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TRUST
COMPANY
NEW YORK, NOVEMBER 4 ,1939 ^ ^ pr f e » .7 ’
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George V. McLaughlin
President
BROOKLYN
NEW YORK
Member Federal Deposit Insurance
Corporation
THE CHASE
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Chartered 1866
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NO. 3880.
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Distributor
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Underwriters of capital issues
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Incorporated
CORPORATION
NEW YORK
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: 63 Wadi Street, jfew York
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T ODAYona productseyes will see this trade
mark
made of steel.
In household appliance shops, hardware
stores, department stores, general stores, you’ll
see this U-S-S trade-mark. It means highest
quality steel in stoves, refrigerators, washing
machines, kitchen cabinets, household utensils
. . . in bathtubs, medicine cabinets, pails and
garden tools . . . in stainless steel kitchenware
... in farm, lawn and industrial fence ... in steel
roofing and siding . . . in ducts for heating and
air conditioning . . . in hundreds of other prod
ucts.
Even when steel is covered with porcelain
enamel, or hidden from sight as in the springs of
beds, mattresses and furniture, the manufac
turer adds the U*S*S mark to his own to tell
you the article contains the finest steel.
Nor is this trade-mark confined to such fab
ricated products. It is also the “mark of value”
for structural steel, rails, pipe, tubing, sheets,
wire rope, bars, plates, shapes—in fact, for al
most every type of steel used by industry.
The U*S*S trade-mark is a promise to the
buyer that the steel is of the highest quality.
And back of this promise is the world’s fore
most group of steel technicians and all the great
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AMERICAN STEEL & WIRE COMPANY • CARNEGIE-ILLINOIS STEEL CORPORATION
COLUMBIA STEEL COMPANY • CYCLONE FENCE COMPANY
NATIONAL TUBE COMPANY • SCULLY STEEL PRODUCTS COMPANY
TENNESSEE COAL, IRON & RAILROAD COMPANY
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
—
—
The oldest house In America
specializing in
Government Securities
C.F. C hilds
and
Company
New Y o r k
Kan sas C i t y
Bo s to n
S a n F ra nc isc o
S t. Lo ui s
Cl ev el an d
Pittsburgh
Chicago
Cincin nati
2733
Centennial Articles
The Second Century____________________________________________________
Birth and Development of an Idea_____________________________________
In Step with Progress___________________________________________________
The M en Who Made the Chronicle____________________________________
A Century of Achievement_____________________________________________
One Hundred Years and Wall Street___________________________________
Banking 1839-1939_______
Index to Advertisers____________________________________________________
page
2737
2738
2740
2743
2746
2790
2810
3012
Editorials
The Financial Situation_____________________
American Shipping and the Neutrality Bill_____________________________
California’s Danger_____ _______
2832
2873
2876
Comment and Review
Week on the European Stock Exchanges_______________________________
Foreign Political and Economic Situation________________________________
Foreign Exchange Rates and Comment____ '____________________ 2867 &
Course of the Bond M arket____________________________________________
Indications of Business A ctivity________________________________________
Week on the New York Stock Exchange_______________________________
Week on the New York Curb Exchange_______________________________
2848
2849
2919
2878
2879
2840
2914
News
Current Events and Discussions________________________________________
Bank and Trust Company Items_______________________________________
General Corporation and Investment News_____________________________
Dry Goods Trade_______________________________________________________
State and Municipal Department________________________________________
2894
2914
2959
3002
3003
Stocks and Bonds
Foreign Stock Exchange Quotations____________________________
2923 &
Bonds Called and Sinking Fund Notices_______________________________
Dividends Declared_____________________________________________________
Auction Sales_____________________________________________________________
New York Stock Exchange— Stock Quotations__________________________
New York Stock Exchange— Bond Quotations____ _____________ 2926 &
New York Curb Exchange— Stock Quotations___________________________
New York Curb Exchange— Bond Quotations__________________________
Other Exchanges— Stock and Bond Quotations___: _____________________
Canadian Markets— Stock and Bond Quotations_________________________
Over-the-Counter Securities— Stock and Bond Quotations______________
2925
2919
2920
2919
2926
2936
2942
2946
2948
2952
2955
Reports
Foreign Bank Statements________________________________________________
2863
Course of Bank Clearings________________________________________________ 2915
Federal Reserve Bank Statements______________________________ 2894 & 2923
General Corporation and Investment News______________________________ 2959
Commodities
Published Every Saturday Morning by the W i l l i a m B. D a n a C o m p a n y , 25 Spruce Street, New York C ity, N . Y .
Herbert D . Seibert, Chairman o f the Board and Editor; William Dana Seibert, President and Treasurer; William D . Biggs, Business Manager.
Other offices: Chicago— In charge o f Fred H. Gray, Western Representative, 208 South La SaUe Street (Telephone State 0613). London— Edwards
& Smith, 1 Drapers’ Gardens, London. E.C . Copyright 1939 by William B. Dana Company. Entered as second-class matter June 23, 1879, at
the post office at New York, N . Y ., under the Act o f March 3, 1879. Subscriptions in United States and Possessions, $18.00 per year, $10.00 for
6 months; in Dominion o f Canada, $19.50 per year, $10.75 for 6 months. South and Central America, Spain, Mexico and Cuba, $21.50 per year,
$11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months. Transient
display advertising matter, 45 cents per agate line. Contract and card rates on request. NOTE: On account o f the fluctuations in the rates of
exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
—
—
MORGAN STANLEY &
Incorporated
TWO WALL STREET
NEW YORK
.
2735
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
2736
—
—
J. P. MORGAN & CO.
WALL STREET, CORNER OF BROAD
NEW YORK
DREXEL & CO., PHILADELPHIA
FIFTEENTH AND WALNUT STREETS
MORGAN GRENFELL & CO. LIMITED,
LONDON
23, GREAT WINCHESTER STREET
MORGAN & C ie, PARIS
14, PLACE VENDOME
THE SECOND CENTURY
O A PUBLICATION—or perhaps we
may be excused if we say an insti
tu tio n —as to a sensible individual,
age brings not vanity bu t humility and a
deep feeling of responsibility.
One hundred years ago the founder of
the “ M erchants’ Magazine” had his ideals
to guide him and his ambition to stimulate
him. He and his successors through the en
suing decades w rought mightily and wisely.
Today the publishers and editors o f the
“ Commercial and Financial C hronicle” have
illustrious examples to follow , but by the
same token they have a great tradition to
maintain and a heavy responsibility to
meet.
T h roughout their existence both the
“ Merchants’ Magazine” and the“ Commercial
and Financial C hronicle” have kept two
main objectives clearly in view —to keep the
public as fully informed on all subjects re
lating to industry, agriculture, trade and
finance as circumstances permitted, and
so far as human frailty allowed to stimulate
and to guide constructively and wisely the
course of human th ou gh t on econom ic and
related problems o f the times.
At no time during the century have there
been w anting critics of the press ready to
make sweeping charges of self-seeking.
Never have they been more vocal or more
highly placed than at present. It is of
course a fact that a periodical publication,
like any other business enterprise, must
make its living, and this simple but in
exorable fact inevitably and more fre
quently than we could wish limits the
am ount o f factual data w hich may be
printed and in consequence the extent of
the informational service that may be ren
dered, but at no time have the editors or
publishers of the “ M erchants’ Magazine”
or of the “ Commercial and Financial C hron
icle felt that it need, or should be per
mitted, in any manner to mar the candor
o f their editorial utterances or warp or
even tinge their own thinking.
The “ M erchants’ Magazine” was not de
signed to be what has o f late years become
known as a “ popular periodical,” but was
developed to be o f service to the man of
affairs everywhere and to all serious stu
T
dents of business in all m anifold ramifica
tions who felt the desire to hold a worthy
place in the com m unity as a leader of
thought and action. The “ Commercial and
Financial C hronicle” was founded to carry
forward the work o f the “ M erchants’ Maga
zine” more effectively.
One result has been that no need has
arisen to over-simplify, to abbreviate in
ordinately, to give a dramatic appearance
to that w hich is by nature hum-drum, to
cater to the passing whims of the multitude,
or to discuss intricate questions in terms of
meaningless catch-phrases. The audience
has always been, in the best sense o f the
term, a highly selected one. It has accord
ingly been necessary only to speak as one
friend to another, or if you will, as one
director to another—but always making a
sincere effort to give the reader whatever
advantage there is in not being too close
to trees to see the forest.
The “ C hronicle” now enters the second
century, first o f all, w ith determination to
continue and to enlarge and improve wher
ever and whenever possible the service that
it has rendered in the past, but also w ith
more optimism concerning the future o f the
United States and its business affairs, and
for that matter the future o f world affairs,
perhaps than the outward appearance of
things in this dark year 1939 may to some
seem to warrant.
It and its predecessor during the past
one hundred years have passed through
many a year when it was difficu lt to visual
ize a return to the older rate of progress or
a continuance o f the march toward the
more abundant and better life, but in each
case a way was fou n d to shake o ff the
shackles that wars, pestilences, and human
blunders had forged about the wrists and
ankles o f enterprise. So it will be again.
The “ C hronicle” will, to the limit o f the
powers of its editors and publishers, co n
tinue to point the way, as it sees it, to a
realization o f opportunities and to a re
sumption o f real progress, all the while
recording faithfully and fully as possible all
things that take place from week to week
so far as they are o f interest or importance
to business.
2738
ONE HUNDRED
—The Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
—
Birth and Development of an Idea
When any periodical publication reaches and
passes its hundredth year of continuous issue, thus
demonstrating beyond question the wisdom of the
founder in undertaking it, its readers and friends
may well find it of interest to know precisely how
and under what circumstances the idea was origi
nally conceived and the purposes which the publica
tion was intended to serve.
In the present instance— “ Hunt’s Merchants’
Magazine,” which after having served its readers
under this title from July, 1839, through December,
1870, was merged with the “ Commercial & Financial
Chronicle,” which meanwhile had been established
by the publisher of “ Hunt’s”—the founder has fortunitely told the story for us in a letter from his
pen some years after the appearance of the first
issue.
From the biography of Freeman Hunt, appearing
in Volume III of the “ Memorial Biographies of the
New England Historic Genealogical Society,” we
take the following extract verbatim from the letter
in question:
“ It [‘Hunt’s Merchants’ Magazine’] was a long
time the subject of much thought and deliberation
before any active steps were taken towards carrying
it out. In casting the eye around, in the difficult
search after some useful but unoccupied corner in
the wide field of literature, it seemed to the editor
as if every point was already occupied, every branch
represented, except one—and that the very im
portant one of commerce and the mercantile inter
est. On the one hand, the professions—the divine,
the lawyer, and the physician— the farmer also, and
the mechanic, had each one or more organs and ex
ponents in the periodical press. Even the railroad
interest, new as it then was, had found a voice
through the press; while commerce, more or less
connected with all other pursuits, was not repre
sented. While the business concerns of commerce
filled the huge columns of the daily press with ad
vertisements and with shipping intelligence and
with matters relating to everyday details of mer
chandise on the one hand, there was not a single
magazine, of high or low pretensions, either in
America or, to the best of our knowledge, in Europe,
to represent and to advocate the claims of com
merce. There were one or two dictionaries of com
merce, and a few works intended for practical pur
poses; but a literature of commerce did not exist
even in name. The idea and the thing were yet to
be developed. In 1839 the “ Merchants’ Magazine
and Commercial Review” was established without,
we confess, so clear a conception as after experience
has furnished of the full import of the term com
merce, in its broadest, largest, and truest sense or
signification. Every branch of industry, almost
every pursuit, may be said to come within its range.
The interests of agriculture and manufactures,
which produce, are identified with the interests of
commerce, which distributes. The great topics of
banking and finance, of railroad and canal com
munication, of mining, and of navigation by steam
and sail, are all involved in the one great topic of
(<
Continued on page 2826 )
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD
Volume 149
—
—
SPECIALISTS IN
UNITED STATES
GOVERNMENT SECURITIES
GUARANTEED ISSUES
OTHER AGENCY ISSUES
TERRITORIAL AND
MU NI C I P A L B O N D S
C. J. DEVINE &CO.
IN C.
48 W A LL STREET, NEW Y O R K
HAnover 2-2727
CHICAGO* BOSTON* PHILADELPHIA* CINCINNATI* ST. LOUIS* SAN FRANCISCO
D
irect W
ires to a O
ll ffices
2739
IN STEP WITH PROGRESS
As is the case of “ Hunt’s Merchants’ Magazine,”
we are able to present an intimate account of the
origin of the idea which was to grow into the “ Com
mercial & Financial Chronicle” of today with its
numerous supplementary publications, this time
not, it is true, from the pen of the founder himself,
but in the words of Jacob Seibert, Jr. whose con
nection with the Chronicle began but slightly more
than five years from its birth and who without ques
tion was more intimately acquainted through a
longer span of years both with the Chronicle and
its founder than any other man living or dead.
Upon the occasion of the Chronicle’s semi-centen
nial in June 1915 Mr. Seibert in one of his very rare
signed articles wrote:
“ The first number of the ‘Chronicle’ was issued
on July 1, 1865. It owed its inception to the reali
zation on the part of the founder of the journal, the
late William B. Dana, that with the closing of the
Civil War, which had occurred the previous April,
the country was about to enter not only upon a long
term of peace, but an unexampled era of develop
ment and prosperity. . . .
“ Possessing undeveloped natural resources of vast
extent, and with an energetic population, the mar
velous growth here recorded was inevitable when the
issue of the Civil War had made it plain that the
danger of a divided country had been surmounted.
The only thing that could interfere with the coun
try’s progress was erroneous economic and financial
policies. The founder of the paper foresaw this—
foresaw what a marvelous industrial era lay ahead
and also recognized that the perils attending the
promulgation of false economic doctrines, which
had found a fertile field in the financing entailed
by the war, must be guarded against if the United
States would attain the full measure of the growth
which its boundless possibilities ensured. He there
fore resolved to establish a well equipped journal—
a great organ of public opinion—designed to foster
the economic and material interests of the country
and bent upon combatting false doctrines and dog
mas, a paper whose purpose it would be to inculcate
correct principles, champion high national ideals
and encourage unquestioned standards of business
morality.
“ It was not, however, the purpose to provide
merely a vehicle for editorial discussions and the
expression of correct views for the enlightenment
and guidance of the mercantile and financial world.
Mr. Dana had it in mind also to create a newspaper
which would supply a narrative of all the events,
the facts and the information having a bearing upon
the industrial and financial situation of the coun
try. The editorial announcement in the first num
ber of the paper stated this purpose very plainly,
saying: ‘Nor will it stop with the advocacy of cor
rect principles, but will be in every essential sense
a newspaper. All that the economist, the merchant,
the banker, the manufacturer, the agriculturist, the
shipper, the insurer and the speculator, may need to
know in the course of his daily pursuits, will be
found duly chronicled in its columns.’ ”
In a previous issue (Aug. 28, 1909) the Chronicle,
in making announcement of Mr. Dana’s 80th birth
day, had said:
“ The country was then (in 1865) entering upon
a wonderful period of rapidity in business methods.
A monthly magazine (such as the ‘Merchants’ Maga
zine’ of which Mr. Dana was then the publisher and
editor), however great a storehouse of valuable
knowledge it might be, could not through its edi
torial department wield far-reaching influence in
the rush of the business world.
“ This fact, speedily realized by Mr. Dana, caused
him to project a new publication which should re
tain all the best features of the old one and add the
necessary vitality to make the paper a living force.
During the whole period of the Civil War this plan
was ripening in his mind and it bore fruit in July
1865, when the first number of the ‘Commercial and
Financial Chronicle’ appeared.
“ In developing this new scheme, Mr. Dana took as
his model, for form, the London ‘Economist’, bear
ing constantly in mind the need of giving to his
periodical a very practical side, an everyday appli
cation, suited to a conservative high-class clientele,
and able to maintain a foremost place in the rapidly
moving march of events. It is worthy of note that
the first issue of the ‘Chronicle’ contained in em
bryo form a suggestion of every one of the subse
quent developments which have from time to time
been made in the form of additional supplements
or sections.
“When the first number of the paper appeared, in
July 1865, the title page bore testimony to the broad
field it meant to occupy. Besides the name ‘The
Commercial and Financial Chronicle,’ it had the
following subtitles: Bankers’ Gazette, Commercial
Times, Railway Monitor and Insurance Journal; a
Weekly Newspaper representing the Industrial and
Commercial Interests of the United States. Its
chief aim as stated in the first number was the ad
vocacy of correct principles, but it also aimed in
Thomas A. Edison in his Menlo Park Laboratory,
every essential sense to be a newspaper.”
Inventing the Incandescent Lamp
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
—
—
2741
EDITORS AND PUBLISHERS
DURING A CENTURY
PIw
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A\1 %'
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FREEMAN HUNT
Publisher and Editor
1839-1858
THOMAS P. KETTELL ,,,,,
Editor
1838-1891
ISAAC SMITH HOMANS
Co-Editor
1861-1862
JACOB SEIBERT, JR.
C h ief Associate Editor
P ublisher and Editor
1H80-1910
1 91 0 -1 9 3 1
WILLIAM DANA SEIBERT
President and Treasurer
m
m
m
1931 . . .
HERBERT D. SEIBERT
h X r
^ : p
Chairman and Editor
1 9 3 4 .. .
ft 1
The Men Who Made the Chronicle
FREEMAN HUNT
The best biography of Freeman Hunt is the file
of “ Hunt’s Merchants’ Magazine” , which is also his
monument, more durable than New England gran
ite, marking not his entry into and his departure
from his life, but—far more important—his passage
through it.
Save to the professional genealogist or biogra
pher, or perhaps to the historian of American jour
nalism, the details of Mr. Hunt’s life prior to his
founding of “ Merchants’ Magazine” , or thereafter
except as they are reflected in the pages of his mas
terpiece, are of secondary interest. Born in Quincy,
Mass., on March 21, 1804, descended from a long
line of hardy New Englanders, he was left father
less at an early age, and thus without opportunity
to obtain an extended formal education, although
in later years both Harvard and Union Colleges
conferred degrees upon him. At the age of 12 he
journeyed to Boston and began a career among
various publications of that city, several of which
he, either alone or in partnership with John Put
nam, became publisher. In 1831 he moved to New
York City where, after further publishing ventures
both in New York City and Boston, he founded his
“Merchants’ Magazine” in July, 1839.
With the beginning of this magazine he really
began his life’s work. Henceforth nothing else dis
tracted his attention until the day, almost the hour,
of his death in Brooklyn on March 2, 1858. “ The
interest and untiring industry which led him to
succeed in the ‘Merchants’ Magazine’, his own crea
tion, never forsook him,” says his biographer. “For
months preceding his death, while lying upon his
(C o n tin u e d o n p a g e
2802)
WILLIAM B. DANA
William B. Dana, for about a decade publisher
and editor of “ Hunt’s Merchants’ Magazine” and
founder in 1865 of the “ Commercial and Financial
Chronicle,” was a modest man. Had the matter
been left to his initiative about all that would be
available about him and his life would be found in
the brief record his Yale Class Historian (Class
of 1851) was able after much effort to pry from
him in 1893. This notation in Mr. Dana’s own
hand-writing, the historian reports, reads as fol
lows :
“ Sickness has prevented my writing what you
wanted me to write. As the slip you send me is so
inaccurate, I send you the enclosed:
“ Born in Utica in 1829.
After graduation,
studied law. Was admitted to the bar in 1853.
Practised law in Utica until 1861. Moved to New
Y'ork in 1861, and became editor and proprietor of
‘Hunt’s Merchants’ Magazine’ same year. In July,
1865, issued first number of the weekly newspaper,
‘The Commercial & Financial Chronicle.’ Have
continued publishing and editing that paper since
that date. In connection with it, two supplements
are issued: one, the ‘Investors’ Supplement,’ 160
pages, containing information about railroads and
railroad securities, and the ‘State and City Supple
ment,’ 184 pages, containing information about
States and cities and their securities.”
But achievements such as those of Mr. Dana can
not for long be hid under a bushel. The class his
torian was not satisfied. He investigated for him
self, with the result that he recorded the following
notation on his own authority:
( C o n tin u e d ,
on
page
2806)
JACOB SEIBERT, Jr.
The ambitious plans of William B. Dana probably
never could have been brought to full fruition, and
certainly not carried forward and further developed
after the years had taken their toll from Mr. Dana
had Providence not sent Jacob Seibert Jr. at an early
age to the offices of “ The Commercial & Financial
Chronicle.” The “ Chronicle” was Mr. Seibert’s lifework, as it had been that of Mr. Dana. Throughout
the nearly 64 years of his active business life Mr.
Seibert never had any outside associations or con
nections. His entire time and energy, of which
there appeared to be no limit, were devoted to the
conduct and management of the paper.
Mr. Seibert entered the employ of the “ Chronicle”
when a boy 13 years of age, on Aug. 11, 1870, and
continued the work he then began until his death
on March 14, 1934. He had already passed examina
tion for admission to the College of the City of New
Yrork when beginning his work, and completed his
education by taking the five-year night course in
the School of Science at the Cooper Union, from
which he was graduated in 1878. An academic
course would have suited his requirements better,
Mr. Seibert himself testified in later years, but, as
he phrased it, he had to take wdiat he could get.
He contributed news and statistical matter to the
columns of the “ Chronicle” almost from the first
day. After having long had exclusive charge of the
department of railroad earnings, he began in 1880
his editorial contributions, and from that time until
the death in 1910 of William B. Dana he was chief
associate editor. From 1895 to 1910 he was also
Vice-President of the company. The fact is that
(<
Continued, on page 2808 )
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
2744
—
—
To the Chronicle Subscribers
and Advertisers
The following announcement, which appears in the
December number of “ Hunt's Merchants' Magazine,”
issued this week [December, 1870], explains itself:
“ HUNT’ S MERCHANTS’ MAGAZINE” FOR 1871
With the 1st of January we propose to make an
important, and as we think, very desirable change
in the issue of this Magazine; thus far its publication
has been monthly; hereafter it is intended to furnish
it to our subscribers as a weekly, by incorporating it
with our “ Commercial and Financial Chronicle.”
It is known to most of our readers that the first
issue of “ Hunt’s Merchants’ Magazine” was in
June, 1839. The idea of its projector and editor was
to provide business men with a valuable periodical,
devoted to the commercial and industrial interests
of the Nation, and, so far as might be, of the world.
How well that object has been attained is well in
dicated by its pecuniary success and the universal
favor of its reception among a large class of intelligent
readers, it having been from its earliest number up to
the present moment a paying investment, and today
being favorably known in every important commercial
city of the world. These are mere matters of history
familiar to the public,
But, during the last few years, the increased
rapidity of communication between cities and
nations, by means of railways and telegraphs has
changed into quicker movement all thought and
action of individuals and communities. Commercial
enterprise has thus developed into a new life, and in
place of the ventures which formerly required months
to consummate, now a few days or hours or even
months include both their inception and completion.
Thus it became evident, some time since, to the
publishers of the Magazine that the infrequency of
its issue (only once a month) prevented its keeping
pace with the growing wants and necessities of the
community. Its information was too late to be of
present use; so also its editorials on national or
business policy which when written were at least
timely, too frequently had become dead and lifeless
The Mississippi River steamboat “ Philadelphia.”
famous early-day river steamboat.
A
through a change of issue when they reached the eye
of the reader.
Feeling the force of these facts the publishers of
the Magazine a few years since began the publication
of the “ Commercial and Financial Chronicle,” a
weekly journal combining all the advantages of the
Magazine with very many others, which enabled it to
supply the daily wants of practical business men.
We aimed in its editorials also to make it a trust
worthy guide of the mercantile, banking, manu
facturing and monetary classes. It is hardly necessary
to say how well we have succeeded, for the almost
immediate and continued prosperity of that journal
speaks for it. At the present moment it has a very
wide circulation, not only in this country, but
throughout Europe, and no publication ever grew in
favor more rapidly, or so soon acquired so many
warm and ardent friends.
In undertaking the publication of the “ Chronicle”
we expected it to fill the place which the monthly
issue of the Magazine was originally intended to
occupy. As it now more than does that, the necessity
for the monthly does not exist, and we shall not
therefore issue any number of the Magazine in that
form after the present. To our entire list of sub
scribers, however, the “ Chronicle” will be mailed
weekly after the first of January, for one month,
without charge to any who at the end of that time
desire its discontinuance. Where the time paid for the
Magazine has not expired, the “ Chronicle” will be
sent in its place until the end of the term for which
payment has been made.
In thus incorporating the Magazine with the
“ Chronicle,” and giving the Magazine a weekly issue
instead of a monthly, we have also determined to
publish, about the first of March of each year, a
volume to be called the “ Commercial and Financial
Year Book of Hunt’s Merchants’ Magazine,” which
shall contain all the yearly statistics, &c., necessary
for bankers’ and merchants’ use, in a form easy of
reference, with reports of the different branches of
trade, &c. It is also our intention to give in it a
brief sketch of the life of the more prominent mer
chants and business men who have died during the
year— a feature which will lend to it increasing in
terest year by year.
With, then, the publication of our Year Book each
March, and of the “ Chronicle” each week, we think
the interests which the Magazine was intended to
subserve will be fully provided for; and we shall
trust to carry with us into this new field all our old
friends, with whom, through so many years, we have
been so agreeably and pleasantly connected.
“ The Commercial & Financial Chronicle,”
December 31, 1870.
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle Y EAR S OLD
—
—
nderwriter
an Distributor
■---------------------------- *
*
* -----------------------------
‘D e a le r In
United States Government Securities
State and Municipal Bonds
Public Utility, Railroad and Industrial Bonds
Canadian and Foreign Dollar Bonds
Short Term Bonds and Notes
Bankers’Acceptances
Bank, Insurance and Preferred Stocks
The
FIRST BOSTON
CORPORATION
E xecutive Offices
io o B r o a d w a y , N e w Y o r k
.
i F e d e r a l St r e e t , B o st o n
Other Offices
BU F F AL O
PITTSBUR GH
CHICAGO
PR OVI DEN CE
CLEVELAND
HA R T F O RD
ST. LOUIS
SAN FRANCISCO
P H IL AD EL PH IA
SPR INGF IEL D
R epresentatives
ALBANY
LOS AN G E L E S
R U TL AN D
SC RA NT ON
BUENOS AIRES, ARGENTINA
2745
A Century of Achievement
When Freeman Hunt in July, 1839, presented to
the public the first issue of his “Merchants’ Maga
zine,” the United States was recovering from one
of those periodic depressions which follow eras of
excessive speculation, unwise public policies and
errors of judgment on the part of the business com
munity. Less than five years previous the national
debt, which had been a source of much difficulty,
had been finally liquidated. Sale of public lands,
from which a large part of national revenue was
derived, however, assumed large proportions during
the year or two following the extinction of the debt
at the beginning of 1835, with the result that huge
surpluses arose. As strange as it may sound to
1939 ears, these surpluses presented a problem to
the Government which apparently expected them to
continue more or less indefinitely, and which after
much debate found a way to “ distribute” them to
the States. Land speculation grew rampant and
was in a sense superimposed upon that incident to
the rapid industrial growth of the previous decades.
Any restraining influence which might have been
exerted by the second Bank of the United States
was made impossible by the opposition of the Jack
sonian group which then was dominant in national
politics and which succeeded first in crippling that
institution and then in destroying it in 1836 by
refusing a renewal of its charter.
Trouble was inevitable. The so-called “ specie
circular” of July, 1836, difficulties arising out of
the process of “ distributing” the surpluses, and
various other causes precipitated the “ panic of
1837,” which, followed as it was by a period of de
pressed general business conditions, soon turned the
customary annual Treasury surplus into a deficit,
which in 1837 amounted to $>12,300,000, and in 1838
to $7,500,000. These figures, of course, appear in
significant to the present generation accustomed to
Treasury statements carrying astronomical sums,
but they take on a different appearance when it is
recalled that in 1837 total expenditures of the Fed
eral Government amounted only to some $37,244,000, and in 1838 to about $33,865,000. For the
year 1839 there was again a surplus due to sharp
reduction in expenditures and an increase in cus
tom receipts, but deficits immediately again became
the rule, and it was not until several years had
elapsed that the position of the Treasury grew
again reasonably comfortable.
The first locomotive built in the United States was the
“ America,” shown above, constructed in 1828 by John
Stephens & Co.
Major Controversies
The situation as thus very briefly indicated had
by 1839 set in motion several major controversies
of national interest and significance. One of them
concerned the constantly recurring proposal to re
establish a National bank to take the place of the
institution that Andrew Jackson had managed to
destroy, but it was not until the Federal Reserve
Act nearly 75 years later found its way to the
statute book that the movement bore definite fruit,
albeit the National Bank Act of the 1860’s in
some respects was designed to meet the same needs.
Another was the question of the tariff. From the
beginning customs receipts had been the main reli
ance of the Federal Government. The Treasury
deficits of the late 1830’s, therefore, present a wel
come opportunity for the protectionists who could
make use of the need for larger receipts to advocate
an increase in protective duties. The manner in
which public funds should be kept provided another
topic of discussion and controversy, since there was
no longer any national institution and local banks
varied greatly in the wisdom of their management
and in the soundness of their condition. On the
whole, the year 1839 fell within a distinctly interest
ing period in our economic and financial history.
There was obviously ample opportunity for such a
magazine as Freeman Hunt envisaged in 1839.
To understand how ample the opportunity was it
is necessary to take note of the state of seriousminded American journalism at that time. So far
as relates to such a periodical as the “ Merchants’
Magazine” the state of affairs in this respect can
perhaps be best described in the words of Mr. Hunt
himself. In later speaking of the state of the peri
odical press in 1839 with reference to his own
project, he pointed out that the professions, and a
number of the trades, had one or more organs de
voted in large part to the more technical aspects
of their operations, but that “ commerce (to which
word he gave a very broad meaning), more or less
connected with all other pursuits, was not repre
sented. While the business concerns of commerce
filled the huge columns of the daily press with advertisemnets and with shipping intelligence and
with matters relating to everyday details of mer
chandise on the one hand, there was not a single
magazine, of high or low pretensions, either in
America or, to the best of our knowledge, in Europe,
to represent and to advocate the claims of com
merce. There were one or two dictionaries of com
merce, and a few works intended for practical pur
poses; but a literature of commerce did not exist
even in name.”
It was to fill this void that the “ Merchants’ Maga
zine” was founded in 1839. “ The questions which
arise in such extended intercourse with the world
(as this country had succeeded in developing),” said
Mr. Hunt in announcing the appenranee of his first
issue, “ are multifarious and diversified.
The
knowledge and information necessary to guide the
adventures to a successful termination is often
complex and difficult of solution; the sources
whence it is to be obtained are not always acces(C o n tin u e d o n p a g e
2750)
Volume 149
ONE HUNDRED
—The Commercial & Financial Chronicle YE A R S OLD
—
2747
PENNSYLVANIA STATION, New York
W h a t e v e r your travel itinerary, Pennsylvania Railroad
meets your every need. From Pennsylvania Station, New York,
great air-conditioned fleets of trains speed daily . . . westward to
Pittsburgh, Chicago, Cleveland, Detroit, Cincinnati and St. Louis;
southward to Washington, the Nation’s Capital; Florida, the Gulf
Coast and other Southern points; shoreward to Atlantic City and
other famous seaside resorts.
Over the shortest route to Chicago and St. Louis Pennsylvania
Railroad’s fast through trains make convenient connections with
leading trains to San Francisco for the Golden Gate International
Exposition and all the West.
In terio r o f the sm art O b serva tio n L o u n g e Car
on Broadway Limited o f th e P en n sy lv a n ia F l e e t
o f M o d er n ism . A p le a sa n t p la c e to w h ile a w a y
a n e v e n in g h ou r o n s p e e d in g w h eels.
O u t s t a n d in g in design and modern appointments are
these great air-conditioned trains of the Pennsylvania Fleet of
Modernism: The Broadway Limited (all private room train) and
The General between New York and Chicago; "Spirit of St. Louis”
between New York and St. Louis . . . Washington and St. Louis;
Liberty Limited between Washington, Baltimore and Chicago.
By Pennsylvania Railroad, the shortest route, and connecting lines,
you can go swiftly, comfortably to any place in the United States,
Canada and Mexico.
G ia n t strea m lin ed electric lo co m o tive s m ake the
run f r o m N e w Y ork v ia P h ila d elp h ia to H arris
burg, 1 9 5 m iles, a n d to W a s h in g to n , 2 2 6 m i l e s ...
A m e r ic a ’s g r e a te s t e x te n t o f electrified trackage.
Pennsylvania Railroad
Shortest Route Between East and West. . . The Direct Route
to New York World’s Fair . . . Station on Fair Grounds
2748
ONE HUNDRED—The Commercial & Financial Chronicle—Y E A R S OLD Nov. 4, 1939
N EW Y O R K : W IL L IA M
B. D A N A , P U B L I S H E R A N D P R O P R I E T O R ,
Nos. £0 W i l l i a m
Lo# ook ; Sa
m
Low, Bom M
Si . ,
47 L ow *.** H ill ,
Chronicle
Buildings.
& Co** #8
E#w,
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD
—
—
' S 4*0*
C* l C ™
** n/Tr * e*
mv
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***
8 I *
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6
2749
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
2750
—
—
H U N T 'S
MERCHANTS’ MAGAZINE.
No. I.
JULY,
1839.
A rt . I. — I N T R O D U C T IO N .
I n legal phrase, w e would prefer Being judged b y our acts— and in
commercial parlance, being credited with our performances— to m aking
promises in advance o f our publication. But custom having rendered it
necessary, on the appearance o f a new work, to accompany it with some in
dication o f the plan upon which it w ill be conducted, and the objects it is
intended to subserve, w e com ply with the requisition..
In the first place, as an excuse for its appearance at all, w e m ay say,
that such a publication as the present is imperiously demanded by the wants
and wishes o f the commercial part o f the community, and w e believe that
such a work, conducted upon enlarged and liberal principles, is calculated
to be eminently useful, ana w ill prove highly acceptable, not only to the
Merchant, but to all who feel an interest in promoting information on sub
jects deeply identified with the wealth, the greatness, and the happiness o f
our common country. Commerce is not only a business, but a science,
extremely intricate m some o f its developments, and calculated to elevate
the mind, and enlarge the understanding, when pursued upon legitimate
principles, and with high and honorable views.
Essentially and practically a trading people, the commerce o f the U ni
ted States has been pushed, by the enterprise o f her citizens, to every part
o f the habitable globe — her ships penetrate every ocean, and her canvas
whitens every sea, bringing home the varied productions o f every soil and
climate, and while rewarding individual enterprise and exertion, adding
to the store house o f general knowledge, and increasing the prosperity o f
the country.
The questions which arise in such extended intercourse with the world,
are multifarious and diversified. T he knowledge and information neces
sary to guide the adventures to a successful termination, is often complex
ana difficult o f solution; the sources whence it is to be obtained are not al
ways accessible, and operations are often begun in^ a reckless spirit o f spe
culation, and end, as might have been anticipated, in defeat, simply because
VOL. i. — n o . i.
1
A Century of Achievement
(< o n t i n u e d f r o m
C
page
2746)
sible; and operations are often begun in a reckless
spirit of speculation, and end, as might have been
anticipated, in defeat, simply because some element
necessary to success, or some piece of information
essential to the adventure had, in the ardor of pur
suit, been disregarded.
“ One of our prominent objects will be to raise
and elevate the commercial character—to point out
the requisites necessary to form the thorough and
accomplished merchant. An expensive education,
and a long course of study, is necessary to form the
statesman, the physician, or the common lawyer;
but every clerk seems to think he can at once assume
the practical merchant, and spring, ready armed
and equipped, into the active business of life, like
Minerva from the head of Jove; forgetful that as
pretenders in one case soon sink into oblivion and
disgrace, he cannot expect otherwise than loss and
discomfiture, if wanting the elementary information
necessary to success.
“ We shall, therefore, from time to time point out
the headlands in the commercial chart, and en
deavor to mark the quicksands where oftentimes
shipwreck has been made, not only of property, but
of probity, and that high sense of honor, wanting
which, however abounding in everything else, a
man may assume the name, and be totally deficient
in all that forms the high and honorable merchant.”
Becoming somewhat more specific, he further
assured the public that “ every subject that can be
interesting or useful to the merchant will be em
braced from time to time; for it is our intention to
(< o n t i n u e d ,
C
on page
2755)
ONE HUNDRED
—The Commercial & Financial Chronicle—YE A R S OLD
Volume 149
AN
IN
THE
INEXPENSIVE
BUDGET
OF
2751
ITEM
CIVILIZATION
OPPER has served man for some 5500 years
replaced the village blacksmith, there you will find
— yet today, as never before, the "red metal”
copper and its alloys serving economically and well.
C
is indispensable to civilization. Continuing the
trend started sixty years ago when the great Ana
conda mines at Butte, Montana began systematic
production at the dawn o f our electrical age, copper
in abundance is available to foster new achieve
ments in raising our standards o f living.
Because o f its adaptability to varied requirements
. . . because its rustlessness imparts exceptional
durability . . . copper is economical indeed. O f all
commercial metals, copper and its many useful al
loys combine to best advantage the properties o f
high electrical and thermal conductivity, worka
Copper’s most vital service is o f course rendered
bility, strength and resistance to corrosion.
to the electrical industry. For without great quan
Copper— A Basic Industry
tities o f copper, the growth o f electricity would
have been immeasurably retarded. Yet the devel
Copper is one o f those basic industries through
opment o f new alloys and new products has ex
whose development America has prospered greatly.
tended copper’s applications far beyond its useful
Essential though copper is today to every activity
ness as a conductor o f electricity. In our homes
o f modern man, much is yet to come . . . through
and automobiles, in heating, refrigeration and air
continued research and constantly im proving
conditioning, even in the welding shops that have
methods o f fabrication.
39260
AnacondA
from mint to consumer
A n a c o n d a C o p p e r M in in g C o m pa n y
25 Broadway
New York
*
jankers’ (Sasfttr, (Sommewial JTiraes, jStaitwag iHanitor, and ffantrautt §m ural
A W EEK LY
NEW SPAPER,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES.
V O I ..
NO.
SATURDAY, JULY 1, 1865.
1.
L
restrictions which a
energies. It has
also with crippled powers survived those forms o f restric
tion which unwise legislation has at times imposed. Let the
vast improvements which will be sure to follow the gradual
removal o f the latter, prove to the partisans of both that
the country has hitherto l>een prosperous in spite o f them,
The countr\ has bravely survived the
C O N T E N T 8.
fatal industrial system once placed upon its
T H E CHRONICLE.
Late Increase ef Foreign Immigra
tion ................................................
Political A>|K*cts o f the National
IJ.terature.........................................
Debt...........................................
Foreign Intelligence.......................
T he l*roi»i«l«>nt*!* P o lic v .................
t'oiiiinerclal and Miscellaneous
T h e Detroit < .invention...............
News.........................................
Industrial Kehahllitalion o f the
South.............................................
The Chronicle..............................
THE RANKERS GAZETTE AND COMMERCIAL TIMES.
and liot as some think by reason o f them.
12 The Cotton Trade............................
U Ureailstuflh........................................
Prices Current and Tone o f the
M arket...........................................
06 Imports and E xports.......................
Bank, Railway and Money Market
Bankers Price Current...................
Mails..................................................
Commercial Epitom e.....................
D ry Goods Trade............................
90
2*
|THE R A IL W A Y MONITOR A N D INSURANCE JOURNAL.
Railway and Mining News and
I Railway Share L ist.........................
Markets..........................................
2 5 1 Insurance Share L ist................. .
IN D E X T O ADVERTISEMENTS.
Auction N otices..............................
61 | Bank Announcem ents,etc............
27
32
difficulty aud doubt to success and certainty.
£|)t CljronicU.
T h e C o m m e r c i a l a n d F i n a n c i a l C h r o n i c l e is issued every Saturdati m orning with the latest news by mail and telegraph up to
mulnight o f F rid a y. A >a i l y B u l l e t in is issued every m orning
with all the Commercial and Financial news o f the previous day
up to the hour o f publication.
I
The
Chronicle and D a ily Bulletin are delivered to all
subscribers in N ew York C ity per year at
. .
.
$12 00
T o all other subscribers The Chronicle is mailed without
the D a ily B ulletin at
.
.
; . . . « • • •
which
gates of our
vast uatural resources to the toiling masses, who now contend
against oppression and poverty in less favored lands, it is
necessary that the j>oliey o f the country should be based
wholly upon her industrial and commercial interests. These
have ever pointed the right, way, and will yet, lead us from
To secure this great end, to attain the prosperity
thus lies within our reach, and to open wide the
10 00
W IL L IA M B. DAH A St O O , Publisher*,
00 W illiam Street, H ew York.
It is not overstating the plain truth to aver that these
great interests have never yet found a fitting exponent in the
newspaper press of this country. The pursuits o f industry
have been looked upon too exclusively in their money mak
ing aspects—too little in their social and political ones. The
great influence which they have always exercised upon the
fortunes of our country and which they must always con
tinue to exercise, have been forgotten in the strifes o f petty
politicians, and in the heat of personal discussion. No com
prehensive paper devoted wholly to the great mercantile and
commercial interests, has yet appeared. Taking the entire
press of the country together we shall find that these inters
ests have to a certain extent obtained public recognition; but
in no single journal have they received undivided attention.
It is to fill this place in the ranks o f the public press,
supply this want, that T he C o m m e r c i a l a n d Fm am o r a l
Chronicle aspires. Nor will it stop with the advocacy o f
correct principles; but will be in every essential sense a news
paper. All that the economist, the merchant, the banker,
the manufacturer, the agriculturist, the shipper, the insurer,
and the speculator, may need to know in the course o f his
daily pursuits, will be found duly chronicled in its colum ns.
To this great purpose we apply ourselves. L et the pubUo
in due time answer whether or not we have iuooeasftilly ac
complished It.
T IB CHIONICLE.
T he cod of the war, through which the country has just
pannni, inaugurates an era of peace and prosperity which
only needs wise legislation to find encouragement; and
with such a stimulus, natural recuperative energies will soon
l>e at work, to heal the wounds our civil strife has made, and
to lead us once more" into the paths of industry and af
fluence.
At no time in our history has the knowledge and diffusion
o f commercial truths, and the advocacy of the well defined
principles which govern the economy of wealth, been so
nctidpfl as now. During the war we have seen one false the*
cry after another exploded, and all the wild schemes for pro
ducing wealth, faster than the measured action of industrial
THE POLITICAL ASPECTS OF T IE NATIONAL H I T .
laws will permit, come to naught, until all are convinced that
M r . J av C ooke, the agent o f the national loan, has issued
value only resides in labor and time. Weary, then, of a con a condo ad populism on the advantages o f a N ational D e b t,
stant succession of dearly bought experiences, do we now for which he has been called to take d iv a n sm art raps ov er
turn to the teachings of the great leaders in political econ the knuckles front the press.
omy for wisdom and guidance,
The astonishing sucoess
which has attended ths N ational
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD
—
—
REVIEW
OF A QUARTER CENTURY
A REPORT ON THE PURE OIL COMPANY
A quarter o f a century ago, the chance discovery o f high-grade crude oil in the
little mountain town o f Cabin Creek, W est Virginia, led to the formation o f
The Pure O il Company.
The past twenty-five years have seen the growth o f this company to a position
o f major importance in the petroleum industry. Producing operations, in a care
fully planned expansion program, have extended to nine states. A n d so conserva
tively have these fields been exploited that Pure O il holds an unusually strong
position in crude oil reserves.
N or have other phases o f activity in the industry been neglected in Pure O il’s
years o f progress. Six modern refineries . . . control laboratories for petroleum
research . . . a co-ordinated transportation system with marine, railway, pipe-line,
and motor facilities . . . and 15,000 dealers in a well-established marketing organi
zation enable Pure O il to control the quality o f its products from oil well to
service station.
M otorists in thousands o f communities rely on Pure O il dealers and the
branded products they handle. Th e blue-and-white Pure Seal on every pump and
can has become a seal o f acceptance for quality petroleum products. For modern
motoring, as well as modern industry, has learned to "B e Sure . . . with Pure.’ ’
T H E P U R E O I L C O M P A N Y , U. S. A.
2753
ONE HUNDRED The Commercial & Financial Chronicle Y EAR S OLD Nov. 4, 1939
2754
—
—
m i L E S I O n E S in H ISTO R V
O NE HUNDRED YEARS is a long time — longer than any man's span of memory. We congratulate our
friends of the Commercial and Financial Chronicle upon attaining that distinguished age.
We ourselves feel comparatively young as we enter upon our Fiftieth year. The Chronicle was
halfway along the road leading to the century milestone when in 1890 this bank opened its doors
for business. Memory of living man can still reach that far. Time has brought many changes, how
ever; and some of them are reflected in the two Statements of Condition compared below:
First published Statement
of the Citizens Bank:
(Organized 1890 — Nationalized 1901)
AT
E
S Ttion EfMthe N T
o
OF
C IT IZ E N S ’
THE
Condensed Statement of Condition
at close of business October 2, 1939:
CON DI-
RESOURCES
B A N K
Cash and Due from Banks........................................ $ 37,704,526.33
United States Obligations, Direct or
36,194,980.99
Fully Guaranteed...................................................
State, County, and Municipal Bonds......................
4,904,549.12
Other Bonds................................................................
1,676,054.74
Loans and Discounts.................................................
47,002,943.66
Federal Reserve Bank Stock......................................
246,000.00
Stock in Commercial Fireproof Building Co__
Head Office Building.............................................
348,500.00
Bank Premises, Furniture and Fixtures, and
Safe Deposit Vaults (Including Branches).........
999,132.80
Other Real Estate Owned........................................
1,467,637.01
Customers' Liability under Letters of Credit
123,679.11
and Acceptances...................................................
Earned Interest Receivable......................................
340,647.89
Other Resources.........................................................________530,174.76
Of Los Angeles, Cal., January 1st, 1891.
RESOURCES.
Mortgage, loans and bills............... $130,960 00
Due from banks................................ 17,951 7*
Premiums paid ...............................
99 00
Furniture and fixtures.....................
80780
Expenses and taxes paid.................
79) 18
Cash on hand.................................
15,634 80
$166,248 56
L IA B IL IT IE S .
Capital paid u p ............................... $126,000 00
1,515 53
Undivided profits ..........................
Certified checks................................
129 24
Due depositors.................................. 38,60379
(3eal)
$166,248 56
The State of California.County of Los Ange*
les. We do solemnly swear that we have (and
each o f us has) a personal knowledge of the
matters confained in the foregoing state
ment, and that every allegation and state
ment therein contained is true to the best of
our knowledge aDd belief.
T. S. C. LO WE, Piesident.
F. D. HALL; Assistant Cashier.
TO TA L................................................................
$131,538,826.41
LI ABI LI TI ES
Subscribed and sworn to before me, this
3rd day of January, 1891.
(Seal)
FRANK M. KELSEY,
1-5 10
Notary P u b lic.
Capital Stock.......................................$5,000,000.00
Surplus................................................. 3,200,000.00
Undivided Profits............................... 1,150,000.00 $ 9,350,000.00
Reserves for Interest, Taxes, Contingencies, Etc.. .
966,399.85
Letters of Credit and Liability as Acceptor or
Endorser on Acceptances & Foreign B ills...........
140,293.26
Other Liabilities..........................................................
10,620.72
Deposits.......................................................................
121,071,512.58
TO TA \................................................................... $131,538,826.41
CITIZENS N TIO A
A NL
TRUST AND SAVINGS BANK
OF
LOS ANGELES
MEMBER
FEDERAL
RESERVE
SYSTEM
AND
FEDERAL
DEPOSIT
INSURANCE
CORPORATION
Volume 149
ONE HUNDRED
—The Commercial
Financial Chronicle
—
YE A R S OLD
2755
Complete Services
for
Financing
Imports and Exports
from and to
Italy
and everywhere
BANCO
d i
NAPO LI T R U S T C O M P A N Y
O F
N E W
Y O R K
M E M B E R F E D E R A L D E P O S IT IN S U R A N C E
A Century of Achievement
( C o n t in u e d f r o m p a g e
2750)
render the “ Merchants’ Magazine and Commercial
Review” (this more lengthy title appears to have
been used more or less interchangeably with the
shorter title the, “ Merchants’ Magazine” ) a stand
ard work on the subjects to which it will be devoted,
so that it may be referred to with certainty and
confidence, for counsel and direction in the various
questions arising in commercial affairs. Currency,
exchanges, banking, commercial and marine law,
partnerships, agencies and statistical information,
commercial and manufacturing, will have onr
special attention, as well as the domestic trade of
the United States; and we are happy at being
enabled to say, with confidence, that we have
secured able and talented assistance in the various
departments of our work, and the whole will be
under our immediate supervision.”
C O R P O R A T IO N
Thus and in these circumstances the enterprise
which today publishes the weekly “ Commercial &
Financial Chronicle” and its numerous allied vol
umes at less frequent intervals was launched. What
a different world this was!' How vastly different,
and in some respects more difficult, were the prob
lems an editor had to face! For us who take the
automobile moving on a vast network of improved
roads, the airplane, the telegraph and cable, the
wireless, and a thousand and one other instruments
and devices for granted, to say nothing of modern
railroads, steamships, automatic machinery of a
thousand varieties, new products from the labora
tories of the past century, but particularly of the
past two or three decades, almost endless sources
of information concerning all these things, it will
be informative to pause for a few moments at this
point and consider what the United States, and the
world, for that matter, was like in 1839.
The United States in 1839
The thoughtful reader need not go further than
the files of the “ Merchants’ Magazine” for an excel
lent bird’s-eye view of this country a hundred years
ago. Freeman Hunt felt great and quite justifiable
pride in the progress this country had made in the
half century that preceded the founding of the pub
lication which was to become his monument. He
said in introducing his magazine that “ essentially
and practically a trading people, the commerce of
the United States has been pushed, by the enterprise
of her citizens, to every part of the habitable globe—her ships penetrate every ocean, and her canvas
whitens every sea, bringing home the varied pro
ductions of every soil and climate, and while re
warding individual enterprise and exertion, adding
to the storehouse of general knowledge, and increas
ing the prosperity of the country.” Progress cer
tainly had been noteworthy. Charles F. Adams,
writing in the very first issue of “Hunt’s” was able
to introduce an article on “ The State of the Cur
rency” with the following summary statement:
“ It is now half a century since the great impulse
given by the organization of an efficient system of
general government to the commercial energies of
the United States was first communicated. The
period of time which has elapsed has been full of
important public events; many of them by no means
favorable to the full development of our prosperity.
There have been wars, embargoes, a depreciated
paper currency, and an irregular national policy,
to contend with, in almost every country with which
we have had relations, as well as in our own. Yet
notwithstanding all these obstacles the progress of
the United States, as a commercial Nation, has been
almost uniform. The exports of the country, which
in 1790 hardly equaled in value the sum of $20,000,000, have gone on increasing until they now
amount to $100,000,000 annually. Our population,
which at the former date scarcely numbered
4,000,000 souls, cannot at the present moment be
estimated below 16,000,000; while the wealth of the
community, if it can be at all measured by the
amount of currency it sets in motion, must be
allowed to have enlarged even in a greater propor
tion still.”
(.Continued on page 2756 )
ONE HUNDRED The Commercial & Financial Chronicle Y EAR S OLD Nov. 4, 1939
2756
—
—
Pennsylvania Water Power Company
H y d r o -S t e a m - E l t c t r i c D e v e l o p m e n t o f P e n n s y lv a n ia
W a t e r & P o w e r C o . o n S u s q u e h a n n a R i v e r a t .H o l t w o o d , P a .
Generates electricity by water power and steam at its develop
ment on the Susquehanna River at Holtwood, Pa.
Owns and operates a regional, high tension transmission net
work, geographically integrated with public utility systems in terri
tory adjacent to its plants, and heavily interconnected by transmission
lines with major utility groups on Atlantic Seaboard.
Sells entire output in bulk to public utilities in Lancaster, York
and Coatesville, Pa., and Baltimore, Md. and, on a regional basis
to Pennsylvania Railroad for operation of important sections of its
electrified freight and passenger lines.
Began operation in 1910.
dividend was paid in 1914.
Unbroken dividend record since first
Pennsylvania Water G Power Company
sf
HOLTWOOD, PA.
A Century of Achievement
( C o n tin u e d ,
fr o m p a g e 2 7
54)
Yet it must be admitted that sucli statements as
these, and many more with which the early issues
of “ Hunt’s” are crowded, while without question
establishing the fact of great progress achieved,
serve also to impress the modern mind most forcibly
with the fact that there was an almost incredible
amount of work still to be done before the world
began even to approach the appearance to which
we are accustomed— and to the professional jour
nalist at least reveal in a striking way the difficul
ties with which those early publishers and editors
were obliged to contend. Turn first to the vital
matter of transportation and intercommunication.
Railroads had appeared in this country about a
decade prior to the appearance of the first issue of
“ Hunt’s,” and had been steadily if not rapidly pro
gressing and improving. They had by 1839 reached
a stage to cause the generation of that day to swell
their chests with pride, and to enable the more for
ward-looking to envisage something of what they
were destined to do for the country. But judged
by 1939 standards what railroads they still were!'
Railroads in 1839
An early issue of “Hunt’s” carried a leading
article entitled “Railroads of the United States.”
As was the custom of the magazine, an obviously
well-informed writer was chosen for the task, and
space was not withheld from him. In the belief
that this exposition at once most admirably por
trays the enterprising spirit of that day and most
informingly reveals what transportation and travel
were like, we extract certain extraordinarily inter
esting passages from it herewith:
“ Were it to be asked,” the author begins, “ what
is the most distinguishing feature which marks our
Republic, a ready answer might be given: it is the
productive enterprise of the people. Within the
period of a little more than half a century of selfgovernment, what monuments has it erected around
us T We have indeed no gorgeous temples and
gigantic pyramids, no crumbling halls of paintings
and statues dim with age, the work of our own
hands, no catacombs, the burial places of kings, the
date of whose erection is lost in the lapse of ages,
and through whose winding labyrinths the hyena
prowls and the bat flits in the darkness. But we
have, under the fostering hand of the local govern
ments of our most important States and individual
enterprise, dug through plains, hills and solid
locks, in our long lines of canals and railroads,
works that have stamped upon the soil a lasting im
pression, which, if the Republic were swept away,
and all records of its existence blotted out forever,
would be viewed by posterity with the same wonder
with which we now gaze upon the moldering ruins
of Rome, the marble temples of the Acropolis, the
pyramids of Egypt, and the track of the Appian
Way.”
Then follows a lengthy account of the railroad
lines already operating or under construction,
together with the lines of future development either
already planned or certain to be chosen. These
latter have now long ago been realized and become
commonplace. The status of the development at
(Continued from page 2758 )
Volume 149
ONE HUNDRED
—The Commercial & Financial Chronicle—Y E A R S OLD
P
X UBLIC UTILITIES
are having their
ups and dow ns" you hear.
But in the "u p s and dow ns" of
2757
of public con cern , the price of
electricity to the people, stands
as a resounding "D O W N ".
costs and prices, the benefits are
, This "D O W N ", today the lowest
all in favor of the one interested
in history, is contributed to the
party uppermost in the minds of
people as an econom y of public-
private utility management: the
minded, experienced and reliable
consuming public.
private management. In this day
The "U P S " is the cost of opera
of soaring taxes and high living
tion, wages, materials, taxes, and
expenses, what else gives you so
barriers in duced by legislation.
many "extra values' 7 for the same
Despite this, the ultimate point
or less m oney?
The Commonwealth & Southern Corporation
MICHIGAN • ILLINOIS • INDIANA • OHIO • PENNSYLVANIA • ALABAM A
FLORIDA • GEORGIA • MISSISSIPPI • SO. CAROLINA
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
2758
—
—
IMPERIAL BANK
OF CANADA
HEAD OFFICE:
A . E. P h i p p s , President
TORONTO
H . T . Jaffray, General Manager
Branches throughout Canada; banking
connections and correspondents in all
commercial countries.
29 branch offices in the mining areas
of Northern Ontario and Quebec.
A Century of Achievement
( C o n tin u e d ,
fr o m
page
N am e and
TABLE OF THE P R IN C IP A L RAILW AYS IN OPERATION IN THE
U N ITED STATES IN 1840
W h en O pened—
C o urse—
L en g th
in M ile s
M a in e —
Bangor & Orono (1836)_________ From Bangor to Orono__________
10
................ ......................
10
Nashua & Lowell (1838)_________ Nashua to Lowell_______________
15
Total length in State.
N ew H a m p s h ire —
Total length in State
M a ssa ch u setts—
Quincy (1827)__________________ Quincy Quarries to Neponset River
Boston & Lowell (1835)_________Boston to Lowell________________
Andover & Wilmington (1836)___Andover to the Boston & Lowell
Railroad_____________________
Andover & Haverhill (1838)____ Andover to Haverhill____________
Boston & Providence (1835)-------Boston to Providence___________
Dedham Branch (1835)_________ Boston & Providence R R . to
Dedham_____________________
Taunton Branch (1836)_________ Boston & Providence R R . to
Taunton_____________________
Boston & Worcester (1835)_____ Boston to Worcester____________
Western R y. (1839)_____________ Worcester to Springfield
Worcester & Norwich (1839)____ Worcester to Norwich___________
Eastern R R . (1839)_____________ Boston to Newburyport________
Total length in State________________________________________
R h od e Island—
Providence & Stonington (1837).-Providence to Stonington_______
Total length in State________________________________________
C on n ecticu t—
Hartford & New Haven (1839)---- Hartford to New Haven________
Housatonic_____________________ Bridgeport to New M ilford______
Total length in State________________________________________
New Y ork—
'M ohawk & Hudson (1832)_______ Between the rivers Mohawk and
Hudson______________________
Saratoga & Schenectady (1832)---- Saratoga to Schenectady________
Rochester (1833)________________ Rochester to Carthage__________
Ithaca & Oswego (1 8 3 4 ).. ____ Ithaca to Oswego_______________
Rensselaer & Saratoga (1835)____Troy to Ballston________________
Utica & Schenectady (1836)_____ Utica to Schenectady____________
Buffalo & Niagara (1837)_______ Buffalo to Niagara Falls________
Harlem (1837)__________________ New York to Harlem.
Lockport & Niagara (1837)______ Lockport to Niagara Falls
Brooklyn & Jamaica (1837)_____ Brooklyn to Jamaica________
Auburn & Syracuse____________ Auburn to Syracuse_________
Catskill & Canajoharie__________ Catskill to Canajoharie______
Hudson & Berkshire_____________Hudson to the boundary of
Massachusetts____________
Tonawanda_____________________ Rochester to Attica_______
15
4
26
71
10
41
2
11
45
54
59
36
295 %
47
47
16
16
Total length in State________________________________________
Virginia—
C h esterfield ..._________________ Richmond to Chesterfield coal
mines________________________
Petersburg & Roanoke__________ Petersburg to Blakely on the
Roanoke_____________________
Winchester & Potom ac__________ Winchester to Harper’s Ferry____
Portsmouth & Roanoke__________ Portsmouth to Weldon_________
Richmond Fredericksburg &
Potomac______________________Richmond to Fredericksburg____
Manchester_____________________ Richmond to coal mines________
Total length in State________________________________________
86
30
34 X
40
59M
249 M
13
59
30
77)4
58
13
250)4
S o u t h C a r o lin a —
South Carolina R R . (1833)______ Charleston to Hamburg on the
Savannah____________________
Total length in State________________________________________
G e o r g ia —
Altamaha & Brunswick_________ Altamaha to Brunswick________
Total length in State_________________________________________
A la b a m a —
136
136
12
12
Tuscumbia & Decatur___________Mussel Shoals, Tennessee R iv e r ..
46
Total length in State_________________________________________
46
L o u is ia n a —
Pontchartrain (1831)____________ New Orleans to Lake Pontchartrain_________________________
Carrollton_______________________New Orleans to Carrollton______
Total length in State_______________________________
5
6
11
Lexington & Ohio_______________Lexington to Frankfort.
Frankfort & Louisville__________ Frankfort to Louisville-
29
50
Total length in State____________________________________
80
Total length (in miles) in United S ta tes... . . _____________....2 ,2 7 0
16
22
3
29
24)4
77
21
7
24
12
26
68
30
45
Total length in State________________________________________
Pennsylvania—
Columbia_______________________ Philadelphia to Columbia_______
Alleghany______________________ Hollidaysburg to Johnstown over
the Alleghanies_______________
Mauch Chunk (1828)___________ Mauch Chunk to the coal mines. .
Room Run______________________Mauch Chunk to the mines______
Mount Carbon (1830)___________ Mount Carbon to the mines_____
Schuylkill Valley________________Port Carbon to Tuscarora, with
numerous branches__________
Schuylkill_______________________________________________________
M ill Creek______________________ Port Carbon to Mill Creek______
Minehill & Schuylkill............................................................................
Pine Grove______________________Pine Grove to coal mines________
Little Schuylkill (1831)__________Port Clinton to Tamaqua_______
Lacka waxen____________________ Lackawaxen Canal to the river
128
Westchester (1832)______________Westchester to Columbia R R ____
Philadelphia & Trenton (1833)___Philadelphia to Trenton________
Philadelphia & Norristown (1837)-Philadelphia to Norristown_____
Central Rjr______________________Pottsville to Danville---------------Philadelphia & Reading_________ Philadelphia to Reading________
Philadelphia & Baltimore________ Philadelphia to Baltimore_______
-
Total length in State__________________________________
M aryland—
Baltimore & Ohio (1835)________ Completed to Harper’s Ferry,
with branches________________
Winchester______________________Harper’s Ferry to Winchester____
Baltimore & Port Deposit_______ Baltimore to Port Deposit______
Baltimore & Washington (1835)..Baltimore to Washington_______
Baltimore & Susquehanna (1837)-Baltimore to York______________
40
40
404)4
L en g th
in M ile s
C ourse—
K e n t u c k y —-
Total length in State________________________________________
New Jersey—
Camden & Amboy (1832)_______ Camden to Amboy______________
Paterson (1834)_________________ Paterson to Jersey City_________
New Jersey (1836)______________ Jersey City to New Brunswick___
Morris & Essex_________________ Morristown to Newark_________
Total length in State.
O pened—
Newcastle & Frenchtown (1 8 3 2 )..Newcastle to Frenchtown.
2756)
the time that the “ Merchants’ Magazine” was in its
infancy can, we believe, be best portrayed for the
present day reader by the following tabulation care
fully prepared by the author of the article in ques
tion and presented herewith:
N am e and
W hen
D e la w a r e —
61
16 H
31
20
82
36
5
5M
7fi
30
13
7
20
4
23
16)4
9
26 y
2
19
51)4
40)4
93
489
79
LIST OF THE OTHER RAILW AYS NOW IN PROGRESS IN THE
U N ITED STATES
N am e—
C ourse—
L en g th
in M ile s
New Ham pshire—
Haverhill & Exeter______________ Haverhill to Exeter______ ______
18
Newburyport & Portsmouth_____Newburyport to Portsmouth____
24
M assachusetts—
Old Colony______________________Taunton to New Bedford_______
20
Western_________________________Springfield to New York line____
63
C on n ecticu t—
Western________________________ Hartford to S p rin g fie ld ...._____
27
New Y o r k Long Island_____________________ Jamaica to Greenport___________
50
New York & Erie_______________ New York to Lake Erie__________ 505
Saratoga & Washington_________ Saratoga to Whitehall___________
41
New Jersey—
Elizabethtown & Belvidere______ Elizabethtown to Belvidere_____
60
Burlington & M ount H olly______ Burlington to Mount Holly_____
7
Pennsylvania—
Oxford__________________________ Columbia R R . to Port D ep osit..
38
Tioga___________________________ Chemung Canal to Tioga coal
mines________________________
40
V irginia—
Greensville & Roanoke___________________________________________
18
S outh C arolina—
Charleston & Cincinnati________ Charleston to C in c in n a t i........ 500
G eorgia—
Augusta & Athens_______________ Augusta to Athens______________ 100
Macon & Forsyth_______________ M acon to Forsyth______________
25
Central R R _____________________ Savannah to M acon____________
Alabama—
Montgomery & Chattahoochee__________________________________ _
90
Mississippi—
Mississippi R R __________________ Natchez to Canton________ _____ 150
K en tu cky—
Bowling Green & Barren River___Bowling Green to Barren R iv e r..
1H
O hio—
M ud River & Lake Erie_________ Dayton to Sandusky____________ 153
Sandusky & Monroeville_________Sandusky to Monroeville________
16
M ichigan—
Detroit & St. Joseph____________ Detroit to River St. Joseph_____ 200
200
Total length_________ ________________________________________ 2,346)4
(Continued on page 2760)
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD
—
Volume 149
—
2759
■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
How the Community Benefits
from Consolidated Edison’s
U l O I - D O U i t - i t - W H TAXES
See how New York’s share ($29,200,000 a year) helps to run the City
HE MONEY which your utility companies
pay out in taxes comes from the public
and goes back to the public to help maintain
the essential services o f government. It is a
substantial part of your regular bill for utility
service.
T
For the year 1938, our taxes were more
than $51,000,000, or nearly$l,000,000 a week
.. . not including the New York City Sales Tax
on the public’ s use o f utility service or pur
chase of appliances.
Of this tax bill o f $51,000,000, over 55%,
or $29,200,000, goes directly to the City of
New York. How this great sum contributes
to the welfare o f the community, you can
*
easily see from the familiar examples in the
illustrations above.*
In the past ten years our taxes have doubled
—a 100% increase! In the year 1929, taxes
took 11^ of every dollar that our customers
spent for electricity, gas or steam. In 1937,
this figure had risen to 210, and in 1938 to
more than 210.
But despite rising costs, the rates paid for
our service have continued to come down.
Successive reductions are saving our custo
mers in New York and Westchester about
$49,000,000 this year, compared with what
they would have paid at 1929 rates for their
present use o f electricity and gas.
On top o f the taxes that go to the City o f
New York, we also pay State, Federal
and other taxes at the rate o f more than
$419,000 a week— a total o f $21,800,000
a year.
Based on “ The City o f New York Budget fo r 1938 ”
mm m m mm i
i
M
t
State, Federal, and Other Taxes, Too!
i
■
m pm
y a
*n
a y
.
NEW YORK & QUEENS ELECTRIC U G H T & POWER COMPANY
• BROOKLYN EDISON COMPANY, INC. • WESTCHESTER U O H TIN G C O m Pa n
THE YONKERS ELECTRIC LIGHT & POWER COMPANY
• NEW YORK STEAM CORPORATION
i
2760
ONE HUNDRED—The Commercial & Financial Chronicle—Y EAR S OLD Nov. 4, 1939
A Century of Achievement
Q C o n tin u e d f r o m
r#
Visit tropic shores that gleam like gems against the blue
Caribbean. Each sunny port presents an endless chain of
absorbing interest— gayety, color, variety. Each hour aboard
your smart white American Flag liner is as delightful as
Great White Fleet hospitality, engaging company can make
it . . . with an outside, first class stateroom, outdoor pool
. . . a gay orchestra, sound movies and unrivalled menus.
* * * * E v e r y S a tu r d a y there’s a cruise from New York to
Costa Rica with 2 calls at Havana, and a visit to the Panama
Canal Zone (15 Days, $175 up). . . . E v e r y W e d n e s d a y a
cruise to Barranquilla and Cartagena, Colombia, S. A ., with
2 calls at Kingston, Jamaica, B. W . I., and a visit to the
Panama Canal Zone (15 Days, $175 up). . . . A l t e r n a t e S a tu r
d a y s , tours to the Highlands of Guatemala with calls at San
page
2753)
Some idea of the problem of travel or shipment
of goods over considerable distances by use of this
disjointed series of railroad lines will readily be
obtained from the following account (taken from
the same article) of certain lines ont of Boston in
the direction of New York City.
“ The first section of what we shall denominate
the Atlantic RE. line,” says the author, “ extends
from Boston to Norwich in the State of Connecticut,
and also from the former city to Stonington in the
same State. The line of the Boston & Worcester
RR. runs through a beautiful though broken coun
try, highly cultivated, although not remarkable for
its fertility, for the distance of 44 miles to the flour
ishing inland town of Worcester. Here it meets
the Norwich RR., that extends a distance of 5S
miles through a picturesque and broken territory,
enlivened by pleasant farm houses, a very large
number of manufacturing villages, which are upon
its immediate borders, and by numerous waterfalls,
which, from the speed of the cars, seem to glance
in the sun in continuous succession, like some scene
of enchantment. At Norwich the line unites with
steamboat navigation, and furnishes a rapid con
veyance to the city of New York. The other line
to which we have alluded as running from Boston
to Stonington combines like advantages, both on
account of the directness of the route to the steam
boat navigation of Long Island Sound, and from
the fact that it passes through some of the most
flourishing towns of Massachusetts, including
Dedham and Roxbury, to the manufacturing capital
of Rhode Island, the city of Providence. Its length
to that city is 47 miles, and it furnishes a certain
and safe mode of travel and transportation from
Boston to New York, through Long Island Sound,
which, of course, is always open to navigation, even
during the winter. From Stonington a most con
venient line of travel will be furnished by the Long
Island RR., 27 miles of which are now completed.
This track is laid out along the whole extent of that
island, and commencing at the South Ferry in
Brooklyn, will terminate at Greenport, upon the
shore of the Sound.”
Railroad Travel
Strange as it may sound to modern ears, the
railroads in 1S39 were subject to the same fears on
the part of the public as the airplane sometimes is
today. So much so that the author of the article
from which these citations have been taken felt it
necessary to give consideration to the safety of em
ploying railroads as means of travel. “ The next
consideration which naturally comes before the
tiago, Cuba, and Puerto Cortes, Honduras, with two weeks mind in measuring the advantages of railroads, com
exploring highlands of Guatemala all in the fare (26 days, pared with other means of transportation,” says
all expenses, $263 up). Ask about other services from New the author at one point, “ is their danger, contrasted
York, Philadelphia and New Orleans.
with other roads. To be driven along through
plains and valleys, sometimes within three inches
S lig h t ly h ig h e r W i n t e r f a r e s e ffe c t iv e D e c . 1 6
A p p l y a n y A u t h o r i z e d T ra v el A g e n t o r U n i t e d of jaggy points of rock, at the rate of 25 miles an
F r u i t C o m p a n y , P i e r 3 , N . R . , o r 6 3 2 F i f t h A v e . , hour (but more generally at the rate of 15 miles)
N . Y.
O f fi c e s a ls o i n C h ic a g o , N e w O r l e a n s , often verging near the borders of deep rivers or
P h ila d e lp h ia , B o s to n , a n d W a s h in g t o n , D . C .
steep ravines, by the power of strong engines, which,
if they should run off of their narrow track, would
be as unmanageable as the steed of Mazeppa, and
much more terrific in their struggles, is a matter,
{
•Continued on page 2762 )
149
ONE HUNDRED
—The Commercial & Financial Chronicle—Y EAR S OLD
2761
"W e are going straight
0
'N E might conclude, from hearing people
talk, that this country is built, that its opportunities
are gone, its resources exploited.
Not one word of that is true! U.G.I. believes, in its
particular field at least, that the job is far from finished.
Opportunities are limited only by fear and hesitation.
The future is bright for those who will not permit tem
porary inequities of taxation or restriction, temporary
business nose-dives to blind their eyes to these facts: We
five in a land that is under-populated, under-developed,
a land that needs look to no other land for raw materials
or markets. We live under a system o f government
established by our forefathers on the basis of equalitv.
Only in America do the masses constitute the major
markets for luxuries as well as necessities. We live with
people who are going places.
U. G. I. is going straight ahead. It has an under
taking— as binding as a written and sealed contract—
to reward its stockholders with reasonable earnings, its
customers with service, its employees with jobs, the
general public with the wide and far-flung benefits of
business well-managed, work well done. In a country
such as this, it is conservative to be progressive.
THE UNITED
COMPANY
GAS
IMPROVEMEN
Dedicated to Better Public Service Since
ONE HUNDRED The Commercial & Financial Chronicle Y EAR S OLD Nov. 4, 1939
2762
—
The forerunner of the present-day mail order houses
that so well supply the rural communities was the
peddler, whose visits, before and after the Civil War,
became an event in all rural communities.
A Century of Achievement
(iC o n t i n u e d
fro m
page
2760)
the danger of which is to be well weighed before
it is quietly submitted to; and in order to adjudge
the risk, we have only to compare it with that of
ordinary roads. The common roads, it is well
known, cannot be traveled without the chances of
accident, attended with injury. For example, the
common road is often rough, and filled with ob
stacles; the carriage to which the horse is attached
may break down or be upset; or the buckles and
straps which confine him may give way and affright
the animal; or the carriage, placed high upon its
axle, may be overturned. On the other hand, the
railroad cars, which in England ordinarily travel
25 miles an hour, and in this country 16 miles, are,
in the first place, perhaps more dangerous from this
very momentum. The boiler may explode, the car
run off its track, or a mischievous boy may place
an obstacle which will obstruct the passage of the
cars, or remove one of the bars; the train may crash
against the points of rock that constitute the walls
of its tunnels, or rush off one of the steep embank
ments which border it. Yet the engines, boiling
with ambition, and seemingly with rage, have no
latent passions like those of the frightened or mad
dened horse; the track is a level track, easily to be
coursed by the naked eye, for a long distance, and
the engines are usually provided with large shovels,
which throw off from the path any obstacle which
might oppose its progress. Besides, the engine at
full speed can be stopped, at the distance of 200
yards; and even were the cars demolished bv con
cussion. the train behind would, if it kept upon the
track, sustain only a temporary shock or delay.”
Transportation by water had of course made great
progress, but still left much to be desired. Extended
systems of canals had been constructed in the vari
ous States, and the natural waterways were assidu
ously plied with vessels many propelled by steam,
albeit by the relatively crude application of steam
power known and employed in that day. As to
trans-Atlantic travel the appearance of the first
issue of the “ Merchants’ Magazine” was contempo
raneous with the beginning of the use of steam. In
an article devoted to the history and the then exist
ing status of American steam navigation a writer in
the course of an article appearing in Hunt’s in 1841
at one point said:
—
“ Yet, notwithstanding the voyage of the boat of
Mr. Stevens around the coast, in 1807, and that of
the Savannah across the ocean, in 1817, the regular
and systematic navigation of the ocean was deemed,
at best, a doubtful experiment. Even scientific
mechanical philosophers, as late as the year 1838,
strove to demonstrate the entire impracticability of
the project. The crowning triumph of steam was
yet to be accomplished. On a vernal morning in the
month of April, the Sirius left a British port, and
was steered straight across the Atlantic, that steam
has contracted to the dimensions of a mill-pond.
Fifteen days afterwards, wreaths of curling smoke
were perceived moving along the sky above the Nar
rows, and passing up the bay, were found to pro
ceed from that steamer, bringing fresh news from
London. The Great Western, the Royal William,
the Liverpool, and the British Queen, followed close
upon its track. On the fourth of July, 1839, (a fit
ting day), a contract was signed between Mr.
Samuel Cunard and the British Admiralty, for the
transit of letters from Liverpool to Halifax, and a
short time afterwards, the Unicorn, succeeded by
the Britannia, the Caledonia, the Acadia, and the
Columbia, sailed into the port of Boston, bringing
tidings that the ocean thenceforward was to be a
short mail-road. Whereupon, the Royal Steam Navi
gation Company of Great Britain commenced the
hewing of the timbers for a line of steamships for
New Orleans, Mexico, and a part of the South Amer
ican coast; and our American ship-builders, having
completed a steamship for his majesty the Emperor
of Russia, and another for the Spanish government,
are preparing to lay the keels of four steam-vessels,
each to be of two thousand tons burden, and only
eight hundred horse power, two hundred greater
than the President. Kindled by the enterprises of
other nations, the slow-miving French, in the cause
of internal improvement, began to bestir themselves,
and will soon have a line of steam-packets between
New York and Havre. Steam had conquered the
ocean. It was thenceforward to be a ferry; not ‘the
ancient and accustomed ferry’ of the respected Gov
ernor Ogden, between Elizabethtown Point and New
York, but the modern and accustomed ferry between
New York and London!”
These then latest in steamships were, however,
obviously not of the modern variety as may well be
seen from the following note taken from Hunt’s
showing the time they consumed in crossing:
Passages of the Steam ]
Ships
“ We published in the ‘Merchants’ Magazine’ for
August, 1839, all the passages of the steam ships
( C o n tin u e d ,
on page
2764)
The “ Empire-Troy” was in 1850 the pride of the steam
ship line plying between New York and the now famous
industrial up-State city.
Volume 149
ONE HUNDRED
—The Commercial & Financial Chronicle YE A R S OLD
—
Felicitations to tne
C m e ia a d F a c l C r n le
o mrc l n in n ia h o ic
On the Occasion of Its Hundredth
Anniversary of Accomplishment
Public Service Corporation o f New Jersey
2763
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
2764
—
—
PA SSA G E S O F T H E L IV E R P O O L
T o N ew Y ork
Sailed
F eb . 6
A pr. 20
June 13
A u g. 1
Sept. 21
N o v . 16
Alexander Graham Bell, seated, inventor of the tele
phone, opens the first New York-to-Chicago line in
1892.
Arrived
Feb. 25
M ay 7
June 30
A u g. 18
O ct. 7
D e c. 5
T o L iv e r p o o lJ
Days
18H
16%
16 %
17
16
18%
Sailed
M ar. 9
M ay 18
July 6
A u g. 24
O ct. 19
D e c. 15
Arrived
M ar. 25
June 1
July 20
Sept. 8
N ov. 6
Days
16
14Ji
13 V,
a
14M
17J4
“ The Liverpool has 18 hours’ steaming farther to
go than either the Great Western or the British
Queen.
“ The passages to New York averaged 17 days and
four hours each. The longest was made in 18 days
and 12 hours, and the shortest in 16 days.
“ Those to Liverpool averaged 15 days and 16
hours. The shortest was made in 13 days and threequarters, and the longest in 17 days and 12 hours.
“ The fact of the matter is, however, that the vast
bulk of the transportation both of goods and pas
sengers was still done by the sailing vessels. How
speedily they crossed the ocean may be seen from
the following table appearing in the first issue of
Hunt’s :
Navigation
L iv e r p o o l P a c k e t s — A C o m p a r a t i v e T a b l e o f t h e P a s s a g e s o f t h e D i f f e r e n t
S h ip s o f t h e S e v e r a l L in e s o f L i v e r p o o l P a c k e t s
O LD L IN E P A C K E T
O u tw a r d P assa ges
A Century of Achievement
( C o n tin u e d fr o m
page
2762)
Great Western, Liverpool, and Royal William, show
ing the time of their departure from, and arrival at,
each port, beginning with April, 1838; we now give,
from Bennett’s ‘Herald’, all the passages of the
Great Western, British Queen, and Liverpool, for
the year 1839:
PASSAGES O F T H E G R E A T W E S T E R N
T o B r is t o l
T o N ew Y ork
Sailed
Jan. 28
M ar. 23
M ay IS
July 6
A ug. 24
O ct. 19
Arrived
Feb. 16
Apr. 14
M ay 31
July 22
Sept. 10
N ov. 2
Days
18
21%
13
15^
16H
14^
Sailed
Feb. 25
A pr. 22
June 13
A u g. 1
Sept. 21
N o v . 16
Arrived
M ar. 12
M ay 7
June 27
A ug. 13
O ct. 4
N o v . 30
Days
15
14^
12«
12M
13
13H
“ The passages from England average 16 days and
a half each, and the whole time occupied in making
six western passages was 99 days and a quarter.
The shortest was made in 13 days, and the longest
in 21 and a half.
“ The passages hence to Bristol averaged 13 days
and nine hours each. The longest was in 15 days,
and the shortest in 12 and a quarter. The six eastera passages were made in 80 days and 12 hours.
“ By two of the passages, passengers and des
patches reached Paris, by the way of England, on
the 15th day after leaving New York. They also
arrived in London and Liverpool on the 13tli day.
PASSAGES O F T H E B R IT IS H Q U E EN
T o P ortsm ou th
T o N ew Y ork
Sailed
July 12
Sept. 3
N ov. 3
Arrived
July 27
S ept. 20
N ov . 23
Daus
ay*
17
20 M
Sailed
Aug. 1
O ct. 1
D ec. 2
Arrived
Aug. 14
O ct. 15
D ec. 25
Days
18%
13«
22%
“ The shortest passage from England was made in
11 days and 21 hours; the longest in 20 days and
nine hours. The shortest passage hence was per
formed in 13 days and a half, and the longest in 22
and a half. If we calculate the time, however, when
she arrived off Portsmouth, the passage was made
in 21 days and 11 hours.
“ The western passage averaged 17 days and eight
hours each. Those made to the eastward, 16 days
and 11 hours.
“ On her first voyage she arrived here on the 27th
of July, discharged about 1,000 packages of goods,
besides baggage, reloaded cargo, took in 755 tons of
coal, stores for 113 passengers, and was ready for
sea on the 31st of the same month—four days’ work.
From 1st N o v . 1837 to 1st N o v . 1838
Sailed Arrived Days
England_________N o v . 1 N o v . 17
16
Orpheus_________ N o v . 16 D e c. 4
17
C a m b rid ge_____ D e c. 3 D e c. 22
19
O xford__________ D e c. 16 Jan. 4
19
N orth A m e rica ..J a n . 2 Jan. 27 25
27
Europe_____ ____ Jan. 16 Feb. 12
Colum bus______ F eb . 1 Feb. 26
25
South A m e rica ..F e b . 17 M ar. 7
18
England________ M ar. 3 M ar. 24
21
Orpheus________ M ar. 19 A p r. 9
21
C a m b rid ge_____ Apr.
2 A pr. 24
22
O xford__________A pr. 16 M ay 10
25
N orth A m e r ic a ..M a y 1 M a y 24
23
Europe_________ M a y 16 June 9
24
Colum bus______ June
2 June 20
18
South A m erica..Ju n e 16 July 7
21
England________ July
2 July 21
19
18
Orpheus________ July 19 A u g. 6
C a m b ridge_____ A ug.
1 A ug. 21
20
O xford_________ A u g. 20 Sept. 11
22
North A m erica..S ep t. 1 Sept. 27
26
Europe_________ Sept. 19 O ct. 15
26
C olum bus______ O ct.
1 O ct. 19
18
South A m e rica .-O ct. 20 N o v . 8
19
H o m ew a rd P assa ges
Sailed
England_______ D ec. 17
Orpheus_______ Jan. 2
C a m b rid g e____ Jan. 16
O xlord ________ .Feb. 1
N orth America..Feb. 16
Europe________ .M a r. 1
Colum bus_____ .M a r. 18
South A m erica.A pr. 3
England____ __ .A pr. 20
O rpheus.. . . . .M a y 2
C a m b rid ge___ .M a y 16
O xford________ June 2
N orth America..June 16
Europe________ .July 2
Colum bus_____ .July 19
South A m erica.A ug. 4
E n g la n d .. ___ -Aug. 20
Orpheus______ .Sept. 7
C a m b rid g e___ .Sept. 19
O xford________ .O ct. 8
N orth America..O ct. 22
Europe_____
. N o v . 12
C olum bus_____ .N o v . 20
South America .D e c. 8
Arrived Days
Jan. 25
39
M a r. 8
65
M ar. 5
48
M a r. 9
36
M ar. 19
31
Apr. 1
31
A p r. 16
29
M ay 2
29
M ay 11
20
M ay 30
28
26
June 11
32
July 4
39
July 25
A ug. 11
40
32
A ug. 20
32
Sept. 5
S e p t.22
33
O ct. 14
37
N ov. 1
43
N o v . 10
33
43
D e c. 4
47
D e c. 29
39
D e c. 29
32
Jan. 9
“Average passage out, a fraction over 21 days.
The shortest passage out is by the England, in 16
days; and the longest by the Europe, in 27 days.
“Average homeward time, 36 days. The shortest
passage homeward is by the England, in 20 days;
and the longest by the Orpheus, in 65 days. The
shortest average of the three voyages is by the Eng
land, both out and home.” (Similar data for other
lines follow in the original, but we omit them here,
since those given seem to serve the purpose in hand.)
Manufacturing in 1839
More effectively than statistical tables the follow
ing extracted from an article appearing in Hunt’s
(1811) five years after the magazine was begun
should show the general character and state of ad
vancement of American industry in those early
days:
“ The rapid improvement of the arts may help to
account for the reduction of price, as to many
articles of manufacture, and especially in some that
are usually ranked among the necessaries of life.
Shirtings, for instance, which cost, 30 years ago,
62 cents per yard, is now bought for 11 or 12 cents,
and equally as good.
“Hosiery is now made in the United States with
astonishing rapidity, by the aid of the power weav
ing loom, an American invention, which has not yet
been introduced into England. While; there, it is a
full day’s work to knit by hand two pairs of
drawers, a girl, here, at $2.50 per week, will make,
by the power-loom, 20 pairs in the same time. A
(iC o n t i n u e d
on page
2766)
ONE HUNDRED
—The Commercial & Financial Chronicle Y E A R S OLD
Volume 149
2765
—
Pacific Gas and Electric Company
SAN FRANCISCO, CALIFORNIA
The properties of the Company and its subsidiaries constitute an interconnected system,
located entirely within the State of California and operated by a single management. For more
than twenty-seven years operations have been subject to regulation by the California State Rail
road Commission.
The Company operates electric generating plants having an installed capacity of 1,676,902
horsepower and is one of the largest producers and distributors of electricity in the United States.
It also ranks among the major distributors of natural gas in the country. On June 30, 1939,
electric customers numbered 877,555, gas customers 614,295 and water and steam customers 12,112.
In the year ended June 30, 1939, 70.7% of operating revenues were derived from sales of electric
energy, 28.1% from sales of gas, and 1.2% from minor activities. The well diversified character
of the Company’s business tends to stabilize earnings and also to permit of economical operation.
SUMMARY OF CONSOLIDATED INCOME AND DIVIDENDS ON CAPITAL STOCKS
12 M o n t h s t o
J u n e 3 0 , 1939
12 M o n t h s t o
J u n e 30, 1938
Gross Revenue, including Miscellaneous Income .
.
.
.
.
.
$104,821,816
Operating Expenses, Taxes (except Federal income taxes) and Provision for
Depreciation,Insurance,Casualties,Uncollectible Accounts and Pensions 62,773,371
$101,502,327
Gross Income
.
.
.
.
.
.
.
.
.
.
Bond and Other Interest, Discount and Other Income Deductions
$ 42,048,445
12,305,541
$ 39,961,920
12,168,290
$ 29,742,904
4,633,442
$ 27,793,630
3,786,735
Net Income before Provision for Federal Income Tax
Provision for Federal Income Tax .
.
.
.
.
.
.
.
61,540,407
.
.
Net Income to Surplus
.
.
.
.
.
.
.
.
Dividends of Subsidiaries on Capital Stocks held by Public, etc.
.
$ 25,109,462
83,138
$ 24,006,895
245,868
Remainder— Applicable to Pacific Gas and Electric Company
Dividends on Preferred Stock
.
.
.
.
.
.
.
.
.
$ 25,026,324
7,809,159
$ 23,761,027
7,708,492
Remainder— Applicable to Common Stock
.
.
.
.
.
Number of Full Shares of Common Stock outstanding at end of period
Earned per Share of Common Stock
.
.
.
.
.
.
.
.
$ 17,217,165
6,261,270
$2.74
$ 16,052,535
6,261,270
$2.56
R E C O R D OF R E C E N T
G ross
O p e r a t in g
R evenue
Y ear E n ded
D e c . 31
1931
1932
1933
1934
1935
1936
1937
1938
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
San Francisco
San Francisco
J o h n P . C o g h l a n , San Francisco
W . W . C r o c k e k , San Francisco
P . M . D o w n i n g , San Francisco
James B . B lack ,
A l l e n L . C h ic k e b in g ,
S a le s o f
E le c t r ic ity
K .W . H .
S a le s o f
G as
C u b ic F e e t
N um ber o f
S to c k h o ld e r *
3,351,310,000
2,932,003,000
2,940,605,000
3,269,116,000
3,303,312,000
3,696,378,000
3,935,803,000
3,906,866,000
. $ 87,630,661
.
85,058,617
.
84,596,084
87,555,480
92,084,934
.
95,333,336
. 100,443,116
. 101,424,595
BOARD
GROWTH
29,431,022,000
34,594,302,000
39,802,857,000
41,074,683,000
48,686,774,000
53,439,510,000
59,531,331,000
62,477,013,000
84,705
95,483
96,824
96,225
92,670
90,263
92,704
95,985
OF D I R E C T O R S
New York,
San Francisco
H e r b e r t C F r e e m a n , New York
N o r m a n B . L i v e r m o r e , San Francisco
C h a s . K . M c I n t o s h , San Francisco
James F . F ogarty,
D . H . F oote,
San Francisco
San Francisco
H e n r y D . N i c h o l s , San Francisco
S i l a s H . P a l m e r , San Francisco
A . E m o r y W i s h o n , San Francisco
J ohn D . M cK e e ,
C . O . G . M il l e r ,
C o p i e s o f A n n u a l R e p o r t m a y h e o b ta in e d , o n a p p l i c a t i o n to D . H . F o o t e , V i c e - P r e s i d e n t a n d S e c r e t a r y - T r e a s u r e r ,
Z lt b M a r k e t S t r e e t , S a n F r a n c i s c o , C a l i f o r n i a
ONE HUNDRED The Commercial & F i n a n c i a l Chronicle—YE A R S OLD
2766
—
A Century of Achievement
(.C o n t in u e d , f r o m
page
2764)
piece, 28 inches in width, and one inch long, can be
knit in one minute, thus reducing the expense of
manufacturing this article one-tenth of the former
method by the hand-looms. The importance of this
improvement may be estimated from the fact that
the quantity of hosiery used in the United States is
valued at $2,500,000; and the stockings, woven shirts
and drawers, made in this country, at $500,000.
Hooks and Eyes is another illustration of the
progress of inventive industry. Thirty years ago,
the price was $1.50 per gross; now, the same quan
tity may be purchased, from 15 to 20 cents. At one
establishment in New Britain, Connecticut, 80,000
to 100,000 pairs per day are made and plated by a
galvanic battery, on the cold silver process. The
value of this article, consumed annually in the
United States, is estimated at $750,000.
“Horseshoes furnishes a similar proof of the bear
ing of the progress of inventions. An improved
kind of horseshoes, made at Troy, New York, for
some time past, is now sold at the price of only five
cents per pound, ready prepared, to be used in shoe
ing the animal. At a factory, recently erected, 50
tons of these are now turned out, per day; and, it
is believed, they can be made and sent to Europe
at as good a profit as is derived from American
clocks, which have handsomely remunerated the
exporter.
“ Leather—The improvement in the manufacture
and making up this article, has also greatly reduced
the price of shoes. By further inventions to render
leather water-proof, likewise, much has been done
to protect the health, and promote economy. ‘Those
who have not turned their attention to this subject,
may be surprised to learn that leather, made water
proof in the best manner, will last at least one-third
longer than other kinds.’ Allowing, therefore, $3
per head for each person in the United States, for
N o v . 4, 1939
shoes, the cost of the whole article in the country
would be $50,000,000, one-third of which, sold, would
be over $16,000,000.
“Sugar—By a process of sugar-making, invented
by Professor Mapes, at the sugar-works of Messrs.
Tyler and Mapes, 15,000 to 20,000 pounds of sugar
are manufactured per day, from common West India
molasses, and generally of a quality superior to that
made from the cane in Louisiana. Molasses, which
has become sour, is often used for this purpose with
good effect.
“Pins—The progress made in the United States,
in the manufacture of this article of universal use,
within a few years, is truly astonishing. A manu
factory, near Derby, Connecticut, has a contrivance
for sticking pins in paper which is quite marvellous.
It takes, in England, 60 females to stick in one day,
by sunlight, 90 packs, consisting of 302,460 pins.
The same operation is performed here, in the same
time, by one woman. Her sole occupation is to pour
them, a gallon at a time, into a hopper, from whence
they come out all neatly arranged upon their several
papers. The mechanism, by which the labor of 59
persons is daily saved, yet remains a mystery to all
but the inventor; and no person, but the single
woman who attends to it, is, upon any pretext what
ever, allowed to enter the room where it operates.”
Morse invented the magnetic telegraph in 1832,
but it was not until 1844 that it was publicly oper
ated, and it was not until 1846 that Hunt’s was able
to present the following table of its extension in the
United States.
E XT E N SIO N OF THE M A G N E TIC TELEGRAPH
From New York to New Haven, Hartford, Springfield and Boston___
From New York to Albany, Utica, Auburn, Syracuse, Rochester,
Lockport and Buffalo____________________________________________
From New York to Philadelphia, Baltimore and Washington_______
From Philadelphia to Harrisburg___________________________________
From Boston to Lowell__________
From Boston to Portland (110 miles— half finished)_________________
From Ithaca to Auburn____________________________________________
From Troy to Saratoga___ _________________
M ile s
265
507
240
105
20
55
40
31
Two decades and more were to pass before the
first Transatlantic cable became a reality.
(C o n tin u e d o n p a g e
2768)
One of the greatest events in the development of American commerce and transportation was the union of
the Union Pacific and the Central Pacific railroads, which took place May 10, 1869. Leland Stanford and
others who forever will be remembered in the development of transportation, took part in the ceremony of
the driving of the golden spike which gave a clear road to the Iron Horse from the Atlantic to the Pacific.
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
—
—
2767
POWER
F o r th e F A R M
Electrically !
jyTILLIO N S of visitors to the New York World’s Fair saw the
model electrified farm erected by the electric utilities. This
exhibit typified the work that has been done by the electrical industry
to bring electricity to the farms.
To visit all the 145,450 rural customers served by the affiliated com
panies in the American Gas and Electric system would make it
necessary to traverse the 16,031 miles of rural distribution lines that
we have constructed. For many years the line crews of the affiliated
companies have been busily engaged in extending service to these
rural customers. Rural folks receive a service equal to that enjoyed
by city dwellers. The rates are the same as those paid by customers
in the largest communities. The only difference is that the farmer
agrees to take a minimum amount of electricity. Our city customers
will commend this policy of low rates for farmers, realizing that an
efficient, prosperous countryside is the surest guarantee of busy
industry and prosperity in the cities.
AMERICAN GAS & ELECTRIC SERVICE CORP.
Principal Affiliates
Appalachian Electric Power
Company
Atlantic City Electric Company
Indiana & Michigan Electric
Company
Indiana General Service Company
Kentucky and West Virginia
Power Company, Inc.
Kingsport Utilities, Incorporated
The Ohio Power Company
The Scranton Electric Company
Wheeling Electric Company
ONE HUNDRED
—The Commercial & Financial Chronicle— Y EAR S OLD
2768
A Century of Achievement
(C o n tin u e d fr o m
page
For
2766)
STATE M E N T OF AM OU N T OF STOCKS AN D BONDS ISSUED AND
AU THORIZED TO BE ISSUED B Y THE SEVERAL STATES,
G IV IN G Y E A R IN W H ICH EACH STATE COM M EN CED
ISSUING STOCK, THE OBJECT FOR W H ICH ISSUED AND
THE RATE OF IN TEREST
W h a t O b je c t I s s u e d —
A m o u n t fo r
E a c h O b je c t
T otal------------------------------------------------------------
$554,976
Total------------------------------------------------------------
T otal________________________
P e n n s y lv a n ia (1 8 2 1 )—
$4,200,000
5, 5J£, 6
6
5
5
43^, 5
5
5
5
$18,262,406
$16,576,527
4,964,484
2,595,992
3,166,787
Total________________
5
5
5
5
$27,306,790
M a r y l a n d (1 8 2 4 )—
Medical University____
Penitentiary__________
Tobacco inspection____
For railroads__________
For canals____________
Washington Monument
Expense of riots_______
$30,000
97,947
78,000
5,500,000
5,700,000
10,000
77,033
5
5
5
5, 6
5, 6
5
5
$11,492,980
V i r g i n i a (1 8 2 0 )—
For
For
For
For
For
canals and river navigation.
railroads__________________
turnpikes__________________
revolutionary debt________
war debt of 1814__________
Total_____________________
S o u t h C a r o l i n a (1820) —
Public improvements___________
T o Mrs. Randolph______________
Cincinnati & Charleston Railroad.
To rebuild Charleston__________
Revolutionary debt_____________
Total______________________
A l a b a m a (1 8 2 3 )—
3,835,3501 5,
2,128,900 5,
354,800 5,
24,039
319,000
5 'A ,
5 A .
5 A ,
6
7
.-$8,662,089
$1,550,000
10,000
2.000,000
2,000,000
193,770
5, 6
6
5
5
3
$5,753,770
For banking________
For railroads_______
$7,800,000
3,000,000
Total__________
5
5
$10,800,000
L o u i s i a n a (1 8 2 4 )—
For banking_____________
For railroads_____________
New Orleans Draining Co.
Heirs of Jefferson________
Charity Hospital_________
State House_____________
$22,950,000
500,000
50,000
10,000
125,000
100,000
Total________________
5
6
5
6
5
5
$23,735,000
T e n n e s s e e (1 8 3 3 )—
$3,000,000
118,166
3,730,000
300,000
For banking___________
For turnpikes__________
Railroads and turnpikes.
Improving rivers______
5, 6
5, 6
5
5
$7,148,166
T otal_____________
K e n t u c k y (1 8 3 4 )—
For banking__________________
Improving rivers by locks, &c_.
Turnpike and M ac Adam roads
Railroads_____________________
Total____________________
O h i o (1 8 2 5 )—
$2,000,000
2,169,000
2,400,000
350,000
5
5
5
5
$7,369,000
For canals______
$6,101,000
T otal______
$6,101,000
For banking______________
For canals________________
For railroads_____________
M e Adam turnpike-----------River navigation--------------
$1,390,000
6,700,000
2,600,000
1,150,000
50,000
Total________________
6
5
5
5
5
5
$11,800,000
5
$4,200,000
$548,000
11,968,674
800,000
3,787,700
10,000
586,532
561,500
For canals_______________
For railroads_____________
For turnpikes and bridges.
Miscellaneous____________
I n d i a n a (1 8 3 2 )—
$554,976
Loans to railroads_______________________________
For canals________________________
For canals________________________
Loan to Hudson & Delaware Canal.
Loans to railroads_________________
To river navigation_______________
General funded debt______________
Astor stock_______________________
R a te
P er Cent
M a in e (1 8 3 0 )—
Ins. hospitals, primary schools, bounty on wheat
and general expenditures____________________
M a s s a c h u s e t t s (1 8 3 7 )—
R a le
P er Cent
N e w Y o r k (1 8 2 3 )—
The extent to which the various States had in
debted themselves and the variety of purposes for
which these obligations were incurred, matters
which were of considerable concern during the first
few years of the life of the “ Merchants’ Magazine” ,
may be observed from the following, which has been
excerpted from an article, “ Debts of the Several
States” , appearing in the second issue of “ Hunt’s” :
“ In May, 1938, after the passage of the General
Banking law, authorizing the Comptroller to issue
circulating bank notes, on a pledge of the evidences
of public debt of the several States, Mr. Flagg sent
a circular to the financial officer of each State,
soliciting information in regard to the amount of
stock created, the rate of interest and when payable,
the mode of transferring the stock, whether specific
funds were pledged for the payment of interest, and
whether the interest in all cases was paid by the
State. Full answers were received to these in
quiries, except in two or three cases. And the
amount of stock actually issued, previous to the
time of giving the information (say June, 1838),
was stated in the Comptroller’s annual report of
1839, page 89, at $23,703,750.11.
“ The following tables show the total amount of
stock issued, and authorized to be issued, by each
of the 18 States which have resorted to this mode
of raising money. Where the returns from the
financial officer did not afford all the information
which was desired, the State laws have been ex
amined to ascertain the extent of the authorized
loans. The operations of many of the States have
been so extensive and varied that it is not an easy
matter to get at the precise amount of stock issued
and authorized to be issued. It is probable, how
ever, that the aggregate amount of stock authorized
by all the States is even greater than the amount
stated in the tables” :
For
W h a t O b je c t I s s u e d —
N ov . 4, 1939
A m o u n t fo r
E a c h O b je c t
I l l i n o i s (1 8 3 1 )—
banking______________
railroads_____________
canals________________
payment of State debt
river navigation, &c_ _
$3,000,000
7,400,000
500,000
100,000
600,000
Total________________
For
For
For
For
For
$11,600,000
M is s o u r i (1 8 3 7 )—
For banking________
$2,500,000
T otal__________
6
6
6
6
6
$2,500,000
M is s is s ip p i (1831)-—
$7,000,000
For banking__________
5
5
$7,000,000
Total_____________
A r k a n s a s (1 8 3 6 )—
For banking_________
$3,000,000
Total___________
$3,000,000
5
M i c h i g a n (1 8 3 6 )— •
Controversy with Ohio___________________________
Internal improvements___________________________
Loaned to railroads_______________________________
State Penitentiary________________________________
University_______________________________________
A meeting of historical significance. Cyrus Field,
standing second from right, at a meeting of the men
who financed him in the laying of the Atlantic Cable,
including Moses Taylor, President of the City Bank,
Peter Cooper, David Dudley Field, Samuel F. B. Morse,
who painted this picture, Marshall O. Roberts, Wilson
G. Hunt, and others.
$100,000
5,000,000
120,000
20,000
100,000
T otal________________________________________
$5,340,000
Whole amount_______________________________ $170,806,179
I f to the above be added the amount deposited by
the United States in the treasuries o f the several
States for safe keeping_________________________ 28,101,644
It makes the aggregate debt o f all the States,
existing and authorized______________________ $198,907,824
(Continued on page 2270 )
6
6
6
6
6
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle Y EAR S OLD
—
—
The story of modern dairy industry reads like a busi
ness romance. Through the wholehearted cooperation
of the great dairy industry and the millions of dairy
farmers, there have been achieved:
» • a system of processing and distributing dairy products
which is acknowledged by all as the best in the world.
> • a consistent improvement in the purity and goodness
of milk and milk products.
» • an effective sales promotion program which by main
taining milk and milk product consumption has con
tributed to the health of the nation.
H E R E ’S T H E
accomplishments, milk has proved to
be a more stable source of farm
income.
RECORD:
In the aggregate, consumption of milk
and milk products, per person, has
shown a larger increase in recent
years than any other major food—
with one exception.
Today milk and milk products form
more than one-quarter of all the food
consumed by the nation's 30 million
families.
Since 1930, milk production has
been maintained at relatively higher
levels than other major farm com
modities. Despite that increased
volume, the prices farmers have re
ceived for milk have been compara
tively higher than those they have
averaged for other major farm com
modities . . . and through these two
★
★
★
These achievements are a tribute
to the efficiency with which milk
and dairy product companies have
processed and merchandised their
products.
National Dairy Products Corpora
tion is proud to have shared the
leadership in this forward march of
the dairy industry. We pledge our
efforts to seek still greater consump
tion of milk and milk products . . . in
order to increase farm income, which
is so important in our economic sys
tem . . . and in order to build a
sturdier, healthier people, which is
the real wealth of our nation.
NATIONAL DAIRY PRODUCTS CORP.
75 E. 4 5 t h STREET
N EW
11939
Y O R K
C IT Y
2769
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD Nov. 4, 1939
2770
One of the early railroad trains passing one of the
buildings of the Mechanics Bank in New York.
A Century of Achievement
(C o n tin u e d fr o m
page
2768)
A cro ss T h re e D ecad es
It was into such a world that Freeman Hunt in
July, 1839, launched his “Merchants’ Magazine.”
About two years had elapsed since the “ Panic of
1837,” with its suspension of specie payments, and
all the rest. The fiscal position of the Federal Gov
ernment was an unenviable one. Since the main
source of revenue at that time was customs receipts,
the tariff question was already to the fore, and was
destined to be debated heatedly until 1842, when a
distinctly protective tariff was enacted as a result
of the support the protectionists were able to mar
shal in the name of the needs of the Treasury. Pro
posals for the establishment of a new National bank
to take the place of the one Jackson had succeeded
in destroying, the so-called “ independent Treasury”
system, fears of repudiation on the part of the
States of some of their over-extended debt, Treas
ury borrowing, and the various developments which
gradually through the few years immediately subse
quent to 1839 restored the country to a state of
prosperity and progress were the main topics of the
day. To all such questions as these, as well as to
the ordinary course of business events from month
to month the early issues of “ Hunt’s” were largely
devoted. Articles obviously the result of careful
inquiry dealing with all manner of subjects of con
cern to the business man in almost every branch
featured the magazine from the beginning. Labori
ously compiled tabulations appear bringing together
vast amounts of information not otherwise avail
able to the general public. Reports on the course of
industry, trade, agriculture and finance begin with
the first issue. Banking, both as to its then exist
ing status, and as to the nature of its proper func
tions and practice, early received special attention.
Foreign trade with all parts of the world was a
source of great pride to the editor. Thus from the
first the “ Merchants’ Magazine” became a store
house of information and enlightenment, as it has
remained today a source book for the economic
historian.
It was not very long after the “ Merchants’ Maga
zine” was founded that prosperity was fully re
stored, and a “ free trade” tariff enacted in 1846,
followed by still further reductions in duties in
1857. The Mexican War intervened, but was not of
long duration and did not interrupt the upward
course of general business. “ The period from 1846
to 1857,” says Davis Rich Dewey, financial historian
of the United States, “ was one of great industrial
prosperity. Besides the war with Mexico, with its
abnormal expenditures, business and public finance
were affected by the discovery of gold in California,
by the revolutionary disturbances on the Continent,
by the famine in Ireland, and by the extension of
railroads in the West. In 1845 the number of immi
grants to this country was 114,000; in 1947, 225,000;
and in each of the five years after 1849 it was more
than 350,000. More immigrants, in fact, came be
tween 1845 and 1855 than in the preceding 25 years.
The statistics of railroad construction also tell a
wonderful story; in 1846 there were about 5,000
miles in operation; but after 1848 the annual gain
in construction was over 1,000 miles until we come
to the war period of 1861. The famine in Ireland
not only sent out thousands of laborers, it also cre
ated a great demand for American wheat and, of
course, increased our purchasing power. An im
portant change was also made in commercial con
ditions by the reduction and abolition of import
duties in England which began in 1842. With the
removal of these duties and the rapid extension of
manufacturing industries in England there was a
great increase in exports (principally cotton and
food products) from the United States. The ad
dition of the large territory ceded by Mexico in
creased importations and hence the revenue, and the
extraordinary development in California had a
stimulating influence upon the whole Nation. The
country possessed resources only partially devel
oped, yet open to ready conquest through the appli
cation of railways and new machinery. It was in
deed, as Secretary Walker with glowing optimism
repeatedly affirmed in his annual reports, ‘a new
commercial era’.”
Thirty-seven Volumes
It was in early March, 1858, that Freeman Hunt
died. Upon the occasion of his death the magazine
that he had founded and developed undertook to
give an accounting of its labors. The history of the
first two decades of the “ Merchants’ Magagine” are
here given more thoroughly and more authorita
tively than any mere historian could hope to do.
We accordingly reproduce the larger part of it
herewith:
“ The 37 volumes of the work show at a glance
how rapidly its scope, tolerably broad at the start,
has widened with growing experience, and with the
growth of the Nation. No narrow spirit ever pre
sided over its pages; nor is there wanting another
quality, scarcely less important than clear insight,
a wise plan, or valuable matter; for without a care
ful arrangement and classification of subjects, a
work of this kind loses half its value, and is the
more confusing from the variety and richness of
its material. But by means of a rigid classification
the series of the ‘Merchants’ Magazine’ is made to
present, with something of the method of an encyclo
pedia, in leading articles and under appropriate
heads, Commercial History, Doctrine, and Opinion,
Mercantile Law, the monthly movement of Trade
and Finance, Marine Regulations, the Statistics of
Railroads, Canals, and Population, Banking and
Currency; in short, the trade of the country and
the age, discussed in its theory, developed in prae(C o n tin u e d o n p a g e
2772)
Volume 149
ONE HUN DRED—The Commercial < Financial Chronicle— YEARS OLD
?
The
General Foods fa m ily
2771
o f products
reports to its rea l boss:
the American Family
J eR APS you don’t know us by our
T H
family name—General Foods.
But you undoubtedly do know some
of the products that make up our family.
Maybe you had Post Toasties and Max
well House Coffee for breakfast, this
morning. Maybe you had a Birds Eye
dinner, and a cake made with Swans
Down Cake Flour, last night.
Anyway, our success depends upon
you. We can continue to progress only
if you continue to buy our products.
We’d like you to know more about us.
a pound. Today it costs you about 38<t a
pound.
Nor is General Foods resting on its
oars. In its laboratories, researchers are
working to find new ways of improving
General Foods products—new ways to
make them still easier to use—new ways
to help you save more food-dollars in
the family budget.
Each year our Consumer Service sup
plies millions of housewives with
recipes.
W h a t W e ’re Doing fo r O u r Em ployes
W h a t W e ’re Doing fo r th e Consum er
It is our policy in our plants and offices
to pay wages as good as, or better than,
those prevailing for similar work under
similar conditions in communities in
which we operate. We have set up vari
ous plans to help our employes. For in
stance, our co-operative retirement plan
helps protect them against economic
dependence in their old age. Special
retirement allowances do the same for
those too old to be eligible for this plan.
Group life insurance gives protection
to an employe’s dependents, in case he
dies. A benefit plan gives protection
against loss of income during accident
and sickness. A termination allowance
plan helps tide employes and their
families over, when employment is dis
continued. And avacation plan provides
rest and recreation—with pay.
Since 1932 the number of our em
ployes has increased 54%.
Since 1929, nearly every product of
General Foods has been improved in
some way: For instance, you now pre
pare a Jell-O dessert in half the time it
used to take; Minute Tapioca cooks in
five minutes instead of fifteen.
And while quality was going up, our
prices were coming down. For example,
Sanka Coffee, when it joined the General
Foods family in 1928, was priced at $1
Every third retail store in this country
sells food products. And nearly all of
these food stores—a total of approxi
mately 500,000—sell General Foods
products.
We believe these retailers are entitled
to a profit, and we have tried hard
to help them. We supply them with
This is W h a t W e A re
General Foods is a family of food prod
ucts. Most members of the G.F. family,
like Log Cabin Syrup, Postum, and
Grape-Nuts, have been household
friends for more than a generation.
These products were banded together
into General Foods because the busi
nesses that produced them felt that in
such union there was strength for the
workers who made the products, for the
people who had invested in them, and,
most of all, for you, the consumer. For
these businesses knew that if, by getting
together, they could conduct better re
search and effect economies in produc
ing, selling, and management, they in
turn could give you better values for
your money. Let’s see how it has worked
out.
W h a t W e ’re Doing fo r th e R etailer
quality products which have consumer
acceptance, and we continuously sup
port these products with vigorous ad
vertising and other merchandising
helps. Instead of selling just one prod
uct, nearly every one of our salesmen
sells our entire line and covers a small
territory thoroughly. In this way, we
save the dealer a lot of time. And be
cause our salesmen are better-trained,
the dealer gets more help from them.
He gets ideas on displaying and pro
moting his goods, and on being the
kind of merchant who can serve you
better.
W h a t W e ’re Doing fo r th e Investor
General Foods is literally owned by the
public.
Today, the company has 67,894 stock
holders, which means that, counting
their families, some 270,000 persons
share directly in General Foods divi
dends.
Since its formation, General Foods
has paid 71 consecutive dividends. On
an average, 80% of its annual net profits
has been paid as dividends; the re
mainder has been used principally for
expansion.
W h a t W e H ope to Do in th e Future
We want the farmers from whom we
buy to get a fair price for their produce.
We want the people who work for us
to get a good wage and considerate
treatment. We want the grocer to make
a profit from handling our goods. We
want the investors, who have entrusted
their money to us, to get a decent return
for their faith in us.
And finally, we want to give you, the
American Consumer, at the lowest pos
sible price, the best food products that
can be produced.
C o p y r ig h t , 1939, G e n e r a l F o o d s C o r p .
General Foods manufactures
and sells (l) many products
whi ch consumers buy
through retail stores; (2)
many products which are
consumed in restaurants,
hotels, hospitals, and other
institutions; and (3) many
products which are sold in
bulk to other manufacturers.
Among the General Foods
products which consumers
buy in retail stores are the
following:
Bluepoint O ysters
Calumet Ba k in g Powder
Certo
D ia m o n d Crystal Salt
D-Z erta
4 o-Fa t h o m Fish
Fr anklin Baker s Co co n u t
G rape-N uts
G rape-N uts Flakes
H uskies
I n st a n t Postum
Jell-O
Jell-O Freezing M ix
Jell-O I ce Cream Powder
Jell-O Puddings
K affee H ag
La France
Log Cabin Syrup
M axwell h ouse Coffee
M inute T apioca
p o s t -O
Post s 4 o % Br an Flakes
Post s W hole Br an
Shreds
Post T oasties
Cereal
Sa n k a Coffee
Sa t in a
Seafresh Fish
Sealshipt O ysters
SURE-jELL
Sw ans D o w n Cake Flour
W alter Baker s Chocolate
W alter Baker s Chocolate
Bars
W alter Baker s Co coa
po st u m
BIRDS EYE FROSTED FOODS—fruits—vegetables—meats—poultry—sea foods
"
ONE HUNDRED—The Commercial & Financial Chronicle—Y EAR S OLD
2772
A Century of Achievement
(C o n t i n u e d ,
fro m
page
2770)
tice, and journalized into books of lasting useful
ness for the library shelf and counting-house desk.
“ The rich field of Commercial Literature, in
which Mr. Hunt industriously worked, never wore
a more attractive aspect, never promised richer
results, than at the moment of his leaving it.
“ Since the ‘Merchants’ Magazine’ was established,
27 years ago, the population of the United States
has increased from 17,000,000 to 28,000,000, in
round numbers; its territory from 2,000,000 to
3,000,000 square miles; the coinage from $60,000,000
to nearly $600,000,000; the tonnage from 2,000,000
to 5,000,000 tons, making our mercantile marine the
largest in the world; ocean steam navigation, dur
ing this period, has come into existence; the electric
telegraph has come into existence; the entire terri
tory of the Union has been brought under organized
State or territorial government.; a reciprocal free
trade with the Canadas has been established; Eng
land has proclaimed freedom of trade and naviga
tion, and the United States has become for the first
time a regular grain-exporting Nation; some 60
ocean steam companies, not one of which, that we
are aware, existed 20 years ago, employing about
350 steamers, have been established in Europe and
America; California and Australian gold has built
up two great communities of our race on the Pacific
and at the Antipodes; and railroad enterprise has,
in this country, done in 20 years the work of 100.
Indeed, the growth of trade has been the con
trolling movement of the world in the present gen
eration, which all influences in politics and science
have united to push forward. Japan expeditions,
African explorations, gold discoveries, Chinese
wars, all have trade for their keynote. Science and
invention, which, until our day, devoted their most
brilliant discoveries and ingenious contrivances to
increasing the productiveness of industry, have done
more within the last 30 years than in all the cen
turies which went before, to multiply means of com
munication and transportation, facilities not for
production, but for the exchange of products; in
short, for the development, on the grandest scale,
of trade and commerce, by land and water, domestic
and foreign. The facts and figures we have briefly
noticed show plainly enough that the United States,
one of the first among producing nations, and cer
tainly the greatest of consumers, has felt the fullest
force of this commercial movement. And the
growth of our trade is not more striking than the
new directions it has taken, and the vehicles it
employs. Exports to the East go W est; the
morning newspaper reports in New York news by
telegraph of the arrival at New Olerans the day
before of a steamer from Havana, bringing news of
the arrival there of a steamer from Aspinwall, bring
ing news of the arrival at Panama of a steamer
which left San Francisco with $2,000,000 in gold
two weeks before. Such a paragraph in the first,
or in the one hundred and first, number of ‘Hunt’s
Merchants’ Magazine’ would have been simply unin
telligible. Where was Aspinwall? Where was the
gold? Where was ocean steam navigation, or the
electric telegraph, 20 years ago? Freight cars will
soon be fetching and carrying the goods of England
and China across this continent on a Pacific track,
and railroads bid fair to reassert, in our day, for
N ov.
4,
1939
land traffic, the importance which belonged to it in
early times, when hardly a tytlie of the carrying
of the world was done in ships.
Broad Policies
“ Nor has there been material growth alone.
Commerce has other and higher relations, which the
readers of ‘Hunt’s Merchants’ Magazine’ need not
be told—have never been lost sight of in these pages.
Never have the relations of trade to Morality and
Religion, Literature, Science, and Public Economy
been so fully recognized as of late years. The moral
responsibilities of the mercantile calling have be
come the frequent theme of the press, the pulpit,
and of public addresses. Poetry sees in the locomo
tive and telegraph realities transcending fiction.
The most popular novel of the day in Germany, of
which there are two English translations, is a story
of commercial life. It has come to be fully under
stood that literature, which should reflect life, must
be defective indeed if trade, which, on a larger or
lesser scale involves the interests of all, is lost
sight of. The censuses and annual reports of trade
published by the leading commercial nations were
never so full as now of material of the highest pub
lic interest, only requiring to be popularized and
made accessible in the pages of a ‘Merchants’ Maga
zine’. The old question, which yet is ever new, of
Protection and Free Trade, which is now in a
position to be discussed with more fairness and less
passion than ever before; the relations of Labor and
Capital; our Public Land Policy; the Factory Sys
tem ; the Condition of Seamen; Banking and Finan
cial Reform, and the lessons of times of crisis; the
questions of a National Paper Currency; the Credit
System and the Legal Sactions and Remedies for
debt; the law of Insolvency and Bankruptcy, and
the system of Assignments for the benefit of Credi
tors in its bearings upon trade; Stock Companies
and Corporations, and the law of Stock Transfers,
with reference to the protection of shareholders
against fraud; Railroad, Steamship and Telegraph
( C o n t in u e d o n p a g e
2774.)
The invention that revolutionised communication.
First practical telegraph instrument invented and used
by Samuel F. B. Morse.
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD
—
—
2773
orizons
. . . Industry is looking forward to new and better
products through synthetic organic chemistry.
By uniting carbon, hydrogen, oxygen, and other elements in
thousands o f combinations, Carbide and Carbon Chemicals
Corporation has developed and now produces over 150 syn
thetic organic chemicals. Once rare and costly chemical curi
osities with valuable properties have been made into important commercial
products. Among these are solvents for surface coatings or lacquers . . .
intermediates for making new products or for eliminating steps in present
syntheses . . . emulsifying agents for acidic or basic preparations . . . wetting
agents for textile, leather, or other aqueous processes . . . coupling agents for
rayon oils or dry-cleaning soaps . . . plasticizers for resins or printing inks . ..
anti-freeze compounds for automobile engines or brewery cooling systems
.. . and "Vinylite” resins for safety glass, plastic articles, or synthetic fibers.
In fact, Carbide and Carbon Chemicals Corporation has a synthetic organic
chemical for almost every industrial requirement.
In the past few years, over 60 new chemicals were introduced in antici
pation o f the future requirements o f industry. So new that no collective
name has as yet been found for them, they are called "Fine Chemicals”
and are already finding an ever-widening horizon of new uses. These syn
thetic organic chemicals are a few of the many new products which give
American Industry its dynamic character and its potentialities for creating
new markets and new industries.
Inquiries are cordially invited.
C arbi d e
and
Carbon Chemicals Co r po ra t io n
Unit of Union Carbide and Carbon Corporation
30 East 42nd Street
PRODUCERS
OF
|l|^^
SYNTHETIC
New York, N. Y.
ORGANI C
The word Vinylite” is a registered trade-mark of Carbide and Carbon Chemicals Corporation.
CHEMI CAL S
2774
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
—
—
A Century of Achievement
(iC o n t i n u e d
fro m
page 2772)
enterprise; the prospects and growth of our young
American cities; Marine Architecture, in reference
to the material, capacity and safety of ships; Insur
ance—its principles, practice and applicability to
all the risks of life; Immigration; Geographical ex
plorations, and the new openings for trade which
they disclose; Labor-saving Machinery— its actual
and possible applications, and its influence on
society, and the condition of the laboring classes;—
such are a few of the topics which invite the pen of
him who would illustrate, in its freshness and life,
the Commercial Literature of the day.
“ The sneer that merchants read nothing but their
day-books and ledgers loses all semblance of truth
and fades into shallowness before the brilliancy of
the names which, in every age, have adorned the
mercantile profession, and shows a poor apprecia
tion of the intelligence of a class which could pro
duce men like Gresham and Roscoe. In our day
when, under the influence of our Mercantile Library
Associations, a body of merchants is growing up,
partaking in a more than ordinary degree the gen
eral culture of the age, it is simply absurd. Our
younger merchants will find it hard to believe that
while almost every other science and profession,
while agriculture, the mechanic arts, law, medicine,
divinity, and even special industries, have long had
a representative in our periodical literature, com
merce had no ‘organ’ except the newspaper press,
until the ‘Merchants’ Magazine’ was established.
If such a work was needed 20 years ago, it is indis
pensable now.
“We may add that the facilities at command for
making ‘Hunt’s Merchants’ Magazine’ an adequate
exponent of commerce in all its immense develop
ments were never so great as now, and we feel that
it can be made to fill a place hitherto unoccupied
in our literature. With regular contributors, whose
names do honor to Letters and the Science of
Wealth, the magazine counts among its correspond
ents men of ability, themselves merchants, who find
welcome admission into its pages, and whose experi
ence and practical sagacity outweigh the merely
literary graces.”
For a brief period after the death of Mr. Hunt
the “Merchants’ Magazine” was published under the
proprietorship of George W. and John A. Wood.
During these years from May, 1858, until the spring
of 1861, it was under the editorial direction of
Thomas P. Kettell, an able writer long associated
with and greatly trusted and admired by Freeman
Hunt. It accordingly lost none of its standing; in
deed, continued to grow in influence and in the
service it rendered. General conditions favored its
further development. “ The depression of 1857,”
says the historian Davis Rich Dewey, “ was but tem
porary in its industrial effects; the development of
railroad construction and shipping was speedily
resumed; crops were abundant and prices remunera
tive.
The cotton crop of 1860 reached 4,675,770
bales, nearly a million bales more than in any previ
ous year; great gains had been made in the crops
of wheat, corn and other cereals; the production of
anthracite coal in Pennsylvania was nearly 800,000
tons greater than in any preceding year; the output
of pig iron was 913,000 tons, or 130,000 tons more
than the average of the six preceding years; exports,
including the precious metals, had reached the high
est point then known, $400,000,000 (of which $316,000,000 was domestic merchandise), or $43,000,000
more than in any other previous year. The consum
ing powers of the people had never been so high, as
was proved in particular by the unprecedented de
mand for sugar and tea; there was but little pauper
ism, and wealth on the whole was evenly distrib
uted. One hundred and seventy-nine thousand im
migrants landed in 1860, or 58,000 in excess of the
preceding year. The tonnage of American shipping
was greater than ever before or since (1928), and
two-thirds of our imports and exports were carried
in vessels having an American register.”
The Chronicle
The Civil War, although of course not fully fore
seen in all its stark tragedy, had begun by 1860 to
cast its shadow before it, and in 1861, when Mr. Ket
tell surrendered his editorship to Isaac Smith Ho
mans (whom Mr. Dana brought with him as co
editor for a short period) and William B. Dana,
the country was on the very verge of that devastating
four-year struggle. The war exacted an extraordi
narily heavy toll of the magazine, but reserves had
been laid aside for such contingencies, and it had
no great difficulty in surviving the storm. By late
1865 it was issuing larger and better numbers than
ever. But Mr. Dana had by that time formulated
and developed plans for entering the weekly field,
and in July, 1865, issued the first number of “ The
Commercial & Financial Chronicle” , into which, ac
cording to plan, he caused the “ Merchants’ Maga
zine” to be merged at the end of 1870. The “ Chron
icle” thus came into being at a time in our history
when extraordinarily difficult problems arising out
of the Civil War faced the country, but when,
viewed over a longer period, opportunity never
beckoned more plainly or more vigorously. Only
in retrospect is it possible to grasp the vision which
Mr. Dana must have been able to summon before
his eyes in 1865.
If astounding progress had been made during the
three decades of the life of the “ Merchants’ Maga
zine” , the accomplishments in the three-quarters of
a century since the “ Chronicle” was founded are
almost incredible. So far have we traveled during
this span of years, despite various forms of inepti
tude on the part of the politicians, and notwith
standing excesses and often recklessness in the
management of our industrial affairs, that the
present generation has great difficulty in envisag
ing the general state of affairs existing in 1865.
Yet the record is relatively complete. Only a com
paratively brief and cursory survey of the columns
of the “ Merchants’ Magazine” and the first issues
of the “ Chronicle” easily furnish the broad outlines
of the picture. The magnetic telegraph was in use,
but facilities existed in the form of largely dis
jointed segments and did not begin to cover the
country like a blanket as is the case today. It was
not until the second volume of the “ Chronicle” was
being published that it was able to report the com(Continued on page 2776 )
Volume 149
ONE HUNDRED
—The Commercial & Financial Chronicle YE A R S OLD
—
2775
A T H O U S A N D Y E A R S OF P R O G R E S S
/
-ue
a.
v
c a r c e l y
more than 40 years ago the first motor car
S chugged its way along a dusty highway. It was an un
comfortable ride, judged by today’s standards. Slow, noisy,
uncertain, it provided an ideal target for critics o f the day.
Yet, this modest ride was the start o f a new industry,
and one might say, a new civilization. Something great,
and new, and different began in the world that day. Since
then, as if by the touch o f a magic wand, the country roads
o f our nation have widened into great highways, automo
biles and trucks have displaced the horse and buggy, and
people everywhere have benefited.
Today, more than six million people directly and indi
rectly derive their livelihood from the automobile industry.
Today, more than twenty-six million American families
ride in a style unmatched by any other country in the world.
Today, with an annual production o f three to four mil
lion cars a year, automobile prices start at only a few hun
dred dollars as compared with thousands a few years ago.
H ow was this accomplished?
PLYMOUTH
Passenger and Commercial Cars
• DODGE
Modern manufacturing, engineering, and distribution meth
ods have played the largest part in making these almost
unbelievable benefits possible. Engineering research. New
machinery. Better distribution methods. Reduced costs. All
o f these have resulted in the quality vehicles o f today.
Chrysler Corporation is proud to have played a part in
developing this great industry. In the last fourteen years
Chrysler C orp o ra tio n has bu ilt and sold m ore than
7,000,000 Plymouth, Dodge, D e Soto, and Chrysler pas
senger cars and trucks. Through the engineering, manu
facturing and selling o f these products it has provided an
income, directly or indirectly, for more than 1,000,000
people.
Today, more than ever before, Chrysler Corporation is
constantly striving to improve its engineering, manufac
turing, and distribution methods in order to be better able
to continue to provide the maximum in quality trans
portation.
.
YOU GET THE GOOD THINGS FIRST .
FROM CHRYSLER CORPORATION
• D E SOTO
Passenger Cars and Trucks
C H R Y S L E R MA RINE AN D IN D U S T R I A L E N G IN E S • A IR T EM P — AIR C O N D I T I O N I N G
• CHRYSLER
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
—
2776
—
Local transportation was immeasurably improved by
the invention of Stephen Dudley Field, known as the
Father of the Trolley Car. His was the first elec
trically-propelled vehicle to run successfully. He
demonstrated his first trolley car at his home in Stockbridge, Mass., in 1880.
A Century of Achievement
C o n tin u e d
C
fro m
page
2774)
pletion of the first really successful laying of a
telegraphic cable across the Atlantic Ocean, and in
cidentally at once to call attention to the feasibility
of connecting then existing rather disjointed links
of telegraph lines to make possible the transmission
of messages around the entire globe, and to begin
within a very few weeks to publish reports cabled
from London on the previous day. Gas and elec
tricity in their modern applications were, of course,
unknown. More than a dozen years were to elapse
before Edison was to invent the incandescent lamp.
The country was to wait a decade before Bell in
vented the telephone. Three decades passed before
the first crude automobile appeared, and almost as
long before Edison’s motion picture machine was
presented to a startled world. Kerosene, even in its
earlier crude form, was hardly more than a novelty,
or at best a luxury available only to the very weal
thy. Railroad construction had been actively under
way for some years, and the consolidation move
ment which built large systems of transportation
for the convenience of the public had begun. So
also had the need of standardization of track and
equipment become apparent, and considerable prog
ress had been made in meeting this need. The East
and West coasts, however, had not yet been joined
bv railroad ties, and generally speaking railroad
transportation was still in its infancy. The gen
eral state of transportation then existing is aptly
depicted in the following account published in the
October, 1865, issue of the “ Merchants’ Magazine”
under the title “ The Great Continental Railroad” :
“ The visit to this country of a numerous party of
English capitalists who have already expended very
large sums in opening one of our most important
railways is an event of much interest. By many it
has been thought that their presence among us is in
part, at least, for the purpose of looking after the
interests of the road they have been so largely in
strumental in building. This line now forms one
great national highway, being a uniform gauge from
New York to the city of St. Louis, a distance of
nearly 1,200 miles; so that the car that receives
its freight in one city discharges it in the other.
“ The Erie, the Atlantic & Great Western, and the
Ohio & Mississippi are the three lines of which this
great line is composed. The middle link, extending
from the Erie to Cincinnati, is the one constructed
by Mr. McHenry and his associates. They had the
sagacity to see that a line forming the connections
it now does could not fail to participate in the ad
vantages enjoyed by the connecting links, while to
unite them would be a vast addition to their value
and importance as local works. The result has fully
justified the action, for both extremes are now earn
ing nearly three times as much per month as they
did previous to the completion of the Atlantic and
Great Western RR.
“ The Erie Railway is too well known to require
description.. The Atlantic and Great Western
leaves it at Salamanca Station, and proceeds by a
direct route to Cincinnati, a distance of about 350
miles. In its course it crosses and renders tribu
tary to it nearly all the important railroads of
Ohio, by which means it maintains intimate rela
tions with all the leading points in the West. At
Cincinnati commences the Ohio & Mississippi RR.,
extending thence to St. Louis, a distance of 340
miles. This is a work of first rate importance,
whether considered in reference to its local busi
ness, or its connections with other thoroughfares,
or its identity with great routes of commerce and
travel. At Cincinnati concentrate the great trunk
roads starting from the cities of New York, Phila
delphia and Baltimore. From Cincinnati the busi
ness of all these roads is carried forward over one
line to St. Louis. There is, consequently, no rail
road in the country to which so many important
lines are directly tributary. It is, at the same time,
by virtue of its directness, the almost sole avenue
between two great cities of the West, each contain
ing 200,000 inhabitants, each being the local point
of great lines of railroad, and each increasing with
unexampled rapidity in population and commercial
importance. It has also a local traffic equal to that
of a first-class Western railroad.
“ Another fact adding greatly to the importance
of the Ohio & Mississippi RR. and its Eastern con
necting lines is the rapid progress of the State of
Missouri, consequent upon the abolition of slavery,
which has removed the last obstacle to the proper
development of the wonderful resources of that
great State. Northern emigration, with its capital
and enterprise, is now for the first time free to flow
into it, and there is nothing that can prevent it from
speedily taking rank with Ohio and Illinois, nor,
in fact, from becoming the leading State in the
Mississippi Valley.
“ From St. Louis west a new system of railroads
commences. Among the more important of its lines
are the Pacific and the North Missouri. The Pacific
RR. extends to the Kansas boundary, where it is
carried forward some 60 miles by the Union Pacific
Railway, E. D., now making rapid progress with
ample means furnished by the United States. Upon
the route of this road exists a commerce already
(Continued on page 2778)
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle—Y E A R S OLD
—
Progress
N EW AIR BRA K E E Q U IP M E N T
A V I T A L CONT R I B UT I NG F A C T O R
We are Justly Proud of Our
Fifty Years of Indispensable
Service to Railway Progress
T h e N e w York A ir Brake Com pany
420 Lexington Ave., New York City
Plant: Watertown, New York
2777
ONE HUNDRED
—The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
2778
—
A Century of Achievement
(C o n tin u e d f r o m
page
2776)
exceeding the capacity of a first-class road. This
commerce is increasing wonderfully in value each
year. It is now ascertained that the whole line of
the Rocky Mountain range, embracing an area of
500,000 square miles, is as rich in the precious met
als as was California. The States and Territories
into which this immense area is now divided are
filling up as rapidly as did that State upon the first
discoveries of gold in it. The railroads of Missouri
and Kansas, as well as those connecting with the
East, are largely profiting by this tide of emigra
tion and commerce, and none more so than the Ohio
& Mississippi and its connecting railroads.
“ One great advantage now enjoyed by many of
our Western roads is their low cost, compared with
prices at which they could now be built. This
secures them from all danger of competing lines.
In the meanwhile their traffics are increasing so
rapidly that their earnings are doubled every five
years. It is this increase that has worked such a
revolution in the market value of railroad shares.
Take, for example, the Chicago & Alton RR., the
stock of which, as well as its bonds, were, a few
years ago, regarded as almost worthless. The road
was earning less than $1,000,000, a sum hardly suf
ficient to pay running expenses. It was reorganized
and is now earning at the rate of nearly $4,000,000.
or about 40% gross upon its cost. Its common
stock is in active demand above par. This road may
be taken as an example of what many Western rail
roads will accomplish whose stocks are now selling
at one-third their nominal value. All well-situated
Western railroads are certain to become highly pro
ductive on their cost; and their stocks when largely
depreciated offer excellent opportunities for invest
ment, the lower they are the greater will be the
profit to the purchaser. Our whole system of rail
roads is yearly becoming intimately identified with
the great interests of the country, and laying more
broadly the foundations of a permanent and sub
stantial value.
“ These facts are conclusive. The income of the
great line from New York to St. Louis is three-fold
greater now than it was four years ago. There is
not a section in the West, as before stated, that
does not double its railroad business every five
years. This rate of increase must continue for an
indefinite period to come. The necessity of the
country tapped by the Great Continental RR. is
not business, but the means for its accommodation.
A double track is now wanted from the city of
New York to the Mississippi. That of the Erie
Railway is pretty nearly completed. The owners
of the Great Western are making preparations for a
similar improvement on their line, which Sir Mor
ton Peto, in some remarks he recently made at St.
Louis, declared to be an absolute necessity. With
a double track and uniform gauge for the whole dis
tance it would be hardly possible to set any limits
to the traffic and revenues of this magnificent
line.
“As the different links of this great road have
identical interests, we learn that it is the design of
the companies controlling them to unite in the most
intimate relations, if not to consolidate the whole
under one common head. As such union must add
greatly to the value of all the lines, its accomplish
ment may be regarded as an almost foregone con
clusion. Such union has been long felt to be indis
pensable by the managers of the Great Western, and
even if they should not obtain control of the Erie,
there is little doubt of their obtaining that of the
Ohio & Mississippi— a result which must greatly
enhance the value of that important line.”
Manufacturing was, of course, of a piece with
transportation. The then next preceding census
figures (1860), which were becoming available in
detail when the “ Chronicle” came into existence,
reported 140,433 manufacturing establishments, in
cluding hand and heighborhood industries and each
plant with yearly products valued at $500 or more,
which gave employment to some 1,311,246 persons
whose wages amounted to $378,878,966. The value
of finished products was reported at $1,885,861,676.
In 1914, with hand and neighborhood industries ex
cluded, the number of establishments was 272,518,
the number of persons employed 7,023,685, wages
paid $4,067,718,740, and the value of products $24,216,514,573, while in 1935, really a depression year,
the figures reported (with hand and neighborhood
industries and establishments with annual products
valued at less than $5,000 excluded) were: number
of establishments, 169,111; wage earners, 7,378,845;
wages, $7,544,338,434; value of products, $45,759,763,062. The country in 1869 was, however, pre
dominantly agricultural, and the following figures
will make clear how far there was yet to go in
reaching the present state of farm productivity. In
1860 the value of all farm property was set down
at $7,980,493,063. In 1910 the figure was $40,991,449,090, and in 1930, $57,245,544,269. In 1860 there
were 163,110,720 acres of improved farm land in the
United States. By 1910 the figure had reached
478,451,750 acres, and in 1935, 1,031,814,370 acres.
The Nation, moreover, faced the gigantic task of
repairing the damage inflicted by four long years
of internecine strife. Problems of this origin were
to be observed on all sides, but nowhere more strik
ingly than in the state of the finances of the
National Government. Mr. Dewey, the financial
historian, gives this account of the public debt
in 1865:
“ The public debt reached its highest point Sept. 1,
1865, when it stood at $2,846,000,000, less $88,000,000 in the Treasury, leaving a net debt of $2,758,000,000. Of this vast indebtedness less than
one-half was funded; $433,160,000 was in United
States legal tender notes, $26,344,000 in fractional
currency, and the remainder consisted of various
forms of short-time paper or temporary securities,
a large part of which was due before 1868, and a
considerable amount was maturing daily. For ex
ample, a temporary loan of $107,000,000 was pay
able at 10 days’ notice on the part of the holder;
there were $830,000,000 seven-thirty notes; com
pound interest notes amounted to $217,700,600, and
certificates of indebtedness to $85,000,000. On
June 30, 1866, the interest-bearing debt consisted
of loans bearing five different rates of interest and
maturing at 19 different periods of time. On a
part of the loans the interest was payable in coin,
and on part in currency (then greatly depreciated).
Of the 6% bonds and notes there were 12 different
kinds; of the 5% loans five different issues, and
of the seven-thirty notes at least five, some convertr
(Continued ori'page 2780)
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
—
—
2779
T h is m a ch in e a u to m a tic a lly p r e p a r e s fin is h e d r e p o r ts fro m p u n c h e d ca rd s.
A
ccuracy and G
reater Speed
in o ta in
b in g
th Facts y u req ire
e
o u
T h e In te r n a tio n a l
P r o o f M a c h in e
E x e c u t i v e s a n d T r u s t O f f i c e r s in te r e s te d in
k e e p in g w ell a h e a d o f th e in cr e a s in g d em a n d s fo r
d e ta ile d in fo r m a t io n s h o u ld in v e s tig a te th e a d v a n ta g es
w h ich I n te r n a tio n a l B u sin ess M a ch in es n o w o ffe r .
D
a n k
T h r o u g h th e m ed ium o f p u n c h e d ca rd s, I n te r n a tio n a l
E le ctric A c c o u n t in g M a ch in es p rep a re, a u to m a tica lly ,
at^high sp eed , th e m a n y r e p o rts a n d sc h e d u le s re q u ire d .
T h is m od ern m e th o d e lim in a tes d u p lic a t e p o s tin g s , as
w ell as th e k e e p in g o f m a n y sep a ra te r e co r d s . It p ro
vides su m m arized in fo r m a tio n in m inim um tim e— an d
at m inim um c o s t.
T h e I n te r n a tio n a l P r o o f M a ch in e o ffe rs a m eans o f
q u ic k ly a n d a c c u r a te ly c o n t r o llin g th e th o u s a n d s o f
c h e c k s w h ich are rece iv e d d a ily . It a u to m a tica lly
sorts, lists, a n d p roves.
I n te r n a ti o n a l A t te n d a n c e
Tim e R e c o r d e r
I n te r n a tio n a l T im e R e c o rd e rs a n d E le ctric T im e System s
assu re a c c u r a te p a y r o ll r e co r d s a n d h e lp to c o o r d in a te
th e w ork o f all d e p a rtm e n ts.
T h e fe a t h e r -lig h t t o u c h o f th e In te r n a tio n a l A ll-e le c tr ic
W r itin g M a ch in e in crea ses ty p in g sp eed as m u ch as
5 0 % . T h is m a ch in e b r in g s a ttr a c tiv e , u n ifo r m ty p in g
re su lts a n d w ill p ro v id e as m any as 20 d is t in c t ca r b o n
c o p ie s . W rite fo r d e ta ile d in fo r m a tio n .
INTERNATIONAL BUSINESS MACHINES CORPORATION
World Headquarters Building
590 MADISON AVENUE, NEW YORK, N.Y.
jjfl/llta
Branch Offices
IN PRINCIPAL CITIES OF THE WORLD
T h e I n t e r n a t i o n a l A ll-e le c tr ic
W r itin g M a c h in e
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
2780
—
A Century of Achievement
{C o n tin u e d , fr o m , p a g e
2778)
ible at the option of the Government and some at
the option of the holder. Bonds of some issues were
exchangeable for others. A large portion of the
five-twenty bonds caused uneasiness to investors,
because of a contingency clause by which the Gov
ernment might redeem them within five years of
date of issue, that is, in 1867. Of the total debt
only one-nintli ran in any contingency longer than
two years. ‘Eight-ninths of it consisted of transient
—
forms issued under laws made up to a great extent
of incompreliensive verbiage giving unlimited direc
tion over the mass to one man and expressing in
the aggregate nearly 100 contingencies of duration,
option conversion, extension, renewal, &c.’ It was
indeed difficult, as Senator Sherman remarked, for
the people of the United States to understand any
save two or three of the loans, and none but a suc
cessful investor engaged in the sale and purchase
of stock could tell the various differences in value
of the several securities, and the reasons therefor.”
Across Three-Quarters of a Century
It was into such a world as this that “ The Com
mercial and Financial Chronicle” was born in July,
1865. A great future law ahead, but it required
optimism and imagination to envisage it. Great
problems lay all around, and it required courage
to face them. The country was destined to face
other difficult situations, and only cool intelligence
and courageous candor could enable any editor to
point the way through the troubled times existing
and to come, and to dash cold water upon the overexuberances and mad-cap public policies which at
various times during the next three-quarters of a
century were to appear. More than a decade was
to elapse before specie payments were resumed, and
in that interval there never was a time when the
matter was not being heatedly debated, and nowhere
was the subject more regularly and enlighteningly
discussed than in the columns of the “ Chronicle.”
Meanwhile, banking was a subject of difficulty, and
the work of developing the national banking system
according to the National Banking Act of 1863, as
later amended, had to be done. The perennial tariff
question was again and again agitated, public lands
in large amounts still existed, currency questions,
particularly as regards silver, would not down, and
the development of a taxation policy (so far as we
have ever developed anything that might be so
termed) was unfinished business, and still is, for
that matter.
Meanwhile, with the almost incredibly swift de
velopment of the West and the large influx of for
eign populations with vastly different background,
so far as governmental philosophy is concerned,
from that of the original settlers of the Eastern sea
board, there arose what is sometimes termed “ the
radical movement” which has laid its impress upon
the whole structure and functioning of the Amer
ican Government. This development had begun to
cast its shadow before it years prior to the Civil
War. The leading article in the “Merchants’ Maga
zine” in February, 1846, with prophetic vision,
called attention to what was in store for the United
States in this particular.
“ The most important political subject before the
American people at the present time,” its author
remarked, “ is the approaching change in the geo
graphical center of power in the country. While
we are intent upon minor interests, we are giving
little heed to the fact that in a very brief period the
seat of the growing power in these States will be
completely changed. Neither the annexation of
Texas nor the formal possession of Oregon can be
compared, in its influence upon the Atlantic States,
with that numerical superiority which, at the very
next census, will make the West the dominant por
tion of the Republic.
“ Let no one suppose that this change will be
rather nominal than real— a change in the place of
power, and not in the governing influences. Most
important changes must take place, and these it
behooves the people of the East well and early to
consider.” Continuing the subject, the author at a
later point remarks:
“We are inclined to think that the extreme
democracy of the West will be very discernible in
Congress after the next census. With institutions
somewhat more democratical than ours, the spirit
of that section of the country is decidedly in ad
vance of us in this particular. There is, there, abso
lutely no counteracting force. Wealth is, with us,
much more unequally distributed; social distinc
tions more marked. Constant intercourse with the
Old World has a perceptible influence over the A t
lantic towns; and there still remain some remi
niscences, faint and fleeting though they be, of
family, and family connections. At the West, the
‘spirit of the age’ is so completely the ruling spirit
that very little concern is felt about the spirit of
past ages; and precedents are discarded, the rather
because somebody has tried them before. When this
Western characteristic gives a tone to Congress the
people of the East will find they have some lessons
to learn, with whatever grace they can muster. The
great proportion of foreigners in the population of
the new States, following the law of reaction, forms
an ultra and democratic element, which will be as
difficult to manage as a newly-released prisoner
after his first draught of fresh air and other intoxi
cating fluids.”
In the business field were to come the great com
bination movements which were to give rise to enor
mous, relatively self-sufficient enterprises.
The
railroad systems of today were to be built, partly by
original construction and partly by amalgamating
smaller and isolated units actually then in opera
tion. The public utility industry virtually in its
entirety was to be founded and developed to the
stage now existing. Discovery after discovery in
the sciences were to be applied to business opera
tions and to the production of myriads of products
of which the generation of 1865, or for that matter
often of 1895, never heard or dreamed. The socalled labor movement in its modern form was yet
to develop. These and a thousand other events were
to give rise to a thousand thousand problems, not
only of industry, trade, agriculture and finance, but
of social organization and self-government. The
0Continued on page 2782 )
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle—-YE A R S OLD
2781
—
Now
...Talking Pictures
for the H m !
oe
with New De Luxe
'f y t w
H o m e Movie Cameras!
ONLY
$
E n c a s e d in B e a u t i f u l W a l n u t C a b i n e t s !
S - O - U - N - D is t h e n e x t s t e p i n m o v i e s f o r t h e h o m e . A n d h e r e
it is , p e r fe c t e d f o r y o u b y B e ll & H o w e ll, f o r o v e r 32 y e a r s
m a k e r s o f H o l l y w o o d ’ s p r o f e s s i o n a l m o v ie e q u i p m e n t .
PA LM -SIZE
•
f Projecto
w
4950
P a l m -s i z e F i l m o 8 m a k e s n e w s r e e l l e n g t h m o v ie s c e n e s f o r l e s s t h a n t h e
cost
of
sn a p sh o ts!
M akes
color
m o v ie s , t o o , i n d o o r s a n d o u t , e v e n
i n s l o w m o t i o n . A l l y o u d o is p r e s s
a b u t t o n , a n d what you see, you get!
O n l y $ 4 9 .5 0 .
O t h e r 8 m m . F ilm o s
to $140.
T h is n e w F ilm o s o u n d , e n c a s e d in b e a u t i f u l w a ln u t , p r o je c t s
s o u n d - o n -f i l m r e e ls j u s t lik e t h e a t e r p r o je c t o r s . M o v ie s a re o f
th e sa m e b r illia n c e .
V o ic e a n d m u s ic are e q u a l in t o n a l
p e r fe c tio n !
I m a g in e w h a t g r a n d t im e s y o u r f a m ily w ill h a v e e n jo y i n g
H o l l y w o o d h i t s at home! A n d t h i s F i l m o s o u n d i s s o p o w e r f u l
y o u c a n u s e it a t y o u r c h u r c h o r c l u b . O t h e r m o d e ls a re a v a il
a b le f o r la r g e a u d it o r iu m s a n d fo r c o m m e r c ia l u s e .
W r i t e B e l l & H o w e l l C o m p a n y , 1 8 1 9 L a r c h m o n t A v e ., C h i c a g o ;
N ew Y o r k ; H o lly w o o d ; L o n d o n .
Established 1907.
Projects B o t h S o u n d an d S ile n t F ilm s
W it h th is n e w F ilm o s o u n d , y o u
s i l e n t m o v ie s y o u m a k e y o u r s e lf!
m ay
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16 m m .
A d d M u sic to Y o u r S ile n t Movies
N E W “ SHELLO A D IN G "
B y a d d in g a p h o n o g r a p h t u r n ta b le a n d m ic r o p h o n e , y o u c a n
a c c o m p a n y s ile n t film s w ith m u s ic a l b a c k g r o u n d s a n d a d d
y o u r o w n r u n n in g co m m e n ts.
Unlim ited Film Supply
F i lm o 1 4 1 is a v e r s a t i l e 1 6 m m . c a m
e ra w h ic h lo a d s w ith p r e th r e a d e d
film m a g a z in e s .
P e r m its c h a n g in g
f r o m c o lo r t o b l a c k - a n d - w h i t e f i l m
in m id r e e l w i t h o u t s p o ila g e .
H as
n e w e r r o r -p r o o f v ie w fin d e r .
O n ly
$ 1 1 5 . O t h e r 16 m m . F ilm o s t o $ 1 1 5 5 .
F IL M O S O U N D L I B R A R Y o ffe r s th o u s a n d s o f film s fo r r e n t
or p u r c h a s e . . . H o lly w o o d h it s , c a r t o o n s , c o m e d ie s , n e w s
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M a tc h y o u r fin e h o m e fu r n is h in g s .
PRECISION-MADE
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BY
BELL & HOWELL
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
—
2782
—
A Century of Achievement
(C o n tin u e d fr o m
page
2780)
“ Chronicle” from the first conceived it to be its
function to record the changes as they occurred,
to keep its readers informed as to their significance,
and to do all that within it lay to guide public
thinking throughout into constructive and safe
channels.
A Half-Century
As to the first half-century of the life and work
of the “ Chronicle” , we are fortunate in having
available a rather full account of its objectives and
its accomplishments in this world of change and
achievement from the pen of Jacob Seibert Jr., who
more than any other man living or dead, unless it
be Mr. Dana himself, was responsible for that rec
ord. Upon the occasion of the completion of the 50year period Mr. Seibert prepared and published in
the June 26,1915, issue of the “ Chronicle” a history of
the publication, from which we take the following:
■
‘Possessing undeveloped natural resources of vast
extent, and with an energetic population, the mar
velous growth here recorded was inevitable when
the issue of the Civil War had made it plain that
the danger of a divided country had been sur
mounted. The only thing that could interfere with
the country’s progress was erroneous economic and
financial policies. The founder of the paper fore
saw this— foresaw what a marvelous industrial era
lay ahead and also recognized that the perils attend
ing the promulgation of false economic doctrines,
which had found a fertile field in the financing en
tailed by the war, must be guarded against if the
United States would attain the full measure of the
growth which its boundless possibilities ensured.
He therefore resolved to establish a well-equipped
journal— a great organ of public opinion—designed
to foster the economic and material interests of the
country and bent upon combating false doctrines
and dogmas, a paper whose purpose it would be to
inculcate correct principles, champion high national
ideals and encourage unquestioned standards of
business morality.
“ It was not, however, the purpose to provide
merely a vehicle for editorial discussions and the
expression of correct views for the enlightenment
and guidance of the mercantile and financial world.
Mr. Dana had it in mind also to create a newspaper,
which would supply a narrative of all the events,
the facts and the information having a bearing upon
the industrial and financial situation of the coun
try. The editorial announcement in the first num
ber of the paper stated this purpose very plainly,
saying: ‘Nor will it stop with the advocacy of cor
rect principles, but will be in every essential sense
a newspaper. All that the economist, the merchant,
the banker, the manufacturer, the agriculturist, the
shipper, the insurer and the speculator, may need to
know in the course of his daily pursuits, will be
found duly chronicled in its columns.’
“ How well this latter purpose has been fulfilled
the storehouse of facts and statistics contained in
the 100 semi-annual volumes that have been issued
during the last 50 years abundantly testify. We
think we are keeping strictly within the truth when
we say that no such repository of information and
statistics concerning the transportation, the finan
cial and the industrial affairs of the United States
can be found anywhere else in the world. And the
paper very early acquired a reputation for accuracy
and reliability, which it retains to the present day.
It has always been the desire to have the reader
feel that he could depend absolutely upon every
statement that should appear in its columns—not
alone in the ‘Chronicle’, but in any of the numerous
extra publications issued as supplements during the
course of every year. Subject to the liability to
error, which human mortals cannot escape, the re
quirements of truthfulness and reliability have been
faithfully met, though not without the conscious
ness of many shortcomings in that respect. Typo
graphical and other blunders have on more than one
occasion served as reminders that perfection, how
ever fervently desired, was far from being realized.
But with general recognition on the part of its
readers that unusual precautions were being taken
( C o n tin u e d ,
on page
2784)
The first World’s Fair in the United States was held at 42nd Street between Fifth and Sixth Avenues, in a
elaborate building known as the Crystal Palace. Built in 1853 by Theodore Sedgwick, 3rd, of Stockbridge,
Mass., the building was one of the wonders of the continent until its destruction by fire in 1858.
Volume 149
ONE HUNDRED
—The Commercial & Financial Chronicle—Y E A R S OLD
TH E
NEW YORK COTTON EXCHANGE
E b ed 1 7
sta lish 8 0
Congratulates
The Commercial and Financial Chronicle
on Its Completion of
O N E HUNDRED YEARS OF SERVICE
to American Business
NEW YORK COTTON EXCHANGE
2783
ONE HUNDRED—The Commercial & Financial Chronicle— YEARS OLD Nov. 4, 1939
2784
the one meant the advancement of the other. In
brief, it has never been a class journal seeking the
advantage of any particular interest. Nor has it
ever advocated any views out of a desire to com
mand public favor, either for the time being or in
the long run. It has never yielded to popular
clamor, but aimed simply to be right, and always
expressed its honest convictions.
A Broad Basis
The car that revolutionized America. First horseless
carriage built by Henry Ford, father of the present-day
mass-production system that makes it possible for
everyone with a job to own an automobile.
A Century of Achievement
{C o n tin u e d f r o m
page
2782)
to guard against the possibility of unintentional
error, a reputation for general accuracy lias been
built up which is prized as among the paper’s most
distinctive possessions and certainly constitutes a
very valuable asset.
“ The esteem the paper has acquired in that re
spect is indicated by the fact that it is often referred
to as (Tlie Bible of Wall Street’, meaning that in
Wall Street faith in it is as strong as the common
faith in the Bible. The expression ‘Wall Street’
may be taken as standing for the great financial
interests located in New York, and we have reason
to believe that this confidence in its reliability, its
soberness of judgment, and its rectitude of purpose
extends to the whole circle of its readers.
“ We should regret if its influence was circum
scribed within so narrow a limit as the Wall Street
district or the interests centered there. The ‘Chron
icle’ has never been the organ of Wall Street or of
any one trade or class. It serves Wall Street only
so far as it serves the financial and industrial inter
ests of the entire country. It happens that the in
terests of the country’s monetary center are synon
ymous with those of the community at large, and
that in helping the one it necessarily helps the
other. But this journal does not aim to cater to
Wall Street per se. Its title is broadly comprehen
sive of its purpose, and it should be noted that the
name is not ‘The Financial Chronicle’, by which it
is generally known, but ‘The Commercial & Finan
cial Chronicle’.
“ For many years the title page bore the descrip
tive definition: ‘A weekly newspaper representing
the industrial and commercial interests of the
United States,’ and also the words ‘Bankers’
Gazette’, ‘Commercial Times’, ‘Railway Monitor’, &c.
It was founded on a broad and comprehensive basis,
with many separate departments, and it has sought
to serve all these departments to the best of human
ability. Nevertheless in the editorial expressions
of views it has not aspired to be the special cham
pion of any of these as distinct units or segments,
but has aimed to treat them in their relation to the
welfare of the whole country. In other words, if
it has advocated any line of policy with reference to
the interests represented by any one of its depart
ments, it has been because such policy seemed not
only calculated to help these particular interests
but to benefit the entire community, or because the
interrelationship was such that the advancement of
“ After the lapse of half a century the broad basis
upon which the paper was planned in the mind of
the founder commands unqualified admiration.
Practically all the departments to be found in the
paper today were contained in the original issue.
It has not been necessary to add any others. What
might appear as new departments are simply sub
divisions of original departments which 50 years
ago had not advanced sufficiently to demand sepa
rate treatment. For instance, under ‘Investment
News’ it was long the practice to carry everything
of an investment character. This was because the
investment field in this country had not yet be
come very large or extensive, making it possible
within the compass of a few pages to cover every
thing relating to municipal obligations, to street
railway securities and to the stocks and bonds of
steam railroads. As for the big industrial combina
tions, with their mass of securities, these were
wholly unknown, in the sense that they exist today.
In the 50 years since then, population has grown
so fast, the number of municipalities has been so
enormously increased, and civic bond issues are
being put out on such a scale and within so wide
an area, from one end of the country to another,
that an entirely separate branch of the investment
department or section, designated the ‘State and
City Department’, has had to be created in order to
deal adequately with this branch of the investment
field. Again, railway investments have had to be
put in a branch by themselves. Furthermore, with
the appearance on the public security markets of
the great industrial and manufacturing corpora
tions still another investment group had to be
established for dealing with this new line of appeal
to the banking and investment capital of the
country.
“ We refer to these facts because they show so
clearly that in its general outlines the paper was a
perfect conception from the start. So broad and
comprehensive was the basis on which it was
founded that all that has been necessary has been
to develop along the lines originally laid down.
And the way the paper has been developed has been
no less noteworthy than the original scheme or
design. This development, of course, may be ex
pected to continue indefinitely into the future, in
keeping with the progressive spirit which has been
the keynote of the paper’s policy throughout. For
many years after the paper was founded the weekly
issue consisted of merely 32 pages. Today’s issue
is 112 pages, and on occasions the number of pages
has gone even higher. Even with this increase in
the size of the weekly issue it has been found im
possible to meet in full the requirements of the
various departments under the prodigious growth
of the country and the expansion of its trade and
commerce. Accordingly, very early the practice was
{Continued on page 27 ! 6 )
Volume 149
ONE HUNDRED
—The Commercial & Financial Chronicle—Y E A R S OLD
CEPTANCE
C OR P ORATION
Tj T T IT T C
is engaged prim arily in facilitatin g wholesale distribution
and retail sales of th e follow ing
M
otors
C o r p o r a t io n
an d
its
prod ucts
of G e n e r a l
w orld - w ide
affiliates:
C A D IL LA C , LA SALLE, B U I C K , OLDSMOBILE, PO NT IA C ,
CHEVROLET a u tom obiles;
f r ig id a ir e
eration a n d air con dition ing;
h eatin g
e q u ip m en t;
GMC
OPEL,
B L I T Z — foreign
delco
trucks;
m ade
appliances for refrig
lig h tin g , pow er and
BEDFORD,
vauxhall,
a u to m o tiv e
v eh icle s.
The business consists of investments in self-liquidating
credits, widely diversified as to region and enterprise,
capital employed being in excess of $ 8 0 , 0 0 0 , 0 0 0 .
In obtaining short term accommodation,
one standard form of note.
issues
GMAC
This obligation it offers to
banks and institutions, in convenient maturities
and denominations at current discount rates.
GENERAL
MOTORS
INSTALMENT
P L A N
These
notes
,
are available in limited amounts
,
upon request.
EXECUTIVE OFFICE
NEW YORK
BRANCHES
IN PRINCIPAL CITIES
2785
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
—
2786
—
What might be termed the cradle of the public utilities
in America was this first house in New York to be
lighted by artificial gas. It was the home of Samuel
Leggett, first President of the New York Gas Co., at
7 Cherry Street.
A Century of Achievement
(C o n tin u e d , f r o m
page
2784)
begun of supplementing the weekly numbers by the
printing of extra publications issued at stated inter
vals throughout the year. One new supplement
after another has thus been added, and many of
these are now larger in size than the paper itself.
“ Owing to the regulations of the Post Office De
partment, these extra publications are called sec
tions instead of bearing their right designation as
supplements. The earliest of these supplements ap
peared on April 3, 1875, and was termed ‘The In
vestors’ Supplement’. It contained descriptions
and tabular statements regarding the finances and
obligations and revenues of steam railways, of street
railways, and of municipalities. The printing of
that supplement grew out of the practice previously
existing of devoting three or four pages a month in
the weekly issue to the presentation of this class
of statistics. The space in the weekly issue for
the purpose had been gradually enlarged and finally
the demands for space in this way grew to be so
excessive that no option was left but to publish a
special supplement given over entirely to that par
ticular need. The ‘Investors’ Supplement’, origi
nally only 32 pages, had itself to be enlarged with
the course of time, and finally there occurred the
necessity for some of the subdivisions already re
ferred to.
Municipal Supplement
“ It was decided to take municipal securities out
of that supplement and to establish an entirely new
supplement, devoted wholly to municipal obliga
tions. Accordingly, on Oct. 31, 1891, the first num
ber of our ‘State and City Supplement’, or ‘Section’,
appeared. This supplement has been issued regu
larly twice a year since then, and is a bulky publi
cation, the last number, dated May 29, 1915, com
prising 216 pages besides the cover. In 1895 the
process of subdivision was carried a step further,
and street railway securities were also taken out
of the ‘Investors’ Supplement’ and a new supple
ment, called ‘The Street Kailway Supplement’ or
‘Section’ created, for the purpose of dealing more
comprehensively with this class of investments.
The first number of the ‘ Street Railway Supple
ment’ bore date March 9, 1895. In February, 1908,
with the electrification of practically all the street
railways in the country and the development of
suburban and interurban trolley roads all over the
United States, the name of this publication was
changed to ‘Electric Railway Supplement’, and it is
easy to foresee still another change in the not re
mote future to ‘Public Utility Section’ or ‘ Supple
ment’, owing to the importance which the light and
power concerns and the various water power devel
opments are assuming. The ‘Electric Railway Sec
tion’ now appears three times a year, and the May,
1915, issued contained 136 pages.
“ In October, 1903, the name ‘Investors’ Supple
ment’ was abandoned as being too general and vague
to be descriptive of the contents of the publication,
since both municipal investments and street rail
way investments no longer appeared therein. The
title of ‘Railway & Industrial Section’ was adopted
instead, meaning that this supplement was now de
voted to the securities of steam railroads and those
of industrial and manufacturing concerns. The
‘Railway & Industrial Section’ appears three times
a year, a new number going out to our subscribers
today. It contains 184 pages in addition to the
cover.
“ From the first the ‘Chronicle’ has devoted much
space to records of stocks and bond prices. The
experience here has been the same as in the case
of all other departments. The demands for space
became too large to be taken care of entirely in the
weekly issue, and another supplement had to be
established. For many years it had been our cus
tom to publish elaborate tables of stock and bond
prices as part of the weekly paper on a stated Satur
day each month. Now, however, with the multipli
cation of new security issues this no longer
answered, and on May 11, 1895, we began the print
ing of our ‘Quotation Supplement’, now called the
‘Bank & Quotation Section’. This supplement has
appeared regularly month by month since then. In
size it is 64 pages. In addition, nine pages of the
weekly issue are given over each week to records of
stock and bond prices on the leading exchanges.
“ We have long made a specialty of weekly and'
monthly reports of railroad earnings, and when the
Interstate Commerce Commission began to require
monthly reports of earnings and expenses of the
steam railroads and comparisons with the preceding
year became available, we added in February, 1909,
yet another supplement, ‘Railway Earnings’, de
voted in its entirety to a presentation of these
monthly returns and embracing every railroad in
the United States that is obliged to furnish returns
to the Commission. This supplement consists of 32
(Continued on page 2788 )
Volume 149
ONE HUNDRED T h e
—
Com m ercial & Financial Chronicle —
T H IS L A B E L
Y E A R S OLD
2787
helps us fight cancer
Thousands o f anxious people, every year, are directed through
New York City Cancer Committee courtesy cards to hospitals
where their cases are diagnosed and treated . . . either free,
or in proportion to their ability to pay.
Help save these lives! Your dollar will do this. In addition,
you will receive a supply o f Package Labels, and our Quar
terly Review giving you the latest information on cancer.
p in a d olla r bill to this c o u p o n _________________________________ ___________________________
NEW YORK CITY CANCER COMMITTEE
o f the American Society for the Control of Cancer
1 3 0 East Sixty-sixth Street
New York, New York
For $1 enclosed, please send me a supply of your Package Labels.
I understand that in addition you will send me your Quarterly Review.
Name--------------------------------------------------------------------------Street
C ity -
State
Persons living outside N ew York C ity and L on g Island m ay w ritefor local information
to headquarters: American S ociety f o r the Control o f Cancer, 3 5 0 M adison A v e.,N . Y.
ONE HUNDRED T h e
—
2788
Com m ercial & Financial Chronicle—
Y EAR S OLD
Nov. 4,
1919
The Chronicle . . .
100 Years of Service
As we approach our own 50th Anniversary, we
c o n g r a tu la te THE C O M M E R C IA L & F IN A N C IA L
CHRONICLE upon completing a century o f service.
It is an achievem ent to be the ou tstan d in g
organization in its field.
J. S.
B ache &
Co.
E sta b lish ed 1892
MEMBERS
LEADING
NEW YORK
STOCK
STOCK
AND
EXCHANGE
COMM ODITY
4 2 Broadway
AND
OTHER
EXCHANGES
New York
Branch Offices and Correspondents in Principal Cities
Complete Brokerage Service— Inquiries Invited
A Century of Achievement
(< o n t i n u e d f r o m
C
page
2786)
pages and appears about the loth or 20th of each
month.
The first automobile show. In Madison Square Garden
in 1901 was held what was known as the first horseless
carriage exhibition. To prove how easily the new con
trivance would run and could be steered, a daring
exhibitor dodged various obstacles and barriers in a
turn about the hall.
Thirty-two Publications
“Altogether, therefore, no less than 32 extra pub
lications of this kind are given to subscribers each
year (two numbers of the ‘State & City’, three of
the ‘Railway & Industrial’, three of the ‘Electric
Railway’, 12 of ‘Bank & Quotation’, and 12 of ‘Rail
way Earnings’ ), besides which our ‘Bankers’ Con
vention Section’, devoted to reporting the proceed
ings of the annual convention of the American
Bankers Association, appears annually in Septem
ber or October. , . .
“ The commercial departments of the paper— the
‘Commercial Epitome’, the ‘ Cotton Department’, the
‘Breadstuffs Market’ and the ‘Dry Goods Market’—
remain as at the start and retain their character as
valuable adjuncts. The ‘Cotton Department’ is the
department which always had the special care of the
founder of the paper from the day it was started.
Fifty years ago the railroads of the United States
were still in their infancy, and the country had not
yet attained a large measure of industrial growth.
Nor had the vast new sections of the West yet been
opened up for settlement or the country attained the
prominence in grain production to which it subse
quently advanced. The cotton crop of the South
overshadowed everything else, and it accordingly
was made a distinctive feature of the paper. Owing
to the importance of accurate knowledge regarding
the progress of the crop and its movement, provision
was made for weekly weather reports from leading
points in the South, not in the very first number,
but soon thereafter, and statistics were also col(Continued on page
2828)
Volume 149
ONE HUNDRED T h e
—
Y E A R S OLD
Com m ercial & Financial Chronicle —
F your customers bought this way, they might
save a few pennies per pound, but they would
spend far more for meat. Whether a housewife
wants a tenderloin steak, a rib roast, or some
hamburger, she naturally takes advantage of
your services as an immediate source of supply
for any meat product.
I
Neither her icebox nor her means permit her to
buy meat on a wholesale basis. And you justify
your slight profit many times over in service, con
venience, and careful buying which safeguards the
customer’s pocketbook and health.
When the retail meat dealer buys insurance from
the experienced agent or broker of a stock insur
ance company, he does not say, “ $50 worth of
insurance, please.” He asks for and gets the advice
and full services of an expert purchasing agent in
the complex insurance field, like himself an expert
2789
middleman. No worries about uncovered risks
that might wreck a business.
*
*
*
Because we believe so thoroughly in the services
of an expert middleman whether wholesale or
retail meat dealer, insurance agent or broker,
we refuse to accept business direct because it
is not in the interest of the Company or the
assured to do so. Wh cn you buy National Surety
F id e lity Bonds, Surety Bonds, B urglary or
Forgery Insurance through your local insurance
agent or broker, you deal w ith a customer and
friend who is a fellow member and supporter of
the American Business System.
• This is a r e p r in t o f a n a d v e r t is e m e n t of a sto ck
in s u r a n c e c o m p a n y d ire c te d to th e in d e p e n d e n t
b u sin e ss m e n in the m e a t b u sin e ss in y o u r c ity .
national Surety corporation
V IN C E N T C U L L E N ,
President
ONE HUNDRED YEARS
★
and
★
WALL STREET
HEN “ Hunt’s Merchants’ Magazine” , the
predecessor to “ The Commercial & Financial
Chronicle” , was founded in 1839, in the rear of a
building at 142 Fulton Street, the population of the
entire United States was only a little over 17,000,000.
There were only 26 States, the youngest, Michigan,
having been admitted in 1837. The population of
New York City was 312,547. No building in Wall
Street was more than four stories tall. Many were
still occupied as residences, and it was not an un
common sight on summer evenings, even two dec
ades later, to see families sitting on the brownstone stoops for a breath of air. The south side of
Wall Street had suffered greatly in the fire of 1835,
which consumed 700 of the city’s buildings in all at
a loss of $17,000,000, but in 1839 had been largely
rebuilt, although the Merchants’ Exchange, one of
the finest buildings in the city and destined to
become the home of the Stock Exchange, was still
far from completed.
Late work in banks and brokerage offices was
done largely by candle-light. By driving madly
without stops for rests at taverns the stage coach
trip from New York to Boston had been reduced to
40 hours. The fare was $11.
The depression following the panic of 1837 was
still on, but American inventive genius and enter
prise were not to be halted. Professor Samuel F. B.
Morse of New York had invented a practical mag
netic telegraph. A line between Governor’s Island
and the Battery in New York was successfully tested
in 1842, after which Congress appropriated $30,000
for the establishment of a telegraph line between
Washington and Baltimore. But it was a long while
before the telegraph came into general use in Wall
Street. Much later still did bankers and brokers
enjoy the advantage of the telephone. Adding was
done with pencil and paper. Writing was done
with a quill pen and every man wrote his own let
ters. The secretary or stenographer, and especially
the female stenographer, were still very far away.
In fact, the first women stenographers did not enter
Wall Street life until the ’90’s, and were extremely
scarce until the turn of the century.
Customs and
methods change
with the times,
but th e pur
poses of Wall
Street and all
that the name
comprises have
always
been
the same— to
obtain and pro-
W
M o s t o f t h e W a ll S t r e e t lea d e rs r o d e t o
b u s in e s s in th e ir p r iv a te ca rr ia g es a n d f o u n d
th e m m u ch m o re p le a s a n t a n d r e lia b le th a n
th e e a r ly a u to m o b ile s .
vide the money
fo r the ad-
Vancement
Of
b y
Arnold Hofmann
enterprises and worthy inventions. It is an in
spiration to us to contemplate that as a recorder
and chronicler we have over this century had a
part in noting the work of banks, investment bank
ers, and brokers in building the commerce and in
dustry of this country to its present proportions,
in helping to develop epoch-making inventions to a
point where they are a benefit to all mankind and
furnish employment to millions.
The reaper, the harvester, the telegraph, the sew
ing machine, the telephone, the incandescent light,
th e
phono
graph,
the
x-ray, the vul
canization o f
r ub b e r ,
the
pneumatic tire,
wireless teleg
r aphy,
the
radio, the gaso
line engine, the
automobile, the
typewriter, the
air brake, the
Tim e w as w h e n e v e r y b a n k e r a n d b r o k e r
airplane --- a ll w r o te h is o w n l e t t e r s , a n d w ith a q u i l l p e n
these and many to°"
more world-revolutionizing inventions have taken
place during the 100 years of our existence and
have been built up by the enterprise of indus
trial leaders backed by the resources of Wall Street.
When business, carried away by its own enthusiasm,
beats the drum of progress too vigorously, panics
follow, but thus far at least it has always been
found that, after the smoke of disaster cleared, the
country was another step ahead.
From the time of its inception in the good old
Dutch days of Peter Stuyvesant, Wall Street has
been America’s most conspicuous street. Built of
palisades, the wall from which the street took its
name was put there to keep out the Indians. The
first pool to finance an operation was made at that
time and all those who considered the wall a good
investment contributed toward its erection.
It was not an entirely profitable investment, for
after a time the British came and took the little city
away from the Dutch, wall and all. But Wall
Street remained important and became the choice
residential street of the new owners. Then, in turn,
the British lost the city to the new republic called
the United States, and Wall Street had the distinc
tion of becoming the scene of the inauguration of
Washington as first President. Congress met in Fed
eral Hall, at the corner of Wall and Nassau Streets,
and Alexander Hamilton, who lived across the
street, Jefferson, Adams, Knox and all the outstand
ing leaders of the Revolution and founders of the
Nation trod cobbled pavement of old Wall Street.
(C ontinued on page
2792)
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle—Y E A R S OLD
2791
—
BANKING SCOPE
T
HE Chase National Bank serves a varied and exten
sive list o f customers w h o
represent, collectively
a cross-section o f the econ om ic life o f the U nited States
Business m en the country over utilize, directly or through
their ow n banks, the national and international banking
services of the Chase and capitalize on its k n ow led ge o f
markets and financial conditions to facilitate their dom es
tic dealings and to speed their goods to other countries.
THE CHASE NATIONAL BANK
OF THE CITY OF NEW YORK
Member Federal Deposit Insurance Corporation
-V
sC '
"
2792
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
—
Tlie first city directory published in 1786 lists
besides the fashionable and notable residents of
AVall Street one apothecary, three auctioneers, one
grocer, six merchants, two tailors, one clock maker,
one printer and bookseller, one snuff and tobacco
manufacturer, one owner of a vendue and commis
sion store, one tavern keeper, one owner of a “ porter
house,” one milliner, one school teacher and an
upholsterer.
On May 28, 1786, Richard Varick, Recorder of the
city and later Mayor, moved into 52 AVall Street, a
house previously occupied by Colonel AV. S. Living
ston. During the same month Edward Fogarty
announced that attendance hours at his school at
46 A rall Street would be from 9 to 12 a. m. and
A
2 to 5 p. m. each day.
In 1786 stables occupied the site now known as
55 AVall Street, head office of the National City
Bank. The owner advertised them in the New York
“ Gazeteer” of that years as follow s: “ Four or five
stables in AVall Street to let, opposite Colonel
AVilliam Livingston’s, with stalls for from two to
four horses, rooms for carriages and large lofts for
hay.”
AVilliam Livingston was a political leader of his
day and became the first Governor of New Jersey.
His daughter, Kitty, close friend of Mrs. Alexander
Hamilton, was a famous belle.
In 1709 the first established slave market was
erected at the foot of AVall Street, occupying the
site of the ancient half-moon fortification and block
house of the Dutch era. This market was also used
in after years as a meal market, by which name it
was commonly known, although it still continued as
the established place “ where slaves stood for hire.”
In 1686 the mail arrangements were as follows:
Arrivals, from New England and Albany, on
AVednesdays and Saturdays at 7 p. m. in the winter,
and on Tuesdays, Thursdays and Saturdays at 8
p. m. in summer. From the South, on Saturdays
and AVednesdays at 10 a. m. in the winter, and on
Mondays, Wednesdays and Fridays in the summer.
The departures were on intervening days.
The value of property in the street began to in
crease rapidly before the beginning of the nine
teenth century. Some idea of its relative value
during the eighteenth century may be gathered from
sales at different intervals.
In 1700 a house and a lot on the southeast corner
of Wall and Broad Streets, 16x30, sold for $815.
In 1706 a house and a lot on the north side of AVall
Street, 25x116, sold for $580. In 1737 a house and
—
lot on the north side of AVall Street, 62x102, sold
for $550. In 1793 the dwelling and lot of General
Alexander Hamilton on the south side of AVall
Street, 42x108, sold for $12,000. In 1794 a house
and lot, 44x51, sold for $12,550.
Among the notable features in AVall Street, prior
to the Revolution was the Pitt Statue, which on
Friday, Sept. 7, 1770, was fixed upon its pedestal
at the junction of AVall and AVilliam Streets amid
the acclamations of a great number of the inhabit
ants. The statue was of fine white marble, having
a Roman habit, the right hand holding a scroll
whereon was the sentence “ Articuli Magnae Cliartae
Libertatum.” The left hand was extended, the fig
ure being in the attitude of one delivering an ora
tion. On the south of the pedestal was the inscrip
tion, “ The statue of the Right Honorable AVilliam
Pitt, Earl of Chatham, was erected as a public
testimony of the grateful sense the colony of New
York retains of the many eminent services he ren
dered America, particularly in promoting the repeal
of the Stamp Act.”
When the first United States Congress met in
AVall Street it was necessary to find lodgings for
the Senators and Representatives of the 13 States
as well as for President A rashington and ViceA
President John Adams. The President leased the
home of Samuel Osgood, later President of the City
Bank at No. 1 Cherry Street. Mr. Adams went to
live at the Richmond Hill Mansion, near what is
now Varick and Van Dam Streets. The others,
according to the Congressional Directory of the
Congress of 1789, took up their abode as follow s:
Senators
New Hampshire: John Langdon, 37 Broad Street;
Paine AVingate, 47 Broad Street. Massachusetts:
Tristam Dalton, 37 Broad Street; Caleb Strong, 15
Great Dock Street. Connecticut: AATlliam Samuel
Johnson, at the College; Oliver Ellsworth, 193
AVater Street. New Jersey: Johnathan Elmer, 48
Grout, 47 Broad Street; George Leonard, 15 Great
Dock Street. Pennsylvania: William Maclay, at
Mr. Vandolsen’s, near the Bear Market; Robert
Morris, 39 Great Dock Street. Delaware: Richard
Bassett, 15 AVall Street; George Read, 15 Wall
Street.
Maryland: Charles Carroll, 52 Smith
Street; John Henry, 27 Queen Street. Virginia:
William Grayson, 57 Maiden Lane; Richard Henry
Lee, at Greenwich. South Carolina: Pierce Butler,
37 Great Dock Street; Richard Izard, in Broadway,
opposite the French Ambassador’s. Georgia: Wil-
A n i n t e r e s t in g o ld view o f t h e fin a n c ia l d is tr ic t s h o w in g t h e n o r th sid e o f W a ll S tr e e t b e tw e e n W illiam a n d P ea rl S tr e e ts in tw o s e c ti o n s drau
co m es t h e U n ite d S ta te s M o r tg a g e C o m p a n y a n d n e x t t o th a t th e C ity B a n k a n d th e N ew Y o rk L ife I n s u r a n c e a n d T ru st C o m p a n y . A b o v e th is Mos
N ew Y o rk F ire I n s u r a n c e C o m p a n y a n d G e o rg e A . E va n s, d e a ler in iro n a n d s t e e l ra ils o n t h e s ite n o w o c c u p i e d b y t h e S ea m en ’ s B a n k fo r Saving
Volume 149
ONE HUNDRED—T h e
Com m ercial & Financial Chronicle— YEARS
iam Few (second President of tlie City Bank), 90
William Street; James Gndd, 34 Broadway.
Representatives
New Hampshire: Nicholas Gilman, corner Smith
md Wall Streets; Samuel Livermore, 37 Broad
Street; Benjamin West, 37 Broad Street. Massa
chusetts: Fisher Ames, 15 Great Dock Street; Elbridge Gerry, corner Broadway and Thames Street;
Benjamin Goodhue, 47 Broad Street; Johnathan
Grout, 47 Broad Street; George Leonard, 15 Great
Dock Street; George Partridge, 15 Great Dock
Street; George Thatcher, 47 Broad Street; Theo
dore Sedgwick, 15 Great Dock Street. Connecticut:
Benjamin Huntingdon, 59 Water Street; Roger
Sherman, 59 Water Street; Johnathan Sturgis, 47
Broad Street; Johnathan Trumbull, 195 Water
Street; Jeremiah Wadsworth, 195 Water Street.
New Y ork: Egbert Benson, corner King and Nassau
Streets; William Floyd, 27 Queen Street; John
Hathorn, at Strong’s near Albany Pier; Jeremiah
Van Rensselaer, at Strong’s near the Albany Pier;
John Lawrence, 14 Wall Street; Peter Sylvester,
45 Maiden Lane. New Jersey: Elias Boudinot, 12
Wall Street; Lambert Cadwallader; 15 Wall
Street; James Schureman, 47 Little Dock Street;
Thomas Sinnickson, 47 Little Dock Street. Penn
sylvania: George Clymer, at Mr. Anderson’s, Pearl
Street; Thomas Fitzsimmons, at Mr. Anderson’s,
Pearl Street; Thomas Hartley, 19 Maiden Lane;
Daniel Heistes, 19 Maiden Lane; F. A. Muhlenberg,
Speaker, at Rev. Mr. Kunzie’s, 24 Chatham Row;
Peter Muhlenberg, at Rev. Mr. Kunzie’s, 24 Chat
ham Row; Thomas Scott, at Mr. Huck’s, corner
Smith and Wall Streets; Henry Wynkoop, at Mr.
Vandolsen’s, near Bear Market. Delaware: John
Mining, 19 Wall Street. Maryland: Daniel Carroll,
52 Smith Street; Benjamin Sontee, 15 Wall Street;
George Gale, 52 Smith Street; Joshua Seney, 15
Wall Street ;William Smith, 52 Smith Street;
Michael Jenifer Stone, 15 Wall Street. Virginia:
Theodore Bland, 57 Maiden Lane; John Brown, 19
Maiden Lane; Isaac Coles, 58 Maiden Lane;
Samuel Griffin, at the White Conduit House, near
the Hospital; Richard Bland Lee, 15 Wall Street;
James Madison Jr., 19 Maiden Lane; Andrew
Moore, 15 Wall Street; John Page, 19 Maiden Lane;
Alexander White, 19 Maiden Lane; Josiah Parker,
57 Maiden Lane. South Carolina: Edanus Burke,
at Mr. Huck’s, Wall Street; Daniel Huger, at Mr.
Huck’s, Wall Street; William Smith, in Broadway,
next the Spanish Minister’s; Thomas Sumter, 40
OLD
2793
Wall Street; Thomas Tucler Tucker, at Mr. Huck’s.
corner Smith and Wall Streets. Georgia: Abraham
Baldwin, 193 Water Street; James Jackson, 53
Broadway; George Matthews, 53 Broadway.
With the departure of Congress to Philadelphia,
and later to Washington, Wall Street lost its politi
cal brilliance but rapidly became again a power as
the financial heart of the Nation.
The great era of railroad building was under way
by 1835. The Harlem RR. stock went up from 64
to 100 in five months; Mohawk Utica & Harlem,
New Jersey RR. & Transport Co., and Providence &
Boston RR. were in great demand for investment
and in 1838, Wall Street handled $40,000,000 in rail
road stocks. Foreign capital fairly flowed into the
country for railroad investments, and it is esti
mated that $400,000,000 of European money went
into the building of American railroads in the first
50 years. But the issues of transportation stock in
that year were surpassed by $60,000,000 in bank
shares and $50,000,000 in canals, in which the Erie
Canal, the Delaware and Hudson, and the Morris
Canal of New Jersey were leaders.
In 1840 many new projects were supported by
the Exchange; 23 insurance companies, capitalized
at $6,000,000,000; 33 banks, capitalized at
$ 12,000,000.
By 1845 the railroad mileage of the country
reached a total of 4,000 miles, which meant that
more rails had been laid in the United States than
in all of the Continental countries combined. As
an outgrowth of the increased transportation facili
ties, there came new industries, thus creating new
cities needing public utilities, and all affording
attractive opportunities for investment. American
industry in 1850 had a capitalization of half a
billion dollars, practically all of which was the
direct or indirect outgrowth of New York Stock
Exchange activities.
The years between 1859 and 1873 were the golden
harvest times of great American fortunes. The Civil
War boomed all stock. There was an ascending mar
ket to 1873. Michigan Central, Michigan Southern,
Cleveland & Pittsburgh, Rock Island Chicago &
Burlington, and Pacific Mail were mounting with
the country’s westward expansion. Erie went up
to 126 in 1864 and Harlem to 285. Then came the
great panic of 1873. The market slumped for
over seven years, but in 1881 and 1882 it revived
and then surpassed all former activity. The price
of a seat on the Exchange rose to $32,000. During
(Continued on page 2796)
an artist in 1879. A t the extreme left is the site o f the present Bank o f America building, next to it is th e old Bank o f New York building. Next
president o f the City Bank, carried on his own business. Other businesses listed on the street are the M anhattan Fire Insurance Com pany,
th e quaint carriages and om nibuses and also the little steam locomotive drawing the elevated train.
ONE HUNDRED T h e
—
2794
Com m ercial & Financial Chronicle —
YE A R S OLD Nov. 4, 1939
st a t e
E sta b lish ed .
1812
and
M UNICIPAL
BONDS
M EM BER
FED ERAL
IN S U R A N C E
D E P O SIT
C O R P O R A T IO N
♦
Municipal Bond Department
H ead
55 W
O ffic e :
all
St r eet
N ew Y ork C it y
The National City Bank
of N ew York
Volume 149
ONE HUNDRED
—
T h e Com m ercial & Financial Chronicle —
Y E A R S OLD
TIMELY SERVICE
for Exporters and Importers
In the months to come, foreign trade with some parts of the
world is likely to show substantial increase. On the other hand,
shipments to and from other countries may be subjected to
various restrictions.
Manufacturers Trust Company, with a large and highly
trained Foreign Department personnel at its principal office,
and with correspondents in all parts of the world, is in a
position to render valuable service to manufacturers and
merchants engaged in overseas trade.
TO EXPO R TER S
we furnish our "Exporters Handbook,” which contains current
information on exchange regulations in foreign countries. This
book of over 100 pages is in looseleaf form, and is kept up to
date by our revision service.
T O IM P O R T E R S
we make available the extensive facilities of our Commercial
Letter of Credit Division, which is recognized as one of the best
organized in this city, and which can be of considerable assist
ance in working out import problems.
T O E X P O R T E R S A N D IM P O R T E R S
doing business in foreign currencies, we offer the services of our
active Foreign Exchange Trading Division, which continues to
execute a large volume of business on both sides of the market
despite rapidly changing conditions.
We cordially invite inquiries fro m companies engaged in foreign trade
Manufacturers Trust Company
Principal Office and Foreign Department: 5 5 Broad Street, New York
European Representative Office: 1, Cornhill, London, E. C. 3
•
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance Corporation
2795
2796
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
—
1882 transactions valued at $7,000,000,000 were
consummated on the floor of the Exchange. In
1899, with the ending of the Spanish War, the
United States awoke to its reality as an empire,
with great new responsibilities in the Caribbean
and the Pacific. Interests in Far Eastern com
merce quickened the imaginations of great pro
moters as they once had those of the merchant
princes of the old China trade. It is estimated
that 90% of the stocks listed on the Exchange
advanced. As many as 1,500,000 shares a day
changed hands in Wall Street. By 1900, 199,000
miles of railroad had been constructed and the value
of our manufactures was $11,000,000,000.
With the new century came the great financial
impetus to industrial consolidation engineered by
the magnates of Wall Street. Such colossal com
panies as the American Sugar Refining Co., the
American Tobacco Co, the American Car & Foundry
Co., and the International Paper Co. were capital
ized at hundreds of millions. The prosperity of the
country verified faith in the future. Vast fortunes
were reaped by the great capitalists behind the con
solidation movement.
During the Civil War the Exchange had been
housed on the corner of Wall and Beaver Streets.
In 1865 it was established in the first constructed
portion of its present beautiful building at 10
Broad Street, designed by James Renwick, the
architect of St. Patrick’s Cathedral and Grace
Church. In 1923 the original Exchange building
was greatly enlarged by the addition of its exten
sion to Wall Street.
When Cyrus W. Field completed his great cable
in 1867, and Europe and America spoke to each
other over the deep sea cables of the Atlantic, the
New York Stock Exchange was empowered to sell
securities in European markets on the same day
they were selling in New York. With the first
arbitrage deals the Stock Exchange assumed the
international character which has made it the prime
agency of international finance in this country.
From the early days of Captain Kidd, who was a
respected resident of Wall Street before he turned
pirate, the Street has never been without its colorful
figures, great organizers, daring plungers and gay
spenders, good losers.
Two famous early-day speculators of this type in
Wall Street were Jacob Barker and Jacob Little.
Jacob Barker was a vigorous figure. He succeeded
Nathaniel Prime as the most potent banker of
the Street. His notes were Wall Street’s currency,
even when he was losing heavily, for the Exchange
felt confident Jacob Barker would make another
fortune and honor them. An old history tells us
that so interested was Jacob in his affairs that he
would not go home to dinner. He challenged David
Rogers to a duel because
he got ahead of him in
starting a bank.
He
owned many ships, and
saved pilotage on them
when they left New York
~ harbor by steering them
out himself. During the
War of 1812 he assisted
Going downtown from i4 th the Government to the
S tr e e t t o W all S tr e e t w as q u it e
extent Of $100,000 by piira n a d v e n tu r e in t h e h o r s e c a r
.
,. ,
,
„
d a ys, e x p e c ia lly fo r a la d y .
CliaSlllg that amOUllt Of
—
Nov. 4, 1939
its securities. Jacob
Little was called the
“ Napoleon” of W a l l
Street. He had come
from Newburyport and
opened an office in a
Wall Street basement,
following an appren
ticeship in Jacob Bar
ker’s store. He made
and lost three fortunes
in railroad i n v e s t
ments, but his sus
pended p a p e r s
considered better
A ll b o o k k e e p i n g Was d o n e by
the checks of
h a n d a n d in t h e la te w in te r a f t e r
n o o n s b y k e r o s e n e la m p o r c a n d le
men. The Civil
lig h t.
swept away his
fortune. The man who was seen daily on the Ex
change for years died saying: “ I am going up.
Who will go with me?”
Cornelius Vanderbilt was rated “ among bears the
most bearish; among bulls the most bullish.” It
was his policy to buy the controlling interest in a
company and lock up the stock. In this way he
secured for himself the mastery of Eastern trans
portation. His greatest rival was Daniel Drew,
the “ Great Bear” of Wall Street, who continued to
operate on the Exchange at the ago of 72. Both
he and Commodore Vanderbilt operated through
brokers and never appeared on the Exchange floor
themselves. “Uncle” Daniel, as his contemporaries
called him, had been a barefoot cattle boy who made
his original fortune as tavern keeper at Bull’s Head.
He first appeared in Wall Street in 1836. His cus
tom was to buy a million dollars’ worth of stock
at a time. He was often a heavy but gallant loser.
He lost $500,000 in a corner on Harlem RR. If he
set out to crush an opponent by bulling or bearing
the market, he had the power to do it. It was said of
him : “ His touch is death.” However, Daniel Drew
was an ardent churchman, and at his death left part
of his fortune to found Drew Theological Seminary.
Thomas R. Agnew was celebrated for his “ Midas
touch” because of the persistent good luck that
characterized his Exchange deals. In 1845 Henry
Brevoort was another daring operator in the
Street, dubbed by his colleagues “ the millionaire.”
The career of Henry N. Gifford, a lawyer conspicu
ous on ’Change in 1845, was, according to his biog
raphers, meteoric. He made his fame as a broker
in Wall Street, “ where he operated to an extent to
justify his most sanguine expectations.” The foun
dation for the fortune of Leonard Jerome was laid
in the panic of 1857. The ostentatious wealth of
this king of finance made him a popular fellow as
a patron of actors and owner of race horses. But
at a single drop in the Exchange he lost $800,000,
and finally all of his great fortune of $6,000,000
went by the board. James Fisk Jr., or “ Jubilee Jim”
as he was called, came to Wall Street as assistant to
Daniel Drew. As a manipulator of railroads Van
derbilt alone was his peer. The climax of his un
scrupulous methods came in the Black Friday of
1869, when he and Jay Gould attempted to corner
the gold market. His instinct for coining money
was well illustrated when he bought the Grand
Opera House, moved in the Erie Railroad’s general
0Continued on page 2798)
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD
—
—
Corn Exchange Bank Trust Co.
ESTABLISHED 1853
A Bank Statement that any M a n or W om an can Understand
Condensed Statement as at Close of Business September 30th, 1939
Due Individuals, Firms, Corporations and Banks
. $329,420,341.29
To meet this indebtedness we have:
Cash in Vaults and Due from B a n k s....................... $136,209,114.30
Cash Items in Process of C o lle c t io n .....................
15,465,034.91
U. S. Government S e c u r it ie s ................................ 119,336,598.65
(Direct and fully guaranteed, including $3,051,000
pledged to secure deposits and for other pur
poses as required by law.)
Canadian Government S ecu rities..........................
State, County and Municipal Bonds
. . . .
Other Tax Exempt B o n d s .....................................
Railroad B on d s..........................................................
Public Utility B o n d s ...............................................
Industrial and Other B o n d s ................................
18,000 Shares Federal Reserve Bank of N . Y . . .
2,499 Shares of Discount Corp. of N . Y . at cost . .
9,990 Shares of Corn Exchange Safe Deposit Co. .
Sundry S ecu rities.....................................................
Secured Demand L o a n s ..........................................
Secured Time L o a n s ...............................................
Moans and Discounts U n s e c u r e d ..........................
*First M o r t g a g e s ....................................................
Customers’ Liability on Acceptances.....................
*Banking Houses Owned
.....................................
*Other Real Estate O w n e d .....................................
Accrued Interest R e c e i v a b l e ...............................
Other Assets...............................................................
4,978,312.34
3,949,336.41
5,785,235.96
5,673,756.93
7,361,634.67
2,925,146.46
900,000.00
299,880.00
824,000.00
387,735.00
14,817,093.34
1,994,164.72
9,935,871.40
17,945,685.86
864,671.91
12,055,118.92
1,955,575.45
1,124,412.62
148,676.12
Total to Meet Indebtedness..................................$364,937,055.97
This l e a v e s ................................................................... $35,516,714.68
* Less Reserves.
Capital $15,000,000.00; Surplus and Undivided Profits, $20,516,714.68
We can act as your Executor or Trustee, issue Letters o f Credit, Travelers’
Checks and Drafts on Foreign Countries and provide
every Banking and Trust Service
74 Branches located in all Parts o f the City of New York.
Member Federal Deposit Insurance Corporation.
2797
2798
ONE HUNDRED
—The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
offices for good publicity, and continued to run the
theater at a large profit every night.
Then also there were the great builders of for
tunes and enterprises.
John Jacob Actor, who arrived from Germany in
the steerage with seven flutes as his only worldly
possession, changed his musical instruments for a
few fur pelts, which became the foundation of the
greatest fortune of his day, $50,000,000, acquired
by his pioneer imagination and lifelong industry.
Across a continent of wilderness he opened trading
posts on the Northwest Coast. He sent his ships
across the Pacific, and they sailed home around the
Horn, coming into New York harbor laden with tea
and silks from China, where they had sold their
furs. He made shrewd investments in real estate
in New York. In his old age it was estimated that
John Jacob Astor’s financial assets brought him
$2,000,000 a year.
Stephen Whitney, well-known as a cotton specula
tor, was regarded, next to Astor, as the richest man
in New York. His fortune, $10,000,000 in 1845, was
made in real estate. William Bayard Jr., President
of the Chamber of Commerce and a trustee of
Sailors’ Snug Harbor, owned the Tontine Coffee
House, the first office building in the city, and by
his business concentration accumulated quite a
fortune.
The Aspinwall brothers, Gilbert and John, who
had made their wealth in shipping and jobbing,
were among the first directors of the Second Bank
of the United States. John Watts, with a personal
fortune of $300,000, was active in financing the
building of the Merchants’ Exchange, which was to
enhance all the business life of New York.
Among the wealthy men of New York City who
subscribed thousands to the Federal loan of 1813-14
to finance our “ second war of independence” were
Benjamin Bailey, Philip Brasher, Isaac Clason,
H. C. deRhom, Robert Chesebrough, James Thomas,
Douglas Alonson, L. Bleecker and Peter Schenck.
Peter Schenck’s indomitable “ business as usual”
principle caused him, during the blockade, to have
cotton carted overland 900 miles from South Caro
lina to Fishkill Landing, N. Y.
John Wilkes, long associated with the Bank of
New York, and eventually its President, was sent
to London in 1822 to negotiate a loan of £200,000
with the famous firm of Baring Bros., which he con
cluded at 5% for eight years, thus inaugurating
the era of New York’s international transactions in
finance. James McBride, from Armagh, Ireland,
chandler and founder of The Friendly Sons of St.
Patrick, was interested in many early banks and
insurance companies. Jacob Lydig, whose family
fortune originated in his father’s business of supply
ing ship-biscuit to vessels spreading sails for far sea
journeys, was for half a century a director in every
new banking and insurance company in the city.
Robert Lenox, one of the five richest men in
New York, out of his financial experience furnished
advice to Nicholas Biddle, President of the Second
Bank of the United States. George Griswold, a
great merchant shipper and an expert on marine
insurance, gave lavishly of his fortune to the people
of the suffering city during the yellow fever plague
of 1822. Other names to be found on many boards
of directors of new financial institutions were
Henry Eckford, Richard Harrison, Walter Bowne,
—
Peter Remsen and Eleazer Lord, who wrote an excel
lent treatise on banking.
Faith in the magnificent enterprise of developing
a new country dominated men of New York, whose
imagination and capital made possible the era of na
tional expansion measured by the 75 years between
1825 and 1900. With ceaseless energy they were the
promoters of the Nation’s trade, railroads, cities
and industries. The unique economic opportunities
of a young country called forth their power to com
bine the creation of personal fortunes with their
work for the prosperity of the United States. They
made their city the financial capital of the Nation.
The pioneer enterprise of opening up the conti
nent had been begun by that famous old merchant,
John Jacob Astor, who blazed the trail westward
against the odds of treachery in his own company.
After him came, in the next generation, the railroad
financiers, who built the great steel highways over
which civilization crossed frontier after frontier.
Between 1860 and 1870 the railroad mileage of the
country increased from 30,635 to 52,914 miles. By
the next decade it had reached 93,296 miles.
Cornelius Vanderbilt developed the New York
Central RR., and by clever manipulation of the
stock market acquired control of the first system of
railroads. His competitor was Jay Gould, who
launched the Erie enterprise. Moses Taylor, Presi
dent of the National City Bank, with his wealth
backed the feeble Delaware & Lackawanna and
made it a success. Frank Stuart Bond spent 43
years on the Stock Exchange financing railroads,
among them the Philadelphia & Reading. Roswell
P. Flower engineered the Chicago Rock Island &
Pacific stocks into popularity. Henry Keep dis
covered the value of railroads in the Northwest, and
made a fortune over the famous blind pool of North
western stock. It was in this road that Jay Cooke
sank his fortunes.
James J. Hill bought a railroad that was “ two
streaks of rust running into the desert,” and from
the wreckage developed his transcontinental sys
tem, the Great Northern. Collis P. Huntington par
alleled Hill’s pioneer lines to the Coast. Henry
Keep launched the promising Northern Pacific RR.
stock, and his colleague, Rufus Hatch, made known
to Americans the wonders of Yellowstone Park by
his far-reaching project of making the railroad an
open sesame to the country’s beauty, as well as to
its commercial resources. With the same imagina
tive grasp of the future, Mr. Hatch became an
energetic promoter of the Panama railroad that
united the oceans before the day of the Panama
Canal. Russell Sage financed 5,000 miles of rail
road and was identified with 40 roads. The follow
ing capitalists were also prominent in railroad
financing: Charles L. Colby, Samuel Marsh, John
M c A nerney,
Jonathan Stur1
, _
ges,
Austin
Corbin, Alfred
Sully and Sid
ney Dillon.
In like man
ner Wall Street
energy a n d
money put life
T h e a g e o f ra ilro a d b u ild in g b r o u g h t
into the Amer- n e w era o f p r o s p e r i ty a n d e x p a n s io n .
(<
Continued on page 2800)
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
—
—
2799
Latest News
v i a
ss
I n 1839, the year the Commercial & Financial
Chronicle was founded, New York newspapers
often published "extras” to announce the arri
val of a ship from abroad. The "British Queen,”
pictured above as she entered New York harbor
on September 20, 1839, carried "highly impor
tant news” from Europe—news that took 18
days to reach America. Undoubtedly, she also
carried goods whose shipment was financed by
the Bank of New York.
The America of 1839 was far different from
the America of today. There were then only
26 states in the Union. The country was strug
gling out of the worst panic it had ever suf
fered, and specie payments had been resumed
B
an k
48
UPTOWN
Established 1 7 8 4
of
only the previous year. The securities traded
on the New York Stock Exchange were chiefly
those of canal companies, railroads, banks and
insurance companies. Industrial America was
still a thing of the future.
By 1839, however, the Bank of New York
had already rendered 55 years of service to
American business and finance. Founded by
Alexander Hamilton in 1784, before the British
troops had evacuated the City, this Bank played
a leading part in the development of America’s
early trade and finance. It helped to establish
many sound banking principles and practices
that have successfully stood the test of the past
century and a half.
N
ew
Y
ork
W all Street — N ew York
OFFICE:
MADISON
AVENUE
AT
63RD
STREET
Persotial Trusts Since 1 8 3 0
2800
ONE HUNDRED
—The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
ican steamships both coast
wise
a nd
transoceanic.
From a little Staten Island
market boat, Commodore
Cornelius Vanderbilt evolved
his Atlantic passenger ships.
Daniel Drew promoted the
Hudson Steamboat Co. on
our interior waters. Rufus
Hatch financed the opera
Early telephoning Was
tion of the Pacific Mail
such a patience-trying
Steamship Line and founded
p ro ced u re th a t m ost
bankers and brokers pre
the Iron Steamboat Co. of
ferred to use messengers.
New York. The great Webb
Lines of steamships were launched on both oceans.
When Cyrus W. Field was seeking capital for
his experiment in laying a cable across the Atlantic,
he received from Moses Taylor, O. S. Wood, Corrin
Squire, and the men whom their enthusiasm had
convinced, the money to make possible his miracle
of communication that transformed the relations of
the world. Among those who were thus persuaded,
and later generously rewarded, were: Peter Cooper,
David Dudley Field, Chandler White, Marshall 0.
Roberts, Samuel F. B. Morse, Moses Taylor, Daniel
Huntington and Wilson G. Hunt.
When the Civil War broke over the country in
1861 the practical feature of financing the conflict
was shaped in Wall Street. The money was raised
through the sale of Government bonds. Jay Cooke
carried on a national advertising campaign with
agents in every hamlet of every State. The firm of
Fisk & Hatch became the most widely known bond
house in the country through its able handling of
Government securities. At Lincoln’s call, John A.
Stewart left the United States Trust Co., which he
had helped to organize, and served as Assistant
Treasurer of the United States. Richard Henry
Winslow, Moses Taylor, Henry Clews and a score of
other well-known bankers and brokers undertook
the onerous task of turning Government bonds into
cash to arm, feed and clothe the Union Army during
the four hideous years of the Civil War.
The trust movement, which became a recognized
phenomenon of American industry in the nineties,
was primarily promoted through Wall Street, where
the transfer of stock in huge blocks gave individual
capitalists and syndicates control of whole fields
of American labor, productions and merchandising.
Of the new type of trust magnate, J. P. Morgan was
a leading example.
The financial genius of J. Pierpont Morgan
brought into his control more wealth than was
possessed by all of the American Colonies at the
time of the Declaration of Independence. Mr. Mor
gan first became a conspicuous figure in Wall
Street when, in 1873, he took over the Government
business of Jay Cooke when the failure of that
house precipitated the great panic. With Levi P.
Morton, he assisted in negotiating the refunding of
$700,000,000 worth of United States bonds between
1876 and 1878, thus reviving European faith in
United States securities. In 1895 Mr. Morgan
agreed with President Cleveland to furnish $62,000,000 worth of gold to break the gold famine fol
lowing the panic of 1893. When the railroad boom
broke in the early nineties, due to the great over
expansion of construction, and half of the railroads
of the country went into the hands of receivers, Mr.
—
Morgan was the one man who could engineer the
capital to rehabilitate them. He reorganized the
Big Four System, the Southern RR., the Reading,
the Erie, and the Northern Pacific, underwriting
their liabilities and restoring them to a paying basis.
With a sure hand he initiated the era of rail
road consolidation. The first of his many inter
national negotiations was floating the British war
loan for $50,000,000 in 1901, the first foreign war
loan ever offered in the United States. In 1903 the
Roosevelt Government arranged with him for the
$40,000,000 with which to purchase the French
rights in the Panama Canal. The supreme accom
plishment of his brilliant skill in managing vast
financial projects was his creation of the United
States Steel Corp. in 1901. This was the biggest
combine ever attempted, a billion dollar consolida
tion, including industrial plants, railroads and
banks by the score. He and his syndicate bought
out Andrew Cargenie’s steel interests for $447,000,000, the greatest sale in the history of the world.
The steel merger controlled interests in the Illinois
Steel Co., Federal Steel Co., American Steel & Wire
Co., and the American Steel & Tinplate Co. Both
the Rockefeller and Morgan millions were merged
in this great trust. Former Judge Elbert Gary, as
their corporation counsel, drafted its charter and
constitution. In the panic of 1907 Mr. Morgan
came to the rescue of the Knickerbocker Trust Co.
when it was undergoing an unprecedented run to
the extent of $34,000,000. In that year, to save a
famous Wall Street firm from bankruptcy, he
bought the Tennessee Coal, Iron & RR. Co., chief
competitor of the United States Steel Corp., for
$30,000,000 in bonds. These mighty operations
of the great captain of American capital made him
the most spectacular figure the financial world has
produced.
The one man who rivaled J. P. Morgan as a rail
road organizer was Edward H. Harriman. Start
ing with the New York New Haven & Hartford as
a nucleus, Mr. Harriman, by daring strategy in the
stock market, secured control of a railroad empire
of 75,000 miles. He was a brilliant figure in the
Northern Securities Holding Co., where he came
first into competition, and then into combination,
with the Hill interests. He bought the run-down
Union Pacific, paid the United States $45,000,000
in cash for it, and created a market for its stock,
until the road across “ the great American desert”
became rich enough to act as its own bank. He was
at the height of his ambition as a master of trans
portation when he died in 1909.
Since 1882 “ 26
Broadway” h a s
not only been the
center of the pe
troleum industry
of the country,
but the c e n t e r
also of the great
reservoir of capi
tal developed by
the Standard Oil
Co. The t h r e e
men who made
this
phenomenal ^ was not
.
corporation were
until the turn o f the cen tu ry
that th e “ lady stenographer” made h er
b o w in w a ii s t r e e t .
('Continued on page 2802 )
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
—
—
2801
2802
ONE HUNDRED— T h e
Com m ercial & Financial C hronicle —
YEARS OLD
Nov. 4, 1939
John D. Rockefeller, Henry M. Flagler and Henry
H. Rogers.
Almost every field of American production has
had its wheel horse of finance. The name of
Henry H. Rogers is associated with the famous
stock of the Anaconda Copper Mine, known as
“ Amalgamated Copper,” which Mr. Rogers intro
duced to the New York Stock Exchange.
Andrew Carnegie, Henry M. Frick and Charles M.
Schwab controlled an empire of steel which had
its origin in the Pennsylvania Homestead plant pur
chased in 1880 by Andrew Carnegie. The era of
industrial consolidation inaugurated by Rockefeller
and Carnegie was carried on by the creation of
such typical trusts as the International Harvester
Co., organized by George W. Perkins; the Amer
ican Tinplate Co., the National Biscuit Co., spon
sored by William Henry Moore, and by the merger of
all the lighting companies in New York City
brought about by William C. Whitney. In the
field of Oriental finance, opened by the Spanish
War, Jacob Schiff of Kuhn, Loeb & Co., was one
of the pioneers, when his company handled the
Japanese w'ar loan of 1904. The flow of American
capital into Chinese railroads brought forward
another group of Wall Street financers.
Freeman Hunt
Building the Hoosac Tunnel (North Adams, Mass.),
November, 1873. This country*s first long-distance
railway tunnel— 4 3 a miles long, built at a cost of
/
to claim it. But, shall we confess it? (and it is, per
haps, for one of those dry statisticians, whom popu
lar opinion is apt to set down as beings devoid of
feeling, and dealing in no figures but the numerals,
something of a confession) the feeling that influ
ences us on the occasion is somewhat of the senti
mental kind.
“ The motive which leads friend to send to friend
the likeness of features which the intercourse of
years and old associations have rendered interest
ing, is as natural as it is proper. The intercourse
which, during the last 10 years, has existed between
the editor of the ‘Merchants’ Magazine’ and his
numerous readers, the silent intercourse of mind
with mind, springing out of a common interest, on
his part as editor—on theirs, as readers on the same
important topics, is not of precisely the same kind
as that of friend with friend. We shall not, there
fore, presume to speak for the many readers or
friends (if they will allow us to call them so) in
New York and throughout the United States, cisat
lantic and transatlantic, and we may say in the
four quarters of the ‘Great Globe itself,’ for whom
we have labored during the last 10 years. What
may be their feelings towards the humble individual
who has, in this work, put forth his best energies
to supply a want long felt, and to furnish to a most
enlightened class of readers, at once, an organ for
their views, and a magazine of information for their
use, it is not for him to guess. But for himself he
can say that, as he has advanced with his work,
every year gaining larger views and a clearer con
ception of the extent, the length, and the breadth
of the great field of mercantile science, which it
has been his business and his pleasure to explore;
as his information and sources of information have
increased and multiplied; as, in short, his knowl
edge of his subject, and with it his love of his sub
ject, have grown and strengthened, a kindly near
ness of feeling has at the same time grown up in
his own mind towards the large and increasing
circle of readers for whom he has labored, and many
of whom have accompanied him with their approval
and support from the beginning of the work.
“ The difficulties which attended that beginning,
the labors that had to be performed, and the obsta
cles to be surmounted before the work could be
established upon a broad and safe basis, are known
best to him who is least willing to speak of them—
the editor himself. But this much we may say,
that the idea of the ‘Merchants’ Magazine’ was no
sudden thought, was not suggested by mere acci
dent. It was a long time the subject of much
$ 12, 000 , 000 .
(Continued on page 2804 )
(Continued from page 2743)
bed, prostrated by a painful disease, he would dic
tate and arrange work on hand, and direct his secre
tary, who sat by a table placed at the foot of his
bed. The numbers were issued regularly, and the
last number, that of March, 1858 (that is, the last
number edited by Mr. Hunt), he worked on with his
customary assiduity, though with great physical
pain. A sense of relief came to him the day before
his death, March 1, when the March number of his
magazine was put into his hand completed. He
looked over it and said, with a smile, to a friend at
his bedside: ‘This work has been my hobby in life
and my hobby in death/ ”
But no other person could hope so clearly and so
authoritatively to portray his interest in and his
attitude toward his masterpiece as the editor him
self. Upon the appearance of the first issue of the
twenty-first volume of his “ Merchants’ Magazine”
he presented his own apologia pro vita sua under
the title “ The Editor to His Friends and Patrons,”
in the following words:
“ We feel that we are taking a sort of liberty (a
liberty, however, for which we shall offer no apol
ogy) in sending to our readers, with the present
number of the ‘Merchants’ Magazine and Commer
cial Review’, the first of the twenty-first volume,
and of its second decade, a portrait of the editor.
Some authors deem themselves privileged or licensed
to prefix their counterfeit presentment to their first
book, when their name is as litle familiar as their
features, and their features derive no additional in
terest from their name. Our 10 years’ labors, our
20 volumes, viginti LIBRORUM lucubrationes,
might perhaps entitle us to an equal right had we
any itch for the digito monstrarier, and felt disposed
Volume 149
ONE HUNDRED
—
The
T h e Com m ercial & Financial C hronicle —
YEARS OLD
D im e S a v in g s
o f B ro o k ly n
D a n k
BROOKLYN, N Y .
Incorporated 1859
OFFICERS
_______ _ _President
PHILIP A. BENSON_________________________
FREDERICK W. ROW E_____________________
Vice-President
_ _ Vice-President
W ALTER H A M M ITT ________________________ ___ __
_ _ Treasurer
GEORGE C. JOHNSON______________________
_Secretary
ROBERT L. FERN ALD______________________
AUSTIN C. CHESHIRE______________________
_ __Comptroller
___ Assistant Treasurer
JOHN D. GRAHAM__________________________
A. EDW ARD SCHERR, J R __________________
_Assistant Treasurer
EUGENE R. SHOTWELL____________________
_Assistant Secretary
CLINTON L. M ILL E R ______________________
_
Assistant Secretary
RAY C. SHEPHERD________________________
-Assistant Secretary
ALFRED R. MARCKS________________________
__ _Mortgage Officer
CLINTON W. P ARK ER _____________________
_
Assistant Secretary
ROBERT D. B AR K E R _______________________
Real Estate Officer
EDWIN H. BIED ERM A N _____ _____________
_Assistant Secretary
GUY L. GOULD_____________________________
_ _ -Assistant Secretary
GEORGE N. M AUGER______________________
Assistant Comptroller
GUSTAV T. ANDREN
---------- Asst. Mortgage Officer
HELEN R. F E IL_____________________________ _____ __ Assistant Secretary
Albert Hutton
Arthur C. Weymann__
_ _
__
_
_ Counsel
_ _Solicitor
TRUSTEES
FREDERICK W. ROWE
WALTER HAM M ITT
FREDERICK L. CRANFORD
W. J. WASON, JR.
EDW ARD C. BLUM
THOMAS H. ROULSTON
JOHN F. BERMINGHAM
PHILIP A. BENSON
ARTHUR L. J. SMITH
JOSEPH K. SMITH
WILLIAM W. WALSH
ALBERT HUTTON
FRANK F. JACKSON
HENRY A. INGRAHAM
GEORGE C. JOHNSON
ROBERT L. FERNALD
CHARLES R. GAY
DE W ITT A. FORWARD
RESOURCES over_____________ __ $232,000,000
DEPOSITORS over____________
204,500
SURPLUS over________________ __ $ 33,500,000
2803
2804
ONE HUNDRED—The Commercial & Financial Chronicle YEARS OLD
—
Freeman Hunt
0Concluded, from page 2802)
Nov. 4, 1939
purposes of the ‘Merchants’ Magazine.’ The editor
regards it as not the least of the happy results of
the labors and studies to which his taste and his
duty have led him in conducting this magazine, that
they have strengthened and confirmed the dispo
sition to look upon all men as brethren, and to
regard with favor all measures which tend to unite
them together in the unity of peace, and to promote
the reform of ancient abuses, however venerable.
“ If the labors of the editor in this broad field
have availed anything, if in particular he has done
aught to direct literary effort into the hitherto
neglected department of commerce, to promote the
study of it as a science, and to establish something
worthy of the name of the literature of commerce,
he will deem it a matter for rejoicing, but not boast
ing. Our thanks for the past we need not repeat.
Our promise for the future is best guaranteed by
past performance, and on commencing the twentyfirst volume, and second decennium, the editor feels
that, in the true cosmopolitan spirit towards all
mankind, without mental reservation of any caste
or creed, but with, perhaps, a little heightened emo
tion towards the readers and patrons of the ‘Mer
chants’ Magazine’, he can subscribe himself,
“ With great regard, your friend,
“FREEMAN HUNT.”
thought and deliberation before any active steps
were taken towards carrying it out. In casting the
eye around in the difficult search after some useful,
but unoccupied, corner in the wide field of litera
ture, it seemed to the editor as if every point was
already occupied, every branch represented, except
one, and that the very important subject of com
merce and the mercantile interest. On the one hand
the professions, the divine, the lawyer, and the phy
sician, the farmer also, and the mechanic, had each,
one or more organs and exponents in the periodical
press. Even the railroad interest, new as it then
was, had found a voice through the press; while
commerce, more or less connected with all other pur
suits, was unrepresented. While the business con
cerns of commerce filled the huge columns of the
daily press with advertisements, and with shipping
intelligence, and with matter relating to the every
day details of merchandise, on the one hand, there
was not a single magazine, of high or low preten
sions, either in America or, to the best of our
knowledge, in Europe, to represent and to advocate
the claims of commerce. Those who have seen how
much has been done within the last 10 years, who
have profited by the learned labors of McCulloch
and Macgregor, of Taylor, Tucker, Cary, Kettell,
The April, 1858, issue of the “ Merchants’ Maga
and Seaman, and have noted how rapidly the class zine” recorded the passing of Mr. Hunt in the fol
of periodicals devoted more or less directly to mer lowing sentences:
cantile subjects has increased, have but an inade
“ The sad record of the death of Freeman Hunt
quate idea how little had been previously done. finds fit place in the pages of the ‘Merchants’
There were one or two dictionaries of commerce, Magazine’, of which he was the projector, and the
and a few works intended for practical purposes. sole editor and proprietor, from the first day of
But a Literature of Commerce did not exist even in July, 1839, when the first number appeared, until
name. The idea, and the thing itself, were yet to the second of March, 1858, when he died; to which,
be developed. In 1839 the ‘Merchants’ Magazine during the best 20 years of his life, he gave all his
and Commercial Review’ was established, without, business energies, his vigorous intellect, a compre
we confess, so clear a conception, as after experi hensive view of his subject, marked tact and skill
ence has furnished, of the full import of the term in selection and arrangement, and a large experi
commerce, in its broadest, largest, and truest sense ence as publisher and editor, and which is therefore
or signification. Every branch of industry, almost the truest and fairest memorial of what he was and
every pursuit may be said to come within its range. what he did. But we are not writing his eulogy.
The interest of agriculture and manufactures, which We shall early take occasion to pay that tribute to
produce, are identified with the interests of com his worth which he always had ready for the excel
merce, which distributes. The great topics of lence and eminence of others.
banking and finance, of railroad and canal com
“ Of the 225 numbers of the magazine, this is the
munication, of mining, and of navigation by steam first that comes to the reader without having
and sail, are all involved in the one great topic of received his personal supervision, although for
commerce. A large part of the legislation of States many months, during his last illness, the chief edi
and nations is devoted to the regulation of com torial duties were confided to friends, who have
mercial operations. Courts of law and equity are contributed for years to the pages of the magazine,
daily deciding points in mercantile jurisprudence, and who are entirely familiar with his editorial
growing out of the constantly varying circum views and wishes. To many of our subscribers in
stances of commercial enterprise. How liberalizing foreign lands this number may bring the first news
and expanding are the pursuits of commerce, thus of our loss. There can be, therefore, no impropriety,
understood, in their effect upon the mind is obvi now that he is gone, in saying that by all our read
ous, and is often remarked. The wants and the ers his name will be mentioned, his loss regretted,
necessities of all nations, of all races of men, form as that of one honorably identified with the litera
elements in the calculations of the true merchant. ture of commerce; and both at home and abroad—
He studies the condition and finds out the wants at Sydney and Hongkong, at Honolulu, Valparaiso,
of all to relieve them. It is his interest, it becomes and Rio de Janeiro, as well as London, Vienna,
also his pleasure to do so. He learns to look upon Paris, and Constantinople, and wherever else
all nations as knit together by the ties of mutual ‘Hunt’s Merchants’ Magazine’ has regular subscrib
dependence, to regard all men as kindred. The mer ers and readers, it will be acknowledged to have not
cantile student learns the same lesson. To teach unfaithfully represented the trade of America and
that lesson has been, and shall be, one of the great the world.”
ONE HUNDRED
—
V olu m e 149
T h e C o m m e rc ia l & F in a n c ia l C h r o n ic le
— YE A R S OLD
2805
P h ila d e lp h ia ’s
La rg e s t a n d O ld e s t B a n k
Congratulates
The Commercial and Financial Chronicle
The Philadelphia National Bank began business one hundred and
thirty-six years ago, and enjoys the distinction of being one of the largest
as well as one of the oldest banks in the country.
To have survived the crises and changes of more than a century is an
indication of sound management and efficient service consistently
maintained.
Age means something other than mere will to survive; greatness, more
than an accumulation of figures.
sound not because they are old.
Institutions, like precepts, are
They are old because they are sound.
THE PHILADELPHIA
NATIONAL BANK
Organized 1803
PHILADELPHIA, PA.
Capital, Surplus and Undivided Profits - - - - $41,000,000
Member of Federal Deposit Insurance Corporation
O EH N R D
N UDE
2806
—
The Commercial & Financial Chronicle —
YE R O D
AS L
Nov. 4, 1939
to him, that he was being praised beyond his
desserts.”
(< o n c l u d e d f r o m p a g e 2743)
C
The tribute from which this extract has been
taken was published upon the occasion of Mr. Dana
“ Three untoward influences have conspired to
prevent our classmate Dana appearing here in a having completed his eightieth year. “ On Thursday
of this week,” the tribute begins, “ Mr. William B.
paper which would have done him justice.
“ First, his modesty; we know how great that was Dana, founder, editor, publisher and owner of the
when we were in college. But it has grown with ‘Chronicle,’ completed his eightieth year. His edi
his years and his merits. He has been very reluc torial and office staff signalized the event by con
veying to him an expression of their esteem, love
tant to write anything of himself.
“ In May, 1893, I made a personal call upon him and admiration, and by testifying their appreciation
in his editorial sanctum, and he encouraged me to of his services to the community. The anniversary
believe that he would comply with the desire of his was really a double one, for in the latter part of
classmates as soon as he got through the rush of 1859 Mr. Dana began his career as publisher and
business, consequent upon an extended tour for rest editor, so that he is now completing his fiftieth year
in South California. But I had hardly left him in the publication business. Mr. Dana has always
before he was taken severely ill, and for a consid been extremely averse to personal mention of any
erable time was unable to attend to business of kind, but members of his staff felt that such an occa
any kind. Then came on the long-to-be-remembered sion should not go unnoticed.
“ In like manner those responsible for the conduct
financial disturbance in 1893. And this brings me
to say that Dana is our great financial high priest. of the paper during his absence feel that the readers
“ He early devoted himself to journalism and of the ‘Chronicle’ and the general public should not
made a study of finance. The result has been that be kept in ignorance of the event. They think that
he has established the great financial paper of the for this once they are justified in disregarding Mr.
country, ‘The Commercial & Financial Review,’ at Dana’s personal inclinations and desires. Besides,
102 William Street, New York City. A classmate when an editor and his journal have served the com
has told me that millions of dollars are daily nego munity for such a long term, according to high
tiated upon the authority of that paper. Business standards and ideals, the public has a certain claim
men have come to look to it for wise and safe esti upon him which cannot altogether be ignored. Mr.
mates of the business condition of the country and Dana conceived the ‘Chronicle’, developed it in con
cautious judgment of what is to be expected in the sonance with broad and comprehensive ideas, and
near or remote future. The truth about silver coin has made it a power and influence in the world.”
In October of the following year (1910) Mr. Dana
age, tariff reform, and sound banking is the great
demand of the time. I suppose, therefore, that he died in the eighty-second year of his age. “ Through
can be excused for not taking even an hour from his the “ Chronicle” , wrote Jacob Seibert Jr., his suc
cessor as publisher and editor of “The Commercial
over-burdened time to write his life.
“ In private life Dana has made his home a shelter and Financial Chronicle” , up this occasion “ he (Mr.
for those who needed it, and also could bring joy Dana) wielded power and influence to an extent
into it. In his church relations he has been a de greater than that possessed by most of the men who
voted lay worker, and multitudes could testify to have been prominent in the public eye. And this
his power for good. In personal appearance he is influence has been continuously exerted through the
very much what his brother, the Yale professor, was whole period of the existence of the paper, for the
editorial policy has been conducted in accordance
in our day.
with such high ideals that the paper never at any
“ He took the M.A. in course.
“ I have pursued Dana for a picture till I was time lost the respect of the community. Men might
differ with its views, but the honesty of its purpose
almost ashamed of myself, but all in vain.”
In view of this truthful and yet very human has never been questioned.”
The files of the “ Chronicle” are at once his biog
account of Mr. Dana in the flesh, his historian is to
raphy and his monument.
be excused for such relatively minor inaccuracies
as that of referring to “ The Commercial & Financial
Chronicle” as “ The Commercial and Financial Re
view” !
The fact is, however, that, as the “ Chronicle”
itself said editorially in its issue of Aug. 28, 1909,
“ the history of the ‘Chronicle’ is the history of Mr.
Dana’s life. The success which has attended the
paper throughout its entire existence is evidence of
his skill and ability. The dignity and high tone
maintained in its conduct are indications of his
character and of the lofty aims pursued. And the
progress and development of the paper are marks
of his genius. We think the reader will agree with
this, even if Mr. Dana does not, and protests, as he
An early railroad train such as this served to open the
did when the ‘Chronicle’ staff presented the tribute
great and fertile empire of the west.
William B. Dana
V olu m e 149
ONE HUNDRED—
The Commercial & Financial
YEAR S OLD
2807
^Z^Z^Z^Z^Z^Z^Z^Z^Z^Z^Z^Z^Z^Z^ZTZ^Z^Z^Z^Z^Z^Z^Z^Z^Z^ZTZ^
O
F
U
N
D
E D
I N for 8 1 2 purpose o f insuring lives and
1 the ,
granting annuities, the original corporate title o f this
Company has never been changed. In 1836 the C om m on
wealth o f Pennsylvania granted a supplement to the Company’s
charter permitting it to engage in the banking business and
to extend its activities to the management o f trusts and estates.
In 1 8 7 2 the initial purpose for which the Company was
founded, that o f insurances on lives and granting annuities,
was discontinued. Since then the Company has operated
exclusively as a trust company, carrying on a general banking,
trust and safe deposit business.
M e r c h a n t s C o ffee H o u s e ,
So .
Se c o n d
St .,
P h il a d e l p h ia
B ir t h p l a c e o f T h e P e n n s y l v a n i a C o m p a n y
THE PENNSYLVANIA COMPANY
fo r Insurances on fives and (granting Annuities
Philadelphia
MEMBER
FEDERAL
MEMBER
DEPOSIT
INSURANCE
FEDERAL
RESERVE
CORPORATION
SY STEM
RESOURCES MORE THAN $ 2 5 0 ,0 0 0 ,0 0 0
2808
ONE HUNDRED—The
Commercial & Financial Chronicle— YE A R S
The start of one of America’ s greatest industries. The
first oil well to he drilled in the United States. It was
in Titusville, Pennsylvania, in 1859.
Jacob Seibert Jr.
(■ o n c l u d e d f r o m , p a g e
C
2743)
Mr. Dana very early placed a large measure of re
sponsibility upon him, leaving him, for instance, in
entire charge of the editorial columns during his
(Mr. Dana’s) tour of Europe in 1881, when Mr. Sei
bert was only 24 years of age. During all this time,
too, he directed a number of the paper’s important
departments. He thus became as completely identi
fied with the paper as was Mr. Dana himself. He
imbibed Mr. Dana’s ideas and was, of course, at
all times in harmony with his policies, and, indeed,
was Mr. Dana’s chief instrument in carrying them
out, becoming thoroughly ingrained with his pur
poses and views. During the later years of Mr.
Dana’s life the entire direction of the paper de
volved upon Mr. Seibert.
Upon the death of Mr. Dana in 1910 Mr. Seibert
assumed undivided control of the company, owner
ship of which he assumed within a short period of
time. Because of his extraordinary vision, he fore
saw the ultimate effect of current trends in eco
nomic life. Through his editorial comments he was
instrumental in focusing public attention upon mat
ters having a vital, and many times harmful, influ
ence upon world affairs. In numerous instances he
stood momentarily alone in his convictions; he was
not without his critics, but he was staunch in the
attitude he took, and time and again brought to
his way of thinking those who at first opposed him.
Of the many who looked upon Mr. Seibert as an
authority in his writings, it is of interest to record
that Paul M. Warburg, in his voluminous book
analyzing the Federal Reserve System, quoted ex
tensively from the views expressed by Mr. Seibert
in his many editorials on the Reserve Act. Numer
ous, too, were the times when he was consulted by
other financiers, eminent newspaper writers, and
members of various congressional and other legis
lative bodies.
OLD
Nov. 4, 1939
Trained from his youth in an office whose jour
nalistic standards were high and exacting, Mr. Sei
bert remained throughout his long career loyal to
the traditions in which he had grown up, while at
the same time devoting himself to the expansion
of the scope of the paper and the increase of its
usefulness as a record of events and an organ of
opinion. Its field, as he saw it, was not limited to
commerce and finance, but properly included all
branches of industry, domestic and international
politics, and such general matters as appealed to an
intelligent public. At the same time he labored un
ceasingly to maintain its standing as a full and
authoritative record in the special fields of stock
market and exchange transactions, banking and cur
rency, railway and industrial finance, and the move
ments of the cotton market. He lived to see the
“ Chronicle” become in these directions, as in the
domains of politics and current events generally, the
most comprehensive weekly journal in the English
language.
By temperament and training Mr. Seibert was
conservative, but his sympathy went out to such
liberal ideas or movements as seemed to him to
harmonize with sound economic and political prin
ciples. He was an uncompromising defender of the
gold standard, and opponent of high protective tar
iffs and Government interference in business and
industry, and a stern critic of the unbridled specu
lation which precipitated the crisis of 1929. He was
at all times an unremitting and vigorous defender
of the traditionally American doctrine of avoiding
foreign entanglements— a line of policy now much
in need of the kind of support he was able to give it.
His views on public policy sometimes brought him
into sharp opposition to the political party in power
or to some prominent agitation of the moment, but
he buttressed his clear statements of what he re
garded as the sounder policy with facts as well as
logic, and refused to admit to his pages any attacks
upon the motives or sincerity of those whom on
principle he opposed.
Mr. Seibert’s aversion to personal publicity led
him to shun membership in associations or clubs,
and although frequently sought as a speaker on pub
lic occasions, he invariably declined. His personal
acquaintance, on the other hand, was extraordi
narily wide. For years a veritable stream of finan
cial and business leaders, Government officials, pub
lic men, foreign visitors and newspaper correspond
ents came to the “ Chronicle” office, while a heavy
correspondence from all over the world brought a
welcome though largely unsolicited contribution of
important information or requests for advice or edi
torial support. Blessed with a remarkable knowl
edge of financial and business questions and a for
midable memory for details, his intellectual keen
ness and clarity, instinctive sympathy and gracious
courtesy made a lasting impression upon those who
knew him. With his editorial, business and print
ing staff his relations were simple, friendly and cor
dial, and to all who were privileged to work with
him his memory is a treasured possession.
Upon his death in 1934 his mantle was donned by
his two sons, Herbert D. Seibert, who is now Chair
man of the Board and Editor, and William Dana
Seibert, who is President and Treasurer, both of
whom have been identified with the “ Chronicle” for
a long period of years.
Volume 149
ONE H U N D R E DT h e
-
Com m ercial & Financial Chronicle —
YE A R S OLD
-------------------------------------------- --------------------
The UnionT rust Company o f Pittsburgh
OBSERVES ITS
F IF T IE T H A N N I V E R S A R Y
T h e U nion T r u s t Company
o Pittsb u r g h
f
M E M B E R FE D E R A L D EPO SIT I N S U R A N C E C O R P O R A T I O N
Statement at the Close o f Business, September jo, ipjp
RESOURCES
Cash on Hand and in B a n k s..........................$ 74,520,065.47
U. S. Government S e c u r i t i e s .....................
143,548,725.86
Loans and I n v e s tm e n ts ...............................
142,547,510.54
O v e r d r a f t s ....................................................
153.17
Real Estate and V a u lt ....................................
3,900,000.00
Miscellaneous A s s e t s ....................................
1,449,221.67
Letters of Credit (Customers’ Liability)
.
32,613.50
$365,998,290.21
LIABILITIES
C a p ita l....................................................
S u r p l u s ..............................................
$
1,500,000.00
81,500,000.00
Undivided P r o f i t s ...............................
3,045,620.60
R e s e r v e s ..............................................
14,013,158.52
Due D ep o sito rs....................................
265,816,386.43
Other L i a b i l i t i e s ...............................
90,511.16
Letters of C r e d i t ...............................
32,613.50
$365,998,290.21
D IR E C T O R S
J . FREDERIC BYERS
G E O R G E D. L O C K H A R T
A R T H U R V . DAVIS
J . E. M
CHILDS FRICK
W I L L I A M L. M E L L O N
C H A R L E S A. R O W A N
R O Y A. H U N T
RI CH A R D K. M E L L O N
W IL L IA M W ATSON SM ITH
B E N J A M I N F. J O N E S , 3RD
PAUL MELLON
CLARANCE STANLEY
ac C L O S K F . Y ,
JR.
DAVID A. RE ED
W I L L I A M C. R O BI N SO N
L E W I S A. P A R K
Fifty years ago
a small group o f Pittsburghers
formed The Union Transfer and Trust Company
w ith a capital o f $ 2 5 0 , 0 0 0 . 0 0 . H ead in g the
group as President was a shy and retiring man,
Andrew W . Mellon . . .Today, the epochal growth
o f The Union Trust Company o f Pittsburgh is
forcefully told by the simple figures in the
September 3 0 , 1 9 3 9 statement.
2809
B A N K IN G
The history of industry and trade in this coun
try during the past 100 years, technologically and
managerially considered, is a story of almost in
credible achievement, so vast and deep-going have
been both the achievements and the improvement in
the efficiency with which goods are created and dis
tributed to the great rank and file of the people, and
so indefatigable and so successful have been the
engineers and other inventors in making practical
application of the almost innumerable discoveries of
science during the 100 years that have just elapsed.
Mechanically, much the same is to be said of bank
ing in this country during the same course of years.
Banking facilities have multiplied until practically
everyone now lives at no great distance from a bank
which gladly accepts his funds for safe keeping and
provides convenient means for him to use the funds
so deposited in making payments far and near, and
to such a bank any worthy borrower may apply for
accommodation with assurance. Banking units
have in size kept pace with the growth of individual
enterprises, so that no half-billion dollar corpora
tion, or for that matter no billion dollar enterprise,
need fear being unable to find lending institutions
large enough to meet its requirements.
If this amazing development and perfection ol
individual enterprises has not in the same degree
been able to give assurance of evenness in the flow
of goods from raw materials to consumer, but still
falls short of preventing or even of mitigating the
severity of what in recent years have become known
as business cycles, that fact is doubtless partly due
to the interference, often blundering even when de
signed to be helpful, on the part of government, and
partly a result of the fact that the business mechan
ism has grown infinitely more complex as the years
have passed until it is now in a degree perhaps never
before known a machine so delicately attuned that
relatively little is required to cause serious func
tional difficulties, but it is likewise without ques
tion also an outgrowth of the circumstance that we,
no more than the rest of the world, have as yet
come to a thorough understanding of the nature
and proper functioning of banks, but, on the con-
1 8 3 9 -1 9 3 9
trary, in one way or another are still given to the
practice of continually, sometimes unconsciously,
sometimes deliberately, injecting an unstabling
influence into the general situation by means of
unwise banking policies and banking practices.
Banking Ideas In 1839
Precisely what degree of progress we have made
since 1839 in understanding credit and banking in
their larger and more important aspects, it would
be difficult if not impossible to determine. The
country 100 years ago was not wanting individuals
who revealed a clear insight into such matters, and
who could say, as did a writer in one of the very
early issues of the “ Merchants’ Magazine” , that
“ banks should be confined to strict business paper.
It is not our design to attempt to designate the
greatest length of credit discounted paper ought to
run. This will vary in different countries, and in
different branches of business, according to circum
stances. A general principle may be laid down,
however, which will furnish the true test; and that
is, not to discount paper on very long credit, got
up for the purpose of supplying capital as the
foundation for business. When business is done on
credit, it should be furnished by private capitalists,
and loaned in such a way as not to mix with the
currency of the country. A paper currency, by
furnishing facilities for business, will aid capitalists
in making such loans to those friends in whom they
confide; and in this way alone should banks furnish
any such facilities. That system of making long loans
out of the ordinary course of banking, to the direc
tors themselves or their favorites, to speculate upon,
should be entirely broken up. If the credit assets
of a bank consist of short business paper, the bank
has them under its control, and can at any time
contract its business when occasion requires.
There is, in principle, the same objection to long
accommodation paper that there is to bills of credit
issued by government with a view to furnish a per
manent currency, or to a land bank upon Mr. Law’s
scheme. The bank will not have its business suf
ficiently under control. Individuals getting these
long accommodations will be tempted to indulge in
wild speculations, to the injury of the bank, and
their own ruin. Without some such effective regu
lation we are satisfied all other restrictions will
prove abortive.”
Today the country does not lack those who would
follow Mr. Keynes’s (and John Law, although not
admitting or possibly without even realizing it)
and make extensive and continuous use of banking
and credit to stimulate or to retard business as
they in their wisdom think the circumstances sug
gest. Nor are those who reason in this way with
out influence as attest any a great number of state
ments issued in recent years, both during and prior
to the New Deal regime, by responsible public
officials, some of whom are now charged with the
responsibility of “ managing” our credit system, and
for that matter by a good many others in positions
Manufacturing and railroading were working in close
of influence in the business and financial world. A
cooperation when this lithograph of Frederick Jones
hundred years ago we had intelligent observers who
& Co.'s shoe factory, of Plymouth, Mass., was made
in 1861.
(<C o n t i n u e d o n p a g e
2812)
Volume 149
ONE HUNDRED T h e
—
Com m ercial & Financial Chronicle —
Y E A R S OLD
The First National
Bank o f Chicago
Statement o f Condition October 2 , 1 9 3 9
ASSETS
Cash and Due from B a n k s , ........................................ $444,959,555.05
United States O bligations— Direct and fully Guaranteed,
Unpledged................................................ $298,899,740.44
Pledged—To Secure Public Deposits, • 30,914,111.28
To Secure Trust Deposits, • 33,801,551.80
Under Trust Act of Illinois,
550,000.00
364,165,403.52
Other Bonds and S e c u r i t i e s , ........................................
Loans and D i s c o u n t s ,.......................................................
Real Estate (Bank B u i l d i n g ) , ........................................
Other Real E s t a t e , .......................................................
Federal Reserve Bank S t o c k , ........................................
Customers’ Liability A ccou n t o f A cceptances, .
.
Interest Earned, n ot C o l l e c t e d , ................................
Other Assets,
...............................................................
72,715,202.43
251,563,176.08
5,941,630.73
1,262,481.42
1,875,000.00
1,881.911.79
3,855,084.42
370,700.50
$1,148,590,145.94
LIABILITIES
Capital S tock— C o m m o n ,......................................................$30,000,000.00
Surplus F u n d , ...............................................................
32,500,000.00
Other Undivided P r o f i t s , ...............................................
5,180,452.81
D iscount C ollected bu t n ot Earned,
. . . .
650,527.99
2,350,482.15
Reserve for Taxes, e t c . , ...............................................
Liability A ccou n t of A c c e p t a n c e s ,................................
2,357,003.75
Time Deposits,
................................$178,462,479.38
Demand D e p o s i t s , ................................ 806,320,201.37
Deposits o f P ublic Funds, .
.
.
90,767,695.12 1,075,550,375.87
Liabilities other than those above stated,
.
.
.
1,303.37
$1,148,590,145.94
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
2811
2812
ONE HUNDRED
—
T h e Com m ercial & Financial C hronicle —
YE A R S OLD
Nov. 4, 1939
Credit Abuse at All Times
First Elevated Railroad. Charles T. Harvey, President
of the first Elevated Railroad, the West Side and
Yonkers Patented RR., which later became the Ninth
Avenue Railroad, New York, demonstrating that a car
would not fall off the track in 1868.
Banking 1839-1939
(.Continued from page 2810)
clearly saw that “the greatest abuses to which credit
has been applied in this, and in almost every other
country, have grown out of the confusion which
has been generally made of the interests of the
sovereign power with those of commerce,” as a
writer in an early issue of “ Hunt’s” phrased it.
This student, whose words are quite well worth
noting 100 years later, further pointed out that
“ the violation of private credit has, it is very true,
been frequently made the instrument of injury to
an industrial community— but against this the indi
vidual citizen finds, in the sense of injury received,
a sufficient warning ever after. The instances of
extensive and permanent ruin from this cause are
few, compared with those which have taken their
origin from the connection of political passions with
public credit. The Government of a country never
can be, in the nature of things, a fit originator of
all the credit which may be put in the place of coin
in the community, for the reason that it ordinarily
acts under a set of motives wholly different, and
partially at war, with those which regulate the
movements of commerce. The administration of
public affairs embraces a very wide circle of duties,
and is operated upon by almost every event of im
portance in the world. An act of foreign aggres
sion may in an instant throw it upon the verge of
war, or a domestic disturbance may unhinge it from
its place, and wholly obstruct its movement. The
temptation in such cases is generally very strong to
resort to credit for support. But credit is at the
very same moment in the greatest danger. It is
impossible to dictate to men what they shall think,
or to persuade them that performance is most likely
to follow promise, when the facts all tend to prove
the direct opposite. When a government is most
embarrassed is not the best time for resorting to
new promises nor for redeeming old ones. Yet it
is generally the one when it is itself most inclined
to the first measure, whilst it is called upon by the
public to adopt the last.” Today the doctrine that
government should either itself issue or directly and
completely control the credit needed at all times is
probably as widely held as it ever was in our his
tory, if not more so.
Yet, of course, it is also true that individuals, and
influential ones, have existed at all periods in our
history who would have committed all or nearly all
the credit crimes that man has ever devised, and
of course today we have many among us who know
sound banking when they see it, a considerable num
ber of them engaged in sound banking so far as
the tinkering of government permits such a course.
Politically speaking, and as regards their influence
upon the thinking of the rank and file of the people,
they are, however, today far from in the ascend
ency. During the past century thousands of vol
umes have been written upon the nature of credit
and upon the proper course to pursue in the man
agement of it, and all the rest. Times have changed,
and the application of tested principles is different
from what it was in 1839. Theoretically and aca
demically speaking, there has been some progress,
and some retrogression, too, in the understanding
of all these matters. There is also today vastly
more information available upon which to base a
sound credit analysis of most applicants. Whether
we as a Nation haye made great progress during
this period in the matter of understanding the role
that banks should play in economic life, and in the
application of such understanding, is a debatable
one, to say the least.
But with this much said with all candor, we may
now turn to the brighter side of the picture. Nei
ther the number of banks in operation nor their
total deposits and circulation, even if these figures
are reduced to per capita basis, give any accurate
measure of bank accommodation available. The
location of the institutions, the need for accommo
dation, and various other factors enter the picture.
It is nonetheless interesting to note the growth that
has taken place in these amounts during the past
century. In 1839 the editor of “ Hunt’s” obtained
from the Secretary of the Treasury and published
in one of the issues of the first volume of that
magazine a summary statement of all the banks of
the country. There were 663 of them. The follow
ing tabie shows the more important items combined
for all of them:
C O M PAR AT IVE V IE W OF T H E C O N D IT IO N OF ALL T H E B A N K S
N E A R TH E C O M M E N C E M E N T OF 1838
Capital paid in_______________________________________________
$317 636,778
Loans and discounts_________________________________________
485 631,687
Stocks_____________________________________ . __________________
_
33 908,604
Real estate___________________________________________________
19 075,731
Other investments___________________________________________
24 194,117
Due from other banks_______________________________________
58 ,195,153
Notes of other banks on hand_______________________________
24 ,964,257
Specie funds__________________________________________________
904,006
Specie________________________________________________________
35 ,184,112
Circulation___________________________________________________
116 ,138,910
Deposits______________________________________________________
84 ,691,184
Due other banks_____________________________________________
61 015,692
Other liabilities______________________________________________
59 995,679
Aggregate of bank accounts__________________________________ 1,321 535,910
Aggregate of investments supposed to yield income_________
561 760,319
Excess of such investments above amount of capital paid in. .
243 ,180,261
Aggregate of deposits and circulation______ •
________________
200 820,094
Aggregate of deposits, circulation and sums due to other banks 261 ,845,686
Aggregate of specie, specie funds, notes of other banks and
sums due by other banks__________________________________
119,247,428
Excess of immediate liabilities beyond immediate means____
142,598,258
Total of means of all kinds___________________________________
704,358,577
Total of liabilities, exclusive of those to stockholders________
321,823,365
Total of liabilities of the banks to one another_______________
144,175,002
Total of liabilities to all, except other banks and stockholders
260,825,773
Net circulation_______________________________________________
91,174,653
The figures are almost certainly not complete by
an appreciable margin, as the editor of “ Hunt’s”
points out, since there were banks from which it
was difficult if not impossible at that time to obtain
reports, but the table affords a substantially accu
rate picture of the order of magnitude of the bank
ing system 100 years ago.
(Continued on page 2814)
Volume 149
ONE HUNDRED
—
T h e Com m ercial & Financial Chronicle —
YE A R S OLD
2813
NINETY YEARS OF BANKING
B E G IN N IN G M A R C H
residing as far north as
Grand Circus Park, lived “ out in the
country” in 1849. That was the year the first
plank road was built between Detroit and
Pontiac, the first plate glass windows ap
peared in a Detroit store, and Jefferson
Avenue was laid with cobblestones to be
come the city’ s first paved street.
e t r o it e r s
D
But far more important than any o f these
to the future business life of the city was the
opening o f The Detroit Savings Fund
Institute on March 5 ,1 8 49 . Later to become
known as The Detroit Savings Bank and
known since 1935 as The Detroit Bank, this
institution has enjoyed the longest continu
ous existence o f any bank chartered in
Michigan.
The founders o f The D etroit B ank—a
group of prominent men headed by Elon
Farnsworth, first Chancellor o f the
State of Michigan—established a few
principles of safe banking practice.
T H E
5, 1849
This sound conservatism has always guided
and dominated the bank’s policies. The
bank has never engaged in other than bank
ing activities. It has never had any ambition
for mere size—has never consolidated with
any other bank. Yet The Detroit Bank is now
the forty-fourth largest among the nation’ s
14,650 commercial banks. It is one of the
one hundred largest in the English-speaking
world.
Throughout its ninety year history, The
Detroit Bank has been known as “ a commu
nity institution.” Its progress has been inte
gral with the development and success of the
community in which it plays an important
part. D uring The D etroit Bank’ s long
history, the names o f individuals and busi
ness concerns which have appeared on its
books, figured prominently in the achieve
ments which have made Detroit
the nation’ s fourth city and one o f
the world’s leading industrial centers.
D E T R O I T
B A N K
M a in O ffice • G risw old at State • D etro it, M ich igan
2 9 Branch Offices Throughout the City
M E M B E R O F F E D E R A L D E P O S IT IN SU R A N C E C O R P O R A T IO N
M EM R ER FEDERAL RESERVE SYSTEM
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
—
2814
—
They were subject to few restrictions of importance
in many instances, by failure either of law or of
Below we append for comparative purposes a enforcement. One of their prime functions, if not
roughly comparable set of figures set forth in the the prime function, was that of issuing circulating
latest statement of the United States Comptroller notes which were poorly secured and at varying dis
counts. The so-called Safety Fund plan of New
of the Currency:
York State had not proved particularly successful,
P R E L IM IN A R Y STATE M E N T O F ’ ASSETS A N D L IA BILITIE S OF
ALL BAN KS, D E C . 31, 1938
and the so-called system of “ free banking,” that is,
T o ta l A l l B a n k s
a system such as that now existing under which
Number o f banks_______________________________________
15.265
individuals, subject to a general banking statute,
A s sets—
Loans on real estate_____________________________________ $8,816,692,000
Other loans, including overdrafts_________________________ 12,718,714,000
might organize banks at will, was just getting under
Total loans--------------------$21,535,406,000
way. Banking may be said to have been in a dis
United States Government securities:
tinctly chaotic state in this country at that time.
Direct obligations__________________________________ ...$15,070,400,000
Guaranteed obligations_______________________________
2,931,642,000
The, road by which we have traveled to reach
Obligations o f States and political subdivisions (including
warrants)--------------------------------------------------------------------- 3,810,494,000
the now existing banking system, as serious as are
Other bonds, notes and debentures______________________
5,076,094,000
Corporate stocks, including stock o f Federal Reservelbanks.
777,667,000
its defects, is a long, tortuous and punishing route.
Total investments-------------------------------------------------------- $27,666,297,000
“ Experience . . . with the Second Bank of the
Cash, balances with other banks, including reservelbalance_$l8,373,644,000
United States,” says H. Parker Willis in his “ The
Bank premises owned, furniture and fixtures______________ 1,293,782,000
Real estate owned other than bank premises_____________
1,185,750,000
ory and Practice of Central Banking,” “ as with that
Investments and other assets indirectly representing bank
M
premises or other real estate___________________________
160,359,000
Customers’ liability on acceptances______________________
169,004,000
of the First Bank, had demonstrated to American
Other assets-------------------------------------------------------------------449,357,000
observers the necessity of assuring the performance
Total assets.
$70,833,599,000
of, at least, certain of the basic central banking
L ia b ilitie s —
Deposits o f individuals, partnerships and corporations:
duties. . . . Those whose utility, not to say
Demand______________________________________________ $24,460,659,000
Time_________________________________________________ 24,731,208,000
necessity, may be considered to have been demon
United States Government and postal savings deposits____
969.804.000
Deposits o f States and political subdivisions_______________ 3.645.351.000
strated during the life of the First and Second
Deposits o f banks_______________________________________
7.479.886.000
Other deposits (certified and cashiers’ checks, & c.)________
620.853.000
United States Banks may be enumerated as fol
Total deposits.
$61,907,761,000
lows :
Bills payable, rediscounts and other liabilities for borrowed
“ (1) The establishment of a supervisory control
m oney-------------------------------------------------------------$36,612,000
Acceptances executed by or for account of reporting ba n k s..
189,148,000
Other liabilities_________________________________________
491,150,000
of banks in general for the purpose of subjecting
Total liabilities----------------------------------------------------------- $62,624,671,000
them to the obligation of redemption, which meant
C a p ita l A c c o u n ts —
the obligation of liquidity.
Capital notes and debentures____________________________
$162,856,000
Preferred stock______________________________________
436 110 000
“ (2) The maintenance of an institution for the
Common sto ck .-------------- ------------------------------------------------ 2,593,527^000
Surplus
-------------- ----------------------- ----------- — ......... 3,648.631,000
oversight or control of public funds, whose object it
Undivided profits________________________________________
799,517,000
Reserves and retirement account for preferred stock and
should be to keep such funds constantly convertible
capital notes and debentures___________________________
568,287,000
into cash upon demand, in order that the Govern
Total capital accounts______ ____ ______________________$8,208,928,000
ment might at no time have to incur the risk of
Total liabilities and capital accounts___________________ $70,833,599,000
It is unfortunately impossible to present con becoming a creditor of insolvent or incapacitated
cisely any account of the comparative degree in State banks, and might, moreover, have at its com{ C o n t i n w e d o n p a g e 2816)
which the institutions in existence at these two
dates were distributed in relation to population, but
it is a fact of common knowledge that at the earlier
date banks were for the most part concentrated in
the larger centers, and that a large proportion of
J u T V ... *- -.. * :
B x *'
the people of the country had no practical access
W/'1 H r
*— a -A *~r
^ ” T"
r/~ ~ ■ A
?
I— ji
i
r
to the banks at all. Today, despite the fact that
failures from 1920 through the first two months of
ClCAftlNC.
l
CUMi NC
IP E
IP
PP
IE
1933 left many small towns and rural areas with
out banking facilities, the distribution of banking
facilities throughout the country today, together
with the immensely improved roads and wide own
ership of automobiles, is such that there are rela
tively few communities in the United States which
are in any practical sense far removed from the
facilities and the services that the modern bank
offers.
Banking 1839-1939
0C o n t i n u e d ,
fro m
page
2812)
Other Contrasts
There are other contrasts equally as striking and
equally as important. In 1839 there was no central
banking mechanism of any kind in the country, and,
of course, no system of National banks subject to
uniform requirements or regulation. Jacksonian
democracy had destroyed the second Bank of the
United States some years before that date, and the
National Banking System was not even legislatively
projected until 1863. The banks of that day were
State banks, largely specially chartered, owned
sometimes privately, sometimes by the States, and
sometimes partly by the States and by individuals.
A c e n t r a l h e a t i n g s y s t e m f o r p u b l i c b u i ld in g s a n d
h o m e s w a s i n v e n t e d in A m e r i c a .
T h is is o n e o f t h e
f i r s t — a h o t air f u r n a c e l o c a t e d in t h e c e lla r a n d s u p
p l y i n g w a r m , f r e s h air t o a ll r o o m s in t h e h o u s e .
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
—
—
2815
Jim e-Savincf Directness
Busy men appreciate the time-saving directness with which
business is handled at The Commercial National of New York.
It is easy to meet and to establish personal and confidential
contact with the official personnel —and there is an established
conviction that your business is always important business to us.
COMMERCIAL NATIONAL BANK
and TRUST COMPANY
o f NEW YORK
H6e
Jiffy -six W all Street
Member: Federal Deposit Insurance Corporation
2816
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
—
T/ie
O
M lS vin a
utua a gsB nfi
—
VH ESDOKLYN
SAVINGS BANK
C TO & PIERREPONT STS.
LIN N
ESTABLISH ED 1827
■ ■ {jitsp Britraiife:
■■
Banking 1839-1939
(C o n t i n u e d ,
fro m
page
2814)
mand an institution capable of performing the
duties of a fiscal agency— especially since, before
1846, no institution corresponding to tlie SubTreasury system had been established.
“ (3) The maintenance of stability and regularity
in exchange costs as between different sections of
the country; an attitude which meant the mainte
nance of a national currency of uniform value free
of the danger of local deprecation and irregularity.
“ (4) The establishment of reasonable and fairly
stable rates of discount and interest, with the pur
pose of insuring something like similarity in the
conditions of credit extension in the different parts
of the United States.
“ (5) The assurance of satisfactory conditions of
clearance and transfer not only among the banks
themselves, but also between the different States
and regions into which the United States was
divided.”
Plain Lessons
Although such lessons as these were unquestion
ably to be read from the experience that the Amer
ican people had had with the institutions in ques
tion, and although these truths were evident at the
time to uncommonly gifted men, including a num
ber of writers in “ Hunt’s” and later in the “ Chron
icle” , they certainly were not clear and convincing
to the great rank and file, as Hr. Willis himself in
effect, with his accustomed candor, plainly admits
in later pages of this standard work. The truth of
the matter was that the whole question was de
:y
-
deviled with animosities that President Jackson
and his followers had aroused, by a rampant spirit
of localism which prevailed for decades after the
period to which we refer, and by the illusion of
creating wealth by means of bank notes, which
John Jay Knox, in “A History of Banking in the
United States,” says “ was the great heresy of the
period between 1811 and 1861, as the creation of
wealth by Government issues and fiat has been the
chief financial heresy since that date.”
Such ideas as these, at any rate, dominated the
discussions of the period from 1839 to the Civil
War, a period barren for the most part of construc
tive achievement in banking except the slow im
provement in the conditions under which banking
was carried on in the different States under State
laws. There was, however, this latter type of prog
ress, and in important sections of the country im
provement in actual conditions was quite substan
tial. Referring to the period from 1811 to 1861,
John Jay Knox adequately characterized the situa
tion as follows:
“ The early State banks of the Eastern States were
organized and managed generally on sound business
principles. There was real wealth and a thriving
commerce which rendered them a necessity. Having
something of a monopoly, their profits were large.
But their success was warped into the service of
those whose ideas were less sound, and was cited
as proof that all that was necessary under the primi
tive conditions existing in the newer settled States
was a liberal issue of bank paper. In the lack of
individual moneyed capital, banks were started
based on capital created by the State, by the issue
( C o n tin u e d o n p a g e
2818)
Volume 149
ONE HUNDRED
-—The
Commercial & Financial Chronicle— Y E A R S
OLD
2817
1
EMIGRANT INDUSTRIAL SAVINGS BANK
5 East 42nd Street
51 Chambers Street
More than 293,000 Depositors
.
Assets over $506,000,000
•
OFFICERS
|
R B T L H G ET
O ER . O U
P
resident
FR C T. B G
AN IS
ER AN
V
ice-P
resident
JA E A. C U
MS
O LTER
Assistant V
ice-P
resident
W
ILLIAM C R B TSO
. O ER N
Secretary-T
reasurer
JO N J. M O M K
H
cC R IC
A
ppraiser
JO N J. H
H
AYD
EN
Assistant B
ranch M ager
an
W
ALTER H B N
. EN ETT
C
hairm of the B
an
oard
JA E A. FIN
MS
N
V
ice-P
resident
JO P H PR
SE H .
AETZ
V
ice-P
resident
G R E W HAG ERTY
EO G
.
G
Assistant V
ice-P
resident
TH M J. R EY
O AS
AN
C ptroller
om
LLO A. SM
YD
ITH
R E
eal state O
fficer
BOARD
JOSEPH P. GRACE
JAMES CLARKE
ROBERT L. HOGUET
E DW ARD P. M cM ANUS
ROBERT J. CU D D IH Y
W ALTE R H. BE N N E TT
D A N IE L P. HIGGINS
M S J. TIERNEY
YLE
Senior V
ice-P
resident
D
AVID J. G O E
R DN
V
ice-P
resident
LIN O S. H SSIO
C LN
E
N
Assistant V
ice-P
resident
JA E J. R O EY
MS
O N
Auditor
H W
O ARD G G EG
EO H AN
Loan O
fficer
JO P R B E N
SE H . R N AN
Assistant B
ranch M ager
an
OF T R U S T E E S
P E TE R J. C A R E Y
P A T R IC K E . CROW LEY
M YLES J. T IE R N E Y
BASIL HARRIS
W ILLIA M P . HEIDE
W ILLIA M V. GRIPFIN
M ICH AEL A . M ORRISSEY
CORNELIUS F. K ELLEY
ROBERT F. LOREE
THOM AS I. PARK INSON
j a m e s f . M cD o n n e l l
JOHN THOMAS SM ITH
F R ED ER IC J. FULLER
T h is b a n k is a mem her o f t h e F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a tio n
-------------------------------------------------------------------------------------
Lamson
Br o s .
& Go.
Established 1874
This 65 year old firm is
engaged solely in the
commission business, exe
cuting orders on all se
curity and commodity ex
changes. Statistical De
partments are maintained
for the convenience of
customers.
I n q u ir ie s
The First Savings Bank
in the State of New York
In v ite d
M M E S O LEAD G SECU
E BR F
IN
RITY
and CO M D
M O ITY EXCH G
AN ES
50 Broadway
NEW YORK
141 West Jackson Blvd.
CHICAGO
280 Fo u rth Avenue
1201 T h ird Avenue
Cor. 22nd Street, New York
Cor. 70th Street, New York
2818
ONE HUNDRED
—
The Commercial & Financial Chronicle —
One of the greatest achievements in communication
was the completion of the first transcontinental tele
graph system in 1861 by Hiram Sibley, who for 17 years
was the President of the Western Union Telegraph Co.
Banking 1839-1939
0C o n t i n u e d f r o m
page
2816)
of bonds, or upon land, which was abundant and
cheap. To start a bank and issue notes, with little
or no regard for their redemption in cash, was so
easy a way of acquiring the property of others that
even honest men became sharpers, and dishonest
men invented every conceivable method of mislead
ing the public with, banking devices. The Legisla
tures sought to control this tendency, but were fre
quently led by crude ideas to make matters worse.
Even the protective laws they did enact were hard
to enforce. The idea that credit money, instead of
being an instrument of wealth, was in very truth
wealth itself, had taken a strong hold of the minds
of the public, and legislators could not get over the
notion that by chartering banks, with capital cre
ated by the State, or permitting individuals to start
banks on capital which was only capital by cour
tesy, they were increasing the wealth of the public
by the exact amount of the bank notes issued. The
inevitable results followed, and the disasters of suc
cessive financial crises gradually taught the public
something of the dangers of uncontrolled banking
issues. The older States, having had much experi
ence in their colonial existence, were the first to
learn how to control the management of banking
capital. Among so many States and Territories
there were always some where the laws were loose
and ineffective, and there was room in those for the
bank expert to exercise his dangerous knowledge of
the credulity of the public and its desire of apparent
gain.”
Greenbacks
Then came the Civil War and the chaos wrought
by its legal tender note financing. It is one of those
strange ironies of history, however, that the same
financial difficulties of the Federal Government
which were responsible for the legal tender notes
probably made it politically possible to formulate
and place upon the statute book the National Cur
YE A R S OLD
Nov. 4, 1939
rency Act (the title being later changed to the
National Bank A ct), which in limited degree was
destined, as later amended, to meet certain of the
requirements of a truly national system of banking.
Emphasis when the Act was originally adopted, as
when the earlier amendments were added, was upon
the currency aspect of banking, but gradually as
time passed and as the use of checks on demand de
posits grew in importance relative to the employ
ment of actual currency and as wiser counsels pre
vailed, the realization spread that what the country
needed was not merely notes fully secured (albeit
largely with bonds) but for sound and liquid bank
ing. Then it was that increasing care was exer
cised both in legislation and through more effective
administration in the matter of the entire assets of
National banks. In more recent years, as everyone
knows, there has come a progressive relaxation in
these matters that have to do with the portfolios
of National banks, but even to this day there can
be but little question that as a rule National banks
are held to stricter accountability than are those
institutions operating under State charters, al
though, of course, it is also common knowledge that
many of the State institutions, by reason of Federal
Reserve membership, clearing house regulations, and
above all the clear-headed and firm management of
their officers and directors, are fully as sound and
liquid in all particulars as any National bank.
That the National Banking System, although
affording a substantial gain, was still far from
meeting the full requirements of the country was,
indeed, at an early date fully realized and clearly
stated by the more thoughtful student of financial
affairs, as is indicated by the following editorial
on the subject appearing in the Sept. 29, 1866, issue
of the “ Chronicle” , under the title, “ Defects of Our
Banking System” :
“ It cannot be denied that our National Banking
System has, up to this time, worked better, has kept
the financial movements of the country more steady,
and has done less harm and more good than was
believed possible by that large class of persons who
advocated its passage as the least of two evils. In
all probability it has saved us from one of the most
formidable dangers of an era of paper money— that,
namely, of unlimited issues of the notes of ill-regu
lated, irresponsible State banks. The mischievous
privileges granted to these old institutions to issue
currency were apparently too firmly rooted to be
curtailed, and too profitable to be given up. The
banking interest in most of the States was so pow
erful as not to be made war upon with impunity.
It did seem, therefore, as if we were doomed to have
a currency defying all attempts to regulate its
amount, and thus to control its value. Early in the
history of our greenback system these difficulties
were anxiously pondered, and the result was the
elaboration of a banking scheme which provided for
the absorption of the old banks, and the suppres
sion of all currency-issuing privileges, except under
the most strict conditions. It provides that the
notes shall be secured by gold-bearing bonds to an
amount equal to 10% more than their face value.
These bonds are held in the Department at Wash
ington, and are so endorsed that they cannot be
stolen or misappropriated by any dishonest officer
of the Government. Hence there is an ample pro(Continued on page 2820)
V olu m e 149
ONE HUN DRED T h e
—
C o m m e rc ia l & F in a n c ia l C h r o n ic le
E S T A B L IS H E D
— YE A R S OLD
2819
184 8
EAST RIVER
SAVINGS
RANK
CONVENIENT OFFICES
MAIN OFFICE: 26 CORTLANDT STREET, NEW YORK
291 BROADWAY •60 SPRING STREET • 41 ROCKEFELLER PLAZA -743 AMSTERDAM AVENUE
MEMBER
FEDERAL
DEPOSI T
INSURANCE
CORPORATION
"N
DRY DOCK
SAVI NGS INSTITUTION
Founded 1848
•
Over 160,000 Depositors
UPTOWN: 59th St. and Lexington Ave. * DOWNTOWN: 341 Bowery at 3rd St.
-----------------------------------------------
“ fio ti M Lf
T
GRANDPA, DID YOU KNOW THAT
Jf
THE DRY DO CK IS OVER
NINETY YEARS OLD?
YES, SON
*
^
If
ONE HUNDRED The Commercial & Financial Chronicle Y EAR S OLD
2820
—
—
THE
IF D Q
i
(A
x J T \
kD
J\
Y O U w ill find in this strong
institution launched 110 years
ago a warm welcome to join our
136,000 Depositors ★
★
★
Nov. 4, 1939
W A L L STREET
N E W YORK. C IT Y
Y O U may do your banking by
mail from any part of the W
’orld.
Safe D eposit Boxes from $3.50.
Deposits over $145,000,000. ★
★
A f u n d i n th is h a n k i s a b etter r e li a n c e i n s ic k n e s s o r o ld a g e th a n th e g o o d w ill o f f r i e n d s
Banking 1839-1939
( C o n t in u e d f r o m p a g e
2818)
vision for the ultimate payment of tlie note, should
the bank fail which has issued it. For it is clear
that broken-bank notes are sure to be eventually
paid in full so long as the securities which will be
sold for that purpose are worth as much as 90c. on
the dollar. This method of securing a circulation of
bank notes is infinitely to be preferred to the vicious
plan, which obtained in some of the States, of allow
ing a bank to issue notes to more than double the
amount of its capital, and this, in some cases, with
out exacting any adequate security. It is even bet
ter than the plan adopted for the Bank of England,
for beyond the aggregate of £16,000,000 sterling its
notes are not represented by Government securities
at all. Here, then, is one of the most excellent fea
tures of our banking system. It controls and regu
lates the currency, by making it certain of ultimate
payment in full.
“ But this is not enough. A note which is sure to
be eventually paid is not fit to perform the func
tions of money, except the holder can get full pay
ment for its face anywhere, at any time, and in any
commodities he needs in the market. He must be
sure that it will be accepted freely in liquidation of
his debts. Bank notes, to be perfect as an internal
currency, must be kept at par in every village and
hamlet over the whole country. Prior to the war
we never had in this country a paper currency which
was everywhere equal in value and negotiable with
out discount. These advantages we first enjoyed
when greenbacks were issued, and the people prized
them so highly that they will never again consent
to be without them. If the National banks are
unable to give us such a currency, they will place
themselves under the necessity of giving up their
functions as banks of issue altogether.
“But, we think, the National banks are able to
keep all their notes at par. Experience shows us
that if the notes are redeemable in New York, and
are thus kept at par here, they will be at par every
where else. But, on the other hand, if the notes are
not redeemable here they will be sometimes at a
discount, as, indeed, was the case a few weeks ago.
At this point it is that we find the most important
defect in our system. The existing law’ does not
provide for compulsory metropolitan redemption
here. Fortunately for the system a large propor
tion of the banks do redeem here. But they are not
obliged to do so. And as it is more profitable for a
speculative bank in an obscure far-off locality not
to redeem here, lest its notes should come back to
it too freely, there is a very large number of banks
that do not redeem here nor (wiiat is in effect the
equivalent) in Philadelphia or Boston. As these
institutions can keep out their notes longer than the
redeeming banks, it is obvious that they obtain an
unfair advantage—that our currency will have a
tendency to become vitiated, by coming more and
more from weak banks, and that the system
naturally offers a premium to the non-redeeming
institutions. Mr. Hooper, as is w^ell known, intro
duced a bill into Congress last session, which was
intended to remedy this fault, and in spite of the
opposition with W
’hich it has met it will no doubt
0
Continued
on page
2822)
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD
-—
—
C'r SSSS/SSSSSSS//S/SS/SSSS///SS/S/S/SSS///S/S/Sf//S/SS//SSSfSS/S/jr /SSSSS/S////SJSSSSJr S/j'////////S//SS/S/S//////fSSSS//SSfS/S/J, /SSS//SjrSSj'
fSir
S
S
S
I nvestment Advisory
F A C IL IT IE S
service
T
h is
Deposit Accounts Subject
to Check
Time Deposits
Foreign Exchange
Commercial Loans and Discounts
Commercial Letters of Credit
Travelers Letters of Credit
BANK, for many years, has ren
Investment Advisory Service
dered Investment Advisory Service
Care and Servicing
of Securities
Orders for Purchase and Sale of
Securities Executed on Commission
Transfer Agent and Registrar
Financial Agents
on a fee basis to individual in
vestors, trustees and institutions.
W e w ill gladly send a copy of a booklet
which describes this service.
BROWN BROTHERS HARRIMAN & CO.
59 W ALL STREET, N E W Y O R K
P R IV A T E B A N K E R S
BANKING
O
BUSINESS
ESTABLISHED
1818
Licensed as Private Bankers under Article I V o f the Banking Law o f the State o f N ew York. Subject to Pennsylvania Department o f Banking Code.
rS/Sjr SSSZjr Sir/jr SjV/S/Sj'S/SSSSZSSf/tVSS/SS//>r
S
S / S
//Sf/SS//S/SS/SS/SS/SSSS/ZS//S//SSSSSSSfSSSSS/S/S/SSS///f//SSSSSS////f/S/Z/S/SSZfS////f/////Zj
^GREENWICH
SAVINGS BANK
Established 106 years ago for the purpose of
encouraging thrift and the habit of saving.
TWO OFFICES
Broadway at 36th Street • Sixth Ave. at 16th Street
N E W Y O R K , N . Y.
2821
2822
ONE HUNDRED
—
T h e Com m ercial & Financial C hronicle —
Banking 1839-1939
(C o n tin u e d f r o m p a g e
2820)
be passed next session. We find tlie following very
judicious remarks on the subject in yesterday’s
issue of a morning journal:
‘It is denied that the Western banks object to any
system of par redemption for their notes, “they only object
to being compelled to redeem in New York.” This is a
distinction without a difference. Of course each bank
stands ready to redeem its notes when offered at its coun
ter; but neither that nor an arrangement for redemption
in any Western city can make the notes at par throughout
the country; and this fact is as well known in Chicago
as it is in New York. The talk in this connection about
“paying tribute” to this city is perfectly ridiculous; interior
banks which do not redeem at par here are exacting tribute
of New York, and this, too, when the privileges connected
with their circulation will afford ample compensation with
out the levy of such a tax. There can be no system of par
redemption, unless it secures the holders of the notes
against their depreciation at the financial center. To ob
ject, therefore, to a par redemption at New York is to
object to any system of par redemption, for no other
arrangement will answer this purpose. If the issues in
question were disbursed in legitimate business at the points
where the several banks were located, and simply followed
the law of financial gravitation to New York, there would
be a sufficient reason why they should be redeemed here
at par on their arrival by the banks which had received
all the beneiit of the circulation. The notes could then be
taken home and again set afloat to renew their course. But
it is still more the duty of the banks to provide against a
possible redundancy of their issues when the notes are
brought in whole packages and paid out here, and unless
provided for at par are liable at once to become a charge
upon this community. In urging the establishment of such
a system we are consulting as much the well-being of all
sound banks, wherever located, as any local interest. Un
less this is done there can be no healthful circulation of
the national currency; and this principle, if not soon
accepted, will vindicate itself ere long in the unavoidable
experience of those most concerned.’
“ As yet we have been regarding the banks as
being simply banks of issue. But they are also
banks of deposit and discount. They are the reser
voirs of capital. To them our people lend their dis
engaged funds, and from them they borrow in time
of need. It is easy to see how important it is that
institutions which thus deal in credit should be
placed ever under the scrutiny of the public. Such
disgraceful failures as the Pennsylvania banks, or
the Merchants’ Bank at Washington, ought to be
[
i
Y E A R S OLD
Nov. 4, 1939
made impossible. Our system should be so arranged
that an unsound bank should not be able to get
the confidence of the people. If a bank depart from
the rules of legitimate business, if it endanger its
own stability and the security of funds entrusted
to its care, if it fails to maintain a due proportion
between its liabilities and its available reserve, if
it engages in speculation in stocks or produce—the
public ought to have the means of discovering the
fact. And as one of the means of informing the
people, sworn statements of the bank’s affairs
should be published at very frequent intervals.
Publicity is a safeguard against many of the evils
of unsound banking, because it affords a means of
quickly detecting them. The official examiner of
the Bank Department has lately gone through the
books of several of the banks of this city. But the
fact has been enshrouded with a very unnecessary
mystery, as if it were some Government secret.
Such official reports should be published, so far at
least that the people may form their own judgment
as to which are the soundest institutions and which
are less worthy of trust. This question of increased
publicity we would suggest to Mr. Hooper as emi
nently worthy of attention in the new law which
he is to report early next session.
Necessary Reserves
“ Keference was made just now to the necessity
for ample reserves. The provision of the present
National Currency Act requires every bank to keep
a reserve of cash on hand equal in amount to 25%
of the aggregate of its circulation and deposits. A
more sound and conservative arrangement it is im
possible to contrive, and to its enforcement is in
part due the stability and elastic promptitude with
which our banking system has been able to respond
to the emergency, whenever a panic or severe
pressure has convulsed and thrown into temporary
confusion the monetary relations of the country.
Another circumstance which has contributed to this
stability is the virtual union of the banks into one
organized, complex whole. This union, however,
has its dangers, and being of so intimate and vital
a nature, it imposes the obligation on every sound
bank to discourage the unsound ones, and to favor
(C o n tin u e d o n p a g e
2824)
O n e o f t h e v e r y f i r s t f l i g h t s o f t h e W r i g h t b r o t h e r s in a s o r t o f g lo r i r i e d b o x k i t e , d e s t i n e d t o r e v o l u t i o n i z e
t r a n s p o r t a t i o n a n d b r id g e t h e o c e a n s w it h a s t r e a k o f s p e e d , is w i t n e s s e d h e r e b y a n a d v e n t u r o u s e a r l y
a u to m o b ile c r e w .
Volume 149
ONE HUNDRED
—The Commercial & Financial Chronicle Y E A R S OLD
—
2823
^Ttnrtnnnrtnnrtnrairsinnnnrtrtnnnnrtnnnnnrtnnsinnnnrtrtnnr^^
Second N ational
T he
Bank of Boston
FOUNDED 1832
111[FRANKLIN ST. and HOTEL STATLER BLDG.
BOSTON
Capital $2,000,000
Undivided Profits $767,711.87
Surplus $4,000,000
OFFICERS
THOM AS P . BEAL,
P r e s id e n t
R . M . DeCORM IS, V i c e - P r e s i d e n t
ROBERT B A LD W IN , V i c e - P r e s i d e n t
M E RT O N E . OBER, V i c e - P r e s i d e n t
H E R B E R T E . STONE, V i c e - P r e s i d e n t
R A YM O N D C. D E X T E R ,
HAROLD A. C AH ALIN ,
V i c e -P r e s i d e n t a n d C a s h ie r
ALFR E D S. W OODW O RTH,
A s s t , V ic e -P r e s id e n t
F R E D E R IC K W . B U RN H AM ,
H A R R Y H . BRIGGS, A s s i s t a n t C a s h i e r
LESLIE N . ROW E, A s s i s t a n t C a s h i e r
FR AN K W . B R Y A N T , A s s i s t a n t C a s h i e r
L. E. STOVER, A s s t . C a s h i e r a n d M a n a g e r
V ic e -P r e s id e n t
H E N R Y L . PEARCE, A s s t . C a s h i e r a n d A u d i t o r
B E R TR A N D R . SYM ONDS, A s s i s t a n t C a s h i e r
JAMES R . D E N N IN G , A s s i s t a n t C a s h i e r
H E R B E R T H. P Y N E , A s s i s t a n t A u d i t o r
F o reig n D e p t.
F R E D E R IC K R . H A M ILTO N ,
B. C. JONES,
A sst.
A s s t . V ic e -P r e s id e n t
A s s is ta n t A u d ito r
JOHN A. B A R R Y , T r u s t O f f i c e r
CLARENCE B . HIGGINS, A s s t . C a s h i e r a n d A s s t . T r u s t O f f i c e r
JAMES A . STEVENSON, A s s i s t a n t T r u s t O f f i c e r
H. CLIFFORD BOSHAN, A s s t . T r u s t O f f i c e r
N A TH A N IEL R . CUTLE R , A s s t .
T r u s t O ffic e r
T r u s t O ffic e r
DIRECTORS
THOMAS P. BEAL,
P r e s id e n t
J. W H ITN E Y BOW EN,
General Cotton Corp., President & Treasurer
A N DREW M ARSH ALL, Hutchins & Wheeler
A RTH U R B. NEW H ALL, Talon, Inc., Vice-President
E D W A R D H. OSGOOD,
Massachusetts Hospital Life Ins. C o., Pres. & Treas.
FRED ER IC P A R K E R . Hanson & Parker
ELW Y N G. PRESTON, S. S. Pierce C o., Treasurer
ROBERT PROCTOR, Choate, Hall & Stewart
R IC H A R D SALTONSTALL,
State Street Investment Corporation, Vice-President
E. K E N T SWIFT,
Whitin Machine Works, President and Treasurer
JOHN F. TIN SLE Y ,
Crompton & Knowles Loom Works, President
GEORGE H. B U R N E TT,
Joseph Burnett C o., Treasurer
W . H. CLAFLIN , Jr., Harvard College, Treasurer
CHARLES A. COOLIDGE,
Ropes, Gray, Boyden & Perkins
R . M . DeCORM IS, V i c e - P r e s i d e n t
R A YM O N D EM ERSON, J. M . Forbes & Co.
H a r v e y p . h o o d , 2nd,
H. P. Hood & Sons, Inc., President
W IL L IA M E . JONES, Hallowell, Jones & Donald
JOHN S. LAW R E N C E , Trustee
M E M B E R F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T IO N
o o o o o o g-O-Q-g.o a a a aJLPJLQ.o.Q.gJta-A-g.a_g.a O-gJLflJLa a s c s ju u m f i f l 0 g 0 0 Pppp9 g 0 Q 0 Q O 0 o o o o o o o o o nffffff
ONE OF THE OLDEST BANKS IN THE UNITED STATES
.
ESTABLISHED 1823
THE
M E C H A N IC S NA TIO NAL
BANK OF PROVIDENCE
34 Dorrance Street,
.
.
.
PROVIDENCE, R. I.
OFFERING MODERN BANKING SERVICE WITH OLD TIME COURTESY
LOANS
.
C O L L E C T IO N S
.
D IS C O U N T S
C e r tific a te s o f D e p o s it
C h e c k in g A c c o u n ts
.
F o r eig n E x c h a n g e
.
S a v in g s A c c o u n t s
ONE HUNDRED—The
2824
C o m m ercia l
& Financial Chronicle—YE A R S OLD
N ov. 4, 1939
Banking 1839-1939
( C o n tin u e d f r o m
CITIZENS SAVING BANK
P R O V ID E N C E ,
R H O D E IS L A N D
Founded 1871
C harles A. P ost
President
E d w in O. C hase
Vice President
W illiam A. H a t h a w a y
Vice President
Treasurer
R oger W . C ooke
C harles H . Jackson
Assistant Treasurer
P hillips R. W e at h er b ee
Assistant Treasurer
L ero y B. L undblad
Assistant Treasurer
Statistician
L ouis E . G r o v e r , Jr .
W EBSTER a n d ATLAS
N A TIO N A L BA N K
OF BOSTON
199 W A S H IN G T O N STREET, BOSTON, MASS.
E s t a b l i s h e d 1833
★
This bank— conducted in a broadly
conservative manner for over a cen
tury— offers every advantage in service
and every consideration consistent with
sound banking.
A banking connection with us should
be of mutual advantage and satis
faction.
★
#
R aym on d B . Cox,
E d w a rd M o tle y ,
President
Vice-President
H a r r is o n G . R e y n o l d s ,
F rank B . B u tts,
Vice-President
Cashier
★
M ember F ederal D eposit I nsurance C orporation
page
2822)
every arrangement which, like the redemption of
the notes, or the enforcement of ample reserves,
tends to give strength and stability to the whole
organized system.”
The history of American banking from 1863 for
ward for several decades, at least so far as public
policy and legislation were concerned, is a history
of a futile effort to make an inadequate system of
banking plus the so-called sub-treasury system work
satisfactorily. During these years individual banks
rose to positions of great strength and position.
Banking facilities multiplied, and in general bank
ing practice was gradually brought to a higher
standard more or less throughout the Nation. In
deed, the achievements of these careful, conserva
tive yet vigorous institutions are seen in retrospect
to be remarkable. Yet recurring panics and other
financial disturbances traceable to a want of coor
dination and elasticity in the banking system kept
the public, or at least the more thoughtful elements
in it, reminded of the shortcomings of the American
banking system as a whole. Prejudice and resulting
political considerations, however, resulted in a stub
born refusal to look the facts in the face, and a
persistent effort somehow to obtain the advantages
of a sound central banking system without estab
lishing such a system.
National Monetary Commission
The panic of 1893, 30 years after the passage of
the original National Currency Act, precipitated
once more this whole question of currency and bank
ing, but confusion of counsel was the dominant
characteristic of attempts made the following year
to legislate on the subject. The old greenbacks, the
Treasury notes of 1890, and the silver question,
which had by that time pushed itself violently to
the center of the political stage, seemed to render
any constructive action out of the question. It
remained for the panic of 1907 to bring the matter
definitely to a head, and in the following year to
place upon the statute book the so-called AldrichVreeland Act. This Act, however, was directed
rather narrowly at the currency difficulties that
had been encountered, and gave no general satisfac
tion, or at least was not regarded as having gone
to the root of a situation which could not longer be
tolerated.
Accordingly the National Monetary
Commission was appointed almost at once to study
the entire subject and to recommend a program of
rectification. This Commission spent three years
in investigation of a most extended and thorough
sort, and finally in 1912 submitted a plan to Con
gress. No action was taken, however, at that ses
sion of Congress, and in the fall of 1912 the Demo
cratic party, under the leadership of Woodrow W il
son, was successful in placing itself in control at
Washington.
One of its first undertakings was banking legis
lation, later to be known as the Federal Reserve
Act. The history of this measure and its general
content are well known to the readers of the “ Chron
icle” , and hardly need exposition here. Suffice it
to say that concessions had to be made to the more
radical elements in the Democratic party, and the
law as it reached the statute book contained flaws
which the original sponsors probably felt as reluc0C o n t i n u e d
on page
2826)
Volume 149
ONE HUNDRED The
—
Commercial & Financial Chronicle— YE A R S
OLD
2825
ROBERT GARRETT & SONS
Established 1840
Investment Bankers
BALTIMORE, -
-
- MARYLAND
IN THE
Nation’s
Capital
A proper banking connection in Washington
can be much more than a convenience to you
and your customers . . . Our location, our
facilities and our 100 years of emphasis on serv
ice are important advantages to our clients.
TH E RIGGS NATIO NAL BANK
of W A SH IN G TO N , D. C.
E stablished 1836
Resources over $100,000,000
M E M B E R FED E RA L DEPOSIT INSURANCE CORPORATION
One Hundred and Six Years of Savings Hank Service
SUFFOLK SAVINGS BANK
FOR SEAMEN AND OTHERS
Incorporated, 1883
B oston, Massachusetts
O F F IC E R S
BOARD
P r e s id e n t
O F IN V E S T M E N T
T h e r o n A . A p o llo n io
T h e r o n A . A p o llo n io
E x e c u tiv e V ic e -P r e s id e n t
H e rb e rt M . S ears
T h om a s W . Sym ons
T rea su rer
A rth u r B. B rook s
R oger F. H ooper
J o h n P. C h ase
K e n n e t h L . Isa a cs
L e o F . D a le y
F ir s t V ic e -P r e s id e n t
H en ry B. Saw yer
A rth u r O . Yeam es
A s s is ta n t T rea su rers
Sh erm an H . P ep p a rd
D a n ie l J . S a v a g e
R o b e rt N . S p o ffo r d
Assets
Over $60,000,000
ONE HUNDRED— The Commercial & Financial Chronicle—YEARS OLD
2826
Adoption of the horseless carriage by the fashionable
set helped to encourage the development of the great
industry into which the automobile business has
grown. Here is George Gould and his sons at Saratoga
inspecting and perhaps later riding in their car of 1903.
Banking 1839-1939
(iC o n c lu d e d ,
fro m
page
2824)
tant to accept as many other careful students of
banking. Precisely how the system would have
operated had the World War not come before it had
had opportunity to demonstrate its nature will
never be known. The fact is that war influences
from the very first (even before we became in
volved) began to make themselves felt, and after
our entry into the war and at intervals ever since
alterations in the Act, almost invariably to its
detriment, have been frequent. The system without
question, even in its original form, was open to
serious abuse of an inflationary sort, and advantage
was quickly taken of that fact. Politics, moreover,
from the first played havoc with any chance it
might otherwise have had to function as originally
intended— so much so that Senator Carter Glass
has on numerous occasions complained that the sys
tem had been converted into a sort of “ door-mat for
the Treasury,” the more so as a result of the pressure
upon the Treasury for funds with which to conduct
the war once we were engaged in that struggle.
What is even more important, and what must in
the long run prove even more devastating to stabil
ity and soundness in our banking and credit system,
is the fact that it afforded the New Deal amateurs
now in control of national affairs with the nucleus
of an almost perfect system for their manipulation
of currency, credit, and banking. So intensively
have they cultivated their opportunities that at the
end of the century that has expired since 1839 we
find ourselves not only with a bond-secured cur
rency, but with bond-secured deposits and a system
of banks, including the Federal Reserve institutions,
whose assets consist primarily of bond holdings.
Those now in charge of national affairs have, more
over, revived in essence all the old fallacies of 100
years or more ago about the creation of wealth by
the issue of currency, or what is the equivalent, the
enlarging of bank deposits, and have added a body
of fine-spun, superficially plausible, but wholly un
sound theorizing to the cruder variety existing in
the earlier period. In this sense we end the century
no better off, to say the least, than we began it. To
make the matter worse, we have record-breaking
stocks of gold on hand, in part due to past tinkering
with the theoretical gold value of the dollar and
in part to circumstances over which we have no con
N ov. 4, 1939
trol. This hoard of the yellow metal, to say nothing
of the accompanying mountain of silver, presents a
real problem which would tax the abilities of our
best financial statesmen.
The Reserve System has, however, succeeded ad
mirably in establishing a national clearing and col
lection system without which the banks of the coun
try would find it difficult to get along. It is this
system, indeed, which on more than one occasion
has prevented withdrawals from the Reserve System
on the part of ably managed institutions which
otherwise would prefer to operate outside of any
such system as now exists. We have a uniform cur
rency and, so to speak, a uniform demand deposit
system; that is to say, the funds of one part of the
country can be transferred to any other part with
a minimum of delay and expense. We have likewise
in the Federal Deposit Insurance Corporation a sys
tem of partial deposit insurance reminiscent of the
discredited Safety Fund system in New York State
a century or more ago.
The century has brought substantial gains in
banking as regards certain matters, and it evidently
has left us much where we stood in the beginning
in others. We as a people still face the task of
gaining a working grasp of the principles of sound
banking, and a resolute will to abide by them. Such
an understanding and such a will once existed in
rather remarkable degree in England, yet, as
strange as it may seem, the ultra-modern urge to
make use of credit for essentially alien purposes
seems to have reached this country from certain of
the English credit theorists. Despite the meanderings of the past 100 years, and notwithstanding the
fearful way that we have gone astray during the
past two decades, particularly during the past six
or eight years, we shall some day work out our
salvation in banking and apply it, but the task re
mains for the future.
The Birth and Development of an\Idea
( C o n clu d e d o n p a g e
2738)
commerce. A large part of the legislation of States
and nations is devoted to the regulation of com
mercial operations. Courts of law and equity are
daily deciding points in mercantile jurisprudence,
growing out of the constantly varying circumstances
of commercial enterprise. How liberalizing and ex
panding are the pursuits of commerce, thus under
stood, in their effect upon the mind, is obvious and
often remarked. The wants and necessities of all
nations, of all races of men, form elements in the
calculations of the true merchant. He studies the
condition and finds out the wants of all, to relieve
them. It is his interest, it becomes also his pleas
ure to do so. He learns to look upon all nations
as knit together by the tie of mutual dependence,
to regard all men as kindred. The mercantile stu
dent learns the same lesson. To teach that lesson
has been and shall be one of the greatest purposes
of the ‘Merchants’ Magazine’.
“ The editor regards it as not the least of the happy
results of the labors and studies to which his taste
and his duty have led him in conducting this maga
zine, that they have strengthened and confirmed the
disposition to look upon all men as brethren, to
regard with favor all measures which tend to unite
them together in the unity of peace, and to promote
the reforms of ancient abuses, however venerable.”
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
—
—
Close Contact with the Majority of
Michigan’s Important Industries
☆
NATIONAL BANK
OF DETROIT
DETROIT, MICHIGAN
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
DIRECTORS
T h i s b
t a k e s
t i o n
a
m o d e r
b a
a n
e
s s o
n
n k i
•
k
ALEX D O W
President, Detroit Edison Company
•
u n d e r v e r y
f u n c c ia t e d
w i t h
c o m m e r c i a l
n g .
GEORGE R . FINK
President, National Steel Corporation
m
EDSEL B. FORD
President, Ford M o to r Company
•
S H E R W IN A . HILL
Hill, Hamblen, Essery £sf Lewis
•
CHARLES A. K A N T E R
Senior Vice President,
Manufacturers National Bank
•
CLIFFORD B. L O N G L E Y
Bodman, Longley, Bogle, Middleton and Farley
•
M U R R A Y W . SALES
President, M urray W . Sales £sf Company
•
H E N R Y H. SANGER
President, Manufacturers National Bank
•
W ESSON SEYBURN
Manufacturer
TH E M A N U FA C T U R ER S N A T IO N A L B A N K
OF D ETR O IT
M em ber Federal Deposit Insurance Corporation
2827
ONE HUNDRED—The Commercial & Financial Chronicle YEARS OLD
2828
—
N ov. 4, 1939
CONDENSED STATEMENT
FIRST NATIONAL BANK
IN SAINT LOUIS
At the Close of Business, October 2, 1939.
RESOURCES
Loans and Discounts United States Government Securities
Other Securities guaranteed by U. S. Government Other Bonds and Stocks
Stock in Federal Reserve Bank Banking House, Improvements, Furniture and Fixtures
Other Real Estate Owned - - - Customers’ Liability a/c Letters of Credit, Acceptances,
Accrued Interest Receivable
- - - Overdrafts
- - - - - Other Resources
- - - - Cash and Due from Banks - - - -
61,249,199.96
53,418,751.08
29,663,310.12
8,883,416.95
411,000.00
580,518.88
- 1,780,482.39
etc 586,365.10
- 686,444.99
- 17,256.19
- 6,552.75
- - 125,728,724.65
-
-
$283,012,023.06
LIABILITIES
Capital— Common $ 10,200,000.00
Surplus and Profits
8,903,846.38
Dividend Declared Payable November 30, 1939
240,000.00
Reserve Unallocated
1,000,000.00
Reserve for Taxes, Interest, etc.
574,803.03
Unearned Discount
- 217,055.71
Liability a/c Letters of Credit, Acceptances, etc.
596,329.92
Other Liabilities
6,226.72
Individual Deposits
$129,358,465.45
Savings Deposits
- - - 32,964,944.56
Bank Deposits 97,483,297.50
City of St. Louis and Other Public Funds 1,467,053.79
................................ 261,273,761.30
Total Deposits
$283,012,023.06
M em b er F ed era l D ep o sit In s u r a n c e C o rp o ra tio n
A Century of Achievement
0C o n t i n u e d
fro m
page
2788)
lected with great care concerning the movement of
the crop.
“Later, cablegrams from Europe regarding stocks,
visible supply, &c., were added as a further charac
teristic. So much time and labor was bestowed
upon these reports of weather and crop movements
and so much assiduity displayed in the gathering
of the statistics, every bale of cotton being traced
from point of production to its final destination,
that the ‘Chronicle’ immediately became an author
ity concerning cotton all over the world. And this
distinction it has not lost up to the present day.
The system of reports then inaugurated and the
It was Pascal B. Smith who in 1827 discovered the
formula for making marine varnishes. This discovery,
which grew into an enormous industry, was made in
an old apple orchard on the former Stuyvesant farm,
on the East River, New York, near what is now Sixth
Street
methods of tracing the movement of the crop furn
ished the foundation for the later work of other
investigators in the same field. The weekly com
pilation of the visible supply of cotton of the world
for a long time remained the only thing of its kind.
And Mr. Dana’s interest in this part of the paper
never flagged. Up to the time of his death he in
sisted on personally passing upon the text of the
annual ‘Cotton Crop Report’ and the annual ‘Cotton
Acreage Report’, and until the later years of his
life contributed a considerable portion of the text
matter himself. The task of compiling the statis
tics passed into the hands of a trained specialist a
long time ago, but the form of the ‘Crop Report’ as
originally devised by Mr. Dana has never been
changed, though certain new features have been
added from time to time to make it more compre
hensive and to add to its value.
“Mr. Dana had some journalistic experience be
fore he undertook the publication of the ‘Chron
icle’. As was related in our issue of Aug. 28, 1909—
at the time of the eightieth anniversary of his
birth— Mr. Dana, after having practiced law in
Utica, the place of his birth, from 1853 to 1859, came
to New York in the latter year and the next year
purchased ‘Hunt’s Merchants’ Magazine’, a monthly
periodical whose existence dated back to 1839.
This monthly had a high standing. Mr. Dana made
a number of improvements in it and continued to
publish it up to January, 1871, when it was merged
in the ‘Chronicle’. It should also be said that in
connection with the ‘Chronicle’ there was likewise
started a ‘Daily Bulletin’ ‘issued every morning
(C o n t i n u e d ,
on pa ge
-83C)
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD
—
—
FROM ONE OLD-TIMER
TO ANOTHER
To "The Commercial and Financial
Chronicle,” upon its centennial, this
bank, now in its 88th year,
extends congratulations.
Bankers to Western Business
Since 1852
Wells Fargo Bank
UnionTrust Co.
&
H e l p in g
SAN F R A N C I S C O
y o u to
BUILD BUSINESS
You aim to please your customers because you
recognize their good will as a major factor in the
growth of your bank.
When they have business in Tennessee, THIRD
NATIONAL’S co-operation will help you to give
them the kind of service they like.
Nashville’s Fastest Growing Bank
T hird National Bank
IN NASHVILLE—N a sh ville,
Tennessee
MEMBER FEDERAL RESERVE SYSTEM
Member Federal Deposit Insurance Corporation
2829
2830
£
#
1
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
—
A Century of Achievement
(< o n tin u e d ,
C
fro m
page
2828)
with all the commercial and financial news of the
previous day up to the hour of publication.’ For a
while, therefore, Mr. Dana had a weekly, a monthly
and a daily on his hands. The daily was not large,
being only a little larger than circular size. And
yet, after he disposed of his interest in it, it devel
oped into an important daily paper, the ‘Commer
cial Bulletin’, which many years later absorbed the
‘Journal of Commerce’, and today is the powerful
‘Journal of Commerce and Commercial Bulletin’.
“ In establishing the ‘Chronicle’ Mr. Dana en
gaged in pioneer work as far as the United States
was concerned, there being no other journal of the
same class to use as a guide. But in Europe the
‘London Economist’ had existed for many years and
had attained important distinction. That publica
tion he took as his model for form. No outside par
ties have ever had any interest in the paper. Mr.
Dana always held dominant control. From 1865
up to 1894 the paper was published by the firm of
William B. Dana & Co., the ‘company’ being John G.
Floyd, his wife’s brother. The two men were well
fitted to supplement each other’s gifts, though Mr.
Floyd was lacking in the sanguine temperament
which is a prime requisite of success in a country of
such boundless opportunities as the United States.
Mr. Floyd looked after the business end and after
the railroad news department. In 1894 Mr. Floyd
determined to retire, and Mr. Dana purchased his
interest. The business was then incorporated in
the name of the William B. Dana Co., and Mr. Dana
admitted to part control some near relatives and
the writer.
“ In his tribute to Mr. Dana in the issue of the
‘Chronicle’ of Oct. 15, 1910, written at the time of
Mr. Dana’s death, the writer took occasion to lay
emphasis upon Mr. Dana’s complete identification
with the paper and also dwelt upon the part played
by the paper in influencing public opinion and pro
moting sound views. Since the close of the Civil
War, as was there said, there have been three great
movements threatening the national welfare which
this paper has opposed with all its energy. Its aid
was first rendered in combating greenbackism; a lit
tle later came the free silver fallacy, and more re
cently have come the attacks upon wealth, upon the
rights of property, upon the railroads, and upon cor
porations generally. This is a young country, and
its experience is in accord with its youth. For that
reason error flourishes here more readily than in
the civilized countries of the Old World.
—
Nov. 4, 1939
“ In looking back now at the introductory article
in the first issue of the paper, one is struck by the
fact that the problems then confronting the coun
try, in the prevalence of economic error and the ex
ploiting of pernicious doctrines, were much like
those which our people are contending at the pres
ent time. For instance, special emphasis was then
laid upon the necessity of ‘wise legislation’, and the
statement was made that ‘at no time in our history
has the knowledge and diffusion of commercial
truths, and the advocacy of well-defined principles
which govern the economy of wealth, been so needed
as now’. That was half a century ago. We have
overcome the dangers which then threatened, and
there can be no doubt that we will in like manner
overcome the dangers of the same type that are be
setting us at the present time, particularly dema
gogic legislation, in which the last Congress was
so fruitful, and which, if persisted in, must under
mine the foundations of business. The ‘Chronicle’
will do its part towards insuring such a result, for
it is the expectation that his paper will prove as
enduring as time itself.”
Further Expansion
As a matter of fact, the “ Chronicle” , under the
sole direction of Mr. Seibert after the death of Mr.
Dana in 1910, had by 1915 added very substantially
to the volume of material carried designed to make
it a newspaper as well as a vehicle of editorial ex
pression and a recorder of markets, and the like.
In January, 1918, this type of material was gath
ered together and given the status of a department
or section of the paper carrying the title “'Current
Events and Discussions” , which it still carries.
Meanwhile the volume of current data, both statis
tical and other, reflecting the current state of busi
ness in practically all branches of American indus
try, had grown so great that in January, 1923,
another department or section was introduced, and
into it assembled the current reports of this nature.
It was given the title “ Indications of Business A c
tivity” , which it still carries. We are confident
that our readers will agree that the usefulness of
the regular weekly issues of the “ Chronicle” have
been immeasurably enhanced by these additions.
The issue of June 26, 1915, contained 112 pages;
the weekly issues now average over 160 pages, and
not infrequently run substantially larger than that,
so greatly has it been found necessary to enlarge
the scope of the contents of its pages to serve the
public adequately these recent years. In 1934 cer(C o n t i n u e d ,
on page
2831)
^ A f t e r m a n y d i s c o u r a g e m e n t s , G e o r g e P u llm a n s u c c e e d e d in c o n s t r u c t i n g h is f i r s t s l e e p i n g c a r in 1 8 5 9 .
tL T h is v e h i c l e , s h o w n a b o v e , r e v o l u t i o n i z e d r a ilw a y t r a n s p o r t a t i o n , m a d e a f o r t u n e f o r M r . P u ll m a n ,
a n d s o o t h e d t h e n e r v e s o f m a n y t h o u s a n d tr a v e le r s .
Volume 149
ONE HUNDRED
—
T h e Com m ercial & Financial C hronicle —
Y E A R S OLD
2831
United States Trust Company
of New York
45 Wall Street, New York
C h a r t e r e d 1953
Condensed Statement as of September 3 0 , 1939
RESOURCES
Cash in Banks_____________________________ $ 59,301,363.23
Loans__________
23,193,778.27
Bills Purchased____________________________
6,936,700.00
United States Treasury Notes, due 1939 to 1944 16,517,750.00
United States Treasury Bonds, due 1941 to 1947
9,525,000.00
Other Bonds_______________________________
9,129,000.00
840,000.00
Stock in Federal Reserve Bank______________
Bonds and Mortgages______________________
5,865,923.94
Real Estate________________________________
2,000,000.00
Accrued Interest Receivable________________
344,417.34
LIABILITIES
Capital____ _______________________________ $ 2,000,000.00
Surplus___________________________________
26,000,000.00
Undivided Profits__________________________
2,812,919.23
$133,653,932.78
$133,653,932.78
Deposits___________________________________
Interest Accrued on Deposits_______________
Reserved for Taxes and Expenses____________
Unearned Discount________________________
Dividend Payable October 2, 1939___________
$ 30,812,919.23
101,498,186.83
315,532.06
718,669.99
8,624.67
300,000.00
United States Government and other securities carried at $355,000 are pledged to secure public deposits and for other purposes required bylaw.
TRUSTEES
W I L L I A M M. K I N G S L E Y ,
W ILLIA M SO N PELL, President
Chairm an
JOHN SLOANE
F R A N K L. P O L K
J O H N P. W I L S O N
BARKLIE H ENRY
G EO RG E de FOREST LORD
J O H N J. P H E L P S
A R T H U R C U RTISS JAMES
C O R N E L I U S N. B L I S S
VINCENT A ST O R
M E M B E R F E D E R A L D E P O SIT IN SU R A N C E
Bangor Hat Trade
The Bangor “ Whig” says there is an estab
lishment in Bangor which manufactures
1,800 tarpaulin hats of excellent quality a
month, and employs in the business about
40 persons, many of them females, who are
enabled to maintain their children com
fortably and give them the benefit of a good
education.
HUNT’S MERCHANTS’ MAGAZINE,
September, 1843
A Century of Achievement
(< o n c l u d e d f r o m
C
page
2830)
tain rearrangements of materials was inaugurated
in the belief that the convenience of the reader
would be served by such a change, and a table of
contents added for the same purpose. The supple
ments have in several instances since 1915 been re
titled and, as occasion required, rearranged. They
now have the status of separate publications.
Otherwise they remain much as they were in 1915.
We now come to the end of the first 100 years.
“ The past is secure, as far as the ‘Chronicle’ is con
cerned,” to quote Mr. Seibert in 1915. “ The
future . . . has been provided for, as far as lies
within the power of human agency, but is neverthe
less in the making. A half century hence a new
generation will in any event have appeared on the
scene, and will have to account for its acts. No
effort will be spared to make the retrospect at the
end of the second half century as satisfying as is
that which is now being contemplated at the end of
the first half century.”
R O L A N D L. R E D M O N D
HAM ILTON HADLEY
F R A N C I S T . P. P L I M P T O N
BENJAMIN S T R O N G
C O R P O R A T IO N
Transportation of Milk on the Erie RR.
The following statement of the revenues
ensuing from the transportation of the sin
gle article of milk, for the four years ending
Dec. 31, 1845, is derived from the books of
the New York and Erie Railroad Company:
1812
$3,430.72
1843
$18,497.46
1844
$28,055.08
1845
$30,694.20
HUNT’S MERCHANTS’ MAGAZINE,
August, 1846
We need only add that neither will effort be
spared, so far as those now living can assure it, to
make the retrospect at the end of the second century
as satisfying as human effort can make it.
O n e o f t h e g r e a t f o r c e s in s h o r t e n i n g tim e a n d d is
t a n c e o f c o m m u n i c a t i o n w a s t h e s u c c e s s f u l la y in g o f
t h e A t l a n t i c C a b le b y C y r u s F ie ld .
T h is s h o w s t h e
la n d in g o f t h e c a b l e a t H e a r F s C o n t e n t B a y , N e w
l
F o u n d la n d .
....
T h e F in a n cia l S itu ation
HE long-drawn-out debate over the so-called Congress whether or not it would prefer to avoid com
neutrality bill is over. When these lines reach mitments during an election year, and there are many
the reader a new enactment touching this bedeviled others which ought to receive careful study and con
question will either already be upon the statute book structive action. If the situation is allowed to drift
or about to be entered there, and members of Con along as it has been doing of late, whatever Congress
gress on their way home or ready to start on that does next year is likely to be haphazard and impulsive,
journey. The new measure is, of course, not pre rather than carefully planned, and more than one
cisely what the public supposes it to be, if the rank issue more or less certain to be avoided entirely.
and file have gained their impressions of it from the
Now for Reduced Expenditures!
headlines. It has been repeatedly referred to as a
One of the first things that needs to be done is to
bill to repeal the arms embargo provisions of the law
let Washington know in no
as it stood when the Presi
uncertain tones that a
dent called the special ses
“Little Pieces of Ideologies”
sharp reduction in expend
sion of Congress into being
It is this importation of European ideolo
itures is expected with
several weeks ago, but the
gies that ought to concern us even more than
out further delay or eva
the current European war. They fly over the
fact of the matter is that,
ocean with every gust of propagandistic wind.
sion. .The turn of events
although this was one of
First it was Marxian Socialism; then it was
since mid-summer, partic
the purposes of the meas
Stalinist Communism; then it was Mussolini’s
Fascism; and now it is Hitler’s Nazism. And
ularly since early Septem
ure, there are other provi
that is not all. There are all sorts of frac
ber, presents an excellent
sions of a most sweeping
tional ideas— little pieces of ideologies; tiny
microbes that break off from the poisoned
opportunity for making a
variety, whose effect in
masses.— Howard Coonley, President of the
real beginning in paring
actual operation will not
National Association of Manufacturers, to
the Chamber of Commerce of the State of New
be fully known pending
outlays. Slack business,
York.
unemployment andthe con
considerable experience
The greatest danger lies in “little pieces of
sequent neediness, real or
ideologies,” which, when taken in the aggre
with them. Even any ad
gate, constitute the American variants of the
imagined, of large groups
vance appraisal of their re
“ ideologies” which, when given their Euro
in the population have for
sults must await a careful
pean names or when recognized by Americans
for what they really are, gain foothold with
years on end been the stock
study of the texts of the
difficulty on our shores.
excuse for profligacy at the
various provisions embod
We, or many of us, have a habit of saying
that Europe is years ahead of us in this or
National Capital. Business
ied in the measure as
that “social welfare movement,” or in the de
is now no longer slack. The
finally adopted and signed
velopment of policies or mechanisms for re
stricting or managing private enterprise, as if
Federal Reserve index of in
by the President. Many
the mere fact that Europe has long ago
dustrial production for Sep
of its terms are evidently
adopted such procedures places that conti
tember stood at 110, or
nent “ahead” of us.
extremely drastic, particu
Many of us do not stop to realize that these
seven points above August,
larly as regards American
“movements” are frequently but part and par
when it had already regis
shipping, going far beyond
cel of these very “ideologies” , socialistic, com
munistic, fascistic or nazistic, that we profess
tered substantial gains.
anything that the ordinary
so much to detest and to fear, or else they are
The upturn apparently
rules of international law
“ little pieces” of these “ideologies” which
have broken off from the poisoned masses in
continued in October. “ In
require of us. It remains
countries devoted to these ideologies and
to be seen whether the pro
many industries,” says so
have become rooted in other European coun
tries which profess, as do we, to distrust in
careful and qualified an
tection it affords us, if any,
the “ideologies” from which they spring.
observer as the National
will be worth the price that
Thus we have a New Deal Administration
must be paid for its en
City Bank, “ November
which is as susceptible to these “ tiny microbes
that break off from the poisoned masses” in
output will exceed October
forcement.
Europe or anywhere else as children are to
and the seasonal slackening
It is a good thing, how
the measles, solemnly at work denouncing
and even spending substantial sums of money
toward the end of the year
ever, that the protracted
combating groups or organizations of foreign
debate is no longer absorb
will be less than usual.
ers alleged to be at work in this country try
ing to convert us directly into adherents of
ing the whole attention of
This points to a level of in
“ ideologies” to which the New Deal is in
dustrial production higher
the people so far as na
debted for many of its programs.
It is important that we, as a people, come to
tional governmental affairs
than the peak of 1936-37,
realize where the real danger lies in all this.
and possibly equal to the
are concerned. So long as
this issue was monopolizing
high of 1929, which was
the spotlight it was impossible, apparently, to persuade 125 in June, according to the Federal Reserve index
the public to give thought to numerous subjects con (1923-25 equal 100).”
cerning which there ought to be Congressional action
Although certain industries, notably steel, have
when the regular session gets under way after the moved ahead faster than others, the upward move
first of the year. We now have approximately two ment of business activity is really quite general. The
months to prepare for next winter’s session of Con facts of the situation are admirably brought together
gress, and, as any thoughtful observer of experience in terse form in the current issue of the November
well knows, unless such preparation is carefully and monthly bank letter of the National City Bank of
vigorously made during that period of time, it will New York, appearing within the past few days.
prove difficult if not impossible to obtain any sys “ New railway equipment orders have reached the
tematic and constructive endeavor from Congress highest levels since 1936, at least. It seems likely
next year. There are a number of questions, such, that total freight cars ordered in 1939 will be around
for example, as the annual budget with all its many 65,000, most of the orders having been placed since
ramifications, which must receive the attention of Sept. 1. Tron Age’ estimates orders for rails at
T
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
—
—
2833
“ Th a t loan w ill put my business on
a better basis”
L ife is B E T T E R
because o f banks
The services and the resources of banks have
helped to make possible America’s rise from
humble beginnings. They have helped in the
development of industry, helped to produce
goods at less cost, helped to make life more
enjoyable.
than could be done without the loan, are activities
which create more jobs.
better for the family
Bank loans have permitted many families to m od
ernize homes, making long wanted improvements
or needed repairs. They are assisting men and women
to meet medical expenses, educational costs, and
better for business men
emergencies o f all kinds.
Customers o f this Bank are continually using
loans to operate their businesses more profitably.
better for citizens generally
Loans permit them to take advantage o f cash dis
Through supplying credit to municipalities, states
counts, to modernize equipment, to turn over capital
and the nation, this Bank has always had a part in
more often.
the growth and development o f our country.
better for employees
for your betterment
Loans advanced by this Bank are making jobs
Perhaps this Bank can help you in some o f the
because the credit extended enables a business to
ways outlined above, or through other services. You
expand its operations. Buying more raw materials,
are invited to talk things over at any one o f its con
replenishing stocks o f goods, handling larger orders
venient offices.
B a n k of the M a n h a t t a n C o m p a n y
Catee 19
hr r d 79
The Bank o f Yesterday, Today and Tomorrow
Member Federal Deposit Insurance Corporation
ONE HUNDRED— The Commercial & Financial Chronicle— YEARS OLD
2834
B R O O K L Y N TRUST
COMPANY
MAIN OFFICE:
177 M ontague Street
B rooklyn , N. Y .
(§( 0 7 / M
z)
NEW Y O R K OFFICE:
26 Broad Street
New Y ork *
Y-
Summary of Statement
at Close of Business— September 30,1939
R E SO U R C E S
Cash on Hand and Due from Federal
Reserve Bank and Other Banks
.$46,626,336.48
U. S. Government Securities . . . 43,277,688.01
State and Municipal Bonds
. . . 5,086,099.79
Other S e c u r i t i e s ................................. 7,927,736.88
Call Loans and Bankers’ Acceptances 7,258,936.02
Demand Loans Secured by Collateral 7,073,968.66 $117,250,765.84
Time Loans Secured by C o l l a t e r a l ............................
Bills P u r c h a s e d ............................................................
Loans on Bonds and M o r t g a g e s .................................
Bank B u i l d i n g s ............................................................
Other Real E state............................................................
Customers’ Liability on A c c e p t a n c e s ......................
Other R e s o u r c e s ............................................................
3,169,826.43
10,735,942.26
2,570,088.86
5,386,076.20
923,715.78
8,534.12
659,996.57
$140,704,946.06
L IA B IL IT IE S
C a p i t a l .............................................................................
S u r p l u s .............................................................................
Undivided P r o fit s ............................................................
Reserves .............................................................................
D e p o sits.............................................................................
Outstanding A c c e p t a n c e s ............................................
Other Liabilities, Reserve for Taxes, E tc......................
$8,200,000.00
4,350,000.00
1,384,979.46
973,551.10
125,387,420.61
8,534.12
400,460.77
$140,704,946.06
As required by law, IT. S. Government and State and Municipal Bonds carried
at $6,162,900.94 are pledged to secure Public Deposits and for other purposes.
One of the Oldest Trust Companies in the Lnited States
M EM BER FED ERAL RESE RV E
SY STEM
A N D F E D E R A L D E P O S IT IN S U R A N C E
C O R P O R A T IO N
Nov. 4, 1939
approximately a million tons, and
total purchases of railway steel to
be shipped before next spring at the
equivalent of 2,400,000 tons of ingo ts.,, Turning to some of the
other branches of industry, the
bank says that “ mill consumption
of cotton in October possibly has
reached 700,000 bales, which is
close to the biggest month on
record. Many woolen mills are at
capacity on spring fabrics, with
heavy orders on hand. Automobile
output has been held back by the
Chrysler strike, but even without
one of the three largest producers
the industry has been turning out
75.000 or more cars a week, all
quickly taken by dealers whose re
tail sales are encouragingly greater
than in the model introduction
period a year ago. An increase to
100.000 a week or higher is expected
when the strike ends. Paper and
glass manufacturers have stepped
up production. Mining operations
have expanded not only in coal
but in the non-ferrous metals, re
sponding to unfilled orders, al
though current sales have slack
ened.
“ Retail trade improved in the
latter part of September, and has
held its gains in October. Depart
ment store dollar sales are within
3% of the 1937 peak, according to
The Adventurous Spirit ofjAmerican Commerce
A late number of the London “ Daily News” graphically portrays the adventurous spirit of our American
commerce, after this manner:
“ We own to a cordial admiration of the spirit of American commerce, in its adventurous aspect. To
watch it is to witness some of the finest romance of our time. No idea can be formed of our own older,
quieter, more traditional way of setting to work. It was an American who first thought of carrying ice to
India. Instead of going out in ballast, as was often done then, with dollars to buy some oriental cargo
to exchange from place to place, coming home with something very rich indeed, he took out a cargo of ice
from a familiar Massachusetts pond. A fourth of the cargo melted while the people in Calcutta were learn
ing what it meant, and the rest sold for six cents the pound. The next time plenty of buyers were on the
lookout; scarcely any ice had time to melt, and the price was nearly doubled; since which time it has been a
good speculation to send ice 12,000 miles, and thrust saltpetre out of the market. It was an American who
first saw the beauty of Manila hemp, though it was not unknown to us. He carried home a few bales, and
in ten years the importation rose to 20,000 bales. The Americans were on excellent terms with the Chinese
long before we could make anything of them. In Salem— well named the City of Peace from its civilizing
commerce— the highest order of mercantile spirit is found— a spirit which reminds the traveler of old Venice
and the Hanse towns. The particular dignity coveted at Salem is membership in its museum; and to be a
member it is requisite to have doubled both Capes and to have brought something remarkable from far lands.
There a young man’s education finishes with his being sent, not to his travels, but his voyage; and a father,
uncle or friend makes him supercargo of a good freight and sends him to China, or Borneo, or Madagascar.
Henceforth, it will probably be to Japan, or to shake hands with the Chinese in the plains of Tibet, or with
European travelers at Timbuctoo, for the New England merchants are penetrating to the very heart of Africa,
to handle the cotton and sell their goods. It is an every day matter for a Salem merchant to tell his wife
that they may as well go around the world, as he has a ship ready; and then the older children are sent to
school, and the infants and their parents sail^away, trafficking from land to land, in another hemisphere,
and returning with a little fortune, sunburnt faces and a batch of curiosities for the museum. We hail
such doings in any nation whatever, and in the American case this is evidently their true field of conquest.
If we would only emulate them as far as suits our different circumstances— making railways in India, and
raising cotton there, and wherever in our dominions it will grow— there would soon (as we may talk of inci
dents in national life being soon— be an end of charge and recrimination; and offense and subtlety about
Cuba’s and ‘ Uncle Tom’s Cabin,’ and fishery and boundary questions would be found easy of settlement
between the two most commercial nations upon earth.”
HUNT’S MERCHANTS’ MAGAZINE— December, 1854
Volume 149
ONE HUNDRED
—
YEARS OLD
The Commercial & Financial Chronicle —
2835
I n te r e s t e x e m p t f r o m a ll p r e s e n t F e d e r a l I n c o m e T a x a tio n
$3,686,020
City of New Orleans, Louisiana
23
A% a n d 3 lA% R e f u n d i n g P a v in g C e rtifica te s
to be issued for refunding purposes, in the opinion of counsel will con
stitute valid and legally binding obligations of the City of New Orleans, payable as
to both principal and interest from paving assessments heretofore levied on property
specially benefited in the City of New Orleans. In addition, for the payment of
principal and interest of the Certificates, the City has power and is obligated to levy
ad valorem taxes upon all the taxable property therein within the limits prescribed
by law.
These Certificates,
$2,336,020 2 % % Series B due January 1, 1951
Redeemable in whole or in part by lot from time to time, at the option o f the City, on any
interest payment date upon thirty days prior published notice at par and accrued interest.
Price 100.50 and accrued interest
$1,350,000 3V4% Series A due $ 150,000 annuallyjuly 1, 1940-1948
(The Series A Certificates have been sold)
These certificates are offered when, as and i f issued and received by us and subject to approval o f legality by
M essrs. Thomson W ood & H offm an whose opinion will be fu rn ish ed upon delivery.
,
HALSEY,STUART&CO. INC.
THE HIBERNIA NATIONAL BANK
,
PHELPS, FENN A CO.
WHITNEY NATIONAL BANK
OF NEW ORLEANS
IN N E W O R L E A N S
STONE & WEBSTER AND BLODGET
SCHARFF & JONES, INC.
,
NEW ORLEANS
INCORPORATED
E. H. ROLLINS &SONS
PAINE, WEBBER & CO.
.
KIDDER, PEABODY & CO.
WHITE, DUNBAR & CO., INC.
,
NEW ORLEANS
HEMPHILL, NOYES & CO.
.
JOHN NUVEEN & CO.
C H IC A G O
INCORPORATED
NUSLOCH, BAUDEAN & SMITH
BARROW, LEARY A CO.
NEW ORLEANS
SHREVEPORT
LAMAR, KINGSTON &LABOUISSE BROWN,CORRIGAN &CO.
NEW O RLEANS
WEIL &.COMPANY, INC.
NEW ORLEANS
FIRSTOF MICHIGAN CORPORATION
NEW ORLEANS
KOHLMEYER, NEWBURGER &CO.
F. L. DABNEY&CO.
BOSTON
NEW ORLEANS
FRED J. McCORMAC & CO.
NEW ORLEANS
BLAIR & CO., INC.
LEVY & ROONEY, INC.
,
NEW ORLEANS
WELLS-DICKEY COMPANY
M IN N E A PO LIS
JAC. P. DUCOURNAU
NEW ORLEANS
Dated July 1. 1939. Principal and semi-annual interest. January 1 and July 1. payable in New York City or New Orleans. Louisiana. CouponCertificates in the denomination of $1000 except one certificate in the denomination of $1020. The information contained herein has been carefully
compiled from sources considered reliable, and while not guaranteed as to completeness or accuracy, we believe it to be correct as of this date
November 4 ,1 9 3 9 .
the Federal Reserve Board’s sea
sonally adjusted index, and as
prices are lower the movement of
merchandise must be considered
satisfactory. Moreover, mail order
houses and merchandise chains
have done better than department
stores. The evidence is that dis
tribution is running closer to pro
duction than in 1936-37, and that
large distributors have made their
commitments more conservatively
than at that time.
“ Many of the capital goods in
dustries have had a strong pick-up,
with orders for railway and utility
equipment the largest since the
1936-37 period, at least. Machine
tool orders placed during Septem
ber are reported the largest on
record, though publication of the
official figures has been suspended.
Shipbuilding and airplane manu
facturing are at capacity and appar
ently will continue so for the dura
tion of the war. All capital goods
lines have improved export business
or inquiries.
“ Building contract awards in
September were the highest since
April, and 7.4% above the same
month last year. Total awards
dropped somewhat in the first two
weeks of October; but private con
tracts continued to rise. Mortgages
accepted for insurance by the FHA
have continued high, and in the
week ended Oct. 21 were the largest
recorded with one exception. This
is the best indication that private
building is not entering a slump.”
P u b lic I n te r e s t E s s e n tia l
Our government relief system be
ing what it is, and the nature and
habits of government generally be
ing what they are, it would perhaps
be asking too much to expect out
lays whose excuse has been the
severity of depression to show any
very marked reduction during the
month or two in which this record
of improvement has been made.
It is, however, certainly reasonable
to expect and to demand that they
show such a decline henceforth
and to continue to fall as long
as business remains as good as
it is now. Indeed, no one influ
ence could be more effective in en
suring a continuation of good busi
ness than a convincing showing of
determination in Washington to set
our fiscal house in order. Of course
the budget for the year ending June
30, 1941, which must within about
60 days be presented to Congress,
should reflect this marked improve
ment in business, in planned ex
penditures as well as in expected
receipts. It will not do so, how
ever, if the public does not bestir
2836
ONE HUNDRED
—
The Commercial & Financial Chronicle —
YEARS OLD
Nov. 4, 1939
itself in behalf of greater prudence
in the employment of taxpayers’
money. Next year is an election
year, and for most politicians the
line of least resistance otherwise will
be that of voting funds liberally in
order to curry favor.
There are likewise a number of
other questions, some of them in
separably linked with public ex
penditures and others largely unre
lated, to which the improvement in
business lends added urgency. The
lasting quality of the recovery that
has taken place in business in re
cent weeks is much in doubt in a
good many minds. It is generally
conceded that so much momentum
has been acquired that at least rela
tively satisfactory activity is more
or less a certainty for a month or
two, at least, but after the turn
of the year, so a good many reason,
the situation may develop a differ
ent turn. Needless to say there is
probably not a man or a woman in
his or her right senses between the
Atlantic and the Pacific who does
not desire to see the upward move
ment continue and develop into a
sound and lasting recovery. The
question is how such an end can
best be ensured. It has already
been remaked that nothing could be
more helpful in giving this assur
ance than setting our fiscal house in
order, while larger employment op
portunities are present and expand
ing. We now add that no other
measure or program could be more
helpful than convincing evidence of
a determination on the part of the
prople that their representatives in
Washington shall unshackle indus
try and trade, and that nothing
could be more certain to shorten the
life of the recovery that has devel
oped than the addition of further
restrictions, additional meddling
with business on the part of gov
ernment, or what might be termed
another offensive movement on
the part of the New Deal which
seems to promise successful con
summation.
A n E x c e lle n t R e c o r d
The record of business manage
ment during the past month or two
of temptation is such that, with
proper defense, it should be rather
invulnerable to attack of the usual
New Deal sort, but there is the war
excuse for more regimentation,
which must not only be combated
but revealed for what it really is— a
sound and urgent reason for a sharp
reversal of policy in Washington.
Faced six weeks ago with almost
panicky buying of various com-
Volume 149
ONE HUNDRED—The Commercial & Financial Chronicle— YEARS OLD
2837
KIDDER, PEABODY & CO.
Government and Municipal Bonds
Investment Securities Corporate Financing
Foreign Exchange
T r a v e lle r s , L etters o f C r e d it
issued jointly with
B a r i n g B r o t h e r s & C o ., L t d .
of
NEW YORK
L ondon
BOSTON
PHILADELPHIA
Members of the N ew York and Boston Stock Exchanges
modities by everyone from the
housewife to the speculator, prices
first rose rapidly and then settled
down sanely. Manufacturers almost
with one accord not only counseled
moderation in pricing finished goods
but practiced what they preached.
The result is that, except for certain
commodities where prices were
deeply depressed, most goods can
today be purchased for little if any
more than last summer, and in a
number of notable cases prices of
finished goods have been reduced in
the face of rising costs of materials
and the distinct possibility if not
the fact of rising labor expense.
Equally important is the fact that,
despite activity quite comparable
to that of the peak of the 1936-37
boom, we have heard very little of
the “ bottle-necks” which plagued
us two or three years ago. Every
assurance has thus been given the
consumer that ample supplies of
goods either exist or will be pro
duced as rapidly as needed, barring,
of course, very large foreign buying
in this country by the warring
Powers of Europe. Labor has in
some instances given indications of
restlessness and unwillingness to
“ do its part,” but for this business
can scarcely be held responsible.
Indications are, none the less,
not wanting that the powers that
be in Washington are suffering
from the same old itch to meddle
and that they are convinced that
the so-called war emergency offers
an opportunity even if the conduct
of the business community does
not. The Attorney General’s office
seems to have come to the belief
that the anti-trust laws were de
signed to give it a sort of left-handed
control over prices— a control to be
exercised chiefly by badgering en
terprises in any branch of industry
where prices do not conform to the
ideas of the Administration. The
Tem porary N ational Economic
Committee seems to feel itself in
duty bound to act about the same
role. The extraordinary powers
now held by the President and the
various officials and organizations
under his direction render it quite
a simple matter for the Adminis
tration to make of itself a thorn in
the flesh of business in a thousand
different ways— many of them ex
tra-legal if not illegal. Giving all
this a more serious aspect is the fact
that activities of this sort as often
as not are in reality directed at
building up public sentiment to
support additional legislation of a
most undesirable kind. The coun
try faces an urgent need not only of
combating all this administrative
meddling with business and any
program for laying the basis for
more of it by legislation next year,
but of taking the offensive, as it
were, in ridding ourselves as soon
as possible of those unwise meas
ures of this general description
which have found their way to the
statute book during the past halfdozen years. The so-called neu
trality bill is now out of the way for
the time being, at least. Let us not
permit European distractions, or
war orders, if they materialize in
substantial amounts, to prevent a
thorough-going study of our domes
tic situation for the purpose of set
ting our own house in order.
Federal Reserve Bank Statement
A F T E R a long period of steady
expansion in the credit re
sources of the United States, the
current banking statistics finally in
dicate a turn, which may or may not
prove temporary. Excess reserves
of member banks over legal require
ments are estimated as of Nov.
1 at $5,380,000,000, down $150,000,000 for the statement week.
The factors occasioning this decline
E ~ \
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
2838
—
—
N ov. 4, 1939
were chiefly an increase of $50,000,000 in currency circulation, sizable
increases of Treasury, foreign bank
and other deposits with the Federal
Reserve banks, and a further reduc
tion of $14,940,000 in the open mar
ket portfolio of United States Treas
ury securities. Monetary gold stocks
of the country advanced $60,000,000 to $17,099,000,000, but this in
fluence for the expansion of credit
resources was overshadowed by the
contrary items. It would appear,
moreover, that the tremendous
total of excess reserves will be whit
tled down further in coming months
unless altogether extraordinary
events occur. The period of autumn
expansion of currency circulation is
at hand and is due to extend to the
holiday season. The Treasury,
moreover, has resumed new money
borrowing on a large scale through
agency flotations, and has given
notice of an intention to borrow
$500,000,000 directly in coming
weeks.
Offer to Holders of Certain
Hungarian Municipal, Ecclesiastical and
Private Long-Term Bonded Debts
The Cash Office o f Foreign Credits at Budapest, Hungary, hereby announces
that pursuant to the Offer of the Cash Office, published on July 23, 1937, it will
redeem coupons o f the maturity, and with respect to the issues, hereinbelow specified,
during the period stated, at the rate of $8.75 per coupon detached from a $1,000
bond. Such payment will be made through its Central Paying Agents in New York,
SCHRODER TRUST COMPANY, 46 William Street, New York, N. Y.
This Offer does not apply to coupons attached to any of the securities below
mentioned which shall have been stamped and registered as being in Hungarian
ownership under the Decree of the Hungarian Cabinet Council, No. 300/1936 M. E.
and is made only to persons resident outside of the Kingdom of Hungary or firms or
corporations situated outside Hungary, excluding branches thereof in Hungary.
Coupons presented in acceptance o f this Offer must be transmitted to
SCHRODER TRUST COMPANY, as Central Paying Agents of the Cash Office of
Foineign Credits, together with a form o f letter of transmittal which is obtainable
from such Paying Agents.
N e of Issu
am
e
Cu o D
o p n ate
O E ires
ffer xp
H N AR
U G IAN LAN M R G G IN
D O T A E STITU
TE N
ovem 1, 1939 A ril 30, 1940
ber
p
7y2% S k g F n L d M
in in u d an
ortgage G ld
o
B d S
on s eries “A” D
ollar B n
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H N AR
U G IAN LAN M R G G IN
D O T A E STITU
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ovem 1, 1939 A ril 30, 1940
ber
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7V % S k g F n L d M
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in in u d an
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B ds, S
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ATIONAL H N AR
U G IAN IN U IA
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ovem 1, 1939 A ril 30, 1940
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. irst ort
gage S k g F n 7% G ld B dS
in in u d
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ollar issu
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November 1, 1939.
Cotton from Brazil
In s e a r c h in g t h e w o r ld fo r s u p p lie s o f c o t t o n to f i l l t h e h i a t u s c a u s e d b y t h e S o u t h e r n b lo c k a d e , t h e
m o s t h o p e f u l p a r ts h a v e r eceiv ed s c a r c e ly a n y a t t e n t i o n .
in g .
B r a z il is a m a g n if ic e n t c o u n t r y fo r c o t t o n -g r o w
A s lo n g a s t h e y e a r 1 8 5 6 , G r e a t B r it a in im p o r t e d fr o m B r a z il n e a r ly 2 2 ,0 0 0 ,0 0 0 p o u n d s o f t h is s t a p le ,
o f w h ic h a b o u t o n e -t h i r d w a s s e n t o u t fr o m t h e p o r t o f P e r n a m b u c o .
W e are r e m in d e d o f t h is f a c t b y t h e
a rr iv a l fr o m t h e sa m e p a r t o f t h e g lo b e o f a c o n s id e r a b le q u a n t i t y o f c o t t o n a t N e w Y o r k .
C o t t o n c u lt u r e
in B r a z il is y e t in it s i n f a n c y , b u t a s t h e riv er a n d c o a s t n a v ig a t io n is e x t e n d e d b y t h e e m p lo y m e n t o f s t e a m
e rs a n d t h e in te r io r is m o re i n t im a t e l y c o n n e c t e d w it h t h e s e a b o a r d b y t h e c o m p le t io n o f lin e s o f r a ilw a y , w e
m a y c o n f i d e n t ly r e ly o n a r a p id in c r e a s e o f p r o d u c t i o n .
A m o n g t h e n e w r a ilr o a d s w h o lly fin i s h e d o r in
p r o g r e s s is o n e fr o m B a h ia , o n e fr o m P e r n a m b u c o a n d t w o fr o m R io d e J a n e ir o .
T h e c o a s t w is e t r a d e b e in g
n o w th r o w n o p e n to fo r e ig n s h ip p in g , in c r e a s e d f a c ilit ie s w ill b e e n j o y e d fo r c o n c e n t r a t i n g a t t h e s e p o i n t s
t h e p r o d u c t s o f t h e in t e r io r , a n d B r it is h a n d F r e n c h c a p i t a li s t s w ill e a g e r ly a v a il th e m s e lv e s o f e v e ry n e w
a d v a n ta g e .
B r a z ilia n t r a d e , fo r m e r ly e n g r o s s e d b y t h e U n it e d S t a t e s t o a la r g e e x t e n t , is g r a d u a lly s lip p in g
a w a y fr o m u s t h r o u g h t h e e f fo r t s o f m ore e n e r g e t ic r iv a ls— G r e a t B r it a in s u p p o r t in g tw o d i s t i n c t lin e s o f
fir s t -c la s s s t e a m s h ip s a n d F r a n c e t w o , b e s id e s lin e s t o G e n o a , H a m b u r g , B e lg iu m a n d P o r t u g a l.
F rom th e
y e a r 18 50 , w h e n G r e a t B r it a in fir s t e s t a b lis h e d s te a m m a il fa c i li t i e s , t o 18 5 5 , s h e d o u b le d a la r g e t r a d e
o f p r o fit a b le e x p o r ts , w h e r e a s b e fo r e a d v a n t a g e s w ere t h u s t u r n e d in h e r fa v o r , t h e U n it e d S t a t e s d e fie d a ll
c o m p e t it io n .
