to the petitioner's conduct, is void, and she cannot be punished
for acting without a permit.
be made In the budget, that
can
appropriate large sums beyond the budget
Should
We do hold, however, that the ordinance [of
down
was to cut
be reduction in this year's deficit.
liberty.
as
not
tax revenues increase as
other features of such activities which may be regulated in the
public interest without prior licensing
discussion
a
financing.
said, the objective of the Administration
expenditures which could be whittled at the present time.
does
the ordinance requires.
hold that the town may not fix reasonable hours when convassing
be done by persons having such objects
there
Questions about business and taxation led the President into
of defense and its
be disseminated from house to house and
municipality to abridge freedom of speech and press.
not to be taken
ing may not
conference at Warm Springs, Ga., yesterday
(Nov. 24), President Roosevelt indicated that defense ex¬
penditures in the next fiscal year will be in excess of $2,000,000,000 but probably not as high as $2,300,000,000.
He
said that a special levy to finance defense expenses, which
may be increased by $500,000,000, is being considered.
Reporting on his conference, an Associated Press dispatch
from Warm Spring, Nov. 24, said:
means
who may impart the information, the answer is that considerations of this
sort do not empower a
At his press
disseminate information from
not,
Frauds may be denounced as offenses and punished by
to decide what information may
Call for Additional $500,000,000 in Next Fiscal Year.
have said
as we
natural and proper places for the dissemination of information
are
Roosevelt Says Special Tax to Finance De¬
Expenses is Being Considered—Needs May
fense
because their operation is limited to streets and alleys and leaves persons
Nothing has been decided yet, he said.
Reporters sought to lead him into a discussion of types of new taxes
amounts, but he said he
or
was
speaking only of
a
principle and not of
actual dollars and cents.
Americans
Permitted
Travel
in European Combat
Specific Journey"—State
Department Issues New Passport RegulationsOfficials Indicate This Country Will Defend Rights
of Ships Not in War Area
Zoiie
Limited
to
"One
to
State Department on
The
If Congress
Nov. 18 announced that pass¬
rather than of
To
an
in the
to
icans abroad
3053.
war zone
will be restricted to "one specific
The
referred to in
were
regulations
new
regarding travel of Amer¬
our issue of Nov. 11, page
provide
that
although
icans
may not travel in the combat area, the President
discretion to make certain exceptions.
In a summary
of the new rules, a Washington dispatch of Nov. 18 to the
York
Nov.
On
combat
"Herald
Tribune"
said, in
the following regulations
6
areas
were
part:
prescribed;
regulations
announced
6 rules,
today, -supplementing,
if
not
virtually
re¬
provide that:
American nationals may not travel on any surface vessel or aircraft Into
or
through
which is or may be defined as a combat area unless they possess American passports
as valid for such travel by the Passport Division of the
which have been indorsed
Department of State or an American diplomatic or consular officer abroad.
Each indorsement shall be restricted in validity to one specific journey into or
through a combat area and shall not be valid for travel on a belligerent hessel unless
transportation
neutral vessel is not reasonably available.
1 Indorsements valid for travel into or through a combat area may be placed on the
passports of officers and employees of the United States, civil or military, and mem¬
bers of their families If the public service requires.
Indorsements valid for travel into or through a combat area shall not beplaced
on a
passports of other American nationals except in cases ofimperative necessity
and unless other routes of travel to the destination are not reasonably available.
Permitted to travel In the combat area without the "indorsed" passport are officers
and enlisted personnel of the Navy or Coast Guard on duty, of any ship authorized
by the Government to evacuate nationals, vessels under control of the Red Cross
and those aboard vessels which cleared an American or foreign port in advance of
It
that
was
the
proclamation.
indicated unofficially
at Washington on Nov. 20
on no interference with
not in
European waters. Asso¬
ciated Press advices of Nov. 20 from Washington added:
A
high
official,
Administration
onerous
be
explaining
believed
that
the
the
Government's
United
sacrifices in the interests of peace,
repaid
lanes
are
in part
outside
the
by
fewer
combat
restrictions
zone.
States
determination,
had
said
the
made
sufficiently
and that these sacrifices should
on
American
of principle,
very
But he said there
Roosevelt replied in the negative.
substantial decrease In the deficit, that it probably could
than half, if the budget were lowered, tax revenues
more
paid
as
continued
they were incurred.
contemplated addition of $500,000,000 to those costs, Mr. Roosevelt
Right of American Merchants to Trade in China De¬
fended by Sumner Welles, Acting Secretary of
State—Denies Right of Japanese to Interfere—
Reaffirms State Department Decoration of Dec. 31
Sumner Welles,
upon
ships traveling
in
on
Acting Secretary of State, said at a press
that the United States will insist
Nov. 20
right of American merchants to trade with the
French concessions at Tientsin, China, with¬
the
British
and
Japanese interference.
Earlier, on Nov. 17, Mr. Welles
reported to have said that the United States had made
no suggestions to Japan which would indicate any change
from the position taken in this country's note of Dec. 31,
which denied the Japanese assertion that recent develop¬
ments in China should be recognized as a new order in Asia.
out
was
In
summarizing
Mr.
Welles's
statements
on
Nov. 17,k a
"Herald
Washington dispatch on that date to the New York
Tribune"
In
said:
amounted to
what
a
flat denial of
recent intimations of
a
Japanese
Foreign Office spokesman that the United States "in official communica¬
tions" had now admitted that this country was not blind to the "new
realities," Acting Secretary of State Sumner Welles referred again to the
reiterated
American
position.
This, he said, was best stated in the note of Dec. 31, in which Secretary
Oordell Hull had replied to a Tokio
note of Nov. 13 insisting upon Japan's
right to limit by decree the American sphere in China.
This note, which,
in effect, informed Japan that the United States was reserving all rights
of
equality
stands, Mr.
United States will insist
American vessels which
was one
asserted, would-be partially for additional persons in uniform.
on the
issuance of the combat zone
a
conference
regulation.
Holders of American passports, whether or not so issued or validated,
presently in the combat areas defined by the proclamation of the President of the
United States dated Nov. 4, 1939, are hereby permitted to proceed with travel in
accordance with the authorization and subject to the restrictions noted on such
passports, until further regulation."
The
repeated that the matter
politics.
rise and defense costs were
The
relating to travel into and through
"Holders of American passports Issued or validated subsequent to Sept. 4, 1939
for travel In Europe are hereby permitted to proceed, in accordance with the author
lzations and subject to the restrictions noted on such passports, into and through
any such combat area, whether by surface vessels or aircraft or both, until further
placing, the Nov.
policy, he said, it would then
Amer¬
has
New
you go
inquiry whether the budget would be balanced, aside from de¬
fense outlays, Mr.
be cut
Previous regulations
pay as
Reminded that Congress might be reluctant to impose new taxes in an
election year, the President
would be
European
on a
be time to decide on the kind of taxes.
ports issued to Americans who may be permitted to travel
journey".
decided
and opportunity in China which its treaties accorded, still
Welles indicated.
to the unchanged American position was provoked by a
The reiteration
dispatch from Shanghai quoting Yakickiro Suma, spokesman for the Tokio
Mr. Suma, who until a year ago was counsellor of the
Embassy in Washington, had also indicated that if the 1911
treaty between the United States and Japan, which the State De¬
partment has denounced, is allowed to lapse, the United States will not be
foreign office.
Japanese
trade
"unaffected."
The Dec. 31
note of
Tokio was referred to
United States Ambassador Grew to
in our issue of Jan.
7, page 41.
Nov. 20, reporting that Acting Sec¬
From Washington, on
United States Government
retary Welles indicated that the
viewed
growing concern the increasing number of in¬
with
Japanese interference with Americans and their
stances of
China, particularly at Tientsin, advices to the
added, in part:
interests in
"Herald
Tribune"
his
Welles told reporters that while
there had been reported only a few cases in which American citizens had
been molested personally, there were increasing numbers of incidents in
which American goods had been subjected to arbitrary handling by the
At
regular
He
made
the
on
Mr.
conference
press
Japanese military
Caldwell,
public
which
report,
a
General
Consul
been
had
received
Tientsin,
at
in
John
from
which
he
K.
not
may
result of the resealing program.
officials emphasized the fact that
space as a
In announcing the new loan program,
procedure for obtaining loans has been simplified and that interest and
been reduced.
The Commodity Credit Corporation
the
insurance charges have
recently reduced its interest
and
in
with which Japanese soldiers were stopping
goods in transit into the foreign concessions at Tientsin.
rate on all commodity loans from 4 to 3%
between insurance representatives and CCC
agreed upon.
was
be available from Dec. 1, 1939 to March. 31. 1940,
The loans will
15moisture content.
not more than
collateral with a moisture content between
of corn offered for
case
153^ and 20M%. l°aQs will continue to
Inter-American
Clearing House to Further Exchange
Stability of American
Republics Considered at
Washington By Members of Inter-American Finan¬
cial and Economic
The
Financial
and
Advisory Committee
subcommittee
monetary
Economic
Washington, D. C.
Advisory
Nov. 22
on
of
on a
the
of
Committee
agreed
Welles
Mr.
Sumner
Welles,
mittee last week, as was
Under
18,
page 3205.
Reporting on the plan, an Associated Press dispatch from
Washington, Nov. 22, said:
Delegates said the memorandum
cussion
later
of
a
for
proposal
was
intended
creation
of
to
form
basis for dis¬
a
inter-American
an
financial
institution having some of the faculties of the Federal Reserve
system and
also
incorporating
many
The subcommittee
visional
basis
for
of those of
agreed to
an
make
international
United
the
determining the relationships
bank of settlement.
States
dollar
of American
the
pro¬
currencies.
However, the resolution provided that this arrangement would be subject
to
change if it
entirely
at
were
deemed advisable later.
A
establish
to
an
meeting.
Delegates said the proposed organization would
clearing
proposal
standard monetary unit for the 21 nations had been discussed
new
earlier
an
house,
fluctuations with
eliminating
an
many
adverse effect
factors
act as an inter-American
causing
excessive
exchange
and long-term internaional
on commerce
Delegates said that
outline.
for such
far
so
Separate
the discussions
Mexican,
had
Peruvian
been limited
and
to
Ecuadorean
a
It
projects
an
was
reported
on
Nov. 20 that members of the Com¬
mittee
debated a proposal for a Pan-American
Monetary
System based on the purchasing power of the 21 Republics.
The proposal, said United Press accounts from
Washington,
was advanced
by the Peruvian delegate, Don Pedro Larranga Montero; these accounts further said:
His plan called for adoption of "a
on
gold
nor
silver but
on
Pan-American dollar," based neither
the "common denominator" of actual
purchasing
power of the individual
currencies of the Americas.
He opposed adoption of the United States
dollar as the
standard, although several of his colleagues advanced
Such
an
that
authorizations
action,
he argued,
common
such
a
of
includes
monetary
67c
Per
Bushel
for
Loans
on
1939
Corn
An¬
Secretary of Agriculture Henry A. Wallace announced
Nov. 22 that the November
000,000 bushels establishes
corn
crop
estimate of 2,591,-
the rate of 57 cents per bushel
Commodity Credit Corporation loans made
on
1939
corn
to farmers in
the commercial corn area.
The Agricultural
Adjustment Act of 1938 provides that the loan shall be 70%
of the parity
price for corn if the November crop estimate
exceeds a normal year's domestic
consumption and exports by
not more than
10%. The corn crop indicated by the Novem¬
ber crop report exceeds a normal
year's domestic consumption
and exports of
of
2,575,000,000 bushels for the 10-vear
period, 1929-30 through 1938-39, by less than 10%.
With
the parity price of corn estimated at
82 cents per bushel,
70% of parity is 57 cents per bushel.
The Department's
corn
announcement continued:
734,720
845,630
Oct.
was
was
corn
and
of $5,687,Schram's report
repayments
Mr.
74.51%).
During October, loans were authorized to two banks and trust companies
acreage allotments.
The 1939 com¬
area
in liquidation)
(including those
liquidation)
amounted
$1,184,736
repaid.
7,539 banks and
$15,920,580
has
Of
been
October
$1,986,000,
Through
31,
of
amount
and
required by the Agricultural
Adjustment Act of 1938
to
be
75% of the
rate to farmers within the com¬
area.
and
has
recently been resealed for
an
additional 12 months period.
A final report
the resealing program will be available early in December.
Because of the larger participation in the 1939 farm
program, more far¬
mers will be eligible for loans this year than were
eligible in 1938.
It is
been
to
$588,417;
amounted
•
authorized
$16,308,780
disbursed,
$1,114,127.
to
to
has
this
when
$938,344,402,
amounted
Through
$333,829,165
this
of
depositors
to
cancelations
;
1939,
31,
has been
the borrowers;
approximately
loans
closed banks
2,776
amount
of
with¬
and
$2,174,371,
to
Oct.
depositors of
remains available to
and
6,863
of
of
banks
the
to
distribution
for
$233,758
disbursements
distribution
for
$1,341,419,544;
and
been
of
amount
debentures
$170,723,587
;
available
met.
authorized
the
aggregating
the purchase
6,785 banks and trust
and
notes
remains
have
were
in
been
drawn
capital
$1,396,319,689
of
$59,814,600
banks
repayments
have
with¬
$991,281,598
94.7%,
has
been
repaid.
During October the authorizations to finance drainage, levee and irriga¬
tion
districts
$1,000
1939,
loans
irrigation
been
have
$87,953,326
the
struction
$69,946
was
641
refinance
to
of
available
remains
amount
Through
drainage,
which
to
the
in
disbursed.
$144,279,427,
aggregating
$24,531,936
provisions of Section
Finance Corporation
31,
levee
and
$31,794,165
has
borrowers,
and
the
(d), which was added to the Recon¬
5
Act June
19,
1934,
and amended April
1938, 72 loans to industry, aggregating $3,632,493 were authorized
Authorizations
during
loan
mortgage
with
the
Of
available
to
withdrawn.
1,637
the
have
remains
public
canceled
or
including loans
to
were
industry
program,
the
in
cooperation
Corporation
has
to
remains
to
pur¬
loans to 38 businesses
aggregating $5,487,400 were
$5,718,528
in
been
participations
of
$28,821,379
of
which
has
aggregating $111,054,735 of
been withdrawn and $64,-
available.
for
to
$32,000,
amounted to
authorized
$43,420,841
the amount of $9,862,000 were author¬
self-liquidating projects.
Cancelations and
loans in
seven
agencies
amounted
repayments
346,190;
1939,
and
authorizations
similar
purchase
businesses,
withdrawals
and
$3,379,464
31,
13,
during
Through Oct. 31, 1939, the Corporation has authorized or has
the
to
to
Oct.
business
Administration
amounting
and
During October,
ized
of
$87,797,001 has been withdrawn and $112,900,801
borrowers.
In addition, the Corporation agreed
October
527,165
assist
to
Recovery
amount
Through
October.
participations
during
the
6,846 loans for the benefit of industry aggregating $385,207,801.
this amount
chase
in
companies
National
authorized
of
Oct.
disbursed.
been
has
authorizations
$17,000;
and
authorized
been
districts
withdrawn,
Under
increased
were
withdrawn,
were
agreed
With the exception of a 55 cents per bushel rate for
mixed corn, the 1939
loan rate of 57 cents per bushel is the same as the
rate which was available
in 1938 when 271,000 farmers placed
27,000,000 bushels of corn under
seal.
A large proportion of the 1938 corn which was
placed under seal has
preferred stock,
companies
and
amounted
drawals
made for
been
$25,000.
to
$1,347,991,934 and 1,123 loans were authorized in
to be secured by preferred stock,
a
total
authorizations
of
stock
preferred
amounted
$48,327,755
trust
closed
that
and
in the aggregate amount
withdrawals
have
banks,
purchase
to
companies
been
94.6%,
company.
capital notes and debentures of
During October, loans
two
aggre¬
has
approximately
open
trust
made
trust
and
authorizations
1939,
for
withdrawn
conditions
in receivership)
by
owing
is
were
cancelations
companies aggregating
per
areas outside the commercial corn area who in
1939 did not exceed their total
soli-depleting acreage allotments.
The rate
to farmers outside the commercial corn area is
authorizations
preferred stock,
and
authorized to
$2,026,066,271
$1,916,054,577,
mortgage and
one
four banks and
and
Oct.
borrowers and
$8,101,650
Only
debentures of
of
disbursed
was
have been
(including those
to
amount
$7,028,630 from
During
and
latter
repaid.
includes
Cancelations
(including those in
Of this amount $511,774,905 has been withdrawn,
available
this
$2,174,371
1939, loans
31,
companies
trust
remains
disbursed.
$513,417;
to
Through Oct.
gating $2,553,761,756.
of
$233,758.
in the amount of
withdrawals of loans to bankB and trust companies
and
area
bushel to farmers in certain
on
of $7,632,611,792
(approximately
095,607
withdrawn
corn
includes 586 counties in the 12
States, Illinois, Indiana,
Ohio, Michigan, Wisconsin, Minnesota, South
Dakota, Iowa, Nebraska,
Missouri, Kansas, and Kentucky.
Loans will be made at 43 cents
corn
During October, $21,-
disbursed for loans and investments and $13,repaid, making total disbursements through
1939,
31,
October.
Loans "will be made at this rate
to farmers in the commercial
who in 1939 did not exceed
their
mercial
Authorizations aggregating
were
stock, capital notes and debentures.
been
by Secretary of Agriculture Wallace—
Crop Estimated at 2,591,000,000 Bushels
corn
1939.
canceled or withdrawn during October, Mr.
Schram said, making total cancellations and withdrawals
of $2,277,640,472.
A total of $803,480,738 remains available
to borrowers and to banks in the purchase of preferred
$8,961,458
the
commerce.
nounced
mercial
other gov¬
and $1,800,000,000 for relief from organ¬
through Oct. 31,
ization
This latter amount
total of $1,071,313,842 authorized for
a
ernmental agencies
banks
for
$13,487,631,842.
of
month
the
of
authorization
of
commitments
authorizations through
1939, and tenattive commitments outstanding at the
Oct. 31,
end
and
authorizations
previous
amoutned to $5,136,826, making total
suggestion.
would increase the dominance of the United
States dollar in Latin-American
Rate
during October amounted to $54,659,750,
program
recovery
rescissions
RFC in the
of the
commitments
and
reported
Corporation,
Finance
Reconstruction
the
of
broad
international bank have been drafted, although
they have not
been formally considered by the subcommittee.
yet
monthly report, issued Nov. 9, Emil Schram, Chair¬
In his
man
continued:
investments.
general
2, 1932, to Oct. 31,.
Authorized—$2,277,640,472
Canceled—$7,632,611,792
Disbursed for
Loans and Investments—$5,687,095,607 Repaid
a
Secretary of State.
Chairman of the Advisory Com¬
reported in these columns of Nov.
chosen
was
dries out.
1939—Loans of $13,487,631,842
at
provisional outline of
subniitted by Adolph A. Berle, Assistant Secretary
State, who attended the subcommittee sessions as a
for
be made at the full rate per bushel
volume of "wet" corn to offset the
shrink which will take place as the crop
Report of Operations of RFC Feb.
was
substitute
but deductions will be made in the total
Inter-American
proposed inter-American clearing house to strengthen the
exchange stability of the 21 American republics. The out¬
line
greater than
shall be 2Yi cubic feet of corn testing
20H%, and a bushel of ear corn
In
the due date of the loan.
be made on corn with a moisture content
will not
and will
In case of farm storage, the farmer agrees to store
1940.
1,
for at least 75 days following
corn
Loans
charged by some
reduction in corn loan insurance rates being
companies
the
conference
recent
a
officials a
remarked
frequency
growing
Nov. 25, 1939
placed under loan this year
be correspondingly larger because of the lack of eligible storage
pointed out, however, that the amount of corn
be due Aug.
authorities.
American
American
YEARS OLD
ONE HUNDRED— The Commercial & Financial
3344
on
of
disbursements
amounted
to
$4,678,400,
Through Oct. 31, 1939, 314 loans
self-liquidating
projects
aggregating
$558,-
this
$55,000.
amount
has
been
withdrawn
and
$113,-
Volume
328,575
149
remains
ONE HUNDRED—The Commercial & Financial
.
available
to
YEARS OLD
borrowers; $401,590,774 has been dis¬
$305,074,600 has been repaid.
During October the Corporation purchased from the Federal Emergency
Administration of Public Works five blocks (five issues) of securities
having a par value of $3,057,000 and sold securities having par value of
Canceled or
bursed and
$224,800
for
securities
having
ration
$222,997.
The
has purchased from
Works
4,133 blocks
900,049.
sold at
still held.
are
to
securities
In
having
to
the Federal Emergency
deliver from
to
The
time
to
held
be
collected
and
or
sold
at
a
later
aggregate par value of $24,261,000
an
Administration of Public Works is in
a
position
time.
listed
report
value of $475,568,721 were
the Corporation has agreed with the
addition,
purchase,
par
as
follows
disbursements
ments for all purposes from Feb.
and
repay¬
2, 1932, to Oct. 31, 1939:
Disbursements
Loans undpr Section 5:
Repayments
S
$
1 ,979,940,972.47
1.873,075,784.35
*213,786,178.68
406,248,767.19
387,236,000.00
.
Banks and trust companies (incl. receivers)
Railroads (including receivers)
Mortgage loan companies
650,437,461.06
552,157,575.45
387,236,000.00
173,243,640.72
120,355,829.50
__
Federal Land banks
Regional Agricultural Credit corporations
Building and loan associations (incl. receivers).
Insurance companies.
..
90,693,209.81
23,173,504.87
Joint Stock Land banks
f
173,243,640.72
116,923,233.91
86,981,555.40
19,534,979.48
Federal intermediate Credit banks..
9,250,000.00
Agricultural Credit corporations
Fishing industry
5,643,618.22
719,675.00
600,095.79
Credit unions
distributors for payment of pro¬
cessing tax....
13,064,631.18
12,971,598.69
9,250,000.00
5,565,456.89
362,104.15
584,254.21
or
14,718.06
Charles City Western Ry. Co
Gt..West. RR. Co. (trustee)
cotton
3,300,000.00
Loans for refinancing drainage, levee and Irriga¬
tion districts.
87,953,328.00
3,300.000.00
4,471,662.75
authorities for payment
and
for refinancing out¬
standing indebtedness..
...
22,450,000.00
22,303,500.00
401,596,774.01
305,074,660.34
12,003,055.32
....
4,546,233.31
Loans to aid In financing
self-liquidating construc¬
tion projects.
Loans for repair and reconstruction of property
damaged
and
by earthquake,
tire,
....
Loans to aid In financing the sale of agricultural
Chic. No. Shore & Milw. RR. Co.
47,224,586.66
196,514,354.88
46,125,298.79
4,854,200.00
_
27,853,692.97
65,925,505.39
42,978,792.81
2,174,387.55
carrying and orderly market¬
Del. Lackawanna & Western Ry
ing of agricultural commodities and livestock
767,716,962.21
19,644,491 78
140,500,000.00
I
767,716,962.21
18,823,365.49
2,425.46
debentures of banks and trust companies (In¬
cluding $18,063,730 disbursed and $11,581,314.33 repaid on loans secured by pref. stock).. 1,165,779,501.56
Purchase of stock of the RFC Mortgage Co
Purchase of stock of the Fed. Nat. Mtge. As'n._
601,014,157.69
25,000,000.00
11,000.000.00
secured
by preferred stock of insurance
(including $100,000 disbursed for
the purchase of preferred stock)
of
7,754,816.01
608,768,973.70
620,971,709.49
Administration
34,475,000.00
1,236,254,501.56
Emergency
494,312,542.55
Public
Works security transactions...
Total
.7,632,611,791.52 5,687,095,607.34
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp.
200,000,000.00
124,741,000.00
Capital stock of Federal Home Loan banks.
Loan (now Land Bank) Commissioner
_
Erie RR. Co
Eureka Nevada Ry. Co
Fla. E. Coast Ry. Co. (receivers)
145,000,000.00
2,600,000.00
55,000,000.00
;
Joint Stock Land banks
To create mutual mortgage Insurance fund..
For other purposes
_
duction credit corporations.
Regional Agricultural Credit corporations for:
Purchase of capital stock (incl. $39,500,000
held in revolving fund)
Expenses—Prior to May 27,1933
Since May 26, 1933
105,422,400
13,916
Administrative expense—1932 relief
Administrator
1935
299,984,999.00
Mississippi Export RR. Co.
Missouri-Kansas-Texas RR. Co.
33,177,419.82
Murfree8boro-Na8hvilleRy.Co_.
N. Y. Chic. A St. L. RR. Co....
N.Y.N.H. A Hartford RR.Co.
bursed to and repaid
100,000
2,309,760
99,200
785,000
785,000
1,070,599
25,000
1.070.699
25,000
1,070,699
27,499,000
18,200,000
7,699,778
27,499*666
222
600,000
28,9*0*0*666
28,9ob;666
b32,499,000
18,200.000
7,700.000
18,200,000
809,888
3,000,000
.
I
17.000
1,200,000
500,000
18,672.250
18,672,250
200.000
117,750
773,600
300,000
2,805,176
200.000
400,000
162,600
965,000
640,000
44,000.000
24,200,000
50.905,000
17.909,132
162,600
c320*666
100,000
100,COO
5.147.700
147,700
7*0*0*666
7*06*666
108,740
—
6,000
45,000
30,000
30,000
39,000
30,000
39,000
991,800
1,403,000
3,600.000
22,833,383
23,231,583
4,366,000
4.366,000
(trustees).
13,502,922
750.000
13,502,922
750,000
22,525
22,525
764,021,217 106,893,556 650,437,461
Represents a guarantee: in addition
3,000,000
12,000
4,975,207
300,000
7,995,176
400 000
22,625
218,936,179
the Corporation also guaranteed the pay¬
The loan to Minneapolis St.
secured by Its bonds, the
$5,000,000 guarantee; in addition the
Represents securities sold, the payment
candled
pursuant to provisions of an Act (Public
together
with
the
Corporation also guaranteed
of principal and Interest is guaranteed
above loans authorized the Corporation
approved, in principle, loans in the amount of $130,996,145 upon the performance of specified conditions.
has
Says Principal Need of Housing Market and
Home-Financing Business Is Assurance that Stand¬
ards of Home Building Will Improve as Residential
Construction Increases in Volume
......
amount
dis¬
shown in the following
(as of Oct. 31, 1939), contained in the report:
A6,843,082
100,000
FHLBB
disbursed for relief under the Emergency
are
50,000
985,000
6,843.082
5,124.000
23,134,800
99,200
200,000
400,000
Sand Springs Ry. Co
162,600
Savannah & Atlanta Ry, Co
1,300 000
Seaboard Air L. Ry. Co. (rec'rs).
640,000
Southern Pacific Co
45,200,000
Southern Ry. Co.
51,405,000
Sumpter Valley Ry. Co
100.000
Tennessee Central Ry. Co...
5,147,700
Texas Okla. A Eastern RR. Co..
108,740
Texas A Pacific Ry. Co....
700,000
17,159,232.30
equivalent to the balance of the amount dis¬
by each,
2,550" 000
197,000
744,262
Loui^Southwwtera R^ Co" 18J90.066
of home building will improve
rather than deteriorate as residential
construction increases
principal needs of the housing mar¬
ket and home-financing business, the Federal Home Loan
Bank Board says in its forthcoming seventh annual report
covering its operations for the 1989 fiscal year.
Among
other outstanding problems listed by the Board were:
in volume is one of the
1.
Prevention of sudden
or
unwarranted increases in the costs of building
materials and labor.
2.
table
2,55*0"666
Salt Lake A Utah RR. (receivers)
Salt Lake & Utah RR. Corp
In addition to the
al7,159,232.30
The loans authorized and authorizations canceled or with¬
railroad,
800.000
by the Corporation.
approved Feb. 24, 1938.
each
8,500.000
3,000
607,000
Pennsylvania RR. Co
29,500,000
Pere Marquette Ry. Co
3,000,000
Pioneer & Fayette RR...
17,000
Pittsburgh A W. Va. RR. Co...
4,975,207
Puget Sound A Cascade Ry. Co..
300,000
St. Louis-San Fran. Ry. Co
7,995,175
c
bursed for allocations to other governmental agencies and for relief by direction of
for
125.000
35,290,000
9,278,000
800,000
785.000
Mobile A Ohio RR. Co. (receivers)
b Includes a
Relief and Construction Act of 1932, the Corporation's notes have been
drawn
22,667
1,000,000
the payment of interest.
Minneapolis St. Paul A Sault Ste. Marie Ry. Co.
Congress and the interest paid thereon,
13,915
520,000
Paul A Sault Ste. Marie Ry. Co. (The Boo Line)
interest on which was guaranteed by the Canadian
"Boo Line" went into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.50 in cash and Canadian
Pacific Ry. Co.'s notes for $5,600,000, maturing over a period of 10 years, $350,000
of which matured and was paid on Feb. 1, 1939.
Co., which were accepted in payment for the balance due on loan made to the
No. 432)
6,000,000
13,915
520,000
6,000.000
99,422,400
23,134,800
99,200
Mobile A Ohio RR. Co
a
$5,150,000 represented by notes of the Canadian Pacific Ry.
in the amount of S2,719,142,122.57,
1,111,000
546,000
354,721
5,124.000
...
Minn. St. P.A S.S.Marie Ry. Co.
was
10*405913,146.39 a5704,254,839.64
In addition to the repayments of funds
*78*666
3,183*666
800,000
*350,000
2,560.000
200,000
Assurance that standards
a
10,000
10,539
1,729,252
6.843,082
100,000
notes issued for funds for allocations
Does not include
627*075
Pacific Ry. Co. and when the
500,000,000.00
1,799,984,010.22
and relief advances
*
027*675
Bigbee River Ry. Co.
(trustee)
*
499,999,011.22
500,000,000.00
Under Emergency Appropriation Act—1935
Under Emergency Relief Appropriation Act,
__________
71,300
582,000
15,000
35,312,667
Maryland A Penna. RR. Co
SL
1,800.000
227,434
8.176,000
10,278.000
Totals
940,139,924.83
_
For relief—To States directly by Corporation
To States on certification of Federal Relief
Grand total
sob'ooo
520,000
Lehigh Valley RR. Co
Litchfield & Madison Ry. Co
Wrlghtsvllle A Tennille RR
44,500,000.00
3,108,278.64
13,902,002.92
115,696.87
126,871.85
Administrative
on
53"506
2,000,000
8,081,000
354,721
Great Northern Ry. Co
Green County RR. Co
Western Pac. RR. Co
40,500,000.00
97,000,000.00
22,000,000.00
Stock—Commodity Credit Corporation
Interest
8,300,000
1,561,133
ment of interest.
Stock—Disaster Loan Corporation
Total for relief...
8,300,0i)0
29,450,800
90,000
10,539
Gulf Mobile & Northern RR. Co.
Illinois Central RR. Co
Western Pacific RR. Co
pro¬
Total allocations to governmntal agencies.
537
3,840,000
Wichita Falls A Southern RR.Co.
10,000,000.00
66,546,074.55
115,000,000.00
Sec. of Agricul. for crop loans to farmers (net).
Governor of the Farm Credit Administration for
for
838
150,000
11,500,000
3,000
3,183,000
546,000
.
Tuckerton RR. Co
Federal Farm Mtge. Corp. for loans to farmers.
Federal Housing Administrator:
provide capital
36,000
155,632
4,338,000
1,800,000
8,176,000
15,000
Galveston Terminal Ry Co
Georgia & Fla.RR.Co. (receivers)
Wabash Ry. Co. (receivers).
to
220,692
464,299
5,916,600
46,588,133
1,289,000
160,000
78.000
.
for loans to:
revolving fund
♦
3.124,319
464,299
140,000
3,182,150
16,582,000
717,075
227,434
Ft .Smith & W.Ry.Co. (receivers)
Ft. Worth A Den. City Ry. Co._
Texas Southern-Eastern RR. Co.
Farm
Farmers
41,807
53*500
219,000
Norf. South. RR. Co. (receivers).
companies
Federal
2,098,925
53,600
60,000
1,800,000
3,182,150
16,582,000
3,000
(trustees)
Denver & Salt Lake West .RR.Co.
New York Central RR. Co
Total loans,excl.of loans secured by pref .stock.5,775,385,580.47 4,584,014,091.09
Purchase of preferred stock, capital notes and
Total
41,300
3,840,000
1,150,000
13,718.700
500,000
8,300,000
Missouri Southern RR. Co..
Commodity Credit Corporation...
Loans
1,000
2,000,000
Denver & Rio Grande W.RR.Co.
648,873
14,150,000
35,701
1,150.000
Missouri Pacific RR. Co....
Other..
Loans to Rural Electrification Administration..
139", 909
Chicago R. I. & Pac. Ry. Co.— 13,718,700
Cincinnati Union Terminal Co
10,398,925
Colorado & Southern Ry. Co
29,504,400
Columbus & Greenville Ry. Co..
60,000
Copper Rrange RR. Co
53,500
Meridian &
surpluses In foreign markets..
Loans to business enterprises
Loans on and purchases of assets of closed banks.
Loans to mining businesses
Loans to finance the
535,800
53,960
13,200
3,840,000
Louisiana & Arkansas Ry. Co
Maine Cencral RR. Co
flood
tornado,
other catastrophes
12,201,300
150,000
12,000,000
Chic. Milw. St.P. A Pac. RR. Co.
Chic. Milw. St .P. A Pac. RR. Co.
Gainesville Midland RR. Co
salaries
95,343,400
41,300
11,069,437
14,600
Chicago A Eastern 111. RR. Co..
5,916,500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR. Co
1,289,000
Galnsvllle Mldl'd Ry. (receivers)
Galv. 1 ouston & Hend. RR. Co.
public school
400,000
500,000
140,000
Total loans under Section 5._.._____019,502,530.82 3,318,842,902.81
to Secretary of Agriculture to purchase
Loans
to
459,757
400,000
14,150,000
3,124,319
lessees)
Fredericksburg & North. Ry. Co.
of teachers'
634.757
400,000
Central of Georgia Ry. Co
Central RR. Co. of N. J
14,718.06
Loans
$
127.000
90,000
275,000
2,600,000
Baltinore & Ohio RR. Co. (note) 95,358.000
Birmingham A So'eastera RR.Co.
41,300
Boston & Maine RR...
11,069,437
Buffalo Union-Carolina RR..i._
53,960
Carlton & Coast RR. Co
549,000
Carolina Cilnchfield & Ohio Ry.
(Atlantic Coast Line and Louis¬
Chic.
Repaid
$
127,000
275,000
2,500,000
634,757
Alton RR. Co
All Arbor RR. Co. (receivers)
Ashley Drew A Northern Ry. Co.
ville A Nashville,
Disbursed
$
127,000
Denver A Rio Grande W.RR.Co.
13,064,631.18
12,971,598.69
_
Livestock Credit corporations
Processors
Aberdeen & Rockfish RR. Co...
Ala.Tenn. A Northern RR. Corp.
Withdrawn
$
(trustee)
State funds for insurance of deposits of public
moneys
Authorized
PWA
Securities having a par value of $153,-
date, such part of securities having
as
maturing
collected
the Federal Emergency Administration of Public
premium of $13,538,735.
Administrator
also
Through Oct. 31, 1939, the Corpo¬
(3,074 issues) of securities having par value of $656,-
Of this amount
a
310,549
Corporation
value of $720,671.
par
3345
■Authorizations
the
Rehabilitation
ment of
3.
Disposal
possessed,
gage
of
neighborhoods
facing
deterioration
from
encroach¬
slums, need for repairs to individual homes, and other factors.
of
about
$4,000,000,000
in
real
estate
"overhang"
of re¬
unsold properties held by financial institutions and other mort¬
lenders.
modernization
General
mechanics of construction and
market
the
of
lending—especially heeded is reformation of antiquated State and
municipal laws dealing with real estate, zoning, foreclosures, title regis¬
market
&c.
trations,
The
report said, in part:
tendencies to reduce
indications that jerry building,
utilization of cheap materials are
Large construction activity almost inevitably creates
building standards, and there are already
methods
poor
and
construction,
of
volume.
increasing in
.
Building for the mass market is a desirable goal, but if it is achieved at
good material and sound construction, the gain in terms of
the expense of
Such tendencies not only threaten
home ownership but endanger the safety of funds invested in
housing standards is very questionable.
the
value fo
Home-financing institutions and supervising agencies, there¬
fore, have a vital interest in well-organized control over building methods.
More than ever, institutions have a stake in the structural soundness of
properties which constitute the basic security for their loans, because the
ratio of loan to property value generally is higher, and the term of mort¬
gage loans longer than any time in the past.
...
The holding of hundreds of thousands of properties for sale by financial
institutions retards the full recovery of the real estate market.
In the
mortgages.
begun to realize the
necessity for a quick and orderly liquidation of the real estate overhang
and have acted accordingly.
However, further efforts will be required
last
to
two
institutions
home-financing
years
have
rendered
is
still
broad
a
condition
offered
and
There
demand
at
homes if they
task
during the past
of
year some improvements
laws
has
negligible.
been
Under
compared
simple,
lines
other
with
and
uniform
production
of
types
inexpensive
the
of
legal
methods
where
finance,
and
of
fore¬
definite disadvantage
a
used.
are
methdos
present
at
are
thumb that
times
if
of
reform
A
rapid,
along
the
modernized, uniform Land
a
volume
the
As
Based
homes.
Non-Farm
Fore
Estate
Real
Year, Reports FHLBB
The general downward movement of non-farm real estate
foreclosures, which has persisted since 1933, continued
through the first nine months of 1939, but there are rather
definite indications of its leveling off, according to the
monthly survey of the Division of Research and Statistics
of the Federal Home Loan Bank Board, recently issued.
Declines from the preceding year in the instances of 1936,
1937 and 1938 have ranged between 18% and 22%, while the
also had the following to
purvey
•Some
is
indication
manifested
show
was
that
of
the
the
say,
in part:
regularity of this diminishing
by the quarterly totals fer
the past
downward trend
percentage decrease in each successive quarter of
1939
(as
as
in each of the last three quarterly periods of
1938) from the
corresponding quarter of the preceding year has been progressively smaller.
whole and
a
The
three
Federal
Rock),
each
Home
while
preceding
for
nine-month
for
of
the
totals
Loan
1938
four groups
showed
Bank
all
of commodities according to
advances
districts
districts
(Boston,
reported
less
foreclosures
1938
over
Chicago
activity
in
The
of
from
which
46.1
(1934
well
compares
five-year average movement for
equals
with
100)
the
these months.
for August
3.0%
to
as
The August to September
groups likewise compared favorably with
five-year average change, Groups No. 2, No. 3 and No. 4
registering recessions counter to average rises of from 0.2% to 6.9%,
while Group No. 1 rose only 2.7% instead of the 10.4% reflected by the
average.
Only four Federal Home Loan Bank districts reported increases
August, and in two of these instances the rises
shown
by
the
five-year
were
less
than
those
average.
banking
RFC,
urged
such
tending
to
of
do
Number
Number
Preceding Year
First quarter
Second quarter
31,283
Third quarter
Fourth quarter
28,249
27,039
22.3%
24.3%
22.6%
18.2%
32,719
Preceding Year
27,530
29,447
26,086
12.0%
10.0%
7.7%
average
cost
of all non-farm homes constructed in
the United States in the first six months of 1939
was $3,611,
10% in three yearsbrought about chiefly by increased willingness of families
representing
reduction of
a
more than
to buy dwellings of smaller size and
simpler design and
greater effort of the building industry in meeting mass de¬
mand, according to an announcement issued Nov. 18 bearing
on
the 1939 fiscal year
Bank Board.
ability
to
report of the Federal Home Loan
This "adjustment of prices to the consumer's
pay
was
perhaps
one
of
the
most
important
small
to
the
on
not
been
have
applications for loans
any
added that
to impose
He
approve.
part of Government
the public,
when,
yet
spite
in
lenders to
private
of
every
demands
meet the
business, these lenders are unable or unwilling
there is no alternative."
Mr. Schram said,
banks
laboratory
all
or
there
local
a
been
the
allow
to
is
RFC
to
serve
operation
lending
is
performed,
they
have
then
Under ordinary
inducting
a
bank
order
to
In
have
to
or
its
after
purchase
part of it,
a
indirect method
an
the willingness
However,
element
important
an
in
asked
forward
which
either
to
to
and
have
nook and
the
to
the
in
applications
corner
of
RFC
nearest
unwilling
are
been
Loan
Home
the
RFC
receive
every
themselves
they
recently
arrangements
Administration
offices
available
been
applications
addition,
Housing
local
facilities
our
banks
loan
any
is
outset
and
loan.
a
make
all
the
loan,
a
represents
into the picture.
participate at
of
country,
bank
private
a
to
experimental
an
volunteered
objection to the sale of such
no
as
circumstances if the borrower
bank, since the procedure merely
of
In
chosen
demonstrated
part of the loan.
a
consents
to
have
which
in
has
success
to
made with
Bank Board
the
refer
the
to
or
for
applicants to the appropriate RFC office.
The RFC always
The
necessity
for
tries to find
its
a
to
way
understanding of all
make—not to decline—a loan.
types
applications is
of
illus¬
trated
by the fact that loans have been approved for almost every type
business, including sponge gathering in Florida, salmon fishing in
Alaska, 'coal mining in Pennsylvania, cattle raising in Vermont, and
of
processing in California.
It
is
has
without
some
to
that
its
of
it has borrowed.
believed
is
Corporation
the
loans.
disbursed
including
appropriation,
it
conjecture concerning the losses RFC may suffer.
report
three-fourths
money
which
been
pleasure
a
than
more
the
The
the
of
Schram
part:
There
FHLBB
themselves will
upon
loans
banks
said that all
RFC
to the
desire
private
to cooperate with the RFC in ex¬
He
credit.
Mr.
address.
extend long-term
to
the
Chairman
Sehram,
radio
a
provide
will
unless
the job
Many
fruit
Average Cost of Newly Built Homes in United States
Has Been Reduced Over
10% in Three Years, Says
in
or
encourage
sound
to
their
Decline from
Same Period of
banks
send
no
services
effort
Federal
1939
Decline from
Same Period of
Banks
Private
Corporation
businesses
Emil
does so,
enterprises
requested to
in
Finance
small
to
Nov. 20
on
private
business
approve.
1938
credit
system
said
office
REAL ESTATE FORECLOSURES
Unless
Business
Reconstruction
the
NON-FARM
Small
Nation Must Be Liberalized
out
The
decline from August of 312 foreclosure
United States.
and
Credits,
Chairman Declares—
Emil Schram Says that Credit Facilities Through¬
consideration
for the
period of growing volume of construction,
a
Needed
Furnish
Among the 48 States, 25 States and the District of Columbia reported
1,033, while 19 reported increases aggre¬
gating 721 cases, and four indicated no change.
Hence, a net September
cases
Aid
Will
RFC
of
decreases in foreclosures totaling
in
of building material and labor in
pioneering is under way."
a
the
demonstrated that
the recent reduction in average prices at which new homes
offered occurred
is
43.6,
shown
rise
2,625
2,552
in a period of declining general price level
construction.
However, this was
they
respective
over
3,961
1937, and only slightly
declining costs in 1938.
Nevertheless, price reductions were made possible
by a greater willingness of home buyers to purchase dwellings of smaller
size and simpler design.
Moreover, the building industry has been con¬
centrating more fully in the broad area of mass demand.
In the last two
years considerable pioneering has been done all over the country to meet
the housing needs of
families of moderate incomes, and more of such
change in each of the four size
its
4,307
3,971
3,611
Family
$3,639
3,524
3,224
3,194
decreasing volume of
a
rising costs
its
dropped
decline,
3,995
$2,763
2,834
"During the early thirties the average price of new homes had already
"there
year.
index
$4,363
More
building and consequently economic activity in general.
new
which
Changes in, foreclosure activity during September were generally favor¬
able, with cases numbering lees than in any month since the 1933 peak.
3.5%
Two-
Family
construction industry has been building homes priced far
too high for the mass of American families," the report continues.
"This
failure to tap the broad mass market has not only impeded the satisfac¬
tion of the nation's housing needs but it has also limited the volume of
the
in
Tbree-and-
One-
Family
1)--
the
in
the past the
Little
and
than
shown
ise
"Analyses of the income distribution of families have
in
However, the trend of foreclosures is still downward for the United States
size.
dwellings
of
types
3,645
and half, which
year
by
costs
-
"reasonable"
well
as
in
Residential
1939 (summary to June
The Division's
but 10%.
the drop
small,
$4,044
decline during the first nine months of this year from the
corresponding period of 1938
comparatively
was
building permit data reported to the Department of
upon
the
1936
are
During Nine Months of This
"no man's
the Board also
Total
of
In
housing
public
Year
Act.
Movement
of
decrease
following table:
Labor,
"In contrast,
closures Continued
necessary
are
emphasizes primarily attempts of private industry to provide less expensive
dropped.
The same is true for
Further adjustments
home).
a
In its announcement regarding the report
and
Downward
in
is to reach down into what has been called the
housing.
said:
mittee is
Title Registration
income
annual
its
Mortgage Act prepared by the Legal
Department of the Home Loan Bank Board for the Central Housing Com¬
badly needed.
family should invest not more than two or tvro and one-half
a
the industry
land"
Estate
Real
year," the
(under the generally accepted rule of
priced in excess of $5,000
home
a
have been made in the moderniza¬
closure, home building and mortgage lending
as
the
25. 1939
the last
in
report says, declaring, however, that:
Despite such progress, the building industry still has a long way to go
before the price of its product will be more fully adjusted to the incomes
of the majority of our families.
The selling price of the majority of newly-built homes is still above
$5,000, if the costs of land and land improvement as well as sales com¬
missions and profits are included.
Income1 statistics for 1935 and 1936,
on
the other hand, have indicated that only (ipne-fourth to one-fifth of all
non-farm non-relief families had an income that would enable them to buy
1938--.
broadest
mortgage lending.
While
improving—in
building operations, progress in the reform of foreclosure and title
registration
building market
the
1937-
of
sense—the market mechanism of construction and
tion
placed in good
are
competitive terms.
fundamental
the
remains
for repossessed
of
tendencies
In some areas this task
new dwellings, but there
bring the problem anywhere near to solution.
more difficult by the competition
of
is
Chronicle—YEARS OLD Nor.
ONE HUNDRED—The Commercial & Financial
3346
4.
its
It
already
has
has paid
its
operating expenses
In addition,
a
reserve
and
collected
own
interest
way
on
fund has been created
absorb all
probable losses.
Although RFC has not been unmindful of the economic
purposes for which it was established, it has striven constantly to prevent
the dissipation of the public moneys entrusted to it.
It must be emphasized that in making business loans the RFC em¬
barked upon a novel venture.
Long-term loans for business enterprises
a
real demand and
small
businesses
communities.
when
the
directors
in private financing, the exception
were,
is
by
their
be
sufficient
the
form
mainstay
of
thousands
these are the nucleus of
cease
to
rather than the rule.
necessity for this type of loan.
Many of
operations
will
of
an
Yet there
More than 400,000
average
American
entire village,
and
the effect upon the prosperity of the whole
Volume
community
to
the
is
disastrous.
of
success
The
two
Investigation
business is
a
reveals
foremost enemy
the
that
inadequate flow of credit.
an
elements—credit and
for
means
ONE HUNDRED —The Commercial <6 Financial Chronicle—YEARS OLD
149
assuring plant modernization and
purchasing needed equipment,
permitting business expansion and promotion.
Thus, to aid small business to exist and thrive, RFC stands
emergency
financing
and
that
when
stimulate
to
agency
when,
in
spite of
demands
the
of
job,
In part,
There
suits
is
of
and
an
lending,
private
encourage
as
credit
ample
little
frequently has
for
the
increased
credit
be
contrasted
need
pertinent
business
of
been
small
units
called
the
issue
$9.25
for
activity
the
business
however,
is
RFC
of
view
the
of
present
that
important
since 1930
extent the
some
diminished.
enterprise have
sacrifice
That
where
and
markets.
the
direct
The
required
difference
lack
common
loans
exceeded
issue
It
$10,000
is
Further
but
of
industrial
to
of
cost,
the
in
for granting
commercial
or
RFC
the
$500,000,090
that
8,700
to
40%
almost
of
the
thereto
amendments
these
in
them—with
difference
between
little
fact
fellow
is
taking
advantage
that
recognizes
competent
it
us
is
These
success
the problems
consultants
the
little
loans
and
are
of
his
on
fellow
the
to
the
persons
large
on
operator,
payroll to help him
who
gets
manifold—and each
failure
this
of
the appli¬
owner
of
'
.
Okla., the cost of redeeming the stamps has, of course, been borne by the
the banks' expense in order to promote
v
'
Included in this
is A. P. Giannini,
group
The charge which you propose to collect in advance from your customers
would amount to over one-half the net profit of many retail grocery stores
in Rochester and
as
leading
one
has pointed out is for all practical
grocer
imposed by banks.
purposes a transaction tax
tend to be passed on to persons receiving
sons
are
living in
now
This additional cost would
public aid.
families receiving
Twenty million
per¬
of public assistance.
sort
some
Studies show that these persons are spending on an average of five cents a
meal
less for food.
or
for them to
have
Through the stamp plan
additional two and
an
foods per meal per person.
well
25% of
up
making it possible
we are
one-half cents' worth
of surplus
This is in the interest of the public health as
in the interest of improving farm income.
as
Our farm families make
They have 30% of the Nation's children and
our population.
yet they receive only 11% of the national income. '
The stamp plan utilizes normal trade channels and increases the volume
of business activity in any town in which it is operating.
example, it means
$1,000,000 worth of
over
of your city.
grocers
The benefits of this
are
In Rochester, for
business
new
a
We
.
feel
that bankers in other parts of the country will serve the
sure
of their towns
grocers
for the
year
felt by other lines of business
well.
as
they have been served by their banks during the
as
past six months in the cities where the stamp plan has been in operation.
Most
bankers
render
ship
what
mean
real service to
a
they
in their advertising.
say
their deiositors
well
as
They want to
to their
as
communities.
the
the
most
Charge Had
issuance of food stamps there effective
that date.
on
between Rochester (N. Y.) banks and
Surplus Commodities Corporation over the
proposal to levy a 1% service charge for handling food
stamps was settled temporarily on Nov. 21 when it was
decided to defer the charges pending a study of mechanics
for lessening the cost of redeeming the stamps.
This action
was taken at a meeting of bankers and
representatives of the
food merchants presided over by Roland B. Woodward,
Federal
Vice-President
of the Rochester Chamber of
The crisis in the food stamp situation developed
when the Rochester Clearing House Association announced
Commerce.
Nov. 14 its intention to levy a direct
charge of five cents
card on all food stamp.cards presented to any Rochester
bank beginning Dec. 1.
In response to this action Milo
Perkins, President of the FSCC, on Nov. 18 announced its
intention
to discontinue the issuance of food
stamps in
Rochester if the charge was made effective.
After the meeting on Nov. 21 Mr. Woodward issued the
Press advices of
to
Rochester
Associated
a
effect
for
Recapitalizing
Many
Utility
Holding
Com¬
panies Shown in SEC Report—44% of $3,590,730,690 in Utility Preferred Stock Held by Public
in Arrears at End of 1938
was
Securities
The
Nov.
21
and
Exchange
Commission made public
report submitted
a
to the Commission by.its
Public Utilities Division
on the dividend status of preferred
registered public utility holding companies and
their subsidiaries.
The report according to the Commission
of
stocks
found that at the end of 1938 there
$3,590,730,690 in
were
utility preferred stocks held by the public, of which $1,580,648,416 had
amounted
to
dividends in arrears.
$372,487,414.
Thus,
The unpaid dividends
the Commission,
44% of the public-utility preferred stock held by the public
had dividends in arrears.
Of holding company preferred
stock, 56% was in arrears as to dividends, while of operating
company preferred stock 27% was in arrears.
The Com¬
says
mission in its announcement added:
The report
gress
stated that only a very few companies are making any pro¬
While
toward the elimination of arrearages.
ages are
an
arrear¬
of
increase in arrearages from year to year.
1,370,550 public investors held the preferred
the report,
According to
stocks
few others with
a
paying current dividends, according to the report, an overwhelming
number show
utility
holding
and
operating
Of
companies.
these
733,308
preferred stocks not in arrears on which they received
investors held
aggregate dividend, in 1938, of
preferred stocks
on
$110,808,340.
There
which dividends
were
were
an
595,697 investors
in arrears and an addi¬
41,545 investors held non-cumulative stocks on which no dividends
tional
an
solution of the difficulties which have arisen in the
operation
of the food stamp plan is another evidence of the
goes into
inauguration of the food stamp plan took place in
on May 16, 1939, and was reported in our issue
of May 20, page 2988.
who held
The wholehearted cooperation of bankers and grocers in Rochester in
effort to find
intend to discontinue the
The
per
according
that day:
we
Dec. 1 if this charge
*
■
Rochester
on
statement,
the country, and after con¬
sultation with several affected groups we have concluded to advise members
Been
The controversy
following
grocer.
of the stamp plan throughout
success
modest
Imposed
Executive
the small independent
upon
After very careful consideration of what your proposed action might mean
to
♦
<
It Would End System There if
public spirit which prevails
were
paid in 1938.
For the year 1938 the total annual requirement
on
all
publicly held issues was $214,807,634 and total dividends paid amounted to
$148,129,357.
,
Rochester bankers and grocers recognize the importance of
doing nothing
which will endanger the operation of the food stamp plan in Rochester.
The grocers
been
groups
better business for their customers.
Chairman of the Board of Directors of the Bank of America.
Rochester (N. Y ) Banks Agree to Defer Service
Charge
for Redeeming Food Stamps—FSCC Had Indicated
here.
In Shawnee,
banks, and in addition they have sold stamps to certain low-income
at
Need
•
on
contri¬
same
of their communities and have
represents
a
business.
the
the country have made this
in the interests
city after city
handled food stamps for redemption without a service charge.
separate
borrowers
More than half received loans in amounts
approximately 60% of
enterprises which have less than 25
also
has
he
the
is
from
are
that
with
that
credit
for
sympathetic consideration.
the
Bankers throughout
16.
bution
of the Rochester Joint Food Committee that
evidence
payrolls.
cope
less.
or
the
and
aggregating
highly significant
$5,000
received
knows
loans
authority
less.
or
opportunity
their
general
authorized
received loans
cations
this
to
businesses.
of
repre¬
coopera¬
The action which your Association proposes would work a particular hard¬
Pursuant
has
May
funds
in
faith
of
the primary reasons
of
one
the
businesses.
RFC
We appreciate the
tion which the bankers of Rochester have given grocers in your city since
small
that
reveal
obtain
to
necessary
than
is
make
to
power
Securities
smaller the requirements
The
securities
business.
1937
Issues
market.
the
while big business paid only
marketed
the
important
more
open
with
and
less,
or
the
of
in the
1936
striking.
is
16 addressed to our local
Rochester, John A. McAuliffe.
proper
$19.50 for each $100 of securities marketed
securities
greater
no
the
In
registered
the years
pay
disparity
medium
future of small
to
during
$100
the
the
of
adequacy
tremendously
is
borrowing
securities
aggregated $250,000
This
through
it
field of business
to pay for
upon
each
$1,000,000.
business.
of
financing,
for this diminution is the exorbitant price which small
compelled to
the
the
to
as
successful
more
necessary
pre-dcpression volume indicates to
corporate
where
doubt
pur¬
available.
Exchange Commission
was
in obtaining
business
in
decline in the volume of stock and bond issues
with
various
business
assistance
times the larger and
some
business
kept
reason
is
the
to
letter of Nov.
to your
answer
it have pledged their cooperation.
financial
for
difficulty
degree to which loans in the
A
unwilling
or
the
do
to meet
lenders
unable
are
This is in
Many bankers in cities that want the stamp plan but have not yet gotten
In normal
found
The noticeable
as
private
encourage
lenders
demands,
credit
alternative.
character.
have
of
to
these
definite
a
facilities
promise
legitimate
meet
Mr. Schram also said:
every
there
business,
no
still
corporations
but
is
not
effort
every
sound
there
will
Tuety, Chairman of the Auditors and Comp¬
Banks of Rochester, explaining the
Government's position in the dispute:
Committee
sentative in
by
RFC
will make available to borrowers the necessary funds.
There is no desire
on
the part of Government to impose its services upon the public, yet
lending
to Edmund J.
trollers
to provide
working capital—are essential
3347
placed
In the report the
recognize the fact that unexpected financial
upon
the banks due to the real
success
burdens have
of the food plan in effect¬
ing surplus commodity distribution.
Both groups feel that a satisfactory solution can be
developed to minimize
the banks' financial burden in cashing food cards.
Public Utilities Division advises the Commission that
this and other studies that we have made indicate that there
.
.
holding companies with consolidated assets aggregating about
$6,500,000,000 which must be recapitalized.
There are a number of
onerating companies and some holding companies which undoubtedly
should be able to clear up their arrearages without recapitalization.
How¬
ever, there are some operating companies, and to a greater extent holding
companies, where the arrearages are so great in relation to the earnings
available for preferred stock dividends, that recapitalization is inevitable."
are
at least 20
The grocers have appointed a committee to work with the banks and the
public authorities to study the mechanics and to perfect details of handling
food cards.
The report
Following the issuance of this statement, Secretary of
Agriculture Wallace on Nov. 21 commented, as follows:
I
delighted with the statement issued by Roland Woodward, Execu¬
am
each having unpaid
ages
This
groups
shows
in which
for the
a
spirit of understanding and cooperation
by the various
in Rochester and I feel that they should be commended for the
they approached
a
difficult problem.
In the absence of
redemption of the stamps, the food stamp plan, of
a
Meanwhile officials of the FSCC will be glad to work with grocers and
bankers on mechanics for minimizing the cost of redemption of the stamps.
report
was
jurisdiction
independent merchants.
reply to a letter informing the FSCC of the banks
plan, Mr. Perkins on Nov. 18 sent the following telegram
prepared for the
the
of
every
purpose
of presenting
Utility
and operating companies
Securities and
arrear¬
"a
source
a
subsidiaries which
of
number of companies,
the
The study
holding companies and their
were
Holding Company Act as of March
were
registered under the Public
15,
1939.
then
including such important
Foreign Power Co. and Cities Service Co.
have
subject to
Exchange Commission."
preferred stock issue of the
electric and gas utility
on
Applications for
file with respect to
ones
as
American and
The securities of such companies
consequently not been included in this study.
The principal
In
arrears, 6 companies,
exemption from the provisions of the Act
tinue in Rochester.
This action by Rochester people will protect small
Of the 65 operating companies in
dividends in excees of $5,000,000, accounted for
stocks of utility holding
includes
charge
arrears at
$10,000,000.
unpaid dividends of
readily accessible information concerning the dividend status of the pre¬
way
course, will con¬
72.1%
of the total
or
in the amount Of $46,691,301, or 51.9% of the total.
The
ferred
stamps.
$203,702,011,
for
holding companies.
tive Vice-President, Rochester Chamber of Commerce, announcing that the
banks have agreed to defer the assessment of a charge for
redeeming food
stated that of the 43 utility holding companies in
the end of 1938, 9 companies, each having arrears of more than
accounted
ments filed
source
of data for the report
by each holding
was
company pursuant to
Public Utility Holding Company Act.
the registration state¬
the requirements of the
In addition to a number of summary
stock,
preferred
Holiday from Further Government
Regulation—Restoration of Free Flow of Capital
Would He Says Solve Question of Unemployment
,
Tax Revision at Next Session Unlikely—View
Expressed
of the
&c., and in observing that "I do not mean to criticize the
Harrison of Mississippi, Chairman
objectives of this regulation," expressed the view that "the
objectives were commendable," adding:
at the next session of Congress might not be necessary if the
expansion in Federal revenues continues and if some re¬
ductions in government expenses can be made. On the same
date, Secretary of the Treasury Morgenthau was reported
as
indicating that the Treasury Department has no tax
program and that he planned to make no formal recommend¬
ations to Congress, although he would, if requested, express
his views to committees. Senator William F. King, of Utah,
member of the Finance Committee also reviewed the fiscal
a
situation with the President
on Nov. 20.
In reporting the
Washington Associated Press advices of Nov. 20 said:
matter
tax bill is conjectural.
Senator Harrison said that the question of a new
It
House that
evident from his talk with reporters on leaving the White
was
the final decision will be influenced by the size of the bulge of receipts over
Collections
this time, stimulated by a business upswing that
up at
are
"The way
"Receipts now are showing up fine," Senator Harrison said.
If, coupled with these receipts, we
corning in gladdens our hearts.
are
in
"evinced great interest in a policy that would prevent large
Recent items concerning the tax situation were contained
our issues of Nov. 18, pages 3197 and 3198, and Nov. 11,
of
Congress
this
If
help
put
the
flow
free
possible
the
for
Our
factories.
of
into the capital markets,
money
unemployed
industrial
the
require
ultimately
bread-lines
the
Stating
Tribune"
Savings Act
Postal
passed
was
as
free
and
added
the
had
laid
(Democrat)
Steagall
Chairman of
of Alabama,
Banking Committee, added on Nov. 16 that "the
establishment of the Federal Deposit Insurance Corpora¬
the House
Willkie
down
to
opposed
rules
"It
free
and
wages
and
controls
hours,
allowances.
agricultural
enterprise
already
are
taking
'emergency' exists and
an
extended
further,"
even
about
the need
over
the
man
Mr.
for
so-called essential
would conclude that
the
indus¬
road
Government
of
forms of regulations
have
these
control.
and vast
10,000,000
We
expenditures
for
unemployed.
have
we
have
had
pump-
Instead
of
trying 'more of the same,' therefore, I suggest that the Government should
private
encourage
investment
and
enterprise
private
show
to
what
it
do."
can
Incident to the purchase in August by the Government of
the electric power company his organization controlled, Mr.
There
are
deposits
sterilized.
are
Postal
They
a
usage.
normal
from
billion and
System
Savings
In
certain sense these
a
Banks
to the
only be employed by banks in which they
can
hypothecation
securities
of
that
are
and
be
can
should
the
upon
afforded
be passed
and proper legislation
by the Postal Savings System
"I
quarter
a
equivalent
upon
which cash could be obtained in the banking world.
that are insured in the Federal Deposit Insurance Corporation up
amount of $5,000 for each depositor afford every desirable protection
cash
that
the
withdrawn
are
redeposited
are
Willkie, according to the New York "Times", said:
Paterson, N. J., went on to say:
in
now
deposits that
know
$100,000,000
for
low
the
In
the
enlarge
of
light
depositors
additional
show
tion
of
be taken in
the
its
Corporation,
your
has accumulated
This
of
would
banks
the
banks.
a
some
ment
substantially
ing.
Corporation
Insurance
He
such
relation
a
to
cushion of protection to
to build up
and to
'As
at
banks
they should
no
will
as
afford
I
am
are
these suggestions meet
sure
now
furnishing added
unqualified approval.
protection
depositors
their
to
deposits.
Among other things, Mr.
be
liberalized
Steagall asserted that the Fed¬
in
detail
every
of
elasticity."
In part,
the
ment
management
resulting in
should
be
of
member
I
should
like
organized and administered that
it.
need
The
for
assets
should
System should be
bank,
every
to
the
meet
be
devoted
safeguarding the
Of
it
course
activities
business
this
Activities
that
or
is
can
and
State
test
operation
and
to make
as
6o
to
of
the
a
or
to
bank
no
legitimate service
the
see
national,
a
haven
whose
The
stabilization
Federal
desired
enter
of
our
that
the
Government
the
Federal
into
competition
Treasury
with
of
an
enlarged
common
record
it.
It
had
that
conduct
that
the standpoint of
from
of
from
American
of
it
other
any
industry
in
or
of the consumer, Govern¬
business are even less attractive.
had
the
reached
its
high
pointed
out
that
and
conveniences
more
country
manage¬
standpoint
competitive,
was
command
business
industry is not likely to be efficient
the
at
lower
real
of
degree
Americans
than
prices
the
world.
by David E. Lilienthai of TVA of Policy of
Subsidiaries of
Commonwealth & Southern Corp.
Building of Rural Power Lines—W. L. Willkie
in
Declares Utilities Have Followed
Lines
structing
Under
Rules
Practice of
of
Con¬
Respective Com¬
missions
Criticism by David E. Lilienthai, Director of the Tennes¬
see
Valley Authority,
South
of
tained
in
Nov.
on
the
address
an
18
of the policy of
Commonwealth
delivered
subsidiaries in
Southern
&
by him
Corp.
was
the
con¬
at
Lafayette, Ala.,
opening 377 miles
River electric lines, financed by Rural Elec¬
Administration funds.
Stating that many had
incident
to
the
ceremonies
of Tuscaloosa
trification
measure
of
the
member
sufficient
utility
over
by
our
.
of
"In
Federal
banking
Reserve
that
Mr.
Lilienthal's
renewal
a
1923,"
called
a
1932
still
of
policy
system,"
spirit
came
of
as
and
what
own
the
of
Aug.
15
power
the
In
quoted
Alabama
when
rural
no
Ten
was
the
C.
&
S.
Co.
farms
in
advices to
launched
later
years
electrification,
250,000
regarded
same
saying:
as
Power
electrification.
and
what
at
it
State
the
of
end
of
the
had electric service."
cooperatives in the
South had been "hampered by a
Southern companies of the Commonwealth & South¬
charged.
TVA
This
had
and
policy
appeared
to
reasonableness,
had
continued
after
work out
their
he added,
and
the
differences
this
power
in
a
continuance
"great disappointment" to him.
lawsuits,
Tennessee
the
"the
•
address
hostilities.
of Alabama's
compromise
a
rural
virtually
among
he
"Obstructive
tices
5%
farmers'
common
declared,
of
had
less than
The
of
he
program
Alabama
private i
business.
ended
Electric Power properties to the
the "Times" Mr. Lilienthai was
companies
to
was
$78,425,096, special advices, Nov. 18, from Lafay¬
as
ern
agencies and
legitimate private
task of legislators and bankers.
effect
leaders
its Tennessee
added
and
.
.
support
ette
System
structure
terminate all
service
public
turned
time of
the
distress.
so
a
show
powers
economic
in
System
in
to he
of safety
portfolios
great
earnings
or
only be accomplished by the resumption of normal
.System.. This is the
enviable
against
♦
require¬
or
Reserve
could afford not
refuge and
solvency.
limitation
every
Nation against demoralization and
involve
that
banks
the curtailment of their
avoided.
that
because
TVA for
its
membership in the System attractive not only to National banks but to
all banks, large and small.
Every unnecessary restriction or interference
with
an
complaints
believed that the controversy between the Government and
eral Reserve Act "is in need of
greater
he continued:
should
required
are
longer be forced to meet the competition of the Government
the matter of
It
adequate
reasonably
a
depositors and, in addition, that banks
added
their
Criticism
should
sufficient to afford proper protection both to investors
reserves
depositors.
the
banks
that
that the capital structure of banks
see
deposits
require
He
asserted
citizens
designed to promote sound bank¬
measures
They should be interested to
bears
Government
efficiency
have
the
Deposit
the enactment of all
had
company
special
ownership and control of American
reduc¬
of
Federal
This
no
a
emphasized the point
the
Both good banking and a reasonable regard for the welfare
the
were
with
compete
can
to sell to the Government
larger
entire surplus.
encourage
business
no
Government."
is largely
This Corporation
contributed
have
a
The
justify considering
to
seem
render
may
years
this
judgment
my
records
surplus of $135,000,000 in
participating banks.
because
In
to .the
service
greater
a
Corporation
capital.
banks.
Corporation
order that the
and
Corporation and without any
the
upon
participating
upon
the assessment
in
by the Federal Deposit Insur¬
that insurance of individual
could have been carried without
$10,000
of
amount
protection
prudently
and
safely
may
demonstrated
been
increasing the burden
of
that
excess
has
assessments
step should
measure
the
in
appreciably
It
we
protection afforded
of
measure
Corporation.
ance
think
I
why
"I recently had
company.
and there
many
economic.
experience
our
experience
constantly improved and extended service in the
Tennessee Valley.
It could have competed with any other private enter¬
prise if that had been necessary.
It should not compete with the Federal
He
stated:
personal
utility
rates,
given for
to remedy this situation.
He likewise
from
the Government," he went on.
a
ment
But
jurisdiction
securities
unemployment
extent,
to hear
begun
take
to
reasonable
any
still
we
of
business.
this
down
new
and
in
say,
Jersey Bankers
Association at
of
of
years
priming,
strict
had
governing
he
should
already
prices,
that
me
enough
to
Steagall, whose comments were made at the mid-year
Mr.
Trust and Banking Conference of the New
in
to
seems
far
seven
control
license American
to
question of
York "Herald
issuance
and
large
a
to
government
have
"We
to
little of
markets.
are
of
powers
said.
Government
wait
now
for the postal savings law."
tion has removed every reason
to
new
of our time.
now
market,
annuities
Government,
who
the
should solve
government
stock
old-age
and
prices
those
the
gone
Henry B.
for
A
Willkie also had
Mr.
that
out
also
the
that
who
10,000,000
looking for jobs.
enterprise
what
system,
bargaining,
production,
a
protection to small depositors," Representative
and
17:
pointed
hanking
utilities,
He
Nov.
of
Willkie
the
tries,
"the
that
of
measure
we
streets
starved
quote the following from the New
we
over
of
than
more
the streets
is still the basic problem
reference to
With
part
of
about
attitude
Dutch
hard
services
mill
or
unemployment, which
"Now,
of FDIC
ment
been
have
plants
the
off
get
to
10 years.
They need to spend billions of dollars for
buildings and new equipment.
And these expenditures in turn will
that
Savings System No Longer Regarded as Needed
by Representative Steagall, in View of Establish¬
thing
one
viewed on the basis of that one
the 10,000,000 unemployed back
be
should
advantage of the war in Europe to suggest that
Postal
with
it
for the last
capital
new
in
it
the
to
review
stimulate industry as to eliminate the
so
,
make
hack
should
we
I would like to suggest that in the next session
proposal
restore
can
we
shall
should declare for the moment a.
that we should review the merits
we
and
And
we
proposal
every
Will
work?
to
3055 and 3060.
pages
have.
we
how can
namely,
collective
in
regulation,
what
unemployment problem?
the
deficits."
of
that
suggest
further
from
criterion:
Mr.
that the President
Senator King said after his meeting with Mr. Roosevelt
to
want
simply
defects
mind,
somewhat, we may get along without a tax bill."
down expenses
cut
(Sin
•
The Treasury is not forecasting
began before the European war started.
the ultimate increase.
they
I
holiday
and
that
those estimated in the budget.
agriculture,
utilities,
of
regulation
Government
discussed
Committee, said that further tax revision
Finance
Southern Corp.,
Willkie, President of the Commonwealth &
luncheon conference with President Roosevelt
Nov. 20, Senator Pat
on
Society of New York, on Nov. 16, Wendell L.
Holland
the
Has No Tax Program
a
speaking in New York City at the annual dinner of
In
by Senator Harrison After Conference with Presi¬
dent Roosevelt—Secretary of Treasury Morgenthau
Following
Nov. 25. 1939
W. L. Willkie Urges
detailed information for 518 individual issues
tables, the report presents
of
The Commercial & FinancialSRAEY—elcinorhC OLD
ONE HUNDRED—
3348
the spreading
farmers
companies,"
of false reports, and the building
aptly called 'spite lines' became accepted prac¬
he went
on.
"When
the
farmers
cooperatives to go after the electric service they had
Commonwealth
&
Southern
companies
in
Alabama,
organized their
so
long desired,
Georgia
and
Ten-
Volume
said,
nessee
in
In
'We have
effect,
electrification;
you
Birmingham, Ala., on Nov. 19,
issued at
statement
a
provided you with widespread rural
achieve it for yourselves.'"
President of the Commonwealth &
Southern Corp., commenting on Mr. LilienthaFs remarks,
said that "until we read his speech we did not even know7
that he [Mr. Lilienthal]
assumed jurisdiction over such
Wendell
L.
Willkie,
throughout the South and outside the
companies have followed the practice of
building their rural electric lines under the rules of their
utility
TVA
operations
The
area.
respective utility commissions."
ment
From Mr. Willkie*s state¬
I had
news
dissatisfaction
Mr. Lilienthal's part with
on
Alabama was when I read the press
release on his speech made yesterday at Lafayette, Ala., opening the Talla¬
poosa
rural electrification project.
Lafayette is located over 100 miles
south of the TVA operations.
The project is not served by TVA and has
only about 275 customers.
The sole dispute, long since settled, was as to
whether certain of these customers were to be served by a local coopera¬
in
program
Co.
Mr. Lilienthal had never discussed
electrification program in Alabama with
me or any of the officials of Alabama Power Co.
.
.
.
Surely such matters should at least be discussed by the TVA, whether
it has jurisdiction or not, with those involved before it becomes necessary
to disturb the capital markets with such unfortunate statements as those
made by Mr. Lilienthal.
It is certainly to be hoped that we are not in
for another period of utility-baiting and attack.
All must realize the
importance to the national economy for the capital markets to be opened
to the utilities to the end that they may proceed with their projected
tive
or
this
project
by
the
or
dealing with
matter
else
anyone
at
any
electrification with
rural
Southern
&
REA
officials,
millions
annually
TVA,
time.
Millions
Commonwealth
in
Spent
companies
Yearly
spending
are
anxious as any Federal official to
spread the benefits of electricity to the farmers in the territory in which
building
rural
operate.
In
we
Alabama
which
lines.
fact,
Lilienthal's
Mr.
read
Co.
Power
includes
We are
as
speech,
its
on
is for
the
projected
$1,000,000
approximately
where I
working with
for my presence in Alabama,
the occasion
very
purpose
construction
for
of
for
program
additional
1940,
line
rural
con¬
struction.
Such
finance
Of the last-named doctrine,
"worship of the machine," it
was
proclaimed
"unhappily" in America not only by "unsophisticated industrialists but by
philosophers who call themselves 'instrumentalists.' "
constructive
is
use
prescribed, the effect is to put them to
Dr. Perry continued.
build, they
"However widely
men
a
destructive use."
differ in what they propose to
Having
in razing the building that occupies the site.
can agree
completed the first task of destruction, they must look for something further
to
destroy."
Dr. Perry suggested it would be "interesting" to consider whether totali¬
tarianism "does not contain within itself the seeds of its own destruction."
Dr.
Robert M. Maclver of Columbia
University
was
another speaker.
Federal Program to Provide Jobs for
Urged
Youth
American
by
Unemployed Youth
Commission—Fears
Problem Adds to Danger of Entering War
The
Government
Federal
urged
Nov.
19 in
a
report
of the American Youth Commission to provide
a
special
program
was
on
of public works for the unemployed youth of
the country because "the continued pressure of unemploy¬
ment on youth, in the midst of a war boom, will add to the
danger of drifting into active participation in the war." The
Commission headed by Owen D. Young, was established by
the American Council of Education, a non-governmental
organization of major educational associations and institu¬
tions.
The following regarding the report, growing out of a
four-year study is from Associated Press Washington ad¬
vices of Nov. 19:
Asserting that one-third of the nearly 11,000,000 unemployed
of
youths
are
15 to 24 years, the Commission's recommendation said that for many
there had been
years
"disquieting" tendency to exclude beginners from
a
employment.
them.
raising of
dependent upon the ability to
only finance them over a period of time by the
construction
heavy
business
Totalitarianism had its roots in uniformitarianism, anti-inteilectualism,
tribalism and technologism.
other rural
building programs, by which thousands of men can be put to work.
The
officials of the companies will be glad to discuss this matter or any
other
Harvard University, said the
Perry of
up that form of government "has its American friends and
exponents," although totalitarianism was "not an immediate
menace" to this country.
The further remarks of Dr.
Perry, as given in the same paper, follow:
Alabama Power
any
or
B.
advices, discussing the philosophical roots of totali¬
tarianism, warned that each of the component ideas making
"Since the technical arts must be put to some use, when no determinate
of any
electrification
rural
Ralph
"Times"
also quote:
we
The first
the
Dr.
now
will not let
we
3349
Commercial & Financial Chronicle—YEARS OLD
The
ONE HUNDRED—
149
We
money
which
can
more
these
are
Investors will not put their money in a
officials.
Surely men of goodwill can work out
from investors.
is subject
Once
programs
to constant attack by important public
problems.
we
for
pray
peace.
"No good purpose can be served by blaming the young person who has
not found a
job for himself," it continued.
be wished away.
.
There
.
.
"The facts of arithmetic
several million
are
who want work than there are jobs available for them.
women
do not balance.
cannot
more young men
and
The totals
The bright or the lucky get the jobs, but some will have
their elders, who control the economic conditions of the
to be left out until
country, find some way to open the gates."
Repudiation of Gold Standard Viewed by Dr. Bonn
As Responsible for Rise in Totalitarianism—Com¬
ments Before American Academy of Political and
Science—Remarks of
Social
Dr.
Perry of Harvard
As to the types of
be
provide opportunities to try various kinds of work,
less directly connected
peace
treaties
stability all the world
over which followed the repudiation of the gold standard
by the great creditor countries."
Dr. Bonn's views were
expressed before the American Academy of Political and
Social Science in Philadelphia on Nov. 18, and in advices from
that city to the New York "Times" he was reported as saying:
developed in Italy immediately after the
and in Germany after the crash of
resolute
men
1931," he said, "created
war
an atmosphere
despondence which favored the usurpation of government by
who held out the promise of economic security to the dis¬
consolate masses, who by now
tation to opportunity
preferred safety under control and regimen¬
coupled with liberty and risk.
"In the chaos thus created the economic roots of totalitarianism struck
Dr.
Bonn,
this amount,
misnamed planning, for coercion, not
evolved
forecasting, distinguished it from
Although the totalitarian State preferred coercion to competition and
free
cooperation it did not take any special interest in the mechanism de¬
vised
so
long as its economic wants were met.
For a long time Mussolini
and the Nazis left the manage¬
"representatives of the capitalist system."
"sang the praises of free economic initiative"
ment of economics to
Nazism had
"Economics to them were matters of expediency, though
distinct coUectivist trend.
ments are
a
Fundamentally, however, totalitarian govern¬
opposed to the workings of the capitalist system, inasmuch as the
latter is based on free
initiative.
addition
In
►
Dr. Bonn said that economic
conditions and economic policies after the
World War greatly favored the advent of totalitarianism
after its victory, no longer was
Sockets
or
threatened
men's
because democracy,
profess
business, although it
adjusted the income of the members of majority groups," he continued.
"The intervention of governments in economics was hailed by nearly
all groups;
they quickly discarded their faith in the immutability of economic
laws, whenever they
insisted upon it
own
expected some benefits from intervention, though they
when some measure was planned which threatened their
positions or privileges.
/
by themselves and
may
be
considered by some persons."
so
event, the recommendation added, the program would be
In any
"far
preferable to unemployment or to the levels of taxation which would be
to
not
support a decent level of subsistence for those in heed if they
themselves.'!
be allowed to do anything for
♦
States
Its
in
Has
Greatest
History,
Supply of Idle Capital
to General Hugh
S.
According
Johnson—Tells Bond Club of New York Need for
Investment is Also
"Never in
great
Record
a
history of this country has there been so
the
pool of dammed-up, idle private capital,"
a
General
Administrator of the National
Recovery Administration, told the Bond Club of New York
S. Johnson,
Hugh
at
luncheon
a
General
idle
not
only
the
years
is
It
been
there
the
paradox
of
also
to
take
growing
the
its
Club.
In
investment—idle men,
inadequate
but
and
constantly
for
need
utterly
needs
of stagnation
this
such
and
money
Bankers
the
at
production
to make
of
care
up
idle fac¬
consumption
and
for the obsolescence of
the normal
increase for
is
my
would
that
belief
in
for
that
and
be
People needing
ages.
things,
all
if something could be done to
the
the
greatest
ills
that
session
hover
of
over
men
be
great a rush.
activity
become
has
It
the
that
condition
crust
prosperity
break
we
needing
.
that spell
have
ever
we
known
house—unemployment, ill-fed,
quickly that our problem would
but that it would come with
our
ill-housed, ill-clad people—would vanish
not
the
country.
work, ample capital to fill both needs—and continued stagnation.
It
part,
continued:
for current
of
former
Nov. 21
on
Johnson
has
Never
tories,
an
the almoner who distributed doles and
and construction of
all types of conservation activities
It said it did not regard such production as "competition with private
too
"the monster which emptied the taxpayer's
salvation by forcing them to
idolatrous creed."
"It became the people's agent,
to
other needy unemployed.
be willing to use this free initiative,
coercive system.
as¬
public buildings, the Commission recommended that the youths be
permitted to produce the goods and services needed
future
but they are never
willing to grant it complete freedom.
They prefer monopolistic capitalism
to free competition, notwithstanding some anti-trust planks in their plat¬
form, because monopoly is a form of coercion, and as such, fits well Into a
"They may
public
Furthermore, it said, the program would promote national security as
which
its predecessors.
reduction in
"the continued pressure of unemployment on youth, In the midst of a war
United
consumption
as
boom, will add to the danger of drifting into active part cipation in the war."
clogged, coercion had to take its place.
Slowly a coercive system of production and
There will be various "deductible assets" from
year.
sistance costs and work that will add to the wealth of the nation.
"Under the pressure of the blockade and of the demand for
When competition was
con¬
great "as might be thought."
as
the Commission observed, such
modern totalitarian
economics."
was
The jobs, it said, need not be fulltime and individual expenditures need
fighting men, the elasticity of the prevailing free economic system was not
was
a
not exceed $400 a
"They merely needed goods and services in ever-increasing amounts,"
he went on.
unmindful that It
balance of income and expenditure," but
great need for economy and
are
however, that the organizers of the
State held "no particular view on
sufficient.
a
who once was adviser to the German Government on rep¬
said,
arations,
young
be given some
may
"frankly advocating
necessary to
deep down into the ground."
"so that the
aptiude and abilities and
own
tended the actual cost would not be
useful
"The catastrophe which
should
which will add to the Federal budget" at a time when "there is
program
with the rise of totalitarianism
than the breakdown in confidence and
program
guidance in preparing for private employment."
The report said it was not
Economics, "the unwise settlements of the
of despair and
find his
may
person
University
According to Dr. Moritz J. Bonn of the London School of
were
public works, the Commission said the
"planned with special regard to its educational quality," and should
so
too long delayed
was
...
a
political virtue to subsidize the workers suffering from
thus
created
and
then
to
claim
credit
when the real effect of the policy has been to
for
giving them
withhold from them
a
a
banquet.
\riien anybody talks like this he
the
was
capitalist
once,
talking
and
about
class and
1929
the
an
came
along.
investment
of
is usually accused of being a
of humanity.
enemy
I
I
paid by
no
am
big
money.
am
no
tool of
capitalist.
I
capitalist.
I
am
not
'
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3350
I
am
system
that
every
on
make
that the uncertainties of this
nickels to rub.against each
of whether it is the policy of this Government
reasonable profit and keep a reasonable part of it.
a
has
who
two
uncertainty stops little money as well as big money.
This
lions
isn't
I
tiny
all
than
the
trickles
big
haven't
for
The
income
survived
the
then thought,
income.
with
operations
funds
our
ample for
of them
reducing
of
reinvested
to
all
their needs.
These
than
I
do.
behind
There
what
the
ought
there
it
less
at
be
to
on
adding
strike
on
than
is
induce
he
haled
was
Bennett
in
refunding
fractions.
to
even
How
on
the
than
.
situation
The
.
of
not
the
and
punishment
work—any
funny
of
the
concluded
letter
To
was
promote
the
system
money
press)
forms
carriers
as
exclude
with
these
to
make
threatening
could
we
United
Commission.
shippers
bill
expect
it
men
action
to
(Senate
the
on
bill
described
were
from
such
this
House
of
unregulated
campaign
a
regulation.
Congressmen
the amendment
defeat
The
waging
are
2009).
as:
will
for
It
bill
bill.
Trainmen,
consolidations
no
only if
prohibiting
if this
is
oppose
Reconstruction
Finance
obligations—thus
own
Corporation
methods
loans
to
reducing
better market for rail bonds.
a
July
every
employees."
the
Obvi¬
and
can
railroads
their
fixed
profits arising
Although there is
such transactions will be exempt from taxation.
organized opposition to this particular section of the bill, Congressmen
generally do not understand the very general benefits which will accrue
no
all
rail
investors
from
its
adoption.
It
is
Pennsylvania Senators and Congressmen of
the
this provision of
passage of
10,
before
There
2009
will
important
that
you
advise
also
it
becomes
railroad
Ghamber
Men
national
investments.
and
rail
securities.
to
investors,
as
protect
our
Ten
have
reside
cent
per
the
investments
a vote of 28 to 19 the New York
16 the
recommendation
Martin
Judge
of
quired
in
force
necessary
if
have
we
of
will
the
be
removed
of
series
Kings
the
Lehman that
office
of
County
County, N. Y.
The recommendation re¬
by two-thirds of the Senate, or 34 mem¬
Regarding the Senate
Nov.
Ten
17
said,
Republicans
Republicans and
jury's
fessional
The
Chief
four
ings
Martin,
"emotionally
Littleton
supported
Judge
against
Kings
a
ouster
removal.
Balloting
on
who
of
County extraordinary
charges of "pro¬
six
on
the
Senate,
"business
Martin
stricken
near
10
weeks
adjourned
ago,
W.
Littleton, who telephoned the decision
the
close
with
overcome
the
of
the
hearing,
said
the
judge
joy."
The
on
those
the
Commerce
of
United
the
indications that
and
effects
American
hamper constructive effort,
matter of
a
the
of
States
fortifying
For
war.
both
strengthen its
to
of
to
witnesses
against
was
hour
an
on
in
six
the
ended
asserted
ability, which did not reflect
held
our
internal
it
reasons
economic
it remove, as far
meetings with
is
defenses
possible,
as
a
view to
concen¬
on
since
the
scheduled
are
war.
The
are
more
yield
economic
dislocations
follow
its
In
Among
situation
and
universal
than
it
wake.
.
subjects
first
from
of
October, and
into
now
an
January."
It
outlook,
the
view
offset
is
opposition of
any temporary advantage it
disadvantages—both immediate
long-range depressing effects that
and
causes
emphatically the
that
by the
.
before
continuing deficit;
these
meetings may be mentioned the fiscal
including unnecessary burdensome taxation and the
problem of unemployment; possibility of improv¬
ing employer-employee relations, and legislative restrictions of
which
slow down
the
flow
Emphasis
Addresses
of
many
kinds
capital into productive enterprise.
and
jurist
by
the
a
judicial
of
expressed
charges.
his greatest
his
weeks
half,
as
fault
testimony
many
belief
Others,
was
integrity.
lack
his
gave
"use¬
supporting
of
business
Public Relations Urged at Con¬
Jersey Bankers—Merle E. Selecman
on
Mid-Year
Meeting at Paterson—F. W.
Security Act, While Bar¬
ton
Cummins Discusses Trust
Investments—Re¬
marks of A. B.
Endicott, Jr., and George E. Lloyd
Sutton
stressed
Criticizes Social
on
public relations policy to banks
a
was
Nov. 16 by Merle E.
Selecman, Deputy Manager
Bankers Association, in an address before
the Mid-Year Trust and
Banking Conference of the New
Jersey Bankers Association at Paterson, N. J.
Mr. Selec¬
of the American
stated
man
that
the
members
Association
"to
send
us
had
recently asked Trust
suggested
questions
which
the interviewers should ask members of the
public" and
said Mr. Selecman "we received several
hundred."
"A few
of the things we would like to know
from the public," he
listed as follows:
1.
If you have made a will and named
What
reason
prompted you
executor, whom did you name?
Whose advice did you
an
to make your
choice?
follow?
2.
If
stantial
you
3.
If
have not made
fortune
executor?
Do
5.
Do you
you
think
Do
a
of
will
but
under
your
reasons
would not
its services
name
cost
funds
(c)
than
is
(a)
or
a
information
you
you
a
sub¬
name
as
selection?
your
trust
leave
would
institution
as
executor, is
much?
too
are
are
the
thoroughly honest?
more
average
skillful,
business
or
less skillful
(b)
man,
are
the
sympathetic and helpful in
impersonal, selfish and cold?
Selecman "are typical of the
questions
working
we
who
the average wife and mother?
"These" said Mr.
have been
will,
for
believe that trust institutions
family problems,
should
someone
your
think that trust institutions
lawyer,
you
or
be
believe the trust institutions
investing trust
6.
dispose
would
did not,
because you
4.
in
to
What
you
want
on.
from
public by direct, frank
to know
decisions.
Martin's retention,
nearly
83
their
voting
bench
took
and
attention
meetings thus far have brought out
business
we
would
verdict
listened
been
number
average
called
verdict.
himself
explanations
Repeatedly
of
further states:
Fifteen
say
only that the decision "speaks for
itself," while Assistant Attorney General John Harlan
Amen, who directed
the prosecution, declined comment.
Senators
Business
its summary of national
under date of Nov. 20, in which it indi¬
has been holding throughout the
country a
it
have
equal
misconduct."
Defense Counsel
Judge
Finds
problems involved in the
maintenance and strengthening of our own domestic econ¬
omy."
The Chamber states that "more than 20 such meet¬
it
voted
Martin's
the
Albany "Times-Union"
:
Democrats
Democrats
session
after
part
18
vote the
for
judicial
special
immediately
in
and
petition
and
these
Development—Conferences with
Throughout Country
recovery
disturbing
of conferences
trating
State Senate rejected
Governor
from
of
concurrence
bers.
Commerce
of
"unmistakable
The importance of
of
We,
influence
George W.
noted in
affairs,
that
cates
Division
Nov.
was
The Chamber thus comments in
law.
holders
York State Senate
Votes Against
Removal
Judge George W. Martin of Kings County, N. Y.
fulness"
which
;
Chamber
the
impede
against
business
transporta¬
New
Judge
"oratory"
Held
ference of New
our
so.
lengthy
effort
the bill.
strengthen and coordinate
a
2,000,000
are
numbers
Mr.
before
obstacles which impede recovery and hamper constructive effort."
said:
Every rail investor will be vitally affected by the outcome
of this
legislation..
They far outnumber the numerical strength of the
groups which are exerting organized pressure to further
destroy the value
was
shortly
direct personal interest
your
Pennsylvania/.
to
J.
alleged unlawful fee of $1,000;
and build up its economic resources, and that
system.
grand
Littleton's
Mr.
at that time
vitally important that the United
passed both branches of Congress, but in radically different form,
and is now pending before a conference
committee, which will draft a com¬
promise bill.
Thereafter both branches of Congress must
again pass the
of
summation
3468.
page
are
which
economy
It has
on
defense
economic and social progress, but also as
Greater
The communication
Senate bill
acquittal
States
obstacles
Book
from
By
Amen
John
General
business men are disposed to move cautiously in adjust¬
ing their operations to abnormal war requirements and are
more intent upon the promotion
of normal internal devel¬
opment."
The Chamber adds:
might
of
charges and creating
evenly
to
consolidation
any
pressure
purchase
their
vital
it.
authorize
the
do
General
Attorney
Attorney
the substance of the charges" against Judge Martin.
Business
permitted to remain in the
passed through
was
unitedly
we
is
so
it last
by repealing the restrictive provisions of
an
objectionable amendment, urged
Railway
This amendment
be eliminated
To
be
is
carries
"will result in unemployment or displacement of
can
amendment
an
Congress
who opposed
pass.
contract
water
amendment.
consolidations
Brotherhood
the
of
three-hour
a
motion of Internal
to
outline of the principal
an
Certain
that if 16
votes
to
facilitate
ously, there
to
by
by
it
to
jury to investigate
Disposed to Move Cautiously in Adjusting Opera¬
tions to War Requirements—More Intent on Pro¬
risks
Support to Wheeler-
respect
which
measure
proposal
investor
To
existing law.
bill
Assistant
appointment
rebuttal, termed
on
June
columns
of
letter to railroad investors in
sent a
carriers
water
change their
railroad
tion
term
more
powerful
this
on
should
in
referred
charges
of
the hope
of
incentive
an
than
more
accompanied by
Commerce
and
divided
to
14-year
a
has
money
equitable competitive conditions among the various
of transportation by placing them all under the
regulation of the
Interstate
our
of
serve
thought."
Amen,
reference to
80%
increase in
system
our
offset
to
transportation
objections of the
3.
the
on
County.
under
of bribery and accepting an
infla¬
is about
State Unit of the National Conference
Senators
Wheeler-Truman
for
to
years
On June 3 of this year a jury in the Brooklyn, N. Y„
Supreme Court acquitted Judge Martin of alleged charges
the
better
any
threat
4%
printing
under
attraction
the
of
some
know
Pennsylvania urging them to communicate with their Con¬
gressmen
final
Senate
enough to buy the necessaries of life.
Investors recently
which
the
Kings
inquiry
failed to go "into
low that money won't work—
so
because
from
don't
experienced
.
point
a
but
fear
to
go
old
our
advice
sporadic spurts,
machine (if
sufficient
no
to
The Pennsylvania
by
two
1927.
Jr.
to
Mr.
are
starvation
a
Truman Bill
2.
the
officials.
father
people
Railroad Investors Urged to Lend
to
has
ago,
in
before
in
According to
1.
public
Lehman, who ordered the extraordinary grand
Littleton
Mr.
years
elected
enforcement
conducted
trusts
19
was
States, there
The
indict
to
the activi¬
criticizing
the verdict by describing the charges as "generalities in which the wish is
They
whole
the
of capital to
is
it
rather
reward
of
panels
assailed
Buffalo,
But you know what
sought
I
regardless of
development.
of
wage
because
work
Mahoney,
retired
incomes
business.
over
business,
financing and
lowered
work
it
the
in
hangs
All
process
deficit
diligently have
financiers
...
normal
and
know
astute
tion.
and
special
J.
"
don't
most
not
law
will
you
Walter
been
basis ?
I
He
economy
of
with
of
1939
loss.
have
these
keep
Smith
E.
which
to
mil¬
Governor
problem which
a
little capital
very
Most
result
a
be
to
Alfred
.
these
favoring exoneration of Judge Martin
juries,
zeal"
25,
Judge Martin, who first ascended the bench by appointment of Governor
have two trust funds that I established years
The capital was in conservative bonds.
depression with
to
grand
"unwarranted
relatives.
I
as
was,
the
happened
those
helpless
have
of
ties
country.
But I
I
glance.
a
two
the
in
.
all
the normal working of
to
more
mean
money.
.
In the aggregate,
big money.
of
money
much
recognize at
ago
question
a
of
Senators
Two
repercussion
the
person
uncertainty
shall
men
That
about
talking
puts
other—the
Nov.
They
are
typical of the kind of
representative members
answers.
In
other
words,
of
we
the
want
public.
We believe that the information to be
obtained will prove most helpful in
advertising public and
our
customer-relations work
and will constitute a
genuine con¬
tribution to the future welfare of all trust
institutions."
Frank W. Sutton, Jr.,
addressing the conference on Nov.
17, declared that the benefits under the Social
"are
nothing
more
than
a
subsistence
Security Act
benefit, and this is
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
Volume 149
particularly true in respect to salaries in the higher brack¬
ets."
lawyer is useful to the banks."
In part, Mr. Endicott, who
spoke at the Conference on Nov. 16, went on to say:
He added:
The
benefits
brackets
are
brackets.
$50.00
that
will
will
clearly
for
Under
the
those
by
received
with
pension
of
employee
an
receiving
be
to
employee
retirement
received
several
show
benefits
instance—An
receive
be
$250.00.
from
paid
paying
For
an
with
an
employers, both
he
if
the
employers
of
wage
wages
required
are
to
pay the tax on
each salary.
After January 1, 1940, however, the
employee who has paid in the aggregate tax on combined salaries in excess
of
$3,000
per
annum,
apply for
may
year
ever,
cannot procure any refund of the taxes
on
wages
Assuming that
time
return
for
it must
the
1,
Internal
Revenue
imposition of
of
excess
it
$3,000.
employers,
The
how¬
paid by them in this respect.
be necessary
will
quarterly period
so
be
to
as
on
quarterly period.
at
1940,
first
be filed
in
in
the
before
or
Failure
the
file
to
1940
of
hands of
last
in
for
day
time
the
April,
United
of
required
the
result
the
will
in
the tax due
on
the rate of 6% per annum.
conference
Nov.
on
10
trust investments.
of the field
be
to
the
ciples
which
formula
to
can
only
found
It
is
tain
you
in
adopted
of
search
that
what
is
the
It
and
fair
to
it
that
amount
for
and
investments.
trust problem—the
its
be
I
explored
trust
supervise—and
can
magic
spent
then
ascer¬
trust
with
this
discussing
problem,
our
investment program
we
divide
can
the outline
General
2.
Program for Each
Method of
4.
List of
5.
Practical
6.
Thorough
Trust
in
competent
there
As to
Sources
is
the
basic
most
statements,
We
basic
of
Some
to
for
this
all
of
U.
the
Government
S.
Board
P.
which
the
are
basic
incorporation,
in
Fortunately
preparation
yearly review
a
you
be
may
each
of
be found
may
field
major
any
the
of
each
comments
pany
Study
of
individual
issue
scientific
is
of investment,
is
fortunate
of
order
issue—The
bad
very
or
or
a
lowering of
or
of
security
is
to
easy
actual
investment
precisely.
it
ascertain.
that
of
in agreement,
you are
information
if
or
four
or
merit
You
while
"a
few
ciary
1.
It
usually
is
earnings
both
on
wise
com¬
of
each
energetic
sales
as
a
trust
released
hold
the
necessary—You
statistical
figures
on
develop
must
companies
your
Its
2.
the
department
to
that
my
such
the
plan
I
as
followed
is
reviewed
for
in
each
that their judgment is
cannot
that
at
based
trust,
a
Then
as
the
even
thoroughly
prepare
issued.
reflect adequate
values,
ever
As
any
different securities
of
justified
by
which
the
time
you
held
which
is
would like to
to
for trust investment
program
use
a
weekly
carefully and
feel that
if
a
insure
he
Its
thus
have
officer
his
not
trusts
decision
created
only
in
as
his
as
makes
accounts
use
of
a
records
good
program
see
owe
be
licensing the lawyer,
qualifications,
additional
or
subject
the
high
a
fulfilled
continuation
the
duty
with
of
to
the
the
that
and
banks.
and
of
the
will
make
public.
utmost
spirit,
the
to
now
ex-
that
we
end
us.
Corporate
a
is
It
fidelity, and I
cooperative
Fiduciary"
Nov. 16 George E. Lloyd,
on
Pennsylvania
be summarized
Co.
for
Insurances
on
of
corporate fidu¬
a
follows:
as
responsibility and continued existence
executor
who
die
may
compared
as
have to be substituted
or
with
account
on
circumstances.
impersonal
Trust
Its
fact
experience
character
Officers
far
as
economies
that
under
facilities being so well
and
equipped'that
avails himself of these facilities.
makes
being
is
as
a
to
as
certain
all
it
satisfactory to all
experienced
humanly
claimants
and
bringing into harmony
in
and
possible,
Administration
surety
needed
the
expectations
the
of
bonds
facilities
kept to
are
required
are
for
concentrated
are
definite
very
sharply to
attention
my
organization that
not
Individual
into
we
advantage
and
days
some
direct
a
when
ago
privileged to
were
by the
Executors,
composite
a
I
at
trust.
all
with
uncommon
service
brought
was
of
important
an
was
marked
a
This increase in value
fiduciary under
corporate
a-
benefit
learned
where there
serve,
appreciation in the investment value of their funds.
is
minimum
a
corporate fiduciary.
Another
well
a
managed
...
Public
relations
in
banks
and
trust
companies resolve themselves into
quasi-private relations for almost every man and woman in this gathering
who
has
there
the
does have active duties
or
well
are
defined
relation
most
from
trust
the
fiduciary
in
referred
to
in
the
as
thought
know
service
this
field, knows that
company
to be handled
almost
in
every
the grave.
we
or
in
to
trust
tasks
company
cradle
extensive service
Representative
Steagall's
its
and
work
to
deceased
is
field
with
address
its
public
relations
because by far
persons
living persons.
the
at
Conference
is
in this issue under another head.
Assistant
Attorney General Arnold Tells Labor Unions
They Are Subject to Prosecution Under Anti-Trust
Laws—Lists
Five
Types of "Unreasonable Re¬
straints"—Cites Building Industry as Example
Labor
are
will
for
been
warned
illegal where they have
such
legitimate objectives
Mr.
by
Thurman
Arnold,
speeding
Arnold,
up,
or
hours,
wages,
safety,
health,
the right
of collective bargaining."
things, said that "the types of
other
among
reasonable connection with
no
as
be¬
may
unreasonable restraint against which
ceeded
or are
now
tices which in
the
Shermin
our
we have recently pro¬
proceeding illustrate concretely the prac¬
opinion are unquestionable violations of
[Anti-Trust]
were
made in
tary
of
the
letter
a
Act."
Mr.
Arnold's
statements
(made public Nov. 19) to the Secre¬
Labor Union of Indianapolis.
He
Central
listed five types of union activity which he said
were
"un¬
questionable violations of the Sherman Act," and said that
prosecutions which are now proceeding or which may be
undertaken
of
types
will
be
activity
summarized
based
which
as
such
on
would
follows
violations.
bring
in
the
These
Government
five
action
Washington "Post" of
Nov. 20:
"Unreasonable restraints"
equipment
tion
of
or
to
use
of
efficient methods, such
more
as
factory-glazed windows
Unreasonable efforts
to
member of the local
Enforcement
of
interfere with the
prevent
or
on
teamsters'
systems
commerce
of
cheaper material, improved
efforts
to
factory-painted kitchen
compel hiring of
being the requirement that
trust
According to Allen B. Endicott, Jr., "the work of the
lawyer and the banker is closely related,"—"the banks," he
says, "are necessary to the lawyer and we believe that the
have
Attorney General, that "union practices
come
which
but
securities
unions
Assistant
From
folder
securities
to come,
which
own
possible.
and
generate
years
to
First,
to
investments.
and
enjoy
availability of Financial Judgment of Directors and Officers.
Its
were
is:
committee folder
thoroughly
trust
that
will
comraonsense
and
that
been
the securities
well-being of his
a
have
the number
thoroughly
periodically
the
inevitably arrive
belong
I
described
have
essential
year.
larger quantities.
complete plan.
experience,
own
carefully
are
a
basic
of several
once a
with .quarterly
understand
securities
Conclusion—My suggestion of
foimulate
so
committee
section
research
seems
in
professions
or
necessary
lawyers
studying
are
lawyer,
a
of
accumulated
Its
be regu¬
.
and
obligation
financial
Its
a
which
the
cases
at intervals
readily
can
or
intensify the study of
prefer to hold
or
many
census
made only at prices which
are
.
the
additional
individual executor almost
always
very
method
own
complete form only
investment
all
brought to bear to limit
pressure
in
provide
to
that
possess
of the outstanding advantages
may
individual
indi¬
and current earnings trend.
study
comprehensive
long
are issued in
periodic estimates of earnings
or
the past
Constant
most
figures
company
Our
mind
my
only by those
Granting Annuities, of Philadelphia, stated that
unforeseen
hard to determine.
are
earnings—In
on
industry is gathered like the
on
years,
exercised
Certain
to separate
publishing
prefer to develop
you
information
current
opinion
for
that
Officer
Lives and
undue
for
two
our
pro¬
rating.
Heed
if
We occupy a position of public
"Government" should exercise the
address at the Conference
Trust
review.
is easy
the close gradations
three
are
show
and
the relative
Generally their division of good or
accurate, but it is always well to study the figures to make sure
is
be
can
between
bankers and lawyers, be continued
faithfully discharge the public trust reposed in
an
of
indeed
their experiences in
from
functions.
Discussing "The Advantages
in
bring
important facts about the
and although
ones,
is helpful
earnings,
that
so
sheet
Such figures
company.
attempt to solve this rating problem.
bad
that
urge,
corporate
determine
to
there
that
restricted
capitalization
comparison
that
franchise
several
profession
.
not
favorable
any
should be considered at each
hard
very
method
good issues from
It
in
the
its issues which
or
vidual
of
part
need
legal
later be translated into the earnings
may
included to summarize other
are
affairs
istant
may
is
capitalization
of
granting the banking charter
banker
The
change in protection of assets
tection
helpful is
companies.
complete
the
human
of
studying the position and prospects of
out
greater
services.
or
services routed
or
Study of the company—A three-year comparative trend
in
state
sorry
lasting benefits
the
their
candidates
unfavorable
apprised
developing and
are
individual
of
of
that
so
which
trends
the
desk for study.
proper
industry,
on
are
the
published reports
Study of the industry—The second step which
the
listing
information
indentures
plan must be arranged to have either the reports
the
that
the
before
actual
respectfully
available
audits,
A.
the
reports,
make
of
and
issues.
available
is
C.
sources
bylaws,
individual
of
information
a
beneficiaries.
industry,
on
study
a
of
the
co-ordinating
Analjsis and Review
National Industrial
reports
Certificates
material
part
annual
be
some
to be most vividly impressed upon
banking and the practice of law should
of
perform
each,
whereas
the
information
and
companies.
and
year.
appears
recommendations.
•
Investing Cash Balances
information—Perhaps
Board,
would
manner
am
an
in
5.
"thorough method of review of trust investments"
of
has
the confidence of the public.
I
care
4.
Method of Security
Reserve
Section
each judicial
beneficiaries.
proposed the following:
Federal
a
to
that
We
Trust
Approved Investments
a
that
upon
see
6.
he
The
from
parallel
derive
business
and
greatest
to
it
not
such
3.
Analysis
Method of
did
the
depend
Investment Policy
3.
banking.
to
meetings throughout the
both bankers and lawyers have passed through
in our social order.
By trial and error
years
is without
lesson
that
lated
into six basic parts, the first two identi¬
They are:
peculiar
consisting of representatives
separate
depression.
The
is
super¬
in
planning and the last four with the actual operation.
1.
this
an
in
problems
board
its
and
progress,
professions
in
you
a
investment.
have
we
survey
must
warn
...
convenience
this
we
to
prin¬
be
found
I
might
expensive
too
however,
have
methods
first
investments
maximum
only
nor
practical program
a
bank should
a
and
is
and
may,
non-fluctuating trust
ideas
for
There
program,
5%,
the
of
some
crisis which
a
essential
investments which
trust
cumbersome
both.
tight
riskless,
a
accounts
by
air
no
our
belief
my
For
fied
be
have
be
institution.
legal
its
holds
banking.
During the past 10
background of securi¬
and in part said:
could
smaller
a
produce
tell
vision.
of
I
useful
number
of
can
that
bank
large
a
needs
advance
the trust,
in
of
for
program
He stressed the need of continued study
for selection and review of
program
helpful
serve
suggested
a
of investment and of the
ties contained
The
discussed
and
We sincerely. hope, trust and believe that the activities of this Section
have, and will in the future, prove to be of value not only to the lawyers
who participate in their
activities, but a distinct contribution to the law
trust,
Barton Cummings, Personal Trust Officer of the Chemical
Bank & Trust Co. of New York, in a speech before the
and
officers,
district
and
States
following
month
penalty of from 5% to 25%, and interest
a
your
of
month
the
of
first
file
to
you
the
in
the Collector
own
paid
bankers will become- subject to this tax for the first
you
January
on
salaries
or
tax
amount of
refund of the
a
each
procedures
its
the amount
of
employee receives
an
and
of
of
wage
monthly
average
Recognizing this close affiliation, the New Jersey State Bar Association
created what is known as the
"Banking Section", for the special study
has
lower
the
in
monthly
exactly one-half
provisions of the Act,
different
those
higher
the
in
wages
by
average
3351
each
unnecessary
prevent
installa¬
cabinets.
labor,
an
example
truck
union
in
"graft
of those
entering a city there shall be
addition to the regular driver.
and
extortion"
by
racketeers
a
who
who will not pay to be left alone.
Attempts to enforce illegally fixed prices,
where
to
bar
a
union
from
is
the
as in the Chicago milk case,
charged with combining with distributors and producers
city milk
"illegal and fixed" prices.
marketed
by
persons
who
refuse
to
maintain
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3352
Restraints
used
in
prosecuting
attacking employers who deal
Mr.
I
Arnold's
reply
laws
the second
another
union
by
I
to
this
make
organization.
Be
indicate
yours
public
widespread
other
numerous
interest
in
the
question.
The anti-trust
to
or
by
adjudicate
labor
is
labor
unions
exercise
it
laws should
is
recognized
collective
of
controversies.
by
reasonable
connection
system,
the
or
bargaining
The
with
which
will
be
activity
right
of
the anti-trust
in
tion
city,
a
and
health,
hours,
maintenance
the
economical
will
with other
be prosecuted
standardized
and
need
of
a
health, safety,
act
as
nomic
the
or
practices
tage of labor.
labor
William
who
reasonable
no
housing
technological
Murphy,
that
no
speed-up
of collective
be illustrated
Suppose
dominate
in
by
a
labor union,
a
building construc¬
the
preventing
of
use
industry.
not
as
unions
have
fre¬
the long-run advan¬
to
maintenance
of
and
wages
employment
during periods of
without
We
progress
cite
the
example
beyond
goes
emphasize
to
illegal where they have
the
legitimate labor
any
fact
that
union
reasonable connection
no
We
such
as wages, hours, safety, health, undue speeding
collective bargaining.
have
dissenting
the
choice
no
in
this
majority opinions.
under the
practices
the
even
beyond
go
the
to
In
criminal
anxiety
our
prosecution
be
to
practices
fair
labor
to
which
be
can
we
not
are
justified
even
dissenting opinions of the United States Supreme Court.
present building investigation a large number of legitimate activi¬
unions have been
brought to our attention by complaint.
In the
labor
of
We
Such
legiti¬
or
up,
of the Supreme Court of the United States, which
broader scope for the legitimate activities of labor unions than
a
subjecting
ties
matter.
may
opinions
recognize
have
been
asked to
proceed against unions because
they maintain high
rates of wages, because they strike to increase
wages, and because they
attempt to establish the closed shop.
We have consistently disregarded all
such requests.
Refusals
also
by unions
been
held
that
In
the
Court
such
goods
upon
to
Bedford
cut
made
in
attention.
our
secondary boycotts
and
of
opinion
such
In
violations
are
stone
cases
The
proceeded
or
have
we
institute
to
of
types
now
instructed
criminal
unreasonable
are
non-union
a
the
of
"Let
the
to the
attorneys
prosecutions
restraint
against
the
in
in
reasonable¬
the building
such
which
Supreme
have
we
recently
proceeding illustrate concretely the practices
"But
Unreasonable restraints
unnecessary
labor.
entering
a
city
addition
to
v/f
or
3.
avoidance
of
of
When
the
is
member
a
of
the
local
teamsters'
union
in
is
labor
be
hired
undue speeding
restraints
a
of
in
the
of
the
designed
racketeer,
commerce
practice
4.
be
who
already on the truck.
Such unreasonable
distinguished from reasonable requirements that a
be
Unreasonable
with
the
An
driver
amount
extortion.
designed to compel the hiring of useless and
example is the requirement that on each truck
there
the
must
minimum
William
interests
restraints
Unreasonable restraints
system
condemned
make
to
union.
of
collective
trade
union
will
to
as
systems
labor
a
him to
pay
of
graft
leader,
leave
and
interferes
them
alone,
enforce
designed to destroy
bargaining.
no
such
by
the
to
a
purpose
employer
an
attack
same
restraining
bargaining relationships of
union,
a
principle
farmers
division
association
because
applicable
specially
groups
corporation,
of
have
in
to
into
has
a
by
the other
trade
union.
whether
been
Unions
the
as
stand
past
private
a
or
by
a
an
effort
union
a
unions
is
with
the
by law.
cooperative,
an
same
as
Investors
and
combination
labor
by
of
destroy
employer.
that
may
into
a
the
applicable
combine
into
union.
a
an
to
to
a
The
the duty to prevent the use of sucb
legal rights
illegal way for purposes far different from those
an
Organized
to
gain by
labor
most
suits
part
cases
instituted
of
labor
of
the
under
Sherman
Act
have
this
duty.
arisen
In
through
suffers
when
the
selection
of
labor
cases
under
the
presentation of argument in such cases is
left in the
who may be hostile to
organized labor itself.
of the law
by officials with a
and
unlawful
By contrast,
duty to be fair, con¬
public
to
the public will
ment of
that
the anti-trust laws cannot and must not
labor organizations
Green
does
because these laws
themselves
be in¬
do
not
That is fundamental and unassailable."
Urges
C.
I.
Those
O.
and
Advocate
Who
A.
F.
L.
of
Peace
Forsake
to
Con¬
of
inform members of both
organizations as well as the general
public of the facts in the dispute, to permit them to 'iudge
who was responsible for
starting labor's civil war and who
is responsible for
prolonging it."
He is also quoted as
saying:
"We believe
this
case
that an attitude of neutrality toward
by those who profess to be anxious for labor
shelter and
to
"We
the attainment
convinced
are
the side which
protect
attitude hinders
to prevent
that
is
to
blame.
disputants
the
peace
in
merely serves
Therefore, such
an
of peace.
the
facts show the Federation
did its utmost
the split and has since done everything in its power to effect
peace."
Longshoremen's Strike Settled
Nine coastwise steamship lines that
York since Nov. 2, when
went
were tied up in New
approximately 5,000 longshoremen
strike, resumed loading and unloading operations
on
Nov. 18
following settlement of the strike of the Inter¬
national
Longshoremen's Association.
Reporting the strike the New York "Herald Tribune" of
Nov. 21, said:
The strike,
called by the International
the American
and
Federation
terminated
was
by
of
Longshoremen's Association of
Labor, affected only the Port of New York
the
longshoremen
last
Friday
night
following
several
conferences last week between the union's and
employers' negotiating
committees, at which Thomas M. Finn, conciliator for the Department of
Labor, sat in. The men return to work under a new contract, superseding
one
which had expired on
hour, and the
same
demanded $1.05
Oct. 31, at the
same rate
forty-four-hour work week.
hour and
an
The movement of
as
a
of pay, 95 cents an
The strikers
originally
forty-hour week.
a
sixty-seven ships
estimated, resulted in
was
paralyzed by the strike which, it
loss of $2,000,000 In revenue to the lines
well
as
thousands of dollars In wages to the
longshoremen and to office workers
and seamen, who were forced out of work because of the
suspension.
John E. Craig, chairman of the
employers' committee who also is vice-
president of the Clyde-Mallory Lines,
the strike,
estimated yesterday
shoremen, would return
to their
that
one
of the companies affected by
14,000 workers, including the long¬
jobs at this and other Atlantic and Gulf
ports with the termination of the strike.
A previous reference to the strike
appeared in our issue of
Nov. 4, page 2910.
prevent
unlawful
equal
care
In
ones.
necessarily be informed
union
unions
an
to
such
protect legitimate union
enforcement, labor and
to the
boundary between lawful
action; and by virtue of such information the harass¬
by unjust private suits
as
will
become
Home Workers Granted Decree
Conerns—Minimum
Must
more
difficult.
ARNOLD, Assistant Attorney
General.
25
Cents
and
Hour
Paid
to restore
more than $250,000 to over 10,000 home workers
who, it is stated, had received less than the required 25
cents
an
This
hour.
was
the
largest civil
the
United
action the
Wage and Hour
Department of Labor has
since the Division was organized on Oct. 24,
1938, said the New York "Herald Tribune" of Nov. 22,
of
States
undertaken
which added:
The judgment, which has the full effect of an
injunction, requires, under
penalty of contempt of court, that the manufacturers
of
the
law,
minimums
including
the
payment
of increased
become effective under the Act, and
from using any
affected live in
subterfuge to evade the Act.
more
meet all the
minimums
provisions
when
these
prohibits the employers
The 10,000 workers directly
than 20 States.
The most significant feature of the judgment, aside from the restitution
of the wages, according to officials of the wage-hour
it is
likely to deal
women
THURMAN
Against 11 Knit-Goods
of
Judge Edward A. Conger of the Federal District Court in
on Nov. 21, accorded the
Wage and Hour Division
of the United States Department of Labor, a consent
judg¬
ment requiring 11 large knitted outerwear
garment concerns
Under the
Sincerely,
Be
Pay
New York
Division
of
public responsibility and often conducted
destroy a union or to avoid dealing with it.
sistent, and constructive involves
and
the
performance
those
enforcement
activities
vigorous
without
struggle to
a
Sherman Act and the
hands
Labor
of Industrial Organizations and the American Federa¬
Labor, published in pamphlet form by the latter
organization, was made public Nov. 19.
Its purpose, ac¬
cording to William Green, President of the A. F. of L., is to
tion
Restraints
contemplated in the statutes.
•
of
gress
it except
undertaken
represent
they
protected
attack may avoid
an
unreasonable
are
collective
anti-trust
strikes
of Labor itself.
Their purpose is
by attacking employers who deal with that
and
The
established and legiti¬
an
Jurisdictional
the victim of such
way
employer
other
Federation
Neutrality
is
enforce
not
designed
another union
on
for
or
American
by the American Federation
war
There is
by exposing himself
of
the
On the contrary, we urge that such offenses
A record of the four-year controversy between the
safety and health
work.
to
masquerading
those who
of
illegally fixed prices.
An example of this
activity is found in the Chicago milk case, where a
labor union is charged with
combining with distributors and producers to
prevent milk being brought into Chicago by persons who refuse to
maintain
illegal and fixed prices.
5.
insist
Between
obviously unlawful.
Unreasonable
mate
do
we
against
permit such prosecution.
which
no
restraints
that
be prosecuted under the proper laws applicable thereto.
voked
on
cases.
are
unquestionable violations of the Sherman Act, sup¬
responsible judicial authority whatever.
1. Unreasonable restraints
designed to prevent the use of cheaper ma¬
terial, improved equipment, or more efficient methods.
An
example is
the effort to prevent the installation of
factory-glazed windows or factorypainted kitchen cabinets.
2.
clear
that illegal activities of any labor union or members or officers
laws.
opinion
our
ported by
make it
me
thereof should go unpunished.
have
courts
this unsettled
view of
as
have
anti-trust
minority of
In
shops
past,
the
judges of the highest court
among
activities
investigation not
in
work
presented the argument against this view.
of
ness
to
brought repeatedly
Duplex
conflict
Mr.
Green also said in part:
purpose.
practices
with
mate objectives
right of
answer
by the most extreme reactionary enemies of labor."
,
.
only labor activity which
become
in
"that an administration notable for its friendliness to labor
should adopt a retrogressive policy advocated hitherto only
not contend
Progressive
was
by Assistant Attorney General Arnold earlier
this week (referred to elsewhere in today's issue) that anti¬
trust laws are applicable to labor unions for certain offenses.
Requesting the Attorney General to say whether Mr.
Arnold enunciated the policy of the Department of Justice
and the Government, Mr. Green said it was inconceivable
persons
connection
Mr. Green's letter
assertions
to
attempting to stop that progress.
1
Preventing improved methods of production—as distinguished from pro¬
tecting labor from abuses connected with* their introduction—is, of course,
not the
Green, President of the American Federation of
on Nov. 22, in a letter to Attorney General
that labor organizations cannot be prosecuted
Labor declared
Such unions have found it possible to protect the interests
the
in
right
may
boycotts
or
quently denounced this "make work" system
of
having
with wages, hours,
right of collective bargaining.
The union may not
force to perpetuate unnecessarily costly and uneco¬
the
in
as
the
to hire unnecessary labor.
with
private police
a
clear
building material in order to compel
low-cost housing
is
situation
unions
by threats
Here
in
reasonable
a
it
safety,
of
bargaining
prosecuted.
which
succeeds
be
to
make
to
practice frequently found in the building industry.
acting in combination
police strikes
collective
laws
wish
we
to
coercion by labor unions
or
wages,
establishment
kind of
The
Therefore,
power.
only such boycotts, strikes
instrument
an
as
1939
Under Trust Laws—Asks Attorney
Murphy to State Position in Matter
under the anti-trust laws.
be used
not
25,
Prosecuted
General
reply public because
Nov.
President Green of A. F. of L, Contends Union Cannot
inquiring about the application of the anti-trust
letter
unions.
similar
inquiries
with
against
war
letter follows:
to your
labor
to
union's
a
a
administration, is that
deathblow to the practice of home work.
home-work system
many
manufacturers
and children to be finished in their homes.
gave
materials
When the work
to
was
finished the manufacturers paid for the products on a
piece-work system.
Volume
mini mums
as
the same
unsound for most
that home workers be paid at least
Since the decision requires
factory workers, it would be economically
manufacturers to continue the home-work system,
George B. Kelly, regional director of the wage-hour division,
and Irving
Counsel of the Administration, called it signif¬
icant that the 11 firms consented to the decision although legality of the
wage-hour law
to
money
has
never
The
than has
Fair,
a
subterfuge which
defendant manufacturers recently
arranged for the discontinuance
Sir
to families and
facturers"
in
individuals who made the garments as
their own
only slightly above the cost of
garments, paying
that home work was
meant
which
tion
"independent manu¬
the yarn
being continued at rates lower
the
of
than 12 cents
Beale,
representatives.
1940
an^hour.
world
is
in behalf of the
year
countries
the
that
opinion
anxious to continue participa¬
were
exposition.
praised
was
as
freedom
speech,
of
honorary
freedom
freedom
and
Commissioner General
George McAneny,
who "represents the virtues
man
a
fighting for today—democracy,
press,
Marvai,
the
voiced
also
He
expressed
Britain,
Great
from
"gesture of friendship"
a
as
the Fair this
part in
the
General
Commissioner
of the awards
took
at
the
de
of
Tribune"
"Herald
York
New
the
to
Mayor LaGuardia then
finished
for them. This
The manufacturers bought the
homes.
Louis
foreign
companies to sell yarn
foreign governments who
18, which said:
appreciation
through
alleged to have operated as follows:
was
The firms made arrangements with certain yarn
of
according
Nov.
but which continued the practice
17
by Mayor F. H. LaGuardia to 31 repre¬
served as Commis¬
sioners General for their countries at the New York World's
formed the Hand Knitcraft Institute, which
of the direct home-work method,
Nov.
on
sentatives
instituted by the Division.
the
complaint,
the
to
Medals and scrolls from the City of New York were pre¬
sented
before the Supreme Court.
been tested
be collected under the judgment, it was said, is more
been obtained in 50 other civil suits
According
Mayor LaGuardia Presents Medals to 31 Foreign Com¬
missioners-General to New York World's Fair
the division contended.
J. Levy, Assistant General
3353
Chronicle—YEARS OLD
ONE HUNDRED—The Commercial & Financial
149
religion, freedom
by J. A.
of
assembly,"
of
for Argentina.
Chairman
of
the
Board
the Fair,
of
spoke
briefly, stressing the democratic ideals of the 21 republics of the Western
Hemisphere.
Diamond Workers Strike for Wage Increases
awards,
The
workers in the diamond industry—
polishers and setters—organized in the Diamond
Protective Union of America, affiliated with the American
Federation of Labor, went on strike Nov. 20, for a 10% in¬
crease in weekly wages and a 25% increase in piece-work
rates.
The strike was the first the union had called since the
organization was charted in 1903.
In reporting the strike the New York
of Nov. 21, said:
C/echo-Slovakia j
Two hundred and fifty
.
Folke
a
settlement
Mustafa
Also
Mr.
Brazil ;
de
Vilhjalmur
Ibrahim,
Marvai,
Minister
Ac¬
and
Dr.
of
The union
The
the
closing
World's Fair
popularity of President Roosevelt during November, it
George Gallup, Director of
Dr. Gallup's report, as given in the New
York "Times" of Nov. 22, follows:
A.
was
1939
the
noted in
samplings made by the American Institute.
and New Deal opponents again taking up
Institute's surveys during November find a slight decrease
holds approximately
when he was reelected in 1936 by the landslide figure
62.5% of the major party vote.
of
interviewing of a cross-section of the voting popula¬
The Institute, in its
tion, put this question to voters
"In
in all States and in aU walks of life:
disapprove today of Mr. Rocsevelt as
general, do you approve or
President?"
Today's results compare with last
month's, as follows:
Last Month
64.9%
35.1%
Approve
Disapprove
This Month
our
These results,
while they measure Mr.
reelection.
Roosevelt's prestige in office at
vote for a
The rise in
fact which has been brought out in earlier studies of
from 16
during periods
the
third term.
The vote by income
—Approving Roosevelt—
Last
,
-
Lower income voters
poll taken in October was
columns Oct. 28, page 2625.
A similar
Today
Month
43%
46%
76%
(o/q
60%
62%
referred to in these
are
L.
22nd meeting a message from President
pledging cooperation of the United States with
Nov.
O.
its effort "for the betterment of living
read.
Mr. Roosevelt's letter follows:
in
was
It is extremely fitting that the sister States of the Western Hemisphere
are members of the I. L. O. should assemble at this time to consider
who
those fundamental problems of human living that concern every citizen of
every
nation.
This conference is another significant example of the effect¬
like the I. L. O., which in times like these can serve the
iveness of an agency
people of various nations without regard for boundary lines or battle front.
The 20 years of the I. L. O.'s existence has proved the usefulness of such
an
organization in time of peace.
of service to its
many
.
I
am confident that it
members, indeed to society
as a
minder in these tragic times that
a
can
and will be
whole, in time of
activities make it a focal point from which should
under conditions
levels follows:
Upper income voters
Middle income voters
I.
standards"
continues to come from voters in the
little less hostile to the Presi¬
dent today than they were last year, when the New Deal was attempting
its "purge" of conservative Democratic leaders.
But even today con¬
siderably less than a majority of this group support him, and even fewer
the
At
The upper income groups are a
desire him for a
Vice-
from several countries
Roosevelt
and in the lower income levels. While persons under
30 years of age approve him today by more than two to one (70%), those
at the other extreme—50 years and over—are for him by only 58%.
The division of opinion on Mr. Roosevelt by income groups, a division
first clearly shown by Institute surveys nearly five years ago, continues
be sharp.
Piatt,
Angel Campa.
younger age groups
to
lO.
members of the I. L. O., and also
which are not members,
welcomed by the Cuban Secretary of State, Miguel
were
when war actually came, there were
chief support
John
Labor
nations, which
observers
crisis.
President's
informal luncheon in Phila¬
by the
^
The
an
Conference, sponsored
International Labor Office in Geneva, opened in
Havana, Cuba, on Nov. 21.
The delegates and advisers
September and October em¬
seemed on the brink of war, and
sharp increases in
public support for the President.
This may be due partly to a desire
among many voters for greater national unity in time of foreign crisis, and
partly to the fact that the President's handling of foreign affairs has been
found in opinion studies to be one of the most popular aspects of the New
Pftaj
At
President
national Labor Office
of Munich, when Europe
At the time
by
The second Inter-American Labor
public opinion.
This is that Mr. Roosevelt's popularity tends to increase
again this autumn,
Nov. 4 issue, page 2912.
-
in October, showed 43% willing to
Presidential popularity during
of acute foreign
City
York
Conference Opens in Cuba—
Delegation Includes A. F. of L. and
C.
I.
O.
Representatives—President
Roosevelt
Pledges Cooperation of United States with Inter¬
that time.
phasizes one interesting
at
New
United States
New surveys now being conducted will
third term, 57 % opposed.
reveal the trend since
place
the
F.
Inter-American
his second term, do not represent a vote on
The last third term study,
of
Palmer of the
the third term.
Other studies by the Institute find that many voters who approve of the
President today declare they would not be willing to vote for him if he seeks
this point in
took
season
pageant.
62.7%
37.3 %
Approve
Disapprove
attended
Edward
temporarily "adjourned" and foreign policy
chief attention, has been halted for the time being, judg¬
the same majority as
David^G&t&tro,
Insurance Company of North America,
Hickey, of the Special Events Department of
the World's Fair, informally presented the award which was
accepted for the company by Mr. Piatt.
The award was
made in connection with the company's
sponsorship of
Volunteer Firemen's National Muster Day at the Fair last
Aug. 15. The pageant featured a parade of volunteer firemen
in old costumes with early American fire-fighting apparatus
in the parade.
A stage show featured the fighting of fire by
old and modern methods. The Insurance Company of North
America also brought the Philadelphia Mummers New Years
Clubs to the World's Fair for the day for the first represen¬
tative appearance outside of their home city and they were
specified as the winners of the trophy
Accompanying the
trophy (a gold pedestal supporting a marching parade
leader) was a plaque inscribed with the names of the officers
of the Insurance Company of North America sponsoring the
President's popularity noted during September and
politics was
of the decrease, however, the President still
Giron,
Hector
Dr.
President Sheldon Catlin and Advertising Manager, Clarence
Roosevelt's popularity.
In spite
Vidal,
1939"
delphia,
With domestic issues revived
in Mr.
Honduras;
which
ceremony,
of
the Fair's management.
announced Nov. 21 by Dr.
Institute.
the cudgels, the
Armando
producing "the most colorful and spectacular event
at the New York World's Fair, the Insurance
Company of North America has been awarded a trophy by
of
in the
ing by public opinion
Quirch, Cuba.
Dr.
For
According to the monthly presidential index of the Ameri¬
Institute of Public Opinion, there was a slight decrease
held the Nation's
Benitez
Switzerland;
Insurance Company of North America Wins New York
World's Fair Award
can
The sharp rise in the
Nef,
Gibson, Chairman of the Board of the Fair
attended
Hall.
Gallup Survey Indicates Slight Decrease in Popularity
of President Roosevelt in November
October, when
Janecek,
Macgregor, Aus¬
R.
Victor
Salvador.
El
has about 300 members.
was
Canada;
Ernesto Lopez, Venezuela; Rafael
Carias-C.,
Gonzalo
Yugo¬
of
Seaman,
George J.
L.
;
Count
Jorge Gosalvez, Bolivia; Jaime Velez-Perez, Colombia; Timoteo
Corp.,
the
Dr.
Ecuador;
of
R.
Minister
T.
Iceland;
(Siam)
Pedro
Jurado
Alzamora, Peru;
Harvey D.
diamond-cutting shops in Philadelphia
cities, most of the work is done in New York.
Irak,
A.
Beale;
Kaname Wakasugi,
Fotitch,
Thor,
Luxemburg;
Jorge
Sir Louis
Greece;
Thailand
the
Stanley
then read the names of the
Seyde! Vaca, Nicaragua Javier Cortes, Costa Rica, and Hector
had ignored repeated requests for meet¬
Although there are a number of
Thavil,
Hamilton,
body.
that
honors.
Italy;
Constantin
of
approving
Council,
of
McCauley, Ireland;
Turkey;
Cglina, Mexico;
Guatemala ;
T.
France;
Lunag
al
Luis M.
la
Leo
the
Cantu of
Minister
II.
de
Mayor,
receiving
Sicilianos,
Tor,
William
Shaikh
ings to adjust the differences.
and other large
Olivier,
tralia;
were
majority of the owners is independent.
cording to the union, the employers
Nedim
the
to
City
the
President
Morris,
Giuseppe
Sweden;
Demetrios
Yedat
members of the United Diamond Manu¬
Some of the shop owners are
Marcel
slavia ;
employers settled on the union's terms.
facturers' Association, but the
Admiral
Bernadotte,
Japan;
"Herald Tribune"
Executive Secretary
were:
by
passed
Newbold
Commissioners General
They
begun in the afternoon, and
officials of the union indicated their belief that the controversy would be
ended soon.
About 50 diamond workers remained on the job because their
toward
Negotiations
Howe,
foreign
cutters,
resolution
by
read
was
H.
war.
Its
come a constant re-
humane civilization
can
flourish only
of just, human relationships.
May I express the sincere hope of the Government of the United States
of America that there will be no
lessening of the activities of the I. L. O.
during the existing world emergency.
We pledge outselves
to continue our
full part
ment
in its constructive, non-political, international effort for the better¬
of living standards.
The
United States
delegation named
to
consisting of five delegates and 12 advisers
the
was
conference
appointed
3354
ONE HUNDRED—
The Commercial OLD YnorhC
S& AE Nov. 25, 1939
R Financial
by President Roosevelt on Nov. 18 and is headed by Arthur
Chairman of the Social Security Board. Both
J. Altmeyer,
the
American
Federation
of
Labor
and
the
Congress of
Organizations are represented by respectively:
George M. Harrison, Vice-President of the A. F. of L. and
Industrial
President of the Brotherhood of Railway Clerks, an A. F.
of L. union, and James B. Carey,
Secretary cf the C. I. 0.
and President of the Electrical, Radio and Machine Workers'
Union, a C. I. O. affiliate. The other members are Clarence
McDavitt, retired Vice-President of the New England Tele¬
phone & Telegraph Co., employer delegate, and Josephine
Roche, former Assistant Secretary of the Treasury, Govern¬
ment
delegate along with Mr. Altmeyer.
The
vote of the group is split between Mr.
Harrison
Carey.
The advisers to the American delegation are:
labor
one
and
Mr.
Vice President
Amalgamated
P.
Deans,
Department of Workmen's
Clothing Workers of
Compensation,
State of
Virginia.
ever,
while
ment of
Haas, Catholic University, Washington, D. C.
Executive Secretary to the President United Mine
Lewis,
the
bank
official
of
emission
a
balance of exports and imports is not obtained
through develop¬
a balanced budget is maintained.
industry and agriculture and until
The conference deferred for
a
year a
recommendation
spon¬
sored
by Mexico for establishment of a central inter-American
bank to encourage industrial
development the same advices
said, which added:
A proposal of El
Institute to act
Salvador for the creation of
Central Inter-American
a
as a
clearing house and investment agent for the American
nations provoked considerable debate
among the delegates.
The parley, at which all American
countries except Paraguay are repre¬
sented,
was
asked to instruct the economic committee
to
"make
a
com¬
industrial and agricultural development of Latin
America.
The committee would report on its
investigation "at least three months"
before the next Treasury
meeting.
The monetary committee
reported that unification of American monetary
systems did
The Right Rev. Francis J.
Kathryn
or
plete study of the convenience and possibility of
creating" such an institu¬
as a step
toward closer inter-American trade and to facilitate the
America.
Parke
exclusively by the Government
on the internal value of the
money with no regard
for the gold content of the
monetary unit.
The report added that currency stabilization will
not be possible, how¬
tion
Willard L. Beaulac, First Secretary of the American
Embassy at Havana.
Dorothy Bellanca,
trolled
and the standard based
not
appear possible, but added that stabilization of the cur¬
rencies of the several
republics was necessary to improve foreign exchange
conditions and to regularize the
economy of the Latin countries.
Workers of America.
T.
Otto
Beatrice
Meetings of the conference last week
Mallery, President Tod Co., Philadelphia.
McConnell, Children's Bureau, Department cf Labor.
our
Rose Schneiderman, Women's Trade Union
League.
Llewellyn E. Thompson Jr., Department of State, and
Secretary of the
delegation.
Watson,
Ralph
United States Steel Corp.
Mary Nelson Winslow, United States representative
on
the Inter-Ameri¬
Commission of Women,
can
issue of Nov.
The
Mary V. Robinson, Women's Bureau, Department of Labor.
•
final
18,
were
mentioned in
3193.
page
session
of the conference was addressed
by
Assistant Secietarv of the
Treasury Herbert E. Gaston,
head of the United States
delegation.
The next meeting of the conference will be held
in Quito,
Ecuador, probably in a year.
Concerning Mr. Gaston's speech, a United Press dispatch
City, Nov. 21, reported:
from Guatemala
Regarding
Secretary of
the appointment of two labor delegates,
Labor Perkins explained in a letter to the
Chairman of the Havana conference that both the Federa¬
tion and the CIO had asked for
representation.
Miss
Perkins wrote:
At this moment, under the present world
conditions, which call for the
unity of all constructive forces, it does not appear to be appropriate for the
United States to adopt a system of alternating representation of
the different
organized
labor groups
that
has
been
into
put
effect
by other member
countries.
I
to
am
that
sure
the adoption
the conference will appreciate the factors
that have led
of this procedure and that the conference will
recognize
that this Government has
desire-to
no
secure
more
than
one
Goodrich, Chairman of the governing body of the I. L. O. and
temporary President of the conference, called to order delegates of the
16
American nations, including the United States and
Canada, and observers
others.
Several I. L. O. officials, headed
by Director John G.
Winant, former Governor of New Hampshire, also were present.
Juan M.
Portuondo Domenech, Cuban Secretary of
Labor, was elected permanent
President of the conference.
from six
The delegates and observers were welcomed to Cuba
by
were at war,
gate the most
interests of
Secretary of State
He stressed that while other less fortunate
American delegates
adequate
were
measures to maintain
meeting amicably "to investi¬
intelligence between the social
people."
our
A radio address
on
the
results," he said.
Mr.
Gaston
representatives
urged
be
that
regional meetings of Treasury
continued
American republics in
a
way
He cited the friendliness
in
order
to
heads
or
administration
assure
their
of
the
"beneficial to all of us."
of the
Treasury conference and said the
sus¬
picions of the past have been eliminated and that inter-American
meetings
today are held in an atmosphere of good will and cooperation.
Washington
and St. Paul
Services for the late Associate Justice Pieice Butler of
the
States Supreme Court, who died in
Washington
Nov. 16, were conducted in St. Luke's Catholic
Church, St.
United
Paul, Minn., on Nov. 20. Prior there the body of the jurist
lay in state in the rotunda of the State Capitol for two hours
on Nov. 20.
Attending the requiem Mass in St. Paul were
Associate Justices McReynolds, Stone and
Roberts, repre¬
senting the Supreme Court, Governor Stassen, heading the
group of State officials, delegations from the State Supreme
Court, State and County Bar Associations and the Legis¬
lature
.
In
by Mr. Winant
York "Times" of Nov. 22
as
was
described in the New
follows:
Special problems of war affecting labor in both neutral and
belligerent
nations will find the International Labor Office "determined
not to retreat
in the face of
"congratulate themselves"
Funeral Services for Justice Butler Held in
Carter
Miguel Angel de la Campa.
could
of the conference.
success
following pertaining to the opening day's session is
from United Press Havana advices of Nov. 21:
nations
Gaston said the delegates
"We have succeeded in
improving considerably the technique of interAmerican cooperation and
establishing at the same time the bases of
several specific projects which
probably will produce efficacious and lasting
vote for the
United States labor delegation.
The
Mr.
complete
today's fighting," John G. Winant declared last night
over the
Columbia Broadcasting System from Havana.
Washington a requiem Mass was held on Nov. 17 at
St. Matthew's Cathedral, at which time other members
of
the Supreme Court and two retired
Justices, Willis VanDevanter and George Sutherland, were
honorary pallbearers.
Attorney-General
Frank
Murphy,
Postmaster
General
James A. Farley and members of the Senate and House were
in attendance.
"The social issues raised by war," he continued,
"are, if anything, more
urgent, since there is danger that the machinery for their solution is
not ade¬
quate to meet new social demands imposed by changed
economic
con¬
President Roosevelt was represented
by his
aide, Capt. Daniel Callaghan.
The death of Justice
Butler was reported in our issue of Nov.
18, page 3203.
naval
ditions."
Social needs in the Americas,
up
the
he explained, will
grow
out of
"speeding
of industrialization, the agricultural reorganization
necessary
shifts in world demand, the changes in the course and
condiuct of in¬
Merchants'
Association
process
to meet
ternational trade and in migration and capital movements."
of
New
York
Appoints
35
Standing Committees
John
Lowry, President of the Merchants' Association
York, announced Nov. 18 the completion of the or¬
ganization of the Association's 35 standing committees
of New
Pan
American
Treasury Conference at Guatemala
Adjourns—Resolutions Adopted Designed to Im¬
Inter-American Trade—Investment by United
Capital" and Single Monetary
Basis
Favored—Central
Bank
to
Be
Studied
prove
States of "Essential
Further
The
first
Pan
American
Conference
of
Treasury
repre¬
sentatives, which convened at Guatemala City on Nov. 14 for
the purpose of
discussing plans for closer inter-American
cooperation in the fields of monetary, foreign
exchange and
banking policy, adjourned on Nov. 21 after
approving
several resolutions
designed to expand inter-American trade
and
industry.
The
resolutions
were
adopted at the Nov.
on
the
Under-Secretary
Association's
of
the
Committee
Treasury
on
and
Taxation
a
and
member
Public
of
the
Revenue,
had
accepted the post of Chairman of the Association's
Members' Council, which, following long-established
prece¬
dent, will conduct, during the coming months, a series of
luncheon forums for the discussion of topics of live
public
20th
meeting according to United Press advices from Guatemala
City concerned a declaration providing for the investment
by the United States of "essen¬
capital"^ the development of American economic rela¬
tions; establishment of a single monetary standard in the
Americas; exchange of Government fiscal
information, par¬
ticularly that related to the organization and operation of
social security
institutions; and exchange of information on
the monetary, banking and
exchange structure of the several
republics. In these advices (United Press) it was
pointed out:
monetary systems
exist
said—the gold standard, with
no
in
the
Americas, the
restrictions
tation of gold; the gold standard
as
on
committee report
the exportation and
impor¬
Ambassadors Kennedy and Davies to Return
States for Christmas Holidays
to
United
Joseph P. Kennedy, American Ambassador to Great
Britain, and Joseph E. Davies, Ambassador to Belgium, will
early in December. Mr. Kennedy
plans to fly from Lisbon, Portugal, on Dec. 3 and Mr. Davies
will sail from Genoa, Italy, on the same
day.
Reports that President Roosevelt had summoned home
these envoys and the Ambassadors to Poland and
France,
Anthony J. Drexel Biddle Jr., and William C. Bullitt, were
denied by him on Nov. 23.
The statement authorized by the President follows:
return to the United States
a
monetary unit but with paper not
convertible into gold and with the
exportation and importation of
investigations and
which, after approval by the directors,
Association bases its policies and actions.
Mr. Lowry announced that Arthur A.
Ballantine, former
recommendations
interest.
which
in Latin American countries
tial
Three
which will assist the directors in
carrying out its program
of activities during the coming year.
These committees
have the specific function of making
gold
con¬
The
President has not
named.
summoned home any
of the four Ambassadors
Ambassador Kennedy sought and obtained from the State
Depart-
.
Volume
merit leave to
weeks.
Commercial & Financial
The
ONE HUNDRED—
149
spend Christmas with his wife and family not to exceed two
If the situation requires, he
will fly back earlier.
None of the other
three has been called home.
nally in
niversary—Reports
Assets
Total
in
Excess
of
$3,000,000,000
days before the Chicago Reserve Bank celebrated its
anniversary on Nov. 16, the total resources of the in¬
stitution it is announced pass the $3,000,000,000 mark for
the first time in its history.
The weekly statement, released
onfNov. 16 revealed total assets of $3,026,000,000.
This
compares with resources of $63,553,000 at the end of 1915.
The bank celebrated its birthday with a banquet and dance
in the bank's quarters Thursday night, Nov. 16.
Senior
officers held open house throughout the day for employees of
the bank.
To the 9 officers and employees still in the bank's
service and who entered it in 1914, George J. Schaller,
President, presented a 25-year service mdeal and made a
brief talk.
The following were recipients of medals: Frank
A.
Lindsten, Ralph Huntington, Otto J. Netterstrom,
Margaret Hartnett, Louis G. Meyer, Jesse G. Roberts, Earl
I. Curry, Walter A. Hopkins, and Mark Lies.
ment
of Federal
Directors
St.
Bank of
Louis
Louis
21
in
that
notice to
a
the
are as
war cost
had
Government
Thus, during the
war years, some
govern¬
$8,000,000,000 of the
from increased taxation over and above receipts necessary
of governmental activities.
Despite this great increase in tax
costs remained as
be financed
to
the United States Govern¬
on
public debt.
revenues,
"self-liquidating" basis.
a
war
must be borne
the
burden is
the greater bulk of the
The lesson is clear that
The direct
no
major
expenses
war
war
can
of every
by the people living at the time, and the major share of
never
shifted
succeeding generations.
to
Considering this
fact alone, and also the present status of the public debt—increased further
it has
as
been because of fiscal policies invoked to meet the depression—
the implications of the grave fiscal problems which war imposes emphasize
this
as one
of the most serious economic consequences of war.
The travesty of war becomes most apparent if we will
results that
but contrast the
could have accrued to the world economy—to
betterment of the
organization that
was
the very real
of the people—if the same amount of energy
masses
given to
and
the last World War of destruction were
devoted, instead, to wealth production.
'
One careful student has computed that the huge costs of the World
War
would have been sufficient to have supplied
Every family in the United States, Canada, England, France, Ger¬
(1)
Russia, Belgium and Australia with
at least one acre,
a
$2,500 house on a $500 lot of
with $1,000 worth of furniture;
(2) A $5,000,000 library for
every
community of 200,000 inhabitants in
those countries;
election
(3) A $10,000,000 university for every such community;
member banks
of
succeed those whose terms expire Dec. 31,
duly held and results
This increase of
1919.
the
that
amount
Actually, the
to meet normal expenses
Chairman of the Board of the Federal
Reserve Bank of St.
Nov.
Reserve
the
$32,400,000,000, after allowing for expenditures for normal
mental acti\ites.
many,
+
on
$25,482,034,000 in
of tax receipts, to meet urgent expenses necessary to meet
excess
the emergencies of war.
costs were met
A few
,
time to
represented
25th
announced
years'
borrow, in
Federal Reserve Bank of Chicago Observes Silver An¬
William T. Nardin
three
3355
This figure rose phenome
$1,225,146,000.
was
$24,256,888,000
♦
Newly Elected
YEARS OLD
The public debt in 1916
directors
to
1939, has been
follows:
Bowling Green,
by member banks in Group 2 as a Class A director of
(4) A fund that at 5% interest would yield enough to pay indefinitely
$1,000
(5)
a year to an army
of 125,000 teachers and 125,000 nurses, and
Still leave enough to buy every piece of property and all
wealth in
France and Belgium at a fair market price.
Max B. Nahm, Vice-President of Citizens National Bank,
Ky.,
this
was reelected
bank.
Meeting of New York Society of Accountants to be Held
Harris-Langenberg Hat Co.,
banks in Group 1 as a Class B
James W. Harris, Chairman of the Board of
St. Louis, Mo., was reelected by member
director of this bank.
Each
Jan.
New
chosen
was
for
a
term
Nov. 28
Society of Accountants will hold its next
meeting on Tuesday (Nov. 28) at the Hotel McAlpin, New
York City.
A member of the United States Regional Di¬
rector's staff will speak on Recent Amendments to the Social
Security Act. Visitors are invited to attend the lecture.
The New York
oi
three
years,
beginning
1, 1940.
York Stock Exchange Publishes
New Monthly
Magazine—Designed to Bring Personnel of Ex¬
change Organization Together in Spirit of Co¬
♦
operation
26th
at
The New York Stock Exchange on
Nov. 21 distributed
copies of the initial issue of a new publication, "The Ex¬
change—A Magazine of the Financial Community."
It
will be published monthly, and annual subscriptions are
Be Guests of Honor
Forum Dinner of New
Hanes and J. E. Hughes to
R. M.
York
on
Chapter,
Dec.
Bankers
Annual
Institute
American
of
Banking,,
4
twenty-sixth annual Bankers' Forum of the New
The
York
available at $1.
/'The revenue from this source," it states,
"will not be sufficient to cover the costs of production and
Chapter, American Institute of Banking, to be held Dec. 4
at the Hotel Astor, New York City, will have as guests of
honor Robert M. Hanes, President of the American Institute
distribution, but will facilitate development of the maga¬
and President of the Wachovia
zine, and
will indicate the demand for, and interest in, a
publication of this character."
The scope and purpose of the magazine, it is stated, is
"to give to the far flung personnel of the Exchange organiza¬
tion a greater sense of professional unity and bind the various
elements more firmly together in a spirit of conscious com¬
munity cooperation—to the end that it may better serve
Bank & Trust Co., Wacho¬
via, N. C., and Joseph E. Hughes, President of the New York
State Bankers Association and President of the Washington
James Grafton Rogers,
Professor of Law and
Government, Yale University, will be the guest speaker and
E. Chester Gersten, President of the Public National Bank
Irving Trust Co., Tarrytown, N. Y.
Master, Timothy Dwight College and
Trust Co.
&
will preside.
of New York,
the many who make up America's investing
The magazine includes an article by President
public."
Martin,
of the Exchange, on "The Economic Consequences of War,"
(which is referred to in another item in these columns today),
a review of the problem of brokerage revenue, the measures
■undertaken by the Exchange during the recent war crisis
in the interest of the investing public, the membership
eligibility standards of the Exchange, and also a story
relating to dividend payments on common stocks by listed
companies, and descriptions of companies whose securities
have
ITEMS
ABOUT
BANKS,
in New Magazine of the Exchange,
of
War—Says
American
Chooses Peace Rather Than War
Economic
Business
Profits
signed article, entitled "The Economic Consequences
of War," which appears in the initial issue of "The Exchange,
A Magazine of the Financial Community," published by
the New York Stock Exchange, the first issue appearing on
Nov. 20, William McC. Martin Jr., President, states that
"while war has the effect of taxing certain lines of industry
to their maximum of productivity, the aftermath of war will
In
previous transaction.
meeting of the Board of Directors of the Chemical
Bank & Trust Company of New York held on Nov. 22
Robert F. Ritchie was appointed Assistant Manager of the
bank's Columbus Circle Office at Eighth Avenue and 57th
a
Street.
•V.'
a
bring serious problems of
New
from
#
Martin, of New York Stock Exchange, Dis¬
Consequences
&c.
*
At
cusses,
COMPANIES,
Arrangements were made Nov. 22 for the sale of a
York Curb Exchange membership at $8,500, off $1,500
recently been admitted U) trading.
President
TRUST
completed Nov. 22 for the sale of a
membership in The Chicago Stock Exchange at $1,900, up
$400 from the last previous sale.
Arrangements were
readjustment that will require
before normal economic balance can be retained."
Mr. Martin points out that "if there is any question between
War Profits and Peace, let there be no doubts in any mind
as
to the choice of American business and industry.
It
chooses peace," he continues, "knowing that, only through
the sane and orderly processes of peace-time activity, the
•
■
Co., New York City, has re¬
ceived authority from the State Banking Department to
The
Pan American Trust
operate a personal loan department at its principal office,
52 William St., and at its branch office, 45 Fourth Ave.,
New York City, it is learned from the Department's "Weekly
Bulletin" of Nov. 17.
Reference to the bank's application
appeared in these columns of Nov. 4, page
2914.
years
system
distribution
on
$609,272.50, the largest in the history of the bank, which
was founded in 1890.
Payments are being made to 14,662
deposi tors.
of free enterprise operates at its best."
Mr. Martin also says:
American business and
the masses
tunity.
Bank of the City of New York began
Nov. 20 of Christmas Club funds totaling
The Dollar Savings
It
Frederic W. Robbert,
finance know that the task of supplying goods to
offers unlimited oppor¬
stated by some misinformed that it is
order for capitalistic industry to attain its
productivity.
No greater or more dangerous fallacy can be
ensnare a people into the false and futile doctrine that a war
and bettering their standard of living
has been erroneously
"necessary" to have a war in
maximum
invoked to
will bring
"prosperity" to its economy.
Tracing the economic costs
of the last war to the world in
general and to the United States in particular, and the waste
and destruction which followed as its aftermath, Mr. Martin
refers to the one-way effect which war has on a government's
finances.
He further stated:
Vice-President and Comptroller of
Trust Co., New York City, died of heart
disease on Nov. 18 at the company's office, 45 Wall St.
He
was 64 years old.
Mr. Robbert, who was graduated from
Dartmouth College in 1898, joined the trust company in
1905.
He was appointed a junior officer on Jan. 1, 1919,
and was advanced successively through various executive
the United States
positions until Jan. 6,1927, when
and Comptroller.
he was made Vice-President
«
William F. Williams, a
J.
Vice-President and a Director of
bankers, New York
G. WTiite & Co., Inc., investment
ONE HUNDRED—
3356
Commercial & Financial Chronicle—YEARS OLD
The
City, died on Nov. 17, in North Westchester Hospital,
Mount Kisco, N. Y.
He was 51 years old.
A native of
Omaha, Neb., Mr. Williams was graduated from Harvard
University in 1911.
He began his business career as an
employee of the Union Pacific RR. at its Omaha offices and
was at one time assistant purchasing agent of the road.
Mr.
Williams came to New York City in 1920 and became asso¬
ciated with J. G. White & Co., Inc.
He was elected a
Director of the company in 1926 and a Vice-President in
He
1928.
was
also President and
Director of the Rochester
a
(N. Y.) Ice & Cold Storage Utilities, Inc.,
and
Vice-President
a
Director of International Public Service
a
Vice-President
and
Director
a
of
the
Corp., and a
Yugoslav
American
Electric Co.
months,
($325,885); contributing to staff pension and guar¬
($99,689), and making appropriations to con¬
tingent accounts,
bad
1939
funds
antee
out of which accounts
doubtful
and
debts
has
been
full
provision
made,
for
amounted
to
$966,259 (as compared with $961,343 on Oct. 31, 1938), and
when added to $649,376, the balance to credit of profit and
loss brought
forward
from
the previous
fiscal year, made
$1,615,635 available for distribution.
Out of this amount
the following allocations were made: $700,000 to pay divi¬
dends at the rate of 10% per annum; $100,000 written off
bank
premises,
current
Charles
Zerbarini, Trustee of the East River Savings Bank
York, died on Nov. 20, at his home in Amityville,
Mr. Zerbarini had served
L. I.
12
taxes
Nov. 25.
trend in bank earnings.
Net earnings for the
after providing for Dominion and Provincial
and
$150,000
reserved
for
contingencies,
leaving a balance of $665,634 to be carried forward to the
•
of New
the general
the Board of the Italian
on
Savings Bank from April 8,1920, until the time of the merger
with the East River Savings Banks in 1932.
A graduate of
New York University Law School, he had offices at 377
Broadway, New York City.
fiscal
shown
year's profit and loss account.
Total
assets
at
$187,959,830, comparing with $167,307,518 a
year ago, while total
deposits are given as $165,458,518,
against $144,940,250.
The paid-up capital and the reserve
are
fund, at $7,000,000 and $8,000,000, respectively, remain the
same as last year.
A. E. Phipps is President and H. T.
Jaffray,
General
Manager.
«
The Dime
Savings Bank of Williamsburgh, Brooklyn, has
THE
commenced the payment of more than $550,000 to the
ap¬
proximately 8,300 members of the 1939 Christmas Club, thus
closing out the largest season in the history of the club,
Christopher C. Mollenhauer, President of the bank, stated
this week.
Mr. Mollenhauer announced at the same time
that almost all of this year's members had enrolled for the
1940 Christmas Club and that present indications
point to
larger club both in membership and in total deposits for
coming year.
Payments now being made include the
regular interest at the annual rate of 2%, which is paid each
year on all Christmas Club deposits.
a
the
In indicating that "waiving" depositors of the First Na¬
tional Bank of Monroe, Mich., were to receive a final divi¬
dend on Nov. 18, the "Michigan Investor" of that date said:
Announcement
of the final
pay-off to waiving depositors
National Bank of Monroe, who will be paid in full Nov.
balance
of
principal
outstanding
amounting to $25,100
The First National
was
amounting
made by Edmund W.
Bank of Monroe
First
and
interest
Reisig, Cashier.
closed
was
of the
18—the unpaid
$68,840.35
to
by Presidential procla¬
mation in March,
1933—it having been in continuous operation sincel865.
At the time of the closing of the bank the deposits amounted to a little over
$2,000,000.
November,
and 50%
Under the plan of reorganization which
into effect in
went
1933,
50% of the deposits were immediately made available
trusteed to three liquidation trustees—the exact amount of the
trusteed assets being $1,007,652.35.
During the
past six years the trustees, who have been in close cooperation
with the bank, have liquidated these trusteed assets and have
paid a dividend
on each anniversary—this dividend
being the sixth and final.
The
trust
provided that interest at the
waiving depositors.
rate of
2%
on
all unpaid balances be paid to
The liquidating trustees have been able
to
accomplish
this without any Government borrowing.
In
with
November,
1933, the reorganized bank
was
capitalized at $100,000
$20,000 surplus—and the statement of December 31, 1933, showed
of $1,386,267.31.
On October 2, 1939, the total resources of the
resources
reorganized bank amounted
Paul V. Eames has
to
a
director of the First
National Bank & Trust Co. of
Minneapolis, Minn., to fill
by the death of A. McC. Washburn in
September, it is learned from the "Commercial West" of
Nov. 18, which added:
the vacancy created
Mr. Eames
January,
was
1934,
member of the bank's Board from
January,
a
resigning
when
the
number
of
directors
conformity with the Federal Banking Act of 1933.
Shevlin, Carpenter & Clarke Co., Minnesapolis.
was
1931, to
reduced
in
He is President of the
«
■
Candian Bank of Commerce
The
(head office Toronto,
Can.) has this week issued its 73rd annual report, covering
12 months ended Oct. 31, last.
It makes a most satisfactory
showing, revealing, as it does, large gains in assets and
deposits as compared with the the 11 months ended Oct.
31, 1938, the bank's fiscal year having been changed last
year
to end Oct. 31 instead of Nov. 30.
deducting Dominion and Provincial
Net profits, after
taxes
($988,422), and
making full provision for bad and doubtful debts, amounted
$2,938,105, which when added to $751,083, made $3,689,188 available for distribution.
Of this sum, dividends
at 8% per annum absorbed
$2,400,000; $250,000 was written
off bank premises, and $256,386 was transferred to
pension
fund, leaving a balance of $782,802 to be carried on to the
current fiscal year's profit and loss account.
Total assets rose by $80,417,453 to
$745,650,745, an in¬
crease of
12%, while total quick assets amounted to $451,696,229, an increase of $42,657,303. These represent 65.06%
of the bank's total liabilities to the
public.
Total deposits
the highest we are told in the
history of the bank, aggregated
$662,708,427, against $578,013,237 on Oct. 31, 1938. The
bank's paid-up capital and reserve fund remain
unchanged
at $30,000,000 and
$20,000,000, respectively. S. H. Logan
is President and A. E. Arscott, General
Manager.
to
»
The
sixty-fifth
Canada
(head
annual
office
ended
Oct.
shows
substantial
The
Imperial
interest
make
31,
a
1939,
it
is
of
Toronto)
has
growth
Bank's
because
report
just
in
first
Imperial
recently
both
statement
the
the
covering
been
resources
is
of
the
always
the
Bank
fiscal
issued
and
and
deposits.
awaited
Canadian
of
year
with
banks
to
report for the year, and the figures
usually denote
MARKET
a
ten¬
dency toward lower levels during much of the present week.
There have been brief spurts of
strength among the public
utilities and industrial specialties, but the
changes were
without special significance.
Aircraft stocks have been
>il shares
Suiet, withhave shown considerable activity and lower levels.
a goodly part of the changes toward number of
a
modest
issues
gains
have
were
been
moved within
a
registered
dull
narrow
and
in
this
group.
Aluminum
mining and metal shares have
range.
Trading on the New York Curb Exchange was extremely
quiet during the brief session on Saturday, the transfers
dropping to approximately 65,000 shares, the lowest week¬
end turnover since Oct. 14.
Industrial issues were in good
demand and a number of the more active stocks
registered
gains of
point
or more.
American Manufacturing Co.
high ground with an advance of 1% points
to 22.
There was some buying in the oil
group and Standard
Oil of Ohio and Standard Oil of
Kentucky worked up to their
best prices of the year.
Aviation stocks were quiet, several
of the leading issues being absent from the
tape, while others
moved to lower levels.
Lockheed was an exception and
advanced a point to 32%.
Public utilities moved within a
narrow range, aluminum shares were
quiet and mining and
metal issues were irregular.
Stocks closing on the side of
the advance included, among
others, Colts Patent Fire
Arms, 1% points to 89; Mead Johnson, 2 points to 152; and
Singer Manufacturing Co., 1 point to 161.
Public utilities and industrial
specialties led the upward
swing on Monday, and while there were some soft spots
scattered through the list, gains were
registered along a wide
front, and the transfers climbed up to 154,350 shares.
Air¬
a
worked into
new
craft stocks continued to work
clines being in minor fractions.
$3,660,694.44..
been elected
CURB
Curb market movements have been
irregular with
lower, with most of the de¬
Oil shares were unusually
134 points to 153/2, while
South Penn Oil advanced 1%
points to 37%.
Standard Oil
of Kentucky and Standard Oil of Ohio were in demand at
their best prices of the year.
The gains included such active
stocks as Singer Manufacturing
Co., 2 points to 163;
Patchogue Plymouth Mills Corp., 4 points to 30; Long
Island Lighting pref., 2 points to
33; and Axton Fisher A,
1 % points to 45%.
Mixed price changes dominated the
trading during most
of the session on Tuesday.
There were occasional strong
spots to be seen but the market, as a whole, was lower at
the close.
Aircraft shares were weak, Lockheed
declining
1% points to 31%.
Other stocks in the group were frac¬
tionally lower or did not appear on the tape.
Industrial
specialties were active, Mead Johnson climbing upward 2
points to 154, and Koppers Co. pref. forged ahead 6%
points to 87%.
In other sections of the fist prices were
generally below the preceding close.
Noteworthy among
active, Margay Oil moving
up
the declines
were Electric Bond & Share
pref., 1% points to
67; American Potash & Chemical, 2% points to 84%; Pa.
Salt, 2 points to 170; Pittsburgh & Lake Erie, 3 points to 60;
Sherwin-Williams, 1% points to 95%; United Gas pref., 2
points to 90%; Jones & Laughlin Steel, 1% points to 36%;
and Nevada
37.
California Electric Corp. pref., 3% points to
The transfers
were 152,235
shares, against 154,350 on
preceding day.
On Wednesday curb stocks were
irregular the greater part
the
of the session.
number of the
Public utilities
more
were
moderately strong and
active stocks carried their
a
gains to the
close.
Industrial issues were mixed, Patchogue Plymouth
Mills Corp. moving into new high ground with a
gain of 2%
points at 34 and General Shareholdings pref. advanced 5
points to 73; while Axton-Fisher A, Colts Patent Fire Arms
and American Book Co. slipped back a
point or more.
Ad¬
vances in
the public utility group included
among others
Eastern Gas & Fuel, 2% points to
40%; Toledo Edison $7
pref., 1% points to 112%, and Mountain States Telephone,
1% points to 133%.
Prominent among the declines were
Consolidated Mining & Smelting, 2 points to
39%; Creole
Petroleum, 1% points to 23%; Consolidated Gas & Electric
of Baltimore, 1% points to 78%;
Buckeye Pipe Line, 1%
points to 29%, and Babcock & Wilcox, 1% points to 21%.
Volume
The
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
transfers
were
approximately 149,000 shares against
152,000
on the preceding day.
The New York Curb Exchange, the New York Stock Ex¬
change and the commodity markets were closed on Thursday
in observance of
Thanksgiving Day.
Hughes
Declining prices marked the trading during most of the
session on Friday.
There were some strong spots apparent
at times buc many of the more active issues were down as
the session ended. Public utility prefen ed stocks were higher
Arkansas Power & Light pref. advancing
points to 103
and Ohio Public Service 1 pref. 2% points to 104.
Out¬
standing declines were Aluminum Co. of America 2 points
to 134;
Bridgeport Machine pref. (7) 3% points to 56%;
Great Atlantic & Pacific Tea Co. n. v. stock (7)
2% points
to 109% and Pittsburgh Plate Glass 2% points to 99.
As
compared with the closing prices of Friday of last week the
range was to lower levels, Aluminum Co. of America closing
last night at 134 against 136% on Friday a week ago; Bell
Aircraft at 22% against 24; Cities Service at 5 against 5%;
Creole Petroleum at 22% against 24%; Electric Bond &
Share at 834$ against 8%; Fairchild Aviation at 11 against
11 %; Ford of Canada A at 17% against 18%; Gulf Oil Corp.
at 39% against 40%; Humble Oil (new) at 66% against 67;
International Petroleum at 20% against 21%; Lake Shore
Mines at 23% against 25; Lockheed Aircraft at 29% against
31%; New Jersey Zinc at 66 against 68; Sherwin Williams
Co. at 95% against 97; Standard Oil of Kentucky at 18%
against 19%; Technicolor at 12% against 12% and United
Gas pref. at 90 against 93%.
DAILY
TRANSACTIONS
THE
AT
NEW YORK
Bonds
Stocks
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Corporate
1
$5,000
17,000
$12,000
11,000
1,000
35,000
66,000
24,000
Total
$791,000
1,449,000
1,429,000
1,448,000
HOLIDAY
1,632,000
25,000
14,000
1,671,000
696,100' $6,578,000
$84,000
$126,000
......
Week Ended
Sales at
GOLD
The Bank of England gold reserve against notes on Oct. 25 amounted to
per fine ounce as compared with £165,143 at 168s. per
fine ounce on the previous
Wednesday.
There has been no change In the Bank of England's
buying price for gold
of 168s. per fine ounce.
News was received here on Oct. 30 that the Government of India have
£185,013 at 168s.
prohibited the import and export of gold coin and bullion, whether refined
of unrefined, into or from British India
(with the exception of Burma)
e*cept on the authority of a license granted by the Reserve Bank of India.
.The Southern Rhodesian gold putput for August, 1939 amounted to
69,067 fine ounces as compared with 68,121 fine ounces for July, 1939
and 69,002 fine ounces for August. 1938.
SILVER
An announcement
Trade had issued
1939
Exchange
Stocks—No. of shares.
Nov. 24
Jan
1 to Nov. 24
1939
1938
|
1938
696,100
1,004,385
40,625,375
$5,875,000
138,000
94,000
$398,027,000
$6,107,000'
$408,323,000'
4,014,000
6,282,000
23 %d. and 23 %d. for the respective deliveries.
Since, movements in the
cash quotation have been comparatively small, although that for forward
has fluctuated somewhat uncertainly.
The position has been rendered uncertain by the orders to which reference
has been made and the restrictions, which presumably have been imposed
for exchange considerations, must, naturally, tend to limit the scope of the
market; to what extent, however, will be seen only when experience has
provided indication as to circumstances in which import licenses are likely
to be granted.
Quotations during the week;
IN NEW
IN LONDON
Bar Silver per Oz. Std.
Cash
2 Mos.
23 %d.
23 %d.
YORK
(Per Ounce .999 Fine)
U.
s.
Treas.
Market
Price
Oct. 30
Oct. 31..
Nov.
23%d.
22%d.
Average
35 cents
35 cents
23 3-16d.
23 7-16d.
23%d.
23%d.
_23.337d.
1
Oct. 25--Oct. 26...
Oct. 27Oct. 30--Oct. 31---
35 cents
-
23d.
23%d.
23.087d.
The official dollar rates fixed by the Bank of
follows: Buying, $4.04; selling, $4.02.
5,967,000
35
-
cents
35 cents
36 % cents
35
cents
34 % cents
34 % cents
34% cents
England during the week
were as
Statistics for the month of October, 1939:
-Bar Silver per Oz. Std.Cash
2 Mos.
...
—
ENGLISH
FINANCIAL
Bar Gold
Per
Ounce Fine
Delivery
Delivery
23 %d.
21 %d.
22.7358d.
168s.
23 %d.
2ld.
168s.
22.2841d.
168s.
MARKET—PER
CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Mon.,
Sal.,
Total
$325,813,000
Nov. 20
Nov. 18
Wed.,
Tues.,
Fri.,
Thurs,,
Nov. 22
Nov. 21
Nov. 24
Nov. 23
23%d.
23 7-16d.
168s.
23 %d.
168s.
1688.
23%d.
23%d.
Gold, p.flneoz. 168s.
168s.
1688.
Consols, 2 % %
Closed
£68 %
£68%
£68%
£68%
£68
Closed
£92%
£92%
£92%
£92%
£92
Closed
£105%
£105%
£105%
£105%
Closed
Silver, per oz„
FOREIGN
EXCHANGE
RATES
British
Pursuant to the
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is now certifying
Act of
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
a
We
record for the week just passed:
The
In the London market, the news of the restriction of imports into Great
Britian was followed by a sharp rise in prices, covering operations on Oct. 26
causing an advance of 9-16d. for cash and %d. for two months delivery to
$313,395,000
6,451,000
$6,788,000'
Foreign corporate
the evening of Oct. 25 that the Board of
which have undergone no manufacturing process subsequent to rolling.
ban does not apply to imports from Burma.
42,782,301
$6,578,000
84,000
126,000
Foreign government..
on
.Following this, news was received over the week-end that the Government
or India had banned, except under licence from the Reserve Bank of
India,
the import by sea or land of silver bullion, silver sheets and silver plates
Bonds
...
made
order prohibiting the import into this country, except
under license, of silver bullion and foreign silver coin.
The order does not
apply to shipments effected before Oct. 26.
Highest price.
Lowest price
Average
New York < urh
Domestic
was
an
$6,788,000
176,145
Total.*
the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 1, 1939:
Oct. 26-Oct. 27..
Foreign
$774,000
1,421,000
1,362,000
1,389,000
GOLD AND SILVER MARKETS
reprint
Price
Government
Domestic
65,120
154,060
151,785
148,990
3357
(Par Value)
Foreign
of
Shares)
Nov. 24. 1939
We
EXCHANGE
CURB
(Number
week Ended
THE ENGLISH
.
3%%
W. L
British
4%
1960-90
£105%
The
price of silver per ounce (in cents) in the United
States on the same days have been:
34%
34%
34%
71.10
34%
BarN.Y.(for'n)
71.10
71.10
Holiday
34%
U. S. Treasury
EXCHANGE RATES CERTIFIED
BY FEDERAL RESERVE
TREA8URY UNDER TARIFF ACT OF 1930
FOREIGN
BANKS TO
NOV.
18.
1939, TO NOV. 24.
1939,
(newly mined) 71.10
COURSE
Unit
Nov. 18
Nov. 20
Nov. 21
$
$
$
.16*087
1.64277
.165572
o
Europe—
Belgium, belga
Bulgaria, lev
a
a
0
a
a
.192885
.192928
.192957
Engl'd, pound eterl'g 3.899875
.019033
Finland, markka
.022089
France, franc
3.921666
Czechoslov'la. koruna
Denmark,
krone
71.10
INCLUSIVE
Noon Buying Rate for Cable Transfers in New YorJt
Value in United Stales Money
Country and Monetary
71.10
Nov. 22
Nov. 23
$
$
.165055
Nov. 24
$
.165477
a
a
a
a
.192967
.192975
3.939166, 3.929166
3.905312
Bank clearings
with a year ago.
OF
BANK
CLEARINGS
an increase compared
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Nov. 25)
clearings from all cities of the United States for which it
is possible to obtain weekly clearings will be 4.7% above
those for the corresponding week last year. Our preliminary
total stands at $5,047,887,719, against $4,823,249,948 for
this week will show
.018875
.018950
.022226
.022311
.022283
.022140
Germany, relchsmark
.401500*
.401450*
.401540*
.401175*
.401125*
Greece, drachma
.0072,2*
007235*
.007250*
.007221*
.007178*
week ended
Hungary,
.176025*
.176016*
.176106*
.176016*
.176016*
.050440
.050447
.050447
.050383
for the week follows:
Italy, lira
Netherlands, guilder.
.050447
.530862
.530816
.530805
.530800
.530805
Norway,
.227014
.227085
.227042
.22/014
227100
pengo
krone.....
.018925
a
a
a
Portugal, escudo
.035800
.035900
.036050
Poland, zloty
.019025
a
the
same
At this center there is
Friday of 4.0%.
a loss for the
Our comparative summary
Per
Clearings—Returns by Telegraph
Week Ending boo. 25
a
.036066
week in 1938.
1939
1938
$2,073,461,589
189,473,472
254,000,000
.036000
Rumania, leu.......
.007090*
.007090*
.007083*
.007075*
.007090*
Spain, peseta...
.099500*
.099500*
.099500*
.099500*
.099500*
Chicago..—.
$1,990,299,757
220,794,309
Sweden, krone..
.237950
.238012
.237987
.237943
.238078
Philadelphia..
293,000,000
.224450
.224344
.224383
.224316
.224177
Boston.......
.022606*
.022705*
.022705*
.022645*
.022665*
Kansas City—
192,884,057
70,151,932
72,100,000
106,604,000
93,664,981
75,729,376
79,052,474
51,225,277
Switzerland. franc.
.
.
Yugoslavia, dinar...
New York.—.
St. Louis
Asia—
Ban Francisco-
China—
)dol'l
Chefoo fyuan
a
a
.085483*
a
a
.086100*
a
a
.086166*
a
HOLI¬
a
DAY
.085050*
a
a
.081075*
a
a
a
a
.243883
.244833
.245691
.245350
.301457*
.300854*
.300541*
.300625*
Japan, yen
.234287
.234412
.234450
.234412
.234412
Straits 8ettlem'ts, do)
Australasia—
.456875
.459325
.461375
.460975
.457500
3.105000
3.125000
3.135000
3.132083
3.110833
Hongkong, dollar
British India, rupee..
Australia, pound
a
Pittsburgh—
Detroit
—
Cleveland—
Baltimore-
—
.243566
.300458*
New Zealand, pound. 3.118125* 3.137500* 3.150000* 3.144062*
Other cities, five days
Total all cities, five days
All cities, one
day..
3.123750*
Africa—
Union South Africa, £ 3.975000
Eleven cities, five days..
Total all cities for week—
3.975000
3.975000
3.975000
.873125
.868515
.868281
.862109
b
b
b
b
b
62,508,815
62,000,000
103,114,000
80,593,582
67,053,151
66,605,864
42,334,157
—4.0
+ 16.5
+ 15.4
+ 24.4
+ 12.2
+ 16.3
+ 3.4
+ 16.2
+ 12.9
+ 18.9
+21.0
$3,245,506,163
712,804,012
$3,156,090,607
615,782,424
+ 15.8
$3,958,310,175
1,089,577,544
$3,771,873,031
1,051,376,917
+4.9
+3.6
$5,047,887,719
$4,823,249,948
+4.7
+2.8
3.975000
.873125
155,045,977
Cent
.297733*
.297733*
.297733*
.297733*
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
.060580*
.060580*
.060580*
.080580*
.060580*
of the week in all cases has to be estimated.
free..
.050400*
.050200*
.050200*
.050200*
.050200*
Chile, peso—official.
.051740*
.051700*
.0517C0*
.051700*
.051700*
"
.040000*
.040000*
.040000*
.010000*
.
.572650*
.572600*
.572480*
.572725*
.572725*
North America-
Canada, dollar......
Cuba, peso
.205266*
.205100*
.205100*
.205166*
.204533*
Newfoundl'd, dollarSouth America—
.870312
.870625
.866250
.865312
.859791
Argentina, peso
Brazil, tnlireis official
.297733*
Mexico,
peso...
*•
"
Colombia,
export
peso
Non-controlled
Nominal rate,
a
b
b
b
b
b
b
Uruguay. peso contr.
*
40000*
b
b
b
b
No rates available,
b Temporarily omitted.
In the elaborate detailed statement,
however, Which
we
present further below, we are able to give final and complete
results for the week previous—the week ended Nov. 18.
For
that week there was an increase of 6.6%, the aggregate of
clearings for the whole country having amounted to $6,951,-
3358
ONE HUNDRED—rAe Commercial
& Financial
470,749, against $6,518,940,993 in the same week in 1938.
Outside of this city there was an increase of
6.6%, the
bank clearings at this center
having recorded a loss of 1.6%.
We group the cities
according to the Federal Reserve dis¬
tricts in which they are
located, and from this it appears that
in the New York Reserve District
totals register a decrease of
(including this city) the
1.3%, but in the Boston Reserve
District the totals record
increase of 16 1% and in the
Philadelphia Reserve District of 15.5%.
In the Cleveland
Reserve District the totals show an
expansion of 29.9%. in
the Richmond Reserve District of
16.7% and in the Atlanta
In the Chicago Reserve District
are larger
by 17.1%, in the St. Louis Reserve Dis¬
trict by 20.2% and in the
Minneapolis Reserve District by
15.4%.
The Kansas City Reserve District enjoys a
gain
of 15.9%, the Dallas Reserve District of
11.0% and the San
Reserve District of 14.1 %.
Francisco Reserve District of
11.2%.
In the following we furnish a
Inc.
1939
SUMMARY OF
BANK
1938
or
Dec.
1937
%
Seventh Feder al Reserve D istrict—Chic
ago—
Mich.—AnnAr bor
Detroit
611,216
Lansing.
Wayne
Indianapolis...
South Bend
Terre Haute.....
118,880,713
+ 16.6
4,593,467
2,256,694
2,764,035
27,409,000
2,239,805
7,235,012
Ind.—Ft.
496,381
138,654,848
"
Grand Rapids.
3,417.643
+ 34.4
+23.1
344,297
116,226,883
3,254,324
1,865,069
1,097,737
18,833,000
1,438,429
5,457,657
21,470,268
1,250,751
1,598,960
+41.1
1.217.267 + 127.1
23,317,000
+ 17.5
1,719,391
+ 30.3
5,712,114
+26.7
26,339,891
1,484,692
9,287,936
4,486,416
537,018
24,705,414
1.297.268
+ 14.4
8,726,882
+6.4
9,164,024
3,380,519
388,621
+32.7
+38.2
4,109,930
431,618
Chicago
396,989,479
326,917,788
1,771,042
4,932,337
1,552,107
1,744,615
338,529,391
1,361,169
+ 17.3
Decatur
Wis.—Milwaukee
la—Ced. Rapids
Des Moines..
Sioux
City
111.—Bloomlngton
Rockford
by Federal Reserve
districts:
1939
Week Ended Nov. 18
Peoria
summary
Nor. 25,
Clearings at—
an
the totals
Chronicle—YEARS OLD
Springfield
CLEARINGS
Total (18 cities)
634,889,610
+6.6
+ 30.1
+ 1.9
948,681
4,838,594
1,273,420
1.528,574
+21.9
+ 14.1
4,770,872
1,257,785
1,380,641
542,389,321
+ 17.1
520,219,754
Inc.or
Week Ended Nov. 18,1939
Federal
1st
Reserve
1939
1938
t
1
Dec.
1937
,
1936
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
Dists.
Boston
%
289,296,705 + 16.1
2d
12 cities
New York.. 13
"
3,679,462,666
3d
3,728*365,113
PblladelphtalO
"
540,713,836
468,149,428
Cleveland..
335,758,910
S
S
Mo.—St. Louis..
264,943,925
—1.3
322,408,763
3,472.219,756
4,492,979,761
Tenn.—Memphis
+15.5
"
410,976,789
448,847,423
424,758,408
326,942,925
+29.9
6
"
336,181,545
158,620,273
+ 16.7
152,968,265
"
220,130,283
7th
192,874,694
+14.1
Chicago.... 18
185,601,016
"
183,699,961
634,889.610
St. Louis...
642,389,321
+17.1
"
520,219,754
170,564,743
+20.2
172,111,347
+ 18.5
42,237,029
27,089,714
+ 42.6
+ 10.2
104,600,000
38,895,747
28,026,600
541,575,190
204,942.730
100,500,000
148.262,896
8th
111.— Jacksonville
329,793,979
185,386,992
10
179,942,677
4th
6th
Atlanta
5
Richmond..
6th
4
9th
Minneapolis 7
10th Kansas CltylO
"
139,565,722
120,895,182
"
175,108,116
11th Dallas
151,054,913
6
"
95,289,745
12th San Fran... 11
"
315.463,729
+ 15.4
+ 15.9
127,7jC,932
80,915,413
+ 11.2
274,763.193
113 cities
283,704,101
Canada
32 cities
We
add
now
our
6,951,470,749
6,518,940,993
+6.6
6,156,131,965
7.273.078,674
2,923,225,487 + 16.7
2,816,364,429
2,914,098,076
Ninth Federal
400,593,716
—13.1
detailed statement
446,536,364
1938
%
First Federal
Reserve Dist rict
Me.*—Bangor.
D.—Aberdeen
Tenth Federal
Dec.
1937
+ 15.1
502,132
625,162
+ 17.5
2,091,726
227,433,102
1,917,813
284,159,201
783,248
401,784
858,931
+ 7.4
455,835
+ 17.0
893,092
3,658,209
2,429,641
12,151,753
3,983,894
2.689,663
11,594,144
4,127,869
11,725,200
700,061
—9.0
576,244
289,296,705
+ 16.1
264,943,925
322,408,763
—4.6
„
*
7,245,228
1,386,820
44,200,000
654,816
16,609,582
1,547,969
36,400,000
I
Syracuse
Westchester Co
Conn.—Stamford
J.—Montclalr
Newark
Northern N. J_
—56.4
—10.4
+21.4
Total (13 cities)
Third Federal
Pa.—Altoona
+ 1.4
+28.0
648,860
23,573,277
32,471,335
Chester
Lancaster
Philadelphia.
Reading
...
Wilkes-Barre..
York
N. J.—Trenton._
cities)
+ 10.5
4,334,129
4,519,708
4,142,825
581,414
19,762,139
34,076,364
+ 87.6
+16.3
+ 14.1
+ 11.6
+ 19.3
—4.7
13,178,235
1,293,021
41,100,000
543,110
890,728
523,000,000
1,928,358
3,109,701
1,308,566
1,660,238
6,576,200
1,491,084
451,000,000
1,553,383
2,673,372
901,519
1,841,805
7,184,000
540,713,838
468,149,428
Cincinnati
Cleveland
Columbus...
Mansfield
Youngstown
Pa.—Pittsburgh
.
cities).
Fifth Federal
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
Total (6 cities)
_
Sixth Federal
Tenn.'—Knoxvllle
r Nashville
Ga.—Atlanta
Augusta..
Macon
Fla.—Jacks* nvllle
Ala.—Blrm'ham
_
Mobile
MLss jt—Jackson
.
3,218,482
79,963,637
153,529,630
15,549,000
1,876,666
3,354,940
167,266,053
424,758,408
2,204,159
66,630,665
115,160,951
14,169,100
1,872,594
2,604,164
124,301,292
326,942,925
Reserve Dist rict
W.Va.—Hunt 'ton
_
Vlcksburg
La.—New Orleans
Total (10 cities)
Fort
630,713
3,115,000
61,650,474
1,505,708
88,624,349
29,860,748
185,386,992
774,812
8.117.274
5,123,962
4,101,349
4.500.275
370,291
20,948,465
32,285,510
8,253,783
4,627,285
2,758,671
4,408,292
438,345
—1.3
+ 14.8
+ 34.2
+ 1.0
<
604,951
817,982
175,108,116
151,054,913
3,301,131
39,562,989
2,290,317
3,322,806
121,663,412
3,272,317
Reserve
1,998,471
76,526,000
Worth...
8,072,965
3,491,000
+ 7.0
+ 17.9
—1.2
+ 20.7
+ 11.8
96,385
212,859
2,564,974
35,503,580
2,403,053
3,097,634
102,334,674
3,458,807
—20.0
626,887
+ 18.7
618,927
+ 15.9
150,917,780
District—Da lias—
1,622,435
67,205,654
8,486,044
+ 23.2
1,415,673
+ 13.9
66,004,624
—4.9
10,293,636
4,557,000
+6.6
1,210,058
3,996,672
Tota. (6 cities).
95,289,745
85,883,595
+ 11.0
87,477,663
—2.7
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
Santa Barbara.
45,145,520
1,429,340
39,810,728
191,506,000
3,570,469
2,028,291
2,725,118
40,312,812
1,429,967
36,095,259
18,406,204
5,148,822
4,506,861
170,247,000
3,363,197
1*760,187
2,433,792
315 ,463,729
283,704,101
20,672,583
4,652,791
3,922,889
Franci
SCO
+ 12.0
39,372,577
—0.1
1,150,788
35,425,010
+ 10.3
+ 12.3
—9.6
—13.0
21,038,222
4,492,014
+ 12.0
4,049,827
161,389,000
3,443,419
1,938,176
2,464,160
+ 11.2
274,763,193
+ 12.5
+ 6.2
+ 15.2
3,472,219,756 4,492,979,761
Total (10 cities)
Grand
511,180
*400,000
361,505
1,131,796
398,000,000
1,453,926
—8.5
1,576,110
3,197,569
1,029,993
1,508,140
2,809,000
+ 15.5
410,976,789
448,847,423
+ 46.0
2,472,982
+ 20.0
70,460,986
+ 33.3
+ 28.8
109,722,766
13,590,100
2,193,637
2,760,537
2,197,370
68,938,211
96,113,395
12,433,200
2,351,191
3,659,622
+ 34.6
134,980,537
144,100,990
336,181,545
329.793,779
Victoria
399,572
2,671,000
48,937,962
1,256,928
75,884,519
total
436,000.000
1,46 ,126
2,675,208
946,871
1,652,576
3,645,200
+ 6.8
—16.0
+ 8.1
+ 16.0
+ 24.1
+ 16.3
+ 45.2
—9.9
+ 9.7
+ 0.2
(113
cities)
6,951,470,749 6,518,940,993
+ 6.6 6,156,131,965 7,273,078,674
Outside NewYork 3,411,516,954
2,923,225,487
+ 16.7 2,816,364,429 2,914,098,076
Week Ended Nov. 16
Clearings at—
Inc. or
1939
+ 51.2
99,108,423
91.726,641
74,535,991
16,316,537
Montreal
Winnipeg
Vancouver
Ottawa
16,035,474
Quebec
4,542,954
Halifax
Hamilton
2,843,444
5,699,563
Calgary
6,573,647
Edmonton
+ 15.3
+ 2.9
23,818,284
158,820,273
+ 16.7
152.968,265
148,262,896
+2.1
+28.4
+ 5.8
1,867,142
1,649,461
2,499,129
London
1,423,017
76,874,070
29,021,742
4,35 ',475
Regina
5,678,988
Brandon
Let h bridge
Dec.
1937
%
St. John
+ 29.9
1938
Canada—
Toronto
358,445
...
Saskatoon
914,421
1.636.354
125,083,892
157,181,502
41,016,517
17,174,379
14,523,538
5,241,737
—20.8
172,932,489
—41.6
125,632,565
+81.7
—5.0
50.982,459
18,
32,200
+ 10.4
—13.3
20,798,087
2,352,933
+ 20.8
3,311,983
4,544,847
+25.4
6,136,084
1,568,687
+ 7.1
7,834,800
+ 19.0
2,202,788
6,315,549
6,973,570
1,452,750
2,393,630
+ 13.5
1,831,458
+4.4
3,358,310
3,792,337
3,632,901
313,983
641,509
1,237,726
601,098
+ 15.0
5,184,773
+56.3
3,414,983
+ 14.2
448,979
+42.5
\ 680,366
+ 32.2
1,134,637
+ 16.7
64+450
1,107,438
+ 6.0
+ 27.3
4,260,479
20,356,284
68,200,000
1,182,435
1,140,230
19,796,000
23,059,068
+ 28.6
1,694,195
+ 5.9
+ 16.7
+ 7.9
+ 6.8
+ 7.7
4,778,167
19,873,130
67,400,000
1,474,689
1,260,689
18,187,000
25,771,252
1,678,331
Moose Jaw
701,624
Brantford
813,128
792,108
+ 2.7
Fort William....
New Westminster
713,969
679,757
+ 5.0
562,125
685,545
249,014
595,180
263,250
—5.6
Medicine Hat
—5.4
290,093
Peterborough
573,774
618,505
—7.2
799,940
835,312
1.098.355
2,512,824
399,816
774,709
+ 7.8
861,639
1,180,938
3,032,283
—7.0
680,366
—17.1
4,327,139
328,198
+21.8
396,985
Sherbrooke
Kitchener
Windsor
Prince Albert
+ 10.2
136,996
45,775,329
175,621
43,101,082
220,130,283
192,874,694
+ 14.1
185,601,016
936,414
Moncton
712,501
755,055
—5.6
Kingston
601,453
639,542
+ 17.3
932,835
674,719
—12.5
753,537
369,843
512,539
730,958
508,591
—27.3
482,906
1,119,503
931,595
+20.2
1,088,362
348,248,872
400,593,716
-13.1
446,536,364
Chatham
Sarnia
x
136,343
48,221,048
+ 81.4
53,144,583
Sudbury
183,699,961
—1.6
—2.8
519,370
592,770
347,872
x
247,332
City
89,734
150,324
3,354,312
36,986,759
1,942,619
3,363,176
100,795,426
2,927,354
755,937
689,272
3,592,000
1,133,239
3,844,223
21,612,398
36,042,786
373,168
2,823,000
46,641,035
1,300,013
74,025,747
23,099,933
5,182,928
24,217,171
68,900,000
1,251,347
1,217,386
16,159,000
25,729,578
1,859,893
as
120,451
1,102,670
667,484
Reserve Dist rict—Atlant
5,491,723
25,655,727
80,400,000
*1,350,000
*1,300,000
17,400,000
32,749,808
2,391,110
127,750,932
4,098,639
3,339,767,536 4,358,980,598
Richm ond—
417,165
3,052,000
48,032,279
+ 15.4
Wichita Falls..
12,302,779
Feder al Reserve D
istrict—Clev eland—
Ohio—Canton..
120,895,182
+9.4
—2.6
1,112,528
41,000,000
Reserve Dist rict—Philad
elphia
484,463
468,263
551,539
3,076,569
Reserve Dis trict—Kans
Eleventh Fede ral
Dallas
Stockton
556,133
*500,000
463,104
1,611,538
Bethlehem
—1.6
9,226,193
3,679,462,666 3,728,365,113
+ 69.8
+ 15.1
York-
645,787
10,190,538
8,129,438
5,254,773
4,725,474
988,117
2,717,845
3,974,023
83,457,480
32,479,344
2,9 3,081
832,318
+ 14.9
La.—Shreveport.
1,028,312
803,497
3,539,953,795 3,595,715,506
York
Texas—Austin...
+ 14.5
Galveston..
i
Rochester
Pueblo
Total (10 cities)
+ 15.1
Feder al Reserve D
istrict—New
Jamestown
Mo.—Kan. City.
St. Joseph
Colo.—Col. Spgs.
862,326
335,758,910
Total (12 cities)
Elmlra
2,150,142
11,470,076
4,651,738
N.H.—Manches'r,
Buffalo
2,998,488
12,291,200
New Haven..
R.I.—Providence
Binghamton...
+ 8.9
+ 10.7
6,326,896
14,147,900
637,093
Conn.—Hartford
N. Y— Albany.
+ 4.6
751,355
411,467
706,124
3,416,609
2,133,139
11,093,405
4,482,476
12,101,700
431,900
Worcester
..
Wichita
+ 13.7
922,892
633,286
934,367
+ 13.8
•?
Kan.—Topeka
_%
533,455
Springfield
Total (7
Boston
—1.6
3.693,211
78,415,840
31,263,221
2,780,394
987,224
1,037,447
151,760
Lincoln
1936
2,108,287
River
Fourth
139,565,722
Hastings
248,564,503
Lowell
Total (10
961,736
1,180,967
4,616,139
.
Total (7 cities).
or
614,003
New Bedford..
Scranton
3,632,489
90,135,324
35,996,548
3,042,519
years:
2,397,608
291,977,164
Portland
Mass.—Boston..
N.
Reserve Dis trict—Minne apolls-
Paul
Omaha
New
172,111,347
Neb.—Fremont..
1939
Second
+20.2
Helena
437,578,223
Week Ended Nov. 18
Inc.
Fall
170,564,743
N. D.—Fargo...
S.
showing last week's
figures for each city separately for the four
Clearings at—
589,000
Minneapolis
Mont.—Billings
348.248,872
x
—7.3
Minn.—Duluth..
259,636,278
3,411,516,954
Outside N. Y. City
x
738,000
204,942,730
Total (4 cities).
162,730,955
87,477,663
x
684,000
122,285,378
150,917,780
85,883,595 + 11.0
x
Quincy
St.
Total
1
119,100,000
46,540,919
38,617,811
Ky.—Louisville..
Total (32 cities)
*
Estimated,
x
No figures available.
Volume
AUCTION
The following
securities
were
3359
Commercial & Financial Chronicle—YEARS OLD
ONE HUNDRED-T/ze
149
SALES
sold at auction on Wednesday
of the current week:
By R. L. Day & Co., Boston:
Shares
6 Waltham National Bank common,
Waltham, par
180 Northwestern Pennsylvania Gas Corp. common
Incl., class A,
Corp.
par
$2^
$2J^—
$1; 400 Atlantic Gas <Sr Electric
certificates of deposit
An
6% conv. deb.
545 lot
-
—
GALLERIES
A; 732 Intercoast Utilities.
Corp. class A; 200 Empire
$1; 59,000 Atlantic Gas & Electric Corp.
common, par
5H
11K
«;
Waltham, par $2)4
5 Waltham National Bank preferred.
PARKE-BERNET
% per Share
'
Stocks
15 Waltham National Bank common, Waltham, par
10c.;
par
45 W. E.
by Family Products Corp.. dated Oct.
2 5-10 Sierra Pacific Power
6,1937. with interestat
of America N. T.S. A., par
Organization for the
Appraisal and Liquidation at Public Sale of Art
$1; 107,931 Family
Proprietaries. Inc.,
Welch Co.; $14,044.51 unsecured demand note signed
79,501 Family Products Corp. A participating stock, par
Products Corp. common, par 51; 6,755 International
100 Andes Petroleum, par $1; 1 Bank
Literary and Personal Property
6%__$ll0,000 lot
— _.35M lot
22
$12K
Co. common, par $15
Headed
by
HIRAM H. PARKE
By Crockett & Co., Boston:
Shares
% per Share
25 Dwight
32G Winthrop Building Trust, par
$100
;
$1__
...
C.
5
5 Real Eastate Associates, par $100
following information regarding National
severally
were
the:
as
JUDGE ELBERT H. GARY
BILLINGS
THOMAS FORTUNE RYAN
JAMES STILLMAN
JOHN A. SPOOR
WHITELAW REID
MRS.
MCCORMICK
EDITH ROCKEFELLER
OGDEN MILLS
f
••
>/.
•;
•
Now located at
EAST
30
The
or
public sales
STREET
57TH
BANKS
NATIONAL
from the office of the
jointly
direction
I
Atlantic Keystone Petroleum
Co., Ltd.; 400 Serelco, Inc., A; 200 Serelco, Inc., B; 46 Fandango Corp. A.576 lot
The Neighborhood Club of West Newton; 150 Upressit Metal Cap Corp.
common, par 10c.; deposit receipt for 50 shs. The California Cons. Mining
Co.u par $10; and $500 The California Cons. Mining Co. 1st mtge. bonds;
50 Kanawaha Lumber Corp., par 5100; $50 Wild Cat Oil Fund Trustees
certificate of interest mineral deed from J. G. Catlett, Inc., to Frank B.
Witherbee for 1-640 undivided royalty interest of the oil, gas and other
minerals in land described Block D Section 81 Property number R-1004
file 215 Upton County, Texas deed dated Jan. 26, 1931
$38 lot
15,400 Magdalena Syndicate Co., par $1; 700
1
G.
K.
than thirty years in the
more
of public sales, under whose
held such notable
2
$5 lot
......
par
personal
75c lot
2%
j
Corp.,
management
6
—556 lot
18 State Street Exchange, par $100..
9 Boston Block Trust
Specialists for
6K
12K
....
25 Associated Textile Cos. preferred
100 Seaboard Utilities Shares
SWANN
V ice-Presidents
220
-—
——
33 Berkshire Fine Spinning Associates common..
Mfg. Co., par $12.50..
28 Wamsutta Mills, par $100
President
10
Utica, N. Y., par $20..—..—
Orange National Bank, Orange, Mass..
4
•
OTTO BERNET and ARTHUR
Stocks
100 Oneida National Bank <fe Trust Co.,
INC
•
banks is
books and manuscripts.
of art,
Department:
NEW YORK
dignified display and public sale
the
for
Comptroller of the Currency, Treasury
•
galleries especially designed
and
offices
in
VOLUNTARY LIQUIDATIONS
•
Amount
Carnegie, Okla
$30,000
Liquidating agent: F. M. Burch, care
No absorbing or succeeding bank.
Nov. 14—The First National Bank of
Effective Nov. 1, 1939.
the
liquidating bank.
50,000
Nov. 16—The Fiist National Bank of Linden, Ala
Effective Nov. 2, 1939.
Liquidating committee:
and John L. Wade, care of
by:
H. E. Scott
Succeeded
the liquidating bank.
CALLS AND
disposal
properties
First Bank of Linden, Linden, Ala.
REDEMPTION
the
on
CONSULTATION
AND
ADVICE
.
.
.
.
.
appraisal of Estate
or
without charge or obligation.
.
Cable Address:
Plaza 3-7573
PARKGAL
SINKING FUND
NOTICES
Below will be found a list of bonds, notes
stocks
of corporation
and preferred
called for redemption, together with
The date indicates the redemption or
making tenders, and the page number gives the
sinking fund notices.
last date for
location in which the details were given
in the "Chronicle":
Date
Company and Issue—
*
American District Telegraph Co. (N.
15
Jan. 1 '40
J.) 7% pref. stock.Jan.
Electric Co. 1st mtge. 5s_
Buckeye Steel Castings Co., prior preferred
Budd Realty Corp. 1st mtge. 6s
Caterpillar Tractor Co 5% preferred stock
Athens Ry. &
*
General American Investors Co., Inc.,
General Refractories Co. 3%% bonds
$6
cum.
German-Atlantic Cable Co. 1st mtge. 7s
coll. trust bonds
Servel, Inc., 7% preferred stock
(Robert) Simpson Co. Ltd. 1st mtge.
(Robert) Simpson Co.,
5s
Ltd., 1st mtge. 6s
preferred stock
1st mtge. 6s
U. 8. Steel Corp. 10-year 3M% debs
Viking Pump Co. preferred stock
Watauga Pow^r Co. 6% bonds
*
Western Electrical Instrument Corp. class A stock
United Biscuit Co. of America,
United States Cold Storage Co.
West Penn Power
7% pref
6% pref
Jan. 25
3258
2
Dec.
Dec. 15
Dec.
Feb.
Dec.
Dec.
Dec.
Jan
♦Announcements this week,
2236
3 67
2695
2698
3120
1184
3120
2699
2981
3416
421
3271
2701
3272
2984
2§84
2702
2980
Jan. 15, '40 2990
Jan. 1, '40 2990
Dec. 1
1708
Dec. 15
2385
Dec. 1
2710
Jan.
1,*40 3281
1/40 751
1/40 751
1
2711
zVolume 148.
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
grouped in two separate tables.
15 Dec.
2 Dec.
1
Dec.
50c
Dec.
Preferred
$7 preferred (quar.)
$6 preferred (quar.)
Allegheny Ludlum Steel (year-end)
:
American Bank Note pref. (quar.)
American Colortype, 5% pref. (annual)
American Cyanamid Co. class A & B (quar.)—_
Class A & B (special)
5% preferred (quar.)
American Electric Securities Corp., partic. pref.
American Fork & Hoe
Preferred iquar.)
American Forging & Socket
American Home Products (extra)
American Power & Light Co., $6 preferred
preferred
preferred
$5 pref©rrcdl
$6
$5
—
—
Co
1
Dec.
Dec.
25c
25c
$1.80
$1M
$1M
93 He
.*■
J-i
J" >-»
4
1
15
Dec.
1 Nov. 22*
5
15 Dec.
Jan.
15 Jan.
Dec.
5
1 Nov. 27
Dec. 23 Dec.
Dec. 20 Dec.
14*
2 Dec.r
Jan.
Dec. 20 Dec.
2 Dec.
Jan.
Dec. 26 Dec.
1 Feb.
Mar.
1
1
1
1
1
23
Dec.
15 Nov. 30
Dec.
Dec.
15 Nov. 30
6
20 Dec.
1
15 Dec.
t$3
25c
Dec.
Jan,
2 Dec.
9
Dec. 21 Dec.
Dec. 15 Dec.
5
Dec.
Dec.
Dec.
45c
w
15 Dec.
2 Dec.
Dec.
$1M
12Mc
13
2 Dec. 11
20 Dec. 15
2 Dec. 15
Jan.
-W
iW
'-»*
m*
preferred (quar.)
Co. (Conn.)
Baldwin Rubber Co
RR. pref. (quar.)
Co. (quar.)
Beech-Nut Packing Co. (quar.)
Beech Creek RR.
Extra
Co. of Canada
Belmont Radio (quar.)
Bell Telephone
Extra
Gas & Electric pref. (s.-a.)
& Albany RR
Herald-Traveler, common
Boston
Common
Briggs & Stratton (quar.)
Brunswick-Balke Collender
(quar.)
Budd Wheel Co., preferred (quar.)
Buffalo Ankerite Gold Mines, Ltd—l
Calaveras Cement, preferred
w
Dec.
50c
Co
Atlantic Coast Line
Preferred
12Mc
$1M
12Mc
(semi-annual)
Bangor & Aroostook
Basic Dolamite, Inc
Jan.
$1
50c
50c
Aro
5% cumul.
15c
50c
Arnold Constable Corp.
Equipment Corp
Associated Investment
Dec.
Jan.
$1H
Arkansas-Missouri Power
Preferred
50c
2
13
14c
American Surety Co
Anaconda Copper Mining
Andes Copper Co
2 Dec.
21 Dec.
14c
(irregular)
(Del.)
Service, preferred
Sumatra Tobacco (quar.)
American Seal-Kap
American
23 Dec.
2 Dec.
Jan.
75c
$5
$1H
American Seal-Kap
American
Jan.
$1M
30c
Sanitary-
15
8
22 Dec.
1 Nov. 21
1 Nov. 24
Dec.
2
Dec. 23 Dec.
Dec.
50c
Alabama Power Co.,
Amer. Radiator & Standard
Preferred fquar.) —
Jan.
20c
Agfa Ansco Corp
Mfg
Southern RR. Co., ordinary
Boston
DIVIDENDS
are
1
1
Dec.
37 Mc
Supply Mfg. class A (quar.)
Blackstone Valley
Dividends
15 Dec.
Mar. 15 Mar.
Alabama Great
Jan. 1 '40 X3388
Dec.
Aero
Dec.
35c
40c
—
——-———
—
Akron Brass
1
1, '40 2984
8
3122
1
29Q5
30
2705
X3388
——Feb.
Feb.
Pulp & Paper Co. 4M% bonds
Extra
3407
2975
Nov. 29
3410
Dec. 1
3°65
Jan.
1,'40 2977
-
Aetna Ball
Holders
Payable of Record
15c
Co
Bearing Mfg. (quar.)
Adams Express
2684
Nov. 30
Dec. 15
Jan.
1 '40
Dec. 1
Dec. 1
Dec. 4
Jan. 1 1940
Nov. 28
Jan. 1 '40
Nov 30
.Dec. 29
Jan
1
Dec. 15
Dec. 1
Dec. 15
Dec. 1
Share
of Company
Investment
When
Per
Name
3111
Co.—
stock
stock
West Virginia
1 '40 3256
2507
Dec.
1
2971
pref. stk. Nov. 25
3408
Jan
1, '40 2973
Apr. 1 '40
2687
Phelps Dodge Corp. 3M% debs
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.
2964
1018
—Dec.
1
Jan. 1 '40
Dec. 15
Dec.
1
(Edward! Fines Lumber Co. 1st mtge. bonds
*
(R) Hoe & Co., Inc., 7% notes
(G. R.) Kinney Co., Inc., 7lA% notes
Kresge Foundation Co. 4% coll. trust notes
Lexington Utilities Co., preferred stock
Manila Gas Corp. 1st mtge 6s
—
Midi RR. 4% bonds
National Acme Co. 1st mtge. 4 Hs
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 mtge4^s
*
New Orleans Public Service Inc., 4M% bonds
New York Sia'e EJee & 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. 4Ms
name
2964
Feb.
Colgate-Palmolive-Peet Co. 6% preferred stock
Colon Development Co., Ltd., 6% pref. stock..«...
Connection! Ry. # Lighting Co. 1st & ref. 4Ms
Container Corp. of America 1st mtge. 6s._
Creameries of America. Inc., 10-year debs
*
(E. I.) du Pont de Nemours & Co., debenture stock
Fairbanks. Morse <fc Co. 4% debentures—
1
given under the com¬
in our "General Corporation and
News Department" in the week when declared.
The dividends announced this week are:
pany
Page
3401
3108
Dec.
1
Nov. 25
.Dec.
stock
dividend payments in many cases are
8
15 Nov. 30
15 Nov. 30
12 Dec.
15 Dec.
Dec.
50c
$1$1
30 Dec.
Dec. 30 Dec.
Dec. 30 Dec.
Dec.
21 Nov. 28
15
20 Jan.
12MC
Jan.
SIM
Jan.
25c
Dec.
50c
Jan.
15 Dec.
2 Dec.
15
$1
Jan.
2 Dec.
8
25c
Jan.
2 Dec.
8
$2
Jan.
15 Dec.
15c
Dec.
15 Dec.
15 Dec.
23
1
15c
Dec.
1 Dec.
1
1
40c
1 Nov. 27
Dec.
Dec. 21 Nov. 29
1
Dec.
8 Dec.
2 Dec. 21
Jan.
75c
Dec.
$3
$2M
40c
Dec.
*\P
Dec.
«!!Tc Jan.
Dec.
Jan.
15 Dec.
15 Dec.
2
2 Dec.
20
30 Dec.
16
2 Dec.
15
15 Dec.
1
5
3360
ONE HUNDRED —The Commercial
Per
Name of Company
When
Share
40c
Jan.
35c
Jan.
California Ink (quar.)
50c
12ilc
Callaway Mills (irregular)
Bread, preferred B
Canada
t37 34c
6233c
—
Preferred B
quar.)
1st preferred (quar.)
Canada Permanent Mtge. Corp.
(Toronto)
Canadian Western Natural Gas, Lt., Heat &
Power, 6% preferred (quar.)
Canadian
Westinghouse
Capital Wire Cloth & Mfg. Co., preferred
Case (J. I.) Co., preferred (quar.)
Central Illinois Light Co., 434% PreL
(quar.)_.
1 Dec.
1 Dec.
15
Jan.
Dec.
Jan.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
(C.E.) & Co
Johns-Manville Corp
Preferred (guar.)
Kansas City Power & Light pref. B
(quar.)
Kelley Island Lime & Transport
Kennecott Copper Corp
Dec.
Dec.
1
25c
Dec.
Dec.
1
Chesapeake Corp., Distribution of 6-10ths share
or com. stock of Ches. & Ohio
Ry. for each
Leonard Refineries
share held.
Chesapeake & Ohio Ry. (quar.)
6234c
Extra
Jan.
(quar.).
$1
6234 c
$3 preferred (quar.)
12
12
Jan.
1
2 Dec.
2 Dec.
Jan.
Dec.
19 Dec.
—
—
—--
—
2 Dec.
Preferred
(guar.)...
investment Trust
(quar.)
1 Nov. 24
1
Dec.
9*
1
Dec.
9*
2 Dec.
15
1 Feb.
15
2
15 Dec.
15 Dec.
2 Dec.
1
1
Dec.
23 Dec.
Dec.
Jan.
15 Dec.
2 Dec.
5
15
15c
Dec.
75c
Dec.
2.5c
Dec.
Dec.
Dec.
15 Dec.
25c
Debenture, quar.)
Edison Bros. Stores, Inc. (quar.)
5% cum. conv. preferred (quar.)
Electric Controller Mfg
$134
$154
Jan.
Dec.
Jan.
14 Nov. 27
25 Jan. 10
Jan.
25 Jan.
25c
—
Feb.
Dec.
Dec.
Dec.
50c
Electric Storage Battery Co. (final)
50c
50c
Preferred (final)
Elgin Sweeper Co., $2
partic.prior pref. (quar.).
40c. cumulative preferred (quar.)
Erie & Pittsburgh RR. (quar.)
Fairbanks, Morse & Co. (special)
Farmers & Traders Life Insurance
(quar.)
Federal Mogul Corp
Federated Publications, Inc., voting tr. ctfs
Avenue Coach
...
Florida Portland Cement, preferred...
Foote-Burt Co
Fox (Peter) Brewing (quar.)
Preferred (quar.)
'
Fuhrmann & Schmidt Brewing (year-end)
Gamewell Co
Preferred
(quar.)
General Aniline & Film, class A
Class B
General Electric Co
General Railway Signal, preferred
(quar.)
General Refractories Co
General Telephone Corp.
(quar.)
2 Dec. 15
15 Dec. 31
10
15 Nov. 30
15 Nov. 30
Dec. 30 Dec. 20
Dec. 21 Dec.
1
S3 conv. preferred (quar.)
General Telephone Tri
Corp
Extra
Georgia Power Co., $6 preferred (quar.)
$ 5 preferred (quar.)
(quar.)
Goldblatt Bros
Preferred (quar.)
2,5c
Dec.
5c
25c
Preferred
(quar.)..
Griesdieck-Western Brewery
Preferred (quar 0
Hamilton United Theatres,
Ltd., 7% pref
Hamilton Watch Co
Hart Carter
(reduced)..
Hartford Steam Boiler
Inspection & Insurance—
Extra
Hathaway Mfg. Co
Heileman (G.) Brewing
(quar.)..
Extra
Hein-Werner Motor Parts
(quar.)
Hewitt Rubber
(year-end)
Honolulu Oil Corp
Household Finance Corp.
(quar.)
Special
Preferred (quar.).
Houston Oil Co. (Texas) preferred.
>il
Howard Smith Paper Mill
6% pref. (quar.)
Idaho Maryland Mines
.
(monthly)
Illinois Bell Telephone
Ingersoll-Rand pref. (s.-a.)
(special)
International Business Machines
(quar.)
..
International Safety Razor class A
(quar.)
International Salt Co. (quar.)
Extra.
Special
Preferred
18 Dec.
15
Oklahoma
Dec.
18 Dec.
15
65c
Dec. 20
Jan.
2
Dec. 22
Dec. 15
Dec. 15
Jan.
2
Dec. 22
Dec. 22
Nov.
Dec.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
$134
$134
Jan.
Dec.
Dec.
$134
25c
25c
25c
75c
25c
75c
5c
6234c
50c
Jan.
2
12 Dec.
28 Dec.
Dec. 21 Dec.
Dec. 15 Dec.
Jan.
2 Dec.
Dec. 15 Dec.
24
11
29
4
4
15
15
15
15
15
11
1
1
10
2
75c
Dec.
Jan.
18 Dec.
2 Dec.
11
50c
$134
.Tan.
2 Dec.
15
$1
3434c
tSl 34
50c
15c
40c
$1
25c
25c
15c
55c
Dec. 18 Dec.
5
Mar.
1 Feb. 15
Dec. 30 Nov. 30
Dec. 15 Dec.
5
Nov. 25 Nov. 15
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
25c
Dec.
$1
Jan.
$1
Dec.
$134
6%
$134
5c
$234
$3
$134
$134
5%
60c
15
1 Nov. 20
1 Nov. 16
15 Dec.
5
15 Dec.
15 Dec.
5
5
15 Dec.
1
15 D3c.
1
15 Dec. 30*
11 Dec.
4*
Jan. 15 Dec. 30*
Dec. 27 Dec. 15
Jan. 15 Dec. 31
Dec. 21 Dec. 12
Dec. 15 Dec.
4
Jan.
2 Dec.
5
Dec. 20 Dec.
5
Dec. 22 Dec.
Apr.
15
1 Mar. 15
1 Nov. 24
3734c
Dec.
Dec.
15 Dec.
1*
25c
Dec.
15 Dec.
1*
1
Dec.
15 Dec.
15
Dec.
18
1
1
June
I
Dec.
16 Nov. 29
30 Dec.
9
Dec.
iMay 10
Dec. 30 Dec.
Dec. 30 Dec.
Dec. 30 Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
9
9
9
1 Nov. 27
6 Nov. 21
2 Dec.
2 Dec.
15
15
15 Nov. 30
Feb.
lljan.
Dec.
15,Dec.
Feb.
Feb.
75c
3733c
25c
$2
$133
$133
$233
$233
$133
(s.-a.)
25c
20c
8733c
10c
$133
25c
15
2
1 Jan.
13
l'Jan.
13
Jan.
liDec. 15
l'Nov. 20
15 Nov. 30
Dec. 15 Nov. 30
Dec. 23 Dec.
1
Dec. 28 Nov. 30
Dec. 22jDec. 14
Dec. 22|Dec. 14
Dec.
Dec.
Jan.
2 Dec.
15
Jan.
2 Dec.
15
Jan.
2 Dec.
16
Dec. 28 Dec. 20
Dec. 28 Dec. 20
Dec. 28 Dec. 20
Dec. 15 Dec.
1
Dec.
1 Nov. 20
II Nov. 24
Dec.
Dec.
Dec.
15 Dec.
15 Dec.
5
40c
Dec.
11
$133
(quar.)
Dec.
5c
50c
—
(monthly)
Co., class A
6
Dec.
Dec.
11
30c
Dec.
Dec.
14
30c
Dec.
Dec.
14
$2
Dec.
$ 1.5733
Jan.
Dec.
18 33c
4333c
Dec.
(quar.)
Interstate Mining, pref.
(s.-a.)
7% participating preferred (quar.)
Pan American Petroleum &
Transport
Paraffine Cos., Inc
Preferred
Dec.
Dec.
Dec.
Dec.
75c
Oneida, Ltd
5
Nov. 30
Nov. 30
Nov. 30
Nov. 20
Nov. 25
Dec.
15c
Omnibus Corp. (quar.)
1
15c
15 Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
50c
(Wise.), pref. (quar.)
Dec.
Dec.
Nov. 13
Dec. 16
Nov. 30
Nov. 30
Nov. 30
50c
Ohio Confections
Ohio Finance Co
$134
$134
Nov.
Dec.
Dec.
Jan.
25c
7% preferred (quar.)
Preferred
5
Jan.
Jan.
50c
50c
North Central Texas Oil Co., Inc.
(quar.)
Northern States Power
20c
5
Dec. 20
Dec.
7
43c
Niagara Alkali, preferred (quar.)
North American Finance Corp., class A
(qu.)
Cumulative prior preferred
(quar.)
15
Dec. 31 Dec. 15
Dec. 15 Nov. 30
Jan.
2 Dec. 22
Dec.
Dec.
Nov. 21
Dec. 15
50c
(quar.)
Dec. 28 Dec. 14
Dec.
1 Nov. 20
Dec.
1 Nov. 20
Dec.
1 Nov. 25
Dec. 15 Dec.
5
15c
9 Nov. 29
Nov. 24
Nov. 20
Nov. 18
50c
Special
31 Dec.
Dec.
Dec.
Dec.
$233
$2 33
Preferred (s.-a.)
Oahu Sugar
2
_
2 Dec. 16
15 Nov. 30
15 Nov. 30
15 Nov. 30
Dec.
Jan.
Dec.
25c
Norwich Pharmacal (quar.)
Dec.
Dec.
Jan.
Jan.
50c
New England Telep. & Teleg.
(increased)
New Jersey Power & Light, $6
pref.
New York City Omnibus (quar.)
New York & Harlem
1734c
t$5
11
Dec.
Dec.
Dec.
Dec.
25c
2 Dec. 22
9 Nov. 30
Dec. 27 Dec.
8
Jan.
2 Dec. 11
Dec. 15 Dec.
5
Nov. 16 Nov. 10
50c
11
Dec.
Dec.
$133
$133
$2 33
...
Dec.
$234
3734c
12
Dec.
Dec.
25c
(quar.)
Jan.
$1
Dec.
Dec.
Dec.
$133
Extra
1
22
Jan.
5c7
10c
8734c
25c
Great Lakes Dredge & Dock Co.
(extra)
Greene Cananea Copper
Great Western Sugar
__i
National Oats Co
Neisner Bros., Inc.
5
M
*
50c
25c
Extra
15
1 Nov. 21
2
$333
(quar.)
(quar.)
(extra)
Dec. 21 Dec.
Jan.
2 Dec.
50c
15c
Fitzsimmons Stores, A & B (quar.)
Jan.
1 Jan.
common
15
1
60c
Muskegon Motor Specialties class A (quar.)
National Bearing Metals Corp.
(resumed)
National Breweries, Ltd. (quar.)
Preferred (quar.)
National Casualty Co. (Detroit)
(quar.)
National Chemical & Mfg.
(quar.)
National City Lines
Class A (quar.)
$3 preferred (quar.).
National Grocers Co., cumul. pref.
(quar.)
1
$134
$134
common
Class B
1
15 Dec.
62 34c
►
Preferred (quar.)
15 Dec.
Dec.
$434
$134
—
Preferred (quar.)
Du Pont (E. I.) de Nemours
(year-end)
Preferred
quar.)
Dec.
50c
$3 V\.
—
Class B
1
$134
— _
^
Morris Finance Co. class A common
Class A common (extra)
15 Dec.
1
1 Nov. 20
15 Nov. 19
15 Dec.
1
25c
Y.) (quar.)
5
30c
50c
Mobile & Birmingham RR. Co., pref.
4
1
$1
$5 cumul. conv. preferred (quar.)
Distillers Corp.-Seagrams (quar. in U. 8. funds)
Preferred (quar. in U. S. funds)
Dominion Foundry & Steel, 6% pref. (quar.)
Dominion Textile Co., Ltd. (quar.)
Stock dividend
26 Dec.
50c
common
Inland Steel Co.
Dec.
$134
Dewey Almy Chemical Co
Glen Aid en Coal
Goebel Brewing Co.
15 Dec.
25c
Cutler-Hammer, Inc
Dayton & Michigan RR., 8% pref. (quar.)
Delaware Fund, Inc
Dentists
Supply (N.
Devonian Oil Co
Dec.
Dec.
Dec.
8
20
$133
$133
$133
$133
$133
$133
$133
$133
Mississippi Valley Pub. Serv., 7% pref. A (qu.)
6% preferred B (quar.)
(s.-a.)
Mock, Judson, Voehringer
Preferred (quar.)
Monsanto Chemical Co. (year-end
dividend)
Preferred A and B (s.-a.)
Morrell (John) & Co. (extra)
15
Dec.
Dec.
30c
Mid-West Rubber Reclaiming, pref.
(quar.)
15
15 Dec.
15
8
15 Dec.
Dec.
15%
3733c
$133
t$134
Machine Co
Mid vale Co
2
Dec.
25c
—
1 Nov. 20
2 Dec. 15
8
Dec.
$133
(Denver)
Mesta
Metropolitan Edison $6 pref. (quar.)
$6 prior preferred (quar.)
$7 preferred (quar.)
$7 prior preferred (quar.)
$5 preferred (quar.).
$5 prior preferred (quar.)
Meyer (H. H.) Packing, 633% pref. (quar.).
Michigan Consol. Gas, 6% pref. (quar.)
Mickelberry's Food Products, pref. (qu.).:
18 Dec.
Dec.
Dec.
5c
1
Dec.
Dec.
$233
1
18 Dec.
18 Dec.
Dec.
t$l 94
1
2 Dec.
Dec.
Insurance Co.
2
Dec.
Dec.
Dec.
75c
15 Dec.
20c
Continental Oil (Del.)
Crow's Nest Pass Coal Co
Fifth
Jan.
30c
Special
Class B
Jan.
$134
Consolidated Gas, Electric Light & Power (Bait.)
Consolidated
Dec.
Fire
14
30
1
Dec.
5c
Merchants
1
8
15
10c
25c
15 Dec.
—-
50c
90c
30
30
6233c
733c
$3
$133
(irregular)
15 Dec.
—
...—
20c
$133
$133
$133
3733c
$3
6233c
MacKinnon Steel 7% preferred
Mallory (P. R.) & Co. (year-end)
Master Electric Co. stock div. on common stock.
Mathieson Alkali Works (quar.)__
Preferred (quar.)
McCahan (W. J.) 8ugar Refg. & Molasses pref
Melchers Distillers, 6% partic. pref.
(s.-a.)
15 Nov. 29
15 Nov. 29
15 Nov. 29
Dec.
Dec. 15 Nov.
Dec. 15 Dec.
Dec. 22 Dec.
Jan.
1 Dec.
Jan.
1 Dec.
Dec. 15 Nov.
Dec. 23 Dec.
Dec. 15!Dec.
_
25c
$133
Extra
Dec. 22 Dec.
1
Dec.
1 Nov. 25
15 Dec.
1
2 Dec. 30
City Auto Stamping
15c
Dec.
City Wholesale Supply Co., 7% pref. (quar.)..
87 He
Jan.
6% preferred (quar.)..
75c
Jan.
Clark Equipment Co
25c
Dec.
Special...
75c
Dec.
Preferred (quar.)
Dec.
$134
Columbia Baking
50c
Dec.
$1 cumul. partic. preferred (quar.)
25c
Dec.
$1 cumul. partic. preferred (extra)
50c
Dec.
Columbus Auto Parts Co., cum. conv. pref
Dec.
t$134
Commercial Investment Trust Corp. (quar.)
$1
Jan.
$434 conv. preference (quar.).
$1.0634 Jan.
Commonwealth Loan Co. (Indianapolis, Ind.)_.
7% preferred (guar.)
Dec.
$154
Commonwealth Utilities Corp., 7 % pref. A (qu.)
Jan.
$154
6% preferred (quar.)..
Jan.
$134
6)3% preferred (quar.)
Mar.
$1H
Congoleum-Nairn, Inc. (quar.)
25c
Dec.
Extra
12
12
8
$66.10 Dec. 15 Nov. 27
$4
15c
$133
$133
—
50c
...
Dec.
15 Nov. 30
15 Nov.30
15 Nov.30
$2
Libby, McNeill & Libby preferred
Liggett & Myers Tobacco pref. (quar.)
Lone Star Cement (year-end)
Quarterly
Loew's Theatres, Ltd., preferred
Lord & Taylor (quar.)
Macassa Mines, Ltd. (quar.)
12
Jan.
75c
-—
Chile Copper Co
Christiania Securities (final, quar.)
Cincinnati New Orleans & Texas Pacific
(new)..
Cincinnati Street Ry
Dec.
Dec. 27 Dec.
50c
Preferred
Chicago Pneumatic Tool prior pref. (quar.)
1
Dec.
Dec.
15c
Keystone Steel & Wire
Kings County Lighting Co. 7% cum. pref. (qu-)_
6% cum. pref. C (quar.)
5% cum. pref. D (quar.)
Landers, Frary & Clark (quar.)
Lawyers Title Insurance, A (semi-annual)
Leath & Co. preferred (quar.)
Lehigh Coal & Navigation
Lehn & Fink Products Corp.
(final)
9
10c
Investors
6% preferred
20
Nov. 23
75c
Champion Paper & Fibre
6 33% preferred
Dec.
25c
$133
Jamieson
12
Holders
Payable of Record
(Del.)
7% preferred
Nov. 20
Jan.
1939
til 33
til %
til 33
Iowa Southern Utilities Co.
15
25,
When
Share
Interstate Natural Gas.
Nov. 15
Dec. 20
$134
$133
Nov.
Per
Name of Company
15
Dec. 20 Dec.
9
Dec. 20 Dec.
9
Nov. 20 Nov. 10
Jan.
2 Dec. 15
Jan.
2 Dec. 15
Jan.
Dec. 15
Dec.
$133
37.$
Central Ohio Steel Products
Central Steel & Wire Co., 6% pref. (quar.)
Chartered
%%
Chronicle—YEARS OLD
Holders
Payable of Record
Calamba Sugar Estates (quar.)
Preferred (quar.)
Extra
& Financial
(quar.)
Paramount Pictures 1st pref. (quar.)
2d preferred (quar.)
Park & Tilford, preferred (quar.)
Pender (D.) Grocery class B
(special)
'
25c
14
Dec.
1
Nov. 30
Nov. 30
_
Dec.
Dec.
Dec.
75c
Dec.
Jan.
1
Dec.
$1
Jan.
$133
Dec. 26 Dec.
15c
Dec.
26|Dec.
75c
Dec.
20|Dec.
$1
75c
Dec.
Dec.
Dec.
Dec.
Feb.
Penick & Ford, Ltd
Peninsular Telephone, preferred A
(quar.)
35c
Peoples Gas & Fuel Corp
Perfect Circle (quar.)
Pet Milk Co. (quar.)
20c
Feb.
Dec.
50c
Jan.
Nov. 20
Dec. 15
25c
Dec.
Philadelphia Co., $6 cum. pref. (quar.)
$5 cumulative preferred (quar.).
Pioneer Gold Mines of B. C. (qut
(quar.).
Pittsburgh Brewing Co. preferred
Preferred Accident Insurance
(quar.).
Public Service of N. J (quar.)
6% preferred (monthly)
Public Service Co. of Oklahoma—
7% prior lien (quar.)
6% prior liem (quar.)
1
Dec.
Dec.
5
$133
$133
tlOc
til
Jan.
Dec.
1
Jan.
Dec.
1
Jan.
Nov. 30
20c
Dec.
Dec.
Dec. 22 Dec.
65c
Dec.
201 Dec.
1
50c
Jan.
15 Dec.
15
__
5% preferred (quar.)
533% preferred (quar.)
6% preferred (quar.)
Pyrene Mfg. Co., common
Quaker Oats Co. (quar.)
Preferred (quar.)
Rand's (Pittsburgh)
(extra)
Richfield Oil Corp
Riverside & Dan River Cotton Mills, Inc.—
(s.-a.)
H.) Co
$153
$133
Dec.
25c
Pure Oil Co
Preferred
Dec.
15c
Pharis Tire & Rubber
Dec.
133%
133%
133 %
5%
$133
$133
133c
50c
Jan.
Dec.
Jan.
8
12
Dec. 20
Dec. 20
Dec.
1
Dec.
8
Dec.
8
Jan.
Dec.
Dec.
Dec.
Nov. 29
Dec.
1
Feb.
Feb.
1
Dec.
Dec.
15
Dec.
Dec.
8
8
Dec.
Robertson (H.
Dec.
9
25c
Dec.
Roeser & Pendleton, Inc. (quar.)
Ruberoid Co
25c
Jan.
Dec.
Dec.
11
St. Lawrence Corp., 4% preferred A
St. Louis Screw & Bolt, preferred
San Gabriel River
Improvement Co.
Schenley Distillers, pref. (quar.)
Scranton Lace Co (quar.)
Seeman Bros., Inc
Selby Shoe Co
3%
80c
$1
$3 33
(monthly).
10c
$153
1
Dec. 20iDec.
5
Dec. 15 Dec.
1
Dec.
l'Nov. 25
Nov. 24,Nov. 22
Jan.
75c
75c
Dec.
1233c
Dec.
Dec.
ljDec. 20
14Dec.
1
15 Nov. 30
5 Nov. 25
Volume
ONE HUNDRED—
149
Commercial & Financial
The
Per
Name of Company
Shattuck (Frank
G.) (quar.)
Siscoe Gold Mines (quar.)
Extra
Share
10c
3c
lc
,
Sontag Chain Sotres Co., Ltd7% preferred (quar.)
.
-
15c
-
tlX
12Hc
Boss Mfg. Co
Southeast. Greyhound Line, 6% conv. pref. (qu.)
30c
South Bend Lathe Works (extra)
South Perm Oil Co. (quar.)
40c
......
..
Extra
'
Southern Colorado Power 7 % pref
Southern Phosphate Corp
37Hc
$1H
$1
1
Dec. 21 Dec.
Dec. 15 Nov. 25
Dec.
1 Nov. 20
Dec.
Dec.
1
15 Dec.
1 Nov. 15
Dec. 20 Dec.
Dec. 15 Dec.
1
Artloom Corp., 7% preferred
Asbestos Corp. (quar.)
Extra.
Ashland Oil & Refining (quar.)
Dec.
Dec.
15 Dec.
Dec.
tlX
3H%
25c
Extra
30c
Stanley Works of New Britain (year-end)
Preferred (quar.)
3fUI
1
Sunset Oils, Ltd. (irregular)
-
Supersilk Hosiery Mills, 5% pref. (semi-annual)
Sutherland Paper Co_
Swan & Finch Oil, preferred (quar.)
2Hc
$2H
5
8 Nov. 30
Dec. 20 Dec.
Dec. 20 Dec.
10
Dec.
20
Jan.
1
15
Dec. 15
Dec. 15
Feb. 15
Dec.
Dec.
Jan.
30c
Dec.
37 He
Dec.
10
Nov. 29
15 Dec.
5
2 Dec.
15
15 Dec.
2
4 Nov. 20
15
15
15
15
Dec. 30 Dec.
50c
25c
-
Dec, 30 Dec.
Dec. 30 Dec.
Dec. 30 Dec.
Feb.
1 Dec. 18
Dec. 15 Nov. 30
1
Dec. 15 Dec.
Preferred
(quar.)
Temple Velocity Equipment, 7% preferred
Tennessee Central Ry. Co., 7% conv. preferredTexas-New Mexico Utilit es Co., 7% pref. (qu.)
Thermoid Co. $3 preferred
.
Union Pacific RR—
United Carbon Co
United Dyewood, pref. (quar.)
—
t$7
tlx
S2
$1H
-
75c
tlX
tlX
United Pacific Insurance Co. (quar.)_
United Public Service Corp
United States Graphite Co.
United States Potash (irregular).
5
2 Dec.
2
2
8
19
Dec. 18 Dec.
Jan.
2 Dec.
Dec. 29 Dec.
10c
Dec.
5c
.
11 Nov. 27
Dec. 30 Dec. 15
Dec.
20 Dec.
9
Dec. 20 Dec.
8
15 Dec.
1
Dec.
Veeder-Root, Inc
Wagner Electric Corp
Waldorf System, Inc. (quar.)
$2
SI
15c
Dec.
15c
Extra
Welch Grape Juice
Western Exploration (quar.)_
Western Utilities, preferred (quar.)
Weston (Geo.), Ltd
West Virginia Pulp & Paper
40C
2Hc
15c
20c
5c
—...
1
Dec. 20 Dec.
Dec. 20 Dec. 10
Dec. 20 Dec. 10
Dec. 11 Nov. 28
Nov.
Jan,
Jan.
_
—
_—_
Jan.
10c
Special
Dec.
10c
Wisconsin Investment
Wisconsin Power & Light Co., 6% cum.
Dec.
cum. preferred
Woodward & Lothrop
Dec.
Dec.
50c
...
SI X
tlx
pref—
7%
Dec.
tlx
tlx
7% preferred (quar.)
Woolf Bros., Inc., 7% pref. (quar.)
Yale & Towne Mfg. Co
15c
Dec.
Dec.
tsi
Jan.
Dec.
Nov.
50c
Dec.
15c
Special
Yellow & Checker Cab, class A..
Youngs town Steel Door
Preferred (guar.)
-—
tlX
15
15 Nov. 13
2 Dec. 15
2 Dec. 15
1 Nov. 17
5
1C Jan.
15 Nov. 25
15 Nov. 30
15 Nov. 30
28 Dec. 16
28 Dec. 16
1 Nov. 20
6
2 Dec.
18 Dec.
6
21 Nov. 27
Dec. 20 Dec.
35c
Winter & Hirsch, Inc. (quar.).
4
15 Dec.
4
Nov. 27 Nov. 10
30c
80c
-
15 Dec.
Dec.
Van Norman Machine Tool
Co
15 Nov. 30
Dec.
80c
43 Xc
div.)
Preferred (quar.)
Universal Commodity (monthly)
1 Nov. 21
Dec. 15 Dec.
Jan.
25c
25c
-
United States Tobacco Co. (year-end
Dec.
Jan.
15 Dec.
1 Dec.
1
16
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Below
we
Per
Name
Share
of Company
(quar.)
Extra.
■
Preferred (quar.)
Acme Steel Co. (quar.)
Extra...
Aetna Ball Bearing Mfg. (quar.)
Agricultural Insurance (Watertown, N. Y.)
Alabama Water Service Co. $6 pref. (qu.)
Alaska-Pacific Salmon Co., preferred (s.-a.)
—.
All Metal Products (resumed)
—
.....
--
Dec.
Dec.
Dec.
Dec.
Extra
...
(quar.)
—
Ltd
—
Preferred (quar.)
—
:
Dec.
...
Dec-
7% preferred (quar ) ,
American Arch Co. (irregular)
Dec.
Dec.
American Auotmobile Insurance Co.—
American Bakeries Co. class A (quar.)
(extra)
Dec.
Dec.
—
Class B (year-end)
7% preferred (quar.)
Dec.
—•-
American Brake Shoe & Foundry
Dec.
Dec.
Dec.
Co
Extra
5 X% conv. preferred (quar.)
American Business Shares, Inc
American Capital Corp., prior
Dec.
—
_
(quar.)
7% pref. A (quar.)
American Gas & Electric Co. (quar.)
Dec.
Feb.
Extra
Preferred (quar.)
American General Corp.,
20
5 Nov. 25
Dec.
1
Nov. 20
Dec. 15
Nov. 24
Nov. 15
31 Dec
15
15
31 Dec
1 Nov. 18
1
15 Dec.
27 Dec. 15
27 Dec. 15
27 Dec. 15
27 Dec. 15
8
21 Dec.
8
21 Dec.
8
21 Dec.
1 Nov, 15
1 Nov. 15
1
15 Dec.
15 Nov. 15
1
1
Dec.
Dec.
1
Dec.
1
Dec. 30
,
$3 preferred (quar.)-.
S2H preferred (quar.)..
$2 preferred (quar.)
.
American Hide & Leather .preferred (quar.)
American Home Products Corp. (mo.)—
Monthly
American Investments (111.) (quar.)
American Laundry Machinery Co. (quar.).
American Metal Co.—
Preferred (quar.).
teter Co
American Meter Co
American Paper Goods Co.—
7% preferred (quar.)
American Public Service, preferred
American Radiator & Standard Sanitary—
Preferred (quar.)
...—.—
American Rolling Mill, 4 H %*Preferred—
American Smelting & Refining Co. (quar.)
American Stores Co
—
—-American Sugar Refining preferred (quar.).
American Telephone & Telegraph (quar.)
American Thread, preferred (s.-a.)
_
1
Dec.
Dec.
Dec.
1
Dec. 15 Dec.
Dec. 29 Dec. 15
1 Nov. 20
Dec.
Dec.
1 Nov 25
Dec. 15 Nov. 15
pref. (quar.)
American Chicle Co
Year-end dividend
American Cigarette & Cigar pref.
American Dock 8% pref. (quar.)
American Envelope Co
15
1 Nov. 20
1 Nov. 15
Dec. 21
Dec.
1
1
Jan.
Dec. 19
Dec.
1
—
Aluminum Mfg. Co.. Inc. (quar.)
Class A
2
15
Jan.
Alpha Portland Cement
Aluminum Co. of Amer., preferred
6% preferred (quar.)
—:
Alumin am,
15
7
7
1 Nov. 15
2 Dec. 15
1
Dec. 15 Dec.
2 Dec. 15
Jan.
Dec. 22 Dec.
1*
Dec. 22 Dec.
1*
Allegheny Ludlum Steel, pref. (quar.)
Allied Laboratories (quar.)
Allied Mills, Inc..
Allied Stores Corp., 5% pref.
Allis-Chalmers Mfg. Co
Holders
When
Payable of Record
Dec.
1 Nov.
Dec. 23 Dec.
Dec. 23 Dec.
Jan. 15 Jan.
Dec. 12 Nov.
Dec. 12 Nov.
Dec. 15 Dec.
Jan.
2 Dec.
Abbotts Dairies, Inc. (quar.)
Abbott Laboratories
Jan.
9
Nov. 15
Nov. 15
Nov. 15
Jan.
Dec. 19
1 Nov. 14*
2 Dec. 14*
Dec.
Dec.
1 Nov. 22
Dec,
1 Nov. 17
Dec.
1 Nov. 15
Dec.
1 Nov. 17
Dec.
15 Nov. 29
Dec.
15 Dec.
5
Dec. 20 Nov. 30
tlX
t«lH
50c
25c
tlX
$2X
12 He
Dec.
1 Nov. 27
Dec. 15 Nov. 15
Nov. 29 Nov. 3
Nov, 28 Nov. 8
5
Jan.
2 Dec.
Jan.
15 Dec. 15
-Tan.
...
10c
liff
...
1 Nov
30
3P
$1H
25c
25c
75c
....
6% preferred (quar.)...
50c
*
Extra
Class A (quar.)
Class A (extra)
15c
35c
6% 1st pref. (qu.).
Atlas Corp
Nov. 25
Feb.
3
25c
$1
$3H
Atlantic Refining Co
25c
Tacony-Palmyra Bridge (quar.)
$1
Astor Financial Corp.. 1st prer. (semi-annual)__
Atlanta Birmingham & Coast RR. 5% pf.(s.-a.) Atlanta Gas Light, preferred (quar.)
Nov. 29
$1
50c
35c
...
Preferred (quar.):
Associated Dry Goods Corp.
tlX
15c
.....
Armstrong Rubber, A. & B
SI
40c
15c
Anglo-Canadian Telephone class A (quar.)..
Archer-Daniels-M idland
Armstrong Cork Co. (quar.).
.
5
3361
Per
Share
Company
Interim
1
15 Dec.
15 Nov. 30
1
15 Dec.
Dec.
Dec.
Name of
American Tobacco Co., com. & com. B
(quar.)__
Andian National
Corp., Ltd. (semi-ann.)_
Extra (both payable in U. S. funds)
-
15 Nov. 25
1 Nov. 20
S1H
-
Sparks Withington, pref. (quar.)
Sperry Corp.. voting trust ctfs
Staley (A. E.) Mfg. Co__.-_
$5 cumulative preferred (quar.)
7 % preferred (semi-annual)
Standard Oil of Kentucky (quar.)
Upson-Walton
Holders
When
Payable of Record
Dec.
Dec.
YEARS OLD
Atlas Powder Co
Atlas Press Co. (final)
Automotive Gear Work, Inc., preferred...
Baltimore Radio Show (quar.)
tlX
20c
82 He
5c
15c
6% preferred (quar.)
Bankers National Investing cl. A & B
8c
15c
Preferred (quar.)
Bangor Hydro-Electric 7% pref. (quar.).
6% preferred (quar.).
Barlow & Seelig Mfg class A (quar.)
Barnsdall Oil Co. (reduced)
Bastian-Blessing Co__
Bayuk Cigars, Inc
IX
IX
30c
15c
40c
...
...
18Hc
Special.
25c
1st preferred (quar.).
Beattie Gold Mines (interim)
tii
Beau Brummell, Inc
tlx
15c
10c
Beaunit Mills, Inc.,
$1H cum. conv. pref
Beech-Nut Packing Co. (special)
...
75c
Belden Mfg. Co
Belding-Corticelli. Ltd. (quar.).
Preferred (quarterly)......
Bendix Aviation Corp
Beneficial Loan Society (Del.) (quar.)
Bensonhurst National Bank (Brooklyn, N. Y.)._
Berghoff Brewing (quar.)
Bethlehem Steel
5% preferred
(quar.j.
7 % preferred (quar
Bigelow-Sanford Carpet
Preferred (quar.)
;.
Bird & Son, Inc., 5% preferred (quar.)
Birmingham Gas. preferred (quar.)
Birmingham Water Works Co. 6% pref. (qu.)..
Blocb Bro. Tobacco pref. (quar.)
...
Blue Ridge Corp. $3 preferred (quar.)
,
—..
Stock or cash.
Bon Ami Co. class A (extra)
Class B (extra)
t75c
%
Dec.
Dec.
Dec.
Dec.
Dec.
1 Nov.10
1 Nov.20
1 Nov, 20
1 Nov. 15
1 Nov. 20
Dec. 15 Dec.
1 Nov.
Dec.
Dec.
5 Nov.
1 Nov.
Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 20 Dec.
Dec. 15 Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
1 Dec.
2 Dec.
15 Nov.
4 Nov.
1 Nov.
11 Nov.
11 Dec.
Nov.
Nov.
1 Nov.
Jan.
Jan.
12Hc
75c
25c
$1
25c
%IX
tlX
tix
87 He
S1H
tlx
75c
Dec.
Dec.
Boss
Nov.
Dec.
;..
Boston Wharf
Dec.
Dec.
Boston Woven Hose & Rubber Co
Preferred (quar.)...
;
Bower Roller Bearing
Brewer (C.) & Co. (monthly)
Dec.
Dec,.
Dec.
...
Dec.
Dec.
Preferred (quar.)
Bristol-Myers Co. (quar.)
...—
Brockway Motor Co., Inc. (initial)....
Brooklyn Edison (quar.)..
......—-
Dec.
Nov.
Nov.
Nov.
Dec.
—
Bullock's
Inc
—
—
-
...
— — -
— —
......
Preferred
—
.......
(quar.)
...
7% preferred (quar.)
(resumed)
California Art Tile Corp. class A preferred-.—.
Canada Cement 6 H % preferred
........
Canada & Dominion Sugar Co., Ltd.—
New (quar.)
—
—
(Extra)
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 Mai art ic Gold Mines, Ltd—
Canadian Wineries Ltd—....
....
Canfield Oil Co—
.....
6% preferred (quar.)—
—
Carman & Co., Inc., class A.—
Class A
(guar.).-.
Carolina Telep.
—
& Teleg. Co. (quar.)
Catalin Corp. of Amer. (resumed)—
.-a.)
Catelli Food Products (s.
Extra,
5% preferred (s.-a.).
Caterpillar Tractor (quar.)
Celanese Corp. of America, common—.—...
A common stock div. at rate of 1 share for
40 shares held
—-——
7% cum. prior preferred (quar.)—.
7% cum. 1st partic. preferred (s.-a.)
Celluloid Corp. 1st partic. preferred...
Central Arkansas Public Service Corp.
7% preferred (quar.)
—
Central Cold Storage (quar.).--..
Central Illinois Public Service $0 preferred
6% preferred
Central Ohio Light & Power, pref. (quar.).
Central & Southwest Utilities $7 preferred
$6 preferred
—Central Tube
Champion Paper & Fibrepref. (quar.).
Chartered Investors, prer. (quar.)..—...
Chesebrough Mfg. Co. (quar.)
—
Extra
—
Chestnut Hill RR. Co. (quar.)
Chicago Corp., preferred...
Chicago Mail Order Co......
——..
Chicago Yellow Cab
...
Cine. New Orl. & Tex. Pac. Ry. pref. (quar.)...
rMncinnatlnnionTerminal 5% prei. (quar.)..
City Ice & Fuel
Preferred
1
Nov. 30
Nov. 15
Nov. 20
Nov. 10
Nov. 10
—
(guar.)
City of New Castle Water Co. 6% pref. (qu.) —
Dec.
1
Dec. 20
Nov. 13
Nov. 10
Nov. 24
Nov
24
Nov. 11
Nov.
4
Nov. 8
Nov. 8
15 Dec.
1
1 Nov. 10
t$2.173 Dec.
Nov. 29 Nov. 15
SI
Dec.
1 Nov. 10
t25c
Dec. 20 Nov. 30
tlX
sm
M.) Co. 7% preferred..—-
Calhoun Mills
>ec
Nov.
Dec.
Dec.
...
Butler Water Co.
Byers (A.
1
Nov, 29
Nov. 14
Nov. 22
Dec.
1
1
Dec.
Dec.
8
Dec. 20
1
Dec.
Nov. 30
Nov. 24
■
,
Burroughs Adding Machine....
Butler Bros, (interim)
...—
Dec.
Dec.
Nov. 20
Dec.
Dec.
Dec.
— -
Bunker Hill & Sullivan Mln. & Concent'g
Bunte Bros
nrefujTffd (quar.)
Burkard (F.) Mfg. Co
15
15
Nov. 20
Nov.
0
Jan.
—
2 Dec.
2 Dec.
11 Nov. 18
1 Nov. 20
29 Dec. 29
Dec.
Dec.
—
—
5
20
15
15
Dec.
—
Buckeye Pipe Line Co
Bucyrus-Erie Co. (interim)
Preferred (quar,)
17
17
30
Dec.
Brooklyn Teleg. & Messenger Co. (quar.)—...
Brooklyn Union Gas...
.....
Brown Shoe Co
1
12
15
21
5
15 Dec.
1 Nov. 10
2 Dec.
8
Jan.
2 Dec,
8
Dec.
1 Nov. 14
Dec.
1 Nov. 14
Dec.
1 Nov. 20
1 Nov. 20
Dec.
Dec. 15 Dec.
1
Dec. 26 Dec. 20
Dec.
1 Nov. 6
Dec.
Extra
11
Dec.
Dec.
Jan.
Dec.
Brewing Corp. of America (quar.)
Bright (T. G.) & Co. (quar.)..
15
15
15
Nov. 25 Nov. 10
Nov. 25 Nov. 10
2 Dec. 11
Jan.
Jan.
2 Dec. 11
Dec.
1 Nov. 16
Dec.
9 Nov. 24
Nov, 25 Nov. 10
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Jan, 15 Dec. 31
Dec.
7 Nov. 20
1 Nov. 14
Dec.
Dec.
1 Nov. 15
Dec. 15 Nov. 22
Dec.
1 Nov. 20
Borne Scrymser Co
Manufacturing Co
1
8
20
11
Dec.
1 Nov. 10
Dec. 21 Dec.
5
Dec.
Dec.
«Jpl
—-
....
Holders
When
Payable of Record
Dec.
Dec.
37 He
1 Nov. 15
25c
1 Nov. 15
1 Nov. 15
J30c
15 Nov. 30
15 Nov. 30
15 Nov. 30
2 Dec. 15
2 Dec. 15
1 Nov. 15
15 Nov. 28
12 Nov. 30
20 Dec. 18
23 Dec, 18
1 Nov. 15
1 Nov. 15
21 Dec. 14
15 Dec.
1
30 Nov. 20
30 Nov. 20
30 Nov. 20
Nov. 15
Nov. 17
Dec. 22 Nov.
Jan.
1 Dec.
Dec. 31 Dec.
Dec.
1 Nov.
17
15
15
17
Nov. 15
Dec.
5
Nov. 20
Nov. 20
Nov.
1
Nov. 30
Nov. 30
Nov. 15
Dec. 15
Nov,
1
Nov. 24
Nov. 24
Nov. 20
Nov. 15
Nov. 10
Nov. 20
Nov. 15
Dec. 18
Dec.
1
Nov. 24
Nov. 20
3362
ONE HUNDRED —The Commercial
10c
4% guaranteed (quar.)
Coast Counties Gas & Elec. Co. 6% pref.
(qu.)_
8TJK
SIX
75c
■
Coca-Cola International Corp. common
Class A(s.-a.)
Colgate-Palmollve-Peet pref. (quar.)
(Extra)
Dec.
Dec.
25c
Colonial Finance Co. (Lima, O.) 5H
% pf.(qu.)_
Colt's Patent Fire Arms (quar.)
SIX
50c
—
Extra
Columbia Brewing Co. (resumed,
quar.)
15 Nov. 25
15 Dec.
1
Dec.
HP
50c
Collins & Aikman
Preferred (quar.).
$2 A
30c
25c
Extra
45c
$1X
15 Dec.
15 Dec.
Jan.
1
Dec.
_
15 Nov.
1 Nov.
1 Nov.
Dec.
1 Nov.
Dec. 20 Dec.
Dec. 20 Dec.
Dec.
1 Nov.
Dec.
1 Nov.
21
21
(quar.)
Coniarum Mines, Ltd
Connecticut Lt. & Power Co. 5X
% pref. (qu.)__
50c
$1*
6c
(Quarterly).
Connecticut Power Co. (quar.)
Connecticut River Power Corp.
6% pref. (qu.)_
Consolidated Cigar Corp., 7 % pref
Consolidated Diversified Standard Securities—
S2X non-cum. preferred (semi-annual)
Consolidated Edison Co. of N. Y., Inc
Consolidated Film Industries, preferred
Consolidated Paper Co
Continental Assurance Co.
(Chic., 111.) (qu.)
Continental Can Co., S4X preferred
(quar.)
Continental Casualty (Chicago)
62 Ac
37*c
1
15
15
t25c
25c
50c
$1*
(quar.)
30c
30c
Continental Steel 7% pref.
(quar.)
Cook Paint & Varnish
$1*
(quar.)
15c
15c
Preferred (quar.)
Copperweld Steel Co. (quar.)
5% cum. conv. preferred (quar.)
Cosmos Imperial Mills. Ltd. pref.
(quar.)
Crane Co., 5% conv. pref.
(quar.)
Creameries of America, Inc.,
pref. (quar.)
$1
20c
62 Ac
88
Creole Petroleum
Extra
Crown Cork & Seal Co., Inc.,
$2* pref. (quar.)
Crown Drug Co
Crown Zellerbach
Corp., $5 cum. pref. (qu.)
Crum & Forster pref. (quar.)
Crum & Forster Insurance Shares
A&B (quar.)
A and B preferred
(quar.)
Cuneo Press. Inc., pref.
(quar.)
Curtis Publishing Co., $7
pref. (quar.)
Curtis-Wright Corp. class A
Cushman's Sons, Inc., 7%
preferred
Darling (L. A.) Co. (irregular)
87 Ac
25c
25c
56 Xc
5c
30c
$1*
$1*
$1*
$1
t$lX
David-Boutell preferred (quar.)
Dayton Power &
Light4X% preferred (quar.)-_
Debenture & Securities Corp. of Can.
5% pref__
Deere & Co
Preferred (quar.)
Denver Union Stock Yards Co.
5H% pref. (qu.)
Deposited Bank Shares of N. Y. series A
(s.-aj
Payable in stock
Derby Oil & Refining $4 pref
$4 preferred
Detroit Gasket & Mfg. 6% preferred
_
_
15
30
23
15
15
15
15
Dec.
5dc
20c
$2*
75c
35c
$1H
2X%
1 Nov. lo
1 Nov. 15
15 Nov. 30
15 Nov. 10
Dec. 27 Dec.
5
Dec.
1 Nov. 20
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Nov.
30 Dec.
2 Dec.
1 Nov.
15 Nov.
15
11
15
15
22 Dec.
lo
29 Nov. 20
Nov. 29 Nov. 20
Nov. 29 Nov. 20
Dec. 10 Dec.
1
Dec. 10 Dec.
1
Jan. 15 Dec. 30
Dec. 15 Dec.
1
Dec.
1 Nov. 10
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec. 15 Nov. 30*
Dec. 15 Dec.
5
Dec.
1 Nov. 15
Dec. 26 Dec. 15
Nov. 30 Nov. 17
Nov. 30 Nov. 17
Dec. 15 Dec.
1
Dec. 20 Nov. 20
Dec. 15 Nov. 30
Dec.
1 Nov. 20
Nov. 25 Nov. 20
Jan.
2 Dec. 15
Dec.
1 Nov. 20
Jan.
2 Dec. 23
Dec.
1 Nov. 15
Dec.
1 Nov. 15
Dec.
1 Nov. 20
Jan.
2 Nov. 15
Detroit Hillsdale & South Western RR.
(s.-a.)__
Dexter Co
ill
Diamond Match Co. common
$2
30c
Dec. 15 Dec.
1
Mar. 15 Mar.
1
Dec.
1 Nov. 15
Jan.
5 Dec. 20
Dec.
1 Nov. 10
Participating preferred (s.-a.)
Dictaphone Corp
25c
Dec.
75c
(quar.).
Preferred
Dr. Pepper
Extra
$1
$1
30c
$1
$2
(quar.)
Corp. (quar.)
40c
50c
(Increased quar.)..
Dome Mines Ltd. (quar.)
30c
50c
Dominguez Oil Fields
Dominion & Anglo Investment
Ltd.—
5% preferred (quar.)
Dominion Coal Co., preferred
(quar.)_
Drayton Mills
Dresser Mfg. Co. (initial)
25c
38c
30c
75c
Eagle-Picher Lead (resumed)
Preferred (quar.)
Eagle Warehouse & Storage' r
esumed).
East St. Louis & Interurban
Water Co.-
20c
$1*
$1*
7% preferred (quar.).
6% preferred (quar
•.)Eastern Massachusetts Street
Ry. Co. 1st pref. A
Eastern Shore Public
Service, pref. (quar.)
$6 preferred (quar.)
Eastman Kodak Co.
(quar.)
Preferred (quar.).
Eaton Mfg. Co
Electric Boat Co
IIIIIII
Electrographic Corp. (quar.)
Preferred
(quar.)
Electrolux Corp.
(final)
-IIIIIIIIIIIII
El
Electric (Dela.) 7% preferred A
(quar.)I
6% preferred B (quar.)
$6 preferred (quar.)
El Paso Natural
Gas, 7% pref. (quar.)
Ely & Walker Dry Goods..
___A_IIIIII
Empire & Bay State Telep.
(quar.)
Empire Capital Corp. class A
(quar.)
Ill
.
_
BXtra
$11
.
m
m
mm em
Empire Power Corp. $6 cuml
pref." (quar.) 111111
Participating
stock
Emporium Capwell
4
I
X?? Eeady Co. (G. B.), Ltd.,
Preferred
(semi-annual)
Fairbanks Morse & Co
ord. stock (s.-a.)_
IIIIIII.III
Extra
Fajardo Sugar of Porto
Falstaff
Extra
RicoIIIIIII
Brewing (quar.)
Preferred
Fansteel
I.
IIIII
Metallurgical Corp. pref. (quar.).IIII*
Federal Bake Shops
(semi-annual)
III
5% preferred (semi-annual)
Federal Compress & Warehouse
Co. (quar )
Stock dividend
"
Extra stk. div. on com. A & B in
com. A&B
at the ratio of 1 sh. for
each 25 shs.
5X% cumulative preferred (quar.)
Nov. 15
Dec. 15
15 Nov. 14
15 Dec.
1
8 Nov. 24
1
Dec. 15
1 Nov. 21
Dec.
1 Nov. 20
Dec.
1 Nov. 20
Dec. 15 Dec.
1
Dec.
1 Nov. 10
Dec.
1 Nov. 10
Jan.
2 Dec.
5
Jan.
2 Dec.
5
Nov. 25 Nov.
8
Dec.
8 Nov. 22*
Dec.
1 Nov. 24
Dec.
1 Nov. 24
Dec. 15 Nov. 15
Jan. 15 Dec. 29
Jan. 15 Dec. 29
Jan. 15 Dec. 29
Dec.
1 Nov. 18
Nov. 27 Nov. 16
Dec.
1 Nov. 20
Nov. 30 Nov. 15
Nov. 30 Nov. 15
Dec. 15 Dec.
1
Dec. 11 Dec.
1
2 Dec. 22
6*c
9
Dec.
1 Nov.
Dec.
1 Nov.
Dec.
1 Nov.
Dec. 15 Nov.
Jan. 10 Nov.
Dec. 22 Dec.
II"""
Finance Co. of Amer.
(Bait.), class A and B
Dec.
18
Dec. 30 Dec.
Extra
Federal Light & Traction
Co., pref. (quar.)
Ferro Enamel
Dec.
Jan.
Nov.
Dec. 30
Nov. 17
Nov. 29 Nov. 15
Nov. 29 Nov. 15
Apr.
1 Mar. 18
Dec. 18 Dec. 15
Dec. 30 Dec.
9
...II
(semi-annual)
Dec.
Jan.
Dec.
Dec.
Nov. 18
Nov. 18
Dec
1-2-40
21
Dec.
1 Nov. 15
Dec.
1 Nov.
6
Dec.
1 Nov.
6
Dec.
1 Nov. 15
Dec.
1 Nov. 10
Dec.
1 Nov. 10
Dec.
1 Nov. 15
Equity Corp., $3
Faber, Coe & Gregg
(quar.)
10
3-1-40 2-10-40
Dec.
1
Dec.
1
Dec.
1
Dec.
1
Dec
1
Jan. 20
Nov. 30
Jan.
A % preferred \ (quar.).
"111111111111
conv. pref.
(quar.)
II
1 Nov
18
18
15*
27
27
12
Nov. 30 Nov. 20
Dec. 22 Dec. 12
SIX
SIX
1%
N. J.) (qu.)__
Dec.
Dec.
25c
Dec.
Dec.
2Xc
5c
50c
$2
Preferred (quar.)
Gatineau Power Co. (quar.)
Extra.
-
20c
Dec.
Dec.
5
Dec.
Dec.
Dec.
15
Dec.
Dec.
1
Dec.
Dec.
1
Jan.
Dec.
1
10c
Dec.
Dec.
Nov. 28
Nov. 28
68*c
75c
1
Nov. 15
Jan.
2c
Dec.
2c
Cigar, common (quar.)
d (quar.)
Dec.
$1*
Dec.
Dec. 20
Dec.
1
Dec.
1
25c
rr
Finance, pref. (semi-ann.)
General Gas & Electric Corp. (Del.), $5
pref. qu)
3
c
15c
$1*
$1*
$1*
$5 preferred (quar
General Shareholding, preferred
(quar.)
Option div. cash or common stock.
Globe Democrat Publishers, preferred
(quar.)..
Gold & Stock Tel eg. (quar.)
Golden Cycle (quar.)..
Golden*State Co.. Ltd. (initial
quar.)
Goodrich (B. F.) Co.
Goodyear Tire & Rubber Co
$5 convertible preferred (quar.)
Granby Consol. Mining. Smelting & Power Co..
Great Atlantic & Pacific Tea
•
Nov. 25
Nov. 15
Jan.
Dec.
Feb.
Dec.
$1*
Dec.
25c
$1*
Dec.
Dec.
$1*
Dec.
50c
Dec.
Dec.
75c
43 He
25c
18c
Hailnor Mines (irregular)
Hamilton Watch preferred
(quar.)
Hammermill Pan*1)' Co.. cum. pref.
Hancock Oil (Calif.) class A&B
(quar.)_i__
(quar.)
$1*
$1*
20
1 Nov.
11
2 Jan.
SIX
SIX
Hackensack Water Co. (semi-annual)
Preferred (quar.)
Hale Bros. Stores (quar.)
1 Nov.
Dec.
Jan.
25c
S5X preferred (quar.)
1 Nov. 15
1 Nov. 10
1 Nov. 10
1 Nov. 20
Dec.
SIX
Corp
States Utilities, $6 pref.
(quar.)
18 Dec.
4
15 Nov. 15
15 Nov. 15
Dec.
40c
nx
Gulf Oil
11 Nov. 30
15 Jan.
5
Jan.
Dec.
Dec.
$1
Nov. 20
2 Dec. 30
Dec.
25c
Griggs Cooper & Co. 7% preferred (quar.)
1
Jan.
20c
Green Mountain Power Pfd..
15
Nov. 16
Jan.
8
Nov. 15
Dec.
Dec.
■$154
$1*
$1
Preferred (quar.)
Great Northern Paper
Extra
Nov. 27
Nov. 15
Nov.
Dec.
SIX
General Instrument
(initial)
General Motors Corp
Dec.
Dec.
$154
General
2
15 Dec.
1
15 Nov. 29
15 Nov. 29
Dec.
Dec.
14
Dec.
11
15
1 Nov.
31 Dec.
1 Nov.
Dec.
1 Nov.
Dec.
1 Nov.
Jan.
2 Dec.
Dec.
15
17
15
50c
(extra)
Hanley (James) Co., 7% preferred (quar.)
Hanna (M. A.) Co., $5 cum. pref.
(quar.)
Harbison-Walker Refractories
Dec.
1 Nov. 15
25c
Class A&B
Dec.
Dec.
1 Nov. 15
1 Nov. 15
87 Xc
SIX
50c
Preferred
(quar.)
Hart-Carter Co. $2 conv. pref.
(quar.)
IIavertv Furniture Cos., Inc.
$1*
50c
5c
$1*
$1*
dividend)
Heyden Chemical Corp
40c
Extras
40c
15c
HIbbard. Spencer. Bartlett & Co.
(monthly)
Hires (Chas E.) Co. cDss A
(auar.)
Ho hart Mfg. Co., class A
(quar.)
50c
37 Xc
Hollinger Consol. Gold Mines (monthly)
5c
Dec.
1 Nov. 16
Dec.
1 Nov. 16
Jan.
20 Tan.
6
Nov. 25 Nov. 15
Nov. 25 Nov. 18
Jan.
2 Dec. 15*
Dec. 15 Dec.
1
Dec.
1 Nov.
Dec.
1 Nov.
Dec. 29 Dec.
Dec.
1 Nov.
24
24
19
15
1 Nov. 17
Dec.
A
(A. C.) Co. 7%
2 Nov. 18
1 Nov. 15
1 Nov. 10
50c
37Xc
SIX
preferred (quar.)
i. pr
partic. pref.(qu.)
6% non-cum. 2d partic. pref.
(quar.)_
Horn & Hardart (N. Y.),
pref. (quar
Howey Gold Mines (irregular)
Hudson Bay Mining &
Smelting
Humble Oil & Refining Co
Huntington Water Co., 7% pref. (quar.)
6% preferred (quar.)
Hussman-Ligonier Co. pref. (quar.)..
1 Nov. 15
1 Nov. 22
Dec.
Dec.
Dec.
1 Nov. 15
45c
2c
$1
62 Xc
SIX
SIX
6SXc
S3X
(s.-a.)
Imperial Chemical Industries (interim)
Imperial Life Vssurancc (Can.) (quar.)
Imperial Oil, Ltd. (semi-ann.)
25c
Extra
12 Xc
Indianapolis Water Co., 5% pref. A
(quar.)
Ingersoll-Rand Co
1 Nov. 15
1 Nov. 10
Dec.
1 Nov.
1
Dec. 11 Nov. 17
Dec. 26 Nov, 25
Dec.
1 Nov. 20
Dec.
1 Nov.
20
Dec. 30 Dec. 20
Jan.
1 Dec. 20
Dec. 30 Dec. 22
Jan.
5 Dec. 11
Dec.
8 Sept. 27
1-2-40 Dec. 30
Dec.
1 Nov. 17
Dec.
1 Nov. 17
SIX
International Harvester Co.
(quar.)
Preferred (quar.)
International Nickel Co. (Can.)
Payable in U. S. funds.
International Ocean Telegraph (quar.)
International Petroleum, Ltd.
Jan.
2 Dec.
M
Inland Steel Co
Dec.
Dec.
1 Nov. 10
1 Nov. 14
12*
40c
Jan.
15 Den.. 20
$154
50c
Dec.
Dec.
1 Nov.
30 Dec.
SIX
(semi-ann.)__
Jan.
1
1
Dec. 30
75c
Iron Fireman Mfur Co
quar >.
Iron wood & Bessemer
Ry. & Lt.
Island Mountain Mines
Jantzen Knitting Mills,
Nov. 20
Dec.
Nov.
25c
International Shoe Co. (extra)
Internationa] Teleg. (Maine) semi-annual)
Dec.
75c
Preferred (semi-ann.)
Nov.
Nov. lO
Dec. 15
1.33 1-3 Jan.
30c
Dec
7% pref. (qu.)_
5% preferred (quar.)
*\X
t7c
SIX
Inc. (quar.)
Common (final)
10
Nov. 15
Dec.
1
Nov. 25
Dec.
6
Dec.
Dec.
25c
Dec.
$1
Dec.
Dec.
1
Nov. 20
53
>3
$4
37 *c
12Mc
(quar.)
Preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)
Kellogg Co. (final)
Kellogg & Sons (irregular)
Keinix-r Thomas. 7% sixvial pref
(quar.T..
Kendall Co. cum. & partic. pref., ser. A
$1*
40c
-
(qu.)__
Kennedy's, Inc
Dec.
$1
Series A 6% cumu. preferred
Series B 6% non-cumul. preferred
Series C 6% non-cumul.
preferred
Kansas Pipe Line & Gas Co.
pref.
Katz Drug Co (quar.)
Nov
Dec.
Dec.
Dec.
20
$1
Joy Mfg. Co. (quar.)
Kansas City Southern Ry.,
pref
Kansas, Oklahoma & Gulf Ry. Co.—
Key West Electric Co., preferred.
Kimberly-Clark Corp
Kingston Products, preferred (quar.)
Klein (D. Emil) Co
Knickerbocker Fund
Kroger Grocery & Baking Co
6
Dec.
Nov. 21
Dec.
Nov. 21
Dec.
Nov. 21
Jan.
1 Dec. 15
Dec. 15 Nov. 29
Jan.
Dec. 15
Dec.
Dec.
1
Nov 22
Dec.
_
Dec.
$1
Dec.
SIX
Dec.
Nov.
Nov. 24
Vnv
21
Jan.
Nov. 10*
Nov. 10
Nov. 15
Dec. 12
$1*
Dec.
Nov. 20
25c
8c
Nov.
40c
Dec.
1 Nov. 10
Dec.
Jan.
Nov. 10
Dec. 20
Jan. 17
20c
t$l*
25c
25c
(quarl)
(quar.)
Dec.
Dec.
8*c
$1*
Huston (Tom) Peanut Co.
pref. (semi-ann.)
Huttig Sash & Door Co pref. (quar.)
Illinois Central IiR. leased line
Extra
Dec. 15 Dec.
5
Nov. 25 Nov. 20
30c
non-cum.
Jewel Tea Co.,
2 Nov. 18
Dec.
Dec.
Dec.
15c
Home Fire & Marine Insurance
(quar.)
Homestake Mining
(monthly)
Hooven & Allison Co.. 5%
Hoover Ball & Bearing
Dec..
5c
25c
Extra
Holophane Co
Holt. (Henry) & Co.. nrofeTed
6% preferred
7% preferred
(Final)
5
Dec.
5
Nov. 14
Nov. 14
Nov. 20
$1.38
Preferred (quar.)
Horn
15
25
Jan.
5c
—
General American Co. (quar.)
General American Investors Co., Inc., pref
General Box Co. (semi-annual)
Extra
Hazel-Atlas Glass Co
Hazel tine Corp. (year-end
15
$1*
-«-■
5% preferred (quar.)
5X% preferred (quar.)-.
Gay lord Container
Gulf
15
20
Dec.
Dec.
Dec.
Dec.
17*c
31*c
23
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
25c
—
5
15
20
27
Dec. 20
Dec.
Dec.
-
Pref
Dec.
15c
Holders
Dec.
Nov.
Nov.
Dec.
Dec.
Dec.
25c
Extra
General
Dec.
Dec.
Dec.
$1*
87 Xc
Dredge & Dock
Corp. 7 % preferred A (quar.)
7% preferred (quar.)
Ford Motor Co. of Canada A&B (quar.)
FranKenmuth Brewing (quar.)
1939
Payable of Record
Jan
8l18
*
Extra
Fulton Market Cold Storage Co. 8% pref.
(qu.)_
Garfinkel (J.) & Co. (initial)
1
1 Nov.
Dec. 15 Nov.
Dec. 31 Dec.
Dec.
1 Nov.
Dec.
1 Nov.
Jan.
1 Dec.
Dec.
1 Nov.
Dec.
First National Bank (Toms River,
First State Pawn Society (quar.)
Fishman (M. H.) Co. (quar.)__
Freeport Sulphur (quar.)
8 Nov. 24
1 Nov. 24
Dec.
50c
20
Dec.
$1*
$1*
Indemnity (quar.)
Rubber, preferred (quar.)
21
'Dec. 15 Nov. 28
$1.06* Dec. 15 Nov. 28
Nov. 29 Nov. 18
$1*
Dec.
1 Nov. 15
$1*
25c
Fireman's Fund
Firestone Tire &
First Holding Corp. (Pasadena) 6% pref.
(qu.)._
First National Bank of Jersey City (quar )
25,
When
Share
Florida Power
Dec.
Dec.
Dec.
Dec.
Dec.
Name of Company
Fitz Simons & Connell
15 Dec.
15 Dec.
Dec.
$1
-
Commonwealth Utilities Corp. 6>X% pf • C
(qu.)
Compania Swift Internacional (quar.)
Compressed Industrial Gases
Confederation Life Assoc. (Toronto)
Extra
Dec.
Dec.
$2 X
---
Columbia Broadcasting class A&B
Columbian Carbon Co. (final)
Commercial Credit Co. (quar.)
Preferred (quar.)
Commoil Ltd. (irregular)
2 Dec. 20
Dec. 23 Dec. 15
Dec.
1 Nov. 10
Dec.
1 Nov.10
SIX
$23.40
$3
„
m
Jan.
$1H
Nov.
Per
of Record
Coca-Cola Co
Extra
Chronicle—YEARS OLD
Holders
Name of Company
Clearfield & Mahoning RR.
(semi-ann.)
Cleveland Builders Realty Co
Cleveland & Pittsburgh 7% gtd.
(quar.)
Year-end dividend
OldSS A (S "*ft j[
& Financial
Dec.
Dec.
$1H
$154
!Feb.
40c
Dec.
Dec.
Nov.
Dec.
19
1
1
-
Volume
ONE HUNDRED—
149
Commercial & Financial
Per
Name of Company
Share
Knudsen Creamery Co., $1H class A
KobacKer 8,ores, pref. (quar.)
Kresge (S. S.) Co__
cum.
preferred
cum.
preferied
(quar.)
(quar.)
1
15 Dec.
1
(quar.)
20 Dec.
1
2 Dec. 14
1 Nov. 15
$1M
1 Nov. 20
$1M
15 Nov. 20
1 Dec.
13c
1 Nov.
60c
3
.
1 Nov. 14
1 Nov. 14
1 Nov. 14
$1
$1
$1
¥ (quar.)
3
1 Nov.
40c
Li^ett & Myers Tobacco (quar.)
15
$1
30c
Lincoln Service Corp. (quar.)
t—-
6% participating preferred (quar.)
6 % participating preferred (extra)
7% prior preferred (quar.)
Lincoln Stores, Inc. (quar.)
Preferred (quar.)
Lindsay Light & Chemical
'
1 Nov. 14
1
15 Dec.
25c
12 Nov. 30
37 He
25c
Lily-Tulip Cup (quar.)
12 Nov. 30
87 He
12 Nov. 30
12 Nov. 30
25c
1 Nov. 22
10c
25c
Link Belt Co. (quar.)
Preferred (quar.)
1 Nov. 22
$1M
27 Nov.
6
1 Nov. 10
2 Dec. 15
15 Dec. *2
SIM
Lionel Corp. (interim)
Little Long Lac Gold Mines
Little Miami RR., original capital (quar.)
Special guaranteed (quar.)
Loblaw Groceterias A and B (quar.)
-
25c
JlOc
11
$1.10
50c
25c
1 Nov. 10
12Hc
$1H
30c
(extra)
Lock Joint Pipe (monthly)
Lone Star Gas (year-end div.)
9 Aug. 24
9 Nov. 24
1 Nov. 10
30 Dec. 20
22 Nov. 22
Longhorn Portland Cement Co.—
5% refunding partic. preferred (quar.)
Dec.
Dec.
Extra
1 Nov. 20
1 Nov. 20
Loose-Wiles Biscuit Co.,5% pref. (quar.)
Jan.
Lord & Taylor. 1st pref. (quar.)
Louisiana Land &, Exploration Co
Dec. '
Louisville Gas & Electric, class A (quar.)
Class B (quar.)
Dec.
Dec.
1 Dec. 18
1 Nov. 27
1*
15 Dec.
23 Nov. 30
23 Nov. 30
Dec.
22 Nov. 27
Dec.
Louisville & Nashville RR. Co
Ludlow Mfg. Assoc
Lunkenheimer Co
pref. (quar.)
Dec.
1 Nov.
Dec.
4
23
2 Dec.
15
1-2-40
,
Lynch & Abington Teleg. (semi-annual)
Mct'latchy Newspaper, /% pref. (quar.)
Mclntyre Porcupine Mines (quar.)
Jan.
Nov. 30 Nov. 29
Dec.
Jan.
McWatters Gold Mines (quar)
Mabbett (Geo.) & Sons Co., 7%
1 Feb.
June
j
Quarterly
McKenzie Red Lake Gold Mines
Extra
2 Nov.
Mar.
Extra
1 Nov.
1 May
1
Sept. 3 Aug.
Dec, 15 Dec.
(quar.)
Dec.
1st &2dpf. (qu)
15 Dec.
Jan.
15 Jan.
Jan.
2 Dec.
Dec.
1 Nov. 10
20
Nov. 30 Nov. 17
Dec. 15 Nov. 28
Dec.
15 Nov. 30
Manhattan Shirt Co
Dec.
1 Nov. 10
Ectra
Manischewitz (B.) Co., preferred, (quar.)
Marconi International Marine Comm. Co.
Dec.
1 Nov. 10
1, Dec. 20
Jan.
Ordinary registered (interim)
Am. dep. rec. for ord. reg. (interim)
Maryland Fund, inc. (increased)
Masonite Corp
May Dept. Stores Co. (quar.)
May Hosiery Mills (quar.)
Preferred (quar.)
Mead Corp., $6 preferred A (quar.)
$5 H preferred B (quar.)
Mercantile Acceptanc (Calif.),6% pref. (qu.)_.
5% preferred (quar.)
.25 Nov.
1
2 Nov.
3
15 Nov. 30
9 Nov. 15
1 Nov. 15
1 Nov. 24
1
20
9 Nov. 28
1 Nov. 15
1 Nov.
1
15 Dec. 29*
15 Dec.
29*
1 Nov. 24
—
15 Nov. 27
Mid-West Refineries. Inc. (quar.)
20 Dec.
2 Dec. 26
pf. (qu.)_
Nov. 20
Nov. 20
Nov. 20
Nov. 20
Dec.
1 Nov. 20
Dec. 15 Nov. 24
Nov. 28 Nov. 22
Jan.
Jan.
Dec.
2 Dec. 20
2 Dec. 20
1 Nov. 21
Dec.
15 Dec.
11
15 Dec.
1
Dec.
Nov. 15
Preferred (quar.)
New England Public Service—
SIM
$7 prior lien preferred
$6 prior lien preferred
New Jersey Zinc
New Orleans Public Service, $7
preferred
(semi-ann.)
Muncie Water Works Co.. 8% pref. (quar.)>.._
Murphy (G. C.) (quar.)
Muskogee Co., common
6% cumul. pref. (quar.)
Muskegon Piston Ring Co
Mutual Chemical Co. of Amer., 6% pref. (quar.)
National Automotive Fibres, new pref. (initial).
National Aviation Corp
National Biscuit Co. (quar.)
(quar.)
National Bond & Share Corp. (special)
National Dairy Products (quar.)
Dec.
Dec.
1
Dec.
Dec.
1
Dec.
Nov. 20
Dec. 23iDec.
8
Dec.
15'Dec.
1
Dec. 30
Dec.
Nov. 22
Dec.
Extra
Nov. 24
Nov. 10
Dec.
12
Dec.
Dec.
North American Aviaiion, Inc
North Pennsylvania RR. (quar.)
Northam Warren preferred (quar.)
Dec. 12
Nov. 20
Dec.
Noranda Mines, Ltd. (interim)
Norfolk & Western Ry. (quar.)
Dec.
4
Nov. 20
Dec.
Northeastern Water & Electric, preferred (quar.)
Northern Empire Mines (irregular)
Northern Pipe Line Co
Northland Greyhound Lines, Inc
Northwest Bancorporation
10c
Northwestern Electric, 7% preferred
t$21.87
6% preferred
t$42
Northwestern Public Service Co. 7 % cum. pref..
7% cum. preferred (quar.)
6% cumulative preferred
6% cumulative preferred (quar.)
Northwestern Teleg. (semi-annual)
Norwalk Tire & Rubber, pref. (quar.)
Nova Scotia Light & Power 6% pref. (quar.)
Ogilvie Flour Mills Co., 7% pref. (quar.)
Preferred (quar.)
Ohio Associated Telephone Co.
6% preferred (quar.)
Ohio Oil Co., preferred (quar.)
Ohio Power Co. 6% preferred (quar.)
Ohio Public Service Co., 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Ohio River Sand Co., 7% preferred
Ohio Water Service Co., class A (irregular)
Oilstocks, Ltd. (semi-annually)
.....
...
SIM
87 He
SIM
SIM
SIM
Dec.
Dec.
Nov.
Nov.
Dec.
Nov. 20
Nov. 15
Nov. 10
Nov. 24
Nov. 17
Nov. 15
Nov. 15
Nov. 20
Dec.
Nov. 20
Dec.
Nov. 20
Nov. 20
Dec.
Dec.
Dec.
Jan.
Nov. 20
Nov. 20
Jan.
Dec.
Dec.
Dec.
Nov. 14
Dec.
Nov. 18
Nov. 18
Dec.
Dec.
SI H
Dec.
Dec.
16
20
1 Nov. 20
15 Dec.
2
1 Nov.
Dec.
6
1 Nov. 15
50c
41 2-3c
Dec.
1 Nov. 15
Dec.
tSl
Dec.
1 Nov. 15
1 Nov. 15
90c
Dec. 29 Dec.
20c
Dec.
58$l-3c
—
Oklahoma Gas & Electric Co., 7% pref. (quar.)
—
Nov.
Dec.
Dec.
S1H
10c
6% preferred (quar.)
1
Jan.
Dec.
Dec.
Nipissing Mines
Noradel-Agene Corp. (quar.)
—
Okonite Co., 6% pref. (quar.)
SIM
SIM
SIM
Omar, Inc., 6% preferred (quar.)
Onomea Sugar Co. (monthly).
Ontario Mfg. Co. (final)
Ontario & Quebec Ry. (s.-a.)
5% debentures (s.-a.)
Oshkosh B'Gosh, Inc. (irregular).
$2 conv. preferred (quar.)
11
22 Dec.
8
Dec. 22 Dec.
8
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec.
1 Nov. 17
Dec. 20 Dec.
6
Nov. 30 Nov. 20
Dec.
1 Nov. 20
Dec.
Nov.
1
Dec.
Nov.
1
Dec.
Nov. 20
Dec.
Nov. 20
Dec. 20 Nov. 24
Dec. 20 Nov. 24
Dec.
1 Nov. 15
Jan.
2 Dec. 15
Dec. 19 Nov. 27
Dec.
1 Nov. 20
Otis Elevator Co
Preferred (quar.)
Oxford Paper Co. $5 preferred
Pacific & Atlantic Telegraph (s.-a.)
Pacific Western Oil (irregular)
Dec.
(quar.)
Preferred
(semi-annual)
Parker-Wolverine Co
Dec.
Dec.
Paton Mfg. Co., Ltd., 7% preferred (quar.)__.
Dec.
Pemigewasset Valley
Pender (David) Grocery, class A (quar.)
Feb.
Dec.
Peninsular Telephone
Jan
Pennsylvania Electric Switch A (quar.)
Pennsylvania RR
Pennsylvania Salt Mfg
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
Plllsbury Flour Mills, Inc. (quar.)
Piper Aircraft Corp., pref. (quar.)
Pittsburgh Bessemer & Lake Erie, pref. (s.-a.)._
Dec.
PrBfcrrod
«<»
RR, (s-a.)
2-2-40
2-2-40
Dec.
1 Nov. 15
Dec. 29 Dec. 16
Dec.
29 Nov.
18
9 Nov. 20
Dec.
8 Nov. 17
15 Nov. 27*
Dec.
16 Dec.
1
Dec.
1 Nov. 20
15 Dec.
1
Dec.
1 Nov. 10
Dec. 21 Dec.
4
Dec.
Dec. 28 Dec. 21
1 Nov. 10
Dec.
Dec. 15 Nov. 24
Dec. 15 Nov. 14*
Nov. 29 Nov. 14*
Dec.
7 Nov. 30
Dec. 15 Nov. 28
Jan.
2 Nov. 28
Poor & Co. class A
(qu.)
17
18 Nov. 18
15 Nov. 30
Dec. 23 Dec. 20
Dec.
1 Nov. 12*
Dec.
Dec.
Dec.
Dec.
Dec.
Nov. 15
Nov. 25
Nov. 3
Dec.
Nov. 18
Nov. 15
Nov. 24
Nov. In
Nov. 15
Dec.
Dec.
Nov. 21
1-4-40 12-10-39
Dec.
15 Nov. 22
Dec. 23 Dec.
Dec.
Dec.
Dec.
SIM
Dec.
Dec.
Dec.
2
1 Nov. 20
21 Nov. 10
21 Nov. 10
15 Dec.
15
1 Nov. 15
Nov. 20
Jan.
5M % preferred (quar.)
Powdrell & Alexander (increased).
Prairie Royalties, Ltd. (irregular)
Prentice Hall (quar.)
Preferred (quar.)
Procter & Gamble, 5% preferred (quar.)_
Progress|Laundry (quar.)
Dec.
Dec.
Dec.
Nov. 15
Nov. 15
Dec.
15
Dec.
1
Dec.
Nov.
3
Dec.
Nov. 17
Dec.
Nov. 17
Co., preferred
(quar.)
...
Public Electric Light Co. 6% pref. (quar.K
Public Finance Service, Inc., $6 prer. (quar.)
Public Service of Colorado,
7% pref. (monthly).
6% preferred (monthly)
5% preferred (monthly)
Public Service Elec. &jGas Co., $5 pref.
7% preferred (quar.)
r
Public Service of New jerst
Jersey $5 pref. (quar.)
7% preferred (quar.'
8% preferred (quar.
6% preferred (montl
ithly).
Pullman, Inc—
Dec.
Nov. 24
Dec.
Nov. 20
Dec.
Extra
Prosperity
Dec.
1 Jan.
1 Nov. 27
liDec. 15
15 Dec.
1
Dec.
Potomac Electric Power 6% pref. (quar.).
1 Nov. 10
1 Nov. 10
Dec.
1 Nov. 10
1 Nov. 10
15 Dec.
1
15 Nov. 30
Dec.
1 Nov. 20
Dec. 26 Nov. 24
Dec.
1 Nov. 30
Dec.
Nov. 20
Dec.
Nov. 20
Nov. 30 Nov. 20
—
Pittsburgh Coke & Iron pref. ("quar.").
Pitts. Ft. Wayne & Chic. Ry. 7% pref. (quar.)..
Pittsburgh & Lake Erie RR.
Pittsburgh Plate Glass
Pittsburgh Youngstown & Ashtabula, pref. (qu.)
Plymouth Oil Co. (quar.)__
Stock dividend of 2%
Pollock Paper & Box, 7% pref. (quar.).
Dec.
Dec.
Dec.
—
t87Mc
t75c
New York Merchandise Co. (extra)
New York Mutual Teleg. (semi-annual)
New York & Queens Elec. Light & Power
(qu.).
Preferred (quar.)
*.
Portland & Ogdensburg Ry., gtd.
Potash Co. of America
Nov.
Corp. (quar.)
preferred (quar.)
Nov. 15
Dec.
1 Nov. 21
Dec.
1 Nov. 21
Dec. 31
Dec. 15 Dec.
1
Dec.
1 Nov. 29
(Quarterly)
5
Dec.
R.) Dry Goods (quar.)
Class A and B
Nov. 15
Dec.
Parker Rust-Proof Co.
Midland Grocers preferred (semi-annual)
Midwest Oil Co. (semi-annual)
Preferred
Dec.
Dec.
25c
1
11 Dec.
Class B
Motor Wheel
Dec.
50c
New Bedford Cordage.
1 Nov. 20
23 Dec.
Michigan Steel Tube Products
Mickelberry's Food Products
Mid-Continent Petroleum Corp
Middle States Petroleum Corp., class A
Mountain Fuel Supply
Mountain Producers Corp.
50c
Newport Electric Corp
1 Nov. 15
1 Nov. 15
23 Dec. 20
...
—
9
Dec.
1 Nov. 20
Monsanto Chemical Co., $4H pref. A (s.-a.)
Preferred B (s.-a.)
Dec.
Dec.
_
Monarch Mills, (resumed)
Monolith Portland Cement, preferred
Monroe Loan Society, pref. (quar.)
Dec.
Nov. 16
Nov. 30
5 Dec.
Participating preferred (quar.)
Metal & Thermit (year-end)
Michigan Silica (quar.)
Moore (Wm
Newport Electric Co
Nov. 21
Dec.
Dec.
Dec.
1 Nov. 20
Moran Towing Corp. 7% cum. partic.
Motor Finance Corp. $5 pref. (quar.)
50c
Parker Pen Co.
(quar.)
Monarch Machine Tool (quar.)
Extra
Newberry (J. J.) (quar.)
Newberry (J. J.) Realty Co. 5% pref (qu.)
Newmont Mining Corp. (year-end div.)
Nov. 20
Dec. 21
1
Metal Textile Corp
—
Dec.
Dec.
5 Dec.
1
12
22 Dec. 12
1 Dec. 20
Extra
Dec.
Dec.
15
Package Machinery (quar.)
Pantheon Oil Co. (quar.)
15 Dec.
Minneapolis Gas Light (Del.).6% pref. (quar.)_„
5H % preferred (quar.)
$5.10 preferred (quar.)
5% preferred (quar.)
;
Minneapolis-Honeywell Regulator—
Preferred B (quar.)
Mission Corp. (year-end)
Mission Dry Corp. (quar.)
Mississippi Power Co. $7 pref. (quar.)
$6 preferred (quar.)
Missouri Utilities, preferred (quar.)
Mohawk Carpet Mills, Inc
Nov. 15
Nov. 15
Park-Wilshiro
22 Dec.
(quar.)
Nov. 30
Dec.
25c
Nelson (Herman) Corp.,
Dec.
Dec.
10c
6% preferred (quar.)
Neiman-Marcus, 7% preferred (quar.)
Dec.
Jan.
SIM
SIM
SIM
Nelson Baker & Co
15c
llNov. 15
Merck & Co., Inc
Extra
Middlesex Water
Nov. 16
Dec.
1
Nov. 20
Oct. 30
30c
Dec.
Dec.
1 Nov. 24
liNov. 15
Merchants Petroleum
Extra
Nov. 20
Dec.
50c
Extra
Macy (R. H.) & Co
Madison Square Garden
Magma Copper Co. (year-end div.)
Magnin (I.) & Co. (quar.)
Dec.
50c
25 Nov. 29
2 Dec. 15
30 Nov. 20
15
Special
(quar.)
Power & Light Co., common (quar.)__
25c
4c
Holders
SIM
SIM
pref. (qu.)
National Transit Co
Nebraska Power Co.,
7% pref. (quar.)
$1
25c
When
Payable of Record
17 He
conv.
Lead Co. preferred A (quar.)
Life & Accident Insurance Co.
National-Standard Co
50c
Lexington Utilities Co. $6M pref. (quar.)
Lexington Water Co., 7% preferred (quar.)
Libby-Owens-Ford Glass
Life & Casualty Insurance of Tennessee
Life Savers Corp
Preferred
Container (Del.)
Gypsum Co. $4H
1 Nov. 15
17 He
Lava Cup Gold Mining (irregular)
Lehigh Portland Cement pref. (quar.)
Quarterly
Quarterly...
National
National
National
National
National
Share
1 Nov. 15
1 Nov. 15
3363
Per
Name of Company
$1M
$1H
SIM
Lang (J. A.) & Sons (quar.)
Lansuon Monotype Machine
A and B
1 Nov. 15
12 Dec.
*75c
Lane Wells Co. (quar.)
Common
Extra
25 Nov. 15
30c
Lake of the Woods Milling 7 % pref.
(quar.)
Le Tourneau (G. R.), Inc.
Holders
Payable of Record
t37Hc
SIM
Lake Shore Mines, Ltd
Lake Superior District Power Co.:
7%
6%
I
When
Chronicle—YEARS OLD
Nov. 20
Dec.
9
Dec.
Dec.
Dec.
Dec.
Dec.
Nov. 16
Nov. 30
Nov. 15
Dec.
Nov. 15
Nov. 15
Dec.
Nov. 24
Dec.
Nov. 24
Dec.
Nov. 15
Dec.
Dec.
Dec.
15 Nov. 15
15 Nov. 15
Dec.
15,Nov. 24
15 Nov. 15
ONE HUNDRED—
3364
The Commercial & Financial Chronicle—YEARS OLD
Per
Name of Company
Share
Parity Bakeries Corp. (final)
Quaker Oats Co. pref. (quar.)
Quaker State Oil Refining
Quarterly Income Shares, Inc
Railroad Employees Corp. A & B (quar.)
Preferred (cjuar.)
Rainier Brewing, par tic.
-
85c
$1 H
A
Nov
Nov. 29
Feb.
Jan.
Dec.
Dec. 20
Dec. 30
Dec.
7
Dec.
7
Dec.
15c
Dec.
Dec.
hx
$5 preferred (quar.)
Rancl's (Pittsburgh) (initial quar.)
8% cumul. preferred (initial quar.)
Raybestos-Manhattan
Special
Reading Co. 1st pref. (quar.)
Reed Drug Co. common
35c. cum. class A con v. stock] (quar.)
Reeves (Daniel), Inc. (quar.)
Preferred (quar.)
Reinhardt Brewery Co., Ltd. (year-end).........._
Reliance Electric & Engineering
Reliance Insurance Co. (Philadelphia) (s.-a.)
„
—
—
Extra
Nov. 20
Nov.
Jan.
Ralston Steel Car $5 preferred
3 He
10c
25c
Dec.
50c
Dec.
Dec.
Dec.
Dec.
Nov. 30
Nov. 30
Nov. 20
25c
Dec.
Dec.
Dec.
Dec.
Nov. 24
Dec.
Nov. 24
Dec.
Nov.
50c
Dec.
SI X
%\H
37 He
Dec.
Dec.
15
Jan.
Dec.
22
Dec.
Nov. 18
Jan.
15c
Rice Ranch Oil Co. (resumed)
Rich's, Inc. (extra)
6H% preferred (quar.)
Risdon Mfg. Co. 7% pref. (quar.)
Rochester Button Co $1 H dlv. pref. (quar.)
Rochester Gas & Electric 6% pref. C & D (qu.)_
5% preferred E (quar.)
Roll and Paper Co. pref. (quar.)
Rollins Hosiery Mills, Inc. (Del.) (final)
Roxy Theatre, Inc., pref. (quar.)
Royalties Oil Co.. Ltd. (s.-a.)
Royalty Income Shares, series A
Ruud Mfg. Co
Rustless Iron & Steel
16
Nov. 24
Nov. 10
Dec. 20*
Dec.
1
Dec.
1
Dec.
1
Dec.
6
s7m
Republic Insurance Co. (Texas) (quar.)
Reynolds Metals Co. 5H % cum. con v. pref
Rheem Mfg. Co. (quar.)
Extra
1
lc
Dec.
Dec.
Dec.
Nov.
Dec.
25c
Oct. 30
Nov. 20
Nov. 24
Dec.
62 He
(quar.)
com.
Dec.
Nov. 22
HP
75c
Dec.
Dec.
Dec.
1
Dec.
5
Jan.
Jan.
Jan.
Dec.
1 Dec.
1 Dec.
5
5% preferred (quar.)
6% preferred (quar.)
7% preferred (quar.)
St. Joseph Water Co. 6% preferred (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.)
7H% debenture B (quar.).
'% debenture O (quar.).
6H% debenture!) (quar.)
Savannah Gas, preferred (quar.)
Schiff Co. (quar.)
Jan.
1 Dec.
5
5
1 Nov. 20
12 Dec.
15
Jan.
12 Dec. 15
Nov. 27 Nov. 15
Jan.
2 Dec. 18
Jan.
2 Dec. 18
Jan.
2 Dec. 18
-
Jan.
2 Dec.
Dec.
1 Nov. 20
18
Dec.
Dec.
Extra
15 Nov. 30
15 Nov. 30
Dec.
-
15 Nov. 30
Dec.
Extra
15,Dec.
1*
Dec.
Extra
Secord (Laura) Candy Shops (quar.)
Jan.
Dec.
Dec.
Dec.
Dec.
>-
Dec.
Feb.
$4H cumulative preferred (quar.)
Seaboard Oil Co. (Del.) (quar.)
Sears, Roebuck to. Co
Dec.
1
Nov. 10
Nov. 10
Nov. 15
1*
20*
Second Investors Corp., (R. I.)
Pref. (quar.)
7% preferred
Shenango Valley Water Co., pref. (quar.)
Sherwin-Williams of Canada, preferred—
Sherwin-Williams pref. (quar.)
Silverwood Dairies, Ltd., cum. part, pref
Simon (Wm.) Brewery (quar.)
Simms Petroleum Co.
%\H
$1X
$1H
1-3-4"
Dec.
15
Dec. 30 Dec.
15
Dec.
1 Nov. 20
Jan.
2 Dec.
Dec.
15
1 Nov. 15
Dec.
1 Nov. 18
Nov. 30 Nov. 17
Dec.
15 Nov. 25
Dec.
12
Dec.
1
50c
Dec.
11 Nov. 27
Skelly Oil Co
25c
Dec.
22 Nov. 27
25c
Dec.
1 Nov. 15
$1H
10c
Nov. 25 Nov. 15
Nov. 28 Nov. 14
40c
Standard Oil Co. of Indiana (quar.)
Extra
Standard Oil Co. (N. J.) (s.-a.)
Extra
Dec.
1
Nov. 15
1
Dec.
58 l-3c
53c
Nov. 15
25c
Dec.
Nov. 15
Nov. 15
25c
Dec.
15 Nov. 15
15 Nov. 30
Dec.
Dec.
15 Nov. 30
12 He
Nov.
tfl
Dec.
Nov. 18
Dec. 13
SI H
$1X
Dec.
Nov. 15
Dec.
Nov. 13
20c
Dec.
Nov. 15
25c
Dec.
Nov. 25
$15c
6824c
37 He
25c
40c
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Nov. 10
Dec.
1
Dec. 15
Dec.
4
Dec.
4
Nov. 24
25c
Feb.
Feb.
25c
May
May
2 He
12 He
30c
50c
5c
10c
682|c
UK
10c
Nov.
Nov.
10
10
Nov. 18
Jan.
Nov. 18
Dec.
1
Dec.
Nov. 15
Dec. 30 Nov. 18
Jan.
Dec.
Dec.
15
5
Dec.
Nov. 29
tlX
6%
preferred
Valites Equities $5H preferred
Vanadium-Alloys Steel Co
Vanadium Corp. of America (resumed)...
Van Raalte Co., Inc., common
Extra
1st preferred
(quar.)
Vapor Car Heating (year-end)
oref
50c
10c
$1
-
Extra
Victor-Monaghan Co. (resumed)
7% preferred (quar.)
Viking Pump Co. (special)
Preferred (quar.)
Virginia Coal & Iron Co. (quar.)
Virginia Elctric & Power $6 pref. (quar.)
Vogt Manufacturing
Dec.
5
Nov. 29
Jan.
Dec.
Dec.
Dec.
Nov. 18
Dec.
1
Dec.
Dec.
16
8*
Jan.
15 Jan.
5
Apr.
July
15 Apr.
5
5
15 July
Dec.
1 Nov. 15
2-1-40
1-29-40
Jan.
2 Dec.
Jan.
2 Dec.
1
Dec.
15 Dec.
1
Dec.
1
Dec.
2 Nov. 18
15 Nov. 30
Dec.
1 Nov. 17
Dec.
Dec.
Nov. 17
Nov. 17
Dec.
I
Dec.
Dec.
Dec
Dec.
Dec.
Nov. 15
1
Nov. 15
Nov. 20
Dec.
Jan.
Dec.
20
50c
60c
Dec. 15 Dec.
1
Dec.
1
25c
Dec.
1 Nov. 20
$1H
Dec.
20 Nov. 29
20c
50c
Dec.
Dec.
15 Dec.
$1
40c
Nov. 30 Nov. 20
%l%
tlX
t50c
$1
15 Dec.
1 Nov. 15
1
Dec. 20 Nov. 20
Dec. 15 Nov. 15
Dec.
1 Nov. 20
Dec. 15 Nov. 24
15 Nov. 24
Dec.
1 Nov. 15
50c
Washington Ry. & Electric Co
Welch Grape Juice Co., pref. (quar.)
Wesson Oil & 8nowdrift Co., Inc.—
Conv. preferred (quar.)
West Coast Telep. Co. 6% pref. (quar.)
West Jersey & Seashore RR. guaranteed (s.-a.)__
West Michigan Steel Foundry $1X pref. (quar.)
West Point Mfg. (quar.)
West Virginia Water Service Co., $6 pref.
Western Auto Supply Co. (quar.)
Dec.
50c
Dec.
1 Nov. 15
25c
Extra
$9
UK
$1
37 He
$1H
43 He
Nov. 30 Nov. 15
Nov. 30 Nov. 15
Dec.
Dec.
1 Nov. 15
1 Nov. 20
Dec.
1 Nov. 15
Dec.
30c
(qu.)
Jan.
1 Nov. 15
2 Dec.
1
$1H
Jan.
2 Dec.
Dec.
1 Nov. 20
Dec.
1 Nov. 30
15
50c
25c
Extra
Western Public Service preferred A
Westinghouse Air Brake Co
Westinghouse Electric & Mfg
Participating preferred (quar.)
Weston Electrical Instruments. A (quar.)
1 Nov. 15
75c
s7m
Westvaco Chlorine Products (quar.)
Extra
25c
60c
Wheeling Electric Co. 6% preferred (quar.)
$1H
tlX
$1H
$1H
Whitaker Paper Co. 7% pref. (quar.)
Whitman
(William) preferred (quar.)
Williams port Water $6 preferred (quar.)
Wilson Products, Inc. (quar.)
Wisconsin Michigan Power, 6% pref.
Wolverine Tube Co
Dec.
t37Hc
12Hc
Dec. 15 Nov. 15
8
Nov. 29 Nov.
8
Nov. 29 Nov.
Jan.
1 Dec.
Dec.
Dec.
1 Nov. 10
Dec.
1 Nov.
Jan.
2 Dec.
16
Jan.
Dec.
1
Dec.
16
25c
(quar.).
—
7% preferred (quar.)
(F. W.) Co. (quar.)
Dec.
SI H
Dec.
20c
$1X
18
1 Nov. 10
6
1 Nov. 20
11 Nov. 30
15 Nov. 30
Dec. 26 Dec. 16
Dec.
1 Nov. 22
Wool worth
60c
Dec.
1 Nov. 10
Wool worth, Ltd., Am. dep. rec. pref. (s.-a.)
3T>
Dec.
$2
Dec.
8 Nov.
3
14 Nov. 30
10c
Wright Aeronautical Corp
Wright-Hargreaves Mines (quar.)
Jan.
2 Nov. 23
5c
Jan.
10c
Extra
Interim
Jan.
2 Nov. 23
1
15 Dec.
1 Nov. 20
Wrigley (Wm.) Jr. Co. (quar.)
Quarterly
25c
Dec.
25c
Jan,
Wurlitzer
15c
(Rudolph) Co
Yellow Truck & Coach Mfg., preferred.
Preferred (quar.)
t$7
tlx
3
Nov. 30
Dec. 23
Dec. 23
Dec. 20
Nov. 20
Dec.
11
Dec.
11
15
Jan.
5
5
$1H
_f $1.16*»
tSl
t$l
50c
$1
50c
50c
$154
$1H
$1H
$6
Nov. 15
Nov. 15
Dec.
Dec.
25c
Nov. 20
Dec.
Dec. 20
Nov. 18
Dec.
50c
•-).
(quar
Dec.
Dec.
Dec.
Dec.
Dec.
tlX
nx
$1H
40c
Dec.
Jan.
15
Dec.
50c
37 He
(quar.)
25c
50c
22 He
50c
Dec.
50c
(quar.)
Nov. 15
25c
Nov. 15
Dec. 15
lc
Nov. 15
25c
Dec.
Jan.
Dec.
Universal Insurance Co. (quar.)
(quar.)
Vick Chemical Co. (quar.)
Nov. 15
Dec. 15
Jan.
United States Rubber Co. 8% non-cum. 1st pref.
For the year of 1939.
7%
Dec.
Dec.
Jan.
50c
S2H
...
United States Pipe & Foundry Co. (extra)
United Stages Pipe to Foundry Co. (quar.)
Preferred
1
Nov. 15
;
United States Sugar pref.
Preferred (quar.).
1
Dec.
Nov. 29
Nov. 29
Dec.
1
50c
Preferred (quar.)
U. S. Petroleum, common...
United States Playing Card
United States Plywood Corp. pref.
United States Potash, pref. (quar.)
Dec.
Dec.
Dec.
Jan.
53c
*
Extra—
Dec.
Dec.
Nov. 18
Sylvanite Gold Mines (quar.)
Talcott (James), Inc. (quar.)
5H% participating preference (quar.)
Tampa Gas 8% preferred (quar.)
7% preferred (quar.)
Teck-Hughes Gold Mines (quar.)
1
Dec.
Dec.
Dec.
7% prior preferied (monthly)
6.36% prior preferred (monthly)..
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United New Jersey RR & Canal (quar.)
United States Gas Co. conv. pref. (s.-a.)
United States Gypsum Co. (quar.)
Dec.
Nov.
Extra
Dec.
Dec.
2 H%
40c
12Hc
Swift & Co. (quar.)
Swift International Co. dep. ctfs
1
Dec.
35c
*
40c
11
5% preferred (s.-a.)
$1H
Dec.
Superior Tool & Die (quar.)
Dec.
United Gas Improvement preferred (quar.)
Common
(quar.)
Nov. 24
Nov. 15
Nov. 20
Quarterly.
Dec.
Nov. 10
$2 H
___
Nov. 17
Dec.
Superior Oil Co. (Calif.) (quar.)
1
Dec.
Dec.
IX %
United Gas & Electric Corp.)
Preferred (quar.)
Dec.
Dec.
(quar.)
1
17
Dec.
Electric, 7% pref. (quar.)
5% preferred (semi-annual)
Dec.
Dec.
Dec.
Mining Co
Dec.
United Gas &
Dec.
15c
Class B
Nov. 10
1
10c
40c
95c
25c
(quar.)
Jan.
Dec.
Nov. 18
t$2H
—
Corp., $7 preferred
$1X
$1H
Sterling Products, Inc. (quar.)
Sunshine
Special
Walgreen Co. (quar.)
Preferred (quar.)
Walker & Co., class A
Walker (H.) Gooderham & Worts (quar.).
Preferred (quar.)
Warren Foundry & Pipe (quar.)
5
Sunray Oil Co
Feb.
Dec.
1
Dec.
Preferred (quar.)
Sunset-McKee SalesbookCo.,cl. A (quar.)
Nov. 14
10c
14
Dec.
1
Dec.
HX
Dec.
5
(quar.)
Nov. 15
25c
United Biscuit Co. of America
Preferred (quar.)
Dec.
15 Dec.
Preferred
Dec.
Nov.
4*
Waialua Agricultural Ltd. (irregular)
15 Dec. 30
(quar.)
Stromberg Carlson Telep. Mfg. pref. (quar.)
Stuart (D. A.) Oil Co.,
Ltd., cl. A partic. pref.
Dec.
Dec.
45c
W abash-Harrison
Dec.
Sun Oil Co.
Nov. 18
10c
$1X
Corp
United Amusement Corp. class A & B
Nov. 15
1
1
Dec.
30c
Extra
United Aircraft
Nov. 20
Dec.
Dec.
1
Dec.
Dec.
*2
Dec.
Nov. 20
Dec.
Jan.
Prior pref.
5
Dec.
37 He
37 He
15
20c
Extra
5
Dec.
20c
1 Nov. 15
tlX
Strawbridge & Clothier 7% preferred
1
Dec.
Dec.
Union Gas Co. of Canada (quar.)
Union Tank Car Co. (quar.)
2 Dec.
Standard Wholesale Phosphate & Acid Works
Standard Wholesale Phosphate & Acid Works
Special stock div. of 1 sh. for each 200 shs. held
Stayton Oil Co.,(quar.)___
Stix, Baer & Fuller Co
Storkline Furniture (quar.).
Dec.
Dec.
1*
Dec.
50c
Preferred (quar.)
Dec.
Dec.
Jan.
payable in cap. stk. of 3 shs. for each
200 shs. $25 par value
Special
Nov. 15
Nov. 23
Nov. 25
Dec.
37 He
A div.
Standard Oil Co. of Ohio„(quar.)
Dec.
Dec.
66c
$1H
tlX
tlH
tlX
12Hc
Dec.
$1H
Sovereign Life Insurance (annual)
Spear & Co. 1st & 2d pref. (quar.)
Spencer Kellogg & Sons, Inc
Spiegel, Inc.,$4H% conv. pref. (quar.)
Standard Cap & Seal Corp. (quar.)
Preferred (quar.).
Standard Dn
redging Corp., $1.60 pref. (quar.).
Standard Oil Co. (Calif.) ( quar.)
41 2-3c Dec.
Dec.
Upper Michigan Power & Light—■
6% preferred (quar.)
Soundview Pulp Co
Preferred (quar.)
South American Gold & Platinum Co
South Bend Lathe Works (quar.)
South Carolina Power Co., $6 pref. (quar.)
»
Nov. 15
Nov. 15
50c
Utah Power & Light $7 preferred
t75c
South Shore Utilities Assoc. $1H prer. (quar.)_
Southern California Edison Co., Ltd.—
6% preferred series B (quar.)
Southern California Water Co. 6% pref. (qu.) —
Southwestern Portland Cement, 8% pf. (quar.)
Nov. 20
Dec.
1
58 l-3c Dec.
Dec.
50c
Nov.
12 He
1 Nov. 15
70c
(liquidating)
Nov. 17
Dec.
Dec.
Underwood Elliott Fisher Co
1 Nov. 16
2c
Simmons-Boardman Publishing, pref
Dec.
25c
Pump Co..
Toledo Edison Co. 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Toronto Elevators, Ltd., 5X% pref. (quar.)
Trane Co. preierred (quar.)
Troy & Green bush RR. Assoc. (s.-a.)
Truax-Traer Coal 6 % pref. (monthly)
5H% preferred (quar.)
Udylite Corp. (initial)
Preferred (quar.)
Dec.
$1X
t20c
Simonds Saw & Steel
Dec.
Tokheim Oil Tank to
Dec.
mx
— ___
Dec.
35c
25c
-
Dec.
Dec.
Nov. 17
Dec.
1
Nov. 10
Nov. 15
15 Dec.
1
$1H
12Hc
Preferred (quar.)__
75c
$3 prior preferred (quar.)
Servel, Inc
Dec.
United Gold Equities of Can. standard shs
t6c
United Light & Railways. 7% prior pref. (mo.).. 58 l-3c
stock held.
Preferred (quar.)
Scott Paper Co. (quar.)
Dec.
l'Nov. 10
15 Nov. 25
15 Nov. 25
15 Nov. 25
Timken Roller Bearing Co
United Gas
Dec.
Nov. 20
Dec.
15c
25c
Title Insurance of St. Louis
Nov. 17
Nov. 17
50c
Dec.
Dec.
tsin
tix
United Chemicals preferred
United Elastic Corp. (quar.)
29c
1
1
35c
Nov. 10
Dec.
1
Dec.
Dec.
10c
—
Nov. 10
Nov. 15
Nov. 24
Dec.
Dec.
Dec.
10c
Oil Co
Dec.
Dec.
$4
37 He
Dec.
Dec.
50c
7% preferred (quar.)
(quar.)
Holders
Payable of Record
tlX
(quar.)
Dec.
tig
15c
Safety Car Heating & Lighting Co., Inc
Safeway Stores, Inc
Stock div. of 2-100ths of a sh. of 5% pref. stk.
Tilo Roofing Co.
Extra
When
1939
12c
7% preferred
Tide Water Assoc.
Nov. 22
Dec. 15
Dec. 15
5c
25,
28c
Texas Pacific Coal & Oil (quar.)
Tex-O-Kan Flour Mills Co.
Thew Shovel Co.,
10c
30c
Texas Gulf Sulphur
15
1
Nov. 30
Nov. 30
Dec.
Dec.
15c
15
Share
Company
Telautograph Corp. (final)
Telephone Bond to Share Co., 7% 1st pref. (qu.)
$3. 1st preferred (quar.)
Terre Haute Water Works 7% preferred (qu.)..
Texas Gulf Producing Co
Dec.
Dec.
60c
1
Dec.
Dec.
8Hc
12Hc
$1%
Per
Name of
15
Dec.
Dec.
Dec.
20c
-
Reliance Steel Corp. pref. (quar.)
for each sh. of
Dec.
Dec.
15c
-
Holders
Payable of Record
50c
20c
20c
20c
Class B
Preferred
When
Nov.
Dec.
Nov. 20
Dec.
Nov. 20
Jan.
Dec.
8
*
Transfer books not closed for this dividend,
t On account of accumulated dividends.
j
Payable in Canadian funds, and in the case of non-residents of Canada
a tax of 5%of the amount of such dividend will be made.
deduction of
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Condition of the Federal Reserve Bank of
New
Weekly Return of the New York City
Clearing House
York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Nov.
22, 1939,
in comparison with the
previous week and the corresponding
date last year:
Nov. 22,
weekly statement issued
hand
and
due
reserves
STATEMENT OF MEMBERS OF THE
Secured
by
$
$
77,769,000
87,524,000
Bank of New York
Bank of Manhattan Co_
8. Govt,
Guaranty Trust Co
90,000,000
357,000
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
42,139,000
1,809,000
2,049,000
Corn Exch Bank Tr Co.
First National Bank
1,974,000
1,974,000
410,798,000
389,944,000
32,949,000
250,391,000
direct and guaranteed
812,624,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
.
...
Bank premises
Other assets...
833,691,000
837,474,000
17,000
821,289,000
22,355.000
Total assets.......................
4,253,000
244,816,000
8,888,000
22,569,000
288 ,577,000
53,103 ,000
100,270,000
500,000
25,0 10,000
2,320,090
5,000,000
9,303 ,6)0
121 .214,000
2,960,000
12,500,000
27,939 ,400
383 ,856,000
29,213,000
8,463 ,900
.221,000
2,125.000
9,768 ,900
91 ,780,000
51,721,090
915,777,590 13,145,677,000
683,251,000
7,0
0,000
7,000,000
Totals.
*
1,521,000
37,668,000
3,999,000
41,533,000
80,314 100 el ,03:1 ,890.000
14 ,308,000
2,492 ,200
6,000,000
518,909,000
64,000
5,625,000
621 ,373,000
634 ,907,000
55 ,123,000
4,380 800
134,328 200 d2,75) ,154,000
50 ,489,000
3,867 6001
4,0 ;0,000
Public Nat Bk & Tr Co.
169,920,000
5,218.000
72,022,000
110,402,000
55,427,000
27,842,000
2,263,000
5,416,000
c982 ,494,000
Comm'l Nat Bk & Tr Co
815,422,000
818,430,000
17,000
3,3c2,000
166,333,000
8,888,000
72,071 900
20,516 700
109,153 ,7 >0
Title Guar & Trust Co..
Marine Midland Tr Co..
New York Trust Co
securities
50,316,000
164,616.000
50,000,000
Bankers Trust Co
194,671,000
16,669,000
570 ,45),000
10,000,000
Continental Bk & Tr Co.
Chase National Bank...
Fifth Avenue Bank
370,360,000
%
206 ,723,000
183,072 8 >0 51,935 ,298,000
618 ,714,000
39,241 400
21,000,000
15,000,000
Irving Trust Co
3,602,000
386,426,000
24,035,000
Bills
Uncollected Items
Average
20.000,000
1,692,000
direct and guar¬
Govt,
Deposits,
Average
61,343 600 a2,030 ,763,000
56,267 70j|
660 ,343,000
309,000
216,000
Notes
S.
Time
Deposits,
%
1,500,000
anteed:
U.
Net Demand
Surplvr and
13,807 900
26,340 200
3,832,000
Bonds
HOUSE
Undivided
Capital
774,000
3,058,000
402,163,000
U.S. Govt, securities,
CLEARING
77,500,000
National City Bank
Chem Bank & Trust Co.
obligations.
...
YORK
6,000,000
20,000.000
„
U.
NEW
$
103,380,000
7,093,685,000 7,059,718,000 5,129,559,000
Total bills discounted
Bills bought In open market
Industrial advances
Total
*
7,014,940.000 6,971.039,000 5,024,526,000
976,000
1,653,000
1,155,000
direct and guaranteed
Other bills discounted
City
Profits
Clearing House
Members
Bills discounted:
York
ASSOCIATION AT CLOSE OF BUSINESS WEDNESDAY, NOV. 22, 1939
from
....
New
by the
Friday afternoon is given in full below:
on
1930 Nov. 15, 1939 Nov. 23, 1938
$
on
United States Treasury.!
Redemption fund—F. R. notes
Other casht
Total
The
Clearing House
♦
Assets-
Gold certificates
3365
As per official reports:
National, Sept. 30, 1939; State, Sept. 30, 1939; trus1,
companies, Sept. 30, 1939.
9,808,000
15,758,000
Includes
deposits
& (Nov. 14)
8,113,010,000 8,177,735,000 6,152,023,000
In
$80,167,000;
foreign
c
branches
follows:
as
a
(Oct.
25)
$258,300,0)0
(Nov. 22) $2,286,000; d (Oct. 31) $65,861,000;
e (Nov.
15)
$22,903,000.
Liaouities—
F. R. notes In actual circulation....
Deposits—Member bank
reserve
acc't..
U. 8. Treasurer—General account
Foreign bank...
....
Other deposits
...
....
993,616,000
1,212,146,000 1,203,510,000
6,135,394,000 6,096,910,000 4,534,073,000
113,433 000
58,702,000
152,504,000
149,844,0u0
76,584,000
158,688,000
229,864,000
228,860,000
202,069,000
THE
...
Deferred availability Items
Other liabilities, lncl. accrued dividends.
Total liabilities.
STOCK
EXCHANGE
Quotations of representative stocks
each
Total deposits
LONDON
as
received by cable
day of-the past week:
6,628,535.000 6,636,962,000 4,871,428,000
149,975,0 -0
164,482,000
215,141,000
1,850,000
1.647,000
1,855,000
-t
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Frl.,
Nov. 18
Nov. 20
Nov. 21
Nov. 22
Nov. 23
Nov. 24
40 /7%
40/7 %
95/-
40/7 %
95/-
Boots Pure Drugs
British Amer Tobacco.
7,992,506,000 8,057,468,000 6,031,173,000
95/-
40/3
40/6
95/-
94/4 %
Cable&Word
Capital paid In
Surplus (Section 7)
Surplus (Section 13 b)
Other capital accounts
£53
£52%
£53
£53
£53
Central Mln& Invest..
Capital Accounts—
£11%
£11%
£11%
£12
£12%
50.917.000
50,901,000
Cons Goldflelds of S A.
52,463,000
52,463/000
51,943,000
Courtaulds 8 & Co
7,457,000
9,667,000
....
50,915,000
43/9
30/9
7,457, OOC
9,432,000
44/4%
30/4%
43/9
30/9
43/9
32/-
De
£6%
10,262,000
£5%
66/9
£5%
£5%
£5%
"7/6
67/3
7/3
7,744,000
Beers
Distillers
Co
Imp Tob of G B & I..
66/9
7/3
14/6
21/9
120/-
7/3
14/6
22/118/9
London Mid Ry
£10%
£10%
67/7/3
14/6
22/3
118/9
£10%
Metal Box
76/10%
76/3
76/3
Rand Mines
£6»i«
£7
£7
Electric & Musical Ind
Total liabilities and capital accounts..
Ratio
of
total
reserve
to
8,113,010,000 8,177,735,000 6,152,023,000
liability
bills
on
ar
90.5%
90.0%
87.5%
purchase
for foreign correspondents
Commitments
to
make industrial
116,000
a<
Closed
RioTlnto
vances
1,907,000
1,907,000
3,490,000
£13%
Rolls Royce
These are certificates given by the
or
a
bank's
Royal Dutch Co
Federal
own
£33%
82/6
16/25/17/3
Swedish Match B
United States Treasury for the gold taken
United
over 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
£13%
98/9
£33%
82/6
16/1%
25/17/3
98/1%
Shell Transport
t "Other cash" does not Include Federal Reserve notes
Reserve bank notes.
z
—
HudsonsBayCo
deposit
F. R. note liabilities combined
Contingent
Ford Ltd...
Molasses
Vlckers
West
14/6
22/S
118/9
£11%
76/3
14/3
23/9
120/£12
76/3
£7
£7
£13%
£13%
£13%
97/6
98/9
£33%
98/9
£33%
82/6
£33 %
82/6
16/4%
25/1 %
17/1%
81/11%
16/6
25/17/1%
£3%
£3%
£3%
16/1%
25/-
17/-
Witwatersrand
Areas
under the orovislons of the Gold Reserve Act of 1934.
42/6
33/3
£3%
£3%
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
resources and liabilities of the reporting member banks in 101 leading cities from which
weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors
of
items of the
the Federal Reserve System upon the figures for the latest week appears in our
immediately preceding which
we
also give the figures of New York
Commencing with the statement of May 19, 1937. various changes
described In
an
were
announcement of the Federal Reserve Bank of New York of
department of "Current Events and Discussions,"
Chicago reporting member banks for
ana
made In the breakdown of loans
April 20, 1937,
as
as
a
week later.
reported In this statement, which
were
follows:
The changes in the report form are confined to the classification of loans and discounts.
amounts of
securities.
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
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York
outside New York City.
City and those located
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market
Subsequent to the above announcement, It
was
paper," instead of in "all other loans,"
made known that the
new
as
formerly.
Items "commercial, Industrial and agricultural loans" and "other
loans",
would each be segregated as "on securities" and "otherwise secured and unsecured."
A
more
detailed explanation of the revisions was published in the May 29,1937, issue of the
"Chronicle,"
page
3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON NOV.
Federal
Reserve
Districts—
Total
ASSETS
Boston
New York
PhUa.
%
$
$
$
Cleveland Richmond
Atlanta
Chicago
St. Louis
15,1939 (In Millions of Dollars)
Minneap. Kan. City
Dallas
San Fran,
%
$
$
23,014
8,549
4,362
1,192
9,717
1,163
1,902
698
622
3,155
704
412
678
541
604
426
679
260
312
904
2,230
3,299
1,796
338
195
290
275
967
199
254
117
172
539
204
106
178
184
322
Open market paper
312
63
115
25
6
14
4
34
3
17
2
21
Loans to brokers and dealers In securs.
588
22
467
21
20
2
4
30
1
3
2
12
Other loans for purchasing or carrying
securities
497
21
225
31
26
15
11
76
13
7
10
14
48
81
202
55
174
110
52
9
26
22
385
"U5
54
"69
55
"51
178
Loans and Investments—total
Loans—total
:
Commercial, Indus, and agricul. loans
1,187
Real estate loans
39
1
29
1
125
465
94
197
39
32
"73
88
2
1,564
Loans to banks
Other loans
1
3
1
1
720
22
541
11
4
9
92
3
15
23
2,179
Treasury bills
Treasury notes
291
56
905
39
213
186
40
432
55
"32
83
54
336
2,310
325
594
127
95
"""84
5,826
926
138
114
101
79
681
—
2,402
50
1,308
99
126
55
70
309
70
28
57
52
178
124
1,354
274
279
66
96
492
100
43
132
58
320
Reserve with Federal Reserve Bank..
3,338
9,698
458
5,579
431
512
185
120
1,386
224
97
189
135
382
475
143
95
19
45
20
12
74
11
7
15
11
23
Balances with domestic banks
3,166
173
214
225
362
217
210
552
190
116
340
285
282
Other assets—net
1,297
82
483
100
103
40
47
107
23
16
23
33
240
18,604
1,180
8,893
940
1,310
481
388
2,585
479
307
531
469
236
1,046
282
731
201
190
944
1,041
5,250
191
119
145
136
533
14
67
52
42
28
40
110
1,035
19
2
23
30
106
8,119
333
3,560
421
450
320
287
1,195
362
153
441
279
647
318
711
19
7
4
""29
87
345
—
United States bonds
Obligations guar, by U. S. Govt...
Other
securities
Cash In vault
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other
Capital
liabilities
accounts
—
2
1
2
12
1
1
695
19
"273
"l4
""15
"32
"io
""20
3,731
246
1,602
222
374
97
94
408
20
102
ONE HUNDRED—The Commercial & Financial
3366
Chronicle—TEARS OLD Nov. 25, 1939
the Federal Reserve System
Weekly Return of the Board of Governors of
System on Friday afternoon, Nov. 24,
issued by the Board of Governors of the Federal Reserve
The following was
business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions,
showing the condition of the 12 Reserve banks at the close of
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
Nov.
(000) Omitted
Three Ciph
Nov.
22,
Nov.
1.
Oct.
Oct.
25,
325,153
7,344
339.046
362,857
15.030,375
15,003,107
11,865,396
15.049,896
993
15,212,000
—
11,492,201
15,111,366
344,281
15,230,623
15.191,237
15,187,920
S
14,656,717
15,157,417
8,926
339,868
notes).....
23,
Nov.
1938
$
$
332,383
9,414
330,931
14,769,206
9,777
27,
Sept.
1939
14,696,217
9,005
14,804,210
Redemption fund (Federal Reserve
Other cash *
4,
1939
%
14,839,206
8,846
14,871,655
Oct.
14.725,715
8,987
315,194
14,858,210
9,139
323,888
S. Tress, z.
11,
1939
$
$
$
Oct.
1939
1939
1939
CLOSE OF BUSINESS NOV. 22, 1939
18,
14,866,654
10,253
353,716
Gold ctfs. on hand and due from U.
Total reserves
8,
$
$
$
Nov.
1939
1939
1939
ASSETS
15.
10,338
Bills discounted:
Secured
S. Government obligations.
guaranteed
—
U.
by
3,757
1,540
1,089
5,396
1,180
5,068
4,758
1,082
4,541
1,277
6.448
1,091
5,384
1,331
5,183
5,472
1,572
4,784
2,846
Other bills discounted
7,988
6,485
6,475
6,248
5,751
5,623
6,514
6,749
6,356
6,603
Total bills discounted..
548
545
15,199
direct and fully
415
market
Industrial advances
498
1*1*568
11,561
11*623
*1*1*680
11*. 763
11,787
11,803
11,841
11,644
1,283,447
1,233,225
Bills bought In open
548
1,305,442
1,239,172
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
787,327
203,457
1,245,497
242,370
1,164,565
186.820
1,315,942
1,245,497
223,457
1,315,942
104,705
1,313,942
1,247,497
125,380
2,649,319
2,686,819
2,720,819
2,735,759
2,748,259
2,764,896
2,784,896
2,803,809
2,564,015
2,738,747
2,753.273
2,766,084
2,783,711
2,804,034
2,822,357
2,586,362
United Sta t« Government securities, direct and
guaranteed:
Bonds
Notes
i
Bills
Total U.
8
Govt,
76,705
-
guaranteed
2,593,377
....
Foreign loans on gold
Gold held abroad
foreign
2,612,933
-
...
......
2,6Q7,365
......
2,704,917
47
47
47
47
47
"""308
""*225
""*176
""*176
21,446
692,318
42,051
70.396
23,216
23,385
662,257
20,799
23,737
802,576
646,638
42,108
42,087
666,514
42,082
644,074
42,037
70,073
20,836
667,636
42,082
20,583
42,035
70,581
22,133
716.496
42,037
69,492
23,185
964.817
20,844
578,163
42,140
44,193
69,436
68,663
71,118
68,951
67,889
50,682
18,707,923
18,814,269
18,635,504
18,632,715
18.603.106
15,214,620
4,756.457
4,757,812
4,732,133
4,683,726
4,362,465
11,621,338
8,818,335
551,890
474,316
467,580
212,081
.......
...
banks
Federal Reserve notes of other banks
Uncollected items
Bank
..
......
Total bills and securities
Due from
;
securities, direct and
612,123
premises
Other assets
176
—
18,651,191
18,998,684
18,607,318
18,776,872
4,825,953
Total assets
4.805,254
4,817,094
4,781,385
4,743,717
11,813,664
349,030
470,881
319,449
11,950,446
326,003
418,898
272,874
11,906,847
349,137
11,739,156
403,535
414.705
444.207
11,671,664
469,127
466,137
283,540
297,400
309,403
303,913
350,438
LIABILITIES
Federal Reserve notes in actual circulation
11,587,156
564,123
454,277
317,728
11,748,660
12,923,284
12,875,424
12,944,721
9,855,170
641,620
4,371
633,483
3,815
622,759
643,275
4,147
12,954,229
752,250
3,935
12,916,331
662,106
4,453
12,953,024
690,547
4,278
12,884,298
916,914
4,853
12,968,221
644,088
Other liabilities, incl. accrued dividends
12,811,679
660,081
4,848
4,970
4,995
Total liabilities......
18.302,561
18,650,305
18,259,077
18,429,234
18.360,173
18,466,871
18,288,101
18,285,762
18,256,176
14,865,905
134,919
149,152
135,602
149,152
135,557
149,152
27,264
35,777
135,569
149,152
27,264
35,413
135,561
149,152
134,013
149,152
27,264
35,003
147,739
27,264
35,426
135,460
149,152
27,264
35,077
135,511
27,264
36,361
135,597
149,152
27,264
36,228
135,580
27,264
18,603,106
15,214,620
83.5%
11,619,188
Deposits—Member banks' reserve account
United States Treasurer—General account..
403,249
323,255
Foreign banks
Other
deposits
Total deposits
-
Deferred availability items.
y
347,622
456,231
322,911
ACCOUNTS
CAPITAL
Capital paid in
(Section 7)
Surplus (Section 13-b)...
Surplus
y
465.987
37,295
Other capital accounts
149,152
27,264
35,642
A
reserves to
18,998,684
18,607,318
18,776,872
18,707,923
18,814,269
18,635,604
18,632,715
86.2%
85.9%
85.9%
85.6%
85.6%
85.3%
85.3%
85.2%
85.1%
101
101
101
101
101
101
324
10,156
10,236
10,328
10,278
10,517
14,335
deposits and Federal
Reserve note liabilities combined
Contingent
liability on
foreign correspondents
bills
39,280
18,651,191
Total liabilities and capital accounts
Ratio of total
27,683
purchased
for
~
~9~806
9*919
*9*966
10,023
1,853
3,493
1,486
3,546
1,594
1,404
1.255
2,316
2,451
2,164
4,994
315
515
125
297
288
237
168
240
202
Commitments to make industrial advances
278
3,578
3,609
3,539
296
353
500
562
211
,
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
3,361
1,385
189
393
130
207
307
3,455
3,547
3,372
2,267
986
812
621
425
225
159
161
152
596
7,988
6,485
6,475
6,248
5,751
5,623
6,514
6,749
6,356
6,603
255
124
173
Over 90 days bills discounted
Total bills discounted
i
232
1-15 days bills bought In open market
149
94
99
"""140
140
170
223
Over 90 days bills bought in open market
93
93
61-90 days bills bought in open market
Total bills bought in open market..
23
99
16-30 days bills bought In open market.......
31-60 days bills bought In open market.....
74
153
135
258
...
415
498
548
548
545
1,442
1,395
1,406
1,366
1,434
133
239
316
1,118
.......
*1*502
1-16 days Industrial advances
1.467
*1*585
*1^577
1,442
16-30 days industrial advances
301
357
73
98
343
310
120
31-60 days industrial advances
1,166
1,011
1,245
891
408
419
407
395
481
1,191
8,690
1,191
560
327
8,716
8,998
12,004
353
61-90 days Industrial advances
8,246
Over 90 days industrial advances
476
436
700
1,115
1,113
8,250
r
8,292
8,406
8,455
8,503
11,568
11,661
11,623
11,680
11,763
11,787
11.803
11,841
11,644
15,199
76,705
Total Industrie1 advances
U. S. Govt, securities, direct and guaranteed:
1-15 days
69,280
48,675
76,705
54,675
48,940
48,675
182,453
27,440
54,675
210,453
29,137
36.637
38,913
110,423
27,440
123,955
141,173
2,455,691
29,137
75,890
97,615
182,453
200,487
2,455,691
1,996,192
2,516,672
2,544,614
2,561*,439
2,56*1*439
2,4*5*5", 691
2,455* 691
48,940
125,380
105,748
2,455,691
2,593,377
2,649,319
2,686,819
2,720,819
2,735,759
2,748,259
2,764,896
2,784,896
2,803,809
2,564,015
5,100,435
274,482
5,096,606
5,102,403
285,309
5,069,242
287,857
5,060,802
5,002,399
4,991,190
4,650,264
317,085
5,060,226
303,769
5,033,080
291.352
275,268
270,266
307.464
287,799
4,825.953
4,805,254
4.817,094
4,781,385
4,743,717
4,756,457
4,757,812
4,732,133
4,683,726
4,362,465
5,205,000
5,202,000
2,337
5,177,000
5,166,000
1,557
5,108,000
2,406
4,712,000
2,132
5.138,000
2,440
5.101,000
2,346
5,164,000
1,626
5,162,000
2,432
2,022
5,700
5,207,432
5,204.337
5,179,346
5,168,132
5,165,626
5,163,557
5,140.440
5.110.406
5,103,022
4,717,700
35,425
16-30 days
31-60 days
61-90 days
................J.....
Over 90 days
69,280
35,425
Total U. S. Government securities, direct
and guaranteed
180,923
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—
Goid ctfs.
on
hand and due from U. S. Treas..
By eligible paper.
United States Government securities
Total
•
z
cents
collateral
"Other cash" does not include Federal Reserve notes.
These are certificates given by the United States Treasury for the gold taken over
on
Jan.
provision* of
y
s
from the Reserve banks when the dollar was devalued from 100 cents to 59.06
appropriated as profit by the Treasury under
31, 1934, these certificates being worth less to the extent of the difference, the difference itself having been
the Gold Reserve Act of 1934.
.
With the statement of Jan
4, 1939 two new items appeared, "Other liabilities. Including accrued
two items corresponds exactly to the total of two items formerly in the statement but now
statement tor Nov. 23,1938 has
dividends,'
I
The total of these
contingencies." The
and "Other capital accounts."
excluded, viz.: "All other liabilities." and "Reserve for
been revised on the new basis and is shown accordingly.
0
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
3367
Weekly Return of the Board, of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OP 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
Phila.
ASSETS
S
$
$
$
Cold
certificates on hand and
from United States
Treasury
Cleveland Richmond
$
Atlanta
Chicago
St. Louis
%
%
%
%
OF BUSINESS NOV. 22,
Dallas
Minneap. Kan. City
%
%
1939
San Fran,
$
S
due
9,414
1,014
976
799,694
1,308
939
841
266
767
802
233
504
389
330,931
31,222
77,769
27,024
25,106
22,198
17,969
40,908
15,008
9,726
16,249
17,063
1,375
30,689
870,792 7,093,685
828,026
965,043
411,451
290,633 2,562,816
442,077
253,387
362,398
249,938
881,754
4
15
97
238
14,871,655
Redemption fund—Fed. Res. notes..
Other cash *
Total reserves
Bills discounted:
15,212,000
838.556 7,014,940
938,998
388,412
272,398 2,521,141
426,267
243,428
345,645
8ecured by U S. Govt, obligations,
direct and guaranteed
1,540
75
774
148
193
61
60
95
15
100
Other bills discounted
6.448
200
3,058
321
406
186
180
448
166
151
232,486
849,690
*""997
Total bills discounted
'
7,988
275
3,832
469
599
247
240
543
181
251
997
101
253
11,568
1,418
1,974
3,138
326
1,007
672
444
7
808
183
510
1,081
1,283,447
1,233,225
76,705
93,024
402,163
110,089
133,761
140,658
43,273
128,525
7,994
49,478
135,155
41,579
34,541
33,190
57,233
54,994
3,078
8,406
2,586
2,064
3,421
46,167
44,361
2,759
105,244
386,426
24,035
105,781
5,560
65,800
63,225
3,933
51,494
89,384
2,593,377
187,968
812,624
222,449
270,280
132,958
104,050
284,219
87,438
69,795
115,648
93,287
212,661
2,612,933
189,661
818,430
226,056
271,205
134,212
104,962
285,206
70,854
116,8281
93,898
213,995
3
18
5
87,626
47
4
2
2
6
1
3,394
59,634
2,507
93,856
7,126
1,728
29,966
2,251
2,198
430,681 2,955,388
Industrial advances
U. S. Govt, securities, direct &
guar.:
Bonds
Notes
Bills
6,579
101,127
6,290
Total
U.
S.
Govt,
securities,
direct and guaranteed..
Total bills and securities
Due from foreign banks.
Fed. Res. notes of other banks
Uncollected
Bank
21,446
488
3,302
981
1,677
692,318
69,802
166,333
42,051
2,898
8,888
54,269
4,594
79,145
5,881
2,557
4,617
22,354
6,078
7,746
4,176
2,987
18,651,191 1,138,261 8,113,010 1,120,009 1,330,701
615,426
_
premises
Other
assets
Total assets
*
1,709
28,351
2,037
70,396
Items
•
1
1
4
796
1,245
437
18,410
25,285
3,182
34,785
1,925
32,482
3,119
2,914
565,847
346,872
518,987
3,871
a
1,500
1,266
3,189
5,826
2,449
373,274 1,142,735
•
LIABILITIES
F. R. notes In actual circulation
4,825,953
399,645 1,212,146
339,944
449,993
229,140
159,015 1,058,268
188,936
139,001
180,565
83,187
386,113
11,619,188
572,168 6,135,394
113,433
38,546
149,844
28,364
591,217
651,766
9,061
11,425
7,963
6,686
5,217
453
215,783
21,732
11,425
5,018
622,625
13,304
229,864
292,150
18,903
11,425
13,520
264,770
21,746
36,639
201,329 1,635,049
8,275
69,832
13,789
47,670
7,396
4,948
155,137
53,007
38,214
12,909
281,800
8,209
16,940
645,905 6,628,535
695,347
770,688
313,635
230,789 1,757,499
335,998
182,719
298,394
253,958
698,212
Deposits:
Member bank reserve account..
U. 8.
Treasurer—General account..
Foreign
Other
465,987
bank
403,249
deposits
323,255
Total deposits
12,811,679
Deferred availability Items...,
6,827
74,320
•
24,680
28.453
22.454
660.081
68,231
149,975
51,604
76,565
57,497
27,893
94,817
30,070
15,843
29,674
24,858
33,054
4,848
373
1,850
477
454
138
208
443
181
140
185
129
270
18,302,561 1,114,154 7,992,506 1,087,372 1,297,700
600,410
417,905 2,911,027
555,185
337,703
508,818
4,303
3,613
4,051
3,892
9,965
1,266
2,121
1,933
2,379
....
Other liabilities, lncl. accrued dlvs
Total liabilities
362,132 1,117,649
CAPITAL ACCOUNTS
Capital paid In
134,919
149,152
1,767
Other capital accounts
12,115
13,696
4,416
2,410
50,917
2,874
37,295
(Section 7)
Surplus (Section 13-b)
9,383
10,083
27,264
i
Surplus
52,463
7,457
9,667
13,823
14,323
5,117
4,983
3,293
1,623
1,007
3,848
Total liabilities and capital accounts 18,651,191 1,138,261 8,113,010 1,120,009 1,330,701
Commitments to make Indus, advs
922
480
1,337
1,907
9,800
•
"Other cash" does not Include Federal Reserve notes,
1,001
1,865
7,206
1,397
2,089
1,142
1,111
430,681]2,955,388
565,847
346,872
518,987
22
410
64
550
781
860
10,621
373,274 1,142,735
3,170
RESERVE
NOTE
STATEMENT
Boston
New York
Phila.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneap
Kan. CUt
Dallas
%
%
%
$
%
%
%
%
%
$
$
San Fran.
$
422,275 1,296,194
357,591
239,783
10,643
170,823 1,083,117
11,803
24,840
142,521
188,762
90.48C
17,647
470,478
20,485
199,19C
84,048
10.26C
3.62C
8,197
7,293
439,215
53,102
4,825,953
399,645 1,212,146
339,944
449,993
229,140
159,015 1,058,263
188,93€
139,001
180,565
83,187
386,113
5,205,000
2,432
440,000 1,315,000
370,000
474,000
245,000
174,000 1,090,000
203,000
145,50(
190,00( i
94,50(
464,000
839
148
85
155
825
5,207,432
440,275 1,315,839
370,148
203,085
145,655
190,825
94,50(
464,000
5,100,435
274,482
In actual circulation
by
3,153
545
%
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
held
2,926
4,685
1,429
Total
Federal Reserve notes:
Collateral
4,035
22,666
713
615,426
13,060
5,630
Less than $500.
a
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve BanJc of—
4,568
Agent
22,630
security
as
for notes issued to banks:
Gold certificates
hand
on
and due
from United States Treasury
Eligible paper
Total collateral
275
United States Treasury Bills—-Friday,
105
245,1051
474,000
Nov. 24
THE
Rates quoted are for discount at purchase.
PARIS
BOURSE
Quotations of representative stocks
1
Bid
174,00C11,090,000'
Bid
Asked
Asked
each
day of the past week:
as
received by cable
'
Nov. 17
Nev. 29 1939
0.05%
Jan.
17 1940
0.05%
Jan.
24 1940
Dec. 13 1939
Dec.
20 1939
.
Jan.
0.05%
_
.
31 1940
0.05%
0.05%
0.05%
_
Feb.
7 1940
14 1940
0.05%
21 1910
0.05%
Dec, 27 1939
0.05%
Feb.
Jan.
3 1940
0.05%
Feb.
Jan.
10 1940
Banque de
0.05%
France
Nov. 22
Nov. 23
Francs
Francs
Francs
Francs
Francs
Fri.,
0 05%
Nov. 18
Francs
0.05%
6 1939
Dec.
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.
824
820
827
372
302
428
425
17,900
17,800
17.990
17,995
17,810
Canal de Suez cap
d'Electrlclte
7,395
732
585
591
617
629
1,550
1,625
1,645
l.olO
581
Cie Generale d'Electrlclte
1,485
Cle Generale Transatlantlque..,.
,
41
39
39
41
Nov. 24
Citroen B
490
502
545
528
522
Comptoir Natlonale d'Escompte
738
740
748
7.19
764
220
210
Courrleres
195
106
196
206
201
Credit Commercial de France
445
450
447
464
459
1,430
1.430
1,440
Coty S A
Figures after decimal point represent
a
7,340
7,105
Banque de l'Unlon Parislenne
Quotations for United States Treasury Notes—Friday,
7.225
7,225
805
375
-
Banque de Paris et Des Pays Baa
Cie Distr.
Nov. 20 Nov. 21
one
32ds of
more
or
Credit
point.
215
205
.
Lyonnals
.
1,430
1,411
Closed
220
Energie Electrique du Nord
Rate
Maturity
Bid
254
251
252
558
559
565
568
572
Kuhlmann
Int.
Int.
250
Energie Electrique du Littoral..
685
604
708
718
724
1.340
815
1,312
1,316
1.344
1,338
828
800
804
830
839
830
824
900
844
840
846
8/0
1*752
1*738
Asked
L'Air
1
102.12
102.14
Nord Ry
Mar. 15 1942...
IH%
103 21
103.23
Orleans
Sept. 15 1942...
Dec. 15 1942...
2%
104 27
104.29
Pathe
i
104.12
104 14
Pechiney
Rentes. Perpetual 3%
Asked
Rate
MaturUy
Bid
Llquide
Lyon(PLM)
Deo. 15 1939...
1
H%
100.2
Mar. 15 1940...
1 %%
101.7
101.9
1^%
101.15
101.17
1H%
1H%
101.29
•101.31
June 15 1940—
Dec. 15 1940,.,
Mar. 15 1941...
June 15 1941
,
—
Dec.
16 1941...
102.2
102.4
June
15 1943...
102.2
102 4
Dec.
15 1943...
Mar. 15, 1944...
June
15 1944...
y<%
IJ*%
m%
i%
H%
102
1
102 3
Ry. (6%)__.
Capital
101.31
102.1
101.1
100.1
...
71.00
Societe
STOCK EXCHANGE
l
71.90
81.40
109.50
2,136
2,148
2,173
2,145
1.680
1,670
1,670
1,620
44
48
46
48
1.145
1,150
1,195
1,168
552
Cie
81.65
109.00
553
1,145
Marseillaise
.
„
_
68
Tublze Artificial Silk pref
losing prices of representative stocks as received by cable
72.10
81.20
108.30
1.690
Saint Gobaln C & C
Societe Lyonnatse
BERLIN
71.80
80.65
107.90
Societe Generale Fonciere
THE
1,738
2,130
•
Schneider &
1,746
1.725
72.00
81.55
5%, 1920
99.31
/+*%
--
107.70
4
100.31
—
_
Union d'Electric!te
...
Wagon-Llts
.
71
73
74
73
419
424
420
431
432
40
41
41
41
42
day of the past week:
Nov.
18
Nov.
20
Nov.
21
Nov.
Nov.
22
23
Nov.
24
Per Cent of Par
117
►
117
117
117
153
154
157
157
.105
105
105
105
.
.109
109
109
109
.126
126
126
126
.104
104
104
105
.160
160
160
160
.180
180
180
180
.202
202
204
204
.100
100
101
100
118
..
156
..
States
Government
Securities
following
on
the
New
page.
109
..
126
..
Transactions
at
the
New
York
Stock
105
..
159
..
Daily, Weekly and Yearly—See
page
3383.
180
..
..
United
York Stock Exchange—See
105
..
..
..
205
100
Stock and Bond
Averages—See
page
3383.
Exchange.
3368
Nov.
25,
1939
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the
computing the range for the year.
Ns
day.
account Is taken of such sales in
United States Government Securities
Below
furnish
on
the New York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal 'point represent one or more 32ds of a point.
we
a
Daily Record of U. S. Bond Prices Nov. 18 Nov. 20 Nov. 21 Nov. 22 Nov. 23 Nov. 24
Daily Record of U. S. Bond Prices Nov. 18 Nov. 20 Nov. 21 Nov. 22 Nov. 23 Nov. 24
High
119.16
Low.
4^8. 1947-52
119.14
119.12
Close
Treasury
119.12
Total sales in $1,000 units...
119.16
119.14
119.16
119.16
119.14
119.16
119.14
2
2
104.16
105.5
105.8
105.13
105.5
Low.
104.16
105.5
105.7
105.13
105.5
104.16
105.5
105.8
105.13
105.5
Total sales in 11,000 units...
1
119.6
53
^
High
Close
119.6
119.16
119.6
Treasury
25*8, 1956-59
4
2
3
15
5
5
(High
jHigh
4s, 1944-54
■
114.17
Low.
114.17
25*8. 1958-63
■
105.2
105.3
105
104.31
104.30
105.3
104.28
105
105.3
104.28
114.17
Close
....
mmm m
114.17
Close
114.17
mmmm
114.17
Total sales in 11,000 units...
1
(High
104.22
105.2
104.30
105
104.30
Low-
104.11
104.22
104.26
105
104.24
Close
104.20
105
104.30
Total sales in $1,000 units...
2
25*8, 1960-65
High
114
113.29
Low.
114
113.29
....
mmmm
Close
3Ms, 1946-56
104.31
Low.
114
113.29
....
mmmm-
2
——
104.31
15
50
104.24
105
n
$1,000 units...
50
mmmm
72
----
mmmm
rHlgh
3«s, 1940-43
Close
mmmm
2
107.26
107.21
Low.
107.18
107.26
107.21
107.18
107.26
107.21
1
5
2
25*8, 1948.
102.18
!
■
4
4
188
(High
102.18
....
102.18
Total sales in $1,000 units...
154
107.18
Total sales in $1,000 units...
102.18
102.18
33
fHIgh
2^8, 1945
102.18
Low.
Total sales in $1,000 units...
(Close
Total sales
•
107.1
Low.
107.1
Close
107.1
Total tales in $1,000 units...
High
3Hs. 1941-43
mmmm
....
mmmm
mmmm
....
104.23
104.14
104.12
104.16
104.16
104.14
Close
104.14
104.16
104.20
104.21
104.14
2
6
13
15
(High
104.10
104.16
Low.
104.10
104.16
Close
Total sales in $1,000 units...
104.10
104.16
2
103.31
.1
104.3
104.5
loT.io
104.2
Low.
103.31
104.3
104.3
104.8
104.2
CiOS6
Total sales in $1,000 units
103.31
104.3
104.5
104.8
104.2
■
mmmm
DAY
25*8, 1950-52
HOLI¬
Low.
•
■
109.20
109.19
mmmm
....
109.19
109.19
Close
•
n
104.20
104.8
25*8. 1949-53
....
2
mmmm
High
Total sales
104.16
Low.
(High
104.23
Total sales in $1,000 units...
3X8, 1943-47
104.14
Total sales in $1,000 units...
104.23
Close
•
mmmm
mmmm
....
109.19
109.20
50
26
$1,000 units...
mmrnm
mmmm
mmmm
2s. 1947
105.8
105.7
Low.
105.8
105.7
Close
105.8
....
109.21
109.20
109.19
109.21
109.17
109.21
7
....
mmmm
3
109.19
mmmm
....
109.20
Total sales in $1,000 units...
/1
Federal Farm Mortgage
a fHIgh
Low.
Close
'
Total sales in $1,000 units...
"
mmmm
41
High
lioX
Low.
3X8, 1944-46
110.2
110.51
110.2
110.2
*2
26
....
110.23
110.22
16
1
Total sales in $1,000 units...
110.25
High
107.19
107.26
107.19
107.16
107.26
107.19
107.17
40
6
....
110.25
110.25
Total sales in $1,000 units...
1
1
High
109.21
109.23
Low.
109.20
109.23
Ciose
109.21
$1,000 units...
60
....
mmmm
mmmm
105.23
105.14
2
5
105.2
(High
Low.
105
Close
Total sales in $1,000 units...
mmm**'
110.28
105.14
25*8, 1942-47
mmrn^m
mmmm
110.28
....
105.14
105.23
(Close
110.10
7
110.28
Low.
Close
105.23
Total sales in $1,000 units...
110.10
_____
105
mmmm
Home Owners' Loan
125
107.14
107.9
Low.
107.8
107.
107.11
107.14
107.9
109.20
.Close
107.8
107.
107.11
107.14
107.9
109.20
Total sales in $1,000 units...
6
1
5
(High
mm mm
3s, series A, 1944-52
109.28
.in
109.23
----
1
High
107.8
107.
107.14
104.
104.14
104.14
High
108~22
108.24
109~.2~
108.26
| Low.
104.
Low.
108.22
108.21
108.26
108.26
IC10S6
104.
Close
108.22
108.24
109.2
108.26
Total sales in $1,000unitsl...
Total sales in $1,000 units...
3
5
5
2
106""
106.16
106.15
106.23
106.16
105.28
106.3
106.12
106.16
106.10
106
106.16
106.12
106.19
106.10
5
25
13
3s. 1951-55
■
25*8, 1942-44
•
High
2X8, 1955-60
Low.
,
,
14
31
*
,
108
(High
2X8. 1945-47
Low.
$1,000
....
1
107""
Low.
107
Close
Total sales in $1,000 units...
100.12
100.
100.18
(Close
Odd lot sales,
100.15
100,
100.18
bonds.
*1
6
f Deferred delivery sale.
Note—The
108
1
High
2X8, 1948-51
108
108
_____
units...
100.18
Total sa'es in $1,000 units...
108
108
Close
Total sales in
2
100,
Low.
15*8, 1945-47
*
104.14
100.15
(Hgh
_
(Close
_
Total sales in $1,000 units...
2
(High
| Low.
110.12
110.11
107.20
107.26
3s, 1942-47
5
110.11
110.23
2
Close
110
3
110.11
....
....
43
High
110
~~
1
1
Total sales in $1,000 units...
110.2
Close
Total sales in
25
Low.
110.1
High
3s, 1946-48
104.18
Low.
3s, 1944-49
8
110.2
Low.
3X8, 1949-52
DAY
Close
Total sales in $1,000 units...
109.20
5
110.5
110.5
Close
Total sales in $1,000 units...
3Xa, 1946-49
104.18
High
35*8, 1944-64
"
3^8. 1943-45
,
•
1
104.18
HOLI-
105.7
[High
3X8. 1941
1
High
104.23
Low.
10
5
above
I Cash sale.
includes
table
only
of
sales
coupon
Transactions in registered bonds were:
107
•
*
____
5
m
_
106"""
--
1
— —
Treasury 2j*s, 1945-1947
105.22
106""
Low.
105.22
106
105.28
106.4
105.29
Close
105.22
106
106
106.5
105.29
Total sales in $1,000 units...
11
High
2Xb, 1951-54
•
loo'i"
53
1
108 to
-
108
mm M
mm
105~29
2
United States Treasury Bills—See previous page.
United States
100
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
for
Saturday
STOCKS
NEW YORK STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 18
EXCHANGE
Nov. 20
Nov, 21
Nov. 22
Nov. 23
Nov. 24
Week
$ per share
$ per share
$ yer share
$ per share
$ per share
$ per share
Shares
%
.66%
66%
66%
67
67is
67%
*66%
67%
66%
*135
140
67
1,500
140
140
*139
144
*140
144
*140
144
30
*44
48
*45
48
*45
48
*45
48
*45
48
62%,
*51
53
51
9
50%
87fj
2178
*48
9%
*52%
53%
52%
*8%
9%
21%
9
*21%
21%
21%
*21%
18%
18%
18%
18%
*18*2
56
56%
56
57%
1
*1
1
*1
Ds
1%
15%
*13%
15%
14
*13%
14
14
13%
13%
*13%
17%
14
10%
177
17%
23%
10%
178%
*14%
14%
14%
14%
*13%
14
13
13%
16%
16%
*13%
14
14
14
*17
2234
17%
23
*10
10%
176i2 177
14'8
13%
*17
22%
*13%
10%
10%
10'4
69
10%
67%
10%
68%
68%
65
41
40%
41%
40
4034
39%
40%
15%
15%
2%
15%
2%
*15*4
2%
15%
2%
*15%
2%
18
*17
18
*17
15%
2%
18%
18
18
Air Reduction Ino
1,400
2%
10%
*647g
53
April
120
Apr 10
No par
33% Apr
31% Mar
6% Aug
Air
8%
1,900
No par
No par
Corp
1%
3,200
Way El Appliance. .No par
Alaska Juneau Gold Mln.._10
1%
15%
4,600
Allegheny Corp
13%
13%
13%
300
13%
17
17
23%
66
9%
9%
173% 175
14%
14%
*13%
13%
9%
*6478
39%
15%
2%
10%
66
400
5X % pf A with $30 war. 100
3X% Pt A with $40 war. 100
5X% Pf A without wat.100
200
$2.50 prior
par
8
8tl Corp..No par
Industries Inc
...1
14
3,100
1,900
500
1,400
900
2,000
7,200
700
39%
15%
2%
3,100
17%
300
400
1,500
conv
pref.No
Allen
Allied Chemical A Dye. No par
Allied Kid Co
5
Allied Mills Co Inc
No par
Allied Stores Corp
No par
5% preferred
100
AUls-Chalmers Mfg
No par
Alpha Portland Cem__No par
Amalgam Leather Co Ino.-.l
6% conv preferred
50
60
58%
59
57%
58
1,300
Amerada Corp
21%
21%
20%
20%
2,600
Am Agrlc
39%
40
20%
39%
5678
20%
57%
21%
*39
40
39%
39%
37
38%
2,800
Am Airlines Inc
12
1134
11%
11%
11%
11
11%
1,600
American Bank Note
50
47%
47%
47%
48
48
11%
12
47%
48
50
*
Bid and asked prloes: no sales on this day.
J In receivership.
57
48
270
1 r>et. delivery.
-
Alghny Lud
*20%
21%
39%
11%
% Jan
8
31
24
5
8
4
30
6% Sept
%July
684 Aug 24
4% Aug 24
4% Sept 1
No par
17%
56%
20%
59
Sept
15% Sept
45% Apr
22%
Day
19
10
Ne par
7
15
$
100
1
1%
Closed—
giving
10
14%
13%
10%
*40%
*15%
18
Adams-Mlills
Address-Multlgr
Stock
22%
13l2
1012
66%
2%
200
900
2,900
Thanks¬
18
$ per share
25
Adams Express
6%
n
No par
Chem(Del)— No
preferred
New stock,
r
par
...10
10
50
Cash sale,
x
Range for Previous
Year 1938
Lots
Lowest
Highest
No par
Acme Steel Co
18%
Exchange
175
14%
pref
Abraham & Straus
conv
7
1%
1%
10
4H%
55%
7
174
1412
Abbott Laboratories
2178
13%
15%
23
18%
1>8
7>8
14%
Par
8%
*21%
18%
57
7
""400
Lowest
55
18%
56%
1'4
15%
*22%
10%
*10%
178% 178%
*21%
19
57%
1
1%
16%
23
2178
7
1%
18
878
1%
7%
1%
15%
*13%
*16%
50%
7%
*7%
7%
1%
#
9%
Range Sines Jan. 1
On Basis of 100-Share
June 29
per
share
$
71% Sept 19
149%Sept 30
45
Oct 19
66% Oct 26
11% Sept 12
25
Mar
3
27% Jan 5
68 Sept 27
1% Sept 13
pet
share $
36% Feb
119% July
30% Mar
18
June
6% Mar
Oct
% Mar
8% Mar
78 Mar
1%
Jan
20% Sept 27
18% Sept 26
6% June
%
17%
Jan
17%
Jan
2
18
Jan
Sept 27
23% Sept 27
6
Mar
5% June
7% June
14% Sept
5
1978 Jan
3
5
34% Mar
11% Apr
1% Mar
6
10
Mar
y
1% July
Feb
3
Sept 27
10
48% Jan
Ex-dlv.
12% July
Aug
23
11
U
8
3
22
47% Nov 15
Oct
Jan
24
117g Oct
200% Sept
1478Sept
15% Sept
11% Jan
71
Aug
1
Oct
52
67% Nov
6% Apr 11
151% Apr 10
10
Apr 10
9% Apr 10
6
Apr 11
54% Apr 11
28
Apr 8
12% Apr 8
l%June 29
12
Aug 21
50
Apr 11
16
Apr 26
9% Sept
Nor
45
30
May
4
June 29
share
14% Mar
16% Mar
28% Jan
26
per
61
123%
40
8
Apr
Highest
3% Sept
21
Sept
74% Sept 11
24% Sept 13
40% Oct 30
17% Jan 3
60
Ex-rights
Jan
6
4% Mar
124
Mar
7
Mar
8% Mar
4% Mar
38
Mar
13%
Jan
21% Nov
29% Nov
14% Aug
197
Oct
12%
Oct
14% July
13% Nov
70% Oct
55«4 Oct
20
3%
Oct
Oct
24
Jan
78
July
55
May
22
Dec
28%
10
Mar
23% July
46% Apr
63
^ Called for redemption.
Oct
Nov
Volume
LOW
AND
New York Stock Record—Continued—Page 2
149
HIGH
SALE PRICES—PER
Sales
SHARE. NOT PER CENT
STOCKS
NEW
for
Saturday
ivov
Monday
Tuesday
Nov. 20
18
$ per share
Nov
$ per share
*6%
7
*6%
7
*48%
49
48%
49
*54
34%
34%
*55
55%
*23
2334
*111
*23%
115
7
*6%
47%
131
*103% 133% ♦130% 133%
*112
113
113%
113%
170% 170%
171% 171%
34%
21
$ per share
48
131
Nov. 22
Nov. 23
Nov. 24
$ per share
Shares
6%
46
56
172
34
34
55
55
24
6%
23%
23%
*53%
23%
6%
400
45%
172
34%
Lowest
45S4
1,500
American
200
111
1,500
♦1701a 174
514%
3234
53%
22%
54%
2334
Preferred
700
1,700
Am Chain & Cable Inc.No par
115
♦111
115
121% 121% *121
124
*121
124
*121
124
124
125
15
*9
15
*9
15
*9
15
*8%
*12
9%
12%
82
*81
8%
8%
*8%
1234
82
8%
8
3%
3%
*5
6
5
2%
29%
2%
30
,
8% f
8
12%
83g
123g
82
3
700
6
*5
6
*5
234
2%
29%
2%
2%
28%
2478
24%
6%
24%
6%
37%
*36%
37%
55%
2%
2278
67g
25%
6134
54
54%
2%
*2%
*21%
7
10
10%
147
*146
10
146
634
*146
18%
18%
*74%
76%
12
.
3,800
17 2d preferred A
No par
6,600
25
26
27
1,800
6%
6%
6
3,000
American HldeJfc
200
36
55
55%
2%
2234
6%
24
634
6%
24
24
10%
148
18%
18%
10%
25*8 Apr 8
4134 Apr 11
American Home
1,100
American Ice
Products.-.1
No par
6%
1,000
Amer Internat Corp...No par
lis Jan 24
1412 Jan 23
384Sept 1
1,200
American Locomotive..No par
13
Aug 24
Aug 24
6% non-cum pref
100
100
59
900
100
41
15
7,100
1,000
Amer Mach & Fdy Co..No par
Amer Mach & Metals..No par
11
334
2434
3,400
Amer Metal Co Ltd
24%
114% 114%
22®4
220
434
5734
4%
58%
47
49
7,800
8,100
11,400
32,400
10%
Z147
10%
147
183s
17%
18%
3,100
100
American News Co
No par
Amer Power & Light...No par
Preferred
100
American Rolling Mill
25
75
74
74%
74
74
72
7334
1,000
12%
12
12%
rl2%
12%
12
12%
1,700
American Safety Razor.. 18.50
12
*11%
12%
*11%
12%
11%
11%
900
American Seating Co...No par
*357g
37
12%
35%
34%
34
Amer Ship Building
52%
52%
14234 I4284
65%
65%
35%
53%
130
144
*6478
6534
145
*143
*142% 145
142
65
65
*65
35%
53%
142%
65%
*143
145
145
145
35%
5234
53%
52%
*142
51%
05%
145
*142
34%
34%
34%
35%
3334
34%
33
3334
12%
1234
*12%
1234
12%
12%
*12
1234
*16%
1634
16%
16%
*16%
16%
22
*2134
22%
2134
21%
16%
21%
90
88
88
88
88
87%
16
*15%
21%
*88
*15%
1693s 16934
80%
80%
8134
82%
14934 14934
6
*57g
1234
12%
9178 92
*11
11%
*4934
51
*7%
8
81%
83
82%
84
92%
11%
1034
10%
1038
50%
7%
50%
49%
49%
4834
8%
7%
7%
7%
327g
32%
*4134
2334
2334
114
15
234
*34%
34%
104% 105
6%
51%
684
5134
65
*50
23
34
32%
42
*41%
42
23
23
114
114
.23%
1534
323g
*41
2234
9%
9%
*90
3934
11%
*11%
9%
*834
*90
100
934
11%
10%
100
10
10
*9%
76%
90
300
Am Sumatra Tobacco..No par
16
170
7,200
1,500
5,100
8234
84%
149
1,900
12%
92%
103g
49
5,800
Amer Zinc
4834
65
39%
39%
1,500
11%
♦11
11%
200
*8%
200
9%
100
*90
9%
—
76%
♦76%
38
94
*34%
*92%
26%
38
*92%
27%
Mi
800
74
*3438
No par
100
No par
Arnold Constable Corp
5
Artloom Corp
No par
7% preferred
100
Associated Dry Goods..!
1
*343s
37
*34%
37
*34%
38
*92%
2834
94
93%
28%
93%
*92%
94
*60
61
60%
60%
60
60
58
58
55
55
26
26%
25%
2534
25%
2534
25
26
3,100
16%
1834
23%
23%
24%
23%
23%
23%
109%
109% *108
1097S *108
109% *108
8%
83g
83g
83g
8%
8%
8%
46
46
46 *
a46
45%
45%
*45%
67
67
67
67%
67%
67%
67%
121
120
121
120
*120
120
120%
*7
734
784
*7%
734
7%
7%
*3%
3%
3%
*3%
3%
3%
3%
3
3
3
3
*234
*234
*234
*18%
20%
20%
*18%
20%
*187g 20%
*16
23%
*108
8%
*45%
*65%
*120
*7%
3%
*234
*19
*15%
*17%
z2334
16%
19
16
*15%
1834
16
*18
28%
*17
'
18%
22%
*108
20
10,800
300
83g
67%
67%
600
Atlas Powder
360
5% conv preferred
Atlas Tack Corp
*7
*3%
2 34
*18%
7
7%
7%
7%
7%
7%
18%
17%
1734
17%
1734
6%
6%
6%
63g
6%
6
8%
8%
8%
8%
8%
834
8%
8%
734
17%
18
16
1734
18%
62
63
62
62
62
62
62
62
130
17
17
1634
16%
16%
*9%
16%
16
16%
900
9%
300
10
10
29
*24%
29
14
14
2534
26
24%
10%
*934
*113
114%
*26% 27%
*113
*107
*107
27%
934
*24
14%
26
24%
114%
28
—
—
-
13%
—
934
9%
*24
*24
29
14
a:13%
I384
13%
13%
*24%
25%
25
25
114%
*113
25%
114% 114%
27%
27%
*107
9%
29
110
114
27%
*107
--- —
*9
57
*51
*51
57
*51
57
*51
30%
30%
30
30%
30%
303g
2178
22
21%
22
21%
21%
55
*5434
*42%
5478
647g
*54%
54%
5434
42%
42%
4234
43
42%
42%
843s
85
84%
86%
83%
85%
17%
17%
17%
173s
17%
*17%
11534
*115
27%
27%
2184
2134
115
30%
28 84
30
21%
21%
21%
55
55
55
42%
42
42
833g
81
83%
17%
17%
115% 115%
27
27%
2134 2I84
12
12%
27
21%
12%
2184
2134
2134
12%
12%
12
2184
12%
33%
3234
33%
*32
32%
32
32
17%
*1334
17%
*15
17
1634
16 34
55
*50
55
*50
*26%
1234
3334
177g
*3234
*15%
55
*50
•
57
27
12%
2734
♦51
I73g
17%
114% 115
27
9%
27
*16%
27%
114% 115
83
*9
28
*3234
*50
115%
29%
21%
27%
1234
28%
27
27%
Bid and aaked prices; no sales on
*21%
26%
this day.
55
*50
55
27%
•
25%
t In receivership,
500
-----
26%
—
60
-
-
-
-
-
•
200
------
10,100
1,900
100
14i2 July 26
6% Mar
1134
18i4 Oct
9
12
34
5
19ig
Dec
97U Sept 11
18i2 Jan 4
82
Dec
l70igMar 11
87i2 Jan 19
111
Mar
58
Mar
Sept
8934 Jan 16
153i4May 26
83a Jan 5
14% Jan 20
96
Aug
8
lS^Sept 21
6434 Sept 16
...100
25
No par
1st preferred
Beatrice
Creamery
|5 preferred w w
Beech Creek RR
—50
Beech-Nut Packing Co
20
Belding-Heminway
No par
Belgian Nat Rys part pref..
Bendlx
Aviation
5
Beneficial Indus Loan..No par
priorpf$2.50div ser'38No par
No par
Best & Co
Mar
8
1034 Mar
97
Apr
6
10
Mar
35s Sept 26
37
Sept 11
2
Mar
275s Aug
11434June
3
20
Apr
June 20
82
Mar
Apr 21
May
9
105
Sept
8»4 Sept
60
Sept
50
Jan
4
50
58
Jan
4
7i2Sept
5
13
Maris
53g Apr 11
Jan 23
5*8 Apr 11
70
Jan
41
Apr
110
5
1012 Oct 27
96
July 20
10% Jan 3
7834 Oct 26
81
Oct 24
------
7,900
a Def. delivery,
No par
5
Bloomingdale Brothere.No par
Blumenthal & Co pref
Boeing Airplane Co
n
New stock,
r
Cash gale,
100
5
x
42%
27
Mar
1
72
Mar
1
1
4278 Jan
8
30is
71
4
22% Mar
Mar
9
40
May
Jan
3
14
Mar
2634Sept 11
20
Sept 11
2434 Oct
110i2June
2
6
938 July 21
48»8 Aug 7
71
Sept 12
63s Sept 12
3% Jan
6
5
8
13
Jan
5
24i4 Apr 11
IDs Aug 24
15U Apr 10
33
Feb 28
Apr
Apr
2734Sept
10478Sept
7i4 Apr 10
52
Nov
9
1038 Apr 11
1778 April
48ig Apr 6
32
Sept 5
Apr
30
10
11
10
8
8i2 Apr 10
32
Nov 24
1418 Aug 24
35
Apr 18
10«4 Aug 24
Ex-dlv.
v
4%
Mar
Jan
Apr
2% June
2
Mar
2484
4
Jan
17
36
30% Jan
Jan 11
98
3884 Mar
12% Mar
21
5
10
10
12
13
10178 Apr
534 Mar
30% Jan 6
9% Nov 4
21% Sept 27
834 Jan 5
llUSept 27
87
109l2 Oct
4% Mar
6% Mar
17»4 Mar
105
1912 Jan
4
2% Mar
5
Mar
4
Mar
5% Mar
82
Dec
Dec
12% Mar
5
Mar
215s Mar
10% Mar
2638 Nov 17
9
Mar
115l2 Nov 13
109
Apr
28
July 24
113s Mar
IO7I4N0V
9
Nov
4
90% Apr
25
Apr
128% Aug
1
94%
32
95s Oct 25
Apr
534 Mar
Sept
735g Jan 25
3334 Oct 27
67
22 *»Nov 18
15% Mar
553s Aug 7
57% Mar 11
100
Sept 11
18% Sept 13
1201a Sept 25
3234 Oct 26
2412 Oct 26
1734 Jan
4
36% Oct 28
23i2 Mar 11
55
Sept 27
34>4 Jan 3
Ex-rights.
858 Mar
2078 Mar
3934 May
1284 June
75
Mar
17% June
984 Mar
10% Mar
13% Apr
37
May
19
Oct
Oct
Deo
Oct
Deo
Nov
Oct
July
Oct
113% Oct
20% Oct
4% July
31% Aug
10378 Oct
Dec
6
June
Jan
Jan
6434 Oct
217s Aug
Mar
June
Nov 20
14
Blaw-Knox Co..
95s
May
48
Deo
73s July
Nov
4
38
10U Aug 24
Apr
72
*52
Dec
9% Nov
16% Nov
91
Aug
Mar
100
9
434 Sept 1
I7I4 Nov 22
Black & Decker Mfg Co No par
Bliss & Laughlin Inc...
9158
152
5i2 Mar
2i2 Mar
73
Deo
88% Aug
2414 Mar
700
10
120%
150U
28i4 Mar
65
6
Mar 31
Deo
117% Mar
378 Mar
6
6
31*4 Sept
Bigelow-Sanf Carp Inc.No par
400
31
43
May
54% Jan
5
19
45
21
800
3,600
Apr
6184
150
23% Mar
438 Mar
29
50i4June
15i2 Apr
9914 Apr
15% Apr
20
100
Mar
314 Mar
5
4
Bethlehem Steel (Del).No par
preferred
7% preferred
6
68
Sept
17,600
1,600
1,100
5%
Apr
3% Mar
40
358 Aug 24
3334 Apr 11
0
5
68'4 Mar
130
21
par
50
125s Mar
li2 Apr 11
62
No par
June
834 Apr 11
50
100
10
Bayuk Cigars Inc
400
600
100
5 H % preferred
Barnsdall Oil Co
130
31
*117% 122
57
4,800
2,500
27%
----
31
*31
*30%
*30%
3134
*117% 112
*117% 122
*1177g 122
9
9%
9%
*9%
9%
*9%
9%
*11778 122
«**••••
114%
27%
27%
*107
*31
31
29
4084
9is Aug 24
378 Aug 24
17%
*24
1558 Mar
Jan
Mar
Jan 23
140
4
Apr
4634
Jan
2312 Nov
35% Jan
6838 Nov
Jan
J Baltimore & Ohio
4% preferred
Bangor & Aroostook...
Conv 5% preferred
Barber Asphalt Corp
Barker Brothers.
...No
18
*1378
111
8034 July
207s
130
41
Mar
19ia Oct
165i2 Jan
24% Nov
103
Baldwin Loco Works v t 0--13
Aviation
Oct
7
6
Aug
6,200
1,500
2,900
26,200
Jan
7%
July
69
17% Aug 31
318 Aug 24
$5 prior A
29%
Nov 24
144
153
No par
Corp. of Del (The) .8
Austin Nichols...
MM---
64
1734
Jan
9,700
1634
*16%
13i8 Mar
J Auburn Automobile.. No par
No par
100
•
18
»
14834 July
4
Sept 11
No par
Mar
5
8
400
7%
18%
9
4
Jan
4i4 Apr 10
H2 July 10
2
Apr 13
100
3U Mar
Jan
Jan 11
100
6%
17%
No par
183s Jan
127
7%
3%
234
20%
73g
1734
50
preferred.
Nov 24
June 15
121
120
6%
6
Oct
Nov
25
534 Aug 23
600
Feb
45
122
Mar
Sept 12
912 Aug 24
1818 Sept 1
I04i4 Apr 12
7
April
435s Apr 8
50
Aug 23
5
7
Nov
17% July
514 Jan
Mar
48
100
25
20
2014 July
884 July
99i2 Mar
23
Apr 11
24
Atl G & W I SS Lines.-No par
Refining
3
Sept
Apr
4% conv pref series A... 100
Jan
12
Sept
3,600
6%
,
Apr 10
38s Apr
283s Apr 10
4
Aug 24
Sept
40
46
7%
17%
77g
78
15
Atlas Corp
634
18
2018 Aug 24
8i4 Apr 8
9
Apr
1
15i4 April
75is Mar 7
14i2 Apr 8
148
Apr 10
73
Apr 11
75U Oct 2
132 Sept 19
418 Sept 1
8is Apr 11
50
Atlantic
6%
734
177s
Oct 11
140
21
2,200
83g
z26
2284 Apr
28% Mar
100
23%
79
Mar
23s Mar
46i4Sept 13
63
Sept 12
2512 Aug 28
35i2 Apr 10
127i2Sept 5
59i| Apr 14
100
109%
June
10
Deo
Jan
5% preferred
Nov
4512 Deo
214 June
44
Mar
30
600
Nov
678 Nov
3
6
Sis Sept 21
40% Jan 6
1241a Mar 20
79i2 Jan
15*4 Jan
7% Mar
90
17%
18%
15
36
3058 Deo
5
12
5% pref with warrants.. 100
Atch Topeka & Santa Fe.-lOO
5% preferred
207a July
H4 Oct
13% Nov
4% Mar
12% Mar
58
8
Apr 11
Atlantic Coast Line RR
303g Jan
3034 Mar
1
5
Assoc Investments Co.-No par
94
2734
100
100
6% 1st preferred
7% 2d preferred
400
26
preferred
Armstrong Cork Co
100
80
*70
-
1,700
9%
75
$6 conv pref....
7%
39
Mar
3
97
5
12
IS8* Mar
Sept
21
Armour
Armour & Co of Illinois
431? Sept 5
65i8 Nov 18
3% Aug 4
25
Aug 4
9
Sept 12
20
9
&Co(Del)pf7%gtd 100
8,500
2,500
Mar
80% Sept 27
Apr 11
113s Apr 10
Archer Daniels Mldl'd.No par
600
6%
9%
20
No par
Mining
2
50
200
34
10438
9%
$6.50 conv preferred.No par
May
6
2234
Copper
6
100
Anaconda Copper Mining..50
9
Sept
162
Paper Co
*70
19%
.25
0
Sept 12
2514 Feb
I284 July
8
A P W
76
17
1
5*8 Mar
117s June 29
Andes
75
1634
Smelt
'
214 Mar
13i8 Mar
41% Nov
100
*76%
18%
<fc
55 Prior conv pref
110
2%
76
28%
Lead
714 Nov
514 July
Mar
16i8 Mar
200
16
*75
28%
100
Jan
4
Mar
8
Jan
088 July
10
33
Nov
1684
83
Dec
2i2 Mar
4
934 Jan
25i8 Nov
15
Mar
8U Mar
49
13i2 Apr
48%
9
Jan
9% Nov
4i2 Mar
67i2
Deo
8
5
2034 Apr 11
35
Apr 11
*50
July
Apr
8I2 Sept
140
Sept
Anaconda W & Cable..No par
♦103
65
Oct
20
117
47% Nov
AnchorHockGlass Corp No par
*33
125
13i2 Sept
Mar
100
*2%
8812 Mar
19
1,700
*14
16
Aug 14
17i2Sept26
8*4 Feb 24
5878 Nov 24
24,800
32%
41%
22%
*113% 114
132
8
31%
41%
42
73%
2934
No par
No par
Preferred
100
39
80
287g
100
6% preferred
$0 1st preferred
80
25%
25
Common class B
Am Type Foundries Inc
10
Am Water Wks «fe Elec.No par
American Woolen
80
73%
25
Tobacco
500
*75
*75
Telp & Teleg Co..-.100
2,100
1,100
5,800
7%
39
Amer
American
400
6
46%
...100
Preferred
Mar
Apr
22%
3234
2284
*834
*90
American Sugar Refining.. 100
11%
91%
Day
11%
11%
800
7
43
*50%
39
No par
7%
65
*50
American Stove Co
534
giving
51%
65
200
83%
2%
3934
No par
10
*113% 114
*14
American Stores
•
Closed—
Thanks¬
40
6034
IDs
9%
*39
Amer Steel Foundries..No par
400
Exchange
12%
95
*50%
6%
6%
39%
9%
12%
*92
100
1234
16%
21%
82
2%
2%
343g
34%
34%
104
104
*102% 1043S
6%
6%
6%
6%
51
50
5134
4938
39%
100
16
2%
*34%
*11%
*9%
9%
333g
*13%
234
*2%
*34% 34%
103% 103%
40
*90
45
*39
45
*113% 114
*14
95
534
25
6% preferred
7.400
*15%
49
12%
12%
*92
534
American Snuff
10
33%
169
Stock
10%
1234
534
100
Preferred
500
300
65%
145
♦148
11
534
Co.No par
Smelting «fc Refg.No par
*88
149
12%
*9l7g
32%
*41%
15
149
6
*39
*2%
84%
14934 149%
16
*15%
1693g 169%
82%
82%
8334
84%
Amer
100
32%
*12%
*15%
21%
16%
21%
87%
6
45
114
16
*15%
169% 169%
8D4
8134
84
14934 14934
*38
43
16%
169% 16978
9.700
144
4M% conv pref
6
3^8 Apr 10
28
12%
52%
Oct 19
2112 Sept
15 preferred
No par
Am Rad <& Stand San'y. No par
75
146
112
32
12
62
Apr 8
2ig Apr 11
245s Nov 24
No par
$6 preferred
110
18
No par
6% conv preferred
100
22 34
103g
Preferred
12%
*141
April
Apr 8
..50
6% preferred
3,600
23
27
5
9i2 Mar
89i2 Feb
538
278 Mar 31
143g
*146% 148
*34
12
1
Leather... 1
*1178
34
10
*58%
334
Oct
64
Oct
17612 Nov
347s Deo
67«4 Nov
2334 Nov
2512 Oct 25
ll5i8 Mar 9
11% Sept 13
I8I4 Sept 8
Feb 11
24%
2%
*21%
40U Oct 18
305s Nov 20
No par
$6 preferred..
No par
Amer Hawaiian SS Co
10
2%
July 19
1214 Apr 10
5
Apr 10
$7 preferred
55
179
Amer & For'n Power...No par
24%
2%
*2134
Aug
10518
6% Sept 19
358 Jan 20
5,000
54%
Nov
70»4 Jan
I6OI4 Mar
12% Mar
80i2Sept 28
512 Sept 1
6I4 Apr 11
01
143g July
52
135
23U Mar
Apr
434May 26
2
Apr 8
8,900
35
Aug 24
6«4 Mar
114
57»4Sept 22
Aug 14
ll0i2Sept 12
100
2%
36
May 8
109ia Apr 20
10
July 20
4
140
2^ Sept
30%
834
36
100
Jan
8
Highest
$ per share $ per share
$ per share
Encaustic Tiling.. 1
Amer European Sees...No par
23
534
per
6
Lowest
Highest
share
31a Aug 11
3134 Apr 1
125
April
83i4 Apr 11
150
Sept 11
16% Aug 24
30U Aug 21
1312 Apr 8
$
American
8%
2434
10
10%
19
100
23%
634
*24
146
18%
10
1st preferred
23%
2484
62
59
59
59%
60%
59%
15
15
15%
15%
15%
153s
16%
15%
4
3%
3%
*334
334
3«4
3%
384
26
26
2534
2534 2534
26%
25%
24%
115
*108
*110
115
*108% 115
*106% 115
23
23
23
23
*2234 23
*2234 23
5
5%
5%
5%
5%
5%
5%
434
55
56
5534
55% 55%
5434
5534
5834
47
4534
4834
46% 47%
4634 47%
46%
6I84
6%
8
30
54%
2%
22%
54%
25%
American Crystal Sugar
23g
29%
8%
3 684
*36
23
7
American Colortype Co.... 10
Am Comm'l Alcohol Corp..20
6%
24%
6%
*36
No par
Am Coal Co of Allegh Co NJ 25
8%
8%
6%
100
24%
24%
23
25
3
preferred..
American Chicle
170
6
25%
25
500
1.000
*5
8%
2%
*21%
8%
12%
82
8%
5
237g
"""266
12
3%
25
"500
82
8«g
*2%
2%
30%
734
5%
12%
82%
3
2334
*24%
6%
*2%
2278
078
*7%
3
834
55%
8
*7%
82%
12%
*82
30%
2%
29
8
*734
12%
82%
3%
*3%
8%
.100
5334
2384
♦111
8%
25
American Car & Fdy..No par
Preferred
100
115
*784
1
100
1.200
♦111
♦9
Corp
pref
33%
115
15
conv
American Can
400
*111
*9
Bosch
Am Brake Shoe <fc Fdy.No par
'
110
Range for Presious
Year 1938
On Basis of 100-Share Lots
Par
130% 130%
6%
46
172
34%
Range Since Jan. 1
STOCK
Week
$ per share
1 per share
111% 112%
35
YORK
EXCHANGE
Thursday
130% 1301?
109
110%
172
the
Wednesday
Friday
3369
Sept
Called for redemption
I"
New York Stock Record—Continued—Page 3
3370
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER CENT
Saturday
S
24i2
24
117
58i2
58i2
22U
2134
26%
3%
33%
6%
6%
25%
3%
6%
*127«
2334
*39%
51
13
11%
*101
534
32%
24%
2434
118% *118%
58%
NEW YORK
21%
26%
25%
25%
3%
26%
3%
2534
*2%
3%
2%
33%
34%
32%
32%
33%
6%
13
24%
6
12%
*6
6%
12%
12%
24
23%
2334
*40
49%
49%
49
1%
1%
12
12
13
11%
*12
13
12
1%
1%
1%
11%
12%
11%
*11%
1234
12%
11%
1284
13%
1%
12%
13
42
200
48)2
900
1%
1%
1234
1%
3,300
3,900
1334
44%
41%
4234
43
45%
13%
45%
46«4
6,200
43
42
43%
44
45
46%
1,900
26
25%
25%
40%
25
24%
24%
24%
24%
1,900
37
*35%
24%
37%
25%
35
35
35
24%
24
24%
25%
10%
11%
11%
103
102% ♦101
6%
6%
6%
*34
24%
25%
*34
35
24%
24%
1034
11
102
102
6%
45%
534
1034
*102
6%
45%
5%
5%
11
*102
2,500
Bulova Watch
par
21% Apr 10
2,900
Bollard Co
No
No
18
1,700
Burlington Mills Corp
23%
25
24%
25
18
18%
18
18
12%
1284
1234
5%
*14%
584
5%
5%
12%
5%
15%
*14%
8%
15
14
14%
13%
1384
8
8%
8
8
♦22
22%
22
22
4%
79%
14%
14%
14%
14%
79%
80
79
79
14%
*78%
16%
♦1584
16
16%
16%
*24%
24%
23%
24%
23%
*50
5034
*50%
51%
♦50%
2
2
2
2
7%
784
15
1434
15%
15%
*40
16
15%
16%
5
*40
42
5%
37%
37%
5
42
38%
*6%
*40
48
*40
45
*84
86%
*84
*25%
26%
*25%
86%
26
3
3
3%
3%
6%
6%
*73
75
74
74
115
115
114
115
54
54
54
2
684
6%'
9%
*5%
5%
*88% 102
3984
3984
♦7%
7%
7%
15%
38
6
6
9
*8
*5%
6%
*5%
6%
*5%
38%
*18%
19%
*99% 100
25% 25%
100
*18%
»2784
*28%
19
19
42
42%
94
94
19
29%
19%
39
7%
38%
33%
19)2
100
43
42%
42%
94
94
94
3
2%
2%
2%
*13%
13%
%
%
42%
2%
2%
2%
2%
13%
13%
13%
13%
*■%
%
%
84
*16
34
134
1634
*16
*3584
36%
*3534
36%
*47%
4984
*45
49
%
%
*1
*%
]
1
!
»4
*8%
*1138
6%
*33
11%
6%
35
*5%
*33%
94
55
31%
4%
4
32%
33
*66
37%
*72%
37%
78
*45
47%
35%
*130
35%
*61
*33%
*110
94
*46%
4
4
33%
3234
3584
*45)2
*4634
...
48
122
3684
35%
1*130
122
10584
34%
112
£16%
105
£34
122
I
*6034
17
16%
105
34%
£110
110
22
22
1,000
35%
*3584
36
*45
49
105
33%
110
%
6
*12)4
12%
1,000
94
93%
55
*46%
55
32
36%
105
33«2
110
2334
23%
24
24
93%
9334
93%
7%
7%
*7
*17%
7%
20
684
7%
*84
*70
46%
7%
85
6%
*84%
20
7%
85
84%
36%
*130%
123
122
22
15%
*60%
16%
♦104% 105
33
24%
*23%
2334
93%
£93
93
6%
72
52%
12%
12%
1%
6934
1%
70
31%
31%
68%
6984
67%
69 I
31%
31%
31%
31%
66%
31%
Bid and asked prloee; no ealee on this day.
4.
-
-
l03%Sept 25
3'4June 30
3% Apr
8
3% Apr 11
86%June 3
July
July
5
Oct
6
Mar
15% Nov
20
Mar
44% Nov
13
Mar
22
3% Sept
5
1
Mar
20%
47
JAU
la
June 12
37%
Apr
3
5
Mar
41%Sept 11
21
6%
8
Jan
Sept 11
£43
Sept 15
85% July 17
Sept 12
9
64%Sept 27
1097$ Aug
9
100
110
Preferred series A..
6%
16,700
900
85
74
30
46%
*100% 110%
13
13,500
67%
66%
67
31%
31
31%
2,000
33,000
a Def. delivery.
Dec
5*«
Jar
3
113% Aug 16
12% Sept 27
1434 Sept 11
6% Oct 13
96
Sept 15
Chicago Pneomat Tool .No
\
an
Apr
Dec
4
Mar
8%
3%
Mar
0% July
88
Aug
Mar
5% July
111% Nov
14
104
July
Jan
Apr
69%
Oct
12%
Oct
6
26%
Jan
4
4
4% Mar
17% Mar
40
Oct
June
106
Mar
Sept
5
22% Sept 11
102
Mar 21
Jan
3
94
May
33% Nov
June
Dec
22
June
12% July
48% Mar
38% Jau
85% Oct 18
l%Sept
5
95%June 27
4
Sept 27
4% Sept 26
70
Apr
89
JaD
1% Mar
2% Sept
4
July
26
par
$3 conv preferred...No par
Pr pf (S2.60) cum dlr No par
{Chic Rock Isl A Pacific
100
Chicago Yellow Cab. .No par
Chlckasha Cotton Oil
10
Child* Co
......No par
Chile Copper Co.......
Chrysler Corp
26
5
No par
5
Clark Equipment
No par
CCC AStLoulsRyCo5 % pref 100
Clev El IUum 14.60 pf.No par
Clev Graph Bronse Co (The). 1
Clev A Pitts RR Co 7% gtd. 60
No par
Colgate-Palmollve-Peet No
6% preferred
par
100
..No
par
5% oonv preferred
100
Colo Fuel A Iron Corp .No par
Colorado A Southern
100
100
.100
Columb Br'd Sys Inc cl a.2.60
Class B
2.60
-
v t e
No par
0
No par
preferred.No par
Columbia Gas A Elee_.No par
conv
6% preferred series a... 100
....100
$4.25 conv pf ser '35.No
Commercial Solvents..No
10
par
par
Commonw'lth A Sou..No par
$6 preferred series...No par
Commonwealth Edison Co. 25
.
Cash sale,
X
Mar
6
100
r
28
2
99%
6%
13
1% Aug 29
9% Apr
% Apr
8
5
%June 26
100
Preferred
nNewstock.
July
18
3,200
1%
82
58
July
106% Dec
20% Nov
90
Sept
19% Dec
72% July
20
4X % conv preferred
100
Comm'l Invest Trust..No par
200
Mar
29% Sept 27
47% Sept 27
6% preferred
Commercial Credit
18,900
Jan
9
21% Oct 23
2,600
4
Jan
Mar
100%
6% Apr 11
100
6% preferred
12.76
Mar
*7% Jar
{Chicago A North West'n.100
Columbian Carbon
Columbia Plct v t
4% Jan
107% July
120
Aug
17% Apr 10
27
April
par
tChlo A East III Ry Co6% PflOO
{Chicago Great West 4% pflOO
Chicago Mall Order Co
6
{Chic Mil 8t P A Pac..No par
4% 1st preferred
4% 2d preferred
Mar
Dec
80
14
Oct 26
% Sept 27
1%Sept 26
t
87S Mar
% Nov
%
Dec
Dec
%June 30
!%Sept 27
l%June 28
3% Sept 27
20% Jan 4
39% Sept 16
22
50% Nov
37% June
10
Apr 10
30% Aug 24
44
Aug 21
UJune
7)2 Apr 11
10
Apr
5
8ept
5
1
25
Apr
8
63% A pr 11
9
Apr 8
79
Jan
6
46)2 Sept 28
2% Apr 8
15
Apr 8
3
%
2
17,
Jan
6
Mar
67S Mar
7a Sept 13
1
Mar
6%
1
Jan
|7S
Jan
1%
Jan
6% July
19% Dec
39% Nov
47
1
Dec
1%
Dec
%
Jan
157* July
3
Dec
2%
Nov
Jan
July
l%8ept 13
9% Mar 9
15% Sept 6
13% Jan 3
41
Sept 11
26
94% Oct
6
36% Mar
14%May 23
97% June 10
7% Sept
69
Jan
80
Jan
Dec
Mar 11
64
Mar
60
Feb
4% Oct 26
2
Mar
6% Nov
27% Oct
58
34% Oct 23
%
8
Mar
12
Mar
3% Mar
May
10% Mar
Jan
12% Jan
19% July
13% Nov
51
Oct
88% Nov
13%
Feb 10
69
Feb
4
70
Nov
76
Mar
106% Sept 18
20% April
115
Feb
9
106
Apr
115
Aug
68
69
Sept 25
39
Oct 25
15% Mar
30% Nov
78
Mar 13
67% July
70
Jan
45
Feb
2
1,900
5%
Jan
22% Nov
Mar
Mar
6
Nov
89
62i Jan
Aug 24
'
45
Apr
18%
5
Oct
June
30% Sept
4
Jan
10%
20% Aug
21% July
46% Nov
8% Jan
42
July
8% Aug
12%
2%
62i2
98%
29%
12%
Jan
Jan
Aug
2%
63%
46
19%
July
May
4% Mar
34% Mar
72% Mar 14
62
6
*101% 102%
52 >«
51%
{ In receivership,
10
24
51
7
200
1%
5% May
16% Mar
2% Mar
June 29
17
Collins A Alkm&n
Dec
24%
Jan
500
29
16% Aug
22% July
3% Jan
par
.....
{Chesapeake Corp
No
Chesapeake A Ohio Ry
City Ice A Fuel
July
Mar
58
12,500
17%
13
13% Mar
Jan
Oct
39
6
Common...........No
Checker Cab.
Class A
-
700
46l2
15% Mar
7% Dec
54%
6%
5% Aug 24
Sept
5
Apr 20
„
10%
1,200
*72
Mar
15% Mar
6
2,000
*84%
Mar
3
13% Oct
100% Nov
45
Jan
7%
74
Apr
7
133
24
85
*72
678 Mar
76
July
135
92%
84%
6%
Oct
5
Sept 12
5
23)3
19
Oct
Jan
53
8ept
3,700
*17%
684
4634
47
102% *101% 102% *101% 102%
52% 5284
52%
53%
52%
52%
106
106
*10612 110)2 *106% 110%
12%
1234
12%
13%
12%
13%
1%
1%
1%
1%
1%
1%
8
2% Apr 10
18% Apr
14% Nov
46% Nov
30
105
92%
7%
17%
7%
4
Coca-Cola Co (The)...No par
10,600
-
24
23%
46%
105% 105%
*
5%
*5
84% Nov
17% Jan
700
36%
—
122
800
233S
84%
7
Jan
Nov
20
34%June 30
21% April
125
Sept 11
2,100
20%
£23
72
Oct
2%
12
14%
6% Mar
Special gtd 4% stock
60
Climax Molybdenum..No par
Cluett Peabody A Co
No par
Preferred..
100
-
19%
*4%
7%
Apr 14
7% Aug 24
84
Dec
43
41
14% Mar
1% Mar
107*8 Jan 9
29% Oct 26
58
37% Aug
40% Aug
23%
3
7
13% Apr 10
100%Sept
Deo
10% Mar
2
7% Sept 11
Oct
8% Aug
16
27% May
5% Mar
5
10
-
80
5
46%
-
46%
1,200
6%
72
_
32%
5
47
78
109%
534
72
-
32%
7%
46%
-
10
800
109%
5%
74
«.
-
*104% 105%
20«4
6
46%
^
36%
33
20%
*4%
6% Mar
*16% Mar
Jan
3
18
City Stores
*109% 110
*101% 102% *102
5134
15%
3% Mar
18% Jan
94% Mar
122% Mar
98
preferred...
100
City Investing Co
.....100
1,700
•
-
36%
130
123
*6034
16
24%
*18%
36
130
24
5
*45%
40%
1% Mar
19% Aug
63% Aug 24
April
38% Apr 1
110
No par
600
33%
3678
*73%
47%
30
9
6
Cham Pap A Fib Co 0 % pf. 100
370
4
*66
*112%
37%
78
*45%
23%
23%
92%
5%
5%
5%
55
32%
*66
10
93
32
*2384
7%
93
*46%
4
5%
24%
5%
400
12%
3284
6
Sept
32
100
_
12%
£93%
4%
Feb
62
6% Nov
34% Mar
4
% Aug 23
12%
*4
Mar
3% Mar
65% Jan
7
% Aug 10
700
6
578
4%
Jan
8
33
100
23,400
*5
7%
6
Sept 14
106% Aug 33
1
......100
88%
123
137g Apr
2% July
7% preferred
33
46%
100
Apr 20
6% preferred
84%
6
7
IF4
par
77
500
33
47
19
39% Oct 24
3% Sept
1
29% Sept 1
4%May 19
35
July 10
500
34
7%
*18%
9%
11%
%
89%
584
7%
20
*8)4
11%
%
88
*5
7%
%
9%
600
%
*33
*684
92%
1%
*34
%
35
8934
*5
5%
200
3534
49
%
*%
1
2184
21%
3534
*45
%
*61
15%
s4
3,800
1584
*21
23%
3
14«4
*66
*130
*120% 121%
*105
4784
700
13
*15%
113% 113% *112% 113% *112%
38
38
38
38%
37%
*72%
78
*73
78
*73%
*45
47%
16%
88%
12%
*66
*112% 113%
"i',666
16%
♦8%
93%
55
%
49
11% Aug 24
13% Apr 10
48% Mar
22
1,400
*11%
*5%
*46%
*4
35%
Jan 20
13% Aug 2
11% Nov 21
14% Aug 2
4812 Aug 3
4612 Nov 24
30% Aug
6% Sept 13
16% Nov 2
6% prior preferred
Chain Belt Co
1,800
9»2
12%
2%
7,100
H84
11%
2%
12%
%
*8%
11%
93%
2%
34
*11%
11%
3%
16
18
28
2%June 29
7
Apr 11
Cerro de Pasco Copper .No par
Certain-Teed Products...
1
500
95
*2%
5%
11%
6%
42%
*93
%
11%
35
2,000
11,700
*1%
*%
90%
500
28%
43
34
100
7% prior preferred..
100
Celotex Corp,........No par
6% preferred
100
Central Agulrre assoc.No par
Central Foundry Co
1
Central 11) Lt4H% pref...l00
{Central RR of New Jersey 100
500
18%
28%
84
*a4
*6
60
1%
34
9%
88%
100
%
34
*8%
*33
19%
3%
84
1
89%
860
I84
1
89%
*90%
*46%
16
*45
%
2,600
34
1%
16%
2,600
7
35
1%
84
2
39%
%
84
'8
%
100
Preferred
Caterpillar Tractor....No par
15% preferred
100
Celanese Corp ol km ex.No par
Preferred
13%
*13
1
Century Ribbon Mllls.N#
*17%
95
6
Central Vloleta Sugar Co
*100% 103%
*25
25%
43
*93%
*2%
Carpenter Steel Co
Carriers A General Corp..
Case (J 1) Co
102
*18%
3%
1
S3 preferred A
..10
Carolina Clinch A Ohio Ry 100
6%
7
20
100
9
33%
*2%
700
6
1
38
34
28%
*2%
2
*8
25%
18%
42%
50
39
18%
25%
*93%
1,100
*92
2834
3%
1,200
3%
*5%
19%
26
200
2434
*5%
29%
720
3,400
112% 112)2
Day
*25%
*18%
*28%
"4",000
63
*24)4
3%
6
Canada 80* Ry Co
Canadian Pacific Ry..
26
Cannon Mills
...No par
6.50
101%
*60)4
7%
*19
800
3,200
26%
10734 108
10%
11
101% 101%
*2%
2
7
72
25%
102
35
7
34
*99% 100
*2584
2684
*92
102
2,500
113% 113%
53%
55
6
*92
3%
72
9
6%
"366
3
Canada Dry Ginger Ale
Capital Admin class A...
10
24%
24%
6
*8
7%
29%
1,600
3
36%
19%
37%
634
.3%
7%
*18%
70
4,000
3
6%
40
5,300
5
25
8%
2
6% Mar
12% Mar
8% May
12% Mar
25%
giving
15% Jan
31% Jan
41
Aug
53
Aug
5% Mar
25%
Thanks¬
28
Mar
1%
4
86%
Closed—
Mar
4
5
45
Exchange
Dec
14
7% Feb 27
Jan
17% Jan
15%
*6%
101
16% Mar
4% Sept 27
34% Oct 27
10% Sept
*84
Stock
32
share
per
30% Oct
107
Dec
62% Dec
14% July
19% Jan
36% Oct
4% Jan
9% Apr 11
12
April
*35
72
May
47g Aug 24
86%
72
June
Campbell W A C Fdy._No par
45
74
Jan
9
15
Calumet A Hecla Cons Cop..5
♦84
53%
40
800
*35
3%
Oct 16
Sept 11
9% Jan 3
23% Mar 6
25% Apr 11
Apr
23% Oct 30
22
Aug
5% Apr 10
18% Apr 11
1
% Feb 15
60
60
16% Mar
82
3,900
86%
25
Apr 10
6% Mar 31
..1
5% preferred
Callahan Zinc Lead
I
7%
4%
37%
6
15% Aug 24
11% Apr 10
11 June 30
1
Jan
Highest
$ Per share $
14%
42
5
*8
39%
"V, 700
42
73
102
1,300
7%
42
*6%
*91
1,000
2
15
*37%
*6%
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing.
No par
16%
*14
4%
2,000
51
1484
15%
Butte Copper A Zinc
22%
*50%
6
2,400
160
*84%
35%
35
35
*1534
2134
1%
....
6%
b°r conv preferred.......30
2
113% 113%
54%
54%
54%
*101
101% *101
101% *101
101% *101
101%
26
26%
2684
26%
27
26%
2584
26%
108
107
108
107
107%
IO784 108
10784
11
11
11
11
11%
11%
1034
11%
60
60
60
♦59% 67
60%
*60%
63
24
24
24%
24%
24%
24%
24%
24%
*3%
*3%
3%
3%
3%
334
3%
384
11034 IIO84 *110%
*11084 111%
111% 111%
*8%
100
4%
11384 114
54%
22%
*22
16%
22%
51
38
*6%
1,400
22%
*50%
►
Burroughs Add Maob..No par
Bush Terminal
1
734
*1584
7%
1
734
16)2
*14
par
J Bush Term Bldgdep7% pflOO
Butler Bros..
....10
23%
51
5%
42
240
78
40
38
4,500
12%
7%
*37%
*6%
4,500
5%
13%
77
1484
15%
5
12%
5
7°t.
Mfg
preferred
13%
80
13%
2
40
12%
5%
*78
*14i4
15%
5%
17%
4%
13%
7%
8
15
*23
4%
1334
14%
Apr
32%
24%
12%
534
4%
7
94% April
4
Apr 8
29% Apr 11
3
Apr 8
Budd (F O)
28%
118% Nov 21
41
par
18%
Range for Previous
Year 1938
Lowest
26% Nov 18
13% Jan 6
No
23%
4%
13% Apr 10
31ts Jan
9% Apr
Budd Wheel
5%
18%
4%
8
8
150
32
4%
Apr
Nov 15
6,100
32
*22
6
100
No par
100
Bucyrua Erie Co
7% preferred
7% Apr
27
39
6%
32%
8%
2234
10
6.200
Nov 15
11
44%
32
8%
22%
4%
3,800
5
1
1
5«4
3134
8284
5%
11
104
Brune-Balke-Ooll«nder_No pat
1% Apr
5% Apr
44%
5%
32%
584
13,.500
..No po«"
Brown Shoe Co
734 Aug 24
16% Apr 10
71
Apr 12
41% Apr 14
45
45
45
100
100
Co...17
Brewing Corp ol Amarlca__.3
Bridgeport Brass Co
No par
Brlgga Manufacturing.No par
Brlggs A dtratton
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
$6 preferred series A.No par
Ctfs of deposit
No par
Brooklyn Union Gas
No par
Boston A Maine RR
Bower Roller Bearing
12% Jan 30
534
5«4
32%
23%
6
32,700
Borden co
Jan 24
61
6
45
45%
14
1034
103%
1234
*734
300
12%
43
23%
2
13
*12
43
18
4%
3,800
*39
1,100
48%
12%
*22
23%
2234
42
18
8%
2,300
49%
12%
23%
600
12%
41
*40
400
12%
23)2
51
42
7,700
3%
33%
6%
12%
1
Sept
(The)..........15
Borg-Warner Corp.........6
Class B
Bond Stores
26%
16
16% Jan 12
18*4 April
1% Apr 8
19% Apr 10
5%Sept 6
570
33%
6%
Highest
$ per share
share
per
No par
No par
inc.........—1
Bon Ami class A
200
400
25%
*2%
5
S
100% Sept 14
2184
9.500
Brass
Bohn Aluminum A
58)2
21%
6%
Par
800
21%
2%
33%
l ib-Share Lots
Lowest
Week
Shares
2384
58%
2134
On BasU of
STOCK
1939
25
EXCHANOE
the
*118%
22%
2134
26
58%
22
21%
12%
23«4
58%
*2134
21%
58%
2134
21%
24%
...
24
6%
45
2434
118
50
1234
4234
42%
24%
S per share
4034
12%
26
$ per share
41
12%
*3434
% per share
22
22
22
Nov. 23
% oer share
24
*1134
*42%
*41%
24%
Nov. 22
Friday
Nov. 24
61
*1%
12
j
117%'
58%
58%
2214
21%
*33
share
per
117^4
24%
117
Nov. 21
Nov. 20
Nov. 18
$ per share
Thursday
Range Sin* Jan. 1
8TOCK8
Sales
for
Wednesday
Tuesday
Monday
Nov.
42
Jan
3
11% Apr 10
101% Feb
20% Apr
100
Apr
11% Apr
74%
62%
38%
98%
42
2
44
5
32% Mar
10% Mar
110
111
Oct 16
Apr 8
Mar 16
17% July 22
8
8
Jan 3
Jan 13
Apr 10
Jan
3678 Nov 24
1
8
2% Aug 24
3% Sept 1
3% Aug 19
14
Apr 10
14
April
73
April
6% Sept 1
16
Sept 6
5% Apr 10
Oct 19
37% Oct 26
Nov
3
24% Sept 22
8)2 Sept
984 Sept
8% Sept
2478 Aug
24% Aug
96
27
26
26
15
15
Oct 26
15% Jan
4
30% Mar
6
Jan
105i2 Mar
67% July
7% Mar
May
13% Mar
104%
Dec
39%
Oot
107% Nov
237s Nov
8% Jan
3% Mar
4% Mar
♦
Apr
13% Mar
13
53%
9
Mar
Apr
Mar
8
3
23
Mar
109% Aug
7
84
Mar
60
Jan
3
x25% Apr 10
Aug
61% Nov
87% June
9% Mar
Jan
Mar 14
142%
78
Feb
9
25% July
Nov
129
Nov
67
91
Feb
60% Nov
17
83
9
110% June 21
y
111
25% Dec
6% Mar
57
May
60
May
103% Sept 19
8% Aug 24
1% Mar 31
45% Jan 3
Ex-dlv.
Dec
45%May
60'«
31% Mar
90
Jan
11%
10
Jan
June
22% July
22% July
08% July
19
Nov
35% July
97| Oct
83
Oct
70
Oct
697g Nov
108% Nov
64
112%
Nov
Oct
57* Mar
12% July
6
1
Mar
72% Aug 16
25
Mar
2%
65%
31% July 29
22%
Mar
38
16
Sept 11
2% Feb
Ex-rigbts.