T h u s w e se e t h a t t h o u g h g e o g r a p h ic a lly m u c h n e a r e r , a n d e n j o y in g in a p e c u lia r s e n s e t h e
fa v o r o f t h e B r a z ilia n G o v e r n m e n t a n d p e o p le , a n d p o s s e s s in g a la r g e v a r ie ty o f c o m m o d itie s a d a p t e d t o a
p r o fit a b le e x c h a n g e , w e h a v e a llo w e d a r ic h t r a d e t o be d iv e r te d fr o m u s , a n d t h e G r e a t R e p u b l ic t o b e
d e p r iv e d o f t h a t c o m m a n d in g in f lu e n c e w h ic h i t s h o u ld e x e rc ise a m o n g t h e fr e e g o v e r n m e n ts o f t h e W e s t e r n
c o n tin e n t.
B r a z il is a t t h e h e a d o f S o u t h A m e r ic a n S t a t e s .
S in c e t h e e s t a b l is h m e n t o f t h e e m p ir e , in 1 8 2 2 , s h e h a s
m a d e s u b s t a n t i a l a n d u n fa lt e r in g p r o g r e s s in a ll t h e e le m e n t s o f n a t i o n a l g r e a t n e s s .
T h e g lo w in g d e s c r ip
t io n g iv e n b y F la d fie ld ’ s w o r k o n B r a z il— p u b lis h e d in L o n d o n a fe w y e a r s a g o — is f u l l y d e s e r v e d .
H e says:
“ I f o n c e t h e tid e o f e m ig r a tio n b e g in s t o se t fa ir ly to w a r d t h a t im m e n s e a g r i c u l t u r a l fie ld , w a te r e d b y
t h e riv ers o f S o u t h A m e r ic a , t h e r e is n o fo r e s e e in g t h e e x t e n s io n o f w e a lt h a n d p r o s p e r ity t h a t m u s t a s s u r
e d ly fo ll o w ; fo r p o p u la t io n is th e so le r e q u ir e m e n t to f i t t h e s e lim itle s s a n d t e e m in g r e g io n s t o w o r k o u t
t h e d e s t in y w h ic h i t is im p o s s ib le t o d o u b t t h a t P r o v id e n c e h a s d e s ig n e d fo r t h a t p o r t io n o f t h e e a r t h ,
w h e r e t h e m a je s t y a n d lu x u r ia n c e o f n a t u r e in v it e t h e p r e s e n c e o f m a n t h r o u g h h ig h w a y s a t o n c e th e
m ig h t ie s t a n d m o s t fa c ile in t h e w o r ld .”
A m e r ic a n s h a v e n o t b e e n w h o lly u n m in d f u l o f th e ir o p p o r t u n i t i e s .
In t r u t h , A m e r ic a n e n e r g y h a s
b e e n la r g e ly i n f u s e d , d ir e c t in g in t h e c o n s t r u c t i o n o f r a ilw a y s , e n c o u r a g in g m a n u f a c t u r e s , a n d s t im u la t in g
tra d e .
A t S t . A le x is , a n A m e r ic a n e r e c te d a c o t t o n f a c t o r y , t h e f i r s t in t h e P r o v in c e o f R io d e J a n e ir o .
t h is is c a u s e fo r c o n g r a t u la t i o n s .
A ll
B u t if in p a s t y e a r s t h e U n it e d S t a t e s G o v e r n m e n t h a d e n g a g e d m o re
e a r n e s t ly in e f fo r t s fo r t h e e s t a b l is h m e n t o f s te a m m a il lin e s , w e s h o u l d n o w e n j o y t h a t p r e -e m in e n c e
c la im e d b y a n o t h e r , a n d b e e n a b le d to a p p r o p r ia te to o u r s e lv e s t h e a d v a n t a g e s a r is in g fr o m t h e b e s t c o t t o n
g r o w in g r e g io n o f t h e w o r ld b e y o n d t h e lim its o f o u r c o u n t r y .
B r a z ilia n c o t t o n is a lw a y s g o o d , c o m m a n d in g
a h ig h e r p r ic e in t h e L iv e r p o o l m a r k e t t h a n t h e a v e r a g e fr o m A m e r ic a n p l a n t a t i o n s , a n d m a y y e t c o n t r i b u t e ,
in a n e s s e n t ia l d e g r e e , t o relie ve t h e e m b a r r a s s m e n t t r a d e is s u f f e r i n g .
s h o u l d r e m u n e r a t iv e p r ic e s c o n t i n u e .
I t s c u lt u r e w ill r a p id ly e x t e n d ,
D u r in g t h e p a s t y e a r a n E n g lis h h o u s e in B r a z il is s a id t o h a v e
c le a r e d $ 1 ,5 0 0 ,0 0 0 in t h is t r a d e , a n d s t il l a n o t h e r h a s p r o fit e d v e ry la r g e ly .
O n t h e r e t u r n o f p e a c e , w e m ay h o p e o u r r e la t io n s w it h B r a z il w ill r e c e iv e p r o p e r a t t e n t i o n .
H U N T ’ S M E R C H A N T S ’ M A G A Z I N E — M a r c h , 1863
Volume 149
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
It is especially noteworthy that
the Federal Reserve banks con
tinued in the last statement week
their lowering of the open market
holdings of United States Treasury
securities, notwithstanding the gen
erally downward trend of excess re
serves. The drop of $14,940,000
carried the aggregate downward to
$2,720,819,000. It was effected
entirely in Treasury discount bill
operations, such instruments falling
to $159,380,000, while bond hold
ings remained unchanged at $1,315.942.000, and note holdings were
similarly motionless at $1,245,497,000. The bulge in holdings occa
sioned by the September support of
the Treasury securities market is
diminishing week by week, but still
remains sizable. There is no deny
ing the advisability of continuing
the process of liquidating more of
these securities, even if excess re
serves were to drop heavily from the
current level. It must be added,
however, that the open invitation
to credit expansion on a huge scale
implied by the excess reserves figure
remains unaccepted. The state
ment of New York City reporting
member banks indicates an increase
of business loans by $9,000,000 to
$1,672,000,000, while loans to brok
ers on security collateral advanced
$5,000,000 to$472,000,000. Neither
set of figures can be regarded as
indicative of undue demand for
accommodation.
The Treasury deposited $34,996,000 gold certificates with the
Federal Reserve banks in the state
ment week, raising their holdings to
$14,839,206,000. This was offset
in part by a drop of other cash, and
the total reserves of the regional
banks moved up $30,503,000 to
$15,187,920,000. Federal Reserve
notes in actual circulation increased
$37,668,000 to $4,781,385,000. To
tal deposits with the 12 banks de
clined $15,197,000 to $12,953,024,000, with the changes in accounts
indicative of some unusual trans
actions. Member bank reserve bal
ances declined $136,782,000 to $11,813.664.000, for funds were si
phoned into all other accounts. The
Treasury general account balance
increased $23,027,000 to $349,030,000. Foreign bank deposits moved
up $51,983,000 to $470,881,000,
obviously as a result of a transfer of
officially controlled funds from de
posit account with local member
banks. Other deposits increased
$46,575,000 to $319,449,000. The
reserve ratio remained unchanged
at 85.6%. Discounts by the re-
CONGRATULATIONS
TO
THE COMMERCIAL
AND FINANCIAL
CHRONICLE
ON A
CENTURY OF
CONSTRUCTIVE SERVICE
BA N KERS TR U ST
COM PANY
SIXTEEN WALL STREET, NEW YO R K
Member o f the Federal Deposit Insurance Corporation
Lawrence Turnure & Co.
FOUNDED 1832
,,
a _ f New York Stock Exchange
.
Members
York Coffee and Sugar Exchange
Associate Member, New York Curb Exchange
One Wall Street
New York
Teletype No. NY 1-1642
Telephone WHitehall 3-0770
Cable Address Turnure
2839
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
2840
—
—
N ov. 4, 1939
gional banks increased $497,000 to
$6,248,000. Industrial advances fell
$83,000 to $11,680,000, while com
mitments to make such advances
fell $133,000 to $10,023,000.
New York Stock Market
ITH occasional exceptions,
stock prices drifted slowly
lower this week in a series of
moderately active sessions. The
dealings plainly reflected growing
uncertainty as to the course of the
European war and the industrial
upswing that started last September
on the outbreak of the conflict.
Military activities on the Western
Front were only a semblance of
warfare, probably because of the
rains that have turned the area
into a sea of mud. All experts
agree, moreover, that the stalemate
may easily continue throughout
the winter.
This possibility di
minished much of the speculative
enthusiasm that sent stocks sharply
higher in the New York market
during September, as orders from
the Allies for war and other ma
terials may be far under original
forecasts of a few observers. Even
the action by the Senate and the
House on the amendments to the
neutrality law failed to stimulate
any buying of consequence, save
in a few airplane manufacturing
issues. The market appeared to
realize more and more distinctly
that a “ war boom” necessarily is
contingent on the character of the
conflict, which so far has been
startlingly out of line with pre
dictions.
As for the domestic
business improvement, the evidence
pointed toward advance buying, in
anticipation of a war boom, and
the circle thus was completed.
Dribbling liquidation was the
rule in all sessions of the week,
although a little buying interest
developed from time to time. The
trading hovered around the 1,000,000 share mark, and usually moved
over that line only when selling
took place. An announcement by
the Securities and Exchange Com
mission on “ insider” trading during
September probably affected the
market adversely, for it indicated
that the “ insiders” sold while the
market was advancing. Continued
strikes in some sections of the
automobile industry also proved a
bearish factor. The airplane manu
facturing stocks proved the chief
exception to the mild downward
trend, these issues advancing on
the change in our neutrality laws,
which will permit the export of
W
Craf t smanship
Respected the World Over
Engraving is an industry which retains its traditions—
where painstaking work and uncompromising quality
are honoured still. Since 1858, when its predecessors—
a group of skillful steel engravers with mutual ideals for
their profession—were incorporated, this company stead
ily has broadened its business sphere. Today its products
—bank notes, bonds, stock certificates, letters of credit,
postage or revenue stamps and other fiscal instruments—
are utilized in more than three-quarters of the civilized
world. This achievement is a significant tribute to an
enterprise holding to the highest precepts of its art.
A m e r i c a n B a n k N o t e Co m p a n y
7 B O D S R E , N YO K
0 R A T E T EW R
In terest e x e m p t fr o m
a ll p r e s e n t F ed era l a n d N e w
Y o r k S ta te I n c o m e T a x a tio n
i 6 ,o o o
City o f N e w Rochelle, New York
1.90% Bonds
Due serially November 1, 1940 to 1949, inclusive
Legal In vestm en t, in our opinion, for Savings Banks and Trust F unds
in New York State
•
T h e s e B o n d s , to be issued for various purposes, in the opinion
of counsel will constitute valid and binding obligations of the
C ity of N ew Rochelle, payable from ad valorem taxes levied
against all the taxable property therein without limitation as
to rate or amount .
Prices to yield 0.40% to 2.10%
T h e s e b o n d s a r e o ffe r e d w h e n , a s a n d i f is s u e d a n d re ce iv e d b y u s a n d
s u b je c t t o a p p r o v a l o f le g a lity b y M e s s r s . C a ld w e ll & R a y m o n d ,
w h o s e o p i n i o n w ill be f u r n is h e d u p o n d e liv e r y .
HALSEY, STUART & CO.
STRANAHAN, HARRIS & CO.
Inc.
B. J. VAN INGEN & CO. INC.
IN C O R P O R A T E D
OTIS & CO.
(IN C O R P O R A T E D )
Dated November 1, 1939. Principal and semi-annual interest, May 1 and November 1, payable in
New Rochelle. Coupon Bonds in the denomination of $1,000, registerable as to principal and Interest.
The information contained herein has been carefully compiled from sources considered reliable, and
while not guaranteed as to completeness or accuracy, we believe it to be correct as of this date.
November 3, 1939.
( C o n tin u e d o n p a g e
2844)
ONE HUNDRED
Volume 149
—
The Commercial & Financial Chronicle —
OF NEW YORK
Maim Offiaa:
149
Uptown Office:
BROADWAY
1002 MADISON AVE.
(Bat.
(Simgar Bm
iltUmg)
77th 9 78th Sts.)
Specializes in
Personal Trusts
Personal llankinfi
and
ROAKO OF DIRECTORS
L e w is S p e n c e r M o r r is , C h a i r m a n o f t h e B o a r d
E dm und p . R o g ers, C h a ir m a n o f th e E x e c u t iv e C o m m itte e
2841
THU
11111
fTTIIMIIIIIIIIIIIIIMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIlHIIIIIIIIIIIIIIIIIIIIIIIIIIIIimillllllllllllllllllll
Fiilton Trust Company
YE A R S OLD
IBi T il VI'
; NATIONAL
Ban k
AND TRUST COMPANY
m O E NEW YORK
| Service—
Maintaining an intimate,
i personalized correspondent bank
| service.
(
1 Experience—
Officials with years
o f service in this field, assuring a
; k n o w le d g e o f r e q u ir e m e n ts and
j valuable assistance.
j Policy — T o cooperate with out-of| town banks rather than compete for
- business which is rightfully theirs.
A r t h u r J. M o r r is , P r e s i d e n t
R obert G oelet
E dw ard D e w it t
J ohn D . P e ab o d y
Sta n l e y A . S w e e t
B e r n o n S. P r e n t ic e
F r a n k l in B . l o r d
R u ssell E. B u rk e
St e ph e n C . C l a r k
C h a r l e s S c r ib n e r
C h a r l e s S. B r o w n
J o h n a . L a r k in
R u s s e l l V . C r u ik s h a n k
O ’ D o n n e l l I s e l in
D e C o u rsey F a les
E . T o w n s e n d I r v in
C h a r l e s J. N o u r se
Member Federal Reserve System and Federal Deposit Insurance Corporation
H e n r y W . B ull
liiiiiiiiiiim iiiiiiiiiiiiiiiim iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
Resources over
$ 1 6 5 ,0 0 0 ,0 0 0
ESTABLISHED 1908
MEMBER
NEW VORK CLEARING HOtJSE ASSOCIATION
FEDERAL DEPOSIT INSURANCE CORPORATION
Statistics of Lowell Manufactures
A large proportion of our fellow-citizens are ignorant of the deep root which domestic manufactures
have taken in our country, and the vast impulse which home industry is already giving to commercial affairs,
and the certain and steady market they afford to the Southern planter for the great staple article of Cotton.
Take Lowell, only one manufacturing village, for instance, and we find an investment of nine millions of
capital, 28 mills in active operation, exclusive of print works, 163,404 spindles, and 5,094 looms, requiring 890
bales of cotton per week, or 46,280 bales per annum; manufacturing weekly 1,061,250 yards of goods of various
descriptions, 255,000 of which are printed, and giving employment to 2,077 males, 6,470 females, and furnish
ing to the farmers in the neighborhood a ready market where their products are convertible to cash; for the
hands are always paid off in money once a month, at least. The principal establishments are the Merri
mack, Tremont, Suffolk, Lawrence, Appleton, Hamilton, Lowell and Boot mills; to the above may be added
the extensive Powder Mills of O. M. Whipple, Esq.; the Lowell Bleachery, Flannel Mills; Card and Whip Fac
tory; Planing Machine; Reed Machine; Flour, Grist, and Saw Mills; together employing above 300 hands
and a capital of $300,000. And in the immediate vicinity, Glass Works and a furnace supplying every de
scription of castings for machinery and engines for rail roads.
The Locks and Canals Machine Shop, included among the 28 mills, can furnish machinery complete for
a mill of 5,000 spindles in four months, and lumber and materials are always at command with which to build
or rebuild a mill in that time if required. When building mills, the Locks and Canals employ, directly and
indirectly, from ten to 1,200 hands.
One hundred pounds of cotton will produce 89 pounds of cloth. Average wages of females, clear of
board, $2 per week. Average wages of males, clear of board, 80 cents per day. Medium produce of a loom
on No. 14 yarn, 44 to 55 yards per day. Medium produce of a loom on No. 30 yarn, 30 yards per day. Average
per spindle, 1 1-0 yard per day. Persons employed by the companies are paid at the close of each month.
Average amount of wages paid per month, $145,000. A very considerable portion of the wages is deposited
in the savings bank. Consumption of starch per annum, 600,000 lbs. Consumption of flour for starch in
the mills, print works and bleachery, per annum, 3,000 bbls. Consumption of charcoal, per annum, 500,000
bushels.
When we consider that these establishments were only commenced in 1822, no one can resist the con
clusion that, interrupted as it may be for a time, the United States is destined to prove a great manufactur
ing nation, and the thousand establishments for manufacturing and mechanical purposes with which the
face of the earth is dotted all over proves that it has taken a firm footing in the soil, and legislation may
control or impede, but cannot prevent its growth. We say nothing at the present moment of other estab
lishments, of which we propose hereafter to furnish statistical information; but this astonishing progress of
one manufacturing settlement in Massachusetts alone awakens our admiration, but cannot withhold our
meed of praise.
HUNT’S MERCHANTS’ MAGAZINE— July, 1839
ONE HUNDRED
2842
—
The Commercial & Financial Chronicle —
Y E A R S OLD
Nov. 4, 1939
F. H. P R IN C E & CO.
BANKERS
o m
r
S
e c o n d
PROVIDENCE, RHODE ISLAND
HIGH-GRADE INVESTMENTS
J e
n
/ ic e
Members
New York, Chicago & Boston Stock Exchanges
Wellington & C o .
M em b ers N ew
Y o rk S to ck E x ch a n g e
120 B ro a d w a y
NEW
YORK
O T T O FU E R ST & C O .
Members New York Stock Exchange
120 B r o a d w a y
The R ook ery,
LaSalle Street,
Chicago — f i r s t
hom e o f T h e
Northern Trust
Company in 18 8 9
it h
pardonable pride,The N orth
veys its record o f fifty years o f service.
But more important than the mere
time, is what has actually been accom
plished during that period. For the
country at large, the last half century
has brought sweeping changes. For
The Northern Trust Company, it has
meant continuous expansion to keep
pace w ith the financial needs of a stead
/S'# ?
Y ork
A u stralia and New Zealand
BANK OF
NEW SOUTH WALES
ily increasing number o f customers.
P h y sica lly , Th e N orthern Trust
Company o f today is a vastly different
institution from that of 1889. But there
has been no change in spirit. Still evi
dent is a close adherence to the sound
principles laid down by the founders.
N ow as then, friendly, individual serv
ice and careful financial operation are
— and w ill continue to be— the most
cherished objectives.
W ern Trust Company this year sur
N ew
Cables: “ Lindros”
(ESTAB
LISH 1
ED 817)
P
aid-U Capital_____________ £8,780,000
p
R
eserve Fund_______________ 6,150,000
R
eserve Liability of Proprietors-. 8,780,000
£23,710,000
Aggregate A
ssets 30th Sept., 1938.£127,064,001
SIR ALFR
ED D
AVID N K.B.E.,
SO ,
G
eneral M ager
an
H O
ead ffice: G
eorge Street, SYDNEY
The Bank o f New South Wales is the oldest and
largest bank in Australasia. With over 900
branches in all States o f Australia, in New
Zealand, Fiji, Papua and New Guinea, and
London, it offers the most complete and efficient
banking service to investors, traders and travellers
interested in these countries.
/?2 9
THE NORTHERN TRUST COMPANY
LO D N O
N O FFIC
ES:
29 Threadneedle Street, E.C.
47 B
erkeley Square, W 1
.
NORTHW EST CORNER LASALLE AND M ONROE STREETS, CHICAGO
Agency Arrangements with Banks throughout
the U. S. A.
Member Federal Deposit Insurance Corporation
Improvement in the Manufacture of Sugar
A Business Girl
W e a r e w e ll a c q u a i n t e d w it h a y o u n g a n d
very h a n d so m e
g ir l, sa y s th e a c c o m p lis h e d
M r.
L.
Jf
M c C o r m ic k ,
( L a .) , h a s in v e n t e d
of
B a to n
R ouge
a n im p r o v e m e n t in t h e
e d i t o r o f t h e “ M e r c h a n t s ’ L e d g e r ,” w h o h a s
m a n u fa c tu r e o f s u g a r w h ic h c a n n o t fa il to
th e
b e o f g r e a t a d v a n ta g e to p la n te r s .
p r in c ip a l
m anagem ent of a
la r g e
m er
c a n t ile e s t a b li s h m e n t in a f lo u r is h i n g c o u n
B y th is
i n v e n t i o n , o n e c o r d o f w o o d a l o n e is s u f f i
tr y to w n , w h o v is its d iffe r e n t c itie s
a lo n e ,
c ie n t
sto p s
s u p p lie s
of dry
l b s .) o f s u g a r ; w h i c h is le s s t h a n o n e - t h i r d
g r o c e r ie s ,
sh oes,
of th e
a t h o te ls ,
good s,
p u rch ases
h ard w a re,
n ic k n a c k s ,
and
c h in a ,
a ll
m u ltifa r io u s
s a la b le s
to
m a n u fa c tu r e
fu e l n ow
sam e r e s u lt.
con su m ed
h ogsh ead
to
M r. M c C o r m ic k
th e
enough,
m u s t b e r e m u n e r a te d in som e w a y ; a n d if th e
b u s in e s s
have
n e v e r y e t le a r n e d
as
b e lo n g s
to
h er;
and
we
t h a t sh e h a s s a c r i
th is
produ ce
s a y s , n a iv e ly
w h ic h m a k e u p “ a s t o c k ” in a m is c e lla n e o u s
su ch
e s ta b lis h
( 1 ,0 0 0
sto re .
S h e g i v e s n o t e s , m a k e s c o n t r a c t s , a ll
“ To
one
in v e n tio n ,
I
su g a r p la n te r s h a v e n o t th e lib e r a lity a n d
e n te r p r is e
to
p a y fo r its
e s ta b lis h m e n t
on
fic e d o n e io ta o f th e d ig n it y , a d m ir a tio n a n d
th e ir p la n t a t io n s , t h e y m a y h a v e t h e fir m
re sp e c t w h ic h are h er ju s t d u e as a y o u n g ,
n e s s t o r is k a fe w t h o u s a n d d o lla r s in a b e t
a m ia b le a n d v e ry p r e tt y w o m a n .
t h a t i t w ill n o t s u c c e e d .”
H U N T ’S M E R C H A N T S ’ M A G A Z IN E ,
A p r il, 1853
H U N T ’S M E R C H A N T S ’ M A G A Z IN E ,
S e p te m b e r , 1839
Volume 149
ONE HUNDRED— The
FINCH,WILSON & CO.
M em b ers N ew
Y o r k S to ck E x ch a n g e
S tocks and Bonds
Commission Orders CarefullyExecuted for Institutions
and Individuals
Commercial & Financial Chronicle —
Y E A R S OLD
2843
FARMERS DEPOSIT
NATIONAL BANK
OF
120 Broadway, New York
PITTSBURGH
ESTABLISHED
1832
STATEMENT OF CONDITION ■ OCTOBER 2 - 1 9 3 9
LAMBORN & CO., INC.
99 Wall Street, N. Y. C.
SUGAR
RESOURCES
$
36, 577, 653.77
CASH AND DUE FROM BANKS
.
.
.
.
U. S. GOVERNMENT SECURITIES
.
.
.
.
53, 676, 232.57
OTHER BONDS AND SECURITIES .
.
.
.
9, 392, 460.87
Export— I mports— Futures
D Igby 4-2727
Royal Bank of Scotland
Incorporated by Boyal Charter 1727
LOANS AND D I S C O U N T S .............................................
11, 687, 008.07
BANK B U IL D IN G ...................................................................
F o r e ig n
4, 802, 310.72
OTHER REAL E S T A T E ........................................................
200, 000.00
O V E R D R A F T S .................................................................
109.85
OTHER A S S E T S .................................................................
40, 194.48
O ver
200 Y ea rs o f C om m ercia l B a n k in g
$ 116, 375, 970.33
HEAD OFFICE—Edinburgh
LIABILITIES
General Manager
William Whyte
Total number o f offices, 258
CHIEF FOBEIGN D E P A B T M E N T
C A P I T A L .............................................................................. $
6, 000, 000.00
3 Bishopsgate, London, England
Capital (fully paid)______________ £3,780,192
Reserve fund----------------------------- £4,125,965
Deposits------------------------------------ £69,921,933
s u r p l u s
............................................................................
6 ,0 0 0 ,0 0 0 .0 0
5, 046, 114.75
DIVIDENDS DECLARED BUT NOT YET PAYABLE
.
90, 000.00
RESERVES FOR TAXES AND OTHER EXPENSES
Associated Bank,
.
.
376, 417.39
UNDIVIDED PROFITS AND RESERVES
.
.
Williams Deacon’s Bank, Ltd.
OTHER L I A B I L I T I E S ......................................................
19, 926.78
D E P O S I T S ............................................................................
98, 843, 511.41
$ 116, 375, 970.33
NATIONAL BANK
of EGYPT
DIRECTORS
Head Office.............................. Cairo
FULLY PAID CAPITAL . £3,000,000
RESERVE FUND. . . . £3,000,000
ARTHUR E. B R A U N ....................................................................................... President
GEORGE H. CLAPP
.
.
.
.
Director, Aluminum Com pany of Am erica
GEORGE L. C R A I G ..................................President, Chartiers O il Com pany
LON DON
A G E N C Y
6 and 7, King William Street, E. C. 4
B r a n c h e s i n a l l th e
-p r in c ip a l T o w n s i n
EGYPT and the SUDAN
MAURICE F A L K ........................................ Director, National Steel Corporation
WILLIAM C. FOWNES, JR...........................................................................Industrialist
JOHN G . F R A Z E R ...........................Member, Reed, Smith, Shaw & M cClay
CHARLES W . FRIEND
.
.
President, Brownsville Coal & Coke Com pany
SIDNEY S. L I G G E T T .............................................................................................Banker
WILLIAM L. MONRO
.
.
President, Am erican W indow Glass Com pany
FRANK R. P H I L L I P S ..................................President, Philadelphia Com pany
F. BRIAN REUTER . Vice-President, The Union Trust Com pany of Pittsburgh
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
Chief Office in New Zealand: Wellington
P. R. M. H anna, General Manager
Head Office: 8 Moorgate, London, E. C. 2. Eng.
Subscribed C apital__________ £6,000,000
Paid-up C apital______________ £2.000,000
Reserve F u n d ______ _________ £1.000.000
Currency Reserve..............
£500,000
The Bank conducts every description o f banking
business connected with N ew Zealand.
Correspondents throughout the World
London Manager, A. O. Norwood
ANDREW W . R O B E R T S O N ........................................................................Chairman,
W estinghouse Electric & Manufacturing Com pany
WILLIAM WALKER
RAYMOND WILLEY .
.
.
.
Director, Reliance
Life Insurance Com pany
. President, Harbison-W alker Refractories Company
BEHIND THE ENDURING IN ST ITU T IO N ■ SU CCESSFU L CU STO M ERS
M em ber Federal Deposit Insurance Corporation
2844 IB
ONE HUNDRED—
The
Commercial & Financial Chronicle— YE A R S
OLD
Nov. 4, 1939
THE CANADIAN BANK
O F COMMERCE
HEAD OFFICE:
TORONTO
Established 1867
Paid-Up Capital____ $30,000,000
Reserve . . . ________ 20,000,000
T his Bank is in close touch with
the commercial and financial life
of Canada and is well equipped to
serve corporations, firms and in
dividuals interested in Canadian
business.
Branches in every important
city and town in Canada and New
foundland, also in Portland, Oregon;
San Francisco; Seattle; Los A n
gles; London, England; H avana;
Kingston, Jamaica; S t. Pierre in
St. Pierre et Miquelon; Bridgetown,
Barbados, and Port of Spain,
Trindad.
1939
1839
One Hundred Years of Banking
Marine National Exchange Bank
NEW YORK AGENCY
Exchange PI. & Hanover St.
F oreig n
MILWAUKEE, WISCONSIN
Established 1866
H. Hentz & Co.
5
(omni&rcelrast(om
pany
Established 1865
M em b ers
New York Stock Exchange
New York Curb Exchange
New York Cotton Exchange
Chicago
Board
of
Trade
Winnipeg
Grain
Exchange
New Orleans Cotton Exchange
A n d o th er E x ch a n g es
KANSAS CITY, MISSOURI
Member Federal Reserve System
Statement of Condition at Close of Business October 2 , 1939
RESOURCES
Cash and Due from Banks------------------------------------ $91,808,512.48
U. S. Government Obligations, Direct and Fully
Guaranteed____________________________________
26,124,676.49
117,933,188.97
State, Municipal and Federal Land Bank B o n d s.. 27,557,375.10
Stock o f Federal Reserve Bank----------------------------252,000.00
35.582,191.91
Other Bonds and Securities_______________________
7.772,816.81
38,483.407.33
Loans and Discounts-----------------------------------------------------------------2,673,026.03
Bank Premises and Other Real Estate Owned------------------------------19,509.50
Customers’ Liability Account Letters o f Credit----------------------------301,866.99
Accrued Interest Receivable--------------------------------------------------------1,967.85
Overdrafts_ ____________________________________________________
_
1,600.82
Other Resources_________________________________________________ .
Total Resources_____________________________________________ $194,996,759.40
D o
ep sits:
LIAB
ILITIES
U. S. Government Deposits____________________ $ 1,834,175.00
Other Deposits_________________________________ 181,752,642.03
Capital______________________________
Surplus___________________________________________
Undivided Profits________________________________
183,586,817.03
6,000,000.00
2,400,000.00
2,971,893.22
11.371,893.22
Liability Account Letters o f Credit---------------------------------------------Accrued Interest, Taxes and Expense-------------------------------------------
19,509.50
18,539.65
Total Liabilities______________________________________________ $194.996,759.40
The above statement is correct. E . P . W H E A T, Cashier
M E M B E R F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T I O N
“ arms, munitions and implements of war.” All
reports agree that airplanes will be one of the
eagerly sought export articles, and speculation in
the related issues increased, with low-priced stocks
in best demand. Even some of the airplane issues
dipped when Congress acted on the neutrality laws,
which suggests that the market experienced some
thing like a general psychological reaction from the
overdone expectations of a war boom.
In the listed bond market only small variations
were noted. United States Treasury issues held
their ground until Secretary Morgenthau indicated
that an immense financing program impends, and
small recessions then developed, apparently on a
precautionary basis. Best rated corporate loans
were hardly changed all week. Speculative railroad
N. Y. Cotton Exchange Bldg.
NEW YORK
BOSTON
CHICAGO
DALLAS
D E T R O IT
PITTSBURGH
A M ST E R D A M
GENEVA
LONDON
PARIS
ROTTERDAM
N ICE
M ON TE CARLO
CANNES
Hong Kong & Shanghai
BANKING CORPORATION
Incorporated in the Colony o f Hongkong.'WThe
liability of members is limited to the extent and
in manner prescribed by Ordinance N o. 6 o f 1929
of the Colony.
Authorized Capital (Hongkong Currency )H$50,000,000
Paid-up Capital (Hongkong Currency)— H$20,000.000
£6,500,000
Reserve Fund In Sterling_______________
Reserve Fund In Silver (Hongkong Cur2?
rency)_______________________________ H$10,000,000
Reserve Liability of Proprietors (Hong*5
kong Currency)_____________________ _H$20,000,000
A. G. KELLOGG, Agent
72 WALL STREET, NEW YORK
bonds were dampened by the decision, Monday, of
the Central RR. of New Jersey to seek reorganiza
tion in Federal courts. Other groups were dull. In
the foreign dollar bond department some sizable
fluctuations appeared, with the main trend upward
in most groups. Latin American default issues
came into demand on indications that Administra
tion short-cuts are being sought toward lending the
discredited debtors official money. Even this move
ment was modest, however, for it is well established
that Congress does not look with favor on such ex
pedients. The commodity markets remained quiet
and irregular, for they also are affected by the same
considerations motivating stock trading. Foreign
exchange dealings were modest, with the various
official controls holding levels virtually unchanged.
ONE HUNDRED
—The Commercial & Financial Chronicle YE A R S OLD
Volume 149
—
2845
Leading Out-of-Town
Investment Bankers & Brokers
ST. L OUIS
8 4 YEA R S
5
of
tik & Co.
SAINT LO U IS
509
ouve st
B A N K IN G E X P E R IE N C E
Members St. Louis Stock Exchange
Adapted to the Needs o f Today
M ILW A U KEE
MISSISSIPPI/ 7
\V A L L E Y /
TRUST/
WISCONSIN
CORPORATION SECURITIES
T e le ty p e — M ilw a u k e e
92
ED G A R , R IC K E R & CO.
* CO^
207 East Michigan St.,
Milwaukee, Wis.
\v
v
ST. LOUIS
BIRM INGH AM
MARX & CO.
BIRMI NOHAM, ALABAMA
OUTHERN MUNICIPALS and
CORPORATION BONDS
HARTFORD
T h i s bank and its antecedents have
always been subscribers to the Commer
Specialists in C onnecticut
Securities
PUTNAM & CO.
M em b ers N ew
Y o r k S to ck E x c h a n g e
6 CENTRAL ROW, HARTFORD
Tel.5-0151 A. T. T . Teletype— Hartford 564
D ETR O IT
LISTED AND UNLISTED
SECURITIES
cial and Financial Chronicle since
a fact which reflects our estimate of its
value.
O L D KENT
BANK
GRAND
Charles A. Parcel Is & Co.
1853,
Member
RAPIDS MICHIGAN
Federal
Deposit
Insurance
Corporation
Members of Detroit Stock Exchange
PENOBSCOT BUILDING, DETROIT, MICH*
On the New York Stock Exchange 54 stocks
touched new high levels for the year while no change
occurred on the low side. On the New York Curb
Exchange 54 stocks touched new high levels and 10
stocks touched new low levels. Call loans on the New
York Stock Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales at the
half-day session on Saturday last were 481.670 shares;
on Monday, 639,170 shares; on Tuesday, 1,011,582
shares; on Wednesday, 794,370 shares; on Thursday,
845,710 shares, and on Friday, 1,815,860 shares.
On the New York Curb Exchange the sales on
Saturday last were 87,020 shares; on Monday, 154,275
shares; on Tuesday, 183,175 shares; on Wednesday,
142,375 shares; on Thursday, 141,565 shares, and on
Friday, 287,620 shares.
Incentive lacking, trading volume on the Stock
Exchange on Saturday of last week dwindled and
share prices reflected negative changes for the session.
Opening fractionally higher Curtiss-Wright assumed
the leadership with United States Steel following in
the vanguard. Soon thereafter values succumbed to
the market’s dullness and slipped in a gradual sort of
way to lower ground. Some evidence of returning
strength came to trading with the passing of the first
hour and a half, but its influence on the final result
was negligible.
Quiet and irregular movements
dogged the market’s footsteps on Monday, the trend
differing in no marked degree from that of the previ
ous session. The leadership again fell to the lot of
Curtiss-Wright and it closed one-half point higher,
establishing at the same time a new high record for
2846
ONE HUNDRED The
—
Commercial & Financial Chronicle— YE A R S
Virgil Jordan, President, National Indus
trial Conference Board, Inc., Extends
Congratulations to the Chronicle
It is a privilege to be able
to congratulate the Chron
icle on its first hundredth
birthday. To anyone with
a sense of the past, the
Chronicle is much more than
a publication. It is an in
stitution that symbolizes the
strength and endurance of
the spirit and tradition of
American enterprise. Its cen
tennial is more than an anni
versary. To us of this gen
eration it is an inspiration;
and we salute it with pro
found respect and admira
tion for the immense accom
plishment of its labor, the
fine courage of its convic
tions, and with hope and
faith in its future.
the year. The divergent views held by prominent
students of both the European political situation and
domestic business problems acted in large measure to
retard the forward movement of prices and Tuesday’s
session proved to be no exception to the rule. Starting
firm aircraft shares pointed moderately higher the
first hour. An abrupt selling wave ushered in the
second hour’s operations and values were reduced
from one to two and one-half points in fairly broad
trading. Steel issues suffered the most with minor
losses sustained among the motor and chemical shares.
After mid-day activity was fairly well spent and the
list just marked time to the closing, when some display
of firmness came upon the market. The abundance of
good news on the domestic business front failed to
arouse traders and the buying public from their state
of indecision and the market on Wednesday differed
in no appreciable manner from the day previous.
The European war continued to be the unknown
factor in the present business situation and buyers
were reluctant to make any extensive commitments
OLD
Nov. 4, 1939
in view of this fact. Firmness featured aviation
shares, while chemical stocks improved on the day.
Motor and steel issues, however, sold irregularly
lower. Definite signs of strength were manifest the
present week in aviation shares and Thursday’s deal
ings helped to confirm this contention. Calmness
pervaded initial trading, followed by an easier ten
dency in the first hour. Subsequent recovery of a sort
set in by noon and equities held to a dull but steady
course until the final period when aircraft shares came
to the aid of the rest of the list. Sales turnover on
Friday more than doubled Thursday’s volume, in
spired in the main by the favor with which repeal of
the arms embargo provisions of the neutrality law
was received in the House. Gains ranged from frac
tions to two points. In afternoon trading brokers
discounted in good measure the benefits to accrue to
business and industry should repeal of the arms
embargo become a reality and once again the market
returned to its accustomed state of dulness and
irregularity.
As compared with the closing on Friday of last
week, equities, with the exception of the aircraft and
a few scattered issues closed lower yesterday. Gen
eral Electric closed yesterday at 4134 against 4134 on
Friday of last week; Consolidated Edison C o. of
N . Y . at 3134 against 3134; Columbia Gas & Electric
at 734 against 7^4; Public Service of N . J. at 3 9 J4
against 4034; International Harvester at 63 against
6434; Sears, Roebuck & Co. at 8534 against 84;
Montgomery W ard & Co. at 5434 against 5634;
Woolworth at 4134 against 4134, and American Tel.
& Tel. at 16834 against 16734Western Union closed yesterday at 2934 against 33
on Friday of last week; Allied Chemical & D ye at
176 against 182; E . I. du Pont de Nemours at 18034
against 182; National Cash Register at 16 against 17;
National Dairy Products at 1634 against 1634;
National Biscuit at 2334 against 2334; Texas
Gulf Sulphur at 3534 against 3634; Continental
Can at 4434 against 4534; Eastman Kodak at 16334
The Dry Diggin’s for Gold in California
The “dry diggings” of Weaver’s Creek being a fair specimen of dry diggings in all parts of the mining
region, a description of them will give the reader a general idea of the various diggings of the same kind
in California. They are called “dry” in contra-distinction to the “wet” diggings, or those lying directly
on the banks of streams, and where all the gold is procured by washing. The stream courses between
lofty tree-clad hills, broken on both sides of the river into little ravines or gorges. In these ravines most
of the gold is found. The loose stones and top earth being thrown off, the gravelly clay that follows it
is usually laid aside for washing, and the digging continued until the bottom rock of the ravine is reached,
commonly at a depth of from one to six feet. The surface of this rock is carefully cleared off, and usually
found to contain little crevices and holes, the latter in miner’s parlance called “pockets,” and in which
the gold is found concealed, sparkling like the treasures in the cave of Monte Cristo. A careful examination
of the rock being made, and every little crevice and pocket being searched with a sharp-pointed knife,
gold in greater or less quantities invariably makes its appearance. I shall never forget the delight with
which I first struck and worked out a crevice. It was the second day after our installation in our little
log hut; the first having been employed in what is called “ prospecting,” or searching for the most favorable
place at which to commence operations. I had slung pick, shovel, and bar upon my shoulder, and trudged
merrily away to a ravine about a mile from our house. Pick, shovel, and bar did their duty, and I soon
had a large rock in view. Getting down into the excavation I had made, and seating myself upon the
rock, I commenced a careful search for a crevice, and at last found one extending longitudinally along
the rock. It appeared to be filled with a hard, bluish clay and gravel, which I took out with my knife,
and there at the bottom, strewn along the whole length of the rock, was bright, yellow gold, in little pieces
about the size and shape of a grain of barley. Eurkea ! Oh how my heart beat! I sat still and looked at
it some minutes before I touched it, greedily drinking in the pleasure of gazing upon gold that was in
my very grasp, and feeling a sort of independent bravado in allowing it to remain there. When my eyes
were sufficiently feasted, I scooped it out with the point of my knife and an iron spoon, and placing it
in my pan, ran home with it very much delighted. I weighed it, and found that my first day’s labor in
the mines had made me thirty-one dollars richer than I was in the morning.— Buffum.
HUNT’S MERCHANTS’ MAGAZINE— December, 1850
Volume
149
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
—
BANK OF MONTREAL
Established l8l7
The First National Bank and Trust Company
o f New Haven
C a p i t a l ............................. $36,000,000
Rest and Undivided P roftc
$40,183,254
Total Assets in Excess o f $850,000,000
P resident
H . R. Drummond, Esq.
V ice -P residents
M aj.-Gen. The Hon. S. C. Mewburn, C .M .G .
W . A . Bog, Esq.
G eneral M anagers
Jackson Dodds — G . W . Spinney
■A
Branches and Agencies
In C anada and N ewfoundland —
More than 500 Branches.
In Lo n d o n : 47 Threadneedle St., E.C. 2 ;
9 Waterloo Place, S .W . 1.
In the U nited States— New York, 64 W all S t.;
Chicago: 27 South La Salle St.;
San Francisco: Bank of Montreal
(San Francisco), 333 California
Street.
2847
—
42 C H U R C H S T R E E T , N E W H A V E N
C O N N E C T IC U T
Statement of Condition at the Close of Business
September 30, 1939
R E S O U R C E S
C a s h a n d D u e f r o m B a n k s ............................................ $
7 , 7 0 9 ,5 2 7 .6 7
U n ite d S ta te s G o v e r n m e n t S e c u r itie s
1 1 ,2 7 3 ,2 8 7 .5 0
.
.
.
O t h e r B o n d s a n d S e c u r i t i e s ............................................
1 ,1 8 6 ,3 8 4 .8 5
L o a n s a n d D i s c o u n t s ...........................................................
1 2 ,3 8 5 ,3 1 5 . 6 7
B a n k in g
H ou se
$ 5 0 4 ,2 6 5 .9 3 ;
F u rn itu re
and
F i x t u r e s $ 2 9 ,6 6 7 .7 1
5 3 3 ,9 3 3 .6 4
O t h e r R e a l E s t a t e ..................................................................
1 0 9 ,8 7 7 .8 7
A c c r u e d I n t e r e s t R e c e i v a b l e .....................................
5 5 ,4 7 9 .3 4
$ 3 3 ,2 5 3 ,8 0 6 .5 4
L I A B I L I T I E S
NATIONAL BANK OF INDIA, LIMITED
S u r p l u s ..............................................................................
Bankers to the Government in Kenya Colony
and Uganda
U n d i v i d e d P r o f i t s .................................................
2 2 2 ,2 3 6 .5 2
R e s e r v e f o r T a x e s , I n t e r e s t , e t c ....................
8 0 6 ,7 0 8 .0 2
Head Office: 26, Bishopsgate, London, E. C.
Branches in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital________ £4,000,000
Paid-Up Capital___________ £2,000,000
Reserve Fund______________ £2,200,000
The Bank conducts every description o f banking
and exchange business
Trusteeships and Executorships also
undertaken
C a p i t a l ............................................................................................... $ 2 ,1 8 0 ,0 0 0 .0 0
R e serv e fo r F e d e ra l D e p o s it I n s u r a n c e F u n d
D e p o s i t s o f O t h e r B a n k s ..................................
U n ite d S ta t e s G o v e r n m e n t D e p o s its
.
4 4 ,7 9 3 .1 5
1 ,6 7 0 ,0 1 0 .6 6
.
.
.
7 6 5 ,0 3 0 .9 4
2 6 ,6 8 3 ,0 2 7 . 2 5
$ 3 3 , 2 5 3 ,8 0 6 .5 4
MEMBER FEDERAL RESERVE SYSTEM
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
at 3134 against 3234; New York Central at 21 )4
against 2 2 )4 ; Union Pacific at 102 against 10234;
Southern Pacific at 1734 against 17)4; Southern
Railway at 20 )4 against 2 0 )4 , and Northern Pacific
at 1134 against 11)4The steel stocks with one exception show fractional
recessions the present week.
United States Steel
closed yesterday at 7634 against 76 on Friday of last
week; Crucible Steel at 4834 against 49; Bethlehem
Steel at 90 )4 against 9134, and Youngstown Sheet &
Tube at 5334 against 53)4In the motor group, Auburn Auto closed yesterday
at 334 against 2 )4 bid on Friday of last week; General
Motors at 5424 against 5 5 )4 ; Chrysler at 8 9 )4 against
9134; Packard at 3 )4 against 4 , and Hupp Motors
134against 1 )4 .
Among the oil stocks, Standard Oil of N . J. closed
yesterday at 48)4 against 4 7 )4 on Friday of last
week; Shell Union Oil at 14)4 against 1 4 )4 , and
Atlantic Refining at 24 against 24)4Among the copper stocks, Anaconda Copper closed
yesterday at 3 4 )4 against 3 3 )4 on Friday of last
.
A l l O t h e r D e p o s i t s .................................................
against 161; Standard Brands at 534 against 6; W estinghouse Elec. & M fg . at 114)4 against 115)4; Lorillard at 2 2 )4 against 2334; Canada D ry at 1534
against 1534; Schenley Distillers at 1434 against
1 4 % , and National Distillers at 2434 against 24 )4 In the rubber group, Goodyear Tire & Rubber
closed yesterday at 2734 against 2834 on Friday of
last week; B . F. Goodrich at 2134 against 2 2 )4 > and
United States Rubber at 4134 against 4334Railroad share prices ruled lower this week. Penn
sylvania R R . closed yesterday at 25 against 2634
on Friday of last week; Atchison Topeka & Santa Fe
at
8 8 2 ,0 0 0 .0 0
week; American Smelting & Refining at 54 )4 against
55, and Phelps Dodge at 4234 against 42 J4In the aviation group, Curtiss-Wright closed yes
terday at 11)4 against 8 )4 on Friday of last week and
Douglas Aircraft at 8 6 )4 against 84)4Trade and industrial reports showed a general
maintenance of the high rate of activity reached late
in October. Steel operations for the week ending to
day were estimated by American Iron & Steel Insti
tute at 9 1 .0 % of capacity, against 9 0 .2 % last week,
8 7 .5 % a month ago, and 5 6 .8 % at this time last year.
Production of electric power for the week to Oct. 28
was reported by Edison Electric Institute at 2 ,5 3 8 ,779,000 kwh., against 2,4 9 3 ,9 9 3 ,0 0 0 in the preceding
week and 2,226,038,000 in the similar week of 1938.
Carloadings of revenue freight for the week to Oct. 28
were reported by the Association of American Rail
roads at 834,096 cars, a decline from the previous
week of 27,102 cars, but an increase of 125,506 cars
over the corresponding week of last year.
As indicating the course of the commodity markets,
the December option for wheat in Chicago closed yes
terday at 8734c. against 8534c., the close on Friday of
last week. December corn at Chicago closed yesterday
at 5034 against 4 9 )4 C-, the close on Friday of last
week. December oats at Chicago closed yesterday
at 3634 against 3534c -, the close on Friday of last
week.
The spot price for cotton here in New York closed
yesterday at 9 .0 2 c ., against 9 .3 9 c ., the close on Friday
of last week. The spot price for rubber yesterday
was 2 0 .40c., against 2 0 .25c., the close on Friday of
last week.
Domestic copper closed yesterday at
1234c., the close on Friday of last week. In London
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
2848
—
—
Nov. 4, 1939
REINSURANCE
- IN AN ADMITTED
AMERICAN COMPANY
5 4 Years o f Service
The Preferred Accident has throughout its
54-year career built up and maintained a
progressive staff of agents in all parts of the
country with whom its relationship has been
-A L W A Y S A N A V A IL A B L E A S S E T
THE
E XCESS
IN S U R A N C E C O M P A N Y
friendly and mutually profitable.
The cornerstone of the Preferred's success
has been gradual, steady growth, the empha
O F A M E R IC A
A N ew J ersey C orporation
9 9 Joh n S tr e e t, N e w Y o r k C it y
sis being on careful underwriting in both
field and home office, and a policy of claim
settlements
that builds
good
will am ong
M ANAGEM ENT
policyholders.
S T R E A M L IN IN G
That agents appreciate this program in
its broad aspects is indicated b y their long
time representation of the Preferred.
Autom obile
Accident
Plate Glass
Burglary
Liability
T he Preferred A ccident
Insurance C om pany
of New York
I I I
Streamline your O p e r a t i n g
M e t h o d s , and you’ll stimulate
your O p e r a t i n g P r o f i t s !
Experienced Industrial M a n
agement Counsel, for over 10
years actively engaged in cost
reduction and simplification of
methods, in plant, production,
labor, administrative and sales
problems. N ow available. W ill
ing to accept temporary employ
ment to prove worth. B ox S 10,
Financial Chronicle, 25 Spruoe
S t ., N ew Y ork C ity .
The “Expandit” Binder
is adjustable to the thickness o f
the number o f issues it contains
In sizes up to 13x8M inches
80 MAIDEN LANE, N E W YORK
Price
$ 2 .0 0 each
Plus postage
Edwin B. Ackerman, President
Prices fo r larger sizes
on application
THE “EXPANDIT” BINDER
2 5 S pru ce S t .,
the price of bar silver closed yesterday at 23 1-16
pence per ounce against 2 3 ^ pence per ounce the
close on Friday of last week, and spot silver in New
Y ork closed yesterday at 3 4 ^ c . , against 34J^c., the
close on Friday of last week.
In the matter of foreign exchanges, cable transfers
on London closed yesterday at S3.99J4 against
$3.99J^ the close on Friday of last week, and cable
transfers on Paris closed yesterday at 2.263^c. against
2 .2 6 M c* the close on Friday of last week.
E u ro p ea n S to c k M arkets
A R R O W price movements were noted this week
N
on stock exchanges in the leading European
financial centers, with dealings modest in every
session. Uncertainty prevailed everywhere as to
the dull and dragging war that is being fought on
the W estern Front. The puzzled traders and in
N e w Y o r k C it y
vestors in the London, Paris and Berlin markets
awaited developments of the conflict, and especially
the announcements of government war loans, which
cannot be delayed much longer. On the London
Stock Exchange gilt-edged issues lost their good
tone of the several preceding weeks, in expectation
of an early British Treasury flotation, but the losses
were small and prices held above the minimum levels
established late last August.
British industrial
stocks moved irregularly in quiet trading. Some
inquiry developed for Japanese and Chinese bonds,
owing to rumors that the undeclared war between
those countries may soon be settled. On the Paris
Bourse a generally firm undertone prevailed, partly
because the month-end settlement again was effected
easily with money at % % , and partly because the
Russian Soviet exposition of foreign policy im-
Volume 149
P A U L IS T A
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
R A IL W A Y
2849
C O M P AN'S
(C o m p a n h ia P a u lis t a d e E s t r a d a s d e F e r r o )
F ir s t a n d R e f u n d in g M o r t g a g e
7 % S in k in g F u n d G o ld B o n d s
The Undersigned have received funds
for the payment o f the March 15, 1938
interest on the above Bonds.
The Undersigned will, on and after
November 6, 1939, be prepared to make
payment of the interest to the holders of
the March 15, 1938 coupons, upon presen
tation and surrender o f such coupons at
the office of the Undersigned.
LADENBURG, THALMANN & CO.
Fiscal Agents,
25 Broad Street, New York
D ividends
F O U N D E D 1851
M unicipal
C o rpo ra te S ecurities
AN D
THE ATLANTIC REFINING CO.
COMMON
DIVIDEND
NUMBER
137
A t a meeting of the Board of Directors
held October 30, 1939, a dividend of
twenty-five cents per share was declared
on the common stock of the Company,
payable December 15, 1939, to stock
holders of record at the close of busi
ness November 21, 1939. Checks will
be mailed.
W M . O ’C O N N O R
October 30, 1939
E stabrook & Co.
MEMBERS
* NEW YORK STOCK EXCHANGE
40 W A L L S T R E E T
NEW YORK
EATON MANUFACTURING COMPANY
CLEVELAND, OHIO
Dividend No. 58
The Board o f Directors o f Eaton
Manufacturing Company has de
clared a dividend o f Fifty Cents
(50c.) per share on the outstanding
common stock o f the company,
payable on November 25th, 1939
to shareholders o f record at the
close o f business on November 8th,
1939.
H. C. STUESSY, Secretary.
October 27th, 1939.
NORTHERN PIPE LINE COMPANY
26 Broadway,
New York, October 19, 1939.
A''dividend o f Fifteen (15) Cents per share has
been declared on the Capital Stock ($10.00 par
value) o f this Company, payable December 1,
1939 to stockholders o f record at the close of
business November 17, 1939.
J. R . FAST, Secretary.
THE BUCKEYE PIPE LINE COMPANY
26 Broadway,
New York, November 3, 1939.
A dividend of One ($1.00) Dollar per share has
been declared on the Capital Stock o f this Com
pany, payable December 15, 1939 to stockholders
o f record at the close o f business November 24,
1939.
J. R. FAST, Secretary.
( in c o r p o r a t e d !
llrC?*7
Providence Washington
Insurance Go.
P r o v id e n c e , R h o d e I s la n d
Anchor Insurance Go.
Incorporated 1928
P r o v id e n c e , R h o d e I s la n d
Owned and Operated by the
P r o v id e n c e
F IR E ,
W a s h in g to n
A U T O M O B IL E ,
E x p e r ie n c e
pressed France favorably. Dealings were restricted,
however, for the Bourse enjoyed the All Saints holi
day, Wednesday, the mid-week suspension tending
to lessen trading in the four business sessions of the
week. The Berlin Boerse was dull throughout, but
price levels were well maintained.
L a tin -A m e rica n L oan s
OMETHING like an Administration “ drive” ap
pears to be in progress toward the dubious end
of Congressional authority to extend huge loans of
United States Treasury money to Latin-American
countries, as a means of stimulating trade with our
“ Good Neighbors” to the south. There is little rea
son to believe that Congress will agree to such pro
posals, for it must be remembered that the request
Ha r t f o r d
15 S T A T E S T R E E T
SPRINGFIELD
PROVIDENCE
BOSTO N
Secretory
ELECTRIC BOAT COMPANY
33 PINE STREET
NEW YORK, N. Y.
At a meeting o f the Board o f Directors of
Electric Boat Company, held October 24, 1939,
a dividend o f 30c. per share was declared, payable
on December 8, 1939, to stockholders o f record
on the books o f the Company at the close o f busi
ness November 22, 1939.
Transfer books will remain open.
Checks will be mailed.
H E N R Y R. CARSE, President.
N .B . Please notify Bankers Trust Company,
16 Wall St., New York, N . Y ., o f any change of
address.
S
* BOSTON STOCK EXCHANGE
—
M A R IN E
In su ra n ce
AND
R e p u ta tio n
Co.
A L L IE D
—
L IN E S
S e r v ic e
for authority to make large loans through the
Export-Import Bank was the first item to be elimi
nated when Mr. Roosevelt’s ill-fated $3,600,000,000
spending-lending plan came before Congress. It
would seem, however, that the President and his
New Deal advisers are not to be deterred by that
emphatic indication of popular sentiment. The
many defaults by Latin-American governments,
which clearly are the first and foremost obstacle to
fresh loans of taxpayers’ funds, were discussed in
a new and astounding manner over the last week
end. The endeavor, both at the White House and in
other Administration circles, was to place the blame
for the defaults elsewhere than on the shoulders of
the debtors, where it so emphatically belongs. This
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
2850
—
—
Nov. 4, 1939
United States Guarantee Company
Organized 1890
90x«John Street
FIDELITY
SURETY
HENDON CHUBB
Chairman of Executive Committee
political expedient hardly would merit serious con
sideration, were it not for the obvious aim of send
ing good “ other people’s money” after the bad loans
of the 1920’s.
President Roosevelt opened the campaign for
authority to extend huge loans in a press conference,
late last week. In answer to a question about the
existing debts, he is said to have replied that he
favored scaling them down, and he pointed out that
the matter goes back to 1933, when the Administra
The Coal Trade for 1838
The following is the quantity of coal
shipped from the different regions in 1837
and 1838:
1837
S c h u y lk ill________________________
523,152
L e h i g h ____________________________
192,595
115,387
L a c k a w a n n a _____________________
B eaver M e a d o w s ------------------------33,617
_________
H a z le t o n ___________________
L a u rel H ill_________________
_________
1838
431,719
152,699
78,207
44,966
14,221
2 -001
864,751
723,813
D ecrea se in 1838-----------------------
140,938
723,813
to n s
The consumption of coal, as near as can
be ascertained, was, in:
A nnual
In cre a se
1831
_________________
1832
___________ ____
1833
1834
________________
1835
__ __________
1836
_
_
1837________________________
177,000
329,000
413,000
456,000
556,000
682,090
664,000
150,000
84,000
41,000
100,000
126,000
D ecrea se
HUNT’ S MERCHANTS’ MAGAZINE,
July, 1839
New York City
CASUALTY
GEORGE H. REANEY
President
tion gave its blessing to the Foreign Bondholders
Protective Council, Inc. “He added,” a Washington
dispatch to the New York “ Times” said, “ that the
members of the Council had been working alone and
he did not think they had got very far. He said he
was rather disappointed with their operations.”
This was followed by reports on Monday that the
Administration is preparing a new formula for the
readjustment of Latin-American debts, as a basis
for the extension of credits to the Republics. Offi
cials engaged in this task were said to be Sumner
Welles, Under Secretary of State; Secretary of the
Treasury Henry IMorgenthau, and Jesse H. Jones,
Federal Loan Administrator. The plan is said to
involve substitution of direct Government negotia
tion for the semi-official efforts at debt settlements
made since 1933 by the Foreign Bondholders Pro
tective Council. It will cover, according to the ad
vance intimations, not only readjustment of nearly
$1,000,000,000 of dollar bonds held in the United
States, but also “ any internal financial arrangement
which a Latin-American Government might pro
pose.”
In order to bolster this breath-taking plan, Sec
retary Morgenthau added a criticism of his own to
that made previously by the President of the For
eign Bondholders Protective Council. Another curi
ous and highly undiplomatic incident was a further
criticism of the Council by the retiring Colombian
Ambassador, Senor Don Miguel Lopez Pumarejo,
after he emerged from a White House conference,
Monday. This incident has gained little notice, not
withstanding the sheer effrontery of an attack by
a foreign Ambassador on a semi-official American
Volume 149
ONE HUNDRED T h e
—
Com m ercial & Financial C hronicle —
agency, simply because that agency protected United
States’ interests in a fitting and determined man
ner. But such aspects of the problem are of lesser
importance than the general questions involved. It
is needless to defend the record of the Council, for
all that reasonably could be done was accomplished,
as the annual reports of the organization amply
attest. The Council proved rather more effective as
a debt adjustment agency than the British, French
or other European agencies, in the same period. It
has been pointed out, moreover, that the criticism
from Administration circles comes with poor grace,
indeed, in view of the inability of Mr. Roosevelt and
his associates to achieve adjustments of the war
debts.
The fundamental question in all this concerns the
obvious aim of the Administration to engage in
what Mr. Roosevelt himself once inaccurately de
scribed as “ foreign boondoggling,” when he referred
to American investments in foreign countries. If
the current endeavors of the New Deal leaders prove
successful, the United States will apparently wit
ness some genuine “ foreign boondoggling.” Loans
by one Government to another inevitably smack of
political considerations, and there is no blacker
chapter in financial history than the one dealing
with inter-governmental debts. The war debts are
illustrative, for even ordinarily solvent States, such
as Britain, France and Belgium, refuse to pay on
inter-government debt account, although they care
fully observed their engagements on privately-held
external obligations. The record of loans by large
European countries to the smaller States of Eastern
Europe is quite as black, the reservation being neces
Y E A R S OLD
2851
sary in this case that the loans usually were not
expected to be repaid. All such considerations are
highly important, however, in view of the desire of
Mr. Roosevelt and his associates to engage in a lib
eral distribution of United States Treasury funds
W. Gibson Carey, Jr., President of the
Chamber of Commerce of the United
States, Sends Message of Congratula
tions to the Chronicle on its 100th
Anniversary
The 100th Anniversary of “ The Chronicle” is
surely a fitting time for its friends to make men
tion of the remarkable service which has been
rendered to American busi
ness. I, therefore, send you
my congratulations on your
accomplishments of the past
and my best wishes for the
future.
Here in the Chamber of
Commerce of the United
States, not only your current
copies but your bound vol
umes for earlier years are
used frequently. In addito this, I have observed
throughout the country that
bankers and other business
men use your publication
regularly and with great con
fidence.
In closing, I wish to comment on the helpful
editorial policy which you have followed. Your
analysis of important trends has been vigorous
and constructive.
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
2852
—
—
Nov. 4, 1939
ESTABLISHED 1856
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L iv e r p o o l C o t t o n A s s o c ia t io n , L t d .
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R o tt e r d a m G r a in M a rket
Phototypes—Something New
The style of engraving which we give of Mr. Edmonds is a recent discovery, the work being done by the
phototypic process. Although it may be true that there is really nothing new under the sum, yet by means
of the sun we are continually working out new and wonderful results. Thus, we are indebted to its rays
for this new style of engraving. A matrix, the reverse of the desired plate, is made, and then copper is de
posited upon that matrix in a galvanic battery. The process by which this is done is the invention of
Leopold Eidlitz, the celebrated architect and designer; and there is now on the corner of Bleecker and Mercer
streets an establishment called the American Phototype Co., where engravings of this kind are made. It
takes three or four days to furnish an ordinary plate. The company have a room from which the light of
day is carefully excluded, and in which a single small jet of gas is burning. Upon a table in this room is a
photographic printing frame, a stout wooden frame with a thick glass in front, and a movable cover back
of it. When the matrix is to be made, the glass is placed towards the table, the negative immediately upon
that, next comes the matrix plate, and the cover fastened down tight with a brass spring. The frame is now
removed from the dark room into the light of the sun and there left for about ten minutes. It is then re
turned to the dark room, when the frame is opened, the matrix plate taken out, and the desired picture is
found upon it, but otherwise it will be perfectly smooth, and hard to the touch. The next step in the process
is to lay this plate in a flat dish containing a colorless fluid for about half an hour. When again examined,
it is found to be a bas relief. A fluid solution of gold is now poured over it, so as to cover the entire plate.
After the lapse of a minute or two this is poured off, and the plate placed in a dark box where it remains
for nearly an hour. When taken out, it is covered with a film of bright metal, looking, in fact, as if it were
made of solid gold, which, however, on examination will be found to be illusion, and what was gold before
being converted into a thin blue bas relief. The matrix is then hung in a galvanic battery. The next day the
plate is taken out of the battery, the glass removed, and the copper shell backed up with type metal, and then
it is ready for the printer.
In the way above described plates are made from engravings, or where they are desired to be made from
original designs, negatives are taken from pen and ink sketches. Sometimes the artist sketches his design
upon glass plates prepared for the purpose (as was done in the case of the engraving of Mr. Edmonds), the
plates being like white porcelain, and can be worked on with a steel point with great facility.
The beauty and excellence of many of the pictures made by this process, which we have seen, is really
wonderful. Some of them we should pronounce superior (on account of the soft photographic tint they
possess) to the fine steel engravings of which they are copies. The phototype company have, in connection
with and as a part of their establishment, an apartment hung all around with these pictures of their own
production. They have there heads of every size, from the imperial down to the cartes de visite, all exquisite,
the half and middle tints as well preserved as the bolder lights and shadows. There also one sees some fine
copies of the choicest engravings, all rendered with the utmost fidelity to the originals.
HUNT’S MERCHANTS’ MAGAZINE— April, 1863
Volume 149
ONE HUNDRED— The
Commercial & Financial Chronicle —
YEARS OLD
2853
E. A. PIERCE & CO.
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Leased private wires fro m all offices to the principal securities and commodities markets.
M ain Office: 4 0 W a ll Street, N e w Y o r k C ity
Branch Offices in the following cities:
Akron, Ohio
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Chicago, 111.
Cleveland, Ohio
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Grand Rapids, Mich.
Greensboro, N. C.
Houston, Texas
Lake Charles, La.
Lansing, Mich.
Lebanon, Pa.
Los Angeles, Calif.
Massillon, Ohio
among Latin-American Governments. With a few
honorable exceptions, such as Argentina, those Gov
ernments have shown themselves to be unworthy of
financial trust and as altogether disdainful of their
financial pledges. They were aided in this attitude
by Mr. Roosevelt himself, who heaped contumely on
foreign dollar bonds by referring to them as those
“ ancient frauds of the 20’s.” But they cannot be
excused or relieved of responsibility for such rea
sons, any more than such worthy debtors as the
Scandinavian countries would be justified in using
Mr. Roosevelt’s inaccuracies as a basis for default.
American Neutrality
F
Milwaukee, Wis.
Minneapolis, Minn.
M obile, Ala.
Montgomery, Ala.
New Orleans, La.
Philadelphia, Pa.
Portland, Ore.
Raleigh, N. C.
Saginaw, Mich.
San Antonio, Texas.
less will materialize, but a few of the more enthusi
astic Washington observers even go so far as to
predict that immense orders for clothing, foodstuffs
and other wares will be placed in the United States,
now that the embargo on war supplies has been
repealed. The fact is, of course, that no obstacle
existed in previous weeks of the war to the exporta
tion of anything but “ arms, munitions and imple
ments of war,” and it is obvious that little stimu
lation is to be expected immediately of ordinary
exports to the Allies. Repeal of the embargo pro
visions occasioned rejoicing in Britain and France,
and intense disappointment in the Reich, such re
actions being entirely in accord with expectations.
The hazards to genuine American neutrality were
OLLOWING the action of the Senate a week
ago, the House of Representatives voted on
Thursday to return to the ordinary principles of
international law, through repeal of the embargo
provisions of the so-called Neutrality Act on the
exportation of arms, munitions and implements of
war to nations engaged in hostilities. The special
session of 'Congress thus drew to its end, with the
aims of President Roosevelt realized and only minor
adjustments required through conferences between
Senate and House conferees on the wording of the
measure. The debate on the President’s proposals
was long and often bitter, but it transcended party
lines and concerned only the views of all concerned
as to the best means for keeping the United States
out of the European conflict. Whatever the merits
of the debate, the issue now is decided. Already
there is talk of immense orders from Britain and
France for American munitions, airplanes and other
war materials. Some of the rumored orders doubt
San Francisco, Calif.
Savannah, Ga.
Seattle, Wash.
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Washington, D . C.
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York, Pa.
Morgan Davis & Co.
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E S T A B L IS H E D 1854
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ONE HUNDRED— The
2854
Commercial & Financial Chronicle— YEARS
OLD
Nov. 4, 1939
ANDERSON, CLAYTON & CO
C otton M erch a n ts
HOUSTON
ATLANTA
NEW ORLEANS
MEMPHIS
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-and-
Anderson, Clayton & Co. (Egypt)________________________Alexandria
Anderson, Clayton & Co. (India)_________________________Bombay
Anderson, Clayton & Co., S.A. de C.V. (Mexico)__________ Mexico City
Anderson, Clayton & Cia., Ltda. (Brazil)________________ Sao Paulo and Recife
Anderson, Clayton & Co., S.A. (Argentina)______________ Buenos Aires
Anderson, Clayton & Co., S.A. (Peru)___________________ Lima
Algodones, S.A. (Paraguay)_____________________________ Asuncion
Represented Abroad by
B E L G IU M __________________________________________ E d m o n d V e e s a e r t______________________________________________ G h e n t
C A N A D A ____________________
A n d e r s o n , C la y to n & C o ________________________________________ M o n tre a l
C H IN A _________________________________________ A n d e r s o n , C la y to n & C o _______________________________________ S h a n g h a i
E N G L A N D _____________________________________ D . F . P e n n e fa t h e r & C o _______________________________________ L iv e r p o o l
F IN L A N D ____________________________________________ F r itz E r le w e in ___________________________________________T a m m e rfo rs
F R A N C E _______________________________________ A n d e r s o n , C la y to n & C o ________________________________________ L e H a vre
G E R M A N Y ______________________________________ C la s o n , B u rg e r & C o ____________________________________________ B rem en
H O L L A N D ________________________________ A n d e r s o n , C la y to n & C o ., N . V
______________________________ R o tt e r d a m
H U N G A R Y _____ _______ ___________ ______ ____ __________ L a d . A c s _______ _________________________ _______________ B u d a p e s t
I T A L Y ___________________________________________ L am ar F le m in g & C o _______
M ila n
J A P A N ____________________________________A n d e r s o n , C la y to n & C o .’ s A g e n c y ___ ______________________________ ___ O saka
P O L A N D ____________________________________________ G . A . S e b a s tia n _________________________________________________ L o d z
P O R T U G A L __________________________ __________ A . A lg o d o e ir a W . S ta m ___________________________________________ O p o r to
S W E D E N _____________________________________________ F . C o r in & C o ___ _____ ________________________________ G o t h e n b u r g
S W I T Z E R L A N D ...................................................... ................. G y si & C o . ..................................... ....................................................Z u r ic h
Correspondents:
ANDERSON, CLAYTON & FLEMING, New York
M em bers N ew Y o r k C o t t o n E x ch a n g e
D. F. PENNEFATHER & Co., Liverpool
M em bers L iv e r p o o l C o t t o n A s s o c ia tio n
not confined, this week, to the wartime changes in
onr own rules and regulations. The American mer
chant ship, City of Flint, voyaged southward from
the Russian port of Murmansk, under the control of
a German crew, with one or another of the German
ports as its destination. Flying a Nazi flag, with
her American crew of 40 men still aboard, the vessel
put in at the Norwegian port of Tromsoe Monday,
but immediately resumed the journey along the ter
ritorial stretch of Norway, accompanied by two
Norwegian warships. Under German interpreta
tions of international law, the captors of the ship
may be within their rights in taking the vessel on
the high seas and conducting her to neutral ports.
But American views of international law do not
necessarily coincide and a controversy thus is im
minent, whatever the fate of the Government-owned
ship. The immediate concern of our State Depart
ment is for the safety of the American crew, and
representations to this effect were made, Tuesday,
both to Britain and to Germany. British authorities
were said to have intimated that this consideration
would guide them and would prevent attempts to
interfere with the voyage of the vessel within Nor
wegian territorial waters to a German port.
The episode of the City of Flint apparently has
occasioned an altogether unwarranted strain in the
diplomatic relations between the United States and
Soviet Russian Governments. An indignant pro
test against the “ lack of coperation” by the Soviet
authorities was lodged at Moscow, late last week,
through Ambassador Laurence A. Steinhardt. This
protest related to what were considered in Washing
ton unconscionable delays in supplying information
and to the Russian refusal to turn the ship over to
the control of its American crew. A report supplied
by Ambassador Steinhardt makes it clear that the
Russian authorities endeavored to take a strictly
neutral stand between the conflicting claims of the
Washington and Berlin Governments, and relieve
themselves of responsibility by sending the craft to
sea precisely in the condition of her arrival at a
Russian port under the control of a German prize
crew. This controversy remains undecided. In the
meantime, however, the Russian Premier and For
eign Minister, V. M. Molotoff, has expressed great
dissatisfaction with the “ intervention” of the
United States in Russo-Finnish affairs. In a speech
before the Soviet Parliament, Tuesday, the eminent
Russian spokesman complained of the lack of
American neutrality, notwithstanding agreeable re
plies to the original representations by Washing
ton. Quite obviously, the episode of the City of
Flint occasioned a sharp change in the official Rus
sian attitude, and it is at least conceivable that
Washington was as much to blame as was Moscow.
The United States Government was accused by M.
Molotoff of “ meddling” in Russo-Finnish affairs.
A reply “ in kind” was at the White House, Wednes
day, through Stephen T. Early, Secretary to the
President. Mr. Early suggested that the Russian
spokesman had deliberately timed his declaration
to influence the congressional vote on neutrality
legislation. This statement by Mr. Early is un
worthy and nonsensical, for it assumes that our
Congress might be influenced by Moscow.
Volume 149
ONE HUNDRED— The
Commercial & Financial Chronicle —
YEARS OLD
2855
Hallgarten & Co.
Established 1850
New York
Chicago
London
Western Europe
P
APER bullets were almost the only kind in use
_ this week in Western Europe, although the great
war between the Allies and Germany now is in its
third month. The war of propaganda was waged
more fiercely than ever, while soldiers on the border
of Germany and France contemplated the deep mud
and the heavy rainfall that added steadily to the
difficulties of transportation. French official com
muniques and reports of the German High Com
mand were equally colorless, especially in the first
half of the week now ending. Dispatches from
Paris reported an “ eerie calm” on the Western
Front,” the inactivity being so pronounced as to
occasion nervousness and apprehension.
With
skies somewhat clearer in the latter half of the
week, scouting parties resumed their ordinary
forays. According to German accounts, Nazi troops
penetrated a short distance into France as they
sought to establish contact with their enemy.
Large-scale activities apparently were not attempted,
however, by either side, and almost all military ex
perts now predict that there will be few develop
ments of importance until next spring, in the land
war.
On the sea and in the air there was more action
than along the heavily fortified border between
France and the Reich. The powerful British Navy
maintained its grim patrol of the North Sea and
the unofficial naval blockade, which consists of a
sweepingly inclusive contraband list.
German
naval strategy was directed toward breaking this
strangle-hold on the Reich’s sea trade, with only
indifferent success. Submarine sinkings of both
W. C. Langley &Co.
M E M B E R S N E W Y O R K STOCK E X C H A N G E
115 BROADWAY
NEW YORK
TELEPH ONE B A R C L A Y 7-8800
2856
ONE HUNDRED— The
Commercial & Financial Chronicle —
YEARS OLD
Nov. 4, 1939
CURRENT NOTICE
— W . W . W oods, Jr., well known
Pacific Coast investment figure, has
been elected Vice-President in charge of
wholesale distribution of Edgerton,
Riley & Walter, California Investment
Securities Firm, it was announced.
For more than 15 years M r. Woods
has been identified in executive capaci
ties in both wholesale and retail activi
ties of well-known financial firms on the
Pacific Coast. For the past six years
he has acted as wholesale representative
for a large eastern investment banking
firm.
In addition to serving Southern Cali
fornia Investors with complete invest
ment and brokerage facilities through
retail office in Los Angeles, Whittier
and Long Beach, Edgerton, Riley &
Walter maintains an active department
wholesaling securities among many lead
ing investment firms on the Pacific
Coast.
S
KILLED labor . . . plus nearby markets, plus un
excelled transportation . . . added to plentiful lowcost electricity, equals an ideal plant location.
New Y ork State offers them all. That is why 291 of the
340 different kinds of U. S. industries are represented
in this territory. That is why New Y ork State has 10%
of the nation’s population and 15% of its wealth.
If you are a manufacturer and want to locate a plant in
the middle of the w orld’s greatest market, write one of
our operating headquarters offices in Albany, Buffalo or
Syracuse, and let us tell you more about New Y ork
State.
OPERATING
NIAGARA
COMPANIES
HUDSON
belligerent and neutral shipping were continued,
and hardly a day went by without reports of ship
ping casualties. The sinkings, however, are said
to be far smaller and less important than those of
the early days of the World War unrestricted sub
marine campaign of the Reich. More disquieting
was confirmation by British authorities of last
week’s rumors that a German pocket battleship is
operating in the North Atlantic and another in the
South Atlantic. These 10,000-ton vessels, speedy
and heavily armored, are outmatched only by five
British and French battleships in both speed and
armament, and they might conceivably inflict enor
mous damage on shipping. There appears to be
some room for doubt even of the official British
statements, however, for the actual sinkings of mer
chant ships have fortunately been too sparse for un
questioned acceptance of the rumors. Aerial war
OF
>— Brooke L. W ynkoop, for the past
73/2 years associated with Distributors
Group, Inc. as Vice-President and
manager of the trading department, is
now associated with the firm of R . H.
Johnson & Co., members of the New
York Stock Exchange and the New York
Curb Exchange. Prior to his connection
with Distributors Group, M r. Wynkoop
had for seven years been with John
Nickerson & C o., Inc., where he was a
Vice-President.
Also newly associated with R . H.
Johnson & Co. are Matthew J. McCabe,
formerly of John Nickerson & Co., Inc.,
and D . R . Chattaway, formerly as
sociated with Distributors Group, Inc.
The New York office of Fundamental
Group Corp. which, since the brokerage
firm of E. A. Pierce & Co. disposed of
its interest in the corporation, has con
tinued to occupy the old offices main
tained by the Pierce firm, have moved
to 76 Beaver St., where it occupies the
entire 27th floor. Fundamental Group
Corp. is the national wholesale distribu
tor of Fundamental Investors, Inc. and
Investors Fund C, Inc.
— John V. Hughes, formerly pro
motion and sales manager of the New
York News Bureau Association, has
joined Standard Statistics C o., Inc. as
an executive in the advertising and sales
promotion department. Prior to his
connection with the New York News
Bureau Association, M r. Hughes was
associated with the Jos. Richards Co.
and with Lennen & Mitchell.
__j . W . Sparks & Co. announce the
formation of a Trading Department
under the management of C. Edgar Lee,
who will have associated with him
Holland A. Stevens and Frank J.
M cCall, all formerly with Dyer, Hudson
& Co.
fare consisted this week of a few flights by recon
naissance planes of either side over the territory of
the other, and some modest losses occurred.
The propaganda war was waged with immense
and untiring energy, partly for domestic consump
tion and partly to influence the neutral countries.
German circles insisted day after day that the Brit
ish blockade will prove ineffective, and British and
French studies appeared in great numbers to prove
that German war and other supplies are inadequate
for a long siege. The German spokesmen gave out a
list of British ship casualties, last Sunday, which
included no less than 10 warships, some of which
have been inspected by neutral observers and testi
fied to be free of damage. The Athenia incident
found another echo in a denial Monday by Lord
Lothian, the British Ambassador to Washington,
that the vessel carried guns of munitions when she
Volume 149
ONE HUNDRED The
—
Commercial & Financial Chronicle —
YE A R S OLD
2857
100 YEARS AG O TTHEY^say people “took life easier” then. But who,
today, would want to give up any of the con
veniences that play a part in modern living ?
Foremost among the contributors toward our truly
easier life are gas and electric companies. Each year
our standard of living, industrial progress, and
national security are more and more dependent upon
the continued growth and progress of the public
utility industry.
Long Island Lighting Com pany
AND SUBSIDIARY COMPANIES
Queens Borough Gas and Electric Company
Nassau and Suffolk Lighting Company
Kings C ounty Lighting Company
Long Beach Gas Company, Inc.
CURRENT NOTICE
TO
/p Tire | /^financial
Vpnerri9* ^Iljrnntrl?
$
respected member of the Fourth Estate,
upon completion of a century devoted to
informative service in the varied interests^of commerce and finance, Columbia
System offers its heartiest felicitations.
C o l u m b ia G a s & E l e c t r ic
C o r p o r a t io n
Columbia System companies extend their oper
ations through Ohio, Indiana, Kentucky, West
Virginia, Pennsylvania, Maryland, New York.
— Business Publishers International
Corp., New York, has just made public
a comprehensive summary of the status
of foreign dollar bond issues of various
Latin American Republics as of the close
of business, July 31, 1939 in a brochure
entitled “ A Survey of Latin America’s
Bonded Debt to the United States.”
In releasing the summary, John Abbink,
President of the corporation named,
which publishes Spanish-language in
dustrial and trade papers circulating
wholly outside the United States, ex
plained that its purpose was “ to assist
in the adjustment of Latin America’s
financial position, so that the weight of
those defaults might be removed from
the commercial picture.”
16 of the 20 southern republics are
embraced by the summary. The ex
ceptions are Venezuela, which has no
foreign debt; Honduras, Nicaragua and
Paraguay, which have no outstanding
bonded dollar obligations. A total of
$1,718,211,111, plus £29,379,280, is
listed as being owed by the 16, according
to the survey, which further cites
$1,287,452,796, as the total in defaulted
interest. The principal of indebtedness
ranges from $342,670,000, owed by
Brazil, to $1,331,111, owed by Guate
mala. M ajor debtors include Mexico,
with issues totaling $278,874,500, plus
£26,272,140, some of which have been in
default for a quarter of a century;
Chile, $249,801,543; Argentina, $234,210,000; Cuba, $187,430,000; Colombia,
$143,276,754. Approximately two-thirds
of the entire grouping are in default.
Exceptions are certain Argentine, Cuban
Uruguayan and Haitian issues.
— J. B. Hanauer & Co., 786 Broad St.,
Newark, N . J., analysis of Atlantic City,
N . J. with relation to its bonds and their
possibilities, including a financial state
ment of the city.
ONE HUNDRED
2858
—
The Commercial & Financial Chronicle —
Y E A R S OLD
Nov. 4, 1939
The Story Behind the Sw itch ...
EMPLOYEES. Service required 19,298 regu
lar, 1,970 temporary employees in 1938. Pay
roll $33,000,000.
UTILITY SERVICE becomes real for a cus
tomer when he flicks a switch and gets light
. or heat . . . or power. This simple
operation gives no hint, however, of the invest
ment and organization which are necessary to
make that service possible.
These are some of the facts behind the
service supplied by companies in the Associated
System—
INVESTORS. Holders of Associated Gas and
Electric Company securities number 154,694,
reside in every State and in many foreign
countries.
CONSTRUCTION. In order to maintain and
extend service, approximately $200,000,000
spent for new construction over the past 10
years. More than $14,000,000 spent in 1938.
CUSTOMERS. Electric, gas, and other serv
ices supplied to 1,762,029 customers. Greatest
concentration in New York, Pennsylvania,
New Jersey.
RURAL SERVICE. M ore than 230,000 farm
ers and other rural customers receive electric
service. This service required an investment of
more than $40,000,000 by the System.
RATES. Customers saved $17,080,000 an
nually by total rate reductions made over past
10 years. In this period, domestic electric
rate reduced 46% , compared with 36% for
the entire industry.
★
#
There is still a great development ahead for the
public utilities. But it is a development which
requires the industry to spend large funds.
These funds will not be supplied by investors
unless they feel assured that utilities will be
allowed to earn a fair profit, and that they
will not be injured by subsidized com
petition.
ASSOCIATED GAS AND ELECTRIC COMPANY
Printing for Lace and Muslin
Under the name of nature’s own printing,
says the “ Journal of Industrial Progress,”
Mr. Von Auer, of Vienna, has announced a
peculiar method for obtaining impressions
of the leaves of plants, &c. The process
consists simply in taking two polished metal
plates, one hard, the best substance being
copper, and the other soft, as for example, a
plate of lead, and laying the article to be
copied between them and passing the plates
between the rollers of a press, such as litho
graphers use. By the great pressure ex
erted, a beautifully sharp and faithful copy
of the article is produced on the leaden
plate from which impressions can be ob
tained, which can be employed for printing
thousands of copies. The dried leaves of
plants can be copied in this way, and by
using gutta percha gently heated, even
moist plants will give impressions. The
chief use of this new art will, however, be
the reproduction of lace, &c., for if a piece
of lace, or of worked muslin, be placed be
tween the plates instead of leaves, a beau
tiful intaglio copy will be produced, from
which printed patterns can be provided.
Such plates might be at once employed to
print designs upon the muslin sent out to
be worked. It is but just to remark that
a similar invention was made about 20 years
ago by a Dane of Copenhagen of the name of
Peter Cyhl, who, having died before he per
fected the art, the idea was lost sight of.
HUNT’S MERCHANTS’ MAGAZINE,
December, 1854
was sunk off the Irish Coast on Sept. 3. The Brit
ish Government issued on Monday a White Paper
containing numerous charges of Nazi tortures in
flicted upon occupants of concentration camps in
the Reich. Another flood of stories appeared of
German troop concentrations for the alleged pur
pose of invading neutrals, Holland being the sup
posed victim in this case. Sensible steps by the
Netherlander® to prevent any infringement of their
sovereignty were portrayed as indications that a
German assault is about to begin. More to the
point than vague and tendencious reports of pos
sible military strategy were indications that both
sides are tightening their belts for a long conflict.
Stringent restrictions on food and clothing con
sumption long have been effective in the Reich. It
was announced in London, Wednesday, that butter
and bacon will be rationed in the United Kingdom,
beginning Dec. 15, and a storm of protest quickly
developed.
In the diplomatic sphere two incidents of im
portance stand out, and both suggest that the larger
European neutrals have every intention of avoiding
participation in the war between the Allies and
Nazi Germany. Premier Benito Mussolini effected
on Tuesday a sweeping change in his Italian Cabi
net, and it was generally agreed in European chan
celleries that the intent was to strengthen the peace
party in fascist Italy. Official statements in Rome
were to the effect that the changes merely repre
sented the usual variations of leadership, to give
men of equal ability chances at the highest tasks.
Berlin saw no significance in the Cabinet changes,
while London proclaimed them as evidence that
Volume 149
ONE HUNDRED
—
The Commercial & Financial Chronicle —
YE A R S OLD
2859
SALUTING AN ACHIEVEMENT
A hundred years’ success in the publishing field is indeed a splendid
accomplishment.
C hronicle
We extend to the
C o m m e r c ia l &
F in a n c ia l
our heartiest congratulations, and our best wishes for
continued success in the century to come.
THE
ATLANTIC
REFINING
Founded in 1870, The Atlantic Refining
Company has been an important factor
in the petroleum industry ever since.
Atlantic exported the first cargo of pe
troleum products ever to leave the United
States. It established the world’s first
Italy has no intention of fighting for its ally on
the northern end of the once-famous Rome-Berlin
axis. In Moscow Premier and Foreign Minister
V. M. Molotoff outlined Russian foreign policy,
Tuesday, 'before an extraordinary session of the
Supreme Soviet, in which he made it fairly clear
that Russia intends to maintain a benevolent neu
trality toward Germany.
M. Molotoff berated
Great Britain and France for carrying on an “ im
perialist” war against Germany for preservation of
their vast empires. When he reported to the House
of Commons in London, Thursday, Prime Minister
Neville Chamberlain found the Russian attitude
quite comforting, since it appears to mean a lack
of military aid to Germany. Mr. Chamberlain
asserted that the speech must have occasioned dis
appointment in the Reich, and he refused to become
disturbed over “the flights of fancy in which M.
Molotoff indulged when describing the aims of the
Allies.”
Eastern Europe
NTENSIVE diplomatic activity was continued
throughout Eastern Europe, this week, in the
endeavor to achieve the new arrangements and new
balances for which the preoccupation of Great
Britain, France and Germany with their hostilities
provides an opportunity. The problem of RussoFinnish relations remained unsettled, notwithstand
ing the suggestion by President Roosevelt some
weeks ago that Moscow treat the small State kindly.
Mr. Roosevelt was rebuked Tuesday by Premier and
Foreign Minister V. M. Molotoff, and first impres
sions of the incident make it doubtful whether any
I
COMPANY
modern service station. Today it oper
ates one of America’s largest tanker fleets,
including the world’s three largest welded
ships. It has refineries in Pennsylvania
and Texas, and 16,000 Dealers from New
England to Florida.
real aid was extended to the Helsingfors regime bv
the United States Government. In a general dis
cussion of Russian foreign policy, M. Molotoff made
clear the desire of his country to remain neutral
in the Western European conflict, while favoring
Germany at least in a propagandists sense. Italy
Felicitations from Richard W. Lawrence,
President of the Chamber of Commerce
of the State of New York
And now another fine American institution—
“ The Commercial and Financial Chronicle” — joins
the Century-old Club! The 171-year-old Cham
ber of Commerce of the State
of New York, of which I have
the honor to be President,
extends its heartiest birth
day congratulations and good
wishes to a publication which
is outstanding in its field
and has the unique and en
viable distinction of being
without a competitor in its
particular sphere of activity.
True to its name, this publi
cation has chronicled with
painstaking fidelity the hap
penings and events which,
taken altogether, form the
history of banking, invest
ment and financing in the United States during
the last hundred years. It has rendered service
of a high order and deservedly won world-wide
recognition. May its influence grow and its
second century be filled with even greater accom
plishment and reward than its first.
ONE HUNDRED T h e
—
2860
Com m ercial & Financial C hronicle —
YE A R S OLD
Nov. 4, 1939
MORE THAN 50 YEARS OF PROGRESS
PRODUCING — TRANSPORTING — REFINING — MARKETING
THE OHIO OIL COMPANY
INCORPORATED
G en era l O ffices — FINDLAY, OHIO
exchanged diplomatic notes with Greece, Thursday,
which suggest that Rome intends not only to hold
aloof from the conflict but also to influence Balkan
nations to a neutral attitude. The delicate problem
of Rumania was argued endlessly, for it holds per
haps the most immediate threat to the peace of the
Balkans. German nationals were withdrawn stead
ily from the Baltic States, and on Thursday it was
indicated that Reich subjects in Turkey also had
been ordered to prepare for return to the homeland.
Russian policy, as delineated on Tuesday by M.
Molotoff before a special session of the Supreme
Soviet, easily overshadowed all other immediate
E. F. Connelly, President, In vestm en t
Bankers Association of America, Tele
graphs Congratulations to the Chron
icle
E . F. C o n n e lly
One hundred years of serv
ice devoted by the Chronicle
to the financial and commer
cial interests of the country
marks a real milestone in the
fin a n c ia l h isto r y of th e
United States. The founders
of the Chronicle and those
who have so ably carried on
and maintained its high
standards have had and are
entitled to the respect and
confidence of all of us who
have read the Chronicle for
most of our business lives.
Congratulations and best
wishes.
occurrences in Eastern Turope. The Soviet spokes
man aligned his country emphatically on the side
of peace, thus shattering the notions of some ob
servers who predicted military aid to the Reich.
But Russo-German relations are being placed on an
increasingly solid and friendly basis, M. Molotoff
declared, and he hinted that material aid to Berlin
might be extended on a substantial scale, com
mercially. He accused Great Britain and France
of waging an ideological war against Hitlerism and
asserted that the conflict really amounts to an “ im
perialistic” war for the preservation o f the British
and French colonial empires. M. Molotoff stated
that he could not understand the refusal of Fin
land to enter a “mutual assistance” pact with Rus
sia similar to those already made by Moscow with
the Latvian, Estonian and Lithuanian Govern
ments. No mention was made by the Russian
official of the Balkan States, and the impression
of neutral observers thus was deepened that the
understanding between Berlin and Moscow allo
cates all the Baltic countries to Russia as a sphere
of influence, and all the Balkan States to a similar
subservience to the Reich. Turkey was accused of
having entered the “ orbit of war” when the pact
with Great Britain and France was signed by the
Ankara regime. The Supreme Soviet cheered the
statements dutifully and on Wednesday voted to
include within the Soviet Union the White Russian
and Ukrainian areas of former Poland.
Russian negotiations with the special negotiators
of Finland dragged along, throughout the week, and
only partial disclosures were made of the substance
of the conversations. Finland was admittedly pre-
Volume 149
ONE HUNDRED
—
...
T h e Com m ercial & Financial C hronicle —
YE A R S OLD
2861
THEY SOUGHT OIL ONLY TO LIGHT THEIR LAMPS
but they Pioneered a
“ Nation-on- W heels ”
cried Drake, when his
^
drill struck oil near Titusville, Penn
sylvania, in 1859.
W O O D ’S G O L D ! ”
And, indeed, this thick black petroleum
that welled from the earth proved to be
a gift of the gods to struggling men. For it
lit their lamps, and made them candles, and
greased the wheels of their covered wagons.
Among those hardy oil pioneers were the
men who founded what is now Tide Water
Associated Oil Company. They were the
men who had the honor of building the
world’s first long distance pipe-line. The
Tide Water line that carried, and still car
ries, the “ liquid gold” from Pennsylvania’s
richest oil fields to the great Tide Water
refinery on the East Coast.
But the industry itself never guessed its
own future, until, in 1877, a man named
Nicholas A. Otto invented a “ petrol engine’’
. . . the forerunner of your modern motor
car. Then came the first “ horseless” car
riage. And in a brief forty years we find
a “ Nation-on-Wheels” ...o v e r 25,000,000 cars
covering the country’s highways.
But with the rapid increase in number,
the motor car likewise increased in speed
and in operating temperatures. Year after
year its lubricating problem becomes more
a c u te ... and year after year Tide Water
Associated Oil Company meets the situa
tion with V ee d o l...th e motor oil that is
made 100% from that richest of Pennsyl
vania crudes.
As with Veedol, so with all other Tide
Water Associated Oil Company’s products.
All are refined to give the utmost in service
and economy in their specific fields. To
those interested in either using or selling
automotive or industrial lubricants, we in
vite their inquiry.
Tide Water Associated Oil Company
NEW YORK
•
SAN FRANCISCO
•
TULSA
M akers o f T y d o l F ly in g “ A ” G a s o lin e . . . A s s o cia te d F ly in g " A ” G a s o lin e . . . V e e d o l 100% P e n n s y lv a n ia M o to r O ils . . .
V e e d o l G rea ses . . . a n d T y c o l a n d A v o n O ils a n d G reases fo r e ve ry in d u s t r ia l p u r p o s e .
Copyright 1939 by Tide Water Associated Oil Company
pared to make some concessions to the Russians,
who plainly desire to establish themselves firmly on
the Baltic Sea, before the opportunity presented by
the Western European war vanishes. Special rights
in Finland, such as those already exacted from
other Baltic countries, were said to be the aim of
Moscow. Since these “ rights” of military occupa
tion make the smaller countries virtual Russian
satrapies, Finland continued to interpose objec
tions. After consulting at Helsingfors, the Finnish
representatives again journeyed to Moscow, Thurs
day, where they were kept waiting while the Rus
sian leaders conducted the sessions of the Supreme
Soviet. It is reported that Russian demands on
Finland do not include the right to establish bases
on the Aland Islands, in the Baltic, and if these
reports are substantiated they would mean that
Moscow has no intention of threatening Sweden and
Norway. These Scandinavian countries neverthe
less remained alert and anxious, for it is now plain
that Soviet expansionism differs in no important
sense from the “ imperialism” which the Russians
declare is the mainspring of capitalistic foreign
policy.
Balkan unrest relates, for the moment, chiefly to
demands by neighboring countries for the return
by Rumania of territory alloted to that country in
the World War settlements, or seized by it after:
wards. Bulgarian claims upon the Dobrudja were
pressed diplomatically, it appears, and King Carol
conferred at length with his Ministers to Bulgaria,
Turkey, Greece and Yugoslavia, in the endeavor to
prevent formal demands. The fear prevailed for a
time that M. Molotoff might throw Russian influ
ence behind Bulgaria, but the lack of any reference
to such problems in the speech of the Moscow
ONE HUNDRED
2862
—
The Commercial & Financial Chronicle —
YE A R S OLD
Nov. 4, 1939
CONGRATULATIONS!
We join today with the business world of America in
felicitating the Commercial and Financial Chronicle upon
one hundred years of splendid service to the country and
particularly to the nation’s investors and its corporate
enterprise.
There is available no more complete and revealing
story of the development and distribution of the country’s
vast resources than that which has been told, from week
to week for a century, in the columns of the Commercial
and Financial Chronicle. Its files are a saga of the daring
and ingenuity of American business.
Long may it continue to record the history of free
enterprise in this great nation.
P L Y M O U T H O IL C O M P A N Y
General Offices—Benedum-Trees Building
PITTSBURGH, PA.
spokesman occasioned relief. The Turkish Parlia
ment assembled on Thursday and heard a defense
by President Ismet Inonu of the pacts with Great
Britain and France, which were said to be directed
against no other country and intended solely to pre
serve Turkish rights and neutrality. Relations
between Italy and Greece were clarified in an ex
change of letters, officially announced on Thurs-
day at Rome. In the Italian capital the notes were
viewed as equivalent to a pact of friendship, and it
was generally realized in Europe that Italy thus
took a long step toward its aim of a sphere of influ
ence in the Balkans. The views entertained at
Rome are reported to contemplate a territorial ad
justment whereunder Rumania might satisfy some
of the Bulgarian and Hungarian demands.
Discount Rates of Foreign Central Banks
Shoes Manufactured by Machinery
The New York “ Evening Post” gives the
following description of the manner of mak
ing shoes by a machine, owned by Mr. Ruggles, of 60 Gold Street, in this city: The
sole leather is first pressed between wooden
rollers, which makes it extremely firm and
compact— much more so than hammering
can do. It is then placed under a cutting
machine which at one operation cuts it into
the proper shape. Meantime, another ma
chine is busy making steel wire into screws
of about three feet in length, all of which is
done with surprising celerity. A fourth
machine punches the soles with holes, in
serts the screw, and cuts it off at the proper
length. All that is then necessary is to rivet
the screws by a few blows with a hammer on
an anvil. The soles manufactured in this
way are superior to the Napoleon, inasmuch
as the rivets adhere better, and the leather
is rendered more compact. They are pro
duced with infinitely less labor and can be
afforded about 50% cheaper.
HUNT’S MERCHANTS’ MAGAZINE,
December, 1843
HERE have been no changes during the week in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
Country
A rgen tina..
Batavia____
B elgium ___
Bulgaria___
Canada____
C h ile______
Colom bia . .
Czechoslovakia____
D anzig____
Denmark . .
Eire. _____
England___
Estonia____
Finland____
F ran ce____
Germany . .
Greece_____
Rate in
Effect
Nov. 3
Date
Established
3
4
M ar.
July
July
Aug.
M ar.
D ec.
July
3
4
5H
3
2
W
4
2
4
6
Jan. 1 1936
Jan. 2 1937
O ct. 9 1939
June 30 1932
O ct. 26 1939
O ct. 1 1935
D e c. 3 1934
Jan. 2 1939
S e p t.22 1932
Jan. 419 37
3H
4
2H
6
1
1
6
15
11
16
18
1936
1935
1939
1935
1935
1936
1933
Pre
vious
Rate
_
3
7
4
5
3H
5
4>*
3^
3
5
2H
5
7
Country
H ollan d ___
Hungary___
India............
I ta ly ______
Japan_____
L ithuan ia..
M o r o cc o ___
N orw ay___
P ola n d ____
P ortugal___
Rumania . .
SouthAirica
Spain______
Sweden____
Switzerland
Y ugoslavia.
Rate in
Effect
N ov. 3
3
4
3
4H
3.29
3
6
6H
4X
4H
4
3M
3H
5
2H
1H
5
Date
Established
A u g. 29
Aug. 29
N o v. 28
M ay 18
A pr. 6
Jan. 14
July 15
M ay 28
S e p t.21
D ec. 17
A ug. 11
M ay 5
M ay 15
July 15
D ec. 1
N o v . 25
Feb. 1
1939
1935
1935
1936
1936
1937
1939
1935
1939
1937
1937
1938
1933
1935
1933
1936
1935
Pre
vious
Rate
2
3^
5
3.65
4
7
4V*
3H
5
4H
4H
4H
5
3
2
6H
Foreign Money Rates
N LONDON open market discount rates for short
bills on Friday are lks% , as against 1 ^ on
Friday of last week, and 1 3-16% for three-months’
bill, as against 1 3-16% on Friday of last week.
Money on call at London on Friday was % -l% . At
Paris the open market rate is nominal at 2bt% and
in Switzerland at 1%.
Volume 149
ONE H U N D R E DT h e
-
Com m ercial & Financial Chronicle —
Congratulations to
oTlrr
Y E A R S OLD
2863
< jEinanrial
,
on its 100th Birthday
**€
fjrrim >
irJh
PROCTER & GAMBLE
CINCINNATI,
OHIO
Makers of
CAMAY
IVORY SOAP
OXYDOL
IVORY FLAKES
LAVA SOAP
IVORY SNOW
DREFT
GUEST IVORY
CRISCO
CHIPSO
P & G WHITE NAPHTHA SOAP
Bank of England Statement
HE statement for the week ended Nov. 1 shows
an expansion of £829,000 in note circulation,
the first increase in over a month, and evidently
associated with month-end requirements. As the
circulation rise was attended by a small loss of
£17,860 in bullion holdings, reserves fell off a total
of £817,000. Circulation now amounts to £527,966,000 compared with £183,950,811 a year ago. The
proportion of reserves to deposit liabilities dropped
to 31.5% from 31.9% last week, and compares with
27.3% a year ago. Public deposits fell off £2,031,000
while other deposits gained £1,790,822. The latter
consists of bankers accounts which decreased £1,958,899 and other accounts which increased £3,719,721. Government securities registered a decline of
£705,000 while other securities rose £1,328,386. Of
the latter amount, £993,896 represented an addition
to discounts and advances and £331,190 to securities.
The Bank rate remains at 2%. Below we furnish
the different items with comparisons for previous
years:
T
B A N K O F E N G L A N D ’ S C O M P A R A T IV E S T A T E M E N T
Nov. 1,
1939
£
Circulation__________
Public deposits_____
Other deposits______
Bankers’ accounts.
Other accounts___
Governm ’t securities
Other securities_____
D isct. & advances .
Securities_________
Reserve notes & coin
Coin and bullion____
Prop, o f res. to lia b ..
Bank rate___________
G old val. per fine oz_
N ov. 2,
1938
£
483,950,844
14,132,887
145,918,245
109,481,764
36,436,481
102,386,164
31,593,387
10,449,015
21,144,372
43,770,596
327,722,440
27.3%
2%
2%
84s. 11 Hd.
527,966,000
10.540.000
157,794,393
114,802,301
42,992,092
105,336,164
27,666,648
5,633,403
22,033.245
53.089.000
1,054,99?
31.5%
168s.
N ov. 3,
1937
N ov. 4,
1936
£
447,111,863
27,201,594
127,149,173
85,340,417
41,808,756
81,963,337
27,623,583
7,654,874
19,968,709
62,492,566
249,604,429
40.40%
2%
2%
84s. 11 H d. 84s. l l ^ d .
£
485,908,678
30,284,690
126,067,569
89,435,199
36,632,370
103,413,165
28,570,975
7,820,119
20,750,856
42,083,062
327,991,740
26.9%
Nov. 6,
1935
£
402,157,517
21,008,522
126,200,009
89,559,105
36,640,904
87,214,999
23,478,841
10,986,320
12,492,521
54,249,689
196,407,206
36.85%
2%
84s. 11 H d.
Robert M. Hanes, President of American
Bankers Association Congratulates the
Chronicle
Banking and business join in extending to the
Commercial and Financial Chronicle their con
gratulations on its one hundredth anniversary
of publication. The faithful
recording of news and the in
terpretation of events signif
icant to investment, finance,
and commerce which have
characterized its century of
public service command our
respect and call for our best
wishes.
Through the periods of
American prosperity and de
pression alike“ The Chronicle
has continued to bring arti
cles and comments worthy
of the consideration of every
banker and businessman. Its
Copyright by Harris & Ewing
issues have approached busi
R
obert M H
. anes
ness problems editorially in
the light of reality, showing neither fear nor
favor, and with the true spirit of journalism— to
present fact, tempered with reason, usefully, con
cisely and adequately.
The library of the American Bankers Associa
tion contains not only the current editions of
the Chronicle, but also many files of its older
issues. Both have proved highly valuable to our
work.
It is our hope that throughout its second cen
tury, the Chronicle will continue to expand the
sphere of its influence and the value of its service.
ONE HUNDRED
2864
—
The Commercial & Financial Chronicle —
YE A R S OLD
Nov. 4, 1939
SOLVENTS* CHEMICALS
FINE ROSSVILLE ALCOHOLS
Co
m
m
e r
c
i a l
17 E A S T
PLANTS:
S
42nd
o
l v e n
Co
t s
STREET,
NEW
r p o r a t i o n
YORK,
N. Y.
T E R R E H A U T E , IN D .; P E O R IA , I L L .; W E S T W E G O , L A .; H A R V E Y , L A .;
S T E R L IN G T O N , L A .; A G N E W , C A L I F .; P H IL A D E L P H IA , P A .
B A N K O F F R A N C E ’S C O M P A R A T IV E S T A T E M E N T
Bank of France Statement
HE statement for the week ended Oct. 26
showed an increase in note circulation of
140,000,000 francs, which raised the total outstand
ing to 144,379,000,000 francs. Notes in circulation
a year ago totaled 110,446,486,430 francs and the
year before 91,336,121,885 francs. The Bank’s gold
holdings showed a slight increase of 8,601 francs,
while the items of French commercial bills dis
counted, bills bought abroad, advances against se
curities and creditor current accounts showed de
creases of 471,000,000 francs, 21,000,000 francs,
27,000,000 francs and 1,630,000,000 francs respec
tively.
Gold holdings now total 97,266,047,756
francs, compared with the pre-devalued holding of
55,808,328,520 francs a year ago. The proportion of
gold on hand to sight liabilities rose to 60.35%, com
pared with 40.47% last year. A comparison of the
different items for three years is furnished below:
T
Changes
for W eek
Oct. 26. 1939
Oct. 27, 1938
Oct. 28, 1937
Francs
Francs
Francs
Francs
+ 8,601 97,266,047,756 55,808,328,520 55,805,022,187
*39,391,821
18,332,673
11,951,335
Credit bals. abroad,
a French commercial
bills d iscou n ted.,
— 471,000,000
— 21,000,000
b Bills bought abr’ d
— 27,000,000
A d v. against securs.
N ote circu la tio n ___
+ 140,000,000
Credit current accts. — 1,630,000,000
c Tem p. advs. with
N o change
out int. to State . .
Propor’n of gold on
hand to sight lia b .
+ 0.55%
12.871.000. 00015,926,209,656 10,620,336,602
85,000,000
750,595,224
810,515,291
3,576,000,000 3,865,476,335 3,710,408,274
144379000,000 110446 486,430 91,336,121,885
16.703.000. 000
27,469,016,296 17,326,333,073
25,472,990,139 48,133,649,244 26,918,460,497
60.35%
40.47%
51.36%
* Figures as o f O ct. 12, 1939.
a Includes bills purchased in France, b Includes bills discounted abroad, c In
the process o f revaluing the Bank’s gold under the decree o f N o v . 13, 1938, the
three entries on the Bank’s books representing tem porary advances to the State
were wiped out and the unsatisfied balance o f such loans was transferred to a new
entry o f non-interest-bearing loans to the S ta te .
Revaluation o f the Bank’s gold (at 27.5 m g. gold 0.9 fine per franc) under the
decree o f N o v . 13, 1938, was effected in the statement o f N o v . 17, 1938; prior to
that date and from June 20, 1937, valuation had been at the rate o f 43 m g. gold 0 .9
fine per franc; previous to that tim e and subsequent to Sept. 26, 1936, the value
was 49 m g. per franc, and before Sept. 26, 1936, there were 65.5 m g. o f gold to
the fra n c.
Bank of Germany Statement
HE statement for the last quarter of October
showed an increase in note circulation of 617,000,000 marks, which raised the total outstanding to
CURRENT NOTICE
MUNICIPAL, CORPORATION AND
INSTITUTIONAL SECURITIES
Inquiries Invited
Ed w a r d D. J ones & C ompany
S t. L o u is S to ck E x c h a n g e
M em b ers
C h ic a g o S to ck E x c h a n g e
N . Y . C u rb E x ch a n g e A s s o c ia te
STOCKS AND BONDS
BOATMEN’S BANK BUILDING
ST. LOUIS
C E n tra l 7600
— The investment advisory depart
ment of Amott, Baker & Co., Inc., 150
Broadway, New York City, has pre
pared for distribution a pamphlet en
titled “ War and Investment Policy” ,
which contains suggestions on shaping
investment programs to war-time trends.
— Arthur Thompson & Co., 52 Wil
liam St., New York City specialists in
U. S. Government Securities, announce
that Reginald H. Sturgis, formerly with
Goldman Sachs & Co., is now associated
with their firm.
— George J. Klein, formerly with
Lehman Bros., is now associated with
A. L. Stamm & Co.
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
—
—
2865
International Shoe Co.
ST. LOUIS
NEW YORK
BOSTON
10,819,000,000 marks. Notes in circulation a year
ago aggregated 7 ,753,896,000 marks and the year
before 5 ,2 7 5,262,000 marks. The Bank’s gold hold
ings fell off 277,000 marks, while bills of exchange
and checks gained 172,100,000 marks. Gold holdings
now total 76,869,000 marks, compared with 7 0 ,7 7 3 ,000 marks a year ago. The proportion of gold to
note circulation is now at 0 .7 1 % ; a year ago it was
0 .9 8 % and the year before 1 .4 3 % . Below we furnish
the different items with comparisons for previous
years:
REICHSBANK’S COMPARATIVE STATEMENT
Changes
for Week
Oct. 31, 1939
Oct. 31, 1938
Oct. 30, 1937
Reichsmarks
Assets—
Reichsmarks
Reichsmarks
Reichsmarks
70.081.000
70.773.000
Gold and bullion____
76,869,000
— 277,000
10.605.000
Of which dep. abr’d .
20.055.000
Res. in for. currency..
5,617,000
5,703,000
Bills of exch. & checks. + 172,100,000 9,368,200,000 7,543,000,000 5.584.921.000
a237,324,000 105.631.000 120.549.000
Silver and other coin ..
23.007.000
a20,892,000
Advances___________
43.543.000
Investments_________
a l ,348,692,000 847.597.000 397.447.000
Other assets_________
a l ,397,066,000 1.254.122.000 723.694.000
Liabilities—
Notes in circulation_
_
+ 617,000,000 10,819,000,000 7.753.896.000 5.275.262.000
a l,394,438,000 1.040.455.000 711.480.000
Oth.dally matur.oblig.
a569,006,000 400.026.000 316.219.000
Other liabilities..........
Propor’n of gold & for.
1.07%
0.71% ______0.98%
curr. to note circul’n
1.43%
* “ Reserves in foreign currency” and "Deposits abroad” are included in “ Gold
coin and buUlon.” a Figures as of Oct. 7, 1939.
CURRENT
U
N IT E D S T A T E S T R E A S U R Y financing was
the only point of interest in the New York
money market this week, as all rates were un
changed in the ordinary classes of paper and hardly
any business was done. The Treasury sold on Mon
day $156,000,000 91-day discount bills, awards being
at an average of 0 .0 2 8 % , computed on an annual
bank discount basis. On the same day the Treas
ury offered $250,000,000 Reconstruction Finance
Corporation 1 % notes due July 1, 1942, applica
tions amounting to $3,643,000,000. Another issue
of $100,000,000 91-day bills was sold yesterday at an
average of 0.0 1 7 % discount. Bankers’ bill and com
mercial paper trading was slow, with all quotations
merely carried over from previous weeks and
months. Call loans on the New York Stock E x
change held at 1 % for all transactions, and time
loans again were 1 % ,% for maturities to 90 days
and 1 % % for four to six months’ datings.
N O T IC E
—Robert Proddow, Jr. has been
admitted to partnership in Parker,
McElroy & Co., Member of the New
York Stock Exchange.
— S. Bleichroder New York, Inc. an
nounce the removal of their offices to
the forty-second floor of 30 Broad St.,
New York City.
—Bristol & Willett, 115 Broadway,
New York City, has prepared a brief
summary on Lawrence Portland Cement
Co.
—Announcement was made of the ad
mission of S. Watson Maxwell, Jr. to
general partnership in the firm of J. F.
Reilly & Co.
New York Money Market
St. Louis Listed and Unlisted Markets
N ewhard , C ook & Co.
MEMBERS NEW Y O R K STOCK EXCHANGE
St. Louis Stock Exchange
New Y ork Curb Exchange (Associate)
FOURTH
&
O L IV E
ST. LOUIS
New York Correspondent & Wire System— Smith, Barney & Co.
ONE HUNDRED—The Commercial & Financial Chronicle YEARS OLD
2866
—
CURRENT
BONDS
MUNICIPAL
CORPORATION
PREFERRED STOCKS
Trading Department specializing in
Unlisted Securities
Nov. 4, 1939
N O T IC E
— The combination of a generally
skeptical view of the present level of
activity, a relatively moderate com
modity price level, fairly reasonable
finished goods prices, and the recent
subnormal level of inventories is pointed
to by the New York Stock Exchange firm
of Spencer Trask & Co., 25 Broad St.,
New York City, as warranting the belief
that business will continue to be good
well into 1940.
“ The war” , writes the firm in its new
Business Survey, “ seems to have largely
rectified the four weaknesses existent in
our domestic economy a few months ago,
namely, (1) the lethargy of the capital
goods industries; (2) a serious malad
justment between finished goods and
commodity prices; (3) the gradual
erosion of farm income; and (4) the
antagonism between Washington and
industry.
“ With business virtually certain to
continue at a very high rate throughout
the rest of this year, the question be
comes one of what to expect in the first
quarter of 1940. Two factors that might
cause alarm at present appear to be a
difficult labor situation and a tendency
to build up inventory.
“ Granted that the labor picture is
serious, it appears that the C. I. O.
movement really passed its peak in 1937
and that, though there may be sporadic
strikes, the effect should not be to pre
vent a continued high level of business
activity. As for inventory accumula
tion, consumers’ goods inventories were
subnormal until recently, and six weeks
of accumulation have probably not
pushed them far above a normal turn
over figure.
“ It seems logical to expect” , says the
company, “ that accumulation of stocks
in November and December will lead to
a drop-off in first quarter business in
dices . The important point is, however,
that the probable first quarter decline
will likely be from record levels to a
point where it is still very satisfactory
without actually crowding productive
capacity as it is at the moment.”
PrEscattlW
right, SniderC
a.
INVESTMENT BANKERS
918 B a ltim o r e A v e n u e
K a n s a s C ity , M o.
AT&T— KC262
Vi. 3143
D istributors
Underwriters
C O R P O R A T E a n d M U N IC IP A L
S E C U R IT IE S
Stern Brothers & Co.
1 0 0 9 -1 5 B a l t i m o r e A v e .
KANSAS
C IT Y ,
MO.
ST. JOSEPH, MO.
OMAHA, NEB.
I. M. S IM O N & C O .
Business Established 1874
Enquiries Invited on all
Mid-Western and Southern Securities
MEMBERS
New York Stock Exchange
New York Curb (Associate)
St. Louis Stock Exchange
Chicago Board of Trade
Chicago Stock Exchange
315 N o rth F o u r th S tr e e t
ST.
L O U IS ,
MO.
Telephone Central 3350
—Buckley Bros., members Phila
delphia Stock Exchange announces that
A. L. Hutchinson has become associated
with them in their trading department.
— R. E. Swart & Co., Inc., announce
that Paul G. Cunningham has become
associated with the sales organization fo
their Pittsburgh office.
A. S. Huyck
and
Company
Incorporated
Municipal Bonds
100 West Monroe Street, Chicago
T e le p h o n e F R A n k lin
1435
STANLEY GATES & CO.
Investment Securities
FIRST NATIONAL BANK BUILDING
ST.
P A U L , M IN N .
— New Canadian bond financing for
the month of October totaled $212,313,181 and consisted principally of an issue
of $200,000,000 of 2% notes of the
Dominion of Canada due Oct. 16, 1941,
the first sold since the war started, and
an issue of $8,614,000 Province of
Ontario 3J4% bonds due Nov. 1, 1947,
according to figures compiled by Wood,
Gundy & Co., Ltd. In addition, two
issues of treasury bills were sold, one for
$30,000,000 at a rate of .880% and the
other for $25,000,000 at a rate of .858%.
In the same month last year, excluding
treasury bills, Canadian bond financing
aggregated $51,505,658 and in 1937 to
$627,048.
In the first 10 months of this year,
Canadian government and municipal
bond financing, exclusive of $520,000,000 of treasury bills, amounted to $563,820,913, as compared with total of
$362,750,487 and $374,808,635 in the
similar periods of 1938 and 1937 respect
ively, according to the compilation. Of
the 1939 total, $414,495,011 was for
refunding and $149,325,902 for new
money.
Corporate financing for the first 10
months of 1939 totaled $227,378,500,
of which $212,377,500 was for refunding
purposes and $15,001,000 for new
money.
This 10-month total, the
largest in any of the past five years,
compares with $56,110,500 in 1938 and
$125,356,100 in 1937.
ONE HUNDRED— The Commercial & Financial Chronicle YEARS OLD
Volume 149
2867
—
i
1
Gher & Co.
A.
SOUND
FOR
SECURITIES
N ew Y ork
.
INVESTMENT
C h icago
I
i
I
New Y ork Money Rates
E A L I N G in detail w ith call loan rates on the
S tock E xchan ge fro m d a y t o d a y , 1 % was the
ru lin g q u ota tion all th rou g h the w eek fo r b o th new
loans and renew als.
T h e m a rk et fo r tim e m o n e y
continues quiet. R a tes co n tin u e d n om inal at
%
up to 90 days a n d 1 3 4 % fo r fo u r to six m o n th s’
m aturities. T h e m ark et fo r prim e com m ercia l paper
has been quiet this w eek . T h e d em a n d has been fair
b u t high class paper con tin u es in lim ited su p p ly .
D
134
R u lin g rates are % % @ 1 % f ° r ah m aturities.
H E m arket fo r prim e b a n k ers’ a ccep ta n ces has
been sligh tly stron ger this w eek.
Prim e bills
have been in fair s u p p ly a n d the d em an d has im
p ro v e d . T h ere has been n o change in rates. D ea lers’
rates as re p o rte d b y the F ederal R eserve B a n k o f
N ew Y o r k fo r bills u p t o a n d in clu d in g 90 days are
3 4 % b id an d 7 -1 6 % a sked; fo r bills ru n n ing fo r fo u r
m on th s, 9 -1 6 % b id and
asked; fo r five and six
m on th s, 3 4 % b id and 9 -1 6 % asked. T h e bill b u y in g
rate o f the N ew Y o r k R eserve B a n k is
fo r bills
running fro m 1 to 90 d ays.
T
34%
34%
D iscount Rates of the Federal Reserve Banks
T
n o changes this w eek in the
o f th e F ederal R eserve ban k s;
G o v e rn m e n t ob ligation s are
t o the ta b le . T h e fo llo w in g is
Breckinridge
and
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Rate in
Efjecl on
biov. 3
Federal Reserve Bank
Boston______ .
....
New Y o r k .. . .
Philadelphia______
___
Cleveland___
Richmond____
Atlanta______
Chicago________ . . . . .
St. Louis_______
. _____
Minneapolis_____ _ . . ._
Kansas City. . .
. . .
Dallas_____
_
_
_
San Francisco_
_
_
_
1
1
134
IX
ix
*1X
* iy 2
*1X
IX
*1X
*1X
IX
Date
Established
Sept. 1,
Aug. 27,
Sept. 4,
May 11,
Aug. 27,
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 3,
Previous
Rate
1939
1937
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937
i-x
IX
2
2
2
2
2
2
2
2
2
2
* 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.
Bankers’ Acceptances
H E R E h ave been
red iscou n t rates
recen t advan ces on
sh ow n in the fo o tn o te
the schedule o f rates n ow in e ffe c t fo r the variou s
classes o f p aper at th e d ifferen t R eserve ban k s:
Company
Chicago’s Oldest
Investm ent Counsel Firm
Course o f Sterling Exchange
T E R L I N G exch an ge is ch a ra cterized , as since the
o u tb re a k o f th e E u rop ea n w a r, b y m eager
v olu m e o f business a n d n arrow price changes. T h e
la ck o f sig n ifican t flu ctu a tion s in rates is con sid ered
as due la rg ely to o fficia l co n tro l o f exch an ge and
com m erce in L o n d o n . T h e range this w eek in the
N e w Y o r k free m ark et has been b etw een $3.9834 and
$4.00 fo r b a n k ers’ sight b ills, co m p a re d w ith a
range o f b etw een $3.9 93 4 and $ 4.02 last w eek . T h e
range fo r cable transfers has been b etw een $3.9834
a n d $ 4.0034; co m p a re d w ith a range o f betw een
$3.9934 a n d $4.0 23 4 a w eek ago.
T h e o fficia l ex ch an ge rates fix e d b y the B an k o f
E n g la n d have sh ow n n o change in the past few
w eeks:
N e w Y o r k cables 4 .0 2 -4 .0 4; Paris checks
176-177; A m sterd a m , 7 .5 2 -7 .5 8; C a n a d a , 4 .4 3-4.47.
MUNICIPAL
PUBLIC UTILITY
CORPORATION
BONDS
134 S O U T H
LA SALLE
STREET
CHICAGO
A.C.ALLYNandCOMPANY
FRANK P. BRECKINRIDGE, President
Correspondent:
Bertil O h lin ,
Stockholm, Sweden
In corp ora ted
Chicago
New York
Boston
Philadelphia
Kansas C ity
Milwaukee
Omaha
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
2868
—
—
H. M. Byllesby and C
ompany
F o u n d e d 1902
Nov. 4, 1939
H. B. L a R occa & Co.
IN C O R P O R A T E D
Underwriters and Distributors of
Investment Securities
135 South La Salle Street, Chicago
N ew Y o r k
P h ila d e lp h ia
B erlin was n ot q u o te d .
P it ts b u r g h
M UNICIPAL BONDS
29 SOUTH LA SALLE S TR EET, CHICAGO
M in n e a p o lis
L ire are u n o ffic ia lly q u o te d
in L o n d o n at 7 8 .5 0 .
T h e fo llo w in g o fficia l rates have been fix e d fo r
o n e-m on th d eliv e ry in th e fo rw a rd foreign exch an ge
m a rk et: N ew Y o r k % cen t p rem iu m t o p a rity ; Paris
p a rity fo r b o th sellers a n d b u y ers; A m sterd a m \]/2
p oin ts p rem iu m t o p a rity ; Brussels p a rity t o 4 p oin ts
d iscou n t; Z u rich 3 p oin ts p rem iu m t o p a rity .
L ittle com m e n t o f im p orta n ce b earin g d ire ctly
u p on th e foreig n ex ch an ge m arkets can be e x p e cte d
u n til th e E u rop ea n co n flict en ds a n d exch an ge and
oth er com m ercia l restriction s are re m o v e d . E v e r y
w here su ch con trols are in fa c t b ein g tig h ten ed .
A L o n d o n d isp a tch states th a t an in tim a tio n has
been receiv ed b y the L o n d o n M e ta l E xch a n ge fr o m the
B ritish B oa rd o f T ra d e th a t a fter careful ex a m in a tion
o f th e situ a tion it has d e cid e d t o su sp en d all ex p o rt
licenses fo r tin w h ich are at present in fo rc e . T h is
decision w ill be g iv en im m ed ia te e ffe c t. T h e sus
p en sion o f p u b lica tio n o f B ritish im p o rt a n d e x p o rt
figures on b u llion w h ich o ccu rre d a few w eeks ago
has been fo llo w e d b y su spen sion o f th e p u b lica tion
o f all com m ercia l tra n sa ction s, w ith th e result th a t
m ost trad e indices are n o longer a v aila b le.
T h e m ark et ex p erien ced n o surprise w h en the
F ed eral R eserv e B a n k at th e in stiga tion o f the
U n ited States T re a su ry on O ct. 25 su sp en ded p u b li
ca tion o f the F ed era l R eserve B o a r d ’s d a ily and
w eek ly rep orts o n th e g o ld m o v e m e n t at th e P o rt
o f N ew Y o r k .
Channer Securities Company
A lm o st im m e d ia te ly a fter th e F ed era l R eserve
a ctio n cam e an a n n ou n cem en t fro m L o n d o n th a t th e
G o v e rn m e n t o f In d ia has b a n n e d the im p o r t b y sea
or lan d o f silver b u llio n , silver sh eets, a n d silver
plates w h ich h a v e u n dergon e n o m a n u fa ctu rin g p ro
cess su bseq u en t t o rollin g . A n e x c e p tio n to this rule
is m ade in cases where a license has been g ran ted b y
th e R eserve B a n k o f In d ia .
T h e G o v e rn m en t o f
In d ia has likew ise p ro h ib ite d the im p o r t or e x p o rt o f
g old e x ce p t un der license.
C o m p la in t is m o u n tin g in G reat B rita in against the
“ co n tro litis” o f the w artim e b u re a u cra cy . O n O ct. 29
P a rlia m en t’s p rog ra m listed so m a n y criticism s for
answ er b y th e G o v e rn m e n t th a t th e B ritish press
called it “ grievan ce w e e k .” M em b ers o f P a rliam en t
re p o rte d a barrage o f in d ig n a n t criticism fr o m bu si
ness m en on the g rou n d th a t un n ecessa ry p osta l a n d
ca ble cen sorsh ip delays im p eriled a h e a v y v olu m e o f
e x p o rt business. T h e press in general t o o k u p th e
cr y o f “ co n tro l th e c o n tr o ls .” It is th o u g h t th a t the
criticism s m a y lead t o som e easin g o f th e restriction s
a n d th u s result in im p ro v e m e n t in B ritish in ter
n a tion al tra d e.
N u m erou s business item s ou tsid e th e s trictly
foreign exch an ge field p o in t t o th e increa sin g general
con fid en ce in G reat B ritain w h ich , if m a in ta in ed , w ill
e v e n tu a lly be re fle cte d in foreig n exch a n ge a n d
foreig n trad e a c tiv ity .
One su ch in d ica tio n is the
recen t cu t m ade b y u nderw riters in w a r risk in su r
ance ra tes. O ther in d ica tion s are seen in th e m ore
W ebber,D arch & C ompany
Investment Dealers— Underwriters
Railroad — Public Utility— Industrial
Municipal,
and Municipal Securities
County and School Bonds
Middle Western Specialists
in Securities of
•
39 South La Salle Street
CHICAGO
Phone: Randolph 3900
ASSOCIATED GAS & ELECTRIC SYSTEM
D ir e c t P r iv a te W ir e s — N e w
Teletype: CGO 540
Y o rk , B o s to n , L o s A n g e le s
208 SOUTH LA SALLE STREET, CHICAGO
Telephone Central 2188
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
—
W E. H u t t o n
.
E s t a b l is h e d
I N
2869
—
V E S T M
E N
T
& Co m p a n y
1886
S E C U
R I T I E S
Members New York Stock Exchange
and other Principal Exchanges
O F F IC E S :
C in c in n a ti
N ew Y o rk
B a lt im o r e
D e tr o it
L a n s in g
spirited ton e o f tra d in g in m ost o f the L o n d o n
m ark ets, especia lly in th e m o n e y m a rk et, the rise
in g ilt-ed g ed securities a n d in s to ck exch an ge prices,
and the g reatly im p r o v e d p osition o f the B a n k o f
E n g la n d , w hose n ote circu la tion as o f O ct. 25 sh ow ed
a re d u ction , the sixth su ccessive decline since the
record circu lation o f £ 5 5 3 ,4 7 5 ,0 0 0 o n A u g . 24.
T h e ra p id return o f notes to the B a n k sh ow ed th a t
p u b lic a n x iety has been a lla y ed a n d was largely
responsible fo r the re d u ctio n last w eek o f the B an k
o f E n g la n d ’s rate fro m 3 % to 2 % , brin g in g the rate
again to the low est level e v e r establish ed in L o n d o n .
T h e L o n d o n “ F in an cia l N e w s” in d ex o f 30 in d u s
trial stock s, b ased on J u ly 1, 1935 as 100, s to o d at
7 4.5 on O ct. 28, as against 6 6.9 a m on th earlier.
R eu ters s to ck in d ex o f L o n d o n s to ck prices on O ct. 30
s to o d at 89.3 fo r ind u strials, co m p a re d w ith 88.1 on
O ct. 17.
T h e p ron ou n ce d stren gth o f th e last few w eeks in
the g ilt-ed g ed stock s in L o n d o n has created a g o o d
fou n d a tion on w h ich to start b u ild in g w ar loan plans.
Since A u gu st th e w ar loan
per cents h ave risen
from 883^2 to 9 3 ^ ; 2 ^ per cen t C on sols have ad
v a n ce d from 62 t o 683^; C o n so l 4s have a d v a n ced
from 983^ t o 1023^.
T h e con v ersion 33^s have
sim ilarly im p ro v e d fro m 873^2 t o 9 2 ^ and the fu n d
1003^2
P h ila d e lp h ia
B o sto n
L e x in g to n
C an a dian ex ch an ge fo llo w s th e tre n d apparen t
since the estab lish m en t o f fix e d rates b y L o n d o n at
the ou tb rea k o f th e w ar.
H en ce C an a d ian funds
con tin u e to rule at a d iscou n t in term s o f th e U n ited
States d ollar. D u rin g th e past w eek M o n tre a l funds
ra n ged b etw een a d iscou n t o f 1 0 ^ % a n d a dis
cou n t o f 9 1 5 -1 6 % .
A s n o te d in these colu m n s last w eek , th e Federal
R eserve B a n k o f N e w Y o r k has d iscon tin u ed re p o rt
ing the g o ld m o v e m e n t at th e P ort o f N e w Y o r k .
T h e figures o f im p orts a n d ex p orts w h ich fo llo w are
taken fro m the w e e k ly statem en t o f the U n ited
States D e p a rtm e n t o f C om m erce and c o v e r the
p eriod O ct. 21 t o 25, in clu siv e . T h e figures are for
a p eriod sh orter th a n a w eek as the D e p a rtm en t has
d e cid e d t o have its statem en t co v e r th e w eek ly
p eriod e n d in g W e d n e sd a y hereafter (in stead of
F rid a y as h e retofore) in ord er t o h ave it con form
w ith the sta tem en t fo rm e r ly issu ed b y the R eserve
B a n k . Future rep orts w ill be on th a t basis.
GOLD E XPORTS A N D IM PORTS OCT. 21-OCT. 25, INCLUSIVE
Im p o rts
Ore and base bullion
_ .
Refined bullion and c o in ..
Total
_.
_
_
E x p o r ts
*$4,199,499
__ 11,243,173
$2,462
135
$15,442,672
$2,597
...
D e t a i l o f R e fin e d B u llio n a n d C o in S h ip m e n ts —
Italy
. . .
United Kingdom____ __
_
_
Canada ____
..
._
Venezuela
. . .
___
British I n d i a ..............
...... . .
Hongkong
.
Union of South Africa ____
_ _
Philippine Islands____
$1,464,622
6,160,047
121,739
188,449
752,898
468,576
2,086,842
in g 4 per cents fro m
to 1043^.
In the L o n d o n m o n e y m ark et this w eek there was
a fair in q u iry w h ich was ea sily satisfied, w ith call
m on ey against bills at 1 % d ow n to % % .
B ill rates
w ere as follow s: T w o -m o n th s bills 1 3 -1 6 % , th reem on th s bills 1 7 -3 2 % , fo u r-m on th s bills 1 9 -3 2 % ,
an d six-m on th s bills 1 9 -1 6 % .
135
* Chiefly $3,517,993 from Australia.
Gold held under earmark at the Federal Reserve banks was reduced
during the period Oct. 21-25, inclusive, by $31,198,000.
W . H . Fillmore & Co.
BENJ. D. BARTLETT & C .
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ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
2870
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Nov. 4, 1939
COMPANY
1903
INVESTMENT SECURITIES
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CLEVELAND,
M E M B E R S
C L E V E L A N D
Referring to day-to-day rates sterling exchange in
the New York free market on Saturday last was dull
and slightly up from previous close. Bankers’ sight
was $ 3 .9 9 @ $ 4 .0 0 ; cable transfers $ 3 .9 9 )4 @ 4 .0 0 3 4 On M onday sterling was easier in limited trading.
The range was $ 3 .9 9 3 4 @ $ 3 .9 9 3 4 for bankers’ sight
and $ 3 .9 9 2 4 @ $ 3 .9 9 2 4 for cable transfers. On Tues
day exchange was fractionally firmer in limited trad
ing.
Bankers’ sight was $ 3 .9 9 3 4 @ $ 3 .9 9 2 4 i cable
transfers $ 3 .9 9 3 4 @ $ 4 .0 0 3 4 On Wednesday the
market continued restricted. The range was S3.9934
@ $ 4 .0 0 for bankers’ sight and $ 3 .9 9 J /£ @ $ 4 .0 0 ^ for
cable transfers. On Thursday sterling was dull but
steady. The range was $ 3 .9 9 ^ @ $ 4 .0 0 for bankers’
sight and $3.9924@ $4,003/8 f ° r cable transfers. On
Friday the market continued narrow, with rates
steady. The range was $ 3 .9 8 2 4 @ $ 3 .9 9 2 4 for bankers’
sight and $ 3 .9 8 3 4 @ $ 4 .0 0 for cable transfers. Closing
quotations on Friday were $3.9824 for demand and
$3.9934 for cable transfers. Commercial sight bills
finished at $3.9724> 60-day bills at $3.9634 > 90-day
bills at $3.9534 > documents for payment (60 days) at
$3.96^4, and seven-day grain bills at $3.9724- Cotton
and grain for payment closed at $ 3 .9734-
Continental and Other Foreign Exchange
R E N C H francs, which are steady in terms of
sterling, have been ruling fractionally easier this
week in terms of the United States dollar. This was
determined largely by the somewhat sasier tone of
sterling in the New York free market. On the whole
fluctuations were narrow and were affected by even
the slightest market sale or demand.
F
BUILDING
OHIO
S T O C K
E X C H A N G E
There has been no important change in the French
fiscal situation since the beginning of the war.
M . Jacques Rueff, Vice-Governor of the Bank of
France, where he heads the new exchange office,
said a few days ago: “ It is our firm desire and we
have given a formal undertaking that exchange con
trol shall be honest control. W e are anxious that
its application shall not harm French credit and we
are convinced it will n o t.”
The system is based upon respect for acquired
rights and the sanctity of contracts. Nothing ex
cuses a debtor from lawful debts nor prevents a
foreigner from withdrawing funds which had been
accumulated here before the control was instituted.
The French finance ministry has developed a policy
of financing the war by short-term bonds of from 12
months to 3 years maturities.
A national comittee
of 24 members has been formed for the purpose of
popularizing the bonds. This committee, known as
the Grand Chancellery of the Legion of Honor, is
drawn from representatives of finance, business,
army, churches, law, press, and various scientific
and literary academies.
In addressing the committee a few days ago,
Finance Minister Reynaud pointed out that French
finances are in order and stronger than ever. He
added that capital continues to flow into France
since the war and exchange reserves are higher now
than before the outbreak of hostilities, despite the
huge expenditures which have been made abroad.
He announced his intention to introduce a budget
which,* apart from the military expenditure, will
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ONE HUNDRED—The Commercial & Financial Chronicle— YEARS OLD
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Ohio and Michigan
EXCLUSIVELY MUNICIPALS
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exceed 65,000,000,000 francs but which will be met
out of revenues.
On Oct. 18 and Oct. 24 and later, Polish, British,
and French official sources asserted that all the gold
of the Bank of Poland, amounting to 70 tons and
valued at approximately £20,000,000 sterling, had
been successfully removed from Warsaw before its
fall and under the personal guidance of the former
finance minister, Colonel Ignace Matuszewski, had
been transferred by truck to Rumania, transshipped
on a Turkish vessel, landed in Syria, and escorted to
France by a French man-of-war. It is now on
deposit with the Bank of France.
The new Polish Cabinet now meeting in Paris
made it clear that not an ounce of this gold will be
used for the Government’s expenses but will form
the reserve for the restored Polish currency in recon
stituted Poland. The £6,000,000 British credit pro
vided for Poland at the outbreak of the war and the
600,000,000 francs subscribed by France are, it
would seem, still in effect for the Polish authorities
seated in Paris.
A Reuters dispatch from Helsinki a few days ago
stated that the Finnish Government has strictly
prohibited the export of domestic or foreign currency
or other monetary paper. Holders of foreign cur
rency worth more than 5,000 Finnish marks are
required to deposit it with the State bank. Travelers
leaving Finland are permitted to take only currency
or monetary paper worth 3,000 markkas.
S. R. LIVINGSTONE & CO.
M em bers
New York Stock Exchange
New York Curb (Associate)
Detroit Stock Exchange
Municipal and Corporation Bonds
Listed and Unlisted Securities
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The London check rate on Paris closed on Friday
at 176-177, against 176-177 on Friday of last week.
In New Y ork sight bills on the French center finished
at 2.2634 and cable transfers at 2.2634> against
2.2634 and 2.2624* Antwerp belgas closed at 16.67
for bankers’ sight bills and at 16.67 fot cable trans
fers, against 16.65 and 16.65. Italian lire closed at
5.05 for bankers’ sight bills and at 5.05 for cable
transfers, against 5.05 and 5.05. Berlin marks are
not quoted in New York, nor is exchange on Czecho
slovakia or on Poland. Exchange on Bucharest
closed at 0.7334 (nominal), against 0.7334 (nominal).
Exchange on Finland closed at 2.03 (nominal),
against 2.03 (nominal). Greek exchange closed at
0.74>4 (nominal), against 0.7434 (nominal).
------- ♦-------
X C H A N G E on the countries neutral during the
war of 1914-1918 presents no new features from
those of recent weeks. These units are inclined to
move in sympathy with sterling and since the pound
is held steady by London there is little fluctuation
in the neutral rates. On N ov. 1 leaders of the three
Danish political parties agreed to recommend that
the krona in terms of sterling should not be lowered
from its present level of 20.70 kroner to the pound.
Bankers’ sight on Amsterdam finished on Friday
at 53.11, against 53.09 on Friday of last week; cable
transfers at 53.11, against 53.09; and commercial
sight bills at 53.00, against 53.05. Swiss francs
closed at 22.4334 for checks and at 22.4334 for cable
E
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
2872
—
F r a n c is , B
ro.
—
&
Co.
Nov. 4, 1939
Investment Securities
Established 1877
S ti k $ Co.
Investment Securities
SAINT LOUIS
509 0L,V STE
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Kennedy Building,
St. Louis
Members
St. Louis Stock Exchange
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transfers, against 22.43 and 22.43.
Copenhagen
checks finished at 19.32 and cable transfers at 19.32,
against 19.31 and 19.31. Checks on Sweden closed
at 23.82 and cable transfers at 23.82, against 23.82
and 23.82; while checks on Norway closed at 22.72
and cable transfers at 22.72, against 22.72 and 22.72.
-----♦----
X C H A N G E on the South American countries is
generally steady and quiet.
Most of these
countries are increasing their buying from the United
States. Brazil has completed arrangements within
the United States of ships, maritime and railway
equipment to the value of more than $11,000,000.
Chile is also buying locomotives and railway equip
ment in the United States, while in Argentina ex
change and import restrictions have been r e m o l d
with respect to a large number of United States
products.
Extension of this commerce does not
warrant the assumption that European nations
formerly supplying the South American republics
have permanently lost their markets there.
Argentine paper pesos closed on Friday at 29.78
for bankers’ sight bills and at 29.78 for cable trans
fers, against 29.78 and 29.78. The unofficial or
free market was 23.50, against 23.60. Brazilian
milreis are quoted at 5.10, against 5.10. Chilean
exchange is quoted at 5.19 (official), against 5.19.
Peru is nominally quoted at 19.00, against 19.00.
E
---- ♦
-----
S T . LOU IS
X C H A N G E on the Far Eastern countries pre
sents no new features of importance. Reports
from Tokio indicate that a bill will be presented in
the March session of the Japanese Diet which will
increase the fiduciary limit in Japanese note circula
tion by 500,000,000 yen above the present 2,200,000,000 yen limit. The note issue has already ex
ceeded the present fiduciary limit. In the last few
days of October the Bank of Japan’s note circulation
rose by 119,000,000 yen to a total of 2,806,000,000
yen. Technically 501,280,000 yen of the circulation
represents the gold reserve of the Bank of Japan, the
fiduciary issue already allowed accounts for an
additional 2,200,000,000 yen.
Closing quotations for yen checks yesterday were
23.45, against 23.45 on Friday of last week. Hong
kong closed at 25.00, against 25 1-16; Shanghai at
8% , against 8% ; Manila at 49.90, against 49.90;
Singapore at 47% , against 47% ; Bombay at 30.35,
against 30.35; and Calcutta at 30.35, against 30.35.
E
G o ld B u llio n in E u ro p ea n B a n k s
HE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate, 84s. ll%>d. per fine ounce)
in the principal European banks as of respective
dates of most recent statements, reported to us by
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
four years:
T
WALDHEIM, PLATT & CO.
M em bers
New York Stock Exchange
New York Curb (Associate)
C h ica go S to ck E xchan ge
St. Louis Stock Exchange
S C H E R C K , R IC H T E R C O M PA N Y
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308
ST. LOUIS, MO.
'
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L . D . 123
N orth
E igh th
S A IN T L O U IS
S treet
Volume
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
149
—
—
2873
B I O R E N & CO.
E s t a b l is h e d 1 8 6 5
Members of New York and Philadelphia Stock Exchanges
PHILADELPHIA, PA.
1508 WALNUT STREET
Banks of—
1939
1938
1937
£
327,722,440
293,728,234
3,005,700
63.667.000
25.232.000
123.420.000
94.075.000
114.928.000
31.972.000
6.537.000
8.205.000
1936
£
327,991,740
293,710,643
2,501,300
87.323.000
25.232.000
108,391,000
98.669.000
78.631.000
26.019.000
6.548.000
6.602.000
£
249,604,429
391,871,164
1,844,250
88.092.000
42.575.000
47.491.000
105,134,000
80.129.000
24.243.000
6.552.000
6.603.000
1935
Netherlands
Nat. B elg..
Switzerland
Sweden____
Denmark _ _
_
N orw ay_
£
*533,409
328,601,513
b3,857,300
c63,667,000
a23,400,000
93.623.000
102,867,000
95.784.000
35.222.000
6.500.000
6.666.000
Total week.
Prev. week.
760,721,222 1,092,492,374 1,061,618,683 1,044,138,843 1,137,155,545
7«2.7*1.325 1,092,001,530 1.062.271.038 1,163,671,595 1,131,502,174
England___
France ___
Germany __
£
196,407,206
575,918,339
3.303.000
90.348.000
43.537.000
47.560.000
98.883.000
46.707.000
21.335.000
6.555.000
6.602.000
* Pursuant to the Currency and Bank Notes Act, 1939, tne Bank of England
statements for March 1, 1939 and since have carried the gold holdings of the Bank
at the market value current as of the statement date. Instead of the statutory pric e
which was formerly the basis of value. On the market price basis (168s. per fine
ounce) the Bank reported holdings of £1,054,992 equivalent, however, to only
about £533,409 at the statutory rate (84s. 11 Hd. per fine ounce), according to
our calculations. In order to make the current figure comparable with former
periods as well as with the figures for other countries in the tabulation, we show
English holdings in the above in statutory pounds
a Amount held Dec. 31, 1938, latest figures available, b Gold holdings of the
Bank of Germany includes "deposits held abroad” and “ reserves in foreign cur
rencies.” c As of April 30, 1938, latest figure available. Also first report sub
sequent to Aug. 1, 1936.
The value of gold held by the Bank of France Is presently calculated, in accordance
with the decree of Nov. 13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
franc; previously and subsequent to July 23, 1937, gold in the Bank was valued at
43 mg. gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
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
rancs per £1; when 65.5 mg., about 125 francs equaled £1.
American Shipping and the Neutrality
Bill
A good deal of hysterical legislation has gone
through the congressional hopper in recent years,
but the peak in excited absurdity seems to have
been at last reached in the current neutrality bill
in the original clauses affecting American shipping
and American foreign trade.
Ever since the W orld W ar we have, as a Nation,
poured out printers’ ink and Government money to
build up a merchant marine against the day when
another major conflict would come. On that day,
it was maintained, we would need a merchant
marine to assure us of essential imports, to keep
our foreign exports moving, and to provide an
auxiliary merchant fleet for our Navy. The day came
on Sept. 3, and the first thing we proposed to do
was to pull in our horns, forego our neutral rights,
abandon the freedom of the seas, and in effect tie
up or scuttle nearly half of the merchant marine
established at such great cost.
Such a proposal is contrary to our long-estab
lished policy of encouraging the development of
American export business. The clauses applying to
our ships would have so reduced the carrying
capacity of American vessels as to put us at the
economic mercy of the belligerents or the smaller
European neutrals for the necessary ships to carry
our exports. The title-transfer requirements of the
bill will still, even as amended by the Senate, em-
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barrass existing foreign branch office arrangements
of American exporters in Britain and France. The
whole program will contradict and may even stultify
our recently-developed farm export program, with
its newly-introduced subsidies.
The new proposals ran directly counter to our
long-established position in favor of the rights of
neutrals; for they would have thrown overboard
most of our rights under international law and left
the perpetuation of such neutral rights to small
nations like Holland, Denmark, and the Scandi
navian countries.
Good reason could be shown for Thomas Jeffer
son’s Embargo Act of 1807, when the United States
was a tiny seacoast Nation whose foreign trade was
caught between the guns of Great Britain and
Napoleon, and when it was argued with some reason
Bonds-
California
Municipal
Bonds
R . H. MOULTON & COMPANY
Incorporated
LOS ANGELES
SAN F R A N C IS C O
N EW Y O R K
P ro vid e n c e , R h o d e Is la n d
NEW HAVEN
that the better part of valor was for the little Amer
ican Nation to run its ships into port. We are no
longer a little Nation.
In fact, there is a curious contradiction between
the proposed shipping clauses of the neutrality bill
and the recent declaration at Panama that the war
ring Powers should stay out the Western Hemi
sphere. Taken literally, that declaration would
mean that German ships might safely ply between
this country and South America. Should a British
destroyer intercept them, and America protest, the
British might logically state that we were vastly
exceeding our rights under international law in so
protesting. Yet under the neutrality bill we would,
instead of exceeding our established rights, be re
linquishing the major part of them.
The story of the bill throws a sad light on our
legislative intelligence. As first brought in, it
would have prohibited American ships from so
much as entering the ports of any belligerent, which
would have closed to American ships ports of
Africa, India, Australia, the Malay States, Hong
kong and, of course, Canada, as well as the really
dangerous waters, and would even have stopped the
safe operation of the planes of Pan-American Air
ways, which normally put in at certain of the
British West Indies.
It was obvious that the original .drafters had no
idea of the extent of their prohibitions. First, an
exemption had to be made for the necessary PanAmerican stops. Then the bill was modified so that
American ships might put in at these remote “ bel-
WISCONSIN
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M ilw a u k e e 55
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D a ly 5392
Volume 149
ONE HUNDRED The
—
Commercial & Financial Chronicle— YE A R S
Ca
D .B
r leto x
IN V E ST M E N T
TELE P H O N E S
- 4 - S I5 6
eh
OLD
C
2875
o
.
S E C U R IT IE S
D E S M O IN E S B U IL D IN G
,
D
ligerent” ports, though only in ballast or empty.
A mighty outcry from the West Coast promptly
forced the lifting of the embargo on American ships
carrying cargo to Pacific ports, and the Connally
amendment of Oct. 18 changed the bill so that
American ships could carry cargo to all ports ex
cept those east of 50 degrees longitude and north
of 30 degrees latitude. This would shut off only
Europe, the Mediterranean, and the northwest
coast of Africa to our shipping. Even this amend
ment, however, was modified, but in a strange and
wonderful manner. For the modification seemed
intended to prevent American ships from plying
any part of the Atlantic Ocean except to South
America. This would have meant, for example, that
the American lines running to Africa could not go
there through the Atlantic, but must go through the
Panama Canal, across the Pacific, and through the
Indian Ocean, or else down the west coast of South
America, through the Strait of Magellan, and
thence across that stretch of southern ocean which,
scarcely ever traversed by mariners, is not yet the
Southern Sea nor yet the Atlantic.
Although this seemed the obvious intent of the
drafters, the amendment was not so worded. It
merely shut American ships out of Atlantic 'ports,
which meant that the American lines plying to
South Africa could sail down through the lower
Atlantic and round the Cape, provided only they
did not put in at any of the African ports on the
Atlantic coast.
e s
Mo
in e s
,I
owa
The bill as passed by the Senate on Oct. 26, not
only shuts out American ships from British and
French ports but prohibits the shipment of Amer
ican goods to these ports until transferred to the
foreigner.
This prohibition alone, unless amended, will be
sufficient to destroy a good part of the machinery
of the American export business. For it means that
Americans cannot handle their own goods in our
chief export markets, even through branch houses
and distributing agencies there established. Title
must be transferred to foreigners before the goods
leave these shores; and it is certain that when for
eign commercial handling firms acquire this busi
ness they will not readily relinquish it when the
war is over.
The same holds for the shipping business which
Americans are bound to lose through the present
clauses in the neutrality bill. It is economically
impossible for them to travel to belligerent ports in
ballast and support their operations on the return
cargoes. The business is bound to go to foreign
shipping lines; and when it once goes to them it
will not easily be regained. The business of operat
ing ships does not consist simply of carrying car-
In q u iries In v ite d
NORTHWESTERN NATIONAL
INSURANCE COMPANY
OF MILWAUKEE
E S T A B L IS H E D 1904
Edgar, Ricker & Co.
207 East Michigan Street
Milwaukee, Wisconsin
. . . With its background of 64
years of service and cooperation
with business organizations and
individuals . . . this Bank can
be useful to t’hose wishing to
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Des Moines and Iowa territory.
IOWA-DES MOINES
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ONE HUNDRED
2876
The Commercial & Financial Chronicle —
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"1
i
W H EELOC K & C U M M IN S
INCORPO RATED
M unicipal B on ds
i
EQUITABLE
BUILDING
D E S M O IN E S
!
_ _ _
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. . --------------------------- 1
goes. It consists of building up goodwill among
shippers; of understanding and filling their
peculiar requirements, and of getting them in the
habit of using one’s regular services. American
shippers are not so intensely patriotic that when
the war is over they will go back to American ships
automatically. They are in fact likely to prove as
independent as the American passengers who in
recent years have spontaneously imposed almost
a boycott on certain American lines because of the
reported boisterousness of American sailing crews.
At the end of the war, when requested to go back to
patronizing American ships, they are likely to reply
that when American ships failed them in an emer
gency foreign ships came to their help, and they
would prefer to continue shipping in the foreign
vessels.
The American shipping lines directly affected by
the bill will have the unpleasant choice of selling
their ships to foreigners, laying them up, or trans
ferring them to other lines. Sale of American ships
to foreign flags might naturally be blocked by the
Maritime Commission as directly opposed to the
whole intent of our maritime program hitherto.
John Lowry, President, the Merchants’
Association of New York, Felicitates
the Chronicle
I am informed that on November 4 The Commer
cial and Financial Chronicle will celebrate its One
Hundredth Anniversary. In this world of rapid
changes your entrance into
the relatively small group of
New York enterprises that
have passed the century mark
is an achievement in which
you may well take extreme
pride.
The Commercial and Finan
cial Chronicle has existed be
cause it has filled, and filled
well, a distinct need of the
financial and business com
munity. Your success proves
that sincerity of purpose and
consistency in the perform
ance of a necessary service
have their rewards.
I congratulate The Commerical and Financial Chronicle on its birthday
and I hope that, as it enters its 101st year, it will
be the beginning of another century of success.
Y E A R S OLD
N ov. 4, 1939
Drydocking the ships would run up high costs for
maintenance and depreciation, and just about put a
heartsick end to the American maritime program.
Transferring the ships to other runs would be
almost futile, for there are no other runs not fully
preempted. Great Britain is building ships as fast
or faster than they are being sunk, and will give up
few or none of her shipping operations, being eager
to accumulate foreign exchange, while the neutral
countries, particularly Italy, are girding themselves
to take full advantage of our cowardice. By the
time the silly season was over in American neu
trality legislation there would be no place for the
displaced American foreign-line ships except in the
protected coastwise shipping business. As a result
no one is more concerned about the pending legisla
tion than the American coastwise shipping inter
ests. Their situation is already bad, because of the
age of their ships, as was frankly indicated in the
survey by the Maritime Commission this spring,
and they already have a big enough fight on their
hands in the pending Wheeler-Truman bill to put
coastwise shipping under the Interstate Commerce
Commission.
As the bill now stands, our North Atlantic ship
ping lines face extinction, and with them would go
the money the Government has sunk in them by
subsidy, for probably 30% of our mercantile marine,
even after this week’s amendments, would in effect
be swept off the sea as effectively as if by German
submarine or British patrol.
California’s Danger
A year ago the voters of California rejected the
proposal to pay “ Thirty Dollars every Thursday” to
the so-called “ senior citizens” of that State, but the
margin against it was so dangerously small as to
invite continuance of the discussion. Now the il
lusory scheme, still bearing the fragrant title of
the “ Ham and Eggs for Everybody” plan, and only
slightly revamped, is again before the voters. Should
the verdict of next Tuesday’s election be in favor of
its adoption, the threat of disaster to California
will be measureless, and the danger to the finances
of that great Commonwealth can be averted only
by judicial intervention upon the ground that the
course of State action called for by the plan con
travenes the monetary provisions of the Federal
Constitution. There would seem to be ample ground
for such intervention, but it must be hoped it will
be unnecessary. Nevertheless, should the operation
of the plan be attempted, there can be nothing but
a period of extreme confusion and disorder in all
the affairs of the State government, with extensive
injuries to all forms of industry within the State.
Briefly, the pension plan is to pay thirty dollars
a week to every citizen of California who is over
fifty years of age and is qualified to receive the
gratuity by having no gainful employment or aban
doning any such employment that he has. The pay
ments are to be made in warrants, to be issued by
the State in denominations of $1.00 and receivable
by the State for all taxes and other obligations pay
able into its Treasury. Otherwise, these warrants
are not to be made legal tender, but their redemp
tion is to be provided for out of the proceeds of a
tax on their possession, payment of which is to be
signified, and insured, by affixing a two-cent stamp
Volume
149
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
—
on eacli one dollar warrant during every week that
it is outstanding. Unless these stamps are attached
with regularity until they aggregate $1.04 on each
$1.00 warrant, the paper becomes worthless in the
hands of its possessors. It is believed that the
present number of Californians who would receive
gratuities under this plan is not less than 800,000.
On that basis, the annual amount to be distributed
among recipients of the State’s bounty would be
$1,248,000,000, and the amount to be raised by taxa
tion would be four per cent greater or $1,297,920,000,
the additional $49,920,000 being supposed to provide
for the expenses of administration. Thus, the
scheme discloses itself merely as a device to take
from one group an enormous aggregate by taxation
— fully six times all taxes hitherto paid in Cali
fornia to the State government in any year—and to
apportion most of the fund so obtained among the
members of a more favored group, its personnel
determined by considerations of age and unemploy
ment.
Judgment of its merit, at this point, would seem
to depend upon the willingness to accept a plan of
taxation frankly intended to divert wealth or in
come from one group in a community to another
group, upon the ability of the one group to endure
forcible diminution of its resources, if such a pur
pose could be tolerated in any case, and the relative
benefits, if any, to the recipient group. Such a judg
ment would require clear delimitation of the respec
tive groups and detailed information as to their
composition, probably in no way to be acquired
except by experience. But the experience can never
be acquired under this or any similar plan, for the
plan will not operate. Any attempt to operate under
it will inevitably produce muddling upon a gigantic
scale, widespread confusion, and loss. The warrants
to be issued to the selected group composed of the
elderly and idle, would be completely valueless ex
cept in the extent in which they became a circulat
ing medium accepted in exchange as the equivalent
of money. Although not even nominally money,
and their acceptance compelled only when they
should be tendered in payment of obligations to the
State government, the advocates of the plan allege
that they would be widely accepted in trade, and
there is some ground for anticipating that, at the
beginning, there would be considerable usage of that
character. But they would be, from the very first,
under suspicion, and it is indubitable that such sus
picion would increase rapidly with practical experi
ence. Indeed, the stamp tax upon their possession
would be notice to any holder that their value would
evaporate with rapidity if they continued in his
possession. An annual tax exceeding their face
value, to be collected in fifty-two weekly instalments
and to be evidenced by stamps essential to their
validity would, in effect, make them worthless if
retained and amount to an imperative direction
immediately to pass them along to another holder
equally aware of their dwindling, or absolutely non
existent, merit, and similarly unwilling to hold them
save during the briefest possible period.
Here exists the very essence of boundless infla
tion, something without intrinsic value, temporarily
utilized for payments in exchange, distrusted by
those who use it, every possessor urged by fear that
suddenly no one will take it in exchange for any
commodity, and therefore passionately eager to get
2877
—
C m e c a d N v a n o th U ite S te
o mr e n a ig tio f e n d ta s
An abstract of the last official Annual
Statement of the Commerce and Navigation
of the United States for the year ending
ending Sept. 30, 1838:
IM P O R T S
T o t a l a m o u n t .. ________
__________ ____ $113,717,404
O f w h ic h im p o r te d in A m e rica n ve sse ls___ 103,0£7,448
In f o r e ig n vessels _____ __
...
10,629,950
EXPORTS
T o t a l a m o u n t _______________________________ $108,486,616
O f w h ic h w ere d o m e s tic p r o d u c e _ _
.
96,033,821
F o re ig n p r o d u c e _________________ ._
___
12,452,795
D o m e s tic A r tic le s :
E x p o rte d in A m e r ic a n v e s s e ls . ____
..
79,855,599
E x p o rte d in f o r e ig n ve sse ls_______________
16,178,222
F o re ig n A rtic le s :
9,964,200
E x p o rte d in A m e rica n vessels ---------------E x p o rte d in f o r e ig n v e s s e ls ___ __ ______ __
2,488,595
N A V IG A T IO N
A m e rica n s h ip p in g e n te r e d t h e p o rts o f th e
U n ite d S ta te s fo r th e yea r e n d in g S e p te m
b e r 30, 1838
................ .
. . . .t o n s . 1,302,974
D it t o c le a re d fro m d it t o
________ __________
1,408,761
F o re ig n s h ip p in g e n t e r e d d u r in g sam e p e r io d
592,110
D it t o cle a re d fr o m d i t t o . .
___. . . . .
604,166
R e g iste re d t o n n a g e , as c o r r e c t e d S e p t. 30,
1838
_______ __________________
822,591
E n ro lle d a n d lic e n s e d _______ __
____________ 1,041,105
131,102
F is h in g vessels__________________________________
T o t a l t o n s ____________________________________
E m p lo y e d in t h e W h a le F is h e r y _____________
1,993,798
129,629
S h ip p in g b u ilt in t h e U n ite d S ta te s d u r in g t h e y e a r
e n d in g S e p t. 30, 1838:
R e g is t e r e d __________________ t o n s . 41,359
E n r o lle d ___________________________
71,275
T ons
_ _____________
.
. 113,134
The imports of the previous year, ending
30th of September, 1837, amounted to
$140,989,217, and the exports to $117,419,376.
It will be observed that while the imports of
1837-38 are less by $27,000,000 than in 1836-37
the exports are less by only $9,000,000 more.
This looks like getting out of debt. The
tonnage of American shipping which en
tered in 1837-38 is greater than in 1836-37 by
3,254 tons, while the foreign tonnage is less
by 173,593 tons. This, again, is a favorable
indication. The actual tonnage owned in
the United States has increased within the
year from 1,896,685 tons to 1,994,798, or
98,113 tons. Rather less tonnage was built
in 1837-38 than in 1836-37.
HUNT’S MERCHANTS’ MAGAZINE,
July, 1839
O E -T E O N E SE U IT S
VR H-C U T R C R IE
•
Kobbe, Gearhart & Parsly
INCORPORATED
45 N A S S A U S T R E E T , N EW Y O R K
Telephone
Cortlandt 7-0100
A. T . & T. Teletype
New York 1-576
D ir e c t P riva te W ir e to C hicago
2878
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
—
rid of it forthwith, taking anything of real or pre
sumed value at any price, however extravagant. It
may very well be doubted whether, for more than a
very brief moment, the proposed “ ham and eggs
money” of California, in the hands of the selected
recipients of the State’s gratuities, would suffice to
buy salt to savor the food, and it is more than cer
tain that it would soon cease to have value in ex
change equivalent to the meat or the eggs. No
dealer could be obliged to accept it for any goods,
and after a time of rapid marking up of prices and
manipulation, none would take it at any discount
or on any terms. The worthless warrants would
become a drug on the market; their value to the
recipients of an intended bounty would be soon re
duced to nothing. The misguided citizenship would
encounter a new disappointment, and have a new
ground for discontent with their government.
Meanwhile, one function, and one function only
of the absurdly devised warrants would continue in
lively operation. Worthless for any other purpose,
the State would have to accept them whenever ten
dered in payment of taxes or anything else due to its
Treasury. Anyone owing anything to the State, or
able in any way to arrange such an obligation, ob
taining anything of even the slightest value in ex
change, would be able to acquire these warrants far
below the face values at which they would have to
be accepted by the Treasury. The State would cease
to receive any of its resources in real money and its
Process of Railway Consolidation
Much has been said of the absorption of
other lines by the Pennsylvania Railroad
Company; it seems to be outdone by the re
cent combination made in Ohio, of which as
yet very little has thus far been said here,
most probably for the same reason that the
great struggles at the West have made less
noise in the world than the battles in Vir
ginia— that is, distance from the seaboard.
One of our exchanges states briefly the scope
of this consolidation in the following terms:
“ The combination includes both routes
leading out of Cincinnati via Zenia and Dayton, which are practically one interest,
reaching, via Columbus, to Cleveland; the
Bellefontaine line from Indianapolis to
Crestline; the Pittsburg Fort Wayne &
Chicago Railroad, from Crestline to Pitts
burg; the Ohio Central Railroad from
Columbus to Bellaire; and the Pittsburg,
Columbus & Cincinnati Railroad, from
Newark to Steubenville; also the Lake Shore
road from Cleveland to Erie City.
“ In other words, the combination extends
from Cincinnati to Cleveland, and from this
‘base line’ eastward along the lake shore,
eastward to the Ohio River at Steubenville
and Bellaire, and westward from Crestline
to Indianapolis, comprising in all about
1,100 miles of road.
“ The basis of this stupendous compact is
a perpetual contract between the Little
Miami and Columbus & Zenia Railroad com
panies of the first part, and the Cleveland
Columbus & Cincinnati Railroad Company
of the second part, which contract is to go
into effect June 1, 1863.”
HUNT’S MERCHANTS’ MAGAZINE,
June, 1863
— -
N ov. 4, 1939
Treasury would quickly be denuded of everything
of real value. It would not have the right to re-issue
the warrants or in any manner to utilize them in
the payment of its own expenses, beyond possibly
some portion of the wages or salaries of its own
employees, who would to that extent be forcibly
deprived of part of their legitimate earnings. Hence,
the insolvency of the government of the Common
wealth would be complete and immediate. From
this debacle there could be no relief save by repeal
of the laws that led to the disaster and the slow
and painful process of retrenchment.
From that peril may the action of the voters next
Tuesday deliver the people of California!
Arthur Thompson & Co.
Specialists in United States G overnm ent Securities
52 WILLIAM ST., NEW YORK CITY
Han-2-3950
Teletype NY-1-2670
The Course of the Bond Market
The upward trend of bond prices has continued this week,
particularly in high grades, the Aaa’s now having recovered
about 70% of their decline since the middle of August.
Uniform strength has not been the rule, however, as United
States Governments moved up a little and then declined,
and lower-grade rails lost ground.
High-grade railroad bonds have moved fractionally
higher. Atchison gen. 4s, 1995, were up % at 105% ; Penn
sylvania 4%s, 1960, gained % to 11714. Medium-grade and
speculative rails registered small losses. Southern Pacific
4s, 1955, dropped 1% to 6 7 % ; Kansas City Southern 3s,
1950, at 65 were off 1. Central Railroad of New Jersey,
controlled by Reading Co., requested the Federal Court’s
sanction to reorganize under the Bankruptcy Act. The road
claims to have been forced by liability for $11,650,000 unpaid
taxes due the State of New Jersey. The equipment trust
certificates market has been fairly active during the week,
$1,200,000 Wheeling & Lake Erie 2%>s and $2,025,000 Louis
ville & Nashville 2% s were sold at 103.9 and 104.29, respec
tively.
Although enthusiasm for high-grade utilities diminished
somewhat on Thursday, demand during the earlier part
of the week was steady, causing a rising trend in prices.
American Tel. & Tel. 3% s, 1961; New York Steam 3% s,
1963, and Atlantic City Electric 3% s, 1964, reached new
highs for the current move. Among better medium grades,
California Oregon Power 4s, 1966, closed at 101, up 2 for
the week; Ohio Edison 4s, 1967, advanced % to 107% ; Lake
Superior District Power 3%s, 1966, rose 1% to 104. Lower
grades have been irregular. Associated Gas & Electric
debentures have been active on plans for corporate sim
plification.
Industrial bonds have been generally higher this week,
with steels, oils, foods, amusements and most other groups
showing moderate gains on the average. Exceptions to the
generally upward trend include the General Steel Castings
5%s, 1949, off 2 points at 74; the Studebaker conv. 6s, 1945,
which closed at 94% for a loss of 1% points, and the United
Drug 5s, 1953, which lost 4V8 points at 75%, wiping out
gains of the last few weeks. Sugar bonds strengthened
toward the week-end, but were off compared with a week
ago. Among building materials company obligations, the
Celotex 4%s, 1947, gained 1 point at 84, but the Certain-teed
5%s, 1948, lost % point at 75%.
The reported efforts of the Administration at improving
trade relations with the nations of Latin America have been
responsible for the moderate strength in Brazilian and
other defaulted South American loans. Australian bonds
again found support at substantially higher prices, with
gains being as much as 7 points for Brisbane 5s, 1958. Other
strong features have been Italian and French issuers, but
German Government loans have been depressed. Danish
and Norwegian bonds turned softer after early firmness,
while Japanese issues showed slight gains over last week’s
closing prices.
Moody’s computed bond prices and bond yield averages
are given in the following tables:
ONE HUNDRED
Volume 149
—
M O O D Y 'S B O N D
The Commercial & Financial Chronicle —
M O O D Y 'S B O N D
F R IC K S
(Based on Average Yields)
1939
Dally
Averages
U. S All 120
Govt
Domes
Bonds
tic
Carp.*
Aaa
Aa
A
Baa
Y IE L D
2879
AVERAGES f
(Based on rndiridual Closing Prices)
120 Domestic
Corporate by Groups*
RR.
P. U.
Ind.
1939
Daily
Averages
All 120
Domes
lie
Carp
120 Domestic Corporate
by Ratings
Aaa
Aa
A
Baa
120 Domestic
Corporate by Groups
RR.
P. V
Ind.
3.28
3.45
3.05
3.20
3.84
4.83
4.46
Nov. 3 ________
3.73
3.30
3.83
3.45
3.21
4.84
4.46
2..............
3.73
3.05
3.31
4.46
3.46
1________
3.22
3.85
4.84
3.74
3.06
3.32
3.48
3.24
4 83
4.46
3.07
3.86
3.75
Oct. 31..............
3.33
3.50
3.09
3.87
4.83
4.45
3 0 ..............
3.76
3.26
3.33
4.83
4.45
3.50
28..............
3.87
3 76
3.09
3.26
3.33
4.45
3.50
4 83
3.08
3.26
3.86
27..............
3.76
3.32
4 83
4.45
3.50
2 6 ..............
3 08
3.25
3.86
3.76
3.32
4.83
4.46
3.50
25________
3.08
3.24
3.87
3.76
3.34
2 4 ..............
3.87
4.46
3.51
3.77
3.10
3.26
4.84
3.37
3.52
4.47
3.29
4.85
23..............
3 78
3.10
3.89
3.53
3.37
4.85
4.48
21..............
3.10
3 30
3.90
3.79
3.53
3.37
4.49
3.90
4.86
2 0 ..............
3.79
3.11
3 29
3.53
3.39
4.49
19..............
3.12
3.30
3.91
4.86
3.80
3.41
3.54
4.49
3.93
18..............
3.14
3.30
4.86
3.81
3.42
3.94
4.50
3.56
17..............
3.33
4.88
3.83
3.15
3.45
4.54
3.57
4.91
16..............
3.16
3.36
3.96
3.85
3.45
4.54
3.59
14..............
3.37
3.97
4.92
3.18
3.86
3.46
4.54
3.60
13-............
3.39
3.97
4.91
3.86
3.18
12.............. Stock Exchar' ge CloR ed
3.47
4.54
11________
4.92
3.60
100.53 85.65 91.20 107.30 109.84
3.40
3.97
3.87
3.19
3.48
4.54
3.62
4.92
3.41
3.98
100.35 85.65 91.20 106.92 109.64
10.............
3 21
3.88
3.63
3.48
4.55
3.99
4.93
100.18 85.52 91.05 106.73 109.64
3.42
9 . - - ........
3.21
3.89
3.51
3.65
99 83 85.52 91 20 106.36 109 05
4.93
4.54
4.01
3.44
7________
3 90
3.22
3.52
4.93
4.55
3.66
4.02
99.66 85.52 91.05 106.17 108.85
6 . ............
3.45
3.91
3.24
3.52
4.01
4.93
4.55
3.66
99.83 85.52 91.05 106.17 108.85
5 - ............
3.91
3.23
3.45
3.52
3.66
4.02
4.93
4.56
99.66 85.52 90.90 106.17 108.85
4..............
3.47
3.91
3.22
3.54
3.69
99.14 85.24 90.90 105.60 108.46
4.05
4.95
4.56
3.49
3 ..............
3.93
3.24
3.56
4.55
3.71
99.14 85.24 91.05 105.22 108.08
2..............
4.95
3.50
4.05
.3.94
3.26
Weekly—
3.57
4.55
3.70
3.49
4.04
4.95
110.38 101.06 114 09 109.44 99.31 85.24 91.05 105.41 107 88
3.94
3.26
Sept. 29________
3.62
4.60
3.75
108.93 100.18 112.86 108.66 98.28 84.55 90.29 104.48 106.92
3.53
5.00
3.32
4.10
22..............
3.99
3.56
4.95
4.54
3.71
3.49
4.05
110.60 101.06 114.09 109.44 99.14 85.24 91.20 105.22 108.08
15..............
3.94
3.26
3.54
4.58
3.66
3.49
5.02
111.26 101.06 114.93 109.44 99.83 84.28 90.59 106.17 108.46
3.22
4.01
8............ .
3.94
3 54
3.40
3.92
5.09
4.61
1 . . 114.04
83.33 90.14 108.46 111.23
1________
3.07
3.32
3.85
102.66 118.16 112.86 101.41
3.27
3.45
4.51
3.85
4.99
3.17
Aug. 2 5 .. 114.85 104.48 120.37 116.00 102.66 84.69 91.66 110 24 113.89
Aug. 25________
3.75
2.97
3.20
4.41
3.39
4.84
18.. 116.63 105.98 121.49 117.29 103.56 86.78 93.21 111 43 115.35
3.11
3.80
1 8 . . . ........
2.92
3.67
1
3.17
3.39
4.81
4.38
3.79
93.69 111.43 116.00
3.64
2.92
3.07
116.79 106.54 121.49 118.16 103.74 87.21
11________
3.18
3.38
4.35
4.79
4. 117 12 106.73 121.72 118.16 103.93 87.49 94.17 111.64 115.78
4 ..............
3.78
3.63
2.91
3.07
3.17
3.38
4 36
4.78
July 28..............
2.91
3.78
July 2 8 .. 117 47 106 73 121.72 118.38 103.93 87.64 94 01 111.64 116.00
3.63
3.06
3.17
3.38
4.38
4.80
2 1 .. 117 07 106.54 121.94 118.38 103.38 87.35 93.69 111.64 116 00
21...............
3.64
3.81
2.90
3.06
3.18
4.42
3.38
4.85
14.. 116.99 106.17 122.17 117.94 103.02 86.64 93.06 111.64 115.78
3.83
14.......... .
2.89
3.66
3.08
3.18
3 40
7__
3.69
4.48
3.88
4.90
7. 116.82 105.60 122.40 117.72 102.12 85.93 92.12 111 23 115.78
2.88
3 09
3.21
4.52
3.43
4.95
91.51 110.63 115.14
3.72
2.91
3 90
June 3 0 ........... .
3.11
June 30. 116.43 105.04 121.72 117.29 101.76 85.24
3.21
3.42
4.46
2.92
3 86
4.90
23.. 117.13 105.41 121.49 117.29 102.48 85.93 92.43 110.83 115.14
23..............
3.11
3.70
3 22
3.43
4 91
4 48
2 93
3.12
3.88
16.. 116.SO 105.22 121.27 117.07 102.12 85.79 92.12 110.63 114.93
16............ .
3.71
3.23
3.42
4.45
4 88
3.85
9 .. 117.34 105.41 121.27 116.86 102 66 86.21
92.59 110.83 114.72
9..............
2 93
3.13
3.70
3 25
3.40
3.84
4.49
2. 117.61 105.22 121.04 116.64 102.84 85.52 91.97 111.23 114.30
2..............
2.94
3.14
4.93
3.71
3.42
3.28
4.55
5.00
May 26.. 116.98 104.48 120.82 116.43 102.12 84.55 91.05 110.83 113.68
May 26________
2.95
3.15
3 88
3.75
3.30
3.44
4.63
3.94
5.08
19.. 116.97 103.56 120.59 115.78 101.06 83.46 89,84 110.43 113.27
19..............
2.96
3.80
3.18
3.29
3.45
5.06
4.58
12.. 116.37 104.11 120.37 116.43 101.76 83.73 90.59 110.24 113.48
12_............
3.15
3.90
3.77
2.97
3.32
4.62
3.47
3.93
5.11
5 .. 115.78 103.56 120.14 115.78 101.23 83.06 89.99 109.84 112.86
5..............
2.98
3.80
3.18
3.35
3.50
4.66
3.97
5.16
Apr. 28.. 115.41 102.84 119.47 115.35 100.53 82.40 89.40 109.24 112.25
Apr. 28..............
3.84
3.20
3.01
3.35
3.51
4.58
21. _ 115.13 102.66 119.03 114.93 100.53 82.40 89 10 109.05 112.25
2 1 .............
3.22
3.97
5.16
3.85
3.03
3.37
3.53
5.22
4.71
14.. 114.76 102.30 119.03 1U.72 100.18 81.61
88.65 108.66 111.84
14..............
3.03
3.99
3.87
3.23
3.34
3.52
5.14
4.66
3.02
6 .. 114.85 102.84 119.25 114.72 100.70 82.66
89.40 108.85 112 45
6________
3.84
3.23
3.96
3.32
4.52
3.50
Mar. 31.. 114.85 103.93 119.25 115.14 102.30 84.83 91.51 109.24 112.86
Mar. 3 1 .............
3.21
3.91
4.98
3.02
3.78
3.30
3.48
4.47
24.. 114.70 104.48 119.92 115.14 102.12 85.79 92.28 109.64 113.27
4.91
24........ .
3.21
3.88
3.75
2.99
3.30
3.48
4.46
4.89
17.. 114.64 104.67 119.92 114.93 102.30 86 07 92.43 100.64 113.27
17..............
3.74
3.22
3.87
2.99
3.28
4.39
3.46
3.84
3.22
4.81
10.. 114.79 105.22 120.37 114.93 102.84 87.21
93.53 110 04 113.68
2.97
10.............
3.71
3.29
4.49
3.48
4.93
3 .. 113.59 104.48 120.14 114.72 102.30 85.52
91.97 109.64 113 48
3.87
3..............
3.75
2.98
3.23
3.30
3.51
4.61
90.14 109.05 113.27
3.94
5.03
Feb. 2 4 .. 113.38 103.38 119.69 114.30 101.06 84,14
Feb. 24..............
3.25
3.81
3.00
3.30
4.62
3.51
5.05
3.25
3.93
17. 113.30 103.38 119.69 114.30 101.23 83.87 89 99 109 05 113.27
17..............
3.00
3.81
3.29
4.64
3.52
3.94
5.07
10.. 113.21 103.20 119.69 114.09 101.06 83.60 89.69 108 85 112.45
1 0 .............
3.82
3.00
3.26
3.29
3.53
4.68
3..............
3.84
3.95
5.10
3.01
3.28
3 .. 113.16 102.84 119.47 113.68 100.88 83.19 89.10 108.66 113.48
3.32
3.57
5.19
4.76
Jan. 27.. 112.59 101.94 119.03 113 07 99.83 82 00 87.93 107.88 113.86
Jan. 27________
3.89
3.03
3.31
4.01
3.29
4.65
3.53
3.94
5.05
20.. 113.18 103.20 119.69 113.48 101 06 83.87 89.55 108.66 113.48
20............ .
3.82
3.00
3.29
3.30
4.57
4.68
13..............
3.97
5.11
13. . 112.93 102 66 119.47 113.07 100.53 83 06 89.10 107.88 113.27
3.85
3.01
3.31
3.32
4.70
3.58
6 ______
3.86
3.07
5 11
6. 112.95 102 48 119.25 112.25 100.53 83 06 88.80 107 69 112.86
3 02
3 35
3.64
High 1980 117 72 106 92 122.40 118.60 104.11
87 78 94.33 111 84 116.21
3.76
High 1939........... 4.00
5.26
4.76
4.10
3.34
3.55
3.16
4.34
3.37
Low 1939______
Low 1939 108.77 100.00 112.45 108.27 98.28 81.09 87.93 104.30 106.54
3.05
3.77
4.77
3.62
2.88
8.76
4.23
6 11
High 1938 112.81 101.76 118.60 111.43 100.18 82.27 88.36 107.11 112.05
High 1938........ .
3.34
3.85
4.68
6.98
4.70
3.36
3.61
4.73
Low 1938 109.58 88.80 112.45 102.66 89.10 62.76 71.15 96.11 104.30
Low 1938_____
3.05
3.39
5.17
3.99
3 90
1 Yr. )»
1 Year 4ao—
3.40
3.67
4.86
4.03
5.28
3.50
Nov. 3, 1938___
Nov .3 '38 112.55 100.35 117.29 109.24 99.48 80.84 86.50 105.98 111.23
3.11
3.98
2 Yrs.Ago
2 Years Ago—
3.58
4.06
4.80
3.23
4.18
5.66
Nov. 3, 1937___
3.51
4.15
Nov .3 '37 108.64 97.45 114.72 109.05 96.94 76.17 87.35 98.97 107.69
* These prices are computed from average yields on the basis of one ‘typical” bond (4% coupon, maturing in 30 years), and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used in computing these indexes was published in the issue of Aug. 19, 1939, page 1086.
Nov. 3 .2 ..
l._
Oct. 3 1.3 0 ..
2 8 ..
2 7 ..
2 6 ..
2 5 ..
2 4 ..
2 3 ..
2 1 ..
20-.
19 .
18..
17..
16..
14- .
13..
12.
11-10..
9 ..
7 ..
6 -5 ..
4 ..
3 ..
2 ..
Weekly—
Sept .29..
2 2..
15..
8 ..
112.62
112.84
113.06
113.14
112.96
112.55
112 52
112.71
11 .19
113.21
113.01
112.96
112.84
112.48
112.62
112.09
111.48
110.95
110.7/
Stock
110.73
110.38
110.51
110 06
109.90
109.97
109.94
109.98
109.57
12C Domestic Corporate *
by Ratings
YEARS OLD
104.85
104.85
104.67
104.48
104.30
104.30
104.30
104.30
104.30
104.11
103.93
103.74
103.74
103.56
103.38
103.02
102.66
102.48
102.48
Exchan
102.30
102.12
101.94
101.76
101.58
101.58
101.58
101.23
101.06
118.60
118.60
118.38
118.16
117.72
117.72
117.94
117.94
117.94
117.50
117.50
117.50
117.29
117 07
116.64
116.43
116.21
115.78
Uo.78
ge Clos
115.57
115.14
115.14
114.93
114.51
114.72
114.93
114.51
114.09
115.35
115.14
114.93
114.51
114.09
114.09
114.09
114.30
114.51
114.09
113.48
113.27
113.48
113.27
113.27
112.66
112.05
111.84
111.43
ed
111.23
111.03
110.83
110.43
110.24
110.24
109.84
109.44
109.24
102.84
103.02
102.66
102.48
102.30
102.30
102.48
102.48
102.30
102.30
101.94
101.76
101.76
101.58
101.23
101.06
100.70
100.53
100.53
86.92
86.78
86.78
86.92
86.92
86.92
86.92
86.92
86.92
86 78
86 64
86.64
86.50
86.50
86.50
86.21
85.79
85.65
86.79
92.43
92.43
92.43
92.43
92.59
92.59
92.59
92.59
92.43
92.43
92.28
92.12
91.97
91.97
91.97
91.81
91.20
91.20
91.20
110.24
110.24
110.04
109.64
109.24
109.24
109.24
109.24
109.24
109.05
108.85
108 66
108.66
108.66
108.46
108.08
107.88
107.49
107.30
113.68
113.27
113.07
112.86
112.66
112.66
112.66
112.86
112.86
112.45
111.84
111.84
111.84
111.43
111.03
110.83
110.24
110.24
110.04
Indications of Business A ctivity
THE STATE OF TRADE— COMMERCIAL EPITOME
3, 1939.
While business activity held at a high level the past week,
trade reports generally showed a slight falling off compared
with the previous week. Merchandise loadings, bituminous
coal production, petroleum runs-to-stills and automotive
activity were lower. Electric output, however, registered
a new all-time high. Advices state that the imminent repeal
of the arms embargo means that besides being free to
accept millions of dollars worth of warplane orders from
representatives of Great Britain and France, American
aircraft manufacturers will be able to send abroad immedi
ately most of the 880 fighting planes already contracted
for by the Allied governments. Other manufacturers will
be free to accept, subject to the cash-and-carry terms of the
new law, war orders which, including the planes, are ex
pected to total $1,000,000,000 in the next few weeks. It
is pointed out that Allied war buying programs here are
likely to place greatest emphasis on aircraft and oil for
the time being, following formal repeal of the arms em
bargo. The placement of such orders, coupled with the
continued heavy buying of machine tools and raw cotton,
are expected to expand final quarter exports to England
and France sharply.
Although steel prices for the first quarter are not yet
known to the consuming trade, an increasing volume of
orders for delivery in that period is being booked. If the
flow of new business continues at the present rate, some
products will be sold out for the first quarter within a
few weeks, according to the “Iron Age." “The delay in
F r i d a y N ig h t, N o v .
announcement of first quarter prices is unexplained, al
though opinion seems to be growing among buyers that
there may be no horizontal increase but an adjustment of
some prices which are said to be out of line with costs,
for example, on galvanized sheets.” The “Iron Age” says
that a survey reveals that there are no excessive inven
tories on finished steel. On the contrary, consumers whose
requirements are not yet met seem to outnumber those who
are in a comfortable position. It is stated that with a
continuance of present conditions, the first quarter require
ments of all of the major consumers of steel probably will
be as large as in the present quarter. The “Iron Age” esti
mates ingot production for the current week at 93%, one
point above last week’s estimate, placing production at
1.270.000 tons, which is in excess of the all-time weekly
average of 1,193,284 tons in May, 1929. October output
may slightly exceed the record-breaking total of 5,286,246
tons in that month, it is stated. With the probability of
continued high operations for some time to come, scrap
markets have recovered somewhat from their recent weak
ness. At Chicago there has been a stiffening of prices
which has raised “Iron Age” scrap composite eight cents
to $20.96 after three consecutive weekly declines. The ex
port market is reported as firmer because of the possibility
of renewed buying by Great Britain and Japan.
Establishing a new all-time record, output of electricity
in the United States for the week ended Oct. 28 was
2.538.779.000 kwh., an increase of 1.8% over the output for
the preceding week and a gain of 14.0% over the output
for the comparable 1938 period, Edison Electric Institute
2880
ONE HUNDRED
—
The Commercial & Financial Chronicle —
reported yesterday. The sharpest percentage gain was reg
istered by the central industrial area, where power produc
tion was 17.7% above a year ago, compared with a gain
of 15.8% the week before. For the week ended Oct. 21
total United States power production was 2,493,993 kwli., a
gain of 12.6% over the 1938 period.
Engineering construction awards for the week total $50,040,000, a decrease of 22% from last week and 30% below
the voiume for the corresponding week last year, reports
“Engineering News-Record” yesterday. The current week’s
awards bring 1939 construction to $2,560,354,000, an increase
of 11% from the $2,306,671,000 reported for the initial 44week period last year. Private awards for the week are
6% above the volume for the 1938 week, the eighth consecu
tive week that they have topped their respective 1938 vol
ume. They are, however, 45% below a week ago. Public
construction is 41% lower than a year ago, but exceeds
last week by 5% .
Although less than in the preceding month, October tele
phone installations made by principal subsidiaries of Amer
ican Telephone & Telegraph Co. included in the Bell Sys
tem were more than 50% above the total for the same 1938
period. The company yesterday announced a gain of about
86,800 telephones in service last month, compared with a
gain of 93,900 telephones in September, and a gain of
58,400 telephones in October, 1938. For the first 10 months
of 1939 the net gain totaled 614,100 telephones, compared
with 303,500 telephones for the same period in 1938. At
the close of October this year there were about 16,375,000
telephones in the Bell System. New York Telephone Co.
reports a station gain of 5,985 telephones in October against
3,037 telephones a year ago. For the first 10 months the
company registered a gain of 60,576 telephones against a
gain of 13,626 telephones in the same 1938 period.
For the third successive week the volume of check trans
actions for the country has failed to equal the total for
the comparative 1938 week, Dun & Bradstreet, Inc., reported
yesterday. Bank clearings for the 22 leading cities totaled
$5,845,602,000 for the week ended Nov. 1, compared with
$6,034,543,000 for the corresponding 1938 week, a decline
of 3.1%. Clearings for New York City were $3,597,125,000,
compared with $3,881,585,000 a year ago, a drop of 7.3%.
The turnover for the 21 outside cities was $2,248,477,000
against $2,152,958,000, a rise of 4.4%.
Car loadings of revenue freight for the week ended
Oct. 28 totaled 834,096 cars, according to reports filed by
the railroads with the Association of American Railroads
and made public today. This was a decrease of 27,102 cars
from the preceding week this year, 125,506 cars more than
the corresponding week in 1938 and 66,072 cars over the
same period two years ago. This total was 108.45% of
average loadings for the corresponding week of the 10
preceding years.
Ward’s Automotive Reports, Inc., today estimated pro
duction of the automobile factories for the current week at
82,690 cars and trucks, which is 5.6%. higher than produc
tion last week. Production the corresponding week last
year was 75,830 units. The survey predicted a November
output of at least 330,000 units, adding that this minimum
would be augmented by whatever cars Chrysler Corp. may
produce should its labor dispute with the United Automo
bile Workers (Congress of Industrial Organizations) be
adjusted. Chrysler during this week assembled 960 units,
compared with 1,445 last week and 18,250 a year ago.
The Federal Reserve Board announced today that Amer
ican industry was rolling out products at the fastest pace
since 1929, and probably woud continue at as rapid a gait
until the end of the year, at least. At the same time, Secre
tary of Commerce Hopkins said that wholesale trade dur
ing the first nine months of the year aggregated $15,000,000,000, an increase of $1,000,000,000 over the corresponding
period of 1938. Figures from the Bureau of Domestic and
Foreign Commerce showed that half the wholesale gain
was accounted for in July, August and September. Sep
tember sales of wholesalers were 16% % higher than in
September, 1938. The Reserve Board tempered its opti
mism with the comment that “unless there is considerable
increase in the consumption of goods, the accumulation of
inventories, which is now under way, is likely to reach
substantial proportions.”
One of the outstanding features of the weather report
this week is the continued extensive drought in the Mid
west. Very helpful rains were reported in Central and
Northern States from the Mississippi Valley eastward,
enough, in fact, to bring the October totals to about normal
or somewhat above normal in much of the upper Ohio
Valley. In a large Midwestern area extending from eastern
New Mexico and western Texas northward over the Grent
Plains there has been little moisture. The Southeastern
States also continue very dry. From the northern Rocky
Mountains westward timely and helpful precipitation,
mostly in the form of snow, occurred, while the outlook
in the Great Basin is still generally favorable. Frost in
California killed some tender truck crops, and there was
some freeze damage to late gardens in the south-central por
tions of Eastern areas, but in general there was no wide
spread harm from low temperatures. Seasonal farm work
made good progress rather generally. In the New York
City area the weather has been generally fine and cool
during the past week.
YE A R S OLD
N ov. 4, 1939
Fair and colder weather prevailed today, with tempera
tures ranging from 36 degrees to 48 degrees. The forecast
for tonight is for clear weather with diminishing northerly
winds and heavy frost. Saturday, increasing cloudiness
and slowly rising temperatures, followed by probably fair
and warmer weather on Sunday.
Overnight at Boston it was 36 to 57 degrees; Baltimore,
35 to 61; Pittsburgh, 33 to 46; Portland, Me., 34 to 53;
Chicago, 35 to 42; Cincinnati, 26 to 48; Cleveland, 35 to 42;
Detroit, 25 to 42; Milwaukee, 34 to 40; Charleston, 41 to 70;
Savannah, 43 to 68; Dallas, 39 to 69; Kansas City, Mo.,
22 to 40; Springfield, 111., 22 to 44; Oklahoma City, 23 to
41; Salt Lake City, 36 to 64, and Seattle, 41 to 58.
Moody’s Commodity Index Lower
Moody’s Daily Commodity Index declined from 164.5 a
week ago to 163.1 this Friday. The principal individual
changes were the drop in prices of hides and sugar, and the
advance in wheat.
The movement of the index is as follows:
Fri.,
Sat.,
M on.,
Tues.,
W ed.,
Thurs.
Fri.,
Oct. 27_______ _______ 164.5
Oct. 28._ _ _______ 183.9
_
Oct. 30_______ _______ 164.2
Oct. 31 _____ _______ 163.8
N ov. 1_____ _______ 163.4
N ov. 2 ______ _______ 163.3
N ov. 3 - - - -- _______ 163.1
Two weeks ago, Oct. 20___ ...1 6 7 .2
Month ago, Oct. 3 - ______ ...1 6 7 .3
Year ago, N ov. 3 . _______ ...1 4 3 .5
1938 High— Jan. 10_______ --.1 5 2 .9
Low— June 1 _ ______ ...1 3 0 .1
1939 High— Sept. 22______ ...1 7 2 .8
Low— Aug. 15_______ .-.1 3 8 .4
Truck Loadings Reach Record Peak in September Ameri.
can Trucking Associations’ Survey Discloses
Stimulated by improved business conditions, movement
of revenue freight by motor trucks reached a new peak in
September, according to a monthly survey prepared and re
leased on Oct. 29 by the American Trucking Associations,
Inc. The survey, based on comparable reports received
from 210 motor carriers in 39 States, revealed that truck
loadings in September were heavier than in any single month
since Jan., 1937, when computation of national averages
was undertaken. September loadings were 6 .5 % over
August of this year, and 2 8 .2 % above the figure for Sep
tember a year ago. The survey further showed:
The 210 reporting carriers transported 1,110,959 tons of freight last
month, as against 1,043,332 tons in August and 886,334 tons in Septem
ber, 1938.
The September figures represent an increase o f 43.6% over the 1936
monthly average of the reporting carriers. The American Trucking Asso
ciations’ truck loadings index figure for Sept., 1939, computed by taking
the 1936 monthly average to represent 100%, was 143.56. This compared
with an index figure of 126.02 for August of this year, and 106.84 for Sept.,
1938.
Despite the fact that September tonnages are only representative o f
four weeks’ business as compared to five weeks’ in August, and that a few
carriers reported decreases occasioned by unexpected suspension o f opera
tions due to labor troubles, the majority of haulers reporting increases
attributed the improvement to a general upswing in business.
General merchandise, accounting for a little more than 76% o f the total
tonnage reported for September, showed an increase o f 8.6% over the pre
vious month, and a 29% increase over Sept., 1938.
Petroleum products represented 12% of the total tonnage reported, while
showing 6.2% decrease under Aug., 1939 reported increases o f 22.4% over
September o f last year.
Due largely to deliveries o f new models, transportation of automobiles
in September increased 55.0% over the previous month. The current
figure, however, was 134.8% ahead of Sept., 1938, due to factory shut
downs during that month.
Movement of iron and steel showed increases o f 29.3% over August, and
51.3% over the corresponding month last year. For the first time since
Jan., 1938, traffic falling within this classification showed an increase over
the 1936 monthly average, the increase being 5% .
Included in the total tonnage reported were figures on special and sea
sonal movement o f tobacco, textile products and household goods. These
groups reported a decrease of 12% under August and a 1.4% increase
above Sept., 1938.
Revenue Freight Car Loadings in Week Ended Oct. 28
Total 834,096 Cars
Loading of revenue freight for the week ended Oct. 28
totaled 834,096 cars, the Association of American Railroads
announced on Nov. 2. This was an increase of 125,506 cars
or 17.7% above the corresponding week in 1938 and an in
crease of 66,072 cars or 8.6% above the same week in 1937.
Loading of revenue freight for the week of Oct. 28 was a
decrease of 27,102 cars or 3.1% below the preceding week.
The Association further reported:
Miscellaneous freight loading totaled 337,971 cars, a decrease of 13,570
cars below the preceding week, but an increase of 53,207 cars above the
corresponding week in 1938.
Loading of merchandise less than carload lot freight totaled 159,348
cars, a decrease of 951 cars below the preceding week, but an increase of
451 cars above the corresponding week in 1938.
Coal loading amounted to 164,868 cars, a decrease of 4,945 cars below
the preceding week, but an increase of 28,734 cars above the corresponding
week in 1938.
Grain and grain products loading totaled 40,232 cars, a decrease of
4,346 cars below the preceding week, and a decrease of 6,669 cars below
the corresponding week in 1938. In the Western Districts alone, grain
and grain products loading for the week of Oct. 28, totaled 23,305 cars, a
decrease of 1,674 ears below the preceding week, and a decrease of 6,689
cars below the corresponding week in 1938.
Volume 149
ONE HUNDRED—The
Commercial & Financial Chronicle— Y E A R S
Live stock loading amounted to 20,410 cars, a decrease of 1,171 cars
below the preceding week, and a decrease of 643 cars below the corre
sponding week in 1938. In the Western Districts alone, loading of live
stock for the week of Oct. 28 totaled 16,816 cars, a decrease of 602 cars
below the preceding week, and a decrease of 512 cars below the corre
sponding week in 1938.
Forest products loading totaled 37,529 cars, a decrease of 1,702 cars
below the preceding week, but an increase of 7,493 cars above the corre
sponding week in 1938.
Ore loading amounted to 62,063 cars, a decrease of 470 cars below the
preceding week, but an increase of 37,454 cars above the corresponding
Week in 1938.
Coke loading amounted to 11,675 cars, an increase of 53 cars above the
preceding week, and an increase of 5,479 cars above the corresponding week
in 1938.
All districts except the Centralwestem, reported increases compared
with the corresponding week in 1938. All districts, except the Centralwestern and Southwestern, reported increases compared with the corre
sponding week in 1937.
1939
Four weeks in January _ Four weeks in February _
Four weeks in March___
Five weeks in April____
Four weeks in M ay_____
Four weeks in June_____
Five weeks in July______
Four weeks in August___
Five weeks in September
Week ended Oct. 7 ____
Week ended Oct. 14____
Week ended Oct. 21____
Week ended Oct. 28____
Total________________
1938
2,302.464
2,297,388
2,390,412
2.832,248
2,371,893
2,483,189
3.214,554
2,689,161
3,844,358
834,694
844.955
861,198
S34.096
2,256,717
2,155,536
2,222,939
2,649,960
2,185.822
2,170,778
2,861,821
2,392,071
3,243,511
702,61o
726,142
705,284
708,590
2,71i,449
2,763,457
2,986,166
3.712,906
3,098,632
2,962,219
3,794.249
3.100,590
4,013.282
812,258
806,095
770,156
768.024
1937
27 800.610
24.981.787
32,302,483
The first 18 major railroads to report for the week ended
Oct. 28, 1939, loaded a total of 386,377 cars of revenue freight
on their own lines, compared with 394,734 ears in the pre
ceding week and 335,230 cars in the seven days ended Oct.
29, 1938. A comparative table follows:
OLD
2881
REVENUE FREIGHT LOADED AND RECEIVED FROM
(Number of Cars)
Received fr o m Connections
W e ek s Ended —
Loaded on Own L in es
W e ek s E nded —
28
1939
Oct.
23,673
37,245
30,003
19,204
21,865
16,998
3,352
1,718
4,579
16,552
44,242
6,954
28,745
77,353
6,907
7,625
33,004
6,358
Atchison Topeka & Santa Fe Ry_
Baltimore & Ohio R R --------- -----Chesapeake & Ohio R y -------------Chicago Burlington & Quincy R R .
Chicago Milw. St Paul & Pac. Ry
Chicago & North Western R y __
Gulf Coast Lines_______________
International Great Northern RR
Missouri-Kansas-Texas R R _____
Missouri Pacific R R ____________
New York Central Lines_______
New York Chicago & St. Louis Ry
Norfolk & Western R y__________
Pennsylvania R R _______________
Pere Marquette R y ____ . . _
_
Pittsburgh & Lake Erie R R _ __
_
Southern Pacific Lines__________
Wabash R y _____________ ______
21
1939
Oct.
29
1938
Oct.
23,977
37,628
28,920
21,037
23,387
17,370
3,030
1,834
4,851
17,627
45,188
7,550
28,430
78,024
6,765
7,523
34,597
6,996
CONNECTION
25,192
29,010
24,801
19,334
21,938
16,418
3,361
2,003
4,550
15,640
37,314
5,436
23,704
57,203
5,789
5,329
32,441
5,767
28
1939
Oct.
21
1939
Oct.
7,211
19,345
12,921
10,287
9,591
12,368
1,521
2,181
2,984
10,040
46,675
12,522
5,366
50,507
6,494
7,540
9,744
9,702
6,619
19,520
13,909
9,568
9,124
12,485
1,524
2,231
2,953
9,907
45,588
12,397
5,378
49,553
6,308
7,672
9,239
9,311
29
1938
Oct.
6,969
15,459
10,103
8,591
7,843
10,625
1,316
2,082
2,642
9,169
39,708
9,863
4,633
38,393
5,184
5,895
8,768
8,323
386,377 394,734 335,230 233,286 236,999 195,566
Total_______________________
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
W e ek s E nded —-
28, 1939
Oct.
Oct.
21, 1939
Oct.
29, 1938
Not available
37,267
14,640
Chicago Rock Island & Pacific___
Illinois Central System__________
St. Louis-San Francisco R y _____
28,389
40,442
15,494
Not available
34,841
13,512
51,907
84,325
48,353
T o t a l .............. ......... ..................
In the following we undertake to show also the loadings
for separate roads and systems for the week ended Oct. 21,
1939. During this period 105 roads showed increases when
compared with the same week last year.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED OCT. 21
1939
Eastern District—
Total Loads Received
fr o m Connections
Total Revenue
Freight Loaded
Railroads
1938
1937
1939
1938
Ann Arbor___________________
Bangor & Aroostook__ _______
Boston & Maine_ __________
_
Chicago Indianapolis & Louisv.
Central Indiana______________
Central V e rm o n t-.__________
Delaware & Hudson........ . . .
Delaware Lackawanna & West
Detroit & Mackinac............ .....
Detroit Toledo & Ironton_____
Detroit & Toledo Shore Line .
Erie________________________
Grand Trunk Western________
Lehigh & Hudson River_______
Lehigh & New England______
Lehigh Valley_______________
Maine Central______________
Monongahela.............. ...............
Montour_____________________
New York Central Lines______
N. Y. N. H. & Hartford_____
New York Ontario & Western.
N. Y. Chicago & St. Louis..
Pittsburgh & Lake Erie_______
Pere Marquette____ _________
Pittsburgh & Shawmut_______
Pittsburgh Shawmut & North.
Pittsburgh & West Virginia___
Rutland_____________________
Wabash_______ _____________
Wheeling & Lake Erie________
748
1,319
8,665
1,763
38
1,344
6,002
11,143
631
2,741
344
15,134
5,030
181
2,038
10,012
2,861
5,598
2,275
45,188
10,759
1,380
7,550
7,904
6,765
701
443
1,383
728
6,996
5,118
747
957
7,368
1,749
39
1,312
5,069
8,839
628
1,981
312
12,586
4,405
191
1,526
8,666
2,563
3,755
2,143
37,046
9,822
1,474
5,768
5,178
5,805
322
360
969
564
5,826
3,347
637
1,619
8,091
1,604
24
1,497
5,369
11,056
499
2,112
334
13,248
5,198
191
1,828
9,574
3,105
4,388
2,273
43,042
10,301
1,462
4,994
5,073
6,613
432
385
1,104
648
5,724
4,406
1,333
214
11,995
2,583
56
2,374
9,431
7,828
153
1,459
3,136
15,301
7,844
2,139
1,692
7,905
2,462
242
36
46,675
33,371
1,743
12,522
7,159
6,494
47
287
2,031
1,045
9,702
4,017
1,061
230
9,860
1,867
59
1,921
7,277
6,465
145
938
2,753
12,502
6,865
1,909
1,103
6,393
2,026
242
34
40,579
11,669
1,769
9,536
5,502
5,275
26
203
1,368
964
8,090
2,872
Total______________________
172,782
141,317
156,831
183,276
151,503
Alleghany District—
Akron Canton & Youngstown. _
Baltimore & Ohio___________
Bessemer & Lake Erie____ __
Buffalo Creek & G a u le y .___
Cambria & Indiana _________
Central R R. of New Jersey___
Cornwall __________________
Cumberland & Pennsylvania.
Ligonier Valley______________
Long Island______ ____ _______
Penn-Reading Seashore Lines..
Pennsylvania System_________
Reading Co_________________
Union (Pittsburgh) _____ ____
West Virginia N orthern_____
Western Maryland__________
562
37,628
5,721
347
1,730
7,775
580
296
145
668
1,420
78,024
15,159
18,146
44
4,400
460
28,804
3.687
354
1,282
5,682
600
236
146
864
1,177
57,782
12,323
7,093
38
3,249
436
32,065
3,818
354
1,521
6,908
516
277
148
019
1,332
67,131
14,466
10,758
57
4,016
967
19,345
2,764
6
34
12,877
53
32
43
2,951
1,755
50,507
19,408
5,972
0
6,921
728
15,730
1,607
6
19
11,174
69
35
16
2,829
1,356
38,261
16,542
2,562
0
5,750
,172,645
123,777
144,420
123,635
96,684
28,920
28,430
5,004
23,942
22,934
4,363
25,372
25,206
4,918
12,921
5,366
1,177
10,041
4,526
1,101
62,354
51,239
55,496
19,464
15,668
337
880
613
10,186
4,293
428
1,504
479
226
573
58
1,047
356
1,933
27,967
26,022
175
168
257
826
667
8,590
4,230
398
1,235
401
171
586
48
1,026
376
1,760
24,018
21,209
203
157
194
741
610
9,835
3,570
442
1,382
494
172
576
52
861
424
1,926
24,658
22.635
200
205
216
1,688
926
5,186
3,249
1,205
2,309
424
176
1,548
870
4,778
2.927
970
1,783
319
622
798
119
1,566
506
1,180
10,278
5,360
421
Total____ _____ __________
Pocahontas District—
Chesapeake & Ohio___________
Norfolk & Western_
_ ____
Virginian_____________ _____
Total_____________________
Southern District—
Alabama Tennessee & Northern
Atl. & W . P.— W. RR. of A la..
Atlanta Birmingham & Coast.
Atlantic Coast Line_________
Central of Georgia____ _______
Charleston & Western Carolina
Clinchfield____________ ______
Columbus & Greenville_______
Durham & Southern--------------Florida East Coast________ . .
Gainsville Midland___________
Georgia____________________
Georgia & Florida----------------Gulf MobUe & Northern_______
Illinois Central System________
LouisvUle & Nashville.. . . .
Macon Dublin & Savannah..
Mississippi Central. ...
N ote — Previous
year’s figures revised.
Previous figures,
385
826
111
1,779
479
1,261
13,133
6,080
642
355
299
Total Revenue
Freight Loaded
Railroads
Total Loads Received
fr o m Connections
1939
Southern District— (C o n cl .)
Mobile & Ohio..
Nashville Chattanooga & St. L.
Norfolk Southern____ . .
Piedmont Northern______
Richmond Fred. & Potomac
Seaboard Air Line.
Southern System
Tennessee Central
Winston-Salem Southbound__
T otal_________ ___
Northwestern District—
Chicago & North Western____
Chicago Great Western.. . .
Chicago Milw. St. P. & Pacific.
Chicago St. P Minn. & Omaha.
Duluth Missabe & I. R
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern. _
Ft. Dodge Des Moines & South.
Great Northern.
Green Bay & Western_
_
Lake Superior* Ishpeming...
Minneapolis & St. Louis.
Minn. St. Paul & S. S. M
Northern Pacific.
Spokane International..
Spokane Portland & Seattle_
_
T otal____________
Central Western District—
Atch. Top. & Santa Fe System.
A lt o n ____
Bingham & Garfield____
Chicago Burlington & Quincy..
Chicago & Illinois Midland___
Chicago Rock Island & Pacific
Chicago & Eastern Illinois_____
Colorado & Southern.
Denver & Rio Grande Western.
Denver & Salt L a k e ... .
Fort Worth & Denver City.
Illinois Terminal_
_
Missouri- Illinois______
Nevada Northern___
North Western Pacific
Peoria & Pekin U n io n .___
Southern Pacific (Pacific)_____
Toledo Peoria & Western.
Union Pacific System..
Utah__ ______
Western P a cific..
T otal__________ __
1938
1937
1939
1938
1,938
3,192
1,568
564
407
9,112
24,458
407
164
1,833
3,013
1,275
542
365
8,843
21,229
420
179
2,243
2,728
1,455
386
361
9,195
21,643
444
204
2,417
2,724
1,565
1,366
4,123
4,971
17,305
830
1,032
2,470
2,446
1,183
1,298
3,379
4,602
14,776
732
867
119,055
103,857
107,630
76,587
66,273
21,544
2,988
22,862
4,508
16,125
977
8,749
532
26,390
787
3,494
2,450
8,315
13,923
238
1,855
18,223
2,949
21,453
3,787
7,094
794
6,047
644
15,009
788
1,195
2,529
6,569
11,735
230
1,976
19,102
2,689
21,175
4,221
7,730
896
5,991
476
21,396
709
1,854
1,960
7,215
13,354
317
1,696
12,368
3,403
9,591
4,093
222
461
8,183
184
3,161
637
82
2,420
2,663
4,330
346
1,524
10,785
3,076
7,769
3,286
155
386
4,341
157
2,746
545
76
2,016
2,214
3,526
309
1,333
135,737
101,022
110,781
53,668
42,720
23,977
3,747
420
21,037
2,401
13,876
3,419
1,634
5,797
929
1,430
2,183
1,175
1,229
901
27
27,994
491
23,551
582
1,839
24,204
3,175
323
19,013
1,706
13,760
2,757
1,825
5,391
772
1,560
1,953
438
1,528
875
24
26,223
493
21,164
523
1,860
26,313
3,413
418
19,907
1,933
13,923
3,002
1,501
5,391
1,047
1,449
1,933
550
1,564
1,017
116
25,785
398
21,829
691
1,789
7,211
2,796
60
10,287
868
10,248
2,951
1,721
3,968
20
1,282
1,683
356
121
0
5,788
1,319
10,947
15
3,120
6,543
2,190
86
8,516
644
8,320
2,546
1,456
3,264
30
1,162
1,145
293
111
385
0
5,710
1,234
9,773
9
2,730
138.639
129,567
133,969
65,266
56,147
146
0
3,030
1,834
338
2,280
2,135
179
235
2,940
2,005
228
1,900
1,943
425
0
1,521
2,181
1,120
2,075
1,973
534
237
1,449
2,200
1,192
1,684
1,230
1,019
305
347
2,984
10,040
154
5,023
2,548
3,376
3,821
75
38
824
274
315
2,660
8,968
123
4,344
2,386
2,825
3,658
64
45
39,025
35,012
Southwestern District—
Burlington-Rock I s l a n d ..___
Fort Smith & Western x
Gulf Coast Lines.
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern________
Louisiana & Arkansas..
Louisiana Arkansas & Texas..
Litchfield & Madison______ .
Midland Valley_ __
_
Missouri & Arkansas_
_
Missouri-Kansas-Texas Lines.
Missouri Pacific____
Quanah Acme & P a cific...
St. Louis-San Francisco___ __
St. Louis Southwestern___
Texas & New Orleans___
Texas & Pacific_______
Wichita Falls & Southern___
Wetherford M . W. & N . W ___
465
681
285
4,851
17,687
163
9,205
3,227
7,981
5,453
201
24
259
562
151
4,552
15,543
149
7,810
2,785
7,413
5,624
194
33
173
300
2,879
2,080
208
2,340
1,689
247
292
937
212
5,261
17,970
177
8,989
3,348
7,929
5,729
252
17
Total______________________
59,986
54,505
61,029
x Discontinued Jan. 24, 1939.
a
a
a
a Included in Louisiana & Arkansas, effective July 1, 1939.
ONE HUNDRED
2882
The Commercial & Financial Chronicle —
—
Selected Income and Balance Sheet Items of Class I
Steam Railways for August
The Bureau of Statistics of the Interstate Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of class I
steam railways in the United States for the month of August.
These figures are subject to revision and were compiled
from 134 reports representing 139 steam railways. The
present statement excludes returns for class I switching and
terminal companies. The report in full is as follows:
TOTALS FOR THE UNITED STATES (ALL REGIONS)
For the M o n th o f A u g.
In co m e Item s —
1939
For the E ight M o n th s o f
1938
1939
1938
Net railway operating incom e.. $54,586,247 $45,421,774 $269,349,355 $155,038,539
88.446.879
Otber income________________ 10.323.238 11,207,865
91.343,769
Total Income______________ $64,909,48' $56,629,639 $357,796,234 $246,382,308
1.845,514
Miscell. deductions from Income
1,838,30-;
15.576,107
16.037.007
Inc avail for fixed charges.. $63,063,971 554,791,337 $342,220,127 $230,345,301
Fixed charges:
Rent for leased roads and
equipment_______________ 12.366,100 12,568.642
91.444.326
88,198.130
Interest deductions________ 39.499.9U 39.821,683 1316,252,403 1317,069,782
207.396
Other deductions__________
131.970
1.062,40.'
1,698,896
Total fixed charges______
Income after fixed charges____
Contingent charges__________
Net income
b_________
$51,998.10: $52,597,721 $108,759,138 $404,966,808
11.035.866
1,013.131
2.193,616 J 68.539,011 4174,621,507
1.012.573
8,107.747
8.103,286
$10,052,735 $1,181,013 d$74,646,758 dl82,724,793
Depreciation (way & structures
and equipment)___________
Federal Income taxes_________
16.873.944
3,291,044
16.919,588
1.726.024
134.617.362
15,430,363
134,740,319
8,462,760
Dividend appropriations:
On common stock__________
On preferred stock.................
11.609.936
2,641,30:
9.313,648
2,593 416
40.962,260
12,852,758
43.399,385
9.166.383
Balance at E n d o f A u gu st
1939
1938
Selected A sset Item s —
Investments in stocks, bonds, &c., other than those
$636,031,526
Net balance receivable from agents and conductors..
$652,566,505
$464,097,038
19,697.402
21.41 .084
60.238,C13
1,519.476
58,301,608
47.455,013
122.320,755
308.863,105
16,231,828
1,244,606
7.199,558
$367,129,816
10.122,421
18.510.242
64,616.492
1,558.775
53,460,235
44.449.263
127,700.821
337.506.966
20,238.420
1,430 777
6.122.287
$1,128,578,486 SI.052.846.515
Selected Liability Item s —
$168,368,873
$246,548,948
72,769 464
210.575.203
62.611.904
761.211.416
1.603.257
612.386.428
11.744,862
97.336,820
32,238.398
22.995.880
52,489,746.82'' $2,132,022,580
Tax liability:
$57,707,377
$53,249,200
161 006.664
167 42 t.7"6
a Represents accruals, including the amount in default, b For 100 railways not
In receivership or trusteeship the net income or deficit was as follows: August,
1900, $19,409,416; August, 1938 $11.974,409; 8 months 1939. $18,076,210: 8 months
1938. dS64,495,546. c Includes payments which will become due on account of
principal of long-term debt (other than funded debt matured unpaid) within six
months after close of month of report, d Deficit or other reverse items, e Includes
obligations which mature not more than two years after date ol issue.
“ Annalist” Index of Wholesale Commodity Prices De
clined 0.3 of Point During Week Ended Oct. 28—
Average for October Higher
The “ Annalist” announced on Oct. 30 that wholesale com
modity prices declined fractionally during the week ended
Oct. 28, reflecting to some extent a virtual armistice on the
Western Front. The “ Annalist” weekly index closed at 81.6
on Oct. 28, a loss of three-tenths of a point as compared
with the previous week, but almost two points above last
year. The following is also taken from the announcement:
Wheat moved higher on reports o f drought while corn followed in its
wake. Cotton improved but wool and silk declined. Most o f the specu
lative items, such as hides, rubber, hogs and cocoa declined as speculators
withdrew to safer ground.
Commodity prices averaged 81.5% o f the 1926 base during October,
the highest for any month since March o f last year and a gain of two-tenths
o f a point as compared with the September average.
“ ANNALIST”
W EEKLY AND MONTHLY INDEXES OF WHOLESALE
COMMODITY PRICES. (1926=100)
28,
1939
Oct.
21,
1939
Oct.
29.
1938
O ct.,
S e ’ t .,
Oct.
O ct.,
1939
1939
1938
Farm products___________
Food products...................
Textile products_________
Fuels...................... .............
Metals................................
Building materials_______
Chemicals.........................
Miscellaneous___________
76.7
71.8
77.1
87.2
99.2
72.3
85.8
76.5
76.8
71.9
77.3
87.2
99.2
72.3
85.8
77.1
78.1
72.1
59.6
84.2
97.7
69.0
87.1
71.1
76.1
71.7
76.1
87.1
99.2
72.0
85 6
76.4
77.2
74.1
67.9
84.1
98.3
70.9
85.2
74.0
78.0
72.3
59.1
84.6
96.7
69.0
87.1
71.2
All commodifies_____
81.6
81.9
79 7
81.5
81.3
79.7
N ov. 4, 1939
Bureau of Labor Statistics’ Index of Wholesale Com
modity Prices Declined 0.3% During Week Ended
Oct. 28
During the fourth week of October, the Bureau of Labor
Statistics’ index of wholesale commodity prices dropped
0.3% to 79.2% of the 1926 average, Commissioner of Labor
Statistics Lubin reported on Nov. 2. “The decline repre
sents the second noticeable decrease since the sharp rise in
commodity prices incident to the outbreak of war in
Europe," Mr. Lubin said. “Three of the 10 major commodity
group indexes declined during the week; two remained un
changed ; and five showed fractional advances. Except for
the 1.2% decline in the foods group, the changes in all
cases were less than 0.5%.” Commissioner Lubin continued:
Lower average prices for farm products, China raw silk, and packer
hides, more than offset price increases for Japan raw silk, Manila hemp,
6crap steel, and anthracite and resulted in a fractional decrease of the raw
materials group.
Semi-manufactured commodity prices declined 0.8% and the indexes for
finished products and “ all commodities other than farm products” showed
smaller decreases. The group of “ all commodities other than farm prod
ucts and foods,” representing industrial commodities, advanced fractionally.
Sharp declines in market prices of grains, livestock and poultry, and
eggs caused the farm products group index to drop 0.4%. Other farm
products, including fresh apples, lemons, oranges, peanuts, and potatoes
advanced. The foods group declined 1.2% because of lower prices for
butter, rye flour, hominy grits, dried fruits, fresh pork, lard, raw and
granulated sugar, vegetable oils, and edible tallow. Prices for wheat flour,
cured pork, dressed poultry, and oleomargarine averaged higher.
Advancing prices for goatskins, packer cow hides, and sole leather re
sulted in a fractional increase in the hides and leather products group.
Shoe prices remained unchanged.
In the textile products group higher prices were reported for silk, tire
fabrics, and textile fibres. Average prices for cotton textiles and woolen
and worsted materials were slightly lower. The index for the textile
products gorup was 0.5% higher than the preceding week.
Minor price fluctuations in fuel and lighting materials and metals and
metal products resulted in no change in the index level for the two groups.
Largely as a result of higher average prices for lumber and rosin, the
index of the building materials group advanced 0.5%. Cattle feed prices
increased 3.0% and prices of paper and pulp advanced slightly. The index
for chemicals and drugs declined 0.1% while that for house-furnishing
goods advanced 0.1%.
The following tables show (1) index numbers for the
main groups of commodities for the past five weeks and for
Aug. 26, 1939 and the percentage changes from Aug. 26 and
from Oct. 21 to Oct. 28, 1939; (2) important changes in
subgroup indexes from Oct. 21 to Oct. 28, 1939.
(1926=100)
'-'ercenlaye Change
from —
Oct.
Oct.
Oct.
Oct.
Aug.
C om m odity G roup s
28
1939
21
1939
Sept.
14
1939
7
1939
30
1939
26
1939
Oct. 21
to
Oct. 28,
All commodities____
79.2
79.4
78.9
79.0
79.5
74.8
— 0.3
+ 5.9
Farm products_____
Foods _ ________ .
Hides & leather prod
Textile products____
Fuel & light’s mat’ls
r
Metals & metal prod
Building materials..
Chemicals and dru"s
Housefurnishing g ’ds
Miscellaneous______
Raw materials_____
Semi-manuf’ d article^
Finished products_
_
All commodities other
than farm product
All commodities other
than farm product
a^d fof'd'? _____
67.2
72.3
05.5
75.2
74.6
96.3
03.0
77.9
89.3
77.4
72.1
K2.9
82.5
67.5
73.2
105.4
74.8
74.6
96.3
92.5
78.0
89.2
77.2
72.2
83.6
82.8
66.7
72.7
105.0
74.2
74.4
95.3
92.5
77.6
89.2
77.0
71.6
83.6
82.2
66.8
72.9
05.2
73.8
74.8
95.1
91.8
77.9
89.1
77.1
71.7
83.5
82 3
69 3
74.4
04.1
73.4
74.4
95.2
91.2
78.5
89.1
76.7
73.1
83.7
82.4
61.1
66.7
92.6
67.4
73.2
93.5
89.7
74.2
87.0
73.1
66.2
74.4
79.3
— 0.4
— 1.2
+ 0.1
+ 0.5
0.0
0.0
+ 0.5
— 0.1
+ 0.1
+ 0.3
— 0.1
— 0.8
— 0.4
+ 10.0
+ 8.4
+ 13.9
+ 11.6
+ 1.9
+ 3.0
+ 3.7
+ 5.0
+ 2.6
+ 5.9
+ 8.9
+ 11.4
+ 4.0
81.9
82.1
81.6
81.7
81.8
77.8
— 0.2
+ 5.3
S4.2
84.1
83.7
83.7
«3.3
80.4
+ 0.1
+ 4.7
$116,945,297
$210,349,160
79 0 46.837
230.587 351
61.159.545
913.559,287
1.564.248
796 121.724
14.306 333
92.968.022
3 1.166.670
25.916 748
Y E A R S OLD
1939
A u g . 26
to
Oct. 28,
1939
PERCENTAGE CHANGES IN WHOLESALE PRICE INDEXES OF
IM PORTANT SUBGROUPS FROM OCT. 21 TO OCT. 28, 1939
In creases
Other farm products........................1.2
Fruits and vegetables_____________3.6
Silk and rayon____________________ 5.0
Other textile products____________ 1.5
Lumber ________________________ 1.3
Other building materials__________ 0.7
Cattle feed________________ ______ 3 0
D ecreases
Grains............^________ ___________1.3
Livestock and poultry______________2.8
Meats.____ _______________________ 2.6
Other fo o d s .._____________________ 2.6
Non-ferrous metals________________ 0.5
Dairy products____________________ 0.5
Wholesale Commodity Prices Declined Slightly During
Week Ended Oct. 28 According to National Fertil
izer Association
The wholesale commodity price index compiled by The
National Fertilizer Association declined slightly during the
week ended Oct. 28, falling to 77.7 from 77.8 in the pre
ceding week, which marked the high point for the year. A
month ago the index was 76.9 and a year ago 72.9, based on
the 1926-1928 average as 100. The lowest point reached
this year, and the lowest since 1934, was 70.3, in the middle
of August. The announcement by the Association, dated
Oct. 30, continued:
Last week’s decline in the index was due to lower quotations for farm
products and foods. The trend o f prices o f industrial commodities con
tinued upward, with the average for all commodities included in the index
except farm products and foods rising to the highest point reached since
October. 1937. A moderate decline took place in the food price average
but it is still near the high point for the year. The decline in the index o f
farm product prices was due to lower quotations for hogs, small grains and
wool, which more than offset advances in cotton, corn and cattle. New
high points for the year were registered by the indexes representing the
prices o f fuels and building materials. After advancing for seven con
secutive weeks the textile price average fell o ff last week, with a decline in
raw silk prices being partly responsible for the drop.
Volume 149
ONE HUN DRED—The
Commercial & Financial Chronicle— YE A R S
Thirty-three price ^series included in the index declined during the week
and 20 advanced; in the preceding week there were 21 declines and 35
advances; in the second preceding week there were 23 declines and 34
advances.
W E E K L Y W H O L E SA L E C O M M O D IT Y P R IC E I N D E X
Com plied by the National Fertilizer Association (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index
Latest
Week
Oct 28.
1939
Group
Year
Preced'g Month
Ago
Ago
Week
Oct 21. Sept. 30. Oct. 29,
1939
1938
1939
.3
F ood s__________ ____________
Fats and Otis.........................
Cottonseed o il.......................
Farm products______________
C otton____________________
Grains_____ _____ _________
Livestock_________________
Fuels.................. _.......................
Miscellaneous com m od ities..
Textiles_____________________
M etals______________________
Building materials___________
Chemicals and drugs...............
Fertilizer materials__________
Fertilizers................ ...................
Farm m achinery____________
75.3
53.8
64.5
63.8
49.9
59.9
65.4
*81.6
88.1
76.9
94.1
*87.4
93.5
72.9
77.3
95.0
75.8
55.1
65.4
64.3
49.7
60 4
66.1
81.2
88.1
77.3
94.1
86.0
93.4
72.9
77.3
95.0
75.1
57.0
66.9
63.2
49.4
60 8
64.5
80.0
88.2
72.1
93.6
85.5
92.4
72.5
77.2
95.0
72.0
55.5
71.2
64.6
48.8
49.6
72.4
75.6
78.3
59.5
90.9
81.5
93.6
70.5
77.7
97.2
100.0
All groups com bined______
77.7
77.8
76.9
72.9
25.3
23.0
17.3
10.8
8.2
7.1
6.1
1.3
.3
.3
*1939 high point.
Increase of 11.6% in Chain Store Sales in September
Above Last Year, Reports New York Federal Re
serve Bank
The Federal Reserve Bank of New York reports in its
“ Monthly Review” of Nov. 1 that in September total sales
of the reporting chain store systems in the Second (New York)
District were approximately 11 l % above last year, and
A
even after allowing for one more shopping Saturday this
year than last, the increase in sales was the largest in a
number of months. The Bank added:
The grocery chain stores reported a substantial increase in sales, induced
at least in part by the temporary spurt in sales o f some food staples following
the outbreak o f war in Europe. The ten-cent and variety, shoe and candy
chains continued to show increases in sales over a year ago.
There was a net reduction o f about 3% in the total number of chain
stores in operation between September, 1938 and September, 1939, grocery
chains alone reporting a reduction o f approximately 8 % . As a result of
the trend toward the operation o f fewer but larger units, sales per store
o f the grocery chains increased about 26% over a year ago, compared with
the advance o f approximately 16% in total sales. Sales per store o f all
types o f chains showed an increase o f about 15%, in comparison with the
advance o f about i m % in total sales.
Percentage Change September, 1939 Compared
with September, 1938
Type o f Chain
Number o f
Stores
Total
Sales
Sales per
Store
G rocery___________________________
Ten-cent and variety________ ____
Shoe______________________________
Candy____________________________
— 7.9
+ 0.6
— 0.2
— 3.0
+ 15.8
+ 10.9
+ 4.3
+ 2.9
+ 25.8
+ 10.2
+ 4.4
+ 6.1
All types...........................................
— 2.8
+ 11.6
+ 14.9
New York Reserve Bank Reports Gain of 6% in Septem
ber Sales of Department Stores as Compared with
Year Ago
Total September sales of the reporting department stores
in the Second (New York) District were about 6% higher
than last year, and the average daily rate of sales showed
more than the usual rise from the August average, states the
Federal Reserve Bank of New York in its Nov. 1 “ Monthly
Review.” Department stores in all localities reported a
larger volume of sales than in September a year ago, and the
apparel stores registered a gain of almost 10%. The Bank
went on to say:
Stocks o f merchandise on hand in the department and apparel stores at
the end o f September continued lower than a year ago. Collections in
September were at a somewhat higher rate than a year ago both in the
department and apparel stores.
Owing especially to a large gain in the third week o f the month, total
sales o f the reporting department stores in this District during the three
weeks ended Oct. 21 were about 8% above the corresponding 1938 period.
The daily rate o f sales for this portion o f October showed about the usual
seasonal advance over September which was a relatively active month for
retail trade.
c-i
Per Cent o f Ac
counts Outstanding
Aug. 31
Net Sales
Slock
Collected in
on Hand
September
End of
Feb. to
Sept.
Sept.
Month
1938
1939
Percentage Change from
a Year Ago
Locality
New York and Brooklyn___________
B u ffalo_____________________________
R ochester............ _ ..................................
S y r a c u s e .._________________________
Northern New Jersey______________
B ridgeport_________________________
E lsew here.______ __________________
Northern New York State......... ..
Southern New York State_______
Central Neiy York State.......... ......
Hudson River Valley D istrict___
Westchester and Stam ford.'______
Niagara Falls____________________
+ 6.0
+ 3.9
+ 5.4
+ 9.8
+ 2.7
+ 20.4
+ 9.4
+ 7.9
+ 8.1
+ 11.7
+ 8.4
+ 11.8
+ 8.9
+ 1.4
+ 4.5
+ 4.6
+ 8.2
+ 2.9
+ 7.4
+ 5.2
— 4.7
+ 5.5
+ 5.2
+ 5.1
+ 6.1
+ 5.0
— 2.5
+ 5.2
+ 7.2
+ 2.1
+ 1.9
+ 7.4
+ 3.1
All department stores____________
+ 5.8
+ 2.4
— 0.6
Apparel stores.............. .....................
+ 9.9
+ 2 6
—4 6
—
46.0
40.9
50.6
40.1
38.0
34.8
32.3
46.7
42.4
54.4
41.1
38.1
38.3
33.4
—
—
42.8
43.7
36.9
38.9
September sales and stocks in the principal departments are compared
with those o f a year previous in the foUowing table:
2883
OLD
Net Sales
Percentage Change
Set tember, 1939
Comp ared with
September, 1938
Stock on Hand
Percentage Change
Sept. 30, 1939
Compared with
Sept. 30, 1938
+ 26.6
+ 9.7
+ 8.4
+ 7.4
+ 7.2
+ 7.1
+ 7.0
+ 6.2
+ 6.0
+ 5.7
+ 5.6
+ 4.5
+ 3.0
+ 2.9
+ 2.9
+ 2.4
+ 2.2
+ 0.1
+ 4.0
Classification
— 2.6
— 0.2
— 11.1
— 3.3
— 9.0
— 5.3
+ 0.9
— 1.9
— 1.3
— 6.7
— 5.1
— 7.3
+ 6.1
+ 8.2
— 2.4
— 1.7
+ 14.9
+ 5.0
— 3.5
Silverware and Jewelry_____________
W om en's and misses’ ready-to-wear.
Linens and handkerchiefs__________
Silks and velvets___________________
C otton good s_______________________
Luggage and other leather goods —
H osiery_____________________________
H om e furnishings__________________
Shoes_______________________________
W om en's ready-to-wear accessories.
M en’s furnishings__________________
Books and stationery_______________
Toilet articles and drugs___________
Musical instruments and radio_____
Furniture__________________________
T oys and sporting g o o d s ..,................
W oolen goods______________________
M en's and boys’ wear______________
Miscell aneous______________________
Electric Output for Week Ended Oct. 28, 1939, 14.0%
Above a Year Ago
The Edison Electric Institute in its current weekly report
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
Oet. 28, 1939, was 2,538,779,000 kwh. The current week’s
output is 14.0% above the output of the corresponding week
of 1938, when production totaled 2,226,038,000 kwh. The
output for the week ended Oct. 21, 1939, was estimated to
be 2,493,993,000 kwh., an increase of 12.6% over, the like
week a year ago.
P E R C E N T A G E IN C R E A S E F R O M PR E V IO U S Y E A R
Week Ended
Oct. 7, 1939
M ajor Geographic
Regions
Week Ended
Oct. 28, 1939
Week Ended
Oct. 21, 1939
Week Ended
Oct. 14, 1939
New England_________
M iddle A tlantic---------Central Industrial____
W est Central- _______
Southern States_______
R ocky M ountain_____
Pacific Coast_________
14.1
11.8
17.7
8.7
16.0
16.1
8.2
12.3
11.3
15.8
7.5
10.3
16.5
9.6
14.6
13.2
18.7
8.9
12.8
20.4
7.0
x20.8
14.7
17.3
8.1
11.1
24.1
6.5
Total United States.
14.0
12 6
14 3
14.4
x Reflects hurricane condition in 1938.
DATA
FO R
RECENT
Week Ended
1939
1..........
8 ................
15................
22................
29................
5 .............. ..
12................
19................
2 6 .............. ..
2 ............
9 ............
16............
23_____
30 _________
7................
14_________
21____
Oct. 2 8 . . . _
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Sept
Sept
Sept
Sent
Sept
O ct.
Oct
O ct.
WEEKS
2,300,268
2.077.956
2,324.181
2,294,588
2,341,822
2,325,085
2.333,403
2,367,646
2,354,750
2,357,203
2,289,960
2,444,371
2,448,888
2,469.689
2.465.230
2,494.630
2,493,993
2.538.779
(TH O U SA N D S O F
1938
2,014,702
1,881,298
2,084,457
2,084,763
2,093,907
2,115,847
2,133,641
2,138,517
2,134,057
2.148.954
2,048,360
2,214.775
2,154.218
2,139,142
2,154,449
2,182,751
2,214.097
2.226.038
K TLO W AT T-H O U R S)
Percent
Change
1939
from
1938
1937
+ 14.2
+ 10 5
+ 11.5
+ 10.1
+ 11.8
+ 9.9
+ 9.4
+ 10 7
+ 10.3
+ 9.7
+ 11.8
+ 10.4
+ 13.7
+ 15.5
+ 14.4
+ 14 3
+ 12.6
+ 14 0
2,238,268
2,096,266
2.298,005
2.258.776
2.256,335
2,261.725
2,300,547
2,304.032
2,294,713
2.320,982
2,154,276
2,280,792
2,265,748
2.275.724
2.280.065
2,276.123
2.281.636
2.254,047
1932
1,456,961
1,341,730
1,415,704
1.433.993
1,440,386
1,426,986
1,415,122
1.431.910
1,436,440
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
1929
1,723,428
1,592,075
1,711.625
1,727.225
1.723.031
1,724,728
1,729,667
1,733,110
1.750,056
1.761,594
1,674,588
1,806.259
1,792,131
1,777.854
1.819,276
1,806.403
1.798,633
1,824,160
Glass Works at Sandwich, Mass.
The yards and buildings of this establish
ment cover six acres of ground. It employs
225 workmen, who, with their families,
occupy 60 dwelling houses. The raw ma
terials used, per annum, are, glass, 600 tons;
red lead, 700,000 pounds; pearlash, 450,000
pounds; Salt Petre, 70,000 pounds. They
consume 1,100 cords of pine wood, 700 cords
of oak wood and 100,000 bushels of bitum
inous coal. Seventy tons of hay and straw
are used for packing the glass. The amount
of glassware manufactured is $300,000 per
annum; said to be superior to any other
manufactured in America, and equal to any
in Europe. By the application of heated
air from the steam engine, to pans contain
ing sea water, they manufacture about 3,000
bushels of salt per annum; and all the ashes
is leached, and the ley converted to potash.
It is said that the mere saving to the com
pany, by this species of economy, which is
carried through every department, is suf
ficient to pay a handsome dividend on the
stock.
HUNT’ S MERCHANTS’ MAGAZINE,
October, 1839
2884
ONE HUNDRED
The
—
Commercial & Financial Chronicle —
Production of Electric Energy in the United States
for August and September, 1939
The production of electric energy for public use during
the month of September, 1939, totaled 10,935,85S,000 kwh.,
according to reports filed with the Federal Power Commis
sion, This represents an increase of 13% when compared
with the same month in the previous year. The average
daily production of electric energy for public use reached
an all-aime high of 364,529,000 kwh. during September,
which was 2.3% more than the average daily production
in August. The production of electric energy by electric
railways, electric railroads, and other plants which gen
erate principally for their own use totaled 175,016,000 kwh.,
making a total production reported to the Commission for
the month of September of 11,110,874,000 kwh., or an aver
age daily production of 370,362,000 kwh.
The production by water power in September amounted
to 3,104,OSS,000 kwh., or 28% of the total output for pub
lic use.
Reports were received during October indicating that the
capacity of generating plants in service in the United States
on Sept. 30, 1939, totaled 40,204,000 kwh. This is a net
increase of 339,000 kwh. over that previously reported in
service on Aug. 31, 1939. Occasionally plants are placed in
service but are not reported promptly, so that the net in
crease shown for any one month does not necessarily mean
that the entire increase was made during that month but
only that the changes were reported to the Commission
since the previous monthly report was issued.
P R O D U C T IO N OF E L E C T R IC E N E R G Y F O R P U B L IC USE IN T H E
U N IT E D ST A T E S
(In Thousands o f Kilowatt-Hours)
By Fuels
By Water Power
Division
August,
1939
September August,
1939
1939
170,186
New England________
M iddle A tlantic..........
465,056
East North C en tra l..
192,058
132,384
W est N orth C en tral..
South A tlantic............
413,548
460.402
East South C e n tra l..
17,462
W est South C en tral-558,061
M ountain____________
P a cific_______________ 1,101,103
Total
September August,
1939
1939
September
1939
131,695 516,275 545,913 686,461
677,608
415,942 2,226,966 2,219,165 2,692,022 2,635,107
178,290 2,264,143 2,353,719 2,456,201 2,532,009
114,418 531,093 543,410 663,477 657,828
297,376 865,290 962,592 1,278,838 1,259.968
121,295
452,189
176,650 581,697 628,839
624,017 627,609 641,479 644,755
17,146
133,974
548,405
138.736 692,035 687,141
949,177
256,603 263,426 1,357,706 1,212,603
United States tota l. 3,510,260 3,104,638 7,539,656 7,831,220 11049 916 10935 858
P R O D U C T IO N OF E L E C T R IC E N E R G Y F O R P U B L IC USE.
Production
Kilowatt-Hours
O ct.
N ov.
D ec.
Jan.
Feb.
M ar.
Apr.
M ay
31, 1938....... ............................
30, 1938...................................
31 i 1938 __________________
3 1 ,1 9 3 9 ..... ..............................
28, 1939................................. ..
3l| 1939 ..... ....................... ..
30, 1939___________________
311 1 9 3 9 . _____ ___________
July 31, 1939
________________
A ug. 3 i; 1939_______ _____ _____
S e p t.30, 1939_
_ _____________
% Change from
Previous Year
112,990,000,000
113.415.000. 000
114.197.000. 000
115.151.000. 000
116.045.000. 000
117.081.000. 000
118.053.000. 000
119,265,000,000
120,538,000,000
121,610,000,000
122.609.000. 000
123.838.000. 000
12 M on tis Ending—
—5
—5
—4
—3
—2
0
+ 1
+ 3
+ 5
+ 7
+ 8
+ 9
Note— Since the above data show production by 12-month periods, all seasons of
the year are included in each total, and the effect of seasonal variations is largely
eliminated.
T O T A L M O N T H L Y P R O D U C T IO N OF E L E C T R IC IT Y F O R P U B L IC USE
IN K IL O W A T T H OU RS.
% Produced by
Water Power
% Change
1938
Months
1937 to
1938
1939
January_____
February____
M arch_______
A pril------------M a y _________
June____ ____
July________
August______
September___
O ctober______
N ovem ber___
Decem ber____
9,465,000,000
8,565,000,000
9,321,000,000
8,806,000,000
8,961,000,000
9,081,000,000
9,405,000,000
10.051,000,000
9,707,000,000
10,076,000,000
10,101,000,000
10,658,000,000
T otal............
10,419,000,000
9,459,000,000
10,357,000,000
9,778,000,000
10,173.000,000
10,354,000,000
10,477,000,000
11,050,000,000
10,936,000,000
114,197,000,000
—5
—5
—7
— 10
—9
—9
—8
—4
—4
—2
—4
+ 8
—4
1938 to
1939
+
+
+
+
+
+
+
+
+
10
10
11
11
14
14
11
10
13
1938
1939
38
42
43
46
43
41
39
38
36
34
35
36
36
40
43
45
41
36
33
32
28
39
Note— A bove data solicited from all plants engaged in generating electric energy
for public use, and. in addition from electric railways, electrified steam railroads,
and certain miscellaneous plants which generate energy for their own use. Accurate
data are received each m onth, representing approximately 98% of the total pro
duction shown: the remaining 2 % of the production is estimated and corrections
are made as rapidly as actual figures are available. Thus, the figures shown for
the current month are preliminary while those for the preceding months are cor
rected in accordance with actual reports received and vary slightly from the pre
liminary data.
C o a l S to c k
and
C o n s u m p tio n
The total stock of coal on hand at electric utility power plants on
Oct. 1, 1939, was 9,108,470 tons. This was an increase of 4.6% when
compared with Sept. 1, 1939, and a decrease of 2.4% from Oct. 1, 1938.
Of the total stock, 7,923,073 tons were bituminous coal and 1,185,397 tons
were anthracite. Bituminous coal stock increased 5.6%, while anthracite
stock decreased 1.7% when compared with Sept. 1, 1939.
Electric utility power plants consumed approximately 4,214,560 net tons
of coal in September, 1939, of which 4,024,987 tons were bituminous coal
and 189,573 tons were anthracite, increases of 4.7% and 2.7%, respec
tively, when compared with the preceding month.
In terms of days’ supply, which is calculated at the current rate of
consumption, there was enough bituminous coal on hand Oct. 1, 1939, to
last 59 days, and enough anthracite for 188 days’ requirements.
YE A R S OLD
N ov. 4, 1939
Bank Debits 1% Higher Than Last Year
Debits to individual accounts, as reported by banks'rin
leading cities for the week ended Oct. 25 aggregated $8 ,1 0 4 ,000,000, or 1 % above the total reported for the preceding
week, which included only five business days in most of the
reporting cities, and 1 % above the total for the corresponding
week of last year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted
to $ 7 ,407 ,00 0,00 0, compared with $7 ,259,000,000 the pre
ceding week and $7 ,374,000,000 the week ended Oct. 26^of
last year.
These figures are as reported on Oct. 30, 1939, by the
Board of Governors of the Federal Reserve System.
S U M M A R Y B Y F E D E R A L R E S E R V E D IS T R IC T S
Federal Resene District
3— Philadelphia__________
T o t a l------------------------------
Week Ended—
N o. of
Center
Incl.
Oct. 25, 1939
Oct. 18, 1939
Oct. 26, 1938
17
15
18
25
24
26
41
16
17
28
18
29
8474,326,000
3,419,922,000
404.897.000
549.772.000
317.205.000
244.750.000
1,124,222,000
262,152.000
157,960,000
267,223,000
218.703.000
662.413.000
$458,542,000
3.101.655.000
403.583.000
566.699.000
343.811.000
270.657.000
1.185.601.000
285.515.000
173.292.000
295.712.000
238.909.000
680.697.000
$456,102,000
3.480.535.000
388.227.000
465.303.000
284.863.000
223.035.000
1.244.543.000
233.659.000
148.043.000
250.615.001
193.874.000
622.765.000
274
$8,103,545,000
$8.00+673,000
$7,991,564,000
Country’s Foreign Trade in September— Imports and
Exports
The Bureau of Statistics of the Department of Com
merce at Washington on Oct. 26 issued its statement on
the foreign trade of the United States for September and the
nine months ended with September, with comparisons by
months back to 1934. The report is as follows:
Foreign trade o f the United States increased in value during September
as compared with both August and the corresponding month o f 1938.
The rise in exports represented approximately the usual seasonal change,
although the movements of both export and import commodities during
September o f this year were influenced by unusual shipping and other
war-time conditions.
Imports into the United States during September were featured by marked
increases in the movements of crude materials and certain foodstuffs into
consumption channels from bonded customs warehouses. Mainly because
o f these large withdrawals, the value o f total imports for consumption was
the largest for any month o f this year. The excess o f withdrawals from
warehouses over entries into warehouses during September was especially
large in the case of sugar, whisky, wines, wool, zinc and manganese. Goods
actually imported into this country during September showed only a moder
ate increase as compared with August.
Imports for consumption (goods which entered merchandising channels
immediately upon arrival in this country, plus withdrawals for consumption
from warehouses) amounted to $199,483,000 in September as compared
with $180,338,000 in August 1939 and with $172,909,000 in September
1938.
The value o f general imports (goods entered for storage in bonded ware
houses plus goods which entered merchandising channels immediately upon
arrival in the country) was $181,461,000 in, September as compared with
$175,755,000 in August 1939 and with $167,592,000 in September 1938.
The increase in the value o f United States exports (including re-exports)
from $250,837,000 in August to $288,573,000 in September was approxi
mately 15%. This advance, revealed on Oct. 14 in preliminary totals,
was mainly accounted for by expansion in shipment o f agricultural products.
Exports of raw cotton increased from a value of $11,869,000 in August to
$35,661,000 in September, while other agricultural exports advanced from
$32,591,000 to $38,918,000
In addition to the increase in cotton, there
were increases in exports o f dried and canned fruits, lard, flour and corn.
Though tobacco shipments were unusually low for this season of the year,
they nevertheless showed some increase over August shipments.
After falling off in the earlier months of this year from the higher totals
of last year, the value of total agricultural exports rose to $74,579,000 in
September, or to nearly the same value as in September 1938. Though
exports of grain, fresh fruit and tobacco were much smaller in September
than a year before, the increase in cotton exports from the low level o f last
year almost counterbalanced the declines in other items. Shipments of
cotton to the United Kingdom, Italy. Spain and to a number o f the other
European countries were much larger in September than in September 1938.
Shipments o f cotton to Germany and Poland were, o f course, negligible and
those to France and Japan were considerably smaller than in the correspond
ing month o f 1938.
Exports of nonagricultural products, as a group, were 3% larger in value
in September than in August, primarily as a result o f increased shipments
o f certain crude materials and semi-manufactured products. There was
expansion during September in exports o f coal and crude petroleum to
Canada, in steel scrap and copper exports to Japan and in iron and steel
manufactures and chemical exports to various countries.
Principally because of marked declines in shipments of motor trucks
and aircraft, and o f some reduction in machinery exports. the value of
finished manufactured exports dropped from $133,817,000 in August to
$129,415,000 in September. The latter figure compares, however, with
$112,377,000 recorded for exports o f finished manufactures in September
1938. The value o f exports of a number o f manufactured articles, including
passenger automobiles, industrial machinery, iron and steel products,
refined mineral oils, rubber manufactures, cotton manufactures, and chemi
cals was larger in September than in the corresponding month o f 1938.
In addition to the increase in exports o f United States merchandise re
corded for September, reexports of imported merchandise increased from
$2,691,000 in August to $4,533,000 in September. The figures show de
cidedly larger re-shipments in September than usual of imported crude
rubber, vegetable oils, coffee, and cocoa.
The increase o f 15% in the value of total imports for consumption as
compared with the corresponding month of 1938 was mainly accounted for
by the large entries of a few principal commodities in September. These
included raw silk, unmanufactured wool, nickel, Cuban sugar, whisky,
and wines, for each o f which there was recorded in September the highest
monthly imports in recent years. Moreover, crude rubber, newsprint and
ONE HUN DRED T h e
—
Volume 149
tin imports were also decidedly above the totals o f a year before. The
value o f total imports o f these nine items amounted to nearly $78,000,000
in September 1939 as compared with approximately $50,000,000 in Septem
ber, 1938.
The increase in imports for consumption o f sugar—an increase which
resulted almost entirely from a rise in imports from Cuba— amounted to
approximately $4,000,000 and was apparently influenced by heavy con
sumer buying o f refined sugar in the United States immediately after the
outbreak of war in Europe, which also provided a stimulus to the price of
sugar. The suspension o f quotas after Sept. 11 retarded the rate of new
shipments from Cuba towards the end o f the month.
Imports o f raw silk rose in value from $10,540,000 in August to $16,125,000 in September. The sharp upward price tendency during recent
months has influenced heavier buying and the month’s import value was
more than 50% above that o f September and 88% above the value of silk
imports in September o f last year.
M E R C H A N D IS E T R A D E B Y M O N TH S
E xports, In c lu d in g R e -e x p o r ts , G e n e ra l Im p o rts , a n d B a la n ce o f T ra d e
September
9 Months Ended Sept.
Exports and Imports
1938
M dse exports b alan ce..
1939
1938
1,000
Dollars
288,573
181,461
1,000
Dollars
2,295,447
1,434,871
1,000
Dollars
2,184,894
1,620,646
860,576
564,248
78.743
Month or Period
Increase f + )
Decrease (— )
1939
1,000
Dollars
246,335
167,592
E xports_________ _______
Im ports________________
107,112
1,000
Dollars
— 110,553
+ 185,775
1934
1935
1936
1937
1938
1939
1.000
Dollars
172,220
162,752
190,938
179,427
160,197
170,519
161,672
171,984
191,313
206,413
194,712
170,654
Exports, Including
Re-exports—January_____________
February____________
M arch______________
A pril_________________
M a y _________________
June________________
July.................... ............
A ugust______________
Septem ber__________
O ctober.
_________
N ovem ber___________
D ecem ber____________
1,000
Dollars
176,223
163,007
185,026
164,151
165,459
170,244
173,230
172,126
198,803
221,296
269,838
223,469
1,000
Dollars
198,562
182,024
195,113
192,795
200,772
185,693
180,390
178,975
220,539
264,949
226,364
229,800
1,000
Dollars
222,665
233,125
256,566
268,945
289,922
265,341
268,184
277,031
296,579
332,710
314,697
323,403
1,000
Dollars
289,071
261,935
275,308
274,472
257,276
232,726
227,535
230,790
246,335
277,668
252,381
268,943
1,000
Dollars
212,909
218,645
267,782
230,969
249,485
236,064
229,629
250,837
288,573
9 mos. ended Sept___ 1,561,022 1,568,271 1,734,864 2,378,357 2,295,447 2,184,894
12 m os. ended D ec___ 2,132,800 2,282,874 2,455,978 3,349,167 3,094,440
General Imports—
January_____________
February____________
M arch_______ ______
A pril______________ .
M a y ________ _______
____
June__________
July........... .....................
A u g u s t ....... .......... ......
September___________
October______________
N ovem ber.......... ..........
D ecem ber____________
135,706
132,753
158,105
146,523
154,647
136,109
127,229
119,513
131,658
129,635
150,919
132,258
166,832
152,491
177,356
170,500
170,533
156,754
176,631
169,030
161,647
189,357
169,385
186,968
187,482
192,774
198,701
202,779
191,697
191,077
195,056
193,073
215,701
212,692
196,400
245,161
240,444
277,709
307,474
286,837
284,735
286,224
265,214
245,668
233,142
224,299
223,090
208,833
170,689
162,951
173,372
159,827
148,248
145,869
140,809
165,516
167,592
178,024
176,187
171,347
178,246
158,072
190,481
186,291
202,493
178,922
168,925
175,755
181,461
1936
9 Months Ended Sept.
Exports and Imports
1938
Exports (U. S. m d s e .)..
Imports for consumption
1939
1938
1,000
Dollars
243,595
172.909
1,000
Dollars
284,041
199.483
1,000
Dollars
2,266,907
1.434,150
1,000
Dollars
2,156,422
1.621.946
Increase ( + )
Decrease (— )
1939
1,000
Dollars
— 110,485
+ 187.796
Month or Period
1934
1935
1936
1937
1938
1939
Exports— U. S.
Merchandise—■
January______________
February____________
M arch_______________
April _ _____________
M a y _____________ __
June_____
________
July__________________
August
_________
September .
______
O ctober______________
N ovem ber .
______
Decem ber.
_ ..
1,000
Dollars
169,577
159,617
187,418
176,490
157,161
167,902
159,128
169,851
188,860
203,536
192,156
168,442
1,000
Dollars
173,560
160,312
181,667
160,511
159,791
167,278
167,865
169,683
196,040
218,184
267,258
220,931
1,000
Dollars
195,689
179,381
192,405
189,574
197,020
181,386
177,006
175,825
217,925
262,173
223,920
226,666
1,000
Dollars
219,063
229,671
252,443
264,627
285,0S1
256,481
264,613
273,561
293,374
329,373
311.212
319,431
1,000
Dollars
285,772
259,160
270,429
271,508
253,713
229,554
224,866
228,312
243,595
274,059
249,844
266,358
1,000
Dollars
210,258
216,121
263,996
227,618
246,139
233,365
226,738
248,146
284,041
9 m os. ended Sept___ 1,536,002 1,536,708 1,706,210 2,338,913 2,266,907 2,156,422
12 mos. ended D e c _ 2,100,135 2.243,081 2,418,969 3,298,929 3,057,169
_
Imports for
Consumption—
January_____ ________
February____________
M arch_______________
A p r i l . ______ _______
M a y __________
June_________________
July___________ _____
A u gust.
. ________
September .
_____
O ctober______________
N ovem ber___________
December ______ __ _
128,976
125.047
153,396
141,247
147,467
135,067
124,010
117,262
149,893
137,975
149,470
126,193
168,482
152,246
175,475
166,07C
166,756
155,313
173,096
180,381
168.683
189,806
162,828
179,760
186,377
189,590
194,296
199,776
189,008
194,311
197,458
200,783
218,425
213.419
200,304
240,230
228,680
260,047
295,705
280,899
278,118
278,300
262,919
248,730
233,959
226,470
212,382
203,644
163,312
155,923
173,196
155,118
147,123
147,779
147,767
171,023
172,909
178,447
171,668
165,359
169,353
152,577
191,269
185,916
194,185
178,374
170,451
180,338
199,483
9 mos. ended Sept_ 1,222,365 1,506,512 1,770,025 2,367,357 1.434,150 1,621,946
_
_
12 mos ended D e c _ 1.636.003 2.038.905 2.423.977 3.009,852 1.949,624
G O LD A N D S IL V E R B Y M O N T H S
E x p o rts. Im p o rts an d N et B a la n ce
September
9 Months Ended Sept.
Exports and Imports
1938
1939
1938
Gold—
E xports________
_____
Im ports__________ _____
1.000
Dollars
11
520,907
1.000
Dollars
15
326,089
1,000
Dollars
5,843
998,751
1,000
Dollars
472
2,885,745
Import balance____
520,896
326,074
992,909
2,885,273
Silver—
Exports________________
I m p o r ts .. .............. . .
1,463
24,098
1,292
4,639
3,657
158,940
11,483
70,061
22.635
3.347
155.283
58.578
Increase ( + )
Decrease (— )
1939
Imnort balance_____
1,000
Dollars
+ 5,371
+ 1,886,993
+ 7,827
— 88,878
1937
Silver
1938
1939
1937
1936
1938
1939
1.000
1,000
1,000
1,000
1,000
1.000
1.000
1,000
Exports—
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
2.112
355
1,753
1,671
5,067
81
January____
338
11
1,341
174
233
2,054
15
1,811
February___
23,637
191
2,337
1,546
1,923
39
20
53
M arch ____
2,315
145
535
1,668
240
2,054
13
231
A p ril_____
51
5
1,841
212
317
4
203
611
36
M a y _______
254
1,144
197
81
131
19
303
77
J u n e _____
214
65
138
193
640
695
206
9
J u ly_______
278
401
32
169
17
13
143
937
A u g u s t___
1,463
1,704
285
1,292
42
129
11
15
September
1,259
232
1.468
380
16
October .
117
14
823
30,084
1,611
527
127
Novem ber
1,344
236
15,052
536
99
16
D ecem ber. .
9 mos. end.
S ept____
12 mos. end.
D e c _____
Imports—
January___
F eb ru ary..
M arch ____
A p ril_____
M ay _______
June_______
Ju ly_______
A u g u st____
SeptemberOctober
N ovem ber.
D e ce m b e r ..
27,191
652
5,842
27,534
46,020
5,889
45,981
7,002
7,795
28,106
169,957
277,851
16,074
67,524
171,866
218,929
75,962
57,070
121,336
120,326
154,371
215,825
155,366
232,103
175,624
105,013
145,623
90,709
52,194
33,033
7,155
8,211
52,947
71,236
52,987
55,438
63,880
165,990
520,907
562,382
177,782
240,542
472
156,427
223,296
365,436
606,027
429,440
240,450
278,645
259,934
326,089
8,350
10,899
3,657
11,965
12,042
7,082
58,483
17,536
8,115
4,490
4,989
23,981
6,574
16,637
8,363
26,931
4,451
2,267
2,846
14,080
5,589
2,821
3,165
6,025
4,476
4,964
8,427
5,701
10.633
23,151
28,708
15,488
14,440
15,757
17,952
19,186
18,326
4,985
24,098
25,072
24,987
21,533
10,328
9,927
7,207
7,143
6,152
14,770
5,531
4,365
4,639
52,392 158,940
70,061
9 mos. end.
S ept____ 792,157 1455,587 998,751 2885,745 149,168
12 mos. end.
182,816
D e c ____ 1144,117 1631,523 1979,458
11,483
91,877 230,531
Analysis of Imports and Exports of the United States
in the First Nine Months
The Department of Commerce’s report of the character
of the country’s imports and exports reveals that in the first
nine months 3 0 .9 % of domestic exports and 4 8 .5 % of im
ports for consumption were agricultural products. The
complete statement, also indicating how much of the mer
chandise imports and exports consisted of crude or of partly
or wholly manufactured products, is given below:
A N A L Y S IS B Y E C O N O M IC G RO U PS OF D O M E S T IC E X P O R T S F R O M
A N D IM P O R T S IN T O T H E U N IT E D ST A TE S F O R T H E M O N T H OF
S E P T E M B E R A N D T H E F IR S T N IN E M O N T H S O F 1939 A N D 1938
(Value in 1,000 Dollars)
September
Class
E xports o f U n ite d S tates M e rch a n d ise a n d Im p orts fo r C o n s u m p tio n
2885
Gold
Month or
Period
1938
Value
9 mos. ended Sept___ 1,242,243 1,501,775 1,768,339 2,427,446 1,434,871 1,620,646
12 mos. ended D ec___ 1.655.055 2.047.485 2.422.592,3.083.668 1.960.428
September
Y E A R S OLD
C o m m ercia l & F in a n cia l C h r o n ic le —
Domestic Exports—
Crude materials_____
Agricultural
N on-agricultural_
_
Crude foodstuffs____ _
Agricultural_______
N on-agricultural_
_
M fd . foodstuffs & bev
Agricultural_______
N on-agricultural_
_
Semi-manufactures___
Agricultural_______
N on-agricultural_
_
Finished manufactures
Agricultural_______
N on-agricultural. . .
59,605
44,776
14,830
14,254
14,087
168
17,134
15.58C
1,555
40,224
176
40,048
112,377
576
111,801
N ine Months Ended September
1939
Per
Cent
Value
1938
Per
Cent
Value
1939
Per
Cent
Value
412,952 18.2 327,209
24.5 66,847 23.5
18.4 46,470 16.4 264,086 11.6
193,777
7.2
148,865
133,432
6.1 20,377
6.6
9.4
5.9
2.6 213,322
7,477
87,357
9.4
7,356
2.6 212,269
5.8
86,390
120
1,053
967
0.1
7.5
128,666
141,175
7.0 21,309
5.7
6.4 19,615
130,214
6.9
119,100
5.3
1,694
0.4
0.6
0.6
9,566
10,961
16.5 58,993 20.8 371,737 16.4 412,207
0.1
319
1,740
0.1
0.1
1,998
16.4 58,674 20.7 369,997 16.3 410,209
46.1 129,415 45.6 1,140,231 50.3 1,188,475
0.2
0.2
818
0.3
5,479
6,063
45.9 128,596 45.3 1,134,752 50.0 1,182,412
Per
Cent
15.2
9.0
6.2
4.1
4.0
6.6
6.0
0.5
19.1
0.1
19.0
55.0
0.3
54.8
T otal exports of U . S
merchandise_____ 243,595 100.C 284,041 100.C 2,266,907 100.C 2,156,422 100.0
602,674 26.6 418,441 19.4
Agricultural_______ 75,194 30.9 74,579 26.2
N on-agricultural_ 168,401 69.1 209,462 73.8 1,664,233 73.4 1,737,981 80.6
_
Imports for
Consumption —
Crude materials_____
Agricultural______
N on-agricultural___
Crude foodstuffs_____
A g ric u ltu ra l______
N on-agricultural_
_
M fd . foodstuffs & be v
Agricultural_______
N on-agricultural___
Semi-manufactures___
Agricultural______
N on-agricultural_
_
Finished manufactures
Agricultural. ____
N on-agricultural_
_
52,355 30.3 67,606
37,302 21.6 50.723
15,054
8.7 16,884
20,435 11.8 19,465
19,680 11.4 18,597
0.4
755
868
28,641 16.6 38,412
22,857 13.2 28,379
5,684
3.3 10,033
33,607 19.4 38,275
2.1
3.642
3,301
29,965 17.3 34,974
37,870 21.9 35,725
0.2
319
396
37,551 21.7 35,329
33.9
25.4
8.5
9.8
9.3
0.4
19.3
14.2
5.6
19.2
1.7
17.5
17.9
0.2
17.7
416,872
292,421
124,451
192,113
182,692
9,522
239,574
196,804
42,771
278,817
36,308
242,509
306,773
3,523
303,260
29.1
20.4
8.7
13.4
12.7
0.7
16.7
13.7
3.0
19.4
2.6
16.9
21.4
0.2
21.1
512,166
368,839
143,326
212,384
203,083
9,300
234,175
186,462
47,713
337,195
32,072
305,123
326,027
4,243
321,784
31.6
22.7
8.8
13.1
12.5
0.6
14.4
11.5
2.9
20.8
2.0
18.8
20.1
0.3
19.8
T otal imports for consum ption________ 172,909 100.0 199,483 100.0 1,434,150 100.0 1,621,946 100.0
A gricultu ra l.. ._ . 83,800 48.5 101,395 50.9
711,647 49.6 794,700 49.0
N on-agricultural_
_ 89.109 51.5 98.087 49.1
722,503 50.4 827.246 51.0
Manufacturers’ New Orders Increased 61% in Sep
tember, Reports Conference Board — Greatest
Monthly Advance in Over Ten Years
New orders received by manufacturing industry rose 61 %
in September, the greatest monthly advance in more than
a decade, according to data on industrial orders, shipments
and inventories received directly from nearly 200 repre
sentative manufacturing concerns by the Division of Indus
trial Economics of the Conference Board. The volume
of new orders was nearly double that in September of last
year. Backlogs of unfilled orders rose 2 2 % over those
reported for the end of August and were 6 2 % higher than
in September, 1938. The rise in new orders was most marked
in the iron and steel and railroad equipment industries. A
greater-than-average increase was also reported in the
paper manufacturing industry. The Board’s announcement,
issued Oct. 30, further said:
ONE HUNDRED—The Commercial & Financial Chronicle YEARS OLD Nov. 4, 1939
2886
—
Shipments, reported by 155 companies, rose 7% over those for August.
They were 22% higher than a year ago.
Value o f inventories o f 163 concerns at the end o f September showed a
decline o f 1% during the month. Stocks o f raw materials advanced, but
this rise was more than offset by a reduction in inventories o f finished goods.
At the end o f September, total stocks were equivalent to about 2M
months' shipments, compared with stocks adequate for three months’
shipments at the end o f August. A year ago they amounted to better than
3 ! 4 months' shipments at the rate o f business then prevailing.
The following table shows the changes in the various operating factors
during September, in comparison with the levels o f August, 1939, and of
September, 1938:
N o. of
C om pan ies
Reporting
Inventories____________________________
Shipments_____________________________
New orders____________________________
Unfilled orders_____________ ____
In crea ses
S ep t.,
1939, %
Change fr o m
1939
A u g .,
S ep t.,
—1
+7
+ 61
+ 22
163
155
87
72
1938
—7
+ 22
+ 93
+ 62
in I llin o is E m p lo y m e n t a n d P a y r o lls
A u g u s t to S e p te m b e r A bove A verage
fro m
Reports from 6,708 manufacturing and non-manufacturing
establishments in Illinois employing 619,795 persons during
September, indicate an increase of 2 .4 % in employment
and an increase of 2 .0 % in payrolls from August to Septem
ber, 1939, it was announced Oct. 26 by the Division of
Research and Statistics of the Illinois Department of Labor.
The announcement explained these changes as follows:
The August to September, 1939 increases in employment and payrolls
exceed the average increase o f 1.1% in employment and o f 0.2 of 1% in
payrolls from August to September for the previous 16 years (i. e., 1923
through 1938). Records o f the Division o f Statistics and Research show
that there were increases in employment from August to September during
13 of the previous 16 years, and that there were increases in payrolls during
only 9 o f the 16 years.
Comparison o f the September, 1939 all industries indexes o f employment
and payrolls with those for September, 1938, show that employment was
8.8% higher and that payrolls were 13.0% higher than during the same
month o f last year.
A comparison o f the current month’s indexes with those for September,
1937 is also pertinent since employment in September. 1937 was the highest
for any month since 1930. The comparison shows that employment during
the current month was 12.8% lower and that payrolls were 13.1% lower
than during September, 1937.
Reports from 2.405 manufacturing establishments in Illinois employing
411,842 persons in September, indicate an increase o f 2.0% in employment
and and an increase o f 2.0% in payrolls from Augsut to September, 1939.
Analysis of changes in employment and payrolls for manufacturing indus
tries from August to September for the previous 16 years shows an average
increase o f 1.0% in employment and less than 0 1 of 1% change in pay
rolls. Increases in employment from August to September were reporetd
in 12 of the previous 16 years and increases in payrolls were reported
during only 8 o f the 16 years.
Reports from 4,303 non-manufacturing establishments employing 207,953
persons during September, show an increase of 3.2% in employment and
an increase o f 2 0% in payrolls from August to September.
The 10-year (1929-1938) average August to September change in em
ployment in non-manufacturing industries was an increase of 1.6% and
the average change in payrolls was an increase o f 0.8 o f 1% . Increases
in both employment and payrolls were reported in 7 o f the 10 years.
A v era ge
W e ek ly E a r n in g s D u r in g S ep tem b er
The average weekly earnings of the 619,795 persons covered by September
reports were $26.70. The average weekly earnings for workers in manu
facturing industries were $26.80 and for non-manufacturing industries were
$26 50- Comparison o f average earnings for August and September shows
» decrease from $26.80 to $26.70 per week for all industries, a decrease
from $26.81 to $26.80 for manufacturing industries, and a decrease from
$26.79 to $26-50 per week for non-manufacturing industries.
The Pacific Mill at Lawrence
A c c o r d in g
good
ren ce
is
h e n s iv e
but
to
a u th o r ity ,
th e
L o w e ll
P a c ific
la r g e s t
m ill in
th e
th e
th e
fin e s t
and
th e w o r ld .
k in d s
of
“ J o u r n a l,”
M ills
at
m ost
com p re
It m akes n on e
good s,
and
s u c c e s s o f i t s o p e r a t i o n s is l o o k e d
g re a t in te r e s t b y m a n u fa c tu r e r s .
s u r fa c e
of
acres— th e
th is
im m e n se
la r g e s t
m ill in
Law
th e
L iv in g C o s t o f W a g e E a r n e r s In c r e a s e d 2 % B e tw e e n
A u g . 1 5 a n d S e p t . 15 R e p o r t s T h e C o n f e r e n c e
B o a r d — F o o d P r ic e s U p 5 .2 %
After declining almost without interruption for nearly a
year, the cost of living of wage earners in the United States
rose 2 % between Aug. 15 and Sept. 15, bringing living costs
to the level of Sept., 1938, according to the regular monthly
survey made by the Division of Industrial Economics of
The Conference Board, issued Nov. 1. The survey shows
that living costs were 15% lower than in 1929 but 19.8%
higher than the low point that was reached in 1933. The
Board further said:
Food prices advanced 5.2% from August to September, bringing them
to a level 0.4% higher than in Sept., 1938, 32.1% higher than at the low
point o f 1933, but 26.8% lower than in Sept., 1929.
Rents in September averaged 0.2% higher than in August, 0.1% lower
than in Sept., 1938, 6.3% lower than in Sept., 1929, and 38.0% higher
than at the beginning of 1934, their low point.
Clothing prices increased 0.4% from August to September. They were
1.5% lower than in Sept., 1938, 26.8% lower than in Sept., 1929, but
18.9% higher than at the low o f 1933.
Coal prices advanced 0.6% from August to September. They were
1.5% lower than a year ago, and 9.1% lower than 10 years ago.
The cost o f sundries averaged 0 1 % higher in September than in August,
0.2% higher than in Sept., 1938, 7.5% higher than at the low point o f 1933,
and only 2.1% lower than in September, 1929.
The purchasing value o f the dollar was 116.4 cents in September, as
compared with 118.3 cents in August, and 100 cents in 1923.
Item
Relative
Im portan ce
in
F a m ily
Budget
Food *____________________
Housing_________________
Clothing_____ ____________
Men’s _________________
Women’s_______________
Fuel and light____________
Coal______________
...
Gas and electricity______
Sundries_________ ____ . . .
Septem ber,
A v g u s t,
1939
1939
80.7
86.5
72.2
7S.5
65.9
84.4
83.0
87.1
97.0
76.7
86.3
71.9
78.2
65.7
84.0
82.5
87.1
96.9
30
Weighted avge. of all items.
In d ex e s o f the Cost o f
L ivin g (1923=100)
100
33
20
12
5
85.9
84.5
11 e.4
Purchasin'” value of dollar..
11° 3
%
o f In c. (+ )
or D e c. (— )
fr o m A v g u s t ,
1939, to
S ep t., 1939
+
+
+
+
+
+
+
5.2
0.2
0.4
0.4
0.3
0.5
0.6
0.0
+ 0.1
+ 1.7
---1
* Based on food price indexes of the United States Bureau of Labor Statistics
for Sept. 19, 1939, and Aug. 15, 1939.
U n e m p lo y m e n t in U n it e d S ta t e s D e c lin e d 6 .7 %
in
S e p te m b e r , R e p o r ts th e C o n fe r e n c e B o a r d — F a lls
B e l o w 9 ,0 0 0 ,0 0 0 f o r F i r s t T i m e S i n c e N o v e m b e r , 1 9 3 7
Unemployment in the United Slates declined 6 .7 % in
September and fell below 9,000,000 for the first time since
November, 1937, according to the monthly estimates of
unemployment and employment prepared by the Division
of Industrial Economics of the Conference Board. The
number of jobless in September is placed at 8,798,000,
or 631,000 less than the August figure of 9,429,000. Since
February of this year, when the unemployed were estimated
at 10,694,000, there has been a decline of 1,896,000, or
nearly 1 8% . In September, 1938, the unemployed numbered
9,902,000. Under date of Oct. 29 the Board further
reported:
Total employed in the country rose to 45,943,000, a gain o f 685,000,
or 1.5% , over the estimate for August. A marked increase o f 396,000
workers in manufacturing industry largely accounted for the increase.
There were the usual seasonal advances in transportation, trade, dis
tribution and finance. Increases in agriculture of 1.1%, in forestry and
fishing of 1% , and in extraction of minerals of 2.5% were slightly less
than seasonal. Small declines in construction and service employment
were normal.
The Government’s emergency labor force declined in September for the
seventh consecutive month and totaled 2,081,000, as compared with
2,228,000 in August.
Unemployment totals and the distribution of employment during July,
August, and September, 1939, and comparisons with the totals for Sep
tember, 1938, and March, 1933, and with the 1929 average are shown
in the following table:
(In Thousands)
to w ith
1929
T h e flo o r
stru ctu re
E n g la n d
is
16
is
Average
Unemployment total___________
M a r .,
S e ” t .,
J u ly,
*A u g„
1933
1938
1939
1939
469 14,706
9,902
9,987
9.429
♦Serf.,
1939
8,798
Employment total______________
47,885 35,940 44,195 44.647 45,258 45,943
c o t t o n s p in d le s a n d 10 0 0 0 w o r s te d s p in d le s ;
Agriculture____________________
Forestry and fishing____________
10,539
267
a n d t h e s e a r e t o b e i n c r e a s e d t o 8 0 ,0 0 0 a n d
Total Industry_________________
19,102
acres.
T h ere
are n ow
2 0 ,0 0 0 , r e s p e c t i v e l y .
in
o p e r a tio n
4 0 0 ,0 0
T h e r e a r e 1 ,2 0 0 l o o m s
i n o p e r a t i o n , t o b e i n c r e a s e d t o 2 ,4 0 0 . T h e s e ,
w i t h 2 ,0 0 0 h a n d s , p r o d u c e 3 0 0 ,0 0 0 p i e c e s o f
c lo th
per a n n u m ,
o n e -h a lf d e la in e s .
The
w e e k l y c o n s u m p t i o n o f c o t t o n i s 2 0 ,0 0 0 l b s . ,
s a y 1 , 5 0 0 ,0 0 0 l b s . p e r a n n u m , a n d 5 0 0 ,0 0 0 l b s .
of
w o o l.
O nce
a
m o n th
th e
2 ,0 0 0
hands
Extraction of minerals________
Manufacturing_______________
Construction_________________
Transportation_______________
Public utilities.......... .................
1,067
11,064
3,340
2,465
1,167
Trade, distribution and finance..
Service industries______________
Miscell. industries and services..
8,007
8.96C
1.011
9,961 11,547 11,232 11,548
136
197
197
201
10,980 15,263
15,537
645
6,980
941
1,549
865
724
9,558
2,156
1,880
943
707
9.730
2,225
1,924
951
6,407
7.752
704
7.233
7,207
9.56S
9,071
884 1
905
15.865
11,676
203
16,278
720
738
9.954 10,350
2,264
2.236
1,972 2,000
955
954
7,179
9,552
913
7,349
9,508
928
* Preliminary.
a s s e m b le a t th e C a s h ie r ’ s o ffic e , w h e r e M r.
C la p p p a y s o u t to th e m
$ 5 0 0 ,0 0 0 f o r w a g e s ,
a p p r o p r ia tin g to e a c h o n e th e e x a c t a m o u n t
sh e h as e a rn ed .
H U N T ’S M E R C H A N T S ’ M A G A Z IN E ,
D e ce m b e r, 1854
R e t a il F o o d C o s t s A d v a n c e d 5 .2 % B e tw e e n A u g . 15 a n d
S e p t . 19 A c c o r d in g t o B u r e a u o f L a b o r S t a t i s t i c s
The retail cost of food rose 5 .2 % between Aug. 15 and
Sept. 19, Commissioner Lubin of the Bureau of Labor
Statistics reported on Oct. 29. “ This increase was wide
spread, costs advancing in all of the 51 cities covered by the
index,” M r. Lubin said. “ Prices were higher for 41 of the
60 priced items, sugar and lard leading with increases of
Volume 149
ONE HUNDRED— The Commercial & Financial Chronicle—YEARS OLD
about 2 5 % and 3 5 % , respectively. The September index
stood at 7 9.0% of the 1923-25 average. This was an ad
vance of less than 1 % over a year ago and a decrease of 7.9 %
below the level of September, 1937. Costs in 1939 were
less than for any other September since 1934.” The Com
missioner went on to say:
Cereals rose 1.0%. Flour went up 10.6% and white bread remained
unchanged. Other items in the group showed little price change.
Meats increased 6.1% . All items in the meat group, except roasting
chickens, advanced, the price increases ranging from 2.4% for sliced ham
to 14.7% for pork chops.
t Dairy products rose 6.0% . The increase of 11.0% for butter was largely
seasonal. Milk averaged 4.2% higher, as a result o f increased prices in
11 cities.
Eggs rose seasonally 16.6%, but were cheaper than a year ago.
The cost of fresh fruits and vegetables showed little change and price
movements ^'ere in the main seasonal. Prices rose slightly for all o f the
canned items, but were below last year’s level. Navy beans increased
20.3%.
^ The price o f coffee remained unchanged.
The price o f lard rose 34.7%. Shortening sold in cartons increased
8.6% , while that sold in tin containers declined 1.0% to the lowest level
for the year.
Sugar advanced 23.8% to the highest point reached during the past
10 years.
The average increase o f 5.2% in food prices for the 51 cities was pretty
evenly distributed. The extremes were Omaha with an increase of 9.7%
and Fall River where the advance was 2.7% .
IN D E X NUMBERS OF RETAIL COSTS OF FOOD B Y COM M ODITY GROUPS
Three-Year Average 1923-25=100
19,
1939*
Sept.
C om m odity Group
79.0
85.2
97.5
78.0
74.7
58.3
56.5
74.8
62.0
65.5
67.5
77.8
All foods_____________ —
Cereals and bakery prod.
Meats_________________
Dairy products________
Eggs------------------- -------Fruits and vegetables__
Fresh............................
Canned_____________
Dried_______________
Beverages and chocloate.
Fats and oils___________
Sugar and sweets______
* Preliminary.
W e e k ly
R ep ort
of
15.
1939
Aug.
18,
1939
July
75.1
84.4
91.9
73.6
64.2
57.9
56.4
74.0
56.7
65.3
61.1
62.3
76.5
85.0
93.5
72.5
61.4
63.4
62.7
73.9
56.6
65.3
61.6
62.4
13.
1938
Sept.
78.7
88.2
98.2
77.2
82.2
54.8
52.6
76.3
59.5
66.4
67.7
62.3
15.
1932
Se t.
66.7
74.3
75.8
65.4
62.4
52.8
51.3
69.2
54.4
74.6
51.3
58.2
L u m b e r M o v e m e n t— W e e k
O c t . 2 1 , 1939
15,
1929
S ep t.
108.0
98.6
124.7
103.0
108.9
107.6
108.6
96.3
107.1
110.2
93.4
75.9
Ended
The lumber movement during the week ended Oct. 21,
1939, in relation to the seasonal weekly averages of prior
years was as follows:
Percent o f
Orders ____________
_
_
70
80
72
1929
Percent o f
99
112
107
1937
Percent o f
1938
119
126
111
according to reports to the National Lumber Manufacturers
Association from regional associations covering the opera
tions of representative softwood and hardwood mills. These
reports further showed:
Compared with the average o f the preceding 10 weeks, reported lumber
production and shipments o f the week ended Oct. 21, 1939, showed gains
o f 3% and 2 % , respectively; new business, loss o f 24% . Compared with
the preceding week, production, as reported by 5% fewer mills, was 3%
more, shipments were the same; new orders, 15% less. New business
was 10% below production. Shipments were 7% above output. Reported
production for the 42 weeks o f the year to date was 16% above correspond
ing weeks o f 1938; shipments were 17% above the shipments; and new
orders were 21% above the orders o f the 1938 period. For the 42 weeks
o f 1939 new business was 11% above, and shipments 6% above output.
During the week ended Oct. 21, 1939, 505 mills produced 248,860.000
feet o f softwoods and hardwoods combined; shipped 267,512,000 feet;
booked orders o f 224,914,000 feet. Revised figures for the preceding week
were: mills, 530: production, 241,326,000 feet; shipments, 268,633 feet;
orders, 263,639,000 feet.
Lumber orders reported for the week ended Oct. 21, 1939, by 428 soft
wood mills totaled 214,706,000 feet; or 10% below the production o f the
same mills. Shipments as reported for the same week were 253,551,000
feet, or 6% above production. Production was 239.665,000 feet.
Reports from 94 hardwood mills give new business as 10.208,000 feet,
or 11% above production. Shipments as reported for the same week were
13,961,000 feet, or 52% above production. Production was 9.195,000 feet.
For the week ended Oct. 21, 1939, production o f 414 identical softwood
mills was 237,696,000 feet, and a year ago it was 212,221,000 feet; ship
ments were respectively, 250,766,000 feet, and 227,199,000 feet; and orders
received 212,853,000 feet, and 209,400.000 feet. In the case o f hardwoods,
74 identical mills reported production this year and a year ago 7,162.000
feet and 6,338.000 feet: shipments, 10,778,000 feet, and 6,748,000 feet
and orders, 7,796,000 feet and 9,473,000 feet.
U n ite d
S ta te s
in
P r o d u c tio n o f P ap er a n d P a p e r b o a r d
1 93 8 D e c r e a s e d B e lo w 1937
The tonnage of paper and paperboard produced in the
United States in 11)38 showed a decrease as compared with
1937, according to a preliminary report released Oct. 28 by
Director William L . Austin, Bureau of the Census, Depart
ment of Commerce. The production of paper and paperboard in 1938 amounted to 11,380,814 tons, a decrease of
11.3%, as compared with 12,837,003 tons produced in 1937.
The total newsprint produced in 1938 amounted to 832,331
tons against 975,854 tons in 1937; unconted book paper to
1,336,814 tons as compared with 1,520,523 tons in 1937;
writing paper to 481,719 tons against 578,147 tons; wrapping
paper to 1,865,856 tons against 2,053,387 tons: tissue paper
to 548,943 tons against 540,152 tons; building paper to
570,454 tons against 60S.086 tons, and the total for paperboards in 1938 was 5,103,767 tons as compared with 5,802,036
tons in 1937.
2887
U n c e r t a i n t i e s A f f e c t W h e a t P r ic e S i t u a t i o n — B u r e a u
of
A g r ic u ltu r a l
E c o n o m ic s
E s tim a te s
D o m e s tic
D is a p p e a r a n c e fo r Y e a r B e g in n in g J u ly 1, 1 9 3 9 , a t
6 7 5 ,0 0 0 ,0 0 0 B u s h e l s — 3 1 8 ,0 0 0 ,0 0 0 B u s h e l s f o r E x
p o r ts a n d C a rry o v e r— F ig u r e s o f W o r ld P r o d u c tio n
The wheat price situation is complicated by an unusually
large number of factors which might become important
within the next few months, according to the Bureau of
Agricultural Economics. These include changes in pros
pects for the United States 1940 winter wheat crop and in
the Australian and Argentine crops to be harvested in
December and January, political developments in Europe,
the volume of exports, and general business conditions.
Domestic wheat prices declined to about loan levels on
Oct. 7, but then reacted, strengthened by continued drought
in winter wheat areas, small market receipts, and the sale
of substantial quantities of Canadian wheat to the United
Kingdom. The Bureau had the following to say regarding
domestic and world supplies of wheat:
The domestic disappearance o f wheat in the United States for the year
beginning July 1. 1939, is forecast at 675,000,000 bushels. With total
supplies of 993,000,000 bushels, consisting of a carryover on July 1 of
254.000. 000 bushels and the indicated crop of 739,000.000 bushels, a
disappearance o f this size would leave 318,000.000 bushels available for
export during the season, or for carryover at the end of the marketing year.
Prospective world wheat supplies for the year beginning July 1. 1939,
are now indicated to be about 240.000,000 bushels more than a year ago.
(All references to world production and stocks in this report exclude the
U. S. S. R. and China, except where noted.) Increases in carryover
stocks on July 1, 1939. more than offset the decreases in production World
stocks o f old wheat on July 1 are estimated at about 1.165,000.000 bushels,
or about 565.000.000 bushels more than a year earlier. World wheat
production is now estimated at about 4,264,000.000 bushels, or about
325.000. 000 bushels less than in 1938.
The crop in the Northern Hemisphere is estimated to be about 3.792,000,000 bushels, which is about 225,000,000 bushels less than the harvest
of 1938. Weather conditions to date indicate a decrease in production
of about 100,000,000 bushels for the Southern Hemisphere countries.
On the basis of present supply estimates and a moderate decrease in
world disappearance, the world stocks on July 1, 1940, are expected to
be about 1,440.000,000 bushels. Stocks of this size would be a new high
record and about 275,000,000 bushels larger than the estimate for 1939.
World trade in wheat and flour for the year beginning July 1, 1939,
is expected to be smaller than in 1938-39, when shipments totaled about
600.000. 000 bushels. Stocks available for export in surplus producing
countries greatly exceed this quantity. Exports of United States wheat
and flour from July 1 to Oct. 15 amounted to about 19,000.000 bushels,
compared with about 30.000,000 bushels for thesame period a year earlier.
The production of rye in the 20 countries for which reports are available,
and which produced about 85% of the estimated world production in 1938,
is estimated at about 913,000.000 bushels, or about 3,000,000 bushels above
the total for these countries last year. The 17 European countries re
porting show an increase o f about 1 % compared with the 1938 production.
F in a l D a te
E xport
f o r S h i p m e n t U n d e r 1 9 3 8 -3 9 W h e a t
P la n E x t e n d e d t o D e c . 1 5 , 1 9 3 9
F lo u r
The final date for export shipment under the 1938-39 wheat
flour export program has been extended from Oct. 31,1939 to
Dec. 15, 1939, the Division of Marketing and Marketing
Agreements of the Department of Agriculture announced
Oct. 27. Sales for export were made under this program
from Oct. 28, 1938 through June 30, 1939. The Division
explained this action as follows:
Extension of time has been granted to permit exporters to complete the
shipment of flour sold for export. The exporters have found it impossible
to complete exportation by the Oct. 31 date because o f the European situa
tion which has disrupted ocean shipping schedules and has caused the with
drawal o f many vessels from their usual trade routes.
The final date on which exporters can make application for export pay
ment under the program has been extended from Jan. 2, 1940 to Feb. 15,
1940.
3 ,8 5 5 ,6 5 3 T o n s o f S u g a r R e c e i v e d f r o m O f f - S h o r e A r e a s
D u r in g N in e M o n th s o f 1939
The Sugar Division of the Department of Agriculture on
Oct. 10 issued a report on the entries of sugar from offshore
areas during the first nine months of the year. The report
shows that the quantity entered for consumption during
the period January-September amounted to 3,855,653 tons.
For the corresponding period last year the quantity entered
(and charged against the 1938 quotas for the offshore
areas) totaled 4,128,675 tons. The figures are subject to
change after final outturn weight and polarization data
for all importations are available. A total of 262,547 short
tons of sugar, raw value, was marketed by the mainland
cane areas (including marketings by producers who are
also refiners) and 904,8(3 tons by the continental beet
area during the first eight months of this year. Data for
September are not yet available.
ENTIRES FROM OFF-SHORE AREAS
(Short tons—96 Degree Equivalent)
1939
Quotas in
E ffect Prior to
S e t . 11
A m ou n t Entered
U ” to
Sept 30. 1939
1.932.343
1.041.023
59,111
1,404,220
Hawaii................................................................
981.912
806.642
948.212
9.013
85.812
852,545
871.683
704.718
3.228
19,259
T otal..................................... ........................
4,763,910
3.855,653
~ ~
~ 2
_ .
A rea
f
Cuba................................................
Less amount reallotted on July 10________
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
2888
—
D ir e c t-C o n s u m p tio n
—
S u gars
Direct-consumption sugar is included in the above quantities. The fol
lowing tabulation shows the quantities entered for direct-consumption
during the period January-September, 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
outturn weight and polarization for each cargo of direct-consumption sugar
entered.
(Short Tons— 96 Degree Equivalent)
Q uantity E ntered
Quotas
Sugar Polar Sugar Polar
in E ffect
Total
izing 99.8
izing Less
P rior to
Quantity
D egrees and
Than 99.8
S ep t. 11
E ntered
A bove
D egrees
1939
A rea
Cuba
. _ _ ____ ________
Puerto R ico_____ - _________
___
_ _ ____
_
Hawaii. .
Philippines. _________________
T o t a l ______
.
375,000
126,033
29,616
80,214
235,305
122,032
10,086
48,205
12,006
9,731
1,006
14,727
247,311
131,763
11,092
62,932
610,863
415,628
37,470
453,098
ENTIRES FROM FU LL-DU TY COUNTRIES
(In Pounds)
1939
A re a
Q uotas in
E ffect P rior to
Sept. 11
996,917
23,073,847
731,419
1,158,805
3,188,909
20,871,111
35,366,060
38,456,297
1,213,356
46,067,279
500,000
Quantity E ntered
U p to
Sept. 30, 1939 x
219,504
14,315,340
161,973
507,507
996,500
672,740
7,398,225
13,328,502
917,214
0
0
38,517,505
171,624,000
Total _________________________________
19,259
85,812
T o n s ..
_ ______ ____
______
x Excluding 20,000 pounds entered from each area under the provisions of Sec.
212 of the Sugar Act of 1937.
y Argentina, 50,436; 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, 1,533 pounds from Sweden and 174 pounds from Vene
zuela.
C a n a d ia n S u g a r C o n s u m p t io n in Y e a r E n d e d A u g . 3 1 ,
1 9 3 9 , R e a c h e d A l l - T i m e R e c o r d — T o t a l o f 5 1 4 ,9 5 5
T o n s W a s 4 . 1 % A b o v e P r e v io u s S e a s o n
Consumption of sugar in the Dominion of Canada during
the crop year ending Aug. 31, 1939, reached an all-time high
record with 514,955 long tons, raw sugar value, as against
494,528 tons in the previous season, an increase of 20,427
tons, or approximately 4.1%, according to advices received
by Lamborn & Co., New York. The 1938-39 consumption
figure is the largest on record. The previous high record
was recorded in 1936-37 when 510,000 tons were consumed.
The firm added:
Of the 1938-39 consumption, 68,355 tons, or 13.3%, were beet sugars
produced in the Dominion, while the remainder were imported cane sugars
which came principally from the British West Indies and other British
possessions. Of the sugars consumed in 1937-38, home production supplied
57,562 tons, or 11.6%, while the balance came mainly from the same
sources as this year.
O c to b er
S u g a r F u tu re s T ra d in g on N ew Y o r k
a n d S u g a r E x c h a n g e B e s t S in c e 1929
C o ffe e
Trading in sugar futures during October totaled 623,150
long tons, the best October volume since 1929, the New York
Coffee & Sugar Exchange announced Nov. 2. For 10 months,
January-October, trading aggregated 4,734,800 tons or only
72,650 tons less than was done during the full year of 1938.
The announcement continued:
The No. 3, or domestic contract, accounted for 357,250 tons of the
October total which compares with 512,900 tons done in September and
143,500 tons in October, 1938. The 10-month figure was 2,893,350 tons
against 2,568,000 during the same period last year. The No. 4, or world,
contract’s October volume was 265,900 tons against 296,900 in September
and 62,700 in October, 1938. For the Jan.-Oct. period, 1,841,450 tons were
traded against 1,607,050 during the same period of 1938.
C o tto n S itu a tio n Im p ro v e d in O c to b e r , R e p o r ts B u r e a u
o f A g r ic u ltu r a l E c o n o m ic s — D o m e s tic C o n s u m p
tio n a n d E x p o r ts I n c r e a s e d — W o r ld S u p p ly P u t a t
5 0 ,0 0 0 ,0 0 0 B a l e s , o f W h i c h 2 6 ,0 0 0 ,0 0 0 B a le s is A m e r i
ca n C o tto n
Considerable improvement in the cotton situation was re
ported Oct. 31 by the Bureau of Agricultural Economics,
U. S. Department of Agriculture. Increased domestic cot
ton consumption, substantial improvement in the competi
tive price position of American cotton in foreign markets,
and greatly increased exports of American cotton were im
portant developments during the past month, says the
Bureau, which adds that mill consumption of cotton in
foreign countries appears to have changed comparatively
little. A near record world supply of cotton, about 50,000,000 bales, is indicated despite the reduction in the October
estimate of the United States crop, the Bureau stated. Of
this total, about 26,000,000 bales is American cotton, the
Bureau’s announcement said, and it added:
The daily rate o f cotton consumption in the United States in September
was 10% above August, and apparently increased still further in early
October. Consumption in September was the largest on record for that
N ov. 4, 1939
month. It was equivalent to an annual rate of about 7,750,000 bales
which is nearly 1,000,000 bales larger than consumption last season and
nearly as large as the record high consumption o f 7,950,000 bales in 1936-37.
United States exports of cotton totaled 1,334,000 bales from Aug. 1 to
Oct. 19. This was a 44% increase over exports to the same date last season,
about the same as the quantity exported during the like period in 1937,
but considerably smaller than the 10-year (1923-32) average. Registra
tion of sales and deliveries of cotton for Government export payments up
to Oct. 19 totaled 2,878,000 bales, according to the Bureau. This was
slightly more than twice the actual exports. Registrations during the 4
weeks ended Oct. 19 exceeded actual exports byabout 150,000 bales or 20%.
Since the domestic cotton export subsidy went into effect in late July, the
Liverpool price of American cotton has declined materially in relation to
most of the important foreign growths, according to the Bureau. The
recent ratios of the price of Indian Oomra and Brazilian Sao Paulo to Amer
ican cotton at Liverpool have been the most favorable from the standpoint
o f the competitive position of American cotton for approximately
to
2 years. The Liverpool price o f Egyptian Uppers has receiftly been the
highest relative to American since last March. In Japan the price of
American cotton is also reported to have declined materially in relation to
the price of Indian cotton since July.
Mill consumption of cotton in Europe is apparently running at a some
what higher level than before the outbreak of the European war. In
Great Eritain, Italy, and. possibly some other European countries, in
creased consumption is believed to have somewhat more than offset de
clines in Poland and possibly other areas. Consumption in India and
Japan has declined slightly.
The decrease of nearly 500,000 bales in the October estimate o f the
United States crop reduced the indicated world supply o f American cotton
from slightly above to slightly below the record supply o f 1932-33, the
Bureau stated. The reduction in the indicated crop was equivalent, how
ever, to less than 2% o f the indicated -world supply of American cotton of
nearly 26,000,000 bales. It was equivalent to only about 1% of the near
record indicated world supply o f all cotton of nearly 50,000,000 bales.
F a r m e r s ’ C a s h I n c o m e i n S e p t e m b e r T o t a l e d $ 8 4 7 ,0 0 0 ,0 0 0 , R e p o r t s B u r e a u o f A g r i c u l t u r a l E c o n o m i c s
— C o m p a r e s w i t h $ 6 4 3 ,0 0 0 ,0 0 0 i n A u g u s t a n d $ 7 4 5 ,0 0 0 ,0 0 0 Y e a r A g o
Farmers’ cash Income from marketings and Government
payments in September totaled $847,000,000, it was esti
mated Oct. 23 by the Bureau of Agricultural Economics,
United States Department of Agriculture. The September
income compared with $643,000,000 for August and $745,000,000 for September, 1938. Income from farm marketings
in September amounted to $781,000,000, representing more
than the usual seasonal increase from the $601,000,000 esti
mated for August, and was 10% larger than the $718,000,000
reported for September last year. Government payments
totaled $66,000,000 in September compared with $42,000,000
in August and $27,000,000 in September last year. The
Bureau’s announcement continued:
For the first nine months of this year cash farm income, including Gov
ernment payments, amounted to $5,441,090,000 compared with $5,357,000,000 for January-Septemiber last year. Income from farm marketings
was $4,883,000,000 and was 3% smaller than the total of $5,024,000,000
for the same months least year. Income from grains, fruits, vegetables
and meat animals was slightly larger than for January-September last year,
whereas income from cotton, tobacco and dairy products has been smaller.
In January-September this year Government payments totaled $558,000,000
compared with $333,000,000 in the same months of 1938.
Income from farm marketings increased much more than usual from
August to September, and in September was larger than in the correspond
ing month of a year earlier for the first time since October, 1937. After
adjustment for the usual seasonal change, the index of farmers’ income
from marketings (1924-29 equals 100) increased from 71.0 in August to
79.0 in September. Income from both crops and livestock increased more
than seasonally, the livestock income showing the most pronounced im
provement. Income from all groups of crops and livestock except tobacco
increased more than seasonally. Tobacco income was sharply reduced
during September, due to the closing of all tobacco markets on Sept. 10.
With the marked advance in farm prices in September and some increase
in prospective marketings of farm products, it now appears likely that
farm income, including Government payments, in 1939 will total about
$8,300,000,000, or about 5% higher than was forecast in August, and
about 3.5% higher than in 1938. The most pronounced increases in income
over those forecast in August are expected in incomes from grains, cotton,
miscellaneous crops, meat animals and dairy products.
With the improvement in cotton prices and the larger crop in prospect,
it now appears likely that income from cotton lint and seed in 1939 will
be only slightly smaller than in 1938. Income from grains, vegetables and
fruits is expected to be larger than a year earlier and to offset the
declines in income from other crops, so that total income from crops will
be about the same in 1939 as in 1938.
Income from meat animals in 1939 may be nearly as large as in 1937,
with the larger supply of hogs and increased movement of feeder cattle
and lambs more than offsetting the lower level of prices. Income from
dairy products has increased much more than seasonally the past two
months, but is still likely to be somewhat less in 1939 than in 1938.
F e d e ra l a n d S ta t e E c o n o m is ts S u r v e y 1940 F a r m O u t
lo o k — R e p o r ts o n C o m m o d itie s to B e Is s u e d
More than 100 extension workers, representing 44 States
and all the country’s major agricultural areas, began their
annual meeting in Washington Oct. 30 with the Bureau of
Agricultural Economics to study and report on the agri
cultural outlook for 1940. The conference will last through
today, N ov. 4. Beginning N ov. 6, reports on the farm
outlook by major agricultural commodities will be released
daily, except Sunday, through N ov. 15. An announcement
in the matter further stated:
All available information that will aid farmers in making their crop and
livestock production and marketing plans for the coming year will be
included in the reports, which will cover the current situation and the
outlook for supply, prices and demand for 1940.
Officials said that the 1940 report is of unusual importance because of
the war situation in Europe, which is affecting not only our farm exports,
but also our domestic demand for farm products.
Volume 149
ONE HUN DRED—The
Commercial & Financial Chronicle—
The outlook on demand and prices for farm products will be the first
release in the series. It will be followed by reports on agricultural credit;
production costs; horses and mules; cotton; feed crops and livestock; meat
animals and meats; hogs, beef cattle; dairy; tobacco; rice, dry beans,
potatoes; poultry, eggs and turkeys; sheep, lambs and wool; fruits and
tree nuts; truck crops, canning crops; fats, oils and oilseeds; clover and
alfalfa seed.
A report on the outlook fcr farm family living prepared in cooperation
with the Bureau o f Home Economics also is included.
Petroleum and Its Products— Penn Grade Crude
Prices Advanced— Texas Seeks Increased Allowable
to Meet War Needs— House Oil Hearings Start
Monday— Crude Oil Production Slumps— Seek
Continued Mexican Policy
The rising demand for lubricating oils which has brought
about consistent price firmness during the past several weeks
was reflected in a 15-cent a barrel advance in the posted price
of Pennsylvania grade crude oil this week. The advance,
posted by the Joseph Seep Purchasing Agency of the South
Penn Oil Co., was to become effective on N ov. 1, the day
after it was announced.
The markup was the second advance within a month, a
25-cent a barrel increase having been posted in the initial
week of October. The sustained strength in Pennsylvania
neutral and bright oil stocks, used in the production of lubri
cating oils, has boosted prices about 50% above their pre-war
level. Since the oil produced in the Pennsylvania is used
mainly for lubricants, it is not likely that the advance will
affect the other important oil fields.
Under the new price schedule, which lifts prices to the
highest levels in many months, all grades were advanced
save Corning crude oil which held unchanged. South West
Pennsylvania Pipe Line quotations moved up to $2.05 a
barrel. Bradford and Alleghany district crudes were posted
at $2.40 a barrel with Eureka Pipe Lines being advanced to
$1.99 a barrel.
The special oil investigating subcommittee of the House
Interstate and Foreign Commerce Committee will start its
hearings in Washington Monday, Nov. 6, it was announced
early this week in the Nation’s capital by Representative
William P. Cole (Dem., M d .), Chairman of the sub-com
mittee. The hearings, which were delayed pending the con
clusions of the Temporary National Economic Committee’s
hearings on the oil industry, are to last only one week. The
shortness of the hearings is due to the fact that only witnesses
from Federal agencies will be heard, with spokesmen for the
oil industry getting no chance to present their side of the
question until after the turn of the year when the regular
session of Congress starts.
The first two days of the hearings will be devoted to rep
resentatives of the United States Bureau of Mines and the
Geological Survey. Secretary of the Interior Harold Iekes
will appear before the Cole subcommittee on Wednesday
with the following two days devoted to hearing spokesmen
for the Army and Navy and the National Resources Planning
Board. In the closing days of the last session of the Con
gress, Representative Cole, at the behest of President Roose
velt, introduced a bill which amended the Connally hot oil
bill and extended Federal regulation of the oil industry.
The hearings, it was indicated, would be based upon the terms
of this bill.
In an interview in Washington, Lon A. Smith, Chairman
of the Texas Railroad Commission, stated that there was an
actual shortage of crude oil for refineries because of the
growing demand for crude and refined products arising out
of the World War. M r. Smith, who was accompanied by
Jerry Sadler, also a member of the Commission, went to
Washington to discuss the situation with Secretary of the
Interior Iekes and John W . Finch, director of the United
States Bureau of Mines.
Disclosing the hitherto unknown fact that actual daily
movements of Texas crude for export to the warring nations
totaled approximately 375,000 barrels, M r. Smith said that
an increase of the same figure in the November market
demand estimate for Texas of the Bureau of Mines was
necessary. The head of the Texas regulatory body pointed
out that at the time of the original estimate of the probable
market demand for November crude oil in the Lone Star
State, this was unknown and therefore could not have been
taken into consideration, as it should have been, by the
Bureau of Mines.
“ Texas crude is going out from our refineries in such
volume that there is an actual shortage for our refineries,”
M r. Smith said. “ Unless we can raise our allowables,
some of our refineries will be forced to shut down. We are
not producing sufficient crude under our present allowables
to meet export demand and supply refineries demands with
out drawing upon storage. We have told Secretary Iekes
that we would keep production in Texas within the estimated
demand as announced by the Bureau of Mines, and our
present allowables are based upon that figure . . . this
figure is just 373,121 barrels too short because of the Euro
pean demand for crude oil.”
Following their talks with Secretary Iekes, both M r. Smith
and M r. Sadler admitted that they “ had not received much
encouragement.” Neither of the members of the Railroad
Commission believed that they would receive any Federal
aid in adjusting the November allowables. “ We probably
will not be granted any relief during November,” M r. Smith
YE A R S OLD
2889
said “ but the next estimate of the Bureau of Mines probably
will give Texas an increased estimated demand by taking
into consideration the volume of oil moving to the warring
nations of Europe.”
With production in Texas held down to a 4-day week
during the period ended Oct. 28, daily average output of
crude oil for the Nation slumped 273,400 barrels to a figure
of 3,498,500 barrels, the American Petroleum Institute
reported. This figure compared with estimated daily aver
age market demand fo” crude oil during October, as estimated
by the U. S. Bureau of Mines, of 3,590,300 barrels daily.
Texas alone accounted for all but some 10,000 barrels of the
net decline in production.
A drop of 263,700 barrels in daily average production in
Texas as the wells shut down Friday-Saturday-Sunday, in
keeping with the Commission’s proration orders, pared the
daily total for the Lone Star State to 1,250,900 barrels.
The sharpest decline in weeks shown in California, 25,000
barrels, slashed the daily average there to 606.700 barrels.
Oklahoma producers cut back their output by 12,250 barrels,
with the daily average dropping to 415,750 barrels. Off
setting these declines were increases of 12,700 barrels for
Illinois to 340,400 barrels (a new high) 12,350 barrels for
Kansas to 187,200 barrels, and 2,650 barrels for Louisiana
where output rose to 264,850 barrels.
Inventories of domestic and foreign crude oil held in the
United States dropped 743,000 barrels during the week
ended Oct. 21, totaling 229,127,000 barrels, according to the
Oct. 28 report of the U. S. Bureau of Mines. Domestic
crude holdings were off 808,000 barrels but this was offset
in part by a gain of 65,000 barrels in foreign crude oil in
storage. Heavy crude oil stocks, not included in the
“ refinable” crude stocks, were up 41,000 barrels during the
week to 14,035,000 barrels.
The United Press reported from Mexico City on N ov. 1
that “ complete nationalization of the Mexican oil industry
was proposed tonight in the draft of a second 6-year plan
submitted to the national convention of the Mexican Revolu
tionary Party by the organization’s executive committee.
The proposal was seen as a move to forstall any further
attempts by American and other foreign petroleum companies
whose properties were affected by the early 1938 expropria
tion laws, to regain their properties.”
Price changes follow:
Oct. 31-—Joseph Seep Purchasing Agency o f the South Penn Oil Co. ad
vanced prices of Pennsylvania grade crude oil 15 cents a barrel, effective
N ov. 1.
Prices of Typical Crude per Barrel at Wells
(All gravities where A . P . I. degrees are not shown)
Bradford, P a ____________________ $2.40
Lima (Ohio Oil C o .)........................ 1.25
Corning, Pa_____________________ 1.02
Ulinois____________________________ .
.95
Western K entucky_______________ 1.20
M id-O ont’t, Okla., 40 and a b o v e .. 1.03
Rodessa, A rk., 40 and above____ 1.25
Smackover, A rk., 24 and over_____
.75
Eldorado, A rk., 40_________________ $1.03
Rusk, Texas. 40 and over___________ 1.02
Darst Creek_________________________ 1.03
M ichigan crude______________________ 1.22
Sunburst, M o n t_____________________ 1.22
Huntington, Calif., 30 and over___1.05
Kettlem an H ills, 39 and over________1.24
REFINED PRODUCTS— LUBRICANTS’ PRICES STRONG— M OTOR
FUEL HOLDS STEADY— R E FIN E R Y OPERATIONS S L U M P M OTOR FUEL IN VENTORIES RISE
Lubricants continued to hold the spotlight in the refined
products field, prices being the strongest in months. Further
movements into higher price ground are expected as a result
of the increase in Pennsylvania grade crude oil, the second
within a month. Sustained rising industrial demand has
bolstered the price structure for this branch of the refined
products field.
Gasoline prices, for the most part, held steady'both in the
wholesale and retail markets in the major consuming areas
of the United States. With stocks far above normal re
quirements for this time of the year, only the hope of sus
tained heavy export demand from the warring European
nations is behind the contra-seasonal firmness of the motor
fuel market.
Refinery operations were slashed severely during the final
week of October. The mid-week report of the American
Petroleum Institute disclosed a decline of 3.5 points from
the high of 87% of capacity reached in the previous period.
Daily average runs of crude oil to stills dipped 130,000 from
their record high of 3,520,000 barrels set in the Oct. 21 week.
Production of gasoline, however, climbed some 50,000 barrels
for the week.
Inventories of finished and unfinished motor fuel showed
a seasonal expansion despite the sharp decline in refinery
operations. The American Petroleum Institute report
disclosed a jump of more than a half million barrels of gaso
line during the period, with stocks on Oct. 28 totaling 72,660,000 barrels. About 10,000,000 barrels above normal for
this period of the year, the stocks show the effects of the sus
tained high rate of refinery operations during the past
several months. Even record demand was unable to reduce
the top-heavy stocks.
Price changes in the major markets were limited to unim
portant local readjustments, for the most part.
U. S Gasoline (Above 65 O ctane), Tank Car Lots, F.O .B . Refinery
New York—
Other Cities—
New Y ork—
Std.Oil N .J.$.06M -.07
T exa s_____ S.07M -.08
C h icago______$.05 -.05M
Socony-Vac. .06M -.07
G ulf_______ .08K -.08M New Orleans. .06M -0 7
Shell East’n .07M -.08
T . W at. Oil .08M -.08M
Gulf ports
.05M
Rich Oil (Cal) .08M--08M
T u ls a .............. .04K -.05M
W arner-Q .. 07M --08
Kerosene, 41-43 W ater W hite, Tank Car, F.O .B. Refinery
New York—
I North Texas_______ $.04 (N ew Orleans.S.OSM-.OoH
(Bayonne)________ $ .0 5 1 1Los A n geles.. .03H -.05 I Tulsa_________ .04 -.O iH
2890
ONE HUNDRED
— The
Commercial & Financial Chronicle —
Fuel OH. F.O .B . Refinery or Terminal
N. Y (Bayonne)—
|California 24 plus D
I New Orleans C ______ $1.00
Bunker C _________ $ 1 1 5
$1.00-1.25 Phila., Bunker C ____ 1.45
D iesel........................ 1.651
|
Gas OH. F.O .B . Refinery or Terminal
N. Y. (Bayonne)—
|Chicago—
i Tulsa_________ $.02% -.03
|
_________________ j
27 plus.................... * 04 I 28-30 D .................$.053
Gasoline, Service Station, Tax Included
^ New Y o r k - . . " . . ___$ 1 7 |N ew ark______________$.1661B u ff a lo .T -.T .'- .- T T ls . 174
z B rook lyn _________ .17 I Boston_______________ ,185|Chicago_____________ .17
z N ot including 2% city sales tax.
Daily Average Crude Oil Production for Week Ended
Oct. 28 Declines 273,400 Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Oct, 28, 1939, was 3,498,500 barrels. This was a falling off
of 273,400 barrels from the output of the previous week,
and the current week’s figure was below the 3,590,300 bar
rels calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
various oil-producing States during October. Daily average
production for the four weeks ended Oct. 28, 1939, is esti
mated at 3,605,000 barrels. The daily average output for
the week ended Oct. 29, 1938, totaled 3,237,550 barrels.
Further details, as reported by the Institute, follow :
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Oct. 28 totaled 1,041,000 barrels,
a daily average of 148,714 barrels, compared with a daily average of
197,857 barrels for the week ended Oct. 21 and 177,500 barrels daily for
the four weeks ended Oct. 28.
Receipts of California oil at Atlantic and Gulf Coast ports for the
week ended Oct. 28 totaled 245,000 barrels, a daily average of 35,000
barrels, compared with a daily average of 56,857 barrels for the week
etided Oct. 21 and 25,429 barrels daily for the four weeks ended Oct. 28.
Reports received from refining companies owning 86.2% of the 4,394,000barrel estimated daily potential refining capacity of the United States
indicate that, the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,520,000 barrels of crude oil daily during the week, and that all
ccmpanies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 72,660,000 barrels of finished and
unfinished gasoline. The total amount of gasoline produced by all com
panies is estimated tc have been 12,232,000 bariels during the week.
Oklahom a____________
Kansas_______________
424,200
170,600
State
Allow
ables
Week
Ended
Oct 28,
1939
Change
from
Previous
Week
424,200 b415,740 — 12,250
170,600 bl87,200 + 12,350
Panhandle Texas_____
N orth Texas__________
W est Central Texas___
W est Texas___________
East Central Texas___
East T exas___________
Southwest Texas_____
Coastal T e x a s ........... ..
64,000
76,100
27,500
208,600
83,550
395,500
193,100
202,550
— 7,400
— 18,900
— 5,900
— 50,500
— 5,150
— 96,950
— 39,000
— 39,900
Four
Weeks
Ended
Oct 28,
1939
Week
Ended
Oct 29,
1938
422,300
167,550
66,250
82,950
29,450
231,100
85,000
443,850
207,900
223,150
432,000
157,100
60,100
79,800
31,850
200,200
90,550
370,050
224,500
203,600
Total Texas________ 1,444,800 cl3 60 563 1,260,900 g263,700 1,369,650 1,260,650
N orth Louisiana______
Coastal Louisiana____
Total Louisiana____
Arkansas- ___________
Mississippi____________
Illinois________________
Eastern (not incl. 111.).
M ichigan . ___ ________
W yom ing_____________
M ontana_____________
C olorado______________
New M exico__________
65,700
199,150
260,300
258,504
56,100
65,800
275,500
99,400
61,000
69,000
16,500
3,900
114,200 d ll5 ,3 9 3
— 500
+ 3,150
66,250
194,850
Daily Refining
Capacity
+ 2,650
261,100
269,650
65,900
+ 550
800
+ 450
340,400 + 12,700
103,100
+ 150
63,950 + 1,500
62,100 — 2,900
17,200
— 50
3,900
+ 200
115,750
— 50
65,500
49,200
300
332,550 j 183,800
102,600
64,400
53,850
64,450
51,350
17,000
13,500
3,750
3,950
112,600 103,500
Total east o f C a lif.. 2,995,500
2,891,800 5248,400 2,983,750 2,578,550
California____ ________
594,800 e598,300 606,700 —25,000 621,250 659,000
Total United States. 3,590,300
3,498,500 fs?273400 3,605.000 3,237,550
a These are Bureau o f M ines’ calculations o f the requirements o f dom estic crude
oil based upon certain premises outlined in its detailed forecast for the month of
O ctober. As requirements may be supplied either from stocks, or from new pro-
Gasoline
Production
at Refineries
Percent Inc. Natural
Blended
Operated
Crude Runs
to Stills
Potential
Rate
Percent
Reporting
615
149
615
419
316
1,055
179
100
118
828
100.0
85.9
90.2
81.6
50.3
90.0
97.8
55.0
54.2
90.0
588
107
505
266
112
853
147
38
39
508
95.6
83.6
.91.0
77.8
70,4
89.8
84.0
69.1
60.9
68.2
1,670
432
2,150
z955
509
2,810
417
104
208
1,509
86.2
East C oast_________________
Appalachian_______________
Indiana, Illinois, K entucky.
Oklahoma, Kansas, Missouri
Inland Texas_______________
Texas G u lf__________ _______
Louisiana G ulf________ ____
N orth Louisiana & Arkansas
R ocky M ountain......... ..........
California.......... .......................
3,163
357
83.5
10,764
1,468
R e p o r t e d . . _____________
Estimated unreported______
♦Estimated total U . S.:
O ct. 28, 1939......................
O ct. 21, 1939.................... ..
4,394
4,394
Daily
Average
3,520
3,650
12,232
12,182
x3,251
*U.,S. B. of M . Oct . 28, 1938
y ll,2 1 7
♦Estim ated Bureau o f Mines’ basis, x O ctober, 1938 daily average. y T h is
is a'w eek’s production based on the U. S. B . o f M . O ctober, 1938 daily average,
z 12 % reporting capacity did not report gasoline production.
ST O C K S O F F IN IS H E D A N D U N F IN IS H E D G A SO L IN E A N D G AS A N D
F U E L O IL , W E E K E N D E D O C T . 28, 1939
(Figures in Thousands of Barrels of 42 Gallons Each)
Stock o f Finished and
Unfinished Gasoline
Stocks of Residual
Fuel Oil
Stocks o f Gas Oil
and Distillate
District
At Terms,
At Terms,
At
At
in Transit
in Transit
Refineries and in
Refineries and in
Pipe Lines
Pipe Lines
Total
Finished
Total
Finished
and
Unfin’d
East Coast________
Appalachian_______
Ind., 111., K y ..........
Okla., K an ., M o ___
Inland Texas______
Texas G ulf________
Louisiana G u lf____
N o . La. & Arkansas
R ock y M ountain. .
California______ . .
17,527
2,293
10,274
5,833
1,288
8,242
2,221
249
915
13,531
18,511
2,611
10,771
6,129
1,495
9,539
2,554
324
991
14,635
7,128
277
3,940
1,767
396
5,662
893
242
127
7,928
6,720
149
973
31
R e p o r te d .. ____
Est. unreported____
62,373
5,000
67,560
5,100
28,360
830
10,372
85,101
2,420
27,265
♦Est. total U . S.:
O ct. 28, 1939____
O ct. 21, 1939____
67,373
66,688
72,660
72,122
a29,190
a29,463
10,372
9,895
a87,521
a87,781
27,265
27,279
U . S. B . o f Mines
♦Oct 28, 1 9 3 8 ...
63,493
69,252
32,739
5.880
364
2,797
2,753
1.881
7,607
2,137
645
416
60,621
594
11
11
1,883
4,361
43
306
295
22,260
120,540
* Estimated Bureau of M ines’ basis, a For com parability with last year these
figures must be increased by stocks " A t Terminals, & c.,’ ’ in California district.
75,450
194,200
264,850
Nov. 4, 1939
District
D A IL Y A V E R A G E C R U D E O IL P R O D U C T IO N
(Figures in Barrels) « »
a
B. q fM .
Calcu
lated
Require
ments
(O ct)
YE A R S OLD
duction, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau’s estimated requirements to determine the amount o f new crude
to be produced.
b Oklahoma and Kansas figures are for week ended 7 a. m . O ct. 25.
c This is the net basic allowable for the mouth o f October obtained from the best
available sources and takes into consideration ordered shutdowns for 11 days during
the m onth, namely O ct. 1, 2, 7, 8, 14, 15, 21, 22, 27, 28, and 29. Latest informa
tion Indicates that exemptions are included but not accretions from new wells.
d Allowable for period O ct. 16 to 31; previous allowable revised to cover new
wejls completed.
e Recommendation o f Central Com m ittee of California Oil Producers.
f O ct. 21 total revised to include Mississippi (350 barrels daily),
g Minus.
Note— The figures indicated above do not include any estimate o f any oil which
might have been surreptitiously produced.
C R U D E RU N S T O ST IL LS A N D P R O D U C T IO N O F G A SO L IN E , W E E K
E N D E D O C T . 28, 1939
(Figures in Thousands o f Barrels of 42 Gallons Each)
Weekly Coal Production Statistics
The current weekly coal report of the Bituminous Coal
Division, U. S. Department of the Interior disclosed that
production of soft coal showed little change in the week
ended Oct. 21. The total output is estimated at 10,450,000
net tons, as against 10,430,000 tons in the preceding week.
Production in the corresponding week of 1938 amounted to
8,140,000 tons.
The U. S. Bureau of Mines reported that for the fourth
consecutive week the production of Pennsylvania anthracite
has shown a declining tendency. Total estimated output
for the week ended Oct. 21 amounted to 1,194,000 tons, a
reduction of 30,000 tons, or 2.5 % from the week of Oct. 14,
but a gain of 330,000 tons (about 38% ) in comparison with
the same week of 1938.
E S T IM A T E D U N IT E D ST A T E S P R O D U C T IO N O F SO FT C O AL
(In Thousands of Net Tons)
A Novelty in Quarrying
An instrument for boring into hard rock,
made out of a tube furnished with a circu
lar cutter of rough diamonds, is now being
employed in France. It is caused to re
volve, and as it enters the stone, the cutter
scoops out a cylinder, which is afterwards
easily taken out of the tube. Holes in hard
granite for blasting purposes, two inches
diameter and four feet deep, are thereby
bored in one hour. This would require two
days’ work in the ordinary way. The dia
monds, when examined through a magni
fying glass, do not look at all injured.
HUNT’S MERCHANTS’ MAGAZINE,
March, 1863
W eek Ended
Calendar Year to Date c
Oct. 21, Oct. 14, Oct. 22,
1939
1939
1938
Bituminous Coal a—
Total, including mine fuel______
Daily average____ __
. .. .
10,450
1,742
10,430
1,738
1939
1938
1929
8,140 b293,967 259,915 423,403
1,357
1,187
1,047
1,702
a Includes for purposes of historical com parison and statistical convenience the
production o f lignite, b Subject to revision, c Sum o f 42 full weeks ended O ct. 21,
1939, and corresponding 42 weeks o f 1938 and 1929.
E S T IM A T E D
P R O D U C T IO N O F P E N N S Y L V A N IA A N T H R A C IT E A N D
B E E H IV E C O K E
_____________________ ______________ (In N et Tons)___________________________________
Calendar Year to Date
W eek Ended
Oct. 21,
1939
Oct. 14,
1939
Penn. Anthracite
T otal, incl. colliery
1,194,000 1,224,000
fuel . a ______
199,000 204,000
D aily a v e ra g e ..
C om m , prod’t ’ n .b 1,134,000 1,163,000
Beehive Coke—
United States total
65,300
48,800
8,133
10,883
D aily a v e ra g e ..
Oct. 22,
1938
1939
1938 c
1929 c
864,000 41,753,000 36,729,000 58,116.000
169,400
235,800
144,000
149,000
821,000 39,666,000 34,893,000 53,932,000
14,200
2,367
641,600
2,556
696,200
2,774
5,497,500
21,902
a Includes washery and dredge coal, and coal shipped by truck from authorized
operations, b Excludes colliery fuel, c Adjusted to make comparable the number
of working days in the three years.
ONE HUNDRED The
—
Volume 149
W E E K L Y P R O D U C T IO N OF CO A L , B Y S T A T ES
(In Thousands o f N et Tons)
(The current weekly estimates are based on railroad carloadings and river ship
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or o f final annual returns from the operators.)
2891
Y E A R S OLD
Commercial & Financial Chronicle—
E S T IM A T E D
d Preliminary,
e Cumulation for ail weeks in calendar year through end of August* Includes street and interurban railways, electrified steam railroads, and mis
cellaneous Federal and State plants.
September Statistics of Portland Cement Industry
Week Ended
Stale
Oct.
Oct. 14, Oct. 7, Oct. 15, Oct. 16, Oct. 12, Avge.
1939
1939
1938
1937
1929
1923 e
Alaska_____ ______________ _______
Alabama ________________ __ _
Arkansas and Oklahom a____ _
C olorado__________ ______________
Georgia and North Carolina_____
Illinois.................................................
Indiana.......................... .....................
Iow a__________________________ _
Kansas and M issouri____________
Kentucky— Eastern_____________
W estern_______________________
M aryland________________________
M ichigan________________________
M ontana________________________
New M exico__________________
North and South D a k o t a ______
O hio_____________________ _______
Pennsylvania bituminous________
Tennessee_________ ______________
T exas___________________________
U t a h .. ................................................
Virginia_________________________
W ashington_____________________
West Virginia— Southern.a_____
Northern _b_________________
W yom ing________________________
Other western S ta tes.c__________
2
291
92
171
1
1,001
363
81
151
953
188
38
10
82
28
83
535
2,575
128
18
107
375
51
2,268
70?
136
*
2
289
86
162
1
1,068
362
96
14?
9E2
212
3b
10
86
25
7.5
523
2,418
122
17
95
36?
43
2,176
680
147
1
3
237
61
121
*
832
290
74
112
817
161
27
13
74
31
77
451
1.914
110
IP
85
300
36
1.816
520
121
*
3
263
109
168
1
1,184
384
88
162
873
190
32
16
77
37
74
558
2.350
115
IP
103
331
44
1,965
568
153
*
1,318
376
83
160
1,051
340
56
18
82
54
s43
568
3,056
104
22
137
268
47
2,283
817
170
s8
398
88
217
s
1,558
520
116
161
764
238
35
28
82
58
836
817
3,149
118
26
121
231
68
1,488
805
184
s4
Total bituminous c o a l . . ............
Pennsylvania an thracite.d______
10.430
1,224
10,175
1,245
8,302
1,185
9 ,8 6 '
1,218
11,78?
1.884
11,310
1,968
Total, all coal_________________
11,654
11,420
9,48"
11,08*
13,671
The Portland cement industry in September, 1939, pro
duced 11,937,000 barrels, shipped 13,104,000 barrels from
the mills, and had in stock at the end of the month 20,160,000
barrels, according to the Bureau of Mines. Production and
shipments of Poitland cement in September, 1939, showed
increases of 13.1 and 11.8% respectively, as compared with
September, 1938. Portland cement stocks at mills were
5.7% lower than a year ago.
The total production for the nine months ending Sept. 30,
1939, amounts to 88,741,000 barrels, compared with 75,742,000 barrels in the same period of 1938, and the total
shipments for the nine months ending Sept. 30,1939, amounts
to 92,527,000 barrels compared with 79,313,000 barrels in
the same period of 1938.
The statistics given here are compiled from reports for
September received by the Bureau of Mines, from all manu
facturing plants.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 161 plants at the close of
September, 1938 and 162 plants at the close of September,
1939.
t.3.278
s
382
i38
206
R A T IO O F P R O D U C T IO N TO C A P A C IT Y
a Includes operations on the N . & W .; C. & O .: Virginian; K . & M .; B . C. & G .;
and on the B A O. in Kanawha, M ason, and Clay counties,
b Rest of State, in
cluding the Panhandle District and Grant, Mineral, and Tucker counties, c In
cludes Arizona, California, Idaho, Nevada, and Oregon, d D ata for Pennsylvania
anthracite from published records o f the Bureau of Mines
e Average weekly rate
for entire m onth, s Alaska, Georgia, N orth Carolina, and South D akota included
with “ other western States.” * Less than 1,000 tons.
Sept., 1938 Sept., 1939 A ug., 1939 July, 1939 June, 1939
49.9%
40.2%
The 12 months ended___
56.3%
45.9%
P R O D U C T IO N , S H IP M E N T S A N D ST O C K S O F F IN IS H E D P O R T L A N D
C E M E N T , B Y D IS T R IC T S , IN S E P T E M B E R , 1938 A N D 1939
(In Thousands of Barrels)
Production
District
Trends of Competing Sources of Power
A V E R A G E W E E K L Y P R O D U C T IO N O F W A T E R P O W E R IN T H E U N IT E D
ST A T E S A N D C O M P U T E D E Q U IV A L E N T IN B IT U M IN O U S CO AL
Monthly Total
( Thousand Kwh.)
Weekly
Weekly Equivalent
Average
Bituminous Coal
(1,000 Kwh) (In Thous. o f Net Tons)
Produced
Including
Produced for Estimate
Public Cse for Private
(.FPC)*
Industrial
Plants
Produced At Constant
Including
Fuel
At Prevail
Equivalent ing Central
Estimate
for Private o f Approx.
Station
4Lb. per Equivalent b
Industrial
Plants
Kwh.a.
Period
M onthly record—
August, 1938.........
July, 1939. c ______
August, 1939-d . .
Calendar year to date
1929..........................
1938....................... ..
1939______________
Percent of change for
year to date—
Over 1929________
Over 1938________
3,844,806
3,473,092
3,526,851
4,013,761
3,641,047
3,695,806
906,333
822,172
834,537
1,822
1,753
1,677
639
580
589
24,028,035
30,462,607
31,361,293
25,439,798
31,787,581
32,686,267
732,834
915,692
941,580
e51,134
e63,893
e65,699
e21,630
e22,426
e23,060
+ 30.5%
+ 3.0%
+ 28.5%
+ 2.8%
+ 28.5%
+ 2.8%
+ 28.5%
+ 2.8%
+ 6 .6%
+ 2 .8%
a Com puted at 3 pounds of coal per horsepower hour, or 4.02 pounds per kolowatt
hour. This is the average reported by central electric power stations in 1913 and
has been used by the authors for long-tim e historical comparisons running back to
1880, in order to show the relative rate o f increase o f coal and water power, b Com
puted at the current average consumption o f central electric power stations, namely,
1.69 pounds in 1929, 1.41 in 1938, and 1.41 (tentative) in 1939. N ote that the
figures for 1938 have been revised to accord with the final statistics published by
the FPC in "E lectric Power Statistics, 1938,” issued in M arch, 1939. This report
gives a final figure o f 1.41 pounds per kilowatt hour in the year 1938. c Revised.
1939
1938
1939
2,209
853
1,264
887
1,295
1,227
1,166
569
685
283
968
531
2,038
713
1,031
958
1,416
1,194
1,343
826
601
305
965
326
2,320
937
1,320
967
1,511
1,279
1,440
826
585
338
961
620
4,217
1,561
2,947
1,899
1,850
1,532
2,192
1,723
862
463
1,343
785
4,057
1,597
2,607
1,600
2,003
1,528
2,041
1,815
822
449
1,155
486
10,559
11,937
11,716
13,104
21,374
20,160
Eastern P a ., N . J. and M d ______
New Y ork and M aine___________
Ohio, Western Pa. and W . V a _
_
M ichigan____________ ___________
W is., 111., Ind. and K y __________
V a., Tenn., Ala., G a., Fla. & L a .
East. M o ., Iowa, M inn. & S. D ak.
W . M o ., N eb., K an., Okla.& Ark.
Texas___________________________
C olo., M ont., Utah, W y o . & Id a.
California____________________ ___
Oregon and W ashington_________
T otal__________________________
1939
Stocks at End
o f Month
Shipments
1,919
561
1,119
753
1,051
1,004
1,142
811
624
259
990
326
1938
In order to throw light on the “ competitive relationships
between bituminous coal and other forms of fuel and energy,”
which the Coal Act requires be considered in establishing
minimum prices, the trend of production of water power is
shown in the table below which has just been released by
the U. S. Department of the Interior.
The table gives the total production of water power from
all sources, including private industrial plants as well as
public utilities and Government projects. It also gives the
fuel equivalent of water power produced in terms of bitu
minous coal on two alternative assumptions, (1) at a constant
equivalent of approximately four pounds per kilowatt hour,
and (2) at the prevailing equivalent attained by the average
central electric station, which diminishes year by year. The
constant factor has the advantage of permitting direct com
parison between the increase in kilowatt hours of water
power produced and the corresponding increase (or decrease)
in tons of coal produced. The advantage of the prevailing
factor lies in indicating more nearly the amount of fuel that
would be needed in any one year to generate the same amount
of power in a steam-electric plant, taking into account the
steady progress in combustion efficiency. A just comparison
of the changing contributions of water power and fuel to the
national energy supply would lie somewhere between the
results shown by the constant fuel equivalent and by the
prevailing central-station equivalent in this table.
_It should be noted that much of the hydroelectricity is not
directly competitive with coal. Numerous water power
developments are in regions where the fuel generally used is
oil or gas, and some are in areas where fuel power from any
source would be so much higher in cost as to curtail the
possible consumption of power.
For these reasons it would require an elaborate analysis to
determine even approximately how much coal has been
actually displaced by water power. The production trends
of the two industries, however, are of general interest.
56.5%
44.3%
57.9%
45.0%
56.6%
45.5%
1938
P R O D U C T IO N , S H IP M E N T S A N D ST O C K S O F F IN IS H E D P O R T L A N D
C E M E N T , B Y M O N T H S , IN 1938 A N D 1939
(In Thousands o f Barrels)
Month
Shipments
Production
Stocks at End of
M onth
1938
1939
1938
1939
1938
1939
January___________
February__________
M arch_____________
A pril_______________
M a y _______________
June_______________
July.............................
August____________
September_________
4,534
3,916
5,879
7,983
10,361
10,535
10,968
11,007
10,559
11,556
10,184
8,066
5,301
5,507
8,171
9,674
11,185
11,953
12,644
12,369
11,937
4,390
4,575
7,259
8,691
9,752
10,943
10,164
11,823
11,716
12,357
8,573
6,290
5,640
5,043
8,467
9,654
12,748
12,715
11,755
al3,401
13,104
25,023
24,361
22,979
22,262
22,875
22,467
23,286
22,534
21,374
20,569
22,179
a23,947
23,610
24,092
23,786
23,837
22,251
21,477
22,361
a21,327
20,160
T otal____________
105,548
106.533
a Revised.
Interest in Non-Ferrous Metals for Future Delivery
Wanes— Prices Steady
The Nov. 2 issue of “ Metal and Mineral Markets” re
ported that inventory buying of major non-ferrous metals
has slackened further during the last week, partly because
prices appear to have stabilized, and there is some uncer
tainty over actual first-quarter requirements. However,
the spot position in most items continued firm. Producers
now look for larger receipts here of foreign ores that
formerly moved into the European market. Tin was avail
able at lower prices. The United States Government pur
chased manganese and tungsten ores during the last week.
The publication further stated:
C opper
Business in domestic copper last week reflected some end-of-month
business, sales totaling 11,932 tons, against 9,371 tons in the previous
week. Sales of copper to domestic consumers in October totaled 67.025
tons against 183,652 tons in September. Some producers view the present
quiet period as temporary and look for demand for forward metal to
appear soon. The domestic quotation remained firm at 12y2c., Valley.
Anxiety was expressed by some producers regarding the possibility of a
reduction in the present 4c. excise tax on copper in a proposed reciprocal
trade agreement with Chile. Senator Vandenberg of Michigan stated in
the Senate on Oct. 31 as follows: “ I raise the question and respectfully
draw it to the attention of the State Department that there is nothing in
the Reciprocal Trade Treaty law, as interpreted by its own sponsors at
the time of its passage, which permits the President and the State Depart
ment to reach into the excise taxes of the country and reduce them by
executive order through a trade agreement.”
Export copper was available during the week at prices ranging from
12 ^ c . to 13c., f.a.s. New York, depending upon time of shipment.
Statistics covering the movement of copper products from fabricators
to consumers reveal that approximately 73,000 tons of copper were con-
ONE HUNDRED
2 89 2
—
T h e C o m m ercia l & F in a n cia l C h ro n ic le —
tained in materials shipped during September, which compares with 63,000
tons during August.
Lead
Producers of lead reported an orderly market for the metal, domestic
sales booked during the last week totaling 6,079 tons. Quotations were
firm but unchanged at 5.50c., New York, which was also the contract
settling basis of the American Smelting & Refining Co., and at 5.35c.,
St. Louis. Interest in December shipment lead was only moderate.
Workers have been asked to return to their jobs at the Perth Amboy
refinery, but operations in the plant have not yet been resumed. How
ever, some lead was shipped from that center during the last week.
St. Joseph Lead Co. is bringing about 4,200 tons of lead concentrate
into this country from the Argentine. The concentrate, formerly shipped
to Belgium, will go to the Herculaneum, Mo., smelter in bond.
Zinc
The zinc market passed through a quiet period and sales of the common
grades for the last calendar week involved only 1,768 tons, against 4,193
tons in the previous week. Shipments declined to 4,473 tons, against 6,178
tons in the previous week.
Reports from the Tri-State district state that one smelting interest has
contracted for foreign concentrate and another company is negotiating for
foreign supplies.
Production is increasing, but many mines must be
rehabilitated before additional domestic zinc will become available.
Consumption of Prime Western and High Grade zinc is being maintained
at satisfactory levels. The galvanizing rate held around 79% of capacity.
Prime Western remained unchanged at 6.50c., St. Louis.
Tin
With larger supplies of tin soon to come into this country, the spot
position has eased further. Straits on spot declined to 54c. It was
announced yesterday by the International Tin Committee that production
quotas for the fourth quarter have been raised to 100%.
Straits tin for November arrival was offered at S l ^ c . ; with December
at 50e., January at 48%c., and February at 47^c.
Chinese tin, 99%, was nominally as follows: Oct. 26, 52.50c.; Oct. 27,
52.50c.; Oct. 28, 52.50c.; Oct. 30, 52.50c.; Oct. 31, 52.50c. ; Nov. 1,
52.00c.