1 Called for redemption.
Oct
Oct
May
Volume
LOW
AND
New York Stock Record—Continued—Page 4
149
HIGH
SALE
PRICES—PER
Monday
Tuesday
SHARE,
Wednesday
Friday
NEW YORK STOCK
the
CENT
NOT PER
Thursday
STOCKS
for
Saturday
Sales
EXCHANGE
Nov. 18
Nov. 20
Nov. 21
Nov. 22
Nov. 23
Nov. 24
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
On Basis of
Week
I per share
Shares
6i2
6%
*6%
634
2434
2434
24%
7%
7%
7%
25
7%
7
7
2934
30
834
8*2
*7
29%
*8%
*6%
25
634
6%
25%
25%
7%
8
*7%
I
*7
8%
*6
29%
29
*8
8%
8%
*8
81%
*79
81%
79
79
*79
*8712
*8734
89%
8734
8734
*87%
*1%
89%
8%
1%
*9%
10
3034
307S
107% 107%
*4%
7%
5
8
2I4
5%
2014
99%
*14
14%
13%
lh
1%
1%
95
95
8%
1%
►1%
1%
1%
934
*9%
10
9%
30% 30%
30%
30%
107% 107% *107% 107%
434
434
434
434
8
7%
734
7%
2%
2%
2%
2%
4%
*4%
4%
*4%
*17
20%
*18%
20%
*99
99%
99% 99%
16%
16%
16%
16%
*2%
*4%
*19%
99%
16%
1634
8
8%
96
14%
1%
96
8
8
*79
*87%
7%
1%
*1%
9%
9%
30%
30%
107%
4%
107% 107%
*434
5
23%
*97% 100
*31
3134
*734
2934
*37%
*36%
16%
8%
2934
38%
36%
16%
*8634
88
*44%
45
89%
*88
*4%
6%
5
6%
71
71
*15
15%
5
*4%
*46
47%
23%
*97
31%
2-2
*4%
4%
*17
20%
*99% 100%
4%
100%
89
45%
89%
*4%
634
4,000
*95%
43%
37%
30
1,100
59%
64%
59%
64%
3,400
al%
23%
9734
23%
1%
2334
98
98,
400
31%
31%
31%
*31%
3134
400
88
88
88%
89
100
44
89%
4%
6%
43%
88%
4%
6%
44
89
4%
6%
*4%
*15
8
2234
25%
434
*4%
434
*4%
434
17%
*1434
17%
*1484
734
110
8
110
22
22%
*25
22%
25%
25%
8
110
21%
*25
110%
22%
25%
Thanks¬
giving
1734
18
18
25%
18
25%
*17%
24%
18
24%
2434
6%
6%
634
6%
6%
2484
634
*34
1
*34
1
*34
%
15%
8
15%
8
*12%
13
120
*117
179% 180
123% 123% *123% 123%
2234 23%
2234
23
34
34
34% 34%
9
1734
*73
*42
43
9%
18
8%
17%
1734
74%
13%
3434
13%
*13
35
*34
18%
18%
24
79%
*136
15%
8
*12%
*117
9
74%
75%
35
*12%
43 %
18
23
24
77%
80%
*135
139
15%
15%
8
*7%
12%
13
*117
120
18
23%
79%
138
1584
8%
12%
120
18034 181%
179% 181
123% 123%
2284
23%
*3334
43
834
17%
*73
13%
*34
18%
23
77%
*135
15%
*7%
*12%
*117
34%
43%
9
1734
117% 117%
*117
26
26%
*167
6%
167%
*170
175
6%
2934
*17%
*1%
37%
16%
1%
8%
33%
28%
31%
1%
2934
18%
134
37%
16%
1%
8%
33%
29%
31%
1%
41
41
*40
42
*109
109%
12%
12%
78
*75
2534
6%
166
*170
175
1 *170
29%
*17%
1%
1%
37%
16%
1634
1%
8%
33%
28%
*1%
7%
33%
28%
31%
*1%
42
25%
6%
16634
175
2934
1734
1%
37%
1%
7%
32%
27%
31%
1%
41
40
1%
8
33
28%
31%
7,800
*169
29%
*17
17%
23%
6%
Day
122
122
6%
25%
6%
700
28
*40
1%
%
2%
2%
300
1,200
12,900
800
4
*2
100
30
700
100
1
♦1
1%
%
2
2%
2%
3%
3%j
2%!
*2
3%
*134
Dunhlll International
1
No par
100
Duplan 811k
preferred
Du P de Nem (E I) A Co...20
6% non-voting deb
$4.50 preferred
3%
7,900
200
3,400
1,900
1,100
2%
1
Eastern Airlines, Inc.....
...5
Eastern Rolling Mills
Eastman Kodak (N J).No par
100
6% cum preferred
Eaton Manufacturing Co
4
2
Edison Bros Stores Inc
No par
No
$6 preferred
No
Elec Storage Battery ..No
Elk Horn Coal Corp—No
preferred
El Paso Natural Gas
10%
23%
*1
*7%
*34%
4%
10%
23%
1%
7%
35%
29%
15%
*4
4
4
*10%
2334
10%
984
2334
23%
*1
1%
4%
*1
10
23%
1%
*7%
8
*7%
35%
35%
3434
29
29
28%
8
3434
15%
15%
29
1534
*94
96
95
95
96
96%
*152
159
159
162
165
*28%
15%
*5%
*1
2634
5%
1%
27
89
*86
*15
5%
5%
1
26%
*86
5%
4
9%
22*4
1
1
1%
7%
28%
35
r..3
100
100
4% 1st preferred
4% 2d preferred..
50
6%
40
1,000
Fairbanks Morse A Co.No par
1,800
2,400
Fajardo Bug Co of Pr Rico..20
Federal Light A Traction... 15
*160
26%
23%
37%
2434
*20
37%
37%
2434
37%
*20
Bid and asked prices; no sales on
230
165
4%
5
26%
*86%
23%
37%
Exchange Buffet Corp. No par
Fairbanks Co 8% pref
100
35%
27%
16%
26%
37%
24»4
3
96
2634
373s
5
Ex-Cell-O Corp
16
*84%
23%
Evans Products Co
96
89
23%
800
1,500
16%
27
6
6%
300
5
%
26%
2634
Sept
5
Sept
8
19% Sept 11
Federal Water Serv A.No par
55%June 17
Sept 26
18
Nov 14
28
Oct 26
Nov
July
Nov
Nov
37% Nov
15% Nov
92% Nov
44%
94%
Jan
Jan
13% Feb
6% July
87
Jan
9
Mar
7% Mar
934May 18
6
Mar 31
6'4 Sept 1
10
Apr 14
108
Apr 12
126% Apr 11
112
8% Nov
2% Jan
115% Deo
40% Oct
30% Oot
42
Deo
11
Oot
Mar
65% June
23% Nov
91% Nov
13% Nov 4
35% Jan 16
22% Jan 3
34
July 26
8% Sept
2884 June
17
Jan
35
Deo
8734 Nov
4
31
143% Oct
6
8778
19%
14
Jan 13
June 19
116% Nov
188% Sept
142
3
5
MarlO
8% Sept 12
186'« Jan 6
183% Feb 81
Aug 24
28
Jan 25
l%Sept
1
1% Apr 10
65% Sept 15
3% Sept 1
6
April
14% Apr 11
1
Apr 11
234 Apr 10
24
April
20
Apr 10
11
Apr 11
Jan 24
Apr 6
2% Aug 24
»4May 25
1834 Apr 11
2634 Nov 17
Oct 25|
197$ July 12
38s Jan 4,
40% Oct 26
18% Nov 13
3% Mar 6
12% Jan 19
41% Jan 20
30%
38
35
111
6
Sept 14
Jan 30
Mar
27% July
Mar
Jan
25% Oot
34% Aug
80*4 Deo
1«4 May
141
8% Mar
102
Apr
90% Mar
130*4 Mar
109%
Apr
III84
Jan
13*4 Nov
19%
Deo
12
Jan
Deo
138% Nov
120% Deo
118% Deo
17% Deo
187
Jan
173
10% Mar
2
Mar
13% Mar
6
Mar
2% Sept
6% Mar
22% Mar
18
Mar
21*4 Mar
% Mar
17
Feb
Oct
115
154*4
3% Mar
121% Mar
157
Deo
8% Nov
25%
Nov
Deo
Deo
6% July
36% Deo
15% Deo
4
Jan
14
Oot
46% Oct
41*4 July
35
Nov
2*4 Nov
29% Nov
33
Apr
45% Nov
94%
Apr
111% Dec
10% Oct
3
2% Mar
80% June 21
89
Aug 16
95
Aug 7
38% Mar
71
40
Mar
46
Mar
72% Deo
79% Oot
2% Jan
6% Jan
1378 Aug
1%8ept 11
Sept 28
1%
Dec
1%
Dec
6
Sept 28
2*4 Mar
3% Sept 27
65% Sept 25
5% Mar 8
1% Dec
3
Jan
3
25% Nov
4
13
2%
Jan 20
87s Sept 26
4378 Jan 5
38% Sept 8
18% Aug 15
06% Nov 21
165
8ept 27
6% Nov 4
1% Jan 19
27% Oct 18
8984 Feb 6
23% Nov 20
23%
37%
pf. 100
1
8284 Sept 13
*18% Nov 24
38
1,100
Fidel Phen Fire Ian N Y..2.50
27«4 April
38
2434
*20
2484
Fllene's (Wm) Sons Co.No par
16% Sept 13
21
y
Feb
3% Sept 11
42% Nov 3
55
Sept 13
Federated Dept Stores.No par
Ex-<llv.
12
16% Nov 24
384 July 5
138% Apr 26
1
Jan
11
124% Aug 18
118% Feb 27
22% Apr 11
8% Apr 10
l%Sept 11
6% Apr 10
20% Apr 11
18»4 Apr 8
23% Apr 11
% Apr 4
Deo
Mar 1
July 31
Nov
Sept 7
111% Sept 12
12% Apr 11
155% Sept 25
15% Apr 11
15% Sept 5
Nov
Mar
90
Sept 30
Jan
17
25%
«4 Nov
66
July 26
July 13
25
Jan
Ferro Enamel Corp
x
102% Jan
1384 May
19»4 Mar
8*4 July
17% Deo
11% July
111% Deo
25% Feb
Mar
1,600
Cash sale,
6% June
5
2,100
r
4% Mar
13% Mar
29% Nov
3
19
n New stock,
18
13% Mar
5% Aug 22
I334 Sept 11
89
a Del. delivery,
40
Oct
Nov
31%
*8684
Dept Stores 4 M %
June 20
7
17% Mar 10
10% Sept 22
112
July 13
25% Oct 18
27% July 11
June
3% Mar
Mar
3
7
85
Federal Motor Truck..No par
700
4
Nov 16
25
*18%
37%
In receivership,
Mar
25
Federal Mln A Smelting Co 100
preferred
7% Sept 27
89
this day.
3
68% May
12
May
4% Mar
2084
81
Fed
Apr
5% Mar
34%
44%
10%
20%
100
$6
1,500
%
%
89
984
96
13
93
Mar
19% Mar
70
32% Jan 11
Apr
3634 Sept
32% Aug 31
Corp
50
preferred
-10f xl03% Mar 22
7
Apr 8
Engineers Public Service
1
62% Apr 8
$5 conv preferred
No par
65% Apr 8
$5H preferred w w..No par
69
April
$6 preferred
No par
84 Aug 24
Equitable Office Bldg..No par
1
Aug 21
{Erie Railroad
100
22*4
100
8% Sept 11
68
Mar
5%
Eureka Vacuum Cleaner
1534
170
par
par
500
96
5
par
35%
27%
7%
34%
27%
%
23%
•
*1
%
23%
*20
10
23%
%
23
*20
*934
2234
*160
165
5
1
4
4
4
6
4
Endlcott-Johnson
Erie A Pitts RR Co
*4
Jan
76
100 126%i Oct 27
No par
Duquesne Light 5% 1st pf.100
par
1,600
1,800
Jan 10
91
98
8% Sept 27
Apr 10
$7
Apr 29
1% Jan 4
125% Oct 26
103
Mar 31
Electric Power A Light.No par
500
2%
24
3% Sept 1
10
Elec A Mus Ind Am shares...
88
3%
10
18
10
30
2,300
84
3%
No par
9,700
4,900
88
*2
Sept 19
15«4 Apr
Apr
11% Apr
12% Aug
23
No par
Class A
3
32
1%
41%
1%
2%
103
Doehler Die Casting Co No par
5
84
4
Dixie-Vortex Co
Eltingon Schlld
92
2%
2
Electric Boat
76
1%
25
Electric Auto-Lite (The)
84%
*%
100
Edison
3,200
76
1
100
900
*109
2%
10
Hudson
3,400
11,000
*88
2%
Diesel-Wemmer-Gllbert
8%
*84
*76
20
8
No par
84
83%
No par
Preferred..
4% Apr
Dresser Mfg Co
79
78
*76
14% Sept 12
20% Sept 11
55
Aug 24
92
12
5
101% Apr 11
200
13
42%
117%
29%
10%
43»4
Oot
No par
~8~io6
Oot
4% July 27
2% July 25
Nov
No par
800
Jan
Deo
50
No par
3,400
177
Nov
83
25
preferred
Deere A Co
Detroit
70»4
Nov
Deo
July
Jan
Dome Mines Ltd...
40»4
41%
162
56
Nov
July
Mar
13% Apr 10
3% Aug 26
Dow Chemical Co
100
27
Apr
Apr
Apr
June
48%
8
Jan 24
45
Douglas Aircraft
200
1734
138
37%
16%
1%
27
Mar
1178
36%
3%
35*4
29%
91
38
8,700
*17
27
Aug 11
10
40
*53
49
116
73% Apr
No par
1
Apr 14
3% Sept
4,300
2,600
*31%
*1%
Cutler-Hammer Ino
5% pref with warrants.. 100
2934
7%
32%
21% Mar
Oot
26% July
2*4 July
103% July
12% Mar
100
29
7%
78 May
3
Jan
35
Distil Corp-Seagr's Ltd. No par
30
31%
4
17*4
Jan
32% Nov
6,000
173
1%
June
21% Mar
32% Sept 11
61%Sept 16
67% Sept 11
177
Jan
6
Jan
28
173
7%
32
3834 Nov
5% Nov
31% Jan
5
Mar
No par
2,000
1%
10% Jan
65% Mar
36% Mar
107
19
No par
166
7%
.
May 31
21% Apr
6% Mar
6% partlc preferred
Diamond T Motor Car Co
165
31%
3
51% Sept 25
116
85
Diamond Match
6%
166%
1%
3634
15%
1%
1% Mar
4
Devoe A Raynolds A
50
24%
8% Mar
3
Mar
100
1
Jan
2
3
800
120
*117
984 May
3
300
1,310
23
*117
2
Jan
% July 18
Apr 13
18
Sept 2
23
x177% 179%
126%i 126%i
95% Nov
63% Sept 27
13% Nov 4
{Denv ARC West 6% pf.100
100
78%
136%
15%
16%
*7%
8%
12%
12%
22
Apr
4% Aug 24
Delaware Lack A Western..50
75%
Mar
78
19% Apr 11
3,100
136
10
July 25
1
No par
Class A
Delaware A
77
Sept 12
1
Preferred
Curtlss-Wrlght
900
"""360
Oct
Jan
Sept 11
Jan
Apr 8
Aug 21
Aug 23
7%
5%
21% July
8% Aug
66
Aug
7% Deo
28% Nov
No par
4,300
84
12%
9
17%
*88
12
3
48
Nov
9
32% Aug
2
7%
IO84 July
34
38
June 30
104
Oct
101
HO
2% Aug
10
25%
6%
*34
%
*123% 124
23%
24%
*33%
34
43%
43%
8%
8%
17%
18
62
50
Dayton Pow & Lt 4« % pf 100
600
9
100
Preferred
Cudahy Packing
Curtis Pub Co (The)
250
91
109
100
7,200
110%
11%
12%
76%
76%
109%
Cuba RR 6% preferred
Cuban-American Sugar
100
25
700
31%
1%
...
22%
200
1%
No par
...
2134
*110
13%
37%
16%
preferred
Preferred
Conv 5%
17%
1%
conv
Crucible Steel of Amer!oa..lOO
Davison Chemical Co (The).l
34
37%
$5
5
Davega Stores Corp...
1734
2934
1734
Crown Zellerbach Corp
1,900
7%
175
6%
165
..No par
Cushman's Sons 7% pref.. 100
$8 preferred
No par
1,700
34
117% 117%
25% 25%
ex-war rants.
80
*12%
120
No par
22
434
17%
7%
13%
18%
23%
78
13784
16
8
13
No par
w..No par
21%
*4%
*1434
3434
31%
1%
41
41%
41%
40
*39%
4034
110%
109% *109
12
12%
12%
1%
1,800
86,700
*73%
180% 181%
16
16
1%
41
41
*40
83
4
32
x
'109
*88
2%
1734
1734
38%
83
3%
29%
1%
91
*2
2934'
37%
83
2%
6%
6%
167
*87
*1
25%
26%
166
50
77
*1267jj 126% *126'« 126% *126%i 127% *126%jl27%
122
122
*122
122
12134 122
122%
122%
*117
2,600
w
*56
Closed—
7%
18
42%
Exchange
17%
8
25%
634
139
30
Pref
pref
conv
25
Stock
22%
18
23%
79%
5
80
22
25%
634
*136
*4
2,000
'110
19
24
7934
600
4%
47%
25%
*18%
2,800
89
4%
23
*12%
3434
43
*87
*56
2% Sept
2% Mar
62% Sept 22
89
*82%
Mar
76
Apr 14
24% Apr 8
89
80
7
7% Mar
6,200
22%
Apr
2% Mar
8878
1634Nov17
15%
22
Oct
Deo
8
15%
*56
5% Sept 12
2%
12%
34%
Mar
Apr
15%
80
108% Aug 4
7% Mar 10
9% Sept 6
Mar
1
1
3
Deo
4% Mar
17
22% Mar
29
Apr
25% Apr
15%
95
Mar 10
4
16
22
2% Jan 5
12% Mar 10
35
37% Mar
"""466
$2.25
300
2134
867b Aug
Apr 11
36%
49%
10%
30%
95
76
Jan
28
36%
10
Apr
71
41% Jan 3
40% Feb 28
36%
30%
*82%
55
4
Apr 12
Sept
Oct
Feb 27
Aug
6% Aug 25
20% Apr 8
33
Sept 1
3634
4884
93
8%
1478 July
26% Nov
10% Nov
Sept 11
Crosley Corp (The)
37'
4884
10%
3034
95
5
16
100
preferred.
5
Dec
Crown Cork & Seal
8
29%
4%
25
conv
Sept
%Sept
1
Crane Co
5%
3
4
10% Sept
4% Mar
400
8
28%
*36%
4%
...1
Mar
2,400
8
10%
100
Jan 26
54% Apr 19
150
Sept 22
9% Aug
29*4 Deo
6
26% Jan
29
38%
36%
30%
Preferred
49
per share
Apr
Mar
Cream of Wheat Corp. (The).2
8
48
25
Coty Internat Corp
1%
97%
47%
11
1
5
Bank Trust Co. 20
4,700
3,900
1%
23%
99
30%
95
Exch
$2.50
Coty Inc.
4%
134 Apr 11
8% Aug 31
Sept 19
No par xl06
5
Fibre.5
Corn Products Refining
4,600
23%
47%
10%
30%
*82%
Corn
4%
15%
*47
20
$4.50 preferred
4%
74
25%
*73
100
*15
2234
43%
9
17%
75%
13%
35
270
*71
*82%
*41%
*8%
17%
Continental Steel Corp.IVo par
29
60
64%
15
*55
23
34%
Continental OH of Del
72
80
22%
6,700
15
22%
5
17%
*34
75,800
*71
*2134
1
4%
Continental Insurance
Continental Motors
15
*55
124
2,600
71
11%
*34
3734
15
30%
*123
Continental Diamond
71
10%
*110
900
59%
434
1
x87%Sept 15
32% Apr 11
Sept 8
Apr 8
29% Apr 11
1% Apr 10
19% Aug 24
16% Apr 11
7%
634
4% Sept
6% Aug 24
1
July 14
100
8% preferred
Continental Can Inc
7%
6%
Apr 11
10134 Jan 4
1% Apr 10
100
41%
Aug 31
734 Sept 12
No par
.
4,600
15%
30%
8
400
Class B
96%
4334
64%
4%
$5 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t 0..25
113% 113%
4%
11
22% Mar
1,500
1%
*107% 172
91
Nov 10
11% Apr 10
13%
1%
171% 171%
85
8
Continental Bak Co el A No pa r
13%
25
5% Apr 10
Apr 4
79% Apr 18
16% Nov
13%
1%
9584
4334
434
Industries
.
4
9% Oct 25
9% June 30
28%
6%
Copper Mines Corp. .5
Jan
4,500
*37%
634
Consol
100
8
3284 Nov
88
8
4%
73
...100
4% Apr 17
378
Highest
share
15
8% Oct 25
5% preferred vtc
100
Consumers P Co$4.50 vtNo par
Container Corp of America.20
74
11
8
100
I
100%' "i'.ioo
15%
*71
30%
95
*4%
400
38%
5
10%
*15
1,700
10,100
16
4
8% Feb
Consolidated Cigar
7% preferred
No par
per
30<g Jan
15% Aug 24
w w
share
6
Conn Ry <fc Ltg 4X % pref.100
Consol Aircraft Corp
1
6>$ % prior pref
per
Apr 11
Sept 8
Apr
1
29%
*43%
89%
5
$
27
15%
*89
par
1
36%
*87%
44%
19
$2 partlc pref
No par
Consol Edison of NY ..No par
1534
24%
6
par
Consol Film
8
16
No par
Congoleum-Nairn Inc..No
Congress Cigar
No
Lowest
Highest
share
per
300
16%
4%
Conde Nast Pub Inc
%
Range for Previous
Year 1938
100-Share Lots
Lowest
Par
900
18,500
29%
8
30
38%
36%
16%
*36%
6,600
*37%
*7%
2934
*37%
30%
*82%
31%
10
1,200
4%
20
*16
500
15%
1%
95%
31%
10
2
13%
*97
89%
7%
1%
9%
30%
107%
434
734
2
1%
9634
4334
23%
99
3,600
7%
13%
23%
30
29%
8%
81%
7%
43
43%
43%
43% 43%
43%
*113% 115
*113% 115
*113% 114% *113% 114
8
8%
8%
8%
*734
8
784
734
37%
37%
37% 37%
37% 37%
37%
3734
4
4%
4%
4%
4%
4%
4%
4%
2434
25
2434
25%
2434 25
24%
2484
29
2934
29% 30% *29% 30%
29%
29%
*23
700
7%
1%
*95%
60
60
60
60
60%
63%
63%
63%
64%
64%
6434
*170
175
*170
178
*116% 175
4%
4%
4%
4%
4%
4%
1%
" 1%
1%
1%
1%
1%
7%
7
1%
30%
3,400
*6
28%
*9%
13%
*59%
25%
*7%
29%
8%
81%
89%
8%
300
7
*6%
25
7
29
30%
*78
8
6%
25%
7%
3371
Ex-rights
Nov
6
Oct 19
8*4
6%
Oct
64
2% Mar
5% Mar
10% Apr
1% Mar
6
62
3% Mar
19% May
22% May
6% Mar
67
Apr
52% Apr
2% Mar
1
Sept
Oct
Jan
Jan
Dec
Oot
16
Oot
25
Deo
2% Nov
11%
Jan
43
Deo
35*4
Oct
16% Oct
84% Nov
133
Nov
5% Aug
2% July
12% Mar
29
Oct
677S
90%
Oct
Jan
22% Mar
36% Nov
15
25
June
1 Called for redemntion
Oot
I
3372
LOW
New York Stock Record—Continued—Page 5
AND HIGH
Saturday
SALE
Monday
PRICES—PER
Tuesday
,
j
Nov. 20
Nov. 21
Nov. 22
Nov. 23
$ per share
5 per share
2034 21
$ per share
$ per share
*46
21 ig
107
*20
*70
2214
35%
23%
378
33
107
*4l2
5
*32
35
*3314
284
34
438
*16'8
13%
*100
284
4%
17
13l2
103
*104
47
46
22%
*34%
*23
3%
*32%
*10634
20%
74
21%
105
47
47
»3412
23%
*3%
*32l2
2034
20%
72%
*4%
*32
33%
*2%
4%
17
13%
*100
227#
105
21%
♦34%
*22%
35g
3%
33
*32%
*10634
20
20%
72%
72%
478
*4%
35%
23%
46%
22%
35%
23%
3%
3234
...
2l"
72%
4%
*2034
105
4634
Nov. 24
20%
2184
22
*34%
*3%
32%
♦10634
4
3%
32%
♦32%
♦10634
..
*20
20%
75
20
75
*4%
4'4
*30
38
*32
34
234
-
*33
33%
*33%
33%
2%
4%
1634
14%
2%
14%
107
2%
2%
4%
4%
17%
14%
4%
17%
17%
4%
1634
*100
14%
107
*14
*100
100
"l'ooo
4%
1,100
1634
14
500
14
107
240
55s
5%
5%
5%
6%
6%
5%
""506
*1358
1412
♦1378
14%
14%
14%
*13%
50
*45
50
13»4
1334
300
*45
14%
50
*45
50
*684
714
55%
734
143
*141
*7
102
102
6514
784
55%
778
*141
7%
*6%
7%
7%
7%
102% *101
102%
56%
55%
5534
734
734
734
784
102
143
4
*3%
12
1134
12%
*2314
2478
24%
24%
*6358
17i2
56
56
*141
4
56
*3l2
12
17%
11314 11314
40'%
40
45%
4512
*11534 117%
%
5$
*45
54%
913s
91%
1243S 124%
64%
6478
125
125
*34
37
4%
9%
*4%
9%
938
*110
""l%
*1
20
20
*90
3%
11%
*23%
57
92%
3A
1534
34
34
4%
4%
9%
93s
*110%
*1
90
90
*90
92%
34
58
*1534
33%
*14%
19%
12%
*1658
*97%
235g
19%
12%
33%
1934
12%
17
17
2334
84
34
20%
12%
*%
1534
3334
*14%
33%
19%
1234
17
*16%
2438
23%
6%
a47%
10%
16%
33%
15%
*97%
24
634
634
6%
*47%
1078
48
11
56%
1734
48%
1034
64%
1734
*3%
40
33s
3934
3%
11%
65%
17%
3984
3%
2%
2%
2%
2%
88
*82
65s
48%
*54
1784
*39%
*3%
2%
88
21%
21%
67
25
67
25
25%
92
92
93%
4%
93%
43
69
*1
8%
%
1634
*18
3438
*23%
18%
2838
29
*68
4%
1534
33%
14%
33%
20%
1234
17%
98%
23%
634
47%
11
47
10%
92%
34
16%
33%
14%
32%
19%
12%
17%
99%
23%
6%
1034
17%
*39%
*3%
2%
*23s
17%
26,700
8,000
""9OO
40,900
100
""760
600
S6 conv pref series A.No par
No par
General Mills
6%
112
Sept
28
Apr
6%
No par
General Refractories...No par
Shoe
Corp
1
20
3,800
Gillette Safety Razor.-No par
10
47
10%
9,000
*54
55%
200
1734
40
3%
1,600
300
Gobel
2%
500
Goebel Brewing Co
6%
46%
Thanks¬
17%
giving
*3%
Day
2%
2%
110
6% preferred
1,200
100
$5 conv preferred
Gimbel
No par
Brothers
No par
$6 preferred
Glldden Co
100
No par
1
*93
94
500
700
Gotham Silk Hose
70
*68
3%
37#
5%
30
preferred
No par
No par
Preferred
100
1
1%
1
1
4,700
Graham-Paige Motors
1
8%
8%
8%
8
8
8
8
8
1,600
Granby-Conso 1M S A P
6
1
1
1
1
1
1
1
1
1
2,400
Grand Union (The) Co
1
1634
16s4
*1634
17
1634
1634
16%
1,000
18
♦17%
20
34%
23%
17%
♦17%
16%
18%
34
34%
1,300
19%
18
34%
2334
34%
*23%
34%
2484
18
18%
18
18%
2834
2934
28%
29%
29
34
23%
17%
28%
29%
28%
*23%
17%
27%
400
24
1,900
28%
10,500
29%
900
11%
11%
800
2%
2%
2%
2%
1,100
2334
35
32%
18%
1138
234
6
18%
*53
29%
32%
33
33%
33%
18%
1138
19%
18%
19
11%
*11%
2%
*20
♦4%
18%
2%
2%
23
22
6
*4%
11%
2%
22
6
*135
18%
*20
29%
140
23
*4%
29
*135
140
*20
6
*4%
60
*3
pref series...No par
Granite City Steel
No par
5%
6
18
18
18
18
*17
19
600
31
*30
31
31
31
30%
30%
*30
31
300
*35
37%
*35
37%
37%
37%
Preferred
18
l/s4
1784
*18
1934
*18%
19%
*17
19
*103% 107% *104
107% *104
107% *104
107%
*101% 103
*101% 103
101% 103
*101% 103
*29
29% *29% 29%
29% 29%
29%
2934
130
130
*127% 130
*129
142
*129% 142
*104
7%
91%
*90%
7%
91%
4
4
4
*734
10638 1063s
105% 105%
10%
10%
10%
10%
104% 104% *105% 107%
169
*15%
1684
*85
87
130%
61%
109%
1738
35%
8%
13%
*157
*16%
*85%
130
61%
108
*1738
34%
*8%
13
169
17%
87
*18
734
*90%
3%
7%
91%
4
334
3%
106
106
*105% 108
10%
10%
*10%
10%
*105% 107% *106
107%
159% 169
159% 169
16%
16%
*16%
1634
734
7%
91%
*90%
87
6184
87
131
131
108
19%
131
61%
*108
16%
110
""
84%
131
6134
110
17%
*17%
17%
*17%
34%
85g
34
*8%
34i4
8%
13
1234
12%
33%
8%
1284
53
*1
1%
1
1
1
*3%
2734
334
*3%
2784
2784
334
28
6%
6%
1%
14%
14%
*3%
27%
6%
1%
14%
1%
14
14
*27
28
2734
*45
46
45%
6%
7
1%
2784
46
7
53
*52
*129% 142
*7
*90%
7%
91%
3%
384
*105% 108
10%
6134
*61
6134
*110
110
113
200
6% preferred
Hackensack Water
Hall
6%
preferred
6)4% preferred
Hayes Body Corp
Hecker Prod
Corp
110
110
6%
53
53
6%
53
1
1
*1
1%
3«4
*384
4
27%
25%
6%
1%
14%
6%
27
25
1,000
1%
14
13%
1
2,500
6%
2,400
4,700
137#
2,100
28
*27
28
*26%
28
*45%
47
*44%
4734
*44
48
7%
*7
7%
a
Mar
20%
108%
27%
22%
IO884
Mar
28
Feb
Apr
138
Nov
Mar
48
Nov
Mar 31
Jan
5
Aug
3
118% July 3
1% Jan 5
65% July 11
99
July 28
Jan 27
66% Oct 26
8
21% Mar
101%
Apr
92% Apr
1% Jan
20% Jan
13% Mar
Jan
41
1
Jan
15% Mar
15% Oct
4334 Sept 27
20% Nov 20
16% Jan 4
18
Nov
3
99% Feb 8
27% Mar 10
8% Jan 3
Mar 14
54
1378 Jan 3
66% Mar 11
24% Jan 5
47
Mar
7
384 Mar 14
278 Jan
84
4
July 19
2434 Jan 4
74% Mm 16
38% Jan 3
10984 Jan 5
5% Sept 27
80
Mar
Mar
3
l%Nov
1078Sept
"l3"
Mar
8% Mar
14% May
98
June
9
Mar
6% June
46%
Dec
5
Mar
com
Manhattan
100
-.100
Leased lines 4%
RR Sec ctfs series A
r
100
100
1000
Cash sale.
20% Nov
100
June
27% Nov
11% Feb
61
Feb
1584 July
July
85
10
Mar
32
37g
J an
Nov
Oct
June
15%
26%
68%
Deo
Mar
38%
Dec
6934 June
2% Mar
52% Mar
108
Dec
6% Nov
7234
Dec
2
Jan
8%
Oct
30
Jan
129% Sept 27
22% Sept 11
42
Apr
8
Mar
8
Mar
9% Mar
Apr
Apr
32
Jan
142
Dec
35
July
60
9
1
6
Sept
36
Sept
6
12% Mar
23%
13% Mar
784 Mar
7%
5
8
Apr 10
Apr 11
684 Sept
22% Sept
32%May
37% Nov
1838Nov
15
Apr 19
18
99
Apr 12
May 19
105
96
17
Apr 10
Sept
5
478 Feb
3
8% Apr 10
8
128% Apr 10
Jan 28
£4
10> Sept 19
Feb
Mar
12
Mar
Mar
Mar
24
30
Nov
21
30
Apr
Apr
35
June
20
5
Mar
13% Nov
21% Jan
12
Oct
7
8884 June
101
Nov
3
83
June
100
Nov
33% Sept 27
15
Mar
120
Apr
144
May 29
Mar
3
4% June
6
50% Mar
1% June
75
76'4 June
111
Nov
434 Nov 4
110% Aug 9
13%May 29
5% Mar
81
May
Mar 24
June
115
July 17
4284 Mar
12634
Jan
40
Mar
80
Mar
15
Sept
17
Jan
9
5
584 Mar
11% June
Sept 29
78 Aug 24
278 Sept 6
2ia4Sept 27
483 July
1
84 Aug 11
9
Aug 24
16% Apr
38% Sept
434 Sept
xEx-dlv.
y
8
5
1
140
10% Oct
4
4% Sept 1
Apr 10
3434 July
92
7
40
Nov
Oct 28
Jan
102
6% July
103% Nov
Jan
May 10
Oct
Jan
Jan
8
11% Mar
21%Sept
95
I84
3
19
4784 Sept 21
27
Apr 8
884 Apr 10
60% Oct 10
13
28
Dec
24
51
8% Aug 22
22
9
27
14% Apr 17
June 29
Oct
28% Nov
27
29% Sept 12
7
Dec
15% Nov
30% Dec
122
Apr
3
July
24%
3334 Sept 27
37% Sept 5
141% July 27
% Apr
9
123
1
Apr
preferred
Nov
1684 Nov
2% Sept
Apr
60%
63
100
41% Nov
34
61% Jan
3% July
Jan
__5
July
28% Nov
Mar
c._25
95
2% July
26% Oct
Apr
10
v t
Nov
2% July
27% Nov
Mar
140
par
110
I84 Mar
5
stk.No par
July
9% July
12% July
13
18% Nov 4
101%Sept 11
135% Mar 6
65% Aug 3
100
45
37
117
12.50
124% Nov
67
167
5
63% Nov
37% June
Oct 20
No par
New stock,
684 Mar
Apr 10
6% preferred series A
n
Mar
Sept 13
Hudson Bay Min A Sm Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp
1
Illinois Central
100
20
Dec
Aug
1% Dec
1284 Mar
*85
Sept
28
Nov
79
125
Feb 28
4
60
Jan
Jan
10
Howe Sound Co
320
Mar
100
No par
5% preferred
Houston Oil of Texas
5%
40% Nov
117% Nov
1% Oct
25% Mar
111% Apr
678 Jan 5
1078 Jan 3
110% Oct 24
184 Sept 6
Nov
Mar
No par
Class B
Hudson A
25
50%
118
87
June
% Mar
148
Houdaille-Hershey cl A. No
Household Fin
100
Def. delivery,
Mar
35
6
25
Holly Sugar Corp
7% preferred
Homestake Mining
100
1%
6%
t In receivership,
400
2534
6%
*7
300
3,600
11
4
Jan
100
1,100
100
3
Jan
Apr
April
127«
1,100
Jan
75
19
8
Apr 8
Aug 23
Apr
93
Hollander A Sons (A)
Oct
6% July
19% Oct
38% Nov
10% May
Apr 10
No par
136
20
2
.100
9% Nov
102% Dec
69% Deo
11% July
25%
130%
44%
4778
No par
6% cum preferred
Herehey Chocolate
1,800
684 Mar
Oct
Sept
4
Jan 19
300
13%
6% Mar
Apr
2% Mar
115
52
Aug
71
800
657#
Mar
Dec
8%
19% Nov
Aug 14
8
8%
34
Mar
29
97
25
6
177g
13%
65%
4% Mar
82
18
July
July
35
Jan
3334
*32
Mar
4% Mar
Oct
5% July
22% Sept 12
8
32
784
1284
2,600
9% Mar
85
3%
18
Jan 23
8
2
1
Mar
Jan 27
25
Hazel-Atlas Glass Co
1% Mar
2% Mar
10
Jan
Apr
100
w
Sept
10
2
w
32
Nov
2434
2278
12%
16%
23%
Apr
Hat Corp of Amer class A...1
Nov
19% Mar
5%
2% July
14% Nov
22% Nov
May
100
58
34 Mar
11
No par
2% Mar
Apr
2% Mar
29
6% preferred
100
Hanna (M A) Co 95 pf.No par
Harbison-Walk Refrac.No par
91
25
6
10
Printing...
109% Nov
29% Oct
Mar
Mar
6
184 Jan 7
18% Oct 31
25
7% preferred class A
Oct
37% Nov
4%
% Aug 18
4% Apr 8
% Apr 10
11
Apr 10
25
33%
59%
Nov 18
100
*17%
109
4
12% June 13
8%
1284
59%
Jan
10
100
17%
3334
*101
Nov 10
2%June 30
No par
14 conv preferred
No par
Hlnde A Dauch Paper Co.. 10
Holland Furnace (Del)
10
334
7
900
18
July 21
Hercules Motors
Hercules Powder
200
9
July 21
21% Mar
Helme (G W)
Preferred
131
Mar
149
36
100
*130
3
14% Apr 11
300
131
Jan
Sept 27
24% Jan 26
*105% 107%
*159% 169
16%
16%
*27
7
400
9
1
Guantanamo Sugar
8% preferred
Mar
Dec
50
June
Greyhound Corp (The).No par
6)4% preferred
10
1,100
1
1
4,300
Apr 10
69
Mar
43% Nov
11
48
Oct 17
10%
334
1384
200
------
4
21% Apr 11
87
18
85
Jan 17
52
10
500
Bid and a8ked prices; no sales on thla day,
600
87
*100
109
*101
109
*101
108%
59%
69%
69%
59% 59%
59%
59%
34
*32
33% *32
34
*32%
34
13% *13%
14
13% 135g
13%
13%
64
65
63%
65% 65%
65% 66
*109% 110% *10934 111
*109% 111% *109% 111%
6%
6%
634
6%
6%
6%
*6%
6%
54
30
29%
Jan
53
Jan
1% Mar
Sept
May 24
100
Hamilton Watch Co
„
*85
109
54
4,600
""
86
59%
33%
13%
63%
54
107%
*101% 103
..100
Green Bay A West RR
GreeD (H L) Co Inc
70
183s
*37%
17%
40
18%
37%
1734
37%
18
20
20
Gulf Mobile A Northern..100
18%
*30
17%
..10
preferred
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
Great Western Sugar..No par
40
......
conv
Grant (W T)
200
17?#
178 Apr 10
13% April
1
34%
2334
1
Jan 23
70
No par
1
*18
2%
Goodrich Co (B F)
1%
1634
19%
34%
24
18%
2834
97% Nov 15
153g Apr 11
534 Apr 10
43% Oct 21
6% Aug 24
43
Sept 1
Gold A Stock Telegraph Co 100
800
70
8% Sept 5
10% Aug 10
Sept
Goodyear Tire A Rubb.No par
15 conv preferred
No par
*334
8
Apr 28
Apr
May 17
7,500
93%
19% Apr 11
12% Aug 24
14
66%
7,300
6
34
1
25
21%
Sept
50
(Adolf)
66
2084
14
No par
(The)
4)4% conv preferred
24%
10
88
*84
11%
*
100
1
$6 preferred
1
22
*684
preferred
Gen Realty A Utilities
67
*68
Apr 15
34 June 30
12% Sept 1
85% Aug 22
%June30
6%
Closed—
200
1,700
1%
105
No par
General Tire A Rubber Co—5
23
25,600
*53
..No par
Gen Public Service
Oct
21
13
38
Gen Railway Signal....No par
3,600
16%
*97%
187#
*100
7
39%
3
l26%June
5
Mar 31
1
General Printing Ink
2434
93%
4%
4%
3% Sept
15
32%
»83g
No par
Common
24%
70
36% Apr 11
No par
$5 preferred
31%
Apr
I884 Jan
103% Mar 28
Oct
Nov
15
5
62
share
per
26%
100
24% Mar
10% Mar
19*4 June
Jan
127
May
Gen Outdoor Adv A...No par
2134
*67
Jan
72% Jan 26
Gen Theatre Eq Corp .No par
Gen Time Instru Corp.No par
18%
*13
10
General Motors Corp
39
117
General Telephone Corp
31%
*34
100
1,400
18%
11%
61%
preferred
4,900
33
*17%
% Apr 10
12%
16%
99%
2334
12'2
*32%
*108
107%Sept 20
16
*53%
*130
36% Jan 27
No par
S4.50 preferred
Gen Gas A Elec A
Gen Steel Cast $6 pref. No par
60
*165
No par
.No par
General Foods.
General
♦53%
4
April
850
60
*784
31
600
*53
*85
No par
General Electric
Apr 10
16% Nov 13
1.100
60
*18
Oct 23
1%
8%
60
17%
106
preferred
Apr
Highest
t
35
1784 Apr
43
88
4%
70
Mar 31
No par
7%
Oct 19
7%
6% Sept 11
100
No par
100
213g
*66%
25%
9334
Sept 20
2% Apr
9
103
11
7% Sept
128
3% Sept 13
578 Sept 26
18% Oct 26
15% Sept 25
65
7% cum preferred
*84
2434
9334
Apr
Class A
General Cigar Inc
21%
67
Jan 26
40
14%
135
18%
No par
General Cable
96
31%
1934
135
*438
5
Bronze.
General
300
30
113S
S6 preferred
Gen Am Transportation
40
600
135
*2%
zOSg Sept 1
45% Aug 17
5%May 17
84
16%
3334
135
22
5
50
84
*66
Apr 22
Corp
6H % conv preferred
Gaylord Container
600
1,300
94
384 A or 10
400
*29
I884
No par
3
2,180
29
32%
Game well Co (The)
Gar Wood Industries Inc
100
4,700
*134% 140
*53
7% Aug 10
9
July 13
a
93
Stock
37% Sept 12
108% Jan 11
2934 Jan 5
90«4 Jan 6
978Sept 5
10
preferred
S3
50
19%
*39%
33g
1% Apr
32%
40
3%
Aug
66% Aug
14%
31%
19%
55%
1734
14
*%
*16%
Exchange
Apr
103% Apr
*88
47
*54
1
21
16% Mar
76
Sept 11
Sept 27
$6 preferred
1
5
36
400
4%
9%
19%
56%
40
1,200
*16%
16%
*113% 114
39%
40
45%
45%
*11584 117%
%
%
*45
54%
*4%
9%
8
14
5
24
24
10
18% Apr 26
1% Apr 10
2
July 10
60
1
12%
*16%
9884
23%
6%
11%
23%
1.300
20
'
40
89
July 27
Oct 6
Sulphur Co..
10
Gabriel Co (The) cl A—No par
Galr Co Inc (Robert)
1
Free port
*110%
1
*%
16%
33%
14%
32%
1934
2,000
66
4%
9%
*19
92
1,900
300
89
4
38
25
Jan 13
No par
5
General Baking
5
$8 1st preferred. ....No par
4
12434 125
63%
.54%
124% 125
♦33% 35
31% Jan
6
Apr
65
Gen Amer Investors—No par
144
55
3
Sept 15
100
11%
23%
11%
233g
6684
17%
*113% 114
*39% 40%
45% 45%
Aug
27
"moo
*3%
144
3%
11%
233g
6684
17%
51
May 12
1% Apr
No par
2158
67%
*4%
144
3%
Francisco Sugar Co
84
22%
*66%
24%
69
1*4
20
15%
983s
143
9%
*110%
*19
34%
2134
4%
20%
32%
*82
24%
57
....
1
*14%
1734
*39%
3%
1134
19
*58
1534
*65
144
17
17%
173a
17%
113% 113% *113% 114
40%
40%
40% 4034
45%
45%
45% 45%
*11534 117%
11534 11534 *11534 117%
%
34
%
3A
h
%
*45
*45
54%
54% *45
54%
9084
91
9084 91%
90%
90%
124% 124% 124% 12434
124% 124%
54% 5538
54% 54%
64%
64%
*124
125
♦123% 125
124% 124%
35
35
*35%
36
*34
36
4%
*109
7%
102%
54%
55
7»4
7%
*101
56
No par
97 conv preferred.,
50
6%
*102
56
778
10
...
Gannet Co conv S6 pref No par
*5%
*45
100
4^% conv pref—
Foster-Wh eeler
1,300
5%
*100
17
25% Sept 12
105i2June 8
F'k'n SimonACo inc 7% pf.100
♦53s
*45
25
180
33%
234
*100
107
100
1,100
4%
4
16%
No par
t Foliansbee Brothers..No par
Food Machinery Corp
100
38
32%
•2%
No par
400
75
*32
Fllntkote Co (The)
""206
21
4%
38
Lowest
9 per share
Florshelm Shoe class A. No par
900
10,600
Rubber—10
6% preferred series A—100
First National Stores.—No par
200
40
*
75
37
47%
21%
35%
22%
3%
3284
21%
*34%
22%
23%
Highest
$ per share
17% Apr 10
99% Jan 16
38% Apr 8
15
Sept 5
Firestone Tire &
1,100
105
47
35%
Lowest
Par
Florence Stove Co
20%
*104
Range for Previous
Year 1938
$ per share
Week
Shares
4634
*22%
On Basis of 100--Share Lois
1939
25
EXCHANGE
9 per share
20%
105
Range Since Jan. 1
NEW YORK STOCK
the
Friday
STOCKS
for
Thursday
Nov. 18
"104
Sales
SHARE, NOT PER CENT
Wednesday
$ per share
*2012 2114
*10378 io45g
Nov.
110
Oct 31
66%May 11
36% Mar 9
17% Jan 3
73% July 31
HO84 Aug 12
9% Sept 11
57
Sept
6
1'4 Jan 20
9
35*4 Sept
5% Jan
49
Ex-rights.
Jan
Oct
Dec
11% Nov
111
161
20%
Dec
Dec
Oct
87
Dec
135%
Dec
60
Oct
105% Dec
21t2 Nov
52% Oct
1384 July
25%
Jan
108
May
Apr
17% Mar
66
Aug
6
Mar
46%
Jan
83%
Jan
Mar
5
23% Mar
35%
Oct
18%
Oct
72% Nov
105% Nov
934 July
53%
Jan
3% July
1
May
3
Mar
9% July
20% Mar
35% Nov
Mar
10
Jan
% June
Mar 13
4
234
Oct
6% Mar
12
Apr
Jan
11% Jan
6%
Dec
Nov
Mar
48%
5
8% Jan
2% Jan
2034 Jan
35
102
*784
20%
35%
Dec
23
Mar
44
Apr
11%
%
1 Called for redemption,
Dec
Nov
Deo
Volume
New York Stock
149
Record—Continued—Page 6
AND
HIGH
SALE
PRICES—PER
SHARE,
Wednesday
Tuesday
Monday
NOT PER
STOCKS
NEW YORK STOCK
the
CENT
EXCHANGE
Friday
Thursday
■
Sales
for
LOW
Saturday
Ranoe Since Jan. 1
On Basis of
Nov. 20
Nov. 21
Nov. 22
Nov. 23
Nov. 24
Week
$ per share
$ per share
$ per share
*0
7
$ per share
$ per share
Shares
*6%
7
*26
*6%
26%
118
*150%
87
26%
*116
*150%
87
87
15i8
15%
15
512
5l2
3%
3%
42
42
*108
109
4l2
412
13%
13i2
234
♦38
234
39
173l2 l/3l2
6234
6234
♦161
*5%
734
7i4j
3934
*129
*5%
3%
41%
108
*4
13%
2%
3834
174
6%
6%
26%
26%
116
116
*150%
87
1534
5%
3%
42%
108
14%
*3%
3%
41%
41
4%
*4
1334
13
*38%
2h
174
900
14%
14%
5,900
Inspiration Cons Copper
5%
4%
4134
*5%
5%
Iasuranshares Ctfs Inc
4%
1,300
6,000
4134
1,300
Intercbemlcal Corp
*4
12%
234
3834
178
•
7%
7%
7%
734
7%
7%
7%
734
39%
12%
39%
40
*12834 135
12%
49%
13%
5034
3934
130
12%
7%
7%
1234
84
*80
84
*80
80
84
8%
132
*127
132
*127
132
*73
75
75
76
*74
*127
75
•
17%
17%
*118%
*8%
17%
17%
*8%
17
*118%
*118%
9
8%
8%
74%
17
....
*16%
7%
7%
734
39%
3934
*130% 13434
12%
13%
41
*37
*28%
*100
*734
*2534
*122
*15%
75
""560
17
500
17
*118%
21
15%
15%
11%
900
*7
634
7
300
*87%
90
30
40%
7%
90
40%
1434
1434
14%
40%
*434
88
088
41%
40%
15%
15
35%
35%
41
15
35%
3
3
3
28%
25%
28%
29
25%
25%
5%
27
*434
5%
2634
28%
9%
2634
29%
934
17%
17%
1734
*17
16%
16%
16%
16
5%
*5
5%
88
9%
*87%
*95
39%
*34%
35%
Stock
33
*2%
28%
25%
2%
28%
25%
Exchange
28
*434
*26%
28%
9%
5%
2634
29
9%
17%
17
16%
giving
Day
*31
32
3134
3134
31%
31%
22
22
22
22%
*22% 23
*116% 116% *116% 116% *116% 116% *116% 116%
4
4
4%
4%
4%
4%
4%
4%
1
1%
1%
1%
1%
1%
1%
1%
4%
438
434
434
4%
4%
4%
4%
23%
23%
23%
23I2
23% 2334
23% 23%
*13%
13%
13%
13%
13%
13%
13%
13%
*2 734
*2734
29
*2734
29
2834
28%
28%
52%
52%
52%
51%
52%
52%
52% 52%
7
7
6%
6%
6%
638
*6%
634
42
42
*42%
42% 42%
42%
*41% 42
*
100
100
100% 100%
100% 100%
*99% 101
100
100
101% 101%
101% 101%
100% 101
23
32%
1434
14%
14%
36
36%
*106
108
18%
4434
*4
18%
45
4%
*18%
32%
*40
14%
15%
36%
*106
18%
45
4
171
19
*171% 175
19
19
32%
*3134
32%
41%
*40
41
14%
15%
37
108
1834
14%
1534
36
*106
17%
14%
16%
36%
108
18%
45%
45%
4534
4
*3%
4%
172% 172%
19
31%
40
40
35%
17%
20
20
61%
*30%
61%
31
31%
*33%
1234
37
*3%
*7
*2634
62
3034
31%
3334
1234
37%
45
3%
7%
28
1434
*14%
*13%
1%
5%
434
41%
5%
3634
*30%
*156%
*51%
*4%
*25
*14%
6134
20
6234
31
31
*132
135
31%
30
31%
33%
33%
*12%
33%
1234
*12%
37%
37%
37%
3%
*7
2734
*27%
*14%
*13%
14%
5%
1%
5%
434
*4%
16
3
3%
7%
2734
28
14%
15
14%
1%
♦7
27%
*27
20%
61%
30%
*132
*30
33%
20%
62%
31
30%
33%
1234
3734
3
3
7
28
29
*7
28%
29
5%
5%
5%
4%
4%
*4%
16%
16%
41%
100
14%
15
*13%
14%
1%
1%
*95
16
40%
100
*95
*14
14%
14%
14%
14%
15
17
17
17%
17%
17%
17%
108% *105
108% *104
108% *104
•Bid and asked prices; no sales on
*4%
31%
31%
21% 21%
*116% 116%
4
4%
1%
1%
4%
43g
23
23%
13%
13%
28
28
52
5234
100
58
Mar
122
Jan
10
L pf
ser
13
117% Jan 27
5% Apr 11
B No par
City 8outhern.No par
11
100
preferred
5
Kendall Co $6 pt pf A..N# par
79
No par
28
B
Kennecott Copper
$5 prior preferred
100
preferred
Lambert Co (The).....No par
No par
Bryant
Aug 24
June 21
8
884 April
20
Apr 8
IS4 April
12% Apr 10
20
Apr 8
4% Apr 6
2334Sept 13
20% April
7
Apr
Apr
12% Sept
14
Jan 27
3% Apr
Jan 26
Apr
5
Lehigh Valley RR
Lehigh Valley Coal....No par
6% conv preferred
..60
20
No par
Lerner Stores Corp
23
Sept
9% Apr 10
Apr 10
Llbbey Owens Ford Gl.Nc par
36% Apr 10
Llbby McNeill A Llbby No par
5
4% Apr 11
Sept 9
95
Sept 26
95% Sept 26
500
Liggett A Myers Tobacco..25
Series B._25
33
Sept 27
19% Jan
118
11% Jan 4
Sept 27
12
1634Nov 17
99% Jan 17
11
Dec
100
Dec
24
18
July 28
95% Aug 21
1484 Mar 8
*15%
3
Mar
Jan
26% May
16% Sept 11
6I2 Mar
37% Sept 27
19
4
Sept 11
30% Oct 19
9
5X4 Jan 15
2934 July 24
29%
1312
2312
18%
5%
Oct 28
Jan 20
Jan 20
Mar 9
July 18
37% Oct 11
Mar
8
17%
13% Nov 18
3284 Mar 13
23% Mar
Sis Dec
Mar
3
3
81
Mar
May 26
Nov 13
157
108% Aug
10934 Aug
100
Link Belt Co
13%
15%
600
Lion Oil Refining Co..-No par
13%June 29
19
46%
2,800
334
3%
1,100
600
23%
156
2334
158
20%
X58
*30
20%
58%
31%
'Y,700
7%
340
2,600
Louisville A Nashville....100
30
33%
6%
"2,800
3,500
12
12%
600
37
37%
3%
1,800
1,000
7
7
100
29%
580
15%
15%
*13%
1%
5%
5
16%
*4%
5
40
15%
16
40%
6%
39%
534
40%
6%
39%
5,400
6,600
30
39
2934
*160
51%
1534
16
14%
1%
51%
"V,66o
9,300
4,000
1,500
"1,700
4
4
400
25
25
700
*95
100
14%
16%
14%
17
108%
Inc.._..No par
Modified 5% guar
100
Ctfs of deposit
25
Maracalbo Oil Exploration.. 1
Marine Midland Corp......6
""600
6,600
s Def. delivery.
Market St Ry 6%
pr
pref.100
Marshall Field A Co...No par
(Glenn L) Co
1
Martin-Parry Corp....No par
Masonlte Corp
No par
Mathieson Alkali Wks.No par
Martin
7% preferred
100
May Department Stores...10
Maytag Co
No par
$3 preferred w w
No par
$6 1st cum pref
No par
McCall Corp
No par
1
McCrory Stores Corp
6% conv preferred
»
New Stock,
100
r Cash sale,
Apr 25
Feb
2
Aug 24
25% Sept
11% Sept
2
5
25ig Apr 11
1
Apr 4
5
9
27
Manhattan Shirt
6
8
Sept 16
1584 Jan 4
36% Apr 8
18
Ctfs of dep..
Jan
19% Apr
28
Co Inc...No par
Garden...No par
Magma Copper
....10
Manatl Sugar Co
1
Mandel Bros
No par
t Manhattan Ry 7% guar.100
Aug 11
138
124
Madison Sq
20
105
10
Macy (R H)
4,000
2
..No par
preferred
Mack Trucks
15,000
7,900
30
168
A ..No par
MacAndrews A Forbes
135
29%
32%
preferred
Louisville Gas A El
500
5
16% Sept 12
1,000
Mar 13
18% Sept
5
5
Apr
Apr
1
1
nov 14
Apr
6
12% Oct 23
10
Apr 8
Apr
14% Mar
2014 Mar
29
Mar
5
Jan
81% Mar
12Xg Mar
62
Jan
5
6% Sept 11
22% Mar 9
Mar
33
2184 July 22
38% Sept
100
10
100
47
54 x2 Jan
4
109% July 17
Long Bell Lumber a ...No par
Biscuit
25
preferred
LoriUard (P) Co
19
Mar 31
Lone Star Cement Corp No par
5%
180
30% Sept 12
101% Sept 29
6
Loose-Wiles
1938 Mar
6% Mar
1934 Mar
25
31%
17%
17%
*106% 110
a8 Dec
1% Mar
6684 Mar 13
10
Sept 5
40% Sept 27
Loft Inc
10% Mar
1312 Mar
43i2 Aug 14
Apr 10
20,400
Mar
8X2 Mar
3ig May
Jan
Sept 15
18%
Mar
15
Mar
2034 Aug 24
31% April
10
Aug 24
preferred.....No par
8
3
3X4 Sept 11
834 Sept 11
2784 Jan 6
15
$6.50
Mar
12% Mar
6% Sept 27
152
Liquid Carbonic Corp..No par
Loew's Inc
No par
2x2 Mar
22
95
100
300
Mar
Mar 16
118
Lima Locomotive Wks.No par
3,700
5,000
Feb
1% Mar
16% Mar
26% Aug
Lily Tulip Cup Corp...No par
36
484 Mar
46% Sept 11
600
106
106
10% May
63
Apr
80
400
...No par
Mar
8
40
12%
Mar
6% Mar
Sept 21
10% Mar
99
19
Preferred
Apr
12% Mar
4984
I2I84 Jan 20
25
Jan 24
2% Sept
%May
1% Apr 10
...1
5
Lehman Corp (The)...
Lehn A Fink Prod Corp
4,500
t In receivership,
Sept 19
12% Apr 11
85
Apr 25
7% Apr 10
1
Co
April
83g Apr 24
1
42%
9934
31%
Apr
44% Mar
9
1
500
113%
3
Apr
17
1584
15%
14%
1%
5%
thla day.
9
Oct 21
July 18
Feb
Jan
100% 101%
*17234 174%
*105
Mar
18
25
29
108%
Mar
June
June
Life Savers Corp
3%
17
8
16
85
113
29%
1434
5
126
100
50
*27
100
IO84 Jan
6% Mar
63
83
700
7%
30
9
133
4% conv preferred
8,200
Feb
3
3234Septl2
6
4
Lee Rubber A Tire
200
6
Jan
June
105
200
*41%
9934
9% Feb 28
Lehigh Portland Cement...25
3,200
2,400
46% Mar
6% Feb
143*
400
4,700
1,000
Mar
Oct 24
9% Jan 19
800
"3,200
12
Sept 16
90
Lane
Oct 23
87
100
Kayser (J) & Co
6
Keith-Albee-Orpheum pf-.100
Kelsey Hayes Wh'l conv cl A.l
5%
Mar
June
8
Apr 10
5% conv preferred..
140
Mar
28
Aug 24
6%
6%
3
41%
41%
534
5%
6%
5l4
5%
5%
40
40
3934
40%
37%
3934
3634
30
31
2934
*2934
30%
29%
30%
*160
168
*157
168
*15712-168
168
52
5134 5134
52%
51%
51%
52%
*4
4
4%
*4%
4%
4%
25U 25*4
25%
25%
25% 25%
2634
*95
1,200
*132
135
*12%
37%
*14%
40%
17
16%
5%
3%
1234
37%
5
16%
14»4
16%
4534
46
3%
1434
14%
*13%
1%
5%
4134
100
*95
6234
3034
135
20
33%
1434
14%
14%
1%
16%
*16
20
80
35%
36
016% 106%
17%
17%
17%
30%
28
*26
17
20
*132
*132
♦104
*17%
9%
*39
1334
16
17%
17%
17%
17%
*106
110
*106% 110
*106% 110
*106% 110
23
23% 23%
23%
23%
23%
23%
23%
156
156
156
156
156
155
155
156%
17%
3,000
19
19
31%
*1312
1534
2834
Mar
35
No par
Kresge (S S) Co
10
Kresge Dept Stores.
No par
Kress (S H) & Co
No par
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
28%
Mar
Mar
59
Kinney (G R)
1,400
Sept 25
Jan
414
18%
2i4
28i2
19%
122
310
""400
132
100
600
5%
36% Mar
2
St'l pref. 100
400
.
3
May
Apr 14
Sept 1
Kalamazoo Stove & Furn
Class
4%
11%
68
Keystone 8teel & W Co.No par\
Kimberly-Clark
No par
26
16
3134
171
400
9%
Thanks¬
6%
6%
*434
234
28%
25%
21,900
26
16%
*434
25%
17
16
40%
14%
34%
2%
Closed—
30
98
11
9%
Mar
684 Mar
6
No par
Jones & Laughlln
4%
318 Mar
2
Sept
13
.....No par
Johns-Manvllle
Kansas
164%
6
105
119% Sept 25
preferred.............1
1
Kaufmann Dept Stores
7%
29%
934
42
100
*634
29
*14%
""600
21
Mar
7'4June
18
Apr
Jar vis (W B) Co
Jewel Tea Inc
Kan City P &
....
7%
7%
70
141
5
4
Sept 5
7% Aug 24
76
Sept 14
No par
1
Preferred
132
75
11%
2734
*39
2,700
75%
*127
75
95
29%
10%
*31
400
11%
25%
19
$6
1,400
15%
132
17
Corp
May
33
4
Jan
29
186
48
4034 Sept 11
3% Sept
100
......
Island Creek Coal
83
74%
Prelerred
Intertype
8%
15%
84
100
preferred
Inter Telep & Teleg...No par
Foreign share ctfs...No par
95
88
...60
International Silver..
Mar
Mar
38
Jan 12
Apr
5% July
16X8 Nov
3% Jan
Mar
3
52% Oct 26
6%May 29
60%June 3
31%May 19
19
Apr 10
Interstate Dept 8tores.No par
10
2634
123%
83
29
No par
900
84
11%
15%
Shoe
International
3,200
12%
12%
*79
95
*26%
171
18"406
11%
25%
5%
19
4%
5% preferred
100
International Salt.....No par
7%
105
434
95
*2%
28%
170
400
*15%
*34%
534
29%
15%
3
29
*22
""300
95
II84
7%
*15
*31
3734
15%
35
35
350
*92%
1134
*634
15%
*2%
*28%
25%
*434
*2634
29%
*934
*16%
16%
*5%
1,900
34%
15%
*96
40%
4%
*3%
48
98
2
1434 Jan
25% Aug 24
3% Jan 23
39% Jan 9
*33
Mar
9% Nov
34xt Nov
15
138
5% conv pref
100
Internat Rye of Cent Am.. 100
2
6% Mar
5534 Jan
Sept 21
9,500
Mar
June
10
6% Aug 24
400
9734
123
15
80
17% Sept 11
Sept 28
100
Preferred
15
""260
16%
9734
Int Nickel of Canada__Ne par
36
Nov
19% Oct
6% Nov
xl30
8% Jan
2% Aug 23
5% Apr 11
1
Sept
95
71%Sept 15
I6684 Aug 10
Sept 15
334 Apr 10
Int Mercantile Marine.No par
Internat'l Mining Corp
146
7% Mar
3% Apr
2% Mar
Oct 18
41
142
.100
Hydro-Elec Sys class A.25
4934
47
80
45% Sept
Feb
6614 June
195*4 Mar 13
6
1
Sept
Inter Paper & Power Co
16
*1534
97%
*15
300
Int
145
7.200
9784
*1534
97%
1634
97%
88
14,300
*1534
16%
*9534
*15%
*92%
*11%
88
5,000
4,400
*96
*16
*19%
*1534
*7
8%
100
Preferred..
9734
*20
12
7%
"MOO
7
538
7%
21
16%
21%
15%
Internat'l Harvester...No par
8
*20
95
60%
163%
5,000
8
21%
*20
Int Business Machlnee.No par
5%
*118%
8%
21%
Prior preferred
600
1,000
58%
*26%
*127
Internat Agricultural..No par
3834
10% July
30% Aug
119% Dec
Mar
35
5% Sept 11
16% Sept 12
3% Oct 16
7% Aug 24
1% Apr 8
16
Apr 8
No par
4
Nov 14
109
Apr
2% Apr
No par
Iron
179%
*161
*734
27%
Interlake
17% Apr
90
100
Rubber
Intercont'l
234 Sept
100
No par
preferred
Mar
14% Mar
60
9834Sept 11
Sept 5
5% Aug 1
9% Mar 1
46% Oct 24
4% Apr
Highest
$ per share $ per share
per
21
9% Apr
1
t Interboro Rap Transit
6%
20
38
8:
*734
8%
*7'4
*2534
27
2734 *26% 27
*122
123%
123% *122
123% *122
123% *122
16
16
*15%
17%
16%
16%
*1534
16%
*82
*80
82
8234
82%
82%
82%
83
75
75
77
76
76-%
77%
77%
7634
*7S4
*26%
234
2%
7,300
1,200
No par
177
48%
49%
4934 50%
4
*4%
4%
*3%
4
4%
50
50
50
*48%
50
51%
*33
*33% 34%
*33%
34%
34%
37
37
37%
*37%
38
37%
*37%
38
2834
2834
*27%
29%
2934
29%
*27%
30
*100
105
*102
105
*102
105
*100% 105
5
434
4%
4%
5
5%
4%
5%
5
5
5
i
5
4%
4%
4%
13
13
1234
1234
*1234 13%
12% 12%
♦80
100
5
12%
12%
234
3834
179%
280
108
*4
4%
13
39%
40
130% 130%
12%
13
48%
49%
*4
438
48%
50
*33%
34%
40%
130
4
41
107
108
86
100
87%
14
3%
234
40
8
preferred
Inland Steel
87
108
176%
7i4
6%
*150%
87
*40
13%
2%
3834
No par
No par
Lowest
share
9% Sept 6
29% Jan 16
131
Sept 20
157
Aug 7
4% Apr 10
I6S4 Apr 10
Apr 3
147%May 11
67
Apr 8
10
Industrial Rayon
Ingersoll Rand
5%
5%
*108
Indian Refining
900
200
14%
15
5%
200
6%
25%
114
114
...
87
87
8634
108s4
4%
174
*
*6
*25
*2534
26%
*114% 118
*150%
62%
63
61%
61%
62%
63
163% *161
163i2 *161
163% *161
163%
5
5
5
5%
5i2
5%
5%
140
12%
634
27
118
Highest
$
$ per share
Par
Range for Previous
Year 1938
100-<S7»ar« Lots
Lowest
Nov. 18
$ -per share
*116
3373
Dec
99
84 Mar
Mar
26
212 Mar
1484 Mar
1
92
248g Feb 25
l59i2June 23
20% Mar 13
126
110
67
35
135
June
Sept 27
Aug
2
Nov 17
3334 Oct 23
43i2 Feb 6
19% Jan 3
40
Sept 6
6% Sept 6
784 Oct 4
30
Nov 22
29
June
13*4 Mar
Apr
12x2 Mar
29% Apr
Mar
22
116% Mar
Mar
16
24% Mar
Mar
10
18% Mar
84 Mar
4% Mar
684 Mar
Nov 22
1584 Nov 22
16
Oct 23
2% Mar
Nov 24
16
9
Mar
6
1% Mar
4% Apr 10
684 Sept 13
4% Sept
3% Aug 24
934 Apr 10
26% Aug 24
8% Mar 9
1784 Nov 8
45% Nov 4
618 Nov 21
5712 Jan 3
373gSept 13
176
July 11
5334 Oct 27
1
2
Apr
8
May 12
30
Sept 5
2084 Aug 11
155
Nov 17
40»4 Apr
3% Sept
25
93
8
1
Nov 24
Jan
3
10% April
934 Jan 26
88
Jan 13
x Ex-div.
y
2% Sept
68s Mar 10
36% Mar 10
June 24
105
17% JaD 20
17% Nov 20
106
Aug 17
Ex-rlghta.
6%
5x2
14%
2x4
25
Dec
Mar
Mar
May
Mar
1984 Mar
156
Aug
28% Mar
3% Mar
16% June
75
Apr
884 Mar
6
Mar
61
Mar
^Called for redemption.
New York Stock Record—Continued—Page 7
3374
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
CENT
Range Since Jan. 1
Sales
STOCKS
for
NEW YORK STOCK
the
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 18
Nov. 20
Nov. 21
Nov. 22
Nov. 23
Nov. 24
$ per share
$ per share
$ per share
Shares
On Basis of
Week
*7%
$ per share
47
13 %
23%
47%
13*4
10%
23%
*7%
47
8%
47
io%
8
13%
10%
100
11
11
72
*72
75
63%
72
*58
71
*58
5%
5%
21J2
2ll2
35%
11%
15
16%
35%
1178
15%
13%
10
8%
46%
13%
10%
*99% 100
10%
10%
13%
13%
10
10
70%
22
*108
110
4%
*40%
*10%
*1%
4%
42%
*40%
42%
11%
*10%
11%
1%
1%
5%
7s
1%
1%
5%
%
%
1%
20%
107
2012
108
45
33%
*5%
13%
16%
25%
5'%
36
36
*25
5%
12%
*67%
68%
5%
21
21
14%
14%
35
35
*35
357g
35
35
11%
11%
110
4%
*40%
10%
1%
*5%
11%
*3„
1%
20%
20
20
107
46
34
13
13
16%
16%
25%
5%
6%
6%
*49%
50%
7%
7
*24%
16
1578
22%
13%
2278
*13%
22%
*158
160
161
6%
*50
7%
678
*24
25%
16
15%
13
13%
2278
22%
161
*160
16
16
16
*93
95
*93%
*20%
15%
21
21
1578
13%
15%
15%
*93%
*20%
15%
13
13%
13
*13
16%
*16
16%
95
21
69%
109
6
6
6
6
2378
24%
14%
*12
12
12
*95
100
11%
*95%
*12%
21
21%
*160
165
144
21
*160
144% ♦143%
29
28%
*28
8%
8%
6%
23 78
*12
14%
12%
11%
99
21%
*95%
21
1,300
Nat
National
16%
95
16
*93%
95
21
15%
*6
13%
*12
11%
11%
*9534
99
21%
165
145
6%
13%
11%
21
99
21
165
145
145
28%
8%
*26%
8%
75%
75%
74%
984
13%
*403.4
45%
22
34
1334
13%
13%
53
49
491
20%
22%
39%
34%
6%
19%
1934
22%
19
*2134
38%
34%
22%
19%
22%
39
37%
40
3519
34%
39%
3378
40%
34%
6
*5%
6
♦9%
10
34%
*5%
9%
♦52
59
%
%
1%
2%
%
178
7h
*14%
9%
*106% 110
58
*110
*54
57%
1%
1%
%
1%
*%
78
14%
%
1334
215
217
*87%
89%
212%
217
*87%
212
89%
214%
110% *109% 110% *109% 110%
23
22% 23%
22% 23
*57%
57%
*57% 58
*57%
58
57%
57%
*57%
57%
*57%
57%
267« 27%
27% 27%
26% 27%
23
87
87
*87%
89
10%
10%
10%
10%
110% 110% *10978 110% *1097g 110%
10%
38%
36
36%
578
578
5%
44%
*36%
5%
*42%
7%
23%
5%
*42%
44%
23%
7%
73g
*42%
7%
*23%
23%
23%
14%
14%
*103% 105
♦6%
18%
*138
12%
*42
7
18%
142
12%
50
7%
14%
15
*103% 105
*678
18%
*138
1278
*45
1434
1434
*103% 105
7
6%
18
18%
142
36%
5%
4434
7%
23%
*138
13
12%
*42
50
6%
18%
142
1234
50
211
Bi
1%
109% 110%
2234
?3%
58
58
57%
26%
*87%
10%
57%
26%
89
35%
5
*4?%
36%
5%
4 434
7%
23%
14%
'104
7
2:17%
'140
12%
*42
15
7%
17S4
12%
*124
127
*126
127
126
127
*123
*144
148
*144
148
*144
148
*145% 148
*
31
32%
*32
321^
32
127
32
Bid and asked prices: no sales on this day.
24
26,000
34%
4%
200
200
7
22%
17%
prior
Nelsner
40
prior
preferred
conv serial
pref...100
No par
N.
Y. Air
New
5%
15,100
..No par
preferred
IN Y Ontario A Western..
7% preferred
Norfolk A Western
American
30
140
6,500
12,566
series
50
North Amer Aviation
1
50
(The)
6% preferred A
Oppenhelm Coll A Co ..No par
Otis Elevator
""2,466
No par
Outboard
51%
30
*116% 120
65%
66%
"3,766
100
Otis Steel....
~""?o6
$5.50
......No par
1st pref. .No par
Marine A Mfg
5
conv
Outlet Co
..No par
Preferred
800
560
220
14
14%
12%
470
12%
32
32%
2,400
47%
47%
500
16%
16%
1,300
126
6
100
500
40
2,700
Def. delivery,
100
Cash sale.
29
6
Mar
15% Mar
Jan
10% May
July
12%
Jan
Nov
147g Nov
14% Dec
28
Nov
168%
19
Oct
Nov
Mar
94% Nov
Sept
12% Mar
30% July
65
20
25%
Oct
4
11%
4
Apr
Mar
107g
Oct
6*4 July
30
Nov
20% July
3
17% Mar
16*4
Oct
13% Mar
6
Mar
31
July
178% Oct
145% Sept
28% Nov
Sept 11
44% Mar
9% Oct
81% Nov
3
12% Sept
23
Feb
20
Jan
3
18
Dec
30
July
69% Jan
50% Apr
3
4
55
Dec
82
July
70
Feb
75
Feb
5% Oct 9
11% Feb 8
29%June 7
87% Aug 21
42
July 27
112%June 22
17% Sept 14
62
2% May
7% Mar
14% June
58
Apr
19% July
48% Nov
21% Nov
Mar
Mar
Mar
120
Mar
62
Mar
23
Dec
12% Mar
38%
Jan
18
Mar
37% July
2
Mar
4*4
Jan
11% Mar
Apr
5% Mar
101 7 Mar
120
7
110
Aug
111
8
54
June
I7g8ept 26
5% Sept 27
7g Dec
2% Mar
l%Sept 12
17
Jan
97g Mar
7
May 16
Nov
108% Nov
10
July 8
% Mar 27
71
40
Apr
20
47
July
Mar
Sept 21
119
Jan
26
28
25%Sept 27
45% Sept 27
43% Feb 25
4%
12% Aug
99%
23% Sept 27
Sept 13
%
Jan
4% Mar
Apr
63% Nov
2% Jan
7% July
1% Jan
16% Dec
8
90
38
Mar
Jan 25
217
Nov 20
133
June
198
Jan
103% Sept 8
18% Apr 11
62% Sept 7
113
June 14
100
Mar
110
Dec
70
Apr
168
50% Sept
6
Nov 20
Jan
3
29
Sept 1
2% Apr 10
32% Apr 1
6
Aug 14
14% Sept 1
12
Sept
5
26%
59% Aug
3
45%
Apr
57%
Oct
Dec
59
Aug
1
4
20
Dec
Nov 10
14% Jan
57g Mar
75
6% Mar
112% Aug 14
92% 8ept
Oct 14
40
6% Nov
44% Aug
3
2
10% Sept
5
30
Jan
6
20% Mar
3
25
19% May
5l%*Nov2l
A pr
9% Apr
8
34% Mar 10
10
8
62
9% Apr
8
21% Sept 15
114
128
17
April
Sept 19
Apr 10
xEx-dlv.
y
132
Oct 10
June
9
156% July 29
33% Nov 14
Ex-rights.
Sept
Jan
32%
Feb
10
Nov
29% Nov
Jan
147
6% Mar
30% Apr
60
10
Mar
22% Aug
39%
52
Oct
115
Apr
Mar
or
41
Nov
14%
Mar
40
Apr
27% A
Sept
5
41
4
13% Mar
115
15% Sept 27
12% Mar 14
35
19% Nov
3
Nov 13
Dec
111% Sept
116% Mar 25
7% Sept 13
7% Nov 13
103
Apr
Apr
Apr
Jan
Jan
14% July
7% Mar
Oct 26
29
93%
83%
122
7% Apr 10
July 11
16% Apr 10
40% Jan 24
114% Jan 26
Mar
87g Sept
8% Jan 4
27% Jan 3
148% July 26
16
Sept 11
55% Sept 13
33
May
1% Mar
12%
4% Aug 21
15% Sept 1
2
June
4
113%May 25
Oct
Dec
13% Mar
100% Sept 23
128
90
26% Feb 27
3%June 29
r
7% Mar
8% Mar
150
Dec
10% July
15% Jan
No par
n New stock,
16% July
62% Oct
110%
64
June
25
Pacific Telep A Teleg
100
6% preferred
100
Pac Tin Corp (sp stk).No par
Mar
June
3
Aug 24
2% Apr 10
11% June 30
No par
4
Oct
8% July
Jan
64%
37% Mar
6% Mar
154
No par
No par
Apr
127
Pacific Amer Fisheries Inc
Pacific Coast
Pacific Ltg Corp
Pacific Mills
95
4
Feb
70
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
9% Apr
34% Mar
6
8
5
Mar
146
50
10
26
17% Nov
32
Mar
27% Jan
173% Aug
Owens-Illlnols Class C. .$2.50
1st preferred
2d preferred
4
MarlO
Sept 13
6% preferred
7
16% Jan
106
100
Telegraph
Mar
3% Mar
3% Mar
17% Mar
4
18% Jan 10
North'n States Pow Co $5
pf.l
Northwestern
22% July
8
8% Oct 26
6% Feb 17
28% Jan
29% Nov
Norwalk Tire A Rubber No par
Preferred
50
Oct
38% Aug
40% Nov
16% July
Nov 16
1% Nov 18
%May 23
8%June 30
54%
Mar
115% Nov
113% Oct
89
Omnibus Corp
24
Apr 28
Dec
117% Sept
11% Sept
June 30
1,400
7
8
Mar
22% May
110
105% Mar
7
7,600
24
Apr
25
11% July
2% Jan
3% Jan
20% Nov
106% Mar
12% Apr 11
15
50
Dec
Dec
3
5
82
23%
400
%
1%
Oct
Mar 27
18% Aug
60
Ohio Oil Co..........No par
Oliver Farm Equip
No par
4,700
5
Sept 26
16
100
12%
a
10
60
Northern Central Ry Co
Northern Pacific
23%
X In receivership,
100
Co....
6% preferred
12
126
100
.100
Adjust 4% preferred
6H% pref series
38,600
160
N Y Shlpbldg Corp partstk._l
.26% Jan
10% Sept 11
15% Sept 11
118% Mar 1
106
400
5%
44%
*145% 148
31%
32%
32
105% Sept 19
8% Apr 8
11%Sept 1
10% Apr 10
18% Apr 8
30
Apr 8
l%May 20
47g July
1
900
200
478
18% Apr 11
73% Mar 14
50
North
Aug 12
2% Apr 11
8% Sept 15
27
100
50
8
7
No par
10,000
30
Apr
No par
Conv
8,500
7%
18
10
100
1,200
1
Central
preferred
16% Nov 20
95%May 31
23% Sept 13
82
July
5% Aug 24
Brake...
York
*42%
23%
*4%
1
tNYNHA Hartford
142
*50
100
4
Jan 17
52
43
Newberry Co (J J)
5% Pref series A
Newport Industries
Nov
28% Mar 11
175
Aug 15
33% July
1
9% Jan 20
26% Nov 17
18%Sept 27
10
100
Bros Inc
5
Jan
35% Sept 27
100
preferred
July 17
lll%Nov 21
9% Jan 5
14% Apr 11
6% Apr 8
10% preferred
60
N Y Lack A West Ry Co.. 100
105
*6%
preferred
12,800
10%
35
25
Pa.. 10
N Y A Harlem
7%
*42%
6%
Corp
6% preferred series A
100
NYC Omnibus Corp ..No par
New York Dock
No par
4,900
noio
*110
Steel
3,200
800
89
$2
No par
N. Y. Chic A St Louis Co.. 100
1,300
88%
17% June 30
Oct 11
800
%
26%
9%
140
50
800
14%
211
*209
*104
142
57%
%
1%
*110% 115
22%
23
57%
58
57%
57%
14%
105
23%
23% 23% *23
2334
*23%' 24
*50
61% *50
51%
51% 51% *50
51%
*116% 120
*116% 120
*116% 120
*116% 120
.*66
66
66%
66%
66%
66%
66%
6634
5%
5%
5
5
5%
5%
5
5
7%
73g
7
7%
7%
7%
7
7%
24% 24%
24% 25
24% 2434
24%
24%
*14%
14%
14%
14%
14
14%
14%
14%
*12%
12%
*12%
12%
12%
12%
12%
12%
32% 32%
32% 32%
32% 32%
32%
32%
*48
48
48
48%
*47% 48
47%
47%
*16%
16%
16%
16%
16%
16%
16%
16%
31%
*13%
88%
7%
23%
*23
*31
1%
%
*87%
10%
109% 109%
1,400
...
*52
34
13%
14
*108
*36
57%
%
90
215
35%
*4%
5
*8%
9%
*106% 110
'110
...
*52
%
14%
90
89%
9
%
2
90
10%
5
%
*88
*87
5%
*8%
*106% 110
*110
....
*%
14%
*%
14%
9%
*106% 110
*110
*52
20
1334
34
*110
"""800
60
5
8
Sept 25
45i %
41
14%
1
Sept
Sept
83
162
10
85
52%
Sept
1
132
5M%
112
*40%
14
*5%
9%
*80
*110
52%
19%
39
*10634
85
26
Jan 13
Sept
100
No par
2584
4% Apr 11
4%
20%
10%
8%
100
No par
27%
Jan
11% Mar
7% Jan
44% Mar 13
114
A
Lt
Jan
117% Jan
1
Sept
B
Nat Mall A St'l Cast Co No par
900
300
Jan
3%
July
10% Mar
Jan
107
preferred
Natomas Co
4%
17% Apr 25
14% Sept 2
preferred
National Tea Co
45%
*40%
17%
17% Oct 26
z8% July 7
12% Jan 13
110
Sept 18
6%
1,300
9%
13%
41%
Sept 19
7%
230
2,100
41
22%
10
9%
112
19%
I^ead
4
*40
22%
pref erred.No par
9%
*110
39
National
165
144% 145
conv.
4
42
20%
22%
3,100
$4.60
*42%
110
20
100
No par
National Supply (The)
110
38%
~6~200
96%
20%
♦160
...No par
10
preferred
National
*40
*21%
11%
96%
20%
Dept Store
6%
Nat Enam A Stamping-No par
Nat Gpysum Co
1
13%
II
Day
Nat
Nat Distillers Prod
1,500
*79
14%
54
20%
900
700
3,600
1,500
41%
14%
53%
100
9%
13%
41%
48
85
14%
53%
*12%
—100
7% pref class B
73%
9%
*13%
*26
14%
*51%
Thanks¬
6
24%
7% pref class A
74%
27%
*80
6
2334
Nat
180
900
National Pow A
*45%
4%
85
Closed—
11,900
No par
Gas Co.—1
Dairy Products—No par
4,600
48
112
16%
116
110% 111%
684
7%
Regtster
8%
74
*45%
4%
9%
41
16
Cash
8%
48
*110
Nat
National Cylinder
200
8%
41%
48
4%
41%
87
800
*40%
112
6% pref series A w w
100
Nat Bond A Share Corp new No
26%
42
27%
500
25%
42
*4%
9%
*26
10% Apr 26
1,500
116
Exchange
giving
28
43
9%
Nat Bond A Invest Co .No par
4,700
23%
*160
700
pref
cum
19
30
15
7% Sept
13
Stock
Aug 23
7% Aug 24
21%Sept 13
14778 Oct
20%
1534
15%
1234
14
10
7%
Oct 25
May
61
43% Sept
5% Sept
.6
92
13%
72%
4% Mar
114% Sept 11
70
Apr
100
Biscuit
16
15%
13
23%
Aviation Corp
*20%
21
Mar
1% Sept 27
2% Sept 27
14% Sept 22
Sept
50
1
Acme
a92
13%
6%
Nashv Chatt A St Louis... 100
100
15%
157g
24
Corp...'...6
Nash-Kelvlnator
169
*160
21
*41
*41%
12%
22%
16
10
*110
Aug 24
7,400
13
2284
169
13%
*79
4
1234
2234
2?%
*160
13%
85
Sept 25
National
13%
2234
Apr
9
10
169
30
105
Myers (F A E) Bros—No par
10,700
Apr 11
31% Aug 28
22% Sept
9% Apr 10
10
Apr 10
16% Apr 11
3% Aug 24
No par
Inc
...
2,200
6%
par
40%
Murphy Co (G C)
No par
6% preferred
—100
Murray Corp of America—10
Munslngwear
16
15%
1
preferred—No
conv
25
7
25
15%
10
*79
$7
*23
6%
14
*26%
30
6%
15%
*12%
1
Mulllns Mfg Co class B
50%
*23%
-.5
Co
Brass
6%
10%
27
Wheel
*4934
6»4
7
60
Motor Products Corp..No par
6%
14
♦26%
Mueller
50%
*27%
8%
4%
Motor
700
6%
15%
35
10% May
1% Mar
MarlO
25
No par
Essex
Oct
Nov
8
Jan
*4934
25
92
122%May 24
57% Oct 26
47
Sept 11
37% Mar 13
400
1,600
Jan
Apr *117
Sept
Montg Ward A Co. Inc.iVo par
Jan
July
Mar
112
1,100
40
*67
111
Preferred series B..—No par
1234
1,000
*10%
49%
100
Oct
30% Nov
Apr
Mar
Morris &
109% 109%
12%
69%
110
76
May
Morrel' (J) & Co.:
47% July
4
147g Jan
2% Jan
9% Jan
21
7% Nov
14%
10
10% Apr 11
8534 Apr 10
Nov
227g
67
10
Oct
73
5% Mar
111
430
35%
11%
69%
July 25
80
12% Mar
15% June
5
700
35%
Dec
26% Mar
121
18,800
1,500
Dec
16%
Sept
55%
5
30
110
45%
3134
5
May
June
No par
preferred
$4.50
1634
54%
45%
36
100
.100
Carpet Mills.....20
6% conv preferred
20
5
10%
978
Monsanto Chemical Co
119
14
18 Sept 5
37% Oct 26
64
Aug 24
2% Aug 24
% July
%June 28
tMissouri Pacific
190
23%
8%
75%
4%
Mohawk
1,100
12%
16%
75
4
1,500
23%
75%
10%
14%
*9%
19%
1278
16%
24%
*75%
10%
*13%
*45%
500
6%
145
1
29
1,200
119
1
Nov
16*4 July
11
6% Jan 3
28% Jan 9
21%8ept 27
39% Jan 4
167gSept 5
6% Jan
8% Aug 21
7% preferred series A—100
%
50%
*160
165
1,300
...10
95
67% July
4
No par
Apr
Jan
85% Jan
No par
Mar
6% Mar
50
114
preferred
5
70
20% Nov
12% July
537g Oct
26% Jan
11% Nov
32% Apr
3% Mar
103% Sept 25
2% Sept
36
Sept
Mar
I)Iov20
4% conv pref series B...100
Power lmpt_..l
Jan
7
Nov 10
Minn-Honeywell Regu.No par
Mollne
10
35% Mar
13% May
Apr
4
Minn
Highest
$ per share $ per short
65
120% Nov
1%
11734
8
6% Apr 10
11% Apr 10
18% Apr 8
Apr
2
April
44% Sept 11
5
106
July
101
$6.50
31
16%
24%
100
20
32
16
157g
16%
16%
16%
16%
115
116
*115
116
*112% 116
*112% 116
111
111%
111
111% 111%
111% 111%
111%
7%
7%
7%
77g
*7%
7%
*7%
7%
*24
1st pref
8% cum
%
20
*35%
*11
No par
1%
19%
106
70
5
Petroleum.. 10
Midland Steel Prod
5
*116
*69%
Miami Copper
Mld-Contlnent
Mission Corp
:
5
6
Mo-Kan-Texas RR
117
*11
25
5% conv 1st pref
2,900
107
36
12%
Mesta Machine Co
1
60
Mengel Co (The)
"900
107
16%
Mercb & M'n Trans Co No par
1%
1
18% Sept 12
10% Oct 26
101% Nov 8
14% Sept 26
72
10%
117
24
1,700
10% Jan 5
59% June 15
63
No par
10%
107%
*12%
51
share
Aug 3
397g Aug 28
46
Apr 11
3
July 7
14
Aug 24
ll%8ept 2
130
110
24
Lowest
Nov
Melville Sboe
56
per
73
1%
%
5
800
Aug 23
1,400
5%
16%
2,2()0
2,600
6
4%
40
97g
*1%
*19%
25%
300
Jan 27
$
6
500
70
6% Aug 25
88
4%
*38%
41
32
*35%
6%
50%
26
5034
1%
13%
2.400
1
preferred
conv
Mead Corp
100
3,000
117
*108
4%
117
111% 111%
6%
16
117
50%
*9%
5
36%
12%
69%
26
15
33%
119
*39%
32%
11%
1434
33%
108
32%
*12%
*16%
24%
5%
68%
10%
15
120% *118% 120%
56
547g
55%
*45% 45%
45%
45%
*49%
♦13%
11%
34
4%
1
45
*11
108
4%
42%
10%
1%
5%
1%
*109
7
5%
16
%
*35%
*11
*109
63
69
5%
10
Stores
100
6%
20
2178
1%
*32%
*25
1,100
75
66%
5%
15% Apr 28
5% Sept
Sept 19
8% Apr 11
39
No par
$6 preferred series A. No par
$5.50 pref ser B w w.No par
60
11
*21
*116% 117%
116% 117% *116
♦lie!;. 120% *116% 120% *117
55
55
56%
55% 56
*43%
*3234
13%
*16%
McLellan
*14%
107
19%
107
McKeesport Tin Plate
1,600
5%
*108
110
4%
1%
1,500
10
18
3578
12
478
5%
13%
99%
70%
34
*108
13
Year 1938
Highest
share
per
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mlnee._6
22%
15%
15%
14%
15%
1578
3.3% 34
33% 34%
*33%
117
118
*117
119
*117
*117% 119
*50%
51%
51% 51%
51% 52
50%
*33
300
5%
*14%
$
1
3.400
2,500
21%
5%
16%
Co
Elec
22%
7%
461*>
9%
99%
10%
63
69%
McGfaw
22%
7%
*58
61
70
Par
Range]or Previous
100-Share Lots
Lowest
46
I
*58
61
72
11%
46%
*63
62%
*35
23%
7%
46
75
*72
70%
5%
*15
22%
7%
*99% 100
10%
10%
71%
71%
21%
71
*14
*7%
46%
133s
10%
100
*99% 100
*11
11%
$ per share
23
23%
1939
25
EXCHANGE
Saturday
$ per share
23
23%
Nov.
5%
Dec
2% Mar
10% Mar
3% Mar
9%
z22%
32%
9%
87
Nov
15% Nov
Nov
76% Nov
11% Jan
5%
Jan
21% Nov
9% July
15% July
Mar
Mar
30
Mar
43%
Mar
19% July
Nov
Dec
Apr
121
*132% Mar
17% Dec
149
Nov
30
June
Dec
5Called for redemption.
3k
Volume
LOW
AND
New York Stock
149
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
Sales
CENT
for
Saturday
STOCKS
NEW YORK 8TOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 18
Nov. 21
Nov. 22
Nov. 23
Nov. 24
Week
5 per share
S per share
$ per share
$ per share
$ per share
S per share
Shares
3375
EXCHANGE
Nov. 20
8
834
834
85a
85g
85g
85s
834
834
334
1S34
*634
3%
334
15l2
37g
1534
1578
334
15l2
15l2
3%
1534
3%
1534
7i2
714
714
7%
734
*1
*44%
l'a
46
*94
98%
834
94%
*934
9%
*15
17
2%
4434
*1884
*134
*10%
1
1
1
1
2%
4412
9812
87g
93
10
*43
45ig
*9414
98
17
*15
83g
9012
9012
934
90
934
1,300
734
800
1%
44%
3,400
*43%
*94%
98
*7
45%
98
85s
*17
8%
*87%
934
90
9%
17
700
14,100
1534
*1
45%
*94%
8%
85s
8%
3%
15%
'
9%
18
17%
23g
2l2
23g
23g
2%
4434
4484
4434
45
45
45
1912
2
*18%
*134
1034
447g
193s
45
*185s
*178
1012
*183s
19
17S
*1%
113s
18%
1%
1034
18%
1%
113S
934
17g
10%
103s
*9%
54%
54%
55
55
92 I8
9234
923g
9212
*3%
312
*3l8
338
378
378
4
lOig
*26
9i2
9i2
13i8
*120i2
13%
24i8
2414
24
*34
3512
*34
*40l2
*418
41%
*13
16
*13
36
*35
*1234
5
36
4112
4H2
1,000
92%
92%
3%
3,600
3%
600
4%
27
133«
....
13%
*120%
4%
1434
*35g
37
*35
37
3218
*30%
3112
22l4
2?l4
*21
22lz
8%
*8-3s
812
34
83g
8l2
678
*634
6%
*634
49%
40%
41%
4614
40%
67g
41
*46%
46%
90
*88
90
46%
90
46i4
*87
!
*8
*85
86
86
87
87
*125
135
*126
135
*126
*4l4
5%
*28
*4i4
5i2
*28
30
41
41i8
4078
*25s
3%
43
43
*40i8
*8i4
8%
2684
25%
4112
*25g
135
*4%
*28
30
318
43
8i2
8i2
26i2
2634
5
41
*25g
3%
41%
87s
Peopies Drug Stores
41%
500
5
200
Peonies G L A C (Chic) ...100
Peona A Eastern
100
13%
100
Pere
26%
88
136
26%
41%
*42
4334
30
8%
8%
*8
8%
400
26
26
*46
49
6%
6
6
*2414
*978
*73i4
2534
2534
*23
2534
97g
*23
IOI4
*2334
*934
74%
*72
74
74
*72
*171
173
*2%
173
*170
*8%
834
1014
171% 171%
*12
13
13
13
*42
45
*40
44
*20
2112
37%
20
21
*34
*34
3712
*1534
16
16
1678
1%
1%
2134
♦125s
1314
13
1
1
*%
1312
1314
1
*13
13%
41
63%
*38%
63%
43%
*40
43
20
*1884
21
37%
15%
*34
37%
16
16
155s
"l"
1
2178
*%
*21%
13%
2178
*13
*13
13i8
*3914
6318
40%
4034
4034
405s
10978 10978 *1095g 110
*12334 124
*11578 11612
87S
*80%
*75U
153s
3578
918
84
78
15%
16
*15
578
6
100
*75
6034
6078
1%
22%
15s
2212
16
16
*25l2
I8I4
*245s
*225s
*4l2
26
I8I4
27i2
23
478
47
47
*1434
*812
*1H2
*1078
5658
1634
9i8
1234
11
565s
78
*74
*15
6%
13%
1234
13%
*13
13
13
*3834
13%
41
*38«4
63
63%
62«4
*75
100
60
61
*75
153s
22%
22%
16
16
16
16
2578
2578
18%
17%
*25
28l2
*24%
23
1634
9%
1234
9i8
*1U2
1078
11
105g
56
*563g
10%
56%
78
*75
7734
2
2i8
24
2434
2334
8712
87l2
87
87
*83%
*74
78
75
75
*72
*1434
15I4
*28
32
*79
84
*75
1514
78
1534
*30
*97fi
*75
82
82
83%
5278
10
*52
53
*5034
10
9%
82
5278
*70
*978
82
834
*8l2
393s
3934
59.
938
3914
*52l2
3978
9%
9%
*52l2
938
*918
*1078
*20i2
*112
40%
3s
84
*23g
*418
9l2
11
213s
l7s
40*4
%
78
334
612
5034
103
50i2
*102i2
*1115s 1123s
*9is
*1034
213g
*H2
2H2
*21
56
1,000
200
*4%
17%
912
14%
2,200
24%
484
100
14%
60
9%
900
12
10%
10%
IO84
"2". 800
56%
563s
563s
75
89
75
10
83%
53
53
34
*2i4
*418
6%
5034
5134
103
334
*4%
6%
50%
50%
102% 102%
*2%
71
1534
1534
32
200
1,700
84
84
90
54
90
82
934
300
*8%
11
*10%
20®4
2
*1%
114%
40
%
♦3g
h
*34
*2%
334
6%
50%
102% 102%
1115s ♦111
114
Sept 27
5% Sept 27
54
Mar 20
14%Sept 27
1
17% Jan 5
75% Mar 15
1
112
20
10
A
7% preferred
6 H%
preferred
Reynolds Metals Co
300
Reynolds
75
Nov 22
Nov 14
8
42
Apr 11
9% Apr 11
21% July 11
234 Nov
86
1
Reynolds (R J) Tob class B.10
Common
10
Mfg
4
5% Apr 10
4
Sept 23
Mar
Oct
122% May
35%
86% Mar
101% Apr
112
Apr
Jan
105% Oct
11884 Nov
134
Nov
152%
117
Dec
Sept
39% Nov
13% July
Jan
15% Nov
Jan
16%
9%
Oct
Doc
5%
Jan
24
July
24%
8% May
18
Oct
80
66%
Mar
Jan
29%
Jan
10% June
22
Jan
18
Mar
30%
Jan
13% June
234 Mar
27%
Jan
34% Mar
6
Apr
58
6% July
July
11
Jan
5% Mar
11% July
9
13% July
17% July
June
9% Mar
49% May
78
Dec
40
Apr
69
Nov
1
Deo
3%
Oct
78% Nov
May
7% Mar
17% Mar
38% Dec
65
Apr
85
45
Dec
1434 Jan
4
10
Sept
64%
17%
Aug 19
77%
94
Dec
11%
Jan
6
4% Mar
4
3384 Mar
51% Jan
Sept 21
45
Jan
July 25
68
Jan 31
10%
Jan
No par
Nov
25
6
52
6% Apr 11
59
39% Mar
114
Sept
35
No par
Deo
Dec
77% Nov
19% Oct
7884
Jan
14%
42%
38
56
...100
4% Mar
1384 Mar
Jan
8934 Oct 25
20% Jan 5
40% Jan 5
84
Sept 16
37% July 11
7%June 30
..No par
Deo
25% Nov
63
Aug 21
Jan
14%
11% May
39% Mar
100
Spring
Dental
Apr
8
100
Rlchfle d OH Corp
Rltter
%July
1%
484 Mar
38s
7
Jan
Jan
Jan
Sept
12% July
46%
Jan
Mar
5
68%
Jan
9% Nov
Roan Antelope Copper Mlnes.
6%May 2
10
Sept 16
934 Oct 23
17% Sept 6
7% Apr
14% Mar
13% July
2O84 Jan
""eoo
Ruberold Co
15% Sept
1
34
13
Mar
«4 Apr
8
"moo
8*
33% Dec
2% Jan
49% Oct
1% July
3% July
2
40%
%
*114% 114%
20
6,200
11
384
*4%
6%
49%
50%
102% 102%
*111
112
114% 114%
20%
*19%
10
2034
6
6% conv preferred
56
9%
10
111
20
9
9%
40%
Class
100
*51%
*9%
21
114%
Oct 14
92
*8%
1123s ll23g
20
56
*4%
Oct 26
17%
28%Sept 12
*10%
20%
50
23% Sept 22
12% Apr 10
{Reo Motor Car
Dec
5
10
Apr 11
16%
2% Jan
16% Oct 27
Sept 12
Jan
6% Mar
1% Mar
% Oct
60% Jan
37% Mar
1>4 Sept
1484 June
1
55
11
1
4
60
Jan
25% July
Mar
6
8
with warrants^. 25
Preforred
>4
Dec
Mar
8
85%June
67% Jan
Apr
Rensselaer A Sara RR Co..100
%
15
Mar
43
*71
82
*%
%
*2%
Remington-Rand
17% Nov
June
6% conv preferred
100
6% oonv prior pref ser A. 100
Revere Copper A Brass..
5
10,000
3s
7
Jan
7
6% Apr
Apr
9
45
Mar
484 Mar
984 Sept
...10
May
6
9
Republic Steoi Corp...No par
39%
84
pre/. 100
Reliable Stores Corp...No par
23
3
500
39%
*52%
38
Rels (Robt) A Co 1st
July
4
27
April
July 18
Aug
30
Nov
6
July
52
8% Jan
18% July 17
16
16
3
Jan
20% Apr
11% Apr
88% July
2834
43
1684
7% Mar
98%
5
5
9% July
4% May
74% June
20% Sept
50
Jan
81% Jan
26% Oct 26
22'4 Sept 27
...100
Jan
9% Nov
21% May
8% May
81
Apr
8
Hosiery
May
7%
41% Sept 27
lls4Sept
90% Mar 29
18,800
39«4
h
Silk
Preferred
July
Jan
10% Apr
4% 2d preferred
9
Mar
...50
1st preferred
12%June 28
July
Mar
132
50
preferred
Reading
Real
6%June 29
Nov
43
4
112
87%
38%
*52%
h
..26
8
4
4
Jan
Jan 19
23%
*31
934
*1%
1
1% Apr
16% Apr
Mar
June 29
117%
7,900
3934
56
93s
9%
11
40
Manhattan.No par
Inc
62
5
Aug 18
10'4 Jan 26
11
Aug 16
5
Aug 24
85%June 1
63% Apr 10
2
1
2%
39%
*52%
40%
par
Sept
166
Aug
1%
22%
71
83%
*1%
2
143
3
7
*83%
2334
53
403g
l7s
No par
1st pref..No par
I Radlo-Keith-OrpheumNo
500
75
9
No par
Reliance Mfg Co
78
83%
21%
1%
Putlty Bakeries
Quaker Stato OH Ref Corp..10
Radio Corp of Amer ...No par
130
""600
834
No par
""260
8%
*20%
Pure Oil (The)
x22% Aug 24
6% Aug 12
4%
8%
*10%
No par
Kayhestos
Sept 27
Oct 21
128% Aug
7
Pullman Inc
Rayonier
65
Apr 25
Sept
Sept
27%
55
*50
600
49
119% Feb 27
101% Sept 28
Sept 21
65 preferred B
4,400
16% Sept 22
129
147
conv
Sept 22
112
111
63.50
17
100
No par
preferred
preferred
.100
T.266
8%
11
21
61
*8%
9%
8
Pub Ser El A Gas pf %b.Nv par
100
16
153g
334
21
28,700
26
32
%
103
5%
834
213s
40
11412 *114
*114
2,700
16
584
2% Sept 11
Sept 11
24
4134 Aug
114% Aug
70
8%
9
884
Apr 10
Marl5
6 384
15
20% Sept 27
Aug 25
2
30%
142
100
preferred
preferred..
8%
16% Sept 12
48% Oct 6
25% Oct 6
40% Sept 15
16% Sept 27
16% Sept 22
31% Apr
100
22%
153g
*71
18
Aug 5
11%Sept 12
Aug 24
50% Apr 14
112
1(0
16
32
82
*71
par
preferred
22%
934
No
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J..No par
5% conv preferred
16
155s
9%
50
Procter A Gamble
175
2% Jan 6
«4 Jan 17
6% Sept
6%
22%
33
15%
*30
31
23%
...5
6
200
9%
86
5% conv 1st pref
1
200
*11%
2418
No par
16,300
10
86
Class B
32% Sept 27
14% Sept 11
95
Sept 11
5
1
% Aug
%May
par
77%
153g
1%
2%
No par
% Apr 28
17% Sept 1
6% Apr 14
7% Aug 24
9%
84%
77%
1%
2
..5
1
Aug 25
9
84%
12
23%
2ig
No par
Sept
8,500
9%
2%
243g
•
(Tbe)
4
June 28
6
35%
*11%
10%
*56%
*74%
2
2
Apr
34%
*23
56
12% Aug 24
Pressed Steei Car Co Ino
190
24
*74
22
100
5% conv 2d pref
1%
I684
Plttston Co
6%
7%
60%
4%
7% Apr 10
M
15
*75
50
4% Aug 23
100
...
40
*23
*14%
Mar
*37
27
9%
174
300
*24%
12
June
4,600
*25%
16«4
*25%
15
9%
145
No par
%
1784
15
*11%
Nov
13%
13%
17%
4%
48%
75
142
600
44% July
Mar
Apr
5H 1st ser conv prior pref 100
Pittsburgh A West Va
...100
400
27% Mar
41
12
8
Sept 20
400
60% Mar
35
2% Apr
158
Pittsburgh Steel Co
12384 124
Sept
52
35% Mar 27
Pitts Ft W A Oh 7% gtd pf 100
Pitts Screw A Holt
No par
*140% 142
46% Sept 22
32
26% Nov
12%
*25%
45g
31% Apr 10
July 27
Oct
Poor A Co class B
2578
18
28%
49
*4%
35
8% July
Jan
tPorto Rtc-Am Tob cl ANo
25%
49
47g
47
*15
16
25
4% Mar
3% Mar
18% Dec
3% Mar
700
*15
61
4
39
800
200
Jan
20%
12%
%
115
7
June
Sept 12
Pond Creek Pocahontas No par
115
6
2'4 July
114
Sept 23
Plymouth Oil Co
159% 15984
1
12
100
*110% 112
Oct
Mar
Sept 21
51
600
7,600
Oct
144%
154
Apr 20
124
31% Sept 11
"moo
50
Mar
14384
3
Apr 18
%
"3",800
Nov
1
Jan
Oct
23
13%
6334
Nov
74
103% Mar
Sept
Apr 27
600
43
Apr
% Mar
75% Mar
3
8%
9% Oct 31
21%
118% 118%
3984
40
2
Aug
l%Sept 11
Jan
Aug 22
21%
*1284
12%
%
*%
5%
100
74
PlttsYngstAAshRyCo7%pfl00
23
"
2578
*1734
23
15%
61
1%
*21%
Day
Mar
60
91
50
37%
63
16
5S4
*75
100
22
*4%
15%
*15
6
1*2
223s
47
63
40%
40%
110
*109% 110%
124
123% 124
141
141%
141%
159
159%
159%
116% 2:115% 115%
2:35
35%
36%
9
9%
95g
84
85
*84%
*77
77%
77
6034
1%
23
40%
118%
4058
5984
1%
1*2
%
30
7
No par
preferred
Exchange
""436
47% Nov
484
6
Corp No
7% pref class B
15%
17% Mar
3% Sept 27
25
6% pref class A
14%
13%
8
4
30
*142
734 Mar
Jan
% July 29
Jan
5
Apr
36
75
July
38%
1784 Nov
8% Mar 14
47% Sept 12
4838 Aug
1
.
43
8% Mar
45% Mar 15
.10
140
200
534 Apr 10
28% Apr 11
par
conv
10% Sept
1
Oct
6% July
1734 July
Jan '3
100
preferred
Pitta Coke A Iron
15
Mar
Feb
42
Aug 11
*12%
%
13
16
50
1,700
634 Sept
6
Mar 31
30
8%
17
534 Sept 27
1934 Sept 27
Jan
31
2
Mills
21
%
578
Flour
43
giving
12%
*15
16
578
""600
7% Apr
Dec
24%
36
%
%
%
109%
93g
May 10
2
Oct 23
1578 Nov
121
100
Pittsburgh Coal of Pa
*40
Thanks¬
12%
12334 12334 *123%
141%
159%
*115l2 116l2 *1157g
3534 36%
3534
9
95s
914
84
*82i2 84
76%
*7534
7612
1534
153s
15i2
Plllsb.iry
Dec
Mar
Mar
Mar
Mar
Mar
Mar
July
6
Pierce Oil 8% conv pref
*34
21%
13%
7S
*14X12 14178 *14U2 14178
159l2 159%
15934 15984
""600
45
Jan
5% July
100
12
~T
1234
40
No par
Hosiery
12
Closed—
12%
1185s *117l2 1185s *118% 1185s *117
*117
Petroleum
Preferred
♦18
78
13l2
1314
4H2
635s
100
Stock
*142
*38
13
*34
Phillips
6%
72
8%
12%
preferred
Phoenix
1,200
..No par
8
30% Apr 11
No par
Pirehl Co of Italy "Am shares"
5%
*171% 173
8%
8%
*12
1
%
13
13
72
171% 171%
2584
7%
25
9%
73%
1334
*142
2134
13l2
1%
22
9%
9%
20
1334
*1%
85g
*22
2534
5,600
3%
49
5%
43
*13
22
8%
2534
*46
*12
*142
*142
934
7334
87s
834
49
No par
Phillips Jone» Corp
4034
3%
preferred
27% Sept 27
39% July 18
2%
30
Mar
15
Philip Morris A Co Ltd.. ..10
5% cone pre! series A ..100
60
10
Sept 12
2,000
27%
39%
9
Mar 15
86% July
Deo
2% Mar
10% Mar
Sept 26
88%
*25g
41%
28
16% Mar
124
58% Aug
Mar
1%
Sept 26
Phlia A Read C A I
434
27%
4084
8
Mar
55
40
2,200
*4
5%
Mar
41
45
Phelps-Dodge Corp
..2 b
Philadelphia Co 6% pref
50
16
33
13% July
25
No par
...
.
200
658Sept 15
884 Mar
1
%
136
57% July 28
9484 Aug 2
484 Sept 12
14% Nov
Jan 18
9,400
*128
Oct
3% Mar
Apr
39%
47
8534
87%
Oct
284
13% Sept
Petroleum Corp of Amer
.5
Pfelffer Brewing Co
No par
300
Oct
1% Mar
2% Feb 25
13% July 27
ll»4Mar
1
21
900
*46%
8534
%
Oct
8
8
8%
634
200
3%
100
preferred
July
21%
100
pieferred
Dec
13% July
30
Mar
4238
Feb
Pet Milk
Deo
Mar
24
JOO
Dec
13%
13
..No par
550
7%
90
*6
*46
prior
5%
16
120%
14%
19%
22%
I84
6%
17%
200
46%
678
49
6%
103
Mar
1% Mar
31% Mar
Aug 24
Marquette
61% Nov
102
Sept 25
15
24
90
Mar
Sept 11
50
30%
46%
684
*46
...No par
RR
34
684
3834
634
49
pref
2934
6%
3984
684
*46
conv
Pennsylvania
29
8884 June
584 Mar
21
17% Aug 28
1134Sept 1
120%June 20
conv
6% Nov
1
Sept
47
pref ser A...No par
Penn G1 Sand Corp v t c No par
J7
Oct
Dec
9% Feb
2
Aug
6% Mar
Jan
4% Sept
4
Jan
6
Apr 11
2% Aug 24
100
*22
23
83g
1% Apr
15%
18%
65
4
107% Jan
13% Jan
26
Mar
3% Mar
15»4 Dec
11% Apr 10
1% Aug 24
634 Apr 10
7% June 12
48
Apr 10
74
Apr 10
*4 Apr 3
36
No par
35%
*4%
27%
40%
41%
*8%
Cement
34
35
87%
par
400
30%
*128
30
403s
4%
14
58
87%
par
19" 700
30%
*21%
*8%
*634
2:3938
*87
58
%
2.50
*40%
*3%
40%
14
1
No par
*12
40%
4
73s Sept 11
4
Feb 14
14% Jan
14% Sept 30
14%
22%
72
1
23%
*13%
40%
*13
Penn-Dlxle
5
Sept 11
Sept 11
60% Jan
104
6% Sept
10
.
Penney (J C)_.
No par
Penn Coal A Coke
Corp
10
%7
100
28
100
Fatlno Mines A EnterprNc par
Pentck A Ford
No par
*120%
4038
4i2
1st preferred
6 % 2d preferred
*34
14
34%
3034
%
*253g
235s
2134
*86*4
27
23%
34%
31i2
*46
*334
24%
35l2
*30
*6%
*3
3%
3%
27
*20%
*83s
40
3%
6%
ParmeleeTransporta'n.No
Pathe Film Corp.. ...No
92%
*3
1
100
92%
3%
Sept 28
Parker Rust Proof Co
9278
*3
2
1
Sept 12
Paramount Pictures Inc
Parke Davl« A Co
92i2
% Apr
10
6
Highest
share $ per share
per
3
1634 Oct 25
834Sept 12
June 26
5
Lowest
share
per
11% Jan
484 JaD
5
35
Park Utah C M
700
9% Sept
92
100
15,900
7% Aug 29
Apr 8
3
.100
Park A Til ford Inc
Range for Previous
Year 1938
Highest
6
No par
conv preferred
1,300
56
934
4%
3,100
56
1434
*4'8
100
9%
5534
9%
Paraltlne Co Inc
1,600
55
11
Corp
10
Packard Motor Car ...No Par
Pan Amer Airways
Corp
5
Pan-Amer Petrol A Transp__f
Panhandle Prod A Ref new__i
200
*9%
*5434
*378
28
*255s
1312
133s
*120%
24i2
2334
35% *34
*120i2
1%
10,500
lUg
97g
55
4
*26
28
3512
884
92
9%
17%
2%
19%
2%
200
Pac Western Oil
20
4434
2%
Lowest
6 per share
Par
_
jt8%
334
1
44l2
98l2
8%
*90i2
978
*15
8%
*90
*7
4
Range Since Jan. 1
On Basis of 100-Share Lots
'The)
t Rutland RR 7% pref
1,900
2,100
Joseph
No par
100
10
Lead
tSt Louis-San Francisco... 100
6% preferred
100
JSt Louis Southwestern... 100
5% pieferred
—100
8,300
120
70
60
300
Safeway
No par
Stores
5%
preferred
preferred
preferred
Savage Arms Corp
6%
7%
100
100
100
No par
27% Apr 11
%June 27
Jan
4
2% Nov
4
49% Sept 5
%Sept 13
2
% Aug 12
l%May 3
338May 6
2734 Apr 11
82% Jan 4
109
96
113
Jan
3
104% Jan 11
1034 Apr 11
6
Jan
4
Sept 14
6% Sept 11
5I84N0V 20
Dec
%
Dec
1% Mar
1«4 Dec
3% Dec
5%
Jan
7% July
12
Mar
3
58
Mar
Oct 21
68
Mar
99
Nov
79
Mar
108
Nov
884 Mar
19
Jan
Aug
116%June
23
84
26% May
7
Sept 22
29% Nov
83% Dec
I
•
Bid and asked prices: no sales on
thla day.
J In receivership,
a Def. delivery.
»
New stock,
r Cash sale.
xEx-dlv.
y
Ex-rights.
f Called for redemption.
New York Stock Record—Continued—Page 9
3376
LOW
Range Since Jan. 1
STOCKS
Sales
SALE PRICES—PER SHARE, NOT PER CENT
AND HIGH
On Basis of
YORK STOCK
EXCHANGE
NEW
Saturday
Nov. 18
$ per thare
14
14
Tuesday
$ per share
1484
14%
75%
75%
%
*584
•fiia
49
49
21
83
2%
82%
6%
49
49
82%
83
15%
15%
16%
16%
*61%
6
6
53
63%
53%
7%
7%
e%
*52
*714
-
37
13%
*36*4
13%
107
107
7%
•7
23%
23%
*2%
3%
*24
26
*21
22
*97%
98%
Friday
Nov. 23
Nov. 24
Week
$ per share
% per share
14
1334
%
*5%
49
6%
49
75%
1334
*74%
%
*5%
♦48%
76
%
%
%
*36%
13%
67
37
13%
82%
15%
16%
♦62%
5%
83
82
15%
15
16%
*15%
*62%
534
66
6
♦50%
7%
53%
7%
*51
*36%
13%
37
*3634
13%
7
7%
7%
*3
20%
98%
7%
23%
3%
23%
23%
26
23%
*24
7%
25
25%
*23%
21%
21
21
98%
*98%
♦20%
*98%
3
23
3
*234
99%
112
115
115
113
109
109
18%
109% 109% *110
*18
18%
18%
10%
*10
10%
18%
*10
113
*10
10%
♦20%
21
20%
20%
21
13
13
12%
2*2
*10
21%
13%
13
2%
16%
*24%
2%
27%
27%
16%
25
*136% 138
16%
16%
19%
20
34%
34%
42%
*35
2%
2%
9%
*8
2%
2%
80
21%
21%
21%
46%
47%
32
32
46%
31%
*52%
47%
31%
52%
*21
*70%
'
'
1
.
■
*33%
*75
18%
46
34
33%
76
33%
76%
33
76
76%
23
26%
26%
46%
45%
33
32
76%
7634
9
9%
9
♦5%
5%
534
584
12%
12%
12%
9%
9%
9%
9%
59%
*59%
59
124
*25%
2%
17%
*28%
*6%
21%
30%
9%
7%
*5%
*35
*3%
6%
46
4%
34%
*9
6%
13%
19% *
*55
*4%
*36
10%
26%
2%
17%
29%
7%
21%
30%
9%
7%
5%
39
124
10%
10%
25%
26
25%
2%
2%
17%
17%
28%
28%
*6%
21%
30%
7%
7%
5%
*5%
*35
6%
46%
4%
39
4
56%
5%
40
3%
4
4
32
4
*2%
14
11
*90
2%
94
*92%
22%
23%
22%
4938
49%
49%
6%
6%
11%
11%
9
9
6%
11%
9%
2%
•77%
*6%
*9%
13%
*23%
*2%
*26
3
79
5%
12%
13%
24
3
28
11%
11%
1%
1%
*46
47
11%
11%
88
88%
102
*2%
*77%
5%
*10
500
1,300
1,800
-
9
800
5934
5,200
1,400
25%
2%
7
♦634
3,600
21%
31
9%
6%
7
39
*5%
♦32%
*3%
*4
5%
39s
mmmmmm
mm*"*
—
41
100
7%
46%
4%
34%
1,400
10,600
1,100
2,300
9
9
9
8%
9*
600
6%
6%
6%
6%
2,300
15%
19%
*13%
19%
19%
15%
*13
19%
19
56%
*4%
56%
5%
38
38
5
5%
30%
3%
4%
32%
2%
14%
11%
93%
23%
49%
6%
11%
9%
*30
32%
3
78
5%
2%
*4
3
11%
1%
45%
11%
88%
11%
1%
4612
11%
89
101% 102
47
13%
47%
13%
*85%
86%
23
48
13%
2%
*4
10%
14%
10%
14%
10%
92%
93
22%
48%
23%
49%
634
11%
22%
4834
684
9%
*884
234
14%
6%
11%
*8%
2%
78
5%
*9%
3
78
5%
24
28
5%
31
31%
13%
.
*36
4%
31%
2*2
31%
*2%
24
3
56%
*4%
*2%
*90
11
*77
5%
*10
*24
1384
2%
2%
39
5
36
3134
3%
17
101
101%
86%
23%
46% 47%
13%
14%
16%
16%
115
17
86%
22%
46%
2%
38%
2%
39%
2%
39
Stewart-W arner
6% Aug 24
3% Apr 8
5
Stokely Bros & Co Inc
1
8% Apr
8
5% Apr 10
No par
Stone & Webster
Studebaker Corp (The)
m
_
1
100
4584 Sept 1
118%Sept 27
10
7% Apr 11
No par
Sun Oil
6% preferred
Sunshine Mining Co
19% Sept
Superheater Co (The).-No par
Superior Oil
1
I84 Aug 25
Apr 10
2284 Sept 1
578Sept 12
10
2%
200
14%
10%
8,300
1
Talcott Inc (James)
9
50
5
5
5K% preferred
Telautograph Corp
Tennessee Corp
Texas Corp (The)
4
26
No par
10
Texas Pacific Land Trust
$3.60 conv pref
115
17%
86%
22%
47%
13%
15%
117
65
*1634
17%
100% 100%
*86
86%
23
23
45%
47%
13
1334
♦1584
16%
1,300
20
2.000
2,400
30
64
65
300
19
19
19
2%
39%
2%
38%
39
*Bld and asked prices; no sales on this day. X In receivership,
2%
200
10,100
25
preferred-No par
Tide Water Associated Oil. .10
9% Aug 21
17
par
par
$4.50 conv pref
83
No par
Sept 1
10% Apr 10
34% Apr 11
5
Sept 1
6% Apr 10
5% Apr 10
10
Transcont'l A West Air Inc. .5
2
Mar 31
No par
74
Apr 10
No par
3
10
6
Apr 3
Apr 10
20th Cen Fox Film CorpNo par
$1.50 preferred
No par
12
Sept 11
Twin City Rap Trans
Preferred
1% Apr 8
17% April
7% April
$6 preferred
1984 Sept
No par
100
Twin Coach Co
1
Ulen A Co
9
No par
1% Aug 24
Under Elliott Fisher CoNo par
Union Bag A Paper—No par
34% Sept 12
6
Union Carbide A Carb-No par
Union Pacific
10884Septl5
15% Aug 24
81% Apr 11
78
Apr 13
20% Mar 28
100
4% preferred
100
No par
United Aircraft Corp
5
Un Air Lines Transport
5
United Biscuit
8
65% Apr
Unlon El Co of Mo $5 p* No par
Union Oil of California...-.25
Union Tank Car
Aug 24
31
Aug 24
7% Apr 11
14% Sept 13
112% Mar 13
No par
100
United Carbon...... .No par
52
8
Apr
11
July
24
51%Septll
33% Oct 25
52% Nov 21
Mar
29
Mar
16% Mar
9
6% Mar
75% Mar
8
48% May
12% Mar
6% Mar
32% Nov 17
7% Ian 3
108
June 17
5% Jan 20
10% Jan
20% Oct
25% Oct
33% Sept
20
26
26
13
30
Sept 13
53% Sept 14
36
Sept 14
79% July 13
12% Jan
784 Sept
17% Jan
10
66
5
5
5
Oct 23
Jan
4
128%June 17
11% July 6
38% Jan 3
3% Sept 5
22% Jan 4
30% Mar 14
10% Jan 13
25% Sept 5
94
Mar
2
Mar
4% Mar
28
34% July
35% Jan
49
Mar
71% Nov
12% Dec
6
May
5
June
6% Mar
3% Mar
45
Mar
119%
Feb
8% Dec
17% Mar
I84 Mar
8*4 Mar
17% Mar
6% June
15
Mar
7% Mar 11
5
Mar
43% July 21
6% Mar 11
9% Sept 12
50«4Septl2
534 Jan 3
38% Sept 13
ll%Sept 11
34
Apr
4% Mar
3% Mar
32% Mar
2% Mar
65%
128
Dec
Oct
14% Mar
43% Oct
4% Aug
23% Nov
32
July
15% Aug
21
29%
Nov
Oct
10% Nov
8% Jan
9% Oct
49% Nov
5% June
8
Jan
49% Aug
5% Dec
Oct
38
Mar
12% Aug
584 Oct 26
41
6
Oct 30
1
Nov
32% Nov 22
3% Oct 17
4% Nov
33% Nov
2
4
3% Jan
4
15% Nov 16
I414 Mar 10
96
9
Feb
23% Nov 17
2%
35
Apr
Apr
2% Mar
15
Mar
1
Mar
3% Mar
8%
U8
5*4
10%
77%
Mar
Mar
Mar
Mar
Apr
8
Mar
54% Jan 3
8% Sept 13
12% July 24
31% Mar
5% Dec
4
4% Apr
2% Mar
10%
Jan
5
4% Sept
88
Jan
9
4
77
Mar
11%
Feb
June
Jan
10% Oct
12*8 Nov
4% July
91
Nov
28% Nov
38
July
6
Jan
16
Mar
44
Jan
6
Mar
13% Nov
66
Aug
Jan
Jan
Jan
1% Mar
-
12% Sept 25
94% Sept 14
6
Oct
Mar
70% Nov
7% Mar
15% Aug
41
Mar
90% Nov
5
17% Mar
105
Sept 27
90
July 27
118
57
July 14
55% Mar
59*4 Apr
22% July
99% Nov
83% Nov
24% Sept 21
20
Mar
23%
51
19% Mar
43%
19% Jan
Nov
4
14% Nov 15
I884 July 18
119% June 16
69% Oct 25
5
Mar
14
Sept
73% Nov
20*4 Nov
Apr
11
Nov
118% Aug
Jan
Mar
Ex-rights.
20
Jan
39
Mar
Mar 13
Jan
Dec
13*4 Nov
110%
2
y
1284
Jan
July
Nov
4
July
19
July
1584 July
98
July
19% Nov
56% Nov
2% Mar
12%
1
July
Nov
16% Mar
25% Mar
22
Ex-dlv
Jan
5%
18%
2%
6%
28%
Aug
384
35%
12%
484
3
x
56
26% ,Jan
34% Jan
8
6
r Cash sale,
Oct
Oct
5% July
6% Jan
15% Nov
14% Sept
3% Feb
par
No par
July
3% Mar
5% Mar
784 Sept 11
39% Aug
No
.
Jan
Mar
20
New stock,
11
17% Nov
9% Oct
7
6*4 Mar
13% Apr 11
n
68% July
34% Nov
26
2
Apr 10
30% Apr 10
Corp
Jan
Jan
July
July
Mar
United Carr Fast Corp-No par
$3 preferred
Feb
Mar
Mar
Mar
Mar
3% May
22% Jan
107%
5%
11%
13
9% Sept 27
6
45% Dec
15% Dec
70% July
31
July
9% Jan
25%
24*4
39«4
17%
22% Mar
484 Mar
Jan
17% Nov
23
37% Sept 5
12%Sept27
9
49% Dec
10% Sept
United
■
8
284 Sept 16
Apr 10
1% July 7
7% Apr 10
6,800
a Def. delivery,
Apr
1% Jan 17
100
Inc. -No
Thorn pson-Starrett Co. No
Preferred
""400
2
Sept
2% Apr 10
14
10
Thompson Prods
*116% 117
7
6O84
Third Avenue Ry
700
1,000
12,000
28,700
Sept
53% June
Truscon Steel
4,900
5,200
22
Oct 27
1
100
300
Mar
70% Nov 22
61
3% Apr 11
100
Truax Traer Coal
"36
4
19% Dec
15% Mar
784 Mar
4% July
Nov 24
55
No par
Tri-Continental Corp. .No par
2,800
Mar
26
preferred
900
600
2
25%
4,700
2,800
Dec
40% Nov
Mar
2%
2%
24% 24%
11
11%
1%
*1%
46
46%
11
11%
86
8634
*115
116%
Dec
33%
Mar
77
14%
23%
13
77
24%
July
22% Jan
15
79
*2%
Nov
25
4
Transue A Williams St'lNo par
13%
24%
Jan
141
15% Dec
Oct 26
400
3
28
Jan
19% Mar
9% Mar
5% Mar
8% Mar
17% June
128
24
Thompson (J R)
200
Jan
Jan
3
6% Sept
No par
cum
Nov
3%
8% Sept
Preferred
$3.50
9% Sept 30
Oct
16%
1684 Apr
Thermold Co
400
10
Aug 24
5
15
100
The Fair
conv
1
Sept
3% Jan
1% Mar
Nov
19% Aug
No par
Thatcher Mfg
$3 dlv
7
1
884
2434
*84
1
1
Texas & Pacific Ry Co
500
10
8
Texas Gulf Sulphur
Texas Pacific Coal A Oil
Tlmken Roller Bearing. No par
Transamerica Corp
2
12%
1334
Apr
32% Aug 11
3% Aug 22
Tlmken Detroit Axle
5%
23
17
3% Aug 24
—25
6,700
*5%
30
24
24
Texas Gulf Produc'g Co No par
2,500
3,900
2,200
5%
Apr 10
2484June
4% Aug
3% Aug
47g Aug
33% Oct
Symington-Gould Corp w w.l
20
3,300
17
25
Swift International Ltd
Without warrants
1
10
100
Swift & Co
180
400
Aug 25
20% Apr 8
65
April
10
49
100% 100%
86%
*22%
10
par
92
11%
1%
46%
11%
87%
17
m _
1,100
11
Apr 4
April
Apr 17
par
22%
26
87
88%
115% 115%
m
3%
634
8
1
91
11%
*1%
11%
86%
10%
Sept 15
8% Aug 24
Apr 4
18% April
5% Sept 1
par
5
Sept
4384 Sept 26
60
94
142
Mar 22
8
Apr 11
14% Apr
42
9
Apr 11
Apr
484 Apr 11
48%
684
10%
834
234
11%
46%
*14
400
m
4,800
31%
60
Sept
15% Sept 13
3% Sept 11
18% July 18
35% Sept 8
29% Aug 3
21% Jan 4
23% Jan 4
36% Nov 20
2% Sept
21%
*24%
1134
1,000
5%
3134
4
4
29%
2%
Jan 24
par
49%
634
11%
9%
234
26
1%
46%
36
5
April
Apr 17
4
22%
28
11%
*1%
45%
11%
700
19%
5
5
Sept
Oct
93
3
*258
*4%
5%
32%
3%
4%
31%
2%
14%
1034
14
55
38
*2%
13%
16%
16%
*15%
16%
15%
*116% 117
*116% 117
*116% 117
*116%
*64
65
64%
64% *64%
65%
*64%
18%
*18
♦17%
18% *18%
18%
1834
38%
57%
55
Mar
1% Aug 24
4«4 Apr
1
Starrett Co (The) L S. .No par
Sterling Products Inc
700
6%
*13
ZStand Gas & El Co.—No
$4 preferred
No
$6 cum prior pref
No
$7 cum prior pref
No
Sutherland Paper Co
9
34
Aug
34
No par
No par
Superior Steel
3,000
1,300
1,000
9%
7%
5%
Oct
24
14
1
Square D Co class B
Standard Brands
3% Jan
24% Nov
34*4 Jan
Apr
23%
10%
11%
15%
No par
Conv $4.50 pref
35% Nov
13
127
Sweets Co of Amer (The)...50
31
9%
12% Mar
2% Apr
14% Mar
18% Mar
98
13
2
Spiegel Inc
700
21%
30'4
Jan
105
11
800
7*
2134
9%
122
36
80
10
16%
29%
4%
34%
13%
13%
2%
13,900
123
7%
45%
24
47
39
7,100
8,900
2%
Oct
484 Mar
Apr
38
12%
16
106%
Mar
25
400
29
Mar
Mar
May
1
(The) v t c
28% Oct
18% July
10
93
91
Spicer Mfg Co
No par
$3 conv preferred A .No par
Sperry Corp
49% Nov
12% Nov
45
Standard Oil of N J
5%
25
Apr
Sept 11
25
9
934
Aug
684 Mar
110% July 29
21
Sept 12
Standard Oil of Indiana
5%
♦121
36
20%
70% Nov
9% Nov
127
8
Standard Oil of Calif ..No par
76
V59%
Nov
Mar
Jan 18
8,000
32
834
23
3
Apr 11
3,300
8,400
1134
Day
Mar
10
45% Mar
Apr
11% April
No par
$5.50 pref
Jan
Oct
70
April
13% Apr 10
24% Sept 1
2284 Aug 24
400
76
7%
4634
13%
*2%
23
2%
2,200
45
7
46%
4%
34%
1,100
9
Armistice
28% Oct 23
29% Jan 5
98% Nov 20
5%
92
.10
$4.50 preferred
25%
26%
4534
7%
'
2,700
18,700
18%
22%
4
24
23
38%
534
4
12%
13%
*25
31%
31%
Closed—
8% Sept 11
32% Jan 4
3%June 24
10% Nov
101
Spencer Kellogg & Sons No par
350
210
6%
12%
86%
*22%
86%
4
10,900
34%
♦114% 115% *114% 115%
17
17%
17
17%
102
5%
39
5%
*3
11%
7%
46%
4%
34%
40
31%
15%
*5%
*35
9%
5
*38
10%
9%
7%
16%
29%
29%
*634
21%
3034
9%
*7%
*5%
*32%
21%
56%
*4%
*2%
*14%
30%
46%
15
5
3%
*6%
21%
30%
2534
2%
16%
1/
*3%
7%
19%
30%
32
25%
'2%
29%
7%
10
12
9%
6%
*55
5
17
59%
123
29%
52%
62
100%
234
2%
6%
6%
Exchange
15% Aug 10
South Am Gold &
20
700
34%
*9
*6%
14%
19%
30%
123
25%
2%
29
9%
259%
4
4%
4%
34%
5
60
17% Apr 10
2% Apr 10
16% Apr 11
Socony Vacuum
*99
12%
9
123%
10%
46%
46
30%
2%
12
12%
9%
7%
7%
6%
13%
19%
30%
9%
*3%
9%
7%
22
9%
4%
34%
123
10%
834
11%
*61%
9
5%
59
"966
*62
32
76%
9%
125
mm m
400
9
10%
mm
9,100
*5%
12%
59
12,500
14,000
21,300
30%
5%
♦122
10
461
9%
12
1,800
45%
30%
45%
:
Oct 30
38% Aug 29
17% Sept 9
107% Nov 20
Feb
1% Nov
July
8% Mar
10% Mar
4534
25%
25%
;14
Sept
72
Jan
85
18
24
20%
22
5
2184 Jaix
27%
9% Mar
8
19
Stock
80%
Mar
10% Aug 24
l%Sept 1
70%
18
Feb
47
6
3% Jan
85% Nov 8
18% Jan110
12% Apr
19
558
Jan
July
Oil Co Inc. 15
Platinum..1
S'eastera Greyhound Lines. .5
So Porto Rico Sugar—-No par
8% preferred
100
Southern Calif Edison
25
Southern Pacific Co— —100
Southern Ry_.
No par
5% preferred
100
Mobile & Ohio stk tr ctfs 100
Sparks Withlngton
No par
Spear & Co
1
4,000
20%
35%
42%
2%
30%
3
27%
Snider Packing Corp. .-No par
*60
31%
52%
1% Mar
15% Mar
2«4 Dec
:
3% Sept 27
24% Sept112
%
10
70%
9%
*5%
9
25
27%
16 34
16
%
Sept 13
17% Mar 11
*136% 138
19%
Oct
Dec
Jan
1
Mar
6
300
33%
♦32%
2%
*734
50%
113%
3
984 Sept
16%
27
3484 Mar
112% Dec
Smith & Cor Typewr.. No par
3,400
16,000
2,000
24%
10% Jan 25
52% July 31
H7%May-29
100
16%
"
% Sept
600
2%
share
Jan 20
1
Smith (A O) Corp
2%
31%
47
70
110%
1734
1734
10%
10%
21
21%
13
12%
13
534
5%
*98% 100%
2%
2%
7
6%
*18%
19%
22% 22%
26
26%
26% 2634
7%
434 Apr 11
-25
6% preferred
100
Sloss Sheffield Steel & Iron. 100
$6 preferred
No par
per
13% Sept
62
June
—
No par
10
;
Highest
\
3
>24
11% Feb
Jan
.5
150
112
*110
Simmons Co
share
9
54
June
9% Aug 24
98% Aug 24
811 ver King Coalition Mines.
per
17% Mar
;
7% Sept 11
100
5H % conv preferred
100
1,000
1,600
24
27
10
11
11
22
6% Sept
28
No par
Shell Union Oil
400
112
31%
46%
700
43
par
Sheaffer (W A) Pen Co.No par
*98% 100
99%
113
110%
18%
10%
32
26%
26%
mmmmmm
Skelly Oil Co
6234
26%
37
par
900
31%
2%
$3.50 conv pref ser
Shattuck (Frank G) —No par
21
32
5%
Sharpe & Dohme
100
*20%
63%
27%
2,200
par
par
21
31%
5%
26%
900
7%
No
No
No
A.No
Slmonde Saw & Steel.-No par
31%
23%
684
53%
45%
*30%
*98% 100%
$5 conv pref
81m ms Petroleum
2%
52
Sharon Steel Corp
100
12
26%
200
1
Servel Inc
mmmmmm
*13%
13%
*105% 107%
62
18%
22%
& Co—No par
300
31%
5%
H
7%
15% Aug
l%June
60% Apr
11% Apr
10% Apr
64%May
3%May
No par
Sears Roebuck
24
11%
19%
23%
Seagrave Corp
2334
2%
62
*19%
300
9,700
2,000
8
Sept
% Aug 14
1
Apr
J Seaboard Air Line
No par
4-2% preferred
100
Seaboard Oil Co of Del-No par
22%
*2%
*21%
12%
*19%
23%
26%
26%
46%
14%
*51
3
52%
7%
82%
900
44% Sept 15
105
$
76% Aug
Aug 24
Sept
3^4 Apr 10
100
No par
No par
1939
Lowest
Highest
$ per share
share
% Apr 10
1
JSchulte Retail Stores
8% preferred
Scott Paper Co
$4.50 preferred
23%
12
7%
1,200
1434
23
52%
7%
6,700
10
7%
62
7%
%
2%
1934
2%
per
61
100
5)4% preferred
7%
12%
2%
m
20
%
7%
12
*2%
-
400
*3634
62%
*98%
mm
*19%
31%
5%
mm
37
12%
5%
♦98% 100%
2%
2%
6
48
116
16
63
534
100%
2%
7%
20%
23%
26%
27%
47%
9,600
*1%
19%
*1%
81%
22%
70%
20%
46%
/ 31%
%
6434
12%
52%
7534
$
gchenley Distillers Corp
200
*62%
5%
63
*62%
6,000
*15
2%
80
20%
46%
1334
16%
64%
5%
53%
7%
21%
12%
2%
Shares
48
82%
15%
17
*16%
♦16% 17
16% 16%
25
25
25
24%
*24% 25
*136% 138
136% 136% *136% 138
27
27%
27%
26%
27%
27%
16
16%
16%
16%
16%
16%
20
20%
19% 20%
19% 20%
36
35
34%
34%
34% 36%
41
*38
*32% 42%
*32% 42%
234
2%
2%
2%
2%
*2%
9
9
*8
*8
9%
*8%
*70%
*70%
*5%
Par
25,
Range for Previous
Year 1938
100-Share Lots
Lowest
*114
13%
106% 106%
107% *105% 107%
107
114
13
6
49
*13
7%
*108% 109
*18%
19
*100
14%
$ per share
*74%
14%
♦75
$ per share
*114
116
116
114% 114% *114
%
%
%
%
%
%
2
2
2%
2%
2%
2%
19%
19%
19%
19%
19%
19%
2
2
*2
3
2%
*2%
17
70
*1612
•6U2
Thursday
Nov. 22
%
%
*114
Wednesday
Nov. 21
Monday
Nov. 20
the
Nov.
4%
38
Oct
Oct
T Called for redemption*
Volume
LOW
AND
New York Stock Record—Conciuded-Page 10
149
HIGH
SALE
SHARE,
Sales
NEW YORK STOCK
the
CENT
NOT PER
STOCKS
for
PRICES—PER
Monday
Tuesday
Wednesday
Friday
Nov. IS
Thursday
aw. 20
Nod. 21
Nod. 22
Nov. 25
Nov. 24
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
5%
5%
534
*5%
59
58
*55s
534
*33%
35i2
534
*33
5
5%
6
58
6%
5
5
*5%
5%
6
*5%
58%
6
58%
58
6
5%
58
6
6
85
84%
11U
11-%
11%
11%
*6%
634
734
6%
7%
*79
83
*10
*7%
*79
11
7%
*9%
1034
1034
*83%
*166%
55g
*534
84%
10%
85
*29
31
*29
31
24
24
24
7%
*11%
1134
*63
*7
69
11%
*63
3734 3734
*32%
33%
134
134
39%
39%
112% 113%
*63%
64
113
6334
45
7%
2%
*60
38%
38%
33%
1%
*32%
1%
39%
63%
64%
61%
68
68
67%
72%
69%
71%
2%
2%
2%
2%
7%
*7%
7%
2%
2%
2%
*7%
2%
60%
14%
60
44%
*60
15%
*71%
74
*71%
*151% 160
*151%
71%
70
34
*%
1934
*18
70
1934
35%
36% 36%
3934
40
38%
40
*114
115
*11134 116
*40%
42%
41%
41%
*
62%
*
80
10%
128
*1%
7%
21%
*92
.
4%
7
7%
36
36%
*16%
8%
17
8%
*1%
27%
1%
27%
4%
4%
49
49
*2
2%
*8%
10
26%
4%
29%
117
1%
*2
*1%
4%
*41
*
J1*
*21
*92
634
36
*16%
*8%
1%
*27
4%
7%
7%
21
94
*92%
7
36%
17
9%
1%
28
4%
6%
36
*16%
*8%
94
1%
2%
3%
8
21
93%
6%
9%
*5%
6%
32%
22
*23
23%
*3
3%
*23
23%
63%
*23%
3%
*22%
23%
3%
23%
63%
1%
2%
3%
n7?8
93%
6%
35
114%
35%
35%
5%
5%
9
*7
1%
1%
28%
28%
30
29%
113% 114%
137
*130
*27%
27%
*37«m 38
114% 114%
5%
36%
5%
*7%
8%
1%
1%
27%
29%
28%
2934
35%
9
4
4%
46%
4
23%
3%
23%
63%
21%
*23
22%
63%
29
137
*131
28%
28%
28
29%
115%
137
28%
3721«37i1m *3723m 38
27%
28%
*130
27%
48
*46
1%
32%
21%
*7%
*4%
31%
20%
233g
23
10
6%
31%
21%
23%
3
*3%
113
4%
1%
1%
10
6!
3
27%
28%
113%
120
114% 114%
34%
35
5
5%
8
*7
1%
26%
27%
112
27%
32%
36%
*35%
32
36%
*31%
36
*35%
31%
36%
70
*61
70
*61
70
*95
98
*95
98
*95
98
95
95
93%
*35
35%
35
34%
34%
34
*90
110
*90
110
*90
110
76
74
75
74
74
*72
10%
*9%
10%
13%
6%
13%
6%
*10%
11
14
14
1334
*4
4%
6
6%
4%
*33%
*17%
*3%
2%
59
59
*111
—-
6%
4%
3434
17%
6%
4%
3434
18
3%
3%
*2%
2%
4%
5%
6%
4%
*32
18
4%
6%
59
59%
*3%
2%
4%
34%
18
3%
17%
110
75%
2%
5%
60%
59%
93%
3434
75
20% April
2% Apr 10
Western
18
59%
*19%
*19%
*67%
74
*67%
20
74
*67%
19%
74
70
*64
70
*64
70
*64
36%
*40%
50
*35
48
36%
*33
*46
49
126%
13%
13%
50
50
90%
90%
28%
18%
2%
126
126% *120
13%
13%
13%
48%
50%
49%
51
91%
*87% 91% *89
29
29
29
29%
126
133s
18%
18%
18%
18%
*2%
2%
2%
2%
•Bid and asked prices; no sales on
125
13%
116
116%
13%
49
8
6% Sept 27
11% Sept 27
2
Jan
26%
Deo
2% Mar
4%
Jan
Mar
9
Jan
Deo
3% July
10% Mar
1584 Mar
6I84 Mar
34% July
33% Nov
124% Nov
3
Sept 27
37
9784
1284 May
Sept 20
84
37% Sept 22
Sept 12
121
8
103
Mar
144
8
28% Nov 20
40
July 31
9% Mar
31% Mar
21
Oot
3
39
Deo
32% Nov 8
36% Nov 24
July 10
9% Sept 15
7
Apr 10
3% Sept 2
1% Aug 21
14
Apr 10
14
Sept 5
2% Aug 11
1
June 24
Corp.._l
No par
20
145
Mar
Oct
100
$6 preferred
10
-10
Woolworth (F W) Co
Worthing ton P&M(Del)No par
Preferred A 7%.
100
100
10
series 10
100
Young Spring A Wire.-No par
89
28%
29
1,600
17%
17%
1,100
Zenith Radio Corp
2%
2%
2%
400
Youngstown S A
No par
Zonite Products Corp.,
...1
New stock,
r Cash sale,
x
76
Mar
95
Jan
78
Oct 25
42
May
61
Nov
IO84
12% Mar 10
0% Mar
1584 Oct 26
Jan
7
4
4% Nov 17
3434 Nov 20
18
Dec
15% July
16% July
5
11
Jan
1% Mar
3
Jan
884 Mar
2484
Oct
Sept
Nov 20
4% Nov
1
3% Feb
8
8
6
3
Mar
60% Nov 21
Sept 19
3l848ept 22
32
Mar
103
50% Jan
5
36
23% Jan
4
32
Aug 26
105% Apr 20
15
Apr 10
36
Sept 13
10% Apr 11
47% July 15
43
May 25
18% Sept 1
11% Apr 11
n
Jan 27
7% Sept
25
B..1
Preferred
80
6% Feb
Wrigley (Wm) Jr (Del).No par
-.
Wright Aeronautical...No par
1.50
32% Nov
1% Mar
1% June
3% June
23% July 5
31% Apr 19
85
Apr 10
75
Mar 31
Prior pf 4^ % conv
14% Mar
2% June 24
1
10
No par
Woodward Iron Co
38% Oct 26
2% Aug 28
5
Wlicox Oil A Gas
Apr
45
$5 conv prior pref..-No par
White Dent'l Mfg (The
Yale A Towne Mfg Co
a Def. delivery,
Nov
36% Nov 16
Jan
100
Yellow Truck A Coach cl
t In receivership,
115
102% Jan
103% Deo
Mar
74
Mar
29
18%
this day.
15
Mar
15% Apr 10
80
Jan 27
89
2%
82% May
July 19
June
Oct
July
82% July
60
9,200
200
112
105
39
90
19%
*86%
105% Nov 22
25% Mar
71
Apr
70
Apr
4%
31% Deo
28%
18
34% Nov
Apr
19
47
Mar
1% Mar
65
T.—No par
5H»% preferred
100
Youngst'wn Steel Door .No par
48%
Oct
17
3
1,900
1,200
9,700
Deo
Nov
25
Oct
2434
13%
49%
92
8
31
Mar
97
81
126
0% Dec
10% Mar
11
4
Jan
16% July
6
24%
12%
Mar
74
81
126
125
5
4% July
% conv preferred
100
Wheeling Steel Corp—-No par
300
20
Aug
Mar
184 Mar
20% July
6% preferred B
Prior pref 4 H % series.
200
July
45
20
3
13%May 24
738Sept20
35% Oct 28
24% Jan 5
3234 Jan 4
384 Oct 28
28% Jan 3
3% Jan
Mar
38
49
July
8
Mar
2,900
900
July
51
Mar
70
19
4
Mar
15% Apr
Apr
Wisconsin Elec Prfl% pref-100
74
July 24
Mar
384 Mar
00
Wilson A Co Inc
20%
2
23
10
Willys-Overland Motors
6% conv preferred
20
Nov
208g Dec
19% July
Mar
20
3,600
*64
54
8
Oct 18
3,800
1,800
*67%
17% May
75
5%
3934
4% Mar
30
Mar
8
6
2%
3%
2,200
10,400
8% July
20% Jan
87% Deo
10% July
Mar
July 28
5%
25
684 Mar
74
42
3%
59%
Feb
z29
—
2
24%
39%
Jan
4% July
100
Prod..No par
5% conv preferred
600
57
2%
38g
Dec
...30
Westvaco Chlor
358
*112
Jan
1584 Jan
120% Feb
77% Deo
119% Oct
10% Apr
No par
Class A
Jan
4%
1334 June
6
6% Jan
79
Jan
1%
98% July 22
9% Jan 5
58
5%
32%
116% Nov
1% Mar
Oct 23
8
23% July
Mar
25% Deo
37
Weston Elec Inatrum'i.No par
3%
3%
2%
4
5%
20%
74
*35
16% Apr 8
18% Apr 8
82% April
126 May 20
50
50
Westinghouse El A Mfg
8
% Apr
Westlngb'se Air Brake.No par
Prior pref
39%
50%
100
Western Union Telegraph.
900
*112
37%
3% Apr 10
17
39%
50%
100
Maryland
4% 2d preferred
...100
Pacific 6% pref.. 100
$4 conv preferred
39%
20
*35
88
Western
100
*116% 119
*116% 119% *116% 119% *116% 119
*81
81
81
81%
81%
*81
82% *81%
24
24
24%
*23
24
23%
23% *23%
19%
19%
19%
20
20
20
19%
20%
*2%
Suppiy Co.-.10
Western Auto
2,400
39%
50%
*18%
Apr 10
105% Sept 6
No par
33%
39%
37%
28%
—100
6% preferred
100
WestPennPowerCo4 M % pf. 100
7% preferred
4%
17
July 20
65% Aug 25
85
April
95
Apr 8
No pat
*30%
4%
34%
25%
*49
*126
16
$4 conv preferred
West Penn El class A
Whits Sewing Mach
25
*35
1
No par
Wesson Oil & Snowdrift No par
""360
1,800
Mar 13
5
19% Apr 8
14% Apr 11
20
Sept 5
1% Apr 10
No par
5
Preferred
200
3
Feb
l%Sept 1
6% Apr 11
1st preferred.....No par
1,600
70
*64
2,300
Apr 10
36
..No par
6%
4%
25
*19%
*67%
$3.85 conv pref
J Warren Bros
No par
$3 convertible pref-.No par
6%
25
3984
5
6%
26%
39%
25%
100
13%
25%
3934
25%
No par
Warner Bros Pictures
110
*71
Co cl A-No par
Wheel ALE Ry Co
'""70
1
3% Sept 13
3
Sept 20
3
Jan
4
8 8)20
White Motor Co
1
Wnite Rock Min Spr C0N0 par
334
5%
59%
1,000
1,300
Sept 13
6034 Jan
70
70
Mar
116% July
3
20% July 18
14% Mar "
2% Jan
44
Mar 8
10%
13%
2
4
5%
36%
Sept 11
Mar 15
37
131
14% Oct 2
7% Aug 25
l%June 30
26% Sept 5
3% Sept 5
1st preferred
T,806
95
7
Mar
1% Apr
5% Mar
30% Sept 20
*9%
12%
*3%
4
*112
*110
4%
*32
31%
36
*90
*74
11%
14%
6%
4%
35%
17%
3%
2%
31%
*61
*90
14%
*6%
5,900
2,100
3,500
*37*%»38
*61
*10%
27%
28%
Mar
5% Apr 11
15% Apr 10
No par
7% preferred
Oct
105
No par
Ward Baking
Class B
Jan
13% Sept
284 Mar
1684 Mar
Walk<H)Good A W Ltd No par
Preferred
Nov
57
100
85
28% Nov
36% Nov
42
% July 22
1% July 8
1 June 29
No par
No par
DeO
113
June
Nov 15
Mar
Deo
June
130
2
May
83
40
64% Apr 12
100
..100
100
Walworth Co
97
28% Sept 14
634Sept 12
33% Sept 27
118
July 31
634Sept 12
15
Sept 12
125
4J4 % Pref with warrants 100
136
27
28
800
159%
30% Mar
6
June
56% Aug 23
65 Sept 30
116
100
Walgreen Co
100
1%
113%
*130
136
*37"u 38
300
3,700
2,100
May
17
Apr 10
112% Sept 14
% Aug 7
4% July 27
100
Waldorf System
43
18% Apr 10
2% Apr 8
No par
6% preferred
260
70
10%
Va-Carollna Chem
40
116% July 26
34% Apr 11
54% Aug 30
65
Sept 30
..5
Victor Chem Works..
Wayne Pump Co
240
36
34%
109
5
Webster Elseniohr
102
32%
36%
25
100
7% 1st preferred
Vlck Chemical Co
400
110
36
35%
...5
Van Raalte Co Inc
200
102
Deo
Ian
134
11% Mar
14% Mar
$1
105% 10534
Nov
Oct
Sept
Mar
Sept 12
Nov 15
Waukesha Motor Co....
380
Deo
15
86
7% June
48
40
Warren Fdy & Pipe
1,000
52
Feb
Apr 10
Apr 10
Sept 22
500
21%
37
16
800
65%
10% July
318 July
1% Mar
Vandlum Corp of Am. No par
250
3,100
21%
32%
31%
6,100
Dec
7% Nov
28%
200
*62%
*61
32%
100
2.900
110
110
102
103
102%
114% 114% *114% 11434
35
35%
35%
35%
5%
5%
5%
5%
8
8
*7%
8%
1%
1%
*1%
1%
27%
1%
800
3
47% Sept
534 July
Mar
200
27
114
27%
6,200
16%
4
Sept 6
8% Mar 3
2% Oct 26
60% Nov 22
17
Sept 14
86
July 31
2
10
200
6%
3434
1
Sept 11
5% preferred B
I6I.1
June
21
5% preferred A
6%
3434
36
Aug 21
t Wabash Railway
94
Oct
29% Mar
40
Apr
16
300
94
121
37%June13
46% July 14
100
Preferred
Preferred
900
91% May
Sept 22
Oct 3
1%
900
e'ooo
Mar
% June
♦127
21%
Mar
38
9
par
5% preferred
100
Virginia Ry Co 6% pref... 100
Vulcan Detlnnlng........100
7%
21%
x55
1
No
10
*8%
1%
114% 115
*130
giving
Day
16%
109
*114
Thanks¬
7234 Oct
70% Mar
71% Nov
June 27
82% Sept 12
120% Sept 22
z70
% Jan 16
Vadsco Sales
9%
1%
2%
3%
7%
66% Nov
109% Nov
24484 Mar
27% Mar
2
2%
*1%
Jan
July
Feb 25
Virginia Iron Coal A Coke. 100
94
Mar
45%
Oot
7
June 19
110
*126% 129
21
114% Nov 14
68% Sept 27
49%
78
500
200
2% Mar
163
Va El A Pow |6 pref...No par
*1%
Closed—
21
105
104
1,800
21% Mar
Nov
45% Apr 10
preferred
200
*88
Exchange
109
104
4
28%
Mar 13
Oct
13% Nov
71
Mar
-100
No par
Vicksburg Shrevport PacRylOO
5% pref
100
300
7%
6% Mar
50
4
Universal Pictures 1st pref-100
10
400
Oct
30% Nov
9 May 11
60% Sept 12
146 Sept 28
Universal-Cyclops Steel Corp 1
8%
10
10% July
35% Jan
June
37% July 7
6% Mar 10
62% Jan 3
1% Apr 10
46
Apr
No par
Universal Leaf Tab
80
Nov
15% Sept 13
Jan 23
1% July
6%May
..—5
pref
conv
173
418 Mar
49
25
*8
94
105
104
♦101
41%
62%
*26.2
*3%
300
16
162% Mar
67
39
United Stores class A
Nov
9
Mar
13% Mar
3% Mar
30
7% preferred...
9% July
115
10% Sept 13
6
41% Aug 24
98%May 19
100
Deo
Mar
29% Sept 12
No par
Nov
12% NOV
534 Mar
65
4
24
60
United Stockyards Corp
1
Conv pref (70c 1
No par
200
35%
39
9%
1%
23%
2,200
2,900
2,200
26%
6%
32
21%
600
600
*8%
1%
46%
1%
*778
*4%
*31%
1,000
%
19%
*26%
48
Preferred
U S Tobacco
30
Oct
13
87'4
3% Mar
Jan
35% July 24
50
No par
8%
May
Apr 10
50
Preferred-..
Nov
10% Aug
Apr
4%
62
114
7% July 24
31% Apr 11
86% Apr 11
48
July 6
.100
U S Steel Corp
2,600
44%
2%
7%
2%
63%
15%
74
160
10
8% 1st preferred
8
32% Sept 12
31% Oct 3
1% Aug 24
10
O 8 Smelting Ref A Mm
4
180
5% Aug 24
Apr 25
No par
U 8 Rubber
Jan
46
20
tU S Realty A Imp
500
54,400
1,700
1%
*47
2,100
1,700
34%
26%
4%
U 8 Pipe A Foundry
Mar
17% Sept 11
14
Sept 27
Apr
3% July
Partic & conv cl A..-No par
Prior preferred
100
U S Playing Card Co
2,300
19,300
Sept
13% Apr 11
No par
*1%
*108
107% 107% *107% 109
102
102
102% 102%
104
*62%
69%
2,400
"
26%
3%
28
Stock
3%
22
22%
*62%
65%
105
105%
*62
62%
1%
10
*21
200
26%
4%
*7%
*4%
31%
21%
*3134
6%
*16%
10
658
93%
z35
2
22
21
400
U S Leather
116% 117
9%
1%
2%
*1%
7%
17
1%
32%
*88
100
80
*26
2
126% 129
36
2
*5%
*
*127
49
*21
41%
80
*8
6%
115
*
4
2
*31%
42
4
47
*8%
34%
38%
*114
*28%
29%
116% 116%
*127
21%
35%
62%
2
23
"""600
5H % conv pref
50
U S Industrial Alcohol-No par
68
68
26%
9
1%
*151%
39
29
*2%
*1%
*71%
115
116
*88
*59%
*14%
*18
*2534
29
1%
7%
2%
18
26%
4%
116
2%
3%
2%
7%
2%
60%
39
*2%
234
*8%
*8%
10%
9%
127% 127% *126% 129
94
44%
2%
44%
*114
41
9
116
*90
94
115
80
*127
1%
2%
3%
7%
21%
35%
39
35
*63
93
1%
*2%
41
18
80
135
*92%
*127
35%
38%
115
19%
*
26%
33%
*%
62%
*29
2%
2%
10%
*18
*59
*25%
66%
34
100
4
116% 117
117
preferred
Mar
6
3
113
11
149% Sept 28
5
69
*67
%
%
62
29%
128
*44
62%
63%
1434
14%
74
*70% 74
160
*151% 160
71
71
71%
*
26%
4%
120
1434
34
35%
29%
3334
4434
*14%
*117
69%
117
116% 117
34
34%
*44
15%
70
*1%
38%
67%
69%
7%
884 Mar
100
87% Mar
Mar 31
39% Oct
67% Aug
12% Nov
Mar
Sept 12
14
6 5% Sept
20
U 8 Hoffman Maoh Corp
39
33%
1%
40%
117%June 23
5% Aug 24
No par
U S Gypsum
"""260
111% 112%
63
60
*151
38%
39%
113%
6334
68%
75
*25%
4%
38%
U S Freight
67
*32%
113
900
Mar
60
11
6
U S Dlstrlb Corp conv pref.100
"""360
3
80% Jan
8% July
21% Mar
Sept 11
Nov 24
15
June 29
7% Jan
10% July
4% Mar
Apr
60
7% Sept 25
75
100
10%
6%
134
40%
$6 first preferred
i per share
4% June
5
Feb 11
95
3% Aug 31
5% Mar 31
10
23%
22
7
33%
113% 113%
900
*9%
10%
934
10%
80% 82
*166% 173
*5%
5%
*29%
31
10
*71
*18
U S A Foreign Secur_.-JVo par
*60
*14%
*%
700
11
2%
7%
2%
63
70
7%
63
4034
United Mer & Manu Ino vto.l
82
61
113%
United Gaa Improv't..Aro par
$5 preferred...
No par
United Paperboard
*10%
*32%
1%
17,500
Highest
share
per
8% Sept 11
35% Sept 27
25% Apr U
62% Apr 8
11
Apr 8
110 Sept 6
6% Apr 8
600
7%
8% Jan
3% Apr 11
5
"i'ooo
11
1%
6
6%
*80
7% Mar 10
74
July 11
United Electric Coal Cob
No par
$
$ per share
share
United Eng A Fdy
United Fruit
11%
67
3834
33%
56
6
11
38%
10
100
*11
*63
11%
200
per
4% Aug 24
4% Mar 31
5
United Dyewood Corp
Preferred
6%
7%
81%
23
*6%
44 34
234
7%
2%
*2%
23
7%
4,200
4,500
United Drug Inc
$
11%
67
11634 117%
3434
3434
35
*44%
24
*7
5%
34
15
*117% 120
70%
70%
71%
11634 117
*34
*80
190
100
1434
68
69
*68
*23
7%'
38%
*32%
1%
39%
7%
80
80
*9%
10%
*9%
10%
*10%
1034
*10%
1034
82% 84
82% 82%
*166% 173
*166% 173
534
534
*5%
5%
*29
31
*29% 31
24
*7
6
11%
6%
7%
6%
80
1034
*83%
*166%
5%
11
*6%
7%
83
11
*10%
*33%
85
5,600
81%
534
34%
34% 34% *33% 34%
82
83
82% 85
14%
1434
14%
1434
14%
1434
14% "14%
♦11718 120
*117% 120
*117
120
*117% 120
85
5
6
Par
Year 1938
Lowest
Highest
Lowest
58
4%
*5%
58
1
100-Share Lots
Range Since Jan.
On Basis of
Week
6*8
534
Range for Previous
EXCHANGE
Saturday
*57
3377
98
April
9% Aug 24
115
Oct 31
42
69
Oct 31
70»4
127
22
20
4
18
13
26
27
Nov 16
71
21% Jan
5
74
May
5
66% Sept 12
92
Sept 30
17
Apr
8
34
12
Apr 11
Aug 24
30
2
Ex-dlv.
\pr11
y
Sept 27
Oct
Mar
61% Mar
20>4 Jan
8% Jan
Mar
9% Mar
24
Mar
6% July
3U
Oct
6%
Jan
60% Jan
IO684 Dec
27% Not
63% Not
27% Not
72% July
75% Not
48% Not
65% Not
121% Dec
78
Dec
39
July
21%
109
Oct
Oct
25% Aug
67% Not
62% Mar
80% Not
11% Mar
31%
4
9
3% Sept
6
284
Ex-rights.
Mar
28% Mar
65% Mar
Jan
22%
Jan
11% Mar
74
3812 Sept
53% Sept
124% Nov
85% July
33% Mar
21% Oct
Oct
10% Mar
3% Aug
Mar
Dec
2584 July
Jin
584 Mar
,D-
? Called for red emptlon.
H*
3378
Nov. 25, 1939
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Price® are "and interest"—except for income and defaulted bond®.
Cash and deferred delivery sale® 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 itallo letters in the column headed
"Interest Period" indicate in each
Friday
Week's
Range or
Range
BONDS
Last
Sale
EXCHANGE
Week Ended Nov. 24
Friday's
Since
N. Y. STOCK EXCHANGE
Sale
Range or
Friday's
Week's
Price
Bid
A
LOW
Asked
Hioh
No.
Low
A
O
Treasury 4s
J
D
Treasury 3%e..
M 8
Treasury
J
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
1947-1952
1944-19&4
1946-1966
3Mb_.
1940-1943
3 Kb
1941-1943
8KB
—.1943-1947
314s...
1941
314s...
1943-1946
3Mb
1944-1946
8Kb
1946-1949
3148
1949-1952
3«
......-.1946-1948
3s
...1961-1965
2Kb
——1966-1960
2MB
1946-1947
2*4®
—1948-1961
2^s.......... 1961-1964
2M«
1966-1969
2)48
.....1958-1963
2Kb. ...—..—1960-1965
2Mis..
1946
2Kb
1948
2Kb
—1949-1963
2Kb
—...1960-1962
2s
—1947
D
119.6
119.6
119.16
114.17
114.17
114
114
102.18 102.18
63
3
113.18122.13
110.2
116.19
62
8
101.24 105.8
Jan
2Kb
Mar
O
1961 A
—1961 A
Since
High
No.
Low
High
♦6s assented
♦Guar sink fund 6s
11
15%
15%
O
16%
11%
1962 Af N
♦Guar sink fund 6s
14%
all%
14%
11%
13%
13%
8%
a.10%
al0%
9%
M S
104.23
104.23
2
103.15106.27
/
109.19
109.20
76
106.16111.10
105.7
105.8
10
103.28 107 12
109.20 109.17
109.21
54
106.16111.9
♦Chinese (Hukuang Ry) 5s
D
*9
110
110.5
36
106.12111.27
110.23
7%
105.7
110
24
104.22112.21
110.25
110.28
2
109.20 109.20
109.28
66
105.12114.5
104.4 111.31
S
108.26 108.21
109.2
15
102.16112.26
Af 8
106.10 105.28
106.23
88
100.1
M
M
8
M
S
J
D
108
110.9
108
108
2
103
107
107
5
101.10109.31
l6~5~29 105.22
106.5
105.5
105.13
110.6
1951
J
"ai0%
16 %
7
14%
8%
8k
.....
14%
9%
20
20 k
*26%
29
19%
19%
22K
33k
O
1946 MJV
*26%
*26%
56%
52%
29
22
27 k
27
Oct 1961 A
♦6s of 1928
♦6s extl sf gold of 1927.Jan 1961
♦Colombia Mtge Bank 6 Kb
1947
♦Sinking fund 7s of 1926
A
1947 F
D
32
A
1952 J
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
26 year gold 4Kb
32
32%
32%
J
104.28 104.28
105.3
8C
99
108.23
D
104.24 104.11
105.2
449
99.9
108.16
Cordoba (Prov) Argentina 7s..1942 J
J
D
107.18
8
103.4
1
101.10109.8
57
33 k
202
33k
174
22
"57"
47
k
33k
26%
96 k
54
46
70
65
57%
47 k
40
73%
65k
80k
94 %
109.10
8
J
S
J
D
107.26
109.21
107.1
107.1
104.8
D
M
109
8
D
M
99.2
1960 M
assented
J
104.16
100.2
♦7s
11%
S
J
S
29
1960 M
1953 Af N
!♦ Cordoba (City) 7s unstampedl967 F A
§♦78 stamped
1957 F A
M
167
1962 AfN
♦6s assented
♦Chilean Cons Munic 7b
16k
14%
11
11
110.10 110.10
♦Cologne (City) Germany fl Kb. 1950 Af S
Colombia (Republic of)—
D
104.23
36
99.4
107.21
104.18
28
99.6
107 22
104.10
53
104.18 104.10
104.2
103.31
•Costa Rica (Rep of) 7b
1951
Cuba (Republic) 6s of 1904
External 5s of 1914
ser
J
1 1942-1947 Af
105.14 105.14
8
105.23
105
105.2
107.8
107.14
K
*54%
73%
J
UN
17%
17k
1944 Af S
*103
99 5
106.3
External loan 4Kb ser C
1949
110.6
Sinking rund 5Kb...Jan 15 1953
103
109.21
A
1977
103.8
10
7
102.12 106.27
125
101.28106.15
102.5
Denmark 20-year extl 6®
101
16k
100
idi"
101
1
99
54%
10
102%
7
102k
100
20
63
73
30%
108
49 k
54
69%
61
101k 106
102
54 k
102
♦Public wks 5 Kb...June 80 1946
Czechoslovak (Rep of) 8a
1951
Sinking fund 8s ser B
1952
48
18
*102%
1949 F
A
4 Kb external debt
15 1942-1947 J
3s
Range
Jan. 1
Asked
Chile Mtge Bank (Condssdut)
108,18116.5
102.18
♦107.26 108.3
Mar 15 1944-1964 Af S
—May 16 1944-1949 Af N 107.17 107.16 107.26
3s
Low
High
Federal Farm Mortgage Corp—
314b
A
Foreign Govt. & Mun. (Con.)
Treasury 4 %»
Treasury
Bid
Price
Week Ended Nov. 24
Jan. 1
t). S. Government
Treasury
the month when the bonds mature.
Las
Friday
BONDS
N. Y. STOCK
case
60
104
74%
*12%
6
75
*12%
24
76
Borne Owners' Loan Corp—
3s series A
1 1944-1952 Af N 107.9
May
.1942-1944
1946-1947
2Kb series G..
1Kb series M
37
J
J
104.14
104.14
7
J
D
100.12
100.20
8
109.17
101.10105.18
96.8
102.12
Govt
A
A
O
M
8
J
J
1948
4s.1968
•Antloqula (Dept) coll 7s A—1946
Akershus (King of Norway)
69
34
60
40
51
97%
71
71%
4
65
74
65
73%
1940 A
0
68
69
7
65
73
69
69 k
10
66
73
69
69 k
6
*69
22%
28
24
28
5 Ks 2d series
1969 A O
♦Dresden (City) external 7s.—1945 MJV
83
63 K
♦El Salvador 8s ctfs of
dep
15
10K
1957
15%
16
34
9%
16
15%
15%
65%
16
10
9K
16
7 Kb unstamped
16
6
9%
16
67K
9
60%
96%
External 7s stamped
7b unstamped
*7
1949
16K
16K
f 7s series D
•External sec s f 7s 3d series.1967
"l5%
1968
67%
Antwerp (City) external 6s
Argentine (National Government)—
8 f external 4Kb
1948 M N
10K
23
9%
17%
17K
17%
8
10H
17%
17%
88
95
75
81%
88%
♦6 Kb of 1930 stamped
225
70%
80%
O
75%
74%
75K
77
70 K
79%
79
80
53
53
79%
75K
80
27
53
103K
75
73
75K
24
52 K
Belgium 26-yr extl 6 Kb
Af N
1945
1949
Kb
•Bavaria (Free State) 6
F
J
External 30-year b f 7s
J
7H
A
12
85
140
9
8
12
5
6
S
88%
88%
89
81
J
86
85%
86%
37
67
96
99
18
•
11%'
11
%
1
1958
To%
10%
10%
2
1941
20%
20%
24
151
6%
7%
U%
•Externals f 6Ke of 1928...1957
15%
15%
15%
17%
107
9%
Brazil (U 8 of) external
8s
..
Kb of 1927...1967
♦7b (Central Ry)
Brisbane (City) s f 6s
Sinking fund gold 6s
20-year s f 6s
•
Budapest (City of) 6s
Buenos Aires (Prov of)
1962
41967
1958
1962
1961
1977
1976
External re-adj 4H»-4K8—1976
External s f 4%a-4%a
1976
1984
8% external s f $ bonds
Bulgaria (Kingdom of)—
4K-4K8
Refunding 8 t 4K»-4Ks
s
13%
A
J
Canada (Dom of) 80- yr 4s
*8%
A
A
M N
J
17%
74
15H
43
'56%
J
98 %
92 K
65
9%
6
97%
103%
Irish Free State extl
58
58
55K
13
44 K
58 K
56%
42%
56 %
42 H
3
47
60
2
32K
47%
Italy (Kingdom of) extl 7s
1951
Italian Cred Consortium 7s ser B '47
Italian Public Utility extl
7s...1952
Japanese Govt 30-yr s f 6 KB— .1954
Extl sinking fund
6Ks
1965
♦Jugoslavia (State Mtge Bk) 7b 1957
12%
U%
32K
11K
98
93
1961 J
J
89%
91
38
1944 J
J
95
95
2
...1967 /
J
86%
86
86%
...1968 UN
86%
86%
86 K
*6
15%
J
1960
~0
u'n
19H
9k
6%
125
105
5
21k
5
18
17k
10%
7
27
6%
6
22
8%
23%
11%
24%
37%
9%
9%
J
9
9
9
A
O
80
79
81
J
8
102 %
s
*7%
8
Af N
F
7%
21%
A
1960 UN
f 5®
J
D
*87
63
M S
81
80%
6
8
6
8
6k
10
7%
7k
10
16k
30
22
86
92
1
55
14
30
61
64 k
50
86k
F
A
77%
77
79%
67
Af N
61%
61%
62%
161
O
19%
19%
*7%
19%
1
7
23
25
15%
15%
16K
10
72
72
64
*%
1%
*1
"l%
%
1%
%
K
%
k
ik
%
%
1%
ik
k
ik
*%
1%
20
1
1%
3
1%
1%
"l"6K """5
8
15%
16K
20
16
15%
16%
44
12K
27 K
12
8%
12
8K
12
8K
12
12K
12
16
15%
16
12%
12
16
12%
16%
9
12K
12K
12%
10
16
16
12%
12
12K
20
15K
15
11
11
»15K
11%
15%
11K
11
18H
18K
16K
18K
16H
16K
18 K
8K
8K
11K
16 K
18 K
16 K
18K
8K
11K
8
10
7%
%
ik
31K
56 K
J
..1952 A O
♦Sec extl
s
f 6 Ks
s
f 6 Kb
1969 M S
20-year
1952 J
O
F
A
54
101%
98%
98%
99%
25
90
105 k
18
90
106 K
90%
12
82
90 k
84
72
72 k 105
71k 103 k
80%
82
24
70
84
D
16
15k
55
101 %
90k
1963 F
■
31K
31K
56
99
f 6s. ..1970 J
loan
6K
6
55
99 %
Municipal Bank extl
12
2
A
4a
9%
"16
A
14K
6K
10
40
39%
1956 M 8
O
135
"77"
39%
77
1965 A
53
*77
77
16K
16
s f ext
9%
A
A
1944 F
external 6a
*8%
MJV
F
48%
39
D
External sink fund 4 Kb
External s f 4Kb.
16%
14%
50
...1958 Af S
♦Sec extl
♦6s series A..
1959
New So Wales (State) extl
6s..1957
External s f 5s
Apr 1958
Norway 20-year extl 6b
1943
8K
12K
11%
Milan (City, Italy) extl 6
Kb
Mlnas Geraes (State)—
♦Montevideo (City) 7s
9
5
J
18 K
53
12
| ♦Small
J
1
16
20
3
♦Aasentinc 4s of 1910 small
|»Treas 6b of '13 assent (large) '33 J
%
ik
1%
ik
ik
ik
k
1%
23 K
72 %
%
""%
D
6
16k
k
D
18
66 k
38 k
16
72
*%
%
75
8
*7
•Assenting 5s large...
♦Assenting 5s small
76%
130
64%
1964 J
15
113
45%
39%
68%
*48 %
♦Medellln (Colombia) 6 Kb
1954 J
Mendoza (Prov) 4s
read)
1954 J D
♦Mexican Irrigat'on
gtd 4Kb—1943 UN
♦4Kb strap assented..
1943 UN
♦Mexico (U8) extl 6s of 1899 £.1945
Q J
♦Assenting 6s of 1899
1945 Q J
11
62%
64%
48%
J
A
11
8%
J
♦Leipzig (Germany) s f 7s
1947 F A
♦Lower Austria
(Province) 7 Kb 1950 J D
19
7%
18
72 k 105
1964 J
12K
30
5k
♦4s of 1904
Jan 1961
"u%
O
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
12K
14K
11%
83
0
24%
10
D
71
A
A
J
32
10
1961 J D
...1961 J D
25k
27
84
12%
27 k
13k
7
16%
O
15
"l6%
6H
12%
S
20
9%
12K
Jan 1961
"19%
7
12
For 'ootnotes see pave 3383
3
2
15%
1957 J
211
13
13K
12
...1962 A
98
10
12%
♦External sinking fund 6b...1963 Af N
♦6s assented.
1963 Af N
♦Chile Mtge Bank 6 Kb
1967 J D
86 K
12K
"ie"
87% 104
10
12K
Sept 1961 M S
♦External sinking fund 6b...1962 A O
♦6 Kb assented—
16
104K
73% 106%
83
16
♦6® Assented
♦6 Kb assented
♦Sink fund 6 Kb of 1926
16
87
68 %
Feb 1961
♦Extl sinking fund 6s..Sept 1961 M
♦6s assented—
9%
82% 111%
95% 111%
28
*9
♦Extl sinking fund 6s..Feb 1961
♦6s assented
11
11
1960
1942 UN
♦External sinking fund 6s...1960 A O
♦6s assented
1960
♦Ry ref extl b f 6s
13%
13
10
29
41
....
A
11K
102
70
26-year 3 Kb
7-year 2Kb
30-year »s
♦6® assented
19k
106
102
119
10
11%
*23%
*14%
*18%
*14%
J
44 K
79
1942
9k
Af N
44%
113
15 1960 A
O
1946
64
18
Y
1946
13
11%
O
1950 M S
J
15 1960 J
♦7 Kb secured s f
g
♦7s secured s f g
35
95%
♦Chile (Rep)—Extl 8 f 7s
♦7b assented
109
21k
100
78k 110k
17k
•Hungarian Land M Inst 7K8.1961
♦Sinking fund 7Ksser B
1961
Hungary 7Kb ext at 4Kb to...1979
56
103K
♦6s Oct coupon on
.
7k
19%
104
6
1968
56
95%
♦Farm Loan? f 6s..Oct
71k 107
Hungarian Cons Municipal Loan—
21 %
58
96%
103%
coupon on
1968
♦6s part paid
22 K
77
A
July
9
♦Sink fund secured 6s
55
*12
1968 UN
1962 Af N
♦6s
i
9%
1964
55%
55%
J
1964 J
9K
♦7s part paid
23
19%
28%
98%
..Aug 15 1946 F
30-year 6s
•Carlsbad (City) 8s
•Cent Agric Bank (Ger) 7s
♦Farm Loan st 6s..July
119
♦(Cons Agrlc Loan) 6Hs
1958 J D
♦Greek Government b f ser 7S..1964 M N
Haiti (Republic) s f 6s ser A.-.1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7 Kb '60
Helslngfors (City) ext 6 Ks
I960
21%
60%
10-year 2Kb
6s
1965 J D
55
O
1960 A
14k
35
*100
•German Rep extl 7s stamped.1949 A
♦7s unstamped
1949
German Prov A Communal Bks
108
80 K
*63
8
F
75%
*73
D
1967 J
f 7b
•Stabilisation loan 7 Kb
'W
Af 8
Af
13%
*79
1960 J D
♦6s stamped
♦Secured
16
Af S
F
17
90
91%
71K 116K
1960
•External sinking fund la
99
17K
6% 20%
65% 108
1955
Kb
94%
96
U
——1955 J
External s f 6s
D
♦5Ks unstamped
1965
♦5 Kb etamp(Canad'n
Holder) '65
J
79%
103 %
1956
1967
1928
♦Austrian (Govt's) b f 7s
*9
*100K
72k
20K
Gorman Govt International—
94%
1967 M S
External 6s of 1927
90%
75
10
98
1949 J
75%
1955 J
Australia 30-year 6s
s f
17
*50
74
1972 A
External
J
94%
84%
8 f extl conv loan 4e Apr
♦External * CI
1948 J
Estonia (Republic of) 7s
J
1967 J
Finland (Republic) ext 6s
1946 M S
♦Frankfort (City of) s f OKfl—1953 Af N
French Republic 7 Ks stamped.1941 J D
75%
...1971 M N
1972 F A
Berlin (Germany) s f 6
38
17K
85
8 f extl conv loan 4s Feb
8 f external 4Kb...
External g 4Kb of
17K
94%
17K
66 k
65
"15"
1941
s
101
67%
58
71
3
1946
•External
60
69
60
69
27
*26%
1945
♦External s f 7s 1st series
63% 105
69
•External sec s f 7s 2d series. 1957
1946
•External s f 7s series C
•
80
O
5 Kb of 1926
*69%
16%
16%
16%
16%
•External s f 7s series B
•
83%
1940 A
ser
2d serlee sink fund 5 Kb
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s...
1947 F
♦Gtd sink fund 6s
78%
82 k
Custom® Admins 5 Ks 2d ser.1961 M 8
6 Kb 1st series
1969 A O
Municipal-
&
J
External gold 6 Kb
1965 F A
External g 4Kb
Apr 15 1962 A O
Dominican Rep Cust Ad 6Kb.. 1942 Af 8
1st
Foreign
1942 /
*88
95
101k
86k 104
Volume
149
New York Bond Record—Continued—Page 2
BONDS
Last
N. Y. STOCK EXCHANGE
A
Low
1952 F
Oriental Devel Tuar 6a
Extl deb 5 Xs
1953 M S
a
♦Nat Loan extl
1963 MN
1947 M S
1959 M 8
D
6s 2d ser__1961
s f
41
91
103
99 X
106 %
50
88 %
68 %
72 H
29
43H
83%
♦1st mtge g 5s
7%
8%
10X
9
6H
9%
25
7X
♦Ref A gen 5s series A
"~_8X
8%
10
144
6X
13%
13%
12%
9X
10
65
6X
12%
♦Ref A gen 6s series C
6X
42
4X
36%
50
4%
42
10H
6%
54
9%
4%
44
10
10H
1
10
"10"
10
•
9
15
10
6%
♦9X
6%
17%
*12H
70
14X
4%
5H
7
9X
Queensland (State) extl s f 7e.„1941 A
O
♦10
19%
19%
106%
11H
UH
11H
96
95
96
75
89H
90
55% 107
8
31H
25-year external 6s
——1947 F A
♦Rhine-Main-Danube 7s A....I960 M S
*11H
♦Rio de Janeiro (City of) 8s...1946 A
♦Extl sec 6 H»
1963 F
O
9H
9X
"16"
6H
14%
A
8H
8X
9
6X
13%
Rio Grande do Sul (State of)—
♦8s extl loan of 1921..
1946
\
O
9H
9'H
10%
7
J
D
8H
8X
9%
6
1966 M N
8X
8%
9
6X
9
9%
6K
15%
15X
14H
14X
63%
37%
69%
10%
22%
♦6a extl
f g
a
1968
♦7e extl loan of 1926
♦7s municipal loan
Rome (City) extl 6 He
..1967 J
D
A
O
♦Roumanla (Kingdom of) 7s...1969 F
A
♦February 1937
1952
coupon
60 ~
~
58 H
♦10H
paid..
♦Saarbruecken (City) 6s
Sao Paulo (City of. Braxll)—
J
♦8a extl secured a f
19
*7
1952 ¥N
♦6 Ha extl secured a f
1957 MN
8%
8%
20
8
*8%
1953 J
75H
98
106 H
37
39%
88%
14
19X
♦Certificates of deposit.......
♦Ref A gen 6s series D
2000 MS
7
I0H
*9X
*12%
1962 AO
62
12
Austin A N W 1st gu g 6s
1941
Baldwin Loco Works 6s stmpd.1940
75
7%
19 X
64%
4sJuly 1948
67
July 1948
♦Certificates of deposit......
70
80 X
101X
64X
66 X
59
....
76
68
49
57
47 X
29
64
16X
34 X
27
27 X
10
16H
31
31
32 X
12
18
33 X
37
31 X
28
31X
31
29
15
12*
28
5
16 X
25X
25X
27%
51
16X
26 X
28
9
16
33 X
33
17X
17X
20%
100
10
26
17
17
18%
32
9X
24 X
60
60
60%
24
44%
62 X
57
58
10
43
62
47 X
49
22
33
53 X
46 X
j"d
66
26
26 X
♦Ref A gen 5s series F
1996 MS
♦Certificates of deposit..
1960
•
f"
a
♦Certificates of deposit
W Va Sys ref 4s...1941 mn
Certificates of deposit
P L E A
48 %
13
34 H
52
55
56
2
38
67 X
100
101
13
100
108 X
80
9
"47 X
♦8'western Dlv 1st mtge 6s.. 1950
♦Certificates of deposit
Toledo Cln Dlv ref 4s A...
Bangor A Aroostook 1st 6s
1950
j
1943 J
J
J!
Con ref 4s
/
1951 J
4a stamped
J
1951 J
Battle Creek A Stur 1st
gu 3s..l989 J D
Beech Creek ext 1st g 3
Hs
1961 A O
Bell Telep of Pa 6s series B
J
1948 J
let A ref 6s series C
1960 A O
Belvidere Delaware cons 3 Ha. 1943 J
♦Berlin City Eleo Co deb 6
Hs .1951 J
♦Deb sinking fund
6Xs
1969 F
76 X
*
*35"
*
116H
129X
X
116%
129%
50
39 X
110
129X
122X 186X
6
30
22
7H
7X
26H
O
1
108
107X
108
89
O
105X
105X
69
1952 A
O
107X
104X
107 X
1959 J
J
99X
99%
ioox
D
108%
108X
45 X
13
28
102 X 108 X
96 X
105%
96X H4X
95
100X
81
109
28
13
13
J
1966 A
Cons mtge 3%b ser F
119
13
♦Berlin Elec El A Undergr
0Xs1966 A
Beth Steel cons M 4
Hs ser D
1960 J
14%
39 X
84 X
117X
*10
14X
98 X
101H
80
13
*10
5%
33 X
32
J
O
6H
36
D
A
Cons mtge 3 Hs series E
3 Hs conv debs
71
76 X
80
1955 A
♦Debenture 6s
10
72H
64 X
26 X
♦Certificates of deposit..
31
102 X
73
48 H
40
66
27 X
1995
9
82
X
99
101 x
27X
D
♦Certificates of deposit......
8%
39 X
66
1996 J
♦Convertible 4 Ha
High
Low
15
105%
39%
1
'_68X
No.
Jan. 1
105
70
3
g
all
105%
1953
deb 4ksl939
80 H
t Rait A Ohio 1st mtge
Asked
High
A
Low
conv
Since
Friday's
Bid
1969
Refln'ng deb 3s
105X
1961
1966
6s
{§♦ Auburn Auto
Ranoe
Range or
Sale
80 H
♦Prague (Greater City) 7 Ho.—1952 M N
♦Prussia (Free State) extl 6 He. 1951 M S
♦External
55
Last
Price
105X
105H
1950
1963
♦Porto Alegre (City of) 8a
♦Extl loan 7 Ha
43 H
51H
1968
4 Ha assented
13
"~5
1947
♦External sink fund g 8a
Atlant'c
56 H
1958
4 Ha assented
Atl Gulf A W188 coll fr 6s
59
Low
7%
18
51%
87 H
1940
.
♦Stabilization loans f 7s
High
19H
48
NO.
*7%
1963 MN
♦Poland (Rep of) gold 6s
4 %s assented
High
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 24
9 H
1953 J D
f 6s 1st eer__ 1960 J
s f
Jan. 1
Asked
55%
56H
___1955 A O
♦Stamped assented
♦Pernambuco (State of) 7a
♦Pern (Rep of) external 7s
♦Nat Loan extl
A
1958 M N
Oslo (City) s f 4 Ha
♦Panama (Rep) extl 5 Ho
♦Extl s f 6s ser A
Since
Friday's
Bid
Price
♦Nuremburg (City) extl 6a
Range
Range or
Sale
Week Ended Nov. 24
3379
Week's
Friday
Week's
Friday
130
San Paulo (State of)—
13
11
§♦88 extl loan of 1921
♦8s external
1936 J
1950 J
9%
♦7s extl water loan....
1956 M S
9
♦6s extl dollar loan.......—1«6>-
♦Secured
s f
42
8%
18
Big Sandy 1st 4s
1944 J
14
6X
Boston A Maine 1st 6s A C...
1st M 5s series II
44%
43%
9X
15%
15
14X
32
1967 M 8
36
1956 AfN
45
43%
46
203
26
1st g 4Xs series JJ
1961 A O
{♦Boston A N Y Air Line 1st 4s 1956 F A
Brooklyn City RR 1st 6s
1941 J
J
Certificates of deposit.
44
43 X
45 X
10
129
23
6%
J
J
8X
8X
8%
6
6H
1940 A
7s
O
22 H
22 H
12
25%
50
14X
♦Saxon State Mtge Inst 7s.... 1946
♦Sinking fund
13
10H
J
1946 J
Serb! Croats A Slovenes (Kingdom)
g 6Hs
D
D'
12
1
♦10
25%
6%
22%
25
.
_
9%
"64"
„Q_.t
60 X
58
3
216
21
iOjH
24
108 X
46 X
46 X
46 X
64
6
4?*
58
2
58
HX
65 X
58
11
..1962 AfN
15
14H
15
10X
28
82
77 X
82 X
835
68
82 H
♦7s series B sec extl
—1962 AfN
14
13X
14
10
25 H
cons mtge 3 Hs.. 1966 AfN
Bklyn Manhat Transit 4Xs...l966 M N
Certificates of deposit-
109X
♦8o secured extl
81 %
77%
81 X
140
71
81X
7
7
33
Bklyn Qu Co A Sub
40
40
40
3
34
46
4X
28
♦Silesia (Prov of) extl 7s
Bklyn Edison
1958 J D
7
J
D
*5
♦SUeslan Landowners A sen 6s.. 1947 F
A
♦9
F
A
*78
4Hs assented
—196^
Sydney (City) s f 5Hs
1956
Taiwan Eleo Pow s f 5Hs
1971
Tokyo City 5s loan of 1912
1952 M
External
f 6Hs guar
s
..
1961
I
\
O
50
v103
54
39
54%
47
39
J
S
29
5X
80
39%
59%
33%
50%
59H
47%
59%
49
60
43
51
♦External
s
f 6s
1960 MN
♦44
40%
49
♦External
s
f 6s
1964 AfN
*44
40
46%
3H-4-4H8 ($ bonds of '37)
external readjustment
1979 AfN
♦Uruguay (Republic) extl 8s... 1946 F
♦44
A
50
103
45 H
47
37
47
43
44%
36
43 H
45 H
45%
35
44%
45%
49
37 X
49
35
41
3H-4-4H% ($ bonds of *37)
3H-4X-4*ii8 extl
Venetian Prov Mtge Bank
A
49
1984 J
♦Vienna (City of) 6s
D
1978 F
4-4 J4-4 H% extl read)
3 He extl readjustment
J
*40
7s.. 1952 A O
,1952 MN
♦Warsaw (City) external 7r—.. ,1958 F
AND
*41
"9 %
9%
*5
A
,1958 F
"50"
37 H
9%
10%
22
.....
D
57%
{|*Abltlbl Pow A Paper 1st 6a. 1963
D
1948 Af S
1947 J
48 H
103 %
48%
103%
D
103%
Ala Gt Sou 1st cons A 5s
1st
cons
100
107%
*70
100H
73
35%
107
1943
'i06H
1943
4e series B
67
105
99 % 104 %
103%
107
10-year deb 4Ho stamped... 1946
1952
Adriatic Eleo Co extl 7s
34%
49%
103%
108" "
A
Debenture gold 6s
1950 J D
1st Hen A ref 5s series B
1957 MN
Buffalo Gen Elec 4Hs series B 1981 F A
Buff Nlag Elec 3 Hs series C...1967 J D
nix
93 x
"86"
81
*80 X
1UX
111%
93 X
124
11
95
79
112X
10
{♦Buff Roch A Pitts consol 4 Hsl967 MN
40 X
39X
42 X
♦Certificates of deposit.
{|*BurI C R A Nor 1st A coll 5s 1934 AO
40
39X
40 %
10X
..
1966
cons gu
*70
42
102
2
1
Canadian Nat gold 4Hs
Guaranteed gold 6s
1967 J
July 1969 J
102%
108%
70%
109 %
108
O
100
1970 F
A
Guar gold 4Hs
June 15 1956 J D
Guaranteed gold 4 Xs
1956 F A
Guaranteed gold 4Xs..8ept 1951 M S
Canadian Northern deb 6 Xs.—1946 J
Canadian Pac Ry 4% debstk perpet J
J
102X
104X
104X
102 %
104
104
Zl*
60
103
80
42
84
117
21
91
117
15
92 % 121
11
100X
103X
104X
104X
91%
103X
100 %
44
96 X
6
99X
102
101
103X
71
110H
U0H
111H
18
117
87
116X
124 X
103
64
54
60 X
1946 M S
SOX
79%
80 X
21
66
1944 J
J
105H
104X
105H
35
95
Deo 1 1964 J
D
9
67
1960 J
J
Coll trust gold
6s
*48
60
32%
51
*46
55
32
60
{♦Car Cent 1st
Alb A 8usq lBt guar 3 He
*81 %
85
72
85
Caro Clinch A Ohio 1st 6s
79%
81
66%
79
79%
80
"72 X
72
72
108"
101
12
X
82 X
100X
114%
ioox
60 X
94 X
45
87
57
62 %
120 X
119X
86
5b equip trust ctfs
62 X
9X
49 X
47
Coll trust 4 Xs
J
10
75
92
102 %
102X
45X
6
87
103
Oct i960 A
%
46
56
102X
86
ioox
4
53
101 X
86%
1962
5X
42
53
1960
..1966
6s A
26 X
25 X
73 X
99 X
106X
8%
*%
6s
93
107 X 113X
108
110X
6
6
1.1962
78
113 X
103% 115H
72 X
105X
Consol
92
106
15
112
112X
♦Certificates of deposit
Bush Terminal 1st 4s
50
75%
75
....
'iii'x
105
Albany Perfor Wrap Pap 6s. ..1948
6s with warr assented
1948
1946
Alleghany Corp coll trust 5s
79%
1944
Coll A conv 6s
1949
72
71%
73
♦5s stamped
1950
43X
48%
46 H
Ailegh A West 1st gu 4s
*54%
1998
Af S
Allegh Val gen guar g 4s—1942
Allied Stores Corp deb 4 He
1950 A
4 He
debentures
1951
F
1952 M
Allls-Chalmers Mfg conv 4r
106 %
105%
O
A
S
♦Alplne-Montan Steel 7a
1965 Af S
Am A Foreign Pow deb 5a. ....2030 Af 8
*96%
"96""
95
111
110%
*13%
62
62
Amer IG Chem conv
103x
103
Am Internat
102 H
102 %
6Hs
1949 AfN
J
Corp conv 6 Ha... 1949 J
67
31
209
97
111%
103X
103M
108
93
49
52
88 H
101
97
106 % 112
13X
31
65
60
102%
106 %
100%
50%
49%
65
22%
172
40
48X
65%
94
98
11
94% 104%
103%
Collateral trust 4 Xs
guar
1949 J
4s
ser
D
*41
J
A 1952 J
Carriers A OeD Corp deb 6s w w 1950 MN
Cart A Adlr 1st gu gold 4s
1981 F A
Celotex Corp deb 4Hs w w
♦Cent Branch U P 1st g 4s
95%
62
97
..1948 J D
*8
15
A
*30
33
F
*45
85%
A
O
16
♦Mid Ga A At Dlv pur m 68.1947 /
J
*4%
8
1946 J
J
*5
8
91
90
91
90
107
75
75
75
42
80
♦Mobile Dlv 1st g 5s
1941 M S
109%
109H
108
108H
107H
5r.
99H HOX
107 %
55
99
Cent Illinois Light 3 Xs
1966 A O
J
J
{♦Cent New Eng 1st gu 4s
1961
{•Central of N J gen g 6s
1987
Amer Wat Wks A Elec 6s ser A. 1975 MN
Anaconda Cop Mln s f deb 4 Hs 1950 A
O
107 X
107
107H
106%
1
26
107 X
17
110X
102 H 111X
99H 108X
104H 107 %
Jan
8 f income deb
—.1967
{Ann Arbor 1st g 4s
1995 Q J
Ark A Mem Bridge A Term 5s. 1964 Af 8
Co (Del) 4s series B.1955 F
1957 J
Atchison Top A Santa Fe—
General 4s
—......1995 A
Armour A
1st m s f 4s ser C (Del)
Adjustment gold
Stamped 4s
4s........1996
1996
A
J
38 X
gold 4s of 1910...--.-I960
Conv "eh 4 Ha—
.....1948
Rocky Mtn Dlv 1st 4s..—..1965
Trans-Con rfhort L 1st 4s
1958
Cal-Arls 1st A
ef 4 Hs A
1962
Atl Knox A Nor 1st g 6s
1946
Atl A Cbarl A L 1st 4 Hs A
1944
1st 30-year 5s series B
1944
Atl Coast Line 1st cons 4s July 1952
General unified 4Hs A
1964
Atl A Dan 1st g
4a
Second mortgage 4s
♦General
4s
95
May 11945
Oct 1952
1948
1948
39
47
0
"~3
99
98%
99%
103
98 H
98%
98%
36
106%
106%
Nov
MN
90
*
"95"
*91" *"23
96
"40
58 X
58 X
llOUi
110 * 12
101
Certaln-teed Prod 5Xs A..—1948 M 8
95X
83
96
108X
109H
109H
T6§X
♦114H
*93H
91X 100X
96
103 %
98 H 103
Ref A lmpt M 3 Xs ser F
17
102 %
100% 112 X
110
114X
R A A Dlv 1st con g
85
94 X
97
97
97%
30
89H
97 X
79
78%
79%
51
76%
89 X
71 X
Chic Burl A Q—111 Dlv 3Xs—1949 J
Illinois Division 4s
1949 J
62%
25
54
77
77%
26
64%
67%
40%
25
55
40%
67%
39%
D
J
/
J
J
*27%
64
33
6
33 H
46
26 X
37X
General
4s
1st A ref 4 Xs series B
3383.
For footnotes see page
"
60
1
108
27
6
78
116X
68 X
86
100X 104 X
104 X
4
100
104 X
121X
122
17
115
125H
98 X
98 X
99
33
92
100X
98 %
98 X
99
43
91X 100X
104X
*101
104X
16
104 X
«.«
»
*
lio""
-
110
^
.
1
1958 M P
A
11%
HX
97%
100%
101X
100 %
92
A
1971 F
108" 118"
92
*81 %
"89"
89
98
93 X
103
48
7
119
94
30
15
98
25
101X
104X
91X 100
80
83
91
111
103
11H
.1977 F
105 X
100X 105
103
97%
J
100
109
*103
♦Chicago A Alton RR ref g 3s..1949 A
81 X
72
62%
AfN
63 X
48
1941 M S
J
MN
72 X
9
104 X
104 %
1989
8
Warm Spring V 1st g 5s
_
40 X
41
122
1989
M
1st A ref 6s series A
SSSSm
4s
2d consol gold 4s
77
77 H
64
71 X
104%
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s...1946
111X
X
104%
1963
30
115H
95H
24
110
*
1950 M S
1950 M S
Ches A Ohio gen g 4 Hs
1992 M S
Ref A imp mtge 3 Ha ser D..1996 MN
Ref A impt M 3Xs ser E
1996 F A
S f deb 4Xs (1938 Issue)
J
/
"77%
Champion Paper A Fibre—
8 f deb 4Xs (1935 issue)
99 %
73
♦
1941 MN
99% 111X
J
J
64
58 X
91 %
91X 101
100
D
66
55
100
J
74 X
53"
J
1
28
100
74%
99
J
6
"54"
53
108 %
109X
A
103H
Af 8
109X
Through Short L 1st gu 4s...1964 A O
Guaranteed g 6s
1960 F A
Central RR A Bkg of Ga 6s ...1942 MN
103%
/
109 X
1962
46
12X
Cent Pacific 1st ref gu gold 4s_.1949 F
89
J
12
98
1
103H
20
48 X
95%
D
17X
91
95%
J
24
16X
39
94%
D
33
19
95
/
104X 111X
108
112X
46
*10
91
77
*90%
"»I"
8
*109X
16X
6X
8
44
86%
107%
2X
30 X
45 %
95
9%
*109X
1987
Central Steel 1st g s f 8s.
gold 4s of 1909....... 1965 J D
Conv 4s Of 1906
.......1955 J D
Conv
37%
*42%
Conv
10-year coll tr 5s
LAN coll gold 4s
Gen mortgage 6s
Central N Y Power 3Xs
♦Anglo-Chilean Nitrate—
6X
10X
*4%
109H
106X
108X
5
*7 X
J
107X
106%
2X
D
108X
Type Founders conv
3
4
J
0
Am
12%
6H
3X
3X
3X
19 X
33
5
1946 J
♦Mac A Nor Dlv 1st g 6s
D
112H
30
7X
3X
O
A
9%
7%
MN
J
1961
1966
deb.. 1960
96
76
A
debentures
85
43
20-year sinking fund 5Hs.—1943 MN
3Ha debentures
95X
109
50
1941 M 8
Cent Hud G A E 1st A ref 8 Hs. 1965 M 6
8Hs
105
85 %
D
122
105
40
60
108X
85
1947 J
{♦Central of Ga 1st g 6s..Nov 1945
♦Consol gold 6s
1945
♦Ref A gen 6Xs series B
1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur money g 4s.. 1951
Central Foundry mtge 6s
Amer Telep A Teleg—
.
85
112H
Guaranteed gold 5s
Guaranteed gold 5s
J
40
47
31
60
*41
1947 MN
Canada Sou
3X
57%
F
1946 MN
6s
Bush Term Bldgs 6s gu...
Calif-Oregon Power 4s
COMPANIES
Coll trust 4s of 1907
cons g
j"j
*37
11950
1st lleD A ref 6» series A
18 H
51
INDUSTRIAL
Adams Express coll tr g 4s
Bklyn Un Gas 1st
1941
."
Certificates of deposit.
Bklyn Union El 1st g 6s
Certificates of deposit
111
ioox
*30
Certificates of deposit...
1st 6s stamped
34
49 %
6
A
,1961 J
4 He assented
Yokohama (City) extl 6s
RAILROAD
"45 X
1978 J
conv
gtd 6s.1941 AfN
.
1979 AfN
external conversion
con
109
"35
94 X
88
99 X
New York Bond Record—Continued—Page 3
3380
BONDS
Price
O
Asked
A
17%
♦Certificates of depoelt
{♦Chicago Great West 1st 4s...1959
{♦Chic Ind A Loulsv ref 6s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
947
♦1st A gen 6s series A
1906
♦1st A gen 0s series B__May 1900
Chlo L 8 A East 1st 4 %s
17%
AfN
*83
S
J
J
J
J
J
J
♦13
12%
15
12%
High
112%
22%
21%
80
88
15%
24%
3
9%
9%
10
15
15
13
Af N
6H
5
0
45
2%
7%
J
J
5H
6%
6
47
3
7%
J
65
1
65
D
111
24
112%
18
30%
18
28%
31%
31%
30%
25%
8
28%
62
18%
28
30
19%
19%
*
20%
15
25% 127
7%
18%
222
I 2%
200
2%
14%
15
15
5%
1%
9%
Low
1st mortgage 4 %s_.._.
*104%
*108%
106%
106%
107 %
Den Gas A El 1st A ref > f 6e...1951 AfN
AfN
as to
Penna tax
10%
10
1
9%
59
J
J
9
9
9%
3
7%
F
A
2%
2%
2%
3
2
3
22
2
6%
6%
6%
18
5
10%
6%
F
A
110%
110%
1906 A
O
111%
111%
*110%
J
{♦Des M A Ft Dodge 4s ctfs.—1935
Af S
{♦Des Plains Val 1st gu 4%s...l947
Gen A ref mtge 3 %s ser G
♦Second gold 4s
1966
M
J
S
Detroit Term A Tunnel 4%s..l961 AfN
Dow Chemical deb 3s
1951 J D
Dul MissabeAIr Range Ry 3 %sl902 A
O
{(♦Dul Sou Shore A Atl g 5a..1937
J
J
Duquesne Light 1st M 3%s...l965
J
J
M
1943 A
Chllds Co deb 5s
Clearfield A Mah 1st gu 6s
Cieve Cln Cblo A St L gen
Genera 15s series B
1943
J
40
6H
12%
Elgin Jollet A East 1st g 5s
1941
10
22
5H
12%
12%
0%
El Paso A 8 W 1st 5s
1966 A
O
A
5s stamped
1905
Erie A Pitts g gu 3%s ser B...1940 J
J
Series C
O
67
{♦Erie RR 1st eons g 4s prior..1996
J
♦1st consol gen Hen g 4s
1996
J
47%
47%
49%
J
22
22
23
117
A
O
20
20
7
A
O
------
A
O
9%
11
5%
4%
97
2%
*46%
14%
54%
3%s
16
14% 1115
44%
2
10
10%
53
4%
6
I 5%
6%
6%
5
4
6
2%
2
2%
13
2
18%
10%
9%
8%
10%
9
64%
4%
83%
69%
63%
64
49
*105 %
100%
107%
100%
105%
"92"
43
58
70
07
42
86%
97
1
88
96%
O
69%
59%
4
58
79
11%
15
109
107%
107%
108
108
107%
*00
F
J
♦Conv 4s series A
1953
♦Series B
♦Gen
conv
1953
4s series D
1963
♦Ret A lmpi 5s Of 1927.