DAILY PRICES OF METALS ("E. & M. J.” QUOTATIONS)
Electrolytic Copper
Straits Tin
D o m .,R e fy . E x p ., R efy. N e w York
Oct. 26____
Oct. 27____
Oct. 28___
Oct. 30____
Oct. 31____
Nov. 1__ __
12.275
12.275
12.275
12.275
12.275
12.275
12.700
12.700
12.700
12.700
12.700
12.700
55.750
55.750
55.750
55.500
55.000
54.000
Lead
Z in c
N e w York
St. L ou is
St. L ou is
5.50
5.50
5.50
5.50
5.50
5.50
5.35
5.35
5.35
5.35
5.35
5.35
6.50
6.50
6.50
6.50
6.50
6.50
Average _ _ 12.275
12.700
55.292
5.50
5.35
6.50
Average prices for calendar week ended Oct. 28 are: Domestic copper, f.o.b.
refinery, 12.275c.; export copper, 12.700c.; Straits tin, 55.708c.; New York lead,
5.500c.; St. Louis lead, 5.350c.; St. Louis zinc, 6.500c.; and silver, 35.750c.
The above quotations are “ M. & M. M.'s” appraisal of the major United States
markets, based on sales reported by producers and agencies. They are reduced to
the basis of cash. New York or St. Louis, as noted. All prices are in cents per
pound.
Copper, lead and zinc quotations are based on sales for both prompt and futuredeliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that is,
delivered at consumers’ plants. As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard. Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard. On foreign business, owing to the European War, most sellers are
restricting offerings to f.a.s. transactions, dollar basis. Quotations, for the present,
reflect this change in method of doing business.
Due to the European war the usual table of daily London
prices is not available. However, prices on standard tin
were given as follows: Oct. 26, 27, 30, 31 and Nov. 1, spot
£230, and there months £230.
American Commercial Enterprise
The Chamber of Commerce of Morlaix, a
port on the north coast of Brittany, in the
Department of Finisterre, France, have been
occupied recently with the fact, alleged to
threaten total ruin to the agriculture of
that district, that the Americans are intro
ducing into their country butter equal and
even superior to the home manufactured
article, salted provisions, beeswax, clover
seed, and, in fine, almost all the products of
France itself, which they manage to deliver,
duties paid, at the principal commercial
points, at a cheaper rate than the home pro
ducers can furnish them. A representation
is proposed to be forwarded to the French
Government with a view to procure the im
position of increased duties on American
products. The wine growers are protected
by heavy duties on foreign wines, and, al
though the commercial interest of the wine
growing provinces are opposed to those of
the Low Breton country, the Bretons argue
that it is the duty of government to accord
to all an impartial exercise of its favors.
HUNT’S MERCHANTS’ MAGAZINE,
September, 1843
Y EAR S OLD
N ov. 4, 1939
World Tin Stocks Increased 4,393 Tons During
September
World stocks of tin increased 4.393 tons during September,
according to a cablegram received by the American Iron
and Steel Institute from the Statistical Office of the Inter
national Tin Research and Development Council, The
Hague, Holland. The statistical position of the tin stocks
at the end of September as compared with previous periods
is shown in the following table:
W orld ’s Visible Smellers' Stocks
o f T in b
Supply o f T in a
(L ong T ons )
(L ong T ons )
Total Stocks
(L ong Tons)
14,250
50,088
1939—April.. . . . ____________
35,838
43,802
May__ _______________ .
10,934
32,868
39,368
28,815
10,553
June.. ________________
July____________________
28,381
11,116
39,497
9,593
34,608
August___ __ _________
25,015
39,001
September____ _
_ .
9,040
29,961
1938—September.__
13,831
52,768
38,937
a Including carryover Straits and EuroDe (British Tin Smelting Co. excluded),
b Tin in ore and in intermediate products (including carryover British Tin Smelting
Co.).
Steel Reservations for First Quarter Still Piling Up
The “ Iron Age” in its issue of Nov. 2 reported that with
steel prices for the first quarter still not known to the con
suming trade, an increasing volume of orders for delivery in
that period is being built up on the books of the mills. If
the present flow of business continues, some products will
be sold out for first quarter within another few weeks. The
“ Iron Age” further reported:
In view o f the fact that recent buying was heaviest in sheets and strip
because of the low-priced commitments o f last M ay, it is significant that
these flat rolled products are in greater demand for first quarter shipment
than any other items.
The delay in announcement o f first quarter prices is unexplained, although
opinion seems to be growing among buyers that there may be no hori
zontal increase but an adjustment o f some prices which are said to be out
of line with costs; for example on galvanized sheets.
Washington pressure against price increases except where absolutely neces
sary, the conservative statement by President Grace o f Bethlehem Steel
Co. on price policies, and the relatively good earnings reports for third
quarter, with the probability that fourth quarter earnings will be markedly
better, have combined to create an impression that restraint will be exer
cised by the steel companies in their decisions regarding first quarter quo
tations. On top of all this, is a feeling o f uncertainty with regard to the
conduct of the European war, suggesting the possibility that Allied pur
chases in the United States, except for airplains and trucks, may not immediatly come up to some of the more optimistic expectations.
Yet with this uncertainty there is no abatement in the pressure for ship
ments o f steel. Steel companies are making every effort to supply those
whose needs are most urgent, even to the extent o f asking other customers
to agree to deferred deliveries if they do not require the steel immediately.
It is now fully apparent that some companies accepted more business in
some products for fourth quarter delivery than they can possibly get out,
which means that o f necessity some o f these orders must be completed
after Jan. 1.
A survey of steel consumers and distributers by the “ Iron Age” shows
that at the present time there are no excessive inventories of finished steel;
in fact, the consumers whose requirements are not yet adequately taken
care of seem to outnumber those that are in a fairly comfortable position.
With a continuance of present conditions, the first quarter requirements
o f all of the major consumers of steel probably will be as large in the first
quarter as in the present quarter. A possible exception is the automobile
industry, which will take in before the end o f this year virtually all of the
hot rolled steel it has on order, leaving cold rolled sheets, which comprise
about 60% o f its total steel consumption, as the principal item to be de
livered during the first quarter. The automobile companies are making
astonishing sales gains and production is advancing despite the retarding
influence o f the Chrysler strike.
A considerable part of the railroad tonnage that has recently been placed,
particularly the rails and track accessories, will be rolled in the next quarter.
The Tennessee Coal, Iron & Railroad C o., for example, has shut down its
Ensley rail mill until December in order to divert raw steel to other depart
ments; the most urgent rail orders having been completed. The bulk of
the railroad buying appears to have been done for the present, but some
orders are still being placed for equipment and rails.
The “ Iron Age” estimates ingot production for the current week at 93% ,
one point above last week’s estimated rate. Only one loss has occurred, a
decline o f one point in the Youngstown area, but the Pittsburgh rate is
93% , only one point below the 1937 peak, while the Chicago rate is two
points higher at 9 1 K % , the Eastern Pennsylvania rate has risen two points
to 81% . and Buffalo production is again at 92% following a loss last week
because of furnace repairs.
This week’s production will be about 1,270,000 tons, which is in excess
o f the all-time peak weekly average of 1,193,284 tons in M ay, 1929, when
the industry operated at 102% o f the then existing capacity. October
output may slightly exceed the record-breaking monthly total o f 5,286,246
tons in M ay, 1929.
With the probability of continued high operations for some time to come,
scrap markets have recovered somewhat from their recent weakness. At
Chicago there has been a stiffening o f prices which has raised the “ Iron Age”
scrap composite 8c. to $20-96 after three consecutive weekly declines.
The export market is firmer because o f the psosibility o f renewed buying
by Great Britain and Japan.
The Savino Furnace Co., a producer o f ferromanganese has announced
an advance to $110 a ton, effective N ov. 1, on all new contracts and spot
THE “ IRON AGE” COMPOSITE PRICES
Finished Steel
Oct. 31, 1939, 2.236c. a Lb.
[Based on steel bars, beams, tank plates.
One week ago.........................
2.236c.jwire, rails, black pipe, sheets, and hot
One month ago________________ 2.236c. [ rolled strips. These products represent
One year ago__________________ 2.286c. I 85%. of the United States output.
H igh
1939...................................- ................. 2.286c.
1938........................................................2.512c.
1937........................- ............................ 2.512c.
1936....................................................... 2.249c.
1935..............
2.062c.
1934.....................................
2.118c.
1933.........._................... ......................1.953c.
1932..........
1.915c.
Jan.
May
Mar.
Dec.
Oct.
Apr.
Oct.
Sept.
3
17
9
28
1
24
3
6
Low
2.236c.
2.211c.
2.249c.
2.016c.
2.056c.
1.945c.
1.792c.
1.870c.
May
Oct.
Mar.
Mar.
Jan.
Jan.
May
Mar.
16
8
2
10
8
2
2
15
ONE HUNDRED
Volume 149
—
T h e C o m m e r cia l & F in a n cia l C h r o n ic le —
Pig Iron
Oct. 31. 1939, $22.61 a Gross Ton
[Based on average tor basic iron at Valley
One week ago..............
$22.61-1 furnace and foundry Iron at Chicago,
One month ago__________________ 22.611 Philadelphia, Buffalo, Valley, and
One year ago__________________ 20 61 [ Southern iron at Cincinnati.
YE A R S OLD
2893
Aug. 7........ 60.1%
Aug. 14____ 62.1%
Aug. 21........ 62.2%
Aug. 28........ 63.0%
Sept. 4____ 58.6%
Sept. 11____ 70.2%
Sept. 18____ 79.3%
Sept. 25........ 83.8%
Oct. 2........ 87.5%
Oct. 9........ 88.6%
Oct. 16____ 90.3%
Oct. 23____ 90.2%
Oct. 30____ 91.0%
Railroads continue a high light of steel demand, eclipsing the automotive
industry, at least temporarily, in view o f strike-hampered operations of
the latter. Headed by 69,700 tons for the Santa Fe railroad, last week’s
rail orders exceeded 160,000 tons, in addition to a large tonnage of ac
cessories.
Rail buying is far ahead o f volume a year ago, most of the gain resulting
from the fact the carriers did not start to enter the market for 1939 needs
until November. Bulk o f the tonnage was booked the first quarter this
year. Fear of delays in shipments has prompted the roads to contract for
1940 rails sooner than usual and also has been a factor in stimulating freight
car buying. Last week’s car awards totaled 3,200, including 1,500 for the
Baltimore & Ohio and 1,400 for the Northern Pacific.
Some automotive parts interests have curtailed output either because
of closures by strikes or because o f the Chrysler shutdowns. This has
lifted some of the pressure for steel shipments, but active demand in other
directions has prevented any letdown in deliveries. Automobile assemblies
last week totaled 78,105 units, a gain o f 8,000 over the previous week’s
revised figure, and comparing with 73,335 a year ago. Brisk retail demand
would push output well over 100,000 units were it not for labor troubles.
First sizable foreign business in military equipment has appeared in the
form o f several thousand trucks placed by the French Government.
Bookings of export steel continue restricted by the crowded condition
o f mill schedules the next 60 days. Foreign tonnage is expected to occupy
a more prominent position on order books next quarter, in view o f avail
ability of such business at fairly attractive prices.
Inquiries from domestic buyers regarding first quarter quotations continue
numerous, but opening of books is deferred. Meanwhile, softening of the
scrap market has halted for the time being the threat o f additional cost
increments from that direction, although the higher prices paid for old
material in recent weeks will become increasingly prominent in cost figures
as this tonnage is consumed. “ Steel’s” scrap composite dipped 17 cents
last week to $20.83, but prices are resisting a further decline in a number
of districts.
Tin plate output is holding at 95% and apparently has reached a peak,
since additional capacity is not available for use immediately. Little
business has been taken for first quarter delivery.
Fig iron shipments are sustained at the year’s best rate, influenced by
increased consumption and inventory additions. Talk is heard is some
districts of possibly another price increase, but such action may be regulated
by what revisions are made in steel quotations.
Most changes in district steelmaking last week were small. Pitts burgh
was up 2 points to 91%: Chicago rose 1 point to 90; Youngstown declined 2
points to 92. Other increases included 244 points to 8844 at Buffalo; 4
points to 94 at Birmingham; 6 points to 78% in eastern Pennsylvania; and 3
points to 80 at St. Louis. New England was off 10 points to 90 and Detroit
dropped 1 point to 95. Unchanged areas were Wheeling at 93, Cleveland
at 90, and Cincinnati at 88.
“ Steel” of Cleveland in its summary of the iron and stee^
markets on Oct. 30, stated:
Steel ingot production for the week ended Oct. 30 is placed
at 91% of capacity, according to the “ Wall Street Journal”
of Nov. 1. This compares with 91% in the previous week
and 8 9 % % two weeks ago. The “ Journal” further reported:
H igh
1939-................
1938 ..................
1937 ______
1936 .........
1935............
1934 .......
1933-........
1932 ______
Low
.$22.61 Sept. 19
$20.61 Sept. 12
23.25 June 21
19.61 July 6
23.25 Mar. 9
20.25 Feb. 16
19.73 Nov. 24
18.73 Aug. 11
18.84 Nov. 5
17.83 May 14
17.90 May 1
16.90 Jan. 27
16.90 Dec. 5
13.56 JaD. 3
14.81 Jan. 5
13.56 Dec. 6
Steel Scrap
Oct. 31, 1939, $20,896 a Gross Ton [Based on No. 1 heavy melting steel
One week ago________________ $20.875[ quotations at Pittsburgh, Philadelphia,
One month ago__________________22.501 and Chicago.
One year ago_____________ ____ 14.42 [
H igh
1939 ....................................................._$22.50
1938 ___
15.00
1937 .........
21.92
1936-........................- ............................ 17.75
1935 ...................................................... 13.42
1934........................................................ 13.00
1933 .....
12.25
1932.......
8.50
Oct.
Nov.
Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
3
22
30
21
10
13
8
12
Low
$14.08
11.00
12.91
12.67
10.33
9.50
6.75
6.43
May 16
June 7
Nov. 10
June 9
Apr. 29
Sept.25
Jan. 3
July 5
The American Iron and Steel Institute on Oct. 30 an
nounced that telegraphic reports which it had received
indicated that operating rate of steel companies having
97% of the steel capacity of the industry will be 91.0% of
capacity for the week beginning Ocl. 30, compared with
90.2% one week ago, 87.5% one month ago, and 56.8% one
year ago. This represents an increase of 0.8 point, or
0.9%, from the estimate for the week ended Oct. 23, 1939.
Weekly indicated rates of steel operations since Oct. 3, 1938,
follow:
1938
1939—
Jan. 9-- ..-51.7%
Jan. 16- - ...52.7%
Jan. 23.. ...51.2%
Jan. 30 . . ...52.8%
Feb. 6_. ..53.4%
Feb. 13.. -.54.8%
Feb. 20-. -.53.7%
Feb. 27.. -.55.8%
Mar. 6._ -.55.1%
Mar. 13.. -.55.7%
Mar. 20-. -.55.4%
Mar. 27... -.56.1%
Apr. 3 ... -.54.7%
1939—
Apr. 10... -.52.1%
Jan. 2____ 50.7% Apr. 17... -.50.9%
Oct. 3____ 47.9%
Oct. 10____ 51.4%
Oct. 17........ 49.4%
Oct. 24____ 53.7%
Oct. 31____ 56.8%
Nov. 7........ 61.0%
Nov. 14........ 62.6%
Nov. 21........ 61.9%
Nov. 28____ 60.7%
Dec. 5____ 59.9%
Dec. 12____ 57 6%
Dec. 19........ 51.7%
Dec. 26........ 38.8%
1939—
Apr.
May
May
May
May
May
June
June
June
June
July
July
July
July
July
24..
l._
8 ..
15..
22..
29..
5 ..
12..
19..
26..
3-.
10-17..
24..
31..
...48.6%
...47.8%
...47.0%
...45.4%
...48.5%
...52.2%
...54.2%
..53.1%
..55.0%
..54.3%
-.38.5%
-.49.7%
-.56.4%
-.60.6%
...59.3%
1939—
Steel markets are more orderly. Insistence o f buyers for shipments
continues, but heavier deliveries are commencing to satisfy more urgent
needs and new orders are largely for next quarter delivery.
Little additional business is being accepted for shipments by Dec. 31 in
bars, plates, wire and flat-rolled steel. While capacity in these products
is almost completely filled for remainder o f the year, some producers still
able to offer tonnage in sheets and plates are obtaining premiums of $5 a
ton for early delivery.
First quarter bookings continue to increase despite absence o f definite
prices. Buyers are more confident they will escape large price advances
but are anxious to be assured o f deliveries.
Ingot production is tending to level off as additional plants reach capacity
and as forced shutdowns for repairs frequently find no idle furnaces avail
able for substitution. Steelmaking last week rose 1 point to 92%, highest
capacity engagement since August, 1929, and largest weekly tonnage in
history. A year ago the rate was 5444- Another blast furnace has been
blown in at Pittsburgh, giving the district 41 active stacks out of 50.
Requests o f steel buyers for quickened deliveries and orders to ware
houses for tonnages which normally are placed with mills attest to the
current and prospective increase in consumption.
U. S. Steel is estimated at 8944%, against 89% in the week before and
8644% two weeks ago. Leading independents are [credited with 9144%,
compared with 91 44% in the preceding week, and 91% two weeks ago.
The following table gives a comparison of the percentage o f production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
In d u stry
1939 _____________
1938 _____________
1937 _____________
1936 _____________
1935 _____________
1934 _____________
1933 _____________
1932 _____________
1931_____________
1930 _____________
1929 _____________
1928 _____________
1927 _____________
91
54
52
73
5243
27
29
1944
30
47
77 4
4
87
66
+3
—2
— 44
+ 244
—4 44
— 4
4
+2
—3
—2 44
+1
U . S. Steel
8944
51
43
68 46
42
23 4*
27
18 43
33
52
80
85
69
+ 44
+3
+3
— 44
+ 144
—5
—1
+2
—3
—2 44
—1
+2
Indep endents
9144
56
60
78
6244
29 4
4
30
20
28 44
44
75
+3
—7
+ 4
— 4
+ 34
—6
— 4
+2
—3
—3
64
+1
8
8
The Egg Trade of Cincinnati
Every day develops some new illustration of the enterprise of our people. The ice trade of the east
has grown up in a few years to importance, employing a considerable amount of tonnage, as will be seen by
reference to former numbers of this Magazine. In the west, the egg trade bids fair to rival it. The business
in that fragile commodity, as we gather from the Cincinnati “ Gazette,” is quite an item in the sum of her
productive industry. One firm alone, in Cincinnati (Townsend & Co.), during the first six months of 1845
shipped to New York 234 barrels of eggs; to Baltimore, 70 barrels; and to New Orleans, 3-976 barrels! Each
barrel contains 90 dozen, which makes the aggregate shipment 4,624,400 eggs! During the year ending as
above, the egg trade of this firm amounted to $36,144.60. There are five other houses in Cincinnati engaged
in the business. The foreign egg trade of Cincinnati, the past year, has amounted to 10,700 barrels, which
is 963,000 dozen, or 11,556,000 eggs! The aggregate value of this trade for the year, according to the data
here given, is $90,361.50. The business is a very hazardous one, owing to the great fluctuations in the New
Orleans market. In the course of the past year, for example, western eggs have sold there as high as $22 per
barrel, and as low as $3. In addition to this export trade, these establishments do also a heavy home trade.
That of Townsend & Co. supplies regularly five steamboats with 36 barrels a tr.p; which, at 12 trips a year,
is 432 barrels. It also furnishes constantly the consumption of several of the largest hotels, which use at
least 260 barrels per year, and does a retail business amounting to not less than 33 barrels per year. These
several amounts make 725 barrels to add to the 4,280 barrels shipped; which gives an aggregate of 5,005 bar
rels, or 450,450 dozens, as the annual trade of this one house. Besides this, the annual city consumption
is estimated at 1,213,333 dozen. A further recapitulation shows the following results as to value:
V a lu e o f 10,700 barrels o f egg s sh ip p e d from t h is p o r t, a t $8.4444 per b b l _______________________
V a lu e o f 1,213,333 d o ze n eggs c o n su m ed in t h is c it y , a t 8 ce n ts per d o z e n ______________________
$90 361.50
9 7,066.64
T o ta l a n n u a l valu e of th e egg tra d e of C in c in n a t i______________________________________________
$187 ,42 8.14
HUNT’S MERCHANTS’ MAGAZINE— September, 1845
2 89 4
ONE HUNDRED
—
The Commercial & Financial Chronicle —
YE A R S OLD
N ov. 4, 1939
Current Events and Discussions
The Week with the Federal Reserve Banks
During the week ended Nov. 1 member bank reserve bal
ances decreased $136,000,000. Reductions in member bank
reserves arose from increases of $50,000,000 in money cir
culation, $20,000,000 in Treasury cash, $23,000,000 in Treas
ury deposits with Federal Reserve banks, and $99,000,000
in non-member deposits and other Federal Reserve accounts,
and a decrease of $6,000,000 in Reserve bank credit, offset
in part by increases of $60,000,000 in gold stock and
$3,000,000 in Treasury currency. Excess reserves of mem
ber banks on Nov. 1 were estimated to be approximately
$5,380,000,000, a decrease of $150,000,000 for the week.
The principal change in holdings of bills and securities
was a decrease of $15,000,000 in holdings of United States
Treasury bills.
The statement in full for the week ended Nov. 1 will be
found on pages 2924 and 2925.
Changes in the amount of Reserve bank credit outstand
ing and related items were as follows:
In crease
1, 1939
S
6,000,000
..............
N ov .
Oct.
(+ )
or D ecrea se (—)
Since
N o v . 2, 1938
25, 1939
§
.............
.............
S
—2,000,000
—1,000,000
Bills discounted..............................
Bills bought.....................................
U. S. Govt, securities, direct and
guaranteed..........................
2,721,000,000
Industrial advances (not including
$10,000,000 commit’ts—Nov. 1)
12,000,000
Other reserve bank credits...............
26,000,000
—15,000,000 +157,000,000
Total Reserve bank credit. 2,765,000,000
Gold stock............................
17,099,000,000
Treasury currency................ 2,932,000,000
—6,000,000 +183,000 000
+60,000,000 +3,028,000,000
+3,000,000 +180,000,000
.............
+8,000,000
—3,000,000
+32,000,000
Member bank reserve balances_11,814,000,000 —136,000,000
+3,128,000,000
Money in circulation_______ 7,352,000,000
+ 50,000,000 + 646,000,000
Treasury cash..................
2,250,000,000
+20,000,000 —501,000,000
Treasury deposits with F. R. banks _ 349,000,000 +23,000,000 —227,000,000
Non-member deposits and other Fed
eral Reserve accounts____ l.C31,COO.OOO
+99,000,000 +345,000,000
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 also for the Chicago member banks for the cur
rent week, issued in advance of full statements of the mem
ber banks, which will not be available until the coming
Monday:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions o t Dollars)
------New York City------------------Chicago----------N o v . 1, Oct. 25, N o r . 2, N o v . 1, Oct. 25, N o r . 2,
1939
1939
1939
1938
1939
1938
$
A ssets —
$
S
8
S
S
Loans and investments—total-. 8,679 8,614
7,797 2.086 2,090
1,935
Loans—total________________ 2,955 2,936
521
2,968
561
558
Commercial, industrial and
agricultural loans____ ___ 1,672
1,663
1,433
383
379
338
Open market paper_________
117
141
115
18
19
20
Loans to brokers and dealers in
securities_______________
472
467
578
27
36
28
Other loans for purchasing or
carrying securities______
180
179
199
67
67
66
114
Real estate loans___________
114
14
14
119
11
Loans to banks____________
24
23
86
Other loans____ __________
376
375
412
52
52
49
462
411)
Treasury bills_________ _____
129)
f 123
Treasury notes.. ___________
835
814) 2,902
957
(250
250 iUnited States bonds____ ___ 2,161
2.160J
(667
669J
Obligations guaranteed by
United States Government__ 1.121
1,119
796
■ 154
156
131
1,145
1.174
1,131
329
326
Other securities__________ ___
330
3,821
Reserve with Fed. Res. banks__ 5,560 5,761
934
1,127
1,128
74
41
Cash in vault________________
78
61
33
40
72
72
212
Balances with domestic banks..
78
247
246
372
442
375
51
Other assets—net____________
48
47
Liabilities —
1,826
Demand deposits—adjusted___ 8,212 8,356 6,601
1,818
1,673
662
666
619
419
500
465
Time deposits.. ___________
49
62
United States Govt, deposits__
48
118
63
63
Inter-bank deposits:
3,440 3,387 2,577
871
867
685
Domestic banks______ ____
651
12
729
418
16
Foreign banks_________ —
___
2
___
___
__8
Borrowings__________________
242
259
375
15
15
Other liabilities______ . ____
17
1,489
1,480
269
266
255
Capital accounts . .
1,4~6
Complete Returns of Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul
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 can
not be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business Oct. 25:
The condition statement o f weekly reporting member banks in 101
leading cities shows the following principal changes for the week ended
Oct. 25: Increases o f $45,000,000 in loans to brokers and dealers in securi
ties, $58,000,000 in holdings o f Treasury bills, and $154,000,000 in demand
deposits adjusted.
Commercial, industrial and agricultural loans increased $6,000,000.
Loans to brokers and dealers in securities increased $37,000,000 in New
York City and $45,000,000 at all reporting member banks. Other loans
for purchasing or carrying securities increased $9,000,000 in New York City.
Holdings o f Treasury bills increased $53,000,000 in New York City and
$58,000,000 at all reporting member banks. Holdings o f Treasury notes
increased $38,000,000 in New York City and $19,000,000 at all reporting
member banks, and declined $12,000,000 in the Richmond district and
$8,000,000 in the Cleveland district. Holdings of United States Govern
ment bonds declined $11,000,000 in New York City, $10,000,000 in the
Chicago district, and $23,000,000 at all reporting member banks. Hold
ings o f “ other securities” declined $17,000,000 in New York City and
$18,000,000 at all reporting member banks.
Demand deposits-adjusted increased $100,000,000 in New York City,
$31,000,000 in the Chicago district and $154,000,000 at all reporting
member banks. Time deposits increased $9,000,000 in New York City and
$12,000,000 at all reporting member banks.
Deposits credited to domestic banks declined $13,000,000 each in the
Kansas City and San Francisco districts and $31,000,000 at all reporting
member banks. Deposits credited to foreign banks increased $22,000,000
in New York City and $23,000,000 at all reporting member banks.
A summary of the principal assets and liabilities of re
porting member banks, together with changes for the week
and the year ended Oct. 25, 1939, follows:
In crease
25. 1939
A ssets —
S
Loans and investments—total___ 22,657,000.000
Loans—total__________________ 8,479,000,000
Commercial, industrial and agri
cultural loans______________ 4,292,000,000
Open-market paper__________
318,000,000
Loans to brokers and dealers in
securities__________________
593,000,000
Other loans for purchasing or
carrying securities__________
510,000,000
Real estate loans_____________ 1,180.000.000
Loans to banks______________
32,000,000
Other loans_________________ 1,554,000.000
Treasury bills_________________
629,000,000
Treasury notes________________ 2,145,000 000
United States bonds____________ 5,854,000,000
Obligations guaranteed by United
States Government___________ 2,226,000,000
Other securities________________ 3,324,000,000
Reserve with Fed. Res. banks_____10,094.000,000
Cash in vault__________________
487,000,000
Balances with domestic banks___ 3,090,000,000
Oct.
Liabilities —
Demand deposits—adjusted_18,721,000.000
Time deposits___________ 5,251,000,000
United States Government deposits 538,000,000
Inter-bank deposits:
Domestic banks_______ 7.852,000,000
820.000,000
Foreign banks_________
Borrowings______________
1,000,000
a Oct. 18 figures revised (New York district).
(+ )
or D ecrea se
Since
(—)
Oct. 26, 1938
18. 1939
$
$
+ 94,000.000 + 1,164,000.000
+ 56,000,000 + 133,000,000
Oct.
+ 2 , 000,000
+ 6 .000,000
+ 385,000,000
—27,000,000
+ 45,000.000
— 135,000,000
+ 9,000,000
—62,000.000
+ 15.000.000
—71,000.000
+ 28,000,000
—
—
—
1 , 000.000
1 , 000.000
1 . 000,000
+ 58,000.000)
+ 19,000.0001 +474,000,000
—23.000.000J
— 18,000.000
+ 539,000.000
+ 18.000,000
+ 7,000,000
a + 3,000,000
+49,000.000
+ 595,000,000
+ 2 .000,000
+
66 , 000.000 +2,894,000,000
+ 154,000,000 +2,726,000,000
+ 12,000,000
+95.000,000
+ 1 , 000,000
— 8 , 000,000
—31,000,000 +1,656,000.000
+ 23,000,000 +328,000,000
.........................
—
2 , 000,000
Polish Government Informs United States It Considers
Germany’s Annexation of Polish Provinces as
Illegal Act
The Polish Government informed the United States on
Oct. 30 that it considers Germany’s annexation of part of
the Polish Republic as null and void. The note says it
constitutes “a new violation by the Reich of the elementary
principles of international law relating to the conduct of
an enemy in occupied territory.” The notification was
made to Secretary of State Cordell Hull through Polish
Ambassador Count Jerzy Potocki. The Polish note read
as follows:
The Ambassador of Poland presents his compliments to the Secretary of
State and upon instructions of his Government has the honor to inform
him that the Polish Government have learned that the German Reich
decreed the annexation from Nov. 1, 1939, of part of the territory of
the Polish Republic, creating two new provinces called West Prussia and
Posen and enlarging the existing provinces of German-Silesia and East
Prussia.
' The Polish Government declare that this administrative organization
constitutes a new violation by the Reich of the elementary principles of
international law relating to the conduct of an enemy in occupied terri
tory.
Hence, the Polish Government consider this illegal act as null
and void.
Germany’s annexation of these Polish provinces was
mentioned in our issue of Oct. 21, page 2437.
Latvian-American Chamber of Commerce Clarifies
Recent Agreement Made Between Latvia and
Russia
In response to inquiries from American business men as
to the status of trade relations and shipping facilities between
the United States and Latvia, the board of directors of the
Latvian-American Chamber of Commerce recently under
took to clarify the agreement made Oct. 5 between Latvia
and Soviet Russia, which it said was not generally understood.
The Chamber’s explanation follows:
The Soviet-Latvia Mutual Aid and Non-Aggression Treaty has in no
way affected the sovereign rights and independence o f Latvia and does
not in any way interfere with its trade relations with any other nation.
Nor are the economic, social or industrial systems interfered with.
The purpose o f the treaty is one o f mutual assistance against aggression
by any European power for which purpose certain parcels o f land are
leased to the U. S. S. R. by Latvia for the establishment o f air and naval
defeiisas for which the Russian Government pays a rental. The term of
the treaty is 10 years.
No restrictive regulations have been established except those brought
about by the present war -which, o f course, are for the curation o f the
conflict.
Volume 149
ONE HUN DRED The
—
Commercial & Financial Chronicle —
Because o f the unsettled shipping conditions from Europe, the LatvianAmerican Line has wit hin this month increased the number o f ships plying
between Riga, Latvia, to the United States from one to five and hopes to
increase its facilities as the demand requires.
Latvia’s neutrality puts her in an important and advantageous position
for increased trade with other neutral nations. The port o f Riga is now
considered an excellent port for trans-shipping and this form o f commerce
is developing rapidly.
The Latvian-American Chamber o f Commerce is keeping American
manufacturers and business men posted on commercial relations who find
this service very helpful during these disturbed times, when clarification
o f existing trade procedure is necessary.
The signing and text of the agreement was in our issue of
Oct. 7, page 2154.
Freighter City of Flint, Following Departure from Port
of Murmansk, Russia, and Tromsoe, Norway, Re
ported En Route to Germany in Charge of German
Prize Crew— Great Britain and Germany Asked by
State Department to Assure Safety of American
Crew
The State Department at Washington on Oct. 31 asked
both Great Britain and Germany to avoid any action which
might imperil the 40 members of the captive American crew
aboard the freighter City of Flint, which left the port of
Murmansk, Russia, on Oct. 27, in charge of the German
prize crew which had captured the vessel, as noted in our
Oct. 21 issue, page 2G12. On Oct. 30, according to United
Press accounts from Copenhagen, Denmark, the freighter
sailed from Tromsoe, Norway, headed for a German port
through Great Britain’s naval blockade. The Copenhagen
United Press advices further said, in part:
Captain Joseph A Gainard and his American crew o f 40 men were prisoners
aboard their ship as she set out to run the gauntlet o f British warships in
the North Sea with a German prize crew in command, Tromsoe dispatches
said.
The City o f Flint put out into a rainy and heavy sea at 4 p. m ., sup
posedly heading down the Skagerrak into the mine-infested waters o f the
Danish Straits.
The ship, captured in the Atlantic on Oct. 9 by the pocket battleship
Deutschland, arrived in Tromsoe shortly after noon from the Russian port
o f Murmansk on the Arctic Sea, where she was interned temporarily.
The American ship, putting in a second appearance at Tromsoe since her
capture, entered the Norwegian northern port under the Nazi flag and
asked Norwegian authorities to notify the German Consul there that sup
plies were needed.
The consul, Henrik Jebens, went aboard the vessel, found the American
crew on board and talked with the Germans.
Norwegian authorities, reluctant to become involved in a situation which
already has stirred up American indignation against both Germany and
Russia, ordered the vessel to be taken out o f the Tromsoe Roads without
delay.
The City o f Flint sailed— without taking on supplies o f any kind—
Herr Jebens said, with a Norwegian warship escorting her out of territorial
waters.
On Oct. 28 the State Department issued a statement
relative to the seizure of the Flint, in which it referred to
the Soviet Government as “ withholding adequate coopera
tion with the American Government with respect to assem
bling and disclosing to the American Embassy in Moscow
the essential facts pertaining to the landing, the where
abouts and welfare of the American crew; by the facts that
it was first alleged by the German authorities that the need
for charts was the ground for bringing the vessel into port;
and by the fact that later this ground seems to have been
abandoned and a new ground or theory relating to defective
machinery was set up.
In indicating on Oct. 31 that the United States Govern
ment through the State Department was informing Great
Britain and Germany of its expectation that all belligerents
would guard against exposing the Americans on the City of
Flint to unnecessary dangers, United Press accounts from
Washington on that date added:
Instructions have been forwarded to the London and Berlin embassies
also to make representations o f this Government’s concern for the safety
of the Flint’s American crew.
The United States representations emphasized the grave concern that
officials feel for the safety o f the Americans.
Secretary o f State Cordell Hull said yesterday that every step was being
taken that could be calculated to contribute most to the safety o f the
Americans and showed concern for their welfare.
$152,000 of City of Antwerp External Loan 5% Gold
Bonds Drawn for Redemption
The National City Bank of New York as fiscal agent, is
notifying holders of City of Antwerp external loan sinking
fund 5 % gold bonds due Dec. 1, 1958, that there has been
drawn by lot for redemption on Dec. 1, 1939 through opera
tion of the sinking fund, 8152,000 principal amount of these
bonds. Payment of the drawn bonds at par will be made on
and after Dec. 1, 1939, at the head office of the Bank,
55,,Wall Street, New York City.
Hungary to Redeem Nov. 1 Coupons on Two Bond
Issues
The Cash Office of Foreign Credits, at Budapest, Hun
gary, announced Nov. 1 through its central paying agents in
New York, Schroder Trust Co., that it will redeem coupons
due Nov. 1, 1939 on the following bonds at the rate of $8.75
per coupon detached from a $1,000 bond: Hungarian Land
Mortgage Institute 7 K % sinking fund land mortgage gold
bonds series “ A ” and series “ B ” dollar bonds; and National
Hungarian Industrial Mortgage Institute Ltd. first mort-
YE A R S OLD
2895
gage sinking fund 7 % gold bond series “ A ” dollar issue.
Coupons presented in acceptance of this offer, which ex
pires April 30, 1940, and which is made only to persons
resident outside of Hungary, must be transmitted to Schro
der Trust Co., 46 William St., New York.
$38,590 Available for Payment on Kingdom of Yugo
slavia 5% Funding Bonds Due Nov. 1, 1956— $15,819 To Be Paid on Second Series of Bonds
The Chase National Bank, New York, acting for the fis
cal agents under Kingdom of Yugoslavia (formerly King
dom of the Serbs, Croats and Slovenes) general bond dated
Nov. 1, 1932, is notifying holders o f 5 % funding bonds due
Nov. 1, 1956, and fractional certificates for these bonds,
that it will receive up to noon on Nov. 9,1939 written pro
posals for the sale to it of bonds and certificates in an amount
sufficient to exhaust the sum of $38,590 available in the
sinking fund. The announcement in the matter also states:
Proposals should be made at a price based on principal alone, exclusive
o f accrued interest, which will be added to the stated price, and no pro
posals will be accepted at a price in excess o f the principal amount and
accrued interest.
The Chase National Bank, acting for the fiscal agents, will alsorecieve
proposals up to noon on N ov. 10, 1939 for the sale to it o f the Kingdom’s
5% funding bonds, second series, due N ov. 1, 1956, and fractional certifi
cates, on the same basis, in an amount sufficient to exhaust the sum of
$15,819 available in the sinking fund.
Redemption of $588,380 of Republic of Cuba Sugar
Stabilization 5J^% Gold Bonds on Dec. 1
The Chase National Bank, New York, as trustee, is noti
fying holders of Republic of Cuba sugar stabilization sink
ing fund 5 ^ % secured gold bonds, due Dec. 1, 1940, that
there has been called by lot for redemption on Dec. 1, 1939,
$588,380 principal amount of these bonds, at par and ac
crued interest, for the sinking fund. Payment of the drawn
bonds will be made on and after Dec. 1, at the principal
New York office of The Chase National Bank or The Nat
ional City Bank, or at their Havana, Cuba, offices.
New York Stock Exchange Rules on Greek Government
40-Year 7% Gold Bonds
The New York Stock Exchange on Oct. 31 issued the fol
lowing rulings on Greek Government 40-year 7% secured
sinking fund gold bonds, due 1964:
NEW Y O R K STOCK EXCH ANGE
Committee on Floor Procedure
O c t o b e r , 31, 1939.
Notice having been received that payment o f $14 per $1,000 bond will
be made on presentation for stampting of the coupon due N ov. 1, 1939,
from Greek Government 40-year 7% secured sinking fund gold bonds due
1964:
The Committee on Floor Procedure rules that the bonds dealt in under
option (b) below, be quoted ex-interest $14 per $1,000 bond on N ov. 1, 1939:
That the bonds shall continue to be dealt in “ Flat” and to be a delivery
in settlement o f Exchange Contracts made beginning N ov. 1, 1939, must
carry the coupons as follows:
(a) M ay 1, 1933, and N ov. 1, 1933, coupons, ($9.62 paid). M ay 1, 1934,
and N ov. 1, 1934, coupons, ($12.25 paid), M ay 1, 1935, to N ov. 1, 1936.
coupons, inclusive, (40% paid), and subsequent coupons;
(b) M ay 1, 1933, and N ov. 1, 1933, coupons, ($9,62 paid), M ay 1,
1934, and N ov. 1, 1934, coupons, ($12.25 paid), M ay 1, 1935, to N ov. 1,
1939, coupons, inclusive, (40% paid), and subsequent coupons: and
That contracts made without specification shall be considered to have
been for bonds under option (a).
CHARLES E. SALTZM AN,
V ic e -P r e s id e n t a n d S ecr e ta ry .
Tenders of Italian Public Utility Credit Institute
External 7% Gold Bonds Invited to Exhaust Funds
in Sinking Fund
City Bank Farmers Trust Co., New York, acting for the
fiscal agents, is inviting tenders of Istituto di Credito per Le
Imprese di Pubblica Utilita (Italian Public Utility Credit
Institute) external 7 % secured sinking fund gold bonds,
hydro-electric issue of Jan. 1, 1926, due Jan. 1, 1952, at
prices not exceeding par and accrued interest, in an amount
sufficient to exhaust any funds available in the sinking fund.
Tenders will be received until noon on Nov. 9, 1939 at the
Corporate Trust Department of the Bank, 22 William St.
Letters of acceptance or declination of the bonds offered will
be mailed by the bank on Nov. 9, and if bonds accepted are
not delivered by Nov. 13, the bank reserves the right to
cancel the acceptance.
Member Trading on New York Stock and New York
Curb Exchanges During Week Ended Oct. 14
The Securities and Exchange Commission made public
yesterday (Nov. 3) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended Oct. 14, continuing a
series of current figures being published weekly by the Com
mission. Short sales are shown separately from other sales
in the New York Stock Exchange figures. Trading in the
week ended Oct. 14 included only five days since both the
Stock and Curb Exchanges were closed on Columbus Day,
Oct. 12.
The Stock Exchange members traded for their own ac
count (in round-lot transactions) in amount of 1,397,175
2896
ONE
HUNDRED
—
The Commercial & Financial Chronicle —
YE A R S OLD
N ov. 4, 1939
shares, an amount which was 20.64% of total transactions
of 3,384,530 shares on the Exchange during the week ended
Oct. 14. During the preceding week ended Oct. 7 trading
by the Stock Exchange members amounted to 2,551,015
shares, or 21.14% of total transactions of 6,033,710 shares.
On the New York Curb Exchange, total round-lot transac
tions for account of all members during the week ended
Oct. 14 were 214,995 shares; as total transactions on the
Curb Exchange during the week amounted to 571,640 shares,
the member trading for their own account was 18.81% of
total transactions, which compares with a percentage of
19.40 in the previous week ended Oct. 7, when member trad
ing amounted to 350,110 shares and total transactions
902,440 shares.
The figures for the week ended Oct. 7 were given in these
columns of Oct. 28, page 2614. The Commission, in making
available the data for the week ended Oct. 14, said:
Odd-Lot Trading on New York Stock Exchange During
Week Ended Oct. 28
On Nov. 2 the Securities and Exchange Commission made
public a summary for the week ended Oct. 28 of complete
figures showing the volume of stock transactions for the
odd-lot account of all odd-lot dealers and specialists who
handle odd lots on the New York Stock Exchange, continu
ing a series of current figures being published by the Com
mission. Figures for the previous week ended Oct. 21 were
reported in our issue of Oct. 28, page 2614. The figures
are based upon reports filed with the Commission by the
odd-lot dealers and specialists.
The data published are based upon weekly reports filed with the New
York Stock Exchange and the New York Curb Exchange by their respective
members. These reports are classified as follows:
O d d - l o t s a le s b y d e a le r s ( c u s t o m e r s ’ p u r c h a s e s ):
New York
Stock
Exchange
T o t a l n u m b e r o t r e p o r t s r e c e i v e d ________________________________
1 . R e p o r t s s h o w in g
New York
Curb
Exchange
S T O C K T R A N S A C T IO N S F O R T H E O D D -L O T A C C O U N T O F O D D -L O T
D E A L E R S A N D S P E C IA L IS T S O N N E W Y O R K S T O C K E X C H A N G E
W e e k E n d e d O c t . 28, 1939
Total
for Week
3 5 ,2 2 8
N u m b e r o f o r d e r s _____________________________________________
1 .0 0 9 . 0 5 3
N u m b e r o f sh a res
792
D o l l a r v a l u e .................................................................................. ..............................................$ 3 5 ,7 7 0 ,3 8 8
t r a n s a c t i o n s a s s p e c i a l i s t s ___________
1 99
101
2 . R e p o r t s s h o w i n g o t h e r t r a n s a c t i o n s I n it i a t e d o n t h e
f l o o r __________________________________________________________
240
3 . R e p o r t s s h o w i n g o t h e r t r a n s a c t i o n s i n it ia t e d o f f t h e
f l o o r __________________________________________________________
224
582
3 5 ,5 2 3
N u m b e r o f sh a res:
C u s t o m e r s ’ s h o r t s a l e s ________________________________________________________
C u s t o m e r s ’ o t h e r s a l e s . a _____________________________________________________
1 1 ,0 H
9 1 8 ,0 6 5
78
547
488
35 035
45
4 . R e p o r t s s h o w in g
O d d - l o t p u r c h a s e s b y d e a l e r s ( c u s t o m e r s ’ s a le s ) :
N u m b e r o f ord ers:
C u s t o m e r s ’ s h o r t s a l e s ________________________________________________________
C u s t o m e r s 'o t h e r s a l e s . a _____________________________________________________
C u s t o m e r s ’ t o t a l s a l e s ______________________________________________________
1 ,0 7 0
n o t r a n s a c t i o n s . . _____________________
Note— O n t h e N e w Y o r k C u r b E x c h a n g e t h e r o u n d - l o t t r a n s a c t i o n s o f s p e c ia lis t s
in s t o c k s in w h ic h t h e y a r e r e g is t e r e d a r e n o t s t r ic t l y c o m p a r a b le w it h d a t a s im ila r ly
d e s ig n a t e d f o r t h e N e w Y o r k S t o c k E x c h a n g e , s i n c e s p e c i a l is t s o n t h e N e w Y o r k
C u r b E x c h a n g e p e r fo r m t h e fu n c t io n s o f t h e N e w Y o r k S t o c k E x c h a n g e o d d -lo t
d e a le r a s w e ll a s t h o s e o f t h e s p e c i a l is t
The number of reports in the various classifications may total more than
the number of reports received because, a t times, a single report may
entries in more than one classification.
ca rry
T O T A L R O U N D -L O T S T O C K S A L E S O N T H E N E W Y O R K S T O C K E X
C H A N G E A N D R O U N D -L O T S T O C K T R A N S A C T IO N S F O R A C C O U N T
O F M E M B E R S * (S H A R E S )
W e e k e n d e d O c t . 1 4 , 193 9
Total for
Week
A.
T o t a l r o u n d - l o t s a le s :
S h o r t s a l e s _________________________________________________
O t h e r s a l e s , b ______________________________________________
T o t a l s a le s ______________________________________________________
B.
R o u n d -lo t tr a n s a c tio n s fo r a c c o u n t o f m e m b e r s , e x c e p t fo r
t h e o d d - l o t a c c o u n t s o f o d d - l o t d e a le r s a n d s p e c ia lis t s :
1.
T r a n s a c t io n s o f s p e c i a l is t s in s t o c k s in w h ic h t h e y a re
r e g is t e r e d — T o t a l p u r c h a s e s _______________________________
1 4 8 ,2 2 0
3 ,2 3 6 ,3 1 0
O t h e r t r a n s a c t i o n s in it ia t e d o n t h e f l o o r —T o t a l p u r c h a s e s
3 0 ,3 0 0
1 7 8 ,4 0 0
T o t a l s a l e s __________________________________________________
2 0 8 ,7 0 0
4 2 4 ,8 2 0
3 . O t h e r t r a n s a c t i o n s i n it ia t e d o f f t h e f l o o r - T o t a l p u r c h a s e s
8 0 ,4 2 5
S h o r t s a l e s _____________________________________________________
O t h e r s a l e s . b _________________________________________________
1 1 ,2 5 0
9 9 ,4 1 0
T o t a l s a l e s __________________________________________________
1 1 0 ,6 6 0
T o ta l pu rch a ses a n d
s a le s _____________________________
1 9 1 ,0 8 5
4 . T o t a l — T o t a l p u r c h a s e s _______________________________________
6 7 9 ,1 3 5
S h o r t s a l e s _____________________________________________________
O t h e r s a l e s . b ______ _____________
1 0 7 ,3 7 0
6 1 0 ,6 7 0
T o t a l s a l e s __________________________________________________
7 1 8 ,0 4 0
1 ,3 9 7 ,1 7 5
2 0 .6 4
TOTAL
R O U N D -L O T
STOCK
SALES
ON
THE
NEW
YORK
CURB
E X C H A N G E A N D S T O C K T R A N S A C T IO N S F O R A C C O U N T O F M E M
B E R S * (S H A R E S )
W e e k e n d e d O c t . 1 4 , 1939
Total for
Week
A . T o t a l r o u n d - l o t s a l e s ______________________________________________
B . R o u n d -lo t tr a n s a c tio n s fo r a c c o u n t o f m e m b e rs:
1.
T r a n s a c t io n s o f s p e c i a l is t s in s t o c k s in w h ic h t h e y a r e
r e g is t e r e d — B o u g h t _______________________________________
S o l d .................................
T o t a l ............. ...................
7 0 ,5 9 5
8 2 ,8 9 5
T o t a l . ...................................................................................................
1 3 .4 3
3 2 ,7 7 5
3 . O t h e r t r a n s a c t i o n s in it ia t e d o f f t h e f l o o r — B o u g h t ______
S o l d ..............................................................................................................
1 8 ,4 6 0
1 0 ,2 7 0
T o t a l . ...................................................................................................
2 .8 7
2 8 ,7 3 0
4 . T o t a l — B o u g h t .............................................................. ............ „ ............
S o l d ..............................................................................................................
1 0 7 ,0 8 0
1 0 7 ,9 1 5
2 .5 1
2 1 4 ,9 9 5
C . O d d - l o t t r a n s a c t i o n s f o r a c c o u n t o f s p e c i a l is t s — B o u g h t ___
S o l d ..............................................................................................................
T o t a l ......................................................................................................
1 8 .8 1
5 1 ,7 8 8
3R 934
8 3 ,7 2 2
m e m b e r s , t h e ir
Oct 3 1 , 1 93 9
Value
1 5 3 ,4 9 0
T o t a l ...............................
As of Sept. 30, 1939, New York Stock Exchange member
total net borrowings in New York City on collateral amounted
to $467,059,868. The ratio of these member total net borrow
ings to the market value of all listed stocks, on this date, was
therefore 0.98%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
Per
Cent a
1 8 ,0 2 5
1 4 ,7 5 0
fir m s
and
t h e ir
a S h a r e s in m e m b e r s ’ t r a n s a c t i o n s a s p e r c e n t o f t w i c e t o t a l r o u n d - l o t v o l u m e .
I n c a lc u la t in g t h e s e p e r c e n t a g e s , t h e t o t a l o f m e m b e r s ’ t r a n s a c t i o n s is c o m p a r e d
w it h t w i c e t h e t o t a l r o u n d - l o t v o l u m e o n t h e E x c h a n g e f o r t h e r e a s o n t h a t t h e t o t a l
o f m e m b e r s ’ t r a n s a c t i o n s in c lu d e s b o t h p u r c h a s e s a n d s a le s , w h ile t h e E x c h a n g e
v o l u m e I n c lu d e s o n l y s a le s .
R o u n d - l o t s h o r t s a le s w h ic h a r e e x e m p t e d fr o m r e s t r ic t io n b y t h e C o m m i s s i o n ’s
r u le s a r e in c lu d e d w it h “ o t h e r s a l e s .”
2 2 3 ,3 7 0
a S a le s m a r k e d " s h o r t e x e m p t ” a r e r e p o r t e d w it h " o t h e r s a le s .”
b S a le s t o o f f s e t c u s t o m e r s ’ o d d - l o t o r d e r s , a n d s a le s t o l i q u id a t e a l o n g p o s it i o n
w h ic h is le e s th a n a r o u n d l o t a r e r e p o r t e d w it h “ o t h e r s a le s ”
5 7 1 ,6 4 0
O t h e r t r a n s a c t i o n s in it ia t e d o n t h e f l o o r — B o u g h t ________
S o l d ....................................
b
1 7 0 ,8 8 0
2 .8 2
1 1 .5 4
2 1 6 ,1 2 0
T o t a l p u r c h a s e s a n d s a le s ______________________________
* T h e t e r m “ m e m b e r s ” in c lu d e s a ll E x c h a n g e
p a r t n e r s , in c lu d in g s p e c i a l p a r t n e r s .
T o t a l s a l e s ____________________________________________________________________
R o u n d -lo t p u rch a se s b y d e a le rs:
N u m b e r o f s h a r e s _________________________________________________________________
As of the close of business Oct. 31, 1939 New York Stock Exchange mem
ber total net borrowings in New York City on collateral amounted to $534,228,504. The ratio of these member total borrowings to the market value
of all listed stocks, on this date, was therefore 1.13% . Member borrowings
are not broken down to separate those only on listed share collateral from
those on other collateral; thus those ratios usually will exceed the true
relationship between borrowings on all listed shares and their market value.
3 9 8 ,6 8 0
7 8 1 ,2 7 0
s a le s _____________________________
S h o r t s a l e s _____________________________________________________
O t h e r s a l e s . b _________________________________________________
2
1 00
1 7 0 ,7 8 0
6 .2 8
6 5 ,8 2 0
3 3 2 ,8 6 0
T o ta l pu rch a ses a n d
s a le s _____________________________
R o u n d - l o t s a le s b y d e a le r s :
N u m b e r o f sh a res:
s n o r t s a l e s _______________________________________________________________________
O t h e r s a le s , b ___________________________________________________________________
Market Value of Listed Stocks on New York Stock
Exchange on Oct. 31, $47,373,972,773, Compared
with $47,440,476,682 Sept. 30— Classification of
Listed Stocks
As of the close of business on Oct. 31, 1939, there were
1,230 stock issues aggregating 1,430,953,734 shares listed on
the New York Stock Exchange with a total market value of
$47,373,972,773, the Exchange announced on Nov. 3. This
compares with 1,228 stock issues aggregating 1,430,884,863
shares listed on the Exchange Sept. 30 with a total market
value of $47,440,476,682, and with 1,245 stock issues aggre
gating 1,425,830,740 shares with a total market value of
$47,001,767,212 on Oct. 31, 1938. In its announcement of
Nov. 3, the Stock Exchange said:
3 8 2 ,5 9 0
T o t a l s a le s .........................................................................................
T o t a l p u rch a ses a n d
9 2 9 ,1 4 9
2 9 ,8 1 7 ,8 3 2
3 ,3 8 4 ,5 3 0
S h o r t s a l e s _____________________________________________________
O t h e r s a l e s . b _________________________________________________
2
Per
Cent a
C u s t o m e r s ’ t o t a l s a l e s ______________________________________________________
D o l l a r v a l u e _______________________________________________________________________
A u t o s a n d a c c e s s o r i e s __________ ________
F i n a n c i a l ____________________________________
C h e m i c a ls ___________________________________
B u i l d i n g ______________________ ______________
E l e c t r i c a l e q u ip m e n t m a n u f a c t u r i n g ..
F o o d s _________________________ _____ _______
R u b b e r a n d t i r e s __________________________
F a r m m a c h i n e r y __________________________
A m u s e m e n t s ______________________________
L a n d a n d r e a l t y ___________________________
M a c h i n e r y a n d m e t a l s ___________________
M i n in g (e x c l u d i n g i r o n ) __________________
P e t r o l e u m _________________ _______________ _
P a p e r a n d p u b l is h i n g ___ _________________
R e t a i l m e r c h a n d i s i n g ____________________
R y . o p e r . & h o l d in g c o ’ s . & e q p t . m f r s .
S t e e l, ir o n a n d c o k e ______________________
T e x t i l e s ............................. ....... ..............................
G a s a n d e l e c t r i c ( o p e r a t i n g ) ____________
G a s a n d e le c t r i c ( h o l d i n g ) _______________
C o m m u n i c a t i o n s ( c a b le , t e l . & r a d i o ) .
M i s c e ll a n e o u s u t i l i t i e s ___________________
A v i a t i o n __________ ______________________ _
B u s in e s s a n d o f f i c e e q u i p m e n t .............. ..
S h i p p i n g s e r v i c e s ............... ..............................
S h ip o p e r a t i n g a n d b u i l d i n g . ...................
M i s c e ll a n e o u s b u s in e s s e s ______ __________
L e a t h e r a n d b o o t s _____ _______ ___________
T o b a c c o ......... ................................................ ..
G a r m e n t s __________ ________________________
U . S . c o m p a n i e s o p e r a t i n g a b r o a d _____
F o r e i g n c o m p a n i e s ( i n c l . C u b a & C a n .)
S
3 ,8 4 3 ,3 9 8 ,3 6 2
9 5 2 ,3 6 7 ,8 8 1
6 ,3 8 4 ,5 7 6 ,3 0 3
5 9 9 ,9 9 6 ,6 9 3
l ,6 o 6 ,8 5 1 , 1 6 7
2 ,9 2 0 ,2 9 0 ,9 9 8
4 3 7 ,2 7 7 ,5 2 0
6 7 9 ,4 8 7 ,3 1 6
2 6 1 ,8 4 0 ,9 5 9
2 0 ,2 9 0 ,6 5 1
1 ,7 4 1 ,6 7 3 ,8 7 8
1 ,8 7 7 ,4 8 7 ,4 0 7
4 ,6 1 9 ,8 4 0 ,9 1 0
4 1 7 ,1 4 7 ,8 5 8
2 .5 4 6 ,9 8 2 ,7 1 4
3 .3 9 8 ,5 9 6 .9 6 1
2 ,6 6 2 ,9 7 0 .0 2 7
2 7 6 ,3 2 6 ,0 8 5
2 ,3 6 1 ,9 5 5 ,9 6 7
1 ,4 0 5 ,0 4 6 .8 0 1
3 ,6 3 1 .0 2 0 ,8 2 6
1 3 8 ,2 7 3 ,2 9 5
6 2 7 .1 9 8 ,4 2 6
3 3 2 ,5 5 3 ,8 1 2
9 ,8 1 0 .5 3 9
5 1 .1 1 6 ,5 2 2
1 2 0 ,2 3 6 ,9 9 9
1 9 6 ,4 5 3 .8 7 6
1 ,5 3 8 ,0 3 9 ,3 9 1
4 0 .5 4 8 ,2 1 7
6 5 1 ,0 0 5 .9 1 9
9 7 3 .3 0 8 ,4 9 3
A ll lis t e d s t o c k s ............................................ 4 7 .3 7 3 ,9 7 2 ,7 7 3
Sept. 3 0 , 1 9 3 9
Aver.
Price
S
3 2 .8 6
1 9 .1 5
7 1 .6 8
2 7 .5 7
4 2 .9 4
31 95
4 1 .7 8
5 1 .3 9
1 4 .3 8
4 .1 0
2 7 .3 5
2 9 .2 8
2 3 .9 7
2 2 .2 9
3 4 .3 9
2 9 .3 1
5 3 .1 6
2 4 .2 5
2 8 .8 5
1 4 .6 7
9 5 .7 4
1 3 .2 8
2 3 .6 7
2 9 .1 2
5 .3 4
1 6 .9 9
2 0 .2 4
2 6 33
5 5 .0 0
2 4 .1 7
1 9 .4 7
2 4 .0 2
Market
Value
A ver.
Price
S
3 ,8 9 1 ,9 5 7 ,4 7 1
9 4 1 .4 7 4 ,4 8 4
6 ,4 6 2 ,1 2 6 , 6 4 5
5 7 5 .0 7 3 ,1 5 6
1 ,7 1 2 .0 3 5 ,0 5 2
2 ,8 2 8 ,5 7 5 , 6 4 6
4 5 1 ,2 1 7 ,7 3 3
7 0 7 ,0 2 0 .3 5 6
2 3 2 ,6 1 2 , 8 9 5
2 2 ,2 3 7 ,5 9 1
1 ,7 7 8 .1 2 1 ,7 1 4
1 ,9 3 8 ,1 8 1 ,5 5 6
4 ,7 8 2 ,7 3 7 , 2 3 3
4 2 1 ,2 8 4 ,2 5 6
2 ,4 1 0 .9 8 0 . 6 3 9
3 ,5 7 6 ,6 5 7 , 7 3 6
2 ,7 5 9 ,2 1 9 , 5 3 7
2 7 6 ,7 2 8 ,3 0 0
2 .2 8 9 ,3 6 9 , 4 8 5
1 ,3 7 3 ,7 2 0 .6 4 6
3 ,5 3 3 ,7 3 6 , 1 9 5
1 3 7 ,2 7 4 ,5 1 4
5 5 0 .3 5 9 ,9 2 7
3 1 3 .7 9 0 .9 0 5
1 1 ,8 6 4 ,7 4 6
5 1 .4 9 9 .5 7 9
1 1 2 .5 4 3 ,1 0 7
2 0 8 .1 3 6 ,4 1 8
1 ,4 5 8 .2 9 0 ,9 4 9
3 7 .8 9 9 .5 8 2
6 7 4 ,3 1 9 ,6 7 7
9 1 6 ,4 2 8 ,9 5 2
$
3 3 .2 8
1 8 .9 3
7 2 .5 1
2 6 .4 2
4 4 .3 7
3 0 .9 5
4 3 .1 1
5 3 .4 7
1 2 .7 7
4 .4 9
2 7 .9 3
3 0 .2 3
2 4 .8 1
2 2 .5 2
3 2 .5 7
3 0 .8 8
5 5 .2 8
2 4 .2 8
2 8 .0 4
1 4 .3 4
9 3 17
1 3 .1 8
2 0 .7 8
2 7 .4 8
5 .1 6
1 8 .1 1
1 8 .9 5
2 7 .8 8
5 2 .1 4
2 2 .5 9
2 0 .1 6
2 2 .6 1
3 3 .1 1 4 7 ,4 4 0 ,4 7 6 , 6 8 2
3 3 .1 5
Volume 149
ONE HUNDRED
—
The Commercial & Financial Chronicle —
We give below a two-year compilation of the total market
value and the average price of stocks listed on the Exchange.
Y E A R S OLD
2897
include the name of the authority by which the non-member is supervised or
the name of the national securities exchange of which he is a member.
Following is the new rule on registered employees:
M artel
Value
1937—
O ct.
1 _____
N ov
1 _____
1 _____
D ec.
1938—
Jan.
1 _____
1 _____
F eb.
M a r . 1 _____
A p r.
1 _____
M ay
1 _____
1 _____
June
J u n e 3 0 _____
J u ly 3 0 _____
A d g . 3 1 _____
S e p t . 3 0 _____
$ 4 9 0 3 4 , 0 3 2 ,6 3 9
4 4 , 6 6 9 , 9 7 8 ,3 1 8
4 0 ,7 1 6 ,0 3 2 ,1 9 0
$ 3 5 .0 7
’ 3 1 .7 7
2 8 .9 2
3 8 , 8 6 9 , 1 4 0 ,6 2 5
3 9 ,2 4 2 ,6 7 6 ,8 3 7
4 1 , 1 7 2 , 8 6 1 ,5 3 5
3 1 ,8 5 8 ,4 6 1 ,8 7 1
3 5 , 8 6 4 , 7 6 7 ,7 7 5
3 4 ,5 8 4 ,6 1 4 ,8 0 3
4 1 ,9 6 1 , 8 7 5 ,1 5 4
4 4 , 7 8 4 , 2 2 4 ,2 1 5
4 3 , 5 2 6 , 4 8 8 ,2 1 5
4 3 , 5 2 6 . 6 8 8 .8 1 2
2 7 .5 3
2 7 .5 9
2 8 .9 4
2 2 .3 2
2 5 .1 5
2 4 .2 8
2 9 .4 1
3 1 .3 8
3 0 .5 5
3 0 .5 4
M artet
Value
Average
Price
1938 —
O c t . 3 1 _____
N o v . 3 0 _____
D e c . 3 1 _____
1939—
Jan
3 1 ____
F e b . 2 8 _____
M a r . 3 1 _____
A p r . 2 9 _____
M a y 3 1 _____
J u n e 3 0 _____
J u ly 3 1 _____
A u g . 3 1 _____
S e p t . 3 0 _____
O c t . 3 1 _____
Average
Price
$ 4 7 ,0 0 1 ,7 6 7 ,2 1 2
4 6 , 0 8 1 ,1 9 2 ,3 4 7
4 7 ,4 9 0 ,7 9 3 ,9 6 9
$ 3 2 .9 6
32 30
3 3 .3 4
4 4 .8 8 4 ,2 8 8 ,1 4 7
4 6 ,2 7 0 ,9 8 7 ,4 1 8
4 0 ,9 2 1 ,0 7 4 ,9 7 0
4 0 ,6 7 3 ,3 2 0 .7 7 9
4 3 ,2 2 9 ,5 8 7 ,1 7 3
4 1 ,0 0 4 ,9 9 5 ,0 9 2
4 4 ,7 6 1 ,5 9 9 .3 5 2
4 1 ,6 5 2 ,6 6 4 ,7 1 0
4 7 ,4 4 0 ,4 7 6 ,6 8 2
4 7 ,3 7 3 ,9 7 2 ,7 7 3
3 1 .5 0
3 2 .4 4
2 8 .6 9
2 8 .5 1
3 0 .2 9
2 8 .7 0
3 1 .3 1
2 9 .1 2
3 3 .1 5
3 3 .1 1
* R evised.
Canadian Exchange Control Eased to Allow NonResidents to Withdraw Newly Invested Capital
The Canadian Foreign Exchange Control Board re
leased its restrictions on the export of certain funds of non
residents, so as not to discourage future investments in
Canada by Americans and others, according to an announce
ment of Oct. 31. Under the revised regulations, non-resi
dents may make investments in Canada for capital develop
ment, and retain right to subsequently liquidate the invest
ment and withdraw the funds from the country.
According to Ottawa United Press advices of Oct. 31 the
new regulations are effective where the following circum
stances apply:
1. Where non-residents sold foreign exchange through an authorized
dealer subsequent to Sept. 15, 1939, for the purpose of making an invest
ment in Canada.
2. Where resultant Canadian dollars were invested in Canada in an
entirely new undertaking, such as building of a manufacturing plant,
development of mineral resources or extension of an existing plant. It
does not include the purchase of real estate to be held in anticipation of
an increase in value nor the purchase of securities except in connection
with the capital development transactions.
3. Where non-residents subsequently liquidate the investment.
4. Where foreign exchange is required for the proceeds of such sale or
liquidation up to an amount not exceeding the original investment.
On and after N ov. 1, 1939, a charge o f $10 will be made for consideration
of each application for the employment of any individual as a “ branch
office manager” or “ registered representative.”
SEC Issues Tabulations on Characteristics of Corporate
Security Issues Proposed for Sale During Third
Quarter
The Securities and Exchange Commission made public
on Nov. 3 the following tabulations on selected character
istics of corporate security issues proposed for sale by issuers
and registered under the Securities Act of 1933 during the
period July 1 to Sept. 30, 1939.
These data, published quarterly, are part of the series
which was initiated in February, 1939. The figures for the
April 1 to June 30, 1939 period were given in our issue of
Aug. 12, page 951. The tabulations issued Nov. 3 follow:
C H A R A C T E R IS T IC S
OF
COM PORATE
S E C U R IT IE S
E F F E C T IV E L Y
R E G I S T E R E D U N D E R T H E S E C U R I T I E S A C T O F 1933 A N D P R O
P O S E D F O R S A L E B Y I S S U E R S — J U L Y 1 T O S E P T . 3 0 , 1939
A.
S u m m a ry
N o. o f
Issues
Gross
Amount
Type o f Security
Total
% of
All
Issues
Total
($ 0 0 0 )
% of
All
Issu es
68
1 0 0 .0
4 4 8 ,7 7 5
1 0 0 .0
28
20
4 1 .1
2 9 .4
3 0 ,5 9 6
2 1 ,2 6 0
6 .8
4 .8
11
8
1 6 .2
1 1 .8
1 .5
2 1 2 ,7 7 6
1 8 3 ,6 3 8
505
4 7 .4
4 0 .9
S t o c k is s u e s :
B o n d is s u e s :
S h o rt-te rm se cu red a n d u n secu red - .
B.
1
_
0.1
C om m on S to ck Issu es
N o. o f
Issues
Gross
Amount
Characteristic
Total
% of
All
Issu es
($ 0 0 0 )
% of
All
Issu es
Total
28
President Rea of New York Curb Exchange Asks Co
operation of Members to Supplement Work to
Further Interests of Exchange
George P. Rea, President of the New York Curb Exchange,
addressed the membership on the Floor on Oct. 30, “ as a
committee of the whole,” reporting on the work of the
Committee on Transactions and Quotations, the Committee
on Formal Listing, the Committee on Unlisted Securities,
the Committee on Public Relations, and of the Exchange’s
financial condition which he said was excellent. After dis
cussing stocks which are being transferred from the Curb
Exchange to the New York Stock Exchange, he spoke briefly
of some 23 prospects for listing which are being considered
at this time, an Exchange announcement said. He requested
the cooperation of the members to supplement the work
now being done by the administration to further the interests
of the Exchange.
New York Stock Exchange Rescinds Rule Prohibiting
Collection by Members of Over-Riding Commissions
for Non-Member Correspondents— New Rules on
Private Wire Connections and Registered Employees
Announcement was made Oct. 26 that the Committee on
Member Firms of the New York Stock Exchange has res
cinded its ruling prohibiting the collection by members of
over-riding commissions, service charges, or other fees
for non-member correspondents and in lieu thereof has
adopted the following new ruling, effective Nov. 1:
An arrangement whereby member firms carrying accounts of customers
who have been introduced by or are serviced or advised by a non-member
engaged in business as a dealer or broker undertake to collect for such non
member an over-riding commission, service charge or other fee and to remit
to such non-member is deemed to be permissible under the porovisions of
Section 1 o f Article X V II o f the Constitution, provided that all o f the
following conditions are complied with, viz.,
(1) the customer has given written instructions to the member firm
authorizing the imposition and collection o f such charges and has not
canceled such instructions;
(2) such instructions indicate the precise charges which are to be made
and indicate knowledge on the part o f the customer that such charges are
over and above and not a part o f the charge o f the member firm carrying
the account;
(3) the charge so made and collected for the non-member be separately
and specifically indicated as such on the confirmation o f every transaction
upon which such a charge is based.
Nothing in this rule shall absolve the parties from responsibilities which
may ensue by reason of such arrangements. It is therefore suggested that
member firms be guided by their own counsel in regard to entering into any
such arrangement.
It was also announced Oct. 26 that new rules regarding
registered employees and private wire connections had been
adopted Oct. 16 by the Committee on Member Firms.
The rule in respect of private wire connections follows:
On and after N ov. 1, 1939, a charge o f $5 will be made for consideration
of each application for a private wire connection to a non-member. Such
fee will not be charged in the case o f applications for private wire con
nections to institutions under the supervision o f State or Federal banking or
insurance authorities, or members o f national securities exchanges. Applica
tions for private wires which are exempt from the payment of fees must
C o n tin g e n t v o t in g r ig h ts o n l y . .
C.
____________
.
1 0 0 .0
3 0 ,5 9 6
1 0 0 .0
23
7
27
0
1
6
0
0
0
8 2 .1
2 5 .0
9 6 .4
2 5 ,5 0 8
3 ,8 2 5
2 9 ,6 9 3
0
903
4 ,3 5 7
0
0
0
8 3 .4
1 2 .5
9 7 .0
3 .6
2 1 .4
3 .6
1 4 .2
P r e fe r r e d S t o c k Issu e s
N o. o f
Issues
Gross
Amount
Characteristic
% of
All
Issu es
($ 0 0 0 )
% of
AU
Issu es
20
1 0 0 .0
2 1 ,2 6 0
1 0 0 .0
15
3
16
1
9
9
2
2
0
0
5
17
7
0
7 5 .0
1 5 .0
8 0 .0
5 .0
4 5 .0
4 5 .0
1 0 .0
1 0 .0
1 1 ,7 9 8
1 .0 9 5
1 9 ,1 7 4
700
1 6 ,4 0 6
4 ,0 3 9
815
1 ,4 5 6
0
0
5 ,0 7 5
1 9 ,4 3 0
1 2 ,0 2 0
0
5 5 .5
5 .2
9 0 .2
3 .3
7 7 .2
1 9 .0
3 .8
6 .8
Total
W a r r a n ts o r rig h ts a tta c h e d
D.
L o n g -te rm
2 5 .0
8 5 .0
3 5 .0
Total
2 3 .9
9 1 .4
5 6 .5
S ecu red B o n d Issu es
N o. o f
Issues
Gross
Amount
Characteristic
Total
% of
All
Issues
Total
($ 0 0 0 )
% of
All
Issu es
ii
S e r ia l m a t u r i t y ____________ ______________
_____
S in k in g f u n d . _____
_ .
_____
C a ll a b l e (o t h e r t h a n f o r s i n k i n g f u n d ) . .
-------. _
C o n v e r t i b l e - . . . __ _________
_ __
______ _
_
W a r r a n t s o r r ig h t s a t t a c h e d . . __________
S e c u r it y s u b j e c t t o p r io r lie n __________
N o a d a it i o n a l s e c u r i t ie s is s u a b l e u n d e r s a m e in D e f i n i t e li m it s e t o n is s u e o f e q u a l o r s e n i o r s e c u r it ie s
S u b s t it u t i o n o f p r o p e r t y u n d e r l i e n p e r m it t e d . - I n t e r e s t d e p e n d e n t o n e a r n in g s o r s p e c i a l c o n d i t i o n s .
G u a r a n te e d
.
. . . .
E.
1 0 0 .0
2 1 2 ,7 7 6
1 0 0 .0
i
9
11
1
0
0
9 .1
8 1 .8
1 0 0 .0
9 .1
350
2 0 2 ,4 2 6
2 1 2 ,7 7 6
1 0 ,0 0 0
0
C
0 .2
9 5 .1
1 0 0 .0
4 .7
1
3
11
0
0
9 .1
2 7 .3
1 0 0 .0
350
2 3 .7 9 3
2 1 2 .7 7 6
0
0
0 .2
1 1 .2
1 0 0 .0
_
_
_
---
_
_
_
---
L o n tf-te r m U n s e c u r e d B o n d Is s u e s
N o. o f
Issues
Gross
Amount
Characteristic
Total
% of
All
Issu es
Total
($ 0 0 0 )
% of
All
Issues
8
S e r ia l m a t u r i t y ----------------------------- -----------------------------------------S in k in g f u n d ________________________________________________
C a ll a b l e (o t h e r t h a n f o r s i n k i n g f u n d ) ----------------. .
C o n v e r t i b l e ___________________________________________________
W a rra n ts o r rig h ts a tta c h e d .
---------- - -----------N o a d d i t io n a l s e c u r i t ie s is s u a b l e u n d e r s a m e in D e f i n i t e l i m it s e t o n is s u e o f e q u a l o r s e n i o r s e c u r it ie s
I n t e r e s t d e p e n d e n t o n e a r n in g s o r s p e c i a l c o n d i t i o n s .
G u a r a n t e e d __________________________________________________
1 0 0 .0
1 8 3 ,6 3 8
1 0 0 .0
1
6
8
1
0
1 2 .5
7 5 .0
1 0 0 .0
1 2 .5
___
6 ,9 7 7
1 4 9 ,8 2 8
1 8 3 ,6 3 8
1 ,6 0 0
0
3 .8
8 1 .6
1 0 0 .0
0 .9
___
7
0
0
0
8 7 .5
___
___
...
1 8 1 ,1 3 8
0
0
0
9 8 .7
___
___
...
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
2898
—
F.
—
New Mutual Savings Bank Authorized to Issue Life
Insurance in New York—Total of 6,699 Policies
with Face Value of $5,500,000 Sold in Nine Months
S h o rt-te rm S e cu re d a n d U n se cu re d B o n d Issu es
G ross
Am ount
N o. of
Issu es
C h a r a c te r is tic
% of
A ll
Issu es
T o ta l
% of
T o ta l
($ 0 0 0 )
A ll
Issu es
A ll Issu es.
1
1 0 0 .0
5C5
1 0 0 .0
S e r ia l m a t u r i t y ______________________________________________
S in k in g f u n d _________________________________________________
C a l l a b l e ( o t h e r t h a n f o r s i n k i n g f u n d ) --------------------------C o n v e r t i b l e -----------------------------------------------------------------------------W a r r a n t s o r r i g h t s a t t a c h e d ---------------------------------------------S e c u r e d b y l i e n ______________________________________________
S e c u r it y s u b j e c t t o p r io r l i e n -------------------------------------------N o a d d i t i o n a l s e c u r i t ie s is s u a b l e u n d e r s a m e in
d e n t u r e ---------------------------------------------------------------------------------D e f i n i t e li m it s e t o n is s u e o f e q u a l o r s e n i o r s e c u r it ie s
S u b s t i t u t i o n o f p r o p e r t y u n d e r li e n p e r m i t t e d -----------In te r e s t d e p e n d e n t o n e a rn in g s o r s p e c ia l c o n d it io n s
G u a r a n t e e d __________________________________________________
1
0
1
0
0
0
1 0 0 .0
505
0
505
0
0
0
1 0 0 .0
1
0
1 0 0 .0
505
0
1 0 0 .0
1 0 0 .0
. . .
. . .
’ ”
"6
0
____
1 0 0 .0
____
—
. . .
6
0
—
In our issue of April 29 , page 2504, explanatory notes
regarding the sale by issuers was given.
The Bush wick Savings Bank, Brooklyn, N . Y . , announced
N o v . 1 that it has been authorized by the State Banking and
Insurance Department to write insurance under the law that
became effective Jan. 1, 1939, and will start issuing policies.
The Bushwick th is becomes the third mutual savings bank
in Brooklyn to write life insurance and is the seventh in New
York State. In addition, there are seven other mutual savings
banks selling insurance as agents. The 13 banks writing
insurance have sold, it is stated, a total of 6,699 policies in
the first nine months of this year with a total face value of
over $5 ,500,000. The size of the average policy isused was
$83 i .
The Bushwick Savings Bank will issue policies in six dif
ferent forms, following the practice of the other banks now
writing insurance.
Earlier reference to the amount of savings bank life in
surance sold appeared in our issue of July 22 , page 491.
SEC Issues Four More Reports Based on Census of
American Listed Corporations
Federal Intermediate Credit Banks Sell $28,900,000
% % Debentures
On Oct. 27 the Securities and Exchange Commission made
public four more of a series of reports based on a Works
Projects Administration study now known as the Survey
of American Listed Corporations. The current reports con
tain a summary of selected data on the following four in
dustry groups composed of corporations registered under
the Securities Exchange Act of 1934: Leather Tanners;
Shoe Manufacturers; Manufacturers of Brick and Other
Clay Products; and Manufacturers of Miscellaneous Build
ing Material. These summaries contain essentially the same
information as the first 40 reports of this series which have
been released, but, unlike the first 18 reports, they have not
been printed in quantity and, therefore, are not available
for free distribution. They are, however, open to public
inspection and use at all the regional offices of the SEC.
A n offering of $28,900,000 % % debentures of the Federal
Intermediate Credit Banks on Oct. 20 met with the cus
tomary oversubscription, and the books were closed the
same day. The offering was made by Charles R . D unn,
New York, fiscal agent for the Banks, at a slight premium
over par. The yield basis on which the bonds were sold, is
said to have been about the same as that for the issue dis
posed of at the end of September.
The proceeds of the latest sale will go entirely toward the
refunding of $2 9,100,000 debentures maturing N o v . 1. The
new issue is dated N o v . 1 and matures in 10 m onths, on
Sept. 3 , 1940.
A t the close of business N o v . 1, the Banks it is stated had
outstanding a total of $207,400,000 debentures.
Increase of $67,168,637 in Outstanding Brokers’ Loans
on New York Stock Exchange During October—
Total Oct. 31 Reported at $534,228,504— Amount
Is $46,513,133 Below Year Ago
M em ber banks of the American Bankers Association were
given official notice on O ct. 27 of the Association’s action
with respect to lifting the minimum on protestable cheeks
in a letter enclosing a copy of the resolution adopted by the
executive council at the Association’s convention in Seattle,
Sept. 2 5 -2 8 .
The Association’s announcement, regarding
this matter stated:
According to the monthly compilation of the N ew York
Stock Exchange, issued N o v . 2 , outstanding brokers’ loans
on the Exchange increased $67,168,637 during October to
$534,228,504 Oct. 31 from $467,059,867 Sept. 30. A s com
pared with Oct. 31 , 1938, when the loans outstanding
amounted to $580,741,637, the figure for the end of October,
1939 represents a decrease of $46,513,133.
Demand loans outstanding on Oct. 31 were above Sept. 30
but below Oct. 31 , 1938, while time loans were below the
two earlier dates. The demand loans on Oct. 31 totaled
$5 02,025,629, as compared with $433,556,992 Sept. 30 and
$540,439,140 Oct. 31, 1938. Tim e loans at the latest date
were reported at $32,202,875, against $33,502,875 and
$4 0,302,497, respectively, a month and a year ago.
The following is the report for Oct. 31, 1939, as made
available by the Stock Exchange on N o v . 2 :
New York Stock Exchange member total net borrowings on collateral,
contracted for and carried in New York as o f the close o f business Oct. 31,
1939, aggregated $534,228,504.
The detailed tabulation follows:
Demand
(1 ) N e t b o r r o w i n g s o n c o l l a t e r a l f r o m N e w Y o r k
b a n k s o r t r u s t c o m p a n i e s _____________________________
( 2 ) N e t b o r r o w i n g s o n c o l la t e r a l f r o m p r i v a t e b a n k e r s ,
b r o k e r s , f o r e ig n b a n k a g e n c ie s o r o t h e r s In t h e
C i t y o f N e w Y o r k __________________________ ___________
T im e
$ 4 6 3 ,7 5 4 ,8 2 9
$ 3 1 ,9 0 2 ,8 7 5
3 8 ,2 7 0 ,8 0 0
3 0 0 ,0 0 0
$ 5 0 2 ,0 2 5 ,6 2 9
$ 3 2 ,2 0 2 ,8 7 5
C o m b i n e d t o t a l o f t i m e a n d d e m a n d b o r r o w i n g s ------------------------------------$ 5 3 4 ,2 2 8 ,5 0 4
T o t a l f a c e a m o u n t o f ‘ G o v e r n m e n t s e c u r i t ie s ” p l e d g e d a s c o l la t e r a l
f o r t h e b o r r o w i n g s i n c l u d e d in it e m s (1 ) a n d ( 2 ) a b o v e ______________
$ 2 4 ,9 8 9 ,9 0 0
The scope o f the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Below we furnish a two-year compilation of the figures:
13_
97
Demand Loans
$
Time Loans
$
Total Loans
$
O c t . 3 0 .................................................
N o v . 3 0 .................................................
D e c . 3 1 .................................................
1938—
J a n . 3 1 .................................................
F e b . 2 8 .................................................
M a r . 3 1 ............................- ...................
A p r . 3 0 ....................................
M a y 3 0 .................................................
J u n e 3 0 ..................................................
J u l y 3 0 - - - ................... - ...................
A u g 3 1 ..................................................
S e p t 3 0 .......... ..................................—
O c t . 3 1 ..................................................
N o v 3 0 ..................................................
D e c 3 1 ..................................................
4 9 3 .3 4 0 .1 6 8
4 9 8 .5 6 7 .1 7 5
5 1 1 ,8 8 8 ,3 0 5
2 3 2 ,2 8 2 ,7 0 4
1 8 9 ,2 1 9 .4 0 4
1 4 7 ,3 3 1 ,0 0 0
7 2 5 ,6 2 2 ,8 7 2
6 8 7 ,7 8 6 ,5 7 9
6 5 9 ,2 1 9 ,3 0 5
4 9 0 ,9 5 4 .0 4 0
* 4 9 2 ,1 9 8 .8 1 4
4 5 5 .5 4 9 .4 1 9
4 1 3 .5 7 8 .0 2 9
4 1 8 .4 9 0 .4 0 5
4 3 1 ,9 2 6 .4 0 0
4 5 9 .2 1 7 .9 3 3
5 0 8 .9 9 2 .4 0 7
4 8 4 .0 1 9 .5 3 8
5 4 0 ,4 3 9 ,1 4 0
5 7 7 .4 4 1 ,1 7 0
6 8 1 ,8 8 5 ,1 9 2
1 0 6 ,4 6 4 .0 0 0
8 4 ,7 6 3 .0 0 0
6 5 ,5 6 7 .5 0 0
5 3 ,1 8 8 .5 0 0
4 0 .8 7 3 .5 0 0
3 7 .9 6 1 .0 0 0
3 4 .3 9 8 .0 0 0
3 2 .4 9 8 .0 0 0
4 0 .1 8 3 .0 0 0
4 0 ,3 0 2 ,4 9 7
4 2 , 5 1 4 ,1 0 0
3 5 , 1 9 9 ,1 3 7
5 9 7 ,4 1 8 ,0 4 0
* 5 7 6 ,9 6 1 .8 1 4
5 2 1 ,1 1 6 ,9 1 9
4 6 6 ,7 6 6 .5 2 9
4 5 9 .3 6 3 .9 0 5
4 6 9 ,8 8 7 ,4 0 0
4 9 3 ,6 1 5 .9 3 3
5 4 1 .4 9 0 .4 0 7
5 2 4 ,2 0 2 .5 3 8
5 8 0 ,7 4 1 ,6 3 7
6 1 9 ,9 5 5 .2 7 0
7 1 7 ,0 8 4 ,3 2 9
1939—
J a n 3 1 ..................................................
F e b . 2 8 ..................................................
M a r . 3 1 ..................................................
A p r . 2 9 ..................................................
M a y 31
.........................................
J u n e 3 0 1 ...............................................
J u l y 3 1 ..................................................
A u g . 3 1 ..................................................
S e p t . 3 0 ..................................................
O c t . 3 1 ...................................................
6 3 2 ,5 1 3 ,3 4 0
6 4 6 .1 7 8 .3 6 2
6 1 7 ,1 9 1 .9 3 2
5 1 5 ,1 7 3 ,5 2 5
5 1 5 .4 8 3 .0 ^ 0
6 0 9 .0 2 1 .6 3 7
5 2 6 .6 9 1 ,7 4 0
4 7 8 .0 6 0 ,0 0 7
4 3 3 .5 5 6 ,9 9 2
5 0 2 ,0 2 5 ,6 2 9
3 3 , 9 8 3 ,5 3 7
3 7 .2 5 4 ,0 3 7
3 7 ,6 6 3 .7 3 9
3 2 ,2 6 9 ,6 5 0
3 0 .4 9 2 .8 8 9
2 8 . 2 4 0 .3 2 2
2 7 .0 7 5 ,5 0 0
3 0 .5 1 7 .5 4 7
3 3 ,5 0 2 ,8 7 5
3 2 , 2 0 2 ,8 7 5
6 6 6 ,4 9 6 ,8 7 7
6 8 3 .4 3 2 .3 9 9
6 5 4 ,8 5 5 ,6 7 1
5 4 7 ,4 4 3 ,1 7 5
5 4 5 .9 7 5 .9 7 9
5 3 7 .2 6 1 .9 5 9
5 5 3 .7 6 7 .2 4 0
5 0 8 ,5 7 7 ,5 5 4
4 6 7 ,0 5 9 ,8 6 7
5 3 4 ,2 2 8 ,5 0 4
• R e v is e d .
American Bankers Association Acts to Raise Minimum
for Protested Checks— Resolution Adopted by
Executive Council at Seattle Convention
The protesting process consists o f providing owners o f protested checks
with legal notice or evidence o f dishonor for their use in the case of suits to
recover. The fees for this evidence are fixed by law in the several States,
and are in some instances out o f proportion to the face amounts o f small
checks. It is believed that the discontinuance of the practice o f automati
cally protesting checks o f $50 or less will save bank customers considerable
expense.
Last Spring the A . B. A . convassed opinion o f the banks o f the country
on the idea of raising the minimum on checks subject to protest from $10.01
to $50-01. A large majority o f the banks expressed themselves in favor
o f the idea.
The resolution adopted in Seattle was the official expression o f their
wishes and took the form o f an official request to the Federal Reserve banks
to conform their collection instructions and practices to the desire o f the
banks.
In the letter sent to A . B . A . banks O ct. 27 by Frank W .
Simmonds, senior deputy manager of the A . B . A . the
resolution adopted by the executive council at the annual
convention in Seattle was set out as follows:
It is not legally required that inland checks be protested; and
The chief purpose of notarial protest is that it affords a con
venient method of proving dishonor and notice o f dishonor in the event
o f a lawsuit instituted by the owners, and there are few suits on dishonored
checks o f less than $50; and
W h erea s,
The cost to the owners o f the protest fee on small checks is
out o f proportion to the protection actually afforded them; and
W h erea s,
A survey of the opinions o f all banks throughout the country
on the question o f raising the minimum face amount o f checks which should
not be protested revealed that a large majority favored the change to a
$50 minimum; and
W h erea s,
The Bank Management Commission upon the basis o f their
survey recommended to banks and clearinghouses a change from their pre
sent practice o f not protesting items o f $10 and less to a practice o f not pro
testing items o f $50 and less; and
W h erea s,
Many clearinghouses have adopted rules changing their pro
test practice in accordance with the Bank Management Commission recom
mendation and many banks have indicated their readiness to cooperate; and
W h erea s,
These banks and clearinghouse associations are o f the opinion
that the new practice connot be effective without the cooperation o f the
Federal Reserve banks; therefore be it
R e s o l v e d by the Executive Council o f the American Bankers Association,
That the Federal Reserve bank in each Reserve District be requested to
conform its protest practice, beginning Jan 2, 1940, to the new practice
adopted by banks and clearinghouse associations o f not protesting items of
$50 or less; and be it further
R eso lv ed ,
That a copy o f this resolution be addressed to each Federal
Reserve bank.
W h erea s,
W h erea s,
Tenders of $457,678,000 Received to Offering of $150,000,000 of 91-Day Treasury Bills— $150,499,000
Accepted at Average Rate of 0.028%
A total of $457,678,000 was tendered to the offering last
week of $150,000,000, or thereabouts, of 91-day Treasury
bills dated N o v . 1 and maturing Jan. 31 , 1940, it was an
nounced O ct. 30 by Secretary of the Treasury Morgenthau.
Volume 149
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD
—
—
Of this amount, M r . Morgenthau said, $150,499,000 was
accepted at an average rate of 0 .0 2 8 % . _
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m .,
(E ST) Oct. 30. Reference to the offering appeared in these
columns of Oct. 28, page 2616. The following regarding
the accepted bids to the offering is from Secretary Morgen
thau’s announcement of O ct. 30:
Total applied for, $457,678,000
Total accepted, $150,499,000
Range o f accepted bids:
High
100
Low
— 99.992 equivalent rate approximately 0.032%
Average price— 99.993 equivalent rate approximately 0.028%
(86% o f the amount bid for at the low price was accepted.)
Stock of Money in the Country
The Treasury Department in Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents. The figures this time
are for Sept. 30, 1939, and show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$7 ,292 ,952,082, as against $7,171,434,321 on Aug. 31, 1939,
and $6,622,249,018 on Sept. 30, 1938, and comparing with
$5,698,214,612 on Oct. 31, 1920. Just before the outbreak
of the World W a r, that is, on June 30, 1914, the total was
only $3,459 ,43 4,17 4. The following is the full statement:
L
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c T h is t o t a l I n c lu d e s c r e d i t s w it h t h e T r e a s u r e r o f t h e U n it e d S t a t e s p a y a b le In
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d I n c l u d e s $ 1 ,8 0 0 ,0 0 0 ,0 0 0 E x c h a n g e S t a b i li z a t i o n F u n d a n d $ 1 4 2 ,4 9 0 ,5 6 1 b a l a n c e
o f I n c r e m e n t r e s u lt in g fr o m r e d u c t i o n In w e ig h t o f t h e g o l d d o l la r .
e i n c l u d e s $ 5 9 ,3 0 0 ,0 0 0 la w f u l m o n e y d e p o s i t e d a s a r e s e r v e f o r P o s t a l S a v in g s
d e p o s its .
f T h e a m o u n t o f g o l d a n d s l iv e r c e r t if i c a t e s a n d T r e a s u r y n o t e s o f 1 8 9 0 s h o u l d b e
d e d u c t e d fr o m t h is a m o u n t b e f o r e c o m b i n i n g w it h t o t a l m o n e y h e l d i n t h e T r e a s u r y
t o a r r i v e a t t h e t o t a l a m o u n t o f m o n e y In t h e U n it e d S t a t e s .
s5 T h e m o n e y in c i r c u la t io n in c lu d e s a n y p a p e r c u r r e n c y h e l d o u t s i d e t h e c o n
t i n e n t a l li m it s o f t h e U n it e d S t a t e s .
N o t e — T h e r e is m a in t a in e d in t h e T r e a s u r y — (1) a s a r e s e r v e f o r U n i t e d S t a t e s
n o t e s a n d T r e a s u r y n o t e s o f 1 89 0 — $ 1 5 6 ,0 3 9 ,4 3 1 I n g o l d b u ll io n : (11) a s s e c u r i t y f o r
T r e a s u r y n o t e s o f 1 89 0 — a n e q u a l d o l l a r a m o u n t in s t a n d a r d s i lv e r d o l la r s (t h e s e
n o t e s a r e b e in g c a n c e l e d a n d r e t i r e d o n r e c e i p t ) : (ill) a s s e c u r i t y f o r o u t s t a n d i n g
s i lv e r c e r t if i c a t e s — s i lv e r In b u ll io n a n d s t a n d a r d s i lv e r d o l la r s o f a m o n e t a r y v a l u e
e q u a l t o t h e fa c e a m o u n t o f s u c h s ilv e r c e r t ifi c a t e s ; a n d (i v ) a s s e c u r i t y f o r g o l d
c e r t ifi c a t e s — g o l d b u ll io n o f a v a lu e a t t h e le g a l s t a n d a r d e q u a l t o t h e f a c e a m o u n t o f
s u c h g o l d c e r t if i c a t e s . F e d e r a l R e s e r v e n o t e s a r e o b l i g a t i o n s o f t h e U n it e d S t a t e s
a n d a fir s t lie n o n a ll t h e a s s e ts o f t h e is s u in g F e d e r a l R e s e r v e B a n k . F e d e r a l R e s e r v e
n o t e s a r e s e c u r e d b y t h e d e p o s i t w it h F e d e r a l R e s e r v e a g e n t s o f a lik e a m o u n t o f
g o l d c e r t ifi c a t e s o r o f g o l d c e r t ifi c a t e s a n d s u c h d i s c o u n t e d o r p u r c h a s e d p a p e r a s is
e li g ib le u n d e r t h e t e r m s o f t h e F e d e r a l R e s e r v e A c t , o r , u n t i l J u n e 3 0 , 1 9 4 1 , o f
d ir e c t o b l i g a t i o n s o f t h e U n it e d S t a t e s If s o a u t h o r i z e d b y a m a jo r it y v o t e o f t h e
B o a rd o f G ov ern ors o f th e F ederal R eserv e S y stem . F ederal R eserv e ban k s m u st
m a in t a in a r e s e r v e in g o l d c e r t ifi c a t e s o f a t le a s t 405 '- , in c lu d in g t h e r e d e m p t i o n fu n d
w h ic h m u s t b e d e p o s i t e d w it h t h e T r e a s u r e r o f t h e U n it e d S t a te s , a g a in s t F e d e r a l
R e s e r v e n o t e s in a c t u a l c i r c u l a t i o n .
“ G o l d c e r t if i c a t e s ” a s h e r e in u s e d in c lu d e s
c r e d i t s w it h t h e T r e a s u r e r o f t h e U n it e d S t a te s p a y a b le in g o l d c e r t if i c a t e s . F e d e r a l
R e s e r v e b a n k n o t e s a n d N a t i o n a l h a n k n o t e s a r e In p r o c e s s o f r e t i r e m e n t .
Results of Treasury Financing— $515,210,900 of 124%
Notes Maturing Dec. 15 Exchanged for 1% Notes
Secretary of the Treasury Henry Morgenthau Jr. an
nounced Oct. 29 that seports to the Federal Reserve banks
indicated that $515,210,900 of 1 24 % Treasury notes of Series
B -1939, maturing D ec. 15, 1939, have been exchanged for
1 % Treasury notes of Series B -1944.
Treasury notes maturing D ec. 15 were outstanding in
amount of $526,232,500, indicating that holders of $11,021,600 had not exchanged them for the new notes and these
will be paid in cash when they mature. The exchange of
fering was reported in these columns of Oct. 28, page 2616.
All subscriptions were alloted in full. They were divided
among the several Federal Reserve districts and the Treasury
as follows:
F ed era l R eserve D is t r ic t —
00
s
g
03 H r , H
"
„ CO JH ’Ho
CO CO
agog S§
o
2899
T o ta l
S u b s c r ip t io n s
R e c e iv e d a n d
A llo t t e d
B o s t o n ____________________________ $ 1 0 ,5 3 2 ,5 0 0
N e w Y o r k ............................
3 5 3 .7 0 'L 3 0 0
P h i l a d e l p h i a ...................................
6 .7 5 9 ,3 0 0
C l e v e l a n d ........................................
1 1 ,6 6 1 .7 0 0
R i c h m o n d ______________________
1 0 .6 6 9 .8 0 0
4 ,6 9 3 .0 0 0
A t l a n t a _________________________
C h i c a g o _________________________
7 4 ,9 3 3 .6 0 0
1 1 ,4 5 2 ,2 0 0
S t . L o u i s ......... ................................
F e d e r a l R eserve D is t r ic t —
M i n n e a p o l i s -----------------------------K a n s a s C i t y ___________________
D a l l a s --------------S a n F r a n c i s c o ________________
T r e a s u r y ......... .............
T o ta l
S u b s c r ip t io n s
R e c e iv e d a n d
A llo t t e d
$ 5 ,1 3 7 ,0 0 0
2 ,3 9 0 , 3 0 0
3 ,6 2 8 . 3 0 0
1 8 ,7 1 8 0 0 0
9 2 5 ,0 0 0
T o t a l ............................................. $ 5 1 5 , 2 1 0 , 9 0 0
New Offering of $100,000,000 or Thereabouts of 91-Day
Treasury Bills— Amount Compares with $150,000,000 in Last Three Sales— New Issue Will Be Dated
Nov. 8, 1939
Tenders to a new offering of $100,000,000, or thereabouts,
of 91-day Treasury bills were received up to 2 p. m . (E ST)
yesterday (N o v . 3 ). For the past three weeks the Treasury
has been offering $150,000,000 of bills but decided this
week to return to its practice of issuing an amount sufficient
to retire its current bill maturity instead of acquiring an
additional $50,000,000 in “ new m oney.” A t the time of
increasing the offering (Oct. 13) Secretary Morgenthau ex
plained that the action was taken to maintain the Treasury’s
working balance at a comfortable level. He also then said
that the question of seeking new funds would be decided on
a week-to-week basis this was noted in our issue of Oct. 14,
page 2304. The current bills, which were sold on a discount
basis to the highest bidders, will be dated N o v . 8 and will
mature on Feb. 7 ,1 9 4 0 ; 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 N o v . 8 in amount of
$100,429,000. In his announcement of the offering, Secre
tary Morgenthau also said:
They (the bills) will be issued in bearer form only, and in amounts or
denominations o f $1,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples o f $1,000. The price offered must be expressed
on the basis o f 100, with not more than three decimal places, e g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in in
vestment securities. Tenders from others must be accompanied by a
deposit o f 10% o f the face amount o f Treasury bills applied for, unless
the tenders are accompanied by an express guaranty o f payment by an in
corporated bank or trust company.
Immediately after the closing hour for receipt o f tenders on N ov. 3, 1939,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement o f the accept
able prices will follow as soon as possible thereafter, probably on the fol
lowing morning. The Secretary of the Treasury expressly reserves the
right to reject any or aU tenders or parts o f 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 o f the acceptance or rejection
thereof. Payment at the price offered for Treasury bills alloted must be
made at the Federal Reserve banks in cash or other immediately available
funds on N ov. 8, 1939.
The Treasury bills will be exempt, as to principal and interest, and and
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. (Attention is invited to
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
2900
—
Treasuty Decision 4550, ruling that Treasury bills are not exempt from
the gift tax). No loss from the sale or other disposition of the Treasury
bills shall be allowed as a deduction, or otherwise recognized, for the pur
poses of any tax now or hereafter imposed by the United States or any of
its possessions.
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Treasury Offers $250,000,000 of 1% Notes of RFC—-To
Be Dated Nov. 10 and Mature on July 1, 1942—
Subscription Books Closed— $3,643,000,000 Ten
dered
Secretary of the Treasury Morgenthau on behalf of the
Reconstruction Finance Corporation, on Oct. 30, offered
for subscription, at par and accrued interest, through the
Federal Reserve banks, $250,000,000, or thereabouts, of 1 %
notes of the R F C , designated Series S. The notes will be
dated N o v . 10, 1939, and will bear interest from that date
at the rate of 1 % per annum, payable Jan. 1 and July 1 on
a semi-annual basis. They will mature on July 1, 1942,
and will not be subject to call for redemption prior to m a
turity.
The previous R F C financing undertaken by the Treasury
was in February when $310,090,000 of the Corporation’s
two-year 11 months 7 % notes were sold. Reference to
A
this offering appeared in our issue of Feb. 18, page 959.
Secretary Morgenthau announced Oct. 31 that the sub
scription books to the current offering closed at the close
of business that day. He disclosed on N o v . 2 that the offer
ing had been oversubscribed more than 14 times. Subscrip
tions amounted to $3,643,000,000 and allotments will be
announced soon.
The following is taken from his announcement pertain
ing to the offering:
They will be issued only in bearer form with coupons attached, in de
nominations of $1,000, $5,000, $10,000 and $100,000.
The notes will be fully and unconditionally guaranteed both as to interest
and principal by the United States. They will be exempt both as to prin
cipal and interest from all taxation (except surtaxes, estate, inheritance,
and gift taxes) now or hereafter imposed by the United States, by any
Territory, dependency, or possession thereof, or by any State, county,
municipality or local taxing authority.
Subscriptions will be received at the Federal Reserve banks and branches,
and at the Treasury Department, Washington, they will not be received
at the RFC. Banking institutions generally may submit subscriptions
for account of customers, but only the Federal Reserve banks and the
Treasury Department are authorized to act as official agencies. Sub
scriptions from banks and trust companies for their own account will be
received without deposit but will be restricted in each case to an amount
not exceeding one-half of the combined capital and surplus of the subscrib
ing bank or trust company. Subscriptions from all others must be ac
companied by payment of 10% of the amount of notes applied for.
The right is reserved to close the books as to any or all subscriptions or
classes of subscriptions at any time without notice. Subject to the reser
vations set forth in the official circular, all subscriptions will be received
subject to allotment. Payment for any notes allotted must be made or
completed on or before Nov. 10, 1939, or on latter allotment.
The text of the official circular follows:
RECONSTRUCTION FINANCE CORPORATION
1% NOTES OF SERIES S, DUE JULY 1, 1942
Dated and bearing interest from Nov. 10, 1939
Fully and Unconditionally Guaranteed Both as to Interest and Principal
By the United States, Which Guaranty Is Expressed on the Face
of Each Note
Exempt both as to principal and interest from all taxation (except surtaxes,
estate, inheritance, and gift taxes) now or hereafter imposed by the
United States, by any Territory, dependency, or possession thereof, or
by any State, county, municipality, or local taxing authority.
1939— Department Circular No. 624— Public Debt Service
Treasury Department— Office of the Secretary
W a s h i n g t o n , O c t . 31, 1939
I.
O ffe rin g o f N o te s
1. The Secretary of the Treasury, on behalf of the R F C , invites subscrip
tions, at par and accrued interest, from the people of the United States for
notes of the RFC, designated 1% notes of Series S. The amount of the
offering is $250,000,000 or thereabouts.
I I .
D e sc r ip tio n
o f N o tes
1. The notes will be dated Nov. 10, 1939, and will bear interest from
that date at the rate of 1% per annum, payable on a semi-annual basis on
Jan. 1 and July 1 in each year until the principal amount becomes payable.
They will mature July 1, 1942, and will not be subject to call for redemption
prior to maturity.
2. The notes will be issued under authority of an act of Congress (known
as “ Reconstruction Finance Corporation Act” ) approved Jan. 22, 1932, as
amended and supplemented, which provides that the notes shall be fully
and unconditionally guaranteed both as to interest and principal by the
United States and such guaranty shall be expressed on the face thereof;
and that they shall be exempt both as to principal and interest from all
taxation (except surtaxes, estate, inheritance and gift taxes) now or here
after imposed by the United States, by any Territory, dependency, or pos
session thereof, or by any State, county, municipality or local taxing au
thority. These notes shall be lawful investments, and may be accepted
as security, for all fiduciary, trust and public funds the investment or de
posit of which shall be under the authority or control of the United States
or any officer of officers thereof.
3. The authorizing Act further provides that in the event the RFC shall
be unable to pay upon demand, when due, the principal of or interest on
notes issued by it, the Secretary of the Treasury shall pay the amount
thereof, which is authorized to be appropriated, out of any moneys in the
Treasury not otherwise appropriated, and thereupon to the extent of the
amounts so paid the Secretary of the Treasury shall succeed to all the rights
of the holders of such notes.
4. Bearer notes with interest coupons attached will be issued in de
nominations of $1,000, $5,000, $10,000 and $100,000. The notes will
not be issued in registered form.
—
I I I .
S u b s c r ip tio n
a n d A llo tm e n t
1. Subscriptions will be received at the Federal Reserve banks and
branches and at the Treasury Department, Washington. Banking in
stitutions generally may submit subscriptions for account of customers,
but only the Federal Reserve banks and the Treasury Department are
authorized to act as official agencies. Others than banking institutions
will not be permitted to enter subscriptions except for their own account.
Subscriptions from banks and trust companies for their own account will
be received without deposit but will be restricted in each case to an amount
not exceeding one-half of the combined capital and surplus of the subscrib
ing bank or trust company. Subscriptions from all others must be ac
companied by payment of 10% of the amount of notes applied for. The
Secretary of the Treasury reserves the right to close the books as to any
or all subscriptions or classes of subscriptions at any time without notice.
2. The Secretary of the Treasury reserves the right to reject any sub
scription , in whole or in part, to allot less than the amount of notes applied
for, to make allotments in full upon applications for smaller amounts and
to make reduced allotments upon, or to reject, applications for larger
amounts, or to adopt any or all of said methods or such other methods of
allotment and classification of allotments as shall be deemed by him to
be in the public interest; and his action in any or all of these respects shall
be final. Allotment notices will be sent out promptly upon allotment, and
the basis of the allotment will be publicly announced.
IV .
P a ym en t
1. Payment at par and accrued interest, if any, for notes alloted here
under must be made or completed on or before Nov. 10, 1939, or on later
allotment. In every case where payment is not so completed, the payment
with application up to 10% of the amount of notes applied for shall, upon
declaration made by the Secretary of the Treasury in his discretion, be
forfeited to the United States.
V.
G en era l P ro v isio n s
1. As fiscal agents of the United States, Federal Reserve banks are au
thorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve banks of the respective districts, to issue allotment
notices, to receive payment for notes alloted, to make delivery of notes
on full-paid subscriptions alloted, and they may issue interim receipts pend
ing delivery of the definite notes.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve
banks.
H E N R Y M O R G E N T H A U , J R .,
S ec r e ta r y o f th e T r e a s u r y .
An item bearing on the plans incident to the proposed
offering was given in these columns of Oct. 28 , page 2616.
Treasury Expects to Raise $500,000,000 in New Money
and Refund $1,378,000,000 in Notes Before YearEnd— May Also Seek $60,000,000 in TVA Securities
The Treasury plans bo raise $500,000,000 in new money
between now and the end of the year, Secretary Morgenthau
announced on N o v . 2 . He also said that if the bond market
remains favorable, the Treasury might refund in advance
$1,378,000,000 in notes due on M arch 15, 1940.
In addition to this financing, M r . Morgenthau said that
the Treasury also will offer between $50,000,000 and $60,000,000 of Tennessee Valley Authority securities, to reim
burse itself for expenditures involving the acquisition by the
authority of Tennessee electric power properties from Com
monwealth & Southern Corp.
Treasury Reports Maturity Value of “ Baby” Bonds
Now Exceeds $3,000,000,000
The Treasury announced yesterday (N ov. 3) that the
maturity value of “ baby” savings bonds sold since they
were first issued in M arch, 1935, is now in excess of $3,000,000,000, according to United Press Washington advices
of N o v . 3 , which continued:
The maturity value as of Oct. 31 this year was $3,010,693,099. Cash
receipts from the sale of bonds as of the same date amounted to $2,258,019,824. Redemptions since March 1, 1935, aggregated $231,736,089.
In the first ten months this year the Treasury raised $701,699,722 through
the sale of baby bonds.
President Roosevelt Proclaims Nov. 23 Thanksgiving
Day— Week Earlier Than Previous Years— Urges
Nation to Give Thanks for Hope Within Us of
Day When Peace Will Reign
President Roosevelt on Oct. 31 proclaimed Nov. 23 as a
day o f general thanksgiving and called upon the Nation to
give thanks “for the hope that lives within us of the com
ing of a day when peace and the productive activities of
peace shall reign on every continent.” He said that as a
Nation “ we are deeply grateful that in a world of turmoil
we are at peace with all countries” and “especially rejoice
in the strengthened bonds of our friendship with other
peoples of the Western Hemisphere.” The President desig
nated the next to the last Thursday in the month instead
of the last, as had heretofore been the custom, because, as
he had previously indicated, business men had requested
the change. Last August the President announced his in
tention to proclaim Thanksgiving this year on Nov. 23 ;
this was mentioned in our issue of Aug. 19, page 1106. The
proclamation fo llow s:
T h a n k s g i v i n g D a y — 1939
By the President of the United States of America.
A PROCLAMATION
I, Franklin D. Roosevelt, President of the United States of America, do
hereby designate Thursday, the twenty-third of November, 1939, as a day
of general thanksgiving.
V o lu m e
149
ONE HUNDRED
—
The Commercial & Financial Chronicle —
More than three centuries ago, at the season of the gathering of the
harvest, the Pilgrims humbly paused in their work and gave thanks to God
for the preservation of their community and for the abundant yield of
the soil.
A century and a half later, after the new Nation had been formed, and
the charter of the Government, the Constitution of the Republic, had
received the assent of the States, President Washington and his successors
invited the people of the Nation to lay down their tasks one day in the
year and give thanks for the blessings that had been granted them by
Divine Providence.
It is fitting that we should continue this hallowed custom and select
a day in 1939 to be dedicated to reverent thoughts of thanksgiving.
Our Nation has gone steadily forward in the application of democratic
processes to economic and social problems. We have faced the specters of
business depression, of unemployment and of widespread agricultural dis
tress, and our positive efforts to alleviate these conditions have met with
heartening results.
We have also been permitted to see the fruition of measures which we
have undertaken in the realms of health, social welfare and the conservation
of resources.
As a Nation we are deeply grateful that in a world of turmoil we are
at peace with all countries, and we especially rejoice in the strengthened
bonds of our friendship with the other peoples of the Western Hemisphere.
Let us, on the day set aside for this purpose, give thanks to the Ruler
of the universe for the strength which He had vouchsafed us to carry on
our daily labors and for the hope that lives within us of the coming of a
day when peace and the productive activities of peace shall reign on every
continent.
In witness whereof, I have hereunto set my hand and caused the seal of
the United States of America to be affixed.
Done at the City of Washington this thirty-first day of October, in the
year of our Lord Nineteen Hundred and Thirty-nine, and of the Inde
pendence of the United States of America the One Hundred and Sixtyfourth.
FRANKLIN D. ROOSEVELT.
By the President:
CORDELL HULL, S e c r e ta r y o f S ta t e .
Governor Lehman Proclaims Nov. 23 as Thanksgiving
Day in New York—Other States Divided on Ob
servance of Old and New Date Set by President
Governor Herbert H. Lehman on Nov. 1 followed the ex
ample set by President Roosevelt and proclaimed Nov. 23
as Thanksgiving Day in New York State, instead of the
traditional last Thursday of the month. In his proclama
tion the Governor said that “ we have much for which to be
grateful in these days of world unrest,” and urged all the
people of the State to attend services. H is proclamation
follows, in p a rt:
We have been blessed with peace. We are securing the enjoyment of
the civil and religious liberties guaranteed to us by those greatest of all
human documents— the Constitution of the United States and the Bill of
Rights. Our great national resources are sufficient for our needs and we
have been spared from any major calamities.
Now, therefore, I, Herbert H. Lehman, Governor of the State of New
York, following the proclamation of the President of the United States,
do hereby proclaim Thursday, Nov. 23, as Thanksgiving Day.
I urge all people of the State to attend services in their respective
places of worship, to return thanks to their common God, and to pledge
to Him a continuing faith.
In expression of gratitude for our own blessings, the greatest of which
is peace in a world torn by war, let us in our prayers remember the
tragic condition of nations blighted by violence and seek to mitigate the
hopelessness of millions of men and women scourged from their homes,
their occupations or their religious devotions by cruel oppression or intol
erance. They, like all of us, are children of a universal God.
Let us pray, also, that God will give our Nation and our people the
wisdom to know and to plot the right .course in our relationships in the
family of nations, and the courage ever to follow the ideals that have
made this country great.
According to the United Press, the States were evenly
divided on Nov. 1 as to whether to observe Thanksgiving
Nov. 23, as proclaimed by President Roosevelt, or the tra
ditional last Thursday of the month. The Governors of 23
States, it is indicated, have said they would support the
President. Twenty-three others said they would hold to
tradition and proclaim Nov. 30.
The other two States,
Texas and Colorado, will observe both.
The States were divided as follows, according to these
same advices:
Nov. 23— California, Delaware, Georgia, Illinois, Indiana, Louisiana,
Maryland, Michigan, Missouri, Mississippi, Montana, New Jersey, New
York, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, Utah,
Virginia, Washington, West Virginia and Wyoming.
Nov. 30— Alabama, Arizona, Arkansas, Florida, Idaho, Iowa, Kansas,
Kentucky, Minnesota, Nebraska, Nevada, New Mexico, North Carolina,
Oklahoma, South Dakota, Tennessee, Wisconsin and the six New England
States— Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island
and Vermont— where Thanksgiving originated more than 300 years ago.
The President’s proclamation is given in another item in
this issue.
President Roosevelt Says Schools Must Teach Suc
cessful Management of Democracy—So States in
Message on Observance of American Education
Week
In a message for American Education Week, which will
be observed Nov. 5-11, President Roosevelt said on Oct. 27
that education in our democracy teaches the practice of
reason in human affairs. The President went on to say
that “our coming generation must learn the most difficult
art in the world— the successful management of democ
racy.” Asserting that we should think of our schools as
“training centers in the use and application of the rule of
reason in the affairs of men,” Mr. Roosevelt ended his mes
YE A R S OLD
2901
sage by expressing the hope “ that out of our schools may
come a generation which can persuade a bleeding world to
supplant force with reason.” American Education W eek
is sponsored jointly by the National Education Association,
the American Legion, the United States Office of Educa
tion, and the National Congress for Parents and Teachers.
President Roosevelt’s message, which was addressed to “the
patrons, students and teachers of American schools,” fol
lows :
Let us take note, as we again observe American Education Week through
out our Nation, that education in our democracy teaches the practice of
reason in human affairs.
I refer not only to education that may come from books. I include
education in fair play on the athletic field and on the debating platform;
I include education for tolerance through participation in full, free discus
sion in the classroom. Practice in the scientific method by our young
people may be more important than learning the facts of science.
From kindergarten through college our schools train us to use the
machinery of reason; parliamentary practice; the technique of coopera
tion ; how to accept with good graces the will of the majority; how to
defend by logic and facts our deep convictions. This is education for the
American way of life.
Our schools also bring us face to face with men and women with whom
we shall share life’s struggles. In their lives and ours, struggle will never
be absent; the struggle of every individual against the stream of life ;
the struggle and competition among individuals, groups, institutions,
States and nations.
To the resolution of conflicts and struggles of life, democracy supplies
no easy answer. The easy answer, the quick but incomplete answer, is
force; tanks and torpedoes, guns and bombs. Democracy calls instead
for the application of the rule of reason to solve conflicts. It calls for
fair play in canvassing facts, for discussion and for calm and orderly
handling of difficult problems. These vital skills we Americans must
acquire in our schools.
In our schools our coming generations must learn the most difficult
art in the world— the successful management of democracy. Let us think
of uor schools during this American Education Week not only as buildings
of stone and wood and steel; not only as places to learn how to use hand
and brain, but as training centers in the use and application of the rule
of reason in the affairs of men. And let us hope that out of our schools
may come a generation which can persuade a bleeding world to supplant
force with reason.
White House Makes Public Exchange of Messages Last
April Between President Roosevelt and Soviet
President Kalivin Incident to Former’s Efforts for
World Peace— Issuance Apparently Prompted by
Remarks of Premier Molotoff’s Alleging Interven
tion by United States in Finland’s Cause
Following a speech on Russia’s foreign policy on Oct. 31
by Premier-Foreign Commissar Yyacheslaff Molotoff, in
which President Roosevelt was mentioned as “ intervening”
in the cause of Finland, the W hite House on Nov. 1 made
public an exchange of cablegrams last April between Presi
dent Roosevelt and Soviet President Kalinin which indi
cated that the Soviet head had then expressed “profound
sympathy” with President Roosevelt’s appeal to Germany
and Italy for world peace. In United Press accounts from
Washington, Nov. 1, it was stated that the effect of the
publication o f the exchange of messages was to place on
record President Kalinin’s support of Mr. Roosevelt’s peace
program in contrast to Premier Molotoff’s comments of this
week. The exchange of the messages of last April were
made public as follows on Nov. 1 by the W hite H ou se:
On April 16, 1939, the following cablegram addressed to President
Roosevelt was received at the White House:
" M r . President:
“ I consider it m y pleasant duty to convey to you m y cordial congratulations (and
an expression o f profound sym pathy with the noble appeal which you have addressed
to the governments o f Germany and Italy. Y o u m ay rest assured that your initia
tive finds most ardent response in the hearts o f the peoples o f the Soviet Socialist
Union.
"Sincerely desirous o f preservation o f universal’ peace.
" K A L I N IN ”
On A p ril 21, 1939, the President addressed the fo llo w in g message t o :
“ Mikhail I. Kalinin, President o f the Presidium o f the Supreme Soviet
M oscow (USSR)
“ I have received your friendly message and am glad to learn that your views with
regard to my efforts on behalf of world peace are similar to those expressed to me by
the heads o f numerous other states.
^
B*
“ F R A N K L IN D . R O O S E V E L T ”
In his address before the Supreme Soviet meeting in
Moscow, Oct. 31, Premier Molotoff referred to the negotia
tions begun with Finnish representatives proposing the con
clusion of a mutual assistance pact, and in part he was
quoted in Associated Press advices from Moscow as saying:
In view of all this we do not think that Finland will seek a pretext to
frustrate the proposed agreement. This would not be in line with the
policy of friendly Soviet-Finnish relations and would, of course, work to
the serious detriment of Finland. We are certain that Finnish leading
circles will properly understand the importance of consolidating friendly
Soviet-Finnish relations and that Finnish public men will not yield to antiSoviet influence or instigation from any quarter.
I must, however, inform you that even the President of the United
States of America considered it proper to intervene in these matters,
which one finds it hard to reconcile with the American policy of neutrality.
In a message to Comrade Kalanin, Chairman of the Presidium of the
Supreme Soviet, dated Oct. 12, Mr. Roosevelt expressed the hope that the
friendly and peaceful relations between the U. S. S. R. and Finland would
be preserved and developed.
Premier Molotoff’s remarks were apparently based on a
message sent Oct. 11 by Mr. Roosevelt to President Kalinin
expressing the hope that Soviet demands on Finland would
not be inconsistent with maintenance of peaceful relations
between the two countries, and the independence of each;
the text of that message and the Soviet President’s reply
were given in our issue of Oct. 21, page 2444. President
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Roosevelt’s appeal to Germany and Italy for a guarantee
of a 10-year peace was made on April 14, 1939; the text of
the message appeared in these columns April 22, page 2350.
President Roosevelt Calls Action of Dies Committee
in Publishing List of Mail and Membership Members
of American League for Peace and Democracy
“ Sordid Procedure”
The publication on Oct. 25 by the House Dies Committee
of what was described as a “membership and mailing list”
of the American League for Peace and Democracy, which
included the names of a number of Government employees,
was characterized on Oct. 27 by President Roosevelt as a
“sordid procedure.” The President’s description was given
at a press conference. The House committee had published
the names after declaring, according to Associated Press
accounts from Washington, that the League is a “front”
for the Communist party in the United States; this charge,
it is stated, was denied by League officials. Martin Dies
is Chairman of the committee, which was named to investi
gate un-American activities.
President Roosevelt’s com
ments on the committee’s action were indicated as follows
in Associated Press advices from Washington, Oct. 2 7 :
When President Roosevelt was asked at his press conference for an
expression of opinion, he called the committee action “ sordid procedure,”
though he said he was not familiar with details. Then he permitted
reporters to quote his rebuking words directly, a thing he seldom does
unless he wishes to emphasize a statement.
In a Washington dispatch, Oct. 28, to the New York
“Times” Mr. Dies was reported as saying that his com
mittee did not assert that the Peace League members were
Communists.
Mr. Dies, in an address in New York on
Oct. 27 before the New York City Federation of Women’s
Clubs, defended the action of his committee in making pub
lic the names of Government employees on membership
and mailing lists of the American League for Peace and
Democracy. In a radio address from Washington, Oct. 28,
Mr. Dies also took occasion to refer to the President’s com
ments, and, in part, his radio broadcast was reported as
follows in a dispatch from Washington to the “Times” :
The investigation, said the Chairman, would be greatly hampered if
the Administration did not change its attitude, but, he added, he would
rather see the committee die than be “ party to a cowardly whitewash.”
Then, appealing to the American people, he suggested that they write
their “ servants in Washington” if they wished the investigation to go
on as now conducted.
“ I know,” said Mr. Dies, “ that you will understand me when I say
that I have been deeply grieved by the President’s characterization of the
proceedings of our committee as ‘sordid.’ I have not sought and will
not now enter into controversy with the Chief Executive of my Govern
ment. Neither will I say that my wisdom and judgment are superior to
his, but I do know that the Federal Government has Communists in key
positions, and nothing will deter me from exposing them to the people.”
From Philadelphia, Oct. 29, advices to the New York
“Tim es” said, in p a rt:
The American League for Peace and Democracy, ending its “ national
emeigency conference” here today, made abolition of the Dies Committee
its first big objective and laid plans for a membership and fund-raising
campaign.
The dispatch also reported its National Chairman, Dr.
Harry F. Ward, as saying that the Dies Committee’s activi
ties represented “a war on the New Deal and its policies
through us,” and, according to the dispatch, the League, at
its closing session, denounced as false every assertion made
by Representative Dies.
President Roosevelt Endorses State Compacts on Oil—
Receives Report from Interstate Oil Commission
President Roosevelt on Oct. 24 again approved the prin
ciple of controlling America’s oil production through State
compacts. In reporting this, Washington Associated Press
advices, Oct. 24, said:
In response to press conference questions he asserted that several years
ago he had favored that principle and felt it should be given ample oppor
tunity to see whether it would work. The alternative to control through
agreements among the States, he said, was Federal regulation, which he
preferred to avoid.
While the compact method has not been wholly successful, the President
said, it is felt that it can be made a success.
He was asked whether there was anything to reports in California that
he had indorsed the Atkinson Oil Control bill pending in the State Legis
lature. The President said he had done so and considered the measure a
further implementation o f efforts to take care of oil production problems
through compacts between the States.
Regarding the President’s meeting on Oct. 18 with the Oil
Compact Commission, Associated Press advices from
Washington, Oct. 18, said:
Members o f the Seven-State Interstate Oil Compact Commission advised
President Roosevelt today that all the oil needed “ under any emergency”
merely by “ opening the valves.”
The President received a report on progress being made in conservation
and proration o f oil production from E. O. Thompson, member o f the
Texas Railroad Commission and Chairman o f the Compact Commission,
and W. J. Holloway, o f Oklahoma City, Oklahoma’s representative.
M r. Thompson said they reported there was now a reserve o f 17,500,000,000 barrels o f oil, compared with 5,500,000,000 in 1925 and that the reserves
were being increased. He expressed the opinion that the various States were
doing “ an adequate jo b ” o f controlling oil production and that there was no
need for Federal regulation. He said the President “ seemed pleased that
the States were doing a good jo b .”
Rather than stepping up production to meet any wartime emergency,
M r. Thompson said, the problem at present is to hold down the output to
YE A R S OLD
N ov. 4, 1939
market requirements of three to four million barrels a day.
said, could produce 15,000,000 barrels.
One field, he
President Roosevelt Rejects Plan for Battery-Brooklyn
Bridge in New York City— Supports Secretary of
War Woodring’s Adverse Decision
President Roosevelt informed Robert Moses, New York
City Park Commissioner, on Oct. 31 that the proposal for a
Battery-Brooklyn bridge in New York City was rejected.
Secretary of W a r Woodring had previously opposed the con
struction of a bridge as a hazard to national defense, and
Mr. Moses appealed to the President to appoint a special
commission to reconsider the application. This Mr. Roose
velt refused, stating that the governing factor was that it
“would not be in the best interests of national defense.”
The appeal to the President was submitted on Oct. 23 by
Mayor F. H. LaGuardia. The President’s letter, made pub
lic by Mr. Moses Oct. 31, fo llow s:
T h e W h it e H o u s e , W a s h i n g to n , O c t. 30, 1939.
My dear Mr. Moses:
I am in receipt of the letter of Oct. 19, signed by you, Mr. McLaugh,
and Mr. Stephens, appealing from the decision of the Secretary of War
with reference to the contemplated construction of the Brooklyn-Battery
bridge. You urge that this application be reconsidered by an impartial
committee, and, as a precedent, refer to the Hoover-Young Commission
which was formed to consider the construction of the San Francisco-Oakland bridge.
I amvery sympathetic with the desire of the people of New York to
improve its traffic facilities, and I have read with interest the views set
forth in your splendidly prepared appeal. However, as undoubtedly you
are fully aware, the governing factor in arriving at a decision to with
hold approval of the plans for the Brooklyn-Battery bridge was that the
construction of the bridge would not be in the best interests of national
defense. This conclusion was reached after receiving the views of the
Treasury Department and the Navy Department as well as those of the
War Department general staff, and after weighing carefully all phases
of the case.
I have consulted with the Secretary of War, who has carefully recon
sidered the entire question and who advises me that in the light of world
conditions today he is convinced that his original decision should stand
and that no useful purpose would be served at this time by referring the
matter to a commission.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
The Tri-Borough Bridge Authority filed an application
with the W ar Department on Feb. 8 , 1939 and a public
hearing was held April 25. Following a disapproval of the
application on M a y 17 by the Chief Engineer of the W ar
Department, a revised application was submitted on M a y 24
and Secretary Woodring decided against the proposal on
July 17.
President Roosevelt to Ask Congress for $275,000,000
to Meet Increases Under Neutrality Program
President Roosevelt announced at his press conference,
Oct. 31, that he would ask Congress for a deficiency appro
priation of $275,000,000 to cover the increase in the Army,
Navy, Marine Corps and Department of Justice and for the
recommissioning of World W ar destroyers for patrol duty.
The President said that he had sent a letter to Representa
tive Taylor of Colorado, Chairman of the House Appropria
tions Committee, informing him of the cost of the program
for safeguarding the neutrality of the United States and
strengthening the national defense under the proclamation
of a limited national emergency, issued Sept. 8 (noted in
our issue of Sept. 9, page 1501). In Washington advices
of Oct. 31 to the New York “Herald Tribune” it was stated :
Mr. Roosevelt said that while the increase in the rate of expenditures
would not require additional appropriations in 1940, it was in order for
Congress to take up the details of the measures which made additional
expenditures necessary. The President indicated that he would be glad
to take these details up with the committee at the beginning of the next
Tegular session of Congress.
President Roosevelt said that he had communicated with Representative
James G. Scrugham, Democrat of Nevada, Chairman of the Naval Affairs
Subcommittee of the Appropriations Committee. Mr. Roosevelt said that
he told the Representative that he would send up detailed supplemental
estimates on Nov. 13 so that his committee could study them and be
prepared for the regular committee meeting about Dec. 1.
In his early estimates, the President recalled, he had placed the in
creases in actual costs for the Army, Navy, Coast Guard, Treasury and
putting the ships in commission at less than $300,000,000.
The House Appropriations Committee will meet on
Nov. 27 to consider the President’s request, it was decided
Nov. 1 at a meeting of the deficiency subcommittee.
President Roosevelt Questions Necessity of Loans on
1939 Cotton Crop
At his press conference, Oct. 31, President Roosevelt ques
tioned the need for making loans on 1939 cotton and de
clared that the Department of Agriculture would have to
prove its case before funds would be made available. This
is learned from Washington advices, Oct. 31, to the New
York “Journal of Commerce” , which also stated:
A controversy appears to have arisen between the Bureau of the Budget
and the Department over the question, following recommendations by
Secretary Wallace to the President that financial assistance be given so
that the growers of better grades and staples of cotton might have their
position improved.
Asked concerning reports that the Bureau of the Budget had rejected
the suggestion of Secretary Wallace, President Roosevelt told his press
conference that the matter is being discussed between them and that he
also is trying to find out why the Department wants more loan money
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on the 1939 crop. He added that he had not been sufficiently informed
yet as to why more money is wanted, at the same time declaring he
thought that the Department had enough, and so it will have to prove
its case before further allotments are made.
United States to Cooperate with Geneva Board for
Control of Narcotics
Cooperation of the United States Government with the
Permanent Central Opium Board and the Drug Supervisory
Body at Geneva for the international control of narcotics
was pledged in an exchange of letters between E. Felkin,
Secretary of the Central Board, and Secretary of State Hull,
made public Oct. 25. This was reported in a Washington
dispatch, Oct. 25, to the New York “Times”, which also
said :
Hr. Felkin’s letter said that, notwithstanding the dislocation of war,
international control had been functioning and would continue to function
regularly. In reply Secretary Hull said that the United States Govern
ment “ regards it as of the highest importance” that the two control
groups “ should be enabled to function adequately, effectively and without
interruption, and that they should enjoy the cooperation of all nations.”
It was announced that the United States Treasury is taking steps to
assure adequate assistance from United States manufacturers in meeting
the needs of South American countiies for sufficient supplies of drugs for
the ill and injured through “ the usual movement in the narcotic drug
trade.”
Congress Passes Neutrality Measure Agreed on by
Conferees— New Legislation Repeals Arms Em
bargo—Embodies “ Cash-and-Carry” Provision
In the form of a joint resolution, to be known as the
“ Neutrality Act of 1939” Congress last night passed legisla
tion, revising the heretofore existing neutrality law, so as to
repeal the embargo on shipments (in other than American
ships) of arms and ammunitions to belligerent nations, and
otherwise amending the neutrality laws.
Congressional approval yesterday (N ov. 3) was given to
the report of a joint Conference Committee of Senators and
Representatives. As approved the new legislation sub
stitutes for the arms embargo, a “ cash and carry” provision
for the sale of such arms to belligerents.
The Conference Committee, in reaching final agreement
on the neutrality measure yesterday (said the Associated
Press) approved provisions relaxing the shipping restrictions
of the measure to give neutral vessels equal rights in carrying
United States goods with American vessels traveling in the
South Atlantic, Pacific, Indian oceans and dependent waters.
In the Associated Press accounts from Washington last night,
it was also stated:
The conferees also adopted a preamble to the bill, first suggested last week
by Senator Connally, Democrat, o f Texas, setting out that this Nation re
serves all o f its rights under international law despite the restrictions placed
on American citizens and ships.
Four Republican members o f the 11-man group declined to sign the con
ference report. Senator Pittman, Chairman o f the conference, said. These
were Senators Borah o f Idaho and Johnson o f California, and Representa
tives Fish o f New York and Eaton o f New Jersey.
Explaining the provisions acted upon by the Committee, Mr. Pittman
said neutral vessels would be permitted to carry cargoes originating in the
United States to exempted areas in the Pacific and South Atlantic without
transfer o f title being required. However, if the President designated com
bat zones into which .American vessels could not go, the title transfer re
quirement immediately would be placed on cargoes carried by other neutrals
to those ports.
The Conference Committee also excluded from the rigid credit provisions
o f the bill the running accounts o f telegraph, radio, cable and telephone
companies, Air. Pittman said.
Provisions to place the act in operation also were relaxed somewhat.
Under the agreed language, vessels which left American ports before the
issuance o f a presidential proclamation putting the new Act into operation
would be exempted from its restrictive clauses.
Following the Senate adoption of the resolution on Oct.
27, a majority of the House Rules Committee on Oct 30
approved a method of procedure designed to accelerate pas
sage of the bill in the House. A Washington dispatch of
Oct. 30 to the New York “ Herald Tribune” described this
action in part as follows:
The proposed parliamentary procedure, bitterly assailed as a “ gag rule’’
by Representatives opposing repeal o f the embargo, stems from the fact
that the House approved last June in the regular session o f Congress an
Administration-sponsored neutrality revision bill but wrote into it a limited
arms embargo, against wishes o f Administration leaders. The bill passed
by the Senate at this special sesson comes before the House as an amendment
to the House-approved measure. It is these two bills which w'ould be sent
to conference for adjustment o f differences.
Under the rule proposed today, members o f the House could not amend
the Senate bill on the House floor, although they could move to instruct
the House members o f the conference committee on what should be left in
the measure finally resulting, this procedure itself being a rare one in that
conferees usually receive no such instructions until after a conference dead
lock.
The awkwardness o f the situation, created deliberately perhaps by failure
of the Senate to ask for a conference, will result in a House debate on a
motion to instruct the House conferees. Leaders acknowledge that this
debate might last 20 hours, or two hours, but they insisted it would permit
members to go on record, if they so desired, on the arms embargo repealer
and Senate proposals not in the House bill, notably the complicated shipping
provisions, loans under the Senate’s cash-and-carry provisions and the
discretionary authority vested in the President to declare “ combat areas.”
The first test o f strength will come tomorrow with a vote on the rule
and possibly a vote to relax the proposed procedure and permit the House
to consider the Senate version as an “ original” bill. Representative Hamil
ton Fish jr., o f New York, ranking Republican member o f the Foreign
Affairs Committee and a member o f the Rules Committee, told the members
of the latter group today that he would use every means to give the House a
free hand.
YE A R S OLD
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One suggestion was that House opponents o f repeal of the limited em
bargo in the House version-—on “ arms and ammunition” or “ lethal” weapons
only— would propose an added ban on poison gas and “ put members on the
spot” o f voting for or against the exportation o f “ lethal weapons and poison
gas.”
“ The Senate rewrote the bill,” M r. Fish said, “ and if we send it to a
conference committee from the Senate Foreign Relations and the House
Foreign Affairs group, it will be packed in favor of the Senate bill.
“ This is a ‘gag’ rule, and if it goes through, the House will cease to be
a legislative body and become a rubber stamp for the Senate. This Rules
Committee can make any arrangement it wishes for the House, and I
want to put you on notice that House members know the Senate does just
as it pleases.”
After Representative Adolph J. Sabath, (Democrat), o f Illinois, Chairman
o f the Rules Committee, read the prepared resolution which the House will
be asked to adopt tomorrow, Representative Lawrence Lewis, (Democrat),
o f Colorado, moved its adoption. Immediately, Representative Carl
Mapes, of Michigan, ranking Republican member, demanded that a group
o f members o f the House receive an opportunity to be heard. After con
siderable bickering, these witnesses, all in favor o f opening the procedure in
the House to amendments, were permitted to speak.
On Oct. 31 the House adopted by a vote of 237 to 177 the
rule providing that the resolution be sent to a joint SenateHouse Conference to adjust the differences between the
Senate resolution and that passed by the House last June.
As to this action Washington advices Oct. 31 to the New
York “ Times” said in part:
The only record vote o f the day, which brought 237 ayes and 177 nays,
a margin of 60, was merely on a previous question, a motion offered by
Representative Rayburn, majority leader, to close debate on adotption
o f a special rule to send the conflicting House and Senate versions o f neu
trality revision to conference with the Senate.
It was a vote on a parliamentary question which might or might not
foreshadow the attitude o f members when the question of retaining or
repealing the automatic arms embargo of the present law comes up for
decision.
*<4
The whips discovered, by comparing this roll-call, which was the special
session’s first record vote in the House having to do, even remotely, with
the neutrality issue, that their showing compared favorably with what they
were able to accomplish when the House revolted last June and adopted the
Vorys amendment, restoring the arms embargo, against Administration
wishes.
On that occasion the amendment offered by the Republican from Ohio
was adopted by 214 to 173, after Speaker Bankhead, M r. Rayburn and
other Administration spokesmen had pleaded with the House to defeat it
The winning side o f 214 votes included 61 Democrats.
Today 48 of these Democrats voted with the Administration. Likewise
one Republican and one Farmer-Labor member who had opposed the Ad
ministration last June voted with it today.
Against this gain o f 50 votes, the Administration lost five Democrats
and four Republicans who had voted against the Vorys amendment. The
net gain o f 41 votes just equaled the margin by which the Vorys amendment
was put into the Bloom resolution last Spring.
It was indicated on N o v . 1 in a Washington account to
the New York “ Journal of Commerce” that further revision
of the ship prohibition sections of the Administration’s
neutrality measure was urged by Chairman Bland (Demo
crat) of Virginia of the House Merchant Marine Committee
upon prospective members of the House conference com
mittee on the bill. From these advices we quote:
S u g g ested C h a n g e s O u tlin ed
1. Wipe out the proposed satutory prohibitions and heavy penalties im
posed American vessels operating to ports of belligerents in Europe.
2. Fermit American vessels to maintain their routes to any pert on
the Mediterranean and coastal and inland waters south of 40 degrees north
latitude.
3. Extend the period o f grace allowed American vessels preparing to
sail to prohibited areas before the prohibitions go into effect.
4. Clarify the Senate modifications of the shipping bans to make certain
that coastal and inland waters dependent to the oceans and seas exempted
in the bill are open to American vessels.
The Bland proposals came to light as Administration forces in the House
pressed for a vote tomorrow on the question o f instructing conferees on
arms embargo and credit provisions of the bill and as indications came that
the isolationists might, under the parliamentary situation surrounding the
bill, be shut off from their planned attempt to have combat area provisions
o f the Senate bill eliminated.
Chairman Bland has submitted to probable appointees o f the five-man
committee to be named by Speaker Bankhead tomorrow to meet with a
similar Senate group to iron out differences in the legislation between
the two houses, suggested changes in the language of Section 2 o f the bill
When the House recessed late today it had before it three propositions
on which roll call votes will be sought: (1) The Shanley motion to instruct
House conferees to insist upon retention o f the present law embargo on
shipment of arms, ammunitions and implements of war to belligerents;
(2) the Vorys amendment to that motion to limit the embargo to “ lethal”
weapons, and (3) the Wolcott amendment to prevent Government agencies
from making loans to belligerents.
It had been anticipated that another amendment would be sought by the
isolationist block to have striken from the bill those provisions of the Senate
version which would authorize the President to establish combat areas
wherein he feels it would be dangerous for American vessels to operate.
Because the rules o f the House limit the number o f amendments which
may be offered to a pending motion to two, it appeared tonight that the
isolationists would be precluded from offering this proposal.
Reporting that the neutrality resolution was sent to
conference on N o v . 2 with its conferees free to compromise
the many differences in the legislation with the Senate on
N o v . 2, the “ Journal of Commerce” had the following to
say in its advices from its Washington bureau:
In a rapid series o f roll calls, Administration forces rejected demands
of the isolationist block for continuation o f the present law’s embargo on
export o f arms, munitions and implements of war, imposition of pro
hibitions against shipment o f “ lethal” weapons and a tightening o f credit
restrictions upon belligerents.
W o lc o tt
M o tio n
B e a te n
First, the House rejected by a vote o f 228 to 196 the motion o f Repre
sentative Wolcott (Rep., Mich.) to instruct House conferees to insist upon
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i nclusion of a provision in the bill to prohibit the R. F. C ., Export-Import
Bank and other Government agencies from making loans to belligerents or
aiding in the financing of their exports from the United States.
Then the House voted 245 to 179 against the motion of Representative
Vorys (Rep., Ohio) to instruct conferees to insist upon retention in the
final draft of the legislation of House provisions embargoing shipments of
“ lethal” weapons to belligerents.
Finally the House by 243 to 181 voted down the Shanley motion to
instruct the conferees to hold out for retention of the existing law’s pro
hibitions against shipments of arms, munitions and implements of war to
belligerents.
For all practical purposes effect of the House vote is to repeal embargo
provisions of existing law and open up the markets of the United States for
arms, munitions and implements of war to any nation which can pay cash
and take the articles away in other than American vessels.
Conferees named by Speaker Bankhead immediately after the votes
planned to meet with a similar group appointed earlier by Vice-President
Garner for the Senate at 10 a. m. tomorrow to work out an agreement
on the differences in the bill with the hope of arriving at an early com
promise making possible adjournment of the special session sine die to
morrow night.
C o n fe r e e s A r e N a m e d
Those named to the conference committee by the Speaker were:—
Chairman Bloom (Dem., N . Y .) of the Foreign Affairs Committee; Rep
resentatives Luther Johnson (Dem., T ex.), Kee (Dem., W . V a .), Fish
(Rep., N . Y .) and Eaton (Rep., N . J.).
The Senate conferees are: Chairman Pittman (Dem., Nev.) of the Foreign
Relations Committee, Senators Connally (Dem., Tex.), George (Dem.,
G a.), Wagner (Dem., N . Y .) , Borah (Rep., Idaho) and Johnson (Rep.,
Calif.).
With the exception of the arms embargo issue which now has been settled
by the refusal of the House to instruct its conferees, major differences be
tween the House and Senate versions of the legislation are in its effect
upon American shipping. The House proposed in its bill originally that
the principles of international law govern operations of American ships,
but the Senate wrote in its bill statutory bans on American bottoms visiting
belligerent ports of Europe and proposed that the President be empowered
to set up combat areas in which America vessels would be prohibited from
entering.
The Senate approval of the neutrality resolution a week
ago (Oet. 27) by a vote of 63 to 30, came after four weeks of
debate; earlier in the day, by a vote of 67 to 22, the Senate
rejected a substitute bill by Senator N ye (Republican) of
N orth Dakota designed to retain the arms embargo. During
the day an amendment by Senator La Follette (Progressive)
of Wisconsin, requiring a national “ advisory referendum”
prior to any declaration of offensive war by this country was
debated, as to which United Press advices from Washington,
O ct. 27 said:
The La Follette Amendment lost, 73 to 17, but only after an extensive
discussion which helped carry the Senate along into a night session.
The La Follette plan called for a seven-member advisory board composed
of the Vice-President, three senators and three representatives, to handle
the “advisoy election” on a war declaration.
It was also noted in the same advices that the Senate
defeated, 65 to 26, an amendment by Senator Clark to close
American ports to the armed merchant ships of belligerents.
It also refused, 50 to 43, to reconsider an earlier decision
against placing four members of Congress on the National
Munitions Control Board. The United Press likewise (Oct 27)
said:
Senator Danaher (R ., Conn.) failed in an effort to tighten the title
transfer section of the bill to require the payment of cash on nonmilitary
goods sold by individuals in this country to individuals in belligerent coun
tries. His amendment was beaten, 60 to 30. . .
B y its action, the Senate repealed the embargo and authorized sale of
arms, ammunition and war materials to all nations, including belligerents,
but the latter must buy them on a strict “take title” and “ cash and carry”
basis. These safeguards are intended to protect the Nation from being
drawn into war through the sinking of American ships laden with war
weapons.
Under the plan, belligerents purchasing munitions in this country must
pay cash, take title to the goods and transport them In their own ships.
The vote in the House on N o v . 2 for continuing the em
bargo was made up of 38 Democrats, 143 Republicans and
I Progressives, and voting against the bill were 200 D em o
C
crats, 21 Republicans, 1 American Laborite and 1 FarmerLab orite.
The Senate vote on Oct. 27 of 63 to 30 consisted of 54
Democrats, 8 Republicans and 1 Independent for the A d
ministration’s neutrality bill, and 12 Democrats, 15 Repub
licans, 2 Farmer-Laborites and 1 Progressive against the bill.
An item bearing on the Senate action on the neutrality
legislation appeared in our issue of a week ago (Oct. 28)
page 2618.
A t the last session of Congress the House (June 30, 1939)
passed a neutrality bill with a modified form of the arms
embargo, which the President opposed; this was noted in our
issue of July 8, page 193; later on, July 11, the Senate Foreign
Relations Committee voted to postpone consideration of
neutrality legislation, and a few days later (July 14) President
Roosevelt in a special message to Congress urged action
(reported in these columns of July 15, page 33 9).
The
President on July 18 conceded defeat on neutrality revision
(reference thereto appearing in our July 22 issue, page 492)
and on Sept. 13 issued a proclamation summoning Congress
to meet in special session Sept. 21 as was noted in these
columns Sept. 16, page 1694. The text of his message to
Congress on neutrality revision was given in our issue of
Sept. 23, page 1817, and Senate debate on the measure was
given in the following issues: Sept. 30, pages 2009 and 2014;
Oet. 7, page 2164; Oct. 14, page 2306; O ct. 21 , page 2447,
and Oct. 28, page 2618.
OLD
Nov. 4, 1939
Attorney General Murphy Interprets Hatch Law—
Rules Federal Employees May Not Hold Office in
Political Party or Attend Conventions as Delegates
Attorney General Frank M urphy issued on O ct. 26 an in
terpretation of the provisions of the Hatch Law, which pro
hibits Federal employees from taking an active part in
politics. He said the Act precluded aotendenee of Federal
employees at political conventions, and barred them from
holding any office in any political party. This was learned
from International News Service advices appearing in the
Washington “ Post” of Oct. 27, which went on to say:
M r. Murphy decreed the following acts by Federal employees were pro
hibited because they constituted “taking active part in political manage
ment or in political campaigns” within the meaning and intent of the Act:
Holding office in a political party or in a political club.
Attending political conventions as a delegate or an alternate.
Serving on committees of a political party or political club.
Distributing buttons or printed matter in aupport of any candidate or
party.
Serving at the party headquarters or as watchers at polls, or otherwise
assisting a party or candidate in any primary or election campaign.
Being a candidate for elective office— -Federal, State or local— and solicit
ing funds for a political organization or campaign fund.
M r. Murphy said his rulings might require extensive future revision, and
emphasized the need for additional, supplemental legislation, particularly
to clarify the status of State employees who are paid in part or entirely
with Federal funds.
The following Federal employees, he said, are covered by the Act:
United States attorneys and marshals, their assistants and deputies:
special attorneys of the Department of Justice, special assistants to the
Attorney General, temporary substitutes and per diem employees during
period of their employment, reserve officers of the Army, N avy and M arrine Corps during active duty, furloughed employees and employees on
leave, whether with or without pay; officers and employees of Govermental
agencies such as the HOLC, the RFC and Public Works Administration;
officers and employees occupying administrative and supervisory posi
tions in the W P A , the N Y A and CCC.
He ruled exempt from the Act’s provisions the following groups:
Officers and employees of the legislative branch of the Federal Govern
ment, including secretaries, clerks to Congressmen and Congressional com
mittees; officers and employees of the judicial branch, including United
States commissioners, clerks of Federal courts, bankruptcy referees and
their secretaries, deputies and clerks.
Officers and employees of State and local governments, even though
their employment involves expenditure of Federal funds; persons retained
to perform special services on a fee basis: persons receiving benefit payments,
such as old-age assistance under the Social Security Act, agricultural con
servation payments and retired Federal employees.
Previous rulings by M r . M urphy, the Department of
Justice and the Civil Service Commission appeared in our
issue of Aug. 19, page 1110.
German-American Mixed Claims Commission Grants
Awards of $50,000,000 for Damages in Black Tom
and Kingsland Explosions— Overrules Protests by
Germany— Secretary Hull Declined to Intervene
The German-American Mixed Claims Commission on
Oct. 30 announced awards amounting to nearly $50,000,000
to persons and corporations suffering damages in the Black
Tom and Kingsland, N. J., explosions which occurred just
before the United States declared war on Germany in 1917.
The awards were made despite protests from Germany,
which sought through the State Department to prevent final
action. They represented settlement of 153 American and
Canadian claims totaling $21,157,227, plus interest at 5 % ,
which it is estimated brings the total claims to approxi
mately $50,000,000.
The awards were made by Umpire
Owen J. Roberts (Associate Justice of the United States
Supreme Court) after the Commission had found on June 15
that Imperial Germany was responsible for the munitions
explosions in the New York port area before America
entered the World W ar. In a Washington account, Oct. 30,
to the New York “Herald Tribune” it was stated:
Justice Roberts revealed that he had made the awards despite an appeal
to the State Department to intervene in the case by Hans Thomsen, coun
selor of the German Embassy.
The German diplomat had asked the
Department to quash the proceedings of what he referred to as a “ rump
commission.”
Cordell Hull, Secretary of State, refused, and in replying
to Herr Thomsen characterized as “ unwarranted” the German official’s
criticism and claim that Justice Roberts had committed “ illegal acts.”
Germany has denied the right of the Commission to sit on the matter
because Dr. Victor Huecking, the German Commissioner, walked out on
the deliberations before the decision was made last June that German
sabotage was responsible for the munitions explosions which occurred in
the New York port area in 1916 and 1917.
Germany deposited between $23,000,000 and $26,000,000 to meet the
awards in the case in a special account at the United States Treasury.
The Treasury also holds about $500,000,000 in the bonds of the former
German republic.
Dr. Richard Paulig, the German agent, was notified of today’s hearing,
the American Commissioner, Christopher B. Garnett, said. At the session
Mr. Garnett made public the correspondence which passed between Herr
Thomsen and the Secretary of State on the claims.
In reply to Herr Thomsen’s request that the proceedings be quashed, and
his statement that Justice Roberts “ had no neutrality at all,” Mr. Hull
replied as follows:
“ I must refrain from engaging in a discussion of the various com plaints and pro
tests set out in your com m unication and content myself by stating that, since the
Department is without Jurisdiction over the Com m ission, I consider that it would
be highly inappropriate for it to intervene directly or indirectly in the w ork of the
Commission, or to endeavor, in the slightest manner, to determine the course of
its proceedings.
“ I have entire confidence in the ability and integrity o f the umpire and the C om
missioner appointed b y the United States, despite your severe and, I believe, entirely
unwarranred criticism, and I am constrained to invite your attention to the fact
that the remarkable action o f the Commissioner appointed b y Germany was ap
parently designed to frustrate or postpone indefinitely the work o f the Commission
at a time when, after years of labor on the particular cases involved, it was expected
that its functions would be brought to a conclusion.”
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Since it is probable that nothing can be realized on the bonds of the
German republic. Commission aides said that the sum deposited at the
Treasury to cover the payment of the claims would probably be prorated
among claimants.
The claims originated in the explosion of the freight terminal on Black
Tom Island in New York harbor on July 30, 1916, when 2,000,000 pounds
of munitions blew up, . . . and the Kingsland munitions plant blast
on Jan. 11, 1916, when 500,000 three-inch shells exploded, started by a
fire in the plant.
at these low rates, M r . Pelley pointed out. The scope of
the tickets provide what might appropriately be called
“ Grand Circle Tours of North Am erica.”
Secretary Hull’s letter, it is stated, was dated Oct. 30.
According to Associated Press advices from Washington,
Oct. 30, major awards made by the Commission include:
The United States -Housing Authority m ay invite the
private money market to invest in $770,000,000 of short
term slum clearance and low-cost housing securities during
the next calendar year, it was announced Oct. 29 by Admin
istrator N athan Straus.
In explaining this new policy,
Associated Press, Washington advices, Oct. 29, had the
following to say concerning M r . Straus’ remarks.:
Lehigh Valley RR., $9,900,322 ; the agency of the Canadian Car &
Foundry Co., $5,871,105; the Kingsland Underwriters, which paid insur
ance on some of the losses, $1,311,203 ; the Delaware Lackawanna & West
ern RR., $32,676; the Black Tom Underwriters, $2,095,607; the Bethle
hem Steel Co., $1,886,491.
The same advices sa id :
The remainder was small claims. Aides of the Commission said they
were unable immediately to give the exact total awarded, including inter
est, because interest on the various claims had run for different periods
in the years elapsing since they were filed.
Reference to the decision of the Mixed Claims Commis
sion holding Germany responsible for the munitions disaster
was made in these columns July 1, 1939, page 39.
Fourteen American Flag Ships Sold to Brazil— Purchase
Price $3,500,000
The sale of 14 M oore-M c Cor mack Line ships to the
Brazilian Government’s Lloyd Brasileiro Line was com
pleted on Oct. 25 when a contract was signed at the offices
of M oore-M cCorm ack Lines in N ew York C ity. The pur
chase price was about $3,500 ,00 0.
M ajor Napoleao de
Aleneastro Guimaes, Brazilian Vice-Minister of Public
Works and Transport, and Captain Manuel Celestino, New
York head of the Lloyd Brasileiro, signed for the Brazilian
Government, and Albert V . M oore, President of M ooreM c Cormack Lines, signed in behalf of his line.
The following regarding the sale is from the N ew Y ork
“ Tim es” of Oct. 25:
Delivery of the ships will begin immediately, with two each month
scheduled to be turned over until all have been delivered. MooreMcCormack, meanwhile, are expanding their service to South America
and the Scandinavian States by 14 new cargo and passenger vessels now
being
l
“ W are very happy that this contract has been signed with the Bra
zilian Government,” said M r. Moore after affixing his signature, “ because
we consider it another very important step in the development of the
‘good neighbor’ policy which President Roosevelt has carried to new heights
during his Administration.
“ Both our merchant marines, that of the United States and that of
Brazil, should benefit by the sale.
“At the same time it will clear the way for further expansion of the
Moore-McCormack Line’s fleet.
W e have acquired new tonnage for
operation to South America and thus we will be able to render to shippers
of the United States of America and of South America, and to travelers
between the two Continents, an improved service in every respect.”
The Maritime Commission at Washington approved on
Oct. 30 the transfer of the 14 vessels from United States to
Brazilian registry. Advices from Washington on that date to
the New Y ork “ Journal of Commerce,” in noting this
also said:
The Commission’s action was conditioned on agreement with MooreMcCormack Lines, Inc., under which the shipping company will purchase
four of the new C-3 cargo ships now under construction for account of the
Commission. These vessels will be operated in the New York-South Amer
ican trade.
S h i p s S o ld f o r $3,500,000
The vessels covered in the transfer of registry were sold to the Brazilian
Government for $3,500,000, which sum win be placed in a joint account
with the Commission by Moore-McCormack for application to purchase
of the new tonnage agreed upon, it was stated.
Under terms of the sale Moore-McCormack has arranged a pooling
agreement or arrangement with the Brazilian Government. Terms of this
agreement were not revealed by the Commission. The Government agency
did emphasize, however, that its approval of transfer of registery does not
involve “either specifically or inferentially approval of any pooling agree
ment or arrangements between the Brazilian Government and MooreMcCormack Lines, Inc.”
Special “ Grand Circle” Railroad Fares to Be Continued
Another Year
So popular were the sensationally low “ grand-circle” rail
road fares which were in effect during the two W orld’s
Fairs that they will be continued to Oct. 31, 1940, J. J.
Pelley, President of the Association of American Railroads,
announced on Oct. 31.
The success of this unique travel plan surpassed all ex
pectations, M r . Pelley said, and this prompted the rail
roads to extend the greatly reduced fares for another year.
For only $90, an individual can travel by coach from any
point in the United States to either New York City or San
Francisco, then across the continent to the other city and
back to the starting point, without retracing routes. Stop
over privileges, giving tourists full opportunity to visit
points of interest such as the National Parks and the N ation ’s
famous resorts, are allowed in both directions. First-class
tickets for a grand-circle tour cost but $135 plus special
Pullman rates of $45 for a lower birth and $34.50 for an
upper.
Experience since the low fares went into effect has shown
that circle tours of more than 10,000 miles can be made
USHA to Seek Private Capital for Housing Projects—
Administrator Straus Announces Plan Whereby
Local Units Will Offer Short-Term Notes— First
Offering of $50,000,000 Due in Two Weeks
For example, he said, a local housing authority planning a $1,000,000
structure would obtain from the USHA a commitment of Federal funds to
cover 90% of the cost. It would then offer to the lowest interest bidder
on the money market $1,000,000 of non-callable securities to mature within
six months. Just before the date of maturity the USHA would deposit
with the nearest Federal Reserve bank $1,000,000 to redeem the securities.
M r. Straus estimated that local housing authorities would save $14,400,000 during the year that private capital financed the $770,000,000 of
contemplated construction. This, he added, would result from anticipated
sales of the securities for 2 % less interest than the usual 3 to 3 M %
charged by the USHA when projects were financed wholly from government
loans, repayable within 20 years.
The notes, he said, would be exempt from Federal taxes, and, in most
instances, from State taxes.
M r. Straus asserted that the Syracuse, N . Y ., Housing Authority, in a
test of the new program, recently sold $1,000,000 of its securities maturing
in nine months and callable within three months at an interest rate of .45
of 1 % .
The first issue of new temporary loan notes, he said, would be offered
to the public shortly. They will total more than $50,000,000“ There is every reason to believe,” M r. Straus continued, “that within a
year or two most of the hundreds of millions of dollars invested in con
structing public-housing projects will flow through the normal channels of
the private investment market, relieving the United States Treasury of
this operation and limiting Federal participation to the subsidies necessary
for low rents.”
Interest savings, he said, would be passed on to tenants in the form of
lower monthly rental charges.
M r . Straus announced on N o v . 1 that the first $50,000,000
offering of U S H A short-term notes will be made within two
weeks.
He added that the U S H A will make additional
$50,000,000 offerings at six-week intervals as long as the
authority need additional funds to finance projects.
The following regarding his further remarks is from W ash
ington advices of N o v . 1 to the N ew York “ Journal of
Commerce” :
These note oferings wiU be made in select groups of cities throughout the
country with a different group chosen for each additional offering. The
offerings will be made only for projects on which the contract has been
approved and cash advances on the Government loan have become avail
able. The new program of using regular loan channels to supply this money
instead of borrowing from the Government is expected to save local au
thorities substantial sums in interest charges.
M r. Straus said he was confident that this temporary small-scale financing
“ will proceed inevitably to permanent large-scale financing of public
housing projects with private funds.” He said that the authority did not
intend completely to stop the practice of making Government loans for
housing projects, but added that he would like to see the practice now of
the Government lending 90% of the cost and 10% being furnished by
private agencies reversed.
President Roosevelt Praises Work of USHA on Occasion
of Second Anniversary
In a message of congratulation on the second anniversary
of the United States Housing Authority, President Roosevelt
declared on N o v . 1, that “ an insistent idea that the illhoused poor must be provided with decent shelter and that
unsafe dwellings must be eliminated has merged into the
reality of finished projects.”
The President’s letter was
read by Administrator Straus in a nation-wide radio broad
cast commemorating the anniversary. Addresses were also
made by Senator Robert F . Wagner of New York and Rep
resentative Henry B . Steagall of Alabam a, who were the
sponsors of the Housing A ct. The President’s message follows:
The second anniversay of the USHA is an occasion for real celebration.
During these two years we have seen an idea develop into a reality. An
insistent idea that the ill-housed poor must be provided with decent shelter
and that unsafe dwellings must be eliminated has merged into the reality
of finished projects, of decent low rent homes being constructed, of miserable,
substandard hovels being demolished.
It is this satisfaction in knowing that a long-felt need is being met which,
to my mind, highlights your second anniversary. This is the democratic
way, this is the American way of doing things.
It gives me great pleasure to extend to you and through you to the local
housing authorities and their staffs, and local, city, country and State
officials throughout the country, my best wishes and an assurance of my
appreciation of the work being done.
Corporation Income Tax Returns in 1937 Fewer Than
in 1936— Net Income Increased 1.7%
Corporation income tax returns for 1937 declined 5 .5 %
from 1936, but the amount of reported net income increased
1 .7 % , it was revealed in a Treasury announcement Oct. 13.
The normal corporation income tax advanced by $32,146,228
or 3 .1 % , while surtax on undistributed profits rose $3 0,925,412 or 2 1 .3 % and the excess profits tax increased $21,722,784 or 1 0 0 .5 % , making a total increased tax yield of
$84,794,524, or 7 .1 % . A Treasury Department statement,
in analyzing the survey, said in part:
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Corporations filed a total o f 529,097 returns for 1936, o f which 192,028
show net income, 285,810 show no net income and 51,259 show no income
data (inactive corporations). The aggregate gross income reported by all
active corporations is $141,967,076,852. The aggregate net income of
corporations in the “ net income" group is $9,634,836,716 and the deficit
o f corporations with no net income is $2,280,845,542. Returns with net
income show normal tax o f $1,056,939,166, surtax on undistributed profits
o f $175,897,696, excess-profits tax o f $43,335,435 and a total tax of $1,276,172,297.
A comparison o f the data for 1937 with the data for 1936 shows that the
number o f returns with net income decreased 11,133 or 5.5% and the net
income increased $156,595,241 or 1.7% . The normal tax increased $32,146,228, or 3.1% ; surtax on undistributed profits increased $30,925,412,
or 21.3%; excess-profits tax increased $21,722,784, or 100.5%; and total
tax increased $84,794,524, or 7.1% . The number o f returns with no net
income increased 10,114, or 3.7% , and the deficit increased $128,821,827,
or 6.0% .
A similar Treasury compilation was referred^ to in our
issue of June 24 , 1939, page 3763.
SEC Publishes Statistics on Underwriting for Quarter
Ended Sept. 30— Participations Total $4b7,333,000 for 40 Issues— 63 New York Firms Had 67.3%
of Aggregate-—18 New York Firms Managed 92.8%
of Total
Continuing the revised series of statistics of underwriting
participations prepared by the Research and Statistics Sec
tion of the Trading and Exchange Division, the Securities
and Exchange Commission on Nov. 2 made public under
writing statistics covering the three months ended Sept. 30,
1939. The Commission’s announcement stated:
Underwriting participations for the three months ended Sept. 30, 1939,
totaled $467,333,000 for 40 issues, consisting of $403,350,000 for 21 bond
issues, $55,726,000 for 13 preferred stock issues, and $8,257,000 for six
common stock issues. During this quarterly period 63 New York City
firms had aggregate underwriting participations of $314,337,000, or 67.3%
of the total. Although 155 firms outside of New York City had underwrit
ing participations during the same period, the aggregate participations of
such firms were only $152,996,000, or 32.7% of the total. The concen
tration of underwriting business among New York City firms was greatest
with respect to common stock issues with 70.0% of total common stock
participations accounted for by such firms. The proportion of total par
ticipations indicated for New York City firms was 69.0% in the case of
bond issues and 54.6% in the case of preferred stock issues.
The management of underwritten issues rested largely with New York
City firms, with 18 such firms managing an aggregate of $433,688,000,
or 92.8% of the total. The proportionate amount managed by New York
City firms was 95.3% for common stock, 94.7% for bonds, and 78.4%
for preferred stock.
Combined underwriting participations of the 39 firms, which acted as
managers, were $224,721,000, or only slightly smaller than combined under
writing participations of $242,612,000 shown for the 179 non-managing
firms. Thus, a relatively few originating houses secured almost one-half of
total underwriting participations. Since an originating house ordinarily
takes a fairly large participation in any issue which it manages, it is of
interest to determine the proportion of participations in issues for which
such firms acted as managers to participations in issues managed by other
firms. For New York City firms, participations in their managed issues
are about as large as participations in other issues. For firms outside of
New York City, on the other hand, participations in their managed issues
were only about one-half as large as participations in the other issues.
The five firms having the greatest amount of underwriting participa
tions during the third quarter of 1939 were as follows: The First Boston
Corp. with $31,256,000; Smith, Barney & Co. with $22,033,000 ; Harriman Ripley & Co., Inc., with $21,292,000 ; Morgan Stanley & Co., with
___
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$19,960,000, and Dillon, Read & Co. with $19,210,000. These five firms,
all of which were located in New York City, accounted for 24.3% of
total participations.
The comparative ranking of individual firms with respect to the total
amount of issues managed was as follows: Morgan Stanley & Co., Inc.,
with $107,250,000 ; The First Boston Corp. with $86,286,000 ; Dillon,
Read & Co. with $74,125,000; Bonbright & Co., Inc., with $46,518,000,
and Glore, Forgan & Co. with $33,844,000.
These five firms, all of
which were located in New York City, accounted for 74.6% of the total
amount managed.
Inventory Situation Has Shown No Considerable
Changes Since Outbreak of European War, Accord
ing to Survey by Independence Fund of North
America
N o excessive piling up of inventories has occurred since the
outbreak of the European W a r, and even a quick peace should
hardly require more than temporary readjustment, accord
ing to a survey completed Oct. 31 by the Independence Fund
of North America for their Investment Timing Service.
The survey, which was in the form of a questionnaire to a
large number of important industrial companies in many
fields, shows conclusively, it is stated, that forward buying
has not been of the reckless nature which characterized the
inventory rise which began in 1936 and which was largely
responsible for the sharp slump of 1937. A n announcement
bearing on the survey also said:
The survey sought both facts and business opinion. In the realm o f facts
it was shown that inventories at the outbreak o f the war, including raw
materials, semi-finished and finished goods, and both producing and dis
tributing concerns, were high in only 11% o f the reporting companies.
Another 11% reported low inventories, while 78% were moderate. Results
since that time have been as follows: inventories have increased in 57% o f
the companies and forward buying has been done in 69% , while increased
demand has materialized in 92%.
Opinion is virtually balanced as to the effect o f forward deliveries on
inventories. Rising inventories are expected by 48% o f the firms, while
52% see no increase likely. On the other hand, 82% of the companies
expect consumption to rise so as to balance inventories.
The report on the survey concludes that production currently is running
somewhat ahead o f consumption, but not excessively so. As a result, any
decline in activity after the first of the year should be relatively moderate,
leaving production still at high levels and a strong base o f renewed recovery.
The survey also shows that a high degree of business intelligence is being
exercised by the more important industrial companies. Producers on the
one hand have been endeavoring to keep customers from ordering too
much and too far ahead while middlemen, although increasing inventories,
have kept them relatively low in relation to the demand for goods.
SEC Sends Sales Questionnaire to 68 Life Insurance
Companies— Also Submits Questionnaire to Officials
of All States on Adequacy of Regulation
The Securities and Exchange Commission announced
Oct. 22 through the Temporary National Economic Com
mittee that it has sent a sales questionnaire to 68 legal re
serve life insurance companies, including a group of United
States companies which reported more than $100,000,000
of ordinary insurance in force at the end of 1938. Com
panies receiving the questionnaire have more than 9 0 % of
the total insurance in force of legal reserve life insurance
companies operating in the United States. The scope of
the questionnaire has been restricted to enable companies to
complete answers prior to the year-end work necessitated
by the preparation of convention form annual statements.
in Each State
Statement of the number of steamboats, and of the tonnage of the same, in each State, so far as returns
have been received, in December, 1838; and statement of the amount of tonnage of steam vessels in each
State, on the 30th of September, 1837, according to the annual statement of the commerce and navigation
of the United States, for the year ending September 30, 1837, and of the number built in 1837.
R e tu r n s to
D ecem b er, 1838
N o . of
Vessels
M ain e _ _ ___
New H a m p sh ire ____
V e r m o n t _____ ______
M a ssa c h u se tts
R h o d e I s la n d _______
C o n n e c t ic u t _______
N ew Y o r k _______ __
N ew J e r s e y ____ __
P e n n sy lv a n ia
____
D e la w a re ________ _
M a ry la n d __
__ _
L’ ist. o f C o lu m b i a ..
N o r th C a r o lin a ____
S o u t h C a r o lin a ____
G e o r g i a _______
F lo r id a ____ ________
A la b a m a _____ ____ •
* M ississip p i_______
* A rkan sas. _
____
L o u is ia n a ___
___
8
1
4
12
2
19
140
21
134
3
19
5
16
ii
22
29
17
18
R e tu r n ,
S e p t. 30,
1837
Tonnage
1,609
215
903
1,443
698
4,103
29,708
3,757
18,243
494
6,800
801
171
965
2,641
24,431
444
19.331
373
7,135
1,477
2,014
4,794
4,273
1,974
2,703
521
4,715
4,521
1,194
4.396
N u m b er o f
S tea m
V e ssels
B u ilt in
Tonnage
1837
Tonnage
R e tu rn
S e p t 30,
1837
Tonnage
5,193
1
5
2
. . .
—
—
. . .
—
—
—
54,421
41
8 ,3 5 6
9
2
1,714
7,967
15^396
2^611
9C0
3,668
12^375
2 ’ l9 3
N avy D e p a r t m e n t ..
W a r D e p a r t m e n t ___
E n g in e e r D e p a rtm ’ t
42
79
13
1
4
9
T o ta l a s ce rta in ed
700
126,673
153,660
48
4
1
N um ber of
S tea m
V e sse ls
B u ilt in
1837
______
1
1
1
16
- -
4,986
N o . of
Vessels
x I llin o is .
- -
30
R e tu r n s to
D ecem ber, 1838
__
__
__
__
42
1
_
___
134
In 58 o f t h e above b o a ts , t h e to n n a g e n o t b e in g re tu r n e d , is e s t im a ted a t 10,800 t o n s m ore, m a k in g a n a g g reg a te of 137,473 t o n s
in th e a s c e rta in e d b o a ts .
* N o re tu r n s , x N o r e tu r n s from th e s e S t a t e s , exc ep t in p a rt
y N o r e tu r n s fro m W is c o n s in ,
w ith M issou ri an d K e n t u c k y ,
e x c ep t in p a rt w ith M ic h ig a n .
HUNT’S MERCHANTS’ MAGAZINE— February, 1841
Volume 149
ONE HUNDRED The
—
Commercial & Financial Chronicle —
Replies have been requested by D ec. 15, 1939.
release goes on to say:
The SEC
The questionnaire seeks information with respect to both the home office
and field policies o f companies in meeting problems in the sale o f insurance.
Particular emphasis is laid upon training o f agents, the relative advantages
and disadvantages of the branch manager or general agent system, and the
compensation and career possibilities o f agents.
Inquiry is made as to the manner in which the home office acquaints
itself with the practices and problems o f their agency force and questions
are asked concerning the functions o f the agency committee and the prin
cipal home office executives handling agency problems.
Companies have also been requested to give information on numbers
and types o f policies sold, amounts o f business written at standard and
substandard rates, asset shares, preferred risk policies, sales contests, re
troactive benefits extended to policy holders, training o f general agents and
branch managers, financing and guaranteed earnings o f general agents and
branch managers, home office cost per policy of issuing and maintaining
an ordinary insurance policy in force during the first policy year and sub
sequent years, cost o f issuing not-taken policies, persistency ratings of in
surance made at the time o f issue and similar matters.
The SEC on Oct. 24 sent out questionnaires to the insur
ance officials of every State asking them for their opinions
on the adequacy of insurance regulation. Gerhard A .
Gesell, special SEC Counsel in charge of the insurance pre
sentation before the T N E C , addressed the following letter
to the State insurance officials in sending them the ques
tionnaire:
In connection with the study o f insurance which this Commission is con
ducting for the TN EC, I am writing to invite your cooperation in filling
out the enclosed questionnaire which requests information relative to the
scope and character o f legal reserve life insurance regulation.
Copies o f this questionnaire are being sent to the principal insurance
official o f every State.
The Commission recognizes that you are under no legal obligation to
reply to this questionnaire and realizes that it can obtain the information
desired only with your voluntary assistance. Without a proper under
standing o f insurance regulation, however, it is impossible for the Commis
sion adequately to evaluate the information which it has assembled with
respect to the operations o f the life insurance business. The Commission’s
sincere desire to be fully informed in this respect has prompted it to for
ward the questionnaire to you and the other officials because o f your
knowledge o f this subject.
You will note that the last question suggests several topics upon whicq
you may wish to state your views. The Commission will be glad to re
ceive any additional comment or suggestions you desire to offer regardless
o f whether they relate to topics specifically covered by the questionnaire.
Your courtesy and cooperation in filling out this questionnaire and re
turning one copy by N ov. 20 will be greatly appreciated.
R e c o m m e n d a t io n s fo r R e v is io n in F e d e r a l T a x a t i o n
U rg e d b y C o m m itte e o f N e w Y o r k S ta te C h a m b e r
o f C o m m e rc e — R e p e a l o f C a p ita l G a in s T a x a n d
R e d u c tio n o f S u rta x e s A m o n g S u g g e ste d C h a n g e s
Six specific recommendations for reform in Federal "ta x
ation which whould be helpful in promoting business ex
pansion and eventually would bring a substantial increase
in Government revenues were submitted to the Chamber of
Commerce of the State of New York by its Committee on
Taxation at the monthly meeting on N o v . 2 .
Jesse S.
Phillips, Chairman of the Committee, asked the membership
of the Chamber to approve the proposals, and following their
approval by that body on N ov . 2 they were sent to the sub
committee of the House W ays and Means Committee which
is to consider a new tax measure at the next session of
Congress.
The recommendations which the Chamber endorsed em
body a broadening of the income tax base, the repeal of the
capital gains tax, a reduction of surtaxes, the filing of con
solidated returns by corporations, the restricting of the im
position of inheritance taxes to State governments and the
creation of a non-partisan commission to simplify the whole
system of taxation. Members of the Chamber Committee
who signed the report in which the recommendtions were
presented were M r. Phillips, the Chairman, and Frank C .
Belser, Thatcher M . Brown, George H . Coppers, Robert L.
Hoguet and Otto E . Reimer.
The recommendations follow:
(1) The Federal income tax exemptions should be lowered. Although
60 to 70 millions o f our citizens are o f voting age, approximately only three
millions pay a Federal income tax. Not only is it equitable that a much
larger proportion o f our citizens pay an income tax, but is also desirable to
create, by lowering the exemptions, a wide-spread interest in government
and Federal expenditures.
^ (2) Capital gains should not be taxed under an income tax, because it
makes capital immobile by retarding individuals from taking reasonable
business risks which they would otherwise undertake. This change in the
tax law would be an encouragement to take profits, shift investments and
keep funds active, thus promoting business and industrial expansion.
(3) The surtax rates should be reduced in order that capital may flow
more freely into private business. The present rates are an important factor
in withdrawing capital from business undertakings, and hampering the
development and activity o f industry.
(4) Corporations should file consolidated returns. The taxation o f inter
corporate dividends is unsound because it constitutes a multiple tax on the
same income and is against the best interest o f business as well as the public
treasury. Subsidiaries and affiliated corporations are necessary as a matter
o f business convenience, or because o f the compulsion o f State laws; the
policy o f punitive taxation should be discounitnued.
(5) The Chamber has opposed on several occasions a Federal inheritance
tax since February, 1917, believing such taxation to be “ a serious menace
to the fiscal plans o f our States,” and that is should be a source o f revenue
only for State governments. The present high rate o f taxation by both
Federal and State governments o f inheritances has the effect o f with
drawing large amounts o f capital from business ventures, because the
owners o f such capital must keep a large proportion o f it in liquid form to
meet inheritance taxes in event o f their death. The drastic levies through
such excessive taxation in this field is another deterrent to business activity.
YE A R S OLD
2907
(6)
A non-partisian board or commission should be established, composed
o f experts in taxation, accounting and economics, to study ways and means
for the elimination o f duplicating, overlapping and pyramiding taxes, and
the coordination o f the multiplicity o f taxing agencies. Federal, State and
local.
B u s in e s s W a r n e d b y “ B a n k i n g ” A g a i n s t O v e r -O p tim is m
o n E u r o p e a n W a r — S ix E f f e c t s o f W a r O u t l i n e d
A note of caution against over-optimism in a long-range
view of the effects of the war in Europe on American busi
ness is sounded in the monthly survey on the condition of
business in the November issue of “ Banking” , official publi
cation of the American Bankers Association, of which
William R . Kuhns is Editor. The survey states:
The war seems to be making things easier for business, although the
feeling up to this time is not entirely optimistic. There is a boom spirit
tempered by the belief that war profits will be a boomerang. In some re
spects the most satisfactory thing about the outlook is the calmness with
which most manufacturers and traders are making their plans. Prices
seem to have found a long upward path and this is what some of our previous
booms were made of.
The war has cast an artificial glow over the whole picture and placed
some tricks on our thinking, and it will take some time to discover what
they mean. Recovery, o f course, had developed quite a bit o f momentum
before the first shot was fired and every index was pointing to a continua
tion of the movement. Meanwhile, no one really believes that prosperity
can be based on the destruction of life and wealth.
Six definite effects of the war on American business are
outlined in the survey. Concerning these, an announcement
states:
First, it states, the war appears to have interrupted a seven-year period
o f experimentation in government, although much o f this is reappearing
in the form of emergency economic controls for national defense purposes.
Second, the war has diverted attention from the rising Federal debt and
yearly deficits, with the result that the fiscal problem has been overshadowed
in the press and the public mind by war news from abroad, thesurvery con
tinues.
Third, the “ partnership arrangement” between Russia and Germany has
demonstrated the similarity of these two systems of state socialism, bring
ing out at the same time the close relationship between individual freedom
and American capitalism, and fourth, the war has increased the hopes of
business men for increased trade with South America in spite o f the fact
that Latin American nations are handicapped by lack of adequate funds
with which to expand their purchases, the survey points out.
Fifth, the war has stirred into action the inflationary impulses which
have accumulated in the easy-come-easy-go era of national finance. This
is reflected in the attempts everywhere to give prices a little lift here and a
boost there.
And sixth, the war has definitely hastened reemployment, the survey
concludes.
T r u s t I n s t it u t io n s S ta b iliz e B u s in e s s , A c c o r d in g to
P r e s id e n t H a n e s o f A . B . A . B e fo r e M id -C o n t in e n t
T r u s t C o n fe r e n c e — S u p p o r t o f R a il L e g is la t io n
U r g e d b y P r e s id e n t N o r r is o f S o u t h e r n R y . S y s t e m
— R . E . C la r k A s k s O b s e r v a n c e o f T r u s t I n d e n t u r e
A c t— O th er S peak ers
The Nation’s trust institutions and banks with trust de
partments make a definite contribution to the stabilization
and advancement of American business, Robert M. Hanes,
President of the American Bankers Association and Presi
dent of the Wachovia Bank & Trust Co., Winston-Salem,
N. C., told the tenth annual Mid-Continent Trust Confer
ence of the Association’s Trust Division at Chicago on
Oct. 2G. “ There exists in some quarters a popular concep
tion that money and property held in trust is permanently
withdrawn from the channels of business and is thereby
frozen,” said Mr. Hanes in the course of his remarks, and
he went on to say, in p a rt:
The fallacy of that belief is quite obvious. Trust institutions are not
cold storage plants, and property held in trust is neither frozen nor
permanently held. It is invested in a great variety of enterprises and
undertakings that in turn give work and supply payrolls to millions of
our people. The person who holds money may,- if he chooses, keep it
idle in the form of cash. If and when that money is placed in trust
with a trust institution, it must be invested within a reasonable time,
and thus is restored to the channels of business.
Furthermore, property is held in trust on an average of only a few
years; it is constantly flowing out as estates are settled, as beneficiaries
reach specified ages, or as other contingencies materialize. If the sources
of supply of new funds, coming into trusteeship should suddenly be cut
off, it would be only a few years until the trust business would vanish.
The work of the corporate fiduciary acts as a stabilizer of business by
reducing the probability of economic waste. Frequently when a lagging
business becomes part of an estate or trust, and there is no chance for an
advantageous sale, the trust institution revitalizes the management, elimi
nates unprofitable features, and puts the business on its feet again. The
corporate trustee protects property from dissipation and deterioration. It
conserves wealth, yet makes it productive, and hence increases its useful
ness over a longer period of years.
The trust man, by assuming the responsibility for investment manage
ment, by tackling the intricate problems of taxation, and by standing
ready at all times to step into the shoes of the testator or trustor, relieves
the minds of business men and frees their energies for the important tasks
of business enterprise and production.
An appeal to banking and business to support in prin
ciple legislation now pending before Congress which would
regulate all modes of transportation substantially in the
same way was sounded at the conference by Ernest E. Nor
ris, President of the Southern Railway System.
“ Such
legislation,” he said, “ will be the first definite proof of the
enduring interest which the American public has in the
principle of continuing to give the United States cheap and
efficient transportation under private ownership and con
trol.” He explained that the legislation has resulted from
ONE HUNDRED
—The Commercial & Financial Chronicle— Y E A R S OLD Nov. 4, 1939
2908
recommendations of a special committee of railroad presi
dents and rail labor executives formed by President Roose
velt last year. He further said:
This committee labored long and earnestly and eventually joined unani
mously in a report which was submitted to the President and by him to
Congress. Legislation was introduced into the House and Senate giving
effect to some of the recommendations of this joint committee, and while
it does not cover all of the recommendations, it is a belated step in the
direction of effecting a eomphehensive system of regulating all modes of
transportation substantially in the same way.
He asserted that railroads own, maintain, and pay taxes
on the roadways they use, whereas motor truck and inland
waterways carriers operate over highways and river chan
nels constructed with Government money and maintained
at the expense of taxpayers. Continuing, Mr. Norris said:
The present unsatisfactory state of railroad earnings will not permanently
be corrected until there is equality in the transportation field— until all
modes of transportation are treated relatively alike. When every mode
of transportation meets all its own costs, and complies with public regula
tion of the same sort and degree, and when every mode of transportation
carries its own proper part of the general burdens of government, then
each will necessarily do the work it is best fitted to do. Business and
the people of the United States will enjoy the best in all models of trans
portation at the lowest real cost.
He based his appeal to banking and business on grounds
that they are fundamentally interested in the adoption of
the sound policies of transportation he termed essential to
sound business conditions throughout the country.
“The
soundness of Government, State or municipal securities,”
he pointed out, “ depends upon the earning power of busi
ness.
Somebody must take the earnings that pay the
taxes.”
How to Commence Business
W e ll b o y s , w e d o u b t n o t t h a t y o u w o u ld
lik e t o rise h ig h in
good
fa rm ers,
good
m o tto
th e w o r ld , a n d
m e rc h a n ts,
fo r
& c.
y o u — B e g in
becom e
H ere
at
th e
is
a
lo w e s t
r o u n d o n th e la d d e r a n d k e e p c lim b in g ; a n d
h ere
is
a
sto ry
w h ic h
w h a t w e w a n t to sa y .
w ill
illu s tr a te
ju s t
O n e o f th e w e a lt h ie s t
m e r c h a n ts o f N ew Y o r k C ity te lls u s h o w h e
c o m m e n ce d b u s in e s s .
H e say s:
I e n te r e d a s to r e a n d a s k e d if a c le r k w a s
not
w a n te d .
th e
an sw er,
w ith
“ N o ,”
a ll
m e; w hen
in
b e in g
a
rough
to o
I r e fle c te d
b u sy
to n e ,
to
w as
b o th e r
t h a t i f t h e y d id
n o t w a n t a c le r k t h e y m ig h t w a n t a la b o r e r ;
b u t I w as d re ssed to o fin e fo r t h a t .
to m y lo d g in g s , p u t o n a r o u g h
I w ent
garb , an d
th e n e x t d a y w e n t in t o th e sam e s to re a n d
d e m a n d e d if t h e y d i d n o t w a n t a p o r t e r , a n d
a g a in , “ N o , s ir ,” w a s t h e r e s p o n s e ; w h e n
e x c la im e d , in
d e s p a ir , a lm o s t, “ A
S i r , I w i ll w o r k a t a n y w a g e s .
I
la b o r e r ?
W a g e s is n o t
m y o b j e c t ; I m u s t h a v e e m p lo y , a n d I w a n t to
b e u s e fu l in b u s i n e s s .”
T h e s e la s t re m a rk s
a t t r a c t e d t h e ir a t t e n t i o n ; a n d in t h e e n d I
w a s h ir e d a s a la b o r e r in t h e b a s e m e n t a n d
s u b c e lla r a t a v e r y lo w p a y , s c a r c e ly e n o u g h
to
keep
body
and
sou l
to g e th e r.
In
th e
b a s e m e n t a n d s u b c e lla r I s o o n a t tr a c t e d th e
a tte n tio n
c le r k .
litt le
o f th e c o u n tin g h o u se a n d c h ie f
I sa v e d e n o u g h f o r m y e m p lo y e r s in
th in g s
w a ste d
to
pay
my
w ages
te n
tim e s o v e r , a n d t h e y s o o n fo u n d it o u t . I d id
n o t le t a n y b o d y a b o u t c o m m it p e t t y la r c e n
ie s w i t h o u t r e m o n s t r a n c e a n d t h r e a t s o f ex
p osu re, an d
real exp osu re
w o u ld n o t d o .
h o u r la w .
g r o w le d ,
I d id
if r e m o n s tr a n c e
n o t ask fo r a n y
te n -
If I w a s w a n te d a t 3 a . m . I n ev er
but
to ld
everybod y
to
go
“ a n d I w ill see e v e r y t h in g r i g h t .”
o ff a t d ay b re a k
p a ck a g e s fo r th e
b o a t s , o r c a r r ie d t h e m
m y s e lf.
hom e,
I lo a d e d
m o r n in g
In s h o r t,
I
s o o n b e c a m e in d is p e n s a b le t o m y e m p lo y e r s ,
a n d I rose a n d rose u n til I b eca m e h e a d of
th e h o u s e , w ith m o n e y e n o u g h , a s y o u se e ,
t o g iv e m e a n y lu x u r y o r a n y p o s it io n a m e r
c a n tile
m an
m ay
d e s ir e
fo r
h im s e lf
and
c h ild r e n in t h i s g r e a t c i t y .
H U N T ’S M E R C H A N T S ’ M A G A Z IN E ,
D e c e m b e r, 1854
Carefully made real estate mortgage loans are among the
best investments for trust funds because they do not pre
sent tlie market risk of long-term bonds and have higher
rates of return, Clarence E. Kern, Vice-President of the
Central Wisconsin Trust Co., Madison, W is., said on Oct. 27.
He urged that in making real estate mortgage loans, bank
ers should observe certain practices which will enable them
to avoid difficulty in connection with them.
Legal instruments which create trusts must he drafted in
the future with greater flexibility so that trustees will be
legally empowered to adjust the trust funds to meet violent
changes in the Nation’s business, economic, and financial
structure, A. F. Young, Vice-President and Trust Officer of
the National City Bank of Cleveland, told the Trust Con
ference on Oct. 26. Mr. Young said that the business de
pressions throughout the country’s history, and particularly
that of the past decade, have brought out clearly that the
creator of a trust must not draw up a trust instrument
which leaves the trustee bound to inflexible provisions
which cannot be altered to meet new economic conditions.
Oscar L. Buhr, Vice-President of the Detroit Trust Co.,
Detroit, Mich., recommended to the conference, Oct. 27,
high-grade municipal bonds, well diversified in their ma
turities and the geographic spread of the local governments
which issue them, as one of the best types of investments
for trust funds. Mr. Buhr outlined seven principal reasons
for his approval of municipal securities as trust invest
ments, all of which he based upon the investment experi
ences of his bank over a number of years. Mr. Buhr stated
that municipal securities offer safety o f principal together
with a reasonable income, and he cited as another “im
portant reason for buying municipal bonds is exemption
from Federal and local taxes. W ith the present-day trend
towards high income taxes and personal property taxes, it
is important that exemption be emphasized in the large
accounts.” He pointed out, however, that a serious question
has arisen with regard to tax-exempt bonds because the
Government has within the past year taken steps to elimi
nate the tax-exempt provision.
The Nation’s trust institutions and banks with trust de
partments were urged to observe the spirit as well as the
letter of the Trust Indenture Act of 1939, which was passed
by the last session of Congress and becomes effective Feb. 3
of next year, in an address delivered by Roland E. Clark,
President of the Trust Division and Vice-President of the
National Bank of Commerce, Portland, Me. At the same
time, Mr. Clark appealed to business, banking and industry
to keep domestic, political and economic problems well in
mind in spite of distracting war news from Europe. W ith
reference to the Trust Indenture Act, Mr. Clark stated:
Business never welcomes governmental regulation, and banking is no
exception. The American Bankers Association did not favor passage of
this Act. The Association believed that the objectives desired by the
Commission could be well attained through the adoption of a code or a
statement of principles similar to the Statement of Principles of Trust
Institutions relating principally to personal trusts and adopted by the
Trust Devision of the American Bankers Association in 1936.
In view of the insistence of the Securities and Exchange Commission
on the enactment of the legislation, the Association, through its executive
officers, advised the Commission that it would not oppose the Barkley
bill, provided that, in the opinion of a special committee to be appointed
by the Trust Division of the Association, such legislation was workable.
It is the opinion of the Division’ s Committee on Mortgage Trusteeships
that the Act as passed is workable.
It is the duty of the trust institutions of the country to endeavor to
administer trust indentures which are subject to the Act by observing the
spirit as well as the letter of that Act.
'The Act is entirely new legislation of the most technical nature, and
it will hardly be possible to administer trusteeships subject to it without
encountering some difficulties and rough edges. On the other hand, the
SEC has displayed a sincere desire to carry out its concept of the Act
with the least possible handicap to legitimate trust business. The same
spirit having been evidenced by the congressional committees which con
sidered the bill, the Trust Division confidently expects a sympathetic
hearing and a cooperative attitude by both the Commission and Congress,
if experience should indicate the need of amendments.
W illiam A. Reed, Vice-President of tlie Central Hanover
Bank & Trust Co. of New York, proposed a new basis for
fixing fees paid to trust institutions by which annual
charges would be assessed against both the principal and
income of the trust, dividing the charges more equitably
between the beneficiaries who receive the income and those
who eventually inherit the principal. Mr. Reed based his
proposal for the revised schedule of fees paid to trustees
on two major points. First, he said, it would provide fairer
treatment for trustees handling estates which extend over
periods of many years, and second, it would correct the
present situation, under which trust beneficiaries who re
ceive the income from the estate, or the life tenants, pay
the greater portion of the fees although they receive only
an income and not the principal of the estate.
Gilbert T. Stephenson, Director of the Trust Research
Department of the Graduate School of Banking, in an
address at the conference on Oct. 27 called for a definite
statement of trust policies and practices by trust companies
and banks with trust departments. He said that although
trust institutions in this country lead those of all other
common law nations in codifying the principles of trust
management through a statement of principles, it is still
necessary for them to work out definite, standardized poli
cies by which those principles are administered.
Volume 149
ONE HUNDRED
—The Commercial & Financial Chronicle—Y E A R S OLD
W a lt e r S . S c h m id t B e fo r e N a t io n a l A s s o c ia t io n o f
R ea l E sta te B o a rd s P re sen ts S u g g e s tio n s o f C o m
m it t e e W h i c h S u r v e y e d P r o b le m s o f C o m m e r c ia l
D is tr ic ts — C o n v e n tio n A d d r e sse d b y H . D . P e ttib o n e a n d O th ers
A beginning program for saving the present huge aggre
gation of real estate values represented in the business
districts in cities over the United States, and for solving
present pressing problems so as to enable these districts
to reach their maximum usefulness and efficiency, was
sketched at the annual convention of the National Associa
tion of Real Estate Boards at Los Angeles on Oct. 25 by
W alter S. Schmidt, Cincinnati, Past President of the Asso
ciation. Reporting to the convention first conclusions of a
special committee appointed by President E. L. Ostendorf,
Cleveland, to survey major present problems of commercial
districts and suggest action which should be taken to adjust
city structures to changing habits of modern living, Mr.
Schmidt, Chairman of a citizens’ committee engaged in a
study of the replanning of Cincinnati and Chairman of the
Board of Trustees of the National Real Estate Foundation
(projected coordinating center for real estate research), out
lined the conditions now being faced as the result of the
decentralization movement of recent years in most Amer
ican cities. “ W e are passing through a period of violent
change,” he said, “and unless we would see the most wan
ton waste of wealth this country has ever,known through
destruction of land and building values of business property
it behooves us to understand what is happening to our com
mercial districts, especially in the older cities, then to
apply corrective and protective measures to what now exists
and finally to adopt constructive policies for the future.”
Initial suggestions made by the committee, which is open
ing a long-term study of the economics of business-area
planning in all types of commercial districts, he summarized
as follow s:
1. Every city should make a complete real estate inventory and keep
it continually current.
2. Traffic conditions 6hould be studied by experts as part of the plan
ning work and satisfactory provisions made for arteries, public trans
portation, parking facilities and by-passes around congected areas.
3. Adequate appropriations for planning commissions should be made
and comprehensive plans made.
4. Determine the relationship between pedestrian traffic and buying;
the conclusions arrived at by determining the corelationship will have
almost the force of economic laws.
5. Combat legislation improperly detrimental to commercial districts
or to the business in them; such legislation contributes to raising the
cost of distribution, already a great weakness in our economic system, as
well as damaging commercial districts.
6. Advocate measures for improving attractiveness, whether by way of
removal of unsightly signs, &
c., or by remodeling, limitation of building
heights, &c.
7. Induce cooperative action between merchants and owners for the
improving of shopping centers.
In addressing the convention of the National Association
of Real Estate Boards on Oct. 24 Holman D. Pettibone,
President of the Chicago Title & Trust Co., stated that we
are today enjoying a higher level of economic activity than
has prevailed generally since 1937, and in some lines since
1929. The outlook for reemployment has not been so favor
able for more than three and a half years. This means
enlarged consumer purchasing power.
Undoubtedly, the
war is a strong factor in the present upsurge, although
there is every indication that this country was entering
upon a period of business recovery months before the war
started. There are hopeful signs that the activity is already
far enough along to survive a “peace shock.” In the field
of real estate the outlook is for rising use, rising rents, a
more active market, greater net earnings.
That real estate should be valued for tax purposes largely
on the basis of income was urged by Harry S. Cutmore,
M .A.I., Chicago, 111., addressing a meeting o f the American
Institute of Real Estate Appraisers of the National Asso
ciation of Real Estate Boards at the Association’s annual
convention. Mr. Cutmore, formerly Chief Deputy Assessor
of Cook County, Illinois (in which Chicago is located) and
author of “Cook County’s Assessor’s Manual,” pointed out
that the property tax still remains the most important
source of revenue for local governments. “Yet it is well
known,” he said, “that the great majority of assessors use
hit-and-miss methods of valuation which bear no semblance
to the value estimates found by competent appraisers.”
He observed that at the present time the Cook County
(Illinois) Assessor is developing a technique in which the
income factor is to be considered, and he added:
The city of Fort Myers, Fla., has recently employed Charles P. Glover
of that city to make a complete revaluation of all the real estate on the
assessment rolls, using income and productivity as the principal basis for
the valuation. Mr. Glover is the author of a recently issued manual for
tax valuation which describes in detail the method which can be applied
to the various types of property for estimating their value for tax purposes
on the basis of their use value or productivity.
Others who addressed the convention were E. L. Osten
dorf, President of the Association; George C. Smith of St.
Louis, Arthur W . Binns of Philadelphia, W alter H. Leimert
of Los Angeles, Parker Webb of Boston, M a ss.; David D.
Bohannon o f San Francisco, and George L. Schmutz of Los
Angeles.
2909
D o lla r I n c o m e o f I n d i v id u a ls f o r T h r e e -Q u a r t e r s o f
1 9 3 9 W a s $ 2 ,0 0 0 ,0 0 0 , 0 0 0 A b o v e S a m e P e r i o d o f 1 9 3 8 ,
S e c re ta ry o f C o m m erce H o p k in s R e p o rts
Secretary of Commerce Harry L . Hopkins announced
yesterday (Oct. 27) that dollar income of individuals in the
United States for the first three-quarters of 1939 was more
than $2 ,000,000,000 higher than in the corresponding period
of 1938. Income payments so far this year aggregate $5 0,789.00 0. 000 against $48,733,000,000 for the first nine months
of last year. After allowance for the usual seasonal pattern,
this corresponds to an annual rate of $6 8,60 0,0 00,0 00, as
compared with a total of $66,275,000,000 for 1938, it was
said. Income payments during September totaled $ 6 ,01 2 .0 0 0 . 000, a rise of $355,000,000, or 6 % , over the Septem
ber total of $5,657 ,00 0,00 0. The Commerce Department’s
announcement went on to state:
The seasonally adjusted index of income payments advanced from 85.4
(1929=100) in August to 86.8 in September, the highest level in nearly
two years and only 5% below the 1937 peak. The most important single
factor in the advance was the sharp rise in agricultural prices and the
attendant rise in cash income from farm marketings during September.
Income from the non-agricultural sources rose slightly to 87.0 in September,
from 86.7 for August. There was a larger rise in industrial pay rolls but
this was offset in part by a sharp reduction in work-relief wages and in un
employment compensation benefits, the latter reflecting largely the im
proved employment conditions in September as compared with August.
After correction for seasonal influences, the index of wages and salaries,
which constitute approximately two-thirds o f total income, rose from 84.0
in August to 84.3 in September. Income received by employees during
the month totaled 83,693,000,000, an increase of 5% over September, 1938.
Pay rolls in the important commodity-producing industries (agriculture,
mining, manufacturing and construction) were 11% higher than a year
ago, whereas the incomes of employees attached to the distributive and
service industries increased only 5% . Reflecting the sharp drop in workrelief wages since the first of the year, the contribution of governmental
agencies to salaries and wages was 9% lower than a year ago.
Income received in the form o f dividends and interest totaled $805.000,000 in September as compared with $451,000,000 in August and $723.000,000 in September, 1938. A further gain during September was recorded
in income payments from entrepreneurial income, net rents and royalties.
Income from the latter sources was estimated at $1,291,000,000 as com
pared with $1,157,000,000 in August and $1,190,000,000 in September, 1938.
IN C O M E P A Y M E N T S
(Millions o l Dollars)
Sept.,
1939
Aug.,
1939
Sept.,
1938
First Nine Months
1939
T o ta l__________________ 6,012
5,400 5,657
Adjusted index, total
( 1 9 2 9 = 1 0 0 ) . .. ..........
85.4
86.8
81.8
W ages and salaries____ 3,693
3,560 3,525
A d j. index of wages and
salaries (1 9 2 9 = 1 0 0 ).
84.3
84.0
80.4
Dividends and interest.
723
805
451
Entrepreneurial income
and net rents and
1,291
royalties_________
1,157
1,190
Social security benefits
223
& other labor incom e.
232
219
1938
1933
1929
50,788
48,733
34,085
60,706
84.0
81.2
56.2
99.7
32,204 30,612 21,297 38,994
82.5
46,288
78.4
6,102
54.0
5,622
99.8
8,575
10,252
10,101
6,363
12,450
2,043
1,918
1,159
687
S u rv e y B y B u r e a u o f L a b o r S ta tis tic s S h o w s t h a t F o o d
T a k e s 33 C e n t s o f C it y W o r k e r s ’ D o lla r W h i le 25
C e n ts G o e s fo r H o u s in g a n d F u e l
In discussing where the dollar from the average workers’
pay envelope goes, Commissioner Lubinof the United States
Bureau of Labor Statistics reported on Oct. 22 that food
takes 33 cents out of the typical city workers’ dollar, while
housing and fuel take almost 25 cents. “ When another
10 cents goes for clothing, a balance of 22 cents is left to
cover all the other items which enter into family living,”
M r . Lubin said. These are the finidings of a survey made
by the Bureau of Labor Statistics in 42 cities covering 12
months within the period 1934-36, according to the Bureau
which says that a total of 14,469 families of employed wage
earners and clerical workers who had received no relief
during the year cooperated with the Bureau by giving an
swers to detailed questions regarding their incomes and ex
penditures. The Bureau’s announcement goes on to say:
This group of families, with at least one employed member and a minimum income o f $500, the lower limit set by the plan of the investigation,
averaged $1,515 per year. However, half of the families studied had in
comes o f $1,458 or less.
The average family, taking all the families studied in the 42 cities as one
composite, spent a third of its entire income, $508, for the butcher and
baker, the grocer and dairyman, and at lunch counters and resturants to
purchase the family’s food. The average annual expense for housing, and
fuel, light and refrigeration was $367. For some families this meant
rented apartments with heat, light and current for refrigeration furnished
by the landlord; for others it meant payment of taxes, interest and repairs
on a 5 or 6 room house and purchase of heating fuel, electricity for lighting
and ice for refrigeration.
Clothing for this average family, which comprised 3.6 persons, cost $160
or $44 per person. Winter coats for the men and older boys in the family
were purchased about once every five years and about once in every four
years for the women and girls. Shoes on the other hand are an annual
necessity. Expenditures for shoes constituted one o f the largest items of
clothing expenditure.
After food, clothing and housing, the largest claim on the family pocketbook was made by the automobile. Expenditures for purchase, operation
and maintenance averaged $87 per family for the year. The survay
found that more workers’ families in western cities had cars than those in
eastern centers. Furthermore the families in smaller communities were
more apt to have cars than those in metropolitan areas where traffic con
gestion is greater. The majority of the automobiles bought by this group
of workers’ families were purchased as used cars. They served to take
family members to an from work and school and to provide inexpensive
week-end or vacation outings for the whole family. It was impossible,
2910
ONE HUNDRED The
—
Commercial & Financial Chronicle —YEAR S
however, to separate the extent to which automobile expenditures were
devoted to recreation as compared to other purposes.
After automobile expenditures came those for recreation of other types
with an average o f $82 a year. This included cameras, radio purchase and
upkeep, paid admissions to “ movies” , ball games and other commercial
amusements, purchase o f newspapers and other reading matter, cigarettes
and other forms of tobacco, as well as sport and play equipment.
Expenditures for household furnishings, medical care, and household
operation cash averaged approxim ately $60- Expenditures for house
furnishings covered both purchase o f new items, and replacement of such
items as light bulbs, towels, sheets and kitchen utensils. Included in
household operation costs were telephone, laundry sent out, soap and
cleaning supplies, household help, postage and similar items.
Of every dollar spent for medical care 22 cents was for drugs, medicines,
eye glasses and medical appliances, 10 cents for hospital service, and 68
cents for other medical service.
Transportation by street car, bus, ferry, train, boat and occasionally by
airplane, claimed a total o f $38 fo the average family’s income. Another
$30 was required to take care o f the personal grooming o f these family mem
bers. Of this, the largest item was haircuts, with other barber and beauty
shop services and toilet articles and preparations also claiming a share.
The other channels into which the typical workers’ family money found
its way were gifts and contributions to persons outside the family, which
aggregated $24; direct taxes and tother contributions to the community
welfare which averaged $19; $7 for formal education; $6 for vocational ex
pense such as union dues, licenses, etc; and $7 for miscellaneous expen
ditures .
M a r in e r s’ G r o u p U r g e s P r e s id e n t a n d C o n g r e s s to
E lim in a t e S h ip a n d C o m m e r c e B a r r ie r s fr o m N e u
t r a l i t y B ill
The Council of American Master Mariners on Oct. 25
adopted resolutions, copies of which were sent to President
Roosevelt, Vice-President Garner, Senator Alben W . Bark
ley, majority leader, and Senator K ey Pittman, Chairman
of the Foreign Relations Committee, asking them to aid in
eliminating ship and commercial barriers and restrictions
in the proposed neutrality act, thus preserving the tradi
tional freedom of the seas for American ships.
The communication read as follows:
As 1’resident o f the Council o f American Master Mariners, I am taking
the liberty o f sending you a copy o f a resolution which we have prepared
for your consideration and also for the Congress o f the United States in
connection with the above mentioned matter.
It is our wish that you might take the initiative toward eliminating ship
and commerce barriers and restrictions in the proposed neutrality act,
thus preserving the traditional freedom o f the seas for all vessels o f the
United States.
I have the honor to remain most respectively yours,
SCHUYLER F. CUM INGS,
President, The Council o f American Master Mariners.
The resolution reads:
The Council o f American Master Mariners is a duly constituted
organization o f seafarers who are in command or who have commanded
ocean-going vessels o f over 5,000 gross tons in the American merchant
marine, and
W h e r e a s , the Council o f American Master Marinars is pledged to serve
no personal or private ambition or interest but to promote broad general
policies for the benefit o f masters, officers, the men, investors, shippers and
national interest in the American Merchant Marien, and
W h e r e a s , the Council o f American Master Mariners is representative of
a large cross section o f American shipmasters engaged in American mari
time operations both afloat and ashore, throughout the world, and
W h e r e a s , it is our belief that the principles o f the freedom o f the seas are
in jeopardy and the future welfare o f the American merchant marine
threatened due to the possibility o f certain legislative barriers and re
strictions being imposed by the Congress o f the United States which may
impair the free operations o f American merchant vessels on the high seas,
and
W h e r e a s , it is our belief that the principles o f the freedom of the seas and
neutrality are separate and distinct from one another, and therefore should
not be confused or combined,
B e it th e r e fo r e r e so lv e d that the executive committee o f the Council of
American Masters Mariners hereby respectively petitions and strongly
urges in the best interests o f the Nation that no legislation be enacted by
the Congress o f the United States which will tend to abolish or compromise
the traditional rights o f our American merchant marine to enjoy the free
dom o f the seas and subject to international law.
W h erea s,
F iv e -D a y W e e k P la n G a i n i n g in P o p u la r i t y in N e w
Y o r k C ity — S u r v e y b y M e r c h a n ts A s s o c ia tio n F in d s
16 D i f f e r e n t K i n d s o f B u s in e s s e s H a v e A d o p t e d
P r in c ip le
Sixteen different types of businesses in N ew York City
have adopted the five-day week for all employees throughout
the year, it was revealed on Oct. 22 in a survey made public
by the Merchants Association of New Y ork. The study
covered information obtained from 120 establishments, each
of which has more than 75 employees. The Association said
that the analysis showed that many employers would like
to see the five-day week universally adopted throughout
the city. A statement issued by the Association, summariz
ing the results of the survey, said in part:
Information received by the Association, indicates that the effects o f the
adoption o f five-day week plans such as reduction in retail sales on specified
days and the difficulty experienced by wholesalers in delivering merchan
dise during the days on which large groups o f employees do not work, has
been felt extensively.
Undoubtedly many employers would like to see uniform practice through
out the city, since the existence o f a semi-universal practice, as represented
by the 77.8% o f employers who, for all practical purposes, have installed
continuous five-day week plans, not only causes other employers great
inconvenience, but also increases the cost o f conducting business during the
days, principally Saturadys, when most employees are away from their
work. This situation means that those employers who have not adopted
five-day week plans maintain more or less regular staffs for accomplishing
a considerably reduced amount o f work. As a result o f these considerations,
OLD Nov. 4, 1939
a strong trend undoubtedly exists at the present time toward the adoption
o f a practically universal five-day week basis o f employment throughout
the New York area.
The announcement b y the Industrial Bureau says that
out of the 120 employers who gave information in this survey
it was found that 104 had some form of five-day week plan
and only 16 had no five-day week plan. Sixty of the em
ployers, or 5 7 .7 % of those having such plans, give all their
employees a five-day week throughout the year. Twenty-one
employers, or 2 0 .1 % , reported a five-day week plan in
operation for a portion of their employees throughout the
year and 23 concerns reported five-day week plans for all
employees during part of the year or five-day week plans for
a portion of the employees during part of the year.
N u m b e r o f S tr ik e s in U n it e d S ta t e s M o re T h a n D o u b le d
in T h r e e Y e a r s o f O p e r a tio n o f N L R B C o m p a re d
w ith T h r e e Y e a r s B e fo r e L a w W e n t in t o E ffe c t ,
A c c o r d in g to S u rv e y b y N ew Y o r k S ta te C h a m b e r
o f C om m erce
The number of strikes in the United States more than
doubled in the first three years of operation of the National
Labor Relations Board compared with the three years be
fore the Wagner A ct, which created the Board, became a
law, it was disclosed Oct. 30, in a survey made public by
the Chamber of .Commerce of the State of N ew York . The
survey, which was made by the Chamber’s Special Com
mittee on Industrial Problems and Relations, said that
while the Wagner Act was adopted in July, 1935, its influ
ence on the volume of strikes that year was negligible be
cause the N L R B was not organized until October. The
Committee therefore disregarded the year 1935 in making
its comparisons. The survey said:
In the three calendar years preceding the enactment o f the Wagner law,
1932-1934, there were 4,392 strikes in the United States. In the three
calendar years following its enactment, 1936-1938, there were 9,684 strikes,
or an increase of 120%. The number of workers involved increased 12.7%
and the man-days idle increased 9.6% in the latter period.
In the above comparison, the survey said, due allowance
should be made for the fact that the year 1932 was the lowwater mark of the depression and 1937 the year of strongest
recovery. It pointed out, however, that while the general
tendency of strikes was to follow the business cycle, this re
lationship did not hold true with year-to-year fidelity.
The survey further explained:
In some years o f business prosperity there has been less strike activity
than in years of depression. A notable example of this was in the 19271929 boom period when the yearly average number o f strikes was only
744 compared with a yearly average o f 2,898 in the 1920-1921 depression
and 1,218 in the prolonged depression o f 1893-1898.
Analyzing the outcome of the strikes in the two periods,
the survey showed that in 1936-1938 when the Labor Board
was in full operation:
The percentage o f strikes settled by compromise between workers and
employers decreased to an average o f 28.4% compared with an average of
31.7% in the earlier period.
The percentage o f strikes won by workers increased to an average of
44.1% compared with an average o f 30.8% in the earlier period.
The percentage of strikes in which employers were victorious decreased
to an average o f 23.4% from an average of 33.8% in the earlier period.
The survey said that in the first eight months of the
Labor Board’s operation, terminating at the end of the fiscal
year June 30, 1936, a total of 865 complaints alleging unfair
labor practices were filed. During the next fiscal year
3,124 complaints were filed and during the 1938 fiscal year
6,807 complaints. These figures were cited by the survey
to show “ the effect which the Wagner law has had in in
creasing organizational activities of labor and the extent of
labor’s resort to the Labor Board for the adjustment of
alleged grievances.” The survey added:
It is interesting to note that during the fiscal year ended June 30, 1938,
more complaints against employers alleging unfair labor practices were
filed with the Board than the total number of strikes in the United States
(6,760) in the six calendar years preceding the Wagner Act.
Commenting upon the number of cases before the Labor
Board which were dismissed or withdrawn the survey said:
The high percentage of cases withdrawn and dismissed— averaging 39.8%
o f all cases disposed o f by the Board up to June 30, 1938— would seem to
indicate that a large number of the complaints and petitions from labor
organizations and individual employees were based on unfounded or un
warranted charges or otherwise deficient. It seems reasonable to assume
therefore that many of such cases, particularly those which might be classed
as petty grievances, never would have attained the status o f labor contro
versies if the Wagner Act had not been on the statute books.
The survey pointed out that the percentage of strikes for
union organization, which the Wagner Act was expected to
reduce, had materially increased since the Labor Board was
in operation. In 1936 such strikes were 5 0 .2 % of the total
number of strikes reported in 1937 they were 5 7 .8 % , and
in 1938 5 0 % . In the period between 1927 and 1934 the per
centage of organization strikes averaged only 3 3 .8 against
52.7 in the 1936-1938 period.
D ockers
S tr ik e
A g a in st
E a ste rn
C oast
L in e s
A strike was called, after failure to achieve a wage increase,
against 10 eastern coastwise steamship lines on N o v . 2 , by
the International Longshoremen’s Association an A . F . of L .,
affiliate in the Port of New York.
Volume 149
ONE HUNDRED
—The Commercial & Financial Chronicle—Y E A R S OLD
Approximately 5,000 men are expected to be affected in
New York immediately with the number rising should it
spread to other Atlantic Coast ports.
Reporting the strike the “ Journal of Commerce” of N o v . 3 ,
said:
The strike is the result o f failure o f the union to achieve a 10c. an hour
raise and a 40-hour work week. Present pay is 95c. an hour for a 44-hour
week. Yesterday the union offered to compromise a $1 an hour wage, but
the shipowners turned it down, demanding a 90-day extension o f the present
contract.
Some o f the lines involved operate both coastwise and deep-sea vessels
but only the coastwise boats will be affected because the longshoremen’s
contract with the deep-sea operators has been extended due to the different
circumstances prevailing in that field.
fe, The companies involved operate some 70 vessels employing 3,500 men
in the coastwise Grade. Vessels here expected to be affected immediately—
having been scheduled to sail today or tomorrow— are the Savannah liner
City of Birmingham, the Eastern Steamship Co. liners George Washington,
Boston, St. John and New York, the Morgan liner Dixie, and the ClydeMallory line's Shawnee.
Apparently the only men affected when the strike order became effective
midnight were 300 longshoremen working at the Morgan line pier and 200
at the Eastern line pier. They walked out promptly and quietly. No
picket lines were established immediately and it was not expected that this
would be done before daylight.
Joseph P. Ryan, president o f the International Longshoremen’s Associa
tion, said last night that he regretted that a strike must be called because
he believed it would be ruinous to the industry. He said he expected that
15,000 men in other ports also would be affected.
g The 15,000 figure, o f course, would include ships’ crews, office help and
other non-longshoremen categories not actually on strike, but unable to
work because of the tieup.
(ss The lines affected by the strike order are the Clyde-Mallory, United
Fruit, Eastern Steamship, Bull, Lykes Bros., Moore-McCormack, Savan
nah, Newtex, Old Dominion and Panama Railroad.
D o d g a T r u c k P la n t C lo s e d b y C h r y s le r D is p u t e
The 27-day old dispute between the Chrysler Corporation
and the United Automobile Workers (C. I. O .) spread on
Oct. 31 to the remaining 1,000 workers of the Dodge truck
plant, bringing the total affected to 51,000. United Press
advices from Detroit Oct. 31 bearing on the strike said:
The action at Dodge truck was described by Herman L. Weckler, VicePresident in charge of Chrysler operations, as a “strike” on the heavy duty
line which cut production 50% o f normal.
I*, The U. A. W .-C . I. O., however, termed it a “ shutdown” by the manage
ment— “ a show o f force which it hopes will influence the present negotia
tions.”
Picket lines were thrown around the plant, which has operated with only
half its working force since Oct. 6 when the dispute flared over production
speeds at the main Dodge plant.
Richard T . Frankensteen, regional U. A. "W.-C. I. O. Director, said the
Dodge truck workers “ had been subjected for more than a week to pro
vocative acts by foremen and supervisors.
M r. Weckler said the trouble started at 2 p. m. when “ work was so dis
rupted that normal operations could not continue. Appalls to the president
o f the union local and to the plant committee were fruitless.”
j&sAt conferences today, M r. Weckler said, discussion centered on procedure
under collective bargaining and handling o f grievances.
fa James F. Dewey, Federal Labor Conciliator, said three major issues
were deadlocking the negotiations. They were the question of arbitration,
the extent o f the new contract and the degree o f recognition to be given the
U. A. W .-C. I. O. He said he would immediately begin separate night ses
sions with company and union officials in an effort to break the stalemate.
Referring to the Chrysler Corporation strike, and the in
tervention of Governor Dickinson of Detroit, the “ Herald
Tribune” of N o v . 2 , said:
Governor Luren B . Dickinson intervened today in the five-weeks-old
Chrysler labor dispute by summoning the heads o f the contending parties
to a joint conference before him Thursday.
In joint telegrams t* K. T. Keller, President o f the Chrysler M otor Com
pany and R. J. Thomas, President o f the United Automobile Workers (C.
I. O.), Governor Dickinson and Arthur E. Raab, Head o f the State Labor
Mediations Board, expressed concern at the continued spectacle o f 50,000
Michigan workmen out o f employment.
“ The State cannot sit idly by without making every possible effort to end
the situation,” the telegram said.
Persons officially invited to the conference with Governor Dickinson are
Keller and Herman Weckler, Vice-President o f the Chrysler M otor Com
pany; Thomas and Richard T . Frankensteen, Vice-President of the U. A.
W .-C . I. O. James F. Dewey, Federal conciliator, also will be present with
Raab and members o f the Labor Mediations Board.
The Chrysler plant at New Castle, Ind., closed today, adding 2,500 more
to the list o f unemployment. The Dodge truck division shutdown had
brought the Chrysler total to 51,000 unemployed, plus estimates as high as
100,000 additional affected in allied industries.
A corporation spokesman here said there was no labor trouble at the
Indiana plant, but that the closing was due to the Detroit dispute.
A previous reference to the Chrysler strike appeared in
our issue of O ct. 21, page 2455.
S t r ik e s C a lle d a t B o r g -W a r n e r P la n t s
Strikes were called on Oct. 30 , in the plants of the Norge
and the Detroit Gear and Machine divisions of the BorgWarner Corporation by the United Automobile Workers
(C .I .O .). Shortage of parts existing because of U .A .W .(C .I.O .) strikes in Borg-Warner plants caused the suspension
Oct. 31 of operations at the M arvel Carburetor Com pany,
a division of the Borg-Warner Corp.
The strikes at the Norge and the Detroit Gear and Machine
divisions were called within twenty-four hours after union
employees at the plants had voted to walk out in protest
against the corporation’s refusal to negotiate a strike at the
Long Manufacturing division. Issues at the Long M anu
facturing plant involve a union-shop clause, abolition of
piece work, seniority recognition, vacation with pay and a
bonus for night work. The strike at the Long plant has been
2911
in progress since late September, and has since spread to six
additional plants, affecting more than 3,0 00 employees.
Conferences of the Borg-Warner Corp. were postponed
to allow David T . Roadley, Federal labor conciliator, to sub
mit a settlement plan to the corporation’s officials privately.
A m e r ic a n B lo w e r C o r p . S tr ik e S e t tle d
The strike at the American Blower Corp., called by the
United Automobile Workers (Congress of Industrial Organ
izations), was settled on Oct. 26. Approximately 500 men
affected by the strike returned to work on Oct. 30. Clark
Morse, President of the American Blower Corp., stated
that the contract guarantees the restoration of a wage cut
of approximately 6 % . The cut was imposed last Jan. 1,
and the restoration will become effective next Jan. 1. In
reporting the strike settlement the Detroit “ Free Press”
of Oct. 27 said:
Leo Lamotte, U. A. W.-C. I. 0. regional director, who signed the con
tract for the union, said that the union shop had not been demanded.
The company manufactures heating and ventilating equipment.
According to Mr. Lamotte, the contract, which expires April 30, 1941,
provides a bonus of 5c. an hour for night work, and guarantees pay raises
of 2c. and 3c. an hour to laborers.
David T. Roadley, Federal labor conciliator, who presided at the negotia
tions, said the contract calls for vacation pay in the form of a bonus
based on 2 !4 % of each employee’s annual salary. Clarification of seniority
and grievance clauses was also contained in the contract, he said.
A m e r ic a n S m e ltin g &
R e fin in g C o . R e o p e n s
The American Smelting & Refining Co.’s plant at Perth
Amboy, N. J., closed since Oct. 10, when 800 employees en
gaged in the processing of copper, lead and zinc struck,
was reopened on Oct. 27. About 100 men are said to have
returned to work. The Perth Amboy Smelters and Refinery
W orkers’ Union, a Congress of Industrial Organizations
affiliate, called the strike when efforts to negotiate a dis
pute over its demands for a 10% wage increase, a closed
shop and the check-off system failed. The plant normally
employs about 1,250 men.
A previous reference to the
American Smelting & Refining strike appeared in our issue
of Oct. 14, page 2311.
^
K in g L e o p o ld o f B e lg iu m E x p la in s N e u t r a li t y P o lic y
o f H i s C o u n t r y — -I n R a d i o A d d r e s s t o N e w Y o r k
“ H e r a ld
T r ib u n e ”
F orum
H opes
A m e r ic a
W ill
S u p p o r t A t t it u d e T a k e n b y B e lg iu m fo r G o o d o f
P e a c e in S e r v ic e o f C iv iliz a t io n
In a radio address from Brussels, Oct. 26, to the ninth
annual New York “Herald Tribune” Forum on Current
Problems, King Leopold III of the Belgians set forth bis
country’s position in the present European conflict. The
King stated that in 11)37 Belgium was assured by her
“three great neighbors” that her frontiers would be re
spected anil her independence insured. Asserting that neu
trality is vital to Belgium because it depends for its very
subsistence on the activities of her inhabitants, the King
said that “peace is thus for the Belgian people a matter of
life and death.” He added that it has no ambitions for
territorial expansion nor did it have any part in bringing
about the present war. Stating that he trusts the word
of the belligerents, King Leopold concluded by expressing
the hope that the American Nation “ will encourage and
support us in the attitude we have adopted for the good
of peace in the service of civilization.” In our issue of
Oct. 28, page 2616 and page 2626, the address of President
Roosevelt and remarks of other speakers to the Forum were
given. The text of King Leopold’s radio address, as given
in the “Herald Tribune” of Oct. 27, follow s:
I am honored by speaking from the same platform as your great Presi
dent. When the Forum kindly asked me to give a short message to the
American Nation, I accepted this invitation with pleasure. My compatriots,
my family and I have many dear and faithful memories of the United
States.
No Belgian can forget the solace and efficient aid that the American
people extended to the Belgian population by leading the relief of its
needs during years of stress.
The topic that was suggested to me was “ A Call in the Defense of
Civilization.” I regard this suggestion as a compliment to my country.
It implies a recognition of the distinguished place that Belgium has held
throughout the history of the Western World. Belgium has always been
looked upon as a fountainhead of Christian civilization.
Convinced that my country is acting in the defense of this civilization
by the attitude it has taken amidst the conflict that has broken out in
Europe, I feel I might confine my remarks to clarifying to my American
audience Belgium’ s position in this war— a position entirely consistent
with the will, the courage, and the integrity of my people.
In my capacity as head of the Belgian State, I welcome this opportunity
of setting out clearly the following facts:
In 1937 we made known our policy of independence, and each of our
three great neighbors acknowledged this notification. They went further,
spontaneously giving us a definite assurance that they would respect Bel
gium’s frontiers and insure her independence. This led up logically to
the declaration of neutrality which my Government made at the beginning
of the present war. An attitude of neutrality is, moreover, in keeping
both with the traditions and aspirations of the Belgian people, whose
feelings have evolved from age-long struggles.
The Belgian nation,
which is the very incarnation of the sense of individual liberty, gave its
blood to win its institutions in an unflinching determination to remain
itself.
Neutrality also is vital to my country. Belgium, whose territory is
small but one of the most thickly-populated in the world, essentially
depends for her very subsistence on the activities of her inhabitants.
These activities in turn require a continuous florv of her export trade and
2912
ONE HUNDRED The
—
Commercial & Financial Chronicle —
unhindered importation of food and industrial supplies. Peaec is thus
for the Belgian people a matter of life and death.
We have no ambitions for territorial expansion. Neither had we any
part whatever in the happenings that brought about the conflict today
dividing Europe. If we became involved in the fray, it is on our soil that
the issue would be fought out, and, in view of the small size of our
territory, that would spell utter destruction for Belgium, whatever the
issue of the war.
Side by side with Holland, Belgium stands for an island of peace in
the interests of all. At the crossroads of the borders of the great west
European Powers, Belgium, neutral, loyal, and strong as she is today,
fulfills an essentially peaceful mission. She sets a limit to the fighting
front and to the loss of human life. She stands amongst other neutral
States for a stronghold of peace, and an agent of that appeasement which
alone can save our civilization from the abyss into which a world war
would throw it.
We fully know our rights and our duties. We await the future with
steadfast serenity and a clear conscience which nothing can perturb. We
are prepared to exert our entire strength in order to uphold our inde
pendence.
Exactly 25 years ago, day for day, the Belgian Army, under the com
mand of my father, King Albert, arrested, after a hard battle, the
progress of a cruel invasion. If we were attacked, and pray God this may
not happen, in violation of the solemn and definite undertakings that were
given us in 1937 and were renewed at the outset of the present war, we
would not hesitate to fight with the same conviction, but with forces 10
times stronger. Once again a single-minded nation would support its
army.
But we cannot believe that the belligerents would fail to respect our
neutrality. We trust in the word they have given us and have proclaimed
before the world, just as they may rely on our loyalty from which, follow
ing the example set by my beloved father, I am resolved never to swerve,
as the sovereign of a free and gallant people.
In conclusion, let me express the hope that the American Nation, to
whom we feel so closely drawn by ties of common aspirations and by
similarity of our institutions, will encourage and support us in the attitude
we have adopted for the good of peace in the service of civilization.
L o rd L o t h ia n , B r itis h A m b a s s a d o r to U n ite d S ta t e s ,
in
A d d r e s s in g
P ilg r im s
D in n e r
in
N ew
Y ork,
A s s e r ts T h a t G r e a te s t M ista k e s a t P e a c e C o n
fe r e n c e W e r e E c o n o m ic , N o t P o litic a l— D is c u s s e s
V e r s a ille s T r e a t y
In an address before the annual dinner of The Pilgrims
in New York City on Oct. 24, the Marquess of Lothian,
British Ambassador to the United States, in discussing the
Treaty o f Versailles, conceded that “there were certainly
defects enough in it,” but he added, “it is absurd to attri
bute all our troubles to it.” In part he added:
YE A R S OLD Nov. 4, 1939
Presented by Mrs. Ogden Reid, Vice President of The New York “ Herald
Tribune” and Chairman of the forum, as a Britisher who probably under
stood America better than any other ambassador since Lord Bryce, Lord
Lothian asserted that “ the longer war goes on, the more it inevitably and
inexorably trenches upon individual liberty.” He described war as “ the
greatest enemy of democracy.”
After citing the evolution of government from the city-State in Greece,
Lord Lothian said:
“ Finally, when the United States was born, you made another vast dis
covery by dividing the functions of government between the State and the
province, you enabled the rule of law and the representative system to be
applied so as to give freedom, responsibility, representation and peace to
a continent as large as the whole of Europe.
“ That has been your greatest contribution throughout your history, and
it is for that accomplishment that Abraham Lincoln asked you to fight
the Civil War.
“ Now, we are faced today with something larger, far more difficult. It
isn’t going to be solved in a day. Neither I nor anybody else can tell
you how it is to be solved, but I venture to suggest to you that it is in the
study of the growth of peace in the sense in which I have described, be
ginning with Greece, passing through Rome, then through England and
other countries, and finally the United States, that we are going to find
the clue, the final clue which at some future date, near or late, will give
to the world that peace, reign of law and liberty which we all seek more
than anything else in the world today.”
N ew
Y ork
W o r l d ’s
F a ir C lo s e s
1939 S e a so n
w ith
F in a n c e s o n S o u n d B a s is , C h a ir m a n G ib s o n S a y s —
A t t e n d a n c e W a s 2 6 ,0 0 0 ,0 0 0 — B r a z i l a n d F i n l a n d
to P a r tic ip a te N e x t Y e a r — G la s s C e n te r W i ll A ls o
R e tu rn
A s tlie New York W orld’s Fair closed its first year of
operation on Oct. 31, Harvey D. Gibson, Chairman of the
Board of Directors of the Fair Corporation, issued a finan
cial statement disclosing “a satisfactory condition” and he
stated that no financial problem is expected to interfere
with the opening next year. According to the report the
Fair had a balance of $1,128,924 in net quick available assets
on hand Oct. 30, which included $330,204 of accrued interest
to be paid holders of $23,982,808.81 outstanding debentures
on Jan. 1. A t the beginning of his statement Mr. Gihson
expressed “deep appreciation” for the support shown by the
public and all connected with the Fair and the hope for the
same patronage next year.
The text of the statement issued by Mr. Gibson on the
financial condition of the New York W orld’s Fair follow s:
At the conclusion of this, the first year of the operation of the Fair,
in behalf of the board of directors and other committees of the Fair Cor
poration, I wish to express deep appreciation for the support the Fair has
Do not let us lose sight of the ideals which moved us in those remark
received from the public, employees, exhibitors, concessionaires and all
able days from 1914 to 1920. W e then entered an epoch in which an old
T
others who have played a part in the Fair’s success.
world began to die and a new world began to be born. Before 1914 inter
We have many plans for next year’s Fair which, during the next few
national relations were governed by the old diplomacy. It was regarded
months, will be announced from time to time to the public. We sincerely
as natural and right that every nation should think only of its own inter
hope that the Fair next year will merit the same generous confidence and
ests, and should feel no responsibility for any one else.
patronage that the public has given us this year.
But in 1914 the democracies, which had previously concerned themselves
Following our policy of disclosing our full position to the public, par
almost entirely with their internal affairs, began to take charge of inter
ticularly those who are interested in one way or another in the operations
national relations. Democracy, as Thomas Mann has so brilliantly said in
of the World’s Fair, we at this time wish to state the general financial
his great address “ The Coming Triumph of Democracy,” by the law of its
condition of the New York World’s Fair Corporation as its gates are about
being, inevitably gives its allegiance not to dreams of power but to moral
to close this year.
ideals. It may not always live up to these ideals. It certainly does not.
As of the close of business on Oct. 29 the Fair Corporation had on hand
But they are the stars by which it guides its life.
$1,328,090 current working cash. This was exclusive of a number of
And so, immediately the democracies became actively concerned with
accounts in which funds are segregated for specific designated uses.
international affairs they proclaimed their own ideals about them.
Our accounts receivable less reserve for doubtful accounts are $483,246.
Mankind is a community. War is fratricide. Nations as well as indi
Our current accounts payable, nothing past due, amount to $682,412. Our
viduals have the right to life, liberty and happiness. Backward people have
current accounts payable therefore exceed our accounts receivable in the
the right to security against exploitation and to be guided toward selfamount of $199,166. If this difference between accounts payable and
government. The status of all nations, great and small, should be equal
accounts receivable is deducted from our cash on hand we have a balance
before the law. And the establishment of a true reign of law between the
of $1,128,924 which represents net quick assets available as of Oct. 30.
nations is the only remedy for war.
Included in this amount is $330,204 of accrued interest which will be
Those were the ideals which underlay the war and the Paris Peace Con
due and payable on Jan. 1, 1940 to satisfy debenture interest requirements
ference of 1919. They are, I believe, eternally true. And they were ex
on the $23,982,808.81 outstanding debentures.
pressed with immortal eloquence by your own President Wilson.
The satisfaction of settlement with contractors agreed upon last August
Tire greatest mistakes made at the peace conference were not political
has progressed according to echedule. The indebtedness to banks existing
but economic. Few people seemed to realize the inevitable consequence of
and increased as provided in the plan at that time has been liquidated
dividing Europe, or, for that matter, the world, inter watertight economic
in full. The balance of the total amount due contractors and debenture
Compartments and then of imposing on these States fantastic reparations
holders as provided in the plan to be liquidated out of gate receipts next
and other forms of intergovernmental indebtedness which it was quite
year amounts to $260,777 and $326,248 respectively. This is a reduction
impossible to pay across these economic frontiers, without disaster for all.
from a high point of about $2,400,000, or a reduction of approximately
Fundamentally the British are fighting today for the preservation of
$1,613,000.
some of these new values, which the democracies declared during the last
The projection of probable cash receipts and cash disbursements during
war. I am not sure that our ultimate goal is yet visible, any more than
the period between the close of the Fair this year and its opening next
we were able to see in 1914 what we came to see, largely under American
year indicates a satisfactory condition and no financial problem is expected
leadership, in 1918. But there are, we feel, two points which are clear.
according to the best figures that are available.
The first is that there can be no basis for a lasting peace which does not
In our estimates of cash to be received during this period no receipts
give to all the nations of Europe their right to autonomous freedom and
are counted on from an advance ticket sale campaign.
until the Gestapo is cleared out from among them.
The operating expenses of the corporation as provided for in the budget
The second is that we should establish some security against constantly
adopted by the board of directors yesterday, not including interest require
renewed wars of aggression and against the situation in which Hitler has
ments, averages $10,700 a day. Total operating expenses for the period
been able to annex a new country by war or by threat of war every six
amount to $2,204,317, interest requirements approximately $560,000, and
months.
direct construction costs $1,447,360, making total costs for the entire
I
am sure there is no desire in my country to impose another dictated interim period including interest requirements $4,211,677.
peace on a prostrate Germany, or to take from her any lawful rights. On
Revenue forecast is $4,240,000 which amount, however, does not include
the contrary, I think there is a clear conviction that only through a peace
net quick assets on hand as of Oct. 30 amounting to $1,128,924.
negotiated with a government they can trust can Germany, and all other
Attendance figures at the Fair for the season, April 30
nations also, obtain that legitimate place in Europe and the world which
is the only possible basis for a lasting peace.
to Oct. 31, as announced by the Fair’s treasury department
But let there be no mistake. We feel that today we are fighting for
Nov. 1, showed that 25,816,542 persons paid admission and
some of the vital principles upon which a civilized world alone can rest—
an additional 6,969,642 were admitted on working permits,
a world in which the individual and the nation will be free to live their
passes, etc., making a total of 32,786,184 admissions. The
own lives in their own way, secure from sudden attack and destruction.
admission price to the Fair next year will be 50 cents, Mr.
There we stand; we can do no other. And unless I misjudge my fellowGibson announced on Nov. 1.
countrymen, there we shall stand until that purpose is achieved.
Addressing the ninth annual New York “Herald Tribune”
Forum on Oct. 26, Lord Lothian said that Europe may yet
find a clue to peace and order in the type of Government
established in the United States at the cost of a civil war.
The “ Times” of Oct. 27 summarized this speech as follow s:
Announcement was recently made that Brazil and Fin
land will participate in the Fair next year and that Norway,
Sweden and Denmark will not return, although the Swedish
pavilion will be operated as a private enterprise.
The million dollar Glass Center at the Fair, sponsored
jointly by the Owens-Illinois Glass Co., the Pittsburgh Plate
Volume 149
ONE HUNDRED—The
Commercial & Financial Chronicle— YE A R S
Glass Co., and the Corning Glass Works, will again be a
feature in the coming 1940 season, it was announced Oct.
29. Highly pleased by the large attendance at the building,
which has exceeded 0,408,000 persons, the glass companies
plan innovations to add to the present show for the coming
season’s activities there.
Previous reference to others who have decided to return
next year was made in our issue of Oct. 28, page 2628.
Death of Representative Chester C. Bolton of Ohio—
Was Serving Fifth Term in Congress
Chester C. Bolton, Republican Representative in Congress
from the Twenty-second Ohio District, died of heart dis
ease on Oct. 29 in Lakeside Hospital, Cleveland. He was
57 years old. Mr. Bolton was serving his fifth term in
Congress, having been first elected to the House in 1928.
He was reelected for four successive terms, but we defeated
in 1936 and returned to Congress in 1938. The following
concerning his career is from Cleveland advices of Oct. 29
to the New York “Times” :
Mr. Bolton was elected to the Ohio State Senate in 1922, and served six
years, spending the last two as majority leader and president pro-tem of
that body. He was a delegate to the Republican national convention
in 1928.
Mr. Bolton was born on Sept. 5, 1882, the son of the late Charles C.
and Julia Castle Bolton. . . .
He entered the employ of the Bourne
Fuller Co. here, which later became a part of the Republic Steel Corp.,
and had advanced to the position of Assistant Treasurer when the United
States entered the World War.
Commissioned Captain in the Army Ordnance Department after years
of training in the Ohio National Guard, Mr. Bolton was assigned to the
Munitions Standard Board as secretary and later to other duties with the
General Munitions and the War Industries Boards.
At the end of the war he was a Lieutenant-Colonel assigned as Assistant
Chief of Staff of the 101st Division, with headquarters in Mattiesburg,
Miss.
During his career in Congress Mr. Bolton was a member of the Rivers
and Harbors Committee for four terms and of the Appropriations Com
mittee for two. He also served on the Select Committee on Conservation
of Wild Life Resources, 1930-36, and was a member of the Migratory Bird
Commission for the House, 1932-36, and of the George Rogers Clark Sesquicentennial Commission in 1936.
After his reelection to the Seventy-sixth Congress he was reassigned to
the Appropriations Committee and to the subcommittee for the War
Department. Mr. Bolton was a foe of the spending program of the New
Deal and refused to support the Townsend Plan movement.
Swiss Bank Corp. to Publish English Edition of Its
Monthly Bulletin
The Swiss Bank C orp., which opened an agency in New
York City on Oct. 16, will, in the future, publish an Epglish
edition of its monthly bulletin discussing current topics.
The organization’s main office in Basle has been publishing
the review for many years but only in two languages, German
and French.
The bulletin for September contains a discussion of some
of the aspects of the economic relations between Switzerland
and the United States, the texts of the convention between
the two countries signed in 1850 and of the trade agreement
signed in 1936.
Opening of the New York agency was reported in these
columns of Oct. 21 , page 2439.
L. H. Brown Awarded Vermilye Medal by Franlkin
Institute for Work in Industrial Management
The Franklin Institute of Pennsylvania will make its
first award of the Vermilye M edal “ in recognition of out
standing contribution in the field of industrial m anagement,”
to Lewis H . Brown, President of the Johns-Manville C orp.,
New York , it was announced Oct. 29, by Philip C . Staples,
President of The Franklin Institute. Presentation of the
medal will be made in Philadelphia, N o v . 14. Nam ed after
its donor, William M . Vermilye, Vice-President of The
National City Bank of New Y ork, the medal is purposed to
stimulate, encourage and recognize outstanding contributions
in the field of industrial management not only in the United
States but in other countries as well. M r . Brown will receive
the medal for “ his brilliant work in executive management
in industry.”
Only Small Percentage of Public Regarded as Under
standing Part Wall Street Plays in Economic Life
of Country, According to W. Averill Harriman
The subject of “ W all Street and Public Opinion” was dis
cussed on O ct. 30 by W . Averell Harriman, Partner in the
private banking firm of Brown Brothers Harriman & C o .,
Chairman of the Board of the Union Pacific Railroad C o .,
and Chairman of the Business Advisory Council for the
Department of Commerce, at a luncheon meeting of the
New York Financial Advertisers Association at the Lawyers
Club in New York C ity. In analyzing the reasons why
W all Street had been a popular political football, M r . Harri
man observed that “ It is not enough to be ‘doing a jo b ’—
it is necessary to have people believe you are.” He also
said:
Most o f the national publicity from Wall Street has come out o f the
unusual incidents in its history. The ordinary banking and financial
transactions are complicated and undramatic. I believe we will agree that
only a small percentage o f the public has an understanding of the real part
Wall Street plays in the economic life o f the country and in many o f the
major developments, such as employment in which everybody is interested.
OLD
2913
To emphasize the confusion of thinking that exists, M r .
Harriman pointed out that “ Bankers were condemned a few
years ago for making what were called improvident loans,
and yet today they are being condemned for alleged un
willingness to lend m oney.” In concluding, M r . Harriman
stated:
M V
One inherent difficulty is that the qualities that make for success as a
sound banker are so different from those that make success in publicity that
they are not apt to be combined in the same individual. If, however, as much
intelligent thought is given to the development of public understanding
important public service performed as has been given to the technical
aspects o f banking, there is no reason to doubt that over a period of time
important progress can be made and future political difficulties minimized.
National Association of Manufacturers Initiates Search
for Nation’s Outstanding Inventors and Scientists
— Dr. Karl T. Compton Heads Awards Committee
Dr. Karl T. Compton, President of the Massachusetts
Institute of Technology, heads a committee of six scientists
named Oct. 15 to select America’s most outstanding “Mod
ern Pioneers”— those inventors who have contributed most
to the American standard of living in the last 25 years.
The “Modern Pioneers” will be honored Feb. 27 at a cele
bration in New York, sponsored by the National Associa
tion of Manufacturers to commemorate the 150th anniver
sary of the founding of the American Patent System. In
addition to Dr. Compton the Awards Committee includes:
Foixst R. Moulton, American Association for Advancement of Science.
Goorge B. Pegram, Columbia University.
John T. Tate, University of Minnesota.
Edward R. Weidlein, Mellon Institute.
Frank C. Whitmore, Pennsylvania State College.
Simultaneous with the appointment of the Awards Com
mittee, the N. A. M., in cooperation with scientific organiza
tions, launched its search for the Nation’s outstanding in
ventors and scientists. The N. A. M. asked manufacturers,
trade groups and scientific societies to nominate persons
for distinction as “Modern Pioneers.” Nominations close
Dec. 1. A special committee of 80 leading industrialists
has been appointed by the N. A. M. to promote the search
for the inventors. Chairman of the committee is Robert L.
Lund, Executive Vice-President of the Lambert Pharmacal
Co. and Chairman of the N. A. M. Patents and Trade-Marks
Committee.
Two Chicago Institutes to Merge to Form Illinois
Institute of Technology
It was announced Oct. 26 by James D . Cunningham,
Chairman of the Board of Trustees of Armour Institute of
Technology, and Alex D . Bailey, Chairman of the Board of
Lewis Institute, that their repective institutions had entered
into and agreement to consolidate into a great new techno
logical center for Chicago. It is said that this is the first
occasion on which two colleges of engineering have ever
agreed to merge their interests to produce an institution of
more important scope. The announcement by the Armour
Institute further stated:
The name o f the new school is to be the Illinois Institute o f Technology,
with the background and reputation o f the two component colleges recog
nized by maintaining their names as applied to its two divisions. Armour
and Lewis have for many years served the community in the fields o f en
gineering education, and, by this amalgamation, it is expected that this
work and this service can be grately enhanced to the benefit of the com
munity. The general effect will be to produce for Chicago a technological
institution second to none in this country.
H. J. Johnson Appointed President of Institute of
Life Insurance
r The appointment of Holgar J. Johnson of Pittsburgh as
President of the Institute of Life Insurance was announced
Oct. 30 by Frazar B . W ilde, Chairman of the Institute’s
board of managers and President of the Connecticut General
Life Insurance C o ., at a luncheon at the WT
aldorf-Astoria
H otel, New York , given by Thomas I . Parkinson, President
of the Equitable Life Assurance Society of the United States,
and a member of the Institute’s board of managers. The
Institute was formed early this year by 85 leading insurance
companies to coordinate the efforts of the companies and
agents to further improve their service to the public and to
act as a clearing house for information on life insurance.
A previous appointment to the Institute’s staff was mentioned
in jiu r issue of June 24, page 3778.
N. H. Dorrance and R. T. Stevens Nominated Directors
of New York Federal Reserve Bank
Announcement was made Oct. 31 by the Federal Reserve
Bank of New York , through Owen D . Young, Chairman of
the Board, of the nomination of Neil H . Dorrance, President
of the First National Bank and Trust C o. of Camden,
Camden, N . Y . , as a Class A Director and of the renomina
tion of Robert T . Stevens, President of J. P. Stevens & C o .,
In c., N ew Y ork, as a Class B Director. M r. Stevens’ present
term expires D ec. 31 , 1939. If elected they will serve from
Jan. 1, 1940 to D ec. 31 , 1942. Both candidates were nomi
nated by member banks in Group 3 which comprise banks
with capital and surplus of less than $301,000. Banks in
Groups 1 and 2 will not vote in this election. Voting began
on N o v . 1 and will continue until 12 o ’clock noon N o v . 16.
The circular issued by the bank calling attention to the elec
tion was referred to in our issue of Oct. 2 1 , page 2456.
2914
ONE HUN DRED The
—
Commercial & Financial Chronicle —
G. L. Harrison, Head of New York Reserve Bank, Cele^ brates 25th Anniversary with Federal Reserve
System
F George L. Harrison, President of the Federal Reserve Bank
of New York, celebrated his 25th anniversary of association
with the Federal Reserve System on N ov . 2 . M r . Harrison
has been associated with the Federal Reserve System since
its organization in 1914. He served first as Assistant General
Counsel and later as General Counsel of the Federal Reserve
Board.
He left Washington in 1920 to become Deputy
Governor of the New York Reserve Bank and held this post
until November, 1928 when he was made Governor of the
Bank. The title of Governor was later changed to President.
The appointment of M r . Harrison as Governor of the Bank
was reported in our issue of N o v . 24 , 1928, page 2903.
Stock Brokers’ Associates of Chicago Hold First Annual
Meeting
The first annual meeting of the Stock Brokers’ Associates
of Chicago was held on Nov. 2 at the Hotel La Salie, Chi
cago. Phil S. Hanna, editor of the Chicago “ Journal of
Commerce”, was the principal speaker.
Other addresses
were made by Paul H. Davis, head of the brokerage firm
bearing his name and Governor of the New York Stock
Exchange; Arthur M. Betts, partner of Alfred L. Baker &
Co. and Chairman of the Board of the Chicago Stock Ex
change, and John McCarthy, partner of McCarthy & Scoville and President of the Chicago Board of Trade. John J.
O’Brien, manager of the stock department of Wayne Hum
mer & Co., who was recently elected first president of the
new Association, as reported in our Oct. 21 issue, page 2457,
presided at the meeting.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made N o v . 3 for the transfer of a New
York Stock Exchange membership at $02,000, unchanged
from the previous transaction on N o v . 1.
----- 4------
Arrangements were made Oct. 31 for the transfer of a
New York Stock Exchange membership at $60,000. The
previous transaction was at $62,000 on Oct. 20, 1939.
---- «----
Oscar Lassen, head of the carpenter shop of the New
York Stock Exchange since 1895, on Oct. 30 celebrated at
the Exchange his golden wedding anniversary and also his
forty-fourth anniversary as an employee of the Exchange.
A luncheon, which was attended by 35 members, officers
and employees of the Exchange, including Edward E. Bart
lett Jr., Chairman of the Board, was held in his honor at
the Stock Exchange Luncheon Club. William K. Beckers,
a Governor of the Exchange and a member of the firm of
Spencer Trask & Co., was toastmaster. William McC. Mar
tin Jr., President, presented a purse to Mr. Lassen in recog
nition of the esteem in which he is held by both members
and employees of the Exchange. W illiam B. Potts, former
President of the New York Stock Exchange Building Co.,
presented to Mr. Lassen an engraved testimonial, also from
the members and employees.
Daniel F. O’Meara, President of the New York Chapter,
American Institute of Banking, and Assistant Vice-Presi
dent of the Public National Bank & Trust Co. of New York,
announces a Federal Income Tax Seminar to be offered
on Friday evenings during the next eight weeks under the
leadership of Myron M. Zizzamia of City Bank Farmers
Trust Co. This review course will consider the Internal
Revenue Code as amended, current regulations, and recent
decisions. The first class session was held at 6 p. m. on
Nov. 3.
-------♦-------
The management of the Chase National Bank, New York,
is informing its employees that as a result of recent amend
ments to the Federal Social Security Act extending the oldage benefits thereunder to employees of National banks as
of Jan. 1, 1940, the bank is altering its own retirement and
insurance plan in such manner that the combined benefits
under the plan and the Social Security Act will afford re
tirement allowances comparable to those provided for by the
present plan. The notice states that amendment of the
plan will not affect retirement annuities already purchased
or the rights of employees with respect to annuities which
may be purchased by the bank on account of service prior
to July 1, 1933. Both the non-contributory and contribu
tory group life insurance in force on the lives of Chase em
ployees will be continued without change.
Guaranty Trust Co. of New York announces that at a
meeting of the Board of Directors, held Oct. 30, the fol
lowing titles of officers in the foreign department were
changed: W illiam R. Strelow, Harold F. Anderson and
Russell L. Wardburgh from Assistant Managers to Second
Vice-Presidents, and Philip F. Swart Jr. from Assistant
Secretary to Assistant Manager.
Charles G. Edwards, President of Central Savings Bank,
New York City, said on Nov. 1 that it is reasonable to
expect an increase in the savings deposits of the Nation.
Mr. Edwards further sa id :
YE A R S OLD
N ov. 4, 1939
While it begins to look as if American speculative fever has been dor
mant, rather than cured, nevertheless in any period of rising employment
there is always a great mass of people who finally find it possible to put
something aside out of income for future protection. Also, a great army
of young people, employed for the first time in their lives, are discovering
the satisfaction of having a reserve in the bank, which does not fluctuate
in value.
----- 4------
The Pan-American Trust Co., New York City, has applied
to the New York State Banking Department for permission
to open and maintain a personal loan department at its
principal office and branch in New York City, it is learned
from the department’s “Weekly Bulletin” of Oct. 27.
---- 4----
The New York State Banking Department on Oct. 25
mailed to depositors of the closed Times Square Trust Co.,
New York City, checks representing $46,752, it was an
nounced by W illiam It. White, Superintendent of Banks.
The money represents 5 % divided payments on deposits
and is the second such dividend paid this year. The present
payment brings to 909c the total of dividends paid to de
positors. The bank was closed on Aug. 5, 1931, with 400
depositors and total liabilities of $2,062,425.
John C. McConnell, formerly Executive Vice-President of
the National Bank of W est Virginia at Wheeling, was
elected President on Oct. 19, to succeed W . B. Irvine, who
resigned recently after 50 years of service with the institu
tion. The new President, who has been Executive VicePresident of the Wheeling bank since April, 1938, went to
Wheeling from Cleveland, Ohio, where for several years
he held a high position in the trust department of the old
Union Trust Co. and later had been a Special Assistant
to the Attorney General of Ohio. Following his graduation
from the College and Law School of Western University,
Cleveland, Mr. McConnell began his banking career as attor
ney for the Union Trust Co., subsequently having charge
of the trust departments during the liquidation of that
bank. Isaac M. Scott is Chairman of the Board of Directors
of the National Bank of W est Virginia, which was estab
lished in 1S17.
-------- ♦--------
Harry G. Kraus, formerly a partner of the investment
firm of Kraus-Cunningham & Co. of Cleveland, Ohio, has
become associated with the Cleveland Trust Co. in its com
mercial banking department, it is learned from “Money and
Commerce” of Oct. 28, which added:
Mr. Kraus is a son of Joseph R. Kraus of Cleveland, long known in
banking in Ohio. He was graduated from University School, spent two
years as Kenyon College, and had been in the investment business
since 1924.
H . C . Smith, who entered banking as an employee of the
First National Bank of Wilkinsburg, P a ., has been elected
Cashier of the Citizens’ National Bank of W ooster, Ohio,
succeeding in that capacity William Harris who had been
Executive Vice-President and Cashier, and who continues as
Executive Vice-President. “ M oney & Commerce” of Oct. 2 1 ,
in noting this, added:
► M r. Smith, after leaving Wilkinsburg, was four years a member o f the
National Bank Examiners force, with the National City Bank o f Cleveland
a short time and with the Citizens’ National Bank o f Washington, Pa.,
eight years.
--------4--------
The “ Commercial W est” of Oct. 28 reports that Lester E.
Smith has resigned as Assistant Cashier of the Merchants
National Bank & Trust Co. of Fargo, N. Dak., to accept the
casliiership of the Fargo National Bank of that city. The
paper continued, in p a rt:
Mr. Smith was educated at Buffalo, N. Dak., and Fargo, and entered
the employ of the Merchants National in 1925.
E. L. Shaw, who has been Vice-President and Cashier of the Fargo
National, continues as Vice-President and Manager, to which position he
succeeded at the death of Fred M. Hector, President, several months ago.
The office of President will not be filled at present, and T. D. Hughes,
Minneapolis, continues with Mr. Shaw as Vice-President.
-------- 4 ---------
A t the regular meeting of the Palm (-Fla.) Clearing House
Association, the following officers, it was announced N o v . 1,
were elected for the ensuing year:
k' Bert C. Teed, First Vice-President o f the First National Bank in Palm
Beach, was elected President of the Association;
R . E. McNeill, Executive Vice-President o f the West Palm Beach At
lantic National Bank in West Palm Beach, was elected Vice-President of
the Association;
Paul K. Reeves, Cashier o f the Florida Bank & Trust Co. in West Palm
Beach, was elected Secretary o f the Association; and
Roy E. Garnett, President o f the Lake Worth National Bank, was elected
Treasurer.
The Clearing House Association now comprises Palm
Beach, W est Palm Beach and Lake W orth.
THE CURB MARKET
w M ixed price changes with a moderate tendency toward
lower levels characterized the trading on the New Y ork
Curb Exchange during most of the present week. There
were some substantial advances among the preferred stocks
in the public utility list and there has been some buying
in the industrial specialty group. Oil shares have been quiet
and moved within a narrow range. M ining and metal stocks
were steady but the changes were generally in minor frac-
V o lu m e
149
ONE HUNDRED The
—
Commercial & Financial Chronicle —
tions. The aircraft issues have shown occasional forward
movements but the tendency, on the whole, has been toward
lower levels.
Irregular price changes were in evidence during most of
the short period of trading on Saturday. There were a few
strong spots scattered through the list but these were largely
among the slow moving stocks and had little effect on the
market movements. Public utilities were quiet as many of
the popular speculative issues failed to appear on the tape.
Aviation shares wure heavy, mining and metal stocks were
quiet and oil issues moved within a narrow range. Indus
trial specialties were moderately active and several of the
leaders in this group registered gains ranging from 1 to 2
points. Pepperell Manufacturing Co. was down 2 points
to 88, and Great Atlantic & Pacific Tea C o. nv stock de
clined
^ points to 110.
Curb stocks were mixed on M onday -with gains and
losses about evenly balanced. Trading was dull the trans
x
fers totaling approximately 154,795 shares. Public utility
preferred stocks were higher and several of the more active
issues moved forward a point or more. Textiles also were
higher and in a number of instances reached new tops for
the year. In the aircraft section Fairchild registered mod
erate gains while Lockheed and Bell recorded fractional de
clines. Oil shares continued quiet, mining and metal issues
were weak and steel stocks were unchanged. Industrial
specialties were moderately strong, Lane Bryant moving
forward 1 2 points to 71 on a small turnover, Canadian
Car & Foundry pref. advancing 4 points to 27, and Thew
Shovel moved ahead 1 % points to 19.
Price movements were again mixed on Tuesday, and
while there was a tendency toward lower levels, a fairly
large list of active stocks moved against the trend. Steel
issues were irregular, Jones & Laughlin dipping 2}/% points
to 40, while Pittsburgh Bessemer & Lake Erie gained a
point at 413^. Public utilities, especially the preferred
stocks, were stronger, Cleveland Electric Illuminating ad
vancing a point to its top price for the year at 42 and Southern
New England Tel. climbed upward 23^ points to new high
ground at 160. Aircraft shares were steady but showed
little change and substantial advances were registered by
Royal Typewriter, Singer Manufacturing Co. and Chicago
Flexible Shaft.
Public utilities and industrial specialties were in demand
on Wednesday at substantially higher prices. There was
some irregularity apparent from time to time, and while
the gains were checked to some extent, many of the market
favorites continued to move on the side of the advance.
Aircraft stocks moved downward with fractional changes
and the oil shares continued quiet and for the most part
unchanged. The aluminum stocks were stronger, Aluminum
Co. of America pref. moving up a point to 116. Am ong
the advances of note were Great Atlantic & Pacific Tea Co.
nv stock 33^ points to 1133^; Cities Service Power & Light
$7 pref., 6 points to 91; Ohio Public Service 7 pref. A (7),
2 points to 112; and Consolidated Gas & Electric of Balti
more, 13^ points to 78.
Trading on the Curb Exchange continued quiet on Thurs
day, and while the turnover was down to the lowest level
since the middle of October, there was a fairly large list of
gains as the session ended. Oil stocks were unusually active,
Standard Oil of Kentucky moving up to a new peak at 19;
while Standard Oil of Ohio was close to its best for the year.
Aviation shares were considerably stronger and moved for
ward under the leadership of Lockheed which advanced to
3 2 % with a gain of 1 % points. Aluminum issues were again
in favor and surged upward to higher levels. Public utility
pref. stocks were in good demand and there was renewed
activity apparent in the industrial specialties. Prominent
among the advances were Aluminium L td ., 5 % points to 104;
r
Thew Shovel, 3 % points to 23; Standard Steel Spring, 2
points to 43; Koppers C o. pref., 2 points to 78 , and Heyden
Chemical, 2 points to 60.
Stocks moved higher on Friday and gains were apparent all
T
along the line. Aircraft stocks led the way, Bell Aircraft
forging ahead 2 % points to 2 6 % followed by others in the
group with somewhat smaller advances.
Public utilities
were in demand, particularly those in the preferred group,
and there was considerable attention directed toward the in
dustrial specialties, many of which closed at higher levels.
The transfers were approximately 288,000 shares against
142,000 on the preceding day. As compared with Friday
of last week prices were slightly higher, Aluminum Co. of
America closing last night at 142 against 1 3 7 % on Friday a
week ago; Aluminium Ltd. at 1 0 1 % against 9 9 % ; Bell Air
r
craft at 2 6 % against 26; Lockheed Aircraft at 3 3 % against
33; New Jersey Zinc at 6 9 % against 68; Newmont Mining
Corp. at 7 1 % against 7 0 % ; Niles-Bement-Pond at 68 against
67, and Singer Manufacturing C o. at 154 against 151.
Week Ended
N ov.- 3. 1939
Saturday__________
Monday___________
Tuesday....................
Wednesday________
Thursday__________
Friday-------------------Total____________
Stocks
(Number
of
Shares)
87.020
154,275
183,175
142,375
141,565
287.620
Bonds (Par Value)
Domestic
Foreion
Government
$690,000
1,289,000
1,453.000
1,374.000
2,094,000
1,440,000
$71,000
25,000
8,000
3,000
7,000
9.000
996,030 $8,340,000
$123,000
Foreion
Corporate
$20,000
54.000
28.000
52,000
33.000
59,000
Total
$781,000
1.368.000
1,489,000
1,429,000
2.134.000
1,508,000
$246,000 $8,709,000
Week Ended N o v . 3
Sales at
New York Curb
Exchange
1939
Stocks— No of shares -
2915
1 to N o v . 3
Jan
1939
1938
1938
996,030
1,217,813
38,125,095
39,212,341
Domestic____________
Foreign government__
Foreign corporate____
$8,340,000
123,000
246,000
$8,130,000
118,000
112,000
$377,490,000
3,678.000
5.825,000
$290,313,000
6,043,000
5,683,000
T otal______________
$8,709,000
$8,360,000
$386,993,000
$302,039,000
Bonds
Pittsburgh Stock Exchange
O c t . 28 t o N ov. 3, b o t h in c lu s iv e , c o m p ile d fr o m o f f i c i a l sa le s lists
Stocks—
13
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Y E A R S OLD
Par
Allegheny Ludlum Steel..*
Arkansas Natural Gas_ *
_
Armstrong Cork C o _____ *
Blaw-Knox C o__________ *
Byers (A M) common___ *
Carnegie M etals C o______1
Clark (D L) Candy C o_ *
_
Columbia Gas & Electric.*
Copperweld Steel_______ 1C
Friday
W e ek 's Range
Last
Sale
o f Prices
Price Low
H igh
2 2%
38%
12%
15%
65c
5%
7
17%
Duqueene Brewing C o ___5
Follansbee Bros pref_ 100
_
Fort Pitt B rew in g..........1
1%
Koppers Gas & Coke pf 100 7 7
Lone Star Gas C o _______*
9%
Mountain Fuel S u p p ly..10
5%
Nat Fireproofing Corp_ * ______
_
__
_
Pittsburgh Brewing Co_ *
Pittsburgh Coal pref_ 100
_
Pittsburgh OH & Gas____5
Pittsburgh Plate Glass..2 5
Pittsburgh Screw & B olt.*
Ruud Mfg C o___________ *
22%
2%
24%
2%
38% 38%
12% 13%
14% 16%
60c
70c
5%
5%
6%
7%
15% 17%
1 7 y*
18
10% 10%
18
18
1%
1%
77
78
9%
9%
5
5%
2
1%
8%
8%
1%
1%
27
27
1
1
101%
99% 102%
9% 10
9%
6%
6%
6%
1c
2%
Shamrock Oil & Gas____ 1
2%
34
34%
United Eng & Foundry . .5
55c 55c
United States Glass Co_ 1
_
Victor Brewing C o ______ 1
25c
30c
25c
30% 31%
Westinghouse Air Brake. . *
Westlnghouse El & M fg. 50 113% 113% 115
Unlisted—
Pennroad Corp v t c _____1
......
2%
2%
Sales
fo r
W eek
Shares
257
141
8C
431
652
82C
305
259
430
140
374
110
300
74
1,660
930
200
100
200
100
200
188
517
95
8.000
285
100
100
200
223
70
69
Range Since J a n .
Low
14%
2%
33%
8%
7%
25c
5
5%
11%
15
10
6%
90c
55
7%
4
1%
7%
Aug
Feb
Sept
Sept
Apr
June
Apr
Apr
Apr
Feb
Sept
Apr
Jan
July
Apr
Apr
July
Oct
1%
13
Apr
1
Jan
90% Apr
4% Sept
5
May
lc
1%
25%
50c
20c
18
83%
June
Apr
Mar
July
Apr
Apr
1, 1939
H ig h
27%
3%
56%
17%
16%
1,2o
6%
8%
17%
Jan
May
Jan
Jan
NoV
Sept
Jan
Feb
Nov
21H
14%
20
1%
79%
9%
5%
3%
9
2
32
1%
116%
11%
8
2c
4
35%
80c
40c
37
119%
1% July!
Mar
Sept
Feb
Oct
Nov
Sept
Sept
Jan
Sept
May
Mar
Sept
Feb
July
Sept
Sept
Sept
Jan
Sept
Sept
3% Sept
* No par value.
Course of Bank Clearings
Bank clearings this week will show an increase compared
with a year ago. Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, N o v . 4)
clearings from all cities of the United States for which it
is possible to obtain weekly clearings will be 6 .0 % above
those for the corresponding week last year. Our preliminary
total stands at 16 ,537 ,24 0,01 1, against $6,166,72 3,82 5 for
the same week in 1938. A t this center there is a gain for the
week ended Friday of 3 .7 % .
Our comparative summary
for the week follows:
i.
C le a r in g s — R etu r n s by T ele g r a p h
W e e k E n d in g N o v . 3
Per
C en t
Total all cities for week___________
$3,111,984,722
261,292,673
359,000,000
242,347,140
88,618,651
77,300,000
136,277,000
113,969,658
93,723,343
93,026,451
66,289,596
$2,999,645,431
246,993,716
336,000,000
224,484,200
73,139,163
74,000,000
122,137,000
97,250,746
84,998,397
80,661,022
62,391,490
+ 3.7
+ 5.8
+ 6.8
+ 8.0
+ 21.2
+4.5
+ 11.6
+ 17.2
+ 10.3
+ 15.3
+6.2
$4,401,701,165
782,451,410
+ 5.5
+ 2.7
$5,447,700,009
1,089,540,002
<
1938
$4,643,829,234
803,870,775
Philadelphia__________ ____________
1939
$5,184,152,575
982,571,250
+ 5.1
+ 10.9
$6,537,240,011
$6,166,723,825
+ 6.0
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. W e cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, w'hich we
present further below, we are able to give final and complete
results for the week previous— the week ended Oct. 28. For
that week there was a decrease of 0 .3 % , the aggregate of
clearings for the whole country having amounted to $5 ,9 1 6 ,977,963, against $5,933 ,37 7,99 5 in the same week in 1938.
Outside of this city there was an increase of 7 .9 % , the
bank clearings at this center having recorded a loss of
6 .0 % . W e group the cities according to •the Federal Re
serve districts in which they are located, and from this it
appears that in the N ew York Reserve District (including
this city) the totals record a loss of 5 .5 % , but in the Boston
Reserve District the totals register a gain of 5 .0 % and in the
Philadelphia Reserve District of 5 .8 % . In the Cleveland
Reserve District the totals show an improvement of 1 3 .6 % ,
in the Richmond Reserve District of 7 .1 % and in the Atlanta
Reserve District of 1 3 .8 % . The Chicago Reserve District
shows an increase of 1 .9 % , the St. Louis Reserve District
of 7 .6 % and the Minneapolis Reserve District of 1 5 .1 % .
In the Kansas City Reserve District the totals are larger by
8 .9 % , in the Dallas Reserve District by 9 .7 % and in the
San Francisco Reserve District by 1 0 .6 % .
In the following we furnish a summary by Federal Reserve
districts:
'
ONE HUNDRED— The
2916
YEARS OLD
Commercial & Financial Chronicle —
The volume of transactions in share properties on the
New York Stock Exchange for the first ten months of the
years 1936 to 1939 is indicated in the following:
S U M M A R Y O F B A N K C L E A R IN G S
W eek E n d . Oct. 2 8 , 1939
1939
1938
In c.or
D ec.
F e d e r a l R e s e r v e D is ts .
1st B o s to n _____ 12 cities
2d
N e w Y o r k . . 13 “
3d
P h llad elp h ia lO “
4th C l e v e l a n d .. 5 “
6th R i c h m o n d .. 6 “
6 th A t la n t a ____ 10 “
7th C h ica g o ____ 18 "
8 th St. L ou is___ 4 "
Oth M in n ea p olis 7 "
10th K ansas C ity 10 “
11th D a lla s ........... 6 “
I2 th San F ra n ___ 11 •
•
S
s
%
274,152,348
3,383,698,701
406,423,272
303,349,396
143,421,591
180,324,413
493,034,968
158,566,671
112,764,491
137,513,918
72,329,747
251,398,444
261,079.637
3,579,799,388
384.312,812
267.080,779
133,939,507
158,431,095
483,831,523
147,387,041
97,939,119
126,289,159
65,920,668
227,367,267
+ 5 .0
—5.5
+ 5.8
+ 13.6
+ 7.1
+ 13.8
+ 1.9
+ 7.6
+ 15.1
+ 8 .9
+ 9 .7
+ 10.6
270,693,246
3,510,863,616
381,634,691
321,773,306
142,676,250
157,159,769
506,777,102
149,330,89 +
112,995,966
131 691,306
69,119,735
251,144,536
276,296,869
3,534,912.078
360,322.597
302,912,728
130,388,375
151,307,521
493,976,935
152,512,658
101,682,264
128,760,533
65,541,886
231,800,399
T o t a l _________113 cities
O u tsid e N . Y . C it y _____
5,916,977.96:
2,647,813,950
5.933,377,995
2,454,428,496
—0.3
+ 7 .9
6,005,865.467
2,614,043,165
5,930,414,843
2,507,741,423
C a n a d a __________ 32 cities
358.143,498
359,817,073
—0.5
376.0n 120
343,428,616
1936
1937
5
Nov. 4, 1939
$
1939
N o . Shares
1938
N o . Shares
1937
N o . Shares
1936
N o . Shares
2 5 ,1 8 2 ,3 5 0
1 3 ,8 73 ,32 3
2 4 ,5 6 3 ,1 7 4
2 4 ,1 5 1 .9 3 1
14.5 26 ,09 4
2 2 ,9 9 5 ,7 7 0
5 8 ,6 7 1 ,4 1 6
5 0 ,2 4 8 .0 1 0
5 0 ,3 4 6 ,2 8 0
6 7 ,2 0 1 ,7 4 5
6 0 ,8 8 4 ,3 9 2
5 1 ,0 1 6 .5 4 8
F irst q u a r t e r _______________
6 3 ,6 18 ,84 7
6 1,6 7 3 .7 9 5
159 ,26 5,7 06
1 7 9 ,10 2,6 85
M o n t h o f A p r il_______________
M a y _______________
J u n e . .................. .......
2 0 ,2 4 6 ,2 3 8
1 2,9 35 ,21 0
11,9 63 ,79 0
1 7 ,1 19 ,10 4
1 4,0 04 ,24 4
2 4,3 6 8 ,0 4 0
3 4 ,6 0 6 ,8 3 9
18,5 49 ,18 9
16,4 49 ,19 3
3 9 ,6 0 9 ,5 3 8
2 0 ,6 1 3 ,6 7 0
2 1 ,4 2 8 ,6 4 7
M o n t h o f J a n u a r y ____________
.
F e b r u a r y ______
M a r c h _____________
S e co n d q u a r te r____________
We also furnish today a summary of the clearings for the
month of October. For that month there was a decrease
for the entire body of clearing houses of 5 .8% , the 1939
aggregate of clearings being $25,041,170,281 and the 1938
aggregate $26,572,177,720. In the New York Reserve Dis
trict the totals fell behind by 5 .6% , but in the Boston
Reserve District the totals are larger by 5.6% and in the
Philadelphia Reserve District by 6.5% . The Cleveland
Reserve District enjoys a gain of 14.5%, the Richmond
Reserve District of 5.9% and the Atlanta Reserve District
of 11.8% . In the Chicago Reserve District the totals
record a gain of 6.8% , in the St. Louis Reserve District of
10.2% and in the Minneapolis Reserve District of 10.9%.
In the Kansas City Reserve District the increases is 11.4%,
and in both the Dallas and San Francisco Reserve Districts
10.7% .
4 5 ,1 4 5 ,2 3 8
5 5 ,4 91 ,38 8
6 9 ,6 0 5 ,2 2 1
8 1 ,6 5 1 ,8 5 5
Six m o n th s _________________
108 ,76 4.0 85
117 .16 5.1 83
2 2 8 ,8 7 0 ,9 2 7
2 6 0 ,7 5 4 ,5 4 0
1 8,0 6 7 ,9 2 0
17,372,781
5 7,0 9 1 ,4 3 0
3 8 ,7 7 3 ,5 7 5
2 0 .7 2 8 ,1 6 0
2 3 ,8 2 6 ,9 7 0
2 0 ,7 2 2 ,2 8 5
17,2 12 ,55 3
3 3,8 5 4 ,1 8 8
3 4 ,7 9 3 ,1 5 9
2 6 ,5 6 3 ,9 7 0
3 0 ,8 7 2 ,5 5 9
M o n t h o f J u ly -----------------------A u g u s t _____________
S e p te m b e r_________
T h ir d q u a r t e r ______________
92,5 32 ,13 1
8 3 ,3 2 8 ,7 0 5
7 1 ,7 8 9 ,0 2 6
9 2 ,2 2 9 ,6 8 8
N in e m o n t h s _______________
2 0 1 ,2 9 6 ,2 1 6
2 00 ,49 3,8 88
3 00 ,65 9,9 53
3 5 2 ,9 8 4 ,2 2 8
M o n t h o f O c t o b e r ......... ............
2 3 ,7 3 4 ,9 3 4
4 1 ,5 5 8 ,4 7 0
5 1 ,1 27 ,61 1
4 3 ,9 9 5 ,2 8 2
The following compilation covers the clearings by months
since Jan. 1, 1939 and 1938:
M O N T H L Y C L E A R IN G S
C learings. Total A ll
C learings Outside N ew York,
M o n th
1939
1939
1938
1938
October,
1939
1938
F e d e r a l R e s e r v e D is t s .
1 s t B o s t o n ______ 1 4 c it i e s
2d
N e w Y o r k . . 15 “
3d
P h ila d e lp h ia ! 7 “
4 t h C le v e la n d . . 1 8
“
5 th R ic h m o n d - - 9 “
6 t h A t l a n t a _____ 16 “
7 t h C h i c a g o _____3 1
"
8 t h S t . L o u i s ___ 7 “
9 th M ln n e a p o lis l6
“
1 0 t h K a n s a s C i t y 18 “
1 1 t h D a l l a s . ___ 11 "
1 2 t h S a n F r a n ___ 19 “
$
1,192,583,542
13,0.9,532,408
1,792,137,573
1,435,889,487
684,213,406
841,919,666
2,199 162,617
720,091,558
520,389.064
845,445,118
590,672,715
1,179,133,127
$
1,129,607,934
15,568,693,603
1,682,456,907
1,253,875,964
645,973,267
752,777,196
2,058,759,916
653,152,060
469,277,280
758,954,489
533,657,629
1,064,991,475
T o t a l __________191 c it ie s
O u t s id e N . Y . C i t y ______
25,041,170,281
12,514,369,766
26,572,177,720
11,484,650,067
C a n a d a ___________ 3 2 c it ie s
1.631,492,076
1,672,195.075
October,
October,
1937
In c.or
D ec.
1936
$
%
1,170,684,327
+ 5.6
— 16.2 15,423,370,609
1,768,276,002
+ 6 .5
+ 14.5
1,505,403,922
704,220,253
+ 5 .9
773,273,440
+ 11.8
2,283,619,582
+ 6 .8
693,973,685
+ 10.2
538,336,549
+ 10.9
+ 11.4
838,752,482
553,285,226
+ 10.7
1,268,773,190
+ 10 7
$
1,252,086,668
16,582,801,138
1,821,536,338
1,433,748,379
691,003,959
754,915,078
2,309,008,472
734,417,559
508,104,831
809,587,143
527.555,245
1,232,466,480
— 5.8
+ 9 .0
27,521,969.267
12,656,979,589
28,657,231,290
12,622,761,358
— 2.4
1,641.113,815
1,837,016,465
We append another table showing the clearings by Federal
Reserve districts for the ten months for four years:
10 M on th s
1939
F ederal Reserve D ists.
1st
2d
3d
4 th
5 th
6 th
7 th
8 th
9 th
10th
1 1 th
1 2 th
B o s t o n ______ 14 c it ie s
**
“
C le v e la n d ..1 8
"
R ic h m o n d .. 9 “
A t l a n t a _____ 16 “
C h i c a g o _____ 3 1 “
S t . L ou is ___ 7 “
M in n e a p o lis l6
“
K a n s a s C i t y 18 “
D a l l a s _______11 "
S a n F r a n ___ 1 9 “
New Y o r k . 1 5
P h ila d e l p h i a l 7
10 M on th s
1938
In c.or
D ec.
10 M on th s
1936
s
s
%
S
%
10,996,658,744
9,974,962,251 + 10.2 11,745,095,551 11,199,783,527
141,625,782.708 138,683,641,312 + 2.1 16.3,068,100,222 162,339,352,625
17.071,133,8+9 15,506,475,502 + 10.1 17,524,422.275 16,187,183,907
+ 9.4 14,841,397,927 12,549,368,471
12,650,456,903 11,566.029,09c
5,527.154,772 + 7.2 6.324,143.092
5,604,647,684
5.922,836,068
6.471,295.605 + 11.5 7,061,931,134
7,214.336,932
6,027,465,928
20,195,527.421 18,678.123,805 + 8 .1 22,878,028,105 20,438,727,300
6,059,198.499
5,605,653,288
6,443,526,885
5,866,473,317
+ 8 .1
4,775,969,175
+ 5.8
4,319,016,023
4,258.117,321
4,504,629,578
7,135,824.564 + 5 .9
8,416,137,365
7,553,891,705
7,568,880,326
5,032,085,206
5,134.634.969
+ 8.7
4,235,532.564
4,721.992,661
10,613,204,366 10,036,893,227 + 5.7 11.964,282,648 10,726,936,575
T o t a l ..................191 c it ie s 249.542,291,732 238.166,373.401
O u t s id e N . Y . C i t y ........... 112,546,532.523 104,032,520,849
C a n a d a ___________ 3 2 c it i e s
10 M on th s
1937
U ^ o 721.747
14.016.656,398
+ 4 e 280,075,149,585 267,063,368,247
+ 8 .2 122,531,041,173 109,692,593,250
-4-3.0
15,581.786.987
15,705,307,495
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for October and the ten months of 1939 and 1938 follow:
M on th o f October
T en M on th s
D escrip tion
1939
1938
1939
.
+ 4 .9
+ 8 . 6 3 2,1 4 2 ,0 4 8 ,5 3 5 3 0 ,6 4 9 ,6 1 4 ,1 1 5
A p r ___ 2 4 ,1 5 6 ,2 5 1 ,6 8 4 2 3 ,9 6 8 ,2 5 6 ,6 8 2 + 0 .8 1 0 ,7 73 ,25 3,2 9 7 1 0 ,2 68 ,03 3,7 4 3 + 4 .9
M a y . - 2 4 ,6 3 9 ,2 7 1 ,3 5 0 2 2,3 51 ,13 5,4 3 1 + 10.2 1 1 ,1 59 ,25 1,0 8 2 9 ,9 6 7 ,9 8 4 ,3 6 4 + 12 .0
J u n e - - 2 5 ,5 0 1 ,7 3 9 ,5 1 6 2 6,2 86 ,11 8,1 0 1 — 3 .0 1 1 ,4 44 ,44 6,3 7 2 1 0 ,5 3 4 ,7 1 6 ,2 6 0 + 8 .6
2 d q u . 7 4 ,2 9 7 ,2 6 2 ,5 5 0 7 2 ,6 0 5 ,5 1 0 ,2 1 4
+ 2 .3 3 3 ,3 76 ,95 0,7 5 1 3 0,7 7 0 ,7 3 4 ,3 6 7
+ 8 .5
6 m o s . 149288 8 4 6 ,30 5 1 41 67 1 74 1 ,9 4 7
+ 5 .4 6 5 ,5 1 8 ,9 9 9 ,2 8 6 6 1,4 2 0 ,3 4 8 ,4 8 2
+ 6 .7
J u ly . . 2 3 ,8 4 8 ,8 5 3 ,2 0 8 2 3.9 55 ,57 8,2 0 4 — 0.4 1 1 ,1 97 ,20 0,6 3 3 1 0 ,4 8 6 ,8 4 1 ,0 5 0 + 6 . 8
A u g . . 2 4 ,9 6 1 ,7 9 6 .4 3 6 2 1 ,9 45 ,17 3,9 2 2 + 13.7 1 1,3 24 ,46 5,3 4 6 10 1 90 .11 9,9 76 + 11.1
S e p t . . 2 6,4 0 1 ,6 2 5 ,5 0 2 2 4 ,0 2 1 ,7 0 1 ,6 0 8 + 9 .9 1 1 ,9 91 ,49 7,4 9 2 1 0 ,4 5 0 ,5 6 1 ,2 7 4 + 14.7
3 d q u . 7 5 ,2 1 2 ,2 7 5 ,1 4 6 6 9 ,9 2 2 ,4 5 3 ,7 3 4
+ 7 .6 3 4 ,5 13 ,16 3,4 7 1 3 1,1 2 7 ,5 2 2 ,3 0 0 + 1 0 .9
9 m o s . 2 24 50 1 12 1 ,4 5 1 2 11 59 4 19 5 ,6 8 1
+ 6 .1 1 0 0 0 3 2 1 6 2 ,7 5 7 9 2,5 47 ,87 0,7 8 2
+ 8 .1
O c t ___ 2 5 ,0 4 1 ,1 7 0 ,2 8 1 2 6,5 7 2 ,1 7 7 ,7 2 0
— 5 .8 1 2,5 14 ,36 9,7 6 6 1 1,4 84 ,65 0,0 6 7
+ 9 .0
The course of bank clearings at leading cities of the country
for the month of October and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
B A N K C L E A R IN G S A T L E A D IN G C IT IE S IN O C T O B E R
(0 0 0 ,0 0 0
----------M on th o f October----- — ----------------J a n . 1 to Oct. 31om itted)
1938
1936
1939
1938
1939
1937
1937
1936
$
$
$
S
$
$
$
$
N e w Y o r k _______ __.1 2 ,5 2 7 15,088 14,865 1 6,0 34 136,996 134,134 157,544 157,371
C h ic a g o ____________ . 1,351
1,320
1,440
1,474 12,588
11,936
14,302
12,796
B o s to n _____________ . 1,0 1 3
992
961
1 ,069
9,3 8 6
8 ,4 5 1
10,018
9,6 0 8
1,591
16,193
P h ila d e lp h ia _______. 1,7 0 4
1 ,668
1,728
1 4,662
16,572
1 5,303
S t. L o u is __________ .
411
376
409
4 14
3,6 7 7
3 ,4 4 4
4 ,0 3 8
3 ,6 8 0
473
P itts b u rg h _________ .
555
599
613
4 ,8 9 0
4 ,5 2 9
6 ,2 4 9
5 ,4 0 0
603
660
6,0 1 3
San F ra n c is c o _____ .
686
658
5,7 6 2
6 ,5 7 6
5 ,9 1 4
337
3 00
321
328
2,9 1 8
B a lt im o r e __________.
2 ,6 7 9
3 ,0 3 7
2 ,7 3 6
2,431
270
235
274
260
2 ,2 8 3
2 ,7 1 6
2 ,3 3 8
C i n c i n n a t i - - ___ _.
421
K a n sa s C i t y _______.
438
376
411
3 ,8 9 5
3 ,6 4 5
4 ,4 7 2
3 ,9 3 0
408
404
C le v e la n d __________.
466
466
4 ,0 2 4
3,5 2 7
4 ,2 8 8
3 ,4 5 2
322
296
346
322
M in n e a p o lis ..............
2 ,8 3 0
2,6 8 8
3,0 7 8
2 ,7 3 4
199
N e w O rlean s______ .
187
195
182
1 ,549
1,623
1,674
1,381
458
394
D e t r o i t ________ .. .
466
471
4 ,0 8 3
4 ,3 6 4
3 ,5 3 6
4 ,9 2 8
144
150
155
156
1,472
1,488
1 ,324
L o u is v ille __________.
1,327
131
O m a h a _____________.
142
144
140
1,284
1,191
1,348
1,368
50
48
52
53
473
433
P r o v id e n c e ________
447
425
84
93
91
95
865
913
M ilw a u k e e ________
812
8 45
163
B u f f a lo ____________ .
156
137
161
1,354
1 ,2 6 5
1,596
1,382
112
123
1,111
S t. P a u l___________ .
126
126
1 ,0 8 5
1 ,036
1,0 4 9
142
154
154
145
D e n v e r ____________ 1,286
1,207
1,383
1 ,1 9 5
78
81
I n d ia n a p o lis______
86
79
796
723
801
697
213
199
1,4 9 5
201
220
1 ,6 8 0
1,613
1,7 3 5
R ic h m o n d _______ .
M e m p h is __________
146
126
128
159
843
772
847
802
173
153
175
167
1,517
1,413
1 ,682
1,429
S e a ttle _____________ .
74
65
74
74
634
S a lt L a k e C i t y ___
567
703
610
51
49
47
51
474
H a r t fo r d ___________
450
517
490
T o t a l ____________ .2 2 ,3 1 7 2 4,0 88 2 4,7 57 2 5,9 69 2 2 5 ,3 3 5 215 ,62 7 254 ,03 8 2 4 4 ,1 2 6
O th er cit ie s _______ . 2 ,7 2 4 2 ,4 8 4 2 ,7 6 5 2 ,6 8 8 2 4,2 07 2 2 ,5 3 9 2 6 ,0 3 7 2 2 ,9 3 7
1938
2 3 ,7 3 4 ,9 3 4
4 1 ,5 5 8 ,4 7 0
2 2 5 ,03 1,1 50
2 4 2 ,0 5 2 ,3 5 8
S to ck s, nu m b er o l shares Bonds
R a ilro a d & m is ce ll. b on d s $ 134,816,000 $ 15 5,6 98 ,00 0 $ 1 ,2 10 ,56 5,0 0 0 $ 1 ,1 6 8 ,2 6 1 ,0 0 0
206 .55 1.0 00
2 1 .0 7 0 .0 0 0
2 1 ,8 0 8 ,0 0 0
2 0 1 .7 1 5 .0 0 0
F o re ig n g o v t , b o n d s _____
7 ,6 7 3 ,0 0 0
3 0 1 .18 2.0 00
1 4.2 03 .00 0
1 1 6 .41 2.0 00
U . S. G ov ern m en t b o n d s .
T o t a l b o n d s _____ __
%
+ 2 .3
+ 6 .1
+ 6 .5
1st q u . 7 4 ,9 9 1 .5 8 3 ,7 5 5 6 9 ,0 6 6 ,2 3 1 ,7 3 3
October,
$
$
S
$
%
J a n ___ 2 5 ,6 9 1 ,1 4 8 ,3 5 6 2 4,2 4 0 ,6 1 1 ,3 1 9 + 6 .0 11,075 ,26 5,7 0 2 1 0 ,8 28 ,44 9,0 7 2
F e b . . . 2 1 ,8 4 0 ,4 8 0 ,6 3 3 1 9 ,6 31 ,51 9,8 4 0 + 1 1.3 9 ,6 1 7 ,7 6 5 ,2 6 8 9 ,0 6 8 ,7 3 9 ,1 5 3
M a r - . 2 7 .4 5 9 ,9 5 4 ,7 6 6 2 5 ,1 9 4 ,1 0 0 ,5 7 4 + 9 .0 1 1,4 49 ,01 7,5 6 5 1 0,7 52 ,42 5,8 9 0
$ 170,089,000 $ 1 8 5,1 79 ,00 0 $1,718 ,29 8,0 0 0 $ 1,4 86 ,38 8,0 0 0
T o t a l a ll_________.2 5 ,0 4 1 2 6 ,5 7 2 2 7 ,5 22 2 8,6 57 249 ,54 2 2 3 8 ,1 6 6 2 8 0 ,0 7 5 2 6 7 .4 6 3
O u tsid e N e w Y o r k .1 2 ,5 1 4 1 1,4 85 12,6 57 12,623 112,547 104,033 122,531 109,693
We now add our detailed statement showing the figures
for each city separately for October and since Jan. 1 for
two years and for the week ended Oct. 28 for four years:
CLEARINGS FOR OCTOBER, SINCE JANUARY 1, AND FOR WEEK ENDING OCT. 28
M on th o f October
T en M on th s Ended O ct. 31
W eek Ended Oct. 28
Clearings at—
1939
F ir s t F e d e r a l R e s e
M a in e — B a n g o r _______
P o r t l a n d _______ _____
M a s s .— B o s t o n ________
F all R iv e r ___________
L o w e ll____________ __
N e w B e d fo r d ________
S p r in g fie ld ___________
W o r c e s t e r ____________
C o n n .— H a r t f o r d _____
N ew H a v e n _________
R . I . — P r o v id e n c e ____
N . H .— M a n ch e ste r___
T o t a l (14 c it ie s )_____
1938
I n c . or
D ec.
1939
%
$
1938
I n c . or
D ec .
1939
1938
I n c . or
D ec .
1937
S
%
S
S
%
S
1936
$
$
rv e D i s t r i c t — B o s t o n —
2 ,5 6 2,1 67
2 ,5 2 9 ,6 1 7
9 ,0 6 6 ,4 0 9
9 ,7 8 9,6 17
1 ,0 1 2.7 95 ,83 0
9 6 0 ,6 0 0 ,5 2 7
3 ,0 0 8 ,2 1 8
4 ,2 0 2 ,7 9 6
1 ,8 3 5 ,O'M
1 ,6 0 5 ,3 8 0
2 ,1 2 0 ,2 3 5
2 ,2 5 4 ,2 8 7
4 ,0 0 5 ,7 1 1
3 ,3 8 5 ,4 8 7
1 5 ,1 0 0 ,2 3 0
1 5 ,2 18 ,47 6
1 0 ,0 53 ,22 0
8 ,9 8 0 ,3 4 7
4 7,3 9 4 ,0 1 0
5 1,2 0 0 ,9 7 0
19.2 12 ,88 2
1 8 ,4 38 ,43 0
6 .9 7 7 .9 0 0
6 .7 3 0.4 00
4 8 ,1 5 2 .0 0 0
5 0 .2 7 1 ,1 0 0
2 .4 2 5 ,7 6 0
2 ,2 3 7 ,3 3 6
+ 1 .3
+ 8 .0
+ 5 .4
+ 3 9.7
+ 14.3
— 5 .9
+ 18.3
— 0 .8
+ 11.9
+ 8 .0
+ 4 .4
+ 3 .7
+ 4 .4
+ 8 .4
2 2 ,1 0 8 ,6 0 5
8 8 ,3 4 9 ,9 1 0
9 ,3 8 5 ,9 6 0 .7 4 9
2 9 ,8 7 7 ,5 9 5
14,9 51 ,80 1
1 8 ,1 5 7 ,6 0 3
2 9 ,4 9 0 ,7 6 4
1 34 ,5 3 1 ,0 4 3
8 1 .4 1 6 ,7 3 8
4 7 4 ,1 0 0 ,3 5 0
1 8 0 ,43 1,8 53
6 5 ,9 9 7 ,8 0 0
4 4 8 ,6 3 7 ,9 0 0
2 4 ,6 4 6 ,0 3 3
2 2 ,6 4 7 ,1 4 8
8 1 ,2 4 8 ,2 7 9
8 ,4 5 0 ,6 3 9 ,3 8 1
2 6 ,1 7 5 ,8 9 9
1 5 ,6 2 0 ,6 6 7
1 6,5 5 4 ,6 2 5
2 7 ,6 6 0 .6 6 2
128 ,30 7,1 81
7 6 ,9 9 1 ,7 1 7
4 5 0 ,3 8 4 ,2 5 3
1 6 8 ,1 7 0 ,4 0 0
6 3 ,6 6 3 ,7 0 0
4 2 4 ,9 1 8 ,3 0 0
2 1 ,9 8 0 ,0 3 9
— 2 .4
+ 8 .7
+ 11.1
+ 14.1
— 4 .3
+ 9 .7
+ 6 .6
+ 4 .9
+ 5.7
+ 5 .3
+ 7 .3
+ 3 .7
+ 5.1
+ 12.1
4 7 0 ,8 3 5
1 ,9 6 3 ,2 0 9
2 3 3 ,9 7 2 ,5 5 7
8 00 ,40 8
450 ,73 7
1,85 5,5 71
2 2 2 ,4 0 9 ,4 9 5
658,411
+ 4 .5
+ 5 .8
+ 5.2
+ 21.6
516,069
2 ,0 1 5,5 83
2 32 ,6 5 9 ,5 4 2
672 ,57 8
580 ,36 8
2 ,3 8 2 ,0 8 5
2 4 0 ,0 7 6 ,6 7 1
6 70 ,31 8
4 4 2 ,81 5
8 7 7 ,09 7
3 ,3 4 5 .5 8 5
2 ,1 7 1 ,6 9 4
13,6 36 ,83 1
3 ,7 3 9 ,5 8 4
6 44,836
8 0 5 .45 5
3 ,4 4 8 ,3 2 4
2 ,007,001
1 1 ,4 74 ,33 3
4 ,0 4 7 ,3 1 9
— 31.3
+ 8 .9
— 3 .0
+ 8 .2
+ 18.8
— 7.6
446,991
770,741
3 ,6 9 8 ,8 7 4
2 ,2 5 2 ,0 0 3
11,520,801
3,669,001
4 3 1 ,1 7 8
8 7 6 ,8 6 4
3 .2 2 5 ,4 1 8
2 ,3 2 4 ,2 9 7
1 0 ,7 7 2 ,1 4 9
3 ,8 4 6 ,3 1 8
1 2 ,2 4 1 ,3 6 6
490 ,43 3
1 2 ,7 2 0 .2 0 0
557 ,95 5
— 3 .8
— 12.1
11,8 96 ,20 0
579,863
1 0 ,5 2 3 .0 0 0
5 88 ,20 3
1 ,1 2 9 ,6 0 7 ,9 3 4
+ 5 .6
1 0 ,9 9 6 ,6 5 8 ,7 4 4
9 ,9 7 4 ,9 6 2 ,2 5 1
+ 1 0.2
2 7 4 ,1 5 2 ,3 4 8
2 6 1 .0 7 9 ,6 3 7
+ 5 .0
2 7 0 ,6 9 8 ,2 4 6
2 7 6 ,2 9 6 ,8 6 9
1 ,1 9 2 ,5 8 3 ,5 4 2
$
Volume 149
ONE HUNDRED— The
Commercial & Financial Chronicle— YEARS
C T .E A R T V n n
M on th o f October
1939
S econ d F ederal R es
N . Y . — A lb a n y ________
B in g h a m to n _____ __
B u f fa lo _______________
E l m i r a ________ ______
J a m e s to w n ___________
N e w Y o r k ____ ______
R o c h e s t e r ____________
S y ra cu se _____________
W e stch ester C o u n t y .
C o n n .— S ta m fo rd ______
N . J .— M o n t c la ir _____
N e w a rk _____________
N o r th e rn N ew Jersey
O ra n g es___ __________
T o t a l (15 c itie s )_____
1938
T en M on th s Ended Oct. 31
I n c . or
D ec .
1939
%
S
OLD
W eek Ended Oct. 28
1938
I n c . or
D ec.
1939
1938
I n c . or
D ec .
1937
1936
S
%
S
S
%
S
$
S
S
ir v e D is t r ic t — N e w Y o r k —
3 8 , 9 ;! / , 04b
4 1 ,5 4 8 ,2 4 5
5 ,0 3 3 ,2 1 2
4 ,4 8 2 ,7 2 6
1 56 ,29 7,8 45
137 ,21 5,5 71
2 ,4 6 4 ,0 9 8
2 ,3 5 2 ,6 0 8
3 ,9 2 2 ,2 3 3
3 ,1 2 0 ,3 4 9
1 2 ,5 26 ,80 0,5 1 5 15,087,527,653
3 7,8 8 8 ,7 7 2
3 6 ,8 6 6 ,4 3 5
2 0,5 3 5 ,8 7 0
1 8,9 7 7 ,3 7 3
3 ,8 1 0 ,6 4 8
3 ,5 8 8 ,7 9 9
1 8 ,3 23 ,74 6
1 8 ,0 4 4 ,0 6 9
1 8 ,7 84 ,99 6
1 8 ,1 0 9 ,9 4 8
1 ,8 6 6,3 77
1 ,8 8 2,3 91
7 9,8 4 0 ,2 7 6
7 1 ,4 3 1 ,2 3 0
1 2 2 ,07 5,8 56
1 19 ,9 3 4 ,4 5 6
2 ,8 7 0 ,9 1 8
3 ,6 1 1 ,7 5 0
— 6 .2
4 0 0 ,3 7 6 ,3 1 0
4 3 1 ,6 2 9 ,9 9 7
+ 12.9
4 9 ,9 1 1 ,1 9 8
50,012,457
+ 13.9
1 ,3 5 4 ,4 /1 ,6 6 0
1 ,2 6 4 ,7 1 9 ,8 1 5
+ 4.7
2 1 ,9 1 8 ,0 7 0
2 2 ,3 8 9 ,4 9 0
+ 2 5.7
3 3 ,1 3 5 ,0 7 4
2 9 ,5 6 4 ,5 5 0
— 17.0 .3 6 ,9 9 5 ,7 5 9 ,2 0 9 1 3 4 ,13 3,8 52 ,5 52
+ 2 .8
3 4 1 ,4 3 4 ,4 4 /
3 1 9 ,9 7 5 ,8 0 6
+ 8 .2
1 8 2 ,4 4 5 ,9 3 8
1 7 5 ,7 9 3 ,4 3 9
+ 6 .2
3 2 ,5 2 2 ,1 2 8
3 5 ,4 /3 ,8 4 6
+ 1.6
1 5 2 ,9 3 8 ,2 9 0
1 64 ,48 9,4 00
+ 3.7
1 8 0 ,1 6 4 ,6 4 3
1 68 ,64 3,0 87
— 0 .8
1 6 ,8 2 0 ,1 8 5
1 8,0 89 ,95 2
+ 11.8
7 53 ,44 1,3 10
7 3 9 ,6 7 0 ,4 0 6
+ 1 .8
1 ,1 0 8 ,9 3 7 ,9 9 2
1 ,0 6 2 ,2 1 0 ,8 6 2
— 2 0 .5
3 6 ,1 7 1 ,1 1 8
3 2 ,4 8 0 ,7 7 7
— 7.2
— 0 .2
+ 7.1
— 2 .1
+ 12.1
+ 2.1
+ 6.7
+ 3 .8
+ 9.1
+ 7 .6
+ 6 .8
+ 7 .4
+ 1.9
— 4 .2
— 10.2
11,8 64 ,49 2
9 ,1 7 4 ,8 0 5
923,588
746,249
3 3 ,8 0 0 ,0 0 0
3 0 ,0 0 0 ,0 0 0
657 ,63 6
458 ,52 8
670,541
737 ,70 8
3 ,2 6 9,1 64 ,01 3 3 ,4 7 8 ,9 4 9 ,4 9 9
7 ,3 6 0 ,5 3 9
8 ,8 4 5,9 21
5 ,2 2 8 ,4 4 4
4 ,1 2 6 ,5 2 3
1 3,039,532,40S 1 5,5 68 ,69 3,6 0 3
— 16.2 1 41 ,62 5,7 82 ,7 08 1 38 ,68 3,6 41 ,3 12
+ 2 .1
3 ,3 8 3 ,6 9 8 ,7 0 4 3 ,5 7 9,7 99 ,38 8
T h i r d F e d e r a l R e s e rv e D is t r ic t — P h il a d e lp h ia
P a .— A lto o n a __________
1 ,9 5 9,8 15
1 ,691,907 + 15.8
B e th le h e m ___________
y 2 , 393,282
y 2 , 236 ,50 0
+ 7 .0
C h e s te r______________
1,79 3,1 49
2 ,1 2 8 ,9 9 7 — 15.8
9 ,2 3 8 ,1 4 3
11,9 85 ,18 1 — 22.9
6 ,2 9 1,8 47
5 ,9 2 8 ,1 8 2
L a n c a s te r____________
+ 6.1
L e b a n o n ___
_______
2 ,2 5 9 ,3 8 1
2 ,0 9 5 ,2 0 4
+ 7.8
N o r r i s t o w n ___ ______
2 ,0 5 2,0 01
+ 0 .4
2 ,0 4 4 ,7 3 1
1 ,7 0 4,0 00 ,00 0 1 ,5 9 1 ,0 0 0 ,0 0 0
P h ila d elp h ia _________
+ 7.1
R e a d in g ______________
7 ,0 4 9,2 82
6 ,6 4 8 ,9 3 s
+ 6 .0
S cr a n to n _____________
9 ,8 1 8,6 38
9 ,3 6 8 ,1 2 9
+ 4 .8
W ilk e s -B a rr e ________
• 4 ,7 1 5 ,8 8 6
5 ,1 6 8 ,1 8 0
— 8 .8
Y o r k _________________
5 ,3 0 2,4 17
6 ,2 7 1,8 91 — 15.5
1,47 2,3 56
1 ,3 6 8 ,6 5 5
+ 7.6
6 21,929
609,823
+ 2 .0
2 ,8 3 5,7 41
2 ,8 7 0 ,8 6 8
— 1.2
D e l.— W i lm in g t o n ____
1 5 ,4 29 ,20 6
+ 8 .9
14,1 74 ,28 1
N . J .— T r e n t o n ________
14,9 04 ,50 0
1 6 ,8 6 5 ,4 4 0 — 11.6
2917
(Continued)
1 8 ,6 3 5 ,6 8 8
2 3 ,3 /1 ,1 3 3
15,2 88 ,13 2
9 2 ,9 5 3 ,4 3 9
5 4 ,4 4 0 ,8 /9
2 0 ,2 20 ,15 7
1 8 ,5 90 ,34 3
1 6 ,1 9 3 ,0 0 0 ,0 0 0
6 4 ,4 5 0 ,8 /6
9 9 ,9 61 ,66 4
4 3,1 6 2 ,1 2 9
5 1 ,0 1 0 ,3 6 0
11,2 84 ,56 4
5 ,6 8 9 ,8 2 3
2 6 ,0 4 7 ,2 3 3
1 5 6 ,15 1,2 19
176 ,83 6,2 00
1 6 ,9 96 ,72 8
1 8 ,9 2 4 ,0 0 0
1 4 ,3 92 ,86 7
9 6 ,6 2 7 ,4 6 7
50|808,196
1 8 ,5 0 8 ,5 3 4
1 7,2 24 ,48 8
1 4 ,6 6 2 ,0 0 0 ,0 0 0
6 0 ,8 9 1 ,7 3 6
9 3,0 3 9 ,6 8 7
4 0 ,4 1 4 ,1 3 5
6 0 ,9 4 5 ,3 6 5
12,1 74 ,54 9
5 ,4 1 2,4 13
2 3 ,8 6 1 ,0 7 6
150 ,77 5,4 61
1 6 3 ,47 8,8 00
+ 9 .6
+ 23.5
+ 6.2
— 3.h
+ 7.1
+ 9 .2
+ 7 .9
+ 10.4
+ 5 .8
+ 7 .4
+ 6.8
— 16.2
— 7.3
+ 5.1
+ 9.2
+ 3 .e
+ 8 .2
3 ,2 9 2 ,8 3 9
4 ,0 6 6 ,5 1 0
394,136
1 8 ,2 65 ,98 6
2 6 ,5 2 4 ,5 9 8
3 ,2 1 8 ,3 4 9
3 ,8 2 4 ,0 0 0
380 ,38 0
1 6,2 72 ,86 0
2 4 ,5 4 9 ,9 4 8
11,2 20 ,29 4
6 ,5 2 2 ,5 9 4
+ 29.3
934,673
1 ,139,576
+ 2 3.9
3 3 ,1 0 0 ,0 0 0
+ 12.7
3 6 ,4 0 0 ,0 0 0
607,821
+ 4 3 .4
530 ,64 5
6 5 8 .01 4
— 9.1
901,671
— 6 .0 3 ,3 9 1 ,8 2 2 ,3 0 2 3 ,4 2 2 ,6 7 3 ,4 2 0
6 ,9 3 7,0 66
+ 2 0 .2
8 ,1 8 8,2 57
5 ,0 9 0 ,5 2 4
5 ,5 7 0 ,5 2 8
+ 2 6.7
+ 2 .3
+ 6 .3
+ 3 .6
+ 12.2
+ 8 .0
2 ,6 7 0 ,2 4 5
4 ,2 0 0 ,5 0 9
382 ,48 5
2 0 ,3 57 ,58 8
3 2 ,3 8 2 ,1 1 9
2 ,3 5 4 ,0 6 5
2 ,9 9 7,7 21
305,008
19,0 23 ,74 0
2 8 ,8 0 4 ,8 2 9
— 5 .5 3 ,5 1 0,8 63 ,61 6 3 ,5 3 4 ,9 1 2 ,0 7 8
316,588
535,371
5 05,027
373 ,75 9
682 ,13 9
315,447
— 15.3
— 21.5
+ 60.1
516 ,04 6
585,316
423,332
4 59 ,20 9
*3 50 ,00 0
298 ,94 3
1 ,3 3 4,5 72
1,25 1,0 21
+ 6.7
1 ,3 7 0,7 66
1 ,2 5 8,2 15
3 94 ,0 0 0 ,0 0 0
1 ,4 0 1,2 84
2 ,0 5 5,0 91
1 ,0 9 1,2 35
934,104
3 7 2 ,0 0 0 ,0 0 0
1,37 5,6 70
1 ,9 4 1,5 77
747,708
1 ,242,491
+ 5 .9
+ 1.9
+ 5 .8
+ 4 5 .9
— 2 4.8
3 69 ,0 0 0 ,0 0 0
1,405,631
2 ,2 2 5,1 23
9 15,193
1,49 7,2 84
3 48 ,0 0 0 ,0 0 0
1 ,4 5 5,2 60
2 ,4 3 5 ,6 2 2
930 ,05 4
1 ,5 5 0,2 94
* 4 ,2 5 0 ,0 0 0
4 ,3 8 3,0 00
— 3 .0
3 ,6 9 6 ,0 0 0
3 ,5 8 5 ,0 0 0
1 ,6 8 2 ,4 5 6 ,9 0 7
+ 6 .5
1 7,0 71 ,13 3,8 3 9
1 5 ,5 0 6 ,4 7 5 ,5 0 2
+ 10.1
4 06 ,42 3,2 72
3 8 4 ,31 2,8 12
+ 5 .8
3 81 ,63 4,6 91
3 60 ,3 2 2 ,5 9 7
F o u r t h F e d e r a l R e s erv e D is t r ic t — C l e v e l a n d —
O h io— C a n t o n _________
10,4 13 ,50 5
8 ,8 4 3 ,6 0 9
C in c in n a t i___________
2 6 9 ,8 5 8 ,0 2 4
2 3 5 ,3 0 8 ,5 0 9
4 6 6 ,4 4 5 ,3 7 6
C le v e la n d ____________
4 0 7 ,9 3 7 ,9 0 0
C o lu m b u s____________
4 7,4 1 2 ,7 0 0
4 7 ,9 0 2 ,2 0 0
2 ,3 1 5 ,7 1 3
2 ,1 4 9 ,7 1 7
1 ,0 3 4,7 96
1 ,0 0 6,2 39
M a n s fie ld ____________
7 ,9 5 8,6 96
6 ,7 1 6,6 61
Y o u n g s to w n _________
1 3,6 71 ,24 6
1 2 ,8 36 ,85 9
5 ,9 5 1,4 02
5 ,7 0 6,9 36
21,5 55 ,42 1
1 9 ,7 2 7 ,5 9 4
981,210
8 42 ,40 5
4 4 9 ,52o
382,421
768,281
577 ,14 9
554 ,80 4,6 23
P itts b u r g h ___________
4 7 2 ,6 7 6 ,3 8 8
6 ,9 8 3,4 18
6 ,7 5 7 ,9 1 6
12,2 35 ,88 2
OU C it y ........ ................
11,388,921
6 ,0 1 3,4 52
5 ,6 0 1 ,9 7 5
7,03 6,2 17
W . V a .— W h eelin g ____
7 ,5 1 2 ,5 6 5
+ 1 7.8
+ 14.7
+ 14.3
— 1 .0
+ 7.7
+ 2 .8
+ 18.5
+ 6 .5
+ 4 .3
+ 9 .3
+ 1 6.5
+ 17.5
+ 33.1
+ 17.4
+ 3 .3
+ 7 .4
+ 7 .3
— 6 .3
8 8,8 2 4 ,7 9 2
2 ,4 3 0 ,5 8 9 ,3 9 1
4 ,0 2 4 ,1 5 2 ,4 0 6
4 4 9 ,6 /8 ,4 0 0
2 1 ,4 54 ,01 1
9 ,5 9 2,8 87
7 1,1 33 ,84 2
106 ,14 2,8 58
5 4 ,9 0 6 ,6 9 o
190 ,86 3,6 5"'
8 ,2 >2,332
3 , 71,285
6 ,3 s ,,7 1 7
4 ,8 8 9 ,9 0 9 ,2 6 6
6 6 ,0 0 7 ,1 9 5
9 6 ,8 9 5 ,0 5 3
6 5 ,2 97 ,93 5
6 6 ,5 90 ,18 3
7 8 ,5 3 6 ,8 9 4
2 ,2 8 2 ,5 2 3 ,1 5 5
3 ,5 2 7 ,1 9 3 ,0 1 9
4 3 3 ,1 1 0 ,4 0 0
2 1 ,8 8 2 ,8 5 8
1 0,5 98 ,65 7
6 1 ,3 6 0 ,4 8 9
8 9,9 75 ,87 1
5 1,3 0 6 ,2 0 8
1 78 ,96 1,9 05
7 ,6 7 4 ,9 0 3
3 ,7 3 6 ,4 8 7
6 ,6 4 8 ,1 2 5
4 ,5 2 8 ,0 3 9 ,0 0 0
6 1 ,9 5 8 ,8 3 /
9 5 ,2 7 4 ,5 6 4
6 1 ,9 2 7 ,6 5 7
6 4 ,7 7 8 ,0 6 4
+ 13.1
+ 6 .5
+ 14.1
+ 3 .8
— 2 .0
— 9 .5
+ 15.9
+ 18.0
+ 7.0
+ 6 .6
+ 8 .0
+ 1.0
— 4 .7
+ 8 .0
+ 6 .5
+ 1.7
+ 5 .4
+ 2 .8
2 ,1 4 9 ,2 3 9
5 6 ,0 52 ,34 5
102 ,44 5,3 59
9 ,6 1 3 ,5 0 0
1 ,834,848
5 0,9 9 8 ,0 1 6
8 9 ,9 6 7 ,0 8 5
9 ,0 1 5,3 00
+ 17.1
+ 9 .9
+ 13.9
+ 6 .6
2 ,7 9 5,1 89
5 9,1 17 ,96 4
1 04 ,77 2,8 84
12,8 43 ,90 0
2 ,2 0 9,9 42
5 6 ,9 25 ,00 9
8 7 ,5 8 3 ,3 6 4
11,4 97 ,80 0
1 ,5 2 1,5 13
3 ,1 3 0 ,6 2 2
1 ,464,881
1 ,9 8 6,8 25
+ 3 .9
+ 5 7.6
1 ,8 0 2,5 00
3 ,3 4 5 ,0 6 5
1 ,4 6 4,2 29
3 ,8 3 3 ,9 4 3
1 2 8 ,43 6,8 18
1 11 ,81 3,8 24
+ 14.9
1 3 7 ,09 5,8 04
1 3 9 ,39 8,4 41
1 ,2 5 3 ,8 7 5 ,9 6 4
+ 14.5
1 2 ,6 50 ,45 6,9 0 3
1 1 ,5 6 6 ,0 3 9 ,0 9 3
+ 9 .4
3 0 3 ,34 9,3 96
2 6 7 ,0 8 0 ,7 7 9
+ 13.6
3 21 ,77 3,3 06
3 0 2 ,9 1 2 ,7 2 8
F i f t h F e d e r a l R e s e rv e D i s t r i c t — R i c h m o n d —
W . V a .— H u n t in g t o n ..
2 ,0 6 3,9 81
1 ,6 5 0 ,2 2 5
11,5 97 ,00 0
10,3 80 ,00 0
V a .— N o r fo lk __________
R i c h m o n d ___________
2 0 1 ,19 1,2 61
2 13 ,45 1,9 82
5 ,2 5 0 ,7 5 3
5 ,7 3 5,1 46
10,9 82 ,95 2
8 ,4 7 4 ,0 7 0
5 .4 5 5,8 01
5 ,3 1 3 ,2 2 6
3 37 ,1 4 7 ,7 7 4
M d .— B a ltim o re _______
2 9 9 ,9 9 9 ,2 9 7
1,807.091
1 ,7 8 8,2 26
D . C .— W a s h in g to n ___
1 08 ,23 2,4 00
9 9 ,6 6 5 ,4 8 8
+ 25.1
+ 11.7
— 5 .7
+ 9 .2
+ 2 9 .6
+ 2 .7
+ 12.4
+ 1.1
+ 8 .6
16,6 93 ,76 7
1 0 8 ,97 2,0 00
1 ,6 8 0 ,0 6 2 ,0 0 /
5 2 ,6 66 ,45 7
9 0 ,3 6 7 ,9 6 9
4 9 ,5 )6 ,0 5 2
2 ,9 1 8 ,3 5 8 ,5 3 a
16,2 58 ,25 3
9 89 ,86 0,8 75
13,7 87 ,95 7
1 0 0 ,4 7 9 ,0 0 0
1 ,6 1 2 ,8 7 2 ,9 6 6
4 7 ,6 2 1 ,7 3 3
7 8 ,1 9 3 ,0 7 3
4 2 ,1 1 4 ,2 0 6
2 ,6 7 9 ,1 6 7 ,0 3 6
1 5,6 10 ,45 8
9 3 7 ,3 0 8 ,3 4 3
+ 21.1
+ 8 .5
+ 4 .2
+ 10.6
+ 15.6
+ 17.8
+ 8 .9
+ 4.1
+ 5 .6
416,998
2 ,5 0 3 ,0 0 0
4 9 ,3 16 ,30 9
1,091,766
359,128
2 ,2 8 8 ,0 0 0
4 7 ,6 0 2 ,4 1 9
1 ,017,747
+ 16.1
+ 9.6
+ 3 .6
+ 7 .3
324 ,85 9
2 ,5 9 4 ,0 0 0
5 0,3 3 8 ,6 2 5
1 ,1 9 5,2 59
3 01 ,51 4
2 ,7 2 8 ,0 0 0
4 1 ,8 14 ,60 1
1,15 5,0 46
7 0 ,1 45 ,19 5
6 3 ,5 8 2 ,2 0 6
+ 10.3
6 6 ,6 50 ,18 2
6 6 ,0 69 ,58 6
19,943,323
1 9 ,0 90 ,00 7
+ 4 .5
2 1 ,5 73 ,32 5
1 8,3 19 .62 8
+ 5 .9
5 ,9 2 2 ,8 3 6 ,0 5 8
5 ,5 2 7 ,1 5 4 ,7 7 2
+ 7 .2
143,421,591
1 33 ,93 9,5 07
+ 7.1
1 42 ,67 6,2 50
130 ,38 8,3 75
S ixth Federal R ese rve D istr ict— A tla n t a —T e n n .— K n o x v ille _____
18.958.62C
1 8 ,8 88 ,95 5
+ 0 .4
N a sh v ille ____________
95,732,112
8 4,3 3 3 ,0 2 5 + 13.5
2 9 0 ,300.00C
256,699,1731 + 1 3 .1
G a .— A tla n ta __________
A u g u sta ______________
6 ,5 1 8,5 17
4 ,8 7 9,8 93 + 3 3.6
5 ,274.08C
3 ,9 6 1 ,6 2 5 + 33.1
5 ,2 5 1,1 93
M a c o n ___ ___________
4 ,8 1 9 ,6 5 5
+ 9 .0
F la .— J a c k s o n v ille ____
78,5 52 ,13 7
6 5 ,0 3 9 ,1 3 1 + 2 0.8
5 ,0 3 1,6 18
4 ,070,583
+ 2 3.6
A l a .— B irm in g h a m ____
105 ,97 9,0 95
9 3,7 6 5 ,0 1 7 + 13.0
M o b ile ........... ................
9 ,2 7 0,5 76
7 ,6 4 6,9 08 + 21.2
5 ,1 7 5 ,8 3 8
5 ,3 9 8,1 78
— 4.1
5 ,5 7 4,0 00
5 ,0 4 2 ,0 0 0 + 10.6
J a ck son .......... ................
+ 1.5
8 ,1 4 4,8 01
8 ,0 2 7 ,4 8 5
1,89 8,3 55
1 ,8 2 3,8 35
+ 4.1
V ick s b u r g ____________
843,950
888,883
— 5.1
1 99 ,41 4,7 64
+ 6 .4
L a .— N ew O rlean s____
1 87 ,4 9 2 ,8 5 0
169 ,47 3,9 68
7 90 ,25 4,9 96
2 ,4 4 3 ,6 1 5 ,1 0 7
51,605,446
40,057,633
41,5 41 ,31 4
794 ,60 9,0 42
50,063,061
8 8 7 ,53 9,2 02
76,7 18 ,93 5
39.317.95C
4 8,2 27 ,00 6
7 4 ,4 82 ,78 7
16,208,290
6 ,204,351
1 ,6 7 4,4 17 ,84 7
1 6 5 ,2 1 8 ,6 6 0
7 3 5 ,2 0 2 ,1 6 3
2 ,1 6 1 ,5 1 9 ,1 5 9
4 3,4 46 ,76 0
3 2,9 8 7 ,6 1 4
3 6 .8 8 2 ,9 3 5
7 0 5 ,29 3,2 56
4 7 .1 44 ,17 7
7 6 1 ,8 2 4 ,0 0 3
6 4,8 69 ,76 4
3 5,0 2 1 ,8 2 2
4 2 ,3 9 1 ,0 0 0
6 9 ,6 2 4 ,6 7 3
14,553,744
6 ,3 6 1 ,7 3 0
1 ,5 4 8 ,9 7 1 ,1 4 5
+ 8 .6
+ 7.5
+ 13.1
+ 18.8
+ 21.5
+ 12.6
+ 12.7
+ 6 .2
+ 16.5
+ 18.3
+ 12.3
+ 13.8
+ 7 .0
+ 11.4
— 2 .5
+ 8 .1
3 ,793.71C
21,635,271
6 3 ,0 00 ,00 0
1 ,440,591
3 ,5 5 9 ,9 0 7
17,288,480
57.700.00C
1.045.72C
+ 6 .6
+ 25.1
+ 9 .2
+ 3 7.8
3 ,6 2 7 ,4 9 4
1 6.2 85 ,04 4
5 5 ,7 0 0 ,0 0 0
1,16 8,5 38
3 ,2 7 0,2 91
16,5 78 ,40 2
5 4 ,1 0 0 .0 0 0
*1 ,7 0 0 ,0 0 0
1 ,0 1 4,4 29
17,4 67 ,00 0
963 ,50 6
14,309,000
+ 5 .3
+ 22.1
956,941
1 4,9 77 ,00 0
934,897
12,5 97 ,00 0
2 4 ,5 78 ,97 4
2 ,0 8 2 ,3 5 7
2 1 ,2 7 3 ,8 3 0
1,7 1 2,3 2?
+ 15.5
+ 21.6
2 1 ,1 1 7 ,4 8 0
1,63 4,1 95
2 1 ,9 5 0 .2 7 0
1 ,2 8 2,1 95
160,751
45,1 51 ,32 4
157,878
40,4 20 ,45 1
+ 1.8
+ 11.7
164,775
4 1,5 28 ,30 2
192,861
3 8 ,7 0 1 ,6 0 5
11.8
7 ,2 1 4 ,3 3 6 ,9 3 2
6 ,4 7 1 ,2 9 5 ,6 0 5
+ 11.5
1 80,324,413
158 ,43 1,0 95
+ 13.8
1 57,159,769
1 51 ,30 7,5 21
+ 14.!
16.2
10.C
21.4
17.5
+ 9.8
+ 22.5
— 10.7
+ 8.6
+ 44.5
+ 9.7
+ 2 8 .f
+ 2 6 .‘
+ 1 2 .£
+ 8.6
+ 15.
+ 12.
+ 14.2
+ 16.2
+ 16.6
+ 9.C
+ 35.1
+ 10.6
— 3.r
+ 26.
+ 2.?
+ 33.C
+ 5.6
+ 1 0 .f
— 0.2
+ 15.
1 7 ,4 4 7 ,3 7 /
4 ,0 8 3 ,1 8 6 ,4 6 7
41,273,747
1 2 7 '9 4 7 i0 4 t
19,290.110
63,7 66 ,00 2
23,8 50 ,08 1
2 4,3 37 ,43 8
4 3 ,5 4 + 5 1 7
133,856,41 =
795.815^810
6 6,3 05 ,06 :
2 17 ,68 5,0 52
5 7,0 17 ,78 :
8 64 ,91 9,6 46
14,289,588
2 8 ,9 5 0 ,5 +
4 ,322,59£
12.334.39C
51.198.92C
399,576,020
152,636,946
9,328,010
1 8 ,4 1 5 ,2 8 r
15.524,120
1 2,5 88,332,468
4 7,9 3 8 ,9 6 :
160 ,35 1,3 7?
49,659,614
56,392,721
5 ,836.342
15,779,274
3 ,5 3 5 ,5 5 1 ,4 5 /
41,798,174
1 06,467,261
17,1 72 ,05 7
5 7 .4 13 ,21 0
2 1,3 1 0 ,3 6 2
2 5,8 5 6 ,6 9 7
4 2 ,2 76 ,33 4
108,042,48-=
7 2 2 ,99 3,0 45
52,9 41 ,08 7
185,198,661
5 1,8 22 ,74 (
8 1 2 .00 9,2 67
13,611,977
27,3 60 ,49 9
4,43 9,1 05
1 1 ,9 0 8 .121
47,4 66 ,26 1
360,640,151
1 35,982,937
8 ,0 7 1,4 08
16,910,575
17,767.051
1 1 ,9 3 6 ,1 4 6 .3 0 °
4 3 ,8 2 3 .8 9 /
1 49,764.982
47,6 06 ,60 6
54,6 82 ,94 0
5,308.891
+ 10.6
+ 15.5
— 1.3
+ 20.2
+ 12.3
+ 11.1
+ 11.0
— 5 .9
+ 3 .0
+ 2 3 .C
+ 10.1
+ 25.2
+ 17.£
+ 10.0
+ 6.5
+ 5.0
+ 5.8
— 2.C
+ 3.C
+ 10.3
+ 10.8
+ 12.2
+ 1 5 .f
+ 8 .0
— 11.5
+ 5.5
+ 9.4
+ 7.1
+ 4.3
+ 3.1
+ 9 .9
277,184
1 0 9 ,97 3,5 35
2 9 8 ,1 4 /
9 5 ,3 14 ,97 7
+
— 7 .0
15.4
395,353
116 ,42 9,3 43
397 ,59 1
1 10 ,2 9 9 ,1 2 5
2 ,7 7 6 ,8 2 1
2 ,3 1 2,0 35
+
20.1
3 ,0 9 6 ,5 0 8
2 ,7 1 6 ,3 2 0
1,21 4,5 21
1,13 9,1 78
6 .6
1 ,2 9 3 ,9 5 0
1 ,4 7 3,7 29
6.8
2 0 ,1 95 ,52 7,4 2 1
1 8 ,6 78 ,12 3,8 0 5
4-8 .1
T o t a l (17 c it ie s )_____
T o t a (19 c it ie s )______
T o t a l (9 c itie s )_______
T o t a l (16 c itie s )_____
1 ,7 9 2,1 37 ,57 3
1 ,4 3 5,8 89 ,48 7
6 84 ,2 1 3 ,4 0 6
8 4 1 ,91 9,6 66
6 45 ,97 3,2 67
7 5 2 ,77 7,1 96
S eventh Federal Re serve D istrict — C h ic a g o —
1,617,93(
M ic h .— A n n A r b o r ____
1,408,631
4 58 .07 0,9 31
D e t r o it _______________
3 9 4 ,3 0 4 ,9 4 ;
F li n t . .
4,25 0,5 67
4 ,7 2 2 ,8 4 5
G ra n d R a p id s _______
13,992,221
11 523 j61fi
2,01 9,4 3£
1 ,718,428
6,95 2,5 14
6 ,3 3 1 '6 4 8
2 ,630,594
2 ,1 4 7,8 56
2 ,746.862
3 ,0 7 6,8 06
I n d .— F t . W a y n e ..........
4 ,854,271
4 ,4 7 1,5 76
15.955.25E
11,041,496
In d ia n a p olis_________
85,9 49 ,24 2
78i348|037
S ou th B e n d _________
7,614,862
5 ,9 2 7 ,2 8 '
2 5 ,1 5 3 ,3 7
1 9,904,552
T erre H a u te _________
6.202.09C
5 ,513,102
91,330,581
8 4,0 99 ,59 2
M ilw a u k e e ___________
1,557,631
1 ,3 5 3 ,8 9 :
3,228,992
2^859,912
462.22C
404,801
1,157,448
1,34 4,7 6?
Io w a — C ed ar R a p i d s ..
6 ,233.60C
5 ,3 4 3 ,95C
42.970.03C
D e s M o in e s _________
39.420.00C
18.396,482
13,620,474
* 1 ,2 5 0 ,2 2 '
1,130,614
1 ,785,13c
1,846,681
1,945,362
1,540,498
1,31 9,6 39 ,56 6
C h ic a g o ______________ 1,35 0.5 63 ,70 ?
7 ,966.70C
1 0 .6 7 1 ,2 0 '
17.522,592
16,599.882
5,00 3,0 5c
4 ,5 2 9 ,1 0 '
6,202.291
S p rin g field ___________
6,187.12-=
Sterlin g ______________
699.702
603.67C
T o t a l (31 c itie s )_____
2 ,1 9 9 ,1 6 2 ,6 1 '
2 ,0 5 8,7 59 ,91 6
+
+
—
+
+
+
—
X
X
X
+
X
X
1,166,414
955,430
+
22.1
1 ,1 1 8,9 18
1 ,1 6 6,7 65
19,9 55 ,00 0
1 ,5 7 5,2 2(
5,432,164
16,3 86 ,00 0
1 ,295,136
4 ,4 8 0 ,3 7 /
+
+
+
2 1.8
21.6
2 1.2
1 8 ,8 57 ,00 0
1,714,69/1
5 ,4 6 9 ,6 4 2
16".481,666
1 ,1 5 6,0 20
5 ,3 7 3 ,6 4 3
19,5 26 ,90 7
18,412,211
6.1
18,651,141
1 7,3 03 ,67 2
1 ,400,678
8 ,0 9 5,7 56
4,29 4,5 29
1 ,080,180
8 ,3 7 9 ,2 8 !
2 ,9 7 2,9 81
+ 2 9.7
— 3.4
4 4.5
1 ,1 5 7,3 95
9 ,3 9 0 .0 0 !
2 ,9 5 6 ,4 9 0
1 .0 6 9,2 38
8 ,2 9 8 ,3 3 0
3 ,6 5 9 ,8 0 6
592,553
3 0 7 ,26 1,5 45
3 ,1 5 3,4 57
3 ,8 5 7,2 30
970,822
1,51 0,6 35
389,176
3 23 ,51 9,3 95
1,336.906
3,38 3,6 66
801,168
1,375,278
52.3
— 5 .0
1 3 5 .C
+ 14.0
+ 21 2
+ 9 .8
317,718
318 ,82 4,7 87
1,092,73?
3 ,3 7 4 ,5 8 0
1 ,431,579
1 ,205,257
387,919
3 1 6 .68 4,2 01
778,809
4 ,3 3 4,6 98
1 ,059,409
1 ,3 3 6,6 60
493 ,03 4,9 68
483 ,83 1,5 23
5 06 ,7 7 7 .1 0 2
4 93 ,9 7 6 ,9 3 5
......................
+
+
+
+
—
+
1 .9
ONE HUNDRED— The
2918
Commercial & Financial Chronicle— YEARS
OLD
Nov. 4, 1939
CLEARINGS ( Concluded)
W eek Ended Oct. 28
T en M on th s Ended Oct. 31
M o n th o f October
Clearings at—
1939
E ig h th F e d e ra l R e
M o . — S t. L o u is ________
K y . — L ou is v ille ________
T enn.-— M e m p h is ______
111.— J a c k so n v ille ______
Q u in c y _______________
1938
$
S
serve D is tr ic t — S t. L o u i s —
4 1 0 ,54 1,8 12
3 7 5 ,8 9 2 ,6 2 6
3 ,6 6 1 ,6 0 7
3 ,4 3 3 ,9 1 0
509,241
5 26,716
155,945^681
1 4 4 ,37 8,1 86
1 46,348,967
1 26,297,151
370 ,25 0
272,471
2 ,7 1 4 ,0 0 0
2 ,3 5 1 ,0 0 0
7 20 ,09 1,5 58
6 5 3 ,1 5 2 ,0 6 0
T o t a l (7 cit ie s )_______
N i n t h F e d e r a l R e s e r v e D i s t r i c t — M i n n e a p o l is 1 3,6 23 ,82 2
M in n .— D u lu t h ________
1 4 ,3 38 ,20 7
3 2 2 ,4 4 9 ,4 0 3
2 95 ,8 9 2 ,0 6 3
M in n e a p o lis_________
1 ,8 1 7,9 79
1 ,465,207
1 25 ,63 5,5 33
1 11 ,94 1,3 99
S t. P a u l___________ .
1 ,7 8 0,1 37
1 ,7 3 9,4 80
656|691
5 94,936
1 1 ,6 4 9 ,4 0 4
N . D . — F a r g o _________
9 ,7 6 7 + 6 7
1 ,2 7 5 ,0 0 0
1 ,1 8 4,0 00
839 ,04 8
l j 0 00 ,40 0
S . D . — A b e rd e e n _____
4 ;i 7 0 > 6 2
3 ,3 2 1 ,0 9 7
7 ,2 6 1 ,7 7 9
6 ,8 3 3 ,6 0 6
7 37 ,40 0
720 ,00 0
4 ,5 2 0 ,3 0 0
M o n t .— B illin g s_______
3 ,7 0 2,5 80
4 ,4 1 6 ,6 2 9
4 ,4 0 0 ,7 4 8
18,189|732
1 2 + 6 4 '3 4 5
H e le n a ___ ____________
4 89 ,70 8
287 ,48 2
T o t a l (16 c itie s )...........
5 2 0 ,3 8 9 ,0 6 4
4 69 ,2 7 7 ,2 8 0
T e n t h F e d e r a l R e s e rv e D i s t r i c t — K a n s a s C i t y 3 98 ,28 3
3 99,637
N e b .— F re m o n t________
612 ,91 4
580,851
H a s tin g s _____________
11,8 49 ,63 1
L in c o ln _______________
1 0 ,3 02 ,54 9
1 4 2 ,45 2,6 90
1 3 0 ,78 9,1 54
O m a h a _______________
17,9 12 ,82 1
16,1 81 ,44 8
6 87 ,01 9
580,006
996 ,79 0
9 58 ,93 5
7 ,8 9 0 ,7 3 5
T o p e k a _______________
9 ,9 6 6 ,6 5 8
1 2,8 38 ,14 3
1 2,0 71 ,83 1
W ic h ita ........ ...................
2 ,4 9 7 ,2 0 3
2 ,0 2 8,7 69
4 3 7 ,5 1 3 '5 2 9
3 7 5 ,62 1,8 46
K a n sa s C i t y _________
1 2,9 41 ,74 3
13,7 06 ,67 2
S t. J o se p h ___________
508 ,78 8
433,798
3 5,0 1 9 ,6 6 8
3 6 ,5 3 8 ,0 6 5
2 ,5 1 9 ,1 2 0
2 ,7 4 3 ,3 7 5
C o lo .— C o l o . S p r in g s ..
1 5 3 ,96 4,6 82
141 ,61 4,0 67
3 ,1 3 6 ,3 8 5
2 .8 2 3,2 51
P u e b lo _______________
1 ,7 4 4,2 12
1 ,5 7 4,3 39
W y o .— C a s p e r . _______
T o t a l (18 c it ie s )_____
8 4 5 ,4 4 5 ,1 1 8
7 5 8 ,95 4,4 89
E l e v e n t h F e d e r a l R e s e r v e D is t r ic t — D a lla s-—
7 ,2 6 8 ,8 5 3
T exa s— A u s tin _________
8 ,1 5 8 ,9 1 7
3 ,9 3 6 ,4 0 4
4 ,1 4 4 ,4 3 2
2 3 7 + 0 9 ]5 8 4
262,318|000
D a lla s ________________
1 9,5 59 ,34 8
2 2 ,2 8 4 ,7 7 6
3 33 ,23 3,8 30
3 2,8 3 1 ,4 3 0
F o r t W o r t h _________
1 3,0 44 ,00 0
1 2,5 27 ,00 0
G a lv e sto n ____________
2 2 5 ,5 3 6 ,0 6 0
1 9 6 ,97 4,9 62
. 1 ,9 0 5,0 19
1,63 9,1 08
4 ,1 1 0 ,5 6 5
3 ,9 3 6 ,5 0 2
W ic h ita F a lls________
1 ,6 5 1 ,5 2 5
1 ,4 9 2,5 89
1 4 + 9 3 ,6 1 9
1 6 ,1 7 3 + 2 1
L a .— Shreve p o r t_______
5 33 ,6 5 7 ,6 2 9
T o t a l (11 c it ie s )_____
5 9 0 ,6 7 2 ,7 1 5
T w e l f t h F e d e r a l R e s e r v e D is t r ic t — S a n F r a n c i
*2 ,0 1 0 500
1,398,771
173 ,21 8,5 81
152+89+00
S e a ttle _______________
5 ,4 1 8 ,6 3 4
5,40 0,7 59
Y a k im a ______________
5 ,9 6 6 ,2 8 3
5 ,7 0 0,7 45
1 ,2 2 4 ,0 0 0
1 ,1 2 1,0 00
1 5 1 ,22 8,3 83
1 3 1 ,8 4 9 + 8 5
P o r t la n d _____________
2 ,9 4 6 ,2 9 6
3,13 5,3 91
7 3 ,9 7 2 ,4 1 2
64,6181984
S alt L ak e C i t y _______
13,9 73 ,23 1
12,1 81 ,42 8
8 ,2 7 9 ,6 3 9
8 ,9 0 3 ,5 6 7
7 ,7 5 0 ,2 0 3
6,19 1,8 31
1 9 ,2 2 2 ,5 0 4
L o n g B e a c h _________
17,6 90 ,85 6
4 ,5 2 8 ,0 0 0
3 ,8 5 7 ,0 0 0
1 5 ,0 8 2 ,0 7 5
1 5,1 41 ,61 3
P a s a d e n a ____________
3 ,1 3 1,3 83
3 ,1 1 0 ,9 7 5
6 0 2 ,5 7 2 '4 1 3
San F r a n c is c o _______
6 60 ,39 3,4 27
13,4 29 ,86 9
1 4,0 3 5 ,6 1 6
San J o s e _____________
5 ,7 7 9,6 31
6 ,1 5 5,9 60
S a n ta B a r b a r a _______
9 ,6 2 0 ,3 2 0
S t o c k to n _____________
1 0 ,9 92 ,73 7
%
1938
S
1939
1938
I n c . or
D ec .