1967
♦Ref A lmpt 5s of 1930
1976
♦Erie A Jersey 1st s f 0s
1955
J
A
66%
I
f 4 He series C
J
A
77
J
63%
51
58
69
59
70
109%
40
*105
108
*103
105
J
J
•Gene8see River 1st s f 0s..1957 J
♦N Y A Erie RR ext 1st 4«..1947 AfN
Af S
(♦3d mtge 4%s
83%
3
90%
80%
91%
82%
75%
18
75
70%
71
38%
*103
15 1961 /
J
104%
Columbus A H V 1st ext g 4s.. 1948 A 0
Columbus A Tol 1st ext 4s
1955 F A
105
103%
103%
103% 3103%
104 j* 104%
"~2
Ernesto Breda 7s
1954
F
A
1956 J D
Federal IJght A Traction 1st 5s 1942 Af S
5a Internationa series
1942 Af S
Af S
1st lien s f 68 stamped
1942
1st lien 0s stamped
1942 Af S
1109H
109%
1968 J
109%
109%
110%
—1968 J
123%
Conn A Passump River 1st 4s..1943 A
Conn Ry A L 1st A ref 4 Ha
1951 J
;123%3124%
95
1106
109%
A
106%
*109
106%
146
2
81
49%
49%
152
7
*48
------
lst4%s_..1959
1974 Af S
♦1st A ref 5s series A..
♦Certificates of deposit..
Fonda Johns A Glov 4%s
50
—
—
93
— —
106%
106%
104%
104%
>101
102%
104
104%
104%
------
101
101
106%
106
106%
92% 104
94
104%
92% 104%
109% 114%
11
106
110%
114
100
373
....
1
U09%
7
107%
45
*57%
8%
8%
8%
9
8%
8%
by
2%
2%
*100%
*49%
103%
100
51%
33
....
1941
U
O
Francisco Sugar coll trust 0s...1950 MN
IX
Gas A El of Berg Co cons g 5S..1949 J
Gen Amer Investors deb 6s A..1952 F
J
Gen Cable 1st s f 6%s A
1947
*121%
D
119
105
125%
105
100
105
102
102
95
1946 J
111%
104% 124%
89%
89%
106
113%
105% 109%
103% 110%
99% 107%
(Germany) 7s
♦Stoking fund deb 0%♦20-year s f deb 0s
D
*20
/
J
Grand R AI ext 1st gu g 4 %s..l941 J
Grays Point Term 1st gu 5s___1947 J
(Japan) 7s...1944
F
1950 J
1st A gen 0 f 0%s
Great Northern 4%s series A..1961 J
General 5%s series B
1952 J
General 5s series C
1973 J
General 4%s series D
General 4%s series E
General mtge 4s series G
Gen mtge 4 sserles H
Gen mtge 3%s series I
Green Bay A West deb ctfs A
1976 J
1977 J
106
106%
72%
20%
......
*18
______
14
1
20
D
36
87%
18
......
*82 ~~
105%
15
89%
16
82%
82%
28
82%
82%
83%
J
J
J
102
102
91
J
73%
Feb
90%
73%
*58
------
9%
9%
103
70
85
91%
64
75
24
64
9%
"12
------
"84%
80%
Gulf A Ship Island RR—
1st ref A Term M 5s stamped 1952 J
J
------
Gulf States Steel
O
------
AfN
55
99
89
"85"
81
"16
9
*90
J
------
J
------
118
107%
32
Il8~"
"16
75%
47%
21
*12
98
24
"46%
"76
14%
112%
43
108%
104
*15
J
2
56
10
1*16%
T16%
16%
61%
#61%
105%I105"m
109
109%
109%1109%
7
1
11
11
5
109
109%
24
105%
106
38
*105
109%
101%
102%
102%
"62
10%
9%
44%
67
103% 111
100% 109%
100% 110%
100
111%
97% 109%
90
105%
101
14
100
104%
105
105
101%
23
102%
22
33%
16
1
38%
47%
*35%
38%
108% L108%
63%
65%
13%
16%
103% 114%
104
47
17
15
69
100%
*36%
8
100
100% 3102
109%
110%
32
22%
99% 106%
9
17
1*16%
A
104%
106%
101% 100%
100% 101%
97% 102%
25%
37%
31%
36
4
62
42%
49
41
26%
103
110%
50
70%
1949 /
♦Harpen Mining 0s
cons g
4%s
1999
J
1944 A
cons g
♦Adjustment Income 5e.Feb 1957
Illinois Bell Telp 3%s ser B..1970
Illinois Central 1st gold 4s
1951
1st gold 3%s
1951
/
O
MN
74%
47%
74%
------
97%
36%
*122%
45%
46
13%
13%
18
9
......
F
A
A
O
A
O
111%
111%
J
J
...
J
90%
80
83%
87
99% 107%
101%
88
81
94
74%
89%
89%
74
88
30
110
78%
94%
66
81%
53
5%
103
60
9%
103%
73
90
69
85
85
12
96
106%
107%
45
83
58
105%
99
J
23
105
73%
88%
82%
105
J
8M
98
80
"84*
104%
98%
J
12%
103% 100%
81
J
48%
12
______
A
59
02%
59%
101% 107%
20%
13
104%
*25%
*104%
J
1969
69
75
87
1940 J
A
106%
20%
104%
48
1
104
104%
1940 J
1907 J
1901
22
21%
*12%
J
Feb
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
1940 MN
Gulf Mob A Nor 1st 5%s B...1950 A O
1st mtge 5s series C
I960 A O
s t 4 %s
Gulf States Utll 3%s serD
30
21%
1948 AfN
♦Good Hope Steel A Ir sec 7S..1945 A O
J
D
Goodrich (B F) 1st mtge 4
%s.. 1950
Gotham 811k Hosiery deb 5s w w '46 Af S
Gouv A Oswegatchle 1st 5s
1942 J D
Gt Cons El Pow
......
50
*21
J
J
1940
37%
64
59
J
36%
1952
4
102%
A
97%
.1948
9%
3
owner
♦Certificates of deposit..
D
J
10
8
AfN
A
65%
_
MN
1948 J
46
6%
5%
5s...1937
1951 F
106%
1952
{(♦Proof of claim riled by owner MN
(Amended) 1st cons 2-4s
1982
MN
{(♦Proof of claim filed
{(♦Housatonlc Ry
1950 MN
101
54
Houston Oil 4%s debs
1954
Hudson Coal 1st s f 5s ser A...1962
Hudson Co Gas 1st g 5s
1949
Hudson A Manhat 1st 5s ser A.1957
D
95
35
"59"
18
107%
107%
ri2%jri2%
-.1948 J
52
97
*44
Hoe (R) A Co 1st mtge
101%
52%
94
100% 104
101
104%
87% 101%
Hocking Val 1st
1943 J D
37
98
104
104%
------
99
1940 J D
20%
102% 107
100% 104%
104%
98% 109%
J
19
20%
7%
67
95
106%
98% 108
*17
26
7%
*75
38
J
15
87
20
104%
65
103%
102%
52%
29%
37
*90
23
6s series B extended to 1946
Dayton Pow A Lt 1st A ref 3 Hs 1960
Del A Hudson 1st A ref 4s
1943 AfN
85%
114
106
a
75
68
79%
106% 100%
100% 105
76%
109
3383.
15%
39
U%
11%
13
186
108%
1967 MN
see page
93
47
i960 MN
=
16
23%
17%
17%
49%
108
to 1946...
Footnotes
"IB %
108%
1942
£"ES3fIfc
89%
26
1970 MN
7Hs series A extended
*
16%
22
107% 1107%
Consolidation Coal s f 5s
1900 J
Consumers Power 3%s.May 1 1965 AfN
1st mtge 3Hs
..May 1 1905 AfN
Cuba Nor Ry 1st 5Hs—
Cuba RR 1st 5s g
*20
102
43
107%
108%
Upper W uertemberg 7s...1960 J
conv deb 3Hs
.1951 J
Crucible Steel 4 Ha debs
50%
102
A
Consol Oil
s f deb 3 Ha
Crown Cork A Seal s f 4s
8 f 4%a debentures
79%
85
45
♦Consolidated Hydro-Eleo Works
Crane Co
55%
151
61
A
1958 J
Container Corp 1st 0s
15-year deb 5s
Continental Oil conv 2%g_
107%
3
106
il08%Jl08%
F
19%
J
108
|*87
1951 J
1st mtge 3 Hs
1st mtge 3 Hs
1st mtge 3Ha
J
D
30-year deb 6s series B
1954
Firestone Tire A Rubber 3%s.l948 A O
3
{♦Fla Cent A Pennln 6s
1943 J
J D
{Florida East Coast
A
19
*110
*111%
109%
Columbus Ry Pow A Lt 4s....1965 MN
Commonwealth Edison Co—
62
27
110
105
103%
55
*50
1938
{♦Ga A Ala Ry 1st cons 5s Oct 1 *46 J
{(♦Ga Caro A Not 1st ext 6a..1934 J
101% 106
83
Columbia G A E deb 5s.—May 1952 AfN
Debenture 6s
Apr 16 1952 A O
*104%
*100
F
Gen Motors Accept deb 8
%s ...1951
Gen Steel Cast 6%s with warr.1949 J
108 %
*101
75
139
105% 109%
106
107%
------
♦Gen Elec
A
80%
85
140
J
O
112%
106%
92%
109%
106%
*100
96
100%
90
97%
105% 111%
106% 100%
105
1973
91
103
108%
------
108
"98"
108%
MAT
F
100%
140
140
------
J
AfN
A
91
85
42
1
*105
91
{♦Consol Ry non-conv deb 4s.. 1954
♦Debenture 4s
1955
♦Debenture 4s
1966
♦Debenture 4s
I960
77
30
30%
of
03
52
70%
8 Hs debentures
111%
57
36%
Stamped guar 4 Ha
103
A
J
1972
Conn Riv Pow s f 3%s A
.1901
Consol Edison (N Y) deb 3%s.l946
8Hs debentures
1948
8 Ha debentures
1950
108% 111%
100% 103%
102% 110%
63%
184%
Colo A South 4 He series A....1980 Af N
1st mtge 3 He series 1
Conv debs 3Hs
111%
52
"66"
*95%
109%
.1977
Jan
100
63
66%
Coal River Ry 1st gu 4a
..1946
Colo Fuel A Iron Co gen s f 5s..1943
♦5s Income mtge
.1970
Debenture 5s
9
21
75
8
J
Gen 4 He series A
1977
Gen A ref mtge 4 He series B.1981
Cleve Short Line 1st gu 4He...1961
s
"23
100%
*64
M N
*105%
------
AfN
1940
Fort St U D Co 1st g 4%s
65
J
109
*100%
107%
107%
J
M
13
*100
52
1st
100
11
92%
J
Cleve Union Term gu 6Hb
let s f series B guar
101% 109%
99% 110
93%
J
1990
Spr A Col Dlv 1st g 4s
1940
W W Val Dlv 1st g 4s
1940
Cleve Eleo Ilium 1st M 3%s~.1906
Cleve A Pgh gen gu 4 He ser B.1942
Series B 8He guar.
...1942
Series A 4He guar...
1942
Series C 8He guar...
1948
Series D 3He guar..
1960
107
10
14
105%
1977 J
St L Dlv 1st coll tr g 4s
104
107%
93%
D
Ref A lmpt 4 He series E
107
107%
91%
*12
103%
101% 108%
101% 108%
11
19%
70
55
*79% S 82
67%
55
1 66
*64
65
90
103
10
172
Cln Wabash A M Dlv 1st 4s_1991 J
4
1952
7%
D
7
21
Ed El 111 (N Y) 1st cons g 6S..1995 J
6%
1993 J
107%
17%
110
Electric Auto Lite conv 4s
7
J
4s...1993
109%
17
S
{♦Choc Okla A Gulf cons 6s—1952 Af N
Cincinnati Gas A Eleo 3Hs
1900 F A
1st mtge 3 He
1907 J D
Cin Leb A Nor 1st con gu 4s...1942 M N
Cln Un Term 1st gu 3H eer D .1971 Af N
1st mtge gu 3Hs ser E
1969 F A
109%
20
3%
S
J
------
10%
9%
J
M
------
2
11%
East Ry Minn Nor Dlv 1st 4s..1948 A O
East T Va A Ga Dlv 1st 5s
1950 MN
Fairbanks Morse deb 4s
1962
105%
107%
17%
12
11
18%
19
Chicago Union Station—
D
105%
97%
105%
22
62%
1st A ref M 4He series
25
97
"39
♦52%
Chlo A West Indiana con 4s—1962 J
48
20
16%
D
J
113
40
18
5%
0
"97
105
35
~17%
59
40
108% 113
105% 112%
54%
15%
9%
9%
6%
*20
4. —
—
9%
Deo 1 1960 M S
J
—
29
Chlo T H A So'eastern 1st 5s..I960 J
1944
112
15%
14%
*45
-----
16
D
1903
1963
1951
9
20
15
15%
7
32
III"
112
2
*15
104% 108
3%
*45%
------
D
..1995
/ D
1996
6
41
J
1st mtge 4s "«ries D
*4%
14%
D
Guaranteed 4s
6%
15%
June 15 1951 J
1st mtge 3%» series E—
8 Ha guaranteed
......
14%
6
%
107%
8%
O
♦Detroit A Mac 1st lien g 5s
10
High
109%
107%
A
F
107
104% 106%
106% 108%
104% 107%
9
"
F
ser
Low
J
♦Ref A lmpt 5s ser B___Apr 1978 A
J
Gen A ref M 4s
No.
J
1051
{(♦Den A R G 1st cons % 4s
1936
(♦Consol gold 4%s
1936
{♦Den A R G Wes* gen 5s.Aug 1955
♦Assented (subj to plan)
Since
Jan. 1
*108 %
1969
1909
1st A ref 4 %s
Stamped
High
1971
Del Power A Light 1st 4%s
Is
Asked
15
48
.
12
3%
16%
18%
(6%
6% & 6%
♦Certificates of deposit—
(♦Secured 4 Ha series A
1952 M~8
♦Certificates of deposit
♦Conv g 4He
...I960 AfN
Ch St L A New Orleans 6e
1961 J D
26%
23%
25%
-
1961
75
43
*112%
f 24 %
J
B..May 1 1989
J
"25%
C—May 1 1989
J
E—May 1 1989
J
♦Gen 4%s series F—May 1 1989 J
urn
7%
{♦Chic Mllw St P A Pac 6s A—1976 F A
♦Cony adj 6s
2H
Jan 1 2000 A O
{♦Chic A No West gen g 3 %«--1987 M N
♦General 4s
1987 M N "IB%
♦Stpd 4s non-p Fed Inc tax 1987 M N
♦<3en 4%s stpd Fed too tax.-1987 M N "*15""
♦Gen 6s stpd Fed too tax
1987 M N 115%
♦4 %s stamped
—1987 m #
(♦Secured 6 Ha
1930 Af N "*17%
♦1st ref g 5s
May 1 2037 J D A10
•1st A ref 4%s stpd.May 1 2037 J D
♦1st A ref 4%s ser C-May 1 2037 J D "T%
♦Conv 4%s series A
3%
1948 M N
{(♦Chicago Railways 1st 6s stpd
F A
Aug 1938 26% part paid - ....
{♦Chlo R I A Pac Ry gen 4s.. 1988 J J *15"
♦Certificates of depoelt
----*14%
(♦Refunding gold 4s
1934 AO
6^
Memphis Dlv 1st g 4s
63%
A
Range
or
Friday't
Detroit Fdlson Co 4 %s ser D..1961
J
♦Gen g 3 %s series
5s
11
12%
133
15
23%
Low
97
26
♦14
22 H
22%
♦Gen 4%s series
♦Gen 4%s series
Ino gu
No.
86
M
{Chic Milwaukee A St Paul—
♦Gen 4s series A
May 1 1989
8 He
18%
18
Range
Bid
Week Ended Nov. 24
1
I960 J
1969 J
Chic Ind A Sou 60-year 4s
Gold
N. Y. STOCK EXCHANGE
Jan.
...
17%
18
1982
Chicago A Erie let gold 5e
High
♦110%
Af N
BONDS
Since
Friday't
Bid
Low
A
Range
Range or
Sale
{(♦Chicago A Eaat 111 1st 06.—1934
{♦Chlo & E 111 By gen fie
1951
25, 1939
«•
Last
N. Y. STOCK EXCHANGE
Week Ended Nov. 24
Nov.
Week't
Week't
Friday
91
92
90%
98
107%
38
40
116
122%
67
77%
25%
47%
93%
28%
98
45%
110% 128%
43
51%
11%
17%
102
112%
*86%
91
87
92%
J
*83
88
83%
88
Extended 1st gold 3%s
1st gold 3s sterling
1951 A O
1961 Af 8
*83
Collateral trust gold 4s
1952 A
46%
03
Refunding 4s
1955 MN
47
02
O
J
Purchased lines 3 %s
—1952 J
Collateral trust gold 4s
1953 MN
Refunding 5s
1955 MN
40-year 4%s
Aug 1 1966 F A
------
*37%
~68~~
------
49%
50%
15
49%
49%
60%
66
45
44%
45
10
42%
52
46%
46
49
74
42
60%
61%
6
52
00%
71
49%
39
------
48%
48%
39
60%
105
75
83%
J
*63
68
63
60
J
*65
67%
63
65%
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s—1951 J
Loulsv Dlv A Term g 3%s..l953 J
Omaha Dlv 1st gold 8s
1951 F
St Louis Dlv A Term g 3s...1951 J
*78%
D
A
»
Gold 3%s
Springfield Dlv 1st
1951 J
g
3%s
Western Lines 1st g 4s
V
*52%
J
*57
"69"
J
*60
61%
1951 j
A
50
00
63
♦77
j
1951 f
46%
*
~8B%
"66" "01"
Volume
New York Bond Record—Continued—Page 4
149
BONDS
N. Y. STOCK EXCHANGE
Week
Ended Nov. 24
Last
ijnter s Period
Bonds Sold
Friday's
<k
Asked
Bid
High
Low
bonds
Range
Range or
Sale
Price
N. Y
Since
D
J
D
47 %
47)4
A
O
101)4
101)4
1st A ret 4Mb series C
1963
1940
1948
50
No.,
F A
♦Ilseder Steel Corp 6s
Ind Bloom a West 1st ext 4a..1940 A O
J
J
99
O
41
90
50
103
99
7534
7534
828
506
5034
5034
75)4
72)4
31)4
33)4
240
27
43
3134
•
71
73 34
77
50
71
7334
152
51
7334
90)4
102)4
79
97
13
O
9034
102)4
m
102)4
14)4
14)4
—
m
1956 J
♦1st g 5s series C
J
1956 J
1944 A O
9934 103)4
9
134
4
4
14)4
834
20
8)4
20
mmmm
12
74
67)4
48)4
5834
59)4
16
J
101%
100)4
102)4
36
93
1955 M S
93 34
93 34
*80
52
8734
79)4
102)4
8234
1941 A
Int Mere Marine s f 6s
21J4
46
1)4
12
11)4
*1134
7234
72)4
6
16
15
1)4
mmm
J
♦1st 5s series B
Internat Hydro El deb 6s
.
3134
7334
73
1947 A
deb 4a
33
75)4
B—1947
J
O
59
96
1947 F
4348-1952 J
A
94
94
94
10
J
45)4
4434
46
171
96
73
83)4
8734 100
43
7134
1955 F
A
49
49
50
106
4534
Ref 8 f 6s series A
Int Rys Cent Amer 1st 5s B...1972 MN
1st lien A ref 634s
Int Telep A Teleg deb g
Debenture 6s
{♦Iowa Central Ry 1st a ref 4a.l951 M S
84
mmm —
75)4
5
2
234
5
57
57)4
95)4
8
40
60
Jones a Laughlln Steel 4Mb
A..1961
4s..1990
M
8
7
90
134
A
O
{(♦K C Ft S a M Ry ref g 4a..l936 A
♦Certificates of deposit
O
Kanawha a Mich lBt gu g
♦Karstadt
66)4
24
37
]
23
3634
10
62
29
65)4
68)4
20
109
109
109)4
35
104 )4
10434
105
43
68)4
(Rudolph) 1st 6s...1943 MN
68)4
*__,
w w stmp (par $645)..1943
♦Ctffl w w stmp (par $925)..1943 MN
36)4
*
♦Ctfa
♦Ctfs with warr (par
89
12
29)4
29
66
gold 3s
79
89
28)4
1950 A O
J
Ref A Impt 6s
Apr 1950 J
J
Kansas City Term 1st 4s
1960 J
Kansas Gas A Electric 4)48—.1980 J D
Kan City Sou 1st
9
88
25
m <~ m
m
9
10134
10134
107
J
.1961 J
J
*86
2
93
*
J
92)4
5334
54
3834
38
3834
{♦Manhat
77
74)4
74)4
7834
41)4
4034
*8534
*6134
1734
"74)4
♦Second 4s
2018
1961 J
J
*80
89)4
J
J
*80
91
J
J
?Kinney (G R) 6 Ma ext to
1941
Koppers Co 4s series A
1951
Kresge Foundation coll tr 4s..1945
3 Mb collateral trust notes...1947
{♦Kreuger a Toll secured 5s
Uniform etfs of deposit
1959
J
D
A
O
V
A
Mead Corp 1st 6s with warr.. 1946 MN
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1950 A O
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26 X
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388
4334
144
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81
15
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m
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1st gold 334s
1951
M
J
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1952 MN
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Michigan Consol Gas 4s.
1979 J
{♦Mid of N J 1st ext 5s
1940 A
{I♦Mil A No 1st ext 434s
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1939
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1134
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1939 / D
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.
16
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65
27)4
1634
73
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1938 J
(♦1st cons 5s gu as to Int...1938 J
♦1st A ref 6s series A
1946 J
634
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7
3
334
*134
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1962
85
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7734
170
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69
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♦Cony gold 534s
.....1949
104)4
104)4
104)4
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11
10034 10534
105
10434
105
23
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1
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16
150
12)4
15
31
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15
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1934
3
1434
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104)4
63
15
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434
15
1978 M
♦Certificates of deposit
♦1st A ref 5s series 1
2)4
28
20)4
17)4
—
1965^ A
1977
95
J
IO34
30
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36
A
3
534
2034
1734
1975 M 8
4s
104
F
3)4
34
37
J
A
95
J
134
30
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J
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1978
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434
17)4
3134
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55
63)4
1990 J
1962
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ser
33
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7
1949 M 8
Mo Kan A Tex 1st gold 4s
M Ls8 ourl- Kansas-T exas RR—
20
26
334
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J
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1
634
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1949 M S
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88
88)4
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1963 M S
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5034 102
6)4
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634
100)4
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
♦Certificates of deposit
42
106
102)4
8334
14
103)4
111)4
82 M
72
15
34
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45
492
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106
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85
82
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82
7
9
1956 J D
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27
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J
7734
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High
10534 10734
67
♦Mex Internat 1st 4s asstd
1977 M S
♦4s (Sept 1914 coupon).....1977 M S
prior lien 5s
mmmm
*155)4
84
7D
{♦Man G B A N W 1st 334s...1941 J J
Marlon Steam Shovel a f 6s
1947 A O
Market St Ry 7s ser A...Aprll 1940 Q J
20
9334 10134
Low
5
mrnmm
mmmm
1961
Kings County El L A P 6s
1997
Kings County Elev 1st g 4s...1949
Certificates of deposit
Kings Co Lighting 1st 5s
1954
1st A ref 6 Mb
1954
Plain
A Hs unguaranteed
""7
107
Kentucky Central gold 4S.....1987 J
Kentucky A Ind Term 4 )4s—1961 J
Stamped
12
Feb 11957 MN
Ry (N Y) cons 4s..1990 A O
27
1946 MS
No.
Manatl Sugar 4s s f
17
24
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Keith (B F) Corp 1st 6s
72)4
56
7134
9934 10934
10234 107
36
2734
Jan. 1
(J51
MX
8034
80
53)4
107
8034
96)4
95
95
Since
Asked
Hioh
Low
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•
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107)4
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10934
Range
Fridav't
Bid
MN
s f deb 58.1951
Maine Central RR 4s ser A...1946 J D
Gen mtge 4J4s series A
1960 J D
Manila Elec RR A Lt s f 5s...1953 M~S
Manila RR (South Lines) 4s...1959 M N
105
73
Corp 5s stamped
Internat Paper 5s ser A A
13
734
104
........
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70)4
72
32)4
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conv
2
-
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107)4
*
1942 MN
{♦Int-Grt Nor 1st 6s ser A
1952 J J
♦Adjustment 6s ser A..July 1952 A O
Int Agile
6134
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74
♦Certificates of deposit—
Interlake Iron
Price
♦Certificates of deposit
99
74)4
1932 A
cony
-
95
103)4
98)4
107)4
♦Certificates of deposit
(♦10-year
«,
6034
56)4
4034
10134 105
13
4134
mm.
9
9
Certificates of deposit
(♦10-year 6s
Sale
Ended Nov. 24
High
Low
43
9
mm
66)4
*104
A
J
29
98
*55
J
F
...1948
D.
1961
JInterboro Rap Tran 1st 5s—1966
48
101)4
*
J
1950 J
J
{♦Ind A Louisville 1st gu 4s
1956 J
Ind Union Ry 334s series B..1986 M S
Industr'al Rayon 434s
26
*12
Ind III A Iowa 1st g 4s
Inland Steel 3)4s series
52
50
Range or
Last
8TOCK EXCHANGE
Week
Jan. 1
McCrory Stores Corp
Joint 1st ret 6s series A.....1963 J
Week's
Friday
111 Cent and Chic St L A N O—
Illinois Steel deb 4MB
3381
Week's
Friday
2
4)4
1234
1234
1234
12)4
66
21)4
20)4
21)4
20)4
69
1334
{Mobile A Ohio RR—
O
84
86
82
82 X
Coll tr 6s series A
1942 A O
1953 F A
1960 F A
1942 F A
Coll tr 6s series B
1942 F A
(♦Laclede Gas Light ref a ext5sl939
Ref A ext mtge 5s
C
Coll A ref 5 Mb series D
Coll A ref 5)4s series
A
48
3
90
44
80
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8
80
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5834
4
44
45
42
51
41
6034
3
44
67
80
63
70
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Montreal Tram 1st A ref 6s
Lake Erie A Western RR—
3% to-1947 J J
1941 J J
Lake Sh A Mich So g 3)4s
1997 J D
Lautaro Nitrate Co Ltd—
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1975 Dec
5s 1937 extended at
2d gold 5s
__
83 34
3334
35
*51
A
O
M
5
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1944
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1954
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-
1943
extend to
stamped
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42)4
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10
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103
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12
98
110)4
100
57
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7734
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80
10
75
*...__
74
70
72
6734
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1965 A
1
47
64
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s
mmmm
47
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s
84)4
6434
91
30
41
40
1
20
2834
4
2234
35
f 434s seiies C...1955 A
1955 A
2000 J
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1956 MN
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1955 MN
Mountain States TAT 334s.. 1968 J D
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2
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40
4334
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38
38
41)4
45
4034
107
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28
27
22
31
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70
30
60
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3734
50
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43)4
44
7
40
56
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45
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1
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21
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70
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43
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43
42
42
1
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49
9
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10634
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A
36
13
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52
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1978 F
91
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23
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1974 F A
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23
S
80
90
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1964
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7
53
53
J
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1965
1946
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1954 J
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♦Ref A lmpt 4 34s
1977
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....1938
Mohawk A Malone 1st gu g 4s.1991
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1960
1
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1953
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1949
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1949
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1949
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1944
A
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1951 F
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....1945
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1960
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1983
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1956
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1954
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34
10
46
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34
34
101)4
12434
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—
101
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D
{(♦N O Tex A Mex n-c lnc 5S..1935 A O
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1954 A O
♦1st 5s series C
134
4)4
34
10134
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6s...1948 J
New England Tel
34
10
♦34
*
♦Assent warr A rcf* No 4 on
National Steel 1st mtge 3s
34
134
34
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1961
♦4s April 1914 coupon off...1951
{♦Naugatuck RR 1st g 4s
86)4
m
-
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Newark Consol Gas cons
86)4
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mrcz
1914 coupon on
1977
1914 coupon off—1977
104)4 11034
107
34
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34
106
10934
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1966 M S
4s..1945 M S
Louisville A Nashville RR—
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1940 J
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2003 A O
1st A ref 434a series C
2003 A O
1st A ref 4s series D
2003 A O
1st A ref 334 s series E
2003 A O
Paducah A Mem Dlv 4s..
1946 F A
St Louis Dlv 2d gold 38
1980 M S
Mob A Montg 1st g 434s
1945 M S
J
South Ry Joint Monon 4a
1952 J
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1955 MN
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1
127
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107
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127
99
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127
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—1946 F A
J D
Lombard Elec 7s series A.....1952
mmmm
34
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2
20
-
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12
6
20
O
23
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♦Assent warr A rets No 4 on *57
27
-
2000 MN
♦6s assented
5
♦34
35)4
24)4
43
23
36
New York Bond
3382
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Range
BONDS
Since
N. Y: STOCK EXCHANGE
Fridav'e
Price
Bid
A
Low
Atked
Jan. 1
High
No.
1998
59
69
61%
"86
50
73M
10-year 3%asec a f
1946
77 %
77
77%
34
67
Ref A
Newport A C Bdge gen gu 4 Ms. 1946
N Y Cent RR 4a series A
♦106
Range or
Friday's
Sale
Bid
Price
Low
High
100M 110
2013
55%
55 %
58%
173
42
82 M
67
Ref A lmpt 5s series C
2013
63 %
63M
66
162
47M
1962
A
Consol gold 4s
107%
High
107%
107M
No.
193
1948 MN
111%
111 M
112
4s sterl stpd dollar.May 1 1948 MN
HI%
Ul%
62%
78
64%
78%
21
75
77 M
84 M
Gen mtge 3%e series C
Consol sinking fund 4 Ms
Debenture 4s
1942
'86%
84 M
86%
13
72
89
General 4Mb series A
Lake Shore coll gold 3 Ms~
1998
61%
61M
56 M
70
General 6s series B
1968
1998
61%
57%
8
Mlcb Cent coll gold 3 Ms
10
57 M
68 M
Debenture g 4Mb
1970
88
87 %
General 4 Ms series D
Gen mtge 4%e series E_,
Conv deb 3Ms
1981
95 M
95%
100M
107M
88 M
96 M
95%
..
1997
57%
37
50
N Y Chic A St Louis—
Ref 5 Ms series A
1974 A
O
Ref 4 Ma series
1978 M
S
C
1st mtge 3Ma
59
81
81%
85%
1941
73%
1953
108%
.83%
73%
105%
108%
1961
54%
53%
1953
1st guar
6s series B
Dock 1st gold 4s
Conv 5%
67%
58
extended to... 1947
3-year 6% notes.
N Y Connect 1st gu 4 His A
N Y
66%
58
81
1946
4s collateral trust
66%
1947
notes
N Y Edison 3Ma ser
65
20
65
83M
86%
86
35
74
48
50
79
20
100
107
1
104
108 %
12
47
105M
108M
55
77 M
52%
52 %
1
107%
108%
1966
E
72 M
39
48
108%
27
109
5
M
100
109
1966
D
1st lien & ref 3tie ser
47 M
149
100
48 M
Refunding
63
110M
112M
N Y A Erie—See Erie RR
1949 F
gold 4s
D
A
124
116
116%
124M
116M
♦N Y A Greenwood Lake 6s__
1946 MN
N Y A Harlem gold 3 Ms
2000 M N
N Y Lack A West 4s ser A
1973 M N
*55
13%
99%
57%
1973 Af N
*57
3
12
65
4 Ms series
B
♦12
99%
99%
♦N Y L E A W Coal A RR 8Mb '42 XIN
♦N Y L E A W Dock A Imp 6s
1943 J
N Y A Long Branch gen 4s
{(♦N Y A N E (Host Term) 48.1939
A
J
♦Non-conv debenture 4s
1966 J
♦Non-conv debenture 4s
O
J
16M
16%
15%
15%
16M
15%
16%
1967 MN
7
6
54
3M
10M
20M
18
42
60
5M
10M
7%
"54%
109%
102% 110 M
107
F
A
1967 J
1946 J
104
108 %
93
105%
105
94 M 107%
12 M
6%
8
1st g 4 Ma series C
6M
4%
90
M
S
110M
110M
Nlag Look A O Pow 1st 6s A..1966 A O
Niagara Share (Mo) deb 6 Ms. 1960 MN
{(♦Norfolk South 1st A ref 6S.1961 F A
103"
102M
12M
13M
7M
"ii%
11%
12M
7
55
55
Norf A W Ry 1st cons g 4s
North Amer Co deb 3 Ms
MN
1996 O
North Cent gen A ref 6s
Gen A ref 4Mb series A
A
120
1949 F
1964 F
1969 F
debenture 3Ms
debenture 4s
A
A
A
2
120 M
106
106
105M
107M
105
106M
105M
107M
♦105M
108
2047 J
2047 J
Northern States Power 3Ms...1967 F
Northwestern Teleg 4Ms ext..l944 J
17M
15%
60
U2% 114%
38M
Ctfs of depoei t stamped
Ref A lmpt 6s series C„
Ref A lmpt 6s series D
103 M
97 M 106 %
99
108 %
60
*35 %
5M
114M 124
98
107M
106
*40
HIM
102 M 111 %
41
1974 M 8
{♦Northern Ohio Ry 1st guar 6s—
♦Apr 1 1936 A sub coupons..1946
♦Oct 1938 A sub coupons....1946
Q
Gen Hen ry A Id g 3s Jan
2047 Q
Ref A lmpt 4 Ms series A....2047 J
Ref A lmpt 6s series B
2047 J
9
11
46
107 M 110
94
120
1974 Af 8
•Apr '33 to Oct *34 coups. 1946
♦Apr 33 to Apr'38 coups.. 1946
North Pacific prior lien 4s.....1997
38
45
107
60
65M
38
"64M "86"
69M
69
70 %
41M
46%
41 %
42%
39M
63 M
46%
48%
39
60 M
59
60M
74M
42 M
66
42 M
64
J
57M
57%
50%
J
J
50%
51M
51%
A
108M
108%
98M HOM
*95
J
{♦Og A L Cham 1st gu g 4s...1948 J J
Connecting Ry 1st 4s
1943 M S
9M
9M
6
10M
105
108M
97 M 109M
Ohio Edison 1st mtge 4s
1st mtge 4s
1966 MN
108M
107 %
108%
1967 M S
109
1972 J
98 M 109 M
J
108M
106 M
108%
1st mtge 3 Ms
Oklahoma Gas A Eleo 8 Ms
4s debentures
106 M
106 %
96M 109 M
1966 J
D
109
109
1946 J
D
105M
Ontario Power N F 1st g 6s
1943 F A
Ontario Transmission 1st 6s...1946 Af N
Oregon RR A Nav con g 4s...1946 J D
Ore Short Line 1st cons g 6s...1946 J
Guar stpd cons 6s
1946 J
Ore-Wash RR a Nav 4s
1961 J
Otis Steel 1st mtge A 4 Ms
1962 J
Pacific Coast Co 1st g 6s
1946
Pacific Gas A El 4s series G... 1964
1st A ref mtge 3Ms ser H... 1961
1st A ref mtge 3 Ms ser I
1966
105
*106
102
105M
105iu
108
117
J
H7M
114
118M
J
106
106
98
107M
81M
J
D
110
105M
110
■
77 M
77
78
64M
58
58
58
53
112M
112
D
110M
110
D
108 %
107M
H2M
HOM
108K
Series G
D
HOM
110M
112
35
103 M
111M
110
110
3
107
115
108M
108M
1
102
110
3
102
1952 J
110
67
83
73
65 M
107M
108M
108
100
109M
100
*101 %
*105%
lio"
1966 F
Paramount
Pictures 3s deb... 1947 Af
Parmelee Trans deb 6s
1944 A
Pat A Passaic G A E cons 6s
1949 Af
♦Paullata Ry 1st s f 7s
1942 Af
Penn Co gu 3 Ma ooll tr ser B_. 1941 F
.
1942 J
A
47 M
47%
8
86%
87%
46%
8
*121%
F
M
D
8
*63
A
*102%
D
*103%
103%
*103%
A
5
J
A
O
.1981 /
J
101 %
96
101
95%
D
For footnotes see pace 3383
"l7
106
96%
96%
~70"
103%
106
106
105M
105M
105M
15
110
110
110M
10
12
105
101 %
96%
106
*
97 %
100
76%
68
54
72
106M H5M
19
107M
97 M 105 %
103 M
12
12M
4M
4
4M
26
2M
6H
6%
20
6
S
112%
112%
6%
113
100
100
100M
35
0
O
33
102i73jl0217j2
112M
101M 104M
99
105M
*108
..1957 Af N
I960 F
A
108
.1963 F
A
9M
112%
19
7
14
105 M 117
90
101M
102M 105M
106M 109M
106M
104
108M
102M 109
106M 106 %
-
109M
105
108
111
105
108 %
110
*113
117%
118M
114M
114M
110
1970 J
D
106M
106M
106M
101
107 M
1975 A
O
105M
105M
101 %
107
1977J
J
97 M
97 M
105M
98M
1964 Af N
Gen 4 Ms series C
Pitts Va A Char 1st 4s
guar
Pitts A W Va 1st 4Mb ser A.
92%
1943 M N
.1958 J
1st mtge 4 Ma series B
1st mtge 4 Ma series C
1969 A
O
48
1948 J D
23
48M
23
69%
104
106M
69 M
59
*110M
1974 / D
23%
*105M
1962 F
48
49
*
O
1960 A
99 %
106 M 107 M
*47 M
D
Pitts Y A Ash 1st 4s ser A
1st gen 5e series B
1977 J
A
1950 J
~80M
81
107
J
84
{♦Providence Sec guar deb 4s..1967 MN
{♦Providence Term 1st 4s
1956 M 8
Public Service El A Gas 3
/
Ms. 1968 J
let A ref mtge 5s
1st A ref mtge 8s
19
207
2
15
26
323
♦105M
1951
2037 J
*5
"85"
"3
7
58 M
23
48
24
48
10M
70
88
j
6
49%
102% 112
*140
153
131
*211
J
19
101M HOM
40
109M
83
105M 107M
1M
*52 M
109M
2037 J D
Pub Serv.of Nor 111 3
Ms
Purity Bakeries s f deb 6s
47%
17
"if"
5sl 1953
3Ms 1966
Pressed Steel Car deb 6s
47 M
45
1942
{(♦Postal Teleg A Cable coll
Potomac Elec Pow 1st M
82M
107
45
46%
6sl942
♦6a stamped
*106
D
1960 M S
conv
220
200
O
108M
108M
1948 J
J
103M
103
103M
pt pd ctfs
for deb 6s A com stk
(65% pd).-- J
153
224M
110M
95 M 104 M
108M
D
1968 A
99
{♦Radlo-Keltb-Orph
(♦Debenture gold 6s
(♦Deb 6s stamped
Reading Co Jersey Cent coll
Gen A ref 4Mb series A
Gen A ref 4Mb
soles B
Remington Rand deb 4Ms
4M8 without warrants
Rensselaer A Saratoga 6s
1941 J
D
53 M
53 M
D
*56 M
A
O
60 M
61M
16
50
63 M
1997 J
J
73
72%
74%
41
66 M
80
1997 J
J
72 M
72%
73%
4
68 M
80
w.1956 M 8
100M
w
99
1956 M 8
1941 MN
Revere Cop A Br 1st
mtge 4MS.1956 J
♦Rhelnelbe Union s f 7s
1946 /
♦3 Ma assented
*1946 J
!™ne~™uhr Water Service 6s31953
♦Rhlne-Westphalla El Pr 7s.. 1950
J
f conv
debentures......1952
*181 con A coll trust
4s A
Roch G A E 4 Ms
series D
Gen mtge
3Ms series H
Gen mtge 3 Ms
series 1
94%
100 M
J
J
3**8 8eriW}
11
^ Ark A 1x51118
{♦Rutland
RR
s
4
85%
95
12
22
7
27%
7
28
12M
5
28
13
13M
9M
27 M
108 %
105%
*7
108%
105M
10M
100M 110
102 % 106
8
*42
%
13%
43
46
J
33
31
33
18
28 %
44
O
12
12
12M
25
12
20
106
106M
23
9
9M
17
*107"
1967 M S
104"" l04""
1967 M S
106 %
M 8
O
*16.M
J
J
9M
J
/
9M
9M
10
98 %
100 M
27
108 M
109M
4
98%
*
I""l996
~1966
SouVhern—
"99M
8
106M
13M
16
"l
3
30
4
11
5%
11
88
107M
103M 109 M
94
80
58
33
58
59 M
52
65 M
58
1933 MN
♦Certificates of deposit
{♦St L Peor A N W 1st gu 5s_. 1948 J
Rocky Mt A P 6s sptd.
1955 J
{♦St L-8an Fran pr lien 4s A."i960 J
St L
J
23
58
1
51 %
64
22
23
6
12 M
23
52 M
62 M
*58 %
J
"i960
J
J
Il978
stamped
{♦St L 8W 1st 4s bond ctfs
~~1989
♦2d 4s Inc bond ctfs
NoV 1989
(♦1st terminal A
unifying 6s. 1952
♦Gen A ref g 5s series A
61
10
"l5
10
44
9M
9M
"9%
9%
9%
J
♦Certificates of deposit
♦Con M 4Ms series A
♦CtfB of deposit
51
12
10 M
11
12M
St Lawr A Adlr 1st
g 5s
2d gold 6s
♦Prior Hen 5s series B
96
101 %
37
1977 M S
"11949
Ms" 1941
g 4s
23
95
100%
*12M
D
Saguenay Pow Ltd 1st M
4MS.1966
St Joe A Grand Island
1st 4s
1947
St Louis Iron Mtn A
♦(Rlv A G Dlv 1st
102%
85M
96
102 % 116
13
J
1948 A
4s stmp
1st con
105
12%
A
1st 4Ma..1984
f 6s
93
*12M
M 8
1955 F
92
94
*13M
J
1969 M 8
J
109
63
....
*15
1952 J
1949 A
94%
108%
95
51
100
93%
94 M
108 %
MN
{♦Rio Grande June 1st gu 5s
1939 J
{(♦Rio Grande West 1st gold 4sl939 J
101
100M
J
1962 MN
♦Cons mtge 6s of
1928.11"" 1953 F A
♦Cons mtge 6s of
1930
1966 A O
Richfield Oil Corp—
a
55
*97%
*98%
♦Direct mtge 68
4s
79
J
4s" 1951
gu..
Rlchm Term Ry 1st
gen 6s
•Rlma 8teel 1st a f
7a
53
53%
"~~1941
Republic Steel Corp 4
Ms ser B. 1961 F A
Purch money 1st M
conv 6 Ms '64 MiV
Gen mtge 4 Ms
series C
1956 MN
73
112
106 M
♦Certificates of deposit
103%
57%
52
"451
J
10M
10
7
14
6M
7M
13M
14M
9%
J
J
7
14
100
6M
14
30
6M
13 M
19
54M
*33
J
J
12
10M
10
60
MN
J
9M
9M
9M
M 8
1990 J
4 Ms series B
59
48
1944 J D
.1962 MN
' 1963
Penn-Dlxle Cement 1st 6s A.. .1941
Penn Glass Sand 1st M 4
Ms .1960
Pa Ohio A Det 1st A ref 4
Ms A .1977
47 %
86%
O
69%
*109M
J
1942 A
Series J cons guar 4
Ms
Gen mtge 5s series A
Gen mtge 6s series B
{♦Rut-Canadian
100
76
108M
"69"
*53
A
1940 A
4s guar
♦Ruhr Chemical
73
O
11M
106M
59
Ms A. 1952 M 8
conv 4
Series B cons guar 4a
Series I cons 4Mb
113M
101M H2M
76
Corp—
Guar 4s ser E trust ctfs..
28 year 4s
101
J
D
77
3
103 M
1937 J
Pitta C C C A 8t L 4
Ma A
Series B 4Mb guar
65
A
Paducah A 111 1st 8 f g 4
1966 J
Ms
J
Panhandle Eastern Pipe L 4s.. 1962
Af 8
Paramount Broadway
Guar 3 Ms trust ctfs C
Guar 3 Ms trust ctfs D
101M 106
95M H3M
*115M
117M
116M
D
(♦Pac RR of Mo 1st ext g 4s_. 1938
(♦2d ext gold 68
1938
Pacific Tel A Tel 3Ms ser B_. 1966
Ref mtge 8Mb series C
1966
1st M s f g 3a loan ctfB
110
102M 116M
104M HIM
112M 117M
J
43
58 M
.
Ohio
117M
117M
108
42
"69"
1981 J
52
J
F
J
Pitts Coke A Iron
{♦Porto Rico Am Tob
103
10%
110%
110
1948 M
91
110M
109M
9%
*
1
18
109
"59"
1977 J
3s
86
4%
g 6s...1941
conv
62
109M
10M
74
J
1974 F
f 4s
s
70 M
100
4M
....
{(♦Philippine Ry 1st
86
5
116%
68
A
Phlla Co Bee 5s series A
1967 J D
Phlla Electric 1st A ref 3 Ma... 1967 M 8
{♦Phlla A Reading C A I ref 5s. 1973 /
J
♦Conv deb 6s
1949 Af 8
90
109M
U2%
116
70
1943 MN
General g 4 Ma series C
General 4 Ma Berles D
90
109M
30
J
♦Certificates of deposit
3Ms deb_.
86
J
6%
40
112%
116
97
J
1956 J
1980 M 8
1st 4s aeries B
1st gen 6s series C
1st 4Mb series D
Port Gen Elec 1st 4
Ms
1st 5s 1936 extended to
6M
40
j
{(♦N Y Westch A Bost 1st 4Mb *46
Niagara Falls Power 3 Ms
1966
M
105M
*3%
~6M
D
...1946
44%
55
104M
1943 MN
N Y Telep 3 %a ser B
82
105
A
1940 F
N Y Trap Rock 1st 6s
6s stamped
{(♦Norfolk A South 1st
9M
109M
♦General gold 6s
♦Terminal 1st gold 6s
90 M
D
19
9M
74 M
1953 J
60
9
97
86%
*103
*75
9M
89
A
*51
105
22
47
1949 F
0
J
Apr
1990
April
90 M
95%
Series E 3 Ms guar gold
Series F 4s guar gold
O
J
O
108 M
79
90
*105M
A
J
.1943 A
100
38
*107
6
1963 J
86M
1947 M S
4s... 1940 A O
cons
101M
85%
1984
.1652
34
90M
120
92 M
42
1945 Af N
15
{(♦N Y Busq A West 1st ref 6s 1937
(♦2d gold 4 Ha
1937
107
1942 MN
4s.. 1993 A
N Y Steam Corp 3 %b
107 M
Series C 4Ma guar
Series D 4e guar
29
*106M
110
17M
16M
7%
"105"
81
17
17M
4%
109M
19
93
10M
4M
N Y Queens El Lt A Pow 3 Ms 1966 M N
N Y Rys prior lien 6s stamp... 1958 J
J
N Y A Rlchm Gas 1st 6s A
1951 !MN
88%
117%
10
7
D
88
117
100M
48
16
6M
88
16
16M
18
68
113M
117
25
1966 J
con gu
9M
58
"is"
109 M
114
108 M
106
100M
Peoria A Pekln Un 1st 6 Ma... 1974 F
Pere Marquette 1st aer A 6s
1966 J
conv
O
10
59
1992 M 8
{♦N Y Providence A Boston 4s 1942
N Y A Putnam 1st
10
127
28
4s
"\l~~ "16M
29
O
g 4s
1
2
32
107 M
2
1960
cons 6s
4s
Phillips Petrol
28
1940 A
♦General
99M
16M
15%
16%
20M
♦Collateral trust 6a
D
71M
75 M
10M
15%
18%
15M
J
..1967 J
70
60
70
163
16
J
1948 /
{♦ Harlem R A Pt Ches 1st 4s 1964 MN
68
18M
17
1966 J
♦Conv debenture 6s
♦Debenture 4s
102 M
63
17%
17%
16%
19%
1956 MN
♦Conv debenture 3 Mb
♦1st A ref 4 Ha ser of 1927
99 M
17M
33
~80"
90
*50"
O
t»NYNHAHD-c deb 4s
1947 M 8
♦Non-conv debenture 3 Ma--1947 M 8
♦Non-conv debenture 3 Ms..1964 A
*60
*
17
1970
Phlla Bait A Wash 1st g 4s
General 6s series B
108M
48 M
54
*61M
1941 M S
{♦N Y Ont A West re!
♦Income
A
High
100 % 107%
101% 108 M
116M 126M
12
10
1
Low
1966
gold 6e
Phelps Dodge
N Y Gas El Lt H A Pow g 6s.. 1948 J
Purchase money
Peop Gas L A C 1st
Peoria A Eastern 1st
59%
61
111%
62 M
N Y Cent A Hud River 3 Ms
Since
Jan. 1
107%
108%
107%
106%
108
Range
Atked
Low
Pennsylvania Pow A Lt 3 Ms..1969 F A
4Ma debentures
1974 F A
Pennsylvania RR cons g 4s
1943 MN
72M
Conv secured 3 Ma
lmpt 4 His series A
Last
Week Ended Nov. 24
25, 1939
Week's
Friday
Range or
Sale
Week Ended Nov. 24
Nov.
Record—Continued—Page 5
Week'e
16
9M
16
9%
60
34
65
26
"l3
35 M
16%
15
23 M
9%
15
8
15M
Volume
New York Bond
149
Friday
BONDS
N. Y.
STOCK
Last
ii
EXCHANGE
Week Ended Nov. 24
&
Low
con g 4a..1968
t»St Paul E Gr Trk 1st 4 %a._.1947
J»8t Paul A K C Sh L gu 4 Ha..1941
Range
BONDS
Since
N. Y. 8TOCK EXCHANGE
Friday's
Bid
St Paul A Dulutb 1st
No.
High
♦82
5h
Jan. 1
Asked
6%
tPacific ext gu 4a (large)....1940
87
5h
~"~2
6h
11
87%
6%
3%
3%
98
98
9
1972
114h
h4h
116
12
1943 J
J
1963 A
O
107
107%
10
San Diego Conaol G A E 4a
1966 Af N
110%
111%
7
Santa Fe Prea A Pben 1st 6a
1942 M
S
♦109%
t*8cbulco Co guar 6%s
1946 J
J
20
20
20
J
J
19%
17%
19%
A
0
30 h
30
0
30 %
30
♦Stamped
♦Guar a f 6 %s series B
1946
♦Stamped
A
Scioto V A N E lat gu 4a
59
59
1989 M N
(^♦Setboard Air Line lat
O
1950 A
O
Oct 1949 F
A
1959 A
0
1946 U
♦Adjustment 6a
(♦Refunding 4a
S
J »♦ Atl A Birm 1st gu 4a
1933 M S
J*Seaboard All Fla 6a A ctfa._.1935 F A
15
15
21
6
25
31%
4
14%
4
7%
3%
2
1%
4
6%
15
3
8
5%
3
8h
8%
9%
149
7%
8%
50
*15
4%
95%
95%
D
95%
*58%
1961 M S
1954 J
1952 J
♦Siemens A Halske deb 6 Ha
..1946
F
J
A
1941 F A
Simmons Co deb 4s
1952 A
O
99h
98%
Skelly Oil deb 4a
1951 J
J
105h
Socony-Vacuum oil 3a debs...1964 J
South A Nortb Ala RR gu 6s..1963 A
J
104%
11%
19
2%
6
65
88%
2%
4%
62
75%
23%
82
93% 103%
103% 109%
105
110%
14
110
100
"44
105%
17
51%
50%
50%
50%
51%
51%
Gold 4He
1981 MA'
50%
51%
1946 J
J
1960 A O
57%
58
80
80
1956y
66%
66
97%
100% 106%
130
10 year secured 3%a
50%
57%
106%
87
106%
97%
97
1969 Af N
Gen refund s f g 4a
77%
82
3s debentures..
65%
76%
,
15
J
"52"
2361 J
J
47
White Sew Mach deb 6s
t(*Wllkee-Barre A East
14%
24
28
15
13%
55%
24
66%
72
29
57%
76
42
57
75%
8
22%
Wilson A Co 1st M 4a aerlea A.1955 J
Conv deb 3%s
.1947 A
J
104
O
99
57%
32
51
13
63
88%
61%
78%
11%
12
*7%
10
93
Wisconsin Public Service 4s
1961 J
D
110
109%
110
:»Wor A Conn East lat 4%a..l943 J
J
5
9%
54
72%
Youngatown Sheet A Tube—
...1948 M S
109%
109%
110%
49
100
115%
1961 Af N
105%
105
105%
57
100% 107%
Conv "deb
77
224
44
91%
62%
43
57
75
68
4s
"II
99% 110%
104
110%
2
*9%
81
84%
87,
107%
12
16%
1
80
74
109
100
109%
12%
102
107
"37
22%
105%
97% 100%
94% 106%
68
99%
104%
76
32
107%
22
103
107%
130
125
125
2
115
113%
107%
114
7
112% 116%
100
110%
40
4
95
79
56
102
104%
104
104%
84%
86
*50
112
112%
"""9
Gen A ref 6s series B
1977
76%
77
Gen A ref 6a series C
1979
74%
76%
13
3
Gen A ref 6s aeries D
1980
75%
lat mtge a f 4a aer C._
112%
97%
89
74%
No sales.
r Cash
89
2
75
5
52
98
37%
437
7%
87%
n
Ex-interest.
price represented is
Interest payable at
T The following Is a list of the New York Stock Exchange bond issues
which have
Kinney 5%s 1941, Dec. 1 at 102.
Union Oil 3%s 1952, Jan. 1, 1940 at
♦
105%.
under
No sales transacted during current week.
Friday's bid and asked prloe.
♦
Bonds selling flat.
s
90% 104
49
during current week,
( Negotiability Impaired by maturity,
t The
the dollar quotation per 200-pound unit of bonds.
Accrued
exohange rate of $4.8484.
x
89
101
a Deferred delivery saie; only
Odd lot sale, not inoluded in year's range.
sale; only transaction during current week
transaction
X Companies reported as being in bankruptcy, receivership, or reorganised
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
110% 119
76
week and not included in the yearly
Cash sales transacted during the current
e
range:
been ealled in their entirety:
108%
95% 105%
101
75
19
4%
4%
78
107
88
6%
108%
97
108%
8%
20%
2
4
16
7%
7
108
45
107%
10
"60
99
114
110
"l8~"
16%
108
106
106%
"17%
13
105%
O
105%
106%
88%
1968 A
106
105
97
99
68
102
96
6
17
37
104%
♦Certificates of deposit
Wisconsin Elec Power 3 %s
7
16%
99
90%
100% 103
""§
*108
J
52%
109% 114%
29
99
98
69
42
20
"12%
11%
103%
72%
44
15
48
113%
*102
"l2%
D
1960 J
"22
53
51%
113%
98%
"99"
1940 MA
95
100% 107%
12
47
5s. 1942 J
gu
37%
112
96
2361 J
Registered
Wheeling ALE RR 4a
1949 U S
Wheeling Steel 4 %a aerlea A. ..1966 F A
89%
82%
3
90
107%
21%
20%
19%
J
57%
111%
Tex Pao Mo Pao Ter 5 Ha A...1964 M S
Teleg g 4%a..l950 Af N
57%
"II2"
2000
12
64
84%
20
Af 8
20%
19%
39
111%
1943
Texas A Pacific 1st gold 6s
Af 8
37%
60
87%
1959
Texas A N O con gold 6s
83%
89
143
70
108
..
105»j2 105j3„
107
319
73
'107%
115% 122
104
112%
102% 107%
"107%
Winston-Salem S B lat 4s
83%
♦104%
105
104%
104%
104%
1963
8
O
A
t*Wte Cent 50-yr lat gen 4a...1949 J
J
♦Certificates of deposit
(♦Sup A Dul div A term lat 4s '36 Af N
78
J
...1951
11
110%
J
61%
♦70
Texarkana A Ft 8 gu 5 Ha A...I960
Texas Corp deb 3Hs
110
118%
84
68%
*70%
J
105»ji
67%
59%
82%
Term A sen of St L 1st cons 6s.. 1944
D
81
"88"
59%
78%
Tenn Coal Iron A RR gen 6a...l^51 J
Western Union
I
107
100
110%
*116%
40
I
1961 J
16
118%
J
40%
1965 J
1963 J
109%
130
107%
..
West Shore lat 4s guar
1968 Af 8
2%s
107
118
107%
110
Gold 4 Ha
Gold 4 Ha
Studebaker Corp cony deb 6a.. 1946 J
J
Swift A Co 1st M 3Ha
1950 Af N
109
100
"73
54
Standard Oil N J deb 3s
102
15
119
1946
67
*9
52%
F
40
67
108
*124%
107%
1952 A
1977
West N Y A Pa gen gold 4a
1943
Western Pao lat 5a ser A...1946
♦6a assented
1946
47
72
107%
Westchester Ltg 5s stpd gtd___1950 J D
Gen mtge 3 %a
..1967 J D
West Penn Power lat 5a ser E.1903 Af 8
Western Maryland lat 4s
lat A ref 6%s series A
92
33%
33
»
Washington Cent lat gold 4a__1948 Q Af
Wash Term lat gu 3%8__
1945 F A
lat 40-year guar 4a.._
1945 F A
79%
39
♦Westphalia Un EI Power 6a..1953 J
49%
6s_. 1966 J
*34
A
10
77
118%
51%
g
Warren RR lBt ref gu g 3%a..2000 F
73
"16
34%
83%
33%
84
33%
115
52
So'western Gaa A El 4s ser D..1960 MJV
S
16
85%
♦75
1941 Af 8
70%
49
Staley (A E) Mfg 1st M 4a
1948 M
X* Warren Bros Co deb 0s
68%
1st 4 Ha (Oregon Lines) A...1977 Af 8
♦tSpokane Internet 1st
Warner Broe Pict0s debs
15%
67%
80
68%
105%
48%
J
56
07
i960 Af 8
105%
1968
16
66
30-year 5s
1951 A
4a (Cent Pao coll)..1949 J
1st A ref 3a series C
107%
104%
*105%
D
100
97
~97~~
So'western Bell Tel 3 He ser B..1964
28
105
105%
116
109 h
1951
105%
Walker (Hiram) GAW deb 4%s 1945 J D
Walworth Co lat M 4s__
1955 A O
6a debentures
1955 A O
104%
1946 J
1966 A
1996
5
104
1947 J
St Louis Div 1st g 4s
43
70%
1965 F
Mem Div lat g 6s
11%
O
A
D
Southern Kraft Corp 4 Ha
Southern Natural Gaa—
Devel A gen 6 Ha
10%
1980
1951 J
Southern Colo Power 8s A
"88"
16
4%
26-year gold 5a
2
1956 A
15%
4%
40
105%
78
1994 J
5
16
11
98
108%
1966 A
41
11%
8
103%
Devel A gen 6a
11
10
10
1978 A O
105%
*117
Devel A gen 4a series A
10%
♦Ref A gen 4%a aeries C
♦Ref A gen 5a series
65%
70%
108
Southern Ry 1st cons g 6s
gen 5 %a A.1975 Af S
♦Ref A gen 5a aerlea B
1976 F A
100%
108%
109%
lat 4s stamped
43
22
103
So Pac RR 1st ref guar 4a
18
40%
91
107%
4s
5
95%
18
11
45
*43
*♦ Wabash Ry ref A
52%
11
14
2
108%
Fran Term 1
1941 Af 8
48
17
11%
44
28
103 h
Sa
*15
O
1941 A
"49%
99%
105%
28
1961 Af 8
So Pac coll
.
J
4s..1939 J
g
♦Omaha Div 1st g 3%s
♦Toledo A Chlc'Dlv g 4s
22%
*45
High
109%
49%
14% 28%
30%
24%
*26
J
3%s aerlea I
1966 J
West Va Pulp A Paper 4 %s ..1952 J
50
1962 A O
J
let mtge pipe line 4Ha
22%
1941 J
1st mtge
25%
59%
Southern Calif Gaa 4 Ha
1st mtge A ref 4s
A
10%
10
Sllealan-Am Corp coll tr 7a
..1979 J
11
"46
*9
0
7%
5
4h
*25%
Shell Union Oil 2%s debs
Shlnyetsu El Pow 1st 6 Ha
A
17%
2%
16%
3%
*3%
1936 F
30
2
D_,
25
32%
110% 119%
19%
10%
21
15
'3 %
♦Series B certificates
101
43
20
5%
♦Certificates of deposit
South Bell Tel A Tel 3 Ha
38 debentures
15%
7%
♦lat cons 6a series A
♦Silesia Elec Corp 6 He
"""3
5%
♦Certificates of deposit
Low
41
38%
110%
30%
14%
14%
14h
No.
107 %
36%
112%
30%
3
(♦Gold 4a stamped..
105
*115
A
4a.. 1950
g
Hioh
107 %
Low
(♦Dea Moines Div 1st
109
110
Jan. 1
37%
♦Det A Chic Ext 1st 5a
68%
99% 107%
Asked
107 %
47%
39
62
A
1966 Af S
111% 118
8 A A Ar Paaa let gu g 4a
8an Antonio Pub Serv 4a
Since
Friday's
Bid
t (♦Wabash RR 1st gold 5s
1939 Af N
(♦2d gold 6s...
...1939 F A
♦lat lien g term 4s
1964 J
J
Virginian Ry 3%s series A
99
96
1
Range or
Sale
Price
High
Low
95
5h
Week's
Last
Week Ended Nov. 24
St Paul Minn A Man—
St Paul Un Dep 6a guar
3383
6
Friday
Range or
Sale
Price
^0,
Record—Concluded—Page
Week's
Deferred delivery sales transacted during
the current week and not Included in
the yearly range:
Third Ave Ry 1st ref 4a
1960 /
J
Jan 1960 A O
♦Adj income 6s
(♦Third Ave RR 1st g 6a
1937 J
1962 /
J
Tokyo Elec Light Co Ltd—
lat 6a dollar series
......
*95%
"l06%
54%
15%
97%
106%
88%
55%
88%
66
88%
66
....
52
No sales.
16%
98%
19
98
107%
28
49
60%
84%
90%
54%
71%
1
1
Transactions
the
at
New
York
Stock
Exchange,
Daily, Weekly and Yearly
1942 M S
Tol W V A Ohio 4a series C
Toronto Ham A Buff lat g 4s.. 1946 J
*122%
*106%
1949 Af 8
Trenton G A El lat g 5s
1952 F
f 7s
Ujlgawa Elec Power a f 7a..... 1946 Af
1962 J
Union Electric (Mo) 3%s
123% 125%
107%
104% 109
20
89
S
31
91
108%
J
108%
10
Nov. 24 1939
20
71%
101%
Bonds
United
Total
States
Bond
Bonds
Sales
8
8
3
112%
3
108% 110%
3
105",, 109%
102
63
$247,000
515,000
403,000
156,000
0,693,000
1,041,000
1,141,000
1,326,000
$3,463,000
7,958,000
6,829,000
8,163,000
281,000
$534,000
$2,682,000
6,402,000
5,285,000
6,681,000
817,481
Wednesday
13
8
555,555
566,960
276,560
744,670
Monday
Tuesday
112%
1959
State
Municipal
For'n Bonds
a
Miscell.
Number of
Shares
Saturday
91
110
105»32 105»u
1952
Railroad
Stocks.
Week Ended
24
10
♦9
8,105,000
99% 102%
X(♦Union Elev Ry (Chic) 6a... 1946
3s debentures
123
*10%
A
Union Oil of Calif 6s aeries A... 1942
f 3 Ha debentures
"97% i00"
98"
D
J
Trl-Cont Corp 6s conv deb A.. 1963 /
♦Tyrol Hydro-Eleo Pow 7Ha.. 1966 Af N
sec s
106
1953 J D
Tol A Ohio Cent ref A imp 3%s 1960 / D
1960 A O
Tol St Louis A West lat 4a
♦Guar
13%
14%
J
Tide Water Asao Oil 3 Ha
50%
101%
113%
101%
113%
113%
37
103
June 2008 M
8
107
107
107%
64
100
lat lien A ref 6a
June 2008 M 8
115
115
115%
12
110
Friday
110%
116%
1,131,000
115
1st lien A ref 4s
HOLIDAY
Thursday
Union Pac RR 1st A Id gr 4s... 1947
1970 A
34-year 3 Ha deb
O
96%
36-year 3%b debenture..... 1971 UN
United Biscuit of Am deb 6a... 1950 A O
United Clgar-Whelan Sta 6s... 1952 A O
97%
United Drug Co (Del) 6s
1963 Af 8
76%
U N J RR A Canal gen 4s
1944 Af 8
J
f fvUnlted Rya 8t L lat g 4a... 1934 J
1948 J D
U 8 Steel Corp 3% 8 debs
♦3 Ha
♦3 Ha assented
97%
C
26
71
7l"
76%
*108%
77%
44
36%
105%
37"
"41
"37"
106
D
"13
106
01
*13
D
100%
11%
►
89%
22
"89%
39
Utah Lt A Trac let A ref 6a... 1944
102%
102
102%
20
1944
103%
102%
103%
203
Utah Power A Light lat 5s
J|*Utli Pow A Light 5 Ha..... 1947
1959
(♦Debenture 5s
D
F
A
79%
Vanadium Corp of Am conv 6s. 1941 A O
107%
1955
1957
g 4s aeries A
Cons s f 4a series B
F
50%
102%
93
66
79%
80
41
65%
107%
109
13
96
109"
UN——
82%
%
V# Iron Coal A Coke 1st g
1968 U S
5... 1949 M 8
Va A Southwest 1st gu 6s
2003
J
J
1958
A
O
Va Elec A Pow 3 %s ser B
lat cona 6a
Below
as
%
109%
are
$1,842,023,000
$1,618,697,000
the
daily closing averages of representative
York Stock Exchange
83
H
10
10
30
15
Total
10
First
Second
10
Rail¬
Utili¬
05
Indus¬
Orade
Orade
UtUt-
40
trials
Nov.
20
Indus¬
%
%
1%
100% 111
27% 45
Bonds
Stocks
106% 109%
100% 109%
%
H
109
$27,502,000
compiled by Dow, Jones & Co.:
Date
(♦4%8 July coupon off. ....1934
(♦4%s assented
1934
$120,090,000
219,513,000
1,279,094,000
stocks and bonds listed on the New
118%
Vera Crut A Pacific RR—
*%
225,119,000
93% 103%
21
A
$305,898,000
1,311,006,000
Stock and Bond Averages
*83% "96"
80
80
80
J
$670,000
4,214,000
22,618,000
-
50
20
90"
$1,602,000
5,173,000
27,743,000
$34,518,000
....
Railroad and industrial
Total
14
266,249,831
4,070,710
Bonds
1947
♦3 Ha assented A
1938
241,158,256
2,961,226
50
11
11%
♦Sink fund deb 6 Ha ser A... 1947
bona
100
Exchange
State and foreign
37
1 to Nov. 24
1939
1938
1939
Stocks—No. of shares.
Government.
111
24%
Jan.
Week Ended Nov. 24
Sales at
New York Stock
1951
C
United Stockyards 4%* w w_. 1951
Vandalla
89% 100%
89% 100%
104% 109%
65
83%
69
84%
104
*16
D
1961 /
assented A
8
*108%
1951 J
♦Un Steel Works C"orp 6 Ha A.. 1951 J
♦Sec a f 6 Ha aeries
97
96%
97
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
90.05
50 49
108.10
50.36
109.13
150.34
33.55
25 58
51.15
108.06
92.76
50.70
109.16
90.17
21
150.98
33.57
25.64
51.32
107.99
93.07
51.74
109.25
90.51
20
151.69
34.08
25.93
51.71
107.91
93.06
52.08
108.79
90.40
18
151.53
33.85
26.09
51.63
107.93
92.95
51.89
108.82
90.40
24
*31
45
*50
83
72
72%
Nov.
65
54
65
Nov.
22
Nov.
Nov.
Nov.
148.47
23
*62%
32.93
25.41
92.60
HOLI DAY
HOLI DAY
HOLI DAY
New York Curb
3384
Exchange—Weekly and Yearly Record
Nov.
25,
1939
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week and when selling outside
of the regular weekly range are shown In a footnote In the week in which they occur.
No acoount ta taken of such sales In computing the range for the year.
In the following
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
Saturday last (Nov. 18, 1939) and ending the present Friday (Nov. 24, 1939).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
the week beginning on
Sales
Friday
Last
Par
STOCKS
Week's Range
for
Sale
of Prices
Price
High
Shares
Low
20%
50
1434
July
24%
20%
20%
100
18%
2%
Feb
Aug
Aug
21
Class B
4%
4%
5
634
9 34
6%
9X
|Air Investors common.
Conv preferred
234
2%
6%
9%
2%
Mfg common.fi
Air Associates Inc com—1
2,100
1,100
6
400
6X
1,000
(.Continued)
..epi
Ot
Southern..60
80
100
Ala Power $7 pref
*
$0 preferred
90 34
84%
100
90%
91
300
61 %
140
71
110
88%
101%
62%
1%
%
Alles A Fisher Inc com..
*
Invest com
AUlance
134
1%
200
11%
11%
50
1%
Allied Internat Invest com*
%
25
20
20
20
50
Co common..*
134
134
137
1,900
11534
115
110
400
17
17
100
8
8
Class A conv com
Aluminum
preference
.100
Aluminum Goods Mfg—*
0%
17
Aluminum Industries com*
Aluminium Ltd common.*
102 X
American Book
Co
100
Amer Box Board Co com.l
American Capital—
Class A common
Common class B
X
1
"ix
38%
11234
Jan
600
Sept
9%
Jan
30%
350
31
"i'% "i%
"760
6~800
32
%
14%
39%
113%
112
5,300
400
7,500
4X
2,500
1,800
20%
26%
100
23
Feb
Mar
%
27
11H
11%
U%
50
Sept
Sept
110
Jan
0
Sept
"300
Brown Rubber Co
July
Bruce (E
Buff
84%
6%
87
6X
6%
800
5X
5%
7n
6
600
4%
'1.
X
500
20 X
100
55
Service.*
X
Apr
29
June
Apr
28
Nov
Burry Biscuit Corp..12 Ho
Cable Elec Prod com...50c
70
Aug
Apr
Sept
1%
Mar
32 X
Aug
X
Sept
Oct
Sept
Canadian Car A Fdy pfd 25
Cndn Colonial Airways
1
Oct
2234
Jan
Sept
Sept
24
Feb
Feb
21X
20
21
150
5
20
5
100
Oct
7%
4%
Mar
Sept
Oct
Oct
19%
1X
30
5%
30
10
30
5X
5X
3,100
26
Oct
2%
7
1634
Oct
1
Capital City Products
*
Car lb Syndicate
..25c
113
10
X
Sept
X
Feb
Carnegie Metals
3%
3%
Apr
Apr
Carolina P A L $7 pref...*
$6 preferred
*
7%
Apr
Carrier Corp common
1
Carter (J W) Co common. 1
Casoo Products
*
2%
200
2%
7%
1,700
1,000
Sept
1%
Apr
2
Apr
5%
113
Jan
5
5%
Nov
180
78X
Apr
103
Nov
900
4X
Sept
8
Oct
800
4%
Apr
16X June
5% Sept
16X June
2234 June
~30~~
Z29H
31%
22
22%
105% 105%
14%
1%
IX
IX
'"356
26X
300
19 X
100
250
Carman A Co class A
2334
Mar
Sept
*
2034
Sept
234
400
1%
X
Aug
234
1%
11
Oct
Jap
Sept
Feb
Oct
250
19 X
June
7
1,200
4%
May
50
Castle (A M) common.. 10
Catalin Corp of Amer
1
4%
700
100
'"366
50
37
X
1
com
%
X
3%
24 X
Oct
Apr
Sept
Jan
Jan
1
May
Mar
134
434 May
25
Sept
22
Oct
Mar
3334
834 June
4
Sept
3
Oct
134
Sept
834
Sept
134
Sept
Nov
2434
5
Oct
Jan
3734
Sept
%
Apr
134
Sept
Jan
9434
8%
Sept
2134
Jan
1,600
100
120
85
92%
94
120
78
10%
10%
2,400
~io% "iox "ii"
"266
"3% "3% "3%
'2J00
~92X
Jan
Apr
1%
"lx "ix "4%
37
107
600
19%
Carnation Co common...*
Jan
1,900
*
Class B
Jan
2
10 X
"ix
0
17
15
22
•
Jan
Aug
434 May
42
May
Apr
23
6
Oct
734
25
Mar
X
6
July
June
3434
2%
23
134
28
2534
Apr
Sept
Sept
IX
Feb
434
Jan
Sept
1334 June
3234 June
2234 Mar
39
Nov
IX
2%
3%
Sept
16 X
Apr
Aug
Feb
Sept
Sept
Aug
Mar
2 34
uu
100
7
Sept
Jan
77
14%
18%
7
Apr
Sept
Jan
7%
13 X
18%
3%
Sept
%
%
5%
Oct
Nov
Nov
*6«
900
5%
5%
3,700
Jan
>14
Aug
234 May
03
Feb
5%
Feb
Apr
17
May
2% Aug
9
102
Aug
July
734
Sept
1534
Aug
26
Sept
434
10
Mar
7% 1st partlo pref...100
"11
Jan
Celluloid Corp common. 15
$7 dlv. preferred......*
1%
1134
Jan
Mar
xn
Jan
%
Jan
2% May
1st partlo pref
Cent Hud G A E
*
com
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref.100
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
111X
350
111% 112
70
Apr
Jan
11234
Nov
Sept
Mar
Oct
3
"23"
June
634
""25
17
Aug
2734
10
"23"
48
Feb
7034
69
69
1434
14%
200
"97" "96%
97%
"260
"ilx
1334
90
9
9
100
9
85
6%
Jan
15
Apr
Apr
Aug
107
Oct
Aug
9734
Nov
11
Sept
85
Jan
10934
July
1
%
May
Apr
134
34
Jan
Sept
2%
July
5
Mar
14
Mar
96 X
X
%
3%
26%
6%
"n
4
16%
X
3%
26%
7%
%
400
10
400
2,800
4
100
17
900
X
Aug
Jan
2%
Apr
4%
Sept
6%
preferred
100
Apr
31%
preferred
..100
7
June
9X
Jan
Sept
7%
Feb
100
3
June
534
Feb
%
Apr
2% June
1%
Sept
Conv pref opt ser '29.100
234
Nov
5%
Sept
3X
May
434
434
Jan
Jan
25%
Jan
Jan
17
3%
11%
1%
1%
100
1%
6X
ox
200
7%
19%
1,000
5%
2%
7X
7X
19%
19X
3X
3%
25
25
15
14
Warrants
4
8,000
Sept
08
Jan
Sept
Apr
Apr
Sept
% June
1% Aug
Apr
Feb
98
ht June
3,000
5
X
3
8%
8%
22%
18
Apr
Jan
Sept
Sept
Aug
3%
Sept
4%
Nov
48 X
May
Cent A South West Utll 50c
Cent States Elec com
1
Conv
preferred
20%
7%
26%
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
45%
3%
110
100
'2%
Aug
4%
Sept
20%
22%
1,300
13 X
Aug
29 X
Jan
7%
26%
7%
8%
1,400
26%
7%
300
400
35%
4
Strip Co
5
7%
10
"h
100
X
%
9%
»i.
500
7%
9
Baumann
9%
8
10%
200
600
12,700
(L) Co com..
7% 1st preferred
100
7% 1st pref v t o
100
7X
7%
2,200
334
5
Corp
10
150
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach
4
Chief Consol Mining
Childs Co preferred
Aug
5X
July
Apr
Apr
Sept
*12
Cherry-Burrell common..5
"50
110
66
150
60
10%
900
xli9%xli9%
66
66
9X
5%
%
2534
...1
100
4%
4%
100
7%
100
Bell Tel of Pa 634 % pf -100
For footnotes see page 3389.
8%
2234
7%
10
23%
8%
135% 135%
3,400
300
5
5%
2,700
434
Aug
54
66%
2,000
Preferred B
*
4334
334
Mar
Feb
Feb
934
5934 June
534 July
Preferred BB
*
37
Mar
55
July
10
55
Jan
92
Nov
30
5334
Jan
89
City Auto Stamping
6%
6%
6%
500
Feb
City A Suburban Homes 10
5%
5%
5%
300
Jan
Clark Controller Co
1
Claude Neon Lights Inc-.l
Clayton A Lambert Mfg..*
434
1534
July
"~x
ht
X
T,800
ht
Nov
Mar
Sept
Sept
Jan
Cities Serv P A L $7 pref.*
$0 preferred
*
Cleveland Elec Ilium
Cleveland Tractor com
41
*
5%
41
""166
5%
5%
200
2%
*
2%
200
4
134
3434
334
134
234
Jan
Clinchfleld Coal Corp.. 100
50
Jan
Club Alum Utensil Co
40
Feb
Cockshutt Plow Co com..*
5
5%
Feb
5
Jan
Cohn & Rosenberger Inc.*
Colon Development ord
734
134
700
50
15%
1154
Nov
Aug
Aug
36 X
Jan
4X
120
Aug
10%
176%
11834
Apr
3%
Sept
Oct
124
Jan
5
54
Oct
15
Sept
*
Oct
10
8%
22%
Nov
34
20
11
July
1034
58
85
IX
1 %
10 X
9%
2%
Feb
88X
Oct
Apr
Jan
79
63
7%
3%
Jan
130
10
17
i
'
Preferred
20
Beaunlt Mills Inc com.. 10
$1.60 oonv Dref
20
Nov
734
88X
28%
2
Apr
Apr
Sept
Jan
734
15
53
Apr
July
7X
Jan
4
May
4% Mar
1X Sept
4
84X
Sept
Sept
X
3%
88 X
9%
Apr
15%
ht
200
*
Chamber 11 n Metal Weather
Charis
%
2,700
2,400
84 X
Apr
"16
Barium Stainless St eel ...1
Sept
%
Centrifugal Pipe
Cities Service common
44%
3%
Baldwin Locomotive—
Apr
Feb
19%
18%
Oct
Voting Mach__ *
Avery (B F)
....6
Bell Tel of Canada
Jan
Apr
14,200
JAustln Silver Mines....1
com...l
50
%
%
Automatic
Aircraft
500
IX
2%
ht
6%
'l6X
Bellanca
3%
33
Aug
Aug
Apr
100
%
~~6%
Beech Aircraft Corp
l
Bell Aircraft Corp oom..l
3%
33
Aug
%
IX
21%
2,700
5%
Atlas Corp warrants......
Atlas Drop Forge com...5
Atlas Plywood Corp.....*
Beau B rum m ell
20
Jan
Ceianese Corp of America
3%
Bath Iron Works Corp.__l
56X
1%
100
Barlow & Seellg Mfg A..6
Basic Dolomite Inc com..l
36%
55
9%
56%
2%
A
30
Nov
Aug
1
96% 103
7
7%
Atlantic Coast Line Co. 60
Atlantic Rayon Corp
1
7% preferred
36
Jan
2%
2X
ht
com.
Aug
32
1
,
Atianta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
Purch warrants for
2,400
"600
2X
%
Class A common
10
Ayrshire Patoka Collieries 1
Babcock & Wilcox Co
»
Mar
4%
1234
1134
1234
Canadian Indus Alcohol A *
Clas B non-vot
.*
9%
107
7%
xw
Sept
Sept
Canadian Marconi
1%
2%
2X
Aviation A Trans Corp..i
Axton-Flsher Tobacco—
Jan
5%
3%
Feb
100
2X
25
5%
Aug
200
7X
w w
Aug
80 X
27
Feb
Jan
2434
Jan
Option warrants.....
Assoc Laundries of Amer.*
Assoc Tel & Tel class A..*
0% preferred
0% preferred
Nov
3
Aug
Apr
£1
Products
634
Jan
Sept
13
1,500
.....
Automatic
3034
3%
07
2
......
Atlanta Birmingham
Coast RR Co pref
Jan
10
100
1
Jan
Nov
Nov
200
14
»
.......*
8%
Camden Fire Insur Assn. .5
11%
Assoc Gas A Eleo—
$6 preferred
7%
Calamba Sugar Estate..20
99
Nov
July
9
Nov
25,800
Assoc Breweries of Can..*
Associated Elec Industries
Common
7%
Vot trust ctfs
_.50c
Cables <fc Wireless Ltd—
Am dep 534% pref shs £1
Apr
Jan
June
4234
32 34
77%
""1% "i% """366
10
Class A
1,000
*
113
"lx
8
Burma Corp Am dep rets..
2
103
7
Bunker Hill & Sullivan 2.50
Jan
14
Arkansas Nat Gas com...*
Amer deposit rets
$5 1st preferred
Mar
Feb
3*
1X
50
18
7
Sept
Sept
Apr
9u
•
16
2
500
Niag & East Pr pf.25
18
Nov
17%
Sept
1 %
"
434
10
77
...
$0 series preferred
American Thread pref...5
5
com
June
64
2^600
Amer Potash & Chemical.*
34% June
L) Co
1
com
Buckeye Pipe Line
9%
7
*
100
Class A pref
*
Brown Forman Distillery. 1
$0 preferred
*
Aug
Apr
Apr
6%
Brown Fence & Wire com. 1
Sept
29%
Arkansas P & L $7 pref..*
JBrown Co 0% pref
12 %
13
7
.
British Col Power cl A
33
29%
1
Art Metal Works com...5
Ashland Oil A Ref Co
1
.
Jan
15%
Apr
Jan
dep rets ord reg__10s
29
29%
'""356
100
Common class A..
Am
Am
Jan
25 %
400
Apr
Apr
Apr
British Celanese Ltd—
24
Mar
Jan
June
934
1934
6
deprctsord bearer £1
dep rets ord reg.
£1
3% May
6%
26%
40
Sept
British Amer Tobacco—
Jan
Mar
4,000
*
Nov
40%
34
29 X
110%
1%
1,350
6%
Class A
15
Apr
5%
.__*
British Amer Oil coupon..*
Registered
;
•
8%
29%
Oct
28
7% preferred
100
Brillo Mfg Co common..*
Jan
28
Preferred
...100
Aug
26X
*
Preferred
Aug
Sept
28%
70
30%
30%
*
Brill Corp class B
Class A
2%
35%
*
Aeronautical... 1
35 X
34
28%
Jan
Mar
X
Bridgeport Machine
34%
0% preferred
25
Amer Mfg Co common 100
Fence
Jan
28X
Bridgeport Gas Light Co.*
Jan
16%
16%
Post
2X
200
7
25X
Apr
1% June
22
Apr
18%
Apr
% Nov
16%
16%
Angostura Wupperman..l
Apex Elec Mfg Co com
*
Appalachian El Pow pref *
{Arcturus Radio Tube...l
Aug
39%
%
2d pref
27
*
Republics
10
Amer Beal-Kap com
2
Am Superpower Corp com*
%
Mar
Jan
75
25
American
2%
Aug
20
.*
Aug
Jan
39%
8
500
100
Brewster
Jan
2,100
1%
Jan
%
17
IX
7% 1st pref..
Nov
Jan
16%
Aug
Aug
Mar
4%
4%
*
Breeze Corp
Aug
16
1%
16
%
Jan
13
com..
Sept
3X
1,300
100
25
Brazilian Tr Lt & Pow
60 X
%
1st preferred
7%
Nov
10
700
*
117%
17%
141
8%
ht
4834
Apr
Aug
2%
& Co
Nov
111**
8%
Bohack (H C) Co com..
143
Mar
Laundry Macy
Preferred
Bowm'an-Blltmore
Oct
Amer Lt A Trao com
Amer Meter Co
Sept
Sept
4%
American General Corp lOo
$2 preferred
..1
Amer Maracalbo Co
Bourjois Inc
Sept
%
%
13%
S8%
Amer Invest of 111 com
Borne Scrymser Co
8%
39%
$3 opt conv pref
Blumenthal (S)
Am
"ilx
$2.60 preferred
1
Amer Hard Rubber Co.60
Sept
Mar
100
1
1
Sept
3
5
Bliss (E W) common
Blue Ridge Corp com
IX
Oct
350
45
Jan
X
300
High
Jan
x34
*
,0*
l\H
ht
$2.50 conv pref
Blrdsboro Steel Foundry
& Machine Co com
Jan
July
Jan
Oct
Low
300
15%
ht
15
Nov
IX
%
Amer Foreign Pow warr...
Amer Fork & Hoe com
*
*
Oct
40%
%
31
$0 preferred
Jan
Range Since Jan. 1, 1939
Shares
%
%
Purchase warrants
Nov
7% June
17
May
90
Apr
110%
Jan
14
Apr
15
"six
Amer Gas A Elec com....*
X
110
X
10
Anchor
High
10
Blckfords Inc com
2X
94
Amer Cyan amid class A. 10
n-v
Jan
64% June
30 X
Class B
1st $0 preferred
Low
27
101%
91%
86
Class A with warrants. 25
Amer Pneumatic
Price
Berkey & Gay Furniture. 1
Jan
100
*
Class A
Jan
89 X
Nov
1%
10c
Jan
2%
18
9
8%
$5.50 prior pref
*
Amer Centrifugal Corp..l
Am Cities Power <k Lt—
Class B
for
Week
Benson A Hedges com..
Mar
250
10c
$3 preferred
11
Aug
Apr
Jan
400
1%
44
834
Jan
Jan
47
1%
44
Sept
50
102% 105
10634
106
preferred
100
American Beverage com.l
0%
0
Jan
4
*
$3 conv pref
Allied Products com.—10
June
8%
June
1
13X
Warrants
Alabama
Par
of Prices
Conv pref
—
Alnsworth
Amer
High
Week's Range
Sale
STOCKS
Supply Mfg—
Class A
Last
Range Since Jan. 1,1939
20%
Acme Wire Co common.10
Aero
Low
Sales
Friday
Week
Nov
Jan
Aug
Aug
6% conv preferred
Colorado Fuel A Iron
Jan
Jan
Nov
Sept
534
Oct
2034
134
534
4234
634
Mar
5
334
834
Jan
Oct
Nov
Sept
Sept
Mar
Oct
Apr
Jan
•9
July
Sept
4
Jan
400
~~7~X ~~7X
"500
4
Apr
934
Aug
Sept
88
89 X
800
70
Apr
9634
Sept
64%
66%
275
5534
Jan
7434 May
434
7%
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
Conv 5% preferred..100
Apr
Aug
July
734
2%
2%
£1
warr.
July
Jan
66%
Oct
434
Volume
New York Curb
149
Exchange—Continued—Page 2
Friday
Sales
Friday
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
1, 1939
Week
Par
Price
1
Columbia Oil A Gas
Range Since Jan.
1,400
2X
Apr
Jan
14
Am dep rets ord ref...£1
Ford Motor of Can cl A—*
Jan
hi
Sept
hi
Aug
*hi May
1X
Aug
1
Apr
40 X
Aug
Sept
33 X
Nov
»n June
X
Jan
Amer dep rets
lOOfrcs
Fox (Peter; Brew Co
5
Froedtert Grain A Malt—
IN
ref *
39 A
975
26
33 N
N
37
"32M
32N
N
Community Pub Service 25
Community Water Serv._l
100
850
23
300
IN
IN
hi
•
79
77
79 A
700
Aug
117
117
117X
20
111
IX
41X
Jan
71
pre!—100
2,400
1
Consol Mln A Smelt Ltd.5
IX
"38"
38
200
1
Jan
19
500
10
Feb
30
Oct
100
15
26
Mar
*
24X
24X
25
Aug
Jan
29
Apr
84 N
Aug
121X June
4% conv preferred
100
Gamewell Co 36 0 v pref.*
38X
39X
150
34
Jan
85X
85X
20
83
Mar
85N
Nov
Oct
Gatlneau Power Co com.*
12 X
Jan
16
Mar
Sept
37
100
76 X
Nov
95
X
July
Feb
ex
IN
Jan
60
Apr
6
Jan
Mar
98
Aug
17
17 X
General Alloys Co
Gen Electric Co Ltd—
Gen Flreprooflng com
Gen Gas A El 6%
ref.£l
*
prefB—*
13N
Nov
Mar
X
Sept
General Investment com.l
"~X
4X
Aug
13X
Sept
Sept
11
July
hi
hi
2,800
4X
15X
Apr
13X
Sept
Gen Outdoor Adv 6% pf 100
76X
76X
20
62 X
Jan
27 X
Sept
Gen Pub Serv 56 pref—
45
45
10
8X
Sept
18H
Nov
Gen Rayon Co A stock..
General Shareholdings Corp
25
25
"~5
5X
100
100
3X June
6N
18N
'
6,700
10 X
Apr
300
X
Sept
IX
Sept
72
73 X
30
IX
10 x
in
10 x
2,300
4X
iex
Sept
"22'x ~24 x
"3"600
16X
June
ex
X
700
4X
Aug
16 X
IX June
IN
10 N
"22
A
6N
ex
N
X
200
14X
Apr
4
13
16
1
IX
July
Jan
Mar
July
18
•il
11
Aug
July
Sept
Jan
1.100
45 X
107 X
Sept
4X
56 X
Sept
111X
Aug
Sept
IX
Sept
Apr
8X
7X
18X
Sept
100
3X
14X
Detroit Steel Products.—*
300
200
"ix "ix
"366
ix
100
"400
7% preferred
10
Diamond Shoe Corp com.*
Jan
Mar
31
29
75
1
1
7X
8
1,100
6
X
6
300
Dominion Bridge Co
Sept
Jan
June
Sept
27
Nov
25
*
Grocery Sto Prod com..25c
Grumman Aircraft Engr.l
Guardian Investors..—-1
Gulf Oil Corp..
—.25
Gulf States UtU 55.50 pf-*
Hartford Rayon v t 0
Apr
IX
Nov
Sept
21X
Feb
3N
5
Apr
8X
9X
Mar
Sept
Aug
Oct
Jan
z30
14N
Sept
June
Sept
Sept
Apr
25 X
Sept
Horn (A
Apr
12
Oct
107
IX
Mar
Sept
7N
Nov
Fuel Assoc—
1,800
1
Apr
975
16
1,300
6
"""466
39
3N
36 X
21X
20X
3X
41
22X
Vi
15X
X
15X
15
15H
200
10
400
2X
14 X
58 X
17X
IX
8X
58X
3A
18 X
IX
9X
58 X
68
67
68 X
5N
•ie June
Sept
24
Sept
June
Apr
4N
Oct
2
Mar
Jan
Apr
12N
1,100
50 X
59
Apr
Apr
65
1.300
400
IX
T966
3
Elgin Nat Watch Co
15
Empire Dlst El 6% pf 100
Empire Gas & Fuel Co—
June
Oct
19
1
6N
3X
Sept
24
19,100
Jan
Feb
72 X
Mar
29 X
Jan
Mar
X
18X
5N
Jan
Jan
10
100
6N% preferred
100
7% preferred
—100
8% preferred
100
Empire Power part stock
Oct
IX
Apr
Aug
10 X
14 X
IX
14 X
Aug
Sept
Apr
1X
Jan
24 X
Nov
53
Jan
71
30
51X
Feb
71
Mar
50
55
Sept
71
Mar
June
62
64 X
75
52
Feb
73
Mar
63 X
64 X
125
64
X
21X
Feb
74
Mar
Feb
27 X
Aug
IIX
Derrick A Equip.-6
63 N
63 N
64
63 N
11X
X
25X
4%
100
6
Apr
12
Nov
25 X
4N
—
Option warrants
Fairchild Aviation
Falstaff Brewing
*
Horn A Hardart
ex
1
Candy coml
Fansteel Metallurgical—* 13N
Fedders Mfg Co
5
j ed Compress A W'h'se 25
Flat Amer dep rights..
Fanny Farmer
5
Humble Oil A Ref
*
Hummel-Ross Fibre Corp 5
Hussmann-Llgonler Co.
JHuylers of Del Ino—
ex
2X
600
IN
Apr
2N
Nov
16H
800
Sept
22 N
Jan
Jan
Apr
Apr
N
Feb
40X
45 N
109 N
July
Jan
July
Apr
Jan
112N
Aug
5
July
Sept
*65 N
Oct
Mar
Jan
2N
Sept
X
Sept
15
1,700
29 N
60
95N
UiN 112
80
103 X
"360
14N
200
14%
7
IN
IN
100
"llx "iVA
20
ex
20
6N
4N
8X
7X
4N
22
800
600
ex
600
4N
100
8X
8
50
300
X59X
50
9
9
IVA
Oct
Apr
Sept
10N
Sept
15N
July
15N
Nov
9X
400
3N
12 N
14N
400
9
35
7
May
ION
July
137i6
68X
11X
3,200
ION
92
89
92X
525
71
87X
89X
550
SON
h
87
X
90
8,100
X
56
OX
X
May
Apr
71
Apr
12 X
Mar
Apr
Apr
92 X
Apr
July
Jan
12N
July
Apr
31
Sept
2
Sept
3
Mar
31
8
Mar
34X
200
.39N
Jan
aim-
112N
Aug
on
33 X
Sept
108 N
34 X
Apr
Aug
14N
66N
5X
5X
eix
5X
5N
2,300
62 N
2,000
2N
9N
Aug
K
66 X
Nov
5N
6N
3
IN
Apr
Mar
Nov
Aug
Apr
71
19 X
19 N
1,100
12
Sept
Jan
Jan
9N June
X
Jan
9
4X
Mar
3N
Sept
Apr
31
2N
14N
3N
Apr
Apr
4
May
Oct
Sept
20
July
X
Jan
25
Feb
0N
57 X
7N
Feb
51X
5X
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain & Ireland
£1
May
11N
12X
10N
Sept
17
Sept
Sept
16H
Mar
16 X
July
19
13X
Sept
32
6N
10
-100
Nov
9N
23N
400
"366
New class B
Jan
Oct
12N
Aug
Sept
Oct
Aug
Feb
12N
9X
OX
28 N
26 X
50
13 N
Sept
Jan
Sept
12N
Indpls P & L 6X% pf—100
Indian Ter Ilium Oil—
New non-voting class A1
Jan
Oct
9N
43
3,100
Imperial Cbem Indus..£1
Imperial Oil (Can) coup. ~
Registered
7% preferred
33
Apr
Oct
9
11N
14 X
4N
Jan
Oct
May
Jan
5X
7N
14X
Dlv arrear ctfs
Nov
Nov
Jan
9X
60
1,600
8N
8X
22 X
61
20 X
4N
22 X
14 X
Aug
Sept
Feb
Apr
Sept
50
""206
Aug
Jan
Jan
11X
5N
3N
6N
6N
\5>X
"ix "ix
June
Apr
Mar
5X
63
"Tx "ix
3X
15N
5
36
Sept
Apr
""206
1,400
4X
Mar
Apr
2
Mar
6% pf-100
24 X
23
30
50
Indiana Pipe Line
Feb
IX Sept
Oct
«N
Jan
.Mar
700
50
Indiana Service
June
Aug
Oct
July
7
60
7
Sept
8N
Apr
4N
14N
23 X
24
4
6N
Sept
16
1
Oct
4
6N
1
'i'soo
X
N
Nov
23
7
stamped.—100
unstamped..100
Hydro Electric Securities
Hydrade Food Prod
-5
Hygrade Sylvauia Corp..*
Illinois Iowa Power Co—*
5% conv preferred
50
30
1,200
IN
8N
61
7% pref
Apr
800
12
109
39X
7% pref
Apr
18 X
68X
Fire
For footnotes see page
Oct
2X
Common
X
11
1
Association (Phlla).-l
Corp
10
56 preferred
-100
Florida P & L 57 pref
*
11X
11
11
Fisk Rubber
UN
100
5% preferred
23 X
Jan
Nov
45
Hubbell (Harvey) Ino
275
*11
133 N
Apr
1
C) Co com
2,700
com—50
Electric Corp—
June
Aug
109
Class A
>h
X
X
Equity Corp common—10c
53 conv pref
1
Feb
119
4N
Illuminating Shares A—
62
6% preferred
33
N
39 X
IX
5X
42X
Apr
Sept
3
Jan
Mar
""266
6
50
25c
6% conv preferred
Hecla Mining Co
Oct
9X
"ix
69 N
124 N
Aug
21
33N
14X
—1
12 N
100
1
Hearn Dept Store com
Apr
Apr
Option warrants
Electrographlc Corp..
8N
Oct
4N
*
common—...2
Preferred w w
25
Preferred ex-war
25
Hewitt Rubber common. .5
Hey den Chemical
-.10
Hires (Chas E) Co cl A—*
Hoe (R) A Co class A—-10
Holllnger Consol G M_—5
Holophane Co common..*
Holt (Henry) A Co cl A
Horder's Inc
*
Hormel (Geo A) A Co com*
Mar
100
15
Heller Co
5
600
Apr
8
300
Hazeltine Corp
Oct
1
8X
225
cl B com.
pfd_*
83
Aug
Oct
9X
Haverty Furniture cv
Apr
Jan
IX
2X
Helena Rube ostein
IX
Sept
44X
"~3X ""2X "~3X
Co——*
Harvard Brewing Co
May
04
5N Nov
5X
'l7X
250
19 N
5
Hartman Tobacco
2X
3N
109N 111N
131
133N
16
102
9
.........5
25
Nov
Jan
15X
"366
43X
112
*
Gypsum Lime A Alabast.*
Hall Lamp Co
—*
56 preferred
Mar
2
75
109 X
133 X
100
10
July
Sept
Corp..-—*
A—*
$6 preferred series B—*
Easy Washing Mach B„
Economy Grocery Stores.*
Elaier Electric Corp
1
Elec Bond A Share com..6
J5 preferred
*
56 preferred
-*
Elec P & L 2d pref A
*
700
"T "~8N
*
Non-vot com stock
31
Sept
Malleable Iron..26
16N
27
25N
Aug
June
5N
Great Atl A Pac Tea—
Jan
X
$7 preferred series
Feb
Feb
50
16 N
27
Varnish—•
Gray Manufacturing Co. 10
Mar
61X
Eastern States
,33
91
53 preferred..
—*
Mfg common..10
Haloid Co
*
100
Apr
Hartford Elec Light
100
4N % prior preferred. 100
21N
Grand Rapids
Apr
73
3X
27
27
Gorham
29 X
105 X
*
Sept
Jan
Sept
Nov
Tioo
300
10
Feb
Sept
29X
1,700
Apr
2X
18X
Jan
"ix "ix
7X
13N
Jan
4,400
50
7X
July
Sept
10
7X
ex
IN
13N
2X
2X
31X
July
100
12X
6
*
Nov
2
37
Apr
Gorham Inc class A
Sept
62
7X
Jan
Feb
5N
3N
28
'ii
17X
60
Dominion Tar A Chemical*
12 X
7
Mar
45 x
12
July
*
Apr
100
hi
Jan
5
10
3N
ex
ex
July
500
Sept
Jan
29X
Sept
200
2X
60
Dominion Textile Co..
7% preferred
100
Dubiller Condenser Corp
85
X
7% 1st preferred
Aug
78
Nov
Jan
Greenfield Tap A Die
8
Dominion Steel A Coal B 25
77
99
9N
14
26 X
77 X
39
Jan
X
Hat Corp of Am
*
—10
8
Jan
79 N
65
Gt Northern Paper
Aug
17*
16
Am dep rets
7H
Apr
31
175
9N
Oct
June
IX
Distilled Liquors Corp...5
Dobeckmun Co common
4
100
X
Aug
Distillers Co Ltd—
ord reg—£1
Divco-Twln Truck com._l
100
99
'9N
10
"3l"
8
38
*
1
—
57 preferred
July
Nov
Nov
8
-—*
Class B
Apr
7
Jan
Aug
Goldfield Consol Mines
8X
ex
Feb
52 N
103 N
98 N
6N
18N
IN Aug
35X June
22
"23"
"22"
10
May
82
38
—
30 X
Aug
13 X
22
55 preferred
Apr
4
ix
Feb
Aug
*
53 preferred
Georgia Power 56 pref—*
Apr
300
12
2N
1
Gen Water G A E com
Apr
9
4X
2X
11X
6% pref w w
Detroit Gray Iron
Jan
5
*
Mfg—1
20
Fdy—1
Det Mich Stove Co com—1
Detroit Paper Prod
1
Detroit Gasket &
July
800
2X
Derby Oil A Ref Corp com*
IN
Jan
Godcbaux Sugars class A.*
2,500
4X
Oct
400
95 N
ix
100
6% preferred A
Nov
23 X
4N
Mar
IN
46 N
Glen Alden Coal
iex
"7"
52
62 X
July
~~7X
16
"7
Apr
Sept
130
IX
lex
33 X
300
11
6
iex
Nov
52
Sept
Jan
Sept
July
Sept
80
73
6
Apr
Jan
hi
Mar
N
Jan
hi
51X
200
Feb
52 X
N
Mar
19
July
Gilchrist Co
hi
Oct
"200
68
Jan
100
66
52
Feb
Aug
14 N
Jan
Jan
73
3
X
Jan
*
IX
3
Apr
Oct
11
General Tire & Rubber—
Sept
9X
X
Aug
Sept
12X
Gen Telephone 53 pref.—*
Sept
7H
Apr
2N
Apr
Apr
Apr
Sept
28
2X
16 A
100
Mar
2N
7
Mills.*
Dayton Rubber Mfg
1
Class A
35
Decca Records com-.
1
1
Apr
x
65
Common
Mar
2,300
53 X
100
Mar
3X
90
43
X
IK
14
54 N
"~~X "~X
Warrants
2*
X
*
14N
13N
49
200
ix
ex
Mar
X
13H
56 preferred
Gilbert (A C) common..
Preferred
3,600
2X
ex
ix
2X
IH
Aug
70
July
42 N
Amer dep rets ord
56 conv pref ww
X
Davenport Hosiery
Fldello Brewery
300
Sept
Darby Petroleum com—5
European
5% preferred
17X
Sept
6N% preferred.----100
Curtis Lighting Inc
*
Curtis Mfg Co (Mo)
5
Esquire Inc
Eureka Pipe Line
$3 conv stock
17H
IN
Cuban Tobacco com vtc
Emsco
15
8X
*
10
Eectrol Inc v t c
Nov
19X
Conv parti c pref
8X
1
36 preferred A
*
Cosden Petroleum com—1
5% conv preferred
50
Courtaulds Ltd
£1
Creole Petroleum
5
Crocker Wheeler Elec
*
Croft Brewing Co
1
Crowley, Mliner A Co.-—*
Crown Cent Petrol (Md)-5
Crown Cork Internat A..*
Crown Drug Co com—.25c
Preferred
25
Eastern
Mar
9N
19
Jan
96 X
Common
6% preferred
Mar
X
$3 prior preference
*
Copper Range Co
*
Copperweld Steel--*
Cornucopia Gold Mines.5c
Corroon A Reynolds—
Common
Jan
6N
Jan
""600
East Gas &
10N
Jan
iox
Lead
15
50
300
Jan
.
27X
Aug
9X
Apr
"10
Eagle Plcher
May
3
~io
Duval Texas Sulphur
2
IN
*
Duro-Test Corp com
Jan
Oct
84
Cook Paint & Varnish.—*
Durham Hosiery cl B com
12
12
23
60
T366
Duke Power Co
12
1
23
200
"7X ~~8~X
Driver Harris Co
Mar
Sept
Oct
ex
"VA
Draper Corp
4X
Sept
96N
Cont Rob A Steel Fdy—*
preferred
2X
14N
16
100
6 H
96 N
Dejay Stores
500
2,400
96X
prior pf 100
Continental Oil of Mex._l
De Vllblss Co com
Apr
2X
Cont G & E 7 °7n
A conv
Sept
X
86
8% preferred.100
Consol Royalty Oil
10
Consol Steel Corp com...*
Cuneo Press Inc—
2N
18N
18N
1
37
3X
Consol Gas Utilities
Crystal Oil Ref com
6% preferred
18N
1
16 X
Jan
ConaolGELPBatcom *
Cool er Bessemer com
2X
*17N
1
17X
.*
Fuller (Geo A) Co com
Apr
37
*
1
Consol Retail Stores
High
Fruehauf Trailer Co
13 X
1
ext to 1946
S3 preferred
Consol Biscuit Co
Low
9X
17X
28N
Conn Gas A Coke oecur..*
4 X% series B
Class B
Common
Compo Shoe Mach—
Vtc
Range Since Jan. 1, 1939
for
Week
Shares
Ford Motor of France—
20,500
16
i
2X
7X
Warrants
of Prices
High
Low
Price
Ford Motor Co Ltd—
Commonwealth 4 Southern
Community P A L $6
Sale
Jan
4X
Week's Range
Last
Par
High
Low
Columbia Pictures Corp..*
Commonw Dlstnbut
STOCKS
(Continued)
Shares
2H
2%
3385
Sale3
10
10
110N 111
80
10
111
Apr
Aug
Sept
Feb
Feb
Nov
7N
5N May
5N
Apr
100 N
Apr
15 X
,17
Oct
June
June
*11
IN
IN
200
Nov
"xi
Apr
X
IN
Mar
»n
Apr
N
8N
Apr
Apr
12N
71N
Aug
Sept
24 X
Mar
Apr
21N
Mar
.....1
Sept
Sept
Industrial Finance—
common————1
7% preferred—-—100
Insurance Co of No Am. 10
X
11X
Vtc
International Cigar Mach *
Internat Hydro Elec—
Pref 53.60 series
50
70 X
69 N
X
UN
70 X
100
26
1,050
69
20N
14X
15N
500
"2N "iX
"600
14 N
12
Nov
Oct
Nov
Sept
91
Oct
A stock
hi
purch warrants.
Intl Industries Inc
1
"2X
Mar
N
Jan
IN
Sept
4N
Jan
Oct
3389.
all
New York Curb
3386
Last
(Continued)
Sale
Par
Price
Internal Paper A Pow warr
International Petroleum
Registered
International Products...*
4% July
1% Aug
17% Aug
17% Aug
2% Apr
4%
5,800
ht
100
*1#
100
6%
Apr
•u
11%
4%
27%
Nov
Oct
500
3
1,500
100
rar
8
Jan
6
Sept
%
7%
10
1n
7%
J*
2,000
100
11
10
Feb
4%
4%
fit
300
17%
18%
300
15
Irving Air Chute
....1
Italian Superpower A...:*
Jacobs (F L) Co—...
1
Jeannette Glass Co
..*
20
20
20%
%
400
14%
100
Apr
7%
%
3%
%
Oct
Apr
Mar
Apr
2% Sept
1% June
2,500
3
/
5%% preferred..... 100
6% preferred.......100
7% preferred..
100
89%
90
150
67%
34%
20%
38
28%
Jan
"""40
86%
1,400
17
Jan
Apr
50
22%
112%
Mar
Mar
21% June
E)7% 1st pflOO
6
5%
m
5%
4
100
6%
5%
Lamp A *
*
105
Apr
Apr
Sept
Feb
%
Sept
1%
2%
Apr
Aug
«!•
Sept
56
67
67
90
2
2
100
2%
2%
300
2%
Klrkl'd Lake G M Co Ltd 1
Klein (D Emll) Co com..*
Klelnert (I B) Rubber ColO
9%
200
7%
9%
7%
200
-87%
87%
30
38
Aug
80
90
Jan
70%
2%
3%
11% Apr
7% Apr
6% Sept
ii*
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
5%
5%
200
4%
10
9%
4%
•
10
3', 700
National
Nat Tunnel A Mines
Mar
July
Jan
Aug
Jan
July
Nov
61%
60%
4%
Jan
Nov
Jan
71
Oct
Oct
11%
Apr
7%
Class B
0%
6%
6%
>
2%
Leonard OH Develop...26
%
2%
%
3%
*>
8%
%
6%
100
3,200
1,000
200
Le Tourneau (R G) Inc..l
Line Material Co.......6
10%
10%
400
Llpton (Thos J) class A..1
10
10
1%
7% preferred
11
Aug
*i< June
200
Apr
8
Apr
Sept
9
37
15
Feb
Feb
.......*
13
13
13%
150
29%
9%
29%
9%
32%
10%
15,300
1,700
Jan
22
Louisiana Land A Explor.l
Louisiana P A L $6 pref..*
1
1%
31%
30%
5%
35
29
31%
4%
5%
99% 100%
10
Apr
Aug
18%
7%
Apr
1,800
775
1,625
27,700
13%
36%
10%
Jan
4
39
Jan
35%
2%
7%
103%
%
Aug
20
89%
Apr
Mar
9,000
23%
%
Apr
Nov
600
%
1%
Jan
27%
15%
3%
2%
Marion Steam Shovel....*
Mass Utll Assoc v t 0-...1
40
27%
20
200
15%
3%
2%
100
500
100
Master Electric Co
1
28%
"24% *28%
"956
May Hosiery Mills Ino—
$4 preferred...
10
Ang
Sept
Jan
1%
100
%
100
1%
%
10%
%
1%
%
115% 116%
48%
47%
48%
10
300
Apr
Sept
Ang
Mar
102
Jan
35
June
78%
400
Jan
2%
7
Apr
4
"37"
%
%
Nov
July
Sept
6
Mar
Nov
1%
235
12%
17%
12
100
July
July
Oct
Oct
Oct
70% May
11
Nov
9%
%
28
Jan
Sept
Nov
10%
17
Oct
Aug
Aug
44%
10%
Sept
14
Sept
0
Jan
40
Nov
96
Aug
Jan
5%
6% Nov
60%
Jan
17% Sept
6%
Oct
9% Nov
2%
1%
15%
117*
50%
84%
0%
Jan
Jan
Feb
Jan
Oct
Feb
Aug
Oct
Nov
Apr
Jan
3%
8
%
June
3%
Mar
"37"
"166
34
41
Oct
11% May
60
73
15
Mar
73%
250
65
78%
25%
Aug
Nov
200
104
"760
66
70
2,250
1%
71%
1%
73%
1,100
25
25
500
3%
10%
46%
1%
57%
Sept
Apr
Apr
Apr
Sept
Aug
Apr
Nov
Apr
July
127
8%
Nov
Sept
14
Mar
76
Sept
100
1%
Jan
84%
Sept
Apr
27
3
Nov
15
"71%
25
Apr
26
Feb
20
July
29
June
Sept
9
Mar
Nov
24
1%
20
26
250
7%
116%
*
116% 118%
107% 107%
Jan
"270
107
Jan
119
30
99
Apr
108
Nov
600
0
Apr
14
' Sept
Nov
Shipbuilding Corp—
11
11
5
5
12%
100
4
Jan
5
16
5
May
19
Feb
Oct
6%
Aug
July
8
Mead Johnson A Co.....*
150
Memphis Nat Gas com..6
7%
152
4%
Mercantile Stores com.
Merchants A Mfg cl A.Iiil
Participating preferred.*
Merrltt Chapman A Scott*
Warrants
.....
Apr
24
Aug
%
to..........»
....._*
conv
preferred
*
Steel Products—
dlv shs....*
Nor Amer Lt A PowerCommon
25%
49
Northern Pipe Line
10
Northern Sts Pow cl A..25
Northwest Engineering.
5%
12%
Jan
Ohio
% May
60% Sept
%
Aug
Apr
Apr
Mar
6%
%
77
1%
3%
41
Jan
Sept
Nov
Nov
PS7% 1st pref...100
6% 1st preferred
100
Ollstocks Ltd common...5
Oklahoma Nat Gas 00m. 15
$3 preferred
93%
%
%
Apr
Jan
% Aug
% June
1,300
5% June
*u July
2%
4%
%
8%
5%
4%
1,000
5
Jan
100%
Sept
Mw May
%
2%
9%
2%
7%
Jan
Jan
Sept
Sept
Sept
700
Sept
Aug
Mar
%
2%
%
5%
"u
1
Mar
8%
8%
1,100
5%
Apr
10%
5%
5%
100
2%
Aug
$5%
50
conv prior
18
18
112
*7%
112%
1%
1%
Z7%
8%
59
58%
1%
12
100
90%
%
6%
...1
400
1,300
10
1
Miss River Power pref. 100
Missouri Pub Serv com..*
For footnotes see page 3389.
1
100
59
850
UM
37
.
Overseas Securities
Pacific Can Co common..
Paclflo Q A E 6% 1st pf.25
5%% 1st preferred...25
Pacific PAL 7% pref..100
Pacific Public Serv......*
$1.30 1st preferred....*
Page-Hersey Tubes com.. *
Pantepeo OU of Venezuela-
Nov
Parker Pen Co
80
110
"~4% ""4%
400
3%
Apr
Sept
Feb
12
94
116
6%
Mar
Jan
July
Aug
May
Aug
Nov
76
Sept
""160
6%
%
800
3%
Aug
xi
4%
1%
5%
1%
700
%
325
53
25%
25%
000
200
49
300
13% Apr
14% June
42% May
% Apr
2% Aug
a48%
3%
5%
""360
6,100
98% 100
106% 106%
Mar
ht
81
30
87%
Apr
Apr
cum
1%
5%
1%
Mar
Aug
Mar
Feb
Jan
69
Nov
25%
Nov
25%
49%
1%
Sept
Oct
Oct
Feb
4
%
100
107
Feb
Aug
Aug
May
5%
100
4%
Feb
14%
1,100
0%
300
14%
37%
400
24
Apr
Aug
Apr
125
50
15%
Sept
26
Jan
97%
Apr
Aug
Sept
108
June
115
Jane
Jan
115
Aug
July
12%
17%
18
36%
99
50
90
114% 114%
20
110%
114%
114% 114%
110
104
104
104%
96%
~17%
17%
18%
40% 46%
110% 110%
104
25
8%
46%
1%
1%
1%
KSod
8%
Sept
Apr
Apr
Apr
150
35
75
106
Oct
1
Apr
Sept
900
Jan
3%
100
2%
Sept
8
"32% "33%
2~900
29%
85%
600
28%
20%
68%
4%
Apr
Sept
Sept
3%
33%
29%
29%
85%
6
16%
20%
37%
112%
105%
9%
18%
49
110%
2
Oct
Mar
Nov
Jan
Oct
Nov
July
Nov
Nov
6%
10%
Sept
5
Sept
14
Sept
Oct
85% July
18%
5%
5%
3%
5%
3%
20
10,200
100
Sept
Sept
31%
91%
7%
22%
92
Nov
101%
Mar
4
Sept
7%
3%
Nov
Apr
Jan
July
11
""9% "16%
Parkersburg Rig a Reel..I
Patchogue-PlymouthMUls*
Class \ $1 40
9%
Jan
90
10
Pender (D) Grocery A....
Class B
Peninsular Telephone com*
Apr
69
24%
24%
99
Paramount Motors Corp.l
8ept
1%
69%
0%
92%
Apr
Apr
Nov
3%
5
Sept
Jan
Apr
Sept
1
5%
Jan
Jan
41%
Omar, Ino...
18%
124%
1%
8%
Jan
Feb
700
5%
Apr
Aug
Apr
Sept
Sept
Aug
Jan
2
"""460
Oliver United Filters B.. .*
Jan
150
Sept
*11
22
22%
107% 108
"36%
pref....*
Oldetyme Distillers
American shares
---
Mar
82
5%
'i«
98%
106%
Jan
500
5%
28
91%
Apr
*u Mar
"64%
3%
Nor Ind Pub Ser 6% pf.100
7% preferred..
100
Ohio Brass Co cl B com..*
Ohio Edison $6 pref.....*
Ohio Oil 6% pref
..100
Ohio Power 6% pref...100
Oct
Apr
Aug
Apr
66
68
25
6% prior preferred... 50
Jan
3
*77%
20
5%
xi
5%
Class B common......*
.
Novadel-Agene Corp....
3
175
86
No Am Utility Securities.*
Nor Central Texas Oil...6
Nor European Oil com
1
Oct
100
Mar
04%
1%
56 preferred
.......*
North Amer Rayon cl A__*
23
1
Mining Corp of Canada.
Minnesota Mln A Mfg...*
Minnesota P A L7% pf 100
..,
Apr
14
32%
Mldvale Co
Mid-West Abrasive....60c
Midwest Oil Co
.10
Midwest Piping A Sup.,
Nineteen Hundred Corp B1
Niplssing Mines.........
Noma Electric
Nov
1,900
%
5%
*
July
""360
%
5
5
Jan
9%
100
....
17
156
Preferred........... io
Middle States Petrol—"
t c
Class B common..
Class A preferred
NUes-Bement-Pond
Jan
3%
Sept
1%
Jan
~_*
v
Sept
5%
400
7
"4% ""4%
%
July
69
125
500
500
%
65%
3%
85%
69
5,100
Niagara Share-
Sept
2% June
7% Sept
28% Nov
85%
1,900
4%
17%
3%
Miohlgan Bumper Corp_.l
Michigan Gas A Oll.__._i
Michigan Steel Tube..2.60
Michigan Sugar Co.....*
v
Apr
May
6%
Mar
7%
100
200
8%
150
4%
17%
3%
Partlclpat preferred-16*
Metropolitan Edison—
Class B
14%
25
4%
Mesabl Iron Co..
l
Metal Textile Corp....26c
Class A
Feb
Sept
17
7
100
Apr
Sept
100
Middle West Corp oom..6
Midland Oil Corp—
2
1
McCord Rad A Mfg B...
McWilliams Dredging...*
14%
2%
7%
Class A opt warrants
Class B opt warrants-
Jan
Aug
Aug
....10
8% 1st pref
5% 2d preferred
Sept
Sept
Sept
Oct
Oct
Nov
Mar
Apr
Common
Aug
Aug
Aug
3
25
53
...
non cum
£00
7%
"l"2% "12%
...
Jan
2%
2%
40%
27%
3
common..
$6 preferred
Mexico Ohio Oil
Aug
4
%
Jan
Jan
May
Apr
May
Apr
Apr
May
Apr
43
1,000
9
"12%
Founders shares
New York Transit Co
N Y Water Serv
6% pf.100
Feb
Nov
Intl Marine
6)4% A preferred
12%
8%
Sept
75
18
$6 preferred....
Nov
34
4
40
Communlca'ns ordreg £1
Margay Oil Corp........*
$2
July
26
%
conv
Midland
19%
1%
1%
Apr
%
preferred....
Mapes Consol Mfg Co..
$2
%
*i«
Lucky Tiger Comb G M.10
Lynch Corp common....6
Majestic Radio A Tel._.l
Manatl Sugar opt warr...
Mangel Stores.
;i
Massey Harris
11%
9
%
5%
7%
Niagara Hudson Power—
Common..........
7% preferred....... 100
8% pref class B
100
Loudon Packing
Marconi
12%
121% 127
N Y
Jan
2%
1,800
6
53 X
Warrants...
2% Sept
Long Island Lighting
$6
3
5%
53
127
N Y A Honduras Rosario 10
N Y Merchandise
10
N Y Pr A Lt 7% pref.-lOO
25% July
22
Loblaw Groceterias cl A..*
69
N Y Auction Co com....*
N Y City Omnibus—
Jan
17
550
73
New Process Co.
Oct
23
300
100
*
New Jersey Zinc..
25
New Mex A Ariz Land
1
Newmont Mining Corp. 10
Sept
10% Nov
1%
Apr
23% May
46
4,800
$2 preferred
Jan
Sept
5
88%
New England Tel A Tel 100
New Haven Clock Co...
New Idea Inc common.._
Sept
10
33%
87%
100
6% preferred
May
1%
8%
4%
%
1,500
Sept
7
July
172% May
33% June
31% July
Apr
Nov
Jan
2%
'u June
11%
2%
28%
5%
100
New Engl Pow Assoc
17% May
Apr
Nov
22
6% preferred
25
Lit Brothers common....*
Locke Steel Chain.......5
Lockheed Aircraft
Lone Star Gas Corp.....*
Sept
Sept
5
200
12%
3%
53
Nestle Le Mur Co cl A...*
Nevada Calif Eleo com. 100
Mar
Apr
Apr
45%
87%
Nelson (Herman) Corp...5
Neptune Meter class A
*
Mar
2
Mar
7
2,400
1,200
100
9
3%
*
47%
15
Lefcourt Realty common 1
Conv preferred
0
12%
Nat Union Radio Corp
1
Navarro Oil Co
..._*
Aug
Sept
Mar
300
Class A
Class B
12.60
Sept
Langendorf Utd Bakeries-
Lehigh Coal A Nav
...
Nov
23%
Apr
Apr
May
Tea5%% pref. 10
National Transit.
87%
1,300
Jan
Mar
Apr
7%
National Oil Products...4
July
July
67
"23% ~26
4%
%
122%
6%
9%
Feb
Sept
Oct
3%
Ang
28
15%
Oct
38
23%
4%
8%
%
si«
42
Nat Rubber Mach.......*
7
7%
7%
Apr
3%
100
11
15%
National P A L $6 pref...*
National Refining com...*
Sept
Apr
$9
11
11
41%
National Steel Car Ltd...*
National Sugar Refining.*
Apr
100
15%
Jan
13
100
17%
42
Aug
Jan
11%
17%
$3 conv pref
60
National Container (Del).l
National Fuel Gas.......*
Nat Mfg A Stores com
*
Feb
11%
4%
"""30
14%
29
% June
National Candy Co....
54
10
6
133%
11%
7%
SNebel (Oscar) Co com...*
Nebraska Pow 7 % pref. 100
Nehi Corp common......*
1st preferred..
._...»
15%
5%
132"
National City Lines com.l
Sept
Oct
24%
5%
Nat Auto Fibre com....
Mar
Jan
100
*
Nachman-Springfilled.
July
Jan
5%
111
%
2,300
2,300
Nat Bellas He« com
1
Nat Breweries 7% pref..2"
June
9
4%
Sept
21
1.300
4%
147
Apr
Aug
Oct
Oct
7
6% preferred..
Sept
6%
%
50
Muskogee Co com....
118% May
22
200
28
4%
5%
Murray Ohio Mfg Co...
Muskegon Piston Ring.2%
98% June
102% June
107% June
48%
25%
29%
'%
..10
Mar
19%
Oct
22% Sept
'u Mar
4%
Jan
2% Sept
163
25%
"28"
(Mountain States Pw 00m*
45
1st pref....100
Kress (S H) special pref. 10
163
Mountain Sts Tel A Tel 100
8
7H
Koppers Co 6% pref... 100
Kresge Dept Stores—
.1
Jan
78
103% 103%
35
Kansas Q A E 7% pref. 100
Lane Wells Co com
"~50
Mar
Jersey Central Pow A Lt—
Lakey Foundry A Mach
Lane Bryant 7% pref..100
164
Mountain Producers.
14%
•u
Lake Shores Mines Ltd
1
1%
5%
*
Apr
8% June
800
Oct
8
Apr
9%
400
Montgomery Ward A.
May
Sept
17%
Investors Royalty.......1
conv
900
1%
Feb
2%
4%
Interstate Power $7 pref.*
4%
400
5%
2
4%
Tioo
Iron Fireman Mfg vtc
Knott Corp common....1
Kobacker Stores Ino.....*
11%
5%
1
Sept
32%
High
Low
Monogram Pictures com.l
July
100
Range Since Jan. 1,1939
14%
39%
34
for
Week
Shares
Monroe Loan 80c A
Mar
%
Jan
100
Key Co com
High
11
5%
Oct
Feb
11
"z
Mills
Kimberly-Clark 6% pf.100
Kingsbury Breweries....1
Kings Co 14? 7% pf B.100
6% preferred D
100
Kingston Products
1
Klrby Petroleum
i
IjOw
Monarch Machine Tool
Moody Investors part pf.*
fMoore (Tom) Distillery_1
Mtge Bank of Col Am ahs
Mountain City Cop com 6c
350
.....
Interstate Home Equip. _1
Ken-Rad Tube A
Price
Molybdenum Corp
27
July
10%
Vitamin—1
Kennedy's Ino
I Friday
...$2.50
Common...
Jan
Jan
20
1,700
34
$1.76 preferred
....*
$3.60 prior pref
Warrants series of 1040
Keith (Geo
of Prices
Montreal Lt Ht A Pow..*
%
H
1939
Mock, Jud, Voehrlnger—
Nov
Jan
X
10%
Class
Jones A Laughlln steel.100
Julian A Kokenge com..*
Week's Range
Montana Dakota Utll... 10
8
Class A
Interstate Hosiery
25
High
21%
20%
4%
Internat Safety Razor B.*
International Utility—
International
Low
h*
*
—
11%
(Continued)
11%
2%
19%
20%
4%
2%
20%
Last
Sale
STOCKS
Range Since Jan, 1, 1939
Week't Range
for
Week
of Prices
Low
High Shares
Internal Metal Indus A..*
25,
Sales
Sales
Friday
STOCKS
Nov.
Exchange-Continued—Page 3
"""266
Jan
4%
July
July
Mar
July
16
Jan
31%
Apr
14
Mar
28
34
130
15
Mar
34
Nov
44%
14%
31%
44%
15%
31%
50
35
Apr
45
Nov
600
Apr
15% Nov
34% June
37%
37%
25
100
8%
7%
29
Jan
29%
pref25
Oct
29%
31
Apr
38
53
Jan
65
Oct
Perm Edison Co—
$2.80 preferred........*
$5 preferred
•
Penn Gas A Eleo class A..*
2%
Oct
5%
July
July
Jan
Volume
New York Curb Exchange—Continued—Page 4
149
Sales
Friday
STOCKS
Last
{Continued)
Week's Range
Sale
Par
Peon Mex Fuel Co—
Penn Traffic Co
of Prices
High
Price
Low
1
I
X
100
2X
2%
8X
2,950
111%
300
107% 107%
20
%
2 %
8%
Pa Pr 4 Lt $7 pref
111%
$6 preferred.
Penn Salt Mtg Co
*
60
Pennsylvania Sugar com 20
174%
Pa Water 4 Power Co.
8X
111
600
Apr
"11
Par
Mar
Sherwin-Williams
2%
Nov
Sept
98
Jan
92%
Jan
July
135
Apr
179
Sept
15
Feb
18
Sept
71
72 X
68
Mar
86
85
86
125
58
Apr
23%
Apr
Pbarls lire 4 Rubber
8%
7%
8%
2,300
7
Apr
84%
94%
27%
10%
Philadelphia Co common.*
Pbila Elec Co $6 pref—
8H
8%
8%
1,300
5
Apr
9%
114
Sept
120
Aug
30%
30%
50
29
Sept
31
Oct
PhtllJpe Packing Co
Sept
Aug
Jan
Sept
*
6%
6%
7%
2,900
2%
Jan
7%
Sept
1
6
6%
3,600
2%
Apr
A.. 10
29
30
250
16
Apr
July
July
11%
11%
100
9
Aug
9%
36%
18%
%
2%
Sept
Phoenix Securities—
Common
Pierce Governor common.*
1
Pines Wlnterfront Co
*i«
Pioneer Gold Mines Ltd—1
Pltney-Bowes
1%
TM
2
Sept
1%
Sept
Feb
Jan
Postage
Meter
7%
100
7%
60
Pitts Bess ALE RR
5%
Apr
40%
1
Pittsburgh 4 Lake Erie.60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc com
7 .60
Pneumatic Scale com—10
Pittsburgh Forglngs
Co
25c
common...5
Powdrell 4 Alexander....6
Power Corp of Canada—*
100
6% 1st preferred
Pratt 4 Lambert Co
*
Premier Gold Mining
1
Prentice-Hall Inc com....*
Pressed Metals of Am—1
Producers Corp
26c
Prosperity Co class B
*
Providence Gas—
—*
Prudential Investors
*
$6 preferred
Public Service of Colorado
Polaris
Mining
Potrero Sugar
11%
12
1,100
6%
Apr
60
60
61
230
42%
Sept
9%
"99"
99
Aug
6
Apr
12
Sept
1,200
90
Apr
117
Mar
Mar
115%
Mar
14
Jan
400
"116
*18
Apr
16%
July
1%
Apr
16
9%
300
2%
Feb
Apr
3
Jan
Sept
219
Jan
Sept
13
preferred
*
86 preferred
*
Public Service of Okla—
6% prior lien pref.-.100
7% prior lien pref—.100
Puget Sound P
L—
85 preferred
*
86 preferred
*
Puget Sound Pulp 4 Tim.*
Pyle-Natlonal Co com..-5
Manufacturing.. 10
common.—*
100
Quebec Power Co
*
Ry 4 Light Secur com...*
Railway 4 Util Invest A. .1
Raymond Concrete Pile—
200
1%
Apr
4%
60
36%
4%
5
8%
1,800
"22"
22
200
5% original preferred.25
6% preferred B.
25
5%% pref series C...25
Sept
Nov
12
Mar
Apr
May
102
Apr
23
Mar
""400
16%
1%
35%
1%
1,500
36
36%
50
11
11
1%
8%
"22%
100
%
6%
1,600
6
6%
600
2%
Oct
42
Apr
7
1,600
5%
Sept
1%
100
Tel—.100
Preferred A
11%
Jan
June
Nov
5%
2%
5%
2%
19%
400
18%
18%
19%
1,400
27%
27%
27%
1,600
93
Jan
Sept
103%
110
Aug
June
74 A
74%
77%
1,050
34%
24
26
2,500
14
Jan
10%
10%
300
4
May
7%
121
7%
120
""800
121
150
150%
6%
4%
9%
%
Apr
Feb
77%
Nov
tl*
Sept
Aug
Jan
12
7%
Nov
110
108
Apr
126
Aug
50
139
Oct
158%
Jan
Mar
20
9%
9
200
%
18%
July
16
9%
Jan
1
10
Standard Oil (Ohio) com 25
5% preferred..—...100
Standard Pow A Lt
1
12%
Mar
Nov
%
June
Mar
26%
Co—1
Standard Silver Lead
1
Standard Steel Spring
5
Standard Tube cl B
1
9
9
Standard Products
Ordinary shares
Stein (A) A Co common..*
Sherchl Bros Stores
*
h%
%
1%
73% June
10
5%
600
"3%
"3% "1%
%
%
"700
Corp
100
4%
14%
4%
100
£14%
15%
4,400
*
2
»u May
Feb
Tastyeast Inc class
105%
Aug
Apr
112
Oct
15
Apr
Jan
Taylor Distilling Co
-1
Technicolor Inc common.*
34%
52
52
4%
4%
31%
%
%
12%
600
32
*16
12%
12
2%
28%
May
200
%
May
%
4%
31%
July
9%
Sept
1,400
4,900
80
Tobacco Piod Exports—*
Jan
Apr
%
Mar
43
Jan
Apr
71
Jan
2%
7
Sept
6%
Mar
Sept
2%
14%
1%
July
Nov
Sept
15
May
Sept
Texas P A L 7%
100
800
86 pref
*
Scran ton Lace common..*
Scranton Spring Brook
Scranton Elec
23%
24
30
3
300
21
23
3.750
8%
12%
13
500
9%
9%
1%
62
100
108
108
25
62
108
10
98%
105%
%
500
1%
2%
1%
3
1,300
Sept
Tri-Contlnentai warrants..
5t«
%
Trunz Pork Stores Ino
10%
35%
3%
10%
200
35%
3%
50
7%
7%
64
Sept
Aug
17
Jan
Oct
Sept
2%
41X
June
1%
Sept
9%
18%
Jan
Aug
Sept
Apr
15%
38%
114%
16%
June
24
Nov
Jan
36
Aug
Securities Corp general—.*
10%
700
5%
Sept
1%
1%
600
%
Aug
1
200
%
May
15%
2
Oct
Aug
Apr
Sept
Sept
-*
"43%
43%
200
Mar
1%
43%
Segal Lock 4 Hardware..1
Seiberllng Rubber com...*
•is
%
>16
1,900
%
June
»*u
8%
8%
8%
700
4%
9%
Jan
10
Oct
Aug
15
Apr
42
*
31
Feb
Tublze ChatUlon
1
%
%
6%
85.50 prior stock
25
Allotment certificates
10%
35%
Tung Sol Lamp Works—1
8O0 dlv preferred..—..*
56%
56%
2
2
Sept
100
6
3%
Apr
Feb
65
»,«
Corp warrants
♦
United Gas Corp com
1
2
inon-votlng.*
90
1st $7
pre
70
Mar
$6 1st preferred..—--*
6
Shawlnlgan Wat 4 Pow__•
19%
100
Apr
5% June
17
Oct
Aug
»n May
Sept
Jan
July
%
Apr
6
2
89%
2%
94
2,100
hi
74
1%
"i~X
4~666
1%
1%
1 %
2,400
31%
34%
5,700
Jan
1 %
July
% June
19
Apr
20
32
•is
3%
Apr
80
1%
1%
7
% June
Nov
Oct
Oct
Nov
Apr
900
June
Mar
Oct
5,700
*
$3 preferred
%
3
Jan
Jan
Mar
94
Jan
Nov
"is
89%
3
Feb
July
Jan
2%
Jan
36%
Mar
23
Mar
69%
Jan
73%
Mai-
4%
Nov
6%
Mar
United Molawes Co—
Am dep rets ord reg
United N J RR A Canal
100
237
10
Sept
United Profit Sharing._25r
%
22%
Ma'
United Shipyards cl
A—1
1
11%
Class B
For footnotes see page 3389.
Sept
800
Aug
2%
9%
2%
14%
11%
50
1%
Jan
Mar
10%
2,400
600
4ug
3%
Jan
38
Mar
5%
1%
*
Mar
Sept
Sept
10%
Jan
Jan
Apr
United Chemicals com...*
United
Jan
3%
8%
100
%
Apr
100
18%
11%
%
July
June
Jan
%
July
8%
13%
38%
19%
Sept
Apr
Sts_. 10c
Mar
Sept
1%
Mar
Nov
6
12%
9%
July
Apr
10%
69%
%
2%
100
Apr
%
108
Apr
Apr *114%
Feb
%
"766
Un Cigar-Wbelan
Mar
Feb
12%
$3 cum A part pref
Jan
Jan
1%
18%
Aug
1%
15
81
12%
May
1
Oct
Feb
5%
"17%
•
United Elastic Corp
Sept
Aug
17%
Union Premier Foods
%
1,200
May
Hts.l
Union Gas of Canada
4%
1%
2%
1%
Unexcelled Mfg Co.....10
48%
48%
£1
6%
Jan
63
7% May
7
Apr
Apr
2
Apr
United Milk Products...*
6%
Nov
2
15%
Oct
1
Jan
Selfridge Prov Stores—
Sbattuck Denn Mining..
23
Sept
Series B pref
100
Seton Leather common...*
Apr
Aug
"11
*
Ulen A Co ser A pref
Option warrants
United G A E 7% pref.100
United Lt A Pow com A--*
Common class B
*
1,400
6%
Jan
Jan
*n June
*
Corp...1
Ol&ss
Nov
Selected Industries Inc—
Convertible stock..
1
2,700
Iranswestern
July
1
1%
Jan
Feb
Aug
June
20
Union Investment com—♦
10
45
30
111% 112%
7% preferred A
100
Tonopah Mining of Nev.l
Trans Lux Pict Screen—
1
Oil Co—.10
%
21
*
Mar
4
2% May
3%
»
Toledo Edison 6% pref.
Common
114%
14
34
Nov
%
ls15
22%
108%
Jan
3
Def registered 5a
Oct
4%
107% 108%
...—£1
Ordinary reg
Todd Shipyards Co'p
Jan
38%
%
14
5%
36%
Tobacco Secur Tr—
%
45
7
32%
Aug
Sept
Aug
94
Oct
37
Amer dep rets reg
Nov
11
300
Sentry Safety Control.
Sernck Corp
Mar
Nov
7
Apr
900
Common
42
16
57
250
14
Mar
Oct
Stocks..*
1%
32%
45%
Apr
Tobacco A Allied
8%
6
Jan
Nov
June
Oct
1%
Sanford Mills
Sept
4
5
8
Selby Shoe Co
1,300
Apr
Salt Dome Oil Co
Seeman Bros Inc
7
6
1%
Samson United
52
Nov
2%
38%
13
40%
6%
1
2%
4%
1
Corp com.l
12%
Apr
34%
Tlshman Realty A Constr*
Apr
Warrants..
TOO
Jan
%
•
34%
Feb
500
4,000
Jan
Aug
Apr
1%
July
Jan
Scullln Steel Co com
10
2%
Aug
3%
Feb
Sept
13%
3
2%
1
11
24%
15%
2%
7%
Aug
Apr
July
47
5
Oct
9%
Sept
Sept
July
Apr
1%
Nov
Sept
13%
8%
Apr
1%
Aug
5%
Apr
pref—100 107%
2
Thew Shovel Co 00m—.6 "23"
Tllo Roofing Inc
-.1
Aug
Water Service pref
200
Class B com
Swan Finch Oil Corp
»>i
31
A....1
Apr
1%
25
200
Superior Port Cement
$3 .30 A part
102
35%
1%
Scovlll Mfg
12%
2%
11%
5% 07 conv pref
Feb
*
Ryerson 4 Haynes com.. 1
St Lawrence Corp Ltd...*
Clas A *2 conv pref...50
14
37
6%
Machinery..—*
*
*
15
Taggart Corp com
1
Tampa Electric Co com..*
800
""450
62
Jan
8
1
37
"61% "61
Apr
Sept
*
5
*
Co com
4%
12%
May
2%
28
50
Superior OH Co (Calif)-.25
*
Schlff Co common.......*
1,600
1%
11%
%
Savoy Oil Co
5%
23%
11%
JaD
June
4
Stetson (J B)
112
International'..
100
5%
74
Jan
96
ord reg—£1
4%
Jan
100
Roosevelt Field Inc....-.5
Nov
22
Feb
Sunray Oil
May
Oct
4
Punray Drug Co
%
Apr
%
Mar
Jan
100
14
1,200
2%
July
Jan
25
1%
100
Sept
Jan
22
22
2%
•is
Sept
Oct
2%
-
8%
%
Sept
Sept
6%
33%
4
*u
2%
3
Jan
6%
Apr
Apr
July
Oct
Jan
Apr
%
15%
Jan
Aug
Feb
45
900
2,000
Apr
Sullivan
Sept
Mar
1%
Jan
%
10%
7%
5
1%
Apr
4%
July
100
Feb
200
1%
2,400
37%
400
Stroock (S) Co
3%
%
May
6
Stlnnes (Hugo)
Nov
Feb
Jan
1
2%
Jan
Sept
July
1%
6%
Jan
7%
Apr
107
2
Mar
16
Jan
Sept
2%
2%
Mar
Nov
Apr
%
6%
41
2%
27%
17
Jan
1
1
21
13*366
5%
Nov
Apr
3i«
20
Sterling Brewers Inc
Apr
9% June
5%
19%
17%
Sterling Aluminum Prod.l
Apr
%
July
6%
50
6% 1st preferred
5 <7 2d preferred
Aug
5
14
1%
40
(The) Corp v t c.l
"11
23
12%
June
21
%
Jan
May
7
42%
•is
40
phate A Acid Wks Inc.20
12
100
July
Steel Co of Canada—
35%
~i",206
26
Wholesale Phos¬
10
26%
Nov
9%
1,100
26
700
200
July
%
%,
25
50
-
Jan
Mar
18
2%
102
•is
*
Sterl.ng Ino
13
%
Apr
Aug
—*
Preferred
Starrett
Mar
Mar
Sept
Dredging Corp—
Common
Standard
24
*u
3%
19%
Standard Oil (Ky)
100
Jan
3%
19%
Mar
July
July
Mar
uM
7%
Aug
Oct
4%
30
July
200
Texon Oil A Land Co
7% preferred
100
%
100%
44%
ht
14
50
26
Jan
Nov
23
14
50
1,600
6%
40%
July
1%
%
Oct
Sept
Aug
2
9%
40%
Oct
5
Oct
12%
39%
Aug
18
Sept
9%
18%
40 A
Aug
65%
160
26%
14
10
Aug
29% June
June
29%
2%
July
100
*
Standard Cap & Seal com
46
15%
2%
12%
Aug
Oct
Sept
Mar
12%
$1.60 conv preferred..20
82
Mar
10
100
Standard Invest $5% pref*
Jan
Apr
Jan
1%
Aug
400
Aug
44%
3%
Apr
2%
13
13
1%
100
Mar
10%
St Regis Paper com
600
Aug
Nov
% June
4%
2%
1,500
4%
1,050
Inc
82.50 conv pref
6
Jan
22%
..*
Conv preferred
Jan
40%
Nov
Rolls Royee Ltd—
Ryan Consol Petrol
36%
22%
25
Sept
76%
6% pref D
... —100
Rochester Tel 6 % % prf 100
Rustless Iron 4 Steel
15
15
"l3"
300
2%
•is
74%
(Daniel) common.*
Ave
2%
Spanish A Gen Corp—
Am dep rets ord reg..£l
Srenoer Shoe Corp
*
Standard
Jan
3%
iSt preferred—
Stahl-Meyer Inc
Standard Brewing Co
May
42
148
Co...5
Common class B
Relter-Foster Oil
*
*
2%
1
Sept
6%
8%
74 %
2
Royalite Oil Co Ltd
Royal Typewriter
Sept
25
Apr
Jan
,
2
1
pref——20
27
800
Jan
in
3
89
*
*
Co
600
28%
7
1%
com...5
29%
Southern Colo Pow d A.25
7% preierred
Oct
43
29%
28%
Spalding (A G) A Bros...*
Sept
Aug
42
29%
Jan
Apr
1,000
Nov
100
Calif Edlson-
Southern
22%
3
1%
South Coast Corp com... 1
39%
Apr
13
Roeser 4 Pendleton
8
25
May
38
60c
Reliance Elec 4 Eng'g—.5
Republic Aircraft
1
§ Reynolds Investing
1
Rice Stlx Dry Goods
*
Richmond Radiator
1
Rio Grande Valley Gas CoVoting trust ctfs
1
RochesterG4El 6%pf C100
Apr
1%
Southwest Pa Pipe Line. 10
•is
1
Reed Roller Bit Co
Mar
3%
Co
com
Southland Royalty
South Penn Oil
1%
13
Red Bank Oil Co
1%
1%
1
Mfg
Mfe
Oct
800
38
*
1
1
S068
Nov
300
50c
1
Solar
July
"16
83 conv preferred...—*
Common
June
1%
101%
6% preferred
Ratheon Mfg com
Jan
%
10%
1%
8%
4%
Pyrene
Quaker Oats
84%
5
11%
2%
2%
5%
July
87 prior
100
Apr
1%
Apr
4%
8klnner Organ
Feb
>»!•
1%
Oct
July
3
%
7%
Jan
Feb
116
1%
8
9%
Nov
fifth
Sioux City G & E 7 % pf
1%
163""
16l"
162
*
25
100
112
Russeks
1%
Simplicity Pattern com..J
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Souther* Union Gas
9%
101%
106
Rossla
113%
Feb
16
10
Apr
81.20 conv
Oct
9%
pref
Simmons H'ware A Paint.*
conv
Southern Pipe Line
Feb
Root Petroleum
$3
Sept
107
Am dep rets
High
Aug
Sept
'u
*
South New Engl
Aug
104
preferred
Rome Cable Corp
Low
81
.
common
Sept
100
Reeves
300
10
8%
43%
14%
75%
Oct
11%
7% 1st preferred
100
Public Service of Indiana—
6% 1st
95%
Sonotone Corp......
Phlla Elec Pow 8% pref 25
Conv S3 pref series
95
Slmmons-Boardman Pub—
50
650
Sept
Range Since Jan. 1, 1939
Shares
106%
Stlex Co
450
*
Perfect Circle Co
High
Shreveport El Dorado Pipe
Line stamped.
25
~72
100
Pepperel) Mfg Co
95%
Nov
16
174%
170
com..25
Nov
15
_
Low
for
Week
of Prices
Price
5% cum pref ser AAA100
Sherwin-Williams of Can.*
Apr
1% June
Apr
5%
3%
10%
111%
107%
Week's Range
Sale
High
Low
2
1
Last
{Continued)
X
Penn Cent Airlines com_.l
STOCKS
Week
Shares
..2.50
Pennroad Corp com
Friday
! Range Since Jan. 1, 1939
for
3387
Sales
2%
Jan
200
11%
2%
*18
11%
400
2%
600
242
Feb
•11
Jan
9%
July
Sept
11%
Nov
1%
Jan
7%
Oct
Sales
Friday
STOCKS
Last
Week's Range
for
{Concluded)
Sale
of Prices
Low
High
United Shoe Mach com.26
26
Preferred
United Specialties com
U S Foil Co class B
Price
81H
42 X
80
81X
42 X
43 X
1,100
X
100
*61
61
62
18K
2X
18K
—20
26K
26
1
2K
3
19X
27 X
2X
3X
X
*
*
1
2K
2X
3X
675
Conn Lt A Pr 7s A—1951
Feb
28
Nov
21
IX
IX
100
AUg
Apr
Jan
7
1st ref mtge 3s ser P. 1969
Consol Gas (Bait City)—
Jan
X
Jan
Feb
6X
Mar
'it
~~9X
"T
18
58
19 X
275
19X
600
IX
200
20X
25
27X
29
IX
58 X
IX
300
74
75
4,000
58 X
Apr
77
Jm>
91 % 171,000
61
4,000
79 X
Apr
93 X
61
55X
Sept
Aug
Jan
2X
93 X
94
19,000
88
Sept
68 X
97
105 X 106
17,000
102X
Sept
107K
108
11,000
102
Sept
109 X
Sept
4X
Apr
17 X
Jan
Oct
Cudahy Packing 3 KB. 1955
Delaware El Pow 5Kb 1959
6
Jan
9X June
Denver Ga« A Elee 6s. 1949
19
Feb
3X
Sept
68
30
JaD
20
32
Sept
2X June
2X
Mar
X
Jan
Apr
July
6
6
100
*
5X
5X
200
—.100
3X
4X
74 X
*
*
58
1
4
Sept
May
July
Nov
Oct
*«•
IX
Feb
Feb
IX
Sept
Nov
12K
7X
Sept
Feb
*2**
Western Air Express.....1
Western Grocer com
20
6X
OX
Mar
Florida Power A Lt 6s. 1964
Sept
Apr
2X
Sept
Jan
14X
Nov
6
100
2
96X
60
86
2X
3
4X
2,400
X
Apr
600
2X
5X
Mar
4X
Sept
7
61
61
10
Apr
3H
100
3X
Jan
Mar
June
Sept
Jan
62X
Oct
Sept
Western Tablet & Statlony
Common
10
Westmoreland Coal Co...*
UK
11X
11X
125
Westmoreland Inc
10
10
10
200
8K
8
5%
7X
IX
Williams Oll-O-Mat Ht—*
8X
OX
7X
IX
8X
Apr
8X May
10
Nov
1,000
31X
Sept
50 X
106 X
81
Oct
109 X
Oct
22*666
Apr
94 X
Nov
Oct
104X
25X
15
Feo
July
99
24,000
103 X 104 K 159,000
89 X
92
100
95
47
47
"94X
47
1108
108K
93X 94X
171
15
98 K
98X
6s
ex warr
104
stamped. 1944
General Bronze 6s
1940
General Pub Serv 5s—1953
Gen Pub Utll 6 Kb A. 1956
•General Rayon 6s A. 1948
Gen Wat Wks A El 5s. 1943
Georgia Power ref 5S..1967
Georgia Pow A Lt 6s.. 1978
♦Gesfurel 6s
1963
Glen Alden Coal 4s
1965
Oobel (Adolf) 4Kb... 1941
83
100 X
IOOX
94 X
174
95 K
94 X
107
66X
18
70X
}59
71X
62
47
Mar
62
45
Apr
Apr
53
Jan
36
60
Feb
July
60 X
60 X
Conv debt 4Kb C..1948
Conv deb 4Kb
1949
Conv deb 6s
i960
Debenture 6s
1968
Conv deb 5Ks
1977
Assoc TAT deb 5Kb.A'55
Atlanta Gas Lt 4K8..1955
Atlantlo City Elee 3Ks '64
Avery A Sons (B F)—
6s with warrants...1947
6s without warrants 1947
Baldwin Locom Works—
125
125
106X 107X
55X
55 X
60
30
Sept
30
102
102
A St
Ry 5 KB
Heller (W E) 4s
1938
w w—1946
Houston Gulf Gas 6s.. 1943
4X
Nov
4X
Apr
8X
Sept
6 Kb ex-warrants... 1943
Houston Lt A Pr 3 Xb. 1966
Aug
6X
Sept
♦Hungarian Ital Bk 7Ks'63
8X
Sept
Sept
15X
Mar
8X
Mar
X May
2X
Sept
6s series B
1949
Idaho Power 3X8
1967
111 Pr A Lt 1st 6s ser A. 1953
1st A ref 5Xb ser B.1964
110
1
*65"
106*"
103 X
1956
IOOX
96 X
C
30
30
30
24
35 X
4^666
65
67
105 X 106 X
102 X 103 X
IOOX 101X
90X 96X
27X
35X
26X
25 X
35 X
69X
69 X
127 X
105 X
1947
1963
6s series C
1951
lolx
Indiana Hydro Elee 6s 1958
Indiana Service 5s
1960
1st lien A ref 6s
1963
70 X
70 X
72
Nov
70 X
69 X
71
Jan
♦Indianapolis Gas 6s A 1952
65 X
65 X
Nov
Indpls Pow A Lt 3 X 8.1968
International Power Sec—
Jan
108 X
Oct
98
Jan
107 X
Nov
ioox
100X
103X
Nov
96
Jan
87
Jan
81X
Jan
106
83 X
94
Sept
Apr
Oct
109X
ioox
104
Nov
June
Nov
7s series E
1957
Oct
July
7s series F
..1952
115
Sept
108 X
128
101X
41X
Sept
107K
Nov
Interstate Power 5a...1957
Debenture 6s
1952
Jan
68 X
Aug
1956
4Kb series F
1958
45X
Aug
Nov
47
Aug
Iowa-Neb LAP 5s__.1957
26 X
Nov
49 X
Aug
25 X
Nov
41
71
35 X
Nov
47 X
69
Mar
67
Sept
100
Sept
15*666
97
83
Aug
May
Isotta Fraschlnl 7b
1942
Italian Superpower 6s. 1963
Sept
106 X May
109 X June
6s stamped
95
2,000
88
Sept
102
Aug
80X
2,000
82
Oct
95
July
Apr
139
Sept
105»it 105I5«»
113K 115X
Bethlehem Steel 6s... 1998
138*"
Birmingham Elee 4Ksl968
Birmingham Gas 6s... 1969
95 X
137 X 140
95
95 X
93 X
94X
116
94
116
99
"97 X
Canadian Pac Ry 88—1942
Carolina Pr A Lt 6s...1966
Cent Power 6s ser D—1967
10QX
Cent States Elee 6a
1948
*38*"
5X8 ex warrants... 1964
Cent States PAL
5Kb'63
Chicago A Illinois Midland
4Xa A
1956
Chic Jet Ry A Union
Stook
38 X
83 X
99 X
97
98
83 X
84
106
106 X
82 X
47
3389,
46X
45X
07 X
67X
54X
54X
69X
55 X
IOOX
IOOX
48
24,000
96 X
99
Jan
Apr
Sept
8
68 X
68
110K
Nov
July
July
June
Feb
Sept
106 X
Nov
95X
Apr
July
92X
Sept
104 X
103 X
85 X
Jan
98
Aug
Nov
Apr
Apr
105K
99 X
106
Nov
*31*666
85
Apr
102
July
8,000
43,000
84,000
5,000
9.000
49
7,000
1,000
20,000
12,000
83,000
15,000
86
50X
Jan
99 X
Nov
Apr
75 X
Aug
Aug
60 X
Apr
Nov
99 X
Sept
30
Nov
Sept
74
88X June
110
May
62 X
Jan
31
Sept
64
Mar
31
Sept
55 X
55
73
38 X
Apr
Jan
Mar
Aug
55 X
Nov
82
Jan
102
Aug
77
Jan
102 X
98 X
Jan
105X
Aug
Nov
157X
105
Nov
108
Mar
57 X
Sept
Oct
80
Jan
30X
Sept
44
Mar
49 X
Aug
80
40
40 X
4*8*,660
6s series B
48 X
52 X
Jan
10,000
38
Jan
X
11,000
102
May
105K
105X 105X
24,000
102
Sept
106X
Mar
106 X
105X 106X
8,000
98
Sept
108
Mar
114
Sept
126 X
Aug
Apr
Sept
103 X
107
Nov
Jan
104 X
Nov
Aug
July
1942
103 X 103
1947
4Ks series C
1961
Kansas Elee Pow 3 Xb. 1966
Kansas Gas A Elee 68.2022
1122K 125
6,000
103
130 X
July
OXb series D
1948
102 X 102 X
105 X 106
8,000
126
Sept
150
Aug
5Xb series F__
1955
104 X 104K
48.000
86
Jan
Jan
July
Aug
1969
69 X
100 X
97 X
6s series 1
10,000
5.000
81
Jan
102
July
Oct
105 X
May
105
Mar
Lexington Utilities 5s. 1952
Llbby McN A Llbby 6s '42
Oct
Long Island Ltg 6s.—1945
Louisiana Pow A Lt 6s 1957
Mansfield Mln A Smelt—
89
Jan
Sept
30X
46
40
98
102X
2,000
48
Jan
July
75 X
Sept
96 X
81
Jan
Apr
98
Aug
107X
20.000
35
Jan
46
Mar
38 X
7QX
40 X
65,000
47,000
32
Jan
46 X
Mar
72
65 X
Jan
74K
Aug
98
Apr
3,000
37,000
101
Sept
105
June
107
Feb
Kentucky Utilities Co—
1st mtge 6s ser H—.1961
Lake Sup Dlst Pow 3Ks *66
♦Leonard Tieta 7K8--1946
♦7s without warr'ts.1941
Marlon Res Pow 4 Kb. 1954
McCord Rad A Mfg—
6s stamped
1943
101
105 X
101X
105 X 105 X
40
19
2,000
5,000
1,000
19,000
12,000
89 X
100
93 X
88
Sept
102 X
98 X
Oct
Jan
108 X
30
Mar
103 X
Jan
105
Jan
104 X
103 X 103 X
103 X 104
lb'ooo
22 X
95
2,000
102 X
103 X
103 X 103 X
107X
106 X 107X
18,000
11,000
tl2X
102 X
Sept
Mar
Aug
Feb
Nov
107X June
28 X
31X
Aug
Sept
105 X
May
45
76
Jan
99X
-
1104 K 104 X
170
91
Aug
May
75 X
Nov
Oct
98 X
July
Mar
Memphis Comml Appeal
44 X
104 X
50 X
Jan
Oct
70 X
79X
85
105
126
6,000
101X
45X
47X
101X
46,000
IOOX 101X 117,000
105
105K
24,000
105
105
1,000
1108
110
110K
40
101
59
7,000
44,000
38,000
52,000
IOOX 101X
Sept
Sept
97
84
45X
42
Sept
38
X78X
1955
44 X
42
101X
X104X 105
101
41
103
90X
71X
41
4,000
38,000
32,000
3,000
33,000
111K June
Jersey Central Pow A Lt—
95
86
18,000
103 X
Jacksonville Gas—
95
118X 122
105X 105X
107
1106
101X 101X
98 X
98 X
108X 108 X
41
6e series B
1961
Iowa Pow A Lt 4Kb..1958
Isarco Hydro Elee 7s. 1952
15,000
Sept
Sept
July
Interstate Public Service—
Nov
U3X
111K
Sept
86 X
1966
see page
Sept
103 X
24
1st M 6a series B...1967
6s series C
i960
J*Chic Rys 6s ctfs
1927
Cincinnati St Ry 5Xb A '62
103
30
tlOOX 109
105 X 10QX
106 X
♦Convertible 6s
1960
Telep of Canada—
1940
1955
2,000
2,000
July
June
Oct
102
60
6Ks series B
102
151,000
38X 186.000
38
197,000
Bell
Broad River Pow 5s__1954
Canada Northern Pr 6s '63
112,000
102 X
104 X
Oct
8
15,000
"
108 X 109 X
SfdebSKa—May 1957
Electric Corp—
ser
64
Jan
Apr
100
109 X 110
50
164K
94 X
101K
1,000
1103K 105
1103 K 105
Mar
Indiana
6s series D
26X
109 X
July
Sept
OXb series C
106 K
Jan
Mar
8
28,000
5,000
4,000
32,000
Jan
91
25
17,000
4.000
1,000
16.000
47,000
Mar
72
35
6
June
Oct
50
Apr
Jan
Aug
Nov
59
'
112
100 X
102X 103
lOl^g
100X 108 X 180,000
100K
100X 100X
97,000
alOl
alOl
1,000
125
29
72 X
Aug
1,000
Appalachian Elee Power—
Arkansas Pr & Lt 6s..1956
Associated Elee 4Kb..1953
Associated Gas A El Co—
74 X
115K
IX
UOX
Apr
♦Hamburg Elee 7s
1935
♦Hamburg El Underground
IX
108
Sept
49
400
110
25K
64 X
45
3,700
1,500
108
Jan
i20~666
107
45
Hygrade Food 6s A... 1949
1963' 110K
Jan
40
6s series A
Debentures 4Kb... 1948
Appalac Power Deb 6s 2024
95 X
58
146
1st A ref 6s
68-2016
95X
Guantanamo A West 6s '68
Guardian Investors 5s. 1948
Sold
Seating 6s stp.. 1946
96 X
75
Jan
Grocery Store Prod 6s. 1945
OX
106
Feb
87
84,000
16,000
95X
Jan
12X
103
Apr
"eb'ooo
76
Nov
OX
106K
78
73
95X
Sept
Bonds
1968
Oct
8X
12X
1956
Jan
11
Alabama Power Co—
1st A ret 4Kb
1967
Amer G & El debt 6s..2028
Am Pow A Lt deb
90
101
7X
8X
2X
Oct
Oct
Apr
X
Jan
4X
1st & ret 5a
1st & ref 6s
ioox
75
90
Aug
Apr
1,100
1,700
Aug
Nov
6,000
29,000
106 X 107
66X 68
71X
Jan
104 X
8,000
84
99 X 100K
94 K
10,000
Apr
5X
4X
Nov
108X
99
5X
Nov
107 X 107X
104 X 104X
25
Jan
Sept
13
108
Mar
105
102
107 X
00 x
75
Jau
3,000
2,000
Apr
108 K
Nov
108
Mar
1946
Oct
15,000
104 X
108
7X
1961
105 X
Sept
150
1
Nov
Sept
98
108
82 X
1st & ret 6s
119
100
Gr Nor Pow 6s stpd.. 1950
Wisconsin P A L 7% pf 100
Wolverine Portl Cement.10
1st & ref 6s
107 X
5,000
8,000
Sept
1
For footnotes
119
Oct
U2X May
six Mar
13
Jan
6s series B.„.
Apr
Jan
Sept
Jan
BONDS
Sept
66 X
Jan
65
3
6X
103X
Feb
1*666
10
Woolworth (F W) Ltd—
Amer dep rets
6c
Apr
78
Aug
4X
6X
53 X
Feb
IX
82 X
78
Sept
6X
89,000
9X
IX
"78
IX
4X
Aug
Apr
600
100
Oct
Feb
Grand Trunk West 4s. 1960
6
4X
6X
Aug
X
10
Sept
100
8X
78 X
Apr
17
300
8K
Oct
Gary Electric A Gas—
Apr
Sept
32
1,000
4,000
X
104X 105 X
103X 104 X
Banks 6s-5s stpd. —1961
Florida Power 4s ser C 1966
Western Maryland Ry—
100
X
119
104
♦First Bohemian G1 7s '67
2X
.
.1953
Oct
X
8X
4
OXb series A
Erie Lighting 6s
1967
Federal Wat Serv 6 Kb 1954
Finland Residential Mtge
Feb
300
Jan
Jan
Eroole Marelll Elee Mfg-
Sept
'"600
2
1952
9
*ii
2
Empire Dlst El 6s
2X
96X
~2K
~79~X
1950
75
100
IX
6X
4X
4X
X
29,000
110X UOX
79X 81X 165,000
78
Elmlra Wat Lt A RR 6s '66
~~3~x ~~3X
Walker Mining Co
...1
Wayne Knitting Mills...6
Wellington Oil Co
1
5X
X
"11
X
u„
Edison El 111 (Bost) 3 Xb '65
Elee Power A Light 68.2030
42,000
18,000
6X
77 X
Aug 1 1952
El Paso Elee 5s A
64
108
5X
♦Certificates of deposit
Oct
300
Feb
105 X
♦Certificates of deposit
Eastern Gas A f uel 4s. 1956
♦Deb 7s
Jan
X
IX
X
"94"
Aug 1 1962
22
4
4
*
♦6 Kb
JX
Aug
38 X
6
Jan
1944
Detroit Internat Bridge—
Oct
Apr
Aug
July
42
Apr
*16 July
IX
Apr
10 X
Apr
1
July
15 X Sept
1
70
*
Yards 6s
July
90K
1,000
64
Waco Aircraft Co
1st M 6s series A
131
90 X
Cuban Tobacco 6s
Jan
IX
1
1st mtge 4s
Nov
Consol Gas Utll Co—
Oct
Apr
*
Amer
Aug
120
74 X
Oct
2
13 X
19 X
20 X
7% pref..100
Wright Hargreaves Ltd..*
Yukon-Paclflo Mining Co 6
108
1,000
6s ser A stamped...1943
Oct
50
Vogt Manufacturing
2
98
125
Cont'l Gas A El 6s...1958
"""266
18
57
preferred
6
Van Norman Mach Tool.6
com
19,000
125
106
125
Jan
X
IX
conv
Petroleum
1954
July
2,700
Conv
Woodley
Gen mtge 4Xb
12
3X
Utility A Ind Corp com..6
Wolverine Tube
June
2X
47 X
W1 lson Products Inc
113
Sept
Sept
17 X
500
*
Feb
101X
1109K 110
105K 106
Jan
225
Co
131
Jan
IX
Wilson-Jones
Aug
Apr
Aug
Apr
66X
*
Aug
89X
74X
126K
76,000
89X
130
*it
IX
Weyenberg Shoe Mfg
1
Wichita River OH Corp.. 10
Williams (R C) A Co
*
89 X
IX
600
3,500
Tx
7% 1st preferred
fl29
(Bait) 3K8 ser N...1971
Sept
4X
X
100
Utility Equities new 10c.__
$6.60 priority stock
1
Wentworth Mfg
1.26
West Texas Utll $6 pref..*
West Va Coal A Coke
.*
88X
66,000
Mar
Consol Gas El Lt A Power
600
300
X
Class B
Aug
88 X
Communlt"
Nov
1,700
Waltt A Bond class A
89 X
Pr A Lt 6s '57
Sept
IX
preferred
Jan
Jan
85X
8X
IX
63X
7%
72 X
72 X
85 X
19 X
2X
3
*
Wagner Baking vtc
Aug
75,000
1949
5X8
Apr
8
Wahl Co common
77 X
14 X
2
1
Petroleum
.
Apr
ix
Va Pub Serv
Apr
86X
86X
IX
Utah-Idaho Sugar
6
Utah Pow A Lt $7 pref...*
Utah Radio Products
1
Venezuelan
67 X
85X
Sept
10X
X
Universal Pictures com...1
$4
18.000
85 X
IX
Debenture 6s
200
IX
Paper......2
preferred
7
Utll Pow & Lt 7% pref. 100
Valspar Corp com
1
78 H
77
Mar
Apr
Cities Serv PAL 5X8.1952
1969
Jan
apr
66
73 X
73 X
72 X
68
Mar
66
72
73 K
Debenture 6s......1968
1,100
Universal Consol Oil....10
Universal Cooler cl B
Universal Products Co
60
July
Apr
84
72 X
Conv deb 6s..—... 1960
Jan
Jan
High
Jan
72
75K
4X
6X
3X
X
1st $7 conv pref
*
United Stores common.60c
Universal Corp v t c
Universal Insurance
X
Low
71X
75
July
July
Apr
4X
U 8 Rubber Reclaiming..*
U 8 Stores common
60c
Wall
3
4
Range Since Jan. 1, 1939
$
10,000
75 X
106,000
74
73
43.000
1966
Cities Service 5s
87 X
49 X
Aug
4K
U S Plywood
United
Oct
2X
4
X
Apr
39X
4
1st pref with waxr
U 8 Lines pref
pref
72
for
Week
of Prices
High
Low
Price
High
570
4
1
U S Radiator com
Low
200
1
U S and Int'l Securities..*
conv
1,900
Sale
(Continued9
Shares
Week's Range
Last
BONDS
Range Since Jan. 1,1939
25, 1939
Sales
Friday
Week
Par
tlX
Nov.
New York Curb Exchange—Continued—Page 5
3388
*7*,660
Apr
Jan
83
Aug
72 X
Jan
88
Aug
Deb 4Kb
1952
Mengel Co conv 4 Kb. 1947
Metropolitan Ed 4s E. 1971
4s series G
1965
98
182
86
109 X 109 X
109
110K
94 X
197
82
1,000
4,000
Apr
102
Sept
91X
110
104
Sept
UOX May
Nov
Volume
Week's Range
for
Sale
of Prices
Price
Middle States Pet 6 He *45
2,000
101
101
93%
58%
May
9,000
95
Sept
16,000
102
1955
105%
102% 102%
105% 106%
Mississippi Power 5e__1955
Miss Power <fc Lt 5s__1957
100%
100% 100%
38.000
He
1st <fc ref 5s
.
5e.l95l
58.1960
Miss River Pow 1st
Missouri Pub Serv
102%
98
Nut Pow & Lt 6s A—2026
2030
Deb 5s series B
1978
107
New Eng Power
m —
m
80
mmm
—
-
Aug
Twin City Rap
Nov
88%
48,000
77
Jan
99
Nov
8,000
98
Jan
112
Oct
Jan
107%
10,000
2,000
Nov
Apr
38
Nov
Jan
111%
Sept
123%
Jan
109%
July
96
May
Nov
Sept
89%
114
Oct
123%
July
69%
69%
50,000
55
Jan
73%
July
54
Jan
73%
July
69%
25,000
3,000
54%
Jan
73%
July
100%
Oct
'109%
May
47,000
87%
Apr
98%
Aug
90
Apr
37,000
99%
99%
30,000
102
1942
♦Income 6s series A.1949 "103%
102%
New York Penn A Ohio—
♦Ext 4%s stamped.1950
$83%
N Y State E & G 4Hs 1980 "105%
104%
N Y & Weetch'r Ltg 4s 2004
105%
Debenture 5s
1954
$112%
102%
10.000
99%
92%
27
107%
114%
3,000
107% 107%
97%
98%
98
107
Aug
Mar
120
72%
„
100
Aug
mrnmmmm
Nippon El Pow 6%s..l953
No Amer Lt & Power—
6Hs series A
1956
No Boston Ltg Prop3Hs'47
5HS-1948
6s. 1952
Nor Cont'l Util
5s series C
—
86%
Mar
97
Sept
105%
Nov
Sept
106% June
113% May
101%
111%
Sept
49
108
Aug
58
Melt
7,COO
102
95%
Apr
102
Sept
108
105%
105% 106%
105% 106
104
104%
8,000
9,000
12,000
$105% 105%
m+mmmrn
Pub
1st ref
104
Feb
108
May
105% Nov
110% Aug
109% Aug
109% May
Sept
99%
Sept
Oct
107%
102% 102%
10,000
Jan
103
Nov
Sept
104
Mar
51,000
98
$100% 102%
110
110%
5,000
108
Sept
93%
3,000
88
Oct
93%
$110% 115
93
93%
rnmmmmm
109%
Oct
114
94%
113%
May
Aug
Jan
76
Jan
95%
Aug
32
Jan
40
Nov
lb7~,000
91
Jan
102%
Aug
Jan
105
Nov
104% 105
7,000
6,000
98
94
Sept
105%
July
107% 107%
3,000
102
Sept
108
Nov
$41%
78,000
44
100% 101%
mm
104% 105
mmm
100%
Nov
105
Jan
104%
Sept
108%
Oct
97%
20,000
90
Sept
100
July
Cundlnamarca (Dept.
92%
Apr
Aug
109%
Sept
100%
115%
♦6Hs ctfa of
Danish 5Hs
Apr
91%
Nov
99%
22,000
113
114%
18,000
90
90%
13,000
36,000
8,000
9,000
100
{♦St L Gas A Coke 68.1947
Joaquin L A P 6s B '62
♦Saxon Pub Wks 6s__1937
♦Schulte Real Est
Scripp (E W) Co
Scullln Steel 3s
68..1951
6H8.1943
1951
bhawlnlgan W A P 4Hb *67
1st 4%s series D...1970
Sheridan Wyo Coal 6s *947
Sou Carolina Pow 58.1957
Southeast PAL
6s—2025
Edison Ltd—
Ref M 3%s_May 1 i960
Ref. M 3%b B.July 1 '60
Sou Counties Gas 4Hs 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
So'west Pub Serv 68—1945
♦Spalding (A G) 5s„.1989
Standard Gas A Electrio—
'mmmmmm
133%
102%
67%
97%
97%
"99%
7
6,000
105%
107
2,000
39%
Jan
77%
Sept
20%
Feb
111%
51%
mmmmmm
—
38,000
3,000
107% 107%
134
100
108
100%
22
Oct
Jan
Mai?
Oct*.
35,000
87
Jan
101
Nov
28,000
82
Jan
14,000
9
Sept
12 H
106
106
104
Jan
4,000
100
Sept
3,000
50
98%
Nov
Apr
33:666
105% 107
105% 106
14,000
95
96%
96
98
Feb
31%
111
July
106%
Aug
116
July
63
Mar
Jan
Nov
102%
107
Nov
Jan
99
106%
Sept
103%
105
1104
106 H
Sept
11:666
112
106% 106%
112% 114%
56%
55%
114
126%
120
106
June
87
Apr
96%
Nov
86%
Apr
98
Nov
23%
30,000
June
Sept
Nov
90%
92%
90,000
70%
Jan
93%
Aug
41,000
mmmrnmm
13,000
rnmmmmm
2,000
mrnmmmm
63%
Jan
98%
28
Apr
35
Jan
25
Aug
21% June
106
Sept
111%
July
Oct
16%
Feb
21
121%
Sept
138
Aug
9%
Oct
27
Mar
July
22
June
31%
Jan
99%
103%
Mar
48
Sept
May
37,000
80%
Sept
106
39,000
85
Sept
105%
1,000
22
12,000
4.000
75
Sept
Feb
Feb
76%
13,000
Jan
90
Jan
99%
111%
20
July
Mar
15
Mar
June
16%
Aug
18
Nov
11%
11,000'
25
Mar
15%
July
Sept
Oct
25%
25%
Mar
Jan
10
25
$23
38
$23
38
$15
59%
35
60
50%
53
Feb
dep—.1959
—.1955
1953
5g
19%
Feb
22
Mar
3.0C0
53%
Nov
100
Jan
6,000
45
Nov
96%
Dantig Port A Waterways
♦External 6Hs
1952
8
Oct
35%
30
$7
11
1947
$10
(City) 7s... 1939
(Prov) 6%3.1949
$9
10
♦Secured 6s
12
"LOW)
(Clty» Peru—
$10%
10%
11%
16%
$14
18
25
$14
10 H
♦Medellln 7s
Feb
25
20
Mar
Sept
20
Mar
Sept
Oct
22
Apr
7%
20
Mar
7%
26,000
Sept
6%
25
10
Munlo 7s '47
7%
6%
12
20
♦German Con
Jan
Sept
13
Mar
Mar
Oct
15
Sept
18
Nov
Feb
15
June
9
2,000
13,000
11
10
10%
JaD
13%
Aug
Jan
26%
Aug
6%
25%
$26%
28
dep.May '47
1927...—
♦7 ctfs of dep..Oct '47
♦Mtge Bk of Chile 6s. 1931
Mtge Bank of Colombia!—
$23
35
$26%
29
24%
Oct
26%
Aug
$23
35
26
Apr
26%
Nov
$14%
18%
11
June
1946
♦7s ctfB of dep——1947
♦6Hs ctfs of dep—1947
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s—1958
♦Rio de Jrnelro 6H8-1959
♦Russian Govt 6Hs—1919
$21
35
$21
$21
35
$53
85
♦7 ctfs of
♦Issue of Oct
♦7s ctfs of dep
♦7s
8%
2,000
7%
4,000
5%
Mar
15
Mar
Mar
!921
be
be
stamped-1945
7s—
1949
1961
Sept
be
Oct
Apr
68*
Nov
May
14%
Jan
8%
May
15%
Sept
2,000
167 H
114
14%
be
14%
%
10,000
70
14%
15
96%
8%
be
be
Nov
Sept
Sept
55
9%
8%
be
♦5Hs
♦Santa Fe 7s
♦Santiago
35
9%
8%
9%
Jan
16
47
5,000
Feb
Jan
Aug
Jan
Nov
9%
Nov
83
June
13% June
14% Nov
of)
108% May
Nov
14
20
18
Mtge Bk of Bogota 7s.l947
♦Issue of May 1927
96%
Apr
Mar
Colombia (Republic of)—♦6s ctfs of dep. .July '61
♦6s ctfs of dep.-Oct. 61
Aug
98%
11
17
stamped.1951
♦7s ctfs of deposit—1951
♦6%setf»of dep
1954
Jan
20
6%
Lima
Jan
20
8
♦6H« stamped
1958
♦M&ranhao 7s..-----1958
Sept
13% June
35
Nov
72
Jan
Aug
13% Jnne
35
Sept
157%
8%
12%
$10
53
Sept
*24%" Mar
1952
111
Feb
Jan
$9
Sept
23
"27"
24%
20
$16
♦Hanover
Mar
Jan
State A
♦Hanover
105%
Jan
28%
26
6s B—1951
Feb
75%
rnmmmmm
♦7Hs ctfa of
Cent Bk of German
Nov
76.000
187,000
6.000
$14
17
84%
96%
101% 102%
67%
68
97%
99%
97%
98%
$87
89
99%
99%
99H 100 %
96%
98 H
1107%
109%
98
22
Nov
12
Jan
96
$9
25
$9
35
110% 111
$19%
20
133% 133%
102
100 %
97 H
July
Nov
110%
110
110%
52.000
109%
108% 109%
109% 109%
105% 105%
20,000
102
8,000
102
3,000
103%
Feb
53
53%
13,000
39%
May
57
104%
104
104%
100%
Sept
105
Aug
105
105
105%
4,000
11,000
100
Sept
105%
Nov
rnmmmmm
rnmmmmm
mrnmmmm
108
100% 101
107% 108
Sept
111% May
111% May
105% Nov
Oct
101
Nov
Jan
108
May
59
July
Apr
74%
Aug
Apr
74%
Aug
Apr
74%
Aug
Apr
74
Aug
54
Apr
73%
Aug
Interest.
35 000
63%
Apr
73%
Aug
cluded in year's range.
7,000
17%
Sept
70,000
55
29,000
54%
55
14,000
54
25,000
69%
67%
69%
68
70
33,000
67%
67%
69
69%
66
69%
17%
18
35
Jan
Deferred delivery sales not included In year's range, d Exincluded In year's range, r Cash sales not In¬
x Ex-divldend.
$ Friday's bid and asked price.
No sales were transacted during current week.
*
♦
Corp—
4s...—1940
1946 "17%
6HS.1953
Elec Service 5sl960 "104"
Sept
Apr
81
104%
48
67%
Debentures
94%
8ept
14,000
21,000
1,000
67%
..1948
67%
Conv6s(Stpd).....1948
68
6s
1951
67%
Debenture 6s.Dec. 1 '66
68 goid debe
1957
Standard Pow A Lt 6s 1957 "66"
♦Starrett Corp Inc 5s .1950
6s (stpd)
64
51
96%
49%
3d stamped 4b
Aug
Oct
85.000
49%
2d 6tamped
June
82%
49%
Ternl Hydro El
95%
30
Sou Calif
(Huge)
101
Sept
$9
$101% 102%
22
35%
81
'
San
76
109% 109%
98
Apr
dep—1946
87,000
96%
89%
$15
100%
98
Nov
16%
Pow 58.1940
series A
1952
♦Ruhr Gas Corp 6H8.1953
♦Ruhr Housing 6%8—1958
Safe Harbor Water 4%s'79
100%
35
♦6s series A
6 Hs
Apr
15
Mar
147% 148%
91
35
108
86%
30
7,000
40,000
25
Sept
51
100% 100 H
101H 102
20
103%
$84
$9
Aug
100 H
102
114
1,000
1,000
$110
99%
HO
107% 107%
100% 100%
107
107%
rnmmmmm
85
Apr
114
107%
1961
stmpd.1947
Apr
81%
20
1954
7s
Aug
68%
14,000
20
♦Prov Banks
Corp(Can)4HsB *59
♦Prussian Electric 68—1964
Public Service of N J—
148%
6 V' prepetual certificates
Pub Serv of Oklahoma—
4b series A
1966
Puget Sound PAL 5Hb '49 "96%
96%
1st A ref. 5s ser C.1950
90%
1st A ref. 4Hs aer D.1950
Queens Boro Gas A Elec—
Aug
12,000
99
115
115
115
114
114
Mar
4Hs series F
Aug
81
115
Nov
Power
92%
119%
98
dep.1945
dep.1945
dep.1945
♦7s Ber 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
i:—1951
♦Bogota (City) 8s ctfs 1945
Bogota (see Mtge Bank orj
♦Caldas 7 Hs ctfs of dep *46
♦Cauca Valley 7a
1948
♦7s ctfs of deposit—1948
Nov
rnmmmmm
'
Apr
80
♦7s ser B ctfs of
107%
109%
99
Nov
Sept
♦7s ser A ctfs of
108%
rnmmmmm
Aug
90
35
Jan
6 000
108
46% 48%
104% 104%
Oct
88
108%
78%
110
120
Jan
98%
July
June
lombia—
Sept
97
28%
28%
Antioqula (Dept of) Co¬
102%
1968 107
Coke—
97%
1981
98%
4s series D—.—..1961
113%
Phil a Elec Pow SHs-1972
Phila Rapid Transit 6s 1962
Piedm't Hydro El 6Hs.'60 "46%
104%
Pittsburgh Coal 6s—1949
Pittsburgh Steel 68—1948
♦Pomeranian Elec 68.1953
82
Portland Ga. A Coke 5s '40
109%
Potomac Edison 5s E.1956
18,000
35
100%
91%
series B
39,000
120
11,000
Peoples Gas L A
4s series B
Sept
27H
35
29
35
11,000
Penn Water A
Apr
103
126%
120
107% 107%
5s series D
72
9,000
Jan
52
FOREIGN GOVERNMENT
108% 109
108
Apr
7,000
1937
1947
{♦York Rys Co 5s
♦Stamped 5s...
109
108
68
86%
1954
107%
—1950
18.000
84
86
107% 108
90
90%
115H 116
4b—1951
series B..1959
6s C—1947
Penn Pub Serv
Apr
♦7s ser C ctfB of
Edison—
6s series A
Oct
23
90
2030
West Penn Traction 5s '60
West Newspaper Un 6s '44
Wheeling Eleo Co 5s„1941
Wise Pow A Light 48.1966
Yadkin River Power 5s '41
Nov
mmmmmm
8
35
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦7s ctfs of dep.Apr *46
♦20-year 7s
Jan 1947
♦7» ctfs of dep. Jan *47
♦6« ctfe of dep..-Aug '47
♦te ctfs of dep...Apr *48
97
104%
35
82%
1946
6s
Jan
103%
91%
101%
July
Sept
Waldorf-Astoria Hotel—
Jan
106%
105% May
19,000
1979
Penn Electric 4s F
1971
5s series H——.—1962
Potrero Sug
Va
107
Sept
22.000
mrnmmmm
119%
33
$10
1944
Serv 5HA—1946
5s series B.. 1950
Sept
106% 107
109
109%
107
107%
1st 5s
Deb 5Hb
4Hs
Sept
96
107
3s—1964
Sept
"5,000
1952
Deb 6s series A....1973
Utah Pow A Lt 6s A..2022
100%
109%
L A P 4 H>-1977
Jan
110
47
6s series A
101
Apr
Sept
93%
52%
AND MUNICIPALITIES—
95
rnmmmmm
66%
Nov
86 H
Oct
104
rnmmmmm
Jan
9%
107%
Aug
9,000
110%
50%
17,000
$13
1974
58%
26,000
107%
22,000
10
46
5Hs
1959
UnLtARys (Del) 5 Hs'52
United Lt A Rys (Me)—
6Hs
110%
105
105
Aug
62%
9%
$116%
f 6s
Jan
108% 110%
5s '48
5s '40
Pacific Gas & Elec Co—
1st 6s series B
—1941
Pacific Invest 5s ser A.1948
Pacific Ltg A Pow 53.1942
Pacific Pow A Ltg 58.1955
Lexington
s
Sept
47
109%
3%s B..1955
60%
Aug
99%
Nov
Nov
100%
105
5s 1957
61%
Nov
107%
115
Jan
Nov
9,000
Pacific Coast Power
stinnes
103%
10,000
5,000
Okla Power & Water
Penn Ohio
Apr
50%
105%
21,000
1945
United Lt A Pow 68—1975
♦1st
Wash Ry A Elec
1968
4ai.l962
Ohio Power 3%S
Ohio Public Serv
Penn Cent
rnmmmmm
65
49
mmmrnmm'
99H
West Penn Elec 5s —
Sept
108% 108%
mm mmm
99%
United El Serv 7s
July
1945
N'western Pub Serv
Ogden Gas 5a
Okla Nat Gas
106%
2 000
Jan
Jan
103
~99%
stamp.1950
104
89%
106%
m
Feb
Nov
108%
mmmmmm
.1969
4Hs series E
1970
N'western Elec 6s stmpd'45
37:660
108
99%
77%
28,000
84%
105%
101
102
P S—
1966
5s series D
103%
$55
No Indiana G & E
Northern Indiana
Conv 6s 4th
♦5s income debt
New Orleans Pub Serv—
5s stamped
1,000
High
Low
99%
86%
1956
♦United Industrial 6Hs '41
rnmmmmm
63,000
106
United Elec N. J 4s._ 1949
9,000
106%
114 H 114 H
Tr 5 Ha *52
Aug
30,000
Shares
Ulen Co—
Jan
Nov
67
107%
1954
107
Jan
93%
66%
$67%
67
3%s.l961
58.1948
Apr
82%
Jan
99
High
Tletz (L) see Leonard—
Sept
120
«.
106
Tide Water Power 5s. 1979
73%
2.000
U03
105
79% 80%
66%
New Eng Pow Assn
Debenture 5Hs
^
Low
2022
10,000
121% 123%
123%
„
58.1956
6s series A
21,000
98
mmmmmm
4HS-1981
68 series A
2022
Nelsner Bos Realty 6s '48
Nevada-Calif Elec 5s. 1956
New Amsterdam Gas 5s *48
N E Gas & El Assn 5s 1947
5s
1948
Conv deb 5s
1950
Oct
Texas Power A Lt
100%
103%
111%
111% 111%
106% 107
27%
29
111% 111%
111%
Nebraska Power
Texas
Price
110% 110%
91
92%
-
92%
Nassau <fc Suffolk Ltg 5s '45
{♦Nat PubServ 5e ctfs
mm
Aug
103
1. 1939
Week
102% 102%
102%
mmm
Oct
101%
Apr
93%
101%
Nov
100%
73%
Jan
2,000
72
72
47,000
4 Ha
for
of Prices
{Concluded)
High
Low
Shares
99% 100%
72
1978
High
Low
100%
Midland Valley RR 5a 1943
Mllw Gas Light 4 He—1967
Park
Week's Range
Sale
Week
{Continued)
Range Since Jan.
Last
BONDS
Range Since Jan. 1, 1939
Last
Sales
Friday
Sales
Friday
BONDS
Minn P & L 4
3389
New York Curb Exchange—Concluded—Page 6
149
32
17%
Oct
64
Mar
17%
EOOO
15%
Nov
50
Jan
44
46%
7,000
29
Sept
53%
Jan
104
104%
79,000
94%
Sept
104%
Nov
$25
25
~
No par
n
value,
,
Bonds being traded flat.
{ Reported in
e
a
Under the rule sales not
receivership.
Cash sales transacted
during the current week
and not Included In weekly or
yearly range:
No Sales.
y
.
Undei^the-rule sales transacted during the
.
,
,
,
,
current week and not included In
weekly or yearly range:
No sales.
z
Deferred delivery sales
transacted during the current week
weekly or yearly range:
3Sfo s&Igs
Abbreviations
Used Above—"cod,"
and not included in
,
consolidated;
non-voting stock;
warrants; "x-w.
certificates of deposit; "cons,"
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v,"
voting trust certificates; "w i," when Issued; "w w," with
without warrants.
"v t c,"
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3390
Nov.
25,
1939
'
0
Other Stock Exchanges
Baltimore Stock
Nov. 18 to Nov. 24,
Exchange
Friday
Sales
Last
Sale
Stocks—
Par
Arundel Corp...
Week's Range
of Prices
Price
Low
__.*
Black & Decker com
25%
5
40c
307
1.75
1.75
1.80
525
»
22
100
22
8H
120
Houston Oil preferred. ..26
Mar Tex OU
1
20
Merch & Miners Transp..*
14%
High
Sept
July
Apr
1.20
70c
2.10
Jan
Sept
16
Apr
24%
71
Jed
84
35 rill
9
Sept
121 %
17%
Sept
4
66
12%
137
Apr
112
Apr
130%
35
29%
Apr
35%
820
16%
Apr
22
Ry
300
Aug
1.40
Jan
14%
15%
28%
101
12
Aug
25
Jan
21%
28%
Sept
50
50
152
35
June
52
Sept
13%
565
Apr
14%
July
1.40
150
Feb
1.55
Sept
13
88
14
83
Sept
88%
Mar
72
72
21
09
Oct
84%
Mar
10%
1.00
100
30%
39%
22%
45
1,396
34%
10%
Apr
39%
23%
19%
Apr
31
Nov
22%
Apr
35%
Nov
May
91
Aug
54
Oct
Oct
July
Mar
Bonds—
Bait Transit 4s flat...1975
30%
29%
A 5s flat
1975
35%
B 5s
1975
91
91
3.000
83%
50%
50%
1.000
4
Gt Sou <fc FlaRy «»%..!945
Boston Stock
Mar'
5
Stocks-
Par
Low
High
33c
6% non-cum pref
50
Amer Tel A Tel
1 %
169%
100
Blgelow-Sanford Carpet.
Preferred
100
Bird A Son Inc
*
Boston A Albany
100
84
Boston Edison Co
100
Boston
100
44%
Boston Herald Traveler..*
19%
Elevated
144%
1
1%
169% 170
26%
26%
93%
93%
11%
11%
84
144
85
145%
Low
32c
150
Jan
1
120
Oct
2,519
147%
Apr
12
18%
Aug
10
67
Apr
100
9
Sept
350
70%
60c
May
963 2:127
Jan
Feb
2 May
170
12
100
Nov
12
Nov
92
Oct
159%
Aug
320
38%
Apr
66
Mar
20%
807
10
Apr
20%
Nov
3%
57
July
4%
15%
Sept
100
'20%
100
com
Jan
3
106
1%
Jan
100
1%
July
1%
June
3
3%
14
21 *
1%
85
2%
3%
13%
20%
1%
6
2%
2%
3%
1%
1,295
20
1%
May
22
1%
Jan
230
10%
May
May
55
9
5
1%
Jan
5
"7%
178
6%
620
4%
3%
Aug
5%
7%
6%
7%
25
1
Apr
6%
100
3%
37%
20%
167
100
3%
38%
20%
3%
4%% prior pref
.
.
Calumet A Hecla
Copper
Range
Apr
East Gas A Fuel Assn—
Common
preferred
100
1st pref..
100
Preferred B
1C0
75c
00
41
22
507
16
June
6%
Employers Group
Georgian Inc (The)—
22%
*
Class A pref
20
Gilchrist Co
6%
Class A
Oct
4
5% cum pref
14
v
t o. 1
2%
Mergenthaler Linotype.
♦
Narragansett Racing Assn
16%
..
Inc
1
4%
Natl Tunnel A Mines Co.*
New England Tel A Tel 100
N YNH AHRR
100
North Butte
Old Colony RR—
Common
126%
%
3%
Oct
5%
Sept
15
July
24
Nov
2
Oct
July
16%
30
4
4%
180
21%
22%
820
1%
60c
80
73
Oct
55
3%
20
Aug
18%
Apr
1
Mar
Mar
Mar
7%
Mar
24
80
17
Jan
22
June
10%
11
700
7
Aug
150
2
June
17%
3%
Sept
1,4.50
5%
500
18%
Sept
Apr
Apr
22
3%
8%
22%
15%
22%
12
12
77
79%
Butler Brothers
5% conv preferred
1%
Jan
2%
25c
Jan
60o June
2
140
%
Apr
14
14
27
13%
Jan
3%
16
Sept
July
Common
.*
Preferred
ChlFlexible Shaft com
5
Chic A Nor West com.. 100
Chicago Rys pt ctfs 1..100
Chrysler Corp common..5
Cities Service Co
com...
6%
%
1
20
150
9%
16
11%
380
64%
650
7
%
1%
62%
106% 107
8,000
4
Jan
Jan
23%
16%
Mar
Jan
26
Sept
Nov
15
Jan
Apr
Apr
%
350
9
Apr
80
1
60%
*.
—
mm
—
60%
"15 "
19
19%
13
13
13
1%
79%
8
Mav
Nov
Sept
%
Sept
1
Apr
1%
Jan
200
45
Jan
71
Aug
150
100
Jan
112
July
100
15
Jan
20%
100
11%
Sept
15%
Jan
1%
3,150
i%
Apr
Sept
36%
1%
200
32%
Sept
61%
Sept
66%
66%
50
Sept
2%
38%
78%
mmmmmm
%
%
175
%
Aug
1%
Oct
mmmmmm
%
%
100
%
July
%
July
"85%
85%
90%
5%
614
53%
Apr
250
4%
Aug
9%
Feb
2%
50
2%
Jan
3%
Mar
36
10
Club Aluminum Utensil..*
Coleman Lp A Stove com.*
rnemmmmrn
5%
2%
94
Mar
Mar
Oct
32%
32%
100
18%
Jan
33
Sept
31
mmmmmm
New
*
com
31%
15%
14,300
25%
31%
150
9
Apr
Apr
16%
July
Sept
3
3
50
3
Nov
6%
Mar
""7%
7%
8
1,650
6%
Aug
9%
Sept
1%
1%
1%
70
1%
Nov
2%
July
%
%
30
%
4%
4
Sept
Oct
1%
4%
%
4%
16%
150
9%
Aug
30
100
16%
102%
Nov
32
Sept
Jan
110
June
15
mmmmmm
mmmm
..100
com
Deere A Co
Apr
25%
Oct
2
Jan
mmmmmm
mmmmmm
22%
July
22%
Jan
4%
4%
1%
1%
119% 120%
%
%
185
15%
Sept
9
Sept
1%
545
3%
Jan
10
1%
Aug
103%
Apr
% June
538
6% June
2
J an
126%
Nov
1%
Sept
cm *
Fox (Peter) Brewing com.5
Fuller Mfg Co com
..1
"12%
Gardner Denver Co com..*
General Amer Transp com 5
"ie"
Jan
25%
Oct
5%
10%
Nov
13
100
9%
Aug
Sept
13%
Nov
35
12%
13%
3%
350
24
12%
3%
23%
12%
12%
3%
15%
55%
50
30
Sept
Apr
3%
16
Feb
14%
4%
Sept
Apr
350
12%
35%
2%
17%
Apr
24%
Oct
100
10%
Apr
14%
Jan
100
10
550
200
250
6
Jan
2
15
Oct
Mar
Jan
4%
Sept
11%
Apr
17%
Sept
56%
50
40%
Apr
04%
Sept
36%
Jan
47%
July
53%
53%
45%
55%
149
10
533
37%
Goldblatt Bros Inc com..*
56%
10%
10%
11
150
10
Apr
Apr
13%
Jan
24%
24%
21%
Apr
3714
i-Ian
General Foods com
General Motors Corp
Goodyear T A Rub
mmmmmm
*
45
com..*
79
Oct
13
13
Apr
13%3Nov
26%
1,350
18%
1,500
8%
18%
Nov
Hamilton Mfg A pt pref. 10
7
7
18%
7%
Apr
Apr
27%
17
200
4%
Jan
Nov
Helleman Brewing cap
1
Heln-Werner Motor Parts 3
7%
9%
9%
1,000
9%
350
7
Apr
30
32
Aug
Apr
40
Apr
Apr
17%
Jan
86c
Jan
25
25
26%
81
80
81
1,135
42%
42%
9
39%
58o
60c
300
890
11%
Sept
22%
17
•
32
Feb
29%
Oct
71%
25
Feb
Apr
Oct
87%
July
48%
Aug
Sept
60c
Apr
2
2
60
1%
Jan
2
Jan
7%
1%
8
1,283
6%
Apr
8
Oct
1%
Nov
85c
May
Jan
3%
com
$1,000
80
150
80
Apr
94
June
Apr
96
June
Illinois Central RR com 100
Indiana Steel Prod com._l
Inland Steel Co cap..
•
Sales
Range Since Jan. 1, 1939
Week
Low
High
53%
Apr
71%
Oct
85
31%
Apr
56%
Oct
6%
Jan
Feb
9%
Nov
9%
May
Nov
12%
.....
13%
12%
10
10%
13%
13%
245
8%
Apr
17%
Jan
14%
13%
14%
50
9%
May
14%
Nov
1%
3%
1%
80
%
Aug
Sept
2%
Jan
6%
Jan
9%
Aug
20%
4
1,400
13%
14%
165
2%
2%
50
mmmmmm
86%
87%
86
mmmmmm
61%
63
3
2% June
13
4
Feb
Jan
Jan
145
Aug
71%
Sept
4%
4
4%
110
2%
Jan
5%
Aug
*
4%
4%
4%
20
2%
Jan
6%
Aug
1
15%
15%
16%
20%
50%
5%
650
10%
July
June
Apr
98%
Sept
JarviB (W B) Cocom
com
Joslyn Mfg A Sup com
Katz Drug Co com
*
5
19%
~~50%
1
Kellogg 8w1tchboard com.*
Kentucky Utll Jr cum pf.50
6% preferred
100
Kerlyn OU Co com A
5
La Salle Fxt Unlv
476
38
9
66%
48%
Kingsbury Brew Co cap__l
Abbott Laboratories—
8%
300
*
$6 pref
S7 pref
Jefferson Electric
inclusive, compiled from official sales lists
9
36%
Houdallle-Hershey cl B_.*
Hubbell (Harvey) Inc com_5
Hupp Motors com
...1
Illinois Brick Co
10
New
Chicago Stock Exchange
_
Hlbbard Spen Bart com.25
Horders Inc com
*
International Harvest com*
Interstate Power—
Bonds—
67%
50%
13%
3%
23%
15%
30
26
Apr
66%
50%
Oct
155
9
17
35c
for
22%
4%
18%
"26
8%
8%
763
Shares
22%
Apr
Apr
10
38
of Prices
High
Aug
Sept
1
9
Hall Printing Co
378
Low
16
20
60
1%
16
Jan
Mar
Nov
70c
Week's Range
19%
Sept
11%
12%
Friday
Apr
Sept
70c
88%
73
12%
4%
11%
88%
48
17%
70c
87
100
27
Feb
11%
87
120
18
37%
15%
Aug
% June
*
453
67
Aug
Aug
14
90
»
2
17
Jan
Jan
Nov
Gossard Co (H W) com. ..*
Great Lakes DAD com..*
"II""
11
10
61
23%
17
35
*
FltzSlmonsAConDAI)
1,313
17
Class A
1%
107
7%
13
Elec Household Utll cap. 5
Elgin Natl Watch Co
15
Jan
23%
65%
17%
30
9
Dodge Mfg Corp com....*
2%
4%
16%
29%
107
17%
*
com
mm
107
Diamond T Motor com..2
Dixie-Vortex Co com..... *
10
230
me m m
..*
100
1,192
3393.
-
"77%
1
*
160
2%
25
m m
*
Prior lien preferred
Chain Belt Co com
403
24%
see page
Oct
Central 8 W—
2%
16
Union Twist Drill
com
22
*.
«.
1
7%
21%
30%
For footnotes
7%
15%
m m
*
Common
2%
15%
17
67
22
m
Cent 111 Pub Ser $6 pref..*
CentralJll Secur pref
Curtis Lighting Inc com..*
Dayton Rubber Mfg com.l
27
312
30
Acme Steel Co
30
July
1%
30c
22%
»
""7%
10
65%
Jan
Common (new)
3
Cudahy Packing pref.. 100
CunnlnghamDrug8tores2 %
Sept
Sale
Jan
100
21
Jan
80c
Price
Apr
4%
Aug
10%
1
Jan
21%
r
May
21%
"32"
5
8
Nov
Pa
Oct
10%
Jan
7
30
Stocks-
33%
Jan
32
Apr
Mar
Last
6%
Apr
7%
2%
Apr
Nov
9%
Nov. 18 to Nov. 24, both
Sept
16%
400
Apr
6%
56
1948
4
650
10
13%
4%
Torrlngton Co (The).. J..*
Series B 5s
4%
650
6
30%
20
123
16%
Eastern Mass St Ry—
Series A 4%s._....1948
9%
420
718
16
1%
5%
29
Feb
1,250
6%
15c
*
Nov
33%
4%
119
8
12%
12
Oct
26%
21%
6%
20c
•
Apr
23%
Jan
.
6%
25
Jan
.
Mar
150
Crane Co
1%
_
10%
Continental Steel
Preferred
*
W aldorf System
Warren Bros
Jan
Jan
1.00
6% cum pref
25
Utah Metal A Tunnel Co.l
Venezuela Holding Corp__l
4%
7%
Nov
Oct
7%
Feb
July
5
United Shoe Mach Corp.25
1%
4%
Aug
50
550
1%
Nov
_
1,050
5%
9%
vtc pref pv shs
50
Container Corp com....20
Feb
15
77
30c
.
4 *
9
Consolidated Oil Corp...*
Consumers Co cl A
50
Class B com
*
1%
Aug
30o
com
3%
5%
Mar
25
500
Webster....
Nov
31
15c
Suburban El Sec Co
Feb
9%
capital
25
Compressed Ind Gases cap5
Consolidated Biscuit com 1
Sept
4,205
Shawmut Assn TC
%
Aug
Sept
Oct
Sept
67c
22%
2%
Aug
Sept
1%
%
5%
41%
50c
50
Nov
3%
Sept
58c
Qulncy Mining Co
25
Reece Button Hole MachlO
15%
200
10%
8%
30c
Pennsylvania RR
Sept
June
32
Sept
60c
'16%
Mar
8%
25%
4
30c
*
July
170%
1,050
9%
Chicago Corp common...*
100
Pacific M Ills Co
%
94
Apr
Aug
%
%
__
Cherry Burrell Corp com_5
2.50
(Ctfs of dep)
3%
7%
26
7%
21%
100
Mass Utilities Assoc
Jan
Apr
Jan
147%
850
1
Oct
47%
21%
7%
"29
5
Oct
2
Isle Royal Copper Co_..15
Loews Theatres (Boston) 25
Maine Central com
100
59
488
1,165
1,700
19
Apr
June
18
Borg Warner Corp—
Sept
25c
*
15
Apr
28%
5%
36%
3%
1;%
Class B
14%
1
1
4%
Gillette Safety Razor
Hathaway Bakeries—
Stone A
125
1%
"4"
59%
85c
60
16
East Steamship Lines com *
10
Nov
Commonwealth Edison—
560
Eastern Mass St Ry—
Common...'
88
11
Sept
13%
7
Campbell-WACan Fdycap*
18%
2%
CI D 1st pref std
100
Boston Personal Prop Tr_*
Brown-Durrell Co
*
Castle (A M) A Co com. 10
Central Cold Storage com20
44%
12%
88
20
169% 170
6
6%
11%
1
Oct
45
11%
2%
2%
50
159
20
3%
Apr
9%
5
Co
18%
40%
Jan
July
3%
5%
Backstay Welt Co com—*
com
18%
mm
BarlowASeellg Mfg A com 5
Belden Mfg Co com
10
Aviation
1%
6
9%
7
me
3
Aviation A Transport cap. 1
Berghoff Brewing
150
700
39%
1
1
Aviation Corp (Del)
$7 preferred
Prior preferred
100
Class A 1st pref std-.lOO
Class A 1st pref
100
Boston A Providence
14%
Mar
32%
93%
2%
100
CI B 1st pref std
CI C 1st pref std
Aro Equipment Co com_.l
Asbestos Mfg Co com
2%
13%
High
Nov
Brach A Sons (E J) cap—*
High
Boston A Maine—
Common 8td
mmmmmm
6%
(New) common
Shares
35c
mmmmmm
Amer Tel & Tel Co cap. 100
Low
4
150
4
2%
Shares
Bruce Co (E L) com
Burd Piston Ring com
Range Since Jan. 1, 1939
American Pneumatic Ser—
Common
Amer Bub Serv pref.... 100
High
12
Range Since Jan. 1, 1939
for
Week
20
mmmmmm
mmmmmm
* ..20
pref.