1937
S
1939
I n c . or
D ec .
%
S
S
%
$
1936
S
+ 6 .8
+ 16.0
+ ii.6
+ 10.9
+ 9.2
+ 0 .7
— 0.1
9 1 ,9 00 ,00 0
8 8 ,1 0 0 ,0 0 0
+ 4 .3
9 2 ,2 0 0 ,0 0 0
8 9 ,8 0 0 ,0 0 0
3 3 ,5 0 9 ,8 2 9
3 2 ,5 7 3 ,8 4 2
X
583 ,00 0
3 1,9 53 ,69 4
2 6 ,8 69 ,34 7
X
4 64 ,00 0
+ 4 .9
+ 2 1.2
X
+ 25.6
3 1 ,3 9 0 ,5 2 6
2 5 ,1 8 5 ,3 6 8
X
5 5 5 ,00 0
2 8 ,9 7 7 ,0 5 8
3 3 ,2 2 3 ,6 0 0
X
5 1 2 ,0 0 0
5 ,6 0 5 ,8 5 3 ,2 8 8
+ 8.1
158,566,671
1 47,387,041
+ 7 .6
1 49,330,894
1 52 ,51 2,6 58
1 28 .8 6 6 ,4 9 9
2 ,6 8 8 ,1 6 7 ,6 4 0
1 3 ,1 87 ,59 3
1 ,0 3 5 + 0 4 ,1 3 5
15,1 21 ,64 7
4^986,935
9 0 ,4 1 3 .4 5 8
9 ,8 5 0 ,0 0 6
7 + 5 7 ,5 3 2
2 9 ,5 2 6 + 0 9
6 2 ,8 6 2 ,4 2 6
5 ,8 3 0 ,8 2 6
2 9 ,1 6 9 ,8 8 4
3 2 ,4 2 7 ,9 2 9
1 0 1 ,79 8,9 49
2 ,1 4 5 ,1 5 9
+ 1.9
+ 5 .3
+ 11.4
+ 4.7
+ 2 .8
+ 9 .3
+ 6 .6
+ 7 .8
+ 2 .0
+ 11.6
+ 3 .6
+ 27.1
+ 11.1
+ 10.2
+ 2 8 .?
+ 42.3
3 ,3 4 3 ,8 3 8
7 3 ,3 26 ,26 6
2 ,8 3 1,6 41
6 5 ,0 0 3 ,4 7 4
+ 18.1
+ 12.8
3 ,6 1 0,3 57
7 4 ,7 82 ,76 6
3 ,0 9 4 ,1 0 5
6 8 ,3 9 1 ,1 8 8
2 8 ,2 9 6 ,9 2 5
23",475,572
+ 2 0.5
2 7 ,9 9 1 ,1 0 8
23,7 83 ,15 1
2 ,5 0 2 ,4 0 5
2 ,1 4 8 ,0 6 4
+ 16.5
2 ,3 2 9 ,7 4 7
2 ,2 5 0 ,9 7 9
942,613
713,813
+ 32.1
682 ,80 8
667 ,48 8
4 ,5 0 4 ,6 2 9 ,5 7 8
4 ,2 5 8 ,1 1 7 ,3 2 1
4 ,1 5 5 ,2 4 7
6 ,0 2 8 ,2 3 6
1 14 ,82 2,4 97
1 ,2 8 4 ,4 1 8 ,0 8 0
1 7 1 ,4 8 8 ,5 0 3
6 ,4 4 9 ,8 9 0
9 ,2 6 5 ,2 8 7
9 7 ,3 1 9 ,4 1 0
124 ,65 9.5 11
2 0 ,5 0 1 ,2 0 4
3 ,8 9 5 ,1 3 9 ,8 7 1
130 ,74 2,1 74
4 ,9 9 2 ,3 1 8
3 3 0 ,0 4 8 ,6 9 3
2 6 ,3 2 9 ,0 2 9
1 ,2 8 5 ,5 9 0 ,1 2 8
2 7 ,1 7 5 .4 1 3
1 4 ,7 6 6 ,2 1 4
4 ,0 1 6 .7 4 2
5 ,7 8 4.2 61
1 0 2 ,18 3,9 62
1 ,1 9 2 ,0 2 5 .1 2 2
1 59 ,69 9,7 20
5 ,9 1 1 ,1 2 9
9 ,1 3 1 ,5 0 4
9 6 ,3 6 9 ,1 2 5
1 30 ,17 8,7 72
1 9 ,3 73 ,02 0
3 ,6 4 5 ,2 2 0 ,0 2 1
1 18 ,99 7,0 08
4 ,7 3 6 ,8 1 0
3 7 0 ,4 7 7 ,1 0 2
2 7 ,0 1 5 ,4 2 3
1 ,2 0 7 ,3 0 3 ,4 3 3
2 4 ,1 2 5 ,7 1 3
1 3 ,2 75 ,69 7
+ 1 1.4
7 ,5 5 3 ,8 9 1 ,7 0 5
7 ,1 3 5 ,8 2 4 ,5 6 4
+ 12.2
— 5 .0
+ 10.6
+ 13.9
+ 1.2
+ 4.1
+ 14.5
+ 16.2
+ 4 .4
+ 10.6
— 10.4
7 6 ,5 4 4 ,7 2 2
3 9 ,1 4 8 ,2 3 6
2 ,2 6 9 ,9 1 4 ,2 3 8
1 95 ,6 4 5 ,8 8 4
3 0 0 ,6 4 0 ,0 9 8
9 8 ,6 5 9 ,0 0 0
1 ,9 4 6 ,2 4 7 ,8 6 0
1 8 ,3 11 ,97 8
3 9 ,2 0 4 ,6 9 5
1 2 ,7 89 ,06 5
1 3 7 ,52 9,1 93
6 5 ,0 8 2 ,8 5 5
4 0 ,9 6 2 ,3 7 1
2 ,0 7 2 ,5 0 9 ,3 0 3
1 87 ,80 4,8 54
2 9 5 ,3 9 3 ,7 5 8
1 10 ,85 0,0 00
1 ,7 3 4 ,5 8 6 ,1 2 8
1 7 ,9 33 ,35 7
4 2 ,2 8 1 ,9 4 3
11,501,034
1 4 3 ,08 7,0 58
+ 10.7
+ 9 .2
+ 6 .6
— 3 .3
+ 8 .0
+ 15.9
+ 3 5 .9
+ 15.4
3 ,6 7 7 ,4 2 9 ,4 2 6
3 4 ,8 1 1 ,9 6 0
5 ,1 6 1 ,7 6 3
1+7+925+54
8 4 3 ,1 8 6 ,3 7 7
3 ,0 2 5 ,1 1 9
2 3 ,6 5 8 ,0 0 0
3 ,4 4 3 ,8 3 0 ,1 7 3
3 1 ,1 98 ,26 8
4 ,6 4 9 ,7 4 5
1 ,3 2 7 ,0 3 2 ,8 1 3
7 7 2 ,44 8,1 77
3 ,0 0 4 ,1 1 2
2 3 ,6 9 0 ,0 0 0
+ 10.2
6 ,0 5 9 ,1 9 8 ,4 9 9
+ 5 .2
+ 9 .0
+ 24.1
+ 1 2.2
+ 2 .3
+ 1 0.4
+ 19.3
+ 7 .7
+ 19.2
+ 2 5.6
+ 6 .3
+ 2 .4
+ 22.1
+ 0 .4
+ 4 0.3
+ 7 0.3
1 3 1 ,28 4,5 27
2 ,8 3 0 ,3 6 5 .1 4 6
14.6 84 ,87 7
1 ,0 8 5 ,0 4 9 ,9 1 0
1 5 .5 5 2 ,4 1 5
5 ,4 4 9 + 1 5
9 6 ,3 4 6 ,8 9 4
1 0 .6 1 9 ,0 0 0
8 ,0 1 2,2 41
3 2 .9 5 3 ,3 6 5
6 5 ,1 1 8 .9 4 4
7 ,4 1 0,0 48
3 2 ,3 9 5 ,5 8 9
3 5 ,7 2 9 ,8 6 9
1 30 ,60 5,1 73
3 ,0 5 2 ,2 6 5
+ 1 0.9
— 0 .3
+ 5 .5
+ 15.0
+ 8 .9
+ 10.7
+ 1 8.5
— 3 .8
— 2 0 .8
— 6 .0
+ 23.1
+ 16.5
+ 5 .9
+ 17.3
— 4 .2
— 8 .2
+ 8 .7
+ 11.1
+ 10.8
862 ,24 6
787 ,36 0
+ 9 .5
803,611
657 ,20 2
3 ,4 9 0 ,1 9 8
2 ,9 7 9,1 95
+ 17.2
2 ,7 9 5 ,5 6 9
2 ,8 3 8,1 51
+ 5 .8
1 12,764,491
9 7 ,9 39 ,11 9
+ 15.1
112 ,99 5,9 66
1 0 1 ,68 2,2 64
+ 3 .4
+ 4 .2
+ 12.4
+ 7.8
+ 7 .4
+ 9.1
+ 1 .5
+ 1.0
— 4 .2
+ 5.8
+ 6 .9
+ 9 .9
+ 5.4
— 10.9
— 2.5
+ 6 .5
+ 12.6
+ 11.2
76,8 65
116,383
2 ,4 0 6 ,2 3 6
3 1,4 36 ,55 3
81,327
102,949
1 ,9 9 5,0 54
29,4 68 ,63 7
— 5 .5
+ 13.0
+ 20.6
+ 6.7
80,9 83
96,4 54
2 ,4 5 7,3 29
30,4 51 ,47 5
92,4 42
88,9 52
2 ,6 2 2 ,9 2 9
2 9 ,2 29 ,27 4
1,75 8,9 98
2 ,5 6 4 ,4 9 5
1 ,9 1 1,0 44
2 ,4 9 8 ,5 2 2
— 8 .6
+ 2 .6
2 ,0 8 7 ,1 7 0
3 ,1 7 1 ,1 7 4
1 ,4 5 7,0 77
2 ,6 6 4 ,3 9 4
9 4 ,8 75 ,00 9
3 ,1 2 2 ,3 5 9
8 6 ,5 9 4 ,1 8 6
2 ,4 5 4 ,2 4 0
+ 9 .6
+ 2 7.2
8 9 ,6 0 2 ,4 2 5
2 ,7 3 7,1 07
8 8 ,5 5 4 ,0 1 3
2 ,9 9 0 ,6 1 9
490,171
602,302
— 18.6
495,937
515 ,41 9
666 ,84 9
580,898
..................
+ 14.8
—
511,252
545,414
+ 5 .9
137 ,51 3,9 18
126 ,28 9,1 59
+ 8 .9
1 3 1 ,69 1,3 06
1 2 8 ,76 0,5 33
+ 17.6
— 4.4
+ 9 .5
+ 4 .2
+ 1.8
— 11.0
+ 12.2
+ 2.1
— 7.3
+ 11.2
— 3 .9
1,53 7,2 76
1 ,3 0 0,1 25
+ 18.2
1,56 4,1 61
1 ,0 9 9,8 39
5 6,8 26 ,48 1
5 0 ,9 5 2 ,4 2 4
+ 11.5
5 3 ,4 8 4 ,4 0 6
5 1 ,1 97 ,83 3
7 ,5 9 3,8 47
2 ,7 0 6 ,0 0 0
7,38 8,2 41
2 ,3 0 9 ,0 0 0
+ 2 .8
+ 17.2
7 ,4 5 8,6 90
2 ,7 2 0 ,0 0 0
6 ,3 3 9 ,2 2 9
2 ,9 3 9 ,0 0 0
5 ,1 3 4 ,6 3 4 ,9 6 9
4 ,7 2 1 ,9 9 2 ,6 6 1
1 8 ,6 42 ,58 8
l,5 1 6 .9 0 0 i5 0 5
4 4 ,1 9 1 ,7 4 0
5 0 .1 0 4 ,4 5 5
1 1 .2 43 ,00 0
1 ,3 2 2 ,7 7 7 ,8 3 3
2 7 ,3 9 0 ,0 1 7
6 34 ,45 8,0 60
1 3 1 ,52 4,1 67
7 4,6 8 8 ,8 1 8
7 6,4 5 1 ,0 3 8
1 85 ,8 2 0 ,5 7 4
36.S 0 1.0 00
1 5 5 ,15 7,6 63
3 3,7 6 3 ,8 2 6
6 ,0 1 2 ,9 7 4 ,4 3 6
1 23 ,08 9,7 14
62,9 03 ,80 1
9 4,321,131
1 5 ,7 90 ,78 4
1 + 1 3 ,3 2 7 + 46
3 8 ,2 7 0 ,8 3 5
5 1 ,6 0 7 ,1 2 5
1 0,0 19 ,96 7
1 ,2 2 0 ,8 9 4 ,1 6 2
2 6 .3 05 ,89 2
5 6 6 ,69 4,7 04
1 22 ,14 1,1 19
8 1 ,2 0 8 ,6 2 9
6 5 ,3 8 9 + 0 3
1 75 ,42 5,5 52
3 3 ,4 6 1 ,0 0 0
1 56 ,2 3 9 ,2 6 4
3 2,8 2 6 ,7 2 3
5 ,7 6 1 ,6 3 5 ,6 3 1
1 13 ,70 0,6 24
6 1,3 9 7 ,6 9 2
9 0 ,5 57 ,27 5
+ 10.7
1 0 ,6 1 3 ,2 0 4 ,3 6 6
+ 5 .5
919,098
655,198
— 11.2
2 ,9 7 3 ,4 3 0
3 ,3 1 0 ,7 8 7
6 5,9 2 0 ,6 6 8
+ 9.7
6 9,1 19 ,78 5
6 5 ,5 4 1 ,8 8 6
36,6 44 ,77 4
1 ,164,265
3 3 ,6 0 0 ,5 9 7
1 ,210,840
+ 9.1
— 3 .8
37,2 22 ,70 1
1,26 3,7 68
3 3 ,9 4 9 ,2 9 9
1 ,2 3 5 ,2 9 8
34,0 97 ,96 1
2 8 ,1 74 ,98 7
+ 2 1.0
3 1 ,7 25 ,24 4
2 9 ,2 2 7 ,4 1 5
15,4 05 ,07 0
13,2 13 ,73 2
+ 16.6
15,4 44 ,19 2
1 4 ,4 67 ,42 7
4 ,5 2 9 ,6 8 8
3 ,9 7 9 ,3 1 9
+ 13.8
3 ,7 1 4 ,6 8 2
3 ,2 4 4 ,8 8 4
2 ,9 8 8,9 19
3 ,1 8 9,4 82
— 6 .3
3 ,692,091
2 ,9 5 3 ,4 4 3
150 ,15 9,0 00
2 ,8 1 6,8 44
1 ,I l f ,122
2 ,4 7 5,8 01
137 ,85 4,0 00
2 ,7 9 3 ,9 7 0
1 ,139,624
2 ,2 1 0,7 16
+ 8 .9
+ 0 .8
— 2.1
+ 12.0
1 50 ,70 0,0 00
3 ,1 5 3,2 06
1 ,587,417
2 ,6 4 1 ,2 3 5
1 4 0 ,66 6,4 09
2 ,6 7 7 ,4 8 8
1 ,1 2 4 ,3 2 3
2 ,2 5 4 ,4 1 3
251 ,39 8,4 44
+ 18.1
+ 7 .3
+ 15.5
— 2 .9
+ 12.2
+ 8 .3
+ 4.1
+ 12.0
+ 7.7
— 8 .0
+ 16.9
+ 5 .9
+ 10.0
— 0 .7
+ 2 .9
+ 4.4
+ 8 .3
+ 2 .5
+ 4 .2
8 39 ,06 5
3 ,1 3 1,8 13
72,3 29 ,74 7
+ 8 .7
+ 4 3.7
+ 13.3
+ 0 .3
+ 4 .7
+ 9 .2
+ 14.7
— 6 .0
+ 1 4 .5
+ 14.7
— 7 .0
+ 2 5 .2
+ 8 .7
+ 17.4
— 0 .4
— 0 .7
+ 9 .6
+ 4 .5
— 6.1
+ 14.3
8 85 ,37 4
2 ,7 8 0 ,7 6 9
227 ,36 7,2 67
+ 10.6
2 5 1 ,14 4,5 36
2 3 1 ,8 0 0 ,3 9 9
SCO—
1 0 ,0 3 6 ,8 9 3 ,2 2 7
+ 5 .7
G ra n d t o t a l (191 cities) 2 5 ,0 4 1 ,1 7 0 ,2 8 1 2 6,5 7 2 ,1 7 7 ,7 2 0
— 5 .8 2 4 9 ,5 4 2 ,2 9 1 ,7 3 2 2 38 ,1 6 6 ,3 7 3 ,4 0 1
+ 4 .8
5 ,9 1 6 ,9 7 7 ,9 6 3 5 ,9 3 3 ,3 7 7 ,9 9 5
— 0 .3 6 ,0 0 5 ,8 6 5 ,4 6 7 5 ,9 3 0 ,4 1 4 ,8 4 3
O u tsid e N e w Y o r k _____ 1 2 ,5 1 4 ,3 6 9 ,7 6 6 1 1,4 84 .65 0,0 6 7
+ 9 .0 1 1 2 ,5 4 6 ,5 2 3 ,5 2 3 1 0 4 ,0 3 2 ,5 2 0 ,8 4 9
+ 8 .2
2 ,6 4 7 ,8 1 3 ,9 5 0 2 ,4 5 4 ,4 2 8 ,4 9 6
+ 7 .9 2 ,6 1 4 ,0 4 3 ,1 6 5 2 ,5 0 7 ,7 4 1 ,4 2 3
T o t a l (19 c it ie s )______
1 ,1 7 9 ,1 3 3 ,1 2 7
C A N A D IA N
1 ,0 6 4 ,9 9 1 ,4 7 5
I n c . or
D ec.
C L E A R IN G S F O R
O C T O B E R , S IN C E
JAN UARY
1,
AND
FOR
T en M on th s Ended Oct. 31
M on th o f October
W E E K
E N D IN G
OCT.
26
W eek Ended Oct. 26
Clearings at—1939
Canada—
S h e rb ro o k e _____________
T o t a l (32 c it ie s )______
* E s tim a te d ,
I n c . or
D ec.
1939
1938
S
4 5 6 ,8 9 7 ,5 7 9
4 09 ,88 5,7 43
3 14 ,00 3,0 07
7 7 ,2 0 6 ,0 5 9
1 00 ,81 7,2 59
2 2 ,8 9 6 ,2 4 9
1 1 ,2 7 1 ,2 5 4
2 6 ,7 2 7 ,0 7 4
4 1 ,4 2 6 ,8 0 6
8 ,0 5 6 ,2 0 5
7 ,7 5 4,9 11
1 1 ,8 64 ,70 6
y 2 1 ,1 9 3 ,9 2 5
y 49 ,8 3 2 ,2 7 6
2 ,0 5 0 ,0 7 9
3 ,3 1 1 ,4 7 6
9 ,2 5 1 ,7 1 0
3 ,8 0 5 ,9 9 0
4 ,1 8 4 ,1 2 3
3 ,3 7 1 ,8 7 9
2 ,9 6 3,1 91
1 ,9 4 4,5 28
2 ,9 0 0 ,9 4 6
3 ,4 3 6 ,0 3 6
5 ,2 2 4 ,5 0 4
1 1 ,1 68 ,81 7
2 ,1 1 9 ,2 2 1
3 ,5 5 9 ,8 7 1
2 ,9 4 1 ,0 2 7
2 ,8 3 8 ,6 3 7
1 ,8 8 1,1 32
4 ,7 0 5 ,8 5 6
S
5 0 1 ,4 3 7 ,8 5 5
4 8 5 ,5 6 6 ,2 1 5
2 5 6 ,5 2 1 ,4 5 6
8 1 ,6 4 9 ,8 3 9
9 3,1 0 8 ,9 2 0
2 2,2 1 3 ,9 9 4
1 0 ,9 45 ,53 5
2 2,9 2 7 ,6 7 3
5 3 ,9 89 ,22 3
7 ,3 3 4,4 48
7 ,6 2 2,7 77
1 1,2 35 ,02 0
2 0,5 6 4 ,3 5 3
2 8 ,8 28 ,19 2
1 ,815,292
3 ,5 2 3,5 73
7 ,2 2 3,6 19
3 ,5 2 2 ,4 8 8
4 ,7 5 8 ,6 3 4
3 ,4 3 5 ,1 1 4
2 ,7 8 7 ,2 6 3
1 ,8 7 3,9 86
2 ,7 3 7 ,0 0 0
3 ,2 7 6 ,2 9 0
4 ,8 5 8 ,7 2 7
11,3 46 ,70 4
1 ,6 5 7,0 32
3 ,7 8 3 ,2 9 4
2 ,7 4 6 ,5 2 0
2 ,3 1 3 ,2 0 7
2 ,0 2 6 ,3 8 3
4 ,5 6 4 ,4 4 9
%
— 8 .9
— 15.6
+ 2 2 .4
— 5 .4
+ 8 .3
+ 3.1
+ 3 .0
+ 16.6
— 2 3 .3
+ 9 .8
+ 1.7
+ 5 .6
+ 3.1
+ 7 2.9
+ 12.9
— 6 .0
+ 28.1
+ 8 .0
— 12.1
— 1 .8
+ 6 .3
+ 3 .8
+ 6 .0
+ 4 .9
+ 7 .5
— 1 .6
+ 2 7 .9
— 5 .9
+ 7.1
+ 2 2.7
— 7 .2
+ 3.1
$
4 ,6 8 0 ,6 6 0 ,8 9 6
4 ,4 4 4 ,2 2 3 ,4 8 5
1 ,7 9 1 ,2 0 0 ,7 3 8
7 38 ,31 8,1 68
8 5 1 ,1 5 4 ,8 0 8
1 9 1 ,08 8,8 03
104 ,64 4,3 01
2 1 3 ,9 4 1 ,5 9 6
2 2 0 ,6 9 2 ,5 0 6
76,0 07 ,43 1
7 4 ,1 3 6 ,0 6 9
1 03 ,77 2,5 23
1 6 2 ,0 6 7 ,3 5 5
1 9 6 ,3 2 2 ,5 0 9
1 3 ,9 7 1 ,9 6 3
2 1 ,2 6 0 ,8 3 4
5 4 ,8 7 2 ,1 8 8
2 5 ,7 7 5 ,2 9 5
3 6 ,6 0 4 ,4 3 9
2 7 ,2 2 5 ,9 5 5
2 7 ,4 6 6 ,9 7 5
1 0 ,5 9 8 ,7 6 6
2 4 ,9 8 7 ,1 7 5
2 9 ,6 8 0 ,6 9 7
4 3,3 4 4 ,8 5 0
1 1 3 ,66 9,1 92
1 3,3 5 9 ,5 0 5
3 0 ,9 7 1 ,8 3 1
2 3 ,9 5 3 ,7 6 1
2 3 ,7 85 ,44 1
1 9 ,2 85 ,11 4
4 1 ,6 7 9 ,5 7 8
S
4 ,7 1 0 ,0 0 0 ,1 0 1
4 ,3 6 4 ,4 2 1 ,7 2 5
1 ,4 4 1 ,2 5 2 ,9 8 8
7 10 ,99 6,2 49
8 3 1 ,1 9 8 ,8 5 5
2 0 5 ,7 2 0 ,4 2 5
1 05 ,64 0,7 03
2 1 1 ,5 4 1 ,0 8 6
2 4 1 ,7 2 0 ,1 2 2
7 6 ,4 7 3 ,6 7 9
7 0 ,9 2 1 ,4 8 6
1 10 ,7 8 2 ,0 9 6
1 6 5 ,42 6,7 23
1 74 ,11 9,3 10
1 4 ,5 52 ,04 8
2 0,8 8 6 ,9 9 2
5 3,1 68 ,96 1
2 4 ,1 7 8 ,5 0 3
3 8,3 8 5 ,0 9 1
3 1,2 3 2 ,0 9 5
2 6,6 0 8 ,9 0 9
9 ,8 9 3 ,9 7 8
2 5,5 4 1 ,2 8 7
2 9 ,6 6 8 ,9 3 4
4 6 ,3 9 7 ,1 7 9
118 ,73 1,4 01
1 3 ,0 35 ,25 8
3 1 ,3 8 3 ,7 5 2
2 3 ,9 1 7 ,4 0 9
2 3 ,7 0 9 ,7 0 4
2 2 ,7 3 0 ,1 4 9
4 2 ,4 1 9 ,2 0 0
1 ,6 3 1 ,4 9 2 ,0 7 6
1 ,6 7 2 ,1 9 5 ,0 7 5
— 2 .4
1 4 ,4 3 0 ,7 2 4 ,7 4 7
1 4 ,0 1 6 ,6 5 6 ,3 9 8
x N o figures a v a ila b le,
1938
y C a lcu la ted o n basis o f w eek ly figures.
I n c . or
D ec.
%
— 0 .6
+ 1 .8
+ 2 4.3
— 3 .8
+ 2 .4
— 7.1
— 0 .9
+ 1.1
— 8 .7
— 0 .6
+ 4 .5
— 6 .3
— 2 .0
+ 12.8
— 4 .0
+ 1 .8
+ 3 .2
+ 6 .6
— 4 .6
— 12.8
+ 3 .2
+ 7.1
— 2 .2
+ 0 .1
— 4 .3
+ 2 .5
— 1.3
+ 0 .2
+ 0 .3
— 15.2
— 1.7
1939
$
108 ,03 4,7 11
8 5 ,4 9 4 ,6 1 5
6 5 ,7 13 ,84 3
18,1 44 ,81 2
2 2,7 5 7 ,0 5 7
4 ,7 6 4,6 89
2 ,5 2 8,5 16
6 ,7 7 8,7 08
9 ,0 4 2,3 42
1,74 2,9 55
1 ,7 0 2,3 39
2 ,5 1 3,6 16
4 ,8 7 9,6 43
8 ,4 1 4 ,0 2 2
411,182
670,456
1 ,971,082
764,207
852,430
758,652
663,999
434,538
575,246
804 ,05 7
1 ,0 6 3,0 95
2 ,5 3 8 ,6 7 3
477 ,67 9
' 866 ,15 0
664,601
5 86,304
4 0 1 ,33 0
1 ,1 2 7,9 49
+ 3 .0 * 3 58 ,1 4 3 ,4 9 8
1938
I n c . or
D ec .
1937
1936
S
%
115,882,241
— 6 .8
1 05 ,36 7,5 65 — 18.9
50,834,064 + 2 9.3
16,8 21 ,01 4
+ 7 .9
1 6,3 53 ,44 0 + 39.2
4 ,9 2 9,2 05
— 3 .3
2,38 3,7 01
+ 6.1
5 ,1 3 0,4 20 + 32.1
11,549,841 — 21.7
1,61 5,4 33
+ 7 .9
1 ,5 8 2,6 84
+ 7 .6
2 ,2 9 0 ,5 3 6
+ 9 .7
4 ,3 9 4,9 28 + 11.0
5 ,5 4 2,5 46 + 51.8
374,859
+ 9 .7
773,603 — 13.3
1 ,6 7 8,9 74 + 17.4
661 ,83 0 + 15.5
774,501 + 10.1
+ 7 .5
706,017
6 01,768 + 10.3
411,997
+ 5 .5
590,595
— 2 .6
771,356
+ 4 .2
1,08 2,8 25
— 1.8
2 ,6 9 0 ,6 7 0
— 5 .6
372,851 + 28.1
920,575
— 5 .9
575,853 + 15.4
538,837
+ 8 .8
441,887
— 9 .2
1,17 0,4 57
— 3 .6
$
128 ,31 1,6 08
1 11 ,92 5,5 13
4 6,9 23 ,13 1
18,8 49 ,28 2
18,682,701
5 ,1 2 4,2 40
2 ,5 1 0 ,0 2 0
6,13 7,6 75
7 ,3 6 5,0 72
1 ,8 4 9,3 60
1 ,5 4 9,3 44
3 ,1 7 8,7 42
4 ,4 6 0,8 55
3 ,3 7 6 ,0 4 9
409 ,60 5
6 52,326
1 ,3 8 9,0 49
560 ,59 4
1 ,0 0 7,5 85
893,431
774,969
3 20,886
591,626
663,894
1,09 5,4 32
3 ,3 7 2,1 65
343,823
833,871
611,204
566,985
498,963
1 ,2 0 1,1 20
S
►i
1 09 ,78 0,1 24
9 6 ,9 9 2 ,0 5 8
5 5 ,9 1 2 ,3 3 2
1 7.7 82 ,62 9
18,3 00 ,44 7
4 ,2 4 7 ,5 8 8
2 ,1 4 8 ,0 5 3
4 ,3 1 1 ,1 6 0
6 ,2 9 6 ,4 0 0
1 ,7 6 1,6 79
1,41 9.3 23
2 ,2 4 1,8 11
3 ,8 9 6 ,3 8 2
4 ,9 7 7,0 05
319 ,67 7
473,007
1 ,672,111
752,818
831 ,92 3
590 ,62 5
669 ,95 4
289 ,09 2
533 ,50 4
554,193
831 ,92 3
2 ,4 6 1 ,5 2 9
3 53 ,20 2
696 ,14 7
5 10 ,25 0
4 7 6 ,2 5 0
3 6 6 ,54 0
1 ,0 2 8 ,8 8 0
— 0 .5
3 7 6 ,0 3 1 ,1 2 0
3 43 ,4 2 8 ,6 1 6
3 5 9 ,81 7,0 73
Volume 149
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
F O R E IG N E X C H A N G E R A T E S
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world. We
give below a record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1930
OCT. 28, 1939. TO NOV. 3. 1939, INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Country and Monetary
Value in United States Money
U
n i t --------------------------------------------- — — --------------------------Oct. 28
Oct. 30
Oct. 31
Nov. 1
Nov. 2
Nov. 3
Europe—
$
$
$
$
S
$
Belgium, belga_____ .166227 .166212 .166477 .166461 .166544 .166533
a
a
Bulgaria, lev_______
a
a
a
a
a
a
Czechoslov’ia. koruna
a
a
a
a
Denmark, krone___ .193000 .193000 .193016
.193033 .193010 .193040
Engl’d, pound sterl’g 3.993333 3.994722 3.995000 3.999305 3.997916 3.994583
Finland, markka_
_
,019460 .019000 .019266
.019250
.019266
.019266
France, franc_______ .022648 .022655 .022659
.022677 .022673 .022655
a
a
Germany, reichsmark
a
a
a
a
Greece, drachma___ .007350* .007337* .007350* .007287* .007241* .007335*
a
a
a
a
a
Hungary, pengo___
a
Italy, lira__________ .050472 .050447 .050147 .050456
.050433 .050456
Netherlands, guilder. .530783 .530838 .530827 .530822
.530933 .530911
Norway, krone_
_
.226900 .227033 .227133 .227071
.227140 .227140
a
Poland, zloty_______
a
a
a
a
a
Portugal, escudo___ .036550 .036333 •C36100 .036433
.036400 .036333
a
a
Rumania, leu_______
a
a
a
a
Spain, peseta_______ .101500* .101750* .101750* .101750* .101900* .101750*
Sweden krona______ .237775 .238014 .238057 .238000 .238066 .238108
Switzerland, franc. . .224161
.224150 .224200 .224188 .224205 .224205
Yugoslavia, d in a r...
a
a
a
a
a
a
Asia—
China—
a
a
Chefoo (yuan) dol’r
a
a
a
a
Hankow (yuan) dol
a
a
a
a
a
a
Shanghai (yuan) dol .083616* .086250* .081666* .083958* .085125* .087916*
a
a
a
Tientsin (yuan) dol.
a
a
a
Hongkong, dollar. .249666
.249666
.249400 .249800 .249733 .249566
British India,rupee.. .302464* .302637* .302614* .301875* .301781* .301818*
Japan, yen_________ .234370 .234108
.2342.55 .234412 .234412 .234412
Straits Settlem’ts, dol .468700 .469250 .469350 .469550 .469400 .469200
Australasia—Australia, pound___ 3.182500 3.182500 3.181666 3.186250 3.185000 3.181666
New Zealand, pound. 3.195000* 3.195620* 3.195000* 3.199375* 3.198125* 3.195000*
Africa—
Union South Africa, £ 3.960000 3.960000 3.960000 3.960000 3.960000 3.960000
North America—
Canada, dollar______ .893906 .894531
.895234 .896562 .897410 .896484
Cuba, peso_________
b
b
b
b
b
b
Mexico, peso_______ .205350* .205225* .205125* .204966* .204966* .204966*
Nevvfoundl’d, dollar. .891250 .892291
.892916 .894166 .895000 .894062
South America—
Argentina, peso____ .297700* .297700* .297700* .297700* .297700* .297700*
Brazil, milreis official .060575* .060*80* .060580* .060580* .060580* .060580*
“ free.. .050320* .050660* ,0"0!60* .050160* .050400* .050460*
Chile, peso— official. .051700* .051700* .051700* .05)1700* .051700* .051700*
’’
" export. .otoooo* .010000* .0'0000* .040000* 040000* .040000*
Colombia, peso__ .
.571700* .571450* .571700* .571125* .571125* .571125*
Urnenay. peso contr
b
b
b
b
b
b
Non-co ntrolled___
b
b
b
b
b
b
* Nominal rate,
a No rates available
b
Temporarily omitted.
T H E E N G L IS H G O L D A N D S IL V E R M A R K E T S
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 18, 1939:
GOLD
The Rank o f England gold reserve against notes on O ct. 11 am ounted to
£165,143 at 168s. per fin e ounce as com pared with £165,095 at 168s. per
fine ounce on the previous W 3dnesday.
There has been no change in the Bank o f England’s buying price for g o ld ,
which remained at 168s. per fine ounce throughout the week.
S IL V E R
M ovem ents have been rather erratic, b ut prices, particularly for cash,
have shown an im provem ent on those ruling at the end o f last week. There
was a demand to cov er bear com m itm ents and for trade purposes, but
offerings o f silver for prom pt delivery p roved very scarce and as a result,
the difference between the tw o quotations widened considerably. On the
13th instant, the cash price was fixed at a prem ium o f 3 - i d . over that for
t w o m onths delivery; it was reduced to % d . on Oct. 16, but reacted until
% d . was reestablished today.
Other features o f the week were sales on Am erican account and some
purchases b y the. Indian Bazaars.
Quotations dr,ring the week:
IN L O N D O N
IN N E W Y O R K
B a r S ilv e r p e r O z . S td .
( P e r O u n c e .999 F i n e )
U .S .
T rea s.
M arket
P r ir p
P r ir p
C a sh
2 M os.
O ct. 12_______23d.
22M d.
O ct. 1 1 . . 35 cents
3 6)6 cents
O ct. 13_______ 2 3 l d .
A
2
‘ 2M d.
O ct. 1 2 ..M a r k e t closed
O ct. 16_______2 3M d.
22% d .
O ct. 1 3 . . 35 cents
3746 cents
O ct. 17_______23 l-16 d . 22 7-16d.
O ct. 1 6 . . 35 cents
37 cents
O ct. 18_______22 15-16d. 22 3-16d.
O ct. 1 7 . . 35 cents
36 cents
Average______ 23.150d.
22.60d.
The official dollar rates fixed b y the Bank o f England during the week
wer* as follows; B uying, $4.04. Selling, $4.02.
E N G L IS H F IN A N C IA L M A R K E T — P E R C A B L E
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Oct. 28
SilTer, per oz d Closed
Gold, p. fineoz. 168)3.
Consols, 2 H V t- Closed
British 3)4%
War Loan_
_ Closed
British 4%
1960-90.. . Closed
M on .,
Oct. 30
Tues.,
Oct. 31
23 7-16d . 23K d.
168s.
168s.
£67 %
W ed.,
Nov. 1
23K<b
168s.
£68
Thurs.,
Nov. 2
23 l-16d. 23 l-16d
168s.
168s.
£91 34.
£91 y,
£104 %
F ri.,
Nov. 3
£91 Vs
£104%
£105
£104)6
The price of silver per ounce (in cents) in the United
States on the same days have been:
B arN . Y. (for.) *446
U. S. Treasury
( »ewly mined) 71.10
34)4
34)4
34)4
34)4
34)4
71.10
71.10
71.10
71.10
71.10
2919
R E D E M P T IO N C A L L S A N D S IN K IN G F U N D
N O T IC E S
Below will be found a list of bonds, notes and preferred
stocks of corporation called for redemption, together witli
sinking fund notices. The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the “ Chronicle” :
C om pa n y an d Issu e—
D l te
Page
2959
♦Alleghany Oorp. 20-year coll, trust b o n d s ________________ N o v . 14
Arizona Edison C o. 6 % bon d s_____________________________ N o v . 4
2678
5 % bon d s_____________________ _ _________
.N o v , 4
2678
*Bt ckeye Steel Castings C o ., prior preferred s to c k ________D e c. i
2964
*B udd R ealty C orp. 1st m tge. 6 s__________________________ D ec. 1
2954
Caterpillar Tractor C o 5% preferred s to c k ________________N o v . 25
1018
C olon D evelopm ent C o ., L td ., 6 % pref. s to c k _____________D e c. 1
2507
Creameries o f Am erica, In c., 10-year debs________________ Dec. 1
26^4
♦Fairbanks, M orse & C o. 4 % debentures__________________ D ec. 1
2971
♦General R efractories C o 3 % % bon d s____________________Jan 1, ’40 2973
Germ an-Atlantie C able C o. 1st m tge. 7s_________________ A pr. 1 ’40
2687
♦(Edward) Hines Lum ber C o. 1st m tge. bonds__________ N o v .
30 2975
♦International Paper C o. 1st & ref. 5 s___________________ N o v .
132976
♦Kresge F oundation C o. 4 % coll, trust n otes____________ Jan.
1 ,’40 2977
Lexington Utilities C o ., preferred stock __________________ D e c. 15
2236
Le Tourneau Foundation 4 % notes______________________ N o v .
7
2087
M idi R R . 4 % b on d s_______________________________________D ec.
1
2695
M orristown & Erie R R . C o. 1st m tge. 6s_________________ N o v . 22
2 ' 97
N ational A cm e C o. 1st m tge. 4 H s ________________________ D ec.
1
2698
Nashville Railway A Light C o. 1st m tge. 5 s ___________ Jan. i 1940 1 |Ht
N ew Y ork C ity Omnibus C orp. prior lien bonds_________ Jan. 1 ’40 2^99
♦New Y ork Power A Light Corp. 1st m tge 4>£s___________ N o v . 30
298]
♦New Y ork Shipbuilding C o rp ., 1st m tge. 5 s_____________N o v . 24
2981
New York Staf e FJec A Gas Corp 1st m tge 5s__________ Jan.
1
421
2091
Nineteen Hundred C orp class A com m on s to ck __________ N ov. 15
Taris-Orleans R R . 6 % b on d s_____________________________ D ec.
1
2701
Peninsular Telephon C o ., 7 % preferred s to c k ____________ N o v . 15
1335
♦Pennsylvania Glass Sand C orp. 1st m tge. 4J^s__________D ec.
1
2934
♦Pennsylvania W ater A P ow nr C o. 1st m tge. 4>aS_______ D e c.
2
2934
Phelps D odge C orp. 3 H % debs___________________________D ec. 15
2702
♦Philip M orris & C o .. L i . , Inc . 5 % pref. stock ________ D ec.
1
2980
4
1925
Pinellas W ater C o 1st m tge 5 H s ________________________ N o v .
♦Port H enry L ight, H eat & Power C o. 1st m tge. 5s______ F eb. 1, ’40 2{P4
♦Power Securities Corp. coll tri st bon d s_________________ D ec.
1
2995
Serve!, In c., 7 % preferred stock ___________________________ D ec. 30
2705
(R obert) Simpson C o Ltd 1st mtge. 5s_________________ Jan
*3388
(R obert) Simpson C o ., L td ., 1st mtge. 6s_________________Jan. 1 ’40 Z3388
♦Shawmvt Bank Invest Trust 4 )£ % debentures__________N o v .
6
2987
Spang Chalfant C o . 5 % b o n d s____________________________N o v . 14
1930
♦United Disci it C o. o f Am erica, preferred s to c k _________ Jan.15, ’40 2990
♦United States C old Storage C o. 1st m tge. 6 s____________ Jan. 1, ’40 2990
U. S. Steel C orp. 10-year 31^% d ebs______________________ D ec.
1
17 0 8
Viking Pump C o. preferred stock _ ,_____________________D ec. 15
_
2385
W atauga Power C o. 6 % bonds.................. ................... ...........D ec.
1
2710
W est Penn Power C o .—
7 % pref s to ck ---------------------------------------------------------------- F eb.
1,*40 751
1 , ’40 751
6 % pref s to c k ---------------------------------------------------------------- F eb.
W est Virginia Pulp & Paper C o. 4 46% bon d s____________ D ec.
1
2711
W oodward iron C o ., 5 % incom e bon d s___ _______________ N o v . 24
1492
* Announcements this weeic. x Volume 148.
A U C T IO N S A L E S
The following securities were sold at auction on Wednesday
of the current week:
By R. L. Day & Co., Boston:
Shares
Stocks
$ per Share
5 Schulte Real Estate common, par SI____________________________________ 70c lot
50 Boston Woven Hose & Rubber Co. common____________________________ 24)6
40 Massachusetts Real Estate Co., par $50________________________________ 20
5 The Chronicle Publishing Co. preferred, par $100_______________________ 5
2 International Match Realisation Co.. Ltd., par £1_____________________ 23)4
5 The Chronicle Publishing Co. preferred, par $100_______________________ 5
6 Sierra Pacific Power Co. common, par $15________________________________ 20 %
28 Southern California Gas preferred, par $25________________________ _____ 30H
450 Bausch Machine Tool Co. common____________________________________ $27 lot
20 Pemberton Building Trust, par $100____________________________________ 3
Bonds—
Percent
$1,000 Bellevue Hotel Co 2d mtge. Inc. 6s, January, 1960________________ 5% flat
By Crockett & Co., Boston:
Stocks
$ per Share
25 Berkshire Fine Spinning Associates common____________________________
6)4
50 Old South Building Association, par $100______________________________ $7 lot
100 Springfield Gas Light Co., par $25____________________________________ 12J6
3 Plymouth Cordage Co., par $100______________________________________ 86)4
5 Back Bay Realty Associates; 3 Merchants Real Estate Trust, par $100;
10 Brooklyn Associates, par $100; 10 Federal Wharf Co.; 7 South Street
Trust 31 State Street Associates, par $100__________ _____ _____________ $88 lot
Shares
By Barnes & Lofland, Philadelphia:
Shares
Stocks
$ per Share
40 North Broad National Bank, par $10_________________
------- 3)6
100 First Camden National Bank & Trust Co., par $12.50.
......... 3)6
15 Frankford Tru3t Co., par $10_________________________
.........40)6
1 Gillinder Property. Inc_______________________________
_____*1 lot
50 Funtingdon Valley Country Club, par SI______________
_____*1 lot
50 Spanish River Land Co., no par_______________________
____ $2 lot
20 Jacob Miller’s Sons first preferred____________________
.........$1 lot
75 Tonopah Belmont Development Co__________________
........ $2 lot
Bonds—
Percent
$5,000 Certificate of participating interest, Boca Raton Club______________ $7 lot
$750 Manufacturers Country Club proprietary certificate___________________$4 lot
N A T IO N A L B A N K S
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
B R A N C H A U T H O R IZ E D
O ct. 21— T he N ational Bank o f C om m erce o f Seattle, Seattle, W ash.
L ocation o f branch, T ow n o f W aterville, D ouglas C ou n ty, W ash. C erti
ficate N o . 1440A .
V O L U N T A R Y L IQ U ID A T IO N
O ct. 24— T he First N ational Bank o f C rockett. C alif, (com m on
stock, $40,000; preferred stock, $ 10,000)------------------------------------ $50,000
E ffective Sept. 29, 1939. Liquidating agent, B . F . Ferrario,
care o f the liquidating bank. A bsorbed b y Bank o f Pinole,
C rockett, C alif. T he liquidating bank has one additional
office located at C rockett, C alif.
C O M M O N C A P IT A L S T O C K IN C R E A S E D
A m t. o f I n c .
O ct. 25— T he First N ational Bank o f M em phis, M em phis, Tenn.
From $1,000,000 to $1,200,000---------------------------------------------------- $200,000
O ct. 27— T he H oblitzell N ational Bank o f H yndm an. H yndm an,
4,000
Penn. F rom $36,000 to $40,000----------------- -------------- -----------------
ONE HUNDRED—
-The Commercial & Financial Chronicle—YEARS OLD Nov. 4, 1939
2920
N a m e o f Com pany
PARKE-BERNET
GALLERIES INC
An Organization fo r the
Appraisal and Liquidation at Public Sale o f Art
Literary and Personal Property
Headed by
H IR A M H . P A R K E • President
O T T O BERN ET and ARTHU R SWANN
V ice-P residents
Specialists for more than thirty years in the
management of public sales, under whose
personal direction jointly or severally were
held such notable public sales as the:
C. K. G. BILLINGS
JUDGE ELBERT H. GARY
JAMES STILLMAN
THOMAS FORTUNE RYAN
OGDEN MILLS
EDITH ROCKEFELLER MCCORMICK
MRS. WHITELAW REID
JOHN A. SPOOR
Now located at
3 0 E A ST
57T H
S T R E E T • N EW Y O R K
in offices and galleries especially designed
for the dignified display and public sale
of art, books and manuscripts.
A D V IC E A N D C O N S U L T A T IO N . . .
on the disposal or appraisal of Estate
properties . . . without charge or obligation.
P laza 3-7573
Cable A ddress : PARKGAL
D IV ID E N D S
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid. Further details and record of past
dividend payments in many cases are given under the com
pany name in our “ General Corporation and Investment
News Department” in the week when declared.
N a m e o f C om pany
P er
S h a re
75c
25c
25c
A cm e W ire C o .' (quar.) - ------ - — ------ --------------$1M
A llegheny Ludlum Steel, p ref. (q u a r.)------ —
All Canadian C om m on Stock Trust Shares A _ ._ 22.22c
Allentow n-B ethlehem Gas C o ., 7 % p ref. (q u .)—• 87 Me
Allied Kid C o. (quar.) ------------------- ----------------- 12 Me
1M
Allied Stores C o rp ., 5 % p ref. (q u a r.)--------------15c
Allied Laboratories (q u a r.)---------------------------------t$4
Alumin um . L t d -------------------------------------------------S IM
Preferred ( q u a r . ) - . - - -------- - - - - ---------------------25c
American Auot mobile Insurance C o --------------—
25c
A m trican N ews C o _ _ - - - — -------------- ----------------75c
American Paper G oods C o. (increased)-------------Am erican Rolling M ill, 4 M % preferred-------------- tsm
5%
Anglo-Iranian Oil, L td. (interim )----------------------35c
A rcher-D aniels-M idland . . . ---------------------------------$1
Arm strong R ubber, A . & B . - _ ---------------------------S3M
A rtloom C orp ., 7 % p r e fe r r e d -.- —
A stor Financial C orp ., 1st pref. (sem i-annual)__ 37 Me
25c
A tlantic Refining C o -------- ----------------------------------SIM
Atlas Powder C o - - - - - - ------ -----------------------------5c
Baltim ore R adio Show (quar. ) ---------------------------15c
6 % preferred (q u a r.)---------------------------------------40c
Bastian-Blessing C o . -----------------------------------------t75c
Beaunit M ills, $1 M p r e fe r r e d --------------------------$1
B elding-C orticelli, L td . (q u a r.)--------------------------S IM
Preferred (quarterly)--------------------------------------$1
Bigelow-Sanford C arpet-------------------------------------SIM
Preferred (quar.) - - - - - - - - - - - - - r ------------------Birmingham Gas, preferred (q u a r .)-------------------- 87 Me
$1
Bliss & L ughlin--------------------------------------------------20c
Bourne M i l l s - - - — -------------------------------------------60c
B ristol-M yers C o. ( q u a r . ) - - - - - - - --------------------25c
B rockw ay M o to r C o ., Inc. (initial)--------------------$2
B rooklyn E dison (q u a r.)-------------------------------------$1
S IM
Brown o 'ifL t d h '6 % Preferred (q u a r.)----------------SI
25c
B unke?em ilP& s S fiv a n Min.*& C o g e n t ' ~gV.~f.ZZ
29.43c
Callaway M ills — — — --------------------------------------25c
J3c
Canadian M h a r t i^ G o l^ M in e h N L t d lI I I I I I I I I
Carey (Philip) M fg ., 6 % p re fe rr e d ------------------- tS IM
$2
Carolina Telep. & Teleg. C o. (q u a r .)---------------50c
Caterpillar T ractor (Quar ) -----------------------------50c
A com m on stock d iv . at rate ot 1 snare to.
w
40 shares h e l d - - -------• ------ ---------------------—
7 % cum . prior preferred (quar.) — -------------$3M
7 % cu m . 1st partic. preferred (s .-a .)------------SI
Cham bersburg Engineering C o -------------------------50c
Chase ( A , W .) C o. (Q u a rterly )^ - - - - - - - - - - - A cm e Steel C o . (q u a r.)---------------------------------------
SIM
W h en
H o ld e r s
P a y a b le o f R ec o r d
D ec.
D ec.
O ct.
D ec.
N ov.
N ov.
N ov.
Jan.
Jan.
D ec.
D ec.
D ec.
N ov.
N ov.
D ec.
12 N o v . 15
12 N o v . 15
31 N o v . 15
1 N o v . 15
1 O ct. 5
10 O ct. 31
15 N o v . 10
2 D ec. 15
2 D ec. 15
19 N o v . 24
1 N o v . 15
15 D ec. 1
15 N o v . 6
1 O ct. 20
15 N o v . 15
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
N ov.
D ec.
Jan.
Jan.
D ec.
D ec.
D ec.
N ov.
N ov.
D ec.
N ov .
N ov.
N ov.
N ov.
D ec.
D ec.
O ct.
N ov.
D ec.
N ov.
D ec.
N ov.
D ec.
1 N o v . 20
5 N o v . 20
1 N o v . 15
21 D e c. 5
15 N o v . 21
11 N o v . 30
1 N o v . 15
1 N o v . 15
25 N o v . 10
1 N o v . 15
2 D ec. 15
2 D ec. 15
1 N o v . 14
1 N o v . 14
1 N o v . 20
22 N o v . 15
1 O ct. 26
1 N o v . 15
30 N o v . 20
30 N o v . 10
30 N o v . 10
10 N o v . 3
15 .N ov. 24
1 N o v . 10
20 O ct. 10
7 O ct. 30
15 N o v . 28
20 N o v . 6
21 D ec. 14
25 N o v . 15
1 N o v . 17
D ec.
Jan.
D ec.
N ov.
N ov.
N ov.
22 N o v .
1 D ec.
31 D ec.
13 N o v .
10 O ct.
15 N o v .
17
15
15
3
31
4
Central R ailw ay Signal C o ., In c., class A ____
Class A (q u a r.)_____________________________
Clearfield & M ahoning R R . (sem i-ann.)_____
Clear Springs W ater Service $6 preferred____
C olum bia Brewing C o. (resumed, q u a r.)-------E x tra _______________________________________
C om pania Swift Internacional (q u a r.)_______
Coniarum M ines. L t d ________________________
C onsolidated E dison C o . o f N . Y . , I n c ______
Crane C o ., 5 % co n v. pref. (q u a r.)___________
C row n C ork & Seal C o ., L td . (q u a r.)------------C row n Zeller bach C o rp ., $5 cu m . pref. (q u .)_ .
Curtis Publishing C o ., $7 p ref. (q u a r.)______
Deere & C o ___________________________________
Preferred (q u a r.)___________________________
Douglas A ircraft C o ., I n c____________________
E aton M fg . C o _______________________________
E m ployers Reinsurance C orp. (q u a r.)_______
E xtra _______________________________________
Ewa P lantation______________________________
E xolon C o ____________________________________
Fall R iver Gas W orks C o ____________________
Federal Bake Shops (sem i-annual)___________
5 % preferred (sem i-annual)_______________
Fishman (M . H .) C o. (q u a r.)________________
Fitz Simons & Connell D redge & D o c k ______
General Am erican C o. (q u a r.)_______________
General B ox C o . (sem i-annual)______________
E xtra _______________________________________
General Finance, p ref. (sem i-ann.)__________
General Instrum ent (initial)__________________
General Paint C orp. (special)________________
Golden C ycle (q u a r.)_________________________
G oodyear Tire & R ubber C o _________________
$5 convertible preferred^(quar.)___________
Gorham M f g _________________________________
Griggs C ooper & C o . 7 % preferred (quar.) .
Guelph Carpet & W orsted Spinning M ills___
6 M % preferred (q u a r.)____________________
H allnor M ines (irregular)____________________
H art-Carter C o . $2 co n v . pref. (q u a r.)______
H azel-Atlas Glass C o ________________________
Hiawatha Oil & Gas pref. A (q u a r.)_________
H orn & Hardart (N . Y . ) , p ref. (q u a r.)_____
H otel B arbizon, In c., com m on voting tr. ctfs
H ow ey G old M ines (irregular)_______________
Ingersoll-Rand C o ___________________________
International Shoe C o . (extra)_______________
Inland Steel C o _________________________________
Jaeger M achine C o _____________________________
Kansas C ity Southern R y ., p re f________________
K ansas P ipe Line & Gas C o ____________________
Preferred (q u a r.)______________________________
K en n ed y’s, I n c__________________________________
K eystone Custodian Fund B -2 (s .-a .)___________
Knickerbocker F u n d ____________________________
K W B attery C o . (q u a r.)_______________________
L udlow M fg . A ssoc_____________________________
M arconi International M arine C om m . C o .
Ordinary registered (interim )_________________
A m . dep. rec. for ord . reg. (interim )___________
M asonite C o rp __________________________________
M a y D e p t. Stores C o . (q u a r.)__________________
M eadville T elephone C o. (q u a r.)________________
Preferred (sem i-annual)______________________
M etropolitan Storage W arehouse C o ___________
M ickelberry’s F ood P rod u cts___________________
M idlan d Grocers preferred (sem i-annual)______
M id lan d M u tu al Life Insurance C o . (q u a r.)____
M inneapolis GaslLight (D el.)_6% p ref. (q u a r .). _
5 X % preferred (q u a r.)____ __________________
$5.10 preferred (q u a r.)_______________________
5 % preferred (quar.)__________________________
M on om a c Spinning C o __________________________
M oran T ow ing C orp. 7 % cu m . partic. p f. (q u .)_
M orse Tw ist Drill & M achine C o ________________
M o to r Finance C orp. $5 pref. (q u a r.)___________
Nashawena M ills (resum ed)_____________________
N ational A utom otive Fibres, new p ref. (initial).
N ational Container (D e l.)______________________
N onquitt M ills (q u a r.)__________________________
N oranda M ines, L td . (interim )_________________
N ortham W arren preferred (q u a r.)______________
Northeastern W ater & Electric, preferred (quar.)
Northwestern Public Service C o . 7 % cu m . p re f- _
7 % cu m . preferred (q u a r.)___________________
6 % cum ulative preferred_____________________
6 % cum ulative preferred (q u a r.)________ ,____
N orthw est B an corporation______________________
N orw alk T ire & R ubber, p ref. (q u a r.)--------------N o v a Scotia Light & Power 6 % pref. (q u a r.)___
N ew Y o rk & Queens E lec. Light & Pow er (q u .)_
Preferred (q u a r.)______________________________
Ohio Power C o . 6 % preferred (q u a r.)__________
Ohio State Life Insurance (q u a r.)_______________
Om ar, In c., 6 % preferred (q u a r.)_______________
O xford Paper C o. $5 preferred----------------------------Parker R u st-P roof C o . (q u a r.)_________________
Preferred (sem i-annual)______________________
Park-W ilshire____________________________________
P atchogue P lym outh M ills---------------------------------Peninsular Telep. $1.40 preferred A ------------------Pfaudler C o . 6 % preferred (q u a r.)--------------------Phelps D odge C orp . (year-en d).
Philadelphia Suburban W ater C o . pref. (q u a r .).
Phoenix H osiery C o . 7 % p re f-----------------------------Pillsbury F lour M ills, In c. (q u a r.)--------------------Pittsburgh Suburban W ater Service C o .—
$5M preferred (q u a r.)-------------------------------------P otom a c E lectric P ow er 6 % p ref. (q u a r .) ...........
5 M % preferred (q u a r.)-----------------------------------P rosperity C o . preferred----------------------- -------------R alston Steel Car $5 preferred----------------------------$5 preferred (q u a r.)-----------------------------------------R eliance Steel C orp . pref. (q u a r.)----------------------R epublic Insurance C o . (Texas) (q u a r.)------------R eynolds M etals C o . 5 M % cu m . co n v . p re f-----R heem M fg . C o. (q u a r.)------------------------------------E xtra _______________________________ - — _______
R ichm ond Fredericksburg & P otom ac R R .—
6 % guaranteed (s .-a .)-------------------------------------7 % guaranteed (s .-a .)-------------------------------------Rochester Gas & E lectric 6 % pref. C & D (q u .)_
5 % preferred E (qu r . ) -------------------------------Roses 5, 10 & 25c. Stores (q u a r.).....................
R o ya lty Incom e Shares, series A -------------------Safeway Stores, I n c ---------------------— — -------- - Stock d iv . o f 2-100ths o f a sh. o f 5 % p ref. stk.
for each sh. o f com . stock held.
5 % preferred (q u a r.)----------------------------------6 % preferred (q u a r.)----------------------------------7 % preferred (q u a r.)----------------------------------San Carlos M illing C o ., L t d --------------------------Savage Arms C o rp ---------- ------------------------------Second Investors C o rp ., (R . I.)
$3 prior preferred (q u a r.)— . - - ------ ---------------Sedalia W ater C o. 7 % preferred (q u a r.)-------------Servel, I n c ., 7 % preferred
----------------------------Smith Agricultural Chemical. C o ------------------------6 % preferred ( q u a r . ) . - - - - - - - - ------------■ --------•
Smith A lsop Paint & Varnish C o. (resum ed )-------
P er
Share
H o ld e r s
W hen
P a y a b le o f R e c o r d
tsi
$i
tsiM
N o v. 1 O ct. 25
N o v . 1 O ct. 25
Jan. 2iD ec. 20
N o v . 15 N o v . 4
N o v . 15
D ec.
N o v . 15
D ec.
N o v . 15
D ec.
N o v . 15
D ec.
N o v . 10
D ec.
D ec. 1
D ec.
N o v . 10
N ov.
N o v . 15
D ec.
N o v . 20
D ec.
N o v . 15
D ec.
N o v . 15
D ec.
N o v . 10
N ov.
N ov. 8
N ov.
O ct. 31
N ov.
O ct. 31
N ov.
N ov. 4
N ov.
N ov. 8
N ov.
O ct. 28
N ov.
D e c. 9
D ec.
D e c. 9
D ec.
N o v . 15
D ec.
N o v . 20
D ec.
N o v . 15
D ec.
D e c. 1
D ec.
D ec. _ „ ,D e c . 1
N o v . 2 5lN ov. 25
Jan. 15lD ec. 15
N o v . lO N o v . 1
D ec. l l i N o v . 30
D ec. 15 N o v . 15
D ec. 15 N o v . 15
N o v . 15 N o v . 1
Jan. 2 Jan. 2
N o v . 1 O ct. 20
N o v . 1 O ct. 20
D ec. llN o v . 15
N o v . 25 N o v . 15
Jan. 2 D ec. 15*
N o v . 12 N o v . 6
D e c. 1 N o v . 10
N o v . 6 O ct. 27
D ec. 1 N o v . 1
D ec. 1 N o v . 10
N o v . 27 N o v . 10
D ec. 1 N o v . 14
N o v . 22 N o v . 10
D ec. 8 N o v . 20
N o v . 20 N o v . 10
1 D e c. 15
Jan.
N o v . 25 N o v . 10
N o v . 15 O ct. 31
N o v . 20 N o v . 1
N o v . 15 N o v . 9
D ec. l^N ov. 4
$1M
30c
25c
50c
6c
50c
$1
X
40c
SIM
SIM
75c
35c
$3
50c
40c
20c
$1.20
10c
45c
25c
75c
15c
25c
75c
2c
2c
3 c
15c
50c
$1
25c
SIM
50c
sim
si
s im
18c
50c
SIM
12 Me
six
$2
2c
SIX
25c
$1
62Xc
$1
15c
37 Xc
20c
85c
8c
5c
SI X
2X%
2X%
25c
75c
37Xc
75c
60c
15c
$3
$2
X
$1M
SIX
$1.27 X
SIX
5 °c
35c
SI X
Six
25c
8c
17 Xc
50c
$1
75c
$1
tSIM
SIX
mx
six
10c
87 Xc
SIX
$2
SIX
SI X
25c
SIM
t$l
25c
$1
35c
SIX
75c
SIX
87 Xc
40c
SI X
SIX
SIM
S IM
tsi X
SIX
87 Xc
30c
$1M
25c
15c
$3
$3M
SIX
SIX
20c
29c
75c
N ov.
D e c.
D ec.
D e c.
N ov.
N ov.
N ov.
D ec.
Jan.
N ov.
D e c.
D ec.
D ec.
D ec.
N ov.
D ec.
N ov.
D ec.
N ov.
D e c.
D ec.
N ov.
| ec.
D
tDec.
D e c.
D e c.
D e c.
D e c.
D e c.
N ov.
Jan.
D ec.
D e c.
D ec.
D e c.
N ov.
D ec.
D ec.
D ec.
D e c.
D ec.
N ov.
N ov.
D ec.
D ec.
D ec.
D e c.
D e c.
N ov.
D ec.
D ec.
N ov.
D e c.
D e c.
D ec.
N ov.
Jan.
D ec.
D ec.
25 N o v . 1
2 N ov. 3
9 N o v . 15
1 N o v . 15
15 N o v . 1
1 O ct. 15
1 O ct. 24
1 N o v . 15
2 D ec. 26
1 O ct. 20
1 N o v . 20
1 N o v . 20
1 N o v . 20
1 N o v . 20
3 O ct. 31
1 N o v . 15
15 O ct. 26
29 D ec. 16
15 N o v . 4
1 N o v . 10
15 N o v . 20
15 O ct. 31
15 N o v . 20
1 N o v . 15
1 N o v . 10
1 N o v . 20
1 N o v . 20
1 N o v . 20
1 N o v . 20
25 N o v . 15
4 D e c . 20
1 N o v . 14
14 N o v . 24
1 N o v . 10
1 N ov. 6
1 O ct. 26
20 D e c . 6
1 N o v . 15
llN o v . 10
1 N o v . 10
1 N o v . 15
10 N o v . 4
15 N o v . 4
1 N o v . 20
8 N o v . 25
llN o v . 12*
llN o v . 18
liN o v . 15
15 N o v .
1 N ov.
1 N ov.
7 ,O c t.
20 D e c .
20,D e c .
1 iN ov.
25 N o v .
2 D e c.
15 D e c.
15 D e c.
N o v . 1 O ct.
N o v . 1 O ct.
D e c. llN o v .
D e c. liN o v .
N o v . 1 O ct.
N o v . 25 O ct.
D ec. 20 D e c.
4
15
15
30
15
15
24
10
20*
1
1
31
31
10
10
20
30
5
$1M Jan.
SIM
SIM
50c
75c
75c
SIM
SIM
SIM
SIM
40c
1 D ec. 5
Jan.
1 D e c. 5
Jan. 1 D e c. 5
N o v . 27 N o v . 15
N o v . 1 5 ,N o v. 9
D e c.
O ct.
D ec.
O ct.
O ct.
O ct.
1
15
30
28
28
28
N ov.
O ct.
D e c.
O ct.
O ct.
O ct.
15
1
15
24
24
23
Volume 149
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
P er
S h a re
N a m e o f C om pany
W h en
H o ld e r s
P a y a b le o f R eco rd
N a m e o f C om pany
Southern California Edison C o ., L td .—
Southern California W ater C o. 6 % p ref. (q u .)___
A d iv. payable in cap. stk. o f 3 shs. for each
Swift International C o. dep. c t f s . ____
Terre Haute M alleable & M f g _____________
Texam erica Oil (m on th ly)___ ___________________
T yler Fixture C orp ., C l. A preferred ( s .- a .) ___
United
U nited
U nited
U nited
A ircraft C o r p .. . . . _____
. . . . .
G old Equities o f Can. standard shs.
States Electrid Light & Pow er Shares B . _
States Gas C o. con v. p ref. (s .-a .)_______
United States Steel C orp. pref. (q u a r.)___
Universal W inding C o. 7 % preferred (q u a r.)___
V agabond Coach M fg . (resumed) ______________
Vanadium -Alloys Steel C o ___________ _________
V ogt M a n u fa c tu rin g _________ . _
. . .
W algreen C o. (q u a r.)___________________________
W ashington R y . & Electric C o
_____ ______
W esson Oil & Snowdrift C o ., In c.—
W heeling E lectric C o. 6 % preferred (q u a r.)____
W oolw orth, L td ., A m . dep. rec. pref. (s .-a .)____
W urlitzer (R udolph) C o _ . ___________________
37 H e
37 H e
25c
40c
40c
25c
25c
25c
50c
25c
50c
5c
81H
5c
8 l-3 c .
10c
tS IM
15c
30c
SIM
35c
40c
$1M
t6c
3c
22 H e
37H c
$1 M
SIM
50c
5c
50c
10c
20c
40c
$1H
$9
D ec.
1 N o v . 15
O ct. 25
N o v . 15
N ov.
1 N ov.
N ov.
O ct.
3
1 O ct.
15 N o v .
1 N ov.
1
O ct.
15
23 O ct.
23 O ct.
15
15
18
26
D ec. 15 D ec.
N o v . i5 O ct.
D ec. 1 N o v .
N ov.
N ov.
N o v . 1 O ct.
1
31
18
18
3
27
D ec.
N ov.
N ov.
D ec.
D ec.
D ec.
D ec.
O ct.
Oct.
28
17
15
28
18
18
N ov . 20 N o v . 15
N o v . 18
N o v . 15
D ec.
1 N o v . 15
N o v . 30 N o v . 15
$1
S IM D ec. 1 N o v . 6
81M
+81
3 % D ec. 8 N ov. 3
15c N o v . 30 N o v . 20
P er
S h a re
7
preferred (quar )
____ ___ __ ________
American General C orp ., $3 preferred (q u a r .)..
$2 preferred (q u a r.)____ __
_________________
American Investments (IU.) (q u a r.)____________
American Paper G oods C o.— 1
American Radiator & Standard Sanitary—
American R e-Insurance C o. (N . Y .) (q u a r.)____
American T ob a cco C o ., com . & com . B (q u a r .)..
A rgo Oil (semi-annual) ________________________
Arm strong C ork C o . (q u a r.)____________________
Associated D ry Goods C orp . 6 % 1st pref. (q u .).
Bankers & Shippers Insurance (N . Y .) (q u .)____
Barber Asphalt C orp _________________________
Beaunit M ills, In c.. $1 H cum . con v. p re f_______
Bensonhurst National Bank (B rooklyn, N . Y . ) _ .
Also stock d iv. o f M sh. o f com . stk. on each
share o f com m on stock outstanding.
Stock or cash.
Bunre B ros., 5 % preferred (q u a r .)--
_______
Calhoun M ills (re s u m e d )..’. ". I _________________
Cam pbell, W yant & Cannon Foundry C o ______
Canada & D om inion Sugar C o ., L td .—
Central Verm ont Public Service $6 p ref. (q u a r.)-
25c
37H c
50c
$1 M
50c
$1
$1
$1 M
+86
75c
62H c
50c
20c
20c
60c
25c
SI H
75c
W h en
H o ld e r s
P a y a b le o f R eco rd
D ec. 31
N o v . 15
D ec. 1 N o v . 15
N o v . 15
D ec. 1
D ec. 1
D ec.
1 N o v . 17
N o v . 17
D ec. 15
D e c.
SIM D ec.
40c N o v .
50c
25c N o v .
SIM D ec.
15c N o v .
$1 D ec.
25c
SI H D ec.
49c N o v .
42c
S IM N o v .
25c N o v .
15c D ec.
S1H
J5c
t75c D ec.
20c
75c D ec.
40c
$1
25c
$1M
75c N o v .
SI
14c
68 H e
50c
15c
SI M
25c
12 H e
$1 '4
25c
10c
15c
37 H e
tS2.173
10c
62H c
SI
S1H
20c
37H c
ttS2
t$ l
25c
SI M
t l2 H c
J12H c
25c
75c
S1H
O ct. 26
D ec 15
N o v . 18
N ov . 15
N o v . 15 Oct. 25*
5
1
15 N o v .
3
S IM
37H c
$1H
75c
28 N o v . 8
1 N o v . 10
15
15
N ov. 8
1 N o v . 10
15
i6 N o v . 6
17
9
O ct. 31
1 N o v . 15
29 D ec. 29
O ct. 25
N o v . 10
15
N o v . 15
N o v . 15
N o v . 15
D ec. 20
D ec.
N ov.
Oec
N ov.
D ec.
D ec.
D ec.
D ec.
N ov.
N ov.
N ov.
O ct. 31
N ov.
1
15
1 N ov.
15
5
1
1
1
15 O ct.
15
29
O ct.
N o v . 15 O ct.
Dec. 15 N o v .
N ov.
N ov.
N o v . 15
20
24
14
31
31
30
30
30
N o v . 10
N o v . 15 O ct. 31
SI H N o v . 15 O ct. 31
25c
25c
S1H
Cleveland Builders R ealty C o . _________ __ ____
N o v . 15
Below we give the dividends announced in previous weeks
and not yet paid. The list d o e s n o t include dividends an
nounced this week, these being given in the preceding table.
N a m e o f C om pany
Cincinnati Union Term inal 5 % p rel. (q u a r.)____
N o v . 15
N o v . 15 N o v . 3
Jan. 1 D e c. 15
Preferred (q u a r.)_____ I ___ ___________________
Colum bia Gas & Electric 6 % cu m . pref. A (qu .)_
5 % cum preferred (q u a r.)____________________
5 % cum . preference (q u a r.)________________
Colum bia Pictures C orp. $2M con v. p ref______
Comm onwealth International C orn ____
___
Com m onwealth Utilities C orp. 6 H % Pf- C (qu.)
C om m unity Public Service (increased) _ ______
C onnecticut L t. & Power C o . 5 H % pref. ( q u .) . .
C onnecticut Pow er C o. ( q u a r . ) . ____ ______ __
Connecticut R iver Power C orp . 6 % p ref. (q u .).
Consolidated Oil Corp." (q u a r .)____________ __
Container C orp. o f A m erican_________
_____
Continental Can C o . (year-end d iv ., final)
Continental Cushion Spring__________ . . 1 _____
C orporate Investors, class A (q u a r.)___________
Cosm os Im perial M ills, L td . (q u a r.)____________
Extra . _______ ____________
Preferred (q u a r.)___________ _______ _______
Creameries o f A m erica, In c., pref. (q u a r.)_
_
Cresson Consolidated G old M in es. 1_________
Crown C ork & Seal C o ., In c., S2M pref. (quar.)
Crown D rug C o ________________________
Preferred________________________________
Crum & Forster pref. (q u a r.)____________________
Cuneo Press, In c., pref. (q u a r.). ____________
Curtis M anufacturing C o ’, (m on th ly)____
D enver Union Stock Yards C o. 5 M % p ref. (qu.)
D etroit M otorbus C o . (liquidating) __________
D etroit Gasket & M fg . 6 % preferred (q u a r.)____
D etroit Hillsdale & South W estern R R . ( s .- a .) ..
_________________
D exter C o _________________
Diam ond M atch C o. co m m on _____________
Participating preferred ( s .- a .) ____ __________
D iem & W ing Paper C o . 5 % preferred (q u a r.)___
P er
S h are
2921
W h en
H o ld e r s
P a y a b le o f R eco rd
15c
N ov. 1
N ov. 1
S IM
25c D ec. 1 N o v . 10
25c D e c. 1 N o v . 20
1-1-4 0 Dec. 18
$1 M
O ct. 26
50c
10c D ec. 23 D ec. 15
87 H e
D ec. llN o v . 10
$1 N o v . 10 N o v . 3
1 2 H c N ov. 15 O ct. 24
i D ec. 5
$1M Jan.
8 1 H N o v . 15 O ct. 20
8 1 M N ov. 15 O ct. 20
8 1 M N o v . 15 O ct. 20
34M c N o v . 15 N o v . 1
4c N o v . 15 O ct. 14
8 1 M D ec. 1 N o v . 15
65c N o v . 15 O ct. 28
81 Vs D ec. 1 N o v . 15
62 H e D ec. 1 N o v . 15
81H D ec. 1 N o v . 15
SIM D ec. 1 N o v . 15
20c N o v . 15 O ct. 14
25c N o v . 20 N o v . 6
50c N o v . 15 O ct. 25
5c N o v . 15 N o v . 1
5c N o v . 15 O ct. 30
25c N o v . 15 O ct. 31
5c N o v . 15 O ct. 31
SIM Jan. 15 D ec. 30
87M c D ec. 1 N o v . 10
2c N o v . 15 Oct 31
56M c D ec. 15 N o v . 30*
5c
43 Me N o v . 15 N o v . 6
82 D ec. 26 Dec 15
8 1 H D ec. 15 D ec. 1
25c N o v . 18 N o v . 8
8 1 M D ec. 1 N o v . 20
10c N o v . 20 O ct. 20
30c D ec. 1 N o v . 15
$2 Jan. 5 D ec. 20
30c D ec. 1 N o v . 10
Dec. 1 N ov. 10
3— 4f 2 -1 0 -4 0
1—
75c
SIM N o v . 15 O ct. 31
30c D ec
1
50c Jan. 20 D ec. 30
D om e M ines L td. (quar )." ____________________
D om inion & Anglo Investm ent L td .—
5 % preferred (q u a r.)__________________________
S IM
D om inion Bridge. L td. (q u a r.)_________________
30c
D om inion Bridge (quar.) J ___ 1_________
. . ._
30c
D ow Chem ical C o _____________________ __ ____
75c
Preferred ( q u a r . ) . . _____ , __________________
$1 M
Eastern Shore Public Service, pref. (q u a r.)_____
81M
86 preferred (quar.) __________ . 1 _______
81H
E lectric B oat C o ____
______ __ .
30c
El Paso Natural Gas, 7 % pref. (q u a r.)____
81M
Em pire & B ay State Telep. (q u a r.)_____________
81
Em pire Power C orp ., partic. s to ck ____ _________
25c
Em porium C apw eil________________________
35c
4
preferred A (q u a r .). ________ ________
56 He
E qu ity C orp ., $3 co n v. pref. (q u a r.)____________
75c
Faber, C oe & Gregg ( q u a r .) . l __________________
50c
Fairbanks M orse & C o ______________
25c
E xtra ___ __ _______________
F alstaff Brewing (q u a r.)_________________________
15c
E xtra _______
____
___________________
20c
Preferred (s e m i-a n n u a l)____________________
3c
Fansteel M etallurgical C orp. pref. (q u a r.)____
81 M
Fire Association o f P h ila d e lp h ia __1 ___ 1_______
$1
.
.
.
_I ________________
E xtra ___ __
50c
20c
Firem en’s Insurance (N ewark) (s .-a .)____ _____
First National Bank o f Jersey C ity (quar ) ____
1%
First N ational Bank (T om s R iver, N . J .) ( q u . ) . . 87 H e
Freeport Sulphur (q u a r.)_____________________
25c
E x t r a ..
. . ’ _ . . __ _________
50c
General Cigar C o ., pref. (q u a r.)________________
SIM
General F oods C orp . (q u a r.)____________________
50c
E x t r a ..
. .
.
___
25c
General Outdoor A dvertising C o ., class A _____
$1
Preferred (q u a r.). _ . ___________________
1H %
General Steel Wares p r e fe r r e d _____
____ __
SIM
G lobe D em ocrat Publishers, preferred ( q u a r .) ._
SIM
G old & Stock Teleg. (q u a r.)_____________________
81M
Gossard (H . W .) C o . l .
___________
50c
Goulds Pum p, In c. 7 % preferred______________
tS2
G ranby C onsol. M ining, Smelting & Power C o__
25c
90c
Graton & Knight C o. $1.80 prior preferred (s.-a.)
25c
Great Lakes D redge & D o ck (q u a r.)____________
Extra . .
_____
____
__________
25c
Greenfield Tap & D ie C o rp ., $6 p ref_____
83
Gunnar (G . M . ) .
..
._
. . . .
3c
Gurd (C has.) & C o ., 7 % preferred (q u a r.)______
81M
H ackensack W ater C o . (sem i-annual).
75c
Preferred ( q u a r . ) ___
__________
________ 43 Me
H ale Bros. Stores (quar.) _________________
25c
H am ilton W atch preferred (q u a r.)______________
81H
H am m ond Instrum ent, p ref. (q u a r.)___________
75c
H ancock Oil (C alif.) class A & B (q u a r.)_________
50c
25c
H artford Tim es, In c. (irregular)_____ __
81M
H avana E lectric & Utilities, preferred________
t75c
Hawaiian Comm ercial & Sugar C o _____________
50c
$1H
Hershey C hocolate C orp. (q u a r.)_______________
75c
Preferred (q u a r.)______________________
$1
H ibbard. Spencer, B artlett & C o . (m on th ly)___
15c
M o n th ly ____________________________
50c
Hires (Chas. E .) C o. class A (quar.)
________
_
___ . . .
_____ __
H olophane C o _
25c
Hollinger Consolidated G old M ines (m on th ly). .
be
5c
H orn (A . C .) C o . 7 % non-cum . partic. p re f.(q u .)
8M c
6 % non-cum . 2d partic. pref. ( q u a r . ) . . _____
45c
H udson B ay M ining & Sm elting’
81
Hussman-Ligonier C o . p ref. (q u a r.)____________
H uston (T om ) Peanut C o ___1 ____________ _
25c
Preferred (sem i-annual)______________________
83 H
H uttig Sash & D oor C o. pref. (q u a r.)___________
81M
Idaho M aryland M ines (m onthly) ____________
5c
Hluminating & Power Securities C orp . ( q u a r .) ..
81
7 % preferred ( q u a r .) .. ______________________
SIM
Im perial Chem ical Industries (interim )_________
3%
Imperial Life Assurance (Can ) ( q u a r .)_____ . . t$3 M
Indiana Associated Telephone $6 p ref. ( q u a r .) ..
SIM
Indiana Pipe Line C o ___________ ____________
20c
International Harvester C o ., pref. (quar ) ___ _
81M
International Ocean Telegraph ( q u a r .) .. . . . .
$ lM
International Railways o f Central A m er., p r e f .. tSIM
International T eleg. (M aine) sem i-annual)_____ 1.33 1-3
Iron Fireman M fg C o (quar ) ________ ________
30c
Ironw ood & Bessemer R y . & L t. 7 % p ref. ( q u .).
81M
Jackson (B yron) C o __________________________
25c
Jefferson Lake O il_______________________ _______ 12M c
K atz D rug C o. ( q u a r .) .. _____ __
..
_____ 12M c
Preferred (q u a r.)_____________________________
SIM
K em ner-Thom as. 7 % special pref (q u a r .1 .. __
SI M
Kendall C o. cu m . & partic. p re f., ser. A (qu.)__
81H
K entucky Utilities C o .. Jr pref. (q u a r.)______ 87 M e
K inney (G . R .) C o ., In c., $5 prior p ref _____
t$ l
D ec. 1 N o v . 15
N o v . 15 Oct. 31
N o v . 15 O ct. 31
N o v . 15 N o v . 1
N o v . 15 N o v . 1
D ec. 1 N o v . 10
D ec. 1 N o v . 10
D ec. 8 N o v . 22*
D ec. 1 N o v . 18
D ec. 1 N o v . 20
N o v . 10 N o v . 1
Jan. 2 D ec. 22
1 -2 -4 0 Oec. 21
D ec. 1 N o v . 15
D ec. 1 N o v . 15
D e c. 1 N o v . 10
N o v . 10
N o v . 29 N o v . 15
N o v . 15
A pr. 1 M ar. 18
D ec. 18 Dec. 15
N o v . 15 O ct. 20
O ct. 20
N o v . 15 O ct. 20
Dec. 30 D ec 23
Jan. 2 D ec. 27
D ec. 1 N o v . 14
D ec. 1 N o v . 14
D e c. 1 N o v . 15
N o v . 15 O ct. 27
N ov.
N ov.
N ov.
D ec.
Jan.
N ov.
N ov.
D e c.
N ov.
N ov.
N ov.
N ov.
D ec.
D ec.
D ec.
D ec.
N ov.
D ec.
D ec.
D ec.
N ov.
N ov.
N ov.
N ov.
N ov.
D e c.
D ec.
D ec.
15 N o v .
15 N o v .
15 N o v .
1 N ov.
2 D e c.
20 N o v .
9 Oct.
1 N ov.
15 O ct.
15 N o v .
N ov.
15 N o v .
O ct.
15 N o v .
1 N ov.
31 D ec.
1 N ov.
1 N ov.
15 N o v .
1 N ov.
1 N ov.
15 D ec.
15 N o v .
15 N o v .
15 N o v .
O ct.
O ct.
24 N o v .
D ec.
N ov.
N ov.
4 O ct.
O ct.
1 N ov.
N ov.
l l lN o v .
30 D e c.
6
6
1
20
30
9
30
15
31
2
2
1
31
1
14
11
15
17
1
15
15
1
1
4
3
25
25
14
19
15
15
21
21
15
15
17
20
Jan. 1 D ec. 20
D ec. 30 D ec. 22
N o v . 21 N o v . 10
N o v . 10 O ct. 31
O ct. 31
D ec. 8 Sept. 27
1-2-4 0 Dec. 30
N o v . 15 N o v . 1
N o v . 15 O ct. 20
D ec. 1 N o v . 1
Jan. 2 D ec. 30
N o v . 15 N o v . 6
Jan. 2 D ec. 15
D ec. 1 N o v . 10
D ec. 1 N o v . 15
N o v . 15 Oct. 31
N o v . 15 O ct. 31
1>ec.
D ec.
1 N ov. 21
1 N o v . 10*
N o v . 10 N o v .
6
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
—
2922
—
N a m e o f C om pany
Klein (D . E m il) C o ___________________________
Kresge (S. S.) C o . . ______ ____________________
K roger Grocery & Baking C o ________________
i E x tra _______________________________________
f 6 % preferred (qu a rl)______________________
p 7 % preferred (q u a r.)______________________
Lake Seunerior District Power C o .:
t- 7 % cum . preferred (q u a r.)________________
6 % cum . prefened (q u a r.)________________
Lake o f the W oods M illing 7 % pref. (q u a r .)..
1 •■ • • « Machiti* ‘ 'n. (quar.)
•••
______
Lehigh Portland Cement pref. (q u a r.)________
Leitch G old M ine. Ltd. (q u a r.)______________
Lexington Utilities C o. $ 6 pref. ( q u a r .) ____
L ife Savers C orp ______________________________
Special_____________________________________
Liggett & M yers T ob a cco (q u a r.)____________
E xtra _______________________________________
C om m on B (q u a r.)________________________
E x tra _______________________________________
Lindsay Light & C hem ical___________________
Link Belt C o (q u a r.)________________________
Preferred (q u a r.)__________________________
Little M iam i H R ., original capital (q u a r.)_____
Slnccbit guaranteed (quar )
Loblaw Groceterias A and B (q u a r.)________
A and B (extra)____________________________
Lock Joint Pipe (m on th ly)___________________
L oew 's, In c.. S6M cumul pref. (q u a r.)______
Lone Star Gas (year-end d i v .) _______________
Liuiighorn Portland Cement C o .—
5 % refunding partic. preferred (q u a r.)_____
Extra _
___
Loose-W iles Biscuit C o . , 5 % pref. (q u a r.)___
Lord & T aylor. 1st pref. (quar ) _____________
Lum berm en's insurance (Phila.) (s .-a .)______
Lunkenheinier C o ., pref. (q u a r.)_____________
(Q u arterly)_________________________________
Luzerne C ounty Gas & E lectric C orp .
First $7 preferred (q u a r.)__________________
First $6 preferred (q u a r.)__________________
Lynch & A bington Teieg. (sem i-annual)____
Lynch C orp ___________________________________
M acM illan C o ________________________________
N on-cum ulative preferred (q u a r.)_________
M et'la tch y Newspaper. 7% Dref (q u a r.)____
M cIn ty re Porcupine M ines (q u a r.)__________
E x tra ______________________________________
Quarterly___ __________________________________
Q uarterly______________________________________
Q u arterly_________________________________ I ___
M cW atters Gold M ines (q u a r)__________________
M a cy (R . H .) & C o _________ ______________ _____
M adison Square G arden________________________
M agnin <1 ) & C o ., preferred (q u a r.)___________
M anaged Investm ent, In c. (q u a r.)_____________
M anhattan Shirt C o ____________________________
E xtra __________________________________________
M anufacturers Casualty Insurance_____________
► E xtra __________________________________________
M aryland Fund. In c. (q u a r.)___________________
M assachusetts B onding & Insurance C o _______
M atson N avigation C o. (q u a r.)_________________
M eier & Frank. Inc. (q u a r.)____________________
M ercantile A c c ‘ptanc (C alif.), 6 % pref (q u .)._
5 % preferred (q u a r.)__________________________
M ercantile Stores C o , In c., 7 % p ref. (q u .) _____
M erchants Petroleum ___________________________
M id-C ontin ent Petroleum C orp ________________
M inneapolis-H oneywell R egulator______________
Preferred B (q u a r.)___________________________
Mississippi Power C o. $7 pref. (q u a r.)__________
SO preferred ( q u a r .) .. _______________________
M o o d y 's Investors’ Service pref. ( q u a r .) _______
M on m ou th C onsol. W ater C o. $7 pref. (q u .) ____
M on roe Loan Society, pref. (q u a r.)____________
M on santo Chemical C o ., $ 4 M pref. A (s .-a .)___
(•referred B (s. a .) ____________________________
M oore (W m R ! Dry G oods (q u a r.)____________
M o to r Finance C orp. (q u a r.)______I ______ I ” ”
M ountain Fuel S upply__________________________
M ueller Brass C o. (year-en d)____________________
M u skogee C o ., 6 % cum ul. pref. (q u a r.)_______
Mutual ■’hemiral <'o . o f Arner , 6% p ref (quar.)
N ational Biscuit C o _____________________________
h Preferred (q u a r.)______________________
Nat ional Casket C o ______________________________
N ational Credit (to. (B alt.. M d .) class A (qu.)__
N ational G ypsum C o. $ 4 1 4 con v. pref. (q u .)___
N ational Lead C o. preferred A (q u a r.)_________
N ational Power & Light C o ., com m on (q u a r .)..
N eptune M eter 8 % preferred (q u a r.)_______
N ew berry (J. J.) R ealty C o 5% p ref. (q u .)_
N ew England Public Service—
$7 prior lien preferred_____________________
$6 prior lien preferred_____________________
N ew Jersey Z in c_____________________________
N ew York M utual Teieg. (sem i-annual)_______
19'Mt ('oroora tion , class A (q u a r.)_______________
Class B ____________________________________
N orfolk & W estern R.v. (q u a r .)_____________
N o r'h American Oil Consol, (q u a r.)_________
N orthern Pipe Line C o __________________________
Northwestern N ational Life Ins. (s .-a .)_________
Northwestern Teieg. (sem i-annual)____________
N orfolk & Western R y ., preferred (q u a r.)______
Oahu Sugar C o. (m on th ly)_____________________
Occidental Insurance C o. (q u a r.)______________
Qkonite C o ., 6 % pref. (q u a r.)_________________
Ontario & Quebec R y . (s .-a .)__________________
5 % debentures (s .-a .)______ _________________
Ontario Steel Products pref. (q u a r.)___________
Otis Elevator C o ________________________________
Preferred (quar. ) _____________________________
Owens-Illinois Glass C o __________________________
Pacific & Atlantic Telegraph (s .-a .)_____________
P acific Fire Insurance C o. (q u a r.)______________
Pacific Gas & Electric 6 % p ref. (q u a r.)_________
5 1 4 % preferred (q u a r.)_______________________
Pacific Lighting Corp. (q u a r.)__________________
Panhandle Eastern Pipe L ine___________________
Parker Pen C o ----------------------------------------------------Pemigewasset Valley R R . (s -a .)________________
Pender (D a vid ) G rocery, class A (q u a r.)______
Peninsula Grinding W heel C o. (resum ed)_______
Peninsular Telephone p ref. A (q u a r.)___________
Penmans Ltd. (q u a r.)___________________________
Pennsylvania E lectric Switch A (q u a r.)_________
Peoples Drug Stores_____________________________
Perm utit C o ____________________________________
Philadelphia Germ antown & N orristow n_______
Philip M orris & C o pref. (q u a r.)_______________
Phillips Petroleum C o ___________________________
Phoenix A cceptance C orp ., class A (q u a r .)._1.1
Pinchin Johnson & C o. (A m .sh s. (interim )______
Pitney-B ow es Postage M eter (q u a r.)___________
E xtra __________________________________________
Pittsburgh Bessemer & Lake Erie R R ., p ref____
Pitts. Ft. W ayne & Chic. R y . 7 % pref. (q u a r .)..
Plym outh Oil C o. (q u a r.)_______________________
Stock d ivid en d ________________________________
P er
S h are
25c
30c
40c
25c
$1M
$1M
W hen
H o ld e r s
P a y a b le o f R ec o r d
D ec. 29 D ec. 19
D ec. 12 D ec. 1
D ec. 1 N o v . 10
D ec. 1 N o v . 10
Jan. 2 D ec. 20
Feb. 1 Jan. 17
N ov.
N ov.
N ov.
N ov.
Dec.
O ct.
15
15
15
4
14
31
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
D ec.
Aug.
V ov
N ov.
N ov.
30!D ec.
15 O ct.
22 N o v .
3
3
14
14
14
14
6
10
15
$1M D ec.
SIM D ec.
SIM D ec.
25c
$1
2c
SIM
4Cc
6l.c
SI
$1
SI
SI
10c
25c
SIM
Si 10
50e
N ov.
Ian.
N ov.
Dec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
N ov .
D ec.
Jan.
Dec.
Dec
25c Dec.
12Mc D ec.
SIM D ec.
SIM N o v .
30c D ec.
SIM
25r
SIM
SIM
SIM
SI m
25c
SIM
SIM
S3
5oc
25c
SIM
43 M c
50c
$1
50c
50c
50c
10c
50c
25c
SIM
5c
25c
25c
40c
10c
5c
87 Me
25c
15c
30c
25c
SI M
3c
35c
5oc
SI
SIM
SIM
75c
SIM
34 Me
$2 M
$2 14
SIM
25c
25c
40c
SIM
SI M
40c
SIM
75c
lM c
SIM
SIM
15c
$2
SIM
f87M c
t75c
Dec. 1
Dec. 1
Jan.
1
D ec.
N o v . 15
1-2-40
N o v . 15
N ov.
Nov
D ec.
N ov.
O ct.
1>ec
N ov.
24
24
10
10
20
27
22
20
20
18
27
20
23
4
N ov . 15 O ct. 31
N o v . 15 O ct. 31
Jan. 2 D ec. 15
N ov 15 N o v . 4
N o v . 15 N ov. 10
N ov. 8 N ov. 3
N ov. 3n Nov. 29
D ec. 1 N o v . 1
Jan. 2 N o v . 1
M a r. 1 Feb. 1
June 1 M a y 1
Sept. 3 A ug. 1
Jan. 15 Jan. 5
D ec. 1 N ov. 10
N o v . 30 N o v . 17
N ov. 15 N ov. 4
N o v . 15 N o v . 1
D ec. 1 N ov. 10
D ec. 1 N o v . 10
N o v . 15 N o c. 1
N ov . 15 N o v . 1
1)ee. 15 N ov. 30
N ov. 6 Oct. 27
N ov . 15 N o v . 10
N ov. 15 N ov. 1
Dec. 5 Dec. 1
Dec. 5 Dec. 1
N ov . 15 O ct. 31
D ec. 15 Dec. 1
D^c. 1 N ov. 1
N ov . 20 N ov. 4
D ec. 1 N o v . 20
Jan. 2 D ec. 20
Jan.
2 Dec. 20
N o v . 15 N ov. 1
N ov. 15 N ov. 1
D ec. 1 N ov. 29
D ec. 1 N ov 10
D ec. 1 N ov 10
2-2 49
2-2 40
N o v . 29 N ov. 18
Dec. 8 N ov. 17
N o v . 22 N o v . 9
■ ec. 1 N ov. 10
D
1>ec 2*21
D ec. 15 N o v . 14
N o v . 29 N o v . 14
15 Oct. 31
15 Oct. 31
Dec. 1 N ov. 16
Dec. 15 Dec. 1
D ec. 1 O ct. 30
N ov . 15 N ov. 1
D ec. 1 N o v . 16
D ec.
D ec.
D ec.
75c Jan.
50c N ov
12Mc N ov .
S2M D ec.
2.5c N ov .
15c Dec.
15c N o v .
15 Dec. 1
15 Dec. 1
9 N o v . 20
2 Dec. 30
15 N ov
1
15 N o v . 1
22 Dec. 4
6 O ct. 25
l|Nov. 17
10 N o v . 1
SIM Jan. 2 Dec. 16
SI N ov. lllO e t. 31
5c N ov . 15 N o v . 6
30c N o v . 15 N o v . 6
$1 M Dec.
N o v . 17
$3 D ec.
N ov. 1
2M % D ec.
N ov. 1
N ov. 3
SIM N o v .
35c D ec.
N o v . 24
$1 M D ec. 20,N o v . 24
50c N ov . 15 Oct. 30
50c Jan. 2iD ec. 15
SIM N ov. 14 N o v . 3
37 Me N ov . 15'O ct. 31
34 Me N ov . 15 O ct. 31
75c N ov . 15 O ct. 20
5oc N ov.
O ct. 28
25c D ec.
N o v . 15
S3 Feb.
Ian. 17
87Mc D ec.
N o v . 27
10c N ov.
O ct. 26
$1M N ov. 15 N o v .
75c N ov. l 5 N o v . 6
30c D ec. 15 D ec. 1
5 ic N ov . 13 N o v . 4
25c N ov. 10,N o v . 1
SIM Dec. 5|Nov. 20
N
SIM D ec. 11 ov. 15
50c D ec. l'N o v . 3
12Mc N o v . 15 N o v . 5
4% N ov. 6 S pt. 19
10c N ov. 20 N o v . 1
10c N ov. 20 N o v . 1
SIM D ec. 1 N ov 15
1-4- 40 12-10-39
SIM
35c Dec. 21 N ov. 10
2% D ec. 21 N o v . 10
$
1
P er
S h a re
N a m e o f C om pany
P oor & G o. class A _________ .
_ ________
Public Service o f N ew Jersey $5 pref. (q u a r.)____
7 % preferred (q u a r.)__________________________
8 % preferred (q u a r.)_________________________
6 % preferred (m on th ly)_______________________
Quaker State Oil R efining______________________
Rainier Brewing, partic. A ____
Class B ________________________
___________
Class B ______ .
_______________ __ ________
R eading C o. (q u a r.)_____________________________
$1 *4
t$2
50c
Dec. 15 Her 15
N o v . 15
5c
50c
25c
SIM D ec. 15
SIM
$2 D ec. 15
50c
50c D ec. 15
$1 M
O c t . 25
O ct. 25
N o v . 15
Oct. 16
25c
15c
R eynolds (R . J.) T ob a cco C o. (quar., in t e r im )..
Preferred (quar.. interim )_____________________
15c
15c
25c
50c
68 Me
t$4 M
50c
50c
R ochester B utton C o SIM d iv. p ref. ( q u a r .)___
3 7M c
Rubinstein (H elena), Inc . . . _ . ___________
Safety Car Heating & Lighting C o .. I n c _________
St. Louis Bridge C o. 6 % 1st pref. (s .-a .)_______
3 % 2nd preferred (s .-a .)______________________
10c
SIM
75c
Si M
$3
SIM
Schwitzer-Cum mins C o ________________________
25c
Seaboard Surety C o _______
_____ __ _______ __
Sears. Roebuck & C o ____________________________
W h en
H o ld e r s
P a y a b le >f R eco rd
N ov.
Oct
7
11
N o v . 15 O ct. 25
O ct. 25
Dec. 1
Dec
1 N ov 18
N o v . 15
N o v . 15
D ec. 15 D e c. 1
Jan. 12 Dec. 15
N ov.
6
N o v . 15
Oct. 25
O ct. 31
75c
N o v . 10
S IM D ec. 11 N o v . 10
Secord (Laura) C andy Shops (q u a r.)___________
20c
N o v . 15
Servel, In c_______________________________________
25c
N o v . 16
i ref (q u a r.)____ __ __________________________
*<
$1 H
:«-4< i >* * i 5
Shawinigan W ater & Power C o _________________
22c N o v . 15 O ct. 20
75c N o v . 15 O ct. 31
Preferred (q u a r.)______________________________
N o v . 15
SIM
30c N o v . 10 O ct. 31
5c N o v 10 O ct. 31
O ct. 31
Sioux C ity Gas & E lectric 7 % pref. (quar.)
SIM
Skelly Oil C o _____________________________________
50c N ov. 15 Oct 16
Sonotone C o rp _______________ . _______________
10c N o v . 17 N o v . 3
South American G old & Platinum ___ ________
10c N o v . 28 N o v . 14
South Bend loathe W orks (q u a r.)_______________
40c D ec. 1 N o v . 15
Southern California Edison (q u a r.)_____________ 3 7M c N o v . 15 O ct. 20
Southern Canada Power ( q u a r . ) . . _____________
20c N o v . 15 O ct. 31
Southwestern Portland C em ent, 8 % p f. (quar.)
$2 Dec 15 D ec. 14
Sovereign Investm ent (q u a r.)__________________
Spiegel, I n c .,$ 4 M % con’v pref. (q u a r.)________
S IM
Stam ford W ater C o. (q u a r.). . 1 . . J________
40c N o v . 15 N o v . 4
Standard Brands. In c., $ 4 M pref. (q u a r.). ___
SIM D ec. 15 D ec. 1
Standard Wholesale Phosphate & A cid W o r k s ..
20c D ec. 15 D ec. 5
Stanley W orks 5% pref. ( q u a r . ) ________________ 31 Me
Stein (A .) & Co. (q u a r .) ._____ __________________
25c
25c
SIM D ec. 1 N o v . 15
Stromberg Carlson T elep. M fg . pref. (q u a r.)___
SIM D ec. 1 N o v . 13
25c D ec. 15 N o v . 25
N ov. 10
SIM
Superior Oil C o . (C alif.) (q u a r.)________________
N ov. 20 N ov 10
Feb. 2t Feb. 10
25c W av ? ( W av 10
T am pa E lectric (q u a r.)________________________
56c N o v . 15 O ct. 30
S IM N o v . 15 O ct. 30
Texas Pacific Coal & Oil (q u a r.)________________
10c D ec. 1 N o v . 10
Thatcher M fg. C o. pref. (q u a r.)________________
90c
O ct. 31
40c N o v . 15 N ov. 1
T oburn G old M ines___ ____ 1________________
2c N o v . 22 O ct. 21
2c N o v . 22 O ct. 21
T oron to Elevators, L td ., 5 M % pref. (q u a r.)___
66c D ec. 7 N o v . 23
N o v . 25
SI M
25c N o v . 15 N ov. 1
T ruax-Traer Coal 6 % pref. (m on th ly)__________
D ec
5
SIM
5 M % preferred (q u a r.)_______________________
S IM D e c. 15 D ec. 5
50c N o v . 9 N o v . 1
Union Electric C o. (M o .), pref (q u a r.)_________
( )ct 31
SIM
Union Gas C o o f Canada (q u a r.)______________
N ov. 20
Union Oil C o (C a lif.)___________________________
25c N o v . 10 O c t 10
United Biscuit C o. o f A m erica__________________
25c
N o v . 14
Preferred (quar.) ______ ____________ _______
SIM F eb. 1 Jan. 17
United Chem icals preferred_____________________
tS6
N ov. 10
United Engineering & Foundry C o _____________
50c N o v . 14 N o v . 3
Preferret) (q u a r.)_____________________________
SI M N o v . 14 N o v . 3
United Gas C orp ., $7 preferred_________________ t$2 M D ec. 1 N o v . 10
United Gas & Electric C o rp ______
__________
50c
United Gas Im provem ent preferred (q u a r.)_____
S IM
C om m on (q u a r.)________________
25c D e c. 22 N o v . 29
United Light & Railways. 7 % prior pref ( m o .j .. 58 1 -3c D ec. 1 N ov. 15
7 % prior preferied (m onthly) ___________ _ 58 l-3 c
6 .3 6 % prior preferred (m on th ly)_____________
53c D ec. 1 N ov. 15
6 .3 6 % prior preferred (m o n th ly )_____________
53c
6 % prior preferred (m o n th ly )________________
N o v . 15
6 % prior preferred (m o n th ly )______ __
___
50c
Dec 15
United N ew Jersey R R . & Canal (q u a r.)________
D ec. 20
S2M
Dec 15
United States Pipe & F oundry C o. (extra )_____
50c
N ov. 29
United Sta'eK Pipe v Foundry G o. (.q u a r .)____
50c 1tec. 20 Nov 29
U nited States Playing C ard _____________________
50c Jan.
1 D ec. 16
United States Sugar pref. (q u a r .)_____________
SI M .Inn IS
ITeferred (q u a r.)_______________________
$1 M
Preferred (q u a r.)_____________________
SIM July 15 July 5
Universal Insurance C o. (q u a r.)________________
25c D ec. 1 N o v . 15
Upper M ichigan Power & Light—
6 % preferred (q u a r.)_
_
___
_ ____
SIM 2 -1 -4 0 1 -2 9 -4 0
Vanor Car Heating C o ., 7 % nref. (auar.)
SIM
W arren F oun dry & Pipe (q u a r.)________________
50c D ec
1 N o v . 15
E xtra _________ ________ _______________________
50c D ec. 1 N o v . 15
W entw orth M fg ., preferred (quar.) _ _
___
25c
W est Jersey & Seashore R R . guaranteed (s .-a .)-_
SI M D ec. 1 N o v . 15
W est M ichigan Steel Foundry SIM pref. (quar.) 43 Me D ec. 1 'N o v . 15
W est Penn Electric C o. 6 % pref. (q u a r.)_____
SIM N o v . 15 O ct. 20
7 % preferred (q u a r.)________________1_____
SI M N ov. 15 O ct 20
West Virginia Pulp & Paper C o. pref. (q u a r.)___
SIM N o v . 15 N o v . 1
W estinghouse Air Brake C o _________
12 Me D ec. 15 N o v . 15
W estinghouse Electric & M fg _______________
75c N o v . 29 N o v . 8
Participating preferred ( q u a r . ) - . ___________ 87 Me N o v . 29 N o v . 8
W estva co Chlorine Products ( q u a r . ) ______
25c
[N ov. 10
E xtra_____________ _______________________
60c D ec. 1 N o v . 10
W hitaker Paper C o. 7 % pref. (q u a r.)______
iD ec. 16
SIM
W hite (S. S.) Dental M fg . C o . . _____
N o v . 14 O ct. 30
W ill & Baumer Candle C o . In c__________
10c N o v . 14 N o v . 8
Wilson-.Jones C o. (year-end) _________
N o v . Cj N o v . 3
W oolw orth (F . W .) C o. (quar.) . .
60c
W orcestre Salt C o. 6 % pref. ( q u a r . ) ______ ____
SIM N o v . 15 N o v . 6
W rigley (W m .) Jr. C o. (q u a r.)_________________
D ec. 1 N ov. 20
25c Jan, 3 D ec. 20
Y ou n g-D a vid son M ines, L td . (increased)_____
2c
* Transfer books not closed for this di\idend.
t On account o f accum u'ated dividends
t Payable in Canadian funds and in the case o f non-residents o f Canada
deduction of a tax o 5 % o f the am ount o f such dividend will be m ade.
Volume
ONE HUN DRED
—The Commercial & Financial Chronicle—YEARS OLD
-
149
2923
Condition o f the Federal Reserve Bank of
New York
Weekly Return o f the New York City
Clearing House
The following shows the condition of the Federal Reserve
Bank of New York at the close of business N ov. 1, 1939,
in comparison with the previous week and the corresponding
date last year:____________________________________________
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
N ov .
1, 1939 Oct. 25, 1939 Nov. 2. 19.48
A ssets —
$
$
$
Gold certificates on hand and due from
United States Treasury.x_ ____. . . . 7,084,774,000 7,124,328.000 4,814,129,000
_
874,000
1,345,000
1,345,000
Redemption fund—F. R . notes________
84,374,000
90,041,000 105,648,000
Other casbt___ - _____________________
Total reserves____________ _________ 7.170,493,000 7,215,714,000 4,920,651,000
Bills discounted:
Secured by U. S. Govt, obligations
2,291,000
313,000
275,000
direct and guaranteed____________
358,000
1,474,000
1,525,000
Total hills discounted____________
1,800,000
1,787,000
Industrial advances__________________
U. S. Govt securities, direct and guar
anteed:
1,983,000
1,998.000
2.649.000
211,000
3.628.000
Bills.........................................................
416.243.000
393.960.000
50,413,000
416.676.000
394.370.000
55,196,000
250.391.000
370.360.000
194.671.000
Total U. S. Govt, securities,
direct and guaranteed__________
860,616,000
866,242.000
815,422,000
864.399.000
17,000
4.236.000
175.120.000
8.888.000
» 22,193.000
870.027.000
17.000
4,746.000
167.343.000
8.908.0C0
22,253,000
821.910.000
69,000
'*,612,000
143.849.000
9,808.000
15,149,000
Total bills and securities____________
Federal Reserve notes of other banks__
Bank premises________________________
Other a ssets..._______________________
Total assets_____________________. . . 8,245,346,000 8,289,008,000 5,916.0<*8.000
Liabilities —
F. R. notes In actual circulation________ 1.202.765.000 1.187.036.000 984.961.000
Deposits— Member bank reserve a cc't.. 6.256.122.000 6.404.940.000 4.341,321,000
112.045.000
95 204,000 102.543.000
U. S. Treasurer—General account___
72,730.000
168.062.000 142.998.000
Other deposits______________________ 218,646.000 183.713.000 153.692.000
Total deposits___________________ 6.754,875,000 6,826,855,000 4,670,286,000
Deferred availability items....................
166,223,000 153,732.000 138,651,000
1,288,000
Other liabilities, incl. accrued dividends
I ,477,C O
O
1,449,000
STATEMENT OF MEMBERS OF THE NEW YO RK CLEARING HOUSE
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, NOV. 2. 1939
* Survive and
Clearing H o u se
Members
50.912.000
52.463.000
7.457.000
9.174.000
50.909.000
52.463.000
7.457.000
9.107.000
50.903.000
51.943.000
7,744,000
10.272.000
Total liabilities and capital accounts.. 8,245,346,000 8,289,008,000 5.916,048,000
Ratio of total reserve to deposit and
F. R . note liabilities combined_______
Contingent liability on bills purchased
for foreign correspondents...................
Commitments to make industrial ad
vances___
______ _ ______ ___
_
90.1%
90.0%
87.0%
36.C O
O
36.000
1,891.000
3,540.000
t "o t h e r cash” does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x These are certificates given by the United States Treasury for the gold taken
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
under the provisions of the Gold Reserve Act of 1934.
Time
N et D em an d
D ep osits,
Average
D ep osits,
Average
$
6.000,000
20,000,000
77,500,000
20,000,000
90.000,000
42,139,000
21,000,000
15.000,000
10,000,000
50,000,000
4,000,000
100,270,000
500,000
25,000.000
6,000.000
5,000.000
12,500.000
7,000,000
7,000,000
%
$
*
13,807,900
26,340,200
61.343,500
56,267,700
183,072,800
39,241,400
72,071,900
20,516,700
109,153,700
53,103,000
4,380.800
134,328,200
3,867,600
80,314,100
2,492,200
9,303.600
27,939,400
8,463,900
9,768,900
204,873.000
504,331,000
a2,025,416,000
670,529.000
61,924,213,000
618,857.000
c l,024,242,000
283,180,000
619,515.000
632,243,000
53,999,000
d 2 , 714,115,000
51,015.000
e l,019,613,000
14,371,000
119,151,000
382.576.000
96,351.000
90,619,000
17,316.000
50,194,000
166,202,000
5,211.000
67,455,000
105,707,000
57,274,000
27,632,000
2,231,000
5,570.000
1,524,000
39.810,000
3,672,000
40,749,000
2,373,000
2,948.000
28,882,000
2,123.000
51.666.000
T o ta ls__________________
518,909,000
915,777,500 13,049,209,000
678,539,000
* As per official reports: National, Sept. 30, 1939: State, Sept. 30, 1939; trust
companies, Sept. 30, 1939.
Includes deposits in foreign branches as follows: a (Oct. 25) $258,300,000:
6 (Oct. 17) $76,911,000: c (Nov. 2) $1,361,000: d (Oct. 26) $66,809,000; e (Oct. 18)
$ 1 5 , 5 1 8 , 0 0 0 . ________________________
THE LONDON STOCK EXCHANGE
Quotations of representative stocks as received by cable
each day of the past week:
Sat.,
Oct. 28
Boots Pure Drugs_____
British Amer Tobacco.
Cable & W ord............
Central Min & Invest-.
Cons Goldfields of S A .
Courtaulds S & Co___
De Beers____________
Closed
M on .,
Oct. 30
Imp Tob o f G B & I . .
£1144
Rolls Royce__________
Royal Dutch Co______
Shell Transport_______
Swedish Match B _____
United Molasses______
W ed.,
1 15/-
116/104*
£104*
£124*
9 5 /£364*
8 5 /16/3
2 5 /17/44*
1 6 /25/3
£37u
£36
85/74*
16/4 4*
24/104*
17/74*
£35u
£364*
West Witwatersrand
Areas______________
Tues.,
Nov. 1
Oct. 31
41/104* 42/3
86/10)4 86/3
88/14*
£484*
£ iiM
£114*
£114*
42/6
41/3
27/74*
27/6
28/9
£5%
£54*
64/6
6 6 /-
14/6
115/744
£1044
116,000
1.885.000
U ndivided
P rofits
Bank of New York____
Bank of Manhattan C o.
National City Bank____
Chem Bank & Trust C o.
Guaranty Trust C o........
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr C o.
First National Bank___
Irving Trust Co............ _
Continental Bk & Tr C o.
Chase Nar'pnai Bank__
Fifth Avenue Bank____
Bankers Trust C o______
Title Guar & Trust C o ..
Marine Midland Tr C o ..
New York Trust C o___
Comm'l Nat Bk & Tr Co
Public Nat Bk & T r C o.
Total liabilities...................................... 8,125,340,000 8,169,072,000 5,795,186,000
Capital Accounts —
Capital paid in_____________ _________
Surplus (Section 7)____________________
Surplus (Section 13-b )________________
• Capital
Thurs.,
N ov. 2
42/9
£484*
43 /9
29/3
£54*
66/6
7/104*
Fri.,
N ov. 3
41/104*
86/3
£48 4*
£114*
41/3
27/6
£54*
115/£64*
£134*
96/3
£364*
£3 4*
9 5 /£364*
8 5 /16/3
2 5 /17/44*
16/3
24/6
£3s„
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment o f the Board o f Governors o f
the Federal Reserve System upon the figu res fo r the latest week appears in our departm ent o f “ Current Events and D iscussions
immediately preceding which we also give the figures of N ew York ana Chicago reporting member banks fo r a week later.
Commencing with the statement of M ay 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which were
described in an announcement of the Federal Reserve Bank of New York of April 20, 1937. as follows:
The changes in the report form are confined to the classification of loans and discounts. This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities. The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City. Provision has been made also to include “ acceptances of own bank purchased or discounted” with “ acceptances and commer
cial paper bought in open market” under the revised caption “ open market paper,” instead of in “ all other loans,” as formerly.
Subsequent to the above announcement, it was made known that the new items “ commercial, industrial and agricultural loans” and “ other lo a n s ",
would each be segregated as “ en securities” and “ otherwise secured and unsecured.”
A more detailed explanation of the revisions was published in the M ay 2 9 ,1 9 3 7 , issue of the "Chronicle," page 3590.
A S S E T S A N D L IA B I L IT I E S O F W E E K L Y R E P O R T I N G M E M B E R B A N K S I N 101 L E A D I N G C IT I E S B Y D I S T R IC T S O N O C T . 25, 1939 (In M illion s o f D ollars)
Federal Reserve D istricts —
ASSETS
Loans and investments—total_______
Loans—total_______________________
Commercial, Indus, and agrlcul. loans
Open market paper.............................
Loans to brokers and dealers in secure.
Other loans for purchasing or carrying
securities________________________
Real estate loans__________________
Loans to banks_____________________
Other loans_____________ ______ ____
Treasury notes.....................................
United States bonds________________
Obligations guar, by U. S. Govt_____
Other securities_____________ ______
Reserve with Federal Reserve Bank..
Cash in vault.......................... .............
Balances with domestic banks_______
Other assets— net__________ _____ _
L IA B IL IT IE S
Demand deposits— adjusted...............
Time deposits_____________________
United States Government deposits..
Inter-bank deposits:
Domestic banks_________________
Other liabilities___________________
Capital accounts__________________
Toted
Boston
N ew York
Ph ila.
Cleveland Richmond
$
22,657
8,479
4,292
318
593
$
1,193
602
287
64
23
$
9,467
3,294
1,777
121
471
$
1,150
423
198
26
19
$
1,8S4
678
258
6
20
510
1,180
32
1,554
629
2,145
5,854
2,226
3,324
10,094
487
3,090
1,249
21
81
1
125
19
56
340
45
131
494
144
160
80
237
201
23
464
411
876
2,341
1,205
1,340
5,903
97
192
468
31
55
1
93
38
324
92
273
420
19
218
101
25
172
2
195
12
211
587
115
281
519
46
354
103
18,721
5,251
538
1,195
237
14
8,966
1,041
67
920
281
52
7,852
820
1
672
3,722
324
36
1
19
245
3,478
730
247
1,598
$
686
259
116
13
3
Atlanta
$
610
305
165
4
4
Chicago
$
3,155
880
515
34
31
St. L ouis M inneap. K a n . City
$
697
332
200
8
4
115
133
437
930
287
488
1,424
74
545
80
13
52
3
52
8
54
139
65
99
214
12
184
23
391
189
42
2,639
939
111
301
1
276
1
32
97
10
94
15
39
73
4
181
127
48
67
187
23
211
38
12
31
1
88
8
381
96
66
97
124
14
208
47
1,304
731
42
485
201
28
405
13
439
1
14
223
16
373
76
109
S
405
189
101
3
1
8
9
$
660
284
174
17
3
Dallas
San Fra n .
$
$
534
270
180
2
2
2,216
963
321
20
12
14
22
49
383
50
23
50
82
52
57
134
12
271
30
178
33
113
26
44
97
7
109
18
9
26
1
54
11
87
95
52
131
196
16
344
23
84
680
173
316
382
23
294
238
476
191
20
303
119
2
541
145
23
464
136
30
1,037
1,041
107
1,147
17
342
145
1
425
261
309
20
20
405
6
95
7
59
3
102
4
86
294
345
67
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
292 4
—
—
Weekly Return of the Board of Governors of the Federal Reserve System
The following was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, N ov. 2,
showing the condition of the 12 Reserve banks at the close of 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 o f the Board o f Governors o f the Federal Reserve System upon the
returns fo r the latest week appear in our department o f “ Current Events and D iscu ssion s.”
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV. 1, 1939
Three C iphers
(000) Omitted
1,
1939
N ov.
25,
1939
O ct.
18,
1939
Oct.
11.
1939
Oct.
4,
1939
O ct.
27,
1939
Sept.
20,
1939
Sept.
13,
1939
Sept.
6,
1939
S ep t.
Nov. 2,
1938
Gold ctfs. on hand and due from U. S. Treas. x_
Redemption fund (Federal Reserve notes)------Other cash *-------------------------------------------------
$
S
14,839,206 14,804,210
8,846
8,926
339,868
344,281
S
S
S
S
S
S
S
S
14,769,206 14,725,715 14,696,217 14,656,717 14,621,718 14,576,719 14,452,221 11,287,700
9,005
7,344
8.141
9,777
8,288
8,644
8,288
8,987
325,153
368,202
332,383
339,046
321,422
307.781
334,281
315,194
Total reserves_______________________ - ____
15,187,920 15,157,417
15,111,366 15.049,896
ASSETS
Bills discounted:
Secured by U. S. Government obligations.
direct and fully guaranteed_____________
Other bills discounted-------------------------------Total bills discounted____________________
15,030,375 15,003,107 14,964,287 14,909,429 14,768,646 11,664,043
1,180
5,068
993
4,758
1,082
4,541
1,331
5,183
1,277
5,472
1,572
4,784
969
4,619
1,556
5,697
1,546
4,452
4,902
3,176
6,248
5,751
5,623
6,514
6,749
6,356
5,588
7,253
5,998
8,078
548
11,644
11,667
546
11,617
11.627
541
15,148
11,680
11,763
11,787
11,803
548
11,841
United States Government securities, direct and
guaranteed:
Bonds__________________________ - ________
N otes____________________________________
Bills............. .....................................................
1,315,942
1,245,497
159,380
1,315,942
1,245,497
174,320
1,315.942
1,245,497
186.820
1,315,942
1,245,497
203,457
1,315,942
1,245,497
223,457
1,315,942
1,245,497
242,370
1,308,616
1,245,497
272,370
1,268,800
1,245,497
309,420
1,021,219
1,233,573
334,620
787,327
1,164,565
612,123
Total U. S Govt, securities, direct and
guaranteed___________________________
2,720,819
2.735,759
2,748.259
2,764,896
2,784,896
2,803,809
2,826,483
2,823,717
2,594,412
2,564,015
Total bills and securities-----------------------------
2,738,747
2,753.273
2,766,084
2,783,711
2,804,034
2.822,357
2,844,283
2,843,133
2,612,583
2,587,782
Due from foreign banks_____________________
47
22 133
716^496
42,037
69,492
47
23,385
6621257
42,108
69.436
308
23 185
802^576
42,087
68,663
225
667,636
42,082
71,118
176
20,583
666,514
42,082
68,951
176
20,799
646^638
42,140
67,889
178
21,513
720,313
42,159
66,771
177
26,389
733,764
42,166
77,469
177
23.300
586,943
42,162
61,232
180
21,908
621,464
44,202
48,917
18,814,269 18.635,504
18,632,715
18.603,106
18,659,504
18,632,527 18,095,043
14,988,496
4,683,726
4,677,608
Industrial advances_________________________
Uncollected Items___________________________
Bank premises______________________________
Other assets.________________________________
Total assets-----------------------------------------------
18,776,872 18,707,923
L IA B IL IT IE S
Federal Reserve notes In actual circulation------
4,781,385
Deposits— Member banks' reserve account-----United States Treasurer— General account-.
Foreign banks____________________________
Other deposits___________________________
11,813,664
349,030
470,881
319,449
Total deposits__________________________
Deferred availability Items----------------------------y Other liabilities, incl. accrued dividends_____
12,953,024 12,968.221
644,088
690,547
4,147
4,278
12,954,229 12.884,298
752,250
641,620
3,935
4,371
12,916,331 12,944,721 12,949,263
633,483
622,759
682,167
3,815
4,970
3,894
12,896,466
701,124
6,243
Total liabilities___________________________
18,429,234 18,360,173
18,466,871
18,288,101
18,285,762
18,256,176
18,312,932
18,285,825 17,748,698 14,639,828
135,557
149,152
27,264
35,777
135.569
149,152
27.264
35,413
135,561
149.152
27,264
35,426
135,460
149,152
27,264
35,077
135,511
149,152
27,264
35,003
135,506
149,152
27,264
34,650
18,814,269 18,635,504
4,743,717
4,756,457
4,757,812
4,732,133
11,950,446 11,906,847 11,739,156 11,671,664
326,003
469,127
349.137
403,535
418,898
466,137
414.705
444.207
272,874
309,403
283,540
297.400
4,683,716
4,319,756
11,621,338 11,549,309 11,525.708 11,140,608
615,386
551,890
618,613
675,555
450,076
467,580
397,183
495,787
303,913
305.296
285,554
291.248
8,685,986
575 944
201,272
224,145
4,678,992
12,504,594
556.831
3.557
9,688,047
627,645
4,380
C A P IT A L AC C O U N T S
Capital
Surplus
Surplus
y Other
paid In_____________________________
(Section 7)_________________________
(Section 13-b)_______________________
capital accounts_____________________
135,580
149,152
27,264
35,642
Total liabilities and capital accounts_______ 18,776,872 18,707,923
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined__________
85.6%
85.6%
Contingent liability on bills purchased for
foreign correspondents____________________
101
101
Commitments to make Industrial advances___
10,023
10,156
135,497
149,152
27,264
34,789
135,496
149.152
27,264
3 4,433
133,992
117,739
27,683
39.254
18,632.715
18,603,106
85.3%
85.3%
85.2%
85.1%
18,659,504 18,632.527 18.095,043 14,988,496
84.9%
84.8%
85.9%
83.3%
101
10,236
101
10,328
101
10,278
101
10,517
101
10,806
101
10,919
1U
1
10,931
324
13,320
M a tu rity D istribu tion o f Bills and
Short-Term Securities —
1-15 days bills discounted__________________
16-30 days bills discounted__________________
31-60 days bills discounted__________________
61-90 days bills discounted__________________
Over 90 days bills discounted________________
1,404
515
3,578
130
621
1,385
125
3,609
207
425
1,255
297
3,539
307
225
2,316
288
296
3,455
159
2,451
237
353
3,547
161
2,164
168
500
3,372
152
1,287
173
456
3,509
163
4,406
251
647
1,788
161
4,184
365
669
597
183
6,147
493
530
401
507
Total bills discounted_____________________
6,248
5,751
5.623
6,514
232
93
99
74
6,749
255
255
23
267
7,253
23
115
93
315
5,998
135
i40
153
6,356
124
149
140
135
5,588
99
93
223
209
202
8,078
128
154
94
165
1,442
310
419
1,113
8,503
498
1,395
120
407
1,191
8,690
518
1,406
133
395
1,191
8,716
548
1,366
239
481
560
8,998
515
1,448
220
483
551
8,965
546
1,317
208
380
506
9,206
546
1,318
230
392
471
9,216
541
1,273
326
738
553
12,258
Over 90 days bills bought In open market_ _
1-15 days Industrial advances______________
16-30 days Industrial advances______________
31-60 days Industrial advances______________
61-90 days Industrial advances______________
Over 90 days Industrial advances_____ _______
1,585
98
891
700
8,406
Total Industrie1 advances_________________
U. S. Govt, securities, direct and guaranteed:
1-15 days_______________________________
16-30 days________________________________
31-60 days________________________________
11,680
11,763
11,787
11,803
11,841
11,644
11,667
11.617
11,627
15,148
54,675
69,280
35,425
48,940
48,675
182,453
27.440
54,675
210,453
Over 90 days_____________________________
2,561,439
2,455,691
2,455,691
29,137
48,940
125,380
105,748
2,455^691
36,637
27,440
123.955
141,173
2,455,691
38,913
29,137
97,615
182.453
2,455,691
48,913
36,637
82,715
210,453
2,4481365
67,050
33.913
73,077
125,380
2,514,297
62,250
48.913
64.077
123,955
2,295,217
105,835
9S.243
177,688
187,657
1,994,592
2,720,819
2,735,759
2,748,259
2,764,896
2,784,896
2,803,809
2,826,483
2,823,717
2,594,412
2,564,015
Total U. S. Government securities, direct
and guaranteed_______________________
1,442
343
408
1,115
8,455
______
___
_______
______
Federal Reserve N otes —
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank______________
5,069,242
287.857
5,060.802
317.085
5,060,226
303.769
5,033,080
275,268
5.002.39S
270,266
4,991.190
307,464
4,991,686
317.078
4,983.108
304,116
4,945,513
261,797
4,579.253
259,497
In actual circulation______________________
4,781,385
4,743.717
4,756,457
4,757,812
4,732,133
4,683,726
4,677,608
4,678,992
4,683,716
4,3:9,756
Goid ctfs. on hand and due from U. S. Treas..
By eligible paper___________________________
5,166,000
2,132
5,164,000
1,626
5,162,000
1.557
5,138,000
2,440
5,108,000
2,406
5,101,000
2,022
5,104,000
1.172
5,066,000
2,792
5,025,500
3,258
4.668.000
7,182
Total collateral__________________________
5,168.132
5.165,626
5,163,557
5.140.440
5,110,408
5,103,022
5,105,172
5.068.792
5,028.758
4.675,182
Collateral H eld by A gent as Security fo r
N otes Issued to Bank —
* "Other cash” does not Include Federal Reserve notes.
x These are certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.015
cents on tan. 31. 1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
y With the statement of Jan 4, 1939 two new Items appeared, "Other liabilities, Including accrued dividends, ’ and "Other capital accounts.” The total of these
two Items corresponds exactly to the total of two Items formerly in the statement but now excluded, via.: “ All other liabilities.’'a n d “ Reserve for contingencies.” The
statement (or Nov. 2, 1938 has been revised on the new basis and Is shown accordingly.
ONE HUNDRED
Volume 149
—
The Commercial & Financial Chronicle —
YEARS OLD
2925
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
W E E K L Y ST A TE M E N T O F R E SO U R C E S AN D L IA B IL IT IE S O F E A C H O F T H E 12 F E D E R A L RE SE RVE B A N K S A T CLOSE O F BU SIN ESS N O V . 1, 1939
Three Ciphers (000) Omitted
Federal Reserve A gent at -
Total
Boston
N ew York
Phila.
ASSETS
$
$
$
$
Gold certificates on hand and due
from United States Treasury____ 14,839,206
8,846
Redemption fund—Fed. Res. notes.
339,868
Other cash *_____________________
Total reserves_________________ 15,187,920
Bills discounted:
Secured by U S. Govt, obligations.
1,180
direct and guaranteed________
5,068
Other bills discounted___________
Cleveland Richmond
S
A tlanta
Chicago
$
%
S
St. L ouis M inneap. K a n . City
D allas
$
S
$
S
San F ran.
$
855,218 7,084,774
1,345
1,116
84,374
29,691
752,121
383
29,977
918,407
536
22,116
384,272
575
22,912
273,151 2,511,503
348
968
18,420
42,598
412,228
840
14,515
246,089
327
8,835
335,535
552
19,249
215,142
406
16,911
850,766
1,450
30,270
886,025 7,170,493
782,481
941,059
407,759
291,919 2,555,069
427,583
255,251
355,336
232,459
882,486
275
1,525
55
321
173
491
120
362
90
141
108
417
60
146
100
141
65
1,124
4
101
30
299
100
6,248
100
1,800
376
664
482
231
525
206
241
1,189
105
329
11,680
Industrial advances............ .......
U. S. Govt, securities, direct & guar.:
1,315,942
.
Bonds.................. .
Notes____________
1,245,497
159,380
Bills................................
1,520
1,983
3,144
338
1,013
678
444
7
818
162
518
1,055
95,198
90,103
11,530
416,243
393,960
50,413
113,099
107,045
13,698
136,970
129,638
16,589
66,623
63.058
8,069
52,392
49,588
6,345
143,719
136,025
17,407
44,106
41,744
5,342
35,087
33,209
4,250
57,879
54,781
7,010
46,951
44,438
5,686
107,675
101,908
13,041
Total U. S. Govt, securities,
direct and guaranteed_______ 2,720,819
196,831
860,616
233,842
283,197
137,750
108,325
297,151
91,192
72,546
119,670
97,075
222,624
198,451
3
576
77,684
2,898
4,536
864,399
18
4,236
175,119
8,888
22,193
237,362
5
895
47,739
4,594
5,998
284,199
4
1,851
87,404
5,894
7,652
139,245
2
2,702
61,507
2,557
4,078
109,234
2
1,486
27,658
2,041
2,930
298,120
6
2,999
91,065
3,871
6,991
91,405
1
1,427
30,545
2,251
2,180
73,605
a
1,207
18,990
1,501
1,886
121,021
1
1,687
34,103
3,119
2,859
97,698 224,008
1
4
2,621
446
25,042
39,640
3,157
1,266
2,418
5,771
18,776,872 1,170,173 8,245,346 1,079,074 1,328,063
617,850
435,270 2,958,121
555,392
352,440
518,126
359,330 1,157,687
Total bills discounted_________
Total bills and securities________
Due from foreign banks. .
Fed. Res. notes of other banks
Uncollected items_____
Bank premises_____
Other assets__________ _ .
Total assets________ _________
2,738,747
47
22,133
716,496
42,037
69,492
L I A B I L IT I E S
400,305 1,202,765
333,989
440,096
223,798
160,345 1,047,750
188,998
137,913
179,269
83,775
382,382
60S,174 6,256,122
21,441 112,045
33,889 168,062
5,881 218,646
585,326
16,904
45,674
18,333
668,843
42,662
43,791
12,832
278,215
19,169
20,247
2,953
195,014 1,670,938
18,923
40,158
16,480
56,975
5,990
5,588
290,947
12,915
13,655
8,308
152,126
20,825
10,830
5,486
263,863
16,047
13,655
1,015
211,535
11,211
13,655
4,300
632,561
16,730
33,968
30,027
669,385 6,754,875
666,237
768,128
320,584
236,407 1,773,659
166,223
1,477
45,942
438
86,614
410
58,435
121
18,429,234 1,146,178 8,125,340 1,046,606 1,295,248
602,938
F. R. notes in actual circulation____ 4,781,385
Deposits:
11,813,664
Member bank reserve account
349,030
U. S Treasurer—General account __
Foreign bank_______
470,881
319,449
Other deposits___________
Total deposits________
12,953,024
Deferred availability items.
Other liabilities, incl. accrued divs__
Total liabilities_______
690,547
4,278
C A P IT A L AC C O U N TS
Capita] paid in________
Surplus (Section 7)____ _
Surplus (Section 13-b)._........
Other capital accounts..
76,117
371
9,384
10.083
2,874
1,654
13,796
14,323
1,007
3,689
5,107
4,983
3,293
1,529
Total liabilities and capital accounts 18,776,872 1,170,173 8,245,346 1,079,074 1,328,063
Contingent liability on bills purchased
10
7
36
10
101
for foreign correspondents______
Cjommitmente to make Indus advs__
10,023
493
1,885
935
1,358
617,850
4
135,580
149,152
27,264
35,642
50,912
52,463
7,457
9,174
* ‘ 'Other cash" does not Include Federal Reserve notes,
12,117
13,696
4,416
2,239
857
325,825
189,267
294,670
240,701
713,286
91,420
413
29,814
167
16,009
131
33,906
179
23,658
117
36,802
261
422,552 2,913,242
544,804
343,320
508,024
13,805
22,666
1,429
6,979
4,004
4,685
545
1,354
2,919
3,153
1,001
2,047
4,303
3,613
1,142
1,044
435,270 2,958,121
4
12
555,392
3
352,440
2
518,126
3
359,330 1,157,687
3
7
410
64
567
3,354
25,607
193
4,561
5,630
713
1,814
78
22
348,251 1,132,731
4,051
3,892
1,266
1,870
10,621
9,965
2,121
2,249
a Less than $500.
FE DE RA L RE SE RVE N O TE ST A TE M E N T
Three Ciphers (000) Omitted
Federal Reserve Bank o f —
Total
Boston
Phila.
N ew York
Cleveland Richmond
Federal Reserve notes:
S
Issued to F. R. Bank by F. R. Agent 5,069,242
Held by Federal Reserve Bank___
287,857
$
429,080 1,283,981
28,775
81,216
351,726
17,737
In actual circulation____
4,781,385
Collateral held by Agent as security
for notes issued to banks:
Gold certificates on hand and due
from United States Treasury___ 5,166,000
Eligible paper_____________ ____
2,132
400,305 1,202,765
Total collateral_______________
5,168,132
Bid
462,537
22,441
$
142,385
4,472
333,989
440,096
223,798
160,345 1,047,750
188,998
440,000 1,305,000
100
370
360,000
55
465,000
237,000
340
174,000 1,090,000
440,100 1,305,370
360,055
465,000
237,340
174,000 1,090,000
Bid
Dec,
Jan.’
Jan.
Jan.
Jan.
S
27
3
10
17
24
Jan. 31
1939
1940.
1940 .
1940............
1940______
1940...........
Asked
0.05%
0 05%
0.05%
0.05%
0.05%
0.05%
p o in t.
M a tu rity
Dec.
Mar.
June
Dec.
Mar.
June
15 1939...
15 1940...
15 1940...
15 1940..15 1941...
15 1941...
I n i.
Rate
Bid
100.4
101.7
101.16
101.28
1X%
i h % 101.30
102
lV s %
1% %
Asked
I n t.
Rate
M a tu rity
Bid
Dec. 15 1941... 1M%
101.9 Mar. 15 1942... 1 « %
101.18 Sept.15 1942... 2%
101.30 Dec. 15 1942... 1H %
102
June 15 1943... 1Vs%
102.2 Dec. 15 1943...
Mar. 15, 1944... i%
June 15 1944_
_
%%
Asked
102.10
103 16
104 22
104.2
101.21
101.15
100.17
99.17
102.12
103.18
104 24
104 4
101.23
101 17
100.19
99.19
THE BERLIN STOCK EXCHANGE
Closing prices of representative stocks as received by cable
each day of the past week:
Oct.
28
114
Berliner Kraft u. l.lcht (8%)----Commerz-und Privat-Bank A. G.
.105
110
.124
104
1,58
180
195
92
Oct.
30
114
151
105
110
124
104
158
180
196
91
Oct.
31
N ov .
1
N ov.
2
■Per Cent o f Par ------
114
151
105
110
124
104
158
180
196
91
114
150
105
110
124
106
158
180
197
91
115
150
105
110
124
104
158
ISO
198
91
D allas
San Fran.
186,504
7,235
$
90,728
6,953
$
433,959
51,577
137,913
179,269
83,775
382,382
203,000
110
143,500
144
190,000
1,013
94,500
464,000
203,110
143,644
191,013
94,500
464,00o
S
THE PARIS BOURSE
Quotations of representative stocks as received by cable
each day of the past week:
Quotations for United States Treasury Notes— Friday,
Nov. 3
F i g u r e s a fte r d e c im a l 'p oin t r e p r e s e n t o n e o r m o r e 32 d s o f
a
St. L ou is M in n eap . K a n . City
$
199,996
10,998
A sked
8 1939............. 0.05%
15 1939............. 0.05%
22 1939............. 0.05%
29 1939............. 0.05%
6 1939............. 0.05%
13 1939............. 0 05%
20 1939........... . 0.05%
Chicago
$
$
171,743 1,080,936
11,398
33,186
$
United States Treasury Bills— Friday, Nov. 3
Rates quoted are for discount at purchase.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
A tlanta
$
235,667
11,869
$
F r i.,
Oct. 27
F ra n cs
Banque de France___________
Banque de Paris et Des Pays Bas
Banque de l’Union Parisienne__
Canal de Suez cap_____________
Cle Distr. d’Electriclte_______
Cie Generale d’Electricite_____
Citroen B___________________
Comptoir Nationale d’Escompte
Coty S A ...................................
Courrieres___________________
Credit Commercial de France__
Credit Lyonnais_____________
Energie Electrlque du Nord___
Energie Electrique du Littoral_
Kuhlmann__________________
L'Air Liqulde...........................
L y on (P L M )............................
NordRy____________________
Orleans Ry (6% )_____________
Pathe Capital_______________
Pechiney____________________
Rentes, Perpetual 3% ________
4 H % -....................................
5%, 1920...............................
Saint Gobain C & C...................
Schneider & Cie_____________
Societe Generale Fonciere_____
Societe Lyonnaise____________
Societe Marseillaise__________
Tubize Artificial Silk pref_____
Union d’Electricite___________
Wagon-Lits_________________
Sat.,
Oct. 28
F ra ncs
6,235
750
335
15,750
546
1,456
405
661
194
168
417
1,318
___
540 Closed
649
1,225
786
___
___
24
1,878
68.80
78.50
104.15
1,985
1,490
___
959
539
73
339
35
M o n .,
Oct. 30
F ra n cs
T u es.,
Oct. 31
F rancs
T h u rs.,
W ed .,
N ov . 1 N o t . 2
F ra n cs F rancs
6,260 6,350
748
763
327
339
16,050 16,490
544
544
1,452
1,475
405
415
645
66
____
188
172
17
435
428
1,322
1,310
___
550
656
1,220
809
785
825
___
570 Closed
665
1,230
806
788
822
1,879
l",890
70.00 70.85
79.00 80.05
108.40 106.10
2,005 2,030
1,510 1,502
44
43
988
975
539
546
73
74
349
339
35
36
6,480
768
345
16,900
563
1,476
430
673
188
180
434
1,350
254
577
670
1,242
*03
790
807
24
1,905
71.90
81.65
107.15
2,060
1,620
43
1,000
547
74
365
37
N ov.
3
115
150
105
110
124
103
158
180
198
92
United States Government Securities on the New
York Stock Exchange— See following page.
Transactions at the New York Stock Exchange.
Daily, Weekly and Yearly— See page 2941.
Stock and Bond Averages— See page 2941.
Nov. 4, 1939
2926
Stock and Bond Sales— New York Stock Exchange
D A IL Y , W E E K L Y AN D Y E A R L Y
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 day. No
account is taken of such sales in computing the range for the year.
United States Government Securities on the New York Stock Exchange
Below we furnish a 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.
Q u o t a t i o n s a fte r d e c im a l
D a ily Record o f U . S. Bond P rices Oct.
Treasury
|Hlgl
4^s, 1947-52_________-(Low
4s, 1944-54___________ (Low,
3Jis. 1946-56................. ( Low.
p o i n t r e p r e s e n t o n e o r m o r e 2>2ds o f a p o i n t .
28
___
Oct.
30
Oct.
31
N ov .
1
3J6s. 1943-47................ 1Low
[Close
Total sales n SI,000 u n its. . .
(H ig t
3Ms, 1941...................... ( Low
[Clos<
JT otal sales in $1,000 u n its __
___
3
112.20 112.20
112.2C 112.20
112.20 112.20
25
25
102.2£
102.2£
102.26
1
104.25 104.25 104.25
104.25 104.25 104.25
104.25 104.25 104.25
9
6
10
___
109
109
109
,
—
....
(H igh
—
—
104.23
104 23
104.23
4
50
___
/H igh 108.28 109.2
3Ms. 1943-45................. (Low. 108.24 108.28
IClose 108.28 109.2
Total sales in $1,000 u n its __
26
17
(H igh
109.6
3J£s, 1944-46____ .....I L o w .
109.5
IClos
109.6
Total sales in $1,000 u n i t s ..
3
__ 109.8
(H igh
3Hs, 1946-49_________ -(Low
109
[CIO
S'
109.8
Total sales in $1,000 u n i t s ..
2
3Hs, 1949-52.................(Low.
[Close
Total sales in $1,000 u n its.
N ov .
113.7 113.15 113.15 113.15 113.5 113.8
113
113.9 113.12 113.11 113.10 113.8
113.7 113.15 113.15 113.15 113.13 113.8
131
6
5
2
9
15
___
1941-43...
2
117.26
117.16
117.24
28
___
3H a.
N ov.
117.12 117.28
117.12 117.24
117.12 117.28
1
17
—
—
(H igh 107.29 108.2
3s, 1946-48.................... |Low. 107.29 108.2
[Close 107.29 108.2
Total sales in $1,000 u n its.
*1
5
(H igh 106.31 107.16
3s, 1951-55................. ..(L ow . 103.31 107.9
[Close 106.31 107.16
Total sales in $1,000 u n its.
1
4
(H igh 104.12 105.5
2 H s , 1955-60..................(Low
104.8 104.25
(Close 104.12 105.5
Total sales in $1,000 u n i t s ..
20
84
(H igh 107.3
2Ms, 1945-47..........
(Low. 107.3
—
IClose
—
Total sales in $1,000 u n its __
10
(High
2>Ab . 1948-51.................(L ow.
IClose
___ ___
Total sales in $1,000 units
(High
. . . .
—2Ms. 1951-54................(Low.
[Close;
___
Total sales in $1.000 units .
—
—
109.6
109.2
109.6
101
109.11
109.10
109.11
76
109.11
109.11
109.8
5
109.26
109.26
109.26
1
108.22
108.22
108.22
1
107.16
107.16
107.16
1
105.8
105.2
105.3
7
107.17
107.17
107.17
106.1
106.1
106.1
1
1
104.23
101.23
104.23
25
105.11
105.11
105.11
2
— -
109.8
109.5
109.8
23
109.9
109.9
109.9
7
109.5
109.4
109.4
21
109.8
109.7
109.7
4
109.14
109.14
109.14
5
109.7
109.4
109.5
58
109.8
109.8
109.8
9
___
—
___
—
___
—
108.14
108 14
108.14
107.19
107.15
107.15
3
105.7
104.29
104.29
12
107.15
107.15
107.15
20
106.6
108.3
108.4
76
104.22
101.22
104.22
2
107.6
107 6
107.6
104.20 104.12
104.18 104 8
104.18 004.8
1
1
155
107.10 107.10
107.10 107.10
107.10 107.10
2
106.3 105 28
105.26 105.28
105.26 105.28
15
104.11 104.8
104.11 104.8
104.11 104.8
1
*2
D a ily Record o f U . S. Bond P rices O ct. 28
Oct.
30
Treasury
(High
___
2 H s , 1956-59................. Low
___
___
Close
Total sales in $1,000 u n its __
High
103.1C
103.11
2>As. 1958-63................. Low.
103,2C
Close
3S
Total sales in $1,000 u n its __
103.15
High
103.11
2Jis, 1960-65................. (Low
103.15
Close
20
Total sales in $1,000 u n its __
___
___
High
___
___
234s, 1945...................... Low.
___
Close
Total sales in $1,000 u n i t s . . .
___
High
2>4s, 1948...................... (Low.
___
Close
Total sales in $1,000 u n its. . .
(High 102.25 103.IS
10-2.25 103.5
234s. 1949-53.................
Close 102.25 103.13
3
Total sales in $1,000 u n its. . .
120
-i__
High
___
234s, 1950-52................. .Low.
___
Close
___
Total sales in $1,000 u n its.
___ 103.6
High
___ 103.6
2s, 1947......................
i_Low.
___ 103.6
Close
___
Total sales in SI,000 u n its.
25
Oct.
31
104.3
103.31
104.3
2
103.2c
103.22
103.22
42
103.2
C
103.1£
103.2C
44
___
___
105.28
105.28
105.28
1
103.16
103.13
103.16
29
103.18
103.18
103.18
25
N ov .
1
___
103.15
103.15
103.15
1
103,2C
103.2
C
103,2C
25
107.8
107.8
107.8
2
103.16
103.12
103.12
47
103.17
103.17
103.17
1
__
N ov.
2
104
103.16
103.16
173
103.16
103.14
103.14
15
103.18
103.8
103.9
55
___
___
N o te—
3
103.12
103.6
103.6
2
103.5
103
103.3
39
103.5
103
103.5
14
___
___
___
105.16
105.16
105.16
5
103.8 103.4
103.7 102.29
103.8 102.29
4
29
___
___
___
__
103.3
102.29
102.29
14
Federal Farm Mortgage High
107
___
33<S, 1944-64................. Low.
107
___
__
.
Close
107
___
Total sales in $1,000 u n it s ..
1
High 108.17 108.27 107.3
107.3
3s, 1944-49............
Low. 103.17 103.24 106.25
107
Close 106.17 106.27 107.3
107
Total sales in $1,000 u n i t s . . .
2
100
26
2
___ 105.20
High
105.15 105.16
3s, 1942-47.................
___ 105.16
how.
105.15 105.12
___ 105.18
Close
105.15 105.14
___
__
Total sales in $1,000 u n its. . .
42
17
9
___ 104.23
High
105.16
2>As, 1942-47............... ■ Low.
___ 104.23
105.12
___ 104.23
105.14
Close
. .
Total sales in $1,000 u n i t s . . .
—
6
—
17
—
Home Owners' Loan
High
108.16 103.18
3s, series A, 1944-52___ ( Low.
___
103.15 106.18
___
Close
106.16 106.18
Total sales in $1,000 u n i t s . . .
___
4
15
High
104.2 104.5
2 X a , 1942-44.............
___
Low.
104.2 104.5
Close
104.2 104.5
.
Total sales in $1,000 u n i t s . . .
___
4
2
High 99.20 100
100
l H s . 1945-47................. J Low.
99.20 99.24
99.29
Close 99.20 100
99.29
. . .
...
1
i o i a ’ sa'es in SI .000 u n i t s .. .
3
___
__
32
5
* Odd lot sales, t Deferred delivery sale. T Cash sale
bonds.
N ov.
__ _ '
_
_
—
106.14
106.14
106.14
1
103.29
103.29
103.29
1
99.29
99.29
99.29
15
The above table includes only sales of eouDon
Transactions in registered bonds were:
1 Treas. 3 J4s, 1944-46.. .
1 Treasury 3s, 1951-1955.
2 Federal Farm 3s, 1944-1949
..106.26 to 106.26
United States Treasury Bills— See previous page.
New York Stock Record
LOW A N D
Saturday
Oct 28
$ per share
65
65
*135 141
1% 1%
*44
48
545s 54'%
934 9%
*20% 21
*20
20%
60
61
1
1
6% 7
1% 1%
16% 17%
15
*1414
1434 1434
*18
19<4
25
25%
10% 1 0 %
ISOhj 182
*14
14%
14
14
10-% 10%
*65
67
42-34 4334
16%
*16
*234 2%
*17
19%
*6612 67'%
21l2 21%
38
40%
13% 14
52
52
H IG H
S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T
tiday
30
Tuesday
Oct 31
W ednesday
N or. 1
Thursday
N ov. 2
Friday
N ov. 3
the
W eek
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis o f 100- Share Lots
Lowest
Highest
Range fo r Previous
Y ear 1938
Lowest
H ighest
S per share $ per share $ per share
Par $ per share
$ per share $ per share $ per share
65
65% 65% 65
65
64^2 6434 6434 6134 1,600 A bbott Laboratories___N o par 53 A pril 71%Sept 19
36% Feb 61 Not
>135 140 *136 144 *136% 144 *136% 144 *136% 144
4 H % conv prel.
100
120 Apr 10 149% Sept 30 119% July 12334 Oct
1%
13
8 11
1%
2
1% 1%
R ig h ts . _________
1% 1%
1% Oct 23
1% 1% 10.000
*41
48
43
43
*41% 48
*38
48
41
41
8,200 4bn*uam & Straus____ N o par 33'z Apr 8 45 '• Oct 19
30% Mar 45 Oct
5412 5334 5334 *52% 53% 52
52% 52
52% 1 ,0 0 0 Acme Steel C o .
-25 31% Mar 31 58% Oct 26
18 June 52 Jan
10
9> 9 8
8 '>
9% 9%
9%
Adams Express_____ . . N o par
W* 9>g
6% Aug
1
1
6% Mar 12% July
21% *21
21% *2034 21% 21% 21% 21% 21% 4 ,0 0 0 A dam s-M itlls__________ N o paT 19 Sept 24 25%Sept 12
\
300
5
Mar 3
14% Mar 24 Oct
20% 20% 20% 20% 20% 20% 20% 20% 20% 1 .2 0 0 Address M ultlgr C orp ____ .10 15%Sept 8 27% Jan 5
16% Mar 30 Aug
61 '4 60% 61
5934 60% 59
59% 58% 60
Air Reduction In o_____ N o ;par
6 .0 0 0
45% Apr 4 68 Sept 27
40 May 67% Nov
1
1
1
1
1
1
1%
;
3 Jan 30
4
1% *1
1% 1 ,1 0 0 Air W ay El A p p lia n ce ..N o par
1%Sept 13
% Mar
1% July
6%
7
6% 7
67g 7
67g 7
67g 6% 2.900 Alaska Juneau Gold M l n .. . 1 0
6% Sept 2 10 Jan 3
8*4 Mar
13% Feb
li2
1°8
1!2 1%
1% 1%
1% 1%
1% 1% 5.900 Allegheny C o r p .............. N o par
% July 1
2 Sept 27
% Mar
i% Jan
17
17
16'4 17
157g 16-% 16% 16% 15% 17% 5,300
534 Aug 24 20% Sept 27
514 % Pf A with $30 war- 100
6% June
% Jan
*141 15
14% 14% 13
13% 1334 13;% 13% 14
614 % pf A with $40 war- 100
1,000
4% Aug 24 18%Sept 26
5 Mar 17% Jan
*14
15% *13% 15
13% 13% 1334 1334 13
14
1.200
514 % Pi A without w a i.l100
4% Sept 1 18 Sept 27
5% June 17% Jan
18% 18
18
1734
17
17% 17% 17% 18
ra
$2 50 prior con v p rel.N o ; r
1.200
8 June 29 23% Sept 27
734 June 21% Nov
2434
2334 24% 24
24% 2334 24% 22
24% 6.000 Alghny Lud Stl C o r p ..N o par
14 Apr 8 28% Jan ♦ 14% Sept 2934 Nov
10 > *10% 10% 10% 10% 10% 1 0 % 10
8
10% 1,100 Allen Industries Inc.
.. 1
634 Apr 11 11% Oct 23
4% Mar 14% Ang
179 179^2 178% 179
179 179
176 17834 175 178
par 151% Apr 10 200% Sept 11
3,700 Allled Chemical & D y e .N o j
124 Mar 197 Oct
*14
14% 14
14 *1334 14
14
14 *14
14%
200 Allied Kid C o .
-.5
10 Apr to
147gSept 11
7 Mar 1234 Oct
13% 13% 13% 13% 1334 14
14
14
14% 2,500 Allied Mills C o In c____N o par
9% Apr 10 16% Sept 8
8% Mar 14% July
10% 10% 10
10 >
8
10% 10% 10% 10% 10% 11,300 Allied Stores C orp_____ N o ;par
6 Apr 1
1 113 Jan 3
g
4% Mar 13% Nov
6534
65
65
65
65
*64
66
*65% 6 6 !2
5% preferred.
200
100
54% Apr 11 71
38 Mar 70% Oct
43% 42% 43% 41% 42-% 41-% 4134 4034 4234 8,200 Allls-Chalmera M fg ____N o ;par 28 Apr 8 4838 Aug 22
Jan 5
34% Mar 5534 Oct
16% 16
16% 16
16
16% 16% *157S 16%
700 Alpha Portland C e m ._ N o par
1234 Apr 8 19% Jan 3
11% Apr
20
Oct
*2%
2% 2%
2%
2% 2% *2% 3
2% 2%
400 Amalgam Leather Co I n c .... . 1
l%June 29
3-3gSept 5
3% Oct
1% Mar
17
17
*16
18 *16
19
18
*16
16
16
6% con v preferred.
300
.50
12 Aug 21 21 Sept 6
10 Mar
24 Jan
67% *6612 677S 6 6 % 66*4 66
66
65
65
400 Amerada C o r p _________N o par 50 Apr 1
1 74% Sept 11
55 May 78 July
21% 2 1
21% 20% 21
20% 20% 20% 20% 1.000 Am Aerie O hem (D el) — N o j
par
16 Apr 26 23% sept 13
22
Dec1 28% Oct
4034 3 9
40% 373g 3934 38
383 38% 3934 11,600 Am Airlines Inc______
4
.1 0
4034 Oct 30
13-% 1 2 % 13
12% 1234 12% 12% 12% 12% 4.100 American Bank N o te .
-10
934Sept 1 1734 Jan 3
'
10 Mar 23% July
51% 50
50% 49l« 50
50
51
50
50%
440
3
6% preferred.
49%Sept 11 60 Jan 6
46% ^pr R Nov
share
' Bld and asked prices: no sales on this day
t In receivership,
i r»et , delivery.
a Yew stock
' Cash sale,
r Ex-dlv
y Ex-rtghts
H Called for redemotlon
-------------------
Volume 149
LO W A N D H IG H
Saturday
Oct. 2 8
M on d a y
Oct. 30
=
-
..............................- ■
Oct.
31
W ednesday
N ov. 1
• Bid and asked prices; no sales on this d a y .
........... —
_ _ _ _ New York Stock Record
-Continued—Page 2
S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T
Thur Idas
N ov
Friday
N ov. 3
Sales
fo r
the
W eek
$ per share $ per share $ ;per share $ per share $ per share $ per share Shares
7
67, 6
7
7%
7>8 7%
7%
67,
6%
2,600
634 7
5114 51%
51% 517g 51
51% 50% 50% 48% 50% 48% 50% 2,400
♦130 135% 130 130% 132 132 *131 13334 *131 13334 *131 133%
90
110% 111 *109% 1101= 10934 11034 108 109% 106% 108
106% 107% 3,400
*164% 165% 165 165
165% 165% *164% 16S *165% 168
168 168
400
37% 38% 37
37% 36°8 37% 36% 37
36% 37
36% 38% 8,800
60
60
*58% 59% 5 7
68% 56% 57% *56% 57% 57
58
1,800
24% 2 4 .4 24% 2 3 % 24% 23% 23% 2234 23% 22% 23% 5,700
24
♦111 115 *111 115 * m
115 *111 115 *111 115 *111 115
♦122 124
121% 122
1 2 0 % 1 2 0 % *1197g 120% 120% 120% *118% 120
400
14% 14% *8
*14% ___ *14% ___ *14% ___
16
*8
16
10
77, 8%
734 734
734 734
8
8%
8
8% 5,500
7*4 8%
9*, 9% *9% 934
9% 9-%
9% 9%
93, 9% 1,400
93, 93,
1312 1334 13
13% 12% 12% *12% 13
12% 13
12% 121= 1,600
85
85
82
*48
87
85
85
84
82
82
*80
85
100
3
3
27g 3
27g 27,
27, 3
23 2% 1,800
4
27, 27,
*5% 6
*6
6%
6
6
5% 5% *53, 6
*53, 6
200
2% 23,
23g 2%
2% 2%
23, 23,
2% 2% 4,200
2% 2%
*26% 27
263 26*4 26% 27
4
27
257, 263, 24% 25% 4,700
27
8%
*7% 8% *8
*7% S3, *734 8%
734 8
7% 734 1,200
*22os 23% *223, 23% 22% 2234 22% 22% 22
22
1,700
20% 21
24% 24% 24% 24% 23
24% 23% 24
2434 1,900
24
23% 24
634 7
6% 6%
6>, 634
6% 6i2
6% 6% 4,400
6% 6%
3934 *37% 3934 *37
♦3719 3934 *38
38% *3719 39
*37i2 39
5114 5134 51% 5134 51% 5134 51% 52% 52i2 53
5 3 _ 54
4,300
2% 2%
2% 23, *23g 21=
2% 23g
23, 234 3,800
23, 234
*2212 233g *22% 23
*22% 23% 23
23
23
231 = 23% 24%
1,200
*73g 734
7
67, 67,
7
7
73, 2,100
7% 7%
7%
7
26% 25% 253j 25% 25i2 25
26^2 267g 26% 26>g 26
27% 6,300
70i2 70% 70% 71
69
70
68% 6S% 67% 68
66% 68
1,800
147, 15% 14% 147g 14% 14% 137 14% 14
g
14% 14
141= 13,200
334 4%
334 334
4% *4% 412
♦4
334 37,
3% 3%
900
2734 2734 27% 27% 2634 27% 2634 2634 26
27% 1 257, 26% 9,800
*108 115 *108 115 *108 115 *110 115 *108 115 *108 115
22% 23
23
23
23
23
23
23
23
23 x23
23
310
5l2 5%
5% 5%
5% 5%
5% 5%
5
5% 5%
5% 8,800
51% 50
52% 49% 49% 49% 50
51 * M% 51
4
49% 50% 3,000
43
44% 44% 43% 44
44% 42
4314 42
42
42
43
3,300
1034 11
10% 107g 10% 1034 10% 1034 103, 1 0 % 27,300
10% 11
152 152 *150 153 *150 153 *150 153
*14914 152 *150 152
30
20% 20% 20% 20% 20
201= 21
20% 197, 20% 19% 20% 13,600
7834 77% 79
78
78% 78>2 78
78
79
79
1,600
79
79
127, 12% 12% 12% -12% 1234 1234 123, 123, 123, 12% 12%
900
♦I2lj 13% 13
13% 1234 127, *1234 13
13
13
12% 12% 1,300
39% 39% 39
39
40
40
38
38
383, 39%
38’.= 39
840
5412 553g 54% 55% 54% 54% 54
5434 10,400
54% z52% 53% 52
138 138
138 138
137% 137% 137% 138
138 138% 138% 138% 1,200
*66 63 *66 68
67% 67% *66 67% 67% 67% 67% 67%
500
*141 145 *141 145 *141 145 *141 144 *141 144 *141 144
37l2 38
36% 377, 36
37% 3 5 % 363, 3 5 % 36
3 4 % 36% 20,200
13i2 13% 13% 13% 13% 13% 1 2 % 13
*1 2 % 133, 133, 13%
700
17 *16
*16
17
16% 16% 16% 16% 16% 16% 16% 16%
600
*2412 25
24% 24% 23% 24
23% 23% 23% 24
23% 23% 1,700
92% 90% 903, 90
*93
94
93
93% 91
1,000
90
90
90
16% *16
*16
16% *16
16% *16
16% *16
100
16% 16% 16=,
166% 1673 167% 1673 1677, 168% 16734 16834 9,700
4
4
167% 167% 167 168
807s S07g 81
80% 81% 80% 80% 80 803 79% 80% 1,300
4
81
S2
82
82
82% 82% 81% 82% 81% 82% 80% 81% 2,800
83
4
143% 143% *142
*141 144 *1413 144
144 144
200
*143 146
63g 6 8
6% 6% 6% 6*4 6
*
6% 6% 6% t)l2 2,200
6%
133g 12% 13
13% 13
1234 13% 16,200
13i2 13% 13
12% 13
*897g 92% *897, 921= *897, 92% *897, 921= *897, 92%
91
91
100
*125g 13
127g 13% 12
123, 12% 121= 12% 12% 6,900
12% 12
53
52% 53
54
51
51% 5034 51% 4934 507, 49% 523, 7,800
834 9
8% 834
8% 83, 8% 8% 8% 9% 10,200
8% 8%
45
43
100
*40
*40
46
*38
*38
43
*38
43
43
43
333g 337g 33% 337, 33
32% 34% 35,400
3312 323, 33% 32% 33
*42% 43% 42
*43lg 45
43
43
42% *42% 44% *43% 45
300
2214 22% 22% 22% 22
22% 217, 217, 22% 22% 21% 2 2 % 1,500
*11312 114
114 114 *113% 114.% 114% 114% *113% 114% *113% 114%
110
15% *14
16 *13
*14
16 *13
16
16
*13
16
*13
*234 3
*234 3
*234 3
*23
d 3
*2^4 3
3
32
32
32% 32% 3234 327, 3234 3334
*31% 32
*3112 32
900
101 101
100% 100% 100% 101
100% 1007, 1001 = 1 0 0 % 1,800
101 101
6% 6%
6*4 63,
6
6% 6
6% 6% 65, 18,100
612 6%
48% 48% 48
49
48
47% 48
700
*48
49%
*47»8 49% 48
65
65
65
*50
*50
*50
65
65
*50
*50 65
*50
39
39
39
39
39
38% 3 9
1,000
39
*3914 3934 *38% 3934
113, n% 1 1 % *11
11 %
400
11 % n% *n%
11% n% *11% n%
97g 1 0 % 10% 1 0 %
9%
934
9% 9 % 2,500
9%
9%
9%
934
*8414 ion
*£414 ion
*£41,4 T O *£411 T O
O
O
934
97g 97g
97 ,
97,
9%
9%
93 ,
9%
9%
9% 93, 2,900
78 a 75
78 *7634 7734 7 7 % 77% * 7 5
75%
400
*77
78
78
*74% 763 7 5 % 75% 7 5 % 75% 74% 74% *75
4
78
300
*761 78
2
*347g 36
*34l2 36
3 5 % 353, *3 4 % 36
*34% 36% *34% 35
100
9334 9334 *91% 93% *91% 94
10
*91l2 94
*91% 94
*91% 94
313 32
4
313, 12,900
31% 317, 30% 31% 30% 307, 30% 303 30
4
63% 63% 63
*63
65
63
61
63
61
61
61
1,200
61
2512 25% 257g 26
25% 26
25
25% 2434 253, 241= 2534 5,900
1934 *16
19 *16% 17% 16% 173, 17
18
700
*16
17
17
18
400
*17% 19% 17% 17% *17% 18% *16
17% 18
*17% 20
243g 24% 24
24% 2334 24% 237, 24% 237, 237, 23% 24
4,700
200
107 107 *106% 108% 109% 109% *108 1097,, *107 109% *108 109%
8% 8%
8% 8% 8% 8% 8% 85, 8% 8% 8% 83, 4,900
*4 5 % 46
*45% 46% *4534 461= 46% 46% *457, 46% 46% 46%
300
*62
63% *61% 63% *62% 63% *615, 63% 63% 63% 64
65
400
*123 123% 123% 123% 123% 1237= *123 1237, *123 123% *122 123%
50
7% 7%
300
77, 77, *7
*7% 7%
77, *7%
*7 % 77,
*27, 3
*27, 3
3
3
3
3
3
3
3
3% 1,100
*27, 3^
3%
3
300
3
3% *3
3%
8 *27, 3% *234 3%
2 2 .4
19% 20
*19% 21
50
*18% 20% *18% 20%
*2 0 % 22% *20
73,
7
7
7
7
7%
7%
7
7%
7%
7% 8% 119,700
18% 19% 18% 1934 28,400
19% 197g 19% 19% 1834 19% 18% 19
7% 734
3
7% 7%
7% 81= 6,400
7% 7%
7% 7 4
7% 7%
9% 9%
91= 9%
9% 91=
9% 9%
9% 9%
9% 9^ 1,900
4
21
21
600
21% 2134 2134 2134 2134 213 *21% 2134 21
21
69% *68 69
69
50
68% 68% *68% 69% 68% 68% *87
*63
177g 18 *17% 18
2,400
17% 18
17% 177, 1734 17% 17% 18
934 934
500
9% 91= *9
10
9% 9%
10
10% *9% 10%
110
28
*27% 28
*27% 28
*27% 28% 28% 28% *2734 28-%
28
8,200
147g 15
14% 113, 14% 14% 14% 147, 14% 14% 14% 15
2434 25
1,300
25% 24% 24% 2434 25
24% 24% 2434 25
24
10
*112 112% *112 112% *112 112% *112 112% *112 112% 112% 112%
900
27% 27% 27% 27% 27% 27% *27% 27% *27% 27% 27% 27%
*106%
*106%
*106% __ *106%
*106%
*106%
31U *3014 32
32
32
*31
34
*30
700
120
120
120 1 2 0
120 1 2 0 “ 120 1 2 0
119% 119% *116 1 2 0
*9
9%
500
*9
9%
9% 9%
9% 9 % z9% 9 %
9%
9%
*55
531, *55
58% *55
58% * 5 5
58% *55
*55
3 3 % 47,400
32
33% 317g 327, 31% 33
31% 32 *4 317, 3 3 % 31
21
g
21% 2,200
4
*20% 207 20% 203 20% 20% 20% 207, 207, 21
55
700
53% 54
55% * 5 4
54
*53% 55% *54
*53
54
54
4134
500
40% 40% 41% 41% 41% 41% *40% 411= 40% 40% *41
4
91
90% 917g 90% 91% 89
88% 891= 88% 8934 87% 903 58,300
17% 1734 17% 17% 17% 17% 171= 17% 17% 171= 17% 17% 2,900
115 115% 114% 11434 2,700
114% 115% 114% 115% *114% 115
1141= 115
303 2,000
4
30% 30% 30
32
30% 31
*31
30% 31% 30% 31
2134 22
1,700
21% 22
23% 22% 22% 217, 22
23% 23% 22
13% 1234 13% 12% 1334 8,900
13'* 13% 13% 1334 13% 13% 13
3434 3 4 7g 3414 35
2,100
17%
'200
1734 17% 1 7 % *17
177, 17% 17% 1734 177g *17
*17
55
10
55
*50
*50
55 *50
55
55
50
50
*50
*50
283 29% 287, 30% 28% 30% 28,600
4
29% 30% 29% 2934 29
30
___TT
......... ~
X In receivership,
..... ........ .................... ...... - i '■
v"
a D el, delivery,
STOCKS
NEW YORK STOCK
EXCHANGE
2927
Range Since Jan. 1
On Basis o j WO-Share Lots
L ow est
Par
$
American News C o ___ Wo par
Amer Power & Light__ N o par
$6 preferred___ ___ Wo par
$5 preferred_______ N o par
Am Rad A Stand San’y.Wo par
Preferred________ _____100
American Rolling Mill____ 25
44£% conv pref ______ 100
American Safety Razor.. 18.50
American Seating Co ...W o par
Amer Ship Building Co.Wo par
Amer Smelting & Refg.Wo par
Preferred____________ 100
American Snuff__________ 25
Amer Steel Foundries..N o par
American Stores_____ N o par
American Stove Co___ N o par
American Sugar Refining. .100
Preferred_____________ 100
Am Sumatra Tobacco..Wo par
Amer Telp & Teleg Co___ 100
American Tobacco_______ 25
Common class B _______ 25
6% preferred_____ ____100
Am Type Foundries Inc___ 10
Am Water Wks & Elec.Wo par
$6 1st preferred____ Wo par
American Woolen__ .Wo par
Preferred_____________ 100
Amer Zinc Lead & Smelt__ 1
$5 prior conv pref______ 25
Anaconda Copper Mining. .50
Anaconda W & Cable. _Wo par
AnchorHockGlass Corp Wo par
$6.50 conv preferred. Wo par
Andes Copper Mining___ -20
Archer Daniels Mldl’d. Wo par
Armour &Co(Del)pf7%gtd 100
Armour & Co of Illinois __ 5
$6 conv p re f______ Wo par
Armstrong Cork Co___ Wo par
Arnold Constable Corp------ 5
Artloom C orp _______ N o par
41% Apr 11
1% Jan 24
141= Jan 23
3% Sept 1
13 Aug 24
41 Aug 24
11 Apr 8
21, Apr 11
25% Aug 24
112 Oct 19
21% Sept 6
3% Apr 10
32 Apr 8
28 Apr 8
8% Sept 5
140 Sept 8
ll%June 29
50 Apr 11
11% Apr 10
9 Sept 5
25% Aug 28
35% Apr 10
127%Sept 5
59% Apr 14
140 Oct 11
20% Aug 24
8% Apr 8
9 Apr 1
15% Apr 11
75% Mar 7
14% Apr 8
148 Apr 10
73 A pril
75% Oct 2
132 Sept 19
418Sept 1
8i, Apr 11
78 Apr 10
3% Apr 8
28% Apr 10
4 Aug 24
24 Apr 1
1
20% Apr 11
35 Apr 11
13% Apr 8
111 Jan 23
8% Apr 11
21 " Apr 21
97 May 9
35, Aug 24
33% Apr 11
50 Mar 31
31% Sept 6
7% Sept 5
5% Apr 11
5% Apr 11
Associated Dry Goods_____ 1
70 Jan 5
6% 1st preferred______ 100
41 Apr 8
7% 2d preferred_______ 100
Assoc Investments Co..Wo par 30 Apr 1
1
5% pref with warrants. .100 90 Jan 9
Atcb Topeka < Santa F e.. 100 21 Sept 1
fe
5% preferred__
__ 100
50 Sept 1
Atlantic Coast Line RR__ 100
15 Apr 8
5% Aug 23
Atl G & W I SS Lines..Wo par
9% Aug 24
5% preferred_________ 100
Atlantic Refining________ 25 18% Sept 1
4% conv prel series A__ 100 104% Apr 12
7 Apri l
Atlas Corp_______________ 5
6% preferred____ _____ 50 43=8 Apr 8
Atlas Powder________ Wo par
50 Aug 23
5% conv preferred____ 100 116 June 15
Atlas Tack C o r p ..__ Wo par
4% Apr 10
tAuburn Automobile..Wo par
1% July 10
Austin Nichols.............Wo par
2 Apr 13
$5 prior A _________ Wo par
17% Aug 31
3% Aug 24
Aviation Corp. of Del (The) .3
9% Aug 24
Baldwin Loco Works v t c .. 13
37, Aug 24
t Baltimore & Ohio______ 100
4% preferred ________ 100
4% Sept 1
Bangor & Aroostook______ 50
19 Apr 11
Conv 5% preferred-__ 100 65 July 3
Barber Asphalt Corp_____ 10
10% Aug 24
6 Apr 8
Barker Brothers______ Wo par
5M % preferred________ 50 24% Apr 11
Barnsdall Oil Co__________ 5 11% Aug 24
Bayuk Cigars Inc____ Wo par
15% Apr 10
1st preferred__________ 100 109% Oct 5
Beatrice Creamery_______ 25
17 Apr 10
$5 preferred w w____ Wo par
98 Apr 10
27% Sept 12
Beech-Nut Packing Co____ 20 1047,'Sept 13
7% Apr 10
Belding-Hemtnway___Wo par
Belgian Nat Rys part pref...
56 Oct 26
16% Apr 11
Bendix Aviation__________ 5
Beneficial Indus Loan Wo par 177, Apr 11
priorpf$2 50div ser’38Wo par 48i, Apr 6
Best & C o - _____ ____ Wo par
32 Sept 5
Bethlehem Steel (Del).Wo par 50%June 30
15% Apr 10
5% preferred__________ 20
7% preferred__ ______ 100 99% Apr 11
Bigelow-Sanf Carp Inc.Wo par 157, Apr 10
Black & Decker Mfg Co Wo par 14 Apr 8
8% Apr 10
Blaw-Knox Co_______ Wo par
34% Oct 31
Bloomlngdale Brothers.Wo par 14% Aug 24
Blumenthal & Co pref___ 100 35 Apr 18
Boeing Airplane Co________ 5 16% Aug 24
n New stock,
- ...■ z z 1 -* ■"
i.-z
■
■
11
t
t
Cash sale,
-
x E x-dlv.
Range fo r Previous
Y ear 1938
H ighest
per share
Lowest
$ per share
3% Aug 11
American Bosch Corp_____ 1
8
Jan 4
Am Brahe Shoe & Fdy. N o par 31% Apr 1 57% Sept 22
5% % conv pref_______ 100 125 Apr 11 140 Aug 14
American C a n . . ________ 25 83% Apr 1 116% Sept 12
1
Preferred. _________ 100 150 Sept 11 179 July 19
American Car & Fdy..Wo par 16% Aug 24 40% Oct 18
Preferred____________ 100 30% Aug 21 64 Oct 5
Am Chain & Cable Inc. Wo par 13% Apr 8 25% Oct 25
11518 Mar 9
American Chicle_____ N o par 109% Apr 20 132 Aug 14
Am Coal Co of Allegh Co NJ 25 10 July 20 17% Sept 26
American Colortype Co___ 10
5 Aug 24
8% Feb 24
Am Comm’l Alcohol Corp. 20
5%Sept 1 117, Sept 13
6% Apr 11 18% Sept 8
American Crystal Sugar___ 10
6% 1st preferred____ 100 61 Feb 11 86% Sept 28
2% Sept 1
American Encaustic Tiling.. 1
5^8 Jan 4
Amer European Secs__ N o par
4%M ay 26
6% Sept 19
Amer & For’n Power__ N o par
3% Jan 20
2 Apr 8
12% Apr 10 287, Oct 23
$7 preferred__ _ ..Wo par
$7 2d preferred A___ Wo par
9% Jan 5
5 Apr 10
10 Apr 11 247, Oct 23
$6 preferred_______ Wo par
Amer Hawaiian SS Co. . .10 12 Apr 8 33 Sepi12
8 Sept 6
2% Mar 31
American Hide k Leather__ 1
American Home Products.. 1
American Ice________ N o par
6% non-cura pref....... . 100
Amer Internat Corp ..Wo par
American Locomotive..Wo par
Preferred___________ .100
Amer Mach & Fdy Co..Wo par
Amer Mach & Metals.-Aro par
Amer Metal Co Ltd___ N o par
--• • a
$
per share
6 % Mar
23% Mar
114 Apr
70% Jan
160% Mar
12% Mar
27 Mar
9% Mar
89i2 Feb
88% Mai'
13% Sept
4% Mar
9 Mar
8% Mar
67i2 Dec
2% Mar
4 Mar
2% Mar
13% Mar
5% Mar
10 Mar
9 May
2 Mar
H ighest
$
per share
14% July
52 Nov
135 Aug
105% Oct
176% Nov
347, Dec
57% Nov
2334 Nov
117 Dec
125 Oct
20 July
97, Nov
15 Nov
163 Jan
4
83 Jan
6% July
7% Nov
5% July
25% Feb
12*4 July
207, July
15 Nov
57, Nov
36 Nov
45i2 Dec
2% June
20% July
8*4 July
30% Dec
79 Nov
17% July
5% Jan
45 Oct
122 Nov
29% Jan
7% Oct
47% Nov
41% Nov
19% Oct
165% Jan
24% Nov
80% July
207, Jan
23% Nov
35i2 Jan
583, Nov
140 Dec
61% Dec
150 Dec
40*4 Dec
11*4 Jan
19 Oct
31
Jan
117% Mar
120% Oct
150% Dec
88% Aug
91% Oct
152 Dec
9% Nov
16% Nov
91 Aug
7% July
45 Nov
9% Oct
43 July
421, Oct
64% Oct
217, Aug
113% Oct
20% Oct
55 July 25
30% Mar
3% Aug 4
1% Oct
25 Aug 4
13% Nov
9 Sept 12
4% Mar
12% Mar
303 Jan 5
s
79% Jan 3
44 June
15% Jan 5
10 Mar
2% Mar
5% Sept 21
23 Mar
40% Jan 5
124% Mar 20
99% Mar
j26
Jan 3
20 Mar
7 Feb 6
3% Mar
52% Oct 23
19 Mar
45% Oct 23
16% Mar
9 Mar
18% Jan 4
162 Jan 5 148% July
22% Jan 4
13% Mar
58 Mar
80% Sept 27
15% Mar 1
12 Dec
20 Jan 3
7% Mar
22% Apr
46% Sept 13
63 Sept 12
28% Mar
140%June 21 103 Mar
69 Aug 7
45% Apr
153 July 6
15% Mar
41 Jab 4
14% July 26
6i8 Mar
18% Oct 9
12 June
19% Dec
34 Sept 5
97% Sept 11
82 Dec
12% Mar
18% Jan 4
170% Mar 11 111 Mar
87% Jan 19
58 Mar
89% Jan 16
58% Mar
153%May 26 130 Apr
37, Mar
8% Jan 5
6 Mar
14% Jan 20
96 Aug 8
68 Apr
15% Sept 21
3% Mar
64% Sept 16
23% Mar
12 Sept 5
4% Mar
48 Sept 12
25 Mar
40 Sept 5
21 May
547, Jan 4
29 Mar
27% Aug 3
10% Mar
97 Apr
114%June 8
10 Mar
21 Sept 6
3% Sept 26
37 "Sept 11
20 Apr 31% Aug
82 Mar 1037, Oct
105 June 20
37, Mar
7 July
8% Sept 6
60 Sept 6
28% Mar 72 Jan
24% Mar
5% Mar
2% Mar
72 Nov
4 Mar
10% Jan 3
7834 Oct 26 z52 May
81 Oct 24
48 Dec
38 June 6
27 Mar
100 June 1 72 Mar
22% Mar
427, Jan 4
71 Mar 9
40 May
30% Jan 3
14 Mar
4% Mar
26% Sept 11
26 Sept 11
6% Mar
17% Mar
24% Oct 2
110%June 6 1017, Apr
5% Mar
9% July 21
383 Mar
4
48% Aug 7
71 Sept 12
36 Mar
127 Jan 1
1 105 Jan
8 Sept 11
4% Apr
2% June
5% Sept 12
2 Mar
378 Jan 6
12% Mar
30% Jan 5
2% Mar
87, Jan 3
5 Mar
21% Sept 27
4 Mar
8% Jan 5
11%Sept 27
5% Mar
24% Dec
30% Jan 4
82 Dec
87 Jan 11
12% Mar
21 Jan 5
5 Mar
13 Jan 5
215, Mar
33 Feb 28
19% Jan 4
10% Mar
9 Mar
25% Oct 14
114% Jan 16 109 Apr
28 July 24
11% Mar
106%Sept 29
90% Apr
29% Sept 27
128% Aug 1 94% Apr
534 Mar
95, Oct 25
73% Jan 25
67 Sept
33% Oct 27
8% Mar
21% Mar 1
1
15% Mar
5; % Aug 7
57% Mar n
267 Mar
8
39% May
100 Sept 11
12% June
D% Sept 13
75 Mar
120% Sept 25
32% Oct 26
17% June
9% Mar
24% Oct 26
10% Mar
17% Jan 4
36% Oct 28
2312 Mar 1
1
13% Apr
May
55 Sept 27
19 Sept
343 Jan 3
4
58 Jan 4
13 Mar 15
10% Oct 27
v Ex-rights.
■■ ■
'■■
■
59% Dec
13 Nov
9 Dec
77% Dec
125^ Nov
75 Aug
73% Sept
39% Nov
95 Nov
447 Nov
8
72 Jan
30 Dec
8% July
14% Jan
27% July
109% Aug
97, Jan
48% Aug
68 Nov
126% Dec
8 Nov
6% Jan
5% Dec
634 Dec
8% Dec
17% Dec
11 July
13% Jan
36 July
98 July
23% Oct
14 Oct
34 Nov
21% July
21 Nov
115 Jan
19% Dec
102 Oct
30% Mar
117 Dec
9 July
83 Jan
30% Dec
21 Dec
56 Nov
787 Dec
8
18% Nov
1147, Nov
29% Oct
24% Nov
19*4 Nov
21% Oct
55 July
357 Dec
s
Called for redem ption.
.................. .....
■■ .. —
p —
N ew Y o r k S to c k R e c o r d - C o n t in u e d — Page 3
2928
LOW
AND
Saturday
Oct. 28
H IG H
M on d a y
Oct. 30
S A L E PR IC E S -—PER S H A R E , N O T P E R C E N T
T uesday
Oct. 31
W ednesday
N ov 1
Thursday
N ov 2
F riday
N ov . 3
S v er share S p er share $ per share S per share S per share $ per share
26
25% 25% *24
26% 26
*26
25
25% 25% 25%
25
114 114 *112 115
114 115 *112 116 *112 115%
*11012 114
58% 58% 58% 58% 58% 58% *57
59
59
60
*58
60
*21% 22
22l2 22% 2234 23% *21% 22
21% 21% *20% 20%
20% 21
20% 21
207S 2138 21% 21% 2034 21% 2034 21
27% 26% 27
26% 27% 26% .26% 26% 2634 26
27
27%
4% 418 *3% 4% *3% 4
4
4
3% 3% *334 4
34
33% 33
33
3334 3414 33% 33% 33% 34% 33% 34
6% 6% *6% 6%
6i8 6%
6% 6% *6% 6%
6% 6%
1378 13% 13% 1334 13% 13-* *13% 13% 13% 133s 13% 1334
8
25% 24a 25U 2438 24% 24% 24% 24% 25%
25i8 25»8 25
*39% 41
*39% 41% *39% 41 *39^2 41
*39l2 41
*3912 41
51% 51% 51
51
*50% 51% 51
503 5 1 % 50
4
51
50%
*1U n 2 *1% 1% *1% 13S
1% 1% *1% 13s *1% 1%
34
* lli2 117S *11% lis4 *11% 12
*11% 1134 *1118 12
*11J 11
8
1134 1178 11% 11% 11% 1134 1138 11% 1 1 % 1134 1 1 % 1 1 %
*40% 42
40% 40% 40% 40% 40% 40% 40
40%
*40i2 4 3
41
*3914 41
43
*39% 41
*39
*40
*391“ 41
>
*3914 41
2434 25% 25
25% 26
25% 26% 2534 26
25% x25% 26%
38% *36
38% *36
38% *36
*36
38% *36
38% *36
38%
4
213 213 22% 22% 2134 22% 21% 2134 2134 22% 2134 22%
4
10l2 1034 10% 10>8 10% 10% 10% 10*4 10% 10% 1034 11%
*100 102 *100 102 *100 102 *100 102
102 102
102 102
8
6% 67
6^8 6%
6% 6%
6*8 634
6% 684
6^2 6%
4
48l2 48% 463 47% 46’8 46% 45% 46% 45
46
45
46%
5
5% 5%
5
5i8 5*4
4% 5
5
5%
5
5%
*3034 32
30% 31
30% 31
*30% 31% *30% 31% 31% 31%
25
25% 24% 24% 24
24% 24% 25
25U 25% *25% 26
4 18% 18% 18% 18% 18% 18% xl8
*18% 183
18'% 17% 18%
13% 12% 13% 13
13% xl3
13%
13i8 13U 13
13% 13
434
5% 5%
53
s
5i2 5%
5
434 434
5
5% 5%
1314
*1234 14
1278 13
14
14
*13% 14
*13% 14
8%
8%
8l8 8%
8
8
8
8% 22% 8% 22% 8 8
7%
*22U 2234 22%
*21% 22% *2 1 % 22% 22% 22%
*2134
434
4%
43
4
5'8 *4% 5%
*5
4%
4%
434
4% 5
13i8 13% 13% 13% 1334 14% 15
16%
16% 14% 16%
80
*74l2 76i2 77
77
80
82% 83
81
83
82% 83
1634 16*4 Z1612 16% 16% 165
1534 1534 16
16
16
8 16
24% 24
24
24
25
25% 24
24
*23% 24
23% 24
*5038 52
52
*5038 52
52
*50-% 52
*5038 52
*51
2
2
2
2
2%
2
2
2 ' 2%
2U
2% 2%
83S 8%
8% 8%
8% 8%
8% 8%
8% 838
8% 8%
16% 1534 16% 15% 15% xl5% 15% 14% 15%
16'8 16% *16
15U 1578 1534 15% 15% 15% 15% 15% 15% 1534 15% 15%
*39% 50
*39
50
*39i2 50
*39
50 *39% 50
*3912 50
53S 5%
5% 5%
5% 5 %
5i2 5%
5% 5%
5% 5 %
39l2 *39
39% *38
39% *38% 39
*39
*38% 3 9
*38U 3910
*6% 7
*684
*634 7
7
7
*6% 7
*6% 7
7
4434 *43
4434 *43
4434 *43
*43
*43
*43
*84% 85
8534
*84i8 85
85
85
*84% 8534 *85
8534 *85
28
*27
*27l2 28% *27% 28% *27
28% *27
28% 27% 28%
338 3% *3% 3% *3% 3% a3% 3%
3% 3%
*3U 31?.
8234 81% 82
84
*81
81% 81% *81
*81% 83
81% 83
116i2 11612 *114% 117% *114% 116% *111% 116% 116% 116% 116% 116%
4
5634 56
56% 5734 56
583S 583 57% 58
56% 56
57%
a
*1003a 101is *10034 101% *1003 101 *1003a 1011s *10034 1011a *1003, 1011a
4
27i8 27% 27% 28% 27% 28% 27% 28% 2734 28% 27% 283
103 10334 103% 104% 102% 103% 10334 105 105% 105% 103% 105
11
11
10?8 11
10% 10% 10% 1034 10% 10% 10% 10%
62
62
62
62
62
61% 61% *59
60
62
62
60
4
24
24% 24% 24% 2434 2434
*25l8 253 25% 25% 24% 25
4%
4
4
*4
4
4
4
4%
4
4
4
4%
*10714 108U 108% 108% 108% 108% *107% 109% *108 109% *108% 109%
*7i8 8%
5% 6^8
6
6%
6% 6*4
8% 8%
7% 7%
8
*834 9
7
7% 8
8% 834
8% 834
8% 8%
534 534 *558 6% *55
4
*5i2 6*4 *5% 6% *5% 53
8 6%
*92 102
*91 102 *92 102
*92 102 *93 102
*93 102
39% 40
39% 393s 38% 39
403
4
40
40
38% 39
40
734 778
7% 7%
7% 7%
734 734
7% 7%
7% 7%
3534
36i2 37
36% 37% 34% 3534 3434 35% 35
36% 38
1934 20
20
2 -* , *19U 20
0%
20
*20
20
20
20^2
*10012 101 *100% 105 * 1 0 0 % 105 *101% 108 ' *101% 108 * 1 0 1 % 1 0 s
2634 2634 26% 26% 26
27
27
27
27
26
26% 26%
1934 1934 19% 19% *18
18% *18% 19 *17% 19
21
21
28% 29
27% 27% 27% 27% 27% 27%
28% 28% 27% 28
427* 43
42% 42% 42% 42% 41% 42% 41% 42% 41% 4234
92
92
92
92
92
92
*90
*90% 92
*89
93
93
*3
3
3
3
3
3
3
*3
3%
3
3
314
*3i8 314
3
3
3
3
3
3
3
3% 3%
3%
13l2 13% 13% 13% *13% 13% 13% 13% 13
13
13
13%
*12
*12
*12
%
%
%
%
5
8
%
%
*1
2
l2
1
1
1
1
1
1
1%
1
1
1
1%
1%
1
1
1
1
1
1
1
1
1% 1%
1%
1%
234
23
4 234
234
278 2% *234 2% *234 2%
2%
2%
4
17% 17% 17% 17% 163 17
17
17
17
17%
*17U 18
*36l2 38
*36
37
37
37
*36% 38
*36% 38
36% 36%
49% 49% 49% 49% *49% 50
*49% 50
50%
*49U 50
50
*12
%
l2
*2
l2
%
%
%
* 12
%
%
*ii8 13s * 1 % 1 % *1% 1%
1%
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1% 1% *1% 1%
1
1
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*% 1
n«
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%
7
8
*% 1
%
934
10
9i8 9 % * 9
*9
*9
9%
9% *9
*9
9%
*1134 12
1134 1104 1134 1134 1134 1134 1134 11% 12
12%
7
634 7
6% 6%
6% 684
6% 6%
7*8
7% 7 %
31% 31% *31% 3 5
*31% 39% *31% 37% *31% 37% *31% 37%
90i8 91% 90% 91% 89
893? 87% 89
86% 8934
91% 88
12
*12l8 12% 12
12
12
12
12
12
12
12
12
*9212 93% 92% 93
*92% 93% *92% 93% 92% 92%
93
93
1 *4612 50
*46% 50
*46% 50
*46% 50 *46% 50
4612 50
| *4i8 4%
4
4%
4
4
4% 4%
4
4
4%
3%
3134 32o 3 3
8
32l4 321 32% 32% 32% 32% 31% 32
4
34
*66 ___ *66
*66 ___ *66
*66
*66
110% 111
*110 1107S 110% 110% 110% 110% 110% 110% 110% 111
36%
37
37
36% 37
36
36% 35% 36*4 36*4 37
36
*7234 74% *73% 78
*72l2 78
*72% 78
*72% 78
*73% 78
*4512
*45%
*45%
*45%
48l8 49U 47% 48
47% 48% 47% 48 x46% 46% 4534 47
35
35
35
35% 34
35% 33% 35
34% 3434 34
3434
*130
*130
*130
*130
*130
*130
120 120
120 120
120 120% 120 120 119% 119% 119 11934
*583 60%
4
59% 60% 59
59
*59l2 60% 60% 60% *59% ___
14
14
14
14
13% 14
13% 14% 14% 14% 14
14%
*104 105% 105% 105% *105% 108 *105% 108 *106 108 *105% 108
34% 34% 34
36
36
353 36
4
35
34% 35
36
36
_ _J 111 111
110 110 * 1 1 0 ___ *110 ___ *110
*110
2312 23% 23
23% 22% 22% 22% 22i2 22% 23
22% 23%
6% 638
6% *6
6
7%
6
6%
6l4 6% *6% 7%
*738 77S *7% 7% *6% 734
6% 6%
6*4 634 *6% 7%
*434 6%
534
534
*6i8 7
*6% 634 *5% 6
*4% 6
21
22% 22% 22%
21% 21% 21% 21% 21% 2138 2134 22
2134 21% 21% 21% 21% *21
*21
21% 22
22
22%
22
*92l4 9434 93
92
93
92
92
92
92
92
91
91%
83s
8
8
8% *7% 8%
7% 734 *734 7%
734 8
19% 19% xl9% 19% *18% 19% *18% 19% *18% 19%
*1918 21
7*4 73s
7
7% 7%
7%
7
7% 73s
7% 7%
7%
82% 82% 82% 82% 82
82
82
82
82
82
81% 82
71
71
*71
77
*70% 77
*70% 77
*7018 74% *70% 72
47% 4734 47
47% 47
47% 4634 47
46% 46*4 46% 4634
*9978 101
*99% 101
*99% 101
*99% 101
*99% 102%
101 101
5234 51% 5238 51% 52-% 51% 52% 51% 52%
52i4 52% 52
*108 110 *108% 110 *108 112
4
n o n o *108*4 n o *io83 n o
1338 13% 13% 13% 1234 133s 1 2 % 13
12% 13
1 2 % 13%
1'2 1%
1%
1%
1% 1%
1% 1%
1% 1%
1%
1%
6934 70
6934 70% 70% 703
69% 70
69% 70
6934 70
4
31 31 30% 30% 3034 31 31 31 31 31% 30% 31
Lowest
P ar
Shares
$
p er share
Bohn Aluminum & Brass___ 5 16 Sept 1
Bon Ami class A_____ N o par 100% Sept 14
51 Jan 24
Class B___________ N o par
Bond Stores Inc___________ 1 12% Jan 30
Borden c o (The)_________ 15 16% Jan 12
18% Apr 11
Borg-Warner Corp_________5
1% Apr 8
Boston & Maine RR_____ 100
19% Apr 10
Bower Roller Bearing Co__ 17
5%Sept 6
Brewing Corp ol Amsrica__ 3
7% Aug 24
Bridgeport Brass Co__ N o par
Briggs Manufacturing-A^o par 16% Apr 10
31 Apr 12
1,300 Bristol-Myers Co__________ 5 41*4 Apr 14
t% Apr 1
100 Brooklyn & Queens Tr.ATo par
700
100
140
1,800
8,900
10,600
300
1,900
900
3,800
12,600
3,100 Bklyn-Manb Translt.-No
86 preferred series A . N o
800
par
par
73s Apr 8
27 Apr 8
9,200 Brooklyn Union Gas__ N o par
Brown Shoe Co______ N o par
5,300 Bruns-Balke-Oollender.lVo par
6,800 Bucyrua-Erie Co___________5
7 % preferred__________100
160
9,600 Budd (E G) Mfg_____ N o par
1 % preferred__________100
1,190
2,700 Budd Wheel_________ N o par
800 Bulova Watch_______ N o par
900 Bullard Co__________ N o par
1,800 Burlington Mills Corp_____ 1
6,800 Burroughs Add Mach..No par
5,000 Bush Terminal____________ 1
140
Butler Bros___ __________ 10
2 ,0 0 0
5°7 conv preferred______ 30
300
1,600 Butte Copper & Zinc_______ 5
27,000 Byers Co (A M )_____ N o par
Participating preferred.. 100
850
900 Byron Jackson Co____ N o par
1,100 California Packing___ N o par
13% Apr 10
31% Jan 3
9% Apr 8
7 Apr 8
94*4 Apr 11
4 Apr 8
29% Apr 11
3 Apr 8
21% Apr 10
15% Aug 24
11% Apr 10
11 June 30
1 Apr 10
10,600
7,100
1,700
4,500
Callahan Zinc head________ 1
Calumet & Hecla Cons Cop..5
Campbell W & C Fdy..No par
Canada Dry Ginger Ale____ 5
17,600 Canadian Pacific Ry______ 25
100 Capital Admin class A_____ 1
60
600
600
800
120
3,000
Carolina Clinch & Ohio Ry 100
Carpenter Steel Co________ 5
Carriers & General Corp____ 1
Case (J 1) Co.................... 100
Preferred_____________ 100
Caterpillar Tractor___ N o par
27,800
1,800
3,900
120
3.100
3,600
60
2,600
2,600
100
Celanese Corp of Amrr. N o par
prior preferred______ 100
Celotex Corp,----------- N o par
b % preferred_________ 100
Central Aguirre Assoc . N o par
Centra)Foundry Co_______ 1
Central ill I.t4H% pref__ 100
JCentral RR of New Jersey 100
Central Vloleta Sugar Co__ 19
’
Century Ribbon Mills.No par
7%
5% Apr 10
18% Apr 11
2%June 29
7 Apr 11
25% Apr 11
11% Aug 24
13% Apr 10
48% Mar 1
% Feb 15
4% Aug 24
9% Apr 11
12 A p ril
39% Oct 24
3% Sept 1
29% Sept 1
4%May 19
35 July 10
77 Apr 20
137g Apr l
2% July 7
63% Aug 24
110 A p ril
38% Apr 1
100% Sept 7
13% Apr 10
84 Apr 14
778 Aug 24
58 Oct 7
18% Apr 8
2% Apr 10
103% Sept 25
3*4June 30
3% Apr 8
3% Apr 11
85%June 3
32 June 29
5% Aug 24
22 Sept 5
4,200 Cerro de Pasco Copper . N o par
2,700 Certain-Teed Products_____ 1
1,120
6% prior preierred____ -100
800
Cham Pap & Fib Co 6% pf.100 98 Apr 20
17 Aug 24
Common__________ N o par
600
6% Apr 11
300 Checker Cab______________ 5
17% Apr 10
1,500 tchesapeake Corp___ N o par
11,300 Chesapeake A Ohio Ry____ 25 27 A p ril
Preferred series A______ 100 85*4 Oct 18
700
l%Sept 5
500 tChlc & East III Ry Co6%pfl00
1% Aug 29
1,200 JChicagoGreat West 4 % pflOO
9% Apr 8
1,000 Chicago Mall Order Co_____ 5
% Apr 5
600 JChic Mil St P & Pac. . N o par
%June 26
1,800
5% preferred............. ..100
%June 30
3,800 ^Chicago A North West’n.100
l%June 28
700
Preferred.... .......... .........100
2,600 Chicago Pneumat Tool.No par 10 Apr 10
300
$3 conv preferred . . N o par 30% Aug 24
Pr pf 1*2.60) cum dlv N o par 44 Aug 21
400
400 JChlo Rock Isl A P acific...100
UJune 1
7 % preferred__________100
% Aug 23
500
8 % preferred_________ 100
% Aug 10
900
7% Apr 11
100 Chicago Yellow Cab__ N o par
10 Apr 5
2,000 Chlckasba Cotton OH_____ 10
5 Sept 1
4,100 Childs Co___________ N o par
30 Chile Copper Co_________ 25 25 Apr 8
43,000 Chrysler Corp_____________5 53% Apr 11
9 Apr 8
1,800 City Ice A Fuel______ N o par
6 % preferred________100 79 Jan 5
80
120 City Investing Co_______ 100 46% Sept 28
2% Apr 8
1,400 City Stores_______________ 5
15 Apr 8
2.300 Clark Equipment_____N o par
CCCAStUoulsRyCo5% pref 100 68 Feb 10
400 Clev El Ilium *4.50 p f. N o par 10678Sept 18
3,100 Clev Graph Bronze Co (The). 1 20% Apr 11
Clev A Pitts RR Co 7 % gtd.50 69 Sept 25
4,800 Climax Molybdenum.. N o
4,500 Cluett Peabody A C o. - N o
1,700
500
5,500
100
3,400
20
1,300
510
no
20
2,200
700
700
1,500
200
37,300
1,400
10
5,900
100
5,300
100
10,500
22,700
2,800
48,000
• Bid and asked prices; no sales on this day. t In receivership. a Del delivery.
___ "
....................... -■■wr-Ja-zgr-.-r-,'
........................
Ranoe Since Ja n . 1
On B a sil o f 100-Share Lots
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
fo r
the
W eek
N ov. 4,
par
par
Coca-cola Co (The)__ N o par
Class A____ _______ N o par
Colgate-Pal moll ve-Peet N o par
6 % preferred__________100
Collins A Alkman____ N o par
5% conv preferred.........100
Colo Fuel A Iron Corp.No par
Colorado A Southern____ 100
4% 1st preferred______ 100
4% 2d preferred.............100
Columb Br’d Sys Inc cl A .2.50
Class B......................... 2.50
Colum blan Carbon v t c No par
Columbia Piet v t c__ N o par
*2.76 conv preferred.No par
Columbia Gas A Eleo__N o par
6% preferred series A__ 100
5% preferred__________100
Commercial Credit_______ 10
4 H % conv preierred___ 100
Comm l Invest Trust..No par
$4.25 conv pf ser '35. N o par
Commercial Sol vents.. N o par
CommonWlth A Sou..No par
$6 preferred series__ No par
Commonwealth Edison C o ..25
n New stock,
r
Cash sale,
x
3458june 30
21% Apr 11
125 Sept 11
105 Sept 5
58 Jan 7
11% Apr 10
1017* Feb 1
20% Apr 8
100 Apr 8
11% Apr 8
234 Aug 24
378Sept 1
3% Aug 19
14 Apr 10
14 A p ril
73 A p ril
6% Sept 1
16 Sept 6
5% Apr 10
74% Jan 3
62% Jan 13
38*4 Apr 10
9812 Oct 16
42 Apr 8
10334Sept 19
8% Aug 24
1% Mar 31
4 5*4 jan 3
x25% Apr 10
Ex-dlv.
y
H ighest
1939
R ange fo r P reviou s
Y ear 1938
Lowest
H igh est
$ p er share $ p er share $ per share
28% Jan 3
15*8 Mar 30% Oct
117 Aug 4
82 Apr 107 Dec
60 Oct 16
40 Jan 52% Dec
23% Oct 30
9 June 14% July
22 Aug 3
15 May 19% Jan
32 Jan 3
16% Mar 36% Oct
478Sept 27
4*4 Jan
1% Dec
34*4 Oct 27
14 Mar 28 Oct
7*4 Feb 27
4 Mar
8% Aug
15% Jan 4
5^8 Mar 16 Dec
3178 Jan 5
1234 Mar 37% Aug
41 Aug 2
18 Mar
53 Aug 2
28 Feb 43 Dec
2 Jan 20
2*4 Jan
1% Mar
13»s Aug 2
12 Nov
14% Aug 2
5% Mar 11*4 Nov
48% Aug 3 x163 Mar 46% Nov
4
40% Oct 26
30% Aug 3
10% Mar 23% Oct
41 Sept 14
27*4 May 41 Jan
23% Oct 24
5% Mar 14% Oct
13ig JaD 6
57* Mar 13% Oct
106% Aug 33
75 Apr 100% Nov
8 Jan 4
3% Mar
7% Dec
55% Jan 4
g
62 Mar 547 Jan
5>s Jan 4
3 Mar
5*4 Oct
34% Mar 9
15% Mar 39 July
30 Jan 5
13% Mar 29 Dec
19*4 Aug 2
6*4 Mar
16% Aug
14% Mar 22% July
18*4 J& 3
n
7*4Sept 11
1% Mar
3% Jan
20 Sept 1
1
9% Jan 3
5% May 10 July
23*4 Mar 6
16% Mar 24 July
6% Sept 13
2% Mar
5 Oct
1638Nov 2
6 Mar 15% Nov
83 Nov 1
20 Mar 44% Nov
17% Jan 5
13 Mar 22 July
30 Sept 12
15i* Mar 24% Jan
53 July 7
51 Aug
3%Sept 5
1 Mar
2% Jan
10%Sept 5
5% Mar 10*4 Oct
17*4 Jan 4
8% May 20% Aug
20% Jan 18
12% Mar 21% July
47 June 12
37% Apr
6% Jan 3
8% Jan
5 Mar
41% Sept 11
42 July
8 Sept 11
4% Mar
8*4 Aug
x43 Sept 15
34% Mar 45 Nov
85% July 17
63% Apr 89 Jan
33 Sept 12
12% June 22% Nov
4 Sept 6
2% Mar
4% Jan
94% Mar 9
62% Mar 107% July
122% Mar 3
98% Jan 120 Aug
64%Sept 27
29% Mar 58 July
107-8 Jan 9 100% Jan
29% Oct 26
9 Mar 26% Nov
10978 Aug 9
82 July 96 Sept
19% Jan 4
12% Dec 19% Dec
72% Mar 14
46 Mar 72% July
30*4 Sept 5
I 81 * Dec 28 Jan
2 Mar
5q Jar 3
5% July
113% Aug 16
99*4 Apr 111% Nov
12% Sept 27
6% Dec 14 July
1434Sept 11
4 Mar
8% Jan
67 July
8
67 Oct 13
8
3% Mar
96 Sept 15
104 Apr
62% Jan 6
26% Mar 59% Oct
13 Jan 4
4% Mar 12% Oct
47% Jan 4
17% Mar 46 Oct
22% Sept 11
102 Mar 21
94 June 106 Mar
30 Jan 3
18 May 33% Nov
21% Oct 23
6 June 12*4 July
29% Sept 27
20 Dec 48% Mar
47% Sept 27
22 June 38% Jan
95%June 27
70 Apr 89 Jan
4 Sept 27
1% Mar
4 July
4*8Sept 26
2% Sept
5% Jan
87g Mar 157g July
14 Oct 26
7 Sept 27
8
1 Jan
% Nov
178 Jan
1% Sept 26
% Dec
1%Sept 27
% Dec
1*4 Jan
3% Sept 27
2 Mar
5% July
67* Mar 19*4 Dec
20% Jan 4
39%Sept 15
22 Mar 39*4 Nov
50%Nov 3
37% June 47 Nov
7 Sept 13
g
% Dec
1% Jan
17* Jan 5
1 Dec
3 July
15* Sept 13
2% Jan
% Dec
9% Mar 9
8 Mar 12*4 -Ian
15%Sept 6
12 Mar 19% July
13% Jan 3
3% Mar 13% Nov
41 Sept 11
25 May 51 Oct
94% Oct 6
35% Mar 88% Nov
14%May 23
7*4 Sept 13% Jan
97%June 10
59 Jan 80 Dec
58 Mar 11
54 Mar 60 Feb
438 Oct 26
2 Mar
5% Nov
34% Oct 23
10% Mar 27% Oct
69 Feb 4
70 Nov 75 Mar
115 Feb 9 106 Apr 115 Aug
39 Oct 25
15% Mar 30% Nov
78 Mar 13
67% July 76 Jan
45 Feb
32% Mar 60% Nov
60l8 JaD 5
36 Oct 25
10% Mar 25*4 July
135 Mar 16 111 Jan 129 Nov
133 Jan 6 105% Mar 142*4 Aug
62 Mar 2
57% July 61% Nov
17% July 22
7% Mar 17 Nov
78 May 104% Dec
110 Oct 19
37% Oct 26
13% Mar 39*4 Oct
111 Nov 3
87*4 June 107% Nov
2478Sept22
9% Mar 237* Nov
8%Sept 27
3% Mar
8*4 Jan
934 Sept 26
4% Mar 11*4 Jan
4 Apr 10 June
8% Sept 26
2478 Aug 15
13% Mar 22*4 July
24*4 Aug 15
13 Mar 22% July
53*4 Apr 98% July
96 Oct 26
9 Mar 19 Nov
15% Jan 4
25% Dec 35% July
30% Mar 6
5% Mar
97* Oct
9 Feb 9
91 Mar 14 57 May 83 Oct
50 May 70 Oct
83 Feb 8
23 Mar 5978 Nov
57 Jan 3
109% Aug 7
84 Mar 108% Nov
31% Mar 64 Nov
60 Jan 3
110%June 21
90 Jan 112% Oct
57g Mar 12% July
16 Sept 11
1 Mar
2% Feb 6
2% Oct
25 Mar 55*4 Oct
72% Aug 15
31% July 29| 22% Mar 28 May
Ex-rights
S Called for redemption.
I
5T
■■
V olu m e 149
■L O W
-
-
....-■
■
■
A N D H I G H S A L E P R IC E S — PER S H A R E , N O T P E R C E N T
Saturday
sb Oct. 28
i
-
M on d a y
Oct. 30
- ---
-- -----
-
________New York Stock Record— Continued— Page 4
rr,
___
Oct.
31
W ednesday
N ov. 1
Thursday
N ov. 2
Friday
N ov. 3
Sales
fo r
the
W eek
2929
R ange S ince J a n . 1
On B asis o f 100-Share L ott
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
R ange fo r P revious
Y ea r 1938
H ighest
$ per share $ per share $ per share $ per share $ per share $ per share Shares
Par % per share
$ per share
*7% 7%
5 Apr 6
8 % Feb 1
7% 7%
7i2 7% *7% 7% *7% 7%
500 Conde Nast Pub Inc____ N o par
7% 7%
2534 26% 25-> 2634 25
2534 *24% 25
2438 25
s
24% 25
3,500 Congoleum-Nairn Inc. . N o par 19 Apr 11 30% Jan 5
Congress Cigar____________ N o par
5 Sept 8
734 7*4
*7% 8
8 % Oct 25
7% 7% *7% 8
*7% 8
*7% 8
200
834 *7
*7
834 *6->8 8
4*4 Apr 17
*6 % 834 *6 58 8 % *65 8 %
3
Conn Ry & Ltg 4 H % pref- 10C
8
Jan 5
2914 30%
30 31
29% 31% 29% 30% 29% 31% 29% 31% 37,900 Consol Alrcralt Corp_______ 1 15% Aug 24 31% Nov 3
9
*884
8%
9
834 834 *834 9
5% Apr 10
938 Oct 25
*834 9
834 834
500 Consolidated Cigar_____ N o par
*79 80
79
79
*77
79
79
73 Apr 4 85 Feb 27
*77
7 % preferred_________ 10C
*77
79
79
*77
10
*87 S978 *8 6 % 89% *8 8 % 89
79% Apr 18 91 Aug 4
*87% 89
prior pref w w-------- 10C
89
89
88
88
40
878
8-->8
8%
83S 8 i2
83* 834 11,700
8 % Sept 18
8 i2
8%
8%
8%
11 Sept 11
8%
1 Aug 31
2% Jan 5
*1 % 1 %
2,800 Consol Film Industries_____ 1
H4 1 %
1%
1%
1%
1%
1%
1%
1%
1%
10% 10%
10% 10%
734Sept 12 12% Mar 10
10% 10%
10
10%
$2 partic pref______ No par
*9% 1 0 % 1 0 % 1 0 % 1 ,0 0 0
31% 31% 31% 31% 31
31% 31
31% 31% 3138 31% 31% 26,300 Consol Edison of N Y . . N o par 27 Apr 11 35 Mar 10
105% 10538 105% 105% 105 106
105% 106 *105% 108% 106% 106% 2 ,0 0 0
$5 preferred__________ N o par 101% Jan 4 108% Aug 4
5
478 5
4% 4%
434 434
4 %Sept 1
4% 4%
7% Mar 10
1,700 Consol Laundries Corp_____ 5
4% 5
838
8%
8%
8%
6 % Aug 24
8%
8
9% Sept 6
m s%
8%
8
8 % 21,900 Consol Oil Corp__________ N o par
8%
8%
234 *2 % 2 %
3
1 July 1
4
2%
2%
2%
*2 % 2 %
5%Sept 12
i\ *2*s
2%
700 Consol RR of Cuba 6 % pf.lOC
2°8
534
578
53S 5% 1,600 Consol Coal Co (Del) v t C..25
5% *5% 534 *5% 5%
134 Apr 11
9 Sept 11
i t 5%
5% 5i2
*22
*2 1
*2 1
25
25
25
25
*20
34 Sept 12
*20
25
25
*20
*96% 98 *97% 9734 97
4
97
97% 97% *9638 9 7 % *963 98
300 Consumers P Co$4.50 pfiVo par 88 Sept 19 101 July 25
15% 1534 15% 16% 16
9%June 30 16% Nov 2
16% 1638 16% *15% 16% 16,100 Container Corp of America. 20
16*4 16
1434 1434 14% 1434 14
14% 14% 1438 143S 14% 14% 15
2,900 Continental Bak Co cl AN o p a r 11% Apr 10 22% Alar 1
138 1%
1% 1%
1% Apr 10
2 Jan 3
1% 1% 3,300
Class B __________________ N o par
1% 1
1% 1%
38
1% 1%
*95 96 % *95% 96% 95% 9534 96% 96% *96% 97% *96
8% preferred........ ........ ..10C *87% Sept 15 100 Mar 3
97%
300
j^44% 45% 43% 43% 43% 43% 43% 44
C 32% Apr 11 51%Sept 25
43% 44
43% 4434 10,200 Continental Can Inc______ 2
*113l2 118 *114 118 *115 116
115 115 *113% 118 *113% 115%
$4.50 preferred_________N o par *106 Sept 8 116 May 31
100
734 8
8
8
5 Apr 8 10% Jan 5
7% 7«4
7% 7%
1,600 Continental Diamond Fibre.5
734 734
7% 8
37i2 37% 37% 37% 37% 3784 37% 37% 37% 37% 37% 38
3,200 Continental Insurance__ S2.5C 29% Apr 11 38 Nov 3
3
3%
3
3%
1% Apr 1
C
4 Jan 16
2% 3
2% 3
3
2% 3
3% 48,000 Continental Motors_______ 1
2712 27% 27% 27% 26
8
27
19% Aug 24 31% Jan 3
26% 263 26% 26% 26% 2634 6,200 Continental Oil of Del___ ..5
30 30
*30
30% 30 30% *29% 30% 29
29
1,300 Continental Steel Corp. No par 16% Apr 11 32% Sept 11
29
30
59U 59% 59% 59% 59
5934 59
59
59% 59% 59% 59%
110 Corn Exch Bank Trust Co.2C 49 Jan 26 6l%Sept 16
63
64
62% 63% 62
4
63% 62% 62% 623 63% 6234 63% 4,100 Corn Products Refining___ 25 54% Apr 19 67% Sept 11
*16412 166 *164% 166
164% 165% *164 166
Preferred_____________ 100 150 Sept 22 177 A ugll
600
165 165 *166 167%
4%
4% 41 .
434 10,800
4% July 27
4
4lg 438
4% 4%
4%
1
u8
1
l 4 1% 6,700
2% July 25
lls 1%
1% 1%
1% 1%
1%
243s 25
25
25
243 ;
24% 24% 23% 24
24
24
25
7^500 Crane Co________________25 16 Sept 1 38 Jan 3
*96l2 98
96% 97
97
97 a98
93 Apr 12 110 Jan 3
98
600
5% conv preferred_____ 100
*96% 100
*98 100
31
31% 3034 30*4 31% 31% 31
31
600 Cream of Wheat Corp. (The).2 26% Jan 3 32% Aug 4
31
31
31%
*31
9
9% *8% 834
8% 8%
6% Aug 25 13 Apr 29
83S 8%
83S 8% 2,400 Crosley Corp (The)_____ N o par
8% 8%
31l4 31% 3134 32% 30% 32% 2934 31% 303S 31
20% Apr t
41% Jan 3
2934 31% 7,300 Crown Cork & Seal_____ N o par
*37
38% *37 38% 38% 38% *37
39% 38% 38%
200
$2.25 conv pref ww.-iVo par 33 Sept 1 40% Feb 28
*35 37
*35
36% *35
36% *35% 37
28 Apr 11 37% Mar 4
*35% 37
37'
100
Pref ex-warrants______ N o par
37
155 16
8
15% 1534 15% 15% 15
1538 15
9 Apr 8 16% Oct 26
1538 15% 15% 8,100 Crown Zellerbach Corp_____ 5
88
88
88
88% 88
75 Apr 14 91 Jan 10
88
88
*88% 89
$5 conv preferred_____ N o par
88% *88% 89
240
48i4 4S78 48% 48% 47% 48% 46% 4734 46U 47% 46
48% 5,100 Crucible Steel of America. .100 24% Apr 8 52% Sept 22
92 92% *91% 93
92% 90% 91% 9034 91
*90% 93
*91
Preferred_____________ ____ 10C 62 June 3
G 96 JaD 6
600
*434 5% *434 5%
434 434
434 5
2% Aug 2
8% Sept 11
4% 4
5
100 Cuba RR 6% preferred____ 100
5
1.)
7%
7
7i2 7%
634 7%
3 Apr 8 13 Sept 5
5% 7
6% 6%
7% 7% 18,200 Cuban-American Sugar______10
76% 76% *72% 76
70
69
69
70
68% 69
48 Aug 21 93 Sept 8
220
Preferred_____________________ 100
7334 75
*16i8 16% 15% 16 *1534 16
1534 1534 14% 15
9 Aug 23 19%Sept 11
14% 15
1,100 Cudahy Packing_______________ 50
*534 6
6
6
534 534
5% 534
558 5% 2,0J0 Curtis Pub Co (The)____ N o par
3% Sept 1
7% Sept 27
5% 5%
55% 55% 55% 55% 55% 55% 55
38 Apr 14 63% Sept 27
55
Preferred_______________ N o par
55% 56
57% 58
1 ,1 0 0
834 9
9
9%
938 9%
934 19
4% Aug 24 11%Nov 3
9% 9%
10
11% 454,010 Curtiss-Wright____________________ 1
29% 2978 29% 2934 2938 30% 29% 30% 29% 30% 30
3134 43,600
Class A ___________________________1 19% Apr 11 3134 Nov 3
*75
91
*75
91
*75
91
91
*77
Cushman’s Sons 7% pref.. 100 73% Apr 8 84 May 3
*77
79
*77
91
*49
*49
*49
45 Jan 24
75
*50
*50
*50
2234 2278 22% 23% 22% 23% 22% 2234 2 2 % 22% 2 2 % 23% 3,400 Cutler-Hammer Inc ____ N o par
13% Apr 10 25 Sept 26
*434 5
*434 5
*434 5
*434 5
5
5
*15% 17 *15% 17
*15% 17
*15% 17
*15% 17
17% Mar 10
*15i2 17
8l2 834
8% 8%
4% Apr 8 10-%Sept 22
8
8%
8% 8%
8% 8%
8% 8% 1,900 Davison Chemical Co (The).l
al07i2 107i2 *10734 109 *10S% 109 *108% 109 *108% 10834 *108% 109
140 Dayton Pow & Lt 4 } j % pf 100 103 Sept 19 112 July 13
23% 23% 23% 23^8 23% 23% 23
15% Apr 10 25% Oct 18
24
2334 12,600 Deere & Co_________________ N o par
23% 23% 23
25
25% 25
25
2534 26
*25
*25% 26
2534 2534
26
Preferred-------- ------- ------20 23 Apr 18 27% July 11
800
16% 16% *16% 17
17
11% Apr 10 17%Nov 3
17
*16% 17
17
17
800 Dlesel-Wemmer-Gllbert___ 10
17
17%
26% 27% 26% 27
25% 27
25
26
25
24% 2634 17,800 Delaware & Hudson_____ 100 12% Aug 24 28 Oct 26
26
738 734
3% Sept 1
7% 7%
7% 7%
7% 7%
7% 7%
8% Sept 27
7% 7% 6,600 Delaware Lack & Western..50
*34
*34
3
4
*34
3
4
%July 181 1% Jan 4
7
8
*% 1
200 }Denv & R G West 6% pf.100
%
%
%
%
103 Apr 13 125% Oct 26
*123i2 126i2 125% 125% 125i4 125% *123% 125% *123l2 125% 125% 125%
300 Detroit Edison_____________ .100
23i2 23% 23% 23i2 23% 23% 23
*23i2 24% *23% 24
18 Sept 2 32% Jan 1
1
23
510 Devoe & Raynolds A____ N o par
3334 34
34
34
*3 3 % 34
*33% 3 4
s
28 Apr 3 34% July 26
1,000 Diamond Match_________ N o par
33% 335 *33% 34
*39i8 39% 39% 39% 3 9 % 39% 39% 39% 39% 3 9 % 3934 40
3634Sept 7 44% July 13
6 % partic preferred_________25
1,000
9i2 9%
9%
5% Aug 22 10% Nov 3
938 934
9% 10% 5,500 Diamond T Motor Car Co__ 2
9% 9%
9%
9% 9 %
17l2 17% 17% 17% 16
17% 1638 16% 16% 16% 16% 17
5,100 Distil Corp-Seagr’s Ltd. No par 1334Sept 11 20% Mar l
7334 *71% 73
75
71
*70
71
*71
*72
5 % pref with warrants.. 100
66 Sept 30 90 July 31
73
73
73
200
1214 12% *12
12% *12% 12% 12i4 12% 12% 12% 12% 12%
9*4May 18 12% Oct 26
500 Dixie-Vortex Co __________N o par
*32% 33% *3234 33
33
33
33
Class A .. ______________N o par
33i2 *33% 34% 33% 34
30 Mar 31 35% Jan 16
90
18% 18'% *1834 19
18% 1834 18% 1834 18
10 Apr 10 22% Jan 3
18
18% 19% 2,700 Doehler Die Casting Co N o par
23l4 23% 23% 23% 23% 2312 23
23% 23% 23% 23% 23% 4,800 Dome Mines Ltd_________N o par
20% Sept 11 34 July 26
82
8434 8334 85% 82% 86% 37,200 Douglas Aircraft________ N o par
84
83% 83
83
86% 83
55 Aug 24 86% Oct 25
*136 139% *136 139% *135% 139
137% 139 *136 139
139 139%
500 Dow Chemical Co_______ N o par 101% Apr 11 143% Oct 6
1412 1434 1434 15% 14% 15U 1419 15% 14% 14% 1458 1533 7,500
6 Mar 31 15% Oct 31
834 9
9
9%
*8% 9
6*4Sept 1 19% Jan 13
9 ” 938
8% 8% 3>00 Dunhill International______ 1
*8*4 9
*1238 13
*12
19
*12
13
*12% 13
*12
13
*12
13
*116 120 *116 120 *116 1 2 0 *116 1 2 0
110
8% preferred_________ 100 108 Apr 12 116% Nov 3
11658 11658 116% 116%
182 183
179% 181
181 182
179 179% 179% 18038 179 180% 7,400 Du P de Nem (E I) & C o ...20 126% Apr tl 188%Sept 5
I261 I261 *128%6 128 128%6 1261 *12653 128 *126s3 128 126*3* 1265*5
i6
i6
6 % non-voting deb____ 100 126%6 Oct 27 142 Mar 10
2
300
i6
2
118 11S% 118% 119% 119% 120
120% 121
12034 121% 6,900
$4.50 preferred_______ N o par 112 Sept 7 124% Aug 18
120% 121
*117 118 *117 117% 117 117% 117 117 *116% 118 *117% 118
110 Duquesne Light 5 % 1st pf.100 111% Sept 12 118% Feb 27
2334 24% 2334 24% 23% 24% 25,100 Eastern Airlines. Inc____________ 1 12% Apr 11 25 Oct 31
22% 23% 23% 24% 23% 25
634 7
7%
7
6% 634
634 6%
3S July 5
4
6% 6%
8%Sept 12
6% 7% 2,000 Eastern Rolling Mills__________ 5
162 162U 163 164 162% 163% 161% 162% 163% 164% 162% 164% 2,700 j Eastman Kodak (N J) . N o par 138% Apr 26 186i* Jan 5
*163 166 *163 166 163 [63 *161 170 *163 170 *163 170
6% cum preferred_________ 100 155% Sept 25 183% Feb 8
40
2938 2934 29% 29% 28% 29% 2834 28% 28% 29
15% Apr 11 30% Oct 25
29
30
3,600 i Eaton Manufacturing Co_____ 4
17
17 *17
17H *17
17U
17
17
15%Sept 5
17% 1738 17
17
1,000
134 1,400 Eitingon Schild----------------N o par
1 ' Aug 24
3% Jan 4
|
1% 134 *1% 134
1%
1%
1%
1% 1%
1% 1%
38% 39% 38% 38% 38% 38% 3 7 % 38% 3734 3834 3 7 % 39
10,200 Electric Auto-Lite (The)___ 5 22% Apr 11 40% Oct 26
4
16
16% 1534 16% 15% 16
15% 15% 15% 163fi 1534 163 25,500 Electric Boat_____________ 3
8% Apr 10 17 Sept 111
*1% 1% *1% 1%
100 Elec & Mus Ind Am shares__
1%Sept 11
3% Mar 6
1% 1% *1% 1% *1% 1% *1 % 1%
834 834
8% 834
8% 834
8% 884 7,600 Electric Power & Light. No par
6% Apr 10 12% Jan 19
8% 8%
8% 8%
3334 32% 33-% 6,500
34% 3434 34% 34% 33% 34% 32% 33% 33
$7 preferred _________ N o par
20% Apr 11 41% Jan 20
2914 29% 28% 29% 29
29% 2834 29
28
28% 28% 29% 2.000
$6 preferred____________ N o par
1834 Apr 8 38 Feb 6
2934 31
2934 30% 30% 31
31
31
31
31
29% 30
5,00) Elec Storage Battery.-No par 23% Apr 11 35 Sept 14
*2
2% *2
2%
2
2
*2%
2% 1.1 )0 Elk Horn Coal Corp____No par
2% 2%
% Apr 4
3%Sept ll|
2%
2%
413 40% 4034 40% 40% 40% 40% 40% 41% 41% 42% 1,800 El Paso Natural Gas____________ 3 28 Jan 25 42% Nov 3
4
*41
443 4434 *44% 45% *44% 45% 44% 44% *4434 45% 45% 45%
4
300 Endlcott-Johnson Corp___ 50 32% Aug 31 55 Sept 13
107 [07
107 [08 *107% 108
5% preferred_______________ IX *103% Mar 22 111 Jan 30
108 L0S% *108 109% 108% 108%
130
12
12% 1134 11% 11% 12%
12
12% 1134 12% 34,900 Engineers Public Service_____ 1
7 Apr 8 13% Aug 3
11% 11%
*72% 74
72% 73
*72% 73% 73% 73% 73% 73%
73
73
$5 conv preferred_____ N o par
700
62% Apr 8 80%June 21
80
79
79
82
82
$5H preferred w w..No par 65% Apr 8 89 Aug 16
78
78
*78
*79
81
81
400
81
*82
82% 83
*83
86
85
84
85
86% 86% 86% 86%' 1,600
$6 preferred____________ No par
69 Apr 11 95 Aug 7
*4 Aug 24
17 Sept 11
8
1% 1%
1% 1% *1%
1% *1%
1% *1%
1%
1% 1,200 Equitable Office Bldg.. N o par
1%
2=8 2%
2% 2 V
2% 234
2% 2%'
2% 2% 1,600 tErle Railroad------------------------ 100
2% 234
1 Aug 21
3 Sept 281
*458 47S
438 43S
4% 4%
4% 4% *4% 4%
4 % 1st preferred______ 100
l%Sept 1
6 Sept 28
4% 4%'
700
*258 3
1% Apr 10
3% Sept 27
*2% 3
2% 2%l
4% 2d preferred___________ 100
2% 2% *2% 234 *2% 2%
200
___ I
Erie & Pitts RR Co...................... 50
334
334 3%
334 3% *334 3%
37S *3% 3%
3% Sept 1
5% Mar 8
3% 3%' 1,600 Eureka Vacuum Cleaner_____ 5
10% 11
11
11%I 2,300 Evans Products Co______________5
1U4 11% 11% 11%
6 Apr 11 13 Jan 3
10% 10%
1 0 % 11
23% 2438 23U 23% 23% 23% 23% 2334 2234 23% 23% 2434 3,800 Ex-Cell-O Corp___________ 3
14% Apr 11 25% Sept 11
400 Exchange Buffet Corp. N o par
1 A p ril
2% Jan 20
1%
1% 1% *1% 1% *1% 1% *1% 1%
1%
1%
l's
234 Apr 10
*7
8
*7
7
8
8
8
7
*6% 7% *6i2 8
40 Fairbanks Co 8% pref____ 100
878Sept 26
*37% 38% 37
37% 37
37% 36% 37
*36% 37
37
37% 1,100 Fairbanks Morse A Co.No par 24 A p ril 43% Jan 5
*32 3312 31
3134 3134 1,700 Fajardo Sug Co of Pr R ico..20 20 Apr 10 38% Sept 8
*32 33
32% 31
31
31% 32
14%
*1438 15% 15
1434 *14
14% *14
15
14% 1434 *14
400 Federal Light & Traction__ 15
11 A p ril
18% Aug 15
*93% 9712 *94
81 Jan 24 96 Aug 23
97% *94% 97U *94% 97% *94% 97% *94% 97%
$6 preferred__________ 100
*145 160 *145
Federal Min & Smelting Co 100 85 Apr 5 165 Sept 27
60 *145 .55 *145
55 *145 160 *145 160
434 5
434 5
434 434
534 8,700 Federal Motor Truck..N o par
48 5
7
4% 4%
5
2% Aug 24
6 Jan 6
*1
*1
100 Federal Water Serv A.No par
l
1
3
4May 25
1% Jan 19
1% *1
1% *1
1%
1% *1
1%
*25 26
*25
2514 2514 25
25
25
25
*25
25%
400 Federated Dept Stores. No par 183 Apr 1
4
1 27% Oct 18
26
100
Fed Dept Stores 4 M % pf. 100 8234Sept 13 89S4 Feb 6
*85% 87% *85% 87% *8534 87% 86% 86H *85% 86% *85% 86%
21
1,910
2034 21H 2 % 21% 21
37% 37% 37% 37% 1,100 Fidel Phen Fire Isn N Y..2.50 27*4 Apr 11 37% Sept 15
*37 37% 37% 37U 37% 37% *37% 38
2434 *20
24;%
21
2434 *20
2434 *20
2434 *20
21
40 Fllene’s (Wm) Sons Co.No par 16% Sept 13 21 Oct 19
*20
Lowest
$
per share
37g Apr
15 Mar
6
Mar
4 Dec
10% Sepi
4% Mar
55 Apr
71 Jan
1 Mar
4% Mar
17 Mar
8 8 % Apr
2% Mar
7 Mar
2% Sepi
2% Mar
10 Mar
78 Apr
9% May
8% Mar
1% Mar
65% Mar
36i2 Mar
107 Jan
6 June
21% Mar
% May
21% Mar
10 Mar
40 Apr
*53 Apr
162 Apr
H ighest
$
per share
9% Aug
29*4 Dec
8 ‘4 Oct
14% July
26*8 Nov
10% Nov
76 Deo
8 6 % Aug
2%
12%
34%
104
7%
Oct
Dec
Oct
Nov
Oct
10*4 July
7% Jan
5% Jan
95% Nov
17*4 Oct
26% July
2*4 July
103% July
49 June
116 Nov
11% July
36% Nov
3% Dec
35*4 July
29% Nov
56 Jan
70*4 Oct
177 Dec
19 Jan 42% Oct
85 Mar 117% Nov
21% Apr 29% Nov
5% Mar 10% July
22% Mar 4334 Nov
29 Apr 40 Nov
25% Apr 37% Nov
7% Mar 15% Nov
58 Mar 92% Nov
19% Mar 44% Jau
70 Apr 94% Jan
5% Mar 13% Feb
3 Mar
6% July
58% May 87 Jan
12 May 21% July
4% Mar
8% Aug
35 June 56 Aug
3U Mar
7% Dec
12% Mar 28% Nov
48% Jan 83 Oct
18 Mar
13% Mar 29% Nov
13*4 Mar 17% Dec
6% June 11% July
102% Jau 111% Dec
13% May 25% Feb
19*4 Mar 25 Jan
9 Mar 17 Nov
7% Mar 25% Dec
4 Mar
8*4 Nov
2% Jan
*4 Nov
76 Mar 115% Dec
25 Mar 40% Oct
20% Jan 30% Oct
31% Jan 42 Dec
5 Mar 11 Oct
11 Mar 23% Nov
65% June 91% Nov
8% Sept 17 Jan
28% June 35 Dec
12 Mar 25% Oct
27% July 34% Aug
31 Mar 80*4 Dec
87% Jan 141 Dec
1*4 May
102 ' Apr
90% Mar
130*4 Mar
109% Apr
111*4 Jan
13*4 Nov
3% Mar
121% Mar
157 Jan
10% Mar
19% Dec
12 Oct
115 Jan
1543 Dec
4
138% Nov
120% Dec
118% Dec
17% Dec
8% Nov
187 Nov
173 Dec
25% Dec
2 Mar
5% July
13% Mar 36% Dec
6 Mar 15% Dec
2% Sept
4 Jan
6% Mar 14 Oct
22% Mar 46% Oct
18 Mar 41*4 July
21*4 Mar 35 Nov
% Mar
2*4 Nov
17 Feb 29% Nov
33 Apr 45% Nov
94% Apr 111% Dec
2% Mar 10% Oct
38% Mar 71 Oct
40 Mar 72% Dec
46 Mar 79% Oct
1% Dec
2% Jan
1% Dec
6% Jan
234 Mar
8*4 Jan
1% Dec
6i2 Jan
2% Mar
6 Oct
5% Mar 16 Oct
10% Apr 25 Dec
1% Mar
2% Nov
3i2 Mar 11% Jan
1912 May 43 Dec
22% May 35*4 Oct
678 Mar 16% Oct
67 Apr 84% Nov
52% Apr 133 Nov
2% Mar
5% Aug
1 Sept
2% July
12% Mar 29 Oct
677 Jan 90% Oct
8
22% Mar
15 June
36% Nov
25 Oct
1
* Bid and asked prices; no sales on this day.
In
receivership.
a
Del. delivery.
n New
stock,
r
Cash sale,
z
Ex-dlv.
y
Ex-rlghts
^
Called for redemption
§
Mew York Stock Record — Continued— Page 5
2930
LOW
A N D H IG H
Saturday
Get. 28
Oct.
30
S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T
T uesday
Oct. 31
W ednesday
N ov . 1
Thursday
N ov. 2
F rid a y
N ov . 3
Sales
fo r
the
W eek
$ p er share $ per share $ p e r share $ " e r share $ r e r share Shares
22% 2234 223g 22l£ 22% 22% 22
22% 21% 21% 21% 215s 2,500
*104% 105% 104% 1045S 10434 10434 103% 104
103% .03% 103 103%
800
4734 4734 47*4 48
46% 46U 46% 46% 46% 46% 45% 46% 1,100
2134 20% 21% 20% 213s 21
21% 22
21i2 217 21
8
2134 7,300
35
35
*3412 35% *34% 35G *34% 351- *34% 35i2 35% 351,
300
*22l2 24l2 *2212 23% *22
23% *22% 23% *22% 23% *22% 23%
4% 4 i8
4
4
4
4% *334 4
*358 4 1 *334 4
500
3334 3334 33
*3334 34
33
*33
331' *33
33%' 33
33%
500
*106% ___ *106i2 ___ *106% ___ *106%
10634 10634
*106%
20
22i4 2214 22i8 22% 22
22% 21% 22
21% 22
21% 22
2,400
82
•78
4
*70is 813 *72
81
*70% 82
*70% 80
*70% 80
5> 5*8
8
4% 4%
4% 4%
4% 5
4% 5%
*4% 534
900
*34
39
38
*34
*34
40
*34
41
*35% 39
35% 35%
10
33:> 34l4 33% 3358 3234 33% 33
s
34
34-% 7,700
33% 34
33
234 234 *25S 234
234 234 *2% 3
234 2% 1,700
2% 2%
5
5
434 47
434 434
47
8 5
47
s 5
434 5
s
2,000
17i2 17% *17
1734 16% 17% 16% 16% 16% l6l2 16% 17% 1,300
*1234 1314 al3
13
*13
13% *13
1338 13% 1338 1234 13%
250
*100 103 1
*100 103 *100 103 *100 103 *100
03 1 103 103
100
534 5341 *57
534 59r *534 57 *534 6 1 *5% 6
8 6
s
600
1434 1434 *1434 15
*14% 1514
15
15
15%’ *1434 15%
15
500
*48l4 50
*48% 50
*48% 50
*48% 50
*48% 50 1 *48i4 50
*7% 8
7% 7%
7i2 7%
7% 7% *7% 7%
7%
900
7%
02% *100 .02% *100
*100
02% *100
02U *100 1021, *100 .021 ,
5734 58l2 58
5834 *57% 58
56% 57% 55% 56%, 5 5 % 561, 2,300
8
8
8
8
77
8 8
7% 7%
7% 7 %:
7%
8% 3,200
*136% 138 *136% 138 *137 138
136 .37
138 138
139
.40%
100
*4
4
418
4
4
4
414 *4
*35S 4%' *334 4
200
g
13ls 131S 133s 133 1234 13% 12% 1234 12% 12% 1 2 % 13% 4,600
*2512 27
2534 2434 2534
*25% 27
*25% 27
25% 25% 25
900
*5914 63
63
*55
*55
63
*55
63
*55% 63
*5 5 % 63
18% 193s 19
19
19
19
19% 19% 18% 18% 1834 18% 1,200
109 10912 110 110
109
09
109% 110
110% 110% *110% 112
410
4034 41*8 407 413s 3934 40% 39% 40'S 39% 41
3934 415S 46,000
8
4334 437 435g 44
4334 44% 4334 44% 44% 45
443s 45
s
10,300
*115% 1185 *115 120 *115% 117
8
115% 115% *115 116% *115
16%
100
®
8
’4
3
4
3
4
%
%
%
%
%
5
8
%
3 3,900
4
*51
57
*51
*52
60
*51
56
56
*45
56
*45
56
86
86
88
*88
88
89
*86
88% 88
88% 88
89
1,200
123ls 123ls *122 12334 12334 12334 124 124 1243S 125
119 .24
1,700
545* 553s 5412 55% 53% 55% 535g 54% 5334 54% 53% 54% 81,400
*122 124
124 124 al2234 12234 *122 12334 12334 124
123% 124%
900
*35 39
*34% 39
*34% 40
*34% 37% *34% 37% Z36
36
100
434 434 *412 47
434 4%
434 47 *4% 434
s
s
458 45S
900
93S *9% 9%
*9% 93s
9
9
91S
938 95g 2,800
9% 93S
*10Sl2 110 *10S12 110 *108% 110 *108% 110 *1081, 110
108% :o s %
20
1% 1%
1% 1 8
3
138 138 *13g 1% *13g 1%
700
1% 13s
2234 22
23
*2212
23
23
21% 22
21% 2134 21% 22% 2,800
92H *88
92U *88
92U *90
921o *90
*88
92i2 *90
92i2
5
*
5
s
4,600
5
8
%
%
5
8
%
%
5
8
%
34
34
17
16l2 16% 16% 17% 17
1 > 4 163
03
17
17
4 1634 1634 2,000
3534 36%
37% 3534 36
37is 37is 37% 37% 36
3,% 36% 3,600
14l2 1434 14i2 14G *1438 14i2 14% 143g 1434 1434 145g 14%i 1,600
39
38% 38% 36% 38G 35% 36% 36 ‘ 363 35 ” 373
,
4
3914
s 1,390
17% 17is 17l2 175S 1734 18'% 18'% 1819 18% 1834 1834 19
5,200
13l2 13i2 1212 13% 1258 13
13% 14% 14 " 143s 13% 14% 11,500
17i2 1712 *16l2 17
17
17
*16% 17% 17% 17% 17
18
700
*
9719 *
9719
97i2
971" *
97B *
971^, *
2334 246s 24
2334 24% 23% 245g 23% 2458 8,700
25% 2334 25
7
634 67
634 6%
6% 7
s
6% 7
8,000
Vl4
718 7%
48% 49U 50
S
60% 493 50% 49% 49% 49
49% 4934 4934 2,800
1038 105s 10% 10% 1 0 % 1038
9% 10% 10
10% 10
103g 6,000
*5212 66% 54% 54% *52% 56% *52% 56% *52% 54%
*54% 56
100
193S 187 19
1834 19
19
2,400
s
18% 1834 18% 18% 18% 19
*37% 40
*38l2 40
*38% 40
*38
40
*38s8 40
*383g 40
33s 3%
3% 3%
*3i4 33S
33S 3% 3,i00
3% 33s *3% 33S
2% 21,
2l4 2l4
23g 23S
2% 238
23S 23S
238 23S 3,200
83
83
82
*8034 82
81
81
81
82
*80% 81% 82
70
22
221S 2134 22
21% 21% 21-% 2134 21% 2158 21
21% 13,600
6712 6Sls 667 66% *65% 67% *66% 67% 66^2 66% *6612 67%
8
400
2634 2734 17,200
27l2 28% 277 28% 27% 28% 2658 273S 26% 27
8
*95l2 96
*96
98
*96% 97% 97
97
95% 96% 95% 96
800
434 *414 4%
45g 434
4% 43.,
4% 434
458 434
900
*414
*69
7H *69
->
71% *69
7H* *69
711, *69
71%
7U2 *69
7
s 1
% 1
% 1
% 1
%
%
% 1 ' 5,700
*8% 834
814 858
85S 85S
8% 85g
8% 8%l 3,300
83s 8%
*1
1
1
1
U4 *U8 1%
1%
1% 1%
1%
1% 2,700
*17
17% 17
17
17% 18% 16% 17% 17
17% l6l2 16% 2,000
*21
21l4 *20% 215 *20
fi
21
19% 20
19% 19% 19
20%! 1,300
3434 347 *3412 35
34% 3458 34% 34% 34% 34% 3 4 % 34% I
900
s
*23i4 2334 235s 23% *2358 241* *2334 24% *2334 24341 *2384 2434l
100
1S34 19
1858 1834 185S 1834 185g 1834 18% 185S 183S 1834 4,500
2938 30% 29% 30% 20,500
30% 31is 30% 31
29% 31
293g 30
*3012 31
30% 31
30% 301* 30
30% 30% 30% 30
30% 1,500
135 135
134 134
135 135 *134 135
134 134 *134 135
220
*53% 66
*53% 66
*53% 60 ........
*53ls 66
*53% 66
*53% 60
3234 3234 33
3212 33
32% 33% 32% 33
32
32% 4,100
33
17U 18
17% 175S 173g 1734 17% 18% 32,600
1714 1734 173S 18
11% 1138 11U 11% *11% 11% 11% 11% 113s 11% 11% 11% 5,200
2
2% 24,
3
3
2%
2%
2% 234
2% 3% 9,300
17
8
2334
22
21
*19
21
22
23% 23
360
20
20
20
20
5 ., *5
3
5% *5
5% *5
5% *5
5% *5
5%
*5
19% 20
20
*19
20
400
20i2 201• *20
>
20% *19% 20% *19
*2978 3034 *29% 30% *29% 30% 30
30
800
30
30
30
30
3434 35
*34% 36
30
*34l4 36
*34% 36
*34% 36
36
36
2,900
17
17=8 17
17
16% 16% 163g 16% 16% 1634 16% 17
1734 1734 *17% 18 *17
200
18
18
18
18
*17
*17
18
103 103 *103 104% 104% 104%
*103 104 *103 104
103 103
50
*1023S 103
60
103 103 *103 10338 *103 1033S *103 1033s 103% 103%
1,300
31*4 32% 31% 31% 31
31
30% 30% *30% 31
*3H2 32
50
*126 135 *126 135
126 126 *126% 142 *126% 142 *126% 142
8
400
8
8
8
8%
8%
8
8
*8
*8ls 8% *8
92
*91
92
10
92 *91
92
*91
92
91
91
*91
*91
4
4
43S
4
438 13,700
4
4%
3% 4
4%
4'4 43S
109% 109% 110 110
110% 110%
1,500
107% 108
108 103
*106l4 108
105S 1034 1034 1034 1 0 % 10% 105 10% 2,900
8
11
10% 11
ll's
*109 115 *10019 115
*111 116 *110 114 *110 114
*141 155
155 *141 “ 155 *141 155 *141 155 *141 155
16% 16% 175 2 ,1 6 6
s
s
16% 16% *16% 16% 16
167 167 167 17
8
8
85% 87%1 1,300
88
89
8734 88% *85% 87% 86
87% *86
89
10
*131 13312 *131 133% *131 133% *131 133% zl31 131 *131 133%
64%
300
65
*63
63
65
65
63
*61
64% 63% 63% *63
800
10634 1067 107 107 *107 107% 107% 107% *107 116%
s
1067 1067
8
8
100
181» *17
18 *17
18
18% *17% 18%
*17
1714 17% *17
35
35
35% 36
2,200
*3514 3534 353s 353S 35
35% 3434 35
*g5s 9
*^
9
*83g 83 *8% 834 *819 8% *81, 9
*145S 15
2,100
*1458 15
14% 14% 14
14% 13% 13% 1334 14
60
10914 1091 109% 110
109% 1091 109% 109% *99% 1091
*109 116
553.
55% 56
55
55% 563? 6,600
55ls 555? 55% 55% 5534 56
400
33% 33% *3234 33% 32% 3234 *32% 33% 33% 33%
*33*4 34
4,800
1434 143, 1438 14% 143S 141- 14% 143S 14% 141
14% 143
*623g 63
*6234 63
*62% 63
*6234 63
300
62lo 63
*60% 63
*107 1081 *107 1081
738 73f
7% 7% 4,100
7% 73
7% 73?
7% 73
7% ' 71.
52% 52% 5334 54
1,300
533 . *53
531
51% 53
51% 5H
53
1%
1%
1
% 1,100
1% 1%
1
*1'8
1% 1%
1% 1
1*4 1%
43
3
*3% 43f *3% 4
*334 5
*334 4 _ *334 43,
*4
4,700
27% 28
2734 281
2734 273-,
271
27% 28
2712 27 3 , 27
65g 67 3,700
634 63
6% 6%
634 67
7
7
67
8 7k
1
1
1
8,500
1
1
1
1
1
1
1
1
1%
1
14% 155
6,700
1434 151.
14% 15
15% 157
? 153s 155S 15% 151
28
28
28% 281
400
2S
28
29
29
*29l2 30B *29% 31
*45
49
110
49
49
*48% 49
48% 481 *47% £0’ *46% 49
7
140
*7
7
734 *7
7h
734 7 4 *7
3
7%
*7% 8
t In receivership,
a Pet, delivery.
Range S ince Ja n . 1
On B asis o f 100-S hare Lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ p er share
•Bid and asked prices: no sales on this day.
N o v . 4, 1939
$
P ar
H ighest
per share
17% Apr 10
Firestone Tire & Rubber__ 10
99% Jan 16
6% preferred series A__ 100
First National Stores__ N o par
38% Apr 8
Flintkote Co (The)___ N o par
15 Sept 5
Florence Stove Co____ N o par
25 Apr 6
Floraheim Shoe class A. N o par 17 May 12
1% Apr 8
J Foilansbee Brothers - N o par
Food Machinery Corp___ 100 21 Apr 14
4H% conv pret_______ 100 103% Apr 5
14 Aug 24
Foster-Wheeler______ ____ 10
$7 conv preferred___ N o par
66% Aug 24
Francisco Sugar Co___ N o par
1% Apr 10
F’k'n Slmon&Co Inc 7 % pf. 100 27 Sept 15
Freeport Sulphur Co______ 10
18% Apr 26
Gabriel Co (The) cl A . . N o par
1% Apr 10
Galr Co Inc (Robert)______ 1
2 July 10
S3 preferred__________ 10
7% Aug 10
Gamewell Co (The)___ N o par
9 July 13
Gannet Co conv $6 pref N o par 94 Apr 22
Gar Wood Industries Inc___ 3
3% Aor 10
Gaylord Container Corp___ 5 z9% Sept 1
Gen Amer Investors__ N o
par
5%May 17
96 Jan 26
Gen Am Transportation____ 5 40 Apr 8
General Baking___________ 5
7%Sept 5
S8 1st preferred____ N o par 128 Sept 20
2% Apr 1
General Bronze___________ 5
9 Mar 31
General Cable_______ N o par
Class A ----- -------- N o par
17% Apr 8
43 Apr 10
18 Sept 6
General Cigar Inc____ N o par
7 % preferred_________ 100 106
Oct 23
31 Apr 1
1
General Electric______ N o par
General Foods_______ N o par
3 1 s Jan 27
61
$4 50 preferred_____ N o par 107%Sept 20
Gen Gas A Elec A____ N o par
% Apr 10
$6 conv pref series A . N o par 39 Jan 3
72% Jan 26
General Mills. ______ N o par
6% preferred_________ 100 117 May 9
General Motors Corp_____ 10
36% Apr 11
$5 preferred_______ N o par 112 Sept 5
Gen Outdoor Adv A__ N o par
28 Apr 4
Common__________ N o par
3% Sept 5
General Printing Ink____ . 1
7 Mar 31
$6 preferred_______ N o par 105 Apr 15
%June 30
Gen Public Service___ N o par
Gen Railway Signal___ N o par
12% Sept 1
Gen Realty & Utilities_____ 1
$6 preferred . . . - - N o par
General Refractories__ N o par
%.lune 30
14 Sept 6
19% Apr 11
Gen Steel Cast $6 pref. No
par
Gen Theatre Eq Corp. No
Gen Time Instru Corp. No
par
par
16 ' Apr 8
15 Apr 28
8% Sept 5
10% Aug 10
General Tire & Rubber Co__ 5
Gillette Safety Razor_.No par
$5 conv preferred___ No par
Gtmbel Brothers.___ No par
$0 preferred_______ No par
GUdden Co (The)____ No par
4t^% conv preferred___ 50
Gobel (Adolf)___ _________ 1
Goebel Brewing C o . . ____ 1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)____ No par
5% preferred______ No par
Goodyear Tire & Rubb.No par
$5 conv preferred___ No par
Gotham SUk Hose____ No par
15% Apr 11
5% Apr 10
43% Oct 21
6% Aug 24
43 Sept 1
14 Sept 1
34 May 17
2% Jan 23
1% Apr 10
70 Jan 4
13G Apr 11
53 Apr 10
21% Apr 11
90 Apr 8
2%.)une 30
Range fo r P revious
Y ea r 1938
H ighest
Lowest
$ per share
25%Sept 12
105%June 8
51 Aug 3
31% Jan 4
38 July 27
25 Oct 6
5 Sept 11
37% Sept 12
108% Jan 1
1
2934 Jan 5
9034 Jan 6
9% Sept 5
55 Jan 13
36 Sept 27
3% Sept 13
5% Sept 26
18% Oct 26
15%Sept 25
103 Oct 19
7% Jan 5
1834 Jan 3
52 Jan 17
9 Jan 3
103% Mar 28
65 Sept 27
11 Mar 9
149 July 21
5%Sept 11
18 Jan 4
35 Jan 3
$ per share
$
per share
16% Mar 26% Oct
76 Apr 100 Nov
24% Mar 43% Nov
10% Mar 31% Dec
19% June 39% Oct
15 Apr 21 Jan
1% Mar
4% Oct
18 Mar 37% Nov
8£ Mar 109% Nov
11 Mar 29% Oct
50 Mar 91 Nov
2% Mar
5% Jan
25 Apr 48 Nov
19% Mar 32 Sept
1% Mar
3% Oct
2% Mar
5% July
10 Mar 18 July
9% Mar 18 July
85 Mar 97 Dec
4% Mar
8% Oct
13 Sept 19% Nov
4% Mar
82 Mar
29 Mar
6% Mar
115 Apr
2% Mar
5% Mar
11 Mar
35 Mar
20% Mar
108% Apr
27% Mar
22% Mar
108% June
% Mar
25 Mar
50% Jan
118 Jan
25% Mar
111% Apr
21% Mar
4 Mar
63 Mar
4
101% Apr
1% Dec
12% Mar
9% Nov
102% Dec
59U Dec
11% July
136 Oct
5% July
19% Oct
38% Nov
87 Nov
28 Feb
138 Nov
48 Nov
40% Nov
117% Nov
1% Oct
50 Nov
79 Dec
125 Aug
53% Nov
124% Nov
45 July
9% July
12% July
110 Nov
2% July
27% Nov
95 July
1 Mar
2% July
13% Mar 26% Oct
15*8 Mar 41% Nov
25% Jan 6
130% Mar 31
44% Jan 5
47% Aug 3
118% July 3
1% Jan 5
65% July 1
1
99 July 28
127 Jan 27
56-% Oct 26
126%June 8
38 Feb 28
6% Jan 5
10% Jan 3
110% Oct 24
134Sept 5
28 Jan 5
92% Apr 6
1% Jan 3
20% Jan 5
41 Jan 4
15G Oct 7
4334Sept 27
13 Mar
19 Nov 3
15% Jan 4
8% Mar
18 Nov 3
14% May
99% Feb 8
27% Mar 10
9 Mar
8% Jan 3
6% June
54 Mar 14 46*8 Dec
5 Mar
13% Jan 3
66% Mar 11
37% June
24% Jan 5
13 Mar
47 Mar 7
37 Apr
3% Mar 14
1% Mar
2% Jan 4
2% Sept
84 July 19
60% Apr
24% Jan 4
10 Mar
74% Mar 16
32 June
38% Jan 3
15% Mar
109% Jan 5
69% JU '
U
5 % Sept 27
2% Mat
80 Mar 3
52% Ma1% Jan 3
% Mar
2% Ma
10%Sept 5
1% Jan 7
1 Mar
18% Oct 31
8 Ma1
22% Sept 12
10% Ma>
35 Aug 14
19 Ap25 Aug 4
20 Jar
22%Sept 11
9% Ma’
33% Sept 27
12% M
a>
37% Sept 5
23% Apr
141% July 27 122 Ap52 Oct 17
35 Ju1>
13% Mar
36 July 21
21% Mar 9
7% Mar
12%June 13
7% Feb
% Mar
6 Sept 5
12 Mar
36 Sept 6
3 Mar
6% Sept 27
8 Mar
22% Sept 27
32%May 9
24 Apr
36% Aug 3
30 Apr
5 Mar
17% Oct 26
18 Oct 28
12 Mar
105 Oct 7
88% June
10338Nov 3
83 June
33% Sept 27
15 Mar
144 May 29 120 Apr
4% June
10% Oct 3
91 Aug 26
50% Mar
4% Oct 25
1% June
110% Aug 9
76% June
13%May 2‘>
5% Mar
117 Mar 24
81 May
34
Nov
16% Nov
20% Nov
27% Nov
11% Feb
61 Feb
15% July
67 July
28% Nov
51% Jan
3% July
3% Jan
85 Nov
26% Oct
68% Dec
38% Dec
108 Dec
6% Nov
72% Dec
2 Jan
8% Oct
2% July
14% Nov
22% Nov
30 July
24% Dec
15% Nov
30% Dec
32 Jan
142 Dec
50 Oct
28% Nov
22 Dec
13 Oct
1% Ja
28
Ja ’
6 12 Jul*
24 Nov
30 Nov
35 June
13% Nov
21% Jan
101 Nov
100 Nov
3434 July
140 Dec
z7% Jan
75 Nov
6% Oct
111 Dec
11% Nov
111 Dec
161 Dec
20% Oct
87 Dec
135% Deo
60
Oct
105% Dec
21% Nov
52% Oct
Graham-Palge Motors__ ..1
% Aug 18
Granby-Conso 1M S & P___ 5
4% Apr 8
Grand Union (The) Co_____ 1
% Apr 10
11 Apr 10
83 conv pref series__ N o par
10 Apr 8
Granite City Steel____ No par
2434 Jan 27
Grant (W T )____________ 10
5% preferred_________ 20 22% Jan 23
12% Apr 8
Gt Nor Iron Ore Prop.No par
16% Apr 8
Great Northern pref_____ 100
Great Western Sugar. .No par 23% Aug^23
Preferred_____________ 100 129%Sept 27
Green Bay A West RR___ 100
42 May 24
Green <H L) Co I n c _______1 24% Jan 26
Greyhound Corp (The)-No par
14% Apr 11
preferred____ ..1C
10 Apr 8
Guantanamo Sugar----- N o par
% Apr 1
9 Apr 8
8% preferred_______ .100
3 Apr 10
Gulf Mobile & Northern.. 100
6% preferred_____ ____100
11 A pr 8
29 May 2
Hackensack Water _____ 25
7 % preferred class A___ 25
32 Jan 5
Hall P rinting.______
10
8 Apr 11
Hamilton Watch Co__ No par
15 Apr 19
6% preferred__ __ . . 100 99 Apr 12
Hanna (M A) Co 85 pf.No par 96 May 19
17 Apr 10
Harbison-Walk Refrac.No par
6% preferred_____ . .100 123 Sept 5
Hat Corp of Amer class A__ 1
4% Feb 3
6H% preferred w w___ 100 71 Jan 19
Hayes Body Corp__ __ . .2
2 Apr 10
Hazel-Atlas Glass Co_____ 25 93 April
Hecker Prod Corp_____ __ 1
85 Apr 10
s
Helme ( G W ) ...... .......... 25 100 Sept 13
148 Oct 20
Hercules Motors_____ No par
10 Apr 10 18% Oct 26
10 Mar
42% Mar
Hercules Powder_____ No par
63 Apr 8 101%Sept 11
C
6% cum preferred___ 10C 128% Apr 1 135% Mar 6 126% Jan
Hershey Chocolate___ No par
54 Jan 281 65% Aug 3
40 Mar
84 conv preferred___ No par 100 Sept 19 115 July 17
80 Mar
Hlnde & Dauch Paper Co.-lO
14% Apr 17 19 Jan 7
15 Sept
Holland Furnace (Gel)____ 1(
29% Sept 12 51 Jan 4
17 Jan
7 June 2
1
Holly Sugar Corp__ ..N o par
85g Aug 22 21%Sept 5
11%June 25% Jan
95 May 1 110 Oct 31 102 Mar 108 May
C
7 % preferred______ _.10f
Homestake Mining____ 12.5(
4734Sept 2/ 66%May 1
1
48% Apr 66 Aug
Houdatlle-Hershey cl A. No par
27 Apr 8 36% Mar 9
17% Mar 35% Oct
Class B ___________ No par
8% Apr 1
C 17% Jan 3
6 Mar
18% Oct
Household Fin com stk.No pa
60% Oct 10 73% July 31
46% Jan 72% Nov
11034 Aug 12
Houston Oil of Texas v t c..2 f
4% Sept
5 Mat
9% July
9%Sept 11
Howe Sound Co__ _________
40 Apr 1
1 57 Sept 6
23% Ma
53*8 Jan
% Aug 24
1% Jan 20
3% July
Hudson & Manhattan___ 1O
f
1 Mas
9k July
8
5% preferred.............. _10i
2% Sept
5% Jan 9
3 Ma
35% Nov
Hudson Bay Min & Sm Ltd 10(
21% Sept 1
1 35% Sept 6
203 Ma
8
10 Jan
Hudson Motor Car___ No pa
43SJuly
8% Jan 5
5 Ma
3 Aug 1
4
% Jun
2% Oct
Hupp Motor Car Corp_____
2% Jan !
20% Dec
9 Aug 2'
Illinois Central_______ _10i 1
20% Jan '
6*8 Ma
12 Ap r 35% Dec
6% preferred series A__ 1O 1 16% Apr :
'
35 Jan ‘
23 Ma
44 Nov
49 Mar lr
Leased lines 4% ______ 10' 1 38%Sept
% Ap
11% Dec
434Sept
RR Sec ctfs series A__ 100(
11% Jan
n New stock,
r Cash sale,
z Ex-dlv.
v Ex-rlghta,
* Called for redemption,
T
New York Stock R e cordC— n tin u e d — Page
o
Volume 149
LOW
AND
Saturday
Oct. 28
$
H IG H
M onday
Oct. 30
S A L E P R IC E S — P E R
Tuesday
Oct. 31
S H A R E , N O T PER C E N T
W ed n esd a y
N ov. 1
Thursday
N ov. 2
Frid a y
N ov. 3
Sales
the
W e ek
6
2931
Range Since J a n . 1
On B asis o f 100-SAare L ots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
S per share $ per share $ per share $ per share $ per share Shares
Pa
♦6*8 73* *6% 7% *6%
7
7% *6%
7
100 Indian Refining________ _.1(
7% *63.1 7-%
27% 273.1 27
27% 27
27%
26% 2612 26% 26% 26% 267,
2,500 Industrial Rayon______ N o pa
117 117
11812 1181, 117 117
115% 115% 117 117
117 118
1,100 Ingersoll Rand________ N o pa
*149
*149
*150
*150%
*150%
*150U
91
8934 90
*89
90
91
89
91% 89
90
87% 90
4,400 Inland Steel__________ N o pa
167S 16%
16% 16% 16% 16-% 1534 16'>8 1534 16% 153, 1634 10,400 lasplratlon Cons Copper ...2C
*5% 5% *5% 5%
5% 5%
5% 5%
5% 5%
5% 5% 1.000 Insurausbares Ctls Inc_____
_
3% 3%
3% 3 li
3% 334
3%
3%
3% 3% 2,700 t luterboro Rap Transit_ 10C
3'2 3%
421, 42% 43% 43% 42% 43
39% 42% 41% 41% 40% 41% 4,200 Iuterchemlcal Corp___ N o pat
104 104
104 104 *104% 104% 10334 104% 104 104% 103 105
6 % preferred........ ......... 10C
1,190
*45,
5% *4%
*4%
*4%
*4%
5
5
4% 4%
5
5
100 Intercom 1 Rubber____N o pat
1434 14% 14% 1434 13% 14% 13% 14% 14% 15
14,600 Interlake Iron________ N o pat
147, 15
*31,
3%
3
3% 3%
3
3
1,900 Internat Agricultural..No pat
3% *2% 3%
3% 3%
3834 39% 383 39% 38
4
383 39% 39
4
3812 39
Prior preferred_________10C
38
39
1,300
176 176
176 176
177 180
179% 180 *175% 179
178% 180
1,500 Int Business Machines.Wo pat
4 6234 63% 61% 62% 6034 62
_
63% 64% 63% 633
61% 63
7,200 Internat'l Harvester_ N o pat
*16011 165 *162% 164% *160 164% *160% 164% *160U 164-% *160'Is 1643s
57,
5%
538 5%
53s 55
5% 5% 2,900 Int Hydro-Elec Sys class A .25
5% 534
5% 534
8
9:%
9%
9%
9
934 10 S' 9% 10
9%
9%
8% 9% 15,600 Int Mercantile Marine.Wo pat
634 6% *634 7% *634 7%
6%
6% 7
6% 7
1,300 Internat’l Mining Corp_____ i
6'8
3934 40% 3934 40% 3934 4034 3934 40% 39% 40% 3934 403/ 31,300 Int Nickel of Canada..Wo pat
129 129 *129 129% 130 130 *129% 131
*12934 140
130% 130%
700
Preferred______________ 10(
13% 14% 13% 14
13% 14%
13% 1334 13% 13% 12% 14
24,200 Inter Paper A Power C o___ 15
4934 51% 50
5% conv pref__________ 10(
51% 49% 51% 49% 50% 49% 50% 48
51% 23,200
*4% 4% *4% 4*2
*4% 4i2 *3% 4%
300 Internat Rys of Cent Am ..101
4% 4%
4% 43,
4834 48% 49
x49
49
48
48% 48
440
5% preferred__________100
*48% 4934 *48% 50
*34
347 *34% 34% *34
g
35
*34
*34
35
35
*34
35
*37
38
37
37% 3 7 % 1,500 International Shoe___ N o pa
37% 37% 37% 37% 37% 3 7 % 37
*28
30
30% 31
30% 31
*28% 30% *28% 30%
600 I nternatlonal Silver________51
30
30
*102 106 *102 106 *102 106 *102 106 *102 105 *101 105
4% 4%
4%
4% 5
4% 5
4%
_
5%
5
5%
5
22,100 Inter Telep A Teleg_ N o par
*5
Foreign share ctfs_ N o par
_
5%
5%
5%
5
5% 5%
5% 5 % 5,500
5% 5%
5
*1314 13% 13% 13% *13
12% 13
13% 1234 13
13
13
1,400 Interstate Dept Stores.Wo par
*80
8434 *80
8434 *80
8434 *80
8434 *80
8434 *80
843.4
*834 9% *83,
9
400 Intertype Corp_______ N o par
8%
8%
8-% 8-% *838 834 *8%
8%
29% 29% *29
*2812 29% *28% 29
29
29
29% *28% 29%
200 Island Creek c oal__________ 1
*120 122 *120 122 *120 122 *120 122 *120 122 *120 122
17% 17% 17% 17% 16% 1 7 % 1638 16% 16% 17
17
4,400 Jarvis (W B) Co......................1
17
*79
81% 79% 79% *78% 7 9 % *78% 79% *78% 79% 7 9 % 7 9 %
300 Jewel Tea Inc_________ N o par
79
80
79
79% 78
77% 78
76% 76
78
75
7 7 % 2,600 Jobns-Manvtlle_______ N o par
125 125 *124 127
125 125 *123% 132 *123% 132 *123% 132
20
Preferred____ _________ 10C
79
79
*78
700 Jones A Laughlln St’l pref. 10C
81
*76
81
76
76
75
75
75% 77
*17% 18% 18
18% 18% 18
18
17% 17% 17% 17%
800 Kalamazoo Stove A Furn__ Id
18
*117% 118% 118% 118% *118
all8% 118% *119
*119
130 Kan City P A I. pf ser B Wo par
400 Kansas City Southern.Wo par
*8% 9
’% *8% 934
9
9
9
9
9% 9% *9% 10
*21% 23
*21% 23
*21% 23
200
4% preferred _________10C
21% 21% 21% 21% *2134 23
*15% 16
15% 16% 16% 16% *1634 17%
700 Kaufmann Dept Stores____ 1
*15*2 16% *15% 16
*91
95% *91
95% 95% 95% *94
100
97% *95
97% *95
97%
5 % couv preferred______10C
1434 15
1434 15% 14% 15% 15% 15% 6,500 Kayser (J) A C o__________ 5
15
15
15
15
92
*90
92
92
92
*91
*92
95
95
*90
95
10 Kelth-Alhee-Orpheum pf..l0C
*90
*12
123, *117, 12% 11% 12
800 Kelsey Hayes Wh'l conv c: A 1
*11% 12
11% 11%
11% 12
734 *7% 7%
*7% 7% *73g 7% *7% 734 *7%
Class B . . . ........ ............... 1
7% *7%
90
90
90
90
90
90
*88% 90
88% 90
88
88
130 Kendall Co Jfl pt pf A._W « par
3934 40% 3934 40% 39% 40% 39% 39% 3938 40
39% 40% 29,200 Kennecott Copper____ N o par
16
16
1534 1534 15% 1534 1,400 Keystone Steel A W C o . N o par
*1534 16
16
16% 1534 16
*35
36% *35
36% *35
35
34% 34% 35
35
400 Kimberly-Clark_______N o par
36
35
3% *278 3% *234 3% *3
*3
3%
3
3
300 Kinney (G R) C o__________ 1
3% *3
27% 2734 27% 27% 26% 27% 27
600
$5 prior preferred_ N o par
_
27% 27% 27% x26% 27
25% 2534 *25% 2534 25% 2534 25% 2534 25% 25% 25% 2534 2,000 Kresge (S S) C o ................ ..1 0
5% *434
*4'8
Kresge Dept Stores___ N o par
5% *4% 5% *4^2 5% *434
5% *4%
5%
*26% 27% 27
27% *27% 27% 27% 27% 27% 27% *27
28
500 Kress (S H) A Co_____Wo par
29
29% 2834 29
29% 2834 29% 8,400 Kroger Grocery A Bak.Wo par
2914 29*s 2834 29% 29
*934 10 % *10
10 I.aclede Gas Lt Co St Louis 100
10% 10
10
*9% 10% *9% 10% *9% 10%
*17
183 *17% 18
4
*1534 18
*16% 18
10
5% preferred_______ .100
17% 17% *16% 18
1534 15% *1534 16
15% 16
1534 15% 1534 16
*1534 16
2,500 Lambert Co (The)_____N o par
434
434 *4% 5% *4% 5% *434 5% *43
5%
4 5% *434
200 Lane Bryant_________ N o par
32
32% 32
32% 31% 31% 31% 31% 31% 31% 31% 32
3,700 Lee Rubber A li r e _________ 5
24% 24% 24% 24% 24
2334 2334 2334 1,400 Lehigh Portland Cement_ 25
_
24% I 2334 2334 *23
*115% 117
4% conv preferred_____100
115% 115% 115% 115% *115%
*115%
*115%
100
434 434
4% 434
4% 4% 6,400 Lehigh Valley R R ________50
4%
5%
4*2 4%
4*2 5%
2
2
is4 1% 3,700 Lehigh Valley Coal____N o par
2
17,
1%
1%
1%
1%
1% 1%
578 5%
5 % 5%
512 534 2,100
5% 534
5% 5»4
5% 5%
6% conv preferred_______50
2534 26
25% 25% 24% 25% 24% 2538 24% 2434 24% 2434 4,100 Lehman Corp (The)________1
* 1 2 % 123, *12% 12% *12% 123,
12
800 Lehn A Fink Prod Corp___ 5
12% 12% 12% 12% 12%
*28
29% *28
29
29
29
200 Lerner Stores Corp___ N o par
*2734 29
*28
28% 28% 28%
52
52% 52% 5234 51% 53% 51% 53
51% 52% 51% 53% 5,000 I.lbbey Owens Ford Gl.Wc par
7% 7%
7%
7%
7
7
7
7
7
7%
7% 7% 1,600 Libby McNeill A Libby N o par
42
42
42% 42% 42% 42% 4238 42% *41
42
42
*41
900 Life Savers < orp. _________ 6
34 9S% 98% *98
*97
98% 98% 9H
99% 98% 99%
600 Liggett A Myers Tobacco. .25
99
*98
99% 99% 99% 99% 99
Series B...................... ....... 25
99
99% 99% 99% 5,000
99% 98% 99
*167% 173 *167%
167% 16734 *167%
200
Preferred______________ 100
*167% 175 *168% 173
17% 17% *17% 18
*1734 18
_
18
*17% 18
300 Lily Tulip Cup Corp_ N o par
18
18
18
35% 35% 35% 35% 35
34% 34% *33% 34
33% 34% 1,400 Lima Locomotive Wks.Wo par
35
*43% 44
43% 44
42% 42%
600 Link Belt C o_________ N o par
43
43% 43% *42% 43
43
*15
4
15% 15U 15*4 * 14?3 15*'
147, 147
15*4 15U
700
8 1434 143
157 15% 15 ' 15% 15 ' 1 5 % 1434 15% 14% 15
8
3,900 Liquid Carbonic Corp..W o par
15% 16
3634 37% 36% 36% 36% 37% 36% 3 7 % 36% 36% 36
36% 9,400 Loew s Inc___________ N o par
*104% 106% *104% 106% 106 .06 *10534 106% 106% 106% *106
.06%
S6 50 preferred_____N o par
200
17% 17% 17% 17% 17% 1734 17% 17% 1734 18% 17% 18% 33,800 Loft (no____________________1
49
49
48% 48% 4734 48% 47% 4734 47
47% 47
47% 2,900! Lone Star Cement Corp N o par
43, 4%
4% 4%
4
_
*4% 4%
4
1,400: Long Bell Lumber A_ N o par
4% 4%
4%
4%
*17
17% 17% 17% 17% 17% 17% 1734 1738 1734 17% 17% 1,400 Loose-Wiles Biscuit_______25
107 107 *106 107 *106 107 *106 107 *106 107 *106 107
5% preferred__________ 100
10
23% 23% 23% 23% 23% 23% 22% 23% 2234 2314 2234 23% 4,800 Lorlllard (P) C o _________ 10
147
47
147 L
47 *149 158% *148% 158% *149 158% 149 150
270
7 % preferred__________ 100
19% 19% 19% 19% *19% 19:,8 193g 19% 19% 19% 19
19% 1,0001 Louisville Gas A El A . . N o par
59
59
59
60
5001 Louisville A Nashville___ 100
*58% 59% 58-% 58% 59
*59% 61% 59
*30% 31
31
31
31
31
31
31
31
31
600 MacAndrews A Forbes____ 10
*30% 31
*128
.30 *128
L30 *128 130 *128 130
130 130 *130 135
10
6% preferred_______ N o par
31
32
3034 31% 30% 31% 30% 31
3034 31% 30% 32% 10,900 Mack Trucks Inc____ N o par
33% 33% 33% 33% 33
3334 33% 3334 33% 33% 33% 33% 3,000 Macy (R H) Co Inc_ N o par
_
1234 13% *12% 13% *1234 13%
123 123
4
4 1234 13%
Madison Sq Garden_ N o par
_
13
13
900
*3434 36
*35
36% 35
35% 35% *35% 36
500 Magma Copper___________ 10
35
35'4 35%
234 3
*3% 334
3
3%
3%
3
3
2%
3% 334 7,000 Manatl Sugar Co___________ l
*7
7*2 *7 t 712 *7
712 *7%
7i2 *7
7^2
*718 7%
*22
*22
2434 *22
24%
25
*22
t Manhattan Ry 7% guar.100
24% *23% 2434 *22% 26
1234 13
13
13% 13
12% 1234 12% 12% 12% 13% 4,300
M o d i f i e d 5% guar______100
13
*12% 13% *12% 13% *12% 13*2 *12% 131 *12% 13% *12% 13%
2
*15
15% *15
15*2 *15
15*2 *15U 15’ 2 *15% 15i2 *15% 15i2
*1%
1%
300 Maracaibo OH Exploration.. 1
134 *1%
134
1% *1%
1% * 1 %
1% 1%
134
5%
5% 5%
5%
5% 5 % 7.400 Marine Midland Corp_____ 5
5 % 5%
5% 5 %
5%
5%
6
6
*5%
5% * 5 % 5%
1201 Market St Ry 6% pr pref.100
5 % 5 % *5% 5% *5% 57
8
16% 16% 16% 17% 16% 16% 16% 16% 16% 17
_
16% 17% 6,200 Marshall Field A C o _ N o par
403 41% 41% 4334 42% 4434 84,200 Martin (Glenn L) C o_______ 1
4
40! s 41% 40% 40% 40% 41 %
434 434
434 434
4% 412
4% 434 1,100 Martin-Parry Corp____N o par
4% 4%
4%
4%
383
4 2,000 Masonite C o r p _______ N o par
40% 40% 40
39
40
38
38% 39%! 38% 38% 39
32% 32% 3134 313
31% 3,900 Mathleson Alkali Wks.Wo par
4 31% 32 I 31% 31% 31% 31% 31
*155 165 *155 165 *155 165 *155 165 *155 165 *155 165
53% 53% 53% 53% 53
53% 52% 53%
53
53% 52
53
1,600 May Department S tores... 10
438 4%
4% 4%
4% 434 2,600 Maytag C o. _________ N o par
4% 4'%
4% 4%
4% 4%
2734 *25
*25
S3 preferred w w___ N o par
2734 *26% 27
*25
2734 *25% 27341 *25% 2734
*93
*93
95
95
95
S6 1st cum pref____ N o par
95
95
*93
*93
95
95
95
60
14
*13% 14
*13% 14
*13% 14%
14
14
*13% 14% 14
400 McCall Corp.......... ......N o par
15% 15% 15% 15% 14% 15% 15% 15% 15% 15% 15% 16
5,500 McCrory Stores C o rp ........... 1
*10134 105 *10134 105 *10134 105 *10134 103
102% 102% *102% 105
6% conv preferred______100
100
per share
S per share
4% Apr 1(
16% Apr 1(
86 Apr
147%May 1
67 Apr f
9% Apr
4% Apr
2% Sept
17% Apr
90 Apr
2% Apr
7% Aug 24
1% Apr
16 Apr
145 Sept 6
45% Sept
142 Sept 15
3% Apr 1
C
2% Aug 2.
5% Apr 1
36 Sept 21
123 Sept 21
6% Aug 24
25% Aug 24
3% Jan 2<
39% Jan 9
29 Jan 12
31%May 1{
19 Apr 1(
378 Sept 5
4 Sept 5
7% Aug 24
76 Sept 14
7%June 6
18 Apr 4
119% Sept 25
13 'Sept 16
68 Apr 14
59 Sept 1
122 Aug 24
35 Apr ^
13 Apr 10
117% Jan 27
5% Apr 1
1
11 A p r il
8% Apr 24
90 Sept 19
12% Apr 11
85 Apr 25
7% Apr 1
C
79 June 21
28 Apr 8
8% Apr 11
20 Apr S
1% Apr 11
12% Apr 10
20 Apr 8
4% Apr 6
23% Sept 13
20% Apr 11
7 Apr 8
12% Sept 1
14 Jan 27
3% Apr 1
25 Jan 26
17 Apr 8
113 Jan 24
2l2 Sept 1
%May 3
1% Apr 10
20 Sept 1
9% Apr 10
23 Apr 10
36% Apr 10
4% Apr 11
33 Sept 9
95 Sept 26
95% Sept 26
152 Sept 15
15 Apr 10
20% Aug 24
31% Apr 11
13%June29
30% Sept 12
101%Sept 29
6 Mar 31
38% Sept 5
2 Aug 11
16% Sept 12
105 Jan 6
19% Apr 8
138 Sept 16
15% Jan 4
36% Apr 8
28 Apr 25
124 Feb 2
18 Aug 24
25% Sept 2
ll% Sept 5
25% Apr 11
1 Apr 4
9 Apr 1
5 Apr 6
12% Oct 23
1 Apr 8
4% Apr 10
3% Aug 24
9% Apr 10
2612 Aug 24
2 May 12
30 Sept 5
20% Aug 11
40% A pr 8
3% Sept 1
27 Sept 14
93 Jan 3
10% Apr 11
9% Jan 26
88 Jan 13
H ighest
R ange fo r P revious
Y ear 1938
Lowest
H ighest
$ per share $ p er shar $ p er share
9% Sept 6
4 Ma
10% July
29% Jan 16
30% Aug
1438 Mai
131 Sept 20
60 Ma 119% Dec
35 Fet
98% Sept 11
56% June
95 Nov
21 Sept 5
19% Oct
7% Ma
5% Aug 1
3% Apt
5% Nov
9% Mar 1
278 Mai
978 Nov
46% Oct 24
15 Mai
34% Nov
108 Aug 3
80 June
98 Apr
578Sept 11
2 Mai
5% July
16% Sept 12
67 Mar
8
16% Nov
3% Oct 16
2 Mai
37 Jan
g
41 Oct 18
15 Mai
29
Jan
195% Mar 13 xl30 Mar 185 Dec
71% Sept 15
48 May
70
Jan
166% Aug 10 141 Mar 1647g Oct
8% Jan 5
3% Mar
9% Oct
17% Sept 11
2 Mar
47* Jan
10 Sept 5
6*4 Mar
11% Jan
55% Jan 3
36?8 Mar 57% Nov
138 May 2 132
Jan 140 July
14% Jan 3
4% Mar
15% Nov
52% Oct 26
18% Mar 5278 Nov
6%May 29
2% Mar
6 Jan
60%June 3
28% Mar 48% Jan
30*4 Nov
40% Sept 11
28 June 85% Jan
33 Oct 23
12 Mar 35% Nov
105 Oct 24
9% Jan 19
11% Oct
5% Feb
97* Feb 28
117* Oct
6 Feb
14% Jan 3
6i8 Mar
18 Nov
63
Feb
l0% Jan 5
8 Mar
12% July
32% Sept 12
Jan
16 June 24
125 Mar 9 113% Apr 124 Nov
18 Oct 21
85 July 18
44% Mar 74% Dec
105 Jan 3
58 Mar 111% Oct
133 June 9 122
Jan 130 July
83 Sept 27
49% A pr 78
Jan
12% Mar 24% July
19% Jan 7
121% Jan 20 118 Mar 123
Oct
11% Jan 4
5% Mar
13% July
24 Sept 27
12 Mar 24% July
16% Oct 18
12 Dec
11 Dec
99% Jan 17 100 Dec 100 Dec
18 July 28
16 Nov
10% May
95% Aug 21
63 Apr 91 Nov
14% Mar 8
14% Oct
4% Mai
3 Mar
10% Oct
99 Sept 21
80
Jan 100
Oct
2638 May
46% Sept 11
51
Oct
16% Sept 11
14% Nov
6% Mar
37% Sept 27
19 Feb 30 July
4 Sept 11
1% Mar
3% July
9 Mar
30% Oct 19
19% Jan
26% Aug 1
15% Mar 22% Oct
2% Mar
8 July
5U JaD15
20% July 24
22 Mar 31% July
29% Oct 28
12% Mar 21% Nov
8 Mar
13% Jan 20
18
Jan
15 Mar 30
23% Jan 20
Jan
18% Mar 9
8% Mar
17 Nov
5% July 18
3% May
7% July
375g Oct 11
10% Mar 30% Dec
25 Mar 8
13% Mar r25% Oct
118 Mar 16
95
Jan 120 Oct
6%Sept 27
3 Mar
7% July
3% Sept 11
38 Dee
1% Jan
178 Mar
5% Jan
8% Sept 11
27% Jan 5
19% Mar 29 July
1438 Nov
l2%Sept 14
67 Mar
s
32% Mar 13
19% Mar 35% Oct
56% M ar 13
58% Nov
23% Mar
10 Sept 5
5% Dec
9
Jan
25 Mar 37% Nov
4312 Aug 14
81 Mar 102 Dec
108% Aug 3
81% Mar 103% July
109% Aug 3
180 May 26 157 Apr 176% Dec
18% Nov
18 Aug 15
14% Mar
20% Mar 40% Nov
407gSept27
29 Mar 50 Nov
47 Mar 13
18*8 Sept 5
12% Mar 21% July
19 Jan 5
54 »2 Jan 4
33 Mar 62% Nov
109% July 17
99 Dec 111% Oct
3 Mar
^
9
Oct
21% July 22
62 Jan 5
26 Mar 63% Oc»
2% Mar
5% July
6% Sept 11
14% Mar 23% Nov
22% Mar 9
110 June 1
92 June 10718 Dee
24% Feb 25
13% Mar 2134 Deo
159%June 23 125 Apr 154 Nov
12% Mar
20% Mar 13
19% Oct
2978 Apr
57% Dec
67 Sept 27
22 Mar 32 Dec
35 Aug 2
Jan
132% Aug 8 116% Mar 126
33% Oct 23
16 Mar 32% Nov
2478 Mar 49% Aug
43% Feb 6
10 Mar
19% Oct
19% Jan 3
40 Sept 5
18% Mar 40% Nov
% Mar
2% Oct
6% Sept 6
1038 Nov
5% Mar 20% Jan
26%’ Aug 3
10% Nov
14% July in
2% Mar
2% Sept 6
5% Sept 13
8% Mar 9
17% Oct 25
44% Nov 3
5^8 Jan 3
57W JaD 3
37% Sept 13
176 July 11
5334 Oct 27
6% Mar 10
36% Mar 10
105 June 24
17% Jan 20
16% Oct 26
106 Aug 17
1% Mar
4% Sept
538 Dec
5i2 Mar
14 18 Mar
2% May
25 Mar
19*4 Mar
28% Mar
3% Mar
16% June
75 Apr
8% Mar
6 Mar
61 Mar
16 July
2% Jan
7% Jan
16 Aug
147* Nov
37% Dec
7% Oct
61
Oct
367* Nov
i65
Feb
53
Oct
77 Aug
8
28% Dec
97 Dec
16 Jan
13% Nov
92% Nov
1
• Bid and asked prices: no sales on this day.
t In receivership.
* Del. delivery,
n New Stock,
r Cash sale.
xEx-dlv.
y Ex-rights.
^Called for redemption.
2 9 3 2 ________________________
LOW
AND
Saturday
Oct. 28
8
H IG H
Oct.
30
S A L E P R IC E S — P ER
Tu esday
Oct. 31
New Y ork Stock RecordC o n tin u e d —
-
SHARE,
W ed n esd a y
N ov. 1
N O T PER
Th ursday
N ov. 2
CENT
F rid a y
N ov. 3
Lowest
*
Bid and asked prices: no sales on this day.
- ..
t I n receivership.
- ---------
a
McGraw Elec C o__________1
McGraw-Hill Pub C o . . N o par
McIntyre Porcupine M in es..5
McKeesport Tin Plate____ 10
McLellan Stores___________1
6 \ conv preferred____ 100
Mead Corp __________ N o par
$6 preferred series A . N o par
$5.50 pref ser B w w . N o par
Melville Shoe_________ N o par
Mengel Co (The)___________ 1
5 % conv 1st pref__ _____ 60
Merch & M n Trans Co N o par
Mesta Machine C o_________ 5
Miami Copper_____________ 5
Mld-Conttnent Petroleum.. 10
Midland Steel P rod___ N o par
8% cum 1st pref_______100
Mlnn-Honeywell Regu.lVo par
4% conv pref series B_ 100
_
Minn Moline Power lm pt. 1
$6.50 preferred_____ N o par
Mission C o r p .. __________ 10
Mo-Kan-Texas R R ___ N o par
7 % preferred series A _ 100
_
JMlssourl Pacific_________ 100
5% conv preferred---------100
Mohawk Carpet Mills____ 20
Monsanto Chemical C o___ 10
$4 50 preferred_____N o par
Monts Ward & Co. Inc.N o par
Morrel> (J) & C o .......... N o par
Morris * Essex___________ 60
Motor Products C orp ..N o par
Motor Wheel______________ 5
Mueller Brass C o___ ______ 1
Mullins Mfg Co class B___ 1
$7 conv preferred__ No par
Munsingwear Inc_____ No par
Murphy Co (G C )_____No par
5% preferred__________ 100
Murray Corp of America_ 10
_
Myers (F & E) Bros . . N o par
Nash-Kelvtnator Corp_____ 5
Nashv Chatt & St Louis__ 100
National Acme_____ _______ 1
Nat Aviation Corp_________ 5
National Biscuit__________ 10
Del. delivery.
H ighest
$ per share
15% Apr 28
5% Sept 1
39 Sept 19
834 Apr 11
65g Aug 25
88 Jan 27
6 Aug 23
56 July 6
39% Aug 28
46 A p r il
3 July 7
14 Aug 24
11% Sept 2
25 Apr 8
6% Apr 10
11% Apr 10
18% Apr 8
101 A p ril
44% Sept 11
103% Sept 25
2% Sept 1
36 Sept 1
834 Aug 21
1 Aug 24
2% Aug 24
3g July 8
%June 28
10% Apr 11
8534 Apr 10
110 Sept 7
112 Sept 7
40% Apr 11
31% Aug 28
22% Sept 1
9% Apr 10
10 Apr 10
16% Apr 11
3% Aug 24
30 Apr 8
9 Sept 1
50 Apr 8
105 Sept 25
4 Aug 24
43% Sept 2
53gSept 1
14 Aug 23
7% Aug 24
7% Sept 1
21% Sept 13
147% Oct 6
10% Apr 26
87 Sept 19
17% Apr 25
145gSept 2
Par
per share
__
N ov. 4, 1939
Range Since Jan. 1
On Basis o f 100-Share Lots
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
fo r
the
W eek
S per share S per share $ per share S per share $ r e r share Shares
5
20-i4 2034 20% 20% 20% 21% 203i 2134 21
2234 12,800
21%' 22
9
*8
9
*8
*8
9
8
8
83g *734 8%
*8
500
*4818 48% 48% 48% z47
47% 46% 46^8 46
4
46% I 463 47% 2,700
1434 15% 14
1434 14% 14% 14% 143g| 14% 1434 2,400
15
15
10%
10
10% 10
934 10 % 2,800
10i4 10% 10% 10% 10
i0
*96 100
*96
00
100 100
*98
00% *98
00% 100% 100%
110
12% 13
*12% 12% 12% 1234 12
12% 12% 1234 1234 123
4 2,300
*72
___ *72 ___ *73 ___ *73
73
73 I *73
30
*54% 64% *55
64% *55
64% *55
64
64
*57
*57
61
65
65
*64
66
65
65% 63% 64% *63
64%' 6334 64%
900
5% 5%
5% 5% *5%
5% *5%
*5% 534
5% *53g 5%
700
22% *21% 22% *21% 22
21% 22
*21% 22% 22% 22% *22
170
*17% 19
18% 18% *17% 19
*17% 18
16% 18
*17% 19
120
*35% 3534 36
34% 35
*35% 36% *35% 36
36
35
35
500
125S 13
13
13% 13
13
12% 1234 12% 12% 12% 13
5,100
16% 17
17
17
*16% 16% 163g 16% 1534 16%
15% 15% 3,400
35% 36
34% 34% 33
34% 33% 3334 34
3334 343g 3,100
34
119 119
11834 119 *119 120
*119 120
120 120
120 120
90
*55% 57
55
55
55
55% z53
56% 57
53% 51% 53
2,100
108% 108% 109 109 *109 110
110 110
110 110 *108% 110
130
5%
5% 5%| 5
5
5% 5%
53g 53g 2,900
5%
5% 5%
47% 46
*46% 4634 47% 47% *47
46
46
400
46^2 *45% 47
12
*11
*11
11% 10% 10%
11
600
n%
11% 11% 11% 11%
*1%
1%I 4,200
1%
1%
134
1^8 1^4
1%
1%
1% 1%
1%
6% 6% *6% 612*
6% 6%
5% 6%
5% 6
5% 6 1 7,900
*7g
1
1
*%
1
1
1
1
400
*%
*%
%
%
134
1%
800
134 1%
1%
1% 1% *1%
1%
1%
1341
1*4
20
20% 19% 1934
19% 19% 19% 1934 1934 203g 19% 20% 4,000
109% 110
109 109% 108% 109
106
07
107
.08% 106% 107% 2,700
*115% 117 *115% 117
116 116
115% 115% *116
.17%
30
117% *115
119% 120 *118
20lo 1191? 1191? *11914 201? *ll91o 121lo *11Q1a 121 lo
130
55% 56% 5534 56% 53% 56 " 54% 5434 54 % 55% 53% 553g 34,500
*4414 45
*44% 45
*44% 45
*4414 45
44% 44%
*44 % 45
100
30% 30% 30% 30% 30
30% *29% 30% 30% 30% 31
33
470
13% 13% 13% 13% *13% 14
14
14
*13% 14% 13% 14
1,100
17% 1734 17% 17% 17% 175g 17% 17% 17% 173g 17% 17% 2,1,0
*25% 26% *25% 26% 25% 2534 2534 26% 25% 2534 25% 26
1,900
5% 5%
5% 5%
53g 1,600
5% 5% *5% 5%
5% 53g
5%
38
39% 37% 38
*37
38
*35% 38% *37
38
37% 37%
130
*12% 13
12% 12% 12
12
*12
12
12
*11% 13
13
300
*68% 69
68% 68% 67% 67% *67
69
69
680
400
69
*66
*103% ____ *108% ___ 109 109 *108%
*108% 109
109 109
30
63i
6% 7
634 634
7
7
6% 7
6%
6%
6% 3,500
*48% 50% *48% 50% *48% 50% *48% 50% *48% 50% *48% 50%
7% v%
7% 73g
7%
7%
73g 8,800
7% 7%
7% 73g
7%
23% 24
*23% 24% 24
25% 23^2 24
23% 24
25
660
23
15% 163g 153g 15% 15% 15% 15% 16% 4,400
16% 16% *16% 17
13% 13'g 13lo 1334 133g 13% 13% 13% 13% 13%
13% 14% 16,400
23% 23% 23% 235g 23% 233g 23
23% 23
23% 23% 233g 11,300
*149 L63 *149 L65 *149 157 *149 L57 *149 156 *150 156
15% 15% 15% 15% 15% 15% 1534 1534 15% 15%
16
16
800
95
*90
*90
95
*90
95
*90
95
95
95
*90
*90
*20% 21
20% 20% *20% 21
*20% 21% *20% 21% 21
21
600
4 16% 163g 16% 16% 16
16% 16
16% 8,600
16% 17% 16% 163
13% 1334 131? 13-34 13U 13U
13% 1334 2,100
13% 13% 1334 1334
16% 16% 16% 16% 163g 16% 16
16% 16 ‘ 16% 16 ' 163g 11,600
*112% 115 *114 115 *114% 115 *113%
20
113 114 *112%
112% 112% *111% 113 *111% 113 *111% 113
*111% 113 *112% 113
50
7% 7%
8% 8% *734 8
7% 734 2,200
7% 734
7% 7%
*534 6
*534 6
*5% 6*4 *o'8
6
6
100
6% *5% 6%
24% 24% 24% 24% 23% 24% 24
24% 24
24% 24% 243S 5,400
143g *12% 143g
*14% 15% 14% 14% *14% 15% 14% 14% *14
200
123g 1134 12
12% 1234 12% 12% 12
11% 12% 1134 12% 12,900
*90U 93
200
8
90r8 90 > 921? 921? *91io 941? *9314 9434 *9314 943j
>
22% 22% 22 % 4,800
22 % 22 % 22 ' 225g 22
22
% 22
23 " 23
*156 L62 *156 162 *156 170 *157 160 *157 168 *160 168
135341.3534 136 136
135 136
136 136
137% 1383g
190
136 136
2934 30% 2934 30% 29% 31
31
31% 29% 31
31% *31
4,000
834
S34 8%
8% 834
8%
8% 8%
8% 8% 6,000
8% 8%
7434 76
75% 76% 75% 75% 74% 75% 74% 75
2,800
75
75
11
11% 2,600
*11% 11s4 11% 11% 11% 1134 11
11%
11% 11%
*15% 16
*15% 16
15% 15% 15% 15% 14% 15J *14^4 15%
8
400
*42% 44^2 *43
44% *43
44% *43
44% 44
44
44
43
400
*4518 48
*45U 48
*45ls 48
*4518 48
*451s 48
*4518 48
4% 4 %
4
4
%
4'
4
4% 4^2
4 % 4 % 3,100
4% 4%
9
9
9
700
*8% 9
9
9
8% 8% *8%
8% 8%
25% 26
25% 25% 25% 26
*2534 27
26
3,600
25% 257
8 25
*79
85
85
85
85
*79
85
*79
*79
*79
85
*79
500
40% 40% 41
*40% 41
*39% 40% *39
40% 40
40
*40
4
10
*109% 111
109% 109% *10834 111 *1083 111 *109% 111 *109% 111
1434 15
15
15
14% 1434 1434 14% 1434 1534 7,100
14% 15
52% 52% 51% 52% 52% 55
2,300
54% 55
54
54
54
55
21% 21% 2034 21% 203 21% 20% 22% 80,500
4
21% 223g 21% 22
2334 24
2334 24
24
22% 23% 21% 22% 22% 2234 22
3,500
4
42% 41% 41% 39
42
39% 40% 383 41% 9,900
41% 38% 40
3334 33% 33% 33% 33
32% 32% 32% 34
2,600
33% *32% 33
634 7
6%
800
6% 6% *73g 734
7
7
7% *7
7%
9
9
9%
9% 1 9% 9%
500
10% 103g *9
10% *8% 103g
60
107 107 *106 109 *106 112
107 107% *107 107% 107 107
*110
*110
*110
*110
*110
*110
*
55
65 *___
55
58
*55
58
90
65 *
58
*55
1%
13g 1% 4,100
13g 1%
1%
1%
1%
1% 1%
1%
1%
43g 2,100
4%
4% 43g
4% 4 %
4% 4%
4% 43g
4% 4^2
1
1
300
1
1
1%
*1
*1%
1%
1*8
1 % *1
1%
143g 14% 14% 15
1,700
14% 14% 14% 14% 13% 14
14% 14%
*82
89
20
*82
89
*87% 88
87% 87% *87% 88
*87% 89
204% 206
1,500
205 205
206 207 *205 208
208% 208% 207% 208
60
*107 109 £106% 106% *105% 106% *105% 106% 106 106 *106 107
22% 23
17,900
22% 22% 22% 23
23% 23
23% 2234 23
23
5734 *561? 57
*563 5 7 h
4
*5618 57-34
8
3,300
5638 563 57
56
56
2734 27
28% 27% 29 147^300
26% 28% 27
27% 28% 27% 28
*8 534 90
*8534 90
*8534 9
*8534 90
*85
90
*84% 88
1034 11% 1034 11% 13,000
11% 10 % n %
11% 11% 11% 1134 11
500
110 110
109% 110 * 10 9 3 4 110% *10934 110% *109% 110%!
*109% 110
*3734 39
*37% 38% *37% 3834 ______
*3734 39
*37% 38% *3 7 % 39
534 6
6
5% 6
5% 5%
5 % 534
5% 6%
6*2 10,900
*415g 44 |
*415g 44
30
*415g 44
*41% 44
*41% 44
43% 44
8
8
8%1 15,000
8%
8% 8%
7% 8%
77
g 8
8% 83g
24% 25% 243g 25% 23% 24% 2334 24% 24
24% 25
25% 7,900
14% 14% 14% 14% 14% 1434 3.200
14% 1434 1434 1434 14% 14%
104% 104% 104% 105 1
100
*103% 105 *103% 105 *10319 105 *104% 105
6 % '______
6% *6% 6% i *6%
*6% 634 *6%
*6% 6% *6% 7
19%1 19
19% 6,300
19
19% 19% 19% 19% 18% 193g 1834 19
40
135 138 *135 146% *135 146%
*135 138 *135 138 *135 138
1334 143g 10,200
13% 13% 1334 14
14% 14% 14% 14% 1334 14
*48
51
100
49% 49% *47
50
52
51
*48
*48
51
*47
100
*22% 24
*22% 23% 22% 22% *22% 2312 *22% 23% *22% 23%
51
51
40
51
51
*49
51
*50
51
51
*50
51
51
*115^4 125 *116 125 *116 125 *116 125
63% 64% ! 3,700
64% 64h
64% 651
66 " 66% 6534 66% 6534 65%
*534 6
1,000
534 534 *558 6
5% 5%
6
5%
6% 61310
63j
6% 634 *6
7
*6% 634
6%
*6
*21% 24
40
23% 2334 233j *22% 233. *21% 24
*23% 24% 23
1234 141
460
1234 14
131
*13% 13% *13
14% 14% 14% 14%
11
12% 11
300
lllo 111 *11
121. *11
12% *11% 12%
*11
313j
10,900
31%
30% 30% 31
30
30% 311
30
31
31% 31
4634 45% 45%
2,000
4734 48
4734 473j
47
47% 46
47% 47%
163g 17% 16% 17% 2,200
173?
173g 173.
18
17
18
*17% 18%
190
123 123 *117 123h *117 123 *117 122 *117 122 *115 122
120
140 140
140 140
*140 ___ 140 140
*140
*140
321
2,500
3134 313 l 31
30
303 3134 30% 32
4
30% 31
30
Page 7
Nat Bond < Invest C o.N o par
£
5% pref series A w w ___100
Nat Bond & Share Corp newNo
Nat Cash Register . N o par
Nat Dairy Products_ No par
_
12% Jan 13
7 % pref class A________100
110 Sept 18
7% pref class B.............. 100 107 Sept 1
4% Apr 11
Nat Dept Store_______No par
4% Jan 13
6% preferred___________ 10
Nat Distillers Prod___ No par
20% Sept 1
Nat Enam & Stamping.No par
10% Sept 1
Nat Opysum Co ------------ 1
8% Sept 5
17%June 30
152 Sept 25
6% preferred B . _ _____100 132 Oct 11
14% Apr 11
Nat Mall & St’l Cast Co No par
634 Apr 8
National Pow & Lt----- No par
52 July 1
National Steel C o r p ______25
5% Aug 24
National Supply (The) P a .. 10
$2 preferred____________ 40
10 Apr 8
33% July 7
_
5)4% prior preferred_ 100
National l ead____________ 10
2% Apr 11
National Tea C o______No par
Natomas C o __________ No par
8% Sept 15
Neisner Bros Inc___________ 1
18% Apr 11
73% Mar 14
4 % % conv serial pref__ 100
Newberry Co (J J )___ No par
32 Apr 8
5% pref series A . . ___ 100 105% Sept 19
Newport Industries_________ 1
812 Apr 8
N. Y. Air Brake ___ No par
27 Apr 28
New York Central___ No par
11% Sept 1
N. Y. Chic A St Louis C o .. 100
10% Apr 10
6% preferred series A __ 100
18% Apr 8
N Y C Omnibus C orp_.N o par
30 A pr 8
New York Dock______No par
134May 20
5% preferred_______No par
4% July 1
N Y A Harlem...................... 50 107 Oct 6
119 May 16
N Y Lack A West Ry C o ..100
47 July 8
% Mar 27
1 N Y N H 4 Hartford___ 100
Conv preferred......... .......IO
C
2 Sept 1
38May 22
{N Y Ontario A Western..10C
N Y Shlpbldg Corp part stk .. 1
85gJune 30
7% preferred . . . ............IOC
70 Apr 8
Norfolk A Western_______10C 168 Jan 25
Adjust 4% preferred___ 10C 103% Sept 8
North American Co_______ 1
C
18>g Apr 11
New stock,
=
!,^
r Cash sale,
=
i
Ex-dlv.
■
■
y
Lowest
H ighest
$ per share $ per share $ per share
24 Aug 3
10
Jan 20% Nov
t034 Jan 5
123g July
7 Mar
59%June 15
537 Oct
g
35*2 Mar
18% Sept 12
13% May
26% Jan
10% Oct 26
5 Mar
11% Nov
100 Oct 3i
70 Apr 95 Nov
143gSept 26
634 Mar
1534 July
73 Nov 2
55 Apr 80
Oct
60 Sept 27
50
Jan 73 Nov
65% Oct 25
32% Apr 57% July
6% Jan 3
3i8 Mar
7% Nov
28% Jan 9
14 May 30 Dec
21%Sept 27
11 June
163 Dec
4
2634 Mar
39*1 Jan 4
47% July
16% Sept 5
1434 Oct
53 Mar
4
18 Sept 5
12% Mar 227g Jan
37% Oct 26
15% June 303g Nov
120 Nov 2
76 Apr 111 July
85% Jan 4
49% Jan 92
Oct
114 July 25 100 Apr zl 17 Nov
63g Jan 3
4 Mar
8 July
54 Mar 10
35 Mar 72% Oct
1734 Jan
14% Jan 5
10% May
23g Jan 4
33g Jan
1% Mar
934 Jan 5
4S Mar
4
11% July
2.% Jan
1% Sept 27
% Dec
2%Sept 27
3% Jan
1% Dec
21 Oct 25
10 Mar 20% Nov
11434Sept 11
67 May 110 Dec
121 May 5 111
Jan 117% Sept
122%May 24
5734 Oct 26
25 Mar 54% Oct
47 Sept 11
22% May 383g Aug
37% Mar 13
25 Mar 40% Nov
19 Jan 5
10% Mar 2234 July
8 Mar
173g Nov
17% Ocl 26
30 Jan 3
11% Mar 32
Oct
4 Mar
8% July
7% Jan 3
44% Mar 13
26 Mar 64% Jan
1434 Sept 22
9% Apr
15% July
3434 Mar 62% Oct
70 July 17
111 May 29
95 Apr 110% De0
4 Mar
9% Jan 5
10% July
51 Jan 5
37% Mar 54 July
634 Mar
12% Jan
9% Jan 20
26% Sept 27
7% Mar 29 Nov
147g Nov
1834 Sept 27
8% Mar
14% Nov 3
6 Mar
14% Dec
28% Mar 11
15% Mar 28 Nov
175 Jan 17
168% Oct
16 Oct 28
19 Nov
10% May
95%May 31
65 Mar 94% Nov
2334Sept 13
20 Sept
25% Oct
26*i Jan 5
12% Mar 30% July
16 Sept 26
18% Aug 3
11% Sept
16% July
117% Jan 5 106% Mar 115% Nov
114 Mar 27 105% Mar 113% Oct
107g Oct
83g Oct 26
3% Mar
634 July
6% Feb 17
3% Mar
28% Jan 4
17% Mar 30 Nov
183g Jan 10
11% Apr 207g July
16% Jan 4
4 Mar
1634 Oct
106 Mar 10
27% Jan 3
17% Mar 31 July
173% Aug 4
178% Oct
145 Feb 6 127 June 145% Sept
35% Sept 27
13% Mar 2834 Nov
10 Aug 15
5 Mar
e% Oct
4
4434 Mar 8 1 3 Nov
82 Sept 11
15% Jan 3
12% Sept 23 Feb
20 Jan 3
18 Dec 30 July
59% Jan 3
55 Dec
82 July
50% Apr 4
70 Feb 75 Feb
53g Oct 9
4% Jan
2% May
11% Feb 8
12% Aug
7% Mar
29%June 7
14% June 26 July
87% Aug 21
58 Apr 71 Nov
42 July 27
28 Mar 40
Jan
i12%June22
99% Apr 108*4 Nov
97g Mar
1734 Sept 14
19% July
62 Sept 21
20 Mar 4812 NOV
213 Nov
4
23% Sept 27
10 Mar
25%Sept 27
7 Mar 23 Dec
123g Mar 38% Jan
4534 Sept 27
43% Feb 25
18 Mar 37*4 July
434 Jan
2 Mar
1034Sept 11
11*4 Mar
15% Sept 11
5% Mar
118% Mar 1 101 Mar 120 Apr
Apr
120 Mar 7 110 Aug 111
62 Mar 8
54 June 63% Nov
234 Jan
17gSept 26
% Dec
5% Sept 27
7% July
2% Mar
134Sept 12
% Jan
1% Jan
434 Mar
17 Sept 13
16*8 Deo
89% Mar 2
38 Mar 90 Dec
Jan
216 Sept 27 133 June 198
113 June 14 100 Mar 110 Dec
1334 Mar
26% Oct
26% Feb 27
4534 Apr 57% Dec
5012 Sept 6
North Amer Aviation_______1
12% Apr 11
Northern Central Ry C o_ 5C
_
82 Jan 3
Northern Pacific_________ 10C
7 June 3(
North'n States Pow Co $5 pf. 1 100 Sept 15
Northwestern Telegraph__ 5(
29 Sept 1
Norwalk Tire A Rubber N o par
234 Apr l(
32% Apr 1
Preferred-------------------- 5(
Ohio Oil C o__________ N o par
6 Aug 14
Oliver Farm Eaulp___ No par
14% Sept 1
Omnibus Corp (The)_______ 6
12 Sept 5
6 % preferred A ________ 10(
100% Sept 23
434 Aug 21
Oppenhelm Coll A C o . . N o par
Otis Elevator_________ No par
15%Sept
6% preferred__________ 100 128 Oct 2
Otis Steel......... ............ N o par
7% Apr 1(
$5.60 conv 1st pref..N o par
33 July 1
1
Outboard Marine A M fg___ 5
16% Apr 1
C
Outlet C o ........ ............. No par
40% Jan 2 ‘
114% Jan 2€
50 Apr 8
Owens-Illinois Class C ..$2.50
Pacific Amer Fisheries Inc__ 7
3 Aug 2 ‘
Pacific Coast_____________ 1
C
2% Apr If
1st preferred________ No par
11%June 3C
2d preferred________ No par
334June 2£
934 Apr
Pacific Finance Corp (Cal). 1
C
Pacific Gas A Electric______2
27% Apr If
Pacific Ltg Corp______No par
41 Apr
Pacific Mills ..
____ N o par
9% Apr 8,
Pacific Telep A Teleg____ 1001 114 A p r il
6% preferred . . ____ 10C 128 Sept 1'
Pac Tin Corp (sp stk).N o par
17 Apr 1(
n
R a n g e jo r P reviou s
Y ear 1938
57g Mar
29 Oct 26
88% Mar 27
75 June
63g Mar
1434 Jan 4
112% Aug 14
92% Sepl
40 Oct 14
25 May
13g Mar
6% Nov 3
4434 Aug 2
1234 Mar
10% Sept 5
87 Sepl
8
30 Jan 6
19% May
20% Mar 3
7% Mar
113%May 25
83% Apr
8% Jan 4
4 Mar
1334 Mar
27% Jan 3
148% July 26 122
Jan
63g Mar
16 Sept 11
55^2 Sept 13
30% Apr
29 Oct 26
10 Mar
39% Apr
51 Oct 9
116% Mar 25
7 0 ' Jan 3
40 MaT
7% Sept 13
5% Dpt
7% Sept 25
2% Ma
247g Oct 26
10% Ma
33 Ma
4
15% Sept 27
1234 Mar 14
9% Ma
34*4 Mar 10 z22*4 Ma
52 Oct 10
32% Ma
9% Mar!
21%Sept 15
87 Apr
132 June £
156% July 2? £13212 Ma
3278 Sept
17% De c
Ex-rtghts.
20 Dec
93*4 Jan
14% July
103 Dec
35 Sept
5 Nov
41 Sept
14% Jan
32% Feb
19»4 N ov
111% Sept
10 Nov
29% Nov
147 Nov
15% Nov
60 Nov
22% Aug
52
Oct
115 Apr
76% Nov
11% Jan
5% Jan
21% Nov
9% July
15% July
30 Nov
43% Dec
197g July
121 Dec
149 Nov
30 June
^Called for redemption.
........
Volume 149
LOW
AND
H IG H
_ _ _ _ _ _ ew York Stock R ecord—o ntinued—
N
C
S A L E P R IC E S — P E R
SHARE, NOT
'Phi
Oct.
$
28
Oct.
30
Oct.
31
N ov
1
PER C E N T
- -7
N ov
2
N ov.
3
$ per share $ per share $ per share $ per share $ per share
9
8% 8% *8% 9
*8% 9
834 834
8% 8%
4
3% 4
334 3%
3% 4
334 3%
334 3%
16% 16% 16% 1534 16
153g 1534 1534 1534 15% 15%
*7
8% *7
8%
7
8*2 *7
7
*6% 7% *65
8 7%
1% 1 %
1%
1% 1%
1%
1%
1%
1%
1%
1%
1%
*44% 46-% *45
4434 4434 *44
46
45
45
46% 44% 45
*94
99% *92
99% *94
99^2 *92
99% *94
99% *94
99%
834 9
83S 834
8% 9
8% 9
8% 834
8% 8%
*80
86% 85
85
*83% 87
86
87
87
87
87
87
9'g 10
1038
934 9%
10
10 % 10
934 9%
10
10
*16
18
*15% 18
*15% 18
15% 15% *15% 18
*15% 18
234
234 23
4 *2% 234
2^8
2-g 2%
2% 234
2% 234
44*4 4484 44% 4434 443g 44% 44% 44% 44% 44% 45
45
*19J 19% 19*g 19% 193g 1938 193S 19%
2
19% 19% 18% 20
*13
4 1% *1*4 1% *134 1%
134 134 *l5g
1%
1% 158
10% 10% 10*4 1034 10% 1034 10
10% 10% 1034 10% 10%
*934 10
9% 9%
9% 9-s
*9% 9%
*9% 9%
*9% 9%
*54i4 56
*5312 54% 54% 54% *53% 54
54
54
*53% 54%
91
91
90% 90% 90
90% 90
90% 89% 90% 90
91
4
4U
4
4
4
4
4
4
4
4% 4%
4
*4% 4 % *4% 4%
4% 4%
4%
*4
4%
4
4%
4%
*29
30
*28
*26
29
30
*27
29% *27
29% *27
29%
*13% 14
*1312 14
*13% 14
*13
14
13% 13% *13% 14
*121
*121
*121
*121%
*121%
*121%
2534 26% 25% 26% 25% 25% 24% 2534 2434 25% 24% 25%
*33% 34% *33% 38
*3312 35
34
34
*3412 3434 *3434 35
*4234 44
43
4 41% 42% 42
43%
42% 423
42% 42% 42%
*4
5% *4
3% *4
*4
5% *4
5%
412 4%
4%
1534 16
*16
17% *15% 18
15% 15% *14% 16
16
16
3714 3738 37
371- 36% 36% *3334 36
38
*33% 36
35
35
3234 3234 32
35
*34
35% 35
35
32
33
35
*21
22
*21
22
*21
213g 21% 21% *21
21% *21
21%
9ls 9% *9% 9%
834 8%
834 834
8% 9
834 834
7
*6 % 7%
7
6% 7
*6 % 6 % *6 % 6 %
6% 6%
421 42% 41=8 42% 41% 42% 413s 42
8
41% 4134 41
42%
46
45% 45% *45% 463S *45% 461? 45% 45% *45ig 46%
46
*84% 88 % *83
92% *83
95
*85
88 % 85
85
885? *84
2 % 2 % *2 % 234 *2 % 234 *2 % 234 *2 % 234 *2 % 234
*41,
5
*4°8 5
*4% 5
*4% O
4% 4%
*4j2 5
3
4
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34
3
4
3
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4
34
3
4
3
4
34
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34
89
89
88
89
88
88
% 87
88
8884 89
85% 86 %
*128 138 *128 13S *128 138 *128 138 *128 138 *128 138
*4l2 5
*4% 5% *4% 5% *4% 5%
*4% 5% *4>4 5
*27
30
*27% 30
*2734 30
*27% 30
*27% 30
*27% 30
4 43
43l2 43% 43% 433
433 Z4234 4 3 % 42% 4334
8
43% 43
*258 314 *2% 3 % *2% 3% *2% 3%
*2% 3 % *2% 3 %
43
*41% 43
*41% 43
41% 41% *41% 43
*41% 43
*812 8%
8% 8%
9
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8% 9
*8% 9
*8%
9
29
29
28-g 28%, *27% 28% *27% 28% *2734 28% 28% 28%
*4U2 49% *41% 49% *41% 49% *41% 49% *41% 49% *41% 49%
*712 7%
1
7% 7% *7%
7
73g 8
7
7%
7%
7
*26l2 29
27
27
*26
27% *26
27% *26
26
26
27
III 4 1138 10% 10% 10% 10% *10% 11%
11
11
103g 11
*78
83
*78
83
*78
83
83
*78
78
78
*73
80
*164 169 *164% 169 *167 169 *167 169
169 169 *165 169
10
10%
9% 10
9% 934
9% 9%
9% 9%
9% 9%
14% 1434 *13% 14% *13% 1334 *13% 14
13% 13% 13% 14%
*40
47
*40
46
*40
46
*40
46
46
*40
45% *38
2334 *21
2334 21
2412 24% *22
24
*22% 23% 22% 22 %
3712 37% *34% 37% *33
37% 37% 37% *34
37% 35% 3 5 %
17
17
17
17% 16% 17
15% 16% 16
1612 16% 16%
*142l2
*142%
*142%
*142%
*142%
*142%
1% " l%
*13S 1%
1%
1% *1%
1% *1%
13s
1%
1%
2234 22% 22% 22% 2234 22341 22% 22% 22% 22% 22% 22%
1534 *15
*15
15% 15
16.% *15
15
15% 15% *15% 15%
15% 15% 15
15 y 15
15% 14% 14%
14
14% 13% 1434
*1
138 *1
138 *1
1% *1
1% *1
1%
1% *1
*%
*38
*3g
*38
*%
°8
**8
%
%
*2
5
8
!2
14% 1434 14% 14% 13% 14% 1334 L4% 1334 14% 1334 14%
1434 *14
*1412 15
*14% 15
*14
141- *14
14% *14% 15
*4212 45
*43% 44% *42
43% *42
43% 42% 42% *43
45
6312 64% 6334 64% 63% 63% 6234 6334 63% 6334 63
6334
11712 11712 *117% 118
116% 117% 117 117% *116% 118% *117 117%
3934 40% 40% 40% 3934 40%
40% 40% 397g 40% 39% 40
*10714 107% 107% 107% >07% 107% *107% 108% 107% 108% 1083S 1083g
123i8 123% 123% 123% 12234 12234 122% 122% 121% 123 *122% 12334
*137l2 138l2 138% 138% *138 139% 139% 139% 140 140
1403g 14038
155l2 156l2 *156 157
157 158
159 159
160 160
160 160%
*114i8 115 *114% 115 *114% 11484 *114% 11434 11434 11434 11434 11434
3534 36% 35
37
37% 36% 37
36% 35% 35% 35% 37%
834 9%
9
914 9%
8% 8% 834 8% 8% 8%
9%
*83l4 85% *83% 85% 85% 85% 84% 84% *84
85
85% 85
78
78
78
78% 78% 78% 78% 78% 78
78
78% 78%
15% 15% 15% 1534 15% 15% 15% 16%
16% 1634 16
17%
1534 15*4 15% 15% *15
15% 15% 15% *15% 16
15% 16
534 5%
534 6
6
5% 6
5<*4
6
5% 6
6%
*75 100
*75 100
*75 100
*75 100
*75 100
*75 100
58% 58
58
58% 5834
*58
58% 58
58
57% 57% 58
1% 1%
1% 1%
1%
1%
1%
1%
1% 1%
1%
1%
2112 21% 21% 21% 213g 21% *21% 22
21% 21% 21% 21%
*16% 17% *1634 17% 1634 1634 *16% 17
17% 17%
17
173s
26l2 26% 2534 2534 25% 26% 25% 25% *2534 26% 26
26%
19
1834 19
2014 20% 20
20
19% 19%
19
18
19
26l2 26% *25% 27
*26
27
*26
27
26% 26% *26
27%
25
25% *24% 24% *241-. 24% 24% 24% 23
23
23% 23%
*4i2 434
*4
4% *4
4% *4% 434
*4
4% *4% 4%
*45% 46% *45% 46% *45% 46% *45% 46% 45% 45% *45
47
1534 16
*15% 16
17
15%
15% 15% *15
*151- 16% 15
8% 8% *8% 9
*8% 9
*8
8% *8% 8% *8% 8%
*13
14
*13
13% *13
13% 13
13
*12% 14
*12% 14
1134 11% 11«4 11% 11% 1134 11% 1134 11% 11% 1138 11%
57
57
57
56
66
*56
*56
56
*55% 56
5612 56
*7234 84
72
72
72
72
*72% 74
74
74
*74
76
134
1% 1%
1%
13
4
1% 1%
1% 1%
1%
1%
1%
2634 27-% 26% 27
263g 27
25% 26% 2534 26% 2534 26%
87
87
*88 92% *89% 9234 90*4 9034 90% 90% 89 89
81
86
87
86
*79
81% *78
81% *79
80% 80%
86
16% 16% *1634 17% 1534 16% 15% 15% 15% 15% 15% 16%
*32
34
*32
35
34% *32
341- *31
34
34
*30
*30
8034 8034 *81
82% 82% 82%
*80
86
*81
86
*80% 86
51%
52% 51
*51
55
*51
54
51% 52
51% 51% *51
*1034 11
11
10% 1034 1038 1038 1038 1034
l l l 4 11% 11
82% *72
82% *72% 82% *72% 82% *72% 82%
*70U 82% *70
8% 8
8
8
8%
*8
8% *8% 8% 8
8% 8
37% 37% 37% 373s 37% 3734 37
37% 36% 37% 36-8 37
*52% 55
*52l2 56
*52% 56
*52% 56
*52% 56
*52% 55
8 I4 8%
8% 8% 83S 8% 834 9% 8% 9% 9% 9%
93s
8% 8%
9i2 9% *9% 934 *9
8 % 834 *8
«
1134 1134 11% 11%
*11% 11*4 11% 11% 11% 11% 11% 11121*8 21
21
21
20% 20% 2038 2034 20% 20% 20% 20%
13g 2
13s 13s *1%
H1%
1%
1%
* 1 % 11? *1%
41% 42
43% 43% 43
43
42% 43
40% 4234
41% 42
*%
%
%
%
%
%
!2
*%
*4
%
%
12
%
% Ms *1%
1 % 1 % *1% 1%
1%
1%
1%
1% 1%
*2%
*2%
*2 % 5
*2% 5
6
*2% 5
5
*2%
5
*4
*4
*4
*4
10
10
*4
10
10
*4
10
10
48
48
46
47
46
46% 44 % 45% 44% 45% 45 % 47
*103 105
103 103 103 103
101
01 *101% 102% 102 102%
*11134 112% *111*4 112% 112% 112% * 1 1 1 3 4 1 1 2% 11134 11134 *11134 112%
112% 112% *112% 115
114% 115 *112% 115 *112% 115 *112% 115
21% 22
22% 23
21
2034 20% 21
*19% 20% *19
20
per share
y
3%
*15%
Sales
fo r
the
W eek
R ange S ince Ja n . 1
On B asis o f 1 00 -Share Lots
STOCKS
L ow est
Par
Shares
Pac Western Oil C orp_____ 10
Packard Motor Car _____ N o Par
Pan Amer Airways Corp____ 5
Pan-Amer Petrol & Transp..5
Panhandle Prod & Ref new__l
Paraffine Co Inc _________N o par
4% conv preferred____ .100
24,000 Paramount Pictures Inc_____1
6% 1st preferred_______100
900
6% 2d preferred_________ 10
3,400
100 Park & Trlford Inc_____ ____ 1
2,900 Park Utah C M ._ ............. . . 1
1,600 Parke Davi® & C o _______N o par
2,100 Parker Rust Proof Co___ 2.50
600 Parmelee Transporta’n . N o par
8,890 Pathe Film C o r p . , ____N o par
400 Patino Mines & Fnterpr Vo par
300 Penlck & Ford ____________ N o par
3,800 Penney O C ) .. . _______N o par
2,400 Penn Coal A Coke Corp___ 10
600 Penn-Dixle Cement____ N o par
$7 conv pref ser A ____N o par
100 Penn G1 Sand Corp v t c N o par
500
30,800
2,600
100
2,700
500
49,600
100
1,600
100
400
320
580
100
1,700
600
17,400
800
100
10
10
6,200
3,400
10,200
Pennsylvania R R ______ -.5 0
Peoples Drug Stores ____ N o par
Peonies G L 4 C (Chic) _ . 100
Peoria A Eastern_____ . .100
Pere Marquette__________ 100
5% prior preferred____ 100
5 % pieferred__________ 100
Pet Milk ____________________ N o par
Petroleum Corp of Amer . .5
Pfeiffer Brewing C o ____ N o par
Pheips-Dodge Corp________25
Philadelphia Co 6 % pref__ 50
$6 preferred____________ N o par
{Phlla Rapid Trans C o ............. 50
7% pteferred-------------------------- 50
Phila & Read C & T_____ N o par
Philip Morris A Co Ltd —
10
■5% conv pref series A ..10 0
Phillips Jones Corp __ N o par
Phillips Petroleum ____ N o par
*4 U810
Preferred ____ _____ _.1Q0
1,300 Pierce Oil 8% conv pref . . 100
300 Pillsb.iry Flour Mills _____ 25
Pirelil Co of Italy “ Am shares”
1,200 Pittsburgh Coal of P a . ____ 100
200
6% preferred ________ . -I0i
900 Pitt3 Coke A Iron Corp N o par
$5 conv preferred_____ N o par
10
20 Pitts Ft W A Ch 7% gtd pf 100
6,300 Pitts Screw & Bolt _______ N o pa r
700 Pitts:.urgh StPel Co _____ N o par
166
80
1,150
1,300
1,500
200
2,800
12,800
100
4,900
240
5,800
800
800
600
320
900
14,200
16,100
400
1,400
18,000
800
29,300
1,300
2,900
1,200
1,300
900
2,300
300
500
10
270
200
7,800
400
70
13,900
66,400
700
500
2,300
20
10
240
1,100
1,000
7,500
43,200
500
1,100
900
2,300
3,700
1,200
700
2933
Page 8
5% pref class A . _______ 100
5H 1st ser conv prior pref 100
Pittsburgh A West Va __ 100
Pitts Yngst&AshRy Co7 % pf 100
Pittaton Co ( T h e ) _____ N o par
Plymouth OH Co___________ 5
Pond Creek Pocahontas N o par
Poor & Co class B ____ . N o par
{Porto Rlc-Am Tob el A N o par
Class B ________ _______ N o par
Pressed Steel Car Co Ine _______ 1
5% conv 2d pref___ ____ 50
Procter A Gamble_______ N o par
5 % pf (ser of Feb 1 ’29). 100
Pub Serv Corp of N J . . N o par
$5 preferred____________ N o par
6 % preferred_________ 100
7 % preferred..................ICO
8% preferred_______ - 100
Pub Ser 151A Gas pf 55. N o par
Pullman I n c .. ...................... N o par
Pure Oil (The) ____________ N o par
6% preferred__________ 100
5% conv preferred______100
Puilty Bakeries__________ N o par
Quaker Stato Oil Ref Corp . . 10
Radio Corp of A m er...W o par
55 preferred B _________N o par
$3.50 conv 1st pref-.lVo par
{Radlo-Keith-OrpheumfVo par
Kaybestos Manhattan. N o par
Rayonler Inc .................................... 1
52 preferred................................. 25
Reading ______________ ________..5 0
4% 1st preferred____________ 50
4% 2d preferred...................... 6 0
Real Silk Hosiery_______________ 5
Preferred _________________ .100
Reis (Robt) A Co 1st pref. 100
Reliable Scores Corp ____ N o par
Reliance Mfg Co _____________ 10
Kbmlngton-Rand_______ _______ 1
Preferred with warrants. 25
Rensselaer A Sara RR C o. .100
{Reo Motor C ai _________________ 5
Republic Steel Corp ____ N o par
6% conv preferred................ 100
6% conv prior rref ser A. 100
Revere Copper A Brass.............. 5
Class A . . __________________ 10
7% preferred-............. ... .100
5 H % preferred_________ 100
Reynolds Metals Co - . N o par
6 M % conv preferred ____ 100
Reynolds Spring_________ ____ 1
Reynolds (R J) Tob class B.10
Common __________________ ..1 0
Rich fie d Oil Corp _______ N o par
Ritter Dental M fg _____ N o par
Roan Antelope Copper Mines.
Ruberold Co 'T he) ---------N o par
{Rutland RR 7% pref_____ 100
St Joseph Lead _______ _______ 10
{St Louls-San Francisco.-.100
6% preferred_______________ 100
{St Louis Southwestern... 100
5% pieferred__________ 100
Safeway Stores............N o par
14,500
160
5 % preferred..... ............ .100
110
6% preferred___________ 100
110
7% preferred__________100
3,900 Savage Arms Corp _____ N o par
$ p er share
7% Aug 29
3 Apr 8
9% Sept 5
5 June 26
% Apr 1
35 Sept 12
92 Sept 28
6% Sept 5
72 Sept 11
738Sept 11
14% Sept 30
1% Apr 4
36 Apr 11
11% Apr 10
1% Aug 24
53 Apr 10
4
7%June 12
48 Aor 10
74 Apr 10
*4 Apr 3
2% Aug 24
17% Aug 28
1134Sept 1
120%June 20
15 Aug 24
24 Feb 8
30% Apr 11
2 May 10
7% Apr 8
21 Apr 8
13%Sept 1
17 Jan 18
634 Sept 1
53 Apr 10
4
28% Apr 11
36 Apr 8
75 Jan 7
1% Apr 8
3 Feb 27
% July 29
74 Sept 2
124 Sept 21
234 July 6
25 Apr 20
31% Apr 10
2 Aug 11
36 Jan 3
6 Aug 22
23 Apr 18
35% Mar 27
2% Apr 8
12 Apr 6
4 Mar 31
50 Apr 27
158 Sept 20
4% Aug 23
7% Apr 10
22 Apr 4
12% Aug 24
18 June 28
6 Sept 1
142 Aug 25
% Apr 28
17% Sept 1
6% Apr 14
7% Aug 24
% Aug 5
%May 1
6 Aug 24
6% Sept 1
18 Apr 10
50% Apr 14
112 Mar 15
31% Apr 8
101% Sept 28
112 Sept 7
129 Apr 25
147 Sept 21
111 Sept 2
x22% Aug 24
6% Aug 12
70 Sept 5
6334 Aug 18
1034 Jan 26
11 Aug 16
5 Aug 24
85%June 1
53% Apr 10
1% Apr 8
16% Apr 4
6%June 29
12%June 28
10% Apr 8
20% Sept 5
16 July 6
3 A p r il
43 July 18
7 Apr 1
6% Apr 8
9 Apr 4
934 Sept 1
55 Sept 12
60 A p r il
7 July 8
8
12% Apr 10
43 Apr 8
42 A p r il
9% Apr 11
21% July 11
63 Aug 21
37% July 11
7%June 30
7834 Jan 4
5% Apr 10
35 Sept 21
52 July 25
6% Apr 11
6%May 2
10 Sept 16
15% Sept 1
34 Apr 8
27% Apr 11
%June 27
3g Aug 12
l*4May 3
338May 6
2734 Apr 11
82% Jan 4
96 Jan 3
104% Jan 11
1034 Apr 11
Range fo r P revious
Y ear 1938
H ighest
Lowest
H ighest
$ per share $ p er share $ p er share
11% Jan 5
10 Mar
15% Jan
434 JaD 3
3U Mar
6
Oct
1634 Oct 25
153 Dec
4
18% Dec
834Sept 12
6% Nov
9% Feb
2 Sept 11
2 Aug
1 Sept
60% Jan 4
29 Mar 61% Nov
104 Feb 14
8834 June 102 Dec
14% Jan 4
5*4 Mar
13% Dec
107% Jan 4
65 Mar 103 Dec
1358 Jan 5
6% Mar
13% July
26 Jan 5
16 Mar 30 July
4% Sept 6
3*8 Oct
1% Mar
47 Sept 11
31% Mar 42*8 Oct
21 Sept 25
13 Mar 21% Oct
258 Feb 25
234 Oct
1% Mar
13% July 27
3% Mar
14% Nov
11*4 Mar 1
8*4 Mar 13% July
5778 July 28
41 Mar 58% Aug
9434 Aug 2
55 Mar 85% July
434Sept 12
2% Jau
1% Dec
558Sept 15
2% Mar
5% July
33 Mar 8
10% Mar 30 July
16% Mar 9
10 Mar 1578 N ov
124 Mar 15 120% Dec 121 Dec
2 7% Sept 27
14% Mar 24% Jan
3938 July 18
19% Mar 31 Feb
45 Oct 23
22% Mar 42
Oct
534 Sept 27
1*4 Mar
6% July
1934 Sept 27
512 Mar 1734 July
45 Sept 26
1738 Mar 43 July
40 Sept 26
15 Mar 38% Jan
25 Sept 12
17*4 Nov
8% Mar
10% Sept 5
7*4 Mar 13% Jan
434 Jan
8 % Mar 14
8% Oct
47% Sept 12
17% Mar 47% Nov
4838 Aug 1
30 Mar 43 Nov
91 Aug 3
60 Apr 74 Nov
234 Sept 26
3 Nov
1% Apr
5% Oct 16
2% Mar
5% Nov
1 Mar
l%Sept 11
% Mar
103% Mar 3
75% Mar 14334 Oct
154 Mar 1 114 June 144% Oct
7 Jan 4
4% Mar
8% July
35 July 27
32 Sept 50% Mar
46% Sept 22
27% Mar 443g July
3% Sept 27
45% Mar 15
30% Jan 43 July
938 Oct 31
9 July
4 Mar
31%Sept 11
20% Jan 26% Nov
51 Sept 23
39
Oct 52 May
7% Jan
12 Sept 12
3% Mar
Jan
32% Sept 27
18% Dec 35
9% Nov
14% Sept 11
3% Mar
41 Mar 75 Nov
95 Sept 11
175 Aug 5 145 June 174 Mar
9% July
1138Sept 12
4% May
16*4 Jan
16% Sept 12
7% Mar
48% Oct 6
20% Apr 52 Aug
25% Oct 6
11% Apr 30 July
40% Sept 15
Jan
23 May 45
6 Mar
17% Nov
20% Sept 27
142 Aug 25
3 Jan
4
2% Sept 11
% Dec
g
24 Sept 11
15 Mar 263 July
11
Jan
17 Sept 22
8 Mar
16% Sept 22
5% Mar
16% Dec
3% Jan
2% Jan 6
1% Mar
1% Jan
*4 Jan 17
% Oct
4*4 Mar 14% Dec
16%Sept 27
1634Sept 22
412 Mar 14% Dec
13s4 Mar 42% Dec
49 Sept 27
39% Mar 59
Oct
65 Oct 21
11934 Feb 27 114 Nov 122% May
4134 Aug 3
25 Mar 35*2 Jan
11438 Aug 7
86% Mar 105% Oct
128% Aug 2 101% Apr 118*4 Nov
143 Aug 1 112 Apr 134 Nov
166 June 29 132 Mar 152% Dec
Jan 117 Sept
117% Jan 19 112
21% May 39% Nov
41% Sept 27
13% July
11*4 Sept 5
8% May
90% Mar 29
81 Apr 98% Jan
74% June 88% July
81% Jan 3
18% July 17
7 Mar
15% Nov
16% Jan
16 Nov 3
9 June
434 Mar
9% Oct
8% Jan 4
85%June 1
Oct
60% Jan 80
Dec
67% Jan 5
37% Mar
1*4 Sept
5% Jan
2% Jan 5
1434 June 24 July
23% Sept 22
17% Oct 26
8% May 24% Jan
26% Oct 26
18 Mar 29% Jan
103s June 22
Jan
2234 Sept 27
2834 Oct 14
18 Mar 30% Jan
13% June 27% Jan
27 Sept 27
234 Mar
6% July
5% Sept 27
54 Mar 20
34% Mar
58 July
16% Oct 27
5 Apr
11
Jan
934 Jan 5
512 Mar ll*g July
9 June 13% July
14% Sept 27
17% Jan 5
9% Mar
17% July
75% Mar 15
49% May
78 Dec
69 Nov
74 Oct 3
40 Apr
3% Oct
2% Sept 13
1 Dec
28% Sept 12
11% May 25% Nov
39% Mar 78% Nov
92 Sept 23
8934 Oct 25
38 May
77>2 Nov
7% Mar
19% Oct
20% Jan 5
17% Mar 3812 Dec
40^8 Jan 5
65 Apr 85
84 Sept 16
Jan
56 Sept 6
45 Dec 64% Jan
10 Sept
14*4 Jan 4
17»4 Jan
86 Aug 19
77% Dec 94 Sept
4% Mar
12% July
11% Jan 5
3334 Mar 46j2 Jan
45 Jan 4
58 Jan 31
51% Jan 58% Jan
9% Nov
5 Mar
10% Jan 7
934 Oct 23
13% July
7% Apr
17% Sept 6
14% Mar 20*4 Jan
34 Jan 4
13 Mar 33% Dec
2 Sept 27
2% Jan
*4 Dec
49% Oct
25% May
49% Sept 5
*8 Dec
%Sept 13
l*g July
2 Jan 4
1% Mar
3% July
1*4 Dec
6 Sept 14
5% Jan
3% Dec
7% July
6% Sept 11
12 Mar 29*4 Nov
4838 Aug 3
109 Aug 3
58 Mar 83% Dec
113 Oct 21
68 Mar 99 Nov
79 Mar 108 Nov
116%June 7
23 Sept 22
8*4 Mar 19 Jan
1
•Bid and asked prices; no sales on this day.