Bliss A Laughlln Inc com.5
Week
Price
conv
Blnks Mfg Co capital
for
of Prices
mmmmmm
Allls-Chalmers Mfg Co...*
Range
4
mmrnmmm
Allied Laboratories com..*
Alrorfer Bros
IJOW
4
Advanced Alum Castings.6
Bendlx
Sales
Week's Range
Sale
Adams Oil A Gas Co com.*
Belmont Radio Corp
Exchange
Last
Price
Automatic Washer com..3
Nov. 18 to Nov. 24, both inclusive, compiled from official sales lists
Friday
Par
Week's
of Prices
Armour A Co common.-.5
30% $61,000
35%
21,500
22
2
Stocks (Continued)
Aetna Ball Bearing com__l
88
Penna Water & Power com*
U H Fidelity <fe Guar
July
13
Seaboard Comm'l—
Preferred
Sale
CHICAGO
Sales
Friday
Last
42c
1.35
Salle St.,
La
Jan
"88"
50
S.
July
June
40c
40c
10
Aug
*7 %
New Amsterd'm Casualty 6
North Amer Oil Co com__l
Northern Central
Municipal Dept. CGO. 521
Sept
32
Principal Exchanges
Bell System Teletype
Trading Dept. CGO. 405-406
June
Apr
234
Mt Vern-W Mills—
100
Members
Jan
28%
S7%pf25
Preferred
Paal H.Davis & Go.
Mar
Apr
June
17
25c
24%
31%
105
,
40c
2C
200
23 %
23%
124% 126
30 %
31
19% 20%
-
Fidelity & Deposit
20
Fidelity & Gur P'lr Grp.. 10
Monon W Penn P
465
79 %
79 %
116 % 116 %
Eastern Sugar Assoc com. 1
-
Low
35c
*
CouboI Gas E L & Bow
Preferred
Shares
22 %
*
4%% pref B.
High
37c
*
Unlisted
Week
21%
2->%
Bait Transit Co com vto
Listed and
Range Since Jan. 1, 1939
25%
Atlantic Cst Ln (Conn) .50
1st pref vtc
or
SECURITIES
CHICAGO
both inclusive, compiled from official sales lists
5
5
8%
"42"
"
Lawbeck Corp 6 % pref. 100
Leath A Co com
*
29%
*
15%
100
36
Oct
22
Sept
50%
Nov
42
97
3%
Apr
Apr
5%
July
100
5
Feb
9
Sept
29
Jan
44
Aug
750
-
-
26%
50
69%
Jan
100
Sept
3%
1%
Cumulative pref
300
200
8%
41%
97
5
com
50
18
3%
200
2%
Aug
4
Apr
%
1%
29%
%
200
1%
29%
150
%
1%
Apr
Aug
3%
26%
100
3%
26%
50
10
27
2%
22
May
Apr
Jan
%
2%
32%
4%
27
Jan
Jan
July
Oct
Sept
Volume
Last
Week's Range
Sale
(Concluded)
Par
Julian A Kokenge
for
Week
Price
*
Apr
4
Par
10
Sept
32%
Mar
Kroger
4%
Nov
Little Miami Guar
Kahn 1st pref
100
9
100
100
23
£1
26%
20%
100
28%
29%
611
98%
*
98%
22
22
101
50
17
Apr
24
10
10
Feb
10%
June
July
2%
Feb
3
Jan
14%
20
9%
Aug
14%
40
13%
June
18%
Jan
1%
1%
250
Apr
2%
Sept
1%
200
%
Apr
1%
Sept
National Pumps
Preferred
10
1%
1%
1%
21
"13%
15%
16%
1,950
9%
Apr
17%
Nov
P A G
*
63%
62%
63%
36P
8%
8%
40
5
Apr
10
Randall B
*
2%
2%
400
U S Printing
*
2%
12%
2%
303
*
com
._*
_
1
_.*
com
McCord Rad clA.
*
1
Oct
—
J
com
Prior preferred
3%
*
27%
Mlckel berry ► Food com. 1
Middle West Corp cap
6
Manischewitz..
*
Preferred...
3
Oct
5%
Jan
25
Oct
28%
Feb
Wurlitzer
Apr
4%
Jan
Kemper Thomas spl
150
2%
8%
8%
3,450
5%
Apr
10%
2
1,850
1%
Sept
5%
10
50
13
96
10
100
par.
50
%
%
%
%
1
July
May
Oct
Apr
64.%
Oct
Aug
3%
Jan
1
Feb
2%
4%
50%
1%
27
Oct
Apr
13%
Oct
137
73
Feb
100%
Nov
72
90
Feb
100
Nov
13
100%
100
Aug
1%
10
*
...
150
28
22""
*
210
3%
3%
8%
Lun kenheimer
Oct
Apr
14%
14%
Jan
Aug
29%
91
Apr
20
Nov
104
10
1%
*
Jan
26%
Apr
21%
60
Jan
20%
190
4
28%
High
Low
Shares
4%
10
com.
Loudon Packing com
Manhatt-Dearborn com
Merch & Mfrs Sec
(Concluded)
of Prices
Low
High
Oct
24
24
com
.Liquid Carbonic
100
6%
Stocks
High
Low
Shares
Week's Range
Sale
10
*
Lindsay Lt & Chem
Class A
6%
Range Since Jan. 1, 1939
Last
eetc
1%
$3.50 preferred
Marshall Field
High
Low
Libby McNeill <fc Llbby..*
Lincoln Printing Co—
Lion Oil Ref Co
rTW*
uj
Price
Range Since Jan. 1, 1939
for
YV
Sales
Friday
Sales
Friday
Stocks
3391
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Mar
Midland United—
Convertible pref
Midland Utll—
*
6% pref A
100
%
%
50
%
Jan
1%
June
6% prior lien
7% pref A
100
3H
3%
3%
100
%
Feb
7%
July
100
%
%
%
100
%
Jan
1%
Apr
7% prior lien
100
4%
3%
4%
500
%
Feb
7%
July
3%
170
2
Jan
5%
Sept
10%
21%
10%
21%
300
7%
Jan
12%
July
160
16
Apr
22
54%
56%
623
40%
Apr
57%
Miller & Hart
conv pref..*
Minneapolis Brewing com 1
Modine Mfg com.
iox
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
Jan
Montgomery WardCommon
*
Class A
*
55%
162% 162%
Mountain States Pw prflOO
Muskegon Motor Spec A.*
Nat'l Bond & Invest com.*
National Standard
com.
Noblltt-Sparks Ind
16
100
24
50
29
29
29%
200
4%
1*9
Sept
41%
73%
Nov
14
Jan
23%
Apr
16
Apr
25
Oct
Apr
35
Sept
16%
350
2
Aug
5%
100
9%
Oct
12%
10
10
450
6%
Apr
11
17%
Northwest Bancorp com.. *
18
150
14%
Jan
20%
Mar
58%
10
North wt Engineering com *
'58%
4 0%
A. T. & T. OLEV. 565 8c 666
Telephone: CHerry 5050
Sept
Cleveland Stock
Jan
Nov. 18 to Nov.
24, both inclusive, compiled from official sales lists
58%
20
Jan
67
Aug
Friday
100
17
17
18%
220
1 1
Apr
26%
Aug
Last
Week's Range
for
15
14%
15
liO
1 3
Aug
20
Feb
Sale
of Prices
Low
High
Shares
7 % preferred
Omnibus'Corp vtc
Stocks—
can
15%
1%
Sept
41
30
30
Feb
41
Oct
14%
50
12%
Sept
16
Mar
23%
24
650
27%
Sept
41%
69
15%
30%
May
40%
Apr
44%
Oct
28
23%
10<>
28
20
24
Par
Price
Akron Brass Mfg
Amer Home Products
a54% a55%
*
Cl Cliffs iron pref
Cleve Railway
Sept
Commercial Bookbinding. *
June
13%
215
Sept
Apr
125
Aug
Elect Controller
150
46
138%
Oct
157
Jan
Faultless Rubber
*
Apr
2
Jan
Goodrich (B F)
*
2%
Jan
Goodyear Tr A Rub pref.*
13%
Raytheon Mfg
1%
1%
1%
250
1%
com v t c*>0c
Rollins Hosiery Mills com 1
"8X
Eaton Mfg
160
6%
108%
Aug
120%
150
150
1%
3,150
%
1
Sept
16%
52
_*
*
com
Corp cl B
com.
_
Sou Bend Lathe Wks cap. 5
2
550
358
60%
Apr
1%
300
1%
July
22%
23%
900
16%
Apr
109% 109%
22%
109%
com
32%
10%
83%
1%
1%
Southwest G & El 7% pf 100
Southwestern Lt & Pw prt*
Spiegel Inc
Apr
22%
28
10%
81%
1
..
50
Mar
28
Schwitzer Cummins cap__l
Sears Roebuck A Co com. *
30
102%
Sept
109%
Nov
National Acme
Apr
95%
Aug
16%
Mar
National Refining (new).
Prior pref 6%
"iix
50
93
93
11%
700
12%
Aug
4
88
Aug
8%
Oct
12
85%
Nov
3
1
com.
Standard Oil of Ind
24
Oct
28
Nov
48
.*
29
1%
100
1
1%
510
%
Jan
a22%
6
15%
Sept
26
Jan
al2%
50
7%
Apr
16
Sept
Sept
Jan
Nov
Oct
31
30%
31
445
24%
July
37%
Sept
Seiberling Rubber
21%
21%
22
572
17
25
Sept
Thompson Products Inc.
Apr
Reliance Electric
Nov
White Motor
200
83
72
Sept
2%
66
Apr
66%
Sepf
112%
66%
116%
Nov
Nov
79%
119%
1%
350
1%
Apr
2%
%
Feb
%
%
Jan
1%
650
1%
Apr
1%
10
15%
Jan
18%
10
17
Apr
CO CO *
3
July
4%
365
2
Aug
10
7
Apr
15%
Oct
40
30
Apr
56%
Sept
4%
30
Feb
2%
20%
27%
2%
200
%
Feb
320
15%
Apr
2%
23%
Nov
21%
28%
121
16%
Apr
36%
Sept
113% 115%
69
83%
Apr
120
Sept
10
80%
Jan
91
Aug
5,950
3%
Apr
3
Apr
5%
30
85%
90 u,
Tan
"4%
4%
4%
"81""
80%
81%
140
74%
18%
700
12
17%
400
July
New York Curb Associate
Detroit Stock Exchange
Chicago Stock Exchange
Telephone: Randolph 6530
Detroit
Stock
Sale
Par
Baldwin Rubber com.. ..1
Burroughs Add Mach..
Cincinnati Stock Exchange, New York Stock Exchange
Brown McLarer)
and Other Principal Exchanges
Fourth
Cons Steel
Shares
1,475
5
22%
22%
23%
490
12%
12%
189
1.00
4%
*
1.00
4
1.00
_
70c
.10
100
123%
123%
7%
17
Apr
31%
11%
Aug
18%
Jan
600
75c
Aug
1%
Mar
410
2% June
5%
Nov
1%
.1.25
8ept
100
70c
400
227
Det Gray Iron com
Exchange
of Prices
Low
High
1%
1%
1%
100
Divco
*
Federal Mogul com
High
Fed Motor Truck com.
9
Churngold
Cin Gas A Elect pref
Cin Street
50
Cin Telephone
50
.
»
*
Eagle-Picher
Formica Insulation
Gibson Art
Hilton-Davis
Preferred;—...
Hobart A...
107%
100
-.100
100
8
—
CNOATPpref
Crosley Corp
16%
101%
115%
1%
95
9
16%
101%
8
108
112% 115%
1%
94
5
3
Mar
Apr
17%
101%
11%
Mar
Jan
General Motors com
124
12
98%
109
Sept
109% June
Goebel Brewing com
Sept
116
2
1,427
95
43
88
Jan
7
Aug
1%
3
—
June
7%
10
13%
100
7%
Apr
14
14
26
9%
—
Jan
2%
Jan
Apr
15%
8ept
8%
Oct
1%
705
1
Apr
1%
Feb
6%
Nov
2%
July
15
504
12
5%
235
2%
2%
2%
200
1%
Apr
28%
5%
5%
55
29
5%
55
2%
2%
2%
1.00
1.00
390
10%
Feb
30
Sept
Nov
Oct
Jan
1.215
4
Apr
7%
1,276
38
Apr
56%
Oct
1,120
1%
Sept
2%
Jan
297
50c
Aug
1%
Nov
18%
Nov
12%
Apr
14% June
15
535
10
Apr
14%
253
13
July
16
Jan
329
9
Apr
17
Feb
4%
Apr
Nov
6%
50c
50c
60c
1,400
40c
Apr
70c
Jan
2
2
2
200
1%
Aug
2%
Sept
54c
54c
100
42 c June
60c
25%
25%
*70
Jan
26%
Aug
4%
32*
4%
Nov
Hudson Motor Car com
Hurd Lock & Mfg com. ..1
30
July
Kingston Prod com
15
Aug
20
Oct
Kinsel Drug com
1
f
26
26
26
50
23
Apr
26
Mar
Kresge (S S) com
Aug
Jan
6%
040
25
43
8%
*
98
Jan
19%
225
18%
5
18
25
34%
26
Apr
23
18
13%
20
P
Apr
May
23
18
13%
27%
Aug
Sept
14%
20
39
85c
9%
5%
18%
27%
39
100
100
*
27%
39
Oct
Jan
Hoover Ball & Bear com .10
HoudaiUe-Fershey B..
20
..*
2
150
July
1
For footnotes see page 3393.
Aug
*
3
99%
1
...*
1
Mar
Sept
7%
1.C0
1
May
Apr
*
2%
1.50
.10
Graham-Paige com
July
Apr
15%
*
Gar Wood Ind com
May
1%
7%
.
Mar
June
8
125
1.50
1
15
98
Apr
14%
Frankenmuth Brew com __i
20
12%
14
Nov
130
151
7%
*
10
10
Nov
7%
-
Ex-CelJ-O Aircraft com. w.3
Low
July
15%
..1
-.5
...
Range Since Jan. 1, 1939
for
Week
Shares
50c
67c
101
Jan
1%
—
Det Steel Corp—
Durham
Sales
Week's Range
1%
..1
Det Paper Prod com
both inclusive, compiled from official sales lists
Friday
..5
200
Det-M i ch Stove com
Cincinnati Stock
Jan
Apr
1.00
124
High
Low
7%
_
Detroit Edison com
for
Week
of Prices
High
Low
7%
-
Det & Cleve Nav com.
Teletype Cin, 274-275
Week's Range
Range Since Jan. 1, 1939
7%
Continental Motors com ..1
St., Cincinnati
Telephone Cherry 3470
*
Briggs Mfg com
Price
official sales lists
Sales
riday
Last
Established 1878
Exchange
24, both inclusive, compiled from
Stocks—
5LL LYONS
DETROIT
Buhl Building
Jan
5%
Cincinnati Listed and Unlisted Securities
Mach—20
100
*
Nov
Members
k
Amer Laundry
5
Nov
Sept
New York Stock Exchange
Nov. 18 to Nov.
Aluminum Industries
9
July
4nr
91
4%
4%
Sale
4%
Jan
Apr
91
Price
Oct
Jan
138
810
Watling, Lerchen Sl Co.
Feb
18%
%
Last
Aug
Oct
100
1%
17%
Sept
June
18%
__2
16
Oct
108
1%
21%
Jan
14%
38%
Jan
600
66%
~~2X
Feb
013% al3%
a48% a50
Youngstown Sheet A Tube*
1,850
Apr
9% June
30
1%
029% a32
5
5%
*
Van Dorn Iron Works
Nov
12
125
407
a8%
Sept
191
14
116% 117%
»
14
37
08%
1
4%
93%
14%
88%
13%
82%
"i%
14
*
Apr
25
13%
36%
.5
Richman Bros
13%
13%
36%
*
Patterson-Sargent
7%
100
4
4
86%
Champ Paper pref
Oct
1
17%
Par
Jan
Feb
Mar
al2
Apr
Western Un Teleg com. 100
W'house El A Mfg com. .50
Wieboldt Strs Inc—
Stocks
2%
a22
7
*
Nov. 18 to Nov. 24,
Oct
1%
*
1,400
E.
Sept
145
28
29
*
5
115
18%
5%
Oct
Aug
*
16%
*
Members:
Sept
May
7%
Otis Steel
7%
*
18
3
Ohio Brass B
12%
•
12%
15
Nestle LeMur A..
30%
com
50
370
Feb
Jan
Utah Radio Products com *
com
15%
15%
Aug
Nov
Aug
100
Radin Onrn
Sept
4%
Sept
Wrigley (Wm Jr) cap
Oct
6%
2%
5%
Zpnlt.h
17
July
13%
0%
"66%
Woodall Indust
22%
Apr
2%
Apr
23%
Cumul prior preferred.. *
Wls-jonsln Bankshrs com.*
Apr
Jan
Apr
50
com
100
Mar
Sept
500
Walgreen Co common
14%
Nov
2%
700
U S Gypsum Co com...20
United States Steel com..*
Wabl Co
12
17
Jan
38%
50%
1
7%
7
15
200
24%
9
9%
com
Apr
25
26%
Conv preferred
40
100
7%
14%
13%
Viking Pump Co
Apr
53
108
700
8%
Utility A Ind Corp com
13%
21%
158
26
Union Carb A Carbon cap *
United Air Lines Tr cap.5
7% preferred
Oct
2%
7%
15%
25
com
Jan
19
2%
Upson-Walton
Thompson (J R)
70
Apr
Apr
al5% al6%
3
3%
3%
*
15
International
Swift A Co
Oct
July
14
15%
130
1
8%
26
5
30%
49
40
14%
Medusa Portland Cement*
10
com
Apr
35
52
17
*
25
Sunstrand Mach Tool
Jan
a24% a25%
50
50%
Kelley Isl Lime A Tran._*
Lamson A Sessions
*
5
com.
13
12%
2
*
25
Stewart-Warner
Storkline Furniture
Jan
Oct
8%
Jan
Sept
12%
2%
2%
12%
Convertible preferred.20
Swift
Jaeger Machine
National Tile
Common
12
Jan
Standard Dredge—
Standard Gas A Elec
27
July
17%
17%
a20% 022
Great Lakes Tow pref.. 100
Sangamo Electric
23%
Aug
10
Oct
1
119
1
Sept
13
145
Aug
%
Sept
15%
a29% a29%
7%
100
71%
25
75
75
%
Nov
May
674
8%
13%
%
Feb
2%
2,312
8%
12%
1
Nov
7%
18%
11%
*
.1
Nov
55%
5% Sept
1% June
20%
11%
Cliffs Corp v tc
Colonial Finance
9%
43
19
Sept
Apr
Apr
855
70
17%
June
1
100
6,962
19%
Mar
5
Apr
*
Preferred
2%
18
29
Feb
%
Quaker Oats Co common.*
2%
100
Apr
3%
16%
125
67
100
Poor & Co class B
41%
6%
67
1,000
Potter Co (The) com.
Pressed Steel Car com
236
6
*
%
X
6%
Brewing Corp of Amer...*
Cl Builders Realty
*
4%
1
High
Low
90
8%
%
Pines Winterfront com
Range Since Jan. 1,1939
Week,
9%
*
4%
Perfect Circle (The) Co..*
Pictorial Paper Pkge com.f
Sales
Jan
Apr
14%
50
Peoples O Lt&Coke
Apr
%
41
100
Penn RR capital
11%
100
%
A10
conv
50
1
*
com..
6% pref
Penn Elec Switch
14
14
(The) com 10
Peabody Coal Co B
Serrick
Exchange
Oct
com. .6
Nor WestUtil prlien prflOO
Parker Pen Co
Cifveiind
Nov
16
UdIii Csmtntrct Binding,
Sept
10%
11
4%
*
GILLIS 1<J RUSSELLco.
Oct
June
171
Mar
11
20
com
20
22%
16
10
com
500
24
com.. 5
Nor Amer Car
Northern 111 Fin
1C
73%
70%
22%
Lakey Fdy # Mach com
.10
6%
4%
20%
2%
Apr
Oct
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
3392
Sales
Friday
Last
Stock* (Concluded)
La Salle
Par
Week's Range
of Prices
Week
Price
Low
High
IK
Last
Shares
Low
600
1
Stocks (Concluded
High
Par
Nov
Intl Nickel Co of Canada.*
1
134
1
IK
IK
1%
Masco Screw Prod com
1,220
55c June
1%
21c
21c
23c
1,850
12c
36c
Sept
Sept
International Tel
1
com
Mich Steel Tube Prod 2.50
834
1.00
1.00
1
com
834
*
Mich Sugar com
Micromatlc Hone
654
Mid-West Abrasive comSOc
7
200
1.25
1.25
12K
6K
2K
3%
44%
12K
*
10
Packard Motor Carcom.
*
.
Parke Davis com
*
Parker Rust-Proof com2.50
Jan
10
Apr
Jan
North
4
Aug
8%
Jan
Packard Motor Car Co— *
a23%
a3%
1%
Jan
2K
Feb
Paramount Pictures
Inc_.l
aSK
a8%
08%
3K
735
3
Apr
4K
Jan
Radio Corp of Amer
*
471
30
Apr
46%
Sept
Republic Steel Corp
*
a5%
23%
126
12%
5%
Apr
21
19
19
9
9
528
IK
IK
IK
400
IK
IK
1
Stearns (Fred'k) com
*
Sheller Mfg..
Sept
Seaboard Oil Co of Del...*
Aug
9%
Sept
Sears Roebuck & Co
Jan
IK
2%
2%
Mar
l
Apr
2%
Nov
Standard Brands Inc
188
l%
July
3%
Sept
100
Nov
Studebaker Corp
314
Apr
IK
2K
Nov
IK
1%
1%
Jan
Swift & Co
165
13%
Apr
10%
Jan
Texas Corp
Apr
Union Carbide & Carbon.*
4K
22%
4%
475
3%
July
22%
405
10%
2H
2K
364
60c
4,783
51c
34c
Q
Universal Cooler B
1%
Jan
1
25
(The)
25
United Aircraft Corp
..5
(Del).*
United Corp (The)
5%
a45%
a8%
21%
a46%
88%
a47%
0.2%
60c
Nov
Nov
2%
Aug
Sept
2%
Sept
67c
Aug
2%
10
a46
*
5
71
Map
com
1
154
IK
1%
1,567
Wolverine Brew
com
1
9c
9c
9c
219
8c.
Warner Bros Pictures
24%
al9% al9%
a8l% a82%
al2% al3%
al9% a20%
Wm.Cavalier&Co.
Par
100
Range
of Prices
Low
High
4
*
4
a9K
Low
450
a9%
3%
40
2
2
5%
5%
Chrysler
Corp
5
a22K 0.23%
1.00
5V*
*
a77%
0.77 K 077%
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
UK
Fltzslmmons Stores Ltd..*
12%
a53%
5%
7%
a24%
Preferred
*
10%
Creameries of Amer vtc.l
Douglas Aircraft Co
General Motors
10
com
Gladding McBean & Co..*
Globe Grain & Milling..26
Goodyear Tire & Rubber.*
Hancock Oil Co A com..
Lane Wells Co
39%
Jan
Apr
1.45
Nov
Apr
93%
Oct
OK
3%
•
9%
Jan
8%
Sept
7%
465
Aug
Mar
Mar
3%
Feb
13%
5%
Sept
Apr
Apr
84%
Nov
12
Nov
Apr
May
07 %c
Apr
56%
Oct
Oct
9%
Jan
11%
185
41c
400
40c
12%
525
a53% a53%
5%
5%
7%
7%
0.24}% a25%
38%
39%
9%
9%
487
9K
10c
8c
8c
Lockheed Aircraft Corp..l
Los Ang Industries Ino
2
2934
2%
Los Ang Investment Co. 10
3%
Menasco Mfg Co
Occidental Petroleum
1
2%
_
Sept
17%
41c
1
Lincoln Petroleum Co.
28%
Oct
11%
12
112
650
Jan
Apr
00%
6%
41c
Jan
May
90c
237
44
Sept
8
61
10
66
100
3%
13
15
250
a89K a89K
a.7%
a7%
OK
9%
10 K
1054
5%
5%
Consolidated Oil Corp....
Consolidated Steel Corp..*
Mar
May
10%
202
1.00
1.00
a8954
a7%
6%
UK
Mar
4%
65
UK
0%
1%
100
Chapman's Ice Cream Co. *
Apr
26 34
Mar
Jan
3
July
434
9
June
1334
Jan
5
Sept
834
Mar
840
13%
July
29
Sept
Oct
50
10%
Mar
2234
45
09%
Jan
7934
July
115
10%
15%
Aug
1434
Sept
May
2134
734
5034
Mar
150
534
Apr
10
255
1734
Apr
24
81
3334
7134
Aug
49
Apr
9034
35
Apr
4834
Oct
Apr
Feb
Sept
Jan
299
a46% a47%
51
0.2%
50
a2%
Mar
Jan
Oct
34
Sept
Sept
Aug
334
5134
82 34
75
334
Sept
52
10334
Mar
Oct
634
234
a39% a46
90
35
71
545
43
May
Jan
9%
37%
5
5
Jan
105
23%
595
33
13%
9
Sept
Jan
Oct
118
Oct
Sales
109%
Range
Range Since Jan. 1. 1939
for
High
Low
Shares
109% 170
100
834
Apr
14%
July
340
12%
14834
1034
Apr
17034
Mar
Sept
2034
Jan
12434
Aug
834
1654
15
122 %
123%
191
11734
Apr
6
6
299
4
Aug
"~5%
6
500
334
Apr
634
Nov
62
5834
Apr
9234
Sept
5%
80%
89%
j an
5
76
334
Aug
2334
3634
Apr
734
3434
Sept
534
461
Apr
5634
Nov
33%
33%
10
Lehigh Coal & Navigation *
2%
2%
325
1J4
June
434
Sept
Lehigh Valley
3%
4%
252
334
Aug
634
Sept
8K
8%
12
634
Apr
2%
2%
8.035
1
Feb
334
Sept
24%
2,124
Sept
2734
Sept
Sept
53%
.....
50
*
Pennroad Corp vtc
1
oO
2%
23
25
23
"30%
Scott Paper
113
Jan
10
Aug
Aug
10
290
2834
Sept
11934
32 34
Nov
194
Mar
334
Aug
6
280
134
234
6
Nov
100
634
Feb
1134
7
Aug
1634
4334
Apr
53
July
3334
Apr
42
Aug
50
50
10%
10%
1
...
1434
Sept
38
2%
30%
2%
8%
8%
10
48%
49%
33
40
40
40
Salt Dome Oil Corp
Sept
30%
50
7% preferred
Philadelphia Traction
32
118% 118%
*
Phila Elec Pqw pref
Phila Rapid Transit
5%
_*
Tacony -Palmyra Bridge ..*
June
Nov
Jan
Apr
%
34
Feb
Transit Invest Corp pref.
_.
1%
1%
140
34
Aug
134
Oct
Union Traction....
50
3%
3%
495
234
Jan
334
Nov
*
2%
2%
91
2
Apr
334
Feb
38%
14%
39%
Tonopah Mining
..1
United Corp com
Preferred
K
54
100
14%
118
40
Aug
15
10,383
1034
Apr
15
Nov
117% 118
*
United Gas Improv com..*
Preferred
*
142
10734
Sent
118
Nov
80
Jan
3134
*
Westmoreland Coal
*
8%
11%
U%
34
8
Apr
1134
Sept
11K
12
48
734
Apr
1234
Sept
69
Westmoreland Inc
69
8%
Bonds—
El & Peoples tr ctfs 4s 1945
515,000
Leh Val ann 6s
8,000
Jan
1134
Nov
Nov
8034
Sent
634
69
May
Sept
35%
Mar
Apr
42%
May
Pittsburgh Stock Exchange
103
8%
Oct
1134
May
8c
1,100
5c
July
14C
Apr
2934
2%
3%
2%
32%
1,050
36 %
Feb
Friday
430
18%
lVs
3%
1%
Aug
2%
3%
2%
Apr
2%
Jan
Last
Week's Range
for
Jan
4%
Mar
Sale
of Prices
Week
Aug
5%
Jan
200
2,895
Nov. 18 to Nov.
24, both inclusive, compiled from official sales lists
Stocks—
Par
22c
22c
22c
125
13c
Apr
20e
49c
50c
2,000
35c
Oct
85c
Jan
Allegheny Ludlum Steel
*
4%
12%
a.32%
32%
a28%
190
4%
9%
Oct
734
Jan
Arkansas Nat Gas pref.ICO
Apr
12%
Mar
Armstrong Cork Co
34%
Aug
Blaw-Knox Co
*
Apr
Sept
Price
*
Sales
Low
High
Range Since Jan. 1, 1939
Shares
High
Low
Jan
50c
Pacific Finance Corp com 10
Pacific Gas & Elec com..25
6% 1st pref
25
5% % 1st pref
25
Pacific Lighting com
*
Republic Petroleum com.l
a47%
2K
9%
Richfield Oil Corp com
*
Roberts Public Markets..2
4%
4%
12%
12%
a.32% a32%
32% 82%
a28% a28%
a47% a48%
2%
2%
9
9%
7K
7%
7%
Ryan Aeronautical Co_._l
5%
5%
6
Safeway Stores Inc
*
Security Co units ben int..
a50 34
*
32
734
So Calif Edison Co Ltd..25
27%
6% preferred B
5 34% preferred C
.25
Southern Pacific Co
a
32
27
100
10%
Standard Oil Co of Calif..*
Superior Oil Co (The)...25
Transamerlca Corp
2
25%
2934
28%
10%
25%
35
35
Union Oil of Calif
17
25
6%
12
100
900
1,173
100
100
0%
♦
""634
634
734
490
534
Copperweld Steel
10
1734
1734
1734
384
1134
Duquesne Brewing Co.. .5
1034
1034
1034
485
10
Jan
7%
Nov
534
534
160
Sept
7%
Jan
134
134
1,990
Mar
Jan
Nov
48%
Aug
33
Sept
13%
Nov
23
Sept
10
May
Jan
6%
29
Aug
II
Columbia Gas & Elec
*
Electric Products
Fort Pitt Brewing
.1
Hoppers G & Coke pref. 100
734
1034
Nov
338
4
Apr
534
Sept
500
134
July
134
134
Pittsburgh Brewing Co.. "*
*
Preferred
Pittsburgh Coal Co
934
"~134
30
10
Sept
Sept
"lol"
July
Westinghouse Air Brake.
8%
Sept
Westinghse Elec & Mfg-50
100 34
2
Jan
22
Apr
31
Nov
75
3
May
1234
Sept
9034
Apr
434
170
10134
34
Feb
Oct
339
134
31
634
8
Vanadium Alloys Steel.. _*
17%
134
30
55c
United States Glass Co.. .1
Mar
Jan
85
534
II
Sept
3%
Apr
247
134
5
Jan
Feb
Nov
534
Renner Co
5
1.50
8834
934
Pittsburgh Plate Glass.. 25
Pittsburgh Screw & Bolt. *
Apr
Jan
634
Jan
134
Jan
Apr
Apr
July
_*
Mar
Mar
5
Mar
8834
Sept
2%
2%
Feb
Nov
b
21 %
4
854
17J4
14%
934
#
45%
8
Apr
•
33%
19%
Sept
Apr
Sept
90c
55
1.25
10
Apr
Aug
June
Mountain Fuel Supply
Lone Star Gas Co
Aug
15%
12%
25c
Penn Federal com
Sept
10%
134
85
475
Jan
79
34
24%
121
55c
Jan
130
3
734
Nov
Jan
June
3
Jan
1434
1634
July
June
3
1734
Apr
3%
29 %
75
Sept
10%
29%
100
834
60
50
Sept
200
165
Jan
Sept
3%
1234
Apr
1,232
a5
12
July
25
3%
1234
2
0%
3%
4%
30%
10%
14%
May
75
43
26%
a5
734
5634
196
Carnegie Metals Co
27HI
3%
Jan
Jan
Sept
734
3934
1334
_
3934
50c
_*
Aug
868
2,015
2,405
27%
Aug
1434
534
3334
2234
July
35
17
56
23
734
2234
34%
31%
336
280
_*
29%
26% Sept
1334
1,183
_
By era (A M) com
26
2734
29%
28%
14%
YosemltePtldCement prflO
28
20
160
a5
.10
Weber Shwcse & Fix 1st pf*
Wellington Oil Co of Del..1
184
7K
6%
17%
14%
25
45
42
13% al3%
7%
430
1,025
a-50% a50%
32
a 13%
Sontag Chain Stores Ltd. *
Universal Consol Oil
19%
32
54 %
1
Pacific Clay Products
Shell Union Oil Corp
148
140
32
.1
Oceanic Oil Co
Nov
4%
Phlla Elec of Pa 55 pref
High
Jan
7
200
5%
11K
2934
53%
Pennsylvania RR
Shares
Price
*
com
Horn & Hardart (NY)com*
Week
2
0.22%
Apr
31 %
Curtis Pub Co
Range Since Jan. 1, 1939
Bolsa-Chlca Oil A com..10
Central Investm't Corp 100
12%
83
of Prices
Low
High
..5
Natl Power & Light
for
Broadway Dept Store Inc.*
Calif Packing Corp com..*
Nov
1,043
a45% 045%
a8%
a8%
21%
21%
046% a 46%
88%
88%
Week's
*
Mfg Co
Chrysler Corp
Teletype L.A. 290
Sales
Week's
*
22 34
Aug
10%
Budd (E G)
inclusive, compiled from official sales lists
Friday
Corp com
5734
June
Nov
Bell Tel Co of Pa pref. .100
Angeles Stock Exchange
Barker Bros
Apr
1334
5%
-.10
Barber Co
Electric Storage Battery 100
General Motors
10
Price
Oct
45
4034
12%
BucJd Wheel Co
1
Mar
Sept
30%
both inclusive, compiled from official sales list*
American Tel & Tel
San Francieco Stock Exchange
Los Angeles
Par
4534
85
133
396
80
70%
American Stores.......
Chicago Board of Trade
Lot Angeles Stock Exchange
Stocks—
Feb
Sept
Philadelphia Stock Exchange
Stocks—
MEMBERS
New York Stock Exchange
Bandlnl Petroleum Co
934
4534
182
Sale
Sale
Sept
May
5%
5%
Last
Last
Jan
55%
4
30
88
Friday
Nov. 18 to Nov. 24, both
Oct
38%
100
170
04%
a4%
a4%
Westinghse Elec & Mfg.50 a 112% all2% a\\5%
Nov. 18 to Nov. 24,
Los
15
High
100
Warner Aircraft
523 W. 6th St.
Low
Shares
Nov
25c
U S Rubber Co
US Steel Corp
190
3
Nov
3%
2%
IK
115
1%
*
22%
100
2%
3
*
Walker & Co B
Q
2%
*
5
Apr
1% Sept
15c July
al 9%
*
IK
"2H
.10
com
—
2 34
434
U g Graphite com
a81%
al2%
Standard Oil Co (N J)—25
15
10
com
Tivoll Brewing com......1
Tom Moore Dlst com
1
*
Socony-Vacuum Oil Co. .15
Southern Ry Co
*
950
15
...
Tlmken-Det Axle
TJ 8 Radiator
15
*
American Co
Aug
Apr
1
1,153
IK
18%
•A
Range Since Jan. 1, 1939
for
Week
a6
44%
a5%
23%
al934
1%
com
Nor American Aviation..1
380
9
Standard Tube B
1.75 June
a40% a40%
5%
5%
41%
41%
a35% a36%
a54% a56
20% 2034
24
27%
a22% a.23%
a3%
03%
200
1
234
New York Central RR—*
a40%
5%
41%
o35%
054%
20%
24%
tuinge
210
*
Simplicity Pattn
MontgomewT Ward 4 Co.*
Nov
7
Price
>
2%
Penin Metal Prod com
Prudential Investing com. 1
Reo Motor com
5
*
Loew's Inc
Sept
Jan
76c
9% Sept
2.25
Tel...*
Kennecott Copper Corp..*
of Prices
Low
High
6K
Parker Wolverine com
River Raisin Paper com..*
June
30c June
2
100
~2H
Motor Products com
Murray Corp com
Mich Silica
5
400
2,135
1.25
Jan
Apr
Wtek
Sale
Range Since Jan. 1, 1939
McClanahan Oil
-
Sales
Friday
for
Sale
Nov. 25, 1939
834
90
107
5bc
200
11634
Mar
Sept
1134
Sept
50c
July
80c
Jan
50c
50c
100
50c
Mar
80c
Sept
3234
3234
100
2234
Aug
3834
Sept
28
2834
146
18
Apr
37
Sept
11334 11434
33
8334
Apr
11934
sept
136
134
July
334
Sept
•
"28"
•».
Unlisted—
Pennroad Corp vtc
.1
2
234
Mining—
Black Mammoth Cons. 10c
Calumet Gold Mines ColOc
14c
14c 1434c
2,000
14c
July
30c
15c
lc
6,000
lc
Jan
6c
Aug
1.50
1.50
100
1.00
Oct
2.50
Jan
5c
5o
5c
2,500
5c
Nov
14c
St. Louis Stock
Jan
lc
1.50
Cons Chollar G & 8 Min..l
Tom Reed Gold
l
Aug
Nov. 18 to Nov. 24,
Range Since Jan. 1,
Last
Amer Rad & 8td Sani
*
Amer Tel & Tel Co
50
5
Atlantic Refining Co
25
Aviation Corp (The) (Del)3
Bendlx Aviation Corp
5
B org-Warner Corp
25
Columbia Gas & Electric.
Commonwealth & South..
Curtlss-Wrlght Corp
Class A
Electric Co
a.il % a53%,
al09%a\70%
a.32% a33%
a0%
a0%
a0%
a33
a23
a23
7
7
a30%
a25%
a5
0.1%
1
Electric Power & Light
see page
52%
a 169%
6%
l
General Foods Corp
Goodrich (B F) Co
o9% al054
a
100
Anaconda Copper
Armour & Co (111)
Canadian Pacific Ry
al0%
10
a30%
7%
40%
a 45%
*
21%
3393.
a23
9
Sept
85
42
% June
283
152
205
120
125
38
7%
560
a30% a30%
a25% a25%
23
©5
0%
ol%
,a5
7%
Par
for
of Prices
Low
High
Price
Sept
*
36
36
36 %
Feb
37%
Nov
39%
Sept
Brown Shoe com..
*
35
34 M
36
390
30%
Jan
41
Sept
Apr
8%
Sept
1
18
18
250
14%
May
20
Apr
450
1.50
Aug
2434
9%
Burkart Mfg com
Central Brew com
Nov
Aug
Oct
American Inv
com
5
1.95
Chic & Sou Air L pref
10
Cocoa-Cola Bottling com.l
Mar
33%
Nov
Aug
24%
May
Columbia Brew
5%
Sept
250
5%
1%
Apr
Apr
8%
Feb
Dr Pepper com
Elder Mfg com
Feb
Aug
13%
Nov
Falstaff Brew com
Jan
31%
Nov
Griesedleek-West Br
2%
50
7K
Apr
12%
804
33%
Aug
42%
70
40%
Mar
45
June
125
16%
May
24%
Sept
Jan
Mar
31%
1.98
10
31%
95
50
30
27
Jan
2.25
Sept
8
May
10
Nov
26
Sept
34 %
July
Mar
5
14
14%
60
Apr
15%
Oct
*
com
20%
20%
130
23
Sept
32%
Mar
9
6
9
Sept
10
Aug
*
9
com..
49%
com
18
Nov
100
7
155
6
Sept
8%
June
50
110
40
Sept
59%
June
*
11%
7%
12
150
UK
7%
7%
16
100
Preferred
June
18
6%
*
5
com.
0%
48%
18
1
Hussmann-Ligonier
Huttig S & D com
Hydraulic Pr Brick
1.95
10
Ely&Walker D Gds comlOO
4%
24
High
Low
168 34
Sept
55
Shares
Apr
5%
25
1939
Week
June
19%
21%
1,476
7K
40%
Stocks—
50
al%
7K
40%
58
Jan
40
10
1034
a30% a31
a45% a45%
21% 21%
21%
3%
19%
3%
18%
Week's Range
Sale
Amer Smelt & Refin Co...
For footnotes
Sales
Friday
Unlisted—
General
Exchange
both inclusive, compiled from official sales lists
94%
94%
12
100
17c
17c
10
14%
10
5%
85
13c
12%
Aug
Sept
9%
Mar
May
94%
Nov
July
30c
Feb
Apr
Sales
Friday
Last
Stocks {Concluded)
FRANCIS, BRO. & CO.
Par
United Air Lines Corp
Universal Consol Oil
1877
New York Stock Exchange
11%
5
"27)4
St. Louis Merchants
Exchange
Sale
International Shoe
Johnson-S-S Shoe
*
com
37%
High
com
65
*
Meyer Blanke
Natl Bearing Metals com. *
Natl Candy com.
__*
Preferred
Bendix
41
Sept
May
16
Oct
Jan
36
June
Sept
Apr
8%
Apr
25%
Apr
37%
Nov
14%
Nov
11%
Mar
6%
340
22
2234
230
15%
3754
37%
10
27%
14%
14%
260
Oct
10%
11
150
8%
Apr
11%
11%
105
9
Apr
11%
Mar
33
"37%
*
"
11%
"io%
33
10
22
Apr
36
Sept
10%
10%
667
6
Apr
11
Oct
111
Nov
4
10
103
Sept
111
135
5
.100
5
20
3%
June
6%
Sept
2%
2%
2%
10
2
Sept
2%
Nov
111
111
•
Jan
■
Rlce-Stix Dry Goods com. *
StLouis B Bldg Equip com*
St Louis P Selrv pref A
*
2%
Sterling Alum
_.l
com
6%
Stix Baer & Fuller com.. 10
Wagner Electric
15
com
Feb
2%
2%
11
34%
34%
6
28
Jan
35
80
1
57%
Jan
85
Mar
1%
May
29
6%
Sept
16
4%
5%
Apr
8%
Jan
9%
Nov
29%
6%
8%
"29"
340
21%
Apr
32%
Mar
40
6%
Jan
24%
36%
37%
Nov
37
37%
37% $15,000
37%
37
37%
95,000
72
1934
*68 c-d'8
72%
68%
2,000
72
Nov
68%
1,000
48
May
73%
Sept
St Louis Car 6s extd
27
May
Nov
78
Apr
1941
♦United Railway 4s
...
"68%
1934
37
36
36%
44,000
24%
Jan
36%
Nov
37%
Scullin Steel 3s
34%
36%
98.000
24%
Jan
36%
Nov
*4s c-d's
Francisco Stock
Nov. 18 to Nov. 24, both
Cal-Ore
Sale
Par
of Prices
High
Price
Low
Cities Service Co
com..
Low
250
654
Sept
July
15c
16c
400
10c
Anglo-Calif Nat'l Bank_20
6%
654
654
53'/
554
434
4)4
654
654
12554 126
220
Atlas Imp Diesel Engine..5
Bishop Oil Corp
"126"
20
Apr
4)4
Apr
124
25
Apr
30c
10%
Mar
jan
5%
Feb
8%
Jan
3.25
1.60
150
1.50
16%
150
12
Apr
17
"17%
17%
240
14%
Apr
2554
20
20
2134
Jan
Mar
32)4
385
21%
38%
Sept
7%
350
6%
Apr
Aug
1134
Mar
4%
100
334
23
May
Aug
7%
Jan
3654
Jan
3%
Aug
954
Nov
10
a7H
%
Aug
1)4
Jan
28%
Sept
33%
Aug
35
654
4%
Aug
954
Sept
Aug
13%
Nov
Apr
38
Nov
10%
37%
o8 %
39%
1,072
a2l% a21%
10
*
a26c
*
205
42 54
Jan
20
Aug
20%
Aug
68
30c
Jan
35c
Mar
2,740
534
Sept
7
Jan
4
Sept
9%
Feb
July
37c
Jan
5%
420
5%
5%
5%
125
15c
15c
1.60
1
1.60
620
5
a40)4 a4034
4
*
13c
400
5
37
44%
178
100
a.24% a24%
24% 27%
24)4
460
a23
a23
10
a23%
m
Mar
Nov
25
46
1854
Jan
a2%
25
40
100
5
Schumacher Wall Bd com *
3
160
534
200
434
454
Jan
3%
Sept
26
Sept
Sept
8%
Aug
6
160
3%
19%
Sept
734
2554
622
2334
Jan
2734
Sept
347
Sept
Jan
Feb
Feb
2934
250
*
a5 %
100
25%
554
]
0%
9%
150
5%
25
a45 54
44%
16
a46%
60
pref...*
16
16
16%
20
United States Steel com..*
67
67
71%
621
West Coast Life Tnsur....5
4
a45X
Sept
Feb
400
—25
Title Guaranty Co
Sept
Aug
387
5
Studebaker Corp com
Texas Corp com
Aug
32
30
Mar
24%
27%
29%
28%
a5 %
25
25%
Apr
154
20
24%
27%
29%
28%
*
25
com
Mar
28
a2%
60
Oct
Sept
29
a23% a23%
5%
6
454
4%
Packard Motor Co com..*
Sept
Aug
13%
21%
3%
"21X
Sept
754
8%
13%
Apr
2154 June
1854 Aug
35
32
a23
23%
21%
3%
Oahu Sugar Co Ltd cap..20
20
21c
Aug
7%
354
554
Sept
57
Apr
4%
July
Sept
8 34
10c June
a55 %
7%
North American Aviation 1
6 % preferred
44
Aug
4%
a55
National Distillers Prod..*
So Gailf Edison
2.80
Apr
254
3,600
13c
Apr
1.50
29
50
4
13c
13c
Montgomery Ward & Co. *
Jan
Apr
Mines.. 1
1
12 54
6)4 June
3194
1654
International Tel & Tel cm*
Kenn Copper Corp com..*
31
16
a25c
39%
Goodrich (B F) Co com...*
Onomea Sugar Co
Feb
9
600
q8 %
North Amer Co com
Nov
June
255
37
M J & M & M Cons
78
Apr
5%
89
Oct
Jan
354
Aug
1%
65
%
10 X
Preferred..
Sept
33%
a5%
a8X
Electric Bond & Share Co 5
McBryde Sugar Co
Nov
8%
Apr
%
37
com
4%
Apr
18
1,451
1%
Jan
454
42
a5%
*
Italo Pet of Amer
3%
40
155
a30% a30%
a 7%
a.7 %
1
Idaho-Maryland
440
a79
Dominguez Oil Co
Hobbs Battery Co B
24
a8%
7%
a3 %
a6%
30%
1)4
Curtlss-Wright Corp
General Electric Co
65
Mar
Mar
Aug
29)4 July
2934 June
7% Mar
Nov
Api
10
Jan
47%
Oct
Nov
1854
July
82
Sept
Aug
43%
Oct
4
a Oddlotsales.
•Noparvalue.
r
Cash sale—Not Included in range
t
Listed,
4
300
t> Ex-stock dividend,
for year,
x
4
534 June
May
d Deferred delivery,
Ex-dlvidend.
v
Ex-rlghts.
Jan
Sept
116
19>4
Oct
Callf-Engels Mining Co.25
""22c
22c
22c
514
20c
Oct
35c
26c
26c
28c
26c June
45c
Mar
354
3)4
1,300
2,565
Sept
4%
July
Oct
t In default.
Jan
Carson Hill Gold M cap__l
Preferred
20
Cent Eureka Mln Co com 1
Clorox Chemical Co-
......
*
"21%
5
Preferred
"15%
Consol Copper Mines com 5
7%
Emporium Capwell Corp.*
1834
11X
Fireman's Fund Ins Co..25
"95"
Foster & Kleiser com.. .2 %
1.60
10
Gen'l Paint Corp com
Jan
5454
2154
22%
414
16%
Apr
25
Sept
300
285
......
_
16%
39
7%
18%
39%
19
1,260
Greyhound Corp com
205
11)4
220
37%
12
94
95
1.50
*
Hawaiian Pine Co Ltd
""8%
34%
Sept
6%
Jan
8%
19
Nov
4334
Apr
11)4
36
Oct
42
79%
1.00
Apr
95
July
Nov
July
Nov
June
July
1.60
Jan
Jan
20
54%
54%
7%
900
38%
5654
834
Jan
6
8%
9
5
lOf
5
Sepl
954
Jan
6
A pi
9)4
Sept
1.225
1534
18)4
510
14
25i
11%
18
268
17
77c
200
26
50c
100
mm mm
—
•
July
1534
Mar
24%
Sept
Aug
Api
40c
Feb
1.40
Mar
1.40
43
Jan
July
1.75
Sept
15
Apr
354
2034
Jan
45
15(
4%
May
10
Margin Clerks Association of San
Francisco held its second meeting on Nov. 17 at the Stock
Exchange to elect officers and adopt a constitution.
From
a panel of names submitted by the nominating committee,
the following officers were chosen: Wendell Joost, Dean
Witter.& Co., President; Richard Studer, Coons, Milton &
& Co., Vice President; Marion Stack, Henry F. Swift & Co.,
Secretary; and Frank Woodside, E. A. Pierce & Co., Treas¬
urer.
Elected to serve as directors of the Association, were:
The
newly-formed
Loser, W. R. Reddick, Paul Tescher
Harry Jonas, Louis
The constitution, prepared by a com¬
S. Welch.
and K.
by Richard Studer, reiterated the
mittee headed
Mar
30"
30
32%
700
19
Aug
March Calcul Machine...5
17%
17%
470
11)4
Apr
3654
18%
Jan
H 54
Oct
2.35
2.45
„
Meier & Frank & Con..10
1
com
Natomas Co..
------
Oliver Utd Filters A
Jan
Mar
7%
Sept
had spent
July
affairs and
8%
Sept
120
4
Nov
"l0%
10%
351
9%
Feb
12
5
Aug
854
2534
4
4
10)4
7
7
85
21
*
21
353
*
554
5%
*
Class B
554
9)4
1134
5
605
12)4
13
1834
Jan
200
334
Sept
255
8
Sept
Jan
Apr
Mar
Feb
3454
35%
31%
5034
Sept
109 %
July
Sept
22)4
July
1.40
1.50
780
32%
27J4
33%
2954
32%
33i34
2,032
2,075
29
Sept
29
2654
41%
Sept
47%
2954
47%
808
47%
*
Pacific Light Core $5 d!v_*
Pacific Pub Serv 1st pref.
_
com
12554 12634
45)4 45%
200
36 34
Sept
954
954
954
220
354
4
4
4
100
4
Aug
Nov
*
Puget Sound P <fc T com..*
R E & E Co Ltd com
*
mm
5%
Preferred
Southern Pacific Co
-
-
Union Oil Co of Calif..
Union Sugar com
2
1
Mar
June
10%
Apr
2654
20%
Nov
6%
Apr
10%
Jan
554
6
555
454
Sept
7%
Jan
329
1.25
Sept
2.00
Jan
4%
5
'
1.25
5
4,110
2754
156
24
2534
1,521
2554
"~6%
rn.rn.m-
25
25
m
-
-
16%
8
—The Chicago investment
Karl G.
Hauck,
Milwaukee
Apr
29
7934
May
96
28%
Sept
Apr
3454
2154
June
1054
Jan
1,302
2454
954
Aug
33%
Sept
Aug
14%
5,303
15c
16c
1,300
15c
Sept
55c
Jan
16)4
1754
1,099
15)4
4%
Aug
July
1954
13%
Sept
5
Aug
8
Jan
Jan
Sept
Poe,
Secretary and J. William Eggleston,
Edward K. Dunn, of Robert
Treasurer.
8. Garland, of Alex. Brown & Sons, were
elected to the Board of Governors.
May
10
&
and Charles
Sons,
&
11
70
1,100
Garrett
their analytical
1054
654
8
Whedbee
Jenkins
Jan
872
Creighton Riepe of W. W. Lanahan & Co.,
Vice-President, Walter M. Weilepp,
Feb
Sept
Cahn & Co. was elected President of The
meeting held at the Merchants Club, Baltimore.
Other officers elected were J.
6
96
7%
Bond Club of Baltimore at a
of
language/about its functions
and this booklet
number of the more popular miscon¬
of underwriting and distributing securities.
—Francis M. Barker of Frank B.
32
33%
1654
2654
654
ceptions regarding the business
Mar
'
straight story, in layman's
His experience has qualified him to do so,
successful job in clearing up a
26
33%
16%
2554
150
a
Oct
1054
100
Tide Water Ass'd Oil com 10
Tread well-Yukon Ltd
1034
96
mmmmmm
Standard Oil Co of Calif..*
Transamerica Corp
Jan
Sept
1254
2754
24%
100
So Calif Gas pref ser A..25
June
5934
1154
472
1.25
«.
133
does
Aug
215
18%
Schlesinger Co(B F) com.*
7% preferred
2f
Signal Oil & Gas A
*
Soundvlew Pulp Co com..5
Apr
July
200
25%
1834
9
Ryan Aeronautical Co.—1
114
July
9
25%
m — m
m
Richfield Oil Corp 00m
100
18%
Sept
9
25%
Rayo.ler Incorp pref—251
Rheem Manufacturing Co *
100
656
Pacific Tel <fc Tel com__10o
Paraffine Co's
70
106% 108%
2054
20%
108%
20%
*
others in
and its work.
32%
595
many
anxious to tell a
32%
25
of responsibility in one of the largest
Oct
"l~40
For nine years, prior to 1935, he was
public opinion.
2.40
Pacific Gas & Elec com..26
25
Like
work in the field of national
employed
underwriting houses.
the investment banking profession, he has been
the preceding three years in active
in positions
Sept
"What is the Use of the Investment Banker?"
Mr.
associated with Jackson & Curtis last March,
become
who
MacVeagh,
754
14%
Pacific Coast Aggregates 10
6% 1st pref.
6)4% 1st pref
Oct
entitled
pamphlet
Jan
L.25
Pacific Light Corp com
Jan
Economist for Jackson & Curtis has written a
—Charlton MacVeagh,
Apr
370
954
7
Feb
Aug
8
954
O'Connor Moffatt cl AA__*
Pacific Can Co com
1.90
8
North Amer Invest com 100
No American Oil Consol. 10
840
9
'"954
1
*
150
NOTICES
CURRENT
Aug
11%
1754
1134
Menasco Mfg Co com
intention
provide margin clerks with a means of
bringing about uniform compliance with Securities and Ex¬
change, Federal Reserve and Stock Exchange margin rules.
Previous reference to the Association was made in our
issue of Nov. 11, page 3063.
•
of the Association to
Sept
Sept
Lockheed Aircraft Corp..]
National Auto Fibres
Clerks Association Elects Officers
San Francisco Margin
June
19;
654
1954
Apr
38%
400
1654
42
654
75c
37
Aug
Aug
3f
2.25
1654
2.20
16^8
.50
Oct
200
18 54
14
43
Nov
Apr
Api
42
Langendorf Utd Bak A... *
Libby McNeill & Llbby..*
•
Jari
Sept
14
50c
10
Preferred
Nov
Mar
16%
91
19:
43
10
Preferred
734
14
Sept
20
77c
1
Home F & M Ins Co cap. 10
Hunt Brothers com
1,260
July
18
"l4"
*
Holly Development
1.60
388
Apr
76%
150
40
5
*
Hale Bros Stores Inc
7%
U54
■
*
9
3,004
8834
7
*
Gladding McBean & Co..*
Golden State Co Ltd
285
10
15%
Jan
18
2r
General Motors com..
35
37%
40
50
Emsco Derrick & Equip..6
Fireman's Fund Indem__10
Preferred
184
88
*
Preferred (ww)
53
285
Crocker First Natl Bk.. 100
Crown Zellerbach com
2.90
53
10
Cons Chem Indust A
■
67c
Sept
190
1.50
Nov
170
a30%
Consolidated OH Corp...*
5%% pref.
Jan
1634
17%
*
Calamba Sugar com
4
192
10
1.5C
2
Byron Jackson Co...
Oct
17
Apr
Standard Brands Inc
High
7)4
"""15c
Bank of California N A..80
Mar
Nov
Sept
a79
10
Claude Neon Lights com.l
Cons Edison Co of N Y__»
Week
Shares
Anglo-Amer Mining Corp 1
Associated Tnstir Fund. .10
Mar
43o
a79
Riverside Cement Co A..*
Range Since Jan. 1, 1939
for
734
Alaska-Juneau Gold Mln 10
3654
9)4
""1)4
.1
Pow6% pref '27100
Preferred
Stocks—
Nov
147%
a8%
7%
o3 %
a6%
30%
"a6%
Radio Corp of America...»
Exchange
Sales
Week's Range
Last
1834
Oct
125
Park-Utah Consol Mines.]
inclusive, compiled from official sales lists
Friday
Jan
220
a26% a28%
Corp.../
Pennsylvania RR Co
San
Sept
300
444
Mountain City Copper...6
Nash-Kelvlnator Corp
6
Bonds—
♦City & Sub P S 5s
37
Nov
4%
'a.26%
10C
com
Aviation
Blair & Co Inc cap
Nov
80
Scruggs-V-B Inc pref... 100
1st pref
100
24%
266%
Aug
15
3,500
J
;
5
Aviation Corp of Del..-..3
Aviation & Trans Corp
1
Bait & Ohio RR
May
33)4
14%
6%
1154
7%
...
14
34
Midwest Pip <fc Sply com.*
Mo Port Cement com
25
1939
High
Low
31
14%
M cQ uay-Norris com
com
Range Since Jan. 1,
for
10
34
*
20
com
May
20
21)4
634
56c
Anglo Nat Corp A com...*
Week
Shares
35
*
Laclede-Christy C Pr
July
4.73
31%
31%
Atlas Corp com
38
37
*
com
Knapp Monarch pref
Laclede Steel
of Prices
Low
Nov
Sept
Aug
.1
55c
Anaconda Copper Min..60
Sales
Week's Range
Price
Par
Apr
1.90
250
10 %
10%
169)4 169)4
Atch Top & Santa Fe_.10G
Stocks ^Concluded)
12
330
275
20)4
Amer Toll Bridge (Del)..!
Argonaut Mining
Last
27
Amer Rad & Std Sanitary. *
Teletype: St. L 193
Telephone: CHestnut 6370
Friday
11%
27)4
275
American Tel & Tel Co. 100
St. Louis Stock Exchange
N. Y. Coffee & Sugar Exchange
230
1434
17%
Apr
Unlisted—
Chicago Stock Exchange
Chicago Board of Trade
N. Y. Curb Exchange (Associate)
New York Cotton Exchange
3.75
834
450
3.50
3.50
High
Low
Shares
14%
1
Wells Fargo Bk & U T_100
Yell Checker Cab ser 1..50
MEMBERS
Range Since Jan. 1, 1939
for
W€6K
14
14%
13%
Waialua Agricultural Co 20
LOUIS
ST.
Price
10
Preferred
OLIVE STREETS
FOURTH AND
of Prices
Low
High
5
Victor Equip Co com
INVESTMENT SECURITIES
Week's Range
Sale-
Tulsa, Okla
Alton, HI.
ESTABLISHED
3393
The Commercial & Financial OLD
YEARS
ONE HUNDRED—
Volume 149
firm of Mason, Moran & Co. announces that
formerly with John B.
Co.,
has
represent them in
become
associated
with
their sales
with the
department to
southern Wisconsin.
—Hirsch, Lilienthal &
Co.,
165 Broadway, New York City have pre¬
pared a memorandum discussing the
today, in
Danbar & Co., Inc., has joined
department and that Paul M. Helmuth, formerly
favorable status of the rayon industry
which also includes a
and Celanese Corp.
relation to other leading textile groups,
statistical summary of Industrial Rayon Corporation
—Glogowski & Co., Inc., 70 Wall St., New York City, has issued a special
Jan
report on Airplane
and Marine Direction Finder Corporation common stock.
3394
ONE HUNDRED—
The Commercial & FinancialSRAEY—elcinorhC OLD
NEW
Service
YORK
MONTREAL
all Canadian
on
Nov.
American Made
1939
TORONTO
Markets in
Securities.
Canadian Securities
Members
Montreal Stock
Greenshields & Co
Exchange
507 Place d'Armes, Montreal
Montreal Curb Market
HART SMITH & CO.
68 r
52 William
Provincial and
Street, N. Y.
Bid
6a
Jaa
11948
4Xs
Oct
1 1966
Ask
52
55
m
J*ly
hid
5s
Oct
6fl
-
Prov of British Colombia—
6a
Province of Ontario—
Sept
6s
-
May
1
1959
1
1962
1942
I
15 1943
Montreal Stock Exchange
Ask
F'iita\,
103 X 104 X
105X 106 X
Last
Sales
Week s Rang'
Sale
103 X 105
OJ
12 1949
93
95
4s
June
4X8
Oct
1 1963
Province of Manitoba—
87
90
4Xs
Jan
16 1066
99
3Xs
July
16 1963
90
95
General Steel Ware preflOC
Gurd iCharles)
*
6X
97
98 X
Gypsum Lime A Alabae..*
4X
4Xa
Aug
6s
June
l 1941
85
90
16 1964
78
82
4X8
6s..
Dec
2 1969
Prov of New Brunswick—
Be
Apr
16 I960
78
82
4s
94
92
96
96
98 X
94 X
4Xb
Sept
6b.
Mar
16 1962
1
I960
2 1960
.Feb
4X«
I
1968
93
96
1
May
(Concluded)
Par
1961
96
98 X
101
15
18
32
32
75
Hudson Bay Mining
Imperial Oil Ltd
75
Imperial Tobacco of Can.6
63
66 X
.*
*
Preferred
£1
08
Sept
4Xb
Dec
16 1942
16 19441
6s
July
1 1944
Bid
Sept
June 1A 1965
4X8.
Feb
1 1961
1 1956
4X8.
1 1957
As
..
1 1969
.
1 1969
As
As
...
Feb
1
1970
Oct
60
Sept
Ask
Interaat Pet Co Ltd
,*
24 X
24
25X
1,840
18X
Aug
*
2X
81
International Pow pref. 100
Lake of the Woods
»
*23X
1 1960
71
73
104 X 105X1
Preferred
Bonds
Ask
Bid
Canadian Northern Ry—
6X8
July
1 1946
Grand Trunk Paelfle Ry—
4s
Jan
1 1962
8b
Jan
1
1962
Ask
110X 111X
*
*
M cColl-Fr ontenac Oil
*
Mont LH 4 P Consol
Montreal Telegraph
•
90
93
83
Price
Week's Range
of Prices
Low
High
Range Since Jan. 1, 1939
for
Week
Shares
lix
60
16X
495
7X
7X
7X
48 X
24 X
26 X
49
25 X
15
50
150
80
240
4,610
"~8X
14X
12 X
15
358
14
2,660
1.60
13
"26 X
1.60
25 X
26
164
165
8
200
Low
.*
Developments
•
•
...100
8X
1,996
25 X
386
4X
160
16 X
17
23
23
7
93 X
6X
92 X
19
Rolland Paper vt
Preferred
4X
Sept
*7
Nov
47
Nov
50
Jan
17X
Sept
28 X
Jan
11
Sept
17
5
Apr
50c
Apr
130
135
5X
21X
2
12X
17 X
5X
Jan
Sept
15X
2X
27
9X
Oct
Nov
5X
Mar
356
9X
9X
8,009
26 X
Sept
60
49
Feb
Nov
X
178
190
59
Nov
70
Jan
485
31
Sept
43
Mar
42
42
100
37 X
Sept
45X
62
66 X
23 X
22
24
287
39 X
16
May
28
Sept
76
76
76
1,641
69 X
Sept
83X
July
32
33
230
Apr
7
88
Nov
35X
8X
13
95
Nov
13
Nov
102
Mar
755
Aug
Saguenay Power pref... 100
St Lawrence
Corp
iox
Oct
July
Jan
102
Mar
30
7
June
24
Oct
40
41
185
30
109
109
r
105
"iiTx
27
24 X
14
103
14X
15X
27
27 X
475
23 X
24 X
1,055
118X 120
14
14
1,561
760
95
ox
6X
17
7X
Mar
Preferred
Preferred.
100
June
48
Oct
Apr
109
Nov
Sept
Nov
""3X
*
Sept
12 X
Jan
20 X
4,105
Sept
24
Oct
67 X
375
39
Aug
67
Nov
17
20
15
Sept
19
Mar
6
125
5X
107
16X
96
06
107
4X
18
6X
June
2X
125
113"
112
14
6
Mar
18
Sept
10
90
Sept
98
Jan
107 X
126
100
Sept
5X
2,460
Aug
6H
Oct
19X
2,833
6
Aug
10
115
Aug
19 X
121
July
355
21
Apr
49 X
Sept
Apr
28 X
14 X
1.90
125
18 X
10
Aug
14
Apr
88
Sept
66 X
Apr
84
Sept
*
Preferred
3
100
United Steel Corp
Viau Biscuit:
•
Wabasso Cotton
*
10X
25
50c
Feb
3X
Sept
2*
5
Mar
15X
Sept
655
3
Aug
7X
Oct
3X
Oct
iox
5
3
3
5
'28"
28
28
50
12
Apr
33
Oct
22 X
23
Aug
24
Nov
Wilsils Ltd
6
Feb
2X
260
17
2.50
2.25
430
1.00
Aug
3X
2.50
2.50
336
1.10
Aug
3X
100
10
iox
75
100
45
45
10
Winnipeg Electric A
Woods Mfg pref..
Zellers Ltd
*
Preferred
*
9
23 X
23 X
7
Feb
17X May
250
7
Feb
9X
Nov
65
22
Apr
24 X
July
tc
Jan
25
Nov
Oct
Canadlenne.
l'O
Sept
167X
Feb
Apr
17
Oct
Commerce
Montreal
100
168
166
168
30
135
Sept
178
Jan
100
211
211
213
357
177
Sept
222
313
313
44
290
Sept
313
Oct
185
190
179
150
Sept
193
May
6X
Bank*—
_
.100
_
101
Jan
110
Nov
Royal
100
1,125
IX
25
1.25
Apr
4X
160
Mar
'190"
160
July
4X
19X
Sept
4
3X
Sept
9X
Sept
Aug
11X
Oct
.»
8X
8X
47 X
47 X
8X
49 X
205
Gonad Mining 4 Smelting 5
Crown Cork A Seal Co
*
389
37 X
29
30
4*0
21X
Jan
Distillers Seagrams
Dominion Bridge
30
Nov
21X
21
22
2,410
15X
Sept
22
Nov
38
36 X
21
39 X
574
Apr
21
266
24 X
15
5
May
61X
46 X
Montreal Curb Market
Oct
Nov. 18
to
Nov. 24, both inclusive, compiled from official sales lists
Jan
Oct
Friday
Sales
Last
Par
Jan
22
125
40
108
Jan
125
Nov
145
145
Abltlbl Pow A Paper Co..*
15
145
Nov
162
Mar
7X
Apr
18
Oct
6% cum pref...
Aluminium Ltd
5
Apr
for
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1939
Shares
Low
High
Oct
123
loo
Week's Range
Sale
Stocks—
100
5X
11
.....
Corp
10X
100
9
Enamel & Heating Prod..
Famous Players C Corp..
6X
89 X
385
148
lix
100
9
May
"~8X
4.00
4.50
134
675
3X
June
21 X
Jan
8ept
142 X
Sept
May
5X
104
1.25
3X
Sept
Oct
7X
Oct
Beauharnols Power Corp.*
5X
5X
6
Jan
1,476
90 X
Oct
Brewers & Dlsts of Vane..5
4
4
4
2
161
Aug
23 X
Aug
13
Brit Amer Oil Co Ltd....*
British Columbia Packers*
16
16
16 X
132
11
Jan
18 X
Canada A Dom Sug (new) *
Canada Malting Co Ltd..*
Can Nor Pow 7% cm p? 100
32 X
31X
32 X
345
25
Sept
33 X
37
37
37
112
29
Sept
38
June
12
99
Sept
112
Jan
Canada Vinegars Ltd
*
Canadian Breweries Ltd..*
13
14
Feb
640
o,r
3
Oct
50c
Feb
1.50
Oct
110
8
Aug
15
Jan
50c
May
3 00
Oct
Mar
23X
lvO
19
Apr
9 X
100
6X
Aug
12X
Oct
15X
16X
973
11X
8ept
303
80
Sept
16 X
95
Mar
95
169
100
Nov
9X
4.00
2,015
May
Nov
20 X
8X
*
13 X
128
50c
Sept
95
Rights
12 X
125
4,206
65
233
101X 102X
•5X
6
Bathurst P & P Co B
13
125
1.85
148
20X
102
100
__*
1.60
50
2.00
8X
3X
7X
1.75
397
2.00
15X
Jan
Sept
Cockshutt Plow..
89 X
Oct
9X
23 X
34
100
148
51
120
6,696
89 X
Oct
Oct
Jan
6X
148
Oct
15
Apr
5X
»
Nov
5X
*
Nova Scotia
50
Jan
67
Nov
3,211
Oct
Jan
110
468
102
16X
5X
Nov
270
Feb
14X
5X
Nov
107 X
10X
5X
15
Oct
7X
165
98
Canadian Locomotive
*
Canadian Pacific Ry.._l26
21
7
251
65
10
512
85 X
10
3X
iox
82 X
3
190
13
Jan
81X
103
13
14X
84 X
110
3X
Sept
82 X
102
3X
3X
10
85 X
110
100
Oci
50
•
Preferred
Oct
Oct
12 X
18
B
19
19X
130
May
25
-
Tooke Brothers
Oct
Aug
Aug
65
June
99
17
Southern Canada Power. _*
28
June
125
67
*
Steel Co of Canada
Sept
38
5
14
Sher Williams of Can
Mar
Sept
20
18 X
4X
Mar
Sept
10
61
67 X
18X
12X
6X
19X
100
130
Oct
Jan
9X
10
•
28
Aug
Oct
40
Canadian Converters.. 100
Foundation Co of Canada.
Gatlneau Power
Preferred
100
Oct
12 X
60
A preferred
6X
13
60
15
Sept
79
369
119
Eastern Dairies
76 X
130
*
Sept
45
15X
100
23
Oct
93 X
19
15
13
103
1,755
9
6X
13
10
7X
15
100
•
Feb
"66 X
100
"
100
Dryden Paper
Jan
54
36 X
113
June
Oct
*
57
50
May
Mar
]00
June
36
10
18
Dom Tar 4 Chem
Oct
Sept
33
"
50
770
23
Dominion Steel 4 Coal B 26
Dominion Stores Ltd..... »
Sept
Sept
1,514
Aug
X
Oct
Oct
16
3
13X
Aug
General Steel Wares
49
5
28 X
126
2X
AX
250
2,890
43
May
5X% pref
8
30 X
49 X
June
Apr
23 X
1.60
Elf ctrolux
8
30
365
9X
12
14X
Dominion Textile...
Preferred
8
30 X
335
Jan
41
330
Preferred
6
112
22
1,180
26
June
15
"
5X
Dominion Coal pref
Dominion Glass
June
81
41
17 X
_
4
Oct
Feb
22 X
21X
Class B
Aug
13X
8hawlnlgan W 4 Power..•
4X
Cndn Industrial Alcohol..*
2
Oct
17 X
100
Oct
28 X
68
Oct
Nov
21 X
Canadian Cottons
Preferred
Oct
17
330
St Law Flour Mills pref. 100
St Lawrence Paper pref. 100
Aug
4X
Preferred 7%
8X
4X
5X
.....
Regent Knitting
Oct
141
4X
16 H
Oct
Oct
184
25 X
23
nx
35 X
20 X
Apr
17 X
Preferred
7X
4X
I
Power Corp of Canada
Price Bros 4 Co Ltd
Apr
15
4X
*
Canadian Car 4 Foundry. *
Preferred
26
Canadian Celanese
•
15
6
100
Apr
9X
*
.
15
4X
»
Preferred
5% preferred
High
Canada Steamship (new).*
6% preferred
..60
Canadian Bronze
*
_
"lb"
Ottawa L H 4 Pow prei 100
Penmans
6X
14
130
25 X
*
Can North Power Corp
Mar
22 X
22
2X
23 X
125
125
25
National Steel Car Corp.. *
Niagara Wire Weaving
*
Placer
32 X
Can Forglngs class A
Class B._
33
36 X
100
Ottawa Electric Ry
Ottawa Car 4 Air.....100
Sales
11
100
Oct
103 X 10*X
15X
,
23 X
"
40
Montreal Tramways
National Breweries..
Noranda Mines Ltd
32
Preferred
155
76
22
*
M asse y - Harris•
Preferred
80 X
2X
76
..100
Lang 4 Sons (John A)
Legare pref
11
*
Jan
Apr
July
15X
Building Products A (new)*
6
7X
X
4X8..
32
Bulolo Gold Dredging
Sept
6X
42
85
*
Canada Cement Co.
135
1,123
80
*
*
July
7
7
Sept
48
80 X
*
_
Oct
16X
Apr
47
79
Agnew-Surpass Shoe
Bruck Silk Mills
18X
Sept
47
80
Algoma Steel Corp
Amalgamated Electric
Bell Telephone
100
Brazilian Tr Lt A Power.*
British Col Power Cor p a *
Sept
13
30
1 1946
1 1954
Alberta Pac Gr pref
60
X
12X
3,057
Aug
Quebec Power
Asbestos Corp
*
Associated Breweries
*
Bathurst Pow A Paper A.*
Bawlf (N) Grain
*
Preferred
100
2,321
June
Deo
Sale
Anglo Can Tel pref
16X
15
15
Sept
Last
*
40
15X
14 X
7
20
4Xs
Friday
Par
Oct
25
24, both inclusive, compiled from official sales lists
Stocks—
25
Sept
165
Montreal Stock Exchange
18 to Nov.
465
Oct
9X
17
20X
16X
*
Ogllvle Flour Mills
Nov.
Aug
26 X
6s
102 X (103 X
104
,104X
Sent
9
28
Canadian Pacific Ry—
102 X
Sept
12
20 X
63 X
102 X 103 X
100
100X
100
100X
34
6
945
20 X
27
85
102
881
1,160
*
15
»
Mndsay (C W)
4X8.
7
26
62
Dominion Government Guaranteed
4X8.
6
Oct
28
83
Bid
Jan
International Power
Ask
Canadian National Ry—
May
6X
Intl Bronze Powders pref 25
Intl Nickel of Canada
*
Railway Bonds
Canadian Pacific Ry—
4s perpetual debentures.
6X
Aug
4
3X
17
6X
Sept
1,545
14X
Industrial Acceptance
Intl Bronze Powders
Bid
High
91
July
1,000
14X
\io
1951
Low
60
6X
17 X
70
1
140
4X
5X
4X
*
Nov
Oct
Range Since Jan. 1, 1939
for
W r'A
Shares
89
*
June 16 1943
.
89
6
Paper..
6X8
Prov of Saskatchewan—
4X8...
High
Holllnger Gold
6s
97
Low
TlCro
Hamilton Bridge
Howard Smith
16 1946
Price
i
100 x
Province ol yuebeo—
Mar
Stock*
96 X
97
4X8
Apr
16 1961
Province of Nova Scotia—
Teletype 1-395
Municipal Issues
Closing bid and asked quotations, Friday, Nov. 24
Province ol Alberta—
Hanover 2-0987
325
2X
Jan
1,170
4X
Aug
102 X
6
12
22 X
107 X
13
310
Oct
5X
Mar
Sept
23 X
Sept
Aug
Oct
11X
Aug
1.05
1.15
820
80c
Sept
19 X
120
14 X
Sept
1
1.21
1.30
130
85c
Jan
1.75
|Oct
1.00
1.00
14
50c
Mar
1.60
Oct
Canadian Marconi Co
Cndn Power * Paper Inv.*
......
Mar
No par value,
13
19
7X
19 X
Nov
*
107 X
1,810
Jan
Sept
*
Preferred
June
Oct
23 X
3
3X
r
Canadian market.
1.80
23
Jan
Jan
Volume
3395
Commercial & Financial Chronicle—YEARS OLD
The
ONE HUNDRED—
149
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Week's Range
Last
Sale
Stocks (Concluded)
100
"62"
Canadian Westinghouse—
Catelli Food Prod Ltd
12,"
Canadian Mining
7
June
10
30
15
10
Aug
41
Jan
o2
110
60
Sept
60
Feb
12 H
45
6
Jan
13
Nov
40
11
Jan
13
June
3.00
2
unlisted
listed and
and Industrial Securities
F. J. CRAWFORD & CO.
Jan
6
52
645
on
High
Low
Shares
12%
6%
pre?
cum
High
25
Cndn Vlckers Ltd
7%
Low
1,1939
Range Since Jan.
for
Week
of Prices
Price
Pa
Inquiries invited
Sales
Friday
12
12
Celtic Knitting Co Ltd
Commercial Alcohols Ltd.
2.50
2.50
15
1.60
Jan
2%
3%
1,480
1.50
Jan
3%
6%
6%
25
Jan
6%
Winnipeg Grain Exchange
Jan Commodity Exchange, Ipc.
Oanacfia
Oct
Commercial Alcohol pref.
The Toronto Stock Exchange
Members
Oct
5% cumul pre?
1
Consol 13iv gee pref
12
6%
Sept
9
6H
7H
4,514
2%
Nov
9
Sept
2%
3
1,085
5UC
Aug
4%
Sept
9%
Dominion F.ng Works
38
"i%
8%
B
8%
7%
"1%
9%
21«
Fraser Companies Ltd
"I§"
Fraser Cos voting trust—
Nov
9%
8%
Aug
10H
Oct
Friday
515
2
Aug
9H
Oct
Last
Week's Range
for
2%
Apr
7
Oct
Sale
Week
2%
2%
Sept
8
Oct
of Prices
Low
High
Aug
11H
Oct
16 %
5
Sept
24H
Oct
British Dominion Oil
*
Sept
22
Oct
Bro ulan-Porcupine
1
5
m
2,710
9%
6,628
22%
474
5%
7H
21%
16
95
16 %
19
3,340
5
Aug
25
34
68%
27
Goodyear T & Rub of Can
25
Apr
Apr
Inter-City Baking Co.. 100
34
Internatl Paints (Can) A.
4.00
4.00
295
1.50
Sept
50c
55c
200
40c
Aug
Intl Utilities B
25
Lake St John P&P
83
25
MacLaren Power & Paper
16
16
17H
1,370
Mas8ey-Harris5%cmpf 100
MoColl-Fron 6% cm pf.100
56 %
56
60%
1,530
96%
96 H
96%
137
1.75
1.75
85
Melchere Distilleries...—
"6 %
Melchere Distilleries pref 10
Mitchell (Robt) Co Ltd..
14
8%
12%
44
Moore Corp Ltd
Nov
3
2
20
16
Ltd
6H
14%
44%
41
23H
89 H
Oct
36
June
4
Nov
63 %
Nov
Feb
97
Oct
4%
17H
Oct
Aug
38
45%
Oct
50
97
Apr
110
Nov
24
24
5
Mar
20
Nov
66
100 %
6
Provincial Transport Co..
6
25
Aug
100
6%
105
Jan
Sept
8
Oct
Sept
6H
Oot
'
5
Reliance Grain Co
20
5
2%
110
July
8
107
Jan
43 %
44
35
34
Sept
50 H
Jan
19%
19%
25
17
Sept
20H
Jan
39c
1,500
250 June
65c
Sept
107
Sou Can Pow6% cum pflOO
Walker-Good & Worts (H)
$1 cumul pref
108 H
39c
8,000
Big Missouri Mines
Cndn-Malartic Gold
12 %c
12c
15c
12c
200
65c
13c
65c
7Hc
200
June
9Hc June
55c
Sept
14c
.
Central Patricia Gold
Century Mining
15c
15c
3,800
9c
Sept
2.40
Cent Cadillac Gd M Ltd.
2.42
250
1.97
Sept
15c
15c
500
12c
Nov
29%
105
Dome Mines Ltd
29
Duparquet Mining Ltd...
l%c
2c
4.000
2.99
28c
Jan
25Hc July
2.74
Jan
25c May
Sept
33 %
Aug
1%C
Oct
8c
Jan
23
3.15
4,700
2.00
Sept
3.05
1.00
1.01
400
74c
Sept
2.36
Jan
Falconbridge Nickel
4.55
4.55
50
4.50
Apr
6.70
Sept
3.15
Nov
400
16c
32c
1.300
22c
Apr
Apr
77c
32c
44c
Jan
2%C
2Hc
8,000
2c
Sept
6Hc
Feb
29%
l%c
29%
480
29%
Nov
60 H
2c
1.000
2c
Nov
8c
Jan
4.35
4.35
4.35
1,050
3.60
Sept
6.80
Jan
Mar
70c
Oct
41 %c
Lake Shore Ml ies Ltd
Lebel Oro Mines Ltd
Macassa Ml nee
...
45c
66c
Gold
6Rc
66c
2.000
45c
1.58
Normetal Mining Ltd
1.50
1.58
1,220
1.25
Sept
Aug
3.35
Jan
4c
4%c
1,900
16c
Jan
Pend-Oretlle M & M
2.40
2.40
200
1
20
Aug
3 90
Sept
Gold
1.92
2.00
5,950
1
45
Jan
2.05
July
Mar
Pandora-Cadalllc Gold
1.95
2HC Sept
4.35
4.35
500
3.50
Sept
5.60
Preston East Dome M Ltd
2.20
2.07
2.20
1.14
Sept
2.18
Sherritt-Gordon Mines...
1.13
1.10
1.22
2,250
2,700
83c
Aug
2.00
Sept
84c
80c
87c
8,200
80c
8ept
1.65
Jan
3,300
25c
Sept
74C
Jan
18Hc 34 He 307,178
80c
80c
1,400
19o
Nov
1.03
Pickle-Crow Gold
Slscoe Gold Mines Ltd
Sladen-Malartic Mines...
40c
Stadacona (new)
Sullivan Consolidated
21c
45c
40c
Nov
Feb
Ventures Ltd
Wood Cad
Aug
1.01
Mar
4.00
4.10
730
3.85
Sept
4.60
Mar
4.35
...
60c
4.00
Teck Hughes Gold
4.35
4.45
410
4.40
Oct
5.75
13Hc 14 He
8,000
8 He
Apr
18 HO
Jan
8.30
125
6.85
Sept
8.86
Mar
14c
8.30
Wright Hargreaves Mines
Mar
"h%
Preferred
Anglo-Canadian Oil Co...
Home Oil Co Ltd.
95c
95c
90c
3,500
43c
42c
43c
800
2.45
—
2.32
2.45
4,875
3,500
Homestead Oil & Gas
6c
6c
Rovalite Oil Co
33
34
6Hc
340
34
1.51
Jan
Aug
75c
Jan
1.25
Sept
3.70
Jan
6c
Nov
80c
Apr
30c
26 %
Sept
25c
Jan
44%
Jan
18 to Nov.
Canada Packers
Sale
Par
Stocks—
Price
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1939
for
High
Low
6%
•
12 H
12 H
14
3'H
32
33
*
*
36c
35c
2,975
1,725
200
40c
16,600
5c
2.17
July
21H
Sept
Jan
Aug
14
24c
35H
62c
Sept
1
18c
100
2UH
4H
145
5%
Oct
Oct
1.52
"26"
Canadian Canners
Canadian Can A
Can Car & Foundry
Preferred
605
340
12%
950
1,215
14H
15%
27
28
23%
24
23
23
3%
3%
200
R
Oct
6Hc
Feb
1.65
Sept
2 78
July-
6c
Oct
23c
Jan
24%
Sept
May
25
20
July
Sept
17 H
660
12H
6H
5,204
3
Sept
9H
Sept
3
Jan
4H
Nov
20 H
Mar
5%
Sept
65
103 %
7 He
94c
90c
1.01
28,680
62c
Sept
1.39
Jan
Chromium
*
61c
60c
62c
4,075
40c
Sept
S^c
Feb
Cockshutt Plow
*
8H
Apr
11H
Oct
*
9%
31
490
Commoll
8%
30%
Sept
55c
Jan
Oct
4H
Oct
4%
1
Conduits
1.60
300
1.87
26,250
*
17 H
17H
125
1
Bakeries
Consol Chibougamau
Cons
13c
13c
820
49 H
1,015
1.78
5
Smelters
Consumers
100
Gas
46 %
167
Crows North Coal
100
Petroleum
•
Nickel Mines... 1
Distillers Seagrams
27
"~8Hc
21
100
Dominion Coal pref
29 %
210
25
Dominion Foundry
•
36H
Dominion Scot Inv pref.50
..25
♦
"is"
Preferred.
East
Sept
5,100
5
Sept
1.08
865
92c
Sept
5
99 H
Jan
Jan
Sept
Sept
8%
British Columbia Power A
600
ICC June
Mar
Jan
8
4
Brewers & Distillers
British American OH.
18,800
11
Bralome
Brazilian Traction.
13c 14 He
7 He
23%
26
22%
25%
11
8H
4
23 %
26
10,300
5Hc
7H
Apr
16K
5%
3,765
4
Sept
6%
560
4
Aug
100
73
Feb
85
178
3c
2,225
2,500
5c
Sept
Oct
Oct
40 H
Oct
30
Oct
18H
Oct
7H
May
7H
Oct
88
Sept
9Hc
Mar
27c
Mar
Aug
13c
Mar
2 01
Sept
3.15
Nov
13 H
22
Aug
19%
June
6,550
750
Aug
4,700
19 H
Nov
2,343
4.50
Apr
6 75
Sept
Apr
25
Nov
2.99
3.15
7,050
33,182
17H
18H
85
30
30
F
1.05
4 He
Oct
Nov
30
2 36
Jan
Sept
8H0
Jan
Oct
17c
Feb
8Hc
500
7c
Aug
13c
Jan
9%
5,885
38c
JaD
*
Fleury-Bissell pref
Sept
32
1.28
105
7H
178
30c
30c
Jan
July
July
Oct
June
*
*
Francoeur...
8Hc
.
""9%
22
30
21H
21%
22 H
41HC
41Hc
45c
*
1
...
*
102
Oct
27
16
96
39
6
5%
101H 102
675
400
9
17c
28c
23
24
lHc
lHc
87
84
54
63H
7%
20o
Feb
4He
July
14 H
Sept
22c
Nov
25%c
3%
2,000
1
Oct
87
55
66
55
77
62 H
Apr
Sept
8
100
Great Lakes Paper pref..*
15
49c
48c
50c
7,900
4H
""3c
4%
2%c
2%c
Gypsum Lime A Alabas..*
1
Hamilton Bridge
5%
Mar
Sept
23 H
Nov
28
Aug
•No par value
Oct
14,800
266
Sept
105
3,200
66,870
II,000
27
Pent
Aug
Nov
58c 61%C
19c 20 He
26
18%
Mar
Nov
620
58c
24
20
17H
6
102
Feb
27
1
Nov
96
Jan
Nov
Mar
27
Halcrow-Swazey
Sept
2H
4c
"26"
Halllwell
78
100
UHC
*
Mar
Mar
Jan
Great Lakes vot trust pref*
June
16H
Spet
Great Lakes voting
12%
Jan
4c
Jan
12 %
11
lHc
1
Sept
Aug
7,700
23 H
Sept
72c
5,200
Jan
Feb
Apr
2%c
1
..1
Oct
15c
6HC
1
Gunnar Gold
24 H
6c
Gold Eagle.
Nov
Oct
Apr
8%
Golden Gate Mining
36%
Oct
16 H
2Hc
20c
Nov
11
34
8%
26 He
Goodyear Tire 4 Rubber.*
Preferred
50
165
Aug
May
3%
25
2%C
1
Goodfish
235
15%
.1
Glenora
2.101
14,200
95
*
Gillies Lake
130
30
*
100
7%
4.70
30
100
Cumul pref...
11
22c
100
Ford A
Gatlneau Power
""3c
25c
5%
3
Apr
Nov
Mar
2o
..
9H
10
19
25
5H
14H
6 He
975
46
1,475
40
27
5c
4,203
1,805
37 H
22
19
God's Lake.
7Hc
7 He
35 H
25
Mar
34
210H
2Hc
Goldale
12%c 12Hc
Bohjo
Sept
1,140
4,900
Oct
25
Sept
15
2,000
Oct
170
185
10
3c
15H
5H
150
8ept
4
21
4%C
Aug
11
23
210
29
25
Sept
36%
8%c
1,417
210
3c
%
10%
Nov
3Hc
4%
36 H
21H
24 H
Aug
1.06
11
Sept
5c
15
24 %
Sept
6%c
50
Sept
Sept
4.60
34c
1.06
Biltmore
Jan
8HC
21H
17c
19 H
39 H
6
Mar
60c
4.60
Jan
9%C
35
19 H
Aug
6Hc
13c
Nov
Aug
9Hc
25
.
Gen St Wares
Kirk land
27
*
50
Big Missouri
16H June
*
36
Co.....100
June
Falconbrldge
35
2H
JaD
183
Extension Oil...
60
140
61
Sept
Sept
1
3.15
July
37 H June
150
95c
June
129
30c
95c
255
434
Aug
1
Sept
5%
July
Sept
180
1
Eldorado
215
102
11c
17 H
*
24%
5c
11c
1
*
July
2.34
Apr
15
...*
Crest OH
Sept
2.00
Aug
1.10
3,400
1,000
3,000
26c
3%C
Dorval-Slscoe
1.25
14
29 H
8HC
21
85
100
—
27
24c
3
5%
6H
*
...
26%
27
276
5
21
»
Dominion Bank
78
167
25Hc
*
Dome Mines (new)
46 H
166
26
.....*
Cosmos
100
1.60
5
*
Mines
Consolidated
4%
1,000
1.62
Conlagas..
Conlarum
4
166
Jan
Mar
102
Oct
95
Jan
14HC June
5Hc Sept
Chestervllle-Larder Lake.l
250
5H
100 %
70
8C
250
163
8c
1
100
102
1.05
2.75
Central Porcelain
Rights
5%
Nov
Sept
2.42
Preferred.....
166
65c
1.91
2.31
Oct
.100
Nov
115
Mar
1,520
2.31
Jan
—
2.40 June
2,770
5,600
1
220
Beattle Gold
114
68 He 68 He
Central Patricia
Jan
Jan
20
Sept
314
Bear Expl
1.03
Oct
1.70
1C0
Oct
Oct
4H
50o
16H
100 H
Oct
4H
25
14%
.100
Oct
4,300
20
Charter Trust
Nov
Nov
1H
5%
114
Jan
10 %
70c
100
1
Oct
34%
22
400
Castle-Trethewey
Oct
Nov
14H
19H
25
2.20
Sept
25
11
20 H
60
4H
18%
Sept
200
Mar
2.18
176
2,900
179
2%
16 H
4%
18%
285
4
Sept
July
May
6
May
6H Sept
17H Aug
134
*
Carnation pref...
Jan
Mar
1
Fleet Aircraft
2Hc
13H
1.80
23
Cariboo
Firestone Petroleum
1,950
4
Oct
Sept
Canadian Wlrebound
Feb
16,243
18,325
13 H
Oct
Oct
60
Sept
100
1
18c
75c
14H
755
69c
2b
12
4
Aug
6%
H
13
12
*
Canadian Wineries
312
*
7H
19%
Aug
3%
17 H
Malartlc
Canadian Oil.
P
40
9
20 H
15%
Canadian Locomotive.. 100
C
20
28
*
25
Canadian Dredge
*
Canadian Ind Alcohol A..*
Canadian
100
200
11
12
Canadian Celanese
312
B
Aug
20
»
211H 213
Batburat Power A
Oct
153
169
7H
2u
B
19H
167
*
Feb
2.33
20
104
Sept
May
10Hc
2Hc
10Hc
May
1.25
30
17 He
2.17
20c
66
134
20
53H
*
5Ho
4Hc
15c
340
1,036
1.10
Canadian Breweries
21,700
15c
June
1.10
Canadian Bakeries pref 100
1
8,750
June
38
63 H
15
1
20c
105
Sept
7
100 H 101H
142 %
Mar
Sept
29 H
Sept
1
18c
100
97
25
Federal-Klrkland
88c 95 He
101H
June
Fanny Farmer
7
Sept
5H
Nov
Sept
Sep?
78
I,200
75
4%
Aug
Mar
10H
30
7H
93
Nov
6H
60
Apr
14
Fern land
11c 13 He
1
Blue Ribbon pref
May
49
25
Eastern Steel
2Hc
—1
Bank of Nova Scotia. —100
Bidgood
3H
55
20 H
55
Oct
2,000
Bell Telephone
129
58
20
Jan
10,800
Beauharnois
5%
6
Oct
*
B
Jan
6c
Beatty 1st pref
Jan
Canada Wire
17c
12c
...
65c
Feb
20 %
8c
—
Aug
65
Apr
5%c
Base Metals
20o
Sept
Sept
6c
Barkers pref
Jan
37c
Jan
55
Sept
8Hc
Bank of Toronto
2-80
25
60c
1
Cons.
15%
230
4%c
1
Bank of Montreal
Aug
Sept
2c
16
25
Arntfield Gold
Bankfleld
llHc
9H
1.11
60
22,000
Ashley
Bagamac
Oct
270
3.100
1,750
15
5Hc
95c
l
3.35
July
60
16 H
*
Aunor Gold Mines
3H
July
19
*
4HC
Anglo-Gan Hold Dev
Astoria-Quebec
50c
Sept
12%
2,000
36 H
50
16
16
1
Mines
Gold
1.95
1C0
Copper
Algoma Steel
Amm
1.65
100
preferred
A P G rain pref
Aldermac
1.65
Mar
Canada Wire A
Economic Invest-...
Abltlbl
Jan
5
2.20
104 H
*
East Malartlc
Wee
Share
Jan
Oct
1
14H
35
*
Canada Steamships.
Preferred
Duquesne Mining
Sales
Friday
Last
aales lists
15H
2HC
104
100
Canada Permanent
Dominion Tar
24, both inclusive, compiled from official
Sept
2.10
36 H
-
Nov.
5%
740
104 H
Malting
Dominion Steel B
Exchange
Jan
33c
17
6%
Dom 8tores
Toronto Stock
Jan
76c
8ept
6c
16%
91
...100
Can Cycle & Motor pref 100
Denlson
Dalhousle OH Co
21HC
Sept
13c
500
58
Canada Cement........
Davles
OH—
Sept
19c
3
Jan
gl%c
Francoeur Gold.
Inspiration Min & Dev...
Jollette-Quebec
Perron
*
50
B
Jan
1.00
Eldorado Gold M Ltd
East Malartlc M Ltd
O'Brien
1
.......
Preferred
16Hc Sept
7.75
1,000
55,700
5,200
1,655
35HC
2.15
Cndn Bk of Commerce. 100
Mine*—
Aldermac Copper Corp...
Beaufor Gold Mines
7.15
High
Low
2 He
16%
,...*
Canada Bread
Canada
44c
18c 19 He
1.1939
Range Since Jan.
Shares
14
Bunker Hill
Oct
7
Aug
6
15
Oct
2.00
15c
42c
3
Building Products (new).*
Nov
107
100 %
PowerofCan6%cmlst pflOO
*
Calmont
24
Pa ton MfgCo
B uffalo-Canadian
......
Calgary & Edmonton—
Apr
2,366
18Hc
1
Sales
14Hc
42c
Brown Oil
Oct
21
Price
Burlington Steel
83
Oct
Par
Oct
29 H
1.25
(Continued)
Oct
1.00
28
Sept
8
Stocks
B uff al o-Ankerlte
Aug
5
Oct
107
Page-Hersey Tubes Ltd..
Toronto Stock Exchange
Oct
3
Aug
50
1,580
6
Aircraft Ltd...
Aircraft
45
22
4%
38 %
4%
Ea8ternDalries7%cm pflO
Ford Motor of Can A
TORONTO
11 Jordan Street
Oct
9%
7
Dominion Square Corp.._
Donnacona Paper A
Falrchlld
Oct
2H
2.50
Consolidated Paper Corp.
Cub Aircraft
Fleet
8
6%
6
28C
28
Nov
58 %
Sept
10%
29%
28
Aug
9%
12
35C
Sept
775
3
Sept
3c
23,000
He
Oct
2%c
2.500
6%
247
Jan
Oct
90
Sept
3
Nov
Nov
June
Oct
Oct
Nov
640
«H
Jan
Jan
3H0 May
lHc Sept
6c
May
Nov
9H
Oct
6
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3396
Nov.
25,
1939
Canadian Markets—Listed and Unlisted
Toronto Stock
British and Any
Other European Internal Securities
Exchange
Sales
Friday
Last
Foreign Dollar Bonds
Stocks (Concluded)
English
Transcontinental, Ltd.
19
RECTOR
NEW
Par
Week's Range
for
Sale
So. American Bonds
of Prices
Low
High
Week
Price
Sherrltt-Gordon
1.14
1.10
1.22
75c
Sept
2.00
8.25
8.20
8.40
2,830
19,937
1,425
5.20
Nov
5c
5c
458
lXc
Sept
July
9.25
5c
5c
Nov
7
1,266
3X
Apr
7%
15
15
20
9X
Sept
19
Oct
96
96%
55
96 X
Oct
80c
90c
80c
40c
45c
32,550
13,100
38,600
1,500
Apr
Sept
23c
Sept
Silverwoods
Sllverwoods pref
Telephone Whitehall 4-0784
Teletype N. Y. 1-2318
7
*
7
*
Simpsons A
100
Simpsons pref
96 J*
80c
1
Slscoe Gold
Bladen Malartio
40c
1
9Xc
South End Petroluem
Exchange
1
Slave Lake
Toronto Stock
*
»
Stadacona
Standard Paving
Friday
Last
Sale
Stocks (Continued)
Price
Par
for
Range Since Jan. 1, 1939
Shares
High
1.00
Low
10
64
64
Harding Carpets
*
3%
3%
Hard Rock..
1
1,29
1.25
10
4
515
1.39
45c
Feb
49
%
2%
Apr
1.00
65
Apr
4%
Nov
Oct
Oct
20,400
70c
Sept
1.95
Jan
Barker
1
5%C
6c
5,400
4Xc
Sept
10c
Jan
*
19c
19c
1,000
10c
Aug
35c
Jan
Hlnde A Dauch
*•
12%
14%
13
150
8
Apr
15
2,003
12
Sept
15X
15%
July
2.42
2.32
2.50
8,600
Sept
3.75
Jan
6c
6%C
7%o
61,200
Sept
12
13
26 XC
13
Nov
Holllnger Consolidated.. .5
*
Homestead Oil
1
Honey Dew..
*
Howey Gold...
i
12
32 Xc
33c
5o
9
Sept
13,750
24c
32
34
1,358
25 X
4
4
10
100
71
Hunts B
Huron & Erie
32
Imperial Oil
Imperial Tobacco
16X
14%
7x
£1
Preferred
1
Intl Metals A
*
370
Aug
39X
5
Sept
Aug
July
"14%
71
9
60
Sept
71
Nov
21
185
Sept
221
June
6,763
12
Sept
18?*
17
Sept
7%
16%
15
7%
33c
4,500
4,242
15%
14%
1,290
14%
103% 106
%
12?*
30
13%
6?*
Sept
Oct
8
Feb
15c
Sept
45c
Jan
3 J*
14%
Oct
Nov
70
Aug
Apr
106
Nov
100
Preferred...
103
105
115
70
Apr
105
Nov
100
113
113X
225
104
Feb
114
Nov
....100
preferred
Intl Milling pref
International Nickel
106
*
47 X
46%
24%
24
8%
795
48%
International Petroleum.. •
International Utile A.....*
Intl Utilities B
Jacola
1
Jellicoe
l
Kirklaud-Hudson
Apr
60X
18 %
Aug
29
35
6X
Jan
9X
Mar
60c
1,400
35c
Aug
1 00
Oct
2c
Sept
llXc
4c
3,000
4c
Oct
Jan
1,900
7c
Oct
30,416
1.47
Apr
2.14
Aug
21c
21c
500
16c
Nov
73c
Feb
1.34
1.40
11,803
1.00
Sept
1.75
Mar
Jan
1.99
1.38
1
Sept
2.12
8%c 10%c
2.09
1
Klrkland Lake
42 %
5,877
8%
4c
1
Kerr-Addison
1,600
25%
8%
50c
1
"
18?*c July
Lake Shore
1
28 X
28%
29%
4,699
28?*
Nov
50 X
Lamaque Gold Mines
*
6.90
6.75
6.90
4,109
6.50
Feb
7.30
Aug
Lang & Sons
*
14%
14%
14%
80
iox
July
14?*
Nov
1
(new)...... 3
14c
12 %c
10,700
lOo
Sept
640
Jan
12 X
12%
13
Sept
13%
Nov
1X0
7%
1%C
3,500
Oct
8%c
Jan
7%
50
9%
Oct
Lapa-Cadlllao
Laura Secord
Lebel-Oro
...1
25
Legare pref...
Leltch
14c
90c
5
78
1.25 June
Oct
1.65
Jan
80c
Jan
Nov
llXc
Sept
4c Sept
18c
Sept
13XC
2Xc
35c 383,965
Jan
5
Nov
1.03
Feb
150
70c
Oct
3.50
Mar
405
1.00
2X
Oct
5%
Oct
Standard Steel pref
*
38
38
25
35
*
21X
21X
45
16?*
Jan
21X
Nov
*
84 X
81
86
177
66 X
Apr
89
Sept
235
65
Jan
85
Sept
601
10
lc
5
Sept
1
78c
78c
78c
4,900
58c
Sept
Little Long Lao
*
3.15
3.15
3.20
1,655
2.30
Sept
Loblaw A
♦
27 %
90c June
3.60
84%
25
82
Steep Rock Iron Mines—*
171
83
5,150
1.50
Oct
21,000
2Xc
Sept
11c
Jan
lie
llXc
9c
Sept
24?*c
Jan
2.05
2.15
27,000
1,665
1.70
Sept
3.00
Jan
78c
2,200
58c
Aug
1.01
Jan
3%
30
2%
Oct
Strugeon River
Sudbury Basin
1
*
Sullivan
1
78c
Supersllk A
*
3%
4%c
"2.06
B
4
Preferred
100
4
82
82
83
10
3.15
11X
12
52
52
4.00
4.15
4,123
76c
79c
3,400
12X
13%
55
Jan
27
28
630
22 X
Apr
29
26%
162
21
Apr
27%
Nov
l
4.35
4.25
4.40
6,305
3.50
Sept
5.90
Jan
MacLeod Cockshutt
1
2.25
2.25
2.40
Sept
3.20
46c
43c
47c
22c
Sept
65c
1
87c 137,700
35c
Sept
87c
2Xc
4.05
1
1
Tip Top Tailors
*
"13%
Tip Top Tailors pref...100
Toburn
Toronto Elevator
11
Mar
54
3.75
Sept
4.70
JaD
60c
Aug
1.30
Jan
8X
May
15
Oct
Sept
110
Nov
95
8
1.80
200
32
50
30
96
96
1.40
1,470
48 X
8
Uchl Gold
1
80c
28c
10
1,000
65c
9,150
15%
15%
1,990
11
40
557
20
_»
5%
"5%
6%
67
66
69
Ventures
*
4.50
4.45
4.90
1
Amulet
52c
W Canada Flour
West Grocery pref
5.80
JaD
45c
Aug
1.00
Jan
5.00
Sept
8.25
Jan
33X
Sept
51X
584
16 X
20 X
Jan
6,000
6Xc
Sept
Oct
15c
Feb
8XC
34
34
no
no
15
15
Apr
15
105
June
113
*
12?*
12 X
12 X
225
Winnipeg Electric A
*
2%
2%
2%
45
1
2%
2X
445
1
14c
13Xc
14c
8.00
8.00
B
*
9%
9c
Wright Hargreaves
*
8.25
Ymir Yankee Girl
*
5c
5c
500
York Knitting.
*
7X
7X
11
4
$5,000
86
Nov
3X
Oct
Sept
Sept
Sept
3c
Oct
Jan
18Xc
Aug
6.70
Jan
12X
3X
Apr
Aug
Sept
5,600
6,988
Aug
Jan
Nov
50
Westons
Wood" Cadiii acirillllllll
Oct
759
7c
110
Oct
Sept
3.76
20
100
Nov
7%
71c
1,100
19%
pref..100
6%
Oct
2,156
44
1
Wendlgo
Apr
Aug
52c
2,650
42 %
*
Preferred
2X
2,635
12,000
62c
5.80
42%
*
Nov
Nov
6.10
5.90
Walkers.
Jan
15%
40
3
660
6%
5%
1
Sept
1.65
Sept
.25
Vulcan Oils
44c
Apr
39
Upper Canada
Nov
Mar
Sept
84c
15%
Nov
50
Sept
39%
Jan
113
Nov
20c
Aug
32
Mar
94
Jan
2.30
41X June
*
United Steel
3.55
Sept
50
Gas
United Fuel A pref
B pref .......
Waite
52
29 X
27c
Mar
12X June
29%
1
85
Oct
Aug
48%
Towagmac
Jan
4X
Mar
10
*
50
Jan
Sept
110
1.80
4
2.70
2,150
50
Preferred
Union
110
1
Toronto Mortgage
Nov
%c Sept
..50
Oct
Sept
8.90
Mar
9c
Mar
Oct
8
Jan
Malartlc Gold
...
Hughes
1.93
235
Jan
1
19,250
21,500
1.30
Madsen Red Lake
Preferred
Nov
26%
Macassa Mines
Tamblyncom
Teck
3X
71
29
3.05
i
Texas-Canadian
Oct
5c
178
*
Sylvanlte Gold
42
Aug
4%C
171
Straw Lake Beach
Jan
30c
*
6
Inspiration
Jan
Apr
2
Oct
214% 215
Imperial Bank of Can.. 100
A
320
68
1.23
*
Hudson Bay Mln A 8m__*
18c
90c
5
Jan
Steel of Canada
High
High wood
Home Oil Co
"21c
*
5c
92c
Stedman
Week
of Prices
1.00
100
Preferred
Week's Range
8Xc 10Xc
5c
—*
Preferred
Preferred
1
Hamilton Theatre
Sales
Low
High
1.21
Slgman Mines. Quebec...1
STREET
YORK
1.22
Low
...60c
Sheep Creek
1.20
Range Since Jan. 1, 1939
Shares
B
♦
82c
78c
Man & East—
*
1c
1c
1,000
Maple Leaf Milling
Preferred...,
*
4c
4c
637
1
*
7%
167
2X
Maralgo
1
7%
3%c
4%c
8%.
3%c
10%
7c
*
6
5
5,200
57
56
60 %
2,225
29 X
8
8
8%
106
96
96%
62
..100
96 %
6
Apr
45
59
Oct
55%
MoKenzle Red Lake
i
1.32
1.29
1.34
22,235
1.00
Sept
McVlttle
1
9c
9c
10c
4,600
6c
Mar
51c 55%c
ml
*
Mining Corp
1.30
1
*
44
3c
5,000
1.20
1.33
4,000
88c
*
Moneta
Moore Corp
12,475
1%C
91c
9,250
44%
1,008
43
Sept
35c
9X
1.38
May
20Xc June
Aug
75c
Jan
lXc May
7c
Jan
1.00
Sept
2.05
Jan
65c
Sept
1.45
Jan
45X
Oct
35
Mar
A
100
175
177
57
155
May
182
Oct
B
100
264
264
10
215
Apr
267
Oct
Morris-Kirk land
1
National Grocers...
Preferred
6c
.»
7
20
National Sewer A
*
Naybob Gold
Newbec
*
Nlplsslng
8%
66 %
18c
5
Noranda
1
3%c
71,400
62
4c
Sepr
20c
Jan
220
6%C
7
25%
*
National Steel Car
5%c
4%
Apr
7X
25?*
Oct
Oct
55
May
400
67
23
8
Sept
13X
Jan
1,422
25%
8%
39
Aug
76 X
Oct
Sept
51Xc
Jan
9c
Jan
15%c 20%c 150,200
Norgold
7,500
1.22
100
75%
75%
75%
3c
4c
1,385
5,500
65c
70c
51c
»
3%c
1.22
70c
Mines
3%c
51c
]
Normetal
%
8X0
2c Sept
1.05
69
Sept
Sept
1.80
84
Mar
July
2c
Oct
6c
Feb
9,456
38c
Apr
95c
Sept
500
44c
Apr
60c
Mar
Northern Canada
O'Brien
1
1.55
1.50
1.59
5,425
3.35
Jan
Okalta Oils
*
1.15
1.05
1.15
1,900
67c
Aug
1.73
Jan
Omega
*
21c
23c
8,715
20c
Aug
53c
Jan
Orange Crush
*
4
4%
305
lXc
Jan
5c
Aug
Orange Crush pref
*
7
7%
200
4X
Jan
Oct
Oro Plata
*
27c
16c
Sept
7%
52 Xc
'
*
Pacalta Olis
*
4%C
Paymaster
6,800
5c
5,600
3c
Aug
12c
1,000
32c
Nov
44c
41
1.96
1.96
2.01
4,920
1.65
Sept.
4.75
1,000
2c
Nov
7%c
34%c 35%c
29c
Sept
61c
1
1
1.93
2.00
Photo Engraving
Pickle Crow
15,000
7,765
*
18 %
18%
100
Gold
Powell Rou
Power
Prairie
Brett-Trethewey
1
lc
lc
Bruck Silk
*
13%
_*
3%
Canada Vinegars
Canadian Marconi.
*
13%
12%
Coast Copper
Consolidated Paper
.....5
Canada Bud Brew
1
*
Consol Press A
94
Apr
1.40
15
Sept
Oct
110
2.03
20
Jan
July
Jan
i
4.25
4.25
4.30
3,045
3.55
Sept
6.60
1
2.27
2.25
2.29
2,202
2.10
Sept
2.70
Jan
1.89
1.85
1.95
1,700
1.18
Apr
2.45
Jan
10
10
Reno Gold
9
17?*
*
68c
2,700
H urn b erst one
*
Kirk Townslte
1
68c
60c
15
'20%C
12c
12c
100
17%
1. *
30
Ontario Sllknlt pref
Pend-OreUle
100
Robb-Montbray
1
.
Sept
20
5%
Jan
25%
Sept
June
33
3.95
%c
%c
3,000
%c
Aug
1%C
Jan
Aug
136
136
3
23%
33
*
3%
23%
10
7c
7Xc
115
Nov
Sept
2,500
4%
25
Oct
Sept
38H
Jan
4 %c
95
138%
32
195
Feb
1% May
18% Aug
450
33
7%c
26
Nov
25
Sept
14%C
Feb
Oct
Industrial and Public Utility Bonds
Mar
Closing bid and asked quotations, Friday, Nov. 24
Bid
Abltlbl P A Pap ctfs 5s 1953
Alberta Pac Grain 68..1946
Algoma Steel 5a
1948
Beauharnols Pr Corp 5s '78
52c
53c
*
27%
27%
28
i
4%c
190
4%c
5%c
185
32%
135
llXc
4%
18
190
33%
135
13c
5
19
1.85
1.94
7%c
9%c
43%
2%c
38%
2%c
150
2
Sept
2.40
Sept
5
1.10
13
Sept
2.24
Nov
2?*
Apr
N
ov
5,268
20c
Mar
180
22 X
Apr
5,300
94
3Xc Sept
140
Sept
285
26
Sept
13
112
Feb
9,000
170
6Xc
Sept
Oct
56c May
28
ll?*c
192
44 X
135
15X0
Nov
Jan
Canadian Canners 4s. 1951
Canadian Inter Pap 6s 1949
Canadian Vlckers Co 6s '47
Gatlneau Power 3X8.1969
91
92
80
Gen Steel Wares 4X8.1952
Gt Lakes Pap Co 1st 5s '55
81
83
72
75
90
93
96
97
81
84
Int Pr A Pap of
82
84
Lake St John Pr 4 Pap Co
39 X
Nfld 5s *68
1961
70
72
Maple Leaf Milling—
2?*s to'38-5X8 to '49—.
41
59
61
5X8
76
Massey-Harrls 4 %s.
77
79
82
84
Minn A Ont Pap 6s___1945
35
36 X
88?*
89 %
McColl-Front Oil 4X8 1949
83
85
73
55
47
.
_
1954
58
44
Consol Pap Corp—
N Scotia Stl A Coal 3 Xs *63
ex-stock
1961
66
Dom Gas A Elec 6X8.1945
85
89
78
80
83
Power Corp
88 X
89 X
Quebec Power 4s
1962
81
Nov
Dom Steel A Coal 6 % s 1955
88
92
Saguenay Power—
Feb
Dom Tar A Chem 4 Xs 1951
Donnaoona Paper Co—
82
84
4Xs series B
Winnipeg Elec—
1966
85
2
Aug
6X
Oct
75
8X
Apr
19X
Nov
11,097
11,000
1.18
Jan
2.03
Aug
5c
Sept
17o
Mar
94,075
1,000
17c
Sept
51c
Aug
2c
Oct
4?*c
Jan
69
of Can 4X8'69
Price Brothers 1st 5s.. 1957
6%b
Mar
Jan
Ask
45
78
Jan
2
Bid
Ask
42
5
2
Roche L L
Apr
23c
Sept
61,175
39
21c
25%
Sept
Sept
2.24
1
Oct
Nov
10c
20
10
June
11?*
1
6c
500
7%
2.10
Senator-Rouyn
Jan
June
1.01
11%
Shawkey
1.45
15%
15
97
1
Sept
Aug
193
85
Sand River
40c
10
4,670
95 X
5
Oct
46%
2.50
*
1
Nov
Nov
30 %
25
1
Supertest ord
Temlskaming Mining
Nov
13
Sept
2.35
25
2.35
Robert Simpson pref...100
Rogers Majestic A
ghawlnlgan
Nov
17%
Apr
22,300
20
12c
10
45
23%
50
20
M ontreal Power
20
83
1.94
21c
*
100
9
10
15
I.angley'8 pref
Mandy Gold
Mercury Mills pref
Canada Cement 4X&.1951
Canada S3 Lines 5s
1957
"
Sept
20% May
5
Aug
581
Calgary Power Co 5s..1960
*
Sept
9%
5
5
39 X
Mar
.1
4.o0
Aug
Apr
75c June
25
36?*
July
50
Sept
Apr
2%
2,905
38
25c
Riverside Silk.
St Lawrence Corp
St Lawrence Corp A
San Antonio
1.85
1.50
300
*
12 X
llXc
Mar
Dominion Bridge
Foothills
Apr
1
14
13
Sept
*
Sept
13
17c
100
10
13
7X
Russell Indust pref
St Anthony
243
*
1.10
100
Apr
DLsher Steel pref..
800
Bank
Royal lte Oil
5
42
12
565
Royal
Sept
9
42
15%
1,500
l
3
160
20c
2
Oct
Jan
120
2,282
1.48
2.21
6%
7%
10 %
*
3%c
Aug
1.30
190
*
Nov
2%
2.05
1.45
1
E Dome
lc
50
6%
25c
Preston
Relnhardt Brew
4,000
1.25
*
Nov
Aug
4
Dellavllland
High
4
1%
2.00
6%
British Col Pow 4X8.1960
Brown Co 1st 5X8 ...1946
Pressed Metals
100%
Corrugated Box pref—100 "42"
Oct
i
*
Low
Shares
4%
4
4%
3%
i
Corp
Royalties
Premier
High
4
Range Since Jan. 1, 1939
for
Week
of Prices
Low
*
JaD
Cons
Perron Gold
Pioneer
Price
Range
Beath A
Feb
1
35c
Par
lists
Sales
Week's
Sale
Stocks—
July
Exchange—Curb Section
Last
Jan
2c
97?*
Nov. 24, both inclusive, compiled from official sales
Friday
Nov
107%
96
jan
32c
107
*
...
32c
4%c
2c
1
Page-Hersey
Pamour Porcupine
Partanen-Malartlc
1.20 Sept
32c.
»
Pacific Petroleum
4%
to
Oct
Nov
185
Merland Oil
Toronto Stock
Nov. 18
Oct
Nov
98
5
McWatters Gold
9%
64
5X June
82 X
Feb
Mclntyre
54
96
Jan
*
Preferred
Uchl Gold..
Oct
100
Masaey-Harrifl
Oct
7
Apr
2Xc Sept
2% Sept
McColl Frontenac
Preferred
1.200
Apr
.
Bonds—
4s
1956
65
70
4-5s series A
1965
54
Famous Players 4X8—1951
Federal Grain 6s
1949
80
82
4-5s series B
1965
33
78
80
*
No
par
value.
/ Flat
price,
n
Nominal.
Volume
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
149
Quotations
Bid
New York Bank Stocks
City Bonds
Bid
Ask
a2%s Julyl5 1969
95
96
a3s
Jan
1 1977-.—
99
100
«3s
Feb
11979
99
100
a3%s July 1 1975
a3%s May 1 1954
Over-the-Counter Securities—Friday Nov. 24
on
New York
04 Ha Mar
«4%sJan
a3%s Mar 1 1960
o3%s Jan 16 1976
105% 106%
o4%s Nov
105% 106%
o4%s Mar
o4a
111
a4 Ha May
(13 %s Nov
1 1964
—
O4B
May 1 1957—
Nov 11958
048
May 1 1959
o4b
May 1 1977
Oct
11980—
«4s
112%
111% 113
111% 113
—
113% 115
114% 115%
115% 118%
o4%s Sept 1 1960—
o4%s Mar 1 1962—
11977
*78.
11981
16
120% 121%
116% 118
117
118%
119% 120%
120% 121%
121
122%
122
123%
11957
1 1957,
Mar 1 1963
June 1 1965.
July 11967
Deo 15 1971
04 Ha Nov
a4Ha
o4 Ha
04 Ha
o4 Ha
116% 117%
o4HaDeo
Par
Bid
124
11979
125%
18%
National Bronx Bank...50
40
44
50
National City
27%
29%
75
100
12%
National Safety Bank.12%
12
14
Pcnn
15
34%
36%
174
168
Exchange
Peoples National..
10
45
52
30
32
24%
26%
10
12
Fifth Avenue———.100
715
First National of N Y—100 1905
745
1945
Sterling Nat Bank A Tr 25
115
Trade
Bank..—..100
105
New York Trust
Par
Bank of New York——100
10
Bank A Trust
Companies
Par
Ask
Bid
452
10
Bronx County
462
69%
57%
7
5
6
100
74
79
Central Hanover...
20
Chemical Bank A Trust. 10
Clinton Trust...
60
100
Fulton
Bid
Bid
3a 1981
less
1
4%8 April 1940 to 1949._
Highway
143
Canal Imp 4%s Jan 1964—
Can A High Imp 4%8 1965
61.20
mmmm
Colonial Trust
134
Canal Imp 4s JAJ *60 to '67
134
48%
30
—25
50%
---
•
Continental Bank A Tr.10
Corn Exch Bk A Tr
20
13
11%
14%
69
60
11%
12%
9%
143
mmmm
29
Barge C T 4%s Jan 11945.
Port of New York
108
Gen A ref 3d
3s 1976
105% 106%
101% 102
1977
104% 105%
Gen A ref 4th
ser
Gen Aref3%a
115
Bid
Holland Tunnel 4%s ser E
1940-1941
MAS
Gen A ref 4s Mar 1 1975.
3%b '76
-20
Preferred
New York...........
109
1942-1960
MAS
Inland Terminal 4 % a ser
1940-1941
Title Guarantee A Tr_ —12
109
3%
80
—
100 1610
United States...
32
40%
54%
112
4%
90
1660
Vermilye Brothers
Ask
61.00
109
m
mm
-
Specialists in Insurance Stocks
D
MAS
1942-1960—
'
..—..10
.38%
52%
Authority Bonds
Ask
Port of New York-
ser
Manufacturers
Underwriters
141
Bid
mmmm
290
—10
Irving.
12% 13%
1640
1600
Kings County..—...
38
Empire...
Improvement—
4s Mar A Sept 1958 to'67
62.30
Highway Imp 4 Ha Sept '63
Ask
World War Bonus—
1
62.25
—
Canal A Highway—
5s Jan A Mar 1964 to '71
les3
210
103
Brooklyn
Ask
62 20
4s*
195
285
.100
Guaranty...........
Lawyers
Bid
3a 1974
17
50
17%
Public National
Merchants
Bankers
New York State Bonds
Ask
Bid
Par
Ask
17
40
117
o4%s June 11974
a4%s Feb 15 1976
106% 107%
106% 108
Ask
Bank of Manhattan Co.10
116M 118
Bank of Yorktown..66 2-3
118%
117% 119%
Bensonhurst National ...50
118% 119%
'
Chase....
118H 120
13.55
118% 120%
Commercial National—100
119% 120%
11964
a4%8 Apr 11966
a4%s Apr 15 1972
101% 103
3397
..MAS
61.40
108
mtmmm
30 BROAD ST.,
mmmm
N. Y. CITY
;
HAnoyer-2-7881.
Teletype N. Y. 1-894
United States Insular Bonds
Bid
Bid
Ask
U S Panama 3s June 11961
Philippine Government—
Par
Aetna Cas A Surety.. ..10
1959...
113
116
1962.
1955—.
111%
113
101
103
Feb
1952
114
116%
5 Ha Aug
1941
106
107%
4Ha Oct
4 Ha July
6s
Apr
5s
Aetna
Govt of Puerto Rico—
4%s July 1952
—
5s
July 1948 opt 1943.
116% 118%
108% 110%
..............
Aetna
Life..........
Conversion 3s 1947.....
114% 116%
■
»«
Agricultural
American
Equitable..
38 1966 opt 1946...
38 1956 opt 1946...
MAN
Bid
|
106% 106%
106% 106%
106% 106%
3%a 1955 opt 1945
4s 1946 opt 1944
Ins Co of North Amor
69
10
82%
23%
Jersey Insurance of N Y—.
Knickerbocker.
.5
23%
Lincoln Fire—
6
41%
MAN
...JAJ
107%
112% 112%
2%
20%
70%
45
11%
2%
Maryland Casualty......1
2%
59%
2%
3%
61%
45
49
43%
25%
Mercb A Mfrs Fire New'k 5
7%
50
52
Merchants (Providence)..5
3
34
36
Baltimore American.. -2%
6%
95%
National Casualty......10
National Fire
10
62
99
14
Ask
107 %
ASk
9%
41%
24%
-10
.........
38 1956 Opt 1945-
1 %
18%
21%
6%
12%
8%
Btd
Home Fire Security...—10
Homestead Fire
....10
American Surety..... -25
-10
Automobile
American Re-Insuranee.10
American Reserve
Federal Land Bank Bonds
Ask
50%
32%
Mass Bonding A Ins. .12%
Merch Fire Assur oom
5
American of Newark.. .2%
Bid
Par
Aik
124
48%
30%
22
5
American Home.—... -10
112
Bid
120
78%
-10
American Alliance....
111%
U S conversion 3a 1946
Hawaii 4%a Oct 1966.
Insurance Companies
Ask
119
Bankers A Shippers... -25
Boston
....
......
620
7%
630
National Liberty........2
National Union Fire....20
26
7%
129
8%
4%
28%
64
8%
135
Camden Fire
22
New Amsterdam Caa—2
12%
14
28%
...10
33
35
22%
29%
24%
New Brunswick
City of New York....
Joint Stock Land Bank Bonds
20
Carolina
New Hampshire Fire
10
New York Fire—.—..5
45
47
16
17%
City Title......
8
7
—
Connecticut Gen Life. ..10
Bid
bur ling ton 5s
4 Ha
f 14
/14
/3%
/3%
/3%
—
Chicago 4 %e
6s
5%B——.
Bid
Ask
63
16
4%
4%
5%8—
Montgomery 3%s
Ask
Continental Casualty. —.5
33%
35%
2%
Northern
49
51
Northwestern
__
85
75
85
Eagle Fire.
-2%
Employers Re-Insurance 10
85
Excess
99
......
99
101
99
New Orleans 5s
1%
7%
Federal
8%
46%
45%
Fidelity A Dep of Md. -20
99
New York 5s............
North Carolina 3s
4%
Northeastern.......
75
.....——
—
29
75
Lincoln 4%S
16
27%
Fire Assn of Phlla
124
127
North
5
12.50
River..
.2.50
26%
28%
Natlonal.25
123
128
25
126
130%
Pacific Fire.
10
78%
82%
5
15
17
10
Phoenix..
Preferred
4%
3%
102
105%
100
Denver 3s...............
100%
33
35
Accident
Provldenoe-Washlngton
99%
69%
Fireman's Fd of San FT.25
100%
68%
93
96
Firemen's of Newark. —5
Dallas 3s......
10
11%
30%
32%
Republic (Texas).......10
26
8%
27%
42
44
Revere (Paul) Fire
26%
28
Rhode Island.....—....6
3
9t Paul Fire A Marine.62%
234
Seaboard Fire A Marine..5
7
-10
.
Reinsurance Corp (N Y).2
First Carolines 6s
98% 100%
Ohio-Pennsylvania 6s.....
100
First Texas of Houston 6s.
99
Oregon-Washington 5a....
/41
Pacific Coast of Portland 6s
100
Gibraltar Fire A Marine. 10
22%
26%
24%
28%
Phoenix
102
104
Glens Falls Fire..
40%
103
105
Globe A Republic
42%
13%
Seaboard
19
Security New Haven—10
69%
Springfield Fire A Mar—26
Stuyvesant.............6
99% 101%
4%s
100
————
Fletcher
3%s——II...
99%
102
---
6s
4%s
5s
80
5%S
80
Illinois Midwest 5s
-
-
-
St Louis
Iowa of Sioux City 4%s
97%
Great American.
5
1
10%
12
Great Amer Indemnity
Halifax
85
29
Hartford Fire........ -10
17%
27%
80%
83%
O S Fire—
Hartford Steam boiler. -10
69
61
U S Guarantee
5s
Union of Detroit 4%a—.
99
4%s.
mmm
Home
32
34
Westchester
100
m
100
6s
99
Lafayette 5s.
24
100
Southwest
99% »-» o o
Virginian 2s
Joint Stock Land Bank Stocks
Bid
Par
70
Atlantic
40
125
135
.........
Bid
.100
9
North
46
mmm
Hanover..
.......
...
Carolina..
.100
72
Ask
12
29~~
Pennsylvania....
.100
24
100
40
Potomac
.100
95
105
100
45
San Antonio.....
.100
75
30
12%
19%
Virginia
Virginia-Carolina.
—5
100
8
m
mm
Fremont
100
1
2%
Lincoln..—
100
3%
1%
2%
100
5%
.100
Sun Life Assurance
/86
/53
mmmm
Federal Intermediate Credit Bank Debentures
Bid
Debenture
3-6s—1953
440
Co..2
1% due—...Nov
1% due—..Dec
1% due
Jan
%% and l%.Feb
1% due——Mar
21940 6.25%
119406.25%
6.30%
% % due
Aug
%% due
11940
Sept
11940
11940
11940
11940
1 1940
3 1940
21%
23%
.4
Fire
51
53
10
2.60
61
64
34
36
Bid
82
..1954
95
Corp (all
Issues) 2-68————1953
Potomac Cons Deb Corp—
86
Potomac Bond
Contl Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-6s *63
86
66
1953
3-6s
1945
61
Potomac Deb Corp 3-68 '63
49
52
54
60%
52%
Potomac Franklin Deb Co
1963
Ine 2-5S
98
Potomac Maryland Deben¬
ture
Corp 3-6a
1953
88
Potomac Realty Atlantic
Central Funding
........
series A A D
/21
/21
Nat Cons Bd Corp 2-5a '63
86
Corp 3-68.1953
52
Nat Deben
55
mmmm
*
series BAG
1963
3-6s
Mortgage Bond Co of Md
Ask
6.30%
6.30%
6 .35%
6.35%
6.40%
Ask
Nat Union Mtge Corp—
58%
66%
Nat Bondholders part ctfs
1% due
..Apr
%% due
May
1% due—....June
1% due—....July
3%
350
430
U S Fidelity A Guar
Series B 2-5s
Associated Mtge Cos Ine—
2-3s
11939 5.25%
1 1939 b .25%
2%
300
Series A 3-6s—1954
Empire Properties Corp—
Ask
8%
35%
31% 33%
123% 126%
100
Interstate Deb Corp 2-5s'55
Bid
33%
.—100
Travelers..
Ask
Bid
Arundel Bond Corp 2-5s '63
Arundel Deb Corp 3-6s '53
80
Dallas
First Carolinas
Globe A Rutgers Fire. -15
2d preferred..
4%
239
Surety Guaranteed Mortgage Bonds and Debentures
Par
New York
Ask
Atlanta
10
Surety.......10
24
/22%
/22%
Southern Minnesota 5s
99%
6
80
4%............
5s
99
Moines
-10
U%
16%
66%
28%
San Antonio 3s
Des
Corp 5
/H
..............
80
Fremont 4%a............
Denver.
General Reinsurance
Georgia Home
First Trust of Chicago—
4
6
Franklin Fire.
45
7%
Deb Corp 3-68
mmmm
mmmm
54
1953
Realty Bond A Mortgage
deb 3-6s
1953
Unified Deben Corp 5s 1955
52
60
48
50
Bid
Ask
6.45%
Chain Store Stocks
Chicago &, San Francisco Banks
Par
Par
Bid
A Trust
100
100
Bid
208
85%
225
218
88
230
299
309
Northern Trust Co
558
568
100
SAN
FRANCISCO—
Bk of AmerNTASA 12%
34%
Bid
36%
Berland Shoe Stores
•
6
9
Kobacker Stores—
2
100
28
7% preferred...
100
Flshman (M H) Co Inc..*
3
2%
7% preferred...—100
60
Miller (I) Sons oommon—5
2
5
8%% preferred......50
B/G Foods Inc common *
Bohack (H C) common...*
Diamond Shoe pref
15
20
70
4
30%
109%
7%
9%
11%
12%
Reeves (Daniel) pref
100
99
...
United Cigar-Wbelan Stores
For footnotes see page 3398.
Par
Ask
Ask
Harris Trust A Savings .100
Continental Illinois Natl
Bank A Trust
33 1-3
First National.
Pa.
Ask
American National Bank
Kress (SH) 6% pref
$5 preferred
*
17%
19%
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3398
Quotations
Nov.
1939
Over-the-Counter Securities—Friday Nov. 24-Continued
on
Railroad Bonds
Guaranteed Railroad Stocks
Bid
Akron
3oscpb CUalkersSons
Mtmkert Nrw "fork Stock
Canton and
.1945
52
Dealers in
Tel. RE
734
744
...
.1940
Cambria A Clearfield 4s
....
53 4
434
.1955
99
....
4 4s
2-6600
STOCKS
41
51
.1944
Boston A Maine 5s
©tor
GUARANTEED 1|
NEW YORK
53
.1943
Certificates of deposit
Boston A Albany 4 48
120 Broadway
40
.1939
.1945
6s
Baltimore A Ohio 44b sec. notes
Extbomg*
Asked
/39
/39
624
Youngs town 54s
524
45
1004
64
70
.1951
794
824
.1961
.1995
1024
544
"564
.1951
105
1074
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5s............
Chicago Stock Yards 5s
Connecting Railway of Philadelphia 4s
Cuba RR. Improvement A equipment 6s
Florida southern 4a j
(Guarantor In Parentheses)
.1900
.1945
73
77
Hoboken Ferry 5s—
Guaranteed Railroad Stocks
.1966
Cleveland Terminal A Valley 4s
(Since 1855J
.1940
40
50
354
Illinois Central—Louisville Dlv. A Terminal 34s.
Atled
.1963
64
Indiana Illinois A Iowa 4s
Dividend
Par in Dollart
.1950
62
—.....—
Kansas Oklahoma A Gulf 5s
100
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
4)8
10.50
97
.1940
New London Northern 4s
994
0.00
66
New York A Harlem 3 48
.2000
994
50
2.00
New
.1948
96
100
8.75
30 4
84
New Orleans Great Northern income 5s
.2032
100
8.50
20
New York A Hoboken Ferry 5s
.1946
3.00
39 4
Norwich A Worcester 4 4s
.1947
"964
37
..100
86
(New York Central)
Boston A Providence (New Haven)
Canada Southern (New York Central)..
Carolina Cllnobfleld A Ohio
130 4
100
Beech Creek (New York Central)
Boston A Albany
974
71
6.00
100
-
114
1124
.1959
—
~66~
96
.1978
.......
Memphis Union Station 5s..
Alabama A Vlckaburg (Illinois Central)
364
York Philadelphia A Norfolk 4s...
164
/154
61
57
(L A N-A C L)_—100
5.00
84 4
Pennsylvania A New York Canal 5s extended to.
.1949
Cleve Clnn Chicago A St Louis pref (N Y Central).. 100
6.00
654
Philadelphia A Reading Terminal 5s
.1941
102 4
1034
Cleveland A Pittsburgh (Pennsylvania)
Betterment stock
3.50
73
Pittsburgh Bessemer A Lake Erie 5s.....
.1947
U64
1174
com
50
2.00
45
2.00
6.50
43 4
68 4
Georgia RR A Banking (L A N-A C L)
100
9.00
144 J*
50
Delaware (Pennsylvania)
Lackawanna RR of N J (Del Lack A Western)
100
Morris A Essex (Del
4.00
60.00
50
New York Laokawanna A Western (D L A W)
Northern Central (Pennsylvania)
6.00
.1957
Toronto Hamilton A Buffalo 4s
.1946
United New Jersey Railroad A Canal 3 4b..
.1951
104~
Vermont Valley 4 4s
.1940
80
Vlcksburgh Bridge 1st 4-08
.1908
684
Washington County Ry. 3 4s
.1954
44
48
West Virginia A Pittsburgh 4s
.1990
61
62 4
60
1.50
3.00
78
100
100
7.00
170
7.00
0.64
100
6.00
128
100
3.00
64
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
100
6.00
128
100
74 4
78
1334
10.00
232
100
0.00
53
5.00
56
60
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
6.00
59
62 4
5.00
64 4
69
60
3.50
23 >4
27
......60
3.00
52
54 4
loo
*.
Warren RR of N J (Del Lack A Western)
Industrial Stocks and Bonds
132""
100
Utloa Chenango A Susquehanna (D LA W)
Valley (Delaware Laokawanna A Western)..
Par
235
4
66 4
4
Alabama Mills Inc
Par
Ask
Merck Co Inc common. _1
44
37
404
115
Amer Rem berg A com
*
17
19
0% preferred
100
Muskegon Piston Rlng.24
...»
24
American Cynamld—
5%
conv
National
pref 1st Ser.. 10
Amer Distilling Co 5% pf 10
American
Enka
Hardware
Amer
124
24
34
43 4
...25
224
454
244
23
5% pref 100
.100
Armstrong Rubber A
Art
114
*
Corp...
Products...*
Malse
Arlington Mills
*
Metal Construction
Atk
Boston
A
Maine
New Orleans Tex A Mex—
449
53.50
54.25
3.50
New
York Central 44s...
58
54.25
3.50
New
York
3)48 Dec 1 1936-1944..
54.00
3.00
Canadian National 44s.
54.25
3.50
Hartford
54.25
3.50
6s
Canadian Pacific 44s
54.25
3.00
Cent RR New Jersey 44s
Chesapeake A Ohio—
Northern Pacific 44s
54 00
3.00
2.50
1
44s
8t.
52.50
4.25
25
Norwich Pharmacol
17
184
70
76
Ohio Match Co
*
10 4
12
314
Pan Amer Match Corp..25
144
154
45
*.
~
-
-
55.00
99
24
44
34
Pilgrim
54
Pollak
22 4
234
Jan
Petroleum Heat A Power. •
54.00
3 00
1.00
51.50
1.25
52.40
3.00
53 50
6s..
52.50
54.00
53.50
334
161
163
Singer Mfg Ltd
2
3
11
74
1.00
21
23
Skenandoa Rayon Corp..*
Solar Aircraft
1
61.50
A
July
1.00
62.40
1937-49
$1
cum
preferred
24
•
34
51
34
44
$3
*
61
*
254
10
pref
Crowell-Colller Pub
conv
2.00
62.50
2.00
44
20
384
414
Stanley Works Inc
25
43
45
6% preferred
Dentist's Supply com...10
Devoe A Raynolds B oom •
Stromberg-Carison Tel Mfg
Sylvanla Indus Corp
•
4
5
224
244
1
64
74
*
84
ri
9
15
Tarn pax Inc com—
60
63
Tayior w carton Iron A
23
26
Steel common
2.00
Dictaphone Corp
*
Dixon (Jos) Crucible.-.100
37
40 4
Tennessee Products
•
26
30
Time Ino
*
Domestic Finance
62 50
pf. *
274
304
Trico Products Corp
•
334
80
Triumph Explosives
2
34
Draper Corp
cum
•
76 4
3.00
Falrchlld Enc A Alrnl... 1
34
44
3.00
Farnsworth Telev & Rad.l
34
34
United Piece Dye Works.*
62.60
2.00
Federal
74
9
62 40
-
Pacific 44s
Southern Ry 44s
2.00
3.00
....
Bake
.
Shops
.
*
Preferred..
30
20
62 50
2.00
American
62.50
2 00
5s
61.50
1.00
Gen
61.50
1.00
Fire
*
com
Extinguisher
Gen Machinery Corp oom*
Virginia Ry 4 4a
2
62.50
1.75
Good
64.60
3.50
Graton A Knight com
Humor
14
4
44
584
.5
174
19
100
1084
Veeder-Root Inc
Welch Grape Juice oom
49
21
194
21
Wick wire Spencer Steel..*
Wilcox A Glbbs oom
60
254
27
Woroester Salt
24
7%
com
preferred
West Dairies Ino
4
1
1
•
com v t e
$3 cum preferred
GIddlngs A Lewis
Machine Tool
4
16
*
shares
Garlock Packing
24
354
44
34
554
100
4
34
17
4
94
149
*
Preferred..
25
Foundation Co For sha...*
Texas Pacific 4s
14
144
United Artists Tdeat com.*
63 75
64.00
64.00
448
94
34
1/
644
274
2 00
62.40
...
Standard Screw
Dennlson Mfg class A
St Louis Southwestern 5a.
2.50
704
324
75
3.00
Missouri Pacific 44s
5fl_-
44
084
com
9
1 50
Maine Central 5s.
5 4
•
Safety Car Htg A Ltg
50
Scovlll Manufacturing__25
Singer Manufacturing..100
71
8t Louis-San Francisco—
2 75
44
134
Coca Cola Bottling (NY)*
Columbia Baking oom...*
44sLong Island 44s
34
114
3.00
1.75
53.50
24
1
*
Manufacturing
Remington Arms
14
40c
3.00
I
Consolidated Aircraft—
Southern
Illinois Central 44s
Internat Great Nor 44s.
Exploration
219
15c
61.50
4s
Hocking Valley 6s
-10
Buckeye Steel Castings..*
...
2U
48
3.50
52.00
RR44s
Great Northern 44s
SI.25 preferred
.
Dec 1 1937-60
3.50
Conversion...1
Chic Burl A Qulnny ...100
Chilton Co common
10
4s series E due
4.25
54.25
6s..
*
Petroleum
3.00
994
54.25
Pepsi-Cola Co
4
174
104
54.00
44s
Reading Co 44s
Denver A R G West 4 4s.
*
94
Cessna Aircraft
Pere Marquette 44s
Trustees' ctfs 3)4s
Panhandle Eastern Pipe
Line common
2.00
24s series G non-call
Chicago R I A Pacific-
24
44
54.00
3.00
55.00
5s
2 00
54 00
29
62.75
A
4 4s
Pennsylvania RR 44s
Chicago A Nor West 4)4s
Chic Mllw A St Paul 4)48
27
New Britain Machine
102
63.50
Chicago
Louis
New York New Haven A
6s
23
*
100
284
Botany Worsted Mills—
1.50
34
194
*
\
•
98""
10
com
—
18
26
*
preferred
154
Banters iudus Service
46
164
•
Preferred
5%
Class A..............5
Bid
Casket
Ask
Nat Paper A Type com...*
«"
Autocar Co
Ask
Bid
3 4
•
American Mfg
Equipment Bonds
Bid
American Arch
American
3.00
70
145
100
52.00
"984
87 4
St Louis Bridge 1st pref (Terminal RR)
Second preferred..
54.00
100
36 4
40
.....
Atlantic Coast Line 44s.
Baltimore A Ohio 44s...
ioo"
98 4
.1967
4.00
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson)
Erie
...
Toledo Peoria A Western 4s
Toledo Terminal 4 4b
50
Bid
104
85
4.50
Preferred
Railroad
99
60
Pittsburgh Fort Wayne A Chicago (Penn.) pref
West Jersey A Seashore (Penn-Reading)
ser. B.
....60
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
Preferred
34
31 4
53 4
3.875
100
98
.1947
Terre Haute A Peoria 5a
700
Lack A Western)
90
.1961
...
Terminal RR. Assn of St. Louis
44
.100
Michigan Central (New York Central)
87
.1974
Providence A Worcester 4s
100
.1942
Portland Terminal 4s
25
Fort Wayne A Jackson pref (N Y Central)..
...
17
100
-
-
-
14
19
64
74
64
84
414
Western Maryland 44s
Western Pacific 5s
2.60j
Corp
1
*
Preferred
100
24
44
Great Lakes 88 Co oom..*
384
46
6
104
124
14
24
32 4
334
4
4
KHdun Mining Corp
Bid
Ask
Bid
Haytian Corp 8s
1951
Bar aqua Sugar Estates—
6s
1947
Caribbean Sugar 7s___1941
Cuban Atlantic Sugar
5
55
•
No
/ Flat
par
value,
dlvldend.
t Now
n
314
NewJMquero Sugar Co—
34s
1940-42
87
1948
1937
1938
Deep Rook Oil 7s
Haytian Corp 8s
McKesson A Rob 54s i960
9
6
94
quotation,
34
2
West Indies Sugar Corp__l
64
7
price,
d Coupon,
Issued,
w-e
154
174
IN Y World's Fair 4s. 1941
tf» preferred
354
24
i When
Minn A Out Pap 6s
Nat Radiator 5«
With
t
X
$3
preferred
Ex-payment
stock,
x
854
374
264
26
4
14
114
414
444
Pacific Western Oil 3 4b '49
98
99 4
474
Scott Paper 34s...—1952
Scovlll Mfg 5 48
.1945
121
Woodward Iroa—
11
Rockwell Corp
conv
24
574
26
*
..
Mallory (P. R) A Co
McKesson A Robblns
1945
.1946
.
/554
/23 4
/834
/35
/24
100
Long Bell Lumber
9
6
b Basis
94
284
Martin
Sugar Co
to
84
26 4
oom
Ley (Fred T) A Co
8
Vertlentes-Camaguey
10
244
25
1
Lawrence Portl Cement 100
28
Punta Alegre Sugar Corp.*
Savannah Sugar Refg
1
Interchangeable,
Nominal
41
844
Carrier Corp 44s
*
104
494
114
1
404
414
5
34
34
*
174
19
Old Bell Coal Inc fls
..1948
1084 1114
1962
105
2d conv Income 5s..1902
114
1st 6s
118
Telephone and Telegraph Stocks
Ex-
Par
Bid
par
Ask
Bid
Ask
y Ex-rights.
listed
t Now selling
i
a
/23
/t
84
23
price
1938
57
/304
Eastern Sugar Assoc com.l
Preferred
King Seeley Corp
634
/384
—
Landers Frary A Clark..26
Antllla Sugar Estates—
6s
Ask
1
/614
preferred
Bonds
Interstate Bakeries com...
$5 preferred
Sugar Securities
54
324
7%
41
42
Harrtsburg Steel Corp
44
304
York Ice Machinery
49
45
Great Northern
Pa per.. 2 5
•
Amer Writ Paper 6s..1901
44
6
100
Brown Co 6 4s ser A..1946
53.50
Quotation
Y Quotation
on
on
not
on
New
York
Stook
Am Dist Tel eg (N J) com. *
Exchange.
Preferred
$89.60 of principal
Sept. 26.
or
Mutual Tel. 100
6%
116
119
New
132
142
Pao A Atl
122
1234
Peninsular Telep oom
Cuban Teleph 6% prf
was paid on
July 2 and 64%
50
Emp A Bay State Tel..100
55
45
Franklin Telegraph
100
Gen Telep Allied Corp—
26
$0
fcs.
York
100
Bell Telep of Pa pref... 100
Issuer.
amount.
Mtn States Tel A Tel-.100
Bell Telep of Canada... 100
New York Curb Exchange.
furnished by sponsor
1014 106
preferred
*
Int Ocean Telegraph... 100
Rochester
73
80
17
154
17""
304
324
31
Telephone—
16 50 1st pref
104
135
294
25
•
Preferred A
So A Atl
1014
Telegraph
132
100
Telegraph
25
Sou New Eng Telep—100
Wisconsin Telep 7% pf.100
1124
154
174
1584 162
116
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Quotations
WE
MAINTAIN
ACTIVE
on
TRADING
Over-the-Counter Securities—Friday Nov. 24—Continued
MARKETS
Public
UNLISTED
IN
Ohio Edison 36 pref.—..*
37 preferred
*
Ohio Power 6% pref...100
GOODBODY & CO.
Main Office
Tel
6% preferred...—100
921 Bergen Avenue
New York City
Tel. Journal Sq. 2-4400
Teletype JCY 1518
REctor 2-5485
Pacific Pr A Lt 7% pf—100
Pipe Line Co
*
Penn Pow & Lt 37 pref...*
Queens Borough G A E—
6% preferred
——100
Republic Natural Gas....1
Investing Companies
Par
104%
114
115%
112% 115
Atk
Bid
Rochester Gas A Elec—
6% preferred D
.100
Sierra Pacific Power com.*
City G A E 37 pf. 100
97%
21%
98%
23%
97% 100
Southern Calif Edison—
6% pref series B
26
30
29
107
108
Texas Pow A Lt 7% pf.100
106% 107%
85
87
Toledo Edison 7 % pf A . 100
United Gas A El (Coign)
110% 112%
42
40%
110% 111%
7% preferred.......100
87
Utah Pow A Lt 37 pref..
Virginian Ry
......100
184
.
26%
4%
28
5%
Washington Gas Lt
*
West Penn Pr 4%% pf 100.
62%
89%
63%
189%
28% 29%
114% 114%
Ask
Bid
Par
Ask
Bid
103
Panhandle Eastern
Private Wire System Connecting Branch Offices In leading Cities
Par
Ask
108
Sioux
7% preferred
—.100
Okla G A E 7% pref-.lOO
Pacific Ltg 36 pref......*
Jersey City Office
Broadway
Bid
107
113% 115%
113% 115
Ohio Public Service—
Membert N. Y. Stock Exchange and other Principal Stock and Commodity Exchangee
115
Utility Stocks—Continued
Par
Investment Trust Issues
/
3399
Admlnls'd Fond 2nd Inc.*
12.38
Aeronautical Securities.
Affiliated Fund inc... 134
8.43
9.16
26.95
29.44
3.66
4.01
Series B-2
21.44
23.51
Corp—*
15%
17
Series B-3...........
14.61
16.03
Bid
Ask
3.38
3.73
Series B-4_.
7.45
Amer Gas A Power 3-5s *53
47%
49%
.40
.46
6.71
14.45
15.85
Amer Utility Serv 6s. 1964
87
89
Series K-2.......
Series S 2....
10.01
11.08
Associated Electric 58.1961
65
67
14.23
15.65
Assoc Gas A Elec Corp—
Series S-3
10.75
11.90
Income deb 3%s.__1978
25
27
4.28
4.83
Manhattan Bond Fund Inc
7.01
7.74
Income deb 3%s
1978
Income deb 4s...—1978
Maryland Fund Inc
10c
5J20
5.75
1
21.05
10
10.86
26c
3.81
Voting shares....
National Investors Corp.l
....
1.27
5.97
6.36
..1
13.05
14.06
Cons ref deb 4%s..l958
22
28
20
28
25
30
1986
26
28
Sink fund Inc 5-6S..1986
25
30
—
♦Amerex Holding
Amer Business Shares.—
Amur Gen
13.17
Equities Ine 25c
Am Insurance Stock Corp*
4
4%
Assoc. Stand Oil Shares-.2
6%
5%
Bankers Nat
Invest Corp
vClass A----
6%
—
-
3.97
Basic Industry Shares—10
Boston Fund Inc
15.61
British Type Invest A...1
Broad St Invest Co Inc—5
16".78
.17
.32
24.53
26.24
13 %
3.40
1
Bullock Fund Ltd
7H
Canadian Inv Fund Ltd-.l
Century Shares Trust—•
Chemical Fund.
—1
Commonwealth Invest—1
Keystone Custodian Funds
Series B-I._
Series K-i
......
Series 8-4...—..
...
Mass Investors Trust..
Mutual Invest Fund
4.00
26.56|
10.40
11.26,
3.60
3.92
m
10%'
Corporate Trust Shares.
Series AA....... ....1
2.52
Accumulative series—1
2.42
Automobile..........
1
Series ACC mod.. ....1
2.89
Aviation
2.89
Bank stock
♦Crum A Forster com... 10
29%
116
10
Conv deb
52
35%
33%
Delaware Fund--
16.45
....
6.81
7.76
8.40
9.76
10.55
Deposited Bank She ser A1
Deposited lnsur Shs A— '
Deposited lnsur Shs ser B1
Diversified Trustee Shares
...3.50
C
7.59
8.22
Metals
17.78
7.91
2.91
mm
rn.rn.rn.
7.61
Railroad
3.67
—
25c
Eaton A Howard Manage¬
ment Fund series A-l.
First Mutual Trust Fund-
92%
100
95%
1
Series 1958
18.02
19.36
Plymouth Fund Inc
28.11
30.23
♦Putnam (Geo) Fund
25%
19.05
26%
7.78
.41
10.18
Foreign Bd Associates Inc.
Foundation Trust Shs A.l
Fundamental Invest Inc.2
7.84
Selected Amer Snares
4.15
4.70
17.68
19.22
Fundamental Tr Shares A2
5.20
5.93
♦
4.72
♦
30.79
33.11
General Investors Trust.*
4.92
5.36
and Clark Fund Ino
7.12
85.62
2%
9.32
10.16
Selected Income Shares...
.68
"".75
•
15.66
73%
86
Super Corp of Am Tr ShsA
78
3.63
AA
Real Estate Bonds and Title Co.
Beacon Hotel ino 4s—1958
Building shares.—.
Chemical shares
6.01
6.54
Series D
1
2.53
B'way Barclay Ino 2s.. 1956
6.71
7.30
Trustee Stand Oil Shs A.l
5.63
Food shares..
4.44
4.84
B'way A 41st Street—
1st leasehold 3%-5s 1944
Investing shares.......
Merchandise shares
3.29
Mining shares—......
6.06
Petroleum shares......
4.57
4.98
shares...
4.36
4.76
5.75
6.26
Series B..
10.12
11.00
5.43
3.59
Trusteed Amer Bank Shs B
.57
.63
6.04
Trusteed Industry Shares.
.87
.97
6.60
U 8 El Lt A Pr Shares A..
15%
B
1957
se
15.90
1%
2%
Banking Corp
ChanlnBldglstmtge4s'45
Chesebrougb Bldg 1st 6s '48
26
30
2
3
♦First Boston Corp
..10
♦Schoelkopf, Hutton A
15%
10c
ist is (w-s)
1948
Court A Remsen St Off Bid
1950
61
64
/7%
10%
46
48
49
52
Interstate Power 37 pref.*
77
103
104
115
117
Kings Co Ltg 7% pref. 100
88
90
6% preferred
78%
100
7% preferred...
100
Mass Utilities Associates—
21%
22%
Mississippi Power 36 pref *
37 preferred
♦
preferred....—..*
*
99% 100%
Mississippi P A L 36 pref.*
91%
93%
Miss Rlv Pow 6% pref-100
preferred-.——100
preferred
100
110% 111%
100
101%
Missouri Kan Pipe Line..5
Cent Pr A Lt 7% pref..100
Consol Elec A Gas 36 pref *
107
J). 100
Consumers Power 35 pref*
Continental Gas A El—
52
105
preferred.......100
96
11%
Consol Traction (N
pref. 100
37 pref—*
Federal Water Serv Corp—
36 cum preferred
—
36.50 cum preferred—*
Dallas Pr A Lt 7%
Derby Gas A El
108%
12%
55%
106
97%
115% 118
43
38%
26%
26%
27%
27%
preferred....—*
27%
29%
36 preferred
—*
100
7% preferred—
Natural Gas.
Interstate
30
31
33%
35
34
34%
110%
113%
*
26
mmm
mm
28
—
mm mm
m
Monongahela
Pub Serv
West
100
7% preferred
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
NewEngGAE5%% pf.*
New Eng Pub Serv Co—
37 prior lien pref..
*
New Orl Pub Serv 37 pf..*
New York Power A Light—
56 cum preferred
7% cum preferred
*
21
23
5
7
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s
5%s series BK——...
5%s series 0-2.......
50%
35%
55
57
44%
46%
28%
31%
Ollcrom Corp v t o...
1 Park Avenue—
f2
28%
2d mtge 6s
...1951
103 E 57th St 1st fls—1941
1958
.1939
1400 Broadway Bldg—
1st 4s stamped
1948
Fuller Bldg deb 6s
1944
1st 2%-4s
(w-s)
1949
Graybar Bldglat Ishld 5s'46
62%
37%
51
3
4
31
165 Bway Bldg 1st 4%s '51
Seo s f etfs 4%s (whs) '58
20%
40%
40%
3%
23
42
34
...
34
5s
20
33
40
/21
/....
36%
18
36
78 %
income
66
......1943
Rlttenhouse Plaxa (Phila)
38
22*
42%
Prudence Secur Co—
52
2%a—
—.1968
Roxy Theatre—
55
36%
1st mtge 4s
1967
62%
65
Savoy Plaza Corp—
3s with stock.......1956
20
39
/12
13%
Sherneth Corp—
1st 5%s (whs).
1956
/H
13
60 Park Place (Newark)—
1st 3%s
..1947
36
41
84%
Harriman Bldg 1st 6s. 1951
16%
19
61 Broadway Bldg—
116%
Hearst Brisbane Prop 6s '42
45
36
47
3%s with stock
78%
115
4%
80%
38
Lefcourt Manhattan Bldg
27
29
1950
1st 4-58
...1948
32
35
26%
29
61
64
34%
36
616 Madison Ave—
3s with stock......1957
5%
53
Syracuse Hotel (Syraeuse)
1st 3s..
1965
53
Textile Bldg—
Lefcourt State Bldg—
71
73%
29
31
115% 117%
37
38
1st lease 4-6 %s
.1948
Lewis Morris Apt Bldg—
1st 4s
.—..1951
Lexington Hotel units....
1st 6s
43%
46
48
69%
70%
Lincoln Building—
66
67%
120% 122
Income 5%s
w-s...1963
London Terrace Apta—
108
116% 118
100
104
Ludwlg Baumann—
1st 5s (Bklyn)
1st 5s (L I)
44
62
105
Northern States Power—
72
1947
1951
39%
73%
109% 110%
For footnotes see page
3348.
41%
—.1958
Trinity Bldgs Corp—
1st 5%s
—..1939
2 Park Ave Bldg 1st 4-6s*46
Walbrldge Bldg (Buffalo)—
3s..
1st A gen 3~4s—...1952
107
100
7% pref
100
(Minn) 6% pref...... *
1956
N Y Majestic Corp—
4s with stock strap.. 1956
92%
80%
N Y State Elec A Gas—
(Del)
68
90
Penn
7% pref—.25
Atk
96
66
82%
Mountain States PoWer—.
5%% pref
Idaho Power—
mm
.1945
N Y Athletic Club—
2s
6%s stamped..
1961
Realty Assoc Sec Corp—
6%s (stamped 4s)..1949
62d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
Hotel St George 4s—1950
7%
1948
26
600Fifth Avenue—
42 Bway 1st 6s
5% conv partlc pref. .60
6% preferred
Central Maine Power—
37 cum
5%
Jer Cent PAL 7% pf—100
Long Island Lighting—
119%
31.60 preferred——25
7%
4%
Atk
5
Carolina Power A Light—
36
Bid
2%
5
»
6%s series F-l.......
5%s series Q
*
21%
.....
Eqult Off Bldg deb 6s. 1952
Deb 5s 1952 legended...
Par
Atk
Bid
6a
S f deb 6s...
%
Pomeroy Ino com
lst3%s
Dorset 1st A fixed 2s—1957
Kan Gas A El 7% pref. 100
1%
3%
3%
99
Metropol Playhouses Ino—
17%
Utility Stocks
101
107%
32%
Colonade Construction¬
Blair & Co.............
Hotel units
101% 103%
97%
107
Metropolitan Chain Prop—
s"
Eastern Ambassador
100
106% 106%
103% 103%
N Y Title A Mtge Co—
14.51
♦Central Nat Corp el A.
♦Class B
..—.._*
Arkansas Pr A Lt
124
Mortgage Certificates
Atk
.99
1
5.43
v
Broadway Motors Bldg—
4-6s
1948
/31
/6
/23
Brooklyn Fox Corp¬
2.21
Voting shares
Wellington Fund
Invcstm
Bid
Alden Apt 1st mtge 38.1957
1
Alabama Power
99%
107%
98% 100%
100
100%
3.80
2.58
Bid
6%s
..I960
Wisconsin G A E 3%s. 1966
Wis Mich Pow 3%s..l961
2.58
Series C.............1
Public
1957
75
98
.54
75%
5s.
Wash Wat Pow 3%s.. 1964
West Texas Utlls 3 %s. 1969
Western Public Service—
84%
Supervised Shares ......3
1.44
11.27
Upper Mich Pow A Lt 4s '69
Utica Gas A Electric Co—
71%
Trustee Stand Invest She-
1.21
United Pub Util 6s A. 1960
58%
Federated Util 6%s—1957
5.22
,
59
Dallas Ry A Term 6s.
6.08
1.11
1.31
10.85
73
107
109
8.90
2.26
Tel Bond A Share 5s—1968
Texas Public Serv 5s.. 1961
Toledo Edison 314s...1968
59%
107% 108%
8.19
.30
104% 105%
55% 57
93
57
4.79
17.90
76%
57
5.58
4.98
74%
106
57%
Agricultural shares
Automobile shares.....
.10
16.65
27%
87%
74%
Crescent Public Service—
Aviation shares
Bteel shares—
86
16.59
.50
b
5.55
99%
3
4.38
Sovereign Investors
Spencer Trask Fund
97%
/25%
91
5s.
87.34
Standard Utilities Inc.60c
Group Securities—
101%
♦Scudder, Stevens
♦State St Invest Corp...*
37
—.1951
4%S..
.1947
Sioux City G A E 4s..1966
Sou Cities Util 5s A..1958
.47
15.41
8.25
9.15
10c
103
6% deb series A...—... 100
Representative TrustShslO 10.58 11.08
.25
.28
Republic Invest Fund. 25c
Fixed Trust Shares A—10
109%
81%
72%
2.62
14.41
10c
104% 105
St Joseph Ry Lt Heat A Pow
103
/2
Quarterly Ino Shares
20.51
3.66
37 pref—*
7% pref *
Associated Gas A Electric
Original preferred
*
36.50 preferred
*
37 preferred
*
Atlantic City El 8% pref.*
Birmingham Elec 37 pref.*
Buffalo Niagara A Electern
6s_.
.1950
Pub Util Cons 5%s...1948
101
Central Public Utility—
Income 5%s with stk '5
2.78
Tobacco shares
Peoples Light A Power—
1st lien 8-6s.—..._1961
Collateral 5s
Central Pow A Lt 3%s.*e
2.87
3.29
Incorporated Investors..*
♦Independence Trust Shs.
Institutional Securities Ltd
Bank Group shares.....
Insurance Group Shares.
Investors Fund C
1
109
103% 104
2.92
........
2.51
♦Huron Holding Corp—1
1st 3%s
.1964
for States Power (Wise)—
3%s
..1964
100%
Pup Serv-
2.40
Series 1966
Insurance stk series .10c
RR equipment
105%
Republic ServiceCentral Illinois
47&
1
Series 1966
1.35
Bank stock series—19c
General Capital Corp
91
8.02
7.99
89
1
6*65
1.23
Fiscal Fund Ino—
B_.
105
Portland Electric Power—
Central Gas A Elec-
No Amer Tr Shares 1953.*
3.90
7.02
Eqult Inv Corp (Mass).
Equity Corp 13 conv pre! l
Fidelity Fund Ine.......*
7.41
7.38
5.90
D
Dividend Shares..
84""
-.1965
4s
102
2.56
1
102% 103
79%
105
98% 100
4.00
Steel..
..1938
no
8.24
No Amer Bond Trust ctts.
1st 6s—
Blackstone Valley Gas
8.56
Railroad equipment....
1.55
90%
105% 106%
9.28
9.20
'
.1954
82
S f ino 4%s~5%s.
8.97
...
4%s.
Assoc Gas A Elec Co—
6.75
6.28
Insurance stock
66%
88%
67
8.42
Building supplies.....
Machinery....—.
5.03
64%
93
11.47
8.58
........
34%
35%
101% 102
109% 109%
58
67
90
5.30
Electrical equipment...
112
56
60
Sink fund ino 4%s..l983
Sink fund Inc 5s
1983
7.78
56
.—1973
10.62
.......
Atk
Utll-
...
1.42
Oils
*7% preferred ...—100
Cumulative Trust Shares. *
1973
4%s
50
Conv deb 5%s
1973
8s without warrants.1940
Chemical
31}*
♦Crum A Forster Insurance
♦Common B share
New England Fund
N Y Stocks Ino—
Agriculture
2.42
100
♦8% preferred
34
11.87
3%s._1969
30
22.63
Bid
mn 62%
100% 101%
28
30
Conv deb 5s
♦Continental Shares pflOO
Series AA mod
26
28
Nation Wide Securities—
Common
Utility Bonds
Income deb 4%s...1978
Conv deb 4s
1973
15%
24.70
Public
31%
48
50"
1960
14
(Fall A Beaver St Corp—
1st 4%s w-e
1951
17
20
Westtnghouse Bldg—
1st mtge 4s........1948
68%
71%
mmm
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD Nov. 25, 1939
3400
Quotations on Over-the-Counter Securities—Friday Nov. 24—Concluded
Water Bonds
If You Don't Find the Securities Quoted Here
1
102
i
monthly Bank and Quotation
our
Record.
In this publi¬
1950
101 H
1948
101H
1st A ret 5a
108"
1st oonsol 4s.
100 H
1st oonsol 6s
..1948
Prior lien 5s
1948
104
Phlla Suburb Wat 4a..1965
107
104
r
6e.
101
5s series B
102
Pittsburgh Sub Wat 5s '58
102
105H
Plainfleld Union Wat 5s '61
107
Pinellas Water Co 5 Hs. '69
Municipal Bonds—
Banks and Trust Companies—
100H
Domestic
(New York and
Domestic
103
Peoria Water Works Co—
105 H
I
carried for all active over-the-counter
The classes of securities covered are:
102
1st coll trust 4HS..1968
106 H
cation quotations are
stocks and bonds.
103
101
T
interest, you will probably find them in
As
Penna State Water—
105
*
In which you have
Bid
Ask
Bid
75
Public
Federal Land Bank Bonds
Public
Utility Stocks
Foreign Government Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate
Richmond W W Co 5S.1957
105H
81
Roch A L Oat Wat 6e.l938
101
Railroad Bonds
Industrial Bonds
6s series A.
Utility Bonds
80
78
Canadian
Out-of-Town)
Canadian
Scranton Gas A Water Co
___
t
o o too
es
Trust
4Hs
£
III
o<
5«
103 H 105 H
1958
wanton-Spring Brook
91
1967
1st A ret 6s A
104
Investing Company Securities
U. S. Territorial Bonds
80
85
r—
U. S. Government Securities
Mining Stocks
.1950
5s.
105 H
105 H
Stocks
Mill Stocks
103
99
5s.
Title Guarantee and Safe Deposit
ties
96
101H
Stocks
Joint Stock Land Bank Securi¬
96
92
Water Service 5e.l96l
Indianapolis Water-
Land
and
106 H
St Joseph Wat 4s ser A. 66
Huntington Water¬
.1956
102
1949
48 A.
103
102 H
105
6s series A.
101
105
The Bank and
Quotation Record 1a published monthly and
sells for $12.50 per year.
102
5Hs.
102 H
___
104 H
105 H
Your subscription should be sent to
1
105H
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
104 H 106
Va Water Serv 4s-.1961
Western N Y Water Co—
101H
97 H 102 H
6s series B
96
97
Newport Water Co 5s 1953
101
101
New York Wat Serv 5s '51
97
1950
98
97
1961
1st mtge 5Hs
1951
1951
95
1950
1st mtge 58
New RocheiJe Water—
5a series B
5Hs
101
101H
102
104
'53
96
101
5s series B
1956
101H
Ohio Valley Water 6s. 1954
107
As series C
1960
105M
Ohio Water Service 6s. 1958
101H 103 H
6s series A
1949
103 H
Ohio Cities Water 6 Ha
Foreign Stocks, Bonds and Coupons
Inactive Exchanges
93
1957
Ore-Waah Wat Rerv
103 H
98
Miscellaneous Bonds
& CO., INC.
BRAUNL
62 William
St., N. Y.
Bid
Tel. HAnover 2-5422
Bid
Ask
New
Commodity Credit Corp
.
way Authority
100.11 100.14
Aug 1 1941
Nov 15 1941
H%
1 %
100.1
3Hs revenue
101.4
107
3Hs '68
1944 6 2.00
1949 b
3Hs revenue
Foreign Unlisted Dollar Bonds
Due to the European situation some of the quotations shown
below
2s
anhalt 7s to
......1046
Antloqula 8s
1946
7%-1947
Bank of Colombia
7s
-1948
-
BaraanquWa
Hungarian Cent Mut 7s '37
/9
/52
Hungarian Ital Bk 7Hs '32
/25H
Ask
Hungarian Disoount A Ex¬
1936
change Bank 7s
/25H
n
9
Jugoslavia 6s funding. 1956
f26
26
29
101H
101H
1%
July 1 1942
Trlborough Bridge—
4s
100.18 100.24
Call Jan 3 '40 at 102
Bogota (Colombia) 6H« *47
_______
1946
_
Bolivia" (Repub~lle)~ 8a 11947
1968
7s
——1969
7s-.
1940
Brandenburg Elec 6a. .1953
Brazil funding 5s_.1931-51
Al
AO
AO
Koholyt 6 Hs
/19
AH
/3 H
fan
ran
AO
20
A8
19" iMerldlonale
5H
4H
4H
4H
1948
Hs
Elec 7s... 1957
52
Brazil funding scrip
/32c
/14
Montevideo scrip
Munich 7s to
1945
Munlc Bk Hessen 7s to '45
/35
British see United Kingdom
Recklinghausen/i ..1947
Nassau Landbank
Hs '38
/13
/50
(A A B) 4s
1946-1947
(O A D) 4s—1948-1949
Nat Central Savings Bk of
Caldas (Colombia) 7Hs '46
Call (Colombia) 7s—1947
A9H
1946
Ceara
1947
1944
(Brazil) 8s
20H
Hungary 7 Hs
1962
National Hungarian A Ind
7H
/6
/19H
Mtge 7s
1948
North German Lloyd 6s '47
20 H
3
/I
AO
...1947
Madgeburg 6s.....1934
1945
/9
Panama City 6Hs
Chilean Nitrate 5s
1968
/63
1953
Colombia 4s
1946
fa
/70
1962
A3
Cordoba 7s stamped—1937
Costa Rica funding 5s. '61
Costa Rloa Pao Ry 7Ha '49
/16H
17H
Panama
1949
5s
.1959
Dortmund Mun Utll 6sV48
1945
Duesseldorf 7s to
Duisburg 7% to
1945
East Prussian Pow 68.1953
Eleotrle Pr (Ger'y) 6Hs '60
6Hs
1953
European Mortgage A In¬
vestment 7Hb
1966
7Hb Income
1966
7s
1967
7s Income
1967
Farmers Natl Mtge 7a.'63
Frankfurt 7s to
1946
Frenoh Nat Mail SS 6s '52
1956
Porto Alegre 7s
1968
fS
/47
52
Protestant Church (Ger¬
A3
14H
German Building
many) 7s
1948
15
6s
19H
6s
1936
1941
Rio de Janeiro 6%
/9
/9
1938
1946
German scrip...
Graz (Austria) 8s
Great Britain &
Al
4s scrip
/I
Al
/I
ja
8s
/»
/9
further
...
...
1948
_
8s ctfs of deposlt.1948
/8
/3c
8%
/9
103
1947
Santa Fe 7s stamped. 1942
Santander (Colom) 78.1948
(Brazil) 6S..1943
fSH
72
23
/8
/9
1951
Saxon State Mtge 6s..1947
Siem A Halske deb 68.2930
8H
/9
AO
300
Al
State Mtge Bk
in
3
20
25
20
well
institution.
rising newsprint prices and increased taxes,
as
during times when business shows an improve¬
even
today,
apparently
is
it
least break
condition
unfortunate
other
has arisen in
Paul,
Denver,
in
in
number
regret
Akron,
of
other
the
in
in Worcester,
70
1947
United
A9H
we
hold
no
economics
/9
1955
72"
to
make
to
one
over
Youngstown,
second
many
cities, where the second
in
in Toledo,
with one
Milwaukee,
in Des Moines, in
in
Brooklyn, and
which make this action necessary, but
* They
rise from a trend in newspaper
circumstances
blame for them.
which
deep regret that
a
cities.
25
Stettin Pub Utll 7s...1946
impossible
even.
It happened in Buffalo, in Rochester, in Syra¬
publications.
in St.
We
1966
1966
Toho Eleotrle 7s
36
a
Jugoslavia
2d series 5s
Tollma 7s
|
AO
the
Minneapolis,
5s
18X
A8
as
does
at
willing to sustain this loss and make
that in time "The Star-Eagle" would
was
chance
profitable
that
us
the
increased production costs due to mounting labor costs
hours,
it
paper
This
on
evening paper has recently either suspended or been consolidated
of
cuse,
/9
we
we
have
no
control, and
so
it is with a feeling of
will suspend publication after tomorrow's edition.
20H
CURRENT
Kingdom of Great
81
72
NOTICE
82
70 H
/9
1953
60
Unterelbe Electric 68..1953
AO
Veaten Elec Ry 7s
1947
/9
A3
Wurtemberg 7s to
1946
/9
9
71
Saxon Pub Works 7s..l945
6Hs
as
it appeared that there was a place in its field
as
its owner
reasonably
have convinced
ment,
/21
Hamburg Electric 6s.. 1938
Housing A Real Imp 7s '46
c
a
the greatly
shorter
evening
A7
Britain A Ireland 4S.1990
1957
5c
for a number of years has been published at a con¬
long
investments
But
and
So
newspaper,
become
8H
A4
A3
3H% War Loan
Uruguay conversion sorlp
6s
this
for
publication of "The Star-Eagle"
edition.
Star-Eagle"
siderable loss.
/9
Santa Catharlna (Brazil)—
99
Hanover Harz Water Wks
Haiti 6s
8H
much regret that we suspend
with
tomorrow's
"The
V8H
1957
7s
7s ctfs of deposit. 1957
/32
is
It
with
Salvador
Al
Ireland—
United Kingdom
1948
Guatemala 8s
/7H
Saarbruecken M Bk 6s.'47
/9H
Al
/2
1954
1933
"The Star-Eagle" had operated
/8
Rom Cath Church 6Hs '46
R C Church Welfare 7s *'46
Conversion Office
Funding 3s
9~
/9
Al
AO
A1
German Central Bank
Agricultural 6s
1946
Prov Bk Westphalia 6s '33
A3
/18H
A Land-
bank 6 Ha
62
/5
73
Sao Paulo
German Atl Cable 7s. .1945
/58
5% scrip..
Poland 3s_
Mr. Block explained that
"at a considerable loss" for
a
number of years, and that its suspension was due to
"greatly increased production costs."
Employees of "The Star-Eagle," it is stated, will receive
severance pay
amounting to from two to 26 weeks' pay,
according to length of service.
In behalf of "The StarEagle" the following announcement was made:
column standard-size newspaper.
26 H
/12
City Savings Bank
Budapest 7s..
'The Newark Ledger," a morning
Nov. 18.
on
has acquired the name, goodwill and circulation
lists of "The Star-Eagle" and will be published as an eight-
/9
1946
7s to
Star-
newspaper,
fa
f—
J2 4
(N. J.)
a
the last time
fa
Oberpfals Eleo 7s
German Central Bk
Central German Power
_
/55
/53
Oldenburg-Free State—
Central Agrlo Bank—
Cundlnamarca 6 Ha.
4g
Publication—"The
108-year-old evening newspaper owned by Paul
Block, following the purchase of the paper by Samuel I.
Newbouse, publisher of "The Newark Ledger," was an¬
nounced on Nov. 17.
"The Star-Eagle" was published for
Eagle,"
AO
Nat Bank Panama—
Buenos Aires sorlp
Burmeister A Wain 6a .1940
Cailao (Peru) 7 Ha
Cauca Valley 7Hs
101.30 102.2
Ledger" Purchases Circulation and Name
Evening Paper
of
fa
1953
/25
U 8 Housing Authority—
1 H«£ notes Feb 1 1944
Suspension of publication of "The Newark
Municipal Gas A Elec Corp
British Hungarian Bank—
90
100.7
100.11 100.15
Newark
/9
1962
100.4
less 1
less 1
"The Newark Star-Eagle" Suspends
55
/9
AO
7 Ha
111H
1.40
3.20
3398.
For footnotes see page
AO
Water 7s
Bremen (Germany) 7s. 1936
6s
1940
6 Ha
101.20
110H
AO
Mannheim A Palat 7s. 1941
Brown Coal Ind Corp—
101
/5
Leipzig O'land Pr 6Hs *46
Leipzig Trade Fair 78.1953
Luneberg Power Light A
f revenue '77.A&0
100.27 100.29
4s serial revenue..1968 ft
1940
1941
May 16
May 16
Hs
1943
Land M Bk Warsaw 8s '41
s
100.28 100.30
100.28 100.30
4s serial revenue..1942 ft
Home Owners 'Loan Corp
Cons
/6
Nov 1 1941
Jan 15 1942
H%
29
Jugoslavia 2d series 5s. 1956
m
See
Corp—
H%
Call Novl6'39 at 101
/9
1945
less 1
less 1
Reconstruction Finance
Natl. Mtge Assn
lHs Jan 3 1944—
/30
Cities 7s to
German
101X
102
2s May 16 1943—
1945
Bavarian Palatlnlte
see
1 1943
Apr
Federal
fa
fa
,b'35^4(M6-48
Bavaria 6Hs to
8s
101»i«
101H
1940
Dec
2s
are
H % notes July 20 1941
Bid
Ask
2.50
Fed'l Home Loan Banks
nominal.
Bid
Ask
York City Park¬
/35
/9
—Alexander'Eiseman & Co., members of the New York Stock Exchange,
announce
manager
that " Jack Denenfeld
has
of their branch ^office in
become associated with them as co-
the Paramount Building.
Volume
149
General Corporation
3401
YEARS OLD
Commercial & Financial
The
ONE HUNDRED—
and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
it is not always
possible to
However, they are always as near
FILING
SECURITIES
The following
additional registration statements (Nos.
4236
4241) have been filed with the Securities and Exchange
Commission under the Securities Act of 1933.
The amount
approximately $37,043,000.
Wisconsin Michigan Power Co. (2-4236, Form A-2), of Milwaukee,
Wis., has filed a registration statement covering 40,000 shares of $100 par
4H% cumulative preferred stock.
Filed Nov. 16, 1939.
(For further
details
see
the "Chronicle" of Nov.
Dec. .5.
Previously regular quarterly dividends of 15 cents per share were
149, p. 1904.
American Hide & Leather Co.—Earnings—
3 Mos. End. Sept. 30—
Oper. profit after depre.,
int. and
x
p.
Pacific Aviation, Inc. (2-4240, Form A-l), of Hawthorne, Calif., has
a registration statement covering 325,000 shares of $1 par common
stock which will be offered at $1 per share.
Proceeds of the issue will be
and working capital.
H. V.
Thomas R. Catton has been named
Reynolds is President of the
Filed
underwriter.
Consolidated
Nov.
company.
18, 1939.
The last
Del.—Earnings—
Earnings for 9 Months Ended Sept. 30. 1939
$925,091
48,962
Net income after all charges
—V. 149, p. 1615.
American Public Service Co.
Period End. Sept. 30—
Operating
Operating
Net
revenues
exp.
& taxes._
$619,398
23,801
$1,535,116
65,933
$1,517,757
70,868
$616,360
319,596
$643,199
377,586
$1,601,049
1,056,668
$1,588,626
1,140,150
$265,613
$544,380
$448,476
$593,784
22,576
income.
Gross income
Net income
Statement
Period End. Sept. 30—
on
1939—9 Mos.—1938
$4,170,615
$4,136,622
2,635,499
2,618,864
$296,764
operating
Int. & other deductions.
Divs.
(& Subs.)—Earnings—
1939—3 Mos.—1938
$1,555,576
$1,549,893
961,792
930,495
Other income (net)
of Income (Company Only)
1939—9 Mos.—xl938
1939—3 Mos—xl938
stock of
pref.
$64,107
$50,974
$192,322
$163,882
P. 8. Co. of Oklahoma
19,990
19,990
59,971
59,971
Amortiz. of profit on sale
of bonds of sub. co
1,382
1,382
4,147
340
4,147
20
$85,480
$72,347
1,554
v$256,780
1,727
7,327
*$228,020
6,511
408
331
1,144
9,157
1,040
6,531
$70,462
$239,153
$213,939
West Texas Utils. Co.
Divs.
on
stock
com.
of
Amusement
Total
Gen. & miscell. expense.
Taxes.
4,078
Income taxes
previous list of registration statements was given
$79,267
Net income
issue of Nov. 18, page 3251.
our
$46,470
Other divs. and interest-
Co., Ltd., voting trustees (2-4241, Form
F-l), of Honolulu, Hawaii, have filed a registration statement covering
150,000 voting trust certificates for the no par value common stock and
21,287 voting trust certificates for the $20 par 6% cumulative series A
pref. stock.
C. H. Cooke et al. are voting trustees.
Filed Nov. 20,1939.
in
$140,114
Net sales
1939.
filed
$27,615
35,028
No provision made for any surtax on undistributed profits.—V. 149,
1168.
a
Hydraulic Press Manufacturing Co. (2-4239, Form A-2), of Mount
Gilead, Ohio, has filed a registration statement covering 26,400 shares of
$25 par 6% cumulative convertible preferred stock and 92,800 shares of
$5 par common stockl
20,000 shares of preferred stock will be offered
publicly and the remaining 6,400 preferred shares may be offered through
underwriters if 3,200 shares of $50 par 6% cum. 1st pref. stock is not ex¬
changed for 6,400 shares of new pref. stock.
40,000 shares of the common
stock registered will be offered publicly and the remaining 52,800 shares
will be reserved for conversion of the new pref. stock.
Proceeds of the issue
will be used for land, buildings, machinery, equipment and working capital.
H. F. MacMillan is President of the company.
F. Eberstadt & Co., Inc.,
and Hawley, Huller & Co. have been named underwriters.
Filed Nov. 18,
$32,488
4,873
29,454
$175,142
$147,270
.
American Insulator Corp. of
has filed
Copperweld Steel Co. (2-4238, Form A-2), of Glassport, Pa.,
registration statement covering 10,000 shares of $50 par 5% series cumu¬
lative convertible preferred stock and 27,777 shares of $5 par common stock
and scrip certificates for fractional shares.
The common stock is reserved
for conversion of the preferred shares.
Proceeds of the issue will be used
for payment of debt.
8. Eugene Bramer is President of the company.
Riter & Co. and others to be named by amendment will be underwriters.
Filed Nov. 17, 1939.
1936
$54,670
8,201
$117,816
res.
Net profit
x
Jackson, Mich., has filed
registration statement covering $28,594,000 of 1st mortgage 3 M % bonds,
series of 1939, due 1969.
Filed Nov. 17, 1939.
(See subsequent page for
further details.)
1937
1938
1939
for exp
Res. for income taxes...
a
used for construction, machinery, equipment
possible.
distributed.—V.
18, page 3282.)
Consumers Power Co. (2-4237, Form A-2), of
as
Directors have declared a year-end dividend of 25 cents per share on
the common stock, no par value, payable Dec. 15 to holders of record
ACT
to
involved is
companies in exact alphabetical order.
American Fork & Hoe Co.—Year-End Dividend—
STATEMENTS UNDER
REGISTRATION
OF
arrange
alphabetical position
x
An adjustment made subsequent to
income
Sept. 30, 1938, increasing dividend
applicable to the 3 and 9 months ended that
date, has been given
effect to in these columns.
Accumulated Dividend—
Abbott Laboratories—Extra Dividend—
Directors have declared
an
extra dividend of 15 cents per
Directors
share in addition
to
the regular quarterly dividend of 40 cents per share on the common
stock, both payable Dec. 23 to holders of record Dec. 7.
Extras of 10 cents
on
Nov.
16 declared a
1
dividend of $2 per share on account of
par $100, payable
$1.50 was paid on
accumulations on the 7% cumulative preferred stock,
Dec. 20 to holders of record Nov. 30.
Dividend of
paid
on
Sept. 30 and
on
June 30 last.—V. 149, p. 3251.
Abitibi Power & Paper Co.,
Month of October—
Profit after general expenses, but be¬
fore depreciation and bond interest.
—V.
June 20,
Directors have declared
tion to
1939
$544,827
$370,117
$431,931
extra dividend
of 40 cents
per
share in addi¬
dividend of 35 cents per share on the common stock.
The extra
dividend will be paid on Dec. 15 to holders of record Dec. 1 and the 35
cents dividend will be paid on March 15, 1940 to holders of record March 1.
a
A
regular quarterly dividend of 25 cents which had been previously
declared will be paid on Dec. 15 to holders of record Dec. 1.—V. 149, p.
2677.
a year-end dividend of 50 cents per share on the
payable Dec. 1 to holders of record Nov. 21.
Similar
paid on Dec. 20, 1938 and an initial dividend of 50 cents was
Dec. 20, 1937.
Akron Canton & Youngstown
$182,267
56,876
29,526
1936
$212,746
86,636
57,639
Net from railway
Net after rents
f,680,424
513,444
237,230
1,351,800
292,683
24,095
1,844,076
631,538
301,195
1,864,782
699.323
395,835
1938
1937
Arkansas Power & Light
Period End. Oct. 31—
Operating revenues
*
Oper. exps.. incl. taxes..
Prop, retire, res. approp.
...
-
Co., Inc.—Year-End Dividend—
Nov. 24. Dividend of
20 cents was paid on Oct. 25, last, and extra dividend of 7H cents in addi¬
tion to a regular quarterly dividend of 12)4 cents per share was paid on
Sept. 15 last.—V. 149, p. 3251.
common
stock, payable Dec. 1 to holders of record
1,217,430
$3,237,955
$3,196,706
$307,993
842
$331,691
1,292
$3,237,955
13.249
$3,122,920
11,785
$3,134,705
Dr7o ,786
$308,835
$332,983
$3,251,204
mortgage bonds.
146,373
146,385
10,051
1'7£6,600
7,586
Int. chgd. to construc'n.
Cr322
$155,198
Aluminum Co. of America—No Price Increases—
America domestic prices
during the first quarter of 1940," RoyA. Hunt, President
of the company, announced in a statement issued on Nov. 24.
"Benefits of research and development," the statement said, "together
with expansion of plants and facilities, permit the company to effect lower
costs, and, in line with its expressed policy, itpntends to sharesuch economies
x
on
with the consumers of aluminum."
$26,000,000 expansion
for new plants and improvements to existing plants it announced in
1937.
He stated that Aluminum Co. of America is not in favor of taking
advantage of extraordinary conditions, such as those created by the present
war situation, to seek prices out of harmony with costs.
Mr. Hunt said
that if increased cost or labor and materials necessitate an increased price
he felt such increases would be justified, bat he did not consider it a wise
policy to raise prices merely because of an opportunity to do so.—V. 149,
p. 3252.
Hunt said the company has completed the
program
American
District
Telegraph
Co.
(N. J.)—Preferred
Stock Called—
which is controlled by the Western Union Telegraph Co.,
Is calling for redemption 10,000 shares of its 7% convertible preferred stock
as of Jan. 15, 1940 at 110 and accrued dividend.
The shares selected for
retirement are chosen by lot.—V. 148, p. 2569.
This company
income
Divs. applic. to
100,924
116,372
Cr680
Cr4,164
Cr5,473
.$177,227
$1,397,844
$1,241,730
949,265
949,265
pref. stocks for the period
-
$448,579
$292,465
x
Dividends accumulated and unpaid to Oct. 31, 1939 amounted to
$1,028,370.
Latest dividends, aggregating $3.50 a share on $7 pref. stock
and $3 a share on $6 pref. stock, were paid on Oct. 2, 1939.
Dividends on
these stocks are cumulative.—V. 149, p. 2678.
Balance....
Asbestos
"There will be no advance in Aluminum Co. of
for aluminum ingot
Mr.
1,277,715
$331,691
Other int. & deductions.
Int.
Net
Akron Brass Mfg.
^5
42,949,000
42.629,000
43,446.000
43,756,000
$307,993
2677.
Directors have declared a year end dividend of 50 cents per share on the
^
1939—12 Mos.—-1938
$9,575,526 $9,187,076
5,059,856
4,772,940
_
Operating income
Other ipcome (net).
Gross income
Net after rents
—V. 149, p.
,
Co.—Earnings—
1939—Month—1938
$912,304
$878,176
484,311
433,634
120,000
112,851
Net oper. revenues
Rent from lease of plant
From Jan. 1—
Gross from railway
Net from railway
—
the last five
_
(net)
$172,200
59,906
30,412
1939
Inc.
Co.,
„
Ry.—Earnings—
$219,568
73,698
71,698
October—
Gross from railway
1937.—V. 149, p. 1168.
Electric
Comparative table of weekly output of electric energy for
follows:
Week Ended—
1939
1938
1937
Oct. 28
55,644,000
45,045,000
47,370,000 49,530,000
Nov.
4
54,923,000
44.293,000
46.531,000 48,431,000
Nov. 11
55,518,000
44,359,000
44,513,000
47,728,000
Nov. 18
54,914,000
45,582,000
44,631,000 47,134,000
—V. 149, P. 3253.
stock,
To Merge with General Aniline & Film Corp.—See latter
company.—V. 148, p. 3831.
&
Works
Water
years
Agfa Ansco Corp.—Year-End Dividend—•
on
Dec. 20,1938 and last previous
share made on Dec. 16,
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Nov. 18, 1939, totaled 54.914,000
kilowatt hours, an increase of 20.5% over the output of 45,582,000 kilo¬
watt hours for the corresponding week of 1938.
amount was
paid
per
weeklv
Directors have declared
common
$1.75
American
1937
1938
Mfg. Co.—Larger & Extra Dividend—
an
was
Ltd.—Earnings—
149, p. 2959.
Aetna Ball Bearing
last; dividend of $2.50 was paid on
payment
were
....
Corp. Ltd.—Extra Dividend—
dividend of 35 cents per share in addition
quarterly dividend of 15 cents per share on the common
stock, both payable Dec. 31 to holders of record Dec. 15.
Extras of 15
cents was paid on Sept. 30 last.—V. 149, p. 1169.
Directors have declared an extra
to
the regular
Associated Gas & Electric
For the week ended Nov.
Co.—Weekly Output—
17, Associated Gas & Electric System and the
Association Group report net electric output
This is an increase of 13,138,690 units or
94,468,838 units for a year ago.
including sales to other utilities, amounted to 120,512,894
New England Gas and Electric
of 107,607,528 units (kwh).
13.9% above production of
Gross output,
units for the current
week.—V. 149, p. 3253.
Associated Gas & Electric Corp.—To Pay
Int.
on
Dehs.
The Securities and Exchange Commission announced Nov. 17 that the
corporation had filed an application (File 51-25) under the Holding Com¬
Act for an order permitting payment of interest on its debentures due
1973 and on its income debentures due 1978, which, with certain exceptions,
issued In payment of a dividend declared from and charged against
pany
were
the capital or unearned
The application was
Rule U-12C-3, recently
surplus of the company.
filed in accordance with Holding Company Act
adopted by the Commission.
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3402
The Interest which the company
Is asking permission to pay Is
as
follows:
Approx. Interest
Requirement
Dec.
1,1939
$560,455
Feb.
1, 1940
41,614
Feb.
1,1940
434,118
March 15, 1940
9,963
Interest Date
Issue—
Debentures due 1973
Debentures due 1973
Income debentures due 1978
Debentures due 1973
March 15, 1940
202,190
Hearing on the application will be held Nov. 24, in the Commission's
Washington office.
Income debentures due 1978
Bearing Called by SEC—May Stop Dividend Payments—
The Securities and Exchange Commission
on
Nov. 22 ordered the
corporation to show cause why the Commission should not enter an order
preventing the corporation from declaring or paying further dividends.
In its order, the Commission said it had reasonable cause to believe that
A. G. & E. is about to declare and pay dividends on Its capital stock and
that such payments will be made out of capital or unearned surplus.
The
payments, if made in this manner, will be in violation of the Commission's
rules and "such payments and preparations therefor will impair the finan¬
cial integrity of Associated Gas & Electric Corp. and the financial
integrity
of subsidiary public utility and holding companies in the Associated Gas
& Electric Corp. Holding Co. system and will impair the
working capital of
public utilities in such system,
the Commission said.—V. 149, p. 2962.
Associated Electric Co. (&
12 Months Ended
Subs.)—Earnings—
Sept. 30
1939
1938
$25,851,531 $25,320,332
11,551,123
12,010.629
1,548,033
1,725,821
2,314,640
2,010,471
772,102
453,756
2,070,305
1,913,555
Operating revenues
Operating expenses
Maintenance
Provision for retirements
Federal income taxes
Other taxes
1939
understood
the
that
It is
have included not only Lehman Brothers
Transportation but also Victor Emanuel, President
and Chairman of the board of Aviation & Transportation.
The sale price
was about $4 a share, although some stock was crossed on the floor of the
New York Curb Exchange at lower prices.
"Besides these Schroder shares, another 170.000 shares are understood
buyers
and General American
to have been acquired from Dutch holders at $4 a share.
"Negotiations are said to be under way for General American Trans¬
portation to sell to Aviation & Transportation its holdings of the class A
common stock of the Barkley-Grow Aircraft Corp., receiving stock in ex¬
change for it."—V. 148, p. 723.
Auburn Automobile Co.
Period End. Aug. 31—
x
Net loss
x
After
(& Subs.)—Earnings—
1939—3 Mos.—1938
$144,509
$124,563
-
1939—9 Mos.—1938
$363,791
$501,548
depreciation, taxes, minority interest, Sec.—V. 149,
Baldwin Locomotive
p.
1319.
Works—Bookings—
The dollar value of orders taken in October by The Baldwin Locomotive
Works and subsidiary companies, including the Mid vale Co., was announced
Nov. 20 as $6,653,553 as compared with $1,334,459 for October, 1939.
The month's bookings brought the total for the consolidated group for the
first ten months of 1939 to $53,197,156 as compared with $21,942,937 in
the same period last year.
Consolidated shipments, including Midvale,
in October aggregated $4,585,485 as compared with $2,365,133 in October
on
of last year.
Consolidated shipments for the first 10 months of 1939 were
$28,353,141 as compared with $31,763,975 for the first ten months of 1938.
On
Oct. 31,
1939, consolidated unfilled orders, including Midvale,
amounted to $38,423,892 as compared with $13,401,321 on Jan. 1, 1939
and with $14,071,950 on Oct. 31, 1938.
All figures are without intercompany
eliminations.—V. 149, p. 2962.
Baltimore & Ohio RR.—Increased Revenue
Reported—
At the annual meeting Nov. 20 of stockholders of the road, Daniel
Willard, President, referred to the improvement in the company's business
in the last four months.
He said this improvement was due in part, but
$8,033,135
$7,505,347
1,737,066
179,351
181,930
Cr33,376
Gross Income
$7,206,100
299,247
1,738,457
165,598
159,011
Cr58,820
only in part, to conditions arising out of the war in Europe.
The following directors were reelected:
Harry Bronner, Howard Bruce,
J. Hamilton Cheston, John J. Corn well, Carl A. deGersdorff, Robert Gar¬
Subsidiary companies charges:
Interest on long-term debt
Other interest..
Amortization of debt discount and expense
Interest charged to construction
.
Prov. for divs. not being paid on cumul. pref. stk.
27
86
$5,968,137
T5,501,015
3,402,127
11,222
232,728
Balance
Associated Electric Co. charges:
3,542,027
long-term debt
on
25,
it available in this market and in the last two weeks it has been sold.
$7,595,327
437,808
Operating income
Other income (net)
Interest
Nov.
Other interest
Amortization of debt discount and expense
15,348
246,869
rett, John R. Morron, George M. Shriver, Albert A.
Stevens, John C. Traphagen, and Joseph E. Widener.
Sprague, John F.
The meeting approved the
annual report for 1938, which had been dis¬
tributed to shareholders earlier in the year, and President Willard reported
on the condition of the company's property, its present problems and the
outlook for the future.
He called particular attention to the successful
culmination of the plan for modification of interest charges and maturities,
recently climaxed with the final approval and confirmation of the U. 8.
District Court.
A resolution was offered by a stockholder to the effect that the stock¬
of the company make all reasonable effort to have Government
agencies reduce railroad taxes.
The resolution was adopted in principle
with the understanding that it would be properly drawn and made a part
holders
Net income
$2,322,060
—V. 149, p. 1753.
$1,696,771
of the record.
Associates Investment Co.—Extra Dividend—
Earnings for October and Year to Date
Directors on Nov. 15 declared an extra dividend of 50 cents
per share in
addition to the regular quarterly dividend of like amount on the
common
stock, no par value,
—V. 149, p. 3253.
both payable Dec. 30 to holders of record Dec.
9.
Period End. Oct. 31—
Freight revenues,
Passenger revenues.
Mail
Atlanta Gas Light
12 Months Ended Sept. 30—
1939
1938
$5,010,217
3,900,214
$4,570,846
3,580,702
Non-operating income.
$1,110,002
30,547
$990,144
1,649
Provision for retirements.
$1,140,549
241,801
$991,793
$898,745
291,752
22,873
5,217
$753,947
295,083
23,907
3,129
$578,904
78,000
468,725
$431,828
78.000
Operating
expenses and taxes
Interest
Amortization of debt discount and expense
Other deductions
Preferred dividends.
a
237,846
412,478
Before provision for retirements.
Balance Sheet Sept.
1939
Assets—
Prop.,
and
plant
equipment
Liabilities—
1938
$
$
1,300,000
1,300,000
12,757.218
Com. stk.($25 par)
2,343,625
2,343,625
162,958
160,169
Bonds
6,205.000
6,247.000
131,939
180,608
Notes payable
Accts. receivable..
646,091
615,297
Accounts payable.
Other receivables.
11,636
11,484
Sinking
fund
and
special deposits.
Applianc.
on
(owned)
Mercli., mat'ls.
supplies
320,207
19,500
19,500
Accrued accounts.
324,397
272,393
Consumers' depos.
189,271
177,511
on
6% pref.
stock
6
6,732
174,967
174,865
526,763
534,091
&
Defer, debit items.
Service
extension
deposits
Def.
29,021
credit items.
7,458
2,699,009
178,591
178.591
Capital surplus
Donated surplus
Earned surplus
14,744,574 14,440,4641
—V. 149, p.
Total.
Manufacturing expenses
Selling and administrative
.14,744,574 14,440,464
1939
$7,089,517
5.881,932
872,664
173,026
expenses
Net profit from operations
Net of other income and
expenses
,
,
1938
$4,651,384
3,996,591
683.784
171,239
$161,894 loss$200,230
Dr3.816
Dr28,575
Net profit before Federal income taxes
Cash,
$158,078 loss$228,805
Consolidated Balance Sheet Sept. 30,1939
$82,331; accounts receivable (less reserves), $998,701:
Inventories, $609,049; cash surrender value life
insurance, $23,317; plant
acquisition and installation in
progress, $363,352; advances on machinery
contracts, $20,240; fixed assets (less reserves of
$335,007), $758,267;
other assets,
$51,441; total, $2,906,697.
'
Mobilities—Notes
payable,
$300,000;
accounts
payable,
$578,923;
glials with plant provision for Federal
$38,191;
nection
taxes, $16,243; liabilities in con¬
acquisition and installation in progress,
$303,852; prior
Shares issued. $158,450; common, 221,545 shares issued,
®oo^errf^Ce' 3'201
12
surplus, $841,032; earned
906 697
surplus, $448,463; total,
Liabilities in connection with plant
acquisition, &c., are part of a plan
°ni>?n'r^r UP
$400,000 on a purchase money mortgage basis, repayable
55 ?n
years against which minimum reduction requirements during
next 12 months will amount to
Aviation
$72,000.—V. 148, p. 3681.
&
Transportation Corp.—U. S.Interests Buy
Stock from British—
The New York "Times," Nov.
19, had the following:
More than 300,000 shares of common
stock of the Aviation & Transportation Corp.
-once the Cord
Corp.—have been acquired by a group
which includes Lehman Brothers and
interests associated with the General
American
Transportation Co.
"The block of
Net
rev.
from railway
operations..
$5,451,938
960.808
305,742
147,633
$4,003,609 $33,501,285 $24,061,898
835,306
8,868,062
8,778,076
299,861
2,593,491
2,233,935
146,877
1,413,034
1,612,749
$4,037,755
$2,721,565 $20,626,698 $11,437,138
Railway tax accruals
Equipment rents (net).Joint facil. rents (net)..
Net ry. oper. income.
-
—V. 149, p. 3253.
Period End. Oct. 31—
Gross operating revenues
Operating
Net
Tax
rev.
1939—Month—1938
from oper...
accruals
Operating income
Other income
Gross
Interest
Other
more
clients of the J.
than 300,000 shares
originally
was sold
to London
Henry Schroder Banking Corp. in 1937.
Because of con¬
siderations brought on by the war,
Schroder, Rockeeller & Co
Inc
made
$316,578
297,831
$4,314,623
3,242,141
$4,736,133
3,574,679
$85,545
38,070
$18,747
32,440
$1,072,482
397,486
$1,161,*54
464,150
y$13,693
36,399
$674,996
103,904
$697,304
63,051
$76,383
61,919
2,888
$22,706
63,251
$778,900
626,031
33,751
$760,355
618,623
20,184
income.../
on
1939—10 Mos.—1938
$364,622
279,077
$47,475
28,908
expenses...
funded debt.
deductions
2,289
Net
x
income
$11,576
y$42,834
$119,118 ~
Including maintenance and depreciation,
y Loss.—V. 149,
Bandini Petroleum
$121,548
p.
2679.
Co.—Earnings—
Period Ended Sept. 30, 1939—
Net loss after all charges
3 Months
12 Months
$31,222
$20,436
—Y. 149, p. 1906.
Equipment Co., Inc.—Earnings—
Earnings for 6 Months Ended Oct. 31, 1939
__
.
oper.
Barnard Aviation
Cost of yarn sold
„
210,791
605,949
Rayon Corp.—Earnings—
12 Months Ended Sept. 30—
Net sales and commissions
t
210,791
632,687
..
1169.
Atlantic
Assets-
24,628
9,431
2,937,399
Reserves
Total
33,802
...
364,861
Divs.
rental
revs.,,$17,273,468 $13,440,216 $130116,497 $110492,499
1,608,763
1,396,854
12,388,192
10,187,483
3,780,855
2,484,210
27,748,936
23,495,571
Traffic expenses
410,809
372,072
3,935,641
3,713,881
Transp.—rail line.
5,393,198
4,660,441
46,539,658
43,710,387
Miscell. operations
134.695
120,924
1,218,212
1,258,076
General expenses
493,210
411,479
4,752,036
4,125,117
Transp. for investment.
09,373
07,327
Cr20,050
x
6% cum. pref. stk.
($100 par)
13.090,314
Cash
Railway
Maint. of way & structs.
Maint. of equipment...
Bangor & Aroostook RR.—Earnings—
1939
$
revenues,
All other oper. revs
30
1938
$
revenues
Express
Co.—Earnings—
1939—Month—1938
1939—10 Mos.—1938
$15,450,053 $11,777,448 $113113,833 $94,572,129
925,233
852,768
9,102.462
8,741,132
263,147
241,789
2,578,751
2,540,505
183,309
170,709
1,377,279
1,056,120
451,726
397,502
3,944,172
3,582,613
Net earnings before depreciation and taxes
Earnings on 84,000 shares of capital stock (par
$12,276
$Jl)
$0.15
See also Y. 149, p. 3253.
Basic
Dolomite, Inc.—To Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 1.
This compares with
6 M cents paid on Sept. 15 and on June 15, last; 12
cents paid on March 15.
last; 10 cents paid on Dec. 15, 1938; 15 cents paid on March 15, 1938, and
previously regular quarterly dividends of 20 cents per share were distributed.
In addition, an extra dividend of five cents was paid on Dec.
15, 1937.—
V. 148, p. 3214.
Bayuk Cigars, Inc.—Special Dividend—
Directors have declared a special dividend of 25 cents per share in ad¬
dition to the regular quarterly dividend of 18 % cents per share on the
common
stock, no par value, both payable Dec. 15 to holders of record
Nov. 30.
Similar special dividends were paid on Dec. 15, 1938, 1937 and
1936 —V. 149, p. 2503.
Belmont Radio Corp.—Extra Dividend—
Company will pay an extra dividend of 15 cents per share in addition to
the regular quarterly dividend of 15 cents per share on its common stock
on Dec. 15 to holders of record Dec. 1.—V. 149, p. 3254.
Bessemer & Lake Erie RR.—Equip. Trust Issue Placed
Privately—Freeman & Co. was high bidder Nov. 21 for an
issue
of $5,700,000 2^% equipment trust certificates,
maturing Dee. 1, 1940-1949, incl., the interest cost to the
company, 1.60%, being the lowest realized in the current
market.
No public reoffering of the certificates will be
made.
The award and private placement will be subject
to approval by the Interstate Commerce Commission.
The
certificates,
1,000 steel hopper
issued under the Philadelphia plan, are secured by
500 steel gondola cars and 500 steel box cars, the
cars,
Volume
total
cost
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
of which
is approximately $7,600,000 and on which approxi¬
mately 25% has been paid in cash.
Other bidders for the certificates were Lehman Brothers, 104.5176;
Bankers Trust Co., 104.317: Mellon National Bank, 104.4771; Mellon
Securities Corp., 104.156; Salomon Brothers & Hutzler, 104.128; Halsey,
Stuart & Co., Inc. 104.0734; First Boston Corp., 104.056; Harriman Ripley
& Co., 103.777, and Evans, Stiilman & Co., 103.7234.—V. 149, p. 3108.
Biddeford & Saco Water Co.—Bonds Sold
Privately—As
Aug. 1, 1939, company sold privately an issue of $1,221,000 334% 20-year first and refunding mortgage bonds,
series D, dated Aug. 1, 1939, due Aug. 1, 1959.
Proceeds
were used to refund the 1st and refunding 4s of 1956, called
for payment Aug. 1, 1939, at 104.—V. 117, p. 2893.
Boss
quarter of 1936 and 1935.—V. 148, p. 724.
Boston
Operating revenues
term
$7,709,564
501,171
5.920,119
$7,489,802
5,664,261
310
Oper. exps..incl. taxes..
Amortization of limited-
311
3,722
Prop, retire,
50,000
50,000
600,000
700,000
Net oper. revenues
Other income (net)
$130,453
$101,009
$1,121,807
317
305
$1,185,723
4,672
Gross income
Int. on mortgage bonds.
Other int. & deductions.
$130,770
$101,314
45,750
4,381
$1,190,395
549,000
52,641
income
4,229
Total
$588,754
$524,680
429,174
$51,183
429,174
$95,506
Divs. applic. to pref. stocks for the period
x
Balance
accumulated and unpaid to Oct. 31, 1939 amounted to
Latest dividends, amounting to $1.75 a share on $7 pref. stock
on $6 pref. stock, were paid on Oct. 2, 1939.
Dividends
these stocks are cumulative.—V. 149, p. 2504.
$250,352.
and $1.50 a share
on
Birmingham Fire Insurance Co. of Pa.—Pays $1 Div.—
Company paid
a
dividend of $1 per share on the common stock on Nov.
18 to holders of record Nov. 8.
Similar payments were made on April 22,
last and on Aug. 10, 1938, and a dividend of $1.50 was paid on Dec. 18,
1937 and on June 19, 1937.—V. 147. p. 1331.
Blaw-Knox Co.—To Vote
on
Stock Increase—
Distribution (14 cents
Bliss & Laughlin,
The
New
be issued
to
Stock
York
common
as
a
the listing of 87,165
stock (par $5 per share), upon official notice of issuance,
stock dividend to the holders of outstanding shares of
stock and 6,175 shares of common
stock,
official notice of
issuance, upon conversion of shares of the outstanding 12,350 shares of 5%
cum. pref. stock, making a total amount applied for 280,020 shares.
In the event any of the outstanding 12,350 shares of 5% cumulative
preferred stock are surrendered for conversion prior to the close of business
Dec. 1, the 87,165 shares will be increased at the rate of ^ share for each
share of 5% cumulative preferred stock so surrendered for conversion, and
the 6,175 shares will be correspondingly decreased.
common
Income Account for 9
Gross profit on sales..
57,829
share)
60,881
28,386
Undivided earnings Oct. 31
$26,324
$29,443
a
Balance
Oct.
Sheet
31
Assets—
1939
Total
$3,498,085
1939
Dividends and interest receivable
Due from brokers (securities sold but not yet deliv.)
$3,091,138
393,595
2,932
10,421
$7,072,161
Cash
1938
$6,942,213
127,384
2,565
Securities at market quotations-
1938
Liabilities—
Accounts payable and accrued expenses
Due to brokers (securities purch. but not yet rec'd)
Pay. for cap. stock reacquired but not yet received
Distribution payable (14 cents a share)
Undivided earnings
;
y Capital stock
Surplus (exclusive of undivided earnings)
upon
_
4,789,055
28,386
29,443
1,022,250
2,371,455
$7,072,161
$3,498,085
Cost, $6,731,061 ($2,972,963 in 1938).
y Authorized, 1,000,000 shares
par value of $5 each; outstanding (less 2,073 [160 in 1938] shares in
treasury), 434,775 (204,450 in 1938) shares,
z Accrued expenses only.
of
a
Note—No Federal income tax has been accrued
on
the basis that
$1,107,779
594,304
50,530
_
Operating profit
$462,945
Interest and other miscellaneous income
20,235
Total income
a
Federal income tax, it is estimated
that such
a
tax on income for the
three months to Oct. 31, 1939, would be approximately $1,400.
Net worth on Oct. 31, 1939, based on market quotations of
fiscal year on
July 31, 1939
Par Value Reduced—
a recent meeting voted to change the par value of the
authorized capital stock from $5 to $1.
There will be a reduction in the
value of the outstanding 431,824 shares of stock of $1,727,296, or $4 a
share. The reduction will be effected without reducing either the authorized
Stockholders at
outstanding number of shares and without reducing assets of the
There are 1,000,000 authorized shares.
will be transferred from capital
surplus account $1,727,296, none of which shall be distributed to
holders in connection with the reduction. This sum will be retained
$391,376
Comparative Balance Sheet
Assets
Sept. 30 *39 Dec. 31 '38
$630,404
$675,340
664,857
403,126
Inventories
914,184
722,918
55,617
Prop., plant, and
equipment (net) 1,232,911
Deferred charges._
16,515
Other assets
15,600
1,223,060
Oth. current assets
59,254
Liabilities—
Sept. 30 '39 Dec. 31 '38
trade. $167,195
$37,090
125,012
40,787
Oth. current liabil.
38,365
89,484
Accts. pay.,
Accrued liabilities.
As the result of the change there
cum.
16,786
Common stock
15,600
Paid-in surplus
871,525
453,079
1,488,662
Earned surplus
Total
15,000
371,250
insur..
pf. stock
cpmpen.
$3,530,088 $3,116,086
Total
7,500
371,250
870,025
450,663
-V. 149, p. 2963.
Boston Herald-Traveler
Corp.—To Pay Additional Div,
extra dividend of $2.50 per share on the class
cents per share were paid on the respective issues on Oct. 31, last.
Extra dividends of $2 for the class A stock and $1 on
on
the class B stock
were
$581,377
$8,592,797
1,349,182
226,673
1,518,304
147,068
1,433,907
379,234
1,218,501
Federal tax
994,605
It is expected
that the plan for refunding company's $103,833,000 bonds
nearly $3,000,000 will be ready to go out to
and cutting fixed charges by
bondholders around Dec. 1.
bondholders,
a
rough check indicates that
Net profit..
Brooklyn Daily Eagle, Inc.—New Trustee
Named—
in Brooklyn Federal Court Nov.
appointing Charles C. Green, Jamaica, N. Y., trustee
in bankruptcy for the company.
The order disclosed that Clarence E.
Galston, who had been serving as trustee, had resigned on Nov. 8.—V. 149,
Federal Referee Wilmot L. Morehouse
21 signed an order
2963.
[Including Brooklyn & Queens Transit
Period End. Oct. 31—
$7,164,941
379,288
Total oper. revenues...Total oper. expenses
-
29,574
$7,544,229
1,365,773
249,557
1,067,255
System]
1939—Month—1938
1939—4 Mos.—1938
$4,298,243
$4,124,077 $16,208,521 $15,729,471
3,056,060
2,855,395 11,868,252 11,456,993
$1,242,183
$1,268,682
522,356
518,757
$4,340,269
2,051,005
$4,272,478
2,080,494
$719,827
income.76,300
$749,925
58,230
$2,289,264
294,857
$2,191,984
345,857
$796,127
699,453
$808,155
690,307
$2,584,121
2,800,010
$2,537,841
2,748,061
CUtos^plmC'-_<ri.'7-l6d
$96,674
$117,848
*$215,889
x$210,220
36.227
10.549
19.335
$60,447
$107,299
x$235,224
Net
Taxes
rev.
from oper...
on oper.
$3,483,0361oss$1111462 x$5,561,156 x$4,861,644
prop
Operating income
Net non-oper.
Pref. divs. Borg-Warner
Gross income
88,564
Corp
Surplus after pref. div. $3,483,036def$llll,462
common stock...
2,336,708
2,302,038
$5,561,156
$4,773,080
2,302,018
loss$0.483
$2.41
1,150,967
$4.14
Shares
$1.49
Earnings per share
No provision was
made for Federal surtaxes on undistributed profits.
Consolidated Balance Sheet Sept. 30
1939
$
14,390,479 15,377,152
8,954,297
..11,732,122
Cash
79,655
securities
Prepayments & de¬
1,091,276
913.248
1,635,581
1,911,177
Goodwill, pats., &c 1,016,049
835,816
ferred charges..
Investments
Fed. taxes, <fcc__
6,413,555
5,160,821
71,255
144,204
tenance fund
665,613
825,127
457,732
739,887
def 1,907
Min. int. in sub
Appraisal and cap¬
ital surplus
11,683,826
Total
Net
rev.
1939—4 Mos.—1938
$9,463,035 $9,123,503
6,390,868
5,959,906
11,219,031
Gross
income
15,081,999 13,436,547
Total income deducts-
47,050,836 43,465,756
$929,533
315,519
$3,072,167
1,265,615
$3,163,597
1,292,320
$614,014
$1,806,552
$1,871,277
74,562
55,899
286,468
336,307
$613,393
585,488
$669,913
572,090
$2,093,020
2,345,611
$2,207,584
2,290,622
$27,905
Operating income
Net nonoper. income...
$857,276
318,445
$538,831
from oper...
Taxes on oper. props
Refrigerator main¬
$97,823
x$252,591
x$83,038
Current inc. carried to
x After
depreciation,
z Includes 125,184
(159,850 in
Borg-Warner common stock.—V. 149, p. 2504.
1939—Month—1938
$2,500,071
$2,385,116
1,642,795
1,455,583
Total oper. expenses
Adv. royalties and
Earned surplus
47,050,836 43,465,756
[Excluding Brooklyn & Queens Transit System]
Period End. Oct. 31—
Total oper. revenues
Special reserves
4,682,846
6,159,939
11,025,390 10,711,565
ceivable, &c
$
12,309,460 12,309,440
payable,
other def'dinc..
Notes & accts. re¬
Inventories
Accounts
x$210,220
Indicates deficit.
1938
$
Liabilities—
Common stock
plant
and equipment.
Bal. to B.-M. T. Sys.
x
1939
1938
$
Assets—
Property,
Total
^
While there are about 10,000
nearly $49,000,000 or 46% to 47% of the bonds are held by institutions of
various kinds over the country with the bulk of such ownership in New
1936
Cr2,107
Minority interest
z
Get Plan About
Total income deductions
$6,053,496
Total income
Depreciation
Interest, &c
Market,
RR.—Bondholders to
Brooklyn-Manhattan Transit System—Earnings—
[Including Constituent Companies]
9 Mos. End. Sept. 30—
1939
1938
1937
Profit after expenses
$5,684,146
$307,659
$8,120,812
Other income
369,350
273,717
471,985
x
Maine
&
Boston
p.
Dec. 15, 1938.—V. 149, p. 2680.
Borg-Warner Corp.—Earnings—
x
the common
England.—V. 149, P. 3254.
an
A stock, and an extra of $1.25 per share on the class B stock, both payable
Dec. 15 to holders of record Dec. 1.
Regular quarterly dividends'of $1 and
paid
of
of
Dec. 1—
Bon Ami Co.—Extra Dividends—
Directors have declared
62H
stock¬
by the
stock, no par value, payable Dec. 8 to holders of record Dec. 1 and also
a regular quarterly dividend of 40 cents per share payable Jan. 2 to holders
of record Dec. 21.
Special dividend of 75 cents per share was paid on
Dec. 8, 1938: one of 25 cents was paid on Dec. 24, 1937 and one of 75 cents
was paid on Dec. 21, 1936.—V. 147, p. 3303.
1,249,288
$3,530,088 $3,116,086
to the
corporation for general purposes, but shall not be available for payment
current cash dividends except as permitted by agreement or articles
organization.—V. 149, p. 2693.
Res. for workmen's
5%
corpo¬
ration.
Directors have declared a dividend of 40 cents per share on
Net income
Cash
securities
owned, was $6,989,854, amounting to $16.08 a share on 434,775 shares
outstanding.
This compares with net worth of $5,385,976, equivalent to
$15.16 a share on 355,306 shares outstanding at the close of the Fund's
$483,180
91,804
Federal income taxes
com¬
pany will distribute in the fiscal year ended July 31, 1940 in taxable divi¬
dends all of its net income and will qualify as a mutual investment company
under the Revenue Code.
If, however, the company should be liable
or
lonths Ended Sept. 30, 1939
Selling, general, and adminis. expenses including general taxes.
Provision for depreciation
Accts. receivable..
$4,276
42,276
z$2,377
8,321
11,328
60,881
26,324
2,173,875
Total
for
Inc.—Listing—
Exchange has authorized
$32,449
25,379
87,205
Total
^
15,842
$54,733
32,472
x
Company has notified the New York Stock Exchange that a special
meeting of stockholders will be held on Dec. 26 to vote on a proposed
increase in the capital stock of the company.
A special meeting called for
Oct. 9 was canceled on Sept. 5 because of the European war.—V. 149,
p. 2226.
shares of
$16,608
13,861
Undivided earnings, Aug. 1
Dividends
x
$22,829
6,221
$40,872
__
549,000
$159,580
$80,671
634
$53,440
12,568
stk. representing part, in undivided earns._
cap.
x
Net
$22,195
450
Net income
Portion of net proceeds from sales & repurchases of
52,356
45,750
4,349
1938
1939
$52,990
Total income
$1,126,036
res. approp.
losses on investment securities]
Interest
3,734
investments
or
Income—Dividends
*
1939—12 Mos.—1938
$625,244
473,924
$681,934
Fund, Inc.—Earnings—
[Exclusive of gains
3 Months Ended Oct. 31—
Expenses
Birmingham Electric Co.—Earnings—
1939—Month—1938
Manufacturing Co,-r-To Pay $5 Dividend—
Directors on Nov. 14 declared a dividend of $5 per sh ire on the common
stock, par $100, payable Nov. 25 to holders of record Nov. 14.
This com¬
pares with 60 cents paid on Aug. 15, May 15 and on Feb. 15, last; 25 cents
paid on Nov. 15, Aug. 15 and May 16. 1938: and a dividend of $1.50 paid
on Feb.
15, 1938.
Dividends of $2 per share were paid in each of the
four quarters of 1937 and dividends of $1.50 per share were paid in each
of
Period End. Oct. 31—
3403
surplus
1938) shares of
x
Indicates loss.
./
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3404
the unification plan for that system.
For amounts of B.-M. T., securities
deposited as of Nov. 22.
See under Interborough Rapid Transit Co.
Period End. Oct. 31—
Total oper. revenues
Celanese Corp. of
The
Net
Taxes
1939—Month—1938
$1,810,081
$1,750,392
1,415,996
1,402,107
expenses
from oper
on
stock, both payable Nov. 30 to holders of record Nov. 20.—V. 146, p. 1064.
York
Stock
has authorized the listing of 25,000
stock, on official notice of issue as a
making the total number of shares applied for 1,025,000.
2964.
1939—4 Afos.—1938
$6,792,346
$6,650,979
5,488,180
5.505,883
—V. 149, p.
$1,145,096
788,174
$145,047
14,713
$518,777
58,195
$356,922
59,228
$159,760
139,735
$576,972
540,270
$416,150
543,332
$68,769
Total Income deductions
$1,304,166
785,389
$204,363
135,594
Gross income
$348,285
203,238
$190,173
14,190
Net nonoper. Income
common
Central Arizona Light & Power
Period End. Oct. 31—
oper.jprops
$20,025
$36,702
x$127,182
Int.
$4,072,343
2,814,070
2,913
40,000
34,960
432,300
34,960
355,700
$59,706
10,110
$1,051,959
20,549
$867,613
145,090
$82,981
18,959
$69,816
18,959
705
662
$1,072,508
227,500
8,638
$1,012,703
227,500
11,536
Cr5,137
$63,317
mortgage bonds.
on
Other
$4,213,250
2,694,031
$82,966
15
Net oper. revenues...
Other income (net)
$320,043
217,424
2,913
25,000
res. approp.
Gross income
Indicates loss.—V. 149, p. 2680.
1939—12 Afos.—1938
$319,466
208,587
Amortization of limitedterm investments
Prop, retire,
Co.—Earnings—
1939—Month—1938
Operating revenues
Oper. exps., incl. taxes..
Current income carried
to surplus
America—Listing—
Exchange
(no par)
stock dividend,
$394,085
203,912
Operating income
x
New
additional shares
Brooklyn & Queens Transit System—Earnings—
rev.
Directors have declared an extra dividend of 25 cents per share In ad¬
dition to the regular semi-annual dividend of like amount on the common
149, p. 3255.
Totaloper.
1939
Catelli Food Products, Ltd.—Extra Dividend—
Deposits Under Unification Plan—
Coincident with the announcement on the I. R. T.-Manhattan Ry. plan
the Transit Commission issued figures on Brooklyn-Manhattan Transit
Corp. securities indicating an encouraging growth of deposits, in assent to
above. —V.
Nov.
$50,195
interest
Int. charged to constr'n.
Brunswick-Balke-Collender Co.—Year-End Dividend—
The directors have declared
year end dividend of $1.50 per share on the
stock, payable Dec. 15 to holders of record Dec. 5.
was paid on Sept.
15, last; 25 cents was paid on
15, last, and dividiends of 50 cents were paid on
Dec. 20 and Oct. 5, 1938 and on Dec. 20 and Oct. 1, 1937, this latter
being
the first payment to be made on the common stock since Nov.
15, 1929
when a regular quarterly dividend of 75 cent*
per share was distributed.
—V. 149, p. 3109.
company's
Net
a
common
income
$836,370
108,054
$778,804'
108,054
$728,316
Divs. applicable to pref. stocks for the period
$670,750
A
dividend of 75 cents
June 15, and on March
Buffalo Ankerite Gold Mines, L d.—To Pay Dividend—
A dividend (No. 26) at the rate of 12Mc.
per share on the outstanding
capital stock of this company, payable in Canadian funds, has been de¬
clared payable on Jan. 2, 1940 to shareholders of record at the close
of
business on Dec. 15, 1939.
Last previous payment was the regular quarterly dividend of 25 cents
distributed on Aug. 15, last.—V. 149, p. 2505.
Balance
—V. 149, p. 2506.
Central & South West Utilities Co.
Net operating income.
$3,340,961
12,015
$3,303,815
2,676
$8,709,184
24,339
$8,472,065
32,764
Int. & other deductions.
Divs. paid or declared.
$3,352,977
1,191.029
626,245
$3,306,490
1,316,246
614,719
$8,733,523
3,762,456
1,985,066
$8,504,830
3.966,033
1,847,124
Bal. of div. requirem'ts
not paid or declared..
140,298
155,492
315,858
467.043
Other income (net)—..
Gross income
a
California Ink Co., Inc
^
Years End. Sept. 30—
Profit from operations
-Earnings-
1939
1Q5Q
$378,318
29,220
19,257
60,431
Depreciation
Miscellaneous (net)
Prov. for Fed. taxes
Surtax on undist. profits
Net
a
1938
1937
$302,615
29,502
2,892
40,226
1,279
1936
$449,900
$483,403
30,662
Crl,753
62,024
29,587
1,198
60,039
2,374
Net income
$1,395,404
$1,220,034
$2,670,142
$2,224,629
a
Provision for dividends on preferred stocks of subsidiary companies
held by the public.
Note—Consolidated net
income..
Previous surplus
$269,411
431,628
$228,716
420,329
$356,703
317,280
$392,470
202,621
Dividends paid. 11IIIII
$701,039
193,260
$649,045
217,418
$673,983
253,654
$431,628
$420,329
Statement of Income
Period End. Sept. 30—
96,630
$2.79
96,630
$2.37
96,630
$3.69
96,630
$4.06
Shares capital stock out¬
standing (no par)
per share
Assets—
1939
Cash
1938
$377,324
Liabilities—
$310,756
Customers' notes &
acc'ts receivable
Divs.
on
Interest
1939
pref. stocks.
$130,009
$149,263
a$77,254
60,430
z41,505
Capital stock...
389,623
750,232
404,320
649,685
Paid-in surplus...
1,632,000
185,775
1,632,000
185,775
62,210
76,205
Earned surplus...
507,779
60,345
485,775
371,673
deferred charges
38,064
36,843
$967,028
246
67
90
3,301
3,254
10,721
10,085
431
$315,105
4,417
2,541
5,679
$764,563
20,163
13,585
19,173
$977,449
15,272
7,658
16,822
$123,377
$302,468
$711,642
$937,698
20,587
$711,642
$917,111
$133,380
7,184
2,388
Gen. & adminis. exp
438,228
371,673
$753,528
61
30
,
246
80,451
and goodwill...
Other assets, Incl.
$311,759
7
Taxes
431,628
1939—9 Afos.—1938
61
•
bonds
on
Total.
1938
Accounts payableFed. inc. taxes...
(Company Only)
1939—3 Afos.—1938
Other income.
Balance Sheet Sept. 30
approximately $520,000
cos.
consolidated:
Divs. on com. stocks.
$317,280
Earnings
amounting to
dividend arrearages on the preferred stocks of certain subsidiary companies.
Income—From sub.
$507,778
income
and $608,000 in the respective nine months' periods, was not available for
distribution to Central & South West Utilities Co. because of prior year's
$595,091
277,811
Surplus Sept. 30
(& Subs.)—Earns.
Period End. Sept. 30—
1939—3 Afos.—1938
1939—9 Afos.—1938
Operating revenues
$8,882,733
$8,494,763 $24,176,308 $23,313,444
Operating exp.& taxes..
5,541,771
5,190,948
15,467,123
14,841,379
Inventories
Investments
x
U. S. Govt, bonds
Plant and equip.
Brands,
Gross income
Interest deductions
and notes
x
Income taxes
5,443
Net income
formulae,
$123,377
The directors have declared
Total
$2,535,247 $2,368,1611
Total
$2,535,247 $2,368,16i
x Less allowance for
depreciation of $712,632 in 1939 and $698,763 in
1938.
y Represented by 96,630 shares of no
par value,
z Includes surtax
on undistributed
profits,
a Includes accrued expenses.—V. 147, p. 3448.
Central Vermont Ry.,
Period End. Oct. 31—
dividend of 15 cents per share
Nov. 20 to holders of record Nov.
10.
on
its common stock
on
This compares with 30 cents paid
Sept. 20, last; two cents paid on Aug. 20, last; seven cents paid on July
20,
last; 22 cents
paid on June 20, last; 19 cents on April 20, last; 11 cents paid
on March 20, last, and a dividend of
15 cents per share distributed on Feb. 20,
1939.—V. 149, p. 1908.
on
as
payments
against
arrears
of
on
paid Dec. 20 to holders of record Nov. 30.
Similar amounts were paid on
Sept. 20, June 20, and March 20, last, and on Dec. 20, Oct. 20, July 20
and April 20, 1938.—V. 149, p. 1909.
Callaway Mills—Dividends—
a
dividends
1.50
J 1.75 per share on the prior lien preferred stock, $6 dividend series, toand
share
the prior lien preferred stock, $7 dividend series, be
per
Company paid
$297,025
Accumulated Dividends—
Railway
Railway
Inc.—Earnings—
1939—Month—1938
1939—10 Afos.—1938
oper. expenses.
$557,491
417,314
$479,170
463,639
$4,999,978
4,196,590
$4,078,388
3,977,906
Net rev. fromry. oper.
Railway tax accruals—
$140,177
18,993
$15,531
28,785
$803,388
258,869
$100,482
276,339
oper. revenues.
Railway
income-
Preferred Arrears—
$121,184
43,246
x$13,254
24,926
$544,520
336,580
x$ 175,858
Hire of equip., rents, &c.
dividend of 37 H cents per share on account of
accumulations and the regular quarterly dividend of 62
H cents per share
ordinarily due at this time on the 5% cumulative preferred class B
Net ry. oper. Income.
Other income
$77,939
Drl,161
x$38,181
781
$207,939
Drl7,123
x$513,932
6,266
Inc. avail, for fix'dchgs
Fixed charges....
$76,778
99,916
x$37,399
105,500
$190,816
1,031,080
x
$23,138
$142,899
$840,263
Canada Bread Co., Ltd.—Clears Up
Directors have declared
stock,
par $50, both payable Jan. 2 to holders of record Dec. 15.
This payment
will clear up all back dividends on the issue.
See also Y. 149. p. 1908.
Canadian Investment Fund. Ltd.—New Director—
Hon. Charles A. Dunning, who recently resigned
as
Minister of Finance
Balance, deficit
for the Dominion of
Canada, has been reelected to the board of directors of
this company, it was announced
bj Calvin Bullock, President of the com-
})any. Mr. Dunning in 1932, of the original to accept of the company when
t
incorporated was one but resigned directors the post of Finance
was
Minister in theiMackenzie King Cabinet in 1935.—V.
149, p. 1018.
Canadian
National
Ry.—Earnings—
x
revenues.
149,
p.
$4,525,404
1938
$3,851,084
3255.
Canadian Pacific
,
$3,410,000
$674,320
Chesapeake Corp.—Stock Distribution—
E.
$2,945,000
Chesapeake Corp. will continue to hold approximately
expenses,
Co.—Earnings—
1939—Month—1938
1939—12 Mos.—1938
$1,104,583
$1,042,345 $11,915,699 $12,078,559
Incl. taxes._
576,995
504,799
6,168,385
6,120,700
90,000
90,000
1,080,000
1,130.000
Net oper. revenues
Other income (net)
$437,588
$4,667,314
1,019
$447,546
1,978
$4,827,859
23,750
Gross income
Int. on mortgage bonds.
Other int. & deductions.
$438,607
$449,524
191,667
6.040
191,667
5.994
$4,687,301
2.300,000
"
Int. chgd. to constr'n
r».
$251,863
Divs. applic. to pref. stocks $240,900
for the period
19,987
71.636
$4,851,609
2,300,000
72,873
Cr2,434
Catalin Corp. of America—To
a
$2,315,665
$2,481,170
1,255,237
1,255,237
-$1,060,428
Balance
—V. 149, p. 2682.
Directors have declared
$1,225,933
Pay 15-Cent Dividend—
dividend of 15 cents per share on the
common
Last previous distribu¬
stock, payable Dec. 15 to holders of record Dec. 1.
tion
was
made^on Dec. 15, 1936 and amounted to
Asbury Davis, receiver of this corporation, announced
on
Nov. 20
of record Nov. 30 in the amount of 6-10 share of
stock for each share of Chesapeake Corp. common stock held.
No payable date has been set for the distribution it being
explained that
the actual distribution is a matter of mechanics and
may take some time.
Period End. Oct. 31—
res. approp.
$1,575,433
2506.
common
Increase
$465,000
Operating revenues
Oper. exps.,
Prop, retire,
p.
that distribution of shares of common stock and scrip certificates for frac¬
tional shares of common stock of the Chesapeake & Ohio Ry. Co. will be
share of C.
Carolina Power & Light
149,
Champion Paper & Fibre Co.—To Pay 10-Cent Dividend
Increase
Ry.—Earnings—
TrTarffi,c^armi^^-
loss.—V.
made to stockholders
Earnings for the Week Ended Nov. 14
1939
1938
—V. 149, p. 3255.
Indicates
$507,666
1,067,767
—V. 149, p. 2506.
1939
_
Gross
338,074
Directors have declared a dividend of 10 cents per share on the common
stock, payable Dec. 15 to holders of record Dec, 1.
This will be the first
dividend paid since Feb. 15, 1938 when 25 cents per share was distributed.
Earnings of the System, for the Week Ended Nov. 14
—V.
oper.
a
40 cents per share.
&
O.
common
behind each
taxes and contingencies.—V.
Chartered
of its shares
149,
p.
as
a
one
tenth of
reserve
a
against
2682.
Investors, Inc.—To Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 1.
Like amount was
paid on March 1, last and a dividend of 50 cents was paid on Dec. 21, 1936,
and on Feb. 15, 1931.—V. 149, p. 2965.
Chesebrough Mfg. Co.—Extra Dividend—
Directors have declared
an extra dividend of 50 cents per share in addi¬
to the regular quarterly dividend of $1 per share on the common
stock, both payable Dec. 18 to holders of record Nov. 24.
Similar payments
were made in preceding quarters.—V. 149, p. 1172.
tion
Chicago & North • Western
Ry.—Equipment Trusts
Offered—The First Boston Corp. heading a group including
F. S. Moseley & Co.; Kean, Taylor & Co. and R. W. Pressprich & Co. Nov. 22 received the award of an issue of
$1,800,000 2%% equipment trust certificates on a bid of
102.14.
The notes mature at the rate of $180,000 annually
from Dec. 15, 1940 through 1949 and were re-offered Nov. 24
at
prices to yield from 0-45 to 2.35%.
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Par value and semi-annual dividends
(June 15 and Dec. 15)
the office of
company, Charles M. Thomson,
payable at
trustee, Chicago, 111.
To be
Philadelphia Plan.
Equipment trustee, Harris Trust &
Issuance subject to approval by the Interstate Commerce
issued under the
Savings Bank.
Commission.
These certificates
guaranteed unconditionally as to par value and
Thomson, as trustee of the property of the com¬
individually.—Y. 149, p. 3111.
are
dividends by Charles M.
pany and not
f
Chicago Rock Island & Pacific
Examiner's Plan Filed with ICC—
Ry.—Objections
to
'
Opposition to an Interstate Commerce Commission examiner's proposed
plan of reorganization for the Rock Island as to the treatment afforded
major security holders under the examiner's recommendations have been
filed with the ICC.
t The Louisiana & Arkansas, Ry., in a brief filed with the Commission, con¬
tended that the Rock Island Arkansas & Louisiana should be separately
reorganized.
The L. & A. had negotiated to merge its properties with the
Rock Island Arkansas & Louisiana.
The L. & A. argued the evidence
shows that the price to be paid by them for the R. I. A. L. was
just, reason¬
able and fair to it, to the R. I. A. L. creditors and to the Rock Island. They
further contended that the merged system would produce earnings ade¬
quately to cover fixed charges and that such a plan could be put into effect
as soon as authorized (under the
Bankruptcy Act.
The Reconstruction\*Finance Corp., took exception to the examiner's
proposed plan of reorganization stating that his plan was based on assump¬
tions both as to the allocation of the so called free equipment between the
various mortgage divisions and the allowance to various mortgage divisions
of a rate of return on equipment and facilities used by other mortgage
divisions, which have been rejected by the Federal Court.
"Obviously, before the Commission can certify a plan, new computations
which give effect to the court determinations will need to be supplied for
the record or else parties aggrieved by the examiner's
faulty assumptions
may be greviously prejudiced," the RFC argued.
K The bondholders
protective committee for first mortgage bonds of the
Rock Island Arkansas & Louisiana argued that contracts between the
debtor and'the R. I. A. L. should be disaffirmed.
Other briefs were filed by the protective committee for Burlington
reorganization,
Cedar
Erotective committee for the Chicago Rock Island & Pacific general mortgage
onds.
Modified Plan Provides for $70,000,000 Common—
to present
stockholders.
Officials of the railroad predicted that the Rock
would have net operating income available for interest of about
$6,000,000 at the end of the year.
In 1938, the railroad had only $2,695,000
of income available for interest, but in the first six months of 1939, net
operating income has exceeded that of the like months of 1938 by $2,100,000.
Island
►
The income forecast was contained in the road's brief exceptions to an
ICC examiner's plan of reorganization which would completely wipe out
existing stockholders.
The modified plan offered by the road proposed a
total capitalization of $455,613,888 as against $306,497,380 proposed plan.
Fixed interest charges under the road's modified plan would aggregate
$4,901,076 against $2,483,547 recommended by the Commission examiner
and charges of $14,052,769 on the present capital structure of the Rock
Island.—V. 149, p. 3256.
Pay $66.10 Dividend—
dividend of $66.10 per share on the common
stock, payable Dec. 15 to holders of record Nov. 27,
Dividends of $23.50
a
paid on Sept. 15, June 15 and on March 15, last; and compares with
$27.50 paid on Dec. 15, 1938; $13.50 paid on Sept. 15, 1938; $8.25 paid on
Co.
will
liquidating dividend.
Upon consummation
of the plan United Fuel Gas Co. will fund Its
Indebtedness to the parent company, consisting of
$12,035,000 6% demand
notes, $9,790,000 6% demand notes of Warfield Natural Gas Co. to be
assumed, and $2,500,000 of loans
on
by the sale to the
account,
open
parent company of $24,325,000 of
4^% notes due Jan. 1, 1970, the probe applied to the payment of the indebtedness.—V.149,
ceeoor^
p.
3256.
Commonwealth Edison Co.—Weekly Output—
The electricity output of the Commonwealth Edison
Co. group (inter¬
deducted) for the week ended Nov. 18, 1939 was 161,665,000
kilowatthours, compared with 140,273,000 kilowatthours in the correspond¬
ing period last year, an increase of i5.3
%.
The following are the output and percentage
comparisons for the last
company sales
four weeks and the
corresponding periods last year:
Kilowatthour Output
„
Week Ended—
Nov. 18
Nov. 11
Nov.
4
Oct
1939
28
—V. 149, p.
Per
1 938
—161,665,000
162,556,000
164,997,000
164,191,000
Cent
Increase
140,273,000
138,256,000
135,873,000
136,716,000
15.3
17.6
21.4
20.1
3257.
Connecticut Light & Power
Co.—Earnings—
12 Months Ended Oct. 31—
Net income after taxes, expenses, all
charges and
1939
Aver, number of shs. of
stock outstanding
com.
Earnings per share
149, p. 2508.
1938
$3,795,818
1,148,000
$3,469,160
1,148,000
$3.02
'
$3.30
—V.
Consolidated Amusement Co.,
See list given on first page of this
Ltd.—Registers with SEC
department.
Co. of
New
York,
Inc.—Weekly
Output—
Edison
Consolidated
Co.
of
New
York
announced
production of the
Nov. 19, amounting to
147,700,000 kwh., compared with 142,400,000 kwh. for the corresponding
week of 1938, an increase of 3.7%.—V. 149, p.
3257.^
electric plants of its system for the week ending
Consolidated Film
Industries, Inc.—Accumulated Div.
The directors have declared a dividend of 25 cents per share on the $2
cumulative preferred stock, payable Dec. 27 to holders of record Dec. 5.
A like amount was paid on Oct. 2, July 1 and April 1 last and on Dec. 27,
Oct. 10, July 1 and April 1, 1938, and a dividend of 50 cents was paid on
Dec. 27, 1937, this last being the first dividend paid since Dec. 26, 1936,
when $1 per
share
was
distributed.—V. 149, p. 2684.
Consolidated Gas Utilities
Christiana Securities Co.—To
Gas
Gas Co. for 5,470 shares of its
stock and the assumption of all the liabilities,
obligations and
indebtedness of that company.
Warfield Natural Gas Co. will then be
dissolved and the stock distributed to Columbia Gas & Electric
Corp. as a
common
Consolidated Edison
The company Nov. 20 proposed to the ICC a modified plan of reorganiza¬
tion which would provide $70,000,000 of common stock to be distributed
The directors have declared
United Fuel
acquire all the assets of Warfield Natural
preferred dividends.
Rapids & Northern 5% consolidated first mortgage bonds, protective
committee for the debtors' first & refunding mortgage 4 and 4H % series A
secured bonds, the Chase National Bank of New York as trustee, and the
New
3405
Gas & Electric
Corp. and Warfield Natural Gas Co. in connection with the
dissolution of that
company and the acquisition of its assets by United
Fuel Gas Co.
United Fuel Gas Co. and Warfield Natural Gas Co. are
both subsidiaries of Columbia Gas &
Electric Corp.
Under a proposed plan of
Corp.—Transfer Agent—
The Marine Midland Trust Co. of New York has been appointed transfer
agent for 847,622 shares of common $1 par value stock of this corporation.
—V. 149, p.1471.
were
June 15 and March
15, 1938; $39.30 paid Dec. 15, 1937; $28.50 paid on
Sept. 16, 1937; $38.50 in June 1937: $13.50 paid March 15, 1937; $39.10
paid on Dec. 16, 1936, and $30.50 paid on Sept. 16, 1936.
See V. 142,
p. 3668, for record of previous dividend distributions.—V. 148, p. 3057.
Container
Corp. of America (& Subs.)—Earnings—
10 Months Ended Oct. 31—
a dividend of $4 per share on the new $20 par
payable Dec. 22 to holders of record Dec. 1.
This will be
the first distribution made on these shares since they were exchanged for
the old $100 par shares on a five for one basis.
Company paid a dividend
of $10 per share on the old stock on June 26, last.—Y. 149, p. 2683.
shares
Assets—
Gas
Co.,
Salisbury,
Md.—Bonds
Sold—An
issue of $225,000 1st mortgage 20-year
bonds have
been sold at par to the Wilmington
Savings Fund Society.
Proceeds were used to pay off demand notes.—V. 149, p.
2966.
City Investing Co.—Preferred Stock Reduced—
V
Stockholders at a special meeting held Nov. 21 voted to amend the
company's certificate of incorporation to reduce the authorized 7% pre¬
ferred stock to 3,000 shares from 10,000 shares and to reduce the
capital to
$8,300,000 from $9,000,000.—V. 149, p. 2966.
Clark
Equipment Co.—Special Common Dividend—
Directors have declared a special dividend of 75 cents
per share in ad¬
a dividend of 25 cents per share on the common
stock, both payable
Dec. 15 to holders of record Nov. 29.
This compares with 50 cents
dition to
paid
on
Nov. 15, last; 25 cents paid on Sept. 15, Aug. 1, and June 1, last and on
Dec. 15, 19.38, this latter being the first dividend paid on the common
shares since Dec. 15,1937 when 50 cents per share was distributed.—V.
149,
p.
2683.
Notes receivable
within a year
reserves.
(secured by property sold)
250,000
See United Verde Extension Mining Co., below.
this
jrear or a total of around several hundred thousand dollars.—V. 149,
Colorado & Southern Ry.—To Vote on Name
Change—
Special meeting of stockholders will be held on Dec. 26 to consider
proposed amendment to the certificate of incorporation changing the
corporate name of this company to Fort Worth & Denver Railway Co.
—V. 149, p. 3256.
Colt's Patent Fire Arms
machinery and equipment
Mfg. Co.—Extra Dividend—Em
Directors have declared an extra dividend of $2.50 per share in addition
the regular quarterly dividend of 50 cents per share on the common
stock par $25, both payable Dec. 20 to holders of record Dec. 1.
Extra of $2
to
paid on Dec. 20, 1938 and one of $2.37H was paid on Dec. 20, 1937.
Employees were voted a special payment of 7 % of earnings in 1939. Last
was
1
year
t
they were paid 6%fon earnings.
Company is presently employing 2,350 people, the largest peace
force jn history
Columbia
r
time
of company.—V. 148, p. 576.
Baking Co.—Extra Dividend—
Directors have declared an extra dividend of 50 cents in addition to the
regular quarterly dividend of 25 cents per share on the $1 cum. partic. pref.
stock, no par value, both payable Dec. 15 to holders of record Dec. 1.
Similar amounts were paid on Julyl last.
Extra of 40 cents was paid on
Dec. 15, 1938.
Directors also declared a dividend of 50 cents per share on the common
payable Dec. 15 to holders of record Dec. 1.
Like amount was
paid on July 1 last; dividend of 40 cents was paid on Dec. 15, 1938, and
one.of 25 cents per share was distributed on July 1,1938.—V. 148, p. 3684.
shares,
Columbia
Gas
&
Electric
Corp.—Filing with SEC by
Subsidiary—
i£- The Securities and Exchange Commission Nov. 20 announced the filing
under the Holding Company Act of a declaration (File 43-272) by United
Fuel Gas Co. and applications (Files 46-192 and 43-272) by Columbia
132,205
60,181
1
Prepaid insurance
Other prepaid expenses, &c_.
Goodwill and patents
Total
195,609
$36,009,089 $34,145,034
Accosts payable
$797,337
479,137
317,761
250,000
195,313
Accrued interest, wages, taxes, &c
Provision for Federal income taxes
Sinking fund payments due within a year
Dividends payable
Prov. for prior yrs. Fed. inc. taxes In dispute
Funded debt
5,364,000
10,023,151
300,143
______
-
Reserve for depreciation
Reserve for year-end adjustments
Capital stock (outstanding 781,253 shares)
Capital surplus
Earned surplus
15,625,060
-
$446,525
392,440
34,200
128,000
500,000
5,945,500
8,922,908
15,625,060
-
,
-
1,985,691
671,494
1,478,907
.$36,009,089 $34,145,034
3258.
Power Co., Jackson, Mich.—Files Registra¬
Consumers
tion Statement for $28,594,000 Bonds—
Company on Nov. 17 filed a registration statement (No. 2-4237, Form
A-2), under the Securities Act of 1933, covering $28,594,000 of first mort¬
gage 3 fi% bonds, series of 1939, due 1969.
The company also filed a declaration (File 43-270) under the Holding
Company Act covering the issuance and sale of the bonds and 125,000 shares
of no par value common stock.
The common stock is to be sold to the
company'i
The par
.
.
,
t
,
of the acquisition
proceeds from the sale of $18,594,000 of the bonds will be applied,
together with other treasury funds, to the redemption on May 1, 1940,
at 104 H %, of a like principal amount of first mortgage 3 H% bonds, series
of 1935, due 1965.
The proceeds from the remaining $10,000,000 of new
bonds will be used to reimburse the company's treasury in part for certain
Act for approval
ployees Bonus—
t
23,452,635
154,983
164,644
10,432
1
Land
Unamortized debt discount and expense
-V. 149, P.
Cluett, Peabody & Co., Inc—Wage Distribution—
01,998
2,859,950
1,487,517
3,450,285
23,975,777
Other receivables and investments
Total
Company employees will receive a wage distribution In December amount¬
ing to 6% of individual earnings since the first of the year.
A smaller
payment was made earlier in the year, making a total of 8% distributed
250,000
86,291
3.339,815
1,511,119
3,465,715
-
Co.—Newly Organized—
due
_
Inventories
Buildings,
31, *39 Dec. 31, *38
$1,114,837
$1,031,969
1,935,474
1,132,685
—
Customers' accts. & notes receivable less
-
Clemenceau Mining
loss$62,662
781,253
loss$0.08
Oct.
Cash in banks and on hand
Sundry current receivables
Citizens
1938
$632,098
781,253
$0.81
Consolidated Balance Sheet
Cincinnati New Orleans & Texas Pacific Ry.—$4 Div.
^Directors have declared
common
1939
Net earnings
Number of shares outstanding—;
Per share
The net
expenditures for property additions made and to be made subsequent to
1, 1937, for which the company has not been previously reimbursed
through the sale of securities.
The proceeds from the sale of the common
stock will be used to reimburse the treasury for prior expenditures.
The names of the underwriters and the principal amount of the new
bonds to be underwritten by each are as follows:
Jan.
Co., Inc—$4,497,000 Harris, Hall & Co. (Inc.)
4,497,000 Hayden, Stone & Co
2,250,000 W. E. Hutton & Co..
1,750,000 Kidder, Peabody & Co
Smith, Barney & Co
1,500,000 W. C. Langley & Co
E. W. Clark & Co
1,500,000 Lazard Freres & Co
Mellon Securities Corp..
1,000,000 Lee Hlgglnson Corp
Coffin & Burr, Inc
600,000 Arthur Perry & Co., Ino
Lehman Brothers
1,500,000 Schoelikopf, Hutton &
$500,000
500,000
Morgan Stanley &
Bonbright & Co., Inc
500,000
Corp
Harriman Ripley & Co., Inc..
The First Boston
500,000
500,000
Pomeroy, Inc
Spencer Trask & Co
Stone & Webster and
First of Michigan
500,000
500,000
500,000
Glore, Forgan &
500,000
500.000
1,000,000
500,000
500,000
500,000
Blyth & Co., Inc
Clark, Dodge & Co
Dominick & Dominlck
Estabrook & Co
The
ment.
Corp
Co
Inc...
White. Weld & Co
—
'i
500,000
500,000
Blodget,
500,000
500,000
price at which the bonds are to be offered is to be furnished by amend
The underwriting spread, it is stated, will be 2 %.
ONE HUNDRED—
3406
The Commercial & Financial Chronicle—YEARS OLD
The prospectus states that to facilitate the offering, it Is Intended to
stabilize the price of the bonds.
This is not an assurance, it states, that
the price will be stabilized or that the stabilizing, if commenced, may not
bo discontinued at any time.
The bonds
redeemable, at the option of the company, in whole or in
part, after at least 30 days' notice, at the principal amount plus a premium
are
Listing of Additional Common Stock—
The New York
will be held Doc.
p.
4, 1939, in the Commission's Washington office.-—V. 149,
3258.
/
Consolidation Coal Co.,
Inc.—Directorate Reduced—
Directorate has been reduced from 13 to 11 members, through revision
of the company's by laws.—V. 149, p. 3257.
Stock Exchange has authorized the listing of 350,000
additional shares of common stock upon official notice of issuance, making
the total amount applied for 3.000,000 shares.—V. 149, p. 2968.
of one-third of 1% for each year or fraction thereof of unexpired life.
If
the bonds are redeemed on or after Nov. 1, 1966, no premium will be paid.
Public hearing on the company's declaration and on the application of
The Commonwealth & Southern Corp. under the Holding Company Act,
1939
Continental Telephone Co.—Bonds Sold Privately—The
recently placed privately 12,700,000 collateral
Sept. 1, 1959.
The Sun Life Assurance Co. of
company
trust 4s due
Canada took SI,000,000 of the issue and the other $1,700,000
was sold to the John Hancock Mutual Life Insurance Co.
Proceeds will be used to redeem $2,500,000 collateral trust
5s, series A, called for payment Feb. 1, 1940.—V. 149, p.
1321.
Continental Motors Corp.—Completes Refinancing Pro¬
gram—Public offering of 350,000 shares of common stock
was made Nov. 20 at the market by Van Alstyne, Noel &
Co., as underwriters.
The sale will complete a refinancing
program begun earlier this year, bringing the company's
outstanding common stock to the total authorized amount
of 3,000,000 shares.
Company announced the election to its board of directors of Frederick J.
Griffiths who last month was made Executive Vice-President of the com¬
head the newly created steel division.
to
pany
follows:
Authorized
$1,300,000
3,000,000 shs.
Two
5% notes to RFC
^
Common stock (par value $1)
Outstanding
$1,249,950
2,573,652 shs.
Giving effect to the issue and sale of 350,000 shares of common stock,
and to the reduction by $48,687 of the indebtedness as of
Aug. 31, 1939,
of the company to the Reconstruction Finance Corporation, the capital
structure of the company will then be as follows:
Authorized
*
Two 5% notes to RFC
Common stock (par value SI)
$1,300,000
3,000,000 shs.
1 Outstanding
$1,201,263
3,000,000 shs.
*
While the two notes by their terms call for interest at the rate of 5%
per annum, the RFC under date of Oct. 4, 1939, advised the company
that it would accept interest on account of the loans for the period from
Exchange has approved the company's application
official notice of issuance 27,777 additional shares of common
stock, par $5.
Registers with SEC—
Company has filed a registration statement with the Securities and
Exchange Commission covering 10,000 shares ($50 par) 5% series cum.
conv.
The stock is the remainder of 50,000 shares authorized
pref. stock.
the present year, of which 40,000 shares were issued in July.
principal underwriters for the preferred issue in July, are
expected to be the principal underwriters for the stock covered by the
present registration.
Other underwriters will be named by amendment.
Covered by the registration also are 27,777 shares of $5 par common
stock and scrip certificates for fractional shares which will be used for
early
in
Riter
&
Co.,
conversion of the preferred.
The company manufactures
which
are
Cuneo Press,
number of outstanding shares to 357,246 from
a
total
of
underwriter, at $2
per
share,
$150,000; and 51,348 shares were sold to Van Alstyne, Noel
& Co., as underwriter, at
varying prices depending upon the market at the
time prevailing upon the New York Stock
Exchange, the aggregate return
to the company with respect thereto
(less underwriter's discount of $15,023
in accordance with the
agreement), being $143,120.
All of said sales, with
the exception of 76,348 shares out of tne total of
126,348 shares sold to
Van Alstyne, Noel & Co., were made on
July 28, 1939.
Said 76,348 shares
were sold on varying dates between
Sept. 1, 1939, and Oct. 26, 1939.
Van
Alstyne, Noel «Sc Co. purchased said 126,348 shares for the purpose of resaljj
at the market price from time to time
prevailing on the New York Stock
Exchange, and said shares have been or are to be sold.
Underwriter—The principal underwriter is Van Alstyne, Noel & Co.
The underwriter has not made a firm
commitment, but is given the right to
purchase, at any time or from time to time within a period of six months
from the delivery by the
company to the underwriter of a "clearance notice"
the whole or any part of an aggregate of 350,000 shares of the common stock.
Application of Proceeds—Based upon the sale by the company of the
total of 350,000 shares at $2.50 per share, which is the minimum
price at.
which such shares may be purchased from the
company by the under¬
writer without the
company's consent, company should receive therefor
$875,000.
If the number or shares sold should be less than 350,000 or the
price per share to the company from the underwriter should average in
excess of $2.50 or the
company should consent to accept from the under¬
writer less than $2.50 per share, then the above
figure would vary accord¬
ingly.
Assuming, however, on the foregoing basis, that the company
receives such
amount, after deducting the estimated expenses
attendant
upon this financing, the company would net from the sale of 350,000 shares
of its common stock
approximately $853,525.
From the approximate net proceeds of
$853,525 company presently
Intends to use
approximately $375,000 for the payment of a portion of its
present notes payable, trade accounts and trade acceptances.
The balance
of approximately $478,525 will be added to the
company's working capital
and may be used for the
purpose of reducing or eliminating the necessity
of further borrowings or of
discounting accounts receivable; increasing the
company's cash balances, &c.
Operating Results for Stated Periods
Years Ended Oct. 31
.T
,
Net
1936
,
sales.
1938
Aug. 31 '39
$6,289,844
5,843,437
465,513
62,855
$179,858 loss$428,342
89,066
57,301
loss$19,106
33,219
loss$323,857
Operating profit
Other income
income
$268,925 loss$371,040
loss$386,713
Provfsion'for
on
10 Mos.End
1937
$8,214,438
7,493,889
540,690
$5,700,409
5,622,300
506,451
Cost of products sold...
Sell., gen. & admin, exps
Total
$5,848,610
5,720,691
514,632
Federal tax
income of sub
315'846
197"589
177"246
$14,112
183'903
2,296
Dallas Ry.
Period End.
& Terminal Co.—Earnings—
Oct.
31—
n on
been received
$500,000 of the total of $4,500,000
as a
result of
war
can
Cash on hand & demand depos
Notes & acc'ts receivable
(net)
Inventories
$3,095,661
2,358,936
32,853
38,345
239,417
217,710
$41,809
15,505
$41,009
.15,505
$497,308
186,063
$487,707
186,063
$26,304
$25,504
$311,245
$301,644
1,291
2,083
17,667
23,389
Other deductions
$27,595
23,515
1,959
$27,587
23,515
2,013
$328,912
282,180
24,851
$325,033
283,589
25,542
Net income...
$2,121
$2,059
$21,881
$15,902
probations
$331,401
227 722
Investments
122,371
Other assets
109'724
Property, plant & equipment.
Deferred charges
4,779^949
303,049
Notes
payable
Accounts
Taxes
payable
payable
First mortgage loans
Prov. for moving expenses.._
Accrued
expenses
5% 1st mtge. loans
Reserve
for
contingencies
Common stock (par
$1)
Capital surplus
Earned deficit
Total
Operating income
Gross income..
x
on
mtge. bonds.
period
103,901
103,901
Balance, deficit-
$82,020
$87,999
Dividends
accumulated and unpaid to Oct. 31, 1939, amounted to
Latest dividend amounting to $1.75 a share on 7% preferred
paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
—V. 149, p. 2684.
x
$623,406.
stock
was
(L. A.) Darling Co.—To Pay 20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, payable Nov. 25 to holders of record Nov. 20.
This compares with
10 cents paid on May 25 last and 15 cents per share paid on Nov. 25, 1938.
—V. 148, p. 2893.
Denver & Rio Grande Western RR.—Bondholders
Reject
ICC Reorganization Plan—
Major bondholders of the road Nov. 20 informed the Interstate Commerce
Commission that they will not accept, as now written, the Commission's
plan for reorganizing the carrier under Section 77 of the Bankruptcy Act.
The Commission's plan for reorganizing the D. & R. G. W. and con¬
solidating it with the Denver & Salt Lake and the Denver & Salt Lake
Western railroads "is absolutely unacceptable." an insurance group com¬
mittee representing major holders said in a brief filed with the ICC.
If
the Commission insists on its plan by certifying it to the Federal Court,
litigation of "unknowable length and expense" will result, the Committee
asserted.
The principal objection of the bondholders centers around the terms
under which the Commission has proposed that the subsidiary lines shall be
consolidated with the D. & R. G. W.
These lines now are actually con¬
trolled by the Reconstruction Finance Corporation, the Government agency
holding their stocks as collateral for loans to D. & R. G. W.
The bondholders called upon the Commission to abandon all attempts to
consolidate the properties and pressed in their petition for other modifica¬
tions of the Commission plan, which was issued last July.
Among other things the Commission plan proposes the issuance of new
first mortgage bonds to the RFC to the full extent of its claim, principally
in recognition of its stock control of the Denver lines, without issuing any
new first mortgage bonds to the D. & R. G. W. holders.
The insurance committee previously had reached an understanding with
RFC whereby the latter would accept for its claim 61.07% in new first
mortgage bonds with the balance in income bonds.
Moreover the RFC
agreed to underwrite $11,443,675 of new money needed.
The ICC rejected
this proposal, which was embodied in the Committee's suggested plan.
"An impasse has thus been reached," said the Committee.
"In view of
the above, it is plain that no plan of reorganization of the Denver which
involves
a
consolidation
with
the
Salt
Lake
and
Salt
Lake
Western
is
possible of accomplishment if it departs from the principles laid down in
Derby Gas & Electric Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
Operating revenues
Oper. exp. and taxes...
Total......
1939—3 Mos.—1938
$372,032
$326,770
268,225
236,834
1939—12 Mos.—1938
$1,467,344
$1,308,604
1,083,271
974,221
746,675
51,503
205,000
70,644
38,107
1,044,950
16,908
2,573,652
3,190,338
1,288,742
Interest
to
on
loan
Utilities
$6,944,783
$384,072
2,791
$334,383
4,999
$90,321
$381,282
$329,384
62,500
250.000
250,000
2,138
Cr83
$103,807
$89,936
Crl,370
Cr384
$105,178
Gross income
$295,748
62.500
.
payable
Power
&
Light Corp., Ltd
Other interest
461
2,449
Cr83
728
Interest during construe.
Taxes assumed on both
Cr6,256
interest
Expenses
801
in
connection
with abandoned plan of
65,119
reorganization
Consol. net income
$6,944,783
2,314,248
Dividends applicable to preferred stock for the
Net operating income.
Non-operating loss (net)
Liabilities—
1,070,567
$3,019,665
$281,196
201,842
be considered to have
conditions.
Consolidated Balance Sheet Aug. 31, 1939
Assets—
1939—12 Mos.—1938
1939—Month—1938
$278,862
204,200
Operating revenues
Oper. exps., incl. taxes.
Property retire, res. ap¬
the Committee's original plan.
The practical thing is to recognize this fact
and act accordingly."—Y. 149, p. 2969.
;2®tIoss
$641,999 prof$71,335
$548,286
$169,791
i« L« UI*filled orders on the books of the company as of Oct. 20,1939, were
Jw ^o8 ?nlo'500,900 as contrasted with approximately $2,200,000 as of
H2- on*
' an inscrease °£ over 100%.
Of the unfilled orders as of
on^'iZo!,'
'®cnnr«^m2,t^!y $2,000,000 were received since Aug. 1, 1939,
i
This will increase the
178,623.1
approval of the directors' action in listing
the shares on the New York Stock Exchange.
More than two-thirds of
the preferred stockholders and over three-fourths of the common stock¬
holders voted for the resolutions.—V. 149, p. 3258.
The stockholders also indicated
Interest
as
.
Stockholders at a special meeting held Nov. 20 approved an increase in
the authorized common stock to 500,000 shares from 250,000 shares and the
issuance of two shares for each one now outstanding.
cash proceeds to the
Alstyne, Noel & Co.,
of this department.—V. 149, p. 3112.
Inc.—Stock Split-Up Voted—
Other income
sold to Van
copper-covered steel products, principal of
wire, rods and strand.
See also list given on first page
Sale of Stock—On Jan. 6, 1939, company sold on the New York Stook
Exchange 5,100 shares of common stock at market price (.$3.25 per share)
and which netted the company $16,062.
Subsequent to Feb. 28, 1939,
company sold an aggregate of 201,348 shares of common stock with net
were
pioneer in the
Listing of Additional Shares—
Net operating revenues
Rent for lease of plant__
shares
a
The New York Curb
April 1, 1939, to March 31, 1942, at reduced rate of 4% per annum and
that adjustments would be made to give effect to this reduced rate as of
April 1, 1939.
company, after all discounts and expenses, of $411,733.
Of said 201,348 shares, 75,000 shares were sold to certain officers, directors
and employees of the company at $2 per share, a total of
$150,000; 75,000
He is
development of alloy steel.
to list upon
Business—Corporation and predecessors have been designing, manu¬
facturing and selling internal combustion engines for over 37 years.
The
Continental "Red Seal" engine, developed primarily for use La the auto¬
motive industry, is now accepted as the guarantee or a dependable product
for agricultural, air conditioning, aircraft, industrial, lighting plant, marine
and oil field applications in addition to trucks, buses and automobiles
Certain of the company's products are used in commercial aircraft and for
military purposes, including training ships and combat tanks.
In 1938
the company sold approximately 79% of all aircraft engines licensed in the
United States under 75 hp.
In addition to engines, the company has a
substantial production of certain parts and semi-completed engines.
It
also manufactures stationary and
portable lighting plants.
Company has heretofore carried on its operations in two plants, one
located at Muskegon, Mich., and the other at Detroit, Mich.
For the
purpose of economy of operations and
increasing efficiency and with
adequate facilities available at Muskegon, the company expects by Nov. 1,
1939, to have completed the concentration of all of its operation at that
plant.
The Detroit plant is being offered for sale.
Capitalization—As of Aug. 31, 1939, the capital structure of the company
was as
^
Copperweld Steel Co.—New Director—
—V. 149, p. 1175.
$41,950
$27,443
$69,970
$76,528
The Commercial & FinancialARSEYorhCOLD
ONE HUNDRED—
Volume 149
Distillers Corp .-Seagrams,
U. S. Currency—■
Dividend in
Ltd.—To Pay
Directors have declared the usual 50-cent dividend on the common stock,
payable in United States funds on Dec. 15 to holders of record Dec. 1.
Previous common dividends were paid in Canadian funds.
Statement of Income
Period End. Sept. 30—
Gross Inc.—From subs.
149, p. 2969.
Dresser Manufacturing Co.—Initial Dividend—
P. 3113.
Years Ended March 31
Gross earnings..
Oper. taxes and maint..
Interest...
$466,219
183,903
287,652
reserve
$108,514
44,453
x$5,336
49,789
x$2,805
52,594
$152,967
108,514
$44,453
Surp. carried forward.
x
$49,789
$44,453
$44,453
$44,453
x
trustees
current
Corp.
7,84o
49
Cash in bank.....
Acc'ts receivable...
70,073
84,444
60,494
39,904
46,613
36,783
9,737
12,576
49
9,743
38,974
2,811
y
61
12
1,140
498
$21,657
$447,756
$215,638
Represents interest from Dec. 8, 1937,
by this company .
1,675
8,597
145,374
106,042
5,597
5.437
&
30,656
21,872
69,440
63,710
33,080
553
788
103,109
103,003
disc. & exps..
3.520,659
3,559,633
28.547
13,181
150,000
380,278
44,453
283,964
x
Equitable Office Building Corp.— Earnings—
6 Mos. End. Oct. 31—
Rental inc. (incl. rent on
1939
1938
1937
1936
corp.'s own offices)
Other operating income.
$1,408,528
131,221
$1,444,672
$1,540,176
145,962
$1,579,722
$1,539,749
$1,570,303
359,753
$1,741,801
7,215
24,476
30,893
$1,686,138
354,590
123,505
400,200
5,546
27.867
44.868
7,838
57,730
7,890
65,049
10,092
71.196
67",036
$518,191
$526,671
$648,276
7,123
$756,689
9.308
$655,399
552,521
18,000
$765,997
664,525
31,500
■sd
Total oper. Income
redemption price will be
upon
surrender of their cer¬
subsequent assignment or delivery of the cer¬
tificates.
Holders of debenture stock of record of Jan.
10, 1940, will receive the
quarterly dividend payable on Jan. 25, which dividend will be for the period
Oct. 26, 1939, to the date of redemption.—V. 148, p. 2969.
Inc.—Earnings—
$241,763
.—
Real estate taxes..
Prov. for doubtful acctsTaxes....
Alterations for tenants
Net
Prov. for Fed. inc. tax._
Operating Subsidiaries of—
National Power & Light Co...
as
Amount
8,344,000
t3
57,829,000
6,086,000
7,730,000
Elgin Joilet & Eastern RR,—Plans $4,250,000 Loan—
The company asked the Interstate Commerce Commission Nov. 20 for
authority to issue $4,250,000 of 2H% equipment-trust certificates to aid
in the purchase of new equipment costing about $6,000,000.
The equip-,
ment includes eight 600-horse-power diesel-electric locomotives, 500 steel
gondolas and 1,500 hopper cars.-—V. 149, p. 3259.
Electric Power & Light Corp.
(& Subs.)—Earnings—
1939—3 Mos.—1938
%
$
Operating revenues—25,761,551
Oper. exps., incl. taxes.. 15,175,226
Prop, retire. & depletion
reserve appropriations
4,200,619
6,385,706
$
16,030,522
15,904,730
Erie
6,544,744
29,415,055
31,337,764
6,385,706
6,544,744
65,381
88,389
29,415,055
599,482
31,342,562
538,259
88,083
88,666
373,624
780,563
6,363,004
3,012,097
6,544,467
3,086,860
29,640,913
12,142,708
31,100,258
12,510,405
Other income
—...
503,716
290,265
Cr2,712
1,971,618
498,130
275,151
Crl6,241
1,971,618
2,004,244
1,345,974
Cr43,968
7,886,473
1,991,067
yl ,582,276
Cr86,886
7,886,890
Portion applic. to minor¬
59,337
45,024
273,886
221,700
Net equity
528,683
Electric Power & Lt. Corp.—
Net equity....
528,683
683,925
6,031,596
6,994,806
683,925
6,031,596
1,049
6,994,806
1,065
6,032,645
6,995,871
253,446
1,657,516
265,216
1,646,268
4,121,683
5,084,387
ity interests
x
...
Other income
Equipment Issue Approved—
Protective Committee—
The Interstate Commerce
as
an
of the refunding
v
Commission,
on
Nov. 8, approved Edward B.
for holders
additional member of a protective committee
and Improvement mortgage 5%
bonds.—V. 149, p. 3260
Exchange Buffet Corp.—Earnings—
1939-3MOS.-I9386oo
I
Depreciation..
19|^
-193^
29,860
29,069
59,946
58,138
$48,893
$41,669
$98,332
$71,751
.........
Net loss.....
-V. 149, p, 1324.
Period End. Oct. 31—
Operating revenues
Operation
6
*
...
Maintenance.
Taxes
Net oper. revenues...
1939—Month—1938
$75,555
$73,251
40,553
40,972
6,242
5,737
14,669
14,072
$14,091
$12,470
Balance
Retire, reserve accruals.
$167,628
.
103
$12,470
5,000
$199,510
60,000
$167,731
60,000
$139,510
9.837
$107,731
12,425
$129,673
109,199
$95,306
.95,962
$9,091
$7,470
518
893
Net income—......
Dividends declared
$8,573
$6,577
—V. 149, p.
$199,458
$14,091
5,000
Interest charges.......
Gross income.
1939—12 Mos.—1938 1
$912,549
$880,183
484,078
503,906
65,670
51,646
163,344
157,003
52
Nonoper. income (net)—
Other interest (notes,
deductions...
$14,321 prof$63,877prof$169,972
Fall River Gas Works Co.—Earnings4,798
Int. chgd. to constr'n
Pref. divs. to public
21,000
$14,785
RR.—New
Raub Jr.
5
(net).
long-term debt
538,663
x3,000
$
3,901,283
18,187
38,751
Creation of an equipment trust of 1939 has been approved by. an order of
Judge Robert N. Wilkin of Federal court at Cleveland.
Under the new
equipment trust, the trustees propose to issue up to $3,000,000 trust cer¬
tificates to be purchased by the Reconstruction Finance Corporation,
Proceeds are to be used for partial payment of company's recent order for
1,500 freight cars.
1939—12 Mos.—1938
24,566,702 105,543,267 105,648,944
14,120,675
60,097,690
58,406,450
340,035
123,505
391,500
6,098
x Federal income tax payable on Income arising from the purchase, at
less than par, of the corporation's 35-year 5% sinking fund debentures a»
required by sinking fund provisions.
This income is credited to surplus
account,
y Before interest on funded debt, provision for Federal Income
tax and surtax on undistributed profits.—V. 149, p. 1474.
10.5
panies not appearing in both periods.—V. 149, p. 3259.
..
$518,993
521,379
12,400
Net loss
11.1
69,758,000
77,488,000
Note—The above figures do not include the system inputs of any com¬
Gross income
671
$527,343
tributed profits
1938
114,536,000
1939
American Power & Light Co... 122,880,000
Electric Power & Light Corp.. 63,915,000
deductions,
including taxes..
802
Federal surtax on undis¬
Increase
.
123,505
424,850
162.079
exp.
Net operating income.
Other Income.
Inc.—Weekly Input—
Co., Electric Power & Light Corp. and National Power & Light Co.,
compared with the corresponding week during 1938, was as follows:
Operating income.
__
in connection
with
lease
at
139
BroadwayOther general expenses._
For the week ended Nov. 16, 1939 the kilowatt-hour system input of
the operating companies which are subsidiaries of American Power & Light
Other income-
125,631
123,505
425,333
6,868
24,411
31,611
...
y Net income
Interest on funded debt.
Earnings for Nine Months Ended Sept. 30, 1939
Net income after all charges
.
344,261
Bldgs. oper. exps
Depreciation..
25,1940, all of its deben¬
tificates at the office of the Treasurer of the company, in Wilmington.
Dividends on the debenture stock will cease to accrue from and after
Jan. 25.
No right, title or interest in the stock, the company stated on
_
192.598.392 192,333,817
2510.
To Redeem Debenture Stock—
Net oper. revenues.
Rent from lease of plant
......
y Represented by 515,135 shares $7 pref. stock, 255,430 shares of $6
pref. stock, 78,389 (82,464 in 1938) shares of 2d pref., series A ($7) stock,
and 3,440,389 (3,422,089 in 1938) shares of common stock.—V. 149, p.
on Nov. 20 declared a year-end dividend of $3.25 per share
stock, payable Dec. 14 to holders of record Nov. 27; this compares
14, June 14 and March 14, last; $1.50 oaid on
Dec. 14, 1938; 75 cents paid on Sept. 14, 1938; 50 cents paid on June 14
and on March 14, 1938; $2 paid on Dec. 14, 1937; $1.50 paid on Sept. 15,
1937; $2 paid on June 15, 1937, and 75 cents per share paid on March 15,
1937.
Subsidiaries
Total.
Represented by 973 shares in 1939, 972 shares in 1938 of $7 preferred
$5,721,909 $5,703,154
Total-..
on common
Period End. Sept. 30—
156.324
4,587,710
stock and 902 shares In 1939 and 893 H shares in 1938 of common stock.
with $1.25 paid on Sept.
Ebasco Services,
130.067
4,978,350
Surplus..
44,453
shares.—V. 149, p. 3259."
Durez Plastics & Chemicals,
373,628
156.269
Reserve....
debt
Total...... .192,598,392 192,333,817
(E. I.) du Pont de Nemours & Co.-—Year-End Div.—
Nov. 20 will pass by any
1,500
32,035,500
4,948
1,582
Reacq.cap.stk.
Unamort.
150.000
debenture stock
cur. assets
stk. allotment
The directors
or
$7 pref. stock
Long-term debt. 31,926,431
Accts. payable.
10,615
Accrued accts..
359,829
Other cur. liabll.
122,759
1,000,000
Res. for deprec...
paid, in cash, to holders
$
Subscr. to $7 pf.
70,280
Common shares.
The company has called for redemption on Jan.
ture stock at $125 a share plus dividends.
The
1938
$
certificates...
other
Earned surplus...
Total..........$5,721,909 $5,703,lo4
1939
allotm't ctfs._
Accounts receiv¬
*
Int. accr. on bonds
a
no-par
dep
30 {Company Only)
Liabilities—
asso¬
10.097
Accounts payable.
Prov.
for Dom,,
American 6%
which date these bonds
184,669,926 y Capital stock. 155,044,139 156,044,139
3,841,145 Subscription to
Deferred charges
2,114.488
7% cum. preferred
shs. ($100 par). 1,000.000
Represented by 30,000
cash
Other
2,053.485
Prov,
$
ciated cos.)
Can.,
on
1938
$
Investments ...184,603,929
Cash.
4,126,911
Power
of
38,974
$178,715
able—others.
taxes
deferred exps
Deferred repairs..
x
9,744
2,219
Divs. rec. (asso¬
Ltd.
Prepaid accounts &
loans, Ac.)
1,550,000
y56,796
64,591
gold
ciated cos....
account
to
pay.
7,845.
Sinking fund cash.
Other
1,550,000
1939
Demand notes and
1,000
employees...
on
387,500
17,164
were assumed
Accts.rec.,
debt.....$1,985,000 $2,008,000
Funded
Common stk. held
Int.
387,500
15,467
On Power Securities Corp. collateral trust gold bonds,
series,
1938
1939
LiabUities-
1938
Plant investmeut.$d,531,132 $5,514,844
Bonds in hands of
a
on
Net Income.......
Spec,
1939
Mat'Is & supplies-
expense
A sscts
Balance Sheet March 31
for
and
$49,789
Indicates loss.
Assets—
$2,127,122
265,216
debentures
Other interest deductionsi
Premium and expense on
$439,187
150,453
291,539
•
$2,358,718
253,446
Balance Sheet Sept.
Total surplus
Depreciation
175,665
269,536
$144,621
100,168
Previous surplus..
$553,715
$100,168
44,453
Net profit
$511,136
75,060
x Interest
Amort, of debt discount
1936
1937
1938
1939
$646,473
52,767
Power Securities Corp.
bonds retired
$552,507
188,120
264,219
.....
Total
Interest
__
Directors have declared an initial dividend of 75 cents per share on the
common stock, payable Dec. 15 to holders of record Dec. 1.—V. 149,
1939—12 Mos.—1938
$2,357,669
$2,126,057
1,049
1,065
6
Exps., incl. taxes.
on
gold debs.,
5% series, due 2030.*
record
(Company Only)
1930—3 Mos.—1938
$646,467
$511,136
Other.
E'cid Vice-President
James E. Friel has been elected Vice-President following the annual
meeting of the company in Montreal, it was announced on Nov. 16.—V.
3407
oil producing properties).
It is the practice of the companies to
any such losses when and as settled.
_—...
2971.
Society, Inc.—Preferred Stock Offered—
offered at $26.50 per share and divs.,
25,000 shares of $1.50 cumulative convertible preferred stock
Family Loan
Bodell & Co. on Nov. 20
Total
528,689
Int. & other deductions.
52,767
414,991
683,925
75,060
414,419
Balance carried to con¬
solidated earned sur.
60,931
194,446
Expenses, incl. taxes...
Purpose of Issue—Net proceeds of the financing wiU either be advanced
wholly-owned subsidiaries to be used In making loans to the borrowing
public or will be used to liquidate bank loans or other short term borrowings
to
x Of Electric Power & Light Corp. in income of subsidiaries,
y Includes
$418,505 representing non-recurring charges during the quarter ended
Dec. 31,1937 for reorganization expenses of certain subsidiaries.
Note—No provision has been made in the above statement for possible
losses resulting from pending suits and claims against United Gas Corp.
and certain of its subsidiaries (arising principally in connection with gas and
series B.
previously been incurred to provide funds for advancing to the
company's subsidiaries for snaking loans to the borrowing public.
Preferred Stock, Series B—The holders of the preferred stock will be entitled
to receive cumulative preferential dividends at rate of $1.50 per share per
annum
payable quarterly Jan., &c.
Is convertible atoption of thelholder
into common stock on or before June 30, 1942, such conversion to be at
which had
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3408
the ratio of 1 Y% shares of common stock for each one share of preferred
stock, series B, surrendered.
Red. in whole or part at the option of direc¬
tors on
quarterly dividend payment date at $28.50 per share if red.
on or before Dec. 31,
1942; at $27,50 if red. thereafter and on or before
Dec. 31, 1947 and at $26.50 per share if red. thereafter, plus dividends.
In voluntary liquidation or dissolution preferred stock, series B is entitled
to $28.50 per share if such liquidation or dissolution occurs before Dec. 31.
1942; $27.50 per share if such liquidation or dissolution occurs thereafter
and on or before Dec. 31, 1947 and $26.50 if such liquidation or dissolution
occurs thereafter, plus divs.
In event of involuntary dissolution or liquida¬
tion preferred stock, series B is entitled to $25 per share plus dividend.
Fitzsimmons Stores,
Period End.
any
Outstanding Securities (Adjusted for Financing)
y
Earnings per share
x
Authorized
(stated value$20) \a200,000 shs.
Ser. B $1.50 cum. conv. (stated value $20) J
Com. stock (no par, stated value $1.83 1-3)--
(90,521 M shs.
125,000 sns.
492.331M shs,
700,000 shs.
200,000 shares of preferred stock.
Of
been classified as series A and 25,000
60,000 shares unclassified.
The difference
between the amount of series A stock originally classified and the amount
presently outstanding represents stock issued but subsequently converted
Into common stock.
a
Stockholders
this
series
as
have
B,
authorized
leaving
History and Business—Company was incorporated In Delaware May 2,
Business of company and its wholly-owned subsidiaries is that of
3927.
extending loans of money to persons who, usually,
are without bank credit.
therefore, transacted primarily with wage earners, the
and reputation of the borrower being the Important con¬
sideration in the making of loans.
The principal assets of the company
The
business
earning
is,
power
and its subsidiaries consist of balances due on loan accounts secured by
chattel mortgages, wage assignments, bills of sale, &c.—V. 149, p. 2686.
Fajardo Sugar Co,—Annual Report—The remarks of John
Bass, President, together with the income account and bal¬
ance sheet for the year ended
July 31, 1939, are published
under "Reports and Documents" on a subsequent page.
Consolidated Income Account for Years Ended July 31
1939
1938
1937
Cane, ground, tons
706,911
873,141
Sugar output, tons
106,543
84,644
Sugar, &c., produced
$5,017,350 c$6,366,103
Compensation rec. from
Federal Government
d481,860
d625,632
Interest, net
26,611
29,208
Miscellaneous
171,272
140,113
1936
803,339
98,035
Franklin Savings & Loan Co. of Chattanooga—ProThe Department of Justice and the Securities and Exchange Commission
15 reported that the Federal Grand Jury at Chattanooga, Tenn.,
Nov.
an indictment against Francis M. Cox for violations of the fraud
provisions of the Securities Act of 1933 and the mail fraud statute in con¬
returned
nection with the sale of the capital stock of Franklin Savings and Loan Co.
0jf
(
The indictment charged that Mr. Cox, as President, operated, controlled
and dominated the affairs of Franklin Savings and Loan Co., an industrial
bank and small loan company. The defendant, It was charged, employed a
fraudulent
scheme
to
effect
sales
each
year
d56,507
a203,401
21,535
180,499
$7,914,991
5,570,139
5,493,472
5,317,690
874,867
$1,590,965
$2,008,257
$2,597,301
19,736
333,979
__
Depreciation
on
331,355
412,811
379,490
of prior
sugar
234,515
crops
Net profit
the
the
Gamewell Co.—25-Cent Common Dividend—
Directors have declared
a dividend of 25 cents per share on the common
holders of record Dec. 22.
Like amount was
Sept. 15, last, this latter being the first dividend paid on the com¬
mon shares since May 25,
1938, when a similar amount Was distributed.
Prior to then no dividends had been paid for six years.—V. 149, p. 1915.
stock, payable Jan. 2 to
paid
on
Gatineau Power Co.—Extra Dividend—
Directors have declared
an extra
dividend of five cents per share in addition
regular quarterly dividend of 20 cents per share on the common stock
both payable Dec. 30 to holders of record Dec. 1.—V. 149, p. 2082.
Gaylord Container Corp.—Earnings—
56,476
127,889
3 Months
$256,567
157,429
Profit
17,763
62,704
x
Includes dividend
$861,252
464,499
9,312
69,536
$317,905
x73.330
on
Net profit for the period
Dividends paid on preferred stock
Earns, per sh. of com. stk. outst.
9 Months
$81,376
206,755
$0.02
Depreciation, depletion and amortization
Interest charges
Prov. for Federal & State taxes
Net income
the fact that
benefit.
157", 185
$7,501,729
$7,161,105
4,822,226
Interest paid
stock involving
despite
ment alleged, which gradually impaired its capital until it was adjudicated
bankrupt.
The payment of the pretended dividends, according to the
indictment, was for the sole purpose of stimulating and promoting the sale
of the company's securities.
The indictment further charged that large
sums of money were diverted from the company's treasury through book
manipulations and were appropriated by the defendant for his own use and
855,395
and
—
Profit
of the company's
of semi-annual dividends
payment
company made no profit from its operations during any year except 1934.
The company consistently incurrecf large net operating losses, the indict¬
Period Ended Sept. 30, 1939—
$5,697,094
Deduct—Producing
mfg. costs, &c_
0 Months
$33,571
$0.15
to the
_,
Total
$0.48
3 Months
loss$15,098
Nil
30,1939—
Earnings per share
—V. 149, p. 2080.
103,533
$7,554,405
$7,243,188
_
_
$70,148
$0.72
Filtrol Co. of California—Earnings—
Period Ended Sept.
125,000 shares have
amount
shares
$101,426
On combined class A and B stock.—V. 146, p.3013.
Net income after all charges
Outstanding
Preferred stock (no par)—
Ser. A $1.50 cum. conv.
y
1939—9 Mos.—1938
moter Indicted—
follows:
as
After all charges,
1939
Ltd.—Earnings—
1939—3 Mos.—1938
$30,641
$29,377
$0.21
$0.20
Net income
Securities outstanding on Aug. 7, 1939, adjusted for the issuance of the
preferred stock, series B and 49,233% additional shares of common stock,
would have been
Sept. 30—
x
Nov. 25,
$0.21
income
(539,221 shs.)__
10,000 shares of preferred stock issued July 10,
on
1939.
$778,028
7,350.790
$1,234,631
7,616,107
$1,756,657
7,097,542
$2,306,289
5,420,099
$8,128,818
142,474
975,075
$8,850,737
199,847
1,300,100
$8,854,199
264,152
973,940
$7,726,388
175,400
$7,011,269
$7,350,790
$7,616,107
$7,097,542
323,890
323,890
323,890
323,890
$2.40
$3.81
$5.42
$7.12
Nov.
Under sugar cane production adjustment contract based on
tonnage
certified by AAA.
b Under the Agricultural Conservation Program
stock
..
Previous surplus
-
Total.
Incometax.
Dividend paid
Profit & loss, surplusShs.
of
com.
stock
out-
per
sh,
on
a
c
Excluding planters' share, 3,150 tons, of
of their quotas, not purchased by the companies,
Act of 1937 and the Soil Conservation Program.
excess
sugars
1939
(since
produced in
b
Livestock
TAabilities—
7,012,938
c
and
of
%
6,477,800
...
6,477,800
1,000
aries with public
1,000
Mortgages payable
59,444
329,606
348,647
Planters accounts.
d Acc'ts payable..
481,860
172,738
accounts
625.682
254,786
Reserve
ance,
Acctsrec. for sugar
674,137
1,637,235
55,828
88,557
Real estate mtges.
Chattel mtges
290,260
contingen¬
31,251
Misc. investments
Miscell. accts. and
100,000
123,507
102,920
1,798,711
230,498
100,000
bills receivable..
230,498
219,117
29,662
657,146
Cash.Spec, cash deposits
Deferred charges.Total
3,020,590
8,000
319,216
Earned surplus...
319,216
7.011,269
7,350,790
114,548
14,584,623 14,858,540
Total
14,584,623 14,858,540
*
After deducting reserve for depreciation of
$4,170,491 in 1939 and
$3,955,232 in 1938.
b After deducting reserve for depreciation,
c
Re¬
presented by shares of $20 par.
d Includes sundry accruals.—V. 148,
P.2741.
each
Corp.—Recapitalization Voted—
After
Florida Power & Light
Period End. Oct. 31—
Deduct rate reduct'n
res.
oSlance-TV-taxes.
Opot. exps., incl.
Prop, retire,
res.
approp.
Net oper. revenues
Rent from lease of plant
Co.—Earnings—
1939—Month—1938
1939—12 Mos.—1938
$1,069,180
$1,055,682 $14,005,977 $14,765,213
50,005
51,989
636,594
$1,069,180
$1,005,677 $13,953,988 $14,128,619
568,330
116,666
552,855
116,666
7,365,487
1,400,000
7,594,855
$336,156
$384,184
$5,188,501
$5,433,765
2,651
221
221
2,651
$336,377
12,594
$5,191,152
548,869
$5,436,416
$5,740,021
2,600,000
1.320,000
233,910
$5,999,736
2,600,000
1,320,000
243,819
$1,586,111
1,153,008
$1,835,917
1,153,008
$433,103
$682,909
— $397,437
$348,971
216,667
216,667
Interest on debentures.
110,000
110,000
Other int. & deductions
15,156
19.723
Net Income.
~~
$55,614
$2,581
x Divs.
applicable to pref. stocks for the period.
Gross income
Int. on mtge. bonds
_
.
,
,
,
_
Balance
«RXiS!W'?ndSr accumulated and unpaid
Latest dividends,
$6,150,837.
on
563,320
to Oct. 31, 1939, amounted
to
amounting to $1.75 a share on $7 preferred
on $6 preferred stock, were
paid on Oct. 2. 1939.
these stocks are cumulative.—V.
149, p. 2511.
stock and $1.50 a share
Dividends
1,099,999
$384,405
13,032
_
Operating income
Other income (net)
charges,
depreciation and Federal
149, p. 1475.
1939—9 Mos.—1938
$2,026,233
1,032,315
taxes
$2,304,946
1,022,095
$2.25
$1.96
but
before
surtax
on
undistributed profits.—V.
General Aniline & Film Corp.-
-Merger with Agfa Ansco
Proposed—■
A merger of the Agfa Ansco Corp., maker of
film, into the General Aniline & Film Corp.
Chemical Corp.) will be proposed at special
photographic apparatus and
(formerly American I. G.
meetings of stockholders of
the two companies on Dec. 28.
Announcement of the merger plan was made by
of General Aniline & Film.
Mr. Schmitz said the
D. A. Schmitz, President
proposal was in line with
policy of simplification of corporate structure.
General Aniline, owns all of the 50,000 issued and
outstanding shares
of 4H% cumulative preferred stock and 393,712 shares out of a total of
480.000 issued and outstanding shares (approximately
82%) of common
stock of Agfa Ansco.
The following is a brief summary of the terms of the
proposed merger:
(a) The separate existence of Agfa Ansco Corp. is to cease and corpora¬
tion is to be merged into General Aniline & Film Corp. which will survive
such merger and will succeed to all the
rights and property and be subject
to all the debts, liabilities and duties of
Agfa Ansco Corp.
(b) The outstanding shares of common stock of Agfa Ansco Corp. not
owned by General Aniline & Film Corp. are to be converted into shares of
A stock of General Aniline
common
of General
Aniline for
on the basis of one share of common A
each three shares of common stock of Agfa
per
share
in lieu of the issuance of fractions of shares.
(c) All of the shares of preferred stock and common stock of Agfa Ansco
by General Aniline are to be completely extinguished and no shares
of General Aniline are to be issued in
owned
respect thereof.
two old
shares outstanding.
Outstanding capitalization will be
Increased to 254,598 shares from 169,732.
Securities and Exchange Com¬
mission
and Michigan Securities
Commission approval Is needed.—V.
149, p. 3114.
Operating revenues
Transportation Corp. (& Subs.)—•
Ansco, with provision for the payment of cash at the rate of $90
Stockholders on Nov. 20 approved the company's recapitalization
plan.
Authorized capitalization will be increased to 300,000 shares of
$5 par
value from present
180,000 no par shares and three new shares will be issued
for
Redeem
Books will close permanently on all drawn
Net profit
stock
Federal Mogul
Inc.— To
a
8.000
99,618
Capital surplus
Co.,
1939—3 Mos.—1938
$758,565
$735,228
Shs. cap. stk. (par $5)..
1,032.315
1,022,095
Earnings per share.$0.73
$0.72
39,981
379,810
for insur¬
ments
Raw sugar on hand
Molasses on hand-
General American
59,444
49,344
436,051
•
cies and replace¬
sold
dividend of $1.50 per share.
shares.—-V. 149, p. 2366.
x
904,083
1,371,866
the Fed'l Govt..
Investors
Company has notified the New York Stock Exchange of the drawing on
25, 1939, of not more than 870 shares of $6 cumulative preferred
for redemption on Dec. 30, 1939, at $100 per
share, plus accrued
subsidi¬
879,527
Com pen. rec. from
Planters'
$
Capital stock
Stock
1938
1,159,772
Mat'ls & supplies.
American
Period End. Sept. 30—
1939
%
6,842,574
equipment
Growing cane
previous quarters.—V. 149, p. 1324.
General
x
1938
Assets—
Prop'y & plant,
'
Preferred Stock—
d Under the Sugar
Consolidated Balance Sheet July 31
a
in
com.
stock
collected),
Pay 10-Cent Dividend—
'
standing (par $20)--.
Earns,
453.446
To
Directors have declared a dividend of 10 cents per share on the common
stock, payable Dec. 15 to holders of record Nov. 28.
Like amount was
paid on Sept. 15, last, and dividends of 25 cents per share were distributed
(d)
The presently outstanding shares of General Aniline
changed
are
not to
be
or converted as a result of the merger.
Under the terms
of the
trust
covering the General Aniline
guaranteed 5H% convertible debentures due 1949 no such merger may be
effected if, on or before Dec. 20, 1939, the holders of 66
2-3% or more, in
aggregate principal amount, of the debentures outstanding on Dec. 20.
1939, object thereto.
Upon consummation of the merger Agfa Ansco would continue under the
agreement
same
management as before
Division of General Aniline,
and would be operated as the Agfa Ansco
W. H. Bennett, President of the Emigrant
Savings Bank; William C. Breed of Breed, Abbott & Morgan;
W. P. Pickhardt, chairman of Agfa Ansco, and Ernst Schwartz, President,
Industrial
would be added to the
to 12 persons.
board
of General Aniline,
increasing its membership
Additional Dividends—
Directors of this company (formerly known as the American I. G. Chem¬
ical Corp.) have declared an additional dividend of $1.50
per share on the
class A common stock and a dividend of 15 cents on the class B common stock
both payable Dec. 18 to holders of record Dec. 15.
cents per
p.
share
were
piad
on the
Dividends of $2 and 20
respective issues on Aug. 4, last.—V. 149,
2971.
General Discount Corp.
3 Months Ended Sept. 30—
(Atlanta, Ga.)—Earnings—
General
Electric
Co.—Mr.
1939
1938
$7,462
Net income after all charges
—V. 145, p. 2693.
$6,067
Young and
Mr.
Swope to
Retire—
Charles
E.
Wilson, Executive Vice-President, was elected President
and Philip D. Reed, Assistant to the President, was elected Chairman of
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
3409
*
#
the Board of Directors at
meeting of directors held Nov. 17.
They will
take over their new responsibilities Jan. 1, 1940, succeeding Gerard Swope
and Owen D. Young, who will become
Honorary President and Honorary
Chairman of the Board, respectively.
•
At the board meeting a letter, jointly signed by Mr. Young and Mr.
Swope and dated at New York, Nov. 17, explained their reasons for asking
a
for retirement at this time.
"To the Board, of Directors:
The letter reads:
The three affiliates convicted were General Motor Sales Corp., General
Motors Acceptance Corp. and General Motors Acceptance Corp. of Indiana,
The judge ordered that General Motors and General Motors Sales Corp.
each pay half the costs of the prosecution.
Judge Lindley granted the defense attorneys for General Motors 90 days
in which to file a bill of exceptions and fixed bail bond for each of the
corporations at $2,500.—V. 149, p. 3261.
^
"On
May 16,1922, we undertook at your election the offices of Chairman
and President,
respectively, of the General Electric Co., and as a result
of your designations we nave held those offices ever since.
When we
took office
we indicated our view that it would contribute to the morale
and effectiveness of the organization if as a general rule men in important
administrative positions would consider retirement when
they reached the
k!
be
will
:"ffi® 'S??
exceptions where it is
to continue
in
of retirement
We do
so
desirable
b^n' are' an4 Probably always
in the
their place beyond that age.
during our
with
company s interest for men
Having adopted that policy
administration, we now apply it to ourselves.
reservation because there are
no
younger
whose ex-
men,
perience and capacity have been demonstrated to you, who are now available
for those offices
Accordingly, we now ask for retirement from the offices
of Chairman and President, respectively, at the expiration of the present
calendar yearWe took up these offices together and we wish to lay them
down together.
We will remain as directors and make ourselves available
for such service as you and our successors may deem helpful to the company.
May we express to you and through you to the organization our appreciation
of the privilege of working so happily with you and them for these many
years."
•,
Pr
oj"it Sharing Distribution
Resident Gerard Swope announced on Nov 23 that under the general
Pr0/Ato?haririglpIarl authonzed by the stockholders of General Electric Co.
in
,
1934, and based upon an estimate of the company s net income for the
year, approximately $2,400,000 of earnings will be available for distribution
to employees for the current year, compared with $557,000 for 1938.
The employees will also have received approximately $2,350,000 as a
cost of
living adjustment of their earnings for 1939, compared with $3,298,-
000 for 1938.
Under these two plans, the total additions to regular earnings of eligible
employees will amount to $4,750,000 for 1939, compared with $3,855,000
^
Common Dividend—
The directors
a
25 last;
22, Oct. 25, and July 25, 1938; 30 cents paid on
April 25, 1938; $1 paid on Dec. 20, 1937; 40 cents paid on Oct. 25, July 26,
and April 26, 1937, and an extra dividend of 50 cents in addition to a
regular quarterly dividend of 25 cents paid on Dec. 21, 1936.
A dividend
of 25 cents was paid on Oct. 26, 1936, and each three months previously.
20 cents paid on Dec.
149
*
r,
'
*
9Q71
cw
io
9n
1939
in'nnl'«79
10.006,872
Operating expenses
SS
J'59M?9
'toe'7ot
i
tax^
2
nt
Other income
$8 212 185
Subsi^tr^companies
on
843*821
qqs
1938
9,876,568
J*
aon 4«4
2 720 348
S8'?(1'IS 37,9Sno9x
138,802
40'925
(net)
income
Interest
i
loon
12 Months Ended Sept. 30-—
Gross
*i*..
^
,
9 Months Ended Sent 30
Profit after int. ordinary taxes
but before ine
Net pront
taxes
Roaitv
x
r.
Pom i
1Q3Q
inqo
inq
&c
& rieorf**iftfclnn
«3S3
Qfin
4l«
$453356°
SefdeducUni deviation
ion
489',404
There has been excluded from income the share of loss
futn
$169',122
for nine
moAths
ended Sept. 30, 1939 of Lefcourt Realty Corp. applicable to
stockholdings
of General Realty & Utilities
Corp., which share amounts to
making Drovision for dividends
on
$224,378 after
preference stock; the former company
has made direct credits to surplus and to a reserve which if
applied,
more than offset this deficiency
would
u o^uou, «uuw
The losa of $273,100 from sale of real estate
mortgage loan receivable
has been deducted from the "reserve for real estate
mortgage loans, real
estate, and investments in real estate companies not consolidated" and two
other relatively minor transactions have been included in that reserve,
Capital stock consists of 184,281 no par shares of $6 preferred, on which
dividend arrears amounted to $8,845,488 on July 15
last, and 1.544,322
shares
(par $1)
of common
'
■
'
d*
Fiscal Year Chan
Stockholders are being advised that directors have changed the company's
fi8Cal year to the 12-months period ending each Sept. 30, instead of Dec. 31.
The date of the annual meeting of stockholders has also been changed to
Dec. 20. 1939
instead of March 27
U' Ay,5y'
1940
V
^ OI XVAarcn Zi' iy4U'
149
I7fi9
r>
V *14y' p> 17W*
General Refractories Co.—25-Cent Dividend—
.
_
oc
.
,
,
^ ^
25 cents per share on the capital
stock, payable Dec. 22 to holders of record Nov. 29.
Like amount was
dividend was paid on June 30, 1937,
p^r
ron„.i
raof;Mno
p.
2973.
A
n*
General £>teel Castings Corp.—Authorized bhares Decreased—
Company at
meeting
a
authorized shares of
held
common
Oct. 4, 1939, decreased the number of
stock without par value from 900,000 shares
510,000 shares.
This'
reduction in authorized shares of common stock without par value
affects only previously authorized but unissued shares.
Accordingly, the
in no way affects the number of shares of stock
outstanding
reduction
the assigned value thereof.—V. 149,
2368.
p.
rano.al
general 1 elephone Corp.
JhXtra Dividend—
Directors on Nov. 21 declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, par $20, both payable Dec. 15 to holders of record Dec. 4.
Extra of
20 cents was paid
on
Dec. 15, 1938.
* Muioitinn
jt±cqui.suiuri
Corporation announced
.
on
Nov. 21
that it had arranged to purchase
long-term debt
4,697,272
Divs. paid or accrued on pref. stocks
Provision
for
dividends
not
being
paid
4.726,627
408,767
Oil, 119
440,001
425,605
022,881
1,108,422
on
cumulative preferred stocks
816,579
149,093
$1,643,639
Balance
$1,217,481
39,979
33,720
General Gas & Electric
Interest on
Corp. charges—
interest-bearing scrip and notes
Other interest
Santa Barbara Telephone Co. 6%
non cumulative preferred stock and 486
shares of the Santa Barbara company's common stock, thus giving It 100%
stock ownership of the properties.
Previously General Telephone Corp.
had acquired 2,014 shares of Santa Barbara Telephone Co.
from four individual holders.
35,417
7,436
$1,568,243
Georgia & Florida RR.—Earnings—
-Week End. Nov. 14
1939
$1,176,325
on
$5 prior pref. stock of General Gas &
1939
$1,033,403
Georgia Power & Light Co.
1938
$973,613
To Reduce Rates—
The Georgia Public Service Commission on Nov. 9 ordered a downward
revision of electric power rates In residential and commercial rates of this
company, which serves a number of cities and towns in south Georgia.
The Commission, of which Walter R. McDonald is Chairman, announced
that it had fixed a value of $2,900,000 on the company's holdings for ratemaking purposes, compared with a previous valuation of approximately
$3,500,000.
This marks the first definite step taken by the Commission
along this line since it started an inquiry into the value of utility properties
months ago.
result or the
some
new rate schedule, effective with meter
readings made
of the company will save $65,000 anit was stated.
«
New commercial rate is $7.22 for the first 100 kilowatt-hours a month,
$6.11 for the next 200, $5 for the next 100, $3.88 for the next 1,000 and
$2.77 for over 2,000.—Y. 149, p. 2974.
a
after Dec. 1, some 11,558 customers
nually,
Electric Corp
299,921
299,919
$1,268,321
Balance
Jan. 1 to Nov. 14—
1938
$20,325
0per revenues (est.).$22,325
V. 149, p. 3261.
As
Net income
common stock
Subject to the approval of the California regulatory authorities, It is
intended to merge the Santa Barbara Telephone Co. with the Associated
Telephone Co., Ltd., a subsidiary of General Telephone Corp.—V. 149.
$7 948 975
58.212.185 $7,948,975
charges^
Amortization of debt discount and expense
Interest charged to construction
Dividends
«4«4
from Pacific Telephone & Telegraph Co. the entire issue of 5,000 shares of
General Gas & Electric Corp. (& Subs.)—Earnings—
Other
*t.
»
rExcluRivo of LAfrmirt
or
Nov. 17 declared
dividend of 65 cents per share on the
stock, no par value, payable Dec. 20 to holders of record Nov. 24.
on
This compares with 25 cents paid on Oct. 25, July 25, and on April
__v
_»
or m stock at the rate of one share for each 25 shares held.—V. 149,
for 1938.
In August the employees received a payment from earnings under the
general profit sharing plan for the first six months this year, and on or about
Dec. 20 payment will be made for the second six months' period.
For
eligible employees with five or more years of service the payment for the
last half of this year will be equivalent to 3.75% of their earnings, which.
together with 2.0% for cost of living adjustment, makes a total of 5.75%
to be added to their regular earnings for the last six months this year.
The company now has about 67,000 employees, or 10,000 more than a
year ago, Mr. Swope announced.
common
.
L*eneral Realty & Utilities Corp. (& Subs.)—Earnings
$876,406
-V. 149, P. 2367.
Glen Alden Coal Co.—To
General Mills,
Inc.—Listing
Exchange has authorized the listing of 223,057
shares Of 5% cumulative preferred stock (par $100) upon official notice of
issuance, In exchange share-for-share, for outstanding 6% cumulative
preferred stock.
a dividend of 25 cents per share on the common
value, payable Dec. 28 to holders of record Dec. 11.
This
will be the first dividend paid since Oct. 20, 1938, when a regular quarterly
dividend of 12Vi cents per share was distributed.—V. 148. p. 1478.
stock,
no par
*
Goebel Brewing Co.—Earnings—
„
By resolutions of the directors adopted Nov. 1, 1939, 223,057 shares of
preferred stock were authorized for issuance, as a series to be designated as
"5% cumulative preferred stock" In exchange share for share fo routstanding
6% cumulative preferred stock. This exchange offer was made to the holders
„
.
,
Q
.
on
P
qwl/nmmm
„
iqqq
In acceptance of the*offer," 6% preferred stock certificates must be receivedby the company at its office No. 200 Chamber of Commerce Building,
Minneapolis, Minn., or at the office of the First National Bank, 2 Wall
St
New York City, not later than the close of business Dec. 1, 1939. The
shares of 5% preferred stock will bear dividends from Oct. 1, 1939, the
dividend for the final quarter of 1939 (payable Jan., 1940) being at the rate
.
of 6%
per annum
instead of 5%
thereafter.
In
consequence
annum, and at the rate of 5% per
of this dividend provision, holders of the
per
6% preferred stock making the exchange will receive their dividend for the
final quarter of 1939 on the 5% stock Instead of on the 6% stock exchanged.
If any shares of the 5% stock are issued in exchange for 6% stock during
the calendar year 1939, but after the record date for the determination of
stockholders entitled to receive dividends on the 6% stock for the final
-Vrtf49°fp133l915dlVldendS °n SUCh 8tOCk wm accrue fr°m Jan' *' 194°"
"
'
.
General Motors Corp.—To Appeal Anti-Trust Conviction
Counsel for General Motors Corp. said an appeal would be taken to the
U. S. Circuit Court of Appeals at Chicago from the decision of the Federal
District Court at South Bend which found the corporation and three subBidiaries guilty of violating the Sherman Act.
Q Justice Department officials said that the split verdict in the anti-trust
case against General Motors Corp. appeared unlikely to have an effect on
previous consent decrees signed by Ford Motor Co. and Chrysler Corp.,
who with their affiliates, had been indicted on similar charges.
justice department official termed the decision "anomalous" but
there was satisfaction in the department over outcome of the
He expressed the belief that the "jury must have thought the financing operations illegal or it wouldn't have held the corporations guilty."
Since the operations were "held illegal," he said, there seemed to be no
reason to suppose that the Ford and Chrysler consent decrease would be
A
reported
trial.
affected
nnn
„
r
j
n
3ir
n
$20,000 vine Levied on Cr. M.. 0. concerns
Federal Judge Walter C. Lindley imposed fines of $5,000 each on General
affiliates convicted Nov. 16 by a jury of violating
the Sherman anti-trust law.
Prior to imposing the fines, the maximum provided by law, the judge
overruled motions for a new trial and arrest of judgment.
Motors Corp. and three
q
1Qqo
«iq4
""
10741
?fMeoffu?ta^DecS^W39N0T-2,1939,and SUChOfferWll'raPireattlle
annum
Dividend—
Directors have declared
The New York Stock
in
In?
1
'3
$0 10
ioqq
1H0
isn
$0.04
1
1
q
10o0
L¥05' .M..
?74 lin
1 Jlo'ien
' $0 19
' $0 08
* After depreciation and Federal Income taxes but before surtax on undistributed profits.
Current assets as of Sept. 30, 1939, including $507,332 cash and marketable securities, amounted to $854,906 and current liabilities were $250,896.
This compares with cash and marketable securities of $318,532, current
assets of $683,473 and current liabilities of $144,680 on Sept. 30, 1938.—
V. 149, p. 2231.
rbW/^,7
D,AfLa„
Goldblatt Brothers, Inc.
ZD-LentDividend
Directors have declared a cash dividend of 25 cents per share on the
common stock, payable Dec. 15 to holders of record Dec. 1.
Dividends of
1-60 of a share of common stock for each share held were paid in preceding
quarters.—V. 149, p. 1622.
Great Lakes Dredge & Dock Co. —Extra Dividend—
Directors on Nov. 16 declared an extra dividend of 50 cents per share on
the common stock, payable Dec. 15 to holders of record Dec. 2. Extras of
25 cents in addition to regular quarterly dividends of 25 cents per share
were paid on Nov. 15, Aug. 15, May. 15 and Feb. 15 last.—V. 149, p. 2974.
r
st,
x> x>
t>t>i
Gulf Mobile & Northern KK.—Reorganization Plan—
Details of a proposed plan of reorganization for Mobile & Ohio RR.
providing for unified operation of its properties and those of Gulf Mobile &
Northern RR. and New Orleans Great Northern Ry. were made public
Nov. 22 by Gulf Mobile & Northern RR. and the Mobile & Ohio reorganization committee constituted to carry out the plan.
The Mobil & Ohio has
been in receivership since 1932.
The consolidation of the Mobile & Ohio and the Gulf Mobile & Northern
properties (see latter company in V. 149, p. 2688) was recently approved by
the Interstate Commerce Commission, which has authorized the committee
to solicit deposits of various securities of the Mobile & Ohio under the reorganization agreement.
A special meeting of stockholders of Gulf Mobile & Northern RR. has
been called to be held at Mobile on Dec. 29, 1939, to take action in connec-
tion with theproposed consolidation.
Frederick W. Ecker, Vice-President of the Metropolitan Life Insurance
Co., is Chairman of the reorganization committee, the other members of
which are Edward H. Leslie of Wood, Struthers & Co. and John K. Olyphant Jr., Vice-President of Central Hanover Bank & Trust Co., with
Commercial & The
Financial CAronic/e—YEARS OLD Nov.
ONE HUNDRED—
3410
Harvey A. Basham Jr., Secy, in care of New York Trust Co., 100 Broadway,
N. Y. City, and Milbank, Tweed & Hope, counsel. 15 Broad St., N. Y. City.
proposed olan provides for the organization of a new corporation to
be known as Gulf Mobie & Ohio RR.. which will acquire all or substantially
all of the properties of Mobile & Ohio now held by the receiver, through
The
Eurchase at foreclosure or other of GulfThe new & Northern, including the
y consolidation the properties sale.
Mobile company will then acquire
Orleans Great Northern.
A special
will be held at Jackson, Miss., on Dec.
leasehold and its other interests in New
meeting of N. O. G.N. stockholders
28
1939.
¥he
loan from the Reconstruction Finance
Corporation, upon consummation of the plan, to aid the new company with
a total of $9,500,000 in the form of a 10-year 4% loan, which will be secured
by $10,556,000 of the new compnav's first mortgage 25-year 4% series A
bonds.
In addition to this loan, fixed interest bearing obligations of the
new company proposed to be outstanding with the public include $5,913,700
1st mortgage 35-year 4% series B bonds, $9,980,000 Gulf Mobile & Northern
first mortgage bonds, $590,000 Gulf Mobile & Northern 3% secured serial
notes, and equipment trusts which were outstanding as of April 1, 1939,
in the amount of $990,000 for Mobile & Ohio ana $1,152,000 for Gulf
Mobile & Northern.
It will also be obligated to pay a fixed rental equal to
interest on $3,739,000 1st mortgage 5% series A bonds of New Orleans
Great Northern presently outstanding.
Other capital securities of the proposed new company would include
$6,025,800 of new general mortgage 75-year 5% income series A bonds.
305,750 shares of new $5 preferred stock without par value, and 609,847
shares of new common stock without par value.
There was introduced in testimony before the ICO an estimate prepared
by the management which indicated that, had the benefits of unified
operation been fully realized, the additional net earnings under unified
operation for the years 1936, 1937 and 1938 would have been $1,604,000,
$1,795,000 and $1,316,000 respectively (before provision for wage dismissal
payments payable over a period of five years, such payments having been
regarded for the purpose of this computation as In the nature or non¬
recurring unification expense).
It further appears from such estimate
that the net income of the two railroads as so increased and after estimated
Income taxes and sinking fund requirements of the new company would have
been equal to $7.40 per share or the authorized amount of new preferred
stock for the year 1936, $5.57 per share for the year 1937 and $3.74 per
share for the year 1938, or an average for those three years of $5.57 per share.
During the same period Gulf Mobile & Northern had reported net income
(after adjustment in respect of New Orleans Great Northern contingent
rental) equal to $4.64 per share on its preferred stock in 1936. $2.88 per
share in 1937 and 76c. per share in 1938, or an average for the three years
ICC
has
also approved
a
of $2.76 per share.
Hudson & Manhattan
1939—10 Mos.—1938
$6,213,352
$6,007,103
448,194
443,302
4,370,613
4,409,203
Operating income
Non-oper. income
$214,878
10,475
$188,364
11,958
$1,842,739
107,442
$1,597,900
119,168
Gross income..
$225,353
155,105
123,921
$200,322
192,812
$1,950,181
1,556,229
1,239,208
$1,717,068
1,579,175
1,298,125
$53,673
$86,277
$845,256
$1,160,231
Oper. exps. and taxes—
Income charges
Interest
a
Deficit
156,787
On Adjustment income bonds outstanding in the hands of the public
5%.—V. 149, p. 2691.
a
at
Hudson Motor Car Co. (& Subs.)—Earnings—
y
1939—3 Mos.—1938
Period End. Sept. 30—
Net loss--.-
$670,848
$1,682,468
1939—9 Mos.—1938
$2,422,523
$4,442,001
After all charges, including taxes except provision for surtax on un¬
distributed profits.—V. 149, p. 2975.
y
Hydraulic Press Manufacturing Co.—Registers with SEC
first page of this department.—V. 149, p. 3263.
See list given on
Idaho Power
Period
End.
Co.—Earnings—
1939—Month—1938
31—
Oct.
$5,793,307
2,809,259
$6,042,863
3,258,740
$537,780
282,563
41,700
37,500
466,700
410,000
Net operating revenues Other income (net)
$213,517
1,922
$239,230
Z>r453
$2,317,423
16,249
$2,574,048
3,065
$215,439
56,250
11,174
$238,777
56,250
11,187
$2,333,672
675,OtO
112,258
$2,577,113
693,361
111,966
$148,015
$171,340
$1,546,414
$1,773,087
Gross income
Interest
mtge. bonds-
on
Other interest and deduc.
$498,395
221,665
1939—12 Mos.—1938
Operating revenues
Oper. exps., incl. taiesProperty retire, reserve
appropriations
Interest charged to con¬
Crl ,301
struction
Net income
preferred stocks for the
Dividends appacaole to
reorganization committee, in its letter to holders of general mortgage
bonds 4M% series of 1977,
5% secured notes due 1938, Montgomery division 1st mortgage 5% bonds
due 1947, and Mobile & Bay Shore 1st mortgage 5% bonds due 1949, of
Mobile & Ohio RR., urges them to deposit their securities promptly with
the New York Trust Co., depositary, since substantial deposits are necessary
to enable the committee to carry out the plan, and since security holders
cannot begin to participate in the estimated savings under unification until
the consolidation is effected.—V. 149, p. 2688.
The
RR.—Earnings—
1939—Month—1938
$663,072
$631,666
Period End. Oct. 31—
Gross operating revenue
1939
period
414,342
414.342
$1,132,072
$1,358,745
-
-
bonds due 1938, refunding and improvement
Balance
—V.
—
-
149, p. 2691.
Interborough Rapid Transit Co.—Earnings—
Thomas E. Murray, as receiver,
in his monthly report states:
Traffic—The subway division during the month of October carried 67,3,178,790, or approximated 4.91%, as
compared with October, 1938.
Of this increase, approximately one-third
was accounted for by the irregularities in the calendar.
All lines on this
division reported increased traffic, with the exception of the Pelham Bay
Park Line, where the loss was slight.
As has been the case for many months,
the Broadway-Seventh Avenue Line and the Queens Line, with 7.84%
and 23 91% increases, respectively, made the best showing.
The Manhattan division during the month of October carried 13,516,649
passengers, a decrease of 3.444,719, or approximately 20 31%, as compared
with October, 1938.
Most of this loss was due, as it has been since last
December, to the shutting down of part of the Sixth Avenue Line.
The
only line on the division to show increased traffic was the Second Avenue
859,377 passengers, an increase of
Gunnar Gold
Mines, Ltd.—Earnings—
Earnings for 9 Months Ended Sept. 30, 1939
Net income after all charges
Earnings per share on 2,704,131 shares
$161,757
$0.06
Hamilton United Theatres, Ltd.—Accumulated Div.—
dividend of $1.50
The directors have declared a
per
share
account of
on
accumulations on the 7% cum. pref. stock, par $100, payable Dec. 30 to
holders of record Nov. 30, leaving arrearages of $9.25 per share.—V. 149,
1326.
P.
Line, with
Corp.—Year-End Dividend—
Hazeltine
dividend of $1.25 per share on the
15 to holders of record Dec. 1.
Regular
^Directors have declared a year end
common
payable
stock,
Dec.
Suarterly dividend of 75 cents was paid on 147, p. 15 last. A special diviend of $1
paid on Dec. 23, 1938.—V. Sept. 3764.
was
(G.) Heileman Brewing Co.—Extra Dividend—
in addition
quarterly dividend of like amount on the common stock, both
payable Dec. 15 to holdrs of record Dec. 5.—V. 149, p. 1476.
Directors have declared an extra dividend of 25 cents per share
to the regular
Hercules Motors
1939—3 Mos —1938
$129,729
$33,727
x After taxes
and charges
tributed profits.—V. 149, p.
Hewitt Rubber
1939—9 Mos.—1938
$297,362
$69,089
$0.11
$0.42
capital stock
a
increase of 5.25%.
carried on the entire system in October was
decrease of 265,929, or approximately 0.33%, as compared
wit/fa. October
1938
•
the'first
four months of the fiscal year starting July 1, the number
carried was 289,577.730, a decrease of 477,546, or approxi¬
mately 0.16%, as compared with the corresponding months of the preceding
During
of passengers
fiscal year.
$0.96
$0 22
but before provisions for surtax
1476.
on
undis¬
Corp.—Dividend Again Increased—
Directots on Nov. 21 declared a dividend of 55 cents per share on the
capital stock, par $5, payable Dec. 15 to holders of record Dec. 1.
This
compares with 25 cents paid on Sept.
15, last, and previously regular
quarterly dividends of 10 cents per share were distributed.—V. 149, p. 2514.
Subway Division Operations
1939—Month—1938
$3,681,476
2,356,919
1939—4 Mos.—1938
$3,574,196 $13,156,561 $12,749,024
2,167,397
9,210,090
8.851,317
$1,324,558
$1,406,799
$3,946",471
210,916
203,506
792,575
766,052
Income from oper
Current rent deductions-
$1,113,641
$1,203,293
$3,153,896
$3,131,655
218,708
218,708
874,830
874,830
Balance
Used for purchase of as¬
sets of enterprise
$894,934
$984,585
$2,279,066
$2,256,825
Balance—city & co,—
Payable to city under
contract No. 3_-
$820,905
Gross inc. from oper..
Fixed charges
$820,905
879,754
Net inc. from oper.—
x$58,848
Dr93
$43,446 x$l,471,398 x$l,402,531
Dr59
Dr372
623
x$58,941
$43,386 x$l,471,770 x$l,401,908
Period End. Oct. 31—
Gross oper. revenue
Operating expenses
Corp.—Earnings—
Period End. Sept. 30—
Net profit
Earnings per share on
x
an
The number of passengers
81,376,026,
-
Net oper. re venue
Taxes..-.
$3,897,707
61,815
74,029
>
232,225
142,061
$922,770
$2,046,841
$2,114,764
$922,770
879,324
$2,046,841
3,518,239
$2,114,764
3,517,296
—
(R.) Hoe & Co., Inc.—Tenders for Notes—
Holders of the 7% amended notes and new notes of this company are being
asked for tenders in an amount of approximately $100,000.
The company
right to increase or decrease this amount provided offers to
sell such notes at satisfactory prices are received.
There are outstanding
about $786,000 of the amended notes and around $47,499 of the new notes.
In addition, the company has outstanding $2,143,000 first mortgage 6Hs
of 1944.
The amended notes have ranged in price since Jan. 1, 1939 be¬
tween a low of 44 and a high of 56, the current bid being 54 with none offered.
There is no public record of sales of new notes.
Tenders for these notes in
the amount above will be received up to noon on Nov. 29, good for accept¬
ance on or before Dec. 7 at prices not exceeding 65% of face value, plus
accrued interest at 5% to Nov. 30.—V. 149, p. 1764.
is reserving the
Non-operating income-Balance
x
Indicates loss
or
deficit.
Manhattan Division Operations
Houston
Lighting & Power Co.—Earnings—
Period End. Oct. 31—
1939—Month—1938
1939—12 Mos.—1938
Net operating loss
$727,254
857,025
$931,063
947,142
$2,727,100
3,339,686
$3,458,752
3,751,792
$129,771
*
Operating expenses
Hoosac Valley Lime Co., Inc.—Interest Payment—
Company will make payment on and after Dec. 1 of the coupon due June 1,
1934, on its first mortgage 6% bonds.
The payment will be made at the
office of the Old Colony Trust Co., 16 Court St., Boston.
1939—4 Mos.—1938
1939—Month—1938
Period End. Oct. 31—
Gross oper. revenue
$16,079
$612,586
$293,039
20,769
15,699
Rental of jointly oper.
lines
i
Queensboro Line
Lexington Ave. Line
5,118
3,241
5,208
3,936
20,400
12,924
White Plains Rd. Line
3,479
2,167
3,821
5,914
13,955
8,514
$143,775
$34,958
$668,379
Other rent items
.<
15,278
25,025
Operating revenues
$1,037,582
Oper. exp8., incl. taxes605,800
Prop, retire, res. approp.
147,650
$978,885 $12,178,976 $11,403,058
507,133
6,627,742
5,790,264
126,829
1,618,520
1,566,205
Net oper. revenues—
Other income
$284,132
5,814
$344,923
1,891
$3,932,714
21,261
$4,046,589
20,584
City's Plan to Buy Properties Operative—Unification Near—
Required Amounts of Bonds and Stocks Deposited—
$289,946
80,208
18,132
$346,814
80,208
13,695
$3,953,975
962,500
174,734
$4,067,173
962,500
158,411
Slan under which the city expects to acquire all propertiesits own bonds.
of the Interorough-Manhattan system in exchange for $151,248,187 of
$191,606
$252,911
Divs. applicable to pref. stocks for the period-—-
$2,816,741
315,078
$2,946,262
315,078
$2,501,663
$2,631,184
Bal.ofnet oper.
The
Gross income
Interest
mtge. bondsOther Int. & deductionson
The
deficit
Transit Commission
$369,811
declared operative, Nov. 22, the unification
"operative" status was declared after the Commission had received
of Interborough-Manhattan
committees had reached or exceeded the percent¬
stipulated in the agreement between the city and representatives of the
formal notice that deposits of various classes
Net income
securities with designated
ages
security groups.
Balance
.
—V. 149, p. 2691.
Houston Oil Co.—To
Directors
record Dec.
p.
Pay Accumulated Dividend—
have declared
accumulations
on
15.
a dividend
of $1.50 per share on account of
preferred stock, payable Dec. 27 to holders of
Similar payment was made on Dec. 26, 1938.—V. 149,
the 6%
2975.
Hupp Motor Car Corp. (& Subs.)—Earnings—
Period Ended Sept. 30, 1939
Net sales——
—
-——-—.
Operating loss after depreciation
Other income
Loss
x
Net loss
x
At
the
same
time
Chester
W.
Cuthell,
Special Counsel
for the Com¬
B.-M. T. system were
progressing so rapidly that the $175,000,000 B.-M. T. unification plan
probably would attain "operative" status within a month or two.
mission, disclosed that deposits of securities of the
-
-
3 Mos.
$96,037
158,342
14,381
9 Mos.
$626,654
635,858
34,243
$143,961
162,077
$601,615
641,284
After interest and other deductions.—V. 149, p. 2234.
The
Transit
Commission's
declaration,
made under the
provisions of
and the security groups assenting
depositing security holders are now
obligated to go through with the transaction on a "consummation" date
soon to be set by the Commission.
This obligation, however, is not yet
final, because all the parties to the unification deal have the right to with¬
the pending contract between the city
to the plan, means that the city and the
These conditions relate to tax
contingencies that may arise from the pending Federal
receiverships Involving both the Interborough and the Manhattan com¬
panies.
Mayor La Guardia, William G. Fullen, Chairman of the Transit Com¬
mission, and Mr. Cuthell were all confident, however, that all these con¬
ditions would be met and that as a practical matter unification was now a
draw if certain conditions are not fulfilled.
matters and several
certainty so far as the
Interborough-Manhattan system
was concerned
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Securities in Transit Plan
The following table shows the amounts and
percentages of Interborough
and Manhattan securities
now
deposited
as compared with those required
by the agreement with the city:
Plan
Deposit Require.
P. C.
Par Value
Outstanding
_
„
I. R. T. 5s
$ 97,195,000
76
I.R. T. 7s
31,672,100
76
Manhattan 1st 4s...
40,670,000
76
Manhattan 2d 4s
4,523,000 66 2-3
Manhattan 5% stk__ 556,490 shs.
Manhattan7% stk_. 43,510 shs.
$73,868,200
24,070,796
30,909,200
3,015,333
..
the shares on the New York Curb
Exchange.
stock will remain at
384,100 shares ($1 par),
split-up effected earlier this year.
The company manufacturers mechanical
Total
Depos.
Par Value
P. C.
$74,513,000
76.66
25,546,400
80.65
33,867,000
83.27
3,402,000
75.22
388,563 shs.
12,112 shs.
which
mechanization
company has produced
sold
are
T.
System securities
Outstand ng
$38,500,000
_
„
B. M. T. 3s and 3%s
B. M. T. 4Hs.
as
of Nov. 22
Required
(90%)
were as
Deposited
made
substantial
progress,
the
machines
bituminous coal industry.
Among users of this equipment
of the leading coal producers of the
country, including Bell &
Coal & Mining Co., Consolidated Coal
Co.;
Consolidation
Coal
Inc.; C. W. & F. Coal Co.; Elk Horn Coal Corp., Inc.; Franklin
County Coal Corp.; Island Creek Coal Co.; Koppers Coal Co.; Muscingum
Coal Co.; Peabody Coal
Co.; Pittsburgh Coal Co.; Pursglove Coal Co.;
Princeton Mining Co.; Red Jacket Coal
Corp.; Union Collieries Co.;
C.
P.
Over the past five
has
Co.,
follows:
$24,573,000
45,233,000
69,500,000
mines
than 70% of the mobile coal loading
more
the
to
Zoller
Deposits of B. M.
coal
some
..
66.77
400,000 shs. 400,675 shs.
of
The outstanding common
which represents a 20-for-l
loading and haulage equipment,
years, during
T)ri!?<upa y use(i *n the mining of coal.
__
_.
600,000 shs. 66 2-3
3411
? proposed offering does not represent new financing by the company.
The shares are to be sold
by present stockholders who are making available
a portion of their
holdings for public distribution with the objective of listing
Union Pacific Coal
..
Co.; Valier Coal Co.; West Virginia Coal & Coke Corp.,
Windsor Power House Coal Co.
and
—
nnT™„company .estiraates that during the
^
$108,000,000~$97,200,000
,,
Brooklyn Union El
Kings County El.
...
B. M. T. pref. stock
B. Q. & T. bonds
B. Q. & T. pref. stock
A total of
banks and
...
$6,715,000
3,031,000
—
$~<L746,000
249,468 shs. 224,521 shs. 153,945 shs.
Johns-Manville Corp.—To Pay $2 Common Dividend—
44
62
55
54
$22^151,000
„
year 1938 approximately 48,000,000 tons of bituminous coal were loaded by its equipment, representing
about 80% of the bituminous coal loaded
by all types of mobile loaders
and about 14% of the total bituminous coal mined.—V.
149, p. 3265.
65
$69,806,000
$15,882,000
6,269,000
$15,936,000
$24,520,000 $22,068,000
149,217 shs. 134,296 shs.
$13,616,000
81,176 shs.
$3,000,000 of notes of the B. M T. Surface Lines
subject to the plan.—V. 149, p. 3264.
Directors
Nov. 20 declared a dividend of $2 per share on the common
no par value, payable Dec. 22 to holders of record Dec. 8.
Dividend
of 75 cents was
paid on Sept. 25 last, this latter
being the first dividend
paid
are
on
Nov. 21 declared
quarterly cash dividend of $1.50 a share
on the common stock
payable Dec. 22 to holders of record Dec. 15.
In
addition they declared a stock dividend of 5% deliverable April 1, 1940,
or as soon thereafter as
practicable, to holders of record March 15, 1940.—
V. 149, p. 2692.
International
Industries,
Operating
Other income and deductions, net
;
Balance Sheet Oct. 31, 1939
Kansas
Ry.
Ry.
a dividend of $1.25 per share on the common
stock, payable Dec. 15 to holders of record Nov. 30.
This compares with
75 cents paid on June 15 last; $1 paid on Dec. 15, 1938; 75 cents paid on
June 30, 1938; $1.60 paid on Dec. 15, 1937; $1
paid on Sept. 15, 1937, and
a dividend of $1,75
paid on Dec. 15, 1936, this latter being the first dis¬
tribution made since 1931.—V. 149, p. 111.
Net operating income.
Gross income
Interest
Int.
on
on
notes
of
debt
$407,218
98,000
$4,098,536
1,020,000
$3,941,985
1,020.000
$457,710*
$3,078,536*
45,419
10,217
$309,218
35,065
8,801
366,294
105,947
$2,921,985
388,093
(12,900
$402,074
$265,352
$2,606,295
$2,440,992
from ry. oper.
On
made
by
Harriman Ripley & Co., New York, and has been accepted.
annual cost of the proceeds of the $639,000 of
this basis the average
certificates to the applicant will be approximately 2.15%.
The certificates
are to be sold through Kuhn, Loeb & Co., New York City, who are not to
will be invested in securities or property in accordance with the
provisions of the applicant's first mortgage and deed of trust.—V. 149,
p. 3117.
after
Kansas Gas &, Electric
$2,351,992
Dr42,102
37,125
37,125
9,615
148,500
38,708
148,500
9,182
29,360
8,633
29,360
8,429
117,439
38,799
Period End. Oct. 31—
117,439
35,423
x
Indicates loss.—V.
$9,810
2,569
4,459
x$165,883
$190,532
60,000
15,000
9,228
$2,173,440
720,000
112,423
180,000
106,780
Cr767
Cr977
Cr41,449
$102,611
$107,071
preferred stocks for period
$1,161,994
520,784
$1,289,807
520,784
$641,210
$769,023
Int.
on
mortgage bonds.
Int.
2,569
7,550
$70,099
on
debenture bonds.
15,000
(Del)—Accum. Dividend—
1939
Balance
-V. 149, p. 2516.
Kennecott
y
p.
$40,022
$0.18
Copper Corp.—Obituary—
Murry Guggenheim, of the firm of Guggenheim Bros., died Nov. 15.
Mr. Guggenheim was a director of this corporation, of Braden Copper
Co., Utah Copper Co., Pacific Tin Corp. and Yukon Gold Co.—V. 149,
1938
$40,351
$0.18
share
After all charges,
income
Dividends applicable to
(John) Irving Shoe Corp. (& Subs.)—-Earnings—
6 Months Ended July 31—
1623.
King Oil Co.—Earnings—
Co. of Manila—Earnings—
common
President
of the company,
cents per share on the
of record Dec. 1.
Extra dividend
regular quarterly dividend of 40 cents which were
previously declared will be paid on Dec. 1 to holders of record Nov. 10.
Extra dividend of like amounts were paid on Sept. 1, last, and an extra
dividend of 30 cents was paid on Dec. 20, 1938.
Christmas Bonus—
appropriation of $350,000 for a Christmas bonus
paid all employees with one year or more of service and who do not
participate in the company's regular profit sharing plan.
This is ap¬
proximately double the Christmas bonus paid in 1938, it was stated.
—V. 149, p. 3266.
to be
Pa.—Plans
announced
Nov.
21
Lake Shore Mines,
stock, par $1,
p.
that
company's shares which heretofore have been closely held.
An under¬
writing agreement has been made with Hayden, Stone & Co., New York,
and Singer, Deane & Scribner of Pittsburgh, covering 110,000 shares of
common stock, for which a registration statement has been filed with the
Securities and Exchange Commission.
Ltd.—Smaller Dividend—
75 cents per share on the common
payable Dec. 15 to holders of record Dec. 1.
Previously
regular quarterly dividends of $1 per share were distributed.—V. 149,
Directors have declared a dividend of
First
arrangements have been completed for the first public distribution of the
have declared a final dividend of 40
stock, payable Dec. 21 to holders
of 25 cents in addition to
Directors approved an
Manufacturing Co., Franklin,
Public Distribution of Shares—
Barrow,
.1938
$238,219
Kroger Grocery & Baking Co.—To Pay 40-Cent Final
Directors
Company reports that its sales for the four weeks ended Nov. 4, 1939,
were $1,991,912, as compared with $1,851,749 for parallel weeks in 1938,
an increase of 7.57%.
Sales for the first 44 weeks of 1939 were $20,596,354, as compared with
$19,903,628 for a like period in 1938,an increase of3.48%.—V. 149, p.3265.
E.
$225,812
Dividend—
Jewel Tea Co.. Inc.—Sales—
W.
—
—V. 149, p. 1623.
Company reports for the first nine months of this year a total value of
production of $1,174,111, or $11.62 per ton from 101,014 tons of ore, com¬
pared with $1,160,425, equivalent to $11.36 per ton from 102,188 tons of
ore in the corresponding period of 1938.
Net profit amounted to $470,460, or $4.66 per ton for the first three
quarters of this year, equivalent to 62.7 cents per block share on the 750,000
block shares outstanding.
This was only slightly below the profit for the
entire year of 1937, when the company earned 63 cents per block share.
For the nine months of 1938 net profit was $515,717, or $5.05 per ton,
equivalent to 68.7 cents per block share, reflecting an increase in over-all
costs of 65 cents per ton xn the 1939 period over the 1938 period.
Joy
1939
9 Months Ended Sept. 30—
On common stock.—V. 147, p. 1782.
Net income before Federal taxes
I X L Mining
180,000
9.516
a
xNet income
x
9,349
Int. chgd. to constr'n
payment on account of dividend
arrears on the former cum. pref. stock of the company outstanding on Aug. 3,
1938, at the rate of $1.75 per share for the 7% series, $1.62M per share
for the 6series, and $1.50 per share for the 6% series, payable on
Dec. 15 to holders of record on Nov. 30. 1939, of dividend arrears certificates.
Similar payments were made on July 1 last.—V. 149, p. 2976.
per
$2,255,138
720,000
298
$186,960
60,000
Net
The board of directors has declared
Earnings
$2,245,622
$190,234
163
149, p. 3116.
Iowa Southern Utilities Co.
y
$2,164,844
8,596
,797
Other int. & deductions.
x$115,871
4,663
650,000
563
55,000
Gross income
Consol. net income—
5,692
660,000
457
approp.
Other income (net)
on
642
2,400
.,237,643
3,337,358
55,000
investments
Prop. retire. res.
Net operating revenues
642
1,746
3,461,575
.1.292,111
39,560
disct.
pref. stock of
subsidiary company._
Minority interest
1939—12 Mos.—1938
274,587
295,539
Amortization of limitedterm
and expense
Co.—Earnings—
1939—Month—1938
$520,384
$537,793
Operating revenues
Oper. exps., incl. taxes._
$2,309,890
1,888,750
Misc. income deductions
Divs.
$571,710
114,000
rev.
$10,973,595 $10,940,049
6,875,058
6,998,064
be paid any compensation, either directly or indirectly, in connection with
The proceeds will be paid to the Bankers Trust Co. and there¬
$2,073,340
1,888,750
payable to
Corp.
(net)
715,594
the sale.
$569,569
472,187
Utils. Pr. & Lt.
Amortiz.
$2,142,619
Dr69,278
1939—10 Mos.—1938
$1,122,812
783,439
Bids for the purchase of the certificates were solicited from several parties
were received.
The higher bid, 104 and accrued dividends,
was
1939—12 Mos.—1938
$6,721,500
$6,732,877
4,578,881
4,380,885
$443,006
472,187
funded debt.
Other interest
$577,727
Dr8,158
1939—Month—1938
$1,355,149
and two bids
( & Subs.)—Earnings—
$451,356
Dr8,350
$587,525
The Interstate Commerce Commission on Nov. 14 modified its order of
Dec. 22,1936, so as to authorize the sale of not exceeding $639,000, series F,
3% equipment trust certificates at 104 and accrued dividends, the proceeds
to be invested in securities or property, in accordance with the provisions
of the applicant's first mortgage and deed of trust dated April 2, 1900.
Interstate Natural Gas Co., Inc.—Larger Dividend—
Other income (net)
834,360
$642,968
Equipment Trust Ctfs.—
The directors have declared
_
71,332
$836,098
485,264
83,551
854,809
481,682
84,292
oper. expenses
Net ry. oper. income.
1939
—V. 144, p. 4349.
Operating revenues
Oper. expenses & taxes.
$757,366
City Southern Ry.—Earnings—
Ry. oper. income
Equipment rents (net)..
Joint facility rents (net).
$136,938
13,435
1939—3 Mos.—1938
$1,647,532
$1,666,287
1,196,176
1,088,560
$832,951
3,147
$21,662
$45,427
Railway tax accruals..
Interstate Aircraft & Engineering Corp.—Earnings—
Interstate Power Co.
122,388
oper. revenues
Net
payable, $122,018; taxes accrued and payable,
$15,904;
reserve for Federal income taxes,
1940, $3,306; common stock
($1 par), $414,126; capital surplus, $131,242; operating surplus, $69,470;
totaf, $756,067.—"V. 149, p. 2515.
Period End. Sept. 30—
5,346,980
$1,204,240
251,118
120,170
$754,257
3,109
$96,617
40,279
6,668
6,289
69,133
Period End. Oct. 31—
total, $756,067.
Liabilities—Accounts
Net income before Federal taxes
$1,127,444
250,799
126
$70,141
40,146
$6,551,220
—V. 149, p. 2515.
Assets—Cash, $76,497; receivables, net, $169,773: inventories, $270,327;
cash value of life insurance, $4,031; contract receivable from sale of radio
business, $10,708; other receivables, $4,854; property, plant and equipment
(less reserve for depreciation of $68,290), $177,429; patents, trademarks and
goodwill, $1; deferred charges including dies, tools and molds, $42,448;
Sales
24, 1937.—
1939—12 Mos—1938
$129,223
115
Net deficit
Dec.
$6,260,844
5,133,400
22,702
10,029
charges
on
Co.—Earnings—
$96,491
Depreciation.
$14,607
paid
22,093
10,171
funded debt.
on
Other fixed
were
$70,026
Gross income
Interest
$17,914
3,306
:
share
$102,290
Operating income
Non-operating income
$15,225
2,688
Earnings for 6 Months Ended Oct. 30,
expenses.
Social security taxes
$110,645
95,419
....
per
1939—Month—1938
$541,038
$552,765
438,749
423,542
General taxes
expenses
Net profit
shares since Dec. 23, 1938, when 50 cen5s per share
to then an extra dividend of $1 and a regular
Prior
Net oper. revenue
Inc.—Earnings—
Net profit before Federal taxes
Provision for Federal taxes
common
Period Ended Oct. 31—
Total oper. revenues
Earnings for 3 Months Ended Oct. 31, 1939
Operating profits
the
Kansas City Public Service
a
Gross profit on sales
Selling and general
distributed.
quarterly dividend of 75 cents
V. 149, p. 2692.
Internptional Business Machines Corp.—Stock Div.—
Directors
on
was
held by
are
on
stock,
2977.
Lane Wells
Co.—Earnings—
'
Sept. 30—
Net profit after prov. for deprec. & Fed. inc. taxes
Earnings per share on 360,000 common shares
—V. 149, p. 417.
3 Months Ended
1939
$134,900
$0.37
1938
$159,016
$0.44
Lava
Co.—lour-Cent Dividend—
Cap Gold Mining
dividend of four cents per share on the common
stock, payable Dec, 20 to holders of record Dec, 1.
This Compares with
three cents paid on Sept. 30; two cents paid on June 30 and March 31 last;
three cents paid on Dec. 22 and Sept. 30, 1938; dividend of two cents
paid on June 30, 1938, and one of three cents per share distributed on
March 31. 1938.—V. 149, p. 1768.
Lefcourt
Realty Corp. ( &
9 Mos. End. Sept.
Net loss
1768
p.
x
$193,214
$105,039
$57,586
$102,481
Federal taxes, Sec.—V. 149, p. 1479.
After depreciation,
The directors have declared a
payable Dec. 14 to holders of record J>ec. 1.
This
preceding quarters; 75c. paid
14, 1938; 30c. paid on March 14, 1938;
Dee. 14 and on June 14, 1937; 87i£c. paid on Dec. 1, 1936;
with 25c. paid in each of the three
62 t£c. paid on
26^1°' Paid
Le Tourneau
Inc.—Georgia
Tourneau
Le
Subsidiary—
Plant
that the recently
Georgia plant the same practical manufacturing methods that are em¬
ployed by the Peoria plant.
Basing their decisions upon the experiences
and operation of Peoria factory, $500,000 was expended for the most modern
plant machinery and equipment.
Anticipating possible European develop¬
ments, the management wisely placed orders which effected an estimated
saving of from 10% to 20% on many equipment items and materials.
The entire facilities of the new LeTourneau subsidiary will be centered
around the manufacture of the new product, the "Tournapull," which is
destined to bring about a revolution in all phases of dirt moving and high¬
way construction.
Applying the LeTourneau Scraper idea, the "Tourna¬
pull" applies this accepted method with far greater speed than ever before
obtained.
Preliminary tests on some of the outstanding construction jobs
throughout the country have more than justified the present expansion
plans. The Georgia plant will specialize in this new development, under the
personal direction of R. G. LeTourneau, and will also relieve the Peoria
factory of a portion of the tremendous burden which has been placed upon
its manufacturing facilities in recent months.
The LeTourneau Co. of Georgia has issued 2,000 shares of Its authorized
3,000 shares of capital stock to the parent company, R. G. LeTourneau,
Inc.
The parent company has a present investment, including advances,
of $1,400,000 in the Georgia company which has been expended for inven¬
tories, machinery and plant construction.
At present, there are 375 em¬
ployees in the Georgia plant.
Situated on the main line of the Southern
Railway, excellent shipping facilities are provided, both for raw materials
from Alabama steel districts and for the finished products.
All distribu¬
tion and sales will be under the control of the parent company at Peoria,
Illinois.
The Stockton, California plant will be maintained for efficient
service and distribution in the States west of the Rocky Mountains.—
V. 149, p. 3266.
Libby, McNeill & Libby—To Pay $3 Preferred Dividend—
dividend of $3 per share on the 6% preferred
stock, payable Dec. 27 to holders of record Dec. 20.
Like amounts were
paid on Oct. 14 and July 1 last and on July 1, 1938.—V. 149 p. 2088.
12 Mos. End. Sept. 30
Net profit
b Earnings per share---
Loft, Inc. (& Subs.)—Earnings—
Period End. Sept. 30—
Net loss
Consolidated Income Account for Years Ended Sept.
1939
1938
1937
Gross profit on sales._
Depreciation charges—.
Net
Lycoming Mfg. Co.—-Earnings-
Total income
$2,385,562
$2,965,702
$1,881,003
441,076
420,588
377,288
Net loss after al 1 charges
_
.
Admin. & gen. expenses-
$2,777,400
706,445
$2,806,150
$3,342,990
681,212
700.603
yl58,808
y51,014
18,821
52,840
265,000
Interest, &c_.
Loss sale of disp. assets
Res. for Federal taxes
58,854
51,992
123,765
139,374
126,260
170,842
123,329
290,000
Prov. for profit sharingProv.
$2,384,121
650,168
4,912
16,332
88,055
400,000
183.985
186,727
_
220,000
104,508
for
pensions and
insurance
for
unemployment
group
Prov.
insurance tax
'
237,738
38,973
Res. for foreign exchange
fluctuations
Plop,
Cr5,980
84,636
of profits
applic.
to min. interests
21,045
20,107
13,878
10,648
avail, for
divs. & prof, sharing $1,137,326
Div. paid or declared
700,000
$1,265,976
875,000
$1,655,866
1,242,500
$1,106,823
647,500
$437,326
$390,976
$413,366
$459,323
700,000
700,000
700,000
350,000
$1.62
$1.80
$2.36
$3.16
Net
^
F
profit
(J. F.) McElwain Co.—Proposed Merger—
.See Melville Shoe Corp.—V. 149, p. 1029.
McWilliams Dredging
chgs. prof, sharing-
Shares
►
com.
stock
out-
standing
Earnings per share before
Ik. profit sharing
After branch selling expenses, but before charging
eludes amortization of discount and expenses.
x
depreciation,
y
In-
Comparative Consolidated Balance Sheet Sept. 30
1939
1938
$
$
Assets—
1939
Liabilities—
Land, buildings,
equipment, &c_ 11,215,454 10,890,113
Investments
112,839
276,495
Cash
1,502,474
1,221,706
y
z
Notes
&
accts.
receivable
6,492,349
Other assets
46,652
Cash
on
trustee
6,182,878
45,055
dep. with
of
sink.
$
10,500,000
Funded debt
3,075,000
Capital surplus--- 2,746,227
Earned surplus
3,903,786
Accts. payable, ac¬
cruals, &c
819,438
Cust. credit bal-_193,456
Res. for inc. taxes.
351,589
x
.
Capital stock
1938
$
10,500,000
3,500.000
2,735,722
3,495,560
728,597
140,999
268,296
Reserve for profit-
fund debs
262,500
Inventories
Co.—Earnings-
9 Months Ended Sept. 30—
Net profit after deprec., Fed. income taxes,
1939
MacKinnon Steel Corp.,
1938
$12,380
&c_-
$111,829
$0.58
$0.06
Earamgs per share on capital stock
—V. 149, p. 1480.
Ltd.—Accumulated Dividend—
The directors have declared a dividend of $1.75 per share on account of
the 7% cum. pref. stock, par $100, payable Dec. 15
to holders of record Nov. 30.
Like amount was paid on Sept. 15, June 15
accumulations
on
15 last, Dec. 12, Sept. 15, June 15, and March 15, 1938
and
15, 1937, this last being the first dividend paid by the company
February, 1933, when 87 Yi cents per share was distributed on this
issue.
Prior to this latter date regular quarterly dividends of $1.75 per
share were paid.—V. 149, p. 1330.
and March
on
Dec.
since
Mack Trucks,
Period End.
Inc.—Earnings—
Sept. 30—
x
After
y$282,837
$83,434
Earnings per share
capital stock
1939—9 Mos.—1938
1939—3/Mos.—1938
Net profit
x
$245,191
Deferred charges..
3,388,491
232,241
3,495,913
258,427
^^Mwlll, pats., &c
1
1
sharing
Sink,
$0.14
y
fund
57,694
Loss.
Mahoning Coal RR.—Earnings—
Period End. Sept. 30—
income after taxes
1939—9 Mos.—1938
1939—3 Mos.—1938
Net
and
$447,414
$14.64
charges
Earn.per sh.on com.stk—V. 149, p. 1768.
$216,638
$6.95
$799,335
$25.82
New
York
Curb
Exchange has been advised that the company
Investing Corp. an option to purchase
but unissued capital stock at $1.12M a
share
on or
before March 31, 1941.
According to Curtis Franklin, Treasurer of Majestic, this is the sole out¬
standing option of the company previous options having expired.
The
present option was granted in a letter dated Oct. 24, last.—V. 149, p. 3119.
Marion Steam Shovel
Co.—Listing—
The New York Stock Exchange has
authorized the listing of certificates
of deposit for not in excess of $1,859,500 first mortgage 6% 20-year isnking
fund gold bonds due April 1, 1947 on official notice of issuance pursuant
to
a
plan of bond sinking fund adjustment and deposit agreement of the
dated as of Aug. 1, 1939.
company
The purpose of the deposit of outstanding bonds is to obtain the assent
of the owners thereof to certain modifications of the mortgage securing
the bonds.
.
Under the plan and agreement the company proposes:
of the waiver by holders of the consequences of
That in consideration
any
default which might follow
upon
the failure to make
any
sinking fund
payment or payments as presently provided the company proposes:
(a) Following each fiscal year the company shall pay 25% of its net
earnings (which will in no event be in excess of the then current sinking fund
payment required under the mortgage) to the trustee for the retirement of
outstanding bonds.
Company shall have the right to tender, at their face
value, bonds purchased by it in satisfaction of any such payment, and
shall be entitled, subject to certain qualifications, to receive a credit against
sinking fund payments to the extent of the principal amount of any bonds
redeemed by the company subsequent to Aug. 1, 1939 under the provisions
159,000
Min. int. in capital
stks. & surp. of
reserve
_
(b) During such years as the company shall be unable to meet the then
sinking fund payment provided under the mortgage solely out of
25% of its net earnings, the difference between 25% of/its net earnings and
the then current sinking fund payment provided under the mortgage shall
be, to the full extent that net earnings are available, credited to a special
reserve account to be used for capital expenditures for plant, property and
equipment, or amounts so credited to the special reserve account may be
used in whole or in part for the purchase or redemption of outstanding
bonds.
Amounts credited to the special reserve account will not be segre¬
gated from the company's other assets, but such amounts are restricted
from use for the payment of dividends to the extent set forgh in (c) below.
(c) Company agrees for such period as any of its bonds shall be out¬
standing, to refrain from declaring or paying any dividends on any class
of stock, if, after the payment thereof, the company's net current assets
would be less than $3,600,000 plus any credit balance remaining in the
special reserve account referred to in (b) above.
current
Balance Sheet
hand
$119,480
Other current assets
Deferred
160,061
of June 30, 1939
Liabilities—
on
Notes & accts. receivable (net)
Fixed assets
(net)
assets
1,389,179
2,551,516
10,287
26,442
9,697
3,145,332
40,353
159,386
1,020,894
as
Assets—
Cash in banks and
1,046,835
Notes
payable
Accounts
-
payable
Total
$27,634
Accruals
457,076
255,784
Sinking fund payments
186,850
Miscell. deferred credits & res.
Reserve for compensation insur
First mortgage
6s
7%
cum. preferred stock
Common stock (no par)
Paid-in
surplus
Deficit from operations
22,990,499 22,633,0901
10,79025,000
1,651,500
2,643,900
2,379,525
2,287,635
2,633,408
22,990,499 22,633,090
Represented by 700,000 no par shares, y After deducting reserve for
depreciation of $8,650,724Jn 1939 and $7,959,584 in 1938. z After reserve
$487,508
$15.42
granted to Allied International
10.000 shares of the authorized
Notes receivable, non-currentInstalment mtge. note ree'le
pay
subsidiaries-..
x
Nil
$0.41
Nil
'
depreciation and Federal taxes,
Inventories, less reserves
61,049
due
Miscell.
Total
y$754,645
on
of the mortgage.
Net prof.bal .after ded.
curr .divs. but before
r-
89,445
71,823
—
—V. 149, p. 3117.
503,118
y149,781
_
Aug. 31 '39 May 31 '39
$432,865
$486,324
id Months Endedsales
Net
Majestic Radio & Television Corp.—Option—
1936
$2,336,324
earnings
$867,537
Louisville & Nashville RR.—New Director—
Richmond, Va., banker, asked the Interstate Commerce
authority to serve as a director of this railroad while
holding a similar position with the Atlantic Coast Line.—V. 149, p. 3267.
The
30
$17,193,840 $17,363,919 $18,327,405 $13,705,977
3.114,819
3,141.238
3,687,714
2,527,125
778,495
755,676
722,012
646,122
Other inc., int. on rec.,
disc, on purchases, &c.
x$956,284
Buford Scott,
Commission for
Liquid Carbonic Corp. (& Subs.)—Earnings—
x
1939—9 Mos.—1938
1939—3 Mos.—1938
z$365,816
$407,534
effect to audit adjustment charges of $38,451, but before
application of any part of general reserve of $3,000,000, and before allocation
of extraordinary items,
y After depreciation, amortization and setting up
reserves for taxes and other charges.
r Before application of any part of the $3,000,000 general reserve estab¬
lished under readjustmetn plan dated Oct. 2,1939, and before extraordinary
charges of $381,144 arising during first nine months of 1939, which charges
have not as yet been allocated to accounting periods affected and of which
a portion may be allocable to September quarter of 1939.—V. 149, p. 3117.
After giving
x
1936
After depreciation, Federal income taxes, &c.,
Net sales
taxes.—V. 149, p. 1768.
Joseph R. Vogel, Executive in charge of Loew's out-of-town theatre
circuit, was elected on Nov. 17 a director of Loew's Inc., the company an¬
nounced.
His appointment fills the vacancy on the board caused by the
recent death of Mr. I. Frey.—V. 149, p. 1480.
$385,245
$2.03
but before provision for
excess profits tax and surtax on undistributed profits,
b On 189,539 no
par shares of capital stock,
c Includes $37,671 profit on sales of machinery.
—V. 149, p. 1480.
a
but before Federal inco ne taxes,
&c.,
depreciation, depletion,
profits.—V. 149, p. 3119.
1937
$352,150
$1.86
1938
c$344,819
$1.81
1939
$467,675
$2.47
1930—9 Mos.—1938
y$380,938
x$984,688
$0.87
$2.26
Note—No deduction has been made for Federal surtax on undistributed
Lily-Tulip Cup Corp.—Earnings—
a
After
„„
Loew's, Inc.—New Director—
y
organized LeTourneau Co; of Georgia is now a fully owned subsidiary of
the parent company, effective as of Oct. 14, 1939.
The Georgia factory
was
originally financed by The LeTourneau Foundation in order that
R. G. LeTourneau, Inc. could conserve its working capital.
Dedicated on July 11 of this year, the factory was primarily built for
the manufacture of a new LeTourneau product, the "Tournapull.
Located
on a 2,000 acre tract a few miles from Toccoa, the new all-welded steel
building, which has a floor space of approximately 160,000 square feet, will
with
its
modern equipment practically double present manufacturing
facilities.
During the past year, R. G. LeTourneau and other company
officials have devoted considerable time and energy in establishing at the
a
Co. (& Subs.)—Earnings—
1939—3 Mos.—1938
y$165,760
x$389,532
$0.38
$0.89
After all charges and incl. provision for income
Becomes
-
Official announcement has been issued by the company
Directors have declared
Earnings per share
1935'—V' 149' P'
Paid °n eC"
*936' and
°n JUne
G.)
(R.
Period End. Sept. 30—
y
1939—9 Mos.—1938
$3,967,072
$3,871,796
1939—Month—1938
$601,323
$589,656
585.
p.
Net profit---
x
Co.—Final Dividend—
Dec. 14, 1938; 20c. paid on June
on
148,
—V.
final dividend of 62 He. per share on the
stock, par $5,
common
compares
Inc.—Sales—
Lion Oil Refining
1936
1937
1938
Lehn & Fink Products
Lincoln Stores,
Period End. Oct. 31—
Sales
Subs.)—Gammas—
1939
30—
1938.—V. 149,
1939 and $546,900 in
against receivables of $547,650 in
Directors have declared a
x
OLD Nov. 25, 1939
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS
3412
Total
-V. 149, P. 3119.
.$7,292,286
Total
$7,292,286
Volume
ONE HUNDRED—
149
Commercial & Financial Chronicle—YEARS OLD
The
(P. R.) Mallory & Co .—Common Dividend—
to all
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 9 to holders of record Nov. 29.
Dividends of 10 cents
were paid in the four
preceding quarters, the Dec. 20, 1938, dividend being
the first dividend paid since Dec. 10, 1937, when 25 cents
per share was
distributed; like amounts were piad on Sept. 10 and June 10, 1937.—V.
148.
1033.
p.
common
Market Street
Operating
1939
1938
$6,439,439
4,560,886
728,950
500,000
411,000
$6,683,591
4,882,201
931,828
500,000
442,500
$238,603
7,971
x$72,939
11,112
$246,574
433,521
20,752
3,515
revenues
Operation
Maintenance and repairs
*
Appropriation for retirement reserve
Taxes (other than income taxes)
..
It is callable at
$105
a
any
distribution is made on~the
The preferred stock has
share.
voting power unless four consecutive dividends are passed, in which
event it has equal voting power, share for
share, with the common stock
until all cumulative dividends on the
preferred stock have been paid. i
The
on
common stock has sole
voting power unless four consecutive dividends
the preferred are passed, in which event and until all cumulative dividends
the preferred stock have been paid, it has
equal voting power, share for
share, with the preferred stock.
The corporation is engaged in the manufacture of men's and
boys' shoes
its plants at Nashua and
Manchester, N. H.
Approximately 92% of
it8 output is sold to Melville Shoe Corp. and sold
by it in its Thorn McAn
stores.
The corporation's executive offices are at
Nashua, N. H
Ry.—Earnings—
x$61,827
442,254
21,368
4,937
•
stock.
3413
no
on
Years Ended Sept. 30—
unpaid cumulative dividends before
in
Reclassification of the Common and Preferred Stocks of Melville Shoe Corp.
To consummate the plan for
uniting the two corporations will require
an
Net operating income
income
.
...
Other
Gross
income
Interest charges.
Amortization of debt discount and expense
Other income deductions
Net loss
$211,214
10,377
29,718
114,519
2,019
in order to accomplish such apportionment.
It is proposed to amend the certificate of
Total
to issue 100,000 (or more) shares of
preferred stock and 1,000,000 (or more) shares of new common stock and
(b) So as to reclassify its presently outstanding stock in such manner
that each share of its present common stock will be
changed into two
shares of new common and 1/10 of a share of new
preferred, and each
share of present preferred will be changed into 11/200 of a share of new
preferred.
The new preferred stock will have a par value of $100
per share, and the
new common stock will have a
par value of $1 per share.
Both classes will
have full voting power, share for share.
Melville Shoe Corp. has a large paid-in surplus and a large earned
surplus,
and the reclassification will result in the capitalization of a
large amount
new
112
•
$367,847
16,865
$547,164
30,707
$350,982
4,209,090
$516,345
4,725,436
$3,858,108
$4,209,090
Profit
on funded debt acquired for sinking fund
Miscellaneous credits
111
Net reduction in surplus for the period
Earned surplus, beginning of period
Earned sin-plus, end of period
of surplus.
Acquisition
Marlin-Rockwell Corp. (&
Period End.
x
Earnings
per
share
$1.37
$0.46
x After
depreciation, Federal income taxes,
(par $1) capital stock.—V. 149, p. 1624.
y
On
339,244 shares
a
special meeting of the board of directors held Nov.
there
was
A joint statement
by Ward Melville, President of Melville
Corp., and J. Franklin McElwain, President of the
J. F. McElwain Co., follows:
We
happy to announce that the directors and principal stockholders
companies have approved the idea of the union of the two- businesses.
main object of the proposed union is to assure permanence to a
relationship which has existed harmoniously since 1922 when the first
Thom McAn store was opened and the first factory built to make its shoes.
During these years the two companies have acted together as a unit and
have shared the one profit resulting from their joint endeavor.
By this
merging of their financial interests they are removing from their operation
the one weak link, the dependence on a contract for a continuance of the
relationship.
This plan provides a unified business and financial setup
which will afford greater security for stockholders, workers and the public
at large.
Our plan simply Involves an exchange of stock.
By it no money is taken
out of either company and no new money is required.
The plan contem¬
plates no change In policy, no change in the tested principles that manu¬
facturing and retailing are two distinct functions and can best be handled
by experts in each field.
For this reason, the division of functions is
perpetuated by continuance of the two corporations as separate entities,
although under a single ownership.
The joint effort will be continued with
the same officers and the same organizations as before, assuring a con¬
tinuance of the happy working agreement which has proved so successful
of
Company paid a dividend of 40 cents per share on the common stock
Sept. 20 last and previously regular quarterly dividends of 25 cents per
distributed.
$1,
application to list 31,500 additional shares of common
official notice of issuance has been approved by the
upon
New York Curb Exchange.-—V. 149. p. 2695.
Merck &
Co., Inc.—To Pay SI Dividend—
Directors have declared
a
dividend of 25 cents per share and
dividend of 75 cents per share
(or
total of $1
an
additional
share) on the common
12.
Regular quarterly
Oct. 1, last.—V. 147, p. 3313.
a
per
stock, payable Dec. 22 to holders of recocd Dec,
dividend of 25 cents
was
Melville Shoe
The
stockholders
paid
on
Corp.—McElwain Merger Terms—
will
vote
Dec.
15
approving a proposed plan of
reclassify its present preferred
preferred and common stocks
as reclassified in exchange for shares of the preferred and common stocks
of J. F. McElwain Co. (Mass.).
Ward Melville, President, says in part:
For years the operations of your corporation, which sells shoes at retail,
and of J. F. McElwain Co., which manufactures shoes, have been con¬
ducted in close cooperation.
Shoes manufactured by the McElwain com¬
pany and sold by the Melville corporation constitute about 92% of the
output of McElwain and about 85% of the sales of Melville.
In the
past the results of this cooperation have been so satisfactory that the
management of each of the two companies believes that the interests of
its stockholders will be served by making the relationship permanent
through uniting the assets and businesses of both under one ownership.
To effect such union, a plan of reorganization has been formulated under
which Melville will reclassify its present preferred and common stocks,
and issue shares thereof as constituted after such reclassification in exchange
for shares of the preferred and common stocks of McElwain.
The purpose
of the reclassification is to provide a convenient medium for apportioning
the Melville stocks between the preferred and common stockholders of
each corporation on a basis fair and mutually satisfactory to each class.
The Commissioner of Internal Revenue has expressed the opinion that
no gain or loss will be presently recognized to either the preferred or common
stockholders as a result of the reclassification, and closing agreements on
this basis have been negotiated for some of the largest stockholders.
Your directors believe that the consummation of the plan will represent
a
logical and mutually advantageous step in the development of the
businesses of both corporations.
on
reorganization under which Melville will
and
common
stocks and will issue shares of its
in the past.
We feel that there
Brief Description of the Two Corporations
Corp.—Is a New York corporation.
It is authorized to
(par $5) of preferred stock, of which 99,992 shares
are issued
and outstanding (eight shares being held by the corporation
as treasury stock) and 500,000 shares (no par) of common stock, of which
number 404,722 shares are issued and outstanding.
The preferred stock is entitled to cumulative dividends at the rate of
6% per annum.
It is preferred over the common stock both in dissolution
and as to dividends, whether earned or declared or not, before any dis¬
on
the common
stock.
It is callable at $5.50
a
the
sale
at
retail
While
of men's,
women's
and
children's shoes
and
selves
other
and
other
we
have been two companies in the past, the personnel has worked
and
the consumer.
kindred
McElwain Co.
corporation owns property in Worcester, Mass., which is used
general warehouse and distribution center and to house the corpo¬
ration's accounting department.
The corporation's executive offices are
at 555 Fifth Ave., New York, N. Y.
J. F. McElain Co.—Is a Massachusetts corporation.
It is authorized
to issue 20,000 shares (par $100) of preferred stock, of which 16,016 shares
are issued and outstanding.
This figure excludes 2,460 shares held in the
corporation's treasury and 950 shares called for redemption on Oct. 1, 1939.
It is authorized to issue 105,000 shares (no par) of common stock, of which
number 104,726 shares, exclusive of 274 shares held in the corporation's
treasury, are issued and outstanding.
The preferred stock is entitled to cumulative dividends at the rate of
7% per annum.
It is preferred over the common stock both as to dividends
and in liquidation, being entitled to receive upon any liquidation, dissolu¬
V
31
9 Mos. End.
1938
Sept. 30 *39
$36,042,285 $27,019,958
Gross
27,086,773
29,772,678
28,052,807
20,660,394
$8,213,984
5,339,321
&public*y expenses)..
$8,382,759
6,155,183
$7,989,477
$6,359,563
4,582,420
profit (after do-
duct.
rentals
and
•
a
tion or winding up of the corporation, $100 a share and an amount equal
Dec.
1937
Gross sales, less discts..$35,300,758 $38,155,438
Cost of sales (incl. rentals
J. F.
The
'
1936
known as the "John Ward" chain, consisting
as
.
Years Ended
merchandise.
These chains are
of 12 stores, the "Frank ^od"
chain, consisting of nine stores, and the "Thorn McAn" chain, consisting
of 636 stores.
The figures given are as of April, 1939.
The corporation does no manufacturing.
Substantially all the men's
and boys' shoes sold in its Thorn McAn stores, the sale of which constitutes
the greater part of the corporation's business, are manufactured for it by
hosiery
The assured
management.
plus an amount equal to all unpaid cumulative dividends, whether earned
declared or not, accrued to and including the date of redemption.
The
preferred stock and the common stock have equal voting power, share for
share, each share of each class having one vote on all matters on which the
vote of stockholders shall or may be required.
The corporation is engaged in the conduct of three chains of stores
footwear,
actual union.
together as one.
We have been partneis in effort and in spirit and partners
by contract, although actually divided in ownership.
The change brings
no alteration in operation any more than it contemplates revision of policy
and method.
The two organizations are composed largely of
young men
fitted by character and training to assume even greater responsibilities.
We are proud of the accomplishments of our two organizations and welcome
the opportunity they now will have to be of greater public service to them¬
share
or
for
an
things better if we are actually in the one boat together. We aim to better
methods, to continue reducing the cost of distributing shoes as well as the
cost of manufacturing them.
Believing that all corporations have distinct
responsibility to stockholders, managers, workers and the public, the effort
tomaintain high principles in all relationshipswill be unified and strengthened.
Our companies were Imbued from the beginning with the philosophy
which expects to secure the safest and most successful operation over the
long pull by the sale of more items at lower prices, depending upon increased
unit sales to compensate for decreased price per unit and to give consumers
the benefit of reduced costs.
We set up and have maintained a standard
of quality rather than a price line.
In our opinion the shoes we have been
selling this year at $3.15 a pair are 25% better in workmanship and ma¬
terials than the shoes we sold at $4 in 1922 when we started, despite the
leadership which those shoes had in their time and despite the fact that
labor and taxes are substantially higher.
We feel we have been learning
and improving all the time and now are on a firm foundation and better
equipped to meet the problems of the future.
There is still much more to
accomplish.
An important reason for the values offered In Thom McAn shoes is that
seasonal fluctuations in the factories have been virtually nil.
With the
exception of the years 1931 and 1932 when all industry was at lowest ebb,
the factories' production schedule has been steady for 50 weeks a year.
This record of employment contrasts with an estimate by the Department
of Commerce that the average annual operation by shoe factories is only
33 to 35 weeks.
Steady work has been accompanied by high weekly and
annual wages, wages which we believe are the highest in the industry.
The
workers have shown their satisfaction with management policies by never
resorting to any costly procedure to adjust differences of opinion.
We shall
continue to
encourage
this healthy team play between worker and
100,000 shares
tribution is made
advantages in
are many
continuance of the joint enterprise opens a wide vista of greater service to
our workers and to the consumers of lower priced shoes.
We can do many
Melville Shoe
issue
are
our
The
Listing—
par
by
Shoe
dividend.
The company's
Co.
outstanding
shares of
on
stock,
McElwain
new preferred and 1 4726/104726 shares of new common.
For each share of McElwain preferred Melville will issue 1 10/200
new preferred stock.
(b)
17
1939, payable in December, contingent upon receiving the Securities and
Exchange Commission authority for the issue of the stock and the listing
of these additional shares on the New York Curb Exchange.
Company states that this stock dividend is not in lieu of the usual cash
were
F.
Theproposed basis of exchange is as follows:
(a) For each sh. of McElwain com. Melville will issue 354726/1047260
authorized the payment of a 15% stock dividend on the outstanding shares
of common stock to the holders of record at the close of business on Nov. 24,
share
of J.
shares of
Master Electric Co.—Stock Dividends—
At
Preferred Stocks
stock (par value $100 a share), and 104,726 shares of common stock
(no par).
It is contemplated that Melville Shoe Corp. will acquire all of the out¬
standing common and preferred stocks of J. F. McElwain Co. (and it is a
condition to the consummation of the plan that Melville Shoe
Corp. shall
acquire not less than 80% of each class).
1939—9 Mos.—1938
$947,390
$388,696
$2.79
$1.14
&c.
and
(exclusive of treasury stock) approximately 16,016 shares of 7% preferred
Subs.)—Earnings—
1939—3 Mos.—1S38
$465,683
$156,170
Net profit
y
Sept. 30—
of Common
Melville Shoe Corp.
At the time of the exchange, J. F. McElwain Co. will have
Indicates loss.—Y. 149, p. 2518.
x
necessary
incorporation of Melville Shoe
Corp.:
(a) So that it will be authorized
16,666
property of South San Fran. RR. & Pow. Co_
Miscellaneous charges
McElwain
$530,386
Other charges to earned surplus:
Loss on sale of property and equipment
Obsolete mat'ls & supplies reduced to scrap value
Losses incurred on account of abandonment of
apportionment of the common and preferred stocks of Melville Shoe
upon its acquisition of the common and preferred stocks of J. F.
Co., among the common and preferred stockholders of each
of the two corporations in such manner as will be fair and
mutually satis¬
factory to each class of stockholders.
The negotiations betewen Ward
Melville and J. F. McElwain developed the fact that a reclassification of
the Melville Shoe Corp. common and
preferred stock will be
Corp.,
6.158,362
$2,874,663
for Fed.
$1,831,114
$1,777,142
$2,311,201
62,163
$1,858,204
35,087
$1,802,791
19,035
430,025
Income deductions
Prov.
$2,227,576
$2,925,570
66,892
369,242
339,056
330,200
39,900
5,900
$2,388,754
134,140
1,891,766
$1,873,895
$1,484,060
29,998
1,212,675
$1,453,556
22,498
910,158
taxes on
income
Prov. for Fed. surtax on
undistributed
earns..
Preferred dividends
Common dividends
29,998
2,018,141
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3414
McElwain Co.)
Income Account (.J. F.
Years Ended Dec. 31
1936
1937
1938
Orofifi 83.1^8
<&c '
less disct
Melville Shoe
Others
9 Mos.End.
Sept. 30*39
1,254,850
1,132,563
1.395.109
214,086
210,842
195,674
$1,072,527
$977,346
$757,693
23,174
13,204
14,990
$1,095,702
$990,550
$772,683
457
521
18
178,556
131,414
The company having withdrawn its application for a loan of $115,000
from the Reconstruction Finance Corporation, the application has been
dismissed by the Interstate Commerce Commission.—v. 149, p. 2979.
287,840
profit.. $1,379,880
46,747
Sell., gen. & adm. exps__
Net operating
Other Income..
Missouri & Arkansas Ry.—Reconstruction Loan—
1,174,743
.$19,481,402 $22,232,491 $18,894,399 $15,321,686
17,887,435
20,949.121
17,721,379
14,276,152
Net sales
Cost of sales
......
income,..!....
Total
$1,426,628
Interest paid
1,850
Prov, for* Fed. taxes on
tacbme.............
214,796
.161,965
Prov. for Fed. surtax on
undistributed earns..
63,838
5,479
$1,146,142
114,317
628,356
$927,799
115,834
523,630
Net income..
Preferred dividends....
Common dividends.....
$641,250
89,071
418,904
$811,472
117,348
523,630
30, 1939
Pro Forma Consolidated Balance Sheet as at Sept.
$6,166,166
889,765
506,306
*
Marketable securities
.....—....
Notes and accounts receivable (net)
...
Advance payments on merchandise
Inventories
7,182,465
15,000
8,264
259,354
;
—
From Jan. 1—
Gross from railway
—V.
3,243,817
Fixed assets (less reserve for deprec. & amtge. of $4,174,064)..
Prepaid expenses and deferred charges
......
—V.
146,
......
..
$1,679,436
782,858
....
Dividends payable
99,750
100,000
239,143
...
...
Provision for Federal taxes on income.
Store managers' security deposits and deposits on leases
Reserves
629,536
.......
...
155,906
304,768
Total
stock, par $5, payable Jan, 2 to holders of record Dec. 16.
This
Oct. 2 and on July 1, last; dividends of 50
preceding quarters and previously regular
quarterly dividends of $1 per share were distributed.
See also V. 144,
p. 3508, for detailed record of previous dividend payments.—V. 148, p. 3229.
common
paid on Aug, 15 and May 16 last, Dec. 15, Aug. 15 and May 16, 1938.—
V. 149, p. 737.
Monsanto Chemical Co.—Year-End
stock, payable
Montour
share in ad¬
dition to a regular quarterly dividend of like amount on the common stock,
both payable Dec. 23 to holders of record Dec. 20.—V. 148, p. 3693.
Co.—Hearing Postponed—
The bondholders' protective committee has just been advised, that the
hearing (heretofore set for Nov. 27, 1939), upon the plan of reorganization
prepared by the trustees and for consideration of objections or amendments
thereto, and of such other plan or plans as may be proposed by the debtor
or by any creditor or stockholder * will be continued to Dec. 4, in the U. S.
Court House, Minneapolis, Minn.—V. 149, p. 2696.
Minnesota Power & Light Co.—Earnings—
Period End. Oct. 31—
1939—MonM—1938
$6381320
271,096
Operating revenues
Oper.exps.,lncl. taxes..
236,228
94,515
92,632
$246,074
119,297
104,291
1,608.853
1,363,998
450,296
519,706
2,173,128
979,166
948,094
1,946,300
855,895
816,293
648,031
687,906
2698.
& Co.—Extra Dividend—
(John) Morrell
18 declared an extra dividend of 50 cents per share
stock, payable Dec. 16 to holders of record Nov. 29.
Directors on Nov.
the common
on
147,
Morris Finance Co.—Extra Dividends—
The Board of Directors held a meeting on Nov. 15, and the regular quar¬
terly dividend of $2.50 per share, plus an extra dividend of $2.50 per share,
was declared on the class A common stock and 50 cents per share, plus an
extra dividend of 50 cents per share, was declared on the class B common
stock.
appear
The dividends are to be paid on Dec. 30, 1939, to stockholders who
of record at the close of business on Dec. 9, 1939.—V. 149, p. 1332.
Motor Wheel
$6,559,087
2,943,961
Corp. (& Subs.)—Earnings—
1939—3 Mos.—1938
1939—9 Mos.—1938
Period End. Sept. 30—
Inc. from sales of wheels,
Int.
on
$6,220,250
2,910,211
$849,036
$521,236
$2,377,422
22,199
27,268
51,073
102,279
$871,235
$548,505
$2,428,496
$1,145,539
294,668
254,367
107,245
800,339
104,463
80,599
14.913
314,024
222,362
720,901
322,201
14.913
$391,504
---
$171,979
$1,091,770
1.020,000
$87,524
170,000
$0.20
$1.28
$0.10
earned and income
investments
572
586
75,000
41,667
6,856
583,333
6,755
544,167
$257,224
$3,024,937
40
4
864
$2,759,117
1,731
Prov. for Federal inc. tax
$257,228
135,429
6,384
Crl25
$3,025,801
1,620,005
69,477
Crl,430
$2,760,848
1,629,455
73,483
01,908
$150,162
$115,540
Divs. applicable to preferred stocks for period..
$1,337,749
990,831
$1,059,818
990,821
$346,918
$68,997
-
.
Selling, adver., adminis.
and other chgs. against
$291,652
$1,043,260
■
Total income
Amortization of limitedinvestments
term
Prop, retire, res. approp.
Net operating revenues
Other income..
Gross income
Int.
on
...
$291,692
134,642
7,042
CV154
....
mortgage bonds.
Other int. & deductions.
Int. chgd. toconstr'n...
4
income.
...
Depreciation
_
Net profit
Dividend---
Earnings
income.—.....
share
Dividends accumulated
and unpaid
Oct. 31, 1939, amounted to
$309,658.
Latest dividends amounting to $1.75 a share on 7% preferred
stock, $ 1,50 a share on 6 % preferred stock and $1.50 a share on $6 preferred
stock, were paid on Oct. 2, 1939.
Dividends on these stocks are cumu¬
lative.—V. 149, p. 2697.
x
Mission
-
a
1939
b$615,469
1938
1937
z$934,346 x$2,336,088
l*a After all charges but before Federal income and surtax
on
1936
estimated Federal
income-taxes,
z
After deducting $8,198 loss
on
sale of
to 44 cents
share
(par $10)
stock, excluding 900 treasury shares.
Notes & accts.
2,062,794
Cash.....
-
rec.
Inventories
2,809,312
202,904
Prepaid taxes, ins.,
bond disct., &c.
Total..,
a
on
1,378,645 shares of capital
Mississippi Power & Light Co.—Earnings—
Period End. Oct. 31—
Operating revenues
Oper. exps.,incl. taxes..
Prop, retire.res. approp.
Net oper. revenues
Rent for lease of plant
1939—Month—1938
$690,393
$699,329
472,383
494,281
63,333
60,000
1939—12 Mos.—1938
$7,353,158
5,184,067
753,333
$7,353,417
5,042,804
$1,593,946
716,667
$154,677
$145,048
$1,415,758
Operating income
Other income (net)
$154,677
33
$145,048
$1,415,758
1,371
$1,592,279
1,587
Gross income..
mtge. bonds.
$154,710
68,142
7,154
$145,264
68,142
5,868
$1,417,129
817,700
Other int. & deductions.
84,411
$1,593,866
817,700
81.362
$79,414
$71,254
$515,018
403,608
$694,804
403,608
$111,410
$291,196
(net)
■
——
1,667
.....
Net income
x
Divs. applic. to pref.
Balance—
216
stock for the period---.-.
-
—
161,348
30,789
135,211
216,583
665,248
6,892,219
167,308
6,456,192
Res. for contingen¬
cies, Ac
i Profit and loss
117,503
126,509]
..12,912,932
11,958,0371
Mountain States Power
pany has
12,912,932 11,958,037
Total
Co.-—Amends Plan—
outstanding $8,182,250 5%
disclosed Nov. 17.
Com¬
and 6% bonds which fell due Jan. 1
Under a plan of reorganization awaiting court approval, these bonds
to be issued as new 5s due in 1953.
•
However, under the latest amendment to the plan, which will be filed
with the Securities and Exchange Commission, it is proposed to sell a
soon
$7,400,000 of first mortgage 4M% bonds to
and to obtain a five year bank loan for about $700,000
Proceeds from this financing will be used to pay present
bondholders in full and the transaction is expected to result in savings of
approximately $70,000 a year.
It is expected that the stock provisions of the plan will remain unchanged,
but the paying of the bonds will eliminate the necessity for bondholder
approval of the new arrangement. Formal approval of the plan of reorgani¬
zation is awaiting action in the Federal Court in Wilmington, Dei.
It is understood that the Equitable Life Assurance Society will take a
substantial portion of the new 4 H% first mortgage bonds and that the
Chase National Bank will advance the cash needed at 3 %".■—V. 149, p. 3269.
new
issue of approximately
insurance companies
at
about 3%.
Mount Royal
Hotel Co., Ltd.—To Vote on Reorganizat'n
A stockholders* meeting is
on
alties, &c..
Federal income tax
A new arrangement in the plan of reorganization of the company has
been worked out whereby the company's outstanding first mortgage bonds
are to be paid in cash at principal amount through the sale of new first-
Pay Larger Dividend—
Interest
Accrued taxes, roy¬
Represented by 50,000 shares of $5 par value,
y After depreciation
$5,761,460 in 1939 and $5,401,195 in 1938.—V. 149, p. 1183.
1938.
Directors have declared a dividend of 40 cents per share on the common
stock, no par value, payable Dec. 15 to holders of record Nov. 24.
This
compares with 25 cents paid on June 29, last; $1 paid on June 29, 1938;
25 cents paid on Dec. 24, 1937; $1 on June 15, 1937, and an initial dividend
of 45 cents per share paid on Dec. 18, 1936.—V. 149, p. 1624.
S
4,250,000
732,743
x
of
were
To
4,250,000
Accounts payable.
913,328
5,862,158
1,520,917
20,839
1,455,137
2.790,448
182,029
1938
$
Common stock..
mortgage bonds to insurance companies, it was
investments.
b Equal
Marketable secure.
y$542,06
Water Associated Oil Co. over the value at which such shares were carried
on the books, less operating expenses and taxes totaling
$112,889.
y After
1939
Liabilities—
x
5,595,288
2,119,790
5,342
chinery, &C
Sept. 30
1938
$
Land, bldgs., ma¬
undistributed
profits,
x The above profit is the result of dividends in the amount of
$1,209,743 received by the corporation on its investment in Tide Water
Associated Oil Co. and Skelly Oil Co. common stock and $1,239,234
repre¬
senting excess of amount received (from the sale of 250,000 shares of Tide
$0.46
-
1939
y
Other assets
Sept. 30—
-
Balance Sheet
to
Corp.—Earnings—
9 Mos. End.
Net profit.
on
850,000 shs. cap. stk.
Assets—
Balance
340,000
——
per
(par $5).
Net
x
$225,199
1—
.
stampings, &c
1939—12 Mos.—1938
$535,705
1936
$213,936
103,378
99,108
Net from railway—...
Net after rents
—V. 149, p.
1937
1938
1939
$216,090
97,344
93,300
P.
extra dividend of five cents per
Minnesota & Ontario Paper
RR.—Earnings
October—
Regular quarterly dividend of 50 cents was paid on Oct. 25 last.—V.
4060.
'
Michigan Silica Co.—Extra Dividend—
an
Common Dividend—
dividend of $1.50 per share on the
Dec. 15 to holders of record Dec. 1.
Regular
quarterly dividend of 50 cents was paid on Sept. 15, last.—V. 149, p. 2697.
Directors have declared a year-end
common
compares with 25 cents paid on
cents paid in each of tne four
Directors have declared
a dividend of 50 cents per share on account
8% cumulative preferred stock, par $10. payable
Dec. 1.
Dividends of 25 cents per share were
have declared
Gross from railway
dividend of 50 cents per share on the
$1.52
Dec. 15 to holders of record
From Jan
a
1938
$228,401
$2.74
- --.
Monolith Portland Cement Co.—Accumulated Dividend
of accumulations on the
Net from railway
Net after rents—
Mesta Machine Co.—Dividend Increased—
$1.66
1939
$411,382
Earnings per share on capital stock—V. 149, p. 3269.
Gross from railway
__
1938
$219,679
$2.22
Monarch Machine Tool Co,j—Earning-—
—V. 149, p. 3268.
Directors on Nov. 20 declared
1939
$293,244
...
—
10 Months Ended Oct. 31—
Net income after all charges-
9,826,000
918,896
4,179,052
....
;
Ohio (& Subs.)—Earnings—
.
$18,915,344
5% preferred stock
Common stock (par $1)
Earned surplus.....
8,797,323
1,902,220
901,376
10,246,334
2,191 124
959,467
2699.
p.
Directors
Prov. for redemption of pref, stock of McElwain company.
Provision for distribution to officers and employees..
1936
$1,098,033
326,466
220,109
149, p. 2979.
Earnings per share.
399,207
$18,915,344
Total
Liabilities—
Accounts payable—trade.
Accrued liabilities.
9,591,383
2,224,630
866,197
9,784,613
2,072,924
- 767,575
Mohawk Rubber Co.,
245,000
.......
...
Notes and accounts receivable—non-current (less reserve)
Accounts of officers and employees (partly secured)
Investments
RR.—Reorganization Plan-
Earnings for October and Year to Date
October—
1939
1938
1937
Gross from railway
$1,146,929
$1,077,245
$1,064 451
Net from railway
302,779
310,168
220,218
Net after rents.
176,994
171,290
77,028
9 Months Ended Sept. 30—
Net income after all charges
sscts
Cash in banks and on hand......
Mobile & Ohio
See Gulf Mobile & Northern RR. above.
Net from railway
Net after rents
—.—
1939
x Dividends
accumulated and unpaid to Oct. 31, 1939, amounted to
$554,961, after giving effect to a dividend of $2 a share on $6 preferred
stock, declared for payment on Nov. 1, 1939.
Divs. on this stock are
cumulative,—V. 149, p. 2697.
Corpl..$18,348,848 $20,977,641 $17,499,289 $14,146,943
I—'
Nov. 25,
being called for Nov. 30 regarding reorganiza¬
tion plan proposed by management.
Plan mainly provides for transfer
of the company's assets to new operating company for 100,000 shares,
reduction in interest on first mortgage with Metropolitan Life Insurance Co.,
issuance of $250,000 collateral mortgage bonds by new company to the
Metropolitan Life, and offer of general mortgage bonds and shares to
present company to provide $250,000 working capital.
—V. 149, p. 1624.
stockholders of
Mullins Mfg.
Corp.—New Director—
Henry J. Sargent was elected director of this corporation
James A. Roemer of Niles, Ohio, resigned.—V. 149, p. 3269.
to succeed
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Muskegon Piston Ring Co.
Period End. Sept. 30—
Net profit after taxes and
charges
-Earnings—
1939—3 Mos.- -1938
share
—Y.
149,
$68,386
$0.38
...
p.
$298,434
$0.55
$1.43
$0.33
Revised,
Muskogee Co.—To Pay 75-Cent Dividend—
National Bearings Metals Corp.—Dividend Resumed—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 6 to holders of record Nov. 21.
This will be the first
dividend paid since Dec. 31, 1937 when 75 cents per share was distributed.
—V. 146, P. 1407.
National
Bondholders
on
National Power & Light Co. (&
Period End. Oct. 31—
-Ami.
Property retire,
propriations..
B Series J
Amortization Mortgage. A Series
Central Funding
A Series
B Series
C Series
f
D Series
A Series
Empire Bond..
B Series
C Series
A Series
Federal Home
B Series
.
'
.
C Series
D Series
F Series
Franklin Mortgage.
...
.All Series
_.A Series
Guaranty Title.
B Series
C Series
A Series
Home Bond.
Instalment Mortgage...A Series
B Series
C Series
D Series
Investment Securities ..A Series
B Series
D Series
E Series
Investors Mortgage
A Series
B Series
C Series
D Series
B Series
Meline
C Series
D Series
E Series
Mortgage Bond..
F Series
Mortgage Guarantee.. .A Series
AA Series
AB Series
AC Series
AD Series
AE Series
AF Series
AG Series
AH Series
AI Series
A Series
Mortgage Security
AA Series
B Series
B-Ung. Series
BB Series
C Series
D Series
E Series
Mich. Series
Mich. 2 Series
Mich. 3 Series
C.T. A. Series
Ky-2 Series
B Series
National Mortgage
C Series
National Reserve
_.CA Series
CB Series
CC Series
Southern Securities
A Series
B Series
C Series
A Series
Title Investment
B Series
Union Mortgage...
AN Series
F
Series
G Series
H Series
Funds
Total
2.65%' 8%
5.35%
2.70%
6.30%
9%
4.13%
7.87% 12%
3.68%
6.32% 10%
6.29% 10%
3.71%
3.69%
9.31% 13%
2.80% 13.20% 16%
1.69%
2.31%
4%
8.14% 13%
4.86%
5.17%
3.83%
9%
7.59% 13%
5.41%
4.70%
3.30%
8%
3.98%
1.02%
5%
7.18% 12%
4.82%
5.11%
6%
.89%
5.29%
6.71% 12%
4.95%
2.05%
7%
3.62%
3.38%
7%
5.21% 23.79% 29%
4.90%
8%
3.10%
2.32%
7.68% 10%
.89% 18.11% 19%
3.35% 11.65% 15%
4.43%
4.57%
9%
3.96%
.04%
4%
4.95%
4.05%
9%
4.21%
7.79% 12%
4.00%
4%
2.67%
3%
.33%
*
4.89%
6%
1.11%
5%
4.83%
.17%
4.78%
.22%
5%
4.42%
.58%
5%
4.30%
.70%
5%
4.32%
2.68%
7%
9%
3.22%
5.78%
8%
3.68%
4.32%
4.86%
9%
4.14%
4.75%
8%
3.26%
4.19%
8%
3.81%
4.53%
3.47%
8%
5.30%
9%
3.70%
5.05%
2.95%
8%
4.23%
9%
4.77%
4.56%
6.44% 11%
4.05%
5.95% 10%
5.07%
7.93% 13%
6.00%
9%
3.00%
6.42%
4.58% 11%
7.00%
7%
6.72%
4.28% 11%
5.35%
7.65% 13%
5.79% 12%
6.21%
5.67%
5.33% 11%
6.11%
4.89% 11%
4.72%
2.28%
7%
6.67%
3.33% 10%
4.38% 10%
5.62%
6%
5.14%
.86%
•13%
6%
4.87%
4.98%
1.02%
6%
8%
.93%
7.07%
5.60% 11%
5.40%
5.36% 10%
4.64%
6%
"
.23%
5.77%
8%
3.85%
4.15%
4.46%
8%
3.54%
4%
4.00%
5.00%
6%
7.00%
7%
4.99%
1.01%
6%
1.48%
5.52%
7%
7%
5.47%
1.53%
Amount
Total
tributed
Distrtb'd
54%
65%
77%
75%
75%
78%
74%
100%
59%
75%
79%
74%
82%
67%
90%
69%
60%
77%
53%
95%
94%
92%
65%
65%
65%
58%
96%
46%
66%
66%
66%
77%
55%
84%
57%
53%
70%
24%
87%
84%
73%
72%
70%
78%
74%
72%
86%
94%
67%
64%
50%
61%
60%
72%
69%
81%
73%
67%
73%
71%
59%
60%
65%
72%
68%
54%
68%
51%
58%
48%
59%
55%
51%
77%
87%
79%
82%
83%
84%
90%
97%
73%
69%
55%
66%
65%
79%
78%
89%
82%
75%
81%
79%
68%
68%
74%
83%
78%
67%
77%
(net)
65%
59%
72%
67%
62%
39%
70%
64%
60%
47%
88%
73%
72%
66%
68%
74%
73%
80%
96%
84%
75%
86%
80%
93%
50%
77%
74%
70%
53%
93%
79%
80%
77%
78%
80%
81%
88%
100%
89%
82%
92%
87%
100%
National Bond & Share Corp.— Special Dividend
National Candy Co. (& Subs.)—Earnings—
shs. com. stk.
1939—3 Mos.—1938
$193,300
$48,055
(no par)
$0.82
$0.07
1939—9 Mos.—1938
$396,300
$237,617
$1.52
$0.70
After charges, depreciation and Federal taxes.
was made of Federal surtax on undistributed profits.
—V. 149, p. 1184.
x
Note—No mention
National Chemical & Manufacturing Co,—Extra
Div.
The Board of Directors on Nov. 20 declared an extra dividend of 10 cents
g;r share 1939. The regular quarterly dividend of 15 cents per share was
23, on the capital stock, payable Dec. 30, to stockholders of record
ec.
also declared payable Feb. 1, 1940, to stockholders of record Jan. 15, 1940.
Announcement of the dividend declarations was made at the annual
meeting of stockholders held Nov. 20.
Norman Daniel, Vice-President
and Treasurer, stated at the meeting that the business of the company since
Oct. 1, the
over
beginning of the current fiscal year, is showing satisfactory gains
the previous year.
National City Lines,
Inc.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 2.
7,694,331
72,026
5,063
Drl ,568
020,671
$7,062,783
public
$7,090,745 $26,202,772 $28,035,789
64,271
234,902
287,027
80,046
180,349
282,168
$7,074,970 $26,257,325 $28,040,648
33,193
and
other deductions
2,814,766
2,914,803
11,517,545
ll,85f,576
03,205
1,405,802
Cr2,660
1,515,416
Cr9,987
5,890,204
Cr7,670
6,061,662
688
949
Interest charged to con¬
struction
_
■
)Pref. divs. to public
Portion applied to min¬
11
189
$2,845,409
$2,647,222
$8,858,875 $10,134,131
$2,647,222
3,435
,858,875 $10,134,131
3,906
$2,849,315
Expenses, incl. taxes
95,816
Int. and other deduct'ns
256,396
$2,650,657
84,775
337,430
$8,957,092 $10,235,121
377,372
298,965
1,081,646
1,353,560
Bal. carried to consoli¬
dated earned surplus $2,497,103
Earns, per sh. of com.stk.
$0.38
$2,228,452
$0.33
$7,498,074
$1.06
ority interests
Net
x
x
equity
...
National Power & Light Co.—
Net equity..
$2,845,409
Other income
Total
98,217
100,990
$8,582,596
$1.26
Of National Power & Light Co. in income of subsidiaries.
Notes—(1) In connection with recent refinancing by a subsidiary, extra¬
x
ordinary deductions tor debt discount and expense and calkpremiums offset
taxable Income.
Consequently the accompanying statements include no
provisions by the subsidiary for Federal or State income taxes for the month
of October, 1939, nor for the period from Jan. 1, 1939 to Oct. 31, 1939.
Comparable provisions for such taxes for the corresponding periods in 1938
amounted to $156,452 and $1,373,741, respectively.
The statement for
the 3 months ended Oct. 31, 1939 includes a credit adjustment of $837,169
representing the cancelation of accruals of such taxes prior to July 1, 1939.
The accrual for such taxes for the 3 months ended Oct. 31,1938 was $436,353.
(2) Certain properties of subsidiaries were sold during 1938 and 1939,
and consequently the statement of consolidated income or National Power
& Light Co. and subsidiaries include the operations of these properties
only to dates of sale.
Statement of Income
Period End. Oct. 31—
Inc. from subs., consol.
(Company Only)
1939—12 Mos.—1938
1939—3 Mos.—1938
$592,953
3,906
$1,407,211
3,435
$5,704,208
98,217
$7,427,033
100,990
$596,859
95,816
$1,410,646
84,775
$5,802,425
377,372
$7,528,023
298,965
Net oper. Income
Int. and other deduct'ns
from income
$501,043
$1,325,871
$5,425,053
$7,229,058
256,396
337,430
1,081,646
1,353.560
Net income
Earns, per share of com.
stock
$244,647
$988,441
$4,343,407
$5,875,498
$0.10
$0.48
$0.76
Other...
Expes., incl. taxes
Nil
—V. 149, p. 3269.
Natural Gas Pipeline Co.
A
of America—May Reduce Rates
hearing will be held on Dec. 11 on
a
motion seeking reduced rates by
the company and its subsidiary, Texoma Natural Gas Co., for gas sold to
the Peoples Gas Light & Coke Co., the Federal Power Commission announcedon Nov. 17.
Peoples Gas Light sells this natural gas in the Chicago
The motion, filed with the FPG Nov. 7. is a joint action with the
Illinois Commerce Commission and the FPO participating.—V. 133, p. 4169.
area.
Nebraska Power
Period End. Oct. 31—
Operating revenues
Oper. exps., incl. taxes..
Co.-—Earnings—
1939—12 Mos.—1938
$8,403,561
$7,976,277
4,852,962
4,438,487
1939—MonJ/i—1938
$673,833
$678,914
420,632
393,394
Amortization of limited-
_
.
,
,
investments....
1,945
1,955
23,358
45,493
Prop, retire, res. approp.
52,500
48,333
621,667
596,666
$198,756
$235,232
$2,905,574
$2,895,631
131
63
2,173
12,348
$198,887
61,875
17,500
10,286
3,021
$235,295
61,875
17,500
9,481
Crl83
$2,907,747
742,500
210,000
109,993
1,788
$2,907,979
742,500
210,000
109,570
Cr24,706
$106,205
$146,622
$1,843,466
$1,870,615
pref. stocks for the period.._
499,100
499,100
$1,344,366
$1,371,515
term
Net oper. revenues
Other income
Gross income
Int.
Int.
on
on
mortgage bonds.
debenture bonds.
Other int. & deductions.
Int. chgd. to constr'n—
Net
income.....
Divs. applicable to
Balance...
—V. 149, p. 2521.
Neisner Bros.,
Inc.—-Extra Dividend—
share In ad¬
quarterly dividend of like amount on the common
stock, both payable Dec. 15 to holders of record Nov. 30.—V. 149, p. 3120*
Directors have declared an extra dividend of 25 cents per
dition to the regular
Directors have declared a special dividend or 40 cents per share on the
capital stock, payable Dec. 7 to stockholders of record Nov. 30.
Regular quarterly dividend of 15 cents was paid on Oct. 16, last.
See
V. 148, p. 1813 for record of previous dividend payments.—V. 149, p. 2520..
Period End. Sept. 30—
to
7,064,120
1,928,925
$7,092,313 $26,197,709 $27,963,763
1,893
Interest
62%
indicated, these distributions are being paid from the proceeds o'
dividends received from the Superintendent of Insurance of the State of
New York on account of the corporation's claim against National Surety
Co. and from general funds realized from the liquidation of other assets.
Distributions are payable on or before Dec. 15, 1939, to participation
certificate holders of record as of the close of business Nov. 29, 1939.
Transfer books will be closed for a period not exceeding 16 days beginning
Nov. 30.—V. 149. p. 2698.
Net profit..
Earns, per sh. on 192,815
1,648,044
Operating income..._ $7,008,919
to Date
46%
68%
As
x
ap¬
...
Net oper. revenues... $7,007,026
Rent from lease of plants
Dls-
ously
From
Funds
Series—
Alabama
res.
the fol¬
Preoi-
Authorized—
General
*
1939—12 Mos.—1938
Operating revenues
$18,668,801 $21,274,872 $79,437,504 $84,857,198
Oper. exps., incl. taxes. 10,013,731
12,253,634
46,175,675
49,199,104
lowing series at the rates indicated:
From
Subs.)—Earnings—
1939—3 Mos.—1938
Gross income
Claim
1936
$151,756
Subsidiaries
Other income
Other income deductions
Corp,—Distributions—
account of principal have been authorized on
$101,321
After all charges and Federal income taxes.
charges and Federal income taxes.
Net profit for quarter ended Sept. 30, 1939, was $71,798, equal to 22
cents a share,
comparing with $47,021, or 14 cents a share, in third quarter
of 1938.—V. 149, p. 2980.
Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 15 to holders of record Nov. 24.
Like amount was paid
on July 14 and Jan. 14 lsst; this latter being the first dividend paid since
Dec. 15, 1936, when $1 per share was distributed.—V. 149, p. 2698.
1937
x$361,898
1938
1939
$159,744
y
„
^
Directors have declared a dividend of 75 cents per share on the common
stock, no par value, payable Dec. 15 to holders of record Dec. 1.
This
compares with 25 cents paid on June 15, last, and on Dec. 15 and June 15,
1938.—V. 149. P. 1625.
Corp.—Earnings—
(Including Airdepot Realty Corp.]
9 Mos. End. Sept. 30—
y Net income
x
National Aviation Corp.—To
Container
$113,485
1625.
Distributions
was
1939—9 Mos.- -1938
Earns, per share on com.
stock
27,1938, and a dividend of 25 cents pe
paid in December, 1937.—V. 149, p. 2980.
National
$80,458
3415
made on June 30, last, and on Dec.
Similar payment was
New Bedford Gas & Edison
Light
Co.-^-Notelssue—
Utilities will hold a hearing
of $500
used to
retire
$500,000 floating indebtedness Incurred in making extensions,
additions and improvements to plant and property.
It is proposed to sell the issue at not less than par to not more than two
private institutional purchasers.—V. 149, p. 2980.
The Massachusetts Department of Public
Dec. 5 on the petition or the company for approval of an issue
serial notes, bearing interest not to exceed 3 M %.
Proceeds will be
New
England Power Association-—Hearings—
A hearing has been set for Dec. 8, at the Shawmut National Bank Build¬
ing, Boston on the application (File 56-66) of New England Power Asso¬
ciation filed with the Securities and Exchange Commission with regard to
the
proposed sale by its subsidiary, Massachusetts Utilities Associates, of
1,368 shares of capital stock of Gardner Gas, Fuel & Light Co., a subsidiary
The stock is to be sold to Harold E.
Greenwood for $1 in cash.—V. 149, p. 2698.
of Massachusetts Utilities Associates.
New Britain
Machine Co.<—Rights to Stockholders—
The company is offering 35,000 shares of common stock for subscription
share, pro rata, at the rate of one share for each three shares of
common stock held, to the common stockholders of record Nov. 17.
Sub¬
scription rights will expire at the close of business on Dec. 4, 1939.
Proceeds of this issue will be used to retire the 7 % preferred stock out¬
at $25 per
This can be done on any dividend date and it is the intention of
the directors to call this stock for retirement as of Jan. 1, 1940.
Proceeds
standing.
from the sale of this stock, in addition to the amount necessary
for the
ONE HUNDRED —The Commercial & Financial
3416
7,024 shares now outstanding, will be added to the com¬
working capital.
retirement of the
pany's
Income Statement
for Period from Jan.
Net sales
1, 1939 to Sept. 9, 1939
$2,356,225
1,818,340
334,337
Cost of
goods sold
Selling, Administrative and general expenses.Operating profit
$203,549
-
Other Income
37,235
*
$240,784
22,059
34,594
Total income
Other
Taxes
deductions..
on
--
income
$184,131
24,584
52,500
Net profit
Preferred dividends.
Common dividends.
Sept. 9, 1939
Balance Sheet
lAabilities—
Assets—
Nores and accounts rec. (net)
Inventories
....—
Notes and accts. rec.
Federal and State taxes on inc
(other).
Property, plant & equiP- (net)
Deferred charges
68,997
Reserve for contingencies...
$817,507
389,857
929,387
8,470
1,096,368
32,021
Cash
$212,460
16,322
702,400
pay.
7% class A cum. pref. stock.
Cora, stock (stated value $1
per
$3,273,610
Total..
standing securities will receive in exchange for the principal thereof with
accrued interest thereon reorganization securities in the following ratios;
Fixed
....
R. Co. bonds
Danbury & Norwalk R. Co. bonds
Boston & New York Air Line Co. bonds
New Haven & Northampton Co. bonds
Central New England Ry. Co. bonds.
Bonds secured by 1st and ref. mortgage
15-year secured gold bonds
4% debentures due May 1, 1957
Providence Securites Co., 4% deben¬
tures due May 1, 1957
$3,273,610
Total
40%
100%
100%
Credit Corporation and the
exchanged for new collateral
Banks hold¬
Bonds
40.72 %
Chase Nat. Bank, New York
62.79%
Irving Trust Co. (N. Y.)
First National Bank, Boston
National Shawmut Bank, Boston
Second National Bank, Boston
Union Trust Co. (Springfield)
Bank of Manhattan Co
National Rockland Bank (Boston)
Rhode Island Hospital Nat. Bank
77.76%
Co
State Street Trust
a
quarterly
dividends of $1.50
per
share were dis¬
New Jersey Power &
Light Co.—Appeals FPC Ruling—
F The company
and Jersey Central Power & Light Co. have petitioned the
TJ. S. Circuit Court of Appeals at Philadelphia to set aside the "deter¬
mination" by the Federal Power Commission, July 18, last, that acquisition
by New Jersey Power of 341,340 shares of the common stock of the Jersey
Central Power on March 14, 1938, was a violation of the Federal power law.
—V. 149, p. 3270.
New Orleans Great Northern
Ry.—Reorganization Plan
See Gulf Mobile & Northern RR. above.—V.
143,
p.
2380.
Period End. Oct. 31—
Inc.—Earnings—
1939—12 Mos.—1938
$1,480,659 $18,781,971 $18,374,701
994,276
12,145,499
12,330,572
177,000
2,202,005
2,124,000
$368,963
$309,383
$4,434,467
86
Net oper. revenues
101
2,897
$369,049
187,799
$309,484
200,166
18,970
CV4,011
$4,437,364
2,306.576
253,804
Other income (net)
Int. on mtge. bonds
Other int. & deductions.
19,484
Int. chgd. to construct'n
Netincome
$94,359
$161,766
Divs. applic. to pref. stock for the period
Balance
Crl2,027
$1,889,011
544,586
$1,344,425
accumulated
and
83.22%
52.13%
24.21%
24.21%
8.31%
16.62%
16.62%
$3,920,129
10,029
$3,930,158
2,413,812
247,097
Cr52.149
79.05%
100%
(Providence)
58.46%
including claims arising out of rejection
of leases and guaranties will be discharged in common stock equal in par
amount thereof as finally allowed by the court; provided the aggregate of
such claims does not exceed balance of common stock remaining after
^P^artffof1'the
RR. Co. and the Hartford
Providence Warren and Bristol
RR., secondary debtors, under which tbese com¬
Western
connection with, or as a part of, the re¬
organization of the principal debtor, and their properties and assets trans¬
ferred to the principal debtor, are recommended for approval.
Recom¬
mendation for the aquisition of the properties and assets of the Boston &
Providence Railroad Corp. by the principal debtor also is made.
The proposed report further recommends that the plan of the Old Colony
RR., secondary debtor, under which the Old Conony would transfer its
so-called Western and Cape group of properties to the principal debtor, and
abandon the operations, both freight and passenger services, on its so-called
Boston group of properties by Jan. 1, 1941, be not approved at this time
by the Commission, and that, in view of the existing unfavorable earning
position of the Old Colony that no plan for its recorganization be approved
149,
time.—V.
this
at
3270.
p.
North Central Texas Oil
$1,321,398
544,586
3 Mos. End. Sept. 30—
$776,812
Oil royalties
Rentals from min'l rights
Oct. 31, 1939, amounted to
$2,632,166.
Latest dividend, amounting to $3.50 a share on $7 preferred
stock, was paid on Oct. 2. 1939. Dividends on this stock are cumulative.
unpaid to
Bonds Called—
Company announced on Nov. 22 that it is calling for redemption on
29, 1939, $900,000 principal amount of its general lien 4j^% gold
bonds due July 1, 1935, as amended and supplemented by the extension
plan and agreement dated Aug. 24, 1934.
Called bonds will become
payable on Dec. 29 at their unpaid principal amount (i.e., 90% of the
original face amount) together with accrued interest at the principal office
of the New York Trust Co., 100 Broadway, N. Y., or Whitney National
Bank of New Orleans, La.
The announcement also states that holders of bonds called for redemption
on which payment of the 10% of the principal amount has not been col¬
lected in accordance with terms of the extension plan may obtain the 10%
upon presentation of their bonds to the New York Trust Co., as agent.
—V. 149, p. 3270.
Dec.