{ In receivership
a Def. delivery,
n New stock,
r Cash sale,
x Ex-dlv.
y Ex-right*.
5 Called for redemption.
2 9 3 4 ______________________
LOW
AND
H IG H
Saturday
Oct. 28
$
S A L E P R IC E S — P E R
M onday
Oct. 30
per share
$
T uesday
Oct. 31
per share
$
*2 %
*15
27%
*136
26%
17%
20
%
3334
*35
2%
*8%
•49
•20
49
3134
51
11%
63%
2734
6
*97
2%
8%
2034
24%
27%
26%
47%
*33
7334
9%
*6%
13%
9%
583
4
125
10%
2
%
16
27%
137%
26%
1734
2034
34%
42%
2%
9%
70
2 1%
50%
3134
51
1134
63%
28%
2%
*15%
26%
136
26%
17%
20
3334
*35
2%
*8%
70
*20
4 9%
8%
*5%
*32%
3%
7%
47%
4%
36%
9%
634
*15%
22%
*59%
*5%
40%
5
*30%
*3%
*4
31
2
%
10%
10%
11
2
10%
30%
234
19%
28
7%
22
33
11%
11
8%
8%
57s
*32%
39
4
4 '
734
7%
473S 46%
412 *4%
3638 36%
9%
9%
634
63
4
16
*15%
22% *22
63
*59%
534
5%
40% 40%
434
5
29%
31
3%
3%
4%
4
313S 3034
2%
8
per share
14% 14
713
4
73
38
38
6%
6%
50% 5034
115% 115%
3
4
%
2%
2%
*2034
21
2%
2%
84% 83%
1534
16
17% 17%
70% *56%
6%
6%
54
54
7%
7%
36
35
14% 14%
102% *103
7%
734
25% 24%
234 *234
26% 26
21%
22
97% 98
115
112
1 1 0 % *107
19% 19
*10%
11
20
13%
2%
8%
2
21%
22
10%
10%
3234 33%
7%
8
39
2
%
2
%
4
734
4 7%
4^4
36%
9%
634
1634
23
65
5%
40%
5%
32
3
4%
31%
2
%
21%
%
2
22
2
%
11% 11
12
12
*11
11%
11
1238 123S 1 2 % 1 2 %
12
12%
12
12%
*9234 94
9234 9234
93
93% *9234 96
*10%
21%
50%
6%
10%
9%
3%
*78
*5%
♦11
15%
24
3%
*29%
11
1%
4534
1134
90
21%
12
90
17%
81%
*23%
45%
12%
*16
*116
*6734
*18%
234
3634
11%
89
Zll3%
17% 17
1 0 2 % 10234
81% 82
2334
24
46% 46%
1234 1 2 %
16-% *16
*116
68%
67%
1834' 18%
234
2%
36%
37
*1 1 U o 1 1 5
101%
21%
5034 503
4
6%
6%
1 0 % 11
9%
9%
3%
3%
80
*77
6%
*5%
13
*11
15% 15
24
2334
3%
3%
30% 29%
11% 11%
1%
1%
46% 46%
22
20
%
5034 49%
634
6^2
11% 10 %
9%
9%
3%
3%
80
*77
6
5%
*11
13
1434
15
2334 2334
3% * 3 %
30
29%
11% 1034
1%
1%
46% 46
12%
11%
22
20
%
51% 48%
6%
6%
11% 1 0 %
9%
9%
3%
3%
80
*77
*5%
6
1234 * 1 0 %
15% 14%
24
24
3%
3%
29 % 29
11% 1034
1%
1%
463
4 46%
11%
89
89% 87
113% 1143d 1143d
17
16% 17
10234 1 0 1 103
82% 82% 82%
2334 23% 24
47% 46% 48%
13% 1 2 % 13
16% 16% 16%
*116
67% 6 6 % 67%
18% *1734 18%
234 23i
2%
363
4 36% 37
11%
86%
*114
163
4
10034
82%
*23
46%
$
per share
20%
11%
2%
2%
19% 19%
13% 13%
15
25%
*134
25%
16%
19%
32%
*35
2
%
28% 28%
234 234
*18% 1834
2734 2734
*634 7%
21
%
22
32% 3234
10%
10%
2
2
20
%
21
%
10%
10%
9%
9% *9
3%
3 % 3%
80
*78
80
6
6
*10%
12
14% 1434 14%
24% *23% 2434
3%
3% *3%
28% 29
29
11% 11%
11
134
1%
1%
46% 46% 4734
11%
11%
88
87% 86
115 * 1 1 4 115
*163 17
4
17
10034
83
2384
100% 100%
83% 85
23% 23%
46% 4734
47%
12=8 1 2 %
*16
16% *16
*116
*116
66%
663
4 66%
18% 18% *18%
2
%
36% 37%
2
%
12%
16%
66%
19%
2%
363 37=8
4
r
2
6%
49
115%
3
4
2%
21%
3
85%
16%
17%
70%
6%
5234
7%
37%
1434
105%
7%
2434
3%
26%
22
9734
112%
110%
19%
19%
13% 13%
2%
2
%
27%
2%
18%
27%
*634
21
%
32%
10%
734
7% 7%
*5
57g *5%
*34U 39
*34%
4
4
*3%
7% 7%
7%
46% 4 7 % 47%
4% 4=8
4%
35% 35% 35%
9% 9%
9%
634 634
6%
*15% 16% 15%
*21
23
21%
*59% 62% *59%
*4%
5% *4%
42
39
*39
5% 5%
5%
4 303
4
303 303
4
2% 2% *2%
4% 4S4 *438
30% 31% 30%
11% 11%
1134 1 2 %
92
92
14%
73
11
20%
10%
10
10
10%
1 1%
11
9% *8
72% *50
19% 19%
49% 48%
32
31%
51%
51
11% 11%
63
61%
27% 27%
53
4
534 6
*9934 1 0 1 *100
234 234
2%
7% 8 %
7%
*19% 2 0 % 20
23% 24% 23%
27% 27% 27%
27% 27% 27%
48% 47%
48
34
34
33
7434
75
75
9%
9% 9%
6%
6% 6%
12%
13% 1 2 %
87 g
9U
83
4
5934 59
*59
126
126 L26
12%
2%
2=8
Sales
fo r
the
W eek
per share
*8%
*50
*19
48
32
51
11%
62%
27%
47% 48%
6*2 6%
6
$
1434
15
25% 25%
137 *134
25% 25%
17
16%
19%
20%
313
4
33
42% *32%
49
6%
12
CENT
F r id a y
N ov. 3
1334
14
72% 72%
38
%
6%
6%
49
50
115% *112
3
4
%
2
2%
4
20% 203
3
3
85% 84%
16
15%
17% 17%
70% *56*2
6%
6%
53% 52 s4
784
7%
3534 3534
1434 14%
105% *10334
7% *7%
24% 23%
3% *234
25% *25
22
22
98% 9734
113% 1 1 1 %
1 1 0 % *107
19% *19
*10%
11
32% 32%
1034
10%
*734 8
57g
*34U 39
3% 4
7% 7 %
46% 4 7 %
4% 4*2
35% 3534
9% 9%
*634 7
16
16
2234 2234
*59
621*
*434 5%
42
*38
5% 6
31% 32%
3
3
4% 4%
30
30%
*2
Thursday
N ov. 2
14
72%
h
38
6%
6%
5034 *49
115% *112
84
34
2% *134
21% 20%
2% *2%
84% 84%
16
16
17% 17%
70
*56%
6%
6%
54
*52%
7%
7%
35
*35%
1434 14%
105 *103
734
7%
24% 24
3% *234
26
25%
22
*2134
*9734
98
114 *111%
109 *107
*18%
19
16
14% 15
26% 24% 25
136% 136 136
26% 25% 26
17% 16% 17
193 2 0 %
4
20%
34% 32% 33%
42% 40
40
2%
2%
2%
9
8% *8
72*2
72*2] *50
20
*19
19%
4 9 % 48% 48%
32% 32
32%
51% 51
51
11% 11% 11%
63% 62% 62%
28% 27
27
6
5% 6
98% 98% 98%
234 234
2%
8
8%
8
1934 2 0
20%
24% 23% 23%
28% 27% 27%
27% 27% 2734
47% 46% 47%
34% 34
34
74% 74% 7434
934 .1 0
9% 934
6% 6%
6
6%
13% 13% 1 2 % 13%
R 7g
9 ig
9^2
*58
60
58
58
125% 125% 125% 125%
10
10%
9% 1 0
29% 27% 2834
29
234 234
234 234
*18% 19
18% 18%
2734 2734 *27
2734
*634 7% *634 7%
39 ~ *34
4
*3 %
734
7%
4 7 % 46%
484
4*2
36% 36
9%
9%
684
6%
17
*15%
24
*22%
*59
63
5 % *434
41
39
5%
5%
3134 31%
3
3%
4%
4
30% 30
2
14%
72
19% 19%
13% 13%
16
*15
23%
27
136
136
26% 26%
4
17% 163
2034 2 0
34% 33
42% *40
2%
2%
9%
8%
70 *
21
*19
50
47%
32
31%
51% 51%
1134 11%
6334 63
2734 *27
6
5%
9734 98%
2%
2%
8%
7%
2034 *19%
24% 23%
28% 2734
27% 27
47% 46%
35
34%
74% 73%
32
51%
1134
63%
2734
6
5%
9734 9734
2%
2%
8%
8
2034 2034
24% 24
283S 2734
27
26%
47% 47
35
*33%
74% 74
10
9% 1 0 %
634 *6% 6%
13% 13% 13%
934
938 9 5 s
59
58% 58%
125 *125 127
30% 30% *29%
234 2%
234
19% 19% 19%
*27% 29
*27%
*634 7% *634
2134
22
22%
32% 3234 32%
10%
2
S H A R E , N O T PER
W edn esday
N on . 1
per share
14l2 14% 14% 14% 14
*72
73
*72
73
*72
12
%
*2
38
38
*6i2 7
6% 6*2
6%
*50
50% *50
50% 50
*112l4 H4
114 114
113%
84
3
4
3
4
*%
%
238 2%
2%
2l2 2%
21i2 21% *21
21%. 21
*2% 2=8
2% 2=8
2%
84
84% 833 84% 83%
4
16% 15%
*16
16% 16
*17% 18% 17% 17% 17%
*56
V0% *56% 67
*56%
6%
6% 6%
6%
*6%
53
53
54
54
54
7% 7%
7%
7% 7%
*35
36
36
*35
*35%
4
14% 14% 14% 1434 133
*101% 104% *102% 105
102%
Vs
7% *7%
8
7%
24%
24% 25% 2434 25
234
234 234
*2% 234
*24
*25
27
*26
27
*22% 23% 22% 22% 22
*96% 97% *96% 97% 97%
*112% 119 *114 117 *113%
107 107 .107% 107% *107
19% 19% >19% 19% 19%
113s * 1 1 % 1 1 %
11
11%
20%
21
19%
20% 20%
1334 14
1334 14
13%
New York Stock R ecord—o n tin u e d —
C
Shares
6,300
600
9,000
800
400
320
2,500
900
500
600
17,100
3,400
900
3,500
500
1,800
170
5,200
200
1,000
4,400
1,300
400
900
400
70
20
500
500
2 ,0 0 0
2 1 ,1 0 0
1,700
15
700
26
5,400
137
60
25% 3,100
17% 33,800
2 0 % 17,600
3334 15,600
42%
100
21?
2
%
2 ,2 0 0
100
9%
72%
40
19%
200
50% 22,300
32
2,600
52
520
11% 10,600
62%
500
27% 1 , 2 0 0
5% 18,600
1 0 0 '%
400
2%
1,500
8
3,400
20
500
24
5,200
28
1 2 ,1 0 0
2734 19,500
48's 33,300
33
400
7434 1,900
9 '8
4,900
6% 1,600
13% 15,700
27,500
59
900
127%
390
10%
2,400
28
2 ,1 0 0
2% 4,500
18% 1,400
28
400
738
22
4,200
32% 3,400
11
4,200
8
1,500
39
4%
7%
48
4%
35%
9%
6%
15%
21
%
STOCKS
NEW YORK STOCK
EXCHANGE
Low est
$
S
Sun Oil______________ N o par
6% preferred______ ____ 100
_
Sunshine Mining C o . . _ 10
Superheater Co (T h e ). - N o par
Superior Oil________________1
Superior S te e l____ ______ 100
Sutherland Paper C o_______10
Sweets Co of Amer (The)_ 50
_
Swift & C o _______________ 25
Swift International L td ______
Symington-Gould Corp w w .l
Without warrants________ 1
1,300 Telautograph Corp_________ 5
4,900 Tennessee Corp____________ 5
Texas Corp (The)______..2 5
2,300 Texas Gulf Produc’g Co N o par
3,800 Texas Gulf Sulphur___ N o par
3,000 Texas Pacific Coal & Oil___ 10
6,000 Texas Pacific Land Trust___ 1
300 Texas & Pacific Ry C o__ 100
400 Thatcher M fg______ .N o par
The Fair_____________ N o par
Preferred______________ 100
Thermoid Co_______________1
$3 div conv preferred___ 10
Third Avenue R y ________ 100
Thompson ( J R ) __________ 25
Thompson Prods I n c .. N o par
Thompson-Starrett Co - N o par
S3.50 cum preferred .N o par
Tide Water Associated Oil. .10
$4.50 conv pref_____No par
Timken Detroit Axle______ 10
Timken Roller Bearing.No par
Transamerica Corp_________ 2
Transcont’l & West Air I n c ..5
Transue & Williams St'INo par
Tri-Continental C orp ..N o par
Truax Traer Coal_____No
par
20th Cen Fox Film Corp No par
$1.50 preferred_____ No par
Twin City Rap Trans No par
Preferred______________ 100
Twin Coach C o ____________ 1
Ulen & Co____________ No par
Under Elliott Fisher Co No par
Union Bag & Paper____No par
Union Carbide & Carb.No par
Union Oil of California.........25
102
2 ,0 0 0
Union Pacific____________ 100
85% 86% 1,800
4% preferred__________ 100
23
23% 3,800 Union Tank Car_____ No par
46% 4934 62,200 United Aircraft Corp_______ 5
1234 37,100 Un Air Lines Transport____ 5
12
*16
16%
100
United Biscuit________No par
*116
66%
66%
1,900 United Carbon..............No par
*18% 19%
400 United Carr Fast Corp. No par
234 234 15,300 United C orp_________No par
37% 37% 13,300
$3 preferred________ No par
101
r Cash sale,
L ow est
per share
4534 Sept 1 66 Jan 4
118%Sept 27 128%June 17
7=8 Apr 11 1134 July 6
19% Sept 1 38% J. n 3
134 Aug 25
3% Sept 5
10 Apr 10 22% Jan 4
2234 Sept 1 30% Mar 14
5% Sept 12 10=8 Jan 13
17 Apr 10 25% Sept 5
2434june 30 37% Sept 5
4% Aug 24 1238Sept 27
3% Aug 24
9% Sept 27
7*2 Mar 11
33% Oct 17 43ii July 21
3% Aug 24
6% Mar 11
4 Apr 8
9% Sept 12
32% Aug 11 5034Sept 12
3% Aug 22
534 Jan 3
26 Sept 1 38% Sept 13
7 Aug 24 113i Sept 11
6% Sept 1
9 Jan 6
8% Sept 1 22% JaD 4
163 Apr 3 24 Oct 26
4
61 Oct 27
3% Apr 11
534 Oct 26
30 Sept 2 41 Oct 30
2% Apr 10
6 Nov 1
14 Apr 8 32% Nov 1
1% Jan 17
3% Oct 17
234Sept 16
434 Nov 2
17 Apr 10 32% Oct 26
1% July 7
334 Jan 4
7% Apr 10 15i2 JaD 3
9% Aug 21
14% Mar 10
83 Sept 1 96 Feb 9
1034 Apr 10 22% Oct 26
34% Apr 11 54% Jan 3
5 Sept 1
8% Sept 13
6% Apr 10 123g July 24
5% Apr 10 10% Jan 4
438Sept 5
2 Mar 31
74 Apr 10
3 Apr 3
734 Sept 11
14% Sept 8
12 Sept 11 26% Jan 4
1934 Sept 9 34% Jan 5
3*4 Aug 1
1% Apr 8
17% Apr 11 3514 Aug 3
7% Apr 11 12% Jan 4
1% Aug 21
4*4 Jan 4
34% Sept 12 66 Jan 3
6 Aug 21
1234Sept 25
65% Apr 8 94% Sept 14
10834Sept 15 118 July 14
15% Aug 24 1934 Jan 5
81% Apr 11 105 Sept 27
78 Apr 13 90 July 27
20% Mar 28 24% Sept 21
31 Aug 21 4934 Nov 3
V s Apr 11
13% Mar 4
14=8 Sept 13 1834 July 18
112% Mar 13 119i=June 16
52 Apr 8 69% Oct 25
1338 Apr 11 20 Mar 13
2 Apr 1
C
334 Feb 6
30% Apr 10 39% Aug 3
x Ex-div
y Ex-rlghts.
1939
R a n g efo r P reviou s
Y ea r 1938
H igh est
per share
Schenley Distillers Corp____ 5
10 Aug 24
17% Mar 9
5 M % preferred________ 100
61 Sept 9 76% Aug 3
JSchulte Retail Stores......... .1
3 Apr 10
8
1 Jan 20
8% preferred____ ______ 100
334 Apr 10 10% Jan 25
Scott Paper C o_______ N o par
44% Sept 15 52% July 31
54.50 preferred_____ N o par 105 Sept 8 117%May 29
JSeaboard Air Line___ N o par
% Aug 14
1 Sept 13
4-2% preferred_________ 100
1 Apr 8
3% Sept 27
Seaboard Oil Co of Del-N o par
15% Aug 24 2438Sept 12
Seagrave C o r p _______ N o par
l%June 27
3% Jan 6
Sears Roebuck & Co_ N o par
_
60% Apr 10 85% Nov 3
Servel Inc_______ _________ 1
11% Apr 11 183 Jan 10
8
Sharon Steel Corp_____N o par
10% Apr 11 2134 Jan 5
$5 conv pref________ N o par
54%May 22 72 Sept 14
Sharpe & D o h m e ____ N o par
3%May 8
7% Sept 11
$3.50conv prefser A .N o par
43 June 6 54 Oct 30
Shattuck (Frank G )___N o par
634 Sept 5 1134 Feb 24
Sheaffer (W A) Pen Co . N o par
28 Jan 5 38% Aug 29
Shell Union Oil_______ N o par
9% Aug 24 17% Sept 9
5 H % eonv preferred___ 100
98% Aug 24 107 Feb 3
Silver King Coalition Mines. -5
434 Apr 11
8% Sept 11
Simmons Co___ ______ N o par
17% Apr 10 3234 Jan 4
Simms Petroleum_________ 10
2% Apr 10
3%June 24
Simonds Saw & Steel-.N o par
16% Apr 11 28% Oct 23
Skelly Oil C o_____________ 25
15% Aug 10 29% Jan 5
6% preferred__________ 100
92 Apr 8 98 Oct 25
Sloss Sheffield Steel & Iron. 100 70 Apr 11 127 Sept 11
$6 preferred________ N o par 101 Jan 18 110% July 29
Smith (A O) Corp_________ 10
11% Apr 11 21 Sept 12
Smith & Cor Typew r.-N o par
934 Sept 6 17% Mar 11
Snider Packing Corp_ N o par
_
12% Apr 8 24 Sept 9
Socony Vacuum Oil Co Inc. 15 10% Aug 24 15% Sept 13
South Am Gold & Platinum. .1
l%Sept 1
3% Sept 11
S’eastern Greyhound Lines. .5
13 Sept 5 18% July 18
So Porto Rico Sugar_ N o par
_
14 Apr 11 35% Sept 8
8% preferred__________ 100 127 Apr 17 142 Sept 5
Southern Calif Edison......... 25
23% Jan 24 29% Aug 3
Southern Pacific C o ______ 100
10% Apr 8 21% Jan 4
Southern R y ________ N o par
11% Apr 11 23% Jan 4
5% preferred_________ 100
15% Apr 11 35% Oct 26
Mobile & Ohio stk tr ctfs 100 34 Mar 22 4334 Sept 26
1% Aug 24
33S Jan 5
Sparks Wlthington___ N o par
484 Apr 1
Spear & C o_____________ ..1
9% Sept 30
70 Oct 30
Spencer Kellogg & Sons N o par
14% Apr 8 22 Sept 7
Sperry Corp (The) v t c ___ 1
36 Apr 4 51% Sept 11
Spicer Mfg C o ___ ____ N o par
11 A p r i l
3314 Oct 25
$3 conv preferred A . N o par
42 Apr 17 52 Nov 3
Spiegel Inc_________________2
8% Aug 24
16% Mar 9
Conv $4.50 pref_____ N o par
60 Apr 4 75% Mar 8
Square D Co class B _______ 1 18% Apr 11 30% Mar 10
Standard B rands_____N o par
5% Sept 1
7% Jan 3
$4.50 preferred_____ N o par
94 Oct 4 108 June 17
JStand Gas & El Co_ N o par
_
2% Sept 1
5% Jan 20
434 Apr 11 1038 Jan 20
$4 preferred________ N o par
$6 cum prior pref___ N o par
10 Apr 11 20% Oct 26
$7 cum prior pref___ N o par
13% Apr 10 253g Oct 26
Standard Oil of C alif..N o par 24% Sept 1 3358Sept 13
2234 Aug 24 30 Sept 13
Standard Oil of Indiana___ 25
Standard Oil of N J________25
38 Aug 25 53% Sept 14
Starrett Co (The) L S. - N o par
20% Apr 8 36 Sept 14
65 Apr 11 7934 July 13
Sterling Products Inc______10
Stewart-W arner____________ 5
6% Aug 24
12% Jan 5
3% Apr 8
Stokely Bros & Co Inc______1
734 sept 5
Stone & Webster. __ N o par
8% Apr 8 1738 Jao 5
2 1 ,1 0 0
65
5%
100
39
260
5% 32,800
303
4
980
3
600
4% 2,300
32% 4,800
23S 2,300
2%
12%
13% 1 , 2 0 0
11% 1 2 % 8,700
92% 92%
600
22
20%
14,000
47% 50
4,000
6*2 634 5,000
10%
10%
6,100
10
9
1,300
3 % 3% 3,700
80
*78
5% 6
1,600
*11% 1238
14% 15
4,800
24
24
900
*3% 3%
300
28% 28*2
90
1134 123s' 16,800
1%
1% 4,000
48% 50
2,900
1 1%
1 1%
9,200
863 89% 1 1 , 1 0 0
4
114% 114%
210
16% 17
3,200
N o v . 4,
R anoe Since I a n . 1
On B asis o f 1 00 -S h a re Lots
Par
* Bid and asked prices: no sales on this day. { In receivership, a Del. delivery, n New stock,
Page 9
$
per share
1334 Sept
62
June
% Sept
3 Mar
3434 Mar
112% Dec
% Jan
1% Mar
15% Mar
234 Dec
47 Mar
9% Mar
10 Mar
45% Mar
3 Mar
36 Aug
684 Mar
20=8 Apr
10 Mar
93 Mar
434 Mar
12=8 Mar
2% Apr
14% Mar
18% Mar
x84 Apr
45 Mar
91 May
13 Apr
10 Mar
83S Mar
IO34 Mar
1% Mar
H ig h est
$
per share
27% Jan
85
Feb
134 Nov
10% Nov
50% Oct
11334 Dec
% Jan
3 July
27% Feb
5% Jan
80% Oct
18 July
23 Nov
70% Nov
9% Nov
49% Nov
12% Nov
28% Oet
183s July
106% Oct
9% Jan
35% Nov
3% Jan
24% Nov
3434 Jan
98 Nov
122
Oct
105
Oct
24 Aug
19% Aug
15 Nov
16% Jan
3% Jan
Jan
15% Dec 28
128
Jan 141 Nov
19% Mar 25 July
9% Mar 22% Jan
2338 Dec
5% Mar
8% Mar 3334 Dec
17% June 40% Nov
2 Mar
438 July
11 July
4 Mar
24 Mar
19% Dec
15% Mar 49% Dec
734 Mar 17% Nov
29 Mar 45% Dec
157g Dec
6% Mar
70% July
48% May
12% Mar 31 July
9% Jan
6% Mar
94 Mar 107% Feb
2 Mar
5% Jan
11% Jan
4% Mar
10% Sept 23 July
13 Mar 28 July
25% Mar 34% July
2434 Mar 35% Jan
3984 Mar 58% July
17% Mar 34% Nov
49 Mar
71% Nov
0 May
12% Dec
11
Jan
5 June
512 Mar 17% Nov
9ig Oct
45 Mar 65i8 Dec
Oct
119% Feb 128
14% Mar
8% Dec
43% Oct
17% Mar
134 Mar
4% Aug
884 Mar 23% Nov
17% Mar 32 July
15% Aug
6% June
15 Mar 21 Nov
22% Mar 29«4 Oct
434 Mar
10% Nov
8% Jan
3% May
9*2 Oct
4%
3%
32%
2%
26
7
Mar
Mar
Mar
Mar
Mar
Mar
6*4 Mar
13 Mar
15 Mar
2%
35
2%
15
1
3%
8%
1%
534
10%
77%
8
31%
5*2
4
4%
2%
Apr
Apr
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Dec
Mar
Apr
Mar
3% Mar
16% Mar
25% Mar
2% Mar
16 Mar
6 Mar
1% Mar
41 Mar
7% Mar
57 Mar
17% Mar
5538 Mar
5984 Apr
20 Mar
19% Mar
5 Mar
14 Sept
110% Jan
39
Jan
12*4 Apr
2 Mar
22 Mar
5% June
8
Jan
49% Aug
57g Dec
38
Oct
12% Aug
11% Feb
26 July
25% Oct
6034 Oct
5% July
56
Jan
538 July
18*4 Nov
2% Jan
6% July
28% Nov
4 July
19 July
1534 July
98 July
19% Nov
55*2 Nov
1234 Jan
10% Oct
12% Nov
4% July
91 Nov
6% Jan
15% Nov
28% N ov
38 July
6 Jan
44
Jan
13% Nov
6
Oct
70% Nov
15% Aug
90% Nov
22%
99%
83%
23%
43%
July
Nov
Nov
Jan
Dec
1384 Nov
20 Nov
73%
20*4
4%
38
Nov
Nov
Oct
Oct
T Called for redemption.
_ _ _ _ _ N ew York Stock Record
_
-Concluded— Page 10
Volume 149
LOW
AND
Saturday
Oct. 28
H IG H
, /
SALE
_
Oct.
S v er
P R IC E S — P E R
S H A R E . N O T PER
Tuesday
30
o a .
$
31
|
N ov.
1
|
JL r i l l /
O IX
N ov.
LIy
2
CENT
F riday
N ov. 3
Sales
fo r
the
W eek
S v e r share $ t e r share $ t e r share Shares
5
8
5;>
s
55*
51,
5 1 2
5%
5i2 5 h
5% 5i2
5% 5% 6,200
6 ->
*
*6
6 % 65* *534 6 % *534 6 % *57* 6
6 6
,500
59% *58% 59
*58
58% 58% 58% 58% *58
59
*58
60
20
*
6 % 61,
612 6 % *6 % 6 :>
6
%
6
6
6
%
6
6
% 4,300
34% 34% 343* 343* 34% 34% 3334 34
233
33% 3334 3334
800
8534 8634 85% 86 % 85% 8534 85% 86
85i4 86
85
86
4,700
14is 14% 14% 14%
14% 14%
14
14%
14% 14% 143* 141, 14,700
*115-% 1165 *115 1165* *115 116 *1153* 116 *11534 116
8
116 116
100
1 2 % 12 % 12
12
12
% 1]34 117*
12
1 1 % 1134 1 1 % 12
2,300
*63g 634
6->
8 658
6 % 634
6 % 65*
634 7
6 % 7% 4.900
83* 83* *8 % 858
*812 834
8% 8%
8 % 81,
500
85S 85*
*8012 85
*80% 85
S3
*80% 85
*81
82% 82%
*81
85
100
12
12 * 1 1 % 12
11
11
11
11
11 1
1 1 % 11
1
200
12
12
117* 117* 1 1 % 113* *11
1 % 1034 11
1
700
1 1% *11
82
82
81
79
81
81
79
79
*79% 81% 79% 81
2,000
165 165 *166 167
167 167 *166
166
166 166 166
70
6*4 6 % *6 % 6 % *6 % 6 %
6 % 6 % *6
6%
6
400
4
3034 *29
303 *29
4
3034 *30
30% 303 *29
3034 30
30
200
25l2 26% 26
26
25% 25% 251, 25% 25
25
25
25%
1,600
81* 8 %
8
8
7*8 8
634 7%
75* 3,500
7
7%
7%
12 s* 13
12 % 1234 1 1 % 12 % 1 1 % 1134 1134 1134 115* 12
2,400
*60
70
*60
70
*60
70
*60
70
*60
70
*60
70
39
39% 38% 39
383* 3834 38
385* 38
38% 39
38% 3,900
*3212 34% *33
34% *34
341, 34
34
*33U 3412 33
200
33
15*
15*
15*
l7
*
134 3,266
1% 1 %
1%
1 % 134
1 % 134
423* 43% 42% 43
415* 427* 415* 42
415* 42% 403 42% 24,400
4
108i2 108% 108% 109
108% 109
109% 109% 1093* 110% 10934 1105* 3,200
*64
65
*64
65% *63
64
63
63
62% 6234 62% 62%'
400
66
66
67
67% 67% 67% *64% 67% *64i2 67% *6434 67%
600
75% 77
753* 76% 735* 76% 73% 74’% 735* 747* 72% 763* 114,100
11934 120
119% 1195* 11734 119
118% 119 2116% 117% 11634 118% 2,800
34
34
*33% 34
*33% 34
34
34
34
34
*33% 34
1,300
*425* 44
*433* 44
43
43
44
44
*433* 44
44
44
90
*212 234
25* 25*
2 % 2%
2% 2%
*2 % 25*
800
2% 2%
67* 7
*67* 7%!
*6 7
* 7%
6 % 6 % *7
7%
7
7
600
23* 2 %
2 % 23*
23* 2 % 3,700
2% 2%
2 % 23*
2% 2%
637* *591, 63% 59% 591, *59
*59
64% *59
64
100
*59
63%
*15% 16% *15% 16% 15% 15% *147* 16% *147* 16% *15% 16%
100
*68
69
70
*68
70
69
*68
*68 % 70
70
*68 % 70
100
*147%
*147%
*147%
*147%
*147%
*147i2
74
*73% 75
74
75
*73% 74
76
72 _ 72
*73 “ 74
210
s4
*5*
*%
3
4
500
3
4
7*
7
*
%
7
*
7*
34
19
*16% 1834 *16% 19
19
*17
20
18
*19% 2 1
20
160
3634 37% 36% 361, 36
3634 3534 36%
35% 363* 35% 37% 9,700
*36% 37
367* 37
3634 3634 37% 37% 37% 375*
37
37
800
115 115 *115 116 *115 116 *115 116 a 114 114
1147, 1147*:
310
*41
42% *41
42% *41
41% 41% 41% *415* 42% *42
42%
100
* _________ 67 * _________ 67 *
67 *__
67 *_
67
67 *
*65
80
*65
*65
80
SO
*65
80
80
*65
80
*65
27% 27% *27
277* 2734 28
27% 27% *2 7 % 277* 28
28
800
45* 434
*4% 45*
4% 41,
45* 45*
*4^2 4%
4% 45*
1,600
30% 30% 30
307* 29% 30
29% 29% 295* 30
1,800
30% 30%
*115% 117 *115% 117
115% 115% *115% 1167* *115% 120 *115% 120
20
4
*3
3% 334
4
2% 234
3% 3% *3
27* 3
410
*10% 12% *10% 12% *10% 12% *10
12% *10
12%
12% *10
*122 130% *122 130% *120 129 *121 129 *124 12734 *124% 12734
90
927*
*88
92% *88
90
90
*88
94
*88
93
*88
60
*127%
*127%
*127%
*127%
*127%
40
127% 127%
134
*1%
2
*134 2'
*1%
17* *1%
15*:
is*
1“8 *1%
200
*2% 3
*234 3
234 2% *25* 2% *2% 27*
27* 2%
400
*11,
*1% 3% *134 3% *134 3% *112 3%
3%
*1% 314
734 734
75* 7%
73*
7% 734
1,100
7%
7% 7%
7% 7%
20% 20'% 20% 201, 20% 20% 20% 20% *20% 21
20% 2()34 1,700
*903* 93
92
92
91% 91% 92% 921, *917* 93%
300
*88% 93
634 67*
63* 6%
6% 6%
63* 6j2
6j2 634
6% 634 5,900
353* 35i>8 35% 35% 35
353* 3434 35
*3434 35% 35% 35%
1,500
*16
16% *157* 16% 16% 16% *1534 163* *1534 16% *16
16%
100
*9% 10% *9% 10% *87* 10% *834 10%
*95* 10%
100
10% 10%
2
134 134
134 17* 1,900
1% 1% *17*
17*
134 134
1%
*28% 29
29
*28
28
28
29
*28
29
400
28
28
29
43* 4 8
43* 45*
!>
4% 41,
43*
4% 43*
4% 43* 8,300
48% 48% 49
49
487* 487* 48
*46
49
120
48
47%
47
2% 2%
2% 2%
2
2
2% 2%
2% 2%
2% 2,300
2%
*7% 11% *8% 113* *75* 113* *7,8 113* *734 9% *8% 9%
534 *5
*5
6% *5
*5
6
6
*5i«
*5i8 QW
3534 34% 35% 35
35
3434 35
35% 34% 35
34 35
%
4,700
*23% 237* 23% 2334 227* 231, 227* 227* 225* 225* 223* 225* 1,200
24«4 2434 *243 247* 241, 24% 23% 24
8
24
24
*24
24%
900
3% 334
33* 33* *33* 35*
3>
= 8 35* *3% 35*
33* 33* 1,000
*235* 24
*23% 24
23% 235* 2234 2234 22% 22% 22% 225*
900
*63% 67
64% 64% *63
65
66% *63
64% 641, 64
64
300
*102% 103
102% 102% 102 102 *102% 103
104 104
140
103 104
107 107
106% 10634 107 10734 107% 10734 106% 107
106% 106%
350
9934 100
997* 100
99% 9934 99% 9934 100 100
100 100
160
*1121o 1123. 1121., 1121, 1123. 1127, 113 113
lisio 11350 11234 1137o
1,200
333* 3334 34
*33
33% 33% 3234 3 3 % 333* 3334 3 2 % 33% 2,4 0
57* 6%
57* 57*
6% 6% *6
57* 6
534 6
6%
1,700
*93* 97* *93* 934
9%
87* 87* *85* 93* *9
300
9%
9%
13* 1% *1%
13* *1%
13* *1%
900
13*
*1%
1%
1%
1%
32% 33
317* 32% 31% 32% 31% 32
28% 307, 27% 295* 29,200
32
31% 32
31% 32
31
2934 31% 30% 3134 13,300
30U 32
115% 115% 115% 116% 11434 116
11334 1145* 1133* 11334 11234 115
5,900
*138 140 *138 140 *138 140 *138 140 *138 140
140 140
10
25% 26% 26
26
25% 2534 2434 247* 25
25
25% 267, 4,400
*38
39
*38
39
39
39
*38
*38
*38
39
*38
39
31
31% 3034 31
303 31
4
315* 3134 2,600
30% 31
3 1 % 32
*35
35% *35
35% 35% 35% 35
35% 35
35 % 35% 355* 1,300
74
*61
*61
74
74
74
74
74
*61
*61
*61
*61
9734 95
*94
96
96
*95% 9734 96
96
96
96
96
90
375* 357* 37
37% 38
363
4 3534 383* 12,900
37
35% 367* 36
*90 110
*90 110
*90 110
*90 110
*90 110
*90 110
*75% 78
7534 *74
*75% 78
75% 76% *74
76% 7 5 % 75%
400
*10
*n
111,
11
11
10% 10% 10% 10% 10% * 10 % 11
400
1434 153* 1434 147* 14% 1434 14% 14% 14% 145* 145* 15% 12,100
43* 4*2
55* 534
55* 6%
534 6
45* 51,
5i2 534
10,900
3
3% 3%
*3% 33,
3% 33,
1,800
3% 3% *3 % 33*
3%
*253* 26
*25% 26% *25% 263* *25% 26
26
*25% 27
26
100
*153* 1534 *15
1534 *15
1534 *15% 157* *15% 157*
1558 *15
334 334
334
35* 4%
4”
4
3% 35*
4% 4%
7,800
23* 23*
23*
23* 23*
2%
2 % 23*
2% 2%
2% 2% 5,400
43* 43g *4%
4
4%
4% 4%
4 % 4%
4%
4%
4% 2,400
534 6% 7,900
534 6
534 5^8
534
55* 534
6
6%
527* *52
527
8 52% 527* 52% 55
53
52
53
52% *50
2,700
*103
*108
*108
*108
*108
*108
28
28
28% 27% 28
27% 2734 27
27% 27
27
2,300
27
413* 41 % 411, 4134 413* 41% 41% 415* 41% 41% 41
41% 12,700
20% 20% *20% 20% 20
20
20% 2,100
20% 20
20% 20
20
72
72
*66
75
*66
75
*66
75
74
*66
74
*66
50
*63
*64
*64
69
69
69
69
70
*64
*64
70
70
20
36% 36% 37
*35
36% *35
37% 36
37
*35
37
371*'
600
*49
49%
50% 49
300
50
*46% 501, *48
50% *49
51% 50
118 119
118 1237*
119 120
118 118
119 122% *118 120
930
*82% 83
*82% 83%
*82% 83
*82% 83
*82% 83
200
83
83
257* 25
2434 24
24% *237* 2434
*24
300
25
*24% 2434 *24
2034 213* 20% 21% 20% 21% 20
20% 20% 2034 20% 213* 62,800
123 123
160
*120 123
123 123
123 123 *121 123 *121 123
*1334 14% 1334 1334 13% 1334 *13% 135*
13% 1334 1,200
14
14
523* 51% 52% 50% 53% 25,400
52% 533* 52% 533* 515* 533* 51
*867* 91% *867* 91% *867* 91%
100
*88% 91% *885* 91% 90
90
313* 31% 31% 31% 30
30% 30
31% 3,800
31% 32
31
30
193* 18% 19
19
7,700
18% 19% 1734 18% 175* 175* 175* 19
25* 234 1,100
25* 25*
234 234
234 234
2% 27* *234 27*
$
per share
share
v e r share
o
<
^
* Bid and asked prices; no sales on this day .
= =
----=
t
_________________ 2935
Range Since J a n . 1
On B asis o f 100-S h a re L o tt
STOCKS
NEW YORK STOCK
EXCHANGE
H igh est
Low est
Par
% per share
$
per share
7% Mar 10
41* Aug 24
United Drug In c___________ 5
834 Jan 5
4% Mar 31
United Dyewood Corp__ .10
56 July 11 74 Feb 11
Preferred___________________________ .100
8 % Sept 11
3% Apr 11
United Electric Coal Cos_ 5
_
United Eng & F dy_________ 5
25% Apr 11 35% Sept 27
62% Apr 8 95 Sept 11
United Fruit _______________ . . N o par
1434 Aug 15
11 Apr 8
United Gas Im prov't-.fVo par
$5 preferred____________________N o par 110 Sept 6 117%June 23
6 % Apr 8 14 Sept 12
United Mer & Manu Inc v t c .l
334 Aug 31
75* Sept 25
United P a p e rb o a rd .______1C
5% Mar 31
11 Jan 4
U 8 & Foreign Secur______ N o par
75 June 29 87% Mar 8
S6 first preferred_ __ 100
_
17% Sept 11
5 Mar 31
U S Distrib Corpconv pref.100
5% Aug 24 14 Sept 27
U S Freight___________________________ N o par
U S Gypsum_ _____ ____ _____ 20
_
65% Sept 11 113 Jan 4
79c preferred_______ .. 1 0 0 149% Sept 28 180 Mar 9
77* July 24
4 Apr 8
U S Hoffman Mach Corp___ 5
23 Apr 1
C 35% July 24
5}£% conv pref____ _ 50
_
*
13% Apr 11 293 Sept 12
U S Industrial Alcohol-No par
U S Leather................................................ N o par
3% July 6 10% Sept 13
15% Sept 13
5% Aug 24
Partlc & conv cl A ______ N o par
46 Apr 25 67 Oct 4
32% Sept 12 49 Mar 13
U S Pipe & Foundry_______ 20
31% Oct 2 37% July 7
1% Aug 24
6 % Mar 10
tU S Realty & Imp _________ N o par
31% Apr 11 52% Jan 3
U S Rubber........................... IC
86 % Apr 11 112% July 18
8 % 1 st prelerred ______ __________ 100
48 July 6
68 Sept 27
%
U S Smeltmg Ref & Mm _________ 50
Preferred_____________ ________________________ 50
60 Jan 23 x70 June 27
415* Aug 24 S234Sept 12
U S Steel Corp ____________________N o par
98%May 19 1207*Sept22
Prefen e d __________________________________ 100
30 Sept 22 37%June13
U S T obacco ________________________ N o par
39 Oct 3 4634 July 14
7 % preferred____________________ ..2 5
17* July 1
4 Sept 6
United Stockyards C orp _________ 1
6 %May 2
8% Mar 3
Conv pref (7 0 ci ____________ N o par
25* Oct 26
13* Apr 10
United Stores class A ___________________ 5
$6conv pref ___________ . . N o par 46 Apr 6 59% Nov 1
9 May 11 17 Sept 14
Universal-Cycleps Steel Corp 1
60% Sept 12 85 July 31
Universal I.eaf T eb _________ N o par
Universal Pictures 1st pref.100
Vadsco Sales _________ __________ N o par
Preferred______________ 100
Vandlum Corp of Am .No por
Van Rualte Co Inc ________________________ 5
7% 1st preferred_________________100
Vick Chemical C o ______________
5
Vicksburg Shrevport PacRylOO
5% pref . . . .
100
Victor Chem Works_____
5
Va-Carollna Chem_____N o par
6% preferred_________ 100
Va El A Pow $6 pref______ N o par
Virginia Iron Coal & Coke. 100
5 % preferred__________ 100
Virginia Ry Co 6% p r e f... 100
Vulcan Detinnlng.............. 100
Preferred..........................100
tWabash Hallway________ 100
5% preferred A ________ 100
45% Apr 10
% Jan 16
16 Aug 21
16 Apr 10
25 Apr 1
C
109 Sept 22
347* Apr 11
54% Aug 30
65 Sept 30
18% Apr 10
2% Apr 8
17 Apr 10
112% Sept 14
5* Aug 7
4% July 27
116 May 2
64% Apr 12
125 Mar 7
% July 22
1% July 8
Waldorf System _________________ N o par
Walgreen Co ______________________ N o par
4J4 % pref with warrants 100
Walworth C o _________No par
WaIk(H)Good & W Ltd N o par
P r e fe r r e d .. _____________ . N o par
Ward Baking Co cl A .N o par
Class B _____________ N o par
7 % preferred . .
------- 100
Warner Bros Pictures___ - .5
$3.85 conv pref______________ N o par
tWarren Bros ______________________N o par
$3 convertible pref . . N o par
5% Apr 11
15% Apr 10
85 Jan 3
4 Apr 10
303 Sept 20
4
14% Oct 2
7% Aug 25
1%June 30
26% Sept 5
35* Sept 5
36 Feb 3
15* Sept 1
6% Apr 11
5 Mar 13
19% Apr 8
1434 Apr 11
20 Sept 5
17* Apr 10
16 July 20
55% Aug 25
85 Apr 11
95 Apr 8
88 Apr 10
105% Sept 5
20% Apr 11
23* Apr 10
3% Apr 10
34 Apr 8
167* Apr 8
18% Apr 8
82% Apr 11
126 May 20
10% Apr 8
37 Mar 3
15% Apr 8
z29 Apr 6
42 July 28
74 Apr 6
15% Apr 10
80 Jan 27
45 July 10
9% Sept 15
7 Apr 10
3% Sept 2
134 Aug 21
14 Apr 10
Warren Fdy & Pipe___ No par
Waukesha Motor Co________ 5
Wayne Pump C o __________ 1
Webster Elseniohr _ No par
_
Wesson Oil & Snowdrift No par
$4 conv preferred_________ N o pat
West Penn El class A ______ No par
7% preferred _________________________ 100
Pt°r, pieferred _____________ _____
100
Western Auto Supply Co_ 10
_
Western Mary la rd _________________ 160
4% 2d preferred _________________ 100
Western Pacific 6% p re f.. 100
Western UnloD Telegraph. 100
Westingh’se Air Brake.No par
Westlnghouse El & Mtg _________ 50
1st preferred_____________________________ 50
Weston Elec Instrum’ t.N o par
W estvaco Chlor Prod-.N o par
7
5 % conv preferred _______________ 30
Wheel & L E Ry Co ______________ 100
514% conv preferred___ 100
Wheeling Steel Corp ______ N o par
$5 conv prior pref_ No par
_
White Dent’l Mfg (The S S)20
White Motor C o _________ .1
Whlte Rock Min Spr Co No par
White Sewing Mach Corp_ 1
_
$4 conv preferred___ No par
23* Aug 11
1 June 24
23*June 24
27* Aug 28
32 Aug 26
105% Apr 20
15 Apr 10
Woodward Iron C o _______ 10
36 Sept 13
Woolworth (F W) C o______10
10% Apr 11
Worthington P&M(Det)No par
47% July 15
Preferred A f % ...............100
43 May 25
6% preferred B ________ 100
Prior pref 414 % series.. 10 23% July 5
Prior pf 4V4 % conv series 10 31% Apr 19
Wright Aeronautical.. . N o par
85 Apr 10
Wrlgley (Wm) Jr (D el).N o par
75 Mar 31
1834Sept 1
Yale & Towne Mfg Co____ 25
Yellow Truck & Coach c) B._ 1 11% Apr 11
98 Apr 11
Preferred______________ 100
9% Aug 24
Young Spring A W ire..N o par
Youngstown S & T ___ No par
30 t p r l l
74 May 5
5% % preferred ___ ..10 0
Youngst’wn Steel Door.N o par
17 Apr 8
12 Apr 11
Zenith Radio Corp___ No par
Zonlte Products Corn............ 1
2 Aug 24
Wilcox Oil ft G a s __________ 5
W1Ilya-Overland M otors_ 1
_
6% conv preferred__ ..1 0
Wilson A Co Inc_____ No par
$6 preferred___ _______ 100
In receivership. a D el . delivery. n New stock,
-----------------------------------------------
r Cash sale,
x Ex-dlv.
■ ■
y
78 Feb 25
1 Sept 9
21 Sept 11
40 Sept 12
38 Oct 26
116% July 26
43 June 5
56% Aug 23
65 Sept 30
28% Sept 14
534Sept 12
3334 Sept 27
118 July 31
534Sept 12
15 Sept 12
129 Oct 23
95 Sept 11
131 Mar 15
3 Sept 13
37* Sept 13
3 Sept 20
8 Oct 23
233* July e
98% July 22
9% Jan 5
503 Jan 3
4
20% July 18
147* Mar 1
27* Jan 4
44 Mar 8
67 Jan 4
*
58 July 24
378 Jan 3
1334May 24
73* Sept 20
3534 Oct 28
243* Jan 5
3234 Jan 4
334 Oct 28
28% Jan 3
79 Jan 4
104 Aug 22
112 July 19
105 June 15
1137* Nov 3
34% Oct 21
634Sept 27
11% Sept 27
2 Sept 27
37 Sept 20
37% Sept 22
121 Sept 12
145 Mar 8
267* Nov 3
40 July 31
32 Nov 2
36 Sept 27
75 Oct 18
97 Oct 3
387* Oct 26
80 Jan 27
78 Oct 25
12% Mar 10
1534 Oct 26
7 Jan 4
4% Sept 16
28 Sept 20
17®4 Aug 15
4% Nov 1
3% Feb 8
6% Feb 8
77* Sept 6
56 Oct 26
115 Sept 19
313 Sept 22
4
50% Jan 5
23% Jan 4
74 Oct 31
69 Oct 31
38% Sept 22
53% Sept 20
1237* Nov 3
85% July 18
33% Mar 13
217* Oct 26
123 Oct 30
21% Jan 5
56% Sept 12
92 Sept 30
34 Sept 27
22% Jan 4
37* Sept 6
Ex-rlghts.
..........- - - =
Range fo r P revious
Y ea r 1938
Lowest
$
per share
45* June
H igh est
$
per share
738 Jan
107* July
Mar
Apr 80% Jan
Mar
87* July
Mar 39% Oct
Mar 67% Aug
127* Nov
Mar
Mar 114 Nov
6 Sept 10 % Aug
3 Mar
85* Oct
4% Apr
13 Nov
62 May 8734 Dec
3% Mar
9% July
125* Nov
5% Mar
55 Mar 115 Nov
162% Mar 173 Nov
4% Mar
10 % July
24 June 35% Jan
13% Mar 30% Nov
3% Mar
7% Oct
5% Mar 13% Nov
71 Nov
21% Mar 495* Oct
4%
60
3
217*
50
8%
100
27*
21
45%
z44%
Mar
7 July
Mar 56% Nov
Jan 109% Nov
Mar 72% Oct
z55
Mar 70% Mar
38 Mar 71% Nov
91% May 121
Oct
29% Mar 36 June
40 Apr 47% Sept
3 Dec
5% July
7% Nov
10% July
1% Mar
3% July
37 Feb 52 Dec
7% June
15 Nov
48 Mar 86 Dec
83
27% Mar
% June
1%
16 Mar 28 %
11% Mar 287*
14% Mar 36%
97 June 113
30% Mar 42
40 June 57
Deo
i«n
Og
Nov
Nov
Nov
Jan
Oct
13%
2%
15%
105
1%
5%
100
37
116%
1
1%
Sept 25% Deo
5*8 Jan
Mar
Mar 32% Jan
Mar 116% Nov
Apr
4% Jan
153 Jan
4
Mar
Mar 1207* Feb
Mar 77i2 Dec
July 119% Oct
25* Jan
Mar
Mar
438 July
3% Feh
5% Mar
8% July
13% June 20% Jan
74 Mar 87% Dec
4% Mar 10% July
30 Mar 54 Nov
1734 May 203* Dec
8 Mar
19% July
2 Mar
4 July
23 Mar 51 July
3% Mar
8 July
20 Mar 45 Aug
47* July
1% Mar
5 Mar
1634 July
16% Mar 31 Nov
11 Mar 25
Oct
17 Mar 343* Nov
1% Mar
4% Oct
25% Mar 39 July
71 Apr 82% July
70 Apr 102% Jan
82% May 103% Dec
74 Mar 9734 Jan
1234 May
2% Mar
3 Mar
34 Dec
16% Mar
15s4 Mar
613 Mar
4
103 Mar
9% Mar
31% Mar
10 Mar
20 Mar
60 Mar
65 Apr
14% Mar
75 Mar
42 May
10*4 Dec
6% Mar
5 Sept
1% Mar
834 Mar
267*
4%
9
3%
34%
33%
1247*
144
21
Dec
Jan
Jan
July
July
Nov
Nov
Oct
Oct
20%
31%
60
90
32%
July
Dec
Mar
Jan
Nov
61 Nov
15% July
15% July
11
Jan
3
Jan
2434 Oct
1% Mar
3% Aug
3i. Oct
1% June
678 Jan
3% June
57* July
3 Mar
32 Mar 60% Jan
103
Oct 10634 Dec
10% Mar 275* Nov
36
Jan 5334 Nov
11% Mar 27% Nov
42 Mar 72% July
70*4 Oct 75% Nov
27 Mar 48% Nov
28% Mar 6538 Nov
55i2 Mar 121% Dec
61% Mar 78 Dec
2034 Jan 39 July
8% Jan 21% Oct
Oct
71 Mar 109
93* Mar 257 Aug
*
24 Mar
57% Nov
62% Mar
86% Nov
11% Mar 31% Dec
9 Mar 2534 July
2% Jin
5% Mar
t Called let redemption.
=
~ ....... a
|
Nov. 4, 1939
2936
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
U.
N o.
L ow
Treasury 4Ha___________ 1947-1952 A 0
Treasury 4s_____________ 1944-1954 J D
Treasury 3% a___________ 1946-1956 M S
Treasury 3X a___________ 1940-1943 J D
Treasury 3 Ha___________ 1941-1943 Af S
Treasury 3 Ha___________ 1943-1947 J D
A
Treasury 3H s________________ 1941
O
Treasury 3Ha___________ 1943-1945
O
Treasury 3Ha___________ 1944-1946
D
Treasury 3H s___________ 1946-1949
D
Treasury 3H s___________ 1949-1952
Treasury 3s_____________ 1946-1948 J D
Treasury 3s_____________ 1951-1955 M S
Treasury 2 Ha_________..1955-1960 M S
Treasury 2Ha___________ 1945-1947 M S
Treasury 2 X 8 ___________ 1948-1951 M S
Treasury 2 Ha___________ 1951-1954 J D
Treasury 2 X s ___________ 1956-1959 M S
Treasury 2Ha___________ 1958-1963 J D
Treasury 2H a. ________ 1960-1966 J D
Treasury 2 Hs . . ______________1945 J D
Treasury 2H s________________ 1948 M S
Treasury 2 Ha__________ 1949-1953 J D
Treasury 2 Ha___________ 1950-1952 M S
Treasury 2s_____ - ___________ 1947 J D
Federal Farm Mortgage Corp—
3Ha..................Mar 15 1944-1964 Af S
3s..................... May 15 1944-1949 AfN
3s. ..................Jan 15 1942-1947 J J
2 Ha.................-Mar 1 1942-1947 Af S
Home Owners’ Loan Corn—
3s series A ___ May 1 1944-1952 AfN
2 Ha aeries G_________ 1942-1944 J J
lH s series M _________1945-1947 J D
H igh
1 1 7 .2 4 1 1 7 .1 2
1 1 3 .8 113
1 1 2 .2 0
1 0 2 .2 9
1 0 4 .2 3 1 0 4 .2 3
1 09
1 05 11
1 0 8 .2 4
1 0 9 .5
1 0 9 .4
1 0 9 .8 1 09
1 0 9 .2 6
1 0 8 .1 4 1 0 7 .2 9
1 0 7 .6 1 0 6 .3 1
1 0 4 .8 1 0 4 .8
1 0 7 .1 0 1 0 7 .3
1 0 5 .2 8 1 0 5 .2 6
1 0 4 .8
1 0 4 .8
1 0 3 .6 1 0 3 .1 6
1 0 3 .3
103
103
1 0 3 .5
1 0 7 .8
1 0 5 .1 6 1 0 5 .1 6
1 0 2 .2 9 1 0 2 .2 5
1 0 3 .1 7
1 0 2 .2 9
1 1 7 .2 8
1 1 3 .1 5
1 1 2 .2 0
1 0 2 .2 9
1 0 4 .2 5
1 09
1 0 5 .1 1
1 0 9 .8
1 09 .11
1 0 9 11
1 0 9 .2 6
1 0 8 .2 2
1 0 7 .1 9
1 0 5 .8
1 0 7 .1 7
1 0 6 .6
1 0 4 .2 3
1 0 4 .3
1 0 3 .2 3
1 0 3 .2 0
1 0 7 .8
1 0 5 .2 8
1 0 3 .1 6
1 0 3 .1 8
1 0 3 .6
42
168
50
1
29
50
2
188
148
21
1
12
11
289
43
1 42
30
1 77
141
1 58
2
6
232
26
39
1 1 3 .1 8 1 2 2 .1 3
1 1 0 .2 1 1 6 .1 9
1 0 8 .1 8 1 1 6 .5
1 0 1 .2 4 1 0 5 .8
1 0 3 .1 5 1 0 6 .2 7
1 0 6 .1 6 1 1 1 .1 0
1 0 3 .2 8 1 0 7 12
1 0 6 .1 6 1 1 1 .9
1 0 6 .1 2 1 1 1 .2 7
1 0 4 .2 2 1 1 2 .2 1
1 0 5 .1 2 1 1 4 .5
1 0 4 .4 1 1 1 .3 1
1 0 2 .1 6 1 1 2 .2 6
1 0 0 .1 1 1 0 .9
103
1 1 0 .6
1 0 1 .1 0 1 0 9 .3 1
1 0 0 .2 1 0 9 .2 1
9 9 .2 1 0 9
99
1 0 8 .2 3
9 9 .9 1 0 8 .1 6
1 0 3 .4 1 0 9 .1 0
1 0 1 .1 0 1 0 9 .8
9 9 .4 1 0 7 .2 1
9 9 .6 1 0 7 .2 2
9 9 5 1 0 6 .3
107
1 0 6 .1 7
1 0 5 .1 2
1 0 4 .2 3
107
1 0 7 .3
1 0 5 .2 0
1 0 4 .2 3
1
130
68
23
1 0 3 .8 1 1 0 .6
1 03
1 0 9 .2 1
1 0 2 .1 2 1 0 6 .2 7
1 0 1 .2 8 1 0 6 .1 5
1 0 6 .1 4 1 0 6 .1 4
1 0 3 .2 9 1 0 3 .2 9
9 9 .2 9 9 9 .2 0
1 0 6 .2 7
1 0 4 .5
100
20
7
55
1 0 2 .5 1 0 9 .1 7
1 0 1 .1 0 1 0 5 .1 8
9 6 .8 1 0 2 .1 2
Foreign Govt & Municipal—
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s__________1947 F A
♦Gtd sink fund 6s__________1948 A O
Akershus (King of Norway) 4s. 1968 M S
_
•AntlOQUla (Dept) coll 7s A_ 1945 J J
•External s f 7a aeries B_____1945 J
•External s f 7s series C_____1945 J
♦External a f 7s series D ____1946 J
•External s f 7b 1st aeries___ 1957 A
♦External aec a f 7s 2d series.1957 A
•External sec s f 7s 3d series.1957 A
Antwerp (City) external 6s____1958 J
Argentine (National Government)
S f external 4 H s__________ 1948 M N
S f external 4 X s ___________ 1971 MAC
8 f extl conv loan 4s Feb___ 1972 F A
8 f extl conv loan 4s Apr___ 1972 A O
Australia 30-year 5s__________ 1965 J J
External 6a of 1927................ 1967 M S
External g 4 Ha of 1928_____ 1956 AfN
♦Austrian (Govt’s) s f 7s______ 1967 J J
•Bavaria (Free 8tate) 6 Ha___ 1945 F A
Belgium 25-yr extl 6 Ha_______ 1949 M S
External s f 6s_____________ 1955 J J
External 30-year 8 f 7s______ 1955 J D
•Berlin (Germany) s f 6 Ha___ 1960 A O
•External sinking fund 3s __19581J D
♦Brasil (U 8 of) external 8s____1941 J D
•External s f 6 Ha of 1926___1967 A O
♦External s f 1 Ha of 1927— -1967 A O
♦7s (Central Ry)..................... 1962 J D
Brisbane (City) a f 5a................1957 Af S
Sinking fund gold 6s________ 1958 F A
20-year s f 6s_______________1950 J D
♦Budapest (City of) 6s_______ 1962 J D
Buenos Aires (Prov of)
♦6s stamped________________1961 Af S
External s f 4H -4H s_______ 1977 Af S
Refunding s f 4Ha-4Xs_____ 1976 F A
External re-adj 4Ha-4Hs___ 1976 A O
External s f 4Hs-4Hs............1976 M N
3% external s f $ bonds_____ 1984 J J
Bulgaria (Kingdom of)—
♦Secured s f 7s_____________ 1967 J J
♦Stabilisation loan 7Hs_____ 1968 MAC
13H
67
93
83
73
73
80
79
75
H
H
H
H
85 H
91X
17
14H
14H
13H
7
55
54
54
Canada (Dom of) 30-yr 4 s .___1980 A O 9 6
6s....................
..1952 AfN 101 H
10-year 2 Ha_______Aug 15 1945 F A
93 H
25-year 3 X s _______________ 1961 J J
86 H
7-year 2Ha________
1944 J J
94 H
30-year 3s_________________ 1967 J J
84
T 83 X
30-year 3 s _________
1968 M A
•Carlsbad (City) 8s...................1954 J J
♦Cent Agrlc Bank (Ger) 7s____1950 M S
♦Farm Loan sf 6s._July 15 1960 J J
♦6s July coupon on______ 1960
♦Farm Loan* f 6s..Oct 15 1960 A O
♦6s Oct coupon on_______ 1960
•Chile (Rep)— Extl s f 7s..........1942 M N
15H
♦7s assented--------------------- 1942 M A
C
♦External sinking fund 6s___1960 A O 1 5 H
♦68 assented_____________ 1960 A O
♦Extl sinking fund 6s..Feb 1961 F A
♦6s assented---------------Feb 1961 F A
•Ry ref extl s f 6s______ Jan 1961 J J 1 5 H
♦6s assented---------------Jan 1961 J J
•Extl sinking fund 6s — Sept 1961 M S
15H
♦6s Assented------------- Sept 1961 M S
♦External sinking fund 6a___1962 A O
♦6s assented______________1962 A O
♦External sinking fund 6 s...1963 AfN
15H
•6s assented___________________1963AfN
•Chile Mtge Bank 6 Ha............. 1967 J D
♦6Hs assented___________ 1957 J D
♦Sink fund 6Ha of 1926......... 1961 J D
♦6Hs assented.._________ 1961 J D
For footnotes see nave 2941
*24 H
*24 H
*7 0
12H
12H
12H
12H
12
12
12
65 H
92
83
72
72
76
77
72
*8
H
H
H
H
H
26
2 5 H _____
73 H _____
30
13H
12
13H
1
12 H
36
13H
15
12H
12
12 H
3
12H
14
67
93
83
74
74
80
79
76
13
%
ys
H
H
H
*1H
84 H
83 H
91H
*6
*4
15
12H
12H
12
79
72
*7 3
7
20
86
84 H
92 H
22
15
18H
15H
15H
14
79 H
79 H
82
7H
64
54
53 H
54
56 H
42
162
21
167
91
108
22
54
—
64
55
54
54 H
56H
42
*14
16
96
101H
93
86 H
94 H
83 H
83 M
*2
*9H
*8H
*6
*8H
15H
11M
15H
11H
15H
ll H
15H
ll H
15H
11M
15H
11H
15H
11 %
14 H
10H
*14H
*10H
27
27
94 H
15H
15H
15H
15H
14H
14H
14H
96 H
88
95
81H
88 H
70H
80H
70H
79 H
53
103H
53
103 H
52 H
99
6
17H
20
6H
20H
65 H 108
67
108
7 1 H 116 H
6H
21H
7H
19H
11H
28H
9H
23
9H
22 H
9
21H
60 H
98H
58
98 H
65
1 02
6
U H
1
26
12
3
7
4
64
44
44
44
47
32
31
19
131
94
1 40
1 77
67
7
20
__
20
16
98 H
103H
94 H
88
94 H
85
83 H
12H
15
22 H
24
70
10H
9H
10H
10H
9H
9H
9H
60 H
i
1 39
1 86
49
42
18
43
2
__
9X
15H
11H
15H
11H
15H
ll H
15H
ll H
15H
ll H
15H
11 H
15H
ll H
15
10H
15
11H —
3
2
13
15
7
13
7
14
7
5
15
2
6
5
4
5
__
H
70
58
58
58 H
60
47 H
12M
12
29
32 H
82 H
95H
87
73H
87 X
68H
83 X
10
7
6H
18
6
18
12
8X
12
8X
12
8H
12
8H
12X
8X
12X
8X
U H
8X
11H
8
11H
7H
111H
H I H
104H
1 06 H
104
102H
83 H
19X
32
27
24H
27 H
23 H
18H
16
18X
16H
18 H
16X
18 H
16X
18H
16X
18X
16 H
18H
16X
16
14H
16H
14X
H
H
H
BONDS
N. Y . STOCK EXCHANGE
Week Ended Nov. 3
Friday
W eek 's
Range or
Last
Sale
F r id a y 's
£
Price Bid < A sk ed
Low
\ Sold
H igh
Low
S. Government
Range
Since
Ja n . 1
1Bonds
Friday
W eek ’ s
Las
Range or
Sale
Friday’ s
Price Bid & A sked
In te r es t
P eriod
BONDS
N . Y . STOCK EXCHANGE
Week Ended Nov. 3
Bonds
Sold
N O T IC E — Prices are “ and interest"— except for incom e and defaulted bonds. Cash and deferred delivery sales are disregarded in the
week’s range, unless they are the on ly transactions o f the week, and when selling outside o f the regular weekly range are shown in a footn ote
in the week in which they occur. N o account is taken o f such sales in com puting the range for the year.
The italic letters in the column headed ‘ 'In terest P eriod ” indicate in each case the month when the bonds mature.
H ig h
N o.
15
ii
14H
11
13X
7
8
1
11
5
R ange
Since
Jan. 1
L ow
H ig h
Foreign Govt. & Mun. (Con.)
Chile Mtge Bank (C on clu ded >
♦Guar sink fund 6s_________ 1961 A O
♦6s assented_____________ 1961 A O
♦Guar sink fund 6s_________ 1962 AfN
AfN
M S
M
10H
14H
S
1 4#
10 H
14H
10H
1 3#
*9 H
*9H
*3
♦Chinese (Hukuang Ry) 5s___ 1951 J D
♦Cologne (City) Germany 6 Hs. 1950 Af S
Colombia (Republic of)—
♦6s of 1928..................... Oct 1961 A O 25H
23X
♦6s extl sf gold of 1927. Jan 1961 J J
24
*24#
♦Colombia Mtge Bank 6Ha — -1947 A O
25
♦Sinking fund 7s of 1926___ 1946 M Af
♦Sinking fund 7s of 1927___ 1947 F A
*24H
J D
54
25 year gold 4 Hs___ _______ 1953 AfN
54
51 X
{♦Cordoba (City) 7s unstampedl957 F A ______ *____
F A
*54#
Cordoba (Prov) Argentina 7s._ 1942 J J
75
♦Costa Rica (Rep of) 7s........... 1951 MAC
Cuba (Republic) 5s of 1904___ 1944 M S
F A
F A
4 Hs external debt___ ______ 1977 J D
Sinking fund 5H s— -Jan 15 1953 J J
♦Public wks 6 Hs_ June 30 1945 J D
_
A O
Sinking fund 8s ser B _______1952 A O
Denmark 20-year extl 6s...........1942
External gold 5 Ha.................1955
External g 4H s........ Apr 15 1962
Dominican Rep Oust Ad 5 Ha. .1942
1st ser 6Hs of 1926................ 1940
2d series sink fund 5 Ha _ 1940
_
Customs Admins 5 Ha 2d ser. 1961
5 Ha 1st series....... ............. 1969
5 H» 2d series.............
1969
♦Dresden (City) externa! 7 s ...1945
J
J
F A
A O
Af S
A O
A O
M S
A O
A O
MAT
35
11
26
26
J
D
♦German Rep extl 7a stamped. 1949 A O
♦7s unstamped____ .
1949
German Prov A Communal Bks
♦(Cons Agrlc Loan) 6Hs ...1 95 8 J D
MAT
♦7a part paid____________ 1964
F A
♦6s part paid...................... 1968
Haiti (Republic) s f 6s ser A . . .1952
♦Hamburg (State) 6s___
. 1946
♦Heidelberg (German) extl 7 Ha ’ 50
Helsingfors (City) ext 6H s___ 1960
Hungarian Cons Municipal Loan—
♦7Hs secured s f g _________ 1945
•7s secured s f g ___________ 1946
♦Hungarian Land M Inst 7HS.1961
A
A
J
A
20
25
27
19
55#
18
54 H
___
70
58
3
75
1
1 8#
18X
*102#
*103 X
8
,a99H fl99#
53
54 H
55 X 112
*101H 102 H ___
3
71
70
71
*11
*11
18
100
101H
99
49 H
100
63
6
24
75
63 H
55 H
56
75
76 H
10
65
63 H
61
54 H
55 H
1
a68M <z68H
2
69
69
2
67
67
1
a69
a69
_____ *
73
____
—
15
...........
Hungary 7Hs ext at 4 X s t o .-1 1979 F
10
A
♦Assentlnc 4s of 1910 small______
{♦Treas 6s of '13 assent (large) ’33
{♦Small............
Milan (City, Italy) extl 6 Ha ..1952
Minas Geraes (State)—
♦Sec extl s f 6 Ha__________ 1958
76
63 X 105
60
101
51
97 H
74
65
65
73H
73
65
66
73
66 H 75
65
72 H
10
20 H
14H
35
71H
7H
78H
98
98
102
21H
100
107
19 H
110H
106
125
105
29
28
12
8H
23 H
20
15
13H
*8
*23
*13H
*18H
14
21
83
19
15
81
18H
*87
67 H
61 H
*63
60 H 51
76
77 H
62 H
63 H
*19H
*9
8
12 H
*66 H
*#
*X
*#
*1
*1
1
D
D
H
%
X
J
J
A
O
52 H
47 H
M
S
8X
8H
9
*36
35 H
77
76
97 H
97 H
84 H
80
78 H
88
*X
19H
15H
1
___
2
7H
7H
6H
6
8
2
19H
10
92
80
68
___
69
189
61
109
78
64 H 130
___
22
8
1
13
75
5
J
78
98
97 H
85 H
80 H
79 H
24 H
37 H
30
27 H
25 H
83
71
5H 19
7H 18
72 H 105
6
6
6H
7#
16H
11
11
10
10
30
86
113
45H 76 H
39 X 75
30
61
64 X 85H
50
65 H
16
38 H
23
7
25
8
10
64
1H
H
H
H
1H
1H
X
X
H
15H
72 H
H
1H
1H
1H
IX
1H
1
IX
1H
IX
IX
IX
1
21
X
io
X
1 H ____
H
H
109
31H
56 H
4
4
6H
6H
31H
31H
55
1
1
X
X
X
S
D
MAC
New So Wales (State) extl 5s. .1957 F A
External a f 5a_________ Apr 1958 A O
Norway 20-year extl 6s____—.1943 F A
20-year external 6s_________ 1944 F A
External sink fund 4 H a ____1956 Af S
External s f 4H s___________ 1965 A O
4s s f ext loan______________1963 F A
Municipal Bank extl a f 5s_ 1970 J D
_
75
10
6X
J
J
M
30X
108
106
102 H
60
104
74 X
5
21H
5
18
17 H 17 H
7
27
6
22
18H
MAC
1045 Q J
Q J
♦4s of 1904_______________ 1954 J
♦Assenting 4s of 1904_______ 1954 J
27 H
27
96 H
94 X
65
61
80 X
48
14
7H
7H
6H
o
J D
MN
t.
28
28
26X
9H
6H
7H
7H
6H
♦Medellin (Colombia) 6H s___ 1954 J
♦Mexico (US1 extl 5« of 1899
7
9X
20
20 X
9
6H
83
*6
*2H
80
15H
O
Irish Free State extl a f 5a.........1960 MAC
Italy (Kingdom of) extl 7s____1951 J D
Italian Cred Consortium 7s ser B '47 M S
Italian Public Utility extl 7 s...1952 J J
Japanese Govt 30-yr s f 6 H s —-1954 F A
Extl sinking fund 5 Ha______1965 AfN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
F A
•Lower Austria (Province) 7Hs 1950 J D
13
1
34
3
12
16H
14 X
10H
14H
14 ii
9X
6H
9H
O
O
J
J J
J J
AfN
81
45
19H
19H
22 H
22"
22
47 %
46
47 H
40
65H
J J
15#j
15H
Estonia (Republic of) 7s______1967 J J
50
50
Finland (Republic) ext 6s.........1945 M S 84
84
84 H
♦Frankfort (City of) s f 6 H a ...1953 AfN
8H
8H
French Republic 7Xa stamped.1941 J D 106 H 103 H 106 H
*100
External 7s stamped...............1949 J D
105
105
*100H
German Govt International—
♦6Hs of 1930 stamped...........1965
__
11
7H
11
7
8H
9H
8H
8H
54
8M
9H
41
36
78
77
98
98
85 H
82
80 H
90
2
7
4
35
71
9
27
24
8
55
56
90
90
72 H
71H
70
88
16
15X
54
101X
101 x
105 H
106 H
105
103H
101X
104
Volume 149
N e w Y o r k B o n d R e c o r d — Continued— Page 2
3—
BO N D S
N . Y . STOCK EXCHANGE
Week Ended Nov. 3
is!
£ fe
•Nuremburg (City) extl 6 s ... .1952
Oriental Devel tuar 6s_______ .1953
Extl deb 5 Ms........................ .1958
Oslo (City) s l 4 H s . . ............. .1955
•Panama (Rep) extl 5 Ms____ .1953
♦Extl s f 5s ser A _________ .1963
♦Stamped assented______ .1963
♦Pernambuco (State ol) 7s___ .1947
♦Peru (Rep of) external 7s_ .1959
_
♦Nat Loan extl s f 6s 1st ser. .1960
♦Nat Loan extl s f 6s 2d ser. .1961
♦Poland (Rep of) gold 6s____ .1940
4 Ms assented___________ .1958
♦Stabilization loans f7 s ___ .1947
4 Ms assented___________ .1968
-1950
4 Ms assented___________ .1963
♦Porto Alegre (City of) 8s___ -1961
♦Extl loan 7 Ms___________ -1966
♦Prague (Greater City) 7 M s.. .1952
♦Prussia (Free State) extl 6 Ms .1951
♦External s f 6 s ___________ .1952
Queensland (State) extl s f 7s. -1941
25-year external 6s________ .1947
♦Rhlne-Maln-Danube 7s A __ .1950
-1946
♦Extl sec 6 Ms____________ -1953
Rio Grande do Sul (State o f)♦8s extl loan of 1921______ .1946
♦6s extl s f g _____________ -1968
♦7s extl loan of 1926______ .1966
♦7s municipal loan________ .1967
Rome (City) extl 6 Ms_______ .1952
1950
♦February 1937 coupon nald
♦Baarbruecken (City) 6s_____ .1953
Sao Paulo (City of, Brazil)—
♦8s extl secured s f________ .1952
♦6 Ms extl secured s f ______ -1957
San Paulo (State of)—
l*8s extl loaD of 1921______ .1936
_1950
.1956
♦6s extl dollar loan________ .1968
♦Secured s f 7 s ___________ .1940
♦Saxon State Mtge Inst 7s_ .1945
_
♦Sinking fund g 6 Us
.1946
Serbs Croats * Slovenes (Kingdom)
♦8s secured extl___________ .1962
♦7s series B sec extl_______ .1962
♦Silesia (Prov of) extl 7s____ .1958
.1958
♦Silesian Landowners Assn 6s. .1947
Sydney (City) s f 6 Ms............ -1955
F A
M S
MN
A O
J D
MN
MN
M S
M S
J D
A O
Taiwan Elec Pow s f 6 Ms___ .1971
Tokyo City 5s loan of 191 2 ... .1952
External s f 5 Ms guar____ .1981
♦Uruguay (Republic) extl 8 s.. .1946
♦External s f 6 s ___________ -1960
♦External s f 6 s ___________ .1964
3 k -4-4 Ms ($ bonds of *37)
external readjustment___ .1979
3 «-4 -4 M % ($ bonds ol ’37)
.1979
.1978
4-4 M-4 M % extl readj_____ .1978
3 Ms extl readjustment_____ .1984
Venetian Prov Mtge Bank 7s. .1952
♦Vienna (City of) 6s_________ .1952
♦Warsaw (City) external 7s_ .1958
_
-1958
Yokohama (City) extl 6s_____ .1961
stt.
A O
A O
A O
A O
J J
J J
J D
J J
MN
M S
A 0
A O
F A
M 8
A O
F A
A
Friday
W e ek 't
LatX
Range or
Sale
F rid a v’ t
A tk ed
Price Bid
Low
*7%
56 M
52 %
86 ”
56
H ig h
18
57 M
100%
*80
64
7
8k
70 M
7
9M
8M
8
*10
*8
*10%
8
10%
7k
9
s
10%
*7%
*10
10
8 V*
95
82
*9%
10k
10%
97 ~
89
8%
7k
3
18
22
25
24
61
844
J
53 k
11*
8%
*7
5944
11
8%
7k
MN
MN
7%
7'
7%
7%
7%
58 M
.1
J
744
8
9
S
j
j
O
D
D
33
13
2
44
5
i
9
12
3
7k
20 k
MN
MN
J D
J D
F A
F A
j
7M
19k
*7
*7
14
13
*5
*5
*534
75M
13M
j
M 8
A O
F A
MN
MN
58 %
*
52 %
39 "
58 %
*
MN
43
MN
J D
F A
J J
A O
43
M N
F A
F A
J D
Low
42 Vs
42
*38 34
44
40 M 40 M
50
*
*5
6
57 M
8
22 M
1444
13k
28
73
5
10
75M
54%
39 k
59
52 M
44
43 M
43
42%
45
40 M
50
17M
6
57 M
H igh
7M 19M
48
59
4344 55
75
103
9 9 % 10644
50
88 44
43 M 83 k
5%
13 44
7 M 13M
644 12 44
6 k 12 M
6%
42
4 k 36M
7
50 ~
4%
42
54
6%
4 k 44
6%
15
6%
1744
70
4%
5M 19 M
19 8
%
7
75 106 k
55k 107
8
31%
5M
13M
7
6
15M
1544
6%
6%
37 k
11
8
19
1444
14 44
69 %
22 44
20
19M
6 M 1444
5 k 14 k
6k
14k
6k
22 k
18
1644
15 "
14k
32
25 44
25
10k
10
25 M
4M
5k
50
28
2544
33
28
29
103
844
6%
6%
7 *4
A
J
J
4
1
4
3
8' ”
9
944
1244
10k
1014
97'
S9
sk
M
19
27
15
8
10
1144
J
J
N o.
85
73M 117
8
7%
54
10k
229
9
128
*9%
J
Range
Since
Jan . 1
7k
7k
O
J D
MAT
J D
.4 O
F A
£
tfc
12
ii
25
47
33 k
4744
43
4044
40
59M
49
60
51
49
4 6k
75
37
47
10
36
35
37 k
35
37 M
14 M
22
3M
49 k
43
42 M
48 k
41
51
18M
34
31
60
22
i
i
1
7
RAILROAD AND IN D U S T R IA L
COMPANIES
tl*Abltlbl Pow A Paper 1st 5s.1953
Adams Express coll tr g 4s_ .1948
_
Coll trust 4s of 1907_______ .1947
10-year deb 4Ms stamped.. .1946
Adriatic Elec Co extl 7s_____ .1952
Ala Gt Sou 1st cons A 5s_____ .1943
1st cons 4s series B ________ .1943
Albany Perfor Wrap Pap 6 s.. .1948
6s with warr assented______ .1948
Alb A Susq 1st guar 3 Ms____ .1946
Alleghany Corp coll trust 5 s.. .1944
-1949
♦Coll & conv 5s___________ .1950
♦6s stamped____________ .1950
.1998
Allegh Val gen guar g 4s____ .1942
.1950
-1951
Allls-Chalmers Mfg conv 4s_ .1952
_
D
M S
J D 103k
F A
A O
J D 107M
J D
A O
A O
A O
F A
80
J D
72 k
♦Alpine-Montan Steel 7s_____ .1955
Am A Foreign Pow deb 5s___ .2030
Amer I G Chem conv 5 Ms___ .1949
Am Internat Corp conv 5 M s.. -1949
Amer Telep A Teleg—
.1943
3 Ms debentures___________ .1961
.1966
Am Type Founders conv deb. .1950
Amer Wat Wks A Elec 6s ser A 1975
Anaconda C o d Min s f deb 4 Us 1950
♦Anglo-Chllean Nitrate—
8 f Income d eb .. _________ .1967
JAnn Arbor 1st g 4 s . . ______ .1995
.1964
Armour A Co (Del) 4s series B .1955
.1957
Atchison Top A Santa Fe—
General 4 s .______ ________ .1995
.1995
.1995
Conv gold 4s of 1909______ .1955
.1955
.1960
.1948
.1965
Trans-Con Short L 1st 4s_ .1958
_
.1962
.1946
At,] A Chari A L 1st 4 Ms A . . . .1944
1st 30-year 5s series B_____ .1944
Atl Coast Line 1st cons 4s July 1952
General unified 4M sA _____ .1964
12
47
34 k
100
99 M
lo o k
35 M
107
102 M
32 M
32
72
66 M
57
28
22 k
49 M
102 M
93
88 M
106 k
67
105
104 M
108k
67
109 M
107k
51
50
85
87
79
60 k
50 M
60
108
101
96k
112
S
*10
31
S 59%
6044 100
59%
M N 101 % 101 % 1 0 2 % 299
J J 103k 1C3M 104 M
19
30
48 k
98
94 M
40
65 k
103 M
104k
*46
*103
10334
106
*67
107 M
10534
*44’ “
*44
*81 %
79
71 %
A O
*40 k
A O
44
40 '
A O
57
M S 106M 106
A O
*96 %
96 % 95
F A
M S H0M 109k
J
4 9k
104M
103k
106 ‘
70
107 M
10541,
50 ~
50
85
80
73%
43
44
57
107k
lo o k
96%
110M
4
2
3
6
80
27
36
2
34
M
M
M N 109% 109%
A O 107k 1 0 5 %
J D 106M 105
j j
105k
MN
106
A O 107 M 107
Jan
Q J
M S
F A
J J
A
O
M N
J D
J D
J D
J D
J J
j
35k
46 M
99k
98
105k
91
103
j
M S
J D
3
J
J
J
M S
J D
MN
L A N coll gold 4s______Oct 1952 M N
.1948 S J
Second mortgage 4s_______ .1948 J J
96
82
62
67 M
105 112k
99 M 110k
99
110 M
102 M H IM
99 M 108k
104 M 107 M
35 M
46 M
94%
97 k
97M
36
46 M
9414
99 M
98
18
4
8
95
54
19
30 k
91
91 M
91k
104k
893^
89£6
*
97
93 M
102 k
99 %
*107 k
*1043-1
*11414
*9 3"
96
81k
61 k
105k
91
91
97
97
93k
103
100
130
2
24
99 M
86 k
83
91
91M
89
99
98 M
102 M
100 M
110
85
89M
76 M
54
64 k
75%
34 k
103
204
10644^ 111
3
105M
107
20
51
107M
109%
107%
67 k
40 k
34
107M
11544
95 k
96
83k
62k
77
69M
40%
34 k
32
i
99
8
6
29
49
3
13
3
4
1
36
48 M
98
101
101
111k
95 k
96
99 k
100 k
96
103k
103
111k
112k
114k
94 k
97 k
89 k
71 M
81k
56
72
33 k 46
26 M 3 7 k
BO N D S
N. Y. STOCK EXCHANGE
Week Ended Nov. 3
Atl Gulf A W I 8 S coll tr 5s___ 1959 j
Atlant’c Refln’ng deb 3s______1953 M
&
gen 5s series A ______1995 J
D
3
♦Ref
D
M
S
M S
♦Convertible 4 Ms___ ______ 1960
F
A
M N
Certificates of deposit____
♦S’western Dlv 1st mtge 5s. .1950 J
Toledo Cln Dlv ref 4s A ___ 1959
Bangor * Aroostook 1st 5s___ 1943
Con ref 4 s . . . .......................... 1951
4s stamped______________ 1951
Battle Creek < Stur 1st gu 3s. .1989
fe
Beech Creek ext 1st g 3 Ms
1951
Bell Telep of Pa 5s series B ___ 1948
1st A ref 5s series C________ 1960
Belvldere Delaware cons 3M8-.1943
♦Berlin City Elec Co deb 6 Ms. .1951
♦Deb sinking fund 6 M*
1959
♦Debenture 6s_____________ 1955
♦Berlin Elec El A Undergr 6 Ms 1956
Beth Steel cons M 4 k s ser D 1960
Cons mtge 3 Ms series E.........1966
3 Ms conv debs____________ 1952
Cons mtge 3 k s ser F......... 1959
Big Sandy 1st 4 s .____ ______ 1944
Boston A Maine 1st 5s A C ___ 1967
1st M 5s series II___________ 1955
1st g 4 k s series JJ.................1961
^♦Boston A N Y Air Line 1st 4s 1955
Brooklyn City R R 1st 5 s ..........1941
Certificates of deposit
Bklyn Edison cons mtge 3MS--1966
Bklyo Manhat Transit 4^8---1966
Certificates of deposit-.
Bklyn Qu Co A Sub con gtd 6S.1941
Certificates of deposit1st 5s stamped______
1941
Certificates of deposit.
Bklyn Union El 1st g 5s.............1950
Certificates of deposit
Bklyn Un Gas 1st cons g 6s___ 1945
1st lien A ref 6s series A ___ 1947
Debenture gold 5 s..................1950
1st lien A ref 5s series B
1957
Buffalo Gen Elec 4 Ms series B.1981
Buff Nlag Elec 3 Ms series C . . . 1967
t*Buff Roch A Pitts consol 4 Msl967
t|»Burl C R A Nor 1st A coll 5s' 1934
3
J
J
65
66 k
64 %
2 9k
28
33
33
28
28^
27%
20 M
19k
59k
J
J
47M
J 102M
82
J
3 J
3 D
A O
J J
A O
J 3
J D
F A
A O
A O
3 J
A O
A O
3 J
J D
M S
MN
A O
A
J
F
3
MN
MN
H 5k
108
104
110k
99k
38*^
40
35M
8M
73k
MN
J
J
F
A
80 k
78
111
MN
MN
J D
94 k
M N 103^
F A 112k
J D
MN
42 k
A
Bush Terminal 1st 4s................ 1952 A
Consol 5s...... ......................... 1955 J
Bush Term Bldgs 5s gu.............1960 A
Calif-Oregon Power 4s________1966 A
Canada Sou cons gu 6s A ______1962 A
Canadian Nat gold 4 Ms...........1957
Guaranteed gold 5s___ July 1969
Guaranteed gold 5s.........Oct 1969
Guaranteed gold 6s________ 1970
Guar gold 4 k s .........June 16 1955
Guaranteed gold 4 Ms_______1956
Guaranteed gold 4 Ms..Sept 1951
Canadian Northern deb 6 Ms_ 1946
_
Canadian Pac Ry 4% deb stk perpet
Coll trust 4 Ms_____________ 1946
5s equip trust c t f s ................ 1944
70 k
104
J
J
A
O
O
J 41k
O 54 M
O 101
O
J
J
O
99M
102k
103k
A
D 102k
A 99k
M S 99k
J J 109k
J J
6 7k
M 5 83 k
J J 105M
J D
84
Collateral trust 4 M s .............1960 3 J 76
F
J
F
J 3
3 D
Cart A Adlr 1st gu gold 4s____ 1981
Celotex Corp deb 4 Ms w w___ 1947
♦Cent Branch U P 1st g 4s____ 1948
t*Central of Ga 1st g 5s.-N ov 1945
♦Consol gold 5s____________ 1945
♦Ref A gen 6s series C ______1959
♦Chatt Dlv pur money g 4 s ..1951
♦Mac A Nor Dlv 1st g 5s___ 1946
Gen mortgage 5s__
_____1941
M N
F A
J D
J D
F A
M N
A O
A O
J D
J J
J 3
J 3
M S
M S
A O
J
J
t*Central of N J gen g 5s_____ 1987 J
J
Central N Y Power 3 k s .........1962 A
Cent Pacific 1st ref gu gold 4s. .1949
Through Short L 1st gu 4a__ 1954
Guaranteed g 5s___________ 1960
Central R R A Bkg of Ga 3b _ 1942
_
Certaln-teed Prod 5 Ms A ____ 1948
Champion Paper A Fibre—
S f deb 4 k s (1935 Issue)___ 1950
S f deb 4 k s (1938 Issue)___ 1950
Ches A Ohio gen g 4 Ms . _____1992
Ref A Imp mtge 3 Ms ser D ..1996
Ref A lmpt M 3Ms ser E ___ 1996
J
J
O
108
75M
74 M
M S 104k
M S
M S 120k
M N
9 8k
F A
98 k
D
J
J
3
J
M S
•Chic A Alton R R ref g 3s____ 1949 A O 12M
Chic Burl A Q— 1 1 Dlv 3 Ms—-1949 3 J 9 9k
1
Illinois Division 4s_______.1949 3 J 103k
General 4s________________ 1958 M S 95
1st A ref 4 Ms series B _______1977 F A 86 k
1st A ref 5s series A _________ 1971 F A 9 1 k
For footnotes see nates 2941.
_____ .................................................................................................... ------------------------------------
Range
Since
Ja n . 1
Low
H ig h
62
75 k
98
106 k
19% 31
59% 82
99’ ~ 102
48% 73
4 9 " 72 k
47 M 71
16M 34 k
16% 33%
18
37
17M 36
16
33%
16 M 32
16k 33%
16
33 "
10
26
9M 24%
44 k 62%
43
62
33
53 k
34 M 52
38
57 k
102 108 k
78
98%
80
39 k 39%
110
122
119
13fiU
29
22
1
10
25
75
108
104k 198
1 1 0 % 218
99M 166
6
7M
7%
131*
102 k
96 k
96 U
95
108%
41
118
42%
30
67
35M
37 k
9
6
8M
*58 k
61
*50
32
105M 107
72%
73% 127
10
71%
72%
39
6
38 k
*30
48
*43 k
*37
49
80
80 k
12
75
78
48
1 10k i n
44
110k 112
52
94
94 k
80
103
103%
1
112 k 112k
1
108
108
17
42 k
42 k
7
44
43 k
1
7%
7%
*
8%
*70
79M
4
44
4 1k
2
53M
54 M
39
99
101
86 M 87 M 12
106
24 "
25
23
5k
75 M
75
106
103 k
72 k
93
107 k
108
26 M
25M
5k
4%
6 4k
35
47
92
80
113%
110k
46
45%
10
9%
75
49 k
60
103
96 M
100
46
103
66
104
86
12
104M
70
102k
100
66
97
100M
43
109k
68
125
13
86
71
105M
87
22
54
77 k
60
7
108
84
91
92 k
91k
88 k
86
87
103
50 M
66
95
67
60 M
40
105
117
117
121
120%
119k
117
116k
124 k
82 k
100 k
H 4k
100 M
94 M
45
109
5
85
43
76
9k
30
5
3
2k
5
2M
3%
*9
*9
10
*9
106%
102 k
108%
97 k
*105
38
98%
102 k
102 k
103
101
99k
99
108 k
6 4k
8 3k
102k
84
76
*42
107 k
96
50
85
15
33
9
5
4k
12
16
8
8
98
78 k
16
41
20
16M
107M
17
59
20
32
74 M
74 k
54
56
60
58
IIO'sj llO^s
75k
74M
75
95 k
50
84
*8
33
8k
*3k
3k
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8
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*
*
*108
*102 k
39
18k
18k
15
16M
107
M N
M S
J
J
N o.
High
3_
18
70
70 k
44
103M 104k
3
30
31
81
25
*101 % 102%
67% 118
66
67 M 30
66%
59
59
28 M 30 k
39
28
33 kJ 64
3 1k
31 %
10
33
23
28
29%
9
27 %
69
2S%
29%
31
28%
27 %
1 9k
21k 202
110
19
61 %
60
5
59%
59%
19
50
46 k
47%
23
49%
27
54
5 5'
24
102M 103
81 %
85%
16
8
*35
86
43
115
H 5%
41
127k 129k
3k
54 M
60
3
a <S
q*
84
F A
A O
F A
MN
Craig Valley 1st 5s____ May 1940 3
Potts Creek Branch 1st 4s_ 1946 J
_
W e ek 't
Range or
F rid a v’ t
Bid A A tk ed
Low
j
S
J J
Austin & N W 1st gu g 5s___ 1.1941 J J
MN
A O
_
♦1st mtge g 5s_ ~. .1 _July 1948 A O
1
2937
5 Friday
T
** 5 Last
*
Sale
^ fe Price
*
74
103k
102k
120k
97 k
97 k
103
*101
*
*109M
*103
*
104k
103 k
120 k
98 k
98 k
104k
12k
99
103k
94 k
86k
90 k
13
100
104
95 k
88
92
1
2
1
3
1
37
11
1
22
15
4
4
229
40
15
47
30
28
28'
108 k
105 k
114U
99 k
1085,6
43 "
43%
3 9'
Hk
65 k
100k 111
68
82 M
71
73%
34
45 40
50
92
78
113k
115%
99 k
96
62
97
19M
33
12k
6k
6k
10k
6k
8
8
7
91 107
42
80
104k 111k
108 112 k
24
41k
12
28
12k 24
100 110
64
77 k
64
72 k
40 k 63 k
60
48
108 115k
68 k 86
109M
18
46
21
24
10
21
104k
104k
125k
100 k
100 k
105 k
105
108
103
103
109
118
100 k
100
115
92
91M
100
100 k
118
111
103
15
7
94
101k
98
104 k
9 1k 100
80
94 k
88
99 k
M N
{♦Chicago Great West 1st 4S...1959 M S
{♦Chic Ind & Loulsv ref 6s___ 1947 J J
♦Refunding g 5s series B ----- 1947 J J
J J
M N
♦1st A gen 6s series B -.M a y 1966 J J
J J
Chic E 8 & East 1st 4 44s---------1969 J D
{Chic Milwaukee & St Paul—
J J
♦Gen g 3 44b series B ..M a y 1 1989 J J
♦Gen 4 44s series C — May 1 1989 J J
J J
_
♦Gen 4)48 series F _ May 1 1989 J J
{♦Chic Mllw St P A Pac 5s A ..1975 F A
♦Codv ad) 6s________Jan 1 2000 A O
{♦Chic A No West gen g 314B--1987 M N
M N
♦Stpd 4s non-p Fed Inc tax 1987 M A'
♦Gen 4)4s stpd Fed Inc tax..l987 M A
♦Gen 5s stpd Fed Inc tax------1987 M A7
Ma
M N
J D
♦1st A ref 444s stpd-May 1 2037 J D
♦1st A ref 444s ser C .M ay 1 2037 J D
MN
F
J
A
J
A
Aug 1938 25% Part paid . - - - _
t*Chlo R I A Pac Ry gen 4s. 1988
♦Certificates of deposit -------
O
♦Certificates of deposit----- --{♦Secured 4 14s series A------- 1952 M
♦Certificates of deposit----------
s
M N
Ch St L A New Orleans 5s------- 1951 J D
Gold 3t4s_________ June 15 1951 J D
Memphis D1t 1st g 4s---------1951 J D
Chic T H A So’eastern let 5S..1960 J D
Inc gu 5s___________ Dec 1 1960 M S
Chicago Union Station—
Guaranteed 4 s ...... ............. .1944 A O
1st mtge 4s “'•♦les D ________1963 j j
1st mtge 354° series E ---------1963 j j
M S
Chic A West Indiana con 4s— 1952 J J
1st A ref M 414 s series D ------1962 M S
Childs Co deb 5s.............. ......... 1943 A O
{♦Choc Okla A Gulf cons 5s— 1952 TUN
Cincinnati Gas A Elec 314 s------1966 F A
J D
Cln Leb A Nor 1st con gu 4 s.-.1942 M N
Cln Un Term 1st gu 314 ser D .1971 M N
F A
Clearfield A Ma'h 1st gu 5s------1943 J J
Low
H igh
110 3^ 111
1844
18H
18
*16
*86
87
2244
22 44 2144
14
14
15
13)4
13H
*12
15
334
5
4
66
25
28
28
844
244
4
66
28
25
28
28
28
8%
244
14%
1544
16
*14
1544 1544
*14
IS
10
1044
444
944
10
444
1544
51
15
14H
6%
6H
544
744
644
244
544
644
644
2%
7 9"
*5744
64
54 44
444
66
28
51
16)4
14 H
7
6
744
7
3
79
69 %
59
64
54 44
108)4
108
75
Cleve Cln Chic A St L gen 4s— 1993 J D
67
6644
Genera 15s series B ._ ............ 1993 J D
84)4
Ref A lmpt 4 14s series E ------1977 j j
59
57
58
Cln Wabash A M Dlv 1st 4 s .1991 j j
5144 53
St L Dlv 1st coll tr g 4s.........1990 M N
♦6344 ..68)4
Spr A Col Dlv 1st g 4s.......... 1940 M S
W W Val Dlv 1st g 4s_______1940 J J
♦9544 9944
Cleve Elec Ilium 1st M 3148--.1965 J J 10944 108
10954
Cleve A Pgh gen gu 4 14s ser B.1942 A O
Series B 314s guar_________ 1942 A O
Series A 414s guar_________ 1942 J J
♦10444 105)4
Series C 314s guar-------------- 1948 M N
Series D 354s guar_________ 1950 F A
Gen 414s series A .................. 1977 F A
*101
Gen A ref mtge 4 54s Berles B.1981 J J
*10144 105
Cleve Short Line 1st gu 4 14s— 1961 A O
♦ 7944 83 44
Cleve Union Term gu 514s___ 1972 A O
91 %
92 H
1st a f series B guar_________ 1973 A O
83%
84 H
1st 8 f 4 44s series C _________ 1977 A O 7544
7544 7644
Coal River Ry 1st gu 4s_______1945 J D
*103
110
Colo Fuel A Irou Co gen s f 6 s .-1943 F A
*10444
♦5s Income mtge___________ 1970 .4 O
70 44 72)4
Colo A South 4 Ha series A ----- 1980 M N
3844 3744 3954
Columbia G A E deb 5s__ May 1952
Debenture 5s______ Apr 15 1952
Debenture 5s______ Jan 15 1961
Columbus A H V 1st ext g 4 s.. 1948
Columbus A Tol 1st ext 4s------1955
Columbus Ry Pow A Lt 4s___ 1965
Commonwealth Edison Co—
1st mtge 3 44s series I _ ____ 1968
_
Conv debs 3 4 4 s ___________ 1958
Conn A Passump River 1st 4S..1943
Conn Ry A L 1st A ref 4 4 4 s __ 1951
Stamped guar 4 44s..............1951
Conn Rlv Pow s f 3Hs A ______1961
Consol Edison (N Y) deb 3448.1946
3 44s debentures.
_______1948
344s debentures................... 1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s_ 1956
_
Consol Oil conv deb 3 44s______1951
{•Consol Ry non-conv deb 4 s..1954
♦Debenture 4s_____________ 1955
♦Debenture 4s_____________ 1955
♦Debenture 4 s ............. ......... 1956
Consolidation Coal s f 5s______1960
Consumers Power 3448.May 1 1965
1st mtge 3 44s---------- May 1 1965
1st mtge 3 44s______________ 1967
1st mtge 3 44s............ ............ 1970
1st mtge344s______________ 1966
Container Corp 1st 6s.............. 1946
Continental Oil conv 244s____ 1948
Crane Co s f deb 344s_________ 1951
Crown Cork A Seal s f 4s______1950
Crucible Steel 4 44s debs______ 1948
Cuba Nor Ry 1st 5 44s________1942
Cuba RR 1st 5s g ............ ......... 1952
7 44s series A extended to 1946__
6s series B extended to 1946____
MN
A
J
O
10344
J 10344
A O
F A
M N
J
J
D
107H
122 54
123'
*87
.1
*10844
J
*108
A 10744 10744
O 10544 10544
C
106
J
O
A
J
J
F
A
A
A O
J J
J J
J D
J J
J J
A
103
10344
102)4
*105
*105
109
O
J J
J J
MN
m y
M N
MN
M N
J D
J D
J D
F A
M N
F A
J D
J J
J U
J D
A C
Del A Hudson 1st A ref I s ____ 1943 M N
107
105)4
*
104
10344
*11
*11
*11
13H
6144 61 H
108)4
107M
106 34
107H
104 44
104 %
10044
in
103H
105
10154
34
39
38
47
48
36)4
106 34
6544 6544
91
6
1
18
16
5
104
10344
104
108
109
9
2
30
1
46
14
72
8
71
1
1
1
6
44
31
47
23
16
1
14
15
22
12
26
28
24
16
35
149
1
164
4
107%
1
32
124
10744
56
25
104
13
69
13H
6554
109
10744
107 H
109 %
105 %
104 )4
100 %
112
10344
105
102)4
35 M
39%
48
36)4
108
67
2%
3
63%
H ig h
112H
22%
21 %
88 ”
24)4
15
15
13
7%
744
75
11244
3044
18
18
18)4
19 M
1954
5)4
154
954
28)4
31)4
31 44
30)4
12
344
16)4
10%
18%
18'
10
944 1844
10)4 19
11
17
11 % 20
5H 1 2 %
544 1244
544 12)4
644
254
4444 57
10
18)4
1044 1644
5 944
4)4
5
4
2H
70
67
5444
49
43
104
101)4
9944
100
8654
88
58
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100
10854
100)4
10254
103
63
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9
454
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63)4
70
58
107
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110
106)4
97
96)4
79
15
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11154
103 44
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11144
63
6
15
14
8
3
22
21
1
85
43
3
4
18
27
26
9
1
43
161
6354
77
42
51
59
96
90
105)4
10654
77
85
63)4
58
70
100)4
97 )4
11144
10654
108
105
13
68
6
109)4
16
123 54 838
98
10744
10554
97
12 44
12 H
80 ’
15)4
944
944
10
m
15
29
26
28
7
28
5
152
9
2)4 494
15 )4
17
34
3
16
16
19
17
1SH
18
19
3
10 %
7
10 54
21
10)4
5
122
107
10744
10554
105H
90 44 90 44 92
91
91
93)4
6044 5944 6154
12
12
12
10644 10644 10744
*109
♦ 10044
Low
5
31
2544
*
107
10544 105
108
108
10744 1 0 7 H
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N o.
108 4
4
107 44
10144
79)4
85
75
68
106 54
100 44
45
26
106
89)4
93
85)4
79 44
106 54
104 44
7644
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92 44
94
92 54
109)4
109
106
104
104)4
104
11444
114
110)4
100
104)4
89)4
108
105)4
103 44
99)4
99
111)4
124%
89)4
11354
169)4
110)4
107
108
108
98 54 10954
18
22H
99)4 106)4
8
14)4
9
14
1054 1354
9)4 14
44 44 67
103)4 HI
10054 10944
100)4 11044
100
11154
97 44 109 44
100 105 44
96 10054
103 44 11454
100
106 44
10154 106 44
9744 102)4
2544 3754
31)4 42)4
36
49
2644 41
103
110)4
50
7014
1
B O ND S
N . Y . STOCK EXCHANGE
Week Ended N ov. 3
Friday
W eek 's
Range or
Last
F r id a y ’ s
Sale
Price Bid & A sked
Bonds
Sold
{{♦Chicago A East 1 1 1st 6 s ...1934 A O
1
{♦C A E 1 1 Ry gen 5s................ 1951 M N
1
Range
Since
Ja n . 1
N ov. 4, 1939
Interest
Period
In terest
Period
BO N D S
N. Y . STOCK EXCHANGE
Week Ended Nov. 3
Friday
W e ek 's
Last
Range or
Sale
F rid a y’ s
Price Bid < A sked
fc
Bonds
Sold
New York Bond Record— ontinued— Page 3
C
2938
H ig h
N o.
1971 J J
1969 J J
1969 r j
1951 .1/ N
Stamped as to Penna tax___ 1951 1/ N
{{♦Den A R G 1st cons : 4s___ 1936 J J
944
1936 J J
9%
F A
F A
8%
♦Ref A Imp* 5s ser B _ Apr 1978 A O
_
744
1935 J J
1947 M S
F A
Detroit F llson Co 4 44s ser D .. 1961
1965 A O i l l h
Gen A ref mtge 3 44s ser G . . . 1966 M S n o
♦Detroit A Mac 1st Hen g 5s . . 1995 J D
1995 J D
Detroit Term A Tunnel 4 44s.. 1961 If N
97
1051 J D
Dul MlssabeAIr Range Ry 3 4481962 A O 106)4
J J
1937
Duriuesne Light 1st M 344s... 1965 J J
tw p
2941.
*10SH
104 H 106
*108 %
*107%
10744
9)4
944
3%
324
7'
4H
*42
112)4
110H
no
107)4
10)4
10
3)4
3%
7)4
444
11244
H IM
110
54)4
*45
35
*20
98
97
105
105
106 44 107
19
17
10844 110
2
1
46
20
7
10
2 0'
3
27
22
14
_
_
21
5
18
6
44
1948 .4 O
*10544
2
E .st T Va A Ga Dtv 1st 5s___ 1956 M N
92 44 92 44
J J
___ 1
Ed El 1 1 (N Y) 1st con* g 5s
1
*136H 140
F A 10844
108 V
x
22
MN
105 H
61
1965 A O
*50
1965 A O
*50
9544
J J
*100
*100
1940 J J
11
50
50
{♦Erie RR 1st cons g 4s prior. 1996 J J 50
24
22
40
♦1st consol gen lien g 4s___ 1996 J J 23
A O
22
16
20
A O
11
2144 2144
*
♦Oen conv 4s series D _____ 1953 A O
23 44
17
16
♦Re; A Imp; 5s of 1927____ 1967 M N
1744 151!
17
195
17
♦Ref A lmpt 5s of 1930____ 1975 A O
1544
J J
5
50
50
*48
60 44
1957 T J
MN
*95%
j
1938 M S
*7 5 '
j
16
1954 F A 85
81 44 85
1956 J D
7
105)4 10544
Federal light A Traction 1st fls 1942 M S
*103)4 104
M S
105
5
103)4 10344
1942 M S
104
1st Hen 6s stamped_________ 1942 M S 104
104 44 15
J D
100 V
x
106
107
105
Firestone Tire A Rubber 344s. 1948 A O 106
4
1943 J J
43 44 46
11
61
{Florida East Coast 1st 4 44s.. 1959 J D 60
60
51
♦1st A ref 5s series A______ 1974 M S
944
8H
844
27
8
8
8)4
*
MN
_
(Amended) 1st cons 2-4s_ 1982
Fort St U D Co 1st g 4 44s... 1941
Francisco Sugar coll trust 6 s .. .1956
1949
.1952
1947
1946
♦Sinking fund deb 6 44 ___ .1940
♦20-year s f deb 6s________ .1948
1951
J J
M N
J
F
49 Vs
D
J
J
A
J
J
J D
MN
F A 106 44
J J 74
{♦Ga A Ala Ry 1st cons 5s Oct 1 ‘45 J J 1844
J J 20 H
A O 12
J D 103 H
M S
84
Gotham Silk Hoslerj deb 5s w
J D
J J
J D
Gt Cons El Pow (Japan) 7 s .. .1944 F A
1st A gen s f 6 44s________ _1950 J J 86 44
Great Northern 4 44s series A . .1961
1952
General 5s series C ________ .1973
General 4 44s series D _____ .1976
General 4 44s series E ______ .1977
General mtge 4s series G . . .1946
.1946
Gen mtge 3 54s series I
1967
♦Debentures ctfs B ______
Gulf Mob A Nor 1st 5 44s B
1st mtge 5s series C ___
Gulf A Shin fsland R R —
J
J
J
*10144
47
*115
104
10144
*18H
*18 44
20)4
106
72 H
1844
20 H
12
103 H
84
*25
*100)4
81 U
8444
J
J
M N
O
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.1950 A
.1950 A
85
80 44
8044
A O
Gold 3 44s___ ______
J
Western Lines 1st g 4s
Il951 F
36
120
47
14
109
*86
3844
48 %
14
*83
*83
51 %
5244
M N
~
47
97
4744
J
52
48
48
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62 44 62
4844
49%
78 M
7844
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N
A
A
L
J
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*57
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J
J
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107
104 M
106 H
104 %
104)4
7
7M
2
5
H ig h
109 M
106%
108 H
107%
108'
1544
14H
6H
1044
3%
32'
10844
105)4
105
40
20
96
101)4
101)4
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103
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113
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113
48
25
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108)4
108)4
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112)4
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85
139
105 %
106
5044
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92)4
151
109 H
107 M
65
102
102
39
15
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13
744
7 44
37
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29)4
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26'
19
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94
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87
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10044
98
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59
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101 44
50
30
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76
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1
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100 105
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13
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83
90)4
82
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80
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66
53
544
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73
69
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98
38
116
67
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102
87
83)4
91
96)4
107
40
122)4
7714
47)4
98
4544
128 44
51)4
17)4
112)4
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88
4644
47
42 44
42
52
39
75
63
63
46 44
63
62
52
6044
71
56)4
83 44
66
6544
50
62)4
60
63
69
60
61
*86
93
9344
105)4 106
*7
116 H 116H
*73
75
93 44
{{♦Hou8atonIc Ry cons g 5s . .1937 M N
195' MN
Hudson Coal 1st s f 6s ser A .1962 J D
Hudson Co Gas 1st g 5s
1949 M N
F A
A O
1970 A 0
1951 J J
1st gold 344s___________ __ .1951 J J
1951 A O
1951 M S
1952 A O
Cairo Bridge gold 4 s ..
16
25
102 44 103)4
21
97)4
98)4
35
89 44 8844 90
17
84
85
84)4
84 M 85
15
84 %
160
104)4 106
105
93 M 9144 93 44 69
18
77
75 H
*53)4
60
3
8
8
844
J J
Gulf States Steel s f 4 44s____ .1961 A O
Gulf States Util 344s serD
.1969 MN
J J
J J
Refunding 5s__ ______
5
J 10344
J J
J J
J J
J J
J J
Feb
F eb
1952 J
M
.1955 M
1966 F
.1950 J
1951 J
1953 J
1951 F
1951 J
1951 J
4
3
103 44
5144
Low
5
8
*3
3
M N
1
For *o~tnntes spe
Low
Range
Since
Jan. 1
4
10
1
8
22
98
38)4 159
1
120
44
48
14)4
46
109 44 17
89
68
88
4744
16
16
53%
48
5
50 H 41
62 44 19
50 44 103
1
78)4
65
68
53
59
N e w Y o r k B o n d R e c o r d — C o n tin u e d — P a g e 4
V o lu m e 149
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 3
1 1 Cent and Chic St L * N O—
1
Joint 1st ref 5a aerlea A ------ .1963
.1903
llllnola Steel deb 4 Ha--------- .1940
.1948
.1940
.1950
.1956
.1986
.1948
.1961
tlnterboro Rap Tran l8t 5a.. .1966
g-e*
•c
* >
*
1S
?'
* «&
• «
Friday
W eek 's
Last
Range or
Sale
F rid a y’ t
Price Bid & A sk ed
Low
H ig h
82
C<
Q§
N o.
J
J
40
53
53%
51%
45
49 % 48
50
5
1011a1 1 0 1 % 101'3U
6
*10
*
98
3
64
64
3
12
12%
*104
29
98%
98 H
97 H
25
107 H 107% 108%
69 %
69% 489
67 %
69
73
69
67
29%
68
.1932 A O 29 H
28%
67
68% 140
{♦10-year conv 7% notes.. .1932 M S 68 %
45
66
66
65%
Interlake Iron conv deb 4a— .1947
.1942
t*Int-Grt Nor 1st 6s ser A . . . .1952
♦Adjustment 6s ser A ..J u ly 1952
.1956
.1956
.1944
Int Merc Marine a f 6s______ .1941
.1947
Ref a f 6s series A_________ .1955
.1972
.1947
Int Telep * Teleg deb g 4 Hs. .1952
.1955
Debenture 5 s ................
t*Iowa Central Ry 1st * ref 4a.1951
D
D
A O
F A
A O
J J
J J
M S
J J
F A
J J
A O
M N
J J
A O
J J
J
A
J
O
A
0
J
S
MN
F A
J J
F A
M S
J
M
James Frankl A Clear 1st 4a. -1959 J D
.1961 M S
KaDawha A Mich 1st gu g 4s. .1990 A O
tl*K C Ft S A M Ry ref g 4a. -1936 A 0
9 1%
18
2%
74
62
99%
92%
90
44 %
49%
32
30 %
65
68 H
107 %
106 %
______
91
102
16%
1%
14
14
73%
62
99
91%
76
90
44%
49 %
2%
8
91%
102
1
87
18%
50
2%
2
14
2
14
24
75
65
37
99%
38
5
93
76
1
2
90
45% 248
204
51
58%
95
*83
31
30%
64%
67%
107
106%
*_
_
59
3
95%
17
88
32%
7
31
14
65%
10
68%
28
108
30
4
106%
36% ___
O
J J
-1900 J J
Kansas Gas A Electric 4 H a.. .1980 J D
♦Karstadt (Rudolph) 1st 6 s.. .1943 U N
-1943
_
♦Ctfs w w atmp (par $925). .1943 U N ______ *_
.1943
Keith (B F) Corp 1st 6s____ .1946 M S 100% 100%
.1987 J J
*103%
*
Kentucky A Ind Term 4 % s .. .1961 J J
*80
.1961 J J
*60
.1961 J J
*60
-1961 J J
*153%
-1997 A O
1949 F A
*79
*73
Kings Co Lighting ist 5s------- .1954 J J 105% 105
-1954 J J
*106%
*101%»
-194l|j D
Koppers Co 4s series A______ -1951 MAT 102 H 101%
.1945J J
105
*103%
-1947 F A
Kan City Sou 1st gold 3s------ .1950
1959
{♦Laclede Gas Light ref A ext5s!939
Ref A ext mtge 5s------------- .1942
Coll * ref 5%s series C------ .1953
.1960
.1942
-1942
Lake Erie A Western R R —
.1947
.1941
Lake 8h A Mich So g 3 H a ... .1997
Lautaro Nitrate Co Ltd—
♦1st mtge Income reg--------- .1975
Lehigh C A Nav a f 4 Ha A . . . .1954
.1954
.1965
.1945
Lehigh Val Coal Co—
.1944
.1954
.1954
.1964
.1964
.1974
.1974
.1943
1943
Leb Val Harbor Term gu 5 s.. .1954
jLeh Val N Y 1st gu 4H s_ .1940
_
.1940
.2003
.2003
.2003
.2003
.2003
-2000
-1941
-1941
.1965
.1944
5 s . ........................................ .1951
.1952
Liquid Carbonic 4s conv debs. .1947
.1962
-1946
-1952
.1953
1950
-1949
-1949
-1949
A
M
S
A O
A O
F A
F A
F A
F A
82
Dec
32
54
J J
J J
A O
M S
F
A
F
A
F
A
J
J
F
A
J
J
J
J
44%
M N
18%
MN
18%
M N
18%
M N
18 %
M N 20 H
M N
20
A O
A O
A O
A O
F A 124 H
A O
J D
MN
F A 100
J D
F A 108 %
A O
M S
\f S
86 H
M S
.1944 A O
5s________________ _______ .1951 F A
Louisiana A Ark 1st 5a aer A . .1969 J J
.1966 M S
Louis A Jeff Bridge Co gu 4s. .1945 M S
Louisville A Nashville RR—
.1940 J J
-2003 A O
1st A ref 4 Ha series C____ .2003 A O
-2003 A O
.2003 A O
1946 F A
St Louis Dlv 2d gold 3a___ .1980 M S
1945 M S
1952 J ,/
1955 \{ N
♦ Lower Austria Hydro El 6 Hs.1944 F A
123
83 %
108
100H
98 %
89
100
60%
101% 105
6114 70 %
7% 13
104 ~ 105
90 *98%
103 109 %
50% 70
27
50
51
43
68%
66%
79
97
9 9 % 103 %
9'
21%
1%
4
8% 20
67 X 87 %
48% 79%
93 100
82% 94%
73
83 %
8 7 X ICO
43
71%
45% 75%
1%
5
40
86 ‘
37
Low
.1977 M S
♦4s (Sept 1914 coupon)____ 1977 u s
♦Mlag Mill Mach 1st 8 f 7 s ... .1956 J D
1st gold 3 %s_............ .........
Michigan Consol Gas 4s_____
♦{Con ext 4 %s___________
t*Mll Spar A N W 1st gu 4s. .
105%
4
87%
83%
50
49%
46
45%
1
18
35
13
6
4
75
*70
S2
75
88
83%
8
30%
50%
55%
89%
*31
32
54%
55%
89%
34
*37
*25%
*31
26%
26%
*25%
27%
50
50
43%
4
24
6
2
12
14
5
99
66
107%
70
86
86%
86
100%
67%
108%
70
86
86%
86%
137
8
25
2
1
58
26
125%
121%
82%
106%
107%
125%
123
84
107%
108
100%
100%
98%
98%
1
12
123
6
117
10
45
7
21%
47
47
84 H
30
35
64
16%
64%
91
41
40
28%
35"
32%
31 ~
31 %
31 %
49 %
41
56
44% 55
4 5 " 55
12% 23%
11% 23
13%
24
1 2 " 23%
15
27
14
2 5^
44
60
54 X 62
111% 118%
118 vg 129%
119
131
94 106
104% 110%
107 107
92 1 0 3 %
48
67 X
1 02 X
111%
88
117%
116"
75
100
105%
129%
128%
90%
110%
109%
89
4
14
4
14
3
73%
106
81%
80 X
80
6
1?
29
26
3
89"
83
80%
101
84%
73%
*103%
76%
70
90
22
30
37%
40
56
115
126
124%
104
108%
88%
83
80
100
* ..o ..
67
63
80
97%
91
84%
80
73
97 %
82%
110
65
100%
22
101
14
88
88%
*_
_
*67
98%
*11 %
57%
30 "
30
15%
15%
*30
*6%
2%
2%
1%
N o.
4
26
18
46
243
70 * 112
39
38
106%
82
57
39%
17
3
6
22
]
20
71%
57
104%
m%
76
7%
30
%
100%
88'
91%
70
100%
12
57%
31
16
73
7
2%
1%
12
57
75
38
A
15%
15
15%
15
*65
16
15
70
24
6
23%
29%
35%
59
25
58
6
-1978
1951
.1946
Nat Dairy Prod deb 3% w w. .1951
Nat Distillers Prod 3 % s ___ .1949
-1950
F
J
A
J
*
45%
45%
41%
40%
105 %
*114
*100
39
J D
M N 106%
M S 103%
MN
.1957 J
.1957 J
_1957 J
J
.1977 A
1977 A
A
-_
45%
45
70
39
*39
*99%
106
102%
102%
♦1st 5s series B.................... .1954
93%
89%
85%
101
88
111%
77
107%
24%
MN
*62
J D
*118
26%
J J
26
J J
124
J D 124%
MN
123
*
F A
109
A O 109
75%
78
J J
A
O
35
1956 F A
♦1st 4%s series D _________ .1956 A F
1954
O
A
68
48%
45%
42
105%
117
13
33
38
17
70%
40%
5
15
106%
103%
102%
62
151
1
6
3%
3H
69
75
17%
12 X
3
12%
12% 21%
2
12%
12 %
12%
12%
65
4%
21%
20 %
21%
20 %
69
25%
15
17% 32%
37 X
59'
19%
42 V
103
110%
98
110%
91% 101%
99%
75
72%
70
67% 67%
56 %
36
30% 54
49
29
9 9 % 110%
in
117%
97 100%
64%
29%
40
102
99
95%
100
72%
40
40
102
108
105
106
%
%
%
1
%
%
%
1%
%
A
6
1%
*%
J
N O A N E 1st ref A Imp 4 % t A 1952 J J 59
New Orl Pub Serv 1st 5s ser A . .1952 A C
1st A ref 5s series B_______ .1955 J D 106%
69%
New Orleans Term 1st gu 4 s.. .1953 J J
.1935 A C
99X
109%
17
10S%
13
54
99
76
9
___
74
72
___
*V s
___
.1954
.1948
.1945
.1945
.1952
.1961
.1986
N J Pow A Light 1st 4 %s___ .1960
.1983
35
*%
*%
*%
J
J
J
J
O
O
O
*%
*%
-1951 A O
*_
_
♦4s April 1914 coupo, o ff-- .1951 A O
A O
*%
99%
National Steel 1st mtge 3s___ .1965 A O 100%
J
4%
1
4%
%
100%
__
125
- - - _____
%
%
92% 103%
26%
26
124%
123%
75
110
78
3
2
20
12
20
16
58
122%
20
20
118%
113
73
105%
65
59
105%
106
68%
31
59
106
106%
69%
31
1
21
19
13
2
46% 59%
102 106%
102 106%
74%
58
23
38
35
35%
35
37%
7
*
*33%
68%
30
30
35%
1
30
35%
36%
37
*
12
1
\
11% 32%
37
23
8%
6X
8%
|
For footnotes see pace 2941.
45
25%
3%
15%
109
108%
108% 108%
98%
98
75
75
______ *_____
__
______
30
10%
2%
15%
21%
28
33
*55
*103
8%
7
10
3
15%
22
28
108% 111%
5%
.1949 M N
♦1st A ref g 5s series H ____ .1980 A O
JMoblle A Ohio R R —
♦Montgomery Dlv 1st g 5s. .1947 F A
♦Ref A impt 4 %s_________ .1977 M S
-1938 M S
1991 M S
MN
Monongahela West Penn Pub Serv
.I960 A O
.1965 A O
Montana Power 1st A ref 3%s .I960 J D
Montreal Tram 1st A ref 5s_ .1941 J J
_
Gen A ref s f 5s series A___ .1955 A O
Gen A ref s f 5s series B___ .1955 A O
.1955 A O
-1955 A O
2000 J D
Constr M 5s series A _____ .1956 U N
1955 M N
J D
1947 M N
1941 M N
KT
5%
4
15%
14%
15%
F
87
S3
20
21
6
4
4%
1981
54
4%
i%
%
15%
14%
15%
U N
38
3
2
15%
5
17 *
4% 109
16% 116
15
7
16
36
♦1st A ref 5s series G ______ .1978
17%
20
33'
8 % 17%
15%
197fi'M S
1Q77 M S
45'
70%
1
3
32
15%
1965 F A
—
23
90% 97“
fi5
7
92% 102%
24%
20%
19%,
11%
22%
18%
H ig h
105% 107%
82
67
104
21%
18 ‘
*13
10%
J
J
8%
8
Low
30
3
61
62%
36
J
Range
Since
Jan 1
75%
10%
106%
91%
90
58%
58 %
51
50%
*100%
H ig h
0 %
5
8
6%
8
4
2
*55
61%
34%
40-year 4s series B . ______ ,1962k
1Q78 J
83%
78
77%
45
45 X
42
41
2
1
1
49
46
46
18%
18%
18%
18%
20%
20
M S
J J
MN
36
20
23
16%
23%
*44
46
16%
15%
17%
16%
19%
17%
*42
*42
*112%
125%
124%
*99%
108%
A O
J D
J D
Missouri-Kansas-Texas RR—
95 101 173i
95 104%
100 % 105%
99% 105%
1
1
35
26%
26%
30
29
50
50
47
J
M 8
MN
J J
M S 100
1938 J J
{♦1st cons 5s gu as to Int.. .1938 J J
.1946 J J
.1949 M S
.1978 J J
Mo-Ill RR 1st 5s series A .. .1959 J J
72%
71 X
9 9 % 109^4
1C2 % 107
27% 36
98
*_
_
*__
J
1 |«M St P A SS M con g4s Int gu ’38 J
62
56
17
20
27
27
93% 101%
106 108%
1940
.1951
.1952
.1979
.1963
1940
1939
.1939
.1947
.1934 U N
♦1st A ref gold 4s_________ .1949 M S
♦Ref A ext 50-yr 6s ser A_ .1962 Q F
60
79
24
V©
-
c?
£
McCrory Stores Corp s f deb 5s.1951 M N 106% 106%
Maine Central RR 4s ser A .. .1945 J D
80%
80%
iQfin J D
55
Manatl Sugar 4s s f_____Feb 1 1957 M N
38%
37
A O
70 ~ 68
2013 J D
38
36%
*35' ‘
*85 %
1953 M S
.1959 M N
*17%
1941 J J
J*Man G B A N W 1st 3%S
65
_
Marlon Steam Shovel s f 6s_ .1947 A O 70
Market St Rv 7a aer A
Anrll 1040 Q J 55
55
1945 M N
104
Metrop Ed 1st 4 %s series D__ .1968 M S
110%
76
1950 A O
tj*M et West Side El (Chic) 4s .1938 F A
7
3
87%
83
49
49
45
45
j
j
H ig h
150 " 170
77% 88%
80
3
83
49 H
49
46
D
j
43
72
27
1
3
j
15
102%
102%
105
105%
3
J
___
24
101%
106
92%
93
89%
94%
BONDS
N . Y STOCK EXCHANGE
Week Ended Nov. 3
Range
Since
Jan. 1
L ow
2939
W eek’ s
Friday
Range or
Last
Sale
F r id a y ’ *
Price Bid dk A sk ed
69
125%
28
27%
129
129%
73
110
78
24%
30
24%
40
35
38
24
35%
24%
23
43
36
New
2940
BON DS
N . Y . ST O C K E X C H A N G E
W eek Ended N ov . 3
\
Friday
Last
Sale
Price
5&
$£
Week's
.
Range or
Friday’ s
£id <S Asked
c
B o n d
60
60
58
60 k
261
84
85%
76
105
27
52 k
54 k
9
105 k
106%
107
“12014
114 k
115k
20
1514
A 0
j o
.1I N
, J
J
A
M ich Cent coll gold 3 Ms------ 1998 1 A
N Y Chic A St Louis—
LO
R ef 4 Ms series C ____________ 1978'! tl S
15
M
IC
* 106
63
78 k
58
66
66 M
7614
86 k
0
85 k
0
74
A 105
A
A
53
O
52 M
O 106 k
O 107
D
A
♦N Y A Greenwood Lake 5 s .. 1946 IE N
N Y A Harlem gold 3 Ms______ 2000 \t N
N Y Lack A West 4s ser A ------ 1973 M N
UN
♦N Y L E A W Coal A R R 5 Ms ’ 42 M N
♦N Y L E A W D ock A Im p 5s 1943 [ J
N Y A Long Branch gen 4 s . . .1941 VI 8
JS*N Y A N E (Boat Term) 4 s .1939 4 O
{♦N Y N H A H n-c deb 4s------ 1947 1/ ri
♦N on-conv debenture 3M 8..19 47 AE S
♦N on-conv debenture 3 M S..1954 A O
♦N on-conv debenture 4s____1955 I J
MN
J J
J J
4 O
M N
♦1st A ref 4 Ms ser of 1927 ..1 9 6 7 J D
{♦Harlem R A P t Ches 1st 4s 1954 M N
104 k
14k
14
14M
14 M
14 M
18k
6k
17k
13%
14M
14
1414
6%
17
51
t*O g A L Cham 1st gu g 4s___1945
Ohio Connecting R y 1st 4s____ 1943
Ohio Edison 1st mtge 4s______ 1965
1st mtge 4s________ _________ 1967
1st mtge 3 M s________________1972
Oklahoma Gas A Elec 3 k s ____1966
4s debentures_______________ 194(
Ontario Power N F 1st g 5s____1943
Ontario Transmission 1st 5s___1946
AE N
O A
F A
F A
F A
M S
M S
7
20
8
63
4
5M
20
4
7
30
63
21
11
104 X
Q
Q
J
J
J
J
F
J
J
M
M
M
J
J
J
F
M
j
j
j
100
108
33
177
24
6
64
64 M
39 k
39"
50k
42 M
42 M
98k
85
53 k
60k
74 M
65
64
HOk
6
105
97 k
98 M
96 54
102
101 M
95 M
102 M
104%
112 k
114
98
64k
10M
108 k
108 M
109 k
109 %
110 '
1 05 k
113 M
116M
111 %
117 k
118k
107H
81k
53
101
101k
100
67
65%
100
100
101k
99 '
65
1 13 k
H 2k
110 '
83
72
112
112 k
104 M
105M
45k
77
42 M
116
45
101k
101k
99 M
98 k
96M
89
102
93 %
93
57M
91M
58
127
73
103 M
104
104 k
105
105
100M
107k
99 %
95M
*36 7
A
*35 Ji
70 M
41
50%
60 k
52 M
54
105 %
*95
44 M
43
71 M
4514
5314
62 k
56 k
54 k
108
9M
10M
14
10 o w 107 W
lOfiU H0714
1054#
105
107 k 106 M 107 k
105 % 105%
104 M
104 M 104
___
10214 104
109 %
109%
____
114
____
116
104 %
105
79 y.
78M
77 M
J
5
Z
J
J
J
A
J
93
19
37
7
1C
23
4
25
3
6
74
12
71 k"
42
51 M
61M
52 M
54 k
108
____
J
5
A
5
107 k
L
L
A
A
r
Ore-Wash R R A N av 4s .
1961
Otis Steel 1st mtge A 4 Ms___1962 j
Pacific Coast C o 1st g 5s______ 1946 j r
59
j i
110%
1st A ref mtge 3 k s ser H ___1961 J L 108 M
1st A ref mtge 3 Ms ser I ____ 1966 J E 104 k
l*P a c R R of M o 1st ext g 4s_ 1935 F A
____
**2d ext gold 5s________
1935 J
Pacific Tel A Tel 3 k s ser B ..1966 A C 106
R ef mtge 3 Ms series C ____ 196i J /
10654
Paducah A 1 1st s f g 4 M s____195f .1 .T . . . .
11
Panhandle Eastern Pipe L 4 s ..1955 AE fil __ .
Paramount Broadway Corp—
1st M s f g 3s loan ctfs______ 195. F i
Paramount Pictures 3s deb___194’ M
84
Parmelee Trans deb 6s................194* A C
48 k
iA
E ____♦Paullsta R y 1st s f 7s................ 1945 AE _____
Penn C o gu 3 Ms coll tr ser B . 194 F A
Guar 3 Ms trust ctfs C _____ 1945 J z - - - Guar 3 Ms trust ctfs D ______ 194* J z
103
Guar 4s ser E trust c tfs .
1955 AE A _____
28 vear 4s____ ______________ 196, F A 102
Penn-Dlxle Cement 1st 6s A ___194 M y 96 V
J z _____
Pa Ohio A D et 1st A ref 4 Ms A 197 A C ______
4 Ms series B .................. " ____ 198 j
—
8
97
96
88
59
10914
107k
103 Vs
*6714
70
105M
1051T
*1011^
105M
59
111%
108k
105
79
70
106 V
106V
1
22
1J
105 k
2
49
83 %
48M
*117
73
101 %
*102 M
103
102 M
101
94 M
*106
97k
49 V
85
48 k
4
<
9
73
101V
4
103
102 k
102
97
106 V
97 %
100
2
32
41
18
15
9
2
58
17
15
36
25
73
100M
17
*102M
106%
*106k
*105%
*103
- --106%
8
*106 M
*100
*110
*114
106
105
O 105M 105
J
98
97k
N
D
47 M
47 M
O
48
O 47 M
46k
109k
_____
_____
D
A
D
D
8
J
J
J
J
J
J
For footnotes see page 2941.
... ■
. - „ . : u z z ------- :----- ...................... — ---------------- -- ------------------ ------------ s : . : . —
103M
107
102
102
97 k
103%
9k
2%
6
105k
89 M
90
102k
106 k
104
102 k
106 M
8
23
14
49k
50 k
50k
11
7
34
76 k
106M
40
40
16
* 106 k
*81 k
80
107
40
42 k
17M
----85
4k
140
220
107k
103
105k
109 M
108 k
109"
106 k
105
105
110
110
101
101k
92k
106k
23 M
23
23
111
108 k
117k
118M
107 M
107"
99k
107k
59 M
59
59%
104
106
106
98k
H IM
115
110
107%
105 k
112%
19
7
14
117
99
101M
106M
_____
80
40
17
D
D
D
O
J
J
*53 k
59 k
74 k
*56%
59
74
*73M
79
13
_____ i____
60
17
42
77
76
53
55
50
66 k
68 k
79
63
63 k
80
80
94 k
108
92 k
80
{♦St L Peor A N W 1st gu 5s._ 194 1J
J
J
♦Prior lien 5s series B _____ 195(
J
♦Con M 4 Ms series A ______ 197
AE
r
22 V
r ______
10 V
10
T _____
10V
198 ) M i' j ______
J J
17V
f ♦ 1st terminal A unifying 5 s .195 2 j
J
9V
♦Gen A ref g 5s series A ____ 199 3 j
{♦St L SW 1st 4s bond ctfs
60k
60
22
*58 k
10k
10
11
10k
10
10k
60k
34
17k
9k
1
57 k
94%
93
______ 108
______ *_____
______ *_____
.........
60
58 M 83
105k 107k
23 ~ 48
24
48
10k 18k
101k 110k
70 ‘ 88
6
49 k
112
153
224M
110 k
104 M
97k
96
100 k
96
no
96
99k
_____
..........
_____
_____
Saguenay Pow Ltd 1st M 4k s_ 1 9 6 ( A C
J
J
2d gold 6s________
I96f A
St Louis Iron M tn A Southern—
♦ {R lv A G D lv 1st g 4s
193( 1AE >
159
7
2
4
190
Ik
40
102 k
131
200
99
95 M
Rem ington Rand deb 4 k s w w 1956 AE S
97 k
96k
AE S
95
A E N ______ *98 M
Republic Steel Corp 4 Ms ser B 1961 F A
95 k
93 k
Purch money 1st M conv 6 Ms '5* M A 109M 108k
Gen mtge 4 Ms series C _____ 195< M 5
95 k
94 k
99
Revere C op A Br 1st mtge 4 k s 195( J .
98 k
♦Rhelnelbe Union s f 7s____
194( J .
*16
J J
*12
-J J -*9%
M N
*12k
AEN
*12
F A
10k
A O
11
Richfield Oil Corp—
AE 8 107M 107
J J ______ *102 k
♦Rlma Steel 1st s f 7 s ..
195£ F A
*6k
j z;
*38k
j
j
34 k
A C ______
14
M
__
........... *105
M
...........
M
Gen mtge 3 k s series J______ 196( AE
105M 1 0 4 k
_____
M
8k
A C ______
16
______
J
*9k
11
J
10k
92
94
30
5
213
45
78
24
H k
11
85 k
96
102 k 116
8 5 k 96
95
101k
37
51
12
12
1 8 k 22
7
27k
7
28
5
28
i
9 k 27 M
8
1
107k
104k
8k
34 k
14
35
100 k n o
103
106
10 M 1 3 k
43
46
2 8 k 44
12 k 20
3
9
104
_____
105k
9k
16
10k
n
62
60
22 V
61
n V
10V
I lk
10V
12V
12
60 V
34
18
11
105
102 k
10
5
104
31
99 k 105 k
8
13k
16
30
4
10
5 k 11
16
8
88
107 k
103M 108
5
52
51k
J
17
65 M
64
12 M 2 2 k
52 M 62 M
7
14
6 k 13k
7M 14M
7
14
6M 14
6 k 13M
54 M 65
26
35 k
15
23k
8
15k
83
18
30
1
163
45
2(
2£
1
1
|
1
_____
*10* %
♦ l in k
*106
I
^
113M
for deb 6s A com stk (65% p d )_ J
_
J
J
Reading C o Jersey Cent col! 4s 1951 A
Gen A ref 4 M b series A _____ 1997 J
J
50
55M
A O
A O
ii7 k
117M
77
I lk
106 k
76 M
68
72
H 5k
108
112
106M
104k
105 k
109%
13k
5
6k
112k
69
9%
JEN
*3k
*45' ”
{♦Providence Term 1st 4s_____ 1956 AE S
J J
140
J J 140
*200
J D
Pub Serv.of N or 111 3 Ms _____ 1968 A O 107 k 1 0 5 k
Purity Bakeries s f deb 5s
1948 J J
101k
2
5M
102% 111 %
107M HO
9 4 " 103k
7M 17 k
7
15k
60
124
107 M
106M
108 54
114k
107"
*105 M
no
51 108
43
34
11
3
. . . 1 103 M
22
57 k
22
52
io '
54
53 106 M
H 3k
115
73
10 %
110 k
74%
65%
66
113M
J
1st gen 5s series B __________1962 F
J
1st 4 Ms series D ____________ 1977 J
Port Gen Elec 1st 4 Ms______ 1960 M
J
J
♦6s stam ped_______ _____ J.1942 J
J
J
J
4M 11
30 ' 45
993i3J1 0 3 k
100
111M
62
86 ~
41
114k
98"
97 M
99
112k
106"
39
69
13
High
106 M
106
109k
114
H 3k
90k
120
101k
108 k
90 k
97
97
90 k
112M
112
67 M
9%
...
73%
65%
65%
112M
Gen mtge 5s series B
Gen 4W s series O
38 k
50"
106k
105 k
107
M
r tc
100k
101k
106
107 M
108M
81
no
92 k
100
79
90
89
74 M
1975jA
___ 1977I.T
M
Pitts A W Va 1st 4 Ms ser A . .1958 J
A
A
82
55 M
HO M
108 k
105 k
107*4
12 M
14
High V o . I
1 0 6 k 247
56
106
109
.
37
in
4
110
43
88 M
48
117k
89
100 k
45
108%
82
87'
52
94 M
12
45
87 M
88k
Pitts C C C A St L 4 MB A ____1940 A 0
A O
M IV
M N
F A
J D
AT N
F A
F A
AT N
10M
62
44 M
102 M
104"
93
94 %
5k
Range
Since
Jan. 1
§
105k
104M
_____
1 1 0 k 110k
no
110
87k
87 k
116M
99M
100k
108
107%
87
86k
94 M
93k
88 M
1939
II
T
Phlla Balt A Wash 1st g 4s____ 1943 V N
108
General 5s series B __________1974 F A
*108M
T J
106M
J D
104k
J D 1 0 5 k 105
M S
109
t*Phlla A Reading C A I ref 5S.1973 j j
13M
13M
M S
4%
4k
t$*Phlllpplne R y 1st s f 4s____1937 J J
6k
M S 1 1 1 k 111 M
MN
Pitts Coke A Iron conv 4 Ms A . 1952 M S 100 k 100
15k
15M
16k
16M
16%
1554
20%
28
9%
20 %
57 M
10
7
4,
mw
106
106
Peoria A Pekin Un 1st 5 Ms___1974 F A
r J
J
A S
T
Phelps D odge conv 3M s d e b . . 1952 / D
70
71 k
75 M
11
10
9k
10
10 %
10
10 %
16
3%
10 %
42
20
3
2
2
Friday,
Week’s
Range or
Last
Sale
Friday’ s
Price £id A Asked
(
1 O
V ,S
T
Peoria A Eastern 1st cons 4s___1940 1 O
110k
112M
33
50
70
BON DS
N . Y . ST O C K E X C H A N G E
W eek Ended N o v . 3
Peop Gas L A C 1st cons 6s____1943
12
17 k
99 % 102 k
48^4 63
1
5
N ov.
C o n tin u e d — P a g e 5
Pennsylvania Pow A Lt 3 M s. .1969 1 A
4M s debentures_____________ 1974 1 A
Pennsylvania R R cons g 4s____1943 2 1 N
Consol gold 4s_______ _______1948 2UN
4s sterl stpd d o lla r.M a y 1 1948 . / N
Gen mtge 3 k s series C _____ 1970 •1 O
Consol sinking fund 4 Ms____I960 j A
D
General 4 Ms series A _______ 1965
D
Debenture g 4 M s___________ 1970 1 O
General 4 k s series D _______ 1981 1 O
J
Conv deb 3 k s _____________ 1952 1 O
116M 1 2 6 k
108 M 1 1 9 k
5
54 7
A
119%
106%
105 k
107
High
no
73 k
82 M
67
72k
77 k
84 k
88
70
68 k
100
100
70
71 %
90
94
14%
14M
14
14 M
14%
1414
18%
26 %
714
18k
53
j
47 % 7254
39
65
65
83 %
77 M 8 6 k
50
79
100
107
104
107V4
47M 59 M
99
59
70
{♦N Y Ont A W est ref g 4s____1992 M S
8
7%
♦General 4s_________________1955 J D
4M
4 I4
{♦N Y Providence A Boston 4s 1942'A o
*70
N Y A Putnam 1st con gu 4 s ..1993 a O
5514
5514
N Y Queens El Lt A Pow 3 Ms 1965 M N
m ow
N Y R ys prior lien 6s stam p___1958 j j
rl 06 M rl0 6M
N Y A Rlchrn Gas 1st 6s A ____1951 AE N 1 05 k 105% 105%
N Y Steam Corp 3M s_________1963 J J 103
103 74
t J»N Y Susq A West 1st ref 5s 1937 J J
9k
9k
|*2d gold 4 M s .. ...................... 1937 F A
♦General gold 5s. . . _________1940 F A
7%
714
MN
39
39
N Y T e le p 1st A gen s f 4 Ms___1939 M Ar
R ef mtge 3 k s ser B ________ 1967 J J 1 1 0 k 108 % 11014
N Y Trap R ock 1st 6s................ 1946 J D
87%
87 %
{* * N Y W estch A Boat 1st 4 Ms ’46 j j
4
4
3M
M S
109%
Nlag Lock A O Pow 1st 5s A . . 1955 A O
110
110
Niagara Share (M o) deb 5 M s. 1950 I N
10214 103 k
tl*N orfo!k South 1st A ref 5 s .1961 F A
10M
12 k
10k
10M
♦Apr ’33 to Apr’38 cou p s. 1945
North Pacific prior lien 4s_____ 1997
Gen lien ry A Id g 3s Jan____2047
R ef A lmpt 4 Ms series A ____2047
R ef A lmpt 6s series B ______ 2047
R ef A lmpt 5s series C ______ 2041
R ef A lmpt 5s series D ______ 2047
Northern States Power 3 Ms___1957
Northwestern Teleg 4 Ms ext-.194<
Range
Since
Jan. 1
High No.\ L,ow
100M
50
65M 154
so
73
67
42
61
248
47 M
68 M 180
50
69 M 105
78%
47
75
72
15
87k
63 %
56 %
61
58
25
63 M
78 k
59 k
67
67 M
78
86 M
R el A lmpt 4H s series A ____2013
R ef A lmpt 5s series C - ------ 2013
Conv secured 3 k s --------------- 1952
N Y Cent & H ud River 3M s -.1 9 9 7
Debenture 4 s . -------------------- 1942
J|*Norfolk A South 1st g 5 s ...194 1
N orf A W R j 1st cons g 4s___11996
North Am er C o deb 3 Ms_____ 1949
debenture 3 k s . - - ________ 1954
debenture 4s. . . . . _______ 1959
N orth Cent gen A ref 5s______ 1974
Gen A ref 4 Ms series A _____ 1974
{♦Northern Ohio R y 1st guar 5s—
♦Apr 1 1935 A sub coupons__1945
♦Oct 1938 A sub coupons____1945
Ctfs of deposit stamped
h
5s 1
I
§ 0Q
R e c o r d —
67%
59 M
Newport * C Bdge gen gu 4 Ms.1945 J j
N Y Cent R R 4s series A ............1998 E A
10-year 3 k s sec s f --------------- 1946 / O
1st mtge 3 Ms extended t o — 1947 i.
V
N Y Connect 1st gu 4 Ms A ------ 1953 F
?
N Y D ock 1st gold 4s__________1951 F
1
N Y Edison 3 k s ser D . ...........1965 A
1
N Y A Erie— See Erie R R
N Y Gas El Lt H A Pow g 5S..1948 •
F
Y ork
M
it"
"
™ ~~
---------------------"
, :1 —
.—
:------------------------------ =— ----------------------------- —
New York Bond Record— Concluded— Page 6
8 A A Ar Pass 1st gu g 4s______
San Antonio Pub Serv 4 s _____
San Diego Consol G A E 4s____
Santa Fe Pres A Phen 1st 6 s . . .
1943
1963
1965
1942
1946
♦Guar s f 6 Ha series B ______ 1946
Scioto V & N E 1st gu 4a_. . . . 1989
{{♦Seaboard Air Line 1st g 4 s .. 1950
{♦Gold 4s stam ped_________ 1950
{♦Refunding 4s_____________ 1959
Bonds
Sold
Friday
Week's
BON DS
Range
Last
Range or
N . Y . STOCK EX C H A N G E
Sale
Since
Friday’ s
W eek Ended N o v . 3
Jan. 1
S
Price Bid <c Asked
i
High No. Low
1bow
High
St Paul A Duluth 1st con g 4 s .. 1968 J D
87
87%
{♦St Paul E Gr Trk 1st 4 H a ... 1947 J J
*4
8H
3H
6H
• 6%
{♦St P a u l* K C 8h L g u 4 H a -- 1941 F A
10
3%
9
6%
St Paul Minn A M an—
{P acific ext gu 4s (large)------ 1940 J J
98 Vs
96
98 H
*97
1972 J J
116
111H H 8
J J
A O 106H 105H
M N 109H 109 H
M S
*109 V
*
J J
J J
A O
29 %
A O
MN
A O
15H
A O
14
14M
F A
A O
6
5H
Vanadium Corp o f Am conv 5s .1941
1955
Cons s f 4s series B ________ .1957
Vera Crux A Pacific R R —
1934
§♦4 Ha assented____________ .1934
Va Elec A Pow 3 Ha aer B ___ .1968
Va Iron Coal A Coke 1st g 5 . . .194!
_200!
1st cons 5s_________________ .1958
*14
4
4 Vi
17
4H
4H
141
1
94
60
*24
95
61
169
8
*25 H
98
101 V
s
*112
10
50
99 H
10414
103 H
12
12
99
101 H
108H
109
99 H
108 H
108 V
s
104 5
4
95 H
105 H
101H
108 H
109
104 %
96 H
14
54
46
9
3
41
105
50
52 H
51 %
51
51
62
80 H
105 H
52 H
54 M
54
53 %
53 %
62
81H
7
48
95
94
196
173
10
10
67 H
68 H
134
96
O 105H
D
51
S
53
S
52
N
51 H
N
51H
J
O
80 j i
M
J
A
F
J
F
J
M
M
A
M
A
A
M
M
j
J
J
J
J
J
34-year 3 Ha deb___________ .1970
35-year 3 Ha debenture____ .1971
United Biscuit of Am deb 5 s .. .195C
United Cigar-Whelan Sts 5 s .. .1952
United Drug C o (Del) 5s_____ .1952
.194*1
{{♦U nited R ys St L 1st g 4 s .. .1934
U 8 Steel Corp 3 Ha debs_____ -194f
.1951
1951
-1951
1951
♦Sink fund deb 6 Ha aer A . . .1947
1947
United Stockyards 4H * w w . .1951
Utah Lt A Trae 1st A ref 5 s .. .1944
Utah Power A Light 1st 5s___ .1944
{{♦ U til Pow A Light 5 Ha____ .1947
{♦Debenture 5s____________ .1951
8H
2
58
1
37
5
307
23
103 H
So Pac R R 1st ref guar 4s____ .1965 Lf J
1st 4s stam ped_____________ .1955 J J
Southern R y 1st cons g 5a____ .1994 J J
Devel A gen 4s series A ____ .1956 A O
Devel A gen 6a_______ ____ .1956 A O
Devel A gen 6 Ha__________ .1956 A O
M em D lv 1st g 5s__________ .1996 J J
St Louis D lv 1st g 4s_______ .1961 J J
So’ western Bell Tel 3 Ha aer B . .1964 J D
1st A ref 3s series C _______ .1968 J J
8o'western Gas A El 4s aer D . .1960 M N
♦{Spokane Internat 1st g 5 s .. 1955 J J
Staley (A E) M fg 1st M 4 s . . . .1946 F A
Standard Oil N J deb 3s______ .1961 J D
2 H s ------------------ ------------------ .1963 J J
8tudebaker Corp conv deb 6s. .1945 J J
Swift A C o 1st M 3 Ha_______ .1960 A fN
Tenn Coal Iron A R R gen 5a__ .1^51 J J
Term Assn o f St L 1st cons 5s. .1944 F A
Gen refund s f g 4 s ________ .1953 J J
Texarkana A Ft S gu 6 Ha A . . .1960 F A
Texas Corp deb 3 Ha________ .1951 J D
3s debentures______________ .1959 A O
Texas A N O con gold 6s_____ .1943 J J
Texas A Pacific 1st gold 5s___ .2000 J D
Gen A ref 5s series B _______ .1977 A O
Gen A ref 5s aeries C ______ .1979 A O
Gen A ref 5s series D ______ .1980 J D
Tex Pac M o Pao Ter 5 Ha A . . .1964 M S
Ujigawa Elec Power s f 7s____ .1945
Union Electric (M o) 3H a____ .1962
{{♦U nion Elev R y (Chic) 5 s .. .1945
Union Oil of Calif 6a series A . . .1942
.1952
3s debentures______________ .1959
Union Pac R R 1st A Id gr 4 s .. .1947
1st Hen A ref 4s_______ June 200S
4
10
99
J
D
S
A
A
O
J
J
O
O
J
S
A
J
D
J
A
J
J
25
10
30 H
29 H
15H
14H
3
6H
5%
9%
9H
8H
{{♦ A tl A Blrm 1st gu 4s____ 1933 M S
{♦Seaboard All Fla 6s A c t f s .. 1935 F A
1935 F A
Third Ave R y 1st ref 4s______ .1960
♦AdJ Income 6s__________Jan 1960
{♦Third Ave R R 1st g 6 s_____ .1937
Tide Water Asso Oil 3 Ha_____ .1952
T ok yo Elec Light C o Ltd—
1st 6s dollar series.................. .1953
T ol A Ohio Cent ref A Imp 3H a 1960
T ol St Louis A West 1st 4s___ .1950
.1942
T oronto Ham A Buff 1st g 4s. .1946
.1949
Trl-C ont Corp 5e conv deb A . .1953
.1955
♦Guar sec s I 7s____________ .1952
29
13
94 M
61
♦1st cons 6s series A ________ 1945 M S
Shell Union Oil 2 Ha debs____ .1954 J
Shlnyetsu El Pow let 6 Ha____ .1952 J
♦Siemens A Halske deb 6 H s .. .1951 M
.1948 F
Sllesian-Am Corp coll tr 7s___ .1941 F
Simmons C o deb 4s__________ .1952 A
Skelly Oil deb 4s_____________ .1951 J
Socony-Vacuum Oil 3s d e b s .. .1964 J
South A North Ala R R gu 5s. .1963 A
South Bell Tel A Tel 3 H a____ .1962 A
3s deben tu res....................... .1979 J
Southern Calif Gas 4 Ha_____ .1961 M
1st mtge A ref 4s___________ .1965 F
Southern C olo Power 6s A ____ .1947 J
Southern K raft Corp 4 H a____ .1946 J
Southern Natural Gas—
1st mtge pipe line 4 Ha_____ .1951 A
8o Pac coll 4s (Cent Pao c o ll). .1949 J
1st 4 Ha (Oregon Lines) A . . .1977 M
G old 4 Ha________ _____ — .1968 M
G old 4 Ha............................. .1969 M
Gold 4 Ha................................. .1981 M
.1946 J
San Fran Term 1st 4s______ .1950 A
63
106 H
110H
67 H
88
61 H
77 H
81%
70
110H
103 H
17
105 H
104 H
94 H
107 H
107 H
88
107 %
103
76H
7 7 __
76 H
44
88 %
87 H
172
62
60 H
50
78 H
76H
82
26
81
__
79
*70
15
72
69 H
13
110
H OH
91
102 H 103 %
6
107 H 107 H
18
16
17
*104 34 105 H
20
104 % 105H
101 H 104 H 157
96
40
93 H
106 H 107 H 108
*123
125 H
*112M 114
107
43
107 H
88
17
88
54
106 H 107 H
101H 103H 146
*50
84 M
112
4
112
11
76
78 M
79
75 X
11
79
17
76 H
11
101
101 H
68 V
4
107 H
112H
H OH
20
21
31
32 %
119H
19H
17H
4
8
7H
11
10**
19
5
6
88 H
50
58
10
22
91
98
97
115
100
93H
103M
105
100
87
95
62
75 H
23H
82
100H
105
103 H
11SH
110
101%
108 H
HOH
106 H
96 H
100H 106 H
40
58 H
40 H 61 H
39
57 H
37 H 67 H
37 H 67 H
51
68
78
93
54
72 H
77
44
57
58
70
60
102
97
100
12 H
102
97 H
94 H
68
103
115
113
100
79
102
95H
91H
62 H
81
84 H
80
74
112H
109
109 %
22 H
105 H
106 H
106 H
99 H
107 H
130
116H
110H
95
108 M
105 H
110H H 9
76
89
75 Vs 89
76 H 89
96 H 104
49
14 %
*95%
105 H
51
15H
97 H
106
109
242
29
37 H 51H
7H 16 H
87H 98 H
98
107H
J D
56 a
57
J D
86
*4 O
70 H
M S
♦
J D
M S
*116
/ J 105 H 105 H
A fN
* _____
F A —
57 H
87 H
70 H
29
30
2
49
84 H
54 H
j
J
A
A
F
J
F
J
O
J
J
1
47
99 H
105
109
15H
15 '
25
25
116 H
10H
7H
1H
3
2%
5
4 Vi
11H
2H
2H
49 H
14 M
106
S
J
0
A
J
A
J
S
S
O
N
O
O
S
S
83 %
109 H
81
107 H
9
111“ 3 11121,
2
105H
101H 100
113H i l l H
105 H
106
113
96
96
96
96 H
108 H
72
71 H
75
75 H
*107H
31
106 Vs 105 H
*17%
*H H
♦17H
j
D
D
D
D
D
*18H
j
J
O 89 H
O 100H
A 101
80
D
80
A
99
125
106
11H
10
—
83 H
109 H
9
112
105 Vs
101 H
113H
106
113
96
96 H
108 H
72
79 H
7
73
2
4
3
46
85
59
4
i
39
7
7
74
31
106 %
9
276
22
89 H
89
101
100
101
101 H
80 H
79 H
79 H x 80 H
____
111
97M 100
123 H 125H
104H 109
20
24
24
26
71H
101H
8%
108H
105*53,
99H
103H
100
110
89 H
89H
104 H
65
69
104
24 H
100
11H
11
11H
85
HO
13
H 6H
109 H
101H
H5
110H
116H
100 H
100H
109 H
83 H
84 H
111
31H
106 V
a
50
14
50
20
50H
5
38
62
27
44
83 H 90
93
102H
93H 102
66
82 H
65 H 83
96
118H
106 H 109 H
106 H 109H
110
111
18
* ___
A O
F A
MV
60 H
90 H
71H
109
____
!
J J
J
M
M
J
A
J
S
S
a
O
*
108
......
___
106M
41
*50
62 H
H
108 H
41
83
63
42
2
3
K
1H
100H 111
27 H 45
72
72 H
54
65
2941
Friday
Week’ s
Range or
Last
Friday’ s
Sale
Price Bid dk Asked
3E
W eek Ended N o v . 3
s i
Low
.1966 M S 105M 105 H
.1939 A fN
39
38 H
.1939 F A
22
.1954 J J
30 H
.1941 J J
*45
.1 9 3 9 J J
16
16
.1941 A O
*11%
.1941 Af S
*42
.1975 Af S
10
10H
.1976 F A
10
10H
.1978 A O
10
10H
.1980 .4 O
10H
S 1945 J D 103 % 103 H
.1955 A O
63
63
.1955 A O
79 H
.1948 M S 83 %
82 H
.1941 M S
35
35H
.2000 F A
*33
*
.1948 Q Af
.1945 F A
*105H
.1945 F A
.1950 J D
*120H
105
-1967IJ D
.1963 Af S
116H
109
.19661J J
*106**
♦Ref * gen 4 Ha series C .
♦Ref A gen 5s series D ___
Gen mtge 3 Ha__________
Test Penn Power 1st 5s ser
1st mtge 3 Ha series I . . .
.1952 A O W 84
83
89
.1 9 7 7 J J 1 9 0 H
.1943 A O
106 %
.1946 M S
20 H
.1946 M S * 2 0 H
20H
.1950 A fN f 66
66
70
.1951 J D
71
69
.1960 Af S
70 Vs
*
.1953 J J
52
53
.2361 J J
50
2361 J J
1949 M S
112H
99
97
.1966 F A
*101H
W hite Sew M ach deb 6s_____
12
s.1942 J D
102 H
l.1955 J J
95H
.1947 A O { 9 8
110
{♦W is Cent 50-yr 1st gen 4 s .. .1949 J J
17 H
16H
16
♦Certificates o f d e p o s it..
16H
8
8
4s ’ 36 A fN
*7
♦Certificates of deposit.
105 H I
..1968 A O
108 H !
..1961 J D
*9H
Youngstown Sheet A Tube—
..1948 M 8 111H 110H
..1961 A fN 105 H 104H
Bonds
Sold
Interest
Period
Volume 149
Since
Jan. 1
High
106 %
41
24 H
30 H
49 H
16
17
45
11H
11M
10H
11H
103 H
67
79 H
83 H
37
39
75
N o. Low
66 101
29
30
5
14H
1
24 H
48
10
11
11
____
40 H
18
5
15
4H
54
4H
16
5
22 100
24
56
1
73
21
79 H
26
34
____
39
____'
67
____ 1 102
107
128H ____ 1 118
34 100
106 Vs
2 115H
117
9 104
109 H
102U
High
109'H
49 H
28 %
30 H
52 H
18
18
43
15 %
16
15 H
16
107 H
67 H
80
92
47
40
67
109
109 %
130
110
122
112H
107Sf
82
85 H
76H
23
90 H
82 H
14 100 %
107 H
32
14 H
21H
51
21 H
13H
22
69 M
55 %
29
57 H
73 %
83
57
71%
____
15
8
28 1 44
56 %
12
42
50 H
2 109 H
112H
30
99
90 H
100H
22
6
12H
13
103 %
97
70
98
88 H
1 110
110
38
19
7
11
17H
6H
13
8H
4H
12
4H
48
99 H
106 H
1 104
108 H
5
89 H
95
107 %
24
24
72 H
76
75 %
22H
59
52 H
114H
99
10114
13
105
99
114
20 H
19
11H
10
110H
110H
9H
112
105 %
117
68
100
115H
100 % 107 H
1
e Cash sales transacted during the current week and not Included in the yearly
range:
N o sales.
r Cash Bale; only transaction during current week a Deferred delivery sale; only
transaction during current week, n Odd lot sale, not Included in year’s range.
x Ex-Interest. $ N egotiability Impaired by maturity, t The price represented Is
the dollar quotation per 200-pound unit o f bonds. Accrued Interest payable at
exchange rate o f $4.8484
t The following Is a list o f the New Y ork Stock Exchange bond Issues which have
been called In their entirety:
Pirelli 7s 1952, N ov. 1 at 105.
Union Oil 3 Ha 1952, Jan. 1. 1940 at 105H .
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 o f the Bankruptcy A ct, or securities assumed by such com panies.
* Friday’s bid and asked price. N o sales transacted during current week.
♦ Bonds selling flat.
t Deferred delivery sales transacted during the ourrent week and not Included In
the yearly range:
N o sales.
Transactions at the New York Stock Exchange,
Daily, Weekly and Yearly
Week Ended
Now. 3 1939
Total
Bond
Sales
United
States
Bonds
State
Railroad <
fc
M unicipal
M is cell.
For’n Bonds
Bonds
Stocks,
Number o f
Shares
Total .
481,670
639,170
1,011,582
794,370
845,710
1,815,860
$2,561,000
4.088.000
5.617.000
5.316.000
5.312.000
6.853.000
$625,000
1.044.000
1.125.000
967.000
837.000
775.000
$199,000
570.000
419.000
289.000
445.000
388.000
$3,385,000
5.702.000
7.161.000
6.572.000
6.594.000
8.016.000
5,588,362
Saturday_______
M o n d a y _______
T u esd ay_______
W ed n esd a y____
Th ursday______
F riday_________
$29,747,000
$5,373,000
$2,310,000
$37,430,000
Jan. 1 to N ov. 3
Week Ended N op. 3
Sales at
New York Stock
Exchange
1938
1939
1938
1939
5,588,362
6,032,980
228,487,090
246,378,478
$2,310,000
5,373,000
29,747,000
$1,190,000
5,660,000
33,841,000
$302,304,000
209,130.000
1,228,046,000
$117,321,000
206,068,000
1,193,406,000
$37,430,000
$40,691,000
$1,739,480,000
$1,516,795,000
Stocks— N o. o f shares.
Bonds
G overnm ent__________
State and foreign_____
Railroad and industrial
T o ta l...........................
Stock and Bond Averages
Below are the daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
as compiled by Dow, Jones & Co.:
B ond*
S to ck s
Date
30
Industrials
N o v . 3 152.64
N o v. 2 151.56
N o v.
1 151.60
O ct. 31 151.88
O ct. 30 153 21
O ct. 28 153.12
20
Railroads
34.12
33.65
33.76
33.91
34.38
34.43
15
Utilities
25.99
25.83
25.68
25.80
26.07
26 12
Total
65
Slocks
51.95
51.52
51.53
51.67
52.18
52.19
10
Industrials
107.51
107.53
107.36
107.21
107.05
107 04
10
First
Grade
Rails
92 82
92.54
92.63
92.56
92.68
92.85
10
Second
Grade
Rails
53.32
52.96
52.94
53.77
54.14
54 60
10
Utilities
108.10
107 79
107.61
107.41
107.22
107.29
Total
40
Bonds
90.44
90.21
90.14
90.24
90.27
90.44
N e w Y o r k C u r b E x c h a n -We e e k ly a n d Y e a r l y R e c o r d
g —
2 9 4 2
N o v . 4, 1939
N O T IC E — Cash and deterred delivery sales are disregarded In the week’s range unless they are the only transactions o f the week and when selling outside
o f the regular weekly range are shown In a footnote In the week In which they occur. N o account is taken o f such sales In com puting the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (Oct. 28, 1939) and ending the present Friday (N ov. 3, 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.
Friday
Last Week’s Range
STOCKS
Par Price
Low
Sales
for
High Shares
100
Acme W ire C o com m on . 10
21
21V
Ainsworth M fg co m m o n .5
20%
4%
6Vs
934
154
20%
5%
6 Vs
10
234
100
4,900
R600
500
1,600
84
85
9 9 V 10014
90 ‘ 91 Vs
2V
2)4
IV
1)4
250
260
100
100
100
{A ir Investors c o m m o n ..*
Alabama G t S o u th e rn ..50
S6 preferred___________ *
Alles & Fisher Inc c o m ___*
Alliance Invest c o m -------- *
Class A conv co m ____25
Aluminum C o c o m m o n ..*
6 % preference______ 100
Aluminum G oods M fg ___*
Aluminum Industries com *
6 % preferred............1 0 0
5 34
6 34
9%
234
84
10014
90 Vs
234
_____
142
116
9
106
10134
44
TVs
21
21
1 35 V 14254
11451 11654
1 6 V 17
7 V 10
lOfi
100 34 10134
1%
114
43
44
8
TVs
Range Since Jan. 1, 1939
Low
High
14% July
1854
2J4
5
634
1
1334
Feb
Aug
Aug
Sept
June
Aug
61 >4 Jan
71
Jan
62 V Jan
134 M ar
54 July
7
Oct
734 June
50
17
M ay
6,600
90
Apr
TOO 11034 Jan
300
14
Apr
1,600
3
M ar
1 750
94
Oct
100
300
134 M ar
100
4034 Sept
1,000
134 Aug
34 Jan
22 V
Amer Centrifugal C o r p ._ l
Am Cities Power & L t—
Vs
Class A with w arrants-25
134
33
3154
Amer Gas & Elec com ____ *
American General Corp 10c
$2 preferred___________ 1
12)4
3634
113)4
4%
27Vs
Amer Hard Rubber C o .5 0
Amer Laundry M a cy ___20
16 54
16)4
6 % preferred................ 25
American Republics____ 10
Amer Seal K ap com _____ 2
Am Superpower Corp com *
S6 series preferred_____ *
Anchor Post Fence_____ *
Appalachian El Pow pref *
§Arcturus Radio T u b e___1
Arkansas N at Gas com ___*
400
16V
16
27
1654
1654
27
23
lOO
1,400
200
500
54 Aug
2534 Apr
134 June
22
Apr
834 Apr
2954 Sept
11034 Sept
334 M ay
24
Jan
634 M ar
1534
Apr
2534
Apr
Vs
2954
3,600
200
34 Aug
2034 Apr
88
92
754
7Vs
6V
5Vs
* 6 ------ V __ ®6
1
1
7654
76
7654
17 34
1734 1754
3V
334
3V
154
IVs
2
2
100
1,900
1,000
2,800
450
700
600
100
600
55
534
454
34
67
13
334
1
1 Vs
29
V
88
734
6)4
_____
2Vs
2V
i.
97
Ashland Oil & R ef C o ____1
“ 1
6
400
100
31% 32
500
30 V 31
1%
700
IVs
110
33
34
15,200
31 % 34
91
5
300
400
12% 1234
35 V 37 34 4,700
425
113
11354
1,500
5
4V
125
2754
27V
25
32 Vs 32 54
150
11')i 1134
22)4
Amer M aracaibo C o _____ 1 ______
29
23
5)4
112
i 12
36
1
2Vs
2%
7
97
5
V
2 Vs
3
734
97
554
10
1,500
1,700
2,400
1,200
20
1,400
STOCKS
(iContinued)
Feb
Apr
Jan
Apr
Jan
Apr
Oct
Sept
Sept
107
Sept
34 Sept
134 Apr
4 34 Sept
434 Apr
Associated Elec Industries
2434 Sept
21
6
854
11
254
18
34
8934
101
9154
234
134
54
10
1154
21
14254
11654
1754
10
141
11134
334
60 34
954
June
Jan
Jan
Jan
Jan
Jan
Jan
Oct
254
54
23
75
234
3534
3434
254
34
3554
134
13
4034
116
6
29
33
12 54
18
18
29
25
66
134
32%
34
99
1154
7
1
8034
27
354
234
334
1634
112
34
354
354
734
98
8
554
1634
Sales
Friday
Range Since Jan. 1, 1939
for
Last Week’s Range
Sale
Low
High
High Shares
Par Price Low
Beason & Hedges com ___*
3834
Bickfords Inc com _______ *
7ie
%
34
%
1534 1554
38
38
1534
Blrdsboro Steel Foundry
734
1834
Blue Ridge Corp co m ____ 1
$5 preferred___________ *
V
V
6V
E
ie 2,900
•i» 12,700
2,400
7
34
34
554
Oct
Oct
Jan
Atlanta Birmingham &
354
26%
754
Atlas D rop Forge com ___5
Atlas Plyw ood C orp _____ *
4)4
14V
Ys
Autom atic Products_____ 5
6 % preferred xw _____ 25
Aviation & Trans C o r p ..l
Axton-Flsher Tobacco—
Class A com m on_____ 10
___
54
10
134
754
734
834
54
10
154
754
8
9 54
100
50
200
300
4,600
16,100
Aug
Bridgeport M achine_____ *
354
354
334
300
134
334
134
334
100
200
1134
354
Brown Rubber Co co m ___1
Bruce (E L) Co com _____ 5
Sept
B u ff N iag & East Pr p f.2 5
M ar
Bunker Hill & Sullivan 2.50
June
1934
25
554
27
554
334
3
154
134
250
1,800
200
800
2,000
434
900
36 34
54
54
9934 100
91
9234
1134 1234
300
600
50
30
2,200
134
134
134
M ar
Feb
Apr
Carnation C o com m on___*
Carnegie M etals c o m ____ 1
Carolina P & L $7 pref___*
36
100
54
1134
1234
2334
334
100
50
900
108
109
434
434
21
22 34
6754 7054
1434 1454
450
500
300
110
600
92 34 9454
9 34
934
10634 10634
280
100
50
34
•u
1,600
234
334
4
334
4
100
1,900
434
x6
434
634
is.e
134
1154 M ar
ll6
34
234
6534
6534
9
6634
9
Childs Co preferred____100
Cities Service c o m m o n .. 10
2834
6
5754
Cities Serv P & L $7 pref. *
90
634
2834
554
5334
5
50
82
8034
634
30
6
5834
534
52 34
92
89
7
1634
1634
1634
Cleveland Elec B lum ____* ______
Cleveland Tractor com ___* ______
4154
534
3
4
42
554
3
8
87
234
434
754
8554
234
434
854
8834
6254
61
6334
Castle (A M ) c o m m o n .. 10
334
Celluloid Corp co m m o n .is
Cent Hud G & E co m ____*
4 Vs
22
70
1434
94
Cent Pow A Lt 7% pfd 100
7
Barium Stainless Steel___1
1
Basic D olom ite Inc c o m ._ l
Bath Iron W orks C orp___1
834
9
Vs
8V
854
20
5
4 V
Beech Aircraft C orp _____ 1
Bell Aircraft Corp c o m . . l
Bellanca Aircraft com ___1
Bell Tel of Canada____100
Bell Tel o f Pa 6 34 % p f . 100
11)4
26)4
9Vs
135
For footnotes see page 2947,
1
1,600
854
954
500
1,400
20
5
454
10
200
100
10)4 1154 20,000
6,200
23 V 2654
7,500
954
9V
20
135
135
25
12334 12334
Apr
34 Oct
34 July
734 Jan
4
M ay
454 Mar
17 '
20
3%
Oct
Oct
Apr
354 Aug
15
Aug
434 Aug
120
Oct
11834 Apr
134
154 Jan
10%
954 Sept
11
Sept
2
50
Feh
40
Centrifugal P ipe_________ *
Chamberlin M etal Weather
Charls C o rp ____________ io
4
654
Chicago R ivet & M ach ___4
•
it
Claude N eon Lights I n c . . l
4
'
5
13
1134 Feb
3634 Jan
1034 Jan
17634 Aug
124
Aug
1154
2334
234
34
4%
7% preferred_________ 30
Aug
Aue
Aug
Aug
Apr
Apr
Oct
Aug
13 34 Sept
1434
15U
2134
734
434
1934
134
26
234
7
26 34
1934
100
11
134
134
%
34
Feb
Oct
M ar
Sept
Oct
Oct
Oct
Apr
Sept
Sept
Apr
Sept
Apr
Aug
234
1634 Feb
22
1934 June
454 M ay
154 Apr
254 Oct
34 Apr
54 Feb
19 54
334
2434 Jan
34 Apr
85
Feb
78
Jim
854 st*m
5% Feb
9
17
M ay
234 Aug
100
300
1154
1554
8,100
100
300
300
1854
Canadian Car & Fdy pfd 25
Cndn Colonial Airways___1
Canadian Indus Alcohol A *
Canadian M arcon i_______1
Sept
454
8
Vs
34
434
234
17 54
10
334
34
6
134
554
334
434
32
234
55
%
134
2154
9 54
2934
1634
Cables & Wireless L td —
934
2834
954
27
754
200
Carib Syndicate_______ 25c
2934
8V
27
300
54
Feb
1334 Aug
9)4
134
Seot
Feb
48 34 M av
2,100
200
1,500
500
500
600
250
2,000
25
554
334
3
134
154 Aug
2234
154
554
454
954 1154
28 34 30
2054 21
102
10534
*1434 15
19
Sept
June
Feb
3554 Sept
21V
250
100
154
434
1154
30
21
10534
x l4 V
Burry Biscuit C o rp ..1 2 3 4 c
30
21X
Baldwin Locom otive—
200
134
Brown Forman D istillery. 1
26,500
40
154
54
M ar
354
3V
40
Apr
Sept
100
British Celanese Ltd—
Sept
July
M ar
1734
154
Aug
100
1934
1734
British Amer T ob acco—
Am dep rets ord bearer £1
200
17
23 34 2454
554
554
Jan
12
17
Feb
25
15
14
Sept
Sept
Sept
July
Jan
N ov
N ov
N ov
July
Jan
Jan
Jan
M ar
Feb
Jan
Sept
Jan
M ar
Sept
Jan
Sept
June
June
100
6,100
300
100
200
200
300
100
134
754
8
954
1554
1534
Jan
954
1934
134
42 34
9
4%
32 54
18
534
3
24 34
534
1254
1134
12 34
34 34
734
77
234
434
39
1334
3254
2234
2234
734
1834
134
41
8
434
32 54
18
7% 1st preferred____100
2d preferred___________ *
Brazilian T r Lt & P ow ___*
Breeze C o rp _______ _____ 1
Brewster Aeronautical___1
100
130
200
1,400
500
200
600
300
1,000
200
154
Sept
Apr
Apr
Apr
Apr
Jan
Apr
Jan
Jan
Sept
Aug
Aug
Sept
Sept
Aug
734
1654
134
41
8
434
2834
16
Oct
N ov
Nov
Sept
N ov
3%
354
25 ~ 26%
7%
7%
54
%
4
454
1 4 V 1454
H
34
154
IVs
5V
6V
7V
754
234 June
1134 Sept
Aug
Aug
Jan
Jan
M ar
June
8
434
32
68
Feb
98
454
31%
9%
1%
534 Sept
2534 Jan
H
3
Apr
854
8%
2234
Aug
18
334
4
Jan
234 Apr
17
Apr
334 ’ Feb
45
48 34
54
34
17
40
Blumenthal (S) & C o ____ *
Bohack (H C) C o co m ___*
7% 1st preferred____ 100
Ceianese Corp o f America
34
Vs
6Vs
Jan
50
16
Jan
27
400
54
Aug
200
Jan
13
100
M ar
25 z34
Oct
N ov
Jan
10
Assoc Gas & Elec—
3834
Colorado Fuel & Iron warr.
Colt's Patent Fire A rm s.25
Colum bia Gas & Elec—
Conv 5% Dreferred-.1 0 0
•n
76
3
June
17
48
Feb
1334 Jan
90
85
6%
85
Jan
1
34
7
3
254
354 M ay
134
28
2534
754
25
434
42
6
17
3454
2334
107
20 34
234
254
1
134
July
June
Oct
Jan
Aug
M ay
M ay
Jan
Jan
M ar
M ar
Jan
Sept
Jan
Jan
434
25
22
3334
8%
4
3
154
834
154
2254
5
37 34
134
102
94 34
2134
754
1554
26
454
M ay
Sept
Oct
M ar
June
Sept
Oct
Sept
Sept
Sept
Oct
O cl
Sept
Sept
Aug
July
Jan
110
6 54
2734
7054
15
107
97
11
10934
134
34
5
14
554
454
434
Aug
Sept
M ar
Oct
Oct
334
734
734
554 July
x l2
15
130
110
350
60
79
100
954
554 Apr
34
54
75
58
2554 Sept
4,000
434 Aug
934
7,000
5934
43 34 M ar
700
334 Feb
534
60
55
37
590
92
55
Jan
120
89
5334
1,300
4
July
734
4%
5%
10
1534 July
2034
200
34 Aug
134
200
154
534
600
3434 Jan z42
500
334 Aug
654
200
5
134 July
254
334
5
834
9
734
1,100
4
134
300
434
454
1,100
4
Apr
954
1,200
70
Apr
9634
500
55 34
Jan
Jan
24
Feb
2234 June
M ar
Aug
Sept
Jan
June
July
Feb
Jan
Jan
July
Jan
Feb
Oct
Sept
Jan
Feb
June
July
N ov
Sept
Jan
June
Sept
Sept
Sept
7454 M ay
i *.
. . .
:
- 11
=
STOCKS
- ........ .
......-
Friday
Sales
Last W eek 's Range
fo r
Sale
o f P rices
W eek
Par P rice Low
H igh Shares
Columbia Oil & Gas-------1
Columbia Pictures Corp..*
Commonwealth < Southern
f
2%
Community P & L S3 i ref *
37*
30
Community Water Serv__1
Comoo Shoe Mach—
V tc e t to 1946_____ 1
Consol Biscuit Co----------1
.
3*
78
116
7
93
9*
6H
17 *
%
Crown Cork Internat A ..*
Crr wn Drug Co com__ 25c
2%
8
*3
3
5,700
50
25
7
2%
I*
53 *
Darby Petroleum com— 5
Decca Records com-------- 1
2%
7%
2,900
Apr
Jan
Apr
37%
31%
he
450
550
100
23%
he
June
16 %
200
13%
Apr
3%
7 HU
3%
78
11514 11614
1
1*
40%
40
1%
6%
93%
%
9
9*
10 *
6
15
%
1%
7
93%
%
10%
9%
11%
6%
17%
%
2
\y%
u%
1%
11%
Aug
Jan 37
37
6*
3 % Aug
200
84*
1,000 71
121*
12C 111
%
700
1%
60
450 37
6
2%
86
98
1%
300
1%
Apr
3
1,400
8%
Jan 95
20 84
Mar
200
%
%
4%
13*
2,000
11
100
8%
13*
4%
1,700
15%
27*
3%
1,650
834
15,000 1 0 % Apr 17*
1*
100
% Sept
Jan
Feb
Aug
200
1,300
100
25%
7
b.
1,900
400
1,600
2%
6%
1%
2%
6%
1%
500
100
300
7*
300
700
5
16*
1%
70
14
Sept
4
4%
16%
4%
Id
June
2
1%
6
14
%
Sept
Aug
6
i«
7
Feb
53%
5
16%
26%
7%
4%
17%
26%
7%
4%
1,000
50
2,500
200
2%
45%
107%
1%
--------
-------------------- -
6
3%
14%
9
23%
5
4
l}£
1%
21
1*
1%
1%
20%
1%
1%
1%
21%
100
500
100
1,100
Dominion Steel & Coal B 25
7*
14
28*
Dubilier Condenser Corp.l
Duro-Test Corp com------ 1
Duval Texas Sulnhur----- *
Eagle Picher Lead------ 10
East Gas & Fuel Assoc—
6% preferred---------- 100
Eastern Malleable Iron..25
$7 preferred series A— *
$6 preferred series B — *
Eacy Washing Mach B — *
Eisier Electric Corp------- 1
1%
7%
7
13*
1%
1%
72%
72
3
3*
39*
22 %
3%
39%
22%
17 H
3%
l*
60
14
82%
30%
6%
12%
11%
7%
7
79%
28*
3*
7*
13*
9%
11
19
17
%
3%
18
1%
9
60
68%
Elec'trographic Corp-------1
4%
40%
23%
11%
1,900
550
1,550
100
500
25
75
700
400
1,400
25,200
400
2,000
1
19
17%
4
19
1%
9%
60%
69%
3%
5
26%
8
60
5
110 62
500 10
105 %
1,150
1%
150 6 1 %
500
400
5,500
%
2%
5
7%
5%
June
July
Apr
1
6%
50%
59 '
Apr
Apr
Jan
Apr
1414
3
10
23%
175
18*
53
Apr
51 %
55
52
54%
Feb
66
67
63%
66%
67%
11 %
llie
27
4*
11*
be
27
4
11%
21%
11*
7%
7%
nn
27%
4%
22
140
30
775
800
300
1,700
100
800
100
11,000
10C
40C
6,50C
33
21
Berro Enamel Corp_____ 1
69
io %
84
88 X
For footnotes see page 2947
18%
12%
7%
22%
14%
33
22
1
C
50C
...
4.30C
17C
2,20C
17.
20C
22
he
69
10 %
83%
88%
%
71
10%
84
89 %
A
b
21 *
6
*
23*
3%
15%
l zi
9%
6%
18*
4*
5
33
14*
7
*
56
6%
71
50%
Nov
June
Mar
July
Sept
General Shareholdings Corp
Common____________ 1
$6 conv pref w w . ___ *
1%
76
Feb
July
Feb
July
July
Glen Alden Coal------------*
Godchaux Sugars class A.*
9*
17*
29*
20 34
23
200
500
4,700
125
75
85*
2
40
300
14*
12*
51
5
lfi
49
be
14*
13*
51
55
1
50
be
1%
1*
76
51*
76
51*
Great Atl & Pac Tea—
7%
Jan
Feb
Feb
Fel
June
Aug
Sep
Api
Api
Ap
Ap
Ap
10
5*
42*
25*
12
1*
24
24
4*
19
2
12*
65
72*
2934
534
14*
1%
24*
71
3*
1*
6*
1*
6*
1*
6*
2 7 * 29
3*
3*
1534 1534
6*
7*
8*
8*
Mar
Hewitt Rubber common..5 ___
Jan
Sept
Sept
7*
Hoe (R) & Co class A — 10
Holilnger Consol G M — 5 11*
Holophane Co common..* _____
Holt (Henry) & Co cl A ..*
14* 15
58
60
48
48*
8
7%
11* 11*
13* 15*
7*
7*
Sept
Oct
Horn (A C) Co com_____ 1 _____
Horn & Hardart________* 32*
2*
2*
32* 33*
Sept
Sept
Oct
Hubbell (Harvey) Inc----- 5
Humble Oil & Ref--------- *
Hummel-Ross Fibre Corp 5
14
67*
4*
Mar
68*
14*
68*
5
Feb
Aug
Oct
June
Mar
Mar
Oct
Hygrade Sylvania Corp..* _„ ____
21
5
14*
Imperial Tobacco of Can. 5
12*
Indpls P & L 6 * % pf-.100 109
Indian Ter Ilium Oil—
28* 28*
3
3*
20 * 21*
4*
5*
50
1,100
3,300
2,800
14*
14*
12
14*
14*
12*
5,100
200
900
6
10
5% conv preferred___ 50
6
10*
Apr
5 * Mar
8 * Oct
3
1 * Apr
Apr
20
109
109
1*
14*
3*
51*
5*
11*
12*
10*
100
2 * Feb
82
Aug
52*
119 June
Nov
133
44
11* Oct
2*
22 H
M Feb
45%
109 A July
1 1 2 % Aug
July
5
4 * Oct
14* July
Oct
x65A
2b
A
%
i*
9*
23
36
5*
22 H
Oct
Jan
Jan
5*
9 ~ Oct
9%
9%
28*
26*
15*
63
50
10*
15*
15*
8
12*
31
3
39*
112*
14*
71
5*
12
*
9A
9
Oct
Sept
July
Nov
Mar
Mar
Jan
Oct
Sept
Sept
Jan
Jan
4K
3*
July
31
4A
Feb
25
Feb
6%
Sept
Sept
Sept
57%
7H
Feb
17
16*
16* July
2
2
Sept
Ap
Api
Ap
Sep
* Aug
12* Aug
71* Oct
24*
Ap
be Ma
1 * Sep
21* Mar
* Jan
4 * Jan
67
71*
3,200
15
15
15*
1,000
12
2*
500
2*
Apr
May
•be
* Mar
*n
8*
59
20*
.........
Sept
Sept 32
19
Feb
5 * May
7*
5 * May 15*
5*
17
10 100* Apr 109* July
_____
68
In.ernat Hydro Elec—
hi
77 *
52 '
1*
Mar
Mar
July
Sept
100
40
1*
Industrial Finance—
12*
11
42*
*
49
975 69 * Jan
75 124* Mar
Apr
100 33
4 * Aug
1,000
100
1 * Apr
Sept
5,400 12
100
* Jan
3,500 29* Apr
95* Apr
10 103* Jan
4 * July
100
1 * Apr
8 * Jan
Sept
50 61
2,800
* Mar
* Jan
1
Apr
900
4
Jan
200
Mar
23
Apr
300 21
Sept
2
200
100 11* Aug
5 * Sept
4,400
3 * Feb
6 * Apr
150
6 * Sept
23* Apr
24
Mar
7
200
Apr
700 30
Sept
100 43
3 * Apr
300
Sept
9
400
9 * Apr
1,400
7 * July
100
11* Jan
23* Apr
Sept
2
100
Sept
375 31
108* Apr
9 * Apr
250
2,300 52* Aug
2 * Aug
1,500
9 * Apr
fHuylers of Del Inc—
Sept
lj
16
Feb
8 * June
24*
14*
8*
35
23* Oct
10
90
91
7
July
71
71
73
Mar
74
2734
ii*
1
30
814
Nov
22
%
71
12%
300
65
2*
Hearn Dept Store com__ 5
Hecia Mining Co_____ 25c
Jan 103*
Apr
6*
Jan 39
July
Jan 98
Aug
Jan 85
Sept
Apr
7
Feb 37
Feb
Apr
Jan
6
Apr 10
Sept
Apr 33
Feb
Aug 16
Sept
102
Mar
be Feb
July
2*
18*
25*
8*
12* Feb
8*
2*
Mar
95*
4"
31
79*
65
3*
28
5*
3*
21*
5*
91
be
1*
13*
19*
5
8
L
15*
133
41 *
10*
2*
17*
*
44 *
3*
Sept
Apr
Apr
Apr
8*
65
2*
2%
May
1*
62*
46*
110
131
41 *
9*
234
1634
$6 preferred_________ * 111* i n * i n *
2
15
Oct
300
40
100
200
400
34
i
10*
19
14*
66
*
52*
1714
z25*
42
4 * Mar
Jan
23
23
Oct
Jan
Jan
Jan
Oct
Jan
62* July
33*
* Sept
5,000
300
300
20
1,100
8*
2 * Sept
14* Sept
16
300
400
10
300
200
600
7*
7*
30*
30
10*
10
102 102
ht
be
*
7*
H igh
L ow
9 * Oct
July
19
30
26
Apr
29
43
85
16
95
2 * Sept
250
6*
1, 1939
Range Since Jan.
6 * Mar
17
Feb
10
15
17* Jan
34
83
12*
82
* July
200
17*
*
42*
Hat Corp of Am cl B com .l
100
6*
97
115
1st preferred___ 100 131
Greenfield Tap & D ie __ *
1,200
2,100
97*
Georgia Power $6 pref__ *
6*
31*
2914
M nr
10
28
i * Mar
21*
8*
9*
x30
Aug 14*
64
5
83
33*
107
Apr
i*
72*
July
2
Sept
5%
Mar
9%
Apr 1 4%
200
200
4
July
4534
10
1734
2 " Sept
234
Sept
Apr
Sept
*6
1
i o * Apr
Aug
10
2 % June
1 4%
Gen Fireproofing com___ * 13*
Gen Gas &F,16% prefB..* _____
General investment com .l
2*A
Apr
1
16
6
85
9*
17J4
28
19*
22
17*
13%
4
61%
61%
61%
14 %
Fisk Rubber Corp_____ 1
C
$6 preferred............ .101
Florida P & L $7 pref-----
1.500
16
$3 conv stock_______ *
1
23 V.
13
12 *
Falstaff Brewing............. 1
400
100
3%
7%
14%
60 % 65
Eureka Pipe Line com..50
European Electric Corp—
%
17
23 *
10
14
9*
29
20 *
23
2*
19
85
i*
Amer dep rets__ 100 fres
Froedtert Grain & Malt—
Common____________ 1
2*
18*
1
2%
18*
56%
23
13 *
Elgin Nat Watch Co----- 15
8% preferred---------- 100
1
1
1%
Distillers Co Ltd—
Dobeckmun Co common.
1 3%
3*
90
234
13 "
7*
28
9*
*
3
3
11
1*
18
•u
ii
4*
Ford Motor Co Ltd—
Am dep rets ord ref__ £1
Ford Motor of Can cl A ..*
Aug
Sept
Aug
Sept
2943
Friday
Sales
Last W eek 's Range
fo r
o f P rices
W eek
Sale
P ar P rice Low
H igh Shares
111*
1*
8*
July
7 * Jan
18*
Apr 18* Oct
30* July
Apr
8 * Aug
Feb
6%
35]4
7
Detroit Gray Iron Fdy — 1
1%
40* Aug
31*
Jan
%
16*
24%
6%
%
53%
Jan
Jan
hi
33 *
26
4%
14
STOCKS
1C ontinued)
j
H igh
he
::::::
Dayton Rubber Mfg------ 1
Low
29%
he
1*
1*
Creole Petroleum.-------- 5
8
1, 1939 j
Range Since Jan.
16
11*
Copperweld Steel----------- *
Cornucopia Gold Mines.5c
C rroon & Reynolds—
<
2%
**
3
1*
Consol Steel Corp com — *
Cont G & E 7 % prior pf 100
Continental Oil of M ex-.l
. ■■■■■■.
New York Curb Exchange—Continued— Page 2
Volume 149
0Continued)
: ..
New York Curb Exchange—Continued— Page 3
2944
STOCKS
( C ontinued )
Friday
Sales
Last W eek ’ s Range
fo r
Sale
o f P rices
W eek
Par P rice Low
H igh Shares
Internat Metal Indus A ..*
International Petroleum..*
International Products__ *
3k
22%
5%
11
11
3k
3k
21k 22 k
21 % 21 %
5
5k
25
7,700
3j800
100
300
International Utility—
%
34
International Vitamin__ 1
Interstate Home Equip.. 1
Interstate Hosiery Mills.*
Interstate Power 87 prel.*
Iron Fireman MIg v t c__ *
Irving Air Chute_______ 1
Italian Superpower A___ *
Jacobs (F L) Co________ 1
Jeannette Glass Co_____ *
Jersey Central Pow & Lt—
5 k % preferred____ 100
7%
20%
3%
97%
7% preferred______ 100 104 k
Jones & Laughlin Steel.100 41 %
Julian & Kokenge com ..*
Kansas G & E 7 % pref. 100
Keith (Geo E)7% lstpflOO
Kennedy’s Inc_________ 5
6k
Ken-Rad Tube & Lamp A *
Key Co com___________ *
Kimberly-Clark 6% pf.100
Kingsbury Breweries___ 1
%
Kings Co Lt" 7% pf B.100 84 H
6% preferred D ____ 100 64
Kingston Products_____ 1
2
Kirby Petroleum_______ 1
2%
Klrkl'd Lake G M Co Ltd 1
Klein (D Emil) Co com ..*
Klelnert (IB) Rubber ColO
Knott Corp common___ 1
Kobacker Stores Inc____ *
Koppers Co 6% pref__ 100 78
Kresge Dept Stores—
4% conv 1st pref___ 100
Kress (S H) special pref. 10
Kreuger Brewing Co___ 1
Lackawanna RR (N J). 100
Lake Shores Mines L td .-l 2 7 %
Lakey Foundry & Mach.l
4
Lane Bryant 7% pref.. 100
Lane Wells Co com____ 1
9k
Langendorf Utd Bakeries—
Class A_______________
Class B _______________
Conv preferred______ *
Lehigh Coal & Nav_____ *
Leonard Oil Develop__ 25
Le Tourneau (R G) Ino.-l
3k
k
35
10k
Llpton (Thos J) class A ..1
6% preferred_______ 25
Lit Brothers common___ * __
Loblaw Groceterias cl A .. *
Class B _____________ *
Locke Steel Chain______ 5 13
Lockheed Aircraft______ 1 33 k
Lone Star Gas Corp____ *
9k
Long Island Lighting—
Common____________ *
1
7% preferred______ 100 31
6% pref class B____ 100 29
Loudon Packing________*
Louisiana Land & Explor. 1
5k
Louisiana P & L $6 pref.. *
Lynch Corp common___ 5
Majestic Radio & Tel__ 1
Manati Sugar opt warr__
Mangel Stores........ .........1
$5 conv preferred____ *
Mapes Consol Mfg Co__ *
Marconi Inti Marine
29
%
%
2%
Marlon Steam Shovel___ * ___
Mass UtU a s s o c v t c___ 1 _____
Massey Harris common..*
6k
Master Electric Co_____ 1 23 k
May Hosiery Mills Inc—
McCord Rad & Mfg B__ *
McWilliams Dredging__ *
Mead Johnson & Co____ *
Memphis Nat Gas com._5
Mercantile Stores com__ *
Merchants & Mfg cl A__ 1
Merritt Chapman & Scott*
Warrants_____________
Mesabl Iron Co________ 1
___
8k
150k
_____
_____
____
k
34
34
3
7k
3
8
3k
lk
1,700
600
87 % 90
Q
2
97 U
101 k 104k
39
42 k
125
90
160
6,000
3k
lk
6
6k
k
84
64
2
2k
k
85
64
2k
2k
9
9
76
78
27k 28 k
4
3k
71
71
9k
9k
3k
3k
56
1
k
35
35
10k 10k
lk
lk
100
40
20
1,500
1,100
100
200
2,900
1,300
20
800
3,800
2,600
200
550
300
350
13k
33 k 40,700
5,800
9k
1
30 k
29
lk
5k
1
32 k
29 k
2
5k
*6
1
*6
1
28k 29
1 i»
6
k
k
k
2k
2k
40 k 40 k
4k
2k
6k
22 k
4k
2k
6k
23 k
2k
2k
8
8k
150 150k
5
4k
20
20
3k
3k
4
ho
k
5
76
1
73
1
Metropolitan Edison—
Midland Oil Corp—
600
13
30 k
9k
73
7k
400
2,700
100
600
500
1,200
5
Class B v t c _________ *
50
5k
5k
%
M
19
19 k
19k 20 k
73
Michigan Bumper Corp.-l
k
Michigan Gas & Oil____ 1
1
Michigan Steel Tube..2.50
Michigan Sugar Co____ *
1
Preferred___________ 10 _____
Middle States Petrol—
1,800
k
1
8k
1
5k
k
1
8k
1
5k
4k
k
7k
4k
“ is
8k
2,100
175
395
200
1,200
100
350,
7,600,
1,400
100
10
500
100
500
600
Range Since J a n .
L ow
6%
51
6
li
32 k
i»j Feb
2k Sept
4 k Apr
10
3 k Apr
M
Apr
15
14k Mar
31
«
2k Sept
l k June
8
54
$2 non cum dlv sbs___ *
lk
7k
56
Missouri Pub Serv'com..*
16k 16k
107 107
lk
lk
7k
vk
56
57 k
4
4k
hi
4k
8
14 k
7k
k
19k
22 k
»„
4k
2k
300
400
1,500
50
25
500
1,200
3,100
600
Aug
Mountain Sts Tel & Tel 100 131k 131k 131k
11%
11^ 1 1 %
Muskegon Piston Ring.2 k
16k
16k 17 k
Muskogee Co com______ * 10k
10 k 11
10
400
600
75
Oct
Sept
Jan
Sept
July
Aug
Jan
Mar
Jan
Sept
Oct
lk
39
Aug
35 k Aug
2k
Aug
7 k Jan
103 k
Nactiman-Sprlngfllled___ *
Nat Auto Fibre com____ 1
Nat Bellas Hess com___ 1
Mar
Feb
4
14 k
2k July
2
Feb
Sept
3
14 k Apr
6k
17
5k Sept
2k June
7 k Sept
23 k Oct
93 k
100 k
1 fe
3
k
k Aug
k
k June
2k Jan
5k
9k
6 July 2 k Sept
i«
2 k Jan
7k Sept
2k
k Aug
5 k Apr
5%
1
10k Aug
Apr
4 k Sept
12
Jan 18k
90 k
124 k
k Apr
l k Jan
6 k Sept
8 k Jan
10
12
“ x,
lk
200 37
59 %
80
94
110
116
200
3 k Feb
6 k Aug
x29
x29
5k
5k
8k
k
5k
5k
10k
8
k
10k
8k
ht
100
1,900
5,400
13
42
10
13k
500
400
1,800
3,000
$3 conv pref________ 50
National Container (Del) . 1
42
13k
13
40 k
9k
12 k
National P & L $6 pref__ *
41k
88 k
41
87 k
42
89 k
700
725
5k
5k
5k
1,900
13k
12 k
13k
300
8k
lk
8k
lk
k
100
2,800
400
11544 115k
41k 43 k
84 k 84 k
6k
6k
6
6
1
k
30
800
20
400
100
300
13k 13k
72 k 74 k
24
24
117 118k
25
625
25
160
National Sugar Refining.*
Nat Tunnel & Mines___ *
Nat Union Radio Corp.. 1
lk
k
43 k
Nelson (Herman) Corp__ 5
Neptune Meter class A__ *
6k
6% preferred............ 100
73 k
1
New England Tel & Tel 100 117k
New Idea Inc common__ *
12 k
699*
71k
12
67
lk
68 k
13k
69%
lk
71k
N Y City Omnibus—
24 k 26
7k
8k
N Y P r A Lt 7 % pref inn 116% 115k 116k
S6 preferred.________ * 106k 105 k 106 k
N Y Water Serv 6% pf.100
Niagara Hudson Power—
Common___________ io
Niagara Share—
%
34
Jan
3
Sept
2 k Sept
2k
40 k Oct
26 k Aug
160k
24 k
k
Nlles-Bement-Pond___ *
Nineteen Hundred Corp B 1
Nlplsslng Mines________ 5
Nor Amer Lt & Power—
86 preferred_________ *
6% prior preferred_ 50
_
No Am Utility Securities. *
Nor Central Texas Oil__ 5
Nor European Oil com__ 1
Nor Ind Pub Ser 6% pf.100
Northern Pipe Line____ 10
Northern Sts Pow cl A . . 25
Northwest Engineering..*
Novadel-Agene Corp___ *
Ohio Brass Co cl B com ..*
Ohio Edison $6 pref____*
Ohio Power 6% pref__ 100
Ohio P S 7% 1st pref__ 100
$5k conv prior pref__ *
6k
1,600
66 k
8k
k
68
8k
lk
500
200
1,700
_
Patchogue-PlymouthMUls *
Pender (D) Grocery A___
5k
43 k
12k
29 k
3k
3k
3k
30k 31k
27k 28k
85k 85 k
5k
5k
7,400
13
13
I lk Ilk
25 ' 29
43 k 43 k
12k 12 k
29k 30
50
100
80
50i
400
250
3k
3k
6
4
16
1,500
k
125 53
300 13 k
100 14k
460 42 k
300
k
200
2k
7,300
‘n
10 81
180 87 k
300
4k
5,200
6k
100 14 k
400 24
375 15 k
150 97 k
200 90
10 110k
30 104 k
96 k
8k
1,900
8k
600 35
425 106
1
2,000
5k
5
100
2k
8
3,100 28 k
1,000 26 k
30 68 k
100
4k
18k
99
5k
5k
July
Oct
Oct
Nov
Jan
Sept
Aug
Sept
Aug
Sept
Jan
Jan
Feb
Feb
Oct
Aug
Aug
June
Aug
Mar
Apr
6k
92
76
Sept
9 k Aug
l k Mar
5 k Feb
ik
6k
31
27k
85k
July
Sept
Sept
3 k Apr
86
41k Apr
6 k Apr
k Nov
3 k Aug
lk
6k
161* 16k 17
46 %
45 k 46 k
109 k 108 109 k
2
2
lk
Jan
Sept
July
May
9 k Mar
91k
82
Feb
2
8
86 k
69
1
lk
60 k 61
25
25 k
25
25
48 k 49 k
k
k
k
3
3
___
ht
ll«
95
95
95
101 101
101
5k
5k
5k
13
12k 14
18
18
18
34 k
34 k 35
23 k
23 k 25
104 k 103k 104k
103 104k
114k 114k
111k 111k 112
Feb
Sept
10,500
5k Sept
500 z77k
20 66
Apr
h t Mar
200
lk
7k
85
69
61
25k
14k
9k
3 k June
7k
29
14%
i ■ Aug
3k
ik
2k
7
5k Oct
147
172 k
21
31k
24 k
%
k
5k
6k
7k
3k Aug
5k
4 k Jan
k
lk
122 k Apr 235
6%
12k
9 k Apr 17k
7 May 12
69
Apr 10k
7
Apr
5
9k
h , June
k
7k
10k
17
10
33 k Jan 44 k
5 May 10k
14
Ilk
6
2k
42
28 k
Apr 96
69
3
5k
2k
5k
43
Aug 60 k
10
Aug 17k
4
6k
9
7k
l k Apr
2k
k Sept
lk
10k Aug 15k
k
k
102
117
36
50 k
78 k
84 k
6k
2 k Apr
Apr
4
6k
1
k
3k
3k
34
41
15
Hk
55
Apr 78 k
Apr 24 k
18
104
Apr 120
3k
8k
10 k Aug 14
76
46 k
lk
lk
57 k
84 k
24
27
l k Apr
2k
14
4k
24
Aug
7k
85 k
lk
1, 1939
H igh
Apr
140
18
68
Range S ince J a n .
Apr 26
15
Feb
625 20
29
1,300
9
7k Sept
270 107
H 6k
30 99
Apr 106 k Nov
17
Pacific G & E 6% 1st pf.25
5 k % 1st preferred__ 25
Pacific P & L 7% pref.. 100
Pantepec Oil of Venezuela—
800
650
1,100
1,700
17k
Overseas Securities_____ *
Penn Gas & Elec class A . . *
For footnotes see page 2947
ik
k
53
55 A
100
Apr
i
3 k Sept
800
Sept 17
7
Jan
150 125
Jan 155
Sept
700
5 July
3 k Jan
50 14
Apr 23
Oct
800
3
Oct
5 k Jan
25
28
3,000
Aug
3
6 k Jan
400
k May
k Jan
25 50 k
77
2,500
k
lk
1
2%
32 k Apr 40
200
100
100
700
800
6k
6k
159 163k
2324 25 %
5k
5k
Montana Dakota UtU__ 10
Jan
Jan
Apr
Oct
Jan
7,400
500
300
Mountain City Cop com 5c
Mountain Producers. -.10
17 k
11
lk
8k
4 k Sept
k Sept
37
15
17
Feb
23
Feb
2 k Sept
25 k
22
13 k
36 k Feb
9 k Oct
k
26
19 k
lk
4
89 k
T
l«
23 k
k
k
lk
25
19
6k
29
ik
5k
28%
Feb
Oct
15
8k
k
7
lk
3ie
22
8
9
17 k
lk
23 k
22
10
18 k
7k
Aug
Apr
6k
Monogram Pictures com .1
%
47 k
13
7
51k
50 k
4k
71
Ilk
Apr
Mock, Jud, Voehrlnger—
Molybdenum Corp_____ 1
20 July
39 k
98 k June
102 k
Jan 107 k June
Apr 48 k Sept
Mar 30 June
Mar 118k May
July
June 22
Apr
6 k Jan
Mar
9
5k
Aug
Feb 111
Sept
k Jan
90
70 k July
Apr
2 k Sept
Aug
3k Sept
Sept
l k Mar
Aug
14
9k
15k Mar
10
Sept
Feb 79
Aug
June
Friday
Sales
fo r
Last W eek’ s Range
W eek
Sale
o f P rices
Par P rice L ow
Low
H igh Shares
200
280
350
25
100
Mar
45
Hk
4k
July
38
25
Sept
2
Apr
Jan
57
7k
2k
Mid-West Abrasive___ 50c
Midwest O Co_______ 10
H
Midwest Piping & Sup__ *
Mining Corp of Canada..*
Minnesota Min & M fg.. *
Minnesota P & L 7% pf 100
11
Oct
4%
27 k Jan
27
Sept
6
k Feb
10
STOCKS
(Continued)
H igh
4 k July
lk
17 k Aug
17 5*
2 k Apr
k
67 k
78
86 k
17
22 k
112k
21k
4
5k
5k
105
k
56
38
lk
2k
“ is
I lk
7k
6k
1. 1939
Nov- *■ 1939
100
Apr
Mar
May
Apr
Aug
Jan
Apr
Feb
Apr
Aug
Apr
Sept
Apr
Sept
Jan
Oct
Sept
Sept
Sept
Jan
Jan
lk
65k
25 k
25 k
49 k
lk
4
k
100
107
6
16k
20k
37
26
108
112%
115 "
115
105k
9k
17%
49 '
109k
2
6%
io k
5
14
35 k
31k
91k
7%
22 k
101k
Jan
July
Oct
Sept
Feb
Feb
Aug
May
Oct
Mar
Sept
Jan
June
June
Aug
Nov
Sept
Oct
July
July
July
Mar
4
7k
4%
3k
11
16
14
8k
15
Mar 29
Oct
35
Apr 44
Sept
1214
7k
29
29k
29 k
July
111k Aug 113
31
53
2k
Oct
38
65
5k
Jan
"
STOCKS
(Continued)
Friday
Sales
Last W eek 's Range
fo r
Sale
W eek
Par P rice Low
H igh Shares
Penn Mex Fuel Co_____ 1
Penn Traffic Co_____ 2.5C
Pennroad Corp com_____ 1
Penn Cent Airlines com_.l
Pa Water & Power Co___ *
Pepperel) Mfg Co____ IO
C
71
85 *4
Pharls lire & Rubber-----1
2*4
2*4
164X 165
600
250
8
8*4
7*4 8
88% 814
116 *4 116*4
31
31
614
6X
1,100
200
25
125
100
6*4
6*4 OH
29
29 X
12
1214
2,600
150
400
12
Pioneer Gold Mines L td-.l
Pttney-Bowes Postage
71
84
IX
2
8
7X
41
4114
13
1 1 X 14
Pittsburgh & Lake Erie .50 65*4 64 X 6714
Pittsburgh Metallurgical 10 10*4 1 0 X 10H
101 X 101 10214
9
9
Pneumatic Scale com__ 10
Polaris Mining Co----- 25c
Powdrell & Alexander----- 5
IX
21
IX
X
1%
19
IX
Pressed Metals of Am— 1 _____
Prosperity Co class B----- *
Providence Gas------------- *
4
8
ax
Public Service of Colorado
$6 preferred__________*
Public Service of Okla—
Puget Sound P .\ L—
$6 preferred_________ *
Puget Sound Pulp & Tim.*
11
ha
3X
8
6
71
38
Red Bank oil Co----------- *
Reed Roller Bit Co_____ *
500
150
4,800
300
100
700
100
25
200
2,500
700
21
114
1,800
400
1114
ha
4
8
614
200
1,000
'200
100
400
74
24 *4
72 X
23 X
7414
2414
10 X
10 X
11
514
117
10
10 X
___
725
825
14
2%
1014
14
14*4
450
214
500
2X
*6
1
600
14
15
100
614 25,990
*6
1
*6
1
100
6*4
5X
Richmond Radiator-------1
Rio Grande Valley Gas Co-
...
2
15
2
100
3*4
S
l#
14
45
Ryerson & Haynes com ..l
IX
Clas A $2 conv pref...5 0
St Regis Paner com-------- 5
3*4
55 X
8
14
33 X
12 X
1%
»u
8X
$5.50 prior stock____ 25
1
59 X
Selfridge Prov Stores—
Sentry Safety Control----- 1
Shawinlgan Wat & Pow..*
5814 60
4
4
1314 14M
45
45
300
200
3,000
100
114
600
1414 15
3%
314
5514 56
8
814
50
3,400
750
1,100
114
114 114
14
14
3414
33 X
1214
114
7
For footnotes see page 2947
500
200
1,600
1234
114
400
2,100
4014 4014
14
14
814 914
100
900
5,400
14 1
614 614
5914 5914
60
60
1,800
100
200
150
14
14
100
814
814
100
_
_
8*4
Name changed to
Republic Aircraft—
Apr
Apr
Feb
Sept
Apr
Apr
2X
16 " Apr
Aug
9
hi
1*4 Sept
‘*6
1
2k
3*4
10*4
110*4
107*4
179"
18
84*4
94*4
27k
10*4
9k
120
31
7*4
106
Feb 112
44*4
26
Apr
July
Shreveport El Dorado Pipe
Sept
Simmons-Boardman Pub—
Mar
Sept
Simmons H’ware & Paint.*
Simplicity Pattern com ..!
Jan
July
Feb
Apr
12
35*4
uia Aug
1*4 July
Aug
23
5
*4 Jan
9*4 June
2*4 Mar
*4 Feb
3*4
1*4 Apr
21
41
2k
5
33 k
8k
fu
16
6*4
k
6k
4
Jan
May
Apr
Feb
Apr
23*4
8*4
1*4
1*4
July
Sept
July
Apr
*4
Apr
37
45
2*4
7
35*4
1*4
*4
2*4
14*4
Apr
Apr
Apr
July
Nov
1*4 Sept
37
Aug
7
7
19
714
1914
1,100
400
38*4
*4-
9*4 Jan
18*4
114k
16*4
21
5*4
*4 Aug
Mar
31
*4
5*4 June
Oct
17
6% preferred B -------- 25
5*4% pref series C__ 25
Nov
Jan
Southwest Pa Pipe Line .10
Spalding (A G) & Bros__ *
Sept
Oct
Conv preferred______ 10
Jan
Aug
Common____________ 1
$1.60 conv preferred..20
Mar
27*4 28
26
26*4
160
200
160
Standard Oil (Ohio) com 25
2*4
200
2,800
400
300
900
500
50
300
36*4 37
22' " 22
2*4 2*4
500
50
500
16
15
22
16
22*4
900
200
2*4
12*4
1*4
12*4
io k
18 k
25
2*4
12*4
10 k
19
26
1,100
200
100
1,300
1,500
k.
*4
800
500
50
400
2,000
3,200
19
26
k
k
X
Standard Products Co__ 1
Standard Silver Lead___ 1
8*4
44*4
30
30
8*4 8*4
>8
1
*6
1
41
44*4
Standard Wholesale PhosAug
Sept
Starrett (The) Corp v t c .l
Steel Co of Canada—
1*4
i
1*4
200
6
1*4
654
1*4
1,300
200
5
5*4
275
Mar
June
Sterling Aluminum Prod.l
JaD
Stetson (J B) Co com___ *
5
Jan
Sullivan Machinery____ *
10*4
10
10*4
400
2
2
2*4
3,400
37*4 38*4
700
Superior Oil Co (Calif)..25
Superior Port Cement
$3 30 A part_________ *
Jan
Swan Finch Oil Corp___ 15
Taggart Corp com______ 1
36
15*4
2
Sept
I k Feb
40 k
1*4
•lfl May
2*4
9*4 Jan
22*4 Mar
14k
5*4
13*4
Texon Oil & Land Co___ 2
22*4
Tlshman Realty & Constr*
Tobacco Secur Tr—
9*4
68*4
1 ranswestern Oil Co___ 10
Tri-Continental warrants..
Tublze Chatlllon Corp__ 1
16
125
5*4
31k 32 k
51
*
X
k
k
13*4 14*4
4,200
800
1,300
100
3,700
2*4 3
17k 23
ii
11*4
1*4 1*4
5
5
300
8,350
300
100
9*4
9*4
68*4 70
lk
*8
1
11*4
3*4
Ulen & Co ser A pref____ *
600
700
1,400
11*4 12
37
35
3
3*4
7*4
7k
1*4 1*4
2,500
200
800
200
400
1*4
3*4
12
11*4 12
18k 18*4
3*4 3*4
10
11*4
k
1st $7 pre inon-votlng.*
TTnlterl O Sr. E 7% nref.100
United Lt < Pow com A ..*
fc
$6 1st preferred---------- *
$3 preferred__________*
TTnltert N J RR A Can*110O
United Profit Sharing..25c
United i hlpyards cl A__ 1
Sep;
Jan
4*4 Apr
99
Oct
Aug
Mar
3*4 Jan
1*4 Mar
6
4*4 Sept
36*4
26
25
1*4
42
148
3*4
1*4
10
5
26*4
18
2*4
12*4
Oc1
Sept
Sept
>u
2
1*4
*4
14
19
1
9*4
7
17*4
17
102
*4
*4
21
6*4
X
2 Ml
92*4
*4
1*4
34*4
20
72
Apr
Jan
Jan
Jan
Apr
July
Oct
July
Mar
Mar
Sept
Aug
May
Apr
Jan
Apr
May
Apr
Apr
15*4
1*4 July
X
Oct
73*4 June
10 May
2*4 Apr
28
7*4
4*4 Apr
1*4
2*4 Mar
4
Sept
>|
1
8
6*4 Apr
10
154
31
35*4 Sept
40*4 Oct
13
4 June
2*4 Aug
28*4
*4
*4
200
*4
*4
*4
k
9*4
94 "
2*4
8k
9*4
1
57
3*4
600
75
2,500
2,800
400
2*4 2*4 6,900
90*4 92*4 2,500
»1
8
700
*4
87
30
87
1*4 1*4 1,900
1*4 1*4 3,100
19,200
31*4 36
21
75
20
72
72
25
1
2*4
5»
1
7*4
7
19*4
2
6
1*4
1
1k
10*4
1*4
12*4
2*4
3*4
38
*4
*4
6
1*4
74
Aug
Sept
Aug
700
200
600
Apr
June
Apr
Sept
Sept
Apr
Apr
Apr
80
1*4 July
*4
19
Apr
20
69*4 Jan
4*4
*4
*4
10*4 10*4
2
2
May
46
29*4
29*4
2*4
65*4
160
4*4
2*4
15*4
6*4
39*4
23
4*4
18*4
Aug
June
June
Aug
Oct
Aug
Oct
July
Aug
<n Mar
3*4
3*4
*4 Mar
18
July
26
2*4
12*4
14
19
26*4
107
1*4
1
37*4
10*4
•l«
45
2*4
18*4
4*4
74
14
5*4
37
9*4
6*4
3
4
7*4
1
1354
11
12
2*4
38*4
45 *4
42
16
5*4
5*4
36*4
*4
»»,*
22*4
108*4
Jan
Jan
Sept
July
Feb
Jan
Feb
Mar
Sept
Sept
Jan
June
Aug
Oct
Jan
Feb
Jan
Feb
Sept
Mar
Mar
Sept
Jan
Mar
Feb
4 " Jan
23
15*4
2
Jan
63
5*4
15
9*4
1*4 Feb
1*4
81
125 45
98*4 Apr 108
20 105*4
X114J4
*4 Feb
100
*4
*4
lk
3*4
98
1
18*4
United Chemicals com__ *
100
Feb
16*4
July 16
Apr
2*4 Feb
Apt
3
Jan
Sept 219
100
4*4
110 * 110
*4
*4
Trans Lux Piet Screen—
i5lt
Apr
37*4
113*4 Mar
115*4
14
3
84*4
*4
1*4
1*4
3*4
1*4
4,800
4*4
1, 1939
H ig h
> * Feb
1
9*4 Apt
14
4*4
Sept
Nov
Low
16
1,500
1*4
10C
1*4
130 116
2*4*
2X
July
24 k
13*4 Feb
2*4 Jan
5
11
*4 Jan
43
71
6*4
15*4
47
3
2*4 Sept
4k
15 " Oct
4*4 Sept
64
Jan
17
2k
41k
1*4
15*4 Aug
38*4
114k
23*4
10
26*4
2
1*4
5*4
3*4
Range Since Jan.
Aug
1,500 81
2( 106*4
10
Spanish & Gen Corp—
1*4
9k
69*4 Mar
70
*4
1*4 1*4
1*4 1*4
150 154
2
1*4
5k
3*4
Southern Pipe Line____ 10
Southern Union Gas........*
*4
4*4
*4 Jan
1*4 July
6
Apr
154
South Coast Corp com__ 1
Southern Calif Edison—
Sept
Sept
10
15
48*4 Aug
48*4
95*4 98
111Va 1113^
15*4 15*4
Sept
4*4
9*4 Aug
Singer Mfg Co Ltd—
97
Sales
fo r
W eek
Shares
Sioux City "G& E 7% pf 100
82
44*4 Aug
74 k
26*4
11
12
7
126
158 44
18 k
12*4
*4
2945
Friday
Last W eek 's Range
Sale
High
Par P rice Low
Sherwin-Williams com..25
103 k
Sept 110
4k
STOCKS
(C ontinued)
Mar
9k
36*4 July
1854 Feb
k
2*4 Jan
5*4
8k
43*4
40*4
14*4
6k
42*4 Sept 75*4
Apr 12
6
90
117
H
Ik
7*4
10k
Feb
8
9 "
1*4 May
2*4
*1
1
2k
3
Apr
5*4
9
12
101X
102
16*4
23
iy
2k
3514
Apr 11*4
7'
1
U
3
Apr
5*4
7
Jan
8*4
4k
7*4
94*4 Jan 100*4
*4
Sanford M ills.............
Selected Industries Inc—
300
1114
100
194
IX
5
16,000
3X
814 1014 1,100
*6
1
*6
1
500
n x
Rossla International-------*
Rnynlite Oil Co L t d ____ *
Warrants_____________
Apr
l1
C
100** Feb 102^ Feb
96
105*4
112
112 ”
15
10*4
Rolls Royce Ltd—
Schiff Co common______ *
Scovlll Mfg___________ 25
X
98
92 i4
135 ’
15
68
58
23*4
7
5
114
29
2M
1, 1939
H igh
IX
5X
2
1,325 34*4
1,200 14
4
400
50
6*4
100
4*4
80 108
139
16
100
9
<1
1
10 X
_
_
Sait Dome Oil Co---------- 1
Low
93
100
Reliance Elec & Eng’g— 5
Republic Aircraft----------- 1
Roosevelt Field Inc-------- 5
R ange S ince Jan.
400 104
107
67*4 71X
35 X 38
5X
Common____________ *
1,200
9
9
114
114
414
104*4 10414 106
11 7
Ry & Light Secur com ...*
220
7214
88
Phillips Packing Co____ *
Conv $3 pref series A ..10
Pierce Governor common.*
100
X
1.50C
2X
2*4 13,500
814
900
m
110 11014
175
X
2*4
Penn Salt Mfg Co_____ 50 165
-- ■
N ew Yo rk C urb Ex c h a n g e — C o n t in u e d - -P a g e 4
V o l u m e 149
Mar
Feb
July
July
Apr
2*4 Jan
Sept
6
1 ie Sept
6
8*4
13*4 Mar
38*4
3*4
8*4
5*4 Jan
3*4 Mar
2*4
14*4
3
18*4
3*4
11*4 Oct
60
lk
*u
7
3*4
92*4 Mar
Feb
89*4
3
Jan
2*4
36*4 Mar
23
73*4 Mar
6*4
Jan 242" Feb
•l« Jan
* 1 July
1
9*4 Sept 1054 Oct
2*4
1*4 Jan
237
New York C u rb Exchange—
Continued— Page 5
■i 2946
STOCKS
( Concluded)
Friday
Sales
for
hast Week’s Range
Week
Sale
o f Prices
Par Price Low
High Shares
P r e f e r r e d _______ _________2 5
U S F o il "Co c l a s s B ________1
U S a n d I n t 'l S e c u r i t i e s . . *
1 s t p r e f w it h w a r r _____ *
U S L in e s p r e f .............. ..........*
U S P l y w o o d - .........................1
S I Pi c o n v p r e f _________ 2 0
U S R a d i a t o r c o m _________ 1
U S R u b b e r R e c la im in g ..*
TT S S t o r e s n e w c o m _____5 0 c
78
42 M
4%
62
2Vs
16 M
25M
4M
M
Vs
U n it e d V e r d e E x t e n ___ 5 0 c
U n it e d W a ll P a p e r ________2
2
U t a h P o w & L t $ 7 p r e f ___ *
42
4
%
4%
•u
62
2 Vs
15M
V an N orm a n M a cb T o o l.5
V o g t M a n u f a c t u r i n g ______ *
W a c o A i r c r a f t C o ................. *
W a itt
5
»i»
62
2%
16%
25% 2 5 %
2 Vs
2H
4%
4M
Ys
Vs
7i«
Vs
1
1%
2
m
8M
1 ,5 7 5
210
500
2 ,8 0 0
300
25
200
400
300
1 ,1 0 0
300
200
900
1 ,6 0 0
1 ,3 0 0
1%
67 %
2%
200
8
18
1H
66 %
8%
18
2
68
900
1 00
5 ,1 0 0
475
IVs
$ 5 .5 0 p r io r it y stv. ( n e w ) . l
U t i li t y & I n d C o r p c o m . . 5
C o n v p r e f e r r e d __________7
U t i l P o w & L t 7 % p r e f . 100
V a ls p a r C o r p c o m _________ 1
79%
42%
4%
2%
U n iv e r s a l C o r p v t c ______ 1
U n iv e r s a l P ic t u r e s c o m ___ 1
U n iv e r s a l P r o d u c t s C o ___ *
76%
56
IVs
20
1M
19%
27M
1
53
io
6
1 Ys
20
1M
19M
27 %
1
53
10
5M
Vs
1%
22
1%
19%
28
1
53%
10%
6
4%
& B o n d c la s s A _____ *
1%
W a y n e K n i t t i n g M i l l s ___ 5
4Vs
1
1M
14M
3H
1
1%
W e n t w o r t h M f g ........... . 1 . 2 5
2M
2
W e s t V a C o a l & C o k e _____*
W e s t e r n A i r E x p r e s s ______ 1
W e s t e r n G r o c e r c o m _____ 2 0
2%
2%
3Vs
72
40
2M
3
M
50
1M
10M
21
IVs
1%
%
%
‘ >u
1%
Sept
Aug
Apr
J u ly
Apr
Apr
F eb
Aug
Apr
Jan
Aug
Apr
Apr
14%
2
2% S e p t
12
6
13%
%
47%
IVs
Jan
Apr
Apr
1
42
J u ly
Apr
31« J u ly
1% A p r
10% A p r
1
J u ly
15% S e p t
M ar
20
7% 1 st p r e f e r r e d . . . . 1 0 0
W e s t e r n T a b l e t & S t a t l o n 'y
60
%
6
58 M
11M
5Vs
5Vs
8%
%
14%
3%
2%
1 00
300
1 ,0 0 0
1 00
200
400
2%
4%
6%
2 ,7 0 0
1 ,5 0 0
20
60%
100
32
1 00
Apr
J u ly
O ct
10
8M
10 %
%
8% J a n
2%
2
Sept
11%
5%
8%
12
600
200
5 00
2M
6M
W r ig h t H a rg re a v e s L t d . . *
Y u k o n -P a c if ic M in in g O n 5
6
%
1%
Apr
A p p a la c P o w e r D e b 6 s 2 02 4
A r k a n sa s P r & L t 5 s . .1 9 5 6
A s s o c ia te d E le c 4 M s . .1 9 5 3
A s s o cia te d G a s & E l C o —
C o n v d e b 4 M s ______ 1 94 9
A s s o c T & T d e b 5 M s A '5 5
A tla n ta G a s L t 4 M s . .1 9 5 5
A t l a n t i c C i t y E l e c 3 M s ’ 64
A v e r y & S on s (B F ) —
5 s w it h w a r r a n t s ___ 1 94 7
5M
4M
1M
6
Aug
11%
6%
1%
11%
6%
IVs
400
900
3 ,8 0 0
8% S e p t
5
Sept
% M ay
106
103 M
1 07 %
98
1 09 M
1 05 M
60 M
36
38
38
Vs
70
105M
1 0 7 M 107% $ 1 ,0 0 0
1 0 5 M 1 06
8 ,0 0 0
1 ,0 0 0
1 06
106
2 ,0 0 0
1 05 M 106
1 0 1 M 1 0 3 M 1 6 3 ,0 0 0
1 0 5 ,0 0 0
1 07
108
1 0 0 % 5 5 ,0 0 0
98
3 ,0 0 0
102
102
1 02
98
96
87
81M
1 06
83 %
1 0 8 Vs 1 09 % 2 0 ,0 0 0
1 0 8 M 1 0 8 Vs 1 6 ,0 0 0
5 ,0 0 0
1 2 3 M 123%
1 04 M L05 V
s 8 0 ,0 0 0
61 % 1 1 6 ,0 0 0
59 M
1 03
1 03 %
1 15
101M
41M
40 %
35
36M
36
43
70
105 M
103 %
91%
1 06
109 %
110M
136 M
94 %
93%
94M
95
97%
96%
97
106 M
97%
40 M
40 M
71 %
108 M
E a s t e r n G a s & I u ei 4 s . 1 9 5 6
E d is o n E l 111 ( B o s t ) 3 M s '6 5
E le c P o w e r * L ig h t 5 s 2 0 3 0
E l m ir a W a t L t & R R 5s '5 6
E l P a s o E l e c 5s A _____ 1 95 0
79%
19
3M
68
F eb
O ct
2%
2%
2 H
14 %
5
N ov
3Vs M a r
43
47%
72
105%
105%
91 Vs
1 7 1 ,0 0 0
9 ,0 0 0
1 7 ,0 0 0
5 ,0 0 0
1 8 ,0 0 0
1 ,0 0 0
%
96%
40%
40%
71
lo e ^ j
m
H IM
136M
95
95
97 %
97
85
107
97M
41 %
41M
71M
5 ,0 0 0
8 4 ,0 0 0
5 ,0 0 0
1 ,0 0 0
6 0 ,0 0 0
3 8 ,0 0 0
1 ,0 0 0
2 1 ,0 0 0
9 ,0 0 0
5 5 ,0 0 0
4 4 ,0 0 0
3 1 ,0 0 0
4 2 ,0 0 0
8 4 ,0 0 0
94
31
27
30
29
76%
1 17
1 05
3% S e p t
4% J a n
O ct
7
62%
Apr
Apr
Aug
%
Jan
Jan
Jan
Jan
S ept
Apr
O ct
Sept
Sept
Sept
Sept
Jan
F eb
Jan
67
1 00
97
Sept
Sept
88
82
Sept
82%
F e d e r a l W a t S e r v 5 M s 1 95 4
F in la n d R e s id e n t i a l M t g e
103
Sept
101
% Sept
103
1 26
86
69
%
81
89
75%
96%
81
35
32
55 M
Jan
Jan
O ct
Jan
Apr
Jan
Apr
Jan
Jan
Apr
Aug
1 ,0 0 0
1 7 ,0 0 0
101M
98
Sept
Sept
1 13
108
June
Aug
131
J u ly
77
93 M
68 %
97
107 M
109 %
J u ly
90 M
97
F lo r id a P o w e r & L t 5 s . 1 95 4
G e n e r a l B r o n z e 6 s _____1 94 0
G e n e r a l P u b S e rv 5 s . .1 9 5 3
G e n P u b U t i l 6 M s A . 1 95 6
103%
121
58 M
79M
Apr
5 ,0 0 0
1 2 ,0 0 0
2 5 ,0 0 0
2 8^ 00 0
88
102 M
1 02
Sept
60%
6%
5%
5 ,0 0 0
4 ,0 0 0
1
3 8 ,0 0 0
M 2 3 ,0 0 0
79
1 7 0 ,0 0 0
81
1 6 ,0 0 0
109M 110M
74
7 6 M 1 3 0 ,0 0 0
1 4 ,0 0 0
116
117
6 ,0 0 0
1 05
105 M
10312 104
2 3 ,0 0 0
46
135M
109
t l0 8
89 % 90 M
5 4 ,0 0 0
76
101
95%
G e n W a t W k s & E l 5 s . 1 94 3
G e o r g ia P o w e r r e f 5 s . . 1 9 6 7
G e o r g ia P o w & L t 5 s . . 1 97 8
93
106
Sept
G le n A l d e n C o a l 4 s ___ 1 9 6 5
G o b e l (A d o lf) 4 M S ...1 9 4 1
1 5 ,0 0 0
69
t ______ 2 5
96 V 9 7 1 4 3 7 ,0 0 0
102% 1 0 3 % 3 1 3 ,0 0 0
9 9 V 100V
75% 76%
71
62
SO
Vs
101
101
94 M
95 M
*74
77
92
93
1 06
106 %
69
69 M
t8
40
70% 71 M
62
62
79 V 8 0
4 7 ,0 0 0
5 ,0 0 0
2 ,0 0 0
3 2 ,0 0 0
2 2 ,0 0 0
7 6 ,0 0 0
4 ,0 0 0
3 2 ,0 0 0
1 ,0 0 0
1 6 ,0 0 0
1107V 119.
60
1 46
45
18
60
7%
8H
Jan
G u a r d i a n I n v e s t o r s 5 s . 1 94 8
& S t R y 5 M s _____ _ 1 9 3 8
101
3M
Sept
6 M s e x - w a r r a n t s ___ 1 94 3
H o u s to n L t & P r 3 M s . 1966
♦ H u n g a r ia n I t a ) B k 7 M s ’ 63 ________
H y g ra d e F o o d 6s A . .. 1 9 9
8% Sept
6Vs S e p t
15%
8% M a r
2% S e p t
108%
106%
106
1 06
103M
109%
100M
1 04
O ct
O ct
N ov
Jan
J u ly
June
I d a h o P o w e r 3 M s _____ 1 9 6 7
111 P r & L t 1 st 6 s s e r A . 1 95 3
1st & r e f 5 M s ser B .1 9 5 4
1 st & r e f 5 s s e r C ___ 1 95 6
S f d e b 5 M s ___ M a y 195 7
In d ia n a E le c t r ic C o r p —
____________ 194 7
5 s s e r ie s C ____________ 195 1
I n d i a n a S e r v i c e 5 s _____ 1 9 5 0
1st lie n & r e f 5 s _____1 96 3
♦ I n d ia n a p o l is G a s 5 s A 1 9 5 2
I n d p ls P o w & L t 3 M S .1 9 6 8
I n t e r n a t io n a l P o w e r S e c —
M ar
111
7 s s e r ie s E ____________ 1 9 5 7
108M
J u ly
I n t e r s t a t e P o w e r 5 s ___ 1 9 5 7
1 28
D e b e n t u r e 6 s ________ 1 9 5 2
106 M J u n e
In te r s ta te P u b lic S e r v ic e —
68 M A ug
5 s s e r ie s D
___________ 1 9 5 6
45 %
Aug
47
Io w a -N e b L & P 5 S ...1 9 5 7
59
83
106M M a y
1 09 Vs J u n e
5s s t a m p e d
1 02
Aug
J u ly
95
I t a lia n S u p e r p o w e r 6 s . 1 9 6 3
J a c k s o n v il le G a s —
________ . 1 9 4 2
Jersey C en tra l P o w & L t—
1 39
110M
1 26
130 %
150
100 %
Jan
J u ly
K e n t u c k y U t i li t ie s C o —
1 st m t g e 5s s e r H ___ 1 96 1
J u ly
Aug
5 s s e r ie s I ____________ 1 9 6 9
L a k e S u p D i s t P o w 3 M s '6 6
107M
105
103M
1 00 M
92 %
105%
1 08
1 01 %
99 M
68 %
67%
61
107M
45
68
%
97%
%
112M
ilO l
10312
103
108M
1 ---------63 %
62
107 M
1 0 4 Vs
101M
99 %
93 M
101
99 M
105
104
62
49
47 M
50
97%
68
66%
61
%
%
99%
69
67
66
%
106% 107%
141 M
40 M
45
66M
46
45
99% 101%
104 M
44%
5 ,0 0 0
2 0 ,0 0 0
12 0 0 0
7 8 ,0 0 0
4 ,0 0 0
2 4 ,0 0 0
2 1 ,0 0 0
1 6 ,0 0 0
1 0 ,0 0 0
1 3 ,0 0 0
45%
2 ,0 0 0
68% 1 3 0 ,0 0 0
55
7 4 ,0 0 0
97 V 1 0 0
1 05
105%
1 0 3 M 104
110614 108
47
47
46%
80
*58
34% 3 9 M
39 M
46 M
1 1 ,0 0 0
35
102%
10412
1 5 ,0 0 0
7 ,0 0 0
103 %
1 ,0 0 0
108 M
30
1 ,0 0 0
63 %
62
1 ,0 0 0
6 ,0 0 0
107 M
3 2 ,0 0 0
1 05
4 5 ,0 0 0
1 04
1 1 6 ,0 0 0
101
7 5 ,0 0 0
98
1 05
105
1 0 5 M 106
1 0 0 M 1 01
53%
55
Sept
1 02
105M M a y
1 05
O ct
107M
Aug
98
46
M ar
46 %
74% A u g
*pr
73% 2 0 ,0 0 0
90% 2 7 4 ,0 0 0
67
4 M s s e r ie s C _________ 196 1
Apr
66
66
67 M
72 M
72M
74 M
126M
93
93%
lO fi
10fi
108 M 109 %
5%
5%
Vs
%
High
84
78M M ar
77
77 M A u g
89 M A u g
89 M A u g
8 9 Ys A u g
131
F eb
4M
4M
Sept
Aug
%
Vs
53 M
103 M
66M
107 M
1 00
98
Apr
Sept
Apr
Jan
Sept
Jan
O ct
10
F eb
F eb
9M
1M
F eb
1M
O ct
82 M
112 M M a y
81% M a r
117
Aug
O ct
105M
104
Aug
E r c o le M a r e l li E l e c M f g —
49%
47%
%
40
87%
60%
Low
71%
3 ,0 0 0
73% 1 58^000
72Vs 5 2 ,0 0 0
73% 3 7 ,0 0 0
1 4 4 ,0 0 0
85
6 6 ,0 0 0
84 M
87 Vs 6 1 ,0 0 0
13012
1 23
72
Range Since Jan. 1 , 1 9 3 9
9 8 ,0 0 0
6 6 ,0 0 0
2 4 ,0 0 0
6 ,0 0 0
7 ,0 0 0
5 8 ,0 0 0
L e x in g to n U tilitie s "5 s . 1952
103
L o n g I s la n d L t g 6 s ___ 1 9 4 5
L o u is ia n a P o w & L t 5s 195 7
M a n s f i e l d M i n & S m e lt —
103M
106 %
15
89
92
8
94 M
101M
100
1 02
8
59
60
1 01 %
99
95 %
92%
85%
96%
99%
85
86
50 M
49
61
99 M
21 M
31
31
55
38 %
82
77
98 %
98
102 M
30 %
57 M
30 %
38
102% 102%
1 0 4 % 104 M
1J 0 0 0
1 9 ,0 0 0
1 02
1 02
98
1 14
102
1 06
102%
lO lji
104
40
%
7
103
103 M
1 02 3^ 104.
2 1 ,0 0 0
4 ,0 0 0
5 000
5 1 ,0 0 0
3 ,0 0 0
1 02
106
2 7^ 0 0 0
1 0 ,0 0 0
%
103M
107M
112M
1104
50 M
109 M
91
Apr
104 M
25
99
103 M
%
95
75 M
90
78
73
87
95 M
58
25 M
64M
59
65
105
47
45
36
25
2 1 ,0 0 0
1 01 %
105M
102%
100M
102 %
Apr
60%
46 M
1 1 0 2 M 104
1 1 1 9 1 4 121
102
1 06
102 %
101M
31M
106M
81
89%
O ct
Apr
Apr
Jan
Jan
Jau
Sept
O ct
Apr
J u ly
S ept
Sept
J u ly
Jan
S ept
S ep t
Apr
S ep?
Jan
Apr
Apr
Apr
Apr
N ov
Sept
Sept
Apr
Jan
Jan
Jan
Sept
Jan
Sept
Sept
J u ly
F eb
N ov
100 %
90
Jan
101
96 % A u g
75
95 M A ug
O ct
106 M
74 % June
29
Jan
72M
72
Jan
91
10914
62
53
50
F eb
30
J u ly
30
10214
104M
O ct
103M
111M June
8
J u ly
6 8 % J u ly
68
F eb
110M
105 % A u g
1 0 4 % J u ly
103 M A u g
98
N ov
105M N o v
N ov
1 06
1 02
J u ly
99 M
75 M A ug
74
Aug
88 M June
110
M ay
52 M
54
5514
7 3 "
55 M
M ar
Aug
Aug
1 02
Aug
102%
10 >% N o v
1 0 4 ]4
108'
5214
80 ~
44
M ar
49%
Aug
107
106M
108
126M
F eb
M ar
Aug
Jan
Sept
103% N o v
107% J u n e
Sept
31 V
I ft fiU
TVTftv
45
104 M
M ar
28 M
99 %
5 ,6 6 6
103 M A u g
1 0 6 1 4 J u ly
104
102 % A u g
1 0 8 Vs J u ly
30
103 % A u g
M ay
75
Sept
98 %
91M
109M
M ar
M ov
Apr
1 00
93 %
88
98 M
22%
95 '
102%
91
102 %
Sept
O ct
M cC ord R a d & M fg —
%
102% 1 0 2 %
2 ,0 0 0
1 01 Vs
50 M
77 M
101% 1 01 %
50% 5 3 M
77% 77%
179 % 83
2 ,0 0 0
4 0 ,0 0 0
8 ,0 0 0
1 02
For footnotes see page 2947.
84
106
2 ,0 0 0
40% 1 3 3 ,0 0 0
1 3 1 ,0 0 0
44
% 131 % 1 3 8 ,0 0 0
106*32
u o m
42
86
122
C a n a d a N o r t h e r n P r 5 s '5 3
S * C h l c R y s 5 s c t f s _____ 1 92 7
C i n c i n n a t i S t R y 5 M s A '5 2
6 s s e r ie s B ____________ 1 9 5 5
D e n \ e r G a “ & E l e c 5s 194 9
D e t r o i t I n t e r n a t B r id g e —
♦6 M s _________ A u g 1 195 2
♦ C e r t i fic a t e s o f d e p o s i t
♦ D e b 7 s _____A u g 1 195 2
6 s s e r ie s A
106
C a r o l in a P r & L t 5 s ___ 1 9 5 6
C e n t P o w e r 5s ser D ..1 9 5 7
C e n t S ta te s E le c 5 s . . . 194 8
C e n t S t a t e s P & L 5 M s ’ 53
C h i c a g o & I ll in o i s M i d l a n d
R y 4 M s A ____________ 1 95 6
C h ic J e t R y & U n io n S to c k
C u d a h y P a c k in g 3 M s . 1 9 5 5
Bonds
Sold
1 29 M
B irm in g h a m E le c 4 M s l9 6 8
B i r m i n g h a m G a s 5 s ___ 1 9 5 9
Jan
9% June
12%
3 00
4 ,0 0 0
300
W ork s—
1 s t M 5 s s e r ie s A ___ 1 9 5 5
1 s t M 5 s s e r ie s B ___ 195 7
2
4M
17M
73 M
90
Sales
for
Week
S
75
106M 106M
1 03
104
1120
3
10
2Vs
6'%
5%
182
B a ld w in L o c o m
C o n s o l G a s U t il C o —
6s s e r A s t a m p e d ___ 1 9 4 3
C o n t ’l G a s & E l 5 s . . 1958
72%
72%
72%
81%
84%
82%
84%
86%
87
1129 V.
73%
716
13
11
8
A la b a m a P o w e r C o —
1 s t m t g e 4 s ................... 1 9 6 3
1% J u n e
2% J a n
17%
17
2M
6M
5M
B O N D S
1 s t & r e f 5 s ___________1 95 1
1 s t & r e f 5 s ___________1 95 6
1 s t & r e f 5 s ................... 1 96 8
1 st & r e f 4 M s ________1 96 7
A m er G & E l d e b t 5 s . . 2028
A m P o w & L t d e b 6 S ..2 0 1 6
A m e r S e a t in g 6 s s t p . . l 9 4 6
M ar
Jan
Sept
Jan
73%
1 00
% Apr
2% M a r
5% S e p t
82
W ( lv e r in e P o r t l C e m e n t . 10
W o l v e r i n e T u b e c o m _____2
W o o d l e y P e t r o l e u m _______1
W o o lw o r tb (F W ) L td —
C o n v d e b 5 s _________ 1 9 5 0
D e b e n t u r e 5 s . ............1 9 6 9
C i t ie s S e r v P & L 5 M s . 1 95 2
5 M s ____________ _______1 94 9
C o m m u n i t P r & L t 5 s ’ 57
C o n n L t & P r 7s A
1951
C onsol G as El L t & P ow er
( B a l t ) 3 M s s e r N . . . 197 1
1st r e f m tg e 3s ser P . 1969
C o n s o l G a s (B a lt C i t y ) —
2%
6% M a r
1%
6
3M
7%
%
2%
4%
4%
10
12
J u ly
Jan
Jan
Sept
Jan
Sept
1
4M
7i«
%
38%
5%
W i c h i t a R i v e r O il C o r p . . 10
W i ll ia m s ( R C ) & C o
*
W i ll ia m s O i l - O - M a t H t
*
74*4
Jan
O ct
58
7 i« F e b
1% F e b
22
O ct
2% J a n
30
32
Sept
1M
58
12M Sept
7% F e b
9
F eb
75
86
3M
6
87%
49%
4%
6%
1%
68
8%
17%
27%
4%
7
%
BONDS
(.Continued)
High
Low
4%
74%
56
Vs
IVs
700
75
200
500
300
800
1 00
300
2 ,0 0 0
40
200
2 ,1 0 0
Range Since Jan. 1 , 1 93 9
«»»• *. tw>
Friday
Last Week’s Range
Sale
o f Prices
High
Price Low
98
101
44 M
70%
72%
Apr
105
Sept
Apr
Jan
Jan
104
56
83
88
%
%
June
M e m p h is C o m m l A p p e a l —
D e b 4 M s .........................1 9 5 2
O ct
M e n g e l C o c o n v 4 M s . 1 94 7
Aug
M e t r o p o lit a n E d 4 s E .1 9 7 1
Aug
4 s s e r ie s G ____________ 1 9 6 5
171
109
%
96
86
109
109
75
%
96M
86 M
1 09 M
109 %
1 0 ,0 0 0
5 ,0 0 0
4 ,0 0 0
5 ,0 0 0
94 M
82 "
1 02
1 04
Apr
Sept
Sept
110% M a y
New York Curb E x ch a n g e C oncluded— ■Page
—
V o l u m e 149
Friday
Sales
Last W eek’s Range
for
Week
Sale
Price Low
High Shares
(Continued)
BONDS
M i d l a n d V a ll e y G R 5 s 1 9 4 3
M i lw G a s L ig h t 4 % s . . l 9 6 7
M i n n P & L 4 % s ______ 1 9 7 8
1 st & r e f 5 s __________ 1 9 5 5
M is s ss’ ppi P o w e r 5 S --1 9 5 5
M is s P o w e r & L t 5 s . .1 9 5 7
M isso u ri P u b S e rv 5 s . I9 6 0
N a s s a u & S u f f o lk L t g 5s ’ 4 5
N e t P o w & L t 6s A . . . 2 0 2 6
D e b 58 s e r ie s B _____2 0 3 0
72
100 %
102«
105
1 0 0 34
102%
111
9194
97
H I %
1 0 6 )4
6 s s e r ie s A ____________ 2 0 2 2
N e i s n e r B o s R e a l t y 6 s '4 8
N e v a d a - C a l i f E l e c 5 s . 1 95 6
1 2 0 )4
104
77
N E G a s & E l A s sn 5s 1947
5 s ........................................ 1 9 4 8
C o n v d e b 5 s _________ 1 9 5 0
N ew E n g P ow er 3 % s .l9 6 1
N e w E n g P o w A ssn 5s . 1948
D e b e n t u r e 5 % s --------1 9 5 4
N e w O r le a n s P u b S e r v —
68
6 7 )4
9 7 )4
9 9 )4
$ 9 9 34
7 2 "
9934
102
1 0 4 )4
9 9 94
1 0 2 )4
110%
9 0 )4
9 6 )4
111%
1 0 5 )4
28
t ill
1 2 0 )4
104
76%
117
6 6 )4
68
67
105
9634
99
9 9 )4
7 3 )4
7 ,0 0 0
1 0 0 9 4 3 9 .0 0 C
1 0 2 )4
1 9 .0 0 0
8 ,0 0 0
10534
1 0 0 34 81 0 0 0
1 0 2 )4 10 3 ,0 0 0
111%
4 0 ,0 0 0
2 7 ,0 0 0
92
6 ,0 0 0
97
3 9 ,0 0 0
111%
1 0 6 9 4 8 5 ,0 0 0
28
2 ,0 0 0
111%
4 ,0 0 0
12094
104
2 ,0 0 0
79%
3 5 ,0 0 0
1 ,0 0 0
117
2 7 ,0 0 0
69
3 ,0 0 0
69
3 0 ,0 0 0
6 8 )4
4 ,0 0 0
106
4 9 ,0 0 0
9 7 )4
5 5 ,0 0 0
9 9 )4
&
N ip p o n E l P o w 6 % s ..l 9 5 3
N o A m er L t & P ow er—
5 % s s e r ie s A . .............. 1 9 5 6
N o B o s t o n L t g P r o p s % s ’ 47
N o r C o n t ’l U til 5 % s ._ 1 9 4 8
N o I n d ia n a G & E 6 s . 1 952
N o r t h e r n I n d ia n a P S —
O h io P o w e r 3 % s ---------- 1 9 6 8
O h io P u b lic S e rv 4 s . .1 9 6 2
O k la N a t G a s 3 % s B . . 1 9 5 5
&P
4 % s .l9 7 7
6 s s e r ie s A ----------------- 1 9 5 0
9 3 34
5 8 )4 M a y
9 3 )4
Apr
95
Sept
Apr
102
Jan
8 2 )4
Jan
8 83 4
1 07
Jan
7 3 )4
Jan
77
98
92%
Jan
N ov
28
1 0 7 )4
11434 S ep t
Jan
96
72%
114
Jan
55
54
Jan
543 4
O et
1 0 0 94
Apr
8 7 )4
90
Apr
'
O ct
1 0 0 )4
O ct
7 3 )4
1 0 1 )4 A u g
1 0294 J u ly
Aug
107
1 0 0 )4 A U g
1 03 94 A u g
111 94
Aug
93k
Auu
98
112
1 0 6 94 N o v
38
111 34
1 2 3 )4 J u n e
1 0 9 )4 J u ly
80%
1 2 3 k J u ly
J u ly
73 k
73%
J u ly
7 3 k J u ly
1 0994 M a y
989 4 A U g
Aug
100
1 04
1 0 2 )4
2 8 ,0 0 0
6 .0 0 0
5 9 ,0 0 0
2 ,0 0 0
7 7 )4 S ep t
1 02 34 S e p t
Sept
97
1 0 1 )4 S e p t
1 1 1 )4
49
8 6 )4
109
105
1 0 6 )4
113%
58
1 01
1 0 1 )4
1 0 6 )4 107
49
51
1 0 9 ) 4 1 1 0 )4
3 ,0 0 0
17 0 0 0
1 1 ,0 0 0
1 2 ,0 0 0
9 5 )4
1 00 94
47
1 0 5 )4
Apr
Sept
Jan
Sept
1 0134 A U g
1 0734 M a y
5 8 )4 A u g
O ct
1 1 0 )4
1 0 5 34
1 0 5 34
104
10534
1 0 3 )4
1 0 9 34
104'
10694
1 0 4 )4
1 02
1 0 0 )4
2 9 ,0 0 0
6 ,0 0 0
5
4 ,0 0 0
1 9 ,0 0 0
2 ,0 0 0
6 3 ,0 0 0
3 7 ,0 0 0
3 9 ,0 0 0
3 ,0 0 0
6 ,0 0 0
101
1 0 0 )4
96
1 04
95
104
97
9 9 34
103 %
9 1 )4
98
Sept
Sept
Sept
F eb
Apr
Sept
Sept
Sept
O ct
107
1 0 6 )4
105k
108
1 04 94
1 1 0 )4
Aug
109k
1 09 34 M a y
1 0534 N o v
11094
90
tl0 9 %
91 34
919 4
$40
'9 9 ) 4
1 0 0 34
104
104
107
1 1 1 )4 2 4 ,0 0 0
9 2 )4
4 ,0 0 0
115
9 2 % 1 9 6 ,0 0 0
46
1 0 0 9 4 1 6 2 .0 0 0
2 ,0 0 0
1 04
9 ,0 0 0
1 0 4 )4
1 .0 0 0
107
1 08
88
1 0 9 )4
76
32
91
98
94
1 02
Sept
O ct
1 0 7 )4
106
10794
$106
1 0 0 34 1 0 0 %
108k
108
1 0 6 )4
10794
108
100%
108 k
1 8 ,0 0 0
1 8 ,0 0 0
2 ,0 0 0
1 00 94
9 1 )4
1 0 2 94
1 0 3 )4
1 0 0 )4
1 0 4 )4
Jan
Jan
Sept
Sept
1 6 ,0 0 0
1 2 ,0 0 0
83
84
1 0 4 )4 1 0 5
104
1 0 4 )4
10594 10594
+1 1 1 %
_____
$ 5 5 )4 65
1 0 1 )4
1 0 6 )4
50
1 0 2 )4
1 0 4 )4
9 9 )4
8 9 )4
N ov
M ar
M ar
Aug
1 06 94
1 0 7 )4
1 0 5 )4
1 07 94
1 0 6 34
10594
1 0594
104
1 0 5 )4
1 0 4 )4
10994
10694
10794
1 0 5 )4
1 02
1 0 0 )4
1948
P o r t l a n d G a & C o k e 5s '4 0
P o t o m a c E d is o n 5 s E . 1 9 5 6
P u b lic S e rv ice o f N J—
6°7, p r e p e t u a l c e r t if i c a t e s
2 ,0 0 0
1 5 ,0 0 0
Jan
Jan
J an
Sept
Sept
114
9 49 4
1 13 k
95M
38 k
1 0 2 )4
1 0 4 )4
105k
107k
1 0 8 )4
10694
109k
108
105
1 0 8 )4
O ct
Aug
Aug
Aug
Aug
J u ly
J u ly
147
Sept
1 5 7 )4
Aug
Jan
Jan
Jan
108%
97
9 5 )4
933 4
Aug
Aug
Aug
35
35
1 1 0 )4 2 9 ,0 0 0
199 4
135
35
24
1 6 ,0 0 0
1 0 1 )4
3 ,0 0 0
70 34
95
2 3 ,0 0 0
94
1 ,0 0 0
8 ,0 0 0
90
2 1 ,0 0 0 1
99
1 7 5 ,0 0 0
in
6 3 )4
Apr
28
2134
Sept
1 06
16 34 F e b
1 2 1 )4 S e p t
O ct
934
22
June
9 9 )4 S ep t
M ay
48
8 03 4 S e p t
85
Sept
Jan
7 6 )4
Jan
83
Jan
9 43 4
98%
3 5 "
25
1 1 1 )4
21
138
27
3134
1 0 3 )4
75
106
1 0 5 )4
90
9 99 4
111
1 0 8 3 4 1 1 9 .0 0 0
1 0 8 )4 1 3 3 .0 0 0
1 0 5 ) 4 4 8 ,0 0 0
3 1 ,0C 0
55
105
8 ,0 0 0
8 ,0 0 0
105
12 0 00
9 99 4
1 1 ,0 0 0
108
51 )4
1 02
1 02
1 0 3 )4
3 9 )4
10034
100
81
1 0 4 )4
48
Sept
Sept
F eb
M ay
Sept
Sept
Apr
Jan
1 1 1 )4
1 1 1 )4
1 0 5 )4
57
1 05
105
9 9 )4
1 08
59
7 0 34
7 0 94
7 0 )4
70
6 9 )4
6 9 )4
1 8 34
4 1 ,0 0 0
2 5 ,0 0 0
7 3 ,0 0 0
6 6 .0 0 0
4 0 ,0 0 0
5 7 ,0 0 0
6 ,0 0 0
55
5 4 )4
55
54
54
5 3 )4
1 7 )4
Apr
Apr
Apr
Apr
Apr
Apr
Sept
7 4 )4
7 4 34
7 4 )4
74
7 3 )4
7 3 )4
35
Aug
Aug
Aug
Aug
Aug
Aug
25
25
1 5 )4 18
42
4 3 94
10394 104
1 ,0 0 0
2 2 ,0 0 0
1 5 ,0 0 0
6 5 ,0 0 0
25
1 5 )4
29
9 4 )4
O ct
N ov
Sept
Sept
64
50
5 3 )4
1 0 4 )4
M ar
Jan
Jan
M av
2 6 ,0 0 0
3 3 ,0 0 0
147
4 3 ,0 0 0
2 .0 0 0
5 7 ,0 0 0
6 ,0 0 0
9 8 ,C 00
2 2 ,0 0 0
1 0 ,0 0 0
2 ,0 0 0
106
1 06
1 .0 0 0
9 5 )4
9 6 ) 4 1 6 9 .0 0 0
6 1 .0 0 0
94
9 4 )4
8 9 9 4 9 1 ) 4 1 2 8 ,0 0 0
1 8 ,0 0 0
17
1 0 9 )4
$ 1 8 )4
$ i3 0
$8
$23
10134 10094
70
70 M
9234
94
94
94
90
90
9 7 )4
111
110
1 st 4 % s s e r ie s D — 1 9 7 0
S h e r id a n W y o C o a i 6 s 1 94 7
S o u C a r o l in a P o w 5 s _ 1 9 5 7
S ou th ea st P & L 6 s — 2025
S o u C a l i f E d is o n L t d —
R e f M 3 % s .M a v 1 1960 10834
R e ' . M 3 % s B . J u l y 1 ’ 6 0 1 08
S o u C o u n t i e s G a s 4 % s 1 9 6 8 1 0 5 )4
S o u I n d i a n a R y 4 s ------- 1 95 1
S ’ w e ste rn A s s o c T e l 5s 196 1 1 0 5
S ’ w e ste rn L t & P o w 5s 1 95 7 1 0 5
S o ’w est P o w & L t 6 s .2022
S o ’ w e s t P u b S e r v 6 s . . 1 9 4 5 ___
S ta n d a rd P o w & L t 6s 1957
2 4 ,0 0 0
50%
3 9 ,0 0 0
3 4 ,0 0 0
1 5 ,0 0 0
1 ,0 0 0
4 8 ,0 0 0
9k
110
33
8
23
68
72
103
78%
4 ,0 0 0
5 ,0 0 0
5 ,0 0 0
7 0C(
5 0 ,0 0 0
2 2 ,0 0 0
1 2 ,0 0 0
110
68%
81%
91
89%
87
82
1 3 ,0 0 0
9
1 06
104
100
50
103%
99
102%
87
86%
Sept
Sept
Jan
Sept
Apr
N ov
Sept
23%
Sept
28%
Jan
24%
M ar
61
10
'
98
2 3 ,0 0 0
1 ,0 0 0
11 5 U. 11 5 U
84%
84
9734 98
9 9 3k-
'
101%
100
96%
l o o k 101%
9834 100
97
95
13%
14%
108
106
1 12
59%
104
105
105
92%
95
1 3 )4
1107%
1 06
1 12
1 12
58%
58%
104
103%
105
103%
105
92%
95
93
1 ,0 0 0
4 .0 0 0
7 ,0 0 0
9 ,0 0 0
3 0 ,0 0 0
7 .0 0 0
1 ,0 0 0
1 4 ,0 0 0
Aug
J u ly
Jan
66%
Aug
O ct
Sept
Sept
O ct
52%
119%
52
28%
28%
8 8 "
90
108%
92%
Jan
J u ly
Jan
J u ly
Apr
Apr
Apr
Apr
Jan
Jan
119%
8 5 "
99%
100%
101%
100%
98
31%
111
106%
116
63
106%
106%
106
95
96%
O ct
Aug
Aug
Aug
J u ly
N ov
Aug
June
F eb
J u ly
Aug
J u ly
M ar
Jan
M ay
Aug
F O R E IG N G O V E R N M E N T
A N D M U N IC IP A L IT IE S —
25
$15
$ 2 4 34
ii5 *
$15
$ 15
♦ 2 0 -y e a r 7 s _____J a n 1 9 4 7
A n tio u u la (D e p t o f) C o 1 m b la —
♦ 7s s e r A e tts o f d e p . 1 9 4 5
1134
$ 12
$ 12
$12
$ 12
in
in
$7
$7
♦ B o g o ta (C it y ) 8s c tfs 1945
B o g o t a (s e e M t g e B a n k o f )
♦ C a ld a s 7 34s c t f s o f d e p '4 6
C e n t B k o f G e rm a n S ta te
17
25
30
29
30
30
30
n%
1 ,0 0 0
26
24%
27
Apr
8%
Jai
13%
June
12%
13%
11
Aug
Jnne
M ar
14
13%
11
June
June
M ar
17%
15
5 ,0 0 0
19
19
19
19
18
18
15
20
M ay
M ar
20
15
J u ly
M ar
16%
10
11%
June
Jan
M ar
16%
16%
15%
Aug
June
J u ly
25%
25%
F eb
M ar
12k
$ 10
$10
91
13
20
18
30
30
6%
8
Sept
O ct
32
32
19%
F eb
22
M ar
$7
$55
$ 48
&
134
100
7 5 )4
72
7 0 )4
O ct
O ct
5s
........................... 1 9 5 3
D a n z ig P o r t & W a te r w a y s
M ar
O ct
♦ S e c u r e d 6 s _____ _____ 1 9 4 7
N ov
F eb
♦ H a n over (P ro v ) 6 % s .l9 4 9
L i m a (C it y * P e r u —
19
64
55
55%
55
O ct
O ct
100
96%
Jan
Jan
8
7%
6%
6%
7%
O ct
Sept
Sept
Sept
O ct
35%
20
20
22
20
F eb
M ar
M ar
Apr
M ar
7%
6 k
11
10
9
Sept
O ct
Sept
F eb
Jan
13
15
16
15
13%
M ar
M ar
June
June
Aug
7 0 )4
7 0 94
70
70
6 9 34
69
1 0 7 )4
1 0 7 )4
1C 5
5 4 )4
1C4
1 0 4 )4
99
108
$ 4 9 94
69
6894
6894
6 8 )4
68
6 8 34
1 8 34
1 79 4
4 3 94
1 0 3 )4
♦6 % s c t f s o f d e p --------1 9 5 4
M tg e B k o f B o g o ta 7 s . 1947
M ar
F eb
F eb
N ov
Aug
N ov
8
♦5% s
...................... 192 1
♦ S an ta F e 7s s t a m p e d .1 945
♦ 7s
___________1 96 1
30
20
9
25
20
9
8%
13%
14%
16
$ 24
115
$ 24
$ 15
$ 14
♦ M t g e B k o f C h ile 6 s . 1 93 1
M tg e B a n k o f C o lo m b ia —
O ct
J u ly
Aug
M ar
+9%
$8
8 )4
$7
$8
8 )4
8 k
13%
$8
$ 8 )4
8%
F eb
C orp—
3 d s t a m p e d 4 s .............. 1 9 4 6
T e r n i H y d r o E l 6 3 4 s . 1953
T e x a s E le c S e rv ice 5 s l9 6 0
62
10
9%
$115%
44
42'
44
14
14
$ 12
35
85
84
86
89
87
8 7 )4
107
107
91
91
89 k
61
107%
1 15
99%
3 ,0 0 0
M ay
M ay
O ct
O ct
AUg
N ov
O ct
M ay
144
t7
S t in n e s ( H u g o )
Jan
Jan
Jan
$15
$15
100
1 0 0 )4
115k
8 9 )4
51
108
1 0 0 )4
22
8 4 )4
1 0 9 )4
110
53
1 0 5 )4
23
97
9 79 4
H 5
89
4 4 )4
105
100
30
8 4 34
1 0 9 )4
1 09
50
90
30
939 4
D e b e n tu re 6 s .D e c . 1 ’ 66
W est P en n E le c 5 s . . 2030
W e s t P e n n I r a c t t o n 5 s '6 0
W e s t N e w s p a p e r U n 6 s '4 4
W h e e l in g E l e c C o 5 s . . 1 9 4 1
W i s e P o w & L ig h t 4 s . 1 9 6 6
High
1 03
99%
86%
106 % 106 %
1 12
1 12
9 9 )4
9 8 )4
$7
$7
Q u een s B o r e G a s & E le c —
S ta n d a rcf G a s & E le c tr ic —
6 s ( s t p d ) _________ . . 1 9 4 8
U t a h P o w & L t 6 s A . .2 0 2 2
4 3 4 s ______ ____________ 1 9 4 4
V a P u b S erv 5 3 4 A ..1 9 4 6
1 st r e f 5 s s e r ie s B . _ 1 9 5 0
6 s .............. .........................1 9 4 6
W a ld o r f-A s t o r ia H o t e l—
♦ 5s in c o m e d e b t _____1 9 5 4
Low
1 7 ,0 0 0
5 .0 0 0
4 0 ,0 0 0
M ay
Aug
Sept
90
Apr
9 29 4
1 0 9 )4 S e p t
Apr
76
3 53 4 S e p t
June
101
Aug
9 5 )4
O ct
7
Jan
64
1 0 5 )4 J u ly
Sept
1 07
39
7 73 4 S e p t
F eb
2 0 )4
96%
97'
$11434
8 8 )4
41
4 4 )4
$104
9 9 )4
100
$7
84
7 8 )4
109
1 0 9 )4
109
50
50
$83
$7
96 H
9 4 )4
9 1 )4
S c r ip p ( E W ) C o 5 3 4 s . 1 9 4 3
U n i t e d L t & P o w 6 s . .1 9 7 5
6 3 4 s ................................... 1 9 7 4
5 J 4 s ................................... 1 9 5 9
U n L t & R y s ( D e l ) 5 ) 4 s ’ 52
U n it e d L t & R y s ( M e ) —
Range Since Jan. 1, 1 9 3 9
C u n d in a m a r c a ( D e p t , o f )
96
979^
P it t s b u r g h S t e e l 6 s —
6 s s e r ie s A ___________ 2 0 2 2
T id e W a te r P o w e r 5 s . 1979
T ie t z (L ) see L e o n a r d —
T w in C ity R a p T r 5 34 s ’ 52
U le n C o —
C o n v 6s 4 th s t a m p .1950
U n it e d E l e c N . J 4 s . .1 9 4 9
U n it e d E l S e r v 7 s _____i9 5 6
♦ U n it e d I n d u s t r ia l 6 k s ’ 4 1
106%
1 12
99
1 04
P e o p le s G a s L & C o k e —
P h il a R a p i d T r a n s i t 6 s 1 9 6 2
2947
A g r ic u ltu r a l M t g e B k (C o l)
1 11 34
P enn C en t L
BONDS
(Concluded)
High
F eb
Apr
1 0 0 % 101 %
1 0 1 )4 1 0 2 )4
1053
4
1 05 94
♦ I n c o m e 6 s s e r ie s A . 1 9 4 9
N e w Y o r k P e n n & O h io —
♦ E xt 4 % s s t a m p e d .1950
N Y P & L C o r p 1 st 4 % s ’ 6 7
N Y S ta te E
G 4 % s 1980
N Y & W e s tc h ’r L tg 4s 2 0 0 4
Range Since Jan. 1 , 193 9
Low
6
Friday
Sales
Last Week’s Range
for
Sale
Week
Price Low
High Shares
66
32
32
32
85
9%
8
2 5 ,0 0 0
5 ,0 0 0
1 ,0 0 0
25%
he
he
66
14
18
4 ,0 0 0
7 ,0 0 0
3 ,0 0 0
1 0 ,0 0 0
5 6 ,0 0 0
Jan
26%
Aug
24%
26
11
25%
32
30
26%
15
$1 ft
$15
$ 15
$51
8 k
7%
tM
%
66
13%
$13 k
3 .0 0 0
O ct
Apr
June
26%
26
16
M ar
Apr
Jan
«5%
7%
5%
J u ly
Sept
Sept
Sept
O ct
Apr
M ay
M ay
96%
15
14%
k
%
66
14%
15%
M ar
M ar
M ar
F eb
Jan
N cv
Jan
Sept
47
8%
8%
* N o p a r v a l u e , a D e f e r r e d d e l iv e r y s a le s n o t I n c lu d e d in y e a r s r a n g e .
in t e r e s t , n U n d e r t h e r u le s a le s n o t in c lu d e d in y e a r s r a n g e , r C a s h s a le s n o t in e lu d e d in y e a r ’ s r a n g e , x E x - d i v i d e n d .
$ F r i d a y ’ s b i d a n d a s k e d p r i c e . N o s a le s w e r e t r a n s a c t e d d u r in g c u r r e n t w e e k .
♦ B o n d s b e in g t r a d e d f l a t .
} R e p o r t e d in r e c e iv e r s h ip .
v U n d e r - t h e -r u l e s a le s t r a n s a c t e d d u r in g t h e c u r r e n t w e e k a n d n o t I n c lu d e d in
w e e k l y o r y e a r ly r a n g e :
D u b lie r C o n d e n s e r, O c t 2 a t 2 .
z D e f e r r e d d e l iv e r y s a le s t r a n s a c t e d d u r in g t h e c u r r e n t w e e k a n d n o t i n c lu d e d in
w e e k l y o r y e a r ly r a n g e :
N o s a le s .
Abbreviations Used Above— " c o d , ” c e r t ifi c a t e s o f d e p o s i t ; “ c o n s , ” c o n s o l i d a t e d ;
n o n -v o tin g s to c k ;
“ c u m . " c u m u l a t i v e : “ c o n v . ” c o n v e r t i b le ; ‘ M , " m o r t g a g e ; " n - v ,
•v t c . ” v o t i n g t r u s t c e r t if i c a t e s ; “ w i , ” w h e n is s u e d ; “ w w ,” w it h w a r r a n t s : * x - w .
w it h o u t w a r r a n t s .
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD
2948
—
—
Other Stock
Exchanges
Baltimore Stock Exchange
C H IC A G O SECURITIES
O c t . 28 t o N ov. 3, b o t h in c lu s iv e , c o m p ile d fro m o ffic ia l sales lists
S tock s—
Friday
Sales 1
or
Last Week's Range
Range Since Jan. 1 , 1 9 3 9
Sale
o f Prices
Week
Par Price L ow
High
High Shares
L ow
22 X
..*
A r u n d e l C o r p ________
A tla n tic C o a s t L (C o n n ). 50
B a lt T r a n s i t C o c o m v t c . *
1 st p r e f v t c ---------------------*
C onsol G as E L & P o w — *
4 K % p r e f B ___________1 00
1 .6 5
78
1 16
E a stern S u gar A s so c c o m . 1
10%
F i d e l i t y & D e p o s i t ______ 2 0
H o u s t o n O H preferred— 2 5
M a r T e x O i l . . ____________ 1
1 25
18 Vs
42c
40c
17
M e r c h & M in e r s T r a n s p ..*
M t V e r n -W o o d b M ills —
C o m m o n . _____ _______1 00
N e w A m s t e r d ’ m C a s u a lt y 5
N o r t h A m e r O il C o c o m . _ l
N o r t h e r n C e n t r a l R y ------5 0
O w in g s M i ll s D i s t i l l e r y ___ 1
P e n n a Water & P o w e r c o m *
P h il li p s P a c k i n g C o p r e flO O
U 8 F i d e l i t y & G u a r ______ 2
B on ds—
B a lt T r a n s it 4s f l a t — 197 5
A 5 s f l a t _________ . . 1 9 7 5
2
22
22%
25
27
40c
33c
1 .7 5
1 .6 5
78%
76
116
1 16
8
8
9
12%
24
2614
124% 125%
18%
19%
47c
42c
40c
45c
17
18%
22%
2
48
12%
1 .5 0
86
15c
71%
85
22
2
49
13%
1 .5 0
87%
15c
72%
85
22%
27%
32 K
27%
32%
27%
32%
13%
87%
71%
1 ,0 5 5
2C
Sept
39
17
Apr
56
25c
June
1 ,2 3 7
1 .2 0 A p r
95
71
Jan
151 r i l l
Sept
5 50
5H A p r
4
Apr
1 ,1 2 7
1 45
12%
Apr
55 1 12
Apr
920
16%
Apr
800
40c Aug
500
1 10
12
Aug
4
170
5 75
2 ,0 0 0
60
100
40
33
1 ,3 5 9
1
Jan
24% M ar
Jan
31%
7 0 c J u ly
Jan
2 .1 0
Aug
84
121% June
3
Sept
52
1 4 % J u ly
1 .5 5 S e p t
88% M ar
30c A pr
8 4 % Mar
9 0% Sept
23% M ar
19%
22%
28%
32%
Apr
Apr
O ct
N ov
Boston Stock Exchange
O c t , 2 8*to N ov . 3, b o t h in c lu s iv e , co m p ile d fro m o ffic ia l sales lis ts
S tock s—
Sales
Friday
for
Last Week's Range
Sale
o f Prices
Week
High Shares
Par Price L o w
A m e r ic a n P n e u m a t ic S er—
35c
C o m m o n __________________*
168%
A m e r T e l & T e l ________1 00
B i g e l o w - S a n f o r d C a r p e t . . * ________
92
P r e f e r r e d ______________ 1 00
B i r d & S o n I n c --------------------- *
U K
87
B o s t o n & A l b a n y ________1 00
144
B o s t o n E d i s o n C o ______ 1 00
45
B o s t o n E l e v a t e d ________1 00
B o s to n H e r a ld T r a v e l e r ..*
17 K
B o s t o n & M a in e —
P r i o r p r e f e r r e d _______ 1 00
C l a s s A 1 st p r e f s t d - - 1 0 0
14K
C l B 1 s t p r e f s t d _____ 1 0 0
C l C 1 s t p r e f s t d _____ 1 00
C l C 1 s t p r e f __________1 00
4
C l D 1 s t p r e f s t d ______ 100
-B r o w n - D u r r e l l C o c o m ____*
8%
C a l u m e t & H e c l a __________ 5
5%
C o p p e r R a n g e ____________ 25
E a st G as & F u el A ssn —
C o m m o n __________________*
3%
39 X
4 K % P r io r p r e f ---------- 1 00
23
6 % p r e f e r r e d _____. . 1 0 0
E a s t e r n M a s s St Ry—
P r e f e r r e d B ___________ 100
16K
E a s t S t e a m s h ip L in e s c o m *
4K
20%
E m p l o y e r s G r o u p _________ *
________
G e n e r a l C a p i t a l C o r p _____ *
4%
G il c h r is t C o ________________ *
G il le t t e S a f e t y R a z o r _____*
6%
H a t h a w a y B a k e rie s p r e f . . *
I s le R o y a l C o p p e r C o ___ 15
L o e w s T h e a tr e s (B o s to n )2 5
M a i n e C e n t r a l c o m _____ 10C
7K
5 % c u m p r e f __________10C
23 K
M a s s U t i li t ie s A s s o c v t c . l
M e r g e n t h a l e r L i n o t y p e ___ * _____
N a rr a g a n s e tt R a c in g A ssn
I n c ___ _____________________ 1
4%
N e w E n g l a n d T e l & T e l 1 00
N e w R i v e r C o c o m _____ 10C
6 % c u m p r e f --------------- 100
N Y N H & H R R . . .10C
N o r t h B u t t e . _________ 2 .5 0
N orth ern R R (N H ) ._ .1 0 (
O ld C o l o n y RR—
1 18
75
67c
62
35c
35c
166% 168%
30%
30%
92
92
11%
11%
86
88%
1 4 2 % 145
44%
45%
17%
17%
U ta h M e ta l & T u n n e l C o . l
7%
W a r r e n B r o s ________________*
W a r r e n (S D ) C o .................. •
2K
10
3 2 c Jan
2 ,5 0 5
147%
Apr
100
18%
Aug
13
67
Apr
30
9
Sept
231
70% May
821 z l 2 7
Jan
348
38%
Apr
740
16
Apr
4
14%
3%
3%
3%
3%
2%
4
2
8%
6%
10
1 ,8 5 5
175
100
35
62
11
20
20
9 18
421
1%
6
1%
1%
1%
1%
J u ly
Jan
Jan
J u ly
June
M ay
1%
1%
4%
3%
Jan
Jan
Aug
Apr
3%
39
22%
3%
39%
23
50
137
167
1
16
6%
Apr
June
J u ly
16%
4%
19%
31
4%
6%
30
1%
14
7
23
2%
17%
16%
5%
20%
31
5
7%
30
1%
14
8
25
2%
17%
4%
4%
36%
37%
117
118%
3
3
75
75
1%
1%
62c
75c
62
62
%
30c
16%
24%
1%
17
1%
10
12%
40
30%
27%
76%
41
55c
7%
2
26%
95c
50c
17%
26%
1%
17
1%
10%
14
40
31
28
78%
42
60c
7%
2%
26%
89
WaldorfSystem ____________ •
High
4
13
2%
3%
3%
2%
2%
4
2
8%
5%
_______
P a c i f i c M i ll s C o ____________ *
17 K
24%
P e n n s y lv a n ia R R ________50
Q u in c y M i n i n g C o _____
25
1%
_____
R e e c e B u tto n H o le M a ch K
R e e c e F o l d i n g M a c h i n e . 10 ________
S h a w m u t A s s n T C ________*
13%
S t o n e & W e b s t e r ___________*
S u b u rb a n E l S ec 2 n d p r e f.*
40
30%
T o r r l n g t o n C o ( T h e ) ______ *
U n io n T w i s t D r i l l . . _____5
78
U n it e d S h o e M a c h C o r p . 2 5
Range Since Jan. 1 , 1 9 3 9
L ow
91
20
3 15
4 33
25
75
65
75
145
20
225
1 40
110
110
15
3%
18%
27%
4%
5%
20
%
13%
4%
10
2
15%
F eb
Aug
Apr
Apr
Sept
Apr
Jan
Apr
Jan
Jan
Apr
Jan
Sept
5 15
85
4 88
24
2C
51
1 0 ,3 0 5
36
3%
Jan
103%
2
42
Apr
J u ly
M ay
205
129
284
1 ,9 1 1
1 ,1 1 0
55
1(
165
1 ,0 0 6
5
526
12(
958
168
1 ,3 5 0
9(
58
£
30o
57
J u ly
Jan
35c June
9 % M ar
15%
Aug
% June
14
F eb
1
J u ly
8%
Apr
8%
Apr
36
Aug
22%
F eb
17
F eb
71%
Apr
39%
O ci
50c A pr
5% Apr
1%
M ar
L is te d a n d U n lis te d
Vaul H.Davis & € o
>.
M em bers P r in c ip a l E x ch a n g e s
B e ll S y s te m
Trading Dept. CGO. 405-406
$ 2 ,4 0 0
80
Apt
60c
170
32%
92
11%
92
159%
56
19
F eb
M ar
O ct
O ct
J u ly
O ct
Aug
M ar
Jan
4%
15%
4
O ct
O ct
SH
4
3%
3H
5%
2
Sept
O ct
8%
Sept
O ct
Sept
Sept
5%
41%
25
Sept
O ct
Sept
10%
26
7%
24
32%
7
8
30
3%
16
9
25%
2%
22%
5%
38%
120
3
75
1%
1 .0 0
62
1%
80c
21%
27
4%
18
1%
11%
17%
45%
32
29%
87%
48%
85c
8
3%
29
Stocks
(C o n t in u e d )
Friday
Sales
for
Last Week’s Range
Week
Sale
o f Prices
P a r Price Low
High Shares
168%
6%
14
1%
A t h e y T r u s s W h e e l c a p ___ 4
a t ic P r o d u c t s c o m . 5
la t i c W a s h e r c o m . . 3
A v i a t i o n C o r p ( D e l ) ______ 3
A v ia t io n & T r a n s p o r t c a p . 1
B a r l o w & S e e li g M f g A c o m
B a s t i a n - B le s s in g C o c o m .
P .e ld e n M f g C o c o m ______ 10
B e l m o n t R a d i o C o r p ______
B e n d ix A v i a t i o n c o m _____ 5
B e r g h o f f B r e w i n g C o _____1
B lis s & L a u g h l ln I n c c o m _ 5
B org W a rn er C orp —
(N e w ) c o m m o n __________ 5
B r o w n F e n c e & W ir e c o m . 1
B r a c h <ft S o n s ( E J ) c a p ___
B r u c e C o ( E L ) c o m ______ 5
B u r d P i s t o n R i n g c o m ___ 1
B u t l e r B r o t h e r s ___________ 10
5 % c o n v p r e f e r r e d ___ 3 0
C a m p b e ll-W & C a u F d y c a p
C a s t l e C o ( A M ) c o m ___ 10
C e n t 111 P u b S e r $ 6 p r e f . . *
C e n t r a l 111 S e c u r c o m _____ 1
C o n v e r tib le p r e fe r r e d ..*
C en tra l 9 W —
C o m m o n __________________ 1
$ 7 p r e f e r r e d ______________ *
P r i o r lie n p r e f e r r e d _____
C e n t S t a t e s P & L t p r e f __ . *
C h a in B e l t C o c o m ______
C h e r r y B u r r e ll C o r p c o m . 5
C h i c a g o C o r p c o m m o n ___
P r e f e r r e d __________________ *
C h i F l e x i b l e S h a f t c o m ___ 5
C h i c & N o r W e s t c o m . . 100
C h ica g o R y s p t ctfs 1 ..1 0 0
C h i c R i v e t & T r a c t c a p ___ 4
C h ic a g o Y e llo w C a b C o . . *
C h r y s le r C o r p c o m m o n . . 5
C i t ie s S e r v i c e C o c o m ___ 10
C l u b A l u m in u m U t e n s i l . .
C o le m a n L p & S to v e c o m .*
C o m m o n w e a lth E d is o n —
N e w c a p i t a l ____________ 2 5
C om p ressed In d G ases cap5
C o n s o lid a t e d B is c u it c o m 1
C o n s o li d a t e d O il C o r p ___
C on su m ers C o —
C o m m o n p t sh v t c B . . *
C o n t a i n e r C o r p c o m _____ 2 0
C r a n e C o c o m ____________ 2 5
C u d a h y P a c k i n g p r e f . . 100
C u n n in g h a m D r u g S to r e s 2 %
96
Stocks—
Abbott Laboratories—
Common (new)_______*
Rights w l___________ *
Adams (J D ) Mfg com__ *
Advanced Alum Castings.5
Aetna Ball Bearing com ..l
Allied Laboratories com..*
Allied Products com___ 10
L ow
26%
5%
12
7%
22%
23
77%
_
...........
60
4%
13
1%
___
9%
88%
5%
32
31
64 %
1%
3%
10 %
64 % 65 %
IK
52 ya 54 %
8% 8%
3
3%
11% 12
18% 19
10% U K
370
8,300
109
140
1,750
200
700
250
53 %
IK
31%
8
IK
6
11
5
Apr
Oct
Jan
July
Apr
Apr
Apr
%
8%
3%
KK
18%
11%
5%
33
9%
36%
26% 27%
5%
5%
20% 20%
9% 12
3
3
7%
8%
22
22%
15% 16%
23
24
76% 78
%
6%
7
%
1%
1%
60
60
107
107%
4%
5
20
20
13
13%
2
1%
35% 36
66% 66%
1
%
%
%
9
8%
9
9%
87% 91
5%
6
2%
2%
32
32
30%
14%
3%
8
18%
15%
24
59%
18%
17
25%
64
19
Low
High
92 28% Apr 47% Jan
765 147% Apr 170% Mar
2,747
8% Sept
3% Aug
2,400
14
Oct
7% June
750
Aug
1% Oct
%
200
2% Apr
7% Sept
50
2% Feb
1% Jan
150
% Feb
% Sept
4,200
8% Jan
3% Aug
4
Jan
5,600
1% Aug
450
10% Mar
7% Jan
50
Apr
10
19% Oct
12
250
Sept
6% Apr
450
4
Sept
6% Aug
2,550
16% Apr 33% Oct
1,250
10% May
7% Jan
1,400
13% Apr 36% Oct
812
100
20
2,800
100
1,900
500
190
400
240
150
100
Apr
20
4% Aug
Jan
17
Aug
7
2
June
5% Sept
18% Apr
9% Apr
Apr
16
64% Apr
% May
4
Apr
32
7%
22
17%
3%
9
23%
16%
26
79
%
8
Jan
jan
June
Jan
Sept
Jan
Mar
Jan
Sept
Aug
Sept
Sept
700
1
Apr
1% Jan
80 45
Jan
Aug
71
260 100
July
Jan 112
150
2% Apr
7% Aug
25
Jan 20% Sept
15
15% Jan
200
11% Sept
5,550
2% Sept
1% Apr
500 32% Sept
38% Mar
50 61% Sept
78% Mar
445
% Aug
1% Oct
10
% July
% July
Apr
230
6
9% Oct
9% Oct
200
5
Jan
1,026 53% Apr 94
Oct
400
4% Aug
9% Feb
250
3% Mar
2% Jan
18% Jan 33
Sept
40
17
D a y to n R u b b e r M fg c o m .*
D e c k e r (A lf) & C o h n
D e e r e & C o c o m ______
10
12%
3%
F a i r b a n k s M o r s e c o m _____ :
Jan
N ov
Jan
S ept
Sept
Sept
O ct
Jan
Sept
Jan
Jan
Sept
O ct
J u ly
Aug
M ay
O ct
Jan
________
______
16%
G ardner D en ver C o c o m ..’
16%
Gen Outdoor Adv com__ :
54%
________
1, 1939
71% Oct
IK Oct
56%
9% July
3% Sept
12% Oct
19
Oct
11% Oct
19,150
200
350
1,600
25% Apr
Apr
9
3% Aug
6% Aug
31%
16%
6%
9%
%
10
200
377
150
500
% Sept
9% Aug
17
Aug
48
Aug
12% Apr
1% Jan
N ov
17
37% Jan
73
Mar
19% Aug
17
2%
23
10
5%
9%
12%
17
2%
23%
10
5%
9%
12%
12
3%
22%
36%
6
4%
16%
12
4
24
37%
6%
4%
17
57%
10%
3
45
55%
4%
7%
11%
28%
13%
26%
17%
8%
36%
14%
14
9
Apr
1% Mar
15% Jan
10
Oct
4
Apr
Aug
5%
9% Sept
30
Sept
6
Apr
2% Apr
17% Apr
24% Apr
3
Apr
2
Jan
11% Apr
40% Apr
Apr
10
1% Apr
36% Jan
37% Apr
3% Sept
5% Apr
10
Apr
21% Apr
9
Apr
18% Apr
8% Apr
7
Apr
32
Aug
8% Apr
9% May
Aug
%
3
Sept
9% Aug
16
Aug
2% June
66% Apr
48% Aug
2% Jan
14
Sept
18% Oct
3% Mar
25% Oct
19% Jan
33
200
50
345
30
100
150
200
50
100
1,200
850
50
200
100
600
95
20C
450
137
2,495
123
167
20C
347
1.30C
1.70C
1,150
70C
2(
115
20C
52
55C
40(
70C
10(
331
383
4C
150
865
20C
10(
200
650
20(
28(
8(
90(
35(
10(
10% July
15% June
36
Apr
3% Apr
5
Feb
6
Apr
29
Jan
69% Jan
2% Aug
% Apr
1% Aug
27
May
2% Sep
4
Apr
18
22
48
55%
10%
2%
43%
53%
4%
7
11
13%
25%
17
Hall Printing Co com__
—
Houdaille-Hershey cl B.
Hubbell Harvey Inc com
Hupp Motors com_____
36%
14
1
i ..............
Jun
31%
15
3%
8%
%
Aug
N ov
O ct
H ig h
Apr
%
6%
3%
8%
18%
11
5%
31%
9%
34%
3%
8
Indep Pneum Tool v t c . J
Interstate Pow $6 pref__
Iron Fireman Mfg v t c__
Jarvis (W B) Co—
15%
25%
________
________
17
___
5%
8%
For footnotes see page 2951.
R a n g e S in c e J a n .
ii %
32%
9%
35
June
Chicago Stock Exchange
S a les
fo r
W eet
S h a res
8%
3%
41% 42%
166% 168%
6%
6%
13
14
1%
1%
5%
5%
2
2
Range Since Jan. 1, 1939
33
M ar
M ar
Jan
M ar
Jan
Jan
Aug
Sept
J u ly
Sept
O ct
J u ly
Jan
O ct. 28 to N ov. 3, b o th inclusive, com piled from o fficia l sales lists
F r id a y
L a st W e e k ’ s R a n g e
S a le
o f P r ic e s
P a r P r ic e L o w
H ig h
Municipal Dept. CGO. 521
10 S. La Salle St., CHICAGO
Bonds—
E a s t e r n M a s s St R y —
S e r ie s B 5 s ___________ 194 8
T e le ty p e
\0y2
1 7% Sept
32
1 3 0 % J u ly
June
22
Jan
1 .4 0
1 .4 0
2 1% Sept
10%
Apr
1 .0 0 F e b
83
Sept
15c Sept
69
O ct
67% M ar
16%
Apr
$ 6 8 ,5 0 0
1 7 ,0 0 0
N ov. 4, 1939
-
42%
95%
..............
i ..............
____
26%
12%
25%
16%
8%
36%
14%
13%
%
1
3%
15
24
3
89%
60%
4%
18%
3%
15%
25%
3
91%
63%
4%
18%
16%
19
48
17%
19%
48
8%
7
42%
95%
3
8%
7%
43%
96
3
5%
%
1%
29%
4
6%
5%
%
1%
29%
4%
7%
IT
20(
263
5%
10%
12%
35%
14%
4%
24%
43%
8%
4%
17%
64%
11%
3%
47%
56%
6%
8%
13%
37%
13%
27%
17%
9%
37
17%
14
2%
6%
20%
25%
4
98%
71%
July
Sept
Mar
Sept
N ov
Oct
N ov
Feb
Sept
Oct
Oct
Jan
Sept
Sept
Sept
Sept
Feb
Oct
July
Oct
Jan
Jan
Jan
Jan
N ov
Feb
Oct
May
Jan
Jan
Oct
Jan
Jan
Jan
Sept
Jan
Sept
Sept
5% Aug
Mar
19
5%
9
8%
44
100
4
%
2%
32%
4%
10
Oct
Sept
Oct
July
Sept
Mar
Aug
Sept
Apr
Jan
Jan
July
Oct
Sept
Volume 149
Stocks (Concluded )
ONE HUNDRED—The Commercial & Financial Chronicle YEARS OLD
Friday
Sales
Last W eek's Range
fo r
o f P rises
Sale
W eek
Par P rice Low
High. Shares
Range Since Jan.
L ow
1, 1939
S to ck s ( Concluded )
H igh
2%
Lindsay Lt & Chem com. 10
Lion Oil Ref Co com____ *
Liquid Carbonic com___ *
Loudon Packing com----- *
Manhatt-Dearborn com . .*
Mapes Consol Mfg cap__ *
Marshall Field com_____ *
Merch & Mfrs Sec —■
Class A com_________ 1
4
2%
28
x4
14%
15
2
1 7%
1%
1
27
16%
Jan
Mar
%
3%
4%
3%
21%
%
4%
4%
3%
%
%
Vs
22
50
1,550
200
60
250
Jan
Feb
Feb
Jan
Apr
1%
7%
7%
5%
Apr
July
July
Sept
Jan
53%
56
22%
68%
22%
970 40 % Apr 5 7 %
90 4 1 % Mar 7 1 %
Jan 2 3 %
90 14
Apr 10
100
6
50
1
% Apr
Apr 25
150 16
1,000 1 6 % Apr 35
2
Aug
650
5%
150
9 % Oct 1 2%
Apr 11
1,300
6%
300 1 1% Jan 2 0 %
Aug 20
38 13
Feb 1 4%
10 12
. 150 1 1% Apr 15%
300
% Apr
1%
Feb 4 1 %
20 30
300 1 2 % Sept 16
450
5%
2 % Sept
527 15% May 2 7 %
247 3 0 % Apr 4 4 %
1,750
1
% Apr
162
7 % Aug
1 6%
1,100
6 % Aug
1 6%
1
100
% Aug
310 108*4 Apr 125
210 138% Oct 157
1 Sept
100
2%
250 2 2 % Apr 3 2 %
Aug 12
50
7
489 6 0 % Apr 8 5 %
200
3
1 % July
Oct
Oct
Sept
Nov
Jan
Oct
Sept
Sept
Jan
Oct
Mar
Feb
Oct
Jan
Sept
Oct
Mar
Feb
Sept
Oct
Sept
3%
1 4%
Quaker Oats Co common.* 116
Rollins Hosiery Mills com 1
Sangamo Electric com__ * 28
Schwitzer Cummins cap._l
Sears Roebuck & Co com.*
Serrick Corp cl B com___ 1 _
Signode Steel Strap—
Common_____
. * 18%
Preferred___________ 30
Sou Bend Lathe Wks cap. 5 2 3 %
Southwest G & El 7% pflOO
Spiegel Inc com________ 2
St Louis Natl Stkyds cap.*
Standard Dredge—
Common________
1
2%
Convertible preferred. 20 13
Standard Oil of Ind____ 25 2 7 %
Stein & Co (A) com____ * 1 3 %
Stewart-Warner. ______ 5
Sunstrand Mach Tool com5 15%
Swift International____ 15 3 2 %
Swift & Co. _________ 25 2 1 %
Thompson 'J R) com___ 25
4%
Trane Co (The) com___ 2
8
Union Garb & Carbon cap *
United Air Lines Tr cap.5 1 2%
O S Gypsum Co c o m ...20
United States Steel com..* 7 6 %
7% preferred______ 100
Utah Radio Products com *
1%
Utility & Ind Corp com. 5
Conv preferred______ 7
1%
Walgreen Co common___ *
Wayne Pump Co cap___ 1
Western Un Teleg com 100
W’house El & Mfg com._50
Wieboldt Strs Inc—
Common_______ .
"
Cumul prior preferred. . *
Williams Oil-O-Matie com *
Wisconsin Bankshrs com.*
Woodall Indust com____ 2
Wrigley (Wm Jr) cap___ *
Yates-Amer Mach cap__ 5
Zenith Radio Corp com..*
Bonds—
Commonwea Edis 3%sl958
20%
68
10
%
23%
29%
4
10%
9%
17%
13%
12%
12
1%
39
10
%
23%
30%
1%.
11
10
18
13%
12%
13%
1%
39
28
11
83%
2
29
11
85%
2
18 ~
18%
31%
24
108 1 0 8 %
1 1% 11%
74
74
31%
22%
3
25
2
16
Apr
250
8
20 2 2 % Mar
2,150 16% Apr
120 10246 Sept
270
8 % Aug
May
10 65
1
6,600
9
1,550
1,403 .1 2 3 %
20 1 0%
414
6%
'1,100
7
565 24 %
1,476 17
650 J 2 %
' '200 1 1%
16
518 66
86%
12%
7%
440
'*■"78 6 6 %
80%
'3,050 7 2 %
72%
1183,4 llQt4
228 116%
1%
1% '"750
1%
45C
%
%
%
1.65C
1%
1%
1%
10
18
18
%
2%
850 1 5 %
2H
90C 2 1 %
20% 20%
54C 1 6%
29% 33%
1 13 % 1 16 %
175 83 %
1%
12%
26%
12%
9%
15%
32%
21%
4
2%
13
27%
13%
10%
1 6%
33%
22%
4%
16
89%
1 3%
82%
76%
4%
4%
83%
1%
19%
50
20
30(
2,05(
45(
218
1C
0
4,000
1 2 3 % 1 23 %
1 8%
—
3%
25 %
1 1% 1 4%
3%
3%
24% 26%
41% 42%
%
%
1 4% 1 5%
1 3 % 1 4%
1
1
1 1 5 % 117
144% 146%
1%
1%
Sl.OOf
91
1%
4%
4%
Jan
Feb
Jan
Aug
%
5%
Miller & Hart eonv pref--*
Pressed Steel Car com___ 1
5%
28%
4%
1 0%
Jan
Sept
3%
%
2%
5%
Oct
Oct
Apr
Apr
%
1%
7% prior lien_______100
1 1%
Jan
Mar
Sept
Jan
Jan
Sept
Sept
Oct
Oct
1,350
400
1%
25
5%
32%
4%
20
1 8%
2%
1%
27
17%
%
1%
Convertible pref______ *
Midland Util—
Penn El Switch com A .10
Penn Gas & Elec A com..*
Penn RR capital_____ 50
Peoples G Lt&Coke cap 100
Pines Winterfront com__ 1
1
27
17Vs
Mar
i%
9%
1 3%
%
1%
3%
8
Montgomery Ward—
Common___ ________ * 5 4 %
Mountain St Pow pref. 100
Muskegon Nat Spec cl A. _* __ ___
Nachman Springfilled com*
l Natl Rep Invest Tr pref.. *
National Standard com. 10
Noblitt-Sparks Ind com ..5 2 9 %
Nor Amer Car com____ 20
4%
Northern 1 1Fin com____ * 1 0 %
1
Northwest Bancorp com.. * 10
Northwt Engineering com * 1 7%
Omnibus Corp v t c com..6
Ontario Mfg Co com_ .*
_
Parker Pen Co com____ 10 1 3 %
Peabody Coal Co B com..*
1%
1 6%
2
Apr
Aug
June
Apr
1
% Apr
19
Apr
9% Apr
2
21%
3%
8%
Mlckel berry's Food com. 1
Middle West Corp cap__ 5
Midland United—
3%
200
10
100
100
250
1,550
300
30
3,400
2%
28
4
147/6
1,150
50
■ 700
1,600
3%
25%
3%
7%
1%
4
4%
82%
1%
17%
7^
91'
1%
Sept
Apr
Aug
May
Sept
Apr
July
Apr
Sept
Apr
Apr
Apr
Sept
Nov
Oct
Apr
Jan
Apr
Feb
Apr
Sept
Apr
Apr
July
Jan
Aug
3% Apr
Apr
3
74 % Apr
1 % July
Apr
12
6
80%
1%
Apr
105
22
Form ica In su lation ..
*
13
K a h n ________________
K r o g e r _________
*
*
*
12%
28%
*
*
— 100
*
*
B _________________
*
Rapid ______________
Sabin Robbins p r e f.. — 100
P & G ______________
33%
12%
9%
93
1 24%
Aug
S t ., C in c in n a ti
Teletype Cin. 274-275
Oct. 28 to Nov. 3, both inclusive, compiled from official sales lists
S to ck s —
For footnotes see page 2951.
376
107
264
25
30
3
63
25
Range Since J a n .
Low
3
15
11%
20
18%
8
98%
72
i 109
100
1%
118 88
4
100
M ay
Apr
Jan
Jan
Apr
Oct
July
Apr
Mar
Jan
Aug
Sept
Jan
Apr
Jan
Feb
Apr
Apr
Feb
M ar
15
12% Apr
June
6
14% Jan
25%
13% July
30
July
43% Aug
15
Sept
29% Oct
Jan
9
Jan
3
64% Oct
118% Jun
16% Sept
3% Jan
Apr
12
Jan
101
15% Oct
38
July
2% Oct
13% Oct
Oet
10
93
July
O h io Listed and Unlisted Securities
Members Cleveland Stock Exchange
GILLIS
RUSSELLco
Unin Craimerci Binding, Cleveland
Telephone: OHerry 5050
A. T . & T CLEV. 565 & 566
Cleveland Stock Exchange
Oct. 28 to Nov. 3, both inclusive, compiled from official sales lists
Stocks—
Friday
Sales
fo r
Last W eek's Range
Sale
o f P rices
W eek
Par P rice Low
H igh Shares
1, 1939
Range S ince Jan.
H igh
Wtling,Lrchen C
a e
o.
New York Stock Exchange
Detroit Stock Exchange
1, 1939
H igh
Mar 10
Oct
Apr 17% Mar
Jan
3
Oct
Oct 20
Oct
Sept 29
Sept
May 11% Jan
Sept 109% June
Sept 85
Oct
Sept 116
July
June
3
Jan
Jan 99% July
4
Oct
Oct
Members
New York Curb Associate
Chicago Stock Exchange
B u h l B u ild in g
D E T R O IT
Telephone: Randolph 5530
Detroit Stock Exchange
Oct. 28 to Nov. 3, both inclusive, compiled from official sales lists
Stocks—
Cincinnati Stock Exchange
*
Aluminum Industries.
10
7%
Amer Laundry Mach. -2 0
16%
1 6 % 16%
Burger Brewing_____ ___*
2 Vs 3
Carthage Mills B____ —40 20
20
20
Champ Paper & Fibre. ___*
2 5 % 25%
25%
*
Churngold_________
8
8
Cln Gas & Elec pref.. .100 105% 105 1 0 5 %
85
85
C N O & T P ............... .100
Preferred________ .100
110% 110%
Cine Street_________ ..50
1%
1%
Cln Telephone______ -.50 9 4 %
9 3 % 95
4
4
Cin Tobacco Ware___ ..25
2%
12%
9%
93
Sept
Aug
Apr
Apr
100
Airway Elec pret_____ 100
6% Apr 13% July
9% 9 %
Akron Brass Mlg_______ *
100
8% Oct
8%
6% Apr
8%
8%
Oct
Amer Coach & Body____ 5
75
10
10
6 June 10
4
Amer Home Prods_______1
<z51% a 5 1 %
Aug
2 77
Mar 80
Apex Elec Mlg prel___ 100
a79
a79
Brewing Corp of Amer__ 3
60
7% Jan
a6% a 6 %
5% Sept
284
9
Apr 14% May
12
12
Oct City Ice & Fuel_____ * ..
19%
Cl Cliffs Iron prel_______*
495 43 May 71% Sept
68
70
32
140 15% Sept 23% Jan
16% 16 %
24
Oct Cleve Railway________100
Sept
July 27
July Cliffs Corp v t c _________* 2 2 % 22 % 23 % 2,095 13
109
Jan
July 70
20 49
Elec Controller_________ *
55
55
1 6 % Mar
Oct
Apr 19
17% 17%
75 14
Feb Faultless Rubber________*
75
a24% a 2 i.fi
59 21
July 26% Mar
General Tire & Rubber..25
a21% a22
98 16% Sept 22% Oct
Oct Goodrich (B F)_________ *
2%
Feb
Goodyear Tire & Rubber.*
<z26% <z27%
16 30% July 34
1 3% Feb
Halle Bros pref_______ 100 39 % 3 9 % 39%
50 37 May 40% Jan
3 0 % Sept
Oct
103 103
11 97% May 103
13% Nov Hanna (M A) $5 cum pfd.*
42 15
Apr 22% Mar
17% 17%
Jan Jaeger Machine_________*
12%
17 % 1 7 %
50 14% Jan 17% Oct
Oct McKay Machine________*
17%
100
2% Jan
1%
1%
1% Aug
37 % Sept Metro Paving Brick_____ *
2 60
Feb
Feb 60
7% preferred_______ 100
60
60
Sept
25
Midland Steel Products..*
a33% a 3 i %
20
4 % Nov
35 15% Mar 15% Mar
al6 al6%
Oct National Acme_________ 1
1 6%
National Refining (new).*
128
5% Feb
3%
3%
3% May
9 3 % Sept
337
National Tile___________*
2% Mar
1%
1%
1% Sept
1 3% Mar
Apr 26
Jan
33 17
a25% a 2 5 %
112% Jan Ohio Brass B ________
Apr 15% Sept
al3% a l i %
75
8
79% Oct Otis Steel______________ *
July
35
7
Apr 10
Packer Corp_________
8%
8%
119%
175 12
Apr 14% Mar
Patterson-Sargent_______*
li%
li%
2 % June
al4% a 1 5 %
65
9% June 15 Sept
Reliance Electric_______ 5
% Feb
442 30
Richman
Apr 38% Aug
3 6% 36%
1% Feb SeiberlingBros_______
Rubber____
7C
9% Oct
a8% a9
6% Jan
T 2%
Apr 30% Oct
a30% a30%
13C 18
Thompson Products Inc..*
2 3 % July
35 10% Feb 13% Mar
11%
11%
32%
Jan Union Metals Mfg_______*
2
Aug
Van Dorn Iron Works_
_
455
4% Sep1
3%
3%
3 6 % Sept
12C
9 Sept 14% Jan
10
10 %
10
120
Sept Wei nberger Drug Stores . .
Apr 70 Sep
West Res Inv Corp pref-100
■ 70
70
15C 60
Oct
a l i% a l5 %
81
9% May . 15
Mar White Motor__________30
10
a50
a52%
145
Aug Youngstown Sheet & Tube*
91
Nov
Nov 89
Preferred__________ 100
89
89
67 89
Jan
2%
Jan
5%
Jan
5%
8 5 % July
2 % Sept
Jan
22%
&
1878
F riday
Sales
Last W eek ’s Range
fo r
Sale
W eek
Par P rice L ow
H igh Shares
10
6
13
23
12%
28%
39
12%
28%
6
1
62%
117
16%
2%
8%
101
15%
33%
2%
12%
8%
91%
H igh
L ow
12%
7
4%
7%
27
9%
25
34%
22
8
569
20%
29
6
4
1
329
50%
15 111
38
14%
4
1%
110
5%
99%
5
100
8
102
17%
1
100
250
4%
6
310
33 73
Jan
Mar
Oct
Nov
Jan
Members: Cincinnati Stock Exchange, New York Stock Exchange
and Other Principal Exchanges
115 E . F o u r t h
Telephone Cherry 3470
63%
P r e fe r re d _____ ___ — .50
W urlltzer
________ . . . 1 0
Preferred .
. . . — 100
LYONS &coE s t a b lis h e d
6
U S Playing C a rd___ . . . 1 0
Sept
Aug
8%
13
Range Since J a n . 1 , 1939
15
157
10
360
20
263
80
14%
9%
6
13%
23 M
13
28%
39
12%
29%
6
1
63%
117
16%
2%
10
101
15%
33%
14%
*
Crystal T i s s u e ....
Eagle-Picher ________ — .10
Cincinnati Listed and Unlisted Securities
l.
Sales
Friday
W eek’s Range
for
Last
o f P rices
W eek
Sale
Par P rice Low
H igh Shares
Cin Union Stock Y a rd — *
Lincoln Printing Co—
Common____ ____ ..*
w.
2949
—
Sales
Friday
Last W eek 's Range
fo r
W eek
Sale
o f P rices
P ar P rice Low
H igh Shares
Allen Electric com------- ..1
Baldwin Rubber com.. ..1
Briggs Mfg com______
Burroughs Add Mach.. _ *
1%
7%
24%
13
Brown McClaren.........
1%
Chamb Metal Weath com 5
4%
Chrysler Corp com___ —5
Consolidated Paper com.10 16%
Continental Motors com..1
3%
1.00
Cons Steel.............. .....
Deisel-Wem-Gil com__ .10
Detroit Edison com___ 100 125
Det-Mtch Stove com__ -.1 _____
Det Steel Corp com----- -.5 _____
7%
Divco_______________
Durham_____________
1%
Ex-Cell-O Aircraft com. —3 24%
Federal Mogul com----- * 18%
Fed Motor Trunk com. . _*
5%
Frankenmuth Brew com-.1
2%
Fruehauf Trailer-------- 1 29
1%
7%
24%
12%
1%
1%
4%
88
16%
2%
1.C0
70c
124
1%
15%
7%
1%
23
17
4%
2%
29
1%
7%
25%
13
1%
1%
4%
88%
16%
3%
1.25
70c
125
1%
15%
7%
1%
24%
18%
5%
2%
29%
Range Since Jan.
Low
300
1%
1,608
5
900 17
566 11%
165
1%
300 75
100
3%
807 56%
190 13
2,205
2%
800
50c
600
69c
306 101
620
1
125
9%
200
5%
200
1
1,037 15
1,457 12
1,375
2%
1,384
1%
775 10%
1, 1939
H igh
Feb
1%
Apr
7%
Apr 31%
Aug 18%
Aug
2%
Aug
1%
Aug
7
Apr 92%
Jan 17
June
4
July
1%
Sept
1.25
Apr 125
2
Aug
Apr 15%
Sept
8%
Apr
1%
Apr 25
Apr 18%
May
5%
Apr
2%
Feb 30
Sept
Jan
Jan
Jan
Mar
Sept
Oct
Aug
Jan
Sept
Mar
Oct
Jan
Sept
Oct
Feb
Sept
Oct
Aug
July
Oct
ONE HUNDRED—The Commercial & Financial Chronicle-Y E A R S OLD Nov. 4, 1939
2950
Stocks
(Concluded)
Par
Gar Wood Ind com___ ..3
General Finance com__ ..1
General Motors com_ .10
_
Goebel Brewing com---- ..1
Graham-Paige com----- ..1
sales
e rxaay
fo r
Last W eek ’s Range
o f P rices
W eek
Sale
H igh Shares
P rice Low
54
90c
Hoover Ball & Bear com .10
*
Houdaille-Hershey B ..
14%
Hudson Motor Car com
Hurd Lock & Mfg com. ..1
Kingston Prod com----- ..1
2%
__1
Lakey Fdy & Mach com ..1
3%
Lasalle___________ . .
1%
Masco Screw Prod com . ..1
95c
*
McClanahan Oil com . . —1
Mich Steel Tube Prod-2.50
8
Mich Sugar com--------- __ *
1%
10
Micromatlc Hone com. -.1
5%
Mid-West Abrasive com50c
* 14
Motor Products com —
Motor Wheel com____ -.5
17%
Murray Corp com __ .10
6%
Packard Motor Car com
3%
_____
Parker Wolverine com.
Penin Metal Prod com. ..1
Pfeiffer Brewing com. .
6%
Prudential Investing com.l
1%
Reo Motor com______ -.5
1%
Rickel (H W) com____ -.2
3%
_____
River Raisin Paper com
.10
2
Standard Tube B com . . _ .l
4%
Shelter Mfg__________
Timken-Det Axle com. . .10 21%
Tivoli Brewing com . . . - . 1
2%
Tom Moore Dist com . . -.1 _________
_________
Union Investment com .
3%
United Shirt Dist com. .
1
*
Warner Aircraft com . . _.l
1%
Wayne Screw Prod com-.4 _________
_
Wolverine Brew com — _ 1 _________
Wolverine Tube pref____ 100 —
5%
5%
2% 3
54
55
2% 2%
8vc 90c
3%
4
15% 16
u y s 14]^
14% 14%
6% 7
51
55
2
2%
53
53
3% 3%
1% 1%
94c 99c
32
32
25
25
8
8
1
1%
5% 5 %
5% 5 %
1.25 1.25
13% 14
17% 17%
6% 6%
3% 4
9% 9%
1% 1 %
6% 7
1% 1 %
1% 1%
3% 3%
2% 2%
24% 24%
1% 2
4% 4%
20% 22
2
2%
26
30
2% 2%
3% 3%
4
4%
1% 1%
2% 2 %
1% 1%
1.50 1.50
10c 10c
93% 93%
100
220
2,413
1,550
356
485
445
845
1,907
340
400
700
145
130
100
735
315
1,931
600
1,370
300
2,140
1,150
325
665
1,175
1,477
200
1.000
250
237
272
675
200
260
550
685
1,833
946
600
100
300
250
500
515
7,500
100
200
24
1, 1939
R ange Since Jan.
Low
H igh
4
Apr
7% Jan
3% Sept
1 % Apt
Apr 56% Oct
38
2% Jan
1% Sept
50c Aug
1.25 Jan
2
Apr 16% Sept
10
13 July 16
Apr 17
9
Feb
4% Apr
8% Jan
Apr 76
Jan
40
2% Sept
1% Aug
42
Oct
60
2% Apr
4% Sept
Jan
1
1% Jan
55c June
1% Sept
20
70
12
Apr 36 Sept
5 June
9% Sept
30 June
2% Sept
2%
7%
2
Jan
5% Oct
1.75 June
76c Jan
Apr 18% Jan
10
10% Apr 17% Oct
4
Aug
8% Jan
Apr
3
4% Jan
9% Sept
5% Aug
Aug
1
2% Jan
Mar
Apr
8
6
2% Mar
1% Apr
1
Apr
2% Sept
2% Apr
3% May
3% Sept
1% July
22% Jan 25% Jan
2% Jan
1% Apr
Apr
3% July
5
Oct
10% Apr 22
3% Jan
1% Sept
Jan
15
July 55
Apr
2
3% Jan
4
Mar
2% May
2%
4%
2% Sept
1% Sept
Jan
1% May
3%
67
Aug
1 % Sept
Feb
90c July
2%
25c Mar
8c Oct
A p r 100
Jidy
80
Wm Cayalier^Co
MEMBERS
New York Stock Exchange
Chicago Board o f Trade
Lot Angelet Stock Exchange San Francitco Stock Exchange
523 W . 6 th S t.
L o s A n g e le s
Sales
Friday
fo r
Last W eek 's Range
o f P rices
W eek
Sale
H igh Shares
Par P rice L ow
For footnotes see page 2951.
Union Oil of Calif.........25
Universal Consol Oil___ 10
Wellington Oil Co of Del. . 1
Range Since Jan.
L ow
1, 1939
H igh
16%
14%
3
16% 17%
14% 14%
3
3
1, 1939
Range Since Jan.
Low
H igh
3,13f
10(
1 ,
01
15% Aug
12 % Apr
2%
Apr
19% Mar
17% July
5
Jan
3,001
1
Oct
2c June
2.50 Jan
4c Jan
Mining—
3c
3c
3c
Unlisted—
Amer Rad & Std Sanl___ * al0% al0% al0%
Amer Tel & Tel Co___ 100 al68% al66%al68%
34%
Anaconda Copper_____ 50 34% 33
65%
6A
Atlantic Refining Co___ 25 a 2 4 % a24 % a24%
Aviation Corp (The) (Del) 3
7
8%
8%
Bendix Aviation Corp___ 5 31% 31% 31%
n.27
«2 7
a27
Caterpillar Tractor Co__ * a56% a 5 5 % a 5 7 %
Columbia Gas & Elec___ * a7% a 7 % a 7 %
a l3
a 13
Commercial Solvents Corp* al3
10C
9
Sept 18 % Jan
314 152
Apr 168 % Aug
592 21% June 3 0 % Sept
270
3 Vs Apr
3 % Sept
70 19% Apr 2 4 % Oct
3,318
3% Aug
8 % Nov
394 19% Mar 32 % Oct
50 21 % Aug 2 4 % May
105 42
July 52 % Mar
135
6% Apr
8 % Feb
60 11 May 15 % Sept
1% Apr
2 % Feb
60 2 1 % Jan 26 % Feb
Continental Oil Co (The) .5 a26% a 2 6 % a 2 7 %
8 V* 12
9,292
12
Nov
4 % Aug
12
719 24
Class A _____ ______ 1 a 3 1 % a31% a31%
Jan 31% Oct
375 33 % Aug 42 % Mar
General Electric Co____ * a41% a40 a41%
155 40 % Mar 45 June
General Foods Corp____* o44% a43% a44%
100 16 % May 2 4 % Sept
Goodrich (B F) Co..........* a21% a21% a22
375 38% Oct 5 5 % Jan
Inti Nickel Co of Canada.* 40% 40
40%
138
International Tel & Tel__ * a5
a5
a5
4
Sept
9%
Feb
122 30 May 45 % Sept
Kennecott Copper Corp_* a39% a 3 9 % a 3 9 %
30 3 0 % Sept 4 5 % Mar
Loew’s Inc_________ ____* a37% a 3 6 % a 3 7 %
305 45
56
Montgomery Ward & Co.* 56
56
Apr 5 7 % Oct
New York Central RR__ * 21% 20% 22% 1,483 13% June 22 % Jan
Nor American Aviation .1 28% 27% 29
2,989 12 ^ Apr 29
6
Nov
✓ 7 23 77227
2 %
%
a22%
40 19 % Apr 2 8 % Mar
Ohio Oil Co____________ * aS %
a8% a8%
20
6% June 10% Sept
Paramount Pictures In c..l
240
8%
8% 8%
9 June 13 % Jan
Radio Corp of Amer____ *
373
6
6
6
5
Sept
8% Mar
Radio-Keith-Orpheum . . *
50
2 % Mar
1% Sept
al-% al% al%
Republic Steel Corp . . . *
26% 26
27% 1,256 1 3 % July 29
Sept
Seaboard Oil Co of Del__ * a 2 0 % a20% a20%
20 16 % Mar 22 % Oct
95 69% Jan 79% July
Sears Roebuck & Co____ * a84% 083% a85
10% Aug 14% Sept
15% May 21 % Mar
292
7 % Mar
5% Oct
57
A
Standard Oil Co (N J) . . .25 a48% a47 a48%
129 40 % Aug 5 0 % Jan
Studebaker Corp_______ ____ 1
9%
700
8%
5 % Apr
9%
10
Oct
Swift & Co___________________ 25 22
22
22
241 1 7 % Apr 24% Sept
Texas Corp (The)__________25 a46% a46% a47
45 33 % Aug 49
Sept
Tlae Water Assoc Oil____ 10 al2
al2 a 12%
41 11H Apr 14 % Sept
Union Carbide & Carbon.* a 88% a86% a 9 0 %
105 71 % Apr 9 0 % Oct
United Aircraft Corp____ 5 48
341 35
48
48
Apr 48 % Oct
United Corp (The) (Del).
<z2% a2% a 2 %
20
2 % Apr
3%
Feb
United States Rubber Co 10 41
41% 43
493 35 May 51 % Jan
U S Steel Corp
Aug 82% Sept
76 % 74% 76% 1,338 43
Warner Bros Pictures___ 5
200
4% 4
3 % Sept
4%
6 % Jan
Oct
Westlnghouse El & Mfg_50 all4% all3%all4%
200 103 % Mar 118
Philadelphia Stock Exchange]"
Oct. 28 to Nov. 3, both inclusive, compiled from official sales lists
Stocks—
Los Angeles Stock Exchange
4%
4%
Bandinl Petroleum Co— 1
4%
al2c al2c al2c
Berkey & Gay warrants—
2
2
Bolsa-Chica Oil A com.. 10
2%
6
6
6
Broadway Dept Store Inc. *
4C
4c
4c
Buckeye Un Oil Co pref_.l
2c
2c
2c
Preferred v t c _______1
Byron Jackson Co______ * al5% a15% al6%
Calif Packing Corp com..* a23% a23% a24%
1.45
1.45 1.45
Chapman’s Ice Cream Co.*
Chrysler C o r p ..--------- 5 88% 88% 88%
a8%
a7% a8%
Consolidated Oil Corp----7
6%
7
Consolidated Steel Corp..*
Preferred____ _____ * 11% 11% 11%
5% 5 %
5%
Creameries of Amer v t c . . 1
Douglas Aircraft Co------ * 84% 84% 84%
9% 9%
Electrical Products Corp. 4
9%
Emsco Derrick & Equip..5 11% 11% 11%
45c
45c 45c
Exeter OH Co A com . 1
Farmers & Merchs Natl 100 a380 a380 a380
12% 12% 13
Fitzsimmons Stores Ltd..*
54
55
General Motors c o m __ 10 54
8
8
8%
General Paint Corp com *
General Telephone Corp. 20 al7% al7% al7%
5%
5% 5%
Gladding McBean & C o..*
Goodyear Tire & Rubber.* 26% 26% 26%
75c 75c
75c
Holly Development Co__ 1
Hudson Motor Car Co__ * ab% a6% a6%
1
1
1
Hupp Motor Car Corp__ 1
9%
9% 9%
Lane Wells Co_________ 1
33%
Lockheed Aircraft Corp.-l 33% 31
2% 2%
2%
Los Ang Industries Inc.. 2
3% 3%
3%
Los Angles Investm’t__ 10
2%
2% 2%
Menaseo Mfg Co_______ 1
40c
40c 40c
Oceanic Oil Co_________ 1
Pacific Finance Corp comlO 11% 11% 11%
12% 12% 12%
Preferred A______ __10
10
10
10
Preferred C-------------- 10
Pacific Gas & Elec com ..25 30% 30% 30%
6% 1st pref_________ 25 30% 30% 30%
28
28
5% % lstp ref.. . ..25 28
31
31
31
Pacific Indemnity Co__ 10
Pacific Lighting com ------ * a46% a46% a47%
5%
5%
5%
Pacific Public Service com*
19% 19% 19%
1st preferred.. _____ *
2%
2% 2%
Republic Petroleum com.l
36
36
5% % preferred-------- 5C 36
20c 20c
20c
Rice Ranch Oil Co— — 1
9%
8% 9%
Richfield Oil Corp com . . . »
2
2
2
Warrants---------- ------7%
7% 7%
Roberts Public Markets..2
6%
6% 6%
Ryan Aeronautical Co— 1
a47% a46% a47%
So Calif Edison Co L td ..25 25% 25% 26%
39
39
Original p r e f .----------25 39
6% preferred B-------- 25 27% 27% 27%
26% 26% 26%
5 % % preferred C----- 25
So Calif Gas 6% pref A . .25 30% 30% 30%
16% 17%
17
Standard Oil Co of Calif. * 27% 27% 27%
37
37
Superior Oil Co (The) — 25 37
8%
8% 8%
Taylor Milling Corp-------*
6% 6%
6%
Transamerlca Corp
-.2
(Concluded
T e le ty p e L .A . 290
Oct. 28 to Nov. 3, both inclusive, compiled from official sales lists
Stocks—-
Stocks
Friday
Sales
Last Week > tiunge
fo r
o f P rices
Sale
W eek
H igh Shares
P ar P rice Low
Friday
Sales
fo r
Last W eek ’s Range
W eek
Sale
o f P rices
Par P rice Low
H igh Shares
Range Since Jan.
Low
1, 1939
H igh
American Stores________* 1 3%
485
1 2 % 1 3%
8 % Apr
14%
Amer Tel & Tel_______100
267 148% Apr 170%
167% 168%
Bankers Sec Corp pref. .50
13 11
Aug 15%
13% 13%
Barber Co____________10 1 7%
190 10% Sept 20%
1 7 % 1 7%
Bell Tel Co of Pa pref. .100 1 2 3 % 1 2 2 % 124
179 117% Apr 124%
Budd E G) Mfg Co____ *
560
4
Aug
0%
6%
6%
8%
Preferred__________100
20
35% May 50%
46
46
Budd Wheel Co_________*
370
3% Apr
5%
5
5%
5%
Chrysler Corp_________ 5
80 58% Apr 92%
8 8 % 88 %
Curtis Pub Co common..*
200
3% Aug
5% 6
7%
491 23% Apr 34%
Electric Storage Battery 100 3 0 %
29% 31%
General Motors________10 ..55
201
53% 55
36 % Apr 55 %
Horn & Hardart (NY) com
90 32
Sept 38
33
33%
Lehigh Coal & Nav_____
647
1% June
3% 3%
4%
259
Lehigh Valley_________50
3% Aug
6%
5%
Nat Power & Light_____ *
210
6% Apr 10
8%
8%
Pennroad Corp v t c ____ 1
2%
2%
2 % 14,926
1
Feb
3%
24% 26% 4,238 14% Sept 27%
Pennsylvania RR_____ 50 2 5 %
164% 165
70 136
Penna Salt Mfg________50
Apr 176
42 113 Sept 119%
Phlla Elec of Pa So pref. . *
117 117
804 28% Sept 31
Phlla Elec Pow pref__25
30% 31
Phila Insulated Wire____ *
15% 16
10
15% Oct 19
1,085
Phila Rapid Transit__50
2%
2%
1% Mar
3%
2%
212
5
7% preferred_____ ..50
2% June
4% 5
5%
856
Phila Traction________ 50 11
10% 11
6% Feb 11
Salt Dome Oil Corp_____ 1
225
8%
8%
7
Aug 16%
Scott Paper____________ *
49% 50%
305 43% Apr 52%
25 33% Apr 42
Tacony-Palmyra Bridge. _*
39% 40
668
Transit Invest Corp_____
1%
% Aug
1
1%
721
Preferred_____________
% Aug
1%
1%
1%
1%
2% Jan
3%
Union Traction________ 50
3% 3% 3,118
3%
824
2%
2%
2
Apr
2%
United Corp com________*
3%
36% 37%
815 31% Jan 40
Preferred_____________* 3 7 %
14
14% 14,253 10% Apr 14%
14%
United Gas Imp com____ *
368 107% Sept 117
Preferred_____________* 1 1 6 % 115% 116%
July
Mar
Mar
Jan
Aug
Jan
Jan
Sept
Sept
Sept
Sept
Sept
Jan
Sept
Sept
Aug
Sept
Sept
Sept
Aug
Nov
Sept
Aug
Oct
Nov
Jan
July
Aug
Jan
Oct
Nov
Feb
Aug
Nov
June
600
Jan
3%
6% May
110
900
3% May
1% Mar
100
Jan
8
4% Sept
4c Oct
1,000
3c Apr
1,000
3c Apr
lc Oct
50 12% Sept 16
Feb
115 15
Apr 28% Sept
110
1.45 Nov
90e Apr
Apr 93% Oct
391 61
89
9% Jan
6% Aug
400
8% Sept
3% Mar
630
7% Mar 13% Sept
365
5% July
3% Feb
520 60% Apr 84% Nov
201
8% Sept 11% Mar
250
6% Apr 11% Oct
700
40c Apr 67 %c Jan
Jan 399
4 360
Mar
600
9% May 13% Oct
1,096 37% Apr 56% Oct
400
5 Sept
8% Oct
40
5
Oct
258
9% Jan
171 23% Sept 35% Mar
1,150
70c Aug
1.40 Jan
25
5% July
7
Feb
100
2% Jan
75c Aug
200
8% Oct 11% May
2,088 18% Aug 36% Feb
Bonds—
3,938
2% Jan Elec & Peoples tr ctfs 4s '45
10% 11
839,000
6% Jan 11
Nov
1% Apr
518
69
69
2,000
69
Nov 80% Sept
3% Jan
4% Mar Lehigh Valley ann 6s_____
7,020
15
15
1.000 11% July 15
5% Jan Peoples Pass Ry 4s______
Nov
1% Aug
700
85c Jan
40c Oct
840
9% Apr 12% Mar
P i t t s b u r g h S t o c k E x c h a n g e — See page 2915.
100 11% Apr 12% Nov
250
9% Apr 10% Aug
372 28
Apr 34% Aug
450 29% Sept 34% Aug
100 26% Sept 31% July
100 27% Jan 35
July Oct. 28 to Nov. 3, both inclusive, compiled from official sales lists
196 43
Jan 50
July
Friday
Sales
lOo
5% Sept
6% June
Last W eek ’s Range
fo r
Range S ince J a n . 1, 1939
160 19% Oct 22% Aug
Sale
W eek
225
2
July
3% Jan
H igh Shares
Stocks—
Par P rice Low
Low
H ig h
Jan
10 30 June 36
1,000
30c Jan
15c June
15 40
50
50
Aug 50
Nov
3,592
6% Apr 10% Jan Aloe (A S) Co com-------20
37%
187 27
Feb 37% Oct
1,137
3% Jan American Inv com--------- * 37% 37
1% July
37
15 30%
37
41
Sept
1,004
3% Jan
7% Sept
18
18
20 14% May 20
Jan
5,111
7% Jan Burkhart Mfg com.......... 1
4% Sept
1.99 1.99
475
1% July
2% Sept
65 30% Mar 48% Aug Central Brewing com----- 5 ___
100
3% 4
2% July
4
Oct
1,611 23
Jan 29
Aug Century Electric Co----- 10 ___
5
10
10
8 May 10
Oct
10 36% Oct 45% Aug Chic & Sou Air l p ref... 10 ___
100 26
30
30%
Sept 34% Mar
455 27% Sept 29% June Coca-Cola Bottling com__l ___
2
2
2
2%
300
Oct
9% Jan
616 25
Sept 29% June Collins-Morris Shoe com .l
15
15%
360
6% Apr 15% Oct
437 29
Sept 34% June Columbia Brew com-------5 15
25% 26%
310 23
Sept 32% Mar
1,670 10% Apr 21% Jan Dr Pepper com------------- *
230 14% June 18
Oct
33% Sept Ely * Walker D G com ..25 17% 17% 17%
891 24% Aug
119 114
117 117
Oct 122% Jan
1st preferred_______ 100 117
200 34
Sept 45% Mar
27 90
92
92
97
198
7% Apr 10% June
7X4,
335
7%
6
Sent
8% June
Sent
4,156
8
Sept Falstaff Brew com .------- 1
5
St. Louis Stock Exchange
Volume 149
ONE HUNDRED
—
The Commercial & Financial Chronicle —
Alton, m .
Tulsa. Okla
Stocks (Concluded)
FRANCIS, BRO. & C O .
ESTABLISHED 1877
INVESTMENT SECURITIES
FOURTH AND OLIVE STREETS
ST. LOUIS
MEMBERS
New York Stock Exchange
Chicago Stock Exchange
N. Y. Curb Exchange (Associate)
Chicago Board of Trade
New York Cotton Exchange
St. Louis Stock Exchange
N Y Coflee & Sugar Exchange
St. Louis Merchants Exchange
Telephone: CHestnut 5370
Teletype: St. L 193
Stocks (Concluded)
F riday
Sales
L ast W eek ’s Range
fo r
Sale
Week
o f Pr ices
Par P rice Low
H igh Shares
Huttig (S & D) com____ 5
Hydraulic Prsd Bk cm. 100
Preferred__________ 100
International Shoe com ..*
Knapp Monarch com___ *
Laclede-Christy Clay com*
McQuay-Norrls com____ *
Meyer Blanke com_____ *
Midwest Piping & Sply cm*
Mo Portland Cement cm-25
Natl Bearing Metals com.*
National Candy com____ *
1st preferred_______ 100
Rice-Stix Dry Gds com..
1st preferred_______ 100
2nd preferred______ 100
St Louis Bank Bid Eq cm.
Scruggs-V-B Inc com___
Preferred----------------100
2nd preferred_______100
Scullin Steel com______
Warrants__________
Securities Inv pref____ 100
Sterling Alum com______ 1
Stlx Baer & Fuller com..10
Wagner Electric com___ 15
Bonds—
t City & Sub P S 5s__ 1934
t 5s c-d’s ---------------St Louis Car 6s Extd . .
t UnitMd Railway 4s. 1934
t 4s c-d’s___________
24
37%
8
34X
124
14
IX
102
28
7X
27X
31X
31
304
31X
215
30
55
25
45
2
IX
7H
284
31X
3X
100X
78 X
2
5
28
57 X
6
93
52c
50
50 101
15
4X
121
54
475 2 1 X
ex
30X
72
10
102
31
8X
10
9
216
50 22
6
740
35 103
5X
31
31X
72
31X
27X
10
50
12
11
108 108
84
84
24
2%
7
7
34 X
35
80
80
124 12 X
ex
72
31 X
10
ex
104 11
33
33
104 1 0 X
110
110
5X
24
500
90
222
35
12
11
5X
85.000
42.000
1,000
16.000
26,000
1, 1939
H igh
Low
13c
1.30
31
74
4
100
8
ex
104
95
37
74
7X
lt>c 15c
24
24
37
37 %
Range Since Jan.
Sept
94
July
30c
3
May
May 41
Oct 1 0 X
Apr
8X
Apr 35
Oct 1 3 X
Apr 1 1 X
Apr 1 1 X
Apr 36
Apr 11
Jan 110
Mar
Feb
Jan
Sept
Mar
Sept
Oct
Mar
Mar
Mar
Sept
Oct
Nov
June
Apr
Jan
Sept
Jan
Sept
Sept
July
Nov
Mar
Sept
Sept
Mar
Sept
Oct
Mar
Sept
Sept
Jan
Jan
Sept
e%
108 X
85
2X
8X
35
85
14X
2
July
Sept 105
OX
Apr
Jan
9X
Apr 32 X
24 X Jan
27 May
72
Oct
24X
Jan
24 X
Jan
Aug
Aug
Apr
Aug
Oct
31X
31X
78
31X
31X
Order* (ollclted on Pacific Coast Stock Exchange*, which are
open until 5:30 P. M. Eaitern Standard Time (2 P. M. Saturday*)
Schw abacher & C o .
Members New York Stock Exchange
111 B r o a d w a y , N e w Y o r k
San Francisco Stock Exchange
Oct. 28 to Nov. 3, both inclusive, compiled from official sales lists
Stocks—
15c
Anglo American Mining.. 1
Anglo Calif Nat Bank— 20
84
Associated Insur Fund. .1C ______
Atlas Imp Diesel Engine..5 ___
15c
8X
15c
8X
4%
7
4%
7
1.75 1.75
16
16
18*
18X
20
20
Calif Cotton Mills com. 100 13 X 15X
X
13
22c 23c
23c
Calif-Engels Mining— 25c
25
25 X
Calif Packing Corp com..* _____
50 X 5 0 %
96
Calif Water Service preflOO
97 X
28c 28c
Carson Hill Gold Mng— 1
28c
56 X 56 X
Caterpillar Tractor com..* 56 X
Cent Eureka Min Co com 1 3.00 2.90 3.00
89
Chrysler Corp com____ 5
894 89 X
Clorox Chemical Co----- 10
544 5 4 %
23 X 24
Consol Aircraft Corp com. 1
15%
Crown Zellerbach com— 5
154
15X
88
88 .M
l
Byron Jackson Co_____ *
Calamba Sugar com-----20
Di Giorgio Fruit pref.. 100
Doernbecher Mfg C o ___ *
Electrical Products Corp. 4
Emporium Capwell Corp.*
Preferred (ww)______ 50
Emsco Derrick & Equip._f
Fireman’s Fund Indem. .10
Fireman’s Fund Ins C o ..2 5
Foster & Kleiser pref___ 25
Galland Merc Laundry__ *
General Motors com------ 10
General Paint Corp com..*
Preferred____________ *
Gladding McBean & C o..*
Golden State Co Ltd--------*
Greyhound Corp com____
16
18 X
March Calcu) Machine___5
Menasco Mfg Co com____1
National Auto Fibres com 1
No American Oil 0!nr>snl 10
5X
8X
17%
5X
8%
1 7%
13 X
13 X
100
38X
11X
93 X
ie x
36
93
36
95
ie x
1 6%
9X
23
54
31
5X
84
Hale Bros Stores Inc____ *
Hancock Oil of Calif A— * _
Hawaiian Pine Co Ltd__ *
19 X
76c
Holly Development__ 1
Home F & M Ins Co cap. 10
Honolulu Oil Corp cap— * ___
2.05
Hunt Brothers pref____ 10
Hutchinson Sugar Plant. 15
8X
Langendorf Utd Bak B__ *
94
LeTourneau (R G) In c -..l
Lockheed Aircraft Corp_.l
Magnavox Co Ltd___ 2 X
31
23
55
8
31
62
220
205
514
50
330
18
230
150
95
1,971
325
447
125
1,266
345
1 1%
5
9X
17 X
38 X
11 %
lix
4X
9X
17X
38X
11X
5
33 X
17X
2.25
8
300
158
53C
150
350
451
520
150
275
400
424
15
74
200
393
1,510
518
190
350
4,639
149
23
54
TVs
40
40
194 20
76c 80c
38X
38 X
18
18
2.05 2.05
8X
9%
39X
8%
9%
39%
35
36
31
33%
40c 40c
iex
1 7%
2.15 2.35
8
8%
9
9
11
11
153
350
200
10
107
100
130
155
If
495
2,972
120
1,388
2,900
1,080
230
705
Low
H igh
10c July
Oct
Apr
4 % Apr
5%
4
1.75
12
1 4%
19%
7
Apr
Apr
Apr
22c June
1 3% Mar
48%
96
26c
40
2.90
Oct
June
Aug
Sept
5 5 % Apr
35
Jan
194 June
9
Apr
76 X July
8
3%
8%
14
34%
ex
36
79 X
14
20
38 X
5
28 X
5
6
1 5%
Apr
Feb
Sept
Jan
Sept
Apr
Nov
Apr
Jan
Aug
Apr
A or
Jan
Sept
Apr
Aug
Apr
Mar
Aug
Aug
Apr
18 May
1.40 Mar
7 X Sept
8 % Sept
1 1%
37
17
75c
37
38 X
Apr
Aug
19
30c Sept
Apr
11%
1.90 Aug
5
Apr
8 % Sept
9 4 Feb
22
1, 1939
30c Mar
10% Jan
5 % Feb
8 % Sept
3.25
17
Jan
2 5 % Sept
2 5 % Sept
Oct
1 5%
35c Jan
30
Sept
53 X July
104
July
45c Mar
62
Sept
4 % July
93
Oct
54% Nov
30%
Oct
1 6 X Sept
91
21
5
1 0%
18
43 X
11%
42
95
lb %
30 X
56%
3X
34
9%
9%
1 9%
Feb
Nov
Mar
Mar
July
Nov
June
July
Sept
Feb
Oct
Jan
Mar
Jan
Sept
July
15X Mar
4 2 % May
2 4 % Sept
1.40 Jan
32
July
2 3 % Feb
3 % Sept
Oct
9%
1 2 % Mar
45
36 % Oct
36 M Feb
70c Sept
18 X Aug
5%
9X
11X
12
Jan
Jan
July
Low
Richfield Oil Corp com. *
Roos Bros pref ser A ._ ioo
Ryan Aeronautical Co. . . i
Safeway Stores Inc com
Soundvlew Pulp Co com ..5
Preferred__________ 100
So Calif Gas pref ser A. .25
Southern Pacific Co___ 100
Standard Oil Co of Calif _ *
Super Mold Corp cap.. _Io
Thomas Allec Corp A . _ *
Tide Water Ass'd Oil comlC
Transamerlca Corp___ a
8X
9X
100 100
6
6%
47
47
2 5 % 27
92% 95
3 0 % 304
1 6% 17 X
9%
ex
26
95
30%
1 7%
27%
6%
Union Oil Co of Calif__ .25 17
25
United Air Lines Corp.. ..5 __
Universal Consol Oil__ .10
Victor Equip Co com.. __1
Waialua Agricultural.. .20
Wells Fargo Bk & U T. 100
Western Pipe & Steel.. .10 19
Yell Checker Cab ser 1. .50 ..........