Co., Inc.-
-Earnings1936
1937
1938
1939
$54,872
$47,443
1,498
$62,120
1,037
$75,581
1,523
190
234
298
340
$77,402
12,947
1,614
$56,719
11,531
Lease operations..
$49,131
11,979
1,078
Total oper. income
Admin. & gen. expense.
Legal & purch. expense.
Depreciation
Taxes, sundry
Depletion and properties
charged off
$63,391
13,111
1,285
1,507
777
390
143
131
130
4,125
3,000
3,000
3,000
16,229
20.827
24,617
19.683
Net operating income.
Int. & divs. on securities
$15,329
$25,025
$35,092
$21,599
50
50
_J0
Net inc. before Fed.tax
$15,380
$25,075
$35,142
300
$21,899
Comparative Balance Sheet Sept. 30
Liabllitie
1938
1939
Assets—
$83,569
$77,931
24
Cash..
11
Accts. receivable..
1938
1939
—•
$3,245
Federal taxes
5
Accoun s payable.
"
New York Merchandise
Stock
panies would be reorganized in
1939—Month—1938
$1,555,458
Operating revenues
989,556
Oper. exps., Incl. taxes..
196,939
Prop, retire, res. approp.
Stock
40.72%
Unsecured obligations and claims,
& Connecticut
New Orleans Public Service
■
37.21%
22.24%
29.41%
43.86%
20.95%
16.78%
70.59%
56.14%
_
.
Com.
Pref.
Income
Merchants Nat. Bank of Boston
declared
Dividends
54.65%
Bonds
20.36%
100%
England Telephone & Telegraph Co.—To Pay $2
Previously regular
x
43.35%
Fixed
tributed.—V. 149, P. 3270.
x
25%
40%
Interest
Bank—
meeting of the directors held on Nov. 21, a dividend of $2 per share
on the common stock, payable Dec. 23,1939, to stockholders of
record at the close of business, Dec. 1, 1939.
At
181
50%
100%
20%
ing secured notes will receive/ in exchange for the principal thereof and
accrued interest thereon reorganization securities in the following ratios:
Dividend—
was
Stock
100% of the remaining balances of the notes.
—V.149.P. 3120.
New
Com.
Stock
85%
20%
The secured notes held by the Railroad
Reconstruction Finance Corporation will be
trust notes for
Pref.
Bonds
Bonds
100%
New England
1,753,219
415.211
surplus
Income
Interest
Outstanding Issue—
Housatonic R. Co. bonds
105,000
share)
surplus
Capital
Famed
Equipment obligations will remain undisturbed.
New York & New
England R. Co.-Boston Terminal first mortgage bonds and Dutchess
County R. Co. first mortgage bonds will be paid off in cash.
The New
York. Providence and Boston R. Co. general mortgage bonds, Naugatuck
R. Co. first mortgage bonds. The Harlem River & Port Chester R. Co.
first mortgage bonds, and the Providence Terminal first mortgage bonds
will remain undisturbed, and accrued and unpaid interest paid in cash,
except accrued and unpaid interest due on Harlem River & Port Chester
bonds will be paid in new fixed interest bonds.
Holders of other out¬
_
and accr. exps_.
Accts.
Chronicle—YEARS OLD Nov. 25, 1939
Co., Inc.—Extra Dividend—
Directors have declared
an extra dividend of 15 cents per share on the
stock, par $10, payable Dec. 15 to holders of record Dec. 1.
Regular quarterly dividend of 15 cents per share was paid on Nov. 1, last.
See also V. 148, p. 285.
1,950
4,650
1,352,622
1,375,715
ties (cost)
x
common
leases
y
-
99
438
15,432
48,791
assets...
Deferred charges..
27,820
(par $5)
1.350.000
1,350,000
Dr 122,500
122,392
132,315
116.884
Capital surplus
118,462
18,091
19,328
Furn. & fixtures.
Deferred
41
27,530
stock... Drl33,000
Com. stk.
Treasury
Mineral rights &
$5,457
credits..
Deferred
Marketable securi¬
Earned
surplus
New York New Haven & Hartford
RR.—Proposed New
Reorganization Plan Eliminates Preferred and Common Stock—
Harvey H. Wilkinson, an examiner for the Interstate Com¬
merce Commission, proposed on Nov. 17 a plan of reorgan¬
ization for the road calling for a reduction of capitalization
from $475,871,843 to $365,000,000.
The present capitaliza¬
tion is as of Oct. 23, 1935, the date of filing of the petition for
reorganization.
The plan also would reduce fixed charges
Exceptions to the proposed report must be filed in Washington and served
so as to reach other counsel of record on or before Dec
7, 1939; replies to
exceptions may be filed and served on or before Dec 17, 1919
►
This case is assigned for oral argument before the Commission, division 4,
at its office in Washington, on Dec
21, 1939.
recommended
as
Amount
Underlying bonds.
Collateral trust notes.
Fixed interest 4%
bonds
Total fixed Interest debt.
Rent for leased roads
$12,872,000
22,422.000
12,995,230
90,722,219
Capital fund
Income 4H% bonds
Income mtge sinking fund
reserve
Charge
$455,012
896,880
519,809
3,628,889
$1,179,186 in 1938.
y After reserve
$7,595 in 1938.—V. 149, p. 1333.
North Texas Co.
Contingent
Charge
$118,672
64,817
$119,162
65,187
17,396
12,102
18,685
11,640
$24,357
$23,649
•
Net oper. revenues
$253,750
21
$24,357
12,843
16
$264,289
149,970
Retirement accruals
$23,649
10,850
$11,514
Balance
Gross income
$253,766
$12,799
$114,318
9,681
$120,331
5,354
$114,977
49,492
133,436
equip, notes, &c_
910
335
$10,604
3,356
$12,464
3,537
$104,637
$7,248
$8,927
$63,541
41,221
$65,485
$22,319
$14,931
Int.
Int.
on
on
bonds (3% fixed)
Balance
Net income after income interest
$1,000,000
4,058,565
450,952
a
of incorporation on Marchl2,
Northern Illinois Finance Corp.—Earnings—
End. Sept. 30—
1939—3 Mos.—1938
1939—9 Mos.—1938
$53,089
$73,386
$163,189
$210,272
Earnings per share
$0.33
$0.54
$1.16
$1.55
Net profit.
y
x
$9,078,924
50.554
Period
x
3,569,407
Includes North Texas Co. only from date
41,097
1938.—Y. 149, p. 2700.
,
$6,385,019
$264,267
Non-oper. income (net).
96,600
90,190,334
1939—12 Mos.—1938 ^
$1,361,337
$1,359,930
752,685
756,927
195,964
211,076
148,421
al38,176
Bal. before bond int..
figures do not reflect the securities issuable under the recom¬
mendation for the acquisition of the Boston and Providence properties.
This would involve the issue of $3,039,213 fixed interest bonds, $1,467,520
Income bonds and $1,467,520 preferred stock and would involve additional
fixed charges of $121,568.
The equities of the holders of both the common and preferred stock are
found to have no value; and no provision is made for the stockholders in
the plan.
1939—Month—1938
Maintenance
787,829
$365,000,000
(& Subs.)—Earnings
Period End. Oct. 31—
Operating revenues
Operation
After all charges,
Northern
The above
$1,205,798 in 1939 and
for depreciation of $7,965 in 1939 and
3% income interest on bonds
Total funded debt..
$229,201,783
5% preferred stock ($100 par value
per share)
71,388,136
Common stock ($100 par value per
share)
64,410,081
Total capitalization.
$1,502,488 $1,496,165
Total
for depletion and depreciation of
'
-.$139,011,449
Guaranties
After
follows;
Fixed
Issue—
Undisturbed equipment trusts
x
Taxes
and guarantees to $6,385,019 from $20,329,920.
New capitalization and charges are
$1,502,488 $1,496,165
Total
y
On common stock.—V. 149, p. 1626.
Pacific
Ry.—Equipment Issue—
The company has asked the Reconstruction Finance Corporation to
purchase at par and accrued interest $5,000,000 of its 2 % % serial equipment
trust certificates, to aid in financing the purchase of new equipment costing
around $5,560,000.
The equipment would consist of 1,000 box cars, 500
gondola cars and 100 multiple service cars.
* 4
The
equipment obligations would mature in 20 semi-annual instalments
beginning Aug. 1, 1940.
The road would pay at least
of $250,000 each,
10% of the total purchase price of the equipment from its own
p.
2983.
cash.—V.1149,
Volume
ONE HUNDRED—
149
Northern
RR.
of
New
Commercial & Financial
The
Jersey- -Trustee Indicates Con-
tinuance of Service—
.
147, p. 3023.
Ohio Seamless Tube
Period End. Sept. 30—
The Erie itself, it is
understood, may want to continue to operate on new
terms, for it is admitted that the freight service is
profitable.
Another
x
equipment and terminal, cutting
five miles off the present run to
Jersey City.
Judge Reeve added that the Northern was hoping for help from the
Public Utility Commission's
survey of its financial status.
The findings of
the survey are to be disclosed to the
trustees and directors shortly.—V. 148,
P. 741.
1939
Operation
Maintenance
_
.
Appropriation for depreciation and retirement
res_
$5,962,369
1,924,090
250,800
564,693
870,532
122,224
Taxes
927,114
173,347
Provision for Federal and State income taxes
Net operating income
Other income (net)
Gross
Interest
$2,343,175
income
$2,403,627
799,539
77,853
29,070
Amortization of debt discount and expense
Interest on indebtedness to affiliated co
$2,255,437
994,220
64,261
254,817
793
41,843
14,066
29,070
$1,439,986
....
funded debt
on
$856,367
Other interest (net)
6,539
41,843
8,796
Amortization of sundry fixed assets;
Miscellaneous deductions
Minority int. in net income of
sub. company
*
Net income
-V.
149,
p.
1334.
NY PA NJ Utilities Co.
(& Subs.)—Earnings—
12 Months Ended Sept. 30—
Operating
Operating
1939
revenues
Provision for retirements
Federal income taxes
Other taxes
.
Operating income
Other income (net)
$20,352,591
974,374
-
-
——
.
Gross income
Other interest
8,733,684
417,147
8,652,649
489.051
0164,003
2,978,567
9,825
$7,657,016
_
not
being paid on cumul. pref.
stocks, and provision for minority interest
Balance...
NY PA NJ Utilities Co. charges:
Interest on long-terra debt—;bonds
and debs
800,138
2,042,917
650,475
93,187
803,983
2,036,312
697,950
94,633
$5,003,947
$4,024,137
convertible obligations
Amortization of debt discount and expense
Net income
Note—This statement does not include any income from investments in
securities representing an interest in approximately 90% of the outstanding
common stock of Jersey Central Power & Light Co.
Earnings of the latter
applicable to that percentage of common stock,
$753,000 for the current period.—V. 149, p. 2983.
company,
Oklahoma Natural Gas Co.
Years Ended Aug. 31—
Total operating revenues
Total operating expenses and taxes.
amounted
to
yl939
$8,217,086
4,126,476
4,126,476
$4,090,610
4,318
$4,090 610
4,318
$1,040,711
$1,094,927
1.078,117
$4,094,927
Pacific Tin
meetings:
fic Tin, will receive one share of Pacific Tin
Consolidated for each five old
shares of
Yukon-Pacific, or a total of 127,945 shares.
Stockholders of
Pacific Tin will receive 4 3-5 shares of Pacific Tin Consolidated for each
share of Pacific Tin, or a total of
958,792 shares.
listing the new stock of Pacific Tin
Stock Exchange, and for its registration
under the Securities and Exchange Act of 1934.
The exchange of this
stock with old Pacific Tin stockholders will take
place as soon as such
application and registration are granted.
The exchange with old YukonPacific stockholders will
take place
immediately, and the new Pacific
Tin Consolidated stock received therefor will be admitted to
dealings on
the New York Curb Exchange, effective on Nov. 24, and until the
grant
of Stock Exchange
listing and registration above referred to."—V. 149,
p. 3121.
"Application has
Consolidated
..
Non-opei ating income (net)
Balance...Retirement accruals
^
Gross income
1.078,117
$3,016,810
$3,016,810
$2,966,262
for
1939
1937
$2,912,391
420,376
$1,643,849
657,784
Expenses, taxes, and insurance
d epletion,
abandonment,
amortiz., intangible develop., •Sec-
$2,504,587
370,000
$2,134,587
767,588
$2,492,015
782,824
D epr ec.,
665,598
860,215
1,179,161
Dividends received, &c
on sale of securities.
$506,784
863,133
loss78,678
$530,030
x919,284
Profit
$320,467
333,017
34,220
Interest, &c
Federal income taxes.
$687,704
121,507
40,000
$1,291,239
139,989
80,000
$1,449,314
142,065
75,000
$526,197
$1,071,250
$1,232,249
$0.52
$1.07
$1.23
Earnings per share on 1,000,000 shares
capital stock (par $10)
x
Includes profit on sale of securities.
For quarter ended Sept.
1939, net profit was $63,528, equal to six
cents a share, comparing with $33,568, or three cents a share, for quarter
ended Sept. 30, 1938, and $315,133, or 31 cents a share, for quarter ended
June 30, 1939.
To
30,
Pay 40-Cent Dividend—
Directors have declared
a
dividend of 40 cents per share on the common
stock, payable Dec. 19 to holders of record Nov. 27.
This compares with
50 cents paid on Dec. 20. 1938; 75 cents paid on Dec. 15, 1937, and 65
cents on Dec. 18, 1936.—V. 149, p. 1187.
Pan American Petroleum
Period End. Sept.
x
y
Earnings
30—
Net profit
per
&
Transport Co. (& Subs.)
1939—3 Mos—1938
$1,162,286 loss$118,807
$0.25
share
1939—9 Mos—1938
$2,662,560 loss$455,307
$0.57
Nil
Nil
,
After
depreciation, depletion and Federal taxes, but before provision
possible surtax on undistributed profits,
y On 4,702,944 shares of
common stock (par $5).—V. 149, p. 1627.
for
Park
a
&
Tilford, Inc.—Earnings—
Period End. Sept. 30—
Estimated net profit..
After
surtax on
charges
1938
$1,923,394
279,545
Oil and gas royalties.
a
income taxes due to decreased int.
and
1939—9 Mos.—1938
1939—3 Mos.—1938
$110,034
$46,007
$280,131
.
income taxes, but
undistributed profits.—V. 149, p. 1627.
charges
Federal
$278,633
provision
before
for
125,000
bonds and (or)
on
debs
637,500
on bank loans
Other interest
—
52.837
52,305
110.592
-
1,283,498
193,867
52,837
Interest
110,961
12,102
tax-free covenant securities.
15,014
Amortization of premium on debt—
1,304,497
Park Utah Consolidated Mines
9 Months Ended Sept. 30—
Amortization of debt disc't & exp
Taxes
made
New York
Pacific Western Oil Com.—Earninas—
1.086.232
11,783
Estimated additional Federal & State
Interest
been
the
on
9 Months Ended Sept. 30—
x
Net operating revenues
Corp.—Reorganization Voted—
"Under the plan Yukon-Pacific changes its name to Pacific Tin Con¬
solidated Corp., recapitalizes with authorized
capital of 1,086,737 shares of
$1 par, and acquires all the assets of old Pacific Tin, which latter
company
will be dissolved.
Former stockholders of Yukon-Pacific, other than Paci¬
$4,052,494
yl938
$8,053,789
4,013,078
$653,411
$4.36
Stockholders of Yukon-Pacific Mining Co. and of this
corporation, at
meeting held Nov. 21 at Augusta, Me., and Wilmington, Del., approved by
overwhelming majorities the plan of reorganization of the two companies
as
recently announced.
The following statement was issued after the
(& Subs.)—Earninos—
xl939
$8,217,086
1938
$646,735
$4.31
stock—.
com.
-
Other interest
z
1939
150,000 shs.
7,267
$8,590,663
for divs.
522,814
472,453
Cr46,137
3,132,731
-
Amortization of debt discount and expense
Interest charged to construction
Dividends paid or accrued on pref. stocks
on
$19,235,511
891,253
$21,326,965 $20,126,764
Subsidiary companies charees:
Interest on long-term debt
Interest
1938
$75,112,664 $72,757,620
32,393,104
32,802,379
4,756,143
4,625,565
7,058,844
6,139,107
2,145,645
1,983,481
8,406,337
7.971,577
expenses
Maintenance..
Prov.
$2,230,029
25,407
60,452
per share on
Extra Dividend—
1938
$6,386,404
1,990,253
297,271
655,243
1335.
Directors have declared an extra dividend of 20 cents
per share in addi¬
tion to the regular
quarterly dividend of 40 cents per share on the common
stock, par $10, both payable Jan. 3 to holders of record Dec. 16. Extras of
10 cents were paid in each of the 11
preceding quarters.—V. 149, p. 1335.
(Wis.) (& Subs.)—Earnings
revenues
Aviation, Inc.—Registers with SEC—
9 Months Ended
Sept. 30—
Profit after taxes and
charges.
Earnings
Electric output of the Northern States Power Co.
system for the week
Nov. 18, 1939, totaled 29,225,930 kilowatt-hours, an increase of
4.6% compared with the corresponding week last year.—V. 149, p. 3271.
Northern States Power Co.
$95,063 loss$101.819
Pacific Indemnity Co.—-Earninqs—
(Del.)—Weekly Output—
Years Ended Sept. 30—
1939—9 Mos.—1938
149, p. 883.
See list given on first
page of this department.—Y. 149, p.
ended
Operating
After all charges.—V.
Pacific
Co.—Earnings—
1939—3 Mos.—1938
$33,231 loss$22,703
Net income
x
use of the West Shore road's
Northern States Power Co.
3417
Directors have declared a dividend of $1 per share on account of ac¬
cumulations on the 7 % cumulative first preferred stock
par $100, payable
Dec, 1 to holders of record Nov. 15.
See also Y.
Jiidw Irving S. Reeve, trustee for road on Nov. 19 assured commuters
that the decision of the Federal Court in
Cleveland Nov. 18 which allowed
the Erie RR. to disaffirm its lease on
the Northern on Jan. 31, 1940, did
not mean that the line was
to be abandoned.
He indicated that the worst
that could bg
expected would be curtailment of passenger service.
possibility is
YEARS OLD
Ohio River Sand & Gravel Co.—Accumulated Dividend—
Co.—Earnings—
ore
1939
17,536
-
222,849
1937
$197,402
279,646
$167,331
7,806
sales.
Other income
1938
$147,807
30,613
18,982
$192,674
Income from
.
$1,042,527
33,015
CrlO.QQQ
on
Net income
a
15,014
$2,002,593
$1,554,869
$1,486,397
133,200
133,200
Annual pref. stock div. requirements:
Convertible 6% prior preference
$5.50 convertible prior preierred
319,000
.
Prel erred
273,150
Balance lor
common
stock & surp._
27.3.150
273" 150
$1,410,443
$1,148,519
$2.09
$1,080,047
Earns, per share common stock
$2.56
$1.96
Pro iorma statement which adjusts current year earnings to reflect the
x
full annual effec
figures,
surtax
on
on
income taxes and charges
Before
retirement accruals,
undistributed profits.
z
a
of recent financing,
Before
provision
y
for
Actual
Federal
1939
Prop.,
43.793,738 49.304,821
Franchises.-_--13,33/,475
13,337,475
124,367
126.368
1,371,786
1.238,874
Notes receivable.-
1,115
5,577
Accounts receiv'le.
316,494
Mat'ls
Organization
exp.
Cash
1939
1938
$
Liabilities—
$5.50
pipe
plant,
lines & eqpt
a
$
bonds called and sold
Mine operations and general expense-
13,768
—
Est. accrued Fed. & State inc. taxes.
Net loss.-'
—
x$73,943
Earns, per sh. on
stock ($1 par)
x
45,000
_
Depreciation (estimated)
—
$1,075,542
715,097
12,500
26,184
45,000
20,346
30,000
Prop., tax & insurance accruals.
—
-
x$147,590profx$276,760
2,093,540 shs. cap.
Nil
Nil
$0.13
Before depletion.
Comparative Statement of Net Working Capital
Dec. 31, '38 Sept. 30, '39
$147,476
$135,30o
Notes and accounts receivable
39,926
67,835
U. S. Government bonds
263,578
263,578
Federal Land Bank bonds
398,875
398,875
Municipal bonds—
49,825
29,925
Cash--
1938
$
Assets—
on
Current Assets—
Consolidated Balance Sheet Aug. 31
-
Profit
$
prior
conv,
pref. stock
5,800,000
Preferred stock
4,552,500
4.5&2.500
Common stock.—
8,249,790
8,249,790
24,900,000
Long-term debt
Sees, called
-
-
—
Total—
-
—
-----
Current liabilities
$899,680
35,402
$895,518
72,802
for re¬
354,235
demption
549,159
749,402
Notes payable
Prepayments
94,330
44,146
Accounts payable.
219.995
84,474
86.538
b Funded
debt.—
100.000
371.000
Consumers' depos.
1,165,245
1,203,020
6,418
14,421
Taxes accrued
390.742
1,329
1,106,647
Net working capital
$864,279
$822,716
169,314
Miscell
Sees,
suppliesinv. (cost)
redempt. fd.
ft deposits
count & expense
debits
13,420
16,172
Dlvs.
Retirement
761,220
423.200
631,499
65.017
accrued
Other llabs. accr'd
14,956
1,017,365
Interest accrued--
Unamort. debt dis¬
Unadjusted
50.000
Div. ctfs. (unci*d)_
1,175,333
Special deposits—
29,563.000
22,200
6.959
14,772
reservell,323,927 16,646,756
25,601
38,454
Oper. reserves
Unamort. prem. on
debt, less exps._
Earned surplus
Total
a
61,246.761
66,384.6771
Total..
Going concern value and other intangible assets,
year.—V. 149, p. 3271.
ment due within one
—
63.356
65.124
3,159,349
4.031,072
61.246.761
66,384,677
b Sinking fund
pay¬
,
Decrease in working capital
—V.
-
-
2,380
$820,336
$43,943
149, p. 1627.
Peerless Casualty Co., Keene, N. H.—Stock Offered—
Barrett, Herrick & Co., Inc., New York, offered Nov. 21 the
unsold portion of 30,000 shares of common stock (par $5)
at $12 per
share.
Common stockholders of record Nov. 7
161,035
Unadjusted credits
Decrease in inventory
were
given the privilege of
pur¬
chasing the 30,000 shares of stock at $11 per share in the ratio of three addi¬
tional shares for each eight shares held.
This privilege expired on Nov. 20.
Company was originally organized March 7, 1901 by and under a special
Act of the Legislature of the State of New Hampshire for the purpose of
insuring any person against bodily injury, disablement, or death resulting
from accident, and providing benefits for disability caused by sickness.
From inception, the company conducted its operations as a combined stock
ONE HUNDRED—The Commercial &
3418
On April 9, 1909, the form of organization was
combined stock and mutual company to that of a stock
mutual company.
and
changed from
a
Financial Chronicle—YEARS OLD Nov. 25, 1939
or hereafter created, having an aggregate par
capital not greater than such balance.
authorized
now
stated
company*
Company has operated successfully since inception and is engaged in the
business of writing accident, health, casualty, liability, fidelity and surety
risks and reinsurances and it is qualified to do business in 24 States, includ¬
1937
ing California, Illinois,
Massachusetts, New York Ohio
and Pennsylvania.
present time, it has approximately 771 agents writing business
for it of which 379 agents handle accident and health insurance, 160 auto¬
At
the
232 fidelity and surety
mobile insurance and
offering the management proposes
that the company can
so
a
take
on
insurance.
to increase the
...
.
portfolio.
contemplated
investment
and paid-in surplus will enable
insurance and to absorb a larger
principal underwriter will use
their best efforts to increase the capital and paid-in surplus by at least
$100,000 by Dec. 1, 1939 so as to enable the company to qualify to write
burglary insurance in the State of New York.
If such increase or qualifica¬
tion is not effected the company will still continue to do business in the
State of New York along the same lines now being conducted by it.
Capitalisation—Present capital structure, together with the capital struc¬
ture upon the completion of the proposed financing, is given below:
increase in capital
the company to take an additional line of
volume of business.
Company and the
To Be
Authorised Outstanding
$200,000
$200,000
550,000
550,000
Upon completion of proposed financing.—V. 149, p. 2523.
Class of
Stock—
pref. stock ($100 par)
Common stock ($5 par)
6%
cum.
a
.
Pennsylvania-Central Airlines Corp.—Earnings—
x
Net profit
$16,844
$22,859
.
After depreciation,
x
1939—10 Mos.—1938
1939—Month—1938
Period End. Oct. 31—
$967
$89,330
Federal and State income taxes and other charges.
approved the company's application
to list 12,000 additional shares of capital stock, par $1, upon official notice
of issuance.—V. 147, p. 3618.
$2,321,037
948,974
452,312
242,796
479,399
241,321
247,354
117,138
129,940
61,791
from oper.
$676,954
Dr8,728
$639,141
Dr4,069
$347,552
Dr5,052
$180,928
Dr2,508
$668,225
210,817
$635,072
226,420
$342,500
107,943
$178,419
$457,408
$408,651
$234,556
$125,626
Net
earns,
Other income
Bonbright & Co., Inc., and including Paine, Webber & Co.
and Mitchum, Tully & Co.
The bankers announce that the
issue has been sold and the books closed.
The offering prospectus states that the company has also
contracted to sell privately to 12 insurance companies
$5,200,000 first mortgage bonds, 334% series due 1969, at a
price of 10134 and accrued interest.
Arrangements for the
sale of the bonds were made through Bonbright & Co., Inc.,
Paine, Webber & Co. and Mitchum, Tully & Co.
[The directors on Nov, 21 accepted the bid by Bonbright & Co., Inc.
associates of 53^ for the stock.
Otis & Co. and Ladenburg, Thalmann & Co. bid $53.28 for the shares and proposed to sell the stock to the
and
public at 55.]
The $2.50 pref. stock is entitled to cumulative dividends from Oct. 1,
1939, payable Q-J.
Red. as a whole or in part at any time, at the option
less than 30 days' notice, at $55 a share and accrued
dividends.
Exempt from Pennsylvania personal property taxes, now
aggregating eight mills.
Transfer agent, First National Bank of Erie,
Erie, Pa.
Registrar, Marine National Bank of Erie, Erie, Pa.
Purpose of Issue—The net proceeds from the sale of the $5,200,000 of
bonds of the 3% % series due 1969, exclusive of accrued interest, and of the
46,292 shares of $2.50 pref. stock, exclusive of accrued dividends, are
estimated at $7,687,819, after deducting expenses estimated at $39,376.
These proceeds, together with $318,241 from the company's treasury, will
be used to redeem, on April 1, 1940, the company's 1st mtge. bonds, 4%
series due 1965, now outstanding in the principal amount of $5,200,000,
at 105%
($5,460,000), and, on Dec. 25, 1939, the company's 6% cum.
pref. stock, now outstanding to the extent of 23,146 shares, at $110 per
share ($2,546,000).
earnings
Net
Int. & other deductions.
income
Net
and exchanges and
supplying telephone service in the City of Erie and in
Millcreek Township, in the County of Erie, Pa.
By virtue
ment to the charter dated Jan. 26, 1921, and through the
46,292 shares thereof
properties and franchises of various other companies, the area of opera¬
been extended until at present it serves approxi¬
mately 343 communities and surrounding territories in Pennsylvania,
grouped in five general areas.
On July 31, 1930, the corporate name of
the company was changed to Pennsylvania Telephone Corp.
Company is engaged in the business of providing, without competition,
telephone service to the above mentioned 343 communities and their
environs.
It is estimated by the company that the total population of
the areas served is in excess of 500,000.
the
tion of the company has
Company owns toll lines and provides toll service between various of
own exchanges, and, in some cases, between its exchanges and exchanges
of other telephone companies.
Toll service to other points in and out of
Pennsylvania is provided through toll connections with The Bell Telephone
Co. of Pa., American Telephone & Telegraph Co., and certain independent
companies.
Operating Revenues for Stated Periods
Years Ended Dec. 31
12 Mos.End
its
*
1936
,
Local service revenues..
Toll service revenues...
Miscell. oper.
61,836
$2,152,606
During the period from Jan.
1,
1938
$2,030,993
306,607
37,097
$2,327,941
297,533
revs
Total oper. revenues..
made
1937
$1,953,961
325,106
48,873
$1,793,235
$2,374,699
1934 to Sept. 30,
1939,
Sept. 30 '39
$2,067,399
332,340
34,278
$2,434,018
the company
property additions of $6,234,791 (including $320,312 for
properties of companies merged in 1934, the stocks of which had been
acquired rpior to Jan. 1, 1934) and property retirements of $4,269,464.
^ross
Capitalization—
1st mtge. bonds, 3 M % series due 1969
$2.50 pref. stock (cum.), no par..'..
$2.25 pref. stock (cum.), no par
Common stock (par $50).
_
Authorized
x Outstanding
Indeterminate
$5,200,000
f 70,292 shs.
[
v
)
None
I
J
(53,000
shs.
Upon completion of present financing.
y Authorized capital stock is $10,000,000.
Out of such total company
at Sept. 30, 1939, had authorized the issuance of 53,000 shares of common
stock, 25,000 shares of 6% cumulative preferred stock, 24,000 shares of
$2.50 preferred stock and 46,292 shares of $2.25 preferre dstock.
On
Nov. 20, 1939, the company took the necessary corporate action to change
the dividend rate of such $2.25 preferred stock to $2.50, fixed as the stated
capital for such shares of $2.50 preferred stock the consideration ($2,488,195)
to be received therefor, and determined to retire the 6% cumulative pre¬
ferred stock.
Out of the balance of such total authorized capital stock, the
company may hereafter authorize, from time to time, the issuance of addi¬
tional shares, with or without nominal or par value and of any class or series
x
bonds
offered amount, in the aggregate, to
of Preferred Stock
$175,730.
Underwriters
Bonbright & Co., Inc., New
23,146 shs.
17,360 shs.
York
Paine, Webber & Co., New York
Mitchum, Tully & Co., Los Angeles,
Calif
5,786 shs.
Terms of Sale of the Bonds of the 3 H % Series Due 1969
By 12 separate identical agreements dated Nov. 4, 1939, the following
named purchasers have severally agreed to purchase for their own accounts,
for investment, and the company has agreed to sell, an aggregaet of $5,200,000 principal amount of first mortgage bonds, 3K% series due 1969:
$1,000,000
750,000
750,000
400,000
400,000
400,000
350,000
350,000
300,000
250,000
150,000
100,000
The price to be paid to the company by the above named purchasers is
101 M% Plus accrued interest from Aug. 1, 1939 to date of delivery.
For services rendered in connection with such sale, the company has
agreed to pay Bonbright & Co., Inc., Paine, Webber & Co., and Mitchum,
Tully & Co., a fee of V2 of 1% of the principal amount of the $5,200,000 of
the first mortgage bonds, 3M% series due 1969.—V. 149, p. 3273.
Co., New York
Mutual Life Insurance Co., Boston
New York Life Insurance
John Hancock
-
Co., Milwaukee.
Massachusetts Mutual Life Insurance Co., Springfield, Mass..
State Mutual Life Assurance Co., Worcester, Mass
Sun Life Assurance Co. of Canada, Montreal, Canada
Mutual Benefit Life Insurance Co., Newark, N. J
Provident Mutual Life Insurance Co. of Philadelphia
Phoenix Mutual Life Insurance Co., Hartford. Conn
Home Life Insurance Co., New York—
National Life Insurance Co., Montpelier, Vt
----Pacific Mutual Life Insurance Co. of California, Los Angeles.Northwestern Mutual Life Insurance
,
(& Subs.)—Earnings—
Pet Milk Co.
1937
1936
59,425,812
8,589,186
$8,556,171
7,770,552
201,246
3 Mos. End. Sept. 30—
1939
Net sales...
$9,992,409
Costs and expenses..
8,815,036
1938
$7,474,464
6,745,997
182,531
174,673
174,308
$553,795
1,125
$662,318
2,448
$584,373
841
$725,600
6,835
230,919
$554,920
14,318
104,299
$664,766
16,887
$584,373
6,833
135,754
xl63,889
"""893
618
""792
35,091
807
$486,953
110,339
$435,685
110,339
$511,333
110,338
$377,753
110,339
$376,614
$325,346
$400,995
$267,414
$1.10
$0.98
$1.15
$0.85
Depreciation
y270,084
Abnormal sales prov
$724,759
Other income.
Interest (net)
Federal taxes
Loss
on
capital assets—
interest
Minority
Net
profit..
Common dividends
Surplus
Earns, per sh. on 441,354
shs. com. stk. (no par)
Reserve to cover expenses
and are properly chargeable
against that part of the fourth quarter sales which were anticipated by
unusually heavy sales in the third quarter.
'.
Includes
x
undistributed
profits
taxes
y
which will be incurred in the fourth quarter
Balance Sheet Sept.
1939
1939
$
1,211,165
1,684,016
41,912
1,555,516
16,831
14,689
14,819
2,607,295
413,602
230,171
400,000
a270,084
252,190
244*227
3,583
Common stock__ 7,798,534
Earned surplus
4,306,816
7,798,534
3,571,391
4,825,009
619,016
& notes receiv..
622,274
Due from employ's
and agents
Inventories
Invest. & advances
Real est., mach.
& equipment7,270,141
831,347
Goodwill
Def. chgs. to oper.
After
Sundry accts. pay.
900,000
36,921
112,792
118,620
Acer. sals. & wages
xCustomers' accts.
x
1,591,598
Fed'l income tax..
2,975,293
hand
Total
$
payable-
Notes pay. to bks_
1,115,865
2,300,000
Accounts
Misc. accts. rec'le.
y
1938
$
Liabilities—
Cash in banks and
on
30
1938
$
Assets—
of an amend¬
acquisition of
for uncollectible accounts.
requirement on the $5,200,000 of 3H% series
subject hereof amounts to $169,000.
The annual dividend require¬
ments of the 24,000 shares of $2.50 preferred stock outstanding and of the
the
of company, upon not
Business and Territory—Company was incorporated as Mutual Telephone
Co. on Feb. 1, 1897, for a term of 99 years, under the laws of Pennsyonvaia,
for the purpose of constructing, maintaining and operating telephone lines
52,793
After deducting provision
a
The annual interest
The New York Curb Exchange has
Pennsylvania Telephone Corp.—Preferred Stock Offered
—Financing for corporation was carried out Nov. 22 with
the offering of 46,292 shares of $2.50 cumulative preferred
stock at $55.25 a share, by an underwriting group headed by
.
Operating revenues—
Operating expenses
Depreciation
General & Fed'l taxes—
a
.
,
the volume of business done during the pre¬
and seven-months ending July 31, 1939.
Capital and,
Gross
ReinNet Profit
Surplus at
Premiums
surance
Net
Per Profit
at End
less Return
Premiums Premiums
and Loss
Year—
Period
Premiums
Ceded
Written
Statement
1934
$315,545
$294,557
$7,828
$286,728
$6,310
1935:::::
364,428
359,424
11,937
347,487
19,816
1936.:
527,012
431,894
10,881
421,012
47,511
998,296
490,875
18.594
472,281
81,180
1938
1,037.518
925,649
92,740
832,908
101.760
1939"(7 mos.)
1,013,557
758,037
93,840
664,196
23,433
Purpose of Issue—Net proceeds will be used for the purchase of securities
which are qualified as legal investments for insurance companies organized
under the laws of the State of New Hampshire.
Such legal investments
are to be purchased in the open market and will go into the company's
_
6 Mos. End. 3 Mos. End.
31. '38 June 30, '39 Sept. 30, '39
$623,503
$1,215,342
$2,371,882
250,843
503,297
1,012,020
Ended—
By the present
ceding period of five years
The
Years
value o
„w
,
Dec. 31, '37 Dec.
capital and paid-in surplus
additional lines of insurance and absorb
larger volume of business.
The following table shows
Periods
Earnings for Stated
Accrd.taxes & Int.
Notes
161,029
current
Deferred credit
16,204,739 16,254,178
reserve
600,000
150,000
Res. for conting..
77,280
82,581
payable, not
Res. for Insurance.
7,017,174
914,109
34,297
122,694
Mln. int. In subs..
r
4,419
16,204,739 16,254,178
Total...
for doubtful debts and discounts of
$188,688 in 1939 and
After reserve for depreciation of $7,136,965 in 1939
and $6,677,943 in 1938.
z Represented by 441,354 no par shares,
a See
note y above.—V. 149, p. 1627.
$106,874 in 1938.
y
Philadelphia Electric Co.—Obituary—
Arthur Baird Huey, Vice-President
16 —V. 149, p. 2702.
in Charge of Legal Affairs, died on
Nov.
Philadelphia
Rapid
Transit
Co.—Reorganization—
Darby, Media & Chester Street Ry. bondholders, who have not assented
the Philadelphia Rapid Transit Co. plan of reorganization, have been
informed that their right to elect the exchange of their bonds for the con¬
solidated mortgage bonds of the new company in the ratio set forth in the
plan will expire upon the issuance of letters patent to the new company,
which it is expected, will be issued Jan. 1, 1940, according to a notice to the
bondholders from the P. R. T. reorganization managers.
The notice states
that failure on the part of D. M. & C. bondholders to send in their bonds
accompanied by proper forms within the time limit will constitute an election
on their part to proceed for realization of the value of their claim as shall be
determined by the U. S. District Court.
The D. M. & C. bondholders were the only class of creditors who failed
to accept P. R. T. plan in the necessary two-thirds amount.
D. M. & C. bondholders who have accepted the reorganization plan have
been informed in a notice from the reorganization managers that if they
do not desire their acceptance to become effective but prefer to proceed for
realization of the value of their claim they must within 30 days from Nov. 16
deliver to Drexel & Co. written revocation of their prior acceptance with
bonds attached for cancellation of the notice of acceptance.
Failure to do
this, the reorganization managers state, will constitute an irrevocable elec¬
tion to accept the exchange under the plan.
If the assenting bondholders
desire their acceptance to remain in force, they are notified to deliver their
bonds accompanied by proper forms to be exchanged for new securities.
The new securities are expected to be ready shortly after Jan. 15,1940.—V.
149, p. 3273.
to
Pitney-Bowes Postage Meter Co.—Earnings—
9 Months Ended Sept. 30—
Net profit after deprec., develop. &
Federal & State taxes, &c
Shares capital stock
1939
1938
research exps.,
$371,186
896,028
Earnings per share
$0.42
$0.41
x Includes share of profit after taxes of British affiliate to June 30, 1939,
and profit after taxes of Canadian Postage Meters & Machines Co. to
Sept. 30, 1939.—V. 149, p. 2703,
2377.
x$378,967
897,266
Volume
ONE HUNDRED—
149
The Commercial & Financial Chronicle—YEARS OLD
Philadelphia Co. (& Subs.)—Earnings—
Years Ended Sept. 30—
Operating
Operation
Maintenance and repairs
Approps. for retirement and depletiion
Exploration and development costs
reserves
Taxes
Prov. for Federal & State income taxes
Net operating revenue
-$14,512,511 $12,871,482
180,100
179,995
Rents for lease of electric properties
Net operating income
ments
a
—Y. 149, p. 2703.
Powdrell & Alexander, Inc.—To Pay 20-Cent Dividend—
Directors
on Nov. 16 declared a dividend of 20 cents per share on the
stock, par $5, payable Dec. 15 to holders of record Dec. 1.
Divs.
were paid in each of the three preceding quarters, the March 15
dividend being the first dividend paid since Sept. 15, 1937 when 20 cents
per share was distributed.—V. 149, p. 2377.
common
of 10 cents
Pressed Steel Car Co.,
$14,332,411 $12,691,487
Dr73,369
23,969
Other income (net)
Interest
on
$14,259,041 $12,715,455
5,465,521
5,471,421
508,553
509,875
7,240
Crl35,965
funded debt
Amortization of debt discount and expense
Other interest (net)
Guaranteed
dividends
on
Consolidated
Gas
Co.
of the City of Pittsburgh pref. capital stock.-
1.571,719
27,289
Appropriation for special reserve
Miscellaneous deductions
Divs. on capital stocks of subs, held by others
Minority interest in undistributed net income of
subsidiary
a
69,192
125,000
259,915
1,594,687
272,745
I
Consolidated net income
$4,820,125
33,914,907
$6,336,783
32,093,707
Consolidated surplus, beginning of period
1939—3 Mos.—1938
Net loss
$206,115
$38,430,490 $38,735,032
792
792
1,473,420
1,473,420
600,000
600,000
269,340
269,340
2,640,188
Common stock dividends
Federal
income tax deficiencies, pior years,
gether with interest and expenses thereon
2,640,182
in
5,866,064
311,194
applicable
to
indebteness
expenses,
of
137,568
securities
and
stock,
no
value, both payable Dec.
par
1,205,900
140,496
4,101
$27,439,015 $32,093,707
Consolidated surplus, end of period
Pittsburgh Rys. Co. (and companies
operated by it), Pittsburgh Motor Coach Co. and Beaver Valley Traction
Co. and its subsdiary.
statement
To Reduce Stated
excludes
Capital—
r
Company has filed with the Securities and Exchange Commission, an
application or declaration (File 43-271) regarding the reduction of the
stated capital applicable to each share of its common stock from $10 a
share to $7.25 a share. The company has 4,800,814 shares of issued common
capital stock and the stated capital is to be reduced from $48,008,140 to
$34,805,901.50, it is stated.—V. 149, p. 3273.
Pinchin Johnson &
Co., Ltd.—Final Dividend—
cents per share on the
Nov. 6 to holders of record Sept. 19.—V. 148,
Directors have declared a final dividend of 17.1
American shares payable
p.2283.
P Porto
Rican-American
Bond-
Co.—Adams
Tobacco
Prosperity Co., Inc.—Earnings—
9 Months Ended Sept. 30—
after charges and depreciation,
Profit
has
bondholders'
sent
letter
a
protective committee
to
the
holders of the
15-year secured
6%
convertible
of the com¬
for the reor¬
Jan.
ganization of the company.
The committee had its origin in a conversation in August last between
White, whose firm had for many years purchased and sold Porto
Rican American Tobacco Co., bonds as a broker for numerous clients and
the company,
and a representative of Saxton & Co., Inc., dealers in
investment securities.
,
_
John C. Adams, Chairman, John P.
Margetts Jr., with Brush & Bloch, Counsel and
Hirst F. Bloom, Room 1905, 50 Broadway, New York, Secretary.
The committee now has written authorizations from the holders of over
The members of the committee are
White
and
Walter
T.
$700,000 of bonds, which is more than 20% of the
outstanding.
The bondholders represented by the
27 different States and foreign countries.
A
entire issue presently
committee reside in
importance is now havnig the attention of this com¬
26, 1939, a motion was made by one of the trustees
matter of great
mittee.
On
Oct.
appointed by the Court in the reorganization proceeding for an order,
among other things, directing the City Bank Farmers Trust Co. to turn
over to the reorganization trustee all the collateral pledged with the bank
to secure the
bonds.
Counsel for this committee has been instructed to
investigate the legal aspects involved in this application.
They have been
in consultation with the trustees and with the attorneys for the bank and
they will appear at the hearing before the Court to oppose any action
which.will in any wise impair the lien of the bondholders with respect to
the collateral securing the bonds.
The motion to compel the City Bank Farmers Trust Co. to turn over
all the collateral pledged to secure the bonds will be heard shortly .
The
committee would like to represent as many bonds at this hearing as possible
and therefore asks bondholders give this matter their immediate attention
signing and returning the necessary
by
were
$28,008
$229,017 against $173,117 in October,
Public Service Co. of Colorado—Underwriters Named—
The company has filed with the Securities and Exchange Commission
amendment
listing
underwriters
$40,000,000
bonds
and
that
the
first
for
$12,500,000
an
its registration statement covering
debentures.
The amendment also
mortgage 3 H%
bonds would mature Dec. 1, 1964
debentures would mature
originally planned.
The
original registration statement was filed Aug. 30.
The underwriters and the amounts to be underwritten by each are as
instead of Aug. 1, 1964, and the 4% sinking fund
Dec. 1, 1949 in place of three months earlier as
Halsey, Stuart & Co., Inc., $9,500,000 bonds and $5,250,000 debentures.
First Boston Corp., $2,75 >,000 bonds and $2,450,000 debentures.
Blyth & Co., Inc.; Harriman, Ripley & Co., Inc.; Central Republic Co.;
Lehman Brothers; Mellon Securities Corp.; Otis & Co. and Smith, Barney
& Co.. $1,000,000 bonds and $500,000 debentures each.
Bonbright & Co., Inc., $750,000 bonds and $25 >,000 debentures.
Blair
& Co., Inc.; Goldman, Sachs & Co.; Harris. Hall & Co., Inc.; W. O. Langley
& Co.; E. H. Rollins & Sons, Inc.; Stone & Webster and Blodget, Inc.,
$750,000 bonds and $175,000 debentures each.
A. C. Allyn & Co., Inc.; A. G. Becker & Co., Inc.; Boettcher & Co.;
Bosworth, Chanute, Loughridge & Co.; Coffin & Burr, Inc.; Graham,
Parsons & Co.; Hallgarten & Co.; Hemphill, Noyes & Co.; Hayden, Stone &
Co.; Laden burg, Thalmann & Co.; Lazard, Freres & Co.; Lee Higginson
Corp.; F. S. Moseley & Co.; Paine, Webber & Co.; Arthur Perry & Co.,
Inc.; Schroder Rockefeller & Co., Inc.; Union Securities Corp.; Whiting,
Weeks & Stubbs, Inc., $500,000 bonds each.
Bacon, Whipple & Co.; H. M. Byllesby & Co., Inc.; the Illinois Co. of
Chicago; Merrill Lynch & Co., Inc.; Newton, Abbe & Co.; R. W. Pressprich & Co.; Shields & Co.; Sills, Troxell & Minton, Inc.; Stern, Wampler
& Co., Inc., $400,000 bonds each.
Blair, Bonner & Co.; Dick & Merle-Smith, $300,000 bonds each.
The
Milwaukee Co.;" Starkweather & Co.; Tucker, Anthony & Co., $250,000
bonds each.
Baker, Weeks & Harden; Bancohio Securities Co.; Paul H.
&
each.
Chairman)
John P.
for
1939,
1938
$101,370
.
1938.—V. 147, p. 3619.
Davis
C. Adams,
(John
1, 1942, asking for bondholders' support
mittee's efforts to protect their interests in the proceedings
due
bonds,
1939
but before
provision for Federal income taxes
bonds
holders' Protective Committee Issues Statement—
W The
1 to holders of record Nov. 20.
—V. 146, p. 3516.
follows:
Beaver Valley Traction Co written off
Miscellanoues debits (net)
Note—This
After
Progress Laundry Co.—Extra Dividend—
stated
to¬
Investments in securities written off
Investments
y
.
6% cumul. preferred dividends
$6 cumul. preference dividends
$5 cumul. preference dividends
Registration statement
prior periods
$621,584
Directors have declared an extra dividend of 20 cents per share in ad¬
dition to the regular quarterly dividend of 10 cents per share on the common
Net sales in October,
Total
5 % non-cumul. preferred dividends
1939—9 Mos.—1938
$941,731
$248,959
Includes non-recurring profit of $185,074 from sale of patents,
depreciation, interest and taxes.—V. 149, p. 1485.
x
1,205
69,192
'»
Inc.—Earnings—
Period End. Sept. 30—
y
Gross income
According to the application $1,500,000 of the proceeds from the sale
company's treasury for improve¬
previously made to its plants and properties and the balance to meet
portion of the cost of additions made and to be made after Sept. 30, 1939.
of the bonds will be used to reimburse the
1939
1938
$42,736,624 $40,411,784
14,281,259
13,767,655
3,133,008
3,276,068
5,655,655
5,552,808
204,804
3,013,512
2,935,811
1,935,875
2,007,960
revenues
3419
authorization without delay.—
Co.; Equitable Securities Corp.; Schwabacher & Co., $200,000
Bartlett Knight & Co.;
$150,000 bonds each.
149, p. 1485.
Far well, Chapman & Co.; First of Michigan Corp.,
Nichols, Terry & Dickinson, Inc., $100,000 bonds.
—V.
Public Service Co. of
Indiana—Offering—
The proposed offering of $38,000,000 first mortgage bonds and $10,000,000 serial debentures of the company originally filed Aug, 25, was
revived when the company filed an amendment to registration statement
with Securities and Exchange Commission.
Bonds included will be due
Sept. 1, 1969, and the debentures 1940 to 1949.
The securities will be offered through Halsey, Stuart & Co., Inc. and
other underwriters to be named in a further amendment.
Offering price,
interest rate and redemption provisions will be announced by amendment.
—V. 149, p. 3275.
Public Service Co. of New
Hampshire—Earnings—
The earnings statement appearing in the ''Chronicle" of Nov. 18, page
3275 is for the month and 12 months ended Oct. 31—Y. 149, p. 3275.
Public Service Corp.
Net income from oper_
—V. 149, p. 1926.
8,132,555
$3,246,038
Pullman Inc. (&
Period End.
sources
7,734,610
93,741,952
91,944,617
$3,218,468 $38,646,399 $34,579,564
Subs.)—Earnings—
1939—9 Mos.—1938
1939—3 Mos.—1938
Sept. 30—
Earns, from all
1939—12 Mos.—1938
$11,378,593 $10,953,078 $132,388351 $126,524181
Oper. exp., maint., de¬
preciation and taxes__
x
of N. J. (& Subs.)—Earnings—
1939—Month—1938
Period Ended Oct. 31—
Gross earnings—
$5,420,632
Charges and allowances
for depreciation
$3,727,109 $12,752,943 $10,533,035
3,144,541
3,127,677
9,372,725
9,288,702
$2,276,091
$599,432
1,432,631
$3,380,218
2,865,142
$1,244,333
4,297,894
V. 149, p. 3122.
Telegraph &
Cable Corp.—Plan
Aided by
Decision—Appeal of Labor Union Denied—Case to
High Federal Tribunal on Dissent—
Postal
Court
Go to
consummation of the plan of reorganization of the
company and associated concerns was made Nov. 20 when the Federal
Circuit Court of Appeals dismissed an appeal from Judge Alfred C. Coxe's
order approving the plan.
The appeal was brought by the Commercial
Cable Staffs Association, a labor union.
The Court's
action was
based on technical considerations.
Judges
Learned Hand and Augustus N. Hand held that the Court had no right to
interfere in affairs between a subsidiary not in reorganization and creditors
of a parent company which is in reorganization.
In this case the subsidiary
is the Commercial Cables Corp. and the parent is Postal Telegraph.
Judge
Coxe is supervising the reorganization proceedings under the Federal bank¬
ruptcy laws.
The Association had opposed the plan sponsored by the Robert Lehman
and Cecil Stewart bondholders' committees on the ground that certain
pension agreements would be endangered by transfers of assets which are
Another step toward
,
.
,
,
..
_
,
A
contemplated.
Judge Charles E. Clark, in a dissenting opinion, remarked
problem was a knotty one and that he felt consideration should
.
.
_
Dividends
Dismissal on the technical grounds outlined in the majority
opinion did not clear up the case, he held.
Beverly Myles, counsel for the
Association, had attacked the plan as "fraudulent," and Judge Clark de¬
plored the action of his colleagues in shifting the burden of deciding that
charge to other courts.
Mr. Myles said that on the basis of Judge Clark's opinion he would
carry the case to the Supreme Court.
Delisted—
x
preferred stock ($100 par) has been stricken from
the New York Stock Exchange.
This security
suspended from dealings on Jan. 31, 1939.
Application of the Ex¬
change to strike the above issue from listing and registration has been
granted by the Securities and Exchange Commission.—V. 149, p. 3275.
$515,076 def$305356
all expenses incident to operations and provision for
Consolidated Balance Sheet Sept. 30
Assets—
x
Cash &
1939
1938
1939
Accts.
pay.
and
7,225,776
46,832,927
8,839,761
7,938,714
4,141,134
5,815,928
5,912,183
3,350,000
3,607,748
7,287,367
4,755,479
incl.
prov.for Fed.
Acer,
Equip, trust and
yet
taxes,
not
due,
income tax...
other del. pay¬
ment accounts
x
7,367,994
5,181,288
6,132,450
3,761,716
payrolls
54,282,286
Govt, secur..
receivable....
1938
Liabilities—
$
U. S.
Accts. and notes
4,536,162
8.303,492
Res. pen. <fc ins.
Market, secur.
1,506,180
1,966,065
Res. for conting.
13,012,293
12,161,621
Other reserves
Invent,
at
cost_
Invest,
in
affil.
Referred credits
and other sec,
Cap. stock, Pull¬
3,937,282
6,205,106
cost
at
Inc.—yl52807800 191,009,450
Pullman
Surplus
under com i^en.
275.088
-
__
Co. (a sub.)
various States
acts—
man,
The
Spec. deps. with
,
6,327
40,869,297
6,728
36,724,742
293,558
Res. fund assets,
pens.
(U.
& insur.
Govt,
8.
securities)
—
Deferred charges
6,034,898
1,199,382
5,627,607
396,586
less deprec
131,521,999 171,092,399
Total
227,413,155 258,550.2511
x
Co.—To Sell Bonds Privately—
with the Securities and Exchange Commission an
application (File 32-187) for exemption from the requirement of filing a
declaration in connection with the issuance and private sale of $5,000,000
of first mortgage bonds, ZM % series due 1974.
Total
227,413,155 258,550,251
United States Government securities and marketable securities carried
at cost which in the aggregate
y
Potomac Electric Power
After deducting
Equip. & prop.,
was
Company has filed
$1,321,044 def$833,199
Federal income tax.
...
that the
be given
955,047
paid
Surplus
,
to its merits.
The 7% non-cumulative
listing and registration on
Net income
is less than the market value,
Represented by 3,820,195 no par shares.—V. 149,
Pure Oil Co.—To
p.
1337.
Pay 25-Cent Common Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 20 to holders of record Dec. 1.
This will be the first
dividend paid since Dec. 1, 1937, when a similar distribution was made.
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3420
the current action of the directors, Henry M. Dawes,
President of the company, said that indications were that earnings for the
current year would show a satisfactory improvement over 1938 due largely
to improved operating results and in spite of the lower crude and product
price recovery.
The improved operating conditions are in practically all
of the company's activities, he said, but largely in refining results which
are attributable to the completion of an extensive rehabilitation and re¬
building program by that division.—V. 149, p. 1486.
Commenting
on
Pyrene Mfg. Co.—50-Cent Dividend—
declared a dividend of 50 cents per share on the
$10, payable Dec. 15 to holders of record Nov. 29.
paid on Sept. 15 and on June 15, last: and on
Dec. 23, 1938; 30 cents paid on Dec. 23, 1937; 20 cents paid on Sept. 15
and on June 15, 1937; 50 cents paid on Dec. 15, 1936; 20 cents paid on
Sept. 15 and June 15, 1936, and on Aug. 15, 1935, this latter being the first
payment made since Aug. 1, 1931, when 10 cents per share was distributed;
prior to this latter date dividends of 20 cents per share were distributed
each three months.—V. 1*9, p. 2378.
The directors
stock,
common
have
par
This compares with 20 cents
(Pittsburgh)—Initial, &c. Dividends—
have
declared
regular quarterly dividend of 10 cents per
share on the preferred stock and 3M cents per share on the common stock,
both payable on Dec. 15 to holders of record Dec. 1.
Directors also de¬
clared an extra dividend of 1H cents per share on the common stock,
payable Dec. 22 to holders of record Dec. 15.—V. 149, p. 1926.
Reed
Roller
Bit
Period End. Sept.
30—
Profit after
a
Co.—Earnings—
1939—3 Mos.—1938
1939—9 Mos.—1938
charges but
before Federal taxes..
—V. 149, p.
$445,026
$534,528
$1,284,586
$1,738,708
1772.
Republic Steel Corp.—Obituary—
Charles H. Elliott, 60, of Youngstown, Ohio,
executive, died on Nov. 16.—V. 149, p. 3275.
Rheem Mfg. Co.
Period End. Sept.
(& Subs.)—Earnings—
1939—3 Mo.?.—1938
$1,591,329
$160,700
63,101
30—
Gross sales.
x
Net income
Earnings per share
300,000 shares
Republic Steel Corp.
a
1939—9 Mos.—1938
$4,969,139
_
The
$396,485
$0.21
After
operating expenses, normal Federal income taxes,
and other cnarges
but before surtax.—V. 149, p. 2986.
x
$0.77
&
Dan
River
Cotton
Mills,
Scranton Lace Co.—75-Cent
x
Earnings per share
x
Airline
Seaboard
Div.—Pref. Stock Redeemed—
Ry.—Seeks
$0.77
$2.87
in
Equipment
carrier $2,529,546 worth of new equipment.
The carrier proposed three alternatives whereby the RFC
would assist
the financing.
It proposed that RFC purchase $2,250,000 of its 3%
equipment certificates at par or purchase all or any part of that amount for
resale with RFC guarantee, or that RFC guarantee the issue for sale to
other purchasers.
The equipment would consist of 700 new 50-ton steel box cars to be built
by Pullman Standard Car Manufacturing Co. at a cost of $1,976,590,
100 new 50-ton all-steel flat cars to be built by American Car & Foundry
Co. for $248,100 and 100 new 70-ton all-steel hopper cars to be built by
Bethlehem Steel Corp. for $289,914.—V. 149, p. 2987.
Seeman Brothers,
Inc.—Earnihgs—-
Quar. End. Sept. 30—
profit after charges
1939
1938
1937
1936
$85,348
$109,300
$0.79
$1.01
Net
and Federal taxes
$124,154
share
per
loss$l,840
on
stock
$1.16
Nil
—V. 149, p. 1928.
(Gordon) Selfridge Trust, Ltd., London—Report
Years End. Sept. 30—
Divs. rec. on ordinary
shares
of
Selfridge
1939
1938
1937
1936
&
Co., Ltd
Add. amt.
£60,000
of
£112,500
i £75,000
2.062
2,791
2,152
£115,291
£77,152
for int. &
rec.
transfer fee
1937
$664,640
On capital stock.
Aid
in
x£l30
income
tax
account
1938
$183,465
RFC
The company has asked the Interstate Commerce Commission to approve
aid by the Reconstruction Finance Corporation in purchasing for the
Robertson Co .—Earnings-—
1939
$360,595
$1.51
First
distributed.
wrere
Balance
H.)
(H.
9 Months Ended Sept. 30—
Net profit after charges and taxes—
as
Purchase—
Preferred Dividend—
Directors on Nov. 18 declared a semi-annual dividend of 3% on the
$7,500,000 preferred stock, par $100, payable Dec. 21 to holders of record
Dec. 9.
Company stated that this is the regular dividend normally due on
Jan. 1, 1940.
This will be the first dividend paid on the preferred issue
since July 1, 1937.
Four back dividends with accrued interest renain to
be paid.—Y. 149, p. 1036.
Mohan
Company redeemed and canceled all its outstanding cumulative 7%
on Sept. 30. President N. G. Robertson Jr. also annonnced
that an addition to the finishing plant will be built.—V. 149, p. 1339
Earnings
Pay
F.
of William
preferred stock
depreciation
Inc.—To
election
Directors have declared a dividend of 75 cents per share on the common
stock, payable Dec. 14 to holders of record Dec. i. Like amount was paid
on Sept. 30, last and previously
regular quarterly dividends of 25 cents per
common
Riverside
announced the
also
Raymond C. Mateer, formerly Vice-President in Charge
of Purchases,
as
Vice-President, and William S.
Campbell, formerly
Secretary, to the office of Vice-President.
William R. Scott 3d, head of
the legal department, was elected Secretary.
Other officers of the company are Thomas B.
McCabe, President;
William M. Carney, Controller; John B. Hay, Assistant Secretary; J. C. R.
Whiteley, Assistant Treasurer, and Francis W. Plowman, Assistant Con¬
troller.—V. 149, p. 3123.
231,228
$1.32.
board
Vice-President;
on
$0.54
1939
the election of G. Willing Pepper, now
a partner in the investment banking
firm of Smith, Barney & Co.
In
order to accept the office of Treasurer and membership on the company's
board of directors, Mr. Pepper plans to resign as a partner of Smith,
Barney & Co., effective on or about Jan. 1, 1940.
share
Rand's
Directors
25,
of Treasurer of the company by
1.063
Total
£130
Secretarial expenses,
Income tax
&c^l
\
£63,126
947
2.4871
912
892
12,270
2,840
For quarter
ended Sept. 30, 1939, net profit was $142,977 equal to 59
share, comparing with $82,151 or 34 cents a share for quarter ended
Sept. 30, 1938—V. 149, p. 1487.
Net income
cents a
St.
Francis
Hospital,
Charleston, W. Va.—Bonds
& Co.,
Inc., St. Louis, are
offering at 100 and int. $105,000 1st mtge. serial real estate
Offered—Eckhardt-Petersen
on
Prin. and int. (A & O), payable at Manufacturers Bank & Trust Co.,
St. Louis.
Callable in whole or in part on any int. date, upon proper
notice, at 100% and int.
Joseph G. Petersen, St. Louis, trustee.
These bonds are secured by a 1st mtge. deed of trust on land and buildings
of the St. Francis Hospital, Charleston, W. Va.
The ground, buildings
and equipment of the hospital unit are carried on the books of the hospital
at $313,232.
The nurses' home is being constructed at a cost of approxi¬
mately $102,000—or a total real estate value of $415,232.
The Order of the Sisters of St. Joseph, who own and operate the St.
Francis Hospital and nurses' home, was founded in France in 1650, and the
first foundation in the United States (Carondelet-St. Louis) in 1836.
It is
one of the large religious orders of the Catholic Church,
comprising a mem¬
bership of 12,068 professed sisters, 747 novices, and 301 postulants.
The
order owns and (or) conducts 9 colleges, 69 academies, 126 high schools,
668 grammar schools, 47 hospitals, 28 nurses training schools, 20 orphan¬
ages and 42 miscellaneous schools and institutions, located throughout the
country in 14 arch-dioceses and 45 dioceses of the United States.
The proceeds from this issue of bonds will be used to refund a
presently
existing 1st mtge. loan at a reduced rate of interest, and to complete con¬
new
nurses' home.
St. Lawrence
x
rev.
St.
Louis-San
Francisco
Ry.—RFC
Threatens
Reor¬
ganization Case—
Failure to recognize
the priority rights of the Reconstruction Finance
Corporation and the Railroad Credit Corporation in the reorganization of
the company would force the RFC to carry the case to the U.S.
Supreme
Court, RFC Counsel Cassius M. Clay told the Interstate Commerce Com¬
mission Nov.
21. The question of whether the two Government agencies
prior lien, represented by an agreement made by the reorganization
Frisco, was the principal point of contention in the final
hearing on the railroad's reorganization plan.—V. 149, p. 3277.
have
a
managers of the
St. Louis Screw & Bolt Co .—Accumulated Dividend—
Directors have declared a dividend of $3.50 per share on the account of
accumulations on the 7% cumulative preferred stock, par $100,
payable
Dec. 1 to holders of record Nov. 25.
See also V. 147, p. 2546.
Exchange has authorized the listing of 16,130 shares
5% cumulative preferred stock ($100 par), representing the maximum
20, to the common stockholders of record on
amount to be issued on Dec.
a dividend
payable in 5% preferred stock ($100 par)
making the total amount applied ror 42,414 shares.—V. 149, p. 3123.
1939
stock,
1938
$51,090
of the issued
in
on
addition to
Nov.
a
16 declared
1937
$40,001
1936
$6,745
$13,182
of
Selfridge
common
stock, no par value,
Dec. 1.
Extra of 20 cents
New
The
was
both payable Dec. 15 to holders of record
paid on Dec. 15, 1938.
Investment
32,938
Jan. 1, 1940, the vacancy in its
31,083
215
Inc. tax receivable
Debtors--..—
1,000.000
10,000
10,000
21,860
Acer. div.
on
pref.
17,375
1,275
Unclaimed divs
3.918
1,579
.....£2,034.733
1,COO,000
shares
......
Cash......
Revenue
£2,036,2781
643
692
2,229
8,211
.£2,034.733
£2,036,278
account.
Total.
—V. 147, p.3774.
Seminole
Provident Trust—Promoters
Sentenced—
The Department of Justice and the Securities and
Exchange Commission
reported Nov. 18 that U. S. District Judge Gunnar H,
Nordbye at Min¬
neapolis, Minn., sentenced E. R. Perry and S, L. Dedman, both of Tulsa,
Okla., to 15 months in prison for conspiracy to violate the Securities Act
of 1933 and the Mail Fraud Statute,
John E. Ahlborg of Denver was
probation for two years.
Another defendant, R. B. Allport, of Tulsa, was found
guilty for viola¬
tion of the Securities Act, the Mail Fraud Statute and
conspiracy and
on
given
probationary sentence of one year.
The remaining defendant, Kent K.
Kimball, was acquitted,
E. R. Perry and S. L. Dedman pleaded guilty
and Otis Backenstoce and D, R. Card pleaded nolo contendere.
The indictments alleged that Mr.
Perry and Mr, Dedman organized
Seminole Provident Trust and conveyed to it an option to purchase interests
in various oil and gas leases located in Seminole and Pottawatomie
Counties,
Okla.
It was charged that units in the trust were sold to the public at
$100
each and that it was represented that not less than $62.50 of the
proceeds
from the sale of each unit would be applied toward the
purchase of oil and
gas leases described in the option.
The indictments charged that in fact
less than $50 per unit were so applied and the balance was
appropriated by
the defendants to their own use,—V. 145, p. 3358.
a
Seymour Water Co.—Bonds Sold Privately—The company
recently placed privately an issue of $138,500 1st mtge. 4%
sinking fund bonds, dated March 1, 1939, due March 1, 1954.
Proceeds
used to redeem
were
The copany
an
issue of 5% bonds called
Sept. 10, 1939.
is
a
subsidiary of the Associated Public Utilities Corp.
Shaler Co. (& Subs.)-
-Earnings—
Earnings for Nine Months Ended Sept. 30. 1939
Net income after all charges
per
share
on
$87,153
$0.65
99,489 class B shares
Sherritt Gordon Mines,
Gold
Ltd.—Earnings—
Sept. 30—
(ounces)
Less net cost after
that
it
intends
membership and the
to
fill,
on
or
about
vacancy in the office
the
or
$765,456
.Dr 10,335
$755,121
crediting precious metals.
Copper inventories
depreciation
1938
7,805,084
1,787,110
63,354.27
Realized operating profit
Note—In
1939
155,639
produced—Copper (pounds)
Silver (.ounces)
x
of directors announced
1938
Loans against inv.
extra
Officials—
board
shares
£2,000.000 £2,000.000
Total
1939
Reserve fund
&
Co., Ltd
Copper sales—Net amount realized from sales
x
Adjustment in value of copper inventory
dividend of 25 cents per share
regular quarterly dividend of 40 cents per share on the
an
or¬
dinary shs. cap.
Metals
Scott Paper Co.—Extra Dividend—
Directors
Liabilities—
1,000.000 6% com
pref. shares
£1,000,000 £1,000,000
1,000,000 ordinary
3 Months Ended
Ore milled (tons)
Schumacher Wall Board Cor
rp.—Earnings—
1939
1938
tion of the whole
—V. 149, p. 2244.
both payable Dec. 15 to holders of record Nov. 30.—V.
149, p. 3277.
60,000
*£16,674
Balance of the preference dividend in
considera¬
Earnings
Co.—Extra Dividend—
Directors have declared an extra dividend of 25 cents
per share in addition
to the regular quarterly dividend of like amount on the common
3 Mos. End. Oct. 31—
Net prof, after all chgs_.
—V. 149, p. 2244.
y
t£43.533
Compara ive Balance Sheet Sept. 30
Assets—.
Purch.
Dec. 5, on account of
Schiff
£8,211
Transfer fees received only,
for payment
Safeway Stores, Inc.—Listing—
The New York Stock
of
60,000
£2,229
account
£103.533
60,000
placed
a dividend of $1
per share on account of accumulative class A stock, par $50, payable Dec. 15
to holders of record Dec. 1.
Dividend of 50 cents was last paid on Dec. 15,
1938.
See also V. 147, p. 3321.
the 4%
on
£76,674
£68,211
y3,625
sentenced to four months and fined $1,500.
Otis Backenstoce and Delvert
R, Card, both of Minneapolis, received suspended sentences and were
Corp., Ltd.—Accumulated Dividend—
Directors have declared
cumlations
£73,418
3,255
respect of the half-year to Oct. 31, 1938.
$500.
struction of the
1.425
£5,854
Oct.
1, 1946 to and incl. 1954, bear int. from Oct. 1, 1939, to maturity at
the rate of 3 Yi %.
Dated Oct. 1, 1939; due annually 1940 to 1954.
Denoms. $1,000 and
£102,109
paid and accrued
pref. shares
Credit of
Bonds maturing annually Oct. 1, 1940 to and incl. 1945, bear int. from
1, 1939, to maturity at the rate of 3%.
Bonds maturing annually
£62,178
6,034
Total
Divs.
bonds.
Oct.
loss£2,357
8,211
Previous surplus.
are
175,988
7,409,262
1,609,216
54.127.95
$639,970
Cr42,819
559,763
$682,788
520,521
$195,358
$162,267
carried at working costs of the current quarter.
above figures no allowances have been
deferred development.—V. 148, p. 3083.
made
for
taxes
Volume
ONE HUNDRED—Commercial & Financial Chronicle—YEARS OLD
149
Shawinigan Water & Power Co.- -Proposes $6,000,000
Note Issue—
The company has applied to the Provincial Electricity Board of Quebec
for authority to create and issue
publicly $6,000,000 of 3H% seven-year
convertible secured notes, payable in Canadian funds.
Proceeds from the
sale of the notes will be used for reimbursement of expenditures
already
made and for the company's general capital requirements.
The notes
to be dated Nov.
are
common stock at
$25
15, 1939, and will be convertible into
share during the first two years and $30 a share
a
during the second two years.
They will be redeemable during the first
two years at 101;
during the second two years at 100Hi and thereafter at
par.—V. 149, p. 2527.
Sherwin-Williams Co. (& Subs.)—Earnings—
Consolidated Income Account Years Ended Aug, 31
1939
1938
1937
Trading profit
$6,995,939
48,517
Other income.
Total Income
Prov. for depreciation.
Interest expense
$7,044,456
1,015,221
46.663
.
...
Loss
perm, assets sold
scrapped, prov. for
doubtful accts., &c
Federal taxes
$8,722,306
$4,122,236
156,231
130,585
$4,278,467
1,000,390
92,680
1936
$8,094,006
183,352
$8,277,358
880,495
$8,852,891
927,861
maining 12,000 shares
principal stockholders.
Company
originally organized to manufacture and distribute portable
was
of its business, the
company constructed its present plant at 5033 Elston
Ave., Chicago, which was completed in October, 1938.
Work was started
recently to build an addition to the plant by extending the rear - of the
building 80 feet, thus adding 11,200 square feet of floor space.
A portion
or the proceeds to the
company from this financing may be used to defray
the cost of building this addition and to
purchase new equipment.
The company's capitalization consists
solely of an authorized 150,000
shares of common stock
($2 par), of which 102,612 ahares are outstanding.
Net profit for various
periods, after all charges were deducted, including
provision for Federal income taxes, is as follows:
Year Ended
Dec. 31 1936
8 Mos. End.
9 Mos. End.
Year Ended
Aug. 31 1937
May 31 1938
May 31 1939
$32,405
$108,313
«.«„$54»722
—V. 149, p. 2528.
3 Mos. End.
Aug. 31 1939
$38,596
.
South American Gold & Platinum Co. (& Subs.)—
on
Period End. Sept. 30—
or
583,212
a373,825
593,657
al,296,417
515,222
994,012
$2,228,361
"$6,034,955
20.194,648
18.692.262
$5,887,629
16,146.511
Dr24.750
1*24,750
Dr 15,425
Total surplus..
$24,246,212 $22,398,259 $24,702,467 $22,018,714
Divs. paid on pref. stock
654,758
679,508
704,257
790,744
Divs. paid on com. stock
1,597,318
1,911,781
3,803,562
2,535,708
1939—3 Mos.—1938
$195,035
$176,787
Net income
x
Earnings
y
x
Net profit
$4,463,992
Surplus, Aug. 31
19,806.970
Premium on pref. stock
called for redemption.
Dr24,750
being offered in behalf of several
electric saws.
Since 1930 their line has been expanded and now Includes
portable electric drills, belt sanders, disc sanders, floor sanders, grinders,
hedge and grass trimmers, and accessories thereto.
Due to expansion
•
447,334
1,071,245
are
3421
per
share...
$0.11
1939—9 Mos.—1938
$320,120
$402,913
$0.18
$0.23
$0.10
After depreciation, estimated depletion. United States and Colombian
minority interests, but before provision for surtax on
income taxes and
undistributed profits,
y On 1,760,000 shares capital stock (par $1).
During the nine months ended Sept. 30,1939. the subsidiaries of company
Eroduced 44,866 ouncesrequire refining.—V. 149. ounces of crude platinum;
oth of these products of crude gold and 20,544
p. 2381.
South Bend Lathe Works—Extra Dividend—
Directors have declared
:
Surplus. Aug. 31
Shares
com.
$21,994,137 $19,806,970 $20,194,648 $18,692,262
stock
out¬
standing (par $25)--.
638,927
Includes Federal surtax
on
633,927
$2.42
638,927
$5.96
Earns, per sh. on com
a
an extra dividend of 40 cents
per share on thepayable Dec. 20 to holders of record Dec. 1.
Dividend of
on Dec. 1, to holders of record
Nov. 15; one of 35 cents was paid on Sept. 1, last, and
previously regular
quarterly dividends of 30 cents per share were distributed.—V. 149, p. 2705.
common stock,
40
$8.41
633,927
$8.04
cents
undistributed profits of $1,155 in 1938 and
South Penn Oil Co.—Extra Dividend—
$204,900 in 1937.
Consolidated Balance Sheet Aug. 31
1939
Assets-—
1938
$
Liabilities—
%
Directors have declared
1938
1939
Preferred stock._12,723,900
Common stock
15,973,175
Plant
c
Other assets
482,875
Deferred
891,273
486,748
895,483
Fed. & foreign tax.
on lnc; (est.)...
an extra dividend of $1.50 per share in addition
regular quarterly dividend of 37 H cents per share on the capital
stock, par $25, both payable Dec. 15 to holders of record Dec. 1.—V. 149.
p. 1191.
to the
$
$
13,218,900
andequip.18,047,111 18,473,949
15,973,175
Pats., trade-marks
1
1
Cash
8.023,451
6,640,192 Accts. payable... 2,944,518 2,512,971
Notes rec. & trade
Pref. divs. pay
159,049
165,236
acceptances.... 8,913,319
officers
8,118,491 Deposits,
b Accts. receivable
and employees..
535,153'
528,922
Inventory........16,470,180 15,472,118 Mtges. payable
140,000
140,000
Investments
3,750,836
3,746,209 Accrued accounts.
231,254
729,399
a
Southern Natural Gas
_
Period End. Sept. 30—
56,579,045 53,833,192
.56.579,045 53,831,192
Total
Less reserves for
Simms
Petroleum
Co.—"Liquidating Dividend—
The trustees on Nov. 16 declared a liquidating dividend of 50 cents per
on the common stock, par $10, payable Dec. 11 to holders of record
share
Nov. 27.
Similar amount
was
paid
on
July 11 and
on
April 11, last, Oct. 10
and on Feb. 28, 1938.
A dividend of 75 cents was paid on Nov. 3, 1937;
dividends of 50 cents were paid on Aug. 3, April 30 and Jan. 9, 1937; $1.25
Stock Yards Co.—Common Dividend Omitted
Siscoe Gold Mines,
Directors
have
declared
Ltd.—Extra Dividend—
an
extra
dividend
of
one
cent
per
share
in
State
$5,873,842
1,096,827
income
taxes,
Co.—Earnings—
1939—Month—1938
1939—10 Mos.—1938
Ry. oper. revenues.....$21,715,266 $19,440,043 $180258,824 $165710,778
Ry. oper. expenses
14.566,081
13,599,480 132,303,959 131,227,841
Net rev. from ry. oper.
$7,149,185
Railway tax accruals
Equip, rents (net)—Dr.
Jt. facil. rents (net)—Dr
1,045,325
62,561
$5,840,563 $47,954,865 $34,482,937
1,528,020
15,226,052
15,210,979
942,303
9,100,659
8,441,521
57,786
628,109
657 877
Net ry. oper. income.
$4,484,502
$3,312,454 $23,000,044 $10,172,559
1,556,798
—V. 149, p. 2705.
Southern
Ry.—Earnings«—Second Week of Nov.
1939
1938
$
Gross earnings (est.)
—V. 149, P. 3278.
.
...
2,814,733
—Jan.
1 to Nov. 14—
1939
1938
$
2,453,832 114,255,983 102,654,479
Standard Gas & Electric Co. (&
Subs.)—Earnings—
[Exclusive of Deep Rock Oil Corp., Pittsburgh Rys. (and the companies
operated by it), and Pittsburgh Motor Coach Co., all of which are in
process of reorganization under Section 77B of the Bankruptcy Act, and
Beaver Valley Traction Co., in receivership, and the subsidiaries of such
companies.]
Period End. Sept. 30—
Sub. Pub. Util. Cos.:—
Electric
quarterly dividend of three cents per share on the
common stock, par $1, both payable Dec. 15 to holders of record Nov. 25.
See also V. 148, p. 1182, for detailed record of previous dividend payments.
—V. 149, p. 2705.
and
Earnings of the Transportation System
paid on July 29, 1936; $1 on Jan. 27, 1936; one of $1.25 on Oct. 18,
1935, and one of $10 per share on July 5,1935.-—V. 149, .p 2527.
Company in a notice sent to stockholders on Nov. 15 stated that directors
at a meeting held Nov. 8 after considering the earnings and interim dis¬
tributions made to both the preferred and common shareholders for the
three quarterly periods ended March 31, June 30 and 8ept. 30, 1939,
and the anticipated earnings for the quarter ending Dec. 31, 1939, deemed
advisable to defer taking any action on a distribution to the common
shareholders for the fourth quarter until on or about Dec. 28, 1939, at
which time the board will meet to consider the advisability of making a
distribution to common shareholders.
Regular quarterly dividends of 37 H cents per share were paid on up to
and including Sept. 29 last.—V. 148, p. 3542.
•
$6,976,032
1,310,992
Period End. Oct. 31—
was
Sioux City
1939—12 Mos.—1938
$1,174,402
84,596
depreciation/obsolescence, Federal
interest, amortization, &c,—V. 149, p. 3277.
Southern Pacific
depreciation,
b Less reserves,
c Represented by
127,239 shares in 1939 and 132,189 shares in 1938 of series AAA 5% cum.
pref. stock, $100 par.—V. 149, p. 27o5.
a
$1,419,197
155,170
After
x
1,112,188
tingencies, &c..
765,671
757,618
Surplus
21,994,137 19,806,970
Co.—Earnings—
1939—3 Mos.—1938
Gross income..
x Net income..
Res. for insur., con¬
Total
previously declared will be paid
1939—9 Mos —1938
1939—12 Mos.—1938
$54,419,000 $51,712,049 $72,722,459 $69,706,524
Gas revenues
13,156,455
12,237,722
17,508,824
16.872,343
Other misc. services....
1,259,367
1,240,140
1,757,668
1,789,505
revenues
addition to the regular
(The) Sisters of St. Joseph of Tipton, Ind., and The
Hospital of Kokomo, Ind.—Bonds Of¬
fered—An issue of $110,000 first mortgage serial bonds is
being offered by B. C. Ziegler & Co., West Bend, Wis.
The
bonds bear 3, 3H and 4% interest and are offered at par for
the 3% bonds, at prices to yield 3%% for the 3XA% bonds,
and at 101 for the 4% bonds.
Good Samaritan
Dated Sept. 1,1939; due serially, semi-annually Sept. 1, 1940, to Sept. 1,
1951.
Denoms. $1,000, $500 and $100, registerable as to principal.
Prin¬
cipal and interest payable M-S at office of First National Bank, West
Bend, Wis., corporate trustee and registrar, or at option of holder, at any
office or agency of the corporations at Kokoma, Ind., designated as paying
agent.
Both principal and interest of these bonds will be payable in lawful
of the United States of America.
Louis Kuehlthau, West Bend,
Wis., is co-trustee.
The proceeds of this issue will be paid out by the corporate trustee, (a) to
pay the cost of financing; (b) to pay notes payable of Good Samaritan
Hospital of Kokomo, Ind. incurred in Oct., 1939, for payment of the initial
costs of constructing an addition to St. Joseph Memorial Hospital, Kokomo,
Ind.; (c) to pay the cost of constructing the hospital addition upon the
order of the corporations accompanied by architect's certificates issued from
time to time for completed construction; (d) the residue, if any, to be paid
to the corporations without any restrictions.
money
These bonds,
namely, The Sisters of St. Joseph of Tipton, Ind., and The
Good Samaritan Hospital of Kokomo, Ind., bonds, in the opinion of counsel,
Joseph of Tipton, Ind., and
The Good Samaritan Hospital of Kokomo, Ind., Indiana corporations of
Roman Catholic Sisters, and are secured by a valid and direct, closed, first
mortgage on the land, buildings, and other fixed property of the corpo¬
rations known as St. Joseph Memorial Hospital, Kokomo, Ind., and Good
Samaritan Hospital, Kokomo, Ind. The appraisal valuations of the prop¬
erties securing the bonds total $332,943.
The Order of Roman Catholic Sisters known as The Sisters of St. Joseph
was founded in LePuy, in Vela, France, Oct.' 15, 1650.
Numerous com¬
munities of St. Joseph have since been founded throughout the world.
From one of the communities located at Lyons, France, six Sisters came to
the United States in 1836 to open the first American convent at iCarondolet,
Mo. From that House numerous branches have spread all over the United
are
the direct obligation of The Sisters of St.
States and Canada.
Skilsaw, Inc.—Stock Offered—Public offering was made
Nov. 21 of 24,000 shares of common stock ($2 par), by
Haskell, Scott & Jennings, Inc., at the initial offering price
of $8.25 per share.
Half of the proceeds of this issue will
provide additional capital for the coinpany, while the re¬
Total revenues
$68,834,822 $65,189,911 $91,988,951 $88,368,372
Oper. (incl. elec. power &
22,040,780
30,050,070
gas purchased)
22,269,054
29,825,787
Maintenance and repairs
4,627,631
4,700,741
6,264,098
6,280,666
Approp. for retirement,
8,161,448
11,371,003
10,974,584
deprec. & depl. res—
8,530,063
Taxes
9,796,586
9,459,913
12.891,026
12,440,472
...
Net oper. revenues—$23,538,378 $20,900,139 $31,412,754 $28,846,863
Rents for lease of electric
properties
....—
313,732
313,732
418,310
418,204
Net operating income .$23,224,646 $20,586,407 $30,994,444 $28,428,659
Other income (net)
Dr40,426
Dr58,137
Dr20,556
Dr7,416
Gross income
...$23,204,090 $20,545,981 $30,936,307 $28,421,243
8,228,061
8,182,722
10,976,483
10,913,319
Interest on funded debt.
Amortiz. of debt discount
and expense..
Other interest (net)....
Sundry amortiz. & misc.
on
cap.
1,384,991
21,178
144,683
1,392,063
25,081
660,071
977,428
1,052,469
.$13,061,511 $10,644,831 $17,452,722 $15,038,311
Balance--....
Divs.
1,037,179
722,370
deductions.—
1,039,753
152,395
stks. held
-
7,198,632
7,112,908
9,115,996
Min. int. in undistribut.
net income
223,740
19,760
311,442
79,215
$5,639,139
$3,512,163
$8,025,284
$5,913,649
301.538
4,398
301.538
38,875
402,051
17,309
402,051
$5,945,075
$3,852,576
$8,444,644
$6,460,355
by public.
-
Balance of income.
Other
inc.
of
...
9,045,447
Standard
Gas & Electric Co.:—
Dividends...
Int. on indebt. of affils.
_
Total
144,655
Exp. & taxes of Standard
Gas & Electric Co
Consoi. net income.
Int. on funded debt
x
Other interest
337,011
181,438
479,571
246,179
$5,608,064
3.207,967
22,667
$3,671,138
3,314,228
55,510
$7,965,073
4,307,658
40,255
$6,214,176
40,155
50,393
56.466
71,039
130,970
94,783
184.388
4.418,970
77,128
Fed. & State tax on int.
on
funded debt
Amortiz. of debt discount
and expense
Consoi. net income...
x
70,742
$2,266,533
$120,037 y$3,465,911 y$l,462,651
Before deduction of income charges of Standard Gas & Electric Co.
y Includes approximately $724,000 for the 12 months ended Sept. 30,
1939 and approximately $461,000 for the 12 months ended Sept. 30, 1938,
of undistributed earnings of a subsidiary company, which amounts are not
available for distribution to Standard Gas & Electric Co. due to
an
order
of a State regulartory body requiring such subsidiary to maintain surplus
equal to annual dividends on its preferred stock.
f
,
,
Note—For comparative purposes the figures for the 1938 periods have
been revised to reflect equalization of adjustments recorded subsequently,
but which are applicable to those periods. -
of Income (Company
Statement
1939—9 Mos.—1938
Period End. Sept. 30—
Divs. from pubie utility
Only)
1939—12 Mos.—1938
$5,125,936
402,051
130,625
$3,424,730
301,538
97,969
4,398
$3,298,254
$4,914,714
301,538
97,969
38,875
402,051
130,625
17,309
$3,828,635
$3,736,636
$5,464,699
$5,803,267
226,793
53,082
39,136
18,000
156,736
x2,160
22,542
302,019
91,499
46,053
40,000
214,601
x2,160
29,418
*3,491,624
Interest on funded debt.
3,207,967
Other interest
22,667
Fed. & State tax on int.
on funded debt
40,155
$3,555,198
$4,985,128
$5,557,088
3,314,228
55,510
4,307.658
40,255
4,418,970
77,128
affiliates
Dividends from others-
_
of affil
indebt. of affils—
Int. on fund, debt
Int. on
Total
Corporate,
fiscal
ministrative
& ad¬
expenses
Legal service.
Taxes
Prov. for Fed.
ac. taxes
144,655
Swift & Co.—Court Favors
Amor tiz. of debt discount
71,039,
56,466
50.393
_
130,970
94,783
184,388
$150,093
Net income
$4,097
$485,966
$805,563
service rendered prior to Aug. 3, 1938
for reorganization expenses.
Exclusive of expenses for legal
which were charged to reserve
Weekly Output—
the public utility operating companies in the Standard
system for the week ended Nov. 18, 1939, totaled
Electric output of
& Electric Co.
Gas
126,718,403 kwh.,an increase of 13.7%
on
stock voting trust certificates payable
Similar payment was made on Aug. 25
dends or 60 cents were
Dec. 8 to holders of record Nov. 30.
—V. 149. p. 1339.
9 Mos. End. Sept.
Net profit
x After
interest,
development costs,
Dividend—
dividend of 30 cents per share in addi¬
quarterly dividend of 25 cents per share on the common
stock, par $10, both payable Dec. 15 to holders of record Nov. 29.
Extra
of 25 cents was paid on Dec. 15, 1938.—V. 148, p. 1340.
taxes,
y
y$582,083
52,730
y$110,124
$85,467
y$529.353
149, p. 1340.
Indicate loss.—V.
mulations
on
7%
the
Ry.—Accumulated Dividend—
Standard Oil Co. (N. J.)—Listing—
pref. stock,
conv.
Similar
1.
Dec.
record
payments were
Texas Electric Service
serve
appropriations.
$703,584
395,335
1939—12 Mos.—1938
$8,435,646
4,466,092
$8,548,209
4,589,423
83,333
83,333
1,000,000
1,084,999
$274,568
$224,916
$2,873,787
9,683
_
5,401
673
$2,969,554
16,234
$279,969
140,542
2,665
$225,589
140,542
2,599
$2,985,788
1,686.500
31,581
$2,883,470
1,686.500
31,447
$82,448
$1,267,707
375,678
$1,165,523
375,678
$892,029
New York
the total number applied for 27,287,461
Co.—Earnings
1939—Month—193 8
$746,566
388,665
Operating revenues
Oper. exps., incl. taxes._
Property retirement re¬
$789,845
Other income (net)
Stock Exchange has authorized the listing of 403,189
additional shares of capital stock (par $25) on official notice or issuance, in
of accu¬
payable Dec. 15 to holders of
made on Dec. 30, 1938, and on
Sept. 16, 1937.—V. 149, p. 2707.
i
payment of a stock dividend making
shares.—V. 139, p. 2989.
y$54,266
139,733
$100,050
Net profit
Period Ended Oct. 31
tion to the regular
The
24,581
Directors have declared a dividend of $7 per share on account
1939
1938
1937
1936
loss$29,383
$521,497
$611,890
$179,527
depreciation, depletion, amortization of intangible
abandonments, taxes, &c.—V. 149, p. p. 1930.
Directors have declared an extra
y$134,704
Tennessee Central
30—
Standard Oil Co. of Ky.—Extra
1939—9 Mos.—1938
$54,237
45,813
x After provision for depreciation of plant, all selling and general expenses,
provision for reserve, for State taxes and for Federal normal income and
excess
Standard Oil Co. of Kansas—Earnings—
x
1939—3 Mos—1938
Operating income
Other income, net
last and on Dec. 19, 1938, and divi¬
paid on July 29, 1938; Dec. 22 and Sept. 9, 1937.
»
Symington-Gould Corp. (& Subs.)- -Earnings—
Period End. Oct. 31—
Nov. 17 declared a dividend of $1 per share on the common
of this stock
...
disposition order Nov. 22 results from a motion filed last April
by the Department of Justice asking that this tsock be sold under bids.
8ince then. Swift & Co. have entered an agreement with Glore, Forgan &
Co., Investment bankers of Chicago and New York, for sale to the banking
company and other underwriters of the canning company securities.
Under the approved plan, Libby McNeill & Libby will be reorganized
with 4,000,000 shares of common stock with a par value of $7 a share,
and 6% cumulative preferred stocks of a $100 par value "will be increased
to permit their issuance on a 12-common for-l-preferred-share basis," the
department said.
Attorneys of the Department of Justice said "many steps must be taken
prior to the sale of this stock," including meetings of Swift directors and
stockholders and approval of the Securities and Exchange Commission.
It was estimated that this would delay public sale until about May, 1940.
—V. 149, p. 2099.
x
Directors
the Federal Court appointed a trustee to dispose
reasonable price."
a
preferred and
Libby, and six
The
compared with the corresponding
Sperry Corp.—To Pay $1 Dividend—
,
Co., the department said, owned most of the
stocks of the canning company, Libby, McNeill &
&
Swift
common
year.—V. 149, p. 3278.
week last
corporations.
and kindred
years ago
70,742
and expense
Company's Plan to Sell Libby,
McNeil & Libby—
The Department of Justice announced Nov. 18 a court order approving
the disposition of $28,000,000 of shares of capital stock of Libby, McNeill
& Libby, owned by Swift & Co.
The order, issued at Washington by
Federal Judge Thomas Jennings Bailey, was the climax of "19 years of litiga¬
tion involving two of the Nation's largest companies," the department said.
The action resulted from the Government's anti-trust drive against
major meat packing companies more than 20 years ago.
Swift & Co. and
other packers agreed to a consent decree in Federal courts on Feb. 27, 1920.
The Department of Justice said this "enjoined them from the manufactur¬
ing, jobbing, selling, transporting, distributing or otherwise dealing with
114 different commodities, including canned
goods, groceries, cereals,
grain and confectionery supplies."
All the packer corporations were pro¬
hibited from owning capital stock or other interest in canned goods, grocery
"at
Gross income
x
Chronicle—YEARS OLD Nov.
ONE HUNDRED—The
Commercial & Financial
3422
Int.
on mtge. bonds
Other interest
:
Net income
Stix, Baer & Fuller Co.—To Pay
25-Cent Dividend—
$136,762
Dividends applicable to pref. stock for the period
of 25 cents per share on the common
stock, payable Dec. 1 to holders of record Nov. 20.
Similar payment was
made on June 1, last, and on Dec. 30, 1938.—V. 148, p. 3545.
Directors have declared a dividend
have declared a dividend of $1 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable Dec. 30 to
holders of record Dec. 13. Like amount was paid on Oct. 2 and July 1, last,
Dec. 30, April 1 and Jan. 29, 1938; a dividend of 75 cents was paid on
1938; $1.75 was paid on Oct. 1, 1937; dividends of
75 cents were
paid on July 1 and on April 1, 1937, a dividend of $1.50 paid on Jan. 28,
1937 and dividends of 75 cents per share paid on Dec. 31, Oct. 1, July and
April 1, 1936—V. 149, p. 2245.
Strouss-Hirshberg Co.—Earnings—
1939—6 Mos.—1938
$105,473
$45,517
Period End. Oct. 31—
x
Net income
After all charges.—V.
x
Sunset
$0.25
$0.57
Earnings per share
149,
p.
2707.
Texas & Pacific
Strawbridge & Clothier—Accumulated Dividend—
The directors
Jan. 3,
Balance.
-V. 149, p.
Period End.
_
—
—
_
Net ry. oper. income>-
Net income
-
share
on
the
common
Period End. Oct. 31
15 to holders of record Dec. 5.
This compares witn
Sept. 15, last and 2H cents per share paid on June 15,
[Including its Canadian Affiliate]
1937
1938
1939
$129,340
$1,748,514
$189,364
555,861
yl,166,194
509,576
Other income.-
$637,330
511,092
$685,201
105,862
$2,914,708
104,875
$1,148,422
81,167
202,812
$698,940
101,070
Total income-
Depreciation
Dominion and
foreign income taxes.
Co.—Earnings-
interests
Net earnings..
Shs. com. stk. outstand-
share
121,509
103,158
491,334
$476,361
$476,180
:$2,318,498
$864,443
71,892
78,511
72,397
x$404,288 x$2,239,987
x$792,046
$459,217
904,855
$0.51
904,855
$0.45
882,805
$0.90
904,855
$2.47
$li,307,312
2,576
1,089,867
1,458
1,124.961
$432,628
1,270
$4,627,965
$4,467,032
11,440
5,689
$433,898
177,708
10,000
13,064
$4,639,405
2,132,500
$4,472,721
2,132,500
120.000
145,565
120,000
189.362
Net income
$256,350
$233,126
Divs. applicable to pref. stocks for the period
$2,241,340
865,050
$2,030,859
865,050
$1,376,290
$1,165,809
386
146
90.942
90,221
$443,686
5,846
$449,532
177,708
res. approp.
Other income (net)
Gross income
Int. on mortgage bonds.
Int. on debenture bondsOther int. & deductions.
undistributed profits,
y In¬
profit on sale of reacquired
shares of capital stock in treasury.—V. 149, p. 3278.
an
extra dividend of 12 H
cents per share in
quarterly dividend of 2 H cents per share on the
stock, both payable Nov. 25 to holders of record Nov. 18.—V. 149,
declared
addition to the regular
2707.
5,474
5,713,861
149, p. 2707.
Thatcher Mfg. Co. (&
Period End. Sept. 30—
Costs and expenses
Depreciation
Subs.)—Earnings—
1939—3 Mos.—1938
~
$1,819,117
$1,866,098
1,406,586
1,448,339
43,308
Other income
Total income
Prov. for sundry losses,
45,550
$369,223
13,461
Operating profit
Superior Tool & Die Co. —jExtra Dividend—
10,000
Balance
-V.
Net sales
No provision made for Federal surtax on
cludes $425,115 non-recurring income, viz.,
1939—12 Mos.—1938
$1,050,164 $11,502,577
527,169
5,782,169
"
Net oper. revenues
1936
17,144
_
Consolidated earningsi
Earns, applic. to minor,
$372,209
1 939—9 Mos.—1938
$4,887,166
$5,131,262
3,938,952
4,066,070
132,550
135,842
14,683
$932,642
37,372
$812,372
49,396
$386,892
$970,014
$861,768
41,981
83,004
40,252
88,119
123,773
189,311
113,654
188,392
$257,699
103,964
36,706
$258,521
104,072
36,706
$656,930
311,930
110,119
$559,722
312,701
110,119
$117,029
$117,743
$234,881
$136,902
$1.05
$1.05
$2.35
$1.68
$382,684
•
&c_
Fed. income taxes, &c__
Superior Water, Light & Power Co.- -Earnings—
Period Ended Oct. 31
Operating
$782,384
$1,022,404
487,390
Federal,
p.
102,161
3,295,343
$550,120
incl. taxes..
exps.,
Prop, retire,
9 Mos. End. Sept. 30—
Profits from operations-
common
3,250,799
$277,877
Amortization of limitedterm investments
Superheater Co.—Earnings—
have
$3,876,439
75,520
$628,206
1939—Month—1938
Operating revenues
Directors
10,241
340,088
40,496
Texas Power & Light
Oils, Ltd.—2y^rCent Dividend—
Oper.
company
$3,814,990
364,898
$4,179,888
$587,710
$330,527
Miscell. deductions
Fixed charges
four cents paid on
last.
per
$3,533,703
342,736
$627,736
$660,708
7,079
323,102
-
stock, payable Dec.
x
$2,548,649 $21,733,253 $21,755,051
1,590,002
15,564,546
15.141,054
278,702
1,622,580
1,631,915
84,342
958,329
1,113,829
7,893
54,095
53,263
—V. 149, p. 3278.
1629.
Directors have declared a dividend of 2 V* cents per
Earnings
1939—10 Mos.—1938
1939—Month—1938
$2,632,399
1,725,242
196,377
77,206
5,838
32,972
Other income
Total income
1939—9 Mos.—1938
$173,460
$44,797
$0.93
$0.24
Ry.—Earnings
Oct. 31—
Operating revenues.
Operating expenses.
Railway tax accruals
Equip, rentals (net)__
Joint fac. rents (net).
revenues
Oper. exps., incl. taxes.
Property retirement re¬
serve appropriations..
Net oper. revenues
1939—Month—1938
$91,210
71,293
$90,108
68,018
$1,083,848
826,848
$1,041,348
790,624
4,000
4,000
48,000
48,000
$15,917
$18,090
$209,000
$202,724
190
325
Other income.
Gross income
1939—12 Mos.—1938
$15,917
$18,090
$203,049
454
454
7,091
8,507
$209,190
5,450
84,988
$8,372
$9,129
Divs. applicable to pref. stock fo the period
$118,819
35,000
$97,440
35,000
$83,819
$52,440
Int. on mtge. bonds
Other interest
Int. charged to construe.
Net income
Balance
—V. 149, p. 2529.
5,450
100,159
Cr67
Net profit
Convertible pref. divs..
Common dividends
Surplus
Earns, per sh. on 146,832
shs.
com.
stk. (no par)
—V. 149, p. 1629.
t
Timm Aircraft
Corp.—Stock Sold—G. Brashears & Co.
announced Nov. 24 that the issue of 425,000 shares of com¬
mon stock which
they offered recently has been oversub¬
scribed and the books closed.—V. 149, p. 2707.
Union Traction Co. of
Philadelphia—Unlisted Trading
The New York Curb Exchange has removed from unlisted trading the
capital stock,
par
$50.—V. 149,
p.
3279.
Volume
ONE HUNDRED—
149
Union Pacific
The Commercial & Financial Chronicle—YEARS OLD
RR.—Earnings—
Period End. Oct. 31—
1939—Month—1938
1939—10 Mos.—1938
$14,892,656 $13,644,691 $109498,421 $96,809,069
1,407,338
1,326,379
15,129,180
14,085,604
Mail revenues
443,042
434,677
4,261,758
3,920,996
Express revenues.
183,060
197,358
1,713,293
1,708,543
All other transp. revs...
428,933
387,244
3,962,262
3,467,870
Incidental revenues
210,878
213,394
1,696,471
1,737,547
Freight
revenues
Passenger
revenues
Railway
.$17,565,907 $16,203,743 $136261,385 $121729,629
9 noi
9 007^05
in cao 484
Maint. of way & struc
14 448 191
2,691,468
14,448,121
2,007,493
16,849,484
Maint. of equipment
3,175,797
2,476,474
25,727.962
21,372,527
Traffic expense
377,619
3,477,645
366,777
4,231,829
Transportation expense
5,275,262
4,887,290
41,211,391
45,893,186
Miscellaneous opera'ns
307,114
2,907,028
309,753
3,099,552
General expenses.
460,712
422,769
4,266,714
4,592,782
Transp. for inv.—-Cr
194
699
4,481
oper. revs..
Net rev. from ry. oper.
Railway tax accruals
$5,277,935
1,492,781
$5,733,381 $35,867,289 $34,050,684
1,236,805
13,330,210
12,428,522
Railway oper. income. $3,785,154
Equipment rents (net)..
1,048,835
Joint facil. rents (net)..
55,992
$4,496,576 $22,537,079 $21,622,162
1,190,279
7,716,899
7,059,153
83,046
528,904
548,285
„
,
—V.
149,
$2,680,327
$3,223,251 $14,291,276 $14,014,724
2530.
p.
1, 1938
Balance..
Net inc. for the 12
30, 1939
Exchange has approved the company's application
official notice of issuance, 12,000 additional shares of common
$1.—V. 149, p. 3126.
4,232,468
$43 373 665 $14'467'818
6,0/6,00£)
United Aircraft
1938
$
$
1939
LiabUities—
Plant, property,
a
Cash....
1,851,852
30,147
38.038
7,217
4,115
Note payable...
Notes pay. to El.
Acc'ts receivable:
948,060
313,672
43,622
281.726
28,895
64,561
7,097
Accts.
84,260
1,078,231
59,941
assets
__
Deferred charges
Customers' dep.
Misc. cur. liab__
Accrued accts..
69,604
Corp.—Special Dividend—
a special
dividend of 10 cents per share from
processing tax- refunds and the regular quarterly dividend of 10 cents
Cos.-
United Electric Coal
$254,880
Royalties, depletion and depreciation
144,367
Interest
Other deductions—net
Federal income tax
$236,709
132,578
32,300
x
p.
per
Before
shares,
404
United Gas
$28,686 write-off
on
253,158,136 252,101,599
Improvement Co.—Weekly Output—
Week Ended—
Nov. 18 '39
Nov. 11 '39
Nov. 19 '38
^ J ®utPtit of systein (kwh.)...107,732,253
107,468,343
98,746.100
—V. 149, p. 3280, 3126.
United Public Service Corp.—To
Pay 10-Cent Dividend—
Directors on Nov. 16 declared a dividend of 10 cents
per share on the
capital stock, payable Dec. 15 to holders of record Nov. 30. This
compares
With dividends of 15 cents
paid on Dec. 15, 1938 and on Dec. 15, 1937.
Initial dividend of 30 cents
United
States
was
paid
on
Dec. 26, 1936.—V. 149, p. 1193.
Graphite Co.—Initial Dividend
Directors have declared
new
$5
an
New
on
initial dividend of 25 cents per share on the
par common shares now
outstanding payable Dec. 11 to holders of
record Nov. 2 7.
last
794
145,045
26,092
10,714
x$60,931
$0.11
on common
Total
by
c
on
Dividends of 2 5 cents were paid on
Sept. 15 and on April 15
the old $10 par stock
previously outstanding.—V. 149. p. 2990.
Trustees
poration,
£b
have
with
organized Clemenceau Mining Corp.,
1,500,000 shares of capital stock, of 25
an
Arizona
cents
shcll*0
par
cor¬
value
Under plan of distribution, United Verde Extension
Mining Cos', trustees
transfer to Clemenceau property and assets of the
former company
are to
and trusteeship estate.—V.
share
a
par
®
$224,590
12,030
Net income-
Earnings
253,158,136 252,101,599
Represented
449,822 no-par shares,
b Represented by 884,680
Represented by shares of $1 par value,
d Of dissolved
subsidiaries—cash in special deposits.—V. 149,
p. 2990.
no
Chancellor W. W. Harrington has ordered trustees of
this company, a
dissolved corporation, to take such action as is
necessary to carry out a
plan for final distribution of assets.
1937
1938
33,009
4,543
29,081
7,003,546
14,467,819
23,819,287
United Verde Extension Mining Co.—Final Distribut'n
Earnings1939
77.545
Shares—
per share on the commor stock, both payable Dec. 23 to holders of record
Dec. 1.—V. 149, p. 270; V. 146, p. 1263, 1092.
3 Months Ended Oct. 31—
Profit from opers. before royalties,
depletion & depreciation
9,181
64,383
7,097
7,536,953
14.467,819
Earned surplus. 24,669,376
Directors have declared
cotton
14,339
2,099.461
47,477
Capital surplus.
a
The company said it proposes to utilize the entire balance in the earned
surplus account to pay the arrearages in full, and to debit the capital
surplus with the balance of such dividend.
The balance in the earned
surplus account as of Oct. 31 was $99,934.
Following this payment of dividend arrearages as proposed, corporation
asks the SEC permission to use its income to pay regular dividends on the
$3 cumulative preference stock and to credit any excess income to capital
surplus account until the full amount of the dividend arrearages charged
against this account has been restored.
The corporation said that no
dividends will be declared or paid on the common stock until such amount
has been restored to the capital surplus account.
V. 149, p. 2383.
627,086
Reserves.
Total
21 specifically asked Securities and Exchange
Commission approval of the declaration and payment of $1.05 per share
arrears on 2,488,712 outstanding shares of its
$3 cumulative preference
stock, or an aggregate of $2,713,147.
16,341
.
17,558
1,751,763
.
Nov.
21,697
15,125
664,814
construction
Contra accounts
Products, Inc.—Listing—
Corp.—Seeks to Pay Arrears—
United Elastic
15,022
Misc. liabilities.
Cust's' ad vs. for
2990.
corporation
25,925,000
287,058
3,271,591
for redempt'on
29,081
55,186
payable.
dlvs. thereon.
dMat'd long-term
debt & int
Exchange has approved the company's application
135,612 outstanding shares of common stock, par $1, with authority
64,388 additional shares of common stock.—Y. 149, p.
United
•_
d Pf. stk. called
to add to the list
The
88,468,000
7,818,959
33,435,000
3,000,000
Bd.&Sh.Co. 25,925,000
Subsidiaries..47,740
Mat'ls & suppl's
$
44,982,200
b $7 2d pf. stock
2,820,654
...
Special depositsNotes receivable
1938
$
$7 pref. stock.
44,982,200
88,468,000
c Common stock
7,818,959
Long-term debt. 33,435,000
franchises, &c. 25,646,200 24,846,402
Investments -..223.173,979 223,729,454
The New York Curb
to list
3,373,665
Balance Sheet Sept. 30 (Company Only)
to list upon
stock, par
4,232,468
$39,137,195 $14,467,818 $24,669,376
1939
Assets—
Contra assets.
The New York Curb
ended Sept.
Surplus, Sept. 30,1939-
Misc.cur.
Inc.—Listing—■
$38,278,391 $14,467,818 $23,810,573
mos.
DSuet divs"on $7 pref'sto'ck""
-^wuctuivs.on^/prei.scocK
Prepayments...
Union Premier Food Stores,
Total
Capital
Earned
$38,287,105 $14,467,818 $23,819,287
8,714
8,714
_
Surplus, Oct
Deductmiscell.adjusts, (net).
Other
Net ry. oper. income.
3423
Summary of Surplus for the 12 Months Ended Sept. 30, 1939
$60,713
$52,658
$0.10
$0.11
sale of abandoned mine land.—V. 149,
2101.
149,
p.
3280.
Utah Idaho Central RR.—Protective Committee—
The Interstate Commerce
Commission on Nov. 14 authorized George S.
Eccles, M. A. Browning and H. A. Benning to serve as a protective com¬
for holders of first-mortgage gold bonds of the
company and to
solicit the deposit of such bonds in accordance with the terms of a
suitable
deposit agreement.
mittee
United Gas
Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
Operating revenues
Oper. exps., incl. taxes__
Prop, retire. & deplet.
1939—3 Mos.—1938
1939—12 Mos.—1938
$9,041,920 x$8,642,840 $40,064,902 x$42100,693
5,632,304
x5,218,216
22,870,863 x22,182,108
2,125,707
$1,283,909
49,179
$1,475,507
61,816
72,291
69.197
$1,260,797
Net oper. revenues
Other income
1,949,117
$1,468,126
income deducts.,
including taxes
8,740,493
■
8,834,404
$8,453,546 $11,084,181
514,053
422,262
Other
Gross income.;
Int.
on
Int.
on
mtge. bonds
76,170
48,750
405,063
coll. trust bonds.
Interest on debentures..
Other int.
50,000
405,063
486,158
9,170
chgd. to construct'n
public—
Pref. divs. to
subsidiaries
1,940,178
7,423
CY801
Other deductions
490,373
Cr3,018
213,121
Crl3,545
1,945,309
y506,988
Cr28,879
212
to
212
847
19,115
113,026
87,037
$209,958
earned surplus
$410,435
$4,265,337
$6,119,544
Operating revenues include a charge of $386,063 and operating ex¬
include a credit of $56,304 made by a subsidiary in August, 1938.
resulting in a net charge against income of $329,759. This adjustment re¬
sults from the loss'of a title suit involving mineral leases and represents the
computation of the net proceeds from 50% of the crude oil, casinghead gas
and natural gasoline produced from the tract of land involved,
y Includes
$418,505 representing non-recurring charges during the quarter ended Dec.
31, 1937 for reorganization expenses of subsidiaries.
Note—No provision has been made in the above statement for possible
losses resulting from pending suits and claims (arising principally in con¬
nection with gas and oil producing properties).
It is the practice of the
companies to record
any
such losses when and
Statement
as
settled.
Sept. 30—
1939—3 Mos.—1938
Oper. revs.—natural gas $1,381,503
$1,324,764
Oper. exps., incl. taxes..
1,361,275
1,260,911
Prop, retire, res. approp.
103,100
102,900
Net operating revenues
—natural gas
x$39,047
1,479,542
$1,154,224
7,117,177
$1,095,714
5,683,226
45,818
226,460
527,815
$1,346,958
501,525
443,517
9,418
1,385
$1,394,677
501,525
443,517
8,819
1,110
$8,044,941
2,006,100
1,759,604
41,216
5,553
$6,251,125
yl,811,063
1,759,604
36,050
4,381
$391,113
$439,706
$4,232,468
$2,640,122
Other inc. deducts, incl.
taxes.
Gross income.
Interest
Int.
on
debentures..
on notes
and loans._
Other interest...
Other
deductions
Int. chgd. to construct'n
Net incomex
Loss,
y
$322
Cr95
Represents interest
'
$623,805
619,522
8,207
$3,901
$3,924
Indicates loss.
Utah Power &
Light Co. (& Subs.)—Earnings—
Period End. Oct. 31—
1939—Month—1938
1939—12 Mos.—1938
Operating revenues
$1,150,774
$1,103,941 $13,411,466 $12,708,771
Oper. exps., incl. taxes..
716,603
616,766
7,954,330
7,500,636
Prop, retire, res. approp.
91,000
91,000
1,092,000
1,038,210
Net oper. revenues—
$298,171
$396,175
393
171
$4,365,136
4,678
$4,169,925
3,716
$298,564
189,428
15,117
$396,292
193,651
25,000
15,741
$4,369,814
2,299,319
300,000
192,980
$4,173,641
2,341,225
300,000
195,529
$69,019
$161,900
$1,577,515
1,704,761
$1,336,887
1,704,761
$127,246
$367,874
Other income (net)
Gross income
Int.
on
Int.
on
—_
mtge. bonds
deb. bonds
Other int. & deducts
Netincome
x
25,000
Divs. applic. to pref. stocks for the period
Dividends
accumulated and unpaid to Oct. 31, 1939, amounted to
Latest dividends, amounting to $1.16 2-3 a share on $7 pref.
stock and $1 a share on $6 preferred stock, were paid on Oct. 2, 1939.
Dividends on these stocks are cumulative.—V. 149, p. 3280.
$7,529,361.
Van Dorn Iron Works
Co.—Earnings—
on
United
Gas
Public
Service
Co.
6%
Net income after all charges
Earnings per
—V. 146, p.
$88,236
share
2713.
$1.14
Van Norman Machine Tool Co.—Dividend Doubled—
directors have declared a dividend of 80 cents per share on the
stock, payable Dec. 20, to holders of record Dec. 8.
This com¬
with 40 cents paid in each of the three preceding quarters; 60 cents
paid on Dec. 20, 1938; dividends of 40 cents paid in each of the three
preceding quarters; a dividend of $1 paid on Dec. 20, 1937, and dividends
of 40 cents per share paid in each of the four
preceding quarters and on
Nov. 1, 1936, this being the initial payment on the shares.
In addition,
an extra dividend of 20 cents was
paid oa Dec. 21 and Nov. 1, 1936.—
V. 149, p. 3280.
The
common
pares
debentures from Nov. 5, 1937, on which date said debentures were assumed
by this company.
$620,395
615,456
8,840
$327
861
Earnings for 9 Months Ended Sept. 30, 1939
x$82,872
1,473,796
43,966
Other income-
$6,208
617,597
has been made in the above statement for unpaid
interest on the 6% income demand note, payable if, as, and when earned,
amounting to $1,663,930 for the period from Jan. 1, 1934, to Dec. 31, 1938.
—V. 149, p. 2708.
x
1939—12 Mos—1938
$8,720,147
$8,420,628
6,921,223
6,707,914
644,700
617,000
$17,966
602,429
$52,163
51,629
Balance, deficit
of Income (Company Only)
Period End.
$51,783
50,831
1,274
mtge. bonds
$1,103,423
1,097,215
Note—No provision
x
penses
on
1939—12 Mos—1938
$1,115,981
1,098,015
$5,683
46,480
53,356
Balance, deficit
min.
Bal. carried to consol.
x$ 1,573
Other int. & deducts
1,264
26,117
applic.
interests
1939—Month—1938
$95,702
$95,568
97,275
89,885
Gross income
Int.
x
.
Portion
624,580
$8,642,705 $10,881,863
307,380
430,350
196,111
200,000
1,620,250
1,620,250
88,523
Light & Traction Co.—Earnings—
Net oper. revenues.__
Rent from lease of plant_
(notes, loans,
&c.)
Int.
324,894
Utah
Period End. Oct. 31—
Operating revenues
Oper. exps., incl. taxes..
I
For other Investment News
see
page
3425.
a State regulartory body requiring such subsidiary to maintain surplus
equal to annual dividends on its preferred stock.
Note—For comparative purposes the figures for the 1938 periods have
been revised to reflect equalization of adjustments recorded subsequently,
but which are applicable to those periods. *
Statement of Income
Period End.
on
1939—12 Mos.—1938
$3,424,730
301,538
97,969
indebt. of affils—
4,398
$3,298,254
301,538
97,969
38,875
$4,914,714
402,051
130.625
17,309
$5,125,936
402,051
130,625
144,655
$3,828,635
$3,736,636
$5,464,699
$5,803,267
226,793
156,736
x2,160
302,019
Total
-
fiscal
Corporate,
& ad-
^
Legal service
53,082
91,499
214,601
x2,16G
22,542
46,053
40,000
29,418
Prov. for Fed.
39,136
18,000
*3,491,624
3,207,967
22,667
$3,555,198
3,314,228
55,510
$4,985,128
4,307.658
40,255
$5,557,088
4,418,970
77,128
ministriative
expenses
SS.....
taxes
oc.
Gross income
-
Interest on funded debt-
Other interest
71.039.
56,466
40.155
50.393
70.742
130.970
94.783
184.388
$150,093
$4,097
$485,966
$805.56.3
—
Net Income
Exclusive of expenses
X
which
were
McNeil &
for legal service rendered prior to Aug. 3, 1938
charged to reserve for reorganization expenses.
public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Nov. 18, 1939, totaled
126,718,403 kwh., an increase of 13.7% compared with the corresponding
week last year.—V. 149, p. 3278.
Libby, owned by Swift & Co.
The order, issued at Washington by
Federal Judge Thomas Jennings Bailey, was the climax of "19 years of litiga¬
tion involving two of the Nation's largest companies," the department said.
The action resulted from the Government's anti-trust drive against
major meat packing
Sperry Corp.—To Pay $1 Dividend—
ing, jobbing, selling, transporting, distributing or otherwise dealing with
114 different commodities, including canned goods, groceries, cereals,
grain and confectionery supplies."
All the packer corporations were pro¬
hibited from owning capital stock or other interest in canned goods, grocery
and kindred corporations.
Swift & Co., the department said, owned most of the preferred and
common stocks of the canning company, Libby, McNeill & Libby, and six
years ago the Federal Court appointed a trustee to dispose of this stock
r'at a reasonable price."
The disposition order Nov. 22 results from a motion filed last April
by the Department of Justice asking that this tsock be sold under bids.
Since then, Swift & Co. have entered an agreement with Glore, Forgan &
Co., investment bankers of Chicago and New York, for sale to the banking
company and other underwriters of the canning company securities.
Under the approved plan, Libby McNeill & Libby will be reorganized
with 4,000,000 shares of common stock with a par value of $7 a share,
and 6% cumulative preferred stocks of a $100 par value "will be increased
to permit their issuance on a 12-common for-l-preferied-share basis," the
department said.
Attorneys of the Department of Justice said many steps must be taken
prior to the sale of this stock," including meetings of Swift directors and
^
It
the common
voting trust certificates payable Dec. 8 to holders of record Nov. 30.
made on Aug. 25 last and on Dec. 19, 1938, and divi¬
paid on July 29, 1938; Dec. 22 and Sept. 9, 1937
—V. 149, p. 1339.
stock
Similar payment was
dends of 60 cents were
1939
1938
1937
1936
x Net profit
loss$29,383
$521,497
$611,890
$179,527
x After
interest,
depreciation, depletion, amortization of intangible
development costs, abandonments, taxes, &c.-—V. 149, p. p. 1930.
30—•
Dividend—
Standard Oil Co. of Ky.—Extra
Symington-Gould Corp. (& Subs.)—Earnings—
of 30 cents per share in addi¬
tion to the regular quarterly dividend of 25 cents per share on the common
stock, par $10, both payable Dec. 15 to holders of record Nov. 29.
Extra
of 25 cents was paid on Dec. 15, 1938.—V. 148, p. 1340.
of 403,189
capital stock (par $25) on official notice or issuance, in
making the total number applied for 27,287,461
Stock Exchange has authorized the listing
payment of a stock dividend
shares.—V. 139, p. 2989.
Stix, Baer & Fuller Co.—To
Dec. 30, April 1 and Jan. 29, 1938; a dividend of 75 cents was paid on
Jan. 3, 1938; $1.75 was paid on Oct. 1, 1937; dividends of 75 cents were
paid on July 1 and on April 1, 1937, a dividend of $1.50 paid on Jan. 28,
1937 and dividends of 75 cents per share paid on Dec. 31, Oct. 1, July and
April 1,1936.—V. 149, p. 2245.
Strouss-Hirshberg Co.—Earnings—
Earnings
—
-
1939—9 Mos.—1938
$173,460
$44,797
149,
$0.93
$0.25
$0.57
share
per
After all charges.—V;
x
$0.24
a
dividend of 2
stock, payable Dec. 15 to holders of
four cents paid on Sept. 15, last and
Indicate loss.—Y. 149, p. 1340.
cents per share on the common
record Dec. 5.
This compares witn
cents per share paid on June 15,
1.
Dec.
record
Similar
Texas Electric
Service Co.—Earnings—
1939—Month—1938
$746,566
$703,584
388,665
395,335
Operating revenues
Oper. exps., incl. taxes..
Property retirement re¬
serve appropriations.
1,000,000
1,084,999
$2,969,5.54
16,234
$2,873,787
9,683
$225,589
140,542
2,599
$2,985,788
1,686,500
31,581
$2,883,470
1,686.500
31,447
$82,448
$1,267,707
375,678
$1,165,523
375,678
$892,029
on mtge. bonds
Otherinterest
83,333
$224,916
673
$279,969
140,542
2,665
Gross income
Int.
$789,845
$136,762
*
Balance
—Y. 149, p. 2707.
Period End.
Oct.
Ry.—Earnings—
31—
Net ry. oper. income.
$627,736
32,972
Fixed
Netincome..
40,496
$3,533,703
342,736
$3,814,990
364,898
$628,206
10,241
340,088
$3,876,439
75,520
3,250,799
$4,179,888
102.161
3,295,343
$330,527
deductions
charges
$587,710
$660,708
7,079
323.102
Other income
Miscell.
1939—10 Mos.—1938
$2,548,649 $21,733,253 $21,755,051
1.590,002
15,564,546
15.141,054
278,702
1,622,580
1,631,915
84,342
958,329
1,113,829
7,893
54,095
53,263
1939—Month—1938
Operating revenues
$2,632,399
Operating expenses
1,725,242
Railway tax accruals...
<196,377
Equip, rentals (net)
77,206
Joint fac. rents (net).._
5,838
$277,877
$550,120
$782,384
Light Co.—Earnings—
Period End. Oct. 31—
1939—Month—1938
Operating revenues
$1,022,404
Oper. exps., incl. taxes..
487,390
1939—12 Mos.—1938
$1,050,164 $11,502,577 $11,307,312
527,169
5.782,169
5,713.861
[Including its Canadian Affiliate]
1939
1938
1 937
$189,364
$129,340 $1,748,514
509,576
555,861
yl,166,194
Other income
386
146
res. approp.
90,942
90,221
Net oper. revenues...
$443,686
5,846
investments
Prop, retire,
1936
$637,330
9 Mos. End. Sept. 30—
Profits from operations-
511,092
Dominion and
foreign income taxes..
$2,914,708
104,875
$1,148,422
81,167
121,509
103,158
491,334
202,812
$476,361
$476,180
$2,318,498
$864,443
17,144
Depreciation...
$685,201
105,862
Consolidated
earnings
Earns, applic. to minor,
interests
71,892
78,511
72,397
x$404,288 x$2,239,987
904,855
904,855
$0.45
$2.47
x$792,046
$459,217
Netearnings
com.
stk. outstandper
904,855
$0.51
share
No provision made for Federal surtax on
882,805
$0.90
undistributed profits,
y
In¬
cludes $425,115
non-recurring income, viz., profit on sale of reacquired
company shares of capital stock in treasury.—V. 149, p. 3278.
on
mortgage bonds.
on
debenture bonds.
Other int. & deductions.
Directors
common
have
declared
an
extra
dividend
of
12 H
$4,627,965
11,440
$4,467,032
5,689
$433,898
177,708
10,000
13,064
$4,639,405
2,132,500
120,000
145,565
$4,472,721
2,132,500
120,000
189.362
income
$233,126
$2,241,340
865.050
$2,030,859
865,050
$1,376,290
$1,165,809
Balance..
—V.
_____
149, p. 2707.
Thatcher Mfg. Co. (&
Period End. Sept. 30—
Net sales
Costs and expenses
Depreciation
Other
2707.
Fed.
Superior Water, Light & Power Co.—Earnings—
Operating revenues
Oper. exps., incl. taxes.
Property retirement reserve appropriations..
$91,210
71,293
4,000
4,000
Net oper. revenues...
$15,917
$18,090
$90,108
68,018
mtge. bonds
Other interest..
$15,917
454
7,091
$18,090
-
454
8,507
Int. charged to construe.
Net income
$8,372
$9,129
the period
Divs. applicable to pref. stock fo
Balance.
—V. 149. p. 2529.
$1,083,848
826,848
$1,041,348
790,624
•
48,000
48,000
$209,000
$202,724
190
Other income
Gross income.
1939—12 Mos.—1938
1939—Month—1938
325
$209,190
5,450
84,988
Cr67
$203,049
5.450
100,159
$118,819
$97,440
35,000
35,000
$83,819
$52,440
$932,642
37,372
$812,372
49,396
$386,892
$970,014
$861,768
40,252
88,119
123,773
189,311
113,654
188,392
$257,699
103,964
36,706
$258,521
104,072
36,706
$656,930
311,930
110,119
$559,722
312,701
110,119
$117,029
$117,743
$234,881
$136,902
$1.05
$1.05
$2.35
$1.68
$382,684
for sundry losses,
income
41,981
83,004
taxes, &c__
Net profit—
Convertible pref. divs..
Common dividends
Surplus
Earns, per sh. on 146,832
shs.
1939—9 Mos.—1938
$5,131,262
$4,887,166
4,066,070
3,938,952
132,550
135,842
$372,209
14,683
$369,223
13,461
income.
Total income
Prov.
Subs.)—Earnings—
1939—3 Mos.—1938
$1,819,117
$1,866,098
1,406,586
1,448,339
43,308
45,550
&c
Period Ended Oct. 31—
on
Net
cents per share in
the regular
quarterly dividend of 2 H cents per share on the
stock, both payable Nov. 25 to holders of record Nov. 18.—V. 149,
to
$432,628
1,270
Divs. applicable to pref. stocks for the period
Operating profit
Superior Tool & Die Co .—Extra Dividend—
addition
1,458
1,124.961
$256,350
Gross income...
Int.
Federal,
Earnings
2,576
1,089,867
$449,532
177,708
10,000
5,474
Other income (net)
Int.
$698,940
101,070
Total income
Int.
$8,548,209
4,589,423
83,333
.
Superheater Co.—Earnings—
p.
1939—12 Mos.—1938
$8,435,646
4,466,092
$274,568
5,401
_
term
I
x
made on Dec. 30, 1938, and on
payments were
Sept. 16, 1937.—V. 149, p. 2707.
Amortization of limited-
last.
Shs.
Ry.—Accumulated Dividend—
Directors have declared a dividend of $7 per share on account of accu¬
on the 7%
conv. pref. stock, payable Dec. 15 to holders of
mulations
Texas Power &
Ltd.—2)4-Cent Dividend—
Sunset Oils,
Directors have declared
y
—V. 149, p. 3278.
1629.
p.
taxes,
excess
Total income
1939—6 Mos.—1938
$105,473
$45,517
52,730
y$110,124
$100,050
—-
Texas & Pacific
of $1 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable Dec. 30 to
holders of record Dec. 13. Like amount was paid on Oct. 2 and July 1, last,
have declared a dividend
Period End. Oct. 31—
y$582,083
$85,467
y$529.353
x After provision for depreciation of plant, all selling and general expenses,
provision for reserve, for State taxes and for Federal normal income and
Net profit
Dividends applicable to pref. stock for the period
Strawbridge & Clothier—Accumulated Dividend—
Net income
y$54,266
139,733
24,581
share on the common
stock, payable Dec. 1 to holders of record Nov. 20.
Similar payment was
made on Juno 1, last, and on Dec. 30, 1938.—V. 148, p. 3545.
x
1939—9 Mos.—1938
y$134,704
45,813
Net income
Pay25-Cent Dividend—
Directors have declared a dividend of 25 cents per
The directors
$54,237
Operating income
Net operating revenues
Other income (net)
J.)—Listing—
Standard Oil Co. (N.
The New York
1939—3 Mos.—1938
Period End. Oct. 31—
Period Ended Oct. 31—
Directors have declared an extra dividend
additional shares of
approval of the Securities and Exchange Commission.
about May, 1940.
estimated that this would delay public sale until
Tennessee Central
Standard Oil Co. of Kansas—Earnings—
9 Mos. End. Sept.
was
—V. 149, p. 2099.
Other income, net
Nov. 17 declared a dividend of $1 per share on
Swift & Co. and
27,
companies more than 20 years ago.
other packers agreed to a consent decree in Federal courts on Feb.
1920.
The Department of Justice said this "enjoined them from the manufactur¬
x
on
Department of Justice announced Nov. 18 a court order approving
of $28,000,000 of shares of capital stock of Libby, McNeill
The
the disposition
stockholders and
Weekly Output—
Electric output of the
Directors
Libby—
&
(Company Only)
1939—9 Mos.—1938
Sept. 30—
Dividends from others._
Int. on fund, debt of affil
Company's Plan to Sell Libby,
Swift & Co.—Court Favors
of
Int.
Chronicle—YEARS OLD Nov. 25, 1939
ONE HUNDRED—The
Commercial & Financial
3422
com.
stk. (no par)
'
.
—V. 149, p. 1629.
Timm
Aircraft
Corp.—Stock Sold—G. Brashears & Co.
announced Nov. 24 that the issue of 425,000 shares of com¬
mon stock which
they offered recently has been oversub¬
scribed and the books closed.—V. 149, p. 2707.
Union Traction Co. of
Philadelphia—Unlisted Trading
The New York Curb Exchange has removed from unlisted trading the
capital stock, par $50.—V. 149, p. 3279.
Volume
ONE HUNDRED—
149
Union Pacific
1939— Month—1938
1939—10 Mos.—1938
$14,892,656 $13,644,691 $109498,421 $96,809,069
1,407,338
1,326,379
15,129,180
14,085,604
443,042
434,677
4,261,758
3,920,996
183,060
197,358
1,713,293
1,708,543
428,933
387,244
3,962,262
3,467,870
210,878
213,394
1,696,471
1,737,547
revenues
Express
revenues
All other transp. revs
Incidental
revenues
Railway
3423
Summary of Surplus for the 12 Months Ended Sept. 30, 1939
RR.—Earnings—
Period End. Oct. 31—
Freight revenues
Passenger revenues
Mail
Commercial & Financial Chronicle—YEARS OLD
The
oper.
revs._.$17,565,907 $16,203,743 $136261,385 $121729,629
Maint. of way & struc_.
2,691,468
2,007,493
16,849,484
14,448,121
Maint. of equipment...
3,175,797
2,476,474
25,727,962
21,372,527
Traffic expense
377,619
366,777
4,231,829
3,477,645
Transportation expense.
5,275,262
4,887,290
45,893,186
41,211,391
Miscellaneous opera'ns.
307,114
309,753
3.099,552
2,907,028
General expenses
460,712
422,769
4,592,782
4,266,714
Transp. for inv.^-Cr
194
699
4,481
Total
Capital
Earned
$38,287,105 $14,467,818 $23,819,287
8,714
8,714
Surplus, Oct. 1, 1938.
Deduct miscell. adjusts,
(net)
Balance..
Net
$38,278,391
$14,467,818 $23,810,573
4,232,468
.
4,232,468
for the 12 mos. ended
Sept.
inc.
30, 1939
T^otaJ:i?
.$42,510,859 $14,467,818 $28,043,041
i-
Deduct divs.
on
$7 pref. stock
3,373,665
Surplus, Sept. 30,1939-
3,373,665
$39,137,195 $14,467,818 $24,669,376
Balance Sheet Sept.
1939
30 (Company Only)
1938
$
$
Assets—
1939
Liabilities—
Plant, property,
a
1938
$
$7 pref. stock.
rev.
from ry. oper.
Railway tax accruals.._
Railway
income.
$5,277,935
1,492,781
$
44,982,200
24,846,402
Investments ..-223,173,979 223,729,454
Cash
2,820,654
1,851,852
b $7 2d pf. stock 88,468,000
c Common stock
7,818,959
88,468,000
Long-term debt.
Special deposits.
Net
44,982,200
Note payable...
33,435,000
3,000,000
franchises, <fcc. 25,646,200
$5,733,381 $35,867,289 $34,050,684
1,236,805
13,330,210
12,428,522
30,147
$3,785,154
1,048,835
55,992
$4,496,576 $22,537,079 $21,622,162
1,190,279
7,716,899
7,059,153
83,046
528,904
548,285
Notes receivable
Equipment rents (net)..
Joint facil. rents (net)..
Net ry. oper. income.
$2,680,327
$3,223,251 $14,291,276 $14,014,724
Mat'ls & suppl's
313,672
Prepayments...
43,622
Misc.cur.
assets
64,561
Contra assets...
Deferred charges
38.038
oper.
7,217
Subsidiaries..
Other
—V.
149, p. 2530.
Union Premier Food Stores,
Inc.—Listing—-
The New York Curb
Exchange has approved the company's application
official notice of issuance, 12,000 additional shares of common
$1.—V. 149, p. 3126.
4,115
47,740
84,260
1,078,231
Acc'ts receivable:
948,060
281,726
28,895
•
Notes pay. to El.
,
Bd.&Sh.Co. 25,925,000
Accts. payable.
3,271,591
d Pf. stk. called
divs. thereon.
15,022
55,186
69,604
Accrued accts..
9,181
64,383
77,545
.
Pay Arrears—
arrears
on
2,488,712
or an
outstanding shares of its $3
cumulative preference
United Gas
Directors
have
Corp.—Special Dividend—
a special
dividend of 10 cents per share from
processing tax refunds and the regular quarterly dividend of 10 cents
share on the commor stock, both payable Dec. 23 to holders of record
Dec. 1.—Y. 149, p. 270; V. 146, p. 1263, 1092.
cotton
per
United Electric Coal
Interest
Federal income tax
Before
$236,709
132,578
32,300
$224,590
145,045
26,092
404
10,714
$28,686 write-off
on
$60,713
$0.11
on common
Nov. 19 *38
98,746,100
Corp.—To Pay 10-Cent Dividend—
Directors on Nov. 16 declared a dividend of
10 cents per share
capital stock, payable Dec. 15 to holders of record Nov. 30. This
With dividends of 15 cents
paid on Dec. 15,
Initial dividend of 30 cents was
paid on Dec.
United
States
on
the
compares
1938 and on Dec. 15, 1937.
26, 1936.—V. 149, p. 1193.
Graphite Co.—Initial Dividend
New
on
Directors have declared an initial dividend of 25 cents
per share on the
new $5 par common shares now
outstanding payable Dec. 11 to holders of
record Nov. 27.
Dividends of 25 cents were paid on
Sept. 15 and on April l5
last on the old $10 par stock
previously outstanding.—V, 149. p. 2990.
794
x$60,931
share
a
United Public Service
Trustees
poration,
a
have
organized
$0.11
assets.
Clemenceau
1,500,000 shares
with
Mining Corp.,
capital stock, of 25
of
an
Arizona
cents
share.
par
cor¬
value
Under plan of distribution, United Verde Extension
Mining Cos', trustees
to transfer to Clemenceau
property and assets of the former company
are
and trusteeship estate.—V.
Net income
Nov. 11 '39 "
107,468,343
3280, 3126.
Chancellor W. W. Harrington has ordered trustees of
this company, a
dissolved corporation, to take such action as is
necessary to carry out a
1937
1938
$254,880
144,367
33,009
4,543
12,030
Other deductions—net
per
Nov. 18 '39
Orwfr.)—107,732,253
—V. 149, p.
plan for final distribution of
depletion & depreciation
Royalties, depletion and depreciation
Earnings
Improvement Co.—Weekly Output—
Week Ended—
United Verde Extension
Mining Co.—Final Distribut'n
Cos.—Earnings—
1939
24,669,376
253,158,136 252,101,599
Shares—
declared
3 Months Ended Oct. 31—
Profit from opers. before royalties,
14,467,819
23,819,287
a
Represented by 449,822 no-par shares,
b Represented by 884,680
Par shares,
c Represented
by shares of $1 par value,
d Of dissolved
subsidiaries—cash m special deposits.—V. 149,
p. 2990.
aggregate of $2,713,147.
arrearages in full, and to debit the capital
surplus with the balance of such dividend.
The balance in the earned
surplus account as of Oct. 31 was $99,934.
Following this payment of dividend arrearages as proposed, corporation
asks the SEC permission to use its income to
pay regular dividends on the
$3 cumulative preference stock and to credit any excess income to capital
surplus account until the full amount of the dividend arrearages charged
against this account has been restored.
The corporation said that no
dividends will be declared or paid on the common stock until such amount
has been restored to the capital surplus account.
Y. 149, p. 2383.
Total
7,003,546
14,467,819
no
The company said it proposes to utilize the entire balance in the earned
surplus account to pay the
United Elastic
253,158,136 252,101,599
29,081
7,536,953
Capital surplus.
Total
The corporation Nov. 21
specifically asked Securities and Exchange
Commission approval of the declaration and payment of $1.05 per share
7,097
Reserves.
Earned surplus.
United Corp.—Seeks to
16,341
47,477
Contra accounts
application
135.612 outstanding shares of common stock, par $1, with authority
64,388 additional shares of common stock.—V. 149, p.
2990.
x
liab_.
construction
to add to the list
stock,
cur.
Misc. liabilities.
Cust's* advs. for
Products, Inc.—Listing—
The New York Curb Exchange has approved the company's
to list
14,339
2,099,461
Customers' dep.
debt & int...
stock,
Aircraft
627,086
17,558
1,751,763
7,097
21,697
15,125
664,814
dMat'd long-term
Misc.
United
25,925,000
287,058
for redempt'on
59,941
29,081
to list upon
par
7,818,959
33,435,000
$52,658
$0.10
sale of abandoned mine land.—V.
149,
p.2101.
149,
p.
3280.
Utah Idaho Central RR.—Protective Committee—
The Interstate Commerce
Commission on Nov. 14 authorized George S.
Eccles, M. A. Browning and H. A. Benning to serve as a protective com¬
for holders of first-mortgage gold bonds of the
company and to
solicit the deposit of such bonds in accordance with the
terms of a suitable
deposit agreement.
mittee
United Gas Corp. (&
Period End. Sept. 30—
Operating revenues
Oper.exps.,incl.taxes..
Prop, retire. & deplet.
Subs.)—Earnings—
1939—3 Mos.—1938
1939—12 Mos.—1938
$9,041,920 x$8,642,840 $40,064,902 x$42100,693
5,632,304
x5,218,216
22,870,863 x22,182,108
reserve approp.......
2,125,707
1,949,117
Net oper. revenues...
Otherincome
$1,283,909
49,179
$1,475,507
61,816
72,291
69,197
$1,260,797
$1,468,126
88,523
50,000
405,063
'
income deducts.,
including taxes
8,740,493
-
8.834,404
$8,453,546 $11,084,181
514.053
422,262
Other
Gross income...
Int.
on
Int.
on
mtge. bonds
coll. trust bonds.
Interest
on
Other int.
76,170
48,750
debentures..
405,063
624,580
$8,642,705 $10,881,863
307,380
430,350
196,111
200,000
1,620,250
1,620,250
Other deductions
Int.
chgd. to construct'n
Pref. divs. to public—
subsidiaries.
applic.
to
486,158
9,170
CY801
490,373
7,423
C'r3,018
1,940,178
213,121
Crl3,545
1,945,309
y506,988
Cr28,879
212
.
212
847
1,264
19,115
113,026
87,037
Bal. carried to consol.
earned surplus
$209,958
$410,435
$4,265,337
$6,119,544
Operating revenues include a charge of $386,063 and operating ex¬
include a credit of $56,304 made by a subsidiary in August, 1938.
resulting in a net charge against income of $329,759. This adjustment re¬
sults from the loss'of a title suit involving mineral leases and represents the
computation of the net proceeds from 50% of the crude oil, casinghead gas
and natural gasoline produced from the tract of land involved,
y Includes
$418,505 representing non-recurring charges during the quarter ended Dec.
31, 1937 for reorganization expenses of subsidiaries.
Note—No provision has been made in the above statement for possible
losses resulting from pending suits and claims (arising principally in con¬
nection with gas and oil producing properties).
It is the practice of the
companies to record
any
such losses when and
Statement of Income
Period End. Sept. 30—
Oper. revs—natural gas
Oper. exps.,incl. taxes..
Prop, retire, res. approp.
Net operating revenues
—natural gas
Otherincome
as
settled.
644,700
617,000
Gross income.
Int.
on
on
debentures..
notes and loans..
Other interest
Other
deductions
x$39,047
1,479,542
$1,154,224
7,117,177
$1,095,714
5,683,226
45,818
226,460
527,815
$1,346,958
501,525
443,517
9,418
$8,044,941
2,006,100
1,759,604
41,216
5,553
$6,251,125
yl,811,063
1,759,604
36,050
1,385
$1,394,677
501,525
443,517
8,819
1,110
$391,113
$439,706
$4,232,468
$2,640,122
Int. chgd. to construct'n
Net income
4,381
Cr95
x Loss,
y Represents interest on United Gas Public Sot vice Co. 6%
debentures from Nov. 5, 1937, on which date said debentures were assumed
by this company.
$623,805
619,522
8,207
$322
$327
$3,901
$3,924
861 '
2708.
Light Co. (& Subs.)
Period End. Oct. 31
1939—Month—193 8
Net oper. revenues—
$298,171
$396,175
393
171
on
on
$298,564
189,428
25,000
15,117
$396,292
$4,369,814
2,299.319
300,000
192,980
$4,173,641
2,341,225
300,000
195,529
$69,019
$161,900
applic. to pref. stocks for the period
$1,577,515
1,704,761
$1,336,887
1,704,761
$127,246
$367,874
Netincome
Divs.
-1938
193,651
25,000
15,741
mtge. bonds
deb. bonds
Other int. & deducts
x
Mos.-
$4,169,925
3,716
Gross income
Int.
1939—IS
$4,365,136
4,678
Other income (net)
Int.
-Earnini 1S-
1,103,941 $13,411,466 $12,708,771
616,766
7,954,330
7,500,636
91,000
1,092,000
1,038,210
Dividends
accumulated and unpaid to Oct. 31, 1939, amounted to
Latest dividends, amounting to $1.16 2-3 a share on $7 pref.
stock and $1 a share on $6 preferred stock, were paid on Oct. 2, 1939.
Dividends on these stocks are cumulative.—V. 149, p. 3280.
$7,529,361.
Van Dorn Iron Works
Co.—Earnings—
Earnings for 9 Months Ended Sept. 30, 1939
x$82,872
1,473,796
43,966
Interest
$620,395
615,456
8,840
Operating revenues
$1,150,774
Oper. exps., incl. taxes._
716,603
Prop, retire, res. approp.
91,000
x
1939—12 Mos—1938
$8,720,147
$8,420,628
6,921,223
6,707,914
Other inc. deducts, incl.
taxes
$52,163
51,629
Balance, deficit
(Company Only)
1939—3 Mos.—1938
$1,381,503
$1,324,764
1,361,275
1,260,911
103,100
102,900
$6,208
617,597
$51,783
50,8,31
1,274
______
Utah Power &
x
penses
$17,966
602,429
Indicates loss.
—V. 149, p.
26,117
$5,683
46,480
Note—No provision has been made in the above statement for
unpaid
interest on the 6% income demand note, payable if, as, and when
earned,
amounting to $1,663,930 for the period from Jan. 1, 1934, to Dec. 31, 1938.
min.
interests...
$1,103,423
1,097,215
53,356
Gross income
x
1939—12 Mos—1938
$1,115,981
1,098,015
x$ 1,573
Int. on mtge. bonds
Other int. & deducts
Balance, deficit
Co.—Earnings—
1939—Month—1938
$95,702
$95,568
97,275
89,885
Net oper. revenues
Rent from lease of plant-
(notes, loans,
&c.)
Portion
324,894
Utah Light & Traction
Period End. Oct. 31—
Operating revenues
Oper. exps., incl. taxes..
Net income after all charges
$88,236
Earnings per share
$1.14
—V. 146, p. 2713.
Van Norman Machine Tool Co.—Dividend Doubled—
The directors
have declared a dividend of 80 cents
per share on the
stock, payable Dec. 20, to holders of record Dec. 8.
This com¬
with 40 cents paid in each of the three preceding quarters; 60 cents
paid on Dec. 20, 1938; dividends of 40 cents paid in. each of the three
preceding quarters; a dividend of $1 paid on Dec. 20, 1937, and dividends
of 40 cents per share paid in each of the four
preceding quarters and on
Nov. 1, 1936, this being the initial payment on the shares.
In addition,
an extra dividend of 20 cents was
paid oa Dec. 21 and Nov. 1, 1936.—
V. 149, p. 3280.
common
pares
For other Investment News
see
page
3425.
ONE HUNDRED—Commercial & Financial CAronic/e—YEARS OLD
3424
Jftepwrts
AS
FAJARDO SUGAR COMPANY OF PORTO
Fajardo
Total
Fajardo Sugar Company of Porto Rico.
Your Board of Directors
hereby submits its twenty-first
grinding commenced
January 31,
1939 and ended
cane
ground amounted to 706,911 tons.
The
467,414 tons.
sugar,
Factory output, 55,790 tons of
359,937 bags of
sugar, or
310 lbs. each.
of The Fajardo Sugar Company of Porto Rico.
May 13, 1939 covering a period of 100 working days.
total
ground into
cane
Loiza
Total
The
RICO
1939
To the Stockholders of
annual report
1939
ADVERTISEMENTS
ANNUAL REPORT TO THE STOCKHOLDERS FOR
The
25,
Qotvcmmls. unA
PUBLISHED
THE
Nov.
ground, 239,497 tons.
cane
Factory output, 28,854 tons of sugar,
or
140,835 bags of
310 lbs. each, and 140,500
The factory
The 1940 crop
bags of 100 lbs. each.
looks to be in excellent condition.
output was 84,644 tons of sugar.
is the
Included in said figures
output of the Loiza Sugar Company.
Attached will be found consolidated Balance Sheet and
Statement
The
following is a comparative statement showing the
individual output of
of Profit and
Loss
For the Directors,
The Fajardo Sugar Company of Porto
Rico and the Loiza Sugar
(including the Loiza Sugar
Company), duly certified by public accountants.
JOHN
Company:
THE
FAJARDO
SUGAR
PORTO
COMPANY OF
BASS, President.
RICO
And Associated Organizations
CONSOLIDATED BALANCE
SHEET—JULY 31,
LIABILITIES
ASSETS
Capital Stock:
$11,013,064.57
Property and Plant
.
Less—Reserve for depreciation
4,170,490.83
$6,842,573.74
Work Animals, Livestock and Equipment
(Less Reserve for
879,527.18
Depreciation of Equipment)
Investments:
Real
estate
Including interest
(less reserve)
and agricultu&l and
mortgages,
due thereon
$290,259.50
Chattel mortgages
other loans
31,250.74
...
Miscellaneous,
obtainable)
at cost
(no
100,000.00
*
•
Preferred:
Authorized but not issued—
15,000 shares of $100.00 each
Common:
Authorized—700,000 shares of $20.00 each
Issued
—323,890 shares of $20.00 each
$6,477,800.00
Capital Stock of Associated Organization in Hands of the
Public (Par Value)
1,000.00
59,444.44
Mortgage Payable (Maturing in 1942 and 1947)
Current Liabilities:
Planters' accounts
market value
—
421,510.24
436,050.57
485,394.80
230,498.46
Surplus:
$1,159,771.79
.
Earned surplus:
329,605.82
Add—Profit for the year ended July 31,
1939 before providing for income
481,860.34
and the Soil Conservation Program
Planters'accounts (less reserve).—-----Accounts receivable for sugar sold
Miscellaneous accounts and bills receivable
(less reserve)
$7,350,790.48
Balance, August 1, 1938
Compensation receivable from the Federal
Government under the Sugar Act of 1937
taxes
172,738.00
778,027.71
(per annexed account)
574,136.61
$8,128,818.19
Deduct:
Income taxes for the year
ended July 31, 1938
123,506.84
—
hand, less reserve
of shipping, selling, etc
$49,344.23
Accounts payable and sundry accruals
Reserve for Insurance, Contingencies and Replacements
Current Assets and Growing Cane:
Planted and growing cane
Materials and supplies
Raw sugar on
1939
for expenses
1,637,235.27
55,828.14
1,798,710.59
Molasses on hand, at net contract sale price
Cash in banks and pn hand--
during
paid
the
cur¬
rent year
$142,474.19
975,075.00
Dividends paid
6,333,393.40
Cash Deposited with the
1,117,549.19
Treasurer of Puerto Rico in Com¬
pliance with the Provisions of the Workmen's Compen¬
8,000.00
sation Act
Deferred Charges to Profit and Loss:
_
$7,011,269.00
319,215.93
Capital surplus
99,618.07
7,330,484.93
$14,584,622.63
$14,584,622.63
Prepaid insurance, taxes, rent, etc—------—------—
THE FAJARDO SUGAR COMPANY OF PORTO RICO
And Associated Organizations
loss account for
the
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR
ENDED JULY 31,
—
„
Less—Expenses of producing, manufacturing/selling, etc. 4,822,226.34
$874,867.25
Deduct—Provision for depreciation
—
331,354.65
$543,512.60
on
sugar
of prior crops.
then ended, have reviewed the
companies and, without making
transactions, have examined
1939
Sugar and molasses produced-----$5,017,350.30
Compensation receivable from the Federal Gov¬
ernment under the Sugar Act of 1937 and the
Soil Conservation Program--,.
'
481,860.34
Interest (net)
—26,610.77
Miscellaneous income
171,272.18
•
$5,697,093.59
Add-—Profit
the year
system of internal control and the accounting procedures of
-
-
we
deemed
Included in planted and growing cane are areas which re¬
mental restrictions
on sugar
production.
been carried forward to the 1940 crop at
All
raw
sold
sugar on
*
Telephone
Barclay 7-5580
Cable Address: All Offices
"Lotonkol"
Paris, France
Havana, Cuba
San Juan, P. R.
Newark, N. J.
November 16, 1939.
To the President and Directors of
The
free for sale at the balance sheet date under the 1939 quota
Fajardo Sugar Company of Porto Rico and associated organi¬
of July 31. 1939 and the consolidated profit and
on
In
our
ments
as
September 11, 1939, when
temporarily suspended.
sugar
Depreciation for
the rate of 60 cents
per
bag
produced.
opinion, subject to the foregoing and to such adjust¬
may
be made
on
final review of the companies' tax
matters, the accompanying consolidated balance sheet and
related consolidated profit and loss account present fairly the
position of The Fajardo Sugar Company of Porto Rico and
Fajardo Sugar Company of Porto Rico:
as
Such
v
We have examined the consolidated balance sheet of The
zations
have
includes approximately 16,950 tons which were not
(310 lbs.) of
New York City
areas
hand at the balance sheet date has been
the year has been provided for at
141 Broadway
These
their direct cost only.
subsequently and is carried at realized prices.
the quotas were
Public Accountants
evidence, by methods
appropriate.
but which became free for sale
STAGG, MATHER & HOUGH
detailed audit of the
mained uncut at the end of the 1939 crop due to Govern¬
234,515.11
$778,027.71
a
tested accounting records of
the companies and other supporting
and to the extent
sugar
Net profit for the year, before providing for income taxes.-
or
associated organizations at July 31, 1939 and the results of
their
operations for the
fiscal
year,
in
conformity with
generally accepted accounting principles applied on
consistent with that of the
preceding
a
basis
year.
STAGG, MATHER & HOUGH.
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Vanadium Corp. of America—Dividends Resumed—
of those products which normally lie
Directors have declared a dividend of SI per share on the common stock,
payable Dec. 15 to holders of record Nov. 30. This will be the first dividend
paid since Dec. 15, 1937 when SI per share was also distributed.—V. 149,
p. 1491.
Western
Nov. 20 declared an extra dividend of 15 cents per share in
quarterly dividend of 15 cents per share on the common
stock, no par value, both payable Dec. 20 to holders of record Dec. 10.
Previously regular quarterly dividends of 10 cents per share were distributed.
—V. 149, p. 2709.
addition
on
to
Maryland Ry.—Earnings—
[Including Dixie Cotton Mills, fully owned subsidiary]
Weeks Ended—
Aug. 26 '39 Aug. 27 '38
Net sales of cloth & yarn. $17,573,645 S15.638.847
Aug. 28 '37 Aug. 29 '36
S22.353.508 $18,438,995
a
c
16,683,564
15,689.920
16,977,723
20,735,505
profit
Assets—
1939
1938
Land, buildings,
mach., fixt.. &c.$l,360,289 $1,399,961
Land and bldgs.,
*
$890,081
___
Net profit other divis'ns
Other income (less other
$1,618,004
b$51,073
$1,461,272
165,184
104,510
226,815
65,608
y386,834
251,716
$923,082
7,763,743
Total surplus
$8,686,825
Red. of non-oper. plants
to assessed valuation
b$212,421
8,049,164
c215,000
$1,623,168
7,569,990
8,005
$1,379,675
6,775,869
226,202
$8,051,743
$9,201,164
$8,381,746
1,152",000
276,596
103,160
432,000
_
180",000
Surplus
res. for conting.
Dividends paid in cash
324,000
288:660
$8,182,825
$7,763,743
*360,000
$2.56
-
*360,000
Nil
-
Surplus unapprop
Shares capital stock
Earnings per share
$8,049,164 x$7,569,990
a360,000
z
72,000
$4.51
$19.16
x
The companies have made no provision in their accounts for
y
Includes surtax on undistributed profits,
liability
if any for tax under Title III of the Revenue Act of 1936 (windfall tax),
because of uncertainties as to interpretation of the statutory provisions,
b Loss,
Portion of
c
reserve
z Par $100.
a Par $20.
for contingencies restored to surplus.
Consolidated Balance Sheet
Aug. 26'39 Aug. 27'38
Aug. 26*39 Aug. 27*38
Liabilities—
Assets—
y
and
equipment. 8,937,258
868,120
2,314,218
Inventories
4,514,783
Cash.
618,161
9,141,271
865,750
2,337,289
4,228,991
767,915
Acc'ts & notes rec.
.......
1
1
164,165
140,291
Goodwill...
Prepaid expenses.
7,200,000
1,750,000
7,200,000
Notes payable..__
750,000
Accounts
and
payable
accruals...
Employees
933,375
Div. pay. on com¬
Notes pay. to bk__
Res. for Fed. tax..
1,031,090
Res. for conting..
Earned surplus...
mon
960,556
stock
160,583
400,000
400,000
19,000
127,504
73,800
126,336
495,892
911,865
210,338
Inv. & other assets
of Sang. Weston,
Ltd
113,651
Sundry dep. accts.
rec., invest., <fcc.
Deferred charges..
Total
9,117
16,192
11,032
55,466
$4,001,766 $4,147,595
Total
$4,001,766 $4,147,595
a
After reserve for depreciation of $1,431,338 in 1939 and $1,517,257
in 1938.
b Represented by 13,642 (27,376 in 1938) no par shares of class A
and 160,583 no par shares of common stock,
c After reserve for deprecia¬
tion and revaluation of $41,569.
The income statement for the nine months ended Sept. 30 was published
in V. 149, p. 3281.
Winter & Hirsch,
Inc.—Special Dividend—
Directors have declared a special dividend of 10 cents per share in addition
to a regular quarterly dividend of 35 cents per share on the common stock,
par $1.
The regular dividend will be paid on Dec. 1 to holders of record
Nov. 17 and the special distribution will be made on Jan. 10 to holders of
record Jan. 5.—V, 147, p.
1510.
602,624
Wisconsin Investment Co.-—10 Cent Dividend—
The board of directors has declared dividend of 10 cents per share on the
company's stock, payable Dec. 15 to stockholders of record Nov. 25.
Like
amount was paid on July 1, last.—V. 149, p. 2992.
liabil.
insur. reserve
10,506
5,140
340,000
Profit and loss.... 8,182,825
160,000
7,763,743
Surplus
13,688
61,628
S
$
Capital stock
Heal estate, plant
Securities owned..
2
1,034,298
......
securities
Net profit for year
113,910
6,821
58,890
167,237
1,163,578
Inv. & accts. rec.,
W.E.I. Co., Ltd
Est. prov. for Fed. and
1938
161,570
76,764
class A stock.
50,000
County <fe municip.
197,829
Subs.)—
1939
2
Notes & aects.rec.
47,048
Dr208,396
Inventories
Previous surplus
Miscellaneous credits
Liabilities—
Accounts payableAccrued accounts-
239,255
218,407
Cash......
66,916
State income taxes
(&
Div. payable on
50,000
163,914
charges)
Corp.
b Capital stock...$2.500,000 $2,o00,000
not used in oper.
Patents & goodwill
of cloth
mill divisions
$281,032 $13,821,374 $11,653,197
$423,314
(rented)
Oper.
production
[Including Domestic Subsidiary Company]
Consolidated Statement of Income and Surplus
52
Cost of cloth & yarn sold
and sell. & adm. exps.
1938
1939
Gross earnings (est;)
—V. 149, p. 3281.
Weston Electrical Instrument
Balance Sheet Sept. 30—
Co.—Earnings—
mass
Jan. 1 to Nov. 14—1939
1938
—Week End. Nov. 14
a
West Point Mfg.
of
scope
operations."
The organization reporting to Mr. Lack will consist of F. J. Feely, in
charge of manufacturing; H. N. Willets, Assistant Sales Manager; E. W»
Thurston, Sales Promotion Manager; O. R. Hommowun, Service Manager;
and J. W. Sprague, Division Comptroller.-—V. 149, p. 1775.
Waldorf System, Inc.—Extra and Larger Dividend—
WDirectors
beyond the
3425
reserve for
Wisconsin Michigan Power
Co.—Registers with SEC—
See list given on first page of this department.—V. 149, p.
contingencies...
3282.
Wisconsin Power & Light Co.—Preferred Dividends—
The directors have declared
17,416,708 17,481,5071
Total......
Total......
17,416,708 17,481,507
After deducting $11,229,134 ($10,780,009 in 1938) allowance for de¬
preciation and $223,454 ($234,479 in 1938) reduction of non-operated plant
to assessed value.—V. 148, p. 1824.
y
Western Electric
a dividend of $1.50 per share on the 6%
pref. stock (par $100), and a dividdend of $1.75 per share on the
pref. stock (par $100), both payable Dec. 15 to holders of record
Nov. 30.
Similar amounts were paid on Sept. 15, last.
See also V. 148,
p. 3249.—V. 149, p. 2992.
cum.
7%
cum.
Worcester Street Ry. Co.—Earnings-
Co.—Organizes New Unit—
ment outside of the
Period End. Sept. 30—
Net profit after all chgs.
Rev. fare pass, carried..
of
Average fare.
To meet the unique requirements of broadcasting stations, airlines, the
Government services, and other similar users of its communication equip¬
a
new
unit
will
Bell System, this company announced the formation
branch to be known as the Specialty Products Division.
This
be responsible for such by-products of telephone research as:
Hearing aids, aviation, marine and police radio; broadcasting equipment;
equipment made to specification for the United States
sound systems; and
Government.
*'
.
division, which will begin .formal operation this month, will
be located at the Kearny, N. J., works of the Western Electric Co. and
will be headed by F. R. Lack as Manager.
In commenting upon the newly
organized unit Nov. 20, Mr. Lack said, "By bringing together at one
The
new
location the
mercial
personnel involved in development, manufacturing and com¬
engineering, we expect to facilitate the fabrication and delivery
COMMERCIAL EPITOME
lower for
18th
the
futures
closed
totaling only 18 lots.
Little business
was
new
Rio contract.
market here remained
was
devoid
On the 20th inst. futures
closed 4 to 5 points net lower for the Santos contracts, with
sales
totaling 40 lots.
Very little business
was
done in the
Rio contracts, only one contract being traded in new Rio
Dec. at 7
showed
points loss, and 4 contracts in old Rio Dec. which
an
8 point net loss.
contracts and
first
notice
market.
new
were
Liquidation of Dec. Santos
switching into deferred positions in advance of
day next Friday featured the coffee futures
During early afternoon prices were 5 to 7 points
lower with March at 6.20c.,
off 5 points.
in the market for actual coffee.
There
was
nothing
Colombian Mahizales
reported offered at 10c., the level at which last sales
took place.
Africans
exchange variations.
mixed because of freight and
On the 21st inst. futures closed un¬
were
Yukon Pacific Mining Co .—Reorganization
See Pacific Tin
Voted—
Corp., above.—V. 149, p. 3129.
sales
totaling 59 lots.
There
were
sales of 8 contracts in the
The coffee market
dull affair, with no news of importance from
Rio 7s in Brazil were off 200 reis and hard
Prices in Brazil and in the actual
unchanged.
Youngstown Steel Door Co.—Larger Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 1.
This compares with
25 cents paid on Sept. 15 and June 15, last and on March 15,1938.—V. 149,
p. 2712.
generally
liquidated, trading will be ended permanently in the old Rio,
after which all of the activity in the lower priced coffee wiU be
in the
9.67 cts.
Indicates loss.-—V. 149, p. 2386.
with sales
When the Dec. position is
Friday next.
$62,128
15,185,279
which closed 9 points, off.
special feature outside of Dec. liquidation in advance of
first notice day on
cts.
old Rio Dec.,
done in the Rio
The market
being recorded.
9.65
points net
2
deliveries in the Santos contract,
all
contract, only 3 lots
of
inst.
1939—9 Mos.—1938
$138,726
15,748,746
changed to 2 points net lower for the Santos contract, with
Friday Night, Nov. 24, 1939
Coffee—On
x
...
1939—3 Mos.—1938
$2,105
x$23,417
4,546,212
4,394,238
9.80 cts.
9.81 cts.
was a
the outside.
Santos 4s
down 100 reis.
were
Mild coffees also
were
reported sold at 9%c.
week
Other types were also lower.
easier with Dec. shipment Manizales
Exports of coffee from Colombia last
bags against 75,860 bags the
to 84,047
amounted
The United States took 79,223 bags. The
96,920 bags, 13,000 over
previous week.
movement to ocean ports rose to
the amount
shipped.
On the 22d inst. futures cloted
Practically
5 points to 1 point net
Santos contract, with sales totaling 69 lots.
lower for the
no
business was recorded in the Rio contracts.
Trading in Santos coffee futures was featured by further
December liquidation.
was
3 points
During early afternoon the market
lower, with May at 6.22 c. In Brazil the spot
price of Rio 7s was off 300 reis.
Brazil
were
not
under asked
Cost and freight offers from
openly reduced, but it was believed that bids
prices would be accepted.
definitely easier.
Mild coffees
were
December shipment of Manizales were
reported sold at 9%c., after which further bids at that level
were unsuccessfully solicited.
Roasters were showing little
interest.
Today futures closed 2 points off to 4 points net
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3426
higher for the Santos contract, with sales totaling 77 lots.
There
sale of six contract
was a
closed 19
in old Rio December, which
Liquidation of December contracts and
points off.
switching from that position into later months with the
issuance of
seven
unchanged
December broke 25
Rio contract
points to 3.42c., but later sold at 3.48c.,
In Brazil spot Rio 7s were up 100 reis, while type 5
off 19.
in Santos
off
was
from Brazil
were
Manizales
easy.
In the old
points lower.
4
to
transferable notices, featured the trading
During early afternoon the market stood
in coffee futures.
an
equal amount.
were
Rio coffee prices
were
reported offered at 9%c.
closed
as
-—3.48
December
Santos coffee
Cost and freight offers
generally unchanged, but mild coffees
prices closed
follows:
March
as
3.48
follows:
-6.00 July.
6.18 September
December
March
6.37
During the early part of the short session prices
easier, but towards the close firmed
were
Offerings
were
for
up
considerably.
light, transactions totaling only 126 lots
or
Switching out of the Dec. position accounted
1,688 tons.
substantial part of the session's business.
Thirteen
were exchanged for Mar. at 15 points, 7 for
a
Dec. contracts
July at 32, and 9 for May at 24 points.
A light amount of
outright Dec. liquidation was also noted by ring observers.
Local closing: Dec., 4.95; Jan., 5.00; Mar., 5.10; May, 5.18;
July, 5.27; Sept., 5.36.
On the 20th inst. futures closed 8
to
13 points net higher.
Transactions totaled 337 lots.
The cocoa futures market had a steady undertone.
During
early afternoon prices were about 5 points higher with Dec.
selling at 5c. even.
Hedge selling was offset by dealer
support.
Switching from Dec. into deferred positions was
done.
Warehouse stocks increased 335 bags.
They now
total 1,048,443 bags, compared with 918,907 bags a year
ago.
Receipts of cocoa last week amounted to 6,442 bags
while deliveries totaled 16,513 bags.
Local closing: Dec.,
5.08; Mar., 5.19; May, 5.27; July, 5.37; Sept., 5.46.
On the
21st inst. futures closed 2 points up to unchanged.
Trans¬
actions totaled 316 lots.
Cocoa futures continued to creep
higher in moderately active trading.
Prices were 3 to 5
points higher this afternoon with Dec. at 5.11c., up 3 points.
Sales to that time totaled 220 lots.
About the only offerings
consisted of Dec.
First notice day falls next Friday.
There
were no offerings from the West African coast..
Warehouse
stocks decreased 2,800 bags.
They now total 1,045,622
bags, against 18,907 bags a year ago.
Local closing: Dec.,
5.10; Jan., 5.13; Mar., 5.21; May, 5.27; July, 5.37; Sept.,
On the 22d inst. futures closed 2 to 5
was
totaled
483-lots.
The
points net higher.
cocoa
futures
the British Government announced that it had taken
over
Prices today were
6 to 7 points higher, with December selling at 5.16c. Trading
was fairly large, reaching 360 lots to eai ly afternoon.
Switch¬
ing out of December into forward months and liquidation
accounted for the supply of contracts, while short covering
by trade interests and buying by manufacturers supplied
the demand.
The open interest in December last night was
ltill quite large, totaling 1,681 lots, a drop of 369 for the
week.
Warehouse stocks decreased 109 bags.
They now
total 1,045,513 bags against 914,897 a year ago.
Local
closing: Dec. 5.12; Jan. 5.15; Mar. 5.23; May 5.32; July
5.39; Sept. 5.48.
Today futures closed 25 to 8 points net
higher.
Transactions totaled 465 lots.
The rise in cocoa
futures continued under active buying spurred by news that
the Gold Coast
cocoa
cocoa
crops;
moratorium had been extended until
Dec. 4th.
Although 113 notices of delivery on Dec. con¬
issued on this, the first notice day, they were
stopped promptly by merchant, with the result the Dec. •
actually advanced 10 points to 5.22c., the best price so far
on this
recovery.
The open interest in Dec. has decreased
279 lots since Wednesday.
It still totals 1,402 lots. Local
closing: Dec. 5.27; Mar. 5.35; May 5.40; July 5.48; Sept. 5.56
tracts
were
Sugar—On the 18th inst. futures closed 2 to 3 points net
lower for the domestic contract, with sales totaling 116 lots.
The world sugar contract closed ll/2 to
2^ points net
lower,
with sales of only 10 lots.
was
up
The
buying by trade interests.
sugar to Greece continued.
In both contracts most of the sell¬
hedging.
In the world contract volume of business
extremely light, only 10 lots being recorded, but the
was
undertone
was
easier.
On the 20th inst. futures closed
un¬
changed to 1 point down for the domestic contract, with
sales totaling 113 lots.
The world sugar contract closed
1 point off to unchanged, compared with
previous finals,
with sales totaling 31 lots.
During the early trading sugar
markets
firm, with the domestic market showing net
gains of 2 to 4 points during the early afternoon.
Traders
were interested in the Cuban
elections, the final outcome of
which appears to be in doubt.
In the raw market limited
lots of duty-free sugars were offered at 3.10c. a
pound, while
a parcel of Cubas afloat could be had 10
points under Mar.
were
In the refined market the trade heard that the
price would
dropped further to 4.80c. to meet a cut in the South.
At that level refiners could pay 3.17c. for raws and still have
a margin of 1c. a pound to work on, it was
pointed out.
It
be
Reports that Cuba was selling
inst. futures closed 2 to 3 points net higher
On the 22d
for the domestic contract, with
sales totaling 126 lots.
The
closed 3 to 2l/2 points net higher, with
sales totaling 80 lots.
Sugar futures developed strength
from buying which was hard to explain in view of easier raw
and refined sugar markets.
Domestic futures were holding
gains of 3 points this afternoon, with May selling at 1.89c.,
up 3 points, after having been 4 points higher.
Raw sugars
were offered at 3.05c. to 3.10c. for duty-frees for Nov. and
Dec. arrival and generally thought available at 3c. a pound.
Cane sugar refiners announced a cut to 4.80c., while
beet
sugar was reduced to 4.60c. east of the Rocky Mountains.
In the world sugar market contracts this afternoon stood
2
to
3p£ points higher.
The last quoted prices on Cuban
was
1.46c., while refined was quoted at 2.35c. f.o.b.
Cuba.
Today futures closed 8 to 9 points net higher for the
domestic contract, with sales totaling 451 lots.
The world
sugar contract closed 4^ to 6^ points net higher, with sales
totaling 158 lots.
Sugar futures advanced sharply in a
fairly active market, the advance being more or less of a
mystery to traders on the Exchange.
The domestic contract
g lined 8 points, with May selling at 1.97c. up to the third
hour, 12 points above the low point of the forenoon and only
2 points away from the recovery peak.
The buying was
led by Cuban interests with shorts covering and a certain
amount of new buying going on.
In the meanwhile the raw
sugar market was inactive, with nearby duty-free sugars
reported on offer at 3c. to 3.10c. a pound.
The refined
sugar picture also was unchanged.
World sugar contracts
advanced 6 points during early afternoon, with Mar. selling
at 1.53^c.
It was reported that France yesterday had paid
1.50c. a pound for 6,200 tons of Cubas.
raws
Prices closed
as
follows:
January
1.82
March
2.01
2.04
July..
September
1.93
„
1.97
Sugar
Production
market
firm, prices continuing the advance which started when
control of the West African
ing
for the domestic contract, with sales totaling 157
world sugar contract closed unchanged to l/2
point up, with sales totaling 56 lots.
Trading in sugar
futures was quiet and prices irregular.
In the domestic
market the tone during most of the session was heavy.
No
sales were reported in the raw market, where nearby duty¬
free sugars were offered at 3.10c. a pound.
In the refined
market the chief incident was a cut by a small refiner to
4.55c. a pound.
The major refiners continue to quote
4.90c., but that price is regarded as largely nominal.
In
the world sugar market this afternoon prices were y2 to 1
point net higher after losses in the early trading.
However,
the market eased as the session ended.
There was light
point
lots.
May
5.46.
Transactions
sugar to
unchanged to 1
On the 21st inst. futures closed
Greece.
world sugar contract
Cocoa—On the 18th inst. futures closed 3 to 6 points net
higher.
1939
reported that Cuba had sold 15,000 tons of raw
was
6.33
6.26
May
Nov. 25,
United
in
Below
Last
States
10%
Reported
Season
The sugar crop now being harvested in continental United
States is estimated at 2,152,000 short tons raw value, which
with 2,384,000 tons produced last season, a de¬
232,000 tons, or about 10%, the New York Coffee
and Sugar Exchange reported Nov. 14.
Based on the 1938
compares
of
crease
deliveries
Xapparent consumption) of sugar in the United
States, 6,660,694 tons, this year's yield will be equivalent
32.3% of the total amount consumed here as compared
to 35.8% supplied
by continental producers in 1938.
The
to
Exchange's announcement continued:
A
breakdown
produce
(a
the
crop)
latest
428,000
tons
against
is
AAA
at
the
in
figures reveals that continental beet producers will
for
in
tons
nearly
under
the end
contrast
the
of
in
tons
Louisiana
of
with
1938.
wholly
will
the
of
sugar
fields
estimate,
491,000 tons last
The
to
provisions
of
cane
Agriculture
producing fields
new
89,000
due
1,660,000
1938.
Department
paratively
out,
of
beets enough
record
yield,
domestic
cane
to
for
on
acreage
Sugar Act
of
1937,
com¬
74,000
it
is
imposed
which
will
to
produce
Florida's
crops,
restrictions
the
tons
according
cane
and
season
supply enough
smaller
1,803,814
against
will
enough
tons
pointed
by
the
expire
1940.
Sugar Crop of Peru Reported 7.6% Above Last Season
Peru's
1939-40 sugar crop is
estimated at 394,000 long
compared with 366,000 tons manu¬
an increase of 28,000 tons or approxi¬
mately 7.6% accordihg to advices received by Lamborn &
Co., New York, from Lima, Peru.
The announcement
tons, raw value, as
factured last season,
added:
Of last year's production 273,000 tons were
reported while 93,000 tons
were
consumed
locally.
The exports went to the following destinations:
Tons
■
Chile
Tons
120,600
65,300
United Kingdom
United StatesBoliva
Edcuador
5,300
2,500
1,400
1,000
800
Hong Kong
40,600 Germany
...
New Zealand
French Morocco
19,900
8,200
Canada
Others
7,400
Lard—On the 18th inst. futures closed 12 to 15 points net
lower.
The lard market continued to rule
heavy today, in¬
fluenced largely by the bearish news on hogs.
This week
England, Scandinavian countries, Italy and Switzerland
purchased
England
large
was
quantities
of
American lard.
Clearances
the principal buyer.
However,
one day
on
the end of the week amounted to over 2,000,000 pounds.
lard exports were reported at the close of the week.
near
No
Western hog receipts totaled 23,500 against 25,000 head for
the same day a year ago.
Sales of hogs today
ranged from
$5.60 to $5.80.
On the 20th inst. futures closed 20 to 22
Volume
ONE HUNDRED—Tie Commercial & Financial Chronicle—YEARS OLD
149
3427
points net lower. The market started unchanged to 2 points
lower, but scattered selling uncovered little or no support,
causing the market to give way rather rapidly, prices closing
at the lows of the day.
Lard exports over the week-end from
the Port of New York were 102,100 pounds, with destination
"Europe."
Hog prices at Chicago today were 10c. higher.
During the day sales ranged from $5.50 to $6. Western hog
marketings totaled 93,600 head against 96,100 head for the
same day last year.
On the 21st inst. futures closed 5 to 10
points net lower.
This closing range compares with 20
points net lower on the previous day. The depressing factor
has been the bearish news on hogs.
Marketings of hogs at
the principal markets in the West have been exceptionally
has been reduced to 662 lots or 6,620 tons of rubber.
Singapore rubber markets closed steady,
prices advancing 1-32 to 5-32d.
Local closing: Dec., 20.05;
Jan., 19.20; Mar., 18.88; May, 18.40.
On the 22d inst. futures closed 40 to 26 points net higher.
heavy throughout the past week.
No lard exports were
reported from the Port of New York today. Prices on hogs at
Chicago showed declines of 5c. to 15c.
Sales ranged from
$5.50 to $5.90.
Total receipts for the Western run were
85,300 head, against 77,200 head for the same day a year ago.
On the 22d mst. futures closed 7 points up to unchanged.
The market ruled heavy during the early prrt of the week
as a result of heavy hog marketings, but today it looked as
though the declines had extended too far, as short covering
at
firmness and some substantial gains.
spite of the reports of heavy export sales of lard to Europe
caused considerable
In
no clearances of lard were reported
Wednesday.
Chicago hog prices today
(Wednesday) finished steady at around Tuesday's finals.
Sales langed from $5.50 to $5.90.
Receipts of hogs at the
principal markets in the West totaled 80,000 head, against
46,100 head for the same day a year ago J
Today futures
closed 3 to 7 points net higher.
The market's firmness
was influenced largely by the strength in hog prices.
Hog
prices were steady to strong and in spots as much as 10c.
higher today in an active market.
at the start of the
from New York
week
on
DAILY CLOSING
PRICES
OF
LARD
FUTURES IN CHICAGO
Wed.
Thurs.
Fri.
Sat.
January
March
—
—
-
May
July.,
—
—
—
Mon.
Tues.
6.02
December
5.80
5.72
6.15
5.90
5.82
5.87
H
5.90
6.60
6.40
6.30
6 30
O
6 37
6.72
6.87
6.50
6.67
6.45
6.60
6.47
6.60
L
6.52
6;65
5.80
5.77
Pork—(Export), mess, $20.75 (8-10 pieces to barrel)
family (50-60 pieces to barrel), $18.25 (200-pound barrel).
Beef: (export) steady.
Family (export), unquoted.
Cut
meats: pickled hams: picnic, loose, c. a. f.—4 to 6 pounds,
11 %c.; 6 to 8 lbs., 11 %c.; 8 to 10 lbs., 11c. Skinned, loose,
c. a. f.—14 to 16 lbs., 15%c.; 18 to 20 lbs., 16%c.
Bellies:
clear, f. o. b. New York—-6 to 8 lbs., 12%c.; 8'to 10 lbs.,
11%c.; 10 to 12 lbs., 11 %c. Bellies: clear, dry salted, boxed,
N. Y.—16 to 18 lbs., 9%c.; 18 to 20 lbs., 9%c.; 20 to 25 lbs.,
9%e.; 25 to 30 lbs., 9%c. Butter: creamery, firsts to higher
than extra and premium marks: 24 %c to 31c. Cheese: State,
held '38, 21 to 22c.
Eggs: mixed colors, checks to special
packs: 18% to 30%c.
Oils—Linseed oil deliveries against old contracts continue
fairly good for this time of the year, crushers report. Prices
continue at the basis of 9. lc. for oil in tank cars. Quotations:
Chinawood: tanks, "regular" trade—-24c. bid; Independent,
lots—25 to 27.
Coconut: crude: tanks—.03% bid;
small
Pacific Coast, spot—.03% bid.
Corn: crude, west, tanks,
nearby—.05% to .05%.
Olive: denatured, drums, spot,
afloat—$1.05 bid; shipment—$1.00 bid.
Soy bean: tanks,
west, nearby—.04% bid; distant—.04% bid; New York,
1. c. 1., raw—.068 bid.
Edible: coconut, 76 degrees—.09%
bid.
Lard: prime, ex. winter—9% offer.
Turpentine: 31%
to 33%.
Rosins: $5.40 to $7.70.
Cottonseed Oil sales
December
January
February.
yesterday, including switches, 105
Prices closed as follows:
Crude, S. E., val. 5%.
contracts.
-
March
—
;
—
6.36(g) 6.39 April
6.46@ 6.49 May
June
6.51©
n
6.62© 6.64 July
—
*
6.67©
n
6.73© 6.74
6.78©
n
6-84©
-
Rubber—On the 18th inst. futures closed 1 point lower to
7
Transactions totaled only 160 tons.
feature.
the Far
continue limited.
Spot standard No. 1 ribbed smoked
points net higher.
The market ruled very quiet and without noteworthy
The outside market was also quiet.
Offerings from
East
20%c. per pound.
For the first time in weeks the certificated rubber stocks in
licensed Exchange warehouses showed an increase.
A gain
of 30 tons was recorded today to 2,070 tons.
Local closing:
Nov., 19.95; Dec., 19.95; Jan., 19.18; Mar., 18.55; Sept.,
17.45.
On the 20th inst. futures closed 4 points net lower
to
13 points net higher.
Transactions totaled 49 lots.
Rubber futures were steady, but the volume of business was
sheets in the trade remained the same at
very
time
small, only 330 tons trading to early afternoon. At that
Dec. stood at 19.95c., unchanged.
The spread be¬
Dec. and Mar. was 125 points.
There was some
tween
liquidation by commission houses in Dec.
Shipment offer¬
ings were moderate, but were close to a workable basis.
The
London market closed quiet, % to 7-32d. higher.
Singapore
higher.
Local closing: Dec., 19.91; Mar., 18.68;
July, 17.75.
On the 21st inst. futures closed 10 to 35 points
net
higher.
Transactions totaled 64 lots. Buying at¬
tributed to an important British dealer interest imparted a
firm tone to the rubber futures market today.
Offerings
were moderate, sales up to early afternoon totaling only 520
tons.
At that time Mar. stood at 19c., up 32 points, and
also closed
18.48c., up 43 points. A small increase in cer¬
tificated stocks brought the total up to 2,250 tons.
The
open interest in Dec., which stood at about 1,000 lots a month
May at
ago,
The London and
Transactions totaled 188 lots.
Rubber futures
were
bid up
by trade interests and shorts in sympathy with firm markets
abroad. London closed 3-32 to 5-16d, higher.
The strength
there
was
attributed
to
nervousness
over
the
numerous
sinkings of vessels off the coast of England.. Evidently
traders were worried over fresh supplies. Here British dealer
interests bought Dec. while local traders bought Mar. During
early afternoon Mar. stood at 19.27c., up 39 points, and May
18.62c.
Sales
to
that
time
totaled
1,330 tons.
The
Singapore market also closed strong. Local closing: Dec.,
20.45; Mar., 19.28; May, 18.66; July, 18.28. Today futures
closed 5 points off to 10 points net higher.
Transactions
totaled 162 lots.
Strength in foreign rubber markets found
reflection here in rising prices of futures on the Commodity
Exchange. The opening range was 10 to 40 points higher.
Trading thereafter was active with 1,270 tons don9 to early
afternoon.
Prices held well, standing 21 to 25 points higher
on 1940
positions, but 2 points lower on Dec., which sold at
20.43c.
The German war on shipping by use of mines has
created nervousness over the shipping situation.
London
closed % to %d. higher.
Singapore also was higher. Local
closing: Dec., 20.40; Mar., 19.37; May, 18.72; July, 18.45;
Sept., 18.05.
Hides—On the 18th inst. futures closed 2 to 3 points net
The opening range was 1 point up to 5 points off.
lower.
Trading
was very
light and without special feature.
Trans¬
actions totaled 560,000 pounds.
Certificated stocks of hides
in warehouses licensed by the exchange decreased by 5,062
hides to a total of 1,014,811 hides.
The domestic spot hide
market
was quiet and devoid of new features
today. Local
closing: Dec., 13.75; Mar., 14.10; June, 14.37; Sept., 14.64.
On the 20th inst. futures closed 2 to 3
points net lower.
Transactions totaled 179 lots.
After an easier opening raw
hide futures turned firm in sympathy with the stock market
on limited sales.
During early afternoon prices were 10 to
16 points higher, with Dec. at 13.90c. ana Mar. at 14.20c.
on a turnover of 2,840,000
pounds. Trading in spot hides
was
quiet.
In futures commission houses were reported
showing more interest, buying being supplied by dealers.
Certificated stocks of hides increased 3,203 pieces.
They
now total 1,018,014 hides.
Withdrawals this month have
totaled 62,732 hides.
Local closing: Dec., 13.72; Mar.,
14.07; June, 14.35.
On the 21st inst. futures closed 1 point
up to 3 points net lower.
Transactions totaled 162 lots.
Raw hide futures had a steady undertone.
They opened 3
to 12 points higher in sympathy with the stock market, but
met scattered selling later.
Nevertheless the market stood
3 to 12 points higher this afternoon with Dec. at 13.75 and
Mar. at 14.15c., respectively.
Certificated stocks of hides
increased 1,874 pieces to a total of 1,019,888 hides.
Spot
hide trading was at a standstill.
Local closing: Dec., 13.72;
Mar., 14.08; June, 14.35; Sept., 14.60.
On the 22d inst. futures closed 4 to 8 points net
higher.
Transactions totaled 162 lots.
Prices of raw hide "futures
advanced in fairly active trading.
The market on a turnover
of 4,360,000 pounds stood 2 to 9 points higher during early
afternoon, with Dec. at 13.78c. There was local buying and
short covering.
No sales were reported in the spot market.
Certificated stocks decreased by 7,488 hides.
They now
stand at 1,012,400 pieces.
Total withdrawals this month
have amounted to 74,069 hides.
Local closing: Dec., 13.79;
Mar., 14.12; June, 14.43; Sept., 14.68. Today futures closed
7 to 2 points net higher.
Transactions totaled 299 lots.
Raw hide futures were firm on commission house buying,
while the trade supplied the contracts.
During early after¬
noon prices were 7 to 8
points higher, with Dec. at 13.86
and Mar. at 14.20c., respectively. The turnover was large,
totaling 6,160,000 pounds to that time. Certificated stocks
of hides decrease by 7,594 pieces to a total of 1,004,806 hides.
Local closing: Dec., 13.86; Mar., 14.20; June, 14.45.
Ocean
Freights—Inquiry for tonnage in general was
quite active during the early part of the week, with time
charter business being especially noticeable.
Charters in¬
cluded: Grain: Atlantic range to two ports Denmark, prompt,
45c.
per 100 pounds. Another vessel, St. Lawrence to U. K.
Continent,"Nov. Scrap: Atlantic range to Italy, Dec., $11
per ton.
Sugar: Cuba to Marseilles, Dec., 65s per ton.
Time: Round trip, East coast South American trade, Dec.,
$3.25 per ton. Round trip, West Indies trade, Nov.-Dee.,
$2.90 per ton. Vessel reported fixed six months West Indies
trade, delivery Hatteras, $7,500 per month. Vessel delivery
Hatteras, trip down to Venezuela, Nov. loading. Vessel,
delivery Antwerp, trip out and a round trip trans-Atlantic
trade, Nov. Round trip Canadian trade, delivery and re¬
delivery, Phila., $3.10.
Delivery Gulf, redelivery neutral
Mediterranean, via Chile, Dec., $4. Round trip East Coast
South American trade, Dec., $2,75 per ton.
Coal—The
demand
for coal,
especially anthracite, has
slowed down very materially, this due in no small measure
to the relatively mild weather.
This has caused several of
the large wholesale operators to reduce prices from 25c. to
65c. per ton, "on the line" and 90c. to $1.05 per ton at cir¬
cular schedules. With the reduction in demand, coal opera¬
tors
in many cases have not retarded their production in
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3428
proportion, this resulting in large supplies of distress coal in
New York.
Operators here feel that this current situation
may only be corrected by the depletion of stocks and the
hope of a prolonged cold wave.
Wool—The wool markets continue to act
are
Brownsville
and prices
40.006
Corpus Christi.
_.
43,299
4,166
New OrJeanp
Mobile
Pensacola&G 'port
Jacksonville
216
301
292
10,086
457
8,576
493
7,957
497
Charles
w
Boston
Baltimore
—
-
»
—
—
comparison
2,469
100
100
1,068
1,125
2,526
1.125
—
—
10.234
88,143 2,449,666 2,830,214 3,036,219
178,607 3,540,602
iieceipts included in Corpus Christi.
In order that
z6,116
151,150
40,101
16,645
17,436
30,340
18,273
9,338
27,776
—
Totals.
x
Gulfport not included.
z
may
be made with other
years,
in slow call
totaled
31.882
30,093
20,713
4,166
1,437
"""625
Orleans.
1938
63,011
63,916
43,299
Houston
New
Mobile
Savannah..I.¬
1936
1937
1939
Galveston
1 contracts.
No business reported in No. 2
Ignoring disappointing Japanese markets raw silk
futures firmed up in fairly active trading. During early
afternoon prices were 2 to 3He. net higher with Dec. at
$3.29 and June at $3.04H'
Sales to that time totaled 500
bales, all in the No. 1 contract.
Thirty bales were tendered
for delivery on Nov. contracts, bringing the total for the
month to 150 bales.
The price of crack double extra silk
declined He. to $3.40H a pound.
The Yokohama Bourse
closed 4 yen lower to 10 yen higher.
Local closing: No. 1
contracts: Dec., 3.26H; Jan., 3.25H; Mar., 3.18; May,
3.09H; June, 3.05.
On the 21st inst. futures closed un¬
1935
,1934
80,478
62,225
60,698
4.508
379
54,623
36,908
54,917
4,875
1,115
490
"""190
"2",362
34,949
24,263
63,476
45,517
24,523
8,934
849
63,069
41,629
2,528
3,337
Brunswick
"3",227
"5",761
"3",920
._
216
301
213
559
1,509
Norfolk—...
292
457
3,279
1,121
4,257
532
1,615
2,331
3,216
9,111
1,498
1,927
5,704
178,607
88,143
160,560
217,563
222,432
119,755
Charleston
—
Wilmington
All others
Total this wk_
1__ 3.540,602 2,449,666 4,697,412 4,228,359 4.463,264 2,782,415
Since Aug.
The exports
for the week ending this evening reach a
total
171,217 bales, of which 113,358 were to Great Britain,
of
8,176 to France, 8,347 to Italy, 13,996 to Japan, 3,578 to
China, and 23,762 to other destinations.
In the corre¬
sponding week last year total exports were 78,555 bales.
For the season to date aggregate exports have been 2,164,535
bales, against 1,428,981 bales in the same period of the
previous season.
Below are the exports for the week:
73 lots.
Liquidation in nearby silk positions unsettled the futures
market.
Up to early afternoon 660 bales had been sold—all
At that time Dec. stood at $3.24, off
in the No. 1 contract.
165
New York
Transactions totaled 99 lots,
Transactions
190
Wilmington
all in the No.
lower.
379
65,309
1,887
121,347
39,033
15,015
37,838
8,297
Lake
"948,615
87,646
32,020
766,752
66.334
1,693
23,834
Norfolk
contract.
4c. net
37
31,047
43,895
4,297
barely firm.
to
518,439
33,250
6.404
849
325
28,202
Charleston
Receipts at—
changed
262,727
20,713
1,437
—
879,806
58,091
64,374
671,884
50,661
767,869
16,568
625
Savannah
867,819
X
X
35,572
974,448
49,983
14,260
1,699
1938
1939
819,114
738,922
30,093
2,255
63,916 1,187,850
1,152
173,167
Beaumont..
Silk—On the 20th inst. futures closed He. off to 5 He. up
compared with previous finals.
1, 1938
31,882
938,133
-
Houston
price points of the reaction. Original bag fine French comb¬
ing brings 95c. and on lots running mostly to half-blood the
price ranges from 91 to 93c. With the mill inventory period
approaching and the foreign supply situation undetermined,
most dealors look for the continuance of a draggy market.
Domestic wools have reacted from the nigh point of the war
rise, but the net decline is no larger than might occur in a
single day in the foreign primary markets. It is pointed out
that the entire domestic wool situation is for the time being
overshadowed by the need for apparel wool imports, with
Britian holding the whip hand.
Sales here are in very small
lots and priced rather in the buyer's favor.
Medium fleece
wools have firmed up a little and constitute the strongest
are
1. 1939
63,011
—
Since Aug
Since Auq
Week
Galveston
This
Week
This
Nov. 24
sluggishly. Mills
Scoured pulled wools
Stock
1938
1939
1939
Receipts to
buying sparingly, mostly odd lots, which are sold at low
items in the market.
Nov. 25,
lHc., and March at $3.15, off 3c.
Seventy bales were
tendered on the Nov. No. 2 contract.
At the close of
Exported to—
Week Ended
business last night 19 contracts were still open in Nov. No. 2
Nov. 24, 1939
position and 69 in Nov. No. 1 position. In the uptown spot
market the price of crack double extra silk declined lHc. to
$3.39 a pound.
The Yokohama Bourse closed 22 to 30 yen
lower, while the price of grade D silk in the outside market
advanced 5 yen to 1860 yen a bale.
Local closing: No. 1
contracts: Nov., 3.31; Dec., 3.24; Jan., 3.21H; Mar., 3.14H;
May, 3.08; June, 3.03.
On the 22d inst. futures closed lc. off to 3c. net higher for
the No. 1 contracts, with sales in this contract totaling
Exports from—
There
70 lots.
was
no
Silk futures
con¬
inactive but firm.
all
on
were
Tender of 20 bales
the No. 1 contract.
on
the No. 2
announced, bringing the total so far this month
to 240 bales.
The price of crack double extra silk on the up¬
town spot market declined 5c. a pound to $3.34.
The Yoko¬
hama Bourse closed 6 to 7 yen lower.
Local closing: No. 1
Contracts:
Nov., 3.30; Dec., 3.25H; Jan., 3.21 H; Mar.,
3.16; May, 3.10; June, 3.06. Today futures closed 5 to lHc.
n$t higher. Transactions totaled 124 lots. Stronger prices in
Japan apparently accounted for the improved demand for
silk futures, which brought advances of 3 to 7 points by early
afternoon on a turnover of 630 bales, all on the No. 1 con¬
contract
tract.
Houston
China
332
11,067
3,981
6,830
3,146
12,019
New Orleans....
52",004
Savannah
33,140
55,679
845
845
_.
"401
21,542
797
53,202
21,542
"266
Norfolk
113,358
1938
16,179
8,347
9,644
1937
26,171
30,575
Total
6,609
"166
13,996
3,578
23,762 171,217
8,575
21,534
5,066
861
18,431
78,555
31,879 121,676
8,176
Total
200
75
4^232
"266
2",002
Los Angeles
3,325
22,504
2,012
3,469
Exported to—
From
Aug. 1,1939 to
Nov.
Exports from—
Ger¬
Greal
1939
24,
France
Britain
Italy
many
China
Japan
Total
Other
Ten bales
were
tendered
on
the No. 2 Nov. contract,
68,663
56,583
27,424
6,861
1,563
10,781
14,971
4,334
40,233
65,744
84,179
14,507
31,305
4,309
185
185
8", 169
35,634
14",583
9,693
93,443
8,109
5",061
2,959
601
493,873
20,146
45,060
31248
L165
100
225,617
Corpus Christi
-
_
Beaumont
Orleans.
212",255
120,096
Lake Charles.
10,411
Mobile.
32,100
1,135
4,339
New
.....
Jacksonville
.
Savannah
Charleston
Friday Night, Nov. 24, 1939
as indicated by our tele¬
grams from the South tonight, is given below.
For the
week ending this evening the total receipts have reached
178,607 bales, against 202,576 bales last week and 237,671
bales the previous week, making the total receipts since
Aug. 1, 1939, 3,540,602 bales, against 2,449,666 bales for
the same period of 1938, showing an increase since Aug. 1,
of
the
Crop,
1,825
"950
2,143
1,271
"265
3,050
York
"*50
Los Angeles..
San Francisco
535
726
2,300
63,369
9,421
74
774
15,866
5
5,597
Seattle
278,152 104,680 506,286 2164,535
787,296 289,526
Total 1938...
Total 1937...
41,986 156,609
206,637 246,343
749,014 412,627
Total
232,703 129,092
332,538
442,968 208,677
98,994
above exports, our
to
8,543 273,125 1428,981
21,309 418,1752351,764
telegrams tonight also
On Shipboard Not
Cleared for—•
Leaving
Nov. 24 at—•
Ger¬
Great
Britain
Galveston
Houston
New
Orleans._
4,500
7,265
1,500
France
Other
Foreign
wise
30,800
16,333
6,695
10,800
1,638
1,032
Total
6,000
239
4,790
Savannah
Charleston
Other ports
Houston
Christi.
_
New Orleans....
Mobile
Savannah
_.
Tues.
7,034
6,783
24,881
7,749
1,152
10,788
12,894
5,588
5,446
3,027
3,599
7,859
6,616
15,103
8,511
5,210
673
...
Man.
702
66
815
285
251
202
„
-
-
-
335
Charleston
Thurs.
Fri.
63,011
63,916
1,152
43,299
1,691
5^3
4.166
621
64
12
48
625
216
493
493
88
46
112
25
109
Baltimore
l,<t37
292
....
Total 1939.
Total 1938
Total 1937
*
.
13,265
10,594
55,783
13.470
19,111
44,122
4",323
22,587
53,828
48,591
40,030
11,029
5,910
22,734
41.346
39,888
20.229
11,836
42,5741178,607
The following table shows the week's total receipts,
total since Aug. 1, 1939, and the stocks tonight,
with last year:
•
767,014
854.331
657,867
121,347
39,033
50,661
27,776
220,593
the
compared
Estimated.
for future
slow, with
of the week.
The shipping difficulties
war developments are playing no little
Speculation
past
week
was
in cotton
relatively
Liverpool cotton
a
91,592 2,738,622
88,529 2,947,690
3,454 165,975 3,054,544
delivery during the
prices sagging most
created by the latest
part in the sluggish
action of the cotton markets on this side.
Totals this week.
52,100
25,475
14,017
Total
11,693
27,445
4
4
Wilmington
Norfolk
Wed.
Stock
Coast¬
many
Norfolk
Sat.
Galveston
3,050
485
7,715
51,478
5
Boston
Mobile
1939, of 1,090,936 bales.
Receipts at—
3,022
40,782
20,107
2,239
6,354
l",575
18,532
2,239
1,115
Norfolk
761
13
"486
•35,783
Wilmington..
50
211
""75
2,934
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
COTTON
Movement
491
500
__
Pensacola, &c.
New
517,937
709,179
194,143
27,922
71,308
8,496
152,644
Houston
Brownsville
11,677 168,589
68,231 198,044
10,155 24,473
3,922
74,568
Galveston
In addition
Corpus
Total
Other
2,934
7~,976
21,727
Corpus Christi
Japan
2,724
16,083
Galveston
.
Italy
many
was
bringing the total so far to 250 bales.
Nov. No. 1 sold at
$3.37, up 7c. June No. 1 was 3c. higher, at $3.09 a pound.
The price of crack double extra silk advanced 3c. to $3.37 a
pound. Yokohama Bourse prices closed 18 to 30 yen higher.
Local closing: Nov., 3.35; Dec., 3.27; Jan., 3.23H; Mar.,
3.20H; April, 3.16H; May, 3.14H; June, 3.08H-
The
France
Britain
Total
business recorded in the No. 2
During early
afternoon Feb. No. 1 stood at $3.18, up lc., and Mar. at
$3.41 H> unchanged. Sales to that time totaled only 50 bales,
tract.
Ger¬
Great
clear
down
over
reflection
the
export
of
The premium of
New York widened $2 a bale further,
the shipping difficulties which hold
movement
here.
Quieter conditions also
prevail in the Southern spot markets.
Volume
ONE HUNDRED—
149
The Commercial & FinancialARSEYorhC OLD
On the 18th inst. prices closed 4 to 9
points net higher.
After opening with gains of 3 to 7 points on trade and foreign
Old Contract—Basis Middling
liveries on contract on
buying, prices eased moderately from the best under selling
represent 60% of the average premiums
which centered in the Dec. contract.
On the other hand,
Oct. deliveries, which had lagged during the greater part of
at the 10 markets
3429
the
week, held relatively firm today.
Week-end covering
carried prices to the best levels for the day in the last minutes
of trading.
Continued strength of foreign markets and
buying from abroad acted as chief factors in strengthening
on
%-inch, established for de
and staple premiums
over J^-inch cotton
,
Nov. 22.
Old Contract—Basis
Middling 15-16-inch, established for
deliveries on contract on
and staple premiums
,
and discounts represent full discount for
inch staple and 75% of the
average
cotton at the 10 markets
on
J^-inch and 29-32premiums over 15-16-inch
Nov. 22.
the local market.
Part of the late demand was connected
with cabled advices to the Cotton Exchange from Liverpool
that the decision of the British and French Governments to
Old Contract
jointly in purchases of raw materials indicated the possi¬
bility of further bulk purchases of primary commodities.
The British Government has offered to purchase 155,000,000
pounds of Egyptian cotton at the basis of closing prices of
Nov. 11, but Egypt rejected the bid because the market has
risen since.
On the 20th inst. prices closed 9 to 17 points
net higher.
The cotton market displayed a firm tone today
in
a
A short time before the
moderate volume of business.
close of dealings active contracts recorded advances
of 5 to
9 points over the closing levels of the previous trading day.
Around midday the market was 6 to 8 points higher.
With
Liverpool and Bombay accounts again buying actively in
the local futures market and leading spot interests giving
heavy support, futures prices were bid up rather sharply on
the opening with initial values 6 to 11 points above Satur¬
day's closing levels.
Further advances in Bombay, Alexan¬
dria and Liverpool stimulated an active demand for cotton
here.
Local ring traders also were on the buying side of the
market at the outset.
Most of the contracts were supplied
by the South in the way of hedge placements, while com¬
mission houses and brokers with cooperative connections
also had cotton for sale.
that
an
Traders found interesting the news
agreement has been concluded whereby the British
may purchase up to 155,000,000 pounds of
Government
Egyptian cotton.
On the 21st inst. prices closed 7 points
off to 2 points up, compared with previous finals.
After
displaying a mixed tone throughout the greater part of the
day, prices for cotton futures turned easier in late trading in
a moderate volume of sales.
Shortly before the end of the
session the list was 1 to 4 points below yesterday's closing
levels.
At noon the market was 4 points lower to 2 points
higher.
Prices started unchanged to 2 points higher in fairly
active and mixed trading.
Foreign accounts were on both
sides of the market and bought Mar. and Oct., while selling
May and July.
A fair amount of hedging and Dec. liquida¬
tion also made its appearance and placed a check on any
marked advance.
Spot interests and brokers with coopera¬
tive connections were buyers of Dec., Mar. and Oct.
Broad¬
ened speculative demand and active trade calling lifted fu¬
tures on the Liverpool exchange 18 to 25 points today.
On the 22d inst. prices closed 2 to 13 points net lower.
The cotton
market
the greater
displayed
short
time
A
active months
registered
an
the
close
of
of
the
initial
trading being the purchase of about
15,000 bales of March, May, July and October cotton by a
leading spot interest.
Foreign buying also was quite im¬
brokers with Liverpool con¬
nections.
Bombay interests bought moderately.
The mar¬
ket continued fairly active after the opening.
Liberal offer¬
pressive, coming mainly
ings came in
initial
gains
a
from
New Orleans operators in the
from
sition, but met
May
po¬
good demand from local professionals, and
well
were
pool exchange shot
maintained.
Futures
the limit allowed in
up
on
a
the Liver¬
day's trade,
closed 19 to 22 points higher today.
Today prices closed 9 points up to 3 points off compared
with previous finals.
The cotton futures market today dis¬
played a weak tone in a heavy volume of sales.
A short
and
time
before
declines
of
the
8
close
to
11
of
business active
positions showed
points from the
closing levels of the
previous trading day.
Around midday the market was 10
points lower to 1 point higher.
Fairly active trading took
place on the opening and initial prices were 1 point higher
to 5
points lower, only partially responding to the declines
abroad.
The
feature of the
opening trade was the activity
Liverpool connections, who
appeared to be on both sides of the market.
Bombay bro¬
kers had a preponderance of selling orders, while
Liverpool
seemed to be buyers on balance.
Local professionals and
of
brokers
with
Bombay
and
tion
in
The
New
Covering by trade shorts offset scattered liquida¬
December.
official
each
day for the past week has been
Sat.
Nov. 18 to Nov. 24—
Middling upland J4 (nominal)__ 9.88
Middling upland 15-16 (nom'l)_10.11
and
Inch
.50
.56
1 In.
.50
on
.61
on
.71 on
.32
on
.40
on
on
.62
on
St. Good Mid...
.45
on
.56
on
.65 on
.26 on
.35
on
.45 on
.51 on
.57
on
Good Mid
.39
on
.50
on
.60
on
.20
on
.29
on
.39
on
.45
on
.51 on
St. Mid
.27
on
.38
on
.48
on
.09
on
.17
on
.27
on
.33
on
.39 on
.11
on
.21
on
.19 off
.06
on
.12
Mid
Basis
St. Low Mid
Up
and
Up
.10 off
on
Basis
on
.61 off
.41 off
.32 off
.62 off
.53 off
.69 off
1.24 off 1.15 off 1.08 off 1.43 off 1.36 off 1.28 off
Low Mid
•St. Good Ord..
♦Good Ord
.48 off
.42 off
.24 off
.19 off
1.95 off 1.89 off 1.86 off 2.14 off 2.09 off 2.03 off
2.50 off 2.51 off 2.48 off 2.75 off 2.73 off 2.67 off
.01 off
.98 off
.65 off
.62 off
.45 on
.51 on
Extra White—
Good Mid
.39
on
St. Mid
.27
on
Mid
Even
St. Low Mid
.51 off
.41 off
.50
on
.38
on
.11
on
.60
.20
on
.29
on
.48 on
.09
on
.17
on
.27 on
.33
on
.39 on
.21
on
.19 off
.10 off
Even
.06
on
.12 on
.32 off
.69 off
.02 off
.53 off
.48 off
.42 off
on
.39
on
Low Mid
1.24 off 1.15 off 1.08 off
♦St. Good Ord..
1.95 off 1.89 off 1.85 off 2.14 off 2.09 off 2.03 off 2.01 off 1.98 off
2.50 off 2.51 off 2.48 off 2.75 off 2.73 off 2.67 off 2.65 off 2.62 off
•Good Ord
Spotted—
Good Mid
.07
.17
on
St. Mid
.00 off
.04
on
Mid
.05 off
.54 off
on
1.43 off 1.36 off 1.28 off 1.24 off 1.19 off
.26
on
.12 off
.03 off
.06
.13
on
.25 off
.16 off
.07 off
on
.11
on
.17
on
.01 off
j04
on
.46 off a.83 off a.76 off a.65 off a.00 off a.54 off
♦St. Low Mid... 1.40 off 1.32 off 1.25 off 1.68 off 1.53 off 1.42 off 1.40 off 1.36 off
♦Low Mid
2.10 off 2.08 off 2.05 off 2.29 off 2.28 off 2.24 off 2.22 off 2.22 off
Tinged—
Good Mid
.55 off
.47 off
.40 off ♦.73 off ♦.69 off *.59 off *.56 off ♦.51 off
.77 off
.70 off
.63 off
♦.96 off *.92 off *.84 off *.81 off *.76 off
1.52 off 1.47 off 1.44 off
1.71 off 1.69 off 1.62 off 1.60 off 1.58 off
St. Mid
•Mid
♦St. Low Mid
2.10 off 2.14 off 2.13 off 2.35 off 2.34 off 2.31 off 2.31 off 2.30 off
•Low Mid
2.80 off 2.85 off 2.84 off 3.05 off 3.05 off 3.03 off 3.03 off 3.02 off
Yellow Stained-
Good Mid
1.18 off 1.11 off 1.05 off ♦1.36off *1.32off *1.25off *1.23off *1.17off
♦St. Mid
1.05 off 1.63 off 1.61 off 1.84 off 1.83 off 1.80 off 1.79 off 1.78 off
2.29 off 2.28 off 2.28 off 2.47 off 2.47 off 2.46 off 2.46 off 2.46 off
•Mid
Gray—
.04 off
Good Mid
♦Mid
*
.56 off
.47 off
♦.83 off *.78 off *.69 Off *.64 off *.58 off
.81 off
.74 off
.66 off 1.00 off
.96 off
.88 Off
.84 off
.78 off
1.37 off 1.32 off 1.27 off 1.56 off 1.52 off 1.46 off 1.44 Off 1.41 off
St. Mid
Not deliverable
on
future contract,
a
Middling spotted shall be tenderable
a
type for such grade.
only when and If the Secretary establishes
New York
The
Quotations for 32 Years
for middling upland at
quotations
New York
,
on
Nov. 24 for each of the past 32 years have been as follows:
1939
9.94c.
1931
1938
9.06c.
8.04c.
1930
1929
10.70c.
17.55c.
1922
1937
1936
1935
12.25c.
1928
20.60c.
1920
12.25c.
12.90c.
1919
1918
1933
12.55c.
10.10c.
1927
1926
1925
19.90c.
1934
21.40c.
1917
1932
5.90c.
1924-—24.25c.
1916
6.20c.- 1923
1921
35.80c.
25.70c.
18.30c.
17.30c.
39.45c.
29.75c.
30.30c.
20.95c.
.
.
*
1915
11.85c-
1913
7.75c.
13.40c-
1912
12.80c.
1911
9.40c15.10c.
1914
-
1910
1909
1908
.
14.60c.
9.45c.
Futures—The
highest, lowest and closing prices at New
York for the past week have been as follows:
Saturday
Monday
Tuesday
Nov. 18
Nov. 20
Nov. 21
Wednesday
Nov. 22
Thursday
Friday
Nov. 23
Nov. 24
Dec. (1939)
yuld)
Range..
9.62- 9.68
9.71- 9.78
9.70-
9.79
9.65-
Closing
9.67
9.77
9.70-
9.71
9.68
.
—
—
9.55- 9.75
9.76
9.73- 9.75
—
Dec. (new)
9.93-10.00
9.94-
9.91n
Range—
9.82- 9.86
9.87m
9.94
9.89m
9.87 n
9.98 n
Range..
9.57- 9.57
9.65- 9.68
9.65-
9.58- 9.68
9.48- 9.63
Closing
9.58n
9.68
9.64n
9.58
9.67M
9.73 n
9.'83M
9.79n
9.73m
9.82m
9.53 n
9.t2n
9.59ra
9.52M
9.60m
Closing
.
Jan. (1940)
(old)
.
—
9.75
—
Jan. (new)
Range—
Closing
Feb.
.
(old)
Range.
.
Closing.
Feb. (new)
Range..
9.70m
9.77M
9.64
9.46- 9.60
9.30- 9.54
9.65- 9.50
9.40- 9.48
9.54
9.76- 9.76
9.61- 9.62
9.70 n
9.79 n
9.77n
Range..
9.43- 9.48
9.52- 9.60
9.53-
Closing
9.48
9.57
Closing
Mar.
.
(od)
.
—
Mar. (new)
9.78-
Range..
Closing
.
9.68M
9.79
9.72m
9.67m
9.75n
9.76n
HOLI¬
April (old)
DAY.
Range..
Closing
.
9.36M
9.46m
9.41m
9.35m
9.42m
April (new)
Nange..
9.66n
9.65m
9.62m
9.56M
9.61m
Range..
9.21- 9.26
9.29- 9.36
9.28- 9.39
9.23- 9.34
9.13-
Closing
9.25- 9.26
9.35
9.28-
9.24
9.31
9.55- 9.56
9.49- 9.53
9.34- 9.50
9.45n
9.55m
9.48m
9.45M
9.50
9.10n
9.20M
9.14m
9.11m
9.15M
Closing
.
May (old)
.
9.29
9.31
May(new)
Range..
Closing
.
June (old)
Range..
Closing
June (new)
.
Range
—
9.30n
9.41M
9.34m
9.32m
9.34m
Range..
8.91- 8.96
8.98- 9.00
9.00- 9.09
8.95- 9.06
8.85- 9.01
8.94- 8.96
9.05
9.00
8.97- 8.99
8.98- 9.01
9.20- 9.27
9.25-
9.18- 9.27
9.07- 9.14
9.15n
9.27
9.20m
9.19m
9.19m
9.15M
9.27m
9.20m
9.19m
9.19m
8.88m
Closing
.
July (old)
Mon.
Tucg.
Wed.
9.98
9.91
9.93
10.21
10.14
10.16
:
Range
.
—
Closing
Discount for
Grade and
Range..
Thur*.
Fri.
Holi-
9.94
day
10.17
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.
.
9.25
Aug.—
Closing.
Sept.—
Range..
8.82n
8.97M
8.94m
8.89m
Range..
8.47- 8.52
8.58- 8.67
8.64- 8.73
8.57- 8.73
8.40- 8.57
Closing
8.60
8.67
8.68
8.60
8.57
Closing
Premiums
Inch
Mid. Fair
and
July (new)
quotation for middling upland cotton in the
York market
31-32
Inch
Inch
Closing
New Orleans operators lent some support and offset a few
hedges.
15-16
Inch
Inch
business
points from the closing levels of the preceding day. Around
midday prices were 4 to 5 points higher, partially follow¬
ing the further sharp advances in foreign markets.
Large
blocks of cotton changed hands on the opening, with the
feature
29-32
irregular tone throughout
before
loss of 6 points to a gain of 4
a
H
White—
part of today's session in a moderate volume of
transactions.
New Contract
1 In.
15-10
act
.
Oct.—
.
Nov.—
Range..
Closing
n
.
Nominal
—
—
—
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD Nov. 25, 1939
3430
Range for future prices at New York for the week ended
trading began on each option:
Week
Season
1939
9.79 Nov. 21
9.55 Nov. 24
Dec.—Old
Dec/—New.
.
7£6 Jan.
26 1939
9.97 Sept.
11939 10.00 Sept.
8 1939
1,546
Ala., Blrm'ain
8.25 Sept.
8 1939
Feb .—Old.
27 1939
7.29 Jan.
9.75 Nov, 21
9.48 Nov, 24
Jan/—Old..
Jan/—New.
9.90 Sept.
8.37 Aug. 30 1939 10.02 Sept.
8 1939
222
423
67
Selma
9.36 Nov. 24
9.61 NOV. 24
Mar.—Old *
Mar.—New
9.64 Nov. 21
7.36 Apr. 20 1939
8.19 Aug, 28 1939
9.79 Nov. 21
9.82 Sept.
8 1939
8 1939
9.80 Sept.
Ark.,Blythev.
Forest City
1,667
Hope......
Jonesboro_.
Little Bock
897
904
7.54 May 17 1939
9.34 Nov. 24
9.56 NOV. 21
8.05 Sept.
9.65 Sept.
9.78 Sept.
11939
8 1939
8 1939
.
9.09 Nov, 21
9.07 Nov. 24
9.27 Nov. 20
8.7~3
207,460
60,897
76,435
3,082
67,101
404
37,498
170,308
57,333
1,356
4,394
3.021
2,227
36.255
95,279
59,737
1,334
179
1.976
8 1939
8 1939
8.10 Aug. 31 1939
1939
1
8.25 Nov
Nov, 20
9.52 Sept.
9.63 Sept.
8.59 Nov.
9 1939
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.
Open
Nov. 17 Nov. 18 Nov. 20 Nov. 21 NOV. 22 Nov. 23
New York
Contracts
11.657
336
9,463
74,973
42,676
119,880
1,042
1,775
99,223
86,021
173,694
587
332
204
9,395
385
22,958
32,720
100,566
5,900
21,712
477
35,950
300
1,690
84,156
3,894
4,452
Atlanta..
2,035
Augusta...
Columbus..
2,737
1,000
1,075
1,463
6,013
400
Borne
31,600
200
New
-
-
-
—
-
-
400
200
1,600
15,600
65,900
66,600
63,700
900
1,100
—
47,300
100
....
May—Old
---
-
22,400
-
36,300
500
New
October—Old
-
45,300
-
-
59,000
400
-
40,400
1,000
-
300
528,600
7,800
496,300
36,300
553,900
4C.500
day
1,600
36,300
7,200
-
--
69,500
■
.
---
-
-
-
-
-
18,500
7,000
9,800
New.....
-
8,100
62,300
1,000
Holi¬
-
29,800
11,100
200
New.
July—Old
—
-
-
-
-
«,
18,600
19,800
108,900
months-
August, 1940—OldNew
200
....
74,000 220,600 231,300 258,600
2,130,800
Contracts
NOV. 15 Nov. 16 Nov. 17 Nov. 18 Nov. 20 Nov. 21
2,950
2,000
3,750
5,250
3,750
100
New..
-
Nov. 21
-
51,800
6,200
800
--
New
200
8",000
.......
_
_
_
8",100
_
-
250
2,900
8,900
5,950
May—Old
New
10,650
82,000
—
New.
-
-
-
-
6,100
-
-
9,650
July—Old
-----
-
-
-
---
4,200
New..
3,900
—
7,550
-
-
4,950
-
-
3,850
1,750
1,850
-
»
200
»
8,350
74,100
10,800
99,750
5,950
8.250
2,750
4,450
7,450
100
October—Old.
2~906
5",400
30.750
18,650
29,300
-
-
-
-
-
-
13,948
500
100.692
2,764
38,343
104,755
1,160
2,000
120.881
6,466
100,776
105.567
24.944
4,199
176,152
5,468
15,287
379
40,959
8,318
158,427
Jackson....
237
1,241
28,750
591
Vicksburg..
585
Yazoo City.
300
Mo., St. Louis
N.C., Gr'boro
8,121
7f,n
1938
401,000
1937
297,000
5.22d.
4.64d.
4.18d.
5.92d.
.
6.72d.
3.99d.
5.99d.
4.154.
1936
365,000
5.58d.
7.99d.
4.14d.
5.62d.
market for spot and futures closed on same
Saturday
Mohday
Tuesday
Wednesday
Thursday
Friday..
98,683
43,980
156,613
44,926
16.672
27,359
57,517
4,175
622
59
408
19,953
562
30,856
442
1,177
182
8,085
66,485
3,029
30,351
7,195
25,977
44,363
4,604
57,872
18
988
249
2,304
101
2,467
14,566 251,486 15,399
60,009
2,770
5,058
S. C.. Gr'ville
Tenn., Mem's 109,599 1773,164 103,464
20,368
1,363
1,081
Texas, Abilene
323.758
308,125
3,964
46,575
64,296 1173,912
11,228
2,089
55,718
320,323
15.016
350
20,517
542
6
4,327
5,117
334
14,702
13,027
38,425
60,631
6,470
12,844
601
296
14,194
4,826
4,106
,26,124
51,358
46
91
7,059
22,779
46,893
126,553
1,474
Oklahoma—
15 towns *.
364
.
6,774
14,492
90
.
35,310
56,105
6,517
3,410
1,942
2,026
36
Marcos
Texarkana
569
Waco
402
Tot., 56
towns! 187,629
*
9,907
77,385
953,642
400
513
2,267
40,271
46,853
19
728
219
2,283
42,337
23,078
610
27,422
51,127
818
1,345
1,166
-
■
71
252
1,142
5
854
738
4,614
78,808
904,664
481
814
45,093
47,407
810
99
1.760
60
3,595
37,696
27,589
1,114
3305,493*117,6103524,821
3804.867200,218 3536,990 124,343
Includes the combined totals of 15 towns In Oklahoma.
The
above
totals
that
show
stocks
interior
the
have
decreased
during the week 12,589 bales and are tonight
12,169 bales more than at the same period last yeu*.
The
receipts of all the towns have been 63,286 bales more than
in the
same
week last year.
Overland Movement for the Week and Since Aug. 1—
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1938
Since
1939
Since
Nov. 24—
Shipped—
Week
8,085
Aul
Week
1
3,493
24,361
Aug. 1
125,589
106,800
3,923
3,217
61,778
225,240
87
3,497
30,466
56,961
70,071
714
3,774
63,167
257,900
-45,353
526,817
45,089
452,587
493
7,961
3,365
136,262
497
10,525
3,670
163,447
—.
Via Mounds, &c....
Via Rock Island...
8,500
914
Via LouisviUe
....
Via Virginia points
Via other routes, &c—
— ..
4,614
6,425
Deduct Shipments—
..
242
-
6,431
282
21,188
7,166
*
147,588
21,967
177,642
38,187
Leaving total net overland*
379,229
23,122
274,945
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
this year has been 38,187 bales, against 23,122 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits
of 104,284 bales.
increase
an
over a year
1939
In Sight and Spinners
Week
178,607
Net overland to Nov. 24
38,187
Southern consumption to Nov. 24.160,000
Receipts at
Takings
Nov. 24
ports to
ago
1938
Since
Since
Aug. 1
3,540,602
379,229
2,310,000
88,143
23,122
100,000
Aug. 1
2,449,666
274,945
1,868,000
6,229,831
1,106,941
211,265
6,733
4,592,611
1,571,898
Week
Old
New
Total marketedInterior stocks in excess
Excess of Southern mill
over
.376,794
*12,589
takings
consumption to Nov. 1—.
302,584
651,049
*
slgnt during week...364,205
Total in sight Nov. 24.
Total
200
Old
New
200
7,987,821
....
6,467,093
North, spinn's'taking Nov. 24— 39,851
626,002
37,774
483,520
into
217,998
---
♦Decrease.
Movement into sight in previous years:
Week—
Bales
Since Aug
1937—
1936
_•
1935
Bales
1—-
1937—Nov.
26
1936—Nov.
27
400
1935—Nov.
29
250
"600
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
"600
400
HOLI
day!"
250
Total week
Since Aug, 1
30,590
98,462
2,000
1,073
Came
days:
Contract
New
300
New York
the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also show how the
on
Old
920
3-7 Af\()
S"1 ORn
supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool.
Spot
5,100
24,184
13,388
83,852
406
Natchez..
23,500
2,700
visible
at
34,600
39,602
583
Total to be deducted..
Market and Sales
160,492
200
300
.*•
The Visible Supply of Cotton—Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
The total sales of cotton
2,288
2,001
31,800
1,400
-
5,600
15,150
Nov. 24—
1939
Stock in Alexandria, Egypt
299,000
Middling uplands, Liverpool.7.51d.
Egypt, goodGiza, Liverpool
9.49d.
Broach, fine, Liverpool
6.62d.
Peruvian Tanguis.g'd fair, L'pool
7.86d.
C. P. Oomra No. 1 staple, super¬
fine. Liverpool
6.76d.
33.671
142,995
30.760
-
Total all futures
19,721
300
1,620
158,636
Via St. Louis......
1940—
January—Old
March—Old
344
11,531
18.124
65,842
79,051
500
1939—
December—Old
280
14,364
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
Open
New Orleans
422
....
....
Total all futures.... 148,900
48,247
199,106
27,364
3,000
500
24,400
100
......———.
March—New
142,190
1,836
687
San
January—Old
43,401
3,541
46.416
200
Bobstown..
1940—
715
119,777
1.283
3,349
Paris......
600
380
1,732
67,323
Greenwood-
292,000
55,400
42,900
3,600
58,000
23,200
54,308
70,476
51,015
37,439
148,427
139,327
6,326
2,499
Columbus..
Dallas
1939—
782
641
842
1,219
3,450
2,534
1,214
2,027
Brenham
December—Old
2,093
37,268
68,502
37,998
18,442
94,854
37,368
507
2,764
Austin
Nov. 22
<
.
164
Bluff.
Pine
Miss., Clarksd
1 1939
1 1939
8.08 Aug. 31 1939
7.63 Sept.
7.90 Sept,
Volume of Sales for Future
Inactive
250
25
58.331
3,661
837
Walnut Rge
La., Shrevep't
8.85 Nov. 24
8.46 Nov. 24
New
75,026
Athens—.
9.39 Nov. 21
Macon
New.
4,391
541
1,255
1,003
8,580
71,725
58,175
31,072
10,568
62,860
1,485
Stocks
Nov.
Week
Season
3,234
1,370
4,098
Newport
9.13 Nov. 24
June—New.
Oct
Receipts
Week
24
07,265
36,638
7,242
185
Ship¬
Nov.
Week
Ga., Albany..
Apr/—New.
Apr /—Old..
May—Old .
May—New.
July—OldJuly—New.
Aug—.....
139,876
28,362
6,337
Helena....
8 1939
•
Feb.—New.
June—Old
Eufaula
Montgom'y
9.82 NOV. 24 10.00 Nov. 21
1940—
25,816
13,260
29,430
22,511
Stocks
ments
Range Since Beginning of Option
Range for Week
ments
BMP'
Receipts
Towns
Option for—
Movement to Nov. 25, 1938
Movement to Nov. 24,1939
Nov. 24, 1939, and since
1,450
50,276
—
10",200
1,450
60,476
349,181
405,316
-—374,744
Futures Market Closed
New
8.921,770
.
8,481,728
—7.923,370
Closing Quotations for Middling Cotton on-
Spot Market Closed
Old
—
Week Ended
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 24
Saturday
Monday.^
Tuesday
Nominal
Wednesday.
Thursday.
Friday
Nominal....
Steady
Steady
Easy
Steady.
Steady
Steady
Easy
Steady
At
the
;
Nominal
Interior
Towns
Very steady
the
...
Very 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:
15-16
%
15-16
%
15-16
%
15-16
%
15-16
%
15-16
In.
In.
In.
In.
In.
In,
In.
In.
In.
In.
In.
In.
Galveston...
9.42
9.62
9.50
9.70
9.48
9.68
9.40
9.60
9.46
9.66
New Orleans.
HOLI DAY.
Nominal
%
9.56
9.76
9.67
9.87
9.67
9.87
9.58
9.78
9.62
9.82
Mobile
9.53
9.63
9.62
9.72
9.60
9.70
9.41
9.51
9.49
9.59
Savannah
Nominal
,
9.63
9.78
9.72
9.87
9.70
9.85
9.62
9.77 Holi¬ Holi¬
9.69
9.84
Norfolk
9.60
9.75
9.70
9.85
9.70
9.85
9.65
9.80
9.70
9.85
Montgomery.
9.33
9.43
9.40
9.50
9.40
9.50
9.32
9.42
9.40
Augusta
9.73
9.88
9.82
9.97
9.80
9.95
9.72
9.87
9.79
9.94
Memphis
9.20
9.50
9.25
9.55
9.25
9.55
9.15
9.35
9.25
9.45
Houston
9.30
9.60
9.40
9.70
9.35
9.65
9.25
9.55
9.35
9.65
Little Rock..
9.10
9.30
9.15
9.35
9.15
9.35
9.05
9.25
9.15
9.35
Dallas
9.00
9.20
9.06
9.26
8.99
9.19
8.97
9.17
9.06
9.26
.....
day
day
9.50
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Nov. 20
Nov. 21
Nov. 22
Nov. 23
spinning spindles in place, the number active, the number of
spindle hours, and the average hours per spindle in
place, by States, are shown in the following statement:
active
Active Spindle Hours
Friday
Nov. 18
3431
Nov. 24
for October
Spinning Spindles
State
In Place
Dec.(1939)
9.87
9.94
Bid
9.90
Bid
Average
9.94
Bid
{new)
9.76
(old)
9.68
{new)
9.56
July {old)
{new)
Oct
9.77
Bid
9.79
9.43- 9.46
Bid
9.55
9.52
Bid
9.28
Bid
8.585 8.60a
9.26
Bid
9.81
DAY.
Bid
Bid
9.74
22,658,994
8,680,693,976
18,249,994
6,056,194
16,964,196
5,077,816
616,982
6,698,159,603
1,700,603,289
367
181,931,084
235
New England States
Bid
9.50
Bid
.
All other States
774,860
Bid
9.24
Bid
8.615-8.63a
8.64
Alabama
Old futures
Steady.
Steady.
Newf'tures
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
281
695,347,852
382
530,940
483,676
140,078,399
264
2,964,102
1,212,170,669
377
684,668
630,930
246,773,126
360
3,401,768
2,765,074
159,440
367,818
159,440
897,786,983
64,028,323
402
291,792
106,349,022
289
1,821,932
Georgia.
Maine
Massachusetts
Tone—
Spot
342
3,218,580
Connecticut-
9.10n
9.06n
9.20
25,081,048
Cotton growing States
Steady.
Mississippi
New Hampshire
New York
1,667,698
264
330,304
256,820
88,276,216
267
5,836,744
972,488
5,590,450
5,415,242
355
5,261,792
2,074,743,333
287,116,983
2,126,409,985
Tennessee
548,102
523,862
205,523,244
375
Texas
240,422
223,422
85,345,603
Virginia
639,224
738,168
594,744
191,843,344
300
594,696
158,900,894
215
North Carolina
Nominal.
n
5 Bid.
a
Asked.
Rhode Island
South Carolina
Cotton Ginned from Crop of 1939 Prior to
The
dividual
bales of
Nov. 14—
compiled from the in¬
returns of the ginners, show 10,681,807 running
cotton (counting round as half bales and excluding
census
report issued on Nov. 21,
linters) ginned from the crop of 1939 prior to Nov. 14, com¬
pared with 10,742,579 bales from the crop of 1938 and
14,947,111 bales from the crop of 1937.
Below is the report
All otner States
Returns by
825,704
1938
elsewhere.
Inches
High
Low
2
0.80
73
48
61
70
73
72
79
77
26
42
33
46
44
48
58
72
36
54
72
46.
59
74
70
42
43
58
72
45
59
77
63
42
33
60
61
36
49
66
71
36
47
59
0.71
70
72
7
38
24
42
54
48
57
Amarillo
Austin
10,742,579
,»
Brownsville-
746,059
94,130
1,283,469
1,025,886
1,478,282
114,881
127,530
Del Rio
Alabama
Arizona
Arkansas._
Florida
883,586
3,537
11,239
714,314
Georgia..
Illinois
Kentucky
Louisiana
1,501,665
381,018
Mississippi
Missouri
1,258,557
220,914
21,760
817,554
2,011
10,748
648,607
1,636,133
307,646
68,349
311,338
510,879
601,631
432,328
2,747,035
6,322
316,921
9,562
California
_
70,143
429,211
466,308
833,093
384,768
New Mexico
North Carolina.
Oklahoma
South Carolina.
Tennessee
2,544,474
Texas
8,310
Virginia
1
Houston
2
__
Palestine
2
1,429,598
Port Arthur
2
394,913
34,701
San Antonio
1,360,939
1,814
11,230
976,051
2,111,684
243,781
93,401
628,886
594,269
877,151
436,718
dry
Oklahoma—Oklahoma City—
Arkansas—Fort Smith
1
dry
Shreveport
1
Mississippi—Meridian—
dry
Vicksburg
Birmingham
Montgomery,
UNITED
STATES
1939, amounted to
686,936 bales.
Cotton on hand in consuming establishments on Oct. 31,
was
1,465,228 bales, and in public storages and at compresses 15,468,299
the
month
of October,
The number of active consuming cotton spindles for the month
22,658,994.
The total imports for the month of October, 1939, were
13,678 bales and the exports of domestic cotton, excluding linters, were
886,332 bales.
WORLD STATISTICS
production of commercial cotton, exclusive of linters, grown
compiled from various sources was 28,221,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while the
The world's
48
51
72
39
59
0.04
0 04
72
76
28
29
50
53
1
1
Pensacola
1
0.07
2.48
0.44
77
80
70
40
50
41
59
65
56
-
1
3
0.05
0.67
79
78
43
41
61
60
—
2
0.12
71
30
51
Augusta
2
0.22
77
41
59
Macon...
1
3
2
1
0.02
1.91
0.46
0.83
76
73
52
75
35
42
36
34
56
58
44
,55
1.29
0.39
0.91
0.48
1.28
75
73
72
68
66
34
38
33
28
32
55
56
51
48
49
Tampa
Atlanta.
Carolina—Charleston.
South
_
North Carolina—Asheville.—
Charlotte
3
2
Raleigh...
Wilmington
Tennessee—Memphis
Chattanooga
'
4
2
2
-
The following statement
has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Nov. 24, 1939
Nov. 25, 1938
Feet
Feet
bales.
was
57
0.60
Nashville...
during
63
61
Miami.
535 bales.
consumed
53
1
i
Florida—Jacksonville
and
CONSUMPTION, STOCKS, IMPORTS, AND EXPORTS-
Mean
2
1
Alabama—Mobile
Georgia—-Savannah
bales for 1939; 142,435
for 1938 and 267,961 for 1937.
Included in the above are 15,099 bales of
American-Egyptian for 1939; 12,578 for 1938; and 6,801 for 1937; also
1,791 bales Sea-Island for 1939; 3,946 for 1938 and 3,569 for 1937.
The statistics for 1939 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Nov. 1 is 10,080-
0.57
0.65
1.20
1
Louisiana—New Orleans-1
1 which
157,865
142,983 bales of the crops of 1938 and 1937.
The statistics in this report include 157,018 round
dry
Little Rock
4,119,487
26,676
Includes 137,254 bales of the crop of 1939 ginned prior to Aug.
counted in the supply for the season of 1938-39, compared with
Cotton
0.28
0.01
0.06
0.95
0.68
1
Dallas..-
14,947,111
Thermometer
dry
dry
dry
dry
dry
___—
Abilene
1937
*10,681,807
United States
New
of gauge.
1.0
1.8
Above zero of gauge.
0.7
11.4
of gauge.
9.4
14.4
Above zero of ga jge.
Above zero of gauge.
0.8
—5.5
2.3
3.6
Above
Orleans...
Memphis
-.Above
Nashville
Shreveport
Vicksburg
zero
zero
as
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.
Three New Members of New
a
this
Rainfall
Corpus Christi
At
us
showers in
Rain
Running Bales
{Counting Round as Half Bales and Excl. Linters)
1939
1938,
355
Days
State
in
380
numerous
the eastern third of the cotton belt and dry
Texas—Galveston
was
295
Telegraph—Telegraphic advices to
evening denote that there have been
in full:
*
per
Spindle in Place
9.38- 9.39
9.46
Bid
Bid
9.62
9.34
8.725-8.74a
8.71
HOLI¬
Bid
9.69
9.12
9.14
Bid
9.57- 9.58
Bid
9.40
9.06
9.20
9.78
Bid
9.65
9.67
Bid
9.346-9.35a
May {old)
9.85
Bid
9.85
9.56
{new)
Bid
ing October
Bid
9.715-9.73a
6.665-9.68 a 9.755-9.77a 9.755-9.77a 9.685-9.70a
{old)
Oct. 31
9.79
9.75
9.82
9.97
Bid
Total
United States
9.85- 9.86
9.75
{old)
{new)
Jan.(1940)
Mar.
Active Dur¬
York Cotton Exchange—
meeting of the Board of Managers of the New York
Cotton Exchange
of Newman,
Ga.,
held Nov. 17, Welborn Burroughs Davis
a
partner in the
firm of Manget Brothers
merchandis¬
England, a
in the firm of Reis Brothers, cotton merchants and
Receipts
from
the
Plantations—The following table
indicates the actusl movement each
week from the planta¬
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
The
tions.
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Receipts at Ports
Week
Co., of that city, who are engaged in the cotton
ing business, Norman Godfrey of Liverpool,
partner
Stocks at Interior Towns
Receipts from Plantations
End.
Aug.
and James Alpheus Baker of Charlotte,
C., Secretary and Treasurer of the firm of Crespi, Baker
& Co. of Charlotte who are engaged in the merchandising of
cotton, were elected to membership in the Exchange.
Mr.
Godfrey is a member of the Liverpool Cotton Association,
New Orleans Cotton Exchange, and New York Commodity
brokers in that city,
N.
Exchange.
1939
1937
1938
1939
1937
1938
Cotton Spinning Industry for Octo¬
of the Census announced on Nov. 20
25,081,048 cotton
spinning spindles were in place in the United States on
Oct. 31, 1939, of which 22,658,994 were operated at some
ber, 1939—The Bureau
that,
according to preliminary figures
during the month, compared with 22,231,976 for
September, 22,012,186 for August, 21,939,404 for July,
21,771,310 for June, 21,970,202 for May, and 22,113,316 for
October, 1938.
The aggregate number of active spindle
hours reported fo** the month was 8,580,693,976.
Based on
an activity of 80 hours per week, the cotton spindles in the
United
States were operated during October, 1939, at
time
97.9% capacity.
This percentage compares, on the same
basis, with 92.5 for September, 85.1 for August, 81.9 for
July, 82.5for June, 81.9 for May, and 81.9 for October, 1938.
The average
number of active spindle hours per spindle in
place for the month was
342.
The total number of cotton
1938
1937
83,722 239,811
78.102 221.570 2408,973 1922,216
806,649
132,295
1. 196,344 144,055 300,222 2427,136 1949,655
836,739
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
25.
140,844
Sept.
918,178
8. 209,955 195,347 309,808 2487,313 2044,616
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
479,801 2930,731 2633,565 1490,564
29. 297,080 221,656
Oct.
6
297,556 183,369 441,721 3113,815 2881,086 1715.693
13- 290,322 205,107 379,066 3262,486 3110,218 1904,035
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
20
Activity in the
1939
480,640 430,890 666,850
433.993 434,239 596,889
368,276 366.043 471,196
330,329 263,541 392,329
Nov
231,212 256,332 263,182 3533,182
92,125 245,688 3543,918
10. 237,671
17
202,676 125,857 195,034 3549.579
88,143 160,560 3536,990
24. 178,607
3.
3460,497 2226,923
3510,308 2387,570
277,523 329,745 388,719
3518,088 2459.694
208,237 133,637 267,158
3524,821 2501,559
166,018'
The above statement shows:
248.407 141,936 406,335
94,876 202,425
(1) That the total receipts
plantations since Aug. 1, 1939, are 4,640,499 bales;
4,130,358 bales and in 1937 were 6,386,733
(2) That, although the receipts at the outports the
from the
in 1938 they were
bales.
178,607 bales, the actual movement from
plantations was 166,018 bales, stock at interior towns hav¬
ing decreased 12,859 bales during the week.
past week were
Alexandria
now
Oct.
Receipts
and
Shipments—We have only
received the Alexandria movement for the week ended
26, which we present below.
been coming
received.
in regularly,
we can
As these reports have not
only publish the reports as
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3432
Nov. 25, 1939
BREADSTUFFS
1939
Alexandria, Egypt,
1938
1937
Oct. 26
Receipts
Friday Night, Nov. 24, 1939
Flour—The
(cantars)—
380,000
week
This
460,000
1.970,651
1.860,467
Since Aug. 1
This
Since
This
Week
Aug. 1
Week
Since
36,497
36,294
To Liverpool
8~,30d
Manchester, &c
Continent & India. 21,350
143.420
Since
Week
Aug. 1
21,275
21,337 9.100
31,747
9,600
138,234 21,350
3,571
2,600
9",300
5.000
350
—
To
This
Aug. 1
To America
9,650
237,486
34,650
Total exports
and
36,237
37,493
155,671
194,889 42,650
were
Bales
Bales
HOUSTON—
GALVESTON—
To Great Britain
To Italy
To Great Britain..
16,083
To Italy.
1,640
400
2,400
To Norway
To Sweden
To Belgium _
To Spain.
To Japan
To Belgium
To Holland
1,343
—
_
3,000
To Japan
To China
- -
To Susak
2,284
2,934
332
To Susak
21,727
7,976
3,981
6,830
4,507
4,505
1,466
1,091
3,146
To France
2,724
To Denmark
To South America
To China
To Australia
450
To Denmark
52,004
To Great Britain
797
Italy
401
To South America
200
LOS ANGELES—
To Great Britain
2,002
To France
845
Italy
SAVANNAH—
To Great Britain
200
To Japan
To China
CHRISTI—
4,232
ample
are
consumers'
for
will
about four days, or about the same as the previous
If
week.
21,542
75
171,217
Total
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
due to the
Foreign Cotton Statistics—Regulations
will
be
continues
slow,
in the trade feel
some
Very heavy flour
again.
cutting down
reported
were
New
from
Shipments totaled 35,763 sacks.
this
totaled
port
heaviest
the
were
York
Wednesday.
on
Last week exports of flour
in
months
many
and
50,000 sacks.
over
Wheat—On the
18th inst. prices
closed ^c. to lc. net
The market ruled firm during most of today's short
higher.
A spurt of buying soon after
session.
the start of trading
the wheat market its best action of the week and
today
gave
lifted
prices
a
cent
bushel
a
Purchasing
more.
or
was
credited to milling interests, presumably in connection with
flour business,
has been dragging since
which
the heavy
inventory accumulation immediately following declaration of
Buyers
war.
particularly active in Dec. wheat, wbich
were
much
as
as
1
^c. at
one
Shifting of
stage to 88
hedges into deferred contracts also strengthened the Dec.
Only light, scattered rains
delivery.
were
reported in the
hard winter wheat belt, and this precipitation was confined
mostly to Eastern sections which received
week.
relief last
the forecast promised no immediate relief, although a con¬
tinuation of unsettled weather
inst.
compared with previous finals.
% to 7/ia.
bushel
a
was
in prospect in the East.
prices closed unchanged to
war
have heretofore given weekly:
some
Unprecedented fall drought persisted in the West and
On the 20th
in Europe prohibit cotton statistics being sent from abroad,
and we are therefore obliged to omit the following tables:
%c. higher
Early wheat market gains of
wiped out in late trading
were
on
the
Chicago Board today and prices closed only slightly higher
and Takings of Cotton.
World's Supply
business
mills
100
_
To Manila.!
are no
we
deliveries
latter
stated that milling operations this week
average
advanced
NORFOLK—
NEW ORLEANS—
which
in¬
It is
from
News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 171,217 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Cotton
demand
shipping
235.737
weigh about 750 lbs.
the week ended Oct 26
Shipping
York
slow
6.336
34,650 bales.
380,000 cantars and the foreign shipments
To
the
that
exports
Note—A cantar Is 99 lbs.
Egyptian bales
This statement shows that the receipts for
CORPUS
a
structions were running about normal for this time of year
that
To
reported
Mills report that
the current week.
during
needs.
Exports (bales)—
To
410.000
2,860,268
trade
flour
local
The trade lacked
Saturday.
than
ncentive for action
on
India Cotton Movement from All Ports.
either side of the market and with speculators on the side¬
Alexandria Receipts and Shipments.
lines, trading was sluggish.
Liverpool Imports, Stocks, &c.
apparently was
Liverpool—The tone of the Liverpool market for spots
week and the daily closing
and futures each day of the past
follows:
prices of spot cotton have been as
Quiet
Friday
More
Wednesday
Moderate
Spot
Tuesday
Thursday
business
demand.
Monday
Saturday
doing.
Quiet
A fair
Market,
12:16
demand
P. M.
9
5
15
to
Steady at
Market,
16
4
12
P. M.
Prices of futures at
Q't but st'y
1 pt. dec.
to 2
pt.adv
decline.
pts. adv.
pts. adv.
advance.
Liverpool for each day are given *below:
Thurs.
Wed.
Tues.
Mon.
Sat.
Nov. 18
advance.
Steady;
Very st'dy, Quiet, st'y, Barely st'y;
15 to 20 pts 9 to 12 pts.
19 to 21
18 to 22
pts. adv.
to
6 to 13 pts.
6
to
pts. adv.
pts. adv.
pts. adv.
opened
3
9
to
7.51d.
Steady:
Steady at
Steady at
Steady at
CLOSED
Futures
7.67d.
7.53d.
7.33d.
7.19d.
Market
Frl.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Nov. 24
New Contract
1940..
January,
6.75
d.
d.
d.
d.
7.18
6.96
~7~06
7.16
d.
7.12
7.03
6.83
7.01
6.97
6.75
6.73
d.
d.
d.
d.
d.
d.
December, 1939.
7.09
7.10
7.03
7.03
Marcb
6.69
6.78
6.91
7.00
7.10
6 93
May
6.63
6.64
6.72
6.84
6.92
7.03
6.85
6.95
6.96
6.56
6.68
6.65
6.78
6.85
6.97
6.78
6.88
6.89
6.40
6.42
6.49
6.61
6.66
6.81
6.61
6.72
(x)
July
October
6.70
6.73
6.70
December
6.38
6.56
6.76
6.56
6.68
March
6.35
6.53
6.74
6.54
6.66
May
6.33
6.51
July
6.31
6.50
1941..
January,
6.72
-
mm
6.70
—
6.52
mm
—
6.54
6.62
3.50
.
Closed.
Market—Our report received by cable to¬
Manchester
night from Manchester states that the market in both yarns
and cloths is firm.
Merchants are not willing to pay
We give prices today below and leave those
previous weeks of this and last year for comparison:
present prices.
for
war
1938
1939
Middl'g
Twist
to Finest
Upl'ds
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
d.
•
Cotton
32s Cop
8# Lbs. Shirt¬
ings, Common
8}4 Lbs. Shirt¬
in the domestic situation in view of lagging de¬
or
mand and tightening commercial supplies.
Lack of selling
orders for the nearby delivery contracts, due to the holding
policy of owners of cash grain, was the most important
strengthening factor.
The poor crop outlook in the southest, war in Europe and storage of almost one-fourth of the
1939 harvest under Government loan has caused owners of
gain to hold their wheat, traders said. At the same
time, however, buying is on a very small scale particularly
speculative interests are concerned and also in the
trade, where millers and bakers apparently are
using reserves.
On the 21st inst. prices closed
to
net higher.
Paralleling the action of yesterday's market,
wheat prices today advanced about a cent and then lost all
of the gain.
Dec. contracts reached 89^c., their best level
since the end of 1937, but retreated in late profit-taking.
Reports of bad yields, revealed by early threshing of wheat
in northern sections of the Argentine belt, attracted atten¬
tion.
Some late selling was associated with the downward
trend of securities.
Traders said the buying apparently
came from speculative interests, with some attributed also
to mills, although the latter was on a small scale.
Transfering of hedges from Dec. into deferred contracts also accounted
for some of the activity.
Continued drought in the Southwest
and strength in stocks were bullish factors, although many
traders were attracted by the more intense warfare at sea.
R.. I. Mansfield, market expert, said intensive sinking of
merchant vessels was likely to cause the Allies to contract
for all kinds of foodstuffs while shipping was possible and
as
far
as
commercial
vessels
On
were
s.
s.d.
d.
s.
d.
s.
d.
d.
25..
9
@10
9#@10#
5.52
9
9
@
9
3
4.74
@93
5.71
8#@ 9#
9
@
9
3
4.85
9
@
9
3
4.71
9
@
9
3
4.81
9
@
9
3
4.76
early planted
son
Nominal
Nominal
7.03
Nominal
7.09
@13#
@13# 11
3
@11
6
6.74
8#@ 9#
8#@ 9#
8#@ 9#
8#@ 9#
9
@
9
3
4.80
6— 13
@13 # 11
3
@11
6
6.44
8#@
9#
9
@
9
3
5.00
13.. 13
@13# 11
3
@11
6
6.27
8#@
9#
9
@
9
3
5.24
20.. 13
@13#
11
3
6
6.35
9
@
9
3
5.19
@13# 11
3
6
6.38
8#@
8#@
9#
27.. 13
@11
@11
9#
9
@
9
3
5.20
11
3
@
9
3
5.09
29.. 13
11
2
©11
6
6.77
Oct.
Nov.-
6
6.22
8#@
9H
9
10.. 14
17.. 14
11
4#@11
7#
7-01
8#@
9#
9
@
9
3
5.05
11
9
7.10
8#@
9#
9
3
5.08
11
7.51
8#@
9#
9
@
@
9
24.. • 14 #@15
@11
9#@12
9
3
5.22
3__
13#@14
@14#
@14#
factors.
6
@11
The Government's
weekly
crop
sum¬
no
@93
Nominal
%c. lower.
appreciable change had occurred in Western
sections of the grain belt.
In eastern Kansas and Okla¬
homa wheat showed
some
improvement, but in western
said
9
8„
prices closed unchanged to
within a range of less than lc. today
at levels slightly
under the previous close much of the
time.
December contracts, following a four-day period in
which they showed strength compared with more deferred
positions, developed easiness and at one time were as much
as
%c. lower at 88c.
Drought in the hard winter wheat
belt and prospects for continued clear weather were slightly
mary
©10
inst.
Wheat prices moved
9
15..
22.. 13
available.
22d
the
constructive
d.
Aug.
Sept.
1—
The attitude of most dealers
of watchful waiting for developments in
actual
Mid. upl'ds
x
the
one
States some fields had not germinated and
parts of these
was
wheat had died.
In some portions the sea¬
far advanced for best growth even
said to be too
if adequate
rains should be received later.
Today prices closed
tumbled
lc.
a
% to ^c. net lower.
bushel
after
weakness of the securities
of the loss.
the
and
fact
the
mid-session
Wheat prices
today
following
market, but then recovered much
Helping to bolster values after the slump was
estimates of wheat production in Argentina
that
United
States
were
lowered.
Cables
indicated
Volume
harvest
149
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
'
DAILY
returns
ing, while
in Argentina have been very disappoint¬
leading cash grain house said present indica¬
a
tions for the 1940 United States winter wheat crop point to
the smallest production since the turn of the century.
Traders viewed with apparent calmness such over-the-holi-
day developments as heavy shipping losses due to sea war¬
fare, reports of frost in Argentina, and continuation of
the domestic drought in the Southwest.
In early quiet trad¬
ing prices were lifted as much as He. at times, but these
gains frequently were reduced or canceled.
Open interest
in wheat tonight totaled 86,660,000 bushels.
DAILY CLOSING PRICES OF WHEAT
CLOSING
PRICES
Season's High and When Made
58
May 31,1939
605*
Sept.
575*
Sept. 27,1939 July
6, 1939 May
DAILY
Mon.
107**
CLOSING
PRICES
OF
December
May
July
——88**
85**
83**
—_
Tues.
88**
85**
83**
Thurs.
IN
CHICAGO
Thurs.
Wed.
88**
86**
83**
Fri.
HOL. 107**
107**
FUTURES
Mon.
——
———
107**
107**
WHEAT
Sat.
Wed.
88**
86
83**
H
O
L
Season's High and When Made
December
May
July
I
Season's Low and When Made
Nov. 21, 19391 December.— 62**
July 24, 1939
Sept. 7, 19391 May
63**
July 24, 1939
Sept. 23. 19391July...
77**
Oct.
9, 1939
89**
90**
86**
DAILY CLOSING
—
-
PRICES OF WHEAT
Sat.
November
December
70**
—
—
.
May_
July
70**
75
76 **
_
WINNIPEG
Fri.
FUTURES* IN
Mon.
70**
70**
75
76**
Tues.
70**
70**
75 J*
76**
70**
70**
75
76**
—
70**
74**
76**
70**
70**
75
76**
sales
Rotterdam at
to
7_H to 8c.
over
price, f.o.b. Gulf ports, indicated the price for which new
expected to go into export trade.
Although Argen¬
tine corn was cheaper, American shippers enjoyed a 6c.a
bushel advantage in freight costs.
On the 22d inst. prices closed He. higher to He. lower.
Corn prices held steady in light trade, with commission
houses
showing a moderate demand
by the Government of
Announcement
loan
was
line
in
with
trade
for December corn.
a 57c. a bushel corn
May
July---
—
44
Closing quotations
expectations and
had
little
Hard winter clears
OF
Sat.
No. 2 yellow.
65**
65**
,4.40@4.65
—
Seminola, bbl., Nos. 1.3.. 6.70@6.90
Oats good-.
3.00
Cornflour
.2.10.
—
—
Barley goodsPrices Withdrawn
Fancy pearl (new) Nos
Nom.
Coarse
!4.50@6.50
Oats, New York—
No. 2 white
Rye, United States c.J.f
No. 2 red, c.i.f„ domestic —1075*
Y. 8454
Manitoba No. 1, f.o.b. N
I
Corn, New York—
No. 2 yellow, all rail
Barley, New York—
40 lbs. feeding., a
65**
--
515*
705*
-
■
595*
-
Chicago,cash.....
55-61
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
of the last three years:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Chicago
253,000
...
Minneapolis
Milwaukee.
Toledo
St, Louis
m
7,000
m
mm
mm
Peoria
Kansas City
Omaha
m
m
m
m
m
m
97:000
177,000
111,000
672,000
128,000
31,000
295,000
3,000
m
.
7,000
25,000
2,000
20,000
mm
3,789,000
1,467,000
448,000
7,468,000
394,000
354,000
6,092,000
8,750,000
8,079,000
8,514,000
12,964,000
......
w
m
m
m
m
m
m
m
m
m
m
m
mm
«.
m
mmm
mmm
mm
m
m
mm
29,000
52,000
m
1,648,000
1,059,000
2,245,000
Sioux City.
9,000
114,000
'
299,000
1,021,000
325,000
307,000
101,000
19,000
11,000
60,000
40,000
28,000
30,000
14,000
141,000
Barley
30,000
201,000
79,000
55,000
2,000
17,000
354,000
...
Same wk '37
Rye
bush 56 lbs bush 48 lbs
186,000
528,000
337,000
260,000
662,000
469,000
198,000
402,000
449,000
98,000
m
m
132,000
35,000
21,000
..
St. Joseph
m
...mm.
....
Indianapolis
Wichita
'mm
m
1,968,000
1,469,000
291,000
180,000
85,000
1,568,000
414,000
......
Duluth.
m
m
mm
mm
m
m
m
mmm.
m
m
m
mm
m
6,000
154,000
16,000
375,000
556,000
335,000
397,000
2,525,000
1,373,000
3,055,000
Since Aug. 1
1939
....
1938
1937
....
Total
CORN IN NEW
Mon.
45
-
7.316,000 158,812,000 94,174,000
6,885,000 178,237,000 121,458,000
6,297,000 1175,550,000 72,745,000
49,015,000 12,037,000 56,793,000
51,659,000 15,407,000 47,951,000
60,002,000 17,390,000 46,661,000
Open interest in
expected to be held off the market.
tonight was 42,495,000 bushels.
DAILY CLOSING PRICES
—-
Rye flour patents.
Wheat, New York—
Same wk '38
corn
.
1.2-0.3-0.2
Total wk'39
was
——
Fri.
42**
GRAIN
prices
also
WINNIPEG
follows:
were as
Spring pat. high protein—5.80@6.00
Spring patents.
5.65@5.90
Clears .first spring
_5.30@5.50
Hard winter straights
5.85@6.10
Hard winter patents
6.05@6.25
Buffalo
supply situation due to the holding off of the market of
large amounts of corn under the loan program.
Govern¬
ment figures indicated that a very large portion of the
corn
already under loan lias been resealed, and with the
new loan rate unchanged, as much or more of/ the 1939 crop
58
FLOUR
market effect.
Today prices closed He. off to He. up. Corn
were steady to firm, reflecting a tightening
58
Sat. Mon. Tues. Wed. Thurs.
415*
4154
4154
4154
42**
44
43**
445*
44 54
455*
,
the Chicago Dec.
corn was
555*
555*
'58
....
December—
Corn—On the 18th inst.
prices closed He. lower to He.
up, compared with previous finals.
Approximately 200,000
bushels of corn were sold to Holland for shipment from the
gulf, but this had little market effect.
Country offerings
continue light, with producers awaiting announcement of the
Government loan rate.
On the 20th inst. prices closed un¬
changed to Y%c. net lower.
Chicago corn futures again
displayed little activity.
Prices advanced slightly at one
time, reflecting steadiness in wheat, but towards the close
eased fractionally.
On the 21st inst. prices closed unchanged
to
He. up.
Corn prices showed little change.
Recent
55**
585*
—
Thurs.
Wed.
555*
585*
55**
58>*
.
DAILY CLOSING PRICES OF BARLEY FUTURES IN
Fri.
88**
85**
83**
52**
•
May——
July
IN NEW YORK
Tues.
Auk. 30, 1939
Aug 12. 1939
Oct.
9,1939
—
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri
December
_
Sat.
No. 2 red..
515*
535*
53**
When Made
Season's Low and
December*— 405*
435*
—
July
Fri.
Sat. Mon. Tues.
Wed, Thurs.
52**
515*
51** 515*
H
5354
535*
535*
535*
O
53*4
53**
53**
53**
L
—
May
July
December
May
CHICAGO
IN
FUTURES
RYE
OF
_
December.
3433
Tues.
65**
Wed.
65**
Thurs.
HOL.
receipts of flour and grain at the seaboard ports for
Saturday Nov. 18, 1939 follow:
the week ended
YORK
Fri.
65**
Flour
Wheal
Corn
Oats
bbls 196 lbs
bush 60 lbs
biish 56 lbs
bush 32 lbs
Receipts at—
Barley
Rye
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat.
December
-
May.
July--—
—
-
—50**
52**
-—
53**
Mon.
50**
52**
52**
Tues.
50**
52**
52**
Wed.
50**
52**
52**
Thurs.
H
O
L
Fri.
50**
52**
52**
Season's High and When Made
December
60*4
May ——63*4
July
—
58*4
I
Season's Low and When Made
Sept. 7. 1939 December.—39**
July 26, 1939
Sept.
7, 1939|May—
42
July 26, 1939
Sept. 23. 19391July
52**
Oct. 23,1939
-
560,000
_
BaltimoreNew Orl'n*
138,000
6,000
376,000
Montreal..
Boston
feature.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon
Tues.
Wed. Thurs. Fri.
37
37**
37**
37*4
H
37**
December---
May
July--
—
-
35*4
31**
35**
32
35**
32
35**
32
O
L
May
July
—
39**
35**
2,000
"5:666
I~96~,666
72:606
380,000
3,058,000
1,040,000
174,000
210,000
320,000
97,953,000
21,370,000
4,863,000
2,056,000
8.144,000
346.000
4,318,000
363,000
225,000
134,000
1,114,000
12.910,000 122,260,000
85,727,000
6,792,000
'38
Jan 1
1938
♦
37:660
67,000
13,000
1
1931
3,292,000 23,892,000
Receipts do not include grain passing through New Orleans for foreign port
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday Nov. 18, 1939, are shown, in the annexed
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from,—
Bushels
Barrels
Bushels
Bushels
Bushels
36
31**
Season's High and When Made
38**
Since Jan
on
216:660
"LOGO
13,947,000
Total wk' 39
—
——
December
ThreeRivers
Week
185,000
243,000
86,000
4,000
24,000
21,000
150,000
285,000
569,000
Galveston..
Since
183,000
388,000
Sorel
Oats—On the 18th inst. prices closed H to He. net higher.
Trading was quiet and more or less routine.
On the 20th
inst. prices closed H to He. net higher.
While trading was
light, the undertone was firm, largely in sympathy with the
firmness of wheat prices.
On the 21st inst. prices closed
He. lower to He. higher.
Trading was quiet, with prices
showing no definite trend.
On the 22d inst. prices closed He. up to He. off.
Trad¬
ing was light and without feature.
Today prices closed
He. off to %c. higher.
Trading was light and without
132,000
267,000
686,000
271,000
43,000
12,000
33,000
21:660
New York
Philadelphia
bush 56 lbs bush 48 lbs
I
Season's Low and When Made
6, 1939 December.— 26
July 25.1939
Sept. 6.19391 May —
27**
July 24,1939
Sept. 23, 1939(July
30**
Oct.
9. 1939
Sept.
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sal. Mon.
Tues.
Wed.
Thurs. Fri.
339,000
468,000
65,000
New York
Albany
Philadelphia
43,000
3,000
3,000
309:600
New Orleans..
285,000
376,000
Montreal
December.——
31**
31**
32**
32**
31**
32*4
33**
33*4
33**
335*
33*4
34
33**
33**
33**
Three Rivers.—
37:606
216,000
196,000
WOO
Halifax
May..—
July-—
425,000
326,000
245:666
Baltimore
Sorel
9,000
65,564
156,000
-
-
—
Ry e—On the 18th inst. prices closed unchanged to He.
Today's short session in rye futures was featureless,
extremely light.
On the 20th inst. prices closed
H to He. lower.
The action of this market was disap¬
pointing in view of the firmness of wheat, as usually the rye
market responds to the action of wheat.
On the 21st inst.
prices closed unchanged to He. net lower.
The market
for rye futures was a relatively dull affair, with nothing of
569~,666
Total week 1939—
Same week 1938....
up.
a
2,411,000
415,000
71,564
3,960,000
409,000
138,295
282,000
182,000
531,000
497,000
118,000 1,150,000
See following table.
with trading
real interest in the news concerning the grain.
On the 22d inst prices closed He. off to He. up.
This
market ruled dull most of the session, with price changes
Today prices closed unchanged to He.
market ruled steady, with prices moving
The destination of these exports
and Since
Week
July 1 to—
Nov. 18
1939
Barrels
♦
Total 1939
a71,564
138,295
Since
Corn
Since
Week
Since
July 1
Jult 1
Nov. 18
1939
1939
1939
1939
Barrels
Bushels
Bushels
Bushels
Bushels
1,676,636
higher.
a
Flour exports
*
Detailed figures not available.
Week
1939
July 1
Total 1938
The
Wheal
Flour
Exports for Week
extremely narrow.
within a very narrow range.
for the week and since
July 1, 1939.is a? below:
2,622,903
Nov.
18
2,411,000
3,960,000
45,276,000
75,379,000
415,000 5,196,000
409,000 47,758,000
data from Canadian Atlantic ports not available since Sept. 15.
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3434
visible
The
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Nov. 18, were as follows:
at
granary
Corn
United State*—
Oats
Bushels
Bushels
Rye
Barley
Bushels
Bushels
Bushels
379,000
Boston
late; stands are improving as germination
progresses.
quate rains replenished the torsoil moisture
In Missouri ade¬
sufficiently for good advance
359,000
56,666
"ism
2,666
342,OOO
905,000
672,000
3,470,000
9,313,000
3,726,000
7,594,000
719",000
'Y.im
2,000
361,000
25,000
14,000
24,000
and wheat made excellent progress; condition is now geneially fair to
with some reported excellent on lowlands.
In eastern Kansas and
26,000
homa wheat shows some improvement, especially where recent rains oc¬
curred. but in western parts of these States some fields have not germinated,
3,
1,162,000
82,000
3,000
314,000
15,000
"
Afloat
Philadelphia
Baltimore
-
New Orleans..
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City..---
—
Omaha
221,000
16,000
19,000
most
144,000
426,000
45,000
is too far advanced for best
277,000
325,000
162,000
116,000
788,000
1,833,000
323,000
172,000
2,000
354,000
69,000
8,172,000 13,203,000
1,610,000
Peoria
grain deteriorated and condition ranges from poor to fairly good in the
favored localities; in some portions it is believed that the season
growth even if adequate rains occur in the im¬
238,000
1,921,000
Chicago
early planted died.
48i"oo6
1,041,000
-
....
while
good,
Okla¬
Progress of winter wheat was good in Texas, although it was too dry
in the Panhandle, but no deterioration has yet occurred there; condition
is generally fair, although germination in some west-central localities is
considered doubtful.
In the northwestern part of the main belt winter
1,115,000
3,818,000
976,000
St. Louis
Indianapolis
24,000
2,000
7,065,000
-
u
10,000
4,081,000
27,670,000
8,847,000
Sioux City-..
"
1939
195,000
New York
"
25,
favorable and general improvement was noted; stands average about
three-fourth full over the State, but much is backward where sown very
GRAIN STOCKS
Wheat
Nov.
from one to three inches high where it has appeared above ground.
In Indiana about all the wheat is up and condition is mostly fair to good,
although many plants are undersized, while in Ohio condition is faiily
good, with the weather favorable for growth.
In Kentucky moderate to fairly good rains and mild temperatures were
averages
74,000
mediate future.
41,000
22,000
4,000
167,000
No precipitation of importance occurred in the northwestern Wheat
Belt, including Montana, and rain is quite generally needed throughout
this area as conditions vary from poor to good according to soil moisture.
The absence of snow cover in Montana and the general dryness is quite
unfavorable for wheat which is nearing the dormant stage.
.
•
si'ooo
1,147,000
Afloat
663,000
,
199,000
228,000
404,000
859,000
On Lakes
1,295,000
2,631,000
361,000
3,873,000
lil~666
1,988,001)
4,011,000
8,220,000
1,085,000
2,000
1,891,000
392,000
243,000
3,018,000
2,048,000
2,816,000
6,000
2,000
220,000
2,099,000
1,788,000
1,689,000
Total Nov. 18, 1939.. 129,981,000 33,613,000
13,053,000
Milwaukee
Minneapolis
15,061,000
Duluth
23,067,000
155,000
Detr
....
it
Buffalo.
I
Aloat
-
On Canal.
5,066,000
397,000
21,000
33,600
aloat, 83,000; total, 774,000 bushels, against 606,000 bushels In 1938.
Barley—
New York, 296,000 bushels; Buffalo, 926,000; Buffalo afloat, 91,000;
Baltimore,
58,000; total 1,371,000 bushels, against > 90,000 bushels in 1938, H heat—New York,
4,849,000 bushels; Boston, 1,855,000; Philadelphia, 814,000; Baltimore, 1,067,000;
Buffalo, 2,710,000; Buffalo afloat, 940,000; Erie, 1,686,000; Albany, 4,412,000;
on Canal, 187,000; total, 18,520,000 bushels, against 12,859,000 in 1938.
Bushels
Canadian—
Corn
Bushels
Oats
Rye
Bushels
Lake, bay, river & seab'd 56,540,000
Ft. Wiliam & Pt. Arthur 75,024,000
Bushels
Bushels
2,922,000
273,000
2,207,000
2,020,000
670,000
1,744,000
5,420,000
5,480,000
1,718,000
Total Nov. 18, 1939.-332,327,000
Total Nov. 11. 1939
328,137,000
10,422,000
2,661,000
10,250,000
3,023,000
9,371,000
9,228,000
1,356,000
1,853,000
7,100,000
164,025,000
.Summary—
129,981,000 33,613,000 13,053,000 10,133,000 16,005,000
332,327,000
10,422,000
2,661,000
9,371,000
American
Canadian
Total Nov. 18, 1939.-462,308,000 33,613,000 23,475,000
12,794,000 25,376,000
461,104,000 31,011,000 23,866,000 13,082,000 24,986,000
289,673,000 42,355,000 28,607,000 10,503,000 19,835,000
Total Nov. 11, 1939
Total Nov. 19, 1938
The world's shipment of wheat and corn, as furnished
by
Broomhall to the New York Produce
Exchange, for the week
July 1, 1939 and July 1, 1938, are
ended Nov. 17 and since
shown in the following:
Wheat
Corn
Week
Since
Since
Nov. 17
July 1,
July 1,
1939
1939
1938
1939
1939
1938
Bushels
Bushels
Bushels
Bushels
Bushels
in the
No. Amer.
4,206,000
Black Sca.
960,000
Argentina.
3,115,000
_
Week
Nov.
71,211,000 102,145,000
15,328,000 48,248,000
65,601,000 24,388,000
11,293,000 35,247,000
India
Since
17
Since
July 1,
J illy 1,
43,000
4,792,000
781,000
51,262,000
1,835,000
1,5*12",666
52,170,000
68,505,000
were
Countries
440,000
13,104,000
866,000
8,721,000 176,537,000 230,628,000
Total
13,256,000
2,421,000
24,908,000
20,166,000
82,661,000 141,768,000
Weather
Report for the Week Ended Nov. 22—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Nov. 22, follows:
general
summary
The weather
of the week
was
dominated
by high pressure throughout
Precipitation was largely confined to
practically all parts of the country.
south-central and
southeastern districts.
Temperatures for the week were again above normal practically every¬
where, except In the Northeast, parts of the Southwest, and
locally on the
Pacific coast.
In the upper Mississippi Valley and northern Great
Plains,
mean temperatures ranged from 9 to as
many as 16 deg. above normal
while they were generally from 5 to 8 deg. above
average in south-central
sections.
In the extreme Northeast temperatures were from
5 to 6 deg
Gains
were
least pronounced
were
shown in
Virtually all merchandise divisions
affected by, the improvement, although in evaluating
gains in the dollar volume allowance should be made
for the fact that average
retail prices
substantial increases
less
are now
showing
more
the
previous year.
De¬
partment store sales the country over for the week ended
Nov. 11, according to the Federal Reserve Board, were 7%
above the corresponding week in 1938.
New York and
Brooklyn stores registered gains of 14.4%, while in Newark
establishments the increase reached 17.6%.
Trading in the wholesale dry goods markets continued dull,
largely owing to seasonal influences.
With wholesale mer¬
chants preparing for their annual inventory-taking at the
end of the current month, little inclination to acquire addi¬
tional stocks of merchandise existed, notwithstanding the
general belief that retailers may soon re-enter the market for
new supplies.
Easier price trends were noted in a number of
items, mainly reflecting the recent lower trend in the pri¬
mary cotton goods markets.
Business in silk goods turned
very quiet, with the high price of the raw material continuing
to hamper operations.
Trading in rayon yarns remained
fairly active.
While seasonal factors are beginning to exert
a slackening influence on the demand, no
change in the favor¬
able statistical position of the market developed, and surplus
stocks in producers' hands continued at negligible figures.
Domestic Cotton
over
Goods—Trading in the
gray
cloths
mar¬
kets, while remaining at greatly reduced levels, nevertheless
revealed
raw
Other
in industrial activities served again to enliven retail
agricultural sections, while best results
current
certain improvement in sentiment.
The better
caused, in part, by the moderate enhancement in
cotton values, and the continued demand for
heavy sheet¬
feeling
7,344,000
Friday Night. Nov. 24, 1939.
during the past week.
industrial communities.
Bushels
Exports
Australia
business
or
Barley
Other Can. & other elev.200,763,000
Total Nov. 19, 1938
New York,
Continued largely favorable weather conditions and fur¬
ther gains
10, 33,000 16,005,000
Total Nov. 11,1939
132,967,000 31,011,000 13,616,000 10.059,000 15,758,000
Total Nov. 19, 1938..-.-.125,648,000 42,355,000 20,251,000
8,659,000 12,735,000
Note—Bonded grain not Included above: Oats—Buffalo, 691,000
bushels; Buffalo
Wheal
THE DRY GOODS TRADE
a
was
ings on the part of bag manufacturers, but mainly by the
calling of bids on approximately 11,000,000 yards of 80square print cloths by the Federal Surplus Relief Corpora¬
tion for use as coverings for comfortables.
Second-hand
offerings, early in the week, appeared in larger quantities,
but subsequently their volume decreased materially.
Busi¬
ness in fine goods continued dull and
prices showed a some¬
what easier trend.
Barring an early revival in the demand,
it was predicted that producers may be forced to resort to
a
sharp curtailment in output early next year.
Closing
prices in print cloths were as follows: 39-inch 80's, 7 to 7Kc.;
39-inch 72-76's, 6J^c.; 39-inch 68-72's, 6^ to 6 3-16c.;
3834-inch 64-60's, 5M to
38^-inch 60-48's, 4^c.
below normal.
This
chart
shows
also
that the
southern limit of freezing weather, as
reported by first-order stations, extended southward to the northern portions
of the east Gulf States, but did not include much of the
lower Mississippi
Valley.
The lowest temperature for the week was 7 deg. at Greenville
Maine
on
Nov. 20.
Precipitation was largely confined to central and southeastern
districts,
practically the entire country from the Northeast and the Great Lakes
westward and southwestward reporting no measurable
precipitation.
In
the lower Missouri and Ohio Valleys and southwestward
over Arkansas and
northeastern Texas, the weekly totals were
generally in excess of one inch,
while local areas elsewhere, notably the immediate
Gulf coast and eastern
Florida, also received generous rains.
Beneficial rains occurred in
notably in Missouri,
In these
areas
some
south-central portions of the
country
eastern Kansas
Arkansas, eastern Oklahoma, and
the amounts
quite substantial and were of considerable
help in conditioning the topsoil, but the subsoil moisture continues
deficient
and more soaking rains are
urgently needed.
Substantial rain was also
noted along the Gulf coast,
bringing appreciable relief to portions of the
Southeast and some east Gulf
States, but in this area it Is still too dry and
were
moisture is needed.
Other than the above-mentioned
more
areas, there was no material addition
supplies during the week,
although light to moderate
reported m parts of the Ohio
Valley and other sections.
In
general, the drought continues unrelieved in most
areas from west-central
Texas northward and
northwestward, making continued unfavorable con¬
ditions for winter grains.
In some southern
Appalachian Mountain sec¬
tions light to moderate rains were
helpful in reducing foTest and brush
fires, but these were reported quite numerous in
Minnesota
Outdoor work was favored quite
generally,
to
soU
falls
moisture
were
although
completed.
now
confined
largely to chores
harvesting
of major
Ire
Essential outside operations
and the usual late fall
work.
Corn husking
a few scattered
areas, whUe onlyremnants
has been completed, except for
theCfatrwitmam
6aStern
and picking and Sinning advanced
in
Small
Grain*—The winter-wheat situation
from the lower Missouri
Valley eastward shows some improvement, but in most western rvnrtinr,«
no appreciable change is noted from last
week
Ohio
proximately a half inch of rain in parts of Illinois
favored
growth, but condition is poor to only fair and in about
seven rather im¬
portant counties only poor; the crop is not all up in
some
l™t&
VaStev
winter-whSt
localities
but
Woolen Goods—Trading in men's wear fabrics remained
quiet.
Slightly easier price trends were discernible in some
sections, but in general mills refused to meet demands for
price concessions.
Operations continued at high levels,
made possible by the large backlog of open contracts.
Active
interest
again existed in overcoatings, and indications
pointed to an early substantial increase in the demand for
light wear materials of all types.
Reports from retail cloth¬
ing centers continued their good showing at lower tempera¬
tures in many sections of the country again stimulated con¬
sumer purchases of
heavy apparel items. Business in women's
wear fabrics continued its moderate
improvement, with gar¬
ment manufacturers entering the market for additional sup¬
plies of spring fabrics.
A fair demand existed for tweeds
and other sports materials.
Foreign Dry Goods—Trading in linens continued spotty.
easing in the supply situation was foreshadowed
by reports from abroad, indicating that the Ulster linen in¬
A certain
dustry
abandon producing for the home market, and
exports to North America.
Business in
burlap continued very irregular with spot and nearby goods
again softening slightly while distant positions maintained
their up-ward trend.
Further instances of efforts to resort
may
may concentrate on
to cotton
substitutes
to light, but on the other hand,
supplied by the United States October
a decrease in spot holdings from 119,OOQ,000 yards to 87,000,000 yards.
Domestically lightweights
were quoted at
7.40c., heavies at 11.00c.
steadying factor
statistics showing
a
came
was
Volume
149
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3435
DECATUR, Ala.—BOND OFFERING—It is reported that bids will be
of $1,236,000 4%
RECONSTRUCTION FINANCE CORPORATION
Loans Authorized
to
Water Districts—The
release (P-1519) which was
Irrigation and
following is the text of a press
public by the above named Federala gency on
made
received until Dec. 4, by the City Clerk, for the purchase
semi-ann. refunding bonds. Due in from 1 to 30 years.
MOBILE, Ala.—BOND CALL—It is stated by H. G. Zeigler, City
Comptroller, that the following public works bonds of the city are being
Jan. 1, to be presented at the Irving Trust Co., New
called for payment on
York City:
Nov.
Series O, refunding, No. 230.
Series O, funding, Nos. A-13 and
18:
improving facilities of two water districts in Texas, for which refund¬
ing loans had previously been consummated.
This makes a total to date
of $107,723,543 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 incor¬
porated water-users' associations and the balance for drainage, levee, irri¬
gation and similar districts.
Series AB, refunding, Nos. 2535
Series AB, fund ng, No. A-162.
and
The districts are:
Butte Valley Irrigation District,
Siskiyou County, Calif.-:
$37,000
Hidalgo and Cameron Counties Water Control and Improvement
District No. 9, Mercedes, Tex
60,000
Bexar-Medina Atascosa Counties Water Improvement District No.
1, Natalia, Texas
25,000
(In lieu of rehabilitation loan previously authorized for $12,000).
News Items
Ohio—Analysis Prepared on Municipal Bonds—A pamphlet
entitled "An Analysis of Ohio Municipal Bonds," has
recently been compiled and copyrighted by J. Austin White,
President of J. A. White & Co., investment house located in
Cincinnati. The material contained in this highly interesting
brochure treats of municipal credits in that State from the
Series
MN, refunding, No. 313.
Due Jan. 1, 1966.
PRICHARD, Ala.—WARRANTS SOLD—The City Clerk reports that
$30,000 street improvement warrants have been purchased by Roy Gridley
& Co. of Birmingham.
TUSCUMBIA,
Ala.—BOND
of the bonds tendered.
ARIZONA BONDS
Mmrketm in mil Municipal Issues
REFSNES,
latest State in which
contract
ARIZONA
Property Reassessments,
State tax departments
specific authority either to require a general reassess¬
ment of property by local assessors or to make it themselves,
a survey by the National Association of Assessing Officers
Twenty-one States Can Request Local
Survey Shows—Twenty-one of the 48
have
showed
MARICOPA COUNTY SCHOOL
on
Nov. 24.
intended to be used only in the event the local
assessment roll is so erroneous that it cannot be remedied through the
ordinary review and equalization processes.
They are seldom resorted to
except on request of local authorities or on demand of a substantial body
of local taxpayers, the Association said.
This is in keeping with the trend toward more cooperation and less com¬
pulsion, which, according to the Association, is evident among progressive
Reassessment powers are
State agencies.
of 17 States can either order a general reassessment
local authorities or do it themselves, the survey showed.
These
include: Alabama, Arkansas, Colorado, Kansas, Maine, Michigan,
Minnesota, Nebraska, New Hampshire, New Jersey, New Mexico, North
Carolina, North Dakota, Oregon, South Carolina, Wisconsin and West
Virginia.
In Wisconsin, owners of at least 5% of the taxable property
must first petition for the reassessment.
The tax departments
made by the
States
DISTRICT NO. 40 (P. O. Phoenix),
SALE DETAILS—We are now informed by Harold W.
Superintendent of Schools, that the $48,000 school bonds pur¬
chased on Nov. 13 by Refsnes, Ely, Beck & Co. of Phoenix, as 3^s, for a
premium of $58.20, equal to 100.1003, as noted here—V. 149, p. 3296—
have not been issued as yet but will probably be dated as of Nov. 1, 1939.
Due on May 1 as follows: $1,000 in 1943; $2,000, 1944 to 1950 and $11,000
in 1951 to 1953.
Denom. $1,000.
Interest payable M-N.
It is also stated that a bid of 101.04 on 3>£s, was submitted by Kirby L.
Vidrine &" Co. of Phoenix.
Ariz.—BOND
Smith,
stipulations.
Other cooperative municipal-state purchasing plans have been authorized
by Michigan and New Hampshire, in 1919: Virginia, in 1924; Wisconsin,
in 1929; West Virginia, in 1935; and Pennsylvania, in 1937.
New Hamp¬
shire is the only State which assumes responsibility for purchasing debts
of the local governmental units.
Virginia's State-local cooperative plan has had the greatest qse, accord¬
ing to reports.
The State purchasing department makes the contracts
with the seller, but does not assume financial responsibility.
The manu¬
facturer must collect from the city.
Under the Wisconsin system, the State purchasing agent when drawing
up contracts for State purchases includes provisions that the municipalities
and counties may purchase at the same price.
It was reported that counties
make more use of the plan than do cities, and that savings amount to about
10% on tires and tubes, 50 cents a gallon on paint, and 10 cents each on
highway patrol flags.
Michigan offers the best example of cooperative purchasing by cities
through their State league.
The Michigan Municipal League started the
plan in 1930, when it bought fire hose for six cities.
The league made
purchases totaling $26,000 in 1937, buying fire hose, street name signs,
paint, street and road grader blades, brooms and incandescent lamps.
Nebraska's Municipal League also started cooperative purchasing in
1930.
Wisconsin's league was second, starting in 1933.
Leagues of three
three States—Virginia, Oregon and South Dakota—began the practice in
1936, while the Kentucky, Colorado and North Carolina leagues started
in 1937.
Missouri and Arkansas started in 1938.
It was pointed out that in States having both cooperative and centralized
purchasing plans—like Michigan, Wisconsin and Virginia—the preference
lies with the city, and that a municipality may, if it likes, use both plans.
ELY, BECK &, CO.
PHOENIX, ARIZONA
which
Alabama, through legislative action this year, is the
stated
delivery must be at the above mentioned bank or at the Chemical Bank &
Trust Co., New York.
All tenders must specify the numbers of the bonds
Any tender may stipulate it is for the purchase of all or none
of the bonds tendered.
Enclose a certified check for 1 % of the face amount
Help Cities
cities may use the State's purchasing machinery in an effort to save money.
With certain restrictions, the cities may make purchases under State
is
tendered.
Purchasing Plans in 17 States
and Canada showed on Nov. 21.
INVITED—It
bonds, hospital refunding 3%-5% bonds, and general refunding l%-5%
bonds, all dated Sept. 1, 1936, due Sept. 1, 1966, sufficient to exhaust a
sinking fund deposit of $6,850.88, and hospital refunding 3%-5% bonds,
dated Sept. 1, 1936, due Sept. 1, 1966, sufficient to exhaust a sinking fund
deposit of $1,860.59.
All tenders must state the time and place of delivery and the place of
parties upon request.
Save Money—Cooperative purchasing systems,
cities may obtain more favorable prices for
governmental supplies through increased bargaining power
and quantity buying, have been set up by legislatures or
municipal leagues of at least 17 States, information from the
Municipal Finance Officers' Association of the United States
TENDERS
by the First National Bank of Birmingham, sinking fund agent and de¬
positary for the city, that it will receive sealed tenders until Dec. 13, at
noon, for the purchase of public improvement refunding, l%-5% bonds,
dated Sept. 1, 1936, due on Sept. 1, 1966, sufficient to exhaust a sinking
fund deposit of $12,981.28, also public improvement refunding, l%-5%
the part of
the taxpayer, which is, of course, the basic worth of any
municipal obligation. We are informed by Mr. White that he
would be glad to furnish copies of his pamphlet to interested
under
and 2536.
Dated Jan. 1, 1936.
standpoint of ability and willingness to pay, on
United States—Cooperative
A-20.
Series Z, funding, No. A-l.
Loans aggregating $122,000 have been authorized by the Reconstruction
Finance Corporation for refinancing one irrigation district in California
WILLIAMS, Ariz .—BOND ISSUANCE NOT CONTEMPLATED—It
by the Town Clerk that no action has been taken in regard to the
bonds, as it is expected that the improvement will
is stated
issuance or water system
be financed from other sources.
ARKANSAS BONDS
Markets in all State,
County & Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS, MO.
ARKANSAS
COUNTY DRAINAGE DISTRICT NO. 17 (P. O.
Osceola), Ark.—PROGRESS REPORTED ON REORGANIZATION PLAN
—It was reported by Roy A. Dickie, Secretary of the Bondholders' Pro¬
tective Committee for the above district, on Nov. 16, that of the $3,700,000
outstanding bonds, holders of all but $50,000 have accepted the plan of
reorganization.
Final confirmation of the plan of reorganization by the
United States District Court, under the terms of the Federal Municipal
Bankruptcy Act, has not been obtained as yet, but it is expected in the near
7
MISSISSIPPI
future.
SPECIAL SCHOOL DISTRICT (P. O. Stamps), Ark.—
INVITED—It is reported that sealed tenders of the
district were received until Nov. 20, by A. G. Shannon,
Secretary of the Board of Education.
STAMPS
SEALED TENDERS
bonds of the above
TEXARKANA, Ark.—BONDS DEFEATED—The voters are reported
rejected by a wide margin at a recent election a proposal to issue
$350,000 in municipal electric plant bonds.
to have
CALIFORNIA
CALIFORNIA, State of—WARRANTS SOLD—An issue of $2,205,030.26 general fund registered warrants was offered for sale on Nov. 21
and was awarded jointly to Heller, Bruce & Co., Weeden & Co., and Kaiser
& Co., all of San Francisco, as 2^s, paying a premium of $1,728. Warrants
to be dated and delivered Nov. 25, 1939.
Due on or about Aug. 29. 1940.
Legal opinion by Orrick, Dahlqulst, Neff & Herrington of San Francisco.
Second highest was an offer on 3s, submitted by R. H. Moulton & Co.
of Los Angeles.
FRESNO COUNTY (P.
The
O. Fresno), Calif.—SCHOOL BOND
$165,000 issue of Fresno
School District bonds offered for
SALE—
sale on
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3436
costs and
California
Municipals
PRINCIPAL
(P. O. Fort Pierce), Fla.—BOND TENDERS
ACCEPTED—In connection with the call for tenders, it is reported that a
total of $140,000 bonds were purchased at a price of 96 and accrued interest.
Bell System Teletype SF 469
OTHER
LUCIE COUNTY
ST.
485 California Streety San Francisco
IN
25, 1939
paid by the Board of Public Instruction, or
upon both plans, and is also to state the manner, or plan, upon which the
said fee, or compensation, will become due and payable.
The proposals are further to set forth a proposed schedule of maturity
dates for such refunding bonds.
The proposals are also to set forth the rate of interest to be carried by
the new refunding bonds for the respective districts in accordance with
which the bidder will undertake such refunding program.
Bankamerica Company
OFFICES
Nov.
expenses are to be
WINTER GARDEN, Fla.—BOND TENDERS INVITED—It is stated
by E. M. Tanner, City Clerk, that Dec. 26 has been designated as the date
which the city will act upon sealed tenders of general refunding bonds,
issue of 1936, heretofore issued by the city.
Holders of such bonds are
requested to address sealed tenders to the city on or before the date desig¬
CALIFORNIA CITIES
on
CALIFORNIA
Nov. 17—V. 149, P. 3143—was awarded to Donnellan & Co. of San Fran¬
cisco, paying a premium of $72.25, equal to 100.043, a net interest cost of
about 2.17%, on the bonds divided as follows: $40,000 as 2 Ms, due $10,000
Nov. 1 in 1944 to 1947: $60,000 as 2Ms, due $10,000 on Nov. 1 in 1948
as 2s, due on Nov. 1: $10,000 in 1954 to 1958, and
on
to
nated.
GEORGIA
HAMPTON MILLS
CONSOLIDATED
SCHOOL DISTRICT
(P. O.
District Clerk that
1953, and $65,000
$15,000 in 1959.
$30,000 construction bonds were sold
LOS ANGLES, Calif.—BOND SALE—The $3,000,000 issue of electric
plant, election of 1926, class G bonds offered for sale on Nov. 20—V. 149,
3297—was awarded to a syndicate beaded by the Chase National Bana
of New York, at a price of 100.039, a net interest cost of about
2.894%,
on the bonds divided as follows:
$1,125,000 as 3M«» due $75,000 on Dec. 1
in 1940 to 1954; the remaining $1,875,000 as
2Ms. due $75,000 on Dec. 1
TIFT COUNTY (P. O. Tifton), Ga .—BOND OFFERING—It is stated
by Henry D. Webb, Clerk of the Superior Court, that he will receive sealed
bids until 10 a. m. on Dec. 4, for the purchase of a $50,000 issue of 4%
coupon annual hospital building and equipment bonds.
Denom. $1,000.
Dated Feb. 1, 1940.
Due $2,000 Feb. 1, 1941 to 1965.
Prin. and int.
(Feb. 1) payable in New York.
The bonds are payable from an unlimited
p.
in 1955 to 1979.
Dublin),
Ga.—BONDS SOLD— It is stated
ad valorem tax and
BONDS
OFFERED
FOR
INVESTMENT—The
successful
bidders
reoffered the above bonds for general subscription, the 3Ms to
yield from
0.50% to 2.90%, while the 2Ms, are priced to give from 2.75% to 3%,
according to maturity.
Associated with The Chase National Bank in the
offering are: Stone & Webster and Blodget, Inc.; F. S. Mosely & Co.;
L. F. Rothschild & Co.; A. G. Becker & Co.,
Inc.; The Boatmen's National
Bank of St. Louis; Hill Richards & Co., Los
Angeles; Reynolds & Co.,
Pasadena
Corp., Pasadena; Whiting, Weeks & Stubbs, Inc., Boston:
G. M.-P. Murphy & Co.;Pacific Co. of California, Los
Angeles, and Breed
& Harrison, Inc., Cincinnati.
were
be approved by the
to
on
by the
Nov. 15.
authorized at the election held on Oct. 4.
Legality
Enclose a certified echck
County Superior Court.
for $500.
IDAHO
JUNIOR
BOISE
COLLEGE
DISTRICT
O.
(P.
BONDS VOTED—At the election held on Nov.
Idaho—
Boise),
14 the voters
are
said to
have
approved the issuance of the $260,000 construction bonds by a very
wide margin.
It was stated subsequently by the District Secretary that the interest
rate on the above bonds is not to exceed 4 M %
They will mature serially
over a period of 20 years.
He also reports that procedures are now being
taken to sell the bonds, but it will be several days before final arrangements
can be completed.
.
,
•
LOS
ANGELES
COUNTY
(P.
O.
Los
Angeles),
Calif.—SCHOOL
BOND SALE—The $8,000 Belleview School District bonds offered for sale
Nov. 21—V. 149, p. 3297—were awarded to G. W. Bond & Son of Los
on
Angeles,
as
4Ms, paying
Dec. 1, 1939.
a
Due $500
price of 100.20,
a basis of about 4.47%.
Dec. 1 in 1940 to 1955 incl.
on
MANTECA, Calif.—BONDS OFFERED
of
3M% semi-annual
Dated
ILLINOIS
TO PUBLIC—A $65,000 issue
of 1938 bonds is being offered by Kaiser & Co.
of San Francisco, for general investment.
Dated Dec. 1,1939.
Due Dec. 1.
as follows:
$2,000 in 1940 to 1949, and $5,000 in 1950 to 1958.
sewer
CARTHAGE
interest payable at the City Treasurer's office.
In the opinion of
these bonds constitute direct and
general obligations of the city,
for the payment of which ad valorem taxes without limit of rate or
amount
be levied against all the taxable property in the city.
Legality to be
approved by Orrick, Dahlquist, Neff & Herrington, of San Francisco.
may
SANTA ROSA, Calif.—BONDS SOLD—An issue of
$190,000 municipal
improvement bonds was offered for sale on Nov. 21 and was awarded
jointly to Donnellan & Co., and J. S. Strauss & Co., both of San Francisco,
paying a premium of $111, equal to 100.059, on the bonds divided as
follows: $160,000 as 2s,
maturing in 1940 to 1952, and $30,000 as lMs.
maturing in 1953 and 1954.
The successful bidders reoffered the above bonds
for public subscription
yield from 0.40 to 2.10%, according to maturity.
at prices to
SHASTA COUNTY (P. O. Redding) Calif.—SCHOOL BOND
OFFER¬
ING—Sealed bids will be received until 10 a. m. on Dec.
6, by Ruth A.
Presleigb, Clerk of the Board of County Supervisors, for the purchase of an
issue of $130,000 3% Shasta Union
High School District coupon bonds.
Denom. $1,000.
Due as follows: $22,000 in 1940 to 1944, and $20,000 in
1945. Prin. and int. (M-N 14) payable at the office of the
County Treasurer.
Bids will be received for the entire issue or
any part thereof.
check for 10% of the amount
bid, payable to the County
A certified
Treasurer, must
accompany the bid.
SANITARY
CHICAGO
awarded to
Chanute, Loughridge & Co. of Denver.
(P.
O.
Chicago),
111.—BOND
a
BONDS RE-OFFERED FOR INVESTMENT—In re-offering the bonds
investment the successful banking group priced those callable
for public
optionally from
1941 to 1952 to yield from 0.50% to 2.25%, to their
optional dates and the balance of $461,500 were priced to yield about
2.29% to maturity.
Other bids:
Bidder—
Rate Bid
Int. Rate
Co.; E. W. Clark & Co.; R. S. Dick¬
& Co., et al
Harriman
Bosworth,
Due serially in 1944 to
1954.^
DISTRICT
SOLD—An issue of
Speer & Sons Co. of
syndicate composed of the Northern Trust Co., First
National Bank of Chicago, Harris Trust & Savings Bank, Continental
National Bank & Trust Co., City National Bank & Trust Co., and the
American National Bank & Trust Co., all of Chicago, as 2Ms, at a price of
100.559, a basis of about 2.21% to indicated maturity.
Dated Jan. 1,
1940.
Due Jan. 1,1955, and optional as follows: $350,000 each Jan. 1 from
1941 to 1953, incl., and $111,500 on Jan. 1, 1954.
Principal and interest
(M-N) payable at the District Treasurer's office.
One bond for $500,
others $1,000 each.
Registerable as to principal only.
The bonds are
unlimited tax obligations of the district and will be approved as to legality
by Chapman & Cutler of Chicago.
Bonds to be refunded are 4Ms, 4Ms,
and 5s which are redeemable on Jan. 1, 1940.
A group composed of the
Chase National Bank, Bankers Trust Co., and A. C. Allyn & Co., Inc.,
all of New York, submitted second high bid of 101.559 for 2 Ms.
were
son
OTERO COUNTY SCHOOL DISTRICT NO. 11
(P. O. La Junta),
Colo.—BONDS SOLD—We are informed by the District Clerk that the
$15,000 3 M % junior college construction bonds approved by the voters at
the election held on Oct. 30—V.
149, P. 2260—have been sold to
III.-—
sold to the H. C.
was
SALE— The $4,661,500 series C refunding bonds of 1940 offered Nov. 22
John Nuveen &
COLORADO
DISTRICT,
$20,000 improvement bonds
Chicago.
Principal
and
counsel
PARK
2M%
101.409
2M%
101.389
Ripley & Co., Inc.; Blyth & Co., Inc.;
and First Boston Corp., et al
National City Bank of New York; Kidder, Peabody
& Co.: and Salomon Bros. & Hutzler, et al
2M%
101.00
Halsey,Stuart & Co., Inc.; Lehman Bros.; and Blair
& Co., Inc., et al
2M%
100.436
DES
PLAINES, 111.—BOND ISSUE DETAILS—The $56,000 4%
refunding bonds awarded to C. W. McNear & Co. of Chicago, at
reported in these columns last June—V. 148, p. 3563—mature
$7,000 annually on Nov. 1 from 1965 to 1972, incl.
water
CONNECTICUT
par,
,P,£NBURY, Conn.—BOND SALE—The city recently sold $70,000
1M% sewer bonds as follows: $45,000 to the municipal water
department
and $25,000 to the City National Bank & Trust
Co., Danbury.
as
-
NEW HAVEN, Conn.—NOTE SALE—The
$900,000 tax anticTpaTion
notes offered Nov. 22 were awarded to the First
National Bank of Boston,
at 0.09% interest, plus a premium of
$7.
Dated Nov. 24, 1939 and due
Feb. 1, 1940.
Other bids:
Bidder—
jnt.
Rate
Chare, Whiteside & Symonds (plus $18)
I.
....
Chase National Bank of New
York (plus $4)
O.io%
0.12%
^STAMFORD, Conn .—NOTE SALE— The $500,000 notes offered Nov.
was
awarded
between Jackson
&
Curtis, and Chace, Whiteside &
as each submitted a bid of 0.269% discount.
Dated Nov. 22.
1939 and due Oct. 31, 1940.
Other bids:
22
Symonds,
Bidder———
First National Bank of Boston
Discount
0 28%
R.UDay&Co (plus$2)
F. W. Horne & Co
Leavitt & Co
I
.JO.29%
0.324%
I_Io.3l3%
_
.
JOHNSON
COUNTY
O.
(P.
Vienna),
111.—BONDS
VOTED—An
Issue of $106,000 road improvement bonds was approved by the voters at
7 election.
the Nov.
MILAN, 111.—PRE-ELECTION BOND SALE—The H. C. Speer & Sons
Co. of Chicago purchased an issue of $17,000 storm sewer bonds subject to
an election on Dec. 21.
Bonds would bear 4M% interest.
result of
PETERSBURG,
Dec. 21
on
III.—BOND
ELECTION—An
election
will
be
held
the question of issuing $10,000 water system bonds.
ROCKFORD
SCHOOL
DISTRICT,
III.—BOND ISSUE REPORT—
In connection with the report of a proposed bond issue of $125,000 to pay
teacher's salaries—V. 149, p. 3298—we are informed by Vera E. Walling,
Chief Clerk of Board of Education, that "the decision to sell bonds for
the purpose of retiring employees'
close of this fiscal year."
orders will not be made until after the
ROSICLARE SCHOOL DISTRICT.
III.—BOND SALE— The
H.
C.
Speer & Sons Co. of Chicago purchased $34,000 3M% building bonds at
Dated Oct.
1, 1939.
Denom. $1,000.
Due Dec.
1 as follows:
$1,000 from 1941 to 1946 incl.; $2,000 from 1947to 1954 incl. and $3,000
par.
from 1955 to 1958 incl.
Prin. and int. (J-D) payable at the First National
Bank of Chicago.
Payable from unlimited general taxes levied against all
of
FLORIDA
BONDS
the
district's
taxable
property.
Legality
approved by
Chapman
&
Cutler of Chicago.
INDIANA
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE
-
.
-
First
National
Bank
Building
T.
FLORIDA
.
(P.
Bidders (All for 1M % Bonds)—
TAMPA
S.
COUNTY
O. Goshen), Ind.—OTHER BIDS—The
$21,300 refunding bonds awarded to Browning, Van Duyn, Tischler & Co.
of Cincinnati, as lMs, at par plus $79 premium, equal to 100.37, a basis of
about 1.43%—V. 149, p. 3298—were also bid for as follows:
Building
-
Branch Office:
ELKHART
Pierce, Resident
Raffensperger, Hughes & Co
Manager
Indianapolis Bond & Share Corp
;
Premium
-—$132.88
120.00
Fletcher Trust Co
8
the funds.
It is expected that fruther efforts
project under way in the
near
will be
Instruction, that the Board will
onNov. 27, to refund the presently
7
S' D" N°' 12,
$455 000-
21.17
GARY,
Ind.—BOND SALE—John Nuveen & Co. of Chicago were
awarded on Nov. 18 an issue of $69,000 refunding bonds as 2Ms, at a price
of 101.198.
Other bids:
^
Int. Rate
A. S.
Huyck & Co
City Securities Corp
Lewis, Williams & Co., Inc
LAKE
COUNTY
(P.
2M%
2M%
—.
—
——
O.
Crown
Point),
2M%
Rate Bid
100.536
100.346
100.60
Ind.—BOND SALE—The
$600,000 series B advancement funds bonds offered Nov. 21—V. 149, p.
3005—were awarded to a syndicate composed of A. C. Allyn & Co., Inc.,
Sneciai
Cleveland, and the Channer Securities Co. of Chicago, as 2s at a price,
of 101.032, a basis of about 1.79%.
Dated Nov. 27,1939 and due $30,000
on June 1 and Dec. 1 from 1941 to 1950 incl.
Other bids:
S633$800; Spebii Tai
Proposals to refund the bonds are to state the fee, or
compensation to be
paid, based either upon a plan whereby the
refunding agent will pay all
costs and expenses of such
refunding program, or upon a plan whereby such
57.00
--—
the
wel^e froun^r S4 165J50?
5 dtotri0tS 0f the CountyspferaYl YA'iSS® IPS ?2"t:
Special Tax S. D. No. 6, $90,600; Special Tax S. D. No
SaDSNo: 15^$866$4o670°:
60.00
Kenneth S. Johnson
A. S. Huyck & Co
Bidder—
future.
PINELLAS COUNTY SPECIAL
TAX SCHOOL DISTRICTS (P. O.
Clearwater) Fla.—BOND TENDERS INVITED—It is stated
by G. V.
Fuguitt, Secretary of the Board of Public
UntU
68.50
:
.
Bartlett, Knight & Co
NOT SOLD—It is stated
by the Town
Clerk that the
$30,000 5% semi-annual water system bonds approved
by
arch
ha^e
£een sold' because a Public Works Adminis¬
tration grant was rescinded
before arrangements could be made to raise
+
made to get this
72.00
John Nuveen & Co
FLORIDA
Chicago; Stranahan,
Harris
&
Co.,
Inc.,
Toledo: First Cleveland Corp.
Bidder—
R. W. Pressprich & Co. and Wisconsin Co
Harriman Ripley & Co., Inc.; John Nuveen & Co.,
and
Kelley, Richardson & Co
Int. Rate
1M, 2%
2%
Rate Bid
100.095
100.59
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
™£ANtBUREN TOWNSHIP (P. O. Star City),
Ind —BOND OFFER¬
ING—James P. Marker, Township Trustee, will receive sealed bids until
1 p. m. on Dec. 16 for the purchase of
$41,750 not to exceed 3 M % interest
Dated Dec. 15, 1939. Due Dec. 15 as follows: $2,150
in 1941 and $2,200 from 1942 to 1959 incl.
Principal and interest (J-D)
coupon school bonds.
payable at the First Union Bank & Trust Co., Winamac.
Transcript of
proceedings evidencing legality of bonds will be furnished by the township.
A certified check for
1% of the bonds, payable to order of the trustee, must
accompany each proposal.
MORGAN CITY, La.—BONDS SOLD—An issue of $110,000 light and
plant revenue bonds is reported to have been purchased by Woolfolk,
Huggins & Shober of New Orleans, as 4Ms.
power
IOWA
DES MOINES, Iowa—BOND DISPOSAL REPORT—It is stated by the
City Treasurer that $178,472.41 2% semi-annual judgment funding bonds
by the Des Moines Water Co., in satisfaction of a judgment
MARYLAND
will be taken
now
It
held.
was
1946 to
Dated Nov. 10, 1939.
reported subsequently by the City Treasurer that the bonds mature
1 48 follows: $1,472.41 in 1942: $1,000, 1943 and 1944; $15,000,
1956, and $10,000 in 1957.
EARLY, Iowa—BOND SALE—The $10,000 town hall bonds offered
on Nov. 20—V. 149, p. 3144—were purchased by Jackley & Co. of
Des Moines, as 3Ms, at par, according to the Town Clerk.
for sale
MAHASKA
COUNTY
(P.
O.
Oskaloosa),
Iowa—BOND SALE DE¬
TAILS—It is stated by the County Treasurer that the $10,000 refunding
bonds sold to Vieth, Duncan & Wood of Davenport, as 2Ms (not 2Ms), as
noted here—V. 149, p. 3298—were purchased at par, are dated Nov. 1,
1939, and mature as follows: $2,000 in 1946; $3,000, 1947, and $5,000
in 1948.
MONTGOMERY COUNTY (P. O. Red Oak), Iowa—BOND SALE—
The $95,000 issue of refunding bonds offered for sale on Nov. 21—V. 149.
3298—was purchased by Stern Bros. & Co. of Kansas City, as
paying a price of 100.027, according to the County Treasurer.
p.
lMs,
FROSTBURG, Md.—BOND OFFERING—'The"City Clerk will receive
bids until Dec. 4 for the purchase of $35,000^water*improvement
sealed
bonds.
MASSACHUSETTS
BOSTON, Mass—NOTE SALE—The issue of $5,000,000 notes offered
22 was awarded to the First Boston Corp., New York, at 0.32%
interest, at par plus $34 premium.
Dated Nov. 27, 1939, and due Nov.
1,1940.
Reoffered to yield 0.25%.
Nov.
Other bids:
maturing
1944 and priced to yield
maturing 1945-1959,
are
Salomon Bros.
& Hutzler
0.38%
$138.90
0.41%
38.00
Halsey, Stuart & Co., Inc
0.43%
43.00
CARLISLE, Mass.—NOTE SALE—The Lexington Trust Co. of Lexing¬
purchased an issue of $10,000 tax notes at 0.23% discount.
Due
10,
FALL
$1,333,750
BONDS OFFERED FOR INVESTMENT—'The bonds were reoffered to
the public.
Of the totak, $199,750 bonds, bearing a 5% coupon and due
Dec. 1, 1940-1943, are priced to yield 0.25 to 0.90%; $50,000 are 2Ms,
coupon and
Bank,
1940.
RIVER,
Mass.—BOND
J.
OFFERING—Eugene
Cote, City
27 for the
Treasurer, will receive sealed bids until 11 a. m. (EST) on Nov.
issue
of general
improvement, water supply bonds offered for sale on Nov. 20—V. 149,
p. 3006—was awarded to a syndicate composed of the Union Securities
Corp., Roosevelt & Weigold, Inc., both of New York, the Equitable
Securities Corp. of Nashville, Kaiser & Co. of San Francisco, and A. C.
Allyn & Co., Inc. of Chicago, paying a price of 100.003, a net interest cost
of about 1.62%, on the bonds divided as follows:
$199,750 maturing
Dec. 1, $49,750 in 1940, $50,000 in 1941 to 1943, as 5s, $50,000 maturing
Dec. 1, 1944, as 2Ms, and $1,084,000 maturing Dec. 1, $50,000 in 1945,
1949, $65,000 in 1950 to 1953, $74,000 in 1954, and $100,000 in 1955 to
1959, as 1Mb.
last five maturities
National
and R. W. Pressprich & Co
C. J. Devine & Co
May
Kan.—BOND SALE—The
Premium
Int. Rate
Bidder—
Chase
ton
KANSAS
WICHITA,
3437
pledged for the amount of the principal and interest on said bonds at ma¬
turity. There is no controversy pending or threatening the title of present
officials to their respective offices or the validity of these bonds. All bidders
must agree to accept delivery of the bonds in Baton Rouge, and to pay the
purchase price thereof not later than Jan. 31, 1940, upon tender of the bond
by the State together with the opinion of Thomson, Wood & Hoffman, of
New York, approving the validity of the bonds. Enclose a certified check
for $30,000, payable to the State Highway Commission.
1%; and $1,084,000, bearing a 1M%
offered to yield 1.10 to 1.70%.
The
on Dec. 1, 1954 or any interest date
are
callable at 100
thereafter.
purchase of $55,000 coupon, registerable as to principal only, incinerator
construction bonds.
Dated Dec. 1, 1939.
Denom. $1,000 and $500.
Due Dec. 1 as follows:
$3,000 from 1940 to 1949 incl., and $2,500 from
1950 to 1959 incl.
Bidder to name rate of interest in multiples of M of 1%.
Principal and interest (J-D) payable at the National Shawmut Bank of
Boston.
Legality to be approved by Ropes, Gray, Boyden & Perkins of
Boston.
LYNN, Mast.—BOND OFFERING—Joseph Cole, City Treasurer, will
11 a. m. on Nov. 28 for the purchase of $25,000
mains bonds.
Dated Dec. 1, 1939.
Denom. $1,000.
Due
Dec. 1 as follows:
$2,000 from 1940 to 1949 incl. and $1,000 from 1950 to
1954 incl.
Bidder to name one rate of interest in a multiple of M or 1%Registerable as to principal and interest.
Prin. and int. (J-D), payable at
the First National Bank of Boston, or at holder's option, at the City
Treasurer's office.
The bonds are payable from unlimited ad valorem
taxes to be levied on all of the city's taxable property.
Legal opinion of
Storey, Thorndike, Palmer & Dodge of Boston will be furnished the success¬
receive sealed bids until
coupon water
bidder.
ful
KENTUCKY
NORTH ADAMS. Mass.—NOTE OFFERING—Adrien
Bonvouloir, City
will receive bids until noon on Nov. 28 for the purchase or
$100,000 revenue anticipation notes of 1939, dated Nov. 29, 1939 and
payable Nov. 5, 1940 at the Merchants National Bank of Boston.
Legal
opinion of Storey, Thorndike, Palmer & Dodge of Boston.
Bids stating
the rate of interest that bidders will offer for the whole, but not for any
Treasurer,
LOUISVILLE,
Ky.—BOND SALE— The $75,000 3% coupon semi¬
public library bonds offered for sale on Nov. 22
—V. 149, p. 3298—were awarded to a syndicate composed of Almstedt
Bros.: Stein Bros. & Boyce; J. J. B. Hilliard & Son; the Bankers Bond Co.,
Inc.; Dunlan Wakefield & Co., Inc., all of Louisville, and the Security &
annual first mortgage, free
Bond Co. of Lexington, paying a premium of $127.50, equal to 100.17, a
of about 2.975%, to final maturity.
Dated Sept. 1, 1939.
Due
basis
$5,000
on
Sept.
1
in 1940 to
1954, optional
on
any
interest due date on
certain terms.
PARK HILLS (P.
O. Ludlow), Ky.—BOND OFFERING—Sealed bids
will be received until 8 p.m. on Nov. 28, by J. A. Meyer, City Clerk, for
the purchase of an $11,000 issue of not to exceed 6% semi-ann. sewage dis¬
plant bonds.
Dated April
1, as follows: $1,000 in
posal
1,
1940.
Denom.
$1,000
and
$500.
Due April
1941 to 1948, and $1,500 in 1949 and
The bonds shall not be sold for less than par and accrued interest.
These are the bonds authorized at the election held on Nov. 8, 1938, by a
1950.
vote of 397 to 8?.
full
faith
and
To
credit
secure
of the
payment of all said bonds and interest the
city
are
hereby irrevocably pledged.
There
part, of the loan must be sealed and must include interest to date
Interest on a 360-days to the year basis is to follow and no offer
iRR'Ia7
Goldman, Sachs & Co__
municipal
C. F. Childs & Co
LOUISIANA
has been furnished:
Due Dec. 1, as follows:
$3,000 in 1942 to 1944, $4,000
in 1955 to 1957, and $7,000
Section 14, Louisiana Con¬
stitution of 1921, as amended, and Act 46 of 1921, as amended.
Legislature
of Louisiana.
The bonds are payable from a special tax to be levied each
year on all taxable property within the corporate limits of the city, sufficient
in amount to pay principal and interest due in the ensuing year.
in 1945to 1950. $5,000 in 1951 to 1954. $6,000
in 1958 and 1959.
Authority:
Article XIV,
JEANERETTE, La.—BOND OFFERING—8ealed bids will be received
a. m. on Dec. 19 by S. J. Gonsoulin, City Clerk, for the purchase
until 10
of
$25,000 issue of public improvement bonds.
Interest rate is not to
6%, payable J-J.
Dated Jan. 1, 1939.
Denom. $500.
Due
follows:
$1,000 in 1942 to 1951, $1,500 in 1952 to 1957, and
$2,000 in 1958 to i960.
Place of payment to be designated by bidders.
These bonds were authorized at the election held on Nov. 14 by a vote of
a
exceed
Jan.
1
as
61 to 7, are authorized by Article XIV, Section 14, Louisiana Constitution
of 1921, as amended, and Act 46 of 1921, as amended, Louisiana Legis¬
lature, and are payable from a special tax to be levied each year on all
taxable property within the corporate limits of the town sufficient in
to pay principal and interest due in the ensuing year.
The ap¬
proving opinion of B. A. Campbell of New Orleans, and the transcript
of record as passed upon will be furnished the successful bidder without
additional cost to him.
Enclose a certified check for $500, payable to
amount
State of —BOND OFFERING—Sealed bids will be re¬
m. on Dec. 20, by F. Warren Raggio, Chairman of the
Commission, for the purchase of a $3,000,000 issue of
coupon or registered highway, series CC bonds.
Interest rate is not to
exceed 4%,payable J-D. Denom. $1,000. Dated Dec. 15,* 1939.
Due on
Dec. 15 as follows: $1,000,000 in 1942; $1,500,000 in 1943, and $500,000 in
1944.
Prin. and int. payable in lawful money at the State's fiscal agency
in the City of New York, or at the State Treasurer's office. The bonds will be
awarded to the bidder offering to pay not less than par and accrued interest,
and to take the bonds at the lowest interest cost to the State. The amount
of any premium offered will be deducted from the total amount of interest
to be paid by the State at the rate or rates of interest specified in the bid,
in determining the best bid submitted. No bid for less than the entire issue
will be considered, and no bidder will be allowed to designate more than
three coupon rates.
This issue of bonds will be marked series "CC" merely
for the purpose of identification. The tax now levied under the Constitution
and statutes of the State on gasoline, benzine, naphtha and other motor
fuel, in the amount of four cents per gallon, shall continue so long as any
of these bonds are outstanding and shall primarily be dedicated to the re¬
tirement of said bonds and interest thereon subject always to the prior
LOUISIANA,
State
-
First
-
—
-
Boston Corp
Lyons & Co
Bond, Judge & Co
R. L. Day & Co
-
-
Merchants National Bank of Boston
Alex.
Brown &
Sons
--
and Whiting, Weeks & Stubbs
Estabrook & Co
—---
and E. H. Rollins & Sons, Inc
Chace, Whiteside & Symonds
Lee
Higginson Corp
Halsey, Stuart & Co., Inc__
REVERE, Mass.—BOND
100-54
100.4b
100-457
100.43
11
lOO-ll
-
-
100-599
100.567
100.559
100.73
SALE—Bond, Judge & Co. of Boston pur¬
chased an issue of $50,000 2M%
municipal relief bonds.
Dated Nov. 1,
Due $5,000 on Nov. 1 from 1940 to 1949 incl.
Principal and interest
(M-N) payable at the First National Bank of Boston.
The bonds are
payable from unlimited ad valorem taxes and have been approved as to
legality by Ropes, Gray, Boyden & Perkins of Boston.
1939.
SOMERVILLE, Mass.—BOND SALE—The $64,000 coupon municipa
20—V. 149, p. 3299—were awarded to Chace,
Boston, as 1Mb, at a price ofl00.771,abaste of
about 1.34%.
Dated Oct. 2, 1939 and due Oct. 2 as follows: $10,000 in
1940 and $6,000 from 1941 to 1949 incl.
Second high bid of 100.636 for
lMs was made by Tyler & Co. of Boston.
relief bonds offered Nov.
Whiteside & Symonds of
TEMPLETON, Mass .—NOTE SALE—An issue of $30,000 notes due
1940 was sold Nov. 22 to Jackson & Curtis of Boston, at 0.28%
Nov. 25, 1940 was purchased the same day
by Perrin, West & Winslow of Boston, at 0.28%.
The Merchants National
Bank of Boston also bid 0.28%, but withdrew from the sale.
Other bids:
First National Bank of Boston, 0.37% First Boston Corp., 0.42%; National
Shawmut Bank of Boston, 0.42%.
Nov. 15.
and one of $29,000 maturing
WARE, Mass.—BOND SALE—The $6,000 coupon welfare and soldiers'
awarded to R. L. Day & Co. of B°?ton
1 Ms at a price of 100.41, a basis of about 1.13 %.
Dated Dec. 1, 1939.
Denom. $1,000.
Due $1,000 on Dec. 1 from 1940 to 1945 incl.
Principal
and interest (J-D) payable at the First National Bank of Boston.
Legal
opinion of the Division of Accounts of Massachusetts.
Other bids:
Bidder—
Int. Rate
Rate Bid
relief bonds offered Nov. 21 were
as
the town.
ceived until
& Co
Smith, Barney & Co
Harris Trust & Savings Bank
HOUMA, La.—BOND OFFERING DETAILS—In connection with the
offering scheduled for Dec. 6, of the $85,000 water works bonds, noted here
on Nov.
11—V. 149, p. 3144—the following supplementary information
100.69
100.679
100.657
100.614
100-609
Tyler & Co
Jackson & Curtis and Putnam
pay bonds and interest as they become due.
The purchaser shall be required
to pay the cost of printing said bonds together with the cost of an opinion
regarding the legality of said bonds and the issuance thereof.
Enclose a
certified check for $100, payable to the city.
to discount
PITTSFIELD, Mass .—BOND SALE—The $150,000 coupon municipal
relief bonds offered Nov. 21 were awarded to Newton, Abbe & Co. of
Boston as 1 Ms at a price of 100.91, a basis of about 1.08%.
Dated Dec. 1.
1939.
Denom. $1,000.
Due $15,000 on Dec. 1 from 1940 to 1949 incl.
Principal and interest (J-D) payable at the First National Bank of Boston.
Coupon bonds may be exchanged for fully registered certificates.
Legality
approved by Ropes, Gray, Boyden, & Perkins of Boston.
Other bids, all
for lMs. except that of Halsey, Stuart & Co., Inc., which was for' 1 Ms:
Bidder—
'
Tiate Bid
shall be levied and assessed upon all real and personal property subject to
taxation within the city, in addition to the tax levied and assessed for other
purposes a direct annual tax in each year while any of said
bonds shall be outstanding, sufficient to pay the bonds and interest.
Rev¬
enue derived from said levy to be placed in a sinking fund and used to
of delivery.
the loan will be considered.
11
a.
Highway
charge on said tax of the
bonds issued under the provisions of Act 219 of
regular session of the Legislature of 1928, Act. 3 of the Extra Session
of the Legislature of 1930, Act. 2 of the Regular Session of the Legislature
of 1934, and Act 66 of the Regular Session of the Legislature of 1936, but
if by reasons of any emergency or exigency, the funds specifically pledged
for the retirement of said bonds should prove insufficient, then the State
Treasurer is directed and authorized by Act 39 of the Regular Session of the
Legislature of 1938 to use such other revenues of the State Highway Com¬
mission as may be necessary to pay said bonds and interest thereon.
In
addition to the above, the full faith and credit of the State are irrevocably
the
Lee Higginson
Corp
-
Second National Bank of Boston
Lyons & Co
Chace. Whiteside & Symonds
Ware Trust Co
}$%
IRHt?9
1M %
1M %
1M%
•
100 05
100.27
unti1
WINCHENDON, Mass.—NOTE OFFERING—Bids will be received
Nov. 27 for the purchase of $50,000 revenue notes, payable Nov. 15,
noon on
1940.
WORCESTER, Mass.—NOTE SALE—The issue of $500,000 revenue
offered Nov. 22 was awarded to a group composed of Merchants
Bank of Boston, Day Trust Co. and Boston Safe Deposit &
Trust Co., all of Boston, at 0.14% discount.
Due Oct. 16, 1940.
Other
notes
National
bids:
Bidder—
Second National Bank of Boston
Bank of Boston
State Street Trust Co
Bankers Trust Co. of New York
National Shawmut Bank
First National
Discount
0.143%
0.149%
0.15%
0.169%
0.19%
MICHIGAN
CEDAR'SPRINGS,
Mich.—BOND OFFERING—Carl S.
Denton,
Village Clerk, will receive sealed buds until 10 a.m. on Dec. 1 for the pur¬
chase of $12,SCO not to exceed 4% interest^coupon.funding bonds.
Dated
3438
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
April 1, 1939.
One bond for $900 others $1,000 each.
follows: $900 in 1940 and $1,000 from 1941 to 1952 incl.
Due April
1
PRENTISS
as
Rate or rates of
interest to be in multiples or M of 1 %.
Principal and interest (A-O) payable
at the Village Treasurer's office.
The village is authorized and
COUNTY
(P.
O.
Nov.
25,
1939
Booneville),
It is now stated by the Clerk of the
Miss.—PRICE PAID—
Chancery Court that the $46,500 4%
Co. of Jackson, as
semi-annual funding bonds sold to Edward Jones &
noted here—V. 149, p. 3299—were purchased at par.
required
by law to levy upon all taxable property therein such ad valorem taxes as
be necessary to pay the bonds and interest thereon, without limitation
rate or amount.
A certified check for $250, payable to order of the
Village Treasurer, must accompany each proposal.
Bids shall be con¬
may
MISSOURI
as to
ditioned
upon the unqualified opinion of Miller, Canfield, Paddock &
Stone, of Detroit, approving the legality of the bonds.
Village shall pay
the cost of printing the bonds.
SENATH, Mo.—BONDS SOLD—It is stated by the City Clerk that
$18,000 4% semi-ann. refunding water works bonds have been purchased
at par by Berger-Cohn & Co. of St. Louis.
Dated July 1, 1939.
Legality
HUNTINGTON WOODS (P. O. Royal Oak), Mich.—TENDERS
WANTED—H. C. Bauckham, City Clerk, will receive sealed tenders until
approved by Charles & Truaernicht of St. Louis.
5 p. m. on Dec. 7 of the following refunding bonds and certificates of in¬
debtedness, dated Aug. 15, 1937: Series C and E refunding bonds; series A
certificates of indebtedness.
MONTANA
Prices must not exceed par and accrued int.
CHESTER,
MICHIGAN (State of)—$5,000,000 BOND REFUNDING IN PROS¬
PECT—Although the State has a deficit of approximately $30,000,000 in
its general fund, which was inherited from the
preceding administration,
be paid in cash at maturity with the ex¬
ception of possibly $5,000,000 which may be refunded, Miller Dunckel,
State Treasurer, told members of the Bond Club of Detroit at a
luncheon
meeting on Nov. 17.
"The legislature at the first of this year did an excellent
job of balancing
the budget," Mr. Dunckel said, "but there has been no
provision for paying
by the 1937-38 administration.
The present admin¬
expected
that
If serial bonds are issued and sold, they shall be in the amount of $1,000
each, and shall be numbered consecutively from 1 to 15, inclusive, the first
1, 1943, and one each of said bonds
shall become due on Jan. 1 of each year thereafter until all of such bonds
shall have been paid in full.
The bonds, whether amortization or serial, will be redeemable in 15 years,
of said bonds shall become due on Jan.
approxi¬
mately $56,000,000 to be retired.
or
"We will receive from the highway department before June
30, 1941
approximately $8,000,000 in cash that will be available for our bond re¬
demption, leaving about $48,000,000 to be retired.
Against this we will
have available the earnings from our sinking fund assets and
we have the
$400 must accompany each proposal.
is
If amortization bonds are sold and issued, the entire issue may be put
one single bond or divided into several bonds as the
City Council 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.
bonds and more will be acquired this week.
We hold in our sinking
funds over $9,000,000 of short-term Home Owners Loan
Corporation bonds
that can be liquidated almost
instantly. This leaves a balance of
Epps, City Clerk,
will receive sealed bids until 3
p. m. on Nov. 27 for the purchase of $20,000
tax anticipation notes.
Dated Nov. 25, 1939. Denom. $1,000. Due
Sept.
25, 1940.
Principal and interest payable at the City Treasurer's office.
Interest payable May and Sept.
25, 1940. The notes are issued in antici¬
pation of the collection of
unpaid 1939-40 city taxes. City will furnish the
legal opinion and pay the cost of printing the notes. A certified
check for
It
into
own
Van
is
council.
new taxes or the use of
scrip in any manner
whatsoever," he said, "but we believe that this deficit can be liquidated
period of years by keeping the State's expenses below its revenues.
"Although the general financial structure of the State's operating funds
is not in the best of condition," Mr. Dunckel, said, "it in no
way reflects
on the sinking funds and the
portfolio of bonds held by the State Treasurer.
We have already purchased for our
sinking funds $8,000,000 of the State's
A.
CONSUMMATED—It
HARLOWTON, Mont.—BOND OFFERING—It is stated by N. O.
Husband, City Clerk, that he will receive sealed bids until 8 p. m. on Nov. 28
the purchase of $15,000 street improvement bonds.
Interest rate is
not to exceed 4%, payable J-J.
Dated Jan. 1, 1939.
Amortization bonds
will be the first choice, and serial bonds will be the second choice of the
istration is not interested in
OWOSSO, Mich.—NOTE OFFERING—G.
NOT
for
over a
1940 and 1941 maturities of these same bonds to
apply on our bond re¬
demptions.
We receive annually from the legislature a sum fixed
by law
to apply to our sinking fund retirements for
outstanding soldier bonus
bonds and our interest requirements are
paid by taxation.
"Whether or not we can redeem all of our
outstanding bonds without
resorting to some small refunding is unanswerable at this time because we
cannot predict the market nor our
ability to liquide our sinking fund hold¬
ings, none of which will be sold below par. As things look now we
may have
to resort to a small amount of
refunding in 1941.
It will not be much,
possibly not more than $5,000,000," he declared.
SALE
been consummated,
because of legal difficulties.
these bonds will be purchased by local investors.
the State's bond maturities will
the accounts incurred
Mont.—BOND
stated by the Town Attorney that the sale of the $11,000 funding bonds
to the State Board of Lands and Investments, noted here last June, has not
on
any
bonds will
interest bearing date after five years from date thereof.
The
not be sold for less than par.
A certified check for $1,500,
payable to the City Clerk, is required.
These
are
the bonds offered
JUDITH
BASIN
on
COUNTY
Oct. 5, for which no bids
were
SCHOOL
NO.
Windham) Mont —BONDS NOT SOLD—It
DISTRICT
received.
22
(P.
O.
is stated by Charles C. Hood,
District Clerk, that the $19,505.95 not to exceed 5% semi-ann. refunding
bonds scheduled for award on Nov. 10—V. 149, p. 2548—were not sold,
because of an error in the notice of sale.
BONDS REOFFERED—Sealed bids will be received until Dec. 12,
said
by the
Clerk, for the purchase of the above bonds.
MADISON
COUNTY SCHOOL DISTRICT
NO.
10
(P. O.
Norris).
Mont.—BOND OFFERING—It is reported that sealed bids will be received
until 2 p. m. on Dec. 11 by George H. Moss, District Clerk, for the purchase
of $2,000 school bonds.
Interest rateis not to exceed 6%, payable A-O.
(These
as
noted
are
the bonds that
were
offered for sale without
success on
Oct. 2,
here.)
MUSSELSHELL
COUNTY (P. O. Roundup) Mont.—BOND TEN¬
DERS INVITED—It is stated by John P. McCleary, Chairman of the
Board of County Commissioners, that he will receive sealed tenders until
Dec. 15, at 10 a. m., of refunding bonds of March 1, 1937, at prices less
than par value.
MINNESOTA
ROOSEVELT COUNTY SCHOOL DISTRICT
FERGUS FALLS, Minn.—WARRANT AND CERTIFICATE
SALE—
by B. M. Lein, City Clerk, that the warrants and certificates
aggregating $10,266, offered for sale on Nov. 6—V.
149, p. 2727—were
purchased by the Fergus Falls Clearing House
Association, as 4s, paying
a price of 100.535.
It is stated
MINNESOTA, State of—RURAL CREDIT BONDS SOLD—A total of
$574,000 rural credit bonds, bearing coupon rates
ranging from 4% to 4%%,
was awarded on Nov. 22 to a
group composed of Harriman, Ripley & Co
Inc., The Milwaukee Co. of Milwaukee, Kalman & Co. of St.
Paul, and
Bigelow, Webb & Co., Inc. of Minneapolis, at a price of 113.77.
The bonds, maturing from
July 15. 1943 to Feb. 15, 1944, were im¬
mediately reoffered at prices to yield 0.90 to 1.10%,
according to maturity.
The bonds are regarded
by the bankers as legal investment for savings
banks in New York,
Massachusetts, Connecticut and Illinois.
(P. O. Froid), Mont.
—BOND
SALE POSTPONED—It is stated by Roy N. Nelson, District
Clerk, that the sale of the $3,735 not to exceed 5% semi-ann. refunding
bonds, scheduled for Nov. 15—V. 149, p. 3008—was postponed, due to
an error in the
proceedings.
ST. IGNATIUS,
Mont.—BOND SALE—The $30,000 water bonds
on Oct. 14—V. 149, p. 2263—were purchased by the State
Board of Lands and Investmnets, as 3 Ms, according to the Town Clerk.
offered for sale
,
ROBBINSDALE,
Minn .—CERTIFICATE
that both sealed and
OFFERING—It
is
stated
auction bids will be received until Dec.
4, at 8 p. m.,
by Charles O. Wallace, City Clerk, for the purchase of
$25,000 emergency
debt certificates. Dated Nov.
15, 1939. Due on Nov. 15, 1940. Bidders to
name the interest rate.
The approving opinion of
Fletcher, Dorsey, Barker,
C°lman & Barber of
Minneapolis, will be furnished. A certified check for
$1,000 must accompany the bid.
ST. LOUIS
PARK, Minn.—OFFERING
OF ORDERS— Sealed bids will
be received until 8 p. m. on Nov.
27, by Joseph Justad, Village Recorder,
for the purchase of
$10,000 street improvement orders. Dated Dec. 1, 1939.
Due in equal annual instalments from
Dec. 1, 1940 to 1942.
Bidders are
invited to name the rate of interest which
the orders are to bear.
The pur¬
chaser must pay par and accrued interest
from the date of the orders to the
date or delivery.
These orders are issued to finance street
improvements
which have been completed in the
village. They will be general obligations
payable out of ad valorem taxes and will be issued in
denominations des!£5£ted by the purchaser. The purchaser will be furnished with the opinion
,eF'. Dorsey, Barker & Colman, of Minneapolis, that the
binding general obligations of the village.
valid and
orders
reported that $15,500 5H%
SOLD—
funding bonds have been purchased by
Hickman, Inc., of Vicksburg.
Dated Nov. 1, 1939.
JACKSON COUNTY (P. O.
Pascagoula), Miss.—BOND OFFERING
11, by the Clerk
—It is reported that sealed
bids will be received until Dec.
ard of SuPervisor8' for the purchase of $75,000
bonds
K°SCUSKOf Miss.—BOND ELECTION—It
factory building
is reported that
an elec¬
Dec. 11 in order to have the voters
pass on the proposed
tion will be
held
issuance of
$70,000 in light plant bonds.
i
on
LEfLORE COUNTY the
(P.
by the Clerk of
is stated
annual
in 1940
refunding bonds
+1001^
to
o. Greenwood), Miss.—MATURITY—It
Chancery Court
that the $50,000 2M % semi¬
sold to the First National Bank of
Memphis, at
as noted here—V. 149, p. 3299—are due $5,000
1949, giving
a
on
basis of about 2.14%.
on
issuance of $26,000 in refunding
YORK, Neb.—MATURITY—It
is stated
by the City Clerk that the
$90,000 municipal auditorium bonds sold to the First National Bank of
as 3s at a price of 100.416, as noted here—V. 149,
p. 3300—are due
on Dec. 1 as follows:
$11,000 in 1954 to 1958 andJ35.000 in 1959, giving
York
a
basis of about 2.97%.
NEW
HAMPSHIRE
NASHUA, N. H.—PROPOSED BOND FINANCING—'The City Councf
recently accepted for
consideration proposals to issue $100,000 city hap
$75,000 sewer bonds. ^ .4
J
note retirement and
NEW
JERSEY
BELMAR, N. J.—BOND OFFERING—J. A. Joeck, Borough-Clerk,
receive sealed bids until 10:30 a. m. on Dec. 5 for the purchase of
$217,000 not to exceed 6% interest coupon or registered improvement
funding bonds of 1939.
Dated Dec.
1, 1939.
Denom. $1,000.
Due
Dec. 1 as follows:
$15,000 from 1940 to 1953 incl., and $7,000 in 1954.
Bidder to name a single rate of interest, 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 obtained at sale of the bonds is
$217,000.
The
bonds are payable from unlimited ad valorem taxes and the
approving legal
opinion of Hawkins, Delafield & Longfellow of New York City will be
furnished the successful bidder.
A certified check for 2% of the bonds
offered, payable to order of the borough, must accompany each proposal.
(The above issue was originally scheduled for sale on Nov. 28—V. 149,
p. 3300.)
m
4
will
DEAL, N. J.—TO ISSUE BONDS—An ordinance providing for an issue
jetty bonds received final reading by the Borough Council on
of $34,000
_
& Co., Inc. of New York, at a price
on the bonds divided as
$500,000
have been approved authorizing the
Nov. 22.
?tate o*Z~B0]yP SALE—A
to'nannnnnnnterlst due
Sost.°/ about
$2,000,000 as 3s,
PETERSBURG, Neb.—BONDS AUTHORIZED—An ordinance is said
bonds.
a
Nov. 1.
$5,000,000 issue of highway,
rourth Series bonds was
offered for sale on Nov. 22 and was
awarded to a
^ninnan?oheade<l *?y Ha^ey, Stuart
reported by the City Clerk
1949.
to
are
MISSISSIPPI
It
now
Corp. of Omaha, as noted here—V. 149, p. 3145—were purchased for a
premium of $165, equal to 100.50, a basis of about 3.19%.
Due on Oct. 1,
BARRINGTON, N. J —PROPOSED BOND ISSUE—'The"borough plans
to issue $76,000 not to exceed 4% interest
refunding bonds J
ISSAQUENA COUNTY (P. O. Mayersville), Miss.—BONDS
is
J. G.
NEBRASKA
GORDON, Neb .—PRICE PAID—It is
that the $33,000 3M % semi-ann. paving bonds sold to the Wachob-Bender
Feb. and Aug.
1 in
^
EMERSON, N. 3.—PRIVATE SALE CONTEMPLATED—Michael J.
Franco, Borough Clerk, reports that the $95,000 refunding bonds approved
recently by the State Funding Commission—V. 149, p. 3300—may be
sold privately.
m
_
1955 and
llif't^igfg131111118 $3,000,000 as 2Ms, due $500,000 on Feb. and Aug.
1 in
™^^*ciATedi withi^e above firm in the purchase were: Blair & Co., Inc.,
J™ &
G?L4®an, Sachs & Co., Hemphill, Noyes & Co., all
^ew York, Hayden, Inc. of & Co., Otis & Co., Inc., both of Cleveland;
Miller
& Co.,
f
LONG
BRANCH,
disposal plant bonds
r
N. 3.—BONDS DEFEATED—An issue of $385,000
turned down by the voters at the Nov. 7 election.
was
MORRISTOWN, N. J.—NOTE SALE—Nelson S. Butera, TowiTclerk,
us that the Morristown
Trust^Co. purchased $43,977.50 demand
of
informs
Charlotte; G. M.-P. Murphy & Co. of New
York, Weil & Co, Inc., of New
Orleans; Brown, Schlessman, Owen & Co.
notes at
$
of New
vA¥.e^U'^,9°•
York^the White-Phillips
Cleveland. Churchill, Sims & Co.7 Inc!
Co., Inc., of Chicago, and Jack M. Bass
INVESTMENT—The
to
successful
bidders
reof-
aJaje j*>ads
for public subscription at prices to yield from 2.70%
2.80%, according to maturity.
(The official advertisement of this public
offering appears on page IV.)
^i88-TB0iV£ SAL^—7The,
$25,000 issue of industrial
plant bonds offered for sale on Nov. 17—V.
149. p 3299
was awarded
jointly to the Bank of New Albany, and the Bank of
Commerce, both of
New Albany, as 3s
paying a premium of $135, equal to
100.54, a basis of
about 2.94%.
Dated Dec. 1, 1939.
Due on Feb. 1 in 1941 to
1960, incl.
NEW
1M % interest.
JERSEY
(State
of)—SUBSTANTIAL
DEBT TO BE RETIRED SOON—Unless
more
PART
OF
EXISTING
State bond flotations follow
the recent approval of a
$21,000,000 issue for relief.—V. 149, p. 3300, the
Comptroller's office predicts, New Jersey's bonded debt will drop so sharply
in the next three years that there will be an annual release of millions of
dollars heretofore spent on amortization and interest charges.
Exclusive of any possible effects of the $21,000,000 relief issue, the Com¬
ptroller's office reported amortization and interest charges on New Jersey's
bonded indebtedness,
as
compared with current-year costs,
would be ap¬
proximately $6,000,000 less in 1942 and $9,000,000 less in 1943.
Even
greater amounts would be freed in succeeding years.
If Present plans materialize, the $21,000,000 relief issue will not exert
an added drain on State income as it exists
today.
The bonds would be
retired from an anticipated surplus in the highway extension
sinking fund
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
account and from a
pending source of new revenue, pari-mutuel betting at
horseraces.
State
bonds, including highway issues, currently outstanding total
5152,860,000.
The comptroller's office said mandatory retirements would
reduce that figure to $112,290,000 by July 1, 1941.
Retirement of other
bonds callable on or before the same date, and for which funds are available,
would make a further reduction of $24,000,000.
New Jersey allocated $14,005,075 for bond retirements and interest
during the current year.
The Comptroller's office estimated requirements
for next vear at $12,721,174, for the following year at $11,102,499, for 1942
at $8,185,748, for 1943 at $5,160,535, and for 1944 at $4,319,959.
One other factor could deter the sharp drop in carrying costs, and that
only to a relatively small degree.
The comptroller's office said there exists
$19,000,000 in authorized but unissued highway imDrovement and grade
crossing elimination bonds which were part of a $100,000,000 bond issue
approved in 1930.
Sale of these bonds would tend to level off and extend
amortization costs.
NORTH WILDWOOD (P. O. Wildwood), N.
J .—BOND OFFERING—
William C. Epler, City Clerk, will receive sealed bids until 8 p. m. on
Dec. 1 for the purchase of $249,000 4% coupon or registered refunding bonds
of 1939.
Dated Dec. 1, 1939.
Denom. $1,000.
Due Dec. 1 as follows:
$11,000 in 1940; $12,000 from 1941 to 1943 incl.: $13,000, 1944; $14,000,
1945; $15,000, 1946; $16,000 in 1947 and 1948; $17,000, 1949 to 1951
incl.; $18,000, 1952; $19,000 in 1953 and $20,000 in 1954 and 1955. Bids of
less than par will be considered and the sum required to be obtained at sale
of the bonds is $234,000.
Principal and interest (J-D) payable at the
Marine National Bank, Wildwood. The bonds are payable from unlimited
ad valorem taxes and the approving legal opinion of Hawkins, Delafield &
Longfellow of New York City will be furnished the successful bidder.
A
certified check for 2% of the bonds offered, payable to order of the city,
must accompany each proposal.
3439
bonds will be payable from unlimited ad valorem taxes and the approving
legal opinion of Reed, Hoyt, Washburn & Clay of New York City will
be furnished the successful bidder.
A certified check for $2,800, payable
to order of the
city, must accompany each proposal.
EASTCHESTER (P.
O. Tuckahoe), N. Y.—NOTE SALE—Shields &
lien notes at 0.50%
Co. of New York purchased an issue of $83,000 tax
interest. Dated Dec. 1, 1939 and due June 1, 1940.
HUNTINGTON
Arthur J.
a.
m.
(P.
O. Huntington),
N.
Y —BOND OFFERING—
Kreutzer, Town Supervisor, will receive sealed bids until 10:30
28 for the purchase of $44,000 not to exceed 6% interest
registered bonds, divided as follows:
Nov.
on
oupon or
Due Sept. 1 as follows:
$1,000 from
$1,000, 1951 to 1953 incl.; $7,000,
1956; $9,000 in 1957, and $1,000 in
1958.
Bonds will be issued to refund portions of seven water
issues maturing in 1940.
7,000 South Huntington Water District bonds.
Due $1,000 on Sept. 1
$37,000 refunding water
bonds.
1945 to 1949 incl.; $2,000, 1950;
1954; $2,000,
1955; $8,000,
from 1940 to
1946, incl.
All of the bonds will be dated Sept. 1,
1939.
Denom. $1,000.
Bidder
a single rate of interest, expressed in a multiple of ]4 or l-10th of
1%.
Principal and interest (M-S) payable at the Huntington Station
Bank, Huntington Station, with New York exchange.
The bonds are
general obligations of the town, payable primarily from a levy upon
property in water districts, but if not paid from that source, then all of the
town's taxable property will be subject to levy of unlimited ad valorem
taxes to pay principal and interest.
A certified check for $880, payable
to order of the town, is required.
Legal opinion of Dillon, Vandewater
& Moore of New York City will be furnished the successful bidder.
to name
KENMORE, N. Y.—BOND SALE—The $102,000 coupon or registered
149, p. 3301—were awarded to E. H. Rollins
Inc., New York, as 1.80s, at a price of 100.127, a basis of about
1.77 %.
Sale consisted of the following:
bonds offered Nov. 22—V.
(P, O. Westfield), N. J.—BONDS APPROVED—
An issue of $7,500 fire apparatus purchase bonds was authorized at the
& Sons,
Nov. 7 election.
$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
MOUNTAINSIDE
NUTLEY, N. J .—NOTE SALE—An issue of $57,000 notes was sold to
Dated Dec. 1, 1939 and
Leavitt & Co. of New York, at 0.54% interest.
due Dec. 1, 1940.
ROSELLE, N. J .—BOND OFFERING—J. F. Ostrander, Borough Clerk,
purchase or $30,000
geneial funding and
refunding bonds.
Dated Dec. 1, 1938.
Due $10,000 on Dec. 1 from
1954 to 1956 incl.
Bidder to name a single rate of interest, expressed in a
multiple of 14 of 1%.
Prin. and int. (J-D) payable at the First National
Bank, Roselle.
The price for which the bonds may be sold cannot exceed
$31,000.
A certified check for $600, payable to order of the borough, must
accompany each proposal.
Legal opinion of Reed, Hovt, Washburn &
Clay of New York City will be furnished the successful bidder.
will receive sealed bids until 8 p. m. on Dec. 1 for the
not to exceed 6% interest coupon or registered series B
SOMERVILLE, N. J .—BOND OFFERING—Edith A. Yarley, Borough
Clerk, will receive sealed bids until 7:30 p. m. on Nov. 29 for the purchase
of $17,000 not to exceed 6% interest coupon or registered bonds, including
$10,000 sewage dispoasl and $7,000 improvement.
Dated Dec. 1, 1939.
Denom. $1,000.
Due Dec. 1 as follows: $2,000 from 1940 to 1946, incl.,
and $1,000 from 1947 to 1949, incl.
Rate of interest to be expressed in a
multiple of 14 of 1 %.
Principal and interest (J-D) payable at the Second
National Bank, Somerville, or at the Chase National Bank, New York
City.
Bidder to name a single rate of interest.
The sum required to be
obtained at sale of the bonds is $17,000.
The bonds are unlimited tax
obligations of the borough and the approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
bidder.
A certified check for 2% of the bonds offered, payable to order of
the borough, must accompany each proposal.
O. Teaneck), N. J .—BOND SALE—
The $21,150 coupon or registered bonds offered Nov. 21—V. 149, p. 3300
—were awarded to the Bergen County National Bank of Hackensack, as
TEANECK
TOWNSHIP
(P.
8ale consisted of:
1,000 paving asst. bonds of 1939.
Due Dec. 1, 1940.
12,150 st. paving asst. bonds.
Due annually from 1940 to 1949, incl.
8,000 paving asst., series L, bonds.
Due annually from 1940 to 1947,
2s, at par.
$
incl.
All of the bonds bear date of Dec. 1, 1939, and mature
Dec. 1, as follows:
$4,150 in 1940; $3,000, 1941; $2,000 from 1942 to 1947, incl.. and
$1,000
in 1948 and 1949.
Other bids:
Int.
Bidder—
Rate
%
2lA%
2)4 %
23^
M. M. Freeman & Co
H. L. Allen & Co
Palisades Trust & Guaranty Co. of
Englewood
Rate Bid
100.41
100.29
100.129
CITY, N. J.—REFUNDING APPROVED—The New Jersey
Municipal Finance Commission on Nov. 21 approved city's $1,378,000
refunding plan.
The plan was adopted by the City Commission Nov. 2,
subject to State approval after recommendation by the City Auditor,
John Wehman, and a study by Finance Director Thomas A. Nolan.
The
plan, adopted by ordinance, is intended to take up some outstanding bonds
and emergency relief obligations of about $410,000, to spread them over
the next five years for amortization in equal amounts, in order to maintain
the tax rate at its present level.
About $300,000 will be paid off each year.
The cost of refunding will be about $35,000, which is expected to be easily
neutralized by the reduction of interest on existing bonds, which in some
instances is as high as 6%.
Rippel & Co. of Newark have been appointed
city fiscal agents.
UNION
WEST
PATERSON,
N.
J.—BOND
OFFERING—William
Dierdorf,
Borough Cleik, will receive sealed bids until 8 p. m. on Dec. 6 for the
purchase of $81,000 not to exceed 6% interest coupon or registered refunding
bonds of 1939.
Dated Dec. 1, 1939.
Denom. $1,000.
Due Dec. 15 as
follows: $4.00C from 1940 to 1945 incl.; $5,000 from 1946 to 1948 incl. and
$6,000 from 1949 to 1955 incl.
Bidder to name a single rate of interest,
expressed in a multiple of K of 1%.
Prin. and int. (J-D) payable at the
United States Trust Co., Paterson.
The sum required to be obtained at
sale of the bonds is $81,000.
The bonds are payable from unlimited ad
valorem taxes and the approving legal opinion of Hawkins, Delafield &
Longfellow of New York City will be furnished the successful bidder.
A
payable to order of the borough,
is required.
(Previous mention of this offering was made in—V. 149.
certified check for 3 % of the bonds offered,
p.
3300).
s
NEW
MEXICO
GALLUP, N. M.—BONDS SOLD—It is stated by the City Clerk that
semi-annual public utility company revenue bonds were
purchased at par on Nov. 13 by C. W. McNear & Co. of Chicago.
Due as
follows: $17,000 in 1941, $18,000 in 1942, $19,000 in 1943, $20,000 in 1944,
$21,000 in 1945 and 1946, $22,000 in 1947, $23,000 in 1948, $25,000 in 1949,
$26,000 in 1950, $27,00G in 1951, $28,000 in 1952, $29,000 in 1953, $30,000
in 19,54, $32,000 in 1955, $33,000 in 1956, $35,000 in 1957, $36,000 in 1958,
and $38,000 in 1959.
$500,000 4H%
5,000
bonds are
payable primarily from a levy upon the property especi¬
ally benefited by the improvement, but all or 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.
water bonds.
Due $1,000 on April 1 from 1940 to 1944 incl.
General obligations of the village, payable from unlimited ad
valorem t^axes
45,000 playground bonds.
Due April 1 as follows:
1947 incl. and $1,000 from 1948 to 1952 incl.
$5,000 from 1940 to
General obligations
village, payable from unlimited ad valorem taxes.
All of the bonds are dated Nov. 1, 1939.
Other bids:.
of the
Bidder—
Marine Trust Co. of Buffalo and R. D. White &
Halsey, Stuart & Co., Inc
Co._
Int. Rate
1.90%
Rate Bid
100.131
2%
2.10%
Blair & Co., Inc...
Manufacturers & Traders Trust Co
First National Bank of Kenmore
*
100.189
100.30
2.20%
2.40%
"
100.089
100.10
MAMARONECK, N. Y.—NOTE SALE—Shields & Co. of New York
purchased on Nov. 20 an issue of $110,000 tax anticipation notes at 0.50%
interest rate.
Dated Nov. 27, 1939 and payable May 27, 1940.
Legality
approved by Dillon, Vandewater & Moore of New York City. Other bids:
Int. Rate
Bidder—
R. D. White & Co.
0.60%
(plus $1.25 premium)
0.68%
1
Leavitt & Co
-—0.70%
County Trust Co. of White Plains (plus $7.70)
MOUNT
Mount
Nov
VERNON, N. Y.—NOTE SALE—The First National Bank of
was awarded the $300,000 tax anticipation notes offered
149, p 3301, naming an interest rate of 0.17%
Dated Dec 1,
Vernon
20—V
1939, and due Feb
15, 1940
Other bids:
Int, Rate
0.20%
Bidder—
Mount Vernon Trust Co
Bank of the Manhattan Co
0.23%
Leavitt & Co
0.25%
0.30%
Manufacturers Trust Co
of New York
0.48%
Hemphill, Noyes &Co.__
NEWBURGH, N. Y.—BOND OFFERING—Renwick Anderson, City
Manager, will receive sealed bids until 2 p. m. on Dec. 6 for the purchase
of $133,765 not to exceed 6% interest coupon or registered bonds, divided
as
follows:
$25,650 fire equipment bonds.
One bond for $650, others $1,000 each.
Due May 1 as follows:
$4.650 in 1940; $5,000 from 1941 to 1943 incl. and $6,000 in 1944.
6,840 park improvement bonds.
One bond for $840. others $1,000 each.
Due May 1 as follows:
,
$840 in 1940 and $1,000 from 1941 to 1946 incl.
19,000 street improvement
bonds.
Denom. $1,000.
Due May 1 as
follows: $2,000 from 1940 to 1948 incl. and $1,000 in 1949.
82,275 general bonds to cover city's share of cost of WPA projects.
One
bond for $275, others $1,000 each.
Due May 1 as follows: $11,275
in 1940; $11,000.1941; $13,000. 1942; $14,000, 1943; 4,12,000.1944;
$4,000 from 1945 to 1947 incl.; $5,000 in 1948 and $4,000 in 1949.
_
All of the bonds will be dated Nov. 1,
1939.
Bidder to name a single rate
expressed in a multiple of 14 or l-10th of 1%.
Prin. and int.
payable at the Highland-Quassaick National Bank & Trust Co.,
Newburgh, in lawful money, or at holder's option, in New York City.
The bonds are payable from unlimited ad valorem taxes and the approcing
legal opinion or Hawkins, Delafield & Ixmgfellow of New York City will
be furnished the purchaser.
A certiried cneck for $2,675.30, payable to
City Comptroller, is required.
of interest,
(M-N)
NEW YORK CITY HOUSING
000 HOUSING DEVELOPMENT
AUTHORITY, N.Y.—PLANS $22,000,
PROJECT—The Housing Authority filed
with the State Division of Housing, 80 Centre St , New York, an
application for a loan and a subsidy for a new low-rent housing development
which would be built in an area of about 15 blocks in the navy yard section
of Brooklyn, near Fort Greene Park, at an estimated cost of between
$22,000,000 and $24,000,000.
Mayor F. H. LaGuardia said it would be
the largest public housing project in the United States.
The application
was the first filed under the State Public Housing law
enacted at the last
session of the Legislature in accordance with the amendment to the new
constitution authorizing the State to provide funds for public housing.
Under the law $150,000,000 has been made available for loans and $1,000I,000 a year for subsidies, but only $50,000,000 in loans and $250,000 in
subsidies may be disbursed during the present fiscal year, which will end on
June 30, 1940.
Two-thirds of the money available for loans and subsidies
may be allocated to New York City.
The remainder has been reserved for
other communities in the State.
.
.
.
The law permits the State to lend as much as 100% of the cost of a single
project, so long as the cost is within the total amount of money the city
may borrow.
This would permit the State to finance the entire cost of the
Brooklyn project since the maximum share of the city in the new funds is
about $33,000,000, or, roughly, $10,003,000 more than the estimated cost
Nov. 21,
,nn/K
of the development.
After the end of the present
NewYork State Municipals
Tilney & Company
76
BEAVER STREET
fiscal year the subsidy available to the
should be changed by the Legislature, would be
The law does not provide that the subsidy
be applied to any particular item of cost, such as interest or amortization.
It is intended merely to enable the city to reduce rents in the new houses.
To this end the city must contribute, in theory, an amount equal to the
subsidy. Actually, a large part of the contribution would take the form of
city, unless the amount
approximately $666,666 a year.
tax
NEW YORK,
N. Y.
exemptions.
(State of)—FOUR COMMUNITIES REJECT PROPOR
VOTE SYSTEM—Voters of four localities,
proportional representation as a method
of voting this year, information from the American Municipal Association
showed today.
At the same time six other cities conducted their first to
twelfth elections under the system.
"P. R. " as it is commonly called is a method of voting designed to give
each group of voters representation in proportion to the number of its own
votes.
In the system of P. R. used in American cities, candidates' names
usually appear on the ballot in alphabetical order.
The voter puts a Num¬
NEW YORK
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
NEW
YORK
AUBURN, N. Y —BOND OFFERING—A. P. Briggs, City Comp¬
troller, will receive sealed bids until 11 a. m. on Nov. 29 for the purchase
of $140,000 not to exceed 4% interest coupon or registered refunding bonds.
Dated Sept. 15, 1939.
Denom. $1,000.
Due $14,000 on Sept. 15 from
1940 to 1949, incl.
Bidder to name a single rate of interest, expressed in
a multiple of ]4
or l-10th of 1 %.
Principal and interest (M-S) payable
at the Chemical Bank & Trust Co., New York City.
The bonds to be
refunded mature in the fiscal year July 1, 1939, to June 30, 1940.
The
TIONAL REPRESENTATION
all
in
New York State, rejected
of the candidate he desires most to see elected.
Be¬
his second choice he puts a Number 2.
He can mark as
choices as he likes.
His vote counts only once, however—for his
favorite candidate if that candidate needs it, for his second choice if that
candidate needs it, and so on down the list.
ber 1 before the name
fore the name of
many
3440
The
ONE HUNDRED—
four
New York
localities
which
down
voted
Commercial & The
Financial Chronicle-YURS OLD
proportional
representation
In
were
Onandaga County (Syracuse), Schenectady, White Plains
Onondaga County considered P. R. in connection with
proposal for county-manager government.
Meanwhile. Yonkers, N. Y., used P. R. to select its first Council under
the Council-Manager plan effective Jan. 1, 1940.
The city elected at
large and there were no party or other designations on the ballot.
For each
and New Rochelle.
a
10,000 votes cast a Councilman was chosen.
New York City this year chose its second Council
by proportional rep¬
Here one Councilman is selected for every 75,000 ballots
cast,
resentation.
with
additional Council for
an
remainder of 50.000.
Other cities con¬
ducting Council elections by P. R. include Wheeling, W. Va., which held
elections in May; Toledo, Ohio, which on Nov. 7 used it for the
third time;
Cincinnati, Ohio, which used it for the eighth time; Hamilton, Ohio, and
a
Boulder, Colo.
Boulder, which has had proportional representation for 22 years, was the
second city in this country to adopt this voting
system.
Ashtabula, Ohio,
the first American city to adopt P. R., has abandoned it.
PEEKSKILL. N. Y.—CITY CHARTER VOTE HELD INVALID—The
until their respective maturities.
will be entertained.
Bids
bank
be accompanied by a certified check upon
must
trust
or
Nov.
1939
No bid of less than par and accrued int.
an
incorporated
company, payable unconditionally to the order of the State
Treasurer for $900.
The right to reject all bids is reserved.
The approving
opinion of Reed, Hoyt, Washburn & Clay, New York City, will be furnished
the purchaser.
KINSTON, N. C.—BOND ELECTION—It is stated by the City Clerk
that an election will be held on Dec. 12 in order to have the voters pass on
the issuance of $300,000 in electric light and water improvement bonds.
LEE COUNTY (P. O. Sanford), N. C.—BOND OFFERING—We are
Informed by W. E. Easterling, Secretary of the Local Government Com¬
mission, that he will receive sealed bids until 11 a. m. on Nov. 28. at his
office in Raleigh, for the purchase of an issue of $104,000 school
refunding
bonds, dated 8ept. 1, 1939, and maturing annually on Sept. 1, $4,000, 1941;
$5,000, 1942 to 1945, and $8,000, 1946 to 1955, incl., without option of
prior payment.
There will be no auction.
Denom. $1,000: princ. and int.
(M-8) payable in lawful money in New York City or in the City of Raleigh,
N. C.; coupon bonds registerable as to principal only; general obligations;
Court of Appeals on Nov. 21 invalidated the election of
April 12, 1938
which resulted in. the adoption by a large
majority of a proposed charter
changing the status of the municipality from a village to a full-fledged city.
Last Nov. 7, voters elected
city officers, who expected to take over
on Jan. 1.
The Court of Appeals, ruling caused considerable
confusion in
Peekskill, but the general opinion seemed to be that the present officers of
the village wornd continue in control until another
election—a village elec¬
tion—had been held to choose their successors.
The action which resulted in the
disappointment of Peekskill was
6% per annum In multiples of M of 1%.
Each bid may name one rate
for part of the bonds (having the earliest'maturities) and another rate for
the balance, but no bid may name more than two rates, and each bidder
charter
by the Town of Cortland, the governmental unit of which Peekskill is now a
according to report.
Cortland contended that the new Peekskill
was "indefinite, inconsistent and
impossible to carry out." Charles
Blank, the Town Attorney, said that the purpose of the suit was to
prevent
upon all of the bonds until their respective maturities.
than par and accrued interest will be entertained.
Bids must be accompanied by a certified check upon
"financial chaos
bank
brought
part,
and governmental uncertainty."
The Court of Appeals,
in an opinion by Associate
Judge Harland W. Rippey, did not go into the
charges against the charter. Instead, the ruling was based on the manner in
which it had been submitted to the voters.
ROCKVILLE
CENTRE,
works bonds awarded
100.033,
to
N. Y.—OTHER BIDS—'The $25,000 public
Allyn & Co., Inc., New York, as 1.30s at
149, p. 3146—were also bid for as
A. C.
basis of about 1.29%—V.
a
follows:
Bidder—
R. D. White & Co
Int. Rate
Rate Bid
1.30%
C. F. Childs & Co
Sherwood & Co. and Campbell, Phelps &
Co., Inc.
Manufacturers & Traders Trust Co..
Union Securities Corp
100.011
1.40%
1.40%
1.40%
George B. Gibbons & Co., Inc
Nassau County National Bank of Rockville Centre
100.11
100.11
100.085
100.07
100.059
100.079
100.01
100.179
1.40%
1.40%
1.50%
1.50%
2%
Tilney & Co.
Marine Trust Co. of Buffalo..
ROTTERDAM AND PRINCETOWN FIRE DISTRICT NO. 5
(P. O.
Schenectady, R. D. No. 5), N. Y.—BOND SALE—The Marine Trust
Co. of Buffalo purchased on Nov. 15 an issue of
$3,500 2.70% fire hall bonds
price of 100.191, a basis of about 2.66%.
Dated Oct. 1, 1939. Denom.
Due $350 on April 1 from 1940 to
1949, incl. Principal and interest
(A-O) payable at the Schenectady Trust Co., with New York
exchange.
The,bonds are general obligations of the district,
payable from unlimited
taxes.
Legality approved by Dillon, Vandewater & Moore of New York
at a
$350.
City.
SPRING
VALLEY,
N.
Y.—OTHER
BIDS—'The
$49,000
sewer
im"
§rovement bondsa awarded about 2.37%—V. 149, p. 3146—were York, bid
as
.40s at 100.24,
basis of to Roosevelt & Weigold, Inc., New
also
for
as
follows:
Bidder—
int. Rate
R. D.White & Co
2M%
2M%
2M%
2M%
2M%
2.60%
1%%
2%%
2.80%
3%
George B. Gibbons & Co. and Sherwood & Co__.
E. II. Rollins & Sons, Inc
A. C. Allyn & Co., Inc
Blair & Co
Manufacturers & Traders Trust Co._
Marine Trust Co. of Buffalo-.
Tilney & Co
Kidder, Peabody & Co
Ramapo Trust Co. of Spring Valley
SYRACUSE, N. Y.—OTHER
cates
of indebtedness awarded
0.147% interest cost—V. 149,
100.336
100.33
100.30
indebtedness offered Nov. 21—V.
Bank of the Manhattan
Co., New
as
$9 premium.
p.
$450,000
York, at 0.17%
certificates
awarded
to
of
the
interest at par plus
Other bids:
Dated Nov.22, 1939, and due Oct.
22, 1940.
Bidder—
0.197%
0.215%
0.24%
(plus $21 premium)
WESTCHESTER COUNTY (P. O. White
Plains), N. Y.-CERTIFI-
CA TESALE—The Bronxville Trust Co. of
Bronxville purchased on Nov. 15
an issue of $73,000
highway certificates at 0.38% discount.
Dated Nov. 14,
1939.
Due June 5, 1940
NORTH
CAROLINA
ABERDEEN, N. C.—BOND OFFERING—We are informed by W. E.
Easterling, Secretary of the Local Government Commission, that he will
payable unconditionally to the order of the State
for $2,080.
The right to reject all bids is reserved.
The
approving opinion of Reed, Hoyt, Washburn & Clay, New York City, will
be furnished the purchaser.
NASH
COUNTY
(P.
O.
Denom. $1,000.
Dated
1
1939.
Due on Dec. 1;
$1,000 1940 to 1948 and $2,000 1949 to
1951, all inclusive, without option of prior
payment.
There will be no
auction. Prin. and int. (J-D 1)
payable in lawful money in New York City;
coupon bonds registerable as to principal
only; general obligations; unlimited
tax; delivery at place of purchaser's choice.
Dec.
are
requested to
per annum in
name
the interest rate
multiples of M of 1%.
or rates, not exceeding
Each bid may name one rate for
Eart of the bonds (having the earliest maturities) and another bidder must
alance, but no bid may name more than two rates, and each rate for the
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder
offering to purchase the bonds at the lowest interest
cost to the town, such cost to be
determined by deducting the total amount
of the premium bid from the
aggregate amount of interest upon all of the
bonds until their respective
maturities. No bid of less than par and accrued
interest will be entertained.
Bids must be accompanied
by a certified check upon an incorporated
bank or trust
company, payable unconditionally to the order of the State
Treasurer for $300.
The right to reject all bids fa
reserved.
Washburn & Clay, New York
The approving
City, will be fur¬
opinion of Reed, Hoyt,
nished the purchaser.
DISTRICT (P. O. Greensboro) N. C.—
BOND OFFERING— Sealed
bids will be received until 11 a. m. on
Nov. 28,
£7
his
*],•
Easterling,Secretary of the
Local Government Commission, at
office in Raleigh, for the
purchase of a $45,000 issue of not to exceed
6%
water and
sewer_bonds, dated Sept. 1, 1939, and
maturing annually on
Sept. 1, $1,000 1940 to 1954 and
$2,000 1955 to 1969, all incl., without
option of prior payment.
There will be no auction.
Denom. $1,000; prin.
and int. (M-S 1) payable in lawful
money in New York City; coupon bonds
not registerable; general
obligations; unlimited tax; delivery at place of
purCu8i80r s cnoice.
Bidders
are
requested to
name
the interest rate
or
rates, not exceeding
6%
Pej annimi in multiples of M of 1 %. Each bid may name one rate for
(having the earliest maturities) and another rate for the
balance, but no bid may name more than two
rates, and each bidder must
specify in his bid the amount of bonds of each rate. The
part of the bonds
bonds will be award¬
ed to the bidder offering to purchase the
bonds at the lowest interest cost to
the district, such cost to be determined
by deducting the total amount of the
premium bid from the aggregate amount of interest
upon all of the bonds
Nashville),
Sealed bids will be received by
N.
C.—BOND
OFFERING—
W. E. Easterling,
Secretary of the Local
Nov. 28, at his office in Raleigh,
for the purchase of a $24,000 issue of school bonds.
Dated June 1, 1939.
Due on June 1, $4,000 in 1942 to 1947 incl., without option of prior payment.
There will be no auction.
Denom. $1,000; coupon bonds registerable as
Government
Commission, until 11
a. m. on
to
principal only; prin. and int. (J-D) payable in lawful money in New York
City; general obligations; unlimited tax; delivery at place of purchasre's
choice.
Bidders are requested to name the interest rate or rates, not
exceeding
per annum in multiples of M of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for
the balance, but no bid may name more than two rates, and each bidder
6%
must
specify in his bid the amount of bonds of each
rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the county, such cost to be determined by deducting the
total amount of the premium bid from the aggregate amount of interest
of the bonds until their respective maturities.
No bid of less than
interest will be entertained.
accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer, for $480.
The right to reject all bids is reserved.
The apupon all
par and accrued
Bids must be
Eroving opinion of Reed, Hoyt, Washburn & Glay, New York City, will
furnished the purchaser.
e
WADESBORO,
N. C.—BOND OFFERING—Sealed bids will be re¬
on Nov. 28 by W. E. Easterling,
Secretary of the
Commission, at his office in Raleigh, for the purchase
the following bonds aggregating $23,000:
ceived
Local
of
until
11
a.
m.
Government
$4,000 street improvement refunding bonds, dated Nov. 1, 1939; maturing
Nov. 1, 1945.
19,000 public improvement bonds, dated Dec. 1, 1938, maturing annually
on Dec. 1, $10,000 1959, and
$9,000 1960.
Denom. $1,000; prin. and int. (M-N on the street improvement
refunding
terable
on
the
public improvement bonds) payable in lawful
money
to
principal only; no option of payment prior to maturity; delivery
at place of purchaser's choice.
There will be no auction.
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, not
exceeding 6%, in multiples of M of 1%; each bid may name one rate for
the street improvement refunding bonds and another rate for the
public
improvement bonds, or the same rate for both issues, but no bid may name
as
than
rate for the bonds of either issue.
The bonds >vill be awarded
offering to purchase the bonds at the lowest interest cost to
by deducting the total amount of the
premium bid from the aggregate amount of interest upon all of the bonds
one
to the bidder
the town, such cost to be determined
until their respective maturities.
Each bid must be accompanied
by a certified check upon an incorporated
or trust company,
payable unconditionally to the order of the State
Treasurer, for $460.
The right to reject all bids is reserved.
The ap¬
proving opinion of Reed, Hoyt, Washburn & Clay, New York City, will
be furnished the purchaser.
bank
NORTH
CASS
COUNTY
COMMON
DAKOTA
SCHOOL
DISTRICT NO. 43
(P. O.
Dak.—BOND SALE—The $8,000 refunding bonds offered
21—V. 149, p. 3147—were awarded to the Merchants
National Bank & Trust Co. of Fargo, as 3Ms,
paying a premium of $100,
equal to 101.25, a basis of about 3.35%.
Due on Dec. 1 in 1940 to 1957.
Amenia),
for
sale
N.
on
Nov.
GRAND FORKS, N. Dak.—BOND SALE DETAILS—It is now stated
by the City Auditor that the $36,000 4% semi-ann. sewer plant revenue
bonds, noted in our issue of Nov. 18—V. 149, p. 3302—were purchased at
by the Allison-Williams Co. of Minneapolis.
1959; optional on and after Nov. 1, 1954.
par
receive sealed bids until 11 a. m. on Nov.
28, at his office in Raleigh, for the
purchase of $15,000 public improvement bonds.
Bidders
of less
int. Rate
Barr Bros. & Co., Inc
First National Bank of New York
Chase National Bank of New York
6%
bid
Treasurer,
more
0.17%
0.18%
0.19%
0.85%
3301—were
No
an"incorporated
trust company,
bonds and J-D
follows:
premium)
149,
or
in New York City; general obligations; unlimited tax;
coupon bonds regis¬
Int. Rate
Y.—CERTIFICATE SALE—'The
The bonds will
rate.
100.529
100.303
100.20
100.18
Par
Bidder—
N.
specify in his bid the amount of bonds of each
100.17
BIDS—'The $1,375,000 six-months certifi¬
Barr Bros. & Co., Inc., New
York, at
First Trust & Deposit Co., Syracuse
must
be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the county, such cost to be determined by deducting the
total amount of the premium bid from the aggregate amount of interest
100.288
to
p. 3301—were also bid for
Chase National Bank of New York
National City Bank of New York
Bank of the Manhattan Co. (plus $29
UTICA,
Rate Bid
unlimited tax; delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not
exceeding
Due
on
Nov. 1 in 1944 to
OHIO
AKRON, Ohio—BOND OFFERING—P. W. Ferguson, Director of
Finance, will receive sealed bids until noon on Dec. 11 for the purchase of
$2^0,000 4% coupon street improvement bonds.
Dated Dec. 1, 1939.
Denom. $1,000.
Due $28,000 on Oct. 1 from 1941 to 1950 incl.
Bidder
may name a
expressed in
a
different rate of interest provided that fractional rates are
multiple of M of 1%.
Principal and interest (A-O) payable
at office of the Director of Finance.
Bonds may be registered as to principal
or may be exchanged for registered bonds.
They are payable from
taxes levied outside the lO-mill limitation of Section
2, Article XII, of the
only,
State Constitution, and outside the 7.5-mill limitation of Section 86A
of the City Charter.
The bonds will not be sold for less than par and
accrued interest to date of delivery; delivery to be made to the purchaser
in coupon form at Akron.
Bids should be subject to opinion of bidder's
attorneys as to legality of bonds, and such opinion must be paid for by the
successful bidder.
A certified check for 2% of the amount bid for,
payable
to order of the Director of
Finance, is required.
"ASHLAND,
Ohio—BOND OFFERING—Lotta
will receive sealed
bids until
noon
on
Dec.
We^tover, City Clerk,
2 for the purchase of $8,000
4% Parkwood Drive and Vernon Ave. improvement bonds.
Dated Nov. 30,
1939.
Denom. $1,000 and $500.
Due Nov. 1 as follows:
$1,000 from
1941
to
1947 incl.,
and $500 in
1948 and 1949.
Interest
M-N.
Bidder
may name a different rate of interest in
check for $100, payable to order of the
a multiple of M of 1 %.
A certified
city, must accompany each proposal.
BRIDGEPORT,
Ohio—BOND OFFERING—Earl
Duncan.
Village
Clerk, will receive sealed bids until noon on Dec. 5 for the purchase of
$11,000 4% fire apparatus bonds.
Dated Dec. 30, 1939.
Denom. $550.
Due $550 on June 30 and Dec. 31 from 1941 to 1950 incl.
Interest J-D.
Bidders may name a different rate of interest, provided that fractional rates
are expressed
in a multiple of K of 1%.
A certified check for $110,
payable to order of the Village Treasurer, must accompany each proposal.
BUTLER COUNTY (P. O. Hamilton), Ohio—BOND SALE—The
$60,400 special assessment water supply bonds offered Nov. 21—V. 149, p.
2729—were awarded to Pohl & Co., Inc. of Cincinnati, as 2Ms. at a price
of 100.70, a basis of about 2.18%.
Dated Nov. 1, 1939 and due Dec. 1 as
follows: $3,400 in 1941 and $3,000 from 1942 to 1960 incl. S3cond
high bid
of 100.639 for 2Ms was made by Field, Richards &
Shepard, Inc. of Cleve¬
land.
Volume
Bids
were as
follows:
Bidder—
2M%
2M %
2M%
2M%
2M%
2 M%
2M %
2M%
2M%
2%%
$81.00
534.00
705.00
861.00
260.00
__.514.00422.80
380.52
338.00
386.00
___
.
EXETER
CANTON, Ohio—BOND SALE POSTPONED—'The scheduled sale
of $16,810.31 3% sanitary sewer bonds was canceled, due to
on
DEER
CREEK
Due Dec. 1
on
or
an
DISTRICTS.
SCHOOL
VOTED—Mary
L.
JEFFERSON
TOWNSHIP
RURAL
SCHOOL
or
O.
Clerk of
and heating
Metzger,
•
DISTRICT
(P.
4
O.
New
Paris), Ohio—NOTE OFFERING—C.R. Hawley, Clerk of Board of
Education, will receive sealed bids until noon on Nov. 30, for the purchase
$2,734.57 not to exceed 4% interest refunding notes.
Callable^after
of
Nov. 30 in any year.
LAKEWOOD, Ohio—BOND OFFERING—Henry A Rees, Director of
Finance, will receive sealed bids until noon on Dec 11 for the purchase of
3 % water works extension first mortgage coupon bonds
Dated
Jan
1, 1940
Denom. $1,000, or in such other denom. as purchaser may
designate but such designation shall not affect the amount of maturities as
the same fall due.
Due semi-annually from July 1, 1940, to Jan. 1, 1975.
.These bonds are subject to call at the option of the city on Jan. 1, 1961, or
on
any interest paying date thereafter upon passage of a resolution so
directing.
Split rate bids will not be considered.
A certified check for
2% of the bonds bid for, payable to order of the city, must accompany each
$1,750,000
proposal.
Ohio—BOND SALE—The $25,000 coupon delinquent
149, p. 2404—were awarded to the
Bank & Trust Co. of Mansfield, as 2s, at a price of
basis of about 1.90%.
Dated Oct. 15, 1939, and due $5,000 on
MANSFIELD,
tax
(relief) bonds offered Oct. 27—V.
Citizens
National
100.288,
a
Oct.
1 from
1940 to
1944, incl.
hereafter levied
Commonwealth,
Bonds will be
issued subject to favorable legal opinion of Townsend, Elliott & Munson
of Philadelphia.
A certified check for 2% of the bonds bid for, payable
to order of the City Treasurer, must accompany each proposal.
taxes, except succession or inheritance taxes, now or
assessed thereon under any present or future law of the
of which taxes the city assumes and agrees to pay.
LEETSDALE SCHOOL DISTRICT, Pa .—BOND OFFERING—Robert
L. Stacy, District Secretary, will receive sealed bids until 8 p. m. on Dec. 4
for the
puichase of $40,000 coupon school bonds.
Dated Dec. 1, 1939.
Denom. $1,000.
Duo Dec. 1 as follows: $3,000 from 1944 to 1956 incl. and
$1,000 in 1957.
Bidder to name a single rate of interest, expressed in a
multiple of M of 1% and payable J-D.
The bonds will be free of all taxes
(except gift, succession ana inheritance taxes), levied pursuant to any
present or future law of the Commonwealth of Pennsylvania.
They will be
sold subject to approval of proceedings by Pennsylvania Dept. of Internal
Affairs.
Legal opinon of Burgwin, Scully & Churchill of Pittsburgh will be
furnished the successful bidder.
A certified check for $1,000,
order of the District Treasurer, is required.
MAHANOY
TOWNSHIP
SCHOOL
payable to
DISTRICT
(P. O. Mahanoy
City), Pa.—BOND OFFERING—Cornelius W. McElhenny, Secretary of
Board of School Directors, will receive bids until 7:30 p. m. on Dec. 7 for
the purchase of $96,000 4% coupon series of 1939 operating revenue bonds.
Dated Nov. 1, 1939. Denom. $1,000. Due Nov. 1 as follows: $10,000 from
1941 to 1943 incl. and $11,000 from 1944 to 1949 incl. Callable in whole or
in part, in inverse number of maturity, on any interest date on at laest 30
days' advance published notice at a price of 102.50.
Registerable as to
principal only.
Payable without deduction for State taxes, except gift,
succession or inheritance taxes. Bonds will be sold to the highest responsible
bidder
Ohio—BOND SALE—The $65,000 coupon airport
bonds offered Nov. 22—V. 149, p. 3147—were awarded to Fox, Einhorn
& Co., Inc. of Cincinnati, as 2s, at par plus a premium of $266, equal to
100.409, a basis of about 1.94%.
Dated Sept. 1, 1939 and due $5,000 on
Sept. 1 from 1941 to 1953 incl. The following is an official list of the bids
MIDDLETOWN,
and the bidders may increase their bids throughout course of the
A certified check for $1,000, payable to order of the District Treasurer,
required.. Legality of bonds will be subject to approval of the Pennsylvania
Department of Internal Affairs, and Saul, Ewing, Remick & Saul of Phila¬
delphia, whose opinion will be furnished without charge, to the successful
sale.
is
bidder.
submitted for the issue:
Int. Rate
Bidder—
*
$3,000 from 1940 to 1954 incl., and $4,000 from
follows:
as
1955 to 1969 incl.
Bidder to name a single rate of interest, payable J-D.
Bonds and interest thereon will be payable without deduction for any tax
all
RURAL
TOWNSHIP
Ohio—BONDS
Oct. 15 from 1940 to 1949, incl.
LANCASTER, Pa.—BOND OFFERING—D. W. Coulter, City Clerk,
of $105,000
1, 1M. 1M. 1M. 2, 2M. or 2M% coupon, registerable as to principal only,
refunding and improvement bonds.
Dated Dec. 1,1939.
Denom. $1,000.
will receive sealed bids until 10 a.m. on Dec. 12 for the purchase
in the original bond ordinance.
Board of Education, reports that an issue'of $3,800 3% bldg.
plant impt. bonds was approved by a vote'of 378 to 152. <4
(P. O. Pittston, R. D.). Pa.—BOND ISSUE DETAILS—
The $60,000 4M% funding and refunding bonds sold to Barclay, Moore &
Co. of Philadelphia, at a price of 100.279—V. 149, p. 3148—mature $6,000
2M%
863.72
Nov. 21
Williamsport),
PENNSYLVANIA
Int. Rate
Prem.
Hayden, Miller &'Co., Cleveland
Fahey Clark &'Co., Cleveland
BancOhio Securities'Co., Columbus
Ryan, Sutherland & Co., Toledo
Braun, Bosworth & Co., Toledo
Stranahan, Harris & Co., Toledo
Pohl & Co., Inc., Cincinnati
Prudden & Co., Toledo
J. A. White & Co., Cincinnati
Field, Richards Sc'Shepard, Cincinnati
Van Lahr, Doll & Isphording, Cincinnati
error
3441
ONE HUNDRED —Theommercial & Financial Chronicle—YEARS OLD
C
149
Fox, Einhorn & Co., Cincinnati, O
Premium
2%
2%
BancOhio Securities Co., Columbus, O
J. A. White & Co., Cincinnati, O
.
Geo. Eustis & Co.. Cincinnati, O
Ryan, Sutherland & Co.. Toledo. O
Seasongood & Mayer. Cincinnati. O
Van Lahr, Doll & Isphording, Inc., Cincinnati, O
Ohio State Teachers Retirement System, Columbus, 0_
*
Agieed to pay for legal opinion.
.
266.00
215.00
2%
*
133.00
2%
2M%
2M%
'2M%
2M%
67.50
533.75
391.85
201.50
135.00
NORTH ROYALTON (P. O. Cleveland), Ohio—BONDS DEFEATED
voters on Nov. 7 refused to approve an issue of $77,000 bonds,
—The
according to Walter L. Clements. Village Clerk.
PORTSMOUTH, Ohio—BOND OFFERING—James D. Williams, City
Auditor, will receive sealed bids until 2 p. m. (EST) on Dec. 8 for the
purchase of $100,000 not to exceed 6% interest bonds, divided as follows:
$50,000 Federal aid bonds.
Denom. $1,000.
Due $5,000 on Oct. 1 from
1941 to 1950 incl.
25,000 delinquent tax bonds.
Denom. $1,000.
Due Oct. 1 as follows:
$2,000 in 1941 and 1942 and $3,000 from 1943 to 1949 incl.
25,000 street improvement bonds.
Denom. $1,000.
Due Oct. 1 as
L.
follows: $2,COO from 1941 to 1945 incl. and $3,000 from 1946 to
PLYMOUTH, Pa.—BOND SALE—The Plymouth National Bank pur¬
an issue of $8,000 street improvement bonds at a price of 101.165.
chased
TAMAQUA SCHOOL DISTRICT. Pa .—BOND SALE DETAILS—The
$48,000 3M% school bonds purchased by M. M. Freeman & Co. of Phila¬
delphia, at a price of 100.142—Y. 149, p. 3303—mature Dec. 1 as follows:
$6,000 in 1940; $8,000 from 1941 to 1943, incl. and $9,000 in 1944 and 1945.
WILMERDING, Pa .—BOND OFFERING— Earl M. Morrison,Borough
Secretary, will receive sealed bids until 8 p. m. on Dec. 5 for the purchase of
$50,000 coupon bonds. Dated Dec. 1, 1939. Denom. $1,000. Due Dec. 1
as follows:
$5,000 in 1944 and 1949; $3,000 in 1950 and 1951; $2,000 from
1952 to 1956 incl.; $3,0bc in 1957; $2,000 from 1958 to 1960 incl.; $3,000 in
1961 and 1962: $2,000 in 1963: $3,000 in 1964 and $2,000 in 1965 and 1966.
Bidder to name one rate of interest, expressed in a multiple of M of 1 % and
payable J-D. The bonds will be free of all taxes (except gift, succession and
inheritance taxes), levied pursuant to any present or future law of the
Commonwealth of Pennsylvania.
They will be sold subject to approval of
proceedings by the Pennsylvania Department of Internal Affairs. A certified
check for $1,000, payable to order of the Borough Treasurer, is required.
Legal opinion of Burgwin, Scully & Churchill of Pittsburgh will be fur¬
nished the successful bidder.
ISLAND
RHODE
1950 incl.
All of the bonds are dated Oct. 1,
1939.
Interest A-0 certified check for
1% of the bonds bid for, payable to order of the city, must accompany each
proposal.
No conditional bids will be considered.
Legal opinion of Peck,
Shaffer, Williams & Gorman of Cincinnati will be furnished the successful
bidder at the city's expense.
BOND OFFERING—The City Auditor will receive sealed bids at the same
time for the purchase of $100,000 not to exceed 6% interest coupon flood
defense voted bonds.
Oct.
on
1
1941
from
Dated Oct. 1,
1960 incl.
to
1939.
Denom. $1,000.
Due $5,000
Interest A-O.
A certified check for
$1,000, payable to order of City Auditor, is required.
Prin. and int. pay¬
able at Auditor's office.
Legal opinion of Squire, Sanders & Dempsey of
Cleveland will be furnished the successful bidder.
BIDS—The $500,000 sewerage bonds
awarded to Halsey, Sutart & Co., Inc., New York, and Bonds, Judge &
Co. of Boston, jointly, as 2 Ms, at 102.61, a basis of about 2.31%—V.
I .—OTHER
R.
CRANSTON,
149, p. 3303—were also bid for as follows:
2M%
$2,745
First National Bank of Boston
2M%
1,900
2M%
1,055
Phelps, Fenn & Co., Inc.; F. S. Moseley & Co., and
Kennedy, Spence & Co
First of Michigan Corp.; Putnam & Co.; Chace,
Whiteside & Symonds, and E. H. Rollins & Sons,
_
2%%
sold.
issue
of $3,000
4%
1214—was not
Dated Jan. 1, 1939 and due $500 on Jan. 1 from 1942 to 1947, inch
works
revenue
bonds
offered
Nov.
15—V.
149,
p.
Blyth & Co., Inc., and Paine, Webber & Co
Stranahan, Harris & Co., Inc
NEWPORT.
SUMMIT COUNTY (P. O. Akron),
Ohio—NOTES SOLD—The $35,900
relief notes offered Nov. 20—V. 149, p. 3302—were sold to the Sinking
Fund Commission, after all bids were rejected.
Dated Nov. 15, 1939,and
due March 1 as follows: $11,900 in 1941 and $12,000 in 1942 and 1943.
poor
OFFERING—H. M. Carey, Village
Clerk, wih receive sealed bids until noon on Dec. 1 for the purchase of
$2,000 4% municipal equipment bonds.
Denom. $200. Due $200 on Sept.
WAYNESVILLE,
1
from
1941
to
Ohio—BOND
1950, incl.
Waynesville National Bank.
Principal and interest (M-S) payable at the
A certified check for $100 is required.
OFFERING—Arvilla Miller, Village
Clerk, will receive sealed bids until 7:30 p. m. on Dec. 11 for the purchase
of $80,000 3M% coupon refunding bonds,
Dated Oct. 1, 1939.
Denoms.
to suit purchaser.
Due $8,000 on Oct. 1 from 1944 to 1953, incl.
Bidder
may name a different rate of interest provided that fractional rates are
expressed in a multiple of M of 1%.
Interest A-O. Bonds to be refunded
mature Oct. 1, 1939.
A certified check for 5% of the bonds bid for, payable
to order of the Village Treasurer, must accompany each proposal.
WILLOUGHBY,
YELLOW
(P.
O.
Ohio—BOND
CREEK
TOWNSHIP
RURAL
SCHOOL
DISTRICT
Wellsville), Ohio—NOTE SALE—The Ohio National Bank of
purchased an issue of $6,271.23 refunding notes as 3Ms.
Due
Columbus
1941.
in
OKLAHOMA
SCHOOL DISTRICT NO. 50
Prue), Okla.—BOND SALE—'The $14,000 school bonds offered
for sale on Nov. 14—V. 149, p. 3303—were awarded to the Small, Milburn
Co. of Wichita, according to the District Clerk.
Due in 1942 to 1950, incl.
OSAGE COUNTY CONSOLIDATED
O.
PUTNAM
CITY
CONSOLIDATED
SCHOOL
DISTRICT
NO.
1
(P. O. Oklahoma City, R.R. 2). Okla.—BONDS OFFERED—Bids were
until 8 p. m. on Nov. 24, by W. J. Waite, District Clerk, for
the purchase of $40,000 school boDds.
Due $3,000 in 1944 to 1956, and
$1,000 in 1957.
TULSA COUNTY SCHOOL DISTRICT NO. 33
(P. O. Tulsa),
Okla.—BOND OFFERING—Sealed bids will be received until 3 p. m. on
Nov. 28 by C. W. Jackson, District Clerk, for the purchase of a $15,000
issue of school bonds.
Due $2,000 in 1942 to 1948, and $1,000 in 1949.
Bidders to name the rate of interest.
A certified check for 2% of the
bid is required.
received
OREGON
SCHOOL DISTRICT
(P. O. Clackamas), Ore.—
BONDS SOLD—The District Clerk states that $5,000 construction bonds
have been sold to the Baker, Fordyce, Tucker Co. of Portland as 3j£s.
Dated April 1, 1939.
CLACKAMAS
WILLAMINA, Ore.—BONDS SOLD—It is stated by the City Recorder
$6,000 of the $11,500 water works improvement bonds which were
18, as noted here, have been pur¬
that
offered for sale without success on Sept.
chased by private parties, paying par.
1.61%.
5,293
3,950
R. I .—BOND SALE—The $65,000 series B coupon storm
oonds offered
Nov. 21—V.
Shields & Co. of New York, as lMs, at a
149, p. 3303—were awarded to
price of 101.14, a basis of about
Dated Dec. 1, 1939 and due $5,000 on Dec. 1 from 1942 to
Other bids:
1954 inc.
•
Int. Rate
1%%
Rate Bid
101.017
Chace, Whiteside & Symonds....
Halsey, Stuart & Co., Inc
13*%
1M %
100.811
100.098
Estabrook & Co
1M %
Bidder—
Putnam & Co. and Jackson & Curtis
100-087
2%
101.271
2%
Paine, Webber & Co
Bond, Judge & Co
101.09
Rlffi
KaLimDTy ipcoy.
SOUTH
CAROLINA
O. Charleston), S. C.—BOND SALE
20—V. 149, p. 3010
Harris & Co., Inc.,
of Toledo, The Equitable Securities Corp. of Nashville, and E. H. Pringle
& Co. of Charleston, paying a premium of $67.50, equal to 100.09, a net
interest cost of about 2.46%, on the bonds divided as follows:
$45,000 as
2 Ms. due $5,000 on Dec. 1 in 1942 to 1950, and $30,000 as 2 Ms, due $10,000
CHARLESTON COUNTY (P.
—The $75,000 issue of jail bonds offered for sale on Nov.
—was awarded to a syndicate composed of Stranahan,
on
BRITTON, Okla.—BOND ELECTION—It is reported that an election
has been called for Dec. 5 in order to have the voters pass on the issuance
of $32,000 in water purposes bonds.
(P.
rehabilitation
6,876
2%%
2%%
Inc
SOMERSET,, Ohio—BONDS NOT SOLD—The
water
Premium
Int. Rate
Bidder—
Kidder, Peabody & Co.; Estabrook & Co.; Harriman
Ripley & Co., Inc., and F. L. Dabney & Co._
Dec. 1 in 1951 to 1953.
CHESTER,
received until
Treasurer,
S.
11
a.
C.—CERTIFICATES
m.
on
OFFERED—Sealed
bids
were
City Clerk and
exceed 6% annual coupon
Dated Aug. 15, 1939. Due $3,000 on
Nov. 25, by J. H.
McLure,
for the purchase of $30,000 not to
paving certificates.
Denom.
Aug. 15 in 1940 to 1949 incl.
$500.
COLUMBIA, S. C.—BOND SALE DETAILS—In connection with the
sale of the $632,000 2M-3M % semi-annual refunding bonds to the Trust Co.
of Georgia, of Atlanta, noted here on Nov. 18—V. 149, p. 3304—it is now
reported that the Robinson-Humphrey Co. of Atlanta, Johnson, Lane,
Space & Co. of Savannah, and G. H. Crawford & Co. of Columbia, were
associated with the above named firm in the purchase of the bonds.
NEWBERRY, S. C.—PRICE PAID—It is stated by the Town Clerk
refunding bonds sold to Hamilton & Co.
noted here—V. 149, p. 3149—were purchased at par.
Due
$4,000 on Nov. 15 in 1940 to 1954, incl.
that the $60,000 3M% semi-ann.
of Chester, as
UNION
COUNTY
(P. O. Union)
bids will be received until
S. C —BOND OFFERING—Sealed
15, by James Greer, County
11 a. m. on Dec.
Supervisor, for the purchase of an issue of $100,000 coupon funding bonds.
Interest rate is not to exceed 4%. payable J-J.
Denom. $1,000.
Dated
Jan. 1, 1940.
Due $5,000 Jan. 1, 1941 to 1960. Rate of interest to be in a
multiple of M of 1%, and must be the same for all of the bonds. Prin. and
int. payable at the Irving Trust Co., New York. The bonds are registerable
as to
principal only, and cannot be sold for less than par and accrued
interest.
The purchaser will be furnished with the opinion of Reed, Hoyt,
Washburn & Clay, of New York, that the bonds are valid and legally
binding obligations of the county and that the county is authorized and
required by law to levy upon all taxable property of the county such ad
valorem taxes as may be necessary to pay the principal of and interest on
the bond
Enclose a certified check for $2,000, payable to the county.
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3442
WHITMIRE, S. C.—BONDS OFFERED FOR INVESTMENT—A $96,and sewer bonds is being offered
by Hamilton & Co. of Chester, for public subscription at prices to yield
from 2% to 3.65%, according to maturity.
Dated Nov. 15,1939.
Denom.
Due Nov. 15, as follows: $4,000 in 1940 and 1941, $5,000 in 1942
$1,000.
to 1944, $6,000 in 1945 to 1949, $7,000 in 1950, $8,000 in 1951 and 1952, and
$10,000 In 1953 and 1954.
Principal and interest payable at the Central
Hanover Bank & Trust Co., New York City.
The bonds, in the opinion of
counsel, will be general obligations of the town, subject to an unlimited
ad valorem tax which may be levied against all the taxable property therein.
Legality to be approved by Nathans & Sinkler of Charleston.
000 issue of 3 % % coupon refunding water
Nov. 25, 1939
CLARKSTON, Wash.—BOND SALE— The $10,000 coupon semi-ann.
sale on Nov. 18—Y. 149, p. 3011—were
Spokane, as 3s, paying a price of 100.515,
a basis of about 2.93%.
Dated July 1, 1939.
Due on July 1 in 1941 to
1954; optional on or after 10 years from date of issue.
fire department bonds offered for
awarded to Ferris & Hardgrove of
MOSES LAKE,
Wash.—BONDS VOTED—The voters are reported to
of $30,000 in water system revenue
have approved recently the issuance
bonds.
.
VIRGINIA
WEST
WEST VIRGINIA, State of—BOND OFFERING—We are informed by
Governor Homer A. Holt that he will receive sealed bids until 1 p. m. on
DAKOTA
SOUTH
MITCHELL, S. Dak.—BOND ELECTION NOT HELD—It is stated by
the City Auditor that no election was held on Nov. 14, as had been scheduled
to pass on the issuance of $200,000 in street improvement bonds, as the City
Council rescinded its former action.
TENNESSEE
CARTER COUNTY (P. O. Elizabethton) Tenn.—BOND OFFERING
—It is announced by James N. Julian, Chairman of the County Court, that
he will be in New York City, at the Hotel Governor Clinton, on Nov. 27,
to offer for sale $225,000 in
high school construction bonds.
COCKE COUNTY (P.
O. Newport), Tenn.—BOND SALE—The
$90,000 issue of coupon school bonds offered for sale on Nov. 20—V. 149,
p. 2551—was awarded jointly to the Fidelity-Bankers Trust Co.. and Booker
& Davidson, both of Khoxville, and the Equitable Securities Corp. of
Nashville, paying a price of 98.833, on the bonds divided as follows: $50,000
as 35^s, the remaining $40,000 as 3j^s.
Due serially in from 1 to 20 years.
DICKSON COUNTY
(P. O. Charlotte), Tenn.—BOND OFFERING
W. M. Leech, County Judge, that he will offer for sale at
Jan. 8, a $75,000 issue of not to exceed 6% semi-annual
school bonds.
Dated Oct. 1, 1939.
Denom. $1,000.
Due Oct. 1, 1960.
However, the bonds shall be subject to call at the option of the county on
Oct. 1, 1950, or any interest payment date thereafter, by notice thereof
given 30 days' prior thereto in a financial paper in New York City.
Prin.
and int. payable at the Chemical Bank & Trust Co., New York.
No bids
of less than par value will be considered, and all bids will be subject to the
approval or rejection of the Quarterly County Court of Dickson County.
A certified check for 2% of the face value of the bonds is required with bid.
—It Is stated by
public auction
on
McMINN
COUNTY (P.
O.
Athens), Tenn.—MATLRITY—It is
by the Clerk of the County Court that the $50,000 school notes
the Fidelity Bankers Trust Co. of Knoxville, as noted here—Y.
149, p. 3304—are due $25,000 on April 1 and June 15, 1940.
stated
sold
to
MADISON COUNTY (P.
O. Jackson), Tenn.—BONDS SOLD—It is
were purchased on Nov.
15 by a syndicate composed of the Cumberland Securities Corp. of Nasnville,>the First National Bank, and the Union Planters National Bank &
Trust Co., both of Memphis, as 2j^s, at par.
Denom. $1,000.
Dated Nov. 1, 1939.
Due on Nov. 1, 1949.
Callable
at par on any interest date.
Principal and interest payable at the Chemical
Bank & Trust Co., New York.
These bonds constitute valid and legally
binding general obligations of the county, payable both principal and
reported that $100,000 school construction bonds
interest, from unlimited ad valorem taxes levied on all taxable property
within the county.
Legality to be approved by Chapman & Cutler, of
Chicago.
*
.
TRENTON, Tenn.—BONDS OFFERED—Bids were received until 3
by Mayor W. E. Seat, for the purchase of $11,000 coupon
general improvement bonds. Dated Sept. 1, 1939. Due on Sept. 1, 1959.
Nov. 28 for the purchase of a $750,000 issue of road bonds.
Bidders are to
the rate of interest, not to exceed 4%, in a multiple of Y\ of 1% it
being provided that a part of the issue may bear one rate and a part a dif¬
ferent rate.
Not more than two rates will be considered in any one bid.
Coupon bonds in $1,000 denominations, convertible into fully registered
bonds of $1,000 and $5,000 denominations.
Dated Sept. 1, 1939. Due
$30,000 from Sept. 1. 1940 to 1964, incl.
Prin. and int. (M-S) payable
in lawful money of the United States at the State Treasurer's office in
Charleston, or at the option of the holder, at the National City Bank in
name
New York.
_
These
tion
bonds
known
issued under authority of amendment to the Constitu¬
$50,000,000 State Road Bond Amendment, and under
are
as
authority of an Act of the Legislature of the State of West Virginia known
as Chapter 77, Act of 1937, regular session.
To secure the payment of this
bond, principal sum and interest, when other funds and revenues sufficient
are not available for that purpose, it is agreed that, within the limits pre¬
scribed by the Constitution, the Board of Public Works of the State of West
Virginia shall annually cause to be levied and collected an annual State tax
on all property in the State, until said bond is fully paid, sufficient to pay
the annual interest on said bond and the principal sum thereof within the
time this bond becomes due and
payable.
The bonds will be sold to the bidder offering to
take the bonds bearing the
lowest interest rate and to pay the highest prices offered for bonds bearing
such rate.
Each bid must be accompanied by a certified check upon a bank
or trust company for 2% of the face value
the order of the State for security for the
liquidated damages in
for
the
case
a
of the bonds bid for, payable to
performance of such bid and as
successful bidder fails to take
up
and pay
bonds.
The bonds cannot be sold at less than
and accrued interest.
Pur¬
chasers will be required to pay accrued interest to the date of delivery.
Delivery will be made in N. Y. City.
To expedite delivery, interim certifi¬
cates will be furnished purchasers.
The purchaser or purchasers will be
furnished with the final approving opinion of Caldwell & Raymond, New
York, but will be required to pay the fee for approving said bonds.
par
Financial Statement
Assessed valuation
1939
(advance figures subject to slight
change)
$1,817,271,895
1,834,887,269
1,783,121,691
Assessed valuation 1938
Assessed valuation 1937
Bonded indebtedness—
1
State road bonds
2
State refunding bonds
..
'
Total bonded indebtedness—not including this offer
75,729,000
3,500,000
$79,229,000
Outstanding notes
1
None
Issued pursuant to the Good
Roads Amendments to the Constitution
and payable serially, last maturity Sept. 1, 1964.
2 Payable serially $250,000 each year last maturity June 1, 1953.
Population (1920 census), 1,463,701; (1930 census), 1,728,510.
p. m. on Nov. 22,
TEXAS
AUSTIN, Texas—NOTES SOLD—It is stated by Gulton Morgan.
City Manager, that $400,000 1H% light and power system revenue notes
by local banks.
Due on or before two years from date.
have been purchased
BLYTHE COUNTY LINE INDEPENDENT SCHOOL DISTRICT
O. Seminole), Texas—BONDS OFFERED TO PUBLIC— Garrett &
(P.
Co. of Dallas are offering for general investment $11,000
4% semi-annual
refunding bonds.
Dated July 20, 1939.
Due on Aug. 1 as follows:
$6,000 in 1954 and $5,000 in 1955.
COLEMAN, Texas—BONDS SOLD—It is stated by the City Clerk that
$50,000 light plant bonds have been purchased locally.
CORPUS
CHRISTI, Texas—BONDS SOLD—It is reported that $1,150,-
WISCONSIN
EAST TROY, Wis.—BOND SALE—The $5,000 2% annual coupon
general obligation bonds offered for sale on Nov. 20—V. 149, p. 3304—
were awarded to the State Bank of East Troy,
paying par, reports the Village
Clerk.
Dated Dec. 1,1939.
Due $500 on Dec. 1,1940 to 1949 inclusive.
MADISON, Wis.—BONDS OFFERED—Sealed and oral bids were re"
10 a. m. on Nov. 24, by A. W. Bareis, City Clerk, for the
purchase of the following not to exceed 4% semi-ann. coupon bonds aggreceived until
fating $143,000, divided as follows:
93,000 refunding, series of 1939 bonds.
Due on Dec. 1: $16,000 in 1943,
1944 to 1954.
The city will hold for its own funds
$14,000, maturing $7,000 in 1953 and 1954, so that the net issue
available for bidders is $79,000.
50,000 street improvement, series No. 85 bonds. Due on Dec. 1 as follows:
$6,000 in 1943, and $4,000 in 1944 to 1954.
Denom. $1,000.
Dated Dec. 1, 1939.
and $7,000 in
000 Bayfront Protection Project bonds were purchased on Nov. 15
by a
group composed of the Ranson-Davidson Co. of Wichita, Mahan, Dittmar
& Co. of San Antonio, and Crummer & Co. of
Dallas, pajing a premium of
—BONDS VOTED—The voters are said to have approved recently the is-
$84,295, equal to 107.33.
uance
DELTA COUNTY (P. O. Cooper) Texas—BONDS SOLD—It is re¬
ported that $32,500 road bonds have been purchased by Rauscher, Pierce
& Co. of Dallas, paying a price of 103.78. These bonds are said to be a
part
of an issue of $130,000, authorized by the voters in
December, 1938.
GORMAN
INDEPENDENT SCHOOL DISTRICT (P. O. Gorman),
Texas—BONDS SOLD—The Secretary of the Board of Education states
that $3,000 4% construction bonds have been
purchased by the State
Board of Education.
HARRIS COUNTY (P. O. Houston), Texas— TLNNEL FRANCHISE
FOR BIDDING—We are informed by R. E. Turrentine
Jr.,
County Commissioner, that the County Commissioners' Court has received
a request to grant to
private interests a franchise to construct and operate a
toll tunnel under the Houston
Ship Channel.
He states that the said Court
has ordered a public
meeting to be held at 10 a. m. on Dec. 11, in the
court house at Houston, at which time the Court will hear from
any other
private parties who might be interested in obtaining the county's franchise
for constructing and operating such a toll tunnel.
Inquiries on this matter
may be addressed to Mr. Turrentine, or to Roy Hofheinz,
County Judge.
OFFERED
MONAHANS, Texas—BONDS
SOLD—It is reported that the following
3^% semi-annual bonds aggregating $60,000, have been purchased at par
by Dillingham & McClung of Houston:
$30,000 sewer, and $30,000 water
bonds
Dated June 15, 1939.
Due on Oct. 15 in 1940 to 1949: optional
after five years.
ROCKPORT,
Texas—BONDS SOLD—An
issue
of
$125,000
seawall
WITTENBERG
SCHOOL
voters
These bonds
on
part of
are
a
(P. O. Snyder), Texas—BONDS SOLD—It is
stated by the County Judge that
$35,000 road improvement bonds have
been purchased as 3^s,
by the Snyder National Bank.
MjRiAX>IS^C?UN.TY WATER
AND IMPROVEMENT DISTRICT
bids were re¬
until Nov. 22, by Neill H.
Bannister, Secretary of the Board of
Commissioners, for the purchase of $85,000 not to exceed 5% semi-annual
w^ter system revenue bonds. Dated Jan. 1, 1940. Due in 20 years:
"P* 3 (P. p. Austin), Texas—BONDS OFFERED—Sealed
ceived
optional after five years.
COU1JT£»,(P- 9- Georgetown), T.xa
f40>000 issue 0t3X%
^r0norSn
lOin
semi-ann. refunding bonds authorized by
purchased at
5ur£ <3n N.ov- 13 > Is said to have been
1940't?i95l! fncl.
Austm' Dated °ct- 10' 1939- Due
on April
VIRGINIA
.
WILLIAMSBURG, Va.
building bonds
is
BONDS SOLD—A $55,500 issue of school
reported to have been purchased by Scott, Horner
&
T&tEF ?an yinc??]1ng'
2svpayipg a Price of 99.09, a basis of about 2.10%.
?i qWi oca116 ian' *' a,s .follows: S3,000 in 1941 to 1951, and
Jow
Inl ? °'
mi aad int- payable at the City Treasurer's
unRmitedtalc
general obligations of the city payable from an
Wittenberg),
Wis.
WYOMING
Surchaser Tallmadge, of Denver. and Board
with executed bonds The approving opinion right tolegalityany
lyles P.
the as to
reject by
reserves
and all bids and to sell
visable
to
do
so.
a
lesser amount than $225,000 if it so deems it ad¬
for $6,000, payable to the District
A certified check
Treasurer, is required.
RIVERTON, Wyo.—BONDS SOLD—It is stated by the Town Clerk
semi-annual water main bonds have been sold.
Dated
Aug. 1, 1939.
Due in 1949 to 1954.
These bonds are part of a $15,000
issue approved by the voters on May 31.
that $10,000 3 %
CANADA
ALBERTA
COUNTY
O.
LARAMIE COUNTY SCHOOL DISTRICT NO. 1 (P. O. Cheyenne)
Wyo.—BOND OFFERING—We are informed by J. L. Goins, Super¬
intendent of Cheyenne Public Schools, that a $225,000 issue of not to
exceed 4% coupon school building bonds will be offered for sale at public
auction on Dec. 14. at 1 p. m., by W. R. Grier, Clerk of the Board of
Education.
Dated Dec. 1, 1939.
Denom. $1,000. Due July 1, as follows:
$6,000 in 1941, $10,000 in 1942, $7,000 in 1943, $8,000 in 1944, $9,000 in
1946, $10,000 in 1947, $14,000 in 1948, $25,000 in 1949, $28,000 in 1950,
$31,000 in 1951, $60,000 in 1952, and $17,000 in 1953. Prin. and int. pay
able at the County Treasurer's office.
No bids will be considered for less
than par and accrued interest.
These are the bonds authorized at the elec
tion held on Nov. 9, by a vote of 727 to 69.
The district will furnish the
Ranson-Davidson Co. of
total $145,000 issue approved by the
Aug. 26.
SCURRY
(P.
building addition and gymnasium bonds.
BONDS SOLD—It is reported that the above bonds were purchased
subsequently by the Citizens State Bank of Wittenberg.
hopds is said to have been purchased by the
Wichita
DISTRICT
of $15,000 in
(Province
of)—BOND
INTEREST
NOTICE—Provincia
Treasurer S. E. Low is advising holders of debentures which are past due
that the Province will pay interest at the rate of 2)4,% in respect of the
half year ending Dec. 1, 1939, this being the sum of $11.25 for each $1,000
bond for those matured June 1, 1937.
Interest will be paid upon presenta¬
tion of the bonds at any branch of the Imperial Bank of Canada in the
Dominion of Canada, or at the Bank of Manhattan Company, New York,
N. Y.
Interest at 2% in respect of the half year ending Dec. 1, 1939, this
being the sum of $4.87, will be paid to holders of bonds which matured
June 1, 1938, upon presentation of their bonds at any branch of the Im¬
perial Bank of Canada, in the Dominion of Canada, or at the Lloyds Bank,
Ltd., London, England.
Holders of bonds which matured June 1, 1939,
will receive interest at the rate of 2)4% in respect of the half year ending
Dec. 1, 1939, this being $12.50 for each $1,000 bond, upon presentation
of their bonds at any branch of the Imperial Bank of Canada in the Do¬
minion of Canada.
BARTON TOWNSHIP
(P.
O.
Bartonville). Ont.—BOND SALE—
Bell, Gouinlock & Co. of Toronto purchased
an
issue
of $13,034
provement bonds at a price of 102.80, a basis of about 4.42%.
1940 to 1949. incl.
5% im¬
Due from
PICKERING TOWNSHIP (P. O. Whitevale), Ont .—BOND OFFER¬
R. Beaton, Township Clerk, will receive sealed bids until
ING—Donald
Dec. 15 for the purchase of $11,000 4% improvement bonds.
ROCKLIFFE
PARK,
Ont .—BOND SALE—The Toronto
General
issue of $5,000 4% improvement bonds
Due from 1940 to 1954, incl.
Trusts of Toronto purchased an
WASHINGTON
CLALLAM
COUNTY
SCHOOL DISTRICT
NO. 7 (P. O. Port
BONDS SOLD—A $41,000 issue of school
gymnasium
reported to have been purchased by the State of
Washington.
Angeles), Wash.
bonds
is
at par.
ST. HYACINTHE, Que.—BOND SALE— The $410,000 3K%
30-year
serial improvement bonds offered Nov. 20—V. 149, p. 3304—were awarded
to Burns Bros. & Denton, of Toronto, at a price of 94.11, a basis of about
4.01%.
@FedFRASER