26
26
18c 18c
8
8
5%
19 4
5%
194
1 1 9 % 1 22 %
140
55
140
55
1 0%
4%
27%
1 6%
25%
10%,
4%
27 X
1 7%
19%
20%
26
2.40 2.50
27X
33 X
40c
12
ex
27%
33%
17
17
9
13
14*4
8%
12 X
1 4%
3%
31
266%
19
19
50c
12*4
6%
3%
31
270
19X
19
1, 1939
Range Since Jan.
53 23%
1,000
10c
3,500
3X
602
1 2 % 13 X
8
1.40 1.40
584
1 25
.2,485 2 7 %
3 0 % 31 X
3,172 29
3 0% 31%
546 26 %
2 7 % 28
46
46%
599 4 1 X
103 103 X
46 100
H igh
Jan 28
June
28c
Sept
74
Jan 144
Sept 2.40
Apr 344
Sept 354
Sept 314
Feb 504
Sept 1094
Mar
Sept
Sept
Oct
Jan
Mar
July
July
Aug
July
669
4Ji
2,500 18 y2
120 114
20 130
22 so
175
3%
164
4%
42 26X
7
1,350
953 1 2 %
249 2 .0 0
2,876 104
Feb
Aug
Sept
Oct
June
June
Aug
Apr
60
184
264
34
204
June
July
Nov
Sept
Mar
Mar
Sept
Oct
Jan
Nov
5,596
6%
26 100
9,627
4%
516 30
1,415 11
44 7 9 %
480 2 8 %
3,100 104
1,698 2 4 %
280 21
400
35c
250
9%
6,085
5
Apr 104
Jan 108
Sept 7 4
Apr 47
Apr 29
May 96
Sept 344
Apr 214
Aug 334
Jan 36
Sept
90c
Aug 144
Aug
8
Jan
June
Jan
Aug
Sept
Jan
June
Jan
Sept
July
Mar
Jan
Sept
1.060 1 5 4 Aug 19 4
789
4V2 July
134
755
Apr 1334
8%
345 12
Apr 174
105
1.90 Aug 4.75
40 244 Aug 37
25 2664 Nov 300
476 114 Apr 27
50 19 Sept 364
Jan
7}A
Apr
224
133"
157
55
114
104
Jan
July
Sept
Sept
Jan
Sept
Mar
U n liste d —
98 104 Aug 17
Amer Rad & Std Sanitary.* a lO % a ! 0 % a lO %
Mar
279 1474 Apr 170
American Tel & Tel Co. 100 a l 6 8 % a ! 6 6 % a l6 8 %
Mar
57c
57c 57c 2,245
67c Mar
Amer Toll Bridge (Del) ..1
43c Sept
73 214 Apr 384 Sept
Anaconda Copper Min. .50 a 3 4 % a3 2 % a 3 4 %
_____
1,500
Anglo Natl Corp A com
7%
7%
6 4 Aug 114 Mar
1,500
Argonaut Mining_____ ..5
4%
4%
4%
3 % May
74 Jan
31
31
205 23
Atch Top & Santa F e.. 100 31
Aug 36% Jan
7
2,899
Aviation Corp of D el.. _3
8%
3 % Aug
8X
8 4 Jan
Aviation & Trans Corp . ..1
200
3%
3X
34 Jan
3 4 Jan
a 7 % a-7 %
60
Balt & Ohio RR com__ 100 a 7 %
4 4 Apr
8 4 Sept
3 2 % 33
33
593 18
Bendlx Aviation Corp.
Apr 334 Oct
2
2
Blair & Co Inc cap____ . 1
2
1,208
Jan
1 4 Aug
4%
a5% a5%
Cities Service Co com. -10 a 5 %
56
5 % Aug
9
Feb
Claude Neon Lights com. 1
100
•is
®8
1
•i.
X Aug
14 Jan
Cons Edison Co of N Y _* a 3 i x a 3 1 % a 3 1 %
390 28 X Sept 334 Aug
Consolidated OH Corp. _* _____
8%
236
Aug
8X
6%
94 Sept
12
12.192
8%
Curtlss-Wrlght Corp__
12
Nov
114
4 % Aug
36
37
a9X
1 04%
41% 41%
23% 24X
6
6
5%
5%
a39% a39%
a 4 % a5 %
15c
16c
1.55 1.65
a 3 9 % a4 0 %
a9X
104%
?0
Honokaa Sugar Co___ .20
Idaho-Maryland Mines ..1
Internatl Nickel Canada.*
International Tel & Tel cm*
ItaloPet of Amer com. _..1
5%
a4%
16c
__1
Range Since Jan.
2951
Occidental Insurance Co.10
Occidental Petroleum.___1
Oliver Utd Filters B___ _
Pacific Can Co c o m __ * 1 2 %
Pacific Coast Aggregates 10
Pacific Gas & Eleo com. .25 3 0 %
6% 1st pref________ .25 3 0 %
5 4 % 1st pref........... .25 2 7 %
Pacific Light Corp com. * 46 %
Pacific Light Corp S6 div.* 103
*
*
Pacific Tel & Tel com.. 100 1 20 %
100
Philippine Long DistTellOO
Puget Sound P & T com
1 0%
R E < R Co Ltd com.. *
fe
Preferred__________ ioo 2 7 %
Rayonier Inc com____ __i
1 7%
Preferred_________ .25 26
Republic Petroleum com.l
Rheem Manufacturing Co 1 1 9%
*
Private Wire to own offices In San Francisco and Los Angeles
Friday
Sales
Last W eek ’ s Range
fo r
W eek
Sale
o f P rices
H igh Shares
Par P rice Low
Friday
Sales
Last W eek 's Range
fo r
W eek
Sale
o f Prices
Par P rice Low
H igh Shares
Electric Bond & Share Co 5
Fibre Brd Prod pr pref. 100
Cortlandt 7-4150
YEARS OLD
Kenn Copper Corp com
a39%
Matson Navigation Co .
M J 4 M 4 M Cons___ . . 1
lie
Montgomery Ward & Co_*
Mountain City Copper. ..5
5X
Nash-Kelvinator Corp. ..5
North American Aviation 1 29
North Amer Co com__ .10 ..........
Oahu Sugar Co Ltd cap. .20
?o
Packard Motor Co com
Pennsylvania RR C o .. .50 a 2 4 %
Radio Corp of America. _ *
Riverside Cement Co A _ *
4X
Schumacher Wall Bd com *
*
Shasta Water Co com.. * 13
So Caiif Edison com__ .25 2 5 X
6 % preferred______ 25 2 7 %
S P Gold Gate 6 % pref. 100
Standard Brands Inc__ *
Studebaker Corp com.. . . 1
9X
Sup Port Cement com B *
Texas Corp com______ 25 a 4 7 X
Title Guaranty Co pref.
1 6%
United Aircraft Corp cap.5 a 4 9 %
*
United Corp of Del___
United States Steel com * 7 6 %
Utah-Idaho Sug Co com __f
Warner Bros Pictures.. __.C —
35
35
He 12c
55%
5
5%
54%
7%
7%
2 7 % 29
a22% a22%
25
6
25
6
(13% a 3 %
a24% a25%
a5% a5%
43
4
4%
3%
3%
24
24
12% 13
25% 26%
2 7 % 28
2.10 2.10
5%
5%
9
9%
1 2%
1 2%
a47% a47%
16%
1 6%
a47
049 %
2%
2%
73
76%
2
2
a4% a4%
280 31
37££ Feb
25
Jan
6 % June
124
15 1044 Nov 1074 June
560 314
424
110 2 0 H
28
106
Nov
6
6 4 Sept
1,141
Jan
7
5 % Sept
20 384 Oct 544 Sept
106
4
Sept
9 4 Feb
998
13c July
37c Jan
310
1.50
2.80
170 29
Apr 44
Sept
25 23 June 35
Nov
2,500
10c June
21c Sept
420 44 4 Apr 57
Oct
1,310
3 4 Aug
7 4 Sept
190
5 4 Sept
8 4 Mar
1,795 134 Apr 29
Nov
144 214 June 254 Aug
50
1,500
70
110
18
1,500
2,500
50
1,500
843
665
15
259
1,415
25
66
13?
186
175
898
100
25
184 Aug
3%
3
20
5 4
4 4
3 4
1 0 "
234
274
2.10
54
54
10
444
164
334
2 4
Apr
Mar
Aug
Feb
Sept
Sept
Jan
Sept
Nov
Nov
Apr
Apr
Jan
Nov
Aug
43 4 Aug
4 Feb
3 4 Sent
32
11
44
26
84
6
74
254
264
294
294
4.00
74
10
144
47 4
184
Sept
Jan
Sept
Jan
Feb
Feb
Jan
Aug
July
Jan
Mar
Oct
Mar
Oct
July
45%
Oct
3 y2 Feb
82
Sept
3 Sept
6 4 Mar
* No par value.
a O dd lot sales
b Ex-stock divid en d .
4 D eferred delivery
r Cash sale— Not Included in range for year, x Ex-dividend, y Ex-rights
Listed, t In default.
t
Increase of Flour
A t o n e o f o u r g r e a t flo u r m a r ts , R ic h m o n d ,
V a .,
near
2 4 0 ,0 0 0
b a r r e ls
and
h a lf-b a r r e ls
h a d b e e n in s p e c te d th e y e a r e n d in g J u n e 30,
e x c e e d in g ,
we
b e lie v e ,
th e
am ount
of
any
p re c e d in g y e a r .
H U N T ’S M E R C H A N T S ’ M A G A Z IN E ,
S e p te m b e r , 1839
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD Nov. 4, 1939
2952
C a n a d ia n
L IS T E D
AND
M
a r k e ts
U N L IS T E D
M ontreal Stock Exchange
Service on all Canadian
Securities.
Mem bers
M ontreal Stock Exchange
M ontreal Curb M arke t
Stocks (Concluded)
• 15Vi
Gatineau Power______
92
Preferred__________ .100
100
5 Vi % Pref.................
Greenshields & Co
507 Place d’Armes, Montreal
Provincial and M unicipal Issues
C lo s in g b id a n d a sk e d q u o t a t io n s , F rid a y , N ov.
Province of Alberta—
Bid
Ask Provlnoe of Ontario—
6s............... Jan
1 1948
1 1942
53
5s......... ...O c t
50
4 Vis........... Oct
1 1956
6s......... ...S e p t 15 1943
48
51
Prov of British Columbia—
5s......... ...M a y 1 1959
48.........
6s............... July 12 1949
90 Vi 92
4 Vis........... Oct
1 1953
85
4%S — _...J a n 15 1965
90
Province of Manitoba—
3 V is ... — July 15 1953
4 Vis........... Aug 1 1941
85
90
Provlnoe 01 Quebec—
5s________ June 15 1954
76
80
4Vis---- ...M a r 2 1950
4s......... ...F e b
5s............... Deo 2 1959
1 1958
76
80
Prov of New Brunswick—
4 V is ... ...M a y 1 1961
94
5s............... Apr 15 1960
97
Prov of Saskatchewan—
4 Vis........... Apr 15 1961
88
92
6s......... ...J u n e 15 1943
Province of Nova Scotia—
94
98
5Vis — .. .N o v 16 1946
4 Vis........... Sept 15 1952
103
11951
5s. ............. Mar 1 1960 100
4 Vjs — ...O c t
3
Bid
102 Vi
104 Vi
104 Vi
94
97
85
Ask
103
105 Vi
105 Vi
96
99 Vi
90
97
91
93
99
93
96
70
70
68
75
75
72
Railw ay Bonds
Canadian Paclflo Ry—
4s perpetual debentures.
6 s .............. Sept 15 1942
4 Vis............Deo 15 1944
6s________ July 1 1944
Bid
Ask
66 Vi
83
75
104 Vi
67 Vi
85
80 (
105 Vil
Canadian Pacific R y—
4Vis---- ...S e p t 1 1946
5s_____ ...D e o
1 1954
4ViS---- ...J u ly 1 1960
Bid
Ask
82
82
76
84
84
78
Dom inion G overnm ent Guaranteed Bonds
Canadian National Ry—
4% s...........Sep*
11951
4% s______June 15 1955
4 Vis...........Feb
11956
4 Vis______July
11957
6s.............. July
11969
11969
6s.............. Oct
6 s ............. Feb
11970
Bid
Ask
99 %
101 %
99 Vi
99 Vi
100 Vi
Canadian Northern R y—
6 Vis........... July 1 1948
102 Vi
Qrand Trunk Pacific Ry—
100
100
(102 Vi
103 1 Vi
103
102 Vi'103 Vi
102
4s________ Jan
3s...............Jan
Bid
108% 109 Vi
Canadian Bronze________ *
Cndn Canners conv p ref..*
Canadian Car A Foundry .*
17 Vi
29 Vi
Preferred_________ .. .2 5
Canadian Celanese______• 22%
120
Preferred 7 % _______ 100
Canadian Cottons____ 100
Cndn Foreign Investm 't.. *
Preferred___________ 100
Cndn Industrial Alcohol-.*
4Vi
3%
Class B _______________ *
Canadian Locomotive___ * . . . . . .
Canadian Pacific R y____25
Cockshutt Plow_________ * 10 Vi
Consol Mining & Smelting 5 50 Vi
Crown Cork & Seal Co_ *
_
26 Vi
Distillers Seagrams______ * 20
Dominion Bridge_________ * 43
Dominion Coal pref____25 21 Vi
Dominion Glass_______ 100 120 Vi
Preferred___________ 100
Dominion Steel A Coal B 26 17 Vi
Dominion Stores Ltd_____*
5%
Dom Tar & C h em ____
7
Preferred___________ 100
Dominion Textile______
Preferred___________ 100 155
Dryden Paper___________ * 12 Vi
1.25
Eastern Dairies__________*
9
Electrolux Corp_________ 1
Enamel & Heating Prods. *
2%
Famous Players C C orp ..*
Foundation Co of Can___ * "iovi
45
14
17
29 Vi
22 Vi
119
92 Vi
12 Vi
100
4
3 Vi
17
10
49 Vi
26
19 Vi
42 Vi
21 Vi
120
145
16 Vi
5 Vi
6 Vi
85
89
155
11 Vi
1.25
9
2 Vi
20 Vi
10
6
4 Vi
35 Vi
18 Vi
96
7
46
26
14 Vi
29%
15
2
27
166
9
27
2 Vi
6
17 Vi
24
8 Vi
93
22
17 Vi
6 Vi
17
55
50
35
95
685
135
85
10
4,660
270
410
5,135
400
75
289
3,205
145
77
310
1,545
495
5,194
75
35
260
3,168
1,052
46
185
14
35
19 Vi 13,580
32 Vi 4,310
23 Vi 1,032
120
195
25
92 Vi
15
12 Vi
100
46
4 Vi
1,186
3Vi 2,030
17
56
7 Vi 13,506
150
10 Vi
2,244
51
150
26 Vi
1,210
20 Vi
595
44
385
21 Vi
25
120 Vi
145
10
6,631
175i
60
5 Vi
745
7
85
110
90
305
155
24
13
2,380
1.40
665
250
9 Vi
180
3
25
20 Vi
370
11 Vi
2
9 Vi
lVi
14
6 Vi
51 Vi
4 Vi
47 Vi
17 Vi
11
26
5
50c
15
141
5 Vi
21 Vi
2
2
12 Vi
17 Vi
5 Vi
79
9
14Vi
1.50
6 Vi
30
11 Vi
6 Vi
17
10Vi
98
65
6
100
1%
1.25
4
3 Vi
5
37 Vi
21 Vi
15 Vi
24 Vi
15
108
150
7 Vi
5
3 Vi
77
55
143
3
50c
8
50c
19
6
Aug
6
Sept
Apr 11 Vi Oct
May
4 Vi Oct
Apr 35Vi Nov
Apr
20 Vi Oct
Apr 97
Oct
Sept
7
Nov
May
50
Jan
Sept 28 Vi Jan
Sept
17
Aug
Oct
31
May
Apr 15Vi Oct
Apr
2 Vi Oct
Jan 27
Nov
Sept 178
June
Sept
12Vi Mar
Mar
Sept 28
Jan
3
Mar
Aug
6 Vi Oct
Sept 19Vi July
Sept 28
Jan
Sept
Mar
Oct 102
Aug 23
Oct
18
Mar
May
Aug
7% Oct
Oct
19
Aug
June
Sept
Aug
Sept
Jan
Apr
Feb
Aug
Oct
Apr
Mar
July
Sept
Aug
May
Jan
Sept
Apr
Jan
Jan
Jan
Apr
Apr
Sept
Jan
Jan
May
Aug
Feb
Aug
May
Mar
Aug
100
Ontario Steel Products
Ottawa Car M fg_____ .160
62
Ottawa L H & Pow._ 100
Ottawa L H & Pow pref 100
99%
48
14
19%
34
24%
120
92%
13
100
4%
4%
19%
9%
11%
61%
29
20%
46%
22
118
162
18
7%
7%
85
90%
161
13
1.50
15
3.00
23%
12%
Oct
Nov
Jan
Oct
Oct
Nov
Mar
Oct
Sept
Sept
Oct
Sept
Oct
Jan
July
Nov
Oct
Oct
Oct
Mar
Oct
May
Oct
Oct
Oct
Aug
Oct
Oct
Jan
Oct
Oct
15%
93%
100%
5%
11%
91
50
5%
5%
8
14%
19
101
34%
18%
15%
25
50
20%
30
27%
2%
26
14%
12%
8
8%
9%
55
30%
62
38
40
72
79
35
156
12
Rolland Paper pref__ .100
*
6
St Lawrence Corp___
A preferred________ —50
19%
St Lawrence Flour M ills.. * 30
Preferred__________ . 10c 120
St Lawrence Paper pref .100
47%
Shawlnlgan W < Power..*
fc
24%
_
Sher Williams of C an .. _ *
_ 100
Southern Canada Power. . * 13
* 87
Steel Co of Canada_
_
Preferred__________ —25 83%
*
United Steel Corp___
7
*
* 28
Wabasso Cotton_____
Winnipeg Electric A .. __ * ___
B __________ _____
Preferred__________ inn
Wllsll L td ................
24
Woods Mfg pref______ inn
*
*
Preferred__________
62
71%
7%
8%
15% 15%
99
99%
65
65
130 130
10 % 11 %
23%
21
65
65
10 % 1 0 %
16% 17%
7%
7%
94
98
5%
6%
18
19%
29% 30
120 120
46
49%
23% 24%
12% 12%
110 110
12% 13
8 6 % 88
83% 84
6%
7
3%
3K
28
30
2%
3
3
2%
12
12
24
23
50
50
8M
8%
22
22%
Banka—
Canadienne__________
Commerce___________ .100
Montreal____________
Nova Scotia_________
Royal_______________
157
163
212
313
176
100
Power Corp of Canada
Price Bros & Co L t d ..
*
*
11
22%
101)
Placer Developments. - - - ]
*
Quebec Power_______
1 1962
1 1962
M ontreal Stock Exchange
11
§6%
15
92
100
5%
10%
90
50
4%
5
7%
14%
18%
100
34
18%
15
25
49
20%
29%
26%
2%
25
14%
12%
7%
7%
8%
55
29%
62
37
39
69%
77
34
156
12
* 10%
General Steel W ares..
General Steel Ware preflOO 91
50
Goulos Pumps Inc pre .100
4
.
Gurd (.Charles)_______
5Vi
Gypsum Lime & Alabas..*
5 Vi
*
8
Hamilton Bridge.........
Holllnger G o ld ........... . . . 5
14 Vi
%
19
Howard Smith Paper.
Preferred__________ _ i o o 100
*
Hudson Bay M ining..
34 Vi
*
Imperial Oil Ltd______
18 Vi
Imperial Tobacco of C an .5 15
_
Industrial Acceptance. _ * ______
*
49
Inti Bronze Powders .
Inti Bronze Powders pref 25 20 Vi
_
Inti Nickel of Canada. _ *
29 Vi
27
Internat Pet Co L t d ..
International P ower.. ___ * ______
% 25 Vi
_
Lake of the Woods_
Lang & Sons (John A ). ___* ______
_ 3
_
*
*
Massey-H arris_______
8 Vi
*
9
McColl-Frontenac Oil.
100
«
Mont L H & P Consol.
Montreal Tramways.. _ i o o
* 38
National Breweries_
_
Preferred__________ —25 40
National Steel Car Corp. . * 70
* 78
Noranda Mines Ltd
* 34%
OgUvle Flour Mills_
_
Ask
O c t . 28 t o N ov. 3, b o t h in c lu s iv e , co m p ile d fr o m o ffic ia l sales lists
Friday
Sales
Last Week’s Range for
Range Since Jan. 1, 1939
of Prices
Sale
Week
High Shares
Par Price Low
Low
Stocks—
High
6
Acme Glove Works L td ..*
11
Agnew-Surpass Shoe_____*
4 Vi
Alberta Pacific Grain A ..*
35
Preferred___________ 100
17
Algoma Steel Corp_______ * 18 Vi
Preferred___________ 100 95 Vi 95 Vi
7
Amalgamated Electric— *
46
Anglo Can Tel pref_____50
24 Vi
Asbestos Corp___________ * 26
14%
Associated Breweries____ *
26
29
Assoc Tel & Tel pref------- *
14
14?i
Bathurst Pow & Paper A .*
2
Bawlf (N) G rain............... *
27
Preferred___________ 100
165
Bell Telephone________ 100 166
8Vi
8%
Brazilian Tr Lt < Power.*
fc
26 ?i
British ColPow erCorp a .*
2 Vi
B .................
*
2 Vi
5 Vi
Bruck Silk Mills................. *
17
Building Products A (new)*
17 Vi
24
23 Vi
Bulolo Gold Dredging___ 5
7 Vi
Canada Cement Co______*
93
Preferred___________ 100
22
Canada Forgings class B . . *
_
Can North Power Corp_ *
17
5 Vi
Canada Steamship (new). *
6Vi
15 Ji
16%
6% preferred_________ 50
Friday
Sales
Last Week's Range for
Week
Sale
of Prices
Par Price Low
High Shares
inn
inn
inn
17%
157
164
313
179
157
164
215
313
179
Range Since
Low
Jan.
1, 1939
High
450
16% Mar
11% Sept
324
95
80
Sept
June
61 100% Oct 100% Oct
135
6
2%
1,495
12
Oct
4% Aug
150 60
July
91
Oct
Nov
31
50
50
Nov
220
4
Sept
6% May
1,215
6% Jan
3% Aug
2,500
6
Sept
9% Oct
245
12
Sept
17
Sept
506
Aug 20% Oct
9
248 88
May 101
Oct
2,305 25% Apr 40
Sept
3,090
12% Sept
18% Oct
2,630
13
Sept 16% July
10 23% Oct 33
Mar
1,075
15
June 22
Sept
100 20
Aug 30
Oct
230 42% Apr
Sept
60
1,047
18% Aug
28% Oct
55
2
4
Aug
June
930 13% Feb
28% Oct
30
16
Sept
9% June
315
10
13H
140
5
9%
1,215
2% Sept
9 % Oct
655
5% Fen
9 % Sept
10 33
35
7,121 26% Sept
33
June
142 62
Oct
Jan
70
976 31
Sept
43
Mar
135 37% Sept
45% Feb
1,465 39% Aug
76% Oct
1,661
69% Sept 83% July
380 23
Apr 35% Oct
5 150
163
July
30
6
May
14
Sept
125 63
Nov
71% Oct
112
100
714
14
40 99
71 38
27 125
874
7
5,892
6%
75 39
25
10
863
15
115
2H
125 90
4,476
1.90
4,552
6
125
18
8 115
595 21
3,184
18%
45
10
35 103
465
10
459 67
353 66%
475
3
5
234
125
12
535
1.00
125
1.10
7
16
335
17
101
17%
7
30
130 22
12
62
332
47
138
140
135
177
2.90
150
June 15%
May 102
65
130
Sept
12%
Sept
24
65
Sept
14%
19
Sept
7J4
Sept 98
Aug
6%
Aug
19%
Jan 32
Aug 121
Apr 49%
Apr 28%
May
14%
Aug
Apr
Apr
Aug
Feb
Apr
Aug
Feb
Aug
Feb
Apr
Oct
Mar
Oct
Jan
Oct
Jan
Mar
Jan
Oct
Nov
Sept
July
Sept
Oct
Jan
110
12% Oct
88
Sept
84
Sept
7% Oct
3M
Oct
33
3% Oct
3X4
15
23% Nov
47
24% July
Sept
Sept
167% Feb
Jan
178
222
Sept
31% Oct
Sept 193
May
M ontreal Curb M a rk e t
O c t . 28 t o N ov. 3, b o t h in c lu s iv e , co m p ile d fr o m o f f i c i a l s a le s lis ts
Friday
Sales
Last Week's Range for
Range Since Jan. 1, 1939
Week
Sate
of Prices
Stocks—Par Price Low
High Shares
Low
High
Abltlbl Pow & Paper C o ..*
6% cum pref________ 100
2%
15%
1.95 2%
14% 15%
34
34
Aluminium L td _________ * 128
124 128
Bathurst P & P C o B _____*
5%
4%
Beauharnois Power Corp. *
7
6%
6%
23
Brit Amer Oil Co Ltd___ *
23%
23%
Canada * Dom Sug (new) * 32
31% 33
Canada Malting Co L td ..*
35
35
35
Can Nor Pow 7% om pf 100
108 108
Canada Starch Ltd___ 100
6
6
6
12
Canada Vinegars Ltd___ *
12
12
Can Wire & C6% cumpflOO
105
106
Canadian Breweries L td ..*
1.10 1.15
Preferred_____________ *
19% 19%
19%
Cndn General Invests___ *
9%
9%
9%
238 238
7% cum pref________100 166% 162 166%
Cndn Inti Inv Trust_____*
50c 50c
45
5% cum pref________100
45
45
16
16%
Cndn Light & Power Co 100
Cndn Marconi C o_______1
1.35
1.35 1.35
Cndn P & P Inv5%cm prf *
6
6
Cndn Vickers Ltd_______*
8
8%
7%
11
Catelli Food Prod Ltd___ *
11%
12
12
30
30
City Gas & Electric Corp. *
3%
Commercial Alcohols Ltd. *
3%
3%
9
9
Consol Dlv Securities pref.
8%
Consolidated Paper Corp. *
7%
8%
3
3%
Cub Aircraft................ .......
3%
2
2
David & Frere Ltd B ___ *
* No par value,
r
Canadian market.
5,690
50c May
2,301
3% June
5$£
50
390 104
Sept
325
1.25 May
1,654
Jan
3
1,962
19
Sept
466 25
Sept
60 29
Sept
51 99
Sept
Nov
100
6
80
11% Aug
85 101
May
725
80c Sept
246
14% Sept
2,003
7% Apr
5
13 165
Sept
30
25c Aug
25 45
Nov
20 14
Jan
300
85c Jan
15
3% June
410
2
June
225
6
Jan
50 11
110
15c Apr
3,095
1.50 Jan
49
6% Sept
11,412
2% Aug
305
50c Aug
154
1.25 Jan
3% Sept
21% Jan
35
142% Sept
5% Oct
7% Oct
23% Sept
33% Oct
38
June
112
Jan
Nov
6
14
Feb
107% June
1.80 Jan
Jan
23
9% Oct
228
166% Mar
75c Jan
45
Nov
14% Feb
1.75 Oct
6% Oct
Jan
10
12
Sept
13
1.10 Jan
3% Oct
9
Oct
9
Sept
4% Sept
2.50 Feb
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
Volume 149
2953
Canadian Markets— Listed and Unlisted
M ontreal C urb M a rk et
Stocks (Concluded)
Friday
Last
W eek ’ s Range
Sale
o f P rices
Par P rice L o w
H igh
Dom Engineering Works .*
Dom Oilcloth & Lino___ _ *
Donnacona Paper A ___ *
B _____ _______ _____ _ *
EastemDairies7%cm pflOO
European Elec Corp___ 10
Falrohlld Aircraft L td .. .6
Fleet Aircraft Ltd_____ *
Ford Motor of Can A _
_
Fraser Companies L td .. _ *
Fraser Cos voting trust. . _*
*
Hill crest pref..... .............
Internatl Paints (Can) A _ *
Inti Utilities Corp A ___ *
Inti Utilities B ................ .1
Lake St John P & P____ *
Lake Sulphite Pulp C o. . _*
Loblaw Groceterias A __ _*
Mackenzie Air Service _. _*
MacLaren Power & Paper*
Massey-Harrls5%cmpf 100
MoColl-Fron 6% om pf.100
Melchers Distilleries___ _*
Melchers Distilleries pref 10
Mitchell (Robt) Co Ltd. _ *
Page-Hersey Tubes Ltd. _*
PowerofCan6%cmlst pflOO
Quebec Tel & Pow A ___ _*
*
Sou Can Pow6%cm preflOO
ThriftSts 6 X % cm 1st pf 25
United Securities L td .. 100
Walkervllle Brewery.. . *
Walker-Good & Worts (H)*
SI cum pref__________ - *
42
28 X
10
9 J*
8X
8X
6)4
6X
7
654
7x
10 X
954
23 X
22)4
19
19
22
20 X
25
3
3X
3X
3)4
8X
85*
70c
70c
26
3
3
28)4
50c
19
18
59
55
96
2
6)4
15
15
____ 110
101
45*
108
x
6
1.00
193*
Mines—
Aldermac Copper C orp .. _*
Amtfleld Gold Mines Ltc .1
Beaufor Gold Mines____ .1
.1
Cndn Malartic Gold___ _ *
Cartier-Malartic Gold Ltd 1
Cent Cadillac Gd M Ltd. .1
2c
15c
Consol Chibougamau_ .1
_
14c
46c
15c
East Malartlc Mines___ .1
3.00
_
1.14
Eldorado Gold M Ltd_ .1
Falconbridge Nickel___ -* _____
Francoeur Gold________ *
43c
Lake Shore Mines Ltd_ .1
_
Macassa Mines________ .1
Mclntyre-Porcupine___ .5
McKenzie-Red Lake Gold 1
*
♦
Pamour-Porcupine_____ *
Pandora-Cadallic Gold. . .1
Pend-Oreille M & M ___ .1
.1
Pickle-Crow Gold______ 1
Preston East Dome M Ltdl
Red Crest Gold________ *
Sberritt-Gordon M ines.. .1
Slscoe Gold Mines L td .. .1
Sladen-Malartlc Mines. . .1
Stadacona (new)............. *
Sullivan Consolidated_ .1
_
Teck Hughes Gold______ .1
Waite-Amulet Mines___ .1
Wood Cad.......................
Wright-Hargreaves_____ *
4.25
58 x
1.20
2.15
4.30
1.95
2Hc
1.33
39c
80c
14c
8.10
42
28 X
1054
9
7
7
7X
1054
23)4
19
22)*
25
3)4
3)4
85*
80c
27
3
285*
50c
20
59)4
97
2
7
16
110
101
45*
6U
108)4 108)4
6
6
6
6
1.00 1.05
44
44 H
195* 19 5*
45c
9)4c
15c
13Mc
65c
2c
15c
15c
14c
29
2.90
1.14
4.80
37c
2c
34)4
4.25
58)*
1.20
60c
65c
1.72
2.15
4c
2.70
1.90
4.30
1.70
2)4c
1.32
83c
41c
37c
80c
4.10
6.10
13c
8.10
Sales
fo r
W eek
Shares
I n q u ir ie s
Range S ince J a n .
Low
1, 1939
H ig h
35 22
Aug 45
15 28)4 Nov
28)4
3,580
Aug
2
10X
1,035
Aug
2
9)4
155
7
2)4 Apr
10
5)* Aug
8
2,710
8
2X Sept
6,220
3)4 AUg 11)4
745 16)4 Sept 24)*
1
Sept 22
5
3,300
Aug 23)*
5
5 x 25
200
3
19* June
190
1.50 Sept
3)4
20
Sept
6
9
557
40c Aug
1.00
140
Aug 28
5
10
75c Apr
49*
105 23
Apr 289*
100
45c Sept
1.05
1,225
Sept 21
8
765 29 X Apr
62)*
370 83
Feb 94
155
1.25 Oct
2.00
410
7
49* Oct
420
6
Aug
17)4
Apr 109
75 97
55 100
Aug 105
330
4 X Jair
49*
2H
65
56 107
Jac n o '
130
8
3)4 Sept
40
5
July
6)4
500
70c Aug
1.40
155 34
Sept
50)4
Sept 20)4
30
17
Oct
Nov
Oct
Oct
Oct
June
Oct
Oct
Oct
Oct
Oct
Nov
Sept
Jan
Oct
Oct
Sept
Oct
Jan
Oct
Oct
Mar
Oct
Oct
Oct
Oct
Jan
Oct
July
Oct
Jan
Jan
Jan
Jan
52c 44,915
25c June
65c Sept
9)4c
7c Sept 1694c Feb
500
16J4C 21,056
7)4c June 16Xc Sept
13Mc
647
9i£c
65c
1,050
55c Sept
1.00 Jan
2c
100
l X c Sept
6c Jan
17c
9,800
9c Sepr 25)4c July
200
15c
25c
14c
1,100
13c Oct
14c Oct
29
825 23
33H
3.05 5,000
2.00 Sept
3 00
Oct
1.20
375
74c Sept
Jan
2 .3 5
5.00
800
4.50 Apt
6.70 Sept
43c
6,800
16c Apt
77c Aug
2c
500
2c
300 309* Sept
34)4
50)4 Jan
4.30
200
3,60 Sept
5.80 Jan
58)*
10 55
Oci
58)4 Oct
1.25
1,600
1.05 Sept
1.33 June
60c
100
43c
70c 1,200
45c
1.90
1.25
1,250
2.15
200
1.68 Sept
4.80 Jan
4c
500
2)4c Sept
16c Jan
2.85
450
1.20 Aug
3.90 Sept
1.92
800
1.45
4.35 3,380
3.50 Sept
5.60 Mar
1.14 Sept
1.95 2,000
1.86 Nov
2c Oct
2)4c
1,000
9o Jan
1.47 30,760
83c Aug
2,00 Sept
85c 7,450
80c Sept
1.65 Jan
44c 2,950
25c Sept
74c Jan
41c 118,967 279*0 Sept
1.03 Feb
1,702
80c
60c Aug
1.01 Mar
10
3.85
4.10
6.25
450
5.20 Sept
8.10 Jan
14c 14,900 8)4o Apr 18)4o Jan
8.10
120
6.85 Sept
8.85 Mar
Oil—
*
Anglo-Canadian O ilC o.. _*
.1
Canadian Oil Cos_______
Dalhousle Oil C o_______ *
Home Oil Co___________ *
Homestead Oil & Gas_ .1
_
Royallte Oil Co________ *
8c
1.10
58c
2.72
39 X
8c
1.16
17
17
55c 58c
12c
12c
2.72 2.89
7 )4c
8c
39)* 39)4
l r000
850
500
25
530
2,500
3,875
5,500
270
7i£c
80c Apr
27c
16)5
30o Aug
6££c
1.25 Sept
6)4c Aug
26)* Sept
Tan
Jan
1.51
17
75c Jan
12c
3.70 Jan
25c Jan
449* Jan
in v ite d
11 J o r d a n
S tr e e t
Stocks (Continued)
Brazilian Traction.
9
23 X
British Dominion Oil.
Broulan-Porcuplne . .
Buffalo-Canadian.
Burlington Steel_________
Calgary & Edmonton___
Canada Bread . .
A .....................
Canada Cement.
Canada Malting.
Canada North Po
Canada Packers..
Canada Steamships.
Canada Wire A .
Canadian Breweries___
Preferred____________
Canadian Cannerg.
Canadian Dredge.
B.
Canadian Locomotive.
Canadian Malartlc_
_
Canadian Oil________
C P R ..........................
Canadian Wall A _____
B ...............................
Canadian Wineries___
Canadian Wirebound.
Cariboo_____________
Central Patricia_________ l
Central Porcelain_______ 1
Chestervllle-Larder Lake, l
Chromium___________
Cockshutt P lo w ______
Conlarum Mines______
Consolidated Bakeries.
Consol Chibaugamau___ 1
Consumers Gas_______ 100
Cosmos____________
Preferred________
Davies Petroleum...
Denison Nickel Mines_ 1
_
Distillers Seagrams______ *
Preferred____________10
Dome Mines (new)______ *
17X c
41c
21c
7.15
3
17 X
14 X
2.40
41c
6
__ -
8X
90
17 X
102
138
694
169*
62
21
55
19)*
10X
20
13X
1794
299*
23
118X
22 X
4
69c
16 X
7
2.20
2.35
7c
98
78c
65 X c
10X
1.70
17 X
_____
50
26
29c
9c
20
207
1.25
29
17 X
59*
694
Dorval-Siscoe..
East Crest Oil.
East M alartlc..
Eastern S teel..
3Xc
2.13
15 x
3
35 X
45c
18
5Xc
1.13
10c
2.05
21 X c
209
313
14X
6X
6X
165
14)4c
8
9c
109*
2.00
14)*
18c
21c
3
34X
42c
17
5Xc
1.10
9Xc
6c
2.13 2,315
3,525
15X
1,200
18c
1,093
21c
25
3X
275
35 X
51c 104,550
915
18 X
6Xc
3,800
1.16 15,650
12c 12,100
6c 1,500
1,000
1.98 2.08 6,783
20 X c
22c 5,100
209 215
10
310 313
12
242 242
3
20c 24c 3,900
14)* 14 X
865
5
5
25
5c
6c 11,700
1.08 1.13 2,026
6
300
6X
102 102
11
6 94 7
3,150
277
13c
15c 20,525
12c
12c 2,100
9
9
10
8
8
60
35)4 36 X
60
8)4c 9X e 15,600
1094 109* 4,495
2ysC 2ysc
Low
50c
3)4
15c
10c
IX
14
24c
7
4XC
60c
5Xc
49*c
2Xc
1.65
15c
176
285
215
1094c
49*
9*
5
92c
4
99 X
2X
140
99*c
10c
6
3X
25
5Xc
C
O
&
Stocks—
July
July
Aug
Sept
June
May
Sept
Apr
Sept
Sept
Oct
Oct
Oct
Sept
Sept
Sept
Sept
Sept
Aug
Aug
Sept
Sept
Sept
Sept
Jan
Jan
Sept
Sept
June
Mar
July
Jan
Sept
Sept]
1, 1939
H ig h
3.35
21 X
30c
30c
4)4
35 X
62c
20X
17c
1.52
17Xc
10XC
6Xc
2.78
38c
220
314
255
34c
15X
5X
32
1.28
8X
105
794
178
30o
30c
8X
8
36 X
22c
12)*
Sept
Jan
Jan
Jan
Oct
Nov
Sept
Oct
Jan
Jan
Feb
Feb
Feb
July
Jan
Jan
Oct
June
Sept
Oct
Oct
f Jan
July
Jan
July
Oct
June
Jan
Jan
Oct
Nov
Nov
Feb
June
TORONTO
F riday
Last
W eek ’s Range
o f Prices
Sale
H ig h
Par Price L ow
Dominion Scottish Invest. 1
Abltibi............................
6% preferred_______ 100
Ajax O & G ______________1
Alberta Pacific Consol_ 1
_
A P Grain______________ *
Alberta Pac Grain pref. 100
Aldermac Copper_____
Algoma Steel____________ *
Amm Gold Mines_______ 1
Anglo-Can Hold Dev___ *
Amtfleld Gold__________ l
Ashley__________________ 1
Astorla-Quebec__________1
Aunor Gold Mines_______ 1
Bankfleld Cons_________ 1
Bank of Montreal_____ 100
Bank of Nova Scotia___100
Bank of Toronto............ 100
Base Metals_____________ *
Bathurst Power A _______ *
B ................
*
Bear E x p l______________ *
Beattie Gold_____________1
Beatty A _______________ *
1st preferred________ 100
Beauharnols__________
Bell Telephone Co_____ 100
Bldgood Kirkland_______ 1
Big Missouri____________ 1
Blltmore________________ *
Blue Ribbon____________ *
Blue Ribbon pref_______ 50
Bobjo__________________ l
Bralorne________________ *
u n liste d
Toronto Stock Exchange
O c t . 28 t o N ov. 3, b o t h in c lu s iv e , co m p ile d fro m o ffic ia l sales lists
Range Since Jan .
and
(The Toronto Stock Exchange
Members] Winnipeg Grain Exchange
[Canadian Commodity Exchange, Inc.
Dominion Coal pref_____25
Dominion Foundry___
Sales
fo r
W ee
Share
lis te d
F. J. CRAWFORD & CO.
Toronto Stock Exchange
Friday
Last
W eek 's Range
Sale
o f Prices
Par Price L o w
H igh
on
Canadian Mining and Industrial Securities
Easy Washing Mach.
Eldorado__________
English Electric B ...
Extension Oil____________*
Falconbrtdge____________ *
Fanny Farmer___________ l
Federal-Klrkland________ 1
Fernland________________ ]
Firestone Petroleum___25c
Fleet Aircraft___________
Ford A _________________
Foundation Petroleum_
_
FraDcoeur______________
Gatineau Power________. *
Preferred.....................100
Rights___________
General Steel Wares.
Gillies Lake________
Glenora____________
God’s Lake________
Goldale Mines_____
Gold Eagle_________
Goodflsh___________
Goodyear Tire A Rubber. *
Preferred.......................50
Graham-Bousquet_______ 1
Great Lakes voting______ *
Great Lakes vot trust.__
•No par value.
38 X
3.00
189*
96
3
1.14
4.75
24
4XC
10X
23
_____
42c
15X
5)*
109*
60c
19c
16c
89
56
89*
27 X
9
894
4
4
23
23 X
26 X 27 X
16c
18c
3 3X c
41c
21c 2 1X c
60c
63c
7.00 7.15
3
2X
17
17 X
29 *c
3c
14X 14 X
2.38 2.45
41c 45c
6
6
100X 100X
8X
79*
93
90
35
35
17
17 X
101
102
138 142
5X
694
15X 16 X
62
63
21
21 X
55
58 X
1.00 1.20
19
19 X
162 165
10)4 10 X
20
20 X
13
14
169* 19 X
29 X 32 X
22 X 23
118X 118X
21 X 22 X
3X
494
3X
3X
16
16
65c
69c
16X 17
6X
7X
9
9
9
9K
3X
19
19 X
2.15 2.20
112X 114
2.32 2.36
7c
7c
98
98
78c 80c
60c 67c
10
10X
1.60 1.70
17
17 X
14c
14c
49 X 51
167 170
25 X 26
103
103
29c 30c
9c
10c
19X 20 X
83
83
29
29 X
205 207
21X 21X
37
40
110 110
1.25 1.25
29
30
16 X 17 X
6
5X
7
6X
85 X 85 X
3 Xc 3 Xc
6 Xc
7c
2.90 3.10
18 X 19 X
89
96
3
3
1.11 1.18
6
6
23 X 24
4.75 5.00
2394 24
3)4c 4 X c
3c
3c
8c 8 X c
994 10 X
22)4 24 X
12c
12c
44c
39c
15
15 X
92
93
5
5X
10X 1IX
5XC
6c
2c
2c
53c
60c
18c
19c
14c
16c
1Xc
88
89
56
56 X
2 X c 294c
9
894
26 X 28
Sales
fo r
W eek
Shares
Range Since J a n .
Low
2,591
5X Sept
10
3
1,507
18X Sept
275 20
Sept
5,500
6c Sept
72,000
19c Sept
2,300
13c Sept
60
48c
655
5 X Sept
11,500
1
Oct
1,040
12 X Sept
3,000
1,655
9 X Aug
1.11 Sept
3,570
4,300
20c Aug
75
3X May
Oct
10 97
5,507
59* Sept
189 78
Sept
73 29X Sept
14
Sept
240
102 66
May
62 134
Sept
3,211
1.25 Aug
1,182
6X Aug
Sept
95 55
14 June
170
May
70 30
75c Sept
250
370
14X Septl
Sept
66 134
29* July
320
815
16 X May
6
May
2,240
11,245
6 X Sept
1,515 17X Aug
75 22X Nov
5 118X Nov
260
10X Sept
1.50 May
2,320
115
I X Aj-i
10
494 July
16,870
50C Sept
225
12X Oct
3
Sept
17,884
9
Oct
50
9
3
50
85
1494 Sept
1.70 Sept
600
145 103X Mar
1.91 Sept
3,100
5 X c Sept
5,000
95
Oct
25
62c Sept
7,350
22,300
40c Sept
Apr
5
465
1.10 Sept
7,010
14
Apr
474
11c Aug
600
1,085 37 Yi June
52 150
Sept
226
16)4 June
Nov
200 103
18c Sept
10,100
5c Sept
9,300
15
Sept
1,155
Sept
30 80
Sept.
1,402 23
Sept
33 185
15
Sept
55
Apr
19
2,592
15 104X Jan
50c Sept
60
Sept
130 25
5,155
7X Apr
4
Sept
605
4
Aug
270
10 73
Feb
3c Sept
3,300
4 X c Aug
1,500
23,600 2 01 Sept
175
13X Aug
Jan
326 65
50
I X Aug
6,435
75c Aug
20
5
July
1,500
19X Sept
2,570
4.50 Apr
2,420
19
Apr
2c Sept
21,000
2,000
4,665
3,620
11,000
53,900
182
75
390
910
6,200
500
47,802
2,000
8,500
71
71
3,000
414
289
7c
3X
16X
7c
15c
11
78
2X
4X
4c
lX c
20c
10c
4Xc
1, 1939
H ig h
12X Mar
23 94 Oct
28
21XC Jan
75c
33c
15X
5
19
1594
2.80
66c
6
105X
10X
101X
38
17X
104
153
7)4
19X
65
25
60
1.80
23
179
11
20 X
14 X
19X
34 X
24
118X
25
4)4
4X
20
1.03
20
9X
15
Aug
Mar
Mar
June
Sept
Sept
*4
20 X
114
2.75
102
1.39
85c Feb
nx
2.34
17 X
30c July
61
183
26
105
60c
17c
20 X
90
34
210X
22
40 X
110
2.00
30
Feb
18X
794
7)4
88
9Xc
13c
3.10
193*
96
3X
2.36
8X
27
Oct
6.75
24
8Xc
Aug
13c
Aug
u
Apr 24
Aug 14X c
Apr
72c
n
16X
S=5 t 95
ep
6
Aug 12
Jan l l X c
Sept
4c
Feb
61c
Sept
28c
July
16c
66
Apr
52 X Sept
l X c Oct
3
Aug
9X Sept
Jan
Aug
Mar
July
Feb
Oct
90
Oct
58X June
4c
10X
29 X Oct
ONE HUNDRED—The Commercial & Financial Chronicle— YEARS OLD Nov. 4, 1939
2954
Canadian Markets— Listed and Unlisted
Toronto Stock Exchange
British and Any Other European Internal Securities
Foreign Dollar Bonds
Stocks ( Concluded)
E n g l is h T
r a n s c o n t in e n t a l
, Lt d .
19 R E C T O R S T R E E T
NEW Y O R K
Teletype N. Y . 1-2316
Telephone Whitehall 4-0784
T oronto Stock Exchange
Stocks (Continued)
Par
Great Lakes Paper------Great West----------------Great West p re t----------- 50
Gunnar G o ld ._ _________ t
Gypsum Lime & Alabas
Halliwell.................. ......
Hamilton Cottons p re t..30
Hamilton Bridge (n e w )...*
Hamilton Theatres prellOO
Hard Rock----------------------1
Harker_________________ 1
High wood____________
Hlnde & Dauch----------llolllnger Consolidated— 5
Home Oil C o -------------Homestead Oil-----------Howey Gold--------------Hudson Bay Min & Sm
H uron & Erie_________ 100
Imperial Bank------------- 100
Imperial Oil---------------Imperial Tobacco_______ 5
Inspiration----------------------1
Inti Coal & Coke------------- 1
Inti Metals A --------------Inti Metal pret________ 10U
A preferred_________ 100
Inti Milling p r e f............100
InternatlonalNlckel-----International Petroleum.
Inti Utilities B .................
Jack Waite____________
Jacola-------------------------Jellicoe________________
J. M . Cons____________
Kelvlnator______________ *
Kerr-Addlson___________ i
Kirkiana-Hudson------------ 1
Kirkland Lake---------------- 1
Lake Shore___________
Lake Sulphite_________
Lake of the Woods-------Lamaque Gold M ines.Lang & Sons____________ *
Lapa-Cadlllac___________ 1
Laura Secord (new)--------- 3
Lebel-Oro_______________ 1
Leitch__________________ 1
Little Long Lac_________ *
Loblaw A ________
*
B ......................................*
Macassa Mines__________l
MacLeod Cockshutt_____ 1
Madsen Red Lake_______ 1
Malartlc Gold_________ 1
Maple Leaf G pref______ 10
Maple Leaf Milling______ *
Preferred______________*
Maralgo________________ 1
Massey-Harris__________ *
Preferred___________ 100
McColl Frontenac____
Preferred___________ 100
McIntyre Mines_________5
McKenzie Red Lake____ l
McVittie________________1
McWatters Gold________ *
Mining Corp____________ *
Mlnto Gold______________*
Moneta_________________ 1
Moore Corp_____________*
Morrls-Klrkland_________1
National Grocers______ *
Preferred____________ 20
National Steel Car____
National Trust________ 100
Naybob G old................
Newbec_______________
Nipissing________________5
Noranda Mines_________ *
Nordon Oil______________ 1
Normetal------------------------*
Northern Canaca________*
North Star pref__________5
O’Brien_________________ 1
Okalta Oils______________*
O m ega_________________ *
Orange Crush_________
Oro-Plata_____________
Pacalta Oils_____________*
Page-Hersey____________ *
Pamour Porcupine______ *
Pantepec________________ 1
Paymaster Cons________ 1
Penmans________________*
Perron Gold____________ 1
Photo Engraving-------------*
Pickle Crow____________ 1
Pioneer Gold____________1
Powell Rou_____________ 1
Power Corp____________ *
Prairie Royalties______ 25c
Premier_____ ___________ 1
Pressed Metals__________ *
Preston E Dome________ I
Reeves-Macdonald______ 1
Reno Gold______________ 1
Riverside Silk____________*
Roche L L _______________ 1
Royal Bank__________ 100
Royalite Oil____________ *
Russell Ind pref_______ 100
St Anth°ny
_________1
Friday
Sales
Last Week’s Range for
Week
Sale
of Prices
Price Low
High Shares
8
21
5H
2% c
8H
35
1.23
6Mc
20 He
14H
2.83
7 He
33c
215
ISM
15
32c
13
105
49
27 H
75c
30c
4Hc
9ysc
2.03
1.40
33 X
3
6.70
13c
12K
80c
3.15
28 X
27
4.30
2.05
47 He
69c
5%
9X
3c
8X
58 X
9X
96
1.21
1034c
59c
1.34
91c
44%
6c
7X
71
13Hc
4c
1.38
78
3%
1.80
1.25
23 34c
4H
634c
10934
2.15
36c
1.95
4.25
2.20
1.84
11
1.37
12
1.93
51c
40
_____
8
8
50
25
1.30 1.3C
40
21
21
50c
55c 4,320
1,635
5%
534
234c 2 34c 6,500
734 834 2,468
33
35
140
65
65
40
1.13 1.24 7,900
6c 634c 5,228
2034c 2034c 1,400
350
14 34 1534
1434 14 34 1,657
2.74 2.85 16,515
734c
8c 7,000
35c 20,420
31c
34
34 34 2,207
67
68
70
13
215 215
18
18 34 6,247
15
355
15 34
28c
32c 2,600
275
25c
25c
975
12 34 1334
365
103J4 105
101J4 102
190
107
10
107
4834 50 34 2,097
3,924
26 34 27%
2,200
65c
75c
1,200
30c 30c
334c 434c 3,400
9c
10c 2,486
3c 3 He 4,500
120
934
934
1.88 2.03 25,386
900
20c 20c
1.30 1.40 20,875
32 34 34 H 8,235
200
3
3
140
2534 26
6.50 6.75 6,530
13
13
30
13c
15c 13,000
1234 12 34 2,035
lc
2c 15,800
79c 8134c 10,750
3.05 3.15 3,800
1,252
28 34 29
617
26 34 27
4.20 4.30 3,995
1.98 2.09 5,075
42c 48c 33,850
7lc 45,150
66c
10
6
6
2,047
534 6
9
9 34 3,609
625
3c
3c
734 8 34 6,330
1,660
5434 5934
9
857
934
140
96
98
405
58
59
1.19 1.25 7,636
10c 1034c 2,500
55c 60He 27,500
1.25 1.36 2,500
1.000
2c
2c
91c
95c 3,285
749
4434 45
534c
7c 113,881
7
50
7 34
155
25
25 H
1,636
69 34 72
41
190 190
13c
14c 12,900
334c 4 He 10,000
755
1.22 1.39
2,474
76 34 79
6c 634c 1,000
70c 16,273
60c
48c
50c 6,000
100
3 34
3%
1.75 1.85 3,955
1.23 1.30 1,760
22Mc
26c 16,964
1,971
3 34 4H
56
634c 634c
5c
6c 4,200
109
280
110
2.10 2.18 3,362
300
6
634
33c 36c 13,100
5
63
63
1,042
1.89 1.95
10
18
18
3,395
4.20 4.40
2.20 2.29 2,795
1.74 1.84 9,250
375
1034 1134
22c
23c 2,000
1,400
1.37 1.41
23
12
12
1.67 1.95 104,000
500
51c 51c
51c 2,400
50c
235
27 34 28
1,000
5c 5 He
42
176 182
249
40
39
17
130 130
14c 9,600
12c
Range Since Jan. 1, 1939
Low
5X
60c
12
35c
3
iH c
25
6
49 X
70c
4Hc
10c
8
12
1.23
5c
24c
25H
60
185
12H
12%
15c
25c
3X
70
70
104
42 %
18 H
35c
16Hc
2c
7c
2c
9
1.47
20c
1.00
31
X
13%
5.50
10H
10c
10
lc
58c
2.30
22 H
21
3.50
1.30
22c
35c
5H
1
2H
2H c
2%
29 H
5X
82 X
45
1.00
6c
35c
1.00
2c
65c
35
4c
4X
23
39 X
190
8H c
2c
1.05
69
4H c
38c
44 c
3
1.20
67c
20c
lH c
4H c
3c
94
1.65
4%
29c
63
1.40
15
3.55
2.10
1.18
7H
17c
1.10
5
1.10
25c
20c
22H
3 He
140
26
112
6 Hr
Jan
Sept
Sept
Sept
Sept
Oct
Aug
Sept
Apr
Sept
Sept
Aug
Apr
Sept
Sept
Sept
Jan
Apr
Sept
Sept
Sept
Sept
Sept
Nov
Aug
Apr
Apr
Feb
Apr
Aug
Aug
May
Sept
Oct
Sept
Sept
Apr
Nov
Sept
Sept
Sept
Apr
Feb
July
Sept
Szpt
Oct
Sept
Sept
Apr
Apr
Sept
Sept
Sept
Sept
May
Apr
Apr
Sept
Sept
Apr
June
Feb
Sept
Sept
Mar
Aug
Aug1
Nov
Sept
Mar
Sept
Apr
May
Aug
Jan
Sept
Sept
Sept
Sept
Sept
Apr
Apr
Sept
Sept
Aug
Aug
Jan
Jan
Aug
Apr
Sept
Aug
Sept
Nov
Sept
Oct
Sept
Sept
Apr
Sept
Apr
Sept
Sept
Sept
Apr
Mar
Apr
Sept
Sept
Sept
Feb
Sept
High
9% Oct
2.25 Sept
21
Nov
64c Jan
6H Jan
6c Jan
35
Oct
9% Oct
65
Oct
1.95 Jan
10c Jan
35c Jan
15H Oct
15H July
3.75 Jan
26 He Jan
37c Aug
39 H Sepe
70H Mar
221e
Jun
18% Oct
17
Sept
45c Jan
30c May
14
Oct
105
Oct
102
Oct
107
Oct
60H Sept
29
Oct
1.00 Oct
50c Sept
H H c Jan
18Mc July
11HC Jan
12
Aug
2.14 Aug
73c Feb
1.75 Mar
50 X Jan
5H Sept
28 X Oct
7.30 Aug
13H Sept
54c Jan
t3H Jan
8H c Jan
90c June
3.60 Jan
29
Nov
Oct
27
5.90 Jan
3.20 Jan
55c Jan
75c May
Aug
8
7
Oct
10 X Oct
7c Jan
9H Oct
62 H Jan
9H Oct
Nov
98
59
Mar
1.38 May
20He June
75c Jan
2 05 Jan
3c Feb
1.45 Jan
45H Oct
20c JaD
7 X Oct
25 X Oct
76 X Oct
June
200
51Mc Jan
9c Jan
1.80 Mar
84
July
13c Jan
95c Sept
60c Mar
3% July
3.35 Jan
1.73 Jan
53c Jan
5c Aug
7H c Oct
12c Jan
Oct
110
4.75 Jan
Jan
7
61c Jan
Oct
63
2.03 July
Jan
20
5.60 Mar
2.70 Jan
2.45 Jan
12 H Mar
25c July
2.40 Jan
13
Oct
1.95 Nov
51c Nov
56c May
May
28
11 He Jan
192
Mar
44 H Jan
131
Oct
15 He Feb
Friday
Last
W eek ’s Range
Sale
o f Prices
Par Price Low
H igh
*
St Lawrence Corp____
A _________________ .-56
San A n to n io _______ . 1
Sand River__________
Senator-Rouyn______ . . . 1
_ 1
50c
Sherritt-Gordon______ -.1
Sigman Mines, Quebec
*
Silver woods__________
Silverwoous pref______ *
5Vs
5H
19H
1.78
11c
35c
48X
1.70
11c
30c
1.12
1.30
7.25
5
7
7
95
82c
42c
12e
37c
8
1.10
20
86 H
83
1.75
1.33
7.75
5
7
6H
19 H
1.78
14% C
37c
1.13
1.46
7.75
5
7H
7V>
Simpsons pref_________ 100 95
96 H
.. 1
Siscoe Gold______ . .
84c
86c
Sladen Malartlc______ -.1 43 He
44c
Slave Lake_______ _ _
1 12Hc
13 He
*
Stadacona____
40c
42c
*
10
*
1.10
* 20
Stedman______ _________
21
Steel of Canada______
88
87 H
Preferred_______________ -26
84
83 H
Steep Rock Iron Mines.___ *
1.83
1.88
Straw Lake Beach___ _ * 4Hc
3Xc
5 He
Strugeon River_______ -.1
12c 1 1 % C 12Hc
*
Sudbury Basin_______
2.15 2.25
2.15
-.1
6c
6c
Sullivan____________
-.1
80c 78Hc
80c
100
76
76
Sylvanite Gold........ _ _ _ _ _ 1
3.10 3.20
3.20
*
Tamblyncom_________
Teck Hughes_______
Texas-Canadian_____ _ -l
Toburn ______________________ --1
*
Toronto Elevator________
Preferred_________________ -50
50
Uchi Gold ................................. __ 1
Union Gas_________________
United Fuel A pref_______ .50
B pref ___________________ -25
*
United Steel_______________
Upper Canada ____________ -.1
*
Ventures_____________
Waite Amulet________
*
Walkers______________
*
Preferred___________
__ [
Wendigo _ _______
Western Canada Flour. *
W Canada Flour pref.. loo
Western Grocers pref__ 100
*
Westons_______ ______ *
Preferred___________ mu
Whitewater_________ -.1
-.1
Winnipeg Electric A __
*
B ______________
100
__1
*
Wright Hargreaves___
*
Bonds—
Uchi Gold...................... — *
11H
4.05
80c
1.65
29
49
11H
4.00
80c
1.56
26 H
48 H
94
30c
83c
15H
36
5
15H
37 X
5H
7
69c
4.40
5.85
43 H
49 X
40
12
4.20
90c
1.65
29
49
94
30c
15 H
37 X
5H
Sales
fo r
W eek
Shares
421
550
4,303
3,900
39,400
1,700
500
86,970
558
343
551
60
120
15,375
11,250
115,200
49,714
20
25
265
496
287
21,760
131,200
9,000
1,400
1,000
1.385
30
2,710
730
3,905
8,850
800
730
135
IP
700
7,475
785
442
340
Low
2
8H
1.18
5C
17c
2c
92 c
75c
5 20
1.50
3
78
80c
23c
2 He
25c
3
70c
12H
90
12 %
95
3c 4 ^ c
2%
2X
2H
13 H 13^
13c
7.85 8.15
7
7H
2%
8.15
95 X
94 H 95
1,331
30
1,020
5,500
295
10
5
1,800
7 ;u o
120
82,500
H ig h
Aug
Apr
Jan
Sent
Sept
19H
2.03
17c
51c
Sept
Sept
July
Apr
1.25
2.00 Sect
7.75 Nov
5
Oct
7H Oct
Apr
Sept
Sept
Sept
Sept
9SH Oct
1.65 Jan
80c
Jan
13HC Nov
1.03 Feb
6X
Oct
Nov
Aug
Mar
Aug
67
A
July
Sept
Sept
Oct
Jan
Jan
Jan
Aug
3.50
21H
89
85
1.93
lie
24Hc
3.00
14
1.01
Sept
3.55
Jan
10
3.75
60c
1.40
10
41H
94
20c
Aug
Sept
Aug
Sept
Mar
June
12H June
4.70 Jan
1.30 Jan
2.30 Jan
30 H Oct
49
Oct
lV fl r
T
ii
26
2H
713c
3'
52c
3.7o
5 00
33 H
I6H
Apr
Sept
Apr
15H
38
5H
Oct
Feb
Oct
Aug
Oct
Sept
Sept
Sept
Sept
71c
5.80
8.25
51H
20 H
7X
Oct
Oct
Jan
Jan
Jan
Jan
16%
66 H
65
1.50
2Hc
9c
1.70
4
58c
71
2.70
1,635
7
6H
68c
70c 19,550
4.40 4.70 1,375
5.90 6.25 5,646
555
43 H 44
710
19H 1 9 %
loc
11c 5,300
5
130
2
5H
38
43
71
15
110
110
15 105
42%
1, 1939
Range Since Ja n .
Jan
Apr
Jan
Oct
Sept
Sept
Sept
Mar
7
Apr
50
June 114
Apr
9X
85
lH c
2c
i
Aug
1
6V£
9c
6.70 Sept
4
Aug
86
Jan
Sept
Sept
Jan
12H Nov
3H
Oct
i4 k
8.90 Mar
Oct
8
Sept
97 X
July
Toronto Stock Exchange—Curb Section
O c t . 28 t o N ov. 3, b o t h in c lu s iv e , c o m p ile d fro m o f f ic ia l sales lis ts
Friday
Sales
Last Week’s Range for
Range Since Jan. 1, 1939
Sale
Week
Par Price Low
High Shares
Low
High
Canadian M arconi..
Consolidated Paper.
Consol Press A _____
Dalhousie_________
1
--*
10U
*
__*
Dominion Bridge.
Foothills________
3H
4H
42% 42%
1.40 1.40
7H
8H
9
9
55c
57c
85
85
12
12
42
44
70c
70c
6c
8c
42%
1.40
8M
9
56c
42%
-.1
Mercury Mills pref__
Oils Selections_____
Ontario Silknit pref.
Pend-Orellle_______
Robb-Montbray___
Rogers Majestic A .
ghawlnlgan.
Temiskamlne Mining..
100
*
*
100
--1
--1
100
*
1
16H
30H
16H
30
2c
25
2.55
2.65
He
135
4
23 H
24H
6c
7c
16 H
30 H
2c
25
2.90
He
136
4H
24 H
7c
150
55
100
8,551
100
3,345
12
65
220
500
2,000
3
10
75c
2%
5
25c
70
9
23%
40c
6c
10
5H
1,040 26
1,000
1 He
5
7H
7,970
1 01
1,000
He
35 115
390
1%
441
48X
4 He
1,500
Sept
Sept
June
Aug
Apr
Sept
Sept
Sept
Apr
Sept
Oct
5
14
1 85
9H
9
75c
90
12
Apr
Mar
Sept
Sept
Nov
Jan
Mar
Oct
46%
Oct
1.45 Jan
13MC Jan
Jan
Sept
May
June
Sept
Aug
Feb
Mav
Aug
Sent1
25H
33
3H c
25
3.95
1 He
138 H
4H
25
14Hc
Sept
June
Jan
Nov
Sept
Jan
Aug
Oct
Oct
Feb
In d u strial and Public U tility Bonds
C lo s in g b id a n d a sk e d q u o t a t io n s , F r id a y , N ov. 3
Bid
Abltlbi P & Pap ctfs 5s 1953
Alberta Pac Grain 6S-.1946
Algoma Steel 5s______ 1948
Beauharnols IT Corp 5s '78
British Col Pow 4H8-1960
BrownCo lst5H8 __1946
Calgary Power Co 5s .1960
Canada Cement 4HS.1951
Canada SS Lines 5s_ 1957
_
Canadian Canners 4s. 1951
Canadian Inter Pap 6s 1949
Canadian Vickers Co 6s '47
Consol Pap Corp—
6Hs ex-stock...........1961
Dom Gas * Elec flHs-1945
Dom Steel & Coal 6 X. s 1955
Dom Tar & Chem 4H s 1951
Donnacona Paper Co—
4s____ ___________ 1956
Famous Players 4HS..1951
Federal Grain 6s_____1949
♦N o par value.
A sk
43
75
H5
75
83
40
90
82
72
81
88
55
46
80
116
43
46
85 '
94
82
65
80
75
/ Flat price.
__
_
42
92
90
60
Gatineau Power 3 %=> 1969
Gen Steel Wares 4HS.1952
Jt Lakes Pap Co 1st 5s 55
tnt Pr < Pap of Nfid 5s '68
fe
Lake St John Pr * Pap Co
5Hs .
..-1961
Maple Leaf Milling—
2Hs to'38-5H s t o '49
Massey-Harris 4 Hs_ 1954
_
_
Minn & Ont Pap 6s_ 1945
McColl-Front Oil 4Hs 1949
N Scotia Stl & Coal 3 Hs '63
Power ( lorp of Can 4 hs 5 j
Price Brothers 1st 5s. 1957
86 H Quebec Power 4s____ 1962
Saguenay Powet—
4Hs series B _______1966
Winnipeg Elec—
70
4-5s series A .......... . 1965
4-5s series B . ____ 1965
80
n
Nominal.
Bid
87%
80
60
A sk
83
85
65
94
69
55
75
34
82
65
85
76
82
80
52
30
35H
90
Volume 149
O N E
H
U N D R E D
—
The Commercial & Financial Chronicle
—
Y E A R S
O L D
2 9 5 5
Q u o ta tio n s o n O v e r -t h e -C o u n t e r S e c u ritie s — F r id a y N o v* 3
New Y o r k C ity Bonds
Bid
94
a3s Jan 1 19779854
________
o3s Feb 1 1979..............
9854
a3 Ms July 1 1975________ 100M
a3 Ms May 1 1954.............. 105
< 3 Ms Nov 1 1954.............. 10554
J
a3 Ms Mar 1 1960.............- 104
a3M8 Jan 15 1976............. 104
a4s May 1 1957________ 108M
a4s Nov 1 1958________ 10954
no
a4s May 1 1977________ 112M
a4s Oct' 1 1980.............. 11354
a4Ms Sept 1 1960.............. 11354
a4Ms Mar 1 1962.............. 11454
a?% 8 JnJyl* 19R9., .
Ask
95
9954
9954
102
108
10654
105
105
111
11154
h im
11454
11454
11554
11554
New Y o rk Bank Stocks
i4 Ms Mar 1 1964_______
a4548 Apr 1 1966________
a454s Apr 15 1972..............
a454s June 1 1974________
a4 54s Feb 15 1976............ .
«4 54s Jan 1 1977..............
0454s Nov 15 '78............ a4 54s Mar 1 1981.............04 Ms May 1 1957..............
a4 Ms Nov 1 1957..............
a4Hs Mar 1 1963________
bid
115
115M
116 5
4
11654
11754
H7M
118
11854
11554
H5M
118
11854
a4 Ms July 1 1967.............. 119M
04 Ms Dec 15 1971.............. 120 M
a4 Ms Deo 1 1979............... 122M
Ask
116M
117
11754
11854
11854
119
11954
120 54
11654
117
119M
12054
121
122
124
New Y o rk State Bonds
Bid
38 1974.................................
3s 1981..................... - .........
Canal A Highway—
5s Jan A Mar 1964 to '71
Highway Imp 4 Ms Sept '63
Canal Imp 4 Ms Jan 1964..
Can A High Imp 4Ms 1965
Bid
Ask
62 25 less 1 World War Bonus—
62.30 less 1
454s April 1940 to 1949..
Highway Improvement—
4s Mar A Sept 1958 to '67
62.50
Canal Imp 4s JAJ '60 to '67
138
138
Barge C T 4 54s Jan 1 1945.
136
—
As*
61.30
129
129
114
Bid
Ask
Holland Tunnel 454 s ser E
1940-1941___ ____ MAS
107M 10854
105
1942-1960____ ____ MAS
101 102
103 M ___ Inland Terminal 454 s ser D
1940-1941___ ........ MAS
1942-1960___ ........ MAS
Bid
Ask
61.10
108M
_
_
61.50
107
bid
—
Bid
Philippine Government
' s Oct 1959..........
4 Ms July 1952..........
5s Apr 1955_____
5s Feb 1952..........
5 Ms Aug 1941--------
Ask
107
107
101
110
106
Hawaii 4 Ms Oct 1956—
H5M 11854
106 M 10854
109
109 M
Federal Land B ank Bonds
Bid
38 1955 opt 1945.. ___ JAJ
3s 1956 opt 1946.. ___ JAJ
3s 1956 opt 1946... ..M A N
Ask
10554 105?4 3 548 1955 opt 1945. ..M A N
10554 10554 4s 1946 opt 1944... ...J A J
10554 10554
Bid
Ask
106 54 10654
11154 11154
J o in t Stock Land B ank Bonds
Bid
Burlington 5s-----------------4 Ms__________________
Chicago 4Mb__. ................
5 s ........................ - ............... —
5M s-................................
Dallas 3s________________
Denver 3s_______________
First Carollnas 5s-----------First Texas of Houston 5s.
First Trust of Chicago—
4Ms.................................
4Ms................................ .
Fletcher 3Ms.................... .
Fremont 454s-----------------5s.......................... - ........
5Ms..................................
Illinois Midwest 5s---------Iowa of Sioux City 4Ms—
Lafayette 5s.
4M s...........
Bid
Ask
Lincoln 4 Ms........................
15
/14
5s......................................
16
/14
454
7354
5MS.......... - - - - ............. 73 54 454 Montgomery 354s_______
_
454 New Orleans 5s_ _______
7354
100 100 M New York 5s......................
. . . North Carolina 3s________
9854
82
82
82
98 M
99
99
99
Ask
86
86
86
100
____
100 M
—
98 M 100 M Ohlo-Pennsylvanla 5s_____
. . . Oregon-Washlngton 5s___
99
100
/41
45
99M 10154 Pacific Coast of Portland 5s
Phoenix 4Ms----- ------------102
100
58......................................
99 M —
79
St Louis 4M.............. ........
89
5s......................................
...
81
San Antonio 3s___________
Southern Minnesota 5s___
99
97M 99 M Southwest 5s____________
Union of Detroit 4Ms____
5s.....................................
99
99
_
_ Virginian 2s_____________
100
102
103
104
105
/22M
/2254
100
/13
83
99 M
100
99 M
24
24
14
86
10054
Bid
70
___ 100
___ 100] 40
. . . 100 120
___ 100
40
44
___ 100
8
First Carollnas------ ___ 100
1
Fremont_________ ___ 100
4
Lincoln__________ ___ 100
Par
Ask
New York_________ ...1 0 0
North Carolina___ ...1 0 0
Pennsylvania______ ....100
Potomac__________ ...1 0 0
San Antonio_______ ...1 0 0
Virginia___________ .........5
_
2M Vlrginia-Carollna_ ...1 0 0
6
46
130
Bid
9
70
22
100
70
154
95
Ask
12
80
27
110
75
2
_
_
Federal Interm ediate C re d it Bank Debentures
, Bid
1%
due_____ Nov 1 1939 6 .25%
1% due_____ Dec
1 193916 .25%
1% due______Jan 2 1940 6.30%
54 % and 1% .Feb 1 1940 6 .30%
1% due...........Mar 1 1940^ .40%
Bid
Ask
...
1% due______Apr
54% due____ May
1% d u e......... June
1% due.......... July
54% due____ Aug
54% due........ Sept
1 1940
11940
1 1940
1 1940
1 1940
3 1940
6 .40%
6 .40%
6 .50%
6 .50%
6 .50%
6 .55%
Ask
_
_
___
_
_
—
Par
Bid
206
Ask
215
Pa.
Bid
Harris Trust A Savings. 100 289
Northern Trust C o___ 100 553
SAN FRANCISCO—
84M 86 M
Bk of Amer N T A 8 A 12 M
227 233
New Y o rk T ru s t C om panies
F(J7 bid
As*
Bank of New York___ 100 448 458
Bankers................ ....... .10
5754 5954
Bronx County________ .. 7
4M
5M
B rooklyn____________ 100 77
82
Central Hanover______ .20
Chemical Bank A Trust .10
.50
Colonial Trust________ .25
Continental Bank A Tr .10
Corn Exch Bk A T r_ .20
_
103
5154
30
9M
1354
5954
Par
Bid
Fulton______________ .100 195
Guaranty____________ .100 293
Irving_______________ ..1 0
13
Kings County_______ .100 1585
Lawyers_____________ -.25
29
Ask
210
298
14
1625
32
106
53 54 Manufacturers_______ ..2 0
38 M 40 M
?n 51 54 5354
38
H M New York___________ —25 113 116
1554
6054 Title Guarantee A T r. — 12
354 454
Underwriters________ .100 80
90
O
12 54 1354 United States _____ T O 1600 16 "0
Vermilye Brothers
Specialists in insurance Stocks
30
BROAD
S T .,
N. Y .
C IT Y
Teletype
in .
Y . 1-894
Par Bid
Par
Aik ,
Aetna Cas A Surety.. —10 115M H9M Home Fire Security____ .10
A etn a ______________ —10 47 M 49M Homestead Fire_______ .10
Aetna Life__________ —10 3054 32 54 Ins Co of North Am er.. .10
Agricultural_________ - 2 b
79
83
Jersey Insurance of N Y
Ameilcan Alliance___ —10 22
23M Knickerbocker________ —6
American Equitable.. —.5
22
23M Lincoln Fire__________ ..5
American Home______ —10
6M
8M Maryland Casualty___ ..1
American of Newark. . -2M
13
14M Mass Bonding A Ins..l2 M
American Re-Insurance. 10 4154 4354 Merch Fire Assur oom_ _..5
American Reserve___ ..1 0
2454 2554 Merch A Mfrs Fire New'k 5
American Surety_____ —25 5054 5254 Merchants (Providence) ..5
Automobile_________ ..1 0
33M 35M
National Casualty_____ .10
Baltimore American.. -2M
754 National Fire_________ .10
654
99 M National Liberty______ —2
_
Bankers A Shippers_ ..2 5 296
_
National Union Fire_ .20
B oston _____________ .100 615 625
Camden Fire________ . . . 5
2054 22 54 New Amsterdam C as.. ..2
Carolina____________ —10 2854 3054 New Brunswick_______ .10
City of New York___ —10 23 M 25
New Hampshire F ire.. .10
City Title.............. .. — 5
7 54 New York Fire________ - .5
6M
Connecticut Gen Life. —1U 26
27 M Northeastern_________ .. 5
Continental Casualty. . . . 5
3354 3554 Northern.. ________ 12.50
Eagle Fire___________ -2M
1 54 254 North River_________2.50
Northwestern National .25
Employers Re-Insurance 10 48
50
Excess______________ . . . 5
7M
8M Pacific Fire___________ .25
Federal................. ....... —10 4454 4654 Phoenix______________ .10
Fidelity A Dep of M d. -.2 0 124M 126M Preferred Accident___ ..5
Fire Assn of Phila___ -.10
68
70 M Pro vldence-W ashlngton .10
93
Fireman’s Fd of San Fr.25
96
Firemen’s of Newark. . . . 5
9 54 1154 Reinsurance Corp (N Y)_2
Franklin Fire_______ . . . 5
3054 3254 Republic (Texas)______ 10
Revere (Paul) Fire___ .10
General Reinsurance Corp 5 4154 44
Rhode Island_________ -.6
Georgia Home.......... . — 10 23
25
Gibraltar Fire A Marine. 10 2554 27
St Paul Fire A Marine.62M
Glens Falls Fire______ . . . 5
4054 4254 Seaboard Fire A Marine ..5
Seaboard Surety______ .10
Globe A Republlo___ . . . 5
12M 14
_
Globe A Rutgers Fire. — 15 1754 2054 Security New Haven_ .10
2d preferred_______ — 15 66
69M Springfield Fire A Mar. .26
Great American______ . . . 5
2854 2954 Stuyvesant.................... -.5
Great Amer Indemnity — .1
10M 1254 Sun Life Assurance___ 100
Travelers ............... ....... 100
Halifax......................... ..10
16M 18
U S Fidelity A Guar Co —2
Hanover____________ ..1 0
27 M 29
Hartford Fire________ ..10
76M 79 M U S Fire........................ . . 4
U S Guarantee________ .10
57
Hartford Steamboller. —10 55
Home_______________
5 3354 3554 Westchester F ire.. ..2.50
Bid
Ask
Nat Union Mtge Corp—
Arundel Bond Corp 2-5s '53 f 86
___
Series A 3-6s_______1954
Arundel Deb Corp 3-6s '53 /52
Series B 2-5s.............1954
Associated Mtge Cos Inc—
Debenture 3-6s___ 1953
56 M 58 M
Potomac Bond Corp (all
Issues) 2-58________1963
Cont’l Inv Bd Corp 2-52 '53 86
Potomac Cons Deb Corp—
Cont'l Inv DebCorp3-6s '53 66
3-6s........................... 1953
Empire Properties Corp—
Potomac Deb Corp 3-6s '53
62
2^38........................... 1945
Potomac Franklin Deb Co
Interstate Deb Corp 2-5s’55 49
3-6s........................... 1953
Mortgage Bond Co of Md
98
—
Inc 2-58.................... 1953
Potomac Maryland Debenture Corp 3-6s____ 1953
Nat Bondholders part ctfs
Potomac Realty Atlantic
Central Funding
/20
Realty Bond A Mortgage
/20
deb 3-6s__________ 1953
Nat Cons Bd Corp 2-5s '53 86
Unified Deben Corp 5s 1955
Nat Deben Corp 3-6S.1953 51
—
A
si
199
563
3554 37 M
Par
Berland Shoe Stores_____*
B /G Foods Inc common *
Bohack (H C) com m on.. . *
7% preferred_______ 100
Diamond Shoe pref------100
Fishman (M H) Co In c ..*
For footnotes see page 2958.
27M
13
Btd
Ask
2
19
7054
4254
10
254
254
5854
45
7M
3
3
20 M
7154
45M
11M
254
354
6054
49
8M
4M
26
5954
754
124
13
3454
4354
16
4M
102M
2654
122
125M
76
1554
3454
28M
6154
854
130
1454
3654
4554
17M
554
106
28 54
127
130
80
754
26
26
3
233
6M
35 M
31M
120M
254
290
435
22
5354
6054
3554
854
27 M
2754
4M
239
854
3754
33 M
123M
354
340
17M
3654
445
2354
5554
6354
3754
Bid
Ask
82
95
86
51
50
54
53
55
___
88
51
60
48
50
Bid
Ask
60
70
2
15
5
20
C h a in Store Stocks
Chicago & San Francisco Banks
American National Bank
A Trust____________100
Continental Illinois Natl
Bank A Trust----- 33 1-3
First National_______ 100
16 M
52
3254
Surety Guaranteed Mortgage Bonds and Debentures
J o in t Stock Land Bank Stocks
Par
Ask
Insurance Com panies
Bid
U S Panama 3s June 1 1961 118M
109 M
109
Govt of Puerto Rico—
103
4 Ms July 1952................
113
5s July 1948 opt 1943.
107 M
U S conversion 3s 1946___
Conversion 3s 1947____
114M 11654
Bid
Chase............... ......... 13.55 3754 3954 Penn Exchange________ 10
14M
Commercial National ..100 172 178
Peoples National______ 50
45
Public National.......... 17 M
3054
Fifth Avenue_______ ..100 725 750
First National of N Y .. 100 1945 1985 Sterling Nat Bank A Tr 25 25 M
140 10S 115
Merchants Bank___
Trade Bank A T ru st.. 10 y l l
H A nover-2-7881.
U nited States In su la r Bonds
Par
Ask
_
44
40
1754 1954 National Bronx Bank_ 50
40
50
National City________12M
2954 3054
14
75 100
National Safety Bank.l2M yl2
Empire_______________ 10
—
P ort of New Y o r k A u th o rity Bonds
Port of New York—
Gen A ref 4s Mar 1 1975.
Gen A ref 3d ser 3 Ms '76
Gen A ref 4th ser 3s 1976
Gen A ref 354s........ 1977
Far
Bank of Manhattan C o. 10
Bank of Yorktown..66 2-3
Bensonhurst National ...6 0
Kress (8 H) 6% pref---------
Bid
As*
Par
Kobacker Stores—
6
9
2
7% preferred_____ —100
254
4
454
31J4 3254 Miller (I) Sons common. .5
8M% preferred___ ...5 0
107 111
9M Reeves (Daniel) pref. — 100
7M
United Cigar-Whelan Stores
*
$5 preferred______
1154 12M
99
1754
1954
O N E
2 9 5 6
H
U N D R E D
The Commercial & Financial Chronicle
—
—
Y E A R S
Nov.
O L D
4 , 1939
Q uotations on O ve r-th e -C o u n te r S e cu ritie s— Frida y Nov. 3
- C o n t i n u e d
Railroad Bonds
G uaranteed R ailroad S to ck s
Bid
DoscpbersCtlalkershange
Sons
M b T w okSc Ec
e
m 'jr Yr tok x
Dealers in
GAATE
UR NE D
STOCKS
Since1855.
1 2 0 B road w ay
N EW YORK
T e l. R E ctor
2 -6 6 0 0
G uaranteed Railroad Stocks
(Guarantor In Parentheses)
Dividend
Par in Dollars
Alabama A Vicksburg (Illinois Central)----------------- .100
Albany A Susquehanna (Delaware A Hudson)------- .100
Allegheny & Western (Buff Roch & Pitts)-------------- .100
Beech Creek (New York Central)-------------------------- -.50
Boston A Albany (New York Central)------- --------- .100
Boston A Providence (New Haven)---------------------- .100
Canada Southern (New York Central)----------------- .100
Carolina Cllnchfield & Ohio com (L & N-A C L ).__ .100
Cleve Cinn Chicago A St Louis pref (N Y Central). .100
Cleveland A Pittsburgh (Pennsylvania).................. ..5 0
Betterment stock-------------------------------------------- ..5 0
Delaware (Pennsylvania)------------------------------------- ..2 5
Fort Wayne A Jackson pref (N Y Central)............. .100
Georgia RR A Banking (L A N-A C L )----------------- .100
Lackawanna RR of N J (Del Lack A Western). . . .100
Michigan Central (New York Central).................... .100
Morris A Essex (Del Lack A Western)----------------- ..5 0
New York Lackawanna A Western (D L A W )------ .100
Northern Central (Pennsylvania)------------------------ ..6 0
Oswego A Syracuse (Del Lack A Western)------------ ..6 0
Pittsburgh Bessemer A Lake Erie (U S Steel). . . . -.50
-.50
Pittsburgh Fort Wayne A Chicago (Penn.) pref— .100
Pgh Ygtn A Ashtabula pref (Penn).......................... .100
Rensselaer A Saratoga (Delaware A Hudson)------ .100
St Louis Bridge 1st pref (Terminal R R )................. .100
Second preferred------------ -------------------------------- .100
Tunnel R R St Louis (Terminal R R ).................... . .100
United New Jersey RR A Canal (Pennsylvania)... .100
Utica Chenango A Susquehanna ( D L A W ) --------- .100
Valley (Delaware Lackawanna A Western)----------- -100
Vicksburg Shreveport A Pacific (Illinois Central).. .100
Preferred____________________________________
Warren RR of N J (Del Lack A Western)-------------- -.50
West Jersey A Seashore (Penn-Readlng).................. —60
6.00
10.50
6.00
2.00
8.75
8.50
3.00
5.00
5.00
3.50
2.00
2.00
5.50
9.00
4.00
50.00
3.875
5.00
4.00
4.50
1.50
3.00
7.00
7.00
6.64
6.00
3.00
6.00
10.00
6.00
5.00
5.00
5.00
3.50
3.00
Bid
Asked
72
1294*
68
30 X
86
18
40}*
75%
135
73
32%
88%
23
45
86%
84%
65%
73%
45
44%
58%
70
75%
—
45
61%
151
146
47
44%
750
31 %
950
33%
59
88 %
40
42
82
170
55%
86
36%
40
78
166
143
__
73%
1 Bid
55%
57
62
64 J*
62
65
24%
68%
26%
51
54
Canadian National 4 % a ..
Canadian Pacific 4 % b -----Cent RR New Jersey 4 % b.
Chesapeake A Ohio—
4Hs............................ — Chicago A Nor West 4% a.
Chic Mllw A St Paul 4 % b.
5s............ .........................
Chicago R I < Pacific—
fc
Trustees’ ctfs 3 % a -------
64.25
64.25
64.25
64.00
62.50
64 00
65.00
65.00
99
Denver A R G West 4 % a .5s_______________ _____
64.50
64.50
Great Northern 4% a ---------
64.00
62.00
Illinois Central 4% a --------Internat Great Nor 4% a . .
61.50
62.50
63.50
5s...............I I ----------------
63.50
62.50
Maine Central 5s________
Missouri Pacific 4 % a ------5a ____________________
64.00
63.50
63.50
Bid
1.50 New Orleans Tex & Mex—
3.00
4 % b ........ .......................
3.50 New York Central 4 % a __
3.50 New York Chicago A
3.00
St. Louis 4% a. _______
New York New Haven A
3.50
Hartford 4% a _________
3.50
58-........ .......... ............ .
3.00 Northern Pacific 4 % a ____
3.00
Pennsylvania RR 4 4 4 s _____
2.00
4s series E due
3.00
Jan A July 1937-49
4.25
2%a series G non-call
4.25
Dec 1 1937-60
Pere Marquette 4 % a _____
99%
Reading Co 4% a _________
3.50
3.50 St Louis-San Francisco—
48______________ ______
3 00
4 % a . ...............................
1.00 St Louis Southwestern 5s. .
Southern Pacific 4 4*8____
1.25
2.00
3.00 Texas Pacific 4s. _______
444s..................................
2.75
5 8--............ ............... .
1.50
Virginia Ry 444 s_________
3.00
2.50 Western Maryland 4% a _
_
2.50
Ask
63.50
62.75
2.50
2.00
63.50
3.00
64.00
64.00
61.50
3.00
3.00
1.00
61.50
1.00
62.50
2.00
62.50
62.50
2.00
2.00
62.50
2.00
64.00
64.00
63.75
62.50
62 40
3.00
3.00
3.00
2.00
2.00
62 50
62.50
61.50
2.00
2.00
1.00
61.50
1.00
62.50
64.50
1.75
3.50
M iscellaneous Bonds
Bid
Commodity Credit Corp
% % ............ Aug 1 1941
1 % ........... Nov 15 1941
Ask
100.3
100
100.24 100.26
Fed'l Home Loan Banks
2s__________Deo 1940
2s............. Apr 1 1943
Bid
Ask
New York City Parkway Authority 3 %a 68 106
10744
3 4*s revenue____ 1944 6 2.10 less 1
3 }*s revenue____ 1949 6 2.60 less 1
101»t. 101 Hu Reconstruction Finance
Corp—
101% 101?*
44% notes July 20 194J
% % - ........ Nov 1 1941
Federal Natl. Mtge Assn
44%........ Jan 15 1942
2s May 16 1 9 4 3 1% .......... July 1 1942
Call Novl6'39 at 101 100 % 101 %
Trlborough Bridge—
lH s Jan 3 1 9 4 4 90% 100%
4s s f revenue ’77.AAO
Call Jan 3 '40 at 102.
4s serial revenue.. 1942
Home Owners 'Loan Corp
4s serial revenue.. 1968
?4s........ May 15 1940 100.4 100.7 U S Housing Authority—
1M % notes Feb 1 1944
M b____ May 16 1941 100.3 100.6
100.15
100.15
100.15
100.20
100.18
100 18
100.18
100.23
110
111
6 1.50 less 1
6 3.30 less 1
101.10 101.18
Par
Alabama Mills Ino______*
American Arch__________ *
Amer Bemberg A co m ___*
American Cynamld—
5% ™ v pref___ — 10
Amer Distilling Co 5% pf 10
American Enka Corp___ *
American Hardware___ 25
Amer Maize Products— *
American Mfg. 5% pref 100
_
Andian National Corp_ *
Art Metal Construction.10
Bankers Indus Service A .*
Botany Worsted Mills—
Class A ______________ 5
$1.25 preferred_______10
Buckeye Steel Mills_____ *
Bur dines Ino common___ 1
Chic Burl A Quincy_ 100
_
Chilton Co common ... 10
Coca Cola Bottling (N Y) *
Columbia Baking com_ *
_
$1 cum preferred______*
Crowell-Collier Pub_____*
Dennison Mfg class A — 10
Dentist's Supply com _ 10
_
Devoe A Raynolds B 0 m *
0
Dictaphone Corp.......... . . *
Dixon (Jos) Crucible_ 100
_
Domestic Finance cum pf. *
Draper Corp____________ *
Fairchild Eng A Alrni__ 1
Farnsworth Telev A R a d .l
Preferred____________ 30
Fohs Oil C o . . ................. *
Foundation Co For shs_ *
_
American shares------ *
Garlock Packing com___ *
Gen Fire Extinguisher__ *
Gen Machinery Corp com*
Good Humor Corp______1
Graton A Knight com___ *
Preferred___________ 100
Great Lakes SS Co co m ..*
Great Northern P aper..25
Harrisburg Steel Corp___ 6
Interstate Bakeries com__
$5 preferred___________
KUdun Mining Corp_____1
King Seeley Corp com _ 1
_
Landers Frary A Clark..25
Lawrence Portl Cement 100
Ley (Fred T) A C o______*
Long Bell Lumber_______*
$5 preferred____...1 0 0
Mactadden Pub common. *
Mallory (P. R) A Co___ *
Marlin Rockwell Corp___1
McKesson A Robbins___ 5
$3 conv preferred______ *
Merck Co Inc com m on..!
6% preferred............100
Muskegon Piston R in g.2 %
Sug ar Stocks
Par
Bid
244*1 26
For footnotes see page 295S.
'y st
s :
| Ask
Par
_
9% l 10% Savannah Sug Ref com_ 1
9%\ 1044
1 West Indies Sugar Corp..l
56 M
5644
76
58
38
95
65
77
~57%
57%
78
61
42
10
0
70
81
101H
55
"57*
104
3S
72
43
'39*
76
6
5
64
95
108
10
0
1 2%
0
96
99
95
.1940
.2000
.1948
.2032
.1946
.1947
.1949
.1941
.1947
.1961
.1947
.1974
.1942
.1967
.1957
.1946
.1951
.1940
.1968
.1954
.1990
36 44
3644
/35
10
0
97
18
m
35
80
60
6
6
1 1M
0
103
~7
9%
" 92'
80
9844
106
9744
104
117
89
103
95
103
96
104
10
0
"8o"
7
5
6
6
6744
47
60 44
43
59 44
Bid
Ask
33%
35%
6%
7%
Bid
3%
Ask
Par
hid
Ask
23
26
44* N&tlona' Casket________ *
Preferred_______
.*
98
42
344 444
1544 'fat Paper A Type com __ *
5% preferred_______ 100
20
2344
11 % 1244 ■few Britain Machine___ *
2944 3144
_
2%
3?4 Norwich Pharmacal_ 2 44 16?* 17?*
10?* 124*
41
4244 Ohio Match C o_________ *
234* 24?* Pan Amer Match C o rp ..25
1444 15M
23
25
Pepsl-Cola C o__________ * 204 211
_
69
%
44
7344 Petroleum Conversion_ 1
Petroleum Heat A Power.*
23
28
244
344
4
5
Pilgrim Exploration____ 1
14
16
_
44
44 Poliak Manufacturing_ • 1244 1344
38
U44
2%
5
23%
344
6
25
7?*
64*
2%
SH
50 " 54
4
5
62
66
8% 1044
21
19
26 4* 28?*
1
%
9
58?* 61?*
23
27
38?* 42?*
32
35
26.4* 294*
784* 81?*
344 444
344 44*
9
IV}
25
20
7
6
44
%
2%
3?4
48
50
14
15
2044 2144
2?*
44*
544 6?4
47
52
37?* 404*
4044 4344
13
1444
1?*
2 44
29?* 31%
4*
%
844 10 44
25?* 27%
1644 1844
144 2?4
13
1344
50
51
1?*
3
23 M 2614
10% ii? *
3 9 % 414*
3
2 %
1744 1844
40
42
115
16?4 1844
Remington Arms com ___ •
544
65 V
*
Safety Car Htg A Ltg_ 50
_
Scovlll Manufacturing..25 33 44
Singer Manufacturing..100 151
2
Skenandoa Rayon C o rp ..*
844
3?*
Solar Aircraft___________ 1
Standard Screw________ 20 3944
44?*
Stanley Works (no_____ 25
Stromberg-Canaon Tel Mfg
444
Sylvanla Indus Corp____ »
234*
Taylor Wharton Iron A
944
Tennessee Products______*
2?4
Time Inc_______________ * 146
Trlco Products Corp____ *
334*
Triumph Explosives_____ 2
344
Tublze Chatlllon cum pf.10
7844
United Artists Theat com .*
United Piece Dye Works.*
Veeder-Root Inc com____*
Welch Grape Juice co m ..5
7% preferred_____ 10f>
West Va Pulp A Pap com *
Preferred____ ______ 101
West Dairies Ino com v t 01
*3 cum preferred______*
Wickwlre Spencer Steel-.*
Wilcox A Gibbs com___ 50
WJR The Goodwill Sta_ 5
_
Worcester Salt________ 100
York Ice Machinery_____»
7% preferred. _____ 100
%
4*
344
53?*
164*
10844
17
195 4*
14*
19
844
7
2444
4044
354
2444
Bonds—
Amer Writ Paper 6s_1961
Brown Co 544s ser A . .1946
Carrier Corp 4 44s____1948
Crown Cork A Seal 4 44s ’ 48
Deep Rock Oil 7s......... 1937
Haytlan Corp 8s_____1938
McKesson A Rob 544s 1950
Minn A Ont Pap 6s___1945
/6344
/40
814*
100 44
/5544
/2544
/82 4*
/34
/25
KN Y World’s Fair 48.1941
24
Old Bell Coal Ino 6a_ 1948
_
4144
Scott Paper 34*8_____ 1952 124
Scovlll Mfg 5 44s_____1945 108?4
Woodward Iro»—
1st 5s...................... .1962 105
2d conv Income 5 s . .1962 115
644
68
34 %
153
3
944
4?*
42 44
46?*
544
2444
10?4
34*
150
354*
4
85
144
M
4?*
55%
1844
18?*
144
21
944
9
27
___
4?*
27
65 %
4244
83?*
101 %
5744
28
84
3644
27%
26
4344
_
_
___
120
Telephone and Telegraph Stocks
Par
Cuban Atlantic Sugar..7 %
Eastern Sugar Assoo_____1
Preferred____________ 1
.1943
.1940
.1944
.1955
.1956
.1951
.1961
.1995
.1951
.1960
.1945
.1946
.1953
.1950
.1978
.1959
f 35
In d u s tria l Stocks and Bonds
132
235
52%
Ask
New London Northern 4s______________________
New York & Harlem 3 Vis_____________________
New York Philadelphia & Norfolk 4s----------------New Orleans Great Northern income 5s________
New York & Hoboken Ferry 5s_________________
Norwich A Worcester 4 44s_____________________
Pennsylvania & New York Canal 5s extended to .
Philadelphia & Reading Terminal 5s-----------------Pittsburgh Bessemer A Lake Erie 5s-----------------Portland Terminal 4s__________________________
Providence A Worcester 4s------------------------------Terminal R R . Assn of St. Louis 3M ser. B ____
Terre Haute A Peoria 5s______________________
Toledo Peoria & Western 4s___________________
Toledo Terminal 444s_________________________
Toronto Hamilton & Buffalo 4s________________
United New Jersey Railroad & Canal 344s_____
Vermont Valley 4 44s__________________________
Vlcksburgh Bridge 1st 4-6s____________________
Washington County R y. 3 44s__________________
West Virginia A Pittsburgh 4s_________________
.1945
.1945
.1939
.1939
76%
133
128
64
128
232
Railroad E q u ip m e n t Bonds
Atlantic Coast Line 4 % b. . 62.00
Baltimore A Ohio 4% a ------ 64.00
Boston A Maine 4% a ------ 64.50
5s_____________________ 64.50
3% a Dec 1 1936-1944... 64.25
Akron Canton and Youngstown 5 44s__________
6s..................... ............... .........................................
Atlantic Coast Line 4s---------------------------------------Baltimore & Ohio 444s sec. notes------------------------Certificates of deposit________________________
Boston A Albany 444s__________________________
Boston A Maine 5s_____________________________
4 4*s..........................................................................
Cambria A Clearfield 4s____________ ___________
Chicago Indiana & Southern 4s_________________
Chicago St. Louis & New Orleans 5s____________
Chicago Stock Yards 5s________________________
Cleveland Terminal & Valley 4s_________________
Connecting Railway of Philadelphia 4s__________
Cuba R R . Improvement & equipment 5s________
Florida southern 4s____________________________
Hoboken Ferry 5s_______________________________
Illinois Central— Louisville Dlv. & Terminal 3 M b.
Indiana Illinois A Iowa 4s______________________
Kansas Oklahoma & Gulf 5s____________________
Memphis Union Station 5s______________________
Am Dlst Teleg (N J) com .*
Preferred___________ 10C
Bell Telep of Canada_ 100
_
Bell Telep of Pa pref_ 10C
_
Cuban Teleph 6% p r f____
Bid
85
1144*
130
12244
52
As*
90
118
150
124
57
Emp A Bay State T e l..100 45
Franklin Telegraph___ 10C
26
Gen Telep Allied Corp—
$6 preferred.................. * 10044 103
Int Ocean T elegraph... 100 72
77
par
Bid
Ask
Mtn States Tel A T e l ..100 130
New York Mutual Tel.100
17
Pac A Atl Telegraph------26
1544
29?*
Peninsular Telep 0 m___ *
0
Preferred A ___________ *29
132
__
17
3144
31
Rochester Telephone—
$6.50 1st pref_______10C 112
So A Atl Telegraph------- 25
16
Sou New Eng T elep.-.100 159
Wisconsin Telep 7% pf. 100 115
_
_
18
162
119
Volume 149
O N E
H
U
N
D R E D —
The Commercial & Financial Chronicle— Y
E A R S
O L D
2 9 5 7
Q u otations on O ve r-th e -C o u n te r S e cu ritie s— Frida y N ov. 3 — Continued
P ublic U tilit y Stocks— Continued
WE MAINTAIN ACTIVE TRAD IN G MARKETS IN UNLISTED
In vestm en t T ru s t Issues
Par
GOODBODY & CO.
Members N . Y . Stoct Exchange ami other Principal Stock and Commodity Exchanges
Main Office
Jersey City Office
115 Broadway
921 Bergen Avenue
New York City
Tel. Journal Sq. 2-4400
Tel REctor 2-5485
Teletype JCY 1518
Private Wire System Connecting Branch Offices In leading Cities
Par
Did
Ask
Par
12.29 13.61 Keystone Custodian Funds
9.05 9.84
Series B -l_____________
Series B-2
3.88 4.24
Series R-3__________
16% 18%
3.60 3.97
Series B-4___________ _
.43
.49
Series B - l ____________
4
Series R -2____________
4%
Series 8 2_____________
5%
6
Series S-3_____________
Series S-4........................
6%
7%
4.05
Manhattan Bond Fund Inc
16.19 17.41 Maryland Fund Inc__ 10c
.34 Mass Investors Trust___ 1
.19
25.00 26.74 Mutual Invest Fund___ 10
14% 15%
3.50 4.10 Nation Wide Securities—
24.46 26.30
Common___________ 25c
10.52 11.38
Voting shares__________
4.04 National Investors C orp.l
3.71
11
12
New England Fund_____1
2.56
N Y Stocks Ino—
2.44
Agriculture____________
2.44 _
Automobile____________
_
_
2.95
Aviation______________
__
Bank stock____________
2.95
29% 31%
Building supplies______
__
116
Chemical______________
Eleotrlcal equipment. .
33% 35%
Insurance stock ............
112
Machinery____________
5.14
Metals________ _____
Oils.............................. ...
16.87 18.24
Delaware Fund_______
Railroad___________ ___
Deposited Bank Shs ser A1 1.65
Railroad equipment___
Deposited Insur Shs A_ 1 2.94
_
Steel__________________
Deposited Insur Shs ser Bl 2.58 —
No Amer Bond Trust etts.
Diversified Trustee Shares
C ............................... 3.50 4.00
No Amer Tr Shares 1953.*
D .................................... 1 6.00 6.75
Series 1955.................... 1
1.29 1.41
Dividend Shares______ 25c
Series 1956.................... 1
Eaton A Howard Manage
Series 1958.................... 1
ment Fund series A -l_
_ 18.29 19.64 Plymouth Fund Ino__ 10c
Eqult Inv Corp (Mass)..5 28.12 30.24 ♦Putnam (Geo) Fund___
Equity Corp $3 conv pref 1 26% 27% Quarterly Inc Shares.. 10c
Fidelity Fund Inc_____
19.70 21.22
6% deb series A _______
7.37 8.16 Representative TrustShslO
First Mutual Trust Fund..
Flscal Fund Inc—
Republic Invest Fund_25c
Bank stock series_ 10c
_
2.54 2.83
Insurance stk series. 10c 3.30 3.68 Selected Amer Shares..2%
Fixed Trust Shares A . . . 10 10.38
Selected Income Shares_
_
6.73 7.41 Sovereign Investors______
Foreign Bd Associates Inc
Foundation Trust Shs A .l
4.20 4.75 Spencer Trask Fund____ *
Fundamental Invest Inc.2 18.38 19.98 Standard Utilities Inc.50c
Fundamental Tr Shares A2 5.29 6.02 ♦State St Invest Corp_ *
_
Super Corp of Am Tr ShsA
B ....................................* 4.80
A A ................................. .
General Capital Corp___ * 31.48 33.85
B .............. ......... ........... .
General Investors Trust.* 5.00 5.44 Supervised Shares______3
Group Securities—
Agricultural shares____
5.87 6.39 Trustee Stand Invest Shs—
Automobile shares_____
4.97 5.41
Series C ______________1
Aviation shares________
Series D ........................ 1
8.86 9.63
Building shares________
6.15 6.69 Trustee Stand Oil Shs A .l
Chemical shares__ ____
6.81
7.41
Series B ..................... ..1
Food shares___________
4.47 4.87 Trusteed Amer Bank Shs B
Investing shares_______
3.56 3.89 Trusteed Industry Shares.
Merchandise shares____
5.53 6.02
Mining shares_ ______
_
6.28 6.83 U 8 El Lt A Pr Shares A ..
Petroleum shares______
B ................................... .
4.86 5.29
5.24
RR equipment shares.__
4.81
Voting shares_________
Steel shares____________
6.23 6.78 Wellington Fund________1
Tobacco shares________
4.91
5.35
♦Huron Holding Corp_ 1
_
.15
.35 Investm t Banking Corp
Incorporated Investors..* 17.43 18.74 Blair A C o ....... .................
♦Central Nat Corp cl A._*
♦Independence Trust Shs. 2.29
Institutional Securities Ltd
♦Class B _____________ *
Bank Group shares____
1.14 1.26 ♦First Boston Corp____ 10
Insurance Group Shares.
1.31
1.44 ♦Schoelkopf, Hutton A
Investors Fund C_______1 11.32 12.07
Pomeroy Inc com _ 10c
_
Bid
Par
Dallas Pr A Lt 7% pref. 100
Derby Gas A El 57 pref..*
Federal Water Serv Corp—
56.50 oum preferred_ *
_
57 cum preferred______*
Idaho Power—
56 preferred__________ *
7% preferred.............100
Interstate Natural Gas. *
Bid
Ask
29.29
23.83
16.26
7.59
16.10
11.66
15.93
13.01
5.35
7.52
6.00
23.16
12.20
3.87
1.31
1.46
6.02 6.41
13.59 14.64
8.35 9.03
5.74 6.23
11.60 12.53
9.04 9.77
6.54 7.09
9.30 10.47
8.20 8.87
9.94 10.74
8.19 8.86
8.36 9.66
8.16 8.86
3.97 4.32
8.24 8.91
8.24 8.91
47% —
2.43
2.97
2.92
2.66
.44
.50
14.52 15.53
8.65 9.55
100
103
10.95 11.35
.27
.30
9.76 10.64
4.56
.72
.79
15.86 16.81
.54
.58
78% 81%
3.67
2.61
3.83
10.37 11.27
2.62
2.56
5.76
5.56
.56
.89
.62
.99
16
2.26
1.01
14.79 16.23
Assoc Gas A Elec Co—
Cons ref deb 4%s._1958
Sink fund Inc 4 % s..l983
Sink fund Inc 5s___ 1983
8 f inc 4%s-5%s_ 1986
_
Sink fund inc 5-6S..1986
Blackstone Valley Gas
A Electric 3% s___ 1968
Cent Ark Pub Serv 5s. 1948
Central Gas A Elec—
1st lien coll tr 5%s_1946
1st lien coll trust 6s. 1946
Cent 1 1 El A Gas 3 % s. 1964
1
48%
83%
67
31%
32%
34%
38%
63%
65
69%
77
94
32
31
33
31
34
U tility
Bid
A sk
98% 99%
20% 20%
97% 100%
27%
28%
106% 108%
107
106
86
88%
66% 67%
182% 187%
27% 28%
112% 113%
49% Inland Gas Corp 6% s.l938
86% Iowa Public Serv3%s.l96fl
68
Kan City Pub Serv 4s, 1957
Kansas Power Co 4s_.1964
32% Kan Pow A Lt 3 % s..l96 9
33%
35% Lehigh Valley Transit 5s '60
39% Lexington Water Pow 5s'68
65
Montana-Dakota Util—
66%
4% s-----------------------1954
Mountain States Power—
71
80
1st 6s_____________ 1938
96
New Eng G A E Assn 5s.’62
N Y. Pa A N J Util 5s 1956
35
N Y State Elec A Gas Corp
33%
4s________________ 1965
1st 3% s___________ 1964
36
37
Nor States Power (Wise)—
3% s.......................... 1964
39
Central Illinois Pub Serv—
Republic Service—
Collateral 5s_______1951
1st mtge 3 % s_____ 1968 101% 102
Central Pow A Lt 3%s '69.
99% 99% St Joseph Ry Lt Heat A Pow
Central Public Utility—
4% s______________ 1947
Income 5%s with stk ’52 12
3
Sioux City G A E 4s__1966
Cities Service deb 5 s .. 1963 73% 74% Sou Cities Util 5s A .. 1958
Cong Cities Lt Pow A Trac
5s...............................1962
91% 93% Tel Bond A Share 5 s..1958
Consol E A G 6f A . . . 1962 58
59
Texas Public Serv 5 s .. 1961
Toledo Edison 3 % s...l9 6 8
6s series B________ 1962
56
58
Crescent Public Service—
United Pub Util 6s A . 1960
Coll inc 6s (w-«)___ 1954
58% 61% Utica Gas A Electric Co—
Cumberl’d Co PAL 3%s'66 106 106%
5s________________ 1957
Dallas Pow A Lt 3%s_1967 108%
Dallas Ry A Term 6s. 1951
72
Federated Util 5 % s...l9 5 7
81%
_
Havana Elec Ry 5s_ 1952
44
Wash Wat Pow 3 % s..l96 4
74
West Texas Utils 3 % s. 1969
Western Public Service—
84%
5% s______________ 1960
Wisconsin G A E 3% s. 1966
Wis Mlcb Pow 3 % s..l96 1
. . .
Alden Apt 1st mtge 3 s.1957 /30%
Beacon Hotel inc 4 s..1958
16
B’way Barclay Inc 2s_1956 120
B’way A 41st Street—
1st leasehold 3 %-5s 1944 32
Broadway Motors Bldg—
4-6s............................1948 63
Brooklyn Fox Corp—
3a............................... 1957 19
Ask
8
_
_
67
11
28
30
1%
Dorset 1st A fixed 2 s.. 1957
25
28
Ask
5%
29
69%
30
117
38
61
117
106%
117
101%
73%
110%
105
106
102% 104
67
82
85
72%
75*
105
-%
103 103 7^
55% 57 8
72% 75
96% " %
105% 105 X
98 100
124
-
106% 106%
102 102
97%
106
105%
9 8^
---
Real Estate Bonds and Title Co. Mortgage Certificates
134
234
30
24
3
2
14% 16%
Bid
Bid
As%
/58% 60%
99
99%
34% 35%
101 101%
108 108
%
61% 63%
81% 88
104% 105%
103 103
%
107% 108
%
Old Dominion par 5S..1951
106
76% 7 8 ..
Parr Shoals Power 5s. . 1952 103%
Peoples Light A Power—
98 100
%
1st lien 3-6s_______1961
97
99
84% 86% Portland Electric Power—
88% 91%
6s_________________1950 /23% 25%
99
85
99% Pub Util Cons 5%s___1948
84
45
49
%
B on d s
Ask
Chanln Bldg 1st mtge 4s '45
Chesebrough Bldg 1st 6s '48
Colonade Construction—
1st 4s (w-e)________ 1948
Court & Remsen St Off Bid
1st 3% s...........
1950
Missouri Kan Pipe Line..5
5
Monongahela West Penn
Pub Serv 7% pref___ 25
27
Mountain States Power— 7% preferred............. 100
67%
Nassau A Suf Ltg 7% pf 100 29
Nebraska Pow 7% pref.100 115
93% 95% New Eng G A E 5% % pf. * 37
New Eng Pub Serv Co—
57 prior lien pref_____ *
115 118
59%
New Orl Pub Serv 57 p f..* 115%
41
36
New York Power A Light—
24
105%
25
24% 25%
7% cum preferred_ 100 115%
_
25
N Y State Elec A Gas—
27
5% % pref.................. 100 100%
110
Northern States Power—
112
(Del) 7% pref.......... 100
71%
22
(Minn) 5% pref____
* 109%
24
111%
102
107%
12%
55
105%
Amer Gas A Power 3-5s '53
Amer Utility Serv 6s. 1964
Associated Electric 5s_1961
Assoc Gas A Elec Corp—
Income deb 3% s_ 1978
_
Income deb 3% s_ 1978
_
Income deb 4s____ 1978
_
Income deb 4% s_ 1978
Conv deb 4s_______1973
Conv deb 4% s____1973
Conv deb 5s_______1973
Conv deb 5% s_____1973
8s without warrants. 1940
Bid
Bid
100 101
Interstate Power 57 pref. *
4%
5%
95% 96% Jer Cent P A L 7% pf-,100 104 105%
Kan Gas A El 7% pref. 100 114% 116%
2%
3% Kings Co Ltg 7% pref. 100 84
86
5%
6% Long Island Lighting—
5%
6% preferred_______ 100
28
7
29%
119%
7% preferred_______ 100
31
32%
Mass Utilities Associates—
78% 80
5% conv partlc pref. .50 32% 32%
20% 21% Mississippi Power 56 pref * 83%, 86
$7 preferred.................. *
89% 92
99% 100% Mississippi P A L 56 pref. * 80
81%
91
92% Miss Rlv Pow 6% pref. 100 114% 115%
109%
99%
106
11%
52
104%
P u b lic
Eastern Ambassador
Hotel units______
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended_
_
Par
Par
Ask
26.81
21.72
14.81
6.84
14.68
10.53
14.48
11.75
4.75
7.09
5.45
21.54
11.16
P ublic U tilit y Stocks
Alabama Power $7 p ref..*
Arkansas Pr A Lt 7% pref *
Associated Gas A Electric
Original preferred____ *
16.50 preferred- - _ *
_
57 preferred___ - . . . - *
Atlantic City El 6% pref.*
Birmingham Elec $7 pref _ *
Buffalo Niagara A Electern
*1 60 preferred______25
Carolina Power A Light—
$7 preferred__________ *
6% preferred_________ *
Central Maine Power—
7% preferred_______ 100
56 preferred________ 100
Cent Pr A Lt 7% pref_.100
Consol Elec A Gas 56 pref *
Consol Traction (N J).100
Consumers Power 55 pref*
Continental Gas A El—
7% preferred_______ 100
Ask
104% Rochester Gas A Elec—
6% preferred D _____100
112
115% Sierra Pacific Power com.*
Sioux City G A E 57 pf. 100
104% Southern Calif Edison—
6% pref series B _____25
113
Okla G A E 7% pref. .100 109% 111
Texas Pow A Lt 7% pf.100
Pacific Ltg 55 pref______ * 102% 103% Toledo Edison 7 % pf A . 100
85
Pacific Pr A Lt 7% pf.,100
87% United Gas A El (Conn)—
_
7% preferred_______ 100
Penn Pow A Lt 57 pref_ * 109% 110%
Queens Borough G A E—
Utah Pow A Lt 57 pref__ *
8% preferred______ 100
28
29% Virginian Rv . ____ 100
Republic Natural Gas___ 1
5%
6% Washington Gas Lt______*
West Penn Pr 4 % % pf 100.
Investing Com panies
Admlnts’d Fund 2nd Inc.*
Aeronautical Securities___
Affiliated Fund Inc___1%
♦Amerex Holding Corp..*
Amer Business Shares___
Amer Gen Equities Inc 25c
Am Insurance Stock Corp*
Assoc. Stand Oil Shares..2
Bankers Nat Invest Corp
•Class A___________
Basic Industry Shares..10
Boston Fund Inc________
British Type Invest A_ 1
_
Broad St Invest Co Inc..5
Bullock Fund Ltd______ 1
Canadian Inv Fund L td.-l
Century Shares Trust_ *
_
Chemical Fund__________1
Commonwealth Invest_ 1
_
♦Continental Shares pflOO
Corporate Trust Shares.-l
1
Series AA ________
Accumulative series__ 1
Series AA mod_______ 1
Series ACC m o d ..-----1
♦Crum A Forster com_ 10
_
♦8% preferred______100
♦Crum A Forster insurance
♦Common B share_ 10
_
♦7% preferred______100
Cumulative Trust Shares. *
Bid
Ohio Edison 56 pref_____* 103%
57 preferred__________ * 110%
Ohio Power 6% pref__ 100 2:113
Ohio Public Sendee—
6% preferred_______ 100 103
7% preferred_______ 100 111
500 Fifth A venue-'6%s (stamped 4 s)..1949
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 ’52
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s____ 1958
42 Bway 1st 6s_______ 1939
1400 Broadway Bldg—
1st 4s stamped____ 1948
Fuller Bldg deb 6s____ 1944
1st 2%-4s (w-s)___ 1949
Graybar Bldglst Ishld 5e’46
Harrlman Bldg 1st 68.1951
Hearst Brisbane Prop 6s ’42
Hotel St George 4s— 1950
Lefcourt Manhattan Bldg
1st 4-5s..................... 1948
Lefcourt State Bldg—
1st lease 4^6 % s____ 1948
Lewis Morris Apt Bldg—
1st 4s.........................1951
Lexington Hotel u n its..
Lincoln Building—
Income 5%s w-e___1963
London Terrace Apts—
1st A gen 3-4s_____ 1952
Ludwig Baumann—
1st 5s (Bklyn)..........1947
1st 5s (L I)............... 1951
22
52
...
Metropolitan Chain Prop—
6s ___ ___________ 1948
Metropol Playhouses Inc—
S f deb 5s_________ 1945
55
45
45%
69
39%
45
55
For footnotes see page 2958.
Ask
89
66
68
20%
22
N Y Athletic Club—
2 s - . - ....................... 1955
N Y Majestic Corp—
4s with stock stmp__ 1956
N V Title A Mtge Co—
5%s series B K _________
5%s series C-2_________
5%s series F - l_________
5%s series Q___________
6%
7%
50
35%
53
43
52
37%
55
45%
Ollcrom Corp v t o . . ______
1 Park Avenue—
2d mtge 6s________1951
103 E 57th St 1st 6s. ..1941
165 Bway Bldg 1st 4%s ’51
Sec s f ctfs 4%s (w-s) '58
52
20%
41
40%
4
36
34% Prudence Secur Co—
5%s stamped______1961
Realty Assoc Sec Corp—
__
22%
5s incom e.. ______1943
Rlttenhouse Plaxa (Phlla)
32%
2 % s...........................1958
___ Roxy Theatre—
40
/23
24
1st mtge 4s.............. 1957
150
60
Savoy Plaza Corp—
3s with s t o c k . . . _ 1956
_
35%
19
22
Sherneth Corp—
1st 5%s (w-s)._____1956
36
40
60 Park Place (Newark)—
78
80
1st 3% s___________ 1947
19
61 Broadway Bldg—
17
43
3%s with stock___ 1950
45
616 Madison Ave—
36%
3s with stock______ 1957
Syracuse Hotel (Syracuse)
55
1st 3s........................ 1955
...
3
34
Bid
Textile Bldg—
1st 6s_____________ 1958
Trinity Bldgs Corp—
_
_
1st 5% s.................... 1939
2 Park Ave Bldg 1st 4-5s’46
Walbridge Bldg (Buffalo)—
71
3s............................. 1950
Wall A Beaver St Corp—
1st 4%s w-s_______1951
Westtnghouse Bldg—
___
1st mtge 4s------------ 1948
12
4
42%
57
51%
55
36
61%
64
/14
16
/12
13
36
32
34%
26
29
62
...
35
37
35
48
40
14
17
20
69
71
ONE HUNDRED The Commercial & Financial Chronicle—Y E A R S OLD Nov. 4, 1939
2958
—
Quotations on Over-the-Counter Securities— Friday Nov. 3 —
Concluded
Water Bonds
If You Don’t Find the Securities Quoted Here
In which you have interest, you will probably find them in
our monthly Bank and Q u otation R ecord. In this publi
cation quotations are carried for all active over-the-counter
stocks and bonds. The classes o f securities covered are:
M unicipal B onds—
Domestic
Canadian
P ublic U tility Bonds
P ublic U tility Stocks
Railroad Bonds
Railroad Stocks
Real Estate Bonds
Real Estate T ru st and Land
Stocks
T itle G uarantee and Safe Deposit
Stocks
U. S. Governm ent Securities
U. S. T erritorial Bonds
Banks and T ru st Com panies—
Dom estic (New Y ork and
O u t-of-T ow n)
C anadian
Federal Land Bank B onds
Foreign G overnm ent B onds
Industrial Bonds
Industrial Stocks
Insurance Stocks
Investing C om pany Securities
Join t S tock Land Bank Securi
ties
Mill Stocks
M ining Stocks
The Bank and Q u otation R ecord is published monthly and
sells for $12.50 per year. Your subscription should be sent to
Dept. B, Wm. B. Dana C o., 25 Spruce St., New York City.
Foreign Stocks, Bonds and Coupons
Inactive Exchanges
Huntington Water—
5s series B __________1954
6 s . ............................. 1954
5s . . _____ _________ 1962
Indianapolis Water—
1st mtge 3 M s _____ 1966
Indianapolis W W Securs—
5s................................. 1958
Joplin W W Co 5s____1957
Kokomo W W Co 5S..1958
A sh
B id
102 M 103 M Penna State Water—
104)4
1st coll trust 4M 8..1966
Peoria Water Works Co—
100 M
105
1st A ref 5s_________1950
1st consol 4s_______ 1948
104
105M
1st consol 6s_______ 1948
104 M
Prior lien 5s..............1948
Phlla Suburb Wat 4S..1965
101
Pinellas Water Co 5 Ms. '59
Pittsburgh Sub Wat 5s '58
101 M
105
Plainfield Union Wat 5s '61
72 M 77M Richmond W W Co 53.1957
75 M 80 M Roch A L Ont Wat 5 s .1938
101
102
105
103 M
98
105
105
Long Island Wat 5 Ms. 1955 104
Monmouth Consol W 5s '56 100
Monongahela Valley Water
5 M s________________1950 101M
Morgantown Water 5s 1965 105
Muncle Water Works 5s '65 105
New Jersey Water 6s. 1950 101
New Rochelle Water—
5s series B __________1951
92
5 Ms............................. 1951
97M
New York Wat Serv 5s '51
97
Newport Water Co 5s 1953 102
Ohio Cities Water 5M9 '53
96
Ohio Valley Water 5s. 1954 107
Ohio Water Service 5 s .1958 101
Ore Wash Wat Serv 5s 1957
93
103
106
101 M 103 M
100 M
100 M
104
106
103
100
102
107
_
105
100 M
Tel. HAnover 2-5422
Foreign Unlisted Dollar Bonds
bid
Caldas (Colombia) 7 Ms '46
Call (Colombia) 7 s . . -1947
Cauca Valley 7M s____ 1946
Central Agrlc Bank—
see German Central Bk
Central German Power
Madgeburg 6s_____ 1934
Chilean Nitrate 5s____ 1968
City Bavlngs Bank
Budapest 7s________1953
flS H
/24
m
m.
/15M
n
m
/52M
/3
(70
Cordoba 7s stamped-.1937 /48
Costa Rica funding 5s. '51 /12M
Costa Rica Pac Ry 7 Ms '49 /17
6s..................................1949 /12M
Cundlnamarca 6 Ms___1959 n s
Dortmund Mun Util 6si2’48 m
Duesseldorf 7s to_____ 1945
/9
Duisburg 7% to----------1945
/9
East Prussian Pow 6s. 1953
Electric Pr (Ger'y) 6 Ms '50
6M s............................. 1953
European Mortgage A In-
Ask
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 M s'32
Hungarian Discount A Exchange Bank 7s____1936
___' Jugoslavia 5s funding.1956
___ Jugoslavia 2d series 5s. 1956
19
17
4V,
3M
3M
4M
Mannheim A Palat 78.1941
16M Meridlonale Elec 7s___1957
Munich 7s to_________ 1945
Munlc Bk Hessen 7s to '45
Municipal Gas A Elec Corp
Recklinghausen7 1 -.19 47
W Va Water Serv 4 s ..l9 6 i
Western N Y Water Co—
6s series B __________1950
97
1st mtge 5s_________1951
102 M
1st mtge 5 Ms______ 195C
101
Westmoreland Water 6e ’62
Wichita Water—
5s series B _________ 1950
100
6s series C _________ 1960
6s series A _________ 1940
103 M
W ’ msDort Water 5s___1952
98
103 M 105M
101
97
96M 100 M
___
100
101M
_
101
105
103 M
103 1 —
German Atl C abl«7s.-1945
German Building A Landbank 6M s__________ 1941
German Central Bank
Agricultural 6s_____ 1938
German Conversion Office
German scrip--------------------Graz (Austria) 8s____ 195Great Britain & Ireland—
See United Kingdom
Guatemala 8s_________194£
6 s . . •.........................1957
Haiti 6s______________ 195J
Hamburg Electric 6 s.-1 9 3 s
Housing A Real Imn 7= '46
no
___
55
/io
53
/3 5
/9
JO
/40
/6 0
/5
/7
54
Protestant Churoh (Germany) 7s....... ............ 1946
14M
Prov Bk Westphalia 6s '33
14M
5s..................................1941
15M
Rio de Janeiro 6 % ____1933
Rom Cath Church 6 Ms '46
R C Church Welfare 7s '46
Saarbruecken M Bk 6 s .'47
Salvador
7s ctfs of deposit. 1967
95
no
no
17H
3
fo
60
___
Panama City 6 Ms____ 1952
Panama 5 % scrip_________
___ Poland 38____________ 1956
m
JO
/1 0
/6
/9 M
/9 M
___
n
no
no
28
28
___
/a
/2 8
A Trick in Trade to Recover a Debt
9
35
33
n
no
n
/16
/2
Ask
/3
Nassau Landbank Ms '38
Nat Bank Panama—
(A A B) 48— 1946-1947
(C A D) 4s— .1948-1949
Nat Central Savings Bk of
Hungary 7 Ms______ 1962
16M
National Hungarian A Ind
6 *4
16H North German Lloyd 6s ’47
3
4s...................... .......... 1947
Oldenburg-Free State—
7s to______________ 1945
Oberpfals Eleo 7s____1946
no
no
no
/3
/9
91
Bid
f3
/10
/n
7Ms Income_____ 1966
7s..................................1967
7s Income...............1967
Farmers Natl Mtge 7 s .'63
Frankfurt 7s to_______1945
French Nat Mall 8S 6s '52
Koholyt 6M8_________1943
Land M Bk Warsaw 8s '41
Leipzig O'land Pr 6H s '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Water 7s___________ 1948
_
8 s . . . .......................... 1948
8s ctfs of deposit .1948
Santa Catbarlna (Brf.zli)—
8 % _________________1947
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 68.-1943
Saxon Pub Works 7s-.1945
8 Ms_______ _____ - 1951
Saxon State Mtge 8 s ..1947
Stem A Halske deb 6s.293(
State Mtge Bk Jugoslavia
5s................................. 195(
Stettin Pub Util 7s___1946
Toho Electric 7s_____ 1955
Tollma 7s....................1 9 4 7
United Kingdom of Grea
Britain & Ireland 4S.199C
Uruguay conversion scrip..
Unterelbe Electric 6s. .1953
V'esten Elec Ry 7s------ 194"
W urtembere 7s to _.194f
/55
/5 3
1
___
___
/3
...
/3
/--/2 3
___
28
JO
---
/io
___
63
___
8M
/8M
/I I
___
___
no
j&
__
J7
7M
/8 M
/8 M
_
JO
___
___
/8 M
/8
8K
/1 4
/1 3
___
67
/1 9
8M
71
21
J7
7%
J 7H
no
no
no
_
_
300
20
20
AO
70
A6
25
25
81
71M
/3 6
83
72 M
JO
JO
JO
—
St Joseph Wat 4s ser A . ’66 106M
Scranton Gas A Water Co
4 M s................ ............ 1958 102 H 104 M
Scranton-Sprlng Brook
94
Water Service 5s. 1961
89
1st A ref 5s A _____ 1967
89 M 94 M
_
Shenango Val 4s ser B 1961 101
South Bay Cons Water—
84
5 s ................................. 1950
79
Springfield City Water—
4s A . . .........................1956 101 M
Terre Haute Water 6s B '66 102
6s series A ______ ._194£
102
Texarkana Wat 1st 5s. 1958 10IM
_
Union Water Serv 5Ms '61 101 M
■^Due to the European situation some o f the quotations shown below are
nominal.
Anhalt 7s to__________ 1946
19
Antioqula 8s______ .-1946
/ 52
Bank of Colombia 7 % -1947 /24
7s................................. 1948 /24
Barranqullla ,s’36-40-46-48 /20
Bavaria 6Ms to____ .1945
/9
Bavarian Palatlnlte Cons
Cities 78 t o ----------- 1945
/6
Bogota (Colombia) 6Ms '47 A 8
SB__________________ 1945 /16
Bolivia (Republic) 8 s .1947
/4 M
7s..................................1958
/3 M
7s___________ _______1969
/3M
6s_____ ____________ 1940
/3M
Brandenburg Elec 6s-.1953 m
Brazil funding 5 s ..1931-51 /16
/ ‘ 3c
2
Bremen (Germany) 7s. 1935 /13
6s................................. 1940 n o
British see United Kingdom
British Hungarian Bank—
7M s............................. 1962
/3
Brown Coal Ind Corp—
8 Ms............................. 1953 /12M
Buenos Aires scrip----------/48
Burmelster A Wain 6s. 1940
75
A si
101M 102
• N o par value, o Interchangeable. 6 Basis price, d Coupon, t Ex-payment.
/F la t price, n Nominal quotation, ic I When Issued, w-s With stock. 1 E 1 dlvidend.
y Ex stock dividend.
t Now listed on New York Stock Exchange.
$ Now selling on New York Curb Exchange,
i Quotation not furnished by sponsor or issuer.
1 Quotation on $89.50 ol principal amount. 5% was paid on July 2 and 5 M %
Sept. 25.
BRAUNL & C O ., INC.
52 W illiam S t., N. Y .
B id
Alabama Wat Serv 6s. 1957
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '58
Butler Water Co 5s___ 1957
Calif Water Service 4s 1961
Chester Wat Serv 4 Ms '58
City of New Castle Water
5s__________________ 1941
City Water (Chattanooga)
5s series B ..... .......... .1954
1st 5s series C ______ 1957
Community Water Service
5 M? series B _______ 1946
8s series A __________1946
73
17
_
In the Court of Quarter Sessions, Phila
delphia, recently, a jury, which had been
out all night in the case of William H. Simp
son, charged with obtaining money from
Guthrie & West, of that city, by false pre
tences, returned with a verdict of not guilty,
but they directed the defendant to pay the
costs. This case illustrates the danger of
accomplishing any object, even the payment
of a just debt, by a resort to trick; and it
would be well to give the principles of law
decided in this case, in connection with the
verdict, for the information of the trading
community. It appeared that Guthrie &
West owed Simpson, who is a merchant in
New York, about $500; and the latter, in
order to obtain payment, sold the former a
lot of goods and agreed to consign them to
Philadelphia on a new credit. The boxes
supposed to contain the goods were sent on,
and the money on the old debt was paid to
Simpson; but, on opening the boxes, Guth
rie found that they were filled with char
coal. It appears, also, that Guthrie had
paid $26 more than he had admitted to be
due; and it was for the obtaining of this
that the prosecution was entered. The
Court, in charging the jury, said that, no
matter how dishonorable a trick might be,
yet, if it be resorted to for the payment of a
just debt, it did not come under the censure
of the law; but if the defendant, in resort
ing to the perilous means of a trick, obtained
money not due, or more than was owing, he
was guilty under the Act of Assembly and
must be convicted.
HUNT’ S MERCHANTS’ MAGAZINE,
September, 1845.
Volume 149
ONE HUNDRED
—The Commercial & Financial Chronicle—YE A R S OLD
2959
General Corporation and Investment News
RAILROAD— PUBLIC UTILITY— INDUSTRIAL— INSURANCE— MISCELLANEOUS
NOTE— For mechanical reasons it is not always possible to arrange companies in exact alphabetical order.
However, they are always as near alphabetical position as possible.
FILING OF REGISTRATION STATEMENTS UNDER
SECURITIES ACT
The following additional registration statements (N os. 4217
to 4224, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is approximately $57,472,428.
New Britain Machine Co. (2-4217, Form A-2) o f New Britain, Conn,
has filed a registration statement covering 35,000 shares o f no par value
common stock which will be offered to common stockholders at $25 per
share. Proceeds o f the issue will be used for retirement o f the 1100 par 7 %
class A preferred stock and for working capital. H. H. Pease is President
o f the company. There will be no underwriter. Filed Oct. 26, 1939.
Nugold Mines 1939, Ltd. (2-4218, Form A -l) o f Toronto, Ont. has filed
a registration statement covering 600,000 shares o f $1 par common stock
to be offered to stockholders at 54 cents or to the public at 58 cents a share.
The offering includes 65,478 shares already issued. Proceeds will be used for
payment o f predecessors debt, drilling, development, equipment and
working capital. William Sanderson is President o f the company. Barnett
E. Laxer & C o., Ltd. has been named underwriter. Filed Oct. 27, 1939.
(The company was formerly Nugold Mining Corp., L td.).
Jersey Central Power & Light Co. (2-4219, Form A-2) of Asbury
Park, N . J. has filed a registration statement covering $39,000,000 of 1st
mortgage bonds, due 1964, and $3,225,000 o f serial notes, due 1940 to
1949, inclusive. Filed Oct. 27, 1939. (For further details see subsequent
page.)
United Funds Management Corp. (2-4220, Form C -l) of Kansas
City, M o. has filed a registration statement covering 12,000 United Fund
trust certificates, accumulative series T A , which will be offered at $1,000
each. Proceeds will be used for investment. Franklin E. Reed is President
o f the company. Sponsored by a depositor. Filed Oct. 27, 1939.
Continental Motors Corp. (2-4221, Form A-2), o f Muskegon, M ich.,
has filed a registration statement covering 350,000 o f $1 par common stock
which will be offered at market. Proceeds o f the issue will be used for debt,
moving Detroit operations to Muskegon plant, equipment, test house and
working capital. Clarence Reese is President of the company. Van Alstyne,
Noel & Co. has been named underwriter, Hugh W . Long may be an under
writer. Filed Oct. 28, 1939.
(A.) De Pinna Co. (2-4222, Form A-2) o f New York, N . Y ., has filed a
registration statement covering 26,278 shares of $10 par 6% cumulative
convertible preferred stock and 93,893 shares of $1 par class A stock.
12,264 shares o f the preferred stock will be offered through the under
writers at $10 per share for the account o f certain stockholders and the
other 14,014 shares o f preferred stock will be optioned to underwriters for
resale at $10 per share. 52,556 shares o f the class A stock is reserved for
conversion of the preferred, 19,290 shares are to be offered through under
writers at $4 per share for the account o f certain stockholders, and the
remaining 22,047 shares are optioned to underwriters for resale at $4 per
share. Proceeds o f the entire issue is for the account of certain stock
holders. Roy Foster is President o f the company. Barrett Herrick &
C o., Inc. and Hartley Rogers, Torrey & Cohu have been named under
writers. Filed Oct. 28, 1939.
Airplane Manufacturing & Supply Corp. (2-4223, Form A -l) o f
Glendale, Calif., has filed a registration statement covering 210,000 shares
of $1 par common stock to be offered at $1.25 a share. Proceeds will be
used for purchase of property and working capital. Earl Herring is President
of the company. G. Brashears & Co. has been named underwriter. Filed
Oct. 28, 1939.
Asbestos Manufacturing Co. (2-4224, Form E -l) o f Huntington, Ind.,
has filed a registration statement covering 65,700 shares o f no par common
stock to be issued under a plan o f reorganization. Of the total, 15,700
shares will be reserved for the conversion o f 15,700 outstanding shares of
$1 par $1.40 cumulative convertible preferred, 7,850 shares are to be issued
in payment o f dividends on the preferred and 42,150 shares will be offered
first to common stockholders at $2 a share, the unsubscribed portion to be
taken equally by Henry K. Smith and Nelson S. Talbott at $2 a share.
In addition, Frank C. Edson, President o f the company, has the right to
take 3,918 shares to apply on accounts payable to him by the company.
There will be no underwriter. Filed Oct. 28, 1939.
The last previous list of registration statements was given
in our issue of Oct. 28 , page 2677.
Abbott Laboratories— Earnings —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s .— 1938
1939— 9 M o s .— 1938
x Net profit___________
$744,571
$563,459 $1,756,578 $1,404,944
Earnings per share_____
z$1.07
y$0.82
z$2.51
y$2.07
x After depreciation, normal Federal income taxes, but before surtax,
y On 640,000 shares o f capital stock, z On 672,095 shares o f common
Net sales for first nine months o f 1939 were $8,660,101, against $7,335,635
in like 1938 period.— V. 149, p. 2677.
M o n th o f S ep tem b er—
1939
1938
1937
Profit after general expenses, but be
fore bond int., depr. & inc. tax es.. x$463,529
$300,225
$417,269
x Includes $92,729 premium received on U. S. exchange.— V. 149, p. 2223.
Airplane Mfg. & Supply Co.— Registers with SEC —
See list given on first page o f this department.
Air-Way Electric Appliance Corp.— Earnings —
40 W e e k s
40 W e e k s
40 W e e k s
O c t . 7, 1939 O c t . 8, 1938 O c t . 9, 1937
x Net l o s s .......................prof$6,440
$64,791
$274,147
x After taxes, depreciation, &c.— V . 149, p. 1465.
Alabama Water Service Co.—-Earnings— 12 M o n t h s E n d e d S e p t . 30—
al939
bl938
Operating revenues_________________ $ l,ll3 ,0 5 7 $1,071,805
Operating expenses and taxes_______
725,500
708,172
41
Alleghany Corp.— A ppra isa l o f Collateral—
Collateral securing the 5s, 1944, was appraised at $44,715,207 N ov. 1
by the trustee, Guaranty Trust Co. This collateral is 144% o f the $31,044,000 of bonds outstanding. The appraisal showed deposited cash of
$26,674.
Alleghany Corp. 5s, 1949, had collateral amounting to $30,344,152,
according to the appraisal by Continental Bank & Trust C o., trustee of
this issue. The collateral was 138.3% o f the $21,938,000 par amount of
bonds outstanding.
The collateral securing the Alleghany 5s, 1950, was appraised at $3,392,515 by Marine Midland Trust C o., trustee of this issue. This is a
collateral ratio o f 36.9% o f the $22,719,000 bonds outstanding.
On Aug. 1, Alleghany 5s, 1944, collateral was appraised at $43,575,973
or a ratio of 138.48% of par value; the 5s, 1949, collateral at $25,048,621
or a ratio of 114.18% of par o f outstanding bonds; and the 5s, 1950, collateral
at $7,226,259 or 31.35% of the par amount of bonds.
Between the Aug. 1 and N ov. 1 appraisal dates the value o f the collateral
securing the 5s, 1944, was in excess of 150% of outstanding bonds for several
days.
The above appraisals do not include a valuation on 107,579 shares of
Chesapeake & Ohio Ry. common stock withdrawn by Alleghany in Septem
ber from collateral securing the 5s of 1944 and now held in trust pending
disposition of the shares. Under an agreement, scheduled to expire N ov. 14
unless extended, between Alleghany and Marine Midland, the stock was
placed in trust while a plan of adjustment for the 5s of 1950 is worked out.
Agreement provides that the shares shall be delivered to Guaranty Trust,
trustee of the 5s of 1944, if no adjustment plan is arrived at.
Tenders—
Holders of 20-year collateral trust convertible 5% bonds, series of 1930
due April 1, 1950, are being notified that the corporation has elected that
deposited cash in the amount o f $100,000 held by the Marine Midland
Trust C o., o f N . Y ., as trustee under the indenture, shall be applied to
the purchase of outstanding bonds. The trustee, now has on hand said
sum o f $100,000 for the purchase of bonds: and, beginning on N ov. 14,
1939 and until corporation directs that such purchases shall cease, the
trustee in its discretion and to the extent that funds are avaiable, will be
empowered to purchase bonds either on any registered securities exchange
or at private sale or otherwise, at prices and in amounts and at times which
shall be in the absolute discretion of the trustee, but in every case at a price
per bond not in excess of a maximum price to be determined from time to
time in accordance with the provisions of the indenture.
All bonds so offered for sale to the trustee, should carry the April 1,
1940 and subsequent coupons and should be offered flat. Any or all
offers or tenders of bonds may be rejected in whole or in part.— V . 149,
p. 2501.
Aluminium, Ltd.— To Pay $4 Dividend —
Directors have declared a dividend of $4 per share on the common stock,
payable in Canadian funds on Dec. 19 to holders o f record N ov. 24. Initial
dividends o f 25 cents in cash and 10% in stock, were paid on April 28, last.
— V. 149, p. 253.
American Air Lines, Inc. (& Subs.)— Earnings —
9 M o n t h s E n d e d S e p t . 30—
1939
1938
Revenue miles flow n_____________________________ 13,587,132 11,242.028
Revenue passengers______________________________
376.506
249,396
Revenue passenger miles_________________________ 144.316,413 98,893.841
Operating revenue_______________________________ $10,637,097 $8,112,789
Expenses_________________________________
8,432,723
6,731,122
Provision for obsolescence and depreciation_______
914,479 1,165,360
Interest__________________________________________
121,113
158,016
Provision for Federal income taxes (estimated)___
204,500
9,600
Net profit____________________________________
$964,283
$48,691
Earnings per share on capital stock_______________
$3.21
$0.16
For the quarter ended Sept. 30, 1939, net profit was $561,186, or $1.87
a share, comparing with $199,925 or 66 cents a share in the September
quarter of 1938.— V. 149, p. 1315.
American Bank Note Co. (& Subs.)— Earnings —
P e r i o d E n d . S e p t . 30—
Operating profit_______
Depreciation___________
1939— 3 M
$17,056
58,852
— 1938
$201,254
83,232
1939 - 9 M
$192,426
175,547
Profit_______________ loss$41,796
Other income__________
21,101
$118,022
22,155
$16,879
65,477
$140,177
44,286
8,088
46,399
o s
W eek s
10, ’36
$29,757
bl937
$1,058,087
651,335
$387,557
4,587
$363,633
4,214
$406,753
4,949
Gross income_____________________
Int. on long-term debt______________
Miscellaneous interest______________
Amortization o f debt disct. & expense
Miscellaneous deductions___________
$392,143
263,508
1,818
1,586
4,117
$367,848
263,568
2,326
1,586
$411,702
277,628
3,014
1,586
Net income______________________
$121,115
$100,368
$129,474
Dividends on preferred stock_______
40,758
40,758
______
Dividends on common stock________
40,000
50,000
______
a Collinsville Ice Co. was dissolved on June 1, 1939. Subsequent to
that date the ice properties have been incorporated into and operated by
the company. The statement includes Collinsville Ice Co. to date of dis
solution. b Consolidated figures.
B a l a n c e S h e e t S e p t . 30, 1939
A s s e t s — Utility plant, $8,467,511; miscellaneous investments and special
deposits, $325,892; cash in banks and working funds, $738,345; accounts,
warrants and notes receivable (net), $125,291; accrued unbilled revenue.
Net loss_____________
Preferred dividends____
Common dividends_____
$143,739 prof$41,403
67,435
67,435
______
64,994
Deficit............ ..............
— V. 149, p. 867.
O ct.
Net earnings_____________________
Other income (net)_________________
Algonquin Printing Co.— Personnel—
Jerome A. Newman has been elected President and Treasurer of this
company and Douglas Newman, was elected Vice-President. Robert J.
Marony, William G. Rabe, and Elias Reiss, together with the two Newmans,
compose the board of directors.— V. 149, p. 2361.
Total income_________ loss$20,695
Other deductions______
59,576
Subsidiary pref. divs___
6,216
Federal income taxes_
_
57,252
Abitibi Power & Paper Co., Ltd.— Earnings —
P e r io d —
$17,635; material and supplies, $69,845; prepaid insurance and taxes
$19,169: deferred charges, $43,112; total, $9,806,800.
L i a b i l i t i e s — Long-term debt, $5,766,853; accounts payable, $39,476;
consumers’ deposits, $31,250; interest on long-term debt accrued, $61,258;
general taxes, $88,954; Federal income taxes, $53,052; dividends on preferred
stock, $3,396; unearned revenue, $14,402: miscellaneous accruals, $7,059;
consumers’ extension deposits, $41,081; reserves, $1,417,732; contributions
for extensions, $4,037; $6 cumulative preferred stock, $679,300; common
stock (6,000 shares of no par value), $600,000; capital surplus, $538,793:
earned surplus, $460,155; total, $9,806,800.— V. 149, p. 1167.
$211,174
$91,026
$82,356
145,149
18,139
72,276
— 1938
$458,871
249,650
o s
$209,221
66,490
$275,711
133,259
24,268
163,102
$153,208
202,304
64,994
$44,918
202,304
292,473
$420,506
$539,696
American Bosch Corp.— Earnings —
9 M o n t h s E n d e d S e p t . 30—
1939
1938
Profit after depreciation, &c., but before provision
for Federal income taxes_______________________$14,771 x loss $436,167
x Exclusive o f extraordinary operating charges in 1938 period at June 30.
1938, of $984,689.— V. 149, p. 1315.
American Centrifugal Corp.— Underwriting Agreement
Extended —
In its additional listing application to the New York Curb Exchange,
dated March 17, 1939, corporation applied for and the Curb granted
authority to add to the list 57,143 additional shares ($1 par) capital stock
upon official notice of issuance thereof for cash. On June 10 and Aug. 5
notice was published that a total of 16,961 shares had been sold and issued
and that the period of the offering of the balance of 40,182 shares to the
public and the period of the agreement in which the underwriter was to
take up and pay for the balance of 3,650 underwritten shares, had been
extended to Oct. 26, 1939.
Corporation has notified the Exchange that a total of 25,011 shares
have been sold, including the entire balance of the 20,000 shares represented
by the underwriters’ commitment, leaving a balance of 32,132 shares as
to which the term o f the underwriting agreement has been extended to
Dec. 30, 1939.— V. 149, p. 1465.
2960
ONE HUNDRED Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
The
—
—
American Cyanamid Co. (& Subs.)— Earnings —
9 M o s . E n d . S e p t . 30—
1939
Oper. profit after exps_. 88,084,832
Other incom e-.................
547,183
1938
85,538,911
447,325
1937
88,241,970
542,045
Total in c o m e ............ 88,632,015
Deprec & depletion.. 2,364,599
Research & process de
velopment expense___ 1,371,368
Interest_______________
414,894
Prov. for income tax____ 1,091,756
Minority interest______
49,961
85,986,236 88,784,015 86,595,630
2,139,753
2,026,757
1,720,711
1,406,140
481,339
508,744
49,980
1936
86,049,836
545,794
1,289,106
313,163
869,052
49,980
1,089,344
306,980
612,628
62,701
Net income__________ 83,339,437 x$l,400,280 x$4,235,957 x$2,803,266
Preferred dividend____
78,8079
55,373
____________
Combined shs.stk. outst. 2,618,369
2,520,368
2,520,368 2,520,368
Earnings per share_____
81-25
80.53
81.68
$1.11
x N o mention was made o f any provision for Federal surtax on undis
tributed profits.
N o t e — Consolidated net income, as reported above, does not include the
company’s equity in the undistributed net income o f certain affiliated
companies in which the company does not have a majority interest.— V.
149, p. 867.
American Felt Co.— c c u m u la te d
-A
D ivid en d —-
Directors have declared a dividend o f $6 per share on account of accumu
lations on the 6% cumulative preferred stock, payable N ov. 15, to holders
o f record N o v ^ l, thus clearifag up all arrears.— V . 147, p. 1751.__ _______
American & Foreign Power Co., Inc.— N ote M aturity —
Company’s notes which matured Oct. 26, 1939, held by banks in amount
of 819,200,000 and by Electric Bond & Share Co., in amount of $4,800,000,
were retired to extent o f l-12th principal amount ($2,000,000) on that
date, and the balance was extended to Oct. 26, 1942. Under the extension
agreement company will pay $2,000,000 on account o f principal of these
notes, on Oct. 26, 1940, and again on Oct. 26, 1941, to be divided in pro
portion to total amount o f notes held by the several banks and Bond &
Share. Interest on the extended notes will be at the rate of 3 H % for the
first year, 3 % % for the second, and 4% for the third.
Following payment on account o f principal on Oct. 26 last, $17,600,000
notes remained in the hands o f the banks, and Electric Bond & Share Co.
continued to hold ' $4,400,000, a total o f ■.$22,000,000.—|P| 149, p. 2501. --------V.
r— , i - . r " "
r ■ —— 1r1
>
nr»
_ .
f |
American Gas & Electric Co. (& Subs.)— E a rn in g s —
■
P e r i o d E n d . S e p t . 30—
1939— M o n t h — 1938
1939— 12 M
S u b s . C o n so lid a te d —
Operating revenue_____ $6,705,935
$6,223,026 $75,882,300
Operating expenses_____ 2,099,844
1,861,933 23,949,059
Maintenance....... ............
388,422
303,784
4,261,658
Depreciation___________
925,822
885,057 10,883,459
Taxes__________________
959,598
877,069 10,523,562
a Balance------------------$1,120,299
A m e r i c a n G a s & E l e c . C o .—
$72,437,607
22,379,754
4,270,013
10,411,270
10,179,104
a Balance.......................$1,120,299
Int. from subs, c o n s o l-..
126,419
Pref. divs. from subs.
consolidated_________
165,681
Other income__________
4,517
$2,293,166 $26,388,019 $25,244,846
873,699
9,482,095 10,491,668
424,394
5,092,519
5,072,555
$995,073 $11,813,404
$9,680,623
$995,073 811,813,404 $9,680,623
221,140
1,782,281 2,768,194
165,681
4,993
1,988,170
55,980
1,968,206
71,278
Total income________ $1,416,916 $1,386,887 $15,639,836 $14,488,300
Taxes and expenses (net)
108,306
63,820
593,069
586,339
Balance-------------------- $1,308,610 $1,323,066 $15,046,767 $13,901,961
Int. & other deductions128,140
170,853
1,651,870
2.050,241
Divs. on pref. s t o c k ...
177,811
177,811
2,133,738
2,133,738
Balance---------- -------- - $1,002,658
$974,402 $11,261,159 $9,717,982
a Of income for common stocks o f subsidiaries owned by American Gas
& Electric Co.— V . 149, p. 2224.
American Hair & Felt Co. (& Subs.)— E a rn in g s —
9 M o n t h s E n d e d S e p t . 30—
1939
'
1938
Net sales_______ _______ ________ ______ ______ _ $4,507,584 $3,750,967
Cost o f sales, selling, adminis. & general expenses. 4,263,047
3,983,618
Net profit from operations.
Miscellaneous income_______
$244,537 loss$232,651
68,201
39,900
Total profit_
_
Other deductions
$312,739 loss$192,752
124,759
65,395
P r o f i t ...________ ____________________________
Adjustment o f inventory for market decline______
$187,980 loss$258,147
21,826
01 9,18 9
Net profit___________________
above profit and loss account includes
provisions for—
Depreciation, obsolescence and amortization of
intangibles_________________________________
Federal, State and local taxes_________________
$166,154 loss$238,959
N o t e — The
A ssets—
269,233
189,309
$458,542
30
1939
Accounts payable- $317,185
Bank loans______
Prov. for Federal
83,314
income taxes__
Other taxes, pay
196,943
rolls, com., &C-.
Reserves________
807,676
Min. stockholders’
74,737
int. in sub____
First pref. stock
(par $100)____ 1,478,200
b 2d pref. stock__ 1,796,400
c Common stock.. 800,270
65,633
Surplus_________
C o n s o lid a te d B a la n c e S h e e t S e p t .
L i a b ilit ie s —
1939
1938
Cash................... $341,699 $412,277
Receivables_____
731,670
435,674
Inventories______ 2,238,343 1,669,665
Prepaid taxes, in50,799
► surance, &c___
73,531
128,507
Investments____
126,600
a L’d, bldgs., machin’y, eq., &C-. 2,004,764 2,119,142
Intang, assets in
185,386
process of amort. 103,751
260,065
102,255
$362,320
1938
$220,965
100,000
60,513
155,645
421,873
125,626
1,478,200
1,796,400
800,270
defl58,042
Total. .
.$5,620,357 $5,001,450
T otal.............-$5,620,357 $5,001,450
a After reserve for depreciation o f $3,371,748 in 1939 and $3,201,617 in
1938. b Represented by 29,940 no par shares, after deducting 60 shares
held in treasury at a stated value of $60 per share, c Represented by 160,054 no par shares after deducting 300 shares held in treasury at a stated
value o f $5 per share.
A c c u m u la te d D ivid en d —
Company paid a dividend o f $3 per share on account of accumulations on
its 6% cumulative first preferred stock, on Oct. 25 to holders of record
Oct. 20, leaving arrears o f $7.50 per share.— V. 149, p . 1015.
American-Hawaiian Steamship Co. (& Subs.)— E a r n s.
P e r i o d E n d . S e p t . 30—
1939— M o n t h — 1938
1939— 9 M o s .— 1938
Operating earnings------- $1,610,043 $1,535,917 $13,173,585 $12,022,414
Operating expenses_____ 1,419,164
1,297,445 12,217,867 11,323,599
P 7 Net
profit from opers.
Other incom e-.................
$190,880
4,855
$238,472
3,335
$955,718
28,484
$698,815
25,119
x Total profit_______
Provision for deprec’n . .
Sale o f securities_______
$195,735
69,278
$241,807
75,223
$984,202
640,900
Dr208
$723,935
684,388
019,071
D r2 0 8
y Net profit.................
$126,248
$166,584
$343,094
$58,619
x Before depreciation and Federal income tax. y Before Federal income
taxes.— V. 149, p. 2071.
American Ice Co. (& Subs.)— Earnings —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938
1939— 9 M o s . — 1938
$395,455
$207,261
$239,868 loss$29,139
x Net income__________
Earns, per sh. on c o m ..
$0.33
Nil
Nil
Nil
x After interest, depreciation. Federal income taxes, &c., but before
Federal surtax on undistributed profits.
The company had no bank loans and no funded or other long-term debt,
having called all outstanding 5% sinking fund debentures, amounting to
$932,000, on Sept. 30, 1939. After this operation the company’s cash hold
ings amounted to approximately $1,000,000.— V. 149, p. 1316.
American I. G. Chemical Corp.— N a m e Changed—
Corporation announced on Oct. 30 that its name had been changed to
the G e n e r a l A n i l i n e & F i l m C o r p . This, it was explained by a public
relations representative of the company, was accomplished by the General
Aniline Works, Inc., a wholly-owned subsidiary, changing its name to the
General Aniline & Film Corp., and by the parent company adopting this
name. The change was explained as resulting from a belief that German
names caused business prejudice in this country.— V. 149, p. 868.
ine & Metals, Inc.—-E arnin gsP e r i o d E n d . S e p t . 30—
Net sales______________
Gross profit___________
Total income__________
Expenses, &c__________
Depreciation & deple’n .
Interest _______________
Profit on bonds retired- _
1939— 3 M
$691,335
199,803
224,091
230,562
16,979
9,125
Net loss_____________
— V . 149, p. 1317.
$32,575
.— 1938
$509,051
113,634
136,332
176,288
19,218
7,875
Cr980
os
$66,069
Co., Ltd. —E a rn in gs-
1938
o s .—
Operating income____ $2,332,248 $2,295,184 $26,264,563 $25,197,467
Other income__________
10,640
Dr2,018
123,456
47,379
Total income_________ $2,342,888
Int. & other deductions.
798,195
Divs. on pref. stocks____
424,394
American Home Products Corp. (& Subs.)— Earnings —
9 M o s . E n d S e p t . 30—
1939
1938
1937
1936
x Net income__________ $3,084,491
$2,130,350 $2,312,482 $2,157,981
Earns, per sh. on cap.stk.
$3.83
$2.80
$3.12
$2.91
x After depreciation, interest and Federal income taxes, but before
provision for surtax on undistributed profits.
For the quarter ended Sept. 30, 1939, net profit was $1,075,310, equal to
$1.34 a share on 804,157 shares outstanding at close of period, comparing
with $775,253, or 95 cents a share, on 811,858 shares in the September
quarter of previous year.— V. 149, p. 1316.
P e r io d E n d . S e p t. 3 0 1939— 3 M
Profit before exchange. . $1,143,010
Other income__________
350,685
Total income________ $1,493,695
23,682
Interest, &c___________
Adm. & selling expense.
97,834
Taxes other than incomes
161,791
Amortization of invest - 39,462
Net loss on sale of secs..
Depreciation___________
126,464
Depletion______________
129,000
Payable under employ’s’
36,488
annuity plan________
A d j. of metal price fluc
tuation reserve_____
181,412
Contingent reserve____
U. S. & for’n inc. taxes .
132,620
U. S. surtax on undis
tributed profits_____
1,594
Minority interest_____
o s .—
1938
$766,866
250,561
1939— 12 M o s — 1938
$2,579,785 $2,338,904
530,115
688,884
621,754
782,049
768,836
875,094
88,364
69,760
33,392
32,945
0 1 0,24 5
0 8 ,7 9 5
$186,955
1939— 12 M o s .— 1938
$2,612,801 $2,064,303
3,341,707 x3,853,443
137,730
127,079
$5,954,508
117,107
489,065
646,485
166,054
38,121
587,083
508,157
34,706
$1,017,428
25,561
95,565
138,355
22,616
$258,593
$5,917,745
113,126
529,446
526,550
183,918
625,010
498,904
138,467
228,983
7,184
Crl,594
108,491
225,604
665,386
0106,177
881
796,950
05 ,591
01 ,5 5 3
9,557
0997
Net profit__________
$563,348
$327,325 $2,374,532 $2,511,594
Earnings per share on
$1.72
common stock______
$0.38
$0.18
$1.61
x Includes $77,268 reserve for prospective losses on open controls no
longer required.— V. 149, p. 718.
American News Co .—
N e w C h a irm a n , & c .—
Harry Gould was elected Chairman o f the board o f directors and Michael
A . Morrissey was elected President to succeed M r. Gould.— V . 149, p . 1016.
American Rand Corp.— Promoter Sentenced—
The Department o f Justice and the Securities and Exchange Commission
Oct. 28 reported that Charles Jonesi was sentenced to two years’ imprison
ment in Federal District Court at Seattle for violation of the fraud provisions
of the Securities Act of 1933 and the Mail Fraud statute in connection with
the sale of stock o f American Rand Corp. In addition, the Court suspended
sentence for a period of five years on condition that Jonesi should not, dur
ing that period, engage, either directly or indirectly, in the sale o f securities.
Jonesi had been convicted by the jury on Oct. 26.
American Rolling Mill Co. (& Subs.)— Earnings —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938
1939— 9 M o s . — 1938
x Net profit______ _____
$600,793 y$556,994 $2,269,944 y $ l,280,159
Earnings per share on
com. shs. outstanding.
$0.03
Nil
$0.26
Nil
x After depreciation, interest and Federal taxes, y Indicates loss.
Accumulated Dividend —
Directors have declared a dividend of $1.50 per share on account of
accumulations on the 4 )4 % cumulative preferred stock, payable Dec. 15
to holders o f record N ov. 15. Dividend of $1.25 was paid on Oct. 16, last,
this latter being the first dividend paid on the preferred shares since July 15,
1938, when a regular quarterly dividend o f $1.12)4 Per share was dis
tributed.— V . 149, p. 1466.
American Seating Co.— E a rn in g s —
1939
9 M o s . E n d . S e p t . 30—
______ $5,820,358
Gross s a le s _
_
4,291,760
Cost of sales_____
Selling & admin, exps . _ 1,091,864
Depreciation _
153,041
1938
$5,200,820
3,838,864
998,645
139,946
1937
$6,347,346
4,471,759
1,067,146
126,351
1936
$4,694,701
3,194,627
944,693
114,546
Profit. _ ___
Other income _
$283,694
78,120
$223,366
77,448
$682,090
93,666
$440,835
63,612
Total incom e..
Interest
Sundry charges
Federal income tax_____
$361,814
75,060
40,299
44,000
$300,814
75,060
54,893
28,200
$775,756
75,060
84,692
97,000
$504,447
87,384
72,251
45,200
$299,612
$519,004
221,062
202,875
$1.47
$2.35
C o n s o l i d a t e d B a l a n c e S h e e t S e p t . 30
L i a b ilit ie s —
1939
1939
1938
1938
$ 4 5 0 ,0 0 0
$425,417 $316,683
Accts. payable and
68,821
accrued liabils_ 537,559 $463,947
64,176
6% notes due July
2,801,745 2,437,255
1, 1946____ . . . 1,668,000 1,668,000
20,308 Deferred income..
31,076
16,425
26,256
1,726,563 1,493,913 Com. stk. (no par,
221,062 shs.) . . . 3,778,615 3,778,615
758,734
758,734
Capital surplus. . .
2,702,649 2,724,946 Earned surplus. . .
512,049
707,351
149,912
179,668
Net p rofit-. -.
Com. shares outst’g _
Earnings per share
A ssets—
Cash surr. value of
life insurance__
Cust’rs’ accts. rec..
less reserve____
Other receivablesInventories_____
L’d, bldgs., mach..
equip’t, less deprec’n reserve._
Preod.&def'd exp.
Miscell. investm’ts
less reserves.__
5,227
$202,455
221,062
$0.91
$142,660
221,062
$0.64
5,228
T ota l________ $7,926,514 $7,212,422
— V. 149, p. 1904.
T ota l_____ ...$7,926,514 $7,212,422
American Stores Co.— To Pay 2 5 -Cent Dividend —
Directors have declared a dividend of 25 cents per share on the capital
stock, payable N ov. 28 to holders of record N ov. 8. Like amount was paid
on July 28 last, this latter being the first dividend paid since Oct. 1, 1937,
£ hen a similar amount was distributed.— Y . 149, p. 2502.
Volume 149
O N E
H
U N D R E D
—
The Commercial & Financial Chronicle
American Steel Foundries (& Subs, ,)— E a r n in g s —
9 M o n t h s E n d e d S e p t . 30—
1939
Gross sales_________________________ §11,863,460
Operating profit after depreciation
242,020
Total income_______________________
339,222
Miscellaneous deductions____________
15,190
Federal income taxes_______________
126,500
Minority interests__________________
7,999
______
Undistributed profits tax___________
1938
$9,057,318
xl ,410,548
xl ,298,333
15,575
89,500
6,320
1937
$4,653,308
4,778,348
827,000
13,911
374,800
•Net profit-----------------------------------$189,533 x$l,409,728 $3,562,637
Earnings per share on common stock
$0.16
Nil
$2.85
x Indicates loss.
For the quarter ended Sept. 30, 1939, net profit was $75,191 equal to
6 cents a share, comparing with net loss o f $543,533 in September quarter
of previous year and net profit of $218,549 or 18 cents a share for quarter
ended June 30, 1939.— V . 149, p. 1318.
American Stove Co.— Stock Sold — G . H . Walker & Co.
and Reinholdt & Gaidner have placed privately a block of
about 12,000 common shares of common stock. The shares
were priced at the prevailing market on the New York Stock
Exchange. The offering does not represent new financing
for the company. The company manufactures stoves and
coal ranges.
E a rn in g s —
30—
1939— 3 M o s — 1938
1939— 9 M o s . — 1938
x Net profit-----------------$351,114
$189,416 $1,051,755
$156,446
y Earnings per share
$0.65
$0.35
$1.95
$0.29
x After depreciation, Federal income taxes, &c.
y On capital stock.
— V. 149. p. 2362.
P e r io d E n d . S e p t.
American Telephone & Telegraph Co.— Overseas
P h on e
Rates Cut -—
Rates for overseas telephone calls from the United States to certain
countries in South America, the West Indies and across the Pacific will be
reduced beginning Wednesday, N ov. 1. The countries to which rates will
be lowered are: in South America, Argentina, Brazil, Chile, Colombia,
Paraguay, Peru and Uruguay: in the West Indies, Puerto Rico and the
Bahamas: Transpacific— Hawaii, Netherlands Indies (including Bali,
Celebes, Hava, Madoera and Sumatra), and the Philippines.
Reductions for three-minute conversations will amount to as much as $6
in the case o f the longest radio-telephone circuits affected by the new
schedule. These are the circuits from New York to Buenos Aires, Rio de
Janeiro and Lima, and from San Francisco to Java and to Manila. In
each case the cost o f a week day call will be lowered from $21 to $15, and
the Sunday rate from $15 to $12.
The new three-minute rate between New York and Honoluly will be
$15.75 on week days and $12 on Sundays. Other typical rates on the new
list follow for calls from New York: Valparaiso, $18 and $15: Bogota, $12
and $8.25; Puerto Rico, $9 and $6.75; Bahamas, $7.50 and $5.25.— V.
149, p. 2502.
American Water Works & Electric Co., Inc. (& Subs.)
P e r i o d E n d . S e p t . 30—
1939— 9 Mos.— 1938
1939— 12 M o s . — 1938
Gross earnings................$39,707,734 $37,460,325 $52,838,201 $50,708,699
Oper. exps. & maint____ 16,550,781 16,088,716 22,096,840 21,967,923
6,866,782
Taxes_________________
5,679,916
5,124,523
7,155,458
Reserved for renewals,
retire. & depletion_
_
5,513,094
4,430,904
4,009,859
3,255,613
$13,467,178 $12,991,473 $18,072,808 $17,443,090
6,571,630
8,770,091
. 6,582,865
8,671,817
. 4,215,028
5,654,538
4,301,039
5,728,207
—
Y E A R S
O L D
2 9 6 1
B a l a n c e S h e e t S e p t . 30, 1939
A s s e t s — Plant property and equipment in service (net), $4,933,979; con
struction work in progress, $120,538; automotive equipment (less reserves),
$30,955; investments, $2,504; cash, $195,456; accounts and notes receivable
(less reserve), $125,210; materials and supplies, $103,551; due from Salt
River Valley Water Users’ Assn., $45,625; deferred charges, $54,297;
total, $5,612,115.
L i a b i l i t i e s — 1st mortgage bonds, $2,630,200; 2d mortgage income bonds,
$1,876,050; accounts payable, $51,508; miscellaneous current liabilities,
$2,497; accrued taxes, $104,115; Federal and State income taxes, $13,861;
interest on 1st mortgage bonds, $24,778; interest on 2d mortgage income
bonds, $24,648; interest on consumers’ deposits, $6,936; other liabilities,
$159,803; capital stock, $524,487; earned surplus, $224,795; deficit in
contingency reserve, $31,564; total, $5,612,115.— V. 149, p. 2678.
Archer-Danlels-Midland Co.— E a rn in g s —
3 M o s . E n d . S e p t . 30—
1939
1938
1937
1936
y Net profit___________
$462,569
x$194,918 x$358,450
$523,444
Earnings per share_____
a$0.76
z$0.26
z$0.56
z$0.85
x Before provision for surtax on undistributed earnings, y After depre
ciation and Federal taxes, z On 549,546 shares common stock (no par),
a On 544,916 shares common stock.
T o P a y 3 5 -C e n t D ivid en d —
Directors have declared a dividend of 35 cents per share on the common
stock, payable Dec. 1 to holders of record N ov. 20. Previously regular
quarterly dividends of 25 cents per share were distributed.— V. 149, p. 2224
Armstrong Cork Co. — I n te r im D iv id en d —
Directors have declared an interim dividend o f 25 cents per share on the
common stock, payable Dec. 1 to holders of record N ov. 8. Similar pay
ment was made on June 1 and on March 1, last; a final dividend of 50 cents
was paid on Dec. 22, 1938, and a dividend of 25 cents per share was paid
on March 1, 1938. During the year 1937 dividends totaling $2.50 per
share were distributed.— V. 149, p. 1318.
Arundel Corp.— E a rn in g s —
9 M o s . E n d . S e p t . 30—
1939
1938
1937
1936
Profit after deprec., &c.,
but before Federal in
$916,415
$608,129
come taxes__________ $1,063,298 $1,035,833
September profit before Federal income taxes, was $148,877 against
$135,924 in September, 1938.
Current assets as of Sept. 30, 1939, amounted to $3,616,906 and current
liabilities were $899,852 compared with $3,257,785 and $410,361, re
spectively, on Sept. 30, 1938.
New contracts received since Jan. 1, 1939, total $8,232,857 and contract
work on hand is in excess of $9,000,000.— V. 149, p. 1905.
Artloom Corp.— E a rn in g s —
16 W e e k s
12 W w e e k s
40 W e e k s
9 M o n th s
O c t . 7, ’39
O c t . 1, ’38
O c t . 7, ’39
O c t . 1, ’38
x Net profit___________
$65,886
loss$8,309
$193,899loss$185,563
$0.28
Nil
$0.85
Nil
y Earns, per sh a re..____
x After depreciation, Federal income taxes, &c. y On common stock.
Net sales for 16 weeks ended Oct. 7, 1639 amounted to $1,492,728 and
for the 40 weeks ended the same date net sales were $3,487,934.
P e r io d —
D iv id en d A rrea ra g es Cleared U p —
Directors have declared a dividend of $3.50 per share on account of ac
cumulations on the 7 % cumulative preferred stock, payable Dec. 1 to holders
o f record N ov. 15. This payment will clear up all back dividends on the
issue. See also V. 149, p. 569 for record o f previous dividend payments.
— V. 149, P. 1467.
Asbestos Mfg. Co.— R egisters
w ith S E C —
See list given on first page o f this department.— V. 148, p. 1946.
Associated Gas & Electric Co.— F iles
P la n o f S im p lific a
T ra n sfer J.sse<s to
$2,669,285
742,763
$2,118,804
752,880
$3,648,179
993,019
$3,043,066
996,596
tio n w ith S E C — W o u ld
C orp ora tion —
Net income__________ . $1,926,522
Preferred dividends____
900,000
$1,365,924
900,000
$2,655,159
1,200,000
$2,046,470
1,200,000
The Securities and Exchange Commission announced Oct. 27 that
Associated Gas & Electric Co. had filed an application (File 54-17) under
Section 11 (e) o f the Holding Company Act for approval o f a proposed plan
o f simplification, which provides for the liquidation of the company and the
transfer o f its assets to Associated Gas & Electric Corp. The corporation
will assume all of the company’s liabilities not provided for in the plans
while the notes o f the corporation held by the company will be canceled.
In general the plan contemplates the issuance o f securities o f Associated
Gas & Electric Corp. to the holders of securities o f Associated Gas & Elec
tric Co. in exchange for the securities now held by them. Holders o f class B
common stock and stock purchase warrants o f Associated Gas & Electric
Co. will receive no securities under the plan. As soon as practicable after
the exchange of securities. Associated Gas & Electric Co. will be dissolved.
To effectuate the exchange, Associated Gas & Electric Corp. will create
three new classes o f stock (preferred, common and participating shares)
in lieu o f its presently outstanding 671,000 shares o f common stock.
Holders o f the debentures o f Associated Gas & Electric Co. will be entitled
to receive preferred stock o f Associated Gas & Electric Corp. on the basis
o f one share for each $100 principal amount o f debentures. The preferred
stock issued to holders o f the debentures will bear a dividend rate equal to
the present interest rate on the debentures. Holders of the debentures
also will be given an option to receive in exchange income debentures due
1978 o f Associated Gas & Electric Corp. in the same principal amount,
but with a reduced rate of interest, payable out of available net income after
fixed interest charges, as follows:
4 l % for the 5 M % and 6% debentures o f Associated Gas & Electric Co.
A
j
4% for the 5% debentures of Associated Gas & Electric Co.
3 % % for the 4H % debentures of Associated Gas & Electric Co.
3 } 4 % for the 4% debentures o f Associated Gas & Electric Co.
Holders of scrip o f Associated Gas & Electric Co. will be entitled to receive
one share o f preferred stock o f Associated Gas & Electric Corp., or at their
option, common stock o f the corporation into which the preferred is con
vertible , for each $ 100 principal amount o f scrip. The preferred stock issued
to holders of the scrip will bear a dividend rate equal to the present interest
rate on the scrip. In the case o f non-interest-bearing scrip, the preferred
stock will bear a 4% dividend rate.
Interest and dividend adjustments relating to the debentures and scrip
o f Associated Gas & Electric Co. will be made in cash in such a manner that
no payments will be required of security holders.
Holders o f the convertible obligations of Associated Gas & Electric Co.
will be entitled to receive 11 shares o f common stock o f Associated Gas &
Electric Corp. for each $100 principal amount of convertible obligations
and for each $100 of accrued uhpaid interest.
Holders of the preferred stock o f Associated Gas & Electric Co. will be
entitled to receive 10 shares o f common stock of Associated Gas & Electric
Corp. for each $100 liquidation value of the stock and for each $100 o f ac
cumulated and unpaid dividends.
Each holder o f the preference stock of Associated Gas & Electric Co. will
be entitled to receive 10 participating shares of Associated Gas & Electric
Corp. for each $100 liquidation value of the stock and for each $100 of
accumulated and unpaid dividends.
Holders o f the class A stock o f Associated Gas & Electric Co. will be
entitled to receive one participating share o f Associated Gas & Electric Corp.
for each share held.
No fractional shares of any class of stock o f Associated Gas & Electric
Corp. will be issued. In lieu thereof, scrip will be issued which, when aggre
gating one or more full shares, may be exchanged for shares of that class.
All scrip will become void in five years.
It is not proposed to create any new issue of debentures, but it is intended
that all debentures issued under the plan will be issued under the indenture
o f Associated Gas & Electric Corp. dated April 1, 1933, creating its income
debentures. Provision will be made so that holders of the convertible de
bentures o f Associated Gas & Electric Corp., in lieu o f exercising the option
which they now have to exchange the debentures prior to Jan. 1, 1944, into
sinking fund income debentures of Associated Gas & Electric Co., may at
any time before Jan. 1, 1944 exchange them for securities issuable under the
plan to holders of the debentures o f Associated Gas & Electric Co.
The preferred stock to be issued by Associated Gas & Electric Corp. will
be in series, bearing cumul ative dividend rates of 6 % , 5 >£ % , 5 % , 4 % and
4 % . Holders o f the preferred stocks may at their option exchange their
shares into common stock o f the corporation on the basis of 10 shares of
common for each share of preferred. The preferred stock will be redeem
able after at least 30 days’ notice at $104 a share plus accrued dividends.
b Interest.
Bal. for com. stock &
surplus____________' $1,026,522
$465,924 $1,455,159
$846,470
Earns, per sh. on 2,343,105 shs. of com. stock
(no par) outstanding. .
$0.44
$0.62
$0.36
$0.20
a Amortization o f debt discount and premium (net), &c., of subs,
b Amortization of debt discount, &c., o f American Water Works & Electric
Co., Inc.
I n c o m e A c c o u n t o f C o m p a n y O n ly
1939—
o s — 1938
$2,670,128
1,102,192
12 M o s . — 1938
$4,523,795 $4,101,754
1,449,808
1,446.380
Net income__________ $2,229,247
Int., amort, o f debt discount, & c___________
742,763
$1,567,936
$3,073,987
752,880
993,019
996,596
Balance_____________ $1,486,484
Preferred dividends____
900,000
$815,056
900,000
$2,080,968
1,200,000
$1,658,777
1,200,000
def$84,944
$880,968
$458,777
$0.38
$0.20
1939— 9 M
Income— divs., fnt., & c. $3,379,196
Expenses____ ________
1,149,949
Bal. for com. stock &
surplus - _ _____
_
Earns, per sh. on 2,343,105 shs. o f com. stock
(no par) outstanding_
W ee k ly
$586,484
NU
$0.25
$2,655,374
O u tp u t —
Output of electric energy o f the electric properties of American Water
Works & Electric C o. for the week ending Oct. 28, 1939, totaled 55,644,000
kwh., an increase of 23.5% over the output o f 45,044,900 k\vh. for the
corresponding week of 1938.
Comparative table of weekly output o f electric energy for the last five
years follows:
W eek E n d e d —
1939
1938
1937
1936
1935
Oct. 7_________ 54,648,000 43,683.000 49,429.000 49,573,000 41.187,000
Oct. 14......54,900,000
43.681,000 48,623,000 49,473,000 41,682,000
Oct. 21_________ 54,571,000 44,694,000 48,276,000 50,073,000 42,109,000
Oct. 28_________ 55,644,000 45,045.000 47,370,000 49,530,000 42,949,000
— V. 149, p. 2678.
Ann Arbor RR.-- E a r m n g s S ep tem b er
Gross from railway. - - Net from railway______
Net after rents________
F r o m J a n . 1—
Gross from railway_____
Net from ra ilw a y _____
Net after r e n t s _______
— V. 149, p. 2678.
1939
$351,316
89,336
55,269
1938
$312,988
69,130
35,726
1937
$302,649
48,601
20,142
1936
$323,533
47,869
19 633
2,850,477
490,736
178,754
2,534,222
332,507
29,171
3,026,209
550,976
250,227
2,908,843
519,631
259,880
Arizona Edison Co., Inc.—-E arn in gs1938
$399,255
319,607
1939— 12 M o s . — 1938
$1,601,625 $1,564,951
1,298,188
1,309,563
P e r i o d E n d . S e p t . 30—
Operating revenue_____
Operating expenses_____
1939—3 M
$425,262
338,535
Net oper. revenue-----Other revenue__________
$86,726
7,634
$79,648
7,029
$292,062
26,591
$266,763
28,180
Gross income____- Int. on 1st mtge. bonds.
Int. on 2nd mtge. inc.
bonds_______ _______
Miscellaneous interestFed. & State inc. taxes .
Other deductions---------
$94,361
34,497
$86,678
34,497
$318,653
137,989
$294,943
137,989
24,048
1,622
7,820
127
26,029
2,458
6,902
202
97,337
6,520
10.717
1,140
103,900
9,597
5,552
980
o s—
$36,924
$16,589
$64,950
$26,247
Balance_____________
provision has been made for surtaxes on undistributed earnings
or year 1937.
N o t e — No
D isso lv e
a nd
2 9 6 2
O N E
H
U N D R E D
The Commercial & Financial Chronicle
—
The common stock to be issued by Associated Gas & Electric Corp. will
be entitled to dividends at the rate o f 50 cents a share per annum be
fore any distribution is made on the participating shares. After the pay
ment of the priority dividend o f 50 cents a share on the common stock, the
common stock and the participating shares will share equally in any further
dividend payments. The common stock will be accompanied by war
rants entitling the holders to purchase additional shares within five years
at the rate o f two shares for each five shares held at a price of $8 a share
during the first year, after which the price will be increased by 50 cents a
share for each succeeding year. The warrants become void in five years.
The participating shares to be issued by Associated Gas & Electric Corp.
become void unless, during any fiscal year ending not later than the ex
piration o f the period o f 10 years from their effective date, there is a con
solidated net income o f the corporation in excess of interest on its indebted
ness and current dividends on its preferred and common stocks equal to
10 cents a share on the participating shares outstanding. Holders of the
participating shares may, upon surrender of the certificates and the pay
ment o f $10 a share, convert the shares into common stock within 10 years.
The effective date used in the plan means the first day o f the calendar
month succeeding the date on which securities become deliverable under
the plan.
Upon consummation o f the plan, the general voting power in Associated
Gas & Electric Corp. will be distributed among the present security hold
ers o f Associated Gas & Electric Co. as follows:
x % o f T o ta l
V o tin g P o w e r
Convertible obligations___________
47.60
S c r ip ____________________________
8.03
Preferred stock___________________
44.37
x Based on securities outstanding at July 31, 1939, with accumulated
interest and dividends computed to Sept. 30, 1939.
W ee k ly O utp ut —
For the week ended Oct. 27, Associated Gas & Electric System and the
New England Gas & Electric Association Group report net electric output
of 108,851.037 units vkwh.j. This is an increase o f 15,214,328 units or
16.2% above production o f 93,636,709 units for a year ago.
Gross output, including sales to other utilities, amounted to 121,189,104
units for the current week. The gross and net electric output are the
highest figures ever to be shown for the ssociated System.— V . 149,
p. 2678.
Associated Gas & Electric Corp.— To
Gas
&
Electric
C o.
U nder
S im p lific a tio n
Succeed A s so c ia te d
P la n .— See latter
com pany.— V . 149, p. 2225.
Atlantic Refining Co. (& Subs.)— E a rn in g s —
9 M o n t h s E n d e d S e p t . 30—1939
1938
Gross operating income__________________________ $92,351,205 $93,787,970
Costs, operating and general expenses___________ 73,049,934 75,363.251
Taxes___________________________________________ 3,932,555
3,995,865
Insurance and doubtful receivables______________
683,227
336,935
1,786,624
1,478,113
Intangible development costs___________________
Depletion, lease amortization and abandonments-. 1,638,689
1,441,790
Depreciation, retirements and other amortization 7,588,722
7,531.980
Net operating income_________________________ $3,671,454 $3,640,036
Non-operating income, net_____________________
59,184
484,378
Income before interest charges________________ $3,730,638 $4,124,414
600,841
189.267
Interest charges_________________________________
Net income for period_________________________ $3,129,797
Income applicable to minority interests__________
5,349
444,000
Dividends on preferred stock____________________
$3,935,147
4,740
444,000
Balance applicable to common stock__________ $2,680,448
Earned per share on 2,663,999 shares common stock
$1.01
— V. 149, p. 2503.
$3,486,407
$1.31
Atlanta & West Point RR.— E a rn in g s —
S ep tem b er—
Gross from railway____
Net from railway_____
Net after rents________
F r o m J a n . 1—•
Gross from railway_____
Net from railway_____
Net after rents________
— V. 149, p. 2073.
1939
$177,605
49,293
25,530
1938
$152,304
31,651
8,482
1937
$155,277
21,302
del6,505
1936
$160,655
35,657
12,309
1 320 162
182,850
def33,337
1 217 962
87,181
defl24,953
1 365 322
169,145
def22,203
1,312,074
181,632
defl4,530
Atlas Powder Co.— Z ap o n
A n n o u n c e s N e w Patent F in is h —
Zapon division, o f this company, has announced the creation of a new
simulated patent leather fabric which is to be marketed under the trade
name “ Patenel.”
The result o f countless experiments and years o f research, “ Patenel”
supplies a long felt need in the handbag, luggage and leather goods in
dustry. It possesses a high lustre, is supple at extremely low temperatures
and the surface is highly resistant to scratches. It also adapts itself to
draping, pleating, folding and sewing without losing any o f its fine qualities.
“ Patenel” may be used wherever a patent finish is desired and it is ex
pected to meet the need o f manufacturers for a patent finish for quality
goods at a moderate price. Particularly important is its workability in low
temperatures. The new fabric has already been tried out in a line of high
class ladies’ handbags and has won considerable praise.
D iv id e n d In crea sed —
Directors have declared a dividend o f $1.50 per share on the common
stock no par value, payable Dec. 11 to holders o f record N ov. 30. This
compares with dividends o f 50 cents paid in each o f the three preceding
quarters and 75 cents paid on Dec. 10, 1938. See V. 148, p. 723 for detailed
record o f previous dividend payments.— V. 149, p. 2679.
Aviation Corp. of Del. (& Subs.)— E a rn in g s —
P e r i o d E n d . A u g . 31—
1939— 3 M o s . — 1938
1939— 9 M o s . — 1938’
x Net loss______ _____ $323,840
$13,069 $1,324,047 prof$402062
Earns.per sh.on cap.stk.
Nil
$0,006
Nil
$0.14
F x After depreciation, Federal income taxes, &c., but before surtax on
undistributed profits.
Unfilled orders as o f Oct. 18 amounted to $7,250,000 as compared with
$1,620,000 on M ay 31, 1939. Backlog consists of orders for military planes
and engines received from the Army Air Corps by Vultee, Stinson and
Lycoming, the three divisions o f Aviation Manufacturing Corp., a whollyowned subsidiary o f Aviation Corp.— V. 149, p. 1319.
Babcock & Wilcox Co. (& Subs.)
9
30—
-E a r n in g s —
Deprec. o f bldgs., mach’y & equip. ,&c:
1939
$103,695
440,207
1938
1937
$2,618,087 c$l,453,100
451,853
394,031
Other income.
$543,902
49,344
$3,069,940 c$l,059,069
51,796
51,097
Interest paid.
$494,558
5.646
$3,018,145 cSl,110,166
7.575
15,254
150,510
a Company’s equities .
$500,203
175,416
$3,025,720
321,904
M o n th s E n d ed S e p t.
c$944,402
447.517
a In net profit of companies more than 50% owned but not wholly owned,
less dividends received, b After selling, administrative and general ex
penses, including provision for doubtful accounts and notes, but before de
preciation. c Indicates profit.— V. 149, p. 869.
Baldwin Locomotive Works— F iles B r ie f with N L R B —
Company on N ov. 1 filed with the National Labor Relations Board in
Washington a 440-page brief in answer to the 94-page report of the Board’s
Trial Examiner who last August recommended an injunction order against
the company.
In its brief company contends that the Board can enter no order gainst
the company until the question of liability has been passed upon by the
District Court in Philadelphia in which reorganization proceedings were
completed last year.
—
Y E A R S
Nov. 4, 1939
O L D
The company’s brief states that at the outset o f the hearing the Tria
Examiner arbitrarily ruled that the company should not be permitted to
show the friendly labor policy it had pursued in all its various subsidiaries
as regards unions affiliated with C. I. O. or with A. F. L. or unaffiliated
unions. The brief also states that at the outset o f the trail the Trial Ex
aminer struck from the company’s answer every defense which in any way
pleaded its rights under the Constitution of the United States.
Referring to nearly 4,200 rulings made by the Trial Examiner in the trial
which occupied more than five months and produced nearly 16,000 pages of
stenographic minutes, the company charges that the Trial Examiner dis
regarded the requirements of the Constitution in the kind of evidence which
he accepted and in the limitations which he placed upon the company in the
presentation of its defense.
Throughout the five months’ trial, the brief continues, any attempt by the
company’s counsel to take any objection or exception based on the com
pany’s constitutional rights was treated by the Trial Examiner as lese
majeste on the part of the company and “ contemptuous” conduct on the
part of its counsel for which the Trial Examiner repeatedly threatened to
exclude the counsel from the trial.
By accepting uncorroborated hearsay and rumor, and by disbelieving
witnesses for reasons that are demonstrably untenable, and by ignoring
uncomradicted evidence, and by garbling evidence, the Trial Examiner
has, according to the company’s brief, violated requirements which the
Supreme Court in repeated decisions has laid down as being o f the essence
of due process in a proceeding of a judicial nature.
Nearly 250 pages of the company’s brief are devoted to detailed ex
amples of this character with specific references to the record.
The brief is based on exceptions to the Trial Examiner’s report filed last
August and also to the Trial Examiner’s conduct, which exceptions are
detailed in a volume of 358 pages which the company filed with the Board
in September.
The company anticipates that in the usual course the next step in this
proceeding will be an argument before the NLRB in Washington on the
company’s exceptions and the company’s brief, following which it is ex
pected that the Board will take under advisement what disposition it will
make o f this proceeding.
C om p a n y A s s a i ls R u lin g s at L a b or T ria l —■
The company, through its counsel, Gilbert H. Montague, New York,
filed Nov. 1 with the National Labor Relations Board at Washington a
brief challenging in detail the findings and conduct of the Board’s trial
examiner, Robert N . Denham, in the company’s dispute with the Steel
Workers’ Organizing Committee, a Congress of Industrial Organizations
union.
The 440-page brief is an answer to a 94-page report filed on Aug. 15 in
which the trial examiner recommended that the Board find the company
guilty of unfair labor practices, enjoin it from continuing such practices,
order it to cease alleged discrimination in favor of the Federation of Baldwin
Employees and against the CIO union, and require it to disestablish the
Federation as an alleged “ company union.”
The document is based on exceptions to the Denham report and conduct,
which were detailed in a volume of 358 pages filed with the Board b y the
company in September. Mr. Montague expects that the next step in this
proceeding, if the usual course is followed, will be an argument before the
Board on the company’s exceptions and its brief, after which the Board
will take under advisement what disposition it will make of the case.
In the brief filed N ov. 1 the company contended that the Board could
enter no order against the company until the question of its liability had
been passed upon by the U. S. District Court in Philadelphia in which
reorganization proceedings were completed last year.— V. 149, p. 2679.
Baltimore & Ohio RR.— To
M o d i f y A g re em en ts —
The Interstate Commerce Commission has approved modification of
operating agreements between the Baltimore & Ohio and three subsidiary
lines so as to make those agreements conform with the B. & O. plan of
capital adjustment. The subsidiaries are the Buffalo Rochester & Pitts
burgh, the Buffalo & Susquehanna and the Cincinnati Indianapolis &
Western roads.
New agreements with the subsidiaries, providing the B . & O . plan becomes
effective, provide that the sums to be paid by the B . & O. under the agree
ments shall include amounts equal to the obligations of the companies, to
the extent provided in the plan, in respect of all interest on funded debt of
the subsidiaries to and including the maturities of debt, without any obliga
tions on the part of the B . & O. in respect ot the principal maturities. It is
also provided the B. & O. shall not have the right to terminate the agree
ments prior to the maturity of the subsidiaries’ bonds.
N e w O ffic ia ls —
John H. Hande and W . L. McGuigan have been appointed respectively
auditor of capital expenditures and tax accountant o f the railroad with head
quarters at Baltimore, according to J. J. Ekin, Vice-President and Comp
troller.— V. 149, p. 2679.
Baltimore Transit Co.— E a r n in g s —
[Including Baltimore Coach Co.]
30— 1939— M o n t h — 1938
1939— 9 M o s . — 1938
Operating revenues_____
$958,686
$917,904 $8,675,361 $8,526,312
Operating expenses_____
801,759
787,276
7,451,680 7,412,865
P er io d E n d . S ep t.
Net oper. revenues
Taxes__________________
$156,927
98,610
$130,628 $1,223,681 $1,113,447
85,599
811,355
785,140
Operating income____
Non-operating in com e.-
$58,316
1,342
$45,029
904
$412,326
18,625
$328,307
17,380
Gross income________
Fixed charges__________
$59,658
6,533
$45,933
5,546
$430,952
58,261
$345,687
50,047
Net income__________
$53,125
$40,388
Interest declared on series A 4% and 5% debs
$372,691
352,840
$295,640
235,243
Remainder._____________ - _______________ ___
$19,851
$60,397
N o t e — The interest deduction of $352,840 is at % rates— 1 J 4 % on che
4s and 1 7 % on the 5s—-declared payable July 1, 1939.
A
Interest for the three months, July to September, inclusive, at the full
stipulated rates, for which no deduction is made above, totals approxi
mately $235,245.— V. 149, p. 1905.
(L.) Bamberger & Co.— Change
in P erson n el —
James Stanley Schoff, Vice-President in charge of operations and a
director of this company, has resigned, effective Nov. 1 to become President
and General Manager of The Fair, Chicago, it was announced on Oct. 25.
Richard Weil, President of Bamberger’s announced at the same time that
Arthur L. Manchee, Management Counselor in charge of personnel, was
elected management Executive Vice-President, uscceeding M r. Schoff,
Harvey B. Heider, Mr. Manchee’s assistant, will advance to the latter’s
post. Horace Corbin, Executive Vice-President of Fidelity Union Trust
C o., Newark, was elected to the board of directors.— V. 149, p. 2225.
Bastian-Blessing Co.— E a r n in g s —
10 M o n t h s E n d e d S e p t . 30—
Net profit after all charges except taxes__________
Earnings per share on common stock____________
1939
$561,058
$3.06
1938
$337,276
$1.68
D iv id en d —
Directors have declared a dividend o f 40 cents per share on the common
stock payable N ov. 25 to holders of record Nov. 10. Dividend o f 60 cents
was paid on Oct. 1, last; one o f 40 cents was paid on July 1, last, and pre
viously regular quarterly dividends of 25 cents were distributed. In addi
tion an extra dividend o f 20 cents was paid on N ov. 25, 1938.— V. 149,
p. 1467.
Beattie Gold Mines, Ltd.— E a r n in g s —
3 M o s . E n d . S e p t . 30—
Tons ore milled________
Metal production (gross) 1
Marketing charges_____ J
1939
154,415
1938
151,700
Not reported
f
\
1937
154,330
$587,227
109,878
1936
139,520
$589,216
102,142
Metal production (net) x$595,736
$602,085
$477,350
$487,074
Operating costs________
337,557
327,748
299,728
289,809
Non-operating reven u e._____ Cr281
______ ______ ______ ______ ______
Oper. profit for period
$258,460
$274,336
$177,622
$197,266
x Of this income from metals produced, $20,087 was due to the increased
price of gold.
N o t e — In the above figures, no allowance has been made for taxes, de
preciation or deferred development.
Volume 149
O N E
H
U N D R E D
—The Commercial & Financial Chronicle—
I n te r im D iv id e n d —
Directors have declared an interim dividend o f five cents per share on
the common stock, no par value, payable Dec. 7 to holders o f record Nov. 20.
Lke amounts were paid Aug. 15 and April 3, last, and on Dec. 20 and Aug.
2 0 ,193 8— V. 149. p. 719.
Beaumont Sour Lake & Western Ry.— E a rn in g s —
S ep tem b er
Gross from railway_____
Net from railway_____
Net after rents-----------F r o m J a n . 1—
Gross from railway_____
Net from railway_____
Net after rents________
— V. 147, p. 2073.
1939
$195,813
59,874
12,125
1938
$175,565
45,537
3,128
1937
$152,905
8.866
defll,979
1936
$145,247
13,006
def33,331
2,052,937
828,989
348,803
2,068,783
825,172
367,447
2,246,708
932,392
374,918
1,618,372
412,180
def47,549
Beaunit Mills, Inc.— A ccu m u la ted
Belden Mfg. Co.
(&
Subs.)— E a rn in g s —
1939— 9 M o s . — 1938
$228,964 loss$129,232
Bell Telephone Co. of Pa.— E a rn in g s —
P e r i o d E n d . S e p t . 30—
1939— M o n t h — 1938
Operating revenues_____$5,866,898
$5,601,551
Uncollectible oper. rev—
22,874
29,412
Operating revenues_ $5,844,024
_
$5,572,139
3,957,095
3,931,277
Operating expenses____
Net oper. revenues_ $1,886,929
_
$1,640,862
Operating taxes________
520,773
437,809
Net operating income.
$1,366,156 $1,203,053
Net income____________
922,853
752,465
1939— 9 M o s . — 1938
$53,083,396 $51,098,608
213,369
276,840
$52,870,027 $50,821,768
36,345,590 35,033,950
$16,524,437 $15,787,818
4,670,548 4,338,765
$11,853,889 $11,449,053
7,804,197
7,357,972
G ain in P hones —
Company reports a net station gain o f 9.359, largest net increase reported
by the company for any October since 1929 and comparing with a gain of
6,387 for October, 1938. For first 10 months, net staton gain is reported
at 43,818 as compared with 18,189 in like period last year.
October gain was described as general throughout the State with Phila
delphia contributing 2,866 to the increase and Pittsburgh, 1,443.
Company reports that as o f Oct. 31, last, there were 1,277,570 telephones
in service throughout the State as compared with 1,223,245 on same date
last year.— V. 149, p. 2226.
Berkshire Fine SpinningAssociates,Inc.— To
Recapitalize
Special stockholders’ meeting in lieu o f annual meeting has been called
for N ov. 16. At this meeting the annual report for the year ended Sept. 30,
1939, will be presented, and in addition stockholders will be asked to vote
on certain restatements o f capital stock.
I Specifically, votes will be taken on canceling 3,038 shares of $5 pre
>
ferred stock now held in the treasury, or canceling the number of shares
held at the time o f the meeting. Also vote will be taken on reducing the
common capital, without change in outstanding shares, by an amount
sufficient to eliminate the existing deficit and to provide a surplus available
for the payment o f all or a part o f the accrued dividends on the preferred
stocks. There are outstanding 483,670 common shares carried on the
books at $5,484,531.
► In the call for the meeting it is stated that the deficit on Sept. 30, last,
was “ about $400,000.” Inasmuch as the deficit on Sept. 30, 1938 was
$512,856, and since the company paid no dividends during the past year,
it is indicated company had a profit of about $112,000 in the 1938-39 year,
compared with a loss o f $517,109 in the 1937-38 year, unless there were
extraordinary transactions affecting surplus.
In this connection the
company is rumored to have sold a cotton plantation and to have used the
proceeds to buy in preferred, either o f which transactions could have had
a special effect on surplus.
Also at the special meeting, stockholders will vote on changing the
by-laws so as to permit election of all directors each year, rather than
election o f a third o f the board for a period o f three years, and will vote
on providing that a quorum shall consist o f five directors. In 1929, when
the company was formed, the board consisted of 18 directors and it was
established that seven should constitute a quorum. Now there are 12
directors and it is felt that five should make up a quorum.— Y. 148, p. 432.
Bigelow-Sanford Carpet Co.— R esu m es
C om m on D i v . —
Directors have declared a dividend o f $1 per share on the common stock,
payable Dec. 1 to holders o f record N ov. 14. This will be the first common
dividend paid since December, 1937 when a distribution of 50 cents per
share was made.— V. 149, p. 1170.
Bireley’s, Inc.— D ivid en d
R esu m ed —
Company paid a dividend o f 15 cents per share on the common stock on
Oct. 30 to holders of record Oct. 23. This will be the first dividend paid
since Oct. 25, 1937, when a regular quarterly dividend o f 15 cents per share
was distributed.-—-V. 149, p. 1906.
Bishop Oil Co.— E a rn in g s —
------------------ 3 M o n t h s --------------- — —- 9 M o n t h s
M a r . 31’39
J u n e SO ’39 S e p t . 30 ’39 S e p t . 30 '39
Gross income—...........—
$119,576
$113,456
$93,113
$326,145
Net loss_______________
567 prof 3,889
10.059
6,738
The net profit (or loss) is after deducting all charges including depletion,
depreciation and leases abandoned.
The net loss during the third quarter is accounted for by Texas, Okla
homa and Kansas production shut-in from Aug. 16 to 31, 1939, under orders
o f State proration authorities.— Y. 149, p. 870.
P e r io d —
Bliss & Laughlin, Inc.— Cash
and Stock D ivid en d —
Directors have declared a cash dividend o f $1 per share on the common
stock and a stock dividend of one-half share of common stock for each share
held. The cash dividend will be paid on N ov. 22 to holders of record Nov.
15 and the stock dividend will be distributed on Dec. 15 to holders of record
D gc 1
| Dividends o f 25 cents were paid on Sept. 30, June 30 and March 31 last;
»
and a dividend o f 50 cents was paid on Jan. 5 last, this latter being the first
dividend paid on the common shares since Dec. 24, 1937, when an extra
dividend of 25 cents in addition to a regular quarterly dividend of 50 cents
per share was distributed.
L istin g and R egistration —
The New York Curb Exchange has removed the common stock, par $5,
from listing and registration.
R€QZStTCLT-----
The Guaranty Trust Co. o f New York has been appointed registrar for
common stock, $5 par value per share.— V . 149, p. 2363.
Boston Edison Co.— E a rn in g s —
P e r i o d E n d . S e p t . 30—
Operating revenues_____$7,967,869
Operating expenses_____ 3,823,698
Extra for serv. annuities
650,000
Hurricane expense-------Depreciation___________
870,482
Uncollectible revenue—
19,681
Taxes accrued_________
1,216,436
1939— 12 M o s .— 1938
$7,297,400 $34,738,666 $32,748,264
3,687.256 15,789,532 15,573,157
650,000
386,696
308,515
308,515
3,499,029
3,460,000
865,000
36,818
110,239
167,075
6,382,401
1,426,738
6,060,330
Net operating income . $1,387,569
42,150
Non-operating incom e..
$973,072
26,317
$7,920,766
119,124
$7,179,184
122,688
$1,429,720
479,080
$999,389
494,504
$8,039,891
1,918,266
$7,301,873
2,179.181
$950,639
^ Income balance--------Earns per sh. on 617,164
shs. of ($100 par) capi
$1.54
tal stock____________
— V. 149, p. 720.
J k
$504,885
$6,121,624
$5,122,691
$0.82
$9.92
$8.30
Int., disct. & rents, &C—
Boston Fund, Inc.— To
O L D
2 9 6 3
P a y 1 4 -C e n t D iv id en d —
Directors have declared a quarterly dividend at the rate
share, payable N ov. 20, 1939 to shareholders of record
dividend is from undivided earnings exclusive o f capital
and is at the same rate as previous quarterly payments in
p. 1907.
o f 14 cents per
Oct. 31. This
gains or losses
1939.— V. 149,
Boston Revere Beach & Lynn RR.— E a rn in g s —
P e r io d . E n d . S e p t . 30—
Net loss after all charges
Revenue fare passengers
carried______________
Average fare per revenue
passenger____________
— V. 149, p. 2226.
1939— 3 M
$36,383
o s .—
1938
$33,096
1939— 9 M o s .— 1938
$151,919
$139,674
1,703,032
1,742,288
4,652,394
4,793,019
10.10 cts.
10.06 cts.
10.07 cts.
10.18 cts.
Boston Worcester & New York Street Ry.— E a rn in g s —
D ividen d —
Directors have declared a dividend o f 75 cents per share on account of
accumulations on the $1.50 convertible preferred stock, payable Dec. 1
to holders of record Nov. 15. Dividend of 37 H cents was paid on Sept. 15
last, this latter being the first dividend paid since March 1, 1938, when a
regular quarterly dividend o f like amount was distributed.— V. 149, p. 1906.
P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938
x Net profit___________
$62,324
loss$7,821
x After all charges.— V. 149, p. 1319.
Y E A R S
30—
Net profit_____________
Revenue fare per pas
senger carried_______
— V. 147, p. 1184.
P erio d E n d . S e p t.
1939— 3 M
$12,868
o s .—
567,027
1938
$2,758
523,854
Bradford Electric Co.— H e a r in g
1939-—9 M o s .— 1938
$41,678 loss$3,817
1,950,970
1,810,975
on N o te I s s u e —
A hearing has been set for N ov. 13 in the Securities and Exchange Com
mission’ s Washington office on the application (File 32-159) of company for
exemption from the requirement of filing a declaration in connection with
the issuance and private sale o f a $550,000 promissory note to the Equitable
Life Assurance Society of the United States.— V. 149, p . 255.
Beneficial Industrial Loan Corp. (& Subs.)— E a rn in g s
9 M o s . E n d . S e p t. 3 0 —
1939
1938
1937
1936
Operating income______ $15,922,544 $15,468,508 $16,382,491 $13,368,226
Operating exps. (incl.
provision for doubtful
8.850,544
7,742,947
9,509,974
9,510,238
Net oper. income____ $6,412,570
Income credits_________
4,390
$5,958,270
4,811
$7,531,946
5,815
$5,625,279
79,951
$6,416,960
Int. on 6 % conv. debs. 1 503,327
Other interest________
1,201,997
Other income charges___
25,855
$5,963,081
455,805
$7,537,762
500,427
$5,705,230
332,275
1,092,029
1,579,704
903,388
1,304
. $4,685,781
Earned surplus Jan. 1. .. . 9,718,217
$4,415,247
8,031,705
$5,457,631
6,631,901
$4,468,263
6,389,487
$14,403,998 $12,446,952 $12,089,532 $10,857,750
Dr74,166
Cr38,436 Drl49,349
Surp.chgs.& credits(net)i Dr58,883
565,482
565,482
565,474
Preferred dividends____
275,223
2,893,736
3,067,387
3,110,876
. 3,125,235
$10,944,657
Shs. common stock out. 2,314,989
Earnings per share.
$1.90
$9,026,178
$8,307,314
$7,107,225
2,314,989
$1.66
2,314,989
$2.11
30
2,314,989
$1.68
C o n so lid a te d B a la n c e S h ee t S e p t.
1939
Assets—
$
1938
$
1939
Liabilities—
$
Cash..................
6,082,359 4,751,577 Notes pay. to bks.19,900.000
b Instal. notes rec.60,469,709 56,278,729 Fed. income tax . . 1,447,869
Divs. pay. on pref.
Mlscell. notes and
41,523
acc’ts receivable
26,760
13,176
15,169 Other curr.llabil— 532,746
Investments_____
47,719
Real estate_______
27,476
27,876 Due to assoc, c o . _
690,161 Empl. thrift acc’ts 3,378.315
c Furn. * fixtures.
698,820
116,056 Deferred income..
434.858
154,553
Deferred charges..
53,484
Other assets______
45,238 Res. for Ins., <fcc— 574,686
Outside int. in secs.
of sub. cos_____
12,500
Preferred stock___
Prior pref. s to c k .. 7,500.000
a Common stock .16,585,168
Paid-in surplus. . . 6,167,819
Earned surplus_ 10,944,657
_
Total_________ 67,526,337 61,966,330
1938
$
11,930.000
1,467,331
188,486
455,544
389,031
2,917,944
588,720
650,950
12,500
10,770,650
16,585,168
6,983.828
9,026,178
T o ta l............... .67,526,337 61,966.330
a Represented by 2,314,989 no par shares, b After reserve for doubtful
notes of $4,520,229 in 1939 and $4,459,767 in 1938. c After depreciation
reserves of $513,723 in 1939 and $544,325 in 1938.— V. 149, p. 2504.
Bristol-Myers Co. (& Subs.)— E a r n in g s —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s — 1938
1939— 9 Mos.— 1938
Net inc. after all charges
$625,159
$828,580 $1,943,859 $1,806,143
Shs. com. stock (par $5).
681,831
682,864
681,831
682,864
Earnings per share_____
$0.92
$1.21
$2.85
$2.64
For the 12 months ended Sept. 30, 1939, consolidated net earnings, after
all charges and after estimated Federal income taxes, were $2,357,184, or
$3.46 per share on the outstanding shares.— V . 149, p. 1018.
Brockway Motor Co., Inc.— To P a y 2 5 -C en t C o m . D i v .—
Directors have declared a dividend o f 25 cents per share on the common
stock, payable N ov. 30 to holders of record N ov. 20. This will be the
initial dividend paid by the new company.— V. 147, p. 3005.
Brooklyn Edison Co., Inc.— E a rn in g s —
P e r i o d E n d . S e p t . 30— 1939— 3 M o s — 1938
1939— 12 M o s .— 1938
Sales of electric energy
(kilowatt hours)_____ 357,598,843 326,402,952 1480246,789 1360972,687
Rev. from sales of elec.
energy_______________$11,686,453 $11,331,277 $50,595,575 $48,881,255
345,738
1,279,917
1,449,044
Other oper. revenues—
304,115
Total oper. revenues_$ll,990,568 $11,677,015 $51,875,492 $50,330,299
5,234,136 21,162,496 21,372,495
5,201,307
1,263,826
5,788,280
4,527,166
1,308,222
a Oper. expenses_______
Depreciation__________
Taxes (incl. provision for
Federal income tax) „
2,916,626
2,811,614
11,819,702
11,178,974
Operating income____$2,564,413
Non-oper. revenues____
127,876
Non-oper. rev. deduct'ns
31,880
$2,367,440 $13,105,014 $13,251,663
124,854
502,271
532,847
31,219
127,483
129,711
Gross income_________ $2,660,408
Int. on long-term debt—
555,520
Miscell. !nt., amort, of
debt disc, and exp.,&c.
28,475
$2,461,075 $13,479,803 $13,654,800
566,120
2,233,033
2,264,480
Net income__________$2,076,413
a Incl. maint. expend, of
587,845
— V. 149, p. 870.
$1,826,655 $10,991,988 $11,229,477
668,074
2,427,377
2,752,031
68,300
Brooklyn Daily Eagle— T ru stee
254,781
160,843
N am ed—
Referee Wllmot L. Morehouse in Brooklyn Federal Court Oct. 31 ap
pointed Clarence E. Galston, as trustee in bankruptcy.
An announcement from Mr. Morehouse said that Frank B. Schroth,
present publisher of “ The Eagle,” would continue in that capacityand
that the paper would continue to be published dally and Sunday. When
the paper was formally declared bankrupt Oct. 27 after a series of hearings
under the terms o f the Chandler A ct, Mr. Morehouse added that “ the
future of ‘The Eagle' looks rosy.”
Mr. Galston appointed S. Stanley Kreutzer, a Manhattan attorney, to
act as counsel to the trustee. It was reported that an offer had been made
to purchase “ The Eagle.” — V. 149, p. 2505.
Brooklyn Edison Co.— E xtra
D ivid en d —
Directors have declared an extra dividend o f $1 per share in addition to
the regular quarterly dividend o f $2 per share on the common stock, both
payable N ov. 30 to holders of record N ov. 10.— V. 149, p. 870.
2964
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD Nov.
—
—
Brooklyn Fox Corp.— D istrib u tio n —
The corporation owning the theatre and office building located at F latbush A ve. & N evins S t., B rooklyn , m ade a distribution o f ^ o f 1 % on its
outstanding m ortgage bonds in O ctober.
T he A m ott, Baker & C o ., In c., statistical report containing this inform a
tion shows that for the year ended July 31 almost 2 % was earned on this
$2,800,000 m ortgage issue after interest on the tw o prior m ortgages. T he
corporation owning the property was organized as the result o f a reorganiza
tion in the Federal courts in 1937.
Under the terms o f this reorganization, the form er first m ortgage bond
holders received the new bonds to the extent o f 50% o f their form er hold
ings. The first m ortgage on the property is now held b y the R econstruction
Finance C orporation in the am ount o f abou t 8650,000 and there is a small
second m ortgage o f about $67,500. It was necessary to place these prior
liens because o f tax arrears and expenses o f reorganization.
Brooklyn Union Gas Co.— E a rn in g s—
P erio d E n d . S ep t. 30—
1939— 9 M o s — 1938
1939— 12 M o s.— 1938
Operating revenues______ $17,186,497 $16,535,214 $23,140,486 $22,361,282
Operating expenses______ 8,350,033
8,631,943 11,388,809 11,669,545
M aintenance____________
1,157,460
1,288,136
1,525,607
1,765,712
Provision for d ep rec____
1,032,075
903,809
1,273,475
1,099,280
General taxes____________ 2,622,932
2,751,884
3,506,545
3,599,171
Federal incom e taxes____
336,000
183,600
202,400
51,000
Operating in com e____ $3,687,996 $2,775,841 $5,243,650 $4,176,574
Dr77,447
20,622
G r ll8 .6 0 7
26,172
Other incom e (n et)_____
Gross in com e__________ $3,610,549
Int. on long term d e b t -- 1,882,500
Other in t .& m is c . deduc.
78,557
$2,796,463
1,882,500
91,444
$5,125,044
2,510,000
108,218
$4,202,746
2,510,000
97,501
N et in com e___________$1,649,492
E arn, per sh. on 745,364
shs. no par cap. stock $2.21
— V . 149, p . 2681.
$822,520
$2,506,825
$1,595,245
$1.10
$3.36
$2.14
Buckeye Pipe Line Co.— D ivid en d D o u bled —
D irectors have declared a dividend o f $1 per share on the com m on
stock, payable D ec. 15 to holders o f record N ov. 24. Previously regular
quarterly dividends o f 50 cents per share were distributed.— V . 148, p. 1163.
Buckeye Steel Castings Co.— To Redeem P r e f. Stock —
C om pany nnounced on O ct. 21 that on D ec. 1, 1939, it will redeem all
outstanding prior preferred stock at $110 a share. Transfer books relating
to these shares were closed O ct. 30, 1939.— V . 149, p. 2505.
Budd Realty Corp .— B on d s Called —
A total o f $270,000 first & refunding m ortgage gold bonds, 6 % series due
June 1, 1941, have been called for redem ption on D ec. 1 at 102 and accrued
interest. Paym ent will be m ade at the Pennsylvania C o. for Insurances on
Lives & Granting A nnuities, Philadelphia, P a.— V . 149, p . 721.
B u r c o , I n c . —-P a in e, W eb b er S u it —
W illiam Ashley D e W olf, Secretary o f the com pany, filed an application
N o v . 1 in N ew Y ork Supreme C ourt for an order discontinuing the cor
p oration’s accounting and con spiracy suit against the partners o f Paine,
W ebber & C o. T he action is taken as a result o f the settlement arranged
between Paine, W ebber & C o. and B urco on O ct. 24 under which the
brokerage firm agreed to p ay B urco $285,000 to settle the suit against its
artners. T he action remains against 15 other individuals, Burr & C o .,
nternational Utilities C orp . and the N ational Engineering & M anagem ent
Corp.^—-V. 148, p . 432.
?
Burlington-Rock Island RR.— E a rn in g s —
Septem ber—
1939
Gross from railw ay-------$135,835
36,262
N et from railway______
N et after rents__________
20,796
F ro m J a n . 1—
Gross from railw ay_____
982,970
N et from railw ay______
72,349
N et after rents______ def59,486
— V. 149, p. 2074.
1938
$123,360
24,832
7,296
1937
$120,166
22,505
def6,434
1,075,219
109,064
def55,987
1936
$74,018
d e fl8 ,1 0 8
def35,898
1,004,233
591,336
147,637 d efl09,903
def67,367 def252,390
California Public Service Co.— P rop osed R ecap ita lization
C om p any and its parent, Peoples Light & Power C o. have filed w ith the
Securities and Exchange Com m ission a join t application (File 32-184) in
connection with the proposed recapitalization o f the financial structure o f
California Public Service C o.
California P ublic Service C o . will issue and sell at private sale $500,000
o f first m ortgage 4 M % bonds, series B , due N o v . 1, 1964 t o P rovident
M utual Life Insurance C o.
T he proceeds from the sale o f the bonds will be applied to the retirement
o f $400,000 first m ortgage 5 % bonds, series A , due 1961 which are held b y
the parent com p any. O f the balance, $49,000 will be used for the construc
tion o f a proposed 18-mile transmission line and $51,000 will be used to p ay
part o f the open-account indebtedness owned to the parent com p any.
T he com pany will also reclassify its no par value capital sto ck . A t
present the com pany has 4,000 shares o f such stock authorized o f which
3.000 shares are outstanding and held b y the parent com p any. T he stock
will be reclassified into 16,000 shares o f $25 par value capital stock o f which
12.000 shares will be issued to the parent com pany in exchange for the
3.000 shares now held. T he com p any will also issue to its parent 2,480
shares o f the new stock in paym ent o f the remaining $62,000 o f openaccount indebtedness and 2,000 shares as a stock dividend.
California Water Service Co.— E a rn in g s —
12 M o n th s E n d e d S e p t. 30—
1939
1938
Gross revenue______________________________________ $2,655,988 $2,518,333
Gross corporate in com e____________________________ 1,000,161
939,534
— V. 149, p . 2226.
Calumet & Hecla Consolidated Copper Co.— E a r n in g s
P eriod E n d . S ept. 30—• 1939— 3 M os.-—-1938
R ev. from copper s o ld .. $2,956,061 $1,306,959
C o s t____________________
2,020,869
1,013,922
1939— 9 M os.-— 1938
$6,487,820 $2,274,557
4,520,643 1,786,804
Operating gain______
Other incom e___________
$935,192
5,560
$293,037
7,229
$1,967,177
6,648
T otal in com e_________
D epareciation__________
D ep letion _______________
Federal incom e tax est__
$940,752
405,804
271,604
28,500
$300,266
191,379
146,466
______
N et p ro fit------------------— V . 149, p. 1908.
$234,844
loss$37,57&
$1,973,825
906,363
608,749
32,000
$487,753
27,982
$515,736
337,261
258,112
______
$426,713 loss$79,638
Cambria & Indiana RR.— E a rn in g s —
S eptem ber—
Gross from railw ay-------N et from railw ay--------N et after rents________
F ro m J a n . 1—
Gross from railw ay_____
N et from railw ay--------N et after rents________
— V . 149, p . 2074.
1939
$138,144
35,628
79,198
1938
$106,756
41,032
87,254
1937
$117,257
50,185
88,453
1936
$119,962
54,146
86,151
998,864
348,132
651,737
826,838
215,081
553,222
956,078
357,404
716,409
918,994
163,644
569,757
Canada Wire & Cable Co., Ltd.— In te r im
D iv id en d —
Directors have declared an interim dividend o f 25 cents per share on the
class B stock, payable D ec. 15 to holders o f record N o v . 30.
Like amount
was paid on M arch 15, last.— V . 149, p . 1908.
Canadian Industrial Alcohol Co., Ltd.— D iv id en d —
D irectors have declared a dividend o f 15 cents per share on the class A
and B stocks, payable N o v . 30 to holders o f record N ov . 20. Previous pay
m ent was 10 cents per share distributed on N ov . 30, 1938, this latter being
the first cash distribution m ade on these shares in several years.— V . 149,
. . 408.
4, 1939
Canadian Malartic Gold Mines, Ltd.— E a r n in g s —
3 M o s . E n d . S e p t . 30—
T ons ore m illed_________
M etal p roduction (gross)
M arketing ch arges______
1939
63,561
$269,985
3,386
1938
60,732
$309,824
4,019
1937
60,406
$269,918
3,590
1936
32,948
$206,866
2,823
M etal production (net)
Operating co sts_________
A dm inis. & gen. expense—
T oron to o ffic e ________
$266,599
144,398
$305,805
155,193
$266,328
147,126
$204,043
120,652
6,079
6,132
6,952
7,376
Oper. p rofit for period $114,826
$144,534
$113,069
$76,438
Capital expenditures___
7,381
39,215
37,176
92,370
N o te— In the above figu res, no allowance has been m ade for taxes,
depreciation or deferred d evelopm ent.— V . 149, p . 1468.
Canadian National Lines in New England— E a r n in g s —
S eptem ber—
1939
Gross from railw ay_____
$146,231
N et from railw ay______
30,569
N et after rents_________ d e fl7 ,6 2 6
F ro m J a n . 1—
Gross from railw ay_____
1,050,864
N et from railw ay______
def64,698
N et after rent,s-__......... def475,399
— V . 149, p . 2074.
1938
$156,715
2,090
def41,286
1,015,305
d e fll6 ,8 8 6
def492,930
1937
$121,229
def2,507
def43,180
1936
$125,422
def9,578
def51,923
1,117,490 . 1,002,871
d ef 45,922 d e fl81 ,0 1 7
def446,437 def553,941
Canadian National Ry.— E a rn in g s —
E a r n in g s o f the S y stem
P e r io d E n d . S e p t . 30— 1939— M on th — 1938
1939— 9 M o s .— 1938
Operating revenues____ $22,645,303 $17,849,629 $142245,937 $130337,434
Operating expenses_____ 16,340,661 15,188,190 135,593,583 132,792,688
N e tre ve n u e _____________$6,304,642 $2,661,439
— V . 149, p . 2681.
$6,652,354 df$ 2 ,455,254
Canadian Pacific Ry.— E a rn in g s —
P eriod E n d . S ep t. 3 0 — 1939— M on th — 1938
1939— 9 M o s .— 1938
Gross earnings___________ $19,323,814 $15,785,278$105,444,423$100,346,135
W orking expenses_______ 13,501,858
12,133,871 92,739,013 93,015,342
N et earnings_________ $5,821,956
— V. 149, p . 2682.
$3,651,406 $12,705,410
$7,330,793
(Philip) Carey Mfg. Co .— A c c u m u la ted D iv id e n d —
D irectors have declared a dividend o f $1.50 per share on accou nt o f
accum ulations on the 6 % cum ulative preferred stock , payable N o v . 20 to
holders o f record N o v . 6, leaving arrears o f $7.50 per share.— Y . 149, p .
1336.
Carpenter Steel Co.— E a r n in g s —
3 M o n th s E n d ed S e p t . 30—
1939
1938
1937
x N et p ro fit_________ _______ _________
$195,591 loss$39,159
$255,115
x Before provision for Federal surtax on undistributed p ro fits.— V 149.
p . 2227.
Celanese Corp. of America (& Subs.)— E a r n in g s —
12 M o n th s E n d ed S e p t . 30—
1939
1938
N et profit from operations, before depreciation____ $7,551,152
$3,669,182
39,612
27,884
D ividends on investm ents_______________ 1__________
N on-recurring in com e______________________________
547,349
______
M iscellaneous incom e, n e t_________________________
28,858
20,761
T otal in c o m e ...............
$8,166,971
D epreciation------------------------------------------------------------- 1,531,680
Int. on debs. & other long-term d e b t_______________
645,090
A m ortization o f debenture expenses________________
26,689
Federal incom e tax p rov ision _______________________ 1,087,378
$3,717,826
1,373,353
270,417
2,566
214,155
N et in com e----------------------------------------------------------- $4,876,134 $1,857,336
N ote— N o provision has been m ade for surtax on undistributed earnings
or excess profits taxes.
T he results from the operations o f C elluloid C orp. (in which this co m
pany has an investm ent o f 51.119% o f its com m on stock) for the 12 m onths
ended Sept. 30, 1939 subject to audit and adjustm ents, shows a p ro fit o f
$164,258.
D ivid en d s —
D irectors have declared dividends o f $1.75 per share on the 7 % cum ula
tive series prior preferred stock payable Jan. 1, 1940, to holders o f record
D ec. 15, 1939; $3.50 per share on the 7 % cum ulative first participating
preferred stock payable D e c. 31 to holders o f record D e c. 15, 1939; and 50
cents per share on the com m on stock payable D e c. 1 to holders o f record
N o v . 17, 1939.
In addition, directors declared a dividend in com m on stock at the rate
o f one share o f com m on for each 40 shares o f com m on held, payable D e c . 22
to holders o f record N o v . 17,1939. T he com m on dividends will be the first
paid since O ct. 1, 1937, when 75 cents per share was distributed.
In c rea ses P rices f o r D ecem b er B u sin es s —
C orporation has issued a new price list effective im m ediately for D ecem
ber business. B ooks will open on N o v . 1. P rice advances range from
tw o cents a pound for 100 denier sizes and coarser up to 10 cents a pound
for 45 denier sizes.
T he new prices are as follow s: 45 denier, 13 filam ent $1.03 a pou n d, up
to 10 cents; 55-15 95 cents, up 7 cents; 65-20 87 cents, up 4 cents; 75-20
80 cents, up 2 cents; 100 denier-26 and 40 filam ent 73 cents, up 2 cents;
150 denier 40 and 60 filam ent 56 cents, up 2 cents.— V . 149, p . 1321.
Celluloid Corp. (& Subs.)— E a rn in g s —
E a rn in g s fo r the 12 M on th s E n d ed S ep t. 30, 1939
N et p rofit fro m operations before depreciation_________________
M iscellaneous in co m e___________________________________________
$460,402
60,298
T otal incom e---------------------M iscellaneous charges----------D epreciation-------------------------Federal incom e tax provision
$520,700
118,132
222.311
16,000
N et in com e____________________________________________________
$164,258
T he net loss for the 12 m onths ended Sept. 30, 1938 was $296,965.—
V . 149, p. 872.
Central Illinois Light Co.— E a rn in g s —
P eriod E n d . S e p t. 30—
G rossreven ue----------------Oper. exps. and t a x e s - .P rov . fo r d e p re cia tio n ..
1939— M on th — 1938
1939— 12 M o s .— 1938
$705,372
$667,538 $9,006,524 $8,609,463
415,137
393,745
5,118.260
4,946,758
90,000
82,600
1,057,800
991,200
Gross in com e_________
Interest & other fixed
charges_______________
$200,234
N e tin co m e ___________
D ividends on p ref. stock
A m ort, o f p ref. stk. e x p .
$134,916
41,802
15,949
B alance______________
— Y . 149, p . 2227.
65.318
$191,193
58,541
$132,652
41,802
15,949
$2,830,464
780,399
$2,050,065
501,607
191,406
$2,671,505
768,932
$1,902,573
501,608
191,405
$77,165
$74,901 $1,357,052 $1,209,560
________ _____ _________
_____
_______ __
Central Illinois Public Service Co.— E a rn in g s —
'
P erio d E n d . S e p t . 30—
1939— 3 M o s — 1938
1939— 12 M o s — 1938 "
Operating revenues_____ $3,794,459 $3,720,580 $13,996,395 $13,512,799
Operating exps. & taxes, 2,636,396
2,533,567
9,747,778
9,380,252
N et oper. in com e____ $1,158,064 $1,187,013 $4,248,617 $4,132,547
Other incom e (n e t)_____
518
1,120
2,737
8,750
G ro ssin co m e_________ $1,158,582
In t. & other d ed uctions534,445
N e tin co m e ....................
— V . 149, p . 872.
$624,137
$1,188,133
612,286
$4,251,354
2.204,698
$4,141,298
2,471,379
$575,846
$2,046,656
$1,669,918
Volume
149
ONE HUNDRED—The Commercial & Financial Chronicle YEARS OLD
Central Mexico Light & Power Co.— D e p o sit T im e
Extended —Holders o f 1st m tge. 6 % 30-year gold bonds o f Central M ex ico Light &
Power C o. and holders o f 7-year 7 % collateral trust gold bonds o f M exican
Utilities C o. are being notified b y J. H . M oseley, Vice-President o f b oth
com panies, that the tim e within which holders o f these bonds m ay becom e
parties to the deposit and extension agreements dated as o f Sept. 29, 1939,
has been extended to Jan. 1, 1940.— V . 115, p . 2585.
Central RR. Co. of New Jersey— A s k s Federal C ou rt
Sanction to R eorganize U n d er B a n k ru p tcy A c t — C ou rt A p p r o v e s
P etition —
T he com pany filed a petition for reorganization under the Federal
bankruptcy laws in the U . S. D istrict C ourt at N ewark Oct. 30. Federal
Judge G u y L. Fake issued an order approving the petition and restraining
any interference with the properties o f the com pany.
Judge Fake also signed an order requiring D avid P . W ilentz, A ttorn ey
General o f N ew Jersey, to show cause N ov . 1 w h y the State o f N ew Jersey
should not be restrained from entering on N o v . 2 a judgm ent against
the railroad for unpaid taxes in 1932 and 1933, am ounting with penalties
and interest to $7,229,614.
The com pany also filed a co p y o f its ban kruptcy petition with the Inter
state Com m erce Commission.
Announcing that he w ould appoint trustees for the railroad within 30
days. Judge Fake continued the present owners in possession and authorized
them to continue operation until the trustees took con trol. H e ordered a
hearing on the railroad’s petition on N o v . 27 and directed it to file b y
D ec. 15 a schedule o f its assets and liabilities as o f O ct. 30.
Charles A . M iller, attorney for the Jersey Central, told the C ourt the
railroad was “ in good shape except for those exorbitant State taxes.”
The petition said the railroad ow ed in State and local taxes from 1932
to 1938 inclusive $33,306,852, with an additional tax levy o f $3,415,922
com ing due on D ec. 1.
Edward W . Scheer, President o f the com pany and o f the R eading C o .,
which controls it, issued a statement announcing the filing o f the petition
and continuing:
“ Before taking this action the com pany had exhausted every possible
means o f avoiding this procedure, b u t the action was precipitated b y the
fact that the A ttorn ey General o f the State o f N ew Jersey had served notice
that he w ould apply on N o v . 2, 1939, to the N ew Jersey Supreme C ourt
to enter judgm ent for taxes and penalties exceeding $7,000,000, and efforts
to postpone this action have proved unsuccessful.
“ In this situation the com pany had no alternative b u t to seek the aid
o f the U . S. D istrict C ourt for the protection o f its properties, security
holders, and creditors.”
Earlier O ct. 31, Supreme C ourt Justice Thom as W . Trenchard o f N ew
Jersey had declined to grant a 30-day postponem ent requested b y a group
o f railroads, including the Jersey Central, the N ew Y ork Central, the
Reading, the Delaware Lackawanna & W estern, and the Lehigh V alley,
for the entry o f judgm ent against them fo r back taxes for 1932 and 1933
aggregating $16,000,000.
Maximilian M . Stallman o f N ew ark, counsel for the group o f railroads,
urged the delay in the hope that the State Legislature would agree to a
com prom ise o f all railroad back taxes when it reconvenes on N o v . 13. H e
argued that “ just before an election no one can get anything through the
Legislature and no on e w ould be harmed b y a short adjournm ent o f this
m atter.”
State o f N e w J ersey E n jo in e d in Tax A c tio n —
A stay res raining the State o f N ew Jersey from enforcing tax liens
against the Central R R . C o. o f N ew Jersey was granted N o v . 1 b y Federal
Judge G u y L. Fake in N ewark D istrict C ou rt. Earlier in the day A ttorney
General D avid T . W ilentz o f N ew Jersey stated that he w ould endeavor
to determ ine whether or not it was possible for the State to relax proceedings
already begun in the collection o f past due unpaid taxes and penalties.
Charles E . M iller, General Counsel for Jersey Central, was notified b y the
A ttorn ey General that the State w ould not relax the already-com m enced
proceedings.
Judge Fake indicated that if some adjustm ent cou ld be made suitable
to both the railroad and the State it w ou ld n ot be necessary to issue a
sta y.— V . 149, p. 2682.
Central U. S. Utilities Co.— A c q u isitio n —
The Securities and Exchange Comm ission announced Oct. 31 that com
pany had filed applications (File 46-184 and File 46-185) under the H olding
C om pany A ct for approval o f the acquisition o f 166,600 shares ($1 par)
com m on stock o f Pennsylvania Edison C o. and 115,000 shares ($1 par)
com m on stock o f K eystone Public Service C o. from N Y P A N J Utilities C o.
The stock o f Pennsylvania Edison C o. is to be acquired for $2,900,000,
whilehat o f the K eystone Public Service C o. will be acquired for $2,800,000.
N Y P A N J Utilities C o. also filed applications for approval o f the sale
o f the securities. T he com pany stated that the proceeds from the proposed
sale will becom e part o f its general fun d and will b e used for general c o r
porate purposes.
Both Central U . S. Utilities C o. and N Y P A N J Utilities C o. are sub
sidiaries o f Associated Gas & E lectric C o.— V . 142, p . 455.
Certain-teed Products Corp.— E m p lo ym en t A g re em en t —
A special m eeting o f com m on stockholders will be called shortly to con
sider an em ploym ent agreem ent with the com p any’s Chairman, B ror G
Dahlberg.
The agreement was originally presented to stockholders for considera
tion at a special m eeting in Baltim ore on July 21, last, b u t due to a question
raised b y the Securities and Exchange Comm ission on the form o f the
com pany’s p roxy statem ent, the meeting was adjourned from tim e to
time. W hen a satisfactory understanding was finally reached it was
decided to issue a revised p roxy statement and call another special m eeting.
Official s state that sufficient proxies had been subm itted at the second
adjourned meeting to have approved the agreem ent.— V . 149, p . 2364.
Chain Store Investment Corp.— E a rn in g s3 M o s. E n d . S ept. 30—
Dividend incom e_______
1939
$3,805
1938
$2,235
1937
$5,280
1936
$4,657
M anagers’ com m issions.
320
128
357
279
261
518
160
367
511
185
339
Miscellaneous exp en se..
N et inc. to curr. su rp .
$1,694
$4,258
$3,001
G ain or L oss fro m S ecurity T ran saction s
1938
1939
1937
Sales o f securities ____
$11,466
$10,523
$60,539
C ost o f securities sold
8,205
65,891
1,401
A d j. to Fed. taxes (est.)_
G
’r828
N et profit from security transactions___
— V. 149, p . 1019.
$2,318
$10,065
loss$4,523
$3,621
1936
$43,109
34,552
$8,557
Chain Store Investors Trust— E a rn in g s —
3 M o s. E n d . S ep t. 30—Dividends .
. . _
_
Interest. . .
_________
1939
$1,631
60
1938
$1,236
96
1937
$1,496
30
1936
$1,358
73
T o t a l.
..
______
Custodian fee
Trustees’ fees(esti. accr.)
M iscellaneous expense. .
*1,691
50
138
92
$1,332
50
131
57
$1,525
38
122
69
$1,431
50
128
59
N et in com e_______
B al. o f earn, sur., July 1
Tax reserve canceled___
$1,411
200
$1,094
388
$1,296
1,237
$1,192
119
40
T o ta l___
________
D ividend p a ya b le- ____
$1,611
1,202
$1,483
1,029
$2,532
1,902
•81,352
859
$454
$630
Balance o f earned surp
Sept. 30 .
---------— V . 148, p .3 8 3 9 .
$ 408
8493
Chapman Valve Mfg. Co.— E a r n in g s —
P eriod E n d . S ep t. 30—
x N et incom e___________
x A fter all charges.
2965
—
1939— 3 M o s .— 1938
$121,817
$112,746
1939— 9 M o s .— 1938
$231,465
$528,571
B a la n c e S h eet
L ia b ilitie sA ssets—
Sept. 30 '3 9 D ec. 31 ’ 38
Sept. 30 '3 9 D ec . 31 ’ 38
Land & b u ild in g s . $ 1 ,2 0 4 ,9 3 0 $ 1 ,2 0 0 ,4 7 3 C a p ita l sto c k —
M a c h ’ y & e q u i p . . 1 ,4 4 1.8 86
1,48 2.8 76
C o m m o n _____ 8 3 ,5 0 0 .0 0 0 $ 3 ,5 0 0 ,0 0 0
P a te n ts____________
140.861
150.000
P r e fe r r e d _____ _
500 .00 0
500 ,00 0
U . S . T re a s. b on d s
117,664
2 00 ,00 0
2 00 .00 0 A c co u n ts p a y a b le .
101,150
O th er in vestm en ts
18,516
18,976 D e f ’ d a ccts . p a y
I n v e n t o r ie s _______ 1 ,6 4 9,1 24 1 ,6 0 0,6 33
a b le ( p a t e n t s )..
2 12 ,50 0
2 49 ,00 0
fla s h ___________ .
359,932 A c cru e d w a g e s .
46,9 13
567 ,00 8
30.565
157,044
A c e t s . r e c e iv a b le ..
172,732
620 ,33 3
685 ,20 3 R e s . fo r ta xes, & c .
D e f’ d a ccts . r e c .—
S u rp lu s____________ 1.42 0,7 65
1,26 5,9 43
P a te n t li c e n s e ..
100.000
8 5 ,0 0 0
D eferred a ssets___
2 1,2 97
2 7 ,1 4 0
T o t a l ___________$ 5 ,9 5 4 ,8 8 6
$ 5 ,8 1 9 ,3 9 0
T o t a l ___________ 8 5 ,9 54 ,88 6 $ 5 ,8 1 9 ,3 9 0
— V . 149, p . 2075.
Charleston & Western Carolina Ry.— E a r n in g s —
1939
$209,791
65,636
42,734
1938
$163,334
31,172
12,649
1937
$193,299
47,601
26,255
1936
$170,226
46,152
21,323
1,847,400
607,938
375,769
S eptem ber—
Gross from railw ay_____
N et from railw ay_____
N et after rents________
F ro m J a n . 1—
Gross from railw ay_____
N et from railw ay_____
N et after rents________
— V . 149, p . 2075.
1,620,114
373,375
177,235
1,927,439
643,997
399,465
1,650,882
524,226
324,778
Chartered Investors, Inc.— E a rn in g s —
9 M o s. E n d . S ep t. 3 0 —
Dividends received_____
Int. earned on b o n d s . ..
1939
$196,656
7,725
1938
$197,582
7,725
1937
$263,398
15,004
1936
$230,791
19,675
Gross in com e_________
Expenses and taxes____1
P rov . for Fed. inc. t a x . /
$204,381
33,399
$205,307
36,223
$278,402
42,006
$250,467
42,517
N et incom e........ ...........
Balance, D ec. 3 1 ________
A djust, o f p rov. m ade for
capital stock tax_____
$170,982
782,418
$169,084
724,175
$236,397
599,300
$207,950
558,558
C rl94
D r l ,588
D r2 3
T otal incom e_________
D ivs. declared & a ccr’d
on preferred s to ck ____
C om m on dividends_____
A djust, on pref. dividend
accrued_______________
$953,595
$894,846
$835,675
144,135
42,500
151,256
______
159,312
______
C rl68
______
______
U napprop. div. & int.
incom e as at Sept.30
$767,128
$743,590
$676,363
C om p arativ e B a lan ce S h eet S e p t. 30
A ssets—
1939
C a s h _______________ $ 11 2 ,7 1 4
In v estm en ts (m a r
k et) _____________ 5 ,8 0 3 ,9 3 4
A ccrd . Interest re
2 .6 0 0
ceiv a b le _________
1,100
$767,608
176,123
_______
______
$591,485
1938
$ 2 6 5,1 65
L iabilities—
1939
1938
C a p ita l sto c k t a x .
$740
$ 770
R e s e rv e fo r F e d ’l
in co m e t a x . ___
5 ,3 8 4 ,6 2 3
7,8 4 0
16,936
D iv s . p a y a b le on
15.948
preferred s t o c k .
2 ,6 0 0
16,661
b 85 p r e f. s t o c k . __ 1 ,2 7 5.0 00 1,27 5,0 00
a C om m on s t o c k ..
170,000
170,000
C a p ita l s u r p l u s . . . 4 ,0 0 0 ,7 1 7 3,704,781
Surplus (e a r n e d )..
7 67 ,12 8
743,590
c T rea su ry s t o c k . . U r 3 1 8 ,125 D r2 7 5 ,35 0
T o t a l . ................ .8 5 ,9 1 9 ,2 4 8 $ 5 ,6 5 2 ,3 8 8
T o t a l . ....................$ 5 ,9 1 9 ,2 4 8 $ 5 ,6 52 ,38 8
a Par $1. b Represented b y 51,000 no par shares, c Represented by
12,725 shares o f $5 cum . p ref. stock in 1939 and 11,014 shares in 1938.
— V . 149, p . 872.
Chesapeake & Potomac Telephone Co.
(Balt.)—
E x p a n s io n P rogra m — G ain in P hones —
Tentative plans for an expansion program , involving an ultim ate ex
penditure o f $5,500,000 were announced b y L . M . G riffin, General M anager.
Initial w ork scheduled under the program calls for the construction o f a
six-story, firep roof building at a total cost o f approxim ately $1,000,000
which will be placed in operation a bou t the m iddle o f 1941. E ventually,
how ever, six m ore stories will be added to the new building which when
com pleted will house four com plete units o f central o ffice equipm ent.
C om pany had a net gain o f 2,164 stations during O ctober, com pared with
1,652 in O ctober, 1938, and 1,699 in October, 1937.
F or the first ten
m onths o f the year the com pany had a net gain o f 15,009 stations, as
com pared with 11,037 in 1938 and 16,205 in the like period o f 1937.— V . 149.
P. 2227.
Chicago Burlington & Quincy RR.— E a rn in g s —Septem ber—
1939
1938
1937
1936
Gross from railw ay_____ $9,152,934
$8,551,114 $8,939,974 $8,625,848
N et from railw ay______
2,974,168
2,697,106
2,464,069
2,640,446
N et after rents__________
1,854,158 1,583,263
1,278,952
1,427,150
F ro m J a n . 1—
Gross from railw ay.......... 69,148,502 67,081,313 73,815,662 70,649,382
N et from railw ay______ 16,167,336 17,014,795 17,455,671 17,563,996
N et after r e n t s .............. 6,347,649
7,018,145
8,699,349
7,952,350
N e w D irector —
Charles E . D enney, President o f the N orthern P acific R y ., has been
elected a director o f this railroad.— V . 149, p . 2507.
Chicago & Eastern Illinois Ry.— E a rn in g s —
Septem ber—
1939
1938
1937
1936
Gross from railw ay_____ $1,358,958 $1,201,995 $1,346,867 $1,281,135
N et from railw ay______
397,008
293,202
315,100
332,090
N et after rents_________
222,767
111,041
150,484
109,418
F ro m J a n . 1—
Gross from railw ay.......... 11,003,379 10,247,292 12,213,354 11,476,772
N et from railw ay______ 2,159,221
1,837,664
2,815,996
2,704,481
281,980
55,103
891,459
741,843
N et after r e n ts ..............
— V . 149, p. 2075.
Chicago Great Western RR.— E a rn in g s —
S eptem ber—
1939
Gross from railw ay_____ $1,684,065
N et from railw ay______
606,746
N et after rents________
284,972
F ro m J a n . 1—
Gross from railw ay.......... 13,227,576
N et from railw ay______
3,492,851
N et after r e n t s .............
944,327
— V . 149, p. 2682.
1938
1937
1936
$1,514,141 $1,744,697 $1,681,203
454,132
472,819
607,027
170,269
129,803
302,228
12,344,907
2,410,141
d e fl9 ,4 6 5
13,954,089
3,077,776
432,327
13,425,040
3,636,605
1,220,884
Chicago & Illinois Midland Ry.— E a rn in g s —■
S eptem ber—
Gross from railw ay_____
N et from railw ay_____
N et after rents________
F ro m J a n . 1—
Gross from railw ay..........
N et from railw ay_____
N et after ren ts________
— V . 149, p. 2075.
1939
$338,188
109,250
82,592
1938
$286,710
100,042
36,449
1937
$333,258
105,963
67,590
1936
$309,076
133,850
103,393
2,687,211
746,695
569,242
2,557,854
700,108
436,819
2,930,906
972,376
669,154
2,604,527
925,363
765,324
Chicago Indianapolis & Louisville Ry.— E a rn in g s —
Septem ber—
Gross from railw ay_____
N et from railw ay_____
N et after rents________
F ro m J a n . 1—
Gross from railw ay_____
N et from r a ilw a y ...........
N et after r e n ts . ..........
— V. 149, p. 2075.
1939
$884,501
295,800
177,315
6,724,625
1,068,671
def92,886
1938
$776,082
177,626
def33,085
6,033,824
761,027
def456,369
1937
$856,134
86,140
def51,967
7,666,151
1,158,053
32,861
1936
$879,989
208,091
62,845
7,532,886
.497,036
213 367
2966
ONE HUNDRED The Commercial & Financial Chronicle YEARS OLD
—
—
Chicago Milwaukee St. Paul & Pacific RR.— I C C
D e n ie s R eo p en in g o f R eorga n iza tion H ea rin g s —
T h e Interstate Com m erce C om m ission refused O ct. 28 to reopen the
reorganization proceeding. A com m ittee representing holders o f the pre
ferred stock has asked the reopening to perm it the introduction o f additional
evidence, particularly facts bearing upon its earning power.
T he Com m ission in denying the application said “ additional evidence o f
the nature described in the petition is not required” for the form ulation o f
a final plan o f reorganization.
E arn in gs fo r S ep te m b e r an d Y ear to D ate
S ep tem b er—
1939
1938
1937
1936
Gross from railway_____$10,527,014 $9,432,067 $9,802,532 $9,800,470
N et from railw ay_______ 2,888,465
2,186,874 2,292,105
2,162,289
N et a fter ren ts_________
1,717,902
1,009,952
1,038,917
877,912
F ro m J a n . 1—
Gross from railw ay_____ 77,323,099 72,206,254 80,702,359 79,981,772
N et from railw ay_______ 13,022,305
12,420,632 15,324,644 15,823,583
N et after ren ts_________
2,960,027
2,112,580 6,821,697
4,954,010
— V . 149, p. 2507.
Chicago & North Western Ry.—- T o I s s u e E q u ip . T ru sts
Charles M . T hom son, trustee, applied O ct. 31 to the Interstate C om
merce Com m ission for authority to issue $1,800,000 o f 2J^% equipment
trust certificates. He said the railw ay intended to purchase 800 freight
cars costing abou t $2,362,500, paying 2 0% o f the cost from its own funds.—
V . 149, p . 2682.
Chicago Rivet & Machinery Co.— D e listin g s —
T h e com p any has been granted Securities and Exchange Comm ission
perm ission to withdraw its $4 par value com m on stock from listing and
registration on the C hicago Stock E xchange.— V . 149, p . 1469.
Chicago Rock Island & Pacific Ry.—
tem —
E a rn in g s o f S ys
S ep tem b er—
1939
1938
G ross from railw ay__________________________________$6,913,534 $6,539,693
N et from railw ay__________________________________
1,491,502
1,103,690
N et a fter ren ts_____________________________________
707,064
317,790
F ro m J a n . 1—
G ross from railw ay________________________________ 58,083,064 57,799,095
N et from railw ay__________________________________ 10,780,847
8,799,245
N et after ren ts_________________________________
2,966,039
531,149
N ote— Chicago R ock Island & G ulf, leased Sept. 1, figures are included.
1938 figures com bined so as to be com parable.— V . 149, p . 2364.
Chicago St. Paul Minneapolis & Omaha Ry.— E a r n in g s
S ep tem b er—
1939
1938
1937
1936
Gross from railw ay_____ $1,856,070 $1,577,990 $1,769,613 $1,633,822
N et from railw ay_______
552,671
214,335
360,662
335,415
N et after ren ts_________
294,729
def26,184
119,345
83,385
F ro m J a n . 1—
Gross from railw ay_____ 12,853,746 12,331,963 13,374,338 13,630,803
N et from ra ilw a y_______
1,635,876
1,588,570
1,328,797 2,305,197
def368,576 def373,014
337,804
N et after ren ts___________ def352,758
— V . 149, p . 2076.
Citizens Gas Co. (Pa. ) — To Replace D e m a n d N o te s with
Secu rities — See Consolidated Electric & Gas Co. in
N ew
V. 149, p. 2683.— V. 149, p. 1619.
Citizens Utilities Co. (& Subs.)— E a r n in g s —
(E xclusive o f Central Am erica Power C orp.)
P erio d E n d . S e p t. 3 0 —
1939— 9 M o s — 1938
1939— 12 M o s .— 1938 _
Operating revenues_____ $1,334,429 $1,429,318 $1,774,548 $1,931,697
Operating expenses_____
654,201
791,269
586,430
888,069
98,321
M aintenance expenses __
82,570
111,099
134,832
D e p r e c ia t io n ___
196,236
175,686
253,363
229,392
136,042
Taxes __
. . .
____
123,806
172,071
168,444
Operating in com e____
Other i n c o m e __________
$333,152
10,019
$377,303
10,989
$446,747
8,330
$510,960
10,710
Gross i n c o m e _____ .
In t. on long-term d e b t._
Taxes assumed on in t___
Other interest ch a rg e s ..
M iscell. incom e d ed u c’ns
In t. charged to constr’n .
$343,171
247,969
6,822
4,397
714
$388,292
249,663
6,825
3,821
544
Cr3,397
$455,077
330,864
7,745
5,568
1,125
Cr645
$521,671
332,893
7,915
5,197
1,462
Cr3,397
N et i n c o m e _________
— V . 149, p . 1470.
$83,268
$130,836
$110,421
$177,601
City Investing Co.— M a y R educe P referred Stock —
T he N ew Y o r k Stock Exchange has been advised that a special meeting
o f stockholders has been called to be held on N ov . 21, 1939. T he purpose
o f the m eeting is to consider and vote upon a proposition to amend the ce r
tificate o f incorporation o f the com pany to reduce the capital o f the com
pany from $9,000,000, at present consisting o f 10,000 shares o f preferred
stock, par value $100, and 80,000 shares o f com m on stock, par value $100,
to $8,300,000, to consist o f 3,000 shares o f preferred stocK, par value $100,
and 80,000 shares o f com m on stock, par value $100.— Y . 149, p . 1470.
Clear Springs Water Service Co.— A c c u m u la ted D i v .—
Directors have declared a dividend o f $1.50 per share on accou nt o f
accum ulations on the $6 cu m . pref. stock, no par value, payable N o v . 15
to holders o f record N o v . 4. Like am ounts were paid in each o f the nine
preceding quarters.— V . 149, p . 723.
Cleveland Cincinnati Chicago & St. Louis Ry. Co.—
T enders —
The Central H anover B ank & T rust C o ., will, until 2 o 'c lo ck p .m .
N o v . 15 receive bids for the sale to it o f sufficient first collateral trust
m ortgage bonds to exhaust the sum o f $43,233 at prices not exceeding
103 and accrued interest.-— V . 148, p. 2737.
Cleveland Graphite Bronze Co.— E a rn in g s —
P eriod E n d ed S ep t. 30, 1939—
3 M onths
9 M on ths
Gross sales, less returns______________ $2,272,498 $6,132,391
Cash discount allow ed_______________
30,070
9,717
C ost o f sales__________________________ 1,460,281
4,135,191
12 M on th s
$7,930,088
36,548
5,507,975
M anufacturing p rofit______________
Selling, adm in. & general expense____
A m ortization o f patents______________
Loss on b ad debts, less recoveries____
$2,385,565
643,683
5,454
2,081
$802,500
151,209
1,363
$1,967,130
422,456
4,091
028
N et operating in com e______________
Other in com e____________ : ___________
$649,928
14,977
$1,540,612
44,324
$1,734,347
60,690
T otal in com e______________________
Other d eductions_____________________
Provision for Federal incom e taxes___
$664,905
90,736
117,923
$1,584,936
215,699
261,035
$1,795,037
189,093
302,073
N et in com e________________________
Earned surplus beginning o f period___
$456,246
3,861,215
$1,108,203
3,370,338
$1,303,870
3,255,211
T o t a l_______________________________ $4,317,461
D ividends— Paid in cash____________
80,480
On stock reserved for exchange____
60
$4,478,541
241,440
180
$4,559,081
321,920
240
B alance, end o f p eriod ____________ $4,236,921
Per sh. on 321,920 shs. ou tsta n d in g ..
$1.41
N o te— Provision has been m ade for
the follow ing:
D epreciation and am ortization____
46,713
Taxes— In co m e ____________________
117,923
Social security___________________
34,695
Other____________________________
20,494
$4,236,921
$3.44
$4,236,921
$4.05
132,293
261,035
93,848
47,498
162,451
302,073
123,951
61,563
Nov. 4, 1939
B a lan ce S h eet
A ssets—
Sept. 30 ’ 39 D e c . 31 '3 8
C a s h ...........................$ 1 ,3 9 4 ,9 6 8
$ 92 9,6 36
A c c t s . & n o te s re c .
700 ,61 4
(less re s e rv e )___ x l , 0 7 6 ,22 0
In d eb ted n es s o f
5 ,456
e m p l’s & o t h e r s .
_______
1 ,1 2 7 ,3 5 8
I n v e n t o r ie s ............. 1 ,3 4 1,7 68
S to ck o f M o n m ’ th
4 2 ,5 0 0
P r o d . C o . (c o st)
4 2 ,5 0 0
8 ,7 4 7
M t g e . n o t e r e c e iv .
3,7 2 2
P la n t p r o p . & e q .
1 ,0 8 3 ,0 4 2
(a t c o s t ) ________ 1 ,3 9 9,2 89
P a ts . & p a t . rig h ts
(a t c o s t )________
3 5 ,8 1 9
39,9 10
P rep a i ex p s. a n d
2 9 ,3 77
d eferred ch a rg es
70.1 32
L iab ilities—
Sept. 30 '3 9 D ec . 31 '3 8
A c c o u n t s p a y a b le . $ 1 6 5 ,2 3 0
$ 1 1 8 ,7 2 8
A c c t s . d u e office rs
a n d e m p lo y e e s__
125 ,64 2
4 90
A c cru e d ta x e s ____ 1 384 ,63 6
f 1 18 ,21 8
A c c r ’ d p a y ro ll, & c .j
1 3 3,5 88
R es erv e fo r co n tin
g en cies, & c ______
126 ,53 0
R e s fo r d iv s .on s t k .
reserv ed fo r e x ch
3 ,5 3 9
3 ,3 5 9
C a p ita l s t o c k ______
3 2 1 ,9 2 0
3 2 1 ,9 2 0
E a rn ed su rp lu s___ 4 ,2 3 6 .9 2 1
3 ,3 7 0 ,3 3 8
T o t a l .................. .$ 5 ,3 6 4 ,4 1 8 $ 3 ,9 6 6 ,6 4 1
T o t a l ___________ $ 5,3 6 4 ,4 1 8 $ 3 ,9 6 6 ,6 4 1
x A ccounts o n ly .— V . 149, p . 2683.
Clinchfield RR.— E a rn in g s —
S ep tem b er—
Gross from railw ay_____
N et from ra ilw a y_______
N et after ren ts_________
F ro m J a n . 1—
Gross from railw ay_____
N e t fro m ra ilw a y_______
N et after ren ts_________
— V . 149, p . 2076.
1939
$645,024
343,926
308,954
1938
$524,799
256,798
228,024
1937
$552,070
249,767
267,974
1936
$504,037
212,977
213,057
5,122,307
5,545,008
2,227,511
4,214,170
1,754,621
1,428,396
5,236,833
2,505,657
2,429,146
4,496,945
1,925,461
1,853,489
Colorado Central Power Co.— E a r n in g s —
P erio d E n d e d S ep t. 30—
Operating revenue____________________
Purchased p ow er_____________________
O peration____________________________
M a intenance_________________________
T a x e s ____1___________________________
1939— 3 M o s.— 1938 12 M o s. ’39
$152,489
$138,954
$537,341
50,849
50,116
181,968
34,790
31,819
139,440
6,761
6,329
25,094
12,867
12,541
49,362
Incom e fro m operations___________
N on-operating incom e (n e t)__________
$47,221
1,291
$38,149
2,104
$141,478
6,393
Gross in com e______________________
P rov. for renewals, replace. & retire’ts
Interest on long-term d e b t___________
Interest on unfunded d e b t___________
A m ort, o f debt discount and expense.
A m ortization o f prem ium on d e b t____
Taxes assumed on interest___________
P rov . for F ed. & State incom e t a x e s ..
$48,512
9,000
7,703
249
300
0226
132
1,743
$40,253
a9,000
9,666
544
$147,871
a36,000
36,038
999
500
0378
612
8,467
180
b6,300
Balance to surplus_________________
$29,611
$14,563
$65,632
a In 1938 it w a s'th e com p a n y’s p o licy to m ake an appropriation to the
reserve for renewals, replacem ents and retirem ents at the end o f the calendar
year, and these amounts represent or include the proportional am ount
applicable t o this p e rio d . b Includes adjustm ent applicable to prior m onths.
B a la n c e S h eet S e p t . 30, 1939
A ssets— P rop erty, plant and equipm ent, $1,600,398; construction work
in progress, $25,164; investm ents, $1; cash, $44,585; accounts receivable,
$88,442; notes receivable, m erchandise contracts discounted (con tra),
$34,948; materials and supplies, $24,892; prepaym ents, $4,233; deferred
debits, $26,247; tota l, $1,848,911.
L ia b ilitie s — L ong-term d eb t, $725,000; accounts p ayable, $22,955;
consum ers’ deposits, $26,007; notes receivable, m erchandise contracts
discounted (con tra), $34,948; accrued liabilities, $53,350; deferred credits,
$28,069; reserves, $526,703; capital stock (10,000 no par shares), $300,000;
surplus, $131,878; tota l, $1,848.911.— V . 149, p . 1020.
Colorado Fuel & Iron Corp. (& Subs.)— E a r n in g s —
3 M o s. E n d e d S ep t. 30—
1939
1938
1937
1936
N et sales_______________ $6,075,013 $5,246,871 $7,140,249 $5,681,950
C osts, bad accounts, & c. 4,481,318
4,200,081
5,151,467 4,118,593
D epletion, d eprec., & c_ .
493,099
423,674
631,904
520,070
Ordinary taxes__________
289,873
268,165
267,925
176,093
E xpenses-----------------------365,598
329,758
365,863
318,527
B alance_______________
Other in com e-----------------
$445,125
25,558
T otal in com e_________
In t. C .F . & Ir. C o. bonds
I n t.,C .F . & Ir.C orp . bds.
Other int. & m isc. ch ges.
Federal incom e taxes, &c
$470,683
56,038
137,940
23
45,400
$25,194
28,258
$53,452
56,038
137,940
827
2,400
$723,090
37,926
$548,667
54,208
$761,016
56,037
137,940
______
124,959
$602,875
56,037
138,165
_______
70,015
N et in co m e __________
$231,282 loss$143,752
$442,080
$338,658
Shares capital s to c k ____
563,620
563.620
563,620
552,650
Earnings per share_____
$0.41
N il
$0.78
$0.61
N ote— N o provision was m ade for Federal surtax on undistributed p rofits.
A c q u isitio n —
T he com pany has reported to the Securities and E xchange Com m ission
that it has bought 1,205 shares o f the capital stock o f the U nion D itch &
W ater C o ., giving the purchaser a total o f 15.625H shares, or 52,418%
con trol. U nion D itch has water rights on the Arkansas R iver desired b y
C olorad o F uel.— V . 149, p . 2076.
Columbia Brewing Co.— E x tra D iv id en d —
D irectors have declared an extra dividend o f 25 cents per share in addi
tion to a quarterly dividend o f 30 cents per share on the com m on stock,
par $5, b oth payable D e c. 1 to holders o f record N o v . 15. Last previous
dividend on the com m on shares was the 25 cent distribution m ade on
D ec. 21, 1936.— V . 149, p . 409.
Commercial Banking Corp.— E a r n in g s —
6 M o n th s E n d e d S ep t. 30—
1939
N et finance charges (after reserve for losses, allow
ances, & c .)______________________________________
$164,054
General and adm inistrative expenses______________
81,380
Taxes (other than in com e)_________________________
6,164
1938
$179,643
80,092
7,134
P r o fit __________________________
D ividends received from affiliates.
$76,512
255
$92,417
255
Incom e available for interest__
Interest cost— -Notes p ayable_____
P rovision for taxes (estimated) .
$76,767
28,061
10,200
$92,672
42,752
5,000
N et incom e______________________________________
$38,506
C on d en sed B a la n c e S heet S ep t. 30
$44,920
A ssets—
1939
C a sh on h a n d a n d
d em a n d d e p o s . . $ 3 8 1 ,3 5 6
N o t e s & d iscou n ts
r e c e iv a b le _______ 2 ,7 0 3 ,9 9 4
L oa n s & m iscell.
50,982
r e c e iv a b le s _____
S u n d ry n o te s ,a c c ts .
& ju d g m e n ts in
p r o c . o ll iq u i d a ’ n
76,9 95
R ep ossessed a u to s .
(in c o . ’s p o s s’n ) .
20,3 48
In v e s ts ., a ffil. c o s .
1 6,000
F u rn ., fix t ’s & e q .
8 ,8 6 3
(d ep rec. v a l u e ).
F re p d . in t.,in s .,& c .
37,701
G o o d w i l l _________
1
1938
$ 38 9,7 97
2 ,8 3 1 ,5 8 3
53,3 43
79.4 88
2 9,8 77
16,000
10,253
29,0 46
1
T o t a l .................. .$ 3 ,2 9 6 ,2 3 9 $ 3 ,4 3 9 ,3 8 9
— V . 147, p. 2712.
L iab ilities—
1939
1938
C o ll. t r . n otes p a y .$ 1 ,8 5 2 ,5 0 0 $ 1 ,9 3 7 ,5 0 0
A c c o u n ts p a y a b le .
2 1 ,0 74
17,9 00
P re l. d iv . p a y a b le .
15,955
R e s . fo r taxes (est.)
12,428
15,336
R e s . fo r in s. ren ew .
2 6 ,3 19
3 6 ,3 6 5
D ea lers’ loss re s 'v e
(in cl. d e f. c t f s . ) .
29,7 11
4 7 ,7 3 6
R e s e rv e fo r lo s s e s .
4 5 ,5 3 4
5 8 ,3 8 9
D e f. in c . (u nearn ed
fin a n ce charges)
121,218
1 38,452
P rio r p r e f. s t o c k
($ 1 .2 0 c u m ., p a r
$ 1 0 ) _____________
2 50 ,00 0
2 5 0 ,0 0 0
P r e f. s t k . 7 % c u m .
4 8 3 ,1 6 0
(p a r $ 2 0 )_______
4 8 3 ,1 6 0
6 8 ,4 7 2
6 8 ,4 72
C o m . stk . (p a r $1)
2 7 2 ,3 0 4
C a p ita l s u r p l u s . . .
2 7 2 ,3 5 8
113,519
E a rn ed s u r p lu s___
9 7 ,7 6 7
T o t a l .................... $ 3 ,2 9 6 ,2 3 9 $ 3 ,4 3 9 ,3 8 9
Volume 149
ONE HUNDRED
—The Commercial & Financial Chronicle—YE A R S OLD
Colorado & Southern Ry.— E a rn in g s —
S ep tem b er—
Gross from railway_____
Net from railway______
Net after rents_________
F r o m J a n . 1—
Gross from railway_____
Net from railway______
Net after rents_________
— V. 149, p. 2076.
1939
$606,860
202,667
103,544
1938
$638,719
192,158
69,004
1937
$732,031
231,951
88,784
1936
$714,340
206,234
106,163
4,704,488
1,093,608
257,877
4,718,172
886,103
38,862
5,871,271
1,417,616
674,978
2967
Federal and State income tax deductions are based on rendered return by
the company for 1937 and 1938; no provision has been made for income taxes
which may be assessed against 1939 earnings.
B a l a n c e S h e e t S e p t . 30
5,260,427
1,047,610
261,297
1939
1938
A ssets —
TAabit ties —
$
$
x Plant & propty. 12,771,458 12,417,232 Funded debt_____
_
Inv. in sub. cos_
74,877
76,531 Accounts payable.
Miscell. investm’ts
2,794
2,844 Liab. for pref. stk.
Funds dep. with
called for red_
_
trustee______ __
25
40 Accrued int. on
Commonwealth Edison Co. (& Subs.)— E a rn in g s —
Bank dep. & cash
funded debt___
866,564 1,175,839 Accrd. int. on conon hand_______
P e r i o d E n d . S e p t . 30— 1939— 9 M o s . — 1938
1939— 12 M o s . — 1938
Notes receivable..
3.000
7,350
sumers deposits.
Electric revenues----------- $95,643,619 $92,042,986 $128297,940 $124538,936
y Accts. receivable 419,837
516.682 A ccrd .insur., wages
Gasrevenues----------------- 11,006,728
10,279,514 14,710,03214,038,849other deps.
Ins.
4,315
3,822
taxes other than
Heating revenues----------477,154
463,184
724,022747,578 & of credit for
Letter
Fed. inc. t a x )..
Water revenues-------------78,561
126,056
107,503165,981
material & suppl
1,209
2,600 Accrd.Fed .& State
Inventory
income taxes___
„
$107,206,062
$102911,740 $143839,497$139491,344 of mat’l 289,982
and
314,430 Consumers’ deps..
Power purchased-----------142,940
187,784
138,128265,719 supplies___
Deferred items___
246,743
22,800 Unred ice coupons
3,488,836
5,254,7954,772,098
Gas purchased-------------- 3,949,878
Reserves_________
Other operation------------ 35,588,945
34,749,244 48,095,19847,987,371
Common stock___
Maintenance----------------- 6,205,084
5,885,811
8,233,8188,040,096
Earned surplus___
State, local and miscel
laneous Fed. taxes_ . 15.275.801
_
Federal income taxes_ . 3.966,231
_
. 12,698,321
Other income.
15,071,723
3.200,768
12,527,281
19,319,520
5,599,938
17,038,844
19,655,965
4,317,638
17,201,280
.$29,378,862 $27,800,293 $40,159,256 $37,251,177
603,952
671,483
1,006,241
1,304,475
.$30,050,345 $28,404,245 $41,165,497 $38,555,652
. 10,924,456 12,808,938 14,867,081 17,193,062
Int. on unfunded debt.
262,001
328,462
391,380
375,874
Amort. o f debt discount
and expense_________ . 1,152,831
1,010,909
1,539,120
1,394,598
Int. charged to construe.. 0227,562
Crl31,332
0277,320
0732,324
Divs. on pref. stocks o f
r
subsidiaries—
On stocks held by pub
lic at end o f period .
572,513
763,351
On stocks retired by
issuance o f d eben..
358,217
480,324
On other stocks retiredi
or acquired_______
209,020
6,301
399,313
187,857
Public com stockholders
interests in income3
o f subsidiaries
On stocks held by pub
lic at end of period.
10,129
167,920
14,359
285,647
r
On stocks acquired (for
periods prior to ac
quisition) ____
19,627
73,159
43,436
Consol. net incoi
.$17,719,470 $13,262,690 $24,158,405 $18,563,827
209,020
6,301
399,313
187,857
a Dividends___________
b Public common stock
holders’ interests
19,627
73,159
43,436
Adj. consol. D et____ .$17,928,490 $13,288,618 $24,630,877 $18,795,120
„
Shares c f capital stock
outstanding ($25
i 10,236,860
7,905,412 10,236,860
7,905,412
Earnings per share.
$1.75
$1.68
$2.41
$2.38
a Accrued on preferred stocks retired or acquired, other than stocks
retired by issuance o f debentures, b In income of subsidiaries, on stocks
acquired (for periods prior to acquisition).
Community Power & Light Co. (& Subs.)— E a r n in g s —
1939— M
o n th —
1938
1939— 12
M o s .—
1938
$467,477
$431,719
$4,768,809
$4,623,905
178,865
149,903
1,528,218
1,493,979
92,305
62,554
617,896
638,330
Community Public Service Co.— E a r n in g sP e r i o d E n d . S e p t . 30—
Electric revenues______
Water revenues________
Gas revenues__________
Ice revenues___________
1939— 3 M
$634,500
81,964
28,231
197,742
Total oper. revenues. _
Operation_____________
Maintenance__________
Taxes (other than Fed.
and State income)___
$942,437
420,903
62,056
60,449
56,974
225,903
221,834
Net inc. from operas. _
Net from merchandise &
other miscell. operns. _
Dividends from subsid’y
$399,028
$387,602
$1,149,594
4.628
4.616
22,000
83,282
31.247
34,881
124,462
125,548
3,277
272,434
867
1,828,382
4,436,625
1,224.819
5.834
269.109
1,385
1,786.252
4,436,625
1,021,365
T otal..................14.680.805 14.540.171
x After reserve for retirement o f $2,842,409 in 1939, and $2,990,450 in
1938. y After reserve for uncollectible accounts o f $56,544 in 1939, and
$53,892 in 1938.— Y. 149, p. 2508.
Commonwealth Hotel, Chicago—
N e w S ecs. R ea d y —
The new securities provided for in the plan o f reorganization are now
ready for delivery to depositing 1st mtge. bondholders. These new securi
ties consist of trust certificates representing the capital stock o f Hotel
Commodore. Inc., the new corporation formed pursuant to the plan of
reorganization to hold title to the property which secured the bonds.
Depositing bondholders will receive trust certificates representing the
ownership o f one share o f the capital stock of the new corporation for each
$100 in principal amount of bonds deposited by them.
To obtain these securities, holders should send their certificates of deposit
to the trust department o f the Boatmen’s National Bank of St. Louis.
The three trustees acting under the trust agreement pursuant to which the
trust certificates are issued are Warren Browne, Julius A. Polikoff and
Joseph Homan, with offices at 5547 Kenmore Ave.. Chicago.
Congoleum-Nairn, Inc. —
P rices In crea sed —
Effective Oct. 30, company has increased prices approximately 5% and
10% on its felt base and linoleum lines.— V. 149, p. 724.
Coniaurum Mines, Ltd.— E a rn in g s —
3 M o n t h s E n d e d S e p t . 30—
Tons of ore milled__________________
Net income from metals produced_
_
Development and operating costs____
1939
46,570
x$433,835
269,740
1938
47,180
$417,559
273,177
1937
43,155
$359,265
293,514
Estimated operating profit________
Nen-oper. rev., incl. profit from sale
of securities______________________
$164,095
$144,382
$65,751
8,239
7,091
18,565
$172,333
$151,473
$84,316
Estimated total profit____________
x Of this income from metals produced, $17,791 was due to the increased
price of gold.
N o t e — In the above figures no allowance has been made for taxes, depre
ciation or deferred development.— V. 149, p. 727.
1939— 12 M o s — 1938
$2,342,414 $2,348,230
289,172
278,547
210,076
208,148
386,410
366,851
$909,905
414,773
50,556
14,055
6,640
30,661
5,000
1,589
5,000
a Balance___________
Interest on bonds______
Sundry int. paid public
and inter-company in
terest (net)__________
Amortization o f bond
discount and expense _
Provision for renewals
and replacements____
Federal & State inc. tax.
$413,084
66,000
$394,242
83,672
$1,185,255
b349,808
$1,227,679
337,731
2,506
2,684
10,290
9,954
Net income__________
Balance surplus begin
ning o f period_______
Discount on bonds re
acquired____________
o s
— 1938
$615,209
77,397
27,698
189,600
$3,228,072
1,584,820
267,755
30— 1939— 3 M o s . — 1938
1939— 12 M o s . — 1938
Sales of elec, energy (M .
kw h.)_______________
1,553,815
1,344,209 6,288,024
5.679,645
Sales o f gas (M . cu. ft .) . 7,862,102
7,651,055 39,914,209 39,433.065
Salesof steam (M . lbs.).
868.803
879,021 10,182,740 10,213.132
Sales of electric en erg y ..$45,808.282 $42,917.478$194,990.866S186.161,908
Sales of gas____________
8,393.313
8,257,234 41,098,672 41.054.958
Sales of steam__________
812,201
825,737 9,840.598
9.858,539
Other oper. revenues___
647,111
639,667 2,735,753
2,337,510
P e r io d E n d . S ep t.
Total oper. revenues..$55,660,908 $52,640,116$248.665,888$239.412.915
a Operating expen ses... 27,772.071 27,755,556 116.904,023 116.650,237
Depreciation___________ 5,738,322
4,367,878 24,216,713 17,736,789
b Taxes_______________ 13,198,678 12,151,318 53,392,951 49,770,002
Operating income____$8,951,837
Non-operating revenues.
211,428
Non-oper. rev. deduct’ns
125,831
$8,365,363 $54,152,201 $55,255,886
132,648
723,008
470,707
121,222
482,876
480,230
Gross income_________ $9,037,433
Int. on long-term d e b t .. 4,318.897
c Miscellaneous interest
175,378
011,791
d Dividends___________
$8,376,789 $54,392,333 $55,246,364
4,516,525 17,403,532 17,679.690
353,147
941.603 1,022,080
0 1 6,90 4
76,352
84,690
Net income__________$4,554,949
$3,524,021 $35,970,846 $36,459,903
e Miscell. reservation__________________________
200,000
---------
2,295
$3,201,776
1,532,044
226,809
4,545
93,311
242,962
19,260
268,537
29,835
$250,914
$214,575
$558,390
$581,621
1,062,638
895,823
1,021,365
91,369
—
Total_______________ $1,313,552
Dividends ret’d through
cancelation o f scrip_
_
Dividends paid on com.
stock________________
88,732
790,894
Dr301
D r5
02 ,7 9 3
$1,110,097
$1,579,749
$1,375,308
01 ,269
88,732
354,930
355,212
Balance surplus end
$1,021,365 $1,224,819 $1,021,365
o f period____________ $1,224,819
a Available for interest, provision for renewals and replacements, &c.
b Includes interest to M ay 13, 1939, on 1st mortgage 5% , series A bonds,
due 1960, called for redemption and interest since March 13, 1939, on
presently outstanding bonds.
N o t e s — (1) Revenues o f subsidiary which are not included in this state
ment are for year ending Sept. 30, 1939: gross, $109,970; net,$1,000. (2)
$35,770,846 $36,459,903
10,924.940 10.921.812
22,943,054 22,943,054
Balance_________
Preferred dividends
Common dividends.
$1,221,089
1938
S
6,662,600
108.673
Consolidated Edison Co. of New York, Inc. (& Subs.)
W ee k ly O utput —
The electricity output o f the Commonwealth Edison Co. group (inter
company sales deducted) for the week ended Oct. 28, 1939, was 164,191,000
kilowatthours, compared with 136,716,000 kilowatthours ih the correspond
ing period last year, an increase o f 20.1% .
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
-----K i l o w a t t h o u r O u t p u t ----%
W eek E n d ed —
1939
1938
In crea se
20-1
Oct. 28----------------------------------------- -.164,191,000 136,716,000
Oct. 21----------161,223.000
137,460.000
17.3
Oct. 14-------------------------------------------- 163,117,000 135,806,000
20-1
155,485,000
133,704,000
16.3
Oct. 7 --------------— V. 149, p. 2683.
P e r i o d E n d . S e p t . 30—
Operating revenues, sub
sidiary companies____
Gross income, subsidiary
companies___________
Balance available for
dividends and surplus
o f Community Power
& Light C o__________
— V. 149, p. 2507.
T otal_________ 14.680.805 14.540,171
1939
S
6.600,000
132,062
$1,902,852 $2,595,037
Balance_____________________________________
$2.17
$2.23
Earned per share of common stock______________
a Incl. maint. expend, o f 3.780,342
4,045,822 15,853,273 16,306,410
b Including provision for Federal income tax. c Amortization of debt
discount and expense and miscellaneous deductions, d On preferred stocks
Of subsidiary companies held by the public, and net income applicable to
minority interest in capital stock of subsidiary companies, e Of net income
appropriated net income for acquisition of bonds or of new property.
I n c o m e S t a t e m e n t o f C o m p a n y O n ly
30— 1939— 3 M o s . — 1938
1939— 12 M os.— 1938
Sales of elec, energy (M .
kw h.)____
879.371
773.527
3.607,971 3.299.990
Sales of gas fM . cu.ft .) . 6,848.184
6.648.907 33.854,498 33,727,534
Sales of electric energy..$24.200.802 $22,703.711$103.248,788 $99,401,305
Sales of gas_ 6.999.153
6.880.975 34.343,439 34.544,035
Other operatingrevenues 1,544,500
1,201,784
5,944,504 3,997,443
P e r io d E n d . S ep t.
Total oper. revenues..$32,744,455 $30.786,470$143,536.731$137,942,783
a Operating expenses.II
17!977i437 18]393:376 74i628.747 75,189,277
Depreciation____________ 3,097,500 2,145,509 13,259,462 9,440.289
b Taxes_________________ 7,033,243
6,376,706 28,359,289 25,962,929
Operating income____$4,636,275
Non-operating revenue. 4,855,457
Non-oper. rev. deduct’ns
208.761
$3,870,879 $27,289,233 $27,350,287
5,132,646 19,978.052 20,784,549
179,126
737,476
846,236
Gross income________ $9,282,970
Int. on long-term d e b t.. 2,677,822
c Miscellaneous interest
106,109
$8,824,399 $46,529,810 $47,288,599
2,677,822 10,711,290 11,000,703
215,137
561,126
660,210
Net income__________$6,499,038
$5,931,440 $35,257,394 $35,627,687
Dividends declared on $5 cum. preferred stock_
_
10,944,450 10,939,707
Balance available for divs. on common sto ck .. $24,312,944 $24,687,979
a Incl. maint. expend, of 2,217,493
2,408,591
9,146,320
9,511,843
b Including provision for Federal income tax. c Amortization of debt
discount and expense, &c.
W ee k ly O utput —
Consolidated Edison Co. of New York announced production of the elec
tric plants of its system for the week ended Oct. 29 amounting to 151,700,000
kilowatt-hours, compared with 138,500,000 kilowatt-hours for the corre
sponding week of 1938, an increase o f 9.5% .— V.1149, p. 2683.
ONE HUNDRED
—The Commercial & Financial Chronicle—-YEARS OLD Nov. 4, 1939
2968
Connecticut Ry. & Lighting Co.30—
Operating revenues_____
Operating expenses_____
P e r io d E n d . S e p t.
-E a r n in g s-
1939— 3 Mbs.— 1938
$611,750
$600,598
568,216
570,619
1939— 12 M o s .— 1938
$2,606,144 $2,538,255
2,359,448
2,410,292
Continental Roll & Steel Foundry Co.— T o
— E a rn in g s —
R eca p ita lize
Total oper. revenue.. $8,530,985
Operating expenses_____ 4,623,389
Depreciation___________
792,471
Taxes__________________ 1,204,390
$7,975,107 $35,922,029 $34,589,123
4,479,782 18,934,434 18.449.976
777,953
3.385,795
3,336,446
1,154,665
5,266,978
5,094,012
Stockholders at a special meeting on Dec. 4, will be asked to approve a
plan o f recapitalization, which will result in the extension of bonds due
June 1, 1940, for 10 years and the creation of a new preferred stock with a
bonus in common to take care of accumulated dividends.
Holders of the $3,574,500 of first mortgage convertible 6% sinking fund
gold bonds, due June 1, 1940, are asked to extend the bonds for 10 years
at the same rate of interest, but without the conversion privilege, and will
be given approximately four shares of common stock as a bonus.
Holders of the 29,000 shares of 7% preferred stock, par value $100, are
asked to exchange their shares for a new prior preferred 7% stock, and in
consideration of back dividends will be given approximately 33% of the
common stock to be outstanding.
Under the proposed recapitalization plan there then will be outstanding
$3,574,500 of bonds due 1950, 29,000 shares of $1,000 par 7% prior prefer
ence stock and 343,558 shares of common stock, par value $1 a share. At
present there are outstanding the same amount of bonds and number of
preferred shares, and 213,260 shares of no par common stock, with a stated
value of $15 a share.
The reduction of capital will permit the elimination o f the existing earned
surplus deficit, and result in an increase in the capital surplus account.
As of Sept. 30, last, the deficit account stood at $891,261.
A letter sent to holders of all classes of securities stated that the recapitali
zation plan has been tentatively approved by approximately 85% o f the
outstanding preferred and 50% of the outstanding common stockholders.
Company’s report for nine months ended Sept. 30, 1939, subject to
audit and year-end adjustments, shows net loss of $120,513 after deprecia
tion, interest, amortization, taxes, &c.
For quarter ended Sept. 30, last, indicated net loss was $13,927 after
taxes and charges.
Current assets as of Sept. 30, last, including $1,540,620 cash, amounted
to $3,490,133 and current liabilities were $602,295, compared with cash of
$1,427,793, current assets of $3,371,735 and current liabilities o f $506,273
on Dec. 31, 1938. Inventories were $1,129,382 against $1,299,344.—
V. 149, p. 1472.
Operating income____$1,910,734
Other income__________
163,739
$1,562,707
175,275
$8,334,822
681,482
$7,708,688
593,505
Continental Shares, Inc.— R eport
hold ers’ C om m ittee f o r L iq u id a tion —
Gross income__________$2,074,473
Int. & amort, o f disc't,
prem. & exp. on bds.
592,836
Other deductions______
40,415
$1,737,982
$9,016,304
$8,302,194
610,283
14,886
2,357.398
99,440
2,514,862
62,224
Net income___________ $1,441,222
Divs. & pref. stock_____
250.804
Divs. & com. stock_____ 1,050,657
$1,112,812
278,829
1,050.657
$6,559,466
1,070.151
4,202.629
$5,725,107
1,115,315
4,202,629
$139,761 def$216,674
$1,286,685
$407,163
$4.70
$3.95
Operating income____
Non-operating incom e..
$43,533
100,806
$29,979
101,272
$246,696
405,174
$127,963
405,911
P r o f i t ______________
General expen ses_____
Prov. for Fed. cap. stock
tax__________________
$144,339
4,068
$131,251
5,662
$651,871
18,201
$533,874
37,694
1,312
1,125
5,437
5,156
Gross income________
Income deductions_____
$138,959
94,310
$124,463
109,411
$628,232
395,704
$491,024
441,124
Net in c o m e _________
Reservations o f net inc. _
$44,649
79,279
$15,052
76,039
$232,528
3 i 1,287
$49,900
298,631
D e fi c i t _____________
$34,630
$60,986
$78,759
$248,731
years’ figures restated for comparative purposes.— V.
149, p. 2683.
N o t e — Previous
Consolidated Gas Electric Light & Power Co. of
Baltimore (& Subs.)— E a r n in g s —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s .— 1938
1939— 12'Mos.— 1938
Electric oper. revenue.. $6,556,594 $6,069,112 $26,142,936 $24,987,646
Gas oper. revenue--------- 1,905,489
1,840,574
8,992,610
8.829.369
Steam heating operating
revenue_____________
68,902
65,421
786,483
772,108
Balance_____________
Earns, per sh. o f com.
stock________________
$1.02
$0.71
N ew Generator—
Herbert A . Wagner, President o f this company, announced that contracts
had been placed with the General Electric Co. for a 67,000 horsepower
turbo generator to be installed in its Westport, Baltimore, generating
station. The new unit, which is to be in service mid-year 1941, together
with the boiler for which contract is yet to be let, and the building ex
tension to house the new equipment, will call for an expenditure of $4,500,000. N o immediate financing will be necessary.
The expansion of electric generating facilities in Baltimore is being made
because o f the growth o f the company’s electric load, particularly in in
dustries, and in preparedness for future growth.— V . 149, p. 2228.
Container Corp. of America— To P a y
2 5 -C e n t D iv id n ed —
Directors on Oct. 26 declared a dividend o f 25 cents per share on the
capital stock, par $25, payable N ov. 20 to holders o f record N ov. 6. This
will be the first dividend paid on the capital stock since Feb. 19, 1938
when a regular quarterly dividend o f 30 cents per share was distributed.—
V. 149, p. 2508.
Continental Cushion Spring Co.— L arger
D iv id e n d —
Directors have declared a dividend o f five cents per share on the common
stock, payable N ov. 15 to holders o f record N ov. 1. Dividends of four
cents was paid on Aug. 15, last, this latter being the first dividend paid
since N ov. 15, 1937 when 5 1 4 cents per share was distributed.— V. 149.
p . 2684.
Continental Motors Corp.— Registers
with S E C —
8ee list given on first page o f this department.— V. 149, p. 2508.
Continental Oil Co. (& Subs.)— Earnings—
P e r i o d E n d . S e p t . 30—
1939— 3 M os.— 1938
1939— 9 Mos.— 1938
Gross income----------------- $22,371,480 $22,951,933 $60,179,785 $61,209,760
Costs and expenses--------- 16,583,164 16,802,800 44,618,866 44,561,229
Federal & State income
tax, &c--------------------x764,062
772,035 x2,242,613
2,221,451
Operating profit_____ $5,024,255
$5,377,097 $13,318,306 $14,427,080
Other income (net).........
794,283
538,838
1.962,780
1,384,334
Total income________ $5,818,538 $5,915,935 $15,281,088 $15,811,415
Intang, develop, co sts .. 2,539,992
2,070.956
6,096,719
6,441,868
Depletion & lease sur___
352,137
270,738
938,874
722,310
Depreciation___________ 1,219,012
1,157,791
3,637,480
3,393,883
Interest_______________
159,426
477.910
Minority interest______
5,215
4,315
8,312
7,765
Loss on sale assets, &c_.
14,196
y 55,948
Profit --------------------- $1,528,562
Extraord. items (n e t ) ...
______
$2,412,136
294,563
$4,065,842 $5,245,589
______
, 547,817
Net p ro fit.------------------$1,528,562 $2,706,698 $4,065,842 $5,793,406
y Shares capital stock . .
4,682,578 4,682.581
4,682,578 4,682,581
Earnings per share-------$0.33
$0.58
$0.87
$1.24
x Includes estimated provision for Federal and State income taxes. Fed"
eral and State oil and gasoline excise taxes are not included in operating
charges and the amounts collected in respect thereto are not included in
gross operating income. The amount o f such taxes paid (or accrued)
during the nine month period o f this report totaled $14,259,023. y Includes
$34,394 decrease in equity in Kettleman North Dome Association resulting
from readjustment o f ownership.
C o n s o l i d a t e d B a l a n c e S h e e t S e p t . 30
A ssets—
1939
1938
$
L i a b ilit ie s —
1938
$
Property accts. 59,100,387 54,795,549 y Capital stock_z23 692.967 z23,692,(
Cash___________ 23,312,968
6,685,670 Accts. payable. 7 305,241
6,126,(
U.S.Govt.securs
10 0
1 ,0 0
20 0 Notes payable. .
,0 0
1,500,(
Notes&accts. rec 7,978,277
7,853,334 Due to control’d
Due fr. control'd
cos. (current).
51,310
19, C
cos. (current)
121,152
83,902 Acer, liabilities. 1 664,158
3 ,1 1 3 ,1
Inventory of
Funded debt_ 21 071,600
_
} crude oil, &c. 18,934,789 23,247,466 Deferred credits
311.665
331,
M at’ls & suppl’s
606,924
563,159 Min. interest_
_
154,361
153,
Other cur. assets
210,351
208,079 Res. for insur.,
Inv. in & adv. to
annuities and
controlled cos. 4,477,451
3,989,700
contingencies. 1,924,403
1,930,400
Notes & accts.
Paid-in surplus. 49 102,900 49,091,300
rec. (non-cur.)
353,143
830,779 Earned surplus. 21 042,169 22,312.363
Oth.inv. & ad vs. 9,129,055
9,138,139
Unadj. debits, <fcc
305.989
365,032
Underwr’g exps.,
&
c______
473,496
Prepd.&def.chgs 1,206,789
490,626
x
Total......... ..126,320,773 108,271,435
Total.............. 126,320,773 108,271,435
x After depreciation, depletion and intangible development costs, y Par
$5. z Including shares held in treasury.— Y. 149, p. 2509.
of
P referred
Stock
In a letter to the preferred stockholders dated Oct. 30, the committee
(Frank A. Scott, Chairman) states:
Under date of Feb. 11, 1939, we advised you that the Maryland receiver
had applied to the Cleveland Court for an order supporting the carrying
out of the Baltimore decree of June, 1938, which established a plan for a
liquidating company to liquidate and distribute the remaining assets;
and that this committee was supporting such application in its efforts to
accomplish a winding up o f the receiverships. Hearing was had on such
application and the matter was promptly argued and submitted on briefs.
On Oct. 24 Judge Lee E. Skeel entered final decree in the Cleveland
proceedings finding that the Baltimore decree “ is final and valid and is
binding upon such parties in interest and is entitled to full faith and credit
in the courts of Ohio.”
W e sincerely hope that this will end the long legal proceedings which
have been necessary to the carrying out of this committee’s undertaking
to secure for preferred stockholders realization upon their equity in the
remaining assets.
Report of the Cleveland receiver of Oct. 2, 1939, shows bank debts paid
and the following principal security holdings on hand: 151,123 shares
Cliffs Corp. common, 57,200 shares Republic Steel Corp. common, 13,000
shares Cleveland-Cliffs Iron Co. preferred.
Under the two decrees it is provided that all of the remaining assets not
needed for expenses and claims will be promptly transferred to a new
liquidating company. Substantially all of the Cliffs Corp. stock is to be
distributed in kind by the new company, and you should shortly receive
notice from the receivers that they have 381,374 shares o f the new company
available for delivery to you in exchange, share for share, for your preferred
shares of the old company, and that on turning in your old stock you will
also receive at the same time your liquidating distribution of approximately
% of a share of Cliffs Corp. stock on each share of the new stock.
The e change of a total of not to exceed 12,587 shares of the stock of
the new company for the old common and Founders’ shares in the ratio
of one for 200 will at the same time and in a similar manner be offered
by the new corporation in accordance with the two decrees.
Under existing market conditions your committee has been deeply
concerned that responsibility for the disposition or holding of the remaining
assets should be placed in the hands of the actual owners or their repre
sentatives on the board of the new company at the earliest possible time.
The preferred stockholders’ committee, of which George H. Charls is
Chairman, has joined in these views, and has advised us that it believes
litigation should be ended and the matter promptly wound up under the
direction and control of the preferred stockholders.
While an appeal from Judge Skeel’s decision may, o f course, be attempted
by interest which have opposed the winding up of this situation, our counsel
advise us that in their judgment there is no sound legal basis for such
appeal, that it has never been contended in the Cleveland proceedings that
Judge Skeel did not have the power and authority to enter the order which
he has entered, and that they believe nothing can be accomplished by an
appeal except further delay. Legal procedure for an appeal requires the
giving of notice of appeal within 20 days and the perfecting o f the appeal
within 60 days from the date of the decree or the overruling o f a motion
for a new trial.
Your committee will, of course, continue to press for a prompt carrying
out o f the decrees. This should place in your hands, for handling as you
see fit, your respective pro rata shaers of the Cliffs Corp. stock, and the
new corporation will be committed to handle the remaining assets in a way
best calculated to accomplish their liquidation and distribution as rapidly
as possible consistent with the working out of the details under the two
decrees and a realization of the fair values of these securities.— V. 148, p
1025; V. 149, p. 2228, 1025.
Curtis Publishing Co.— E a r n in g s —
9 M o s . E n d . S e p t . 30—
1939
1938
1937
1936
x Net earnings_________ $1,921,618 $1,128,482 $3,441,047 $5,059,359
x Excluding dividends on Curtis stock owned by the company or subs.
N o t e — Net earnings is after reserve for depreciation and for Federal.
State and local taxes.
A c c u m u la te d D iv id e n d —
Directors have declared a dividend o f $1.12 ) 4 per share on account of
accumulations on the $7 cumulative preferred stock, payable Dec. 20 to
holders of record Nov. 20. Dividends of 50 cents were paid on Oct. 2 and
on July 1, last, and dividends o f 25 cents were paid on April 1, last, and on
Oct. 1 and July 1, 1938. After payment o f current dividend accruals will
amount to $16.8734 per share.
S pecia l M e e tin g —
Company will hold a special meeting of stockholders on Dec. 6, it became
known on Oct. 30 when it requested the New York Stock Exchange to
facilitate stock transfers preparatory to the meeting.— V . 149, p. 1175.
Curtiss-Wright Corp. (& Subs.)— E a rn in g s —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s .— 1938
1939— 9 M o s .— 1938
x Net profit------------------$1,172,748
$444,036 $4,543,552 $2,625,898
x After depreciation and Federal income tax but before provision for
possible Federal surtax on undistributed income.
A c q u is itio n —
Guy W . Vaughan, President of this corporation, late on Oct. 26 announced
the purchase of the hollow steel blade manufacturing division of the Pitts
burgh Screw & Bolt Corp., of Pittsburgh, P a., and its absorption by the
Curtiss Propeller Division of Clifton, N . J. The latter is a major manu
facturer of electric propellers for military and commercial planes operated
in this country and abroad.
The announcement followed the completion o f negotiations between
officers of the two organizations whereby the Curtiss-Wright Corp. takes
over the entire propeller blade division, equipment and patents of the
Pittsburgh concern on N ov. 1. Financial details of the arrangement were
not announced. Personnel of the Pittsburgh organization will be retained
as far as possible.-—V . 149, p. 1620.
Vohime 149
ONE HUNDRED
—The Commercial & Financial Chronicle— Y EAR S OLD
Cutler-Hammer, Inc.— E a r n in g s —
P e r i o d E n d . S e p t . 30—
Gross profit from opers.
before fixed charges. _
Prov. for depreciation. .1
Amortization o f patents. I
Social security & unem
ployment taxes______
Selling & admin, exps___
1939— 3
M o s .—
1938
1939— 9
M o s .—
1938
$772,839
40.195
$364,040
f37,8681
1 5,887
$2,170,548
139,972
$1,395,390
f 113,434
1 17,661
49,295
472,321
44,118
442,705
141,434
1,429,524
125,795
1,367,029
Net profit from oper._
Other income__________
$211,028 loss$166,538
40
4,134
$459,616 loss$228,529
54,864
53,252
Total profit_________
Interest paid__________
Reserve for inventory
fluctuations and other
contingencies________
State and Federal income
taxes (estimated)____
$211,068 loss$162,404
$514,480 loss$175,277
...........
1,834
Net profit for p eriod ..
— V. 149, p. 1322.
$167,068 loss$168,775
______
6,371
...........
67.424
44,000
______
104,000
______
Dardelet Threadlock Corp.— N e w
$410,480 loss$244,535
At a recent meeting o f the board o f directors A . E . R . Peterka who has
been identified with the bolt and nut industry for many years, was elected
to the board to succeed W . J. Deegan, who has resigned.— V . i48, p. 2739.
De Met’s, Inc.— N e w
V ice-P resid en t —
Robert P. Nessler has been elected Vice-President and General Manager
o f this company, C. N . Johnson, President, announced on Oct. 31. The
board o f directors has granted M r. Nessler an option o f 50,000 shares of
unissued common stock in the company for a period o f five years at prices
ranging from 50 cents to $1 a share.
C. N . Johnson and C. N . Johnson Jr. have agreed to voluntary re
ductions in salaries, so that net executive salaries, including M r. Nessler’s,
will be increased only $2,600 a year.— V. 149, p. 2509.
(A.) De Pinna Co.— P rivately O w ned f o r 54 Y e a r s , P la n s
Public Stock O f f e t i n g — F iles R egistration Statem ent C overing
Preferred and C lass A Shares —
After 54 years o f private ownership, the company, which operates a
large Fifth Avenue apparel shop in New York and branch stores in New
Haven, Conn:, Magnolia, Mass, and Miami Beach, Fla., has comoleted
arrangements whereby a substantial portion o f the b.usiness will be owned
publicly, according to a registration statement filed with the Securities
and Exchange Commission. The statement covers 26,278 shares o f 6%
convertible cumulative preferred stock and 41.337 shares o f class A stock.
Barrett Herrick &Co., Inc. and Hartley Rogers, Torrey & Cohu are named
as the principal underwriters.
The proposed offering does not represent new financing by the company.
The shares to be offered publicly represent a portion o f the holdings of the
principal owners, including Leo S. De Pinna, Chairman o f the Board, and
Roy Foster, President o f the company, who will continue to head the
management.
Expansion o f the company has been solely through the reinvestment of
earnings, according to the registration statement. Except for a small amount
of stock sold to certain employees, it has not acquired additional capital
from any other source. The present capital structure consists of 50.000
shares o f preferred stock, 70,000 shares o f class A voting stock and 70,000
shares o f class B stock outstanding. The preferred stock is convertible into
two shares o f class A stock.
The business was established in 1885 by Alfred De Pinna, formerly a
London merchant. Upon his retirement in 1911, Leo S. De Pinna, son of
the founder, became President. Mr. De Pinna recently became Chairman
of the Board and his brother-in-law, R oy Foster, who has been active in the
management o f the company since 1915, was elected President.
See also list given on first page o f this department.
Deere & Co.— T o
P a y 7 5 -C e n t C o m m o n D iv id en d —
Directors have declared a dividend o f 75 cents per share on the common
stock, payable Dec. 1 to holders o f record Nov. 15. This will be the
first common dividend paid since Oct. 20, 1938, when $1.35 per share
was distributed; dividends o f $1 were paid on Oct. 20 and on Sept. 1,
1937, this latter being the first payment made since July 1, 1931.— V. 148,
p. 2581.
Delaware Lackawanna & Western RR.— E a rn in g s —■
S ep tem b er—
1939
Gross from railway_____$4,715,415
Net from railway............ 1,417,869
Net after ren ts...............
937,903
F r o m J a n . 1—
Gross from railway......... 36,561,012
Net from railway______
8,053,166
Net after rents............
3,603,879
— V. 149, p. 2077.
1938
1937
$3,663,308 $3,878,056
722,848
768,132
254,315
338,743
1936
$4,071,763
921,664
571,730
32,052,882 37,882,199 36,527,237
5,403,234 8,487,010
7,015,011
1,192,191 4,498,005 3,853,756
Delaware Power & Light Co.— E a r n in g s —
P e r i o d E n d . S e p t . 30—
1939— 3 M
Operating revenue_____$1,354,139
Oper. exps. (incl. taxes).
889,574
1938
1939— 12 M o s — 1938
$1,313,378 $5,722,617 $5,470,949
855,798 3,684,344 3,576,909
o s .—
Operating income____
Non-operating incom e..
$464,565
17,390
Gross income________
Int. on long-term d e b t..
Amort, o f dt. disc. & exp.
Amort, o f debt disc, and
exp., bonds retired_
_
Taxes assumed on int_
_
Other interest_________
Miscell. income deduc’ns
$481,956
138,500
3,124
$461,068
142,750
3,135
2,435
6,000
911
305
2,435
6,394
1,261
626
$457,579 $2,038,274 $1,894,040
3,488
51,011
13,793
$2,089,284 $1,907,832
563,917
571,000
12,523
12,542
9,739
22,640
3,918
1,499
9,739
24,972
4,490
1,994
Net incom e..............
$330,681
$304,466 $1,475,048 $1,283,095
N o t e — Previous years’ figures restated for comparative purposes.— V . 149,
p. 725.
Denver & Rio Grande Western RR.— E a rn in g s —
S ep tem b er—
1939
1938
Gross from railway_____ $2,678,253
$2,423,073
Net from railway...........
844,881
550,975
Net after rents..............
507,408
235,574
F r o m J a n . 1—
Gross from railway_____ 17,503,986 16,143,140
Net from railw ay.......... 2,496,410
1,470,978
Net after rents________
146,294 d e f l l l l , 915
— V. 149, p. 2510.
1937
1936
$2,899,613 $2,663,056
703.686
736,395
358,151
441,370
19,597,443 17,962,989
1,176,920 2,565,072
def746,963
275,968
IDenver Tramway Corp. and Denver & Intermountain R R ., with inter
company transactions eliminated]
P e r i o d E n d . S e p t . 30—
1939— 9 M o s . — 1938
1939— 12 M o s . — 1938
Total operating revenue. $2,229,468 $2,213,963 $3,006,915 $3,034,385
1,358,432
1,864,796 1,854,016
Operating expenses_____ 1,388,444
Depreciation....................
375,000
378,679
500,000
506,938
Taxes..........................
287,811
326,013
366,575
452,896
$178,213
14,228
Gross income________
Int. on underlying bonds
Int. on gen. & ref. bonds
Amortization o f discount
on funded debt______
$192,440
7,573
187,955
______
$150,838
17,932
$168,770
21,949
190,093
528
$275,544
19,172
$220,536
24,215
$294,716
10,719
250,829
$244,751
31,662
253,692
______
793
a Balance.....................
b$3,088
b$43,801
$33,168
b$41,396
a For debt maturities, sinking funds and other corporate purposes. b Incates deficit.— V. 149, p. 875.
1939
$304,576
166,571
180,601
1938
$294,451
147,739
159,899
1937
$280,736
88,306
94,809
1936
$296,140
137,581
154,920
1,537,854
281,985
448,299
1,426,308
307,061
469,678
1,848,452
378,265
508,323
1,880,858
430,285
604,606
Detroit & Toledo Shore Line RR.— E a r n in g s —
S ep tem b er—
Gross from railway_____
Net from railway______
Net after rents________
F r o m J a n . 1—
Gross from railway.........
Net from railway______
Net after rents________
— V . 149, p.2078.
1939
$315,198
174,060
84,825
1938
$239,550
121,018
41,240
1937
$278,654
141,465
68,602
1936
$254,727
127,276
57,649
2,276,798
1,006,180
327,944
1,744,895
707,235
153,619
2,836,003
1,554,610
801,422
2,812,010
1,511,628
752,475
L arger D iv id e n d —
Directors have declared a dividend o f 30 cents per share on the common
stock, payable Dec. 1 to holders of record N ov. 10. Dividend of 20 cents tvas
paid on June 1, last, and on March 1, 1937.— V . 148, p. 2740.
Diamond T Motor Car Co.— E a r n in g s —
1938
1939
3 M o n t h s E n d e d S e p t . 30—•
Gross sales of new trucks and service parts, less dis
counts, returns, allowances, Federal excise and
State sales taxes _ . _____ —
. . $2,533,060
2,216,315
Cost of sales.. . _
_
. — .
— -
$2,099,682
1,868,350
Gross profit on new trucks & service parts.
Gross profit on sales of used trucks
. . . —
$316,745
1,697
$231,332
1,900
Total------------------------------- . . ------Selling, general and administrative expenses
$318,441
256,926
$233,232
218,109
Profit_____
..
. --------- ------- ------Interest, financing and miscellaneous income . .
$61,515
7,666
$15,123
3,359
Total p r o f i t _________
. -------------------------Interest paid . .
..
----------- —
Provision for Federal income taxes __ ------- --- .
$69,181
63
14,200
$18,482
796
975
Net profit____________________________________
— V. 149, p. 875.
$54,919
$16,711
Distillers Corp. Seagrams, Ltd. (& Subs.)— E a rn in g s —
31
[Expressed in Canadian Currency]
1938
1936
1939
1937
Sales, less frt. & allow...$84,787,807 $81,577,919 $81,872,168 $60,585,917
Costs of goods s o l d ...
58,144,838 57,098,840 57,722,446 41,204,063
C o n so lid a ted I n c o m e A c c o u n t , Y e a r s E n d e d J u ly
.$26,642,969 $24,479,079 $24,149,722 $19,381,853
Gross profit on sales._
126,202
107,561
149,609
107,970
Miscellaneous income___
.$26,792,577 $24,605,281 $24,257,692 $19,489,415
Total income___
. 16,397,507 13,514,739 12,713,656 11,565,893
Sell., gen. & adm. e
1,000
1,000
2,000
1,000
Directors’ fees____
319,366
381,907
388,051
294,035
Executive salaries .
188,029
200,317
289,070
237,573
Legal fees________
393,878
523,820
431,840
437,079
Int. paid or accrd., n e t.,
153,166
130,621
130,205
118,063
x Prov. for depreciation.
Loss on disposal of capi
70,172
304,567
447,730
tal assets____________
Prov. for loss on invest
73,266
160,000
ment (net)__________
_____
775,293
Loss resulting from floodi
Loss on liquidation of a
z72,022
sub., &c_______
Prov. for income andL
2,321,898
1,923,485
907,350
2,017,627
profits taxes____
y 1,724,987
Special charge_____
. $6,566,313 $7,313,504 $7,444,258 $4,208,674
Net profit_______
1,742,645
1,742,645
1,742,645
. 1,742,645
Shares outstanding.
$2.42
$3.29
$3.75
$3.95
Earned per share .
l
x Depreciation pro1
charged to:
$428,536
$812,212
$695,545
. $947,013
Production______
130,621
153,166
130,205
118,063
Profits as above _
y Special price allowances made to customers in respect of stocks in their
hands Jan. 2, 1936, and also adjustment of duty paid on inventories in
hands of the companies, following the reduction in United States import
duties in conformity with the trade agreement between the United States
and Canada, z Loss on liquidation of a subsidiary company, including
goodwill, $19,065.
C o n s o l i d a t e d B a l a n c e S h e e t J u l y 31
1939
1938
1938
1939
A ssets —
$
$
Liabilities —-
$
x Commonstock..19,202,427
Plant, equipment,
5% cum. pf. stockl6,490,000
goodwill, trade
marks & blends.24,030,186 24,024,052 Adv. under bank
credit agreem’t. 5,000,000
Inventories______ 41,663,795 41,004,155
416,815 Notes pay. to bks. 2,500,000
Investments____
21,816
Accts.receivable.. 8,520,616 8,600,690 Accts. pay. & accr.
liabilities........... 1,643,665
Cash........ ............ 1,983,025 1,538,289
Div. on cum. pref.
Deps. on grain fu
stock................
207,000
109,152
ture contracts.. 304,288
Prov. for taxes in
Unexp. insur. and
Canada & TJ. S. 3,526,321
oth. items ch’geCapital surplus__ y510,000
able to future
751,010 Earned surplus__ 28,367,383
operations_____ 923,071
$
19,202,427
16,500,000
5,000,000
3,900,000
2,032,931
206,250
3.121,166
26,561,390
Total................ 77,446,796 76,524,164
Total................ 77,446,796 76.524,164
x Represented by 1,742,645 no par shares, y Capital surplus arising from
the redemption of cumulative preferred stock 5% series.— V 149, P..2228
Douglas Aircraft Co.— To
Pay
S3
D iv id en d —
Directors on Oct. 31 declared a dividend of $3 per share on the common
stock, payable N ov. 20 to holders o f record N ov. 10. Dividend of like
amount was paid on N ov. 24, 1938, this latter being the first distribution
made since Sept. 27, 1935 when 75 cents per share was distributed.
Vacation P lan —
Denver Tramway System—E a r n in g s —
Net operating income.
Total miscell. income_
_
Denver & Salt Lake Ry.— E a rn in g s —
S ep tem b er—
Gross from railway_____
Net from railway______
Net after rents________
F r o m J a n . 1—
Gross from railway_____
Net from railway______
Net after rents________
— V. 149, p. 2077.
Dexter Co.—
D irector —
2969
Company will give'one week’s vacation with pay next summer to all
employees who have been on the payroll six months or longer. Both the
Santa Monica and El Segundo plants in California will close for one week.
The company currently employs 9,700 persons .which is being augmented
at the rate of 400 per week with 12,000 expected to be employed by the first
of 1940. The plants now operate on a 40-hour five-day week.— V. 149,
p. 875.
(E. I.) du Pont de Nemours & Co.— C ellophane
F ilm
P rice Reduced —
A further reduction in the price of Cellophane cellulose film was an
nounced by this company effective Oct. 30.
This makes the 20th consecutive reduction since domestic manufacture
of cellulose film was started by du Pont in 1924. The newly announced
price of plain (non-moisture proof), cellophane is now only 12% of the
original price, and of moisture proof cellophane only 26% of the original
figure.
Company officials, in commenting on the reduction, stated present output
is at record figures and the outlook for the future very promising, based on
continued expansion iri the use of cellophane in new as well as present fields.
— V. 149, p. 2685.
2970
ONE HUNDRED Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
The
—
—
Duluth South Shore & Atlantic Ry.— E a r n in g s —
C o n s o lid a te d B a la n c e S h e e t S e p t .
1939
$296,130
105,155
85,332
1938
$187,016
43,038
28,098
1937
$277,647
94,812
72,391
1936
$263,999
73,075
46,720
1,691,589
195,414
19,776
1.385,192
52,124
defl05,565
2,268,294
629,553
458.169
2,201,630
691,654
503,664
S e p te m b e r —
Gross from ra ilw a y_____
N e t from ra ilw a y ----------N e t after rents---------------F r o m J a n . 1—
Gross from ra ilw a y---------N e t from ra ilw a y______
N e t after rents---------------— V . 149, p . 2078.
East Coast Public Service Co. (& Subs.)— E a r n in g s —
P e r i o d E n d e d S e p t . 30— ■
Operating revenue . __________ __ . _
Operating expenses___
____________
1939— 3 M
$241,416
141,497
os.—
1938
12 M o s . ’39
$224,682
$778,120
501,154
137,417
Incom e from operations . . .
Non-operating income (n e t)_________
$99,919
2,019
$87,265
2,505
$101,938
937
22,831
$89,770
1,645
22,831
$283,790
4,894
91,324
1938
F ix ed a ssets_______ 2 1 ,8 7 9 ,2 5 6 1 9 ,5 6 3 ,4 3 6
I n s ta ll, n otes r e c _ .
2 5 2 ,3 5 9
1 58,886
S in kin g fu n d c a s h .
_______
502
S p ecia l d e p o s its ___
8 ,3 5 8
13,599
2 34 ,40 4
C a s h ........ ................... 1 ,2 9 0 ,5 8 3
N o t e s r e c e iv a b le -.
4 ,8 6 8
1 6,794
A c c t s . r e c e iv a b l e ..
4 4 7 ,4 6 5
3 9 0 ,57 0
M a te ria ls & s u p p l’s
120 ,95 9
118,434
D e f’ d ch a rg e s____
1 7 6 ,76 8
4 8 0 ,3 9 0
a R e a c q ’d s e c u r e ._
2 5 ,9 6 7
17,372
$276,966
6,824
Gross income
____
_____ __
Fixed charges of subsidiaries
In t . on 1st lien coll. 4 % bonds, ser. A .
1939
a Balance_____ ______________ __ . .
$78,170
$65,294
$187,571
_ a Before provision for renewals, replacements and retirements and
Federal income taxes of East Coast Public Service Co .
N o t e — I t is the policy of subsidiaries to make appropriation for renewals,
replacements and retirements at the end of each calendar year; therefore
the above interim statement shows results before deducting such appro
priation.
C o n s o l i d a t e d . B a l a n c e S h e e t S e p t . 30, 1939
A s s e t s — Ca pita l assets, $3,264,970:
miscellaneous investments, $2,427;
cash, $77,731; cash ‘ principal and interest reserve, deposit), $1,945; cash
(special deposit, R . E . A . ) , $432; notes receivable (merchandise contracts)
pledged, $36,898; accounts receivable, $81,580; materials and supplies,
$50,786; prepayments, $8,885; other current assets, $8,617; deferred debits,
$910; total, $3,535,181.
L i a b i l i t i e s — Long -te rm
debt, $2,403,021; notes payable (unsecured),
$11,366; notes payable (secured by merchandise contracts, $25,023; accts.
payable, $40,792; consumers’ deposits (refundable), $20,902; interest
accrued, $15,221; taxes, $24,145; insurance, $1,433; other accrued liabs.,
$2,713; deferred credit, $3,933; reserves, $451,762; common stock (par $1),
$30,517; earned surplus, $144,745; capital surplus, $359,608; total, $3,535,181.— V . 149, p . 876.
P e r i o d E n d . S e p t . 30—
Operating revenues_____
O per. exps. & taxes_____
1939— 3 M
$58,243
38,053
N e t oper. incom e____
O ther income (n e t)_____
$20,189
31
$16,576
30
$62,563
153
$53,125
794
Gross income_________
In t . & other deductions.
$20,221
2,999
$16,607
2,991
$62,716
12,002
$53,919
14,124
N e t incom e__________
P re f. stock dividends_
_
$17,221
1,487
$13,615
1,487
$50,714
5,950
$39,794
5,950
Balance_________
— V . 149, p . 1323.
$15,733
$12,128
$44,764
$33,844
1938
$55,459
38,883
1939— 12 M
$215,680
153,116
os
.— 1938
$205,098
151,973
Eastern Corp. (& Subs.)— E a r n in g s —
9 M o n t h s E n d e d S e p t . 30—
1939
Gross incom e________________________________________ $3,887,358
Operating expenses and taxes_____________________
3.593,194
99,828
Interest charges___________________________________
Depreciation_______________________________________
230,396
N e t loss..............................................................................
— V . 149, p . 1023.
1938
$4,832,434
4,145,055
126,944
234,319
$36,060prof$326,116
Eastern Rolling Mill Co.— E a r n in g s —P e r io d E n d . S e p t. SO—
Operation loss__________
Depreciation____________
1939— 3 M
$17,765
24,764
1938
1939
$
S
7 % c u m . p r e f. s tk .
(p a r $ 1 0 0 )______ 1 ,4 7 9,7 00
C o m . stk . ($3 p a r) 1 ,8 0 4,7 82
b P re m . on c o m
m on s t o c k ______ 3 ,4 9 7 ,2 1 2
L o n g term d e b t ___ 1 0 ,0 1 5 ,0 0 0
A c co u n ts p a y a b le .
157 ,35 6
A c cru e d in t e r e s t ..
7 5,651
A ccru ed ta x e s ____
4 3 9 ,1 8 6
3 % serial n otes
p a y a b le t o b a n k
5 3 0 ,00 0
A d vs. b y consum ’s
(p rep aid g a s )___
5 1 0 ,9 8 0
R e s . fo r re tire m 'ts 2 ,7 8 4 ,9 1 3
C o n tr ib s fo r e x t s .
8 ,3 1 7
R e s . fo r un ea rn ed
p r o fits ___________
2 8 ,6 7 8
E a rn ed su rp lu s___ 2 .8 7 4 ,8 0 8
1 ,4 7 9 ,7 0 0
1 ,7 8 7 ,8 2 6
3 ,4 1 6 .9 6 8
8 ,6 5 2 ,0 0 0
107,292
120 ,38 1
3 58 ,05 7
2 8 9 .1 6 2
2 ,2 4 3 ,7 3 8
8 ,3 1 7
2 9 .3 5 0
2 ,5 0 1 ,5 9 5
T o t a l .................. .2 4 ,2 0 6 .5 8 3 2 0 9 9 4 .3 8 7
a 1,252 shares in 1939 and 952 shares in 1938, $3 par com mon stock at
cost, acquired for resale to employees under employees’ stock purchase
plan, b Represents excess upon reclassification of no par value com m on
stock into $3 par value common stock as of Sept. 4, 1936, plus excess of
amounts received over par value of shares issued since that date.— V . 149,
p . 2079.
Empire Gas & Fuel Co. (& Subs.)— E a r n in g s —
9 M o n t h s E n d e d S e p t . 30—
1939
1938
Gross operating revenue___________________________ $59,234,308 $61,764,012
a Operating expenses, maintenance and taxes_____ 45,127,048 44,915,361
Depletion and depreciation________________________ 9,472,392
9.565,455
N e t operating revenue___________________________$4,634,868 $7,283,196
O ther incom e_______________________________________ 1,956,076
3,662,666
Gross incom e____________________________________ $6,590,944 $10,945,862
Subsidiary interest charges & am o rt. of discount
5,257.610 5,785.996
E m p ire Gas & F uel C o ., interest charges___________ 2,764,849
3,938,298
N e t incom e___________________________ ________ — x$l,431,515 $1,221,568
a Includes provision for Federal income tax. x D eficit.
-Th e figures include profit and loss adjustments applicable to
respective periods.— Y.14 8, p. 3530.— V . 149, p . 1323.
Emporium Capwell Corp .— M e r g e r V oted —
Stockholders of both E m p o riu m Capwell C o rp . and E m p o riu m Capwell
Co . on N o v . 2 approved proposed merger of the tw o companies b y vote
of more than tw o-thirds of the issued and outstanding shares of each class
of stock of the two corporations. M erge r w ill be made effective at close
of the current fiscal year on Ja n . 31, 1940.— V 149, p . 1913.
Engineers Public Service Co. (& Subs.)— E a r n in g s —
P e r i o d E n d . S e p t . 30—
1939— M o n t h — 1938
1939— 12 M ^ s — 1938
Operating revenues_____ $4,705,431
$4,606,242 $53,825,115 $52,591,298
Operation_______________
1,649,293
1,765,213 19,592,706 20,372,134
M aintenance___________
275,805
306,637
3,562,194
3,636,545
598,327
493,636 f6,778,670
6,525,637
Ta xe s___________________
N e t oper. revenues___$2,182,005
$2,040,756 $23,891,545 $22,056,981
N o n-op er. income (net) _ D r 14,568
-Dr35,295 Pr293,056 0 4 4 3 ,4 2 2
Balance______________ $2,167,437 $2,005,461 $23,598,489 $21,613,559
Interest and am ortizat’n
659,604_____ 693,812
8,255,365
7,987,499
Balance.._________ . . . $1,507,833 $1,311,649 $15,343,124 $13,626,060
Appropriation for retirement reserve____________
5,888,697
5,601,777
Balance__________________________ _____________ _
Dividends on preferred stocks, declared_________
$9,454,427
2,314,813
$8,024,283
2,262,397
$311,152
Balance________________________________ _______
Cum ulative pref. divs. earned but not declared--
$7,139,614
2,059,011
$5,761,886
1,542,255
E b a s c o S e r v ic e s , I n c .— W e e k ly I n p u t—
F o r the week ended O ct. 26, 1939, the kilow att-hour system input of
the operating companies which are subsidiaries of American Power & L ig h t
C o ., Electric Power & L ig h t C o rp . and National Power & L ig h t C o ., as
compared w ith the corresponding week during 1938, was as follows:
---------I n c r e a s e --------O p e r a t in g S u b s id ia r ie s o f —
1939
1938
Am ount
%
Am erican Power & L ig h t C o _____131,127,000 116,084,000 15.043,000 13.0
Electric Power & L ig h t C o rp ___ 65,381,000 57,686,000 7,695,000
13.3
N ational Power & L ig h t C o _____ 82,398,000 70,909,000 11,489,000 16.2
N o t e — T h e above figures do not include the system inputs of any com
panies not appearing in both periods.— V . 149, p. 2685.
Balance_________________________________________
A m ou nt applicable to m in ority interests_________
$5,080,603
18,538
$4,219,631
18,368
a Balance_______________________________________
b Undeclared dividends__________________________
Earns, from sub. cos., included in charges above;
Preferred dividends, declared__________________
Interest_________________________________________
Earnings from other sources_____________________
$5,062,065
21,486
$4,201,263
59,663
175,664
71,753
102,838
108,607
117,401
113,291
T o ta l__________ ________________________________
Expenses, taxes and interest_____________________
$5,433,807
249,355
$4,600,226
241,279
d Allow ing
c Balance of earnings___________________________
for loss________________________________
$5,184,452
See g
$4,358,947
657,890
Balance applic. to stocks of Engineers P . S. C o .
D iv s . on pref. stock of Engineers P ub . Serv. C o . .
$5,184,452
2,304,374
$3,701,057
2,323,556
N e t loss.......... ...............
— V . 149, p . 876.
E le c t r ic
Bond
$42,530
&
Share
1939— 12 M
$117,216
98,658
Employers Reinsurance Corp.— E xtra D iv id en d —
Directors have declared an extra dividend of 20 cents per share in addi
tion to the regular q uarterly dividend of 40 cents per share on the common
stock, both payable N o v . 15 to holders of record O ct. 31. Sim ilar pay
ments were made on N o v . 15, 1938.— V . 148, p . 1167.
.— 1938
$214,423
96,729
o s
— 1938
$50,689
24,622
..2 4 ,2 0 6 ,5 8 3 2 0 .9 9 4 ,3 8 7
30
N o te —
East Missouri Power Co.— E a r n in g s a s .—
T o t a l ____
L ia b ilitie s —
$75,311
$215,875
C o .— N o te s
of
os
S u b sid ia ry—
Participation in notes of American & Foreign Power C o .,
Inc. See under that com pany’s title on another page.—
V . 149, p. 2685.
E l e c t r o l u x C o r p .— T o P a y 20 - C e n t D i v i d e n d —
Directors on N o v . 3 declared a final dividend of 20 cents per share on the
1,237,500 capital shares of $1 par value outstanding, payable D ec. 15,
1939, to holders of record N o v . 15, 1939. Dividends of 30 cents were paid
on Sept. 15 and on Jun e 15 last, and previously regular q uarterly dividends
of 40 cents per share were distributed.— V . 149, p . 2685.
E m p ir e D i s t r i c t E le c t r i c C o .— A c c u m u la te d D iv id e n d —
Directors have declared a dividend of $3 per share on the 6 % cum .
pref. stock, payable on account of accumulations on O ct. 31 to holders of
record O ct. 24. L ik e amounts was paid on D ec. 27, 1938 and on D ec. 30,
1937.— V . 148, p . 1027.
E l P a s o N a t u r a l G a s C o . ( D e l .) ( & S u b s . ) — E a r n i n g s —
P e r io d E n d . S e p t . SO—
1939— M o n t h — 1938
1939— 12 M o s .— 1938
$362,906 $5,549,030 $4,824,078
Gross oper. revenues___
$460,757
1,597,761
1.365,320
O p e ra tin g .. ___ ____
145,478
109,579
8,221
104,199
101,959
M aintenance
____
8,039
540,712
39.645
411,418
Taxes (incl. Fed.inc.tax)
53,535
615,442
Provision for retirem ’ts .
49,572
43,583
550,037
N e t oper. income____
O ther income___________
$204,133
1,188
$161,878
947
$2,690,914
13.020
$2,395,344
11,431
T o ta l gross income___
Interest . . .
A m o rt, of d t. disc. & exp.
$205,321
28,788
698
$162,825
32,595
2,655
$2,703,934
348,736
13,520
$2,406,774
400,300
33,952
N e t income before non
recurring inc. & exp.
N o n -re c u rr. inc. & e x p ..
$175,834
$127,575
321
$2,341,678
al25,439
$1,972,522
D rl9 ,9 4 2
N e t i n c o m e . . ______
Pref. stock d iv . require.
$175,834
8,632
$127,897
8,632
$2,467,117
103,579
$1,952,580
103,579
B a l. for com . divs. &
$119,265 $2,363,538 $1,849,001
surplus_____________
$167,203
a Federal income tax accrual for the year 1938 was reduced b y $124,768
due to the w rite-off of unam ortized debt expense and prem ium on funded
debt retired b y refinancing consummated D ec. 15, 1938. A djustm en t was
credited to non-recurring income instead of tax expense for the purpose of
retaining norm al comparison of operations.
Balance for common stock and surplus_______
$2,880,078 $1,377,501
Earnings per share of common stock____________
gS1.51
$0.72
e Earnings per share of common stock___________
$1.51
$1.07
a Applicable to Engineers Public Service C o ., before allowing for un
earned cum ulative preferred dividends of a subsidiary com pany,
b On
preferred stock and am ortization on bonds owned b y parent com pany,
included in charges above, c O f Parent and subsidiary companies appli
cable to Engineers public Service C o . stocks, before allowing for loss,
d In investment in common stock of a subsidiary com pany, measured b y
cum ulative dividends on preferred stocks of such com pany not earned
w ithin the year, less m in ority interest.
e Before deducting unearned preferred dividends of a subsidiary com
pa ny, less m in o rity interest, which are not a claim against Engineers
Public Service C o . or its other subsidiary companies, f Includes Federal
income taxes of $1,052,719. g Engineers public Service C o . on M a y 31,
1938 set up in a reserve for depreciation in investments on am ount repre
senting the estimated loss in such investments. Such reserve having pro
vided for a considerable period in advance for loss which m ay be sustained
because of the accrual of unearned cum ulative dividends on preferred
stock of a subsidiary com pany held b y the public, it is unnecessary to make
further provision through the reduction of consolidated earnings b y the
part of such preferred dividends as is not earned during the 12 m onths’
period am ounting (after allowance for m in o rity interest) to $98,651.—
Y . 149, p . 2229.
E r ie L i g h t i n g C o.— • a r n i n g s —
E
12 M o n t h s E n d e d S e p t . 30—
Operating revenues_________________________
Operating expenses_________________________
M aintenance________________________________
Provision for retirements__________________
Federal income taxes_______________________
O ther taxes_________________________________
1939
$1,731,838
744,252
80,768
210,447
63,750
98,290
1938
$1,614,968
783,117
162,405
109.582
14,148
122,168
Operating incom e_________________________
O ther income (n e t)_________________________
$534,332
12,440
$423,548
23
Gross incom e____________________________
Interest on long-term de bt_________________
O ther interest_______________________________
A m ortization of debt discount and expense.
Interest charged to construction___________
$546,772
232,812
22,468
10,235
$423,571
234,756
27,125
10,333
037
N e t incom e_______________________________
— V . 149, P. 1024.
$281,256
$151,393
Volume 149
ONE HUN DRED
—The Commercial & Financial Chronicle Y E A R S OLD
Erie RR.— S p e c ia l
M a ster
R ecom m en d s
U se
fo r
In an interim report filed in Federal court, Cleveland, Special M aster
W illiam L . W est recommended tha t proceeds am ounting to $371,943,
resulting from condemnation proceedings instituted b y the Port of N e w
Y o rk A u th o rity against prop erty owned b y the N e w Y o rk Lake E rie &
Western Docks & Im provem ent C o ., should be applied to the acquisition of
bonds of the Docks com pany for redemption and cancellation at the lowest
price available, not to exceed par and accrued interest on tenders received
from bondholders.
G ets C o u r t L e a v e to G a i n S tock o f R o a d —
T h e special master, approved in Federal court, O ct. 28, an order looking
toward acquisition b y E rie R R . of all outstanding stock of Cleveland &
M ahoning V alley R y . b y which E r ie ’s system enters Cleveland from
Youngstow n.
T h e order authorized John A . H ad den and R . E . W oodruff, E rie trustees,
to execute agreements in connection w ith issuance of $7,000,000 w orth of
certificates, proceeds of which would be applied tow ard purchase of the
stock. T h e certificates would be sold to the Reconstruction Finance
Corporation.
Acquisition of the stock b y E rie depends upon approval b y the In te r
state Commerce Commission, for which the com pany has made application
E rie now operates the line under lease.
T r u s te e —
T h e Interstate Commerce Commission ratified on O c t. 26 the appoint
ment b y the Federal D istrict C o u rt at Cleveland of R obert E . W oodruff
as co-trustee of this railroad.
M r . W oodruff also w ill serve as the E r ie ’s Chief Executive Officer, suc
ceeding Charles E . D enney, who resigned as President and co-trustee to
come President of the N o rth ern Pacific R a ilw a y C o .— V . 149, p . 2686.
Ethyl Gasoline Corp.— $750,000,000
S u it —
T h e trial of a $750,000,000 Chancery C o u rt suit to determine the owner
of the form ula for E th y l gasoline got under w ay before Vice-Chancellor
M alco lm G . Buchanan at Tre n to n N o v . 1. T h e tria l, expected to extend
over a 3-m onth period, was brought b y D r . Francis A . H ow a rd of Hoboken,
N . J . , and the H ow a rd -Va ugh n C o rp ., of which he is President. Th e
defendants are E th y l Gasoline C o rp ., Standard O il Co . o f N . J . , the General
M otors C o rp ., Socony V acuum O il, In c ., and E . I . du Pont de Nemours
& Co .
(The) Fair— N e w
Fairbanks, Morse & Co.— D e b e n t u r e s
C a lle d —-
A total of $500,000 20-year 4 % sinking fund debentures due June 1,
1956, have been called for redemption on D ec. 1 at 104 and accrued interest.
Paym ent w ill be made at the F irs t N ational B an k of Chicago or at the
Chemical Ban k & T ru s t C o ., N e w Y o r k C it y .
C o m m o n D ivid en d s R esu m ed —
Directors have declared an extra dividend of 25 cents per share in ad
dition to a dividend of 25 cents per share (or a total of 50 cents per share;
on the common stock, no par value, both payable D ec. 1 to holders of record
N o v . 10. Last previous disbursement on the common shares was made on
M a rch 1, 1938 when a regular quarterly dividend of 25 cents per share was
p a id — V . 149, p . 877.
Fairchild Aviation Corp.— E a r n i n g s —
9 M o n t h s E n d e d S e p t . 30—
1939
1938
Unfilled orders---------------------------------------------------$1,988,362 $1,173,143
x N e t p ro fit--------------------------------------------------------------------------295,513
255.403
E arn s, per share on 337,032 shs. capital stock____
$0.87
$0.76
x Subject to year-end and auditor’s adjustments, but after provision for
Federal taxes.— V . 149, p . 1024.
Fall River Gas Works—-4 5 - C e n t
D iv id en d —
Deirectors have declared a dividend of 45 cents per share on the common
stock, payable N o v . 1 to holders of record O c t. 28, Th is compares w ith
40 cents paid in three preceding quarters: 25 cents paid on N o v . 1, 1938
and previously regular quarterly dividends of 40 cents per share were
distributed.— V . 149, p . 2511.
Federal Bake Shops, Inc.— E x t r a
D iv id en d —
Directors have declared an extra dividend of 50 cents per share in addi
tion to the regular semi-annual dividend of 25 cents per share on the com
m on stock, both payable D ec. 30 to holders of record D ec. 9.— V . 149,
p . 2080.
First Bohemian Glass Works, Ltd.— D e l i s t i n g —
T h e Securities and Exchange Commission N o v . 1 ordered withdrawal
from registration on the Boston Stock Exchange of the 30-year 7 % 1st mtge.
sinking fund and gold bonds, due Ja n . 1, 1957, effective at the close of
business on N o v . 30.
T h e action was taken because the com pany, which had registered $505,000
of the specified bonds, has repeatedly failed to file an annual report w ith the
Commission.— V . 135, p . 3698 V . 148, p . 127 , 731.
Florida East Coast Ry.— E a r n i n g s —
1938
$413,354
def67,454
defl75,248
1937
$449,125
def38,394
defl28,521
1936
$430,451
def29,639
defl30,481
7,475,634
2,177,010
909,892
7,129,789
1,807,411
689,054
6,458,392
1,597,929
531,576
3 0 -
Maintenance_____________
Provision for retirements _
Federal income taxes_____
O ther taxes_______________
1939
$3,649,675
1,485,819
257,472
294,170
86,555
302,962
1938
$3,342,702
1,445,869
194,033
301,100
48,686
266,359
O ther income (n et).
$1,222,696
69,789
$1,086,655
75,111
$1,292,485
400,000
110,549
37,365
109,782
C rl,1 8 2
$1,161,766
400,000
120,132
67,969
114,475
0 2 ,4 5 3
$635,970
222,125
$461,643
222,125
$413,846
$239,518
Interest on long-term debt (1st mortgage bonds). .
Interest on other long-term debt__________________
Other interest______________________________________
Am ortization of debt discount and expense______
Interest charged to construction__________________
Dividends on preferred stocks.
— V . 149, p. 1176.
Operating incom e_____________
Other incom e____________________
$697,363
32,463
$735,821
9,869
Gross incom e__________________
Interest on long-term debt______
Interest on 5 % serial debentures.
O ther interest___________________
Interest charged to construction.
$729,826
240,000
146,250
26,472
$745,690
240,000
112,500
24,825
0 1 ,0 0 3
a Balance________________________________________
$317,103
a Before interest on convertible income deben
tures, owned b y affiliated com pany— V . 149, p . 2230.
$369,368
Freeport Sulphur Co.— T r u s t e e —
T h e Ban k of N e w Y o r k & T ru s t C o . is trustee of the $3,000,000 20-year
3 % bonds, sold p riva te ly to M etropolitan Life Insurance C o . and Sun Life
Assurance C o . of Canada, K id d e r, Peabody Sc C o . arranged the placing of
the issue.— V . 149, p . 2230, 2687.
Gannett Co., Inc. (& Subs.)— E a r n i n g s —
9 M o s . E n d . S e p t . 30—
1939
1938
1937
1936
N e t profit_______________ z$845,328
y$746,445
x$799,564
x$824,738
x A fter interest, am ortization and provision for Federal and N ew Y o rk
taxes, but before provision for surtax and including equity of $189,131 in
1937 and $248,261 in 1936 of the undistributed net profits of controlled
companies, y A fte r interest, am ortization and provision for normal Federal
income and N e w Y o rk State franchise taxes, but w ithout provision for
undistributed profits tax. z Includes equity of Gannett C o ., In c ., in un
distributed net profits of controlled companies but is after expenses, inter
est and provision for Federal income and N e w Y o rk State franchise taxes.—
V . 149, p . 878.
General Aniline & Film Corp.— New Nam
e—
See Am erican I . G . Chem ical C o rp ., above.
Follansbee Bros. Co.— H e a r i n g
9 M o s . E n d . S e p t . 30—
x Profit from operationsDepreciation____________
1939
$229,646
89,857
1938
$130,549
92,156
1937
$372,356
90,200
1936
$253,532
89,544
P rofit from operations
In c . from in t., rent, &c_
$139,789
3,163
$38,393
2,688
$282,156
3,635
$163,988
5,156
In c. before in t. & other
charges____________
In t. & other charges____
$142,951
4,915
$41,182
4,696
$285,791
11,922
$169,145
10,945
N e t in c o m e -..______
$138,037
$36,386
$273,869
$158,200
x After providing for normal income tax but before charges for deprec’n.
N . W . E m b r y , President, says:
“ Following a trend established in the second quarter of the year, the earn
ings each m onth in the th ird quarter surpassed its predecessor. ISet income
was 4 0 % above the second quarter and four times as great as the earnings
in the corresponding period in 1938.
“ Sales at present are at the highest point reached in 1939. Th is applies
equally to unfilled orders. A ll plants are busy and we look for continued
activity well into the remainder of the year. W e are led to this conclusion
b y our budget estimates as well as b y a more optim istic tone which prevails
in in d u s try.”
E x tra D iv id e n d —
Directors have declared an extra dividend of tw o cents per share in addi
tion to the regular semi-annual dividend of like am ount on the common
stock, both payable D ec. 20 to holders of record D ec. 1.— V . 149, p . 727.
General Electric Co.— E a r n i n g s —
9
M o s . E n d . S e p t.
30—
1939
1938
$
E x t e n d e d —•
Fonda Johnstown & Gloversville RR.— R e o r g a n iz a ti o n
H e a r in g —
T h e I C C has postponed the hearing on the plan of reorganization assigned
for N o v . 14, 1939 to M a y 14, 1940, at the office of the Commission, W ashngton, D . C . before Examiners H a rv e y H . W ilkinson and R . A . P orterield.— V . 149, p . 2687.
1937
$
1936
$
$
N e t sales billed_________ 217,900,154 192,501,173 260,773,533 189,263,156
x Cost of sales billed____ 198.857,457 180,593,130 228,813,934 169,804,196
N e tin c . from s a le s -.. 19,042,697
S un dry in c ., less int. pd.
and sundry c h a rg e s -.- 5,979,934
11,908,043
31,959,599
19,458.960
5,640,213
7,704,332
7,074.707
Profit avail, for d i v s -- 25,022,631 17,548,256 39,663,931 26,533,667
Shs. common stock out
standing (no p a r)____ 28,845,927 28,845,927 28,845,927 28,845,927
Earnings per share_____
$0.87
$0.61
$1.38
$0.92
x Including operating, maintenance and depreciation charges, reserves
and provision for all taxes.
E m p lo yees
Save
$190,000
on
In su ra n ce—
Employees insured through the free and additional group life insurance
plans of the com pany w ill be saved approxim ately $190,000 this year through
the suspension of contributions to the additional plan during N ovem ber
and December. Th is sum is equivalent to 16 2 -3 % of the yearly contribu
tion rate. I t is also twice the sum saved employees last year, when pay
ments were suspended for the m onth of December only.
Paym ent of this dividend is made possible through favorable m orta lity
experience during the current year.
N e w D irec to r—
C la rk H . M in o r, President of the International General Electric C o . has
been elected a director of this com pany to fill the vacancy which had existed
on the Board.— V . 149, p . 2230.
D iv id en d —
Directors have declared an initial dividend of 15 cents per share on the
common stock, payable Ja n . 15, 1940 to holders of record D ec. 15.
General Investors Trust— E a r n i n g s —
[N o t including realized and unrealized gains or losses on securities or
capital expenditures.]
1939
1938
1937
3 M o n t h s E n d e d S e p t . 30—
$ 5 6 ,9 4 5
483
1 5 ,9 5 7
$ 1 5 ,3 2 2
Stock dividend saleinterest on bonds__
438
783
T o ta l incom e-
$ 7 3 ,3 8 5
$ 1 5 ,7 6 0
$ 2 5 ,9 8 8
4 ,4 0 3
6 ,4 3 7
946
2 ,2 8 0
1 ,5 5 9
2 ,5 9 7
$ 6 2 ,5 4 6
4 6 ,5 0 3
S e p t. 30
$ 1 2 ,5 3 4
1 6 ,8 4 3
$ 2 1 ,8 3 2
2 1 ,7 4 1
income) _____
Other expenses.
N e t income for periodD ividends p a id ---------------et
Judge R . M . Gibson in the U . S. D is trict C o u rt at Pittsburgh, has con
tinued the hearing in the com pany’s reorganization un til N o v . 16 to allow
tim e for completion of legal details in connection w ith loans from the
Reconstruction Finance Corporation and banks. Attorneys for the com
pany stated that satisfactory progress is being made in the m atter but
additional time was needed to complete the loan details.— Y . 149, p . 2511
1938
$2,267,231
1,044,841
157,554
142,928
186,086
General Instrument Corp.— I n i t i a l
Florida Power Corp. (& Subs.)— E a r n i n g s —
M o n th s E n d e d S e p t.
1939
__________ $2,368,899
_________
1,012,242
_________
162,876
_________
295,023
201,396
12 M o n t h s E n d e d S e p t . 30—
Operating revenues______________________
Operating expenses______________________
M aintenance_____________________________
Provision for retirements________________
Provision for taxes_______________________
General Box Co.— E a r n i n g s —
P r e sid e n t—
James S. Schoff, form erly Vice-President of Bambergers, w ill be ap
pointed President of this com pany, effective N o v . 1, according to S. S.
Kresge, Chairm an of the Board of directors. C . S. M aginnis, present
President, w ill continue as 1st Vice-President and General Merchandise
Manager of the entire store.— V . 148, p . 2896.
S e p te m b e r —
1939
Gross from r a ilw a y---------$471,513
N e t from ra ilw a y------------ def38,532
N e t after rents__________defl22,161
F r o m J a n . 1— Gross from ra ilw a y_____ 7,034,257
N e t from ra ilw a y----------- 1,723,903
N e t after rents---------------580,668
— V . 149, p . 2686.
Florida Public Service Co.— E a r n i n g s —
Funds
D u e E rie—
12
2971
—
$ 2 5 ,2 0 5
L ia b ilitie s —
1939
1938
Assets—
1939
1938
5 42 8,6 05
$42 0,3 04
Securities o w n e d . . $ 2 ,0 6 3 ,0 8 4 5 1 ,7 9 5 ,7 9 0 x C a p i t a l________
1 ,7 8 9,9 66
1 ,8 9 2,6 75
C ash in b a n k 7 5 ,9 5 8
2 88 ,57 7 C a p ita l s u r p l u s ..
U n rea lized d e p re c .
A c cru e d in terest on
8 75
o f secs, o n h a n d . 0 1 2 5 , 9 8 8 0 3 1 2 , 2 7 5
6 ,4 9 3
b o n d s ___________
7,3 3 8
4 ,0 6 4
400 U n d is trib . in co m e
D eferred ch a r g e s . .
D u e t o b r o k e r s ..
16,928
77,3 05
D iv s . p a y a b le ___
2 6,2 33
U n p a id d iv s . on
shares in escrow
828
758
98
U n cla im ed d i v . . .
C o n tin g . ca p . lia b s
1,131
1,394
A c e r. m is c. ta xes
157
1,414
R e s . fo r ta x e s ___
240
4
Suspense ________
T o t a l.....................5 2 ,1 4 5 ,5 3 5 $ 2,0 8 5 ,6 4 2
T oo t a l . . ............. .5 2 ,1 4 5 ,5 3 5 $ 2 ,0 8 5 ,6 4 2
T t a l—
x Shares of beneficial interest, par $1; 428,605 (420,304 in 1938) shares
outstanding, of which 506 were held in escrow for exchange of certificates
— Y . 149, p . 1915.
2972
General
ONE HUNDRED Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
The
—
Motors
Corp.— Q u a r te r ly
—
R e p o r t -—Alfred
P.
Sloan Jr., Chairman, states:
A n
O p e r a t in g R e v ie w
T h e B u s i n e s s T r e n d — T h e stockholders are aware of the fact, as discussed
in m a n y previous messages, that there is a tim e in every year, beginning at
a point before and extending through a period after the automobile in d u stry’s
new model announcements are made, when, due to liquidation of the pre
vious ye ar’s models in the field and the production of the new models in
quantities sufficient to meet the initial demand, an y reliable statistical
measurement of the trend of automobile sales at retail is impossible. T h a t
situation exists at the time of this w riting.
A normal upw ard tu rn in general business a c tivity , as reflected b y the
m oving upw ard of various business indices, took place in June. Super
imposed upon this, beginning early in September, was the psychological
influence of the European w ar. T h e result has been a sharp and con
tinued upw ard movement in industrial a ctivity, the force of which had
not spent itself at the w riting of this message. I t is reasonable to suppose,
therefore, that when the facts are available it will be found that consumer
demand for automotive products has definitely broadened.
W h a t has happened is this: Business, anticipating the increased demand
that arises for all forms of goods and services, directly as well as indirectly
needed as a result of w ar, has increased its own demands for goods and serv
ices, thus producing a stim ulation that is being reflected throughout the
whole economy. Th e re should result from this expansion of enterprise
some increase in the purchasing power of the com m unity. B u t whether the
present rate of a c tiv ity can be sustained or not depends upon circumstances
not yet fu lly established. Th is rate being anticipatory in character, at
least in pa rt, the future trend m a y well depend upon the actual receipt of
orders for goods and services applicable to foreign account for war purposes.
B u t there are reasons for believing that commodities and manufactured
products m a y not be needed along as broad a front as, or in quantities
commensurate w ith , the requirements that developed during the w orld war
which began in 1914. T h is is due to the more adequate tim e for prepara
tion and the fact tha t the capacity to produce materials and supplies needed
for war purposes w ith in the countries directly concerned in the present war
has been greatly increased during the past 20 years. Furtherm ore, because
of im portant economic and financial considerations, it is essential that pur
chases be kept w ith in , rather than placed w ithout, the countries directly
involved. A n d , then again, the question arises as to w hat extent hostilities
w ill take the form of economic as distinguished from the more ordinary
form of warefare— destructive of men and materials.
T h e belief that war is a profitable enterprise is entirely w ithout an y basis
of fact. I t is true, as has already been stated, that it causes a tem porary
stim ulation of a c tivity . I t requires the most intensive effort on the part
of the productive plant of those involved. A n d in the w orld of today,
closely integrated as it is economically, even those who m ay not be directly
involved, like ourselves, are necessarily im p orta ntly affected. B u t , ir
respective of all the facts and circumstances, all ultim ate ly lose. T h e de
traction of wealth can never, in the final analysis, lead to a better order of
things. A lower standard of liv in g m ust result. Years of readjustment
necessarily follow the declaration of peace. In other words, there must
ine vitably be an accounting— a price m ust be paid, in some form or other.
As applied to our domestic problems, the present emergency is most u n
fortunate from the standpoint of our long-range economic position for the
reason that it lulls us into a feeling of false security. T h e facts are— and
they must be faced sooner or later— that the economic policies which have
so prejudiced our progress and stability still remain and, in the inevitable
final accounting, the afterm ath of the present emergency, are bound to
reassert themselves in exaggerated form .
It m ight be expected that General M otors C o rp ., being a large producer
in the field of transportation— an im portant essential of war— m ight benefit
b y such a situation even if others are not so favorably situated . M a n i
festly, comDlete facts are not as yet available, but it is reasonable to suppose,
taking the business of the corporation as a whole— domestic and overseas—
that while there m ight be gains in some directions, there w ill be losses in
others, and on balance it is problematical as to whether there will be any
gain whatsoever. A n d this is entirely aside from the final deflationary
influence on the economy as a whole— the necessary final accounting.
Before reporting the statistics of the quarter, it is desirable to call the
attention of the stockholders to the fact that all the comparisons of the
quarter under review w ith the corresponding quarter of a year ago are
prejudiced because the model year of the automotive industry has been
m oved ahead b y approxim ately 30 days. Th is throws into the th ird quar
te r’s operations the entire impact of the adjustment period. Superimposed
upon this is the effect of the strike of the corporation’s tool and die makers
in J u ly which delayed the production of certain models and which also has
reacted unfavorably on the quarter’s operations.
S a l e s i n U n i t s a n d V a l u e - —T o ta l sales of automotive products to dealers,
including Canadian sales, overseas shipments from domestic plants and
production by foreign m anufacturing subsidiaries, during the third quarter
of 1939 am ounted to 195,364 cars and trucks. Th is compares w ith sales of
181,796 units for the corresponding quarter of a year ago— a gain of 7 .5 % .
T o ta l sales for the first nine months of 1939 amounted to 1,146,362 cars
and trucks, compared w ith total sales of 795,749 in the corresponding period
of a year ago— a gain of 4 4 .1 % .
Sales b y the corporation to dealers w ith in the U n ite d States during the
th ird quarter of 1939 amounted to 126,845 cars and trucks. Th is compares
w ith 113,047 units for the corresponding quarter of a year ago— an increase
of 1 2 .2 % . Sales to domestic dealers for the first nine months of 1939
am ounted to 865,633 cars and trucks, compared w ith 532,695 for the
corresponding period of 1938— an increase of 6 2 .5 % .
Retail sales b y dealers to consumers w ith in the U n ite d States for the
th ird quarter of 1939 amounted to 234,940 cars and trucks. T h is compares
w ith 184,479 such units for the corresponding quarter of a year ago— an
increase of 2 7 .4 % . Retail deliveries for the first nine months of 1939
am ounted to 935,401 cars and trucks, compared w ith 682.599 such units
for the corresponding period of a year ago— an increase of 3 7 .0 % .
Overseas sales in units, including production from all sources, for the third
quarter am ounted to 77,502 cars and trucks. T h is compares w ith 82,188
units for the corresponding quarter of a year ago— a decrease of 5 .7 % .
F o r the nine m onth period such sales amounted to 272,010 as compared
w ith 273,599 for the same period of 1938— a decrease of 0 .6 % .
T h e com petitive position of the corporation as measured b y General
M otors percentage of new cars and trucks registered in the U n ite d States
makes a satisfactory comparison w ith previous years.
N e t sales in value, excluding inter-divisional transactions, for the th ird
quarter of 1939 am ounted to $187,192,970. Th is compares w ith $171,808,309 for the corresponding quarter of 1938— an increase of 9 .0 % . T h e
same item for the first nine months of the current year amounted to $926,593,853. T h is compares w ith $694,585,433 for the corresponding period
of 1938— an increase of 3 3 .4 % .
E m p l o y m e n t — T h e third quarter was characterized b y an increase in the
total num ber of employees, as compared w ith the corresponding quarter of
the previous year. Th e re were on the corporation’s payrolls during the
th ird quarter an average of 181,704 employees. T h is compares w ith 149,494
for the corresponding period of a year ago— an increase of 2 1 .5 % . F o r the
first nine months the average num ber of employees was 211,856, as com
pared w ith 176,509 for the corresponding nine months of 1938— an increase
of 2 0 .0 % .
Average weekly hours and earnings for the quarter under review were not
im p orta ntly different, as affecting h ourly workers in the U nited States,
from the corresponding period a year ago. Average hours worked per week
were 35.2 as compared w ith 34.9 a year ago. Average earnings per week
were $32.71 as compared w ith $32.17 for the corresponding period of 1938.
Th e re was no change in the basic hourly rate.
Average hours per week of hourly workers in the U nited States during the
first nine months of 1939 were 33.4 as compared w ith 28.3 for the corre
sponding period of 1938. Average earnings per week were $31.05 as com
pared w ith $26.32 for the corresponding period a year ago— a substantial
gain.
Th e re was disbursed through payrolls for the quarter a total of $80,485,432
as compared w ith $63,649,223 for the corresponding quarter of a year ago—
an increase of 2 6 .5 % . F o r the first nine months there was disbursed
$269,012,460 as compared w ith $199,108,523 a year ago— a gain of 3 5 .1 % .
E m p l o y e e B e n e f i t P l a n s — Stockholders m ay recall that they were informed
in a message dated D ec. 10, 1938, and further in the annual report covering
the year 1938, of the adoption b y the corporation, effective for the calendar
year 1939, of tw o employee benefit plans applicable to the corporation’s
hourly workers, i. e., the income security plan and the la y-off benefit plan.
Th e re has been advanced to eligible workers in conform ity w ith these
plans up to Sept. 30, 1939, a total of $1,552,437, of which $711,818 has
been repaid or canceled, leaving a net balance of $840,619 outstanding at
Sept. 30, 1939.
F i n a n c i a l R e v ie w
N e t earnings of General M otors C o rp ., including the equities in the u n
divided profits or losses of subsidiary companies not consolidated, for the
th ird quarter ended Sept. 30, 1939, were $8,627,268, as compared w ith
$5,367,688 for the corresponding quarter of 1938. A fte r deducting d ivi
dends of $2,294,555 on the preferred stock, earnings available for the com
mon stock for the th ird quarter were $6,332,713. Th is compares w ith $3,073,133 for the th ird quarter of the previous year. Earnings for the third
quarter were equivalent to $0.15 per share on the average num ber of com
m on shares outstanding during the quarter. T h is corresponds w ith $0.07
per share for the corresponding quarter of 1938.
Earnings for the th ird quarter of 1939 reflect a charge of $1,256,483 due
to the revaluation of working capital abroad to current exchange rates— an
im pact of the w ar situation. Earnings for the quarter as well as for the
first nine months of 1939 do not reflect profits in countries where restrictions
are in effect relative to the transfer of funds. T h e am ount so excluded for
the first nine months of 1939 is $5,380,167.
A ttention has already been called to the relationship of the th ird quarter
of 1939 w ith that of 1938 due to the advance of the introduction of new
models b y a period of 30 days, and for other reasons, as stated.
N e t earnings for the first nine months of the current year am ounted to
$109,619,799. T h is compares w ith $38,387,707 for the corresponding
period of a year ago. A fte r preferred dividends, the eqttivalent in earnings
per share on the com mon stock was $2.39 as compared w ith $0.73 for the
same period a year ago.
Cash, U n ite d States Governm ent and other m arketable securities at
Sept. 30, 1939, amounted to $289,290,070. T h is compares w ith $242,895,320 at Dec. 31, 1938, and $236,550,908 at Sept. 30, 1938. N e t working
capital at Sept. 30, 1939, am ounted to $403,152,127. Th is compares with
$387,243,513 at D ec. 31, 1938, and $338,916,421 at Sept. 30, 1938.
D u rin g the first nine months of 1939, net w orking capital shows an in
crease of $15,908,614. Th is increase is due prim a rily to an excess of $9 ,007,705 in depreciation charged operations over expenditures for new con
struction and to reinvested earnings of $6,101,250.
A ttention is called to the note previously appearing under “ Contingent
liabilities” as a part of the balance sheet which had reference to a claim of
the Commissioner of Internal Revenue for $14,522,733, together with
interest from 1927, arising out of the acquisition of the assets of the Fisher
B o d y C o rp . in 1926. I t was claimed b y the corporation that this transac
tion was a tax-free reorganization. T h is position was upheld b y the
U nited States Board of T a x Appeals but the case has been pending upon
appeal b y the Commissioner to the C ircuit C o u rt of Appeals. T h is claim
has recently been disposed of by the paym ent in August, 1939, of $3,500,000.
including interest, which the Governm ent has accepted in full settlement.
O f this am ount, the paym ent of $1,994,940, representing the tax, was
charged against certain tax reserves provided in previous years and no
longer required, while $1,505,060, representing interest thereon, was charged
against the current year’s earnings, being provided during the first six
months of 1939. T h e paym ent of this claim therefore does not affect earn
ings as reported for the th ird quarter of 1939.
1940 P r o d u c t s
D urin g the year the engineering divisions of the corporation have had
under development, in accordance w ith their usual practice, a new line of
products em bodying their best efforts and latest ideas as to w hat the motor
car of 1940 should be. T h e results have been presented to the public
during the current m onth and are now on exhibit by General M otors dealers
everywhere.
I believe that the stockholders have every reason to be proud of what has
been accomplished. I t represents in every sense of the w ord the co
ordinated efforts of what can be fairly considered one of the leading technical
organizations of the w orld today.
F ro m the standpoint of technical progress, there is being offered a new
mechanism to connect the engine w ith the car which has been in evolution
for several years. I t takes advanced form in 1940 and has been introduced
in one of the cars of the General M otors line. T h e clutch is eliminated.
T h e changes in ratio, or speeds, are automatic. Y o u sim ply steer. A n d
the cost is astonishingly low for such an achievement. T h is device is
destined to take the transmission out of the d rivin g technique of the car of
tom orrow. Stockholders certainly w ill be intrigued when they see and try
this interesting mechanism.
B u t the modern m otor car has become not o n ly something in which to go
from place to place, but for m an y something to live in— hence comfort,
lu x u ry of appointm ent. size, are im portant considerations. General M otors
1940 cars are definitely larger. T h e seats are wider. Th e re is more room
for both passengers and baggage. In lu x u ry of finish they are far superior
to anything that General M otors has been able to accomplish before.
A gain, here is something im portant. In several of the General M otors
lines for 1940 there has been added an extra and special model for those who
appreciate the ultra in design, attractiveness and lu x u ry. A s stockholders
you can not help being impressed when you see this most m odern of all cars.
I t is different! I t is most appealing!
Safety from the lighting standpoint has been im proved b y the adoption
of a form of self-contained lighting unit insuring a greater degree of effective
illum ination.
Ta k in g it all in a ll, it is believed that the corporation has im p orta ntly
advanced its position with these 1940 products.
Sum m ary o f Consolidated In com e
Period E nded Sept. 30—
1939— 3 M o s .— 1938
1939— 9 M o s .— 1938
Sales o l cars & tru ck s— units:
G en era l M o t o r s sales t o
dea lers, in c l. C a n a dia n
sales, ov ersea s shipm en ts
& p r o d u c tio n b y foreig n
195,364
181 ,79 6
1 ,1 4 6 ,3 6 2
7 95 ,74 9
m an u fa ctu rin g s u b s ____
R e ta il sales b y dealers t o
consum ers— U . S _______
2 3 4 ,9 4 0
184 ,47 9
935,401
6 82 ,59 9
G en era l M o t o r s sales t o
dealers— U n ite d S t a te s .
126 ,84 5
113 ,04 7
8 6 5 ,6 3 3
5 32 ,69 5
N e t sales— v a l u e . . ........... . . .$ 1 8 7 ,1 9 2 ,9 7 0 $ 1 7 1 ,8 0 8 ,3 0 9 $ 92 6 ,5 9 3 ,8 5 3 $ 6 9 4 ,5 8 5 ,4 3 3
x P ro fit fr o m op er. & Incom e
fr o m In vests. (In cl. d iv s.
re c e iv e d fr o m su b s, n o t
c o n s o lid a t e d )......................
5 ,6 0 9 ,8 7 9
1 0 ,3 37 ,34 8 1 3 3 ,9 3 2 ,1 8 7
4 5 ,1 8 7 ,0 8 0
G . M . C o r p ,’s e q u ity in earn
in gs (n et) o f s u b s , n o t c o n
s olid a ted , less d iv s. r e c e iv .
3 ,6 0 0 ,5 3 1
<2/2,221,862
8 ,8 9 9 ,5 9 2
6 ,4 6 1,3 49
N e t p r o fit fr o m opera tion s
a n d in v e s tm e n ts________
Less p rov ision fo r :
I n t . o n e m p lo y e e s sa v in g s
fu n d le s s in v e s t, fu n d
r e v e rs io n s a c c t . o f em
p loy ees sa v in g s w ith
d ra w n b e fo r e class m a
t u ritie s ________________
E m p lo y e e s b o n u s __________
A m t s , p r o v id e d fo r e m p l.
b o n u s p a y m e n ts b y ce r
ta in fo r e ig n s u b s id ia r ie s .
P ro v . f o r U . S . & fo r e ig n in c.
a n d e x ce ss p r o fits t a x e s ___
N e t in co m e fo r th e p e r io d .
G . M . C o r p .’ s p r o p o r t io n o f
n et in c o m e _________________
D i v s . o n p r e f . c a p ita l s t o c k —
$5 series (le s s d iv s . a p p lic .
t o s t o c k h e ld in t r e a s u r y ) .
A m o u n t ea rn e d o n c o m
m o n ca p ita l s t o c k ______
A v g e . n u m b er o f sh s . o f c o m
m o n ca p ita l s t k . o u ts ta n d
in g d u rin g th e p e r io d _____
A m o u n t e a rn ed p er sh a re o f
c o m m o n ca p ita l s t o c k ____
x A fte r
$ 9,2 1 0 ,4 1 0
8 5,781
C /6 4 8 ,0 0 0
$ 8 ,1 1 5 ,4 8 6 $ 1 4 2 ,8 3 1 ,7 7 9
81,182
249 ,77 7
5 ,6 0 3 ,0 0 0
$ 5 1 ,6 4 8 ,4 2 9
2 0 2 ,7 1 4
13,9 00
57,5 00
141,400
2 0 9 ,10 0
1 ,1 0 3,0 00
2 ,5 7 9 ,0 0 0
2 7 ,1 3 2 ,0 0 0
1 2,7 58 ,00 0
$ 8 ,6 5 5 ,7 2 9
$ 5 ,3 9 7 ,8 0 4 $ 10 9,7 05 ,60 2
$ 3 8 ,47 8,6 15
$ 8 ,6 2 7 ,2 6 8
$ 5 ,3 67 ,68 8 $ 1 0 9 ,6 1 9 ,7 9 9
$ 3 8 ,3 8 7 ,7 0 7
6 ,8 8 3 ,6 6 5
6 ,8 8 3 ,6 6 5
$ 6 ,3 3 2 ,7 1 3
$ 3,0 7 3 ,1 3 3 $ 1 0 2 ,7 3 6 ,1 3 4
$ 3 1 ,5 0 4 ,0 4 2
4 2 ,9 4 2 ,8 3 4
4 2,9 2 1 ,6 0 3
4 2 ,9 4 2 ,8 3 4
4 2 ,9 2 1 ,6 0 4
$ 0 .1 5
$ 0 .0 7
$ 2 .3 9
$ 0.7 3
2 ,2 9 4 ,5 5 5
2 ,2 9 4 ,5 5 5
all e x p en s es in cid e n t th e re to , a n d a fte r
0 3 5 ,3 4 3 fo r th e th ir d q u a rter a n d th e nine m on th s
903 ,12 3 a n d $ 3 5 ,3 4 1 ,9 4 3 fo r th e t h ir d q u a rter a n d
1938, r e s p e ctiv e ly , fo r d e p recia tion o f rea l e sta te,
p r o v id in g $ 1 1 ,7 4 8 ,3 6 4 a n d $ 3 5 ,e n d e d S e p t . 3 0, 1 9 3 9 , a n d $ 1 1 ,th e nine m o n th s e n d e d S e p t. 3 0 ,
p la n ts, a n d e q u ip m e t f.
Volume 149
ONE HUNDRED
—
The Commercial & Financial Chronicle —
N ote— T h e a b o v e ea rn in gs d o n o t in clu d e su ch p o r tio n o f th e earnings o f for e ig n
subsidiaries as ca n n o t b e re m itte d o n a c c o u n t o f for e ig n ex ch a n g e restriction s.
Sum m ary o f C onsolidated Surplus
Period Ended Sept. 30—
1939— 3 M o s .— 1938
1939— 9 M o s .— 1938
E a rn ed su rp lu s a t b egin n in g
o f p e r io d .............. ....................$ 4 5 5 ,3 9 5 ,2 7 3 $ 4 0 1 ,7 6 5 ,8 2 8 $ 4 2 3 ,4 1 5 ,1 0 8 $ 3 9 4 ,7 8 9 ,7 4 2
G eneral M o t o r s C o r p .’s p ro
p o rtio n o f net in c o m e ...........
8 ,6 2 7 ,2 6 8
5 ,3 6 7 ,6 8 8
1 0 9 ,61 9,7 99
3 8 ,3 8 7 ,7 0 7
E a rn ed surplus b e fo re d iv s $ 46 4,0 22 ,54 1 $ 40 7,1 33 ,51 6 $ 5 3 3 ,0 3 4 ,9 0 7 $ 43 3,1 77 ,44 9
P ref. d iv s .— $5 series...............
2 ,3 4 4 ,2 0 8
2 ,3 4 4 ,2 0 8
7 ,0 3 2 ,6 2 3
7 ,0 3 2,6 23
C om m on d iv id e n d s................... 3 2 ,6 2 5 ,0 0 0
1 0,8 75 ,00 0
9 7,8 7 5 ,0 0 0
3 2 ,6 2 5 ,0 0 0
A m ou n t re c e iv e d o r a ccr u e d
b y G eneral M o t o r s C o r p .
on c a p . s t k . h eld in t r e a s . .
C r46 3,0 25
0 2 1 0 , 4 0 4 C r l,3 8 9 ,0 7 4
0 6 0 4 ,8 8 6
E a rn ed su rplu s a t e n d o f
p e r io d ______________ _____$ 4 2 9 ,5 1 6 ,3 5 8 $ 39 4 ,1 2 4 ,7 1 2 $ 4 2 9 ,5 1 6 ,3 5 8 $ 3 9 4 ,1 2 4 ,7 1 2
N ote— E a rn ed surplus in clu des $ 3 2 ,4 9 3 ,8 8 7 a t S e p t. 30, 1939, a n d $ 3 9 ,7 1 2 ,9 8 9 at
S ep t. 3 0 , 1938, fo r net ea rn ed su rplu s o f subsidiaries n o t c o n s o lid a te d ; a lso $ 1 ,643,901 a t S e p t. 3 0 , 1939, a n d $ 1 ,9 2 5 ,2 0 8 a t S e p t. 30, 1938, fo r n et e a rn ed surplus
o f com p an ies in w h ich a su b sta n tia l b u t n o t m o re th a n 5 0 % in terest is h e ld .
Consolidated Balance Sheet
Assets—
S ept. 30, 1939 D e c . 3 1 , 1938 Sept. 3 0 , 1938
. $ 13 6,7 44 ,06 3
$ 14 1,6 65 ,14 6
$ 1 7 5,6 09 ,30 6
9 3 ,9 85 ,59 5
1 4 9 ,94 5,5 03
U . S . G o v t , secu rities (sh ort t e r m ) . ..
6 5 ,8 8 5 ,8 6 8
O ther m arketa ble secu r. (s h o rt term )1
900,167
2 ,6 0 0 ,5 0 4
1,40 0,1 46
5 ,5 3 2,8 93
Sight d ra fts a n d C . O . D . it e m s ______
6 ,6 5 0 ,8 7 6
8 ,5 2 6 ,7 3 0
950 ,65 8
N otes re c e iv a b le ______________________
1 ,2 9 7 ,2 7 4
878 ,65 2
3 6 ,0 44 ,56 6
x A e c t s . r e c . & tra d e a cce p ta n c e s ___
68,1 55 ,44 1
4 8 ,5 4 8 ,1 3 9
1 7 3 ,19 3,8 65
in v e n to rie s____________________________
1 95 ,35 2,9 21
1 99 ,8 7 1 ,6 4 0
In v estm en ts: S u b sid ia ry com p a n ies
2 59 ,3 8 2 ,1 7 9
n o ts o lid a te d a n d m iscella n eou s__
.
2 48 ,92 2,8 90
2 42 ,47 7,5 67
1 6 ,3 26 ,43 0
1 4 ,7 77 ,59 5
17,9 55 ,39 9
G eneral M o t o r s C o r p _____ _________
7 7 3 ,6 8 0 ,0 1 4
7 5 8 ,83 0,7 38
R ea l esta te, pla n ts, a n d e q u ip m e n t ..
7 7 8 ,20 8,7 28
5 ,6 8 9 ,3 8 5
9 ,4 5 5 ,9 6 0
P rep aid e x p s. & deferred ch a rg es____
8 ,0 9 8 ,0 5 6
5 0,3 2 2 ,6 8 6
G o o d w ill, p a ten ts, & c ________________
5 0 ,3 2 2 ,6 8 6
5 0,3 2 2 ,6 8 6
$ 1,6 4 2 ,8 2 5 ,1 3 9 $ 1 ,5 9 8 ,0 1 2 ,2 2 9 $ 1 ,5 5 7 ,6 7 3 ,5 8 4
Liabilities—
A ccou n ts p a y a b le ______________
T ax es, p a y ro lls, w a rra n ties a n d sun
d ry a ccru ed ite m s____________
U . S . & foreig n in co m e a n d ex cess
p rofits ta xes a n d su rta x es_________
E m p loy ees sa v in g s fu n d s, p a y a b le
w ithin on e y e a r _____________________
A ccru ed d iv s. o n pref. ca p ita l s t o c k . .
E m p loy ees sa v in g s fu n d s, p a y a b le
su b seq u en t t o on e y e a r ____________
E m p loy ees b on u s (a t D e c . 3 1 , 1938,
based u p on c o s t o f s t o c k d istrib u t
a b le as b o n u s )______________________
T a x es, w arranties a n d m iscella n eou s.
R eserv es: D e p r e cia tio n o f real e sta te,
pla n ts, a n d eq u ip m e n t___________
Sundry a n d con tin g en cies__________
y $5 series preferred s t o c k ___________
C om m on sto c k (p ar $ 1 0 )_____________
Interest o f m in ority sto c k h o ld e rs ini
su b sidiary rep resen ted b y p r e fe r’ ce
stock o f s u b . in h a n ds o f p u b lic ___
Earned su r p lu s________________________
5 8 ,4 8 3 ,9 3 4
6 1 ,3 55 ,35 8
4 6 ,5 0 8 ,2 9 2
3 7 ,7 3 6 ,5 3 7
3 5,6 4 7 ,4 5 3
3 9 ,5 85 ,91 2
3 6 ,6 2 3 ,9 4 5
3 0 ,0 89 ,04 1
2 4 ,0 5 9 ,8 0 3
3 ,6 1 3 ,0 3 4
1 ,5 2 9 ,7 0 3
4 ,4 6 2 ,7 1 5
1 ,5 2 9,7 03
1 ,6 7 2,7 59
1 ,5 2 9,7 03
4 ,4 1 2 ,4 3 8
4 ,4 0 7 ,1 5 9
7 ,2 5 7 ,1 3 8
5 ,6 0 3 ,0 0 0
1 8 ,4 43 ,03 2
3 ,0 8 6 ,3 9 6
1 7 ,6 07 ,28 2
1 9 ,5 54 ,53 8
3 8 2 ,7 7 8 ,7 2 2
3 9 ,6 5 9 ,2 2 3
1 8 7 ,53 6,6 00
4 3 5 ,0 0 0 ,0 0 0
3 6 2 ,4 8 8 ,5 2 0
29,4 98 ,28 1
1 87 ,53 6,6 00
4 3 5 ,0 0 0 ,0 0 0
3 6 4 ,6 5 3 ,8 8 0
3 4 ,3 0 1 .6 3 4
1 8 7 ,5 3 6 ,6 0 0
4 35 ,0 0 0 ,0 0 0
1 ,8 8 8,6 13
4 2 9 ,5 1 6 ,3 5 8
1 ,8 8 8 ,6 1 3
4 23 ,4 1 5 ,1 0 8
1 ,8 8 8 ,6 1 3
3 94 ,1 2 4 ,7 1 2
T o t a l.......................................................... .$ 1 ,6 4 2 ,8 2 5 ,1 3 9 $ 1,5 9 8 ,0 1 2 ,2 2 9 $ 1 ,5 5 7 ,6 7 3 ,5 8 4
t A fte r reserve fo r d o u b tfu l a cco u n ts .
y R ep resen ted b y 1 ,8 7 5,3 66 n o par
shares.— V . 149, p . 2 6 8 7 .
General Paint Co.—
D iv id en d R esu m ed —
Directors have declared a dividend o f 50 cents per share on the common
stock, payable N ov. 10 to holders of record N ov. 1. This will be the first
dividend paid since April 1, 1938, when a regular quarterly dividend of
25 cents per share was distributed.— V. 149, p. 108.
General Printing Ink Corp.— E a r n in g s —
Operating profit_______
Other income. . . _______
9 M o s . E n d . S e p t. 3 0 —
1939
$876,268
48,273
1938
$705,670
58,407
1937
$1,228,419
85,381
1936
$1,071,416
73.768
Total income________
Other deductions______
Federal taxes__________
$924,541
152,948
149,088
$764,077
137.522
116,088
$1,313,800
147,014
180,293
$1,145,184
132,936
155,505
YE A R S OLD
2973
B on d s Called —
Company has called for retirement Jan. 1, 1940, $240,000 o f its 354 %
bonds, due 1949. This amount is in addition to the regular sinking fund
payment and will reduce the outstanding bonds as at Jan. 1. 1940, to
$700,000. These bonds were originally sold privately to several insurance
companies. During 1938 two companies then holding all of the remaining
outstanding bonds agreed to an extension of principal from July 1, 1945,
and a reduction of interset from 4 1 4 % . The bonds are redeemable in whole
or in part at any time at 10246 on or before July 1, 1941, at 102 to July 1,
1944, 101 to Jan. 1, 1948 and thereafter at par. The sinking fund acts
semi-annually, taking $90,000 or 1 7 1 4 % o f net earnings for the preceding
year, whichever is less.— V . 149, p. 729.
General Steel Wares, Ltd.— A ccu m u la ted
D ivid en d —
Directors have declared a stock dividend of $1.75 per share on account
o f accumulations on the 7 % cum. pref. stock, payable Nov. 15 to holders
o f record Nov. 1. Like amount was paid on Oct. 10 and on Aug. 1 last
and an initial dividend of $3.05 per share was paid on Dec. 15, 1938.—
Y. 149, p. 2083.
General Telephone Corp. (& Subs.)— E a r n in g s —
P e r i o d E n d e d S e p t . 30—
1939— 9 M o s .— 1938
12 M o s . '39
Operating revenues____________
.$13,590,868 $10,644,912 $18,019,975
8,052,036 13,581,753
Operating expenses and taxes_______.10,187,116
10,187,116
Net operating income____________ . $3,403,752
Other income (net)_________________
24,137
$2,592,876
25,532
$4,438,222
60,490
Net earnings_____________________ . $3,427,889
Interest on long-term debt__________ . 1,334,404
General interest____________________
3,011
Amortization of debt diset. and exp. .
90,249
Interest charged to construction_____. 03 4,18 9
Divs. on pref. stocks of sub. cos_____
597.725
Provision for subsidiary companies
pref cum. divs. not declared______
82,359
Minority interest in current earnings113,521
Miscellaneous income deductions____
7,624
$2,618,408
1,097,239
7,167
65,632
042,178
383,119
$4,498,712
1,788.973
4,674
119,183
061,452
752.779
66,912
40,266
7,061
137,570
154,863
12,666
Net income______________________ $1,233,185
$1,233,185
Preferred dividend requirements____
165,404
$993,190
165,404
$1,589,456
220.539
Income balance__________________ $1,067,781
$827,786 $1,368,917
$1,067,781
N o t e — Including the earnings of General Telephone Tri Corp. and sub
sidiaries from Aug. 30, 1938 (date o f acquisition) to Sept. 30, 1939.— V . 149.
p. 2513.
General Time Instruments Corp.— Earnings —
16 W e e k s E n d e d —
O c t . 7, ’39
Net sales______ „ ____________________ $3,837,192
Operating costs and expenses__
3,402,858
8, ’38
$3,142,932
2,971,361
O ct.
9, '37
$3,729,645
3,218,636
O ct.
Net operating income.
Other income (net)_____
$434,334
Dr580
$171,571
3,632
$511,008
546
Consolidated net income before pen
sion fund loss and income taxes. _
Pension fund loss___________________
Prov. for Fed’l & Canadian inc. taxes
$433,754
$175,203
52,258
4,922
$511,554
41,549
73,630
75,041
Consolidated net incom e.________
$358,713
$118,023
$396,375
Earnings per share on common.
$0.98
$0.86
$0.14
For the 40 weeks ended Oct. 7, 1939, consolidated net profit was $526,056
equal after preferred dividends, to $1.04 a share on common, comparing
with $11,550 or 30 cents a share on 38,538 shares of 6% preferred stocks
or the 40 weeks ended Oct. 8, 1938.— V. 149, p. 1762.
General Water Gas & Electric Co. (& Subs. ) —
E a rn in g s
E a r n i n g s f o r t h e 12 M o n t h s E n d e d S e p t . 30, 1939
Operating revenue____________________________________________ $2,215,268
Operating expenses_________________________________________
1,163,344
Provision for depreciation ___________________________________
222,780
Net operating revenue______________________
Other income_________________________________________________
$829,144
226,871
Gross income_______________________________________________ $1,056,015
Prior charges of subsidiaries___________________________________
322,309
247,354
Interest on 1st lien and collateral trust bonds___________________
Other interest________________________________________________
72,874
Provision for Federal income tax (estimated)____________________
7,591
x$856.743
x$986.493
Net profit___________ x$622,505
x$510,467
y735,960
zl83,990
Shs.com.stk.out.(par $1)
735,000
735,960
$3.82
Earnings per share_____
$0.63
$0.48
$1.13
x Before Federal surtax on undistributed earnings, y $1 par after 4-for-l
split-up. z No par.— V . 149, p. 729.
General Refractories C o —-E a r n in g s P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938
Net sales_______________$2,458,745 $1,448,827
Cost o f sales & exps. o f
oper., excl. o f deprec.,
depl., int. and taxes_ 1,908.826
Gross profit_________
Other income from vari
ous sources__________
Profit before allow’ce
for deprec., deple’n,
taxes, interest, &c_
Depreciation___________
Depletion______________
C orp. & property taxes.
Bond disc. & exp. amort.
Interest other than on
funded debt_________
Int. on funded debt____
Extraordinary items____
x Federal and Penna. in
come taxes (est.)_____
1939— 12 M
$8,494,358
1,263,350
Net income___________
$405,887
N o t e s — (1) The accounts o f California Water Service C o., a subsidiary,
are not consolidated herein, income from the investment therein being
included only to the extent that dividends have been received.
(2) Net income is stated exclusive of losses o f $7,509 on sales of market
able securities charged directly to earned surplus account. No profit or
loss has been recorded on the sale by General Water Gas & Electric Co. of
o s — 1938
its investment in Consolidated Water Co. of Utica, N . Y ., a subsidiary,
$6,682,272
as the net carrying value of such investment was not segregated in the
company’s accounts. The net proceeds realized were credited to the aggre
gate net investment in subsidiaries. An amount of $199,539, representing
6,976,0405,465,576
the excess of proceeds realized in 1939 on sale by General Water Gas &
Electric Co. of investment in stock o f Community Public Service Co. over
$1,216,697
carrying value thereof at acquisition, has been credited to capital surplus.
C o n s o l i d a t e d B a l a n c e S h e e t S e p t . 30
104,597
$549,918
$185,477
$1,518,319
75,843
20,259
227,893
$625,761
141,779
4,849
78,707
705
$205,736
127,014
2,021
$1,746,212
538,481
15,197
$1,321,294
494,482
10,335
6 4 ,0 8 4
2 5 4 ,6 0 4
4 3 7 ,3 4 5
1,394
9,375
y21,317
572
19,825
20.670
3,847
47,125
yll7,977
1,038
92,388
116,523
80,224
4,658
183,873
106,825
2.115
53,270
43,959
Net profit___________
$18,399
$531,837
$287,411 loss$35,223
469,591
z469,615
Shs. cap. stock (no par). z469,615
469,591
$0.04
$0.90
Earnings per share_____
$0.61
N il
x No provision has been made to cover estimated surtax on undistributed
profits, y Other deductions, z In hands o f public Sept. 30, 1939.
B a l a n c e S h e e t S e p t . 30
1939
1938
1939
1938
L iabilities—
$
$
A ssets—
$
S
R e a l esta te, & C - . . 1 1 , 574,461 11,4 92 ,87 6 x C a p . & s u r p lu s -.1 5 ,2 6 5 ,0 1 3 14,850,666
169,429 1st m tg e . 4J4 %
R e p a ir p a rts, & c . _
166,196
9,7 7 7
s in k , fu n d b d s . .
_______
1 ,9 5 0,0 00
P a ten ts a t c o s t ___
7 ,5 2 9
947 ,37 6 1st m tg e . 3 % %
C a s h ............. ................. 1 ,0 1 3,3 15
sin k , fu n d b d s - . 1 ,0 0 0 ,0 0 0
_______
151,500
D e p . w ith t r u s t e e 1 ,4 0 0
8,6 0 8 A llo w , fo r b a l. d u e
N o t e s r e c e iv a b l e ..
8 ,8 3 7
831,341
fo r F e d . in c. ta x
4 7 ,9 58
126,012
A e c t s . re c e iv a b le __ 1 ,5 9 0 ,6 0 8
R e s .for em pl .grou p
C ash in b an k s in
8 ,8 4 3
a ccid e n t in su r. .
.............
15,863
h a n ds o f re c e iv e r
7 ,6 4 7
I n v e n t o r ie s _______ 2 ,3 3 0 ,3 9 4 2 ,5 6 8 ,5 5 1 R e s e rv e fo r s p ecia l
2 ,1 5 4
in su ra n ce claim s
66,000
716
A c e r. in t. re c e iv ’ le
100,809
R e s . fo r co n tin g ’s D u e from office rs
1 0,808 R e s .for F ed .in c.ta x
15,392
38,7 73
130,188
a n d e m p lo y e e s ..
6 6 6 ,2 5 0 A c c o u n ts p a y a b le .
575 ,09 2
521 ,25 8
4 }4 % s. f . b o n d s . .
8 3 3 ,52 7 N o t e s p a y a b le ____ y 2 0 1 ,9 1 4
7 9 1 ,14 3
M is c e ll. in v e s t’t s . .
171 ,93 0 A c cru e d a c c o u n ts .
172,547
4 13 ,04 6
2 50 ,56 5
D eferred a c c o u n ts .
T o t a l .................... 1 7 ,6 80 .18 6 1 7 ,8 72 ,97 3
T o t a l .....................17,680,186 17,872,973
x Represented by 469,615 (469,591 in 1938) shares o f no par value,
y Includes $158,732 due more than one year hence.
1939
1938
1939
1938
L iab ilities—
$
$
F ix ed c a p it a l........... 1 4 ,2 3 1 ,1 0 8 2 0,2 9 5 ,6 9 4 F u n d e d d e b t ............1 2 ,0 10 .60 0 1 5 ,8 49 ,60 0
4 0 7 ,5 0 0
349,121
I n v e s t m e n t s ______ 5 ,0 7 6 ,0 9 5
1 ,7 9 8,2 20 N o t e s p a y ., b a n k .
S pecia l d e p o s i t s . ..
84,3 71
797 ,85 9 A c co u n ts pa y a b le.
102,342
111,511
A c e r . in t. & ta x e s .
C a sh in b an k s and
3 64 ,94 5
2 5 8 ,9 7 0
o n h a n d ________
4 6 1 ,1 9 5
4 37 ,84 6 P r o v . fo r F e d . in c.
ta x ( e
a C a sh d e p o sits___
2 2 ,3 3 0
___________ s t . ) _______
7 4,8 49
M a r k e t, secu rities
9 5,4 76
2 80 ,49 3 A c e r . d iv s . on p ref.
sto ck s o f su b s . .
5 ,0 7 5
A e c ts . & n otes rec
less re s e rv e s____
2 6 5 ,7 2 8
3 06 ,93 7 F u n d ed d e b t ca lled
2 6 ,3 5 5
110,979
fo r r e d e m p t io n .
4,7 3 3
U n b illed re v . (e s t.)
_______
2 8,7 07
A c c r 'd r e c e iv a b le s43,7 31
4 6 ,1 43 D e f. c r e d it ________
132 ,99 0 C o n tr ib s. fo r ex
I n v e n t o r ie s _______
100 ,89 7
tensions _________
I n s ta ll, a e cts. r e c .
2 4 ,8 9 4
5 3 ,8 7 0
2 7 ,5 95
C on su m ,& oth .d e p .
91,8 36
P r e f. ex p s. & d e f.
7 4 1 .5 9 0 1 ,2 1 4,2 14 R e s . fo r ra te re d u c.
c h a r g e s . . . ...........
6 20 ,00 0
in li t ig a t io n ____
199,140
1,115
R e s . fo r c o n t ., & c .
P re f. stk s. o f s u b s .
2 90 ,00 0
2 9 0 ,0 0 0
M in . in t. in c o m .
s t o c k & surplus
21,6 48
11,5 80
o f s u b s ...................
b $3 cu m . p f. s t k . 3 ,8 1 4 ,4 0 0 3 ,8 1 4 ,4 0 0
2 17,622
C o m . s t k . (p a r $ 1 )
217 ,62 2
P a id -in & c a p . s u r . 3 ,2 6 0 ,6 8 8 3 ,0 8 4 ,0 1 7
383 ,37 7
547 ,60 4
E a rn ed su rp lu s___
c P r e f . s t k . in t r e a s . D r 5 5 ,7 00 0 4 1 , 2 1 8
T o t a l ......................2 1,1 4 7 ,4 1 5 2 5 ,4 4 8 ,9 7 0 '
T o t a l - ....................2 1 ,1 4 7 ,4 1 5 2 5 ,4 48 ,97 0
a With trustees for redemption o f bonds o f subsidiaries, b Represented
by 76,288 no par shares, c Represented by 1,114 shares o f $3 preferred
stock.— V. 149, p, 1622.
Georgia RR.— E a r n in g s —
S ep tem b er—
Gross from railway.........
Net from railway..........
Net after rents............
F r o m J a n . 1—
Gross from railway_____
Net from railway..........
Net after rents________
— V . 149, p. 2084.
1939
$344,449
89,176
85,184
1938
$320,966
83,345
78,827
1937
$321,100
51,390
45,788
1936
$334,096
84,397
85,515
2,718,810
480,440
457,505
2,567,225
388,451
353,620
2,839,553
504,056
531,202
2,698,473
466,886
485.271
2974
ONE HUNDRED
— The
Commercial & Financial Chronicle —Y E A R S
Georgia & Florida RR.—E a rn in g s —
P e r i o d E n d . S e p t . 30—
Railway oper. revenue..
Railway oper. expenses.
1939— M o n t h — 1938
$103,631
$81,237
86,382
87,157
Net rev. from ry. oper.
Railway tax accruals----
$17,249
7,956
x$5,920
6,495
Railway oper. income.
Equipment rents (net). .
Jt. facil. rents (net)------
$3,292
D r 1,562
0 1 ,9 4 6
x$12,415
0 2 ,2 9 3
0 1 ,6 6 0
Net ry. oper. incomeNon-operating incom e-.
$5,784
1,476
Gross income-----------Deductions from income
$7,260
1,004
1939— 9 M
$891,129
776,640
1938
$839,230
785,223
o s .—
$114,489
72,253
$54,007
68,594
$42,236
Dr23,913
0 1 7 ,6 4 8
x$14,587
0543
0 1 7 ,3 6 6
x$ll,782
1,399
$675
13,970
x$31,410
13,451
x$10,383
1,038
$14,645
8,590
x$17,959
8,580
Surplus applic. to int.
$6,256
x$ll,422
$6,055
x Indicates loss or deficit.
— W e e k E n d e d O c t . 21----------- J a n . 1 t o
1939
1938
1939
Operating revenues (est.)
$22,350
$21,500
$956,153
—V . 149, p. 2687.
x$26,539
21-----1938
$899,603
O ct.
Georgia Power & Light Co.— a r n in g s —
-E
12 M o n t h s E n d e d S e p t . 30—
1939
Operating revenues______________________________ $1,176,079
Operating expenses______________________________
644,453
Maintenance____________________________________
91,947
Provision for retirements________________________
136,915
Federal income taxes____________________________
6,037
Other taxes-------------------------------------------------------108,028
1938
$1,131,771
659,946
76,649
187,809
2,634
97,498
Operating income-------------------------------------------Other income___________________________________
$188,699
5,878
$107,235
7,571
Gross income--------------------------------------------------Interest on long-term debt______________________
Other interest___________________________________
Amortization o f debt discount and expense______
Interest charged to construction_________________
$194,577
160,329
15,165
9,789
035
$114,805
159,735
18,187
9,791
0614
Net income----------------------------------------------------x Indicates loss.— Y. 149, p. 1762.
$9,330
x$72,294
Giddings & Lewis Machine Tool Co.— T o
Vote on Stock
In c re a se —
A special meeting o f stockholders has been called for N ov. 9, 1939, to
vote on proposals to increase the authorized number o f shares from 100,000
to 400,000 and to offer for sale 125,000 shares of the new stock in order to
obtain funds for the acquisition o f the Cincinnati Planer C o., for approxi
mately $1,250,000, and for additional working capital.
It is also proposed to issue 100,000 o f the new shares as a stock dividend
to present stockholders at the rate o f one new share for each share now held.
— V. 149, p. 2688.
Globe Indemnity Co.— F in a n c ia l
1939
1938
$
C a sh in b a n k s ______ 2 ,0 1 9 ,1 8 2
1 ,9 1 8 ,3 1 4
U . S . G o v t . b o n d s2 1 ,2 8 5 ,2 8 3 1 7 ,9 7 5 ,7 3 4
S ta te , m u n „ rail
r o a d & o th e r b d s .
& s t o c k s _________1 2 ,5 01 ,06 7 1 2 ,9 9 0 ,0 4 3
R e a l es ta te ________ 1 ,0 0 0 ,0 0 0 1,000,000
P rem s. in cou rse o f
c o lle c . n o t m ore
th a n 3 m o s . du e 2 ,8 6 6 ,2 2 3
3 ,4 0 2 ,4 8 7
I n t . & ren ts du e &
a c c r u e d _________
242 ,89 5
2 26 ,55 7
S u n d . b a ls . d u e ___
710,466
712,187
Statem ent S ep t.
1939
L ia b ilitie s —
$
30—
1938
$
R e s e rv e fo r c la im sl6 ,6 8 5 ,9 2 8 16,6 50 ,06 8
R e s . fo r unea rned
prem iu m s_______ 7 ,5 1 9 ,9 2 9
7 ,8 0 6 ,1 4 7
R e s . f o r co m m s . o n
u n c o il’ d p r e m s ..
539 ,77 6
6 27 ,73 2
R e s . fo r taxes &
su n d ry a c c t s ___
943 ,00 0
1 ,1 0 3 ,2 0 0
V o l . res. fo r c o n tin g s . in c l. flu c
tu a tio n in m k t .
v a lu e o f secu rs__ 7 ,4 3 6 ,4 8 3 4 ,5 3 8 ,1 7 5
C a p ita l____________ 2 ,5 0 0 ,0 0 0 2 ,5 0 0 ,0 0 0
S u rp lu s____________ 5 ,0 0 0 ,0 0 0 5 ,0 0 0 ,0 0 0
T o t a l ...................... 4 0 ,6 2 5 ,1 1 7 3 8 ,2 2 5 ,3 2 1
T o t a l ......................4 0 ,6 2 5 ,1 1 7 3 8 ,2 2 5 ,3 2 1
— V . 148, p. 1478.
Goodyear Tire & Rubber Co.— T ire
P rices L ow ered —
Company on N ov. 1 will make substantial reductions in consumer list
prices for all lines o f passenger car, truck and bus tires and tubas, according
to an announcement released on Oct. 27 by President Litchfield.
“ In view o f the current upward trend o f all prices, including crude rubber,
this announcement will come as a surprise,” he said. “ However, we have
placed ourselves in position to make these reductions for the tire users by
an extensive program of plant modernization and by streamlining our system
o f distribution. We believe this principle o f immediately passing a legiti
mate share o f such savings along to the public to be consistent with en
lightened economic policy and indispensable to the continuance o f a na
tional recovery.”
A reduction o f 12J^% on the price o f the G-100 line in the popular
600-16 passenger car size is typical o f the new list. This brings the con
sumer price on this size down from $15.95 to $13.95. The Lifeguard in the
same size is reduced 12% and the standard heavy duty tube is reduced 6.8% .
The company’s factories at Akron, Jackson, M ich., Los Angeles and
Gadsden, Ala., have been fairly modernized dining the past year, so that
manufacturing costs might be reduced. Eight bulk plants have been
established at strategic points throughout the United States in bringing
about a more simplified system o f wholesale distribution. The entire
program has involved several million dollars in capital outlay.
Goodyear sales executives expressed belief that the new price levels will
tend to stabilize the tire market to a degree not known dining the past year.
Fictitious list prices from which long discounts have been offered have
been regarded as a major evil in the tire industry over a considerable period.
With wholesale prices reduced and dealer discounts readjusted, the new
pricing arrangement is expected by Goodyear executives to correct this evil
and to re-establish consumer lists on a valid basis.— Y . 149, p. 2513.
Gorham Mfg. Co.— D iv id e n d
D o u bled —
The directors have declared a dividend o f 50 cents per share on the
common stock, no par value, payable N ov. 15 to holders o f record N ov. 1.
A dividend o f 25 cents was paid on Sept. 15, June 15 and on March 15,
last; one o f $1 was paid on Jan. 16, last; dividends o f 25 cents were paid
on Dec. 15, Sept. 15, and on June i5 , 1938; a dividend o f $1.25 was paid
on Jan. 26, 1938; dividends o f 50 cents were paid on Dec. 15, N ov. 15,
Sept. 15, and June 15, 1937; a dividend o f 25 cents was paid on March 15,
1937; a special dividend o f $1 was paid on Jan. 25, 1937, and a regular
quarterly dividend o f 25 cents per share was distributed on Dec. 15, 1936.
— V . 149, p . 2231.
Grand National Pictures— V ictory
in B ank ru p tcy H e a r in g
E. W . Hammons scored a complete victory for Grand National Pictures
in the bankruptcy hearing before Federal Judge Samuel Mandelbaum,
Oct. 27. Judge Mandelbaum dismissed the petition o f three creditors for an
involuntary bankruptcy and vacated the receivership.
This victory will enable M r. Hammons to proceed with the completion
o f the Reconstruction Finance Corporation loan and also with the Felt &
Co. production fund. Grand National was represented at the hearing by
Attorney Saul E . Rogers.— V . 149, p. 577.
Grand Union Co.— T o
R ecapitalize —
Shareholders have been summoned to a special meeting on Dec. 8 to con
sider a recapitalization plan recommended by John J. Burns and Eliot
Wadsworth. Under it the common stock would receive one share of new
common for each 15 held and warrants to subscribe for new common at $10 at
the rate o f one share for each 10 now held. The preference stock would
receive new common stock on a share-for-share basis and also $2 in cash
and $5.45 a share in dividend arrearage certificates. These certificates
could be used to purchase new common stock at $10 a share.
New features have been added to the Burns-Wadsworth plan, designed
to clear o ff arrearages on the preference stock, which will amount to $7.45
a share on Dec. 9. Any o f the new common stock not taken by preference
holders with arrearage certificates or common stock holders with warrants
OLD Nov. 4, 1939
is to be offered for sale to the public. The price will be not less than $10
a share, unless the sale is made through bankers, when the company would
allow a reasonable underwriting commission. The proceeds will be used,
according to the plan, to pay o ff the remaining arrearage certificates and to
replenish the company’s treasury.
Offers o f new common stock will not be made until it has been registered
under the Securities Act. This is expected in the latter part of January.
— V. 149, p. 1475.
Granite City Steel Co.— E a r n in g s —
9 M o s . E n d . S e p t . 30—
1939
1938
1937
1936
Net sales--------------------- $6,603,388 $4,478,862 $11,647,840 $7,389,715
Cost o f sales, sell., gen.
& admin, expenses---- 5,848,738
4,387,315 10,779,784 6,954,057
Depreciation---------------526,686
337,471
348,995
270,000
Operating profit------Miscellaneous income___
$227,964 loss$245,924
21,789
43,015
$519,061
46,956
$165,658
33,747
Total profit....... ..........
Interest charges----------Special charges, including
Federal income tax----
$249,753 loss$202,908
123,875
48,679
$566,017
29,580
$199,405
______
72,401
9,330
36,879
1,586
x Net profit-------------$88,999 loss$253,175
$464,036
$190,075
Shs. com. stock (no par)
382,488
382,488
382,488
382,488
Earnings per share------$0.23
Nil
$1.21
$0.49
x No provision made for Federal undistributed profits tax.— V . 147, p.740.
E a r n i n g s f o r 3 M o n t h s E n d e d S e p t . 30, 1939
Sales (net), $2,434,305; cost of sales, selling, general and administration
expense, $2,104,679; depreciation, $205,504; operating income, $124,121;
miscellaneous income, $8,392; total income, $132,512; interest charges,
$47,613; special charges, $946; provision for Federal income tax, $30,000:
net profit applicable to stock, $53,954.— V . 149, p. 878.
Great Lakes Dredge & Dock Co.— A c q u isitio n —-
Expansion of this company through acquisition of the M . Breymann
Dredging Co. o f Boston, one of the largest of its kind in the East, was
announced on Oct. 26. General E . M . Markham, U. S. A ., retired.
President, said the acquisition was a cash transaction but declined to make
the details public.
In confirming reports o f the purchase, which will permit further expansion
by Great Lakes Dredge along the Eastern seaboard, General Markham
disclosed that the organization in Chicago had shared in the recent business
upturn to the extent that virtually all its equipment is at work in various
parts o f the country.— V . 149, p. 2513.
Great Northern Ry.— E a rn in g s —
S ep tem b er —
1939
1938
1937
1936
Gross from railway------- $11,323,532 $10,682,076 $11,952,314 $9,815,615
Net from railway---------- 5,443,972
5,140,667
5,926,350
4,560,760
Net after rents------------- 4,065,689
4,011,511
4,415,416
3,594,468
F r o m J a n . 1—
Gross from railway------- 66,773,971 57,030,766 73,136,857 65,235,833
Net from railway---------- 21,215,453 16,434,024 26,145,554 22,897,548
8,393,978 18,952,090 16,244,222
Net after rents------------- 12,378,495
— V. 149, p. 2085.
Green Bay & Western RR.— E a r n in g s —
S ep tem b er—
Gross from railway-------Net from railway______
Net after rents_________
F r o m J a n . 1—
Gross from railway_____
Net from railway______
Net after rents..... ..........
1939
$150,784
48,879
23,868
1938
$138,724
40,621
18,638
1937
$166,726
71,061
65,458
1936
$126,988
20,687
2,049
1,241,460
357,243
155,825
1,126,149
287,278
116,060
1,303,486
360,076
220,078
1,183,188
278,896
123,714
— V . 149 . p, 2 0 8 5
Greenfield Tap & Die Corp.— To
Pay
$3
D ivid en d —
Directors have declared a dividend o f $3 per share on the $6 preferred
stock, payable N ov. 15 to holders of record Nov. 1. Dividend o f $1 was
paid on July 25 last, this latter being the first dividend paid since Dec. 15,
1937, when a regular quarterly dividend o f $1.50 per share was distributed.
— V. 149, p. 2638.
Gulf Mobile & Ohio RR.— To Succeed G u lf M o b il e &
N orth ern and M o b il e & Ohio Railroads — See Gulf Mobile &
Northern RR. in V. 149, p. 2688.
Gulf Power Co.— E a r n in g s —
P e r i o d E n d . S e p t . 30—
Gross revenue-------------Oper. expenses & tax es..
Prov. for depreciation..
1939— M o n t h — 1938
1939— 12 M o s . — 1938
$165,556
$156,907 $1,838,427 $1,737,673
104,831
100,745
1,192,232
1,139,603
14,583
11,292
204,625
137,453
Gross income-----------Int. &tother fixed chgs.
$46,142
19,701
$44,870
20,135
$441,570
238,597
$460,618
239,588
Net income--------------Divs. on Pref. stock------
$26,441
5,584
$24,735
5,584
$202,973
67,014
$221,030
67,014
Balance--------------------— V. 149, P. 2233.
$20,856
$19,150
$135,959
$154,016
1938
$86,415
def5,246
def32,838
1937
$138,918
24,457
def4,197
1936
$135,968
21,679
def4,760
902,559
13,872
def228,322
1,220,362
221,338
defl3,608
1,100,182
151,182
def74,265
Gulf & Ship Island RR.— E a r n in g s —
S ep tem b er—
1939
Gross from railway-------$96,136
Net from railway______
5,804
Net after rents_________
19,641
F r o m J a n . 1—
Gross from railway_____
860,465
Net from railway______
32,577
Net after rents--------------- defl93,588
— V. 149, p. 2085.
Guysborough Mines, Ltd.— E a r n in g s —
3 M o n t h s E n d e d S e p t . 30—
Tons o f ore milled________________________________
x Net income from metals produced______________
Development and operating costs________________
Estimated operating profit____________________
Non-operating revenue__________________________
1939
6,968
$61,487
40,943
1938
8,445
$56,518
46,954
20,545
971
9,364
125
Estimated total profit_________________________
$21,516
$9,488
x Of this income from metal produced, $3,193 was due to increased
price of gold.
N o t e — In the above figures no allowance has been made for taxes, depre
ciation or deferred development.— V . 149, p . 730; V . 148, p . 2588.
Hallnor Mines, Ltd.— To
Pay
18-C e n t
D iv id e n d —
Directors have declared a dividend o f 18 cents per share on the common
stock, payable Dec. 1 to holders o f record N ov. 15. Dividends o f 15 cents
were paid on Sept. 1 and on June 1, last.— V . 149, p . 1026.
Hartsville Print & Dye Works, Inc.— R eorga n iza tion —
The plan o f reorganization of this company dated Sept. 20, 1939 which
has been filed with the Federal Court, is in substitution o f the plan dated
July 20, 1939.
Company, a South Carolina corporation, filed its voluntary petition under
Section 77-B of the Bankruptcy Act on July 1, 1935, and its petition was
duly approved on that day. The debtor was duly continued in possession
of its assets and has continued the operation of its business under the
protection o f the court. The nature of the business of the debtor is the owner
ship and operation o f a plant located at Hartsville, S. C ., for the dyeing,
printing and finishing of textile fabrics on commission.
In summary, this plan of reorganization provides for the payment o f the
claims o f first mortgage bondholders in cash in full (principal and accrued
interest to date o f payment), the issuance of notes to general creditors in
the full amount o f their claims maturing in 10>^ years, with the option
either to take stock o f the reorganized company (on the basis o f one share
ONE H UN DRED—The
Volume 149
Commercial & Financial Chronicle— YEAR S
forfeach $20 o f claims), or, under certain conditions, if offered by the
debtor after confirmation o f the plan, to take part payment in cash in full
satisfaction. Taxes will be paid in cash so that the amount thereof unpaid
on Dec. 31, 1939, will be reduced to the sum of $24,000, which balance
thereafter will be paid at the rate o f $1,000 per month. The interest of
stockholders in the debtor will be scaled down but preserved.
To provide the funds necessary to carry out the provisions o f this plan in
addition to liquid assets o f the debtor, the Reconstruction Finance Corpo
ration has authorized a loan to the debtor in the sum of $255,000, secured
by a first mortgage upon certain terms and conditions; third parties will
lend to the debtor the sum of $25,000, secured by a second mortgage; and
The United States Finishing Co. will lend to the debtor the sum of $25,000
to be unsecured.
Holders o f 8% cumulative preferred stock (2,750 shares par $100 outstand
ing shall receive for each share o f old preferred stock one share of new
common stock of the reorganized company.
To the holders of common stock (15,000 shares, no par, outstanding)
there shall be issued for each 10 shares one share of new common stock of the
reorganized company.— V. 129, p. 806.
Hazel-Atlas Glass Co. (& Subs.)— E a rn in g s —
3 M os.
— — — 12 M o n t h s -----------S e p t . 3 0 ’39 O c t . 1, ’38
S e p t . 3 0 ’39
N et sales, royalties & other oper. rev_ $8,224,458 $27,628,160 $28,448,811
x C ost o f goods s o ld _________________
6,024,361
21,765,206 21,620,454
P rovision for depreciation___________
182,593
700,889
723,797
Household Finance Corp.— C on so l.
1939
$
1938
$
Assets—
C ash on h a n d a n d
in b a n k s . .......... .. 8 ,1 4 8 ,6 2 6 9 ,1 3 2 ,3 5 2
x In sta lm en t notes
re c e iv a b le _______ 6 0 ,8 7 6 ,9 5 4 5 4,5 1 7 ,4 8 3
L oa n s t o em p loy ees
a n d officers p u rsu a n t t o form er
sto c k ow n ersh ip
71,7 34
189,754
p l a n _____________
6 8 0 .2 5 5
In v e s t, in su b . corp
3 5,1 77
O th er re c e iv ., & c_
2 9 ,2 43
y O ffice e q u ip , a n d
491 ,27 2
512 ,65 3
im p rov em en ts . .
P e r io d —
Gross m anufacturing p ro fit______ . $2,017,504
Selling, general & administrative ex p .
712,556
$5,162,065
2,666,162
$6,104,560
2,649,448
Gross operating p r o fit_____________. $1,304,948
Other incom e________________________
5,157
$2,495,902
90,083
$3,455,112
68,946
T otal in com e______________________ . $1,310,105
Other charges________________________
8,418
P rov . for Federal incom e taxes (est.) .
235,475
$2,585,985
75,067
351,017
$3,524,058
228.913
597,308
N et p r o fit___________________________ $1,066,212
$2,159,902 $2,697,837
Cash d ividends_______________________
543,011
2,172,045
2,172,045
C apital shares outstanding__________
434,409
434,409
434,409
Earnings per share----------------------------$2.45
$4,97
$6.21
x Including materials purchased, maintenance and repairs, labor, roy
alties p aid, taxes and other operating costs.— V . 149, p . 1026.
Heywood-Wakefield Co.— E a rn in g s —
9 M o s . E n d . S e p t . 30—
1939
1938
1937
1936
Net loss after all charges $138,402
$144,739 x y$414,565 xy$401,212
Earnings per share on
common stock_______
Nil
Nil
$4.72
$4.49
x Before Federal surtax on undistributed profits, y Indicates profits.
C o n s o l i d a t e d B a l a n c e S h e e t S e p t . 30
A ssets—
1939
C a s h _______________ $ 14 1,8 88
b A c c t s . re c e iv a b le 1 ,462,081
b N o t e s re c e iv a b le
I n v e n t o r ie s ________ 1 ,9 4 1,2 79
57,4 02
M is c e ll. in v e s tm ’ ts
a P la n ts & e q u ip ’ t . 3 ,9 0 9 ,5 5 8
P a t s , a n d g o o d w ill
1
D e fe rr e d c h a r g e s ..
132,855
T o t a l _______ u ._ $ 7 ,645 ,06 4
L iab ilities—
1938
1939
$ 115,909 A c c o u n ts p a y a b le . $ 36 4,7 69
1 ,363,216 N o te s p a y a b le fo r
b a n k loa n s______
400 ,00 0
1 ,9 9 9,9 45 A c cru e d p a y rolls,
57,948
ta xes, & c_______
139,736
3 ,9 7 2,6 55 P r o v . fo r F ed eral
1
in co m e ta x es___
95,6 24 5 % 1 0 -y r. d e b . b ds
586 ,20 0
C a p ita l s t o c k ;
Series A 1st p ref.
(p a r $ 1 0 0 )___
6 ,3 0 0
Series B 1st p ref.
(p a r $ 2 5 )____ 3 ,4 8 7,0 00
C o m . (p ar $ 2 5 ). 1 ,5 0 0,0 00
S u rp lu s____________ 1,16 1,0 58
$ 7 ,6 0 5 ,2 9 7
1938
$ 234,691
300 ,00 0
146,413
53,719
6 08 ,70 0
12,000
3 ,4 8 7 .0 0 0
1 ,5 0 0,0 00
1 ,2 6 2,7 74
T o t a l ___________ $ 7 ,6 4 5 ,0 6 4 $ 7 ,6 0 5 ,2 9 7
b Less reserve.— V. 149,
(Edward) Hines Lumber Co.— Tenders —
a Less reserve for depreciation,
p. 730.
The'First National Bank o f Chicago will until Nov. 30 receive bids for the
sale to it o f sufficient first mortgage and collateral trust bonds with scrip
and stock attached, series A or B to exhaust the sum o f $300,000 at lowest
prices offered.— V. 147, p. 3016.
Holly Development Co.— E a r n in g s —
9 M o s . E n d . S e p t . 30—
Net earnings---------------Refund of Fed. inc. taxes
Dividends paid________
1939
x$59,817
______
27,000
1938
$111,669
04 9,31 3
27,000
1937
$72,344
______
27,000
1936
$40,679
______
27,000
Balance, surplus------Earned surplus Dec. 31-
$32,817
278,777
$133,982
138,350
$45,344
86,806
$13,679
90,698
Total earned surplus
Sept. 30__________
$311,594
$272,332
$132,150
$104,377
x After providing $59,772 for loss on abandonment o f company interest
East Coalinga lease.
B a l a n c e S h e e t S e p t . 30
Assets—
1939
1938
L iab ilities—
1939
1938
C a p ita l a sse ts-------3
I n v e s t, a n d a d v ___
M a rk e ta b le s e c u r .
C la im s a g a in s t
closed b a n k s ___
A c c ’ ts r e c e iv a b le ..
I n v e n t o r y _________
C a s h ______________
D e fe rr e d c h a r g e s ..
.42 6 ,8 0 5 $ 1 ,4 67 ,24 1 C a p . s t k . ($1 p a r ) .
2 7 2 ,6 1 4
2 7 1 ,2 5 0 A c c o u n ts p a y a b le 12,500
12,500 T a x e s a c c r u e d ____
R e s . fo r d iv id e n d .
531
R e s . fo r d ep rec. &
15,656
46,9 32
d e p le t io n _______
2,9 8 8
14,126 R e s . fo r F ed era l in 351,022
2 34 ,86 8
co m e t a x ________
3,8 1 3
1,671 E a rn ed su rp lu s___
T o t a l ___________ f 2 ,0 8 5,9 30 $ 2 ,0 4 8 ,5 8 7
$ 90 0 ,0 0 0
9,6 2 6
8,4 2 9
9,0 0 0
$ 9 0 0 ,0 0 0
17,310
8 ,8 3 5
9 ,0 0 0
8 3 4 ,09 2
8 1 9 ,74 3
13,189
3 11 ,59 4
2 1 ,3 67
2 72 ,33 2
T o t a l ___________ 3 12,085,930 $ 2 ,0 4 8 ,5 8 7
— V. 149, P. 879.
Hoskins Mfg. Co.— E a r n in g s —
9 M o n t h s E n d e d S e p t . 30—
Manufacturing profit before depreciation________
Selling, general and administration expenses_____
1939
$549,718
174,263
1938
$372,693
144,317
Operating profit---------------------------------------------Net income on bonds and miscellaneous__________
$375,455
32,358
$228,376
11,240
Profit----------------------Depreciation-----------------------------------------------------Provision for Federal income tax_________________
$407,813
30,608
61,750
$239,616
35,257
31,245
Net profit--------------------------------------- -------- -----Net profit per share-------------------------------------------— V . 149, P. 731.
$315,455
$0.65
$173,113
$0.36
Houston Oil Co. of Texas— E a rn in g s —
OLD
2975
ciation and depletion, $3,203,572; interest on bonds and notes, $396,152;
amortization of debt discount and expense, $58,210; depreciation and
depletion, $1,494,974; property retired and abandoned, $346,335; Federal
income taxes (estimated), $82,846; net profit, $825,052.— V . 149, p. 1026.
B a l. Sheet S ep t.
30—
1939
1938
L iab ilities—
$
$
N o t e s p a y .• b a n k s l9 ,7 3 5 ,0 0 0 15,8 10 ,00 0
—
N o te s p a y .— E m p loy ees, o fficers,
a n d oth ers, p u rsu a n t to th rift
p la n __________ __
286 ,84 0
3 27 ,75 0
F e d . & D o m in io n
in co m e & ca p ita l
1,77 6,8 14
sto c k ta x e s_____ 1,59 6.0 46
961,962
941.808
D iv id e n d s p a y a b le
M iscella n eou s lia b s
56,143
51,718
R e s . fo r C a n a d ia n
538,112
241 ,81 6
e x ch . f l u c t u a t e s
a n d c o n t i n g e n ..
M in . int in ca p ita l
a n d surplus o f a
4 1 ,8 14
su b s id ia r y ______
31.9S0
P re f. s t o c k ($100
p a r ) . ---------------- 18,000.000 1 8,0 00 ,00 0
z C o m m o n s t o c k . . 8 ,4 2 4 ,0 5 0 17,9 20 .20 0
294 ,00 0
689 ,49 3
C a p ita l su rp lu s___
E a rn ed su rp lu s___ 1 0,2 3 9 ,7 7 9 8 ,7 2 0 ,1 7 8
T o t a l ......................7 0 ,3 0 4 ,0 1 8 6 4 ,3 8 1 ,4 8 4
T ota l
7 0,3 0 4 ,0 1 8 6 4 ,3 8 1 ,4 8 4
x After reserves for losses o f $4,776,580 in 1939 and $4,273,308 in 1938.
y After reserves for depreciation and amortization of $488,369 in 1939 and
$467,566 in 1938. z Represented by 737,389 (717,389 in 1938) shares less
427 (581 in 1938) shares in treasury.
Earnings for 9 and 12 months ended Sept. 30 was published in V. 149,
p. 2691.
Howey Gold Mines, Ltd.— I n te r im
D iv id e n d —
Directors have declared an interim dividend of two cents per share on
the common stock, par $1, on Dec. 1 to holders of record Nov. 1. Dividend
of three cents was paid on June 1, last; four cents was paid on Dec. 1, 1938,
and dividends of two cents were paid on Aug. 2. 1937, July 14. 1936, and
Dec. 14, 1935.— V. 148, p. 2589.
Hudson Motor Car Co.— October
Sales H i t
10- Y e a r
H ig h —-
Retail sales of Hudson cars in the United States for October were the
highest for any October since 1929, G. H. Pratt, General Sales Manager
of the company reported on Nov. 2. Sales for the week ended Oct. 28, he
announced, totaled 2,270 units, representing a gain of 12.7% over the
previous week and an increase of 158% over the same week a year ago. The
week was also the 11th consecutive week o f uninterrupted sales gain since
the introduction of the 1940 models, Mr. Pratt stated. Organization gains
o f 169 new dealers during October were also reported, making a total of
378 new outlets added to the rolls o f the company so far in the 1940 models
season.— V
149, p. 2691.
Humble Oil & Refining Co.— C ontributes
to E m p lo yee s
Fund—
Company announced to its employees that a special contribution of
$430,000, plus $25 to each employee who has been with the company one
year or more, will be added this year to the employees’ account with the
Humble annuity and thrift plan.
This is in addition to the regular funds with which Humble matches
deposits of employees to the annuity and thrift plan. The plan was in
augurated Jan. 1, 1936, to encourage thrift among employees.
Since the inauguration of the plan, the company has contributed $10,346,994 and the employees participating (95% of those eligible) have
contributed $8,255,473. The plan has no relationship to State or Federal
social security plans, and is in addition to money allocated by the company
to such government plans.— Y. 149, p. 1326.
Hummel-Ross Fibre Corp.— E a rn in g s —3
1939
$652,353
602,469
Net earnings (before provisions for
Federal and State income taxes) _
-V . 149, p. 578.
9 M os.
1938
$1,722,335
1,661,831
$97,202
3,542
$60,504
16,162
$52,274
Net income from operations.
Other income, less deductions—
9 M os.
1939
$1,798,059
1,700,856
$49,884
2,390
30—
Net sales___________________________
Costs, expenses, and all charges------P e r io d E n d e d S ep t.
$100,744
$76,666
1937
$8,121,872
2,716,574
1,936,661
1936
$8,014,909
1,847,941
1,027,582
72,714,937
15,699,533
9,223,797
71,213,381
15,827,885
8,391,032
M os.
Illinois Central RR.— E a rn in g s —
E a r n i n g s o f C o m p a n y O n ly
S ep tem b er—
1939
1938
Gross from railway_____ $8,752,833 $7,941,379
Net from railway_______
3,008,954 2,389,374
Net after rents__________ 2,252,038 1,590,514
F r o m J a n . 1—
Gross from railway-------- 68,942,616 65,602,178
Net from railway_______ 16,140,093 16,015,638
Net after rents__________ 9,334,042 9,033,359
R F C A g re es to A d v a n c e
$o,000,000
The company has informed the Interstate Commerce Commission that
the Reconstruction Finance Corporation, subject to prior approval of the
Commission, has agreed to lend the road $5,000,000 at 2 % interest for
three years for the purpose o f repairing 51 locomotives and about 11,000
freight cars.
The road now has on file with the ICC an application for approval o f the
loan. The advance would be secured by the road’s equity in collateral now
pledged with RFC for previous loans and by the additional pledge of equip
ment covered by its equipment certificates “ Q” and “ R ” , subject to out
standing certificates.— V. 149, p. 2691.
Inland Steel Co.— D iv id e n d
D o u bled —
Directors have declared a dividend of $1 per share on the common stock,
no par value, payable Dec. 1 to holders of record N ov. 14. Previously
regular quarterly dividends of 50 cents per share were distributed.— V.
149, p. 879.
Indian Motocycle Co. (& Subs.)— E a rn in g s —
—8 M
o s . E n d ed —
A u g . 31, ’39
Sales, less returns, allowCost o f sales.
— Y ear E nd. D ec.
1938
1937
31—
1936
$1,222,950
964,711
$1,508,437
1.247,165
$2,055,810
1,607,504
$1,674,451
1,279,861
[Including Houston Pipe Line Co.]
P e r i o d E n d . S e p t . 30—
1939— 3 M o s — 1938
1939— 9 Mos.— 1938
Gross earnings_________ $1,597,546 $1,972,269 $5,514,999 $6,085,867
Exp. and ordinary taxes.
965,373
1,000,545 3,161,687
3,143,058
Gross prof, from opers.
before depreciation .
Gross profit of subs_____
$258,240
25,884
$261,272
34,416
$448,306
43,110
$394,591
26,230
Operating income____
Other income__________
$632,173
15,052
Consol, gross profit_
_
Sell. & adminis. expenses
Depreciation----------------
$284,124
153,863
37,479
$295,689
226,483
62,037
$491,416
254.015
68,131
$420,821
212,467
77,592
Total income________
Abandoned leases, int.,
amortization, &c------Depreciation & depletion
Fed. income tax (e st.)..
$647,225
Operating profit_____
Interest paid___________
Prov. for doubtful trade
accts. & notes----------Miscellaneous charges..
Miscellaneous income_
_
Federal taxes---------------Refund of Federal excise
taxes o f prior years—
$92,783
10,951
$7,169
18,437
$169,269
22,805
$130,762
21,532
9,789
2,176
9,267
1,646
011,054
x649
17,532
12,234
0 3 ,9 1 4
x2,006
19,562
4,149
06 ,1 8 0
$65,705 loss$l 1,776
$118,606
179,224
372,117
4,425
$971,723 $2,353,312 $2,942,808
18,704
46,045
63,191
$990,427
184,453
356,051
---------
$2,399,357 $3,005,999
540,072
1,158,692
81,625
654,615
1,055,013
______
Net p r o fit...................
$91,459
$449,924
$618,967 $1,296,371
Earns, per sh. on c o m ..
Nil
Nil
$0.20
Nil
Earnings for the 12 months ended Sept. 30, 1939, follow:
Gross
earnings from operations, $7,366,698; operating and general expenses, incl.
taxes (other than Federal income taxes), $4,211,761; income from operations,
$3,154,936; other income, $48,635; amount available for interest, depre
Net profit for year___
x Of subsidiaries.
C r 1,940
6,101
D rl 1.651
$80,049
2976
ONE HUNDRED The
—
Commercial & Financial Chronicle —Y EAR S
C o n so lid a te d B a la n c e S h ee t
A ssets—
A m? . 3 1 ,'3 9 D e c .31 ,’ 38
L iabilities— A m? . 3 1 ,’ 39 D ec. 31, ’ 38
C a s h ________ ______ $ 17 3,6 70
$ 64 ,26 6
$69 ,62 7
$40 ,79 0 A c c t s . & a cce p t’ ces
a N otes, a ccts. &
p a y a b le,
tra d e
B a n k loa n s______
1,000
d rafts receiv a b le
3 8 7 ,34 4
381 ,20 5
In v e n to rie s . _
439,666
533 ,09 0 A c c t s .& notes p a y 243,451
167,725
In v e st’ ts & r e c e iv .
68,4 25
6 4,976
a b le, o th e r______
5 ,6 0 3
5,801
b P rop , a c c o u n t..
394,264 R e s . fo r m d s e _____
383,728
23,6 61
15,526
D e fe rr e d ch a rg e s. .
69,481
66,9 75 A c c r u e d ex p e n s e s.
100 ,00 0
N on -cu rren t U a b . .
1 3,009
15,000
R e s . fo r c o n t i n g ..
3 8 6 ,8 7 0
389 ,67 0
P re f. s tk .(p a r $10)
7 8 5 ,45 5
716 ,95 0
c C om m on s t o c k ..
T o t a l____________ $ 1,5 2 2 ,3 1 5 $ 1 ,4 8 1 ,3 0 0
T o t a l ____________ $ 1 ,5 22 ,31 5
1 ,4 8 1,3 00
a After reserve for bad debts and dealers’ reserve account o f $88,616 in
1939 and $82,690 in 1938. b After reserve for depreciation o f $459,310 in
1939 and $514,290 in 1938. c Represented by 42,586 no par shares in 1939
and 42,026 no par shares in 1938.— V. 148, p. 1962.
Interborough Rapid Transit Co.— D e p o sits
U rged —
The committee for the 1st & ref. 5s in a letter dated Oct. 28 states:
On Oct. 20, 1939, Judge Patterson, the Federal Judge having the I. R. T .
matter in charge, granted Guaranty Trust Co. o f New York, as trustee
o f the 1st & ref. mortgage securing the Interborough 5% bonds, permission
to file its bill o f complaint to foreclose that mortgage. Pursuant to such
authority the bill was filed and proceedings have, therefore, been started
for the purpose o f having the lien o f the mortgage foreclosed.
The record o f approval to date by holders of the 5% bonds, comparing
the figures at the time o f sending out the committee’s letter of Sept. 18
with the figures as of the close o f business Oct. 27, is as follows:
S e p t . 18 ’39 O c t . 27 ’39
Principal amount o f deposited bonds____________ $25,918,000 $57,903,000
Percent o f outstanding bonds on deposit_________
26.67
59.57
Number o f depositors___________________________
1,679
5,193
As contrasted with the amount o f new deposits, the total amount of
bonds withdrawn, following the notice in the committee’s letter of Sept. 18,
announcing the depositor’s right to withdraw his bonds during the period
up to and including Oct. 17, has aggregated only $15,000 principal amount,
withdrawn by two depositors.
The committee considers the response to date by holders o f the 5% bonds
an indication that bondholders appreciate the desirability of accepting
promptly the provisions o f the plan and agreement o f unification. How
ever, it will obviously be o f great assistance in carrying through the plan
if the committee can represent at an early date more than 76% of the 5%
bonds. The committee is appreciative o f the support o f those holders
who have already deposited with it and believes that their interests will be
advanced by influencing, where possible to do so, the deposit with the
committee o f bonds not yet deposited.
The committee renews its recommendation that holders of 5% bonds
who have not yet deposited should lodge their bonds promptly with this
committee and again points out that, in the event the upset price on fore
closure o f the 5% mortgage were to be such as to result in more favorable
treatment for undeposited bonds than for deposited bonds, this committee
can abandon the plan. The committee expects the dissenting bonds to
receive less favorable treatment than the bonds which accept the provisions
o f the plan.
D e c is io n Reserved —
Federal Judge Robert P. Patterson on Oct. 31 reserved decision on two
petitions by holders o f Manhattan R y. 4% second mortgage bonds for
permission to intervene in the Manhattan-Interborough Rapid Transit
receivership proceedings. The applications were opposed by bondholders
committees o f the two companies and by Chester Cuthell, unification counsel
for the Transit Commission.
N e w D irectors —
The adjourned annual meeting o f stockholders was held on Oct. 27
at the offices o f the company, 165 Broadway. There were represented
183,750 shares o f the total o f 350,000 shares, a quorum, and the following
directors were elected:
For terms o f three years expiring September, 1942: Julian B . Beaty,
M . Ronald Brukenfeld, W . Findlay Downs, Dwight F . Faulkner Jr.,
George Keegan, and David W . Pye.
For terms o f two years expiring September, 1941: Charles Franklin,
Jules S. Bache, Julius Brandenburg, Earl E . Starbard, Robert J. Marony,
and Henry T . Berry.
For the term o f one year expiring September, 1940: Edgar S. Bloom.
Messrs. Brukenfeld, Downs, Faulkner, Keegan, Bache, Brandenburg,
and Starbard were reelections. The new members are Julian B . Beaty,
David W . Pye, Charles Franklin, Robert J. Marony, Henry T . Berry,
and Edgar S. Bloom.— Y . 149, p. 2691.
International Agricultural Corp.—$1,208,000 B on d s
Sold P rivately— To S pen d $2,500,000 on P otash P lant— P la ns
to R evam p C apital Structure N e a r C om p letion —
Louis Ware, President, reported N ov. 1 that the company had sold
$1,208,000 first mortgage & collateral trust 5% bonds, which had been held
in the treasury, to the New York Trust Co. on an interest basis of 3 1 4 % .
These funds will be used as an additionla investment in Union Potash &
Chemical Co. to complete that company’s financing and mining program,
and to enable it to be in production next year. The Union company is
controlled and managed by International, and as a result o f this additional
investment a greater portion o f the subsidiary will be acquired.
Being the largest producer o f phosphate rock, International as long ago as
1909 had plans for a major development In the potash industry, and at that
time invested in a German potash project. However, subsequent German
potash decrees deprived the company o f that source o f potash. Now, be
cause o f its controlling investment in Union Potash & Chemical C o., Inter
national will be in a position to expand its activities, both in the fertilizer
and in the chemical field.
For approximately three years the research and engineering facilities of
International have been concentrated on the development o f the possi
bilities o f Union’s New Mexico potash deposits. As a result it has devel
oped ample tonnages o f ore and has a complete program for the mining and
processing o f the potash minerals. The plan contemplates the use of the
most modern mechanical equipment for mining up to 2,000 tons o f ore per
day. By use o f its advanced metallurgical processes, it is estimated that
the Union company will produce and make available to the market approxi
mately 70,000 tons o f potassium sulphate and also an equal tonnage of
60% muriate per year. In addition, the processes provide sufficient flexi
bility to permit production o f any grade or type o f potash salts, either as
such or in combination with soluble magnesium salts. Further plans for
the production o f profitable by-products are at present being brought to a
state o f perfection.
This development will provide the first mine to produce potassium sul
phate direct from native ore in the United States. The proposed methods
and processes for potash production have been proven to the satisfaction
o f International’s technical staff and also have been checked and approved
by well known independent consultants.
Prior to the World War there was no American production o f potash
and all o f that consumed in this country was imported from abroad, with
Germany as the principal supplier. During and following the war means
were devised for extracting potash from brine lakes, and one company has
been in production in California since that time. In 1925 the beds o f potash
bearing salts were first discovered in New Mexico, and, aided by Govern
ment appropriations, large reserves were developed. Production by two
other companies in this field, together with the California production, ac
counted for approximately 55% o f the potash used in the United States
during the past year. Importations have thus been relied upon for nearly
half o f the country’s requirements, and this is particularly true of sulphate
o f pptash, o f which practically 100% o f the U. S. requirements have always
been imported.
|Q
While under present war conditions, with importations greatly lessened,
there is an opportunity for the new potash project o f International quickly to
gain its place in the industry, the company does not consider this a tem
porary project, but has based its estimates for this investment on normal
conditions. Operating more than 25 fertilizer factories in various parts of
the country, it is a large consumer o f potash, and because o f its long experi
ence with this and similar chemicals, International feels confident that the
potash operation will be a very valuable addition to its other operations.
OLD Nov. 4, 1939
Plans for revamping the company’s capital structure, as announced to
shareholders in its recent annual report, are being developed, and it is
expected that a proposal will be submitted to stockholders at an early date.
— V. 149, p. 17651
International Great Northern RR.— E a r n in g s —
S ep tem b er—
1939
Gross from railway_____ $1,028,182
Net from railway______
208,686
Net after rents_________
69,385
F r o m J a n . 1—
Gross from railway_____ 8,440,424
Net from railway______
1,039,529
Net after rents__________ def211,091
— V. 149, p. 2086.
1938
1937
1936
$994,782 $1,174,449 $1,065,496
120,384
224,131
178,415
defl0,284
63,863
26,878
8,937,036
963,782
def411,513
9,875,223 8,854,981
1,686,698
1,337,413
358,931
16,304
International Paper Co.—-T en d ers —
Bankers Trust C o ., as trustee for the first and refunding 5% sinking fund
mortgage bonds, series A and B, is inviting offers for the sale to it of these
bonds, at prices not to exceed 102M and accrued interest, in an amount
i
sufficient to exhaust the sum of $100,986 now in the sinking fund. Offers
will be received up to Nov. 13, 1939, at the corporate trust department of
the bank’s New York office.— V. 149, p. 1765.
International Rys. of Central America— P r e f.
D i v .—
The directors have declared a dividend o f $1.25 per share on account of
accumulations on the 5% cum. pref. stock, par $100, payable N ov. 15
to holders of record Nov. 6. Like amount was paid on Aug. 15, last and
compares with $2 paid on M ay 15 last: $1.25 paid on Feb. 15, last, and on
N ov. 15, Aug. 15, M ay 16 and Feb. 15, 1938, and a dividend o f $5 per
share paid on Dec. 10, 1937, this latter being the first dividend paid since
Aug. 15, 1931, when a regular quarterly dividend of $1.25 per share was
distributed.
E a r n in g s f o r
S ep tem b er
and
Y ear
30—
1939— M o n t h — 1938
Railway oper. revenues.
$262,984
$371,339
Net rev. from ry. oper_.
85,970
94,400
Inc. avail, for fixed chgs.
69,567
76,878
Net income___________
x l6 ,lll
xl6.059
x Indicates deficit.— V. 149, p. 2234.
P e r io d E n d . S ep t.
International
Reinsurance
to
D a te
1939— 9 M o s . — 1938
$4,486,381 $4,189,953
1,783,567 1,739,103
1,615,055
1,617,351
829,250
782,807
Corp.— Co-R eceiver
Ap
po in ted —
William D . Denney of Dover has been appointed co-receiver succeeding
the late Charles S. Wesley. Mr. Denney was appointed by Chancellor W.
W . Harrington in Chancery Court on the application of co-receivers. In
ternational Reinsurance Corp. is one of the largest receiverships in Chancery
Court and has been in litigation since April, 1933.— V. 144, p. 3676.
International Shoe Co.— To
P a y E x tra D iv id e n d — B on u s
to E m p lo y e e s —
Directors have declared an extra dividend o f 25 cents per share on the
common stock, payable N ov. 27 to holders o f record N ov. 10. Regular
quarterly dividend of 37 l cents per share was paid on Oct. 2, last. Com
A
pany also announced that an extra payment equivalent to one week’s pay
would be nade on N ov. 27 to all factory, warehouse and office employees
with continuous service from Jan. 1 this year with a maximum limit of $50.
This extra payment which will amount to approximately $600,000 does not
apply to salesmen, officers, directors and other major executives.— V.
149, p. 262.
Investors Syndicate (Min n . ) —
D iv id en d s O m itted —
Directors at their recent meeting decided to omit the dividends ordinarily
due at this time on the common and class A stocks. Dividends o f 20 cents per
share were distributed on July 7, and on April 5, last, and previously quar.
dividends of 25 cents per share were paid.— V . 148, p. 3378.
Iowa Southern Utilities Co. of Del, — E a rn in g s —
P e r i o d E n d . S e p t . 30—
Gross oper. earnings..
Oper. exps., maint. and
*taxes_l__________
1939— M o n t h — 1938
$355,334
$345,003
199,489
201,871
2,384,874
2,401,620
Net oper. earnings_
_
Other income_________ .
$155,845
6,459
$143,132
5,496
$1,799,292
70,025
$1,664,583
64,846
Total net earnings____
Int. on mtge. bonds____
Int. on other fund. debt.
Amort. & other deduc’ns
Prov. for retirements___
a Fees_________________
$162,303
58,519
12,553
7,502
32,000
$148,628
58,520
12,571
8,015
30.000
$1,869,317
702,234
150.706
93,580
372,000
28,604
$1,729,429
702,234
150,903
92,853
356,250
1939— 12 M o s . — 1938
$4,184,165 $4,066,204
Net income_________
$51,729
$39,522
$522,193
$427,189
And other expense in connection with plan o f recapitalization.—
V. 149, p. 2235.
Jaeger Machine Co.— T o
Pay
62 14,-Cent
D iv id e n d —
Directors on Oct. 30 declared a dividend o f 62 A cents per share on the
capital stock, no par value, payable N ov. 22 to holders of record N ov. 10.
This compares with 25 cents paid on Sept. 1 and on June 1, last, and 50
cents paid on N ov. 23, 1938, this latter being the first common dividend
paid since N ov. 24, 1937, when $1.25 per share was distributed.— V. 149
p. 2369.
Jefferson Lake Oil Co., Inc.— E a rn in g s —
E a r n i n g s f o r 9 M o n t h s E n d e d S e p t . 30. 1939
x Net earnings after all charges_______________________________$1,066,463
x Including depreciation o f fixed assets and depletion o f Sulphur Dome
and also Federal and State income taxes o f $174,000.
With earnings o f $1,066,463 added, earned surplus amounted to $1,577,678. Cash distributions to preferred stockholders o f $262,992, and to
common stockholders of $232,281, and writing off $456,897 of Louisiana
Mineral Lease costs reduced earned sin-plus to $625,507 at Sept. 30, 1939.
At Sept. 30, 1939, liquid assets, including cash o f $1,375,649, amounted
to $2,207,281. This does not include inventories o f sulphur or material
and supplies. Current liabilities (including provision for current taxes of
$259,266, severance taxes and royalties o f $72,590) amounted to $474,930.
The foregoing does not include operations o f Valentine Lease. At
Sept. 30, 1939, $102,009 had been received from sales o f oil, out o f which
operating expenses of $41,987 and royalties and severance taxes o f $23,830,
or a total o f $65,818, were paid, leaving net revenue o f $36,191.
12 ]/2-C e n t
D ivid en d —
Directors on Oct. 20 declared dividend o f 1 2 cents per share on the
common stock, payable N ov. 15 to holders of record O ct. 31. Like amounts
were paid on July 15 and on April 15, last, this latter being the initial
distribution.— V . 149, p. 2087.
Jersey Central Power & Light Co.— B on d s
and N o te s
R egistered —
Company on Oct. 27 filed a registration statement (No. 2-4219, Form
A-2) under the Securities Act of 1933, covering $39,000,000 o f first mort
gage bonds, series due 1964, and $3,225,000 o f series notes, due 1940 to
1949, inclusive. The interest rates are to be furnished by amendment.
According to the registration statement, the net proceeds from the sale
o f the bonds and notes, together with other funds o f the company, are to be
applied as follows:
$10,403,937 to redemption on or about December, 1939, at 101 % % , of
$10^225,000 first mortgage 20-year 5% gold bonds, series B, due Aug. 1,
$33,280,000 to redemption on or about December, 1939, at 104%, o f
$32,000,000 first mortgage 30-year 4H % gold bonds, series C , due June 1,
1961.
The First Boston Corp. will be the principal underwriter. The prospectus
stated that to facilitate the offering, it is intended to stabilize the prices
o f the securities being offered. This is not an assurance, it stated, that the
prices o f the securities will be stabilized or that the stabilizing, if com
menced, may not be discontinued at any time.
Volume 149
ONE HUN DRED—The
Commercial & Financial Chronicle—
The price at which the securities are to be offered, the names o f other
underwriters, the underwriting discounts or commissions, and the redemp
tion provisions will be furnished by amendment to the registration state
ment.— V. 149, p. 2692.
Jones & Laughlin Steel Co.—-Collateral
D ep o sited —
Corporation has notified the New York Stock Exchange that the following
promissory notes and (or) assignments are on deposit as collateral under
the indenture of mortgage securing first mortgage bonds o f the corporation:
P r o m iss o r y N o te o f —
Inter-State Iron C o., dated Oct. 9, 1939_______________________$4,330,635
Jones & Laughlin Ore C o., dated Oct. 9, 1939_________________
353,640
Shannopin Coal C o., dated Oct. 9, 1939_____________________ 10,783.612
The Vesta Coal C o., dated Oct. 9, 1939______________________
752,701
Adelaide Land C o., dated Oct. 9, 1939_______________________
1,628,063
638,462
Jones & Laughlin Steel Service, Inc., dated Oct. 9, 1939______
Assignment by Jones & Laughlin Steel Corp. o f the indebtedness of
the Monongahela Connecting R R . Co. to said corporation in
amount o f_________________________________________________
325,000
Assignment by Jones & Laughlin Steel Corp. o f the indebtedness
o f Aliquippa & Southern R R . Co. to said corporation in
the amount o f____________________________________________
1,350,000
and that all notes dated July 10, 1939, the assignment o f the Monongahela
Connecting RR. C o., dated July 10, 1939, the assignment o f the Aliquippa
& Southern R R . Co., dated July 10, 1939 previously reported were sur
rendered to the corporation upon delivery o f obligations dated Oct. 9,
1939 as listed above.— V. 149, p. 2692.
Kansas City Southern Ry.—SI
P referred D ivid en d —
Directors have declared a dividend o f $1 per share on the 4% noncumulative preferred stock, par $100, payable Dec. 8 to holders of record
N ov. 20. Similar payment was made on Dec. 1. 1938, and a dividend of
$1.50 per share was paid on Dec. 15 1937.— V. 149, p. 2693
Kellogg Switchboard & Supply Co.— N e w
P resident —
Directors on Oct. 31 elected Maurice K. McGrath President to succeed
J. G. Kellogg.— V. 149, p. 2516.
Kelsey-Hayes Wheel Co. (& Subs.)— E a rn in g s —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938
1939— 9 M o s . — 1938
Profit from operations.. $297,790 loss$157,479
$1,417,997
$83,250
257,809
251,674
772,984
754,824
Depreciation---------------Int. paid or accrued____
82,830
86,205
264,977
271,315
Prov. for Fed. inc. taxes
Cr9,066
Cr8,723
34,181
20,263
Consol, net loss______
Profit realized on purch.
o f c o .’s bonds & debs.
$33,783
$486,634
x$345,855
$963,152
______
45,200
______
45,200
Consol, net profit____
$11,416 loss$486,634
x Indicates profit.— V . 149, p. 879.
Kennedy’s, Inc.— Sm aller
$391,055 loss$963.152
D ivid en d —
Directors have declared a dividend o f 20 cents per share on the common
stock, payable Nov. 25 to holders o f record Nov. 10. This compares with
50 cents paid on Jan. 27, 1939, and dividends of 30 cents paid on Jan. 15,
1938, and on Oct. 15 and July 15, 1937, this last being the initial dividend
on this issue.— V. 148, p. 441.
(G. R.) Kinney Co., Inc.— To
P a y Preferred D ivid en d —
Directors have declared a dividend o f $1 per share on the $5 prior preferred
stock payable Nov. 10 to holders of record Nov. 6. This compares with 50
cents paid on July 6, last, and $1.50 paid on Dec. 28, 1938, this latter bei ng
the first payment made on this issue since Dec. 27, 1937 when an initial
dividend of like amount was distributed.— V. 149, p . 2235.
Kirkham Engineering & Mfg. Corp.— E a rn in g s —
E a r n i n g s f o r t h e P e r i o d J a n . 1, 1939 t o S e p t . 30, 1939
Sales______________________________________________ _________
Cost o f sales_________________________________________________
Gross profit_______________________________________________
Administrative expenses_____________________________________
Reserve for loss on uncompleted contracts____________________
$541,137
488,081
$53,056
29,124
3,500
Balance transferred to surplus_____________________________
$20,432
C o n d e n s e d B a l a n c e S h e e t S e p t . 30, 1939
A s s e t s — Cash, $3,632; accounts receivable, $19,435: work in process and
finished stock, $259,009; raw materials, $99,631; deferred charges, $15,733;
fixed assets (less depreciation reserveof$105,15S),$281,431;total,$678,871.
L i a b i l i t i e s — Accounts payable, $64,538; notes payable, $131,785; accruals
and reserves, $24,169; instalment notes payable, $3,999; notes payable,
$70,000; 7% cum. preferred stock ($100), $12,000; common stock (par $1),
$128,532; capital surplus, $211,579; earned surplus, $32,268; total, $678,871.
— V. 149, p. 1623.
Knickerbocker Broadcasting Co., Inc.— D e c isio n
Case —
in
Station W M C A
The Federal Communications Commission, by unanimous decision o f its
seven members, Oct. 25, entered an order in the case o f Station W M C A ,
N . Y . City, owned by the Knickerbocker Broadcasting C o., Inc., which
was heard Sept. 27, 1939, for alleged interception and broadcasting of
secret radio communications o f the Governments o f Germany and Great
Britain in violation o f Section 605 o f the Communications Act.
“ After consideration o f the record and all the attendant circumstances
in this matter,” concludes the order, “ the Commission is of the opinion
that an order o f revocation (of license) need not be entered at this tim e,"
but adds: “ On the whole, however, grave doubt has been cast upon the
licensee's qualifications to operate its station in a manner consistent with the
public interest. Accordingly the record made in the different phases of this
proceeding must be o f cumulative weight in determining the disposition to
be made upon any future examination into the conduct o f this Station."
Knickerbocker Fund— D iv id en d —
A distribution o f eight cents has been declared on the shares o f the
Knickerbocker Fund for the Diversification, Supervision and Safekeeping of
Investments, payable N ov. 20 to certificate holders o f record at 10 a.m. on
Nov. 1, 1939. This compares with a payment o f 6 cents per share on
Aug.$21, last.
Liquidating value o f $6.83 on Oct. 27 compares with $6.57 on Aug. 21,
1939.— V. 147, p. 3312.
Kresge Foundation Co.— N o te s
Called —
Bankers Trust C o., as trustee for the 10-year 4% collateral trust notes,
due 1945, has called by lot for redemption on Jan. 1, 1940, out of sinking
fund moneys, $140,000 principal amount o f the notes at 102 and accrued
interest. Payment will be made on and after Jan. 2 at the New York office
of Bankers Trust Co.
The privilege o f converting notes called for redemption into common
shares o f S. S. Kresge company will terminate on Dec. 16, 1939, the trustee
states.— V. 148, p. 2274.
Lake Shore Mines, Ltd.— E a rn in g s —
Y e a r s E n d . J u n e 30—
1939
1938
1937
1936
Bullion production_____$14,608,715 $15,030,273 $15,692,653 $16,361,530
Interest............................
19,215
31,784
59,410
169.746
Total income________ $14,627,930 $15,062,057 $15,752,063 $16,531,275
5,459,281
5,433,357
4,810,516
Operating expenses_____ 5,659,658
Administration expenses
84,767
101,593
92,377
97,056
Prov. for depr. on bldgs.,
structure & equipment
445,623
361,466
297,956
257,289
Provision for taxes_____ 1,367,114
1.407,300
1,627,316
1,691,014
Profit for period_____ $7,070,767 $7,732,417 $8,301,056 $9,675,401
Investments written o ff.
348,895
------------------------Dividends and bonuses. 8,000,000 10,000,000 12,000,000 8,000.000
Balance, deficit______ $1,278,128 $2,267,583 $3,698,944 sur$1675,401
Shs. cap.stk.out.(par $1) 2,000,000
2,000,000
2,000,000
2,000,000
Earnings per share_____
$3.58
$3.86
$4.16
$4.84
YE A R S OLD
B a la n c e S h e e t J u n e
Assets—
1939
x B ld g s ., stru ctu res
a n d eq u lD m en t. $ 81 8,4 11
M in in g p r o p ., d e v .
1
& org a n iz. e x p s .
C a sh & b a n k b a ls . 4 ,8 1 8 ,3 4 0
L oa n s s e c u re d ____
3 ,1 6 9
B u llion p rod u ct, on
h a n d o r in t r a n s .
4 8 6 ,7 6 8
A c c t s . re c e iv a b le . .
2 1 ,4 5 0
S upp lies o n b a n d . .
3 3 1 ,23 7
B o n d s ____________
7 6,056
Shs. in oth e r m in ing c o m p a n i e s ..
5 00 ,00 0
696,141
In su r. reserve fu n d
S u n d ry assets a n d
314 ,78 2
p rep a id expenses
2977
30
Liabilities—
1939
1938
1938
C a pital s t o c k _______$ 2 ,0 0 0 ,0 0 0 $ 2 ,0 0 0 ,0 0 0
$ 69 8 ,6 3 4 A c c o u n ts p a y a b le,
in clu d in g p r o v i
1
sion fo r t a x ______ 2 ,0 1 0 ,8 4 9 1 ,987,244
5 ,5 8 6,6 32 In su ran ce r e s e r v e .
696 ,14 1
671,601
4 ,5 3 4 P ro fit a n d lo s s _____ 3 ,3 5 9 ,3 6 8 4 ,6 3 7 ,4 9 7
621 ,99 9
38,531
367 ,16 3
196,241
8 48 ,89 6
671,601
262,111
Total.............. .$ 8 ,0 8 6 ,3 5 7 $ 9 ,2 1 6 ,3 4 2
Total_________ $ 8 ,0 3 6 ,3 5 7 $ 9,2 96 ,34 2
x After deducting $6,566,390 ($6,135,801 in 1938) reserve for depreciation.— V. 149, p. 2693.
Lake Superior & Ishpeming RR.— E a rn in g s —
1939
$499,498
381,549
296,307
1938
$177,511
92,783
72,442
1937
$473,999
339,848
267,615
1936
$475,116
356,904
285,928
1,958,948
1,153,259
728,909
S e p te m b e r —
Gross from railway_____
Net from railway______
Net after rents_________
F r o m J a n . 1—
Gross from railway_____
Net from railway______
Net after r e n t s - ...........
— V. 149, p. 2087.
780,315
32,045
defl74,016
2,780,067
1,759,998
1,316,711
2,258,790
1,354,482
983,190
Lehigh & Hudson River Ry.— E a rn in g s —
1939
$184,591
42,932
13,985
1938
$125,187
36,548
11,349
1^37
$129,747
39,828
16,246
1936
$130,666
53,952
28,345
1,158,403
358,498
122,902
S e p te m b e r —
Gross from railway_____
Net from railway______
Net after rents_________
F r o m J a n . 1—
Gross from railway_____
Net from railway______
Netafter rents_________
— V. 149, p. 2087.
1,040,480
283,135
54,643
1,240,031
377,823
158,460
1,150.371
334,760
111,817
1938
$3,444,839
821,957
367,788
1937
$3,780,375
977.449
505,274
1936
$4,113,740
1,249.470
833,351
29,731,744
6,891,969
2,119,388
36,919,124
8,741,989
4,340.218
35,530,823
9,520,948
6,083,842
Lehigh Valley RR.— E a rn in g s —
S ep tem b er—
1939
Gross from railway_____$4,126,832
Net from railway______
1,359,702
Netafter rents_________
952,939
F r o m J a n . 1—
Gross from railway_____ 32,812,455
Net from railway______ 8,583,166
Net after rents_________ 4,543,490
In terest P a ym en ts —
The New York Stock Exchange has received notice that payment of
25% of the interest due N ov. 1, 1939, will be made on presentation for
stamping of coupons from Lehigh Valley R R . 5% gen. consol, mtge. gold
bonds, due 2003, “ plain” and “ assented," and also the 4% gen. consol,
mtge. bonds due 2003 "plain" and “ assented."
Black T o m D isa ster A w a r d s —
The German-American Mixed Claims Commission, acting over the
“ emphatic” protest of the German Government, on Oct. 30 announced
awards o f $50,000,000 to claimants for damages suffered in the Black Tom
and Kingsland, N . J. explosions just prior to United States entry into the
World War.
This action was taken at a brief meeting during which the German
Government, through a note to Secretary o f State Hull, sought to quash
the proceedings.
Supreme Court Justice Owen J. Roberts, the umpire during the negotia
tions, approved the awards, involving 153 American and Canadian claimants
which amounted to $21,157,227.01, plus interest at 5% over a 20-year
period.
The claimants charged that the explosions were caused by German
sabotage of munition stores.
The Lehigh Valley R R . received the largest amount of any of the awards
— $9,900,322. The agency o f the Canadian Car & Foundry Co. was
awarded $5,871,105 and the Kingsland Underwriters, $1,311,023. Other
awards included: Delaware Lackawanna & Western R R . $32,676; Black
Tom Underwriters $2,095,607, and Bethlehem Steel Co. $1,886,491.
[Lehigh Valley Railroad, it is estimated, will receive approximately
$5,000,000 on its Black Tom claim which after payment of expenses in
curred in the litigation and satisfaction of claims of the Reconstruction
Finance Corporation (the claim was pledged as security for RFC loans)
will net the carrier about $8,250,000.]
In ju n c tio n A c t i o n Started A g a in s t Black T o m A w a r d s —
Attacking legality of the German-American mixed claims commission an
injunction suit was filed Oct. 31 in the Federal District Court for the
District of Columbia to halt the $50,000,000 award granted to the victims
of the Black Tom and Kingsland explosions.
In the suit, which was filed by Zimmerman & Forshay Assets Realization
Corp. of New York City, the commission was attacked as invalid because
the German commissioner who resigned last March had not been replaced.
The suit pointed out also that the German Government had not been given
notice of the direction for the entry of an award.
Nine years ago the mixed claims commission refused a $40,000,000 claim
by American and Canadian firms that suffered in the two explosiions on
the ground that the alleged participation of the Imperial German Govern
ment in the sabotage had not been proved.
The hearings were reopened several months ago after the commission
asserted it had “ vital new evidence in the form of a secret code message”
establishing Germany’s responsibility for the explosion.
The injunction suit asks the District court to hold valid only the decision
announced nine years ago and to set aside the latest award.— V. 149. p.
2235.
Lindsay Light & Chemical Co.— To
P a y IQ -C en t D i v .—
Directors have declared a dividend of 10 cents per share on the common
stock, payable Nov. 27 to holders o f record N ov. 6. Dividends of like
amounts were paid on M ay 29, last. M ay 25, 1938 and on Aug. $0, 1937.
— V. 149, p. 2693.
Lone Star Gas Corp.— F in a l
D ivid en d —
Directors have declared a final dividend of 30 cents per share on the com.
stock, payable Dec. 22 to holders o f record N ov. 22. This compares with
dividends of 20 cents paid on Aug. 21. and April 20, last, and on Dec. 22,
Aug. 20 and April 20, 1938.— V. 149, p . 1920.
Link-Belt Co. (& Subs.)— E a rn in g s —
P e r i o d E n d . S e p t . 30—
1939— 9 M o s . — 1938
1939— 12 M o s . — 1938
Sales to customers_____ $16,309,718 $14,025,641 $20,802,161 $20,217,587
x Costs of sales________ 15,292,995 13,343,796 19,310,327 18,551,225
$1,016,723
209,873
$681,845
239,511
$1,491,834
272,107
$1,666,362
372,697
$1,226,596
Total income___
92,530
Sundry charges to income)
176,630
Federal tax estimate____
$921,356
100,634
116,982
$1,763,942
148,008
256,196
$2,039,059
198,883
504,386
Net credit to surplus. .
Earns, per sh. com m on.
$703,740
$6.81
$1,359,737
$1.68
$1,335,791
$1.66
Other income_____
$957,436
$ i.i7
x Deprec’n (incl. above).
$316,793
$304,242
$429,977
$356,895
N o t e — During the period Link-Belt Co. acquired, as of Jan. 1,1939, all of
the outstanding stock of Speeder Machinery Corp., an Iowa corporation.
Assets and liabilities o f that corporation have been included in the con
solidated balance sheet as at Sept. 30, 1939, and income and expenses for
the nine months ended that date have been included in the consolidated
income account.
ONE HUNDRED The
—
2978
C o n so lid a te d B a la n c e S h ee t S e p t.
A ssets—
C a s h _____ ______ —
x A c c t s . a n d n otes
r e c e iv a b le _______
I n v e n t o r ie s _______
S ecu re, o w n e d a t
c o s t _____________
A c c r d . in t. re c e iv a b le on securities
y P ro p e rty , p la n t &
e q u ip m e n t -------I n v e s t 't In a ffll c o .
I n t . in em p lo y e e s’
► stk .p u rc h . tru sts
O t h e r a ssets_______
1939
S
3 ,1 3 6 ,8 7 3
1938
$
3 ,7 2 2 ,8 3 3
4 ,1 6 6 ,0 3 6
3 .5 4 4 ,8 8 9
3 ,2 1 1 .1 5 6
3 ,7 7 8 ,2 0 9
2 ,2 9 9 ,0 4 5
2 ,4 1 2 ,4 7 7
16,138
17,834
7 .3 6 8,9 03
129 ,60 0
6 ,6 8 8 ,2 0 0
1 29,600
2 0 ,2 5 0
4 8 4 ,1 1 7
2 4,0 00
4 2 7 ,24 3
Commercial & Financial Chronicle —
30
1938
1939
L iabilities—
$
$
8 6 5 ,32 7
A c co u n ts p a y a b le . 1 ,1 0 1.3 27
105 .55 4
103,353
P r e f.8 t k .d lv s . p a y .
C o m . s t k . d iv . p a y .
171,116
168,893
A c crd S ta te, lo c a l
& C a n a d ’n ta xes
2 74 ,54 3
195,981
P ro v is io n for F e d ’l
3 33 ,75 7
in co m e t a x e s ___
2 54 ,15 3
P r o v . for c a p ita l
8,1 8 8
sto c k ta x es______
9,6 4 6
P r o v . fo r s ocia l s e 127 ,40 7
100.101
cu rity t a x e s _____
148,382
134,668
R es erv es___________
P re f. sto c k 6 1 4 %
c u m . (p ar $100) 3 ,2 7 7 .8 0 0 3 ,2 7 7 .8 0 0
z C o m m o n s t o c k . .1 0 .6 9 0 ,7 4 5 1 0 ,5 84 ,73 9
a E a rn ed s u r p lu s .. 5 ,6 6 4 ,2 6 5 5 ,1 8 4,7 61
b T re a su ry sto c k ._ Z > r 6 4 3 ,172 73r561,932
T o t a l .............. — .2 1 .1 6 5 ,8 5 1 2 0 ,4 1 1 ,5 5 2
Long Island Water Corp.—
E a rn in g s —-
12 M o n t h s E n d e d S e p t . 30—
Operating revenue______________________________
Operating expenses_____________________________
Maintenance____________________________________
Provision for retirements________________________
Federal income taxes____________________________
Other taxes_____________________________________
1939
$669,464
209,828
28,189
56,192
23,146
124,061
1938
$603,019
239,757
36,114
41,784
4,770
107,825
Operating income_____________________________
Other income (net)______________________________
$228,048
5,140
$172,770
1,817
Gross income________________________________
Interest on long-term debt______________________
Other interest___________________________________
Interest charged to construction_________________
$233,188
118,400
23,730
______
$174,587
118,4,50
24,229
0294
Net income___________________________________
— V. 149, p. 2088.
$91,058
$32,202
9 M o n t h s E n d e d S e p t . 30—*
1939
Passenger revenue________________________________ $8,922,367
Other revenue from transportation--------------------1,118
78,875
R e v e n u e from other rail and coach operations___
1938
$8,940,290
913
89,942
Operating revenue______________________________$9,002,361
Operating expenses______________________________ 6,988,943
Depreciation____________________________________ 1,074,900
$9,031,145
6,899,152
1,051,096
Net operating revenue------------------------------------Taxes____________________________ _______ ______
$938,517
709,040
$1,080,897
714,382
Operating income-------------------------------------------Non-operating income___________________________
$229,477
3,461
$366,514
9,452
Gross income_________________________________
Miscellaneous rents-------------------------------------------Interest on funded debt--------------------------------------Interest on unfunded debt-----------------------------------
$232,938
--------629,768
4,573
$375,967
900
635,501
3,966
Los Angeles Ry. Corp.— E a r n in g s —-
Net loss______________________________________
$401,403
$264,400
B a l a n c e S h e e t S e p t . 30, 1939
L ia b ilit ie s —
A s s e t s —■
R o a d a n d e q u ip m e n t_________$ 48 ,2 9 5 ,5 1 9 a C o m m o n s t o c k _______ $ 2 ,0 0 0 ,0 0 0
C a s h ___________________________
L o a n s , n otes & a c c ts . r e c e iv .
M a te ria ls a n d su p p lies----------O th e r a ssets___________________
P rep a id in su ra n ce a n d t a x e s ..
O th e r u n a d ju ste d d e b its ---------
618 ,67 6
96,1 12
5 72 ,39 2
4 8 ,0 13
25,1 26
3 3 4 ,22 3
.$4 9 ,9 9 0,0 61
T otal
P referred s to c k ($100 p a r )___
8 ,9 5 4 ,4 0 0
F u n ded d e b t ............................... 1 6 ,1 87 ,05 4
A u d ite d a c c t s . and w ages p a y .
645 ,56 9
A c cru e d in terest_______
188,615
2 5 8 .19 4
T a x lia b ility ___________
O th er cu rren t lia b ilities_____
1,551
U n a d ju s te d cred its____ 2 0 ,1 2 8 ,3 0 0
C o r p o ra te surplus_____
1 .6 2 6,3 77
T ota l
$49 ,99 0,0 61
a Represented by 200,000 no par shares.— V . 149, p. 2236.
Loudon Packing Co. (& Subs.)
-E a r n in g s-
Total income_________
D e p r e c i a t i o n _______________
M a in te n a n c e a n d r e p a ir s .
I n t e r e s t ______________________
F e d e r a l t a x e s _______________
Net loss______
Dividends paid.
1937
$531,703
326,069
$39,848
1,175
$205,634
637
$41,023
64.386
40,254
10.292
al,569
$206,271
57,523
37,504
3,104
al9,246
$55,112
P r o f it __________
Interest earned, &c.
1938
$352,228
312.380
$71,543
62,496
40,423
22,086
1,650
Selling, gen. & admin, expenses.
1939
$346,716
276,213
$70,503
1,040
30—
Y ea rs E n d ed J u n e
$75,479 prof$88,894
89,701
$55,112
Balance, deficit .
...
a N o provision for surtax on undistributed profits.
A ssets—
Cash_______ . .
y Trade accts. rec.
Inventories _____
Advs. to tomato
growers_______
Other assets_____
Land, bldgs., machin’y & equip.
(net)_________
Deferred charges..
C o n so lid a te d B a la n c e S h e e t J u n e
Liabilities —
1938
1939
$66,799
107,055
637,340
41,201
27,138
786,946
14,251
$75,479
$806
30
1939
1938
$53,713 Accounts payable. $72,801
$98,112
79,473 Notes payable___
240,000
400,000
787,719 Brokerage, wages
& misc. accrued
50,602
liabilities_____
14,928
15,931
27,232 Liab. for bottles re2,985
turnable by cust.
7,770
Res. for conting’s.
75,000
828,724 Gen. taxes accrued
24,391
19,106
23,141 Res. for Fed. inc.&
3,900
cap.stk.taxes..
3,850
z Capital stock__ 1,156,929 1,156,929
Earned surplus__
146,031
97,595
Capital stock held
Z>r2,461
Dr2,46l
in treasury____
T ota l............. .$1,680,733 $1,850,604
T ota l________ $1,680,733 $1,850,604
y After reserve of $7,675 in 1939 and $8,921 in 1938. z Represented by
360,000 shares, including 9,348 in 1939 (9,928 in 1938) shares exchangeable
for 2,337 in 1939 (2,482 in 1938) shares o f old stock (no par).— V . 147,
p. 1198.
Louisiana & Arkansas Ry.— E a rn in g s —
S ep tem b er—
1939
1938
Gross from railway_______________________________
$745,803 $676,675
Net from railway_______________________________
324,436
264,947
Net, after rents__________________________________
204,251
168,294
F r o m J a n . 1—
Gross from railway_______________________________ 5,393,570 5.381,004
Net from railway------------------------------------------------ 1,804,816
1,697,185
Net after rents__________________________________ 1,032,819
936,447
N o t e — Above figures include accounts o f Louisiana, Arkansas & Texas
R y .— V . 149, p. 2088.
Issued under the Philadelphia plan, the certificates are unconditionally
guaranteed as to principal and interest by Louisville & Nashville R R . Co.
The certificates are being issued to defray approximately 75% of the cost
o f 1,200 all steel hopper coal cars of 50-tons capacity, which serve as security
for the issue.
T o t a l ____________2 1 ,1 65 ,85 1 2 0 ,4 1 1 ,5 5 2
x'After reserve for receivables of $373,301 in 1939 and $425,326 in 1938.
y After reserve for degree, o f $8,167,285 in 1939 and $8,123,492 in 1938.
z Represented by 718,066 no par shares in 1939 and 709,177 no
par shares in 1938. a Of which $643,172 is restricted in 1939 and $561,932
was restricted in 1938 through acquisition o f treasury stock, b 977 (300
in 1938) shares preferred stock and 33.604 shares o f common stock.—
V . 149, p. 2236.
Y E A R S OLD Nov. 4, 1939
Louisville & Nashville RR.— E q u ip m en t T ru sts Sold —
Harriman Ripley & Co., Inc., won the award Nov. 1 of an
issue of $2,025,000 2 % % equipment trust certificates,
maturing $135,000 annually Dec. 1, 1940-54, incl., on their
bid of 104.2987 in competition with 13 other bidders. The
second high bid, submitted by a group headed by the First
Boston Corp., was 104.144. The certificates were imme
diately reoffered, subject to approval by the Interstate
Commerce Commission, at prices to yield 0.40% to 2.40%,
according to maturity. Harriman Ripley & Co., Inc.,
report that all of the certificates have been sold.
E a r n in g s f o r
S ep tem b er
and
Y ear
1939
1938
$7,074,527
Gross from railway_____$8,131,941
2,571,062 2,057,363
Net from railway_______
Net after rents__________
1,875,989 1,628,083
F r o m J a n . 1—
Gross from railway_____ 63,041,375 56,889,835
Net from railway_______ 16,067,076 12.066,566
N etafterrents__________ 10,440,925 7,138,815
— V. 149, p. 2694.
S ep tem b er—
Ludlow Mfg. Associates— L arger
to
D a te
1937
$7,725,102
1,970,670
1,523,870
1936
$7,756,161
2,380,718
1,992,297
68,070,361 65,046,364
17,250,500 17,339,131
12,296,398 13,442,457
D iv id e n d —
Directors have declared a dividend o f $1.50 per share on the common
stock, payable Dec. 1 to holders o f record N ov. 4. Dividends of $1.25
per share were paid in the three preceding qaurters; $1.50 per share was
distributed on Dec. 1, Sept. 1, and June 1, 1938, and previously regular
quarterly dividends of $2 per share were paid.— V. 148, p. 736.
McColl-Frontenac Oil Co., Ltd.— A c q u is itio n —Company has concluded plans for purchase of assets of the Texas Co. of
Canada, Ltd., for approximately $1,850,000, representing the depreciated
book value of such properties, the assets to be taken over on Feb. 1, 1940.
according to J. A . Wales, President, in a letter sent to stockholders on Oct.
30. Most of the warehouse, bulk stations and service stations of the
Texas Co. are located in the Provinces o f Saskatchewan and Alberta, and
are so placed that there is little duplication o f M cC oll’s present distributing
branches.
In order to conserve cash resources, directors have decided to finance a
large proportion of the purchase price by the issuance o f common stock.
The purchase agreement with Texas Co. of Canada, L td., provides that
payment is to be made up to but not exceeding an amount of $1,454,540
in common stock at a fixed price o f $10 per share. Canadian currency.
Balance of the purchase price, which is estimated at approximately $400,000,
is to be paid in cash. The purchase offer is subject to a satisfactory ap
praisal by an independent appraiser.
Directors accordingly have authorized the offering o f 150,910 shares o f
capital stock to stockholders of record Nov. 15, at $10 a share, on the basis
o f one share for every five shares held. Under the agreement with Texas
Co. o f Canada, it is provided that common stock o f M cColl be first offered
to the latter’s stockholders and to the extent that such common stock shall
be subscribed for by such shareholders, the number o f shares to be issued to
the Texas Co. of Canada, Ltd., in part payment is to be reduced and the
cash amount correspondingly increased.— V . 148, p. 3536.
McKesson & Robbins, Inc. (& Subs.)— E a rn in g s —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938
1939— 9 Mbs.— 1938
Net profit after Fed. inc.
taxes, but before de
ducting reorganization
exps. paid or adding
recoveries by the trust. $899,398
$279,988 $2,609,254
$628,07
Reorgan, exps. paid by
99,287
the trustee___________
______
439,109
...........
Bal. after deducting
exps. paid by the
trustee______________
$800,111
$279,988
$2,170,145
$628,077
Recoveries by the trustee
under fidelity, bond,
3,972
136,264
______
&c__________________
Balance_____________
$804,083
$279,988
$2,306,409
$628,077
N o t e — The figures for the two 1938 periods shown above are after re
construction so as to eliminate fictitious sales and profits in the crude drug
department.— V. 149, p . 2518.
Majestic Radio & Television Corp.— O fficia l a Seller
o f Stock— B ut S E C S a ys the D ea l D id N o t C on stitu te a V iola tion
o f Section 16 o f the L a w —
Details o f the operations in the stock o f the corporation on Oct. 24,
the day it was suspended from dealings by the New York Curb Exchange,
were made public Oct. 26 by James J. Caffrey, New York regional ad
ministrator o f the Securities and Exchange Commission. An officer o f the
company, he said, entered an order to sell 25,000 shares o f its stock at
9:33 o ’clock, but Curb officials reported that they did not receive notice o f
the impending application for receivership for the company until about
10:30 o ’clock. Before trading could be suspended at 10:48 o ’clock 7,800
shares o f Majestic stock had been sold.
M r. Caffrey made quite clear that this deal did not constitute a violation
of Section 16 o f the SEC Act o f 1934, which covers trading by insiders,
even although Curtis Franklin, who entered the order, is a director and
Secretary-Treasurer of Majestic. M r. Caffrey pointed out that M r.
Franklin did not sell for his own account but for that o f British Type
Investors, Inc., of which he is President.
SEC studies of the records in the case, M r. Caffrey said, have revealed
that on Oct. 24 trading in Majestic stock started at 10:01 o ’clock on the
Curb floor, where a block of 4,200 shares was sold at l f i - Between that
time and the closing at 10:48 o ’clock a total o f 11,300 shares were sold.
Curb R e in sta tes Stock —
The capital stock o f the corporation was reinstated to trading N ov. 1.
The stock was suspended on Oct. 24 after the Exchange was notified by
the company that it was temporarily unable to meet its debts.
“ The purpose o f such suspension was to postpone trading on the Exchange
until such time as the public generally had notice o f the bankruptcy pro
ceedings.” George P. Rae President of the Exchange said: “ On Oct. 24,
1939, the company filed in the U. S. District Court in Chicago its petition
under Chapter 11 o f the Federal bankruptcy Act. T o this fact wide news
paper publicity was given. As the purpose of the Exchange has thus been
accomplished the Exchange is to reinstate trading in the stock.”
The SEC regional office in New York under James J. Caffrey, and
the Attorney-General’s office under Ambrose V. McCall are still investigat
ing the movements o f the stock just before its suspension.
Stockholders* G ro u p F orm ed —
The formation o f a committee of stockholders, was announced Oct. 29
by Sigmund Janas, 630 Fifth Ave., N. Y . City. M r. Janas is President
of the Canadian Colonial Airways. Serving with M r. Janas is Banjamin
Stenzler, attorney, 610 Fifth Ave., and John W . Lord o f 49 Wall St. M r.
Lord is in the investment business.
Percival Jackson of 68 William St. and Vernon Loucks o f Chicago, 111.,
are attorneys for the Committee. It is understood that the members of
the Committee own or represent 16,000 shares o f stock and that a number
of stockholders holding a substantial amount of stock have signified their
intention o f cooperating with the Janas Committee.
H e a r in g on R eceiversh ip P o stp on ed —
Hearing on the petition o f several creditors o f Majestic for the appoint
ment of a receiver, scheduled for Nov. 1 was put o ff to Nov. 7 by Federal
District Court Judge John P. Barnes, at Chicago.— V. 149, p. 2694.
Manufacturers Casualty Insurance Co.—
E x tra D i v .—
Directors have declared an extra dividend of 10 cents per share in addi
tion to the regular quarterly dividend of 40 cents per share on the capital
Volume 149
O N E
H
U
N
D R E D
—The Commercial & Financial Chronicle—
stock, par $10, both payable N o v . 15 to holders of record N o v . 1. Similar
payments were made in each of the 13 preceding quarters.— V . 149, p . 735.
Masonite Corp.— N e w D ir e c to r —A t a meeting of stockholders held on O ct. 27, E . L . Saberson, VicePresident in charge of merchandising, was elected a director to f ill the
vacancy occasioned b y the resignation of E rn s t M a h le r. A l l the other
directors were re elected.
T h e directors appointed John Coates Assistant Secretary.-— V . 149,
p. 2373.
Matachewan Consolidated Mines, Ltd.— E a rn in g s —
3 M o n t h s E n d e d S e p t . 30—
To ns of ore m illed__________________________________
x N e t income from metals produced_______________
Developm ent and operating costs__________________
1939
37,734
$218,647
144,449
1938
39,008
$211,274
155,124
Estim ated operating p ro fit______________________
$74,199
$56,149
x O f this income from metals produced, $6,167 was due to the increased
price of gold.
N o t e — In the above figures no allowance has been made for taxes, depre
ciation or deferred development.— V . 149, p . 736.
Mathieson Alkali Works, Inc. — M e e tin g D a te Changed —
T h e date of the meeting of the board of directors of this corporation has
been changed from the th ird Wednesday of each m onth at 9:15 a. m . to
the fourth Wednesday of each m onth at 9:30 a. m .— V . 149, p . 2519.
Melville Shoe Corp.— Sales —
Corporation on O ct. 31 reported sales of $3,404,419 for the four weeks
ended O ct. 21, as compared w ith sales of $3,169,481 for the comparable
four weeks in 1938, an increase of 7 .4 1 % . Sales for the 44 weeks ended
O ct. 21 were $31,807,778, as against sales of $29,993,533 in the similar
period last year, a gain of 6 .0 5 % .— V . 149, p . 2237.
Mengel Co.— E a rn in g s —
30—
1939— 3 M
N e t sales------------$2,334,104
Cost of sales, & c., e x p ..
2,099,877
91,734
Depreciation_
D epletion...................
46.442
Interest charges_
35,064
M isc. P . & L . items (net)
Cr4,128
P e r io d E n d . S e p t .
1938
$1,939,251
1,800,522
83,529
34.615
38,188
Cr77
o s .—
1939— 9 M b s — 1938
$6,050,332 $4,766,436
5,710,051
4,678,300
264,061
253,227
89,469
61,631
105,247
112,250
0 8 ,6 0 5
Dr5,404
P ro fit_________________
$65,115 loss$17,526 loss$109,891 loss$344,375
N o t e — N o provision made for surtax on undistributed profits.— V . 149.
p . 2373.
Merchants & Manufacturers Securities Co. (& Subs.)
6 M o n t h s E n d e d S e p t . 30—
1939
Gross earnings— from interest, discount, & c ______ $1,184,632
Cost of financial services___________________________
706,646
1938
$1,082,937
632,595
Operating p ro fit_________________________________
Other income______________________________________
$477,985
11,119
$450,342
6,942
To ta lin c o m e ____________________________________
Provision for doubtful loans_______________________
Loss on sale of capital assets_______________________
P ro v. for current period F ed. taxes on inc.— est___
D iv s . paid & accrued on pref. stock of Domestic
Finance C o rp . held b y the p u blic_______________
$489,104
85,000
91
94,023
$457,284
75,000
6
96,954
143,663
95,824
Consolidated net p ro fit________________
Cash dividends paid:
O n participating preferred stock________________
On class A common stock_______________________
On class B common stock_______________________
$166,327
$189,500
47,816
71,212
640
70,852
119,913
960
C o n s o l i d a t e d B a l a n c e S h e e t S e p t . 30
A sse ts—
1939
Cash___________________________
$1,647,910
7,209,538
Chattel and co-maker loans receivable____________
Open accounts, notes & instalment lien obligations
______
______
Repossessions: m achinery, & c _____________________
Investments and other assets______________________
298,331
118,358
z Office furniture and fixtures— cost_______________
Deferred charges___________________________________
57,342
1938
$1,619,118
6,334,425
x298,349
y2,608
184,657
103,687
63,602
T o t a l . . _________
$9,331,479
L ia b ilitie s —
Notes payable: T o banks___________________________ $3,325,000
Accounts payable: F o r expenses, & c_______________
34,728
Accrued taxes___________________________________
21,268
Accrued interest_________________________________
2,063
Accrued dividends on preferred stock of sub____
47,888
Federal taxes on income___________________________
167,275
Unearned discount_________________________________
______
L ong-te rm notes payable__________________________
225,000
a Capital stock: Sub. — pref.— $2 c u m u l__________ 2,968,218
b M erchs. & M fgrs. Secs. C o . — partic. pref. $2 cum
34,154
Class A common ($1 p a r )_______________________
356,060
Class B common ($1 p a r )_______________________
Ca pita l surplus____________________________________
1,464,594
Earned surplus since A p r il 1.1 9 3 5 _________________
682,032
3,200
$8,606,447
$3,350,000
32,695
19,654
______
33,749
171,595
329
______
2,119.878
46,613
399.710
3,200
1,837,685
591,330
T o t a l . ............................... ........................ ............... ........ $9,331,479 $8,606,447
x After reserve for loss of $256,441. y A fte r reserve for loss in disposal
of $3,268. z After reserve for depreciation of $52,055 in 1939 and $67,392
in 1938. a Represented b y 143,663 (101,246 in 1938) no par shares,
b Represented b y 34,154 (46,613 in 1938) no par shares after deducting
15,222 (2,763 in 1938) shares in treasury.— V . 149, p . 2237.
Merchants & Miners Transportation Co.— E a rn in g s —
3 M o s . E n d . S e p t . 30—
1939
1938
1937
1936
T o ta l revenues__________ $2,102,298 $2,083,471 $2,180,689 $2,334,236
x N e t income___________
128,192
234,466
80,280
364,992
A m t . earned per s h a re ..
$0,545
$0.99
$0.34
$1.54
x After deduction of operating expenses, rents, taxes and depreciation.
To ta l revenues for the 12 months ended Sept. 30, 1939 am ounted to
$7,896,526 and net income $118,683, or $0.51 per share.— V . 149, p . 880.
Metropolitan Edison Co.— E a r n in g s —
12 M o n t h s E n d e d S e p t . 30—
1939
1938
Operating revenues_________________________________ $12,495,146 $11,738,893
Operating expenses_________________________________
5,168,435 4,846,635
M aintenance_______________________________________
757,086
710,763
Provision for retirements___________________________
1,200,000
1,275,000
Federal income taxes_______________________________
579,737
529,709
Other taxes________________________________________
933,372
909,270
Operating incom e________________________________$3,856,517 $3,467,516
1,599,090
1,401,144
Other incom e______________________________________
Gross incom e______________________________________ $5,455,607
Interest on long-term de bt_________________________
1,750,881
Other interest______________________________________
21,759
A m ortization of debt discount and expense_______
133,568
Interest charged to constrcution__________________
104
$4,868,660
1,752,693
38,133
133,568
0 4 ,5 5 5
N e t incom e______________________________________ $3,549,294 $2,948,821
Dividends on preferred stocks_____________________ 1,276,317
1,276,317
Balance______________ _______________ ____________$2,272,977
— V . 149, p . 1624.
$1,672,504
Mexican Utilities Co.— D e p o s it
T im e E xtended —
See Central M exico L ig h t & Power C o . above.— V . 136, p . 2242.
Mickelberry’s Food Products Co.— T o P a y 15 -C e n t D i v .
Directors have declared a dividend of 15 cents per share on the common
stock, payable D ec. 1 to holders of record N o v . 15. Th is w ill be the first
dividend paid since D ec. 15, 1938 when 10 cents per share was distributed.
— V . 147, p . 3313.
Y E A R S
O L D
2 9 7 9
Michigan Gas & Electric Co.— E a rn in g s —
P e r i o d E n d . S e p t . 30—
Operating revenues_____
Oper. exps. & taxes. ____
1939— 3 M
$384,461
263,555
N e t oper. incom e____
Other income (n e t)_____
$120,906
151
$107,818
103
$414,672
4,523
$369,967
7,341
In t . & other deductions.
$121,057
63,928
$107,921
63,968
$419,194
256,163
$377,308
257,568
N e t incom e__________
— V . 149, p . 2238.
$57,129
$43,953
$163,031
$119,740
.— 1938
$357,127
249,310
os
1939— 12 M o s .— 1938
$1,435,672 $1,405,104
1,021,001
1,035,137
Midland Steel Products
P e r io d E n d . S e p t . 30—
M anufacturing p ro fit___
Expenses. ___________
C o .— E a r n in g s —
1939— 3 M os.— 1938
1939— 9 M o s — 1938
$578,702
$284,422 $2,467,701 $1,185,018
103,965
101,023
315,297
307,791
Operating p ro fit- . .
Other deductions_____
Depreciation _
. . .
Federal income taxes ._
Reserve for profit shares
$474,737
38,496
107,215
47,857
32,903
$183,399
29,685
113,570
2,881
$2,152,404
127,268
323,594
265,744
170,155
$877,227
98,500
341,614
65,153
N e t p r o f i t . . ____ ____
— V . 149, p . 880.
$248,266
$37,263
$1,265,643
$371,960
M i n n e a p o l i s & S t . L o u i s R R . — E a rn in g s —
S e p te m b e r —
1939
1938
1937
Gross from r a i l w a y . ___
$833,246
$873,444
$930,639
N e t from ra ilw a y_______
197,561
257,120
314,358
N e t after rents .
66,554
118,611
188,243
F r o m J a n . 1—
Gross from ra ilw a y____
6,614,343
6,550,289
6,286,146
N e t from ra ilw a y _______
963,082
1,325,015
1,182,151
N e t after rents _______
535,884
364,880
245,936
— V . 149, p. 2089.
M i s s i s s i p p i C e n t r a l R R . —-E a r n i n g s 1938
S e p te m b e r —
1939
Gross from ra ilw a y _____
$91,335
$74,000
N e t from ra ilw a y______
22,382
24,284
14,081
N e t after rents_________
11,044
F r o m J a n . 1—
Gross from ra ilw a y_____
626,526
590,180
N e t from r a i l w a y _____
55,388
111,136
N e t after rents_________
24,499
def35,416
— V . 149, p . 2089.
1936
$752,828
156,385
49,850
6,683,125
1,377,842
550,166
1937
$92,981
26,723
14,298
1936
$86,630
26,972
19.086
701,968
115,009
36,284
683.772
180,609
115.161
M i s s i s s i p p i P o w e r C o .— E a rn in g s—
P e r io d E n d . S e p t . 30—
1939— M o n t h — 1938
$324,572
Gross revenue__________
$339,179
200,116
O per. exps. and taxes___
194,463
P rov. for depreciation..
15,000
23,333
1939— 12 M o s . — 1938
$3,636,247 $3,540,012
2,274,217
2,278,800
355,000
234,000
Gross income
_____
In t . & other fixed c h g s ..
$115,730
48,019
$115,109
50,187
$1,007,030
580,444
$1,027,212
614,821
N e t in c o m e .. _______
D iv s . on preferred stock.
$67,710
21,088
$64,922
21,088
$426,586
253,062
$412,391
253,062
_____
Balance . _
— V . 149, p . 2373.
$46,622
$43,833
$173,524
$159,329
1937
$103,248
24,463
9,168
1936
$86,871
11,195
def 1.390
854,156
138,438
19,721
757,260
142,961
41,199
M i s s o u r i & A r k a n s a s R y . - -E a r n i n g s S e p te m b e r —
1938
1939
Gross from ra ilw a y_____
$98,277
$98,299
N e t from ra ilw a y_____
24,227
26,507
N e t after r e n t s . . _____
11,812
13,220
F r o m J a n . 1—
Gross from ra ilw a y_____
778,603
726,568
N e t from r a ilw a y ._____
141,076
97,470
N e t after rents_________
38,069
def9,209
— V . 148, p . 2089.
M i s s o u r i E d i s o n C o . — E a r n in g s—
P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938
Operating revenues____
$67,954
$73,153
Operating exps. & taxes.
50,274
43,749
1939— 12
$279,355
192,269
1938
$253,202
163,665
M o s—
N e t oper. incom e____
Other income (n e t)_____
$22,879
42
$24,204
36
$87,086
275
$89,537
1,627
Gross incom e_________
In t . & other deductions.
$22,921
10,383
$24,241
10,600
87,361
41,546
$91,164
42,555
N e t income
____
Pref. stock dividends___
$12,538
3,216
$13,640
3,216
$45,815
12,866
$48,608
12,866
Balance . . _ ______
— Y . 149, p . 1331.
$9,322
$10,424
$32,949
$35,742
1937
$135,722
42,467
14.678
1936
$89,938
15,430
def4,668
1,150,419
370,981
184,041
800,872
175,159
29.827
M i s s o u r i I l l i n o i s R R . — E a rn in g s—
S ep te m b e r —
1938
1939
Gross from ra ilw a y_____
$232,725
$91,148
N e t from ra ilw a y____ __
14,022
117,370
N e t after rents ________
82,602
548
F r o m J a n . 1—
Gross from r a i l w a y . ___ 1,655,841
762,540
N e t from ra ilw a y______
776,656
128,444
N e t after rents. _____
460,484
def813
— V . 149, p . 2089.
M i s s o u r i P a c i f i c R R . — E a rn in g s—
S e p te m b e r —
1939
1938
1937
1936
Gross from ra ilw a y_____ $7,650,353 $7,224,882 $7,772,154 $7,933,416
N e t from r a i l w a y _____
1,867,638
1,648,942
1,781,752
1,996,079
N e t after r e n t s ________
977,100
701,591
877,967
9S1.964
F r o m J a n . 1—
Gross from ra ilw a y_____ 59,934,495 59,219,235 69,733,690 65,676,220
N e t from ra ilw a y______ 11,838,250 11,274,911 16,532,023 15,620,200
N e t after rents_________ 3,975,502
3,306.220
9,114,562
7,218,133
In terest —
Interest of 2 % was paid N o v . 1, 1939, on the M issouri Pacific R y . th ird
mortgage extended 4 % gold bonds due 1938, on surrender of interest war
rant N o . 3.
Federal Judge George H . M oore has authorized G u y A . Thom pson,
Trustee, to pa y semi-annual interest due N o v . 1, 1939 on M issouri Pacific
R y . C o . th ird mortgage bonds in am ount of $76,560 and on the Pacific
Railroad of M issouri real estate security mortgage bonds in the amount
of $19,975— V . 149, p . 2373.
Mobile & Ohio RR.— M e r g e r A u th o r iz ed by I C C — See
Gulf M obile & Northern R R . in last week’s “ Chronicle,”
p. 2688.— V . 149, p. 2697.
Monomac Spinning Co.— D iv id e n d s R esu m ed —
Directors on O ct. 31 declared a dividend of 50 cents per share on the
common stock, payable N o v . 3 to holders of record O ct. 31. Th is will
be the first dividend paid since N o v . 2, 1925 when $1.50 per share was
distributed.— V . 135, p . 3702.
Monongahela Ry.— E a rn in g s —
S e p te m b e r —
Gross from ra ilw a y_____
N e t from ra ilw a y ..........
N e t after r e n t s ..............
F r o m J a n . 1—
Gross from ra ilw a y..........
N e t from ra ilw a y...........
N e t after rents................
— V . 149, p . 2090.
1939
$420,236
264,014
147.492
1938
$308,021
198,204
102,711
1937
$406,880
240,522
120,938
1936
$386,597
243,528
129,855
2,766,303
1,609,009
705.541
2,340,343
1,388,137
543,185
3,416,475
1,989,682
951,600
3,384,474
2,051,712
999,390
2 9 8 0
O N E
H
U
N
D R E D
—
The Commercial & Financial Chronicle
Moore Drop Forging Co.— To P a y $3 C lass A D iv id en d —
Directors have declared two dividends of $1.50 per share (or a total
of $3 per share) on the class A stock, both payable O ct. 27 to holders
of record O ct. 18. Dividends of $1.50 per share were paid on A u g . 1 and
on M a y 1, last; dividend of $3 paid on N o v . 1, 1938; $1.50 on Feb. 1, 1938,
and dividends of $6 per share were paid during the year 1937.— V . 148,
p. 2751.
(Philip) Morris & Co., Ltd., Inc.— P r e f. Stock Called —
C o m p a n y has called for redemption on Dec. 1, 2,708 shares of its 5 %
convertible cumulated pref. stock, series A , at $110 per share. Paym ent
w ill be made at the G u a ra n ty T ru s t C o . of N . Y . — Y . 149, p . 2520.
Mt. Vernon Telephone Corp.— E a rn in g s —
3 M o n t h s E n d e d S e p t . 30—
1939
Operating revenues________________________________
$44,251
Operating expenses, maintenance and taxes______
20,911
1938
$42,664
22,122
N e t income from operations_____________________
Interest on funded debt___________________________
Depreciation_______________________________________
A m ortization of debt expense_____________________
Provision for Federal income tax_________________
$23,340
2,589
7,442
90
2,450
$20,542
2,630
6,489
91
900
N e t income______________________________________
Dividends paid or accrued on preferred stock____
$10,768
4,500
$10,433
4.500
Balance available for common stock & s u rp lu s..
— V . 149, p . 738.
$6,268
$5,933
Mueller Brass Co.— Y e a r -E n d D ivid en d —Directors have declared a year-end dividend of 40 cents per share on the
common stock, payable N o v . 22 to holders of record N o v . 9. Previous
paym ent was 40 cents on June 29. this year, while in 1938, a year-end
dividend of 35 cents was paid on N o v . 23 and a regular q uarterly dividend
of 25 cents in addition to an extra dividend of 10 cents was paid on N o v . 22,
1937.— V . 149, p. 2238.
Nashua Gummed & Coated Paper Co.— E a rn in g s —
9 M o n t h s E n d e d S e p t . 30—
1939
1938
Gross sales___________________________________________$5,751,220 $5,172,643
Operating profits__________________________________
188,667
77,696
x Reserve for Federal and D om inion income taxes.
31,079
12,137
M in o rity interests_________________________________
5.066
4,950
N e t income______________________________________
$152,522
$60,609
Preferred dividends________________________________
10,405
20,661
Co m m on dividends________________________________
69,087
80,601
$3.08
$0.87
Earned per share of common stock (46,058 shs.)___
x N o reserve for Federal excess profits or undistributed earnings taxes is
included in these figures.
C o n s o l i d a t e d B a l a n c e S h e e t S e p t . 30, 1939
A s s e t s — Cash in banks and on hand, $475,421; customers’ accounts,
$854,923; sundry receivables, $4,896; notes receivable, $29,366; merchan
dise inven to ry, $1,136,303; real estate, m achinery, furniture and automo
biles (less reserves of $886,993), $1,036,317; deferred assets, $168,969;
total, $3,706,196.
L i a b i l i t i e s — Purchase accounts, $340,506; dividends payable, $3,465;
accrued expenses, . $163,812; sundry payables, $56,524; reserve for 1938
income taxes, $11,918; reserve for 1939 income taxes, $32,016; m in ority
interest in capital stock and surplus of Canadian Sealright C o ., L t d ., $20,243; capital and surplus (1,980 shs. 1st pref., $100 p a r), $198,000; surplus
represented b y 46,058 shs. of no par value com mon, $2,879,713; total,
$3,706,196.— V . 149, p . 1184.
Nashawena Mills— D iv id e n d s R esu m ed —
Directors have declared a dividend of 25 cents per share on the common
stock, payable N o v . 15 to holders of record N o v . 4. T h is w ill be the first
dividend paid since F e b ru a ry, 1928, when $1.50 per share was distribuetd.
— V . 147, p . 2539.
(Conde) Nast Publications, Inc. (& Subs.)— E a rn in g s
P e r i o d E n d . S e p t . 30—
1939— 3 M o s .— 1938
1939— 9 M o s .— 1938
x N e t profit after deprec.
charges_______________
$34,220
$85,573
$219,236
$220,929
y Earnings per share___
$0.10
$0.25
$0.64
$0.65
x N o provision made for Federal surtax, y O n 340,000 shares capital
stock (no p a r).— V . 149, p . 582.
National Automotive Fibres, Inc.— In itia l P r e f. D i v .—
Directors have declared an initial dividend of eight cents per share on the
6 % convertible preferred stock, payable D ec. 1 to holders of record N o v . 10.
— V . 149, p . 2698.
National City Lines, Inc.— E a rn in g s —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s .— 1938
1939— 9 M o s .— 1938
Operating income______ $1,437,335 $1,111,606 $4,085,990 $3,551,589
Operating expense_____
1,303,610
1,017,882
3,608,390
3,221,318
P ro fit...........................
O ther income.....................
$133,724
4,793
$93,724
2,800
T o ta l in c o m e ..............
In t e r e s t ............ ..................
Federal income taxes___
M iscell. deductions_____
$138,517
15,689
21,100
1,242
$96,524
17,381
11,300
3.750
$477,599
11,043
$488,642
46,183
71,400
9,957
$330,270
7,721
$337,991
59,500
45,900
6,119
x N e t income............ ..
$100,487
$64,093
$361,102
$226,473
E arn s, per sh. on 200,000
shs. common stock
$0.26
$0.14
$1.15
$0.57
x Before provision for additional compensation to officers and employees.
Additional compensation to officers and employees is payable from first
profits after earnings on com mon stock equal $1 per share. H ow ever,
contingent profits have accrued on an unfinished contract covering rental
of equipm ent, which have not been included in earnings, and which it is
estimated w ill exceed the requirements covering above mentioned addi
tional compensation.— V . 149, p . 2698.
N a t i o n a l C o n t a i n e r C o r p .— 1 7 % -C e n t D iv id en d —
T h e directors have declared a dividend of 17>i cents per share on the
common stock, payable D ec. 15 to holders of record N o v . 20. Dividends
of 7 i 4 cents were paid in each of the four preceding quarters and compare
w ith five cents paid on Sept. 1, 1938; 123-is cents paid on June 1, 1938, and
dividends of 25 cents per share previously distributed each three months,
the Sept. 1, 1937, dividend being the initial distribution.— V . 149, p . 1625.
N a tio n a l G y p s u m
C o . — $5,000,000 B o n d s Sold — The
company has sold to a limited number of institutions at
99 and int. $5,000,000 3 % % sinking fund debentures due
Sept. 1, 1954. W . E. Hutton & Co. were the brokers in the
deal and will receive 1 % commission.
T h e com pany filed the issue w ith the Securities and Exchange Co m
mission on A u g . 23, and at that tim e the issue was to carry a 3 % coupon
rate and was to be underwritten by W . E . H u tto n & C o ., but the offering
was delayed from tim e to tim e owing to the unfavorable bond m arket.
Later the com pany filed an amendment w ith the S E C increasing the
interest rate to 3 Vs % and announced tha t the issue would not be publicly
offered.
According to the original registration statement $3,403,080 of the net
proceeds from the sale of the debentures w ill be used to redeem the com
pany's entire issue of 4 H % sinking fund debentures due M a y 1, 1950, and
$1,000,000 w ill be used to increase the m anufacturing facilities to be con
structed at the com pany's N e w Y o rk plant. T h e balance of the proceeds
w ill.be added to working capital.— V . 149, p . 2520.
N a t i o n a l T e a C o . — E a r n in g s —
---------16 W e e k s E n d e d ---------—
40 W e e k s E n d e d ---------O c t . 7, 1939 O c t . 8, 1938 O c t . 7 , 1939 O c t . 8, 1938
x N e t loss.............................
$318,855
$444,816
$673,858
$828,253
x A fte r interest, depreciation and Federal and State taxes.— V . 149,
p . 2520.
P e r io d —
—
Y E A R S
O L D
Nov. 4, 1939
National Steel Corp. (& Subs.)— E a r n in g s —
P e r io d
E n d . S e p t.
30—
b Profit from opers. &
1939— 3
inc. from in t. & divs__ $5,489,405
P ro v . for deprec. & deple 1,853,851
Interest charges_________
604,245
P ro v . for F ed. income tax
127,428
M os
.— 1938
1939— 9
M os
.— 1938
$4,330,536 $15,229,945 $10,880,576
1,452,402
5,060,945
4,051,346
587,889
1,815,500
1,772,179
476,248
1,064,195
1,148,557
N e t p ro fit____________ $2,903,881 $1,813,997 $7,289,305 $3,908,495
N e t profit per sh. on
2,199,067 shs. outst’g .
$1.32
a$0.84
$3.31
a$1.80
a Based on 2,168,117 shares outstanding, b A fte r deducting cost of
sales, selling and general expenses, & c.— V . 149, p. 1625.
Nestle-Lemur Co.-—N e w D irector —
A t the recent annual meeting W . S. Lewis was elected a director, replac
ing W . H . Staples. A ll other directors were re-elected.— Y . 149, p . 2698.
Nevada-California Electric Corp. (& Subs.)— E a rn in g s
P e r i o d E n d . S e p t . 30—
Operating revenues
M aintenance_________ .
Other operating expenses
Taxes
_ ______________
Depreciation_______ . . .
1939— M o n t h — 1938
$451,327
$418,886
26,513
25,983
162,311
175,810
45,124
43,999
50,230
48,791
1939— 12 M o s .— 1938
$5,450,051 $5,679,503
279,146
249,058
2,279,370
2,216,637
593,533
552,570
593,986
592,732
N e t oper. revenues___
O ther incom e____ ____
$137,802
944
$153,650
2,440
$1,839,054
19,729
$1,933,468
64,926
Gross incom e_________
Interest. . . .
_____
A m o rt, of debt discount
and exoenses. ____ __
M is c e ll. deductions. _ . .
$138,746
112,987
$156,090
116,607
$1,858,783
1,361,641
$1,998,394
1,395,703
6,803
1,048
7,056
1,126
82,024
13,537
83,999
15,234
N e t incom e_____ ____
$31,300
$401,580
$503,457
$17,908
Prof, on retire, of bonds
33.148
36,790
& debentures (n e t)___
30,584
4.914
65,587
O ther misc. debits (n e t ).
6.967
Earned surp. avail, for
$506,022
red.of bds.,divs.,& c.
$12,995
$372,783
$24,333
R eca p ita liza tion P la n Voted —
Co m p an y on O ct. 30 reports th a t, at the stockholders’ meeting held
O ct. 17, 1939, there were represented in person or b y pro x y 78,440 shares
of preferred stock and 75,286 shares of common stock, of which all but 593
shares of preferred stock and 21 shares of common stock voted in favor of
the amendment to the Certificate of Incorporation as set forth in the
“ Chronicle” of O ct. 7, page 2239.
Exclusive of shares owned b y a subsidiary com pany, which were not
voted at the meeting, over 7 4 % of the preferred stock and over 8 8 % of the
common stock voted in favor of the amendment.
T h e amendment was, therefore, adopted b y a large m a jo rity of both
preferred and com mon stockholders, voting b y classes, but it w ill not be
made effective until approved b y the Federal Power Comm ission, which now
has the m atter under consideration.— V . 149, p . 2374.
Nevada Northern Ry.— E a rn in g s —
S ep tem b er—
Gross from ra ilw a y_____
N e t from ra ilw a y...........
N e t after rents________
F r o m J a n . 1—
Gross from ra ilw a y_____
N e t from ra ilw a y______
N e t after rents________
— V . 149, p . 2091.
1939
$56,194
26,068
18,255
1938
$52,890
24,819
16,942
1937
$56,903
27,453
21,448
1936
$46,330
20,012
14,095
473,113
223,652
143,113
395,422
150,500
97,590
506,380
248,159
185,200
403,775
169,965
123,392
New Bedford Gas & Edison Light Co.— E a r n in g s —
12 M o n t h s E n d e d S e p t . 30—
1939
1938
Operating revenues__________________________________$4,288,606 $3,966,870
Operating expenses________________________________
1,806,260
1,761,539
M aintenance_______________________________________
362,631
338,696
Provision for retirements__________________________
325,163
307,341
Federal income taxes______________________________
105,585
84,410
826,903
754,817
O ther taxes________________________________________
Operating income________________________________
O ther income (n e t)________________________________
$862,064
D rl,5 2 3
Gross incom e____________________________________
Interest on serial notes____________________________
Other interest______________________________________
A m ortization of debt discount and expense_______
Interest charged to construction__________________
$720,066
Dr29,980
$860,541
32,500
5,389
1,579
CY861
$690,086
13,451
28,894
_______
C r l ,633
N e t income___________ _________________ __________
$821,933
$649,374
N o t e — T h e statement includes a portion of the extraordinary expense
incident to the hurricane in 1938 which is being amortized over a period
which began Jan . 1, 1939.— V . 149, p . 1923.
New Britain Machine Co.—-R egisters with, S E C —
See list given on first page of this departm ent.— V . 147, p . 426.
New Jersey Zinc Co.— E a r n in g s —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s — 1938
x N e t income___________ $1,460,290
$798,246
D ividen ds_______________
981,632
981,632
1939— 9 M o s .— 1938
$3,507,939 $2,185,104
2,944,896
2,944,896
S u r p lu s ..........................
$478,658 def$183,386
$563,043 def$759,792
Shares cap. stock out
standing (par $25)___ 1,963,264
1,963,264
1,963,264
1,963.264
Earnings per share_____
_ $0.74
$0.40
$1.78
$1.11
x Includes dividends received from subsidiary companies, proceeds from
patents, & c., and after deductions for expenses, taxes, depreciation, de
pletion, maintenance, repairs and contingencies.— V . 149, p . 2699.
New Orleans Texas & Mexico Ry.— E a rn in g s —
S e p te m b e r —
1939
1938
Gross from ra ilw a y_____
$165,997
$135,855
N e t from ra ilw a y______
33,974
def2,171
N e t after rents___________
39,430
9,968
F r o m J a n . 1—
1,769,330
1.746,390
Gross from ra ilw a y_____
N e t from ra ilw a y ______
470,166
482.200
N e t after r e n t s . . . .........
497,868
527,038
— V . 149, p . 2091.
1937
$126,910
def27,624
defl6,800
1936
$143,337
4,215
defl,736
2,007,033
751,455
784,775
1,496,615
346,430
244,972
New York Chicago & St. Louis RR.— E a r n in g s —
1939
1938
1937
1936
Gross from ra ilw a y.......... $4,050,378
$3,237,306 $3,449,445 $3,626,278
1,626,491
1,059,680
1,122,076
1,311,966
N e t from ra ilw a y______
N e t after re n ts ................ 1,105,326
614,882
659,720
782,466
F r o m J a n . 1—
Gross from ra ilw a y.......... 30,350,037 26,102,102 32,305,156 30,360,837
N e t from ra ilw a y............ 9,467,438 6,796,845 10,830,681 10,852,274
N e t after rents------------------- 5,059,585 2,782,307
6,498,016
6,493,820
— V . 149, p . 2091.
S e p te m b e r —
New York Central RR.— Seeks R F C L o a n —
T h e road has applied to the Interstate Comm erce Commission for author
ity to sell $9,000,000 of 2 K % equipm ent trust certificates to the Recon
struction Finance Corporation at par to finance the purchase of 4,000
freight cars and five Diesel switching locomotives.
P a y s O f f $700,000 K a la m a zo o & South H a v e n B on d s —
T h e com pany on N o v . 1 made final paym ent of $700,000 of Kalam azoo &
South H aven R R . 1st m tge. 5 % bonds. T h is w ill be the road’s last large
paym ent on fixed debt this year, except for one of $745,000 payable on
D ec. 1, on its 4 V % equip, trust of 1929, and w ill bring road’s debt pay
ments for the year up to a total of $17,540,917.
N e w O fficia l —
C a rl L . Jellinghaus has been appointed assistant to Frederick E . W illia m
son, President of the railroad. F o r more than tw o years M r . Jellinghaus
has been Executive Secretary to the President.— V . 149, p . 2699.
O N E
H
U
N
D R E D
—The Commercial & Financial Chronicle—
New York City Omnibus Corp.— E a rn in g s —
[Incl. M adison A venue Coach C o ., In c ., and Eigh th Avenue Coach C o rp .]
3 M o n t h s E n d e d S e p t . 30—
1939
1938
1937
Gross
$3,006,533
$2,735,829 $2,677,188
Net after Federal income taxes and
k depreciation--------------------------------------------517,156
4,52,499
435,955
x N e t income----------------------------------------------442,395
341,370
321.231
x A fter charges but before excess profits taxes. Before deduction for 3
months ended Sept. 30, 1939, 1938 and 1937. of $61,594, $59,800 and $58,058, resoectively, charged to income in respect of provision for am ortization
of “ am ount to be amortized on basis of recapture contract in m onthly
instalments.” — V . 149, p . 2699.
New York Connecting RR.— E a rn in g s —
S e p te m b e r —
Gross from ra ilw a y---------N et from ra ilw a y----------N et after rents---------------F r o m J a n . 1—
Gross from railw a y---------Net after ra ilw a y...........
Net after rents---------------— V . 149, p . 2091.
1939
$229,932
165,140
174,527
1938
$213,827
154,168
79,514
1937
$151,821
95,109
38,086
1936
$240,936
194,472
134,529
1,880,800
1,268,852
972,392
1,809,227
1,250,085
621,880
1,990,317
1,516,373
986,774
2,106,915
1,635,749
1,055,092
New York Dock Co.— E a r n in g s —
[Including N e w Y o rk D ock Tra d e Facilities Co rp .]
9 M o s . E n d . S e p t . 30—
1939
1938
1937
1936
Revenues.............................$2,099,709 $2,276,852 $2,373,971 $2,068,627
Expenses............. .................. 1,189.225 1,219,777
1,262,450
1,096,896
Taxes, interest, & c ----------- 1,043,920
1,077,399
1,084.576
1,101.091
N e t loss--------------------------— Y . 149, p . 739.
$133,436
$20,324 prof$26,945
$129,360
New York & Honduras Rosario Mining Co.— E a r n in g s
P e r i o d E n d . S e p t . 30—
1939— 3 M o s .— 1938
1939— 9 M o s — 1938
x N e t p ro fit____________
$237,645
$189,926
$650,731
$529,158
Earns, persh. on 188,367
shs. (par $10) cap. stk.
$1.26
$1.00
$3.45
$2.80
x A fte r charges and Federal taxes.— V . 149, p. 1769.
New York New Haven & Hartford RR.— W o u ld
A b a n d o n Part o f Old C olo n y L in e s —
T h e trustees of the N e w H a ve n , who are also trustees of the O ld C o lo n y
R R .. have form ally applied to the Interstate Commerce Commission for
authority to abandon the so-called Boston group of lines of the O ld C o lon y.
These lines, comprising 12 segments, total 97.11 miles.
T h e trustees stated that the Boston group does not obtain sufficient
revenues to meet operating expenses, maintenance and taxes. T h e N e w
H aven has declined to take over the O ld C o lon y as a part of the reorganizad
system unless abandonment of the unprofitable lines around Boston is
authorized.— V . 149, p . 2699.
New York Ontario & Western Ry. Co .— H e a r in g A d
jo u rn e d —
Scheduled hearing in reorganization proceedings was adjourned to N o v . 15
b y Federal Judge M u rra y H u lb u rt.
E a r n in g s
fo r
S e p te m b e r
S e p te m b e r—
1939
$453,121
Gross from ra ilw a y..........
N e t from ra ilw a y______
4,671
def80,432
N et after rents................
F r o m J a n . 1—
Gross from ra ilw a y_____
4,766,318
N e t from ra ilw a y______
492,407
N e t after rents.................. def338,877
— ‘V . 149, p . 2091.
and
Y ear
to
D a te
1938
$532,791
30,411
def63,659
1937
$484,647
1,328
def62,551
1936
$700,109
159,074
66,805
4,780,943
251,317
def524,590
5,014,242
640,848
def71,075
6,752,691
1,677,577
917,960
New York Power & Light Corp.— Sale
o f $66,582,000
President, announced the
completion of the sale Oct. 30 to a group of 13 insurance
companies of $6 6,582,000 1st mtge. bonds, 3 ^ % series due
Oct. 1, 1964, at a price of 104.14 and accrued interest. A t
that price the bonds will have a yield to maturity of 2>l % . •
A
B onds
Com pleted — Otto Snyder,
T h e proceeds from the sale, together w ith additional funds, are to be
used for the redemption of the corporation’s first mortgage gold bonds,
4 M %
series due O ct. 1, 1967, outstanding in the principal am ount of
$66,000,000; for the redemption of the P o rt H e n ry L ig h t, H eat & Power
Co. first mortgage 5 % 30-year gold bonds, due A ug. 1, 1946, now out
standing in the principal am ount of $269,000; and for the paym ent on the
m aturity date, N o v . 1, 1939, of the T r o y Gas Co. first mortgage 5 % bonds
now outstanding in the principal am ount of $313,000.
Th e issue of the new 3 H % bonds was authorized by the P . S. Commission
of N e w Y o rk and exempted b y the Securities and Exchange Commission
under the Public U t ilit y H olding C om pany A c t of 1935.
T h e insurance companies and the principal am ount purchased b y each
are as follows:
M etropolitan Life Insurance C o _________________________________$24,382,000
8,000,000
N ew Y o rk Life Insurance C o ___________________________________
T h e Northwestern M u tu a l Life Insurance C o __________________
7,000,000
Th e Prudential Insurance C o . of Am erica______________________ 6,000,000
Sun Life Assurance C o . of Canada______________________________
4,000,000
Massachusetts M u tu a l Life Insurance C o ______________________ 4,000,000
T h e M u tu a l Life Insurance C o . of N e w Y o r k __________________
4,000,000
Th e M u tu a l Benefit Life Insurance C o ________________________
3,000,000
Th e Penn M u tu a l Life Insurance C o ___________________________ 2,000,000
Aetna Life Insurance C o ________________________________________
2,000,000
Provident M u tu a l Life Insurance C o . of Philadelphia_________ 1,000,000
T h e Connecticut M u tu a l Life Insurance C o ___________________
700,000
State M u tu a l Life Assurance C o . of Worcester________________
500,000
T h e report of the Securities and Exchange Commission exempting the
issue, states in part:
On A u g . 29, 1939 the S E C entered its order exempting from the pro
visions of Section 6 (a ), of the H olding Com pany A c t, subject to cer
tain conditions, the issue and sale of not to exceed $66,582,000 of first
mortgage bonds of two series: (a) N o t less than $22,582,000 of a 3 % %
series due 1969 which were to be offered in exchange in equal principal
amounts to holders of first mortgage bonds, 4 1 4 % series due 1967, pres
ently outstanding in the principal am ount of $66,000,000, the offer to be
conditioned upon acceptance and presentation for exchange of not less
than $22,582,000 of the 4 M % bonds due 1967, and (b) not to exceed
$44,000,000 of a 3 M % series, first mortgage bonds, due 1964, to be sold
privately at 106.5% of the principal am ount thereof and for which company
had contracted w ith nine insurance companies to purchase $41,000,000,
or such lesser am ount, but not less than $22,582,000, as m ight be necessary
to redeem such part of the 4 ) 4 % series bonds due 1967 as m ight not be
presented in exchange for the 3 % % series, due 1969. Proceeds from the
sale of the 3 M % series due 1964 were to be used to redeem bonds of the
4 1 4 % series due 1967 not presented for exchange, to redeem 5 % 1st m ort
gage bonds of P ort H e n ry L ig h t, H eat & Power C o . and for the paym ent
at m a tu rity on N o v . 1, 1939 of 5 % first mortgage bonds of T r o y Gas
Co.
Th e order also approved the acquisition b y the com pany of such of its
4 M %
series first mortgage onds due 1967 as m ight be presented in re
sponse to the exchange offer to issue 3 % % bonds due 1969 in exchange
for bonds of the 4 M % series due 1967.
Following the Commission’s order exempting the issue and sale of the
two series of the new first m ortgage bonds from the provisions of Section
6 (a) and approving the acquisition b y the com pany of those of its presently
outstanding bonds as m ight be exchanged for the new 3 H % series bonds,
the offer of exchange was made to the holders of the first mortgage bonds,
4 M %
series due 1967. S hortly after the offer was made, conditions in
the bond market changed as a result of the outbreak of war in E urope, and
on Sept. 20, 1939 (the termination date of the exchange offer) less than
$22,582,000 of the 4 M % bonds had been deposited pursuant to the exch ange offer. Consequently, the offer of exchange did not become effective.
T he company amended its application pursuant to Section 6 (b) dna
Y E A R S
O L D
2 9 8 1
proposes to issue and sell privately $66,582,000 of 1st mtge. bonds. 3 M %
series due 1964. A reconvened public hearing on the amended application
was held after appropriate notice.
T h e new bonds w ill be dated O ct. 1, 1939 and will m ature 25 years
thereafter. T h e proposed new bonds w ill be redeemable at the option of
com pany in whole or in part in the principal am ount of $50,000 or multiples
thereof at any time on 30 days’ notice at 108 M % of their principal amount
plus accrued interest thereon through Sept. 30, 1943, and thereafter at
prices gradually decreasing to 100M through the year immediately preceding
their m a tu rity. T h e initial call price on the bonds in case of redemption
in connection w ith the sale of more than 15 % of applicant’s property within
any one calendar year as a result, or in anticipation of eminent domain or
similar proceedings, as more specifically provided in the supplemental
indenture, w ill be 104 % of the principal am ount of the bonds so redeemed.
T h e applicant’s capitalization and surplus as at June 30, 1939, both
before and after giving effect to the proposed financing, is show in the
following table:
B e fo re
A fte r
% of
% of
F in a n c in g
T o ta l
F irs t m tge. bonds — 4 M s , 1 9 6 7 -- $66,000,000 50.50
3 H s , 1964_____________________
T r o y Gas C o . 1st 5s, 1939______
313,000
0.24
P ort H e n ry L ig h t, H eat & Power
1st 5s, 1946___________________
269,000
0.21
Long-term lia b ility relating to
Sacandaga Reservoir__________ *3,235,760
2.48
Advances from Niagara Hudson
Power C o rp ___________________ 20,550,000 15.73
7 % preferred stock ($100 par) __ 14,463,900] 18.42
$6 preferred stock (no p a r )_____
9,608,800/
Com m on stock (no p a r )_________
8,937,107
6.84
Earned surplus__________________
7,299,622
5.58
F in a n c in g
T o ta l
$66,582",666
53.70
*3,235,760
2.61
20,550,000 16.57
14,463,9001 19.41
9,608,800/
8,937,107
7.21
620,711
0.50
T o ta l----------------- ---------------------------$130,677,189 100.00 $123,998,278 100.00
* Represents unpaid balance of an original assessment for benefits re
sulting to applicant’s property from construction of the Sacandaga Reservoir
w hich, since 1931, has been and is being reduced at an annual rate of
one-fortieth of the original assessment.
T h e earned surplus shown above (in column “ after financing” ') is the
am ount of actual surplus at June 30, 1939, rem aining after deducting the
unamortized debt discount and expense applicable to the bonds to be re
deemed and the prem ium of 4 .6 % payable in connection with the retirement
of $66,000,000 presently outstanding 4 H % bonds due 1967, as well as the
prem ium of 5 % to redeem $269,000 Port H e n ry L i? h t, Heat & Power 5 %
bonds due 1946. These charges to earned surplus, to be made pursuant
to the order of the N e w Y o rk P . S. Commission approving the proposed
financing, will result in the reduction of applicant’s earned surplus as of
June 30, 1939 of $7,299,622 to $620,711.
T h e applicant’s fixed capital, as of June 30, 1939, after deducting the
reserve for depreciation of $11,045,715, am ounted to $123,769,073. Th e
ratio of funded debt, long-term lia b ility relating to the Sacandaga Re
servoir and advances of $20,550,000 from Niagara Hudson Power C o rp .,
the applicant’s parent, is 73 .01% of the applicant’s net book value of
property and 72 .88% of the total capitalization after giving effect to the
proposed financing. T h e common stock equity of the applicant, 100%
of which is owned by Niagara H udson Power C o rp ., represents on ly 7.2 2%
of the total net book value of property and o n ly 7.21 % of the capitalization
after the proposed financing. W h ile the refunding program results in
substantial interest savings, it leaves, as a result of the existence of $20,550,000 of open-account advances owed b y the applicant to its parentNiagara Hudson Power C o rp ., unsatisfactory ratios of total debt and com
mon stock equity to net property and to capitalization. These advances,
bearing an int. rate of 6 % per annum , were made prim a rily from 1929 to 1932
b y Niagara Hudson Power C o rp .’s predecessor companies. A demand for
immediate paym ent of these advances m ay prove highly embarrassing to
the applicant. W hile it is not expected that the parent obligee will demand
paym ent under circumstances which would prove seriously embarrassing
to the applicant, it is desirable that the element of rsik inherent in a demand
indebtedness of so substantial an amount be corrected as soon as practicable.
N e w Y o rk Power & L ig h t C o rp . has now proposed, however, to issue
192.105 additional shares of its no par common stock to Niagara Hudson
Power C o rp . in consideration of the full paym ent and elimination of the
advances. A ppropriate applications have been filed b y N e w Y o rk Power
& L ig h t C o rp . and Niagara H udson Power C o rp . w ith this Commission and
w ith the N e w 1 o rk P . S. Commission for a u th ority to issue and acquire
this common stock; and N iagara Hudson Power C o rp . has filed an applica
tion to intervene as a p a rty in the present proceeding. B oth N e w Y o rk
Power & L ig h t C o rp . and N iagara Hudson Power C o rp . have form ally
consented to and accepted a condition to be imposed in our order exempting
the proposed bond issue from the provisions of Section 6(a) to the effect
that the N e w Y o rk Power & L ig h t C o rp . and Niagara Hudson Power
C o rp . shall not, w ithout the consent of the Comm ission, w ithdraw their
applications heretofore filed regarding the issuance and acquisition of
192.105 additional shares of no par value common stock of N e w Y o rk Power
& L ig h t C o rp . in elimination of its open-account indebtedness.
In view of these applications and consents to the condition restricting
withdrawal of the applications, the Commission does not deem it necessary
to impose conditions to its order in this case which would have the effect
of tending to im prove the applicant’s security structure. Since neither
the Public Service Commission of N e w Y o rk nor this Commissoin has in
dicated its position w ith respect to these applications, we reserve the right,
however, to proceed under Section 12(c) of the Public U t ilit y Holding
C o m p an y A c t which authorizes us to protect the financial integrity of com
panies in holding com pany systems and to safeguard the working capital
of public u tility companies.
T h e proposed transactions w ill not increase applicant’s funded debt, which
as at June 30, 1939, am ounted to 4 9 .4 % of the gross book value of u tility
plant and to 5 3 .8 % of such gross u tility plant as at the same date less
accumulated depreciation reserves,
B on d s Called —Holders of first mortgage 4 M s of 1967 were advised form ally on O ct. 31
b y the corporation of the redem ption of these bonds on N o v . 30, 1939, at
104 3-5 and accrued interest.
Bondholders m ay now present their bonds
to the Central H anover Ban k & T r u s t C o ., 70 Broadw ay, N e w Y o rk , for
redemption and paym ent in advance, and upon doing so w ill receive the
full redemption price and accrued interest to N o v . 30, 1939.— Y . 149, p.
2699.
New York & Queens Electric Light & Power Co.—
P e r i o d E n d . S e p t . 30—
1939— 3 M o s .— 1938
1939— 12 M o s .— 1938
Sales of electric energy
(K ilw a tt hours)______ 214,682,385 158,517,585 800,263,291 667,937,613
Sales of electric e n e rg y .. $6,273,377 $5,524,039 $26,030,847 $23,808,726
O ther oper. revenues___
123,094
127,865
511,472
516,649
T o ta l oper. revenues. $6,396,471 $5,651,904 $26,542,319 $24,325,375
a Operating expenses—
4,067,528
3,437,395 15,794,751 13,735,241
Depreciation.........................
535,000
402,915
2,015,030
1,892.804
b Ta xe s______
972,714
923,104
4,391,871
4,295,930
.
Volume 149
Operating income____
N on-oper. revenues____
N o n-op er. re v. deduct ’ns
$821,230
4,534
2,609
$888,489
13,479
1,404
$4,340,667 $4,401,399
18,190
24,570
6,405
12,277
Gross income----------------In t . on long-term d e b t ..
In t . on ad vs. from asso
ciated companies_____
c Miscellaneous interest-
$823,154
300,000
$900,564
300,000
$4,352,452
1,200,000
$4,413,692
1,002,292
247
29,588
______
25,998
247
56,230
128,753
55,481
N e t incom e-------------------$493,319
$574,566
Dividends declared on preferred stock___________
$3,095,975
104,590
$3,227,165
63^422
Balance available for dividends on com. stock. $2,991,385 $3,163,743
a In c l. m aint. expendi
tures o f . . . .................
311,747
290,885
1,359,199
1,138,060
b Including provision for Federal income tax. c A m ortization of debt
discount and expense, & c.— V . 149, p. 883.
New York Shipbuilding Corp.— Tenders —
T h e U nion T r u s t C o . of Pittsburgh w ill, u n til N o v . 24, receive bids for
the sale to it of sufficient first mortgage 30-year 5 % sinking fund gold
bonds due N o v . 1, 1946 to exhaust the sum of $187,984 at prices not ex
ceeding 102 M and accrued interest.— V . 149, p . 2521.
ONE HUNDRED The
—
2982
Commercial & Financial Chronicle — Y E A R S
New York & Richmond Gas Co.—
P e r i o d E n d . S e p t . 30—
Operating revenues_____
Gross income after retire
ment accruals_______
Net income____________
— V. 149, p. 2091.
Earnings —
1939— M o n t h — 1938
1939— 12 M o s . — 1938
$100,538
$101,679 $1,203,184 $1,179,028
33,709
20,683
32,313
20,000
349,280
194,996
305,212
148,617
New York State Electric & Gas Corp.— Earnings —
12 M o n t h s E n d e d S e p t . 30—
1939
1938
Operating revenues______________________________ $25,344,870 $24,162,282
Operating expenses______________________________ 13,027,687 13,485,914
Maintenance____________________________________
1,297,427
1,299.334
Provision for retirements________________________ 1,938.778
1,572,669
Federal income taxes_____________________________
483,231
342,968
Other taxes_____________________________________
2,610,945 2,327,537
Operating income_____________________________ $5,986,802 $5,133,860
Other income (net)_____________________________
315,001
70.731
Gross income__________________________________ $6,301,803
Interest on long-term debt_______________________ 2,486,506
Other interest___________________________________
345,493
133,359
Amortization o f debt discount and expense_______
Amortization o f miscellaneous suspense__________
65,994
Interest charged to construction_________________
Cr6,074
Net income...............................................................$3,276,525
— V . 149, p. 1770.
New York Steam Corp.—
$5,204,591
2,417,295
471,511
141,181
73,313
08 2,60 4
$2,183,895
P e r i o d E n d . S e p t . 30—
Sales o f steam. M lb ____
Sales o f steam_________
Other oper. revenues_
_
1939— 3 M
868.803
$812,201
3,232
Earninas —
o s . — 1938
879,021
$825,747
1,840
1939— 12 M
10.182,740
$9,840,597
54,356
Total oper. revenues.
a Operating expenses_
_
Depreciation___________
Taxes_________________
$815,433
1,000,858
126,000
341,582
$827,578
1,013,817
69,610
340,724
$9,894,953
6,489,030
586,136
1,596,132
$9,912,325
6,577,647
383.620
1,566,294
Operating income____ x$653,007
Non-operating revenues.
20,475
Non-oper. rev. deduct ’ns
7,138
x$596,574
18,481
7,706
$1,223,654
78.093
31,807
$1,384,763
75,869
30,136
Gross income________ x$639,669
Int. on long-term d e b t..
244,842
Int. on ad vs. from assoc.
companies___________
53,688
Miscellaneous interest..
303
Amort, o f debt disc’t and
expense______________
8,351
Miscell. deductions_____
25
x$585,799
467,788
$1,269,940
1,096,306
$1,430,496
1,523,293
39,255
395
207,370
1,291
144,904
1,375
30,247
4,550
44,374
1,822
104,386
16,355
$1,128,033
$81,222
200,000
$359,817
Net deficit__________
b Miscell. reservation_
_
$946,879
______
o s .—
1938
10,213,132
$9,858,539
53,786
$281,222
$359,817
Balance, deficit______
______
217,789
977,709
996,380
a Incl. maint. expend.
227,108
b Of net income appropriated net income for acquisition of bonds or of
new property, x Indicates deficit.—•V. 149, p . 2521.
New York Telephone Co.— Earnings —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938 1939— 12 Mos.— 1938
Operating revenues_____$51,838,948 $50,006,700$210,178,421$205,011,620
Operating expenses_____ 34,731,674 35,059,863 139,798,748 141,036,499
7,960,137 34,439,514 30,698,481
Operating ta x e s .. ......... 8,489,271
Net operating income. $8,618,003
Other income (net)_____
650,708
$6,986,700 $35,940,158 $33,276,639
574,325
3,063,436
1,896,480
Total income________ $9,268,710 $7,561,026 $39,003,594 $35,173,119
1,310,613
5,562,155
5,045,941
Interest deductions_____ 1,363,955
Total net income.........$7,904,755 $6,250,412 $33,441,439 $30,127,178
Dividends_____________
8,426,000 8,426,000 33,704,000 33,704,000
Balance, d eficit..........
$521,245 $2,175,587
$262,561 $3,576,821
Gain in Phones —
Company in October had a station gain o f 5,985 against a gain o f 3,037 in
October, 1938, a gain o f 6,373 in October, 1937, a gain o f 16,403 in October,
1936, and a gain o f 6,633 in October, 1935.
For the first 10 months station gain was 60,576, against a gain o f 13,626
in like period o f 1938, a gain o f 86,888 in similar period o f 1937, a gain of
82,473 in like period o f 1936 and a gain o f 12,714 in corresponding period
o f 1935— V. 149, p. 2521.
New York Water Service Corp. (& Subs.)— Earnings —
12 M o n t h s E n d e d S e p t . 30—
1939
1938
Operating revenues______________________________$3,002,727 $2,931,855
Operating expenses_____________________________
1,768,884 1,706,243
Net income.
C o n so lid a ted B a la n c e S h ee t S e p t.
1938
1939
Assets—
$
S
P la n t , p r o p e r ty ,
2 8 ,4 2 9 ,9 1 6
eq u ip ’ t, & c _2 8 ,5 5 1 ,3 4 3
C ash & M a t 'ls h eld
fo r s p e c , co n s tr’ n
242 ,06 7
p r o je c t s ___ x 2 4 0 ,0 1 0
I n v e s t, in s u b . c o s .
n o t c o n s o lid a te d
6 09 ,59 9 2 ,6 0 9 ,5 9 9
L oan to su b . n o t
4 5 5 ,0 0 0
465 ,00 0
c o n s o li d a t e d ___
M is c . in v e s t., s e p
9,4 0 5
8 ,2 2 3
arate d e p o s it ___
281 ,23 2
C a sh .................
4 9 4 ,7 1 7
192 ,04 3
N otes & a ccts. re c.
2 1 3 ,24 1
106,025
105,476
U n b illed r e v e n u e __
3 ,3 9 5
2 ,0 1 9
D u e fr o m a ffii. c o s .
C o m m is. o n ca p ita l
498 ,48 2
4 9 8 ,4 8 2
s t o c k ____________
2 2 5 ,0 5 4
2 7 3 ,2 9 4
D u e fr o m N . Y . C .
D e p t . d is c . & e x p .
123 ,88 8
127,526
in p r o c .o f a m o rt.
106 ,52 9
1 0 6 ,29 9
M a t ’ ls & su p p lie s .
D e fe rr e d ch a rg es &
4 6 ,5 9 0
4 2,8 36
p r e p a id a c c o u n ts
T o t a l ...................... 3 1 ,7 3 4 ,4 2 7 3 3 ,3 3 2 ,8 6 4
x After reserve o f $2,000,000.
±-ar value.— V. 149, p. 883.
L ia b ilities —
$364,909
30
1939
S
. $5,268,673
204,568
$5,440,822 $24,301,097 $23,885,349
221,470
753,078
925,594
. $5,473,241
Deduc. from gross inc__. 2,555,270
$5,662,292 $25,054,175 $24,810,943
2,582,448 10,249,102 10,291,529
. $2,917,971
$3,079,844 $14,805,073 $14,519,414
Non-oper. income (net).
'
1,839.200
1,827,455
7,356,799
7,366,067
. $1,078,771
Divs. on pref. stocks of
Niagara Hudson Pow.
C orp________________
606,006
$1,252,389
$7,448,273
$7,153,347
606,006
2,424,025
2.423,692
$472.764
1,803,514
$646,383
1,721,861
$5,024,248
7,408,447
$4,729,655
7,389,692
.
x Sales of manuf. gas, in
cubic feet____________! 1,487,659
6,468,408
1,441,510
6,680,238
Sales of mixed gas, in
therms______________
3,360,820
3,281.708 19,839,099 19,345,115
Sales of natural gas, in
23,316,274 27,334,519 109,055,188 101,699,315
x Restated for comparative purposes as far as practicable. yOOO omitted.
Arranges Bank Loans —
The Securities and Exchange Commission Oct. 30 announced that
corporation had filed a declaration (File 43-264) under the Holding Com
pany Act in connection with the issuance and sale of $3,750,000 o f 3 } 4 %
notes, of which $468,750 will mature on Dec. 14 of each of the years from
1941 to 1948, inclusive. The notes are to be issued privately to banks as
follows:
National City Bank of New Y ork______________________________ $767,044
Marine Trust Co. of Buffalo___________________________________
536,933
Marine Midland Trust C o., New Y ork________________________
400,568
First National Bank, New Y ork______________________________
340,913
Chase National Bank, New Y ork______________________________
767,044
Bankers Trust C o_____________________________________________
937,500
Of the funds to be received by the company, $3,000,000 will be used for
the payment at maturity of a like principal amount o f 2 14 % notes due
Dec. 14, 1939, as follows: J. P. Morgan & Co., $557,647: Central Hanover
Bank & Trust Co., $300,000: The Chase National Bank of the City o f New
York, $480,000: Corn Exchange Bank & Trust Co., $120,000: The First
National Bank of the City of New York, $240,000; Guaranty Trust Co. of
New York, $480,000; The Marine Midland Trust Co. of New York, $42,353:
The National City Bank of New York, $480,000; The New York Trust C o.,
$300,000.
The declaration stated that the balance o f the funds to be received by
the company will be advanced from time to time to subsidiaries for con
struction pin-poses.
The notes will be issued, it is stated, in accordance with the terms o f
certain agreements between the company and each o f the banks. After
the proposed transaction is completed, the company will have outstanding
$9,500,000 aggregate principal amount of notes bearing 314% interest, o f
which $1,187,500 will mature on Dec. 14 of each of the years 1941 to 1948,
inclusive. The company will also have outstanding $2,750,000 aggregate
principal amount of 314% notes due Dec. 14, 1940.— V. 149, p. 1031.
Noblitt-Sparks Industries, Inc.— Registrar—
The National City Bank of New York has been appointed registrar for
300,000 shares of capital stock of this company.—Y . 149, p . 1626.
Noranda Mines, Ltd.— $1 Dividend —
The directors have declared a dividend of $1 per share on the no par
common stock, payable Dec. 15 to holders of record Nov. 20. Like amount
was paid on Sept. 15, June l5 and on March 15 last and compares with $2
paid on Dec. 22 and June 27, 1938: $1.50 paid Dec. 23, 1937, and $1.75 on
June 30, 1937, and Dec. 22, 1936.— V. 149, p. 1031.
Norfolk Southern RR.— E a rn in g s —
S ep tem b er—
Gross from railway_____
Net from railway_____
Net after rents________
F r o m J a n . 1—
Gross from railway_____
Net from railway_____
Net after rents________
— V. 149, p. 2091.
1939
$399,299
97,307
45,417
1938
$359,641
64.293
17,283
1937
$398,624
68,407
14,012
1936
$367,382
60,548
16,489
3,417,090
677,620
229,630
3.343,545
653.326
218,389
3,764,431
858,476
359,026
3,309.807
613,019
197,360
Norfolk & Western Ry.— E a rn in g s —
1939— 9 M o s — 1938
30— 1939— M o n t h — 1938
Freight revenues________ $9,557,256 $7,233,421 $61,309,694 $49,905,547
2,636,068
303,218
2,525.939
Pass., mail & expr’s rev326,056
255,259
Other transp. revenue..
36,863
31,423
231,117
406,442
35,401
319.537
Incid. & joint facil. rev .
51,560
P erio d E n d . S e p t.
$7,603,464 $64,607,463 $52,992,140
5,991,155
649,010
6,591,935
1,327.321 13,294,711 11.355.171
1,257.038
1.233,325
130,550
1,674 300 14,765.490 14,027.701
157,336
17,510
147.971
1,598,948
172.756
1 576,268
Crl2,188
0 2 7 ,0 8 2
04 3.107
Net ry. oper. revenues $5,386,713
Railway tax accruals___ 1,480,219
$3,644,205 $26,985,113 $18,687,630
8,993,101
7.773,206
1,067,261
Railway oper. income $3,906,493
Equip, rents (net) C r ___
400,579
Joint facil. rents (net)Dr
11,673
$2,576,944 $17,992,012 $10,914,425
256,652
1,943,024
1,589,075
137,375
20,343
125,923
$347,831
Net ry. oper. incom e. $4,295,399
Other inc. items (b a l.)._
21,414
$2,813,252 $19,797,661 $12,377,577
10,572
219,623
297,086
1938
Gross income_________ $4,316,813
Interest on funded debt.
177,798
$2,823,824 $20,017,284 $12,674,663
1,603,836
1,606.896
178,453
Net income___________ $4,139,016
—V. 149, p. 2091.
$2,645,371 $18,413,448 $11,067,767
$1,259,594
768,810
35,750
18,879
13,279
5,208
21,904
C rl3,222
6,183
5.982
48,9$9
§
F u n d e d d e b t______15, ,791,500 1 5 ,9 70 ,50 0
P u r. m on . b on d &
m o r tg a g e _______
1 7,598
I n d e b t , t o F ed eral
100,000
W a t . Ser. C o r p .
100,000
99,0 96
C o n s u m . d e p s .,& c .
8 4,9 18
M tg e . bds. assum .
6,000
6,000
A c c o u n t s p a y a b le .
33,941
52,2 47
Sew er & p a v . ass’ ts
9 ,5 5 5
1,7 0 0
(cu rren t p o r’ n ) .
6 0 8 ,4 9 8
A c c r ’ d lia b ilit ie s ..
621 ,58 6
8 1,731
82,0 56
U n earne d reven u e R e s e rv e s___________2 ,895,255 2 ,7 0 1 ,4 7 6
454,702
4 87 ,47 2
C o n t r ib . fo r e x ts __
2 ,9 5 2
M is c e ll. reserv e___
3 ,4 1 8
3 1,3 30
M is c . d e f’ d lia b ils .
1 3,620
Sew er & pa v in g as
5 ,4 4 5
7,6 5 7
sessm ents, & C - .
44,7 52
E x te n . d e p o s its ___
63,0 67
6 % c u m . pref. s tk . 4 ,653,200 4 ,6 5 3 ,2 0 0
y C o m m o n s t o c k __2 ,601,500 2 ,6 0 1 ,5 0 0
C a p ita l a n d p a id in su rp lu s_______ 2 ,338,645 2 ,3 3 8 ,6 4 5
E a rn e d su rp lu s___ 1 ,933,103 3 ,5 6 9 ,4 2 2
T o t a l ....................3 1 ,7 3 4 ,4 2 7 3 3 ,3 3 2 ,8 6 4
y Represented
Niagara Hudson Power Corp. (& Subs.)— Earnings —
P e r i o d E n d . S e p t . 30— 1939— 3 M o s . — xl938
1939— 12 M o s . — xl938
Operating revenues____ .$20,492,366 $19,737,493 $84,334,844 $82,765,600
Oper. rev. deductions. 15,223,693 14,296,671 60,033,747 58,880,251
Ry. oper. revenues_ $9,971,735
_
M aint. of way & struct. .
844,410
Maint. of equipment___ 1,579,138
Traffic expenses_______
146,918
Transportation rail line. 1,816,926
Miscellaneous operations
22,111
General expenses_______
184,090
Transp’n for investment
Cr8,570
Net earnings__________________________________ $1,233,842 $1,225,612
Other income___________________________________
31,003
33,982
Gross corporate income_________________________ $1,264,845
Interest on mortgage debt_____________________
765,557
Interest on serial notes__________________________
34,833
Amortization o f debt discount and expense_______
13,006
Taxes assumed on interest_______________________
13,871
Interest, parent company________________________
5,000
Other interest charges___________________________
7,325
Interest charged to construction_________________
513
6,703
Miscellaneous deductions________________________
Provision for Federal tax on capital stock________
17,181
Provision for Federal income tax_________________
35,947
OLD Nov. 4, 1939
by 26,015 shares o f ilOO
North Penn Gas Co. (& Subs.)— Earnings —
12 M o n t h s E n d e d S e p t . 30—
1939
Operating revenues_____________________________ $2,563,107
Non-operating revenues (net)___________________
30,357
1938
$2,528,345
26,105
Total gross earnings___________________________ $2,593,464 $2,554,450
Operating expenses and taxes____________________
2,021,911
2,095,579
Net earnings--------------------------------------------------Interest on funded debt_________________________
Interest on unfunded debt_______________________
Amortization o f bond discount and expense_______
$571,553
189,750
770
11,298
$458,871
189,750
1,156
11,298
Net income----------------------------------------------------Dividends accrued on preferred stocks—
$7 cumulative prior preferred_________________
$7 cumulative preferred_______________________
$369,734
$256,666
44,009
92,120
44,515
92,120
Balance_______________________________________
— V. 149, p. 1186.
$233,605
$120,031
North American Co.— Changes in Personnel—
Following a meeting of the board o f directors on N ov. 1 announcement
was made that in furtherance of a plan to enlarge the company’s executive
organization, Harrison Williams, formerly Chairman o f the Executive Com
mittee, was elected Chairman of the Board o f directors; James F. Fogarty,
Volume 149
ONE HUNDRED The
—
Commercial & Financial Chronicle —YE A R S
formerly President, was elected Chairman o f the Executive and Finance
Committee, and Edward L. Shea was elected President.
The members o f the new Executive and Finance Committee are Chair
man Fogarty, Harrison Williams, Edward L. Shea, George Murnane and
Herbert C . Freeman, a Vice-President o f the company.— V. 149, p. 2699.
Northern Pacific Ry.— Earnings —
1939
1938
Gross from railway_____$6,703,057
$6,028,148
1,990,634
Net from railway______ 2,470,021
Net after rents_________
2,057,294 1,697,119
F r o m J a n . 1—
Gross from railway_____ 46,458,322 41,504,418
Net from railway______ 8,561,561
5,955,954
Net after rents_________
5,583,984 3,156,200
— V . 149, p. 2092.
1937
$6,754,459
2,294,997
1,932,641
1936
$6,487,669
2,362,836
2,056,729
49,161,055
9,217,665
8,059,284
S ep tem b er—
44,331,888
7,940,417
5,702,726
Northern Pennsylvania Power Co. — Earnings12 M o n t h s E n d e d S e p t ' 3 0 —
1939
1938
Operating revenues_____________________________ . $1,998,208 $1,876,250
Operating expenses_____________________________
9S0.174
929,735
77,404
Maintenance___________________________________
66,793
Provision for retirements___________ ____________
160,000
160,000
Federal income taxes____________________________
58,238
79,500
Other taxes____________________________________
137,378
143,339
Operating income
Other income______
.
$568,403
48,242
$513,495
30,095
Gross income________________________
Interest on long-term debt_____________
Other interest_________________________
Amortization of debt discount & expense.
.
$616,645
187,087
23,i79
19,680
$543,590
187,975
40,850
19,680
$386,698
$295,085
Net income_____
— V. 149, p. 2092.
Northern States Power Co. (Del.)— W eekly Output— Electric output o f the Northern States Power Co. system for the week
ended Oct. 28, 1939, totaled 29,513,964 kwh., an increase o f 10.6% com
pared with the corresponding week last year.— V. 149, p. 2700.
Northwest Bancorporation— To
Pay \C-Cent Dividend —
Directors have declared a dividend o f 10 cents per share on the common
stock, payable N ov. 25 to holders o f record Nov. 15. Previous payment
was the Jan. 1, 1933, distribution and amounted to 15 cents per share.
— V. 148, p. 741.
Northwestern Bell Telephone Co.— Earnings —
P e r i o d . E n d . S e p t . 30—
1939— M o n t h — 1938
1939— 9 M o s . — 1938
Operating revenues_____$3,027,162 $2,895,552 $26,211,222 $25,334,578
Uncollec. oper. rev_____
11,624
8,753
72,730
85,951
Operating revenues_ $3,015,538 $2,886,799 $26,138,492 $25,248,627
_
Operating expenses_____ 1,945,684 1,926,924 17,431,118 17,302,655
Net oper. revenues_ $1,069,854
_
Operating taxes________
366,179
$959,875
372,487
$8,707,374
3,413,996
Net oper. income____
Net income___________
— V. 149, p. 2092.
$587,388
557,532
$5,293,378 $4,608,096
4,362,376 4,287,872
$703,675
600,731
$7,945,972
3,337,876
Northwestern Public Service Co.— Accum ulated D iv s . —
Directors on Oct. 28 declared a dividend o f $3.50 per share on the 7%
cumulative preferred stock and a dividend o f $3 per share on the 6% cum.
preferred stock, both payable on account o f accumulations on Dec. 1 to
holders o f record N ov. 20.— V. 149, p. 2522.
NY PA NJ Utilities Co.— W ou ld
Sell Stocks—
See Central U. S. Utilities Co.— V . 149, p. 2522.
Nugold Mining Corp., Ltd.— N am e
Changed —
See Nugold Mines 1939, Ltd.
Nugold Mines 1939, Ltd.— Registers with SEC —
See list given on first page o f this department.
-
Nu-Mo-Cide Sales Co.— Promoters Indicted —
The Department o f Justice and the Securities and Exchange Commission
Oct. 31 reported the indictment o f Payton F. Thomas o f Fort Worth, and
E. Johnson Ashby and Mrs. Onnie W. Earnest, both o f Dallas, on charges
o f violation o f the Securities Act o f 1933, mail fraud and conspiracy in
connection with the sale o f the capital stock o f Nu-Mo-Cide Sales Co. The
10 count indictment, which had been kept secret pending the apprehension
o f the defendants, was returned by the Federal Grand Jury for the Eastern
District o f Texas at Tyler. M r. Ashby was President o f the company, Mr.
Thomas was assistant to the President, and Mrs. Earnest was a director
and Vice-President.
The indictment charged the defendants o f employing a scheme to defraud
purchasers o f the company’s stock, involving the pretended declaration o f a
10% stock dividend to be paid out o f earnings for the year 1937, when, it
was charged, the defendants knew that the company had had no profits
at all. It also was charged that the defendants stated that the book value
o f the stock was in excess o f $10 a share, the selling price, and that they
falsely represented that the company was in a strong financial condition,
that the stock in the near future would increase in price to $20 per share,
and that it could be sold by investors without loss to them. The indictment
alleged that the defendants knew that each o f these representations was
untrue.
Ohio Associated Telephone Co.— Earnings —
P e r i o d E n d . S e p t . 30—
■Operating revenues_____
Uncollec. oper. rev_____
Operating revenues
•Operating expenses_____
1939— M o n t h — 1938
$66,233
$62,260
151
70
$66,082
44,363
$62,190
40,373
1939— 9 M
$582,316
1,350
$580,966
394,068
o s .—
1938
$553,858
636
$553,222
369,262
Net oper. revenues
$21,719
$21,817
$186,898
$183,960
Operating taxes________ ______ 8,475______ 6,331 _____ 64,582_____ 62,434
Net oper. income____
$13,244
$15,486
$122,316
$121,526
— V. 149, p. 2240.
Ohio Bell Telephone Co.— Earnings —
P e r i o d E n d . S e p t . 30—
1939— M o n t h - —1938
1939— 9 M o s . — 1938
Operating revenues_____$3,769,195 $3,480,061 $32,950,071 $31,099,568
Uncollectible oper. r e v ._
9,766
20,155
53,790
185,299
Operating reven u es... $3,759,429
■Operating expenses_____ 2,222,441
$3,459,906 $32,896,281 $30,914,269
2,165,147 20,385,651 19,964,041
Net oper. reven u es... $1,536,988
Operating taxes________
553,322
$1,294,759 $12,510,630 $10,950,228
471,353
4,635,465
4,341.430
Net oper. income____
Net income______ _____
— V. 149, p. 2700.
$983,666
1,003,451
$823,406
833,774
$7,875,165
7,809,953
Ohio Central Telephone Corp.— Earnings —
3 M o n t h s E n d e d S e p t . 30—
1939
$124,304
■Operating revenues_____________________________
Operating expenses, maintenance and taxes______
55,503
$6,608,798
6.577,230
OLD
2983
Oklahoma Power & Water Co.— Earnings —
P e r i o d E n d . S e p t . 30—
Operating revenues_____
Oper. expenses and taxes
1939— 3 M
$319,041
204,602
Net operating income.
Other income (net)___
$114,438
33
$115,537
21
$441,100
1,626
$422,642
129
Gross income.
Int. & other deductions.
$114,471
74,385
$115,558
77,681
$442,726
302,502
$422,772
312,774
$40,086
$37,877
$140,225
$109,998
Net in com e..
— V. 149, p. 2093.
1938
$322,412
206,875
o s .—
1939— 12 Mos.— 1938
$1,271,766 $1,272,287
830,666
849,644
Otter Tail Power Co.— Seeks
to Exchange $5 Preferred—The company has filed an application with the Federal Power Commission
seeking authority to issue not more than 12,955 shares of $4.50 preferred
stock to be exchanged for a like amount of outstanding $6 preferred shares.
Shares not exchanged will be redeemed. The company proposes to borrow
not to exceed $700,000 to carry out the redemption.
The $6 preferred holders will be offered a premium of $5 cash plus the
accrued dividends on their shares as an inducement to make the exchange.
The company is to borrow the $700,000 from the First National Bank &
Trust Co. of Minneapolis.— V . 149, p. 421.
Owens-Illinois Glass Co.— Unit Sold—
Company has sold for cash to the Kimble Glass Co. of Vineland, N . J.,
the business, plant and equipment of its Chicago Heights, 111., factory.
The Chicago Heights plant manufactures hand and machine-made glass
containers and specialties, a line which corresponds more closely to the
selling and manufacturing operations of the Kimble concern than to OwensIllinois primary glass container business, it was explained by W . E . Levis,
President of the latter company.— V . 149, p. 2701.
Oxford Paper Co.— Preferred Dividend Resumed —
Directors have declared a dividend of $1 per share on the $5 preference
stock, payable Dec. 1 to holders of record N ov. 15. This will be the first
dividend paid since March 1, 1938, when a regular quarterly dividend of
$1.25 per share was distributed.— V. 149, p. 1627.
Panhandle Producing & Refining Co. (& Subs.)—
P e r i o d E n d . S e p t . 30—
Gross operating incom e.
Cost, exp., taxes, & c . . .
D epr.,depl., amort., &c.
1939— 3 M o s . — 1938
$799,714
$991,115
740,756
920,111
46,318
47,120
1939— 9 M o s . — 1938
$2,497,608 $2,881,150
2,313,576 2,695.933
133,796
129,496
Profit_______________
Other income----------------
$12,639
2,408
$23,884
22,733
$50,236
9,694
$55,721
29,997
Total income________
Interest, &c___________
$15,047
17,787
$46,617
19,050
$59,930
53,069
$85,718
41,898
$ 6 ,8 6 1
$43,820
Profit............................ loss$2,739
$27,566
C o n s o lid a te d B a la n c e S h eet S e p t.
A ssets—
1939
1938
x P r o p , account__ $ 2 ,0 4 3 ,5 7 7 $ 1 ,8 8 1 ,3 3 9
87,7 92
Cash
9 5 ,3 39
TJnexp. cash, & c..
z9 2 ,6 4 5
D e p . f o r i n t , p a y __
7,500
17,7 33
TJ.S. & m u n . o b lig .
17,733
S tock s o f o th er c o s .
6 ,0 0 0
15,375
O th er a ssets_______ a 46 1 ,6 6 9
3 80 ,20 4
I n v e n t o r ie s _______
504,507
N o te s & a c c ts . rec.
2 5 4 ,13 2
296,381
D e fe rr e d c h a r g e s ..
8 0 ,9 52
73,4 27
T o t a l .................... $ 3 ,3 3 9 ,6 0 6 $ 2 ,9 76 ,70 1
30
|
L iabilities—
1939
y C o m m o n s t o c k . . $ 8 9 7,5 09
A c c o u n ts p a y a b le 2 3 0 ,93 8
N o te s p a y a b le ____
b 7 9 ,7 0 2
A c cru e d lia b ilitie s,
118 ,85 0
u rc h . o b lig a ’ n s . .
8 8 ,5 2 0
L on g-term d e b t ___
5 71 ,36 7
D eferred c r e d i t s ..
2 1 ,8 79
D e p o sits o n sales
co n t r a ___________
6 ,4 8 8
E s t. ex ps. of reorg.
Sin-plus____________ 1 ,3 2 4 ,3 5 2
1938
$ 68 7 ,3 8 5
301,059
4 5,2 86
171,368
109,414
6 00 ,00 0
7 .1 9 5
50.000
1 X 0 4 ,9 9 5
T o t a l .................. .$ 3 ,3 3 9 ,6 0 6 $ 2 ,9 76 ,70 1
x After depreciation, depletion and amortization of $4,168,421 in 1939
and $4,203,024 in 1938. y Par $1. z Unexpended cash from sale of bank
loan and 5-year 5% convertible secured notes in escrow in the Marine
Midland Trust Co. o f New York.
a Casing, pipe. &c., in storage, Houston, Texas, $499,730, less note
executed or payment o import duty, $92,009; balance, $107,721; oil pay
ments receivable, $34,761; cash on deposit with trustee or note retirements
of $19,188; total (as above), $461,669. b Includes $6,889 other current
notes and acceptances payable.— V. 149, p. 884.
Pantex Pressing Machine, Inc.— Accumulated Dividend
Directors have declared a dividend o f $1.50 per share on account of
accumulations on the $6 cumulative preferred stock, payable N ov. 1 to
holders of record Oct. 25. Dividend o f like amount was paid on July 28,
last and on Dec. 27, 1938, this latter being the first payment made since
Dec. 20, 1937 when a regular quarterly dividend o f $1.50 per share was
distributed.— V. 149, P. 2241.
Parker Rust-Proof Co. (& Subs.)— Earnings —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938
1939— 9 Mos.— 1938
x Net profit___________
$211,155
$114,215
$667,096
$325,777
y Earnings per share____
$0.49
$0.26
$155
$0.75
x After deprec., Fed. income tax, &c., but without prov. for surtax on
undistributed profits, y On 429,498 common shares.—V . 149, p. 1627.
Patchogue Plymouth Mills Corp.— To Pay $1 Dividend —
The directors have declared a dividend of $1 per share on the common
stock, payable Nov. 10 to holders of record Nov. 4. A like amount was paid
on March 21 last, April 27, 1938, Dec. 24, Oct. 7 and June 23, 1937, and
compares with a cash dividend o f $2 and a stock dividend o f $3, payable
in $1 par preferred stock, paid on Dec. 23, 1936, and a cash dividend of $2
paid on Feb. 26, 1936, this latter being the first dividend paid since M ay 1,
1930, when $1 per share was distributed.— V. 148, p. 1653.
Peninsular Telephone Co.— Initial Class A Dividend —
Directors have declared an initial dividend of 35 cents per share on the
new $1.40 cum. preferred class A stock, par $25, payable N ov. 15 to holders
of record Nov. 4.-—V. 149, p. 2523.
Pennsylvania Edison Co. (& Subs.)— Earnings —
12 M o n t h s E n d e d S e p t . 30—
1939
1938
Operating revenues----------------------------------------------- $5,856,335 $5,592,446
Operating expenses_________________
1,850,897
1,755,070
Maintenance______________________
516,732
526,185
Provision for retirements_________________________
474,245
419,889
Federal income taxes_________
170,432
142,974
Othertaxes________________________
480,849
471,945
Operating income_____________________________ $2,363,181 $2,276,383
Other income (net)______________________________
15,525
22,780
Gross income__________________________________ $2,378,706
Interest on long-term debt_______________________ 1,265,250
Other interest___________________________________
4,334
Amortization of debt discount and expense_______
85,782
$2,299,162
1,265,250
9,172
85,782
Net income____________________________________ $1,023,340
— V. 149, p. 2094.
$938,959
Pennsylvania Gas & Electric Co. (& Subs.)— Earnings
1938
$118,428
55,290
12 M o n t h s E n d e d S e p t . 30—
Operating revenues------------------Non-operating revenues (net)___________________
1939
$1,075,772
47,418
1938
$1,061,815
46,496
Total gross earnings--------------------------- ------------- $1,123,190 $1,108,311
Operating expenses and taxes___________________
782,206
785,451
Net income from operations___________________
Interest on funded debt__________________________
Depreciation____________________________________
Amortization o f debt discount and expense----------Provision for Federal income tax_________________
$68,801
22,764
20,684
57
3,600
$63,138
22,766
20,916
58
700
Net earnings--------- ---------Int. and other deductions o f subsidiary companies
Int. & other deductions of Penna. Gas & Elec. C o ..
$340,984
13,006
230,557
$322,860
12,915
231,403
Net income___________________________________
Dividend paid or accrued on preferred stock______
$21,695
6,750
$18,698
5,400
Net income----------------------------------------------------Divs. accrued on pref. stock____________________
$97,420
105,000
$78,542
105,000
Balance available for common stock and surplus.
— V. 149, p. 740.
$14,945
$13,298
Balance, deficit................... ........ ............................
— V. 149, p. 1188.
$7,580
$26,458
2984
ONE HUNDRED
— The
Commercial & Financial Chronicle —
Pennsylvania Gas & Electric Corp. (& Subs.)— Earns.
P e r i o d . E n d . S e p t . 30—
1939— 3 M
Operating revenues
$1,037,613
Non-operating revs, (net)
2,660
o s .—
Total gross earnings. . $1,040,273
Oper. exps. & taxes _____
924,180
1938
1939— 12 M
$1,114,177 $4,826,459
19,323
15,131
o s .—
1938
$5,047,011
60,277
$1,129,308
976,875
$4,845,783
3,881,351
$5,107,288
4,086,643
$964,432
$1,020,645
Net earnings________
Int. & other chgs. o f sub.
companies____
____
Int. & oth. chgs. of PennGas & Electric Corp. _
$116,093
$152,433
148,185
152,639
600,652
612,126
55,133
62,273
232,128
254,354
Net i n c o m e ___
Divs. accrued on pref.
stock_________ ______
x$87,225
x$62,479
$131,652
$154,164
52,500
52,500
210,000
210,003
$114,979
$78,348
$55,839
Balance, deficit______
$139,725
x Indicates loss.— V. 149, p. 1188.
Pennsylvania Glass Sand Corp.— Bonds Called—
A total o f $54,500 first mortgage 4 H % s. f. bonds have been called for
redemption on Dec. 1 at 102)? and accrued interest. Payment will be
made at the New York, Philadelphia and Boston offices o f Brown Brothers
Harriman & Co.— V . 149, p. 2702.
Pennsylvania-Reading Seashore Lines— Earnings —
S ep tem b er—
1939
1938
1937
1936
Gross from railway..........
$627,555
$541,115
$610,866
$641,944
Net from railway______
139,696
65,555
67,146
139.371
Net after rents............
def58,867 defl34,063 defl51,734
def93,005
F r o m J o n . 1—
Gross from railway_____ 4,493.569
4,206,665
5,187,523
5,128,768
Net from railway______
156,940
13.492
586,092
868,443
Net after rents_ . .......... def1,402,83Odef1,586,550 defl81,578 def863,613
— V. 149, p. 2094.
Pennsylvania RR.— E a rn in g s —
S ep tem b er—
1939
1938
1937
1936
Gross from railway.......... $40,332,013 $32,047,256 $39,247,924 $39,496,378
Net from railway_______ 14,107,965 10,843.767 11,771,139 12,511,217
Net after rents..........
9,537,642
6,525,123
7,249,596
8,392,621
F r o m J a n . 1—
Gross from railway_____ 300.513.224 259,649,926 353,343,229 320,019,854
Net from railway............ 83.899.295 71,750,075 92,564,912 91,677.753
Net after rents_________ 48,169,897 36,863,606 58,739,739 58,796,705
— V . 149, p. 2702.
Pennsylvania Water & Power Co. (& Subs.)— Earnings
9 M o n t h s E n d e d S e p t . 30—
1939
Operating revenues______________________________ $4,949,910
Operating expenses________________________________ 1,827,018
Renewals and replacements expense______________
406,670
Taxes___________________________________________
574,161
1938
$5,138,606
1,716,690
399.801
648,888
Operating income_____________________ _______ $2,142,060
345.849
Other income___________________________ .............
$2,373,227
355,777
Gross income_________________________ ........... $2,487,909
Interest on long-term debt_______________ .............
780,620
Taxes assumed on interest_ ____________ _______
_
31,500
Interest charged to con stru ction ------------ _______
0397
Miscellaneous income deductions------------ .......... ..
8,286
$2,729,004
787.057
30,583
0950
6,003
Net income------------ ------ --------------------- _______ $1,667,901
80,599
Preferred stock dividends________________ _______
Common stock dividends________________ _______ 1,289,544
$1,906,310
80.599
1.289,544
$297,758
$536,168
Surplus.....................................................................
Earnings per share on common stock____________
$3.69
$4.24
Bonds Called—
A total o f $48,000 first refunding mortgage gold bonds, 4)4% series B
due March 1, 1968, have been called for redemption on Dec. 2 at 103 M.
and accrued interest. Payment will be made at the New York Trust Co.
— V . 149, p. 2523.
Phelps-Dodge Corp.— Y ear-E nd Dividend —
Directors on N ov. 1 declared a year-end dividend o f 75 cents per share
on the capital stock, par $25, payable Dec. 8 to holders o f record N ov. 25.
This compares with dividends of 25 cents paid in each o f the three preceding
quarters and a dividend o f 55 cents paid on Dec. 9, 1938. See also V. 148,
p. 1038 for detailed record o f previous dividend payments.— V. 149, p. 2702.
Philadelphia Dairy Products Co., Inc. (& Subs.)—
Earnings —
P e r i o d E n d . S e p t . SO—
1939— 9 M o s . — 1938
1939— 12 M o s . — 1938
x Net income__________
$547,898
$463,628 x$481,847
$355,718
x After all charges.
x Equivalent, after allowing for full first preferred stock dividend re
quirement o f $6 per share on 47,921 shares outstanding, and o f $4 per share
on the 43,749 shares o f $4 non-cumulative second preferred stock out
standing, to 17 cents per share on the 110,702 shares o f common stock out
standing, and compares, after allowing for the full first preferred stock divi
dend requirement o f $6 per share in 1938, to $1.56 per share on the $4 noncumulative second preferred stock.— V . 149, p. 885.
Philadelphia Rapid Transit Co.— First Objection to Plan
The first objection to the Philadelphia Rapid Transit plan being confirmed
was filed Oct. 27 by Adolph Hoch, holder o f 2 $1,000 4)4% first mortgage
bonds o f the Darby, Media & Chester St. R y. Co. due July 1, 1936. He
gave 3 reasons for protesting that the plan is unfair, inequitable and dis
criminatory. They are: first, that the bondholders o f the D . M . & C .
would get new 3-6% consolidated mortgage bonds o f a face value of $396,400, or only 40% o f the outstanding $991,000 whereas other lessor com
panies are to have their bonds refunded at full face value.
Second objection is that D . M . & C . bondholders are required to take cuts
in order to allow creditors of the company to participate in the new securities
without contributing anything for that advantage. The third reason
relates to P. R . T . stockholders being allowed to obtain some o f the new
securities at the “ expense” o f the bondholders.— V . 149, p. 2703.
Phoenix Hosiery Co.— Accumulated Dividend —
The directors have declared a dividend of 87 J4 cents per share on account
of accumulations on the 7% cum. pref. stock, par $100, payable Dec. 1
to holders o f record N ov. 18. A similar payment has been made on each
of the 26 preceding quarters, as compared with 88)4 cents paid on March 1,
1933, and 87 cents on Dec. 1, 1932.— V . 149, p. 743.
Pinellas Water Co.— Earnings — 12 M o n t h s E n d e d S e p t . 30—
1939
Operating revenue— Water_________
$284,223
Operating expenses_________________
97,169
26,696
Provision for depreciation__________
1938
$276,137
92,174
25,434
1937
$258,116
85,233
29,275
Net operating revenue___________
Other income (net)_________________
$160,358
2,138
$158,529
2,017
$143,607
2,032
Balance available for fixed charges.
Interest____________________________
Other charges______________________
Federal income tax_________________
$162,495
122,874]
13,915
1,425
$160,546
$145,640
Net income______________________
— V . 149, P. 1925.
Figures
not available
$24,281
Pittsburgh Coke & Iron Co.— Underwriters—
Underwriters o f the $750,000 first mortgage series A 4)4 % bonds due on
March 1, 1952, will be the following, according to an amendment filed by
the company with the Securities and Exchange Commission. Hemphill,
Noyes & C o., Ritter & C o., E. H. Rollins & Sons, and the Swiss American
Corp., New York; Otis & C o.. Cleveland, and Singer, Deane & Scribner,
Y E A R S OLD Nov. 4, 1939
Pittsburgh. The offering price and the underwriting commission will be
supplied by further amendments to the statement.
In addition to the bonds registered, the company has registered common
and preferred stock which will be offered to stockholders o f the Hunter Steel
Co. in exchange for their shares.— V. 149, p. 2703.
Pig’n Whistle Corp. (& Subs.)— Earnings —
30—
1939
Sales____________________ $2,236,682
Cost of goods sold______
996,952
Oper. expenses, excl. of
deprec. and amort____ 1,182,619
Deprec. and amortz____
114,457
Y ears E n d . J u n e
Loss______ ______ _
Other income, less int.
and other expenses
$57,347
1937
1936
$2,311,884 $2,164,704
1,048,546
975,092
1,248,270
125,139
1,161,999
118,057
1,095,498
130,410
$81,533
$16,720
$36,295
5,153
202
Net loss_____________
$38,017
$74,113*
$11,567
x Includes gain on disposition of capital assets ($10,200).
C o n s o l i d a t e d B a l a n c e S h e e t J u n e 30
$36,093
A ssets —
C a s h _______________
Sales ta x c o lle c t ’ ns
P a y ro ll ta x c o lle c
t io n s ................ .......
A c c t s . r e c e iv ., less
a llo w , fo r lo s s e s .
In v e n t o r ie s ________
P re p a id in su ra n ce,
ta xes, ren ts, & c .
z E q u ip ., leasehlds
& im p r o v e m e n t .
G o o d w ill a n d t ra d e
m a rk s___________
T ota l
xl9,330
1938
$2,365,202
1,073,325
1939
$ 4 7 ,49 9
15,737
14,1 70
6,1 1 9
56,9 52
26,3 73
747 ,89 2
1
§9 1 4 ,7 4 6
7,420
Liabilities —
1938
§ 2 2 ,1 8 5 F e d . in c. ta xes p a y
15,5 45 N o te s p a y ., b an k s
N o te s p a y ., oth ers
14,468 A c c t s . p a y a b le ____
Sales ta x c o lle c t n ’ s
13,365 P a y r o ll ta x c o lle c
t io n s _____________
71,3 16
A c cru e d lia bilities _
2 2,4 03 x P a r tic . p r e f. s t o c k
y C om m on s t o c k ..
8 30 ,65 5 C a p ita l s u r p lu s___
D e fi c it ........................
1
§9 89 ,93 9
T o t a l ......................
1939
§1 5 ,5 4 3
6 5 ,7 0 0
.............
1 32 ,90 0
1 5 ,7 38
1938
§ 2 0 ,3 4 8
71,2 50
5,250
149,023
15,545
1 4,1 70
20,8 81
,35 9 ,7 6 0
1 0 8 ,00 0
7 2 ,5 3 8
8 9 0 ,4 8 4
14,468
2 4 ,6 00
1 ,3 5 9,7 60
108,000
74,161
852,467
§9 1 4 ,7 4 6
§9 8 9 ,93 9
x Represented by 84,985 no par shares, y Represented by 108.000 no
par shares, z After reserve for depreciation and amortization o f $1,452,596
in 1939 and $1,407,420 in 1938.— V. 147, p. 1936.
Pittsburgh & West Virginia Ry.— Earninps —
S ep tem b er—
1939
1938
1937
1936
Gross from railway_____
$380,617
$273,756
$350,923
$340,366
Net from railway...........
172,346
67,608
64,978
86,270
Net after rents__________
162,223
66,160
82,698
102,438
F r o m J a n . 1—
Gross from railway_____ 2,438,071
2,128,023
3,261,087
2,822,657
Net from railway...........
734,372
410,187
833,794
905,946
Net after re n ts.............
586,804
380,189
934,383
971,611
— V. 149, p. 2096.
Plymouth Oil Co.— Stock Dividend —
Directors have declared a stock dividend o f 2% in addition to the regular
quarterly cash dividend of 35 cents per share on the common stock, both
payable Dec. 21 to holders of record N ov. 10. Similar payments were
made on June 30, last.— V. 149, p. 2243.
Pneumatic Scale Corp., Ltd.— Dividend Increased —
Directors have declared a dividend o f 40 cents per share on the common
stock payable Nov. 1 to holders of record Oct. 24. This compares with
dividends o f 30 cents paid on Oct. 2, July 15 and on March 1, last. See
also.V. 147, p. 2543.
Poor & Co. (& Subs.)— Earnings —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938
1939— 9 Mos.— 1938
y Net profit____________
$54,000 loss$37,000
$436,000 loss$71,000
y After interest, depreciation and other charges.— Y . 149, p. 2703.
Port Henry Light, Heat & Power Co.— Bonds Called—
Holders of first mortgage 5s o f 1946 are being advised o f the redemption
of these bonds on Feb. 1, 1940, at 105 and accrued interest. These holders
may receive immediate payment o f the principal, premium and accrued
interest to Feb. 1, 1940, upon surrender o f the bonds to the New York
Trust C o., 100 Broadway, New York.— V . 123. p. 2262.
Portland Gas & Coke Co.— E xtension o f Bonds and Sale
o f A d d itio n a l Stock —
The Securities and Exchange Commission on Oct. 30 issued an order
exempting the company from the provisions of Section 6 (a) o f the Holding
Company Act with respect to (1) a proposed extension of the maturity of
$9,674,000 1st & ref. mtge. 5% gold bonds, due Jan. 1, 1940 (of which
$3,000,000 is pledged as collateral under the 1st lien & gen. mtge.) and $3,000,000 of 1st lien & gen. mtge. gold bonds, series of “ 4)4s due 1940,” and
(2) the issuance and sale of 6.000 additional shares o f common stock to the
parent company, the American Power & Light C o., for a cash considera
tion o f $600,000. Maturity of the bonds is to be extended for 10 years
from Jan. 1, 1940, to Jan. 1, 1950. The issuance of the 6,000 additional
shares of common stock is conditioned upon acceptance o f the bond ex
tension plan by the bondholders.
The primary effect of the plan in respect o f the bonds will be to extend
the maturity of all outstanding 1st & ref. mtge. and 1st lien & gen. mtge.
bonds from Jan. 1, 1940, to Jan. 1, 1950. Bondholders are asked to agree
to such extension and to waive all rights which might otherwise arise by
reason of failure to pay the principal of the bonds at the present maturity
date. The plan also contains a restriction against issuance of any further
bonds under the respective morgtages, and a new sinking fund provision
which will require retirement o f $250,000 in each of the years 1940, 1941,
1942 and 1943 and $150,000 each year thereafter. Thus a total of $1,900,000 principal amount, or 18.91% of total funded debt now outstanding,
will be retired during the extension period. The company may apply
either cash or bonds in satisfaction of the sinking fund requirement, bonds
being credited at their principal amount regardless of cost to the company.
The sinking fund is to apply ratably to the 5% and 4 H % bonds, so far as
practicable. The 1st & ref. mtge. as presently in effect merely provides
for an “ improvement fund,” which the company has satisfied in the past
by property additions so that no bond retirements were required. No
sinking fund requirement is included in the present 1st lien & gen. mtge.
The new bonds will be redeemable at any time in whole or part at their
principal amount, in contrast to a fixed redemption price o f 110% in the
1st & ref. mtge. and a redemption price progressively decreasing from 102)4
prior to Jan. 1, 1929, to 100 after Jan. 1, 1938, in the 1st lien & gen. mtge.
Under the plan no cash dividends will be permitted on preferred or com
mon stock except out of net income accruing after Dec. 31,1939. Dividend
payments will be further restricted by the maintenance and depreciation
requirements already described.
The extension plan (together with American Power & Light C o.’s sub
scription to 6,000 additional shares of common stock) will become auto
matically effective if holders o f 95% or more o f the aggregate principal
amount of the two Issues outstanding have signified their assent on or before
Dec. 4, 1939, or such later date up to Feb. 29. 1940, as the board of d i
rectors may fix. However, the plan may be declared effective If holders
o f 90% o f the bonds have assented within the above period. Bondholders
may become parties to the extension plan by depositing their bonds in ex
change for certificates o f deposit, or by filing written assent in a form
approved by the company, at any time prior to the date when the plan be
comes operative or within one month thereafter. Assents to the plan will
first be solicited by letter, to which will be attached a copy o f the plan, and
personal solicitations will be made where necessary by employees o f the
company or of Ebasco Services, Inc., the subsidiary service company of
Electric Bond & Share Co. Although no additional compensation will be
paid to such employees for this work, applicant estimates that the total
expenses of solicitation will be $30,000 and that the total of all expenses in
connection with the extension plan, including such $30,000, may be $115,000. Interest due Jan. 1, 1940, will be paid upon deposit prior to that
date and will be made available in ordinary course for bonds not deposited
by that date.
The plan does not permit withdrawal of deposited bonds or revocation of
assents unless the plan is modified, in which event bondholders will be
given notice and opportunity to withdraw from participation in the plan.
However, a failure to indicate dissent within 30 days after the mailing of
notice will be deemed to constitute an assent to the amended plan.
Volume
149
ONE HUNDRED The Commercial & Financial
—
I f the plan becomes operative through the obtaining of sufficient consents
within the above-described period, holders o f undeposited bonds will re
ceive their Jan. 1, 1940, interest, and in the opinion o f counselfor the ap
plicant will retain their right o f action at law to sue for principal. However,
in the opinion o f applicant's counsel, holders o f undeposited bonds will be
subject to the limitations o f the indentures as to foreclosure proceedings or
similar remedies under the indentures. While the trustees may exercise
such remedies in their discretion, they can be compelled to do so only upon
request o f holders o f 25% o f the bonds under the respective indentures,
and it therefore appears that these remedies may not be available to holders
o f undeposited bonds if the plan becomes effective through the assent of
90% or 95% o f the bondholders.
I f the plan does not become operative, bonds will be returned in exchange
for certificates o f deposit at applicant’s expense, and thereafter there will
be no difference in status as between deposited and undeposited bonds.
In such event there will be no obligation on the part o f American Power &
Light Co. to subscribe to additional stock.
The Public Utilities Commissioner o f Oregon and the Department of
Public Service of Washington have expressly authorized the extension of the
maturity date o f the bonds and the issuance and sale o f 6,000 additional
shares o f common stock to American Power & Light Co. for a cash con
sideration of $600,000.
E x ten sion o f B onds Sought by U tility —
The company, a subsidiary o f the American Power & Light C o., sent
Oct. 31 to bondholders a plan under which it is soliciting an extension for
10 years of the maturity of $9,674,000 first mortgage bonds. The securities,
comprising $6,674,000 o f & and $3,000,000 of 4>£s, will fall due on Jan.
1, 1940.
Under the plan the maturity o f the two issues is to be extended until
Jan. 1, 1950, at the same rates o f interest. In addition, a sinking fund is
to be created whereby at least $1,900,000 o f the bonds will be retired within
the 10 years.
Holders o f at least 95% o f the bonds outstanding must accept the ex
tension offer for it to become operative, although provision is made for the
directors to declare the plan effective if holders of 90% o f the bonds deposit
under the extension agreement. Dec. 4 has been set as the final date for
receiving deposits but, on approval o f the directors, this date may be
extended to Peb. 29, 1940.
American Power & Light Co. as parent concern, has agreed that, if
and when the plan becomes operative, it will buy for cash 6,000 additional
shares o f common stock at $600,000. These funds would be utilized by the
subsidiary to expand its byproduct plant facilities.— V. 149, p. 2703.
Portland General Electric Co,— E a rn in g s —
Other miscellaneous income (net)____
Sundry income deductions.
Net income .
1937
$7,219,079
4,134,411
$2,993,586
Dr2,005
$2,626,770
Dr2,065
$3,084,668
5,972
$2,624,705
$3,090,640
1,744,896
180,663
30—
1938
$7,110,985
4,484,215
1,765,810
223,663
1,864,424
166,353
$1,066,022
30
M o n th s E n d ed S ep t.
1939
$7,614,414
4,620,828
$2,991,581
9
$635,232
$1,059,863
eet S ep t.
1939
1938
Assets—
$
$
U tility p la n t ______65 ,89 9 ,9 8 1 6 4 ,9 6 6 ,4 8 6
N o n -u tility p r o p . &
ex p en d itu res fo r
fu tu re d e v e lo p ’ t 2 ,0 7 6 ,4 0 2 2 ,0 7 1 ,9 6 7
R e c e iv s . fr o m a ffil.
315 ,65 2
941 ,21 9
co m p a n ie s ______
,5 1 0 ,7 9 0 2 ,1 5 4,3 91
M isc e ll. a s s e ts ____
S in k , fu n d & o th er
197,812
14,438
sp ecia l d e p o s it s .
P re p d . a ccts . a n d
4 9 9 ,7 1 1
5 1 8 ,80 8
d eferred ch a rg es
U n a m o rt. d e b t dis
3 3 7 ,9 9 0 3 ,5 2 1 ,4 3 0
co u n t a n d e x p __
,603,023 1 ,9 7 5 ,6 4 0
C u rren t a ssets____
T o ta l.
.7 7 ,0 6 6 ,9 2 8 7 5 ,5 3 8 ,8 1 2
1939
S
L i a b ilit ie s —
1938
$
a C o m m o n s t o c k . . 15,3 57 ,71 2 15,3 57 ,71 2
E a rn ed su rp lu s___ 4 ,3 4 o ,0 5 3 2 ,9 2 3 ,1 0 7
L o n g -te rm d e b t . . . 5 0 ,7 5 1 ,6 0 0 5 1,2 7 4 .6 0 0
P a y . t o a ffil. c o s .
_______
2 5 ,0 00
D eferred lia b s____
107,228
131,961
C u rren t lia b s _____ 1 ,5 9 8 ,5 4 5 1 ,5 8 3,5 47
D e fe rr e d c r e d i t s ..
181 ,54 0
6 5,3 88
R e s e rv e s ___________ 4 ,7 2 5 ,2 5 0 4 ,1 7 7 ,4 9 7
T o t a l ......................7 7 ,0 66 ,92 8 7 5 ,5 38 ,81 2
B onneville H e a d N eg otia tin g f o r Pact —
Dr. Paul Raver, Booneville Dam Administrator, said, after a White
House visit Oct. 30, that he is negotiating a contract with Portland General
Electric Co. but that terms have not yet been agreed upon.
Pending the ironing out o f differences. Dr. Raver said, a one year stop-gap
contract has been offered to Portland General. The one year contract, he
declared, is still under discussion.
Dr. Raver indicated that one o f the major difficulties in the negotiations
was to work out an agreeable resale rate.
Dr. Raver said he had not discussed policy with President Roosevelt
but had confined the interview to bringing the Chief Executive up to date
on the Booneville situation.— V . 149, P. 1036.
Porto-Rican American Tobacco Co.—
C hanges in
Col
lateral U n d erlyin g B o n d s -
Bank Farmers Trust C o., as successor trustee under trust indenture
dated as of Jan. 1,1927, reports that, pursuant to orders dated, respectively,
July 11, 1939 and Sept. 12, 1939, o f the U. S. District Court for the South
ern District o f New York, it has delivered from pledge thereunder 50,000
shares o f class B capital stock o f Waitt & Bond, Inc., and that this delivery
was made in connection with the sale by the said company of 151,300 shares
o f such stock (including the pledged shares) at $1 per share, which sale was
approved by the Court. Against the delivery o f the 50,000 shares and
pursuant to said court orders, there has been deposited with it as trustee,
in cash, the sum o f $151,300, o f which sum $50,000 is held by it as trustee
under the aforementioned trust indenture, subject to the terms thereof,
and $101,300 is held by it as trustee under said trust indenture as a special
deposit subject to the further order o f the court.— V. 149, p. 2524.
c ity
B on d s Called —
Bankers Trust C o., as trustee for the collateral trust bonds, American
6% series, has called for redemption on Dec. 1, 1939, $48,500 principal
amount o f the bonds at 101 and accrued interest. Certain o f the bonds are
designated for redemption in part only and holders o f such bonds will be
entitled to receive, upon presentation and surrender thereof, new collateral
trust bonds, American 6% series, in the denomination o f $100 each, o f an
aggregate principal amount equal to the unredeemed portion o f their present
bonds.
All called bonds should be presented for redemption at the New York
office o f Bankers Trust Co. on and after Dec. 1.— V. 148, p. 2755.
--------------- C a l e n d a r Y e a r s ---------------1938
1937
1936
$2,129,012 $3,889,305 $2,567,659
2,059,230
3.393.144
2,216.173
Operating profit..........
Other income__________
$187,840
685
$69,783
3,239
$496,161
7,661
$351,486
8,343
Net income before in
come tax__________
Federal income taxes_
_
Undistributed profits tax
$188,525
35,820
______
$73,021
13,342
______
$503,822
85,838
22,702
$359,829
60,479
______
Net income..................
$152,705
$59,678
$395,282
$299,350
Dividends_____________
______
______
248,570
283,996
Sales for the nine months ended Sept. 30, 1939 amounted to $2,486,330
as compared with sales o f $1,077,799 for like period o f 1938.
Underwriting and option agreement with A . W . Porter, Inc., dated
Dec. 1, 1938, as amended, has been canceled and a new agreement dated
Sept. 22, 1939 has been entered into providing for the sale of 20,000 shares
at $10 a share to A . W . Porter Inc., payment to be made within 30 days
2985
after the effective date o f the registration statement to be filed with the
Securities and Exchange Commission. The agreement also provides for
an option on 30,000 shares at $10 a share exercisable as to 20,000 shares
within 90 days from the effective date and 10,000 shares within six months
from the effective date of the registration statement.
The stock of the company was split 2 for 1 in Jan., 1939, and the author
ized capital now consists of 300,000 shares of common stock ($1 par), of
which 248,576 shares are presently outstanding. The present financing
involves 50,000 shares additional, the proceeds of which will be used to
pay off money borrowed for the purpose of making permanent improve
ments to the plant and equipment.
P r o F o r m a B a l a n c e S h e e t J u n e 30, 1939
[After giving effect to sale of 20,000 additional shares of stock, but no*
giving effect to 30,000 shares of common stock under option.]
Assets—C a s h ______ ______
$ 354,942
A c co u n ts re c e iv a b le ( t r a d e ) . .
189,587
I n v e n to rie s _____________________
2 08 ,23 5
M a rk e ta b le secu re, a t c o s t ____
3 4,629
P la n t & e q u ip , (less d e p re c’ n ) . 1 ,2 1 4,2 23
O th er in vestm en ts & secu rities
66,3 50
P a ten ts & p a ten t rig h ts _______
3 0,146
O rg an iza tion e x p e n s e _________
56,170
P rep a id ex p en ses_______________
2 9 ,0 04
I m p o u n d e d b a la n ce in c lo se d
b a n k s _________________________
620
Liabilities—
A c c o u n ts p a y a b le _____________
A c cru e d p a y r o lls _______________
A c c r u e d taxes a n d I n s u r a n c e ..
U n cla im e d d iv d s . fr o m 1 9 3 7 ..
R e a l esta te m ortg a g e o n p la n t .
E s tim a te d in co m e ta x lia b ility
C a p ita l sto c k ($1 p a r )__________
P a id -in su rp lu s________________
E a rn ed su rp lu s________________
T ota l
$ 2 ,1 83 ,90 6
T ota l
$63,917
10,453
25,7 06
385
210 ,00 0
35,8 19
268 ,57 6
921,561
647 ,49 0
$ 2 ,1 83 ,90 6
T ra n sfer A g e n t —
The Marine Midland Trust Co. o f New York has been appointed transfer
agent for 298,576 shares o f common $1 par value stock o f this company.—
V. 149, p. 2524.
Pullman-Standard Car Mfg. Co.— A c q u isitio n —
Company has acquired the Hammond, Ind., plant o f the Southern
Wheel division of American Brake Shoe & Foundry Co. used for the manu
facture of chilled tread car wheels. This will supplement its present
facilities now located at Michigan City, Ind., for manufacturing chilled
tread wheels. The new plant normally employs from 80 to several hundred
persons.
Southern Wheel division has in turn acquired from Pullman-Standard
its wheel foundry at Houston, Texas, and is expected to move to that
location practically its entire personnel now located at the Hammond
plant.— V. 140, p. 152.
Quaker State Oil Refining Co.—
To P a y 5 0 -C e n t D iv id en d
Directors have declared a dividend o f 50 cents per share on the common
stock, par $10, payable Dec. 15 to holders of record Nov. 29. Dividends of
20 cents were paid in each o f the three preceding quarters and dividends of
25 cents were paid on Nov. 1 and on March 1, 1938, this latter being a
regular quarterly dividend. A year-end dividend o f 15 cents was paid on
Dec. 24, 1937.— V. 149, p. 148*.
Radio-Keith-Orpheum Corp.—
C la im s A llo w e d —
Claims totaling $25,079,151, out o f $55,512,250 claims filed, have been
allowed in the reorganization proceedings. Cash on hand on Sept. 30,
1939, amounted to $517,543, o f which $200,922 has been set aside for
administration expenses. This was revealed when Irving Trust C o .. trustee,
and William J. Donovan, its solicitor, petitioned for ad interim allowances
for services totaling $140,000, in addition to $502,500 which they have
already received.
Reorga niza tion H e a r in g A d jo u r n e d to D e c .
5—
Hearing on the reorganization plan before Judge William Bondy has been
adjourned to Dec. 5.
Richard Jones, o f counsel for Atlas Corp., advised the court that Atlas
Corp. is negotiating a new underwriting agreement for $1,500,000 in new
common stock o f RKO but that directors have decided not to take any
action with respect to the offer until George W . Schaeffer, President, re
turns from the Pacific Coast in about two weeks.— V. 149, p. 2704.
P e r i o d E n d . S e p t . 30—
Tele, and cable oper. rev
Depreciation and am ort.
Relief depart .& pensions
All other gen. & misc exp
1939— M
$106,372
6,926
417
79,360
o n th —
1938
$85,588
10,282
417
64,103
1939— 9M
$860,523
69,860
3,751
628,690
o s .—
1938 ^
$891,294
90,045
3,751
587,898
Net telegraph & cable
oper. revenue________
Uncollectible oper. rev. .
Taxes assignable to oper.
$19,669
100
7,792
$10,766
100
3,528
$158,222
900
53,542
$209,600
900
56,949
Operating income___
Nonoperating income_
_
$11,777
2,913
$7,138
155
$103,780
5,173
$151,751
1.804
Gross income________
Deduc. from gross inc__
$14,690
154
$7,293
185
$108,953
1,402
$153,555
1,682
Net income__________
— V. 149,p.2379.
$14,536
$7,108
$107,551
$151,873
Railway Equipment & Realty Co., Ltd.— E a rn in g s —
P e r i o d E n d . S e p t . 30— 1939— 3 M
Gross (inci. non-op. inc.) $2,461,253
Operating expenses____ 1,809,700
Taxes, &c______________
100,719
99,869
Depreciation___________
Interest, &c___________
88,599
Balance, profit____
Other charges & credits
net incl. surplus items
Balance, profit.
Assets—
C a p ita l a ssets____
C a s h ______________
R e c e iv a b le s _______
M a t ’ ls & su p p lies.
D e fe rr e d c h a r g e s ..
_____
.— 1938
1939— 12 M o s .— 1938
$1,449,486 $7,817,915 $5,776,023
1,268,737
6,414,910 4!913!028
89,907
379,786
348,547
78,348
370,929
326,663
61,802
331,867
180,106
os
$362,366 loss$49,308
Drl2,069
D r 1,554
$350,297 loss$50,862
$320,423
Dr22,335
$7,678
Dr62,766
$298,088 loss$55,090
C o n s o lid a te d B a la n c e S h ee t S e p t. 3 0
1939
1938
1939
1938
L iab ilities—
2 7 ,9 8 7 ,4 4 5 2 7 ,7 7 4 ,3 1 9 L o n g -te rm d e b t ___ 5 6 67 ,29 3 5 ,0 0 0 ,0 0 0
4 2 9 ,9 0 4
8 0 3 .7 0 8 S in k in g fu n d d u e
7 8,306
w ith in on e y e a r .
130 ,83 6
195,000
2 54 ,58 7 In sta ll, c o n t r a c t s .
116 ,11 5
2 5 6 ,6 2 3
3 9 1 ,25 7
1 ,0 3 8 ,7 2 5
8 37 ,03 7 B a n k lo a n s ________
4 35 ,41 8
6 75.002
A c c o u n ts & w a g e s .
4 3 2 ,9 0 6
279 ,34 9
A c cru e d in t e r e s t ..
25,3 01
26,4 72
6 6 7 ,6 9 2
D e fe rr e d c r e d i t s . .
212 ,66 5
R eserv es
0 3 8 ,3 8 0 4 ,0 8 8 ,2 7 4
C a p ita l & s u r p lu s. 1 8,2 6 5 ,4 2 9 19,0 74 ,93 6
T o t a l ......................2 9 ,8 4 3 ,5 3 4 2 9 ,7 4 7 ,9 5 5
T o t a l . ..................2 9 ,8 4 3 ,5 3 4 2 9,7 4 7 ,9 5 5
— V. 149, p. 886.
Pressed Metals of America, Inc.— E a rn in g s —
6 M os. E n d.
J u n e H O, '39
Gross sales less returns.. $1,785,312
Cost and expenses______ 1,597,472
YE A R S OLD
Radiomarine Corp. of America— E a r n in g s —
a Represented by 236,819 no par shares.
Power Securities Corp.—
Chronicle —
Railway Express Agency, Inc.— E a r n in g s —
P e r i o d E n d . A u g . 31—
1939— M o n t h — 1938
1939— 8 M o s .— 1938
Charges for transport’n.$13,300,850 $12,499,833 $106192,560 $96,804,613
Other revs, and incom e.
231,717
229,220
1,838,002
1,771,895
Total revs, and i n c ..$13,532,567 $12,729,053 $108030,562 $98,576,508
n n n n li n r a
O 401 *7OF!
7 7 C *700
OOO 101
tO
Operating n v n o n o o r .
expenses------- 8,481,729 *77,775,766 67,223,181 £?0 OOO C C
62,988,635
Express taxes__________
558,215
510,725
4,409,266 4,085,083
Interest and discount on
funded debt.................
80,995
134,069
628,450
1,073,607
7,499
7,571
61,097
169,994
Other deductions______
x Rail transp. rev____$4,404,129 $4,300,922 $35,708,568 $30,259,189
x Payments to rail and other carriers, express privileges.
N e w D irector —
George D. Brooke, President o f Chesapeake & Ohio Railway, Pere
Marquette Railway and New York, Chicago & St. Louis R R ., has been
elected a director of this company, to succeed Charles E. Denney, who
recently resigned as President-trustee o f Erie R R . to accept the presidency
of Northern Pacific Railway.— V. 149, p. 2243.
2986
ONE HUN DRED— Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
The
—
Ralston Steel Car Co.— Clears
U p P referred A c c ru a ls —
Directors on Oct. 30 declared two dividends o f $1.25 per share each
(or a total of $2.50 per share) on the $5 cumulative preferred stock, payable
Dec. 20 to holders o f record Dec. 15. One o f these dividends is applicable
to the September quarter and clears up arrearages on this issue; the other
is applicable to the fourth quarter. Previous distribution was made on
June 30, last, and amounted to $1.25 per share.— Y . 115, p. 996.
Reliance Steel Corp.— E a r n in g s —
E a r n i n g s f o r T h r e e M o n t h s E n d e d S e p t . 30, 1939
Gross sales___________________________________________________$2,203,601
Returns, allowances, freights, discounts and trucking expense..
109,178
Cost o f goods sold (less discounts)____________________________
1,565,283
Warehouse, selling, administrative and gen. exp. incl. deprec_
_
374,315
Profit_____________________________________________________
Other income________________________________________________
$154,826
939
Total income_____________________________
Interest paid_______________________________
Sundry deduction___________________________
Estimated provision for Federal income taxes.
•$155,765
1,775
5,604
27,912
Net profit_________________________________________________
$120,473
Preferred dividends__________________________________________
26,250
Earnings per share on common stock________________________
$0.44
Earnings for the six months ended Sept. 30, 1939 were equivalent to 53cper share on the common stock.
B a l a n c e S h e e t S e p t .30
Assets—
1939
C a sh o n h a n d a n d
d e m a n d d e p o s . . $ 3 2 6 ,4 7 0
x N o t e s , a c c e p t ’s
9 4 8 .3 9 7
& a ccts. r e c e iv ..
I n v e n t o r y _________ 1 ,1 8 3 ,8 3 0
2 7 .1 21
O th e r a ssets_______
y F ix ed a ssets____
6 7 2 ,1 5 7
6 1 ,2 9 6
D e fe rr e d c h a r g e s ..
T o t a l _____
1938
$19 5,1 08
6 7 7 ,24 0
1 ,139,551
4 6 ,9 5 5
368 ,49 6
70,9 15
Liabilities—
Acets pay., trade.
Acer, taxes. &c__
Notes payable___
Amt. due employee
—commission
Long term debt__
Res for conting..
Pref.stk. (par $25)
Com. stock (par $2)
Com. stock sub
scribed for by
employees____
Capital surplus__
Earned surplus__
. ..S 3 .2 1 9 ,2 7 1 $ 2 ,4 9 8 ,2 6 4
1939
$42 7,8 79
149,290
3,2 0 0
1938
S243.788
96,9 28
232
4 3 5 ,3 3 8
7 50 .00 0
4 8 3 ,4 0 0
263
86,5 18
4 2,5 00
783 ,12 5
4 8 3 ,3 0 0
2 ,4 2 0
721 ,86 2
2 4 5 ,6 5 0
2 ,6 3 5
713 ,15 5
46,0 53
T o t a l ___________ $ 3 ,2 19 ,27 1 $ 2 ,4 9 8 ,2 6 4
x After reserve for doubtful accounts o f $47,565 in 1939 and $45,130 in
1938. y After reserve for depreciation o f $111,346 in 1939 and $83,847 in
1938.— V. 149, P. 1487.
Republic Petroleum Co.— E a r n in g s —
$397,448
155,812
P rofit_____________________________________________________
x Profit from subsidiaries____________________________________
$241.6°6
64,132
Total profit_________________________
Loss on sale o f capital assets___________
Other expense, net o f other income_____
Provision for depletion and depreciation.
Taxes________________________________
$305,768
14,697
9,767
156,273
31,156
^ Net p r o fit..________ __________________________ ____________
$93,875
Earnings per share___________________________________________
$0.22
h x Increased $5,416 by inclusion o f oil inventories not previously taken into
account.— Y . 149, p. 1036.
A d v e rtisin g D irector —
Chester W . Ruth has been appointed director o f advertising and Harold
H. Oldham, assistant director, according to N . L. Clarke, Vice-President in
charge o f sales.— V. 149, p. 2525.
Revere Copper & Brass, Inc.— E a r n in g s —
[Including Wholly Owned Subsidiary Companies]
9 M o s . E n d . S e p t . 30—
1939
1938
1937
Net operating profit____ $2,042,964
x868,736 $4,543,376
Int. earned, cash dis
counts, & c___________
101,108
65,258
167,311
Total income__________$2,144,072
Cash discounts on sales
& miscell. charges____
315,746
Loss on own bonds
purch. & retired_____
569
1936
$3,134,237
102,855
x$803,479
$4,710,687
$3,237,091
233,475
460,422
235,776
7,345
467
Net income___________ $1,827,757 x$l,036,953
Depreciation___________ 1,038,764
1,008,716
Interest on bonds______
262,477
270,059
Amort, o f bond prem.,
discount & expense_
_
42,400
43,781
Prov. for Fed. normal
income tax___________
138,000
Hurricane loss, net_____
9,980
$4,242,920
980,847
282,291
$3,000,848
963,460
293,911
49,540
44,520
653,000
285,000
Net inc. for period___
$336,135 x$2,359,510
Nil
Earns, per sh. on com _
_
Nil
x Indicates loss.— V. 149, p. 1338.
$2,277,241
$2.11
$1,413,957
$0.39
Reynolds Investing Co., Inc.— N e w
P lan F iled —
A reorganization plan for the company involving complete liquidation of
its assets under control o f present debenture holders and distribution of the
proceeds among all present security holders according to their strict legal
priorities as filed Oct. 28 in the U. S. District Court for the District of New
Jersey by the trustees and authors o f the plan, John Gerdes and James D.
Carpenter Jr.
Because the reorganized debtor will not operate as an active investment
trust, its name will be changed to Reynolds Realization Corp. The new
company will have the following capitalization:
$3,439,000 5% debentures maturing April 1, 1948.
9,915 shares o f new $10-par preferred stock, entitled in voluntary or
involuntary liquidation to $133 a share.
178,786 shares o f new common stock o f 50 cents par value.
Each holder o f old debentures will receive an equal amount of new
debentures.
Each holder o f shares o f old preferred stock will receive a class A cer
tificate from voting trustees giving ownership rights, except the right to
vote, in an equal number o f shares o f new preferred stock.
Each holder o f shares o f old common stock will receive a class B cer
tificate from the voting trustees giving ownership rights, except the right
to vote, in shares o f new common stock in the proportion o f one share of
new common for each 10 shares o f old common.
The preferred shares will entitle the owners, to the extent to which the
amount realized upon liquidation o f the assets leaves a surplus after pay
ment in full o f the claims o f creditors and debenture holders, to receive
$133 in cash for each share o f preferred stock before any payment is made
to the common or to trust certificates.
The voting trust certificates for the common stock entitle holders to
their proportion o f all assets o f the company after payment o f the above
claims, if holders o f class B certificates vote to dissolve the company. I f
dissolution shall not be voted holders o f class B certificates shall be en
titled to the shares o f new common represented by their certificates.
Debenture holders will have the right to elect three o f the five directors
until the asset value o f the debentures is equal to 200% o f the principal and
unpaid accrued interest; thereafter they will be entitled to elect two directors.
When debenture holders are entitled to elect three directors, voting trust
certificate holders o f each class o f stock will be entitled to elect one director.
When debenture holders are entitled to elect only two directors, holders of
trust certificates representing the preferred will also be entitled to elect two
directors.
L iq u id a tio n P r o p o s a l
There is to be a dissolution o f the company on April 1, 1938, unless all of
the debentures and preferred shares shall have been retired earlier.
The plan proposes liquidation through the medium of a reorganized
debtor rather than through an adjudication in bankruptcy because: (1) the
solvency or insolvency o f the debtor is uncertain, and a judicial determina
tion would involve prolonged litigation, be expensive, and in the end, be
useless; (2) complete and satisfactory liquidation is a practical impossibility
within the time ordinarily contemplated by a bankruptcy or other liquida
tion through legal proceedings, (3) corporate management is more flexible
and better able to meet unforeseen contingencies in a liquidation over a
long period of time than is the case where the liquidation is managed by
officers of a court, and (4) control of a liquidation over a long period should
be under the direct and immediate control of those primarily interested—
the debenture holders and stock owneis.
The plan names Arthur T. Vanderbilt, former President of the American
Bar Association, and Charles F. Lynch, a former judge, as voting trustees,
and Dean Langmuir, G. Vernor Rogers, Samuel S. Rodman, Richardson
Morris and Edwin H. Woarms as directors until 1941.— V. 149, p. 2244.
Rheem Manufacturing Co.— E xtra
and L arger D iv id e n d —
Directors have declared an extra dividend of 15 cents per share in addition
to a quarterly o f 25 cents per share on the common stock, both payable
Dec. 15 to holders o f record Dec. 1. Previously regular quarterly dividends
of 20 cents per share were distributed.— V. 149, p. 886.
Rochester & Lake Ontario Water Service Corp.—
12 M o n t h s E n d e d S e p t . 30—
Operating revenues______________________
Operating expenses______________________
1939
$525,512
327,794
1938
$505,808
317,960
Net earnings__________________________
Other income___________________________
$197,718
82
$187,848
100
Gross corporate income_______________
Interest on funded debt_________________
Amortization of debt diset. & expense___
Taxes assumed on interest_______________
Other interest charges___________________
Interest charged to construction_________
Miscellaneous deductions________________
Provision for Federal tax on capital stock.
Provision for Federal income tax________
$197,800
98,062
Cr32
97
Cr4
Cr4
6,000
808
4.308
$187,948
101,000
10,748
275
927
Cr51
882
3,273
Net income.
$88,566
$70,891
30, 1939
A s s e t s — Plant, property, equipment, &c., $5,339,811; cash in banks and
working funds, $46,581; accounts receivable (net), $61,419; accrued unbilled
revenue, $29,072; materials and supplies, $27,493; prepaid accounts, de
ferred charges and unadjusted debits, $16,465; total, $5,520,842.
L i a b i l i t i e s — Funded debt, $1,927,000; due to New York Water Service
Corp., $245,599; accounts payable, $9,851; due to affiliated companies,
$246; consumers’ deposits and interest accrued thereon, $2,212; Federal,
State and local taxes, $49,198; interest on funded debt, $8,029; miscellaneous
accruals, $4,411; extension deposits, $24,220; reserves, $554,747; contri
butions in aid of construction, $29,965; common stock (2,000 no-par shares).
$50,000; Paid-in surplus, $1,185,500; capital surplus, $592,393; earned
surplus, $837,468; total, $5,520,842.— V . 149, p. 886.
B a la n c e S h e e t S e p t.
E a r n i n g s f o r 9 M o n t h s E n d e d S e p t . 30, 1939
Operating revenue____________________________________________
Operating & general expenses_________________________________
Republic Steel Corp.— N e w
N o dividends are to be paid and no shares of stock o f any class are to be
retired by redemption until all the debentures shall have been paid or
retired. Class A voting trust certificates, however, may be purchased by
the company before such payment or retirement under specified limitations,
when the net assets behind the outstanding debentures are in excess o f
150% o f both principal and accrued interest.
Ruberoid Co. (& Subs.)— E a rn in g s —
30— 1939—3 M o s .-—1938
1939— 9 M o s .— 1938
Net sales______________ $4,778,222 $3,814,039 $12,017,865 $10,158,512
Cost of goods sold, exps.,
deprec., Fed. taxes,
less other in c o m e .... 4,484,350
3,468,265 11,515,986
9,807,460
P e r io d E n d . S ep t.
$293,871
$345,773
$501,879
$351,052
Profit for period.........
x Earns, per share------$0.74
$0.87
$1.26
$0.88
x Based on 397,806 shares of capital stock outstanding.
N o t e s — (1) Earnings shown above include Ruberoid C o.’s equity in the
earnings of Ruberoid C o., Ltd. (England) only to the extent o f dividends
received from that company during the periods. (2) For the quarter and
the nine months ended Sept. 30, 1938, there has been included under
“ other income” the sum of $158,092, representing the excess of a liquidating
dividend received from Ruberoid Purchase Corp. (dissolved Sept. 23, 1938)
over the cost to Ruberoid Co. of its investment in that company.
Herbert Abram, President, says: “ Despite increased public agitation
over European conditions in September activity in home building and
modernization in this country continued to show an encouraging upward
trend, statistics compiled by F. W . Dodge Corp. indicating that the value
of contracts awarded for residential construction in 37 Eastern States in
September of this year exceeded that for the same month in 1938 by $30 106,000, or 30% . Sales of Ruberoid products, many of which are parti
cularly adapted to residential construction, have consistently reflected the
general trend o f activity in the building industry.” — V. 149, p. 744.
Rutland RR.— E a rn in g s —
S ep tem b er—
Gross from railway_____
Net from railway_____
Net after rents________
F r o m J a n . 1—
Gross from railway_____
Net from railway_____
Net after rents________
— V. 149, p . 2705.
1939
$337,200
97,558
71,775
1938
$245,037
def7,381
def37,902
1937
$295,742
23,130
1,168
1936
$299,184
38,233
24,494
2,533,870
203,307
4,008
2,160,999
defl77,208
def447,659
2,699,783
248,699
50,003
2,550,354
173,811
55,414
St. Louis Brownsville & Mexico Ry.— E a rn in g s —
S ep tem b er—
1939
Gross from railway_____
$349,731
Net from railway_____
9,278
Net after rents________ def26,028
F r o m J a n . 1—
Gross from railway_____ 5,481,236
Net from railway______ 2,005,247
Net after rents__________
1,396,637
— V . 149, p. 2097.
1938
$304,746
def30,886
def58,783
1937
$507,309
135,101
112,912
1936
$369,286
39,662
21,599
5,207,377
1,650,201
1,037,977
6,066,495
2,320,228
1.740,328
4,010,280
887,685
442,544
St. Louis-San Francisco Ry.— In terest —
J. M . Kurn and John G. Lonsdale, trustees, announce that interest
coupons (N o.23) maturing N ov. 15, 1939, perrtaining to equipment trust
certificates, series CC, will be purchased at their face value on and after
N ov. 15, 1939, upon tender.
C o m p a n y O p p o sses P la n o f I C C E x a m in e rs —
An assault on the “ Boyd doctrine” was contained in a brief filed Oct. 31
with the Interstate Commerce Commission by the company as the debtor
in its own reorganization.
The attack was directed specifically against the plan of reorganization
proposed by J. V. Walsh and T . K. Carpenter, ICC examiners, which
would deprive the holders of the road’s common and preferred stocks from
participation in the reorganized company.
The doctrine of the case of the Northern Pacific R y vs. B oyd, decided
b y the Supreme Court in 1913, which has increasingly gained acceptance
among Federal regulatory agencies having jurisdiction over corporate
reorganizations, is to the general effect that a stockholder or debenture
holder in a corporation has no rights other than a share of the earnings after
the secured creditors have been taken care of.
The Securities and Exchange Commission made important use o f the
doctrine in the Genesee Valley Gas Co , and the ICC has applied the
doctrine in several recent railroad reorganization cases.
Also of timely significance in the brief is its reference to improved business
conditions as an argument for recognizing a higher earning capacity for
the property, a recognition essential to inclusion of the stockholders in the
reorganization.
“ There are signs o f great portent,” the brief stated, “ that almost over
night we have entered a new business era which will differ from the de-
Volume 149
ONE HUNDRED The
—
Commercial & Financial Chronicle —
pression period as greatly as that period differed from the one immediately
preceding it. No better basis of estimating that expectation can be found
than to take ail the years to strike the average.”
In making its attack upon the reorganization policies o f the IC C , in
volving, in this case, the application o f the “ Boyd doctrine,” the debtor
declared that “ it has been proposed in high places that the earnings of a
series of years, in which the years o f depression are the most weighty
factors, shall be averaged and that permissible capital shall be limited to a
capitalization of these earnings.”
“ No more shocking proposal was ever made by an avowed defender of
the Constitution than the suggestion that an honest investor can be de
prived o f his property by such an arbitrary and untruthful test of value,”
the debtor asserted.
Continuing, the debtor’s brief assailed the basic theory of the IC C ’s
regulatory policy, as it may or may not be expressed in the examiner’s
proposals, as follows:
“ Does the commission wish to announce to investors that the Government
has no intention of promoting a legislative and executive program to restore
opportunity to earn a fair return on railroad investments heretofore honestly
made, and that it is now the policy o f this Government by fiat to forfeit
the investments in railroads on which no return can be earned in times of
deep depression under the burden o f uncoordinated Government policies
as to rates, wages, levies (miscalled taxes) and unregulated competition?
“ If that is the investment vista which is to beckon railroad capital to
morrow if that is the declaration which the public interest requires, no
shuffling of securities, no change in the details o f indentures or accounting
methods or ratios between fixed and contingent rights to distributable
earnings can make railroad credit attractive.”
The brief pointed out that “ among the 16,000 stockholders of the debtor
whose investments would be destroyed if the examiners’ proposal is adopted
are those who purchased at par the $15,000,000 common stock authorized
in 1937 and the $50,000,000 preferred stock authorized as late as 1928.
The proceeds o f these shares were used in large measure to retire bonds of
the debtor.”
The brief urged the ICO to reject the examiners’ proposal and to approve
the debtor’s plan, holding that no authority exists for the approval of any
plan which is not a composition with the debtor as a party.
“ No procedure which up to this time has been judically validated as a
proper exercise of bankruptcy power has been permitted to control the
examiners’ recommendation,” the debtor declared.— V. 149, p. 2705.
St. Louis-San Francisco & Texas Ry.— E a rn in g s —
S ep tem b er—
Gross from railway_____
Net from railway_____
Net after rents_______
F r o m J a n . 1—
Gross from railway_____
Net from railway_____
Net after rents________
— V. 149, p. 2097.
1939
$108,077
1,806
def29,218
1938
$112,458
11,516
def22,548
1,213,283
249,959
def59,866
1,267,519
277,569
def68,140
1937
$111,965
def2,174
def39,695
1936
$127,777
12,955
def31,414
1,194,094
996,095
194,085
def8,765
defl26,152 def357,207
St. Louis Southwestern Ry. Lines— E a rn in g s —
30— 1939— M o n t h — 1938
1939— 9 M o s . — 1938
Railway oper. revenues. $1,717,744 $1,583,845 $13,998,698 $13,419,165
Railway oper. expenses. 1,357,738 1,129,372 11,424,015 10,134,852
P e r io d E n d . S e p t.
Net rev. from ry. oper.
Railway tax accruals___
$360,006
115,989
$454,473
106,519
$2,574,682
1,006,068
$3,284,313
946,807
Railway oper. income.
Other ry. oper. income. _
$244,017
27.611
$347,954
26.880
$1,568,614
247,860
$2,337,506
235,366
Total ry. oper. income
Deduct, fr. ry. oper. inc.
$271,628
123,300
$374,834
129,191
$1,816,474
1,450,137
$2,572,872
1,525,047
Net railway oper. inc.
Non-operating incom e. _
$148,328
4,664
$245,643
5,196
$366,337
62,958
$1,047,825
67,521
Gross incom e.. . . .
Deducts, from gross inc.
$152,992
264,882
$250,838
266,291
$429,295
2,409,108
$1,115,346
2.414,569
$111,890
$15,453
$1,979,814
$1,299,223
Net deficit__________
In terest —
The interest due N ov. 1, 1939, on the first mortgage.4% gold bond
certificates, due 1989, was paid on that date.— V. 149, p. 2525.
Safety Car Heating & Lighting Co.— D i v .
C orrection —
Directors have declared a dividend o f $1.50 per share (not $1 per share
as stated in last week’s “ Chronicle” page 2705) on the common stock,
payable Dec. 15 to holders o f record Dec. 1. Dividends of $1 per share
were paid on Sept. 1, June 1, last and Dec. 23 and on June 1, 1938.— V.
149, p. 2098.
Safeway Stores, Inc.— To
P a y Stock D ivid en d —
Directors have declared dividends o f $1.75 on the 7% preferred stock,
$1.50 on the 6 % preferred stock and $1.25 on the 5% preferred stock, all
payable Jan. 1, 1940 to holders o f record Dec. 5, 1939. They also author
ized final 1939 dividends on the common stock amounting to 75 cents in
cash and 2-100ths o f a share o f 5% preferred stock on each share of common
stock, payable Dec. 20 to common holders o f record Dec. 5, 1939.
Where the dividend on the common will result in a fraction of less than
l-10th o f a share o f preferred stock payment for such fraction will be made
in cash subsequent to Dec. 20, the amount o f cash payment to be determined
by the market value o f the 5% preferred stock on Dec. 20.
The 5% preferred stock on which dividend is paid is o f $100 Par value and
is o f the same series as the 5% preferred stock now listed on the New York
Stock Exchange.
Part o f the dividend on the common stock is to be paid in preferred
stock in order to retain a substantial part o f earnings as additional working
capital.
Previous common dividends were as follows: 75 cents on Oct. 1, last
50 cents on July 1 and on April 1, last; $1.25 paid on Dec. 15, 1938 and divi
dends o f 25 cents per share paid on Oct. 1, July 1 and April 1.1938.— V. 149,
p . 2380-
Saguenay Power Co., Ltd. (& Subs.)— E a rn in g s —
P e r i o d E n d . S e p t . 30—
xl939— 3 M o s . — 1938
Operating revenue_____ $1,182,199 $1,168,999
Oper., maint., adminis.,
&c . . .
122,457
175,160
Taxes____
...
76,944
55,348
xl939— 9 M o s . — 1938
$3,442,151 $3,461,570
423,221
222,291
451,767
174,159
Net operating income.
Other income.
. _
$982,798
26,717
$938,491
3,796
$2,796,638
71,100
$2,835,644
9,140
Total income _ ______ $1,009,515
Int. on funded debt____
342,964
Other interest______ __
1,573
Amort. o f expense .
42,990
Prov. for depreciation. .
177,357
Prov. for income tax_
_
85,146
$942,287
347,544
75
42,268
172,826
74,379
$2,867,739
1,037,467
5,013
127,818
538,637
226,949
$2,844,784
1,052,236
620
168,591
523,355
222,944
Net inc. for the period
$359,485
$305,194
$931,854
$877,036
Preferred dividends____
68,752
68,752
206,255
206,255
Common dividends
210,000
262,500
682,500
787,500
Earnings per share on
common stock
$1.38
$1.12
$3.19
$3.45
x These figures exclude Saguenay Electric C o - - V . 149, P. 1190, 587.
San Antonio Uvalde & Gulf RR.—
S ep tem b er —
1939
$127,603
29,138
def585
Gross from railway_ __
_
Net from railway ____
Net after rents________
F r o m J a n . 1—
Gross from railway------1,032,198
Net from railway______
97,043
Net after rents --------- defl81,510
— V . 149, P. 2097.
E a rn in g s —
1938
$84,683
def724
def27,900
1937
$104,090
6,962
def21,478
1936
$97,610
18,576
def6,877
859,219
def92,423
def376,499
948,579
91,526
defl82,190
958,427
295,994
40,033
Y E A R S OLD
2987
San Antonio Public Service Co.— E a rn in g s —P e r i o d E n d . S e p t . 30— 1939— 3 M
Operating revenue_____$2,021,732
Gen. oper. expenses___
977,268
139,755
Maintenance__________
Prov. for depreciation, _
246,000
Gen. and Fed. income tax
247,350
Net earns, from opers.
Other income (net)_____
Int. on funded debt____
General interest_______
Amort, of debt discount
Tax on bond interest_
_
Miscell. deductions____
N o t e — No
.— 1938
$1,953,028
929,865
134,805
192,137
231,350
os
1939— 12 M o s .— 1938
,608,250 $8,242,817
4,177,666
4,207,500
549,839
506,621
764,106
1,089,787
926,800
988,000
$411,359
2,004
$464,872
3,224
$1,773,124
25,217
$1,867,624
17,885
$413,363
188,000
3,734
30,958
492
$468,096
190,000
6,475
32,591
1,933
$1,798,341
756,311
15,048
125,315
3,778
14,000
$1,885,509
907,600
27,142
63,199
8,764
11,006
$867,805
$237,096
$883,889
$190,179
deduction made for surtax on undistributed profits.— V. 149,
p. 1927.
San Jose Water Works— E a r n in g s —
12 M o n t h s E n d e d S e p t . 30—
Operating revenue___________
Operation___________________
Maintenance________________
Taxes_______________________
Provision for depreciation____
Other expenses______________
1939
$776,674
217,092
53,205
65,634
97,601
6,601
1938
$722,367
207,999
42,048
62,181
97.634
1937
$721,163
207,358
40,891
51,643
91,033
Net operation revenue___________
Other income (net)_________________
$336,542
1,109
$312,504
1,028
$330,239
1,019
Gross income____________________
Interest on funded debt_____________
Interest on unfunded debt__________
Amortiz. of debt disc, and expense..
Other charges_______________________
Prov. for Fed. income tax (est.)___
$337,651
117,525
4,174
9,553
3,057
26,618
$313,532
114,946
3,096
8,907
$331,258
94,728
11,652
8,299
23,528
31,646
Net income____
— V. 148, p. 1975.
$176,723
$163,055
$184,932
Savage Arms Corp.— D iv id e n d
In crea sed —
Directors have declared a dividend o f 75 cents per share on the common
stock, payable N ov. 15 to holders of record Nov. 9. Dividends of 25 cents
were paid on Aug. 21, last and on Dec. 22, 1938 and the last previous
common dividend was the 75-cent distribution made on N ov. 20, 1937.
Dividend of 50 cents was paid on Aug. 30, 1937; 25 cents paid on M ay 28,
1937, and $1 per share distributed on Dec. 15, 1936, this last being the
first dividend paid since September, 1931, when 25 cents per share was
distributed.— V. 149, p. 1488.
Seaboard Air Line Ry.— E a r n in g s —
S ep tem b er—
1939
Gross from r a ilw a y ____ $3,195,955
Net from railway______
348,225
Net after rents. _
112,442
F r o m J a n . 1—
Gross from railway_____ 32,093,946
Net from railway______ 5,105,646
Net after rents . _
1,709,073
1938
$2,879,230
195,752
def38,658
1937
$2,973,255
294,151
57,218
1936
$2,971,805
498,213
363,290
29,336,272
4.016,356
716,559
31,983,691
6,374,183
3,196,402
27,595,848
4,125,005
1,669,729
Special M a s te r —
Tazewell Taylor, Norfolk attorney, has been named Special Master in the
Seaboard reorganization by Judge L. B . Way. In a court order, Judge W ay
set Feb. 1, 1940, as the dealine for presentation of plans o f reorganization.
Otis Glazebrook Jr., Chairman of the 1st & consol, mtge. bonds com
mittee, will have plans ready in November and the underlying mortgage
group in 60 or 90 days, !t is said.
E q u ip m en t T ru st Certificates —■
The Interstate Commerce Commission on Oct. 30 authorized the re
ceivers to assume obligation and liability in respect o f not exceeding $2,310,000 equipment trust certificates, series II, to be issued by the Girard Trust
Co. as trustee, and sold at par and accrued dividends to the Reconstruction
Finance Corporation, or its nominee or nominees, in connection with the
procurement of certain equipment.'—-V. 149, p. 2380.
Shawmut Bank Investment Trust— T en d ers —•
Company will receive tenders through N ov. 6 of its 44^% senior de
bentures, due March 1, 1942. This issue is outstanding at $1,528,000.
All tenders should be mailed to the National Shawmut Bank o f Boston.
— V . 149, p. 2244.
Sherwood, Swan & Co., Ltd.— P referred
D ivid en d —
Directors at their recent meeting took no action on payment of a dividend
on the 6% partic. pref. class A stock at this time. Regular quarterly
dividend o f 15 cents was paid on June 15, last.— Y. 148, p. 3542.
Simonds Saw & Steel Co. (& Subs.)— E a r n in g s —
9 M o n t h s E n d e d S e p t . 30—
1939
Gross sales less discts., returns & allow $6,144,529
Cost o f goods sold__________________ 4,066,316
1938
$4,503,342
3,151,084
1937
$8,281,085
4,656,174
Gross profit_______________________ $2,078,213
Selling expenses____________________
952,328
General & administrative expenses_
_
337,597
Bad debts written o ff (less recoveries)
7,064
$1,352,258
769,125
282,925
8.869
$3,624,911
1,100,123
457,112
7,968
Profit from operations____________
Other income_______________________
$781,224
17,679
$291,338
12,934
$2,059,708
36,710
Profit from oper. & other incom e..
Other charges_______________________
Prov. for Fed. & Canadian inc. taxes.
Prov. for Federal excess-profits t a x ..
Provision for Federal surtax on undis
tributed profits___________________
$798,903
112,832
82,500
$304,273
28,612
57,094
$2,096,418
22.313
305,621
38,837
Consolidated net income..... ............
Common dividends --------------------------
$603,572
347,900
$218,566
199.400
30
1939
$1,565,411
588,905
164,236
C o n so lid a te d B a la n c e S h e e t S e p t.
1939
1938
1938
Assess—
Liabilities—
S
Cash___________ 2 ,517,560 3,715,302 Accts. pay., trade. 222,514
186,773
Accts. & notes rec. 1,023,204
806,378 Accr. Fed., State,
Inventories, not in
Can. & local tax 339,680
348,254
excess of cost or
Accrued payrolls_
56,120
84,230
market.............. 2,883,602 3,400,054 Other accr. Ilabils.
18,999
14,773
Cash surr. value of
Prov.foradd’l staff
compensa’n from
life insur. pols_.
74,547
70,478
Prepayments____
120,295
Jan.1,1939___
104,800
135,878
62,939
Notes & accr. res.
Serial notes pay’le. 600,000 1,500,000
33,415
41,206 Res. for uninsured
not current___
Investments____
182,716
201,417 losses understate
xPlant................. 4,743,177 4,080,918 of N. Y. Workm.
38,000
Comp, law____
38,000
Res. for fluctuat’n
y2,640
Capital stock____ 2,982,000 2,982,000
Consolidated surp. 7,189,879 7,258,545
Total................ 11,578,517 12,451,631'
Total......... ....... 11,578,517 12,451,631
x After reserve for obsolescense o f $592,601 in 1939 and $953,455 In 1938.
y Reserve for fluctuation in English exchange of unconsolidated subsidiary.
— V. 149, p. 2705.
Smith Alsop Paint & Varnish Co.— P a ys
4 0 -C e n t D i v .—
Company paid a dividend o f 40 cents per share on the common stock, on
Oct. 28 to holders o f record Oct. 23. Last previous payment was also 40
cents and was made on Oct. 28, 1937.— V. 145. p. 3358.
2 9 8 8
O N E
H
U N D R E D
—
The Commercial & Financial Chronicle
—
Y E A R S
O L D
Nov. 4, 1939
Southern Indiana Gas & Electric Co.— E a r n in g s —
Skelly Oil Co.— E a rn in g s —
P e r i o d E n d . S e p t . 30—
Gross revenue_________
Oper. exps. and taxes___
Prov. for depreciation..
1939— M o n t h — 1938
$336,464
$312,821
190,262
162,892
21,954
37,588
1939— 12 M o s . — 1938
$4,204,784 $3,949,050
2,324,818
2,220,572
384,614
436,828
Gross income________
Int. & other fixed ch g s..
$124,247
32,859
$112,341
29,279
$1,495,352
392,940
$1,291,650
352,762
Net income_________
Divs. on pref. stock____
Amort, o f pref. stk. exp.
Amort, of ry. prop, losses
$91,388
34,358
10,848
27,500
$83,062
34,358
10,848
$1,102,413
412,296
130,181
165,000
$938,888
412,296
130,181
Net profit___________
$609,327
$695,180 $1,366,246 $1,973,422
Earns, per sh. on com.stk.
$0.52
$0.60
$1.08
$1.69
E a r n i n g s f o r 12 M o n t h s E n d e d S e p t . 30
1939
1938
1937
1936
G ro ss__________
..$32,572,655 $37,435,696 $41,225,823 $33,549,079
Cost. exp. & ord. t a x .. 26,493,870 27,004,018 26,114,376 22,860,779
B alan ce_____________
— V. 149, p. 2245.
$18,682
$37,855
$394,936
$396,411
Operating profit.........$6,078,785 $10,431,678 $15,111,447 $10,688,300
Other in co m e ............... .. 1,107,814
979,608
1,139,165
1,233,052
Miscellaneous revenues .
1Q^Q
. $9.859,454
- 3,720.881
573,715
Total income................. $7,186,596 $11,411,286 $16,250,612 $11,921,352
297,582
309,394
376,219
341,583
Non-oper. charges_____
Interest_______________
423.230
453,619
466,032
517,977
Deprec., deple., &c____ 4,256,909
7,596,745
7,755,335
6,120,694
Federal income taxes___
166,000
06 3,30 0
965,400
380,900
Less uncollectible operating revenues .
-$14,154,050 $13,446,374
31,500
40,500
Profit_______________ $2,042,878 $3,114,828 $6,687,626 $4,560,198
Loss applicable to minor
ity interest__________
______
______
1,803
0 3 ,0 3 7
Operating rents.
Net income................. $2,042,878 $3,114,828 $6,685,823 $4,563,235
Earns, per sh. on c o m ..
$1.67
$2.73
$6.25
$4.14
— V . 149, p. 1773.
Net operating revenues________________________$4,272,216
. $4,272,216
Federal income taxes_______________________
463.918
Social security taxes_______________________
274.300
Other taxes________________________________
558.547
Taxes charged construction________________
Cr45,525
$3,776,821
383.510
266,800
564,570
Cr54,086
. $3,020,976
Dr625
$2,616,027
91,540
- $3,020,351
622,500
...
42,227
Cr2,414
$2,707,567
548.834
69,839
C r 1,567
. $2,358,038
. 2,100,000
$2,090,461
2,400,000
P e r i o d . E n d . S e p t . 30—
1939— 3 M o s . — 1938
1939— 9 M o s . — 1938
G ro ss_________________ $8,791,170 $9,918,633 $24,386,713 $27,694,508
Costs., exp. & ord. t a x .. 7,034.015 7,439,241 19.256,734 20,380,100
Operating profit.........$1,757,154 $2,479,392 $5,129,979 $7,314,408
267,564
211,624
675,069
622,243
Other in co m e .................
Total in c o m e ............ $2,024,716
Non-oper. charges_____
52,783
98,893
Interest________
Deprec., deple., &c____ 1,178,216
Federal income taxes_
_
85,500
Sonotone Corp.— 1 0 -C e n t
$2,691,017
75,623
112,606
1,719,807
87,800
$5,805,048 $7,936,651
148,862
218,227
310,624
337,819
3,789.617
5,122,483
189,700
284,700
D ivid en d —
Directors have declared a dividend o f 10 cents per share on the common
stock, par $1, payable, N ov. 17 to holders o f record N ov. 3. This compares
with five cents paid on July 15, last; 10 cents paid on Dec. 15, 1938; 5 cents
paid on Oct. 14, 1938 and on Dec. 20, 1937; 10 cents paid on Dec. 3 and
Sept. 15, 1937, and 5 cents paid on Oct. 15 and April 15, 1936, this latter
being the initial distribution on the stock.— V. 149, p. 2528.
South Bay Consolidated Water Co, Inc.— E a r n in g s —
12 M o n t h s E n d e d S e p t . 30—
Operating revenues______________________________
Operating expenses______________________________
1939
$507,599
316,950
1938
$475,376
288,221
Net earnings__________________________________
Other income____________________________________
$190,649
______
$187,156
206
Gross corporate income___________
Interest on funded debt_____________
Amortiz. o f debt discount & expense.
Taxes assumed on interest___________
Interest (parent and affil. companies)
Other interest charges______________
Interest charged to construction____
Miscellaneous deductions___________
$190,650
156,725
12,483
1,353
43,969
713
Cr3
107
$187,362
157,070
12,176
1,617
43,664
601
0159
100
Net loss______ ______ _____ ____________________
$24,698
$27,707
B a l a n c e S h e e t S e p t . 30, 1939
A s s e t s — Plant, property, equipment, &c., $6,772,738; cash on deposit
with trustee for redemption of bonds called for sinking fund, $5,100; cash
in banks and working funds, $11,580; accounts and notes receivable, (net),
$43,772; accrued unbilled revenue, $52,671; cash held for by trustee bond
interest, $5,912; materials and supplies, $27,341; debt discount and expense
in process o f amortization, $132,116; prepaid accounts, deferred charges and
unadjusted debits, $7,913; total, $7,059,143.
L i a b i l i t i e s — Funded debt, $3,129,500; indebtedness to affiliated and
parent companies, $806,642; funded debt called for redemption and premium
thereon (contra), $5,100; accounts payable, $9,843; due to parent company
(current account), $426; consumers’ deposits and interest accrued thereon,
$18,077; Federal, State and local taxes, $44,601; interest on funded debt,
$65,302; miscellaneous accruals, $2,143; unearned revenue, $23,395;
deferred liabilities, $15,265; reserves, $645,125; contributions in aid of con
struction, $107,863; 6% cumulative preferred stock ($100 par), $1,044,400;
common ($100 par) stock, $750,000; capital surplus, $512,794; deficit,
$121,334; total, $7,059,143.— V. 149, p. 888.
30—
Gross revenue_________
Oper. expenses & taxes..
Prov. for depreciation._
1939— M o n t h — 1938
$288,073
$304,253
179,181
167,976
31,250
31.250
.$14,122,550 $13,405,874
- 2,943,744
2,926.274
. 2,467,728
2,358,388
- 2,085,700
2,032,178
. 1,120.689
1,064,733
89,787
143,516
. 1,142,687
1,103.964
Net non-operating income.
Bond interest.
Release of premium on long-term debt.
Income balance transferred to surplus_________
B a l a n c e S h e e t S e p t . 30
$258,038 def$309,539
1939
1938
1939
1938
Assets—
s
$
L ia b ilitie s —
S
S
Telephone plant..90,093,252 87,350.509 Common stock— 40,000,000 40,000,000
Misc. phys. p ro p ..
373,207
690,115 Prem. on cap. stk.
136.539
136,539
Inv. in contr. cos.
93,972
61,625 Long-term d e b t ...26,200,000 25,000,000
Inv. in non-contr.
Cust’s deps. & adv.
companies_____
140,378
148,326
billing & paym’ts 572,084
539,625
Cash..........
1,359,082 2,117,196 Acc’ts payable and
Working funds_
_
40,000
60,000
other curr. liabil 1,189,075 1,498,917
Acc’ts receivable.. 2,076,929 2,013,616 Acer. liab. not due 1,912,593 1,968,637
870,524 Deferred credits..
Mat’l & supplies..
808,635
116,998
216.256
Deferred charges..
439,209
412,399 R eserves..............21,701,709 21,126,883
S urp lu s................ 3,595,665 3,237,452
T otal..................95,424,663 93,724,309
T otal...............95.424.663 93,724.309
— V. 149, p. 2528.
Southern Ry.— E a rn in g s —
----- T h i r d W e e k o f O ct ----- ------ J a n . 1 t o O c t . 21------1939
1938
1939
1938
Gross earnings (est.)___$2,918,854 $2,644,150 $104,542,521 $94,012,615
— V. 149, p. 2706.
Southeastern Gas & Water Co. (& Subs.)— E a r n in g s —
Non-operating income.
$147,012
4,667
$168,816
4,499
$193,716
5,747
Charges of subsidiaries______________
Fixed charges oi Southeastern Gas
& Water C o ______________________
$151,679
23,676
$173,315
23,909
$199,464
25,862
180,556
181,083
179,931
$52,554
$31,677
$6,330
$969,308
688,645
Net income________
Divs. on pref. stock____
$39,202
14,286
$31,878
14,286
$410,662
171,438
$280,662
171.438
$17,591
$239,224
$109,224
12 M o n t h s E n d e d S e p t . 30—
1939
Net income after taxes, interest, provision for re
tirements, &c---------------------------------------------------$5,979,728
— V . 148, p. 2133.
1938
$5,797,264
Southern Colorado Power Co.— E a rn in g s —
30—
1939
Operating revenues______________________________$2,401,985
Operation_______________________________________
864,547
Maintenance and repairs________________________
123,156
Appropriation for retirement reserve------------------300,000
Taxes___________________________________________
319,366
Provision for Federal and State income taxes------65,785
Y e a r s E n d ed S ep t.
Net loss________
-V . 149, p. 2244.
Southwestern Associated Telephone Co.— E a r n in g s —
1938
$2,324,463
836,477
127,776
300,000
352,224
38,747
Net operating income_________________________
Other income___________________________________
$729,131
1,746
$669,238
560
Gross income_________________________________
Interest on funded debt-------------------------------------Amortization o f debt discount and expense_______
Other interest (net)_____________________________
Miscellaneous deductions________________________
$730,877
409,698
34,174
11,400
4,111
$669,798
409,698
34,174
13,031
5,864
Net income___________________________________
$271,493
$207,030
Dividends on preferred capital stock paid-----------170,064
85,032
N o t e — In the statement net income for the year ended Sept. 30, 1938,
has been reduced by $19,935 to reflect adjustments applicable to the period
prior to April 30, 1938, included therein o f amortization o f debt discount
and expense on 1st mtge. gold bonds, series A 6% , due July 1, 1947, out
standing at Sept. 30, 1939, charged to surplus as o f April 30, 1938, which
has been applied retroactively in thes. account— V. 149, p. 2245.
Southern Pacific SS. Lines— E a rn in g s —
1939
$680,878
79,226
59,521
1938
$487,084
16,967
2,877
1937
$616,123
def36,794
def56,568
1936
$573,190
def6,358
def6,296
5,423,672
384,385
231,108
4,877,402
85,780
def53,065
5,789,831
186,909
def23,441
4,294,023
def91,181
defl32,065
P e r i o d E n d . S e p t . 30—
Operating revenues------Uncollectible oper. r e v ..
1939— M o n t h — 1938
$109,431
$101,277
300
250
1939— 9 M
$959,902
2,400
Operating revenues..
Operating expenses___
$109,131
66,569
$101,027
61,158
$957,502
590,714
$917,600
558,774
Net oper. revenues__
Operating taxes________
Southern California Gas Co.— E a rn in g s —
1938
$9,465,023
3,434.769
546,582
1939— 12 M o s . — 1938
$3,544,893 $3,347,560
2,080.101
1,992.002
383,752
386,250
$1,081,040
670,378
Gross from railway.........
Net from railway_____
Net after rents________
F r o m J a n . 1—
Gross from railway_____
Net from railway_____
Net after rents________
— V. 149, P. 2098.
E a r n in g s —
1937
$672,674
290,358
30,929
108,569
46,428
2,674
$88,847
56,969
S ep tem b er—
Co.—
1938
$626,870
273,862
28,951
100,513
48,871
5,856
$93,822
54,619
$24,916
30—-
1939
$581,137
262,163
28,875
91,521
47,481
4,085
Gross income________
Int. & other fixed ch g s..
Balance _____________
— V. 149, p. 2244.
M o n th s E n d ed S ep t.
12 M o n t h s E n d e d S e p t . 30—
Gross operating revenues___________
Operating expenses_________________
Maintenance_______________________
Depreciation and depletion_________
General taxes_______________________
Federal income taxes_______________
South Carolina Power Co.— E a rn in g s —
P erio d E n d . S e p t.
s
9
$42,562
10,842
$39,869
9,750
$366,788
91,357
$358,826
84,484
N e t operating incom e.
$31,720
$30,119
$275,431
$274,342
— V . 149. p. 2245.
os
— 1938
$919,550
1,950
S o u t h w e s t e r n B e l l T e l e p h o n e C o .— E a r n in g s — -
9 M o s . E n d . S e p t . 30—
1939
1938
1937
1936
Total revenues------------x$69,076,768x$65,597,657 $64,392,295 $59,702,296
Expenses, incl. t a x e s ... 53.275,383 50,975,855 49,316,337 44,455 8
31
Interest...............
2,335,514
1.789,732
1,553,349 1.666!429
Net income.....$13,465,871
$12,832,070$13,522,609 $13,580,036
Dividends.....................
11,677,500 12,567,075 12,388.739 11,523/739
Surplus........................... $1,788,371
$264,995 $1,133,870 $2,056,297
x Includes $48,705 in 1939 and $21,775 in 1938. estimated amount which
may be refunded m whole or in part in the event of adverse rate decisions.
— V. 149, p. 2381.
Spokane Portland & Seattle Ry.—
S ep tem b er—
Gross from railway_____
Net from railway______
Net after rents________
F r o m J a n . 1—
Gross from railway_____
Net from railway______
Net after rents________
— V. 149, p. 2099.
E a rn in g s —
$873,707
351,855
218,725
1938
$788,873
264,194
126,249
1937
$861,673
232,289
87.076
1936
$846,483
273,516
124,017
6,438,839
1,712,211
639,944
6,031,733
1.615.058
540,624
6,791,137
2,208,020
1,229,954
5,971,041
1,954,583
822,251
Spring Hill College, Mobile, Ala.— B o n d s
O ffered —
1939
Dempsey, Tegeler & C o., St. Louis, are offering $290,000
1st & ref. 4 % real estate bonds. Principal and interest
guaranteed by the JV other house of the New Orleans Province
f
of the Society of Jesus.
Volume 149
O N E
H
U
N
D R E D
—The Commercial & Financial Chronicle—
Dated Oct. 1, 1939; principal payable Oct. 1, 1951. Interest payable
semi-annually, A-O. Principal and int. payable at Mutual Bank & Trust
Co., St. Louis, M o. Bonds in coupon form— $500 and $1,000 denoms.
Bonds may be prepaid on any semi-annual int. paying date on 30 days'
previous written notice to the corporate trustee at par and accrued int.
Mutual Bank & Trust C o., St. Louis, M o., corporate trustee, and J. P.
Tegeler, St. Louis, M o., individual trustee.
These bonds are the direct obligation o f Spring Hill College, whose
corporate name is The President and Trustees o f The Spring Hill College.
Corporation is duly incorporated in Alabama. The bonds are further
secured by a first mortgage deed o f trust on certain property located in
Spring Hill, Mobile County, Ala.
P u r p o s e — To refund outstanding indebtedness of the corporation.
S i n k i n g F u n d P r o v i s i o n — Indenture provides for the annual deposit of
$5,000 with the corporate trustee, and the makers obligate themselves
jointly and severally to pay this deposit. The indenture further provides
that said annual deposit be used to retire bonds numbered M -l to M-50,
both inclusive, in their numerical order. After the mentioned bonds have
been paid, the remaining bonds are to be retired through the annual sinking
fund by lot.
Springfield Street Ry.— E a rn in g s —
P e r i o d E n d . S e p t . 30— 1939— 3 M
Net loss----------------------$51,030
Revenue fare passengers
carried....... .................. 4,396,601
Average fare per passen
ger (cents)__________
7.75
— V. 149, p. 2245.
o s .—
1938
$51,685
4,163,801
1939— 9 M o s — 1938
$73,657
$83,664
14,966,694
7.79
14,407,674
7.63
Standard Gas & Electric Co.— W ee k ly
7.63
O utp ut —
Electric output o f the public utility operating companies in the Standard
Gas and Electric Co. system for the week ended Oct. 28, 1939, totaled
125,788,537 kilowatt-hours, an increase o f 18.1%, compared with the cor
responding week last year.— V . 149, p. 2706.
Standard Oil Co. of Indiana— E xtra
D iv id e n d —
Directors on Oct. 30 declared an extra dividend o f 25 cents per share in
addition to the regular quarterly dividend o f 25 cents per share on the
capital stock, both payable Dec. 15 to holders o f record N ov. 15.— V . 149,
p. 2706.
Standard Oil Co. of N. J.— E xtra
and Stock D ivid en d —-
The board o f directors on N ov. 1 declared the following dividends on the
capital stock (par $25):
Regular semi-annual cash dividend o f 50 cents per share.
An extra cash dividend o f 25 cents per share.
A dividend payable in capital stock o f the company o f three shares of
such stock for each 200 shares o f Standard Oil Co. stock held.
Dividends are payable Dec. 15, to stockholders o f record at close of
business, three o ’clock p. m. N ov. 15, 1939.
Stock dividend o f two shares for each 200 held was paid on June 15, last.
—V. 148, p. 3544.
Staten Island Rapid Transit Ry.— E a rn in g s —
S ep tem b er—
1939
Gross from railway_____
$140,912
Net from railway______
27,938
Net after rents________
def7,824
F r o m J a n . 1—
Gross from railway_____ 1,224,047
111,817
Net from railway______
Net after rents_________ def200,644
— V. 149, p. 2099.
1938
$147,502
25,162
defl2,277
1,200.392
88,602
def221,087
1937
$129,954
1,618
def27,630
1936
$136,862
6,268
def29,632
1,173,177
1,202,001
def5,916
391
def252,312 def322,284
Stott Briquet Co.f Inc.— A ccu m u la ted D iv id en d —
T he directors have declared a dividend o f $4.50 per share on account
o f accum ulations on the $2 con v. pref. stock, payable N o v . 1 to holders o f
record O ct. 19. D ividends o f 50 cents were paid on A ug. 1, April 26 and
Feb. 1, last, N o v . 1, A u g. 1, A pril 26 and F eb. 1, 1938 and on F eb. 1, 1937.
— V . 149, p. 268.
Suwannee Life Insurance Co.— P rom oter Sentenced —The Departm ent o f Justice and the Securities and Exchange Commission
report that Federal Judge R obert T . E rvin in the U . S. D istrict C ourt at
Jacksonville O ct. 28 sentenced Thom as W . Benson to 18 m onths imprison
ment for violations o f the fraud provisions o f the Securities A ct o f 1933, mail
fraud and conspiracy in connection with the sale o f stock o f the Suwannee
Life Insurance C o ., o f which M r. Benson was President and Chairman o f
the B oard o f D irectors. T he C ourt im posed six m onths sentences on
salesmen S. E . Gillespie, J. P . A tkins and C . O . D avenport, who were
found guilty o f m ail fraud and conspiracy to violate the Securities A ct o f
1933. Eight other salesmen who had been indicted were acquitted at the
direction o f the C ourt.
Terre Haute Malleable & Mfg. Co.—-5-C en t D ivid en d —
Directors on Oct. 23 declared a dividend o f five cents per share on the
com m on stock, payable N o v . 3 to holders o f record O ct. 25. Like am ount
was paid on A ug. 10 and on April 5 last, and compares with 10 cents paid
on D ec. 1, 1938 fiv e cents paid on A pril 15, 1938, and 15 cents paid on
D ec. 28, 1937.— V . 149, p . 1039.
Texas Gulf Producing Co.— In te r im
D iv id en d —
Directors have declared an interim dividend o f 10 cents per share on
the com m on stock, no par value, payable D ec. 15 to holders o f record
N ov. 17. Like amount was paid on June 15, last and com pares with
15 cents paid on D ec. 15, 1938; 10 cents paid on D ec. 23, 1937, and an
initial dividend o f five cents paid on D ec. 15, 1936.— V . 149, p . 1039.
Texas & New Orleans RR.— E a rn in g s —
S e p te m b e r —
1939
Gross from railway_____$3,915,807
Net from railway............ 1,237,588
Net after rents.................
716,816
F r o m J a n . 1—
Gross from railway......... 31,449,159
Net from railway______ 7,543,080
Net after rents............... 2,863,915
— V. 149, p. 2099.
1938
1937
1936
$3,512,901 $3,895,065 $3,577,198
824,931
904,785
877,470
340,670
428,889
562,768
30,712,103 35,113,389 29,480,859
6,167,797
8,255,142
6,156,060
1,674,025
3,627,357
2,578,487
Tex-O-Kan Flour Mills— A ccu m u la ted
D iv id en d —
Directors have declared a dividend o f $1.75 per share on account of
accumulations on the 7% cumulative preferred stock, payable Dec. 1 to
holders o f record N ov. 15. Like amounts were distributed in preceding
quarters.— V. 149, p. 1341.
Third Avenue Ry. System— E a rn in g s —
P e r i o d E n d . S e p t . 30—•
1939— M o n t h - — 1938
1939—-3 M o s . — 1938
Operating revenues_____$1,156,966 $1,127,087 $3,515,326 $3,399,168
Operating expenses_____
891,322
853,942 2,705,424
2,665,387
Net oper. revenue___
Taxes_________________
$265,644
150,062.
$273,146
138,477
$809,902
451,648
$733,781
420,487
Operating income____
Non-operating incom e..
$115,582
25,206
$134,669
25,983
$358,254
74,901
$313,294
78,049
Gross income________
Deductions____________
Net loss....... ................
— V. 149, p.2245.
$140,788
217,129
$76,341
$160,651
215,997
$55,346
$433,155
655,944
$222,788
$391,343
652,873
$261,530
Thompson Products, Inc.— B on u s
to E m p lo yee s —
Company has mailed “ extra compensation” checks to 1,292 hourly rate
workers employed at the Cleveland plant who have been with the company
a year or more.
The bonus amounted to 6% o f employee’s gross earnings for the last four
weeks. While no rigid rules have been made for paying this type of bonus,
it was explained at an employee’s meeting recently by the management that
such extra compensation would be paid when the company was able to
earn 10% or more on sales.
Earnings have not yet reached this rate but indications are they will
during the fourth quarter and this bonus is being paid in anticipation o f the
time when the company reaches that position, according to Thompson
officials.— V. 149, p. 2707.
Y E A R S
O L D
2 9 8 9
Tide Water Associated Oil Co.— V ice-P resid en t
R esign s —
William F. Humphrey, President o f this company, announced that
Edward L. Shea, Executive Vice-President of the company, tendered his
resignation and, effective N ov. 1, it was accepted at a meeting of the board
o f directors held in San Francisco on N ov. 1. In accepting the resignation,
the board of directors tendered M r. Shea their best wishes for success in his
new affiliation. M r. Shea, after 23 years o f service with Tide Water
Associated Oil Co., will become President of the North American Co. He
will continue as a director of Tide Water Associated Oil Co.
The office of Executive Vice-President of Tide Water Associated Oil Co.
has been abolished. There will be no change in the policies or methods of
operation, which will be carried on by present personnel through the super
vision of the existing operating committee.— V . 149, p. 2708.
Tilo Roofing Co., Inc.— E a rn in g s —
40 W e e k s E n d e d —
O c t . 7, ’39
O c t . 8, ’38
O c t . 9, ’37 O c t . 10,’36
Sales---------------------------- $2,733,900 $2,899,226 $2,891,643 $2,067,782
x Net profit___________
312,636
364,342
324,730
277,215
x After providing for Federal income and excess profits taxes and surtax
on undistributed profits.
Note— Earnings for the 40 weeks amount to $1.07 per share on the 290,084
shares of common stock of the company outstanding in the hands of the
public, as against per share earnings o f $1.26 for the like period o f 1938.
— V. 149, p. 1490.
Toledo Peoria & Western RR.— E a rn in g s —
S e p te m b e r —
Gross from railway------Net from railway______
Net after rents-------------F r o m J a n . 1—
Gross from railway_____
Net from railway---------Net after rents_________
— V. 149, p. 2100.
1939
$219,013
82,529
36,914
1938
$172,475
54,904
14,582
1937
$201,468
58,430
16,212
1936
$183,546
35,713
7,630
1,611,954
518,034
222,785
1,580,517
464,341
195,807
1,754,040
497,687
199,294
1,782,005
497,618
223,999
Transcontinental Broadcasting Co.— N e w
R adio Chain
Elliott Roosevelt, son o f the President and head of the Texas State
Network, announced N ov. 1 the formation of a new coast-to-coast chain
of radio broadcasting stations.
M r. Roosevelt said the new chain would operate in competition with the
Columbia Broadcasting System, the National Broadcasting Co. and the
Mutual Network.
He said the chain was incorporated in Wilmington, Del., as the Trans
continental Broadcasting Co., with seven stockholder-directors, who were
holding their first meeting in Chicago Nov. 1. The stockholders, he said,
were himself, H. J. Brennan of Pittsburgh, John Roberts and Clarence
Crosby, both of St. Louis: Jack Stewart and Thomas Evans, both of
Kansas City, and Lester E. Cox of Springfield, M o.
Mr. Roosevelt explained that all the stockholders except himself were
directors of the new corporation and that he was represented on the board
by John T . Adams, with whom he was associated in the Texas Network.
“ The Texas Network is a part of the new chain, but I do not want to
give the impression that 1 am the organizer of the chain,” he stated. “ I
am, as operator of radio stations, only a one-hundredth part o f it.”
Mr. Roosevelt said the chain would include a few stations of 50,000watt power, but the majority would be of 5,000 watts.
John T. Adams, Fort Worth Tex., was elected President Nov. 2.
Officials o f the new chain said headquarters would be opened at New York
City and that they hope to start operations within 45 days.
Transportation Building Co., Los Angeles, Calif.—
R eorganization —
By order dated Sept. 12, 1939, the U. S. District Court, for the Southern
District of California, Central Division, confirmed the plan of reorganiza
tion for Transportation Building Co. It is expected that on N ov. 1, 1939,
the plan of reorganization will be carried into effect, and that on and after
that date bondholders may obtain the new securities and cash to which
they are entitled under the plan.
The new securities and cash distributable to the holders of the
1st mtge. gold bonds dated Aug. 15, 1923 are to be distributed by Farmers
& Merchants National Bank of Los Angeles as agent. Holders of bonds are
entitled to receive new securities and cash in exchange for their present
bonds on the following basis:
For each $1,000 bond (together with all interest coupons maturing on
Aug. 15, 1934 and subsequently): Preferred shares, 20 shares; common
shares, 10 shares, and cash in the amount of $41.25.— V. 149, p. 125.
Tri-State Telephone & Telegraph Co.— E a rn in g s —
P e r io d , E n d . S e p t . 30—
Operating revenues_____
Uncollec. oper. revenue.
1939— M o n t h — 1938
$548,367
$546,119
2,464
6
1939— 9 M
$4,597,106
2,511
1938
$4,738,388
16,481
Operating revenues_
_
Operating expenses _
$548,361
407,990
$543,655
378,514
$4,594,595
3,574,571
$4,721,907
3,367,310
Net oper. revenues___
Operating taxes
$140,371
42,170
$165,141
46,663
$1,020,024
368,138
$1,354,597
449,779
Net oper. income____
Net income.
______
— V. 149, p. 2100.
$98,201
96,651
$118,478
56,542
$651,886
588,215
$904,818
335,892
o s .—
T r o x e l M f g . C o . — P a ys 30 -C e n t D ivid en d —
Company paid a dividend of 30 cents per share on its common shares
on Nov. 1 to holders of record Oct. 28. This compares with dividends of
20 cents paid on Dec. 20, 1938 and on Dec. 28, 1937.— V. 147, p. 3172.
T w in C ity R a p id T r a n s it
M in n e s o ta C om p a n y-—
Co.
( N . J . ) — To M e r g e into
A proposed agreement of merger and consolidation of Twin City Rapid
Transit Co. (New Jersey) into Twin City Rapid Transit Co. (Minnesota),
will be considered at a special meeting of stockholders of the New Jersey
Co. to be held on Dec. 6, 1939, merger provides for the issuance o f 7%
cumulative preferred stock of $100 par value and common stock of no par
value of Twin City Rapid Transit Co. (Minnesota), share for share, in
exchange for 7% cumulative preferred stock of $100 par value and common
stock of no par value of Twin City Rapid Transit Co. (New Jersey).— V .
149, p.2708.
U l e n & C o . ( & S u b s . ) — E a rn in g s —
3 M o n t h s E n d e d S e p t . 30—1939
1938
Net loss after all charges________________________ x$188,806 prof$42,008
x Also after extraordinary charges of $83,691.-—V. 149, p. 747.
U n i o n B a g & P a p e r C o r p . ( & S u b s . ) — E a r n in g s—
P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938
1939— 12 M o s . — 1938
Sales__________________ $5,009,999
______ $16,887,751 $15,910,104
x Net profit___________
207,686
$203,267
579,439
1,109,974
Earnings per share on
common stock_______
$0.16
$0.16
$0.46
$0.88
x After depreciation, interest, estimated Federal income and capital
stock taxes and other charges, but before provision for surtax on undis
tributed profits.— V. 149, p. 2100.
U n i o n C a r b i d e & C a r b o n C o r p . ( & S u b s . ) — E a rn in g s—
P e r i o d E n d . S e p t . 30—
1939— 3 M o s . — 1938
1939— 9 M o s . — 1938
Earnings after provision
for income, & c .,ta x e s .$ ll,469,627
$8,341,915 $28,321,819 $21,842,761
Int. on funded debt____
306,058
237,240
918,174
611,942
Deprec. & other charges.
2,763,242 2,652,694
8,251,913 7,847,780
B alan ce_______ _____ $8,400,326 $5,451,980 $19,151,730 $13,383,038
Earnings per share on
common stock_______
$0.92
$0.60
$2.10
$1.48
N o t e — No mention made of Federal surtax on undistributed profits.
— V. 149, p. 2530.
Union Street Ry.— E a rn in g s —
P e r i o d E n d . S e p t . 30— 1939— 3 M
Net loss________________
$19,383
Rev. fare pass, carried-. 2,615,114
Aver, fare per passenger
6.98 cts.
— V. 148, p. 1041.
o s .—
1938
$24,714
2,448,791
6.98 cts.
1939— 9 M
$67,303
8,139,210
6.69 cts.
o s .— 1938
$87,401
7,533,786
6.71 cts.
2 9 9 0
O N E
H
U
N
United Aircraft Corp.— To
D R E D
The Commercial & Financial Chronicle
—
P a y Larger D ivid en d —
Directors on Oct. 30 declared a dividend o f $1.25 per share on the capital
stock, par $5, payable Dec. 15 to holders o f record Dec. 1. This compares
with 75 cents paid on June 15 last and on Dec. 15, 1938, and dividends o f 50
cents per share paid on June 15, 1938; Dec. 15 and July 15, 1937, and on
Dec. 15, 1936, this last being the initial dividend — v 149, p. 2708
United Biscuit Co. of America— P ref.
Stock to B e Called —
Company will on N ov. 6, draw 1,200 shares o f preferred stock for re
demption on Jan. 15, 1940, at $110 per share, plus accrued dividend, from
N ov. 1, 1939, to Jan. 15, 1940, o f $1.45 5-6 per share. Drawn certificates
may be surrendered to the New York Trust Co., 100 Broadway, New York.
N . Y ., for redemption at any time on and after N ov. 13, 1939, at the
redemption price, plus accrued dividend, to Jan. 15, 1940. Books will close
permanently on all drawn shares.— V . 149, p. 2530.
United Chemicals, Inc.— A ccu m u la ted
D iv id en d — •
Directors have declared a dividend o f $6 per share on account of accumu
lations on the $3 cum. pref. stock, payable Dec. 1 to holders o f record
N ov. 10. This payment will clear up all accruals up to and including June 1,
1937.— V. 149, p. 1341.
United Drill & Tool Corp.— C lass
D iv id en d —
A
At a meeting o f the board o f directors, held on Oct. 27, 1939, a cash
dividend o f 15 cents per share was declared on the class A stock, payable
N ov. 1, to holders o f record at the close of business on Oct. 28 leaving arrears
o f 45 cents per share.— V. 149, p. 1193.
^United Funds Management Corp.— Registers
w ith S E C —
See list given on first page o f this department.
United Gas Corp.— A ccu m u la ted
United Gas Improvement Co. (& Subs.)— E a r n in g s —
Period Ended Sept. 30—
1939— 3 M o s — 1938
1939— 12 M o s.— 1933
Oper. revenues of utility subs___$26,840,;
$26,840,283 §25,760,292 : 110,715406 §107,046195
§
Ordinary expenses_______________ 9,665,;
9,665,966
9,064,844 38,751,578 38,022,853
M aintenance____________________
1,438,;
1,438,962
5,816,919
6,158,021
1,368,870
Provision for depreciation, renew
9,334,745
als and replacements__________ 2,356,500
2,217,607
9,658,917
P rov. for Federal income t a x e s .. 1,120,682
4,959,395
1,246,302
5,400,130
2,119,503
Provision for other Federal taxes.
547,214
492,870
2,072,695
6,998,723
Provision for State & local taxes. 1,660,776
1,691,225
6,839,507
§10,050,183
346,275
§9,678,574 §41,969,636 §39,658,979
1,089,795
790,019
251,116
§10,396,458
2,594,269
§9,929,690 §43,059,431 §40,448,998
2,585,929 10,380,490 10,367,275
Am ortization of debt discount,
premium and expense_________
Taxes assumed on interest______
Other interest___________________
Other deductions________________
Interest charged to construction.
127,462
45,242
53,663
136,873
Crl3,035
N et income o f utility subs____ §7,451,984
Sinking and other fund appropria
93,154
tions o f net incom e_____
Dividends on preferred stocks and
. 1,015,397
Earnings available for com m on.
stocks o f utility subsidiaries. §6,343,433
524,292
M inority and former interests___
Balance of earnings o f utility
subs, applicable to U .G .I.C o .. §5,819,141
Earns, of non-utility subsidiaries
9,615
applicable to U . G . I . C o ___
515,233
177,265
231,291
540,659
0 9 4 ,6 3 4
131,667
47,430
80,294
129,236
0 7 8 ,6 0 4
528,383
242,598
310,244
543,974
0 2 0 7 ,2 9 0
§7,033,738 §31,309,127 §28,663,814
69,054
288,171
241,394
1,008,773
4,012,084
3,993,385
§5,955,911 §27,008,872 §24,429,035
509,292
2,206,510
2,083,426
§5,446,619 §24,802,362 §22,345,609
12,349
0 6 8 ,9 1 4
0 1 0 9 ,8 4 8
. §5,828,754
40,444
. 1,776,055
§5,458,968 §24,733,448 §22,235,761
174,773
50,294
186,017
7 017,124
1,429 874
6,812,867
§7,645,253
709,969
§6,939,136 §31,732,332 $29,427,658
2,969,559
2,950,157
714,858
I Balance applicab'e to capitall
§6,935,284
stocks of U . G . I . C o ..
956,520
D ivs. on $5 div. pref. stock
§6,224,278 §28,762,773 §26,477,501
3,826,080
3,826,080
956,520
a Deferred interest.
Expenses, taxes & other deduc’ nsi
Balance applicable to com m onL
. §5,978,764 §5,267,758 §24,936,693 §22,651,421
< "stock o f U . G . I
*
§0.23
Earnings per share..
§0.26
§1.07
§0.97
a And dividends on cumulative preferred stocks of subsidiaries applicable to
U . G . I . C o. (deducted above).
Notes— (1) Previous years’ figures restated for comparative purposes.
(2) The above statement includes the financial statements o f Philadelphia Gas
W orks C o. which relate only to its corporate accounts and does not include those
recording its transactions with respect to its lessee accounts in connection with
the operation o f the C ity o f Philadelphia Gas W orks.
I n c o m e S t a t e m e n t o f C o m p a n y O n ly
P e r i o d E n d . S e p t . 30—
Divs. (rec’d or declared):
1939— 9
M o s .—
1938
1939— 12
Y E A R S
Nov. 4, 1939
O L D
United Public Utilities Corp. (& Subs.)— E a r n in g s —
P erio d E n d . S e p t.
S u b s id ia r ie s —
30—
1939— 3
M o s .—
1938
1939— 12
M o s .—
1938
$16,734,406 $16,690,555 $22,619,877 $22,580,941
6,345,232
. 4.780,504
4,364,016
6,464,917
Int. .income from miscell.
345,256
669,715
investm’ts & other inc.
265,943
316,360
M o s .—
1938
Operating revenues_____ $1,008,025
Oper. exps. & taxes_____
779,012
$974,569
781,628
$4,241,990
3,298,557
$4,120,781
3,338,875
Net earns, from opers.
Other income (net)_____
$229,013
4,099
$192,940
3,547
$943,433
14,899
$781,905
19,420
Total net earnings____
Gen. int. & mis. deducts.
$233,112
3,750
$196,487
2,616
$958,333
14,025
$801,326
11,589
a Bal. o f net earnings.
$229,362
$193,871
$944,308
$789,736
b20,920
108,782
1,201
17,896
110,704
1,169
blO l ,704
436,754
4,718
94,266
445,173
8,186
U n ite d P u b . U tils. C o r p
General exp. & taxes___
Int. on funded debt____
Miscell. inc. deductions.
Net income .
$98,459
$64,101
$401,131
$242,111
a Applicable to United Public Utilities Corp. b Certain personal property
taxes are not provided for herein. The liability therefor, if any, is not
known.— Y. 149, p. 748.
U. S. Rubber Reclaiming Co., Inc.— A c c u m .
D i v .—
Directors have declared a dividend o f 50 cents per share on account o f
accumulations on the 8% prior preference stock, par $25, payable Oct. 31
to holders of record Oct. 27. Like amount was paid on Sept. 1, last; dividend
o f $1 was paid on M ay 2, last and on Dec. 23, 1938 and 50 cents was paid on
Oct. 25, 1938. Arrearages after the current payment will amount to $11
per share.— V. 149, p. 891.
United States Steel Corp.— Q ua rterly
D ivid en d —
Directors have declared a dividend o f $2.25 per share on account of
accumulations on the $7 cumulative non-voting preferred stock, no par
value, payable Dec. 1 to holders o f record N ov. 10. Dividend of like
amount was paid on Sept. 1, last, and dividends o f $1.75 per share were
paid in previous quarters.— Y . 149, p. 2530.
N on-operating incom e.
—
E a rn in q s R eport — -
E . R. Stettinius, Jr., Chairman of the Board, made the following state
ment in reporting the earnings of the corporation for the third quarter and
for the first nine months of 1939:
“ Earnings for the third quarter of 1939 were $28,247,189 and net avail
able for capita] stocks amounted to $10,420,445. Earnings, net income
and shipments of finished steel products for the third quarter, for the nine
months ending Sept. 30 and for the first nine months of last year were:
3rd Q u a r.
9 M o n th s
9 M o n th s
E n d . S ep t.
E n d . S ep t.
E n d . S ep t.
1939
1938
1939
Earnings as reported________________$28,247,189 $62,897,090 $28,143,537
Net inc. applic. to capital stks. after
all charges & allow's for deprec.,
int. on bonds & Fed. inc. taxes____ 10,420,445 12,390,756 d fl2 ,150,368
Shipments of finished steel products—
Tons_____________________________ 2.465,161
6,858,427
4,588,224
Per cent cap acity._______________
54.6%
51.0%
33.9%
“ The net income earned on the tangible investment, before deducting
interest charges on bonds and obligations, is equal, for the quarter, to a
rate o f 3.2% per annum, and for the nine months to a rate o f 1.6% per
annum.
“ Shipments o f finished steel products during the third quarter were ap
proximately 14.2% greater than the second quarter. This reflects the
higher level in the nation’s volume of business in the third quarter o f 1939
as compared with the second, as indicated by numberous indexes of busi
ness activity. The demand for all types of steel increased.
“ Due to both general improvement in business and to seasonal factors,
the earnings for the third quarter showed improvement over the second
quarter of the year. Prices realized for steel products shipped during the
third quarter remained at substantially the levels that prevailed during
the early part o f the year.
“ Following the usual slowing down o f operations over the Labor Day
holiday, the rate of production has advanced to levels better than those
prevailing during the first six months o f the year. Shipments are keeping
pace with production and, except for the seasonable accumulation of iron
ore and other stocks, there has been no general increase in inventories.
“ Net current assets of the corporation and the subsidiaries at Sept. 30,
1939, before deducting current dividend declarations, compare as follows:
“ At Sept. 30, 1939. $433 514,528 at Juno 30, 1939, $410,186,626; at
March 31, 1939, $426,924,776; at Dec. 31, 1938, $426,984,023.
“ The above net amounts are calculated on the basis of including in cur
rent liabilities, capital obligations due within one year o f the dates shown
and excluding from current assets the receivables not collectible within
one year. The increases at Sept. 30 over June 30 in net current assets
amounted to $23,327,902.
“ The employment and payroll statistics for the nine months of 1939
compared with the same period in 1938 are as follows:
— 9 M o s . E n d . S e p t . 30—
1939
1938
In crea se
Average number of employees______
212,540
201,533
5.46%
Total pay roll____________________$254,060,918 $202,488,466
25.47%
“ There are on the payroll at present approximately 235,873 employees,
representing an increase over three months ago of 10.4% .
“ Expenditures for construction work and plant improvements during
the quarter ending Sept. 30, 1939, principally on projects previously under
way or of a character necessary in currently maintaining productive facil
ities, less credit for property sold, amounted to approximately $6,000,000.
Also, approximately $1,200,000 o f capital obligations maturing or retirable by sinking funds have been paid, making a total net outlay on capital
account in the third quarter of 1939, o f $7,200,000. As of Sept. 30, the
unexpended balances on approved appropriations for property additions
and betterments amount to $32,000,000.”
C o n s o l i d a t e d I n c o m e S t a t e m e n t f o r 3 a n d 9 M o n t h s E n d e d S e p t . 30
1939
1938
1937
1936
3 M o s . E n d . S e p t . 30—
$
$
$
$
Net earnings___________ 28,247,189 11,500,257 48,213,455 30,192,889
Chgs. & allow, for depr.
depl .& obsolescence. . 15,510,036 11,885,645 15,838,232 14,992,332
Net profit___________ 12,737,153
Int. on bonds of subs___ 1,426,017
Int. on U. S. Steel bonds
951,749
x385,388
1,474,721
870,363
32,375,223
1,323 818
3,363
15,200,557
1,225,518
3,362
31,048,042
13,971,677
430,404
187,000
148,500
.$19,681,198 $19,285,954 $26,588,371 $26,774,161
Other deduc’ns from inc.
125,550
127,189
95,497
107,883
Net loss from disposal of
Profit_______________ 10,359,387 x2,730,472
Net loss from disposal of
sundry prop, assets &
securities____________ prof61,058 prof350,681
b Extraord. deduction..
______
3,468,000
Net income____
.$19,585,701 $19,178,071 $26,462,821 $26,646,972
Income appropriated to
1,241
special fund res’ve, &c.
1,241
2,330
2,330
Net profit___________ 10,420,445
Preferred dividends____ 6,304,919
Common dividiends____
______
.$19,583,371 $19,176,830 $26,460,491 $26,645,731
Divs. on pref. stock____. 2.869,560
2,869,560
3,826,080
3,826,080
Surplus______________ 4,115.526 d efl2,152,710 15,609,467
Earn, per sh. on common
$0.47
Nil
$2.79
9 M o s . E n d . S e p t . 30—
$
$
$
Net earnings___________ 62,897,090 34,004,525 147,190,286
Chgs. & allow, for depr.
depl. & obsolescence.. 43,508,271 35,165,954 47,461,648
125,635
$0.84
$
77,084,519
Net p r o f it .................. 19,388,819
Int. on bonds of s u b s.. . 4,313,880
Int. on U. S. Steel bonds 2,684,024
Taxes .
.$21,780,853 $21,370,931 $29,430,050 $29,595,888
1,661,829
. 1,200,192
1,241,860
1,716,903
1,104,824
1,179,850
899,463
843,117
.$16,713,811 $16,307,270 $22,634,411 $22,819,651
Divs. on com. stock___ . 17,438,824 17,438,823 23,251,765 23,251,763
.
$725,013
$1,131,553
$617,354
United States Cold Storage Co.— B onds
$432,112
Called —
A total o f $72,500 first mortgage 6% real estate gold bonds due Jan. 1,
1945 have been called for redemption on Jan. 1 at par and accrued interest.
Payment will be made at the First National Bank o f Chicago, Chicago, 111.
— V. 149, p.2101.
United States Graphite Co.— Stock
In c re a se Voted —
At the special meeting o f shareholders held on Oct. 20, 1939, the proposal
to amend the articles o f association by changing the number of shares from
80,000 shares o f a par value o f $10 each to 160,000 shares o f a par value o
$5 each was ratified. The amendment became effective on Oct. 23,1939.
Present stock certificates may be exchanged for new certificates by send
ing them to the transfer agent, the National Bank o f Detroit, Detroit,
Mich.
No action was taken on the proposal to amend the by-laws of the cor
poration in respect to quorum requirements.— V . 149, p. 2384.
x5,847,791
6,304,919
...........
30,617,638 13,636,177
6,304.919 d l3 ,510,542
8,703.252
______
41,986,702
x l ,161,429
4,183,255
1,668,858
99,728,638
3,896,631
10,088
35,097,817
3,676,326
10,087
Profit----------------------- 12,390,914 x7,013,542
Net loss from disposal of
sundry prop, assets &
securities-----------------159 prof724,162
b Extraord. deductions.
______
5,860,988
95,821,919
31,411,404
469,066
______
238,000
1,298,500
Net profit
............. 12,390,756 x12,150,368 95,352,853
Preferred dividends____ 18,914,757 18,914.757 c52,240.759
______
______
8,703,252
Common dividendt_____
29,874,904
18,914,758
______
Deficit.............. ............ 6,524.001 31,065,125ey34,408,842 yl0,960,146
Earn, per sh. on com ___
Nil
Nil
$8.78
$1.25
b Proportion of overhead expenses of the Lake Superior Iron Ore Proper
ties, normally included in the value of the season’s production of ore.
Volume
ONE HUNDRED The
—
149
Commercial & Financial Chronicle —
but which, because o f heavy curtailment in tonnage o f ore to be mined and
shipped, is not so applied, c Includes 9 t f% for balance of accumulated
arrearages, amounting to $33,326,002. a Includes 2% for arrearages,
amounting to $7,205,622. e Before deducting contingent provision on
account o f Federal surtaxes on undistributed profits estimated amounting
to $4,500,000. x Loss, y Surplus.
E xp ort C o.
By suostituting the word Export for the word Products, it is felt that the
company name will indicate more clearly the business carried on by the
company. The export subsidiary o f United States Steel does not m anu
facture any steel products itself, but is the sole export outlet for the vast
line o f products manufactured by the subsidiaries o f United States Steel
Corp. for the use o f the manufacturing, agricultural, transportation and
construction industries.
The United States Steel Export C o.’s office is located at 30 Church St.,
New York City, from which a world-wide business is directed through
many branch offices, representatives and correspondents.— Y. 149, p. 2708.
United Verde Extension Mining C o— L iqu id a tion —Subject to final court approval the company plans to distribute in final
liquidation about 75 cents cash and one share o f stock per share in a new
company to hold assets not readily salable and an amount of cash suf
ficient to meet any possible claims against the old company.
The plan is scheduled to come before the Court on N ov. 15. -Liquidating
distributions previously made amounted to $2.60 per share.— V. 149, p.
2531.
Universal Consolidated Oil Co.— E a rn in g s —
[Including Lost Hills Water Co.]
--------------------3 M o n t h s -------------------9 M o n th s
M a r . 31 ’39 J u n e 30 ’39 S e p t . 30 ’39 S e p t . 30 ’39
Oper. profit before depr.,
depl., intangible drill
ing costs & Orov. for
taxes________________
$351,608
$339,399
$268,938
$959,945
Net profit after prov. for
deprec., depl., intangi
bles and all taxes_____
197,246
140,198
511,125
173,681
Net earnings per share on
$2.55
$0.70
200,000 shs. outst’d ’g .
$0.98
$0.87
— V . 149, p. 891.
P e r io d —
Utah Ry.— E a rn in g s —
S ep tem b er—
Gross from railway_____
Net from railway______
Net after rents_________
F r o m J a n . 1—
Gross from railway_____
Net from railway______
Net after rents_________
— V. 149, p. 2101.
1939
$88,600
21,481
8,413
1938
$64,063
81,171
def8,522
1937
$117,810
47,209
31,392
1936
$110,963
42,933
36,628
497,824
49,680
274
410,012
def3,196
def81,908
873,278
151,270
63,055
730,018
178,702
105,519
Utilities Power & Light Corp.—
Court A p p r o v e s A tla s
Federal Judge William H. Holly approved Oct. 27 Atlas Corp.’s plan
for reorganization o f the corporation.
The court found the corporation to have regained its solvency, with
assets o f $44,000,000 as o f July 31 and outstanding debentures^ $36,710,500, including interest.
Under the plan approved by Judge Holly all claims prior in rank to
debentures are to be paid in full.
Debenture holders would receive $400 for each $1,000 o f indebtedness,
plus 6 shares o f preferred ($50 par) stock in the company, 50 shares of
common ($4 par) stock and 1 share o f common for each $6 of interest on
the old debentures.
Holders o f the 7% cumulative preferred stock would receive common
stock on a 5-for-l basis.
No provision was made in the plan for holders o f class A, B or common
stock, they having been found to have no equity in the assets of the
corporation.
Judge Holly expressed “ great reluctance” at being forced to approve a
plan which eliminated these junior interests, but he said the blame for
their losses should not rest on the court or the corporation, but on the
“ promotors who issued and marketed the stock.”
The Atlas plan, Judge Holly found, was “ fair, equitable and feasible.” It
must be finally approved by two-thirds o f the debenture holders and
preferred stock holders. A date for a final hearing in the case will be set.
The Atlas plan contemplates converting the company from a holding
company to an investment company.
Atlas is the chief creditor o f Utilities Power & Light, holding 31% of its
debentures.-—-V. 149, p. 2246.
Van Camp Milk Cc.— E a r n in g s —
30—
. _ _ .1
_______ /
S ep t.
1938
1939
Not reported
/
(
1937
$2,177,571
2,014,657
1936
$2,608,439
2,335,156
Gross profits on sales.
Sell., admin. & gen. exps
$237,337
71,736
$218,506
73,464
$162,914
63,176
$273,283
68,507
Net profit from opers.
Miscell. income (net)_
_
Net profit before prov.
for income taxes_
_
Prov. for Fed. & State
income taxes
$165,601
$145,042
Drl57
$99,738
49,140
$204,776
22,602
$165,601
$144,S85
$148,878
$227,378
24,811
40,578
20,884
36,811
27,247
26,107
$100,212
$ 8 7 ,1 9 0
$121,631
$176,271
43,799
27,136
46,971
30,000
$56,413
$60,054
$74,660
$146,271
Prov. for possible price
adjustments .
_ _
Net profit to earned
s u r p l u s _______________
Divs. declared or paid on
preferred stock
Balance at Sept. 30_
_
Earns, per sh. on 75,000
shares common stock.
25,000
1939
C ash in b an k s a n d
on h a n d ------------- $ 39 0,5 21
a A c co u n ts re c e iv .
2 5 6 ,63 9
C o w n otes re c .(n e t)
3,3 3 6
In v e n t o r ie s _______
3 2 3 ,2 7 0
P rep a id ex p en ses. .
7 ,4 9 2
R e c ip ro ca l
in s u r .
s u b s .’ lu n d a n d
18,634
surplus res erv e,
c D e p o s . in closed
179
b a n k s ___________
D u e fr o m J . P .
F ren zel J r., tru s
tee in b a n k ru p ’ y ,
V an C am p P ro
d u cts C o ________
D u e Ir. V a n C a m p
P ro d u cts
C o.
.............
(b a n k ru p t) n e t .
L a n d ,b ld g s .,m a
chin ery & e q u ip . 1 ,0 6 6 ,1 4 5
E s t a b . m ilk su p p ly
1,000
s y s t e m __________
b
$0.80
S h e e t S e p t . 30
L i a b i l it i e s —
$1.00
B a la n c e
A ssets—
1938
$ 6 6 ,26 2
224,961
2,010
834 ,25 3
14,997
16,686
366
A c co u n ts p a y a b le N o t e s p a y a b le ____
A c cru e d ex p en ses.
P r o v . fo r F e d . ta x ,
a n d S ta te in com e
t a x e s ____________
D iv id e n d s d ecla red
p a y a b le O c t . 1 . .
R eserv e fo r con tin g
R e s . fo r possib le
p r ic e a d ju s t m ’ ts
P referred s t o c k ___
C o m m o n s t o c k ___
C a p ita l su rp lu s___
E a rn ed su rp lu s___
$1.24
1939
$ 26 8,6 08
13,402
$1.95
1938
$431,011
5 0 ,COO
12,774
30,4 22
31,242
15,000
13,568
70.0 00
999 ,36 0
75,0 00
4 3 4 ,2 5 7
199,925
15.000
1 ,0 8 5,4 40
7 5.000
3 91 ,13 5
207 ,78 2
E xtra D iv id e n d —
Directors have declared an extra dividend of 10 cents per share in ad
dition to the regular quarterly dividend o f 50 cents per share on the common
stock, both payable Dec. 1 to holders of record N ov. 15. Similar amounts
have been distributed in preceding quarters.— V. 149, p. 1631.
Virginia-Carolina Chemical Corp.— N o te s —
The company reports the placement in September o f a note for $600,000
with the Bank o f the Manhattan Co. to raise current working capital.
The note is due on June 1, 1941.— V. 149, p. 1631.
Virginia Iron Coal
&
Coke Co.— E a rn in g s —
30—
Gross__________________
Expenses_____ _________
1939— 3 M
$267,058
289,876
1938
$222,055
243,505
1939— 9 M
$691,872
747,326
Operating loss_______
Other income__________
$22,819
24,044
$21,450
22,742
$55,454
56,077
Total profit_________
Bond interest, expense of
idle plants, &c_______
$1,225
$1,291
39,284
46,063
129,108
124,282
Net loss_____________
— V. 149, p. 1774.
$38,058
$44,771
$128,485
$139,722
P e r io d E n d . S ep t.
Virginia Public Service
14—
o s .—
o s .—
1938
$806,534
882,148
$75,614
60,174
$623 loss$15,440
Generating
Co.—
H e a r in g
N ov.
A hearing has been set for Nov. 14, in the Securities and Exchange
Commission’s Washington offices on the applications (File 46-182) of
Virginia Public Service Co. and Virginia Public Service Generating Co.
regarding the issuance and sale by Virginia Public Service Generating
Co. of $1,400,000 of first mortgage 4% sinking fund bonds, a $300,000
4% serial bank note and 3,300 shares ($100 par) common stock. Virginia
Public Service Co. is seeking approval of the acquisition o f the 3,300 shares
of common stock o f Virginia Public Service Generating Co. for $330,000.
— V. 149, p. 2711.
Virginian Ry.— E a rn in g s —
S e p t e m b e r —1939
Gross from railway_____$2,111,339
Net from railway______
1,222,169
Net after rents_________
990,950
F r o m J a n . 1—
Gross from railway_____ 15,227,633
Net from railway______
7,892,333
Net after rents_________ 6,082,251
— V. 149, p. 2385.
1938
$1,628,427
819,983
679,331
1937
$1,752,521
944,034
828,587
1936
$1,618,336
926,854
880,680
13,750,598
6,567,759
5,368,010
14,648,186
7,888,536
6,781,251
12,633,910
6,821,743
6,226,574
9 M o s . E n d . S e p t . 30—
Profit before int . & depr.
Int. on notes and drafts.
Int. on mortgage bonds
of subsidiaries_______
Coupon int. on mortgage
bonds & debs, of Wal
worth C o ____________
Deprec. taken on plant
and equipment______
Res. for Fed. inc. taxes
(excl. o f surtax on un
distributed profit)____
Prov. for Walworth Ala
bama Co. accrued un
paid pref. dividend_
_
1939
1938
$549,953 loss$498,996
19,950
8,457
1937
$2,045,631
7,129
1936
$861,449
7,023
4,380
6,095
7,303
8,567
237,158
239,695
251,709
251,872
327,661
331,271
307,168
296,879
2,126
7,521
218,298
42,539
______
$41,322 $1,092,036 y $ l,254,024 y$254,566
Consol, net loss______
Earns.per sh.on com. stk
Nil
Nli
x$0.95
x$0.20
x 1,310,504 shares of common stock (no par) outstanding in 1937 and
1,281,350 shares (no par) in 1936. ylndicates profit.— V. 149, p. 1195.
Warren Foundry & Pipe Corp.—
Extra D ivid en d —
Directors have declared an extra dividend of 50 cents per share in addition
to the regular quarterly dividend of like amount on the common stock, both
payable D ec. 1 to holders of record N ov. 15.— V. 149, p. 1775.
Washington Gas & Electric Co.— C orrection —
The paragraphs following the heading “ Number of Stockholders” in last
week’s “ Chronicle” as the context states refers to Washington Gas Light
Co.— V. 149, p. 2709, 750.
Washington Gas Light Co .—
N u m b e r o f Stockholders —
Through a typographical error the news item headed “ Number o f Stock
holders” and listed under Washington Gas & Electric Co. in last week’s
“ Chronicle” should have appeared under this company’s name.— V . 149,
p. 892.
Westchester Lighting Co.— E a r n in g s —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s — 1938
1939— 12 M o s . — 1938
Sales of electric energy
(kwh.)______________ 80,207,967 68,912,247 313,115,535 280,668,098
Sales of gas (M .c u .ft.).. 1,013,917
1,002,147
6,059,710
5,705,530
Sales of electric energy.. $2,905,343 $2,702,256 $12,006,040 $11,288,969
Sales of gas____________
1,394,160
1,376,258
6,755,233
6,510,923
Other operating revenues
16,056
14,463
88,684
45,521
Total oper. revenues.. $4,315,559
a Operating expenses.. .
2,693,012
Depreciation___________
416,600
b T a x e s _______________
723,004
$4,092,977 $18,849,957 $17,845,413
2,529,854 11,173,316 10,620,423
311,367
1,753,563
982,082
618,205
2,655,536 2,523,962
Operating income____
Non-oper. revenues____
Non-oper. rev. deduc’ns
$482,943
14,015
12,151
$633,551
5,796
9,967
Gross income________
Int. on long-term d e b t ..
Int. on advances from
associated companies.
c Miscellaneous interest.
$484,807
458,550
$629,380 $3,287,447 $3,696,748
458,550
1,834,200
1,845,367
Net income_________
26,277
5,261
def$5,281
26,277
8,326
$136,227
a ln cl. maint. exps. o f . . 274,163
298,733
b Including provision for Federal income tax.
discount and expense, &c.— V. 149, p. 892.
$3,267,542 $3,718,947
58,344
20,071
38,441
42,270
104,250
22,960
77,291
22,576
$1,326,036
$1,751,515
1,222,456
1,277,292
c Amortization of debt
Weinberger Drug Stores, Inc. (& Subs.)— E a r n in g s —
30—
Operating profit____________________
Other deductions___________________
Provision for Federal income tax____
1939
x$156,841
35,893
19,084
1938
x$164,601
21,963
y21,817
1937
$336,553
39,215
54,250
Net profit________________________
Dividends paid_____________________
$101,863
40,000
$120,821
128,000
$243,088
152,000
Y ea rs E n d ed Ju n e
136,405
1 ,0 7 7,3 49
1.000
T o t a l - .............. ..$ 2 ,0 6 7 ,2 1 5 $ 2 ,3 91 ,83 1
T o t a l . ...............$ 2 ,0 6 7 ,2 1 5 $ 2 ,3 91 ,83 1
a After reserve for dountful accounts, discounts, &c., o f $20,986 in 1939
and $15,161 in 1938. b After reserve for depreciation o f $723,794 in 1939
and $642,640 in 1938. c After reserve o f $7,200-— V. 149 p. 1933.
D iv id en d D ou bled —
Walworth Co. (& Subs.)— E a rn in g s —
C o rp . P lan f o r C orporation —
6 M os. End.
Sales, net . .
Cost of sales
Vanadium Alloys Steel Co. —
2991
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 2 to holders of record N ov. 18. This compares with
dividends of 25 cents per share paid on Sept. 2 and on June 2, last.— V.
149, p. 1933.
Vick Chemical Co.—
N a m e o f S u b sidia ry Changed —
Effective Nov. 1, the name o f the U n i t e d S t a t e s S t e e l P r o d u c t s C o . , United
States Steel Corp. export subsidiary, will be changed to U n i t e d S t a t e s S t e e l
Y E A R S OLD
Balance, surplus__________________
$61,863 def$7,179
$91,088
Earnings per share__________________
$i.27
$1.51
$3.03
x Includes other income, y Includes surtax on undistributed profits
of $900.
N o t e — Provision for depreciation and amortization, in the aggregate
amount of $53,477, is included in the above expenses for 1938.
2992
ONE HUNDRED
—The Commercial & Financial Chronicle—Y E A R S OLD Nov. 4, 1939
C o n d en sed B a la n c e S h ee t J u n e
A SjetS—
1939
C a s h _______________
$ 8 7 ,7 2 7
C u s to m e r s’ a c c t s .
r e c e iv ___________
2 1 ,5 70
T a x sta m p s S t a t e .
11,973
I n v e n t o r y _________ 1 ,1 7 2,7 87
C a sh su rr. v a lu e o f
life in su ra n ce___
2 5,0 67
16,459
y P e rm a n e n t a ssets
372 ,22 6
P a ts . & tra d e m k s.
1
D e fe rr e d a ssets___
4 9,7 35
T o t a l ___________ S1.757.54S
30
Liabilities—
A c co u n ts p a y a b le .
N o te s p a y a b le ____
2 8 ,7 36 U n p a id p a y roll &
7,8 6 0
b o n u s e s _________
1 ,0 0 2,7 60 A c cru e d ta x e s____
P r o v . fo r F e d . ta x
2 2 ,8 17
o n in c. e x t . . . .
15,778
371 .01 9 R e s . fo r c o n t in g ___
1 x C a p ita l s t o c k ___
3 7,848 C a p ita l su rp lu s___
P ro fit & loss surpls
1938
$96,681
$1,5 83 ,50 1
1939
$ 24 0,4 92
6 0 ,COO
1938
$19 3,2 95
225.531
16,897
50,086
2 3,8 68
30.102
19,300
2 1 0 ,0 0 0
2 4,000
589 ,67 0
105,409
4 41 .69 0
2 3 ,8 00
12.000
5 89 ,67 0
106,409
379 ,82 6
T o t a l ___________ *1 .7 5 7.5 45 S I . 583,501
x Represented by 80,000 shares of no par value, y Less reserve for de
preciation o f $255,308 in 1939 and $203,859 in 1938.— V . 147, p. 3926.
Western Auto Supply Co. (Mo.)— E a rn in g s —
P e r i o d E n d . S e p t . 30— 1939— 3 M o s . — 1938
1939— 9 M o s . — 1938
Net sales______________ $12,542,762 $10,399,598 $31,544,884 $25,115,361
Net earnings----------------991,486
890.765
2,127,509
1,100.535
N o t e — Net earnings as stated above are after provision for depreciation
and all Federal and State income taxes.
Net earnings for the quarter and the nine months are before providing for
certain chain store taxes recently assessed for the years 1936 to 1939 incl.
Approximately $25,000 thereof would apply to the nine months’ oeriod ended
Sept. 30 1939 and $24,000 to the nine months ended Sept. 30. 1938. The
company is contesting the legality o f this assessment, the aggregate amount
of which, accrued to Sept. 30,1939, is approximately $112,000 for the 4-year
period.— V . 149, p. 2385.
Western Maryland Ry.— E a rn in g s —
Gross earnings (est.)____
— V. 149, p. 2711.
----- W e e k E n d .
1939
$423,159
21----- ----- J a n . 1 t o O c t . 21----1938
1939
1938
$303,999 $12,387,246 $10,671,448
O ct.
Western New York Water Cc.— E a r n in g s —
12 M o n t h s E n d e d S e p t . 30—
Operating revenues______________________________
Operating expenses______________________________
1939
$767,741
452,034
1938
$737,877
432,059
Net earnings--------------------------------------------------Other income___________________________________
$315,707
334
$305,817
243
Gross corporate income-----------------------Interest on mortgage bonds_____________________
Interest on debenture bonds_____________________
Amortization o f debt discount and expense______
Taxes assumed on interest_______________________
Other interest charges___________________________
Interest charged to construction_________________
Miscellaneous deductions________________________
Provision for Federal capital stock tax___________
Provision for Federal income tax________________
$316,041
204,887
40,591
10,500
5,661
758
Cr59
325
59
562
$306,061
204,887
43,557
10,566
5,998
1,561
0424
400
900
0 2 ,6 7 3
Net income-------------------------------------- ,_________
$52,756
$41,289
B a l a n c e S h e e t S e p t . 30, 1939
A s s e t s — Plant, property, equipment, &c., $8,652,306; miscellaneous
investment and special deposit, $1,278; cash in banks and working funds,
$107,689; accounts and notes receivable, $65,386; accrued unbilled revenue,
$25,800; materials and supplies, $31,583; debt discount and expense in
process o f amortization, $122,652; prepaid accounts, deferred charges and
unadjusted debits, $7,977; total, $9,014,671.
L i a b i l i t i e s — Funded debt, $4,543,600; accounts payable, $10,377; due to
affiliated companies (current account), $680; consumers’ deposits and in
terest accrued thereon, $10,936; Federal, State and local taxes, $65,914;
interest on funded debt, $96,118; miscellaneous accruals, $1,800; unearned
revenue, $11,887; deferred liability, $132,874; reserve for depreciation,
$1,116,634; contributions in aid o f construction, $207,931; $5 non-cumulatlve participating preferred stock, $206,133: common stock (50,000 no-par
shares), $1,000,000; capital surplus, $792,525; earned surplus, $817,261;
total, $9,014,671— V. 149, P. 893.
Western Ry. of Alabama— E a rn in g s —
S ep tem b er—
Gross from railway------Net from railway______
Net after rents________
F r o m J a n . 1—
Gross from railway.........
Net from railway______
Net after rents-------------— V. 149, p. 2103.
1939
$163,459
46,416
35,252
1938
$143,957
29,899
18,420
1937
$157,132
32,583
10,863
1936
$144,268
25,944
16,379
1,256,158
181,110
78,309
1,185,974
114,536
17,728
1,275,601
156,108
83,952
1,144,388
84,271
18,476
Western Union Telegraph Co., Inc.— W i r e
M erger
R eport D u e —
Lawrence Fly, Chairman o f the Federal Communications Commission,
is’ reported to have said on Oct. 27 that the Commission would make
“ some report pretty shortly” on a possible merger o f the Western Union
and Postal Telegraph companies. He added that the report would be sent
to Senator Wheeler o f Montana, Chairman o f the Senate Interstate Com
merce Committee.
► The FCC has had the question before it for several years. In a report to
Congress in 1935, it said it lacked jurisdiction to pass on a merger and
recommended that it be authorized to act.
Acting on a complaint o f the American Communications Association, a
Congress o f Industrial Oragnizations affiliate, the board overruled Western
Union’s contentions that changes effected in the A. W . U. E . organizational
structure after the Supreme Court upheld the Wagner Act had stopped
practices which were in contravention o f the act.
“ The action o f August, 1937 . . . failed to emancipate the asso
ciation and the respondent’s employees from their 19 years o f subjugation
to the will of the respondent,” the Board said.
“ W e are unable to find that the instructions were intended in good faith
to purge the association o f the respondent’s domination and to release the
respondent’s employees from the company-inspired compulsion to join the
association as a necessary incident to their employment."
The NLRB ordered cancellation o f all agreements, arrangements and
understanding between Western Union and the A .W . U. E.— V .149, p. 2386.
I s s u e O ffered —
A syndicate consisting of McMasters, Hutchinson & Co.;
The Milwaukee C o., and Field, Richards & Shepard, Inc.,
was high bidder for S I,200,000 2 % % equipment trust
certificates, series F, at 103.92 on Oct. 30. The certificates
were reoffered Oct. 31 by the same bankers at prices to yield
from 0 .4 0 % to 2 % , according to maturity.
(George) Weston, Ltd.— E a rn in g s —
9 M o n t h s E n d e d S e p t . 30—
Net operating profit before depreciation and in
come tax but after deductions of reserves for all
interest due and accrued______________________
Depreciation____________________________________
Income tax_____________________________________
1939
1938
$762,137
177,625
120,850
$638,687
143,492
91,867
Net profit_______
Preferred dividends.
$463,662
67,632
$403,327
67,658
Net earnings on common______________________
Net earnings per share on common_______________
— V . 149, p. 1042.
$396,029
$0.98
$335,669
$0.83
Williams Oil-O-Matic Heating Corp.— C o m m o n
Stock
Reduced —
Stockholders at a special meeting held Oct. 27 voted to reduce the stated
value of the no par common stock from $5 to $2 a share. With 430,000
shares o f common stock outstanding, the change in the per share valuation
will reduce stated capital from $2,150,000 to $860,000.
The resulting transfer of $1,290,000 to paid-in surplus is being applied to
write off operating deficit, development and engineering costs, loss on sale
of branch assets and adjustment o f inventory values.—V. 149, p. 2711.
Wisconsin Investment Co.— E a rn in g s —
9 M o s . E n d . S e p t . 30—
Total income__________
Operating expenses_____
Bank loan expenses_____
Net profit on sale of in
vestments___________
Prov. for income taxes..
S u r p lu s _________
A ssets—
C a s h _______________
D u e from sa le o f
1939
$ 21 2,7 29
1938
$25,208
17,110
2,411
1937
$69,782
17,136
10,703
,209
______
Cr338,371
50,000
---------
$54,303 loss$67,521
______
52,446
$330,314
52,666
$52,228
---------
$54,303 def$l 19,967
Net income..................
Dividends paid________
1939
$37,023
18,599
3,631
$277,648
$52,228
Cr45,509
6,000
D r7 3
B a l a n c e S h e e t S e p t . 30
L i a b ilit ie s —
1938
$ 8 0 ,51 2
A c cru e d t a x e s ____
D u e o n p u rch a se o f
5 ,8 2 3
A c cru e d d iv s . a n d
8 ,6 8 5
in t. o n in v e s t___
D e p o sits w ith S ta te
3,9 6 6
o f W is c o n s in ___
In v estm en ts . . . . 1 ,4 7 7,3 42
7 ,5 2 5
D u e on sto c k subs.
1 ,328
F u rn . & e q u ip m ’ t .
2,7 2 6
P rep aid ex p e n s e s. .
T o t a l ................. ..$ 1 ,7 1 4 ,3 0 1
D e m a n d b k . lo a n .
A c co u n ts p a y a b le .
D iv id e n d s p a y a b le
4 4,3 32 P r o v . fo r retire, o f
1 ,3 5 2,8 77
p r e f. ca p ita l stk .
14,176 W is .S ta te priv ileg e
a iv . ta x e s _______
870
7 ,369 C o m m o n s t o c k ___
P a id -in su rp lu s___
E a rn e d su rp lu s___
5 ,296
$ 1 ,5 1 1 ,2 5 4
1936
$78,367
18,169
7,969
---------
1939
$ 1 1 ,7 5 9
1938
$45 ,86 1
4 ,7 5 5
2 50 0 00
1,062
6 ,4 6 7
1,159
1,018
385
1,936
3 ,9 6 6
5 4 6 ,83 6
5 9 8 ,94 0
2 9 0 ,13 0
523 ,91 5
5 67,279
3 70 ,08 6
T o t a l ___________ $ 1 ,7 14 ,30 1
$ 1 ,5 1 1 ,2 5 4
— V. 149, p. 1042.
Wisconsin Power & Light Co. (& Subs.)— E a rn in g s —
P e r i o d E n d . S e p t . 30—
1939— 3 M o s — 1938
1939— 12 M o s — 1938
Operating revenues_____$2,523,467 $2,439,058 $9,961,259 $9,535,699
Oper. exps. & taxes_____ 1,699,896
1,658,214
6.592,836
6,577,648
Net operating income.
Other income (net)_____
$823,571
9,582
$780,843 $3,368,422 $2,958,051
5,098
19,826
13,665
Gross incom e............
Int. & other deductions.
$833,154
427,260
$785,941 $3,388,249 $2,971,716
444,117
1,743,246
1,788,199
Net in c o m e ..............
— V. 149, p. 1195.
$405,893
$341,825
$1,645,003
$1,183,517
9 M o n t h s E n d e d S e p t . 30—
Manufacturing profit (before depreciation)_______
Depreciation____________________________________
Selling, general and administrative expense_______
1939
$716,251
55,606
316,120
1938
$325,845
55,620
231,458
Operating profit.
Other income_____
$344,525
5,506
$35,767
16,467
Total income_________________________________
Other deductions________________________________
Estimated Federal income tax---------------------------
$350,031
6,821
60,062
$52,234
4,895
8,284
Net p rofit,..______ ______________ _____________
Profit per share of common stock_________________
$283,148
$0.6646
Wolverine Tube Co.— E a rn in g s —
$39,054
$0.0483
— V . 149, p . 1042.
(Alan) Wood Steel Co.— A c c u m u la ted
W e s te r n U n io n Ordered to E n d I t s U n io n —
The National Labor Relations Board N ov. 1 ordered the company,
disestablish the Association o f Western Union Fmployees as a collective
bargaining agency and to reimburse their empioyees for all A . W . U. E.
dues deducted from their pay envelopes since July 5, 1935.
It was estimated unofficially that the amount o f dues to be returned
might run as high as $500,000. Western Union employs approximately
48,000 persons and has had a national check-off o f from 25 to 60 cents a
month for the A . W . U. E ., NLRB officials said. The reimbursement order
did not include fees paid into a death beneift fund.
Summing up its findings that Western Union had dominated and inter
fered with the A . W . U . E . and contributed financial and other support to
it, the NLRB declared:
“ The association stands today precisely as it has stood since 1918, as the
servant o f the respondent (Western Union), alert to perform both actively
and passively the role o f an obstacle to freedom of organization enunciated
byW oodrow Wilson in 1918 and reaffirmed in the Wagner) act on July 5,
Wheeling & Lake Erie Ry.— E q u ip m en t
The certificates are non callable and mature $120,000 each N ov. 15, 1940
to 1949. Dividends payable M -N at office of Union Trust Co. of Pittsburgh,
trustee. Issued under the Philadelphia plan.
Among other bids were the following: Bankers Trust C o., 103.6377;
Harris Trust & Savings Bank, 103.52; Evans, Stillman & C o., 103.333;
Salomon Bros. & Hutzler, 103.327; First Boston Corp., 103.269; Harris
Hall & Co., 103.25; Lehman Bros., 103.20; R. W . Pressprich & C o., 102.931;
Blyth & C o., 102.8991; Estabrook & C o., 102.85; F. S. Moseley & Co.
102.8055; Harriman Ripley & C o., 102,7876; Halsey, Stuart & C o., 102.465;
L. M . Marks & C o., 102.39; Goldman, Sachs & C o., 102.13; E. H. Rollins &
Sons, 102.056; Mellon Securities Corp., 102.— V. 149, p . 2711.
D iv id e n d —
Directors have declared a dividend of $1 per share on account of ac
cumulations on the 7% cumulative preferred stock, par $100, payable
N ov. 17 to holders of record N ov. 7. Dividend of 75 cents was paid on
June 15, last and one of 50 cents was paid on Dec. 28, 1938.— V. 149, p.
1343.
Wright Aeronautical Corp.— E a r n in g s —
30—
1939— 3 M o s . — 1938
1939—9 M o s . — 1938
$547,544
$822,740 $2,878,580 $2,490,985
Earns, per sh. on com
$0.91
$1.37
$4.80
$4.15
x After depreciation interest, and taxes, but before provision for possible
Federal surtax on undistributed income.— V. 148, p. 751.
P erio d E n d . S e p t.
x Net profit___________
Yellow Truck & Coach Mfg. Co.— E a r n in g s —
P e r i o d E n d . S e p t . 30—
1939— 3 M
Net sales______________ $13,479,829
x Profit from operations.
656,868
Prov. for depreciation..
280,569
Prov. for Fed. inc. taxes
8,023
1938
1939— 9 M o s . — 1938
$9,370,078 $44,778,221 $34,865,325
259,681
3,057,326
1.196,926
261,576
846,166
787,576
Cr45,000
423,023
45,000
o s .—
Net profit___________
$368,276
$43,105 $1,788,137
$364,350
x Including company’s proportion o f net profits or losses o f wholly owned
and controlled companies not consolidated.— V. 149, p. 1343.
York Ice Machinery Corp.— W a g e s
In c rea sed —
J. H . Vogel, new General Works Manager o f the corporation, announced
on N ov. 1 a 10% increase in the hourly wage and a 40-hour week for em
ployees in the corporation’s plant at York, Pa. The increase and 40-hour
week are provided in an agreement signed by the management and em
ployee representatives.— V . 149, p. 593.
Yazoo & Mississippi Valley RR.— E a r n in g s —
S ep tem b er—
1939
Gross from railway_____$1,828,254
Net from railway______
707,609
Net after rents_________
470,130
F r o m J a n . 1—
Gross from railway_____ 10,428,599
Net from railway______
2,927,656
Net after rents_________
1,032,809
— V. 149, p. 2104.
1938
$1,445,309
585,741
357,620
1937
1936
$1,609,432 $1,691,950
750,469
741,186
508,226
491,774
10,368,040
3,186,512
1,254,781
11,925,084 11,024,010
3,856,903 3,385,459
2,015,794
1,368,229
Volume 149
ONE HUNDRED The
—
T h e
Commercial & Financial Chronicle — Y EAR S
C o m m e r c ia l M
a r k e ts
COMMERCIAL EPITOME
3, 1939.
Coffee— On the 28th ult. futures closed 2 to 6 points net
higher for the Santos contract, with sales totaling 10 lots.
There was no business reported in the Rio contracts. In
Brazil the spot price of Rio 7s advanced 400 reis to 14 milreis
per 10 kilos. Soft 4s were 100 reis higher at 19.300 and hard
4s were 100 up at 18.200. Afloat supplies from Brazil
increased 82,000 bags on Saturday, making the total afloat
1,107,600 bags. Available supplies of Brazil stock and
afloat amounted to 1,528,815 bags. On the 30fch ult. futures
closed 6 to 9 points net lower for the Santos contract, "with
sales totaling only 27 lots. The old Rio contract on one
sale was 2 points lower. Much of the activity in the Santos
contract represented Dec. liquidation. The market ruled
sluggish during most of the session, as the leading buyer of
last week withdrew. Spot prices in Brazil were 100 to 200
reis lower today. Afloats today for the first time went
below the 1,000,000 bag mark. On the 31st ult. futures
closed 7 to 8 points net lower for the Santos contract, with
sales totaling 27 lots. The Rio contracts were inactive.
The coffee markets continue to act in a sluggish way, with
price trend decidedly lower. In Brazil spot N o. 7 was 200
reis higher while Santos prices were up 100 to 200 reis. New
York roasters continue indifferent as they calculate that
little interference with shipments from Brazil is likely to
result from the war. Moreover, they have increased their
inventories. New York warehouse stocks, of Brazilian
coffee total 1,105,018 bags up 21,169 bags since Oct. 2. On
the 1st inst. futures closed 1 to 2 points net lower for the
Santos contract, with sales totaling 18 lots. Rio contracts
were inactive. A holiday in Latin American countries was
largely responsible for dulness in the coffee market. Futures
moved within a two point range. Sales to early afternoon
totaled 3,750 bags. No new quotations on actuals were
cabled from Brazil. Spot coffees in Santos were 100 reis
lower last night, with hard 4s at 18.200.
On the 2d. inst. futures closed unchanged from previous
finals for the Santos contracts. No Rio business was re
ported. Owing to a holiday in South American countries,
the coffee futures market was neglected. Santos futures
opened 1 point higher and were holding the gain during early
afternoon. Cost and freight offers from Brazil were gener
ally unchanged. Not much new buying was done. Talk was
heard that the proposed increase in the freight rate of 20c. a
bag may never take effect because of the improved cargo
space situation. Today futures closed 13 to 17 points net
higher for the Santos contract, with sales totaling 36 lots.
Five contracts sold in the Rio (old A) contract, and this in
the Dec. delivery which closed 11 points net lower. Trading
in coffee futures was brisker than yesterday following the
reopening of Brazilian markets after a two-day holiday.
During early afternoon Santos contracts were unchanged to
4 points higher, with M ay up 4 points at 6.29c. Offers from
primary markets were generally unchanged, but some in
terest may have developed because of the longshoremen’s
strike on coastwise shipping. Colombian Manizales, quoted
at lOJ^c. for promp shipment yesterday were steadier today.
Rio coffee prices closed as follows:
Friday N ight, N ov.
December-------------- ----------- ------ 3.9 21March________________
.3.92
Santos coffee prices closed as follows:
December--------------------------------6.261July.......... ...................................... .6.45
M arch-------------------------------------6.34 September______________________ 6.50
M ay.................................... ...........6.401
Cocoa— On the 28th ult. prices closed 1 to 3 points net
higher. Transactions totaled 105 lots, or 1,407 tons. The
feature of the trading was some manufacturer buying in the
Dec. position. Spot cocoa was reported taken for 7 Dec.
contracts at 4.78c., 6 M ay at 5c. and 11 July at 5.09c.
Prices during the week ending today showed net declines of
21 to 27 points, the market being depressed largely by hedg
ing sales against new crop cocoas by leading West African
shippers. The arrival this week of a large consignment on
a vBritish vessel whose clearance was officially announced
only the day before it docked at Philadelphia, helped to
bolster the feeling that in spite of the war, shipments of
cocoa from West Africa will flow to this country in a normal
fashion. Local closing: D ec., 4.80; Jan., 4.85; M ar., 4.94;
May, 5.03; July, 5.11. On the 30th ult. futures closed 10
to 12 points net lower. The market ruled heavy during
most of the session, with prices ending at about the lows of
the day. Heavy switching out of the Dec. and Jan. posi
tions resulted in a moderately large turnover of 394 lots,
or 5,280 tons. Exchanges numbered 190 contracts, the
feature of which was a switch of a block of 62 Jan. lots into
Mar. at a difference of 10 points.
Ten other Jan. contracts
were transferred into Mar. at 9 points, while other exchanges
were 5 Dec .-Mar. at 14 points, and 7 at 13 points, and 11
Dec. into Jan. at 4 points. All deliveries up to July sold
below 5c. at the closing, with July ending at just that mark.
Local closing: D ec., 4.71; Jan., 4.73; M ar., 4.83; M ay,
4.92; July, 5.00; Sept., 5.08. On the 31st ult. futures closed
8 to 10 points net lower. Transactions totaled 407 lots. A
a n d
th e
OLD
2993
C r o p s
further fall of 13 to 15 points was registered in the cocoa
futures market when fresh liquidation broke out in sympathy
with weakness in stocks and other commodities. The
market now has lost its entire war-time gain. During early
afternoon Dec. was selling at 4.57e. Transactions to that
time totaled 320 lots, or well above the recent average.
Warehouse stocks were 250 bags higher at 1,068,334 bags,
compared with 942,476 bags a year ago. Local closing:
D ec., 4.60; Jan., 4.65; M ar., 4.74; M ay, 4.82; July, 4.91;
Sept., 5.00. On the 1st inst. futures closed unchanged to 1
point higher. Trading in cocoa futures quieted down and
prices were steadier than yesterday. During early after
noon the market was 1 to 2 points net lower. Sales to that
time totaled only 140 lots. The cocoa trade is puzzled,
and as a result prefers to look on a while. Warehouse stocks
decreased 2,000 bags. They now total 1,066,370 bags.
Last year stocks amounted to 942,918 bags. Cables to the
New York Cocoa Exchange reported that shipments of cocoa
from Gold Coast ports in Oct. were 9,590 tons, against 8,340
tons in that month last year. Local closing: D ec., 4.61;
Jan., 4.65; M ar., 4.75; M ay, 4.83; July, 4.92; Sept., 5.01.
On the 2d inst. futures closed 12 to 14 points net higher.
Transactions totaled 196 lots. Cocoa futures were firm,
showing gains of 8 to 10 points during early afternoon. The
improvement was due to policy of producing countries in
raising their offering prices; evidently they refuse to follow
the market further down. Futures then moved up to meet
them. Manufacturers and shorts provided the purchasing
power. Trading to early afternoon totaled 140 lots. Ware
house stocks increased 300 bags. They now total 1,066,679
bags against 942,000 bags a year ago. Government reports
said that sales of chocolate and confectionery during Sept,
were 58.9% higher than in Aug. and 1.3% over the Sept.,
1938 figures. Local closing: D ec., 4.73; M ar., 4.88; M ay,
4.97; July, 5.04; Sept., 5.13. Today futures closed un
changed compared with previous finals.
Transactions
American Cotton in India
It appears from a report of the Bombay
Chamber of Commerce, that the experiments
in the growing of American cotton in India
have not been entirely unsuccessful, par
ticularly in the neighborhood of Hyderabad,
under the superintendence of Captain
Meadows Taylor. The following is an ex
tract from the report of the Committee of
the Bombay Chamber of Commerce:
“ Your committee place in the appendix to
the present report the letters of Captain
Taylor, relative to the samples, which give a
very favorable account of the progress mak
ing in the culture of New Orleans, Sea
Island, and Bourbon cottons. It is gratify
ing to perceive that the native growers are
engaging actively in the cultivation pf these
varieties; and that, instead of being with
difficulty persuaded to make the smallest
experiment— as has too often been the case
before, in other localities— they evince the
greatest eagerness to obtain seed for sowing.
The crops of Bourbon and Sea Island, on
the bank of the Krishna, are described as
most luxuriant; and the success of the New
Orleans appears to be beynod a doubt.
Captain Taylor states that he has given
directions for the whole of the cotton grown
from the seed furnished, to be collected and
sent to Shelapore; and he adds that he pro
poses afterwards forwarding it to Bombay,
in order to ascertain its value in our market.
Your committee trust that the time is draw
ing nigh when we shall be able to calculate
on a regular supply of such cotton. There
can be no doubt that it would fetch a good
price here for the home markets, and that it
would amply remunerate both grower and
dealer.”
HUNT’S MERCHANTS’ MAGAZINE,
September, 1845
2994
ONE HUNDRED Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
The
—
totaled 251 lots. Cocoa futures rallied from an early setback
to stand 1 to 3 points net higher during early afternoon.
Sales to that time totaled 150 lots. The improvement was in
sympathy with other markets. Offerings from primary mar
kets continued small and prices were firm. The pressure in
evidence some time ago has vanished. Local closing: D ec.,
4.73; M ar., 4.88; M ay, 4.97; July, 5.04; Sept., 5.13.
—
Prices closed as follows:
Ja n u a ry _________________________ 1.751 J u l y ______________________________ 1.97
M a rc h ______ ____________________ 1.90 September_______________________ 2.01
M a y _____________________________ 1.94]
L a r d — On the 28th ult. futures closed 7 to 10 points net
higher. The opening range was unchanged to 7 points
higher on the active deliveries. For a short period after the
opening the market ruled quiet, but the firmness of grains
S u g a r — On the 28th ult. futures closed unchanged to 1
appeared to have a stimulating influence on lard futures
and prices advanced rather sharply 7 to 10 points. These
point lower for the domestic contracts, with sales totaling
gains were held to the end of the session. Export clearances
123 lots. The world sugar contracts closed unchanged to 2
of lard from the Port of New York today totaled 207,515
points higher, with sales totaling 73 lots. The domestic
pounds, the heaviest in some time. The only destination
market at one time during the short session showed gains of
given on the latter shipment was Europe. Chicago hog
5 points, but these were subsequently erased. There was
prices were unchanged compared with previous finals.
very little feature to the trading. The same can be said of
Western hog receipts totaled only 6,300 head, against 19,000
the world sugar market which ruled relatively quiet. In the
head for the same day last year. On the 30th ult. futures
market for raws National purchased 16,000 bags of Puerto
closed 2 to 7 points net lower. The market ruled sluggish
Ricos, clearing N ov. 14, at 3.10c. today. That price was
during most of the session, with prices holding within a very
similar to the last paid for Louisiana raws, but was 15 points
narrow range. Export clearances of lard from the Port of
under the last business in Puerto Ricos. The sale established
New York today were 18,000 pounds, with the destination
the spot basis at 3.10c. for duty frees and 1.60c. for in-bond
given as “ Europe.” Chicago hog prices closed 10 to 20e.
or Cuban sugar. On the 30th ult. prices closed 7 to 9 points
lower in spite of the lighter hog marketings than anticipated
net lower. The domestic sugar futures market ruled weak
by the trade. Sales ranged from $6.25 to $7. Western hog
today. At one time during the session prices showed maxi receipts totaled 76,400 head, against 84,500 head for the
mum declines of 11 to 13 points, the lowest in 5 years, but
same day last year. On the 31st ult. futures closed un
recovered slightly on short covering at the close. However,
changed to 2 points net higher. The opening range was
it was not common knowledge at the close that a sale had
unchanged to 2 points lower, compared with previous finals.
been effected in the raw market at 2.90c., which is 15 points
Trading was very light, with price fluctuations extremely
below the bottom for the year. The market received little
narrow. There was no noteworthy feature during the entire
support. Buying was mostly scale-down short covering,
session. No export clearances of lard from the Port of New
although some hedge lifting was entered against sales of
York were published. The Western hog run was quite
actuals along with scattered new buying on the prospect of a
heavy again today. Hog sales at Chicago ranged from $6
technical recovery. The world contract closed 8 to 6 points
to $7. Closing quotations on hogs at Chicago today were
net lower. About 60% of the business in this contract was
mostly 10c. higher. Western hog marketings totaled 77,300
in the March delivery at 1.45c. to 1.40c., and last prices
head, against 77,600 head for the same day last year. On
were the lows of the day. In the raw market 2 sales were
the 1st inst. futures closed 7 to 10 points net lower. During
effected, 2,000 tons of Philippines, due N ov. 11 at 3c. to
the early part of the session the nearby months were down
Revere of Boston, and 14,000 bags of Puerto Ricos, due
2 to 7 points, but the distant deliveries held steady. During
N ov. 16, at 2.90c., to Refined Syrups, Inc. The raw market
the afternoon the market yielded to some rather substantial
was a nominal affair at the close. On the 31st ult. futures
selling, and prices closed at about the lows of the day.
closed 4 to 5 points net lower for the domestic contracts, with
Export clearances of lard from the Port of New York today
sales totaling 728 lots. The world sugar contracts closed
totaled 495,000 pounds. The usual destination was given
234 to 5 points net lower, with sales totaling 388 lots. Both
— “ Europe.” Hog receipts at the principal packing centers
markets in sugar ruled weak today, sugar futures tumbling
in the West were quite heavy today and totaled 74,300 head,
to new low levels for the season. The domestic contract
against 60,500 head for the same day a year ago. Receipts
during early afternoon stood 2 to 5 points net lower, having
at Chicago totaled 20,500 head.
fallen 10 to 11 points during the morning session. The raw
On the 2d inst. futures closed 10 points net lower for all
market was purely nominal. Only 1 firm offer was listed
active deliveries. Trading was fairly active and the market
when 2,000 tons of N ov. Philippines were tendered at 3c.
ruled heavy during most of the session. The 3,500,000
even. The only change in the refined market was a further
decrease in Chicago lard stocks during the last half of October
markdown of resale sugars to 4.80c. World sugar contracts
was about in line with trade expectations and had very little
broke 9 to 934 points early and equaled the pre-war level.
if any influence on the lard futures market today. The
During the afternoon world sugar contracts rallied con
market displayed no rallying power and prices closed at
siderably, but still showed net losses at the close. On the
about the lows of the day. Lard exports from the Port
1st inst. futures closed 7 to 8 points net higher for the
of New York today were 30,000 pounds, with destination
domestic contract, with sales totaling 458 lots. The world
given as “ Europe.” It was reported that heavy sales of
sugar contract closed 2 to 334 points net higher, with sales
American lard were made to England late on Wednesday.
totaling 116 lots. Evidence that the selling of sugar futures
Chicago hog sales ranged from $6.50 to $7. per cwt. West
had been overdone was seen in sharp recoveries today.
ern hog receipts were 79,500 head, against 58,700 head for
Domestic contracts during early afternoon were 6 to 8 points
the same day last year. Today futures closed 3 points off
higher. Transactions to that time totaled 18,000 tons.
to unchanged compared with previous finals. The lard
Heavy switching from M ar. to more distant positions, chiefly
market ruled heavy during most of the session today, in
Sept., was reported. That business alone accounted for
fluenced partly by the downward turn of hog prices. Light
10,000 tons. The recovery was attended by an upturn also hogs were steady to 10c. lower, but heavier kinds were down
in the raw sugar market when National paid 2.95c. a pound
as much as 20c. Hog sales ranged from $6.50 to $6.70 in
for 18,000 bags of Puerto Ricos due here N ov. 22. Yesterday
the Chicago market.
raws sold at 2.90c. In the world sugar market prices re
D A I L Y C L O S IN G P R IC E S O F L A R D F U T U R E S I N C H I C A G O
bounded 2 34 to 6 points. Sales to early afternoon were 5,000
S a t.
M on.
T ues.
W ed.
T hu rs.
F r i.
tons.
O ctober________________ 6.45
6.40
6.42
____
____
____
D ecem ber______________ 6.55
6.47
6.50
6.40
6.30
6.27
On the 2d inst. futures closed 1 to 4 points net higher for
J a n u a ry ________________ 6.65
6.57
6.60
6.50
6.40
6.37
the domestic coutracts, with sales totaling 342 lots. The
M a rc h __________________ 7.12
7.10
7.10
7.05
6.90
6.90
M a y ____________________ 7.27
7.25
7.25
7.17
7.07
7 07
world sugar contracts closed 1 to 634 points net higher, with
J u l y __________________________
______________
7.35
7.25
7.17
sales totaling 176 lots. The sugar markets were strong
P o r k — (Export), mess $23.25 (8-10 pieces to barrel);
and active most of the session today. No further sales of
family (50-60 pieces to barrel), $20.75 (200 pound barrel).
raw sugars were reported, but at least one cargo of Puerto
Beef: (export), steady. Family (export), unquoted. Cut
Ricos was on offer at yesterday’s paid price of 3c. a pound.
Meats: Pickled Hams: Picnic, Loose, c.a .f.— 4 to 6 lbs., 1234;
Cubas for N ov. were held at 1.75c. The main topic of con
6 to 8 lbs., 12c.; 8 to 10 lbs., 1134c. Skinned, Loose, e.a.f.—
versation in the sugar trade was whether the Government
14 to 16 lbs., 1834c.; 18 to 20 lbs., 18c. Bellies: Clear, f .o.b.
would restore sugar quotas. The only change in the refined
New York— 6 to 8 lbs., 1234c.; 8 to 10 lbs., 1234c. Bellies:
sugar market was a lessening of the pressure of resale sugars.
Clear, Dry Salted, Boxed N . Y .— 16 to 18 lbs., 934c.; 18 to
In the world sugar market prices were 2 to 234 points higher
20 lbs., 934c-; 20 to 25 lbs., 934c.; 25 to 30 lbs., 934c. Butter:
during early afternoon, these gains being extended very
Creamery; Firsts to Higher than Extra and Premium Marks:
materially as the market drew to a close. Today futures
26 to 29c. Cheese: State, Held ’38, 21 to 22c. Eggs: Mixed
closed unchanged to 7 points net higher for the domestic
Colors: Checks to Special Packs: 1734 to 29c.
contract, with sales totaling 542 lots. The world sugar
contract closed 6 to 234 points net higher, with sales totaling
Oils—-Linseed oil prices hold fairly firm at the basis of
187 lots. Firmness continued to characterize the sugar
9.3 to 9.5c. for tank cars. Quotations: Chinawood: Tanks,
futures market. _ Domestic contracts were bid up 4 points.
“ regular” trade— 24c. bid; Resale, small lots— 2634 to 28c.
The only exception was Jan., which advanced only 1 point.
Coconut: Crude, Tanks— .0334 bid; Pacific Coast, spot—
The conviction that Washington will do something to help
.0334 bid- Corn: Crude, West, tanks, nearby— .0634 to
sugar, as well as firmness in the raw sugar market accounted
.0634- Olive: Denatured: Drums, spot— $1.20 bid; Afloat—
for the further recovery. In the raw market a buying interest
$1.20 bid. Soy Bean: Tanks, West, N ov.—-.0534c. bid;
was disclosed at 2.95c. N ov. Cubas were held at 3.05c.,
Dec.-Feb.— .0434 to .05; New York L .C .L ., raw— .07 bid.
duty paid basis, equivalent to 1.80 before duty. Puerto
Edible: Coconut: 76 degrees— 1034c. bid.
Lard: Ex.
Ricos also were held at that level. In refined the picture
winter prime— 934c. offer. Cod: Crude: Norwegian, dark
changed when large refiners restored price guaranty on
filtered— no quote. Turpentine: 32 to 34c. Rosins: $5.40
prompt business. Yesterday the American Sugar Refining
to $7.75.
Company bought 3,220 tons of Louisiana raw sugar at 2.90c.
In the world sugar market prices rose 134 to 2 points, with
C o t t o n s e e d O i l sales yesterday, including switches, 68
March at 1.4534c. The high of the forenoon was 1.46.
contracts. Crude, S. E ., val. 534- Prices closed as follows:
Volume 149
Novem ber
Decem ber.
J a n u a r y ._
F e b r u a r y -.
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD
—
M arch
6.6 5® n
6.6 7@ 6.69 A p r il. .
6.72@ 6.75 M a y - .
6.7 5@ n
J u n e ..
—
6.87@ 6.90
6.95® n
6.9 6® 6.99
7.0 1 @ n
R u b b e r — On the 28th ult. futures closed 25 to 15 points
net lower. Transactions totaled 116 tons. The short
session in rubber futures today as a quiet featureless affair.
The trade appears to be awaiting the action of the lower
House on the Embargo Act. The outside market was quiet.
Although several of the dealers were quoting slightly lower
prices for spot today (Saturday), most of the interests felt
that in view of the dull proceedings, they would leave quota
tions about unchanged. Spot standard No. 1 ribbed smoked
sheets in the trade was quoted at 20J^c. Local closing:
N ov., 19.65; Dec., 19.65; M ar., 18.55; M ay, 18.25. On
the 30th ult. futures closed 25 to 10 points net higher.
Transactions totaled 290 tons, including 50 tons which were
exchanged for physicals. In sympathy with most other
commodity markets, the session in rubber futures was
relatively dull. There was virtually nothing in the news
to serve as an incentive to operate aggressively either way.
The actual market was also quiet. Offerings from the Far
East continue limited and too high. Spot standard N o. 1
ribbed smoked sheets in the trade remained unchanged at
20)^c. Local closing: N ov., 19.90; Dec., 19.90; Jan., 19.15;
M ar., 18.72; M ay, 18.40; July, 18.20. On the 31st ult.
futures closed 35 to 18 points net higher. Influenced by
the higher markets in London and Singapore, the local
rubber futures market showed substantial gains today. In
spite of the market’s strength, however, there was a de
cided lack of consumer interest. Transactions totaled only
1,400 tons. The outside market was quiet. Spot standard
N o. 1 ribbed smoked sheets in the trade advanced Y c . to
20% c. Local closing: N ov., 20.25; Dec., 20.25; Jan., 19.45;
M ar., 18.90; M ay, 18.59; July, 18.40. On the 1st inst.
futures closed unchanged to 8 points net higher. Trans
actions totaled 64 lots. Dealings in rubber futures were
small, the total to early afternoon reaching only 430 tons.
After a poor start the market turned firm, prices standing
4 to 5 points higher during early afternoon, with Dec. at
20.29c. and Mar. at 18.95. The principal influence ap
peared to be the Singapore market. Prices rose 3-16ths
to J^d. there. Shipment offerings were high and limited.
It was believed that the British Government may have been
buying rubber for barter purposes. London closed un
changed to Y s d. lower. Local closing: D ec., 20.28; Jan.,
19.46; M ar., 18.98; M ay, 18.59.
On the 2nd inst. futures closed 20 to 24 points net lower.
Transactions totaled 123 lots. Rubber futures were easier
in a dull market. Profit taking and selling by British dealer
interests was reported. The usual statistics on production
of crude rubber were released today. In early afternoon
prices were 20 to 28 points net lower, and these were about
the levels ruling at the close. Both London and Singapore
closed Y% to 3-16d. lower. Local closing: D ec., 20.08; M ar.,
18.74; M ay, 18.38; July, 18.15. Today futures closed 10
points net higher to unchanged. Transactions totaled 68
lots. Trading in crude rubber contracts was quiet, but the
market had a steady undertone. Prices this afternoon were
unchanged on a turnover of only 250 tons. M ar. then stood
at 18.72c. and July at 18.15. London cabled that the Inter
national Rubber Committee had met but had released no
communique. London closed unchanged to l-16d. higher.
Singapore was 1-32 to 3-16d. lower. Local closing: D ec.,
20.18; M ar., 18.78; M ay, 18.41; July, 18.15.
H i d e s — On the 28th ult. futures closed 14 to 16 points net
lower. The opening range was 10 to 25 points off compared
with previous finals. The market ruled within a relatively
narrow range during the greater part of the half day session.
There were no special features to the trading. Transactions
totaled 3,600,000 pounds. Certificated stocks of hides in
warehouses licensed by the Exchange decreased by 5,497
hides to a total of 1,084,116 hides. Total withdrawals from
certificated stocks amount to 170,100 hides. The domestic
spot hide market was quiet. Last trading reported in light
native cow hides was at 15)^c. a pound. Local closing: Dec.,
14.25; M ar., 14.34; June, 14.79; Sept., 15.07. On the 30th
ult. futures closed 7 to 13 points net lower. The opening
range was 5 points higher to 15 points lower. The market
ruled more or less sluggish during today’s session, with the
undertone easy. Report., of weakness in the domestic spot
hide market contributed to the easiness in the futures market.
Certificated stocks of hides in warehouses licensed by the
Exchange decreased by 3,023 hides to a total of 1,081,093
hides in store. Total withdrawals from certificated stock so
far this month amounted to 173,123 hides. The domestic
spot hide market was reported easy. Sales were reported of
native hides at 10c. a pound. Light native cow hides were
reported nominal at around 14)^c. a pound. Local closing:
Dec., 14.18; M ar., 14.41; June, 14.70; Sept., 14.96. On the
31st ult. futures closed 43 to 53 points net lower. The open
ing range was 1 to 8 points off from previous finals. The
hides futures market ruled weak during most of the session,
influenced by the downward trend of the securities market
and the easy tone in the domestic spot hide market. As a
result of these bearish influences considerable selling was
induced around the local hide ring, and at the close the
market showed substantial losses. Transactions totaled
13,080,000 pounds, of which 40,000 pounds were exchanged
for physicals. Certificated stocks of hides in warehouses
licensed by the exchange decreased by 80,007 hides to a total
2995
of 1,073,086 hides. The domestic spot hide market was very
quiet today. Local closing: D ec., 13.65; M ar., 13.94; June,
14.27; Sept., 14.52. On the 1st inst. futures closed 28 to 19
points net higher. Transactions totaled 177 lots. Contracts
on the raw hide futures market were none too plentiful, with
the result that prices were bid up 16 to 29 points by early
afternoon on transactions totaling 4,360,000 pounds. Dec.
then stood at 13.81c. and M ar. at 14.13c. Spot hides were
quiet. Certificated stocks decreased 2,055 hides. They now
total 1,071,031 pieces. Local closing: D ec., 13.93; M ar.,
14.17; June, 14.46; Sept., 14.75.
On the 2d inst. futures closed 1 point off to 6 points up
compared with previous finals. Transactions totaled 132
lots. There was liquidation aDd local selling in the hide
futures market this morning, but after it was absorbed,
prices improved, standing 3 to 4 points higher during early
afternoon. Certified stocks of hides decreased 6,944 pieces.
They now total 1,064,087 hides. Local closing: D ec., 13.92;
M ar., 14.23; June, 14.50. Today futures closed 17 to 20
points net higher. Transactions totaled 351 lots. Prices of
raw hide futures were firm in a fairly active market. During
early afternoon Dec. stood at 14.27c., up 35 points; Mar. at
14.45 was 22 points higher. Short covering was in progress.
Sales to that time totaled 7,560,000 pounds. Activity in the
spot hide market was reported. Local closing: D ec., 14.11;
M ar., 14.42; June, 14.70; Sept., 14.95.
O c e a n F r e i g h t s — During the past week chartering of
tonnage in most sections has been rather slow. Charters in
cluded: Grain: Great Lakes to Norway, prompt loading.
New York or Albany to Denmark, prompt, 44c. per 100
pounds. Time: Three months West Indies trade, N ov., $2.75.
Three to five months’ general trade, N ov., $3.25. Three to
five months’ West Indies trade, N ov., $2.75 (continuation).
Round trip Canadian trade, prompt, $2.75. Round trip
West Indies trade. Delivery Haifa, redelivery North of
Hatteras, via India, N ov. 25-D ec. 5, $3. Round trip transAtlantic trade, delivery Baltimore, N ov., 5-10, $2.75 per
ton. Trip down, delivery north of Hatteras, redelivery
Venezuela, early N ov., $3.50. Trip down, delivery New
York, redelivery east coast Sojith America, N ov., $3.25.
Scrap: Atlantic range to Japan, N ov .-D ec., $11 per ton.
Atlantic range to Japan, N ov .-D ee., $11 per ton (previously
reported without name of vessel).
C o a l — The feature of the week was the announcement by
leading line companies that effective N ov. 1 prices on whole
sale anthracite on the line will be 10c. per ton higher on egg
and chestnut and 15 to 25c. higher at Tidewater. It is
pointed out that this advance in schedules is seasonal. It is
reported that the demand for hard coal during the past week
has dropped off considerably. Stocks in retail yards are said
to be heavy, and until consumers’ buying resumes, no acceler
ation is anticipated. Prices on line deliveries for egg and nut
have advanced 10c. per ton to $5.75 per ton while the other
grades remain unchanged. At Tidewater delivery egg and
nut gained 25c. per ton to $5.25; stove advanced 15c. to
$5.40, and pea gained 25c. per ton to $4.25. According to
figures furnished by the Association of American Railroads,
the shipments of anthracite into eastern New York and New
England for the week ended Oct. 14, have amounted to 2,011
cars, as compared with 2,152 cars during the same week in
1939, showing a decrease of 141 cars, or approximately
7,050 tons.
W o o l — It would appear that the wool trade is still awaiting
an announcement from Great Britain as to how much of the
Australasian clips impounded for war purposes will be re
leased for sale to American mills, and it is the feeling that
until this matter is disposed of there is unlikely to be large
scale buying of wool piece goods, authoritative sources state.
Although wool business was relatively dull, mills continued
to expand operations on the orders booked in late Sept., and
a number reported enough business in hand to maintain the
current rate of activity into Jan. A little later on, mill
buyers are expected to return to the market, though delay
ing their action as long as possible as they await news of
Australian allotments to the United States and the prices of
the wools available. Recent sales in the local market here
have been mostly of graded wools, the territory French
combing at $1 to $1.02, delaine at $1.03 to $1.06, and
bright quarter blood fleece wool at 48c. to 50c. in
the grease.
S i l k — On the 30th ult. futures closed 17 to 13c. net higher
for the N o. 1 contract. The N o. 2 contract closed 10 to
15c. net higher. Transactions totaled 2,190 bales, all in
the N o. 1 contract. There were no transactions reported
in the N o. 2 contract. Futures at Yokohama today gained
56 to 92 yen, while Kobe ruled 63 to 89 yen higher. Grade
D advanced 45 yen to 1,880 yen at Yokohama, while at
Kobe it registered a gain of 35 yen to 1,900 yen. Spot sales
in both Japanese markets totaled 575 bales, while futures
transactions totaled 14,900 bales. A new wave of specula
tive buying in Japan rushed raw silk futures in the local
market up for full permissible limits of 15c. today. No
additional light was thrown on the forces behind the new
raw silk rise in Japan today. Local closing: N o. 1 Con
tract: N ov., 3.48; D ec., 3.35348 Jan., 3.27; M ar., 3.22;
M ay, 3.163^; June, 3.13342. On the 31st ult. futures closed
net 4c. off to Y ^ s . up. Transactions totaled 94 lots. The
market for silk futures was quiet, but steady. The under
lying situation had not changed, but excitement quieted
2996
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
—
—
down. During early afternoon Dec. No. 1 stood at $3.37,
up 1 V 2 . , but Mar. at 43.21 was off lc . The price of crack
double extra silk in the uptown spot market was 7 y o .
higher at $ 3 . 5 7 y . The Yokohama Bourse closed 46 to 64
yen higher. Grade D silk in the outside market was 70
yen higher at 1,950 yen a bale. Local closing: Contract
No. 1: N ov., 3.44; Jan., 3 .2 6 ^ ; M ar., 3.21
M ay, 3.17;
June, 3.12. On the 1st inst. futures closed 1 y to 2J^c. net
lower. Transactions totaled 88 lots. Prices of raw silk
futures were fairly steady during the forenoon, when Japanese
buying was reported. However, after that dried up the
A
market eased off, prices standing 3 X to 5c. lower during
early afternoon, with Jan. N o. 1 selling at $3.23 a pound.
Sales to that time totaled 720 bales, all on the N o. 1 con
tract. The market paid no attention to large mill takings.
In the uptown spot market crack double extra silk dropped
5c. to $3.52
a pound. In the Yokohama Bourse prices
closed 39 to 50 yen lower. Grade D silk in the outside
market declined 50 yen to 1,900 yen a bale. Local closing:
N o. 1 Contract: Jan., 3.24; M ar., 3.19; M ay, 3.17; June,
g
s . i o y .
On the 2d inst. futures closed 14 to 15c. net lower. Trans
actions totaled 269 lots. Silk futures broke the limit of
15c. in heavy liquidation touched off by weak Japanese
cables. During early afternoon Dec. stood at $3.18, off the
maximum loss permitted under the rules of the Commodity
Exchange. March at $3,043^ was 14J£c. lower. Trading
to that time totaled 1,980 bales, all in the N o. 1 contract.
Twenty bales were tendered for delivery on the No. 1 con
tract and 10 on the N o. 2. In the uptown spot market crack
double extra silk was 9c. lower at $ 3 . 4 3 a pound. The
Yokohama Bourse declined 59 to 83 yen. Grade D silk was
30 yen lower at 1,870 yen a bale. Local closing: N ov. 3.26;
Jan. 3.10; March 3.04; M ay 3.00; June 2.95J£. Today
futures closed lc . off to lM c . net higher. Transactions
totaled 88 lots.
Raw silk futures were steady but lacked
feature, possibly because the Japanese markets were closed
for a holiday. During early afternoon the March N o. 1 con
tract stood at $3.03, off lc . Sales to that time totaled 340
bales, all on the N o. 1 contract. The price of crack double
extra silk in the uptown market was lc . lower at $3.423d? a
pound. Local closing: N ov. 3.25J6; Dec. 3.18; Jan. 3.09;
March 3.05; M ay 3.01; June 2.96.
Increase of Cotton in the United States
e d t o 2 9 8 ,4 5 9 ,1 0 2 l b s . ; i n v a l u e , $ 2 9 ,6 7 5 ,8 8 3 .
T h i s a m o u n t i n v a l u e w a s l e s s b y $ 7 ,0 0 0 ,0 0 0
t h a n i n 1 8 2 5 , w h e n t h e q u a n t i t y w a s le s s b y
1 2 2 .0 0 0 . 0 0 0 l b s . ; t h e p r i c e i n t h e l a t t e r y e a r
S ep te m b e r, 1838, w as u p w a rd s of
i n c l u d i n g n e a r l y 8 ,0 0 0 ,0 0 0 l b s . o f s t o c k t h e
p r e v io u s y e a r , w h ic h r e m a in e d o n h a n d , u p
w a r d s o f 9 8 ,0 0 0 ,0 0 0 l b s . f o r h o m e c o n s u m p
t io n ; th e y e a r ’ s c r o p , in r o u n d n u m b e r s , ex
c e e d i n g 7 2 0 ,0 0 0 ,0 0 0 p o u n d s .
H U N T ’S M E R C H A N T S ’ M A G A Z IN E ,
J u ly , 1839
C
O
T
T
O
N
3, 1939
T h e M o v e m e n t o f t h e C r o p , as indicated by our tele
grams from the South tonight, is given below. For the week
ending this evening the total receipts have reached 231,212
bales, against 243,288 bales last week and 230,932 bales the
previous week, making the total receipts since Aug. 1, 1939,
2,921,748 bales, against 2,141,846 bales for the same period
of 1938, showing an increase since Aug. 1, 1939, of 779,902
bales.
F r id a y N ig h t, N o v .
-
To ta ls this week.
S a t.
M on.
T ues.
W ed.
255
153
185
—
25,081
232
34
105
268
—
50,944
783
59l
25
—
63.458
5,039
T hurs.
7,048
505
120
120
70
102
—
6,846
F r i.
7,053
6,342 35,415
427
8,703 10,412
198
296
150
118
278
1,561
493
106
9
192
26
—
100
13.004 22,932
761,561 50,614
40,006
991,702 47,830
4,663
170,921
912
27,594
764,394 33,882
2,838
34,905
427
14,260
204
1,616
24,527
421
481
27,778
43,328
808
3,863
1,052
9,110
584
83,372
2,876
150
1,786
1.715
493
1,034
798
100
6,180
S to ck
S in c e A u g
1, 1938
1938
1939
638,686
745,948
868,449
670,662
252,106
15,684
435,008
30,325
3,395
1,568
20,756
14,319
36,338
7,064
6,620
834,569
58,849
56,396
622.839
35,583
66,334
1,904
144,699
35,764
19,931
8,940
28,284
100
1,335
1,050
945,635
100,726
32,002
776,140
71,644
z5,843
2,435
152.613
39,855
24,430
16,830
30,578
100
2,789
1,025
289
9,315
231,212 2,921,748 145,005 2,141,846 2.662,525 3,071,067
x Receipts included in Corpus C h risti.
z G ulfport not included.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
R e c e i p t s a t—
1937
1936
1938
A ll others____
61,211
76*448
83,372
2.876
1.786
1,715
1.034
793
1,972
50,614
47,830
33,882
2,838
421
481
1,052
584
7,303
68,740
60,139
111,627
6,140
2,983
6,127
1,240
2,480
3,706
95,752
72,414
64,974
7,711
1,051
6,575
1,463
2,569
7,132
83,271
121,497
100,607
18,219
9,642
12,769
1,331
1,640
14,710
41,022
43,755
35,473
2,242
3,418
4,811
1,137
3,982
12,661
To ta l this w k .
231,212
145,005
263,182
256,941
363,686
148,501
Savannah____
Charleston___
W ilm in gton . _
1935
1934
1939
Galveston____
H ousto n_____
N e w O rleans.
Since A u g . 1 . . 2,921,748 2,141,846 4,087,561 3,486,465 3,633,336 2,389,963
The exports for the week ending this evening reach a total
of 193,935 bales, of which 69,056 were to Great Britain,
16,000 to France, 14,591 to Italy, 41,944 to Japan, 3,506
to China, and 48,838 to other destinations. In the corre
sponding week last year total exports were 154,309 bales.
For the season to date aggregate exports have been 1,759,295
bales, against 1,158,753 bales in the same period of the pre
vious season. Below are the exports for the week:
Exported to—
------------------- —— ------ ------------------------Ger
many
Great
Britain France
_
_
Italy
13,311
15,779
19,743 16,666
3,062
13,756
830
2,575
—
Japan
China
2,118 12,564
6,923 12,646
3,842
5,550
9,468
3,442
—
—
69,056 16,000
—
Other
Total
27,242 55,217
522 12,623 48,493
3,842
8,173 58,934
3,062
2,959
20,157
25
855
2,575
800
—
800
—
14,591 41,944
3,506 48,838 193,935
239 23,857 154,309
1,810 35,162 218.484
France
Total______ 645,979 241,019
Total 1 9 3 8 ...
Total 1 93 7 ...
55,793 231.212
Germany
Italy
1,563 33,370
10,781 61,763
14,971 13,662
4,334
8,169 29,852
491
211
486
Japan
Other
China
52,989 9,177 137,170
58,350 37,677 167,843
31,305 10,155 24,473
__
4,309
3,922
185
11,829 4,500 81,103
7,984
5,061 2 ,959
601
50
13
615
25
___
______
___
______
_
_
___
—
1.271
______
20,972
9,421
—
—
200
—
626
74
1,943
3.050
485
1.546
774
5
Total
432,311
581,444
193,298
27,922
185
362,541
20,021
45,060
761
3,022
15,367
20,107
2,239
6,154
3,050
535
29,407
15,866
5
41,986 139,140 194,833 65,193 431,147 1759,295
153,177 211,111 207,452 107,740 270,831 4,932 203,510 1158,753
552,273 302,743 339,492 170,170 86,590 13,253 308,205 1772,726
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
O n S h ip b o a r d N o t C le a r e d f o r —
T o ta l
61,211
701
76,448
528
83,372
2,876
150
1,786
1,715
493
1,034
798
. 00
’
—
Exported to—
Galveston___ 136,561 61,499
Houston_____ 203,899 41,140
Corpus Christi 71,308 27,424
8,496 6,861
Brownsville
Beaumont_
_
New Orleans. 132,692 94,396
10,411 1,135
Lake Charles .
32,100 4,339
500
Jacksonville..
2,934
Pensacola, &c.
75
14,241
Savannah___
Charleston___ 18,532 1,575
Wilmington. .
2,239
N o r fo lk .___
1,115 1,825
___
New York___ ______
50
Boston______
5,313
750
Los Angeles..
5,597
San Francisco
—
—
Seattle______
N ov.
8,088 21,784 12,401
7C1
6,420
6,849 14,374
101
9,116 20,041 35,100
864
829
184
T h is
W eek
1, 1939
61,211
701
76,448
528
From
Aug. 1, 1939 to
Nov. 3. 1939
Great
Exports from — Britain
6 3 9 .0 0 0 . 0 0 0 l b s ., le a v in g o f t h a t y e a r ’ s c r o p ,
R e c e ip t s a t—
Totals .
S in c e A u g
Total 1 9 3 8 ... 19,451 31,394 19,003 14,143 46,222
Total 1937___ 102,837 17,135 31,508 17,407 12,525
T h e a m o u n t e x p o r te d d u r in g th e y e a r e n d
Galveston ---------Brow nsville_____
H ouston. _
Corpus Christi _ _
N e w Orleans____
M o b i l e ____ —
Ja c k so n v ille ____
Savannah - ___
Charleston _ .
Lake Charles-------W ilm ington .
Norfolk
____ __
Baltim ore_______
______
Houston
Corpus C h ris ti___
B e a u m o n t.. _ .
N ew Orleans_____
M ob ile.
Penscaola & G ’p ’t
Jacksonville. .
Savannah . _
Charleston. _
Lake Charles
W ilm in g to n ______
N orfolk
N e w Y o rk _
B o s to n .. ______
Baltim ore___ __
Total. .
b e in g m o re th a n d o u b le t h a t o f th e fo rm e r .
w ith
G a lv e s t o n ______
Galveston_____
Houston______
Corpus Christi. .
New Orleans__
Lake Charles___
M o b i l e . . . ____
Savannah______
Charleston____
New York______
2 7 ,5 0 1 ,0 7 5 l b s . ; i n 1 8 1 9 i t w a s 8 7 ,9 9 7 ,0 4 5 l b s . ;
in g
T h is
W eek
1 ,9 0 0 ,0 0 0 ; i n 1 8 0 2 t h e a m o u n t w a s
i n 1 8 2 0 i t w a s 1 2 7 ,8 6 0 ,1 5 2 ; i n 1 8 3 0 i t a m o u n t
1938
1939
R e c e i p t s to
N ov. 3
Week Ended
Nov. 3, 1939
Exports from —
I n 1 7 9 1 o n l y 1 8 8 ,3 1 6 l b s . o f c o t t o n w e r e e x
p o r t e d fr o m t h e U n it e d S t a t e s ; in 1798 i t w a s
le s s t h a n
The following table shows the week’s total receipts, the
total since Aug. 1, 1939, and the stocks tonight, compared
with last year:
3
-
a t—
G reat
B r ita in
F ra n ce
Galveston . .
H o u s to n _____
N e w O rleans. _
Savannah_____
Charleston____
M o b ile ________
N o rfo lk _______
O ther po rts___
4,700 13,900
9,234
5,441
14,700 24,134
5,000
T o ta l 1 9 3 9 ..
To ta l 1938____
To ta l 1937--------
33.634 43,475
15,593
7,168
56.658 67,746
G er
m any
—
O th e r
F o r e ig n
26,300
27,725
3,151
57,176
10,444 39,462
52,481 46.952
C o a st
w ise
L e a v in g
S to ck
T o ta l
5,000 45,400
220 42,620
41,985
5,000
696,048
791.949
580,854
139,699
35,764
35,583
28,284
214,839
5,220 139,505 2,523,020
13,606 86,273 2,984,794
2.808 226,717 2,977,078
V m 19
olu e 4
ONE HUNDRED
—The C m
om ercial &Financial Chronicle— Y E A R S OLD
Speculation in cotton for future delivery during the
past week was moderately active. The undertone of the
market was generally steady, though price changes were
confined within narrow limits. The disappointing reports
from Washington concerning a new cotton loan did not
help the market much. A s a matter of fact, the cotton
situation presents little that could serve as an incentive
for substantial operations either way in the markets.
On the 28th ult. prices closed 1 point off to 6 points up on
the old contracts, and 1 off to 8 points up on the new con
tracts. The market was quite active today, with the opening
range 5 to 8 points higher. A feature of the trading was the
purchase of 20,000 bales of old and new July and Oct. by
Bom bay brokers. This buying was attributed to the sharply
narrower differences between N ew York and B om bay. The
South and ring traders supplied most of the contracts. The
bulges attracted hedge selling, nevertheless, because the D ec.
position is selling 15 to 20 points higher than the average of
the 10 designated spot markets, and the trade feels that
should futures rise further in relation to the spot markets,
more cotton would find its way on contract. In the spot
markets of the South the demand for prompt shipment of cot
ton continues very quiet, although sales in the South are heavy
for the week. Total spot sales at the 10 designated markets
during the week were 374,119 bales compared with 359,671
bales the previous week and 151,629 bales last year. On
the 30th ult. prices closed 3 to 4 points net higher. The
market was relatively quiet, with fluctuations ruling within
a very narrow range. Conditions in the futures market were
a reflection of quieter demand for spot cotton in the South
and the lack of new interest in the gray goods market. Early
in the session there was further buying by Bom bay, due to
narrow differences between N ew York and Bom bay, and also
further price fixing. This was offset by small hedge sales,
and commission house liquidation. A leading spot house
bought several thousand M a r. and Dec. Foreign interests
were buying July and Oct. W orth Street reported that cotton
goods shipments against old commitments proceeded at a
high rate, but new business was rather quiet. Southern spot
markets were unchanged to 5 points higher today, with
middling quotations ranging from 8.56c. up to 9.29c. and
averaging 8.96c. at the 10 designated spot markets. Sales
at reported markets totaled 46,728 bales, against 20,418 a
year ago. On the 31st ult. prices closed 4 to 8 points net
lower.
The market showed considerable strength in the
early trading and registered substantial gains. Later prices
eased 10 to 12 points from the morning highs, recovered
partially and closed fairly steady. Early in the session there
was scattered foreign buying, mostly credited to Bom bay
brokers— and further price fixing. Hedge selling was small.
Then the market eased in sympathy with the decline in other
commodities and stocks.
W all Street houses sold about
15,000 bales of D e c ., M a r. and July, and prices eased to
losses of 9 to 12 points. Some of the selling was believed to
be for New England account. Slow demand for textiles and
let up in inquiry for spot cotton also brought in liquidation.
Some traders claimed that the high rate of production by
cotton mills might lead to overextension of inventories.
Washington reports reiterated that the Budget Bureau had
sent an adverse report to the W hite House on the projected
loan program for the 1939 cotton crop. Spot cotton markets
were quieter, with the basis easier. Quotations were 3 to 25
points lower, with middling prices ranging from 8.46c. up
to 9.21c. On the 1st inst. prices closed 11 to 14 points net
lower. The cotton market displayed a weak tone throughout
the greater part of today’s session, with all native old de
liveries suffering setbacks of well over a half dollar a bale. A
short time before the close of business active months regis
tered losses of 12 to 14 points from the closing levels of the
previous day in a limited volume of business. The local
futures market lacked a definite trend on the opening this
morning and initial prices were 1 point higher to 2 points
lower in rather limited trading. M ost of the buying came
from trade and W all Street accounts, while brokers with
Liverpool affiliations bought moderately in M a r ., M a y and
July. Contracts were supplied in the form of hedge place
ments, some D ec. liquidation and a little selling by locals and
Bom bay accounts.
Operations by Bom bay brokers were
restricted because of the fact that no trading was reported
in the Bom bay market today. Leading spot interests were
fair buyers in M a r. and M a y .
On the 2d inst. prices closed unchanged to 7 points net
higher. The cotton market displayed a steady tone today
in a moderate volume of business. Shortly before the end
of the trading period the list was 4 to 10 points above
yesterday’s closing levels. At noon the market was un
changed to o points higher. Futures w ere steady on the
r
opening, with initial prices registering gains of 1 to 3 points
over the last quotations of the preceding day. During the
early trading Southern hedge selling was readily absorbed
by trade price-fixing in the near options and foreign buying
in the more distant positions. A sharp contraction in Bom
bay-New York price differences because of a rise in the
April-May broach price level brought fairly heavy Bombay
buying into distant futures positions today. Compared with
2997
Tuesday, the last day on which there was trading in Bom
bay, price spreads narrowed 23 to 24 points. Price-fixing
in the nearby positions helped steady the list.
Today prices closed 15 to 5 points net higher. Prices for
cotton futures moved into further high ground today in a
heavy volume of sales. A short time before the close of
business active positions showed advances of 7 to 10 points
over the closing levels of the previous day. Around midday
the market was 3 to 6 points higher. The local futures
market appeared to be guided by the strength in Liverpool
this morning and opened with gains of 5 to 7 points in
fairly active trading. A good demand for contracts was
witnessed on the initial call from trade sources, and brokers
with Bombay and Liverpool connections, while local profes
sionals and commission houses were on both sides of thq
market. The best buying came in the March position, prin
cipally through a leading spot interest. Hedge sales sup
plied most of the contracts, although New Orleans operators
also were on the selling side. After the opening the mar
ket continued to advance, and prices rose to gains of 8 to
10 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 20 to N ov. 3—
S a t.
M iddlin g upland % (n o m in a l).. 9.31
M iddlin g upland 15-16 ( n o m .) .. 9.54
M o n , T u e s . W e d . T h u r s . F ri.
9.34 9.30
9.18
9.18 9.37
9.57 9.53
9.41
9.41 9.60
Futures— The highest, lowest and closing prices at New
York for the past week have been as follows:
Saturday
Oct. 28
Monday
Oct. 30
Tuesday
Oct. 31
Wednesday Thursday
Nov. 1
Nov. 2
Friday
Nov. 3
N op. (1939)
(old)
R a n g e ..
Closing _ 9.00a
9.03a
8.99a
R a n g e ..
Closing.
9.19a
9.20a
9.10- 9.18
9.11- 9.15
9.13- 9.14
9.29w
8.87a
8.87a
9.18a
9.06a
9.06a
9.04- 9.14
8.95- 9.G8 8.95- 9.04
9.03- 9.12
9.30a
9.25- 9.28
9.28a
9.18- 9.18
9.16a
9.16a
9.25- 9.25
9.31a
9.11- 9.11
9.05 n
9.06- 9.09
9.09a
9.02- 9.08 8.90- 9.03
9.02 ------- 8.90a
8.90- 8.95
8.91a
9.07a
9.21 n
9.25a
9.18n
9 06a
9.07a
9.23 a
Range __
Closing _ 9.00 n
9.04a
8.96a
8.84a
8.86a
9.02a
Nov. (new)
Dec. (old)
R a n g e ..
Closing .
Dec. (new)
Closing.
yaw. (1940)
9.02a
9.21a
(old)
R a n ge. .
C losing.
Jan. (new)
R a n g e ..
C losing.
Fell, (old)
Feb. (new)
R a n g e ..
C losing.
9.16w
9.20a
9.13a
9.01a
9.03a
9.18n
8.93- 8.97
8.95 —
8.95- 9.00
8.99 -------
8.87- 8.99
8.91- 8.92
8.78- 8.92
8.79 -------
8.77- 8.89
8.82 -------
8.86- 8.97
8.97 -------
Closing _ 9.12a
9.14- 9.14
9.16a
9.08a
9.10- 9.10
8.96a
8.99a
9.14a
R a n g e ..
Closing
8.94a
8.86a
8.73a
8.77 a
8.91a
Mar. (old)
R a n g e ..
C losing.
Mar. (new)
April (old)
8.90a
April(new)
R a n g e ..
Closing _ 9.07a
9.12a
9.05a
8.92a
8.95a
9.09a
8.86- 8.91
8.89 -------
8.78- 8.89
8.82 -------
8.68- 8.82
8.68 ------
8.67- 8.78
8.72- 8.73
8.75- 8.86
8.86 -------
9.05- 9.07
9.09a
9.08- 9.08
9.02a
8.99- 8.99
8.98a
8.89- 8.91
8.72- 8.73
8.99- 9.00
9.05a
8.81a
8.74a
8.60a
8.64a
8.77 a
May (old)
8.84- 8.88
R a n ge.
Closing _ 8.85 -------
May (new)
R a n ge. ----------------Closing _ 9.02a
June (old)
Range . .
C losin g.
8.77a
June (new)
R a n g e ..
Closing _ 8.96a
9.01a
8.94a
8.80a
8.84a
8.97a
8.67- 8.73
8.70- 8.71
8.70- 8.75
8.73- 8.75
8.62- 8.74
8.52- 8.68
8.52- 8.53
8.51- 8.64
8.57- 8.58
8.59- 8.69
Kange _ _ 8.90- 8.94
Closing _ 8.90 ------A uq.—
Kange __
Closing . 8.90a
8.90- 8.93
8.94n
8.86- 8.93
8.86a
8.72 a
8.77- 8.79
8.57- 8.58
8.89a
8.94a
8.86a
8.72a
8.77 a
8.89a
July (old)
Range _.
C losing.
July (new)
Sept.
R a n g e ..
Closing _ 8.67 a
Oct.—
R a n g e ..
C losing.
8.68a
8.45- 8.49
8.62a
8.50 a
8.54a
8.66a
8.42- 8.45
8.43a
8.34- 8.44
8.25- 8.36
8.28- 8.36
8.32a
8.39- 8.43
8.43a
a Nominal.
Range for future prices at N ew York for the week ended
N o v . 3, 1939, and since trading began on each option:
Option for—
1939
N o v — Old _
Nov.— New
Dec.— Old .
Dec.— New.
1940—
Jan.— O ld ..
Jan.— New.
Feb.— Old..
Feb.— New.
Mar.— Old .
Mar.— New
Apr.— New.
Range for Week
Range Since Beginning of Option
7.49 Feb. 23 1939 7.49 Feb. 23 1939
8.95 N ov.
9.18 Nov.
1 9.18 Oct. 28 7.26 Jan. 26 1939 9.97’ Sept. 8 1939
1 9.29 Oct. 31 8.25 Sept. 1 1939 10.00 Sept. 8 1939
8.90 Nov.
1 9.11 Oct. 28 7.29 Jan. 27 1939 9.90 Sept. 8 1939
8.37 Aug. 30 1939 10.02 Sept. 8 1939
8.77 Nov.
9.08 Nov.
2 9.00 Oct. 30 7.36 Apr. 20 1939 9.82 Sept. 8 1939
3 9.14 Oct. 30 8.19 Aug. 28 1939 9.80 Sept. 8 1939
May—Old .
May—New.
June— Old .
June— New.
July— O ld ..
July— N ew.
8.67 Nov.
8.89 Nov.
2 8.91 Oct. 30 7.58 May 22 1939 9.65 Sept. 8 1939
2 9.07 Oct. 30 8.05 Sept. 1 1939 9.78 Sept. 8 1939
8.51 Nov.
8.77 N ov.
2 8.75 Oct. 30 7.63 Sept. 1 1939 9.52 Sept. 8 1939
2 8.94 Oct. 28 7.90 Sept. 1 1939 9.63 Sept. 8 1939
8.08 Aug. 31 1939 8.10 Aug. 31 1939
Oct________
8.25 Nov.
1 8.49 Oct. 28
8.25 Nov. 1 1939 8 49’ Oct. 28 1939
Premiums and Discount for Grade and Staple— The
table below gives the premiums and discounts for grade and
ONE HUNDRED The Com ercial &Financial Chronicle Y E A R S OLD Nov. 4, 1939
m
2998
—
—
staple in relation to the base grade. Premiums and discounts
for grades and staples are the average quotations of 10
markets designated by the Secretary of Agriculture.
Old Contract — Basis Middling J^-inch, established for de
liveries on contract on N o v . 9, and staple premiums
represent 6 0 % of the average premiums over % -ineh cotton
at the 10 markets on N o v . 2.
Old Contract — Basis Middling 15-16-inch, established for
deliveries on contract on N o v . 9 , and staple premiums
and discounts represent full discount for %-inch and 29-32inch staple and 7 5 % of the average premiums over 15-16-inch
cotton at the 10 markets on N o v . 2 .
Old Contract
V
%
Inch
15-16
Inch
visible supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool.
N ov . 3—
Stock in Alexandria, E g y p t ______
M id d lin g uplands, L iverp ool____
E gy p t, good G iza, L iverpool____
B roach, fine, L iverp ool__________
Peruvian Tanguis, g ’d fair, L ’pool
C . P . Oom ra N o . 1 staple, super
fine, L iverpool_________________
and Up
v
%
Inch
29-32
Inch
31-32
15-16
Inch
Inch
1 In.
and Up
on .40 on .50 on .56 on .63 on
on .34 on .45 on .51 on .57 on
on .28 on .39 on .45 on .52 on
on .17 on .27 on .33 on .39 on
.0 > on .13 on
off .11 o ff Basis
o ff .68 off .57 o ff .52 o ff .43 o ff
o ff 1.45 off 1.36 o ff 1.33 o ff 1.28 o ff
o ff 2.21 o ff 2.14 o ff 2.12 o ff 2.09 o ff
o ff 2.87 off 2.80 off 2.78 o ff 2.75 o ff
G ood M id ______
.39 on .50 on .61 on .20
St. M i d . . . .......... .27 on .38 on .49 on .08
M id ....................... Even
.11 on .22 on .19
St. Low M id ____ .54 o ff .44 off .35 off .73
Low M id _______ 1.32 o ff 1.23 o ff 1.16 o ff 1.51
*St. G ood O r d -- 2.06 o ff 1.99 o ff 1.93 o ff 2.25
•Good O r d ____ 2.70 off 2.65 o ff 2.61 o ff!2.89
on .28 on .39 on .45 on .52
on .17 on .28 on .33 on .39
.03 on .13
o ff .11 o ff Basis
off .63 o ff .57 o ff .52 o ff .46
off 1.45 o ff 1.36 off 1.33 off 1.28
o ff 2.21 off 2.15 off 2.12 off 2.09
off 2.87 off 2.80 off 2.78 o ff 2.75
on
on
on
off
o ff
o ff
o ff
G ood M id ______
.07 on .18 on .27 on .12
St. M id ................. .05 o ff .06 on .14 on .24
M id _____________ .68 off .58 off .49 o ff a.87
*St. Low M id ___ 1.46 off 1.40 off 1.32 o ff 1.65
♦Low M id ______ 2.18 off 2.16 off 2.13 off 2.37
o ff .04 o ff .05
o ff .16 o ff .06
off a.SO off a.70
o ff 1.61 off 1.51
off 2.37 o ff 2.32
on .11 on .17
o ff .01 on .05
o ff 0.65 off a.59
off 1.49 off 1.44
o ff 2.31 off 2.30
on
on
o ff
off
Off
.54 o ff .46 o ff .39
G ood M id ______
St. M id ............ ..
.76 o ff .69 off .62
♦M id..................... 1.54 o ff 1.49 o ff 1.46
♦St. Low M id ___ 2.21 o ff 2.19 off 2.18
♦Low M id - ____ 2.92 off 2.91 off 2.90
o ff
off
o ff
o ff
o ff
off
o ff
o ff
off
off
o ff
o ff
o ff
o ff
o ff
Extra White—
Spotted—
Tinged—
Yellow Stained-
o ff
o ff
o ff
o ff
o ff
*.73
*.95
1.73
2.40
3.11
*.69
*.91
1.71
2.40
3.11
o ff
o ff
off
off
o ff
*.59
*.83
1.65
2.36
3.09
*.55
*.80
1.63
2.36
3.09
o ff
o ff
o ff
o ff
off
*.51
*.75
1.60
2.35
3.08
off *1.23off *1.17off
G ood M id ______ 1.17 off 1.10 off 1.04 o ff *1.36off *1.33off *1.2T
♦St. M id .............. 1.68 o ff 1.66 off 1.64 o ff 1.87 o ff 1.86 off 1.83 o ff 1.82 o ff 1.81 off
♦M id..................... 2.34 o ff 2.33 off 2.33 o ff 2.53 o ff 2.53 off 2.52 off 2.52 o ff 2.52 o ff
Gray—
.64 o ff .56 o ff .47 o ff *.83 off *.78 o ff *.69 off *.65 off *.5S off
G ood M id ______
St. M i d . . . ......... .81 o ff .74 o ff .68 o ff 1.00 o ff .98 o ff .88 o ff .8 3 o ff .78 o ff
♦M id................... .. 1.42 o ff 1.37 o ff 1.32 o ff 1.61 off 1.58 o ff 1.52 o ff 1.50 o ff 1.46 o ff
» N ot deliverable on future contract, a M iddling spotted shall be tenderable
only when and if the Secretary establishes a type for such grade.
New York Quotations for 32 Years
The quotations for middling upland at New York on
N o v . 3 for each of the past 32 years have been as follows:
1 9 3 1 _______6.70c.
1 9 3 0 ______11.20c.
1 9 2 9 ______18.05c.
1928 _______9.35c.
1927 _____ 21.15c.
1926 ______12.75c.
1 9 2 5 ______19.90c.
1924 _____ 23.75c.
1923 _____ 32.85c.
1922 _____ 25.15c.
1 9 2 1 _____ 18.85c.
1920 _____ 22.10c.
1 9 1 9 _____ 39.05c.
1 9 1 8 _____ 30.70c.
1 9 1 7 _____ 28.80c.
1 9 1 6 ---------18.90c.
1 9 1 5 ---------11.80c.
____
1 9 1 4 _____
1 9 1 3 ______14.00c.
1 9 1 2 ______11.90c.
1 9 1 1 _______9.45c.
1 9 1 0 ______14.55c.
1909 ______15.20c.
1908 -------- 9.35c.
Volume of Sales for Future Delivery— The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table. The
figures are given in bales of 500 lb. gross weight.
1939—
December— Old__ ____
New _____________
1940—
January— Old------------N e w ______________
March— Old______
N e w ______________
May— Old___- ______
New _- __________
July— Old-----------------N e w ____________ __
October— O ld ________
N e w ______________
Inactive months
November, ’39— Old
August, 1940— O ld.N e w ____________
Oct.
27 O ct. 28 Oct. 30 Oct. 31 N ov . 1 N ov. 2
35.200 13,000 14,000 38,000 29,900 17,100
___
100
500
200
5,100
300
5,100
3,800
37,200 16,500 25,500 41,300
1,500
16,800 16,000 20,000 18,900
700
600
14,700 26,900 27,900 45,400
5,400
300
400
1,400
500
___
62,600 52,500
200
26,500 15,200
100
900
36,500 26,400
1,000
___
2,900
1,900
5,700
8,900
4,800
4,000
—
—
— -
—
—
—
—
—
—
—
—
—
450.900
7,000
64,500
1,400
412,400
6,900
447,800
37,600
512,700
32,400
1939—
December— Old______
N e w ______________
1940—
January— Old________
N e w ______________
March— Old__________
New _____________
May— Old___________
N e w ______ _______
July— Old____________
New __ , _________
October— O ld ________
N e w ______________
Total all futures___
200
5.72d.
8.12d.
5.59d.
4 .0 0 d.
3.95d.
5.73d.
Movement to Nov. 3, 1939
Receipts
Towns
3,800
1,350
1,550
4,450
105,350
750
___
___
___
___
___
___
6,600
___
3,000
3,500
5,450
3,750
2,850
3,400
7,350
7,400
3,000
2,550
5,850
7,150
5,400
2,150
150
4,750
900
1,500
1,700
1,200
450
28,750 28,900
17,150 12,600
5,100
100
400
9,350
100
___
1,350
13,100 24,850
A la., Birm’am
Eufaula____
M o n tg o m ’y
Selma_____
A rk., Blythev.
Forest City
H elena____
H op e______
Jon e sb o ro ..
Little R ock
N ew port___
Pine B luff.
W alnut Rge
G a., A lb a n y ..
A thens____
A tlanta____
A ugusta___
C olu m bu s..
M a co n ____
R o m e_____
La., Shrevep’ t.
M iss., Clarksd
Colum bus. Greenwood.
Jackson____
N atch ez___
V icksburg..
Y azoo C ity.
M o ., St. Louis
N .C ., G r’boro
Oklahoma—
15 towns * .
S. C .. G r’ville
T enn., M em ’s
Texas', Abilene
Austin . . .
Brenham . .
D allas_____
Paris______
R o b s to w n ..
San M arcos
Texarkana .
W aco______
Season
Movement to Nov. 4, 1938
Stocks
Nov.
Receipts
Week
3
18,525
4,226
1,265
27,410
11,755
1,075
11,207
1,111
1,334
27,194
63,125
1,249
2,194
21,966
536
77,657
13,406 117,757 10,425 214,314
2,104
25,330
1,349
61.636
78,914
51,153
4,096
2,761
60,262
1,589
34,349
2,576
6,819
37,492
197
197
63.493
8,002 174,432
6,278
31,327
816
3,149
58,838
80,423
8,050
6,561 142,372
50.472
3,121
5,269
67,601
436
8,067
960
14,397
36,352
1,145
20,883
740
1.224
2,632
21,595
78,599
90,305
4,616 160,195
4,549
4,600
200
31,600
400
19,354
1,465
1,911
30,113
9,259
1,110
36,409
2,340
4,885
86,519
6,876 106,193
10,209 102,022
7,927 101,741
1,574
39,060
12,377
477
9,724 182.332 10,651 168,170
1,484
854
30.399
26.170
622
5,629
19,466
371
30,334
2,182
20,038
1.300
45,084
69,752
1,947
2,0S6
91,749 11,137
2,497
11,250
153
1,166
158
788
Season
5,457
41,666
10,658
500
4,373
64,548
41,432
1,181
6,400 109,303
32,527
1,381
3,744
54,864
2,044
35,782
16,522
1,143
5,740
87,390
32,512
1,843
10,439 102,722
2,455
42,495
10,731
647
1,722
16,792
43,792
8,037
2,991
71,890
500
4,100
967
22,278
1,985
7,958
4,014
78,134
9,166
92,729
20.752
2,238
10,591 163,456
29,384
849
659
6.088
1,858
23.436
1,343
42,398
42,592
4,763
282
1,355
Ship
ments
Week
1,510
500
2,179
1,200
2,1*16
1,380
1,891
1,137
702
1,782
3,424
6,888
3,694
338
1,165
5,284
1,617
300
1,139
500
4,787
6,801
141
8,603
732
173
1,677
514
4,785
201
Stocks
Nov.
4
53,102
9,619
92,891
88.461
169,688
51,928
70,456
50,730
36,696
150,835
40.665
136,156
51.041
19.711
33,909
129,402
161,997
34,600
40.174
26,985
103,085
102,224
41.899
166,045
44.876
15.703
27’ 819
59,646
3.973
1,635
18,561 205,610 16,194 327,885 21,503 268,175 14,774 317,993
6,162
1,548
65,519
4,236
32,673
2,095
73,517
40,201
161,441 1372,807 132,598 927,007 123,243 934.306 90,910 867,177
18.944
2,342
1.706
17,017
15,618
946
416
14.280
6,234
19
4,071
326
13,828
108
5,046
151
11,610
715
5,936
4.219
475
13,990
300
600
38,221
793
30,885
838
1,391
34,815
336
43,973
50,841
55,582
2,825
47,313
1,877
2,473
47,156
1,936
2,129
6,463
6,511
69
151
1
858
142
254
3,362
172
3,136
12,323
460
2,390
24,534
37,614
24,838
2,256
42,389
1,218
586
1,226
49,621
953
613
1,726
48,719
2,050
28,080
24,650
T o t., 56 towns 301.289 3109,403 254.978 3533.182 256,332 2812,258 182.919 3460.497
* Includes the com bined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
during the week 46,311 bales and are tonight
72,685 bales more than at the same period last year. The
receipts of all the towns have been 41,957 balQs more than
in the same week last year.
increased
Market and Sales at New York
The total sales of cotton on 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
market for spot and futures closed on same days:
S pot
Old
Saturday______________ __
M o n d a y _____ *
__________
T u esd a y_________________
W e d n e s d a y ____ ________
Thursday _
F rid a y________
_____
T otal w eek______
Since A ug. 1
- -
T o tal
C ontract
N ew
Old
N ew
Old
N ew
300
300
“ lOl
1,000
300
::::
'1 6 6
1,701
44,126
— -
100
10.200
::::
::::
'2 0 1
1,000
300
— -
1 A01
51,326
— -
F u tu res M a rk et C losed
S p ot M a rk e t C losed
200
7,100
100
5,300
Week
Shiprmnts
Week
Old
N ew
Steady
73,100
200
68,300
1,600
95,500
6,150
9,250
363.700
* Includes 100 bales against which a notice has been issued, leaving net open
contracts, none.
The Visible Supply of Cotton— Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
W e are therefore obliged to omit our usual table of the
3.80d.
5.90d.
—
25 Oct. 26 Oct. 27 Oct. 28 Oct. 30 Oct. 31 Contracts
Get. 31
8,550
4 .0 3 d.
5.84d.
2,300
Open
Oct.
1936
325,000
6.92d.
receipts for the week and since A u g. 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:
Op*n
Contracts
N ov . 2
Total all futures___ 114,800 87,000 99,800 152,900 160,300 115,500 2,003,100
New Orleans
1937
239,000
4.55d.
New Contract
1 In.
M id . Fair_______ .50 on .61 on .72 on .31
St. G ood M i d . . . .45 on .56 on .66 on .26
G ood M id ______
.39 on .50 on .61 on .20
S t /'M id . - w.......... .27 on .38 on .49 on .08
M id ____________
Basis
.11 on .22 on .19
St. Low M id ____ .54 off .44 o ff .35 o ff .73
Low M id _______ 1.32 o ff 1.23 off 1.16 o ff 1.51
*St. G ood O r d -. 2.06 o ff 1.99 o ff 1.93 off 2.25
♦Good O rd_____ 2.70 off 2.65 o ff 2.61 o ff 2.89
New York
1938
358,000
5.09d.
At the Interior Towns the movement— that is, the
White—
1939 _______9.37c.
1 9 3 8 _______8.87c.
1937 _______7.79c.
1936 ______12.25c.
1935 ______11.35c.
1 9 3 4 ______12.35c.
1933 _______9.80c.
1932 _______7.15c.
1939
227,000
6.22d.
8.39d.
5.45d.
6.47d.
F rid a y .
________ N om inal
_______
______ Steady
Steady
Steady
Steady.
Barely ste a d y . _ B arely steady
Steady
V ery s te a d y ___ V ery steady
Overland Movement for the Week and Since Aug. 1—
W e give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
-----------1939--------N o v . 3—
S in ce
W eek
A ug. 1
S h ip p e d —
.
Via St. L o u is ____
91,587
.-1 1 ,1 3 7
Via M ou nd s, & c ___ __
..1 1 ,7 0 0
78,725
1,882
Via R ock Island______
___
96
Via Louisville
_ . __
-.
425
2,542
Via Virginia points
- - 3,384
50,151
-.2 7 ,0 1 2
Via other routes, & c .
_ .
145,451
----------- 1938-----S in ce
A ug. 1
W eek
4,785
41,883
50,746
5,925
612
100
3,172
250
53,148
3,480
174,286
33,793
T otal gross o v e r a ln d .. . .
-53,754
D edu ct S h ip m en ts—
100
Overland to N . Y ., B oston, &c_ - .
Between interior towns
-186
Inland, & c., from S ou th ___
- - 4,696
370,338
48,333
323,847
6,184
2,672
116,206
289
217
8,168
9,606
2,906
122,631
-_ 4,982
125,062
8,674
135,143
Leaving total net o v e rla n d * -- -.4 8 ,7 7 2
245,276
39,659
188,704
T otal to be d e d u c t e d ..
* Including m ovem ent b y rail to C an ad a .
ONE HUNDRED The C m
—
om ercial &Financial Chronicle— Y E A R S OLD
Volum 149
e
The foregoing shows the week’s net overland movement
this year has been 48,772 bales, against 39,659 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 56,572 bales.
-1938I n S ig h t a n d S p in n e r s '
T a k in g s
S in c e
A ug. 1
S in c e
.231,212
. 48,772
.130,000
2,921,748
245,276
1,790,000
145,005
39,659
100,000
A ug. 1
2,141,846
188,704
1,540,000
.409,984
. 46,311
Excess o f Southern mill takings
over consumption to Oct. 1____
—
4,957,024
1,103,133
284,664
73,413
3,870,550
1,507,574
W eek
57,291
.456,295
Total in sight N ov. 3 _______
W eek
6,117,448
. 67,232
*113,282
—
358,077
488,124
45,531
5,264,842
341,367
* Decrease.
M ovem ent into sight in previous years:
W eek —
1937— N ov.
1936— Nov.
1935— Nov.
B a le s
S i n c e A u g . 15 _____________ 560,233 1937_________
6 -------------------- 473,307 1936__________
8 . ____________ 528,073 19 35--..............
B a le s
.7,110,114
.6,557,612
.6,192,913
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:
Closing Quotations for Middling Cotton on—
Week Ended
N ov. 3
Sa urday
Vs
In .
Monday
15-16 Vs
In.
In .
G alveston___ 8.88 9.06
N ew Orleans. 9.00 9.20
M obile______ 9.00 9.10
Savannah___ 9.20 9.35
N orfolk _____ 9.20 9.35
M ontgom ery 8.85 9.00
A u g u sta ____ 9.25 9.40
M em phis____ 8.90 9.10
H o u s to n ____ 8.75 9.05
Little R o c k .. 8.75 9.00
Dallas
_
_ 8.53 8.73
Tuesday
15-16 %
In .
In .
8.92
9.03
9 04
9.24
9 20
8.90
9.29
8.95
8.80
8.75
8.56
9.12
9.23
9.14
9 39
9.35
9.05
9.44
9.15
9.10
8.95
8.76
Wednesday Thursday
15-16 Vs
In .
In .
8.89
8.98
8.96
9.19
9 15
8.80
9.21
8.70
8.70
8.70
8.46
9.09
9.00
9.06
9.34
9.30
8.95
9 36
8.90
9.00
8.00
8.66
15-16
In .
8.77
8.87
8.84
9,02
9.05
8.60
9 09
8.60
8.60
8.55
8.34
Vs
In .
8.97
9.07
8.94
9.17
9.20
8.75
9.24
8.80
8.90
8.75
8.54
8.77
8.89
8.87
9.02
9.05
8.60
9.12
8 60
8.65
8.50
8 34
Friday
15-16 Vs
In.
In.
8.97
9.09
8.97
9 17
9.20
8.75
9 27
8.80
8.95
8.70
8.54
1,5-16
In .
8 92
9.02
9.02
9.17
9.20
8.75
9.27
8.75
8 80
8.65
8 49
9 12
9.22
9.12
9.32
9.35
8.90
9.42
8.95
9 10
8 85
8.69
New Orleans Contract Market— The closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Oct. 28
D ec. (1939)
(old)
(new) 9.30 Bid
Jan. (1940)
(old) 9.146-9.16a
(new) 9.24 Bid
M ar. (old).
(new) 9 . 1 5 ------M ay (old) _ 8 . 9 4 ------(new) 9.04 Bid
July (ola)- 8.79- 8.80
(new) 8.926-8.940
O ct______ 8.536-8.55a
1 Tone—
S p o t _____
Steady.
Old futures Steady.
New futures Steady.
n N ominal,
h Bid.
Monday
Oct. 30
Tuesday
Oct. 31
Wednesday
Nov. 1
Thursday
Nov. 2
Friday
Nov. 3
9.23- 9.24
9.33 Bid
9.17- 9.18
9.27B id
!L17 Bid
9.09 ------9.13 Bid
9.32 Bid
8 . 9 9 ------- 9.026-9.04a
9.09 Bid
9.12 Bid
9.14 Bid
9.24 Bid
9.176-9.19a 9.116-9.130
9.21 Bid
9.27 Bid
9.19 Bid
9 . 0 0 -----9.10 Bid
8.83- 8.84
8.96 Bid
8.52 n
9.13 Bid
8.99 Bid
9.05 Bid
9.15 Bid
8 . 9 3 ------- 8 . 7 9 ------- 8.84- 8.85 8.94 ------9.03 Bid
8.89 Bid
8.97 Bid
9.07 Bid
8.75- 8.7b 8.62- 8.63 8 . 6 9 ------ 8.77 ------8.89 Bin
8.76 Bid
8.83 Bid
8.91 Bid
8.46a
8.366-8.38a 8.426-8,44a 8.506-8.52a
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
S teaoy.
Steady
Steady.
Steady.
Steady.
a Ask.
Returns by Telegraph— Telegraphic advices to us this
evening indicate that the condition of cotton in Texas
averages poor to fair. Practically all cotton has been picked.
R a in
D a ys
Texas— Galveston . -----Amarillo
_
Austin______________
Abilene-___Brownsville __
___
Corpus Christi
_ Dallas _
___
Del Rio . .
_- El Paso
Houston . . _
Palestine
_____ ____ - Port Arthur . - .
San Antonio - - _ - - Oklahoma— Oklahoma City - Fort Smith
Arkansas— Fort Smith
Little Rock
Louisiana— -New Orleans
Shreveport___
Mississippi— Meridian Vicksburg
---Alabama— Mobile
Birmingham
Montgomery
Florida— -Jacksonville _ _ - Miami
- - - - - - Pensacola Tampa
_______________
Georgia— Savannah___
A tla n ta------------- Augusta _
Macon- - . . _
South Carolina— Charleston North Carolina— Charlotte-- A sh e v ille ___ ________
Raleigh.
___- - W ilm in gton ____ ____ __ Tennessee— Memphis -------- Chattanooga- ____ —
Nashville. - ________ -
R a in fa ll
In c h es
1
1
1
1
I
1
1
1
1
3
U
1
1
‘2
2
1
1
2
1
2
dry
H ig h
0.30
-T h e r m o m e t e r -------Low
M ea n
85
78
90
82
89
90
89
77
78
88
89
85
91
72
81
81
87
87
88
88
85
88
86
89
88
83
81
89
88
80
89
87
86
87
85
0.01
dry .
dry
dry
dry
dry
dry
dry
0.48
dry
dry
dry
dry
dry
0.11
dry
dry
0.02
0.74
0.01
0.07
0.63
dry
6.05
dry
dry
0.02
0.01
0.10
dry
0.16
0.43
0.01
0.10
1.94
0.57
87
83
83
83
83
dry
0.38
45
20
38
35
44
42
36
45
40
36
42
42
36
23
33
33
65
49
64
59
67
66
63
61
59
62
66
64
64
48
57
57
60
65
62
59
60
60
57
60
65
65
61
66
66
57
63
31
43
36
30
36
38
28
31
41
56
41
43
42
33
37
32
32
35
31
59
54
61
58
60
33
62
59
55
59
41
34
26
34
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:
"
New Orleans_________Above
Memphis_____________ Above
Nashville_____________Above
Shreveport___________ Above
icksburg____________ Above
N ov.
zero
zero
zero
zero
zero
of
of
of
of
of
gauge.
gauge.
gauge.
gauge.
gauge.
3, 1939
F eet
1.2
1.8
9.6
0.4
— 6.7
N o v . 4, 1938
F eet
3.0
3.1
9.3
1.8
— 1.7
2999
Receipts from the Plantations— The following table
indicates the aetusl movement each week from the planta
tions. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from tbe plantations of that part of the
crop which finally reaches the market through the outports:
Week
End.
Receipts at Ports
1939
Aug.
4.
11.
18.
25.
Sept.
1.
8_
15.
22.
29.
Oct.
6.
13
20.
27.
N ov.
3.
1938
73.404
72,192
101,982
140,844
Stocks at Interior Towns
1937
1939
1938
49,379 68,215 2441,606
51,885 94,093 2434.971
73,033 149.210 2417,522
78,102 221,570 2408,973
1937
1951,616
1933.484
1927,836
1922,216
Receipts from Plantations
1939
1938
811,182 80,721
796,150 64.657
788.408 85,433
806,649 132,295
1937
22,595 39.231
33,753 79.061
67,385 141,468
83,722 239,811
196,344
209,955
266,665
306,040
297,080
144,055
195,347
227,732
236,651
221,656
300,222
309,808
347,270
411,539
479,801
2427,136
2487,313
2590,556
2745,834
2930,731
1949,655 836,739 214,507 171,494
2044,616 918,178 270,132 290.308
2198,739 1059,914 369,908 381,855
2390,140 1245,539 461,318 428,052
2633,565 1490,564 481,977 465,081
330,292
361,614
480,006
606,163
724,826
297,556
290,322
230,932
243,288
183,369
205,107
200,646
150,872
441,721
379.066
323,319
313,437
3113,815
3262.486
3399,830
3486,871
2881,086
3110,218
3275,615
3387,084
666,850
596,889
471,196
392,329
1715,693
1904.035
2051,912
2129,804
480,640
433 993
368,276
330,329
430,890
434.239
366,043
263,541
231,212 256,332 263,182 3533,182 3460,497 2226,923 277,523 329,745 388,719
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1, 1939, are 4,017,837 bales;
in 1938 they were 3,759,909 bales and in 1937 were 5,510,815
bales. (2) That, although the receipts at the outports the
past week were 231,212 bales, the actual movement from
plantations was 46,311 bales, stock at interior towns having
increased 277,523 bales during the week.
Shipping News— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 193,935 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
B a le s
GALVESTON—
To Great Britain..
To Italy_________
To Japan________
To Denmark_____
To Norway______
To Sweden_______
To Spain_________
To Holland______
To South America
HOUSTON—
To Great Britain..
To Italy_________
To Japan________
To China________
To Sweden_______
To Spain_________
To Susac_________
To Denmark_____
To Holland______
M OBILE—
To Great Britain_
T o Japan________
To China________
13,311
2,118
12,564
2.075
1,200
6,231
8,321
7,873
1,542
15,779
6,923
12,646
522
2.076
6,429
164
2,350
1,604
13,756
3,442
2,954
B a le s
NEW ORLEANS—
T o Great Britain____
To Italy____________
To Japan___________
To Philippine Islands
T o South America___
To Denmark________
To Norway_________
To Sweden__________
To France__________
LAKE CHARLES—
To Great Britain____
CORPUS CHRISTI—
To Japan___________
CHARLESTON—
To Great Britain____
SAVANNAH—
To Great Britain____
To China___________
NEW Y O R K —
To Sweden__________
19,743
5,550
9,468
200
1,098
350
400
6,125
16,000
3,062
3,842
2,575
830
25
800
Total.
193,935
Cotton Freights— Current rates fcr cotton from New
York are no longer quoted, as all quotations are open rates.
Foreign Cotton Statistics— Regulations due to the war
in Europe prohibit cotton statistics being sent from abroad,
and we are therefore obliged to omit the following tables
which we have heretofore given weekly:
W orld’s Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Alexandria Receipts and Shipments.
Liverpool Imports, Stocks, &c.
Liverpool— The tone of the Liverpool market for spots
and futures each day of the past week and the daily closing
prices of spot cotton have been as follows:
Spot
M arket,
12-15
P. M .
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet.
Saturday
f
\
1
Quiet.
M oderate
dem and.
Quiet.
Steady, but
quiet.
M id.U pl’ds C L O S E D .
6.37d.
6.35d
6.26d.
6.19d.
6.22d.
Futures, f
M arket ■
!
opened-\
Steady;
Steady; un Stdy. 2 to 4
Quiet; un
Quiet;
5 to 10 pts. changed to 3 to 4 pts. changed to
pts.
advance. 2 pts. dec.
decline.
5 pts. dec.
advance
M arket,
Steady;
Quiet; un Quiet; 4 pts Barely stdy Very stdy.
4 to 9 pts. changed to dec. to 2 5 to 8 pts 4 to 11 pts.
advance.
advance.
1 pt. dec. pts. adv.
advance.
p
f
.m . i
Prices of futures at Liverpool for each day are given below:
M on.
Sat.
N ov. 3
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
D ecem ber______
January (1940)-M arch __________ C losM a y ______ _____ ed
J u ly ------------------O ctober_______
January (1 9 4 1 )..
M a rch _________
M a y __________J u ly ------------------
d.
6.97
5.87
5.84
5.82
5.78
____
a.
5.95
5.84
5.85
5.83
5.81
. 5.78
5.67
5.62
5.60
5.57
T u e s.
d.
5.85
5.83
5.81
5.78
5.67
W ed .
T h u rs.
O ct. 28
d.
d.
d.
5.83
5.85
5.83
5.81
5.78
5.67
5.83
5.81
5.79
5.76
5.65
5.80
5.81
5.80
5.78
5.75
5.65
5.62
5.60
5.57
__
5.61
5.59
5.57
d.
a.
5.76
5.75
5.74
5.72
5.62
5.72
5.74
5.72
5.71
5.68
5.59
5.56
5.53
5.52
Fri.
d.
d.
5.77
5.75
5.74
5.70
5.60
5.83
5.84
5.82
5.80
5.76
5.65
5.60
5.58
5.56
5.54
Beginning Tuesday, O ct. 10, trading limits o f 50 points advance or decline will
continue until further notice.
3000
ONE HUNDRED
— The
Commercial & Financial Chronicle—
Manchester Market— Our report received by cable to
night from Manchester states that the market in both yarns
and cloths is firm. Demand for yarn is good. We give
prices today below and leave those for previous weeks of
this and last year for comparison:
1938
1939
32s Con
Tw ist
d.
Aug.
4 ..
111 8 ..
_ 25—
S e p t.
I ..
8 ..
1 5 ..
2 2 ..
29O ct.
6 ._
1 3 -.
202 7 ..
N ov.
3—
8 % @ 9%
8 H @ 9%
8 3 4 ® 9H
@ 10
9
834 L bs. Shirtin g s, Com m on
to F inest
@ 1 3 34
@ 1334
@ 1334
@ 1 3 34
1354 @ 1 4
32s Cop
Tw ist
834 L bs. Shirtin g s. Com m on
to F inest
s. d .
Cotton
M id d l’ g
U pl'ds
d.
. d.
a.
d.
s. d
114
134
134
3
5 .2 8
5 .22
5 .14
5 .52
934@ 1034
9 @ 10
9 @ 10
9 @ 10
9
9
9
9
134®
@
@
@
9
9
9
9
434
3
3
3
4 .8 9
4 .78
4 .7 8
4 .7 4
@ 9 3
N o m in a l
N o m in a l
2
@ 11 6
@ 11 6
3
5.71
7 .03
7 .0 9
6 .7 7
6 .7 4
834©
834@
834@
834 @
834®
934
934
934
934
934
9
9
9
9
9
@
@
@
@
@
9
9
9
9
9
3
3
3
3
3
4 .8 5
4 .7 1
4 .81
4 .7 6
4 .8 0
11
11
11
11
3
3
3
3
@ 11
@ 11
@ 11
@ 11
6
6
6
6
6 .4 4
6 .2 7
6 .3 5
6 .38
834 @ 934
8 3 4 @ 934
8 3 4 @ 934
8 3 4 ® 934
9
9
9
9
@
@
@
@
9
9
9
9
3
3
3
3
5 .0 0
5 .2 4
5 .1 9
5 .2 0
11
3
@ 11
6
6 .2 2
8 3 4 ® 934
9
@
9
3
5 .09
s. d .
8 1034 @
8 1034 @
8 1034 @
@
9
9% @ 10%
9
N om in a l
N o m in a l
13 @ 13 A 11
S
13 @ 1 3 3 4 11
13
13
13
13
Cotton
M id d l’ g
U p l’ds
9
9
9
9
BREADSTUFFS
Friday N ight, N ov.
3, 1939.
Flour—The local flour situation showed no spectacular
features the past week. Mill agents reported that as a
result of the very slow demand so far this week operations
in the large mills will be on a very small scale next week.
It is stated that some mills will operate on a two- or threeday week and no doubt production will also be light in a
very large proportion of the other mills throughout the
country. It is reported that domestic and export demand
continues slow. The uncertainty of news from abroad and
the neutrality action in Washington have played a part
in the light flour operations.
Wheat— On the 28th ult. prices closed 1 to
net
higher. Bullish weather and crop reports were the chief
contributing influences to the firmness of wheat values
today. Trade reports indicated blustery weather is damag
ing drought weakened wheat plants in many fields. The
weather forecast indicated little or no moisture can be ex
pected this week, and fear was expressed of possible freezing
temperatures. Recent rains, which missed most of the im
portant hard winter wheat area, benefited other districts,
particularly the soft wheat belt, where planting now can
proceed. Crop experts have expressed belief, however,
that, on the whole, a normal winter wheat harvest in 1940
cannot be expected. Wheat gains did not extend beyond
a cent until after mid-session. Houses with Eastern con
nections were on the buying side and the upturn attracted
covering by previous short sellers. Earlier in the day the
market had been unsettled by weakness of securities. Ex
port business was confined to a few loads of Canadian wheat
sold to Europe. On the 30th ult. prices closed y to % c. net
lower. The market showed gains of as much as a cent in
the early trading. On this bulge, however, considerable
profit-taking developed. Other depressing influences were
an easier tone of securities and spreading sales by dealers
who bought Kansas City and Minneapolis wheat contracts
in most cases at lower prices than quoted on the Chicago
Board. Continuation of the hard winter wheat belt drought
contributed to the early firmness of prices. Although
precipitation was reported in surrounding territory and over
much of the soft wheat area, driest sections in Kansas,
Nebraska, Texas and Oklahoma were missed. Exporters
reported 250,000 bushels of Canadian wheat were sold over
night. World exports totaled 7,330,000 bushels last week,
compared with 6,307,000 the previous week, and 14,784,000
a year ago. On the 31st ult. prices closed M to % c. net
higher. The market ruled firm in the early trading, but
later developed considerable nervousness, though closing
with net gains for the day. Prices started with an advance
of y 2c ., then tumbled a cent, but rallied again to close at the
best levels of the day. The end of the first two months of
the European war found Chicago wheat about 17c. higher
than on Aug. 31 and 3c. below the war boom peaks of Sept.
7. Continuation of the hard winter wheat belt drought and
reports of improved European demand for Canadian wheat
offset profit-taking, spreading sales and liquidation in
spired by weakness of securities. The drought in normally
surplus producing regions southwest is being aggravated
each day by the absence of moisture relief and the forecast
indicated no precipitation is in sight. Export sales of
Canadian wheat were estimated at more than 1,000,000
bushels, including a cargo of 120,000 bushels cleared from
Albany to Copenhagen. On the 1st inst. prices closed y to
Me. net lower. The wheat pit failed to hold slightly higher
starting levels today, easing as much as
a bushel, partly
in sympathy with securities. Interest in the market con
tinued very indifferent, however, while increasing reports
of drought damage in the Southwest tended to restrict sell
ing. Prices were up as much as % c . at the opening, but
then declined about as much under the previous close.
Fractionally lower prices at Winnipeg contributed to the
Y E A R S OLD Nov. 4, 1939
downturn here. Reports of drought damage meanwhile
increased. Grain men said Oct. had proved nearly as dry
in the Southwest as the record drought month of Sept.,
and the area entered N ov. with no indications of rain.
Clear weather was forecast for the grain belt. The crop
situation, which some pit brokers said was the worst at this
season that has ever been known, was tempered, however,
by the existence of large world supplies, particularly in
Canada, and the threat of imports on any material advance.
On the 2d inst. prices closed % to %c. higher. The wheat
market shook off early selling that caused prices to dip
fractionally today, and at the close prices registered small
net gains. Influences that stepped the market up a bit
were the stronger securities market as well as European
news. Another bullish influence was the first experts’ esti
mates of probable 1940 winter wheat production. The fore
casts indicated that on the basis of unusually poor crop
conditions at present, as a result o f the Southwestern
drought, a harvest sharply below normal can be expected.
Some ideas of production ranged as much as 150,000,000
bushels or more below the crop this year. Lagging export
demand and restricted domestic flour trade were bearish
factors in the market. Early declines carried wheat o ff
about %c. at one stage, but later the market showed rally
ing power.
Today prices closed % to l% c. higher. A strong rally
in the wheat market today lifted prices almost 2c. a bushel
from early lows to the best levels in a month and a half.
Buying of wheat was stimulated by strength in securities
and by a 6c. a bushel upturn in the price o f soy beans to
above $1 for the first time since March, 1938. Continued
drought in the hard winter wheat belt Southwest also
encouraged buying. Weather over the hard winter wheat
belt was clear to partly cloudy, with no precipitation of
consequence and none in sight. No new export business
in Canadian wheat was confirmed, but later advices indi
cated sales yesterday amounted to about 1,000,000 bushels.
D A IL Y CLOSING PRICES OF W HEAT IN N EW Y O R K
S a t.
M on.
N o. 2 red------------------------------------- 10534 10334
T u es.
105%
W ed .
T h u rs.
105% 10534
F ri.
106%
D A IL Y CLOSING PRICES OF W H EAT FUTURES IN C H IC A G O
S a t.
M on.
T u es.
W ed .
T h u rs.
F ri.
December--------------------------------- — 8634 86
86%
86%
86 % 8 7 %
8534 8 5 %
85%
85%
86%
M ay-------------------------------------------- 86
July----------- -------- ------------------------- 8 1 %
84 %
84%
84%
84%
85%
S e a s o n ’ s H ia h a n d W h e n M a d e
1 S e a s o n 's L o w a n d W h e n M a d e
December____ 8 0 %
Sept. 7, 19301December_______ 6234 July 24,1939
M a y _________ 9034 Sept. 7, 1939|May ................. 6 3 %
July 24,1939
July................... 8 6 %
Sept. 23. 19391July................. - 7 7 %
Oct. 9,1939
D A IL Y CLOSING PRICES OF W H EAT FUTURES IN W IN N IP E G
S a t.
October________ _____ ____________ 7 0 %
November________________________ 7 0 %
December............. .............................. 7 1 %
M ay ------------------------ -------------------- 7 6 %
July-----------------------------------------------------
M on.
60%
60%
70%
75%
------
T u es.
60%
60%
70%
75%
------
W ed .
_____
69
70
74%
------
T h u rs.
____
68%
60%
74%
76%
F r i.
____
69
70
75
76%
Corn— On the 28th ult. prices closed yAc . to % c. net
higher. Corn prices closed at or near the best levels of the
day. Country selling was light and the spot market had a
firm tone. The 12 principal markets received only 7,300,000
bushels this week, compared with 16,700,000 a year ago,
indicating the influence of the country holding program.
Much corn now in terminal storage room is Governmentowned, traders said. On the 30th ult. prices closed y e . to
/
zs c. net higher. Country selling of corn continued limited,
primary markets getting only 1,488,000 bushels, against
3.400.000 a year ago. On the 31st ult. prices closed Me. to
y < 2 . net higher. Corn price fluctuations paralleled the action
of wheat. Some buying was attributed to a broker who
usually acts for exporters, but no export business could be
confirmed. Shipping sales, bookings and receipts were com
paratively small, with much corn being held on farms.
University of Illinois agricultural experts said present in
dications are that the loan rate for 1939-40 may be about 61c.
a bushel. The 1938-39 rate was 57c. On the 1st inst. prices
closed y c . to Me. net lower. Corn prices declined fractionally
in a light and mixed trade. Attention was given to a De
partment of Agriculture report advising corn farmers that
they should not expect a sharp advance in prices during the
current season because of the war.
On the 2d inst. prices closed unchanged to % c. lower.
The average of the estimates on corn production was 2,555,000,000 bushels compared with the Government’s Oct. 1
forecast of 2,532,417,000 bushels, and the crop of 2,542,238.000 bushels in 1938. Corn prices were fractionally lower
during most of the session. Today prices closed % to l% c.
net higher. Corn responded fully to the strength in wheat
and other commodities. Trading wras fairly active, with
most of the early gains in price sustained.
D A IL Y CLOSING PRICES OF CORN IN N E W Y O R K
S a t.
M on.
T u es.
W ed .
T h u rs.
F ri.
S a t.
M on.
T u es.
W ed .
T h u rs.
F ri.
No. 2 yellow-------------------------------- 6 5 %
65%
66
6534 6 5 %
66%
D A IL Y CLOSING PRICES OF CORN FUTURES IN C H IC A G O
D ecem b er.........................................5 0 %
50%
50%
5 0 % 5034
50%
M a y ..------- --------------------------------- 5 2 %
52%
53%
5 2 % 5234
5334
July---------------- ---------------------------- 5 3 %
53%
54
5334 5334 5 4 %
S e a s o n ’s H ig h a n d W h e n M a d e
I S ea son ’s L ow an d W h en M a d e
December____ 6034 Sept. 7, 1939 December____ 39 %
July 26, 1939
M a y . ............... 6 3 % Sept. 7, 1939|M ay________ 42
July 26,1939
July....................5 8 % Sept. 23. 19391July..................5 2 %
Oct. 23.1939
Oats— On the 28th ult. prices closed y to Y e . net higher.
This grain held steady, although trading was very light.
On the 30th ult. prices closed Me. off to Me. higher. Trad
ing was mixed, and very light. On the 31st ult. prices closed
unchanged to Me. higher. Trading was light and without
Volume 149
ONE HUNDRED—T h e Com ercial & Financial Chronicle Y E A R S OLD
m
feature. On the 1st inst. prices closed unchanged to 34c.
lower. This market was relatively quiet and without
feature.
On the 2d inst. prices closed % to 34c. higher. This
market was quiet, with the undertone steady in sympathy
with the steadier tone of the wheat market in the late
session. Today prices closed % to %c. net higher. Trading
was light, with the undertone of the market holding steady
during most of the session.
D A IL Y CLOSING PRICES OF OATS FUTURES IN C H IC A G O
S a t.
M on.
T u es.
W ed .
T h u rs.
F ri.
December_____ _____ _____________ 36%
36% 36%
36%
36 % 36%
M ay_____________________________ 35
35
35 %
35
35% 35%
J u l y . . . ________ _________________ 32 %
32% 32%
32%
32% 33
S e a s o n 's H ig h a n d W h e n M a d e
I S ea son ’s L ow and W h en M a d e
December____38%
Sept.
6, 1939 December___ 26
July 25, 1939
M a y ________ 39%
Sept.
6, 1939|M ay------------ 27%
July 24.1939
July...................35% Sept. 23. 1939|July-------------- 30%
Oct.
9, 1939
D A IL Y CLOSING PRICES OF OATS FUTURES IN W IN N IP E G
S a t.
32%
October. _
December
M ay_____
July.........
M on.
32%
31X
31%
31%
31%
------
------
T u es.
32%
31%
31%
------
W ed .
------
31%
31%
------
T h u rs.
------
31%
31%
32
F ri.
-----32
32 %
------
Ry e— On the 28th ult. prices closed % to 134c. net higher.
The rye futures market responded strongly to the activity
and strength displayed in the wheat market. The bullish
weather reports, of course, played their part, and influenced
considerable covering by the short element. On the 30th
ult. prices closed 1 to 1 % g . net lower. The weakness of
rye was more pronounced than the other grains, and was
attributed largely to liquidation by discouraged longs.
Bullish weather and crop reports had resulted in considerable
accumulation of long contracts, and when the market began
to look wabbly, there was a desire on the part of not a few
to get rid of commitments. On the 31st ult. prices closed
34 to 34c. net higher. Trading was light, with fluctuations
ruling within a very narrow range. Approximately 100,000
bushels of Canadian rye were reported sold. On the 1st
inst. prices closed jbg to 34c• Ret lower. While trading was
light, the market ruled heavy during most of the session.
On the 2d inst. prices closed % to %c. net higher. Trad
ing was very light and without particular feature. Today
prices closed % to 134c. net higher. This grain responded
well to the strength of wheat, corn and soy beans. There
was some fairly substantial buying of rye. futures in evi
dence, together with short covering.
D A IL Y CLOSING PRICES OF R YE FUTURES IN CHICAGO
S a t.
M on.
T u es.
W ed .
T h u rs.
F r i.
December________________________ 54 %
53% 53%
53%
53%
51%
M ay_____________________________ 5 5 %
54% 54%
54
54%
55%
July_______________________________ 5 5 %
54% 54%
54%
54%
55%
S e a s o n 's H ig h a n d W h e n M a d e
I S e a s o n 's L o w a n d W h e n M a d e
D e ce m b e r___58
M ay 31, 1939 December------- 4 0 %
Aug. 30, 1939
M a y ________ 60/8 Sept. 6, l939|May ................... 4 3 % Aug 12. 1939
J u ly ................ 5 7 %
Sept. 27, 19391
July----------------- 52% Oct. 9,1939
D A IL Y CLOSING PRICES OF R YE FUTURES IN W INNIPEG
S a t.
M on.
T u es.
____ 59 %
57% 57%
58% 58%
W ed .
T h u rs.
F ri.
October__________________________ _____
------ ------ -----December________________________ 58 %
57
50%
57
M ay ______________________________ 5 3 %
57%
57%
58
July_____________________________ _____ ____ ____ ____ ____ 58
D A IL Y CLOSING PRICES OF B A R L E Y FUTURES IN W INNIPEG
S a t.
M on.
October__________________________ _____
Decem ber-.........................................4 3 %
M ay_____________________________ 4 4 %
July-----------------------------------------------------
T u es.
____
____
4 3 % 43
44% 43%
------
------
W ed .
____
42%
43%
------
T h u rs.
____
42%
43%
F ri.
____
42%
44
------
------
Closing quotations were as follows:
FLOUR
Spring pat. high p rotein ..5.80@6.00
Spring patents----------------- 5.65@5.99
Clears.firstspring-----------5.3 0 @ 5.5 0
Hard winter straights-------5.S5@6.10
Hard winter patents______6.05@6.25
Hard winter clears_______
Nom.
Rye flour patents________ 4.40@4.65
Seminola, bbl., Nos. 1 .3 --6.70@6.90
Oats good_______________ 3.00
Corn flour_______________ 2.20
Barley goods—
Coarse_________ Prices Withdrawn
Fancy pearl (new) Nos.
1.2-0.3-0.2..................4.50@6.50
G R A IN
Wheat, New York—
Oats, New York—
No. 2 red, c.i.f.. domestic___ 106% No. 2 white---------------------------- 50%
Manitoba No. 1, f.o.b. N . Y . 8 2 % Rye, United States c .i .f - ........... 73%
IBarley, New York—
Corn. New York—
40 lbs. feeding------------------------60%
No 2 yellow, all rail_________ 66% I Chicago, cash-----------------------48-62
R eceipts at—
Flou r
W h eat
N ew Y o r k .
P h ilad elp hia
B a lt im o r e ..
N ew O rl’ ns*
G a lv e s t o n ..
M o n tr e a l __
B o s t o n ____
186,000
31,000
14,000
19,000
Oats
bush 32 lbs
120,000
186,000
87,0 00
80,0 00
9 4,000
796,000
437 ,00 0
2 28 ,00 0
18,000
T o t . w k . '3 9
2 6 8 ,00 0
S in ce J an 1
1939 ____ 13,0 71 ,00 0
Flou r
W h eat
bhls 196 lbs bush 60 lbs
C h i c a g o ___
M in n ea p olis
D u lu t h ____
M ilw a u k e e .
T o l e d o ____
Indianapolis
S t. L o u i s ..
K an sas C ity
O m a h a ____
S t. J o s e p h .
W i c h i t a ___
S iou x C i t y .
B u ffa lo ____
T o t . w k . ’ 39
Sam e w k '3 8
Sam e w k ’ 37
S in ce A u g . 1
1939 ____
1938 ____
1937 ____
216 ,00 0
3 22 ,00 0
1 .2 1 7.0 00
1 .6 3 6.0 00
12,000
138,000
38.0 00
2 0.000
19,000
2 48 .00 0
36.0 00
275 .00 0
46.0 00
4 9 1 .00 0
132.000
21.0 00
234 .00 0
11,000
2 ,3 1 0 ,0 0 0
Corn
bush 56 lbs
3 ,2 4 2 ,0 0 0
637 .00 0
233 .00 0
1 96.000
302 .00 0
676 .00 0
617 .00 0
5 33 .00 0
2 8 1 .0 0 0
523 .00 0
121.000
2 ,0 0 0
6 0 ,0 00
719,000
Oats
R ye
Barley
bush 32 lbs bush 56 lbs bush 48 lbs
2 8 0 ,0 0 0
4 0 4 .00 0
495 .00 0
4 29 .00 0
2 4 .0 00
4 0 .0 00
4 6.0 00
4 0.0 00
102 .00 0
6 6.0 00
46.0 00
269 .00 0
232 .00 0
21.0 00
3.0 0 0
5.0 0 0
10,000
15,0 00
3 02 .00 0
1 ,1 2 7,0 00
182.000
3 98 ,00 0
2 ,0 0 0
108,000
10,000
2 73 ,00 0
4 7 .0 00
6 2 .0 00
Rye
Corn
bush 56 lbs
bbls 196 lbs bush 60 lbs
Barley
bush 56 lbs bush 48 lbs
2,0 0 0
3,0 0 0
15,000
9,0 0 0
134,000
4 ,0 0 0
2 1,0 00
6 3 ,0 00
73,0 00
34,0 00
140,000
2 ,0 0 0
300 ,00 0
120,000
57,0 00
371 ,00 0
6,0 0 0
2 ,0 2 8 ,0 0 0
732 ,00 0
174,000
20,0 00
428 ,00 0
8 9 ,7 51 ,00 0
1 8 ,0 27 ,00 0
4 ,2 6 8 .0 0 0
1 ,4 9 0,0 00
7 ,3 0 0 ,0 0 0
W eek 1938.
2 82 ,00 0
6 ,4 7 3 ,0 0 0
Since J an . 1
1938 ____ 11,883,000 111 ,29 7,0 00
4 33 ,00 0
4 1 7 ,0 0 0
5 3,0 00
1 ,0 5 2,0 00
8 4,2 9 0 ,0 0 0
5 ,9 2 8 ,0 0 0
3 ,0 1 5 ,0 0 0 18,7 98 ,00 0
* R e c e ip ts d o n o t in clu d e g ra in passing th ro u g h N e w O rleans to r torig n p o r ts
on th rou gh bills o f la d in g .
The exports from the several seaboard ports for the week
ended Saturday, Oct. 28, 1939, are shown in the annexed
statement:
E xp orts from ,—
W h ea t
Corn
F lou r
Oats
R ye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
725 ,00 0
N e w O rlean s________
2 ,0 0 0
12,000
7 96.000
2 28 .00 0
T o t a l w eek 1 9 3 9 ..
Sam e w eek 1 9 3 8 ____
69,9 50
17,000
60,0 00
2 6,0 00
.............
'3 ~ 6 6 6
7 ,0 0 0
300,000
1 .7 6 3.0 00
300 ,00 0
6 .1 1 2 .0 0 0 1,22 3,0 00
371 ,00 0
79,9 50
9 6,5 55
357 ,66 6
17,000
457 ,00 0
106,000 1,07 8,0 00
The destination of these exports for the week and since
July 1, 1939 is as below:
F lou r
E xp orts fo r W e ek
and Since
July 1 to —
W h eat
Corn
W eek
Oct 28,
Since
Ju ly 1,
W eek
Oct 2 8,
Since
Ju ly 1,
W eek
Oct 28,
1939
1939
1939
1939
1939
1939
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
T o t a l 1938________
x
79,950
96,555
1 ,4 7 3,2 12
1,56 9,8 52
1 .7 6 3.0 00
6 .1 1 2 .0 0 0
Since
July 1,
3 8 .8 4 6 .0 0 0
300 ,00 0 3 ,2 4 5 ,0 0 0
6 3 .1 8 0 .0 0 0 1,22 3,0 00 4 6 ,3 4 9 ,0 0 0
D eta ile d figures n o t a va ila b le.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 28, were as follows:
G R A IN STO C K S
Corn
Oats
Bushels
Bushels
120,000
2 34 ,00 0
N e w Y o r k ______________
2 29 ,00 0
5 1,0 00
371 ,00 0
P h ila d elp h ia ______ _____
2 51 ,00 0
14,000
_____
850 ,00 0
7,0 0 0
2 2,0 00
965,000
5 56 ,00 0
N ew O rlean s_______ _____
8 7 ,0 0 0
. ...
3 ,4 8 7 ,0 0 0
2 ,0 0 0
9 ,8 4 5,0 00
2 29 ,00 0
F o r t W o r t h . . . . . _____
349 ,00 0
3 ,7 8 5,0 00
W ic h ita .............
. . _____
2 ,0 0 0
..
.
7 ,8 5 5 ,0 0 0
4 ,7 7 0,0 00
S t. J o s e p h . _______ _____
3 57 ,00 0
2 0 8 ,0 0 0
. . 2 8 ,7 75 ,00 0
673 ,00 0
K an sas C i t y . _____ .
137,000
9 ,1 1 1,0 00
3 ,4 3 8 ,0 0 0
O m ah a . .
_______ _____
2 8 0 ,0 0 0
954 ,00 0
8 10 ,00 0
S iou x C it y ____ . . . _____
3 17 ,00 0
7 ,6 2 0 ,0 0 0
569 ,00 0
S t. L o u is___________ _____
188,000
_____
2 ,1 2 8 ,0 0 0
969 ,00 0
384 ,00 0
_____
2 ,0 0 0
2 0 7 ,00 0
149,000
8 ,7 3 8 ,0 0 0 11.9 87 ,00 0 1 ,9 6 1,0 00
C h ica g o ___ __ _____ _____
U n it e d S t a t e s —
W heat
Bushels
_____
197,000
8 83 ,00 0
M ilw a u k e e _________ _____
M in n e a p o lis________ _____ 15,0 03 ,00 0
D u lu t h _____________ _____ 2 4 ,9 2 5 ,0 0 0
..
135,000
D e t r o it ___ __________.
5 ,0 7 0 ,0 0 0
B u ffa lo _________
. ____
_____
555 ,00 0
1 ,1 9 6,0 00
1 ,3 7 6,0 00
718 ,00 0
2,0 0 0
8 2 6 ,0 0 0
138,000
3 2 8 ,0 0 0
3 ,9 4 7 ,0 0 0
2 ,8 8 0 ,0 0 0
5 ,000
2 ,6 0 5 ,0 0 0
-
Rye
Bushels
Barley
Bushels
1 ,000
8 ,0 0 0
2 5,0 00
4 ,0 0 0
6 ,0 0 0
2 ,0 0 0
1 7,000
2 8 ,0 0 0
1 7,000
4 05 ,00 0
107,000
37,0 00
3 ,0 0 0
2 5,0 00
4 1,0 00
75,000
17,000
163,000
1 ,1 6 6,0 00
199,000
574 ,00 0
55,0 00
3 ,9 2 4 ,0 0 0
2 ,0 3 3 ,0 0 0
3,000
1 ,7 7 4,0 00
2 5,0 00
1 ,9 4 4,0 00
8 ,4 1 0 ,0 0 0
2 ,4 1 0 ,0 0 0
200 ,00 0
1 ,7 4 3,0 00
T o t a l O c t . 2 8 , 1 9 3 9 - . -1 3 6 ,2 5 8 ,0 0 0 2 4 ,5 2 4 ,0 0 0 1 4,0 5 0 ,0 0 0 9 ,8 0 3 ,0 0 0 15,689 000
T o t a l O c t . 2 1 , 1 9 3 9 - -.1 3 7 .9 8 2 ,000 2 1,5 1 0 ,0 0 0 1 4,2 95 ,00 0 9 ,6 9 1 ,0 0 0 15,8 96 ,00 0
T o t a l O c t . 2 9 , 1 93 8 — .1 2 6 ,0 2 1 ,0 0 0 2 4 ,6 7 4 ,0 0 0 2 1,5 7 4 ,0 0 0 8 ,4 1 1 ,0 0 0 13,0 18 ,00 0
N ote — B o n d e d gra in n o t in clu d e d a b o v e : Oats— P h ila d elp h ia , 141,000 bushels;
B u ffa lo , 480 ,00 0; B u ffa lo a flo a t, 2 7 8 ,00 0; t o ta l, 8 9 9 ,0 0 0 b ushels, again st 542,000
bushels in 1938. Barley — N e w Y o r k , 3 9 2 ,0 0 0 b ushels; B u ffa lo , 326 ,00 0; t o ta l,
718 ,00 0 b ushels, again st 1 ,2 5 0 ,0 0 0 b ushels in 1 938. W h eat — N ew Y o r k , 4 ,1 4 0 ,0 0 0
bushels; B o s to n , 1,5 1 4,0 00 ; P h ila d elp h ia , 196 ,00 0; B a ltim o re , 152,000; B u ffa lo ,
3 ,8 1 2,0 00 ; B u ffa lo a flo a t, 7 3 6 ,00 0; E rie, 1 ,8 8 4 ,0 0 0 ; A lb a n y , 4 ,0 3 9 ,0 0 0 ; o n C a n a l,
280 ,00 0; t o t a l, $ 1 6 ,75 3,0 00 bu sh els, a ga in st 1 0,2 1 4 ,0 0 0 bushels In 1938.
W h eat
Corn
Bushels
C a n a d ia n —
Bushels
L a k e , b a y , riv er & sea b ’ d 5 5 ,9 3 4 ,0 0 0
F t . W illia m & P t . A r th u r 7 7,5 9 7 ,0 0 0
O th er C a n . & o th er e le v .1 9 4 ,0 2 7 ,0 0 0
T ota l O ct. 28,
T ota l O ct. 21,
T ota l O ct. 29,
Oats
Bushels
R ye
Bushels
Barley
Bushels
2 ,0 4 3 ,0 0 0 4 3 i,0 0 0 2 ,1 2 4 000
2 ,0 7 5 ,0 0 0 4 3 4 ,00 0 1 ,8 2 6,0 00
6 ,9 2 8 ,0 0 0 2 ,2 0 4 ,0 0 0 5 ,8 8 2 ,0 0 0
1 9 3 9 ...3 2 7 ,5 5 8 ,0 0 0
1 9 3 9 - . .3 1 7 ,7 4 4 ,0 0 0
1 9 3 8 - . .1 6 8 , 2 2 8 ,0 0 0
1 1,0 4 6 ,0 0 0
1 1 ,1 66 ,00 0
8 ,9 0 9 ,0 0 0
Sum m ary—
A m e r ic a n 1 3 6 ,2 5 8 ,0 0 0 2 4 ,5 2 4 ,0 0 0 1 4 ,0 5 0 ,0 0 0
C a n a d ia n ................................. 3 2 7 ,5 5 8 ,0 0 0
3 ,0 6 9 ,0 0 0
2 ,6 2 1 ,0 0 0
1 ,9 6 0 ,0 0 0
1 1 ,0 4 6 ,0 0 0
9 ,8 0 3 ,0 0 0 1 5 ,6 89 ,00 0
3 ,0 6 9 ,0 0 0 9 ,8 3 2 ,0 0 0
_
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:
R eceipts at—
3001
—
9 ,8 3 2 ,0 0 0
9 ,5 6 2 ,0 0 0
7 ,6 7 3,0 00
T o t a l O c t . 2 8 , 1 9 3 9 — .4 6 3 ,8 1 6 ,0 0 0 2 4 ,5 2 4 ,0 0 0 2 5 ,0 9 6 ,0 0 0 1 2 ,8 7 2 ,0 0 0 2 5 ,5 2 1 ,0 0 0
T o t a l O c t . 2 1, 1 9 3 9 ...4 5 5 ,7 2 6 ,0 0 0 2 1 ,5 1 0 ,0 0 0 2 5 ,4 6 1 ,0 0 0 1 2 ,3 1 2 ,0 0 0 25,4 58 000
T o t a l O c t . 2 9, 1 9 3 8 ...2 9 4 ,2 4 9 ,0 0 0 2 4 ,6 7 4 ,0 0 0 3 0 ,4 8 3 ,0 0 0 1 0 ,3 7 1 ,0 0 0 2 0 ,6 9 1 ,0 0 0
The world’s shipment of wheat and corn, as firnished by
Broomhall to the New York Produce Exchange, for the week
ended Oct. 27 and since July 1, 1939, and July 1, 1938, are
shown in the following:
W h eat
6 .9 7 9.0 00
7 .6 5 2.0 00
7 .1 3 3.0 00
8 .1 4 2 .0 0 0
18,5 56 ,00 0
8 .7 8 2 .0 0 0
6 .1 3 1.0 00 1 41.649.000
5 .7 1 1.0 00 1 57 .64 3.0 00
5 .1 4 3.0 00 1 50 .87 7.0 00
7 0 .6 3 1 .0 0 0
8 9 .6 0 4 .0 0 0
3 6 .0 7 3 .0 0 0
4 43.000
441 .00 0
398 .00 0
2 .5 1 2 .0 0 0
1.44 1.0 00
2 .0 8 9 .0 0 0
711 .00 0
609 .00 0
463 .00 0
2 .4 0 1 .0 0 0
2 .4 6 0 .0 0 0
2 .2 4 7 .0 0 0
C o rn
4 3 .9 83 .00 0 1 0.568.000 4 9.1 5 6 .0 0 0
4 8 .1 49 .00 0 14.0 85 .00 0 4 3 .4 44 .00 0
5 2 .9 79 .00 0 16,122 000 3 7 .9 27 .00 0
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oct. 28, 1939, follow:
N o . A m er.
B la c k S e a .
A r g e n tin a .
A u stra lia .
O ther
coun tries
T ota l . .
Since
Ju ly 1,
Since
J u ly 1,
W e ek
Oct. 27,
Since
Ju ly 1,
1939
1938
1939
1939
1938
Bushels
E xp orts
W e ek
Oct. 27,
1939
3 2,0 00
554 ,00 0
Bushels
Bushels
Bushels
Bushels
Bushels
3 ,2 0 0 ,0 0 0
781,000
4 6 ,7 24 ,00 0
4 9 .8 25 .00 0
1 ,6 8 9,0 00
6 0 .8 36 .00 0
2 1 ,7 80 ,00 0
17,1 33 ,00 0
2 .0 4 4 .0 0 0
792 ,00 0
3 .9 8 6 .0 0 0
6 1 .4 1 4 .0 0 0
12.4 72 .00 0
5 3 .4 4 8 .0 0 0
1 1 .2 93 .00 0
8 3.1 1 5 .0 0 0
4 2 .2 3 2 .0 0 0
2 1 .7 6 4 .0 0 0
3 3 .6 3 9 .0 0 0
7 .3 4 4 .0 0 0
504 ,00 0
1 1,3 60 ,00 0
7 .8 1 6 .0 0 0
6 0 ,0 00
7 ,3 2 6,0 00 1 49,987,000 195 ,91 0,0 00
2 ,5 4 4 ,0 0 0
3 09 ,00 0
17,000
2 ,1 5 8 ,0 0 0
Since
J u ly 1,
7 2 ,4 85 ,00 0 1 2 9 ,48 3,0 00
3002
ONE HUNDRED The Commercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
—
Four New Members of New York Coffee and Sugar
Exchange — At a meeting of the Board of Managers of
the New York Coffee and Sugar Exchange, held N ov. 1,
1939, the following were elected to membership: Jose
Eugenio More y Benitez of Havana, Cuba; Edward A.
Ruhfel, a partner in the firm Bendix, Luitweiler & Co.,
New York; Theodore V. C. Wagner, New York City, and
Bruno Reinemund, New York City.
Weather Report for the Week Ended Nov. 1— The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended N ov. 1, follows:
The week was characterized by general rains in central and northern
districts from the Mississippi River eastward, in the lower Mississippi
Valley, and locally in the southern Great Plains and west Gulf area. Over
other interior sections rainfall was again light or entirely absent. Tem
peratures were variable, but above normal during most o f the week in the
southern half of the country and Southwest.
Abnormally cold weather prevailed from the Lake region westward to
the interior o f the north Pacific area. In the northern Great Plains the
weekly mean temperatures were 6 to 10 degrees below normal. On the
other hand from the southern portion o f the central Valleys southward,
the week, as a whole, was abnormally warm, the temperature averaging
mostly from 4 to 9 degrees above normal. About-normal warmth
prevailed in most Rocky Mountain sections and the Great Basin.
Subfreezing temperatures extended well into the Southern States. In
the Atlantic area freezing did not occur south o f New York, but in the
interior the freezing line extended as far south as east-central Mississippi
and extreme northern Louisiana. The lowest temperature reported was
4 degrees at Havre, M ont., and Bismarck, N . Dak.
Generous to heavy rains occurred rather generally from the Lake region
eastward, in the immediate Mississippi Valley from Iowa southward, and
from the Ohio Valley eastward to the Atlantic Ocean. There were some
heavy rains in southeastern Florida and portions o f Louisiana, the heaviest
reported being 5.5 inches at Miami, Fla., and 8.2 inches at Melville, La.
Between the Mississippi Valley and the Rocky Mountains some areas in
the South had good rains, but elsewhere there was very little. West of
the Rockies moderate to fairly good amounts occurred in the north, but
southern sections had a mostly dry week.
Very helpful moisture was received during the week in Central and
Northern States from the Mississippi Valley eastward, enough, in fact, to
bring the October totals to about normal or somewhat above normal in
much o f the upper Ohio Valley. Moisture is now sufficient for present
needs quite generally from Kentucky and North Carolina northward.
There were helpful showers also in Missouri, extreme southeastern Kansas,
much o f Oklahoma, and parts o f Texas. In other parts of the transMississippi area there was little or no rainfall and droughty conditions
persist. In fact, in a large midwestern area extending from eastern New
Mexico and western Texas northward over the Great Plains only widely
scattered stations reported a measurable amount o f rainfall.
The Southeastern States also continue very dry: South Carolina, Georgia,
northern Florida and Alabama have had only 10 to 15% of normal rain
fall in October. From the northern Rocky Mountains westward timely
and helpful precipitation, mostly in the form of snow, occurred, while the
outlook in the Great Basin is still generally favorable.
Frost in California killed some tender truck crops and there was some
freeze damage to late gardens in the south-central portions o f eastern
areas, but in general there was no widespread harm from low temperatures.
Seasonal farm work made good progress rather generally.
Small G rains—-Rainfall during the week supplied sufficient moisture
for present need of small grains rather generally from the middle and
upper Mississippi Valley eastward, but it continued too dry for seeding
and germination in the Southeastern States. In the Ohio Valley and
Northeast the outlook has improved materially and late-seeded grain is
germinating satisfactorily. In Indiana from 60 to 80% of wheat is now
up and about three-fourths is up in Illinois. In the Lake region conditions
are now mostly favorable.
West o f the Mississippi River helpful moisture occurred in much of
Missouri, consideration portions o f Oklahoma and extreme southeastern
Kansas. In other areas rainfall was unimportant. In Missouri about 85%
o f wheat has been sown and moisture is sufficient for present needs in most
o f the State. In Texas the weekly progress o f wheat was very good and
the general condition is fair, but moisture is now needed in all sections.
Considerable rain occurred in parts o f Oklahoma, but dryness continued
in the northwestern and extreme north-central areas, the principal wheat
producing section; the onlook there continues very poor with some plants
reported dying.
In Kansas droughty conditions continued; seeding has slowed down,
but is now completed in eastern counties. In the west where, so far,
wheat has been seeded in dust, farmers are still waiting for rain. Little
has germinated in the western third o f this State, but in most of the east
plants are showing in drill rows. Nebraska continues too dry for germina
tion in many localities and much wheat has not sprouted: even in favored
localities stands are spotted, and it is now becoming rather late for ger
mination and growth sufficient to survive the winter even if good rains
come immediately. In the principal wheat producing sections of Iowa,
the western third, there was little or no rainfall, growth is slow and stands
have not improved. In the Pacific Northwest, including western Mon
tana, Idaho and Washington, beneficial moisture occurred, amounting
in the wheat belt o f Washington up to half an inch; additional seeding
is in progress and wheat previously sown in dist can now germinate if
temperatures are favorable.
The Weather Bureau furnishes the following resume of
conditions in the different States:
N o r t h C a r o l i n a — Raleigh:
Cool latter part. Satisfactory progress of
outdoor activities, except soil too dry for plowing and planting first and
middle parts. Progress o f fall truck and winter small grains retarded by
dryness, although generally adequate rains last two days. Cotton picking
almost completed.
G e o r g i a — Atlanta:
Warm until Saturday; scattered light frost Sunday
in north. Picking cotton good progress; now practically finished. Favor
able for harvesting corn, pecans, and sweet potatoes. Serious drought
and soil too dry for grain sowing, except in a few northern counties. Pastures
in bad condition and gardens poor.
A l a b a m a — Montgomery:
Warm through Saturday, then cool, with
scattered light frost Sunday. No rain and soil too dry for cover crops,
vegetables, gardens, pastures, plowing, and planting. Planting oats de
layed. Cotton harvesting rapid progress and practically finished. Pas
tures failing rapidly.
M i s s i s s i p p i — Vicksburg:
Warm first; cool thereafter, with light frosts
in north and central on 31st. Mostly adequate rainfall, but locally light.
Cotton picking practically completed, except on extreme northern lowlands.
Corn housing approaching completion in central and south. Progress of
gardens, pastures, and truck generally fair.
L o u i s i a n a — New Orleans:
Moderate to locally excessive rains middle
o f week; soil moisture now ample in most sections. Warm first half, much
cooler near end with local freezing in extreme north. Cotton picking about
ended. Some rice, corn, and sweet potatoes still to gather. Good progress
in cutting and grinding cane. Fall plowing and planting resumed since
rains.
T e x a s — Houston:
Generally warm first of week; cool latter part. Winterwheat seeding practically completed and mostly good progress and condition;
more rain now needed in all districts. Oat seeding making fair progress,
but too dry for germination in west-central. Little cotton remains in fields
in northwest; average condition continuing poor to fair, with some locally
good. Ranges are drying rapidly and mostly only fair to Door condition;
cattle beginning to thin somewhat due to subnormal grazing. Truck and
gardens making fair progress on middle coast and irrigated sections of
extreme south.
O k l a h o m a —-Oklahoma City:
Considerable frost damage last night, ex
cept in southwest; freezing or lower at most stations, but week averaged
5 degrees above normal. Moderate to heavy rains in east-central and southcentral and moderate many other areas, but none in northwest, including
extreme north-central and extreme southwest. Drought over northwest
—
somewhat further intensified. Stock water situation relieved temporarily
in many southern and eastern counties, but elsewhere scarcity continues.
Some additional winter wheat planted and more will go in now in many
areas, more has sprouted. Many fields good advance where rains, but in
north-central and northwest, the principal producing areas, condition re
mains very poor due to drought. Many farmers report young plants dying
and others say will die unless rains come soon. Cotton season practically
ended.
A r k a n s a s — Little Rock:
Cotton excellent progress; picking good ad
vance and 85 to 95% harvested in northeast and east; completed elsewhere.
Corn harvested over hills and well along elsewhere. Rice about harvested.
Moderate frost damage in scattered counties. Soil moisture now ample for
plowing and planting in many sections. Some winter wheat and oats up
and doing nicely. Pastures, meadows, gardens, and truck poor to fair.
T e n n e s s e e — Nashville:
Cotton picking fairly active and not yet com
pleted. One-quarter of corn still in fields. Sowing going forward in all
portions and, in spite of dryness, soil working easily in east; certain low
lands show growth of grains following rainfall. Pastures and lawns about
gone. Some water hauled, but fire hazard now reduced. Tobacco stripping
still delayed.
THE DRY GOODS TRADE
N ew York, Friday N ight, N ov. 3, 1939
Although weather conditions during part of the week were
none too favorable, retail trade again made a fairly good
showing, reflecting in growing measure the broadening
activities in a number of important industries. Apparel
lines continued to attract most attention. Best results
were reported from the industrial sections of the country,
whereas agricultural areas made a somewhat less favorable
showing. Department store sales, the country over, for
the week ended Oct. 21, according to the Federal Reserve
Board, gained 11% over the corresponding week in 1938,
with some cities in the industrial heart of the country showing
increases up to 35% . New York and Brooklyn stores regis
tered a gain of 13.3% , while in Newark establishments the
increase reached 13.8% .
Trading in the wholesale dry goods markets remained
quiet as merchants, having previously covered the bulk of
their nearby needs, displayed more caution in entering new
commitments, particularly in view of the uncertain outlook
abroad. Re-orders continued to reach the market in fairly
large numbers, but individually these purchases were of
small size, and the total volume remained disappointing.
Relatively best showings were made in wash goods and
work clothing. A cheerful sign forecasting early revival in
buying was seen in the fact that wholesalers were pressing
mills to maintain shipments on existing contracts. Business
in silk goods, while still hampered by the high cost of the
raw material, nevertheless expanded moderately, with more
interest shown in sheer fabrics. Trading in rayon yarns
continued active. The existing scarcity of available supplies
became more pronounced as yarn stocks in producers’ hands
are nearing, and in some instances have reached the vanish
ing point. Demand again centered in weaving yarns, ship
ments of which continued at a very active rate.
Domestic Cotton Goods— Trading in the gray cloths
markets continued quiet, and prices showed a slightly easier
trend as a somewhat larger amount of second-hand offerings
made its appearance. In contrast to the slow demand for
print cloths, a very active call developed for sheetings and
osnaburgs, on the part of bag manufacturers, resulting from
the rapid advance in burlap prices. The sudden demand for
bag materials caused a shortage in these goods for early
delivery, and it was reported that some print cloth mills are
considering the switching of loomage to bag materials.
Business in fine goods remained dull, although prices held
steady, reflecting the improved statistical position of the
mills. More interest was shown in hopsackings. Closing
prices in print cloths were as follows: 39-inch 80s, 734; to
7 Me.; 39-inch 72-76s, 7c.; 39-inch 68-72s, 634c.; 3834-inch
64-60s, 5 % to 534c.; 3834-inch 60-48s, 4 7-16 to 434c.
Woolen Goods— Trading in men’s wear fabrics continued
inactive, pending the decision of the British Government con
cerning the release of portions of the impounded raw wool
supplies. Mill operations remained at a high rate, however,
and the view was expressed that the existing backlog of
orders will enable many producers to maintain the present
operating ratio beyond the close of the current year. A
growing call prevailed for topcoatings and overcoatings, but
available spot supplies were limited. Tropical worsteds and
gabardines continued in steady demand. Reports from retail
clothing centers made a very satisfactory showing, notably
in the industrial sections and in those parts of the country
where cooler temperatures prevailed. Business in women’s
wear fabrics continued its moderate improvement, with
tweeds moving in fair volume. Sentiment among garment
manufacturers was helped by improved reports concerning
the flow of goods in retail channels.
Foreign Dry Goods— Trading in linens continued quiet,
although occasional fill-in orders for gift items came into the
market. Business in burlap assumed a hectic character as
the uprush in the Calcutta price structure, caused by
another large British order for sandbags, resulted in a
further rapid markup of prices in the local market. In view
of the continued shortage of spot goods, little actual trading
developed, however, and reports of business being diverted
to cotton materials become increasingly frequent. Domestic
ally lightweights were quoted at 8.25c., heavies at 11.50c*
Volume 149
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
S t a t e
a n d
C ity
Illinois & Missouri Bonds
StxfeUNicolaus &CoJnc*
Founded 1890
Adam s S t.
C H IC A G O
•
D IR E C T
W IR E
•
34N.
1
B ro a d w a y
S T . L O U IS
News Items
California— Defeat
e p a r tm
e n t
New Jersey— Seven-Point Fiscal Adm inistration Plan Of
fered — T h e L o c a l G o v e r n m e n t B o a r d , e s ta b lis h e d la s t y e a r
Specialists in
1 5W .
0
D
3003
Seen fo r Old A g e Pension Plan — T h e
B o s to n “ N e w s B u r e a u ” o f N o v . 1 carried
r e p o r t u n d e r a S a n F ra n c isc o c a p t io n :
th e
fo llo w in g
One week in advance o f the vote on old age pensions— the $30 every
Thursday “ ham and egg” plan— best opinion in business quarters is that
the proposal again will be beaten as was its predecessor last November.
Margin o f defeat is expected to depend on size of the total vote. A large
vote will favor opponents of the plan.
Belief that the proposal will be rejected has been reflected in steadily
lengthening betting odds. Firming tendency in California municipals,
after a jittery period following a banking impasse in which the State failed
repeatedly to sell tax anticipation warrants, also has teen noted. Invest
ment quarters appear more concerned with the State fiscal program and
budget outlook for next year than with the pension issue.
Newspaper space and radio are in wide use. Every influential voice is
lifted in warning. Organizations, business and civic, are busy on every
side.
Massachusetts— Changes in List of Legal Investments —
T h e fo llo w in g b u lle tin ( N o . 2 ) , sh o w in g th e la t e s t re v isio n s
in th e lis t o f secu rities c o n sid e re d leg al in v e s t m e n t s for
sa v in g s b a n k s in M a s s a c h u s e t t s , w a s issu e d b y th e C o m
m issio n e r o f B a n k s o n O c t . 2 7 :
AD D E D TO THE LIST OF JULY 1, 1939
R a i l r o a d E q u i p m e n t T r u s t s — As o f Oct. 23, 1939, Chesapeake & Ohio
B y. C o., equip, trust, series of 1939 (serially) 234s, 1949.
REM OVED FROM THE LIST
M u n i c i p a l B o n d s — City o f Nashville, Tenn.
R a i l r o a d E q u i p m e n t T r u s t s — Great Northern R y. C o., equip, trust, series
C (serially) 434s, 1939. Matured Sept. 1, 1939. Pennsylvania R R . C o.,
equip, trust, series C (serially), 434s, 1939. Matured Oct. 1, 1939.
P u b l i c U t i l i t i e s — Empire Gas & Electric Co. and Empire Coke C o., joint
1st & ref. mtge. gold, 5s, 1941. Called Sept. 1, 1939. Rochester Gas &
Electric Corp., gen. mtge. gold, series E, 5s, 1962. Called Sept. 1, 1939.
Southern California Edison C o., Ltd., 1st & ref. mtge. gold, 4s, 1960.
Called Sept. 1, 1939.
b y th e N e w J e rs e y L e g is la t u r e , p re s e n te d on O c t . 3 0 , in its
fir s t a n n u a i r e p o r t , s e v e n r e c o m m e n d a tio n s d e sig n e d to
im p r o v e lo c a l fis c a l a d m in is tr a tio n , a c c o r d in g t o a n A s s o
c ia te d P re ss d is p a tc h f r o m T r e n t o n .
Explaining its first year had been one o f “ exploration, guidance and ad
justment” with emphasis on home rule principles and local self government,
the Board recommended to Governor A. Harry Moore and the Legislature: 4
Segregation and separate treatment of certain municipalities because
of extreme conditions of fiscal embarrassment. Encouragement of con
solidation of services and areas in local government. Relief of real property
from its “ disproportionate burden” of taxes. Revision of existing statutes
pertaining to redemption and foreclosure of tax title liens. Separate
budgets for relief and separate public hearings thereon. Removal o f sub
marginal lands of little or no value from the list of ratables and their
incorporation in the public domain.
Where internal controls are not adequate to assure honest and effective
tax collections, taxes to be paid to deisgnated local banks and the tax
collector relieved of his duty of receiving money.
The Board added it favored “ complete annual tax sales, penalties on
delinquent taxes and instalment payment of delinquent taxes.”
Railroads A sk Postponement of State Tax Claims — A n
A s s o c ia te d P re ss d is p a tc h f r o m T r e n to n o n O c t . 3 0 re p o r te d
in p a r t as fo llo w s o n th e la t e s t d e v e lo p m e n t in th e lo n g d ra w n o u t litig a tio n b e tw e e n th e S ta te a n d th e c o m m o n
ca rriers in N e w J e rs e y o v e r th e ta x e s a n d p e n a ltie s w h ic h th e
S ta te is se ek in g to c o lle c t:
Supreme Court Justice Thomas W . Trenchard today reserved decision
until Thursday on a motion by counsel for the Associated Railroads of New
Jersey for a 30-day postponement on the State’s application for an entry
of judgment for $16,000,000 in back taxes and penalties.
Attorney General David T. Wilentz opposed granting the extension on
the ground the case would not be formally before the court until he moved
on Thursday for a collection judgment. Justice Trenchard agreed with him.
Maximilian M . Stallman, railroad counsel, said a postponement would
give the railroads another opportunity to seek legislative sanction of a
proposed compromise of all arrearages, approximating $34,000,000 in taxes
and $14,000,000 in interest covering the last seven years.
The $16,000,000 judgment sought by Mr. Wilentz represents arrears only
for 1932 and 1933, which have gone to final adjudication in the courts.
A. H. Elder, General Solicitor for the Central Railroad of New Jersey,
told Justice Trenchard if the delay were not allowed it would “ be too late
for the Central Railroad.” After the court announced its decision, M r.
Elder said the company would file a bankruptcy petition later today in
Federal court at Newark.
Urging the delay so the railroads would have an opportunity to negotiate
a compromise settlement with the Legislature under “ more favorable cir
cumstances,” Mr. Stallman said if the postponement were allowed the com
panies planned to pay “ between four and five million dollars to the State
this week on tax bills for 1932 and 1933.”
(T h e N e w J e rs e y C e n tr a l R a ilr o a d ’s b a n k r u p t c y p e t itio n
is tr e a te d in d e ta il in ou r D e p a r t m e n t o f C o r p o r a tio n a n d
I n v e s t m e n t N e w s o n a p re c e d in g p a g e .)
Reconstruction Finance Corporation— Supplementary
Loans Authorized to Drainage and W ater Districts — T h e f o llo w
Municipal Bonds Recommended as Trust Fund In
vestments— H ig h g ra d e m u n ic ip a l b o n d s , w e ll d iv e rsifie d
in g is th e te x t o f a p re ss re le a se ( P - 1 5 1 5 ) , w h ich w as m a d ©
p u b lic b y th e a b o v e n a m e d F e d e ra l a g e n c y o n N o v . 1:
in th e ir m a tu r itie s a n d th e g e o g ra p h ic sp re a d o f th e lo c a l
g o v e r n m e n ts w h ic h issu e th e m , w ere re c o m m e n d e d a s o n e o f
th e b e s t ty p e s o f in v e s t m e n t s fo r tr u s t fu n d s in a n a d d re ss
d e liv e re d a t C h ic a g o o n O c t . 2 7 b e fo re th e T e n t h A n n u a l
M i d -C o n t i n e n t T r u s t C o n fe re n c e o f th e A m e r ic a n B a n k e r s
A s s o c ia tio n b y O sc a r L . B u h r , V ic e -P r e s id e n t o f th e D e t r o it
T ru st C o .
M r . B u h r , o u tlin e d s e v e n p rin c ip a l re a so n s for h is a p p r o v a l
o f m u n ic ip a l secu ritie s as tr u s t in v e s t m e n t s , a ll o f w h ic h h e
b a se d u p o n th e in v e s t m e n t e xp erie n ce s o f h is b a n k o v e r a
n u m b er of years.
F ir s t , h e s a id , m u n ic ip a l se cu ritie s o ffe r s a f e t y o f p r in
c ip a l to g e th e r w ith a r e a so n a b le in c o m e .
Supplementary loans for rehabilitation o f their facilities have been au
thorized by the RFC to one water improvement district in Texas, one
drainage district in Arkansas and one drainage district in Illinois for which
refunding loans have previously been made. This makes a total to date of
$107,512,043.02 authorizations outstanding under the provisions of Section
36, Emergency Farm Mortgage Act of 1933, as amended, of which $3,006,300 has been authorized for mutual non-profit companies and incor
porated waterusers’ associations and the balance for drainage, levee, irriga
tion and similar districts. The districts are:
Bexar-Medina-Atacosa Counties Water Improvement District
No. 1, Natalia, Texas--------------------------------------------------------$12,000
Little Bay and Whiteman’s Creek Drainage District No. 20,
Craighead County, Ark____________________________________
14,000
Liverpool Drainage and Levee District, Fulton County, 111____
15,000
“ All trust officers know that the first requirement o f a trust investment
is safety of principal and this fact should outweigh all other considerations.
A study of the records gives many estimates on this subject and indicates
that the percentage o f actual loss sustained by the owners of municipal
bonds is very small. The investor who selects his municipal bonds with
a reasonable degree of care in the 1920’s came through 1929-39 period of
disturbance with only a fractional loss o f principal or interest,” Mr. Buhr
said.
“ The second important reason for buying municipal bonds is exemption
from Federal and local taxes. With the present day trend towards high
income taxes and personal proprety taxes, it is important that exemption
be emphasized in the large accounts.”
However, Mr. Buhr pointed out, a serious question has arisen with regard
to tax exempt bonds because the Government has within the past year
taken steps to eliminate the tax exempt privilege.
"A third important reason for purchasing municipal bonds is serial ma
turities. This enables us to carry out a program whereby fairly even
sums of money will be available for reinvestment each year. The best way
to protect income of a large amount is a regular investment schedule by
which we get a fair average return. On the other hand, corporate bonds
give little choice in the matter o f maturity.
“ Fourth, municipal bonds have been particularly attractive because
most o f them have specific maturity dates and are non-callable.
Con
sequently the investor can select his bonds with some assurance that he
can hold them until maturity. It permits the development of a maturity
schedule that is not upset by the call feature. It eliminates the problem
o f purchasing bonds above the call price.
“ The fifth reason for purchasing municipal bonds is the matter of supply.
Municipal offerings are usually in such volume that we are able to purchase
in substantial amounts whenever funds are available, without forcing the
bid to higher levels. The number and volume o f municipal offerings is
such that we can buy in good blocks and yet spread our risks very widely
throughout the Nation. Their marketability is exceeded only by Govern
ment bonds.
“ Another point o f importance is what might be called ‘continuity of
existance.’ In these days of rapid change in methods and inventions it
is rather difficult to know what corporations will be obsolete in the near
future. On the other hand, in purchasing bonds o f a State or county or
city, we can feel quite confident that the political subdivision will not
experience receivership and evaporate within five, ten or more years.
“ One further factor o f importance,” Mr. Buhr concluded, “ is the avail
ability of information regarding political subdivisions. While there is
occasional difficulty in security facts and figures, in the majority of cases
of smaller community securities information is readily supplied, although
it is more difficult to learn what actually transpires in the municipal finan
cial affairs o f the large metropolitan centers.”
United States— Cities Look Toward Long-Term Planning«
fo r Financial Improvements — F in a n c e o ffic ia ls of m a n y citie s
se e k in g m e th o d s o f fin a n c in g n e e d e d im p r o v e m e n ts are
lo o k in g to w a r d lo n g -t e r m p la n n in g as th e a n s w e r , a c c o r d in g
t o re p o r ts o n O c t . 3 1 to th e M u n ic ip a l F in a n c e O ffic e r s ’
A s s o c ia tio n o f th e U n it e d S ta te s a n d C a n a d a .
Describing long-term planning as a means o f coordinating the physical
development of a community with its ability to pay for improvements m ade,
the Association said that finance officers now are using earlier ventures
in the field to guide them.
Kalamazoo, M ich., was probably the first city to use the method to
finance local improvements. In 1921, a five-year program calling for
expenditure of approximately $1,500,000 was started.
St. Louis, in 1923, became the first city to submit a long-term program
to its voters. The program, in which 21 projects were listed separately
at a total value of $88,372,000, was approved with one exception— the
voters rejected a proposal to build a $1,000,000 National Guard armory.
Financed by bond issues, the plan is being carried out by the City Ad
ministration and a citizens’ bond committee.
San Diego, Calif., recently adopted a 10-year program calling for the
expenditure of about $35,000,000 in capital improvements. Drafted by
the City Plan Commission, the budget plan lists capital improvement
needs under 10 sections— streets, bridges, storm drains, water mains,
sewers, electrical work, buildings, parks, and harbor and water develop
ments— together with cost estimates. The budget contains also an ap
praisal of the city’s ability to pay for the contemplated improvements.
Cincinnati and Hamilton County, Ohio, officials have for the last 11
years worked out a joint program of bond issues for city, school, and county
improvements. Representatives of the city and county, operating on the
premise that each local government should provide improvements for the
community, meet usually as a joint bond progress committee and consider
as a body the needs and projects of each. Each year an extension of the
program is planned.
Acting under New York City’s new charter, the City Plan Commission
has submitted a detailed capital-improvement budget program for the
five-year period, 1940-1944. The program contemplates expenditures
totaling $455,000,000, including $113,000,000 for water supply and dis
tribution improvements.
Milwaukee, with a long-term debt retirement program under way, and
Baltimore, whose voters this year amended the city charter to set up a
city plan commission authorized to prepare a long-term program o f civic
development, are other cities taking steps in this field.
The Association said the merit of a long-term financial plan lies in the
fact that it tends to provide a stabilized tax rate for important improvements
embracing civic needs. To be effective, it must provide a plan for control
of complete community development, some forecasting of local population,
economic and social factors, and consideration as to the immediate and
prospective financial status of the community.
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3004
United States—
Private Capital M a y Participate in Federal
H ousing Projects— P la n s w h e r e b y p r iv a te c a p ita l m a y
p a r tic ip a te in fin a n c in g s lu m -c le a r a n c e a n d lo w -r e n t p u b lic
h o u s in g p r o je c t s , w ith a s a v in g o f m illio n s o f d ollars in
p ro d u c tio n c o s t s , an d w ith e n la rg e d p r iv a te in v e s t m e n t , w ere
a n n o u n c e d o n O c t . 3 0 b y N a t h a n S tr a u s, A d m in is tr a to r o f
th e U n it e d S ta te s H o u s in g A u t h o r i t y , as th e U n it e d S ta te s
H o u s in g A u t h o r it y a p p r o v e d th e issu a n ce o f a n e w t y p e o f
lo c a l s h o r t-te r m h o u sin g s e c u r ity .
The first iss” e, to be offered to the public shortly, will be close to $50,000,000 and will be made by several local housing authorities.
Commenting on the new plan, M r. Straus said:
“ This temporary small-scale financing will proceed inevitably to per
manent large-scale finacing o f public housing projects with private funds,
thus tapping huge reservoirs o f idle capital.
“ There is every reason to believe that, within a year or two, most of the
hundreds o f millions o f dollars invested in constructing public housing
projects will flow through the normal channels of the private-investment
market, relieving the Treasury o f this operation and limiting Federal par
ticipation to the subsidies necessary for low rents.
“ Then, indeed, the alliance o f business and Government in economic
revival through housing will be cemented.”
.....
The securities, known as Temporary Loan Notes, will be issued by local
public housing agencies which have signed loan contracts with the T7SHA.
The notes, exempt from Federal taxes and usually State taxes will be sold
_ .
_
to bidders offering the lowest rates o f interest.
Under the provisions o f the United States Housing Act, the USHA is
empowered to lend a local housing authority up to 90% o f the total cost of a
project, to be repaid within 60 years. Such loans bear interest at not less
than the going Federal rate at the time the loan is made, plus
of 1% .
During the two years the USHA has been functioning, the interest rate
has varied from 3 to 3 M %• The new Temporary Loan Notes issued locally
are expected to sell at a much lower rate of interest.
The new plan is expected to result in a saving in financing costs which
may run as high as 2% o f the entire cost o f the projects, because of the
difference between the interest rate the USHA must charge and that obtained
in the open market.
A test o f the market for this new type o f security was made shortly
before the current war when the Syracuse Housing Authority in New
York offered a million dollars o f such securities for sale. These securities
matured in nine months and were callable at the end of three months, in
contrast with the proposed new securities which will mature in six months
and be non-callable. The short-term notes of the Syracuse Housing Au
thority were sold at an interest rate o f .47 o f 1 %. .
. . .
While the war has resulted in some increase in interest rates generally, it
is expected that the proposed new temporary loan notes can now be sold
at interest rates which are low enough to represent very substantial savings
to local authorities in financing costs during construction .
. . .
Under the USHA program funds are advanced to local authorities on
loans as they are needed for expenditures from time to time as work on the
project progresses instead o f the entire loan being made in one lump sum.
This practice avoids incurring interest charges on money all of which will
not be needed until a substantially later date. This plan o f periodic ad
vances to local Authorities will be continued under the new six months
financing plan.
,, „
,
The first step in obtaining advance funds is the approval by the USHA of
requisitions for advances in compliance with provisions o f the loan contracts.
Upon giving such approval, the USHA will forward to the Federal Reserve
Bank of the district in which the Authority issuing the notes is located, an
authorization, which is irrevocable, to pay the amount o f its loan advance
to the local authority on a snecified date approximately six months after the
_
.
notes are issued and three days prior to their maturity.
On the basis o f this pledge by the Government, the local Housing Au
thority will sell its notes, which will be redeemed from the loan advances
o f the USHA, as they are deposited at the later date. The Temporary
Loan Notes will be offered to bidders who will have the option of desig
nating the interest rate, the denominations o f the notes and the incorporated
bank or trust company at which they will be paid. The notes will be sold
subject to the approving opinion o f counsel selected and paid by the pur
chaser. Public notice will be given o f the time when proposals will be
received and the conditions o f the sale.
The current USHA slum-clearance and low-rent housing program provides
for projects to rehouse approximately 160,000 low-income families at a
total development cost o f around $770,000,000. There are now 298 projects
under USHA loan contracts with 135 local housing Authorities in 28 States,
the District of Columbia, Hawaii and Puerto Rico. The United States
Housing Authority has made loan contracts, totaling $522,633,000, with
these local authorities, to defray 90% o f the cost o f their projects.
Bond Proposals and Negotiations
D
ECATU , Ala.—
R
ALABAM A
R A T E — In connection with the sale of
the $887,000 water revenue bonds to a group headed by Watkins, Morrow &
C o. o f Birmingham, as noted here in June, it is stated now by the City Clerk
that the issue was sold as 4% bonds.
M B , Ala.— B O N D T E N D E R S I N V I T E D — It is stated by H. G.
O ILE
Z eid , City Comptroller, that in accordance with the provisions of the
Bond Ordinance o f the city, adopted Jan. 8, 1936, sealed tenders will be
received until N ov. 13, at 10 a.m .. for the purchase by the city for the
account o f its interest and sinking funds, bonds o f the series listed below.
The tenders so made to be in amounts not greater than the amount shown
as available in each sinking fund for the purchase o f bonds o f that issue,
and the price at which the bonds are tendered not to exceed their face
value and accrued interest:
IN T E R E S T
A m ount
S p ecia l S in k in g F u n d s—
A v a ila b le
Public works refunding or funding (coupon and (or) registered)
bonds, series O, dated Jan. 1, 1936----------------------------------------- $1,162.86
Public works refunding bonds, series R , dated Jan. 1, 1936------877.19
Public works refunding bonds, series S, dated Jan. 1, 1S36--------352.04
936.25
Public works refunding bonds, series W , dated Jan. 1, 1936------Public works refunding or funding (coupon and (or) registered)
bonds, series X , dated Jan. 1, 1936------------------------ ----------383.04
Public works refunding or funding (coupon and(or) registered)
bonds, series Z, dated Jan. 1, 1936--------------------------------------691.45
Public works refunding or funding (coupon and (or) registered)
bonds, series AB, dated Jan. 1, 1936________________________ 6,915.09
Public works refunding or funding (coupon and (or) registered)
bonds, series C D , dated Jan. 1, 1936________________________
284.18
Public works refunding bonds, series EF, dated Jan. 1, 1936-----543.97
Public works refunding or funding (coupon and (or) registered)
bonds, series KL, dated Jan. 1, 1936________________________
650.47
Public works refunding, series M N , dated Jan. 1, 1936-----------1,811.45
G en era l S in k in g F u n d s—
Public works refunding or funding (coupon and(or) registered)
bonds, dated Jan. 1, 1936, any one or more o f the following
series: O, P, R, S, T , U, V, W , X , Y , Z, AB, C D , EF, IJ,
KL and M N _________________________________________ _____ 43,500.00
General refunding and general funding (coupon and (or) regis
tered) bonds, series GO, dated Jan. 1, 1936-------------------------- 26,665.77
General corporate bonds, series C l, or funding (coupon and (or)
registered) bonds, series C l, dated Jan. 1, 1936--------------------- 10,368.76
General corporate bonds, series IW , or funding (coupon and (or)
registered) bonds, series IW , dated Jan. 1, 1936------------------- 10,807.07
General corporate bonds, series BL, dated Jan. 1, 1936------------ 2,507.07
Bonds which have been accepted on tenders by the city shall be delivered
on N ov. 27, 1939, to the Irving Trust C o., New York, or to one of the
following banks in Mobile, viz.: The First National Bank, the Merchants
National Bank or the American National Bank & Trust Co.
Bidders should stipulate in their tenders (1) the series and numbers of
bonds tendered (bonds delivered must be identical with bonds tendered),
(2) if desired, that their tenders are for the purchase o f all or none of the
bonds tendered, and (3) the place where delivery o f bonds will be made. A
certified check for 1% o f the face amount o f bonds tendered for purchase
must accompany each tender.
N RTH RT, Ala.—B O N D
O
PO
Nov. 4, 1939
It is stated by M ayor J. W .
Andersthathe will offer for sale at public auction on Nov. 7, at 11 a. m .,
a $20,000 issue o f water works and sewerage bonds. Interest rate is not to
exceed 6 % , payable J-D. Dated Dec. 1, 1939. Denom. $1,000. Due
$1,0 00 Dec. 1, 1942 to 1961. The city will furnish to the purchaser the
legal opinion of Storey, Thorndike, Palmer & Dodge of Boston, approving
the validity of the bonds which must be accepted as final. A certified check
for $500 is required.
O
PELIK Ala.—B O N D S A L E D E T A I L S — It is now stated by the
A,
City Clerk-Treasurer that the $112,000 3 l4 % semi-annual refunding, series
O bonds sold to Ward, Sterne & Co. of Birmingham, as noted here in July,
were sold at a price of 101.27, and mature on June 1 as follows: $12,000 in
1940 and 1941, and $11,000 in 1942 to 1949, giving a basis of about 2.99% .
O F F E R IN G —
ARIZO N A
PH
OENIX, Ariz.—P R I C E P A I D — It is now stated by the City Auditor
that the $60,000 3 M % semi-annual water works extension bonds and the
$36,000 3 % % semi-annual sewage disposal plant bonds sold to Refsnes,
Ely, Beck & Co. of Phoenix, as noted here on Aug. 26—-V. 149, p. 1355—
were awarded at a price of 112.05, a basis of about 2.93% . Due in 1954
to 1959.
ARKAN SAS
BAXTER COUNTY (P Q M
. . ountain H e), Ark.—B O N D S
om
VOTED
— At the election held on Oct. 28— V. 149, p. 2724— the voters are said to
have approved the issuance o f $40,000 in court house bonds.
FO T SM , A
R
ITH rk.—C E R T I F I C A T E S S O L D — It is reported that
$181,919 municipal aid refunding certificates were purchased on Oct. 30
by the W . R. Stephens Investment Co. o f Little Rock, at a price of 97.31.
HOLLY G O SC O L DISTRICT N . 7 (P O H
R VE H O
O
. . olly G
rove)*
A .-—B O N D S S O L D —-It is stated by R . H. Cole, Superintendent of
rk -
Schools, that $10,000 4 H % semi-annual building addition and improve
ment bonds have been purchased at par by the Bank of Holly Grove. Due
as follows: $750 in 1942 to 1953, and $1,000 in 1954.
C
a l if o r n ia
M
u n ic ip a l s
Ba n k a m e r i c a C o m p a n y
485 California Street, San Francisco
B SystemTeletype S 4
ell
F 69
OFFICES IN OTHER PR INC IPA L CALIFORNIA CITIES
C A LIFO R N IA
CALIFO IA, State of—W A R R A N T S S O L D — A Sacramento new
RN
report to the “ Wall Street Journal" of N ov. 2 had the following to say
State of California awarded $2,907,836 registered warrants to R. H. Moul
ton & Co., who acted as agents for a group of California banks. The
warrants are to be dated Nov. 4 and are estimated to be due for retirement
about next Aug. 29. Yesterday’s sales includes $1,657,836 for the State
general revolving fund and $1,250,000 for unemployment relief purposes.
Purchase of the warrants by R. H. Moulton & C o., represents the fourth
successive offering taken by the firm as agents for a group of.banks. The
rate for yesterday’s issue was 4 % .
CO TRA CO
N
STA COUNTY (P O M
. . artinez), C
alif.—S C H O O L
B O N D S V O T E D — We are advised by S. C. Wells, County Clerk, that at the
election held on Oct. 24— Y. 149, p. 2260— the voters approved the issu
ance of the $330,000 in site and building bonds for Acalanes Union High
School District. The interest rate is to be specified by the bidder. No
date o f offering has as yet been set.
LO AN ELES COUNTY (P O L Angeles), Calif.—S C H O O L
S
G
. . os
O F F E R I N G — It is stated by Inez R. Babbitt, Assistant Bond
Clerk, that she will receive sealed bids until N ov. 21, for the purchase of
$8,000 Belleview School District bonds. Interest rate is not to exceed 5% ,
payable J-D. Dated Dec. 1, 1939. Due on Dec. 1 in 1940 to 1955. These
bonds were approved by the voters on Sept. 22.
BOND
LO AN ELES COUNTY (P O L Angeles),
S
G
. . os
C a lif.— S C H O O L
B O N D S A L E D E T A I L S — It is now reported that the $3,400 4% semi
annual Keppel Union School District bonds sold at par to the Reconstruc
tion Finance Corporation, as noted here— V. 149, p. 2544— are dated
Feb. 1, 1938, and mature on Feb. 1 as follows: $100 in 1940 to 1943, and
$150 in 1944 to 1963 ah incJ
N PO H
EW RT ARBO DISTRICT (P O N port B
R
. . ew
each), Calif
E L E C T I O N —An election is said to be scheduled for Dec. 5 in
order to vote on the proposed issuance o f $130,000 in pier construction
bonds.
— BOND
OXNARD D
RAIN E DISTRICT N . 3 (P O O
AG
O
. . xnard), Calif.—
P R I C E P A I D — It is now stated that the $15,000 4 H % semi-annual drainage
bonds sold to Dean Witter & Co. o f San Francisco, as noted here.— V. 149,
p. 2724— were purchased at a price of 100.275, a basis o f about 4.22% .
Dated Dec. 1, 1937. Due on Jan. 1 in 1949 to 1958, incl.
COLORADO
O
TER COUNTY SC O L D
O
H O ISTRICT N . 1 (P O L Junta)
O 1 . . a
Colo.— B O N D S V O T E D — In connection with the sale of the $15,000 school
building bonds to Bosworth, Chanute, Loughridge & Co. of Denver, noted
here on Oct. 21— V . 149 p . 2545— it is now reported that the voters approved
the issuance o f these bonds at the election on Oct. 30, by a count of 144 to 55.
CO N N ECTICU T
NEW B R ITA IN , C on n . — B O N D S A L E — The $50,000 2% coupon sewer
fund bonds, 15th series, offered N ov. 1— Y. 149, p. 2545—-were awarded
to Cooley & Co. of Hartford, at a price of 103.159, a basis o f about 1.46%.
Dated July 1, 1939, and due $5,000 on July 1 from 1941 to 1950, incl.
B id d er—
R a te B id
Putnam & C o., Hartford_________________________________________102.946
R. L. Day & C o., Boston_________________________________ ______ 102.789
The R. F. Griggs C o., Waterbury________________________________ 102.292
Estabrook & C o., Hartford______________________________________ 102.278
Hemphill, Noyes & C o., New Y ork______________________________ 102.164
Union Securities Corp., New Y ork_______________________________ 102.079
Kean, Taylor & C o., New Y ork__________________________________ 102.078
Tyler & C o., Inc., Boston_______________________________________ 102.07
Bond, Judge & C o., Inc., Boston_________________________________101.94
First National Bank, Boston_____________________________________ 101.88
Shield & C o., New Y ork_________________________________________ 101.81
F. W. Horne & C o., Inc., Hartford, and Stranahan, Harris & C o.,
In c-------------------------------------------------------------------------------------------101.726
Kennedy Spence & C o., Inc., Boston_____________________________101.699
Lyons & C o., Boston____________________________________________ 101.678
Goldman, Sachs & C o., New Y ork_______________________________ 101.30
First of Michigan Corp., New Y ork______________________________ 101.274
STAM R (Tow of), Conn.— N O T E S A L E — The $500,000 fiscal
FO D
n
year 1939-1940 tax anticipation notes offered N ov. 1 were awarded to
Bankers Trust Co. of New York, at 0.17% discount, plus $11 premium.
Dated Nov. 2, 1939, and due June 14, 1940. Notes will be authenticated
as to genuineness and validity by the First National Bank o f Boston,
under advice of Ropes, Gray, Boyden & Perkins of Boston. The First
National Bank o f Boston, next high bidder, named a rate o f 0.27% .
DELAW ARE
REH BO B
O TH EAC , D —
H el.
B O N D S A L E — The $60,000 coupon water
improvement bonds offered Oct. 28— V. 149, p. 2116— were awarded to
Schmidt, Poole & Co. of Philadelphia, as 3s, at a price of 100.30. a basis o f
about 2.98% . Dated Nov. 1, 1939 and due $2,000 on N ov. 1 from 1940
to 1969 incl. The Equitable Trust Co. of Wilmington, second high bidder,
offered par for 3s.
Volume 149
ONE HUNDRED—The Commercial & Financial Chronicle— YEARS OLD
F L O R ID A
C ly d e
B O N D S
C . P ie r c e
C o r p o r a t io n
B a r n e tt N a tio n a l B a n k B u ild in g
J A C K S O N V I L L E ....................................................F L O R ID A
B ra n ch O ffic e : T A M PA
First National Bank Building T . S. Pierce, R e s i d e n t M a n a g e r
FLO R ID A
F L O R ID A , S ta te o f— R E P O R T
O N
LOCAL
BOND
L IT IG A T IO N — A
letter was sent out on Oct. 27 by R . E. Crammer & Co., Inc., of Chicago,
to the holders o f Florida county and special road and bridge district bonds,
supplementing its letters o f July 1, Aug. 15 and Sept. 11, 1939. The
current letter relates to developments relating to county and special road
and bridge district bonds litigation to date and renews the suggestion made
by R. E. Crammer & Co., under date of Sept. 11, that bondholders avail
themselves o f the coupon collecting facilities of that company.
F O R T M Y E R S , F la . — B O N D E L E C T I O N —At the general election on
N ov. 7, the voters will pass on the proposed issuance o f $75,000 in airport
bonds, according to report.
F O R T M Y E R S , F la . — D E B T R E F U N D I N G P L A N O F F E R E D — R. E.
Crammer & Co.. Inc., acting as fiscal agents for the above city, are now
presenting the details o f a refunding plan to bondholders. Creditors are
requested to permit the city to invoke the provisions o f the Municipal Bank
ruptcy Act.
Refunding bonds dated July 1,1939, maturing July 1,1969, and subject to
redemption prior to maturity, will be issued on a par-for-par basis. The
new bonds will bear 2% interest to July 1, 1942 , 2 M% for the next two
years, 3% for the next three years, 3 M % for the next two years, 4% for
the next five years and 5% thereafter. The plan o f composition provides for
the refunding o f all outstanding principal bonded indebtedness of the city
(water works revenue certificates dated Dec. 1, 1935, excepted); all ac
crued and unpaid interest on the bonds to be refunded, and judgments en
tered on bonds, coupons and accrued interest on bonds and coupons to
gether with interest thereon to the date o f the proposed refunding bonds.
Interest accrued to July 1, 1939, will be deposited in escrow with the First
National Bank o f Chicago against certificates o f deposit.
H A L I F A X H O S P IT A L D I S T R I C T (P . O . D a y to n a B e a c h ), F la .—
— It is stated by David L. Black, Secretary
o f the Board o f Directors, that he will receive sealed tenders will 8 p . m .
on Dec. 8, o f $7,000 refunding bonds o f 1936, dated April 1, 1936. The
offerings must be firm for at least 10 days in order to be considered. A
certified check for 10% o f the offering price o f these bonds is required.
P E N S A C O L A , F la . — B O N D S D E F E A T E D — W e are informed by J. E.
Frankel, City Clerk, that the following bonds aggregating $925,000, were
not approved at the election held on Oct. 31— V. 149, p. 2260: $430,000
grain elevator; $370,000 fruit terminal and cold storage plant, and $125,000
municipal auditorium, armory and community project bonds. .
M r. Frankel states as follows: Each o f the projects carried by votes cast
but not a sufficient number o f voters participated in election to carry the
same. Therefore the election did not carry.
BOND
TENDERS
IN V IT E D
BOND
— It is stated by the Security o f the Board of Trustees
that the $25,000 building bonds sold to the Trust Co. o f Georgia, of Atlanta,
as noted here— V. 149, p. 2724— were purchased as 2s, for a premium of
$407.50, equal to 101.63. The bonds are dated June 1, 1939, and mature
$5,000 on June 1 in 1940 to 1944, giving a basis o f about 1.45%.
D E T A IL S
IDAHO
B O IS E , I d a h o — M A T U R I T Y —It is now stated by the City Clerk that
the $70,000 refunding bonds sold to the Idaho First National Bank of
Boise, as 1 Ms, at a price o f 100.33, as noted here on July 8, are due $5,000
on July 1 in 1941 to 1954, and are optional after 10 years from the date of
issue, giving a basis o f about 1.70%.
B O ISE
J U N IO R
COLLEGE
D IS T R IC T
(P .
O.
B o is e ), I d a h o —
B O N D E L E C T I O N —An election is said to be scheduled for Nov. 14 in
order to have the voters pass on the proposed issuance o f $260,000 in college
bonds.
ILL IN O IS
ANNEWAN, 111.— B O N D S S O L D — An issue o f $4,500 3 M % drainage
improvement bonds was sold to the White-Phiilips Corp. o f Davenport,
following approval o f loan by the voters at an election on Oct. 28.
CAMBRIDGE, III.— B O N D I S S U E D E T A I L S — The $5,000 water
tower refunding bonds mentioned in V. 149, p. 2724— were issued as 5s,
at par. Due $1,000 from 1941 to 1945, inclusive.
CARMI, 111.— C E R T I F I C A T E I S S U E D D E T A I L S — The $140,000 3 M%
electric light plant revenue certificates of indebtedness publicly offered
recently by Lewis, Pickett & Co. o f Chicago— V. 149, p. 2724— are in
$1,000 denoms. and mature Jan. 1 as follows: $5,000 in 1941; $10,000, 1942
to 1950 incl., and $15,000 from 1951 to 1953 incl. Callable on any interest
date at par and accrued interest in their numerical order.
ELGIN, 111.— O T H E R B I D S - —The following is a list o f the unsuccessful
bids for the $300,000 Highland Ave. bridge bonds awarded Oct. 27 to the
Northern Trust Co., Chicago, as 2s, at a price of 100.628, a basis o f about
1.94%— V. 149, p. 2725:
B id d e r —
R a te B id
F o r 2 % B on d s—
Harris Trust & Savings Bank. Chicago____________________________ 100.389
Hemphill. Noyes & C o___________________________________________ 100.339
Union National Bank, Elgin--------------------------------------------------------- 100.312
Smith, Barney & Co.; Illinois C o., Chicago, and Mullaney, Ross &
Co., jointly-------------------------------------------------------------------------------100.305
Paine, Webber & Co.; Bartlett, Knight & C o., and Central Republic
Co., Chicago, jointly__________________________________________ 100.091
Blyth & Co.; Blair & C o., Inc., and F. S. Moseley & C o., jointly___ 100.772
F o r 2.10% B o n d s —
Harriman Ripley & C o., Inc., and Mississippi Valley Trust Co.,
St. Louis, jointly______________________________________________100.67
Lazard Freres & C o., and Lee Higginson Corp., jointly--------------------100.337
First National Bank, Chicago____________________________________100.277
Halsey, Stuart & C o., and Charles K. Norris & Co., jointly________ 100.057
Channer Securities Co., Chicago; Doyle, O’Connor & C o., and Lewis.
Pickett & C o., jointly_________________________________________________
F or 2A % B onds —
R . W . Pressprich & C o .. and First o f Michigan Corp., jointly---------- 100.52
Stern, Wampler & C o___________________________________________ 100.219
Other bids— Blyth & Co., Inc., 100.011 for 2s; Blair & C o., Inc. and
F. S. Moseley & Co., in joint account, 100.772 for 2.10s.
P R O P H E T S T O W N T O W N S H IP (P . O . P r o p h e ts to w n ), III.— B O N D S
— An issue o f $10,000 3M % road and bridge bonds was sold to WhitePhillips Corp. of Davenport. Dated July 1, 1939. Due $1,000 on Dec. I
from 1940 to 1949, inclusive.
K A N S A S , III.— B O N D S V O T E D — An issue o f $11,000 water revenue
bonds was authorized at an election on Oct. 27. The bonds were previously
sold to Doyle, O’Connor & Co. o f Chicago, subject to their approval by
the electorate.
The issue was sold at a price o f 96. Dated Aug. 1, Interest rate 4 % .
Due Dec. 1 as follows: $500 from 1941 to 1952 incl. and $1,000 from 1953
to 1957 incl. Interest J-D.
M A C O U PIN C O U N T Y (P . O . C a r lin v ille ), III. — B O N D S A L E — The
$50,000 4% funding bonds offered Oct. 30—V. 149, p. 2546— were awarded
to the White-Phillips Corp. o f Davenport, at a price o f 107.82, a basis of
SOLD
M A N H A T T A N , 111.— B O N D S SOLD— Village Clerk reports that $2,000
water system and $3,000 fire department bonds have been sold locally.
M A R IS S A , III. — B O N D S S O L D — Lewis, Pickett & Co. o f Chicago pur
chased the following issues o f bonds, aggregating $82,000:
$75,000 4% waterworks and sewerage revenue bonds. Dated April 1. 1939,
and due April 1 as follows: $1,000 from 1942 to 1946, incl., $2,000,
1947 to 1953, incl.; $3,000, 1954 to 1961, incl.; $4,000 from 1962
to 1969, incl. Principal and interest (A-O) payable at the Conti
nental Illinois National Bank & Trust C o., Chicago. Legality
approved by Chapman & Cutler of Chicago. These bonds, in
the opinion of counsel, constitute valid and binding obligations of
the village, payable solely from revenues derived from its munici
pally-owned combined water works and sewerage system. The
village has covenanted and agreed by ordinance to fix, maintain
and collect such rates for water and sewer services as will produce
sufficient income at all times to pay the expense of operating and
maintaining the combined system, establishing a depreciation fund
and providing for the payment of principal and interest on these
bonds, which amounts are to be set aside into special accounts
every three months.
7,000 4% sanitary sewer system and sewage disposal plant bonds.
Dated Jan. 2, 1939 and due Jan. 1 as follows: $1,000 in 1949, 1951
and 1952; $2,000 in 1935 and $1,000 in 1954 and 1955. Principal
and interest (J-J) payable at the village Treasurer’s office. Legal
ity approved by Chapman & Cutler o f Chicago. These bonds,
in the opinion of counsel, constitute valid and binding obligations
of the village and are payable from unlimited ad valorem taxes
levied on all o f its taxable property.
M A R S H A L L T O W N S H IP
(P . O . M a rsh a ll), 111.— P R E - E L E C T I O N
— The White-Phillips Corp. o f Davenport purchased $20,000 road
bonds as 3 Ms, at a price of 100.78, subject to outcome of an election on
N ov. 7.
SA LE
S T . C L A IR C O U N T Y (P . O . B e lle v ille ), 111.— B O N D
SA LE
COR
are informed that the tuberculosis hospital bonds were sold
to Stifel, Nicolaus & Co. of St. Louis in the amount of $334,000. not $375,000
as reported in V. 149, p. 2725. Bankers paid a price of 101.05 for 2Ms, a
basis of about 2.50% . Issue is due Oct. 1 as follows: $41,000 in 1940 and
1941 and $42,000 from 1942 to 1947 incl.
R E C T IO N — W e
S Y C A M O R E P A R K D I S T R I C T , 111.— B O N D S A L E — A n issue of
$5,000 2M % improvement bonds was sold to the Natioanl Bank & Trust
Co. of Sycamore.
W A R S A W , III. — B O N D S A L E D E T A I L S — The $3,500 fire truck and
equipment bonds purchased by the Municipal Bond Corp. o f Chicago—
V. 149, p. 2725—-were sold as 3 A s , at par, and mature Dec. 1 as follows;
$500 in 1943 and $1,000 from 1944 to 1946 incl.
INDIANA
G EO RG IA
D R U ID H IL L S S C H O O L D I S T R I C T (P. O. D e c a t u r ), G a . —
SA LE
3005
about 2.33% . Due $5,000 on Dec. 1 from 1940 to 1949 incl. The Channer
Securities Corp. of Chicago, second high bidders, bid a price of 107.17.
Other bids:
B id d er—
R a te B id
B id d e r —
R a te B id
Channer Securities Corp____ 107.17
John Nuveen & C o_________ 105.85
Dixon-Bretscher C o________ 105.34
Bartlett. Knight & C o______106.88
Lewis, Williams & C o______ 106.13
A . S. Huyck & C o__________105.22
Vieth, Duncan & W ood and
H. C. Speer & Sons C o_____ 104.49
Ballman & Main, join tly .-106.07
Macoupin County Bankers
Association, Carlinville___102.50
Barcus, Kindred & C o ---------106.053
Mississippi Valley Trust C o.106.036
BOND
S A L E — John F. Whitlatch, Town
Clerk, reports the sale of $17,000 sewage treatment and disposal plant bonds,
as follows:
$10,500 revenue obligations to McNurlen & Huncilman of Indianapolis
as 4s at a price of 95.
6,500 general obligations to Raffensperger, Hughes & Co. of Indianapolis
as 2j*!S.
D E C A T U R , I n d . — B O N D A W A R D S U I T D R O P P E D — The suit filed
by Lewis, Williams & Co. o f Chicago and associates seeking to enjoin the
city from awarding an issue of $35J,000 3% light and power plant revenue
bonds to the City Securities Corp., Indianapolis— V. 149, p. 2725, has been
withdrawn by agreement between the city and the group, according to
report.
B O N D S P U B L I C L Y O F F E R E D — Lewis, Williams & C o., Mullaney, Ross
& C o., both of Chicago, and Wheelock & Cummins of Des Moines, made
public offering the past week of a block of 3% electric revenue bonds,
maturing from 1952 to 1955 incl., at a price o f 101.50, to yield 2.85%
to 2.88% .
G R E E N S B U R G , I n d .— P R O P O S E D B O N D I S S U E — An issue o f $17,500
2M % improvement bonds has been approved as to legality by Matson.
Ross, M cCord & Clifford o f Indianapolis. Dated Sept. 1, 1939.
CH ARLESTO W N ,
I n d .—
H O W A R D C O U N T Y (P . O . K o k o m o ) , I n d . — B O N D S A L E — Th
$50,000 advancement fund (poor relief) bonds offered Oct. 27— V. 149,
p. 2546— were awarded to the Harris Trust & Savings Bank of Chicago as
1 Ms at par plus a premium of$179, equal to 100.358. a basis of about 1.68%.
Dated Nov. 1, 1939 and due $2,000 June 1 and $3,000 Dec. 1 from 1940 to
1949, incl. Other bids:
B id d e r —
I n t . R a te
P r e m iu m
1M %
$127.77
Raffensperger, Hughes &C o_____________________
John Nuveen & C o______________________________
1M %
39.50
Bartlett, Knight & C o___________________________
1M %
39.00
A. S. Huyck & C o______________________________
2%
403.00
Fletcher Trust C o______________________________
2%
263.00
Seasongood & Mayer____________________________ 2%
187.85
McNurlen & Huncilman_________________________ 2%
157.65
Paine, Webber & Co_____>
_______________________ 2%
135.17
Kenneth S. Johnson____________________________ 2%
125.00
Indianapolis Bond & Share Corp_________________ 2 M %
383.00
City Securities Corp____________________________ 2M %
560.00
L A K E C O U N T Y (P . O . C ro w n P o in t ) , I n d .—
BOND
O F F E R IN G —
Joseph E. Finerty, County Auditor, will receive sealed bids until 11 a.m.
on N ov. 21 for the purchase o f $600,000 not to exceed 4 M % interest series B
advancement fund (poor relief) bonds of 1939. Dated N ov. 27, 1939.
Denom. $1,000. Due $30,000 on June 1 and Dec. 1 from 1941 to 1950 in c l.
Interest J-D. A certified check for 3% of the bonds bid for, payable to
order of the Board of County Commissioners, must accompany each
proposal. Legal opinion of Chapman & Cutler of Chicago will be furnished
at the county’s expense.
L A W R E N C E C O U N T Y (P . O . B e d fo r d ), I n d .— B O N D
SALE—
T he
$55,000 hospital bonds offered Oct. 27— V. 149, p. 2401— were awarded to
the Fletcher Trust Co. o f Indianapolis as 2s at par plus $21 premium, equal
to 100.038, a basis o f about 1.99%. Dated Nov. 1, 1939, and due as fol
lows: $2,750 July 1, 1940; $2,750 Jan. 1 and July 1 from 1941 to 1949, incl.,
and $2,750 Jan. 1, 1950. Second high bid of 100.605 for 2 Ms was made by
A. S. Huyck & Co. o f Chicago.
M A R IO N C O U N T Y (P . O . I n d ia n a p o lis ), I n d . B O N D S A L E — Raffen
sperger, Hughes & Co. o f Indianapolis have been awarded an issue of $44,000
bonds as 2s, at 101.096. Due from July 1, 1941 to Jan. 1, 1951. Other
bids also for 2s: A. S. Huyck & Co., 100.573; Fletcher Trust C o., Indian
apolis, 100.52; John Nuveen & C o., 100.281.
M ONTGOM ERY
COUNTY
(P .
O.
C r a w fo r d s v ille ),
I n d .— B O N D
O F F E R I N G — Robert H. Tinsley, County Auditor, will receive sealed bids
until 10 a. m. on Nov. 29 for the purchase o f $100,000 not to exceed 3M %
interest Culver Union Hospital bonds of 1939. Dated Dec. 15, 1939.
Denom. $1,000. Due $5,000 on Jan. 15 and July 15 from 1948 to 1957,
incl. Bidder to name one rate o f interest, expressed in a multiple of M o f
1% . Interest J-J. The bonds are unlimited tax obligations o f the county
and the approving legal opinion of Matson, Ross, M cCord & Clifford of
Indianapolis will be furnished the successful bidder. A certified check for
3% of the bonds bid for, payable to order of the Board of Commissioners,
must accompany each proposal.
S C O T T S B U R G , I n d . — B O N D I S S U E D E T A I L S — The $60,000 4%
sewage system bonds sold earlier in the year to the City Securities Corp. of
Indianapolis at par bear date o f Feb. 20, 1939, are in $1,000 denom., and
3006
ONE HUNDRED The C m
om ercial & Financial Chronicle Y E A R S OLD Nov. 4, 1939
—
—
mature as follows: $1,000 on July 1 from 1942 to 1944 incl.; $1,000 Jan. 1
and July 1 from 1945 to 1951 incl.; $1,000 Jan. 1 and $2,000 July 1 from
1952 to 1960 incl., and $2,000 Jan. 1 and July 1 from 1961 to 1964 incl.
Legality approved by Matson, Ross, M cCord & Clifford o f Indianapolis.
T IP T O N C O U N T V (P. O . T i p t o n ) , I n d .— BO ND O F F E R IN G — A . 1S .
T
Woolridge, County Auditor, will receive sealed bids until 2 p.m. on N ov. 15
for the purchase o f $40,000 not to exceed 4 M % interest series A advance
S
ment fund (poor relief) bonds of 1939. Dated N ov. 15, 1939. Denom.
$1,000. Due $4,000 on June 1 and Dec. 1 from 1941 to 1945 incl. Bidder
to name one rate of interest, expressed in a multiple o f M o f 1% . Interest
J-D. A certified check for 3% o f the bonds bid for, payable to order of the
Board o f County Commissioners, must accompany each proposal. Legal
opinion o f Matson, Ross, McCord & Ice o f Indianapolis will be furnished
the successful bidder. Said bonds are being issued under the provisions
o f Chapter 117. Acts 1935, for the purpose o f securing funds to be
advanced by the county to the townships thereof for poor relief purposes,
and are the direct obligations o f the county, payable out o f unlimited
ad valorem taxes to be levied and collected on all o f its taxable property.
IOWA
ADAIR, Iowa-—B O N D S SOLD — It is reported that $3,000 2M%> semi
annual water works bonds were purchased on Oct. 20 jointly by Jackley &
Co. and the Carleton D . Beh Co., both o f Des Moines, at par.
CHARLOTTE, Iowa— BO N D S A L E N O T C O N S U M M A T E D — It is
now reported that the sale o f the $3,800 3 M % semi-annual town hall bonds
to the White-Phillips Corp. o f Davenport, as noted here last April, was not
consummated as the proceedings were held invalid.
CHICKASAW COUNTY (P. O. Hampton), Iowa— B O N D S
SO LD —
It is stated by the County Treasurer that $25,000 2 M % semi-annual funding
bonds approved by the voters on Sept. 25 have been sold. Dated Sept. 1,
1939. Due as follows: $5,000 in 1942 and 1943 and in 1945 to 1947.
CLAY TOWNSHIP SCHOOL DISTRICT (P. O. Washigton), Iowa
— B O N D S SO LD — It is stated by the County Superintendent of Schools
that $2,000 building, equipment and erection bonds have been purchased
by the Rubio Savings Bank o f Rubio as 3 Ms.
CLINTON INDEPENDENT SCHOOL DISTRICT (P. O. Clinton),
Iowa— M A T U R I T Y — I t is now reported by the Secretary o f the Board of
School Directors that the $270,000 2M % semi-annual refunding bonds sold
jointly to Vieth, Duncan & Wood and the White-Phillips Corp., both of
Davenport, as noted here— Y. 149, p. 2725— are dated N ov. 1, 1939 and
mature on Dec. 1 as follows: $25,000 in 1940 to 1942; $30,000, 1943 to
1945, and $35,000 in 1946 to 1948.
GARFIELD TOWNSHIP CONSOLIDATED SCHOOL DISTRICTS
NOS. 1 AND 8 (P. O. Red Oak), Iowa—-BO NDS SOLD — It is stated by the
Secretary of the Board o f School Directors that $7,000 school construction
bonds have been purchased by a local bank.
LAMONI INDEPENDENT SCHOOL DISTRICT (P. O. Lamoni),
Iowa— B O N D S A L E — The $31,000 issue o f building and equipment bonds
offered for sale on Oct. 27— V. 149, p. 2725— was awarded to the Iowa-Des
Moines National Bank & Trust Co. o f Des Moines, as 2 Ms, paying a
premium o f $173, equal to 100.558, a basis o f about 2.44% . Dated N ov. 1,
1939. Due on N ov. 1 in 1943 to 1954, incl.
LIDDERDALE, Iowa— B O N D S A L E — The $2,000 4% semi-annual
town hall bonds offered for sale on Oct. 20— V. 149, p. 2546—
-were pur
chased by the Carroll County State Bank o f Carroll, paying a premium
of $127.50, equal to 106.375, a basis o f about 3.30% . Due $100 on N ov. 1
in 1940 to 1959 incl.
LISCOMB CONSOLIDATED SCHOOL DISTRICT (P. O. Liscomb),
Iowa— BO N D S E X C H A N G E D —-It is stated by the Secretary of the Board
o f School Directors that $31,000 refunding bonds have been exchanged
through the Carleton D. Beh Co. o f Des Moines.
MARION COUNTY (P. O. Knoxville), Iowa— C E R T IF IC A T E S
SO LD
— The Pella National Bank o f Pella is reported to have purchased recently
$70,000 secondary road construction certificates as 2s, pa»ing a price of
100.128.
SAC CITY, Iowa— BO N D O F F E R IN G — It is reported that sealed and
open bids will be received by L. A. Roosa, City Clerk, until N ov. 14, at
7.30 p.m ., for the purchase o f a $60 000 issue o f gas system revenue bonds.
Dated N ov. 1 1939. Due N ov. 1, 1941 to 1957, provided, however, the
city reserves the right to redeem the bonds on any interest payment date
prior to maturity. The city will furnish an approving legal opinion, and
all bids must be so conditioned. Enclose a certified check for $1,000.
SLOAN CONSOLIDATED SCHOOL DISTRICT (P. O. Sloan),
Iowa— BO N D S A L E N O T C O N S U M M A T E D — In connection with the
offering scheduled for Oct. 30 o f the $35,000 school bonds, noted here
— V. 149, p. 2725— it is stated by A. L. Calderhead, District Secretary,
that the sale o f the $32,000 school bonds on Sept. 7 to the Carleton D.
Beh Co. o f Des Moines as 3 Ms at a price o f 100.17, as noted here at the
time— Y. 149, p. 1792— was not consummated.
BO N D S A L E — It was stated subsequently by the District Secretary that
the $35,000 schooi bonds offered for sale on Oct. 30— V. 149, p. 2725—were
awarded to the Carleton D. Beh Co. o f Des Moines as 3Ms, paying a pre
mium o f $55, equal to 100.157.
WOODBINE, Iowa— B O N D S SO LD — It is stated by the Town Clerk
that $115,000 electric light and power plant bonds have been purchased
by Fairbanks, Morse & Co. o f Chicago.
The Town Clerk reported subsequently that the said bonds were pur
chased as 3 Ms, and are due on Jan. 1 as follows: $5,000 in 1943 to 1954,
and $55,000 in 1955.
KANSAS
SEDGWICK COUNTY (P. O. Wichita) Kan.— BO N D S A L E
D E T A IL S
— It is stated by the County Clerk that the $40,000 public works, relief
bonds sold on Oct. 11 to the Columbian Securities Corp. o f Topeka, as 2s,
at a price of 99.427, as noted here— V. 149, p. 2175— are dated Oct. 1, 1939.
Coupon bonds, maturing from 1940 to 1949 incl. Denom. $1,000. Interest
payable A-O.
TOPEKA, Kan.— B O N D S SOLD — It is now reported by F. W . Knapp,
City Clerk, that the following 1M % semi-annual internal improvement
bonds aggregating $91,466.26, offered for sale on Sept. 5, when all bids were
rejected, as noted here— V. 149, p. 1646— have been purchased at par by
the State School Fund Commission:
$56,802.88 internal improvement, street and alley paving, series 1939— 486
bonds. Due on Aug. 15 in 1940 to 1949.
34,663.38 internal improvement, sewer, series 1939— 488 bonds. Due on
Aug. 15 in 1940 to 1949.
WICHITA, Kan.— BO N D O F F E R IN G — Sealed bids will be received
until 7:30 p. m. on N ov. 20 by C. C. Ellis, City Clerk, for the purchase of an
issue o f $1,333,750 general improvement, water supply bonds. Denom.
$1,000, one for $750. Dated Dec. 1, 1939. Due on Dec. 1 as follows:
$49,750 in 1940: $50,000 in 1941 to 1949; $65,000, 1950 to 1953; $74,000,
1954, and $100,000 in 1955 to 1959. Each o f the $500,000 o f bonds matur
ing in the years 1955 to 1959, inclusive, will be redeemable at the option of
the city on Dec. 1, 1954, or an any interest payment date thereafter, at
par and accrued interest upon deposit o f funds for payment with the State
Treasurer, and not less than 30 days’ prior notice o f redemption, to be pub
lished in the official city paper and in some financial publication of national
circulation. Bids will be received on bonds bearing such rate or rates of
interest, in fractions o f not less than M o f 1% , as may be specified by the
bidder, no bidder agreeing to pay less than par and accrued interest. In
terest payable June and Dec. 1. The bonds have been duly authorized
by the voters o f the city for the purpose o f aiding in constructing and equip
ping a new water supply for the city, and will constitute general obligations
o f the city payable as to both principal and interest from ad valorem taxes,
which may be levied without limit as to rate or amount upon all the tangible
taxable property, real and personal, within the territorial limits o f the city.
In the ordinance authorizing the issuance o f the bonds, the city will also
agree that all net revenues accruing to the city from the distribution of water
produced from the new water supply o f the city constructed with the pro
ceeds o f the bonds and with the proceeds o f a Federal grant, after the pay
ment o f all expenses incident to operating, renewing or extending the water
supply o f the city, will be placed in a separate fund and used solely and ex
clusively for the purpose o f paying the interest on and the principal of the
bonds of the city issued for the purpose of aiding in financing the building,
constructing and equipping of the water supply of the city, until all of the
bonds shall have been paid. While the bonds will be sold subject to the
prior right of the State School Fund Commission to purchase same, their
rejection by the Commission, for practical reasons, appears to be certain.
The bonds will be printed by the city and will be sold subject to the legal
opinion of Bowersock. Fizzell & Rhodes, of Kansas City, whose approving
opinion will be furnished and paid for by the city. The bonds, with the
approving legal opinion aforesaid, will be ready for delivery to the pur
chaser at the City Treasurer's office, or at a bank in the city at the option
of the purchaser, on or before Dec. 5. All bids must be for the entire issue
and shall be in conformity with the form for bids and in accordance with the
instructions to bidders, which can be obtained from the above City Clerk
upon request. Enclose a certified check for 2% thereof.
W YANDOTTE COUNTY (P. O. Kansas C ity), K an .— P R I C E
P A I D - — It is stated by the County Clerk that the $90,000 1M % semi-ann.
general improvement bonds offered by the Harris Trust & Savings Bank of
Chicago, for general investment, as noted here— V. 149, p. 2725— were
originally purchased at a price of 100.631, a basis o f about 1.63%. Due
$9,000 on N ov. 1 in 1940 to 1949. inclusive.
LOUISIANA
FRANK LIN, L a.— B O N D S A L E — The $60,000 issue of public improve
ment bonds offered for sale on Oct. 31— V. 149, p. 2546— was awarded to
Hyams, Glass & Carothers of New Orleans, paying a premium of $111.13,
equal to 100.185, a net interest cost of about 3.31% , on the bonds divided
as follows: $34,000 as 3 Ms, due on Dec. 1: $5,000 in 1940 and 1941; $6,000,
1942 to 1945, the remaining $26,000 as 3 Ms. due on Dec. 1: $6,000 in
1946 and 1947, and $7,000 in 1948 and 1949.
HAMMOND, La . — B O N D O F F E R I N G D E T A I L S — In connection with
the offering scheduled for N ov. 14, of the $50,000 public improvement
bonds, noted in our issue o f Oct. 21-—Y . 149, p. 2546— the following
additional information has been furnished. Due Dec. 1, as follows: $1.0t0
in 1941 to 1944, $1,500 in 1945 to 1950, $2,000 in 1951 to 1955, $2,500
in 1956 to 1958. $3,000 in 1959 to 1961, and $3,500 in 1962 to 1964. Place
o f payment to be designated by bidder. These bonds were authorized
at an election held on Oct. 10, by a vote of 144 to 3. and are issued pursuant
to Article X IV , Section 14, Louisiana Constitution o f 1921, as amended,
and Act 46 o f 1921, as amended, Louisiana Legislature. The bonds are
payable in principal and interest from annual levy and collection of an
unlimited ad valorem tax on all taxable property in the city .
JEFFERSON DAVIS PARISH G R A V IT Y DRAINAGE D IS T R IC T
NO. 3 (P. O. Jen nings), La.— B O N D S A L E — The following coupon semi
annual bonds aggiegating $37,000, offered for sale on Oct. 26— V. 149,
p. 2261— were purchased by W. F. Weed of Beaumont, as 5s at par:
$25,000 drainage bonds. Due as follows: $500 in 1940 and 1941; $1,000 in
1942 to 1949; $1,500, 1950 to 1957, and $2,000 in 1958 and 1959.
The bonds are to be secured by an ad valorem tax to be levied
annually. The assessed valuation of property in the district is
$253,440, upon which a levy of nine mills has been made for the
year 1939.
12,000 drainage bonds. Due $500 in 1941 to 1954, and $1,000 in 1955 to
1959. The bonds are to be secured by an acreage tax of 14 Me
per acre upon 9,702 acres, o f which 12c per acre annually has been
dedicated to the payment of the bonds and interest and 2 Me per
acre annually dedicated to the cost of maintenance.
KINDER, La.— B O N D O F F E R I N G — Sealed bids will be received unti
7:30 p. m. on Nov. 7 by E. E. Migues, Town Clerk, for the purchase o f a
$19,000 issue of not to exceed 4% semi-ann. street improvement bonds.
Denom. $500. Dated Sept. 1, 1939. Due Sept. 1 as follows: $500 in 1940 to
1944, $1,000 in 1945 to 1956, and $1,500 in 1957 to 1959. The town will
furnish the approving opinion of Chapman & Cutler, o f Chicago. Enclose
a certified check for $500, payable to E. H. Reynolds, Town Treasurer.
(These bonds were originally scheduled for award on Oct. 9— V. 149, p.
1947— but the offering date was deferred.)
LAFAYETTE, La.— B O N D O F F E R I N G — Sealed bids will be received
until 11 a. m. on N ov. 28, by Wilson J. Peck, City Clerk, for the purchase
o f a $58,935 issue of refunding bonds. Interest rate is not to exceed 6% ,
payable J-J. Dated Jan. 1, 1940. Denom. $1,000, one for $935. Due
Jan. 1, 1941 to 1965. A certified transcript and the approving opinion of
Chapman & Cutler of Chicago, will be furnished the purchaser without cost
to him. Enclose a certified check for not less thna 5% o f the amount of the
bid, payable to the City Treasurer.
LA FOURCHE DRAINAGE D ISTR IC T NO. 12, SUB DRAINAGE
D IST R IC T NO. 3 (P. O. La F ou rch e), La.— B O N D T E N D E R S I N
V I T E D —-It is stated that the District Secretary will receive tenders of
bonds which matured on or before M ay 1, 1934. Without relinquishing
the right to plead prescription, which has accrued, on or before Dec. 24,
1939, the Board of Commissioners will purchase the bonds on a basis of
10% of the face amount thereof, coupons not considered. Forward bonds
to the Raceland Bank & Trust C o., sight draft attached. This offer will
be withdrawn after said date.
N E W O R L E A N S , L a . — C E R T I F I C A T E S A L E — The refunding paving
certificates, issue of 1939, aggregating $3,686,020, offered for sale on N ov. 2
— V. 149, p. 2725— were awarded to a syndicate composed of Halsey.
Stuart & C o., Inc., Phelps, Fenn & C o., of New York, Blair & C o., Inc.,
Hibernia National Bank, Whitney National Bank, both of New Orleans,
Kidder, Peabody & Co., Stone & Webster and Blodget, Inc. both o f New
York, Scharff & Jones, White, Dunbar & Co., both of New Orleans, E. H.
Rollins & Sons, o f New York, Paine, Webber & C o., of Chicago, Hemphill,
Noyes & C o., of New York, John Nuveen & C o., o f Chicago, Nusloch,
Baudean & Smith, Barrow, Leary & C o., Weil & C o.. Lamar, Kingston &
LaBouisse, Brown, Corrigan & C o., all o f New Orleans, First o f Michigan
Corp., o f New York, Kohlmeyer, Newburger & Co. o f New Orleans. F. L.
Dabney & C o., of Boston, Wells-Dickey C o., o f Minneapolis, Fred J.
McCormac & C o., Levy & Rooney, and Jac. P. Ducournau, all of New
Orleans, paying a price o f 100 068, a net interest cost o f about 2.85% .
on the certificates described as follows:
$1,350,000 series A certificates as 3Ms. Denom. $1,000. Due $150,000
on July 1 from 19-10 to 194S incl.
2,336,020 series B certificates as 2 Ms. One in denom. o f $1,020, others
$1,000 each. Due July 1, 1951. Redeemable in whole or in
part, by lot from time to time, at option of the city, on any
interest payment date, at par and accrued interest.
All of the certificates will be dated July 1, 1939. Interest J-J.
C E R T I F I C A T E S O F F E R E D T O P U B L I C —The successful bidders re
offered the Series B certificates for general investment, priced at 100-50
and interest. The series A issue was not reoffered to the public, having all
been sold prior thereto.
The certificates, in the opinion o f counsel, are payable in the first instance
from special assessments and will constitute valid and legally binding
obligations o f the City, payable from ad valorem taxes to be levied within
the limitations prescribed by law.
(The official advertisement o f the public offering appears on page 2835
of this issue.)
POINTE COUPEE PARISH SCHOOL D IST R IC T S (P. O. New
R oads), La.— B O N D S A L E — The $80,000 issue of School District No. 2
bonds offered for sale on Oct. 26— V. 149, p. 2726— was awarded to a
syndicate composed o f Scharff & Jones, Inc.; Brown, Corrigan & C o., and
Dane & Weil, all o f New Orleans, as 4 Ms , according to the Secretary of
the Parish School Board. Due on Nov. 1 in 1939 to 1958.
The $100,000 issue of School District No. 8 bonds offered for sale on the
same date— V. 149, p. 2726— was awarded to Weil & C o., Inc., of New
Orleans, divided as follows: $49,500 as 4Ms due on N ov. 1, $2,500 in
1939 and 1940; $3,000, 1941 to 1943; $4,000, 1944 to 1947; $4,500, 1948,
and $5,000 in 1949 to 1951; the remaining $50,500 as 4s, due on N ov. 1,
$5,500 in 1952; $6,000, 1953 and 1954; $7,000, 1955; $8,000, 1956, and
$9,000 in 1957 and 1958.
WINN PARISH SCHOOL D IST R IC T S (P. O. W in n field ), La.—
M A T U R I T Y — In connection with the offering scheduled for N ov. 17 of the
$206,000 school bonds, notice of which was given in our issue of Oct. 28—
V. 149, p. 2726— it is stated by D. E. Sikes, Secretary of the Parish School
Board, that the bonds mature as follows:
$36,000 Dodson School District bonds. Due Dec. 1 as follows: $1,000 in
1940 and 1941, $2,000 in 1942 to 1947, $3,000 in 1948 to 1953,
and $4,000 in 1954.
170,000 Winnfield School District bonds. Due Dec. 1 as follows: $1,000
in 1940, $2,000 in 1941 and 1942, $11,000 in 1943 and 1944, $12,000
in 1945 and 1946, $13,000 in 1947 and 1948, $14,000 in 1949 and
1950, $15,000 in 1951, $16,000 in 1952 and $17,000 in 1953 and
1954.
Volume 149
AUG U STA
ONE HUNDRED The Commercial & Financial Chronicle YE A R S OLD
—
W ATER
MAINE
D IS T R IC T
(P .
O.
A u g u s t a ),
M e.— B O N D
— The $100,000 coupon permanent improvement bonds offered
Oct. 28— V. 149, p. 2546— were awarded to Harriman Ripley & Co., Inc.,
Boston, as 2s, at 100.11, a basis of about 1.99%. Dated N ov. 1, 1939,
and due $5,000 on Nov. 1 from 1940 to 1959, incl. Other bids:
B id d er—
I n t . R a te
R a te B id
Kennedy, Spence & C o _____________________________2M %
101.419
Edward L. Robinson & C o _________________________ 2J£%
101.105
Perrin, West & Winslow____________________________2M %
100.809
First Boston Corp__________________________________ 2M %
100.499
Arthur Perry & C o _________________________________ 2j| %
100.349
E. H. Rollins & Sons_______________________________2M %
100.264
100.026
Smith, White & Stanley____________________________ 2j| %
Augusta Savings Bank_____________________________ 2 A %
Par
SALE
MARYLAND
C A M B R ID G E , M d. — B O N D O F F E R I N G — Carroll L. Dail Clerk to the
Commissioners, will receive sealed bids until 8 p. m. on N ov. 8 for the pur
chase o f $35,000 coupon public improvement bonds o f 1939. Dated July 1,
1939. Denom. $1,000. Due July 1 as follows: $2,000 from 1940 to 1956,
inch, and $1,000 in 1957. Rate o f interest to be named by the bidder and
expressed in a multiple o f M of 1% . Principal and semi-annual interest
payable at the City Treasurer’s office, in lawful money. Registerable as
to principal and interest, or principal only, upon registration books at office
o f the County Commissioners. A certified check for $2,500, payable to
order of the Commissioners, must accompany each proposal. Legality of
the issue will be approved by Emerson C. Harrington Jr., Esq., of Cam
bridge.
(Previous mention o f this offering was made in V. 149, p. 2726.)
MASSACHUSETTS
H OLYOKE, Mass.— B O N D S A L E — The $100,000 coupon municipal
relief bonds offered Oct. 31 were awarded to the Bankers Trust Co., New
York, and Tyler & Co. o f Boston, jointly, each having bid a price of 100.039
for Ms, a basis o f about 0.74% . Dated N ov. 1, 1939. Denom. $1,000. Due
$20,000 on Nov. 1 from 1940 to 1944 incl. Principal and interest (M -N)
payable in Boston. The bonds are payable from unlimited ad valorem taxes
and the approving legal opinion o f Storey, Thorndike, Palmer & Dodge of
Boston will be furnished the successful bidder. Other bids:
B id d e r —
I n t . R a te
R a te B id
Newton, Abbe & C o., Boston________________________
1%
100.444
Kennedy, Spence & Co., Boston_____________________
1%
100.349
Second National Bank, Boston______________________
1%
100.3288
Jackson & Curtis, Boston___________________________
1%
100.31
Estabrook & C o., Boston____________________________
1%
100.29
Chace, Whiteside & Simonds, Boston________________
1%
100.279
National Shawmut Bank, Boston____________________
1%
100.279
First Boston Corp., Boston__________________________
1%
100.209
1%
100.096
F. W . Horne & C o., Hartford_______________________
Goldman, Sachs & C o., Boston______________________
1%
100.071
Halsey, Stuart & C o., New York____________________
1%
100.0284
Bond, Judge & Co., Boston_________________________ 1M %
100.645
First National Bank, Boston________________________ 1M %
100.55
Harris Trust & Savings Bank, New York___________
1M %
100.507
W ORCESTER, M ass.— B O N D O F F E R I N G — Harold J. Tunison, City
Treasurer, will receive sealed bids until 11 a. m. on Nov. 6, for the pur
chase o f $367,000 bonds, divided as follows:
$110,000 emergency storm damage bonds. Due $22,000 on Oct. 1 from
1940 to 1944, inclusive.
165,000 municipal relief bonds. Due Oct. 1 as follows: $17,000 from 1940
to 1944, inc. and $16,000 from 1945 to 1949, inclusive.
92,000 municipal relief bonds. Due Oct. 1 as follows: $10,000 in 1940
and $9,000 from 1942 to 1949, inclusive.
All o f the bonds will be dated Oct. 1, 1939. Denom. $1,000. These
bonds are to be issued in coupon form and as such may be exchanged if
desired for fully registered bonds if presented for exchange at any time more
than one year before maturity. Bidder to name one rate o f interest, ex
pressed in a multiple o f M o f 1% . Principal and interest (A-O) payable at
the First National Bank o f Boston. Bonds will be certified by the afore
mentioned bank and the legal opinion o f Ropes Gray, Boyden & Perkins
o f Boston will be furnished the successful bidder. A certified check for
1% o f the bonds bid for, payable to order o f the city, is required.
MICHIGAN
BEAVERTON, Mich.— B O N D
E L E C T IO N — A . A . Zimmerman, City
Clerk, reports that $26,000 water, sewer and paving bonds will be con
sidered by the voters at the N ov. 7 election.
BESSEMER, Mich.— B O N D S SO L D TO P W A — X n issue o f $103,000
coupon first mortgage lighting system revenue bonds was sold to the Public
Works Administration as 4s, at par, after no bids were submitted for the
loan at the public offering on Oct. 31.— V. 149, p. 2546. Dated June 1,
1939 and due June 1 as follows: $3,000 from 1942 to 1944 incl.: $4,000, 1945:
$5,000, 1946 to 1948 incl.; $6,000, 1949 to 1953 incl.; $7,000 from 1954 to
1956 incl. and $8,000 from 1957 to 1959 incl.
DEARBORN TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O. Dear
born), Mich.— T E N D E R S W A N T E D — Roy D. Renton, District Secretary,
will receive sealed tenders o f series C 4 M % and series D 4 K % refunding
bonds, due Jan. 15, 1955, until 8 p. m. on N ov. 15.
EAST TAWAS, Mich.— BO ND S A L E — The $31,500 coupon genera
obligation water works bonds offered Oct. 26—V. 149, p. 2547— were
awarded to Stranahan, Harris & Co. o f Toledo, as 3Ms, at par plus $107.10
premium, equal to 100.34, a basis o f about 3.21% . Dated Sept. 1, 1939,
and due $1,500 on Sept. 1 from 1940 to 1960, incl.
MICHIGAN (State of)—F U N D S A V A IL A B L E TO M E E T M A T U R IN G
O B L IG A T IO N S — The State now has on hand necessary funds for the
redemption o f $5,419,000 of highway and improvement bonds maturing
next year, and expects to be able to retire all o f the $35,050,000 of highway
and soldiers bonus bonds falling due in 1941, according to report.
During the current and next calendar years, receipts o f $8,164,000 are
expected from the highway department from gas and weight tax revenues.
As a direct result o f the policy o f State Treasurer Miller Dunckel to
confine infestment o f sinking fund cash to purchase o f the State’s own bonds
and Federal securities and those guaranteed by the Treasury, the State now
holds in its sinking funds $7,837,000 o f highway improvement and soldiers’
bonus bonds. Of this amount, $1,263,000 has been purchased by Deputy
State Treasurer Philip T. Bennett since Jan. 1, 1939. In addition, M r.
Bennett also has bought $7,400,000 short-term Home Owners Loan Corp
oration bonds.
MONROE TOWNSHIP SCHOOL DISTRICT NO. 3 (P. O. Monroe)
Mich.— BO N D S A L E — The $5,500 coupon school bonds offered Oct. 15
— V. 149, p. 2402— were awarded to Siler, Carpenter & Roose of Toledo
as 5s. Dated Sept. 15, 1939, and due June 15 as follows: $1,000 from
1941 to 1944 incl., and $1,500 in 1945.
PETOSKEY, Mich.— B O N D E X C H A N G E — J. B . Seward, City Clerk,
reports that $50,000 2 ' A % electric light refunding bonds will be exchanged
with holders o f original obligations.
TECUMSEH TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O. Tecum-
seh), Mich.—BO N D S A L E — The United Savings Bank o f Tecumseh pur
chased on Oct. 30 an issue of $7,500 3% athletic field bonds at par. Dated
Oct. 20, 1939. Denom. $1,000. Due $1,500 on April 1 from 1941 to 1945
incl. Principal and interest (A-O) payable at the United Savings Bank,
Tecumseh. Bonds were authorized at an election on Oct. 12.
WHITE CLOUD, Mich.— B O N D S S O L D — An issue o f $5,000 general
obligation electric light bonds has been sold. Dated June 1, 1939 and due
$1,000 on June 1 from 1942 to 1946 incl. Issue was authorized at an election
held last March.
MINNESOTA
BAYPORT, Minn.— BO N D
S A L E D E T A I L S — In connection with the
sale of the $40,000 sewage disposal plant bonds to the Wells-Dickey Co. of
Minneapolis, noted here on Oct. 28— V. 149, p. 2727— it is now reported
that the Allison-Williams Co. o f Minneapolis, was associated with the
above firm in the purchase, the joint award being made as 2 A s , at a price of
100.252, a basis o f about 2.47 % . Due on Oct. 1 in 1941 to 1958 incl.
3007
—
Sealed bids will be re
ceived until Nov. 14, by the City Clerk, for the purchase of two issues of
4% semi-annual water main bonds, aggregating $2,245, according to report.
Due on Dec. 1 in 1940 to 1949.
D U L U T H , M in n — C E R T I F I C A T E S A L E — The $150,000 certificates of
of indebtedness offered for sale on N ov. 1— V. 149, p. 2727— was awarded
to the Bankers Trust Co. of New York, as Is, at a price of 100.019, an
interest cost o f about 0.99% . Dated N ov. 1, 1939. Due on N ov. 1 in
1940 to 1944, incl.
M A N K A T O , M in n . — P R I C E P A I D — It is now reported by the City Clerk
that the $35,000 swimming pool bonds sold to the First National Bank of
Mankato, as 2 A s , as noted here—-V. 149 p. 1948— were purchased at a
price of 100.014, a basis of about 2.49% . Dated Oct. 25, 1939. Due in
1940 and 1941.
M O O R H E A D , M in n — C E R T I F I C A T E S A L E P O S T P O N E D — It is
stated by R. G. Price, City Clerk, that the sale of the $15,000 3% semi
annual paving certificates o f indebtedness which was scheduled for Oct. 30—
V. 149, p. 2547— has been postponed until next spring. Dated N ov. 1,
1939. Due on N ov. 1 in 1941 to 1953. incl.
ST. PAUL, M inn.— L I S T O F B I D S — The following is an official tabu
lation of the bids received for the two issues of bonds aggregating $415,000,
that were awarded on Oct. 18, as reported in detail in our issue of Oct. 21—•
V. 149, p. 2547:
$275,000 W e l f a r e
$135,000 A i r p o r t
C R O O K S T O N , M in n . —
BOND
O F F E R IN G —
B onds
B onds
N a m e o f B i d d e r —•
C oupon
P r e m iu m
C oupon
P r e m iu m
Halsey, Stuart & C o., Inc.,
Blair & C o., Inc___________
2.00% ♦S242.00
2.50%
$903.15
Wisconsin C o., R. W . Pressprich & C o_________________ 2.10
357.50
2.40
*27.50
Smith, Barney & C o., N. Y .,
First Nat. Bank, St. Paul___ 2.10
1,100.00
Hemphill, Noyes & C o., Stranahan, Harris & C o., MairsShaughnessy & C o_________ 2.20
990.00
2.50
779.75
First National Bank, Chicago,
Northern Tr. C o., Chicago,
Thrall West C o.. Minneapolis 2.20
484 00
2.60
238.00
Phelps, Fenn & Co., WellsDickey C o _________________ 2.10
220.00
2.50
243.00
Harriman Ripley & C o., Inc.,
Mercantile Commerce Bank
Tr. C o., Juran, M oody &
Rice_______________________ 2.20
439.73
2.70
958.37
Blyth & C o., Lazard Freres &
C o., Stern Bros. & C o.,
Allison-Williams Co________ 2.20
264.00
2.60
363.15
* Successful bidders.
VIRGINIA, Minn — B O N D O F F E R I N G — Sealed bids will be received
until 8 p. m. on N ov. 28, by J. G. Milroy Jr., City Clerk, for the purchase
of the following not to exceed 4% semi-ann. bonds aggregating $38,000:
$35,000 water, light and heat plant extension bonds. Due on Jan. 1 as
follows: $3,000 in 1942 to 1946, and $4,000 in 1947 to 1951. A
$2,000 certified check, payable to the City Treasurer, must accom
pany the bid.
3,000 water, light and heat plant extension bonds. Due $1,000 on Jan. 1
in 1942 to 1944. A $500 certified check, payable to the City
Treasurer, is required.
Dated Dec. 1, 1939. Prin. and int. (J-J) payable at the City Treasurer’s
office in lawful money. N o bid will be considered at less than par and
accrued interest to the time of delivery of the bonds. The city will pay
for the printing and lithographing of such bonds but each bidder must
pay for the approving opinion, if any is desired. The city shall have 10 days
after the purchaser has approved the issue within which to prepare such
bonds for delivery. Any bid which as a condition to its acceptance contains
any other condition as to time of delivery will not be accepted. The bonds
will be delivered to the purchaser at either the office of the City Treasurer
or at any bank in the city.
W E S T B R O O K , M in n . — C E R T I F I C A T E S O F F E R E D — Sealed bids were
received until 8 p m. on N ov. 3, by A . C . Cohrs, Village Clerk, for the
purchase of $5,500 certificates of indebtedness. Due $275 on Dec. I in 1940
to 1959 incl., callable on any interest due date.
MISSISSIPPI
S O L D — A $10,000 issue o f 3% semi-annual
paving bonds is said to have been purchased recently by the First National
Bank of Memphis.
A M O R Y , M iss. —
CARROLL
BONDS
COUNTY
S U P E R V IS O R S D I S T R I C T
NO.
3 (P .
O*
C a r r o llto n ) M iss. — B O N D S S O L D —It is reported that $6,000 5% semi-annual refunding bonds have been purchased by the Peoples Bank & Trust
Co. of North Carrollton. Dated Sept. 1, 1939.
G U L F P O R T , M iss. — B O N D S S O L D T O R F C — It is stated by Ivan
Ballenger, City Clerk, that the Reconstruction Finance Corporation has
purchased an additional issue o f $30,000 harbor improvement bonds.
M E R ID IA N , M iss. — B O N D S A L E — The $50,000 issue of refunding bond*
offered for sale on Oct. 31— V. 149, p. 2727—-was awarded to a group
composed of O. B. Walton & Co., J. S. Love & C o., both of Jackson, and
Dane & Weil of New Orleans, paying par for $25,000 as 3 Ms, and $25,000
as 3s. The purchaser will be required to pay all costs, according to R. S.
Tew, City Clerk and Treasurer.
MISSOURI BONDS
Markets in all State, County & Town Issues
SCHERCK, RICHTER COMPANY
L A N D R E T H B U IL D IN G , S T . L O U IS , MO.
MISSOURI
C A B O O L , M o. — B O N D
S A L E D E T A I L S — It is now stated by the City
Clerk that the $23,000 3M % semi-annual public sewer system bonds sold
to the City National Bank & Trust Co of Kansas City, as noted here—
V. 149, p. 2727— were purchased for a premium of $117.30. equal to 100.51,
and mature on Feb. 15 as follows: $2,000 in 1948 to 1954, and $3,000 in
1955 to 1957, giving a basis o f about 3.20% .
F L O R R IS S A N T , M o. — B O N D S V O T E D — At the election held on Oct. 28
— V. 149, p. 2547— the voters are said to have approved the issuance of the
$34,000 in sewer system construction bonds.
K A N S A S C I T Y , M o. — B O N D S A L E — The $250,000 public hospital,
5th issue, series J bonds offered for sale on Oct. 30— V. 149, p. 2727— were
awarded jointly to Lazard Freres & Co. of New York, and Stern Bros. &
Co. of Kansas City, at a price of 100.02, a net interest cost of about 2.663%,
on the bonds divided as follows: $85,000 as 3s, due $5,000 on Nov. 1 in
1941 to 1957: $95,000 as 2Ms, due on N ov. 1: $5,000 in 1958 to 1960; and
$10,000, 1961 to 1968; the remaining $70,000 as 2Ms, due $10,000 on
N ov. 1 in 1969 to 1975.
B O N D S O F F E R E D T O P U B L I C — The purchasers publicly offered the
bonds for investment at prices to yield from 0.75 to 2.75% for maturities
ranging from 1941 to 1975. The offering consists of 3% bonds, priced to
yield from 0.75 to 2.55% ; 2 % % bonds, priced to yield from 2.60 to 2.70%;
and $70,000 2 A % bonds priced to yield 2.75% .
_______________ _
O Z A R K S C H O O L D I S T R I C T (P. O. O z a rk ), M o. — B O N D S V O T E D —
W e are informed by the District Clerk that the issuance of $28,000 in grade
school building bonds was approved by the voters at an election held on
Oct. 18, the count being 606 to 72.
3008
ONE HUNDRED The Com ercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
m
—
MONTANA
BELGRADE H IGH SCHOOL D ISTR IC T (P. O. Belgrade), M ont.—
M A T U R I T Y — It is now reported by the District Clerk that the $33,000
school bonds sold to Kalman & Co. of St. Paul, as 2 ^ s at par, as noted
here—-V. 149, p. 2727— are due on N ov. 1 as follows: $700 in 1940, and
$1,700 in 1941 to 1959.
BIG HORN COUNTY (P. O. H ardin) M ont.— B O N D S A L E — The
$123,500 refunding bonds offered for sale on Nov. 1— V. 149, p. 2119— were
awarded to a syndicate composed o f Ferris & Hardgrove o f Seattle, E. J.
Prescott & Co. o f Minneapolis, Murphey, Favre & Co. o f Spokane, Kalman
& Co. o f St. Paul, the First Security Trust C o., and Edward L. Burton
& C o., both o f Salt Lake City, and Peters, Writer & Christensen of Denver,
as 2K s, paying a premium of $591, equal to 100.478, a basis of about 2.74% .
Due on Nov. 1 as follows: $13,000, 1940 to 1948, and $6,500 in 1949;
optional on and after N ov. 1, 1944.
MADISON COUNTY SCHOOL D ISTR IC T NO. 23 (P. O. H arrison ),
M on t.—B O N D O F F E R I N G — S e a l e d bids will be received until 2 p.m. on
Dec. 2, by D. N. Sutherland, District Clerk, for the purchase of $14,500
refunding bonds. Interest rate is not to exceed 5% , payable J-D. Dated
Dec. 15, 1939. Amortization bonds will be the first choice and serial bonds
will be the second choice o f the School Board. If amortization bonds are
sold and issued, the entire issue may be put into one single bond or divided
into several bonds, as the board o f trustees may determine upon at the
time o f sale, both principal and interest to be payable in semi-annual
instalments during a period not to exceed 10 years from date of issue. If
serial bonds are issued and sold they shall be in the number of nine bonds
each in the denomination o f $1,500 and one bond in the denomination of
$1,000, provided that the sum of $1,500 o f said serial bonds shall be payable
annually, except the first bond which shall be in the amount o f $1,000 and
payable on Dec. 15,1940: the sum o f 11,500 will become payable on Dec. 15,
1941, and on the same day each year thereafter until all o f said bonds are
paid not to exceed a period o f 10 years from Dec. 15, 1939. The bonds,
whether amortization or serial bonds, will be redeemable in full on any
interest payment date from and after five years (half the term for which the
bonds are issued) from the date o f issue. The bonds will be sold for not
less than their par value with accrued interest, and all bidders must state
the lowest rate o f interest at which they will purchase the bonds at par.
Enclose a certified check for $1,000, payable to the District Clerk.
ROOSEVELT COUNTY SCHOOL DISTR IC T NO. 15 (P. O. F roid),
M ont.— B O N D O F F E R I N G — It is reported that sealed bids will be re
ceived until 7 p.m. on Nov. 15, by Roy N. Nelson, District Clerk, for the
purchase o f $3,735 refunding bonds. Interest rate is not to exceed 5% ,
payable F-A. Dated Aug. 15, 1939. Amortization bonds wall be the
first choice and serial bonds will be the second choice o f the School Board.
I f amortization bonds are sold and issued, the entire issue may be put into
one single bond or divided into several bonds, as the Board o f Trustees may
determine at time o f sale, both principal and interest to be payable in semi
annual instalments during a period o f 10 years from the date of issue. If
serial bonds are issued and sold they will be in the amount of $400 each,
except the first bonds which will be in the amount of $135: the sum of
$135 o f the serial bonds will become payable on Aug. 15, 1940, and the
sum o f $400 will become payable on the same day each year thereafter.
NEBRASKA
BLAINE COUNTY (P. O. Brewster), Neb.— M A T U R I T Y — I t is now
reported by the County Clerk that the $23,000 judgment funding bonds
sold to Steinauer & Schweser of Lincoln, as 3s, at par, as noted here—
V. 149, p. 2119—are due $1,000 on Sept. 1, 1941 to 1963; callable on and
after Sept. 1, 1949.
BLOOMFIELD, Neb.— B O N D S S O L D — It is reported that $13,500
street improvement bonds have been purchased by Steinauer & Schweser
o f Lincoln, as 3s.
CONSUMERS PUBLIC POW ER D IST R IC T (P. O. Colum bus)
Neb.-— B O N D S A L E C O N T R A C T —-It is reported that a syndicate composed
of John Nuveen & C o., A. C. Allyn & Co., both of Chicago, Stranahan,
Harris & Co., Inc., of Toledo, Ballman & Main o f Chicago, the W achobBender Corp. of Omaha, and Steinauer & Schweser o f Lincoln, has con
tracted with the above district, under a 30-day agreement providing for
automatic extension, for the purchase o f approximately $1,200,' 00 414 %
semi-annual electric revenue bonds. Due serially in amounts to be
determined, up to 25 or 30 years; callable on and after one year, at a price
of 105.
ROSALIE, N eb.— B O N D S S O L D —-It is stated by the Acting Village
Clerk that $2,500 builidng bonds approved by the voters at an election
held on Oct. 17. have been sold.
SNYDER, N eb.— B O N D S S O L D — It is stated by the Village Clerk that
$7,500 4% semi-annual District No. 1 paving bonds authorized by the
Village Council on Oct. 9, were purchased at par by Steinauer & Schweser
o f Lincoln. Denom. $1,000, one for $500. Dated Oct. 1, 1939. Due
on Oct. 1 as follows: $500 in 1941, and $1,000 in 1942 to 1948. Prin.
and int. (A-O) payable at the County Treasurer’s office in Fremont.
NEW J E R S E Y
ATLA N TIC C IT Y , N. J . — R E F U N D I N G B O N D S D I S C U S S E D — A
discussion o f the refunding bonds o f the city with particular regard to the
inception o f higher interest rate, commencing Jan. 1, 1940; legalization of
horse racing in the State o f New Jersey and increased popularity of the
municipality as a vacation center, in view of wartime restrictions on foreign
travel, has been prepared for distribution by J. B. Hanauer & C o., Newark.
Other factors expected to have salutary effect on market position of the
city’s obligations also are included in the document.
AVON-BY-THE-SEA, N. J .— B O N D O F F E R I N G — Robert H. Holmes
Borough Treasurer, will receive sealed bids until 10 a. m. on Nov. 14 for
the purchase of $25,000 not to exceed 6% interest coupon or registered
boardwalk bonds of 1939. Dated N ov. 1. 1939. Denom. $500. Due Nov. 1
as follows: $1,500 from 1940 to 1949 incl. and $2,000 from 1950 to 1954
incl. Bidder to name one rate o f interest. Principal and interest (M -N)
payable at the First National Bank. Bradley Beach. A certified check for
2% o f the bonds bid for. payable to order o f the Borough Treasurer, must
accompany each proposal. Legal opinion o f Caldwell & Raymond of New
York City will be furnished the successful bidder.
BERLIN TOW N SHIP. CHESILHURST, CLEMENTON, LINDENWOLD, PINE HILL, W ATERFORD TOW NSHIP, AND W INSLOW
TOW NSHIP REGIONAL HIGH SCHOOL DISTRICT (P. O. Lindenw old ), N. J.— B O N D S S O L D T O P W A — Edith Templeton, District Secre
tary, reported under date o f N ov. 1 that an issue o f $316,000 school con
struction bonds have been sold to the Public Works Administration at a
price o f par. The bonds bear interest at the rate o f 4 % , payable semi-an
nually, and were authorized by the voters at an election held on Sept. 7,
1938. They are in denominations o f $1,000.
BORDENTOWN, N. J.— B O N D S S O L D — A n issue o f $9,500 sewer
system bonds was sold during July to local investors as 3 A s , at par. Due
Sept. 1 as follows: $1,000 from 1940 to 1948 incl. and $500 in 1949.
CLAYTON , N. J . — B O N D S A U T H O R I Z E D — The Borough Council
on Oct. 19 passed on final reading an ordinance providing for issuance of
the $75,000 not to exceed 6% interest refunding bonds recently approved
by the State Funding Commission. Dated Dec. 1, 1939. Due Dec. 1 as
follows: $2,000 from 1940 to 1945 incl.; $3,000, 1946 to 1951 incl.; $4,000
from 1952 to 1961 incl. and $5,000 in 1962.
EAST N EW ARK, N. J.— B O N D S A L E — 'The $64,500 coupon or regis
tered refunding bonds offered Oct. 27-—V . 149. p. 2548— were awarded to
J. S. Rippel & Co. o f Newark, as 3s, at par plus $189 premium, equal to
100.293, a basis o f about 2.96% . Dated Oct. 1, 1939 and due Oct. 1 as
follows: $1,000, 1941; $4,000 in 1942; $4,500 in 1943 and $5,000 from
1944 to 1954 incl. Other bids:
B id d er—
I n t . R a te
R a te B id
MacBride, Miller & Co. and C. A. Preim & C o______ 3
%
100.689
Julius A. Rippel, Inc. and Colyer, Robinson & C o ._ 3 A %
100.26
Minsch, Monell & C o., In c--------------------------------------- 3M %
100.267
ELIZABETH , N. J . — B O N D S A L E — The $215,000 coupon or registered
poor relief bonds offered Oct. 31— V. 149, p. 2548— were awarded to
Dougherty, Corkran & Co. o f Philadelphia, as 1.20s. at a price of 100.029,
a basis o f about 1.19%. Dated Oct. 15, 1939, and due Oct. 15 as follows:
$45,000 from 1940 to 1942, incl., and $40,000 in 1943 and 1944. Other bids:
—
F o r 1H % B on d s
B id d e r —
R a te B id
Schmidt, Poole & C o., and Stroud & Co., jointly__________________ 100.052
F o r 1.40% B o n d s
Central Home Trust C o., Elizabeth______________________________ 100.107
First of Michigan Corp., and Van Alstyne, Noel & C o., join tly____100.069
F o~ \ 'A %
B onds
Chase National Bank, New Y ork_________________________________100.179
Minsch, Monell & C o., and H. L. Allen & C o., jointly___________ 100.15
Hemphill, Noyes & C o., and Schlater, Noyes & Gardner, Inc.,
jointly------------------------------------------------------------------------------------- 100.137
Blyth & C o______________________________________________________100.133
Halsey, Stuart & C o _____________________________________________ 100.08
Stranahan, Harris & C o., Inc., and G. M .-P . Murphy & C o., join tly.100.033
F o r 1.60% B o n d s
Otis & Co.; R . S. Dickson & Co., and E. Lowber Stokes & C o.,
jointly------------------------------------------------------------------------------------- 100.159
National C ity Bank, New Y ork_________________________________ 100.125
H. B. Boland & C o______________________________________________ 100.107
Shields & C o., and CharlesClark & C o., jointly___________________ 100.054
Julius A. Rippel, Inc_____________________________________________100.05
J. S. Rinpel & C o., and B.J. Ingen & C o., jointly________________ 100.04
Kean, Taylor & C o.; Buckley Bros., and Van Deventer Bros., Inc.
jointly--------------------------------------------------------------------------------------100.031
F o r 1.70% B o n d s
E. H. Rollins & Sons; A. C. Allyn & C o., and MacBride, Miller &
C o., jointly-------------------------------------------------------------------------------100.21
Lazard Freres & C o______________________________________________ 100.109
C. A. Preim & C o_________________________________________________100.07
Colyer, Robinson & C o___________________________________________ 100.06
Blair & C o., Inc., and Goldman, Sachs & C o., jointly______________100.037
F o r 2% B o n d s
Union County Trust C o.. Elizabeth________
100.33
Adams & Mueller__________________________
100.254
Mackey, Dunn & C o_______________________
100.06
F o r 2.10% B o n d s
National State Bank, Elizabeth______________
100.093
H A D D O N H E IG H T S , N. J . — B O N D O F F E R I N G — Frank W . DuBree,
Borough Clerk, will receive sealed bids until 8 p.m . on N ov. 7 for the
purchase of $22,000 not to exceed 6% interest coupon or registered general
improvement bonds. Dated Oct. 1, 1939. Denom. $1,000. Due Oct. 1
as follows: $2,000 in 1946 and 1947 and $3,000 from 1948 to 1953 incl.
Bidder to name one rate of interest, expressed in a multiple of \i of 1% .
Principal and interest (A-O) payable at the First Camden National Bank &
Trust Co., Camden. The sum required to be obtained at sale of the bonds
is $22,000. Bohds are part of a total authorized issue of $34,000. They
are payable from unlimited ad valorem taxes to be levied by the borough
on all of its taxable property. A certified check for 2% o f the bonds offered,
payable to order o f the Borough, must accompany each proposal. Legal
opinion of Hawkins, Delafield & Longfellow o f New York City will be
furnished the successful bidder.
M O R R IS C O U N T Y (P . O . M o r r is t o w n ), N. 3 . —
B O N D O F F E R IN G —
W . H. Hosking, Clerk of Board of Chosen Freeholders, will receive sealed
bids until 3 p.m. on Nov. 8 for the purchase of $285,000 not to exceed 3%
interest coupon or registered county hospital bonds of 1939. Dated
Dec. 1, 1939. Denom. $1,000. Due Dec. 1 as follows: $20,000 in 1940;
$25,000 in 1941 and $30,000 from 1942 to 1949 incl. Bidder to name one
rate of interest, expressed in a multiple o f M of 1 % . Principal and interest
(J-D) payable at the First National Bank, Norristown. The sum required
to be obtained at sale of the bonds is $285,000. The bonds are unlimited
tax obligations of the county and the approving legal opinion o f Hawkins.
Delafield & Longfellow of New York City will be furnished the successful
bidder. A certified check for 2% o f the bonds offered, payable to order
of the county, must accompany each proposal.
P H IL L IP S B U R G , N . 3 . — P R O P O S E D B O N D I S S U E — 'The Town
Board of Commissioners recently adopted a resolution providing for an issue
of $140,000 not to exceed 6% interest school bonds. Dated N ov. 15, 1939.
Denom. $1,000. Due N ov. 15 as follows: $4,000 in 1941 and 1942: $5,000
from 1943 to 1966, incl., and $6,000 in 1967 and 1968. Prin. and int.
payable at the Phillipsburg National Bank & Trust Co.
S O U T H A M B O Y , N . J . — B O N D S A L E — The $13,000 coupon or regis
tered street improvement bonds offered Oct. 31-—V. 149, p. 2548— were
awarded to H. B. Boland & Co. of New York as 2.20s, at a price o f 100.06,
a basis of about 2.18% . Dated N ov. 1, 1939 and due Nov. 1 as follows:
$2,000 in 1940 and 1941 and $3,000 from 1942 to 1944, incl. Other bids:
B id d er—
I n t . R a te
R a te B id
M . M . Freeman & C o__
100.038
2M %
_
John B. Carroll & C o_
100.26
2 K%
Joseph G. Kress & Co__
3.30%
100.16
South Amboy Trust Co
Par
3 H %
W E S T C A P E M A Y (P . O . C ap e M a y), N. 3 . — B O N D O F F E R I N G —
Theodore W . Reeves, Borough Clerk, will receive sealed bids until 7:30
p. m. on N ov. 6 for the purchase of $69,000 not to exceed A A % interest
coupon or registered refunding bonds of 1939. Dated Nov. 1, 1939.
Denom. $1,000. Due N ov. 1 as follows: $1,000 in 1940 and 1941; $2,000
from 1942 to 1952, incl., and $3,000 from 1953 to 1967, incl. Bidder to
name a single rate of interest, expressed in a multiple o f M o f 1% . Prin.
and int. (M -N) payable at the Merchants National Bank, Cape M ay.
The sum required to be obtained at sale of the bonds is $65,250.63. The
bonds are unlimited tax obligations of the borough and the approving legal
opinion of Hawkins, Delafield & Longfellow of N. Y . City will be furnished
the successful bidder. A certified check for 2% o f the bonds offered, pay
able to order of the borough, must accompany each proposal.
W E S T N E W Y O R K , N . J . — B O N D C A L L — Charles Swensen, Town
Clerk, announces that 3 3 % general refunding series H bonds, Nos. 11 to
4
46 and 55, aggregating $37,000, are called for payment at par and accrued
interest on Jan. 1, 1940 at the Town Treasurer’s office. Bonds should be
presented for payment with all unmatured coupons attached thereto.
Dated July 1, 1938. Denom. $1,000. Due July 1, 1948.
N ew York State M unicipals
T ilney & C o m p a n y
76 BEAVER STREET
NEW YORK, N. Y.
T e l e p h o n e : W H i t e h a l l 4 -8 8 9 8
B e ll S y s t e m T e l e t y p e : N Y 1 -2 3 9 5
NEW YO RK
IT H A C A , N . Y . — B O N D S A L E — The $86,000 coupon city bonds offered
N ov. 1— V. 149, p. 2548— were awarded to E. H. Rollins & Sons, Inc., o f
New York, as lM s, at a price o f 100.18, a basis of about 1.22% . Dated
N ov. 1, 1939, and due Nov. 1 as follows: $8,000 from 1940 to 1943, incl.,
and $9,000 from 1944 to 1949, incl. Other bids:
B id d er—
I n t . R a te
R a te B id
Ira Haupt & C o_________________________________ 1 H %
100.167
Harris Trust & Savings Bank____________________
100.13
1H %
Adams, McEntee & C o., Inc____________________
1.30%
100.231
George B. Gibbons & C o., Inc___________________
1.30%
100.17
Lazard Freres & C o_________________________ ____ 1.30%
100.115
First of Michigan Corp__________________________ 1.40%
100.33
Halsey, Stuart & C o., Inc________________________ 1.40%
100.228
Marine Trust Co. o f Buffalo and R. D. White & Co. 1.40%
100.14
C. F. Childs & Co. and Sherwood & C o__________
1.40%
100.057
Roosevelt & Weigold, Inc________________________ I A %
100.311
Union Securities Corp___________________________
100.299
1 A %
Shileds & C o____________________________________
100.073
1 A %
Charles H. Drew & C o__________________________
1.60%
100.048
C O L E S V IL L E F IR E D I S T R I C T N O . 1 (P . O . H a r p u r s v ille ), N . Y .—
— Sale of $5,000 fire apparatus bonds to the First National
Bank of Boston as 2 J|s at 100.20, a basis of about 2.75% — V . 149, p. 2728—
BON DS RESOLD
Volume 149
ONE HUNDRED
—
The Commercial & Financial Chronicle —
was rescinded and the issue then awarded to the C. E. Weinig Co. of Buffalo,
second high bidder, whose offer was a price o f 100.25 for 2.90s, or a cost of
about 2.79%.
H E R K IM E R , N . Y .— B O N D S A L E — An issue o f $4,554.03 Gem Mill
plant improvement bonds was sold on Oct. 26 to Ira Haupt & Co. of New
York as 2.70s, at a price o f 100.043, a basis o f about 2.68% . Dated
Nov. 1, 1939. One bond for $954.03, others $900 each. Due N ov. 1 as
follows: $954.03 in 1940 and $900 from 1941 to 1944, inclusive.
MONTICELLO, N. Y . — B O N D S A L E — Ira Haupt & Co. of New York
purchased on Oct. 27 an issue o f $14,000 fire truck bonds as 2.70s, at a
price o f 100.057, a basis o f about 2.68% . Dated Nov. 15, 1939 and due
N ov. 15 as follows: $2,500 in 1940 and 1941 and $3,000 from 1942 to 1944
incl. (These are the bonds for which no bids were received on Sept. 8.
— V. 149, p. 1794.)
NEW Y O R K (State o f)— N O T E S A L E — Morris S. Tremaine, State
Comptroller, allotted on N ov. 1 an issue o f $100,000,000 0.20% notes to
94 banks and bond houses throughout the State. The notes bear date of
Nov. 2, 1939, and mature June 17, 1940. The Comptroller, in disposing
of the issue, followed the usual procedure o f receiving subscriptions to the
offering from the various institutions.
The various allotments were as follows:
$2,400,000 E a c h
Chase National Bank; National City Bank, Bank o f the Manhattan
Co.; Bankers Trust Co.; Central Hanover Bank & Trust Co.; First National
Bank; Guaranty Trust Co.; Manufacturers & Traders Trust Co.; Buffalo
Marine Trust C o., Buffalo; J. P. Morgan & Co.; Barr Brothers & Co.;
Harriman Ripley & Co.; Lehman Brothers, and Salomon Brothers &
Hutzler.
$2,000,000 E a c h
Chemical Bank & Trust Co.; Empire Trust Co.; Public National Bank
& Trust Co.; J. Henry Schroder Trust Co.; Blair & C o., Inc.; C. J. Devine
& Co.; First Boston Corp.; Phelps, Fenn & Co.; R. W . Pressprich & Co.,
and Smith, Barney & Co.
$1,400,000 E a c h
Brooklyn Trust C o.; City Bank Farmers Trust Co.; Continental Bank &
Trust Co.; Kings County Trust Co.; Manufacturers Trust Co.; National
Commercial Bank & Trust C o., Albany; State Bank o f Albany, Albany;
Blyth & Co.; C. F. Childs & Co.; Eastman, Dillon & Co.; Emanuel & Co.;
Goldman, Sachs & C o.; Halsey, Stuart & C o., Inc.; Ladenburg, Thalman
& Co.; Lazard Freres & Co.; Stone & Webster and Blodget, Inc.
$800,000 E a c h
Bank o f New York, Bronx County Trust Co.; Commercial National
Bank & Trust Co.; Irving Trust Co.; Liberty Bank, Buffalo; New York
Hanseatic Corp.; Sterling National Bank & Trust Co.; Trust Co. o f North
America; Bacon, Stevenson & Co.; Darby & C o.; Gertler, Stearns & C o.,
Inc.; George B. Gibbons & Co., Inc.; Kidder, Peabody & Co.; Merrill,
Lynch & C o., and H. L. Schwamm & Co.
$400,000 E a c h
Federation Bank & Trust Co.; Fifth Avenue Bank o f New York; First
Trust C o., Albany; Lawyers Trust Co.; South Shore Trust C o.; Rock
ville Center, L. I.; Swiss American Corp.; A. C. Allyn & Co.; Baker, Weeks
& Harden; Dominick & Dominick; Eldredge & Co.; Ernest & Co.; First of
Michigan Corp.; Glore, Forgan & Co.; Hannahs, Ballin & Lee; Harris
Trust & Savings Bank; Heidelbach, Ichelheimer & Co.; Hemphill, Noyes
& Co.; Lee Higginson & Co.; G. M .-P . M urphy & C o.; Otis & Co., and
Union Securities Corp.
$200,000 E a c h
Brown Brothers; Harriman & Co.; Fiduciary Trust Co. o f New York;
Fulton Trust Co. o f New York; United States Trust Co. o f New York; Dick
& Merle-Smith; Francis I. du Pont & Co.; Harvey Fisk & Sons, Inc.; Hallgarten & Co.; Mackenzie & C o., Inc.; Robert C. Mayer & Co.; Mellon
Securities Corp.; Paine, Webber & C o.; Riter & Co.; J. F. Rothschild &
C o.; Shields & Co.; Storm, Lauer & Co.; Swart, Duntze & Co., and White,
Weld & Co.
OSSINING, N. Y .— B O N D S A L E — The $165,000 coupon or registered
sewage disposal plant bonds offered Oct. 30— Y. 149, p. 2549— were awarded
to Roosevelt & Weigold, Inc., o f New York, as 2.20s at a price of 100.121,
a basis o f about 2.19% . Dated Oct. 1, 1939 and due Oct. 1 as follows:
$7,000 from 1940 to 1944, incl.; $8,000 from 1945 to 1949, incl., and $10,000
from 1950 to 1958, incl. Other bids:
B id d e r —
I n t . R a te
R a te B id
Manufacturers & Traders Trust C o., Buffalo, and
Adams, McEntee & C o., jointly___________________ 2.30%
100.289
Geo. B. Gibbons & C o., Inc., and F. W . Reichard &
C o., jointly______________________________________ 2.30%
100.274
Goldman, Sachs & Co. and Kean, Taylor & C o., jointly 2.30%
100.209
Halsey, Stuart & C o______________________________ 2.40%
2.40%
100.628
A . C. Allyn & Co. and E . H. Rollins & Sons, jointly___ ~
2.40%
100.38
Campbell, Phelps & Co. and Sherwood & C o., jo in tly .. ___
2.40%
100.34
Riter & Co. and R . A. Ward & C o., jointly__________
2.40%
100.18
Union Securities Corp., New York, and Estabrook &
Co., jointly---------------------------------------------------------- 2.40%
100.049
Kidder, Peabody & Co. and Blair & C o., Inc., jointly. 2 ^ %
'
100.71
Marine Trust C o., Buffalo, and R . D . White & Co.,
jo in tly ----------------------------- ----------------------------------- 2 H %
100.629
2H %
Bacon, Stevenson & Co____________________________ 2 K %
y2 %
100.30
PELHAM MANOR, N. Y . — B O N D S A L E —
$30,000 coupon or
registered street improvement bonds offered Oct. 31— V. 149, p. 2729—
were awarded to Adams, McEntee & C o., Inc., New York, as 1.90s, at a
price of 100.33, a basis o f about 1.83%. Sale consisted of;
$20,000 series 58A bonds. Due $2,000 on N ov. 1 from 1940 to 1949, incl.
10,000 series 58B bonds. Due ,$2,000 on N ov. 1 from 1940 to 1944, incl.
All o f the bonds will be dated N ov. 1, 1939. Other bids:
B id d er—
Ira Haupt & C o__________________
Tilney & C o______________________
R. D. White & C o________________
Gordon Graves & C o ______________
A . C. Allyn & C o., Inc____________
Manufacturers & Traders Trust Co
Roosevelt & Weigold, Inc_________
F. W. Reichard & C o_____________
George B. Gibbons & C o., Inc____
Bacon, Stevenson & C o ___________
I n t. R a te
R a te B id
. 1.90%
100.275
• 2%
100.31
2%
100.18
2%
100.125
2%
100.057
2.10%
100.189
2.10%
100.11
2.10%
100.16
2.20%
100.11
2.30%
100.07
P L E A S A N T V IL L E , N . Y . — B O N D O F F E R I N G — William T . Guion,
Village Clerk, will receive sealed bids until 10 a. m. on N ov. 10 for the
purchase o f $34,000 net to exceed 5% interest coupon or registered bonds,
divided as follows:
$20,000 water bonds. Due $2,000 on N ov. 1 from 1940 to 1949, incl.
14,000 public improvement bonds. Due Nov. 1 as follows: $3,000 in
1940 and 1941 and $4,000 in 1942 and 1943.
All o f the bonds bear date o f N ov. 1, 1939. Denom. $1,000. Bidder to
name a single rate o f interest, expressed in a multiple o f l i o f l-10th of 1 % .
Principal and interest (M-N) payable at the First National Bank, Pleasantville, with New York exchange. The bonds are general obligations of the
village, payable from unlimited taxes. A certified check for $680, payable
to order o f the village, is required. Legal opinion o f Dillon, Yandewater &
Moore o f New York City will be furnished the successful bidder.
R O C K V IL L E C E N T E R , N. Y — B O N D S A U T H O R I Z E D — An issue of
$25,000 drain line bonds was authorized by the Village Board on Oct. 18.
R O C K V IL L E C E N T R E , N. Y . — B O N D O F F E R I N G — James H. Patten,
Village Clerk, will receive sealed bids until 2 p. m. on N ov. 10, for the pur
chase of $25,000 not to exceed 5% interest coupon or registered public
works bonds. Dated N ov. 1, 1939. Denom. $1,000. Due $5,000 on
N ov. 1 from 1940 to 1944, incl. Bidder to name one rate of interest
expressed in a multiple of M or l-10th o f 1 % . Principal and interest (M-N)
payable at the Bank o f Rockville Centre Trust Co., with New York ex
change. The bonds are unlimited tax obligations o f the village and the
approving legal opinion o f Dillon, Vandewater & Moore o f New York City
will be furnished the successful bidder. A certified check for $500, payable
to order o f the village, must accompany each proposal.
B id d e r —
Roosevelt & Weigold, Inc__________________________
Unadilla National Bank___________________________
Manufacturers & Traders Trust C o_________________
R. D . White & C o__________________________________
Union Securities Corp_____________________________
Sherwood & C o____________________________________
3009
I n t . R a te
2.90%
3%
3.10%
3.20%
3.20%
3.60%
P r e m iu m
$28.60
11.00
42.37
23.05
3 90
25.00
S A N D L A K E A N D P O E S T E N K IL L , A V E R IL L P A R K C E N T R A L
S C H O O L D I S T R I C T N O . 1 (P . O . S a n d la k e ), N. Y — B O N D S V O T E D —
At an election held on Oct. 23 the voters authorized the sale of an issue of
$47,000 bonds for school building addition purposes.
S P R IN G V A L L E Y , N. Y . — B O N D O F F E R I N G — Frank M . Eckerson,
Village Clerk, will receive sealed bids until 2 p. m. on N ov. 10 for the
purchase o f $49,000 not to exceed 6% interest series I coupon or registered
sewer improvement bonds. Dated Dec. 1, 1939. Denom. $1,000. Due
Dec. 1 as follows: $2,000 from 1940 to 1947, incl., and $3,000 from 1948 to
1958, incl. Bidder to name a single rate of interest, expressed in a multiple
o f M or l-10th o f 1% . Prin. and int. (J-D) payable at the Village Treas
urer’s office in New York exchange. The bonds are unlimited tax obliga
tions o f the village and the approving legal opinion o f Hawkins, Delafield
& Longfellow of N. Y . City will be furnished the successful bidder. A cer
tified check for $980, payable to order o f the village, must accompany each
porposal.
T A R R Y T O W N , N . Y .— B O N D O F F R E I N G — Catherine P. McCaul,
Village Clerk, will receive sealed bids until 3 p. m. on N ov. 14 for the pur
chase of $94,500 not to exceed 6% interest coupon or registered bonds,
divided as follows:
$18,000 water bonds. Denom. $1,000. Due $1,000 on N ov. 1 from 1940
to 1957, incl.
49,000 street improvement bonds. Denom. $1,000. Due N ov. 1 as
follows: $4,000 in 1940 and $5,000 from 1941 to 1949, incl.
27,500 sewer bonds. Denom. $500. Due N ov. 1 as follows: $1,000 from
1940 to 1944, incl., and $1,500 from 1945 to 1959, incl.
All o f the bonds will be dated N ov. 1, 1939. Rate or rates or interest
to be expressed in a multiple of % or l-10th o f 1 % . Bidder may name dif
ferent rates on the respective issues, or may specify a single rate for the
entire $94,500 bonds. Prin. and int. (M -N) payable at the Tarrytown
National Bank & Trust C o., Tarrytown. The bonds are payable from
unlimited ad valorem taxes on all of the village’s taxa.jle property and the
approving legal opinion o f Reed, Hoyt, Washburn & Clay of N. Y . City
will be furnished the successful bidder. A certified check for $1,890, pay
able to order of the village, must accompany each proposal.
U T IC A , N. Y . — O T H E R B I D S — The $406,297.58 various purposes bonds
awarded to Adams, McEntee & Co., Inc., New York, as 1.40s at a price of
ICO.31 a basis of about 1.33%— V . 149, p. 2729— were also bid for as followsP r i c e B id
N am e—
I n t . R a te
Harriman Ripley & C o., Inc., and Goldman, Sachs
$407,516.07
& C o........... ......................................- _____ ________ 1.40%
Shields & C o., Edw. Lowber Stokes & C o., and Sher
407.192.00
wood & C o______________________________________ 1.40%
E. H. Rollins & Sons, Inc., A. C. Allyn & C o., Inc.,
and B. J. Van Ingen & C o., Inc--------------------------- 1.40%
406,979.35
Graham, Parsons & C o., Hemphill, Noyes & Co. and
406.903.00
Campbell. Phelps & C o., Inc____________________ 1.40%
406,874.52
Phelps, Fenn & Co. and F. S. Moseley & C o_________ 1.40%
406,792.86
Bankers Trust Co. and Chase National Bank_______ 1.40%
Union Securities Corp., First of Michigan Corp. and
406.664.00
Minsch, Monell & Co., Inc______________________ 1.40%
406,525.10
Alex. Brown & Sons------------------------------------------------1.40%
Lehman Brothers, Eastman, Dillon & Co. and Otis
406,508.85
& C o., Inc______________________________________ 1.40%
406.415.41
Lazard Freres & Co. and R . W . Pressprich & C o_____1.40%
Harris Trust & Savings Bank, Chicago, and First
407,707.43
Boston Corp., New Y ork_________________________1.50%
Manufacturers & Traders Trust C o., Kean, Taylor
407,471.73
& Co. and Gregory & Son, In c----------------------------- 1.50%
Geo. B. Gibbons & C o., Inc., Eldredge & C o., Inc.,
407.432.00
and F. W . Reichard & C o--------------------------------------1.50%
407,268.63
Halsey, Stuart & C o., Inc., and Blair & C o., Inc_____1.50%
406,907.03
Wood, Struthers & C o-------------------------------------------- 1.50%
406,906.62
Marine Trust Co. o f Buffalo and R . D. White & C o._ 1.50%
Kidder, Peabody & Co., Estabrook & Co. and M o
406,540.96
hawk Valley Investing C o------------------------------------ 1.50%
Blyth & C o., Inc., Stone & Webster and Blodget, Inc.,
406.380.00
and Equitable Securities Corp----------------------------- 1.50%
YON KERS, N. Y . — B O N D O F F E R I N G — James E. Hushion, City
Comptroller, will receive sealed bids until 11 a. m. on N ov. 9, for the pur
chase of $1,252,000 not to exceed 6% interest coupon or registered bonds,
divided as follows:
$234,000 local improvement bonds of 1939. Due Oct. 1 as follows: $34,000
in 1940; $35,000, 1941; $45,0C0, 1942; $50,000 in 1943 and 1944
and $5,000 from 1945 to 1948, inclusive.
313.000 general bonds of 1939, series III. Due Oct. 1 as follows: $35,000
in 1940; $40,000, 1941; $45,000 from 1942 to 1944, incl.; $18,000.
1945; $15,000 from 1946 to 1949, incl. and $5,000 from 1950 to
1954, inclusive.
240.000 general bonds of 1939, series IV. Due Oct. 1 as follows: $20,000
from 1940 to 1945, incl. and $30,000 from 1946 to 1949, incl.
52,000 general equipment bonds of 1939. Due Oct. 1 as follows: $12,000
in 1940 and $10,000 from 1941 to 1944, inclusive.
413.000 general bonds of 1939, series II. Due Oct. 1 as follows: $61,000
in 1940; $65,000, 1941; $80,000, 1942 and 1943; $20,000, 1944;
$22,000, 1945; $20,000 from 1946 to 1948, incl. and $5,000 from
1949 to 1953, inclusive.
All of the bonds will be dated Oct. 1, 1939. Denom. $1,000. Rate or
rates of interest to be expressed in a mutliple of XL or l-10th of 1 % . Dif
/
ferent rates may be named on the respective issues, but all bonds of each
issue must bear the same rate. Principal and interest (A-O) payable at
the City Comptroller’s office. Bonds are unlimited tax obligations o f the
city and the approving legal opinion of Hawkins, Delafield & Longfellow
o f New York, will be furnished the successful bidder. A certified check
for $25,040, payable to order of the City Comptroller, must accompany
each proposal.
N O R T H
C A R O L IN A
D R E X E L , N. C . — N O T E S S O L D — It is reported that $2,500 revenue
notes were sold recently to the First National Bank of Morganton, at 5%
plus a premium of $1.
M O N R O E , N. C . — N O T E S S O L D — A $12,000 issue o f notes is said to
have been purchased recently by R. S. Dickson & Co. of Charlotte, at
2 % , plus a premium o f $1.25. Due in 6 months.
R E ID S V IL L E , N . C . — B O N D O F F E R I N G — Sealed bids will be received
until 11 a.m. (EST) on N ov. 7, by W. E. Easterling, Secretatry of the
Local Government Commission, at his office in Raleigh, for the purchase
of a $25,000 issue of public improvement bonds. Dated N ov. 1, 1939.
Due on Nov. 1 as follows: $1,000, 1942 to 1946 and $2,000, 1947 to 1956,
inclusive, without option o f prior payment. There will be no auction.
Denom. $1,000; prin. and int. (M -N) payable in lawful money in New York
City; coupon bonds registerable as to both principal and interest; general
obligations; unlimited tax; delivery at place o f purchaser’s choice.
Bidders are requested to name the interest rate or rates, not exceeding
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 must
specify in his bid the amount o f bonds of each rate. The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the city, such cost to be determined by deducting the total amount
o f 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 certi
fied check upon an incorporated bank or trust company, payable uncon
ditionally to the order of the State Treasurer for $500. The right to reject
all bids is reserved. The approving opinion of Reed, H oyt, Washburn
& Clay, New York City, will be furnished the purchaser.
N O R T H
R O X B U R Y C E N T R A L S C H O O L D I S T R I C T N O . 2 (P. O . R o x b u r y ),
N . Y . — O T H E R B I D S - —The $13,000 school bonds awarded to E. H.
Rollins & Sons, Inc., New York, as 2.80s, at par plus $28.35 premium,
equal to 100.21, a basis o f about 2.78% — V. 149, p. 2729— were also bid
for as follows:
Y E A R S OLD
D IC K E Y S C H O O L D I S T R I C T
D A K O T A
(P . O . D ick e y ), N. D a k .— B O N D
— The $9,000 building addition bonds offered for sale on Oct. 9
— V. 149, p. 1950—were purchased by the State School — and Department
as 4s at par. Due $500 in 1942 to 1959, inclusive.
SALE
3010
ONE HUNDRED Commercial & Financial Chronicle YE A R S OLD Nov. 4, 1939
The
—
—
M cV IL L E , N. D a k . — B O N D D I S P O S A L R E P O R T — It is stated by O. U.
Tyler, Village Clerk, that the $15,000 4% semi-annual refunding bonds
offered on Oct. 16— V. 149, p. 2265— were handled by the Allison-Williams
Co. of Minneapolis, on an exchange basis. Dated Sept. 1, 1939. Due
$1,000 on July 1 in 1941 to 1955, inclusive.
O H IO
C L A R IN G T O N S C H O O L D I S T R I C T , O h io — B O N D S A L E — The
$25,000 building bonds offered Oct. 27— V. 149, p. 2265—were awarded to
the First National Bank o f Clarington at a price o f 104.
C O S H O C T O N C I T Y S C H O O L D IS T R IC T , O h io — N
O T E O F F E R IN G
— Paul A. Rice, Clerk o f the Board o f Education, will receive sealed bids
until noon on Nov. 15 for the purchase o f $17,677.54 not to exceed 4%
interest refunding notes, callable after N ov. 30 in any year. A certified
check for 1% o f the notes must accompany each proposal.
E N G L E W O O D , O h i o— B O N D S A L E — The $17,000 sewer bonds offered
Oct. 23— V. 149, p. 2550— were awarded to Walter, W oody & Heimerdinger and Nelson, Browning & C o., both o f Cincinnati, jointly, as 4Ms,
at par plus $10.25 premium, equal to 100.06, a basis o f about 4.49% .
Dated Sept. 1, 1939 and due March 1 as follows: $500 in 1942 and 1943,
$1,000 in 1944, $500 in 1945, $1,000 in 1946, $500 in 1947, $1,000 in 1948,
$500 in 1949, $1,000 in 1950. $500 in 1951, $1,000 in 1952, $500 in 1953.
$1,000 in 1954, $500 in 1955 to 1957, $1,000 in 1958, $500 in 1959 to 1961,
$1,000 in 1962, $500 in 1963 to 1965, and $1,000 in 1966.
Saunders, Stiver & Co. o f Cleveland, second high bidder, offered par
plus a premium o f $7.75.
F R E M O N T , O h io — N O T E S A L E P O S T P O N E D — Sale o f the $12,000
poor relief notes for which bids were received on Oct. 31— V. 149, p. 2729
-—was postponed until N ov. 2. Dated Oct. 15, 1939 and due $6,000 on
Oct. 15 in 1940 and 1941.
H U D S O N , O h io — B O N D S P U R C H A S E D — In connection with the call
for tenders of refunding bonds, dated Jan. 1, 1939— V. 149, p. 2404—
Village Clerk F. H. Jones reports that 6 bonds were purchased at 75; 4 at
65; 5 at 63.70: 13 at 54.45 and 57 at 53.90.
M A L V E R N , O h io — B O N D S A L E — The $4,500 street improvement
bonds offered Oct. 23— V. 149, p. 2266— were awarded to Ryan, Suther
land & Co. o f Toledo, as 3Ms, at a price o f 100.28, a basis o f about 3.45% .
Dated Oct. 1, 1939 and due $450 on Oct. 1 from 1941 to 1950 incl.
M A R IO N C O U N T Y (P . O . M a rio n ), O h io — N O T E S A L E — The $8,200
poor relief notes offered Oct. 30— V. 149, p. 2729— were awarded to Seasongood & Mayer o f Cincinnati, as lM s, at par plus a premium of $1.85.
Dated Nov. 1, 1939 and mature March 1, 1943. Redeemable on any interest
date. The BancOhio Securities Corp. o f Columbus bid a premium of $33
for 2 Ms.
TOLEDO C IT Y SCHOOL D IS T R IC T , O h io— NOTE S A L E — The
Ohio Citizens Trust Co. o f Toledo purchased $313,365 refunding notes,
due in two years and callable prior to maturity, as follows: $150,000 as
2Ms, and $163,365 as 2.40s, at 100.004. The Toledo Trust C o., only
other bidder, named a rate o f 2 M % .
W ARREN C IT Y SCHOOL D IST R IC T , O hio— N O T E O F F E R I N G —
Mabel C. Wolfe, Clerk-Treasurer o f Board of Education, will receive saled
bids until 7 p. m. on N ov. 27 for the purchase of $65,415.79 not to exceed
4% interest refunding notes, callable after Nov. 30 in any year.
O K L A H O M A
F O R T GIBSON SCHOOL D IS T R IC T (P. O. Fort G ibson) O kla.—
S A L E — The $15,000 school bonds offered for sale on Oct. 30—-V.
149, p. 2730— were awarded to the First National Bank of Fort Gibson, at a
net interest cost of 3.243% , according to the Clerk o f the Board of Edu
cation. Due $1,000 in 1942 to 1956 incl.
It was stated subsequently by the Clerk o f the Board o f Education that
the above bonds were sold as 3 Ms, at a price of 100.066, a basis o f about
3.24% .
KIOW A SCHOOL D IST R IC T (P. O. K iow a), O kla.— B O N D S O F
F E R E D — Sealed bids were received until 2:30 p. m. on N ov. 2, by J. S.
Rowley, Clerk of the Board o f Education, for the purchase o f $7,000 build
ing bonds. Due $1,000 in 1942 to 1948, incl.
SALLISAW, Okla.— B O N D S A L E — The $10,000 3% semi-ann. public
park building bonds offered for sale on Oct. 31— V. 149, p. 2730—-were
awarded to the Treasurer of the Board o f Education, according to the City
Attorney. Dated N ov. 1, 1939. Due $1,000 in 1942 to 1951 incl.
SAND SPRINGS, Okla.— B O N D E L E C T I O N — I t is reported that a
special election will be held on Nov. 28 in order to have the voters pass on
the following bonds: $16,000 street improvement, and $6,000 fire equip
ment bonds.
BOND
Chemical Bank & Trust Co., New York; Harris Trust & Savings
Bank, Chicago; First Boston Corp.; Blyth & C o., Lazard Freres
& Co.; Salomon Bros. & Hutzler: Northern Trust C o., Chicago;
Mercantile-Commerce Bank & Trust C o., St. Louis; F. S.
Moseley & Co; L. F. Rothschild & Co.; Eldredge & C o.; Wis
consin C o., Milwaukee; J. N. Hynson & C o., and Granbery,
Marache & Lord, jointly, for 2.20s___________________________
For 2 Ms__________________________________________________
P L U M T O W N S H I P S C H O O L D I S T R I C T (P . O . P i t c a i r n , R .
PENNSYLVANIA (State o f ) — N O T E S A L E — The $30,000,000 1 M %
tax anticipation series FT notes offered N ov. 2— V. 149, p. 2551— were
awarded to a group composed o f the National City Bank of New York,
Guaranty Trust C o., First National Bank o f New York, Chemical Bank &
Trust ,Co., all o f New York; Northern Trust Co. o f Chicago, and the
Pennsylvania Co. for Insurances on Lives and Granting Annuities, of
Philadelphia, at a price o f 100.615767, a basis o f about 0.43% . Dated
N ov. 1, 1939 and due M ay 3 1 , 1940. No re-offering of the notes was made.
An account consisting of the Mellon Securities Corp., Smith, Barney &
C o., Kidder, Peabody & Co. and Salomon Bros. & Hutzler, offered a price
o f 100.58, while a syndicate which included, among others, Halsey, Stuart
& Co., Inc., Lehman Bros., Ladenburg, Thalmann & Co. and Blair & C o.,
Inc., all o f New York, bid 100.575.
P ITTSBU RGH , Pa.— B O N D S A L E — The $3,500,000 coupon refunding
bonds offered Oct. 31— V. 149, p 2405— were awarded to a syndicate
composed o f Smith, Barney & C o., New York, Singer, Deane & Scribner
of Pittsburgh, M oore, Leonard & Lynch, and Roosevelt & Weigold, Inc.,
both o f New York, and Barclay, Moore & Co. o f Philadelphia as 2.10s,
at 100.07, a basis o f about 2.09% . Sale consisted of:
$2,950,000 series D bonds. Dated N ov. 1, 1939 and due N ov. 1 as follows:
$147,000 from 1940 to 1958 incl. and $157,000 in 1959.
550,000 series E bonds. Dated Dec. 1, 1939 and due Dec. 1 as follows:
$27,000 from 1940 to 1958, incl. and $37,000 in 1959.
B O N D S P L B L IC L Y
O F F E R E D — The successful group made public
re-offering o f the bonds at prices to yield from 0.30% to 2.25% , according
to maturity. Other bids for the bonds were as follows:
B i d d e r —R a te B id
Mellon Securities Corp., Pittsburgh; Union Trust C o., Pitts
burgh; Bankers Trust C o., New York; Chase National Bank,
New York, and Mellon National Bank, Pisstburgh, jointly,
for 2.20s____________________________________________________
100.55
Lehman Bros.; Phelps, Fenn & Co.; Union Securities Corp., New
York; Hemphill, Noyes & Co.; Dougherty, Corkran & Co.;
Equitable Securities Corp.; Manufacturers & Traders Trust
C o.. Buffalo; R. L. Day & Co.; Otis & Co.; Campbell, Phelps
& Co.; Charles Clark & Co.; Bacon, Stevenson & Co.; Boat
men’s National Bank, St. Louis; C. C. Codings & Co., and
E. W . & R. C. Miller & C o., jointly, for 2.20s_______________ 100.409
National City Bank, New York; Harriman Ripley & C o., Inc.;
Kidder, Peabody & Co.; Moncure Biddle & Co.; Cassatt & Co.;
Yarnall & Co.; W . H. Newbolds Son & Co.; Janney & Co.;
Alexander Brown & Sons; Reynolds & C o., and B. J. Van Ingen
& C o., jointly, for 2.20s_____________________________________
100.329
Halsey, Stuart & Co.; Ladenburg, Thalmann & Co.; Blair & Co.,
Inc.- E. H. Rollins & Sons: Goldman, Sachs & Co.; Glover &
MacGregor; Central Republic Co., Chicago; Darby & C o., Inc.;
Stroud & Co.; Eastman, Dillon & Co.: Geo. B. Gibbons & Co.,
Inc.; First o f Michigan Corp.: E. Lowber Stokes & Co.; Newton,
Abbe & Co.; S. K. Cunningham & Co.; F. L. Dabney & Co.;
Geo. E. Snyder & Co., and Walter Stokes & Co., jointly, for
2.20s......... .........................................................................................
100.233
D.
1)
P a .— BO ND S A L E — The $50,000 coupon operating expense bonds offered
Oct. 30— V. 149, p. 2551— were awarded to Singer, Deane & Scribner o f
Pittsburgh, as 2 Ms, at par plus $258 premium, equal to 100.516, a basis of
about 2.40% . Dated Nov. 1, 1939 and due Nov. 1 as follows; $10,000 in
1941 and $5,000 from 1942 to 1949 incl. District reserves the right to
redeem the bonds due Nov. 1, 1947 to 1949 incl. at any interest paying period
after Nov. 1, 1942, beginning with the last numbered bond:
Other bids;
B id d er—
I n t . R ate
S. K. Cunningham & Co____________________
Burr & C o___________________________________________
George G. Applegate_________________________________
E. H. Rollins & Sons, Inc____________________________
Johnson & McLean, Inc______________________________
R H O D E
2M %
3%
3%
3%
P rem iu m
2M % $256.25
256.00
640.00
394.50
394.50
ISL A N D
CRANSTON, R. I .— B O N D I S S L E D E T A I L S — William M . Lee, City
Treasurer, informs us that the First National Bank of Boston purchased
on Oct. 20 an issue of $500,000 3M % (not 2% ) sewerage bonds at a price of
101 and accrued interest, a basis of about 3.17% . Previous peference to
the sale appeared in V. 149, p. 2731. The bonds bear date of Oct. 1, 1939,
and mature on Oct. 1 as follows: $17,000 from 1942 to 1970, incl., and
$7,000 in 1971. Coupon, registerable as to principal and interest. Denom.
$1,000. Interest A-O.
P AW TU CKET, R. I.— B O N D S S O L D — The First Boston Corp., New
York, purchased privately $597,000 3% bonds, as follows:
$399,000 refunding bonds. Dated Oct. 1, 1939 and due on Oct. 1 from
1949 to 1956 incl.
198,000 water filtration plant bonds. Dated Jan. 1, 1939 and due Jan. 1
from 1940 to 1959 incl.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
The purchasers reoffered the bonds to yield from 0.50% to 2.90% ,
according to maturity.
WEST W AR W IC K , R. I . — B O N D O F F E R I N G — Frank P. Duffy, Town
Treasurer, will receive sealed bids until 5 p. m. on N ov. 14 for the purchase
of $50,000 coupon sewer bonds. Due $5,000 on Dec. 1 from 1941 to 1950,
inclusive.
SO U TH
C A R O L IN A
CHARLESTON COUNTY (P. O. C harleston), S. C — B O N D O F F E R
— Sealed bids will be received by W. J. Leonard, County Treasurer,
until noon on Nov. 6, for the purchase of a $300,000 issue of public im
provement bonds. Dated Nov. 1, 1939. Due $30,000 N ov. 1, 1942 to 1951.
Bidders to name rate or rates of interest. The bonds are issued pursuant
to Act No. 455, of the Acts of 1939, to refund certain indebtedness o f the
county aggregating $200,000 and to provide certain additional funds which
are to be used principally to complete a school auditorium. The approving
opinion of Nathans & Sinkler of Charleston, will be furnished. These are
the bonds mentioned in our issue of Oct. 28.
A D D I T I O N A L O F F E R I N G — It is also reported that the above Treas
urer will receive sealed bids until noon on N ov. 20, for the purchase of a
$75,000 issue of jail bonds. Dated Dec. 1, 1939. Due on Dec. 1 as follows:
$5,000 in 1942 to 1950, and $10,000 in 1951 to 1953. Bidders are invited
to name the rate or rates of interest which the bonds are to bear. Interest
payable June and Dec. 1. The bonds are issued pursuant to the provisions
of Act No. 449, of the Acts of the General Assembly of the State for 1939,
and resolutions adopted by the County Board of Commissioners, will be
full faith and credit obligations of the county, and the proceeds derived
from the sale thereof used solely to defray the costs of providing a new
jail building to the county. Under the provisions of the resolutions adopted
by the County Board of Commissioners, the county will furnish the printed
bonds, the approving opinions of Nathans & Sinkler of Charleston, and of
John I. Cosgrove, Attorney for the board.
IN G
SO U T H
D A K O T A
BRANDON INDEPENDENT SCHOOL D IST R IC T NO. 1 (P. O.
B randon), S. Dak.— B O N D S A L E — The $20,000 coupon building and
equipment bonds offered for sale on Oct. 30-—V. 149, p. 2551— were sold
to the Northwestern National Bank & Trust Co. of Minneapolis, as 3s,
paying a premium of $1, equal to 100.005, a basis of about 2.999% . Dated
Oct. 1, 1939. Due from Oct. 1, 1942 to 1956, inclusive.
. - .
P E N N SYLV A N IA
NEW KENSINGTON SCHOOL D IST R IC T , Pa.— B O N D I S S U E
D E T A I L S — The $40,000 3% refunding bonds sold to George G- Applegate,
o f Pittsburgh, and associates, at a price o f 101.32— V . 149, p. 2731— mature
$4,000 on Oct. 1 from 1944 to 1953 incl. Basis o f about 2.79% .
100.079
100.506
TEN N ESSEE
H A M I L T O N C O U N T Y (P . O . C h a t t a n o o g a ) , T e n n . — B O N D S A L E
— The following coupon public works bonds offered for sale on Oct. 27—
V. 149, p. 2406— were awarded to the Weil, Roth & Irving Co. o f Cin
cinnati, as 3 Ms, paying a premium of $288, equal to 100.36, a basis of
3.48%:
$30,000 armory bonds. Due on July 1 in 1942 tq l9 7 9 .
50,000 bridge bonds. Due on July 1 in 1942 to 1979.
B O N D S O F F E R E D F O R I N V E S T M E N T — The purchaser reoffered the
above bonds for public subscription at prices to yield from 2.50% to 3.50% ,
according to maturity.
B I D S — ' he following is an official tabulation of the offers submitted:
T
B id d e r s —
I n t . R a te
Magnus & Co., Cincinnati_____________________________ 3M %
Walter, W oody & Heimerdlnger, Cincinnati___________ 3M %
Paine, Webber & C o., Chicago________________ _______ 4M %
Union Planters N at’l Bank & Trust Co., M emphis------ 4%
The Weil, Roth & Irving Co., Cincinnati______________3M %
Equitable Securities Corp., Nashville_________________ 4%
Jack M . Bass Co., Nashville; Fox, Einhorn & C o., Cin
cinnati; Seasongood & Mayer, Cincinnati, and Pohl
& C o _______________________________________________3M %
Bond department; First National Bank, Memphis, and
Stranahan, Harris & C o., Inc., Toledo______________4%
Cumberland Securities Corp., Knoxville; Provident Sav
ings Bank & Trust C o., Cincinnati, and Breed &
Harrison, Inc., Cincinnati______________________ .___3M %
P r e m iu m
$312.00
88.00
651.00
1 ,010.00
*288.00
822.50
275.00
664.00
264.00
* Successful bid.
NASHVILLE, T e n n .— B O N D S A L E P O S T P O N E D — It is now stated
by S. H. M cK ay, City Clerk, that the sale of the $100,000 not to exceed
4% semi-ann. coupon airport extension bonds will not be held on N ov. 7,
as had been the original intention—-V. 149, p. 2731. No new date of offering
has been fixed as yet. Dated Nov. 1, 1939. Due $5,000 on N ov. 1, 1940 to
1959.
STEW ART COUNTY (P. O. Dover) T en n — B O N D O F F E R I N G — It is
reported that sealed bids will be received until N ov. 8, by N . A. Link,
County Judge, for the purchase of $15,000 school bonds. Dated N ov. 1,
1939. Due annually over a 15-year period.
T E X A S
BEAUMONT, Texas— B O N D S A L E — The four issues of coupon semi
annual bonds, aggregating $305,000, offered for sale on Oct. 31—-V. 149,
p. 2731— were awarded to a syndicate composed of Paine, Webber & Co.
of Chicago, Bosworth, Chanute, Loughbidge & Co. of Denver, and Newman
& Charlton of San Antonio, paying a premium of $254.74, equal to 100.083,
a net interest cost of about 3.274% , on the bonds divided as follows: $140,000
maturing Dec. 1, $6,000 inl940 to 1944, $7,000 in 1945 to 1949, $9,000 in
1950 to 1954, $10,000 in 1955 to 1957, as 3 Ms and $165,000 maturing Dec. 1,
$10,000 in 1958 and 1959, $11,000 in 1960 to 1964, $12,000 in 1965 to 1969
and $3,000 in 1970 to 1979, as 3 Ms.
The four issues making up the total are described as follows:
$175,000 airport bonds. Due Dec. 1, as follows; $3,000, 1940 to 1944,
incl.; $4,000, 1945 to 1949, incl.; $6,000, 1950 to 1954, incl.;
$7,000, 1955 to 1964. incl., and $8,000 from 1965 to 1969, incl.
Volume 149
ONE HUNDRED—The
Commercial & Financial Chronicle —
40.000 assembly hall and recreation bldg, bonds. Due Dec. 1, as follows:
81,000 from 1940 to 1959, incl., and $2,000 from 1960 to 1969,
inclusive.
50.000 sewerage bonds. Due Dec. 1, as follows: $1,000 from 1940 to
1969. incl., and $2,000 from 197 to 1979, inclusive.
40.000 wharf and dock bonds. Due $1,000 on Dec. 1 from 1940 to 1979,
inclusive.
All o f the bonds will be dated Dec. 1, 1939. Denom. $1,000.
BRAZOS
R IV E R
C O N S E R V A T IO N
AND
R E C L A M A T IO N
D IS T
R I C T (P . O . T e m p l e ) T e x a s — B O N D S T O B E P U R C H A S E D B Y R F C —
The following report was made public by the Federal Loan Agency out of
Washington on N ov. 1:
S ta tem en t b y J e s s e J o n e s , F e d e r a l L o a n A d m in is tr a to r
The Reconstruction Finance Corporation has authorized the purchase of
$4,200,000 40-year 4% revenue bonds of the Brazos River Conservation
and Reclamation District, Temple, Texas. The bonds will be retired from
the sale of electric power supplemented by a State appropriation of $332,000
per annum for 16 years. $1,017,000 o f the amount will be used to retire
outstanding bonds against the project, $725,000 for transmission lines and
substations, and the balance for completion o f the Possum Kingdom Dam.
This power and flood control project has heretofore received a grant of
$4,500,000 from Works Progress Administration, a substantial amount of
which has been expended.
In connection with the above statement we quote in part as follows from
a Washington dispatch to the “ Wall Street Journal” o f N ov. 2:
“ The new bonds to be purchased by the RFC will be retired from pro
ceeds o f sale of electric power by the project and from State appropriations
o f $132,000 a year for 16 years. The Brazos River project has previously
received a Federal grant o f $4,500,000, most o f which has already been
spent.”
C O R P U S C H R I S T I , T e x a s — B O N D E L E C T I O N — I t is reported that
an election has been scheduled for N ov. 14 in order to have the voters pass
on the proposed issuance o f $1,150,000 in Bayfront Protection Project
bonds.
D E N I S O N , T e x a s — B O N D O F F E R I N G — We are informed by O. C.
Hicks, City Secretary, that sealed bids will be received until 2 p. m. on
N ov. 7, for the purchase of 3% bonds aggregating $275,000, as follows:
$250,000 water works, and $25,000 sewer bonds. Due serially in from one
to 20 years. These bonds were approved by the voters on Oct. 24 by a
count o f 347 to 24.
GALVESTON
COUNTY
(P .
O.
G a lv e s t o n )
T exas— B O N D
SALE
D E T A I L S — It is stated by the County Auditor that the $50,000 2%
semi-ann. causeway bridge bonds sold to the County Permanent School
Fund, and the County Sinking Fund, as noted here— V. 149, p. 2552— were
sold at par, and mature $5,000 on Oct. 10 in 1940 to 1949 incl.
L A V A C A C O U N T Y R O A D D I S T R I C T N O . 2 (P . O . H a ll e t t s v il l e )
T e x a s — B O N D S O F F E R E D — Sealed bids were received until 10 a. m. on
N ov. 2, by Paul H. Fertsch, County Judge, for the purchase of a $20,000
issue o f road bonds. Dated N ov. 10, 1939.
L I B E R T Y C O U N T Y (P . O . L i b e r t y ) T e x a s - A D D I T I O N A L B O N D S
— In connection with the sale as 3s, at a price of 100.50, of the $25,000
road bonds to Aves & Wymer o f Houston, and the $8,000 road bonds to
the Farmers State Bank o f Cleveland, as noted here— V. 149, p. 2731—
it is stated by the County Judge that an additional $18,000 o f bonds were
sold to Milton R . Underwood & Co. o f Houston, as 3s.
It is also reported that the above bonds are part o f a total authorized
issue of $105,000. dated April 10, 1939.
SOLD
P E C O S C O U N T Y (P . O . F o r t S t o c k t o n ) , T e x a s — B O N D S A L E D E
T A I L S — It is now reported by C. E. Casebier, County Judge, that the
$250,000 road and bridge bonds sold to Walker, Austin & Waggener of
Dallas, as noted here— V. 149, p. 2731'—-were purchased for a premium of
$424.24, equal to 100.169. Coupon bonds dated April 15, 1939. Denom.
$1,000. The issue was awarded as follows: Bonds Nos. 1 to 25, 41 to 65,
81 to 105, 121 to 145, 161 to 190, 206 to 235, bear 1 % % interest: Nos. 26 to
40, 66 to 80, 106 to 120, 146 to 160, 191 to 205, 236 to 250, bear 2% interest;
$40,000 due Feb. 15, 1941; $40,000 due Feb. 15, 1942; $40,000 due Feb. 15,
1943; $40,000 due Feb. 15, 1944; $45,000 due Feb. 15, 1945; $45,000 due
Feb. 15, 1946.
T E X A S , S t a t e o f— L O C A L B O N D I S S L E S S O L D — It is reported that the
following issues of bonds were purchased recently by the State Board of
Education;
$25,000 Karnes City Indep. Sch. Dist. 3M % semi-ann. refunding bonds.
Dated Oct. 10, 1939. Due in 1941 to 1964.
15.000 Malakoff Indep. Sch. Dist. 4% semi-ann. construction bonds.
Due in 30 years.
12.000 Centerville 5% semi-ann. water works bonds. Due in eight years.
12.000 Tyler and Jasper Cos., Rural High Sch. Dist. 4% semi-ann. con
struction bonds. Due in 30 years.
10.000 Moore County 3% semi-ann. road refunding bonds. Due in 10
years.
2,000 Edgwood Indep. Sch. Dist. 4% semi-ann. construction bonds.
Due in 1955 to 1958.
U TAH
C A C H E C O U N T Y S C H O O L D I S T R I C T (P . O . L o g a n ) , U t a h —
M A T U R I T Y — It is now reported by the Clerk of the Board of Education
that the $60,000 2% tax anticipation notes sold tQ the Cache Valley Bank
ing Co. o f Logan, as noted here—-V. 149, p. 2732— are due $30,000 on Jan. 1
and June 30 in 1940.
OFFERINGS WANTED
STATE OF VIRGINIA 4s
Due July 1, 1962
F . W . C R A IG IE & C O M PA N Y
Richmond, Va.
P h o n e 3-9137
A . T . T . T e l . R i c h V a . 83
V IR G IN IA
V IR G IN IA , S ta te o f— G A IN REPO RTED I N R E C E N T R E V E N U E
R E C E I P T S — The State’s revenues from all sources increased approximately
$270,000 in July and August, as compared with returns for the same two
months in the preceding fiscal year, but, at the same time, revenues for the
general fund declined more than $200,000, it was disclosed in the monthly
reports of the State comptroller submitted to Governor Price.
The reports showed that total revenues went up from $12,321,990 in
July and August, 1938, to $12,693,000 in July and August this year,
while general fund collections dropped from $1,374,430 to $1,156,403.
V E R M O N T
BRANDON, V t . — B O N D S A L E — The $40,000 coupon refunding bonds
offered Oct. 27— V. 149, p. 2552—-were awarded to the National Life In
surance Co. o f Montpelier, as 2 ) 4 s , at a price of 101.50, a basis of about
2.34% . Dated Nov. 1, 1939, and due $2,000 on Nov. 1 from 1940 to 1959,
incl. Other bids:
B id d er—
I n t . R a te
R a te B id
Kennedy, Spence & C o ___________________________ 2 ) 4 %
101.399
Arthur Perry & C o ________________________________2 ) 4 %
101.14
101.011
Coffin & B u r r ........... ^___________________________ 2M %
Ballou, Adams & Whittemore_____________________ 2 ) 4 %
100.75
E. H. Rollins & Sons, In c_________________________2 M %
100.70
Halsey, Stuart & C o., Inc_________________________ 2 ) 4 %
100.673
First Boston Corp________________________________ 2 ) 4 %
100.64
Howard National Bank & Trust Co. o f Burlington.. 2 ) 4 %
100.14
Lyons & C o______________________________________ 2 3 %
4
101.139
Ross & C o ________________________________________ 2M %
100.91
Vermont Securities, In c___________________________ 2M %
100.23
National Bank o f M iddlebury_____________________ 2M %
100.01
First National Bank of Boston____________________ 3%
100.123
YEARS OLD
3011
N O R W I C H , V t . — B O N D O F F E R IN G — Sealed bids addressed to Maurice
C. Aldrich, Chairman of Finance Committee, care of Dartmouth Savings
Bank, Hanover, will be received until noon on N ov. 9 for the purchase of
S26,000 coupon refunding bonds. Dated Sept. 1, 1939. Denom. $1,000.
Due Sept. 1 as follows: $2,000 from 1940 to 1945, incl., and $1,000 from
1946 to 1959, incl. Bidder to name one rate of interest in a multiple of
)4 of 1% .
Prin. and int. (M-S) payable at the First National Bank of
Boston. The bonds are unlimited tax obligations of the town and the
approving legal opinion of Storey, Thorndike, Palmer & Codge of Boston
will be furnished the successful bidder.
W A S H IN G T O N
A R L I N G T O N , W a s h . — B O N D S SO LD — It is reported that the following
revenue bonds aggregating $49,000 were purchased on Oct. 13 by H. P.
Pratt & Co. of Seattle:
$24,000 4M % semi-annual water system purchase bonds. Due in 10 years.
25,000 4 ) 4 % semi-annual water system purchase bods. Due in 20 years,
optional in 10 years.
Denom. $500. These bonds are part of a total authorized issue of $60,000
approved at an election held on Sept. 26. The balance will be sold at a
later date, it is said.
C L A R K S T O N , W a s h .— B O N D S A L E N O T C O N S U M M A T E D — It is
stated by the City Clerk that the sale of the $10,000 fire department bonds
to P. B. Weller o f Clarkston, as 3 Ms at a price of 100.139, a basis of about
3.23% , noted here on Oct. 7, was not consummated as the bid was declared
irregular.
B O N D S R E O F F E R E D — Sealed bids will now be received until 7 p. m.
on Nov. 18 by Burt G. Halsey, City Clerk, for the purchase of the said
$10,000 issue of coupon fire department bonds. Interest rate is not to
exceed 6% , payable J-J. Dated July 1, 1939. Denom. $500. Due
July 1 as follows: $500 in 1941 to 1948 and $1,000 in 1949 to 1954. Pro
vided that any or all of the $4,000 o f foregoing bonds last maturing shall
be redeemable on any interest payment date prior to their dates of absolute
maturities on or after 10 years from date of the bonds upon prior published
notice thereof, such redemption being in the inverse order of the number
ing of the bonds, highest numbers first. Principal and interest payable
at the City Treasurer’s office. Enclose a certified check for 5% of amount
of bid.
M I L L C R E E K F L O O D C O N T R O L D I S T R I C T (P . O . W a l la W a l la ) ,
W a s h . — B O N D S A L E — The $150,000 issue o f general obligation bonds
offered for sale on N ov. 1— V. 149, p. 2552— was awarded to the State of
Washington, as 2.90s, according to the County Treasurer. Due in from
2 to 30 years after date of issue; redeemable on and after 10 years from date.
S U N N Y S I D E , W a s h .— B O N D S A L E — ' he $100,000 issue of waterworks
T
improvement bonds offered for sale on Oct. 20— V. 149, p. 2406— was
jointly by Harris, Lamereux & Norris, Inc., and H. P. Pratt & C o., both of
Seattle, as 4Ms, at a price of 96.42, according to the City Clerk. Due in
20 years.
Y A K I M A C O U N T Y S C H O O L D I S T R I C T N O . 49 (P . O . Y a k im a )
W a s h . — B O N D S V O T E D — It is stated that the voters approved the issuance
o f $15,000 in school building and equipment bonds at an election held on
Oct. 21.
W E ST
V IR G IN IA
WEST V IR G IN IA , State o f — B O N D O P T I O N N O T E X E R C I S E D — It
is stated that the syndicate composed of Phelps, Fenn & Co. of New York,
and associates, which was awarded the $500,000 oral bonds on Oct. 24,
as noted here in detail— V. 149, p. 2732— failed to take up its option Oct. 27
on the additional $250,000 block of bonds.
W ISC O N SIN
NEW RICHMOND, W is.— M A T U R I T Y — It is stated by the City
Clerk that the $15,000 3% semi-ann. general liability bonds sold to Paine,
Webber & Co. of Chicago, at a price of 101.066, as noted here— V. 149,
p. 2732— are due on April 1 as follows: $1,500 in 1942 to 1944; $2,500 in
1945; $1,500, 1946 and 1947, and $2,500 in 1948 and 1949, giving a basis of
about 2.81% .
SPRING GREEN (VILLAGE AND TOWN) JOINT SCHOOL DIS
T R IC T NO. 2 (P. O. S pring G reen), Wis — I N T E R E S T R A T E — It is now
stated by the Clerk of the School Board that the $15,000 school, series A,
bonds sold to the Milwaukee Co. of Milwaukee at a price of 100.166, as
noted here— V. 149, p. 2732— were awarded as 3s, giving a basis of about
2.97%. Due $1,000 on Mar. 15 in 1940 to 1954, incl.
W ESCOTT SCHOOL D ISTR IC T NO. 1 (P. O. Shaw ano, R. 2)
W is.— B O N D S A L E — The $5,000 3 ) 4 % annual general obligation refund
ing bonds offered for sale on Oct. 31— V. 149, p. 2732—-were purchased by
the Shawano National Bank, paying a price of 100.40, a basis of about
3.44% . Dated Sept. 1, 1939. Due on Sept. 1 in 1940 to 1955.
W Y O M IN G
CHEYENNE SCHOOL DISTR IC T (P. O. C heyen ne), W yo . — B O N D
E L E C T I O N — In connection with the report given here that an election
would be held on N ov. 9 in order to vote on the issuance of construction
bonds, we were advised as follows by J. L. Goins, Superintendent of Public
Schools, in a letter dated Oct. 25:
“ A bond issue in the amount o f $225,000 will be submitted to the electors
of School District No. 1, Laramie County, W yo., on N ov. 9, 1939. The
proceeds from this issue, if carried and sold, will be used in the construction
of two school buildings and a maintenance shop. The proceedings are
bring handled by the local banks and bonding companies.”
Interest rate is not to exceed 4% . The bonds will mature from 1940 to
1954, without prior option of redemption.
GREYBULL, W yo. — B O N D S A L E — The $235,000 issue of water bonds
offered for sale on Oct. 27— V. 149, p. 2552— was awarded to the State
Treasurer as 4s, at par, according to the Town Clerk. Dated Oct. 1, 1939.
Due on Oct. 1 in 1940 to 1969.
UNIVERSITY OF W YOM ING (P. O. Laram ie), W yo.— B O N D S
A P P R O V E D —It is reported that $270,000 dormitory, power plant and greet)
house bonds were approved recently by Governor Nels H. Smith.
C A N A D A
CH ARLOTTETOW N, P. E. I . — B O N D S A L E — The Bank o f Nova
Scotia of Halifax purchased a total of $127,050 4 ) 4 % refunding bonds due
serially from 1940 to 1959, incl., and including $76,500 dated N ov. 1, 1939,
$50,000 Dec. 1, 1939, and $550 dated Dec. 31, 1939.
NORANDA ROMAN CATH OLIC SCHOOL COMMISSION, Q u e.—
B O N D S A L E — An issue of $45,000 4 ) 4 % school bonds was sold to Burns
Bros. & Denton of Toronto. Due serially from 1940 to 1954, inclusive.
O N T A R IO (P ro v in ce o f ) — B O N D I S S U E D E T A I L S — In connection
with the previous report in these columns— V. 149, p. 2732— of the public
offering in Canada, by W ood, Gundy & Co. of Toronto and associates, of
$8,614,000 3 M % refunding bonds, we give herewith names of the other
members of the account: M cLeod, Young, Weir & Co., The Dominion
Securities Corp., Bell, Gouinlock & Co., A. E. Ames & Co., Mills. Spence
& Co., Royal Securities Corp., McTaggart, Hannaford, Birks & Gordon
Hanson Bros., Inc., Midland Securities Corp., Cochran, Murray & C o.,
Harrison & C o., Fry & Co., Burns Bros. & Denton, R . A. Daly & Co.,
Gairdner & C o., Bartlett, Cayley & C o., Harris, Ramsay & C o., Brawley,
Cathers & C o., Dyment, Anderson & C o., J. L. Graham & C o., Griffis,
Norsworthy, C. H. Burgess & C o., W . H. Watson & C o., Flemming & Co.
PORT A R TH U R , O n t . — B O N D S A L E — The City Sinking Fund pur
chased $16,000 3 ) 4 % improvement bonds due from 1940 to 1959, incl., and
an account composed of W . C. Pitfield & C o., Harris, Ramsay & Co. and
J. L. Graham, All of Toronto, purchased the following issues aggregating
$208 131:
$25,000 3 ) 4 % improvement bonds, due from 1940 to 1944, inclusive.
95,000 4%
improvement bonds due from 1940 to 1948, inclusive.
19,650 4%
improvement bonds due from 1940 to 1949, inclusive.
68,481 4 ) 4 % improvement bonds due from 1940 to 1954, inclusive.
IN D E X T O A D V E R T ISE R S
P age
A e t n a L i f e I n s u r a n c e C o m p a n y ___________ 2741
A l l y n (A . C .) & C o ____________________________ 2867
A m e r i c a n B a n k N o t e C o m p a n y _____________2340
A m e r i c a n C a n C o m p a n y _____________________ 2749
A m e r i c a n G a s & E l e c t r i c S e r v ic e C o r p ___2767
A n a c o n d a C o p p e r M in in g C o m p a n y ______2751
A n d e r s o n , C l a y t o n & C o ____________________ 2854
A s s o c i a t e d G a s & E l e c t r i c C o _______________ 2858
A t l a n t i c R e f i n i n g C o m p a n y _______ 2849 & 2859
B a c h e (J . S .) & C o ____________________________ 2783
B a k e r , W a t t s & C o ___________________________ 2873
B a n c o D i N a p o l i T r u s t C o ___________________ 2755
B a n k f o r S a v in g s (N e w Y o r k ) ______________ 2817
B a n k o f t h e M a n h a t t a n C o _________________2833
B a n k o f M o n t r e a l _____________________________ 2847
B a n k o f N e w S o u t h W a l e s __________________ 2842
B a n k o f N e w Y o r k ___________________________ 2799
B a n k a m e r ic a C o m p a n y ______________________ 3504
B a n k e r s T r u s t C o m p a n y (N e w Y o r k ) ______2833
B a r r o w , L e a r y & C o __________________________ 2835
B a r t l e t t ( B e n j . D .) & C o ____________________ 2869
B e a r , S t e a r n s & C o ______O u t s i d e F r o n t C o v e r
B e c k e r (A . G .) & C o ___________________________ 2867
B e h ( C a r l e t o n D .) C o ___________ _____________2875
B e ll & H o w e l l C o ______________________________ 2781
B id d le (M o n c u r e ) & C o _ _ O u t s id e F r o n t C ov er
B i o r e n & C o ____________________________________ 2873
B l a i r & C o ____________________________ 2835 & 2836
B o d e l l & C o ____________________________________ 2874
B o w e r y S a v in g s B a n k _________________________2815
B r a u n , B o s w o r t h & C o _______________________ 2871
B r a u n l & C o . , I n c ____________________________ 2958
B r e c k e n r i d g e & C o m p a n y ___________________ 2867
B r o o k l y n S a v in g s B a n k ______________________ 2816
B r o o k l y n T r u s t C o m p a n y ___________________ 2834
B r o w n B r o t h e r s H a r r im a n & C o ___________ 2r 21
B r o w n , C o r r i g a n & C o _______________________ 2835
B u c k e y e ( T h e ) P i p s L i n e C o ________________2849
B y ll e s b y (H . M .) & C o . . . _______
2868
C a n a d i a n ( T h e ) B a n k o f C o m m e r c e _______ 2844
C a r b i d e & C a r b o n C h e m i c a l s C o r p _______ 2773
C a s s a t t & C o . , I n c o r p o r a t e d _______________ 2851
C a v a l ie r ( W il li a m ) & C o ______________________ 2950
C h a n d l e r (W a r r e n T . ) & C o _________________2871
C h a n n e r S e c u r i t i e s C o _______________________ 2868
C h a s e N a t io n a l B a n k o f t h e C it y o f N e w
Y o r k ----------------------------------------------------------------- 2791
C h e m i c a l B a n k & T r u s t C o __________________ 2835
C h i l d s ( C . F .) a n d C o m p a n y ________________2733
C h r y s l e r C o r p o r a t i o n ________________________ 2775
C i t i z e n s N a t i o n a l T r u s t & S a v in g s B a n k
o f L o s A n g e l e s _______________________________ 2754
C i t i z e n s S a v in g s B a n k ( P r o v i d e n c e , R . I .) 2824
C o l u m b i a G a s & E l e c t r i c C o ________________ 2857
C o m m e r c e T r u s t C o . ( K a n s a s C i t y , M o .) ._ 2 8 4 4
C o m m e r c ia l ( T h e ) N a t i o n a l B a n k & T r u s t
C o . o f N e w Y o r k ____________________________ 2815
C o m m e r c ia l S o l v e n t s C o r p o r a t i o n _________2864
C o m m o n w e a l t h & S o u t h e r n C o r p * ._______ 2757
C o n s o l i d a t e d E d is o n C o . o f N e w Y o r k ,
I n c _____________________________________________ 2759
C o r n E x c h a n g e B a n k T r u s t C o ____________ 2797
C r a i g i e (F . W .) & C o __________________________ 3311
C r a w f o r d ( F . J .) & C o ________________________ 2953
D a b n e y (F . L .) & C o __________________________2835
D a v is ( M o r g a n ) & C o _________________________ 2853
D a v is ( P a u l H .) & C o __________________________ 2948
D e t r o i t ( T h e ) B a n k ___________________________ 2813
D e v in e ( C . J .) & C o _______ _________
2739
D im e S a v in g s B a n k ( B r o o k l y n , N . Y . ) _____2803
D r y D o c k S a v in g s I n s t i t u t i o n ______________ 2819
D u c o u r n a u , J a c . P ____________________________2835
E a s t R iv e r S a v in g s B a n k ____________________ 2819
E d g a r , R i c k e r & C o _________________ 2845 & 2875
E a t o n M a n u f a c t u r i n g C o ____________________2849
E l e c t r i c B o a t C o m p a n y ______________________ 2849
E m i g r a n t I n d u s t r i a l S a v in g s B a n k _______ 2817
E n g l i s h T r a n s c o n t i n e n t a l , L t d _____________2954
E s t a b r o o k & C o _______________________________ 2849
E x c e s s ( T h e ) I n s u r a n c e C o . o f A m e r i c a ___ 2848
F a r m e r s D e p o s i t N a t i o n a l B a n k ___________ 2843
F i l lm o r e ( W . H .) & C o _______________________ 2869
P age
F in c h , W ils o n & C o ________________________2843
F irs t (T h e ) B o s t o n C o r p o r a t io n __________ 2745
F irs t o f M ich ig a n C o r p o r a t io n ____________ 2835
F irs t N a tio n a l B a n k & T r u s t C o . o f N ew
H a v e n _____________________________________ 2847
F irs t N a tio n a l B a n k in S t. L o u is _________ 2828
F irst N a tio n a l B a n k o f C h ic a g o __________ 2&H
F ra n c is , B ro . & C o ________________ 2872 & 2951
F u e r st (O tto ) & C o _________________________2842
F u lt o n T r u s t C o . o f N ew Y o r k _____________2841
F u n d a m e n ta l In v e sto rs , I n c .,
O u ts id e F r o n t C over
G a r r e tt (R o b e r t) & S o n s ___________________2825
G a te s (S ta n le y ) & C o ______________________ 2866
G e n e ra l F o o d s C o r p _____________
2771
G e n e ra l M o to rs A c c e p t a n c e C o r p _________ 2785
G illis , R u s se ll & C o _________________________ 2949
G o o d b o d y & C o ____________________________ 2957
G r e e n s h ie ld s & C o _________________________2952
G r e e n w ic h S av in gs B a n k __________________2821
H a llg a r te n & C o ____________________________ 2855
H a lsey, S tu a r t & C o ., I n c ________ 2835 & 2340
F larrim an R ip le y & C o . , I n c .,
O u ts id e B a ck C over
H a y d e n , M iller & C o ________________________2870
H e m p h ill, N oyes & C o _____________________ 2875
H e n tz (H .) & C o ____ ______________ 2844 & 2852
H ib e r n ia (T h e ) N a tio n a l B a n k in N ew
O r le a n s ____________________________________2835
H om er & C o ., I n c ________O u ts id e F r o n t C over
H o n g K o n g & S h a n g h a i B a n k in g C o r p ___2844
H u t t o n (W . E.) & C o ________________________2869
H u y ck (A . S .) & C o _________________________2866
Im p erial B a n k o f C a n a d a __________________2758
I n t e r n a t io n a l B u sin e ss M a ch in e s C o r p . .2779
I n t e r n a t io n a l S h o e C o _____________________ 2865
Iow a -D es M o in e s N a tio n a l B a n k & T r u s t
C o ___________ _______________ _ _ _________ -.2 8 7 5
J o n e s (E d w a rd D .) & C o ____________________ 2864
K id d e r , P e a b o d y & C o ____________ 2835 & 2837
K c b b e , G e a rh a r t & P a rsly , I n c __________ 2877
K o h lm e y e r, N ew b erg er & C o _____________ 2835
L a d e n b u r g , T h a lm a n n & C o ______________ 2849
L am ar, K in g s t o n & L a b o u is s e _____________ 2835
L a m b orn & C o ., I n c ________________________2843
L a m son B ro s. & C o ______________________ -.2 8 1 7
L a n g le y (W . C .) & C o ______________________ 2855
L a R o c c a (H . B .) & C o _____________________ 2868
L evy & R o o n e y , I n c ________________________ 2835
L iv in g s to n e (S. R .) & C o ___________________2871
L o e b , (C arl M.) R h o a d e s & C o .,
O u ts id e F r o n t C o v e r
L o e w i & C o ____ _____________________________ 2874
L o n g Isla n d L ig h tin g C o ___________________2857
L y o n s (W . L .) & C o _________________________2849
M cC orm a c (F red J.) & C o _________________ 2835
M arine N a tio n a l E x ch a n g e B a n k _________ 2844
M a n u fa c tu re rs N a tio n a l B a n k (D e t r o it )_ .2827
M a n u fa c tu re rs T r u s t C o . (N ew Y o r k ) ____ 2795
M arx & C o m p a n y ___________________________ 2845
M e c h a n ics (T h e) N a tio n a l B a n k o f P ro v i
d e n c e ______________________________________ 2823
M errill, L y n c h & C o ________________________2351
M ississip p i V a lle y T r u s t C o _______________ 2345
M orga n (J. P .) & C o _________________________ 2736
M orga n S ta n le y & C o ., I n c ________________ 2735
M o u lt o n (R . H .) & C o ______________________ 2874
N a tio n a l B a n k o f D e t r o it __________________2827
N a tio n a l B a n k o f E g y p t ___________________ 2843
N a tio n a l B a n k o f I n d ia , L t d ______________ 2 347
N a tio n a l B a n k o f N ew Z e a la n d , L t d _____ 2343
N a tio n a l C ity B a n k o f N ew Y o r k _________2794
N a tio n a l D a iry P r o d u c ts C o r p ____________ 2769
N a tio n a l S u re ty C o r p ______________________ 2789
N e lso n , B r o w n in g & C o ____________________ 2870
N ew h a rd , C o o k & C o ______________________ 2365
N ew Y o r k A ir B ra k e C o ____________________ 2777
N ew Y o r k C ity C a n ce r C o m m itte e ________ 2787
N ew Y o r k C o t t o n E x c h a n g e _______________ 2783
N ew Y o r k (T h e ) T r u s t C o .,
O u ts id e F r o n t C over
P a ge
N iag a ra H u d s o n P o w e r C o ., O p e r a tin g
\
C o m p a n ie s o f _____________________________ 2856
N o r th e r n P ip e L in e C o m p a n y _____________ 2849
N o r th e r n T r u s t C o _________________________ 2842
N u s lo c h , B a u d e a n & S m it h _______________ 2835
N u v een (J o h n ) & C o _______________________ 2835
O h io (T h e ) O il C o __________________________ 2860
O ld K e n t B a n k ______________________________2845
O tis & C o ____________________________________2835
P a c ific G a s & E le c tr ic C o _________2740 & 2870
P a in e , W e b b e r & C o _______________________ 2835
P a rk e -B e rn e t G a lle rie s, I n c _______________ 2920
P a rce lls (C h a rle s A .) & C o __________________2845
P e n n (T h e ) M u tu a l L ife I n s u r a n c e C o
In s id e B a c k C o v e r
P e n n sy lv a n ia (T h e) C o . fo r I n s u ra n c e s o n
L ives a n d G r a n t in g A n n u it ie s __________ 2807
P e n n sy lv a n ia (T h e) R a ilr o a d _____________ 2747
P e n n sy lv a n ia W a te r & P o w e r C o _________ 2756
P h e lp s , F e n n & C o _________________________ 2835
P h ila d e lp h ia (T h e ) N a tio n a l B a n k ________ 2805
P ie rce (C ly d e C .) C o r p _____________________ 3005
P ie rce (E. A .) & C o __________________________ 2853
P ly m o u th O il C o ___________________________ 2862
P re fe rre d (T h e ) A c c id e n t I n s u r a n c e C o .
o f N ew Y o r k _______________________________ 2848
P re s c o t t , W r ig h t, S n id e r C o _______________ 2866
P rin c e (F . H .) & C o _________________________ 2842
P r o c te r & G a m b le C o ______________________ 2863
P ro v id e n ce W a s h in g t o n I n s u r a n c e C o ___2849
P u b lic (T h e ) N a tio n a l B a n k & T r u s t C o . .2841
P u b lic S e rvice C o r p o r a t io n o f N ew J e rse y 2763
P u re O il C o m p a n y __________________________ 2753
P u tn a m & C o m p a n y ________________________2845
R ig g s (T h e ) N a tio n a l B a n k ________________ 2825
R o llin s (E. H .) & S o n s, I n c ________________2835
R o y a l B a n k o f S c o t la n d ____________________ 2843
S c h a r ff & J o n e s , I n c _______________________ 2835
S ch e rc k , R ic h t e r C o _______________ 2872 & 3007
S c h w a b a c h e r & C o _________________________ 2951
S e a m e n ’ s (T h e ) B a n k fo r S a v in g s _________ 2820
S e c o n d N a tio n a l B a n k o f B o s t o n _________ 2823
S im o n (I. M.) & C o __________________________ 2866
S te rn B r o th e r s & C o ________________________ 2866
S tife l, N ico la u s & C o ., I n c ______ 2845 & 3003
S tix & C o ___________________________ 2845 & 2872
S to n e & W e b s te r a n d B lo d g e t, I n c _________ 2835
S tr a n a h a n , H arris & C o __________ 2840 & 2871
S u ffo lk S av in gs B a n k fo r S eam en a n d
O t h e r s _____________________________________ 2825
T a l c o t t (Jam es) I n c _____ O u ts id e F r o n t C o v e r
T h ir d N a tio n a l B a n k (N a s h v ille )_________ 2829
T h o m p s o n (A rth u r) & C o __________________2878
T id e W a te r A s s o c ia te d O il C o _____________ 2861
T iln e y & C o _________________________________ 3008
T u r n u r e (L a w ren ce) & C o ________________ 2839
U n io n C a r b id e & C a r b o n C o r p ___________ 2773
U n io n (T h e ) T r u s t C o . o f P it t s b u r g h ____ 2809
U n ite d F r u it C o ____________________________ 2760
U n ite d (T h e ) G a s Im p ro v e m e n t C o _______2761
U n ite d S ta te s G u a r a n te e C o ______________ 2850
U n ite d S ta tes S teel C o r p .- I n s i d e F r o n t C o v e r
U n ite d S ta tes T r u s t C o . o f N. Y __________ 2831
V a n In g e n (B . J.) & C o ., I n c ______________2840
V e rm ily e B r o t h e r s __________________________ 2955
W a ld h e im , P la tt & C o _____________________ 2872
W a lk e r (J o se p h ) & S o n s ___________________ 2956
W a t lin g , L e rc h e n & C o ____________________ 2949
W e b b e r , D a rc h & C o ________________________2868
W e b s te r a n d A tla s N a tio n a l B a n k o f
B o s t o n _____________________________________2824
W e il & C o m p a n y , I n c ______________________ 2835
W e llin g t o n & C o ___________________________ 2842
W e lls -D ick e y C o m p a n y _____________________ 2835
W ells F a rg o B a n k & U n io n T r u s t C o _____ 2829
W h e e lo c k & C u m m in s, I n c ________________ 2876
W h ite , D u n b a r & C o ., I n c _________________2835
W h it n e y N a tio n a l B a n k o f N ew O r le a n s .2835
W ib b in g (O . H .) & C o ______________________ 2873
W illia m s b u rg h S a v in gs B a n k ______________ 2801
@FedFRASER